/raid1/www/Hosts/bankrupt/TCREUR_Public/031104.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, November 4, 2003, Vol. 4, No. 218


                            Headlines


F R A N C E

ARIANESPACE: Sets DIRECTV Satellite Launch 1st Quarter Next Year
RHODIA SA: Third Quarter Loss Triples; CEO Unveils Recovery Plan


G E R M A N Y

AERO LLOYD: Three Potential Investors in Talks with Management
BAYER AG: Sells Millennium Stake to CSFB for US$300 Million
BRAU UND BRUNNEN: One Equity Shows Interest in HVB Stake
DAIMLERCHRYSLER AG: US$1.5 Billion Bond Issue Oversubscribed
DEUTSCHE TELEKOM: Sells 24% Globe Telecom Stake to Ayala Corp.
DEUTSCHE TELEKOM: Workers Told to Choose -- Ax or Short Hours?
WCM BETEILIGUNGS: Peddles EUR507 Million Stake in Commerzbank

* Dr. Michael Curth Joins AlixPartners' Munich Office


I R E L A N D

ELAN CORPORATION: Lead Manager Exercises Over-allotment Option
ELAN CORPORATION: S&P Upgrades Rating to 'B-' from 'CCC+'


I T A L Y

ALITALIA SPA: Sees EUR410 Million Net Loss for the Year
FIAT SPA: Q3 Loss Exceeds Target, But Analysts Remain Optimistic


N E T H E R L A N D S

KONINKLIJKE AHOLD: Corrects 'Inadvertent' Mistakes in Form 20-F
GETRONICS N.V.: Releases Final Third Quarter 2003 Trading Update
HAGEMEYER N.V.: No Decision on Financing Alternatives Yet
HAGEMEYER N.V.: Potential Rescuers Demand CEO's Head
IFCO SYSTEMS: Expects US$4.9 Million Third Quarter Net Profit
LAURUS N.V.: Slashes Further Prices in Edah Supermarket Chain


N O R W A Y

DNO ASA: S&P Rates Senior Unsecured Notes 'B'; Outlook Stable


P O L A N D

NETIA SA: Shareholders Approve Proposed Internal Consolidation


S W I T Z E R L A N D

ABB LTD.: Recovery Plan Impresses Moody's; Outlook Now Positive
ASCOM: Divests CHF109 Million Worth of Real Estate in 2nd-Half
SWISS INTERNATIONAL: Sees Positive Outcome from Financing Talks


U N I T E D   K I N G D O M

ABERDEEN ASSET: Completes Sale of Retail Funds to New Star
AMP LIMITED: CEO Defends Demerger Before Securities Institute
BALLAST NEDAM: Rok Property Buys U.K. Operations for GBP2 Mln
CDRP LIMITED: Liquidators Set Dec. 2 Deadline for Proofs of Debt
GOSHAWK INSURANCE: Opts to Put Syndicate 102 into Run-off

HEYWOOD WILLIAMS: Posts Progress Report, Trading Update
LLOYDS SYNDICATE: Moody's Cuts Syndicate 1204 to C Below Average
NORTHERN ELECTRIC: KPMG Plans to Sell Firm as 'Going Concern'
OLYMPIC CATERING: Joint Administrators Offer Business for Sale
REUTERS GROUP: Chief Agrees to One-year Employment Contract

ROYAL MAIL: Weekend Talks Falter; More Workers Join Strike
ROYAL & SUNALLIANCE: La Camara Interested in Chilean Assets
WINCHESTER ENTERTAINMENT: Chairman Hopes for Speedy Recovery
WORLD TRAVEL: Future in Hands of Creditors, Says Chairman

* Large Companies with Insolvent Balance Sheets


                            *********


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


ARIANESPACE: Sets DIRECTV Satellite Launch 1st Quarter Next Year
----------------------------------------------------------------
Arianespace said last week it has secured a first quarter 2004 launch slot
with Sea Launch for the DIRECTV 7S satellite.  Arianespace was able to
provide DIRECTV with total mission assurance for the DIRECTV 7S launch
through a cooperative agreement with Boeing Launch Services and Sea Launch
Company, LLC, under the newly formed launch services alliance.  Announced in
July 2003, the launch services alliance utilizes launch systems from three
leading service providers -- Arianespace, Boeing Launch Services and
Mitsubishi Heavy Industries -- to provide customers with on-time launches
and total mission assurance.

Delays in the satellite manufacturing process created a scheduling conflict
with a dedicated scientific mission on the Arianespace launch manifest.  The
DIRECTV 7S satellite is a high priority launch for DIRECTV as the spot-beam
spacecraft is slated to serve 60 local television markets across the United
States.  The creation of the launch services alliance allowed Arianespace to
negotiate a seamless transfer of the satellite to Sea Launch, and for
DIRECTV to secure a guaranteed launch slot for this important mission.

"The smooth transition to the Sea Launch platform, assured by Arianespace
and its launch services partners, will enable DIRECTV to launch DIRECTV 7S
in the mid-to-late first quarter of next year, which is critical to our roll
out of additional local channel markets," said Jim Butterworth, senior vice
president, Communications Systems, DIRECTV, Inc.

"The DIRECTV 7S situation demonstrates our complete commitment to customer
service and the added benefit to our customers of the launch services
alliance," said Arianespace CEO Jean-Yves Le Gall.

The launch services alliance will allow customers securing new contracts to
ensure on-time launches with the three providers from the outset of a
campaign providing dual or triple integration and dedicated launch slots.
The unique offering provides satellite operators with unmatched mission
assurance and customer service from the world's leading launch services
providers.

About Arianespace

Arianespace is the leading global commercial launch services provider
serving primarily commercial satellites launched to geostationary transfer
orbit (GTO).  Created in 1980 as the world's first commercial space
transportation company, Arianespace has signed contracts for the launch of
more than 250 satellite payloads. For further information, see the
Arianespace Web site at http://www.arianespace.com.

About DIRECTV

DIRECTV is the nation's leading digital multichannel television service
provider with more than 11.8 million customers.  DIRECTV and the Cyclone
Design logo are registered trademarks of DIRECTV, Inc., a unit of Hughes
Electronics Corp. Hughes Electronics Corporation, a unit of General Motors
Corporation, is a world-leading provider of digital television
entertainment, broadband satellite networks and services, and global video
and data broadcasting.  The earnings of HUGHES are used to calculate the
earnings attributable to the General Motors Class H common stock (NYSE:GMH).

About the launch services alliance

Created in July 2003, the launch services alliance combines the strengths of
the world's leading commercial launch providers Arianespace, Boeing Launch
Services and Mitsubishi Heavy Industries to provide customers with flexible,
reliable and on-time delivery to orbit.

                              *****

In July, TCR-Europe said Arianespace is in need of funding to revive the
launching of its Ariane 5 rocket and stay afloat amidst fierce competition
from U.S. rivals Boeing and Lockheed Martin.

CONTACT:  Robert Mercer, DIRECTV
          Phone: (310) 726-4683
          E-mail: rgmercer@directv.com

          Suzy Chambers, Arianespace
          Phone: (202) 628-3936
          E-mail: sc@arianespace-inc.com


RHODIA SA: Third Quarter Loss Triples; CEO Unveils Recovery Plan
----------------------------------------------------------------
Newly appointed CEO Jean-Pierre Clamadieu uncorked last week what he called
a "drastic corporate reorganization" after the chemicals group announced a
300% increase in third quarter losses.

Dow Jones says the plan involves asset sales worth EUR700 million next year
and cost-cutting that will amount EUR165 million by 2006.   Mr. Clamadieu is
confident debt-restructuring talks, which began two weeks ago, will be
successful.

Rhodia said "collapsing demand" for its pharmaceutical, agro-chemical, fiber
and textile products contributed to the third quarter net loss of EUR99
million, three times higher than last year's EUR29 million.  Revenue also
declined 4.6% to EUR1.299 billion from EUR1.362 billion, according to Dow
Jones.


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


AERO LLOYD: Three Potential Investors in Talks with Management
--------------------------------------------------------------
Germany's fifth-largest charter airline, Aero Lloyd, which temporarily
averted a severe cash crunch when main creditor Bayerische Landesbank
granted it a EUR5 million loan, is now in talks with three potential
investors, Intesatrade said.

Citing a statement by insolvency administrator Gerhard Walter, the report
said interested parties include customers and business partners of the
airline.  Initial results of these discussions are expected within the week,
he added.

News magazine Der Spiegel also said former Formula One driver Niki Lauda is
interested in the company's Austrian business, while Deutsche Lufthansa AG
was also rumored to be interested in the airline as a whole.

Aero Lloyd was forced to file for insolvency after an agreement with its
creditors on a restructuring plan failed.  The airline had to cancel all its
flights as a result, leaving thousands of passengers grounded at airports in
Germany and abroad.  An investment of between EUR40 million and EUR50
million is now needed to rescue the company.


BAYER AG: Sells Millennium Stake to CSFB for US$300 Million
-----------------------------------------------------------
Credit Suisse First Boston bought Bayer's stake in Millennium
Pharmaceuticals for US$300 million, the Financial Times said late last week.

Bayer will use proceeds of the sale to reduce its debt pile, which stood at
EUR7.8 billion at the end of June.  The German chemicals and pharmaceuticals
group is aiming to bring down this figure to EUR7 billion by year's end.

Based in the U.S., Bayer bought a 6.6% stake in the U.S. biotechnology
company in 1998 for US$97 million as part of a five-year research pact.
This agreement ended on October 31 but under an extended agreement, Bayer
will have access to a pool of 280 additional drug targets.  During its
lifetime, the agreement yielded more than 180 targets -- proteins used to
develop small molecule drugs -- that Bayer moved into testing and drug
discovery, the Financial Times said.


BRAU UND BRUNNEN: One Equity Shows Interest in HVB Stake
--------------------------------------------------------
HVB Group's 55% shareholding in German brewer and softdrink producer, Baru
und Brunnen AG, could go to One Equity Partners, Intesatrade said, citing
Focus news magazine.

According to the report, One Equity, the private equity arm of Bank One
Corporation, could team up with Anheuser-Busch, in buying the stake.  One
Equity Partners manages US$3.5 billion of investments and commitments for
Bank One Corporation in direct private equity transactions as well as
venture and management buyout funds.  Anheuser-Busch's operations and
resources are focused on beer, adventure park entertainment and packaging.

HVB banking group seeks to sell the stake to return to profit this year.  It
said it wants to strengthen its equity capital by EUR1.7 billion by the end
of 2003, in order to maintain a Tier 1 ratio of at least 7% and prevent
further downgrades by ratings agencies.

CONTACT:  BRAU UND BRUNNEN
          Sitz der Verwaltung
          Rheinische Strabe 2
          44137 Dortmund
          Phone: (0231) 1817-0
          Fax: (0231) 1817-30


DAIMLERCHRYSLER AG: US$1.5 Billion Bond Issue Oversubscribed
------------------------------------------------------------
Despite S&P's downgrade of DaimlerChrysler to 'BBB' in October, investors
gobbled up the carmaker's new global dollar bond, prompting it to increase
the size of the deal from US$1.5 billion to US$2 billion.

According to the Financial Times, demands for the issue exceeded US$6
billion.  Bank of America Securities, Citigroup, Deutsche Bank Securities
and JP Morgan were the joint bookrunners.

Aside from the downgrade, S&P also placed a negative outlook on the rating.


DEUTSCHE TELEKOM: Sells 24% Globe Telecom Stake to Ayala Corp.
--------------------------------------------------------------
Deutsche Telekom closed the sale of its 24.8% stake in the Philippines'
telecommunications operator, Globe Telecom, to Ayala Corporation, Singapore
Telecom International Pte Ltd and Globe Telecom, Inc.  The aggregate
purchase price of US$472 million (EUR402 million) for the sale of the stake
was transferred yesterday.  The proceeds will be used for the company's debt
reduction program.

                              *****

An earlier transaction between Deutsche Telekom and Ayala Corporation on the
sale of the Globe Telecom stake in August, failed due to the willingness of
Deutsche Telekom to hold out for a better price.  The Financial Times said
at the time the move reflects Deutsche Telekom's recent progress in eroding
its debt mountain.


DEUTSCHE TELEKOM: Workers Told to Choose -- Ax or Short Hours?
--------------------------------------------------------------
Deutsche Telekom AG, the former German monopoly under pressure to save about
EUR13.5 billion (GBP9.36 million) in annual personnel costs to cut debt,
said job-cuts will be enforced if union ver.di will not accept its proposal
to reduce staff working hours, AFX news said, citing Bild am Sonntag.

According to the report, Deutsche Telekom Personnel Manager told the German
newspaper that "if the union refuses," the company will be forced to
"consider redundancies as a last resort."

TCR-Europe last week said the management plans to cut the wages and working
hours of its German employees beginning next year, under which, extra
compensations like Christmas bonuses for civil servants will be cut.
Working hours of employees who do not belong in this category will also be
cut by at least 10% from 38 hours a week.  Half of the German company's
100,000 workforce are affected by the plan.  The move aims to save the
company a three-digit million-euro sum and allow it to make 10,000 fewer
job-cuts than originally planned.

Union ver.di rejects the proposal, however, saying the reduction of workers'
hours without a compensatory wage increase was "completely out of the
question."

Deutsche Telekom, burdened by a net debt of EUR21 billion -- EUR12.6 billion
of which is due next year -- previously said it could cut up to 47,000 jobs
across its operations by 2005, mostly at German operations in T-com.  The
company employs 256,000 people worldwide.


WCM BETEILIGUNGS: Peddles EUR507 Million Stake in Commerzbank
-------------------------------------------------------------
At least two investors are talking with WCM Beteiligungs- und Grundbesitz
AG, the Frankfurt-based investment group desperately trying to avert a
serious financial crisis, the Financial Times said.

The talks center on the group's 5.5% stake in Commerzbank, Germany's
third-largest listed bank.  The stake is an attractive acquisition,
according to the paper, noting the constant takeover rumors involving
Commerzbank.  Accordingly, a takeover contender would have to get a 95
percent stake to enforce a squeeze-out, making WCM's stake strategic.
Commerzbank's other main shareholders are Munich Re with 10.4 percent and
Generali with 9.9 percent.

The paper said the stake is worth EUR507 million, money that can
sufficiently cover WCM's immediate funding needs.  Last week, WCM entered
into last-minute negotiations with creditor banks, including HSH Nordbank,
DZ Bank and WGZ, to avert a crisis.  The company needs to pay the EUR600
million credit line to Sirius, the group's prized asset.

Dieter Vogel, the former head of ThyssenKrupp, who was brought in recently
to head the supervisory board, has been considering options, including a
break up and a EUR400 million fund-raising possibly via a public offer.  The
group is reportedly in talks with a new investor who is willing to bring in
EUR200 million in exchange for a stake.

"The fortunes of WCM slumped dramatically last year, when it reported an
EUR861 million loss after being forced to write down the value of many of
its shareholdings and was hit by weak stock markets," the Financial Times
said.


* Dr. Michael Curth Joins AlixPartners' Munich Office
-----------------------------------------------------
Dr. Michael Curth, a skillful and seasoned performance improvement
consultant with extensive operational management experience, has joined the
Munich office of AlixPartners.

Dr. Curth's strong entrepreneurial drive, excellent analytical skills and
solid leadership capabilities will bolster the firm's efforts to help
companies optimize their performance and struggling companies to be
successful in turnaround situations.

Dr. Curth joins AlixPartners from Droege & Comp. Consulting, where he was a
partner and the practice leader for retail and consumer goods.  At Droege,
he initiated and led several restructuring and turnaround projects,
including interim CEO and COO functions in retail, wholesale, distribution
and consumer goods companies.

Prior to Droege, he served as COO of the central purchasing department and
as a member of the board of the Tengelmann Group, a US$25 billion retailer.
He also worked as an engagement manager at McKinsey & Company, Inc. located
in Zurich, Switzerland.  He began his career with Metro International AG.

Michael holds a Dr. rer. pol. and a master's degree, Diplom-Kaufmann from
the University of Essen.  He is an accomplished writer and has authored
numerous books and articles.

AlixPartners Services

(a) Performance improvement consulting aimed at quickly
    producing bottom-line results

(b) Hands-on interim executive management in crisis

(c) Financial and operating turnaround advisory services coupled
    with implementation assistance

(d) IT turnaround and outsourcing services

(e) Litigation consulting, valuation, case management and
    creditor advisory services

AlixPartners is recognized internationally as the industry standard in
solving complex corporate challenges, creating value and restoring corporate
performance.

Since 1981, the firm has delivered a precise balance of expertise to manage
operational, financial, analytical and litigation challenges.  Using small
teams of seasoned professionals, we partner with our clients to change the
outcome.

The expertise of our operating executives and financial and litigation
professionals helps clients to operate more effectively in fluid
environments, to manage contentious negotiations and to implement
high-impact changes where the results will really matter.on the bottom line.

AlixPartners professionals focus on implementing changes that quickly
deliver high-value results.

CONTACT:  ALIXPARTNERS SERVICES
          London
          Phone: +44 20 7866 6073

          Dr. Michael Curth
          AlixPartners GmbH
          Maximilianstrasse 35
          D-80539 Munchen
          Germany
          E-mail: mcurth@alixpartners.com


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


ELAN CORPORATION: Lead Manager Exercises Over-allotment Option
--------------------------------------------------------------
Elan Corporation, plc (NYSE: ELN) announced that the lead manager has
exercised its option to purchase an additional US$60 million in aggregate
principal amount of Guaranteed Convertible Notes due 2008 to cover
over-allotments in connection with the Convertible Note offering announced
on October 29, 2003, increasing the size of the issue to US$460 million in
aggregate principal amount of Convertible Notes.  Payment for and settlement
of the Convertible Notes is expected to occur on November 11, 2003.

The Convertible Notes, the guarantee of the Convertible Notes and the shares
to be issued upon conversion of the Convertible Notes have not been and will
not be registered under the Securities Act and, unless so registered, may
not be offered, sold or distributed within the United States or to U.S.
persons (as defined in Regulation S under the Securities Act) except
pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act.

About Elan

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


ELAN CORPORATION: S&P Upgrades Rating to 'B-' from 'CCC+'
---------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit and senior
unsecured debt ratings on Elan Corp. PLC to 'B-' from 'CCC+', and the
subordinated debt rating to 'CCC' from 'CCC-'.  The ratings have been
removed from CreditWatch, where they were placed on Oct. 30, 2003, following
the announcement of a convertible debt and equity offering.  The 'CCC'
senior unsecured debt rating on Elan Capital Corp. Ltd.'s newly issued
US$400 million convertible notes due 2008 have been affirmed.  The outlook
is stable.

The actions are in response to the completion of Elan's offering of the
US$400 million convertible notes, as well as the issuance of 35 million
shares.  Combined, Elan raised US$573.3 million, which will be used to
retire the roughly US$500 million in outstanding LYONs debt that was
maturing in December 2003.  Elan has essentially retired a portion of its
debt with equity, as well as extended the maturities of its debt, enabling
itself to conserve on-hand cash of roughly US$1 billion in order to fund R&D
and ongoing operations and repay US$840 million in Elan Pharmaceutical
Investment (EPIL) debt coming due in 2004-2005.

The US$400 million notes due 2008 are guaranteed by the parent, Elan Corp.
PLC, and are senior unsecured.  However, the notes are subordinated to the
outstanding US$450 million Elan Pharmaceutical Investments II (EPIL II)
subordinated debt due in June 28, 2004, and to the US$390 million in
subordinated EPIL III debt maturing in March 15, 2005.

"The ratings and outlook reflect Dublin, Ireland-based Elan's
still-significant near-to-intermediate debt maturities and expected losses
and negative cash flows in the intermediate term," said Standard & Poor's
credit analyst David Lugg.  "These factors are partially offset by the
company's roughly US$1 billion of cash and investments on hand and the
prospect of further asset divestitures to raise cash."

The prospective retirement of the LYONs relieves near-term financial
pressure on Elan.  However, the company's operations continue to generate
losses and consume cash at a high rate, especially as it spends heavily to
support its R&D program.  Indeed, Elan may not be profitable until 2005.
Moreover, its most promising product prospect, Antegren, which is being
developed to treat Crohn's disease and multiple sclerosis, is not expected
to reach the market before 2006.


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


ALITALIA SPA: Sees EUR410 Million Net Loss for the Year
-------------------------------------------------------
National flag carrier, Alitalia S.p.A, will post a higher net loss for the
year, prompting it to announce about 1,500 job-cuts last week, the Financial
Times said Friday.

In a statement issued after a board meeting late last week, Alitalia said
net loss will hit EUR410 million this year, higher than last year's EUR233
million.  This projected loss, however, didn't surprise anybody since this
fact had been settled six months into the year.  Losses during this period
reached EUR315 million, far exceeding the total loss last year.

To limit losses next year and achieve breakeven in 2005, the airline will
axe 1,500 and outsource a further 1,200 jobs.  The company statement did not
specify which part of its 21,300 workforce would be targeted by these
job-cuts.

Meanwhile, the Italian Treasury will take into consideration in the coming
weeks the suggestion that the government reduce its stake in Alitalia to
less than 50% before KLM and Air France consider a three-way partnership.
Alitalia has been seeking entry into the partnership, targeting as early as
April next year for this to happen.  Both Air France and KLM have dismissed
this idea as unrealistic.

According to the Financial Times, the two carriers want to see Alitalia
returned to financial health first before considering Silvio Berlusconi's
idea.  The Italian prime minister has suggested bringing the French, Dutch
and Italian carriers under a holding company, while maintaining their
national identity.


FIAT SPA: Q3 Loss Exceeds Target, But Analysts Remain Optimistic
----------------------------------------------------------------
Fiat S.p.A missed its targets for the third quarter, in particular its goal
to cut losses to EUR231 million, Dow Jones said yesterday.

Third quarter loss came at EUR285 million, down from last year's EUR339
million.  Revenues fell to EUR9.84 billion from EUR11.99 billion in the
year-earlier period, while its net loss narrowed to EUR84 million from
EUR413 million, says Dow Jones.

The company plunged into the red last year due to poor sales at its key car
unit, Fiat Auto.  It is hoping to return to profit in 2005 under a plan that
involves asset sales and rights issues.  Although disappointed with the
latest results, analysts expect profits to pick up in the fourth quarter.

"These results aren't so ugly but there's certainly no champagne to pop,"
Dow Jones quoted Fabio Catalano during a recent interview.  He works for SAI
Gestioni as fund manager.


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


KONINKLIJKE AHOLD: Corrects 'Inadvertent' Mistakes in Form 20-F
---------------------------------------------------------------
Ahold published Friday the English version of its 2002 Annual Report.  It is
also being posted on the Ahold Web site (http://www.ahold.com). The Dutch
version of this report will be published on Friday, November 7, 2003.

In the interests of complete disclosure, the company wishes to point out
that it has corrected inadvertent mistakes in Item 3 of Form 20-F, published
by Ahold on October 17, 2003.  The amended Item 3 of Form 20-F will be filed
today with the U.S. Securities & Exchange Commission. The changes have no
impact on the company's reported results and financial position.

CONTACT:  ROYAL AHOLD N.V.
          P.O. Box 3050 1500 HB
          Zaandam Netherlands
          Phone: +31 (0) 75 659 57 20
          Fax: +31 (0) 75 659 83 02


GETRONICS N.V.: Releases Final Third Quarter 2003 Trading Update
----------------------------------------------------------------
(a) Final trading update Q3 2003 demonstrates operational
    recovery continues and includes the first impact of
    restructuring

(b) Prospectus for 2008 unsubordinated Convertible Bonds
    published today

(c) Non-core disposals program forming part of the
    Entrepreneurial Solution, largely completed

(d) Italy restructuring on track and a positive EBITAE* achieved
    in September 2003

(e) In all geographies EBITAE for the ongoing business improved
    compared to last year

(f) EBITAE for Q4 2003 for the ongoing business will show growth
    compared to last year (barring unforeseen and exceptional
    circumstances)

(g) Buy-back of existing 2008 Installment Bonds

Management comment

"The success of the 2008 unsubordinated Convertible Bonds offer and the
positive reaction to our preliminary Q3 2003 results has underlined our
progress with operational recovery and in renewing stakeholder's confidence
in Getronics.  Management intends to, use the proceeds from the issue of the
2008 unsubordinated Convertible Bonds to buyback, subject to market
conditions and at the Company's discretion, existing 2008 Installment Bonds
at market prices and thus lower the cost of our existing long-term debt.

"As well as taking further measures to continue to strengthen the Company's
balance sheet, Management will focus on delivering further improvements to
operational performance whilst maintaining excellent client satisfaction
rates."

To View Full Report and Financials:
http://bankrupt.com/misc/Getronics_Trading_Update.pdf


HAGEMEYER N.V.: No Decision on Financing Alternatives Yet
---------------------------------------------------------
As announced in the press releases dated October 10 and October 28, 2003,
several refinancing alternatives are in advanced stages of negotiation,
possibly including a third party investment.  At this point in time no
decision has been taken on any of these alternatives.

HAGEMEYER N.V. Board of Management

                              *****

Hagemeyer said in its October 10 press statement that financing alternatives
being considered include "restructuring existing debt, new equity capital,
possibly including a third party investor, and other solutions."

Rob ter Haar, CEO of Hagemeyer, commented: "Our objective is to implement a
recapitalization of the Company which provides the necessary operating
flexibility and financial strength for our operating companies to execute
their business plans and which is fair to all our stakeholders."

CONTACT:  HAGEMEYER N.V.
          Rijksweg 69
          P.O. Box 5111
          1410 AC Naarden
          The Netherlands
          Phone: (035) 6957611
          Fax: (035) 6944396
          E-mail: press@hagemeyer.com
          Contact: R.A.J. Hin
                   Phone: +31.35.6957676


HAGEMEYER N.V.: Potential Rescuers Demand CEO's Head
----------------------------------------------------
Debt-laden Dutch trading firm, Hagemeyer, will have to ditch its CEO if it
wants ABN Amro Holding NV and venture capitalist, Clayton Dubilier Rice, to
refinance the Company and secure its liquidity.

Intesatrade, citing Het Financieele Dagblad, said both Clayton and ABN Amro
are demanding the ouster of Chief Executive Rob ter Haar as a precondition
to a rescue.  Hagemeyer is looking at raising capital to help refinance
debt.  It has been in talks with lenders -- a group of 24 banks -- since
June when it received waivers on some of the terms of its loan covenant,
which had been breached since the end of the second quarter.  Since then,
Hagemeyer has been negotiating further waivers and a financing plan.  It
entered into a standstill agreement first week of October, providing the
company the liquidity to support normal working capital and trade credit.

Weak market conditions continue to hurt Hagemeyer, while in the U.K. it has
lost market share due to problems with the introduction of a new computer
system.


IFCO SYSTEMS: Expects US$4.9 Million Third Quarter Net Profit
-------------------------------------------------------------
Based on preliminary figures, IFCO Systems N.V. (IFE1) expects to report a
net profit of approximately US$4.9 million for Q3 2003 in comparison to
US$3.6 million in Q3 2002, an increase of 38% year over year.

Sustainable cost management and an increase in revenues were the key factors
for this result.  For the first nine months of 2003, IFCO Systems N.V.
expects to report a net profit of approximately US$8.0 million compared to a
net loss of US$95.6 million in the same period of the previous year.

IFCO Systems N.V. will publish detailed figures for its third quarter 2003
on Nov. 4, 2003.

CONTACT:  IFCO Systems
          Dariush Yazdani
          Phone: +49 89 74491 223
          Mobile: + 49 172 8502560
          Fax: +49 89 744767223
          E-mail: dariush.yazdani@ifco.de


LAURUS N.V.: Slashes Further Prices in Edah Supermarket Chain
-------------------------------------------------------------
Laurus announces that, effective, October 31, Edah will again structurally
reduce its prices.  Over 230 new products will have reduced prices.  This
measure follows the one taken on October 21, by which Edah reduced the
prices of 1000 products.  Starting in August 2003 Edah has been working on
structural price reductions of its A-brand assortment.  Since then, there
has already been a price reduction on 450 products and the entire meat
assortment.

Beside this, Edah is also going to profile its range of own-label products.
At this moment Edah has 1822 own-label products.  On average, the Edah
own-label products are 30% cheaper than the comparable A-brand.

As a result of these measures, the price attractive Edah-format is one of
the cheaper supermarkets of The Netherlands.


===========
N O R W A Y
===========


DNO ASA: S&P Rates Senior Unsecured Notes 'B'; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term corporate
credit rating to Norway-based oil and gas exploration and production (E&P)
company DNO ASA.  The outlook is stable.

At the same time, Standard & Poor's assigned its 'B-' rating to the proposed
US$175 million senior unsecured notes due 2010 to be issued by DNO and
guaranteed by its operating subsidiaries.  The one-notch difference between
the corporate credit rating and the rating on the senior unsecured notes
reflects the effective subordination of the notes to DNO's limited secured
banking debt.

"The ratings on privately-held DNO reflect the company's challenging
position as a small E&P company and its heavy reliance on financial debt to
pursue its growth strategy," said Standard & Poor's credit analyst Eric
Tanguy.  "These weaknesses are tempered by DNO's potential to increase crude
oil production, and its strategy of focusing on the development of its less
risky North Sea fields and reducing operating costs."

DNO's below-average business profile reflects the company's small proved
reserves base of 49.5 million barrels of oil equivalent (boe) at June 30,
2003 (94% of which is oil), and its exposure to country risk in the Republic
of Yemen, where 11% of reserves were located at June 30, 2003.  The business
profile also factors in the likelihood that DNO will need to incur
substantial capital expenditures in the near future, in particular for its
North Sea operations, to be able to grow production while maintaining a
reasonable reserve life; at year-end 2002, reserve life was 7.8 years, but
only 3.0 years on a proved developed basis.

Recent profitability measures have been strong for the rating.  At the
current rating, Standard & Poor's would expect DNO's lease-adjusted EBITDA
interest coverage to average 2.5x and lease-adjusted EBIT interest coverage
to average 1.0x over the business cycle. Cash flow generation is in line
with Standard & Poor's minimum target for the rating of FFO to gross debt of
more than 10%.

DNO has a highly-leveraged capital structure; pro forma for the forthcoming
US$175 million debt issuance of long-term senior unsecured notes, Standard &
Poor's expects the company's leases-adjusted gross debt to increase to
US$250 million from US$85 million, resulting in a leverage ratio of 64% and
debt per boe of US$4.8.

"DNO's liquidity is weak, and this is reflected in the rating," Mr. Tanguy
said.  "With a current cash position of US$30 million, the company relies on
free cash flow from operations to ultimately redeem debt.   However,
following the issuance of US$175 million of senior debt and the refinancing
of its Norwegian krone bond maturing in 2004, the company will face no
near-term maturities."  DNO's ability to curb or at least delay capital
expenditures also represents a source of financial flexibility.  The stable
outlook reflects Standard & Poor's expectation that DNO will maintain a
financial profile in line with the rating.  Any external acquisition that
would weaken the company's capital structure could place pressure on the
rating.

CONTACT:  STANDARD & POOR'S RATINGS AGENCY
          Analyst
          Eric Tanguy, Paris
          Phone: (33) 1-4420-6666
          E-mail: eric_tanguy@standardandpoors.com

          Emmanuel Dubois-Pelerin, Paris
          Phone: (33) 1-4420-6673
          E-mail: emmanuel_dubois-pelerin@standardandpoors.com

          Per Karlsson, Stockholm
          Phone: (46) 8-440-5927
          E-mail: per_karlsson@standardandpoors.com


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


NETIA SA: Shareholders Approve Proposed Internal Consolidation
--------------------------------------------------------------
Netia S.A. (WSE: NET), Poland's largest alternative provider of fixed-line
telecommunications services, announced Friday that the extraordinary general
meeting of shareholders held on October 30, 2003 adopted the resolution on
approving Netia's merger with the following Netia's wholly owned
subsidiaries, in connection with the ongoing process of internal
consolidation of the Netia group companies: Netia Telekom S.A., Netia South
Sp. z o.o., Netia Telekom Mazowsze S.A., Netia Telekom Warszawa S.A., Netia
Telekom Modlin S.A., Netia Telekom Lublin S.A., Netia Telekom Ostrowiec
S.A., Netia Telekom Swidnik S.A., Netia Telekom Torun S.A., Netia Telekom
Wloclawek S.A., Netia Telekom Kalisz S.A., Netia Telekom Pila Sp. z o.o.,
Netia Telekom Silesia S.A., Netia Telekom Telmedia S.A., Optimus Inwest
S.A., Netia Network S.A., Telekom Building Sp. z o.o., Netia 1 Sp. z o.o.,
and Telko Sp. z o.o.

The resolution was adopted by the majority of 99.8% of votes cast at the
shareholders' meeting.  Two of the minority shareholders formally objected
to the resolution.

The full text of the adopted resolution is available at Netia's Web site at
http://www.investor.netia.pl

In addition, Netia made publicly available the information, which was given
to one of Netia's shareholders during the extraordinary general meeting of
shareholders held yesterday in response to such shareholder's questions
asked at the ordinary general meetings of shareholders held on March 27 and
April 4, 2002.

The full text of the questions and responses is available at Netia's website
at http://www.investor.netia.pl

CONTACT:  NETIA
          Anna Kuchnio (IR)
          Phone: +48-22-330-2061


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


ABB LTD.: Recovery Plan Impresses Moody's; Outlook Now Positive
---------------------------------------------------------------
Citing its recently announced three-part refinancing/recapitalization
program, Moody's Investors Service changed its outlook on ABB Ltd. and its
supported financial subsidiaries to positive from negative.

ABB's senior implied debts are currently rated Ba3, while its senior
unsecured obligations are rated B1.  About US$7.7 billion of debt securities
were affected by the latest rating action, Moody's said.

In upgrading the company's outlook, Moody's referred to its proposed US$2.5
billion fully underwritten rights issue, a new 3-year US$1 billion bank
credit facility and a potential US$750 million bond offering, which is
expected to conclude over the forthcoming months.

But Moody's notes: "The availability, timing, terms and execution of all
aspects of the program are subject to conditionality. Furthermore, the
extent to which that ABB repays its existing secured bank facility from any
new proceeds, Moody's is also likely to consider removal of the notching
differential between the senior unsecured rating and the senior implied
rating."

In addition to these plans, Moody's also weighed the positive impact of
ABB's preliminary announcement to dispose the upstream oil and gas business,
which will fetch between US$925 million and US$975 million.

"The success of the upstream oil and gas sale will significantly improve the
overall status of the divestment program. Moody's understands the residual
downstream business and other non-core business disposal candidates are
expected to be sold over the forthcoming quarters either as a whole or in
parts," it said.

Moody's concludes that a further upgrade will depend upon:

     (i) Successful execution of the refinancing/re-
         capitalization plan;

    (ii) Timely receipt of cash proceeds for the upstream oil
         and gas disposal

   (iii) Additional positive momentum in the context of the
         overall non-core business disposal program (subject to
         analysis of contingent liabilities, restructuring costs
         and additional liquidity requirements for the wider
         program);

    (iv) An assessment of group liquidity post re-
         capitalization;

    (iv) The likely developments with respect to its asbestos
         liabilities as well as

     (v) An assessment of current and future operating
         performance of the core divisions, including an
         evaluation of order development and revenue
         sustainability. Such an evaluation will be in the
         context of expected progress with respect to cost-
         cutting and operational restructuring.

Headquartered in Zurich, Switzerland, ABB Ltd. is a global engineering group
with leading positions in power and automation technology products serving
the manufacturing, process and consumer industries, utilities, and the oil
and gas market. In the first nine months of fiscal year 2003, the group
generated total revenues of US$14.3 billion.


ASCOM: Divests CHF109 Million Worth of Real Estate in 2nd-Half
--------------------------------------------------------------
Ascom has successfully sold a significant part of its real estate portfolio
in Switzerland and abroad in the second-half of 2003 for a total of CHF109
million.

As announced at the half-year media conference on September 4, 2003, Ascom
has sold Swiss real estate worth CHF17 million (after the June 30, 2003
financial closing).  Herewith Ascom announces the signing of further real
estate sales worth CHF92 million.

For five of the total of ten properties in Switzerland and abroad Ascom has
agreed rental agreements at fair market conditions with the buyers.  The
sale of a significant part of its real estate portfolio marks a further
major step forward in Ascom's efforts to reduce its interest-bearing debt
and to strengthen its equity base.  The company will realize around CHF95
million of sales proceeds from the transactions in this year.  The sales
will generate a book gain of just over CHF30 million after transaction
costs.

"Following the sale of Energy Systems and PBX, these sales of real estate
are a further significant step in the program of divestments and debt
reduction the company has decided on in June 2002," says Juhani Anttila, CEO
and Chairman of the Board of Directors.

About Ascom

Ascom is an international solution supplier with a comprehensive technology
know-how.  In the areas Transport Revenue (revenue collection and parking
systems), Security Solutions (applications for security, communications,
automation and control systems for infrastructure operators, public security
institutions and the army), Network Integration (network solutions in the
data/voice convergence market) and Wireless Solutions (high quality on-site
communications solutions) with many years of experience in the execution of
complex projects for demanding customers the company has established itself
in important key markets.  Ascom's offering covers analysis and consulting,
system design and system integration, project management, engineering and
implementation, and goes right through to maintenance and support.  The
company has subsidiaries in 23 countries and has a staff of more than 5,000
employees worldwide.  The Ascom registered shares (ASCN) are quoted on the
SWX Swiss Exchange in Zurich.

CONTACT:  ASCOM CORPORATE FINANCE
          Investor Relations
          Ascom Management A
          Rudolf Hadorn, Chief Financial Officer
          Stettbachstrasse 6
          CH-8600 Dubendorf
          Phone: +41 1 631 14 15
          Fax: +41 1 631 28 00
          E-mail: investor@ascom.com
          Homepage: http://www.ascom.com


SWISS INTERNATIONAL: Sees Positive Outcome from Financing Talks
---------------------------------------------------------------
The Sunday press featured reports about an investigation by SWX, the Swiss
Stock Exchange, into SWISS and the progress of negotiations about an
operating credit.  SWISS would like to provide the following information in
response to these reports:

It is correct that SWX Swiss Stock Exchange is currently looking into
whether there may have been a possible violation of Art. 72 of the Listing
Rules (ad hoc publicity) in connection with an interview with CEO Andre Dose
on October 14 this year.  The translated version of a press release
presented a very optimistic interpretation of this interview in relation to
the status of negotiations about an operating credit.

Negotiations about an operating credit with SWISS and international banks
continue.  As usual, complex discussions of this nature always take time.
SWISS is very confident that talks with the banks and possible other
financing partners can be brought to a successful conclusion.  SWISS will
provide further information once contracts are signed.

Rumors about pulling out of a contract with Embraer in favor of purchasing
Airbus A318s are untrue.  SWISS is, however, talking to aircraft
manufacturer Embraer about deferring delivery of the Embraer 170s.

CONTACT:  SWISS CORPORATE COMMUNICATIONS
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com


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


ABERDEEN ASSET: Completes Sale of Retail Funds to New Star
----------------------------------------------------------
Aberdeen has received payment from and completed the sale to New Star of the
rights to manage the retail unit trusts and OEIC sub-funds managed by
subsidiaries of Edinburgh Fund Managers Group plc including those of its
Edinburgh Portfolio business.

As part of the arrangements relating to the recommended offer by Ernst &
Young LLP on behalf of Aberdeen for the whole of the issued and to be issued
ordinary share capital of Edinburgh, which was declared unconditional in all
respects on October 24, 2003, Aberdeen agreed to procure the sale of the
management rights in respect of the Retail Funds to New Star.  The sale is
consistent with the strategy set out at the time of the previous sale by
Aberdeen to New Star in February of this year.

Detailed information regarding the investment managers and the
administration of the Retail Funds will be sent out by New Star to
intermediaries and unit holders over the course of the next week.

New Star paid Aberdeen a consideration of GBP33 million (of which GBP27
million is in cash and GBP6 million in A ordinary shares of New Star) for
the management of the Retail Funds, which amount to approximately GBP965
million of funds under management.

The Retail Funds are:

Edinburgh Australasian Fund
Edinburgh European Fund
Edinburgh Financial Fund
Edinburgh Global Equity Fund
Edinburgh North American Fund
Edinburgh Pacific Fund
Edinburgh Safety First Fund
Edinburgh Technology Fund
Edinburgh Tokyo Fund
Edinburgh UK Absolute Alpha Fund
Edinburgh Fixed Interest Fund
Edinburgh UK Growth Fund
Edinburgh UK Income Fund
Edinburgh UK Smaller Companies Fund
Edinburgh American Portfolio
Edinburgh Asia Portfolio
Edinburgh European Portfolio
Edinburgh Fund of Funds Portfolio
Edinburgh Global Growth Portfolio
Edinburgh Managed Growth Portfolio
Edinburgh Monthly Income Portfolio
Edinburgh Performance Portfolio
Edinburgh Property Portfolio
Edinburgh UK Growth Portfolio

The Edinburgh subsidiaries involved are Edinburgh Unit Trust Managers
Limited and Edinburgh Portfolio Limited.

CONTACT:  ABERDEEN
          Martin Gilbert
          Phone: 020 7463 6000

          GAVIN ANDERSON
          Neil Bennett
          Phone: 020 7554 1400


AMP LIMITED: CEO Defends Demerger Before Securities Institute
-------------------------------------------------------------
Address by AMP CEO Andrew Mohl to the Securities Institute on the future of
AMP:

I'm delighted to have this opportunity to talk to you about AMP's plans for
the future and what this will mean to you as shareholders, customers and
business partners.

On October 7 last year, I accepted the challenge and the honor of being CEO
of AMP.  And, frankly, while I'd been at AMP for almost 6 years, in
hindsight, I didn't know what I was really letting myself in for.

No one could have predicted the events of these past 13 months. They have
been extraordinary and they have tested AMP in a way that few organizations
are likely to be tested.  But [today] I can stand here and say with
confidence that we have come through it and are on the way back.  Every day,
the outlook is better for AMP, our shareholders, our customers, our planners
and our staff.

The demerger is the simplest and best answer for AMP and everyone with a
stake in our future.  The demerger will unlock the underlying value of the
company.  And it will free the company to meet the challenges it faces head
on.  Our plans to demerge the company into two separate, regional businesses
are spelt out in detail in our explanatory memorandum. It's a large and
complex document, because AMP is indeed a large and complex company.  The EM
is now being mailed to our almost 1 million shareholders.  More than 1 in 4
of our shareholders live in Victoria, so I imagine a quite a few of the
people sitting in this room will soon be receiving our "white pages."

We want to separate AMP into two regional companies -- AMP in Australia and
New Zealand, and HHG in the U.K. -- and thereby give our shareholders
separate, equal investments in both.  So that if you hold 100 AMP shares
before the demerger, you'll hold 100 AMP shares and 100 HHG shares after the
demerger.  That's what the largest EM -- all 580 pages -- in Australian
corporate history is describing in detail.  And the reason we want to do
this is because it's the best way for AMP to face the future.

We go into a lot of detail in our EM about why we think this.  It boils down
to three core reasons.  First, we believe two companies will be better than
one.  There is no long-term benefit in managing the Australian and U.K.
businesses together within one group any more -- if there ever was.  In
fact, we are certain that hanging on to the past will hinder the future of
both companies.  And that's our second core reason.

We know that by separating the two businesses, each will be free to grow and
develop in their own markets.  And both have solid growth potential.  As
separate businesses, they will have greater clarity of purpose, greater
transparency and a greater ability to meet customers' needs, whether in
Australian wealth management or European investment management.

And third, there's no doubt that the precise proposal we've come up with
hits the "sweet spot" for everyone with a stake in AMP's future.

Let me explain these reasons in a little more detail.  First, why two
companies are better than one.  This goes to the heart of our decision to
demerge and why it's a sound, long-term strategic move.  Essentially,
there's no good reason to keep the Australian and U.K. businesses together
and lots of good reasons to separate them.  When we looked at where we were
earlier this year and the challenges we had to manage, it quickly became
clear that many of our issues were structural.  Housing the Australian and
U.K. businesses within the one corporate group was not benefiting either
business and was, in fact, harming both.  U.K. market issues were impacting
the Australian business, and that in turn was feeding uncertainty about our
commitment to the U.K. back into our businesses there.

The Board examined a range of options before settling on the demerger
proposal.  All were measured against 3 key criteria:

(a) maximizing shareholder value

(b) addressing our key challenges

(c) and having certainty of execution.

The only alternative that rated almost as well as the demerger was a trade
sale of the U.K. businesses.  The decision to push ahead with the demerger
was made on the basis that:

(a) the market environment in May for a trade sale was very poor

(b) a demerger was likely to deliver better value to
    shareholders than a trade sale

(c) a demerger was within our control whereas a trade sale was
    not

(d) and finally, the demerger option did not preclude a sale
    along the way.

The proposal to demerge is supported by the Independent Expert, Rothschild,
in its report in the EM.

Our second core reason to separate the Australian and U.K. businesses is
really the positive flip side of our first reason. If there was no benefit
in staying together, there were a slew of positive benefits in separation --
notably the fact by separating them, we could really unlock the growth
potential in both businesses.  Take the AMP business in Australia and New
Zealand first.  This is the pre-eminent wealth management business in the
market.  And it's extraordinarily resilient.  The financial results this
business delivered in the first half of this year, against the backdrop of
appalling industry and corporate conditions, were very promising.
Australian Financial Services recorded a 15% return on invested capital
while AMP Capital Investors recorded a 28% return on invested capital.

In part, the demerger announcement itself helped us to shore up the
Australian business as it was extremely well received by our key
shareholders, particularly planners and customers.  There has been much
discussion about the impact of the problems of AMP on its brand and
Australian business.  We are pleased that the worst is over and our customer
and brand tracking is showing strong underlying improvement.

There has been substantial improvement in sentiment toward AMP over the past
few months, from lows earlier this year.  And, very importantly for us,
positive sentiment towards planners (which we measure as scores of 4 or 5 on
a 1 to 5 point scale) has risen over the past few months to reach around
63% -- that's around its traditional level.

All of us at AMP in Australia look with excitement and anticipation at what
we can achieve in 2004 and beyond both in stronger industry conditions and
free of the corporate crises of the past few years.  For AMP, the demerger
is essentially about returning to our roots.  We've spent more than 150
years helping people manage their financial well being.  And the demerger
will let us do this even better than we've been able to do it before.

AMP is an icon company.  A great Australian company that has come through a
severe and prolonged crisis, and come through strongly.  Our competitors
should be under no illusion about what lies ahead when they compete against
AMP.

While I really don't have to sell the AMP story that hard -- I think just
about everyone knows and understands its strengths and its appeal -- the HHG
story is not as intuitively easy to understand, at least for an Australian
audience.  Yet there is great potential in HHG. At its core is the strong
Henderson investment management franchise.  This will be the growth engine
and long-term focus for the HHG group.

Post demerger, Henderson will be a top 10 U.K. based investment manager with
assets under management of almost GBP70 billion.  The business is
well-diversified by client type and across asset class -- and is growing
organically.  Investment performance is strong -- with some 71% of listed
assets under management meeting or exceeding benchmark in the first half of
2003.

Like all investment managers, Henderson has been affected by the adverse
market cycle, but we believe it is very well placed to benefit from economic
and market recovery.  HHG will also be focusing on unlocking the inherent
value in the existing life businesses that are part of its portfolio which
the Consulting Actuary in the EM indicates has an embedded value of around
GBP900 million.

While AMP has suffered enormously from the folly of what Chairman Peter
Willcox succinctly described to shareholders at the AGM in May as having
"too much of your money in the wrong business, at the wrong time, in the
wrong place" -- we are confident that the worst is over for the U.K. life
companies.

With the risks now reduced and the life companies closed to new business,
the value has been more effectively secured.

On a more positive note still, there is also scope for significant
efficiency and cost gains, which can further build value.

HHG is a good bottle of red.  It will need time to breathe and prove
itself -- but it has real promise.

It would be a tragedy if Australian shareholders, not fully appreciating
this potential, sell their shares too early and miss out on the upside HHG
has to offer.

One of the questions I now get occasionally asked is "if HHG has such
potential, why would we still go ahead with the demerger?"

After all, we've substantially reduced the equity market risks in our life
services business, closed it to new business, and have Henderson well
positioned to benefit from the cyclical market upturn.

And that's all true.  That's why we received regulatory approval and that's
why we are listing HHG on the London Stock Exchange where we expect to
successfully complete a capital raising by mid-2004.  Those who question the
investment case for HHG miss the point that it could never have been listed
if it wasn't sound because no Board or regulator would have ever approved
the demerger.

It's simply better for HHG as a U.K.-based business -- and so better for our
customers and our shareholders -- if HHG is separated and able to develop
its own strengths as a U.K.-listed company.  It gets no benefit being owned
by and being the U.K. branch of an Australian parent.

HHG will have its own identity, culture, and Board -- and will have access
to capital in a market that understands far better than here its intrinsic
value and potential.  That's why we're demerging.  It's better for everyone,
including our shareholders.

And so to our third key reason for the separation.  The final proposal we've
come up with -- and detailed in our EM -- is a proposal that is win-win for
everyone with a stake in AMP.

That's the sweet spot I talked about earlier.  It took us more than 5
months -- from May 1 until October 16 -- to develop.  And it took a ton of
patience and diplomacy in negotiating with a range of stakeholders.  But we
ultimately came up with a proposal that satisfied our internal Boards and
Management in both companies; secures and protects the interests of our
policyholders in the U.K. and Australia; met the requirements of regulators
in both jurisdictions; and provides real value potential for our
shareholders.

Finding this "sweet spot" involved a number of "firsts."  We are the first
company in the U.K. to publicly provide capital adequacy information
according to new regulatory guidelines -- that aren't even mandated yet.  We
are the first company in Australia to publicly release sophisticated new
measures of value for our insurance books in Australia and the U.K.  And we
are the first company in Australia to offer post-demerger shares before the
demerger takes place -- structured in a way that protects the interests of
all our shareholders, whether they participate in the offer or not.  None of
this was easy.  But all of it was necessary to get to where we are today and
give our shareholders a strong, viable proposal for the future.

The challenges and the problems AMP has been dealing with have their roots
in actions and decisions taken over a run of years. The current Board and
senior management have so far had just over a year to resolve them.  It's
been a rough journey for everyone, especially our shareholders.  We have
been determined to face up to the problem and deal with it and thereby turn
the situation around.  And we believe the demerger proposal is the best way
of doing this.

If you're one of our shareholders, I have a very simple message.
Read the EM.  And vote on the proposal.  This is a critical time in AMP's
history and we want you to have your say.  Your directors are unanimous in
their recommendation: the demerger is the best way forward for the company
and all its stakeholders.


BALLAST NEDAM: Rok Property Buys U.K. Operations for GBP2 Mln
-------------------------------------------------------------
Workers at the Ellesmere Port office of Ballast Nedam heaved a huge sigh of
relief after Rok Property Solutions announced over the weekend it will
acquire several U.K. assets of the Dutch construction group.

Included in the acquisition are the Ellesmere Port operation and assets in
Manchester, Glasgow, Teesside and Cardiff, which is under administration by
Deloitte & Touche.  The acquisition, which also covers some contracts, will
cost Rok Property GBP2 million, the Daily Post said.

Ballast pulled the plug on its U.K. operations last month, leading many to
fear that the entire operation would fall into receivership with over 1,000
jobs lost.


CDRP LIMITED: Liquidators Set Dec. 2 Deadline for Proofs of Debt
----------------------------------------------------------------
Notice is hereby given, under Rule 4.182A of the Insolvency Rules 1986, that
it is the intention of the Joint Liquidators to declare a first and final
distribution to creditors in respect of CDRP (GP) Limited.  Creditors who
have not yet done so are required, on or before December 2, 2003 (the last
date for proving), to send their proofs of debt in writing to the
undersigned Richard Victor Yerburgh Setchim of PricewaterhouseCoopers LLP,
Plumtree Court, London EC4A 4HT, the Joint Liquidator of the Company and if
so requested, to provide such further details or produce such documentary or
other evidence as may appear to the Joint Liquidators to be necessary.

It should be noted that, after this date, the Joint Liquidators have the
right to defray any outstanding expenses of the winding up from the assets
of the Company, and to make any distributions which they may think fit,
without further regard to creditors claims which were not proved within the
above mentioned period.

ALL KNOWN CREDITORS HAVE BEEN OR WILL BE PAID IN FULL.

Richard Victor Yerbugh Setchim
Joint Liquidator


GOSHAWK INSURANCE: Opts to Put Syndicate 102 into Run-off
---------------------------------------------------------
At the time of its interim results announcement on September 26 the Group
stated that it had broadened its strategic review to assess all available
options to provide the necessary capital for the Group to trade in line with
its revised business plan.

Losses generated in Syndicate 102 from the 2001 and prior years have
severely depleted Goshawk's Funds at Lloyd's and as a result additional
capital would be required to trade forward into the 2004 year.

Goshawk has been in regular contact with Lloyd's and the FSA and had sought
Lloyd's support for a third party transaction to enable the syndicate to
continue underwriting into 2004 under a new managing agent on terms that
would not require Goshawk to recapitalize its Lloyd's operations.  At its
board meeting on October 29 Goshawk determined that its only two realistic
options were to pursue the transaction with Lloyd's agreement or to place
Syndicate 102 into run-off.  Lloyd's informed Goshawk that in Lloyd's
opinion a transfer of the management of the syndicate is very unlikely to
proceed and has required Goshawk syndicate management to cease underwriting
on behalf of the syndicate.  This action has been taken in close conjunction
with the Financial Services Authority as regulator of both the Society of
Lloyd's and Goshawk Syndicate Management Limited and in accordance with the
Supervision and Enforcement Co-operation Arrangements.  Accordingly Goshawk
has no option but to put Syndicate 102 into immediate run-off.

Goshawk expects that its Funds at Lloyd's (FAL) will be retained by Lloyd's
to cover losses from Syndicate 102.  This will involve Goshawk surrendering
some GBP45 million of cash and securities held by Lloyd's and contributing a
further GBP20 million to collateralize a letter of credit facility.  Some
GBP14.6 million of goodwill connected with syndicate capacity will be
written off.  On the liability side of the balance sheet, net insurance
liabilities relating to the Syndicate, which stood at some GBP47.4 million
at June 30, 2003, will be written back.  The majority of the expenses
incurred in closing down the Group's Lloyd's operations not attributable to
Syndicate 102 are expected to be charged to the Group's profit and loss
account during the current financial year.  The net charge to the Group's
profit and loss account resulting from this restructuring will be taken in
the current financial year and an early estimate is expected to be in the
region of GBP35 million.  However this should result in an area of
significant financial uncertainty being resolved.

Goshawk's liability is limited to its FAL.  Lloyd's has confirmed that the
Syndicates policy holders financial security will not be affected.

We expect Lloyd's to require Goshawk to transfer the management of the
syndicate's run off to a third party in due course.  This will result in a
significant reduction in the scale of Goshawk's London operations as it
refocuses on its reinsurance business in Bermuda, which has no material
financial exposure to deterioration on the syndicate.

Goshawk will emerge from this restructuring as a pure reinsurance company.
Goshawk will keep the market promptly informed of all developments.

Chris Fagan, Chief Executive Goshawk Insurance Holdings PLC commented: "We
have worked hard over the last six months to resolve the problems within
Syndicate 102.  However the problems caused by prior year losses are not
containable within the existing capital base of the Syndicate and we have
concluded that it would not be in our shareholders' interests to provide
additional capital support for Syndicate 102.  It is therefore with regret
that we are obliged to put Syndicate 102 into run-off.

"Putting Syndicate 102 into run-off will allow us to focus our time effort
and resources on our profitable reinsurance operation in Bermuda, Goshawk
Re."

                              *****

Standard & Poor's Ratings Services recently lowered its Lloyd's Syndicate
Assessment on Goshawk Syndicate Management managed syndicate 0102 to 'LSA
1pi' from 'LSA 2pi'.

"The action, following Goshawk Insurance Holdings' 2003 interim results,
reflects the possibility that syndicate 0102 may not be able to trade
forward into 2004 in its current form and scale without a material capital
injection to ensure the solvency of its corporate capital member," said
Standard & Poor's credit analyst Marcus Rivaldi.

CONTACT:  GOSHAWK INSURANCE HOLDINGS PLC
          Chris Fagan, Chief Executive
          Andrew Castell, Finance Director
          Phone: 020 7621 0777

          COLLEGE HILL ASSOCIATES
          James Henderson
          Phone: 020 7457 2020


HEYWOOD WILLIAMS: Posts Progress Report, Trading Update
-------------------------------------------------------
Following the resignation of the group chief executive on July 31, 2003, it
was stated at the time of the announcement of the interim results that a
board review of the group's activities was underway.   The purpose of this
review was to determine the necessary action to be taken in 2003 that would
enable Heywood Williams to enter 2004 at a much-improved run-rate of
profitability.

The required action plan has been focused on the U.K. with little change
needed in the U.S. and relates to:

(a) Discontinuation of a number of unprofitable and
    underperforming initiatives

(b) Significant reduction of employment costs -- 300 jobs or 15%
    of the U.K. workforce

(c) A write-down of surplus stock, bad debts and fixed assets in
    Plastic Systems

(d) A partial impairment charge of approximately GBP4m of the
    Cestrum goodwill, and the proposed exit from the fabrication
    activities in Huddersfield.

The total charge related to the above is circa GBP25m of which circa GBP12m
is cash to be expended over 2003 and 2004.  It is expected that this cash
outflow will produce a payback in two years.

Underperforming initiatives

The Centralock project, which will give rise to the largest exceptional
charge, has not met our expectations.  In view of this, the board has taken
a prudent financial view.

The DIY window and door service has not shown signs of moving towards profit
and consequently, the operation is being terminated.

The composite door volumes and gross margins have not justified the
continuation of a dedicated factory and a closure program is about to be
launched - the potential redundancies are included in the above reduction of
employment costs.

The easy-fab e-procurement service has not met revenue expectations; as a
consequence, the cost of development will be classed as an impaired asset.

Employment costs

The reductions are related to the underperforming initiatives and efficiency
improvements in the continuing operations.

Plastic Systems

The previously reported supply chain difficulties have led to excess stocks
of slower moving lines, more difficult credit collections and equipment
which is no longer required.  A provision has been taken to ensure that the
balance sheet recognizes this situation.  Customer service levels are
progressively improving.

In view of the substantial sums involved in this restructuring and the
potential impact on year-end covenants, Heywood Williams' banks have been
fully appraised of the program of action and the board is in the process of
presenting its forward plans.

Dividend

In light of the scale of the action necessary to restore the profitability
of the group, the unforeseen circumstances and their consequent impact on
net worth, the board can no longer recommend a maintained final dividend for
the year.  The board will review whether it is possible or appropriate to
pay any final dividend, with a decision to be taken at the time of the
preliminary announcement of the full year results for the year ending
December 31, 2003.

Going forward, Heywood Williams' dividend policy will be determined by the
group's profitability, with the intention of paying an annual dividend that
is approximately twice covered by earnings.

Current Trading

It is now expected that the second half of 2003 will be no better than the
first half, which reported a pre-tax loss of GBP1.7m.  The principal causes
are: the weakness of the normal seasonal uplift in the U.K. window, door and
conservatory market this autumn, poor results from Coldseal in its last two
months of operation under our control, and the low returns available in the
US PVC pipe market due to weak margin spreads.

Operational progress is now being made in the U.K. businesses, particularly
in Plastic Systems.  This relates to improved customer service levels and
work to drive factory, warehouse and distribution efficiency.

Management changes

Hamish Bryce, having spent the last three months in an executive capacity,
identifying, quantifying and commencing corrective action in the group
regrets the necessity for Heywood Williams to have to make today's
announcement, including the consequential effect on shareholder funds and
the position on the final dividend for 2003.

As a result of the severity of the impact, he has decided to retire from the
board with immediate effect.

The board would like to thank Hamish Bryce for his diligence to the task
involved during the recent difficult period.

As a result of this change, the following board appointments have been made
with immediate effect:

Roger Boyes, currently deputy chairman appointed executive chairman; and
Edward Roderick, currently a non-executive director appointed deputy
chairman.

A search will commence as soon as possible for a group chief executive and
an additional non-executive director.  It is intended that once a chief
executive has been appointed, Roger Boyes will become non-executive
chairman.

Heywood Williams going forward

In the U.K., having taken the above actions to remove loss-making activities
and to improve efficiency, Heywood Williams has a solid
'business-to-business' platform with leading market positions upon which to
develop:

In the U.K. we are primarily focused on the PVC windows, doors and
conservatory market:

(a) Manufacture and distribution of PVC rigid and cellular profiles

(b) Distribution and manufacture of hardware

(c) Door panels, sealed unit manufacture, fabrication, and other related
operations.

In the US:

(a) LaSalle Bristol, a specialist distributor, which primarily serves the
supply needs of the manufactured housing, modular and recreational vehicle
industries

(b) Bristolpipe, a regional manufacturer of a wide range of plastic pipe.

Outlook

Taking account of the previously announced disposals of Creation and
Coldseal, and with the above substantial actions in place, the board is
confident that a solid position for the future development of the group has
been established.

                              *****

In the U.K., Heywood Williams is the market leader in PVC windows, doors and
conservatories; in the U.S. it is a leading supplier of components to the
manufactured housing and recreational vehicle market; and a major producer
of plastic pipe products.

CONTACT:  HEYWOOD WILLIAMS
          Phone: 01484 487200
          Hamish Bryce, Executive Chairman

          FINANCIAL DYNAMICS
          Phone: 020 7831 3113
          Jon Simmons
          Meg Baker


LLOYDS SYNDICATE: Moody's Cuts Syndicate 1204 to C Below Average
----------------------------------------------------------------
Moody's Investors Service warned of further downgrades even as it cut the
rating of Syndicate 1204, a small GBP28 million U.S. Medical Malpractice
orientated syndicate, backed 90% by SCPIE and 10% by Kiln Underwriting
Limited, that operates within the Lloyds of London insurance market.

On Saturday, Moody's lowered the performance rating of the syndicate to C
Below Average from C+ Below Average, before placing the same on review for
further downgrade.  The rating action was prompted by the announcement that
the syndicate will not underwrite next year and onwards as its management is
due to be transferred from RJ Kiln to Chaucer Syndicates Limited.

"[I]n light of the proposed deal, [Moody's] believes that there will be some
policyholder continuity going forward, but not to the same extent as before,
and this is reflected in the rating action... [T]he rating action [also]
reflects some concerns it has over the ultimate level of profitability of
the syndicate's 2003 year of account.  This is against a background of
current 2001 and 2002 forecasts for syndicate 1204 of -26.5% to -31.5% and
+9% to -6% respectively, and in light of the potential negative impact on
the 2003 account as a result of the syndicate not trading forward," Moody's
said.

Moody's warned more downgrades would follow if the above deal fails to
proceed.


NORTHERN ELECTRIC: KPMG Plans to Sell Firm as 'Going Concern'
-------------------------------------------------------------
KPMG has been appointed as administrators of Northern Electric, the U.K.
retailer that went into administration last Saturday, according to This is
London.

The appointment also places the firm as receiver of Northern's holding
company, Shop Electric Group, and its two subsidiaries, Northern Retail,
which trades as Northern Electric, and warranty support company B2C Support
Services.  Northern Retail runs 25 U.K. electrical retail outlets, the
report says.

Northern Electric's U.K. stores closed over the weekend as receivers carried
out an inventory of the company's assets.  The group's Northern Ireland
business, Shop Electric Limited, consisting of 35 stores, is also included
in the administration.  This development threatens 500 jobs, the report
said.

At the request of Shop Electric directors, Richard Fleming and Julian Whale,
of KPMG Corporate Recovery, were appointed joint administrators.

In an interview, This is London quoted Mr. Fleming as saying: "Northern
Electric has suffered from competitive pressures and squeezed margins as the
pre-Christmas seasonal upturn has failed to emerge.  We hope to sell as many
of the stores as going concerns and we will decide early next week whether
to open some of the retail stores."


OLYMPIC CATERING: Joint Administrators Offer Business for Sale
--------------------------------------------------------------
The Joint Administrators, Jeremy French and Glynn Mummery of Redhead French
offer for sale the business and assets of Olympic Catering Equipment Limited
(In Administration).  The Company manufactures, supplies, installs and
services commercial catering equipment and bars.

Key features include: annual turnover of GBP4.5 million, owner occupied
premises, extensive range of plant and machinery, skilled workforce, and
extensive U.K. customer base.

For further details, please contact Glynn Mummery or Nigel Strike, Redhead
French, 43/45 Butts Green Road, Hornchurch, Essex RM11 2JX, Phone: 01708
458211, Fax: 01708 442308, E-mail: nigel.strike@redheadfrench.co.uk


REUTERS GROUP: Chief Agrees to One-year Employment Contract
-----------------------------------------------------------
Caving in to critics of the company's remuneration policy, Reuters Group CEO
Tom Glocer agreed to turn his employment contract into a one-year rolling
pact, the Financial Times said last week.

Originally, his contract was to last two years at a time until July 2005
when the company shifts to one-year pacts in line with U.S. corporate
governance practice.  Reuters characterized Mr. Glocer's decision as a
"goodwill gesture" and stressed that no institutional shareholders had
complained about the two-year contract.

"Not a single institutional shareholder has raised this matter but Tom is
aware that people in the U.K. care about it and has just decided he would
quietly drop it," Reuters Group said.

During Reuter's annual meeting this year, private investors attacked Mr.
Glocer's contract and the directors' bonuses.  According to the Financial
Times, 27% of shareholders voted to reject the remuneration policy when the
GBP2.2 million paid in management bonuses was presented to them in April.
Shareholders noted Reuters' share price, which at the time had lost 70% of
its value.

This strong objection prompted management to review its remuneration policy.
The company is expected to present the results of this review to the
Association of British Insurers soon.


ROYAL MAIL: Weekend Talks Falter; More Workers Join Strike
----------------------------------------------------------
The resumption of negotiations over the weekend between management and labor
unions behind the wildcat strikes at Royal Mail failed to patch up anything
significant, according to The Guardian.  Worse, more postal workers were
expected to join the unofficial strike yesterday.

Royal Mail said "fundamental differences" remained; one union official
described the negotiations as "like pulling teeth."  Union officials told
The Guardian workers in Chelmsford, Colchester, Coventry, Maidstone, Milton
Keynes, Oxford, Portsmouth, Slough, Southend and Swindon have now joined the
two-week-old walkout.  This in addition to 25,000 or so workers from Essex,
Kent, Cheshire, Hampshire and Buckinghamshire.

Talks on working practices were due at the Acas conciliation service
yesterday.  The Guardian expected the issue on pay and the second delivery
to be the central point of the conciliation.  Management wants to end the
daily second delivery of mail in an attempt to cut cost.

CEO Adam Crozier pegs the losses of the company at GBP1.8 billion over the
past two years.  The strikes, he said, could only worsen its dire financial
condition.

"In the last two years we've lost GBP1.8 billion, and we need to turn this
company around.  That means we have to make provisions today that will allow
us to compete for the next 10 or 20 years," Mr. Crozier said while appearing
on BBC's Breakfast with Frost program.

Members of Parliament and Trade Secretary Patricia Hewitt have appealed on
the workers to return to work.  She said: "Neither megaphone diplomacy or
unofficial action will solve this dispute."


ROYAL & SUNALLIANCE: La Camara Interested in Chilean Assets
-----------------------------------------------------------
Royal & SunAlliance is in discussion with La Camara Chilena de la
Construccion regarding the disposal of its Chilean life subsidiary Compania
de Seguros de Vida La Construccion, S.A.  Royal & SunAlliance currently
holds 51% of La Construccion.  A further announcement will be made in due
course.

In compliance with Chilean regulations, La Camara has written to the Chilean
insurance regulator and a formal notice of La Camara's intention to acquire
Royal & SunAlliance's 51% holding in La Construccion will be placed into the
Chilean press.  No financial details have been disclosed.

CONTACT:  ROYAL & SUNALLIANCE
          Analysts
          Malcolm Gilbert
          Phone: +44 (0) 20 7569 6134


WINCHESTER ENTERTAINMENT: Chairman Hopes for Speedy Recovery
------------------------------------------------------------
Chairman Huw Davies at the Annual General Meeting for Winchester
Entertainment Plc, the AIM listed intellectual property company that
specializes in the development, acquisition, financing and distribution of
feature films, will make the following statement:

"I am delighted to report that the Group is progressing in the current year
in line with Management expectations.

The acquisition of Cobalt has opened up an even wider range of opportunities
both in the UK and internationally.  We are particularly excited about the
slate of projects taking us well into 2004 and beyond, they should help
speed the Group's profit recovery."

Winchester Entertainment Plc is a leading U.K.-based film company,
structuring finance for producers and marketing their films around the
world.  Winchester also distributes films in the U.K.

The skills required are the ability to identify high quality commercial
scripts, to raise finance for production and distribution costs, to arrange
production in an efficient manner and to create and implement effective
sales and marketing campaigns.

The business is divided into four key divisions: U.K. & U.S. Production;
U.K. Film Production; International Film Sales; and Licensing &
Merchandising.

In late July this year Winchester announced the acquisition of Cobalt Media
Capital Limited from Alton Irby and John Muse, in consideration for the
issue of 3,048,519 ordinary shares in Winchester, representing 10% of its
enlarged share capital.

CMC also entered into a management services agreement with Cobalt Pictures
Limited in respect of the provision by CMC to Cobalt of personnel to manage
Cobalt's film library.  Pursuant to that agreement, CMC will earn revenues
linked to sales commissions in respect of sales achieved by Cobalt.  The
Cobalt library includes ownership of the international distribution rights
to the Studio films, 'Open Range', which stars Kevin Costner and was
recently released by Disney in North America; 'House of Sand and Fog',
produced by Dreamworks and starring Ben Kingsley and Jennifer Connolly and
'Swimfan' the number one U.S. box office film released by Twentieth Century
Fox in 2002.  In addition, Cobalt is the international sales agent to 'Danny
Deckchair', 'Shade' and 'Vacuums'.

Alton Irby, John Muse and certain Winchester Directors added to their
personal shareholdings in a spate of share purchases at 35p per share in
August this year.

                              *****

The Scotsman last week said London-based Winchester had cut its children's
television activities and built up its feature film business after two years
of losses.  The report added that analysts expect the intellectual property
group, which reported annual pre-tax losses of GBP11.2 million to March 31,
to make a BP3 million pre-tax loss in the full 2003/2004 year.

CONTACT:  WINCHESTER ENTERTAINMENT PLC
          Phone: 020 7851 6500
          Shawn Taylor, Acting Chief Executive

          Weber Shandwick Square Mile
          Phone: 020 7067 0700
          Chris Lynch


WORLD TRAVEL: Future in Hands of Creditors, Says Chairman
---------------------------------------------------------
At the AGM adjourned on October 31, 2003, John Biles, Chairman, made the
following statement:

"I was hoping to be able to report today that we had satisfactorily
concluded negotiations for a transaction that would secure the future of the
Company.  Unfortunately earlier this week the Directors of the target
company advised us that they did not intend to proceed with the transaction.

"It is clear, therefore, that unless we are able to come to a new agreement
with the Company's creditors involving a mixture of equity for debt swap or
further substantial reduction in creditors claims then the Company will not
be able to continue.

"Negotiations are underway with creditors and I expect to know shortly
whether they have been successful.

"Shareholders will recall that at the adjourned annual general meeting on
October 16, resolutions 3, 7, 8 and 9 set out in the notice of that meeting
were not considered and the meeting was adjourned until today.  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.

"I intend to put resolutions 7 and 9, which relate to acquisition and change
of name, to the meeting today although, if approved, the acquisition of
Wanbase will not be completed nor the change of name processed until an
accommodation has been reached with creditors.

"If no agreement is reached with creditors then it is the intention of the
Board to invite the secured creditor, Culver, to appoint a Receiver."

Outcome of meeting

Resolutions 7 and 9 set out in the notice of the annual general meeting were
duly passed.  These resolutions relate to a change of the Company's name,
and the acquisition of Wanbase respectively.

CONTACT:  WORLD TRAVEL HOLDINGS PLC
          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.


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