/raid1/www/Hosts/bankrupt/TCREUR_Public/031021.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, October 21, 2003, Vol. 4, No. 208


                            Headlines

B E L G I U M

SN BRUSSELS: Shareholders Review Strategic Options for Carrier


F R A N C E

ALCATEL: Doughty Hanson Buys SAFT for EUR390 Million
RHODIA SA: SocGen Cuts Ratings to 'Sell', Cites Shaky Footing
VIVENDI UNIVERSAL: Centenary Holdings Extends Offer Period


G E R M A N Y

AERO LLOYD: Bankruptcy Leaves Valuable Slots Open for Takeover
DEUTSCHE BAHN: 3,000 Reise & Touristik Jobs on Chopping Block
MG TECHNOLOGIES: Suffers Slight Downgrade from Fitch Ratings
PROSIEBENSAT.1 MEDIA: Management Board Shake-up Looms


G R E E C E

OLYMPIC AIRLINES: Iberia Not Bidding for Majority Stake


I R E L A N D

BOMBARDIER SHORTS: Reaches Temporary Accord with Labor Unions


N E T H E R L A N D S

GETRONICS N.V.: Sells Shares in DigitalNet to Management Group
KONINKLIJKE AHOLD: Pantry Buys Golden Gallon for US$187 Million
NUMICO N.V.: GNC Sale to Apollo Management to Fetch US$750 Mln
NUMICO N.V.: Wind up of Numico USA to Follow GNC Sale
NUMICO N.V.: Deal to Sell Vitamex AB for EUR31 Million Sealed


P O L A N D

DAEWOO MOTOR: Bankruptcy Court Sanctions Reorganization Plan


R U S S I A

OJSC COMMERCIAL: Standard Bank Notes to Back OJSC Loan Rated 'B'


S W I T Z E R L A N D

ABB LTD.: Ruling on Asbestos Settlement Plan Could take Months


U N I T E D   K I N G D O M

AMP LIMITED: Lodges Prospectus for AU$1.19 Billion Rights Offer
AWG PLC: Abandons Chilean Water, Wastewater Operations
BALLAST PLC: Deloitte Picked to Sell Firm as 'Going Concern'
BRITISH AIRWAYS: To Plug GBP1.2 Bln Pension Deficit Next Year
CALEDONIA INVESTMENTS: John Craven Withdraws Takeover Proposal

DATA WAREHOUSING: Liquidator Seeks Buyers for Property Rights
EGG PLC: French Operations Main Attraction in Auction
ELEQUIP PROJECTS: Receivers Offer Engineering Business for Sale
EQUITABLE LIFE: Court Allows Case vs. Ex-directors to Proceed
ERNCO 100: Creditors to Hold Meetings November 3

NETWORK RAIL: Cooperates with Regulator Over Improvement Works
SCOTIA PHARMACEUTICALS: Creditors Meeting Set November 3
WORLD TRAVEL: Annual General Meeting to Resume October 31

* Large Companies with Insolvent Balance Sheets


                            *********


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B E L G I U M
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SN BRUSSELS: Shareholders Review Strategic Options for Carrier
--------------------------------------------------------------Shareholders
of SN Brussels, the airline that rose from the ruins of Belgian flag carrier
Sabena, are reportedly seeking to sell their interests next year, according
to The Guardian.

The report quoted SNBA Executive President Rob Kuijpers saying SN Brussels
would have to look for a larger partner, more likely an airline rather than
a financial investor.  In June, TCR-Europe citing Expatica said the Belgian
business airlines is aiming to return to profit in the end of the year by
offering its aircraft for lease to other carriers and canceling route to
save EUR20 million over the coming months.  Destinations in line for
closures were reportedly Milan and Linate routes.  SN Brussels had also
planned to scale down weekend flight to all destinations.  The airlines'
modern fleet consists of 35 aircraft.


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F R A N C E
===========


ALCATEL: Doughty Hanson Buys SAFT for EUR390 Million
----------------------------------------------------
Alcatel (CGEP.PA et NYSE: ALA) has signed an agreement with Doughty Hanson
to divest SAFT, a subsidiary of Alcatel specialized in batteries, for EUR390
million.  Doughty Hanson is a European, independent private equity firm,
focused on acquiring and growing industrial companies.

This acquisition complements Doughty Hanson's portfolio of industrial
companies.  Since its creation in 1985, Doughty Hanson has invested in more
than 60 ventures for more than EUR17.5 billion.

SAFT, a leading manufacturer of industrial and specialty batteries, employs
approximately 4,000 people at 14 sites in 8 countries.  SAFT revenues in
2002 were EUR550 million.  This divestment should be finalized within 3
months and was presented Monday to the Workers' Council.  It will be
submitted for regulatory approval in the appropriate countries and will be
subject to prior approval concerning foreign investments in France.  For
Alcatel, this agreement is an additional step in focusing on its core
business, the development and deployment of telecommunications systems and
services.

According to Jean-Pascal Beaufret, CFO of Alcatel, "The backing of a
financial buyer will allow SAFT greater financial flexibility to strongly
support its development."

"Doughty Hanson wants to keep the industrial expertise and the technical
know-how of SAFT while supporting its development objectives.  To achieve
this, Doughty Hanson plans to continue operating SAFT's industrial sites, in
particular in France, and maintain local supply to its customers.  SAFT,
supported by Doughty Hanson, will ensure a continuous high quality service
to its customers," comments Yann Duchesne, Managing Director of Doughty
Hanson in France.

About Alcatel

Alcatel provides end-to-end communications solutions, enabling carriers,
service providers and enterprises to deliver content to any type of user,
anywhere in the world.  Leveraging its long-term leadership in
telecommunications network equipment as well as its expertise in
applications and network services, Alcatel enables its customers to focus on
optimizing their service offerings and revenue streams.  With sales of
EUR16.5 billion in 2002, Alcatel operates in more than 130 countries.


RHODIA SA: SocGen Cuts Ratings to 'Sell', Cites Shaky Footing
-------------------------------------------------------------
Europe's sixth largest bank, Societe Generale Group, has downgraded the
stock rating of French chemical company, Rhodia SA, to "sell" from "hold",
Intesatrade news agency reported Friday.

Intesatrade said the cut was made upon considering that the financial
problems of the company are too severe to keep shares in portfolio.  SocGen
said: "It would now seem certain that the group cannot continue in its
current form."

SocGen also said there is a risk for Rhodia to break covenants, forcing the
company's future in the hands of its lending banks.  Rhodia could post a net
loss of EUR350 million for the year 2003, the bank further indicated.
Updates on strategy and divestment plans are expected at the third quarter
presentation on October 30.


VIVENDI UNIVERSAL: Centenary Holdings Extends Offer Period
----------------------------------------------------------
Centenary Holdings III PLC (formerly Seagram Distillers PLC), a subsidiary
of Vivendi Universal SA, announced Friday an amendment to the tender offer
launched on October 15, 2003 to all holders to purchase GBP50,000,000 12
3/8% Debenture Stock due 2012 at a price of 118.58% of nominal value.  The
stock is currently cash collateralized by Centenary Holdings III PLC for
109.28% of its nominal value.

The Expiration Date for the Offer has been extended so that the offer will
expire at 17:00 hours (London Time) on October 24, 2003.

Vivendi Universal SA intends to sell Centenary Holdings III PLC and this
offer presents the Debenture Stockholders with an opportunity to realize
their investment before any such sale.

ISIN: GB0007865370

CONTACT:  Deutsche Bank London AG
          DEALER MANAGER
          Sandra Hughes
          Phone: +44 (0)207 545 8011


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G E R M A N Y
=============


AERO LLOYD: Bankruptcy Leaves Valuable Slots Open for Takeover
--------------------------------------------------------------
Other airlines are already eyeing the takeoff and landing slots of Aero
Lloyd, the German charter airline that filed for bankruptcy on Thursday.

Aero Lloyd's fall left about 1,000 slots open for takeover at the Frankfurt
Airport.  For the time being, other airlines are filling the slots.

There hadn't yet been any concrete bids for Aero Lloyd's slot allotment, but
there already have been some queries, Claus Ulrich, coordinator of airport
slot allocation for the German Transportation Ministry said.   Mr. Ulrich
told Dow Jones the slots will be sold if an investor could not be found for
Aero Lloyd.

"Demand is so high, we don't think there will be any problem finding
replacement carriers for these slots," said Fraport spokesman Wolfgang
Schwalm.

Frankfurt Airport is currently seeking to expand its runways due to high
demand for slots from airlines.  If the airport manages to get final
approval for its plan, it will be able to offer 50% more slots by 2007.

Aero Lloyd planes made up 1.2% of all aircraft movements at Frankfurt
Airport during the first nine months of the year, airport operator Fraport
AG said.


DEUTSCHE BAHN: 3,000 Reise & Touristik Jobs on Chopping Block
-------------------------------------------------------------
Deutsche Bahn, the German railroad operator up for privatization, has plans
of cutting 3,000 jobs at its long distance travel unit, Reise & Touristik
AG, by 2005, according German daily Der Tagesspiegel.

The job-cuts will be done by suspending hiring for positions left vacant,
and will not involve forced redundancies, the report said.

The German government started looking for an advisor for the sale of the
state-owned company in July about two months after the railway company
posted operating loss of EUR12 million in the first quarter.  The company,
which lost EUR82 million in the first quarter last year, had earlier
expected a EUR138 million loss.

Recently, the company assured preparations for the privatization is going
ahead despite setbacks, particularly the railways' underperformance.  The
German government is considering publicly offering 20% of Deutsche Bahn
shares in 2005.


MG TECHNOLOGIES: Suffers Slight Downgrade from Fitch Ratings
------------------------------------------------------------
The rating agency Fitch on Friday changed the credit rating of mg
technologies ag from 'BBB' to 'BBB-'.  Despite the cut, the company
continues to enjoy an investment-grade rating. Fitch had put mg's rating on
its watchlist on October 6.  Fitch said the adverse impact of the cut on
mg's cost of funds will be limited.

On October 2, mg announced its new strategic focus on its process
engineering and components businesses as well as plans to sell Dynamit Nobel
and solvadis.  In doing so, it aims to sharpen the Group's strategic focus
and substantially repay its debt.  By continuing to expand its
high-potential growth businesses, mg plans to considerably enhance its value
for shareholders.  There are already a number of prospective buyers for
Dynamit Nobel and solvadis.  The company believes it will have completed
this disposal within the fiscal year 2004.

The swift implementation of the decisions taken by mg will substantially
reduce the risk highlighted by Fitch in its statement.  The company is also
confident in view of these points:

(a) The cash flow lost as a result of the disposal of Dynamit Nobel and
solvadis will be offset by savings in holding-company costs and an
improvement in net interest income by 2005, and by the future expansion of
GEA;

(b) GEA already accounts for a stable proportion of the mg Group's free cash
flow;

(c) GEA's business is spread across several customer sectors and regions,
which ensures a high degree of risk diversification.


PROSIEBENSAT.1 MEDIA: Management Board Shake-up Looms
-----------------------------------------------------
Haim Saban could reshuffle the management board of German broadcaster
ProSiebenSat.1 Media, Handelsblatt said, according to Intesatrade.

Saban Capital Group, Inc., the private investment firm of the U.S. media
entrepreneur, completed an agreement to acquire majority-voting rights at
the largest private television network in Germany in August.  Under the
mandatory takeover offer for the outstanding shares, "the bidder is looking
into the size and constitution of the management board... and considers
changes likely," Handelsblatt said.

At the time of the acquisition Mr. Saban, who chairs Saban Capital Group,
said: "We recognize the challenges in returning ProSiebenSat.1 to higher
earnings, but we are committed to a long-term business plan and are excited
about the opportunity to enter the German market at this time."

ProSiebenSat.1's management board is currently occupied by Chief Executive
Urs Rohner, Chief Financial Officer Lothar Lanz, Saban representative
Guillaume de Posch, and board members Ludwig Bauer, Juergen Doetz, and Claus
Larass.  The posts of the first three are reportedly secure.

Moody's Investors Service recently said ProSiebenSat.1 continues to operate
in difficult market conditions.  The rating agency predicts further
contraction in German TV advertising spending, which is likely to be under
10% in 2003, following the declines of 7% in 2001 and 11.5% in 2002.  The
group's audience share dropped to 28.1% in 2002, partly as a result of
certain programming weaknesses.


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G R E E C E
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OLYMPIC AIRLINES: Iberia Not Bidding for Majority Stake
-------------------------------------------------------
Iberia SA denies it is interested in taking a majority stake in Greek
national airline Olympic Airlines, according to Dow Jones.
The statement, the second in the span of two days on Friday, follows the
Greek Finance Ministry's declaration that Spain's largest airline are among
the 12 that expressed interested in Olympic Airlines.

"We're not interested in (bidding) for Olympic whatsoever," an Iberia
spokeswoman said.  She disclosed, though, that Iberia had asked for the sale
prospectus on the privatization of the airline.  "It is one thing to ask for
information on the sale, and something else to actually be interested in
bidding for it."

The Greek government is searching for a strategic investor for Olympic
Airlines, formerly Olympic Airways, ahead of next summer's Olympics in
Athens.  Greece plans to set up a new company that will take over Olympic's
scaled-down fleet and slots at international airports.

Olympic Airways' debt is believed to have accumulated debts of more than
EUR200 million since its last European Commission-sanctioned restructuring
in 1998.


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I R E L A N D
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BOMBARDIER SHORTS: Reaches Temporary Accord with Labor Unions
-------------------------------------------------------------
Labor unions at Bombardier Shorts suspended industrial action planned for
the weekend after reaching a compromise on work schedules and job-cuts with
the management, according to 4 Local News.  The Labor Relations Agency
agreed Friday to suspend protest on condition that the company suspend shift
for six weeks and make no more redundancies for the same period.

In a statement welcoming the move, the company said: "We hope that progress
can be made to enable both parties to enter into negotiations on all the
substantive issues including wage contract renewal.  A suspension of the
afternoon shift is part of the proposed agreement between the company and
the trade unions through the auspices of the Labor Relations Agency."

The trade unions are expected to decide on their next move today after
consultation with members.  The planned industrial action follows decision
by Bombardier to cut 1,000 jobs after employees rejected a proposed
four-year pay agreement earlier.


=====================
N E T H E R L A N D S
=====================


GETRONICS N.V.: Sells Shares in DigitalNet to Management Group
--------------------------------------------------------------
Getronics closed Friday the sale of 33,500 Class B Preferred Stock in the
U.S. network solutions company, DigitalNet Inc., to its management team.
The cash proceeds from the sale are US$27 million and the book profit is
approximately EUR5 Million.

This transaction is part of the company's non-core assets disposal program.
The proceeds will be used to further strengthen the company's balance sheet.
Getronics acquired the DigitalNet shares in 2002 as part of the sale of
Getronics Government Solutions.  DigitalNet builds integrates and manages
enterprise-wide network computing solutions for government organizations.

Claris Capital acted as financial advisor to Getronics in respect of the
sale of the shareholding in DigitalNet.


KONINKLIJKE AHOLD: Pantry Buys Golden Gallon for US$187 Million
---------------------------------------------------------------
Ahold announced Friday it has successfully completed the sale of Golden
Gallon, its fuel and merchandise convenience store operation in the
southeastern United States, to The Pantry, Inc.  The transaction is valued
approximately US$187 million.

The Pantry is the leading convenience store operator in the southeastern
United States and the third largest independently operated convenience store
chain in the country.  The divestment of Golden Gallon, originally announced
on August 25, 2003, is part of Ahold's strategic plan to restructure its
portfolio to focus on core food businesses.

Golden Gallon operates 138 convenience stores and has been part of Ahold's
portfolio since 2000.  The company employed approximately 1,100 employees.

CONTACT:  Ahold Corporate Communications
          Phone: +31.75.659.57.20


NUMICO N.V.: GNC Sale to Apollo Management to Fetch US$750 Mln
--------------------------------------------------------------
Royal Numico N.V. has reached an agreement on the sale of GNC (U.S.) to
Apollo Management, L.P. (U.S.) for US$750 million.  The transaction is
subject to customary regulatory approvals and is expected to be completed in
the fourth quarter of 2003.

(a) Numico to sell GNC for US$750 million, transaction subject to
shareholder approval.

(b) Numico fully focused on core high-growth, high-margin Baby Food and
Clinical Nutrition.

(c) Significant reduction in financial risk: lower net debt, related
interest expenses and US$ exposure.

(d) Significant reduction in operational risk: retail exposure eliminated,
focused on core competencies.

(e) Impairment on GNC book value, net of deferred tax asset, of
approximately EUR375 million.

Negative impact of transaction on shareholders' equity of approximately
EUR450 million; shareholders' equity position will be restored within 2-3
years through profits.

Jan Bennink, CEO of Numico commented on the intended sale of GNC: "With the
intended sale of GNC, Numico will sharpen its focus on its core businesses,
Baby Food and Clinical Nutrition, to achieve the objective of becoming a
high-growth, high-margin specialized Nutrition Company.

"The decision to divest GNC is based on an assessment of our business
strategy, where we see limited synergies with our current core businesses.
The divestment has many advantages for Numico: it will significantly reduce
the risk level, both financially and operationally, provides us with more
financial flexibility and allows management to focus completely on
maximizing profitable growth in both Baby Food and Clinical Nutrition.

"We have received a compelling offer.  And, importantly, this action gives
us the certainty to achieve our aggressive goals of sales growth and EBITA
margin.  This factor made us decide to sell GNC now rather than at a later
stage.

"We are convinced that selling GNC now, and thereby returning Numico to its
core competencies, will maximize shareholder value as we will create a
high-growth, high-margin specialized Nutrition Company based on two very
strong and vibrant businesses."

Peter Copses, a senior partner at Apollo Management, L.P., commented: "We
are delighted to be able to acquire GNC, the world's premier specialty
retailer of vitamins, sports nutrition and diet products.  GNC is a powerful
brand and we look forward to working with its management team, dedicated
employees and loyal franchisees in building the Company in the future."

The decision to sell GNC is the result of a comprehensive process during
which all strategic options for GNC have been thoroughly assessed.  Based on
this, Numico is convinced that even a further improvement of GNC's
performance does not outweigh the lack of strategic fit.  Final approval
will be asked for from shareholders during an extraordinary General Meeting
of Shareholders to be held on November 3, 2003.

The proceeds of the transaction will be used to pay down the
dollar-denominated part of the existing senior bank loan facility.
Consequently, Numico's debt level and related interest expenses will be
substantially reduced.

The divestment of GNC also results in a significant reduction in operational
risk through the elimination of a source of earnings volatility and retail
exposure.  Post this divestiture, Numico will be solely focused on its two
remaining high-growth, high-margin businesses Baby Food and Clinical
Nutrition.


NUMICO N.V.: Wind up of Numico USA to Follow GNC Sale
-----------------------------------------------------
Following the sale of GNC, Numico will liquidate Numico USA Inc.  thereby
creating a fiscal loss of approximately EUR1,150 million.  This fiscal loss
will result in a tax credit (deferred tax asset) of approximately EUR400
million in the Netherlands that will be utilized over a period of 10 to 12
years through future taxable profits in the Netherlands.  As a result, the
net impact of the impairment related to this transaction will amount to
approximately EUR375 million.

Through this transaction, Numico also significantly reduces its exposure to
the U.S. dollar.  As a consequence, Numico will unwind its USD-related
interest rate swaps thereby adversely impacting shareholders' equity by
approximately EUR50 million.  Given the historical and expected future
profits, Numico remains confident that it will be able to sufficiently
strengthen its shareholders' equity through profits within the next 2-3
years and that negative shareholders' equity will not have any impact on
Numico's operations, access to funding or stock exchange listing.

GNC, based in Pittsburgh (U.S.), is the world's largest company in the
production, marketing and sales of nutritional supplements with total net
sales of EUR625 million in the first half of 2003.  Normalized EBITA in the
first half of 2003 amounted to EUR 48 million.  GNC employs 15,200 people
and comprises of an international retail network of 5,750 company-owned and
franchised stores and two production facilities in the U.S.  The intended
sale will be inclusive of GNC's production facilities, warehouses and
brands.

Apollo Management, L.P., founded in 1990, is among the most active and
successful private investment firms in the U.S. in terms of both number of
investment transactions completed and aggregate dollars invested.  Since its
inception, Apollo has managed the investment of an aggregate of
approximately US$17 billion in equity capital, including US$13 billion
invested in corporate transactions, in a wide variety of industries, both
domestically and internationally.

Royal Numico N.V. is a leader in specialized nutrition, including baby food,
clinical nutrition and GNC (nutritional supplements).  The company operates
in over 100 countries and employs approximately 26,500 people.


NUMICO N.V.: Deal to Sell Vitamex AB for EUR31 Million Sealed
-------------------------------------------------------------
Royal Numico N.V. announces that it has reached agreement on the sale of
Vitamex AB (Sweden) to Wilh. Sonesson AB (Sweden), a manufacturer and
distributor of consumer health care products, for EUR31 million.  The
transaction will be completed by the end of October 2003.

Commenting on the sale, Jan Bennink, CEO of Numico, stated: "We view the
sale of Vitamex as the last important withdrawal from the European
nutritional supplements market.  Through the proceeds of Vitamex we have
also reached total divestiture proceeds of above EUR300 million as was
targeted in March of this year."

Vitamex, a nutritional supplements company based in Norrkoping, comprises of
a production facility and 52 stores in Sweden that operate under the name
Naturapoteket.  Vitamex is also active in the mail order segment with
operations in the Nordic Countries (Naturpost) and the Netherlands (Sana
Direct).  Sales of Vitamex amounted to EUR60 million with a limited
(normalized) EBITA contribution in 2002.  Vitamex employs approximately 300
people.
Royal Numico is a leader in specialized nutrition, including baby food,
clinical nutrition and GNC (nutritional supplements).  The company operates
in over 100 countries and employs approximately 26,500 people.

CONTACT:  ROYAL NUMICO N.V.
          Investor Relations
          Phone: +31 79 353 9003


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P O L A N D
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DAEWOO MOTOR: Bankruptcy Court Sanctions Reorganization Plan
------------------------------------------------------------
The California court handling the bankruptcy petition of Daewoo Motor
America, Inc., has confirmed the company's reorganization plan, which became
effective October 16, 2003.

DMA filed for protection under Chapter 11 of the Bankruptcy Code
on May 16, 2002. The Honorable Judge Sheri Bluebond of the U.S.
Bankruptcy Court for the Central District of California, Los
Angeles Division, presided over the bankruptcy proceedings.

The order confirming the Plan was entered after more than a year
of negotiations with creditors, dealers and other parties in
interest and after a comprehensive, two-day confirmation hearing in which
the Plan was confirmed over the objection of DMA's parent company, Daewoo
Motor Company, Ltd.

"We are emerging as a vital enterprise focused on supplying parts and
providing warranty administration to approximately 180,000 Daewoo owners and
approximately 450 Daewoo dealers nationwide," stated Y.S. Hong, DMA's
President and CFO.

The Compton, California-based company is the only automobile
distributor to file for bankruptcy protection in recent memory.
DMA was forced to do so in May 2002 after General Motors
Corporation purchased certain assets of DWMC in Korea, but
excluded DMA from the acquisition. Although DMA's exclusion from
GM's acquisition prevented DMA from distributing Daewoo vehicles, DMA's
management has been fully committed to supplying Daewoo parts and to
providing warranty administration to approximately 18,000 Daewoo owners
through its nationwide, independent dealership network. This effort and
commitment resulted in DMA entering into long-term agreements with General
Motors Daewoo Auto & Technology, preserving DMA's exclusive rights to
continue providing Daewoo parts and warranty administration to the U.S.
market. Now, Daewoo owners can be assured that an ongoing supply of parts
will be provided along with services to support each of the vehicle
warranties described in the Warranty & Maintenance Information Booklet
provided with every Daewoo vehicle.

"Those owners who are in need of parts or warranty service should contact
their nearest Daewoo Dealer," advised Ben Rainwater, Vice President -
National Parts & Service Division.

Mr. Rainwater added, "DMA's Web site -- http://www.daewoous.com-- continues
to provide a current Daewoo Dealer locator. Additionally, customers can
contact DMA via their toll free telephone number at (877) 362-1234 (select
option 6) for assistance."

DMA's management is optimistic about the future of the reorganized company,
which will focus on the support of Daewoo vehicle owners and which is
anticipated to involve a variety of new business opportunities.


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R U S S I A
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OJSC COMMERCIAL: Standard Bank Notes to Back OJSC Loan Rated 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' senior unsecured debt
rating to the proposed Loan Participation Notes to be issued by Standard
Bank London Holdings PLC (SBLH; not rated), but without recourse to SBLH,
for the purpose of financing a loan to Russia-based OJSC Commercial Bank
Petrocommerce (B/Stable/C).

The credit risk of the Loan Participation Notes wholly reflects the
counterparty credit ratings on OJSC Commercial Bank Petrocommerce.  The
amount and the term of the issue are to be confirmed.  Joint lead managers
of the issue are ABN AMRO and Standard Bank London.

The ratings on OJSC Commercial Bank Petrocommerce reflect the ownership of
the bank by LUKoil OAO (BB/Stable/--), one of Russia's largest oil companies
in terms of crude reserves, production, and exports.  The bank's credit
profile is also enhanced by its good capital base and adequate liquidity
position.  These positive factors are offset by the bank's relatively weak
earnings profile and large single-party concentrations (namely in the LUKoil
group).

With consolidated total assets of $1.4 billion and reported equity of $231
million at June 30, 2003, OJSC Commercial Bank Petrocommerce ranks among the
20 largest Russian banks.  It operates as a settlement bank for LUKoil; a
significant part of
OJSC Commercial Bank Petrocommerce's business comes from LUKoil and its
affiliates.


=====================
S W I T Z E R L A N D
=====================


ABB LTD.: Ruling on Asbestos Settlement Plan Could take Months
--------------------------------------------------------------
A hearing on the appeal over ABB Ltd.'s US$1.2 billion asbestos settlement
plan is set for December 16, a U.S. plaintiff lawyer said, according to Dow
Jones.

The Swiss-Swedish electrical engineering company is proposing to put
Combustion Engineering, its U.S. unit, under Chapter 11 bankruptcy to
protect it from future asbestos claims.  It has gained approval from a U.S.
district court, but plaintiff lawyers for the pending lawsuits -- numbering
130,000 -- have filed appeals on the U.S. third circuit court, on grounds
that the proposals are unfair.

Appellant Steven Kazan, when asked about the probability of his case winning
told Dow Jones: "It's hard to tell but we believe better than 50-50."

"If we win, the case would go back to the district court for further
proceedings in the light of whatever the circuit court says.  It is hard to
predict but anywhere from major changes in the structure of the deal to the
court being ordered to reject it entirely," he said.

The court's decision could be given the same day or might take several
months, he added.

ABB was not immediately available for comment, according to the report.


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U N I T E D   K I N G D O M
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AMP LIMITED: Lodges Prospectus for AU$1.19 Billion Rights Offer
---------------------------------------------------------------
AMP lodged Friday its Rights Offer Prospectus with the Australian Securities
& Investments Commission and the Australian Stock Exchange.

The underwritten, non-renounceable AMP Rights Offer is being made to raise
approximately AU$1.19 billion (before costs) to enable AMP to redeem the
Reset Preferred Securities for cash.  AMP is proposing to redeem the Reset
Preferred Securities after the demerger because not all of the Reset
Preferred Securities will then be treated as Tier One regulatory capital by
the Australian Prudential Regulatory Authority.

"This is the next step in the demerger process," AMP Chief Executive Officer
Andrew Mohl said.  "On October 10 we received in principle regulatory
approval for the demerger and released our capital plans."

"[On Thursday] we received Federal Court approval to hold our shareholder
meetings to vote on the demerger proposal and to release our Explanatory
Memorandum.  [On Friday], we have lodged the Rights Offer Prospectus.  They
are all significant milestones for the proposed demerger," he said.

Eligible AMP shareholders are being offered the right to acquire shares in
AMP post-demerger at a 10% discount to an institutional bookbuild price.
AMP shareholders who do not or cannot take up their rights will be sent a
cash amount for the value of the rights not taken up, at the rate of A8.2
cents per right (subject to adjustment if the size of the AMP Rights Offer
is reduced).

"The AMP Rights Offer has been carefully designed to ensure there are
benefits for all our shareholders, whether they participate in the offer or
not," Mr. Mohl said.  The AMP Rights Offer is conditional in the demerger
occurring.  The cash redemption of the Reset Preferred Securities, expected
to take place on or about January 13, 2004, is conditional on both the
demerger occurring and the completion of the Rights Offer.

Under the AMP Rights Offer, eligible AMP shareholders are being invited to
subscribe a fixed amount per existing AMP share for shares in the demerged
AMP.  This fixed amount will be AU$0.77 for each existing AMP share held.
For example, a shareholder with 1000 AMP shares will be invited to subscribe
up to AU$770 (unless the size of the AMP Rights Offer is reduced).

Eligible shareholders are those with a residential address in Australia or
New Zealand, as well as some other countries as outlined in the Prospectus.

The record date for the Rights Offer is October 28, with the Offer opening
on November 7 and closing on December 9.  The institutional bookbuild is
expected to be held on December 16-17 and the bookbuild price and
shareholder application price are expected to be announced on December 17.

The AMP Rights Offer is being underwritten by UBS Advisory and Capital
Markets and Macquarie Equity Capital Markets.  Co-managers are Ord Minnett
and ABN AMRO Morgans.  The Caliburn Partnership is advising AMP on the AMP
Rights Offer.

Net expenses of approximately A$18 million for the AMP Rights Offer -- of
which about half represent underwriting fees -- will be funded, in part,
from the proceeds of the bookbuild.

                              *****

(a) The AMP Rights Offer will be made in the Prospectus.  Eligible
shareholders wishing to take up their rights to acquire shares will need to
complete the entitlement and acceptance form that will accompany the
Prospectus.

(b) The shares offered in the AMP Rights Offer have not been, and will not
be, registered under the U.S. Securities Act of 1933, as amended, and may
not be offered or sold in the United States absent registration or an
exemption from registration.  This announcement is not an offer of
securities for sale in the United States.  Securities may not be offered or
amended, or an exemption from registration.  This announcement is not for
distribution or release in the United States.

CONTACT:  AMP LIMITED
          Level 24, 33 Alfred Street
          Sydney NSW 2000 Australia
          ABN 49 079 354 519


AWG PLC: Abandons Chilean Water, Wastewater Operations
------------------------------------------------------
AWG Plc has agreed to sell its 49.8% shareholding in Esval for GBP55
million, subject to formal consent of the Chilean authorities.  Esval owns
and operates water and wastewater assets in Chile.

Of AWG's 49.8% shareholding, 44.8% will be purchased by Consorcio Financiero
and 5% will be purchased by the Moneda Chile Fund.  Both payments will be
made in cash and the proceeds will be used for general corporate purposes.

AWG's balance sheet at March 2003 included Esval's net assets at GBP95
million and net debt at GBP122 million.  Esval made no contribution to AWG's
earnings in 2002/03.

                              *****

AWG CEO Chris Mellor stepped down from his post in
March following 24 years of service, a move interpreted by analysts as a
sign that the company could break-up soon.  Mr. Mellor was behind the GBP263
million purchase of Morrison construction group in 2000, an investment that
has produced losses and write-downs of about GBP100 million, analysts said.

CONTACT:  AWG PLC
          Mike Keohane, group director of HR and communications
          Phone: 01480 323280

          WEBER SHANDWICK SQUARE MILE
          Terry Garrett
          Phone: 0207 067 0717

          CARDEW CHANCERY
          Anthony Cardew
          Phone: 0207 930 0777


BALLAST PLC: Deloitte Picked to Sell Firm as 'Going Concern'
------------------------------------------------------------
The high court has appointed Deloitte partners, Nick Edwards and Nick
Dargan, to oversee the affairs of Ballast plc after the integrated
construction and services company filed for administration Wednesday last
week, according to Creditman.

Included in the filing are Ballast Wiltshier Investments Ltd. and Wiltshier
Facilities Management Ltd.  The company's finances turned sour after its
Dutch parent, Ballast Nedam, pulled financial support for the British PFI
operator.  This was after efforts to sell the company failed some months
ago.  A GBP15 million (GBP10.5 million) loss in the first-half further
worsened the situation in the company.

Ballast made a GBP67 million last year, prompting it to cut costs by axing
500 staff, and closing offices.  Ballast employs 1,000 staff across the U.K.
Recent developments are further endangering a thousand jobs.

Nick Edwards, Deloitte partner, commented: "We are assessing the position of
the companies with a view to seeking buyers for them, in whole or in part,
as going concerns.  Ballast has an enviable position in the PFI market, with
substantial contracts in the education sector, and we are confident it can
emerge from administration as a stronger and viable business."

Ballast has turnover of GBP230 million.  Ballast Nedam has guaranteed three
outstanding contracts for the firm: the GBP120 million deal with Tower
Hamlets that lasts until 2007, and two others in East Lothia, Scotland and
Dudley, West Midlands.  The contracts are likely either to be sold to a
rival PFI operator or run by the parent company until they have expired.


BRITISH AIRWAYS: To Plug GBP1.2 Bln Pension Deficit Next Year
-------------------------------------------------------------
British Airways Plc is expected to inject another GBP100 million into its
pension fund starting next year, AFX News said, citing The Business.

According to the report, British Airways has nearly completed a revaluation
of its pension funds at end-March 2003 when they had estimated a deficit of
GBP1.2 billion.  The airline will be forced to pump GBP100 million more -- a
move that could effectively hinder the airline's plan to return to profit by
wiping out hard-won cost savings.  A plan on how to tackle the shortfall
could be announced at the end of this month, the report further said.

British Airways has lost almost 12,000 jobs over the last two years as
business suffered with the global economic slowdown and the impact of the
conflict in the Gulf and the outbreak of the SARS virus in Asia was
aggravated by union strikes over wages.

CONTACT:  BRITISH AIRWAYS
          Investor Relations
          Waterside (HCB3)
          P.O. Box 365
          Harmondsworth
          UB7 OGB
          Phone: + 44 (0) 20 8738 6947


CALEDONIA INVESTMENTS: John Craven Withdraws Takeover Proposal
--------------------------------------------------------------
The Board of Caledonia notes Friday's announcement by the two companies
chaired by Sir John Craven to withdraw their proposals that would have
resulted in the liquidation of Caledonia.  On July 7, 2003 the Board
announced that, with the benefit of advice from N.M. Rothschild & Son
Limited and Cazenove & Co. Ltd., it had unanimously concluded that the
proposals were not in the best interests of its shareholders.  It was also
announced on October 2, 2003 that the shareholders of The Cayzer Trust
Company Ltd (a 37.7% shareholder in Caledonia) had voted to reject the
proposals by a majority of 72.9%.

The Board welcomes the withdrawal of these proposals.  This will enable
management to focus on their stated strategy to achieve strong
outperformance for the benefit of all Caledonia's shareholders.  Absolute
and relative total shareholder return figures, and Caledonia's ranking in
the latest
Association of Investment Trust Companies statistics for the Global Growth
Sector, are shown:

Total Shareholder Return to September 30, 2003

                                                       Rank in
                                  FTSE                   AITC
Period     Caledonia  All Share  Outperformance Global Growth

1 year
(short term)  +54%     +17%           37%      2nd  (top decile)

5 years
(medium term) +59%     -1%            60%      2nd (top decile)

10 years
(long term)  +161%     +86%           75%    3rd (second decile)

Tim Ingram, Chief Executive, commented: "We are now able again to focus all
our efforts on the investment portfolio and the considerable opportunities
that there currently are for supporting attractive new business
propositions."
                                                                 17 October
2003

CONTACT:  CALEDONIA INVESTMENTS PLC
          Phone: 020 7802 8080
          Tim Ingram, Chief Executive

          COLLEGE HILL
          Phone: 020 7457 2020
          Alex Sandberg
          Tony Friend


DATA WAREHOUSING: Liquidator Seeks Buyers for Property Rights
-------------------------------------------------------------
Emma Holmes, the Liquidator of The Data Warehousing Practice (NI) Limited
(TDWP) (In Liquidation) seeks purchasers for the company's intellectual
property rights, to include: Matchsoft - Data Matching Technology and
Commix - Business Process Management Tool Set.

For further information, please contact urgently:

McCambridge Duffy
Insolvency Practitioners
Templemore Business Park
Derry
BT48 0LD
Phone: 028 7137 7321
Fax: 028 7130 8025
E-mail: info@mccambridgeduffy.com


EGG PLC: French Operations Main Attraction in Auction
-----------------------------------------------------
Internet bank, Egg, is already in detailed talks with a number of financial
services companies interested in taking over its French credit card
business, according to the Telegraph.

Egg's existing infrastructure could prove attractive to interested parties.
One banker said: "Banking licenses in France take a long time to get and Egg
has a scaleable call center and impressive brand awareness in France."  He
adds, "a lot of companies would like to enter the French market and it would
suit a non-French company seeking to enter the country's credit card
market."

The company is expected to officially announce a strategy to exit its
loss-making French operation when it reports third-quarter results on
Wednesday, the report said.

The finance group had a huge success for its online bank in the U.K., which
it said has attracted 3 million cardholders largely because of its heavy
promotion.  But its French business has, by the end of July, only added
25,000 to the 90,000 customers it inherited when it bought the business from
Zebank last year, and there were only 42,000 La Carte Egg credit cards in
regular use.  The investment has cost Egg GBP100 million and is still losing
money.

The French business employs about 550 staff, with a head office in Paris and
telephone call center in Tours.


ELEQUIP PROJECTS: Receivers Offer Engineering Business for Sale
---------------------------------------------------------------
The Joint Administrative Receivers, Bob Maxwell and Andrew Peters, offer for
sale the business and assets of Elequip Projects Limited, the Midlands-based
electrical and mechanical engineering and fabrication business.

Features of the business:

(a) Annual turnover of approximately GBP37 million;

(b) Freehold premises of 54,000 sq ft in Leicester, with easy access to Jct
21 M1;

(c) Established worldwide customer base in transport, electricity, oil and
gas sectors;

(d) Total project management incorporating design, manufacture and assembly
of control and PLC systems, generators and switchgear;

(e) Extensive order book through to 2005;

(f) Skilled workforce of circa 300 employees;

(g) ISO 9001 and ISO 14001.

CONTACT:  DELOITTE & TOUCHE LLP
          Four Brindleyplace
          Birmingham, B1 2HZ
          Contact:
          Greig Mitchell
          Phone: 0121 695 5323
          Fax: 0121 695 5555
          Mobile: 07836 290 844
          E-mail: gmitchell@deloitte.co.uk


EQUITABLE LIFE: Court Allows Case vs. Ex-directors to Proceed
-------------------------------------------------------------
The application by nine former non-executive directors of Equitable Life to
have the claims against them struck out has been rejected by the High Court.
The former directors failed in their submission to the Court that Equitable
Life's claims against them had no real prospects of success.

Commenting on the decision, Vanni Treves, Chairman of Equitable Life said:
"We are pleased, but not surprised, that Mr. Justice Langley agrees that
this case should proceed to trial.  The Board believes there is a strong
claim against the former directors and in the interests of policyholders it
has a duty to proceed."

In July, the Court of Appeal unanimously decided that Equitable Life had a
sustainable case with reasonable prospects of success against the Society's
former auditors, Ernst & Young.  The trial of Equitable Life's claims
against Ernst & Young and the former directors is expected to start in April
2005.

                              *****

The society claims the former directors breached their fiduciary duty when
they failed to get legal advice before deciding on the differential terminal
bonus practice in each year from 1996 to 1998.  It also claims the former
directors acted unreasonably in 1999 and 2000 in failing to take appropriate
steps to mitigate the risks involved in the Hyman litigation (which
Equitable Life lost in the House of Lords) and to ensure that policyholders
were aware of those risks.

The strike-out application was heard by Mr. Justice Langley from September
22 to September 29 in the High Court.

CONTACT:  Tony McGarahan
          Phone: 020 7710 3784
                 07966386145

          Alistair Dunbar
          Phone: 01296 561502
                 07967 564039


ERNCO 100: Creditors to Hold Meetings November 3
------------------------------------------------
Notice is hereby given pursuant to Section 3(2) of the Act and Rules 1.11
and 1.13 of the Insolvency Rules 1986 (as subsequently amended) that
meetings of the creditors and shareholders in the above matter are to be
held at the New Connaught Rooms, 61-65 Great Queen Street, London, WC2B 5DA
at 1.00 p.m. and 3.30 p.m. respectively, on Monday November 3, 2003.

Both meetings are called for the purposes of considering the Administrators'
proposals for a Company Voluntary Arrangement under Part 1 of the Insolvency
Act 1986 (as subsequently amended).

Creditors are entitled to attend in person or alternatively by proxy.
Creditors are requested to lodge claims, marked for the attention of Margo
McLelan, with the administrators of the Company, at the offices of Ernst &
Young LLP, George House, 50 George Street, Glasgow, G2, 1RR (Fax number 0141
626 5003) by 12 noon on Friday, October 31, 2003.

TM Burton
Insolvency Practitioner of Ernst & Young LLP, as Joint Administrator and as
Nominee.


NETWORK RAIL: Cooperates with Regulator Over Improvement Works
--------------------------------------------------------------
Network Rail welcomes the contribution from the Rail Regulator to the
ongoing interim review process.  Over the past months the process has
demonstrated the close working relationship between the parties, with the
appointment of joint consultants and an unprecedented degree of cooperation.

Network Rail's initial business plan in March forecast five-year expenditure
of GBP35 billion.  Following intensive work to improve efficiency and adjust
the required outputs this forecast was reduced to GBP24.5 billion by
September.  However, we also highlighted the fact that further work was
still required in some areas and that important choices still needed to be
made about the rate at which the renewals backlog should be addressed.   The
Regulator has concluded that an appropriate level of expenditure would be
GBP22.7 billion.

Network Rail chief executive John Armitt said: "The further efficiency
targets that the Regulator has set out will be challenging, but we will be
looking in the coming weeks to see how these further savings may be achieved
and to understand the implications for performance and asset condition.  We
look forward to responding fully to the document in due course."

                              *****

Network Rail is the not-for-dividend operator of Britain's rail network.
Its objective is to provide safe, reliable and efficient rail
infrastructure.  It owns and maintains the tracks, signals, tunnels,
bridges, viaducts, and level crossings, including the network's 2,500
stations.

Network Rail is a company limited by guarantee with members instead of
shareholders.  It is run as a commercial organization, but any operating
surplus is re-invested in the rail network.


SCOTIA PHARMACEUTICALS: Creditors Meeting Set November 3
--------------------------------------------------------
Notice is hereby given pursuant to Section 3(2) of the Act and Rules 1.11
and 1.13 of the Insolvency Rules 1986 (as subsequently amended) that
meetings of the creditors and shareholders in the above matter are to be
held at the New Connaught Rooms, 61-65 Great Queen Street, London, WC2B 5DA
at 2.30 p.m. and 3.45 p.m. respectively, on Monday November 3, 2003.

Both meetings are called for the purposes of considering the Administrators'
proposals for a Company Voluntary Arrangement under Part 1 of the Insolvency
Act 1986 (as subsequently amended).

Creditors are entitled to attend in person or alternatively by proxy.
Creditors are requested to lodge claims, marked for the attention of Margo
McLelan, with the administrators of the Company, at the offices of Ernst &
Young LLP, George House, 50 George Street, Glasgow, G2, 1RR (Fax number 0141
626 5003) by 12 noon on Friday, October 31, 2003.

TM Burton
Insolvency Practitioner of Ernst & Young LLP, as Joint Administrator and as
Nominee.


WORLD TRAVEL: Annual General Meeting to Resume October 31
---------------------------------------------------------
This statement replaces the AGM Statement announcement released on Thursday,
October 16, 2003 at 12.42 p.m. under RNS Number 9818Q.  Please note that the
date for the readjournment of the company's annual general meeting to
consider resolutions 3, 7, 8 and 9 should read Friday, October 31, 2003 and
not Friday,
November 31, 2003.

All other details remain unchanged.  The full amended text of the statement:

World Travel Holdings plc

Outcome of Annual General Meeting

Chairman's update


At Thursday's adjourned AGM, John Biles, Chairman, made the statement:
"Shareholders will recall that at the annual general meeting on September
17, resolutions 3, 7, 8 and 9 set out in the notice of that meeting were not
considered and the meeting was adjourned until Thursday.  These resolutions
relate to the adoption of a new employee share option scheme, a change of
the company's name, an elimination of the amount standing to the credit of
the share premium account and the acquisition of Wanbase respectively.  As I
said at that meeting, although agreement has been reached with Culver for
the acquisition of Wanbase, it had not been possible to finalize the
documentation for this transaction prior to that meeting.

"I also reported that the Board had been examining a number of other
acquisition opportunities but that negotiations have not yet reached any
agreement.  Whilst these negotiations are continuing it is apparent that,
even if they are successful, it will be some time before any transaction can
be brought to a conclusion.  Accordingly, it is clear that we cannot now
meet the deadline of October 31, on which we have agreed to pay our
creditors.  We are now negotiating with those creditors and I am proposing
that we adjourn this meeting and the consideration of resolutions 3, 7, 8
and 9 until Friday, October 31, 2003 in the hope that the various
negotiations that are presently in progress with creditors and others can be
brought to a satisfactory conclusion.  If we cannot agree terms with
creditors then the company will, regrettably, have to be wound up."

Outcome of meeting

The meeting was adjourned to October 31, 2003 when resolutions 3, 7, 8 and 9
set out in the notice of the annual general meeting will be considered.
These resolutions relate to the adoption of a new employee share option
scheme, a change of the company's name, an elimination of the amount
standing to the credit of the share premium account and the acquisition of
Wanbase respectively.

CONTACT:  WORLD TRAVEL HOLDINGS
          John Biles, Chairman
          Phone: 020 7456 1352


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders  Total    Working
                                   Equity     Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  ------   --------
AUSTRIA
-------
Libro AG                            (111)         174     (182)

BELGIUM
-------
Real Software             REAL       (35)         244       (1)

CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192    (2,186)

DENMARK
-------
Elite Shipping                       (28)         101        19

FRANCE
------
Banque Nationale
   de Paris Guyane                   (41)         352       N.A.
BSN Glasspack                       (101)       1,151       179
Bull SA                   BULP      (760)         893      (130)
Compagnie
   des Machines Bull                (116)         136       (20)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256        21
Cofidur SA                            (5)         102        19
Dollfus-Mieg & Co.        DOLP        (0)         187        28
European Computer System            (110)         682       377
Grande Paroisse SA                  (927)         629       330
Pneumatiques Kleber SA               (34)         480       139
SDR Picardie                        (135)         413       N.A.
Soderag                               (3)         404       N.A.
Sofal SA                            (305)       6,619       N.A.
Spie-Batignolles                     (16)       5,281        75
St Fiacre (FIN)                       (1)         111       (33)
Trouvay Cauvin            TRCN        (0)         134        10
Usines Chauson                       (23)         249        35

GERMANY
-------
Dortmunder
   Actien-Brauerei        DABG       (13)         118       (29)
F.A. Guenther & Sohn AG   GUSG        (8)         111       N.A.
Kaufring AG               KAUG       (19)         151       (51)
Nordsee AG                            (8)         195       (31)
Schaltbau AG              SLTG       (16)         163        20
Vereinigter
   Baubeschlag-Handel
   Holding AG             VBHG       (24)         307       (63)

ITALY
-----
Binda SpA                 BND        (11)         129       (20)
CIRIO FINANZIARI          CBDI      (422)       1,583      (396) Credito
Fondiario
   e Industriale SpA      CRF       (200)       4,218       N.A.
Lazio SpA                            (57)         495      (330)

NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610        46

NORWAY
------
Pan Fish ASA              PAN       (117)         806      (259)
Petroleum-Geo Services    PGO        (32)       2,963    (5,250)

POLAND
------
Animex SA                             (1)         108       (86)
Exbud Skanska SA          EXBUF       (9)         315      (330)
Stalexport SA                        (57)         229       (51)

SPAIN
-----
Altos Hornos de Vizcaya SA          (116)       1,283      (278)
Santana Motor SA                     (46)         223        41
Sniace SA                            (11)         128       (24)
Tableros de Fibras SA     TFI        (43)       2,107       125

SWITZERLAND
-----------
Kaba Holding AG           KABZN      (47)         572       278

UNITED KINGDOM
--------------
Abbot Mead Vickers                    (2)         168       (16)
Alldays Plc               ALD       (120)         252      (202)
Amey Plc                  AMY        (49)         932       (47)
Bonded Coach
   Holiday Group Plc                  (6)         188       (44)
Blenheim Group                      (153)         198       (34)
Booker Plc                BKRUY      (60)       1,298        (8)
Bradstock Group           BDK         (2)         269         5
Brent Walker Group                (1,774)         867    (1,157)
British Energy            BGY     (5,342)       3,438       229
British Nuclear Fuels Plc         (2,627)      36,359     1,948
British Sky Broadcasting  BSY       (175)       3,347      (144)
Compass Group             CPG       (668)       2,972      (298)
Costain Group             COST       (34)         329       (12)
Dawson Holdings           DWSN       (32)         135       (25)
Easynet Group Plc         ESY        (12)         332        53
Electrical and Music      EMI
   Industries Group                 (885)       3,053      (435)
Euromoney Institutional   ERM       (119)         173        20
Gallaher Group            GLH       (543)       5,527        68
Gartland Whalley                     (11)         145        (8)
Global Green Tech Group             (156)         408       (18)
Heath Lambert
   Fenchurch Group PLC               (10)       4,109       (10)
HMV Group PLC             HMV       (211)         762       (66)
Imperial Tobacco Group    ITY       (117)      10,083      (190)
Intertek Testing Services ITRK      (134)         425        67
IPC Media Ltd.                      (685)         254        16
Lambert Fenchurch Group               (1)       1,827         3
Lattice Group                     (1,290)      12,410    (1,228)
Misys PLC                 MSY       (161)         949        41
Orange PLC                ORNGF     (594)       2,902         7
Regus PLC                 RGU        (46)         367       (60)
Rentokil Initial Plc      RTO     (1,130)       2,809       (37)
Saatchi & Saatchi         SSI       (119)         705       (41)  Seton
Healthcare                     (11)         157         0
Yell Group PLC                      (196)       3,964       289


Each Tuesday edition of the TCR-Europe contains a list of companies with
insolvent balance sheets based on the latest publicly available balance
sheet available to our editors at the time of publication.  At first glance,
this list may look like the definitive compilation of stocks that are ideal
to sell short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which equity
securities trade in public market are determined by more than a balance
sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and
Beard Group, Inc., Frederick, Maryland USA.  Larri-Nil Veloso, Ma. Cristina
Canson, and Laedevee Gonzales, Editors.

Copyright 2003.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or publication
in any form (including e-mail forwarding, electronic re-mailing and
photocopying) is strictly prohibited without prior written permission of the
publishers.

Information contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year, delivered via
e-mail.  Additional e-mail subscriptions for members of the same firm for
the term of the initial subscription or balance thereof are US$25 each. For
subscription information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *