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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, December 2, 2003, Vol. 4, No. 238


                            Headlines

D E N M A R K

MAERSK AIR: Rumored Sale Unfounded, Says Chief


F I N L A N D

DYNEA INTERNATIONAL: On CreditWatch Due to Covenant Breach
FINNAIR OYJ: Forms Unit to Handle Financing, Management of Fleet
SANITEC INTERNATIONAL: Third-quarter Results Slightly Down


F R A N C E

CRABTREE EVELYN: In Members' Voluntary Liquidation
SUEZ SA: To Retain Small but Influential Stake in M6 TV
SUEZ SA: Denies Receiving Govt Ultimatum on Aguas Concession


G E R M A N Y

GAUSS INTERPRISE: 9-month Revenue Down Nearly 50% Year-on-year
INTERTAINMENT AG: Blames U.S. Scandal for Poor Sales Performance
SPAR: Netto Discount Stores Could Fetch US$595 Mln, Says Report


L U X E M B O U R G

STOLT-NIELSEN: Due Dates, Waiver of Covenant Defaults Extended
STOLT OFFSHORE: Expects Up to US$450 Million Net Loss in 2003


N E T H E R L A N D S

BUHRMANN N.V.: Successful Refinancing Prompts Ratings Upgrade
HELIX CAPITAL: Fitch Lowers Series 2001-5 Notes to 'DD'
KONINKLIJKE AHOLD: Argentine Businessman Revives Bid for Disco
KONINKLIJKE AHOLD: Fitch Affirms Rating with Stable Outlook


N O R W A Y

PAN FISH: Third-quarter Operating Loss Swells Eightfold
PAN FISH: Sells Two Subsidiaries for Undisclosed Amount
PETROLEUM GEO-SERVICES: Audit of 2002 Accounts Delayed


R U S S I A

STATOIL ASA: Initiates New Review of International Contracts


U K R A I N E

CJSC KYIVSTAR: S&P Lifts Rating to 'B'; Cites Solid Performance


U N I T E D   K I N G D O M

ANITE GROUP: Expects 6-month Pre-tax Profit to Slip 40%
BALTIMORE TECHNOLOGIES: Shareholders Approve Sale of PKI Biz
BRITISH AIRWAYS: Subsidiary Loses Seven Scottish Routes
DRAX HOLDINGS: International Power Wants More Discount for Debt
FIRST ACTIVE: Shareholders Favor Sell-off to Ulster Bank

GLENCOE CENTRE: Closed for Winter as Parent Pursue Rescue Talks
GREENCHIP INVESTMENTS: Ships Loss-making U.S. Unit to Highlander
HHG PLC: Plans to Raise GBP100 Mln Capital via Convertible Notes
HOLLINGER INC.: Al Fayed Shows Interest in Telegraph Titles
MACFARLANE GROUP: Completes Sale of Site in Linwood, Glasgow

MAGNUM POWER: Books GBP20.06 Mln Exceptional Loss for Full year
NORTHUMBRIAN WATER: Puts Executive Compensation Plan to Vote
ROYAL MAIL: Illegal Strikes to Spoil March 'Reliability' Result
SLIMLINE WINDOWS: Management Rescues Firm from Receivership

* Large Companies with Insolvent Balance Sheets


                            *********


=============
D E N M A R K
=============


MAERSK AIR: Rumored Sale Unfounded, Says Chief
----------------------------------------------
Maersk Chief Executive Officer Jess Soederberg has ruled out a
possible sale of ailing airline Maersk Air.  In an interview with
Borsen recently, he said the carrier is inclined to continue
operating now that it has received fresh funds.

"It's no secret that it needed money, so the capital injection
follows as a natural reason," Mr. Soederberg said.  He is
referring to the DKK400 million cash injection by A.P.
Moller-Maersk.

Maersk Air President Flemming Ipsen said: "The additional capital
is an important piece for the company and the employees and will
provide the new president the necessary means to take Maersk Air
the whole way through the difficult period for the aviation
industry."

Maersk Air saw demand plunge in the past two years amid a
depressed world economy.   In the first half of 2003 the SARS
virus in Asia and the Iraq war dealt another blow to demand.  Its
dire financial standing recently triggered talks of a possible
sell-off.


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


DYNEA INTERNATIONAL: On CreditWatch Due to Covenant Breach
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' long-term
corporate credit and 'CCC' senior unsecured debt ratings on
Finnish FA-based resin producer Dynea International Oy (Dynea) on
CreditWatch with negative implications.

"The CreditWatch placement reflects Dynea's very weak operating
performance in the first nine months of 2003, and a subsequent
breach of covenants in September 2003," said Standard & Poor's
credit analyst Christine Hoarau.

A waiver for these covenants has been obtained, but it is subject
to the lenders' approval of Dynea's 2004-2006 business plan.
Given the company's performance in the first nine months of 2003
and its continued weak outlook in the near term, covenants for
end-December 2003 are likely to be breached as well, unless
renegotiated.

"We will resolve the CreditWatch placement once Dynea's pending
covenant negotiations with senior lenders have been completed,"
added Ms. Hoarau.

Dynea's liquidity situation at end-September 2003 nevertheless
was an improvement on that of end-December 2002, thanks to the
company's tight management of working capital, disposal of its
oil field chemicals division, and an equity injection from its
parent company Dynea Oy.

However, Dynea's EBITDA generation (including shares of operating
results in joint-ventures, mainly Methanor) eroded to ?57 million
during the first nine months of 2003, from EUR74.5 million during
same-period 2002.  Notably, only EUR67.6 million of EBITDA was
generated during the past 12 months (September 2002-2003),
compared to EUR56.4 million of net cash interest expenses and
EUR29.1 million of capital expenditures in the same period.

Since 2001, the worldwide markets for FA-based resins, the
group's most important products, have suffered from weak demand,
a competitive environment, and high and volatile raw materials
prices.  This has significantly constrained Dynea's ability to
reduce debt, despite several asset disposals and equity
injections from the company's equity sponsor Industri Kapital
(not rated).  At end-September 2003, net debt still represented
more than 7x the EBITDA of the previous 12 months.


FINNAIR OYJ: Forms Unit to Handle Financing, Management of Fleet
----------------------------------------------------------------
In line with its expanding operations, Finnair is starting up a
Finnish aircraft financing company called Finnair Aircraft
Finance Ltd.  In December 2003, the financing, management and
lease activities of the Finnair Plc fleet will be moved to the
new company.

The goal of the arrangement is to improve the productivity of
capital employed in flight operations and to utilize the fleet in
a more effective way.  Setting up the new company is part of the
Group strategy-based structural renewal, which aims at focusing
on the Group's core business.

Finnair Plc's aircraft and engine management and leasing
activities cover aircraft and engines as well as related systems
and equipment, owned by the company itself and outside leasing
companies.  Finnair Aircraft Finance customers are the Group's
domestic and foreign business units as well as external
customers.

As of September 30, 2003, Finnair Plc owned a total of 43
aircraft and a total of 110 aircraft engines, the book value of
which was approximately EUR630 million.  In addition to this,
there was 29 leased aircraft.  The turnover of the fleet's
leasing activities in the financial year 2004 is expected to be
EUR190 million.  The arrangement requires the final approval by
the main lenders.

Finnair Plc
Communications
November 28, 2003


SANITEC INTERNATIONAL: Third-quarter Results Slightly Down
----------------------------------------------------------
Third Quarter 2003

Third quarter 2003 net sales of EUR226.7 million were down
against the same quarter in 2002 by EUR10.2 million or 4.3% in
total.  Excluding currency exchange rate effects, 1.9% less sales
were recognized.

EBITDA of EUR33.6 million or 14.8% of net sales for the third
quarter is EUR1.9 million or 5.3% lower than at the same time
last year.  Adjusted for restructuring and integration consulting
charges, the EBITDA margin increased to 15.7% of net sales
compared to 14.8% last year on a comparable basis.

Operating profit for the third quarter decreased to EUR12.2
million or 5.4% of net sales compared to EUR13.2 million or 5.6%
during the third quarter of 2002.  Excluding restructuring and
integration consulting charges, operating profit increased to
EUR14.2 million or 6.3% of net sales for the quarter compared to
5.3% last year.

Total capital expenditure was EUR10.4 million or 4.6% of net
sales for the quarter.  This represents an increase of EUR0.6
million compared to last year.  EUR16.6 million in cash was
generated and our net debt was reduced by EUR20.0 million in the
third quarter of 2003.

Our revolving credit facility of EUR50 million was undrawn and we
were in full compliance with our loan covenants.

Year to Date September 2003

September year to date net sales were EUR713.8 million, which is
EUR31.7 million or 4.3% below the comparable nine-month period in
2002 in total.  Currency exchange rate effects account for
EUR18.9 million or 59.6% of the total variance.

EBITDA for the period was EUR106.3 million or 14.9% of net sales
compared to EUR109.0 million or 14.6% of net sales in the same
period of 2002.  On a comparable basis excluding restructuring
and integration consulting charges, EBITDA increased to EUR115.2
million or 16.1% of net sales compared to EUR110.5 million or
14.8% of net sales in the first nine months of 2002.

Operating profit for the nine-month period increased to EUR40.9
million or 5.7% of net sales compared to EUR36.6 million or 4.9%
of net sales during the same period in 2002.  On a like to like
basis excluding restructuring and integration consulting charges,
operating profit increased to EUR49.7 million or 7.0% of net
sales which is a 30.8% improvement over the same time last year.

Total capital expenditure was EUR22.8 million or 3.2% of net
sales for the nine-month period of 2003 which is a decrease of
EUR26.8 million or 54.0% compared to last year.

The net indebtedness was EUR687.5 million excluding the
shareholder and PIK loans, which are EUR4.0 million or 0.6%,
lower than on September 30, 2002.

The third quarter report is available in both pdf and
Web version on the company homepage (http://www.sanitec.com).


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F R A N C E
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CRABTREE EVELYN: In Members' Voluntary Liquidation
--------------------------------------------------
Kuala Lumpur Kepong Berhad wishes to announce that Crabtree &
Evelyn Industrie S.A., an inactive wholly owned subsidiary
incorporated in France has been placed under members' voluntary
liquidation in accordance with French Corporate Law.  David
Ridley has been appointed as liquidator.  Other than the
liquidation expenses, there are no losses or material financial
effects on the Group's net tangible assets and earning per share
arising from the liquidation.


SUEZ SA: To Retain Small but Influential Stake in M6 TV
-------------------------------------------------------
French utility, Suez S.A., is not entirely abandoning
M6-Metropole Television S.A., France's broadcasting regulator
said, according to Dow Jones.

Conseil superieur de l'audiovisuel Chairman Dominique Baudis told
the press Suez S.A. will retain a small stake in the TV Network
after it unloads part of its 37% stake in M6 to institutional
investors, and sells another tranche in the stock market.  He did
not specify how much would be offered in each transactions,
saying it is up for Suez to provide the details.  Industry
sources expect the water and energy conglomerate to retain 5% of
the television network.

The regulator two weeks ago said Suez could materialize its
long-time dream of selling its interest if 48.4%-owner RTL Group
agree to limit its voting rights in M6 at 34%.  This would ensure
that the unit of German media giant, Bertelsmann, does not gain
control of M6 after the disposal.


SUEZ SA: Denies Receiving Govt Ultimatum on Aguas Concession
------------------------------------------------------------
The Argentine government is not forcing Suez S.A. to reinvest in
its local water subsidiary Aguas Argentinas S.A., the French
utility company said, according to Dow Jones.

"There is no ultimatum," a spokesman for Suez's water and waste
management division said, in response to the question of whether
the government has threatened to end its concession contract
unless it resumes investment.

Argentine daily La Nacion reported Thursday that the government
was using the contracts to force the French company to put in
ARS100 million over the next year at its local affiliate, and to
withdraw court complaints pertaining to its debt.  Aguas
Argentinas and two other Suez subsidiaries, just like many
companies in the country, ran into trouble after the Argentine
peso devaluated in January 2002.  These companies are charging
their services in pesos at the frozen rate, but pays debts in
dollars. Suez has lodged complaints with the World Bank's
arbitration court regarding this.

"Talks are continuing," the spokesman said.

Aguas Argentinas mothballed investment and defaulted on debt
payments in an effort to stem further losses.


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


GAUSS INTERPRISE: 9-month Revenue Down Nearly 50% Year-on-year
--------------------------------------------------------------
Gauss Interprise AG (Gauss)(Prime Standard: GSO, ISIN
DE0005532907) published the Group report for the first nine
months of 2003, including the third quarter ended September 30,
2003.  The Gauss Group achieved revenues of EUR4.4 million in the
third quarter (previous year EUR6.8 million), of which license
sales accounted for EUR1.2 million (previous year EUR2.5 million)
and services for EUR3.0 million (previous year EUR4.0 million).
Revenues for the nine-month period totaled EUR14.7 million
(previous year EUR22.8 million)

The decline in revenues compared to the same periods in the prior
year is attributable to delayed customer buying and customers
buying in smaller quantities given general world wide economic
conditions, the financial condition of the Gauss Group and
concern as to its long term viability and uncertainty created by
the tender offer by Open TextTM Corporation for all of the common
shares of Gauss announced on August 27, 2003.  On October 15,
2003 Open Text Corporation acquired 75% of the common shares of
Gauss and on November 18, 2003 it closed the tender offer for the
common shares of Gauss.  Open Text now owns approximate 86% of
the common shares of Gauss. The results reported by Gauss for the
period ending September 30, 2003 have no impact on Open Texts
September 30, 2003 financial results.

The operating loss (EBITDA) for the third quarter was EUR1.5
million, which was EUR0.1 million below the previous quarter.
The EBITDA for the nine-month period amounted to EUR4.1 million,
and was EUR2.5 million higher than the previous year.  The
increased net losses for the nine-month period are primarily
attributable to the decreased revenues.  Operating expenses for
the quarter were comparable to the same period in the prior year
because lower personnel costs were offset by certain
non-recurring charges.

The net loss per share for the nine-month period was EUR1.35 as
compared to EUR1.20 for the nine months ended September 30, 2002.
As at the end of September 2003 the Gauss Group had cash assets
of EUR0.7 million as compared to EUR1.1 million at the end of
June 2003.


INTERTAINMENT AG: Blames U.S. Scandal for Poor Sales Performance
----------------------------------------------------------------
Media company Intertainment AG, located in Ismaning near Munich,
achieved consolidated sales totaling EUR4.1 million during the
first three quarters of 2003.  Sales in the equivalent
year-earlier period amounted to EUR13.8 million.  Sales generated
by Intertainment resulted in particular from exploitation of film
rights in pay TV.

EBIT at Intertainment was -EUR5.5 million (year-earlier
period: -EUR4.8 million).  Earnings from ordinary activities
were -EUR5.8 million after -EUR5.4 million in the year-earlier
period.  The net consolidated loss amounted to -EUR6.5 million.
A loss of -EUR4.5 million was posted at the end of September.
Earnings per share amounted to -EUR0.55 (year-earlier period:
-EUR0.38)

Sales and earnings performance are in accordance with
expectations and are attributable to the damage sustained by
Intertainment as a result of the fraud perpetrated by American
film producer Franchise Pictures.

During the third quarter of 2003, Intertainment achieved sales
amounting to EUR2 million.  During the equivalent quarter for
2002, Intertainment generated sales of EUR2.3 million.  Earnings
from ordinary activities improved by comparison with the first
two quarters from -EUR2.3 million to -EUR1.6 million.  EBIT
stands at -EUR1.4 million for the third quarter of this year
compared with -EUR2.2 million for the third quarter of 2002.  The
net loss for the quarter deteriorated to -EUR1.7 million
(year-earlier quarter: -EUR0.4) million.

On September 30, 2003, Intertainment posted cash and cash
equivalents amounting to EUR4.3 million.  At June 30, 2003, cash
and cash equivalents stood at EUR2.3 million and at December 31,
2003, at EUR3.9 million.


SPAR: Netto Discount Stores Could Fetch US$595 Mln, Says Report
---------------------------------------------------------------
German grocery store chain, Spar, is selling its 1,100 Netto
discount stores in Germany amid fierce competition from rivals
Aldi and Lidl, according to the Financial Times.  The possible
transaction, which could be valued at between EUR500 million and
EUR750 million (US$595 million-US$893 million), follows disposals
of Spar's non-food operations recently.

Spar is implementing a restructuring program approved by its
creditor banks in May.  The German grocery market has long been
viewed as a difficult environment for food retailers.  Spar said
in August sluggish consumer demand and delays in restructuring
had affected its first half results.  The company, which narrowly
escaped insolvency this year, reported a group operating loss of
EUR64.5 million for the period from January to June, compared
with a loss of EUR60.9 million for the same period last year.
Netto's German stores had sales of about EUR2.5 billion last
year.

People familiar with Spar's plans say the Netto sale process is
at a preliminary stage and will continue into the first quarter
of next year, the Financial Times said.  Spar has appointed
Deutsche Bank to manage the sale.  The asset is expected to
receive wide interests from potential bidders, including both
trade and financial buyers.  Deutsche Bank declined to comment,
according to the report.

Spar is 83% owned by Intercontessa AG, which in turn is 77% owned
by ITM Enterprises.  The company operates 2,500 Spar and
SuperSpar supermarkets across Europe.  Its Spar Netto operation
is independent of the 192-store Netto chain in Germany.


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


STOLT-NIELSEN: Due Dates, Waiver of Covenant Defaults Extended
--------------------------------------------------------------
Stolt-Nielsen S.A. said its primary lenders have agreed to extend
the waivers of covenant defaults granted by the lenders until
December 15, 2003.  In addition, Stolt-Nielsen S.A. said it will
pay down its $180 million revolving credit facility by $20
million, and received an extension on repayment of the remaining
$160 million until December 15, 2003.  Lenders have also agreed
to extend waivers of covenant defaults related to Stolt Offshore
S.A.'s credit facilities, which Stolt Offshore is currently
working to renegotiate, also until December 15, 2003.

The relatively short waiver extensions were granted to allow
Stolt-Nielsen, Stolt Offshore and their lenders additional time
to put in place longer-term agreements.

"Working with our lenders over the past several months, we have
made progress toward the development of a mutually satisfactory
resolution to our current financial situation," said Niels G.
Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen.  "We are
currently pursuing several near-term refinancing alternatives, as
well as the sale of certain assets, that, when achieved, would
improve our liquidity, reduce debt and strengthen our balance
sheet."

Consistent with these efforts to strengthen the company's
financial condition and restructure its debt, Stolt-Nielsen also
reported that no interim dividend for the fiscal year ending
November 30 will be paid.

Stolt-Nielsen also announced that it has reached a definitive
agreement regarding the sale of its minority interest in Dovechem
Holdings Pte Ltd., which has interests in terminals and drum
manufacturing in China and South East Asia, for a cash
consideration of approximately $24 million.  The transaction is
expected to close in December 2003.  Stolt-Nielsen said that the
divestiture of this non-strategic asset was made as part of its
overall and ongoing efforts to enhance the company's financial
condition.

Stolt-Nielsen also noted that its wholly owned subsidiary, Stolt
Sea Farm Holdings PLC, has concluded the sale and leaseback of 30
percent of its Australian-government quota of Southern Bluefin
tuna.  The sale of the quotas is expected generate gross cash
sale proceeds of about $24 million.  The agreement enables Stolt
Sea Farm to preserve its valued customer relationships, while
unlocking a portion of the substantial value in its Australian
bluefin quotas, which have appreciated substantially since SSF
acquired them in 2000.

Combined with the previously announced sale and leaseback of
three ships with Dr. Peters GmbH & Co., the company will, upon
completion of the Dovechem sale, have raised proceeds of
approximately $100 million since late August.

Mr. Stolt-Nielsen added, "For the fiscal fourth quarter ended
November 30, results at Stolt-Nielsen Transportation Group were
in line with our expectations.  Going forward, we expect this
business to benefit increasingly as global economic conditions
continue to improve.  At Stolt Sea Farm, while salmon pricing
improved somewhat in the fiscal fourth quarter, business results
remained poor.  Market analysts anticipate improved salmon
pricing in 2004.  It is our objective to manage SSF to be self
sufficient in terms of its funding requirements.  Stolt Offshore
continues to make progress against its Blueprint for recovery."

About Stolt-Nielsen S.A.
Stolt-Nielsen S.A. is one of the world's leading providers of
transportation services for bulk liquid chemicals, edible oils,
acids, and other specialty liquids.  The Company, through its
parcel tanker, tank container, terminal, rail and barge services,
provides integrated transportation for its customers. The Company
also owns 63.5% of Stolt Offshore S.A. (NASDAQNM: SOSA; Oslo
Stock Exchange: STO), which is a leading offshore contractor to
the oil and gas industry.  Stolt Offshore specializes in
providing technologically sophisticated offshore and sub sea
engineering, flowline and pipeline lay, construction, inspection,
and maintenance services.  Stolt Sea Farm, wholly owned by the
Company, produces and markets high quality Atlantic salmon,
salmon trout, turbot, halibut, sturgeon, caviar, bluefin tuna,
and tilapia.


STOLT OFFSHORE: Expects Up to US$450 Million Net Loss in 2003
-------------------------------------------------------------
Stolt Offshore S.A. (Nasdaq NM: SOSA: Oslo Stock Exchange: STO)
provides guidance on financial performance for the twelve months
ending November 30, 2003, together with an update on current
trading.

Earnings Guidance

Stolt Offshore's net loss for 2003 is expected to be between $400
million and $450 million.  This figure reflects project losses,
asset writedowns, non-recurring restructuring charges and
provisions resulting from a more conservative view being adopted
in respect of revenue recognition.  This latter point, taken
together with current negotiations with clients on 2003
receivables, accounts for the range in estimated losses.

Losses on Legacy Contracts: Losses on the Burullus, OGGS and
Bonga projects are now estimated to be in the region of $170
million in 2003.  Work programs on Burullus and OGGS are now
complete, with Bonga 70% finished and due to complete in Q2 2004.
For the remainder of the Bonga project, Stolt Offshore has agreed
to an incentive scheme with the client, SNEPCO, which provides
the potential for future revenue gains.

Stolt Offshore has initiated arbitration proceedings against the
Algonquin Gas Transmission Company, a Duke Energy subsidiary, in
pursuit of a resolution for the Hubline project.  The parties are
organizing a parallel mediation process in an attempt to reach a
settlement.

Asset Writedowns: Following the conclusion of a thorough review
of certain businesses and the asset base, Stolt Offshore will
recognize a non-cash writedown of approximately $180 million in
Q4.  This figure includes an impairment of the anticipated value
of assets already offered for sale.

Corporate Reorganization: Stolt Offshore will recognize Blueprint
implementation costs of up to $25 million in 2003.   These costs
reflect, in part, the Company's plans to reduce the total
workforce by 21% from its existing level of 7,000.  Some 1,100
posts would be affected as a result of the disposal program, and
a further head count reduction of 400 is planned through
restructuring Stolt Offshore's Regional Businesses.  The
estimated reduction in the Company's annual Sales, General and
Administrative costs is 15% or $15 million.

Revenue Recognition: While it is currently in full compliance
with US GAAP, the Company has decided to apply more conservative
criteria to the probability of outcome in respect of the relevant
standard on revenue recognition.  The change means that Stolt
Offshore will record a provision of between $25 million and $75
million in 2003 with regard to the revenue already recognized,
but for which formal agreement has not yet been obtained from the
client.  The extent of the provision will depend on the outcome
of ongoing client negotiations.

Tom Ehret, Chief Executive Officer, Stolt Offshore, said: "Stolt
Offshore's trading losses for 2003 are primarily associated with
legacy contracts now largely behind us.  They represent lessons
painfully learned about the importance of sound contractual
discipline and margin protection; disciplines now fully
incorporated into the Company's working practices. The scale of
the overall loss reflects firm action to reposition the Company's
asset base and balance sheet -- namely write-downs against asset
values, claims and variation orders.  Stolt Offshore is now
moving forward with a targeted commercial strategy."

Update

Asset Disposals: Negotiations with potential purchasers of the
businesses and assets for sale indicate that Stolt Offshore is
likely to reach its proceeds target of $100 million to $150
million.  These proceeds will be recognized in 2004.

Financial Restructuring: Stolt Offshore continues to make
progress in negotiations with its lenders and as reported on
November 27, the Company has obtained an extension from November
26 until December 15 of the waiver of covenants to facilitate
this process.  Stolt Offshore has appointed a Chief Restructuring
Officer from AlixPartners and retained ABG Sundal Collier to
assist in the restructuring process.  The objective is to achieve
an appropriate longer term solution in Q1 2004.

Current Trading: The offshore contracting industry continues to
experience subdued markets in Q4 2003 and visibility for 2004
remains near term.  However, Stolt Offshore has maintained its
competitive position with inclusion on every major bid list that
it has sought to contest.  The recently announced contract from
the Ormen Lange license group is a significant vote of confidence
in the Company.

Stolt Offshore is a leading offshore contractor to the oil and
gas industry, specializing in technologically sophisticated
deepwater engineering, flowline and pipeline lay, construction,
inspection and maintenance services.  The Company operates in
Europe, the Middle East, West Africa, Asia Pacific, and the
Americas


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


BUHRMANN N.V.: Successful Refinancing Prompts Ratings Upgrade
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit and senior secured bank loan ratings on The
Netherlands-based office products supplier Buhrmann N.V. to 'BB-'
from 'B+' and removed the ratings from CreditWatch, where they
were placed on November 7, 2002.  The outlook is stable.

The rating actions reflect Buhrmann's refinancing of its existing
credit facilities.  The group's total debt outstanding, pro forma
for the disposal of its paper merchanting division and costs
related to the refinancing, was about EUR1.0 billion ($1.2
billion).

"The expected financial covenants under the new credit facility
will provide Buhrmann with adequate leeway as long as the group
stabilizes its operational performance," said Standard & Poor's
credit analyst Omar Saeed.  "Furthermore, the resolution also
factors in the group's sale of its paper merchanting division and
the resulting EUR600 million of net proceeds that were applied
toward debt reduction, which significantly bolstered the group's
financial profile."

Buhrmann's operating performance is expected to stabilize in
financial 2004, and, therefore, the group should continue to
demonstrate adequate leeway within its financial covenants and
meet its scheduled debt repayments.


HELIX CAPITAL: Fitch Lowers Series 2001-5 Notes to 'DD'
-------------------------------------------------------
Fitch Ratings downgraded the ratings of Helix Capital B.V.'s
Series 2001-5 to 'DD' from 'C' and removed the ratings from
Rating Watch Negative.  At the same time, the agency has affirmed
the rating of Helix Capital Series 2001-5a notes at 'A+'.

Helix Capital (Netherlands) B.V. is a special purpose vehicle
incorporated with limited liability under the laws of the
Netherlands.  Through a credit default swap Helix provides
protection to Bank of America, N.A. on a EUR1.2 billion-
reference portfolio containing 120 reference corporate entities.

Since the time of issue the notional value of the portfolio has
decreased to EUR1.16 billion from EUR1.2 billion following credit
events on Teleglobe, British Energy, Solutia and Mirant.

The actual losses following recoveries on Teleglobe, British
Energy, Solutia and Mirant have fully depleted the first loss
piece and led to a EUR7.8 million reduction in the principal of
Series 2001-5 notes as of November 2003.  Subsequently, Series
2001-5 notes received a reduced interest payment on November 18,
2003.  The downgrade to 'DD' reflects the fact that the
transaction will continue paying interest on the reduced
principal balance of Series 2001-5.

The affirmation of Series 2001-5a notes reflects sufficient
credit enhancement and a relatively stable credit quality of the
reference portfolio over the past three months.  Although the
number of sub-investment grade names has increased to 18 as of
November 2003 from 17 in August 2003, the net effect of the
individual assets' rating changes on the portfolio has been
minor.

The agency will closely monitor any changes to the existing
portfolio and will take further action as required.


KONINKLIJKE AHOLD: Argentine Businessman Revives Bid for Disco
--------------------------------------------------------------
Members of the main Argentine-owned banking lobby group, ADEBA,
promised to support belated efforts of local businessman
Francisco de Narvaez to keep Disco in Argentine hands.

Mr. Narvaez, who was previously dislodged from the bidding for
Royal Ahold's supermarket chain by Chilean retailer Cencosud, was
promised US$200 million in financial backing, people familiar
with the deal told Dow Jones.  Mr. Narvaez and ADEBA chief Jorge
Brito were both in the opinion that an Argentine owner should
control Disco.  Both have publicly expressed their stand.  The
$200 million loan will be provided as a syndicated loan, led by
ADEBA banks.  Mr. Brito's own Macro Group, which owns Banco
Bansud S.A. and Banco Macro S.A., is expected to account for a
large share of the financing, according to the report.  Ahold
officials declined to comment.

Meanwhile, Chilean newspaper La Segunda recently quoted a Disco
spokesman saying, Mr. De Narvaez has already been given the
chance to improve its bid before the exclusivity period of the
Cencosud offer started.  The Cencosud deal is estimated at around
$350 million.  Mr. De Narvaez's chance to divert the process of
the sell-off talks now hinges on the decision of Argentina's
antitrust agency, the Secretariat for the Defense of Competition
and the Consumer, the report said.


KONINKLIJKE AHOLD: Fitch Affirms Rating with Stable Outlook
-----------------------------------------------------------
Fitch Ratings assigned Netherlands-based food retailer
Koninklijke Ahold N.V. a Stable Rating Outlook while removing it
from Rating Watch Negative.  At the same time, the agency has
affirmed Ahold's Senior Unsecured rating at 'BB-' and its
Short-term rating at 'B'.

The Stable Outlook reflects the benefits from the shareholder
approval, granted on Wednesday, for a fully underwritten
EUR3billion rights issue.  Ahold however continues to face
financial and operational difficulties, which have been reflected
in the Q303 results.  Ahold announced in early November its
strategy for reducing debt through its EUR3 billion rights issue
and EUR2.5 billion of asset disposals as well as improving the
trading performance of its core retail and foodservice
businesses.  Whilst the approved rights issue addresses immediate
liquidity concerns, operationally, the news is less positive with
Ahold's core Dutch and U.S. retail operations both suffering from
increased competition, mainly from discounters, resulting in
operating profit margin erosion.  Ahold's European flagship
operation, the Albert Heijn supermarket chain in the Netherlands,
recently reported both declining sales and profits, as consumers
turn to discount retailers.  In reaction to this, Albert Heijn,
has amended its pricing structure, which in turn would suggest
that it will be more challenging in the future to match historic
operating margin levels.

The catalyst for the group's current predicament, U.S.
Foodservice, remains loss-making as a result of both the
accounting restatements, as well as the substantial margin
pressure due to suppliers reducing/removing vendor allowances.
It is unlikely despite management assurances that losses will be
stemmed in Q403.

Ahold remains exposed to further liquidity constraints as a
result of the potential EUR1.8 billion put against it from its
partners in the Scandinavian ICA joint venture.  Its is important
therefore in the view of Fitch that Ahold is able to realize
material cash proceeds from its planned EUR2.5 billion disposal
program in the coming year, gain headroom in funding facilities,
and attain an investment grade profile by FYE05, in order to tap
the capital markets for the significant bulk of the bond
maturities in that year.

To improve the profitability of its operations the group has
announced its intention to 're-engineer' its retail and food
service operations through joint purchasing, rationalization and
re-organization.  Fitch views these tasks as challenging. Fitch
remains concerned as to the future cash generative abilities of
the group's operations especially given Q303 figures.

The group derives some benefit from the new proposed three-year
bank financing.  The new facility will benefit from security
release of the share capital held by the banks Stop&Shop as well
as Giant-Landover but only once an investment grade credit rating
for Ahold has been maintained for six months.  Currently,
dividend restrictions imposed by secured lenders upon these
profitable borrowing entities will prevent the up-streaming of
dividends and thus continue to place holding company lenders,
such as bondholders, at a distinct disadvantage.

Immediate liquidity issues should be removed following the rights
issue although the ICA EUR1.8 billion put exercisable April 2004
will cause concern.  Net debt as at Q303 amounted to EUR11
billion.  Although the rights issue is a positive step, concern
has been heightened as to the underlying operating capabilities
of the group, which the new management has now to address.


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


PAN FISH: Third-quarter Operating Loss Swells Eightfold
-------------------------------------------------------
The Pan Fish (OSE:PAN) group's third-quarter (Q3) results at
September 30, 2003 are characterized by the company undergoing a
phase of restructuring, and by the fact that market prices for
farmed salmon are still at record-low levels.  The company has
elected to value and book stocks at a very cautious level and
this, together with the low salmon prices, has meant a
third-quarter operating result before depreciation (EBITDA)
amounting to a loss of NOK36.0 million, compared with an
operating loss of NOK4.7 million in the same period last year.
However, at the end of the third quarter 2003, Pan Fish's pre-tax
earnings were NOK183.3 million up on the same period last year.

Refinancing in place: Pan Fish's book equity at the end of the
third quarter was -NOK601.6 million.  The group was refinanced in
October and, adjusted for conversion of NOK900 million of debt,
equity capital would have totaled NOK298.4 million at the end of
the third quarter.  Although equity capital is tight, based on
the budgeted salmon prices the company has sufficient liquidity
to carry out the planned changes.

Market balance must be restored.  The company takes the view that
the current low prices for farmed salmon will not persist.  Pan
Fish believes that there will be a more balanced ratio between
supply and demand in 2004, which may lead to higher prices and
consequently improved profitability within the industry.

"Pan Fish is still faced with many challenges, although we
believe we will see a slow improvement in our markets.  Into
2004, we also expect to benefit continuously from the positive
effects of the restructuring measures, which have and will be
carried out, to enable us to achieve our objective of becoming a
lowest-cost producer.  Combined, these factors will help Pan Fish
maintain its ambition to return to profitable operations in
2005", says Pan Fish's Managing Director and Group CEO, Atle
Eide.

Operations and prospects

Fish-farming: The company's fish-farming businesses had an
overall turnover of NOK674.4 million in the third quarter,
compared with NOK736.6 million in the same period last year. 23
553 tons of round weight salmon were slaughtered during the
period, compared with 22 152 tons in the third quarter 2002, and
26 031 tons in the second quarter this year.  The fish-farming
business as a whole made an overall operating loss (EBIT) of
NOK72.4 million in the third quarter, compared with an operating
loss of NOK142.0 million in the same period last year.

The company's activity in the Faeroes was hit during the period
by outbreaks of the ILA salmon virus.  This has delayed the task
of finding a long-term strategic solution to ensure that
operations can continue and develop.  As previously announced,
there is a risk that further write-downs will be required in this
area of the fish-farming business in the order of NOK100 million.

Processing: The company's value-added processing (VAP) business
continues to perform well, and had a third-quarter turnover of
NOK217.7 million, compared with NOK199.5 million in the same
period last year.  This resulted in an operating profit (EBIT) of
NOK7.2 million, compared with an operating loss of NOK19.5
million in the same period last year.

Prospects: "The fish-farming industry must continue its efforts
to restore the balance in the market for farmed salmon.  Pan Fish
will continue to play an active part in this endeavor, and we are
confident that the actions taken within our own group and in the
market in general will enable us to return to profitable
operations in 2005," comments Group CEO Atle Eide.

Pan Fish will continue to maintain a strong focus on costs, in
order to strengthen the company's relative position vis-a-vis its
competitors.  As part of the effort to improve the company's
financial position, Pan Fish will carry on working to dispose of
those parts of the business defined as non-core operations.

"We will maintain our objective of becoming a lowest-cost
producer and, with our refinancing now in place, we can focus
seriously on the task of realizing this company's true
potential," says Atle Eide.

To see full copy of interim report for third quarter:
http://bankrupt.com/misc/PanFish_3Q.pdf

CONTACT:  PAN FISH
          Atle Eide, Group Chief Executive Officer
          Phone: +47 911 52 977
          Homepage: http://www.panfish.no


PAN FISH: Sells Two Subsidiaries for Undisclosed Amount
-------------------------------------------------------
On Friday, Pan Fish ASA signed an agreement for the sale of Norsk
Sjomat AS and Seafood Farmers of Norway AS to Per Magne Grondal
and Marine Capital Management, a subsidiary of Sparebanken More.

The parties have agreed not to make the purchase price public.
The transfer is expected to take place before the end of the
year.  Pan Fish's bank syndicate will finally approve the
transaction within one week from Friday.

CONTACT:  PAN FISH
          Atle Eide, Group CEO
          Mobile Phone: +47 911 52 977


PETROLEUM GEO-SERVICES: Audit of 2002 Accounts Delayed
------------------------------------------------------
Petroleum Geo-Services ASA (OSE: PGS; OTC: PGEOY), which emerged
from Chapter 11 proceedings on November 5, 2003, reported that it
continues to experience delays in completing an audit in
accordance with U.S. generally accepted auditing standards (GAAS)
of the Company's 2002 financial statements under U.S. generally
accepted accounting principles (GAAP) and a re-audit in
accordance with U.S. GAAS of the Company's 2001 U.S. GAAP
financial statements.

As previously disclosed in disclosure documents relating to the
Company's Chapter 11 proceedings, until the audit and re-audit
under U.S. GAAS are completed, Petroleum Geo-Services will be
unable to file an annual report that contains audited financial
statements for three full fiscal years.  For so long as this
condition exists, the Company will be precluded from, among other
things, listing its American Depositary Shares on a U.S. national
securities exchange or on the Nasdaq Stock Market.  A delay in
listing of the Company's ADS' in the U.S. may have a negative
impact on their liquidity.

Petroleum Geo-Services is in compliance with applicable Norwegian
requirements with respect to its reported audited Norwegian GAAP
Financial Statements for 2002.

Completion of the audit and re-audit under U.S. GAAS has been
made more difficult by a combination of factors, including the
demands of the recently completed Chapter 11 process and the
organizational changes which accompanied that process, the need
to implement "fresh start" accounting following emergence from
Chapter 11 and preparation for the audit of the financial
statements for 2003.  In addition, in connection with the audit
and re-audit process under U.S. GAAS for the 2001 and 2002
financial statements, the Company's independent auditor, Ernst &
Young, has issued to the Company a material weakness letter that
identifies these material weaknesses: (1) insufficient
documentation of or adherence to policies and procedures; (2)
inadequate U.S. GAAP expertise in the Company; (3) insufficient
support for accounting books and records; and (4) insufficient
supervision and review control activities.  These material
weaknesses may also contribute to a delay in and make more
difficult completion of the audit and re-audit discussed above.

In response to the material weakness letter, PGS has developed
and is actively implementing a plan and timetable to address the
matters identified by Ernst & Young, including hiring new
personnel with U.S. GAAP expertise, improving overall U.S.  GAAP
expertise throughout the accounting organization and upgrading
the corporate business controller function within PGS.

There can be no assurance as to whether or when the audit and
re-audit described above can be completed.  In addition, as
previously disclosed, if and when completed the audit and
re-audit could result in restatements of the Company's previously
filed U.S. GAAP audited financial statements and restatements of
or other adjustments to its 2003 U.S. GAAP financial statements.
Those restatements and adjustments could be material; however,
whether positive or negative, they are expected to be of a
non-cash nature and only have an impact on historical financial
statements.  Financial statements post-"fresh start" accounting
are not expected to be impacted. Furthermore, there can be no
assurance that the audit and re-audit, although being conducted
for U.S. GAAP purposes, will not have an impact on Norwegian GAAP
financial statements.

Petroleum Geo-Services is a technologically focused oilfield
service company principally involved in geophysical and floating
production services.  Petroleum Geo-Services provides a broad
range of seismic- and reservoir services, including acquisition,
processing, interpretation, and field evaluation.  Petroleum
Geo-Services owns and operates four floating production, storage
and offloading units.  PGS operates on a worldwide basis with
headquarters in Oslo, Norway. For more information on Petroleum
Geo-Services visit http://www.pgs.com

CONTACT:  PETROLEUM GEO-SERVICES ASA
          Sam R. Morrow
          Svein T. Knudsen
          Phone: +47 6752 6400
          Suzanne M. McLeod
          Phone: +1 281-589-7935


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


STATOIL ASA: Initiates New Review of International Contracts
------------------------------------------------------------
Statoil's board of directors has authorized the engagement of
Deloitte & Touche, lawyer Jan-Fredrik Wilhelmsen in the law firm
Sorlie Wilhelmsen and lawyer Jorgen Stang Heffermehl in the law
firm Simonsen Foyen to conduct a thorough and independent review
into whether there has been any use of, or attempts to use,
improper influence to obtain or retain any international
business.

The review will be carried out on behalf of the board and will
not cover the Horton matter, which is currently being
investigated by the law firm Hjort on behalf of the board.

The board intends that this independent review should be one that
complies with the U.S. Securities and Exchange Commission
guidelines.  The board will provide the investigators with all
necessary resources and access to all relevant information.

Ernst & Young has not been retained for this review because they
are Statoil's external auditors and under applicable accounting
independence rules they are not permitted to conduct a review of
this nature.  Also, the newly appointed investigators cannot rely
upon Ernst & Young's prior work for the board, although they will
have access to Ernst & Young's audit and attest work, including
the prior work for the board.  The board intends for this review
to be done as expeditiously as possible but no date has yet been
set for its completion.  When the review is completed, its
conclusions will be published.

CONTACT:  STATOIL ASA
          Finn A Hvistendahl
          Head of the Board's Audit Committee
          Phone: +47 40 28 40 70 (mobile)


=============
U K R A I N E
=============


CJSC KYIVSTAR: S&P Lifts Rating to 'B'; Cites Solid Performance
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit and senior unsecured debt ratings on Ukraine-based mobile
telecommunications operator CJSC Kyivstar GSM to 'B' from 'B-'.
The outlook is stable.

"The upgrade reflects Kyivstar's maintenance of its strong market
position and solid profitability and the growth in its operating
cash flow in the dynamic Ukrainian mobile telephony market," said
Standard & Poor's credit analyst Michael O'Brien.

In addition, recent regulatory changes allowing the introduction
of the 'calling party pays' (CPP) policy, whereby mobile
subscribers no longer pay to receive calls, is expected to have a
positive impact on driving growth in subscriber numbers and call
volumes and contributing to further revenue and EBITDA growth --
assisted by a reorganization of tariffs and interconnection
rates.

At Sept. 30, 2003, Kyivstar had total lease-adjusted debt,
including customer advances, of about $217 million ($171 million
unadjusted).

Kyivstar's ratings continue to be constrained by the political
and regulatory risks associated with operating in Ukraine
(B/Positive/B); the repayment of $160 million loan participation
notes in 2005, which is predicated on significantly higher free
operating cash flow (FOCF) generation in 2004 and 2005; and
increased competition following the entrance of Russia-based OJSC
Mobile TeleSystems (B+/Stable/--) into the Ukrainian market in
2003.

The ratings are supported, however, by Kyivstar's 2.5 million
subscriber base and approximate 48% subscriber market share; its
solid financial and operational performance; and management
support and expertise, which are provided by its main shareholder
Norway-based telecoms company Telenor ASA
(A-/Stable/A-2).

"Kyivstar's recent notes issues have been key in providing the
company with sufficient liquidity to repay short-term secured
vendor-financing debt and to expand its network capacity," said
Mr. O'Brien.  "It is now expected that Kyivstar will provide
ample visibility regarding the repayment or refinancing of its
outstanding $160 million loan participation notes in the event of
underperformance versus its cash flow growth expectations."


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


ANITE GROUP: Expects 6-month Pre-tax Profit to Slip 40%
-------------------------------------------------------
Anite Group plc, the worldwide IT solutions and services company,
posted this trading update for the six months ended October 31,
2003 recently.  These are the highlights:

(a) Overall half year performance in line with expectations, with
lower revenues and profits due to flat markets and restructuring
and other related costs

(b) Profit before tax of ongoing businesses, before goodwill
amortization and exceptional items is expected to be not less
than GBP6.5 million (2002: GBP10.8 million)

(c) Exceptional items (included in cost of sales and operating
costs) total GBP4.1 million, with exceptional costs of GBP5.5
million and credits of GBP1.4 million

(d) Additional profit from closed businesses and other
non-operating profit totaled GBP0.5 million

(e) The Group has been strongly cash generative, ahead of
expectations, reflecting our focus on cash management:

   (1) GBP7.9 million of cash earnout commitments have been
       paid out

   (2) Net debt as at October 31 totaled GBP10.8 million (April
       30, 2003: GBP16.3 million)

(f) Property rationalization program will yield good benefits in
the medium term

(g) Annualized overhead reductions now total around GBP5.5
million with GBP2.5 million expected to be realized in the second
half following net headcount reduction of 125

(h) Steve Rowley joined as the new Chief Executive on November 3,
2003

(i) Order intake of GBP95.9 million slightly ahead of last year
on a like for like basis

(j) The Group intends to announce its interim results on Friday,
December 12, 2003

Commenting on the trading update, Steve Rowley, Anite's Chief
Executive, stated: "As stated at the time of my appointment, my
current priority is to complete the consolidation, integration
and cost cutting work commenced by David Thorpe and Chris
Humphrey with a particular focus on invigorating our sales and
marketing activities and reviewing the opportunities and
potential for the individual businesses.

"Whilst there is still much work to be done, we have already made
considerable progress with these initiatives.  Profit performance
is expected to be in line with expectations for the year as a
whole but with revenue continuing to be under pressure.  Overall,
the Board believes the Group is now in better shape and is
cautiously optimistic about its future prospects."

CONTACT:  ANITE GROUP PLC
          Phone: 01753 804000
          Steve Rowley, Chief Executive
          David Thorpe, Non-Executive Director
          Christopher Humphrey, Group Finance Director

          Weber Shandwick Square Mile
          Phone: 020 70670700/07831 406117
          Reg Hoare/Sara Musgrave


BALTIMORE TECHNOLOGIES: Shareholders Approve Sale of PKI Biz
------------------------------------------------------------
Baltimore Technologies plc (London: BLM) announced that at its
Extraordinary General Meeting held, the shareholders passed all
of the resolutions.

The EGM sought shareholders' approval for the disposal of
Baltimore Technologies' PKI business to beTRUSTed and for a break
fee provision relating to that transaction.

The votes received in respect of the resolutions were as follows:
                           For          Against        Abstain
Resolution 1.             4,015,160     140,120         51,388
Resolution 2.             3,956,366     189,725         60,577

Comment:

Bijan Khezri, Chief Executive of Baltimore Technologies, said:
"The vote in favor of the disposal of the core PKI business
reflects shareholders' endorsement of the Board's belief that
Baltimore Technologies should not continue operating as a
subscale software infrastructure vendor in a consolidating
industry.

"The Board's immediate objective will be to minimize the
liabilities at both a Group and subsidiary level, arising from
the global network of legal subsidiaries, their related tax
structures and property-related liabilities in various
jurisdictions.

"The options available to Baltimore going forward are principally
threefold: returning cash to shareholders, a reverse takeover or
an acquisition.  In the Board's view, together with its advisors,
the return of cash to shareholders can best be achieved by way of
Members' Voluntary Liquidation.  In any event, it is crucial to
minimize Baltimore's liabilities and this process could take
until June 2004.  In parallel, the Board will pro-actively
evaluate business acquisition opportunities and if an attractive
opportunity arises, which the Board wishes to recommend, then it
will be put to a shareholder vote."

CONTACT:  SMITHFIELD
          Phone: 020 7360 4900
          Andrew Hey
          Nick Bastin
          Will Swan


BRITISH AIRWAYS: Subsidiary Loses Seven Scottish Routes
-------------------------------------------------------
Glasgow-based Loganair took over seven Scottish routes from
British Airways' CitiExpress subsidiary, according to The
Scotsman.

The routes are Edinburgh-Belfast, Glasgow-Belfast, Benbecula,
Stornoway, Aberdeen and Isle of Man, and Aberdeen-Shetland.
The move is part of British Airways' move to step up efforts to
make its CitiExpress subsidiary an all-jet carrier, which is less
expensive to maintain.

Jim Cameron, the airline's chief executive, said it would take
over the lease of four of British Airways CitiExpress' eight
Advanced Turboprop aircraft and their pilots to cover the routes,
which will continue to use British Airways brands.  Logonair
plans to replace the Advanced Turboprop aircraft with new
aircraft manned by Logonair staff when the leases expire in 2005.
It expects the change to affect 37 jobs.  CitiExpress will retain
its other Scottish routes, which include Inverness-Gatwick,
Edinburgh-Paris and Glasgow-Manchester.


DRAX HOLDINGS: International Power Wants More Discount for Debt
---------------------------------------------------------------
Drax Holdings Limited and International Power announce that they
are in discussions following an offer by International Power to
increase the discount price for the A-2 debt from 71% to 95% of
face value, as part of the cash out offer made available in
connection with the schemes of arrangement posted to senior
creditors of Drax on November 17, 2003.  International Power's
total funding commitment in respect of the A-2, A-3 and B debt
amounts remains at GBP130 million, which for International Power
would represent a maximum equity holding of 24% in Drax.  The
increased discount price for the A-2 debt offered by
International Power reflects an improved power price environment.
Both parties remain committed to completing the restructuring
within the existing overall timetable.

The Board of Directors of Drax is considering whether the offer
is in the interests of the company and its creditors as a whole.
There can be no assurance that any amendments will be made to the
terms of the existing cash out offer.  A further announcement
will be made as soon as practicable.

CONTACT:  DRAX HOLDINGS LIMITED
          Buchanan Communications
          Judith Parry
          Phone: +44 (0)1943 883990
          Kelly-Ann French

          INTERNATIONAL POWER PLC
          Aarti Singhal
          Phone: +(0)20 7320 8681


FIRST ACTIVE: Shareholders Favor Sell-off to Ulster Bank
--------------------------------------------------------
Recommended Acquisition of First Active plc by Ulster Bank
Limited, a wholly owned subsidiary of The Royal Bank of
Scotland Group plc by means of a Scheme of Arrangement under
Section 201 of the Companies Act, 1963 of Ireland.

Poll Results

Upon completion of the work of Computershare Investor Services
(Ireland) Limited, scrutineers of the polls, First Active
plc announces the final analysis of the polls for the resolutions
passed at Wednesday's Court Meetings:

First Court Meeting:

                                                   SHARES
SHAREHOLDERS (Either in person or by proxy)

                            Number     %       Number    %

FOR                     57,127,940   98.59     20,681  96.92
AGAINST                    818,048     1.4        658   3.08


Second Court Meeting:

                                                   SHARES
SHAREHOLDERS (Either in person or by proxy)

                              Number     %     Number     %
FOR                       1,849,993    100          2   100
AGAINST                           0      0          0     0


Responsibility Statement

The directors of First Active accept responsibility for the
information contained in this announcement.  To the best of the
knowledge and belief of the directors of First Active, the
information contained in this announcement is in accordance with
the facts and does not omit anything likely to affect the import
of such information.

The directors of RBS accept responsibility for the information
contained in this announcement insofar as it relates to members
of the RBS Group.  To the best of the knowledge and belief of the
directors of RBS, the information contained in this announcement
for which they accept responsibility is in accordance with the
facts and does not omit anything likely to affect the import of
such information.

JPMorgan and Davy Corporate Finance are acting for First Active
and no-one else in connection with the Acquisition and will not
be responsible to anyone other than First Active for providing
the protections afforded to clients of JPMorgan and Davy
Corporate Finance or for providing advice in relation to the
Acquisition.

Merrill Lynch is acting for RBS and no-one else in connection
with the Acquisition and will not be responsible to anyone other
than RBS for providing the protections afforded to clients of
Merrill Lynch or for providing advice in relation to the
Acquisition.

Terms defined in the Scheme Circular have the same meaning in
this announcement.

CONTACT:  JPMORGAN
          Phone: +44 20 7742 4000
          Terence Eccles
          Alexander Justham

          DAVY CORPORATE FINANCE
          Phone: +353 1 679 6363
          Hugh McCutcheon
          Eugenee Mulhern

          GIBNEY COMMUNICATIONS
          Phone: +353 1 661 0402
         (PR Advisers to First Active)
          Ita Gibney
          Jamie Kennedy

          THE ROYAL BANK OF SCOTLAND
          Howard Moody (Press Enquiries)
          Phone: +44 131 523 2056
          Richard O'Connor (Investor Relations)
          Phone: +44 20 7672 1758

          MERRILL LYNCH
          Phone: +44 20 7628 1000
          Matthew Greenburgh
          Henrietta Baldock


GLENCOE CENTRE: Closed for Winter as Parent Pursue Rescue Talks
---------------------------------------------------------------
Directors of the Aberdeenshire-based Glenshee Chairlift Company
have announced that Glencoe Chairlift Company Ski Center,
Scotland's first commercial ski center, is to be mothballed for
this winter's skiing season.

According to The Scotsman, Glenshee, the firm that took over the
ownership of the Glencoe center eight years ago, said that talks
were continuing "with various parties, including the public
sector authorities, in an effort to find a sustainable future for
the center."  It added that the center will continue to operate
and "will open as soon as there is sufficient snow."

Concerns for the status of the three full-time staff at the
Glencoe base were allayed, as a spokesman confirmed they will be
retained.  However, he declined to comment further on the
company's decision to temporarily close its operations at the
White Corries center.

President of Snowport Scotland, John Liddell, commented that the
announcement of the closure of the Glencoe center could herald
further closures among Scotland's five remaining ski resorts.  He
said the closure could be a result of the "aggregation of things
like bad seasons, lack of numbers, and the changing pattern of
people who now go abroad because of cheap flights."


GREENCHIP INVESTMENTS: Ships Loss-making U.S. Unit to Highlander
----------------------------------------------------------------
The Directors of Greenchip announce that the Company has now
disposed of its entire interest in Programmable Life Inc., its
loss-making U.S. subsidiary.  This loss-making business has been
sold to Highlander Acquisitions LLC as a going concern for a
nominal consideration and the acquirer has assumed all
liabilities of PLI.  Furthermore, the contract of sale contains
mutual 'hold harmless' provisions, which ensure that Greenchip
has no continuing obligations of any kind to Programmable Life
Inc.

The effect of this transaction is that Greenchip is now a
non-trading shell with a minimal net asset base and de minimis
operating costs. The Directors are continuing to seek a suitable
business that they hope will deliver some future value to
shareholders by means of a reverse takeover transaction.  Whilst
there can be no certainty of finding a suitable opportunity in a
defined time frame, shareholders will be informed as soon as such
an opportunity has been identified.

CONTACT:  GREENCHIP INVESTMENTS
          Colin Hill, Non Executive Chairman
          Phone: 020 7389 5010

          GRANT THORNTON
          Graeme Thom
          Phone: 0207 383 5100


HHG PLC: Plans to Raise GBP100 Mln Capital via Convertible Notes
----------------------------------------------------------------
HHG PLC on Friday released its U.K. Listing Particulars following
approval by the U.K. Listing Authority.  The Listing Particulars
confirm HHG's intention to raise at least GBP100 million (AU$246
million) of new capital at listing on the London Stock Exchange
on December 23, 2003 (Global Offer).

HHG, the U.K.-based operations of AMP Limited, will be listed if
the proposed demerger of AMP Limited is approved by shareholders
at the Extraordinary General Meeting on December 9, 2003 and
subsequently by the Federal Court of Australia.

HHG Chief Executive Officer, Roger Yates, said the publication of
the U.K. Listing Particulars represented an important step in
establishing HHG as an independent listed entity.

"Listing on the LSE, in addition to the Australian Stock
Exchange, ensures the Group's businesses can be appropriately
viewed and measured against their peers in the context of their
home market.  We have worked hard over the past few months to
prepare for independence and, with significant restructuring
complete, the foundations are now in place.

"On demerger from AMP, HHG will be a major financial services
group, with pro forma shareholders' net assets in excess of
GBP1.5 billion.  The Group is well positioned to benefit from a
market and economic upturn, with scope for growth from Henderson
Global Investors and the potential for capital release from Life
Services in the longer-term," said Mr. Yates.

Commenting on the timing, Mr. Yates said "the London listing is
the natural time to undertake the capital raising, eliminating
the need to issue the proposed Convertible Loan Notes and,
therefore, reducing the cost and providing a simpler capital
structure for the Group going forward."

The net proceeds of the raising will further strengthen HHG's
investment case with the initial GBP50 million (A$123 million)
being used to acquire a controlling interest in Henderson at a
Group level.  The next GBP50 million will be held by the Group
for general working capital purposes.  Any additional proceeds
raised in the Global Offer will be applied by HHG to increase its
holding in Henderson.

Details of the Global Offer

(a) The Global Offer will be open to institutional investors in
the United Kingdom, Australia and international markets
(excluding the United States, Canada and Japan).

(b) UBS Investment Bank and Cazenove have been appointed as Joint
Sponsors, Joint Bookrunners and Joint Lead Managers of the Global
Offer.

(c) UBS Investment Bank and Cazenove will determine the Offer
Price with the agreement of HHG.  A number of factors will be
considered in deciding the Offer Price and basis of allocation,
including the level and nature of demand for new shares and the
objective of encouraging the development of an orderly
after-market in HHG shares.

(d) At listing on the Australian Stock Exchange, HHG will have
approximately 1.8 billion shares on issue, including AMP's 15%
holding (before the Global Offer).

(e) The Global Offer is expected to be underwritten by UBS
Investment Bank and Cazenove in accordance with the terms of the
underwriting agreement (refer Part 15 HHG UKLPs).

(f) The expected timeline for demerger from AMP, HHG listing and
the Global Offer is as follows:

AMP Limited Extraordinary General Meeting        December 9
Court Order approval of the demerger Scheme
of Arrangement                                  December 15
Expected announcement of HHG Offer Price          On, or about
                                                 December 22
HHG CDIs representing shares expected
to commence trading on the Australian
Stock Exchange                                  On, or about
                                                 December 23
HHG shares commence trading on the LSE           December 23

Overview of HHG PLC

Upon demerger from AMP in Australia, HHG PLC will comprise the
following U.K. based operations:

(a) Henderson Global Investors (Henderson): a top 10
U.K.-domiciled investment manager with GBP69 billion of assets
under management as at June 30, 2003.  Henderson will be the
long-term strategic focus for the Group;

(b) Life Services: the life and pensions books of Pearl, National
Provident Life, NPI Limited and London Life which are effectively
closed to new business;

(c) Other Businesses: Towry Law, a leading financial advisory
group and an investment in Virgin Money, a 50/50 financial
services joint venture with the Virgin Group.

At listing, HHG PLC will be a major financial services group,
with pro forma shareholders' net assets in excess of GBP1.5
billion and minimal external debt.

Copies of HHG's Listing Particulars

Copies of HHG's Listing Particulars are available on the AMP
Limited website (http://ampgroup.com/demerger).

CONTACT:  AMP LIMITED
          Level 24, 33 Alfred Street
          Sydney NSW 2000 Australia
          ABN 49 079 354 519
          Contact: Mark O'Brien, Investor Inquiries
          Phone: +61 2 9257 7053


HOLLINGER INC.: Al Fayed Shows Interest in Telegraph Titles
-----------------------------------------------------------
The Egyptian-born owner of London's Harrods department store,
Mohammed Al Fayed, is reportedly preparing a bid for the Daily
and Sunday Telegraph.

Reports over the weekend said Mr. Al Fayed has contacted Lazards,
the investment bank appointed by Telegraph-owner Hollinger
International to review its options after the resignation of
Hollinger International Chairman Lord Black last month.

Mr. Al Fayed has already met with the head of Express Newspapers,
Richard Desmond, and held talks with another probable bidder
about printing the Telegraph titles for him if his bid was
successful, the reports said.  It is noted that Mr. Desmond has
the right to buy the other 50% West Ferry Printers if the
Telegraph, Britain's best-selling broadsheet, is sold.  The group
is valued at between GBP400 million and GBP500 million.  Venture
capital groups 3i and Apax Partners are also thought to be
interested in the acquisition.


MACFARLANE GROUP: Completes Sale of Site in Linwood, Glasgow
------------------------------------------------------------
Macfarlane Group PLC is pleased to report that following the
disposal of its Northern packaging manufacturing operations at
the start of November 2003, it has now concluded the sale of its
site in Linwood, near Glasgow, for a cash consideration after
attributable expenses of GBP6.0 million.  This will give rise to
a loss on disposal of GBP0.2 million.

As part of a program to reduce debt, Macfarlane has sold four
properties in 2003 with cumulative proceeds of £8.6m and a
cumulative loss on disposal of GBP0.2 million.  Five additional
surplus sites have been earmarked for sale in 2004.

Current trading conditions remain challenging and although our
businesses are now performing better than in the first half of
2003, the level of improvement in trading results in the second
half of the year is likely to be modest.

The Board is committed to reducing the current level of debt and
improving the trading performance of the group.  A comprehensive
review of the group's operations is currently being undertaken by
the new Chief Executive and the Board will communicate the
outcome when this process is complete.

CONTACT:  MACFARLANE GROUP
          Archie S. Hunter, Chairman
          Phone: 0141 333 9666

          Peter D. Atkinson, Chief Executive
          Phone: 0141 333 9666


MAGNUM POWER: Books GBP20.06 Mln Exceptional Loss for Full year
---------------------------------------------------------------
Chairman's statement

Results

The results for the 12 months to May 31, 2003 for Magnum Power
PLC show a loss on ordinary activities before taxation of
GBP182,637, which mostly consists of the administrative expenses
of running the public company.  The period under review also saw
the disposal of its subsidiary that operated in the area of
built-in uninterruptible power supplies, and premises to the
Pentranic Group culminating in an exceptional loss of GBP20.06
million.  As at May 31, 2003 Magnum, therefore, was a 'shell'
company with net assets of only GBP502 (compared with GBP20.5
million as at May 31, 2002).

The new board of directors and strategy

A circular to shareholders was issued in May 2003, which gave
notice of an Extraordinary General Meeting to be held on June 9,
2003.  The ordinary and special resolutions were all passed at
the EGM.  Inter alia these resolutions approved a capital
reorganization and the allotment and issue of GBP200,000 worth of
subscription shares to your new Directors -- Edward Adams,
Nicholas Lebetkin and Laurence Selman.  As a result of these
measures the issued share capital of 99.9 million ordinary shares
of 10p nominal each as at May 31, 2003 became 4.99 million new
ordinary shares of 1p nominal each, after the EGM.  Of these 4.99
million issued shares Edward Adams beneficially holds 1,000,000
shares (being approximately 20 per cent of the voting rights),
and Nicholas Lebetkin and Laurence Selman each hold 1,500,000
shares (being approximately 30% each of the voting rights of the
company).

In addition the circular set out the Directors' intention to
change the strategy of the company to focus on property and
leisure investment and development.

The first transaction

Pursuant to this new strategy, on the August 7, 2003, the Company
announced its first transaction with an agreement to buy the
Stack Leisure Park in Lochee, Dundee for GBP7.05 million.  This
consists of seven units totaling 152,953 square feet of which two
that comprise 68,753 square feet are let and are producing rental
income of GBP621,925 per annum.

As the completion of this transaction constitutes a 'reverse
takeover' under the AIM Rules the shares were suspended at the
time of this announcement.  A circular to shareholders seeking
approval to complete the purchase will be released within the
next two months.  This circular will also give more details of
the proposed transaction, the structure of its financing and
plans for the unlet space.

Edward Adams
Chairman
November 28, 2003

To view financial statements:
http://bankrupt.com/misc/Magnum_Power_Financials.htm

CONTACT:  Edward Adams
          Chairman, Magnum Power
          Phone: 020 7209 1324

          Roland Cornish/Rod Venables
          Beaumont Cornish Limited
          Phone: 020 7628 3396


NORTHUMBRIAN WATER: Puts Executive Compensation Plan to Vote
------------------------------------------------------------
Northumbrian Water Group plc announces its intention to hold an
Extraordinary General Meeting of its shareholders on December 16,
2003 at 2.30 p.m. at its registered office, Northumbria House,
Abbey Road, Pity Me, Durham, DH1 5FJ, for the purposes of
approving the establishment of a Long Term Incentive Plan for
executive directors and certain senior managers of the group and
a Share Incentive Plan for all (U.K. tax resident) employees of
the group and approving limited political expenditure and
donations in accordance with the Political Parties, Elections and
Referendums Act 2000.

A copy of the circular incorporating the formal notice of the
meeting and proxy card, which has been dispatched to all
registered shareholders, has been submitted to the UKLA, and will
shortly be available for inspection at the UKLA's Document
Viewing Facility which is situated at Financial Services
Authority, 25 North Colonnade, Canary Wharf, London, E14 5HS.
Phone: 020 7676 1000.

                              *****

Northumbrian Water is under pressure to convince rating agencies
it deserves rating upgrade after its sell-off to a consortium led
by Deutsche Bank and Ecofin earlier this year.

The transaction included Northumbrian's assumption of GBP536
million in debt in addition to its own GBP1.2 billion, prompting
Standard & Poor's to take a cut on its ratings.  Fitch has a
long-term rating of A minus for the company.


ROYAL MAIL: Illegal Strikes to Spoil March 'Reliability' Result
---------------------------------------------------------------
Royal Mail's First Class letter reliability beat its target to
reach 92.7% by the end of the second quarter (July- September),
the strongest performance for 15 years.  But, as the latest
quality of service figures were announced, the company's Chief
Executive Adam Crozier warned that unofficial strike action
during October had put Royal Mail's achievement of year-end
targets by next March at risk.

At the end of September, cumulative performance for First Class
mail was 92.7% against a target of 92.5% and Second Class was
98.7% against a target of 98.5% Royal Mail's Special Delivery
service performance was 99.1% against a 99% target.

"These results reflect our commitment to improving performance
but unfortunately progress has since been undermined by the
unofficial strike action," said Mr. Crozier.

"The vast majority of our people -- around 80% -- worked normally
during the unofficial action but the disruption in the South East
and some other parts of the country had an impact on our whole
network."

Mr. Crozier said the full impact of the strikes on quality of
service performance figures were not yet known but would be
significant as the backlog took some weeks to clear.

"It's a frustrating set-back after such a strong start to the
year but we're recovering performance as quickly as possible," he
said.


SLIMLINE WINDOWS: Management Rescues Firm from Receivership
-----------------------------------------------------------
The management of Slimline Windows acquired the company in a deal
that saved more than 50 jobs at the Batley window manufacturer,
according to Yorkshire Today.

Richard Lee and Graham Benfield bought the company out of
receivership for GBP500,000, after putting in GBP50,000 each and
securing loans from Cattles Invoice Finance, in Batley and
Hampshire-based State Finance.  Cattles Invoice Finance provided
funding from outstanding invoices.

Mr. Benfield said he was confident of increasing the firm's GBP4
million turnover by 25% during the next 12 months, while
acknowledging that this would require much effort from Slimline,
according to the report.


* 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      (110)         216      (10)

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 S.A.                 BULP      (760)         893      (130)
Compagnie
   des Machines Bull                (116)         136       (20)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256        21
Cofidur S.A.                          (5)         102        19
Dollfus-Mieg & Co.        DOLP        (0)         187        28
European Computer System            (110)         682       377
Grande Paroisse S.A.                (927)         629       330
Pneumatiques Kleber S.A.             (34)         480       139
SDR Picardie                        (135)         413       N.A.
Soderag                               (3)         404       N.A.
Sofal S.A.                          (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 S.p.A.              BND        (11)         129       (20)
CIRIO FINANZIARI          CBDI      (422)       1,583      (396)
Credito Fondiario
   e Industriale S.p.A.   CRF       (200)       4,218       N.A.
Lazio S.p.A.                         (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 S.A.                           (1)         108       (86)
Exbud Skanska S.A.        EXBUF       (9)         315      (330)
Stalexport S.A.                      (57)         229       (51)

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

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

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


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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *