/raid1/www/Hosts/bankrupt/TCREUR_Public/040120.mbx                T R O U B L E D   C O M P A N Y   R E P O R T E R

                             E U R O P E

                 Tuesday, January 20, 2004, Vol. 5, No. 13


                              Headlines

F R A N C E

SUEZ SA: Hands Over Majority Stake in Paris Premiere to M6


G E R M A N Y

KIRCH MEDIA: Deutsche Bank, Liberty Media Blamed for Collapse


G R E E C E

ROYAL OLYMPIC: Appoints Xanthakos as Pantazis Leaves CEO Post
ROYAL OLYMPIC: Gives Green Light to Sale of Bankrupt Vessels


I T A L Y

LAZIO SPA: Capital Hike Helps Club Avoid Bankruptcy
PARMALAT SPA: Bank of America Investigates Alleged Account
PARMALAT SPA: Coloniale Spa, Parmatour Spa Under Administration


N E T H E R L A N D S

GETRONICS N.V.: Strong Performance Seen in Preliminary Data
HAGEMEYER N.V.: Loses Head of Procurement and Logistics
HEAD N.V.: Reports Q4 2003, Status of Cost Reduction Program
HEAD N.V.: Subsidiary Issues 125 Million Guaranteed Senior Notes
HEAD N.V.: Ratings Lowered to 'B+'; Outlook Stable

TRG B.V.: Wind Up Possible in Face of Huge Settlement Claims


R U S S I A

OAO TATNEFT: May Refinance Tupas' Stake Bid; On Watch Negative


S W I T Z E R L A N D

ABB LIMITED: Agrees Sale of Oil, Gas and Petrochemicals Division
ADECCO SA: Internal Control Deficiencies Addressed, Board Says
ADECCO SA: Group Chief Financial Officer to Resign
SWISS INTERNATIONAL: Moves to Secure Operating Credit From Banks


U N I T E D   K I N G D O M

ACCIDENT GROUP: Calls in Liquidators
AIRSPRUNG FURNITURE: To Shutter 40-Year Old Plant at Brimscombe
AMP LIMITED: To Hold Annual General Meeting On May 20
AQUILA INC.: Sells Midlands Electricity to Powergen for GBP36 MM
AVON ENERGY: Ratings Lowered to 'D' After Selloff to Powergen

FILTRONIC PLC: To Buy Back US$74 MM 10% Senior Notes due 2005
FILTRONIC PLC: Refinances Senior Notes Due 2005
FOSSE WAY: Engineering Business for Sale
LEEDS UNITED: Al-Khalifa Finds Financing Needed to Save Club
MARKS & SPENCER: Drop in Clothing Sales Drag Down Results

TRINITY MIRROR: Sells Irish Titles for GBP46.3 Million
UNIVERSAL SALVAGE: Expected Recovery Fails to Turn Up

* Large Companies with Insolvent Balance Sheets


     **********

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


SUEZ SA: Hands Over Majority Stake in Paris Premiere to M6
----------------------------------------------------------
Suez notes M6's decision to exercise its preemptive right to
acquire 89.34% of Paris Premiere.

This transaction marks another step in the Group's withdrawal
from the communications sector, after the November 25, 2003
disposal of Coditel, Belgium's no. 1 cable operator, and the
December 2003 sale of Codenet, the Belgian fiber optics network.
It also confirms Suez's continuing business strategy of
concentrating on its energy and environment sectors.

Paris Premiere is a cable and satellite channel that the Group
created in 1986 in connection with the French government
promotion of cable communications.  It has become the country's
third most watched specialty channel, with over 5.5 million
subscribing households.

SUEZ (http://www.suez.com)a worldwide industrial and services
Group, active in sustainable development, provides companies,
municipalities, and individuals innovative solutions in Energy
and the Environment.  In 2002, SUEZ generated revenues of
EUR40.218 billion (excluding energy trading).  SUEZ is listed on
the Euronext Paris, Euronext Brussels, Luxembourg, Zurich and New
York Stock Exchanges.


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


KIRCH MEDIA: Deutsche Bank, Liberty Media Blamed for Collapse
-------------------------------------------------------------
German businessman Leo Kirch filed a lawsuit with the New York
State Supreme Court against Deutsche Bank AG and its supervisory
board Chairman Rolf Breuer for the collapse of his media company
in 2002.

A faxed statement by Mr. Kirch's law firm Lowenstein Sandler PC
claims that Deutsche Bank, Liberty Media Corporation and Chairman
John Malone -- also covered in the case -- conspired to spoil
Kirch's plans for a public offering by 2004, according to
Blomberg News.

The claims for damages being sought by Mr. Kirch was not
revealed.  The company was valued at about $13.3 billion in 2001,
the firm said.

Mike Erickson, a spokesman for Liberty Media, declined to
comment.

Detlev Rahmsdorf, a spokesman for Frankfurt-based Deutsche Bank,
denied any meeting between Mr. Malone and Mr. Breuer.

The Kirch case is titled: Dr. Leo Kirch, individually and as
assignee; KGL Pool GmbH; and International Television Trading
Corp. v. Liberty Media Corp.; John Malone; Deutsche Bank AG; and
Dr. Rolf- Ernst Breuer. NY Supreme Ct., Index No. 03600369.

CONTACT:  LOWENSTEIN SANDLER PC
          65 Livingston Avenue and
          6 Becker Farm Road
          Roseland, NJ 07068-1791
          Phone: 973.597.2500
          Fax: 973.597.2400



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G R E E C E
===========


ROYAL OLYMPIC: Appoints Xanthakos as Pantazis Leaves CEO Post
-------------------------------------------------------------
Royal Olympic Cruise Lines, Inc. (NASDAQ, ROCLF) announces
changes in its management and Board of Directors.   Mr. Yiannos
Th. Pantazis has resigned as Chief Executive Officer, but will
continue to serve as a Member of the Board, and Mr. Leonidas
Xanthakos, an officer and director of subsidiary ship-owning
companies of Royal Olympic, has been elected to the Board of
Royal Olympic and appointed to the position of Chief Executive
Officer.  In the course of his career, and among other positions,
Mr. Xanthakos also has served as General Manager of the Coca Cola
Hellas subsidiary of Esso Pappas.

CONTACT:  MTI Network USA
          Mike Hanson
          Phone: +1 203 406 0106
          Mobile: +1 845 629 0259


ROYAL OLYMPIC: Gives Green Light to Sale of Bankrupt Vessels
------------------------------------------------------------
Further to its announcement Thursday morning, Royal Olympic
Cruises, Inc. (Nasdaq: ROCLF) further announced that under the
agreement with the German lending institutions, Royal Olympic and
its ship-owning subsidiaries in respect of the vessels Olympia
Voyager and Olympia Explorer, which subsidiaries are the debtors
in a Chapter 11 proceeding in the United States Bankruptcy Court
for the District of Hawaii, Royal Olympic and its two
subsidiaries will consent to the lifting of the automatic stay in
that proceeding and will consent to the lenders proceeding with
the arrest and judicial sale of the two vessels.

The agreement further provides for the lenders to release Royal
Olympic from the terms of its parent guarantees of the
obligations of the two ship-owning subsidiaries under their
respective loan agreements with the lenders, contingent upon the
satisfaction of certain conditions.

Expressly without committing the lenders to enter any legal or
binding obligation whatsoever to any person or party (on the
basis that this shall not constitute a representation or
warranty), should the first mortgages of the Vessels or their
nominees acquire the Vessels or either of them at the judicial
sales, the lenders will, entirely without commitment, consider
entering into discussion with Royal Olympic and/or prospective
charterers and/or prospective cabin space charterers (as the case
may be) with a view to exploring the possibility (on normal
commercial arms length terms ) of the Vessels or either of them
being utilised to perform any commitments/contracts/charters
currently entered into by or on behalf of Royal Olympic for the
remainder of the 2003/2004 winter and the 2004 summer seasons,
including the Olympic Games August 2004.



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


LAZIO SPA: Capital Hike Helps Club Avoid Bankruptcy
---------------------------------------------------
Twenty-two percent of Lazio shareholders approved the company's
EUR120 million (US$152.4 million) capital hike during the
weekend, according to Reuters.

"It was approved," a spokesman was quoted saying about the fund
raising, which took three months to complete.  It is expected the
club will be able to cover EUR99 million in debt, and repay debt
to players.

Lazio, one of three Italian clubs listed on the Milan stock
exchange, after the liquidation of its former majority owner
Cirio.


PARMALAT SPA: Bank of America Investigates Alleged Account
----------------------------------------------------------
Parmalat Finanziaria Spa, under Extraordinary Administration,
learned Friday (January 16, 2004) evening, of Avv. Carlo Zauli's
claim of the existence of a numbered current account at the Bank
of New York alleged to contain EUR7 billion in liquid assets. The
Extraordinary Commissioner Dr. Enrico Bondi, through
PricewaterhouseCoopers, immediately requested further information
on this matter from Bank of America.

In a reply received Saturday (January 17, 2004) morning, Bank of
America made it known that the account number in question is not
among those used by their New York branch, but that in any case
the bank has initiated an internal investigation, assuring Mr.
Bondi that its outcome would be communicated to him on
completion.


PARMALAT SPA: Coloniale Spa, Parmatour Spa Under Administration
---------------------------------------------------------------
Parmalat Finanziaria Spa, under Extraordinary Administration,
communicates that on Friday, January 16, 2004, Dr. Enrico Bondi
requested and received from the Minister of Productive
Activities, admission for the controlling company Coloniale Spa
and for Parmatour Spa to the Extraordinary Administration
procedure provided for under article 3, comma 3 of Legislative
Decree no.347 of December 23, 2003.  Dr. Enrico Bondi has been
named Extraordinary Commissioner for the above companies.

Under provision of the same Decree no. 347 of December 23, 2003
from the Minister of Productive Activities, this covering urgent
measures for the restructuring of major companies, Parmalat Spa
and Parmalat Finanziaria Spa were accepted into Extraordinary
Administration on December 24, 2003 and December 30, 2003
respectively and Dr. Enrico Bondi was named Extraordinary
Commissioner of both companies.



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


GETRONICS N.V.: Strong Performance Seen in Preliminary Data
-----------------------------------------------------------
CEO Klaas Wagenaar recently stated: "All countries in the
Getronics network performed on or above target in a hesitant and
highly competitive market, demonstrating that our operational
recovery has been achieved."

(a) Preliminary un-audited Q4 2003 data demonstrates a strong
performance for Getronics, in a hesitant and highly competitive
market

(b) Improved productivity resulted in increased service revenue
per average employee of circa 7%, at constant rates compared to
Q4 2002 ongoing*

(c) Preliminary un-audited EBITAE** figures for Q4 2003,
including a negative currency impact of 7%, are within the range
EUR33-37 million (Q4 2002 ongoing*: EUR11 million)

(d) Over EUR400 million in cash and cash equivalents at December
31, 2003 (2002: EUR295 million)

(e) Total Q4 revenue of circa EUR705 million (Q4 2002 ongoing*:
EUR826 million)

(f) Decrease in Q4 total revenue of circa 15% compared to Q4 2002
ongoing* is mainly caused by a significant planned reduction in
product sales (circa 24%), and a stronger Euro (circa 5%)

(g) Service-Product revenue mix continues to improve in Q4 2003:
71% services vs. 29% products (Q4 2002 ongoing*: 68% services vs
32% products)

(h) Restructuring program largely completed

(i) Due to the improved profitability of various countries, the
recognition of deferred tax assets may lead to a non-cash tax
gain.  This gain will be quantified by the full year audited
results, but is expected to be in the range EUR28-34 million

(j) A review of the pension obligation under IAS 19 in Italy, to
be completed by the audited annual results, is expected to show a
release of pension provisions.

Chairman & CEO Klaas Wagenaar comments:

"With operational restructuring largely completed, Getronics is
now entering a new phase of its development.  In 2004 we will
focus on improving the quality of our already significant volumes
of business with existing international clients, increasing our
international collaboration with our strategic alliances,
Microsoft, Cisco, and Dell, and the implementation of a
consistent internationally adopted sales and marketing portfolio.
Our continuing efforts to optimize the Getronics international
network will enable us to continue to create new valued solutions
for our clients, strengthen and improve our core business, and
unlock more of the Company's intrinsic value."

Preliminary un-audited fourth quarter trading update

Q4 typically can be characterized as the Company's most robust
seasonal quarter.  The Company closed the quarter strongly and
continued to improve its cash management, resulting in cash and
cash equivalents of over EUR400 million at December 31, 2003.

The global ICT-market, with the exception of Southern Europe,
showed modest positive signs of recovery during the quarter.
Management, however, believes that the overall economy needs at
least another 6 to 9 months of proven stability before clients
will feel confident enough to increase their ICT-spending.

The Company was able to secure all major managed ICT-services
contract renewals in Q4, as well as close a significant number of
project based ICT-services and solutions at existing and new
clients.  A number of contracts for desktop & network outsourcing
were won during the quarter.  Demand for the Company's key
service offerings such as voice over IP, and security,
contributed to the commercial success of Q4, as did the contracts
and projects generated through our strong relationship with
Microsoft, Cisco and Dell.  This resulted in improved service
revenue productivity at constant rates of 7% per average
employee.

* Ongoing business: 2002 excludes divestments
** EBITAE: Earnings before interest, taxes, amortization and
exceptional operating items

All countries performed on or above target in Q4 2003.  Italy
achieved a positive EBITAE** in the quarter.  The quarter
demonstrates that the restructuring program implemented as part
of the Entrepreneurial Solution, together with the new financial
reporting system and procedures introduced in early Q2, started
to have a positive impact.

Getronics has performed better than the ongoing business in the
previous year for the third consecutive quarter.  Management
believes that there is potential for further improvement in the
quality of revenue during 2004, as it continues to focus on
improvements in operational performance.

Other updates

Getronics will also publish an updated Company presentation on
its website: http://www.getronics.com

The announcement replaces the Q4 2003 trading update scheduled
for February 18, 2004.

Getronics will organize an investor relations day on February 5,
2004 to update the investment community on the Company's strategy
and Q4 2003 performance.  The accompanying presentation will also
be published on the Getronics' website: http://www.getronics.com

About Getronics

With approximately 22,000 employees in over 30 countries and
forecast revenues of circa

EUR2.7 billion in 2003, Getronics is one of the world's leading
providers of vendor independent Information and Communication
Technology (ICT) solutions and services.  Getronics combines the
capabilities of the original Dutch company with those of Wang
Global, acquired in 1999, and of the systems and services
division of Olivetti.  Getronics is ranked second worldwide in
network and desktop outsourcing and fourth worldwide in network
consulting and integration (Source: IDC 2002-2003).

Getronics designs, integrates and manages ICT infrastructures and
business solutions for many of the world's largest global and
local companies and organizations, helping them maximize the
value of their information technology investments.

Getronics headquarters are in Amsterdam, with regional offices in
Boston, Madrid and Singapore.  Getronics' shares are traded on
Euronext Amsterdam.  For further information about Getronics,
visit htpp://www.getronics.com


HAGEMEYER N.V.: Loses Head of Procurement and Logistics
-------------------------------------------------------
Hagemeyer announces that Mr. Adriaan Hol, Member of the Executive
Committee in charge of PPS, Procurement and Logistics, has
decided to leave the Hagemeyer organization at end of February
2004.  The Board of Management of Hagemeyer regrets but respects
Mr. Hol's decision and thanks him for his contributions.

Mr. Hol has been instrumental in the development of a Central
Procurement organization in Naarden for the Professional Product
and Services Business, Hagemeyer's core activity.

Mr. Edo van den Assem, Member of the Executive Committee and CEO
of the Central European Region, will take over the
responsibilities of Mr. Hol and will continue the further
implementation of the new Procurement Strategy.


HEAD N.V.: Reports Q4 2003, Status of Cost Reduction Program
------------------------------------------------------------
Head N.V. (NYSE:HED) (VSX:HEAD), a leading global manufacturer
and marketer of sports equipment, announces that:

Preliminary fourth quarter 2003 revenue indications Preliminary,
unaudited financial information for the consolidated Head group
for the two-month period ended November 30, 2003 indicated that
the group had revenues of $115.5 million compared to $99.9
million for the comparable 2002 period.  Excluding currency
fluctuation effects, the revenues for the two months ended
November 30, 2003 primarily reflect higher sales volumes compared
to the same period of 2002 across all Winter Sports product lines
due to market share gains.

Head expects sales volumes for Winter Sports products for the
fourth quarter of 2003 to continue to be higher than for the
comparable 2002 period.  For Racquet Sports, Head expects sales
volumes for the fourth quarter of 2003 to be slightly lower than
the comparable 2002 period because of lower sales volumes of
tennis and racquetball balls.  Head expects diving sales volumes
in the fourth quarter of 2003 to continue to be lower than in the
same period in 2002.  Excluding currency fluctuation effects,
Head expects its overall revenues for the fourth quarter of 2003
to be higher than for the comparable 2002 period.  Head, however,
also expects to report higher costs in the fourth quarter of 2003
than in the comparable 2002 period.

Cost reduction program

Head is implementing the following cost reduction program, which
it believes will result in increased operating income:

(a) Head has transferred all of its manufacturing operations
inTallinn, Estonia, which manufacture ski boots and certain
divingproducts, to a recently purchased plant in Litovel,
CzechRepublic.  Head expects lower overhead costs for these
manufacturing operations as they will share administrative and
management resources with its existing infrastructure in
Austria.Head has already ceased production at its Estonia plant
in preparation for the closing, currently scheduled for the end
of 2004, and the subsequent sale of the property.

(b) Head has transferred some of its ski manufacturing from its
plant in Kennelbach, Austria to its existing plant in Budejovice,
Czech Republic where production costs are considerably lower.
Head has also transferred much of its racquet production in
Kennelbach to Budejovice.

(c) Subject to certain union consultations, Head is in the
process of closing its tennis ball production facility in
Mullingar, Ireland and transferring these operations to its
existing, under-utilized plant in Phoenix, Arizona.

(d) Head is centralizing its European distribution organizations
for Winter Sports and Racquet Sports products so that its
subsidiary Head International GmbH will operate as a single
European distribution company.  Head International will invoice
and ship products from one European distribution center in Klaus,
Austria to the Head group customers in Switzerland, Germany,
Italy and Austria from January 1, 2004.  From January 1, 2005,
Head intends for Head International to invoice products to the
remaining customers in Europe, except Spain.  As a result, all
invoicing to customers in Europe, except Spain, and to third-
party distributors worldwide will occur from Head International.
The former European distribution companies will thereafter
function only as sales agencies.  Head also is consolidating its
U.S. warehouses from three locations to one location and
streamlining the management of its U.S. diving, winter and
racquet sports businesses.

Head expects to substantially complete this cost reduction
program by the end of 2004 and to fully implement the program by
the end of 2005.  In the nine months ended September 30, 2003,
Head made $2.3 million in capital expenditures and incurred $2.6
million in costs to implement this program.  In order to complete
implementation of this program, Head expects to make $4.3 million
in additional capital expenditures and to incur $9.6 million in
additional costs, of which $6.4 million are cash costs, by the
end of 2004.  Head expects substantially all of these additional
cash costs to be offset by net proceeds from the sale of its
Tallinn, Estonia and Mullingar, Ireland properties and a portion
of its Casarza, Italy property, which proceeds are expected to be
in excess of their aggregate book value of $5.5 million.

Once implementation of this cost reduction program is complete,
Head estimates annual cost savings in the range of $15 to $17
million.  Head has already realized $1.3 million savings from
this program in the nine months ended September 30, 2003.  Based
on present plans, Head expects the remainder of the cost savings
to be phased in during the remaining period of the program's
implementation.

Head continues to investigate additional cost savings.  Where
quality and proprietary technology will not be compromised, Head
intends to look for and secure further arrangements to
manufacture its products in low-cost regions, including expanding
its outsourced manufacturing in China.  The group expects to see
continued decreases in overhead and production costs over the
next five years as new measures, such as additional relocation of
production plants and outsourcing arrangements, are identified
and implemented.

CONTACT:  HEAD N.V.
          Clare Vincent, Head of Corporate Finance
          Phone: +44 (0)207 499 7800
          Fax: +44 (0)207 491 7725
          E-mail: htmcv@aol.com

          Ralf Bernhart, Chief Financial Officer
          Phone: +43 1 701 79354
          Fax: +43 1 707 8940


HEAD N.V.: Subsidiary Issues 125 Million Guaranteed Senior Notes
----------------------------------------------------------------
Head N.V. (NYSE:HED) (VSX:HEAD), a leading global manufacturer
and marketer of sports equipment, announced Friday that its
wholly-owned subsidiary HTM Sport- und Freizeitgerte AG intends
to offer unsecured senior notes guaranteed by Head N.V. and
certain of its subsidiaries.  The final size of the transaction,
which will be determined at the time of pricing, is expected to
be 125 million.

The offering is being made outside the United States and to
qualified institutional buyers in the United States.

HTM has applied to list the notes on the Luxembourg Stock
Exchange.

With the proceeds from this offering, all of the outstanding 10%
senior notes due 2006 of Head Holding Unternehmensbeteiligung
GmbH, another Head N.V. subsidiary, will be redeemed.  The
redemption price will be approximately 69.2 million, consisting
of 65.7 million of principal and premium of 5.375%, and will
additionally include accrued interest to the redemption date.

In addition, HTM intends to repay approximately 31.5 million of
certain of its and its subsidiaries' debt.  The remainder of the
proceeds will be used for working capital and general corporate
purposes.

The senior notes have not been and will not be registered under
the U.S. Securities Act of 1933, as amended.  The senior notes
may not be offered or sold in the United States absent
registration under the Securities Act or an applicable exemption
from registration requirements.  The senior notes will be offered
in the United States only to qualified institutional buyers, as
defined in Rule 144A under the Securities Act.  There is not, and
is not intended to be, a public offering of the senior notes in
the United States.

This press release does not constitute or contain an offer to
sell or a solicitation of an offer to buy the senior notes in
Austria.  In Austria, the senior notes will be offered
exclusively by way of a non-public offering to a limited circle
of institutional investors within the meaning of Section 3/1/11
of the Austrian Capital Markets Act, as amended.

Stabilization/FSA.

This communication is directed only at persons who (1) are
outside the United Kingdom or (2) have professional experience in
matters relating to investments or (3) are persons falling within
Article 49(2)(a) to (d) ("high net worth companies,
unincorporated associations etc.") of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2001 (all such
persons together being referred to as "relevant persons").  This
communication must not be acted on or relied on by persons who
are not relevant persons.  Any investment or investment activity
to which this communication relates is available only to relevant
persons and will be engaged in only with relevant persons.

CONTACT:  HEAD N.V.
          Clare Vincent, Head of Corporate Finance
          Tel: +44 (0)207 499 7800
          Fax: +44 (0)207 491 7725
          E-mail: htmcv@aol.com

          Ralf Bernhart, Chief Financial Officer
          Tel: +43 1 701 79354
          Fax +43 1 707 8940


HEAD N.V.: Ratings Lowered to 'B+'; Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on The Netherlands-based sports equipment
manufacturer Head N.V. to 'B+' from 'BB-', and its senior
unsecured debt rating on the company to 'B-' from
'B', due to ongoing challenging industry conditions.  The outlook
is stable.

"The downgrade reflects Standard & Poor's view that Head is
unlikely to improve its financial leverage to the expectations
required for the previous ratings," said Standard & Poor's credit
analyst Olli Rouhiainen.

Standard & Poor's is currently determining the ratings on a new
US$156 million bond issue that Head has announced.  The rating on
the new bond remains subject to a legal review of the guarantee
structure supporting the bond.  Although the majority of the new
bond will be used to refinance existing indebtedness, it will
increase Head's outstanding total debt to US$210 million from
US$177 million at Sept. 30, 2003.

"Current adverse exchange-rate movements are reducing Head's
profitability due to the company's operating costs being
denominated mainly in euros, while revenue is split between
euros, U.S. dollars, and other currencies," said Mr. Rouhiainen.
"In addition, low demand for tennis equipment, lack of travel to
key diving destinations, and weak consumer sentiment in some
markets are expected to hinder recovery in Head's credit
protection measures."

Head's credit measures after the bond issue are expected to be
very aggressive.  Although the company's credit measures should
improve during 2004, as cost savings from current initiatives
come through, it is unlikely that the company could improve its
aggressive financial profile to be in line with the previous
expectations.

Head maintains an established position in the sports equipment
industry, however, and the company's satisfactory liquidity
position should limit short-term risk.  Significant share
buybacks are not factored into the ratings and, therefore, could
lead to a ratings revision if they occurred.


TRG B.V.: Wind Up Possible in Face of Huge Settlement Claims
------------------------------------------------------------
Dutch company TRG (Europe) B.V. could pay up to NOK400 million
(US$60 million) in settlement in relation to the listing of its
partly-owned Aker RGI company in 1999, according to Norwegian
daily Aftenposten.

More than 1,000 small shareholders, headed by the National
Insurance Scheme Fund, are demanding a larger settlement from
Norwegian financer and billionaire Kjell Inge Rokke for the 1999
transaction.  They have forwarded their case from the country
court to the court of appeals, which is due to issue its final
and conclusive judgment within weeks.

But according to the report, Mr. Rokke could avoid paying by
voluntarily liquidating TRG (Europe).  It is believed that Mr.
Rokke had made his holding company TRG AS got security in all the
stock TRG (Europe) owns in Aker, ensuring his hold on a
controlling stake in Aker RGI even if TRG (Europe) is liquidated.

Other creditors might also prefer a liquidation rather than
direct cash to TRG (Europe) B.V. in order to cover demand from
the smaller stockholders, according to the report.



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


OAO TATNEFT: May Refinance Tupas' Stake Bid; On Watch Negative
--------------------------------------------------------------
Fitch Ratings, the international rating agency, placed Russian
oil company OAO Tatneft's 'B' Senior Unsecured rating on Rating
Watch Negative.  At the same time, Turkish oil refiner Tupras'
'BB+' Senior Unsecured local currency rating and 'B' foreign
currency ratings were also placed on Rating Watch Negative.
The rating actions follow a partial clarification of the link
between Tatneft and Efremov Kautschuk GmbH, one of the bidding
partners for a 65.76% stake in Tupras.

Fitch has learned that Efremov Kautschuk is in fact acting as an
agent on behalf of Tatneft in the bid.  As such, upon successful
conclusion of the privatization, an ownership stake in Tupras
would effectively be transferred to Tatneft.  The exact nature of
funding for the transaction needs additional clarification, but
Tatneft has indicated to Fitch that it may be required to raise
additional finance.

A resolution to the Rating Watch Negative on Tatneft, either a
one-notch downgrade or a rating affirmation, will come after
further disclosure of the exact financing arrangement for the
acquisition by Tatneft and its agent (Efremov Kautschuk), as well
as the impact an ownership stake in Tupras is likely to have on
Tatneft's business profile and operating strategy.

While Fitch said that Tupras, as a privately owned company, will
benefit from greater business and financial flexibility, the
imminent uncertainties over future corporate and financial
strategies and weaker credit profile of Tatneft compared with
Tupras have led to the Rating Watch Negative for Tupras.

The final decision on the privatization bid is expected to be
taken by the Privatization High Council within a few weeks.
Fitch will resolve the Rating Watch Negative on Tupras, by a
notch downgrade or ratings affirmation, after the privatization
is finalized and uncertainties resolved.

CONTACT:  FITCH RATINGS
          Josef Pospisil, London
          Phone: +44 (0)20 7417 4266
          Jeffrey Woodruff
          Phone: +44 (0)20 7862 4101
          Kaan Kiziroglu, Istanbul
          Phone: +90 212 279 1065



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


ABB LIMITED: Agrees Sale of Oil, Gas and Petrochemicals Division
----------------------------------------------------------------
ABB, the leading power and automation technology group, said
Friday it has finalized the agreement to sell the upstream part
of its Oil, Gas and Petrochemicals division to a newly
incorporated company formed by a private equity investors'
consortium of Candover Partners Ltd., 3i and JPMorgan Partners.
ABB expects to record a small capital gain on the initial sale
price of US$925 million.

The agreement also includes a potential deferred consideration of
an additional amount of up to US$50 million.

"This divestment agreement marks a further, decisive step to
increase the focus on our core businesses and to finalize our
divestment program," said Peter Voser, ABB's chief financial
officer.

A preliminary agreement on the deal was announced in late October
2003.  The divestment is subject to the customary regulatory
approvals and closing conditions, as well as the satisfactory
completion and disposition of compliance matters under review.
The closing is expected mid-year 2004.

ABB is selling its United States-based Vetco Gray unit and its
ABB Offshore Systems business, headquartered in Norway.  These
upstream businesses are active in more than 30 countries and
employ some 7,500 people, mainly in Brazil, Canada, Norway,
Singapore, the United Kingdom and the U.S., with total revenues
in 2002 of US$ 1.7 billion.

Not included in the sale is ABB Lummus Global, which is mainly a
downstream business.  ABB said it is continuing negotiations with
several parties to sell Lummus Global, and expects to complete
the sale in 2004.

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.


ADECCO SA: Internal Control Deficiencies Addressed, Board Says
--------------------------------------------------------------
The Board of Directors of Adecco SA convened an extraordinary
meeting on January 15 to discuss the Company's current situation
and the expected delay, announced January 12, in the scheduled
announcement of audited results for the year ended December 28,
2003.

Concerns relating to this delay have led to considerable
insecurity among investors and the general public.  The Board of
Directors regrets this particularly as, after considering the
information available to it, it firmly believes that while
certain material weaknesses in the Adecco's internal controls and
practices, have been brought to light, the Board remains strongly
confident about the Company and its future.

Chairman of the Board, John Bowmer, declared: "At the end of
2003, the group's cash and cash equivalents and short term
investments were some CHF1.4 billion (EUR900 million, Adecco's
reporting currency), one basis for the Board's confidence in the
solidity of the company.  Moreover, the Board believes firmly in
the continuing long-term success of Adecco and is taking
energetic measures to cooperate with its auditors, regulators and
other stakeholders to resolve the current uncertainties."

Material weaknesses, related to Adecco Staffing North America,
include IT system security; reconciliation of payroll bank
accounts; application of accounts receivable; and several issues
affecting revenue recognition including lack of systematic
documentation of agreed rates and hours; billing errors not
timely identified and corrected; and lack of segregation of
duties in the branches increasing the likelihood of undetected
errors.  Of the foregoing, some have already been corrected, and
the balance is being actively addressed.  The Audit and Finance
Committee of the Board initiated certain measures to help to
identify any further weaknesses and permanently to resolve them.
The chief focus of these measures is to investigate accounting,
control and compliance issues in the US and in certain other
countries, as well as to investigate accusations made by
'whistleblowers' in the U.S.  Outside of the U.S., these other
countries together accounted for less than 10% of the group's
reported 2002 net service revenues.

In addition, the Audit and Finance Committee of the Board has
mandated the New York law firm Paul Weiss, Rifkind, Wharton &
Garrison LLP as independent experts to conduct an investigation
into the foregoing and related matters.

Following the Company's statement of January 12, the U.S.
Securities and Exchange Commission and the US Attorney's Office
for the Southern District of New York opened investigations into
this matter.  Adecco has assured both authorities of its strong
cooperation.

ADECCO SA: Group Chief Financial Officer to Resign
--------------------------------------------------
[In a further development], the Board [of Adecco] acknowledges
the resignation of the Group CFO Felix Weber and thanks him for
his years of service to Adecco.  Felix will be available to help
the Chairman of the Board until the General Assembly of 2004.
The current Group Financial Controller, Andres Cano, will take
over the function of CFO on an interim basis.  The Board has
already begun work on a permanent appointment to this position.

The Board also acknowledges the resignation of Julio Arrieta from
his position as CEO of Adecco Staffing North America and thanks
him for his years of service to Adecco.  Philippe Marcel, Board
member and Chairman of Adecco France, the Group's largest
national operation, has agreed to serve as the Board's special
delegate in the U.S.

John Bowmer, Chairman of the Board, will lead the Company's
efforts with regard to the pending enquiries and has agreed to
serve as Executive Chairman with immediate effect.  Jerome
Caille, Group CEO, will concentrate fully on managing day-to-day
business and on further enhancing Adecco's leading position
worldwide.

Working together, the Board and management will do everything
possible to resolve the outstanding issues quickly and
comprehensively.

Jerome Caille, Group CEO said:

"Adecco continues actively to focus on providing jobs to over
half a million associates on a daily basis, reflecting continuing
recognition by more than 100,000 clients in all 68 of the Group's
territories, of the excellence of the service delivered from our
5,800 branches."

About Adecco

Adecco S.A. is a Forbes 500 company and the global leader in HR
Solutions.  The Adecco Group network connects 650,000 associates
with business clients each day through its network of 28,000
employees and more than 5,800 offices in 68 territories around
the world.  Registered in Switzerland, and managed by a
multinational team with expertise in markets spanning the globe,
the Adecco Group delivers an unparalleled range of flexible
staffing and career resources to corporate clients and qualified
associates.

The Adecco Group comprises four Divisions, Adecco Staffing,
Ajilon Professional, LHH Career Services and Jobpilot e-HR
Services. In Adecco Staffing, the Adecco staffing network focuses
on flexible staffing solutions for global industries in
transition, including automotive, banking, electronics, logistics
and telecommunications; Ajilon Professional offers an unrivalled
range of specialized branded businesses; LHH Career Services
encompasses our portfolio of outplacement and coaching; Jobpilot
e-HR focuses on online recruiting activities for the Adecco
Group.

Adecco S.A. is registered in Switzerland and is listed on the
Swiss Exchange (ADEN / trading on Virt-x: 1213860), NYSE (ADO),
Euronext Premier March‚ (12819).

Additional information is available at the Company's website at
http://www.adecco.com


SWISS INTERNATIONAL: Moves to Secure Operating Credit From Banks
----------------------------------------------------------------
In the past few days various media have reported on the
negotiations SWISS is involved in to obtain an operating credit.
Swiss has the following to say on the matter:

SWISS is engaged in ongoing negotiations with various foreign and
domestic banks to secure an operating credit.  In addition to
commercial credit provided by the banks, support from
shareholders is also desired.  This could take the form of a
shareholders' loan, for example.

The main purpose of these negotiations is to ensure liquidity in
the event of unforeseen developments.

Swiss will inform the public about the conclusion of these
negotiations at the appropriate time.

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



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


ACCIDENT GROUP: Calls in Liquidators
------------------------------------
The Accident Group, which was called AG (Manchester) Ltd. after
its fall into administration in May last year, went into
liquidation Thursday.

Paul Stanley, of insolvency practitioners Begbies Traynor, and
Michael Horrocks, of Pricewaterhouse- Coopers, have been
appointed joint administrators.

Mr. Stanley will be interviewing about 30 key individuals
connected to the business, including boss Mark Langford, in order
to recover missing assets of the "no win, no fee" claims
specialist.

The Accident Group used to employ 2,400 people.

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester
          M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          Contact: Paul Stanley
          Email: paul.stanley@begbies-traynor.com

          PRICEWATERHOUSECOOPERS
          Michael Horrocks
          Phone: 0161 247 4067


AIRSPRUNG FURNITURE: To Shutter 40-Year Old Plant at Brimscombe
---------------------------------------------------------------
Bed and sofa maker Airsprung Furniture, based at Trowbridge,
Wiltshire, will close its manufacturing facility at the Bymacks
plant at Brimscombe in Glouchestershire with the loss of majority
of its staff.

Bymacks, which makes upholstered sofas and chairs at the low end
of the market for small independent retailers and furniture
chains, has been in business for 40 years.  But the last five to
10 years have been difficult for the company because of increased
competition with imports from regions with lower manufacturing
costs, such as Eastern Europe and the Far East.

Group chief executive Tony Lisanti said manufacturing of products
at Brimscomber will be moved to other sites in the group,
including Cavendish upholstery in Chorley Lancashire.  The
Bymacks name, however, will be retained.

Bymacks made a loss of GBP1.4 million in the year to March 2003.

CONTACT:  AIRSPRUNG FURNITURE GROUP
          Canal Rd.
          Trowbridge
          Wiltshire BA14 8RQ, United Kingdom
          Phone: +44 1225 754411
          Fax: +44 1225 777423
          Contact:
          Philip Bradshaw, Chairman
          Tony Lisanti, CEO
          Andrew Alsop, Financial Director


AMP LIMITED: To Hold Annual General Meeting On May 20
-----------------------------------------------------
The Annual General Meeting of AMP Limited will be held on
Thursday, May 20, 2004.  In accordance with clause 65 of the
Constitution of AMP Limited and a waiver from Listing Rule 14.3
granted by ASX, the closing date for receipt of director
nomination notices is March 15, 2004, being 44 business days
before the date of the Annual General Meeting.

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


AQUILA INC.: Sells Midlands Electricity to Powergen for GBP36 MM
----------------------------------------------------------------
Aquila, Inc. (NYSE:ILA) announced Friday that Aquila and
FirstEnergy Corp. (NYSE:FE) have completed the sale of Aquila
Sterling Limited, the parent company of Avon Energy Partners
Holdings and Midlands Electricity plc., to a subsidiary of
Powergen U.K. plc, for GBP36 million (approximately $66.5
million).

Aquila Sterling Limited is held by a joint venture company that
is owned 79.9% by Aquila and 20.1% by FirstEnergy.  The
transaction includes payments of GBP 36 million to Aquila
Sterling Limited's shareholders, Aquila and FirstEnergy, and
approximately GBP626 million to Avon Energy Partners Holdings
bondholders, as well as the assumption by the buyer of
approximately GBP484 million in debt.  Under an agreement with
Aquila and FirstEnergy, gross proceeds payable at closing to
Aquila before payments of transaction fees and costs are
estimated at $57.4 million.

Midlands is the fourth-largest electric utility in the United
Kingdom, serving 2.4 million network customers through a 38,000-
mile distribution network.  Midlands also owns indirectly a
combined 884 megawatts of net generation capacity in the United
Kingdom, Turkey, and Pakistan.

"We are very focused on our core domestic utility business.
Closing this transaction was an important step for us in the
execution of our restructuring plan," said Keith Stamm, Aquila's
chief operations officer.

Credit Suisse First Boston LLC acted as financial advisor to
Aquila for this transaction.

Based in Kansas City, Mo., Aquila operates electricity and
natural gas distribution networks serving customers in seven
states and in Canada.  The company also owns and operates power
generation assets.  More information is available at
http://www.aquila.com

CONTACT:  AQUILA, INC.
          Kansas City

          Investor Contact
          Neala Clark
          Phone: 816-467-3562


AVON ENERGY: Ratings Lowered to 'D' After Selloff to Powergen
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
and senior unsecured credit ratings on Avon Energy Partners
Holdings to 'D' from 'CC'.  The rating was removed from
CreditWatch, where it was placed on Nov. 20, 2002.

The rating action followed the acquisition of Avon Energy
Partners Holdings and its subsidiaries, Midlands Electricity PLC
(B/Watch Pos/--) and Aquila Networks PLC (BBB-/Watch Pos/A-3), by
Powergen U.K. PLC (A-/Stable/A-2).  It reflects the fact that, as
part of the transaction, bondholders at Avon Energy Partners
Holdings will not fully recover principal.  They will receive 96%
of the bonds' face value.

The ratings on Midlands Electricity and Aquila Networks remain on
CreditWatch positive, where they were placed on May 22, 2003.
Standard & Poor's will review the ratings on these companies if
the U.K. electricity regulator, OFGEM, releases the license
conditions placing a ring-fence around Aquila Networks.  The
ring-fence currently prevents dividends flowing from Aquila
Networks, the network operating company, to service debt at
Midlands Electricity and Avon Energy Partners Holdings.

Standard & Poor's considers that Aquila Networks ratings could
ultimately be equalized with those on Powergen once the ring-
fence has been lifted if, as is possible, Aquila Networks is
merged with Powergen's network operation, East Midlands
Electricity Distribution PLC (A-/Stable/A-2).  It would then form
a core part of the Powergen group.


FILTRONIC PLC: To Buy Back US$74 MM 10% Senior Notes due 2005
-------------------------------------------------------------
Filtronic plc hereby announces that it intends to redeem US$74
million of its outstanding 10% Senior Notes due 2005 on February
17, 2004, pursuant to Section 12.1 of the Notes' indenture, dated
as of December 21, 1998 among the Company, the Guarantors party
thereto and The Bank of New York, as Trustee.

The Notes are registered under the U.S. Securities Act of 1933,
as amended, pursuant to a registration statement declared
effective on September 29, 1999, and are listed on the Luxembourg
Stock Exchange.

$74,000,000 initial aggregate principal amount of Notes shall be
redeemed at a price equal to 102.5% of the principal amount of
such Notes, in each case plus any additional amounts in respect
of withholding taxes, to the extent applicable, and accrued and
unpaid interest thereon, if any, to the Redemption Date.

To view table:
http://bankrupt.com/misc/Filtronic_Plc_Notice_of_Redemption.htm

Collection of the Redemption Price is conditioned upon surrender
of the Notes to The Bank of New York in its capacity as paying
agent at One Canada Square, London E14 5AL, United Kingdom, at
least one business day prior to the Redemption Date.  On the
Redemption Date, the Redemption Price will become due and payable
upon each Note redeemed.  Unless the Company defaults in paying
the Redemption Price to holders of Notes called for redemption,
interest on such Notes shall cease to accrue on and after the
Redemption Date.  Thereupon, the only remaining right of holders
of Notes called for redemption shall be the receipt of the
Redemption Price plus accrued interest up to the Redemption Date.

Upon surrender of the Notes, as provided in the Indenture and
after the Redemption Date, the aggregate principal amount of the
Notes will be nil.

Upon the redemption, the Paying Agent shall endorse the Schedule
to the global note surrendered for redemption to reflect the
decrease in principal or accreted amount, as the case may be,
resulting from such redemption.


FILTRONIC PLC: Refinances Senior Notes Due 2005
-----------------------------------------------
Filtronic plc, a leading designer and manufacturer of customized
microwave electronic subsystems for the wireless
telecommunications and defense industries, announces that it has
completed a refinancing of the Group's 10% Senior Notes due
December 1, 2005 with Barclays Bank PLC and HSBC PLC, with whom
it has entered into a GBP50 million Term Loan Facility.

The proceeds will be used to redeem all of the outstanding US$74
million of the Notes and to refinance GBP10 million of short-term
bank debt, which Filtronic utilized on December 1, 2003 to
repurchase US$16.033 million of the Notes.  Under the terms of
the Notes, the redemption price will be $1025 per $1000 of the
initial principal amount.

The Term Loan's flexible capital repayment schedule provides that
a minimum of GBP6 million is repaid by May 31, 2005, a minimum of
GBP17 million by May 31, 2006 and a minimum of GBP23 million by
February 28, 2007, leaving a maximum final payment of GBP27
million to be made on May 31, 2007.

The interest rate will not exceed 225 basis points over LIBOR,
currently approximately 4%, with reductions in the margin to 150
basis points achievable on certain financial performance
criteria.

The Term Loan will be secured by a fixed charge over the Group's
freehold properties in the United Kingdom and a floating charge
over the Group's other United Kingdom assets.

Additionally, the Group will have overdraft and other short-term
bank borrowing facilities totaling approximately GBP9 million
available.

Commenting, Professor J David Rhodes CBE FRS FREng, Executive
Chairman of Filtronic, said: "This refinancing consolidates our
borrowings under one umbrella.  It reduces our cost of debt
substantially and extends our term of borrowing whilst enabling
us to continue to reduce our debt progressively."

This announcement supports the formal notice of redemption (RNS
number: 2997U).

The redemption follows the disposal for US$12 million of certain
assets of the group's Filtronic Solid State business, in Santa
Clara, California to Teledyne Wireless Inc., a wholly-owned
subsidiary of Teledyne Technologies Incorporated, announced on
December 17, 2003.

Filtronic's Interim Results for the six months ended November 30,
2003, will be announced on Monday February 2, 2004.

Standard & Poor's Ratings Services in August lowered its long-
term corporate credit rating on U.K.-based telecommunications and
electronic warfare equipment manufacturer Filtronic PLC to 'B-'
from 'B' due to concerns about the company's medium-term
liquidity.  The outlook is negative.

At the same time, Standard & Poor's lowered its senior unsecured
debt rating on Filtronic, which is applicable to the company's
US$94 million of outstanding notes, to 'CCC+' from 'B-'.

"The rating action reflects Filtronic's weakened cash flow
generation in fiscal 2003, which has put increased pressure on
the company's future liquidity in the run up to the repayment of
its US$94 million notes due December 2005," said Standard &
Poor's credit analyst Michael O'Brien.

CONTACT:  FILTRONIC PLC
          Professor J David Rhodes, Executive Chairman
          CBE FRS FREng
          Phone: 01274 530622

          John Samuel, Financial Director
          Phone: 01274 530622

          BINNS & CO PR LTD.
          Peter Binns/Paul McManus
          Phone: 020 7786 9600


FOSSE WAY: Engineering Business for Sale
----------------------------------------
Joint Administrative Receivers, Nigel Morrison and Richard Hawes
offer the business and assets of Fosse Way Securities Limited T/A
Hi-tech Engineering (Coventry) Co. for sale.

Key features:

(a) Specialist light engineering supplying high precision
components to customers in the aerospace, defense, automobile,
marine and gas industries.  ISO9002 accredited.

(b) Turnover of approximately GBP3.1 million in 2001 and GBP2
million in 2002.

(c) Long leasehold property in Tile Hill, Coventry.  Floor area
approximately 20,000 sq. ft.

(d) Plant and machinery, specialist tooling and sundry assets.

For further details please e-mail richard.lewis@gtuk.com or
telephone 07967 359 279.

Grant Thornton, the U.K. Member of Grant Thornton International,
is authorized and regulated by the Financial Services Authority
for investment business.


LEEDS UNITED: Al-Khalifa Finds Financing Needed to Save Club
------------------------------------------------------------
Sheikh Abdul Rahman bin Mubarak Al-Khalifa was able to raise
GBP35 million to keep Leeds United from going into administration
Monday, according to reports.

The Premiership club is expected to make a stock exchange
announcement regarding its rescue after the sheikh, whose his
consortium is believed to include two Saudi Arabian businessmen
and a company based in Asia, tables the offer to Leeds United's
board.

U.K. newspaper the Mirror said Leeds United will use GBP20
million of the amount to pay creditors and the rest to buy new
players.

Leeds United was poised to implement a 30% wage cut on players,
and sell stars last week when there seemed to be no other
recourse on the way to Monday's deadline.  It needed GBP8 million
to finance debts of GBP83 billion.

CONTACT:  LEEDS UNITED
          Elland Road
          Leeds LS11 OES
          Phone: 0113 367 6000
          Fax: 0113 367 6050
          Contact:
          Trevor Birch, Chief Executive
          Phone: 0113 367 6000

          Neil Robson, Finance Director
          Phone: 0113 367 6000

          KBC PEEL HUNT LIMITED
          Julian Blunt
          Phone: 0207 418 8906


MARKS & SPENCER: Drop in Clothing Sales Drag Down Results
---------------------------------------------------------
UK: Sales (inc. VAT)

Sales for the 7-week and 15-week periods to January 10, 2004
were:

                        7 weeks to               15 weeks to
                        10th January              10th January
                        % on Last Year            % on Last Year

              Actual    Like-for-like*  Actual    Like-for-like*

Clothing and       -3.0         -           -3.3          -
Footwear

Home (inc. Gifts)  -4.0         -           -5.1          -
                  _____        _____        _____        _____
General            -3.2        -4.1         -3.6         -4.5

Food               +4.7        +0.5         +4.7         +0.7
                  _____        _____        _____        _____
         Total     -0.1        -2.3         -0.4         -2.5
                   ____        _____        _____        _____


*Like-for-like sales have been estimated by comparing total sales
with new, developed and closed stores excluded.

Commenting on performance, Roger Holmes, Chief Executive said:

"Total sales were marginally down this quarter, with growth in
Food sales offset by a disappointing Clothing performance, down
3.3%, of which 2% was volume.  Stock commitments were well
controlled and gross margin gains will be delivered as planned.

"The fall in clothing sales was driven by a weak performance in
certain key Womenswear areas, notably knitwear, coats and suits,
where our ranges were not strong enough and the warm weather had
significant impact.  Where the product was right, such as in per
una and casualwear, we achieved strong sales growth.

"Sales in Lingerie improved, outperforming the market and
Menswear was marginally down, in line with the market.
Childrenswear sales were down overall, although full price sales
were up 4%, with significantly less discounting than last year.

"In Home, good progress was made in gifts and seasonal
stationery, but other categories under-performed as we continue
repositioning the ranges in preparation for the first Marks &
Spencer Lifestore.  This will open on schedule, in Gateshead, on
February 25.

"Food performance was adequate and we held market share over the
period.  We opened 22 Simply Food and Food stores, adding
c.100,000 square feet of new Food space over the quarter.
Overall these formats are performing in line with our plans and
we are pleased these stores are attracting new customers.

"With non-Food sales below plan, we controlled commitments
tightly and put less stock than last year into the January Sale,
which has since cleared well.  Mark-down costs for the quarter
were marginally ahead of last year due to promotional activity
earlier in the season, but the clothing bought-in margin is
coming through slightly higher than forecast at the time of our
Interim Results.

"The launch of the &more credit and loyalty card has been
successful, with the total number of activated credit card
accounts at the end of December standing at just under 1.7
million."

Updated guidance

Full-year guidance was given at the time of our Interim Results
in November and where not specifically commented on below,
remains unchanged.  Revisions to the guidance are:

(a) The second-half clothing bought-in margin increase is running
at a slightly higher rate than the 1% guidance given at the time
of our Interim results, which compensates for the small increase
in mark-down costs for the quarter.

(b) We now anticipate the increase in operating costs, including
distribution, will be c.1.5%, compared to the previous estimate
of 3%.  This is largely due to employee performance related-
bonuses being significantly below last year, reflecting our
remuneration policy of payment for performance.  This guidance is
before taking account of the likely impact that the actuarial
review of the Group's defined benefit pension plan will have on
the amount charged for pensions.

CONTACT:  MARKS & SPENCER
          Corporate Press Office
          Phone: 020 7268 1919

          Analyst enquiries
          Tony Quinlan
          Phone: 020 7268 4195

          Sarah McGlyne
          Phone: 020 7268 1563


TRINITY MIRROR: Sells Irish Titles for GBP46.3 Million
------------------------------------------------------
Trinity Mirror plc, the U.K.'s largest newspaper publisher,
announced Friday the completion of the sale of its regional
newspaper businesses in Ireland to Europe's leading venture
capital group 3i for GBP46.3 Million.

The sale of the businesses Century Press and Publishing Limited
and the Derry Journal, Limited was completed following clearance
by the Irish Competition Authority.  The businesses publish a
total of seven newspapers in Northern Ireland and the Republic of
Ireland.

CONTACT:  TRINITY MIRROR
          Nick Fullagar
          Phone: 020 7293 3000
          Director of Corporate Communications


UNIVERSAL SALVAGE: Expected Recovery Fails to Turn Up
-----------------------------------------------------
After a difficult first half, the board anticipated a significant
improvement in trading in the third and fourth quarters,
traditionally the group's busiest periods.  Early indicators
confirmed a recovering trend from mid September. However, the
trend has not been maintained and the month of December was weak
both in terms of the volumes of accident damaged vehicles sold at
auction and average profit per unit sold.

In the light of the sharp deterioration in December's salvage
auction prices and given the current volatility in the accident-
damaged/salvage marketplace, the board believed it prudent to
review internal forecasts.  This review has been completed and as
a result, the board currently expects the outcome for the second
half to show only a small improvement on the pre-exceptional loss
incurred in the first half.

While this is disappointing in the short term, the board
considers that the business potential over the medium term
remains positive, particularly as newer income streams, in the
end of life vehicle and motor dealer areas, continue to develop.

CONTACT:  UNIVERSAL SALVAGE PLC
          Martin Hynes, chief executive
          Andy Somerville, finance director
          Phone: 01234 762283

          BIDDICKS
          Katie Tzouliadis
          Kathryn van der Kroft
          Phone: 020 7448 1000




* 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 SA                   BULP      (760)         893      (130)
Compagnie
   des Machines Bull                (116)         136       (20)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256        21
Cofidur SA                            (5)         102        19
Dollfus-Mieg & Co.        DOLP        (0)         187        28
European Computer System            (110)         682       377
Grande Paroisse SA                  (927)         629       330
Immobiliere Hoteliere                (68)         233        29
Pneumatiques Kleber SA               (34)         480       139
SDR Picardie                        (135)         413       N.A.
Soderag                               (3)         404       N.A.
Sofal SA                            (305)       6,619       N.A.
Spie-Batignolles                     (16)       5,281        75
St Fiacre (FIN)                       (1)         111       (33)
Trouvay Cauvin            TRCN        (0)         134        10
Usines Chauson                       (23)         249        35

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

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

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

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

POLAND
------
Animex SA                             (1)         108       (86)
Exbud Skanska SA          EXBUF       (9)         315      (330)
Mostostal Zabrze                      (6)         227      (366)
Stalexport SA                        (57)         229       (51)

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

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

UNITED KINGDOM
--------------
Abbot Mead Vickers                    (2)         168       (16)
Alldays Plc               ALD       (120)         252      (202)
Amey Plc                  AMY        (49)         932       (47)
Bonded Coach
   Holiday Group Plc                  (6)         188       (44)
Blenheim Group                      (153)         198       (34)
Booker Plc                BKRUY      (60)       1,298        (8)
Bradstock Group           BDK         (2)         269         5
Brent Walker Group                (1,774)         867    (1,157)
British Energy            BGY     (5,342)       3,438       229
British Nuclear Fuels Plc         (2,627)      36,359     1,948
British Sky Broadcasting  BSY       (175)       3,347      (144)
Center Parcs (UK)
    Group Plc                        (77)         423      (227)
Compass Group             CPG       (668)       2,972      (298)
Costain Group             COST       (34)         329       (12)
Dawson Holdings           DWSN       (29)         142       (29)
Easynet Group Plc         ESY        (12)         332        53
Electrical and Music      EMI
   Industries Group                 (885)       3,053      (435)
Euromoney Institutional   ERM       (122)         167        (2)
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)
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)
Leeds United PLC                     (73)         144       (29)
Manchester City                      (17)         154       (21)
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 2004.  All rights reserved.  ISSN 1529-2754.

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

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

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


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