/raid1/www/Hosts/bankrupt/TCREUR_Public/040218.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

          Wednesday, February 18, 2004, Vol. 5, No. 34

                            Headlines

B E L G I U M

CARESTEL N.V.: Concludes Sale of Hot Cuisine to De Weide Blik


F I N L A N D

BENEFON OYJ: Bond Loan 2003A Converted to Common Shares


F R A N C E

AIR LITTORAL: In Liquidation after Failing to Renew License
VIVENDI UNIVERSAL: Guy Hands Eyes Cinema Chain


G E R M A N Y

KAMPS AG: Wolfgang Kroger Resigns Board Post


I R E L A N D

NATIONAL IRISH: Two Banking Giants Ready to Bid if Bank Is Sold


N E T H E R L A N D S

KONINKLIJKE AHOLD: Grants Shareholders More Say on Governance


N O R W A Y

STOLT OFFSHORE: Holds Conference Call Today


R U S S I A

NIZHNY NOVGOROD: Creditors Okay Debt-equity Conversion
TAMBOVAPPARAT: To Auction Properties March 16


S W E D E N

SKANDIA INSURANCE: December Sales in Sweden Slightly Down
SKANDIA INSURANCE: Skandia Liv Defers Cut on Insurance Capital
SKANDIA INSURANCE: December Sales Up 28%


U N I T E D   K I N G D O M

A. RUBY: Appoints Administrative Receivers
ALCAN: Voluntary Winding up Resolution Passed
ANKER PET: Unsecured Creditors to Meet February 19
BA METALS: Grant Thornton's Nigel Morrison Appointed Liquidator
BRITISH ENERGY: Issues Output Statement for January

CONCENTRIC CONTROLS: Royal Bank of Scotland Calls in Receivers
CORUS GROUP: St. Modwen Acquires South Wales Land
CORUS GROUP: Strikes Significant Supply Contract with CVRD
DE HILLIER: In Administrative Receivership
EUROTUNNEL PLC: CEO Wins Case Versus Minority Shareholder

GES HANSON: Designates HSBC Bank PLC Administrative Receiver
HOLLINGER INC.: Daily Mail, Berry Family Join Cinven's Bid
INVENSYS PLC: Starts EUR340 Million Buyback Program
MARTIN GRANVILLE: Appoints Baker Tilly Administrator
PARK GROUP: Exits Inbound Call Center Market

PLANT & PROPERTIES: Appoints Begbies Traynor Administrator
PPL THERAPEUTICS: Terminates Joint Project with Bayer BP
QUEENS MOAT: MacDonald Hotels Joins Bidding Battle
SMP MULTI-SHOT: In Administrative Receivership
SP HOLDINGS: Appoints London Marathon CEO Non-Executive Director

T & M COURIERS: Falls into Administrative Receivership
WALT DISNEY: Board Dumps Comcast Takeover Proposal
WATFORD LEISURE: Unveils GBP5.25 Million Refinancing Plan
WATFORD LEISURE: To Buy back Freehold of Vicarage Road Stadium
WATFORD LEISURE: To Appoint Commercial, Financial Director

WATFORD LEISURE: EGM to Take up Refinancing Plan Set March 9
WEST 175: To Pursue Voluntary Arrangement
WHYTE AND MACKAY: Recent Board Resignations No Cause for Alarm


                            *********


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B E L G I U M
=============


CARESTEL N.V.: Concludes Sale of Hot Cuisine to De Weide Blik
-------------------------------------------------------------
Carestel N.V. finalized the sale of Hot Cuisine N.V. on February
13, 2004.  On December 2, 2003, Carestel signed an agreement
with De Weide Blik N.V. for the purchase of Hot Cuisine N.V.
The competition authorities approved this agreement on January
30 and the effective transfer of Carestel's shares in Hot
Cuisine N.V. is done.

As a result of this transaction, the Carestel group has incurred
a consolidated loss of EUR4 million.  From the net profit from
the sale, Carestel will use EUR16.2 million to pay off its bank
debt.  Carestel N.V. and De Weide Blik N.V. were advised on this
transaction by ING Investment Banking and Petercam N.V.
respectively.

Carestel N.V. is a listed catering & hospitality group, which is
based on 4 core activities: motorway catering, airport catering,
the hotel division, which is responsible for the management of
various hotels in the Benelux, and Lunch Garden N.V.  At the end
of 2002, Carestel N.V. reported a turnover of EUR258.9 million
and employs approximately 3,200 people.

                              *****

In January, De Standaard newspaper said a successful conclusion
of the talks was crucial for Carestel to ease its debt load and
avoid breaking up.

CONTACT: CARESTEL N.V.
         Michel Van Hemele
         Phone: 053 760 171
         Fax: 053 760 182
         Carine De Smet
         Phone: 053 760 131 or 0478 47 99 14
         Fax: 053 760 180


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F I N L A N D
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BENEFON OYJ: Bond Loan 2003A Converted to Common Shares
-------------------------------------------------------
Part of the Convertible Bond Loan 2003A issued by Benefon Oyj on
June 26, 2003, and offered for subscription to 12 creditors of
the company has been converted into 522.610 investment shares of
the company.  The increase of the share capital corresponding
the shares by EUR175,793.39 from EUR6,370,600.13 to
EUR6,546,393.52 has been registered in the trade register
February 12, 2004.

The converted investment shares shall be applied to public
trading in the I-list of the Helsinki Exchanges together with
the old investment shares (BENSV) from February 17, 2004,
onwards.  According to the terms and conditions of the
Convertible Bond Loan 2003A, the new shares entitle for full
dividend from the beginning of the financial period following
the financial period, the balance sheet of which has been last
confirmed before the share conversion.  In other words the new
shares converted now entitle to full dividend from financial
period, which begun January 1, 2003, and from all subsequent
financial periods.  Other shareholder rights have begun, when
the increase of the share capital has been registered in the
trade register.

The loan period with Convertible Bond Loan 2003A begun on June
26, 2003, and ends on June 30, 2011.  The annual fixed interest
is two percent. Convertible Bond Loan 2003A is on equity terms.
According to the conversion rate each full EUR0.34 of the Loan
can be converted into one new investment share of the company.

The conversion rate of the Convertible Bond Loan 2003A
corresponds to the share subscription price of EUR0.34 per share
for each share having the book parity of EUR0.34 (not the exact
value) such that each full EUR0.34 of the Loan can be converted
into one investment share.  If the amount of shares to be
converted with Convertible Bond is a fraction, the part of the
Loan corresponding to the fractional part shall be paid back in
money.  The conversion period for Convertible Bond Loan 2003A is
from July 4, 2003, to June 30, 2011.  The more detailed terms
and conditions of the Convertible Bond Loan 2003A have been
published in company's stock exchange bulletin June 6, 2003.

If the remaining Convertible Bond Loan 2003A, amounting to
EUR1,572,549,99, is completely converted into shares, 4,625,141
new investment shares shall be issued and the share capital of
the company increases by EUR1,555,786.76.

The new shares correspond to 2.69% of the entire share capital
of the company and 1.80% of the votes produced by all the
shares.

CONTACT: BENEFON OYJ
         Jorma Nieminen, Chairman of the Board


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


AIR LITTORAL: In Liquidation after Failing to Renew License
-----------------------------------------------------------
A French commercial court decided on the liquidation of regional
airline, Air Littoral, on Tuesday.  The carrier was grounded by
the transport ministry on Friday because its administrator --
finance group Alain Dumenil -- failed to turn up the receipts
and funds necessary for the granting of a new license to the
airline.  The administrator resigned the following day.

Air Littoral requested receivership last August after failing to
pay EUR60 million (US$77 million) owed to the state.  The
biggest French regional airline has 444 employees, and 17
airplanes.  In 2002 it carried 1.6 million passengers and
generated sales of EUR250 million and EUR40 million in losses.


VIVENDI UNIVERSAL: Guy Hands Eyes Cinema Chain
----------------------------------------------
Guy Hands, the founder of Terra Firma Capital Partners, has
launched a GBP400 million- bid for the cinema chain jointly
owned by Vivendi Universal and Viacom, according to Times
Online.

The two media conglomerates put UCI for sale this month and
hired Merrill Lynch to manage the auction.  Robert Tchenquiz,
the millionaire property investor, is reported to be also
interested in the 120-strong cinema chain.  So are HgCapital,
the private equity firm, Vue Entertainment, and Cine-U.K.

About 40 of the chain's 120 cinemas are based in the U.K. and
the Republic of Ireland.  The rest are in Germany, Poland,
Spain, Portugal, Austria, Japan, Taiwan and Brazil.


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


KAMPS AG: Wolfgang Kroger Resigns Board Post
--------------------------------------------
Wolfgang Kroger, member of the Management Board of Kamps A.G.,
has left the Board by mutual consent to take up a new post
elsewhere.  He will not be replaced on the Management Board of
Kamps A.G. but his position will be taken over by the CEO, Dr.
Michael Kern.

On the business operations side, Mr. Jaap Schalken will be
taking over responsibility for Kamps Bakeries Deutschland from
Mr. Kroger.  Mr. Schalken, who will join the company on April 1
this year, was previously the Burger King General Manager for
Central Europe.  He has great experience in the European
franchise business and will be pushing forward the reorientation
of the craft bakeries in Germany.

In the Netherlands, Mr. Rob Terstappen will continue to run
Bakkerij Bart and Mr. Peter Beukers the Market Food Group.  In
future Mr. Schalken, Mr. Terstappen and Mr. Beukers will report
directly to the CEO of Kamps A.G., Dr. Michael Kern, who will
also be taking over responsibility for the craft bakeries as the
COO of this division.

Wolfgang Kroger joined the company in 1992 as Managing Director
of the Stefansback chain and was appointed to the Management
Board five years later.  Following the acquisition of the Bakker
Bart Food Group, he played a key role in the integration and
expansion of the Bakker Bart and `t Stoepje business segments as
well as the subsequent acquisition of Quality Bakers.

                              *****

The company's net result for 2002 was -EUR28.7 million.

CONTACT: KAMPS A.G.
         Investor Relations
         Phone: ++49 (0) 211/530634-432
         E-Mail: info@kamps.de


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


NATIONAL IRISH: Two Banking Giants Ready to Bid if Bank Is Sold
---------------------------------------------------------------
HBOS and Royal Bank of Scotland are reportedly interested in the
Irish banking operations of the National Australian Bank, which
earlier in the month got mired in a currency trading scandal,
according to The Scotsman.

New National Australia Bank Chief Executive John Stewart, said
in an interview with Australian news network, Channel Seven, he
would consider selling the business but only if the price is
right.  He emphasized, however, that the best way to create
shareholder value was to develop its banks.  National Australia
Bank also owns Northern Bank, Clydesdale Bank and the Yorkshire
Bank.  The combined Irish and U.K. banking operations are
estimated to be worth between GBP6 billion to GBP8 billion.

National Australia Bank spent AU$360 million (GBP150 million) in
relation to the foreign exchange trading scandal that rocked the
company early this February.

As an after-effect of the fiasco, Chairman Charles Allen also
resigned.  He will be replaced by Graham Kraehe on the board.


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


KONINKLIJKE AHOLD: Grants Shareholders More Say on Governance
-------------------------------------------------------------
Ahold announced its plans with regard to the recommendations of
the Dutch Tabaksblat Committee on corporate governance.  The
company has developed far-reaching proposals that will be
discussed in an Extraordinary General Meeting of Shareholders on
March 3, 2004.  Key among these is more say for shareholders on
crucial issues such as voting rights.

The agenda for this meeting was published Monday in various
Dutch national newspapers and on Ahold's Web site
(http://www.ahold.com). All relevant documentation relating to
this issue has also been posted on the Web site.

Remarks by Ahold President & CEO Anders Moberg

"With these proposals we reaffirm our strong commitment to
corporate governance throughout the new Ahold.  Instead of
waiting until next year before reporting on the company's 2004
corporate governance policy, we decided to announce our
position.  The proposed changes to the Articles of Association,
the rules for the Supervisory Board and its committees (audit
committee, remuneration committee and selection and appointment
committee) and the rules for the Executive Board, as well as the
proposed general remuneration policy, substantially satisfy the
requirements of the Tabaksblat code."

Mr. Moberg emphasized that Ahold is the first company in the
Netherlands to convene a shareholders' meeting devoted to
corporate governance.  "Jointly, Ahold and its shareholders can
face the future with a confidence born of transparency and
constructive cooperation," he said.

Peter Wakkie, Corporate Executive Board member and Chief
Corporate Governance Counsel, defines Ahold's implementation of
the 'comply or explain' principle.  "Before largely adopting the
Tabaksblat Committee's recommendations, we reviewed in detail
all the implications and came to the conclusion that the
company's Articles of Association had to be amended in some
areas.  Shareholders will have every opportunity to express
their point of view during the March 3, 2004 meeting.  In a
number of cases, the Tabaksblat code prescribes information that
should be included in the annual report.  Obviously, Ahold can
only comply with those recommendations at the time of release of
its 2003 annual report and, where necessary, in 2004."

Mr. Wakkie, the architect of Ahold's new corporate governance
structure, summarized the following proposed changes:

(a) Enlargement of shareholder rights

The authority of the general meeting of shareholders to take
important decisions -- including the appointment and removal of
Executive Board members and Supervisory Board members and the
amendment of the Articles of Association -- has been enlarged
substantially.

This is in accordance with the Tabaksblat code, par. IV.1.1.
The new arrangement can be found in the following provisions of
the proposed Articles of Association: Art. 16.5, 16.6, 21.3 and
42.2.

The system provides as a general rule that the general meeting
of shareholders can take the relevant decisions on its own
initiative -- in other words, independent from a proposal made
by the Executive Board or the Supervisory Board.

In the first meeting, the decision is subject to the majority
representing at least 33 1/3% of the issued shares; if this
qualified majority is not achieved but there is a simple
majority of exercised votes in favor of the proposal, then a
second meeting will be held. In the second meeting, a normal
majority of votes exercised decides irrespective of the number
of shares present or represented at the meeting (unless the law
provides otherwise and deviation from the legal provision is not
permitted).

As a general rule, shareholders are entitled to propose items to
be put on the agenda of the general meeting of shareholders
provided they hold at least 1% of the issued capital or the
shares held by them represent a market value of at least EUR50
million.

These criteria are derived from the legislative proposal
presently pending before the First Chamber of Parliament,
dealing with adjustments to the so-called structure regime and
ancillary matters (art. 114a of this proposal and art. 28.3 of
the Articles of Association).

The general meeting of shareholders will now be entitled to
approve important decisions regarding the identity or the
character of the company.  These decisions include important
investments and divestments (art. 18.3 of the Articles of
Association).

These criteria are also derived from the legislative proposal
described above (art. 107a of this proposal).

(b) Cumulative preferred financing shares

The holders of the depository receipts of cumulative preferred
financing shares ("preferred shares") -- in the aggregate
approximately 369 million shares -- have agreed as an integral
part of the restructuring of the cumulative preferred financing
shares, to reduce the number of votes that can be exercised on
such shares from approximately 369 million to approximately 100
million (or from approximately 19% of the aggregate votes to
approximately 6%).

The number of votes has been determined on the basis of the
nominal value increased with the additional paid in capital of
the preferred shares and Ahold's common share price on January
30, 2004.

The limitation of voting rights will become effective after the
March 3, 2004 shareholders' meeting has approved the conversion
right of the preferred shares into common shares.

With a view to allowing for one type of stock over time, Ahold
and the holders of the preferred shares have agreed to make the
preferred shares convertible into common shares.  The conversion
conditions have been set so as to avoid any transfer of value
from the common shares to the preferred shares.  The maximum
number of common shares to be received upon conversion has been
capped at 120 million.  The preferred shares will be convertible
as of March 2006. The dividend yield will be reduced by 0.2% as
of March 2006.

(c) Supervisory Board

The following changes in the composition of the Supervisory
Board will take place; the driving principle has been a gradual
change in the composition and attention to the continuity of the
supervisory task and the ability to staff the different
committees.

In the annual general meeting of shareholders of June 2004, Sir
Michael Perry (age limit), Bob Tobin and Roland Fahlin will
retire from the Supervisory Board.  Neither Bob Tobin nor Roland
Fahlin would meet the independence criteria of the Tabaksblat
code because of their previous employment with affiliates of
Ahold.

The selection and appointment committee of the Supervisory Board
is in the process of finding suitable candidates to fill these
vacancies.

In the annual general meeting of 2005, Lodewijk de Vink and
Cynthia Schneider will retire from the Supervisory Board.
New supervisory board members will be appointed for a duration
of four years with the possibility of reappointment.  A
supervisory board member will serve no longer than twelve years
on the board.

On January 26, 2004, the Supervisory Board adopted rules for its
functioning as well as separate rules for the audit committee,
remuneration committee and the selection and appointment
committee.

These rules comply with the Tabaksblat code and can be found on
Ahold's Web site.

(d) The Executive Board

New Executive Board members will be appointed for a period of
four years, with the possibility of reappointment (art. 16.4 of
the Articles of Association).

The present Executive Board members will relinquish their
positions during a staggered period in view of the continuity of
the management.  A rotation scheme for this purpose will be
determined shortly.

The rules for the Executive Board have been adopted on January
26, 2004 and comply with the Tabaksblat code; the rules can be
found on Ahold's Web site.

(e) General remuneration policy

The general remuneration policy of the Executive Board members
will be determined by the general meeting of shareholders; share
plans and option plans for the Executive Board members will be
approved by the general meeting of shareholders (Articles of
Association, art. 20).

As far as the present general remuneration policy is concerned,
reference is made to the explanatory notes to agenda item 5.

(f) Tabaksblat code general

The proposed changes of the Articles of Association, the rules
for the Supervisory Board and its committees (audit committee,
remuneration committee and selection and appointment committee)
and the rules for the Executive Board as well as the proposed
general remuneration policy, satisfy to a substantial extent the
requirements of the Tabaksblat code.

In a number of cases, the Tabaksblat code prescribes information
to be included in the annual report.  Obviously, Ahold can only
comply with those recommendations at the time of release of its
2003 annual report and -- in so far as is necessary -- 2004
annual report.

Ahold will be able to follow the Tabaksblat code in all respects
but these:

    (i) The number of supervisory board memberships of
        supervisory board members at Dutch stock exchange listed
        companies cannot be limited in all cases to five, at
        least not in the case of the present chairman of the
        Supervisory Board; the chairman currently holds more
        supervisory board memberships than the recommended
        maximum as required by the code, but will relinquish a
        number of these memberships.

   (ii) Existing employment agreements will be honored except
        in so far as the person concerned voluntarily
        relinquishes certain rights (in fact, this is not a
        deviation from the Tabaksblat code as the code expressly
        leaves open the possibility of continuation of existing
        obligations).

  (iii) Shares obtained under a long-term incentive plan do not
        have to be kept for five years after vesting but for
        three years.

(g) Protection device

The possibility to issue cumulative preferred shares -- to be
distinguished from the cumulative preferred financing shares --
is maintained for the time being because of a number of reasons.
In the first place, pursuant to Dutch law, the owner of a
substantial block of shares is not obliged to make a fair bid
for the remaining shares.  As long as the obligation to make a
fair bid is not codified, the party with a substantial interest
who may be a competitor of Ahold can acquire control over Ahold
without paying full value for the company. The cumulative
preferred shares can prevent such a creeping acquisition or at
the minimum delay such an attempt.  Moreover, these cumulative
preferred shares may also protect the interests of other
stakeholders, such as those of the employees, in the event their
interests are seriously affected.

(h) Web site

Ahold has added a special section to its Web site
(http://www.ahold.com)on corporate governance.  All relevant
documents are posted on this site.  New changes on corporate
governance will be published on the Web site.

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


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


STOLT OFFSHORE: Holds Conference Call Today
-------------------------------------------
Stolt Offshore S.A. (NasdaqNM: SOSA; Oslo Stock Exchange: STO)
will release its fourth quarter and full year 2003 results on
Wednesday February 18, 2004.  A conference call will now be held
to discuss the earnings and review business operations on
Wednesday February 18, 2004 at 3:00 p.m. GMT and not 2:00 p.m.
GMT as previously stated.

Participating in the conference call will be:

(a) Tom Ehret - Chief Executive Officer
(b) Stuart Jackson - Chief Financial Officer


From 12:00 noon GMT, these information will be available on the
Stolt Offshore Web site, http://www.stoltoffshore.com:

(a) A copy of the fourth quarter and full year 2003 results
    press release;

(b) A copy of a presentation to be reviewed on the earnings
    call;

(c) In depth video interviews with Tom Ehret, CEO and Stuart
    Jackson, CFO - also available in audio and transcript. This
    item will also be accessible on http://www.cantos.com.

Conference Call Information

Lines will open 10 minutes prior to conference call

Date: Wednesday February 18, 2004
Time: 3 p.m. GMT

Free phone Dial In Numbers:
U.K.:    0800 953 0938
U.S.A.:  1 866 389 9773
Norway:  800 16533
France:  0805 110 466
Italy:   800 783 256
Netherlands: 0800 023 4993

International Dial In: +44 1452 569 113

Reservation No: 986420

Replay Facility details

This facility is available from 5 p.m. GMT Wednesday February
18, 2004, until 5 p.m. GMT Wednesday February 25, 2004.

Free phone Dial In Numbers:
Dialing from the U.K.: 0800 953 1533
Dialing from the U.S.: 1866 276 1167

International Dial In: +44 1452 55 00 00

Passcode: 986420 #

Alternatively a live Web cast and a playback facility will be
available on the Company's Website.

CONTACT: STOLT OFFSHORE M.S. LIMITED
         Julian Thomson
         Group Manager, Communications and Investor Relations
         Phone: +44 1224 718436
         Phone: +1 877 603 0267 (US toll free)
         E-mail: julian.thomson@stoltoffshore.com


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R U S S I A
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NIZHNY NOVGOROD: Creditors Okay Debt-equity Conversion
------------------------------------------------------
Bankruptcy proceedings on OJSC International airport Nizhny
Novgorod have been closed after creditors and the company
reached an amicable settlement.

Under the agreement, Nizhegorodsky's municipal government, which
is the airport's main creditor, will receive approximately 95%
of Nizhny Novgorod's shares as payment for the more than US$3
million of loan it provided the company.  It also gained
ownership of all main assets of the airport, excluding airstrip
and other federal property.

The local government, which provided 97% of the company's total
debt, filed bankruptcy proceedings with the Nizhegorodsky court
of arbitration, alleging that Nizhny Novogord had broken credit
agreement entered in 1995.  In 1995, the local government
granted US$2.5 million in credit to FSUE International airport
Nizhny Novgorod for the construction and development of the
airport.  The principal carries 7.5% interest for the period of
6 years.  In 1996, Nizhny Novgorod paid US$297,000 of the loan.
Subsequent payments were made monthly, with the amount converted
to rubles at the rate of the U.S. dollar on the drawn-up date.
The credit payment period ended August 2002; but on June 27,
2002 outside control of FSUE International airport Nizhny
Novgorod was introduced, lasting until December 28, 2003.

Documents say OJSC International airport Nizhny Novgorod was
founded in August of 2003 after FSUE International airport
Nizhny Novgorod underwent bankruptcy proceedings.  It has
recorded capital of RUB96 million, divided per 96 thousand of
ordinary shares with nominal value of RUB1,000 each.


TAMBOVAPPARAT: To Auction Properties March 16
---------------------------------------------
The bidding organizer and external insolvency manager of Federal
State Unitary Enterprise Pilot Production Plant Tambovapparat,
V.I. Iradionov, will launch a partial sale of the company's
assets on March 16, 2004, 10:00 a.m. at Tambov city, Entuziastov
parkway,1. FSUE Tambovapparat.

Deadline for applications to participate in the bidding is March
12, 2004.  Interested parties may submit requirements between
9:00 a.m. and 4:00 p.m. (except Sundays and holidays), at:
Tambov city, Entuziastov parkway, 1.

Applicants are required to give an advance payment worth 10% of
the lot price to a special settlement account of FSUE
Tambovapparat external insolvency manager on or before March 12,
2004.  The amount of the advance paid will be set off against
the cost of the property purchased.

The bidding price will be increased by increments of 1% from the
starting price.  The winning buyer is required to pay the
purchase price within one month after the conclusion of the
auction.

The properties for sale are:

(a) Lot no. 1: garage production building, motor vehicle shop
warehouse, production building no. 25; service department
building no. 27.  The initial price, including VAT is RUB2.360
million.  The lot includes rights to the land.

(b) Lot no. 2: production building no. 26, paneled one-storey
building with a three-storey wing, total area 9,650 square
meter).  The initial price, including VAT RUB10 million.  The
lot includes rights to the land (area: 1.5 hectares).

(c) Lot no. 3: canteen production building no. 23, vegetable
store house. The initial price, including VAT is RUB3 million.
The lot includes rights to land (area: 0.54 hectares).

(d) Lot no. 4: machine shop building, construction in progress.
The initial price, including VAT RUB3 million.  The lot includes
rights to the land (area: 1.85 hectares).

(e) Lot no. 5: transport department warehouse building no. 32,
total area: 2 656.9 square meters.  The initial price, including
VAT is RUB4.5 million.  The lot includes rights to the land
(area: 0.56 hectares).

(f) Lot no. 6: administrative-laboratory building no. 1, brick
three-storey building, total area 11 169 square meters.  The
initial price, including VAT is RUB25 million.


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S W E D E N
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SKANDIA INSURANCE: December Sales in Sweden Slightly Down
---------------------------------------------------------
Combined sales (excluding Skandia Liv) decreased by 3% compared
with the same month a year ago, to SEK951 million (SEK982).
Compared with November 2003, sales increased by 6%. The sales
trend follows the same pattern as the preceding year, with a
gradual rise in sales since August.

Unit linked assurance

Sales of unit-linked assurance have also increased successively
since August.  Compared with November 2003, sales increased by
12%, to SEK726 million.  However, compared with December 2002,
sales were down 3%.

New sales of unit-linked assurance decreased by 9% compared with
November 2003.  Compared with December 2002, new sales were down
17%.

Sales through December

Sales decreased by 2%, to SEK12,076 million (SEK12,351).  Of
total sales, unit linked assurance accounted for SEK8,567
million (9,333), mutual fund savings products for SEK344 million
(SEK224), and direct sales of funds for SEK2,681 million
(SEK2,341).

New sales of unit-linked assurance decreased by 10%, which is
unchanged compared with the period January-September 2003.

Skandia Liv

Sales for Skandia Liv in December amounted to SEK1,614 million
(SEK1,744).  Accumulated sales for the period January-December
decreased by 7%, to SEK12,865 million (SEK13,763).

Market shares

Skandia's market share for new business in life and unit linked
assurance fell to 24.4% in 2003, compared with 29.3% at year-end
2002.  Skandia is the market leader in life and unit linked
assurance, with a market share that is roughly 50% higher than
its closest competitor.  SkandiaLink's market share for unit-
linked assurance was 25.4% (32.6%), and Skandia Liv's market
share for traditional life business was 23.4% (26.3%).

All comparison figures pertain to the corresponding period a
year earlier, unless otherwise indicated.

CONTACT:  SKANDIA
          Cecilia Daun Wennborg
          Head of Swedish operations
          Phone: +46-8-788 1913

          Bengt-Ake Fagerman
          Executive Vice President Skandia Liv
          Phone: +46-8-788 2150


SKANDIA INSURANCE: Skandia Liv Defers Cut on Insurance Capital
--------------------------------------------------------------
As a result of the recent rise in the Swedish stock market, in
particular, Skandia Liv will not be lowering the value of
policyholders' capital (reallocation) on May 1.

Skandia Liv's funding policy steers how the investment income is
allocated among the company's book of insurance policies.  If
the funding ratio falls below 95%, the policyholders' insurance
capital is reduced to bring the funding ratio back up to 100%.
When the funding ratio exceeds 115%, an increase in made in
policyholders' insurance capital until the funding ratio is
brought down to 110%.  Within the interval of 95%-115%, value
appreciation of policyholders' accounts is adjusted using the
yield on the insurance capital.

If the funding ratio does not amount to at least 100% in March
2005, a reallocation will take place.

Skandia Liv's funding ratio on 31 January 2004 was 97%, which
means that the value of policyholders' capital will not be
reduced on 1 May.  The yield on premiums paid in before 22 July
2002 will be raised from 0.5% to 3.5%, starting on March 1.  The
yield on premiums paid in after this date will be raised from 3%
to 3.5% starting on March 1.

In a comment on this change, Skandia Liv's CEO, Urban Backstrom,
says that the favorable funding ratio (144% on 31 December 2003)
has enabled the company to maintain a portfolio composition
comprising approximately 35% equities for a long period of time.
This means that the value of Skandia Liv's assets have increased
in pace with the stock market's recovery.

"At present we do not need to reduce policyholders' insurance
capital," says Mr. Backstrom.  "Our collective funding ratio was
down to 85% on 31 March 2003, but has now risen to 97%.  This
does not mean the matter is dismissed, as it remains current.
Every month we take a reading of the collective funding ratio
and take action in accordance with our policy."

CONTACT:   SKANDIA LIV
           Urban Backstrom, President and CEO
           Phone: +46-8-788 25 00

           Marie-Louise Wenander, Chief Actuary
           Phone: +46-8-788 46 65

           Gunilla Svensson, Press Manager, Skandia
           Phone: +46-8-788 42 97


SKANDIA INSURANCE: December Sales Up 28%
----------------------------------------
Sales increased to SEK7.5 billion (SEK5.9), which was the
highest level of monthly sales during the year.  This
corresponds to an increase of 28% in Swedish kronor and 33% in
local currency. Sales in November 2003 totaled SEK7.0 billion.
Sales in the U.K. rose 69%, to SEK3.8 billion (SEK2.4).  Sales
in Sweden were down slightly and amounted to SEK1.0 billion
(SEK1.0).  In Skandia's other markets, sales rose 21% to SEK2.7
billion (SEK2.5).

Unit linked assurance

Sales of unit-linked assurance in local currency rose 35% to
SEK5.2 billion (SEK4.0).  New sales of unit-linked assurance
rose 23% in local currency.

Sales through December

Sales amounted to SEK75.4 billion (SEK69.2), rising 16% in local
currency.  Of total sales, unit-linked assurance accounted for
SEK52.8 billion (47.8), mutual fund savings products for SEK18.3
billion (SEK17.0), and direct sales of funds for SEK2.7 billion
(SEK2.3).

Sales in the U.K. amounted to SEK37.8 billion (SEK39.1).  In
Sweden sales totaled SEK12.1 billion (SEK12.4).  Sales in other
markets increased to SEK25.5 billion (SEK17.7).

Forthcoming reports

Skandia's 2003 Year-End Report will be released on February 27,
2004.  On Thursday, February 19, 2004, Skandia will be reporting
on financial effects for the fourth quarter of 2003.  All
comparison figures pertain to the corresponding period a year
earlier, unless otherwise indicated.

CONTACT:  SKANDIA
          Harry Vos, Head of Investor Relations
          Phone:  +46- 8-788 3643


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


A. RUBY: Appoints Administrative Receivers
------------------------------------------
Name of Company: A. Ruby (Transport) Limited

Nature of Business: Freight Transport by Road

Trade Classification: 28

Date of Appointment: February 2, 2004

Joint Administrative Receivers: POPPLETON & APPLEBY
                                35 Ludgate Hill,
                                Birmingham B3 1EH
                                Receivers:
                                M. T. Coyne
                                A. Turpin
                                (IP Nos 6575, 8936)


ALCAN: Voluntary Winding up Resolution Passed
---------------------------------------------
At an Extraordinary General Meeting of:

Alcan Finances (U.K)
Alcan Automotive
Alcan Colwick
Alcan Colwick
Alcan Swinton

On January 27, 2004, held at Hunton House, Highbridge Industrial
Estate, Uxbridge, Middlesex UB8 1HU, the Special Resolution to
voluntarily wind up the Company was passed.  Nigel Morrison of
Grant Thornton, 43 Queen Square, Bristol BS1 4QR was appointed
liquidator of the company.

CONTACT: GRANT THORNTON
         43 Queen Square
         Bristol BS1 4QR
         Contact:
         Nigel Morrison, Liquidator
         Phone: 0117 926 8901
         Fax: 0117 926 5458


ANKER PET: Unsecured Creditors to Meet February 19
--------------------------------------------------
Notice is hereby given, pursuant to section 48 of the Insolvency
Act 1986, that a General Meeting of the unsecured Creditors of
the Anker Pet Equipment Limited will be held at BDO Stoy Hayward
LLP, Commercial Buildings, 11-15 Cross Street, Manchester M2
1BD, on February 19, 2004 at 11:00 a.m., for the purpose of
having a report laid before the Meeting and of hearing any
explanation that may be given by the Administrative Receivers.

Creditors whose claims are wholly secured are not entitled to
attend or be represented.  Please note that a Creditor is
entitled to vote only if he has delivered to the Administrative
Receivers at BDO Stoy Hayward LLP, Commercial Buildings, 11-15
Cross Street, Manchester M2 1BD, not later than 12:00 noon on
February 18, 2004 details in writing of the debt claimed to be
due from the Company, and the claim has been duly admitted under
the provisions of the Insolvency Rules 1986 and there has been
lodged with the Administrative Receivers any proxy which the
Creditor intends to be used on his behalf.

D J Power, Joint Administrative Receiver


BA METALS: Grant Thornton's Nigel Morrison Appointed Liquidator
---------------------------------------------------------------
At an Extraordinary General Meeting of the BA Metals Limited, on
January 27, 2004, held at Hunton House, Highbridge Industrial
Estate, Uxbridge, Middlesex UB8 1HU, the Special Resolution to
voluntarily wind up the Company was passed.

Nigel Morrison of Grant Thornton, 43 Queen Square, Bristol BS1
4QR was appointed liquidator of the company.

CONTACT: GRANT THORNTON
         43 Queen Square
         Bristol BS1 4QR
         Contact:
         Nigel Morrison, Liquidator
         Phone: 0117 926 8901
         Fax: 0117 926 5458


BRITISH ENERGY: Issues Output Statement for January
---------------------------------------------------
A summary of net output from British Energy's power stations in
January is given in the table, together with comparative data
for the previous financial year:

                   2002/03                       2003/04
          January     Year to Date   January      Year to Date
         Output  Load  Output  Load  Output  Load  Output  Load
         (TWh)  Factor (TWh)  Factor (TWh)   Factor (TWh) Factor
                  (%)           (%)           (%)           (%)

Nuclear   6.45    91    52.38   75    5.72    80   53.71      76
Coal      0.90    62     4.70   33    1.03    71    5.79      41

Nuclear

Planned Outages

(a) A refueling outage was commenced on one reactor at
    Hartlepool.

(b) Low load refueling was carried out on both reactors at
    Hinkley Point B and Hunterston B and on one reactor each at
    Torness and Heysham 2.

Unplanned Outages

(a) Both units at Heysham 1 remained shutdown throughout
    January following the failure of seawater cooling pipe.

(b) Both units at Heysham 1 have now commenced their return to
    service.

CONTACT: BRITISH ENERGY
         Media
         John McNamara
         Phone: 013552 62846
         Investor Relations
         Paul Heward
         Phone: 013552 62201
         Web site: http://www.british-energy.com


CONCENTRIC CONTROLS: Royal Bank of Scotland Calls in Receivers
--------------------------------------------------------------
Name of Company: Concentric Controls Limited

Reg No.: 00671255

Trading Names: Concentric Controls; Alcon; Landon Kingsway

Nature of Business: Manufacture Other Fabricated Metal Products

Concentric Controls has a long history of providing innovative,
quality products for both domestic and industrial markets.
Today, the company features three distinct trading divisions,
each being an internationally known name in its respective
market.

Concentric Controls is registered to BS EN ISO 9002 level.  Its
product ranges have been approved by a number of third parties
including Underwriters Laboratories Inc., British Gas, Canadian
Standards Association, The Australian Gas Association, TuV,
Demko (Cenelec), BASEEFA, Factory Mutual, Gastec, Standards
Australia and the Water Research Advisory Service.

Trade Classification: 06

Date of Appointment of Joint Administrative Receivers:
February 4, 2004

Name of Person Appointing the Joint Administrative Receivers:
The Royal Bank of Scotland Plc

Joint Administrative Receivers: GRANT THORNTON
                                Enterprise House
                                115 Edmund Street,
                                Birmingham B3 2HJ
                                Receivers:
                                Neil Tombs
                                Andrew M. Menzies
                                (Office Holder Nos 7830, 6053)

Company Address: Priory Road, Aston,
                 Birmingham B6 7LH
                 United Kingdom
                 Phone: +44 (0) 121 327 1662
                 Fax:   +44 (0) 121 328 2498
                 or:   +44 (0) 121 322 5017
                 Web site: http://www.concentriccontrols.com


CORUS GROUP: St. Modwen Acquires South Wales Land
-------------------------------------------------
St. Modwen Properties PLC, the regeneration specialist, has
secured a 600-acre major regeneration site at the Llanwern
former steelworks near Newport, South Wales.  The purchase from
Corus is the fifth major land deal St. Modwen has completed with
that company.  Corus still retains a further 1,500 acres at
Llanwern, which includes the 600-acre operational steelworks.

The site is included in the draft Unitary Development Plan,
which refers to 1,700 dwellings and a mix of business,
commercial, leisure and community uses.  The site is also
identified as an urban regeneration site in the plan, which has
the support of Newport Council and the National Assembly.  The
site will ultimately see well over GBP200 million invested in
its regeneration over the next 10 years.

Richard Froggatt, Executive Director of St. Modwen Properties,
said, "The regeneration of major former employment sites for
mixed use developments is a major part of St. Modwen's business.
We are looking forward to engaging with all the relevant
authorities to bring major new investment in jobs and housing
into the area."

CONTACT: ST MODWEN PROPERTIES PLC
         Anthony Glossop, Deputy Chairman and Chief Executive
         Bill Oliver, Managing Director
         Web site: http://www.stmodwen.co.uk
         Phone: 0121 456 2800
         Richard Froggatt, Executive Director

         WEBER SHANDWICK SQUARE MILE
         Kevin Smith
         Katie Hunt
         Phone: 020 7067 0700


CORUS GROUP: Strikes Significant Supply Contract with CVRD
----------------------------------------------------------
Corus has signed a long-term contract with CVRD of Brazil for
the supply of iron ore.  Through the new deal, CVRD will become
Corus' largest iron ore supplier.  The contract is for 10 years,
with either party having the right to terminate the contract
after 5 years.  Volumes will build up to around 10 million tons
a year over the next five years from the current 5 million tons.
The contract replaces the existing 3-year contract and
represents a strategic decision by Corus to increase value
through long-term supply relationships, including product
development, supply chain simplification, and process
improvement.


DE HILLIER: In Administrative Receivership
------------------------------------------
Name of Company: De Hillier Taverns PLC

Nature of Business: Hotels and Motels, with Restaurant

Trade Classification: 5511

Date of Appointment: February 4, 2004

Joint Administrative Receivers: Houghton Stone Business Recovery
                                The Conifers, Filton Road,
                                Hambrook, Bristol BS16 1QG
                                Receivers:
                                Simon Thornton
                                Fiona Davies
                                (IP Nos 9031, 7804)


EUROTUNNEL PLC: CEO Wins Case Versus Minority Shareholder
---------------------------------------------------------
The court of bankruptcy in Paris ruled Nicolas Miguet, the rebel
investor who has been trying to oust the Eurotunnel board,
guilty of committing libel against Richard Shirrefs, the chief
executive of Eurotunnel, according to The Times.

Mr. Miguet was ordered to pay EUR10,000 (GBP6,750) in damages to
M. Shirrefs, and to publish the court's judgment in three
newspapers within 15 days.  Mr. Miguet made the libelous remark
on a radio program, where he accused Mr. Shirrefs of taking part
in a rigged election of the board of Eurotunnel last May to the
detriment of shareholders.   He also accused Mr. Shirrefs of
serving his interest at the expense of shareholders.

The court said Mr. Miguet did not provide sufficient evidence to
prove his claims.  Mr. Miguet has been urging his followers to
buy Eurotunnel shares on a premium rate phone line that he
operates to provide investment advice, the report said.


GES HANSON: Designates HSBC Bank PLC Administrative Receiver
------------------------------------------------------------
Name of Company: GES Hanson Limited

Reg. No: 01495804

Previous Name of Company: GES (Leeds) Limited

Nature of Business: General Building Contractors

Trade Classification: 23

Date of Appointment of Joint Administrative Receivers:
January 30, 2004

Name of Person Appointing the Joint Administrative Receivers:
HSBC Bank Plc

Joint Administrative Receivers: Pannell House
                        6 Queen Street, Leeds LS1 2TW
                        Receivers:
                        William Duncan
                        Ian C. Schofield
                        (Office Holder Nos 06440, 002647)


HOLLINGER INC.: Daily Mail, Berry Family Join Cinven's Bid
----------------------------------------------------------
The team of Cinven, which is bidding for Hollinger
International's U.K. newspaper assets, now includes Daily Mail &
General Trust (DMGT), the U.K. media group, as well as the Berry
family, according to The Telegraph.

Cinven is offering more than GBP550 million (US$1.04 billion)
for the Telegraph Group.  Its offer rivals that of Expressive
Newspapers, which submitted a bid worth between GBP450 million
and GBP500 million last week.

Private equity groups involved in the bidding include Apax, 3i
and Candover.  The assets are currently subject to separate
selloff plans of Hollinger International and former Chief
Executive, Lord Black, who holds a majority stake in Hollinger
Inc., the controlling shareholder of Hollinger International.  A
Delaware court is expected to rule this week on who has the
right to sell the asset.


INVENSYS PLC: Starts EUR340 Million Buyback Program
---------------------------------------------------
Invensys PLC has launched a tender offer to purchase any or all
of its outstanding EUR500 million 5.5% Notes due April 1, 2005
(issued under its EUR2 billion Medium Term Note Program) by way
of Tender Offer Announcement.  The tender offer is conditional
upon completion of the Refinancing Plan announced by Invensys
PLC on February 5, 2004.

The Tender Offer Announcement, which contains the detailed terms
of the tender offer, will be distributed to eligible noteholders
by the Dealer Manager or the Tender Agent on request.  A notice
containing contact details for the Tender Agent and further
details of the tender offer will be distributed to noteholders
through Euroclear and Clearstream, Luxembourg.

Copies of the Tender Offer Announcement have been submitted to
the U.K. Listing Authority and will shortly be available for
inspection at the Document Viewing Facility of the Financial
Services Authority, 25 The North Colonnade, London,
E14 5HS.


MARTIN GRANVILLE: Appoints Baker Tilly Administrator
----------------------------------------------------
Name of Company: Martin Granville Precision Engineering Limited

Nature of Business: Manufacture Metal Structures and Parts

Trade Classification: 06

Date of Appointment: February 2, 2004

Joint Administrative Receivers: BAKER TILLY
                         City Plaza, Temple Row,
                         Birmingham B2 5AF
                         Receivers:
                         Phillip Hartland Allen
                         Guy Edward Brooke Mander
                         (IP Nos 6675, 8845)


PARK GROUP: Exits Inbound Call Center Market
--------------------------------------------
Park Group plc, the financial services business, has reached
agreement on the disposal of its loss-making call center
facility in Birkenhead.  This follows an announcement to the
Stock Exchange on January 29, 2004, stating that the company was
in talks which "may or may not lead" to a disposal of this
facility.

The call center forms part of the Marketing Services Division
and, as reported in Park's interim results for the half year
ended September 30, 2003, it incurred a first half loss of GBP1
million.  Trading losses in the second half and the exceptional
loss on disposal will give rise to a further unanticipated loss
of approximately GBP1.6 million from this activity.  Fixed
assets with a net book value of approximately GBP0.7 million
have been disposed of and the call center building has been sub-
let pending an anticipated formal assignment of the lease.  This
strategic withdrawal from the outsourced inbound call center
market, where it has proved difficult to achieve sustainable
long-term profitable growth, leaves Park better placed for the
future.

The group's continuing core business, principally the Cash
Savings and Cash Lending divisions, traded well over the 2003
Christmas period and operating profits are expected to show a
significant further advance year-on-year.

The Cash Savings Division, with 70,000 agents serving over half
a million customers nationwide, has increased its order book for
Christmas 2004 by 10%.  The Cash Lending Division, now trading
from 40 branches, has increased revenue by 60% during the
current year to date compared with the same period last year.
With a loan book 83% higher than 12 months ago, this business
can look forward to continued profitable growth from its base of
approximately 100,000 customers.

Park also announces the appointment of Shore Capital to act as
joint brokers to the company with Teather & Greenwood.

CONTACT: PARK GROUP PLC
         Peter Johnson Chris Houghton
         Executive Chairman Finance Director
         Phone: 0151 653 1700
         Web site: http://www.parkgroup.co.uk


PLANT & PROPERTIES: Appoints Begbies Traynor Administrator
----------------------------------------------------------
Name of Company: Plant & Properties Limited

Nature of Business: Sale of Motor Vehicles and Retail Sale of
Automotive Fuel

Trade Classification: 14

Date of Appointment: February 4, 2004

Joint Administrative Receivers: Begbies Traynor
                         1 & 2 Raymond Buildings,
                         Gray's Inn, London WC1R 5NR
                         Receivers:
                         Paul Davis
                         Tim Dolder
                         (IP Nos 7805, 9008)

Company Address: PLANT & PROPERTIES LTD.
                 359 London Road, Mitcham, Surrey CR4 4BF
                 Phone: 02086485896


PPL THERAPEUTICS: Terminates Joint Project with Bayer BP
--------------------------------------------------------
Following the decision on 18 June 2003 to place the recombinant
Alpha-1-Antitrypsin (recAAT) development program on hold, Bayer
Biological Products (Bayer BP) and PPL Therapeutics plc announce
the signing of a Termination and License Agreement (TLA).

The TLA provides for the termination of all previous
arrangements between Bayer BP and PPL.  Under the TLA, Bayer BP
gains access to the Intellectual Property necessary to restart
the recAAT project at a later date for congenital deficiency,
cystic fibrosis or chronic obstructive pulmonary disease, by
means of royalty-free licenses to the relevant patents and know-
how and the assignment of certain agreements.  PPL retains the
rights to the intellectual property for recAAT in fields other
than congenital deficiency, cystic fibrosis and chronic
obstructive pulmonary disease.  Bayer BP and PPL release each
other from all obligations and liabilities under the previous
arrangements.

Bayer BP therefore preserves the right to restart the recAAT
program in the future.  PPL will not have any further
involvement in the recAAT program nor any obligations to Bayer
BP in respect of the program or the arrangements that are the
subject of the TLA.  The transaction does not involve any
payment by either party and therefore has no impact on PPL's
cash balances.

Bayer Biological Products plans to continue to focus on ways to
increase available supplies of Prolastin(R), an Alpha-1
Antitrypsin product derived from human plasma.  Building on
Bayer's more than 16 years of commitment to the alpha-1
community, the company intends to continue to invest in research
and technology to not only increase product supply, but also to
produce innovative products and delivery techniques.

About PPL Therapeutics plc

Information about PPL can be found at http://www.ppl-
therapeutics.com.

CONTACT: PPL THERAPEUTICS plc
         Chris Greig, Chairman
         Adam Christie, Business Development Director
         Phone: 0131 440 4777

         Alistair Mackinnon-Musson
         Philip Dennis
         Hudson Sandler
         Phone: 020 7796 4133
         E-mail: ppl@hspr.co.uk


QUEENS MOAT: MacDonald Hotels Joins Bidding Battle
--------------------------------------------------
MacDonald Hotels, Scotland's largest hotel and resort chain, has
teamed up with the Reuben brothers and Bank of Scotland to bid
for control of the U.K. outlets of debt-laden Queens Moat
Houses, according to The Scotsman.

The three are offering GBP350 million.  Donald Macdonald will
take care of operational duties at the chain if they succeed.
Queens Moat Houses has GBP630 million in debts.  It is currently
launching a strategic review of its operations and is expected
to break up the company to solve its debt problems.  Investment
bank Morgan Stanley is taking care of the sale process.  Assets
currently for sale also include the chain's Dutch and German
divisions.


SMP MULTI-SHOT: In Administrative Receivership
----------------------------------------------
Name of Company: SMP Multi-Shot Limited

Reg. No: 03752750

Nature of Business: Production of Tooling and Plastic Moldings

Trade Classification: 07

Date of Appointment of Joint Administrative Receivers:
February 5, 2004

Name of Person Appointing the Joint Administrative Receivers:
Bank of Scotland

Joint Administrative Receivers:  Hurst Morrison Thomson
                                 Corporate Recovery LLP
                                 5 Fairsmile, Henley on Thames,
                                 Oxfordshire RG9 2JR

Receivers: Paul William Ellison
           Gareth Wyn Roberts
           (Office Holder Nos 7254/03, 1162/01)


SP HOLDINGS: Appoints London Marathon CEO Non-Executive Director
----------------------------------------------------------------
SP Holdings PLC (formerly World Sports Solutions), the marketing
and financial services company, appointed Nicholas Andrew Bitel,
44, Non-Executive Director.

Mr. Bitel is Chief Executive of The London Marathon, a Council
Member of U.K. Sport, Chairman of U.K. Sport's Major Events
Steering Group and a partner of Max Bitel Greene, the niche
practice law firm specializing in sports and media law.  He is
also a director of 10 Theed Street (Management) Limited and was
previously a director of First Artist Corporation plc.

Simon Eagle, Chairman of SP Holdings PLC, said: "Nick is a great
addition to the Board.  He brings huge experience in the sports
and media sectors, corporate governance and growing successful
businesses."

Recent developments

(a) On January 8, 2004 SP Holdings announced the acquisition of
Clever TV Limited, database marketing specialist and owner of
Dreamleague fantasy games.

(b) On November 14, 2003 SP Holdings announced the formation of
a joint venture, with leading independent television company,
Diverse Production, called DSP TV Ltd. A company set up to
produce innovative programs within the sports and
entertainment market.

(c) SP Holdings announced the acquisition of 'Observebrands', a
specialist retail and fashion brand consultancy, via its new
subsidiary, SP Brands Limited, on October 20, 2003.

(d) SP Holdings announced the acquisition of the entire issued
capital of Provisor Global Search Limited, a specialist human
resources consultancy, on October 27, 2003.

(d) On September 29, 2003 SP Holdings announced the acquisition
of the goodwill and tangible assets of the independent financial
advisor Robert Ward.

(e) On August 1, 2003, SP Holdings Subsidiary SP Active
announced the acquisition of Chris Reed Marketing Ltd, the
brand/media barter specialist

                              *****

The Company anticipates that it will return to profit during the
first half of the year ended October 31, 2004, a significant
turn-around from the reported loss before tax of GBP9.763
million for the year ending October 31, 2002.

CONTACT: SP HOLDINGS PLC
         Simon Eagle, Chairman
         Phone: 020 7292 8950
         Hudson Sandler
         Phone: 020 7796 4133
         Nick Lyon
         James Sumpster


T & M COURIERS: Falls into Administrative Receivership
------------------------------------------------------
Name of Company: T & M Couriers (Swindon) Limited

Nature of Business: Other Transport Agencies

Trade Classification: 6340

Date of Appointment: February 5, 2004

Administrative Receivers: HOUGHTON STONE BUSINESS RECOVERY
                   The Conifers, Filton Road,
                   Hambrook, Bristol BS16 1QG
                   Receiver:
                   Simon Thornton
                   (IP No 9031)

Company Address: Unit 4 Liskeard Enterprise Centre
                 Station Rd., Liskeard PL14 4BT
                 Phone: 01579 344440


WALT DISNEY: Board Dumps Comcast Takeover Proposal
--------------------------------------------------
The Board of Directors of The Walt Disney Company unanimously
rejected the proposal by Comcast Corporation to acquire Disney
by trading 0.78 of a share of Comcast for each share of Disney.
The Board noted that 0.78 of a share of Comcast is selling in
the market for $3.60 less than the market price of a share of
Disney.  This deficit of value in the Comcast proposal has
existed from the very first day after Comcast announced it, when
the deficit was $3.24 per Disney share or a total of $6.6
billion.

The Board stated, "We are committed to creating shareholder
value now and in the future and will carefully consider any
legitimate proposal that would accomplish that objective.  In
any proposal by Comcast, or any other company, the Board will
consider and assess the value to be received in exchange for the
shares of Disney, and also the appropriate premium to reflect
the full value of Disney.  The Board has confidence in the
business, financial and creative direction of Disney under the
leadership of Michael Eisner and his management team.
Furthermore, the Board expects the company's current structure
and strategy will maximize shareholder value.  The interests of
Disney shareholders, which represent the fundamental priority of
the Board, would not be served by accepting any acquisition
proposal that does not reflect fully Disney's intrinsic value
and earnings prospects."

CONTACTS: THE WALT DISNEY COMPANY
          Zenia Mucha
          Phone: 818-560-5300
          John Spelich
          Phone: 818-560-8543


WATFORD LEISURE: Unveils GBP5.25 Million Refinancing Plan
---------------------------------------------------------
Watford Leisure PLC, the football club operator, announces that
it proposes to raise up to approximately GBP5.25 million
(GBP4.90 million net of expenses) by way of a firm placing and
an open offer:

(a) The Firm Placing comprises the issue of 5,263,157 New
    Ordinary Shares in aggregate to Graham Simpson, his wife
    Yianna Simpson and a new investor, Valley Grown Salads, at
    66.5 pence per share and the issue of GBP1,000,000 nominal
    of convertible loan notes to Graham Simpson to raise GBP4.5
    million (before expenses).

(b) The Open Offer is an offer of 1,127,984 New Ordinary Shares
    at 66.5 pence per Open Offer Share to raise approximately
    GBP0.75 million (before expenses).  The Open Offer is fully
    underwritten by Strand Associates.

(c) The majority of the funds raised pursuant to the Firm
    Placing and Open Offer will provide working capital for the
    Company.  However it is intended that, subject to suitable
    debt finance being available to the Company and the Club's
    first team remaining in Division One of the Nationwide
    Football League at the end of the current season, a portion
    of the funds raised in the Firm Placing and Open Offer will
    be used for the buy back of Vicarage Road Stadium.

Graham Simpson Chairman and Chief Executive Officer of Watford
Leisure PLC, commented:  "I am delighted as Chairman of Watford
that we have been able to secure this firm placing and open
offer which goes a long way towards stabilizing the financial
position of Watford."

This summary should be read in conjunction with the full text of
this announcement below.  Copies of the prospectus can be
obtained at Vicarage Road Stadium, Vicarage Road, Watford,
Hertfordshire WD18 0ER.  To see full details of the plan:
http://bankrupt.com/misc/Watford_RefinancingPlan.htm

Strand Partners, which is regulated in the United Kingdom by the
Financial Services Authority, is acting exclusively for Watford
Leisure in connection with the matters referred to in this
announcement and will not be responsible to anyone other than
Watford Leisure for providing the protections afforded to
customers of Strand Partners or for providing advice in relation
to the Proposals.

CONTACT: WATFORD LEISURE PLC
         Graham Simpson, Chief Executive Officer
         Phone: (01923) 496 000

         STRAND PARTNERS LIMITED
         (Financial Adviser to Watford Leisure)
         Rory Murphy, Director

         Angela Peace, Manager
         Phone: (020) 7409 3494


WATFORD LEISURE: To Buy back Freehold of Vicarage Road Stadium
--------------------------------------------------------------
Current trading, prospects and use of proceeds

The Company released its consolidated audited results for the
year ended June 30, 2003 on December 5, 2003.

Turnover for the year was approximately GBP8.7 million (2002:
GBP16.8 million) and the Group reported a pre-tax loss of
approximately GBP10.3 million (2002: GBP7.2 million).

The decline in revenues from the previous year was due primarily
to the end of the Club's entitlement to the Premier League
'parachute' payments and the very much reduced television income
resulting from the well-documented demise of the ITV Digital
contract in 2002.  However, the Group did maintain ticket and
commercial revenues at levels similar to the previous year and
benefited from the first team's run to the semi-final of the FA
Cup.  In addition the Club now benefits from its own in-house
catering operation, Watford Catering Limited.

The main costs to the Group are the salaries it pays to staff,
in particular its playing staff. Staff costs were reduced to
GBP11.77 million from GBP15.56 million last year.  This reduced
figure includes phased costs of contract settlements with
certain former members of the playing and coaching staff and
some further redundancy costs and therefore the benefit of the
reductions to the cost base to date will be felt more in the
following years. The Directors are aware of the need to reduce
costs further which, together with the funds raised as a result
of the Firm Placing and Open Offer and a focus on increasing
commercial income, will, it is hoped, eventually allow the
Company to return to profitability.

The future of Watford is, to a large extent, dependent on the
success of the Club's first team.  Whilst maintaining Division
One status in the Football League is the immediate goal,
promotion to the Premier League is the ultimate objective, with
the obvious revenue benefits this would bring.  Any increases in
commercial revenue will in large part result from success on the
pitch but the Directors also believe that there exist many
opportunities to grow revenues in the short to medium term.  It
is therefore the intention in 2004 to employ a commercial
director reporting to the Board who will identify and develop
these opportunities.

The majority of the funds raised in the Firm Placing and Open
Offer will provide working capital for the Company.  However,
one of the main objectives of the Directors is to buy back the
freehold of the Vicarage Road Stadium.  To carry out this
purchase the Directors would need to negotiate suitable debt
financing with an external source to be used in combination with
the funds raised to date in the 'Let's Buy Back the Vic'
campaign and a portion of the funds raised in the Firm Placing
and Open Offer.  As the debt would make up a sizeable portion of
the purchase cost of the freehold, the buyback of Vicarage Road
Stadium is dependent on suitable debt finance being available to
the Company.  There can be no guarantee that such debt financing
will be forthcoming.

Watford's first team is currently lying in 20th position in the
Nationwide League First Division, 2 places above the relegation
zone.  If the team were relegated to the Second Division in May
of this year then future revenues would be adversely affected.
In such circumstances it is likely that the funds raised in the
Firm Placing and Open Offer would be required for working
capital purposes to such an extent that the buy back of the
freehold of the Vicarage Road Stadium would not be possible in
the short term.

A longer-term objective of the Directors is to develop a new
East Stand at the Vicarage Road Stadium.  Further funds in the
form of debt and/or equity would be required to achieve this.


WATFORD LEISURE: To Appoint Commercial, Financial Director
----------------------------------------------------------
In addition to the appointment of a commercial director
[reporting to the Board who will identify and develop
opportunities to increase revenues], it is the intention of the
Directors to appoint in the near future a financial director,
who may work on a part time basis.  Neither position will have a
seat on the Board.

The Directors and the Proposed Directors have confirmed that the
existing employment rights, including pension rights, of all
employees of Watford Leisure will be fully safeguarded.

Finance and operations committee

At a board meeting of the Club on February 13, 2004, the
directors of the Club agreed to delegate the responsibility for
all financial and operational matters to a committee of the
board comprising only those directors of the Company and the
Club.  The members of the committee may appoint one or more
directors of the Club to the committee from time to time.  The
committee currently comprises Graham Simpson and Andrew Wilson.
The Proposed Directors will be appointed to the committee on
completion of the Proposals.  The board of the Club also agreed
that no member of the committee can be removed without the
consent of those shareholders holding not less than 75% of the
issued share capital of the Club.

An extraordinary general meeting of the Club will be held at
12:30 p.m. on March 9, 2004 to approve amendments to the
articles of association of the Club reflecting the constitution
of the finance and operations committee.

Alternative Funding

If the appropriate Resolutions are not passed by Shareholders at
the Extraordinary General Meeting and the Firm Placing and the
Open Offer are not implemented, the Directors believe that the
Group may not have sufficient working capital for its present
requirements.  In such event, the Directors believe that there
is a risk of the Group becoming insolvent and the Directors
would need to consider appropriate insolvency procedures, which
could involve the Company entering into administration and/or
proposing the voluntary liquidation of the Group.


WATFORD LEISURE: EGM to Take up Refinancing Plan Set March 9
------------------------------------------------------------
In order to give effect to the Proposed Firm Placing and Open
Offer and Capital Reorganization and Capital Reduction, an
extraordinary general meeting of the Company is being convened
for 11:00 a.m. on March 9, 2004.

Prospectus

The Prospectus, accompanied by an Application Form for use in
connection with the Open Offer, setting out details of the
Proposals and including a notice of the EGM, was posted to
Shareholders on Saturday, February 14, 2004.  The Firm
Placing and the Open Offer are not being made in or into the
United States, Canada, Australia, Japan or the Republic of
Ireland or any other jurisdiction in which such Firm Placing and
Open Offer or solicitation is unlawful.  The attention of
shareholders who have registered addresses outside of the United
Kingdom, or who are citizens or residents of countries other
than the United Kingdom, is drawn to the further information in
this regard to be set out in the Prospectus.

A copy of the prospectus is available at the offices of Denton
Wilde Sapte, One Fleet Place, London, EC4M 7WS.

Expected Timetable of Principal Events

Record Date for the Open Offer            Close of business on

Latest time and date for splitting       3:00 p.m. March 3, 2004
of Application Forms (to satisfy bona
fide market claims only)

Latest time and date for receipt         3:00 p.m. March 5, 2004
of completed Application Forms and
payment in full under the Open Offer

Latest time and date for receipt        11:00 a.m. March 7, 2004
of Proxy Forms

Extraordinary General Meeting           11:00 a.m. March 9, 2004

Admission and dealings in Ordinary      8:00 a.m. March 10, 2004
and New Ordinary Shares (other than
the Subsequent Firm Placing Shares)
expected to commence on AIM

CREST member accounts expected                  March 10, 2004
to be credited for New Ordinary Shares
(other than the Subsequent Firm Placing
Shares) in uncertified form

Dispatch of definitive share certificates      by March 17, 2004
for New Ordinary Shares (other than the
Subsequent Firm Placing Shares)
in certified form

Lates date for receipt
of subscription                      no later than July 31, 2004
monies for the Convertible Loan Notes

Latest date for the
Deferred Subscription                no later than July 31, 2005
to be made


WEST 175: To Pursue Voluntary Arrangement
-----------------------------------------
Following the suspension of West 175 Media Group, Inc. on August
12, 2003, and further to the announcement on November 21, 2003,
the Company intends to proceed with a company voluntary
arrangement (CVA) with all of its creditors.  The requisite
documentation has been prepared by the Company and Hacker Young
and Partners to enable the requisite meetings for the CVA to be
convened very shortly.  The terms of the CVA include the issue
of new shares to creditors, requiring the approval of
shareholders of the Company in General Meeting.  In parallel to
this the Company is currently completing outstanding U.S. tax
returns required in order to allow any amendments to the
Company's Articles of Incorporation, a necessary pre-condition
to entering into the CVA process.  A third party has been
identified to invest sufficient funds to cover the cash dividend
to creditors and to settle the fees for existing advisers
connected to the CVA process.

Subject to shareholder approval, these funds will be convertible
into shares in the Company and the third party will receive
warrants to subscribe for new shares.

At or prior to convening the CVA, it is intended that the
audited accounts of the Company for March 31, 2003, together
with an unaudited interim statement for the period from April 1,
2003 to September 30 or December 31, 2003 will be published.  It
is also proposed that at or about the same time that the CVA is
published, further funds will be raised to provide the Company
with some working capital with a view to using the Company as a
shell to acquire a suitable business in due course.

Trading in the shares of the Company will remain suspended for
the time being.


WHYTE AND MACKAY: Recent Board Resignations No Cause for Alarm
--------------------------------------------------------------
Three senior managers have left Glasgow-based whisky company,
White and Mackay, according to The Scotsman.

Finance director Scott McCroskie is joining drinks distributor
Maxxium, while U.K. sales director Alan Lowndes and bulk sales
director Nick Swan, are transferring to rival Willian Grant &
Sons.

According to the report, the reasons for their departure remain
unclear, but it follows a wide-ranging restructuring at the
firm, and a purging of its board.  Whyte and Mackay assured its
ongoing restructuring process is "progressing well" and that the
company is not facing a crisis.  It also said that its plan to
spruce up its brand with GBP50 million in investment is "bearing
fruit."  It announced at the same time, the hiring of Stewart
Lawrie as director of U.K. and international accounts from
Proctor & Gamble, and industry veteran James Espey as senior
executive.


                            *********


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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