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        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

          Wednesday, October 22, 2003, Vol. 4, No. 209


                            Headlines


B E L G I U M

GENK FORD: Politicians Join Workers' Protest Against Job-cuts


F R A N C E

ALSTOM SA: Files Annual Report with U.S. Securities Regulator
ALSTOM SA: Siemens Proposes Tie-up of Train Manufacturing Biz


G E R M A N Y

GERLING-KONZERN: New Investors Bring in EUR150 Mln Fresh Funds
GRUNDIG AG: Car Radio Division Sale in Due Diligence Stage
HOWALDTSWERKE-DEUTSCHE: Borrows EUR400 Million from U.S. Parent
KIRCHMEDIA GMBH: Former Executives Probed for Breach of Trust
MG TECHNOLOGIES: Denies Reports Alleging Need to Meet Creditors
WCM: Rebon Plans to Exercise Call Option on Sirius Stake


H U N G A R Y

IKARUSBUS RT: Close to Selling Bus Factory to Ikarus Rt


I R E L A N D

ELAN CORPORATION: Webcast of Third Quarter Results November 12
ESG RE: Fitch Affirms 'B-' Ratings; Outlook Remains Negative


I T A L Y

ITALTRACTOR ITM: Assigned 'B' Long-term Rating; Outlook Stable


N E T H E R L A N D S

KONINKLIJKE AHOLD: Albert Heijn Slashes Prices to Attract Buyers
KONINKLIJKE AHOLD: Files Annual Report with U.S. SEC
LAURUS N.V.: Slashes Prices in Major Supermarket Chains
ROYAL KPN: Cuts Salaries of Top Executives; CEO Waives Bonus


P O L A N D

ELEKTRIM SA: Govt Extends Completion Date of Power Plant Project


R U S S I A

WIMM-BILL-DANN FOODS: Opens Dairy Production in Ukraine


S W E D E N

VOLVO AERO: Union Negotiations Complete; 192 to Leave


S W I T Z E R L A N D

DEGUSSA AG: Shakes up Chemicals Unit to Improve Profitability
SWISS INTERNATIONAL: Unveils New Winter Schedules


U N I T E D   K I N G D O M

EDINBURGH FUND: Aberdeen Shareholders Approve Takeover
FUSION OIL: Sterling Energy Defends Takeover Offer
FUSION OIL: Refutes Sterling's Claim, Affirms Rejection of Offer
KWELM COMPANIES: To Hold Creditors Meeting November 28
MOSS BROS: Senior Executives Urged to Step down

MYTRAVEL PLC: Sells U.S. Interests to Boost Working Capital
ROOM SERVICE: Shareholders Approve Capital Reorganization
SOUTHFIELDS COACHWORKS: To Hold Creditors Meeting October 30
THORTONS: Depressed Share Value Could Block Proposed Sale


                            *********


=============
B E L G I U M
=============


GENK FORD: Politicians Join Workers' Protest Against Job-cuts
-------------------------------------------------------------
Some 12,000 employees, including local politicians staged a rally Saturday
to protest Ford's plan to cut thousands of jobs at its Genk plant, Dow Jones
said.

"We came out to show our support," Jef Gabriels, mayor of Genk, told VRT
television.

Union Spokesman Pierre Vrancken said similar protests will be launched in
the future unless the company guarantees the long-term existence of the
plant located 53 miles northeast of Brussels.  Ford cites sagging sales and
rising costs as rationale for the layoff and a plan to cut investment at the
plant by US$1.05 billion.


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


ALSTOM SA: Files Annual Report with U.S. Securities Regulator
-------------------------------------------------------------
Alstom has filed its Annual Report for the fiscal year ended March 31, 2003
on Form 20-F with the Securities and Exchange Commission.  This form and a
non-certified French translation, provided for information only, are
available on Alstom's Internet site at http://www.alstom.com

The filing of the Annual Report on Form 20-F was delayed to allow Alstom to
take into account the already announced problems, encountered at Alstom
Transport Inc.'s Hornell facility, and to reflect in detail the September
22, 2003 renegotiated financing package.

To See Annual Report:
http://bankrupt.com/misc/Alstom_20F.pdf

                              *****

Fitch Ratings, the international rating agency, said in September that
Alstom SA's revised refinancing package will provide the group with some
cushion in the short-term, but concerns persist over the group's longer-term
financing requirements, in particular the EUR650 million bond maturing in
July 2006, and the strength of the underlying operations.

Fitch said concerns remain regarding weak cash flow generation.
Alstom continues to burn cash, reflecting additional costs
relating to provisions for the GT24/26 contracts, slowdown in
customer deposits and lower orders due to the lack of bonding
facilities.  This is not expected to change in the short-term
because of scheduled cash outflows relating to the GT24/26
contracts and a 25% decline in the order book to about EUR7
billion at 1H04, against a backdrop of challenging market
conditions.  In line with this the agency still views Alstom at
the lower end of the non-investment grade category.


ALSTOM SA: Siemens Proposes Tie-up of Train Manufacturing Biz
-------------------------------------------------------------
A high-ranking official from German giant Siemens AG is ready to talk with
French authorities about a prospective tie-up that could save troubled
French engineer Alstom SA.

Siemens Chief Executive Heinrich von Pierer told La Tribune he "could
imagine" a tie-up between Siemens and Alstom's high-speed train-making
divisions with France retaining a key role in the venture, according to
Intesatrade.

Mr. Von Pierer said: "It's important to favor the establishment of large
European groups able to compete not only with the U.S., but also Japanese
and eventually Chinese companies."

However, the chief executive declined to comment regarding Siemens' interest
in acquiring some of Alstom's remaining assets saying, "it's not the moment
to speculate."

Alstom has been hit by cost overruns on key projects, accounting
irregularities at its U.S. operation, and the bankruptcy of a major client.
The company's share price has plunged 90%, and it has shed thousands of jobs
over the past two years.

It narrowly escaped bankruptcy recently when its directors came up with a
state-backed EUR3.2 billion (US$3.7 billion) rescue package that fortunately
pleased the European Union competition authorities.

CONTACT:  ALSTOM SA
          Investor relations:
          E. Chatelain
          Phone: +33 1 47 55 25 33
          E-mail: investor.relations@chq.alstom.com


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


GERLING-KONZERN: New Investors Bring in EUR150 Mln Fresh Funds
--------------------------------------------------------------
Gerling-Konzern Allgemeine Versicherungs-AG, Cologne, recently received
EUR150 million in fresh funds, increasing its equity base to EUR450 million.
Sal managed the capital increase, according to a company statement.

Oppenheim bank, representing a sizeable number of German enterprises as well
as financial investors, made binding commitments Friday after stock
exchanges had closed.  This group will hold 30% of Gerling-Konzern.  The
transaction is still open to other shareholders.

Important milestone

"This important milestone is one of the focal conditions to successfully
defend our position as a reliable and competitive partner of our clients
from industry and commerce.  The capital increase is a salient proof of the
great trust which many clients who now also invest in our company place in
us," says Dr. Wolfgang Breuer, chairman of the Gerling-Konzern Allgemeine
executive board.  The stronger equity base is an essential prerequisite to a
further improved rating for Gerling-Konzern Allgemeine.  The last upgrading
to BBB- (credit watch positive) made in late July is already having a
positive impact on current policy negotiations.

New structure for the company

In the wake of the strengthening of Gerling-Konzern Allgemeine's capital
base, the independence of Gerling-Konzern Allgemeine and Gerling-Konzern
Lebensvericherungs-AG is increased and reflected in a new legal structure.
Sales and service companies will no longer be subsidiaries of the Gerling
holding company GKB but be contributed to Gerling-Konzern Allgemeine and
Gerling-Konzern Lebensvericherungs-AG.  However, the new structure will not
affect clients.

Bjorn Jansli, chairman of the GKB executive board, explains: "The overall
package of reinforcement of the Gerling-Konzern Allgemeine capital base and
rearrangement of the legal structure has several positive effects at a time:
We remain the majority shareholder of Gerling-Konzern Allgemeine, achieve a
substantially stronger capital base of Gerling-Konzern Allgemeine and create
greater independence of Gerling-Konzern Allgemeine and Gerling-Konzern
Lebensvericherungs-AG.  This will allow us a more differentiated response to
the diverging capital requirements in the future.  We have every reason now
to be optimistic for our future.  The endurance of our clients has borne
fruit -- and we are immensely grateful for this continued trust."


GRUNDIG AG: Car Radio Division Sale in Due Diligence Stage
----------------------------------------------------------
Delphi Corporation, the world's biggest car parts maker, is in talks with
bankrupt Grundig AG over the sale of the German company's car radio
division, Intesatrade news agency said, citing a pre-published article from
Frankfurter Allgemeine Zeitung.

According to the report, Delphi Chief Executive J.T. Battenberg and the
company's European head, Volker Barth, confirmed they are currently carrying
out a due diligence examination of the Grundig unit.  A decision on the
matter can be expected in the next few weeks, the officials further said.

Grundig Car Intermedia has annual sales of about EUR170 million. Grundig was
Germany's best-known maker of televisions and radios until it filed for
insolvency in April this year after years of decline.


HOWALDTSWERKE-DEUTSCHE: Borrows EUR400 Million from U.S. Parent
---------------------------------------------------------------
Submarine Maker Howaldtswerke-Deutsche Werft obtained a crucial refinancing
from its owner, U.S. equity investor One Equity Partner, according to
Handelsblatt.

Chief Executive Helmut Burmester said Bank One Corporation granted the
company EUR400 million in short-term credit with two-years maturity.  The
credit line will enable the company to plug a possible EUR240 million
financing gap that could rise to EUR455 million by June 2004.

One Equity Partners acquired 25% of the German shipyard from bankrupt
Babcock Borsig in 2002.


KIRCHMEDIA GMBH: Former Executives Probed for Breach of Trust
-------------------------------------------------------------
Authorities have opened an investigation into suspicious contracts entered
by KirchMedia GmbH prior to its insolvency last year, according to
Bloomberg.

Prosecutors and police officers acting on suspicions of breach of trust
against company officials raided 13 buildings in Germany and Switzerland in
relation to consulting contracts worth EUR8 million (US$9.3 million) and
loans of between EUR50 million and EUR60 million.

Leo Kirch, founder and former chief executive officer, and five other people
close to the media company are currently being examined about the contracts,
Anton Winkler, a spokesman for the prosecutor handling the case in Munich
said, according to the report.

"The prosecutor is now looking through the documents that were obtained
during last week's raids and will then see whether the allegations are
substantiated," Mr. Winkler said.

KirchMedia's former Chief Financial Officer Herbert Schroder was arrested in
connection with the raids and released after posting bail, Mr. Winkler said.
Mr. Kirch's son, Thomas, former Kirch managers Dieter Hahn, Herbert Schroder
and Klaus Piette, as well as Kirch adviser Joachim Theye, are the other
parties under investigation.  They could face charges of breach of trust or
of aiding and abetting the suspected breach of trust, a criminal offense in
Germany.

KirchMedia has been under administration by insolvency lawyer Michael Jaffe
since filing for creditors' protection in April 2002.


MG TECHNOLOGIES: Denies Reports Alleging Need to Meet Creditors
---------------------------------------------------------------
In response to enquiries about an agency report published, Monday, October
20, entitled "mg restructuring plagued by time pressures and difficulties,"
the company would like to emphasize that its new strategy of concentrating
on specialty engineering businesses with a focus on process engineering and
components was announced more than six weeks earlier than planned.  It is
also totally inaccurate to talk of "grave difficulties" or "serious need for
talks with its creditors."

                              *****

The leading global technology group announced early in October a major
corporate repositioning prompted by a full strategic review initiated in
June.  The strategy includes focusing on
engineering, divesting its chemicals business, and putting in
place cost-cutting measures.  The company also warned it will
have to post pre-tax loss of approximately EUR150-170 million for the
current fiscal year.


WCM: Rebon Plans to Exercise Call Option on Sirius Stake
--------------------------------------------------------
WCM, the troubled Frankfurt-based investment group, is in danger of losing
part of its core property investment arm IVG, according to the Financial
Times.

The former co-owners of IVG are reportedly planning to take control of
Sirius, the holding company that is IVG's biggest shareholder, and in which
WCM holds a 42% shareholding.

WCM acquired the stake from Amsterdam-based investment vehicle Rebon for a
symbolic DM1 in 2001.  But the transfer of the stake was subject to
undisclosed conditions that are understood to have been breached, the report
said.  WCM said Rebon now plans to exercise a call option to take back the
holdings.  Investors allied to Rebon control a further 13% of Sirius.

The move could reduce WCM's shareholding from 46%, including 3% held
directly, to 25%.

WCM reported a EUR861 million (US$997 million) loss last year due to
writedowns on many of its shareholdings, concentrated in the mid-cap M-Dax,
but also comprising blue-chips such as Commerzbank, in which it holds nearly
6%.  The investments were used as security for loans by Karl Ehlerding,
whose family is a 46% stakeholder.

WCM is also seeking an estimated EUR400 million in fresh capital.


=============
H U N G A R Y
=============


IKARUSBUS RT: Close to Selling Bus Factory to Ikarus Rt
-------------------------------------------------------
Troubled bus maker Ikarusbus has reached agreement with its majority owner
Irisbus Rt as to how much it could sell its Szekesfehervar bus factory to
Budapest-based Ikarus Rt, according to Budapest Business Journal.

Ikarusbus previously announced it would close its manufacturing plant in
Szekesfehervar due to lack of domestic demand and declining Russian market.
Ikarus, which holds a minority stake in Ikarusbus, believes there is
sufficient market demand to keep the factory going.  The amount it will pay
for the asset was not revealed.

Meanwhile, Irisbus CEO James Heidt said they plan to retain a presence in
the Hungarian market after the sale and continue manufacturing at the
Budapest Ikarus factory.


=============
I R E L A N D
=============


ELAN CORPORATION: Webcast of Third Quarter Results November 12
--------------------------------------------------------------
Elan Corporation, plc (ELN) announced Monday that it will host a conference
call on Wednesday, November 12, 2003 at 8:30 a.m. Eastern Standard Time
(EST), 1:30 p.m. Greenwich Mean Time (GMT) with the investment community to
discuss Elan's third quarter 2003 financial results, which will be released
before the U.S. and European financial markets open.

Live audio of the conference call will be simultaneously broadcast over the
Internet and will be available to investors, members of the news media and
the general public.

This event can be accessed by visiting Elan's website at www.elan.com and
clicking on the Investor Relations section, then on the event icon. The
event will be archived and available for replay for 24 hours. The replay
telephone number is 800-633-8284 or 402-977-9140, reservation number
21163951.

About Elan

Elan is focused on the discovery, development, manufacturing, selling and
marketing of novel therapeutic products in neurology, pain management and
autoimmune diseases.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                              *****

Standard & Poor's Ratings Services previously raised its corporate credit
rating on Elan Corp. PLC to 'CCC+' from 'CCC'.  Standard & Poor's also
raised all of its other ratings on Elan and its affiliates, and removed the
ratings from CreditWatch.  This rating action followed Elan's successful
filing of its 20-F
2002 annual report with the SEC.  Outlook is developing.

CONTACT:  ELAN CORPORATION, PLC
          Investors:
          Emer Reynolds,
          Phone: 353-1-709-4000 or 800-252-3526


ESG RE: Fitch Affirms 'B-' Ratings; Outlook Remains Negative
------------------------------------------------------------
Fitch Ratings affirmed the 'B-' Insurer Financial Strength Ratings of ESG
Reinsurance Bermuda Limited, ESG Reinsurance Ireland Limited and European
Specialty Ruckversicherung AG, the principal reinsurance subsidiaries of ESG
Re Limited, Bermuda.  The rating Outlook is Negative.

The rating is based on Fitch's analysis of the company's six-month results
to June 2003 and reflects ESG's constrained liquidity, limited financial
flexibility, poor historic operating performance and weakened
capitalization.

Lack of liquidity and poor cash flow continue to be major issues for ESG and
in Fitch's view represent the most significant threat to the company's
long-term viability.  As operating losses have been recorded, the company
has been forced to sell bonds to meet short-term cash flow requirements.
During the period to June 2003, operating cash flow was negative at USD7.9
million and the bond portfolio declined from USD82.3 million to USD78.3
million.  Fitch expects the company to operate with negative operating cash
flows until at least the second half of 2004 and as a result, anticipates
that the value of the bond portfolio and liquidity measures will continue to
decline.

In common with other non-US reinsurers, the company is required to set up
trust funds or issue letters of credit in favor of U.S. cedants.  As a
result, 76.4% of the company's bond portfolio was pledged through this
collateral mechanism at the end of June 2003, thus reducing liquid assets
available to meet non-U.S. liabilities and other cash needs of the company.
As the bond portfolio is expected to decline over the coming year, the
proportion of the company's liquid assets tied-up in U.S. trust funds or
supporting letters of credit will increase.  Although Fitch believes that
the company will have sufficient liquid resources to meet its U.S. funding
requirements, the agency is concerned that any unexpected losses could
adversely impact the company's ability to respond to short-term cash calls.

Although much improved on 2002, the operating result for the first six
months of 2003 remained negative with a reported operating loss of USD3.3
million, slightly below Fitch's and the company's own expectations.
However, a positive feature of this result was early signs that loss
development from historically unprofitable 1998, 1999 and 2000 underwriting
years had begun to stabilize.  Operating profit for the first half of 2003
also benefited from USD2.6 million in realized gains on the company's bond
portfolio.  Although there were positive developments to June 2003, the main
factor influencing the company's failure to meet its profitability target
for this period was USD4.8 million in losses resulting from the write-down
of USD40.3 million in estimated gross premium written from the company's
North American operations.  In addition, profitability was negatively
impacted by ESG's inability to underwrite business during Q1 2003.  The
company's previous auditor resigned on November 22, 2002 and new auditor,
BDO International published an unqualified opinion on ESG's 2002 results on
March 31, 2003.  During the intervening period, the company operated without
an audit opinion, which significantly impaired its ability to underwrite new
and existing business.

Fitch believes that due to the company's poor operating track record, it may
have difficulty in accessing additional short-term financing from current
shareholders or third parties should the need arise, constraining its
financial flexibility.

Following substantial losses reported in 2002, the company's capital
position deteriorated with shareholders' funds declining to USD46.7 million
from USD95.1 million in 2001.  This downward trend continued during the
first half of 2003 with shareholders funds further reducing to USD40.0
million principally due to the USD3.3 million operating loss and a reduction
in unrealized gains of USD2.6 million.  Despite further erosion of the
company's capital, risk-based capital measures continue to be supportive of
the company's current rating level, although at significantly lower levels
than reported in previous years.

Fitch continues to view the remainder of 2003 and the first half of 2004 as
a defining period for ESG.  Successful implementation of the business plan
will ultimately result in enhanced liquidity and capitalization measures.
However, if the business plan proves unachievable, ESG is likely to require
additional funding to continue to trade.


=========
I T A L Y
=========


ITALTRACTOR ITM: Assigned 'B' Long-term Rating; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term corporate
credit rating to Italy-based machinery component maker Italtractor ITM SpA.
The outlook is stable.

In addition, Standard & Poor's assigned its 'B-' senior unsecured debt
rating to Italtractor's proposed EUR100 million ($117 million) bond.

"The ratings on Italtractor reflect the group's high financial leverage and
structural exposure to the expected strengthening of the euro against the
U.S. dollar, as well as the challenges of cyclical demand," said Standard &
Poor's credit analyst Virginie Casin.  "These factors are partly mitigated
by the group's expected benefits from radical industrial restructuring,
strict financial discipline, and an impending increase in liquidity reserves
to more than EUR50 million."

The group's proposed bond will be rated one notch below the corporate credit
rating, reflecting the fact that priority liabilities -- consisting
primarily of mortgage loans and receivable-secured facilities -- are
expected to represent 15%-30% of total adjusted assets.  This assessment is
based on the expectation that Italtractor's secured liabilities will not
increase from their current level.  At June 30, 2003, Italtractor's
financial debt amounted to EUR242 million, including a EUR100 million bond
that matures in January 2004.

Standard & Poor's expects the group's financial structure to remain highly
leveraged in the foreseeable future, reducing the potential for a rise in
the ratings.  Downside risk to the ratings is limited, however, by the
benefits of earlier restructuring measures, the recovery in original
equipment demand, and stringent financial discipline.


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


KONINKLIJKE AHOLD: Albert Heijn Slashes Prices to Attract Buyers
----------------------------------------------------------------
Ahold's Dutch supermarket unit Albert Heijn sought to appease consumer by
cutting prices by as much as 30% on Monday.

"We have over the past few months paid close attention to criticism from our
customers, who consider us too expensive.  We have taken the criticism to
heart and we are working hard to regain lost clientele," Albert Heijn
director Dick Boer said, according to Dow Jones.

Albert Heijn on Monday cut its prices by 7-30% on 1,250 products, mostly on
A grade items.  In total the price cuts were the company's biggest one-day
price reduction ever.  The move triggered a price war with rival Super de
Boer and C1000, prompting supermarket expert Rutte to warn on the effects of
the battle to Albert Heijn's supermarket branches.  If turnover losses
cannot be absorbed by the price reductions, small operations could be
abandoned, Rutte said.


KONINKLIJKE AHOLD: Files Annual Report with U.S. SEC
----------------------------------------------------
Ahold on Friday confirmed that it has submitted its Annual Report 2002 on
Form 20-F on October 16, 2003, to the United States Securities and Exchange
Commission.  The document is posted on the SEC website.

(a) Net loss under U.S. GAAP for 2002 of EUR4,328 million (Dutch GAAP:
EUR1,208 million)

(b) Shareholders' equity under U.S. GAAP of EUR8,541 million (Dutch GAAP:
EUR2,609 million)

In addition to the audited consolidated financial statements for 2002 as
presented on October 2, 2003, Form 20-F contains information on the
operational performance of Ahold's operating companies, an outlook for 2003,
which is summarized below, and information with regard to legal and
corporate governance issues.  The company also has made editorial
improvements to and corrected inadvertent mistakes in the notes to its
financial statements contained in Item 18 of the Form 20-F, published by the
company on October 2, 2003.  These changes have no impact on the reported
results and financial position.

During the presentation of the company's 2002 annual results under Dutch
GAAP on October 2, 2003, Ahold indicated that it expected a significantly
higher net loss under U.S. GAAP for 2002.  The net loss under U.S. GAAP was
EUR4,328 million (EUR1,208 million Dutch GAAP).  The higher net loss under
U.S. GAAP was primarily a result of additional goodwill impairments of
EUR3,485 million, of which EUR2,632 million was related to U.S. Foodservice.
Taking into account the impairment charges, shareholders' equity under U.S.
GAAP as of year-end 2002 was EUR8,541 million (Dutch GAAP Euro 2,609
million).  A description of the principal differences between U.S. GAAP and
Dutch GAAP relevant to Ahold is found in Note 32 in Item 18 of the Form
20-F.

Ahold also provided additional information on the terms and conditions of
the ICA AB (formerly ICA Ahold AB) put option, which clarifies information
publicly provided on October 2, 2003.  Ahold owns a 50% interest in ICA AB,
with Canica AS (20%) and ICA Forbundet AB (30%).  Under the shareholders'
agreement of ICA AB, Ahold will be able to nominate a majority of the
members of the ICA AB board of directors, only if Ahold acquires more than
70% of the shares and voting rights of ICA.  If Ahold is unable to nominate
a majority of the ICA AB board of directors, Ahold may not have control over
ICA AB.

As disclosed on October 2, 2003, the company indicated that it would have to
pay at least EUR1.3 billion for all of the shares held by the ICA partners.
Subsequent to that, new information was provided to Ahold and the ICA
partners that enabled Ahold to be more precise in its current estimate of
what it would have to pay for all of the remaining shares of the ICA
partners.  As a result, Ahold currently estimates that the amount that it
would have to pay under the existing option would be approximately EUR1.8
billion.  The company points out that this current estimate is by no means
definitive as the valuation procedure for the ICA shares is not likely to be
completed before the second quarter of 2004.  The outcome, therefore,
depends on future market conditions and presently unknown parameters to be
applied in the valuation.

Outlook 2003

The distractions caused by the events surrounding the announcement on
February 24, 2003 and the related investigations are expected to have had a
negative impact on our business.  We expect that 2003 consolidated net sales
will be negatively affected by the weak global economy and strong
competition in the markets where we operate.  Ahold's 2003 net sales will
also be reduced by the divestment of some businesses.  Operating expenses,
excluding the impact of currency exchange rates, goodwill impairment charges
and the 2002 exceptional loss related to the Velox default, will be
significantly higher in 2003 than in 2002.  Ahold expects that net financial
expenses, excluding the impact of currency exchange rates, will also be
higher than in 2002.  Professional fees of lawyers and accountants, together
with refinancing costs, will have a significant impact on 2003 income.

Additional information on the outlook for 2003 and the 2002 results of
certain segments and operating areas is found in Item 5 of the Form 20-F.

Form 20-F is available on Ahold's corporate website at http://www.ahold.com

                              *****

Fitch Ratings maintains a Rating Watch Negative status on Ahold's 'BB-'
unsecured debt rating and 'B' short-term ratings.


CONTACT:  ROYAL AHOLD
          Corporate Communications
          Phone: +31.75.659.57.20


LAURUS N.V.: Slashes Prices in Major Supermarket Chains
-------------------------------------------------------
As part of the project to sharpen its formats' commercial focus, which has
already been announced, Laurus N.V. is making the following changes to its
budget Edah format and the full-service Konmar and Super De Boer formats.

Edah

As from Tuesday, October 21, Edah will permanently reduce its prices on
1,000 products.  The format has been working since August to make structural
price cuts in the A-brand range - 450 products have already been permanently
reduced - and lowered the prices on the entire range of meats (a total of
150 products) a few weeks ago.  Edah also intends to profile its range of
own-label products more strongly.  Edah had 600 own-label products at the
end of 2002 and plans to double this figure by the beginning of 2004.

Konmar

As from Tuesday, October 21, Konmar will also permanently reduce its prices
on 1,000 products, at both the medium-sized Konmar Supermarkets and the
large Konmar Superstores.  As already announced, the Konmar Supermarkets are
being converted to the Super De Boer and Edah formats.  Work on the
refurbishment of the large Konmar Superstores is progressing well.  The
quality of the range of fresh produce will be restored to its original high
standard and the regular prices of the A-brands will continue to come down.
A trial of the new strategy is currently in progress at the Konmar
Superstore branches in Zwijndrecht and Zoetermeer, where the prices have
been reduced on 7,000 products in the dry groceries and non-food ranges and
the quality of the fresh produce has been improved.  The initial results of
this trial are encouraging.

Super De Boer

Super De Boer has cut the prices of around 150 A-brand products, Monday,
October 20, and will reduce a further 850 products, Tuesday, October 21,
taking the total number of permanently reduced products to 1,000.  Super De
Boer is also poised to launch a large-scale fresh-produce campaign, with the
introduction between now and the end of 2003 of many new products.  These
will include high-quality ready meals, a new bread range under the
'Dageraad' label, a range of fresh soups and luxury salad items[A1] and two
new cheese varieties under the 'Wapenaer' and 'Poldermeester' brands.  Super
De Boer is also planning a major expansion of the range of 'Super' own-label
products.

Laurus is confident that these changes will contribute to the strengthening
of the market position of its formats.


ROYAL KPN: Cuts Salaries of Top Executives; CEO Waives Bonus
------------------------------------------------------------
KPN has removed some major obstacles for the trade unions against the
background of the achieved results of national negotiations and KPN's need
to continue controlling its total wage bill in the coming years because of
mounting pressure on employment opportunities.

ABVAKABO FNV -- a union with many members among KPN personnel -- previously
expressed great concerns about the remuneration structure for KPN's top
executives.  The two sides have now agreed on these matters after extensive
consultations.

Proposal

(a) The Central Works Council of KPN will from now on receive advance
information about proposed changes to policy on the remuneration system for
Board of Management members.  By so doing, KPN is acting ahead of
introduction of the new law on two-tier companies that is now before the
Upper House of the Dutch Parliament.

(b) Severance pay for the Chairman and members of the Board of Management
will be determined in accordance with the definitive Tabaksblat Code.  The
union regards KPN's far more generous scheme as a golden handshake for
failure.

(c) Mr. Ad Scheepbouwer, Chairman of the Board of Management, will
relinquish all financial benefits should KPN change owner and he leaves the
company.  His severance scheme entitled him to continue receiving income
until his 61st birthday.  The competition clause that entitled him to an
extra year of pay will also be scrapped.

Initiative

KPN will be unable to avoid the need for a further increase in productivity
in the coming years.  The company will intensify its efforts to generate new
employment opportunities.  CEO Scheepbouwer wants to display his serious
commitment to the personnel and unions.  He has told the KPN Supervisory
Board that he is willing to forgo his fixed bonus of EUR0.5 million per year
if KPN puts the money into an initiative to develop new broadband
applications.  A team of specialists will be formed for that purpose.  They
will be allowed to search worldwide for new opportunities.  This will occur
in addition to initiatives already in place like KPN's Delta Plan Fibre and
its offer to give all schools in the Netherlands free broadband access.

"That is good for everybody," said Mr. Scheepbouwer. "We should direct our
energy in this country towards the future and not stick in the past," he
added, referring to earlier commotion about his remuneration package in
2001.  "I will do my part."  Mr. Scheepbouwer hopes this has removed for the
union the stumbling block of a fixed bonus.

Decision in 2001 was correct and legitimate

During talks ABVAKABO FNV received an explanation as to why the 2001
decision on the remuneration package of the Chairman of the Board of
Management -- given the circumstances then prevailing -- was correct,
legitimate and certainly not unusual.  The Supervisory Board remains fully
behind the decision.

The proposal now submitted to the unions should be viewed in the light of
the new circumstances.  In a stagnating economy, the unions have been urged
to apply wage restraint.  The unions have great difficulty in accepting this
call upon them because of the high levels of remuneration for senior
executives.  KPN has sought to clear the air on this subject.

At a meeting with KPN, ABVAKABO FNV stated that it no longer saw any reason
to proceed with announced proceedings to request the Enterprise Chamber to
investigate the policy conducted at KPN.

KPN management trusts its proposal has created a good basis for the coming
negotiations on the collective labor agreement.

CONTACT:  ROYAL KPN
          Investor Relations
          Phone: +31-(0)70-446 09 86


===========
P O L A N D
===========


ELEKTRIM SA: Govt Extends Completion Date of Power Plant Project
----------------------------------------------------------------
Polish conglomerate Elektrim finally reached agreement with the State
Treasury regarding the construction of an essential and additional power
block, according to Bluebull.  The project relates to the
Patnow-Adamow-Konin plant, of which Elektrim is a strategic investor and the
government, a 50% stakeholder.

The new agreement moves the deadline for the completion of the EUR400
million-investment from March 2005 to July 1, 2006.  It also provides for
the European Bank for Reconstruction and Development granting a EUR350
million loan to the project as early as next week.

In return for the government's favors, Elektrim will make changes to the
statute of the power plant group, which will help secure the interests of
the State.  The accord came after Elektrim's acting president -- exasperated
on the way the negotiations are proceeding -- resigned.


===========
R U S S I A
===========


WIMM-BILL-DANN FOODS: Opens Dairy Production in Ukraine
-------------------------------------------------------
Wimm-Bill-Dann Foods OJSC announced Monday that a new production line had
been installed and launched at the Kharkov Dairy Plant PJSC in Kharkov,
Ukraine.  The total cost of the project is approximately US$8.1 million.

A new production and filling line for dairy products -- milk and cream
yogurts and puddings -- has been launched at the Kharkov Dairy Plant PJSC.
Tetra Pak high-technology production equipment, which comprises Almix and
Tetra Therm Aseptoc Flex units (Sweden) and Hassia filling line (Germany),
is being used.

The capacity of the yogurt filling line is 5,000 kg per hour.  The machine
forms 125 g cups and enables aseptic filling.

Using this equipment the Kharkov Dairy Plant is going to produce a range of
four-cup milk yogurts under "Frugurt" trademark in 4x125g packaging with
natural peach, raspberry, cherry, strawberry and apricot-mango flavors.
Besides, there will be milk and milk-cream yogurts under "Chudo" trademark
with pineapple, strawberry, raspberry, cherry, peach-marakuya and blackberry
pieces. Previously, these products were made at Wimm-Bill-Dann's
manufacturing facilities in Russia and imported to Ukraine.

The current project is aimed at satisfying consumer demand and enhancing
operating efficiency through the introduction of high technology to dairy
production.

Wimm-Bill-Dann Foods OJSC is a leading manufacturer of dairy and juice
products in Russia.  The company was founded in 1992.

The Company currently owns 24 manufacturing facilities in 20 locations in
Russia and the Commonwealth of Independent States, as well as affiliates in
26 cities in Russia and the Commonwealth of Independent States.  The company
also distributes its products in Canada, Germany, Israel, the Netherlands,
the U.K. and the United States through both its own distribution network and
independent distributors.

Wimm-Bill-Dann has a strong and diversified branded portfolio with over
1,100 types of dairy products and over 170 types of juice, nectars and still
drinks.  The company currently employs over 18,000 people.

Wimm-Bill-Dann was rated first best out of 45 firms in terms of transparency
in the S&P survey of leading Russian companies, and was rated third best in
the latest Brunswick UBS Warburg survey of corporate governance in Russia.

Wimm-Bill-Dann was awarded best European Equity Deal of 2002 by Euroweek and
Institutional Investor magazines.

PJSC Kharkov Dairy Plant is one of the largest milk processing facilities in
Ukraine.  It was built in 1973 under a special project designed by the
Ukrainian State Meat and Dairy Industry Design Institute.  Its input design
processing capacity is 500 tons per day.

In September, 2002 PJSC Kharkov Dairy Plant affiliated with Wimm-Bill-Dann
Foods OJSC, which purchased 76.75% of its shares.

                              *****

In May, Standard & Poor's Rating Agency assigned Wimm-Bill-Dann a 'B+'
long-term corporate credit rating.

Credit analyst Tatiana Kordyukova said: "The ratings on WBD are constrained
by the company's need for substantial investment in plant and working
capital over the next several years to support its growth strategy and
maintain its leading position in the steadily growing Russian packaged food
market."

CONTACT:  WIMM-BILL-DANN FOODS OJSC
          Kira Kiryuhina
          Phone: +7 (095) 733 9726/9727
          Fax: +7 (095) 733 9725
          Homepage: http://www.wbd.com
          E-mail: kira@wbd.ru



===========
S W E D E N
===========


VOLVO AERO: Union Negotiations Complete; 192 to Leave
-----------------------------------------------------
In May, Volvo Aero announced a preliminary layoff of 250 employees in
Trollhattan, Sweden.  The mandatory negotiations with the employees' union
representatives have now been concluded.  As a consequence, 134 persons will
be issued notices of termination of employment and 58 will be offered early
retirement.  A total of 241 jobs are being eliminated in
Trollhattan -- 148 positions represented by the Metal Workers' Union and 93
staff and administration positions.

In addition to those being released and offered early retirement, the number
of employees is expected to be reduced during the year by at least another
49 persons through old-age retirement and resignations.

The background to the terminations is well known: the crisis within the
international aviation industry is impacting all companies and Volvo Aero is
no exception.  All production locations (Trollhattan, Bromma and Malmo in
Sweden, Kongsberg in Norway and Boca Raton, Florida, in the U.S.) have
already reduced the number of personnel.

"I heavily regret that some of our employees must now leave the company.  I
hope they understand that the terminations are due to the aviation industry
being in its deepest crisis in history.  When we see that a recovery will be
delayed for several years, we have no other choice than to reduce the number
of employees," says Fred Bodin, President of Volvo Aero.

In 2001, Volvo Aero in Trollhattan served notice of termination of
employment to 310 employees.  On this occasion, this resulted in a personnel
reduction of 303 employees, of which 168 were released and 68 were offered
early retirement.

Currently, Volvo Aero in Trollhattan has about 2,260 employees.  In total,
the Volvo Aero group of companies has approximately 3,500 employees.


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


DEGUSSA AG: Shakes up Chemicals Unit to Improve Profitability
-------------------------------------------------------------
Due to significant changes in market conditions in the fine chemicals
sector, Degussa AG of Dusseldorf, Germany, is making an impairment charge in
its Fine Chemicals Business Unit to the amount of EUR500 million, effective
September 30, 2003.  EUR250 million of this sum is for goodwill from mergers
and acquisitions and EUR250 million is for other intangible assets.

The impairment charge, which will be included in the non-operating result
for the third quarter of 2003 as a non-recurring effect, is a non-cash item
and thus does not impact cash flow.  It is being made as a result of
impairment testing that under U.S. GAAP now has to be carried out at least
once a year.

Reorganization of Fine & Industrial Chemicals Division activities

Degussa is also rearranging the activities of its Fine & Industrial
Chemicals Division.  As Degussa Management Board Chairman Prof. Utz-Hellmuth
Felcht explains, "Now that we have completed integrating all fine chemicals
activities within the new Degussa, we are aligning ourselves to best meet
the needs of our customers in accordance with our strategic 'Solutions to
Customers' approach."

Over the past two years, Degussa has swiftly combined the fine chemicals
operations of Huls, SKW Trostberg, the old Degussa and Laporte at a total of
19 locations worldwide into functioning units.  At the same time, the
catalysts and initiators activities of Laporte and Degussa have been
integrated.  In future, Degussa will be pooling into business units within
its restructured Fine & Industrial Chemicals Division those activities that
follow similar strategies and face comparable operative market and customer
requirements.

The reorganization process will be accompanied by projects to increase
profitability.

Fine & Industrial Chemicals Division

Current structure
Fine Chemicals
Agrochemicals & Intermediates
Standard & Performance Intermediates
Chlor Alkali Chemicals

Pharma Intermediates & Exclusive Synthesis

Catalysts & Initiators
Catalysts

Initiators

Bleaching & Water Chemicals
Peroxygen Chemicals
Basic Intermediates
Water Treament

C4-Chemistry
Feed Additives

New structure

Building Blocks
Agrochemicals & Intermediates
Standard & Performance Intermediates
Chlor Alkali Chemicals

Exclusive Synthesis & Catalysts
Pharma Intermediates & Exclusive Synthesis

Catalysts & Initiators
Catalysts

Peroxygen Chemicals
Initiators

Bleaching & Water Chemicals
Active Oxygen
CyPlus

Now: Performance Materials Division

C4-Chemistry
Feed Additives

Degussa is a multinational corporation consistently aligned to highly
profitable specialty chemistry.  With sales of EUR11.8 billion and a
workforce of some 48,000, it is Germany's third-largest chemical company and
the world market leader in specialty chemicals.  In fiscal 2002, the
corporation generated operating profits (EBIT) of more than EUR900 million.
Degussa's core strength lies in highly effective system solutions that are
tailored to the requirements of its customers in over 100 countries
throughout the world.  Degussa's activities are led by the vision "Everybody
benefits from a Degussa product - every day and everywhere".

CONTACT:  DEGUSSA
          Corporate Communications
          Hannelore Gantzer
          Spokeswoman
          Phone: +49-211-65 041-368


SWISS INTERNATIONAL: Unveils New Winter Schedules
-------------------------------------------------
SWISS will fly to 72 destinations in 44 countries under its 2003/04 winter
schedules, which come into effect on October 26.  The carrier will provide
direct services to all key points in Europe, Asia, Africa and the Americas,
while business travelers within Europe who are based near Basel, Geneva and
Zurich will continue to enjoy convenient early-morning departures and
late-evening returns.  SWISS' 50-seater fleets of Embraer 145 and Saab 2000
aircraft will be operated in a single-cabin configuration from the start of
the new schedules.  SWISS has been offering air tickets at permanently low
prices since the end of August through its new "SWISS in Europe" product.

SWISS announced the broad parameters of its new route network, which will
now be adopted with the start of the winter schedules on October 26, back in
July.  SWISS will continue to provide direct scheduled air services to 72
destinations that are of major importance to Switzerland and the Swiss
economy.  The new intercontinental network consists of 30 destinations in 22
countries, while the European network extends to 42 points, also in 22
countries.  The SWISS network will be further supplemented by the company's
codeshare partners, who will be providing direct services between
Switzerland and a further ten destinations.

Intercontinental services

SWISS will offer direct services to 30 intercontinental destinations from
Zurich and Geneva.

In North America: Boston (daily), Chicago (daily), Los Angeles (six times
weekly), Miami (daily), New York JFK (daily from Zurich and daily from
Geneva), New York Newark (six times weekly) and Montreal (six times weekly).

In South America: Sao Paulo (daily) and Buenos Aires (five times weekly).

In Asia: Bangkok (daily), Hong Kong (daily), Manila (thrice weekly), Mumbai
(daily), Singapore (daily), Tokyo (five times weekly) and Karachi (four
times weekly).

In the Middle East: Dubai (daily), Jeddah (thrice weekly), Riyadh (thrice
weekly), Muscat (thrice weekly) and Tel Aviv (twice daily).

In Africa: Cairo (five times weekly), Benghazi (twice weekly), Tripoli
(thrice weekly), Dar es Salaam (thrice weekly), Douala (twice weekly),
Yaounde (weekly), Johannesburg (daily), Malabo (thrice weekly) and Nairobi
(three to four times weekly).

Five further destinations can be reached directly from Zurich on services
operated by SWISS' codeshare partners: Dallas/Fort Worth (daily, operated by
American Airlines), Kuala Lumpur (thrice weekly, operated by Malaysia
Airlines), Colombo (five times weekly, operated by SriLankan Airlines),
Sydney (twice daily, operated by Qantas via Bangkok or Frankfurt), and Tunis
(twice weekly, operated by Tunis Air).  Two further points are served
directly by codeshare partners from Geneva: Tunis (thrice weekly, operated
by Tunis Air) and Tel Aviv (thrice weekly, operated by El Al).

European services

SWISS will offer 42 direct connections on its European network. Special
attention has been paid here to providing early-morning and late-evening
services to and from key business travel destinations.

Basel

SWISS will serve 14 points from Basel: London Heathrow (thrice daily),
Manchester (twice daily), Birmingham (twice daily), Brussels (thrice daily),
Amsterdam (thrice daily), Vienna (thrice daily), Berlin Tempelhof (thrice
daily), Hamburg (twice daily), Dusseldorf (thrice daily), Munich (thrice
daily), Barcelona (twice daily), Madrid (daily), Rome (daily) and Zurich
(daily).  Lisbon will be served by a daily codeshare flight operated by
Portugalia.

Geneva

SWISS will serve 12 European destinations from Geneva together with its
partners.  Paris, London, Rome, Barcelona, Brussels, Madrid and Zurich will
be provided with several frequencies a day, facilitating day trips to these
destinations.

SWISS will operate its own services to Paris Charles de Gaulle (six times
daily), London Heathrow (four times daily), Rome (thrice daily), Barcelona
(four times daily), Zurich (nine times daily), Athens (daily), Lisbon
(daily), Moscow (daily) and Malaga (twice weekly).

SWISS' codeshare partners will also offer direct flights to three further
destinations: Brussels (five times daily, operated by SN Brussels Airlines),
Madrid (four times daily, operated by Iberia) and Dublin (thrice weekly,
operated by Aer Lingus).

Zurich

Zurich is SWISS' hub, not only for its intercontinental services but also
for its European network.  SWISS will serve 40 destinations in Europe from
Zurich:

Amsterdam (five times daily), Athens (twice daily), Barcelona (five times
daily), Basel (daily), Belgrade (daily), Berlin Tegel (four times daily),
Birmingham (thrice daily), Brussels (six times daily), Bucharest (daily),
Budapest (twice daily), Copenhagen (thrice daily), Dublin (daily),
Dusseldorf (five times daily), Frankfurt (five times daily), Geneva (nine
times daily), Hamburg (five times daily), Hanover (four times daily),
Istanbul (daily), Lisbon (daily), London City (four times daily), London
Heathrow (six times daily), Lugano (four times daily), Luxembourg (twice
daily), Madrid (five times daily), Malaga (daily), Manchester (twice daily),
Milan (six times daily), Moscow (twice daily), Munich (five times daily),
Nice (thrice daily), Nuremberg (four times daily), Palma de Mallorca
(daily), Paris Charles de Gaulle (six times daily), Prague (thrice daily),
Rome (four times daily), Thessaloniki (daily), Stockholm (thrice daily),
Stuttgart (five times daily), Vienna (six times daily) and Warsaw (thrice
daily).

Sion, a classic winter destination, will be served by SWISS from December 20
to April 17.  The airport will see a weekly Zurich-Sion-London-Sion-Zurich
service every Saturday, offering winter tourists from the UK and farther a
field a convenient flight -- either directly or via Zurich -- into the
Valais Alps.

A further six destinations can be reached from Zurich on direct flights
operated by SWISS' codeshare partners: Helsinki (twice daily, operated by
Finnair), Kiev (five times weekly, operated by Ukraine International
Airlines), Skopje (daily, operated by Macedonian Airlines), Graz (twice
daily, operated by Styrian Spirit), Linz (twice daily, operated by Air Alps)
and Valencia (daily, operated by Iberia).

Lugano

Lugano remains in the SWISS network with four daily flights to and from
Zurich.

Codeshares

In addition to the direct connections from Switzerland operated by codeshare
partners listed already, all British Airways and SWISS services between
Zurich and London Heathrow will be operated as codeshare flights from the
start of the winter schedules.  This strategic partnership is expected to be
expanded further to cover all routes between Switzerland and the U.K. by
early 2004.

In addition to direct service from Switzerland to key partner hubs, SWISS
also codeshares extensively beyond those gateways, including:

(a) on American Airlines, via all of SWISS' US gateway cities to over 50
points in North and Central America;

(b) on Iberia, via Madrid and Barcelona, to four destinations in Spain and
Portugal: Bilbao, Oporto, Seville and Valencia;

(c) on Finnair, via Helsinki to five points in Finland: Turku, Tampere,
Oulu, Vaasa and Jyvaskyla.

Timetable

Monthly updates to the 2003/04 winter schedules can be downloaded from the
internet onto a PC or a PDA.  SWISS also produces its own "SWISS PDA", an
individual timetable that has been specially designed to run on various PDA
brands.  The SWISS timetable is also produced in a print run of 310 000
booklets, and has been available at various sales outlets around the world
since the beginning of this week.

"SWISS in Europe" with a single-class product

SWISS has been offering permanently low-priced Business and Economy Class
fares on its European network since it launched its new "SWISS in Europe"
product at the end of August.  As a further innovation, SWISS' 50-seat
Embraer 145 and Saab 2000 regional aircraft will be operated in an
all-Economy-Class cabin configuration from the start of the winter
schedules.  SWISS customers should visit the http://www.swiss.comwebsite to
find the lowest fares for their air travel needs.

CONTACT:  SWISS Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com
          Homepage: http://www.swiss.com


===========================
U N I T E D   K I N G D O M
===========================


EDINBURGH FUND: Aberdeen Shareholders Approve Takeover
------------------------------------------------------
Aberdeen Asset Management PLC refers to the announcement made on September
5, 2003 of an offer by Ernst & Young LLP on behalf of Aberdeen for the whole
of the issued and to be issued ordinary share capital of Edinburgh Fund
Managers Group plc.  The Offer
Document, Circular to Aberdeen Shareholders (which contained a notice of an
EGM), Listing Particulars and Form of Acceptance relating to the Offer were
issued on October 3, 2003.

The board of Aberdeen announces that at the EGM of the Company held at 11.00
a.m. on Monday, the resolution, to inter alia, approve the Offer and the
Disposal was duly passed.

The Offer, which is recommended by the board of Edinburgh, is initially open
for acceptance until 3.00 p.m. (London Time) on October 24, 2003.

Save where the context otherwise requires, terms defined in the Offer
Document and in the Circular and Listing Particulars dated October 3, 2003
have the same respective meanings in this announcement.

CONTACT:  ABERDEEN ASSET
          Martin Gilbert
          Phone: 020 7463 6000

          ERNST & YOUNG
          Howard Myles
          Phone: 020 7951 2000

          John Stephan
          Gavin Anderson
          Neil Bennett
          Phone: 020 7554 1454
          Mark Lunn


FUSION OIL: Sterling Energy Defends Takeover Offer
--------------------------------------------------
Sterling announces its response to Fusion's defense document.
Richard O'Toole, Chairman of Sterling, states: "As your largest shareholder,
we were disappointed that the letter of October 11, 2003 from Fusion was
short on detail and full of promises.

The facts are:

(a) Sterling's Offer is the only offer available to Fusion Shareholders.

(b) Sterling owns or has already received support for the Offer in respect
of 41.5% of Fusion's shares.

(c) Sterling has delivered an increasing share price, production income and
reserve growth.

In contrast Fusion, has:

(a) A falling share price, down from 50p at flotation in September 2000 to
31.25p on September 11, 2003, the day prior to the start of the Offer
Period.

(b) No production income, with none expected before the latter part of
2005 -- over four years after its first discovery well.

(c) No declared proven or probable oil or gas reserves after drilling six
wells over the past three years.

"It will create a group with a geographically focused portfolio of
production, appraisal and exploration assets and with the greater resources
needed to develop and exploit them.  Our view is that Fusion Shareholders
will achieve more as part of an enlarged Sterling.

"On September 25, 2003 Evolution Beeson Gregory announced an offer to be
made by Evolution Beeson Gregory Limited on behalf of Sterling for the whole
of the issued and to be issued share capital of Fusion Oil & Gas plc not
already owned by Sterling.  The Offer Document and Form of Acceptance
relating to the Offer were posted to Fusion Shareholders on October 1, 2003.

The Offer has been made on this basis:

3.5 Sterling Shares for 1 Fusion Share

Equal to 40.25 p per Fusion Share

or

10p in cash and 2.5 Sterling Shares

Equal to 38.75 p per Fusion Share

"On October 11, 2003 the Board of Fusion wrote to Fusion Shareholders
recommending that Fusion Shareholders take no action in relation to the
Offer.  The Fusion Board contends that the Sterling offer significantly
undervalues Fusion and that they have commenced discussions with a number of
parties with the aim of securing alternative proposals.

"On October 18, 2003 Sterling posted a circular to Fusion Shareholders
urging them to ignore the advice of their board and accept the terms of the
Sterling offer by returning their Form of Acceptance before the first
closing date of the Offer being 3.00 p.m. on October 22, 2003.

"Set out here is a rebuttal of the defense case posted to Fusion
Shareholders by the Fusion Board on October 13, 2003:

WHY FUSION HAS GOT IT WRONG - AGAIN

Fusion says that Sterling's offer significantly undervalues Fusion and does
not adequately reflect the value of the company's assets or the stage the
company has reached in its development.

Key shareholders disagree and at the outset the Offer had support from
holders of 41.5% of Fusion's Shares:

(a) Westmount Energy, formerly Fusion's largest shareholder and represented
by two Fusion directors, sold 20.37% of Fusion's Shares to Sterling on the
same basis as the terms of the Offer.

(b) Invesco Asset Management, Fusion's second largest shareholder, has
signed an irrevocable undertaking to accept the Offer in respect of 9.5% of
Fusion's share capital in the absence of a higher bid by October 22, 2003.

(c) Sterling has letters of intent to accept the Offer from holders of a
further 11.6% of Fusion Shares.

(d) Before the first news of our approach on September 12, 2003, Fusion's
Closing Price was 31.25p, 37% lower than a year earlier.

(e) Sterling is offering to pay 40.25p for each Fusion Share, a premium of
28.9% over the Closing Price before our approach became known publicly.

Without Sterling's Offer where would the Fusion share price be?

"Fusion believes the offer from Sterling would result in your interest in
Fusion's exploration upside being substantially diluted.

"Fusion's existing strategy is inherently dilutive, as has already been
shown by the disposals to Premier and Amerada.  The stronger resources of
the Enlarged Group will allow you to keep more of the exploration upside.

"Fusion does not believe that the disparate portfolios of Fusion and
Sterling are complementary or that combining them will enhance the value of
either.

"The Enlarged Group will have a balanced portfolio of international
interests, with:

(a) Increasing cash flow.

(b) Profitable producing assets.

(c) Exploration, appraisal and development assets.

(d) A presence in two key strategic areas for energy in the 21st Century:
gas in the Gulf of Mexico and oil in West Africa.

(e) A stronger balance sheet and more cash, which the Directors believe will
enable the Enlarged Group to capitalize on any future successful exploration
to a greater degree than has been the case for Fusion.

(f) A highly experienced management team with international experience
capable of extracting value from successful exploration.

"Fusion expects the drilling programs will result in the creation of
material value to its shareholders.

"Fusion's strategy as solely an exploration company is flawed as it does not
allow shareholders to maximize the upside of success.  Its acquisition of
license interests and the six wells drilled to date - even with success on
Chinguetti -- have resulted in reduced shareholder value.

"Canaccord, Fusion's newly appointed financial adviser, said of the sale of
the direct interests in its Mauritanian licenses, including Chinguetti: 'In
purely cash terms it's a better deal for Premier.'

"The Fusion Board has repeatedly promised to deliver shareholder value.  How
much longer must Fusion Shareholders wait?  The Sterling Offer represents
the only real alternative to the current decline!

"Lastly if Fusion is in discussions with a number of parties, Fusion
Shareholders should ask their board these:

WHO ARE THESE PARTIES?

WHERE ARE THEIR ALTERNATIVES?"

EDITORS' NOTE: This summary should be read in conjunction with the circular
sent to shareholders on October 18, 2003.

CONTACT:  STERLING ENERGY PLC
          Harry Wilson, Chief Executive
          Phone: 01582 462 121
          Graeme Thomson, Finance Director
          Phone:  01582 462 121

          EVOLUTION BEESON GREGORY LIMITED
          Chris Callaway
          Phone: 020 7071 4309

          FIRST CITY FINANCIAL
          Allan Piper, Public Relations
          Phone: 020 7436 7486


FUSION OIL: Refutes Sterling's Claim, Affirms Rejection of Offer
----------------------------------------------------------------
The Fusion Board notes Sterling's announcement on Monday morning and
comments:

(a) Fusion has developed a high quality portfolio of exploration assets in
West Africa.  The drilling program on these assets has recently commenced
and Fusion believes that this program will result in the creation of
material value to its Shareholders.

(b) Fusion continues to believe that Sterling's offer is opportunistic and
undervalues the company.  As a result, Fusion remains in active discussions,
the nature and terms of which remain subject to confidentiality restrictions
at this stage, to seek a better deal for all Fusion shareholders.

(c) Sterling states that it has support for the Offer in respect of
approximately 41.5% of Fusion's shares.  The Fusion Board notes that 9.5% of
this support is conditional on the absence of a higher offer.  A further
11.6% relates to letters of intent and are not a legally binding undertaking
to accept the Offer.

(d) Sterling states that Fusion has 'no declared proven or probable oil or
gas reserves after drilling 6 wells over the past three years.'  Fusion has
participated in 7 wells (not 6) over the last three years and has been
involved in two discoveries, two successful appraisal wells and one
appraisal/early development well which is currently under extended well
test, the results of which are imminent.  Fusion has commissioned an
independent technical review of its assets, which will establish the quantum
of the proven, probable and possible reserves that can be reasonably
attributed to Fusion at this point in time.  This review is nearing
completion.

(e) Sterling states that a merger between the two companies would create a
'geographically focused portfolio of production, appraisal and exploration
assets'.  Fusion believes a merger between it and Sterling would create an
unfocused mix of shallow water Gulf of Mexico assets and West African
exploration acreage, mainly located in deep water.  The Fusion Board does
not believe that combining these disparate portfolios would enhance the
value of either.

(f) Fusion believes that Sterling's statement that Fusion has 'no production
income, with none expected before the latter part of 2005 -- over four years
after its first discovery well' shows an apparent lack of understanding by
Sterling of the realities and timeframes required to explore and develop
frontier acreage.

(g) Sterling argues that a merger between Sterling and Fusion would create a
company with 'the greater resources needed to develop and exploit' these
assets.  The Board of Fusion believes that Sterling's producing assets do
not generate sufficient free cash flow to have a material effect on the
development of Fusion's assets.

Chairman of Fusion, Peter Dolan, said: "Fusion believes that Sterling's
announcement demonstrates a lack of understanding of the process of
exploration in frontier areas and the incompatibility of the two companies.
Fusion remains in discussions to seek a better deal than Sterling's
inadequate and opportunistic offer.  As a result the Board of Fusion
continues to recommend shareholders to take no action in relation to
Sterling's offer."

The Directors of Fusion (other than Mr. Williams and Mr. Levison, who have
not participated in these deliberations on the proposed offer) accept
responsibility for the information contained in this announcement and to the
best of their knowledge and belief (having taken all reasonable care to
ensure that such is the case), the information contained in this
announcement is in accordance with the facts and does not omit anything
likely to affect the import of such information.

Canaccord Capital (Europe) Limited, which is regulated in the United Kingdom
by the Financial Services Authority, is acting exclusively for Fusion and is
acting for no one else in connection with the Offer and will not be
responsible to anyone other than Fusion for providing the protections
afforded to clients of Canaccord nor for giving advice in relation to the
Offer.

CONTACT:  FUSION OIL & GAS PLC
          Peter Dolan, Chairman
          Phone: 020 8891 3252
          Email:   pdolan@fusionoil.co.uk

          Alan Stein, Managing Director
          Phone: 00 61 89226 3011
          Email:  astein@fusionoil.com.au

          COLLEGE HILL ASSOCIATES
          Phone: 020 7457 2020
          James Henderson
          Email: james.henderson@collegehill.com

          Phil Wilson-Brown
          Email: phil.wilson-brown@collegehill.com
          Canaccord Capital (Europe) Ltd.

          Toby Hayward
          Phone: 020 7518 7393
          Email: toby_hayward@canaccordeurope.com


KWELM COMPANIES: To Hold Creditors Meeting November 28
------------------------------------------------------
Kingscroft Insurance Company Limited (Formerly Kraft Insurance Company
Limited, Dart and Kraft Insurance Company Limited and Dart Insurance Company
Limited), Walbrook Insurance Company Limited, El Paso Insurance Company
Limited, Lime Street Insurance Company Limited (formerly Louisville
Insurance Company Limited), and Mutual Insurance Company Limited (Mutual Re)
(together The Kwelm Companies)

Notice is hereby given that the KWELM Companies have applied to the High
Court of England and Wales and, in relation to Mutual Re only, to the
Supreme Court of Bermuda for directors relating to the convening and conduct
of meetings of the KWELM Companies' Scheme Creditors.

The Meetings are proposed to be convened under Section 425 of the Companies
Act 1985 of Great Britain and, in the case of Mutual Re only, under Section
99 of the Bermudan Companies Act 1981, for the purpose of enabling the
Scheme Creditors to consider and, if thought appropriate, approve an
Amending Scheme of Arrangement in respect of the KWELM Companies and their
respective Scheme Creditors.

Should the Amending Scheme become effective, it will amend and restate the
terms of the Scheme of Arrangement presently in force in respect of the
KWELM Companies dated September 8, 1993.

The Amending Scheme will introduce a mechanism for the closure of the
Original Scheme by utilization of a bar date for submission of claims
together with an actuarially based estimation methodology, where
appropriate, to evaluate and quantify liabilities (including contingent and
future insurance and reinsurance liabilities) notified under the Amending
Scheme owed by and to the KWELM Companies.  Such a mechanism will facilitate
the making of a substantive and ultimate distribution to Scheme Creditors
earlier than would be the case under the Original Scheme.

At these directions hearings, The KWELM Companies will request that the
English Court, and in respect of Mutual Re only, the Bermudan Court convene
separate meetings of each of their respective.

(a) Protected Scheme Creditors (being Scheme Creditors whose claims are
eligible for protection under the applicable provisions of the Policyholders
Protection Act 1975 by the Financial Services Compensation Scheme Limited);
and

(b) General Scheme Creditors (being Scheme Creditors in respect of claims
that are not Protected Scheme Claims).

Scheme Creditors who wish to attend and make representations in connection
with the composition of the Meetings at the Hearings at 10.30 a.m. on
November 28, 2003 in the High Court of England and Wales and, in relation to
Mutual Re only, at 9.30 a.m. on December 2, 2003 in the Supreme Court of
Bermuda, should contact the Scheme Administrators as soon as possible.

If the Courts give directions to convene the Meetings, the KWELM Companies
will, in due course, make available to all Scheme Creditors copies of the
Amending Scheme and Explanatory Statement at the same time as formal notice
is given of the Meetings.  In the meantime, the latest drafts of those
documents, the Scheme Administrators' letter to the Scheme Creditors dated
October 17, 2003 notifying Scheme Creditors of the Hearings and a more
detailed notice of the Hearings, the English and Bermudan Court applications
and draft Court Orders setting out the proposed directions can be downloaded
from http://www.kwelm.com Alternatively, hard copies can be obtained from
the Scheme Administrators.  In the event the Courts give leave to convene
the Meetings and the Scheme Creditors vote in favor of the Amending Scheme
at the Meetings, we would expect the bar date to be toward the end of
September 2004.

COMNTACT:  CJ HUGHES and IDB BOND
           Address for correspondence of the KWELM Companies
           Scheme Administrators
           John Stow House
           18 Bevis Marks
           London EC3A 7JB
           United Kingdom
           Phone: +44 (0) 20 7645 4991
           Fax: +44 (0) 870 600 7588

           Cadwalader Wickersham & Taft LLP
           265 Strand
           London WC2R 1BH
           United Kingdom (Ref RG/AJOW/KA)

           Appleby Spurling & Kempe
           Canons Court
           22 Victoria Street
           PO Box HM 1179
           Hamilton HM EX
           Bermuda (Ref JF/SD)


MOSS BROS: Senior Executives Urged to Step down
-----------------------------------------------
Shareholders are calling for a shakeup of senior management at men's wear
retailer Moss Bros Plc, AFX News reported citing The Financial Mail on
Sunday.

Clothing entrepreneur Shami Ahmed, which controls 22.1% of Moss Bros, is
planning to oust Chairman Keith Hamill, sources said, according to the
report.  He was reportedly angered when Mr. Hamill said the company's shares
were overvalued because of persistent bid speculation.

Mr. Ahmed is backed by other shareholders who are dissatisfied with the way
Chief Executive Adrian Wright is running the company.  Mr. Wright was
brought in last year to revive the group's fortunes.  Mr. Ahmed needs
support from other major shareholders, including the Gee and Moss families,
who together own more than 35% of the shares, to remove Mr. Hamill from his
post.


MYTRAVEL PLC: Sells U.S. Interests to Boost Working Capital
-----------------------------------------------------------
MyTravel Group plc announces that it has entered into an agreement to sell
its U.S. cruise businesses to National Leisure Group, Inc. for GBP65.9
million in cash.  Separately, MyTravel has agreed to sell SunTrips, Inc. and
Vacation Express, its loss-making U.S.-based tour operators, to FS Tours,
Inc., for GBP9.9 million in cash over seven years.

Cruise Business

MyTravel has entered into an agreement to sell the Cruise Business to NLG
for a cash consideration of US$110 million (GBP65.9 million).  Of this
amount, up to US$1.5 million (GBP0.9 million) will be paid into an escrow
account for the settlement of tax liabilities that may arise as a result of
the sale.  The consideration is subject to adjustment for any variance
between the actual working capital at completion, and the amount estimated
for the purposes of the agreement.

The sale of the Cruise Business will be effected through the sale of Blue
Sea Partners, Inc., the holding company that owns the stock of the companies
that operate the separate businesses, which comprise the Cruise Business.
Due to its size, the sale is conditional on MyTravel shareholders' approval.
The sale is also conditional upon clearance having been obtained from
antitrust regulators in the U.S., on NLG having obtained the finance
required to complete the purchase and on other normal conditions.  Subject
to these conditions having been satisfied, the sale is expected to complete
around mid-November 2003.  To fund the acquisition, NLG has a range of
committed finance facilities in place, whose closing is subject to normal
conditions.

The Cruise Business sells a broad range of cruise holidays to destinations
throughout the world, distributing products for all the largest cruise
lines.  The Cruise Business operates under the following principal brands:
CruisesOnly, CruiseOne, Cruises Inc., Ship 'n' Shore and Landry & Kling.
The Cruise Business does not include MyTravel's completely separate
U.K.-based Sun Cruises business which remains part of the Group.

The Cruise Business made an operating profit in the year to September 30,
2002 of US$11.8 million (GBP7.1 million).  At September 30, 2002, it had net
assets excluding inter-group balances of GBP8.3 million.  At completion, all
inter-group balances will have been settled.

SunTrips and Vacation Express

The Group has agreed to sell SunTrips and Vacation Express, two loss-making
U.S.-based tour operators, to FS Tours, Inc., a subsidiary of eResource
Capital Group, for a total consideration of US$16.5 million (GBP9.9
million), including US$2 million (GBP1.2 million) in cash on completion and
cash payments totaling a further US$10 million (GBP6 million) over seven
years.  In addition, FS Tours, Inc. has agreed to pay MyTravel a total of at
least US$4.5 million (GBP2.7 million) over three years under other related
agreements.  SunTrips/Vacation Express made a loss in the year to September
30, 2002 of US$10 million (GBP6 million).  At September 30, 2002, it had net
assets excluding inter-group balances of GBP1.5 million.  This disposal is
subject to normal conditions and is scheduled to close by October 31, 2003.

Reason for the disposals

The Board of MyTravel considers it necessary to take the opportunity to
raise cash through divestment in order to provide sufficient working capital
for the Group and has been pursuing a program of disposals of non-core
businesses.  There is little inter-relationship between the Cruise Business,
SunTrips or Vacation Express and the Group's core interests.  The net
proceeds of these disposals will be used for working capital purposes.

Current trading and prospects

The Board is encouraged that bookings for winter 2003/2004 and summer 2004
are satisfactory at this stage and are at acceptable margins.

The Board continues to believe that a turnaround can be achieved although
the Group still faces significant challenges that will take time to
overcome.  The Board remains confident about its ability to deliver the cost
savings it has identified, having already achieved its targets for 2003.  In
the medium-term, the Group's earnings and cash flows will remain subject to
significant risk through its high fixed cost structure and high levels of
indebtedness and the Group will have to continue to manage its resources
carefully.

The Board has been taking significant steps to manage its cash flows and
will have to continue to do so to ensure that it has sufficient cash
resources to fund the significant cash outflows which it experiences in the
first quarter of its financial year.  These steps include the implementation
of the cost savings described in the interim results announcement, the
completion of the disposals made since that date and careful management of
working capital.  In addition, the Group will seek to identify further cost
savings and will continue to pursue its disposal program.  The disposal of
the Cruise Business, SunTrips and Vacation Express is an important part of
this program.

Information on the Cruise Business

The Cruise Business is headquartered in Delray Beach, Florida and sells a
broad range of cruise vacations to destinations throughout the world,
distributing products for all of the largest cruise lines.  The Cruise
Business operates under these five principal brands in North America:

(a) CruisesOnly, a distributor of cruises through a network of six US calls
centers under the telephone number 1-800-CRUISES and through the Internet at
http://www.cruisesonly.comand http://www.1800CRUISES.com;

(b) CruiseOne, a distributor of cruises through a network of over 400
franchisees;

(c) Cruises Inc., a distributor of cruises through over 400 at-home
independent contractors operating on an individual basis;

(d) Ship 'n' Shore, a retail and wholesale distributor that sells both
cruise-only and mixed cruise/land tours in Alaska, Europe, the Caribbean,
the South Pacific and Hawaii; and

(e) Landry & Kling, an organizer of cruise incentive trips and at-sea
company meetings with products targeted toward Fortune 500 and other large
corporations.

Information on SunTrips and Vacation Express

SunTrips, based in San Jose, California, sells air and hotel holiday
packages to Mexico, the Caribbean, Hawaii and the Azores from California and
Colorado.  Vacation Express, based in Atlanta, Georgia, sells air and hotel
packages from the US East coast and Midwest to Mexico and the Caribbean.

Information on National Leisure Group, Inc.

National Leisure Group, Inc. is a premier packager and seller of vacations
and cruises in North America.  The company provides consumers with
high-value, no-hassle, and flexible vacation experiences through its own
brand, Vacation Outlet, and through its partner brands.  NLG also provides
technology, operations support, and private label fulfillment solutions to
many online and offline retailers of vacation packages and cruises.

Information on FS Tours, Inc.

FS Tours, Inc. is a wholly owned subsidiary of eResource Capital Group,
Inc., which is listed on the American Stock Exchange.  The majority of its
revenues are derived from a specialized travel service organization,
flightserv, which delivers a turnkey air service to tour operators.

Extraordinary General Meeting

The Group will be sending shareholders a circular containing information on
the disposal of the Cruise Business and will give notice of the date of an
Extraordinary General Meeting for shareholders to consider an ordinary
resolution to approve the sale.

Exchange rate US1.67 = GBP1

CONTACT:  BRUNSWICK
          Phone: 0207 404 5959
          Sophie Fitton
          Roderick Cameron


ROOM SERVICE: Shareholders Approve Capital Reorganization
---------------------------------------------------------
At the AGM held on Monday, all resolutions including, inter alia, a capital
reorganization and a change of name to Azure Holdings plc, were duly passed.

The dealings in the 1,242,250 new ordinary shares of 1p each, resulting from
the capital reorganization, are expected to commence trading on October 21,
2003.

Board Changes

The Company announces that it has appointed Nicolas David Antony Greenstone
as a non-executive director and chairman and Raymond Ian Harris as a
non-executive director, with immediate effect.  The company also announces
that Ronnie Pearl has resigned from the company to pursue other business
interests.

Mr. Greenstone, aged 59, is currently a director of these companies: Air
Music & Media Group Plc, Haverstock Hill Flats Management Company Limited,
The Niche Group Plc, and Prestige Publishing Plc.

In the last five years he was a director of these companies: Walgate
Services Limited, Walgate Trustees Limited, and Fladgate Fielder Limited.

He was also a partner in Fladgate Fielder, Solicitors until August 14, 2003.

Mr. Harris, aged 63, is currently a director of these companies: The
Creative Education Corporation Plc, Berkeley International Group Plc
(Gibraltar), Berkeley Leasing and Finance Limited, Equity Portfolio Plc,
Golf Club Investment Holdings Plc, Leisure Perspectives Plc, Location
Properties Limited, Microcap Equities Plc, Niche Group Plc, Prestige
Publishing Plc, Trialtir Group Plc, and Your Space Plc.

In the last five years he was a director of these companies: Almondtree
Properties Limited, BCH Properties Limited, Gerald Edelman Plc, Citibell
Networks Limited, Connexions Limited, Dynamocards Limited, Simpliciti
Telecommunications Limited, and Telcoworld Limited.

He was also a partner in Gerald Edelman, Chartered Accountants until June
30, 2003.

Mr. Harris was a director of Simpliciti Telecommunications Limited until
December 7, 2000; it was the subject of a compulsory winding up order on the
April 4, 2001.  He was also a director of Data Processing (U.K.) Limited and
Rushbridge Limited, which each entered into creditors' voluntary liquidation
in 1989 and which were dissolved on August 17, 1993 and September 2, 1993
respectively.

Mr. Greenstone and Mr. Harris have confirmed there is no further information
required to be disclosed under paragraph 15 of the AIM Rules.

                              *****

The company's food delivery subsidiary Room Service (U.K.)
Limited, having made a loss of GBP430,000 during the year, was
put into members' voluntary liquidation in January 2003.

Room Service itself recently reported operating loss for the year of
GBP1.091 million (2001: loss GBP3.574 million) from turnover of GBP0.017
million (2001: GBP0.991 million).

CONTACT:  Adam Reynolds/Ben Simons
          Phone: 0207 245 1100
          Hansard communications


SOUTHFIELDS COACHWORKS: To Hold Creditors Meeting October 30
------------------------------------------------------------
In the High Court of Justice No. 2783

Notice is hereby given by Gerald Clifford Smith and John Neville Whitfield
RSM Robson Rhodes LLP, Center City Tower, 7 Hill Street, Birmingham B5 4UU
that a meeting of creditors of Southfields Coachworks Limited, Langar North
Trading Estate, Harby Road, Langaer Nottingham NG13 9HY is to be held at
Holiday Inn Derby-Nottingham NG10 5NJ on October 30, 2003 at 11.00 a.m.

The meeting is an initial creditors' meeting under paragraph 51 of Schedule
B1 to the Insolvency Act 1986.  I invite you to attend the above meeting.

Proxy forms should be completed and returned to me by the date of the
meeting if you cannot attend and wish to be represented.

In order to be entitled to vote under Rule 2.38 at the meeting you must give
to us, not later than 12.00 hours on the business day, before the day fixed
for the meeting, details in writing of your claim.

Gerald Clifford Smith, Joint Administrator


THORTONS: Depressed Share Value Could Block Proposed Sale
---------------------------------------------------------
Struggling chocolate retailer Thortons has put itself up for sale, according
to The Guardian.  Chief Executive Peter Burdon and finance director Martin
Allen are tasked to find "potential sources of finance to enable the company
to be taken private."  Investment bank Rothschild was hired to advise on any
bids.

Analysts believe an offer might value the company, which traded at 270p five
years ago, at about 180p a share.  The company's current stock market value
is about GBP100 million.

The Joseph Rowntree Charitable Trust, which owns 6% of the Derbyshire group,
is expected to block the sale at the current share price, the report said.

Roger Morton, trustee of the Joseph Rowntree Charitable Trust, said: "I am
disappointed that we may now be bounced into taking a short-term view of the
company's outlook.  We would prefer to be in for the long-term rather than
support a buy-out at anything around these levels."

City sources do not expect a bid to come soon owing to the cyclical nature
of the business.  Chocolate sales are usually affected by the hot weather at
Easter and in the summer.  But card company Birthdays could emerge as
bidders in the absence of any venture capitalists, the report says.

Thortons has 600 stores and franchises on high streets.  Its
state-of-the-art, 65-acre Thornton Park manufacturing site in Alfreton,
Derbyshire is worth GBP50 million.


                            *********


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
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Information contained herein is obtained from sources believed to be
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