/raid1/www/Hosts/bankrupt/TCREUR_Public/040219.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

           Thursday, February 19, 2004, Vol. 5, No. 35

                            Headlines

F I N L A N D

DYNEA INTERNATIONAL: 2003 Net Loss Balloons to EUR64 Million
DYNEA INTERNATIONAL: Ratings Affirmed; Outlook Negative
DYNEA INTERNATIONAL: Moody's Confirms B3/Caa2 Ratings


G E R M A N Y

KAMPS AG: 'BB' Senior Unsecured Rating Affirmed
KIRCHMEDIA GMBH: Misappropriation Charge Against Kirch Dropped
WESTLB AG: Risk Provisioning Results in EUR2.32 Billion Loss


H U N G A R Y

KOMETA 99: Export License Canceled; 400 Workers Now Without Work
MOL GAS: Gazprom Leads Pack of Would-be Buyers
PANNONPLAST RT: Sacks Chief Executive Over Poor Performance


I R E L A N D

ELAN CORPORATION: Executive Vice President Mulligan to Step Down
IRISH FERRIES: May Temporarily Axe Hundreds to Cut Cost


I T A L Y

IT HOLDING: Outlook Revised to Negative on Refinancing Concerns
PARMALAT FINANZIARIA: Dale Farm Buys Dairy Operations in U.K.


L U X E M B O U R G

MILLICOM INTERNATIONAL: Shareholders Approve Stock Split


N E T H E R L A N D S

PETROPLUS INTERNATIONAL: Dutch Regulator Approves Tango Sale
VAN DER: Expects 4th Quarter Net Income to Fall to EUR3.9 Mln


R U S S I A

BASHKIRSKY: Declared Insolvent
BEREZNIKOVSKY: Creditors Have Until April 14 to Prove Claims
KALININSKY: Under Bankruptcy Supervision Procedure
MOTOR CONSTRUCTION: Court to Hear Bankruptcy Case April 29
SIBSPETSSTROY: Accounts Receivable for Sale
SIXTH TELEVISION: Bankruptcy Proceedings to Begin June
VLADIMIRSKIY: Assets of Furniture Factory for Sale


S W E D E N

SKANDIA INSURANCE: Skandia Liv Deal Still Puzzles Executives


U N I T E D   K I N G D O M

ACL GROUP: Appoints W.A. Batty Administrator
CARTERTON ESTATES: Winding up Resolution Passed
CORUS GROUP: Buyout of Internet Platform by ThyssenKrupp Cleared
CSG PRINT: In Administrative Receivership
ESTELLA LIMITED: Chartered Accountants Called to Wind up Firm

FILTRONIC PLC: Standard & Poor's Ratings Cancelled
IF AVIATION: Calls in PKF Liquidators
LEEDS UNITED: Local Businessmen Mulling GBP30 Mln Cash Injection
MARCONI CORPORATION: Buys Back US$36.2 Million Junior Notes
MEGATOP FOOD: Creditors' Assembly Set February 23

REUTERS GROUP: Group Results Back in Black
RHEIN-MAIN LIMITED: Appoints Ian Cadlock Liquidator
SANDCO 798: Voluntary Winding up Resolution Passed
SCOTTISH COURAGE: To Reorganize Scottish Brewing Operation
SKYADD LIMITED: Names PKF Members Liquidators
UNIQ PLC: Opts to Sell Poultry Business Due to Potential Loss

* Fitch Compares Refinancing Plans of Invensys, ABB, Alstom


                            *********


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


DYNEA INTERNATIONAL: 2003 Net Loss Balloons to EUR64 Million
------------------------------------------------------------
Dynea International released its annual results recently.  These
are the highlights:

(a) Dynea International's full year 2003 sales were EUR979
    million (2002: EUR956 million).  Movements in exchange rates
    reduced sales by 10%.  However, sales increased, mainly due
    to higher average prices as a result of increased raw
    material prices and higher volumes.

(b) Sales volumes of resins and formaldehyde increased by 4% to
    2,330 thousand tones (2002: 2,250 thousand tones)

(c) Sales volumes of paper overlays increased by 9% to 290
    million square meters (2002: 265 million square meters)

(d) EBITDA in 2003 decreased to EUR55 million (2002: EUR82
    million).  The decrease is a result of high raw material
    costs.

(e) Operating profit decreased to EUR1.5 million (2002: EUR29
    million).

(f) Share of income from associates was EUR15 million, an
    increase compared with the previous year (2002: EUR3
    million) primarily due to the positive results of our 40%
    joint venture Methanor v.o.f.

(g) Net interest expenses decreased by 23% to EUR48 million
    (2002: EUR62 million)

(h) Net loss increased to EUR64 million (2002: EUR15 million)

(i) At the year-end Dynea International's net debt was EUR467
    million (2002: EUR571 million)

Roger Carlstedt, President and CEO said: "Last year was a year
of improved operational efficiency and customer relations.
Unfortunately, the uncertainty in the global economies affected
Dynea International's customer industries and did not yet
support our profit goals.  The competitive environment remained
tense and the price development was very unsatisfactory.  Even
though our sales volumes in the fourth quarter increased, our
results remained weak."

Credit agreement, liquidity

Dynea International's liquidity improved during 2003, mainly
because of the sale of the oil field chemicals business and a
successful working capital reduction project implemented during
2003.  The company repaid short-term loans drawn under the
EUR100.0 million short term financing facility and had at the
end of 2003 a total of EUR69.3 million outstanding short-term
loans and guarantees total drawn from this facility, compared to
EUR99.0 million previous year.  Total net interest costs were
also reduced to EUR48.1 million in 2003 compared to EUR61.6
million in 2002.  Similarly Dynea International's total net debt
reduced and was EUR467.3 million at the end of 2003 compared to
EUR571.5 at the end of 2002.

Dynea International has agreed on amendments, including changing
the financial covenants for 2004, and a waiver of possible
breaches relating to 2003, with its senior lenders.  It has also
been agreed to introduce a new 6-year credit facility under the
senior credit agreement amounting to EUR31.7 million.  The
facility, which has been underwritten by the parent company
Dynea Oy, will be drawn in February and in August.  It carries
an interest of Libor +3% plus 1% capitalized interest.

New plants

Dynea International started operations at three new plants in
2003: 60.000 tones of adhesive resins in Krabi, Thailand; 4.800
tones of water - and solvent based adhesives in Pasuruan,
Indonesia; and 60.000 tones of adhesive resins in Gaoyao City,
China.

Dynea is one of the world's leading providers of adhesion and
surfacing solutions.  Adhesive resins are used in a variety of
applications by the panel board industry, laminated beam and
structural wood industry, the mineral and glass fiber industry,
the paper impregnation industry, and many others.  Dynea also
produced paper overlays for industrial, flooring and furniture
applications.

In 2003, Dynea International had revenues of EUR979 million.
With more than fifty production units in 24 countries in Europe,
the Americas and Asia Pacific, Dynea employs 3,200 persons.
Visit its Web site at http://www.dynea.com

CONTACT: DYNEA INTERNATIONAL
         Filip Frankenhaeuser, Executive Vice President and CFO
         Phone: +358 10 585 2011
         E-mail: filip.frankenhaeuser@dynea.com


DYNEA INTERNATIONAL: Ratings Affirmed; Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
corporate credit and 'CCC' senior unsecured debt ratings on
Finnish formaldehyde-based resins manufacturer Dynea
International Oy (Dynea), and removed the ratings from
CreditWatch, where they had been placed on November 28, 2003.
The outlook is negative.

"The ratings action reflects Dynea's recent obtainment of a
waiver for any possible breaches on its 2003 bank loan
covenants, its successful renegotiation of 2004 covenant limits,
and the implementation of a new six-year credit facility
underwritten by the parent company Dynea Oy (not rated)," said
Standard & Poor's credit analyst Christine Hoarau. "This latter
facility is a key factor supporting Dynea's near- to medium-term
liquidity, as its amount corresponds to the group's EUR31.7
million in bank debt maturing during the next 18 months."

Dynea's liquidity situation improved in 2003, compared with
year-end 2002, thanks to the company's tight management of
working capital, disposal of its oil field chemicals division,
and an equity injection from its parent company Dynea Oy.
However, tough pricing conditions in the FA-based resins markets
worldwide resulted in a drop in EBITDA to EUR55 million in 2003,
from EUR82 million in 2002.  This weak performance entailed a
risk of covenant breach of EBITDA-based ratios for the third and
fourth quarters of 2003.

The ratings continue to primarily reflect Dynea's very leveraged
financial profile and the continued uncertain outlook for the
group's key end-markets, despite some improvement in sales
volumes in 2003.

"If the conditions in Dynea's key markets do not improve, thus
barring a recovery in the group's financial profile, the ratings
could be lowered," added Ms. Hoarau.  "The group's deleveraging
potential is likely to remain limited in the near to medium
term, unless a significant market recovery should occur."


DYNEA INTERNATIONAL: Moody's Confirms B3/Caa2 Ratings
-----------------------------------------------------
Moody's Investors Service confirmed the B3 senior implied rating
and the Caa2 senior notes rating of Dynea International Oy after
the company's financing constraints were eased up.  The outlook
remains negative.

Dynea International, 100%-owned subsidiary of Dynea Oy, was able
to add a new 6-year credit facility under the Dynea Chemicals
senior credit agreement for EUR31.7 million.  It also obtained
waiver of covenant breaches relating to 2003, and was able to
make changes in its financial covenants for 2004.

The negative outlook reflects the challenging business and
financial environment in which Dynea operates.  Moody's,
nonetheless, expects operating improvement for the group.

Ratings affected by this confirmation are:

(a) The Caa2 rating on the EUR250 million in 12.25% senior notes
    of Dynea International Oy;

(b) The B3 senior implied rating for Dynea International Oy; and

(c) The Caa2 senior unsecured issuer rating.

Dynea International Oy generated EUR980 million sales as of
December 31, 2003.


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


KAMPS AG: 'BB' Senior Unsecured Rating Affirmed
-----------------------------------------------
Fitch Ratings removed German bakery company Kamps AG's 'BB'
Senior Unsecured rating from Rating Watch Positive and affirmed
the rating.  The Outlook is now Positive.

This action reflects Kamps' lower leverage during 2003 as well
as the expected persistence of a difficult macroeconomic context
in Germany and the execution risk and expected cash absorption
linked to the company's 'Transformation Project' announced last
November.

Kamps benefited from the support of its shareholders in various
ways in 2003.  The risk of a capital outflow of over EUR400
million in relation to Kamps' put option to purchase the 51% of
French bakery group Harry's was avoided after the option was
exercised by Kamps' majority shareholder Barilla and other
financial investors.  Furthermore, the shareholders paid Kamps
EUR225 million cash and EUR75 million in the form of a vendor
loan (maturing in 2008) for the other 49% of Harry's, thus
allowing Kamps' net debt position to improve from EUR793 million
(5.0x Net Debt / pre-exceptional EBITDA) at FYE02 to EUR547
million at September 2003 pro-forma (4.5x Net Debt/ pre-
exceptional EBITDA).

Finally, Barilla has been providing managerial support to Kamps
for the 'Transformation Project' aimed at the relaunch of the
business, pushing for more transparency in financial reporting,
and backing a process of cleaning up its balance sheet.

However, with a management guideline EBITDA of EUR150-155
million (pro-forma including Harry's), FY03 is going to be
Kamps' second successive year of declining cash generation.  In
the first nine months of 2003 group profit decreased, although
the drop of sales in the higher-margin (but more cyclical)
crafted bakery unit were more than offset by healthy sales
growth in the mass bakery division (a lot of private label
product).

Given Kamps' poor track record of delivering on similar
rationalization plans in the past, the 'Transformation Project'
could appear ambitious.  However, Fitch takes comfort from the
support that the new shareholder Barilla may provide throughout
the process, sharing its successful track record in managing
brands and in running larger plants.  Although management
anticipates an increase of net debt in both FY04 and FY05 as a
result of a large capex requirement and lower-than-historically
operating cash flow generation, EBITDA/net interest and net
debt/EBITDA are unlikely to deteriorate from the FY03 pro forma
levels, aided by a projected gradual increase in EBITDA and
savings from lower interest charges.

The Outlook is Positive, based on the possibility of upsides
both in the restructuring process under way and from further
debt reduction driven by shareholders.  Kamps' shareholders do
not exclude the possibility of pre-paying the five-year EUR75
million vendor loan in FY05, when Kamps' financial needs are
expected to peak as a EUR250 million bond matures and capex from
the 'Transformation Project' increases.  If Kamps regains
sustainable profitability levels more quickly than projected in
its conservative case, i.e. in FY05 rather than in FY06, thus
providing sufficient comfort that positive cash flow generation
might be expected for FY06, an upgrade could be considered.

Fitch continues to rate Kamps on a stand-alone basis as the
shareholders do not guarantee any of its financial debt.  Yet,
as evidenced in the Harry's transaction and given the
significance of its investment in Kamps, Barilla could provide
support that extends beyond the strategic and managerial realm.

CONTACTS: KAMPS A.G.
          Giulio Lombardi, London
          Phone: +44 (0) 207 417 6314
          Jonathan Pitkanen, London
          Phone: +44 (0) 20 7417 4201
          MEDIA RELATIONS
          Alex Clelland, London
          Phone: +44 20 7862 4084.


KIRCHMEDIA GMBH: Misappropriation Charge Against Kirch Dropped
--------------------------------------------------------------
Prosecutors in Munich absolved Leo Kirch from some of the
allegations he is currently being investigated for, Bloomberg
News reported recently.

According to the newswire, prosecutors declared the founder of
the erstwhile KirchMedia empire innocent of wrongdoing in
relation to his transfer of EUR50 million (US$64 million), over
a three-year period, to London company, Anton Winkler, a
spokesman for the office of the prosecutor told Bloomberg.

The dismissal of the allegation is only a partial victory for
Mr. Kirch's party, however.  According to the source prosecutors
are still examining him in relation to the insolvency of the
company.  Mr. Kirch and five people close to the media company,
including his son, Thomas Kirch, and former Kirch manager Dieter
Hahn, are being investigated in relation to EUR8 million worth
of consulting contracts and loans of between EUR50 million and
EUR60 million.  KirchMedia filed for protection from creditors
in April 2002 and since then has been under the administration
of insolvency lawyer, Michael Jaffe.


WESTLB AG: Risk Provisioning Results in EUR2.32 Billion Loss
------------------------------------------------------------
At the Supervisory Board meeting held on February 17, 2004, the
Managing Board submitted the annual accounts of WestLB AG for
2003.  WestLB A.G. reported an operating profit of EUR414
million before risk provisions in the year under review.  The
operating result thus improved slightly by 7.9% compared to the
previous year.

The annual accounts of the Bank for 2003 have been prepared with
the primary focus on making comprehensive provisioning for
outstanding risks and restructuring the balance sheet.  WestLB
A.G.'s individual accounts for 2003 show an annual loss of
EUR2.32 billion. The decisive factor in this result was the need
to make risk provisions amounting to EUR2.36 billion.

Increased write-downs on participations accounted for roughly
half of the total risk provisions made by the Bank.  The Bank
reviewed the valuations of its entire equity investment
portfolio with a view to reflecting the current company values.

In the case of listed participations, these were valued as at
December 31, 2003.  There are thus no outstanding risks in the
Bank's equity investment portfolio on the balance sheet date.

Likewise, all identifiable risks were taken into account in the
case of the Bank's unlisted long-term investments, e.g.
shareholdings in other Landesbanks.

Net Interest Income: Positive Development

Net interest income developed positively in the year under
review, rising sharply by EUR262.1 million to EUR1.548 billion.
The increase was largely attributable to substantially higher
earnings from money market and securities trading transactions.
The figure also includes interest income from the trading
business.

By contrast, there was a noticeable decline in net commission
income, which fell from EUR438.6 million to EUR338.1 million.
This was mainly due to the Bank's selective lending policy, in
particular with regard to structured financing transactions.

Net income from trading operations according to HGB amounted to
-EUR104.2 million (excluding the result components contained in
net interest income).

Cost Cutting Measures Continuing on Schedule

WestLB made significant progress in reducing its costs last
year.  Personnel expenses fell by 11.5% and administrative
expenses by 8.5%.

The agreed headcount cuts continued as planned last year,
resulting in a reduction in employee numbers of 592.

Balance Sheet Reflects Reduction of Risk Assets

WestLB A.G.'s total assets fell by 8.5% to EUR218.2 billion
compared to December 31, 2002.  This reflects the deliberate
reduction of the Bank's risk assets.  Claims on customers
declined by 16.6% to EUR67.7 billion and claims on banks by 8%
to EUR66.1 billion.  Securities and equalization claims fell by
13.1% to EUR51.2 billion.

In the year under review, the Bank laid the foundations for
managing its credit portfolio along state-of-the-art lines.
This will serve to increase profitability and actively manage
lending risk, above all by reducing risk concentrations in
relation to individual companies, sectors and country risks.

On the liabilities side, liabilities to banks fell by 12.6% to
EUR91.5 billion and certificated liabilities by 14.7% to EUR42.4
billion.  Customer deposits remained practically unchanged at
EUR61.0 billion.

The resulting net loss for the year will be met by releasing
reserves and by a pro rata participation of the undisclosed
capital contribution.  Payments on profit participation
certificates will be serviced in line with the prevailing
issuing conditions.

Outlook

WestLB expects the generally difficult economic conditions to
continue in 2004.  Although indicators in important markets of
the Bank point to the onset of a more positive development of
the economy, these signals can by no means be interpreted as
constituting real economic momentum.  In the banking and
financial services sector, too, WestLB expects the development
to be rather subdued, and it will be characterized by a growing
pressure to consolidate.

For WestLB, 2004 will essentially be a year of preparation for
the important structural changes that will take place in 2005,
above all the elimination of guarantor liability and
institutional liability.  On the one hand, the Bank will
concentrate its efforts on regaining lost ground in the business
field and building a stable and sustainable foundation; and
secondly, it will focus on fulfilling the criteria for ensuring
that it continues to receive a stable category "A" rating on a
stand-alone basis.

Not least in view of the attempts by a number of private banks
in Germany to bolster their neglected retail and private banking
franchises, WestLB will intensify the cooperation with the
savings banks significantly.  The Bank views this as a logical
development from a strategic point of view and as the most
promising way forward for all involved.  The prospects of
success of a stable and close partnership with the savings banks
are borne out inter alia by the results of similar cooperation
agreements at other Landesbanks, the Landesbausparkassen and the
public-law insurance companies.

Competitive pressure as a whole will increase again in 2004; all
the more so as it must be expected that, in specific key
business areas of the partnership and of the Bank, our
competitors will largely be motivated by strategic
considerations.  The Bank is equipped to deal with these
challenges in the market and in doing so will cooperate closely
with the savings banks.

As a European bank in North Rhine-Westphalia, WestLB -- in
partnership with the savings banks -- regards medium-sized
companies as an important business segment and will step up its
involvement in this field.  Consequently, the three-pillar
strategy -- international commercial bank and center of
competence for medium-sized companies and savings banks -- will
be reinforced further in terms of the core European business,
increased support for medium-sized enterprises and the strategic
partnership with the savings banks.

The Bank is therefore confident that it will increase revenues
and reduce administrative expenditure substantially in the
current year.  At the same time it will seek to expand its
positions in partnership with the savings banks and in the
market, notably in the corporate business, asset management and
securities business.


=============
H U N G A R Y
=============


KOMETA 99: Export License Canceled; 400 Workers Now Without Work
----------------------------------------------------------------
Kaposvar-based meat producer Kometa 99 Kft lost its export
license last week because of its failure to pass supervisory
standards, according to Budapest Business Journal.

The Ministry of Agriculture and Rural Development had visited
the plant and found shortcomings, resulting in the license
revocation.  Kometa 99 insists the findings do not hinder
operation and do not pose danger to food safety.  The company,
which employs 900, dismissed 400 workers as a result of the
revocation.


MOL GAS: Gazprom Leads Pack of Would-be Buyers
----------------------------------------------
Russian gas giant Gazprom is considering acquiring the gas
division of Hungarian oil firm MOL Rt, high-ranking Gazprom
official told Dow Jones, according to Budapest Business Journal.

The gas branch failed to turn in positive figures last year.
This, as MOL Group closed 2003 with a record profit growth of
40% to HUF180.7 billion.  CEO Gyorgy Mosonyi said the company
has hired JP Morgan to find a buyer for the business.  The gas
division's assets and activities are currently being held by
three of MOL's subsidiaries -- MOL Gas Container Rt, MOL Gas
Supplier Rt, and MOL Gas Transporter Rt.  Experts say the asset
could raise US$1 billion, US$1.3 billion, and US$1.4 billion,
respectively.  Parties believed to be interested in the assets
are German Ruhrgas AG and French Gas de France.


PANNONPLAST RT: Sacks Chief Executive Over Poor Performance
-----------------------------------------------------------
Pannonplast Muanyagipari Rt dismissed its top executive Janos
Illesy for his failure to successfully execute corporate
programs, according to Budapest Sun.

Mr. Illesy was unable to fulfill cost-cutting, portfolio
restructuring and reorganization expectations laid down by the
board at the exceptional general meeting on November 3, 2003,
Hungary's biggest plastic processing company said.

Mr. Illesy was replaced by board member Csaba Zoltan.  The
announcement was made shortly after requesting the suspension of
trading of its stock on the Budapest bourse.  Mr. Zoltan
announced recently that 2004 will be a year for restructuring
the company to focus on plastics operations.  Non-core assets
will be disposed as part of the plan.  Krisztian Orban, advisor
to McKinsey & Company, has been appointed Pannonplast's new
director of strategies, controlling and business planning.

Internet news agency Portfolio.hu, in a separate report, said
Pannonplast's profit warning could mean a loss of as much as
HUF800 million ($3.8 million) for the fourth quarter alone. In
the first nine months of last year, the company generated a loss
of HUF677 million (US$3.2 million).  Pannonplast expects higher-
than-expected consolidated net losses of HUF1.5 billion ($7.14
million).  In 2002, Pannonplast suffered a loss of about HUF500
million ($2.38 million) on revenues of HUF32.02 billion ($152.47
million).


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I R E L A N D
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ELAN CORPORATION: Executive Vice President Mulligan to Step Down
----------------------------------------------------------------
Elan Corporation plc announced that Seamus C. Mulligan,
executive vice president, business and corporate development, is
leaving the company upon the successful completion of its
recovery plan.  Mr. Mulligan is leaving to actively pursue other
opportunities within the pharmaceutical industry.

Mr. Mulligan, who joined Elan in 1984, managed the Elan
Enterprises business unit since July 2002, when the company
announced a recovery plan to restructure its businesses, assets
and balance sheet.  Mr. Mulligan played a pivotal leadership
role in executing this plan, with responsibility for the
company's asset divestitures and joint venture restructurings.
The recovery plan resulted in divestiture proceeds of more than
$2 billion, $500 million ahead of the announced target of $1.5
billion.  Elan announced the successful conclusion of the plan
and the end of operations for its Elan Enterprises business unit
last week.

Kelly Martin, Elan president and CEO, commented, "We appreciate
Seamus' many contributions and devotion to Elan, especially in
the last 20 months, and wish him well in his future endeavors."

About Elan

Elan is focused on the discovery, development, manufacturing,
sale and marketing of novel therapeutic products in neurology,
severe pain and autoimmune diseases.  Elan (NYSE: ELN) shares
trade on the New York, London and Dublin Stock Exchanges.

Short Name: Elan Corporation, plc
Category Code: MSC
Sequence Number: 16776
Time of Receipt (offset from UTC): 20040216T170046+0000

CONTACTS: ELAN CORPORATION PLC
          Investors:
          Emer Reynolds
          Phone: 353-1-709-4000 800-252-3526
          Media:
          Anita Kawatra
          Phone: 212-407-5755 800-252-3526


IRISH FERRIES: May Temporarily Axe Hundreds to Cut Cost
-------------------------------------------------------
Irish Ferries told employees it will temporarily lay off 600
employees and halt trips of three of its four ferries, pending
negotiations regarding cost-cutting measures.

The workers will be sent home without pay if agreement is not
reached by February 20.  The company says its staff levels are
seriously out-of-line with its competitors.  A cost-cutting
measure is expected to include reduction in staff levels.  Irish
Ferries staff are members of SIPTU and the Seamen's Union of
Ireland.


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


IT HOLDING: Outlook Revised to Negative on Refinancing Concerns
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to
negative from stable on Italian fashion company, IT Holding
S.p.A., reflecting the company's heightened refinancing risk. At
the same time, the 'B+' long-term corporate credit rating was
affirmed.

"IT Holding's heightened refinancing risk results from current
unfavorable market conditions in Italy," said Standard & Poor's
Milan-based credit analyst Benedetta Rospigliosi.  "As a result,
it could prove challenging for the company to complete an early
and prudent refinancing of its 2005 debt maturities."

The rating reflects IT Holding's leveraged financial profile and
limited financial flexibility resulting from its substantial
near-term debt amortization schedule.  In addition, the group is
exposed to license renewal risk and changing consumer
preferences in the mid-price segment of the upmarket fashion
apparel industry.  These constraints are somewhat mitigated by
the good recognition of IT Holding's diverse owned- and
licensed-brand portfolio, as well as by the company's flexible
manufacturing and supply chain.

At Sept. 30, 2003, IT Holding's on-balance-sheet gross debt
(excluding about EUR100 million of net securitized receivables)
totaled EUR375 million.

"If ITH's cash flow measures do not significantly improve, or if
liquidity deteriorates, the rating will come under pressure,"
added Ms. Rospigliosi.

Standard & Poor's will closely monitor IT Holding's operating
performance and cash flow generation over the next two quarters.

CONTACT: STANDARD AND POORS RATING
         ANALYST E-MAIL ADDRESSES
         benedetta_rospigliosi@standardandpoors.com
         hugues_delapresle@standardandpoors.com
         CorporateFinanceEurope@standardandpoors.com


PARMALAT FINANZIARIA: Dale Farm Buys Dairy Operations in U.K.
-------------------------------------------------------------
The U.K. dairy operations of Italian insolvent food giant
Parmalat was sold to Dale Farm, the processing arm of Northern
Irish co-op United Dairy Farmers, for an undisclosed amount.

Parmalat's dairy processing activities at Kendal in northern
England, makes products under the Losely and Lakeland Maid
brands.  It has annual turnover of GBP30 million.  Dale Farm
will retain the plant's employees.

Parmalat filed for bankruptcy in December after revealing a
multi-million dollar hole in its accounts.  Recent developments
regarding the probe launch into the company involves the arrest
of the son and daughter of jailed Parmalat founder Calisto Tanzi
on Tuesday.  One of the children, Stefano, was head of marketing
and on Parmalat's board.  Mr. Tanzi's daughter Francesca ran
Parmatour.  According to the Financial Times, the arrests were
prompted by suspicions that the two tampered with evidence even
after the probe's launch in December.


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


MILLICOM INTERNATIONAL: Shareholders Approve Stock Split
--------------------------------------------------------
Millicom International Cellular S.A. (Nasdaq: MICC) announces
that the extraordinary general meeting of shareholders held on
Monday, February 16, 2004 approved a stock split of the issued
shares of Millicom, by which each share with a par value of US$6
is split into four new shares, with a par value of US$1.50 each.
The stock split will be effective on February 20, 2004 with a
record date of February 17, 2004.

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

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


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


PETROPLUS INTERNATIONAL: Dutch Regulator Approves Tango Sale
------------------------------------------------------------
Patrol's International N.V. [corporate credit rated 'B+' by
Standard & Poor's] has obtained regulatory approval from the
Dutch anti-trust authority (Nederlandse Mededingingsautoriteit)
for the sale of Tango to Kuwait Petroleum Nederland B.V., a
subsidiary of Kuwait Petroleum Corporation.  As stated on
February 11, 2004, completion of the sale transaction was only
dependent upon obtaining this approval.

As also stated previously, Petroplus will receive a total cash
consideration of approximately EUR72 million for its 95%
shareholding, net of working capital and all transaction fees.
Petroplus will realize a book profit of approximately EUR52
million from the sale of Tango in the first quarter of 2004.

The Tango activities will be transferred with effect from March
1, 2004.

Petroplus International N.V. was established 10 years ago and
has since developed into a leading player in the European
midstream oil market.  The midstream sector encompasses
refining, marketing and logistics (predominantly tank storage).

Petroplus is the owner of refineries in Antwerp (Belgium),
Cressier (Switzerland) and Teesside (United Kingdom) with a
total capacity of 240,000 barrels per day including Antwerp's
desulphurization capacity. Petroplus has a sales volume in
excess of 20 million tonnes a year of oil products and a storage
capacity of almost 5 million cubic meter throughout Western
Europe.

Petroplus, with its head office in Rotterdam and regional head
offices in Zug and Hamburg, has branch offices in more than 20
countries and employs approximately 1,000 employees.  Petroplus
International NV is publicly listed in the NextPrime segment of
Euronext, Amsterdam.

Tango

The "Tank and Go" Tango-formula of selling fuel to motorists
with a network of unmanned service stations has been a success
since the first station was opened in The Netherlands in 2000.
Within the short period of existence, the Tango brand has
successfully opened up this new segment in the Dutch petroleum
retailing market.

Tango has maintained its position as market leader in the Dutch
unmanned service station market, operating the most efficient
network.  Tango currently has 62 stations operational in The
Netherlands and 2 under construction, in Belgium there are
currently 4 sites operational and 1 under construction while the
first pilot site is under construction in Spain.
Web site: http://www.tango.nland http://www.gotango.be

Kuwait Petroleum Nederland BV

Kuwait Petroleum is one of the market leaders in the Belgian
retail market with a market share of 18%.  Through acquisitions
of BP's retail network in 1998 and Aral's network in 1999 the
number of Q8 service stations increased to 450.  In Luxemburg
Kuwait Petroleum is one of the market leaders as well.

Kuwait Petroleum's retail network in the Netherlands is smaller
with 168 service stations and a market share of 4,5%.  Moreover
Kuwait Petroleum has over 103 fully automated diesel stations in
the Benelux and is owner of a refinery in Rotterdam with a
capacity of 4 million tonnes per year, a research and technology
center, a lube oil blending factory and various distribution
centers.

Apart from offices in Rotterdam and Luxemburg the head office
for the Benelux is located in Antwerp.
Web site: http://www.q8.nl/

CONTACT: PETROPLUS INTERNATIONAL
         Investor Relations
         Martijn Schuttevaer
         Phone: + 31 10 242 5900

         ING
         Financial Advisor to Petroplus in Tango transaction
         James Lawrie
         Phone: + 31 20 563 8537

         KUWAIT PETROLEUM
         Business Communications
         Guy Gogne
         Phone: + 32 32 413 300

         PETROPLUS INTERNATIONAL N.V.
         P.O. Box 85002 3009 MA
         Rotterdam The Netherlands
         Phone: +31 (0) 10 242 5900
         Fax:   +31 (0) 10 242 6052
         E-mail: IR@petroplus.nl
         Web site: http://www.petroplusinternational.com


VAN DER: Expects 4th Quarter Net Income to Fall to EUR3.9 Mln
-------------------------------------------------------------
Van der Moolen, specialist and market maker on important
American and European equity, option and fixed income markets,
announced that it expects net income from ordinary activities
for the fourth quarter of 2003 to be about EUR3.9 million,
before impairment charges of intangible assets of EUR19.9
million.  Including the impairment charges of intangible assets,
income from ordinary activities for the fourth quarter of 2003
is expected to be a loss of around EUR16 million.

Expected net income from ordinary activities for the whole of
2003, before asset impairment, will be approximately EUR24.2
million.  No provision is included in this figure for the
NYSE/SEC investigation.  We expect such a provision to be
included in our definitive financial statements for 2003 on
March 4, 2004: we remain in discussion with our advisors on this
matter.

Results for the fourth quarter of 2003

In the fourth quarter of 2003, net income from ordinary
activities before the impairment charges were approximately
EUR3.9 million, compared with EUR5.5 million in the third
quarter of 2003.  Fourth quarter earnings include a tax credit
of EUR0.9 million, bringing our effective tax rate for 2003 to
about 12%.

Total revenues in the fourth quarter of 2003 were about EUR35.0
million, a decrease of 18% from the third quarter.

The impairment charges of intangible fixed assets taken in the
fourth quarter of 2003 came to EUR46.9 million gross: its effect
on net income, after taxation and minority interests, was
EUR19.9 million.

Included in the EUR46.9 million total are write-downs of EUR21.6
million announced on December 17, 2003 in connection with the
closure of our option trading activities on the American and
Philadelphia stock exchanges.  The effect of this on our net
income after taxation and minority interests amounted to EUR9.8
million.  In addition, after our annual impairment testing on
intangible fixed assets, we have taken a EUR25.3 million write-
down as an impairment charge on the specialist assignments of
VDM Specialists.  This charge was calculated on the basis of an
independent valuation.  Its effect on net income after taxation
and minority interest is EUR10.1 million.  These asset
impairments have no effect on the cash flow of Van der Moolen.

Under U.S. GAAP treatment, the impairment charges amount to
EUR49.4 million after tax.  The difference with Dutch treatment
is due, firstly, to the fact that intangible items were not
booked in the Dutch accounts prior to January 1, 2001, but
instead were written off against Shareholders' Equity:
consequently the scope of the impairments under Dutch treatment
is less.  In addition, U.S. principles for valuation of assets
with finite lives, such as specialist assignments, differ from
those in the Netherlands. Of the total net extraordinary
impairment of intangibles, EUR14.7 million relates to VDM
Specialists, EUR21.5 million relates to European activities and
EUR13.2 million relates to U.S. option activities.

On March 4, 2004 we will release our detailed accounts for 2003
on the basis of Dutch accounting principles, as well as a
reconciliation of these with U.S. GAAP.

New credit facility

One of Van der Moolen's credit lines, for EUR75 million, was
scheduled to expire on June 1, 2004.  On February 16, 2004, the
following credit agreement was signed, which takes the place of
all previous credit facilities:

A credit facility amounting to $75.3 million and an additional
EUR5 million:

(a) US$43.9 million, expiring on December 31, 2004;

(b) US$31.4 million, expiring on June 1, 2005; and

(c) EUR5.0 million, of indefinite duration but payable on
    demand.

Security

To secure these facilities, security in the amount of about $49
million has been made available.  Further, all our operating
units other than VDM Specialists U.S.A are jointly and severally
liable for any indebtedness acquired under these facilities.
Further, Van der Moolen has committed to repaying the $43.9
million currently drawn on the previous facility in equal
monthly payments from current cash flow until it is repaid.

Amounts repaid on the facility cannot be re-borrowed, except on
the EUR5 million portion of the agreement.  The credit agreement
contains no financial covenants, except with respect to
additional borrowing, acquisitions, sale of assets or equity,
mergers or change of commercial activities.

For more information on Van der Moolen, please visit
http://www.vandermoolen.com

Van der Moolen trades on the leading U.S. and European equity,
option and fixed income exchanges.  As an all systems trader, it
is active in open outcry and electronic markets in several time
zones.  On the NYSE, Van der Moolen currently has a market share
of more than 10% of transaction volume.  Van der Moolen's
traders execute an average of 75,000 trades a day.  Turnover and
price volatility are the most important factors influencing its
results.

Van der Moolen's shares are listed on Euronext Amsterdam
(VDMN.AS).  American Depositary Receipts (ADRs) representing Van
der Moolen shares are listed on the NYSE (VDM).

CONTACT:  VAN DER MOOLEN
          Investor Relations/Corporate Communications
          Phone: +31 (0) 20 535 6789
          Home Page: http://www.vandermoolen.com
          Fred M.J. Bottcher, CEO


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


BASHKIRSKY: Declared Insolvent
------------------------------
The Court of Arbitration in the Republic of Bashkortostan
declared Iglinsky-based ceramic plant, Bashkirsky, bankrupt.
Abdullin was appointed insolvency manager.

Creditors have until April 14, 2004 to send their proofs of
claim to 452410, Iglinsky region, Iglino', Lenina str.,25a until
April 14, 2004.


BEREZNIKOVSKY: Creditors Have Until April 14 to Prove Claims
------------------------------------------------------------
OJSC Bereznikovsky, manufacturer of ferroconcrete structures in
the Perm region, was declared insolvent January 27, 2004.  Y.
Svetlakov, a member of TP SRO South Urals, has been appointed
insolvency manager.

Creditors have until April 14, 2004 to submit their proofs of
claim to 618460, Perm region, Usolye city, Solevarov str., 213.


KALININSKY: Under Bankruptcy Supervision Procedure
--------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on crushed-stone plant, State
Unitary Enterprise Kalininsky.  The case is docketed as A12-
15622/03-c58.

E. Savchenko, a member of SRO TP OAD Avangard, has been
appointed temporary insolvency manager.  For more information,
contact the company or its liquidator by Mail: 400039, Volgograd
city-39, Post box 3195.


MOTOR CONSTRUCTION: Court to Hear Bankruptcy Case April 29
----------------------------------------------------------
The Arbitration court of Voronezh region placed Open Joint Stock
Company Development Bureau of Motor Construction under
supervision procedure on February 2, 2004.

A hearing on the bankruptcy case of the company has been set for
April 29, 2004, 12:00 noon at the Arbitrage of Voronezh region
Voronezh city, Srednemoskovskaya str., 77, of.302.

The company's temporary insolvency manager is Grigory Denisov.

CONTACT:  OJS DEVELOPMENT BUREAU OF MOTOR CONSTRUCTION
          Voronezh city, Voroshilova City, 22

          Grigory Denisov, Insolvency Manager
          394006,Voronezh city
          Voroshilova sity, 22


SIBSPETSSTROY: Accounts Receivable for Sale
-------------------------------------------
The insolvency manager of JSC Sibspetsstroy will hold a bidding
of the accounts receivable of the company on March 1, 2004,
10:00 a.m. at 660041, Krasnoyarsk city, Kirenskogo str. 89, of
.202.

The accounts offered are main debt worth RUB3,955,771, and
penalties worth RUB3,799,637 of JSC Vasilievsky Mine, and debt
worth RUB321,847 of MU DJKH town of Achinsk.  The starting price
are RUB150,500 and RUB161,206, respectively.

Participants are required to pay an advance payment worth 10% of
the lot starting price into settlement account number
40702810000001012846 with Commercial Bank Yarbank, correspondent
account 30101810700000000811, BIC 040436811, TIN2460002699 or at

the enterprise cash office.  Payments should be made before
March 5, 2004, the deadline for the submission of applications
to participate.  Applications are accepted daily, except
weekends and holidays.


SIXTH TELEVISION: Bankruptcy Proceedings to Begin June
------------------------------------------------------
The Moscow Arbitration Court decided to start bankruptcy
proceedings on CJSC The Sixth Channel on June 10, 2004, and has
appointed V. Ostroverkh as temporary administrator.

The Sixth Channel was fined US$42.8 million on October 2003 in
relation to the case filed by its creditor, the Foreign Trade
Bank.  This decision is an affirmation by the appellate court of
the earlier ruling of the court of first instance in August.

The company obtained its loan from Foreign Trade Bank, using as
mortgage equipment and rights to the programs of TVS television
channel, which is owned by CJSC The sixth channel.  It stopped
paying the installments May 2003.


VLADIMIRSKIY: Assets of Furniture Factory for Sale
--------------------------------------------------
LLC Vladinveststroy, the independent evaluator of CJSC
Vladimirskiy furniture factory, set the public auction of the
company's properties on March 23, 2004 at 11:00 a.m.

The assets for sale are:

(a) Lot 1: property complex of Undolskaya branch including
buildings (14,894 square meters in area), facilities, and
equipment.  Starting price is RUB14.8 million.  Price will be
increased by increments of RUB300,000.

(b) Lot 2: property complex of Kurlovskaya branch including
buildings (6,361 square meters in area), facilities, and
equipment.  Starting price is RUB5.5 million.

(c) Lot 3: Unfinished construction projects which include an
office building with an area of 1,142 square meters, material
and technical warehouse with an area of 2,448 square meters, and
module "Marhi" (module number 1 and 2) 1,800 square meters in
area.  The projects are 50-60% finished.  The starting price is
RUB3.4 million.

(d) Lot 4: Property complex of recreation center Oziornaya
including buildings with an area of 564 square meters,
facilities and equipment.  Starting price is RUB200 million.

Acceptance of applications to participate is until 12:00 noon on
March 19, 2004.  Applications are accepted at 600015, Vladimir
Lenina prospectus, 22 every day between 9:00 a.m. and 12:00
noon, except Saturdays and Sundays.

Interested bidders are required to deposit to the settlement
account 40702810300000000640 of LLC Vladprombank or in
Vladimir's correspondent account 30101810700000000708, INN
3302012946, KPP332701001, BIC 041708708.  Recipient: LLC
Vladinveststroy independent evaluator.

The auction will be held at 600015, Vladimir, Dobroselskaya, 4a.


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


SKANDIA INSURANCE: Skandia Liv Deal Still Puzzles Executives
------------------------------------------------------------
Skandia and Skandia Liv have initiated talks on the handling of
the matter of possible prohibited profit distribution pertaining
to the asset management agreement that was entered into in early
2002 in connection with the sale by Skandia of its asset
management business to Den norske Bank (DnB).

Following a review, the asset management agreement -- which was
considered by the companies' respective boards -- was left
without remarks by all three of Skandia Liv's auditors as well
as the Financial Supervisory Authority.  The Financial
Supervisory Authority's board reaffirmed this view as late as
spring 2003.  Nor has the investigation performed for Skandia
Liv by Professor Emeritus Jan Ramberg, Authorized Public
Accountant Ulla Nordin Buisman and Lennart Laftman been able to
find any substance to claims that Skandia has improperly
benefited at the expense of Skandia Liv.  Added to this,
Attorney Olof Rydbeck and Authorized Public Accountant Goran
Tidstrom, who examined the transaction on behalf of Skandia,
came to the conclusion that the management agreement is
justifiable.

In addition to this, Skandia Liv's board has obtained a
statement from former Minister of Justice Hans Danelius and
Professor Emeritus Jan Ramberg.  Attorney Stefan Lindskog, who
was appointed by the Swedish Consumer Agency, has come to the
conclusion that there are legal grounds for Skandia Liv to
direct a claim against Skandia in this context.  A new analysis
of the matter and the previous investigations has now been
performed on behalf of Skandia Liv by Professor Jan Kleineman.
His analysis maintains that there are legal grounds for Skandia
Liv to direct claims against Skandia with respect to the asset
management agreement.

Against the background of these later developments, Skandia and
Skandia Liv have initiated talks on the manner in which this
issue shall best be dealt with.  The aim is to come to a
resolution in the relatively near future.

CONTACT: SKANDIA LIV
         Urban Backstrom, President and CEO
         Phone: +46-8-788 25 00
         SKANDIA
         Bjorn Bjornsson, Chairman
         Phone: +46-8-788 25 00
         Gunilla Svensson, Press Manager
         Phone: +46-8-788 42 97
         Corporate Communications
         S-103 50 Stockholm, Sweden
         Phone: +46-8-788 10 00
         Fax: +46-8-788 23 80
         Home Page: http://www.skandia.com
         Office: Sveavagen 44


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


ACL GROUP: Appoints W.A. Batty Administrator
--------------------------------------------
Name of Company: ACL Group International PLC

Nature of Business: Print

Trade Classification: 10

Date of Appointment: February 2, 2004

Administrative Receiver: Antony Batty & Company
                         New House, Suite 24,
                         67-68 Hatton Garden, London EC1N 8JY
                         Receiver:
                         W A Batty
                         (IP No 1049)


CARTERTON ESTATES: Winding up Resolution Passed
-----------------------------------------------
At an Extraordinary General Meeting of the Carterton Estates
Limited, on January 27, 2004 held at 5 Dyke Close, Hove, East
Sussex, the subjoined Special Resolution to wind up the Company
was passed.

Colin Ian Vickers, of Numerica, Southfield House, 11 Liverpool
Gardens, Worthing BN11 1RY and Nicholas Hugh O'Reilly, of
Numerica, 66 Wigmore Street, London, were appointed Joint
Liquidators for the Company.

In this connection, Creditors are required to submit their full
names, their addresses and descriptions, full particulars of
their debts or claims and the names and addresses of their
Solicitors (if any) to Colin Ian Vickers.  If so required, by
notice in writing from the said Joint Liquidator, are,
personally or by their Solicitors, to come in and prove their
debts or claims at such time and place as shall be specified in
such notice, or in default thereof they will be excluded from
the benefit of any distribution.

CONTACTS:     NUMERICA
              South House, 11 Liverpool Gardens,
              Worthing BN11 1RY
              Contact:
              Colin Ian Vickers, Liquidator
              Phone: 01903 222500
              Home Page: http://www.numerica.biz

              NUMERICA
              66 Wigmore Street, London
              Contact:
              Nicholas Hugh O'Reilly, Liquidator
              Phone: 020 7467 4000
              Home Page: http://www.numerica.biz


CORUS GROUP: Buyout of Internet Platform by ThyssenKrupp Cleared
----------------------------------------------------------------
The European Commission has approved the acquisition of joint
control by ThyssenKrupp and Arcelor of Steel 24-7, a joint
venture specialized in the provision of Internet services for
the steel community.

Steel 24-7 was created in 2003 by ThyssenKrupp, Arcelor and
Corus as a platform for the provision of Internet-based
communication services for the steel community.  According to a
deal notified to the Commission on January 14, ThyssenKrupp is
buying Corus' shares.  It will subsequently own 50% in the JV,
the other half belonging to Arcelor.

Steel 24-7 will provide transaction services such as electronic
catalogues, requests for quotes and forward auctions as well as
follow up services regarding the execution of contracts.  It
will also act as a communications platform.  On the product
side, Steel 24-7 will focus on sales of flat carbon steel
products.

Although the combined market shares of ThyssenKrupp and Arcelor
in the market concerned are high, the Commission has concluded
to the absence of serious competition problems.  This is because
only a small part (less than 10%) of the parent companies' sales
will be made via Steel 24-7.  These sales will be limited to
small clients who will have the possibility of dealing directly
with steel producers, therefore saving on traders' fees.  Larger
clients will continue to negotiate directly with steel producers
and will have the advantage of having the possibility of using
Steel 24-7 for follow up services and Integration services.  The
use of Internet for follow up services will also allow steel
sellers to make important savings in administrative costs.


CSG PRINT: In Administrative Receivership
-----------------------------------------
Name of Company: CSG Print Solutions Limited

Nature of Business: Print

Trade Classification: 10

Date of Appointment: February 2, 2004

Administrative Receiver: Antony Batty & Company
                         New House, Suite 24,
                         67-68 Hatton Garden, London EC1N 8JY
                         Receiver:
                         W A Batty
                         (IP No 1049)

Company Address: Unit 1 Armfield Close,
                 West Molesey,
                 Molesey KT8 2RT
                 Phone: 08708 401177
                 Fax: 08708 401166


ESTELLA LIMITED: Chartered Accountants Called to Wind up Firm
-------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Estella (U.K.) Limited, on January 28, 2004 at 'Spadgers', Dark
Lane, Bathampton BA2 6SZ, the subjoined Special Resolution to
wind up the Company has been passed.

Brian J Hamblin and Edward T Kerr, of PKF, Chartered
Accountants, are hereby appointed as Joint Liquidators of the
Company.

Creditors of Estella Limited are required to send in their full
forenames and surnames, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), on or before March 2,
2004, to Brian J Hamblin of PKF, the Joint Liquidator of the
said Company.  If so required, by notice in writing from the
said Joint Liquidator, are, personally or by their Solicitors,
to come in and prove their debts or claims at such time and
place as shall be specified in such notice, or in default
thereof they will be excluded from the benefit of any
distribution.

CONTACT:  PKF
          Pannell House
          159 Charles St
          Leicester
          LE1 1LD
          Contact:
          Brian J. Hamblin, Liquidator
          Edward T Kerr, Liquidator
          Phone: 0116 2504400
          Fax: 0116 2854651
          Home Page: http://www.pkf.co.uk


FILTRONIC PLC: Standard & Poor's Ratings Cancelled
--------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on U.K.-
based telecommunications and defense equipment manufacturer
Filtronic PLC at the request of the company.  The ratings
withdrawal follows the full repayment of the company's
outstanding notes, which were due December 2005.

                              *****

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

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

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


IF AVIATION: Calls in PKF Liquidators
-------------------------------------
At an Extraordinary General Meeting of the Members of the IF
Aviation Limited, on January 28, 2004 at 'Spadgers', Dark Lane,
Bathampton BA2 6SZ, the subjoined Special Resolution to wind up
the Company was passed.

Brian J Hamblin and Edward T Kerr, of PKF, Chartered
Accountants, are hereby appointed as Joint Liquidators of the
Company.

Notice is given to the Creditors of IF Aviation Limited, to send
in their full forenames and surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any), on or before
March 2, 2004, to Brian J Hamblin of PKF, the Joint Liquidator
of the said Company.  If so required, by notice in writing from
the said Joint Liquidator, are, personally or by their
Solicitors, to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution.

CONTACT:  PKF
          Pannell House
          159 Charles St
          Leicester
          LE1 1LD
          Contact:
          Brian J. Hamblin, Liquidator
          Edward T Kerr, Liquidator
          Phone: 0116 2504400
          Fax: 0116 2854651
          Home Page: http://www.pkf.co.uk


LEEDS UNITED: Local Businessmen Mulling GBP30 Mln Cash Injection
----------------------------------------------------------------
A consortium of Yorkshire-based businessmen is considering
injecting up to GBP30 million (US$57 million) into football club
Leeds United, according to the Financial Times.  The group has
asked Zeus Capital, a corporate finance, house to advise them on
the possibility, the report said.  Part of the proposal is to
keep Chief Executive Trevor Birch in the club.  A rival
consortium is already in talks with the club on a possible
rescue deal.

Leeds has almost GBP90 million in debts.  It is under pressure
to find refinancing by Friday next week or fall into
administration.  Interested parties in the club include Sheikh
Abdul Mubarak Al Khalifa, and Allan Leighton, the club's former
deputy chairman, now Royal Mail's chairman.


MARCONI CORPORATION: Buys Back US$36.2 Million Junior Notes
-----------------------------------------------------------
10% GUARANTEED JUNIOR SECURED NOTES DUE 2008
CUSIP No. : G58129AD2
ISIN No. : XS0166109768

Marconi Corporation plc (LSE: MONI; NASDAQ: MRCIY) announced
that it had purchased $36.2 million (approximately GBP19.1
million) principal amount of Marconi 10% guaranteed Junior
Secured Notes due 2008 for a total cash outlay, excluding
accrued interest and fees, of $39.8 million (approximately
GBP21.0 million) in an open market transaction.

The repurchases were undertaken by Marconi Corporation plc.
Under the terms of the Group's Junior Notes indenture, the
repurchased Notes will be cancelled within 90 days and may not
be re-issued or resold to any third party.

Marconi may purchase additional Junior or Senior Notes in the
future.

Following the above-mentioned repurchase, as at February 17,
2004, Marconi has, in aggregate, repurchased or redeemed $332.0
million principal amount of Junior Notes, reducing the principal
amount outstanding and not owned by Marconi Corporation plc to
$154.9 million (approximately GBP81.5 million).

In addition, the previously announced sixth partial redemption
scheduled on February 24, 2004 (see press release dated February
11, 2004) is expected to further reduce the principal amount of
Junior Notes outstanding and not owned by Marconi Corporation
plc to $127.4 million (approximately GBP67.0 million).

(Exchange rate, GBP1 = USD1.90)

About Marconi Corporation plc

Marconi Corporation plc is a global telecommunications
equipment, services and solutions company.  The company's core
business is the provision of innovative and reliable optical
networks, broadband routing and switching and broadband
access technologies and services.  The company's customer base
includes many of the world's largest telecommunications
operators.

The company is listed on the London Stock Exchange under the
symbol MONI and on the Nasdaq under the symbol MRCIY.
Additional information about Marconi Corporation can be found at
http://www.marconi.com.

CONTACT: MARCONI CORPORATION
         Joe Kelly
         Phone: 0207 306 1771
         E-mail: joe.kelly@marconi.com
         David Beck
         Phone: 0207 306 1490
         E-mail: david.beck@marconi.com
         Investor Inquiries:
         Heather Green
         Phone: 0207 306 1735
         E-mail: heather.green@marconi.com


MEGATOP FOOD: Creditors' Assembly Set February 23
-------------------------------------------------
Notice is hereby given by Peter John Godfrey-Evans, of Mercer &
Hole, 300 Pavilion Drive, Northampton Business Park, Northampton
NN4 7YE, that a Meeting of Creditors of Megatop Food Services
Limited, trading as Fariba Wraps, 300 Pavilion Drive,
Northampton Business Park, Northampton NN4 7YE, is to be held at
Marriot Hotel, Eagle Drive, Northampton NN4 7HW, on February 23,
2004, at 10:30 a.m.  The Meeting is an initial Creditors'
Meeting under paragraph 51 of Schedule B1 to the Insolvency Act
1986.  I invite you to attend the above Meeting.  A proxy form
should be completed and returned to me by the date of the
Meeting if you cannot attend and wish to be represented. In
order to be entitled to vote under Rule 2.38 at the Meeting, you
must give to me, not later than 12:00 noon on the business day
before the day fixed for the Meeting, details in writing of your
claim.

P J Godfrey-Evans, Administrator


REUTERS GROUP: Group Results Back in Black
------------------------------------------
Statutory results (unaudited)       Year to  31 December
                                     2003       2002
                                     GBPm       GBPm    % Change

Reuters                              2,664     2,992       (11%)
Instinet Group                         540       592        (9%)

Group revenue(a)                     3,197     3,575       (11%)

Reuters                                174       195       (11%)
Instinet Group                         (48)     (339)         -

Group operating profit/(loss)          126      (144)         -

Profit/(loss) before taxation           49      (493)         -

Earnings/(loss) per share              3.1p    (29.0p)        -

Dividend per share                    10.0p     10.0p Maintained

(a) After elimination of GBP7 million intra-group revenues
(2002: GBP9 million)

Other performance measures(b)

Reuters

(a) Reuters recurring revenue of GBP2,456 million (2002:
    GBP2,707 million), down 9.3% (10.2% on an underlying basis),
    ahead of expectations

(b) Q4 recurring revenue down 8.6% (9.8% on an underlying basis)

(c) Fast Forward cost savings ahead of plan: GBP75 million
    delivered in 2003 (original target: GBP45 million)

(d) Reuters operating profit, before amortization of goodwill
    and intangibles, impairments and a restructuring charge of
    GBP134 million, of GBP404 million (2002: GBP393 million), at
    a margin of 15.2% (2002: 13.1%)

(e) Reuters free cash flow of GBP197 million, covering the
    dividend 1.4 times

(f) Q1 underlying recurring revenue decline expected to be 9% or
    slightly better, confirming previous guidance, with further
    gradual improvement in Q2

Group

(a) Group pre-tax profit before amortization of goodwill and
    intangibles, impairments and disposals of GBP190 million
    (2002: GBP89 million)

(b) EPS of 11.1p (2002: 6.8p), before amortization of goodwill
    and intangibles, impairments and disposals.  Tom Glocer,
    Chief Executive, said: "Our full year results show that
    Reuters is on the road to recovery, with the worst of our
    revenue declines behind us."

"In the core business, we have made good progress towards
becoming more competitive, less complex, more service-oriented
and more efficient.  We maintained cost discipline and generated
sufficient earnings and cash flow from the core business to
cover the dividend.  We further simplified our Group portfolio
and generated cash through the recent sell-down of our stake in
TIBCO.

"We are only one third of the way through our Fast Forward
transformation program, so a lot of work remains to be done.
The progress we have made on our product line, customer service
levels and cost base confirms that the expected benefits are
starting to come through."

Review of 2003 results

Reuters Group statutory results

Reuters Group (RTR; RTRSY) revenue for the year to 31 December
2003 was GBP3,197 million, a decline of 11%.

Reuters Group pre-tax profit was GBP49 million, compared to a
loss of GBP493 million in 2002.  This return to profit was
driven by a better operating performance at Instinet Group,
strong cost discipline at Reuters and the absence of impairment
charges and goodwill writedowns that depressed last year's
earnings.

Earnings per share for the Reuters Group were 3.1p compared with
a loss per share of 29.0p in 2002.

The dividend remains unchanged at 10p per share.

At the end of December 2003, Reuters Group had net debt of GBP77
million (2002: GBP66 million) with Reuters carrying GBP610
million of net debt (2002: GBP584 million) and Instinet Group
holding GBP533 million of net funds (2002: GBP518 million). Post
year-end, Reuters realized cash proceeds of GBP311 million from
the reduction of its stake in TIBCO Software Inc. and applied
these to pay down debt.

Reuters

Reuters revenue decreased by 11% to GBP2,664 million.  On an
underlying basis, adjusting for exchange rate movements and the
impact of acquisitions and disposals, the decline was 12%.

Reuters operating profit of GBP174 million decreased by 11% over
2002, largely driven by an increase in restructuring charges.

Operating profit before amortization of goodwill and
intangibles, impairments and restructuring charges was GBP404
million (2002: GBP393 million), a rise of 3%.  Costs before
restructuring fell 13%, reflecting the impact of prior year cost
saving initiatives and this year's Fast Forward program.
Operating margin before amortization of goodwill and
intangibles, impairments and restructuring charges, increased to
15.2% from 13.1% in 2002.

Reuters took a restructuring charge of GBP134 million within
operating profit in 2003 (2002: GBP112 million), principally
related to reductions in headcount and property costs.  This
represented GBP144 million of Fast Forward charges offset by
GBP10 million of releases under legacy programs.  As part of
Fast Forward, Reuters also recognized a GBP17 million provision
for the loss on disposal of properties.

Reuters profit before tax was GBP95 million (2002: loss GBP123
million).  This includes losses from affiliates (net of
investment income) of GBP28 million, down from GBP61 million
last year.

Reuters generated free cash flow of GBP197 million for the year,
covering the dividend 1.4 times.

Revenue review

Competitive wins

Competitive wins during 2003 reinforced Reuters approach of
offering a segmented product line - the right product at the
right price - targeted both at end users and at the needs of
entire enterprises.

End user highlights

(a) 18,000 additional positions of Reuters 3000 Xtra sold to
    premium users during 2003, of which around 7,000 were new
    business

(b) Acceleration of Reuters 3000 Xtra installation rate in the
    fourth quarter, helped by the launch of 'thin client' 3000
    Xtra, which targets smaller institutions like hedge funds

(c) 800 positions of Reuters Trader and Reuters Knowledge sold
    since October to users who do not require the full
    sophistication of 3000 Xtra

Enterprise highlights

(a) Reuters Market Data System established as new market
    standard, with a major new sale to UBS Investment Bank
    announced.

(b) 50% revenue growth in back office Enterprise Information
    Products

(c) 54 new sales of Risk Management products, taking revenue to
    GBP86 million

Revenue by type

Recurring revenue from subscription products, which made up 92%
of Reuters core revenue in the year, was GBP2,456 million, down
9.3% compared with 2002 (10.2% on an underlying basis).  The
year-on-year fall in the fourth quarter was 9.8% on an
underlying basis, an encouraging improvement on the third
quarter's year-on-year fall of 10.9%.  A key driver of this
improvement was a larger than forecast reduction in the level of
net cancellations, particularly in October and November and
specifically in Europe.

User accesses stood at 427,000 at the year-end, down 11% from
December 2002 excluding the impact of divestments made during
the year.  Access losses slowed as the year progressed, with a
sequential decline of just 1% in the fourth quarter over the
third quarter.

Average revenue per access was up 3% on an underlying basis
compared to 2002, and up 2% compared to the third quarter, with
the primary driver being upgrades to 3000 Xtra.

Outright revenue, which represents 4% of Reuters core revenue,
was GBP105 million, down 36% compared with 2002 (39% on an
underlying basis).  The main drivers of this decline were
continuing restrictions on customers' IT budgets and Reuters
decision to exit bespoke Solutions businesses.

Usage revenue was GBP103 million, down 15% compared with 2002
(10% on an underlying basis).  Dealing Matching revenues saw
year-on-year underlying growth of 20%, driven by continued
volatility in the spot and forward foreign exchange markets,
product enhancements and a successful sales campaign to attract
euro/dollar liquidity.  Bridge Trading underlying revenues
declined 41% compared to 2002, reflecting poor market conditions
early in 2003.  Fourth quarter revenues showed an underlying
increase of 15% over the third quarter, reflecting improvements
in market conditions towards the end of the year.

Recurring revenue by product

Premium tier revenue, which includes Reuters 3000 Xtra,
BridgeStation and Dealing, was GBP730 million, up 10% year-on-
year (9% on an underlying basis) and up 2% (3% on an underlying
basis) from the previous quarter.

The number of premium tier accesses at the period end increased
to 103,000, up 10% on the 2002 year end position and 6% since
the end of the previous quarter. This growth continues to be
driven by Reuters 3000 Xtra, which now has 69,000 installed
positions. Around 7,000 of the additional positions of 3000 Xtra
installed this year were new business as opposed to upgrades.
The 3000 Xtra installation rate accelerated in the fourth
quarter, helped by the launch of 'thin client' 3000 Xtra, which
had 500 revenue-generating positions at year end and nearly
1,000 by the end of January.

Also in the premium tier, the rate of decline in Dealing
accesses slowed in the fourth quarter of 2003, primarily
reflecting lower levels of headcount reduction on foreign
exchange desks.  The BridgeStation user population stabilized in
the second half of the year, largely as a result of better
market conditions in the U.S. and improvements in the product.

Premium tier accesses now represent nearly a quarter of the
total user base, compared to 19% at the end of 2002.

Average revenue per access in the premium tier held steady in
the fourth quarter of 2003 compared to the previous quarter.
Small increases in revenue per access for Dealing and
BridgeStation offset a slight decline for 3000 Xtra, the latter
being triggered by large customers moving into higher discount
bands as their installed base increased.

Recurring revenue from legacy 2000/3000 series products was
GBP363 million, down 34% year-on-year (35% on an underlying
basis).  While accesses declined by 28,000 in this category
during the course of the year, a higher proportion of them than
expected migrated to 3000 Xtra, especially towards the end of
the year.  Revenue per access declined 9% on an underlying basis
in the course of the year, reflecting the migration of higher
priced accesses to 3000 Xtra.  Following the launch of Reuters
Trader in the second half of 2003, migration of users who do not
need the full sophistication of 3000 Xtra is expected to gather
momentum during 2004.

Revenue from mid and lower tier products was GBP272 million,
down 16% year-on-year (14% on an underlying basis).  A high
proportion of the accesses lost in this category were at the
lower end of the very wide price range, the result of which was
an increase in average revenue per access.

Recurring revenue from all other sources, which includes
exchange fees, software maintenance and datafeed site fees,
totaled GBP1,091 million, down 7% year-on-year (9% on an
underlying basis).  Pass-through revenues such as exchange fees
saw a higher than average level of decline as customers
economized by canceling subscriptions to real-time exchange
data. Conversely, revenue from Risk and back office Enterprise
Information Products showed good growth.

Revenue by customer segment

Revenue is allocated to customer segments by reference to the
activities at particular customer sites.  Activities at certain
customer sites fall into more than one segment.  In such cases
revenue is allocated based on estimated activity by segment.

Revenue from Treasury was GBP1,018 million, down 10% on an
actual and underlying basis.  Sales, marketing and development
activity is under way to strengthen and grow the Treasury
franchise.  Customer satisfaction remains high, with Reuters
again being voted best electronic news service and best
information vendor for FX prices by FX Week in November 2003.
New business opportunities are also opening up, with growth in
Risk revenue to GBP86 million and a 25% increase in the client
base of Reuters Electronic Trading, an automated trading
facility which links banks to their clients.

Revenue from Investment Banking was GBP712 million, down 15%
(17% on an underlying basis).  With market conditions now
starting to stabilize, sales activity in 2004 will focus on
migrating legacy product users to 3000 Xtra, BridgeStation or
Reuters Trader and on new sales of Reuters Knowledge and
enterprise-wide projects.

Revenue from Asset Management was GBP630 million, down 11% (12%
on an underlying basis).  Revenue increases for Reuters 3000
Xtra were more than offset by declines in legacy 2000/3000
series products and domestic products.  Nevertheless, there are
encouraging signs that Reuters buy side offering is becoming
more competitive, an example being the first U.K. sale of
Reuters Portfolio Management System to Schroders Private Bank.

Revenue from Corporates and Media was GBP304 million, down 4%
(5% on an underlying basis).  Media revenues as a whole have
been relatively robust, driven by customer demand for coverage
of the Iraq war and its aftermath.

Operating costs

Reuters operating costs before amortization of goodwill and
intangibles, impairments and restructuring fell by 13%, two
percentage points more than the reduction in revenues.  Staff
costs fell by a net 8%, with reductions in headcount and cost
per head partly offset by acquisitions, more staff being hired
into customer-facing roles and increased numbers of product
development staff in lower cost locations.  A total of 1,500
people left the company during the year, mainly as a result of
Fast Forward initiatives.

Fast Forward progress review

Reuters has now completed the first year of its three-year
transformation program to make its core business more
competitive, less complex, more service-driven and more
efficient, and has made good progress on delivering key changes.

(a) Make Reuters information indispensable

During 2003, Reuters built on its core strengths of providing
content, analytics, trading and messaging capabilities, all in
an open technology format.

The company made some important additions to the information and
tools available in its products.  For example, the company
fundamental data acquired with Multex in the second quarter of
2003 is now fully integrated into Reuters research and advisory
products such as Reuters Knowledge, and market leading risk
analytics from Barra(TM) are now exclusively integrated into
Reuters 3000 Xtra and BridgeStation, with the first contracts
signed with customers.

The Reuters Messaging network continued to grow steadily
throughout 2003, with over 50,000 customers regularly using the
service.  Work in 2004 will focus on promoting more intensive
usage among groups of users active in a particular market and
the roll out of a new software release, which will permit users
of Reuters Messaging to communicate with users of AOL, MSN and
Lotus messaging services.

During 2003, Reuters built on its relationship with its largest
customers in a number of core areas.  In the trading arena, JP
Morgan Chase and Deutsche Bank decided to use Reuters as a
neutral distribution partner for their trading applications, and
CSFB is working with Reuters to distribute its fixed income data
and analytics.  Similar agreements with other major customers
are expected this year.

(b) Move to a new business architecture

The company has laid the foundations for a new business
architecture to support its products, with the goal of improving
customer service and reducing costs.  The Reuters Distribution
Network (RDN), originally available only in North America,
became available globally during 2003.  In 2004, work will focus
on the migration of content and applications from legacy
networks to RDN.

(c) Simplify and segment the product line

Reuters has simplified its product line, reducing the number of
products sold from 1,300 to 550.  By the end of 2005 it expects
to have 50 financial information desktop products.

Reuters segmented product line took shape during the year with
the launch of Reuters Trader, a mid tier product for sales and
trading professionals; Reuters Knowledge, for the research and
advisory community and the "thin client" version of Reuters 3000
Xtra which extends the reach of Xtra to smaller sites.

In 2004, Reuters expects to continue to perfect its product line
and to focus on migrating customers from legacy to next
generation products.

(d) Focus Reuters Solutions business around its products

Reuters has made good progress on withdrawing from non-core
areas of its Solutions business.  In October Reuters signed a
new commercial agreement with TIBCO Software Inc., phasing out
its role as a general reseller of TIBCO products, and in
February 2004 it substantially reduced its stake in TIBCO to 9%.
In addition, Reuters exited the pure technology consulting and
development business by transferring major parts of this
operation to Accenture.  This leaves Reuters to focus its sales
and development effort on a smaller, more profitable number of
core Solutions activities including Risk Management, Market Data
Systems and Treasury Solutions.

(e) Reduce and reshape the cost base

Fast Forward has generated net savings of GBP75 million this
year, GBP30 million more than Reuters original estimate, with
associated severance and property related restructuring charges,
including losses on disposals, of GBP161 million.

(f) Reinvigorate culture and behavior

Reuters focus on a simpler and more competitive product line,
combined with a commitment to improving customer service, is
starting to show results.  Customer satisfaction improved for
two successive quarters in the second half of 2003.  The company
remains focused on delivering further and sustained improvements
in this area.

Instinet Group

Revenue from Instinet Group, the electronic brokerage firm in
which Reuters has a 63% stake, was GBP540 million, with this 9%
year-on-year decline largely driven by U.S. dollar weakness.
Shares traded through Instinet Group's subsidiaries increased by
9% in the fourth quarter compared to the third quarter, driven
by increased market share and higher overall average daily
market volumes.  Instinet Group's share of NASDAQ-listed equity
volume was 28.5% in the fourth quarter.

Operating losses for Instinet Group reduced from GBP339 million
in 2002 to GBP48 million in 2003 including a restructuring
charge of GBP44 million.  On a pre-restructuring, pre-
amortization basis, Instinet Group returned to profit in 2003
and generated GBP64 million free cash flow.  Efficiency gains
played a significant part in this improved operating
performance, with 18% of Instinet Group's work force leaving the
company during 2003 and further staff reductions planned in the
first half of 2004.

Reuters continues to support Instinet Group's moves to take
advantage of regulatory upheaval and other opportunities to grow
its franchise.

Radianz

Reuters and Radianz are working together to maximize operational
efficiency and position Radianz to become the neutral, market-
leading communications infrastructure provider for financial
services.  In the mid to longer term, Reuters foresees a
stronger Radianz, increasingly independent of Reuters ownership.

Impact of currency movements

In Reuters, changes to currency rates caused a GBP19 million
revenue decline in the year, with a 9% increase in the euro
offset by a slightly larger percentage decline in the U.S.
dollar. Of the GBP307 million reduction in operating costs,
GBP47 million can be attributed to currency, particularly the
weak dollar.  The overall effect of currency fluctuations was a
GBP28 million improvement in operating profit, equivalent to a
1% improvement in operating margin.

The currency effect is comparatively larger for Reuters Group
because of the high proportion of Instinet Group's revenue and
losses denominated in U.S. dollars.  For Reuters Group, currency
movements reduced revenue by GBP57 million, and improved
operating profit by GBP40 million and operating margin by 1.2%.

Reuters prospects

Reuters confirms its guidance issued on January 15, 2004 that it
expects the decline in recurring revenue in the first quarter of
2004 to be 9% or slightly better on an underlying basis,
compared to the equivalent quarter last year.  Further gradual
improvement in the decline in recurring revenue is expected in
the second quarter.

In 2004, Reuters expects to deliver further savings under the
Fast Forward Program of some GBP145 million for a charge of
GBP125 million. It is on track to deliver a total of GBP440
million annualized savings by the end of 2005, for a total
charge of GBP340 million.

Preliminary announcement approval

This preliminary announcement was approved by the Board on
February 16, 2004.

CONTACTS: REUTERS
          PRESS-U.K.
          Simon Walker
          Phone: +44 (0) 20 7542 7800
          E-mail: simon.walker@reuters.com

          Susan Allsopp
          Phone: +44 (0) 20 7542 8404
          E-mail: susan.allsopp@reuters.com

          PRESS - U.S.
          Stephen Naru
          Phone: +1 646 223 7728
          E-mail: stephen.naru@reuters.com

          INVESTORS
          Miriam McKay
          Phone: +44 (0) 20 7542 7057
          E-mail: miriam.mckay@reuters.com


RHEIN-MAIN LIMITED: Appoints Ian Cadlock Liquidator
---------------------------------------------------
At an Extraordinary General Meeting of the Members of the Rhein-
Main No.3 (U.K.) Limited, on February 4, 2004 at the offices of
SPV Management Limited, Level 11, Tower 42, International
Financial Centre, 25 Old Broad Street, London EC2N 1HQ, the
following Special Resolution to wind up the Company was passed.

Ian Cadlock, of Tenon Recovery, 39-40 Old Steine, Brighton, East
Sussex BN1 1NH, is appointed Liquidator for the Company.

In this manner, the Creditors of the Rhein-Main No.3 (U.K.)
Limited, are required, to submit their full forenames and
surnames, their addresses and descriptions, full particulars of
their debts or claims, and the names and addresses of their
Solicitors (if any) to the undersigned Ian Cadlock on or before
March 17, 2004.  If so required, by notice in writing from the
said Liquidator, are personally or by their Solicitors, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution.

CONTACT:  TENON RECOVERY
          39-40 Old Steine, Brighton,
          East Sussex BN1 1NH
          Contact:
          Ian Cadlock, Liquidator
          Phone: 01273 725 566
          Fax:   01273 724 502
          E-mail: brighton@tenongroup.com


SANDCO 798: Voluntary Winding up Resolution Passed
--------------------------------------------------
At an Extraordinary General Meeting of the Sandco 798 Limited on
January 26, 2004, the Special Resolution to wind up the Company
was passed.

The Company assigned Robert Henry Barker and Tracey Elizabeth
Callaghan, both of Baker Tilly, 2 Whitehall Quay, Leeds LS1 4HG,
as Joint Liquidators.

Creditors of the Sandco 798 Limited are required to submit their
particulars to prove their debts to Robert Henry Barker, of
Baker Tilly on or before March 9, 2004.  If so requested, to
provide such further details or produce such documentary
evidence as may appear to the Joint Liquidators to be necessary.

A Creditor who has not proved this debt before the declaration
of any dividend, is not entitled to disturb, by reason that he
has not participated in it, the distribution of that dividend or
any other dividend before his debt was proved.

CONTACT:  BAKER TILLY
          2 Whitehall Quay, Leeds LS1 4HG
          Contact:
          Robert Henry Barker, Liquidator
          Tracey Elizabeth Callaghan, Liquidator
          Phone: 0113 285 5000
          Fax: 0113 285 5001
          Home Page: http://www.bakertilly.co.uk


SCOTTISH COURAGE: To Reorganize Scottish Brewing Operation
----------------------------------------------------------
Scottish Courage Limited, the U.K. business of Scottish &
Newcastle plc, announces the closure of the Fountainbridge
Brewery in Edinburgh and the acquisition of the smaller
production unit of Caledonian Brewery as a dedicated ale brewery
for Scotland.

Closure of Edinburgh Brewery at Fountainbridge:

Scottish Courage intends to close its Edinburgh Brewery at
Fountainbridge, with effect from December 2004.  Against a
background of the mature and competitive U.K. beer market, a
priority for Scottish Courage in 2004 is to reduce costs in the
U.K. business.  There are a number of factors, including the
Fountain Brewery's high fixed operating costs, low capacity
utilization, and City center location which combine to mean that
continued production from the site is no longer commercially
viable.

Scottish Courage will enter into full consultation with unions
and employee representatives.  It is anticipated that the
closure will result in 170 job losses at the site.  Affected
employees will be offered retraining, relocation opportunities
within the Group or redundancy compensation.

Production of the McEwan's ale brands will remain in Scotland,
and will be brewed in Edinburgh at the Caledonian Brewery.
Lager production will be transferred to other Scottish Courage
breweries in the U.K.

Partnership investment in Caledonian Brewery:

Scottish Courage has entered into an agreement with the
Caledonian Brewery Limited, in which Scottish Courage will
acquire the brewery in Slateford Road, Edinburgh.  In addition
Scottish Courage will use its distribution strengths by selling
the Caledonian brands in the U.K. off-trade as well as taking
the rights to sell the brands internationally.

At the same time, Scottish Courage will take a stake in a new
business - Caledonian Brewing Company, formed by the current
Caledonian management team, which will develop the Caledonian
beer business in the U.K. on-trade market.  It is anticipated
that all existing Caledonian employees of Caledonian Brewery
Limited will transfer into the new company, which will be
managed by Stephen Crawley, currently Managing Director of
Caledonian Brewery Limited.

The partnership provides Caledonian beers with routes to wider
markets whilst maintaining their independence and safeguarding
the future of the brewery's award-winning beers such as
Deuchar's IPA and Caledonian 80/.

John Dunsmore, Chairman and Managing Director of Scottish
Courage Limited, commented:

"As part of the ongoing review of the U.K. business, we
investigated a range of options to allow us to keep the
Fountainbridge Brewery open.  Unfortunately, none of these
options proved viable and it is with regret that we announced
our intention to close the brewery at the end of this year."

"Our Fountainbridge employees have made a significant
contribution to the company and our priority is to support them
fully over the coming months."

"The acquisition of the Caledonian brewery site and its enlarged
future as a dedicated Scottish ale brewery is good news for
McEwan's and Caledonian ale brands.  We look forward to working
in partnership with Caledonian."

Stephen Crawley, Managing Director of Caledonian Brewery
Limited, said: "Caledonian shareholders and the management team
are pleased with the new partnership.  It will enable the
Caledonian Brewing Company to concentrate on developing the huge
market potential for our award winning ales in the U.K. on-
trade, while Scottish Courage's distribution power will help our
ales to enter new markets in the off-trade and internationally.

"Scottish Courage will bring new investment and security to the
Caledonian brewery and I know that this will provide the best
possible new home for the historic McEwan's and Caledonian ales.
While it is very much business as usual for us, we look forward
to working closely with the Scottish Courage team as the new
business takes shape."

                              *****

The announcements will, together, result in annualized cost
savings of GBP10 million.  The cost to achieve them will be
around GBP25 million, although it is anticipated that this sum
will subsequently be offset by proceeds from the sale of the
brewery site.

S&N will take a 30% share of the new company with four existing
shareholders retaining a 70% stake.

Scottish Courage is the U.K. operation of Scottish & Newcastle
plc, one of Europe's leading brewers with strong positions in 14
countries, including leadership in three of Europe's top six
markets, Russia, the U.K. and France.  Scottish Courage is the
leading brewer in the U.K. with a 27% market share.  The company
supplies the licensed pubs, clubs, restaurant and hotel on-trade
and the take-home market.  Following its acquisition by Scottish
& Newcastle in 2003, the Bulmer cider business including the
U.K.'s leading cider brand, Strongbow, has been added to
Scottish Courage's operations.

Scottish Courage markets a full portfolio of famous brand names
including Foster's, John Smith's, Kronenbourg 1664, Strongbow,
McEwan's, Courage, Newcastle Brown Ale, Miller and Beck's.

Scottish & Newcastle plc will report results for the year-end
December 31, 2003 on February 23, 2004.  Further information
regarding trading performance will be available on this date.

For more information on Scottish Courage or S&N visit
http://www.scottish-newcastle.com

Caledonian Brewery was established in 1869.  It currently
employs 37 people, of which 16 are in production. It has a
capacity 160,000 hectoliters of beer, which includes award
winning ales such as Deuchar's IPA and Caledonian 80/- ale.

For more information on the Caledonian Brewery visit
http://www.caledonian-brewery.co.uk

The Fountainbridge brewery has a capacity of around 2m
hectoliters and employs around 170 in production.

CONTACTS: SCOTTISH COURAGE
          All media enquiries (excluding city):
          Nigel Pollard
          Jeremy Blood

          FOR CITY INQUIRIES:
          Bridget Walker (investors/analysts)
          Linda Bain (city media)
          Phone: 0131 528 2000


SKYADD LIMITED: Names PKF Members Liquidators
---------------------------------------------
At an Extraordinary General Meeting of the Members of the Skyadd
Limited, on January 28, 2004 at 'Spadgers', Dark Lane,
Bathampton BA2 6SZ, the subjoined Special Resolution to wind up
the Company was passed.

Brian J Hamblin and Edward T Kerr, of PKF, Chartered
Accountants, are hereby appointed as Joint Liquidators of the
Company.

Hence, Creditors of the Skyadd Limited, are required, on or
before March 2, 2004, to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debts or claims, and the names and addresses of their
Solicitors (if any), to Brian J Hamblin, the Joint Liquidator of
the said Company.  If so required, by notice in writing from the
said Joint Liquidator, are, personally or by their Solicitors,
to come in and prove their debts or claims at such time and
place as shall be specified in such notice, or in default
thereof they will be excluded from the benefit of any
distribution.

CONTACT:  PKF
          Pannell House
          159 Charles St
          Leicester
          LE1 1LD
          Contact:
          Brian J. Hamblin, Liquidator
          Edward T Kerr, Liquidator
          Phone: 0116 2504400
          Fax: 0116 2854651
          Home Page: http://www.pkf.co.uk


UNIQ PLC: Opts to Sell Poultry Business Due to Potential Loss
-------------------------------------------------------------
Uniq plc announces that it is in discussions concerning the
potential sale of its U.K. poultry business with a number of
interested parties.  This follows a strategic review of its
prospects as a result of:

(a) The loss of the Burger King business at the beginning of the
    financial year, which exacerbated the problems of a sub-
    scale business; and

(b) The Avian 'flu outbreaks which have a disproportionate
    impact on a non-integrated poultry business such as ours.

These operational difficulties have had a material impact on
profitability, both at the unit level and in the context of the
Group as a whole.  Whereas the poultry business made an
operating profit of GBP5 million in the year ended March 31,
2003, it is now expected to make a loss of about GBP3 million in
the current financial year on sales of GBP57 million.

Taken as a whole, the rest of the Group's businesses are
performing in line with market expectations.  A significantly
improved performance in France is offset by a weaker performance
and greater uncertainty in the U.K. than anticipated at the
half year.

(a) In the U.K. excluding poultry, sales in the second half are
    expected to be in line with the equivalent period last year.
    We continue to see growth in "Food to Go" sales but business
    lost with Costa in the first half, and with Asda in desserts
    has not yet been fully recovered in new business.  As
    anticipated, there has been an increasing pressure on
    margins, which we see as continuing into next year.

(b) Northern Europe's reported sales in the second half will be
    ahead of last year; however, on a constant currency basis,
    sales will be lower than in the comparable period, primarily
    as a result of reduced fish prices which have to a large
    extent been passed on to our customers.  The German business
    is generally performing well whilst in the Netherlands and
    Denmark the new management team have already identified
    significant opportunity for improvement of their weaker
    performance in both sales and margin, which we expect to
    deliver on a progressive basis.

(c) In Southern Europe, profits have continued to improve, even
    against more challenging prior year comparatives.  Our
    health spreads have performed well ahead of our expectations
    and the recent extension of the Ilo brand into dairy
    desserts has been very successful.  The frozen market has
    recovered to some degree since the half year.  The chilled
    market continues to grow assisted by the launch of a number
    of new products by Marie.  Looking ahead in France, we
    expect the frozen market to remain competitive, but are
    confident of a continued strong performance in the health
    sector.

Uniq will make its preliminary announcement of results for the
year to March 31, 2004 on May 24, 2004 and a further
announcement about its poultry business will be made as soon as
it is appropriate to do so.

CONTACT: UNIQ PLC
         Martin Beer, Finance Director
         Phone: 01753 276011

         GAVIN ANDERSON & CO.
         Richard Constant
         Laura Hickman
         Phone: 020 7554 1400


* Fitch Compares Refinancing Plans of Invensys, ABB, Alstom
-----------------------------------------------------------
Fitch Ratings has published a report on the perceived success
of, and key issues relating to, the refinancing plans announced
by Invensys, ABB and Alstom respectively.  The comment focuses
on the similarities and differences between the three
refinancing packages, in view of the distressed operational and
financial situations recently experienced by all three
companies.

Fitch notes that the issuance of secured debt is typically seen
as a double-edged sword for bondholders.  While recognizing the
increase in subordination and potential negative effect on
future recoveries for bondholders, the new secured debt also
injects valuable liquidity into the structure, which can allow a
distressed issuer to recover over time, hence reducing the
probability of default.

The comment also discusses why Invensys decided to opt for the
refinancing plan outlined in the report, noting that this will
provide the group with time to complete its restructuring
program, term out its debt maturity profile and allow the
business to stabilize.  In the case of ABB, the issuance of a
short-term secured debt facility in December 2002 proved to be
successful, with the group repaying this facility via a new
unsecured refinancing package in October 2003.  As a result,
bondholders are no longer subordinated and underlying
performance of the operations has improved.  Fitch also notes
that the distressed situation faced by Invensys is not driven by
material external exceptional factors, such as asbestos lawsuits
that have affected ABB and the EC review to which Alstom is
subject.

The report, which is available on the agency's Web site at
http://www.fitchratings.com,also compares and contrasts the
structure of Invensys' high yield bonds with that of the current
standards in the European high yield market, highlighting the
deep structural subordination to senior creditors and trade
creditors that the new bondholders will face.

CONTACT: FITCH RATINGS
         Janet Fisher, London
         Phone: +44 (0) 20 7417 6334
         Tony Stringer, London
         Phone: +44 (0) 20 7417 6332

         MEDIA RELATIONS
         Alex Clelland, London
         Phone: +44 20 7862 4084


                            *********


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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Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson, and
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Copyright 2004.  All rights reserved.  ISSN 1529-2754.

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