/raid1/www/Hosts/bankrupt/TCREUR_Public/031121.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

            Friday, November 21, 2003, Vol. 4, No. 231


                            Headlines

C Z E C H   R E P U B L I C

CKD PRAHA: J&T Interested in Becoming Stakeholder


F I N L A N D

BENEFON OYJ: Board Accepts Tender of Octagon Solutions


F R A N C E

AIR LITTORAL: 7 Group Eyes Assets to Build Regional Airline
ALSTOM SA: Fitch Questions Long-term Debt Refinancing Capacity
METALEUROP SA: French Commercial Court Opens Judicial Management
SCOR GROUP: Fitch Downgrades Financial Strength Rating to 'BB+'
SCOR GROUP: Strongly Contests Fitch's Latest Downgrade
SCOR GROUP: Appoints New Chief Executive for U.S. Operations


I T A L Y

CIRIO FINANZIARIA: Commissioner Predicts Sell-off by mid-2004


L U X E M B O U R G

MILLICOM INTERNATIONAL: Sets Price of New 10% Senior Notes
MILLICOM INTERNATIONAL: Bondholders OK Amendments to 2006 Notes


M A C E D O N I A

PORCELANKA AD: Opens International Public Tender for Assets


N E T H E R L A N D S

VERSATEL TELECOM: Reiterates 4th Quarter Growth Guidance


R U S S I A

TNK INTERNATIONAL: Fitch Upgrades Rating to 'BB'; Outlook Stable


S W I T Z E R L A N D

ABB LTD.: EUR650 Million Bond Offer Oversubscribed
ZURICH FINANCIAL: Posts US$1.4 Bln Net Income in First 9 Months


U N I T E D   K I N G D O M

AMP LTD.: Investor Files Lawsuit to Clarify Impact of Demerger
CRYSTAL DRINKS: Joint Administrators Open Bidding for Assets
EDINBURGH FUND: Aberdeen Asset Offer Declared Unconditional
HAWTIN PLC: Sales Spa Baths Distribution Business in France
HOLLINGER INC.: Daily Mail Expected to Bid for Assets

HOLLINGER INC.: U.S. SEC to Look into Accounting Irregularities
LE MERIDIEN: Saudi Prince Renews Interest to Rescue Chain
MARCONI CORPORATION: Buys Back US$5.9 Million Junior Notes
NEWTON AYCLIFFE: Owner Confirms Transfer of Operations to U.S.
NORTHUMBRIAN WATER: Disproves Skeptics with GBP15.5 Mln Profit

NTL INCORPORATED: Rights Offering Fully Subscribed
STIRLING GROUP: Applies for Cancellation of Trading
TELEWEST COMMUNICATIONS: Yassukovich Steps Down from Board
THOMAS COOK: Junks Plan to Sell Planes; Eyes Aero Lloyd's Routes
VISION FACTORY: Appoints Joint Administrative Receivers
WELCOME BREAK: Fitch Keeps Notes on Rating Watch Negative


                            *********


===========================
C Z E C H   R E P U B L I C
===========================


CKD PRAHA: J&T Interested in Becoming Stakeholder
-------------------------------------------------
Financial group J&T is willing to acquire shares and debts of engineering
company, CKD Praha Holding, Prague Business Journal says.

According to the paper, the investor was originally offered the government's
stake in engineering firm, Kralovopolska, but it turned down the offer in
favor of CKD Praha.  Established in 1927 out of the merger of
Ceskomoravska-Kolben and Danek, CKD Praha Holding a.s. has 29 subsidiaries
and affiliated companies, 13 of which are consolidated.  In the first half
of 2000, it sold Vagonka Studenka and established three new companies.
During the same period three subsidiaries were declared bankrupt.
Re-privatized in 1990, the company is involved in rail transport technology,
turn-key projects, environmental engineering, diesel engines, generating
sets, compressors, power engineering and related fields.

CONTACT:  CKD PRAHA HOLDING A.S.
          Freyova 27
          190 02 Praha 9
          Czech Republic
          Phone: +420 2 66031111
                 +420 2 66310834
          Home Page: http://www.ckd.cz/


=============
F I N L A N D
=============


BENEFON OYJ: Board Accepts Tender of Octagon Solutions
------------------------------------------------------
Benefon Oyj filed an application for statutory corporate reorganization on
April 24, 2003.  Reorganization application was approved by District Court
of Turku and proceedings commenced on June 26, 2003.  Proposal for
reorganization program was delivered to the court on September 10, 2003.  As
communicated in earlier bulletins, Company has been seeking for additional
equity financing to support reorganization.

Benefon has now received a conditional offer for equity investment, by means
of a directed share issue, of EUR1.5 million to EUR2.0 million from a group
of investors represented by and including Octagon Solutions Ltd. which offer
the Benefon Board has decided to accept and start the preparation of a
specific proposal to be made to an extraordinary shareholders' meeting
including the directed share issue together with all other integral elements
required for a reorganization package.  The Board of Directors of Benefon
will call such extraordinary shareholders' meeting separately.

As a result of such new investment, the offeror group could receive 66.66%
of the issued share capital and of all the voting power in the Company after
eventual transactions in the reorganization.  Accordingly, if the investment
is completed in accordance with the offer, the shareholding and voting power
of the offeror in the Company will exceed the 50% limit referred to in
Chapter 2, Section 9 of the Securities Markets Act.

The equity investment is subject to certain conditions to be fulfilled, the
most important of which include certain changes in the reorganization debt
and conversion of all K-shares to S-shares with a proposed conversion rate
of 1:10.  In addition to approval of the extraordinary shareholders'
meeting, the offer and the equity investment described above are subject to
approval of the creditors and confirmation of the Company's reorganization
plan by the District Court of Turku.

With the combination of the offered investment and the reorganization
solution, provided that they can be completed, the financial situation of
the company would significantly improve producing a sound balance sheet and
cash position, enabling continuing operations and development of the
business.

BENEFON OYJ
Jukka Nieminen
President


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


AIR LITTORAL: 7 Group Eyes Assets to Build Regional Airline
-----------------------------------------------------------
A group of Italian investors are planning to use most of the assets of
insolvent French carrier Air Littoral in their project to build a new
European regional airline, according to Evening.

The party is using AIM-listed shell company, 7 Group, to buy parts of Air
Littoral, and the whole of Milan-based carrier Azzurra in a reverse
takeover.  They will also bid for Greek national carrier Olympic Airlines,
the report said.  The transaction involves the purchase of Air Littoral's 17
Canadair 50-seat regional jets and its routes for EUR15 million.  Roughly
two-thirds, or 608 employees of the airline, will be retained.  Azzurra
Airlines is being bought for up to EUR15 million from Air Malta.  An
agreement for the purchases has already been struck.

Chairman Mario Palmonella says the goal is to create "a regional airline
with a Mediterranean vocation as a leading European entity."  He is planning
to meet demand for air links between European regions.  Italy's fifth
largest airline, Azzurra travels from Milan and connects with Air Littoral
at Nice in southern France.


ALSTOM SA: Fitch Questions Long-term Debt Refinancing Capacity
--------------------------------------------------------------
Fitch Ratings said Alstom S.A.'s shareholder approval for the proposed
EUR8.2 billion refinancing package is an indispensable step towards
recovery.  However, uncertainties persist over the group's longer-term
financing requirements, notably the EUR650 million bond maturing in July
2006, the strength of the underlying operations and the outcome of the
European Commission's review of the refinancing package, which is expected
to take some 12 to 18 months.

Concerns remain regarding the group's weak cash flow generation, with the
group reporting a net operating cash outflow of EUR731 million in 1H04
(inflow: EUR83 million in 1H03).  The cash outflow during the period is
largely due to the forecast cash outflow totaling EUR394 million relating to
the provisions made for the GT24/26 contracts and negative net working
capital movements, including a fall in trade payables and increase in trade
receivables.  Performance was also depressed by the reduction in orders due
to difficulties associated with obtaining bonding facilities and customer
lack of confidence in the group.  No improvement in the group's cash flow
generation is expected in the short-term given the forecast outflows
relating to the GT24/26 provisions, 29% decline in order book and
challenging market conditions.

The shareholder approval for the refinancing package provides greater
comfort and improves the probability of repayment for the holders of the
EUR550 million bonds maturing in February 2004.  However, the repayment of
the July 2006 bond remains in the balance given the group's unsatisfactory
performance to date with no significant turnaround expected in the short
term, uncertainty regarding the outcome of the EC's review and any last
minute alterations to the disposal of Areva, which expected to be close in
January 2004.  Fitch has also reviewed this bond documentation and notes
that the negative pledge clause is weak, allowing the group to issue secured
bank debt in the future hence potentially subordinating bondholders.

Fitch considers Alstom's action plan targets to be ambitious.  It aims to
reduce debt to below EUR2.5 billion at FYE05 (EUR4.5 billion at FYE03),
improve the group operating margin to 6% in FY06 (1.5% in 1H04) and to
generate positive free cash flow in FY06.  While Fitch acknowledges that the
transport division has a sizeable order backlog concerns remain regarding
the 49% decline in orders received in 1H04, as well as the difficulties
experienced by the power turbo-systems and power environment operations.
Any improvement in the group operating margin in the future is likely to be
supported by the more positive trend experienced by the power service
operations and improvement in the transport division following the
resolution of outstanding problem contracts and stronger demand, which may
be driven by public sector requirements.


METALEUROP SA: French Commercial Court Opens Judicial Management
----------------------------------------------------------------
The Paris Commercial Court decided at a hearing on November 13, 2003, to
take a process of "redressement judiciaire" with an observation period in
which to attempt to achieve a recovery plan and during which the operations
of the company will continue.

The Commercial Court of Paris has granted Metaleurop S.A. a further
extension until February 15, 2004 to hold its Annual General Meeting at
which the accounts of the financial year ending on December 31, 2002 would
be presented for approval.

                              *****

Trouble for Metaleurop started brewing when its German shareholder, TUI,
opposed plans to continue sustaining Metaleurop Nord's operation through
injection of additional funds.  Metaleurop said accumulated losses at
Metaleurop Nord amounted to EUR97 million in 2001 and 2002.

The Noyelles Godault-based business fell into receivership in January,
leaving parent company Metaleurop to deal with a liquidation impact of
EUR100 million on its 2002 consolidated statements.  Metaleurop was given a
EUR12 million- bridge loan by its shareholder, Glencore International, but
the funding expired at the end of August.  Creditors are now seeking to
recover EUR40 million from the company.

CONTACT: METALEUROP SA
         Phone: +33 (0) 1 42 99 47 73


SCOR GROUP: Fitch Downgrades Financial Strength Rating to 'BB+'
---------------------------------------------------------------
Fitch Ratings downgraded SCOR Group's major reinsurance entities' Insurer
Financial Strength (IFS) ratings to 'BB+' from 'BBB'.  At the same time the
agency downgraded SCOR's Long-term ratings to 'BB' from 'BBB-' and
Short-term ratings to 'B' from 'F3'.  The ratings remain on Rating Watch
Negative.  The Rating Watch on the IFS ratings of SCOR's Commercial Risk
Partners subsidiaries is changed from Evolving to Negative.

The rating action reflects Fitch's acknowledgment of further reserve
deficiencies mostly relating to SCOR's U.S. and Bermudan subsidiaries and
its concerns about possible further unfavorable developments.  It also
reflects the challenges the company is facing in terms of business position
and strategic orientation.  The agency has indicated that, if the EUR600
million capital raising should not be successful, the ratings could be
downgraded further, by at least one notch.  If it is successful, ratings
would most likely be affirmed at 'BB+'. Fitch will continue to closely
monitor the situation in consultation with the group's management.

SCOR has disclosed substantial reserve insufficiencies and losses from
discontinued and non-core businesses, mostly related to non-life activities
in the U.S. and the group Bermudan operations, totaling EUR589 million.
These insufficiencies mostly relate to underwriting years 1998-2001.  In
addition, a charge of EUR192 million was made against the deferred tax
assets.  As a consequence the group's shareholder's equity has dropped to a
low of EUR629 million at September-end 2003.  This situation is likely to
put pressure on the group's business position and further limit its ability
to fully benefit from existing favorable underwriting conditions in a number
of reinsurance lines.

Nevertheless, Fitch considers positively the reported support from a number
of SCOR's shareholders for the capital increase, as well as the refocusing
of the group's underwriting on short-tail risk in order to maximize the
profitability of capital employed and reduce risks assumed.  Fitch also
views favorably efforts made by the new management team to improve internal
reporting, underwriting control and claims handling.

SCOR is a major publicly traded diversified reinsurer.  Business is
underwritten under three major operating divisions; Property & Casualty,
Life and Business Solutions.  It holds strong business positions in a number
of European countries and to a lesser extent in Asia and Latin America.

Insurers rated in the 'BB' category are viewed as moderately weak with an
uncertain capacity to meet policyholder and contract obligations.  Though
positive factors are present, overall risk factors are high and the impact
of any adverse business and economic factor is expected to be significant.

The 'BB+' IFS rating (Rating Watch Negative) applies to the following
operating reinsurance company members of the SCOR Group: SCOR; SCOR
Reinsurance Co. (U.S.), General Security Indemnity Co., General Security
National Insurance Co., General Security Indemnity Co. of Arizona, SCOR Life
U.S. Re Insurance Co., Investors Insurance Corp., Republic-Vanguard Life
Insurance Co., SCOR Canada Reinsurance Co., Commercial Risk Re-Insurance
Co., Commercial Risk Reinsurance Co. Ltd., SCOR Deutschland
Ruckversicherungs AG, SCOR Italia Riassicurazioni SpA, SCOR U.K. Co. Ltd.,
SCOR Reinsurance Asia-Pacific Pte Ltd, SCOR Reinsurance Co.(Asia)Ltd.


SCOR GROUP: Strongly Contests Fitch's Latest Downgrade
------------------------------------------------------
SCOR has taken note with astonishment of Fitch's decision to lower the
financial strength rating of the Group to BB+.

SCOR formally contests Fitch's decision to issue such an opinion with less
than two weeks remaining for its capital increase, the principle of which
was unanimously approved by the Company's Board of Directors and which
already has firm shareholder commitments for more than 50% of the issue.  In
addition, SCOR has not obtained any coherent justification from Fitch as to
the basis for such a rating.  As a result, SCOR considers that Fitch's
decision is unfounded, ill-timed and causes serious damage to the Company.

The two main arguments used by Fitch would seem to be the risk of subsequent
reprovisioning needs in the accounts of the U.S. and Bermudan subsidiaries
of SCOR as well as erosion in its business position with clients.

SCOR's comments are:

SCOR has defined the reprovisioning level of SCOR U.S. and CRP as a function
of the work done by independent and world-class actuaries fixing a "best
estimates" for the reserves; the very principle of these reserves for future
charges sets as its objective the ability to cover potential adverse risk
development.  SCOR therefore cannot, unless it calls into question the
quality of the work of the independent actuaries -- some of the most highly
recognized in the profession -- consider Fitch's line of reasoning
well-founded.  SCOR also reiterates that the bulk of these additional
reserves concerns business lines which have been clearly identified, which
were underwritten between 1997 and 2001 and which the Group has stopped
underwriting.  In fixing today its judgment of the necessary reserves above
the estimates of the independent actuaries, Fitch would want to impose on
SCOR a level of reserving which does not correspond to market practice; this
measure is therefore discriminatory and unacceptable.

Fitch also asserts that SCOR's business outlook for 2004 has been seriously
degraded by the Group's recent quarterly results announcement.  That is not
SCOR's current experience since it is witnessing the loyalty of its clients
in a large number of countries.  These clients are especially basing their
confidence on the success of the upcoming capital increase.  In addition,
SCOR confirms the redirection of its underwriting implemented in 2002 with a
total focus on profitability; the positive results of the 2002 and 2003
underwriting years demonstrate the relevance of this new direction for the
2004 underwriting year.

The capital increase of EUR600 million will provide SCOR with a level of
equity substantially greater than that with which the company began the
year.  An increased selectivity in underwriting since the end of 2002 as
well as the adjustment in the overall volume of underwriting will give SCOR
a high degree of solvency in the wake of this capital increase.  SCOR can
therefore legitimately question Fitch's capital adequacy model as well as
the underlying assumptions that Fitch has used and which were not
communicated to SCOR despite the request that it do so.

Strengthened by the confidence of its clients, by the support of its
shareholders and by the quality of its team, the SCOR Group is confident in
its ability to manage the current challenges resulting from the
reprovisioning on past underwriting in the U.S. market.


SCOR GROUP: Appoints New Chief Executive for U.S. Operations
------------------------------------------------------------
Henry Klecan Jr. has been appointed President and Chief Executive Officer of
SCOR U.S. during the Board of Directors' Meeting held on November 18, 2003.

Henry Klecan Jr. has been President and Chief Executive Officer of SCOR
CANADA since July 2000, a position that he will continue to maintain.

Henry Klecan Jr., 52, holds a B.A. in philosophy from Sir George Williams
University and a law degree from University of Montreal.  He is a member of
the Quebec Law Society and has been active in the insurance industry for
over 20 years in various senior executive positions.

From 1999 to 2000 Henry Klecan Jr. was Vice President Principal of Citadel
Assurance Company.  From 1989 to 1998 he was Vice President Principal and
co-founder of London Guarantee Insurance Company.

Prior to 1989, Henry Klecan Jr. held executive positions in Canada's leading
specialty lines insurance companies and insurance brokerage operations.

Jerome Faure, the current President and Chief Executive Officer of SCOR U.S.
and Managing Director of the Non-Life Treaties Division, has decided to
leave the SCOR Group at the end of this year.  Henry Klecan's assignment is
to continue restoring the profitability of the U.S. business, while
restructuring the old portfolio.

Christophe Le Bars has also been appointed SCOR Group Senior
Vice-President - Human Resources

Christophe Le Bars, 37, has a Master's Degree in Law and a Master's Degree
in Human Resources Management.  Christophe Le Bars has joined SCOR Group as
Senior Vice-President, in charge of Human Resources Department.

From 1990 to 1997, he worked for the Bouygues Group, then for the FFSA
(French Federation of Insurance Companies) and Labinal, before joining
Hennessy (the LVMH Group).  In 1999, he was appointed Head of Human
Resources Development and Compensation and Benefits policy for LVMH Asia
Pacific Ltd in Hong Kong.  Before joining SCOR, he was Director of
International Human Resources for the Snecma Group.  Christophe Le Bars
succeeds Helene Chazot who is retiring after working 13 years for the SCOR
Group.


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


CIRIO FINANZIARIA: Commissioner Predicts Sell-off by mid-2004
-------------------------------------------------------------
Cirio Extraordinary Commissioner Mario Resca sees the sell-off of agro-food
firm to come by the middle of next year, Agenzia Geornalistica Italia
reported Monday.

Responding to journalists on the sidelines of a convention organized in
Messina by the American Chamber of Commerce in Italy, Mr. Resca said:
"[T]here is a growing interest in the group's activities."   He set
mid-December as the date he and other commissioners would be able to present
sell-off plans for Cirio.  "As an Italian and as a businessman, I hope that
the Cirio group is sold by the summer of 2004," he said.

Cirio Finanziaria, which defaulted on EUR1.1 billion of bonds in November,
filed for bankruptcy in August.  Liquidators immediately reviewed options
for the company, including declaring it bankrupt or putting it under
administration and selling certain assets.  The review was aimed at seeing
which of the unprofitable businesses should be sold or shut down to raise
funds for those units that are considered going concerns.  Reports say
international food companies such as Dole and Nestle have expressed interest
in bidding for the assets, but the source denied any concrete offers.

CONTACT:  CIRIO
          Phone: ++39 06 4145700
          Fax: ++39 06 4145729
          Homepage: http://www.cirio.it


===================
L U X E M B O U R G
===================


MILLICOM INTERNATIONAL: Sets Price of New 10% Senior Notes
----------------------------------------------------------
Millicom International Cellular S.A. (Nasdaq:MICC) announced Wednesday the
pricing of its offering of US$550 million 10% senior notes due 2013.

The proceeds will be used to repay US$137 million of the 13 1/2% senior
subordinated notes due 2006 and US$395 million of the 11% senior notes due
2006.

The offering is the third and final stage of Millicom's financial
restructuring, further reducing its cost of borrowing and extending the
maturity of its debt.   The new senior notes have not been and will not be
registered under the United States Securities Act of 1933, as amended.  The
new senior notes may not be offered or sold in the United States or to, or
for the account or benefit of U.S. persons (as such term is defined in
Regulation S under the Securities Act) except pursuant to a registration
statement under, or an applicable exemption from the registration
requirements of, the Securities Act.

In the United Kingdom, this announcement is directed exclusively at persons
who fall within article 19 or article 49 of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2001.

CONTACT:  MILLICOM INTERNATIONAL CELLULAR SA
          Marc Beuls
          President and Chief Executive Officer
          Phone: +352 27 759 101

          Andrew Best
          Phone: +44 20 7321 5022
          Investor Relations
          Shared Value Ltd, London
          Homepage: http://www.millicom.com


MILLICOM INTERNATIONAL: Bondholders OK Amendments to 2006 Notes
---------------------------------------------------------------
Millicom International Cellular S.A. (Nasdaq:MICC) announced Wednesday that
it has received the requisite tenders and consents from holders of its 11%
Senior Notes due 2006 to amend the indenture governing the 11% Senior Notes.

On November 7, 2003, Millicom commenced a cash tender offer and consent
solicitation relating to all of the $395,219,000 outstanding principal
amount of the 11% Senior Notes.  The consent date relating to the consent
solicitation expired at 5:00 p.m., EST, on Tuesday, November 18, 2003.  On
or prior to the Consent Date, holders of more than a majority of the
outstanding principal amount of the 11% Senior Notes had tendered their 11%
Senior Notes and consented to (i) the waiver of certain possible past
defaults under, and (ii) proposed amendments to, the indenture governing the
11% Senior Notes and related documents.  Among other things, these
amendments will eliminate certain of the indenture's restrictive covenants,
amend certain other provisions contained in the indenture and shorten the
optional redemption notice period of the 11% Senior Notes.

Millicom expects to execute shortly a supplemental indenture relating to the
11% Senior Notes that effectuates the proposed amendments described in the
Offer to Purchase and Consent Solicitation Statement.  Subject to the
completion by Millicom of its offering of 10% Senior Notes due 2013, which
is expected to occur on Monday, November 24, 2003, the expected settlement
date for the holders who tendered before the Consent Date is on or around
November 25, 2003, at which time the amendments to the indenture will become
effective.  The 11% Senior Notes Tender Offer will expire at 11:59 p.m., New
York City time, on December 8, 2003, unless terminated or extended.  If the
Financing Transaction is completed and less than all of the outstanding
notes are tendered in the 11% Senior Notes Tender Offer, then Millicom
intends to redeem any outstanding 11% Senior Notes in accordance with their
terms.

In addition, Millicom announced that it has received the requisite consents
from holders of its 2% Senior Payable-In-Kind Notes due 2006 to (i) the
waiver of certain possible past defaults under the indenture governing the
2% Senior Convertible PIK Notes and (ii) the waiver of compliance with the
limitation on restricted payments covenant in such indenture in connection
with Millicom's proposed redemption or repurchase of its 13.5% Senior
Subordinated Notes due 2006 with the proceeds of the Financing Transaction.

Morgan Stanley & Co. Incorporated is acting as the exclusive dealer manager
and solicitation agent for the 11% Senior Notes Tender Offer.  The
depositary for the 11% Senior Notes Tender Offer is the Bank of New York.
The 11% Senior Notes Tender Offer is being made pursuant to an Offer to
Purchase and Consent Solicitation Statement dated November 7, 2003, and a
related Letter of Transmittal and Consent, which more fully set forth the
terms and conditions of the tender offer and consent solicitation.

Questions regarding the 11% Senior Notes Tender Offer may be directed to
Morgan Stanley & Co. Incorporated, at (800) 624-1808.  Requests for copies
of the Offer to Purchase and Consent Solicitation Statement and related
documents may be directed to D. F. King & Co., Inc., at (212) 269-5550.

This announcement is not an offer to purchase, a solicitation of an offer to
purchase, or a solicitation of consents with respect to the 11% Senior Notes
or the 2% Senior Convertible PIK Notes.  The 11% Senior Notes Tender Offer
is made solely by means of the Offer to Purchase and Consent Solicitation
Statement.

The 10% Senior Notes due 2013 have not been and will not be registered under
the United States Securities Act of 1933, as amended.  The 10% Senior Notes
due 2013 may not be offered or sold in the United States or to, or for the
account or benefit of U.S. persons (as such term is defined in Regulation S
under the Securities Act) except pursuant to a registration statement under,
or an applicable exemption from the registration requirements of, the
Securities Act.

If you are in any doubt as to the action you should take, you are
recommended to seek your own financial advice immediately from your
stockholder, bank manager, solicitor, accountant or other independent
financial adviser authorized under the Financial Services and Markets Act
2000 (if you are in the United Kingdom), or from another appropriately
authorized independent financial adviser.

CONTACT:  MILLICOM INTERNATIONAL CELLULAR S.A.
          Marc Beuls
          President and Chief Executive Officer
          Phone: +352 27 759 101

          SHARED VALUE LTD.
          Andrew Best
          Phone: +44 20 7321 5022
          Investor Relations
          Homepage: http://www.millicom.com


=================
M A C E D O N I A
=================


PORCELANKA AD: Opens International Public Tender for Assets
-----------------------------------------------------------
Invitation to International Public Tender

Porcelanka, Macedonian Manufacturer of Porcelain and Tiles

Company: Porcelanka AD, in bankruptcy

Location: Veles, Republic of Macedonia

Description: Porcelanka's core business is the production of porcelain and
ceramic tiles.

Procedure: The assets will be sold in 1 package through a public tender.

Requirements for purchaser: No requirements to make any future employment or
investment commitments.

Minimum price: There is no minimum price.

Deadline: The deadline for the receipt of bids is 12:00 on December 17,
2003.

Interested parties wishing to receive more detailed information regarding
this tender, must pay a non-refundable processing fee of EUR200 (or the
Macedonian equivalent).

CONTACT:  BANKRUPTCY TRUSTEE
          Radosclav Kiprovski
          Porcelanka AD, in bankruptcy
          Industriska bb
          Veles
          Makedonia
          Phone: +389 43 231 873

          LIQUIDATION ADVISOR
          Simon Beamish or Salman Nissan
          Lions Bridge
          C/o Grant Thornton Consulting
          Dame Gruev, 14a
          1000 Skopje, Macedonia
          Phone: +389 (0)23 214 700
          Mobile: +389 70 827 744
          Fax: +389 (0)23 214 710
          E-mail: simon.beamish@lionsbridge.com


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


VERSATEL TELECOM: Reiterates 4th Quarter Growth Guidance
--------------------------------------------------------
Versatel Telecom International N.V. would like to clarify its position
towards its 2003 guidance.  Although it is Versatel's policy to adjust
guidance only when there is a material change in outlook, given the fact
that the Company noticed some confusion in the market after the publication
of the third quarter results, the Company felt further clarification was
appropriate.  Based on the solid performance year to date, Versatel believes
that 4Q03 results will show growth compared to 3Q03 results and hence is
confident it will slightly exceed the high end of its published 2003
guidance.

Versatel's already published financial guidance for full year 2003 is:

(EUR millions)                     2003

Revenue                             440 - 450

Gross Margin %                      50% - 52%

Adjusted EBITDA                      60 - 70

Capex                                75 - 85

Versatel Telecom International N.V. (Euronext: VRSA), based in Amsterdam, is
a competitive communications network operator and a leading alternative to
the former monopoly telecommunications carriers in its target market of the
Benelux and Germany.  Founded in October 1995, the Company holds full
telecommunication licenses in The Netherlands, Belgium and Germany and has
over 1 million customers and over 1,500 employees.  Versatel operates a
facilities-based local access broadband network that uses the latest network
technologies to provide business customers with high bandwidth voice, data
and Internet services.  Versatel is a publicly traded company on Euronext
Amsterdam under the symbol "VRSA". News and information are available at
http://www.versatel.comor http://www.versatel.nl


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


TNK INTERNATIONAL: Fitch Upgrades Rating to 'BB'; Outlook Stable
----------------------------------------------------------------
Fitch Ratings upgraded TNK International Ltd.'s foreign currency Senior
Unsecured rating to 'BB' from 'B+' and foreign currency Senior Secured
rating to 'BB+' from 'BB-'.  The 'BB' rating also applies to the USD700
million 2007 Eurobond.  At the same time, the local currency Senior
Unsecured rating is upgraded to 'BB' from 'B+' and the local currency Senior
Secured to 'BB+' from 'BB'.  All of these ratings are removed from Rating
Watch Evolving and a Stable Outlook is in place.

The rating action follows a review of TNK after the merger with OAO Sidanco,
previously the sixth largest Russian oil company by production, which had
been owned separately by TNK's shareholders Alfa Group and Access-Renova
(AAR) and BP plc ('AA+/F1+').  The merger is a result of an agreement
between BP and AAR, to combine their oil interests in Russia.  Through this
TNK-BP joint venture, TNK is now equally owned by BP and AAR.

The ratings, predicated on TNK's stand-alone basis in an absence of explicit
financial support from BP, primarily reflect the group's increased reserve
base, strong historical and projected upstream production, crude exports and
solid organic growth on the back of decreasing lifting costs as well as a
stronger downstream position.  TNK's operational profile will be further
strengthened after incorporation of 49.5% of OAO Slavneft's assets, acquired
by TNK this year.

The company's financial profile was enhanced by progress in the terming-out
of the debt maturity schedule (short-term debt was reduced from 61% at FYE01
to 28% at FYE02), and a reduction in pledged export receivables: c.26% of
export receipts (estimated for FY04 using a USD18/bbl crude price) are now
pledged, compared to c.64% in FY02.  Debt is expected to remain stable
year-on-year at FYE03 as the high acquisition costs in FY03 (USD1.9 billion)
were balanced by high crude prices and subsequent strong cash generation.

A tangible benefit of becoming a BP jv stems from the transfer of BP's
industry expertise as well as enhancement to its corporate governance.  BP
and AAR each nominate half of the board and senior management.  The key
financial targets of TNK as set out in the shareholders' agreement include a
25%-35% gearing range, which implies healthy interest coverage and leverage
for the ratings assigned.  A dividend payout at 40% of net U.S. GAAP profit
has been agreed, which is in line with historical payout levels.

Fitch notes as well that constraints upon the ratings include the inherent
fragility of the Russian corporate environment and limitations of the
domestic downstream sector.  Increasing production costs are driven by
rising taxation, a trend that is likely to persist.  In particular, the
agency's Unsecured debt ratings for TNK reflect subordination of unsecured
creditors to existing secured lenders, for whom collateral has been granted
over export receipts.  While the overall effects of the recent corporate
changes are expected to benefit the future credit profile of TNK, further
improvement in and stabilization of the Russian legal and business
environment will be required before further positive rating action is taken.
This is reflected in the Stable Outlook for the ratings.

TNK is now Russia's third largest oil and gas company, active in
exploration, production, refining of crude oil and marketing of petroleum
products.

A research update on TNK will shortly be available to subscribers on the
agency's website, http://www.fitchresearch.com


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


ABB LTD.: EUR650 Million Bond Offer Oversubscribed
--------------------------------------------------
ABB, the leading power and automation technology group, said it has
successfully priced and sold EUR650 million bonds maturing in November 2011.

The transaction, one of the three pillars of ABB's capital strengthening
program announced on October 28, 2003, was five times over-subscribed and
priced at the lower end of the indicated pricing range.

"I am very encouraged that this important part of our capital strengthening
program has been so well received," said Peter Voser, ABB's chief financial
officer.

Under the capital strengthening program, ABB has signed a three-year US$1
billion credit facility agreement with a group of banks, and ABB
shareholders will vote tomorrow at an extraordinary general meeting on a
proposed share capital increase expected to raise about US$2.5 billion.

The bonds, which will be issued by ABB International Finance Limited under
its Euro Medium Term Note program, will have a coupon of 6.5%.  The proceeds
will be held in escrow until the completion of the share capital increase.
The bookrunners for the transaction are Deutsche Bank, Barclays Capital and
HVB Corporates & Markets.

ABB (http://www.abb.com)is a leader in power and automation technologies
that enable utility and industry customers to improve performance while
lowering environmental impact.  The ABB Group of companies operates in
around 100 countries and employs about 120,000 people.

CONTACT:  ABB LTD.
          Investor Relations
          Phone: +41 43 317 3804 (Switzerland)
                 +46 21 325 719 (Sweden)
          E-mail: investor.relations@ch.abb.com

          ABB Corporate Communications, Zurich
          Thomas Schmidt, Wolfram Eberhardt
          Phone: +41 43 317 6568
          Fax: +41 43 317 6494
          E-media.relations@ch.abb.com


ZURICH FINANCIAL: Posts US$1.4 Bln Net Income in First 9 Months
---------------------------------------------------------------
Zurich Financial published recently its third quarter results.  Commenting
on the latest figures, CEO James J. Schiro said: "These results demonstrate
that Zurich has come a long way over the last year.  Having generated a net
income of US$1.4 billion in the first nine months, we are now able to deal
with adverse developments from a position of operational and financial
strength.  Going forward, our challenge is to maintain the momentum and
further develop our framework for sustainable and profitable growth.  We are
well positioned to do so, and I am confident that we will continue to make
good progress."

These are the highlights of the report:

(a) Net income increased to US$1,402 million for the first nine
    months of 2003 from a net loss of US$2,792 million in 2002

(b) Business Operating Profit increased to US$1,471 million for
    the first nine months of 2003 from US$490 million in the
    same period of 2002

(c) Premium growth in Non-life Insurance of 26%, to US$27.8
    billion, over the first three quarters of 2002.  Combined
    ratio at 98.2% for the first three quarters of 2003, an
    improvement of 16.6 percentage points over the same period
    of 2002

(d) Growth in Life Insurance premiums and deposits of 9% to
    US$15.0 billion while new business premiums (APE) increased
    to US$1,554 million in the first nine months of 2003

(e) Center impacted net income as it incurred a net loss of
    US$831 million in the first nine months of 2003, which
    included a net loss of US$488 million in the third quarter.

(f) Total shareholders' equity of US$18.3 billion, up from US$
    16.8 billion at December 31, 2002, but down from US$18.7
    billion at June 30, 2003

To see full copy of financial
results:http://bankrupt.com/misc/Zurich_Financials_3Q.doc


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


AMP LTD.: Investor Files Lawsuit to Clarify Impact of Demerger
--------------------------------------------------------------
AMP Limited has responded to the trustee for its Income Securities,
Perpetual Trustee Company Limited, which has advised that it plans to seek
judicial advice on the impact of AMP's proposed demerger on its Income
Securities.

Both AMP and Perpetual have received inquiries about the impact of the
demerger on the Income Securities and whether it could constitute a default
under the terms of the issue.  AMP Chief Executive Officer Andrew Mohl said
the company does not consider that any default has occurred, or will occur,
as a result of the demerger and this is detailed in Section 3.4.4 of AMP's
Proposal to Demerge Explanatory Memorandum.

"AMP closely examined the terms of issue of the Income Securities as part of
this demerger planning," Mr. Mohl said.
"AMP believes there has been no default.  Most importantly, we do not expect
this issue to have any impact on the proposed demerger of the Rights Offer."

The judicial advice process involves a Court application by Perpetual to
seek procedural advice on any actions it should take in relation to the
Income Securities.  This advice will be non-binding on both AMP and the
securities holders.  If a Court were to ultimately find that a default had
occurred, the securities would be repayable at face value.  In the unlikely
event that this was to occur, AMP has both internal and external capacity to
refinance the Income Securities, including existing cash resources and debt
facilities.

"AMP post demerger will be a well-capitalized, investment grade issuer.
Pro-forma debt levels of AU$2.6 billion as at June 2003 are likely to fall
significantly over the medium term as a result of the use of retained
earnings and release of capital from existing operations," Mr. Mohl said.

"AMP views Perpetual's actions as appropriate, given the trustee has
fiduciary responsibilities and the fact that resolution of any uncertainty
is in the interests of all Income Securities holders.  AMP has offered the
trustee whatever assistance it needs to support its judicial advice
process."

AMP has AU$1.24 billion of Income Securities on issue.  The securities are
currently traded on the Australian Stock Exchange under the code AMQHA and
have a face value of AU$100.  The securities will continue to trade on the
ASX while the judicial advice is sought, with the next interest payment due
on February 10, 2004.

The demerger timetable remains on track with the Extraordinary General
Meeting to be held on December 9, 2003.

CONTACT:  Mark O'Brien, Investor Inquiries
          Phone: +61 2 9257 7053


CRYSTAL DRINKS: Joint Administrators Open Bidding for Assets
------------------------------------------------------------
The Joint Administrators, Roger Marsh, Nick Reed and Ian Stroke, offer for
sale the business and assets of this West Yorkshire based Crystal Drinks
Limited (in administration).

Principal features of the business include:

(a) manufacture and distribution of soft drinks for a strong customer base
including supermarkets and independent retailers

(b) established business through well-known brands, which include Fontana,
Crystal, Solripe and Spice Islands

(c) substantial "own label" business

(d) well equipped and fully flexible freehold manufacturing facility in
Featherstone (4 acres)

(e) c125 employees

(f) turnover year ended September 2003 cGBP15.3 million

CONTACT:  Edward Macnamara or Vanessa Powell
          PricewaterhouseCoopers
          9 Bond Court, Leeds LS1 2SN
          Phone: 0113 289 4955
          Fax: 0113 289 4575
          E-mail: Edward.macnamara@uk.pwc.com


EDINBURGH FUND: Aberdeen Asset Offer Declared Unconditional
-----------------------------------------------------------
Aberdeen Asset Management PLC refers to the announcement made on October 24,
2003 that the offer by Ernst & Young LLP on behalf of Aberdeen for the whole
of the issued and to be issued ordinary share capital of Edinburgh Fund
Managers Group plc had become wholly unconditional (save as to Admission).

Admission having occurred and Aberdeen having received valid acceptances in
respect of more than 90% of the Edinburgh Shares to which the Offer relates,
Aberdeen announces that it will be implementing the procedure under Section
429 of the Companies Act 1985 to acquire compulsorily all of the outstanding
Edinburgh Shares in respect of which it has not received acceptance to the
Offer.

                              *****

Edinburgh Fund is left with GBP3.2 billion trusts under management, mainly
investment trust, unit trust and venture capital funds, after losing large
asset management contracts, including that of Bank of Scotland pension fund
and Edinburgh Small Companies Trust.  It has been in trouble since rejecting
a takeover approach last year by Hermes, the BT pension fund manager and its
biggest shareholder.  Four of its non-executive directors, including the
chief executive, resigned following that move.

CONTACT:  ABERDEEN
          Scott Massie
          Phone: 020 7463 6000

          ERNST & YOUNG
          John Stephan
          Phone: 020 7951 2000


HAWTIN PLC: Sales Spa Baths Distribution Business in France
-----------------------------------------------------------
The Board of Hawtin announces that, on November 18, 2003, it entered into a
conditional agreement to sale its wholly owned French subsidiary, Aquamarine
SARL.

The sale is conditional upon the completion, expected prior to the end of
2003, of certain health and safety improvements at Aquamarine's business
premises.

The prospective purchasers of Aquamarine are Somethy (La Societe de Materiel
Therapeutique et Hydrotherapique) (88%), Rosemary Warner (6%) and Serge
Coonaert (6%).  Rosemary Warner has acted as General Manager of Aquamarine
for the past 5 years.  The consideration for the equity of Aquamarine is
EUR65,000 payable in cash at completion together with the repayment of
EUR488,000 of inter Group borrowings as follows: EUR166,000 to be paid in
satisfaction of the above condition regarding completion of works;
EUR122,000 to be paid over the three years following completion; and
EUR200,000 to be paid on a monthly basis from completion, each monthly
repayment depending on the number of spa baths sold.  Remaining Intra-Group
balances of EUR279,000 will be written off.

In the financial year to December 31, 2002, Aquamarine recorded a loss
before taxation of EUR230,000; net liabilities at that date were EUR725,000.

Aquamarine is a manufacturer and distributor of spa baths for leisure and
commercial markets in France.  It occupies factory and office premises in
Villeneuve sur Lot, Western France, that cover an area of 3,345 square
metres.  Hawtin is retaining ownership of these premises and has agreed to
lease them to Aquamarine for ten years at an annual rental of EUR55,000.

Aquamarine's disposal is in line with the Hawtin Board's stated policy of
responding favorably to offers for assets and subsidiaries belonging to the
Hawtin group in order to reduce bank debt.  The net proceeds from the sale
will, in the first instance, be applied towards reducing working capital
borrowings, which will have the effect of reducing group interest charges.
In addition, in future years, group property income will increase.


HOLLINGER INC.: Daily Mail Expected to Bid for Assets
-----------------------------------------------------
Daily Mail and General Trust, publisher of the Daily Mail newspaper in the
U.K., is likely to bid for the assets of publishing rival, Hollinger Inc.,
according to the Financial Times.  It is understood to be most interested in
Hollinger's flagship Telegraph titles in the U.K.

The prospective break-up of Hollinger came after the resignation of its
chief executive, Lord Conrad Black, following the culmination of the
two-year investigation launched into a controversial payout he awarded
himself.

"A whole range of options are being considered including selling the whole
company or dismantling it piece by piece," one person involved in the
negotiations said, according to the Financial Times.

Daily Mail and General Trust, whose funding resources are being questioned
by analysts, could dispose non-core assets to finance a takeover bid for The
Telegraph group, the report said.  The assets that Daily Mail might put on
the block include the 29.9% stake in U.K. commercial radio group, GWR.  The
stake is worth about GBP100 million (US$170 million), while Daily Mail could
also use its free cashflow of about GBP200 million to raise further debt.
The Telegraph is valued more than GBP400 million.

But one person familiar with the situation said: "The assumption of a fire
sale is not right."  Investment bank Lazard, which is advising Hollinger
International on a possible sale, is just beginning a review, he said.
Hollinger, which is not facing a liquidity crisis that would force an asset
sale, could still choose a possible refinancing or private equity
investment.

Other potential bidders for Hollinger's assets include Express Newspapers,
part of Richard Desmond's Northern & Shell group; and private equity groups
such as Candover and Apax.


HOLLINGER INC.: U.S. SEC to Look into Accounting Irregularities
---------------------------------------------------------------
The U.S. Securities and Exchange Commission sent subpoenas on troubled
newspaper group, Hollinger International Inc., asking for information
relating the recently confirmed errors in its accounting, according to the
Financial Times.

The demand came after the financial regulator's commissioners decided to
launch a formal investigation into the debacle that led to the resignation
of the company's chief executive, Lord Conrad Black.  The probe is in
addition to the internal investigation being launched in the company over
the legitimacy of nearly US$300 million in management fees paid to Lord
Black and his top deputies over the past five years.

It emerged recently that Lord Black and other senior executives had received
so-called "non-compete payments" worth US$32.2 million without the approval
of the board or Hollinger's audit committee.  The "non-compete payments" are
fees paid by companies that Hollinger sold assets to.

The Securities and Exchange Commission will also look into the conduct of
KPMG, Hollinger's auditor, as well as various individuals connected to the
questionable transaction.


LE MERIDIEN: Saudi Prince Renews Interest to Rescue Chain
---------------------------------------------------------
Le Meridien, the hotel chain with approximately GBP1 billion in debt, could
likely receive another bid from Saudi Prince Alwaleed bin Talal.

The prince, whose offer for the 126-hotel chain was turned down by the
company's main banks back in July, is once again expressing interest to
rescue Le Meridien, Intesatrade reported, citing The Times.  The offer came
after the collapse of a rescue deal involving Lehman Brothers and Hyatt
Hotels.

The 126-hotel chain, said to be worth between GBP700 million and GBP800
million, is one of the world's best-known hotel operators, with 135 hotels
in 56 countries.  Its troubles started with the sharp downturn in tourism
after the September 11 attacks, aggravated by the outbreak of SARS in Asia
and the war in Iraq.  It recently decided to dispose its international hotel
business, which includes hotels such as the Forte Village in Sardinia and
the Le Royal Meridien Bristol in Warsaw, after the failure of the
restructuring talks.  The assets whose future are at stake excludes the 11
U.K. hotels operated under the Le Meridien brand.

Lehman, meanwhile, is said to be still interested in striking a deal.  It
reportedly approached other possible hotel partners, including Starwood
regarding its plan.  TCR-Europe said Le Meridien is now expected to appoint
Morgan Stanley to advise it on a "range of strategic options."


MARCONI CORPORATION: Buys Back US$5.9 Million Junior Notes
----------------------------------------------------------
Marconi Corporation plc (LSE: MONI; NASDAQ: MRCIY) announced that it had
purchased US$5.9 million (approximately GBP3.5 million) principal amount of
Marconi $487 million 10% guaranteed Junior Secured Notes due 2008 (the
Junior Notes) for a total cash outlay, excluding accrued interest and fees,
of $6.5 million (approximately GBP3.8 million) in open market transactions.
The repurchases were undertaken by Marconi Corporation plc.

Under the terms of the Group's Junior Notes indenture, the repurchased Notes
will be cancelled within 90 days and may not be re-issued or resold to any
third party.  Marconi may purchase additional Junior or Senior Notes in the
future.

In addition, Marconi gave notice to the owners of its Junior Notes (the
Securities) pursuant to Section 3.02 of the Indenture dated as of May 19,
2003(the Indenture) made between the Company, the guarantors named therein
and JPMorgan Chase Bank (the Trustee) that pursuant to Section 3.08 of the
Indenture $27,833,204 aggregate principal amount of Securities (the
Redemption Securities) will be redeemed on December 2, 2003 (the Redemption
Date).

The redemption price (the Redemption Price) shall be 110.0% of the principal
amount of the Redemption Securities redeemed plus 32 days accrued interest
to the Redemption Date.  In line with the mechanism used for the previous
partial redemptions of the Junior Notes, which took effect on July 31,
September 30 and October 17, 2003 respectively, a pool factor will be
applied to every holding.

Further details of the pool factor to be applied from the Redemption Date
will be announced once the pool factor has been confirmed by the Registrar.
This mandatory partial redemption has primarily resulted from releases of
cash collateral following the expiry of certain performance bonds and
letters of credit and proceeds from the disposal of the Group's share in
Confirmant and completion of its outsourcing agreement with Elcoteq.  The
paying agent with respect to the Redemption Securities is:  The Bank of New
York
                One Canada Square
                London E14 5AL
                England
                Attention: Corporate Trust Office.

Any queries in respect of payment, pool factor or related matters should be
directed to Emma Wilkes at Bank of New York on (+44) 20 7964 7662, who is
the Registrar, the Depositary and the Paying Agent.  On the Redemption Date,
the Redemption Price, together with accrued interest and any Additional
Amounts (as described in the Indenture), will become due and payable.
Unless the Company defaults in making the redemption payment, the Redemption
Securities shall cease to bear interest from and after the Redemption Date.
The Redemption Securities will be cancelled following redemption by the
Company.  In aggregate, Marconi has now repurchased or redeemed $204.1
million principal amount of Junior Note reducing the principal amount
outstanding and not owned by Marconi Corporation plc to $282.8 million
(approximately GBP167.3 million) as at November 18, 2003.  After the fourth
partial redemption scheduled on December 2, 2003, the principal amount will
be further reduced to $254.9 million (approximately GBP150.8 million).

CONTACT:  MARCONI CORPORATION
          Investor enquiries:
          Heather Green
          Phone: 0207 306 1735
          E-mail: heather.green@marconi.com


NEWTON AYCLIFFE: Owner Confirms Transfer of Operations to U.S.
--------------------------------------------------------------
American company Great Lake Chemical Corporation confirmed reports last
month that its Newton Aycliffe factory is to close, according to Evening
Gazette.

The firm whose main product is a flame retardant for polystyrene will move
production to El Dorado, in Arkansas.  The move is expected to render 97
North-east workers jobless.

Site manager Marc Jordens said: "We are no longer competitive on this site
and we have a large factory in Arkansas that can make our main product
cheaper and has the facility to take up the entire market."

The company is currently in the statutory 90-day consultation period, which
runs out in January.

"This factory will close at the end of the year but the staff will be
retained until the expiry of the 90-day period," Mr. Jordens said. "We will
then keep about 20% of the workforce to help with the decommissioning,
decontamination and demolition work needed to make the site safe.  We expect
that work to take about six months."

Jackie Woodall, senior organizer for the GMB union, said they are working
towards getting "the best possible deal."  They also want to make sure
workers are given the training to be able to find other jobs.


NORTHUMBRIAN WATER: Disproves Skeptics with GBP15.5 Mln Profit
--------------------------------------------------------------
Northumbrian Water Group plc is pleased to announce its first interim
results since its debut on AIM on May 23, 2003 and its admission to the
Official List of the London Stock Exchange on September 23, 2003.

Highlights

(a) Turnover of GBP182.7 million for the four months trading
    ended September 30, 2003 (2002: GBP172.7 million).

(b) Pro forma turnover of GBP261.4 million for the six-month
    period to September 30, 2003 (2002: GBP249.8 million).

(c) Profit before tax of GBP15.5 million (2002: GBP34.8 million)
    reflecting the increased interest charges principally due to
    the acquisition.

(d) Pro forma profit before tax of GBP24.1 million for the six-
    month period to September 30, 2003 (2002: GBP40.8 million).

(e) Interim dividend of 2.32 pence per share for the four month
    trading period, consistent with expectations at the time of
    AIM listing.

(f) Kielder refinancing close to completion.

(g) Highest quality drinking water in the U.K. and continuing
    high levels of customer service and environmental
    protection.

(h) Ofwat draft interim determination of K of 9.6% to be applied
    in 2004/05.

John Cuthbert, Managing Director, said: "2003 has been a year of great
significance for Northumbrian Water Group.  We listed on AIM in May,
submitted our draft business plan to Ofwat for the next regulatory period in
August and moved to the Official List in September.  In response to our
application for an interim determination of our price limits, Ofwat has
recently proposed that the company raise its charges by 9.6% for the 2004/05
year.

"The business continues to perform well and our drinking water quality,
levels of customer service and environmental protection are amongst the
highest in the country.  We continue to focus on our core business with an
emphasis on performance management across the Group."

To view report and financials:
http://bankrupt.com/misc/Northumbrian_Water_Interim_Results.htm


                              *****

When Suez sold Northumbrian Water to a consortium led by Deutsche Bank and
Ecofin earlier this year, water industry regulator, Ofwat, expressed concern
about the company's ability to tap capital markets following a reduction in
its credit rating.  Standard & Poor's had earlier downgraded Northumbrian's
ratings after taking a GBP536 million in debt in addition to the GBP1.2
billion it had when it was sold.

According to Ofwat, a number of investors questioned whether the rating
would ensure continued access to capital markets.  In response to this,
Northumbrian said it would consider undertaking a financial restructuring
program that could include raising debt against revenues generated by its
Kielder reservoir.  It assured it can improve its credit rating before the
next Ofwat review in June.  The regulator has given the company nine months
to restore confidence among financial markets after its sale.

CONTACT:  NORTHUMBRIAN WATER
          Phone: 0191 301 6419
          John Cuthbert, Managing Director
          Chris Green, Finance Director
          Andrew Panting, Communications Manager

          FINSBURY
          Phone: 020 7251 3801
          Rollo Head
          Mark Harris
          Anthony Silverman


NTL INCORPORATED: Rights Offering Fully Subscribed
--------------------------------------------------
NTL Incorporated announced Wednesday the preliminary results of its rights
offering, which expired at 5:00 p.m., New York City time, on November 17,
2003.

The subscription agent has informed NTL that, based on a preliminary
tabulation, the shares of common stock exercised under the basic
subscription privilege, together with over-subscription exercises, have
resulted in subscriptions substantially in excess of the 35,750,000 shares
of common stock NTL offered pursuant to the rights offering.  The
subscription agent is tabulating and verifying these exercises, including
those exercises made pursuant to guaranteed delivery procedures. NTL will
announce final numbers when they are available from the subscription agent.

Upon completion of the rights offering, NTL will issue 35,750,000 additional
shares of common stock and receive approximately GBP840 million ($1,370
million) in net proceeds. The net proceeds will be used:

(a) GBP363 million ($599.7 million) to repay in full all of our obligations
under our 19% Senior Secured Notes due in 2010, which we refer to as our
Exit Notes;

(b) Approximately GBP373 million ($616.2 million), together with cash on
hand of approximately GBP42 million ($69.1 million), as a permanent
repayment in full of all of our obligations under our working capital
facility;

(c) GBP62 million ($102.7 million) as inter-company funding to our
subsidiary NTL Communications Ltd.; and

(d) the balance for general corporate purposes.

Commenting on the news, Simon Duffy, Chief Executive Officer of NTL, said:
"I am delighted with the success of our rights offering.  Upon completion,
we will significantly reduce our debt levels and generate annual cash
interest savings of approximately GBP125 million ($206 million).  This is
great news for the business and positions us extremely well to execute our
future growth plans."

If shares remain available for issuance under the over-subscription
privilege after all exercises under the basic subscription are counted,
these shares will be allocated among those persons who properly exercised
their over-subscription privilege in accordance with the allocation
procedures described in the prospectus for the rights offering.  This
allocation will be announced as soon as practicable.

CONTACT:  NTL INCORPORATED
          Investor Relations
          US: Patti Kraft Leahy
          Phone: +1 610 667 5554

          UK: Virginia Ramsden
          Phone: +44 (0)20 7967 3338

          BUCHANAN COMMUNICATIONS
          Richard Oldworth or Jeremy Garcia
          Phone: +44 (0)20 7466 5000


STIRLING GROUP: Applies for Cancellation of Trading
---------------------------------------------------
As announced on October 23, 2003, Potter Acquisitions Limited had asked
Stirling Group plc to apply for cancellation of the trading of Stirling
Shares on the London Stock Exchange's main market for listed securities and
of the listing of Stirling Shares on the Official List and that it was
anticipated that such cancellation would take effect no earlier than
November 20, 2003.

This application has now been submitted by Stirling Group plc and it is now
anticipated that such cancellation will take effect on December 9, 2003.

Words and expressions defined in the Offer Document dated September 23, 2003
shall, unless the context otherwise requires, have the same meanings when
used in this announcement.

                              *****

Stirling Group said in September: "Prompted by the disappointing performance
of the company's share price over the last three years, the board of
Stirling has considered other ways of creating shareholder value.  That
process culminated in granting the Executive Directors permission to explore
a public to private transaction and in the announcement of the [Potter]
Offer."


TELEWEST COMMUNICATIONS: Yassukovich Steps Down from Board
----------------------------------------------------------
The Board of Telewest Communications plc announces the resignation of Mr.
Yassukovich as non-executive director.  This resignation reflects a
difference of opinion between Mr. Yassukovich and the rest of the Telewest
Board on the revised terms of the proposed restructuring.

In his letter of resignation, Mr. Yassukovich states, "As the formalities
for completion of the restructuring arrangements must now be undertaken, it
is appropriate that I now resign from the Board.  As you know, I never
accepted the decision of the ad hoc Committee of Bondholders to renegotiate
the terms of the restructuring as originally agreed, albeit on a non-binding
basis.  As I consider the revision of the terms to be prejudicial to the
interests of all the stakeholders, I could not join in what you would
correctly wish to be a unanimous recommendation to shareholders."

In response, Mr. Stenham, Chairman, stated, "I and the rest of the Telewest
Board understand and respect your opinion.  In the circumstances faced by
the Telewest group, however, we have concluded that a restructuring on the
revised terms remains in the best interests of our stakeholders.  All the
directors express their sincere thanks for your enormous contribution to the
group since joining the Telewest Board in 2000 and prior to that as a
director of Flextech since 1989."

CONTACT:  TELEWEST
          Phone: 020 7299 5888
          Jane Hardman, director of corporate communications

          CITIGATE DEWE ROGERSON
          Phone: 020 7638 9571

          Anthony Carlisle
          Phone: 07973 611888


THOMAS COOK: Junks Plan to Sell Planes; Eyes Aero Lloyd's Routes
----------------------------------------------------------------
Loss-making Thomas Cook will no longer sell its grounded Boeing 757 planes,
as previously announced, because of plans to get them flying again.
According to an unnamed company manager quoted by Focus Money magazine, the
travel company wants to reactivate some of the planes as part of its plan to
take over next summer the routes of insolvent charter airline, Aero Lloyd.

Thomas Cook had contemplated selling all the 13 planes in June because they
were too big and expensive for shuttling vacationers to and from European
tourist destinations. Company officials were not immediately available for
comment, the report said.

Thomas Cook's chief executive and financial officers resigned abruptly two
weeks ago.  For 2001/2002, the company's after-tax net loss was EUR120
million.


VISION FACTORY: Appoints Joint Administrative Receivers
-------------------------------------------------------
The Vision Factory Limited
Registered number: 2919562

Nature of business: Manufacture of TV & radio, sound or video etc.

Trade classification: 3230

Date of appointment of Joint Administrative Receivers: November 7, 2003

Name of appointer: Barclays Bank plc

CONTACT:  Simon Peter Bower and Geoffrey Paul Rowley
          Joint Administrative Receivers
          (office holder No.s 8338 and 8919)
          RSM Robson Rhodes LLP
          186 City Road
          London EC1V 2 NU


WELCOME BREAK: Fitch Keeps Notes on Rating Watch Negative
---------------------------------------------------------
Fitch Ratings maintained all Welcome Break Finance PLC's notes on Rating
Watch Negative as details of the motorway service area operator's
restructuring have not yet been finalized.

Welcome Break Finance is a whole business securitization of 23 of the
company's motorway service areas.  Its notes are rated as:

(a) GBP72 million Class A1 secured floating-rate notes due 2007: 'BB';

(b) GBP110 million Class A2 secured floating-rate notes due 2011: 'BB';

(c) GBP127 million Class A3 secured notes due 2015: 'BB';

(d) GBP9 million revolving facility: 'BB';

(e) GBP67 million Class B secured floating-rate notes due 2017: 'CC'.

Fitch recently met with representatives of the company to receive an update
on performance and restructuring plans.  Following these discussions, the
Rating Watch Negative has been maintained on all notes as negotiations with
bondholders are continuing.  Since there is the possibility that a
restructuring would result in a principal loss for all notes, should such an
agreed restructuring be announced or completed, negative action is possible.

Welcome Break's EBITDA before operating exceptionals was up by 11.7% or
GBP1.5 million for the quarter to September 30, 2003, at GBP39.6 million on
a rolling four quarter basis.  The growth has been driven primarily by
increased margin in both catering and retail, as well as reduced overheads.
While the results are encouraging, Welcome Break's cash flow is not
sufficient to meet debt service payments once amortization of the term
facilities starts in June 2004, when quarterly debt service (excluding
revolving facility repayments) will be approximately GBP8.7 million.  This
will increase to GBP12.1 million in September, and remain broadly stable
thereafter.  Furthermore, Welcome Break's interest rate exposure is not
fully hedged, and hence any rises in interest rates will increase debt
service on GBP182 million of floating rate notes, the revolving facility and
the overdraft facility.

Welcome Break has an overdraft facility of GBP10 million, of which GBP6.4
million was drawn at the end of September.  As the company moves forward
into its quietest period, its cash position is likely to tighten further.
This will be made worse by two GBP3.5 million repayments due on the
revolving facility in December and March, and the final GBP2.0 million
payment due in June.  Should Welcome Break Group Ltd not have enough cash to
make the repayments, a drawing under the transaction's liquidity facility is
possible.

Under the terms of the transaction documentation, Welcome Break Group
Limited has covenanted to supply the security trustee with unqualified
audited accounts within 120 days of its September 30, financial year end
(January 28), and to maintain its business as a going concern.  A breach of
these covenants could enable the security trustee to place Welcome Break
Group Limited into administrative receivership.  The company hopes to
announce and complete a revised restructuring in time to avoid a default
under these covenants.

The costs of refinancing now stand at some GBP13 million, principally paid
by Investcorp on behalf of Welcome Break and recharged to the appropriate
Welcome Break entities.  However, these charges are as yet unpaid.  Without
a restructuring, Welcome Break is unlikely to be able to afford such
payments.

Fitch will continue to monitor the transaction closely and issue further
updates when necessary.


                            *********


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
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Beard Group, Inc., Frederick, Maryland USA.  Larri-Nil Veloso, Ma. Cristina
Canson, and Laedevee Gonzales, Editors.

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

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