/raid1/www/Hosts/bankrupt/TCREUR_Public/040130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, January 30, 2004, Vol. 5, No. 21

                            Headlines

F R A N C E

ALSTOM SA: Wins EUR110 Million Contract in India


G E R M A N Y

COMMERZBANK AG: Nomos-Bank's Loan Participation Notes Rated 'B'
DAIMLERCHRYSLER: Court Denies Certification of 'Mini-Van' Suit
HEIDELBERGER DRUCKMASCHINEN: Net Loss Balloons to EUR725 Million


I T A L Y

FESTIVAL CRUISES: Files Counter-suit over Arrest of M/V Mistral
PARMALAT BRASIL: Seeks "Concordata Preventiva" from Court
PARMALAT CAPITAL: Court Appoints Ernst & Young Liquidators
PARMALAT FINANZIARIA: More Documents Sought for EUR150 Mln Loan
PARMALAT FINANZIARIA: EUR3.6 Bln Anomalous Transaction Unearthed
PARMALAT FUNDO: Senior Shares Redeemed Early
PARMALAT PARTICIPACOES: Files for "Concordata Preventiva"


N E T H E R L A N D S

HAGEMEYER N.V.: Rump, Bond Offerings Successful
KONINKLIJKE AHOLD: ICA Mulls Sell-off of Danish Store Chain


P O L A N D

DAEWOO-FSO: MG Rover Involved in Future Investments Talks


S P A I N

CABLEUROPA SA: Fitch Revises Long-term Ratings Outlook to Stable


S W E D E N

INSTRUM JUSTITIA: Clarifies Stockholmsborsen Article
INSTRUM JUSTITIA: Stefan Linder Leaves Board
SAS GROUP: Proposes Structural Changes in Home Markets


U N I T E D   K I N G D O M

AULDS: High Cost of Closing Stores, Falling Shares Beset Group
BRITISH AIRWAYS: New Business Plan Outlines Significant Job-cuts
C.A.R. ORGANISATION: Appoints Joint Administrators
HOLLINGER INC.: Rejects US$1.09 Billion Barclay Offer
INTERNATIONAL POWER: Mothballs 1,100MW Hays Power Station

INTERNATIONAL POWER: Ratings Unaffected by Closure of U.S. Plant
K.T. ENGINEERING: Liquidation Ordered
LEEDS UNITED: Receives GBP1.5 Million for Player
LIBERTY RISK: Members Approve Wind-up
ML LABORATORIES: Expects to Raise GBP14.3 Mln from Rights Issue
ROC OIL: Creditors Have Until March 31 to File Claim
XTREME WHEEL: Appoints Joint Administrators


                            *********


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


ALSTOM SA: Wins EUR110 Million Contract in India
------------------------------------------------
Alstom S.A. has been awarded an order valued at around EUR110
million to build a 228 MW turnkey combined-cycle power plant for
GVK Industries Ltd in India.  The plant will be located near the
village of Jegurupadu in the State of Andra Pradesh in Eastern
India.  The construction of the plant commenced in mid-January
2004 and it is scheduled to enter commercial operation in
November 2005.

Alstom built the Jegurupadu Phase I combined-cycle power plant
in the middle of the 1990's based on GT8C2 technology with a
total output of 235 MW.  This plant was India's first
independent power plant (IPP) to go on-stream.

Jegurupadu power plant sets a reference standard: designed,
executed and operated with total commitment to maximum fuel
efficiency and minimum environmental impact.

For the Jegurupadu Phase II, Alstom's scope of supply includes a
GT13E2 gas turbine with a heat recovery steam generator, steam
turbine generator, water -- steam cycle equipment and electro-
mechanical auxiliaries.  In addition, Alstom will supply the
civil works, erection, commissioning and testing of the power
plant.

This project will provide much needed support in reinforcing the
power supply in the State of Andhra Pradesh, and will offer
employment opportunities to members of the local population.

                              *****

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

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


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


COMMERZBANK AG: Nomos-Bank's Loan Participation Notes Rated 'B'
---------------------------------------------------------------
Fitch Ratings has assigned an expected Long-term rating of 'B'
to the proposed loan participation notes to be issued by
Commerzbank AG for the sole purpose of financing a loan under a
Loan Agreement to Joint-stock Investment Commercial Bank "NOVAYA
MOSKVA" ("NOMOS-BANK" or "NOMOS").  This rating is contingent
upon receipt of final documents conforming to information
already received, and final issue ratings will be assigned at
that time.

Commerzbank AG, in a Trust Deed, will charge in favor of the
trustee, JPMorgan Corporate Trustee Services Ltd., for the
benefit of noteholders as security for its payment obligations
in respect of the notes, most of its present and future rights
as lender under the Loan Agreement.  Any modification of the
Loan Agreement requires prior consent of the trustee.
Commerzbank AG has no financial obligation to noteholders other
than to account for all amounts equivalent to those received
(principal and interest), if any, from NOMOS under the Loan
Agreement.

The Loan Agreement contains a negative pledge clause, a cross
default clause and a covenant that Commerzbank AG's claims under
the Loan Agreement will rank at least pari passu with all other
unsecured and unsubordinated obligations of NOMOS (except those
preferred by any bankruptcy, insolvency or liquidation laws
etc.).  The negative pledge clause includes a number of
permitted liens upon NOMOS' present or future assets or
revenues, the extent of which, should they arise, would be
assessed by Fitch for any potential impact on unsecured
creditors.

Numerous other covenants include one that restricts corporate
reorganizations, which would result in a material adverse effect
on NOMOS (to be evaluated by an independent appraiser), and two
others that limit material disposals and distributions by NOMOS
and its subsidiaries.  In addition, significant transactions
with affiliated companies are only to be carried out on
conditions financially fair to NOMOS.  There is also a covenant
by NOMOS to maintain a consolidated Tier 1 capital adequacy
ratio, based on financial data prepared under International
Accounting Standards, of at least 15%.

Moscow-based NOMOS was established in 1993, and currently ranks
among the top 20 banks in Russia in terms of assets and capital.
While it has several groups of ultimate shareholders, a blocking
stake is held by a St. Petersburg-based group engaged in
shipbuilding, gold mining and construction.  Its principal
business is as a corporate bank, but it is also active in
precious metals and securities trading on its own account.  The
majority of the bank's clients are from the manufacturing sector
of the economy, and many are export-oriented.  At end-September
2003, NOMOS had total assets of US$1,053 million.


DAIMLERCHRYSLER: Court Denies Certification of 'Mini-Van' Suit
--------------------------------------------------------------
The United States Court of Common Pleas, Pennsylvania County
denied certification of lawsuit brought against DaimlerChrysler
Corporation, on behalf of Edward Solarz, and other mini-van
owners, asserting breach of implied warranties, breach of
express warranty, breach of contract, breach of duty of good
faith and fair dealing, and violation of the Pennsylvania Unfair
Trade Practices and Consumer Protection Act.

The Plaintiffs, Edward Solarz, Matthew Ginsburg, and Kathleen
Dolan seek to certify a class of certain DaimlerChrysler minivan
owners, who between 1995 and 2000, purchased minivans
manufactured by DaimlerChrysler from their local dealerships.
Specifically, in 1995, Solarz purchased a 1996 Chrysler minivan
from D'Ambrosia Dodge in Downingtown, Pennsylvania, and Ginsberg
purchased a 1996 Dodge Caravan from Cherry Hill Dodge, Cherry
Hill, New Jersey.  In 2000, the Dolans purchased a 2000 Dodge
Grand Caravan Sport from Frank C. Videon Dodge in Newtown
Square, Pennsylvania.

Soon after purchasing these vehicles, Plaintiffs discovered that
their minivans did not have a "park-brake interlock."  The park-
brake interlock minimizes the chance that a vehicle will be
inadvertently moved because the gears are "locked" in the "park"
position unless the brake pedal is depressed.  Although the
park-brake interlock was a standard feature on many comparable
minivans, DaimlerChrysler did not offer this feature on the
minivans purchased by Plaintiffs.  On August 1, 2000, the
Dolans' parked minivan began to roll down the street after their
1 1/2 year old daughter accidentally shifted the minivan's
transmission from "park" into "drive."  After their mechanic
informed them that their minivan lacked the park-brake
interlock, the Dolans' sought the help of their dealership.
However, they were told that the minivan could not be modified
to add a park-brake interlock.  Despite their requests,
DaimlerChrysler did not modify the minivan.

In April 2001, the plaintiffs commenced this class action, and
seek to certify the class consisting of Pennsylvania residents
who purchased or leased a new Chrysler minivan from February 10,
1995 through the date the last new 2000 model Chrysler was sold
in Pennsylvania, and who continue to own or lease the minivan.


HEIDELBERGER DRUCKMASCHINEN: Net Loss Balloons to EUR725 Million
----------------------------------------------------------------
During the first nine months (April 1 to December 31, 2003) of
fiscal year 2003/2004, Heidelberger Druckmaschinen AG
(Heidelberg) recorded incoming orders of EUR2.8 billion
(previous year: EUR3.1 billion).  Incoming orders in the third
quarter were just short of EUR1 billion.  They thus matched the
previous quarter and, after adjustments for currency
fluctuations, were on a par with the previous year.  Sales in
the period under review were EUR2.5 billion (previous year:
EUR2.9 billion).  Adjusted for currency effects, this represents
a fall of 9% compared with the previous year.  Sales in the
third quarter were just below EUR1 billion and as such were well
above sales in the previous quarters.

The operating result for the period under review improved
compared to the half-yearly figure by EUR3 million to a loss of
EUR90 million (previous year: EUR48 million).

In conjunction with the new alignment, the company set aside a
total of EUR525 million in the third quarter for non-recurring
expenditure, predominantly depreciations on book values.  This
results in an income before tax of -EUR685 million (previous
year: -EUR121 million). The net loss per December 31, 2003 was
-EUR725 million (previous year: -EUR82 million).

Given the stabilizing order situation in the last two quarters
of this fiscal year, Heidelberg expects sales in fiscal year
2003/2004 to be around 10% down on the previous year.  The
stated target of achieving a breakeven operating result prior to
restructuring will continue to be pursued.

"The slow signs of recovery in the global economy are now also
being paralleled by the first positive trends in the graphic
arts industry," stated Bernhard Schreier, Chief Executive
Officer of Heidelberger Druckmaschinen AG.  "We believe that,
after three years of strongly negative trends, we are beginning
to see the turnaround.  Slight increases in advertising budgets
give reason for hope.  The course for the restructuring
operations already announced by the company will have been set
by the end of the fiscal year in March 2004."

Positive operating profit for the third quarter; net loss of
EUR725 million per December 31, 2003

The operating result for the period under review improved
compared to the half- yearly figure by EUR3 million to a loss of
EUR90 million (previous year: EUR48 million).  The cost-cutting
measures in the third quarter alone generated savings of around
EUR55 million.  All in all, they succeeded in reducing the level
of the structural costs in the first nine months by some EUR115
million compared to the same period last year.

In conjunction with the new alignment, the company set aside a
total of EUR525 million in the third quarter for non-recurring
expenditure, predominantly depreciations on book values.  This
results in an income before tax of -EUR685 million (previous
year: -EUR121 million).  The net loss per December 31, 2003 was
EUR725 million (previous year: -EUR82 million).

As of December 31, 2003 the Heidelberg Group had a workforce of
some 23,400 worldwide (previous year: 24,700).  By the end of
fiscal year 2004/2005, Heidelberg will have reduced its
worldwide workforce by a total of some 4,200 jobs compared to
April 1, 2002, of which 3,000 jobs (adjusted) have already been
reduced.  300 of these were reduced in the third quarter of the
current fiscal year alone.

Costs and earnings in all divisions improved over the previous
quarter

The cost-cutting measures introduced resulted in improvements in
costs and earnings in all division compared to the previous
quarter.  The Digital Division achieved a break-even operating
result, while Web Systems and Postpress reduced their losses
significantly.

Sales in the Sheetfed Division were around EUR1.7 billion after
three quarters, a substantial EUR450 million down on the
previous year.  This was due primarily to the weak first half of
the year.  The operating result was EUR14 million (previous
year: EUR210 million).  Here, too, the quarterly trend in
operating results is beginning to show the first positive
effects of the cost cutting.  The operating result in this
division during the third quarter virtually doubled on the
previous quarter.

Prospects for fiscal year 2003/2004 - drop in sales of around 10
percent expected; target is still to achieve breakeven operating
result before restructuring.  Given the stabilizing order
situation in the last two quarters of this fiscal year,
Heidelberg expects sales in fiscal year 2003/2004 to be around
10% down on the previous year.  The stated target of achieving a
breakeven operating result prior to restructuring will continue
to be pursued.

"The planned efficiency-enhancing measures in production, sales
and administration amounting to EUR200 million are being
realized and will cut structural costs significantly already
this year," stated Dr. Herbert Meyer, CFO at Heidelberg.  "All
in all, the consistent realization of the new alignment will
enable us to raise the company's productivity significantly in
both the short and medium term.  We are confident of reaching
Heidelberg's planned financial targets."

The table with the figures and further information is available
on the Press Lounge at http://www.heidelberg.com.

CONTACT:  HEIDELBERGER DRUCKMASCHINEN AG
          Corporate Communications
          Thomas Fichtl
          Phone: +49 6221 92 47 47
          Fax: +49 6221 92 50 69
          E-Mail: thomas.fichtl@heidelberg.com


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


FESTIVAL CRUISES: Files Counter-suit over Arrest of M/V Mistral
---------------------------------------------------------------
Festival Cruises has obtained the approval of the French court
in Marseille for its petition to arrest the M/V Mistral as
security for damages against parties that caused the sudden
immobilization of the vessel in the port of Marseille at the
start of last week.  The arrest was in fact obtained to secure a
judgment for damages for wrongful breach of the charterparty in
circumstances where no prior notice had been given that the ship
would be arrested and in circumstances where the Festival Group
was in advanced discussions for the re-negotiation of its debt.

Festival felt obliged to take legal action in order to protect
its business interests and is optimistic that the latest
development will contribute to an amicable resolution of the
differences that have arisen with shipbuilder Alstom and bank
Credit Agricole.

As earlier stated, Festival believes it is a viable, ongoing
business and is hopeful that an agreement can be reached to the
satisfaction of all parties very shortly.


PARMALAT BRASIL: Seeks "Concordata Preventiva" from Court
---------------------------------------------------------
Parmalat Brasil S.A. Industria de Alimentos, a unit of Italy's
biggest food company Parmalat Finanziaria S.p.A., requested
admission to "Concordata Preventiva" from Sao Paulo state's 29th
District Court, reports Bloomberg News.

The procedure is similar to the Italian "Controlled
Administration" through which it is possible to obtain the
necessary protection of the company's assets in the interest of
all creditors.

Parmalat Brasil, the country's second-biggest milk buyer,
decided to embark on the measure, saying it no longer has access
to credit or ability to pay its US$1.8 billion in debt.

The Sao Paulo state court will appoint one of the unit's biggest
creditors to oversee the Company after protection from creditors
is granted, said Luiz Fernando Valente de Paiva, a bankruptcy
lawyer who represents Banco Sumitomo Mitsui Brasileiro S.A., one
of Parmalat's creditors.

Under the law, the Company is expected to pay 40% of its debts
at the end of the first year in reorganization and pay the
remaining 60% at the end of the second year, Paiva said.

Standard Chartered Plc., Citigroup Inc., Bank of America Corp.,
Banco Itau S.A., Uniao de Bancos Brasileiros S.A. and Banco do
Brasil SA are among the main creditors of Parmalat's Brazilian
units, Parmalat has said. (Troubled Company Reporter-Latin
America, Vol. 5, No.21)


PARMALAT CAPITAL: Court Appoints Ernst & Young Liquidators
----------------------------------------------------------
The Grand Court of the Cayman Islands appoints James Cleaver and
Gordon I. MacRae at Ernst & Young Restructuring Ltd. to serve as
Joint Provisional Liquidators for Parmalat Capital Finance
Limited, Food Holdings Limited and Dairy Holdings Limited after
winding up petitions were filed against the finance companies by
a group of creditors.

As Provisional Liquidators, Ernst & Young will have the power
to:

      (i) locate, protect, secure and take into their possession
          and control all assets and property to which Parmalat
          Capital is or appears to be entitled;

     (ii) locate, protect, secure and take into their possession
          and control the books, papers and records of Parmalat
          Capital including the accounting and statutory
          records;

    (iii) carry out investigations as they may consider
          appropriate into the promotion, formation, business,
          dealings, affairs or property of Parmalat Capital,
          including without limitation applying for relief under
          Section 127 of the Companies Law or an equivalent in
          any other jurisdiction;

     (iv) do any acts or things they consider to be necessary or
          desirable to protect Parmalat Capital's assets and
          property;

      (v) take any actions as may be necessary or desirable to
          obtain the recognition of the appointment of the JPLs
          in any other relevant jurisdiction and make
          applications to the courts of such jurisdictions for
          that purpose;

     (vi) retain and employ, barristers, solicitors or attorneys
          or other agents or professional persons as the JPLs
          consider appropriate for the purpose of advising or
          assisting in the execution of their powers;

    (vii) render and pay invoices out of Parmalat Capital's
          assets for their own remuneration at their usual and
          customary rates together with all costs, charges and
          expenses of their attorneys and all other agents,
          managers, accountants, or other persons that the JPLs
          may employ; and

   (viii) exercise powers without further sanction to the Cayman
          Court as are set out in Section 109(a) to (g) of the
          Companies Law.

Judge Henderson of the Grand Cayman Court rules that no
disposition of Parmalat Capital's property by or with the
authority of the JPLs in either case in the carrying out of
their duties and functions will be avoided by virtue of Section
156 of the Companies Law.

                    Discharge of Appointment

Parmalat Capital Finance has the liberty to apply to the Cayman
Court to discharge the appointment of the JPLs on 48 hours'
notice to:

   (1) Dairy Holdings and Food Holdings' attorneys, Walkers, at
       Walker House, Mary Street, PO Box 265 GT, George Town,
       Grand Cayman, Cayman Islands; and

   (2) the JPLs at Ernst & Young Restructuring Ltd., 4th Floor,
       Bermuda House, Dr. Roy's Drive, George Town, Grand
       Cayman, Cayman Islands.

Guy Locke, Esq., at Walkers, represents the JPLs before the
Cayman Court.

                 Cayman Court Imposes Injunction

Pursuant to Section 99 of the Companies Law, alternatively,
pursuant to the inherent jurisdiction of the Court, Judge
Henderson enjoins all creditors and interested parties from
prosecuting actions, lawsuits and other proceedings against
Parmalat Capital without further Court order.  No future action,
lawsuit or proceeding will be commenced against Parmalat Capital
without obtaining leave from the Court. (Parmalat Bankruptcy
News, Issue No. 4; Bankruptcy Creditors' Service, Inc., 215/945-
7000)


PARMALAT FINANZIARIA: More Documents Sought for EUR150 Mln Loan
---------------------------------------------------------------
Some Italian banks want to have access to more information about
insolvent food group Parmalat before they approve a EUR150
million loan to the company, financial sources said following
the company's meeting with creditors, according to Reuters.

On Tuesday, Parmalat's rescue administrator Enrico Bondi met
with a group of banks that had promised to provide a EUR150
million credit line to the group by next week.  One of the
sources said there will be no new meeting; the documents
requested will only be sent to the banks by Parmalat's advisers.

Meanwhile, according to the Telegraph, Calisto Tanzi, Parmalat's
jailed founder, on Wednesday put at the disposal of Mr. Bondi an
estimated EUR35 million "to help" keep the company afloat.  The
assets include his 40% share in Bonatti, a construction group,
which are valued at EUR20 million; and his 40-metre classic
yacht, Te Vega, valued at EUR10 million.


PARMALAT FINANZIARIA: EUR3.6 Bln Anomalous Transaction Unearthed
----------------------------------------------------------------
PricewaterhouseCoopers, the auditor brought in by the
administrator of Parmalat to scrutinize the company's accounts,
discovered a EUR3.6 billion (GBP2.5 billion) anomalous
transaction that was not related to the group's commercial
activities, The Telegraph said citing Italy's Il Sole 24 Ore.

According to the 61-page report by PricewaterhouseCoopers dated
January 26, the EUR2.5 billion of the questionable transaction
looked as if they could be misappropriations.

EUR1.7 billion in the "extraordinary outgoings" were made in the
last six years.  Of these, EUR600 million was highly doubtful,
including some EUR5 million paid into the account of Calisto
Tanzi, the Parmalat founder, and the EUR263 million posted to
cover the hole in the separate family-controlled tourism company
Parmatour.


PARMALAT FUNDO: Senior Shares Redeemed Early
--------------------------------------------
Standard & Poor's Ratings Services announced that the
shareholders of Parmalat-Fundo de Investimento em Direitos
Creditorios (the Parmalat FIDC) voted for an early redemption of
their senior shares of the fund during the Jan. 19, 2004,
shareholders' meeting.  On the same day, these investors
received their original invested amount plus the respective
targeted return on their investment (the Brazilian Spot
Depositos Interfinanceiros index plus 1.7%).  The shareholders
received Brazilian reais (BrR) 112.8 million, the fund's
holdings on its senior shares, out of a total BrR132 million
(including the subordinated shares).

The originators of the credit receivables, Parmalat Brasil S.A.
and Batavia S.A., in Brazil, retained BrR19.2 million in
subordinated shares.  During the shareholders' meeting, the
fund's sponsor, Intrag DTVM Ltda, and the servicer of the fund,
Banco Itau S.A., announced that the originators, both indirectly
controlled subsidiaries of Parmalat S.p.A., will not be repaid
their original investment in the subordinated shares until the
fund is fully liquidated.

Intrag DTVM and Banco Itau also decided during the shareholders'
meeting to maintain the legal structure of the fund by retaining
a symbolic senior share equivalent to BrR21,250 and having the
originators retain an additional subordinated share equal to
BrR3,750, until a new shareholder meeting takes place.  At that
meeting, the shareholders will decide whether to change the
terms and conditions of the fund (regulamento) to adapt it for
other investment purposes or, instead, to redeem the remainder
of the shares in their entirety.

The remaining holdings of the Parmalat FIDC comprise permitted
investments not related to Parmalat S.p.A. or any of its
subsidiaries.  These permitted investments consist of overnight
investments in 'brAA' rated financial institutions, government
bonds, or shares of other fixed-income funds rated or assessed
by Standard & Poor's.

Following the early redemption, Standard & Poor's 'brAAAf'
rating on the senior shares of the Parmalat FIDC will be
maintained until the fund is either formally liquidated
(Standard & Poor's would then withdraw its rating) or the fund's
investment objectives are changed (Standard & Poor's would
likely change its rating).  For more information, please see the
article titled "Brazil's Parmalat FIDC and Italy's Parmalat
S.p.A.: No Strings Attached," published Jan. 15, 2004, on
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com The article is also
available on the Standard & Poor's Web site, at
http://www.standardandpoors.com Select Credit Ratings, and then
locate the article, dated Jan. 16, 2004, under Commentary &
News.  In addition, according to Brazilian regulations, the
fund's sponsor must rebalance the Parmalat FIDC's portfolio
(adjust the portfolio composition to the limits established by
the regulation) by Feb. 27, 2004; therefore, discussions on the
fund's investment objectives and Standard & Poor's rating
withdrawal process are expected to be concluded by that date.

The Parmalat FIDC is a closed-ended fund whose main underlying
assets originally consisted of trade receivables directly
originated by Parmalat Brasil and Batavia (through the sale of
shipped products to specified obligors), cash, and other
specified investments.  Senior shares of the fund originally
totaled BrR110.5 million and were sold to investors Nov. 27,
2003, while the subordinated shares (originally BrR19.5 million)
were retained by the originators.  The fund had an original
defined final maturity of three years from Nov. 27, 2003.

For additional information on the Parmalat FIDC or credit
receivables funds in Brazil, please contact: Juan P. De Mollein,
Structured Finance Latin America in New York, at (1) 212-438-
2536 or via e-mail at juan_demollein@standardandpoors.com; Diane
Audino, Structured Finance Latin America in New York, at (1)
212-438-2388 or via e-mail at diane_audino@standardandpoors.com;
or Sergio Garibian, Investment Services, Sao Paulo, at (55) 11-
5501-8944, or via e-mail at
sergio_garibian@standardandpoors.com.

Standard & Poor's, a division of The McGraw-Hill Companies,
provides widely recognized financial data, analytical research
and investment, and credit opinions to the global capital
markets.  With more than 5,000 employees located in 20
countries, Standard & Poor's is an integral part of the global
financial infrastructure.  Additional information is available
at http://www.standardandpoors.com

CONTACTS:  STANDARD & POOR'S
           Juan Pablo De Mollein, New York
           Phone: 212-438-2536
           Diane Audino, New York
           Phone: 212-438-2388
           Sergio Garibian, Sao Paulo
           Phone: (55) 11-5501-8944


PARMALAT PARTICIPACOES: Files for "Concordata Preventiva"
---------------------------------------------------------
Parmalat Participacoes do Brasil Ltda., a holding company that
controls Parmalat Brasil S.A., filed for bankruptcy protection,
reports Bloomberg News.

The controlling company decided to seek protection in the 4th
District court in Sao Paulo after a judge threatened to declare
the Company insolvent on a petition by Banco Fribra S.A., which
is trying to collect BRL1 million in debt.  (Troubled Company
Reporter-Latin America, Vol. 5, No. 21)


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


HAGEMEYER N.V.: Rump, Bond Offerings Successful
-----------------------------------------------
Hagemeyer N.V. announces that, in connection with its 7-for-2
rights offering of 383,107,396 ordinary shares with a nominal
value of EUR1.20 each, the Offer Shares that were not subscribed
for through the exercise of subscription rights (SETs) during
the exercise period, have been priced at EUR1.64 per share in
the rump offering.

In addition Hagemeyer announces the successful offer of its
EUR150 million-subordinated convertible bond offering due 2009.

Rump Offering

The approximately 35.6 million Offer Shares included in the rump
offering were priced at EUR1.64 per Offer Share.  Holders of
SETs, which were not exercised during the SET exercise period
will receive the excess proceeds (i.e. the aggregate proceeds of
the rump offering after deduction of selling expenses and
applicable taxes, if any, less the aggregate nominal value of
the Offer Shares underlying the unexercised SETs) of EUR1.54 per
unexercised SET held by them at the end of the SET exercise
period.

Allotments of the Offer Shares were expected made Wednesday.
Payment and delivery is expected to take place on February 5,
2004.

Convertible Bond Offering

The maturity of the Bonds is 5 years.  The Bonds will be issued
at par and will have a cash interest coupon of 5.75% per annum,
payable annually.  The conversion price is set at EUR 2.04,
representing a conversion premium of approximately 25% over the
Volume Weighted Average Price during book-building.  The Bonds
will not have a rating.  The lenders have made use of their
preferential subscription rights for EUR50 million.

Allotments of the Bonds were expected made Wednesday.
Application has been made for the Bonds to be admitted to the
Official Segment of the Stock Market of Euronext Amsterdam N.V.
Payment and delivery are expected to take place on February 5,
2004.

Not for distribution in the United States, Canada, Australia or
Japan

Conversion of the cumulative preference shares

The outstanding cumulative preference shares will be converted
into ordinary shares and will be allocated to the depositary
receipt holders in accordance with the formula described in the
prospectus dated January 16, 2004 (the "Prospectus"), resulting
in the receipt by the depositary receipt holders of 23,524,390
ordinary shares.

Conditions

The rump offering and the offering of the Bonds are subject to a
number of conditions as referred to in the Prospectus.

For more information on the offerings we explicitly refer to the
Prospectus.

Naarden, January 28, 2004
Hagemeyer N.V.
Board of Management

CONTACT:  HAGEMEYER N.V.
          Corporate Services
          Phone: +31(0)20- 4715225
          Home Page: http://www.hagemeyer.com


KONINKLIJKE AHOLD: ICA Mulls Sell-off of Danish Store Chain
----------------------------------------------------------
Swedish retailer ICA AB, which is 50% owned by Dutch retail
giant Ahold, plans to sell its stake in Danish supermarket chain
ISO-ICA as part of its strategy to focus on core business,
according to just-foods.com.

The company expects the transaction to be completed in spring
2004.

ICA, formerly ICA Ahold, operates supermarkets, superstores,
hypermarkets and discount stores in Scandinavia and the Baltic
states.  ISO, jointly owned by ICA Ahold and the Danish company
ISO Supermarket, owns and operates twelve popular food retail
stores in the Copenhagen area with 733 employees.  Its sales in
2002 amounted to SEK1.6 billion.

ICA Ahold invested some SEK408 million in ISO in 2001, it dumped
in a further SEK231 million in the operation in 2002.

CONTACT:  ISO-ICA A/S
          Vermlandsgade 51
          DK-2300 Copenhagen S
          Denmark
          Home Page: http://www.iso.dk
          Contact:
          Peter Midtgaard
          Phone: +45 32 69 7600
          Fax: +45 32 69 76 01


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


DAEWOO-FSO: MG Rover Involved in Future Investments Talks
---------------------------------------------------------
MG Rover, seen as potential investor in Daewoo-FSO, was last
week invited to the talks between representatives of the
company's management and the government, according to Warsaw
Business Journal.

"Rover has clearly declared its willingness to purchase shares
in Warsaw's Matiz and Lanos producer from Daewoo Motor Co.,"
said one of the high-ranking domestic officials after the
meeting.

Nick Stephenson, MG Rover deputy president, confirmed the
information, but failed to reveal how much stake it is going to
acquire, or how much it is willing to spend.  He also said that
representatives of the British car manufacture have plans of
going to Korea to pursue negotiations, and that they want to
have representatives of the Polish government come along during
the visit.

Aside from MG Rover, other potential investors in Daewoo-FSO are
Volkswagen and Nucarco.


=========
S P A I N
=========


CABLEUROPA SA: Fitch Revises Long-term Ratings Outlook to Stable
----------------------------------------------------------------
Fitch Ratings, the international rating agency, has changed the
Outlook on Cableuropa's and ONO Finance Plc's 'B-' (B minus)
Long-term ratings to Stable from Negative.  At the same time,
the agency affirmed Cableuropa S.A.'s Senior Unsecured and
Short-term ratings at 'B-' and 'B' respectively, and the 'B-' (B
minus) rating for ONO Finance Plc's Senior Unsecured notes,
guaranteed by Cableuropa.  The rating of Cableuropa's EUR750
million Senior Secured bank facility remains 'B+'.

Fitch's decision to revise the Outlook to Stable reflects
Cableuropa's continued strong performance compared with revised
forecasts.  Results for 1Q03-3Q03, including EBITDA of EUR67.9
million, underlined that the company is well on track to surpass
earlier management guidance.  A network build of 1.9 m homes,
penetration rate of 33%, and average revenue per user ("ARPU")
of EUR51.6 slightly exceeded projections on which the ratings
are based.  This is despite a challenging operating environment,
which in 2003 saw the merger of satellite DTH platforms Canal
Satellite Digital and Via Digital.  These are ONO's key pay TV
competitors and control access to a lot of TV content.

The successful re-engineering of Cableuropa's balance sheet in
early 2003 largely offsets the negative impact on performance of
a more subdued operating environment than had been contemplated
when the ratings were first assigned in 1999.  By canceling
EUR503 million of a previously outstanding total of EUR947
million of high-yield notes, management materially reduced the
group's debt (debt stood at EUR1 billion in 3Q03 compared with
EUR1.4 billion at YE02), effectively recapitalizing the balance
sheet. Annualized leverage, measured by debt / EBITDA, stood at
9.3x at 3Q03 (4.7x on a Senior Debt / EBITDA basis) from close
to 70x in the prior year.

The key for growing the business to support the current level of
debt and capitalization will be to continue to improve
operational drivers.  Although early customer acceptance for its
services has been good, its ability to successfully remarket
mature franchises and increase market penetration consistently
across its markets has yet to be proven.  However, Fitch
acknowledges that management has so far proven to be adept at
reacting to changing business conditions.

Cableuropa is a Spanish broadband service provider and the
intermediate holding company for the ONO group.  Its core
business consists of the offering of integrated
telecommunications, cable television and broadband internet
services to residential and business customers.  In the nine
months to September 2003, revenues amounted to EUR257.5 million
with 556,142 residential and 12,054 business customers.


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


INSTRUM JUSTITIA: Clarifies Stockholmsborsen Article
----------------------------------------------------
In regard to an article appearing in the Internet edition of the
Affarsvarlden business weekly concerning Stockholmborsen's
handling of various issues about Intrum Justitia,
Stockholmsborsen presents this clarification:

The decision to list a company is made by Stockholmsborsen's
Listing Committee.  A member of the committee shall not
participate in handling a case if the member faces a conflict of
interest -- that is, if there is any circumstance in which the
member's impartiality could be challenged.

Kerstin Hessius, President of Stockholmsborsen, is a member of
the Listing Committee.  Prior to the Committee's handling of the
case regarding the listing of Intrum Justitia, Kerstin Hessius
announced that she had a conflict of interest because her
husband, Johan Hessius, had been a deputy member of the Board of
Intrum Justitia.  Accordingly, she did not participate in the
Listing Committee's handling of the case.

The investigation regarding the erroneous financial reporting at
Intrum Justitia's British subsidiary is handled entirely by
Stockholmsborsen's surveillance function.  For further
information, contact Anders Ackebo, Head of Listing &
Surveillance, Stockholmsborsen +46 730 775 225


INSTRUM JUSTITIA: Stefan Linder Leaves Board
--------------------------------------------
Stefan Linder has decided to resign from his assignment as
deputy board member of Intrum Justitia AB.  The reason for
Stefan Linder's decision to resign is that he has ended his
employment with Industri Kapital in December 2003 and intends to
engage in other business in 2004.

Intrum Justitia is Europe's leading credit management services
group.  The group has revenues of SEK2.8 billion and has about
2,900 employees in 21 European countries.  Intrum Justitia's
objective is to be a leading provider of CMS in Europe through
excellence in local client care, ledger administration and debt
collection and by measurably improving clients' cash flow and
long-term profitability.  The group offers efficient high
quality management of commercial and consumer receivables in all
phases in the CMS process.  Intrum Justitia has a growth
strategy and aims to take active part in consolidating its
industry.  Intrum Justitia is listed on Stockholmsborsen, the
Stockholm Exchange, ticker IJ.  For more information, please
visit http://www.intrum.com


SAS GROUP: Proposes Structural Changes in Home Markets
------------------------------------------------------
As part of the "Turnaround 2005" program of change and work to
create the necessary competitiveness, the SAS Group is
evaluating various production structures for its airlines in the
three Scandinavian countries.

In the Danish, Norwegian and Swedish markets, operations must
undergo significant changes to form a competitive low-cost
platform.  In Denmark and Sweden the changes will be carried out
within the framework of the organizations existing in each
country, but in such a manner that both the low-price and full-
service segments can be served efficiently.  Structural and
market conditions demand more extensive changes in Norway.
Wideroe is not included in the proposed changes.

Group management in SAS will present to the Board of Directors a
proposal for a new structure for the operations in Norway.  The
trade unions in Braathens and Scandinavian Airlines were
informed about the proposal.  The proposed realignment of jet
aircraft operations in Norway will create a cost level that
provides the increased competitiveness required in the market.

Group management considers that the best business solution is to
integrate the entire organization of Braathens and Scandinavian
Airlines in Norway into a joint company that will serve the
Norwegian market in a competitive manner.  Such a company could
mean that all operations are gathered either into one of the
existing companies or into a new company.  The solution is
conditional upon efficiency enhancement efforts and that new
agreements are reached with employees on reduced salaries and
work terms to create the necessary profitability and
competitiveness.  An integration with these conditions fulfilled
will then be carried out through a transfer of operations, with
the rights this entails for the affected employees.  The
managements of Braathens and Scandinavian Airlines will continue
discussions and negotiations in the future with the trade
unions.

Many questions of a business and operative nature remain and
these must be resolved before Group management presents its
proposal, as planned, for SAS' Board for final decision in
March.  The proposed changes will ensure the SAS Group's ability
to compete in all segments of the market, in terms of price and
products, which as planned will be offered to customers as of
May this year.

CONTACT:  SAS GROUP
          Hans Ollongren, Senior Vice President
          Phone: +46 8 797 19 50
                 +46 709 97 19 50


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


AULDS: High Cost of Closing Stores, Falling Shares Beset Group
--------------------------------------------------------------
Aulds, the award-winning bakery group, plunged into a GBP1.3
million loss in the year to March 31 after costs of shutting
down its frozen food operation in Hamilton, Lanarkshire took
GBP1.1 million off its profits, according to the Herald.  The
expense includes redundancy payments for the 130 employees
dismissed from its workforce of 952 last year.  The company,
which made a profit of GBP213,000 for 2002, did not pay a
dividend in 2003.

Group sales was down 4% to GBP18.6 million in its last financial
year, down from GBP19.5 million in the previous 12 months.  The
firm made an operating loss before exceptionals of GBP121,000,
compared with a GBP302,000 profit the year before.

Aulds, whose history can be traced back to 1900, has 44 shops in
west-central Scotland.  It is run by the founding family, with
Ian Marr, grandson of the founder, as chairman, and Alan Marr,
great-grandson, as managing editor.

The company was awarded World Scotch Pie Champion in 2000 and
2001.  But it fell on the runner's up line in last month's 2003
awards.

CONTACT:  AULDS
          5 -9 Brisbane Street
          Greenock
          PA16 8LS
          Scotland
          Phone: 01475 725288
          Fax: 01475 725191


BRITISH AIRWAYS: New Business Plan Outlines Significant Job-cuts
----------------------------------------------------------------
British Airways has set a target of GBP300 million for reduced
staff costs in its business plan for the next two years.  The
airline will target improvements to working practices and seek
to introduce more efficiencies to lower unit costs.  The plan
includes a 30% reduction of employee costs in head office and
support functions and 15% in operational areas.  The airline
envisages the size of the current flying program being
maintained.

Options to achieve any necessary headcount reductions will
include unpaid leave, part-time working, early retirement and
voluntary severance.  Further reductions will be achieved
through natural turnover and restricted recruitment.  The
savings will be in addition to the 13,000 manpower reduction due
to be achieved by March 31 this year under the airline's Future
Size and Shape review announced in February 2002.

Chief executive Rod Eddington said: "We must make the necessary
changes in partnership with our staff and trade unions, and
without impacting on the service our customers have rightly come
to expect.

"We have shown we are able to meet our targets through voluntary
means and that will remain our aim.  The last two years have
been about survival -- now we want to be in a position to
prosper."

The new cost target will run alongside GBP450 million savings
being delivered from existing programs, including greater use of
technology and reduced external spend.

Proposals for a new bonus scheme for all employees will be taken
to the British Airways board.  The scheme will be linked to an
operating profit margin.

Mr. Eddington added: "We have made considerable progress on
reducing our costs over the last two years, but revenue fell
sharply during the same period.

"Our outlook on revenue is slightly better, however it is clear
our cost base still remains too high.

"To maintain our position as a world-leading airline we must
further reduce our costs so we can invest in our products and
people.

"These changes will help deliver an operating margin of at least
10 per cent, allowing us to share further benefits with all our
people."


C.A.R. ORGANISATION: Appoints Joint Administrators
--------------------------------------------------
Name: C.A.R. Organisation Limited

Registered number: 01875781

Nature of business: Retailer of motor accessories

Trade classification: 5030

Date of appointment of Joint Administrators: January 14, 2004

CONTACT:  RSM ROBSON RHODES LLP
          Geoffrey Paul Rowley
          Michael Jonathan
          Christopher Oldham
          Joint Administrators
          (office holder nos 8919 and 7817)
          186 City Road
          London EC1V 2NU


HOLLINGER INC.: Rejects US$1.09 Billion Barclay Offer
-----------------------------------------------------
Hollinger International refused David and Frederick Barclay's
US$1.09 billion, or US$18 a share offer, to minority investors
in the company, reports said citing regulatory filings.

According to documents lodged in the U.S. Securities and
Exchange Commission by Press Holdings International Ltd., a
Barclay company which made the offer, Frederick Barclay on
Sunday told the banker for Hollinger International that Press
Holdings would be willing to consider an offer of $18 a share
for the Class A stock not owned by Hollinger Inc., or 20% more
than its $15 close on Friday.  Press Holdings filed its offer to
Hollinger Inc. shareholders with Canadian regulators.

Hollinger International, meanwhile, said in a statement that
Press Holdings International never made a formal offer.  It also
said that Frederick Barclay has since said the US$18 price is no
longer on the table.

Toronto-based Hollinger Inc. controls more than 70% of the votes
in Hollinger International, although it owns only 30% of the
stock.  Hollinger International is the owner of The Daily
Telegraph.

The Barclays have entered an agreement with Lord Black, the
former chairman of Hollinger International, to buy his 78% stake
in Hollinger Inc.  It plans to acquire the remaining 22% from
minority shareholders under Canadian law.

But the $1.09 billion proposal was contingent on the support of
Hollinger International's board, which has other plans.  It
intends to sale the asset separately to generate higher
proceeds.  It has lodged a suit in a Delaware court accusing
Lord Black of breaching his duty as a director of Hollinger
International and neglecting his responsibility to protect
minority shareholders by entering into the agreement with the
Barclays.

A trial has been set for Feb. 18 to Feb. 20 and a ruling may
come by the end of next month, said Molly Morse, a spokeswoman
for Hollinger International.  The board of Hollinger
International also adopted a "poison bill" takeover defense to
make it complicated for Lord Black to carry on his plans.  The
Barclays' tender offer for Hollinger Inc. expires March 3.


INTERNATIONAL POWER: Mothballs 1,100MW Hays Power Station
---------------------------------------------------------
International Power announces that it has mothballed its 1,100MW
combined cycle gas turbine Hays power station in Texas, for an
indefinite period.

Hays, which entered commercial operation less than two years
ago, employs modern technology and achieves superior
environmental performance.  This mothballing reflects the very
weak wholesale electricity prices in Texas.

Philip Cox, Chief Executive Officer of International Power said:
"Uneconomic wholesale prices in Texas mean that it is not viable
to run Hays, despite the fact that it is a modern and efficient
power station that operates to the highest environmental
standards.  We will reinstate Hays only when market conditions
improve to a level that provides sound financial returns."

The mothballing of Hays does not affect International Power's
earnings guidance for the financial year to December 2004.

International Power plc is a global independent power generation
company with interests in over 25 operational power stations
that have a combined generation capacity of 16,600 MW (gross).
Among the countries where it has facilities in operation or
under construction are Australia, the United States, the United
Kingdom, the Czech Republic, the UAE, Portugal, Turkey,
Malaysia, Pakistan and Thailand.  International Power is listed
on the London Stock Exchange and the New York Stock Exchange.
The ticker symbol on both stock exchanges is 'IPR'.

CONTACT:  INTERNATIONAL POWER
          Investor & Media Contact
          Aarti Singhal
          Phone: +44 (0)20 7320 8681

          U.S. Media Contact
          David Leeney, Taylor Rafferty
          Phone: +1 (212) 889-4350 ext 242


INTERNATIONAL POWER: Ratings Unaffected by Closure of U.S. Plant
----------------------------------------------------------------
Standard & Poor's Ratings Services said that the ratings on
U.K.-based global power developer International Power PLC
(IPower; BB/Stable/--) remain unaffected by the closure of its
Hays 1,100A-megawatt (MW) combined cycle gas-fired power plant
in Texas, U.S.

Continuing low wholesale electricity prices in Texas have forced
the company to mothball the plant until conditions improve.

Standard & Poor's has not factored into the ratings any
dividends coming from IPower's U.S. activities.  The company has
a further 3,255 MW of net generating capacity in operation in
the U.S.


K.T. ENGINEERING: Liquidation Ordered
-------------------------------------
KT Engineering Ltd., a British company, established in 1977 as a
trading and contracting company, is being wound up, a notice in
the London Gazette Reads.  The winding up order for the company
was issued January 14.

The company specializes in Building Services and health
projects.  It boosts of in-depth project management and site
supervision expertise and design teams equipped with the latest
CAD technology.  It has fulfilled contracts in Africa, Middle
East, Central America, Caribbean and the U.K.

CONTACT:  K.T. ENGINEERING
          28-30 West Barnes Lane
          London, SW20 0BS

          Official Receiver
          21 Bloomsbury Street
          London, WC1B 3SS


LEEDS UNITED: Receives GBP1.5 Million for Player
------------------------------------------------
Leeds United Plc is pleased to announce the expected receipt
from Manchester United, via the FAPL, of GBP1.5 million in full
and final settlement of the contingent deferred sums due on the
Rio Ferdinand transfer totaling GBP3.25 million.

CONTACT:  Trevor Birch, Chief Executive
          Phone: 0113 367 6000

          Neil Robson, Finance Director
          Phone: 0113 367 6000

          Holborn PR
          Phone: 020 7929 5599

          David Bick
          Phone: 07831 381 201

          Trevor Phillips
          Phone: 07889 153 628


LIBERTY RISK: Members Approve Wind-up
-------------------------------------
Members of Liberty Risk Services Limited on January 7, 2004
passed Ordinary, Special and Extraordinary Resolutions regarding
the voluntary winding up of the company.  Gordon Malcolm
MacLure, from the accounting firm Johnston Carmichael, was
appointed liquidator to wind up the company's business and
distribute its assets.

CONTACT:  LIBERTY RISK SERVICES
          Adelaide Business Park
          Falcon Way
          Belfast
          BT12 6SQ
          Phone: 028 9068 7800
          Home Page: http//www.siapol.co.uk

          JOHNSTON CARMICHAEL
          Bishop's Court
          29 Albyn Place
          Aberdeen
          Home Page: http://www.jcca.co.uk/home/levone.html
          Contact:
          Gordon Malcolm Maclure, Head


ML LABORATORIES: Expects to Raise GBP14.3 Mln from Rights Issue
---------------------------------------------------------------
Highlights of preliminary audited results for 2003:

(a) Restructuring of business completed: disposal of Icodextrin
manufacturing business in April 2003 produced net proceeds of
GBP5.7 million; disposal of entire stake in Cobra Bio-
Manufacturing PLC raised GBP5.25 million; research activities
downsized and refocused; 56.6 million shares owned by the co-
founder of the Group placed with institutional investors/sold
removing share overhang;

(b) Innovata Biomed secures new commercial agreements with
Otsuka and Pliva for CLICKHALER;

(c) Significant progress with clinical pipeline: Extraneal
launched in U.S. and Japan by Baxter following successful
regulatory approvals; U.S. pivotal Phase III trial of ADEPT
moves into final stage; Phosphate binding product completes
Phase I trial and commences Phase II; CTL102 commences Phase II
study in prostate cancer; CTL901 commences Phase I clinical
trial in skin cancer; and

(d) Rights issue and issue for cash to raise approximately
GBP14.3 million net of expenses being announced separately.

To view full report:
http://bankrupt.com/misc/ML_Laboratories.htm

CONTACT:  ML LABORATORIES PLC
          Phone: (28/01/04) 020 7067 0700
          Peter Shennan, Chief Operating Officer
          Phone: (Thereafter) 01925 844 700
          Stuart Sim, Executive Chairman
          Weber Shandwick Square Mile
          Phone: 020 7067 0700
          Kevin Smith/Cass Helstrip


ROC OIL: Creditors Have Until March 31 to File Claim
----------------------------------------------------
A resolution for the winding up of Roc Oil (U.K.) Limited was
passed on December 31.  Christopher James Farrington and Andrew
Philip Peters, of Deloitte & Touche were subsequently appointed
liquidators.

To carry out the liquidation process, the liquidators have asked
creditors of the company to come personally or send in their
names and addresses, particulars of their debts or claims, and
the names and addresses of their Solicitors (if any) before
March 31, 2004, to:

Christopher James Farrington
Deloitte & Touche LLP
1 Woodborough Road
Nottingham NG1 3FG

Christopher James Farrington in a notice lodged at the London
Gazette said all creditors will be paid in full.

CONTACT:  ROC OIL (U.K.) LIMITED
          High Street
          Saxilby, Lincoln

          DELOITTE & TOUCHE LLP
          1 Woodborough Road
          Nottingham NG1 3FG
          Phone: 0115 9363 726
          Fax: 0115 9363 777
          Contact:
          Christopher James Farrington


XTREME WHEEL: Appoints Joint Administrators
-------------------------------------------
Name: Xtreme Wheel & Tyre Centre Limited

Registered number: 03194176

Nature of business: Sale of motor parts; Maintenance and repair
of motors

Trade classification: 5030; 5020

Date of appointment of Joint Administrators: January 14, 2004

CONTACT:  Geoffrey Paul Rowley
          Michael Jonathan Christopher Oldham
          Joint Administrators
          (office holder nos 8919 and 7817)
          RSM Robson Rhodes LLP
          186 City Road
          London EC1V 2NU


                            *********


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-
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Copyright 2004.  All rights reserved.  ISSN 1529-2754.

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