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

                           E U R O P E

           Thursday, February 26, 2004, Vol. 5, No. 40

                            Headlines

C Z E C H   R E P U B L I C

CKD PRAHA: Two Firms Vie for Government's Majority Stake
CK FISCHER: Former Owner Participating in Capital Hike


F I N L A N D

M-REAL CORPORATION: Annual General Meeting Set March 15


G E R M A N Y

PFLEIDERER AG: Sells U.S. Affiliate for US$115 Million
WCM GROUP: Freed from EUR600 Million Sirius Liability


I R E L A N D

IRISH FERRIES: Labor Dispute Nearly Grounds Voyages to a Halt


I T A L Y

FESTIVAL CRUISES: Deal with French, Italian Banks Near
PARMALAT USA: Files for U.S. Chapter 11 Bankruptcy
PARMALAT USA: Case Summary & 43 Largest Unsecured Creditors


N E T H E R L A N D S

HEAD N.V.: FY2003 Net Loss Balloons Fivefold
MILACRON CAPITAL: Refinancing Uncertainty Triggers Downgrade


R U S S I A

AZOT: Under Bankruptcy Supervision Procedure
KRASNOYARSK METALLURGICHESKY: Bankruptcy Supervision Opened
LIKHOSLAVLAGROPROMCHEMISTRY: Declared Insolvent
PROGRESS: Succumbs to External Insolvency Management
SEVERGAZSERVICE: Declared Insolvent
STAHLCONSTRUCTZIYA: Under Bankruptcy Supervision Procedure
YUKOS OIL: Loan to Affiliate Seen as Protective Measure


S W I T Z E R L A N D

CLARIANT AG: Cutting 4,000 Jobs in Two Years
SWISS INTERNATIONAL: New Strategic Direction Improves Results


U N I T E D   K I N G D O M

AGENCY DRIVER: Creditors Meeting Set March 1
AUTOLECTRIX LIMITED: Creditors to Meet February 27
BARONIAL LIMITED: Sets Creditors Meeting February 27
BOX PROPERTIES: Names Ian David Holland Liquidator
BREAM HOLDINGS: Liquidator Threatens Suit Against Evasive Owner

BROADCAST INNOVATIONS: Names BDO Stoy Hayward Liquidator
C.F.M. LIMITED: Creditors to Convene March 4
CATFIELD PROPERTY: Creditors Meeting Set March 2
CURRENT MEDICAL: Board Calls for Creditors Meeting
DELANCEY BOX: Appoints Liquidator

EUROPEAN ROLL: Unsecured Creditors Meeting Set March 12
FEDERAL-MOGUL: Selling U.K. Property to MMC Dev't for GBP6.2 Mln
HUNTER GROUP: Appoints Stephen Cork Administrator
LAURA ASHLEY: Burberry CEO Entertains Idea of Buying Store
MYTRAVEL GROUP: Chairman of Northern Europe Operation Retiring

NIRO CLOTHING: Hires HKM as Administrator Receiver
STONE & WEBSTER: Appoints Ernst & Young Liquidator
THORNTONS PLC: Profit Before Tax Jumps 11% to GBP12.1 Million
TRINITY MIRROR: David Ross Appointed Non-executive Director
WEMBLEY PLC: Stronger Sterling Hits Profits


                            *********


===========================
C Z E C H   R E P U B L I C
===========================


CKD PRAHA: Two Firms Vie for Government's Majority Stake
--------------------------------------------------------
Skoda Holding offered to buy the majority stake owned by the
state in CKD Praha Holding, Skoda spokesman Karel Samec
confirmed to Czech Happenings.

There were actually two bids received for the stake, National
Property Fund spokeswoman, Petra Krainova, told the paper
separately.  The other bidder is allegedly ll FITE, but a
spokesman for the company refused to comment whether an offer
had indeed been made.  The government decided to sell its 85.57%
holdings in CKD in a tender in June 2003 and the Czech
Consolidation Agency called for bids in November.  Included in
the disposal is CKA's claim on CKD Vagonka, which is CKD Praha
Holding's subsidiary.

There were originally five firms that showed interest in the
company, but not all submitted offers.  A due diligence on the
potentially CZK0.5 billion transaction has been performed at the
company since January.  Ms. Krainova said a privatization
commission should pick the victorious bid next week, although
its recommendation is not binding.  Afterwards, the government
will pick its preferred buyer.


CK FISCHER: Former Owner Participating in Capital Hike
------------------------------------------------------
Entrepreneur Vaclav Fischer is considering participating in the
fund-raising exercise for travel agency CK Fischer in order to
maintain his shareholding in the company, Hospodarske noviny HN
reports.

Karel Komarek, who owns a majority in the travel agency, wants
to raise share capital of the company from the current CZK1
million to CZK11 million.  The plan would see Mr. Fischer's 25%
stake in CK Fischer drop from 25% to 2.27% unless he
participates in the capital hike.  Mr. Fischer will attend the
March 3 general meeting of the company, which will discuss the
issue.

Mr. Komarek last year rescued the company from destrainers after
Mr. Fischer's firms, CK Fischer, Fischer Air and Fischer, s.r.o.
defaulted on bank loans.  The companies owed around CZK470
million to Komercni banka, Czech Airlines CSA and Czech Airports
Authority CSL.  CK Fischer has been loss-making since 2001.  It
reported loss of CZK243 million in the accounting period
2001/2002.


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


M-REAL CORPORATION: Annual General Meeting Set March 15
-------------------------------------------------------
M-real Corporation's shareholders are invited to attend the
Annual General Meeting to be held at 2:00 p.m. on Monday, March
15, 2004 in M-real Corporation's Head Office at Revontulentie 6,
02100 Espoo, Finland.

The meeting will address matters to be handled by the Annual
General Meeting as stipulated by the Finnish Companies Act and
Article 10 of the company's Articles of Association.
Shareholders who are registered in the company's shareholder
register, kept by the Finnish Central Depository Ltd, no later
than Friday, March 5, 2004 are entitled to attend the Annual
General Meeting.  Shareholders wishing to attend the meeting
should notify the company no later than 4:00 p.m. on March 11,
2004, either by phone on +358 1046 94530, by fax on +358 1046
94529, by E-mail to eija.niittynen@m-real.com, or in writing to
M-real Corporation, Ms Eija Niittynen, Revontulentie 6, 02100
Espoo, Finland. Any proxies should be submitted during the
advance registration.

Shareholders may view the documents pertaining to the financial
statements at the company's Head Office during the week
preceding the Annual General Meeting. Copies of documents will
be sent to a shareholder upon request.

The Board of Directors will propose to the Annual General
Meeting that a dividend of EUR0.30 per share be paid for the
financial year ended on December 31, 2003.  The dividend will be
paid to shareholders who are registered in the shareholder
register maintained by the Finnish Central Depository Ltd on the
record date.  The record date decided on by the Board of
Directors is March 18, 2004.  The Board of Directors will
propose to the Annual General Meeting that the dividend be paid
on March 25, 2004.

The printed version of the company's Annual Report will be
published in week 10.

                              *****

Standard & Poor's Ratings Services lowered to 'BB+' from 'BBB-'
its long-term corporate credit rating on Finland-based Forest
products company M-real Corporation in December.  The outlook is
stable.

In 2003 M-real Group's operating profit net of non-recurring
items fell to EUR88.5 million from EUR336.3 million in the
previous year.  The main reasons for the weakening in
profitability were the fall in the selling price of paper and
the strengthening of the euro.


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


PFLEIDERER AG: Sells U.S. Affiliate for US$115 Million
------------------------------------------------------
SDAX-listed Pfleiderer AG, ISIN DE0006764749 [given senior
unsecured rating of 'BB', short-term rating of 'B' by Fitch],
has announced the sale of the concrete and steel poles and
towers activities of its U.S. affiliate, Newmark International,
Inc. to Valmont Industries, Inc. (NYSE: VMI), a world market
leader in poles, towers and infrastructure technology.  A
definitive agreement to this effect, subject to satisfaction of
customary closing conditions and approval by the U.S. anti-trust
authorities, has now been signed by both sides.

Headquartered in Birmingham/Alabama, Newmark International, Inc.
currently produces concrete and steel poles at seven plants in
the U.S.A, primarily for the utility and communications sectors.
Sales in fiscal 2003 exceeded $75 million.  Excluded from the
deal is Newmark's glass-fibre production at its plant in
Estill/South Carolina.  The agreed purchase price for Newmark
International, Inc. will total approximately $115 million, $105
million will be paid in cash.  Pfleiderer Poles & Towers'
operations in Germany and Europe are not affected by the deal.

Optimizing the Allocation of Capital as Part of Corporate
Strategy

From Pfleiderer AG's point of view, the deal is of strategic
importance as the gain of sale will strengthen Pfleiderer's
equity base, at the same time enabling it to bolster the market
positions of its core activities Engineered Wood and
Infrastructure Technology.

About Pfleiderer A.G.

Now focused on its Engineered Wood and Infrastructure Technology
Business Segments, SDAX listed Pfleiderer A.G. (ISIN
DE0006764749) is one of Europe's leading system suppliers of
engineered woods, surface finished panels, rail sleeper
technology and a vast range of poles and towers.  The Company
employs 5,600 people at 27 sites spread over nine countries, and
has sales in excess of EUR1 billion.  Its balanced portfolio of
two highly efficient business areas mean that Pfleiderer A.G.
can expect to continue its path of earnings-led growth and
optimized value added, thereby continuing to increase the value
of the company as a whole.

CONTACT: PFLEIDERER A.G.
         Neumarkt
         Ulrich Korner
         Corporate Communication
         Phone: +49(0) 9181/28-8491
         Fax:   +49(0) 9181/28-606
         E-mail: ulrich.koerner@pfleiderer.com

         PFLEIDERER A.G.
         Neumarkt
         Alexandra Klemme
         Investor Relations
         Phone: +49(0) 9181/28-8044
         Fax:   +49(0) 9181/28-8046
         E-mail: alexandra.klemme@pfleiderer.com


WCM GROUP: Freed from EUR600 Million Sirius Liability
-----------------------------------------------------
The IVG shares of SIRIUS Beteiligungsgesellschaft mbH, Wackerow
have been sold.  With the sale of the IVG shares by the SIRIUS
insolvency administrator, WCM no longer has co-liability for the
loan of almost EUR600 million for its SIRIUS subsidiary, with
the exception of a small element, which WCM will fulfill.

In recent weeks, WCM has pushed forward the reduction of its
indebtedness by approximately EUR2 billion, with this and other
measures.  Also, annual interest obligations are EUR120 million
lower.  Currently, amounts due to banks are only just over
EUR1.2 billion.  Most of this is secured by mortgages.

                              *****

WCM's fortunes slumped dramatically last year when it reported a
EUR861 million- loss after being forced to write down the value
of many of its shareholdings amidst a slump in stock markets.
Mr. Vogel, the former head of ThyssenKrupp, was then brought in
to head the supervisory board.


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


IRISH FERRIES: Labor Dispute Nearly Grounds Voyages to a Halt
-------------------------------------------------------------
Dispute over cost-cutting plans at Irish Ferries has resulted to
the suspension of three of the company's four vessels, according
to BizWorld.  The suspension of the routes is expected to lead
to the temporary lay-off of 600 staff later this week.  The
company employs around 780 staff.

The company halted the voyage of the Jonathan Swift, Isle of
Inishmore and the Normandy, which serve the Rosslare/Pembroke,
Dublin/Holyhead and Rosslare/Cherbourg routes, after the
Seamen's Union of Ireland refused to discuss new staffing
arrangements with SIPTU.  The talks should have addressed
staffing levels in the company.

Irish Ferries believes its employee statistics is seriously out-
of-line with its competitors.  Cost base is over 30% above that
of its main competitor.  To adjust this discrepancy, it is
planning to cut jobs as part of a EUR3.4 million savings plan.


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


FESTIVAL CRUISES: Deal with French, Italian Banks Near
------------------------------------------------------
Festival informs that the negotiations with the Italian and
French banks are in the final stages and is very confident of a
positive outcome, which will be advised as soon as possible.

The financial re-structuring of the company is, therefore, in
the process of implementation, which will enable Festival
Cruises to re-commence its cruise activities and re-conquer its
position in all the markets. Festival hereby informs that the
vessels will start operations as per these schedules:

(1) m/v European Vision   March 12, 2004 - from Pointe-a-Pitre
                          and March 14, 2004 from Santo Domingo

(2) m/v European Stars    March 16, 2004 - from Genoa

(3) m/v Mistral           March 19, 2004 - from Genoa

(4) m/v Caribe            May 10, 2004 - from Havana

Festival decided to delay the commencement of operations for m/v
Caribe so as to coincide with the beginning of the Spring-
Summer-Autumn cruises from Havana, as already indicated in this
year's brochure.

Once again the company apologizes to the Trade and to the
Clients for the inconvenience caused, but is also very pleased
to be able to announce the re-commencement of the activities in
accordance with the image and positioning, for which Festival
has been positively recognized during the year of cruise
activity - and for a new future with Premium "deluxe" vessels.


PARMALAT USA: Files for U.S. Chapter 11 Bankruptcy
--------------------------------------------------
Farmland Dairies, LLC has filed a voluntary petition under
Chapter 11 of the U.S. Bankruptcy Code in the United States
Bankruptcy Court for the Southern District of New York.  This
voluntary filing is to address certain short-term operational
and liquidity disruptions related to recent changes to supplier
payment terms while management works with Lazard Freres & Co.
LLC to explore a number of options, including the potential sale
of the U.S. dairy business.

The filing includes Farmland; its parent company, Parmalat USA
Corporation; and subsidiary, Milk Products of Alabama, LLC.
Together, these entities encompass Parmalat's dairy business in
the United States.  Parmalat's U.S. dairy business anticipates
conducting business as normal through the filing process.

"We have initiated this action to protect Farmland's business,
brands, plants, people and customers, as well as the company's
valued milk suppliers and other creditors, while resolving
operational and liquidity issues in the most efficient manner
and as we explore a number of options," said Marc Caira,
President and CEO, Parmalat Dairy North America.

This voluntary filing is not expected to have any direct effect
on any other Parmalat businesses in North America, particularly
the profitable Parmalat business in Canada or the Parmalat
bakery business in North America.

The primary purpose of the Chapter 11 filing is to obtain the
financing necessary to address short-term liquidity needs.

To that end, Parmalat's U.S. dairy business has obtained
financing from GE Capital, a condition of which was the
commencement of the Chapter 11 case.  Parmalat's U.S. dairy
business is seeking interim approval of the financing from the
Bankruptcy Court. Upon approval, the Bankruptcy Court is
expected to set a date for a final hearing for that financing
package.  This financing package provides the company with
sufficient liquidity to meet its operational needs, including
customary obligations associated with the daily operation of its
business, the timely post-petition payment of milk producers and
other suppliers, as well as operating expenses, employee wages
and other obligations.  In addition, an application has been
made to the Court so that any past due payments are made to milk
suppliers.

The case has been assigned to the Honorable Judge Robert Drain.
Further information can be obtained via the Internet at
http://www.nysb.uscourts.gov/


PARMALAT USA: Case Summary & 43 Largest Unsecured Creditors
-----------------------------------------------------------
Lead Debtor: Parmalat USA Corp.
             520 Main Avenue
             Wallington, New Jersey 07057

Bankruptcy Case No.: 04-11139

Debtor affiliates filing separate chapter 11 petitions:

Entity                                     Case No.
------                                     --------
Milk Products of Alabama LLC               04-11140
Farmland Dairies LLC                       04-11141

Type of Business: The Debtor is a subsidiary of Italian
                  dairy/food giant Parmalat Finanziaria. Its
                  business includes processing, packaging,
                  and sale of fresh milk to retail customers,
                  and primarily supermarkets.
                  See http://www.parmalatusa.com/

Chapter 11 Petition Date: February 24, 2004

Court: Southern District of New York (Manhattan)

Judge: Robert D. Drain

Debtors' Counsels: Gary Holtzer, Esq.
                   Marcia L. Goldstein, Esq.
                   Weil Gotshal & Manges LLP
                   767 Fifth Avenue
                   New York, NY 10153
                   Tel: 212-310-8463
                   Fax: 212-310-8007

                              Estimated Assets  Estimated Debts
                              ----------------  ---------------
Parmalat USA Corp.            More than $100 M  More than $100 M
Milk Products of Alabama LLC  $1 M to $10 M     $1 M to $10 M
Farmland Dairies LLC          More than $100 M  More than $100 M

A. Parmalat USA Corp.'s 3 Largest Unsecured Creditors:

Entity                        Nature Of Claim       Claim Amount
------                        ---------------       ------------
Comerica                      Bank loan              $10,052,203
P.O. Box 75000
Detroit, MI 48275
Attn: Aurora Battaglia

Banca Di Roma Italy           Bank loan               $5,047,222
New York Branch
34 East 51st Street
New York, NY 10022
Attn: Ida Bajardi,
VP Italian Desk

Banca Intesta S.p.A.         Bank loan                $5,052,500
One William Street
New York, NY 10004
Attn: Giancarlo Baoicchi

B. Milk Products of Alabama's 20 Largest Unsecured Creditors:

Entity                        Nature Of Claim       Claim Amount
------                        ---------------       ------------
Kellers Creamery              Trade debt                $103,008

Dairy Farmers of America      Trade debt                 $96,630

Liqui-Box Corporation         Trade debt                 $93,547

American Sugar Refining Co.   Trade debt                 $77,734

Valley Packaging              Trade debt                 $46,602

Dairypak                      Trade debt                 $27,038

Clofine Dairy & Food          Trade debt                 $18,700
Products

Crete Carrier Corp.           Trade debt                  $9,651

Firmenich Inc.                Trade debt                  $9,643

Alabama Food Service Inc.     Trade debt                  $9,514

Niro Inc.                     Trade debt                  $7,816

Celsis, Inc.                  Trade debt                  $6,585

Dixie Pallet and Lumber       Trade debt                  $4,368

Piedmont National Corp.       Trade debt                  $4,041

Yum Brands                    Trade debt                  $2,500

Evergreen Packaging Equipment Trade debt                  $2,322

North Alabama Electric Inc.                               $2,133

Rodem Process Equipment                                   $1,980

Dobbins Company Inc.                                      $1,279

MCMaster-Carr Supply Company                              $1,200

C. Farmland Dairies LLC's 20 Largest Unsecured Creditors:

Entity                        Nature Of Claim       Claim Amount
------                        ---------------       ------------
DMS                           Trade debt              $1,097,000
5001 Brittonfie ld Pkwy
Syracuse, NY 13057
Attn: Sharad Mather

Dairypak                      Trade debt                $917,415
7920 Mapleway Drive
Olmsted Falls, OH 44138
Attn: Carol Mele

Maryland Milk Producers A     Trade debt                $637,000
(MMPA)
1985 Isaac Newton Square West
Reston, VA 20190-5094
Attn: Jay Bryant

CKS Packaging Inc.            Trade debt                $582,703
445 Great SW Pkwy.
Atlanta, GA 30336
Attn: Steve Clarks

All Star Dairy Assoc. Inc.    Trade debt                $371,894
1050 Monarch St., Suite 101,
Lexington, KY 40513
Attn: Jim Sutton

Tuscan                        Trade debt                $371,162
750 Union Avenue
Union, NJ 07083
Attn: Patt Penko

Tetra Pak Inc.                Trade debt                $366,736
P.O. Box 70235
Chicago, IL 60673-0234
Attn: Joe Davidson

Oneida Lewis                  Trade debt                $329,000
1577 Fish Creek Rd.
West Leyden, NY 13489
Attn: Larry Kent

Borough of Wallington         Trade debt                $221,628

Middlebury RR # 4             Trade debt                $219,000

Bartlett Dairy, Inc.          Trade debt                $210,941

International Paper           Trade debt                $196,808

D'Agostino                    Trade debt                $186,672

Ryder Transportation          Trade debt                $167,931

Industrial Machine Corp.      Trade debt                $166,772

City of Wyoming               Trade debt                $133,214

House O Flavors               Trade debt                $123,393

Dairyland, Inc.               Trade debt                $120,851

Amerada Hess Corporation                                $118,479

Plastican, Inc.               Trade debt                $121,744


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


HEAD N.V.: FY2003 Net Loss Balloons Fivefold
--------------------------------------------
Head N.V. (NYSE:HED) (VSX:HEAD), a leading global manufacturer
and marketer of sports equipment, announced results on Tuesday.
For the three months ended December 31, 2003 compared to the
three months ended December 31, 2002:

(a) Net revenues increased 19.2% to $161.8 million;

(b) Operating profit before restructuring costs increased by
    $2.1 million to $18.0 million;

(c) Operating profit decreased by $5.4 million to $10.5 million;

(d) Net income decreased by $6.4 million to $1.9 million.

For the twelve months ended December 31, 2003 compared to the
twelve months ended December 31, 2002:

(a) Net revenues increased 11.3% to $431.2 million;

(b) Operating profit before restructuring costs worsened by $9.1
    million to $8.6 million;

(c) Operating result worsened by $17.5 million to $0.2 million;

(d) Net loss increased by $12.0 million to $14.7 million;

(e) Net cash flow from operations decreased by $5.9 million to a
    $17.3 million cash inflow.

Johan Eliasch, Chairman and CEO, commented: "The fourth quarter
has been very busy and successful for Head. We have achieved
revenue growth in all of our product categories, with the
exception of a small decline in Diving.  We are also on schedule
with our previously announced restructuring and reorganizing
program.

"We have largely completed the consolidation of our U.S.
warehouses into just one location.  We have transferred our ski
boot and diving manufacturing from Estonia to a new plant in the
Czech Republic in preparation for the closing and ultimately the
sale of the Estonian facility.  Following successful union
negotiations we are in the process of closing our tennis ball
production facility in Ireland and transferring these operations
to our world-class facility in Phoenix, Arizona.

"All these projects will start to have a positive impact on the
P&L from 2004.

"In January, we also successfully completed the sale of 135
million of 8.5% unsecured senior notes.  With the net proceeds
the Company has redeemed all of its outstanding 10.75% senior
notes and will repay approximately 31.5 million of other debt.
The remainder of the funds will be used for working capital and
other general corporate purposes.

"All in all, I believe we are in very good shape for 2004."

Revenues


For the Three Months Ended December 31, For the Years Ended
                                         December 31,

                         2002       2003          2002      2003
                      (unaudited)(unaudited)
(unaudited)

Product category:
Winter Sports......$ 81,435 $ 106,343      $ 144,667  $ 188,768
Racquet Sports...... 35,642    37,612        168,822    166,417
Diving...........    15,927    14,939         65,600     66,322
Licensing..........   2,760     2,947          8,399      9,701
Total Revenues.... $135,764 $ 161,842      $ 387,488  $ 431,208

Winter Sports

"For the three-month period ended 31 December 2003, our Winter
Sports revenues increased by 30.6%, or $24.9 million, to $106.3
million from $81.4 million in the same period in the prior year.
For the twelve months ended December 31, 2003, our Winter Sports
revenues increased by 30.5%, or $44.1 million, to $188.8 million
from $144.7 million in the same period in the prior year.

"Revenues increased in all of our product segments due in part
to the strengthening of the euro against the U.S. dollar and
also due to the positive reaction by the market to our product
offering.  In the current difficult market conditions we believe
that we have both outperformed the market and many of our key
competitors and expect to gain market share in a number of our
products and geographies.

"Gross margins improved in the fourth quarter but were still
down for the twelve months of 2003 compared to the same periods
of 2002.  This was due to a change in the product mix in the
division this year and also the negative currency impact of
costs in this division that are largely incurred in euro.

Racquet Sports

"For the three-month period ended December 31, 2003, our Racquet
Sports revenues increased by $2.0 million or 5.5%, to $37.6
million from $35.6 million for the three months ended December
31, 2002.  For the twelve-month period ended December 31, 2003,
our Racquet Sports revenues decreased by $2.4 million or 1.4%,
to $166.4 million from $168.8 million in the same period in
2002.

"The increased revenue and gross margin for the fourth quarter
are due to excellent sales of our new Liquidmetal tennis
racquets series.  Liquidmetal is the most talked about new
racquet technology in a decade and has already become the
world's best selling new racquet technology.

"The revenue and margin decline for the twelve-month period is
due to the very tough market conditions particularly in the U.S.
tennis racquet and tennis ball markets that affected our first
half results.  In the fourth quarter we saw some signs of
recovery in the market, particularly in racquets, and we expect
this to carry over into 2004.

Diving

"For the three-month period ended December 31, 2003, our Diving
revenues decreased by 6.2% or $1.0 million, to $14.9 million
from $15.9 million in the comparable 2002 period due to some
timing differences.  For the twelve-month period ended 31
December 2003, our Diving revenues increased by 1.1% or $0.7
million, to $66.3 million from $65.6 million in the comparable
2002 period.  However this is partly due to the effect of
reporting our consolidated revenues in U.S. dollars as we
actually experienced declines in local currency sales in some
markets.

"Gross margins have been impacted by declines in certain local
currency sales and also by the impact of currency movements on
costs.  Additionally, margins have been reduced by the sale of
some obsolete stock, fewer high margin sales to Japan and an
increase in our inventory reserve.  We feel this increase in
reserve is prudent given the current weak market conditions.

Licensing

"For the three-month period ended December 31, 2003, our
Licensing revenues increased by $0.2 million, to $2.9 million
from $2.8 million in the same period in 2002.  For the twelve-
month period ended December 31, 2003, our Licensing revenues
increased by $1.3 million, to $9.7 million from $8.4 million in
the comparable 2002 period.

"The increases were due to the strengthening of the euro against
the U.S. dollar.

Profitability

"For the twelve months ended December 31, 2003, gross profit
increased by $11.1 million to $165.2 million from $154.1 million
in 2002.  Our gross margin decreased to 38.3% in 2003 from 39.8%
in 2002 due to lower average prices, the inclusion of costs
associated with various reorganization programs and the
strengthening of the euro against the U.S. dollar, which
adversely affected our euro denominated costs.

"For the twelve months ended December 31, 2003, selling and
marketing expense increased by $14.5 million, or 14.1%, to
$117.1 million from $102.6 million in 2002.  This increase was
due to exchange rate effects on these predominantly euro
denominated costs and an increase in the bad debt allowance of
$1.9 million.

"For the twelve months ended December 31, 2003, general and
administrative expenses increased by $6.8 million, or 21.1%, to
$38.8 million from $32.1 million in 2002.  This increase was due
to exchange rate effects on these predominantly euro denominated
costs.

"We also recorded $1.6 million in the twelve-month period ended
December 31, 2002 and $0.7 million in the twelve-month period
ended December 31, 2003, as non-cash compensation expense due to
the grant of stock options under our stock option plans 1998 and
2001 and the resulting amortization expense.

"In 2003, we recorded $8.4 million restructuring costs to
implement our cost reduction program in the U.S., Estonia and
Ireland.

"As a result of the foregoing factors, including the costs of
the restructuring program, operating income for the twelve
months ended December 31, 2003, decreased by $17.5 million, or
98.6%, to $0.3 million from $17.8 million in 2002.

"For the twelve months ended December 31, 2003 interest expense
increased by $2.3 million or 19.9% to $14.0 million from $11.7
million in 2002.  The increase was due to the strength of the
euro against the dollar in particular on the euro denominated
10.75% senior notes that will be redeemed in March 2004.  The
Company's interest expenses are mostly in euro.

"For the twelve months ended December 31, 2003 interest income
increased by $0.1 million to $1.1 million from $0.9 million in
the comparable 2002 period.

"For the twelve months ended December 31, 2003, we recorded a
foreign currency exchange loss of $1.1 million, compared to a
loss of $7.4 million in 2002.  This reduction was primarily due
to the reclassification of non-euro denominated intercompany
accounts receivable at one of our euro-based subsidiaries to
permanently-invested intercompany receivables.

"For the twelve months ended December 31, 2003, other income,
net decreased by $0.4 million to a net expense of $0.02 million
from $0.4 million income in 2002.

"For the twelve months ended December 31, 2003, income tax
expense decreased by $1.8 million to $0.8 million from $2.6
million in 2002.

"As a result of the foregoing factors, for the twelve months
ended December 31, 2003, the Company had a net loss of $14.7
million, compared to a net loss of $2.6 million in 2002.

2004 Outlook

"Whilst we do not expect conditions in the sporting goods market
to improve dramatically during 2004, we believe the signs are
that there will be some growth in demand in our product
categories.

"We intend to continue to launch innovative products to help
stimulate market demand and also to grow our market share.

"We also expect to largely complete our restructuring and
reorganizing program during 2004 and the benefits of this will
be felt from 2004 onwards.

"In conclusion, we expect reported revenues and operating
profits, excluding one-time charges, for 2004 to be ahead of the
levels achieved in 2003.

Consolidated Results

For the Three Months Ended 31 December,      For the Years Ended
                                                    31 December,
                                                (in Thousands)
                      2002       2003          2002      2003
                  (unaudited)(unaudited)             (unaudited)

REVENUES
Total revenues    $ 135,764  $ 161,842     $ 387,487  $ 431,208
Cost of sales        83,301     98,184       233,402    266,023
  Gross profit        52,463     63,658       154,084    165,186
  Gross margin         38.6%      39.3%         39.8%      38.3%
Selling &
marketing expense    27,477     34,441       102,619    117,071
General & administrative
expense (excl. non-cash
compensation expense) 8,671     11,057        32,081     38,847

Non-cash compensation
expense                 407        164         1,632        654
Restructuring costs      --      7,493            --      8,368
  Operating income    15,908     10,503        17,753        245
Interest expense    (3,007)    (3,759)      (11,677)   (13,999)
Interest income         394        319           940      1,050
Foreign exchange loss(2,870)     (938)       (7,387)    (1,103)
Other income (expense),
net                    218         97           387        (18)
Income tax expense  (2,282)    (4,273)       (2,630)      (832)
  Net income (loss) $ 8,361    $ 1,949      $ (2,615) $ (14,657)

About Head

Head N.V. is a leading global manufacturer and marketer of
premium sports equipment.

Head N.V.'s ordinary shares are listed on the New York Stock
Exchange ("HED") and the Vienna Stock Exchange ("HEAD").

Our business is organized into four divisions: Winter Sports,
Racquet Sports, Diving and Licensing.  We sell products under
the Head (tennis, squash and racquetball racquets, alpine skis
and ski boots, snowboards, bindings and boots), Penn (tennis and
racquetball balls), Tyrolia (ski bindings), and Mares/Dacor
(diving equipment) brands.

We hold leading positions in all of our product markets and our
products are endorsed by some of the world's top athletes
including Andre Agassi, Rainer Schuettler, Marat Safin, Marco
Buechel and Francisco "Pipin" Ferreras.

For more information, please visit our Web site:
http://www.head.com

This press release should be read in conjunction with the
company's quarterly report for the period ended December 31,
2003.  See copy at
http://bankrupt.com/misc/Head_Q42003Prelim.htm

CONTACT:  Head N.V.
          Amanda Hobman, Investor Relations
          Phone: +44 207 499 7800
          Fax:   +44 207 491 7725
          E-mail: htmah@aol.com

          Ralf Bernhart, Chief Financial Officer
          Phone: +43 1 70 179 354
          Fax:   +43 1 707 8940


MILACRON CAPITAL: Refinancing Uncertainty Triggers Downgrade
------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Milacron,
Inc. and its subsidiaries due to refinancing concerns relating
to company commitments that mature in the short term.

The credit facilities affected are:

(a) Milacron's $115 million of 8.375% non-guaranteed senior
    unsecured notes due March 2004: downgraded from Caa1 to Caa;

(b) Milacron Capital Holdings B.V.'s EUR115 million of 7.625%
    senior unsecured Eurobond notes (guaranteed by Milacron) due
    April 2005: downgraded to Caa2, from Caa1;

(c) Milacron's senior implied rating: downgraded to Caa1, from
    B3;

(d) Milacron's senior unsecured issuer rating and Milacron's $65
    million remaining non-guaranteed senior secured revolving
    credit facility due March 15, 2004: downgraded to Caa2, from
    Caa1.

The debt commitments are scheduled to mature March 15, 2004 and
Moody's does not see a definite plan to address this concern,
thus the downgrade.  Further worrying the rating agency is the
company's 2003 operating results, which fell well short of the
plan provided by management at the beginning of the year.

The ratings were additionally all placed on review for possible
further downgrade by one or more notches depending on the
ability of the company to negotiate a satisfactory refinancing
package within the next few weeks.


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


AZOT: Under Bankruptcy Supervision Procedure
--------------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
supervision procedure on OJSC Azot.  The case is docketed as
A35-4602/03 "g".

M. Tylenev, a member of TP Orel'interregional self-regulated
organization of arbitral managers Sodeystviye, is the company's
temporary insolvency manager.  Creditors have until March 20,
2004 to submit their proofs of claim to the temporary insolvency
manager at: 305004, Russia, Kursk, Mirny prosp.9, of.18.

CONTACT:  AZOT
          306800, Russia, Kursk region
          Goshechnoye', Stroiteley str.12


KRASNOYARSK METALLURGICHESKY: Bankruptcy Supervision Opened
-----------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on OJSC Krasnoyarsk
metallurgichesky kombinat Sibelectrostahl.  The case is docketed
as A33-778/04-c4.

M. Kolesnikov, a member of TP Interregional self-regulated
organization of arbitral managers MZPU, has been appointed
temporary insolvency manager.  Creditors are asked to submit
their proofs of claim to the temporary insolvency manager.  A
court hearing on the case will take place at 10:00 (MT) on June
15, 2004 at the Arbitration Court of Krasnoyarsk.

CONTACT:  M. KOLESNIKOV, Insolvency Manager
          127422, Russia, Moscow
          Dmitrovsky prosp.8, of.141
          Phone: 7-095-1409005

          KRASNOYARSK METALLURGICHESKY
          660050 Krasnoyarsk, Kutuzuva str.1


LIKHOSLAVLAGROPROMCHEMISTRY: Declared Insolvent
-----------------------------------------------
The Arbitration Court of Tver region declared OJSC
Likhoslavlagropromchemistry in Priozerny Tver region insolvent.
The case is docketed as A66-5364-03.

Yuri Smirnov, a member of TP Interregional self-regulated
organization of arbitral managers "MZPU", has been appointed
insolvency manager.  Creditors have until April 20, 2004 to
submit their proofs of claim to 170000, Tver, Vagzhanova str.12,
Post User's Box 177.


PROGRESS: Succumbs to External Insolvency Management
----------------------------------------------------
The Arbitration Court of The Republic of Komi has introduced
external insolvency management procedure for 12 months on
Electroceramic factory Progress, private limited company.  The
case is docketed as A29-3402-3B.

O. Zuev, a member of TP Interregional self-regulated
organization of arbitral managers Severo-Zapad, has been
appointed external insolvency manager.  For more information,
contact the temporary insolvency manager by Mail at: 300001,
Russia, Tula, Dzerzhinskogo str.10, of.9.

Creditors may submit their proofs of claim to The Arbitration
Court at: The Republic of Komi, Syktyvkar', Ordzhonikidze
str.49a and to external insolvency manager at: 169600, the
Republic of Komi, Pechora, Pechorsky prosp.102, of.80. Phone: 7-
882142 33111/45222

CONTACT:  PROGRESS
          301240, Russia, The Republic of Komi
          Pechora', Vodny, Lenina str.5a


SEVERGAZSERVICE: Declared Insolvent
-----------------------------------
The Arbitration Court of Yamalo-Nenezky Autonomous region
declared OJSC Corporation Severgazservice insolvent.  The case
is docketed as A81-1941/32185-03.  Konstantin Mikchaylitsky has
been appointed insolvency manager.  Creditors have until April
20, 2004 to submit their proofs of claim to YNAR, Novy Urengoy,
Zaozerny', Stroiteley str.2B

CONTACT:  SEVERGAZSERVICE
          YNAR, Novy Urengoy
          Zaozerny', Stroiteley str.2B


STAHLCONSTRUCTZIYA: Under Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Ryazan region commenced bankruptcy
supervision procedure on OJSC Ryazan steel consruction factory
Stahlconstrutziya.  The case is docketed as A54-5259/03-c1.

P. Zemzov, a member of TP Interregional self-regulated
organization of arbitral managers, has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to OJSC Ryazan steel construction factory Stahlconstrutziya, the
temporary insolvency manager or the Arbitration Court of Ryazan
region.  The hearing on the case will take place at 11:00(MT) on
May 17, 2004 at the Arbitration Court of Ryazan region.

CONTACT:  STAHLCONSTRUTZIYA
          391000, Ryazan' Kchambushevo


YUKOS OIL: Loan to Affiliate Seen as Protective Measure
-------------------------------------------------------
Loans of oil company Yukos to affiliated structures increased in
the fourth quarter of 2003, business newspaper Vedomosti
reports.

During this period, the company entered into a RUB36.301
billion- credit contract with Yukos Capital S.a.r.l.  The credit
carries a 9% annual interest with payback period on December 31,
2008.  The loan is the third significant long-term credit
received by Yukos during the last year.  It received US$1
million on September 24, 2003 and US$1.6 million six days later.
The first transaction was syndicated by a group of banks,
including Citibank, Commerzbank, Credit Lyonnais, Deutsche Bank,
HSBC, ING and Societe Generale Corporate and Investment Banking,
the second was organized by Societe Generale.  A source close to
the deal said the brokerage contract has been made in such way
that the banks do not assume any risks of this money.

A representative of Yukos reasoned out the transaction was only
technical and would not affect reporting according to GAAP.  He
refused to disclose the purpose of the loan.  According to the
report, a source said the loan was taken to control outside
credit, particularly in the context of possible bankruptcy.
Group Menatep, which controls 52% of the company, is included in
the creditors' list under the arrangement.

Analysts first mentioned the threat of bankruptcy to Yukos after
the Ministry of Taxation of the Russian Federation contends that
Yukos has concealed taxable income from the government.  It
alleged that in year 2000, the company concealed RUB98 million
of income from selling oil and oil products offshore.  The
amount included penalties.  Yukos refuted the claims by sending
a list of exceptions.  The move prompted new inspection, which
could change the amount.

Experts say Yukos made the loan to cover up possible deficits.
Within the frames of the deal with "Sibneft" the company spent
US$6.7 million and had had to pay dividends to the amount of
US$2 millions.  Some also say it was possible that the new
credit was required for some current needs, for example to pay
off dividends.

In 2003 YUKOS produced 80.8 million tones of oil.  Revenue
according to U.S. GAAP standard is equal to US$12,199 million;
net profit is US$2,546 million.  Capitalization of the company
according to data of Russian Fuel Union as of February 17 is
US$33.3 million.


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


CLARIANT AG: Cutting 4,000 Jobs in Two Years
--------------------------------------------
Clariant A.G. showed a resilient performance amid tough market
conditions in 2003, posting a 1% rise in turnover measured in
local currency terms and holding margins steady.  The company
recorded a net profit of CHF161 million and substantially
reduced net debt, to CHF2.9 billion. At the same time, Clariant
announced that its Transformation Program is well on-track. The
asset sales process is proceeding according to schedule,
including the sale of Electronic Materials, in which
negotiations are well advanced.  The Transformation Program will
result in the company eliminating 4,000 jobs over the next two
years.  Clariant also announced that the Board of Directors will
propose at the Annual General Meeting on April 2 a capital
increase amounting to approximately CHF920 million.

Positive Results in a Difficult Environment For the year ending
December 31, 2003, sales totaled CHF8.5 billion in local
currency terms, up 1% compared to 2002.  In Swiss franc terms,
sales were down 3% from a year earlier.  Net profit for the year
was CHF 161 million compared to a net loss of CHF648 million in
2002. Four of Clariant's five divisions recorded sales gains in
local currency terms, with Life Sciences & Electronic Chemicals
being the exception.  Measures initiated in 2003 improved
working capital management, resulting in significantly improved
cash flow in the second half of the year.  Net debt was reduced
from CHF3.7 billion in the middle of the year to CHF2.9 billion
by year-end.  Shareholders' equity increased by CHF200 million
to total approximately CHF1.2 billion, lifting the equity ratio
to approximately 15%.  The Board of Directors will propose a
gross dividend of CHF0.20 per share.

"Our efforts to improve the company's results have paid off, but
we still have a lot of work ahead of us," said Clariant Chief
Executive Roland Loesser.

Transformation Program On-Track In mid 2003, Clariant initiated
a Transformation Program designed to create a substantially more
competitive company.  It includes the sale of non-core assets as
well as a wide range of measures to improve performance.  The
sale of the Cellulose Ethers business unit was successfully
completed at the end of 2003. Negotiations to sell Electronic
Materials are well advanced.  In addition, two other units are
now ready for sale.  Clariant successfully implemented projects
to improve efficiency in the areas of purchasing, logistics and
production in selected parts of the company in the second half
of 2003 and these will now be extended throughout the group.  In
addition, measures to improve the efficiency of the
organizational structure and of business processes will lead to
the reduction of 4,000 jobs worldwide over the next two years.

The main areas affected are general administration,
infrastructure, production and the supply chain. The areas of
sales and client service will be unaffected.  Various functions
previously carried out elsewhere will henceforth be concentrated
in the Muttenz headquarters.

"These jobs cuts are painful, but unfortunately they are
unavoidable given the need to ensure Clariant's long-term
strength," Mr. Loesser said.  "We must be highly efficient in
all our operations in order to retain a competitive advantage."

Capital Increase Planned Clariant's Board will propose at the
next Annual General Meeting a capital increase of approximately
CHF920 million.  The requested capital increase is fully
underwritten by a banking syndicate led by Citigroup and UBS.

"The capital increase is aimed at strengthening our balance
sheet and therefore the long-term competitiveness of the
company," Mr. Loesser said.  "It will facilitate the execution
of the Transformation Program and give the business greater
flexibility."

Board Changes

Long-time board member Pierre Borgeaud has reached the statutory
retirement age and will step down from the Board at the next
meeting. Two new members have been proposed: The Swiss lawyer
Peter R. Isler, a partner at the Zurich law firm Niederer, Kraft
& Frey and the Frankfurt-based businessman Dr. Kajo Neukirchen.

Outlook

Regarding the current business year, Mr. Loesser said: "For the
time being, I do not see a sustainable improvement in demand,
but I am more optimistic than three months ago.  I am, of
course, even more positive about Clariant given the measures we
have put in place."

In addition, Mr. Loesser confirmed the company's target,
announced in August 2003, to achieve CHF100 million in cost
savings this year, deliver an EBIT improvement of CHF400 million
within the next three years and reduce working capital by CHF600
million over the same period.

The main terms of the Capital Increase are:

(1) Issuance of up to 92,064,000 fully paid registered shares
    representing aggregate proceeds of approximately CHF920
    million.

   (a) The issued shares will be entitled to dividends for the
       2004 financial year.

   (b) The detailed terms will be announced at the AGM of April
       2, 2004.

(2) The pre-emptive rights (Bezugsrechte) of existing
    shareholders shall be granted.  They shall be traded between
    April 13, 2004 and April 20, 2004 and shall be exercisable
    from April 13, 2004 until noon CET on April 21, 2004.  Pre-
    emptive rights not exercised during the exercise period
    shall be placed or taken up by the underwriting syndicate.

Resumes of Proposed New Board Members

Dr. Peter R. Isler, born in 1946, studied law at the
universities of Zurich and Harvard.  Since 1977 he has been with
the law firm Niederer Kraft & Frey, becoming a partner in 1981.
Dr. Isler also teaches trade and commercial law at the
University of Zurich.

Dr. Kajo Neukirchen, born in 1941, studied physics and
economics.  He served as chief executive of several German
corporations, most recently at Metallgesellschaft (now MG
Technologies), a specialty chemical, building technologies and
machinery group.

To see financial statements:
http://bankrupt.com/misc/Clariant_2003.pdf

Activities sold effective end of 2002: Hydrosulfite business in
North America of Division Textile, Leather and Paper; Emulsion
businesses Portugal of Division Textile, Leather and Paper.

Calendar of Corporate Events

April 2, 2004          Annual General Meeting
April 7, 2004          Ex-Dividend Date
May 4, 2004            First Quarter 2004 Results
August 5, 2004         First Half Year 2004 Results
November 9, 2004       Third Quarter 2004 Results

Clariant: Exactly your chemistry

Clariant is a global leader in the field of specialty chemicals.
Strong business relationships, commitment to outstanding service
and wide-ranging application know-how make Clariant a preferred
partner for its customers.  Clariant, which is represented on
five continents with over 100 group companies, employs about
27,000 people.  Headquartered in Muttenz near Basel, it
generated sales of around CHF8.5 billion in 2003.  Clariant's
businesses are organized in five divisions: Textile, Leather &
Paper Chemicals, Pigments & Additives, Masterbatches, Functional
Chemicals and Life Science & Electronic Chemicals.  Clariant's
innovative products play a key role in its customers'
manufacturing and treatment processes or else add value to their
end products.  The company's success is based on the know-how of
its people and their ability to identify new customer needs at
an early stage and to work together with customers to develop
innovative, efficient solutions.  Clariant is committed to
sustainable growth springing from its own innovative strength.
Our objective is to generate 30% of sales with products and
services that are no more than five years old.
http://www.clariant.com

CONTACT:   CLARIANT
           Media Relations
           Christoph Hafner
           Phone: +41 61 469 67 46
           Rainer Weihofen
           Phone: +41 61 469 67 42
           Fax: +41 61 469 65 66

           Investor Relations
           Phone: +41 61 469 67 48
           Fax:   +41 61 469 67 67
           Holger Schimanke
           Phone: +41 61 469 67 45
           Daniel Leuthardt
           Phone: +41 61 469 67 49


SWISS INTERNATIONAL: New Strategic Direction Improves Results
-------------------------------------------------------------
The SWISS Group succeeded in improving its result for the 2003
business year compared to that for the previous year.  The
improvement reflects the initial effects of the restructuring,
which the company has pursued so vigorously.  The downsizing of
the network and the fleet and a large-scale reduction in the
size of the workforce have given SWISS a significantly more
competitive cost structure in difficult markets.  Good progress
has been made toward achieving a turnaround.  However, a number
of daunting challenges lie ahead and factors of uncertainty
persist.

The operating loss was lowered from CHF909 million (including
start-up costs) a year ago to CHF497 million as of the end of
2003.  After taking restructuring costs of CHF205 million into
consideration, the net result for the year is a loss of CHF687
million.  This compares to a loss of CHF980 million for the
previous year.  The net result is significantly better than
envisioned in the forecast used during restructuring.

Consolidate revenues for the SWISS Group totaled CHF4,126
million for the 2003 business year, compared to CHF4,395 million
for the year prior.  The decline is materially due to resizing
of the company for economic reasons.  As of December 31, 2003
the group's liquidity stood at CHF503 million.

These preliminary figures are unaudited.  Complete figures will
be published on March 23, 2004, and explained in detail at the
ensuing media conference.  Until that date, the company has no
additional comment to make on its figures for 2003.

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


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


AGENCY DRIVER: Creditors Meeting Set March 1
--------------------------------------------
A Meeting of Creditors of the Agency Driver Services Limited
Company will be held at Sadofskys, Princes House, Wright Street,
Hull HU2 8HX, on March 1, 2004, at 11:00 a.m.  Creditors may
obtain information concerning the Company's affairs to G M
Krasner, Bartfields (U.K.) Ltd, Burley House, 12 Clarendon Road,
Leeds LS2 9NF.

By Order of the Board.


AUTOLECTRIX LIMITED: Creditors to Meet February 27
--------------------------------------------------
There will be a Creditors Meeting of the Autolectrix Limited
Company on February 27, 2004 at 11:30 a.m.  It will be held at
Royce Peeling Green, Irish Square, Upper Denbigh Road, St Asaph,
Denbighshire LL17 0RN.  A list of the names and addresses of the
Company's Creditors will be available for inspection, free of
charge, on February 25-26, 2004 between 10:00 a.m. and 4:00 p.m.


BARONIAL LIMITED: Sets Creditors Meeting February 27
----------------------------------------------------
There will be a Creditors Meeting of the Baronial (Bristol)
Limited Company on February 27, 2004 at 11:00 a.m.  It will be
held at Numerica Business Services Limited, Crown House, 37-41
Prince Street, Bristol BS1 4PS.

Company Address: 24, Bolingbroke Way
                 Thatcham, RG19 4GQ
                 Phone: 01635 876 300
                 Fax:   01635 876 350

Services: Business Broker, Business Planning, Corporate Finance,
          Management Consultancy, Marketing


BOX PROPERTIES: Names Ian David Holland Liquidator
--------------------------------------------------
At an Extraordinary General Meeting of the Box Properties
Limited Company on February 4, 2003 held at 40 Portman Square,
London W1H 0AA, the subjoined Special Resolution to wind up the
Company was passed.

The Company appointed Ian David Holland, of Ian Holland & Co,
Parkville House, 16 Bridge Street, Pinner, Middlesex HA5 3JD, be
as Liquidator.

CONTACT: IAN HOLLAND & CO.
         Parkville House
         16 Bridge Street
         Pinner, Middlesex HA5 3JD
         Contact:
         Ian David Holland, Liquidator
         Phone: 02088666556


BREAM HOLDINGS: Liquidator Threatens Suit Against Evasive Owner
---------------------------------------------------------------
Kenny Skey, the owner of Arthouse hotel, failed to turn up in a
meeting with Ken Patullo of Begbies Traynor, the corporate
recovery firm that is trying to assess the debts of his
business, according to The Herald.

Liquidators are trying to contact the leisure entrepreneur after
it emerged that ownership of the hotel had been transferred
through several different companies in which he is a board
member.  The ownership of Arhouse, which is believed to have
debts of nearly GBP1.4 million, passed hands from Bream Holdings
to Bream Hotels, shelf company DMS (Shelf) 185, and Source
Property, of which Skey is a director.  Mr. Patullo, the
liquidator, is establishing some facts about the transfer of the
business and its assets in relation to the liquidation of Bream
Holdings.

Frustrated with the hunt for Mr. Skey and solicitors Dallas
Macmillan, Mr. Patullo said: "If they fail to co-operate with us
as liquidators, there are various other steps we could take to
make sure they do co-operate, such as court procedures."

A letter sent to the liquidator informing him of the
cancellation of the meeting says Mr. Skey and an associate,
Eddie McGaughrin, who is also being traced, would prefer the
correspondence with their liquidators to be written, according
to the report.


BROADCAST INNOVATIONS: Names BDO Stoy Hayward Liquidator
--------------------------------------------------------
At an Extraordinary General Meeting of the Broadcast Innovations
Limited Company on January 28, 2004 held at 14 Ransomes Dock,
35-37 Parkgate Road, London SW11 4NP the subjoined Special
Resolution to wind up the Company was passed.

Anthony Sanderson and Geoffrey Stuart Kinlan, of BDO Stoy
Hayward, Prospect Place, 85 Great North Road, Hatfield,
Hertfordshire AL9 5BS, have been appointed Joint Liquidators for
the Company.

CONTACT: BDO STOY HAYWARD
         Prospect Place
         85 Great North Road
         Hatfield, Hertfordshire AL9 5BS
         Contact:
         Anthony Sanderson, Liquidator
         Geoffrey Stuart, Liquidator
         Phone:  01707 255888
         Fax:    01707 255890
         E-mail:  hatfield@bdo.co.uk


C.F.M. LIMITED: Creditors to Convene March 4
--------------------------------------------
The Creditors of C.F.M. Limited will have a Meeting on March 4,
2004 at 11:30 a.m.  It will be held at the Novotel Stevenage,
Knebworth Park, Stevenage, Hertfordshire SG1 2AX.

Information concerning the affairs of the Company may be
obtained from S Cohen, Pitman Cohen, Great Central House, Great
Central Avenue, South Ruislip, Middlesex HA4 6TS, (Ref SC).

By Order of the Board.


CATFIELD PROPERTY: Creditors Meeting Set March 2
------------------------------------------------
On March 2, 2004 at 10:00 a.m., there will be a Creditors
Meeting of the Catfield Property Developments Limited Company.
It will be held at The Spa Hotel, Mount Ephraim, Tunbridge
Wells, Kent TN4 8XJ.

A list of the names and addresses of the Company's Creditors
will be available for inspection, free of charge, at the offices
of Smith & Williamson Limited, The Meeting House, Little Mount
Sion, Tunbridge Wells, Kent TN1 1YS, between 10:00 a.m. and 4:00
p.m. on February 26, 2004 and March 1, 2004.  It should be noted
that a Resolution specifying the terms on which the Liquidator
is to be remunerated might be passed at the above Meeting.

By Order of the Board.


CURRENT MEDICAL: Board Calls for Creditors Meeting
--------------------------------------------------
There will be a Creditors Meeting of the Current Medical
Literature Limited Company on February 27, 2004 at 11:00 a.m.
It will be held at the offices of David Rubin & Partners, 1st
Floor, 26-28 Bedford Row, London WC1R 4HE.

Paul Appleton, of David Rubin & Partners, 1st Floor, 26-28
Bedford Row, London WC1R 4HE, was chosen as the Insolvency
Practitioner for the Company.

By Order of the Board.


DELANCEY BOX: Appoints Liquidator
---------------------------------
At an Extraordinary General Meeting of the Delancey Box limited
Company on February 4, 2004 held at 40 Portman Square, London
W1H 0AA, the subjoined Special Resolution to wind up the Company
was passed.

Ian David Holland, of Ian Holland & Co, Parkville House, 16
Bridge Street, Pinner, Middlesex HA5 3JD, was appointed
Liquidator for the Company.

CONTACT: IAN HOLLAND & CO.
         Parkville House
         16 Bridge Street
         Pinner, Middlesex HA5 3JD
         Contact:
         Ian David Holland, Liquidator
         Phone: 02088666556


EUROPEAN ROLL: Unsecured Creditors Meeting Set March 12
-------------------------------------------------------
The Creditors of European Roll Makers Limited will have a
meeting on March 12, 2004 at 10:00 a.m.  It will be held at the
Le Meridien Hotel Metropole, King Street, Leeds, West Yorkshire
LS1 2HQ.

Creditors whose claims are wholly secured are not entitled to
attend or to be represented at the Meeting.  Creditors who
intend to vote at the Meeting should note the following: A
written statement of claim must be lodged with the Joint
Administrative Receivers by 12:00 noon on the business day
before the Meeting at Ernst & Young LLP, PO Box 61, Cloth Hall
Court, 14 King Street, Leeds LS1 2JN.

CONTACT: ERNST & YOUNG LLP
         PO Box 61
         Cloth Hall Court
         14 King Street
         Leeds LS1 2JN
         R H Kelly, Joint Administrative Receiver
         Phone: +44 (0) 113 298 2200
         Fax:   +44 (0) 113 298 2201
         E-mail: http://www.ey.com


FEDERAL-MOGUL: Selling U.K. Property to MMC Dev't for GBP6.2 Mln
----------------------------------------------------------------
Federal-Mogul Debtors T&N Limited and TBA Industrial Products
Limited want to sell their property located in Rochdale, England
to MMC Developments, Ltd., for GBP6,250,000.  The Debtors also
want to assume and assign certain leases to MMC.

Since the 1850's, the 72-acre Rochdale property has been used
for the operations of T&N and its affiliated entities.  T&N and
the other occupants used the Rochdale Property for manufacturing
and industrial purposes, including the manufacture of textiles
and asbestos products.  As a result, the Rochdale Property has
significant environmental issues.  Over the years, as the
Debtors and other occupants ceased to use the Rochdale Property
and demolished buildings at the Property, the Rochdale Property
underwent substantial environmental remediation.

James E. O'Neill, Esq., at Pachulski, Stang, Ziehl, Young, Jones
& Weintraub P.C., in Wilmington, Delaware, relates that former
industrial areas in England are being redeveloped into
residential property.  To combat urban sprawl, residential
development is prohibited in the "greenbelt" areas of many of
England's cities.  With the high demand for residential land
use, many industrial properties located within relatively urban
areas, once remediated to a higher standard of environmental
cleanliness, can be redeveloped for residential and mixed-use
purposes and sold for a higher value than as industrial
properties.  The Rochdale Property is one example.

To increase its attractiveness in the market, the Debtors
commenced the process of having the Rochdale Property rezoned
for residential use four years ago.  The Debtors continued that
process through significant negotiations with local planning
authorities since 2002.

As purchaser, MMC's long-term goal for the Rochdale Property is
to have the highest possible percentage of residential use with
some mixed use like auxiliary retail and professional buildings.
MMC intends to work with the local zoning authorities to
reclassify the Rochdale Property for residential purposes and
construct homes there.

In the meantime, Mr. O'Neill says that there are existing
tenants in the Rochdale Property as well as unrelated lessees
that occupy portions of the Rochdale Property.  The tenants are
Debtors T&N, TBA, Federal-Mogul Sealing Systems (Rochdale)
Limited, and Federal-Mogul Systems Protection Group Limited.
The Non-F-M Lessees are:

   (a) TBA Textiles, Ltd.,
   (b) Flexitallic, Ltd.,
   (c) Ingoe trading as Rochdale Welding, Ltd.,
   (d) John Ashworth, and
   (e) Highmark Manufacturing Company, Ltd.

The Rochdale Property contains buildings that total 678,000
square feet of usable industrial space.  The F-M Lessees have
been subject to intercompany agreements pursuant to which the F-
M Lessees have been paying rent and service charges to the
Debtors to occupy their portions of the Rochdale Property.  The
Non-F-M Lessees have had leases with the Debtors for a number of
years.

The Non-F-M Lessees eventually will relocate their operations to
different sites.  Until then, however, the Non-F-M Lessees may
remain on the Rochdale Property in accordance with their leases.
The F-M Lessees entered into new leases with MMC pursuant to
which they may remain on the Rochdale Property until 2007, or
may vacate earlier if they are able to relocate their operations
sooner.

To the extent that American law governs the sale of the Rochdale
Property, the Debtors intend to assume and assign the Non-F-M
leases to MMC pursuant to Section 365(a) of the Bankruptcy Code.
To the extent that English law governs the sale of the Rochdale
Property, the sale of the Property to MMC will effectuate an
assignment of the Non-F-M leases by operation of law.

               Marketing of the Rochdale Property

The Debtors rezoned and marketed the Rochdale Property for
residential use after determining that:

   (a) the value of the Rochdale Property would be significantly
       higher due to its redevelopment as a residential site;
       and

   (b) the Rochdale Property would not be necessary in the long
       term for their business operations.

The Debtors marketed the Rochdale Property actively, which led
to two offers in the GBP4,250,000 range and two later offers in
the GBP6,250,000 range.  The Debtors then consulted with their
real property consultants, King Sturge, regarding the various
bids.

After further investigation, King Sturge determined that, of the
two higher bids, MMC's bid appeared significantly more likely to
close.  MMC not only owned significant valuable assets, but,
unlike other offers, MMC's offer was without any significant
pre-conditions.

Therefore, with the assistance of King Sturge, the Debtors
entered into exclusive negotiations with MMC in October 2003 to
determine whether they could come to an agreement, with some
minimal conditions.  Shortly, the Debtors determined that MMC
would be capable of completing its obligations pursuant to its
GBP6,250,000 offer.  On December 4, 2003, the Debtors and MMC
completed an unconditional exchange of contracts for the sale of
the Rochdale Property.

                       Purchase Agreement

The salient terms of the parties' purchase agreement are:

   (a) MMC will pay GBP6,250,000 for the Rochdale Property;

   (b) MMC will become primarily liable for the environmental
       remediation necessary at the Rochdale Property.  MMC
       will indemnify the Debtors for all environmental claims
       arising from the Rochdale Property; and

   (c) MMC will remediate the Rochdale Property.

Rather than requiring the Debtors to complete the remediation of
the Property, the purchase price reflects MMC's knowledge of the
environmental issues at the Property.  According to Mr. O'Neill,
the purchase price reflects a market discount to account for
MMC's assumption of the Debtors' responsibility to clean the
Property.  Based on the parties' investigations, the fair
estimate of the cost of demolishing the remaining structures,
removing the asbestos and other environmental hazards, and
otherwise preparing the Property for residential use is
GBP2,500,000 to GBP3,000,000.

The Purchase Agreement is subject to three conditions:

   (1) The Debtors must remove the parties that appear to be
       trespassing on a small portion of the Rochdale Property;

   (2) MMC must complete the documentation of new leasehold
       interests for the F-M Lessees to allow them to remain on
       their portions of the Rochdale Property through 2007; and

   (3) The Debtors must obtain Court approval for the sale of
       the Rochdale Property.

Accordingly, Judge Lyons authorizes the Debtors to sell the
Rochdale Property to MMC.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some $6 billion.  The Company filed for chapter 11 protection on
October 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J.
Nyhan, Esq., James F. Conlan, Esq., and Kevin T. Lantry, Esq.,
at Sidley Austin Brown & Wood and Laura Davis Jones, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, represent the
Debtors in their restructuring efforts.  When the Debtors filed
for protection from its creditors, they listed $ 10.15 billion
in assets and $ 8.86 billion in liabilities. (Federal-Mogul
Bankruptcy News, Issue No. 50; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


HUNTER GROUP: Appoints Stephen Cork Administrator
-------------------------------------------------
Name of Company: Hunter Group PLC

Nature of Business: Non Trading Holding Company

Trade Classification: Not Applicable-Non Trading

Date of Appointment: February 13, 2004

Administrative Receiver: Stephen Cork
                         (IP No 8627)
                         Bartlett House,
                         9-12 Basinghall Street,
                         London EC2V 5NS


LAURA ASHLEY: Burberry CEO Entertains Idea of Buying Store
----------------------------------------------------------
Burberry's Chief Executive, Rose Marie Bravo is not ruling out
buying troubled store chain Laura Ashley.  According to a source
of Mail on Sunday, Ms. Bravo already sounded out a major U.S.
private equity firm, thought to be KKR, about the deal to buy
Laura Ashley.

Laura Ashley, 43% owned by Malaysian United Industries, failed
to return a profit despite millions of investment.  It reported
an 8% fall in the fashion sales in the 24 weeks on January 10
but a 3% rise on their home furnishings.

Ms. Bravo, recently named as the 'most powerful woman in
fashion,' finds the possibility of running Laura Ashley a
welcome challenge.  She has headed Burberry for seven years.
The firm recently announced an 11% rise in retail sales despite
tough market in the U.K.


MYTRAVEL GROUP: Chairman of Northern Europe Operation Retiring
--------------------------------------------------------------
MyTravel Group plc confirms arrangements for the retirement of
Christer Sandahl, Chairman of MyTravel Northern Europe.  Having
passed the contractual retirement age of 60, he will retire as a
director at the annual general meeting on March 22, 2004 and as
an employee on March 31, 2004.

MyTravel Chief Executive Peter McHugh said: "Christer has been
the executive director responsible for MyTravel's Northern
European business since the acquisition of Scandinavian Leisure
Group AB in 1994. He is a respected and well-liked figure both
in the company and the travel industry.  I would like to thank
him for his part in building up a successful business in
Scandinavia.  We are sorry to lose him and we wish him well in
his retirement."

MyTravel's Scandinavian business will be led by Sam Weihagen,
who has been in day-to-day charge of Scandinavian operations as
Chief Executive since 2000, and will continue in this role.

The company also announces that the notice of meeting for the
annual general meeting on March 22, 2004 has been posted to
shareholders.

CONTACT: MYTRAVEL GROUP
         Brunswick
         Sophie Fitton
         William Cullum
         Phone: 020 7404 5959


NIRO CLOTHING: Hires HKM as Administrator Receiver
--------------------------------------------------
Name of Companies:
Niro Clothing Company Limited
Niro Clothing (U.K.) Limited

Nature of Business: Retail of Clothing

Date of Appointment: February 9, 2004

Joint Administrative Receiver: HKM
                               The Old Mill,
                               9 Soar Lane, Leicester LE3 5DE
                               Receivers:
                               Kirankumar Mistry
                               John Phillip Walter Harlow
                               (IP Nos 008795, 008319)


STONE & WEBSTER: Appoints Ernst & Young Liquidator
--------------------------------------------------
Stone & Webster Group Limited
Stone & Webster Services Limited
Stone & Webster Management Consultants Limited
Stone & Webster Engineering & Field Services Limited
Stone & Webster Engineering Limited
Stone & Webster Construction Limited
Stone & Webster Abu Dhabi (United Arab Emirates) Limited

At Extraordinary General Meetings of these Companies, on
February 9, 2004, held at 45 Milk Street, Boston, MA, 02109, the
subjoined Special Resolutions to wind up these Companies were
passed.

William Richard Tacon of Ernst & Young, One Colmore Row,
Birmingham B3 2DB, is appointed Liquidator for the Company.

CONTACT: ERNST & YOUNG
         One Colmore Row
         Birmingham B3 2DB
         Contact:
         William Richard Tacon, Liquidator
         Phone: +44 (0) 121 535 2000
         Fax:   +44 (0) 121 535 2001
         E-mail: http://www.ey.com


THORNTONS PLC: Profit Before Tax Jumps 11% to GBP12.1 Million
-------------------------------------------------------------
Thorntons PLC, the specialist manufacturer and retailer of high
quality chocolate, toffee and other sweet foods, reports its
Interim Results for the 28 weeks ended 10 January 2004.

Financial Highlights (GBPm)      2004        2003       Change

Turnover                      109.3       104.7       +4.4%
Operating profit               13.7        12.7       +7.9%
Profit before tax              12.1        10.9      +11.0%
Net Debt                       20.9        24.9       down 16.1%
Gearing                        43.8%       52.4%      down 16.4%
Earnings per share (basic)     12.12p      11.05p      +9.7%
Dividend per share              1.95p       1.95p     unchanged

Note: Profit before tax excl. LTIP share write
back, asset disposals and bid related fees
                               11.4        11.0        +3.6%

(a) Total company turnover rose +4.4% over last year for the 28
reported weeks which increased to +5.1% including the first 5
weeks of the second half year to February 14, 2004;

(b) Commercial listings and sales growing fast, now over 20% of
total confectionery sales by volume;

(c) Own shop like-for-like +2.5% for the 28 weeks and +2.3%
including the first 5 weeks of the second half year;

(d) Strong Christmas with like for like sales of +4.6% for the 7
weeks ended December 27, 2003;

(e) Own shop Valentines Day sales flat over the two weeks
holding the +10.6% gain over the last two years;

(f) Net margin (after selling and distribution costs) rose
marginally despite lower gross margin;

(g) Continued strong cash flow means gearing is well inside the
target set 3 years ago.

Commenting, Peter Burdon, Chief Executive, said: "We are now
delivering the first phase of our plan for growth and the
results demonstrate this.  We know there is much work ahead of
us in order to create consistent sales and profit growth but we
remain confident that the strategy will deliver this."

Thorntons PLC

Interim Report 2004

Business Review

Since 2001, our vision has been to become the U.K.'s leading
retailer and distributor of sweet special food. This has meant
that, in addition to driving continued long term profitable
growth from our Confectionary retail business, we set out to
broaden the range of products sold under the Thorntons brand and
also widen the availability of our products beyond our own
shops.

The first significant evidence of our strategy to achieve this
vision was in September 2001, when our first licensed product,
the large Continental Celebration Cake, was listed in J
Sainsbury stores.  The expansion of non-confectionary ranges has
been rapid and produced a GBP0.3 million royalty contribution to
profits in the half year results below.

In March 2002, we took an even more significant step, when we
began selling Thornton's branded confectionery in Tesco stores
throughout the U.K.

Two years later, this strategy has evolved further, with a
greater range of products now listed in all the major food
retailers.  Most recently, we have secured listings for a range
of gift-oriented products.  The first is our Premium 'Art Of The
Chocolatier' boxed chocolate selection, which was launched this
month and is selling extremely well.  Looking forward to Easter,
we have listings for a range of Easter eggs in a number of
retailers including Woolworths and Asda.

The strategy is clearly working as demonstrated in the sales
being delivered.  Moreover, the rate of increase in sales of
Thorntons branded products outside of Thorntons own shops over
the next year or two is expected to accelerate further, such
that it will rapidly become a significant contributor in our
growth.  We also believe that by extending the availability of
the premium confectionery favorites, more customers will be
drawn into Thorntons own shops and franchises to experience the
broader specialist ranges available.

The other key part of our strategy is to continue to improve our
customer offer in our own stores to underpin continuing like-
for-like sales growth.  This involves focused innovation of our
product range and revitalization of the in-store experience.
Despite having gone through the hottest summer for 26 years, own
shop sales growth for the first half was satisfactory due, in
particular, to the recovery through Christmas 2003.  This result
demonstrated that the investment in training and marketing over
recent years is creating a good return and should be continued.

The latest market data available confirms the progress we are
making in our core markets with an increase in our share of the
Boxed Chocolate market of over 3% points to 11.8%.

Corporate activity

On 15 October 2003, the Independent Directors of Thorntons, John
Thornton and John Jackson, following an approach by a private
equity house, indicated to shareholders that preliminary
discussions had taken place in connection with a possible offer
for the Company.  It was further announced on 29 October 2003
that a number of additional preliminary approaches had been
received from interested parties independent of the management
team. On 4 February 2004, the Independent Directors announced
that all such discussions had been terminated.  In the view of
the Independent Directors and their advisers none of the
indicative proposals received from potentially interested
parties represented fair value to shareholders.

Board

Following the announcement on 4 February 2004 that discussions
with interested parties had been terminated, we have now
recommenced the process of recruiting additional non-executive
directors, which was suspended while the discussions were in
progress.

Profit and Dividend

Profit before tax rose by 11.0% to GBP12.1 million in the 28
weeks.

This includes a number of one-off items including GBP0.6m which
relates to the writing back of Thorntons plc shares held under
Long Term Incentive Plan (LTIP) schemes, now lapsed but
previously written off as an operating cost.  Profits on
property disposals in the half year were GBP0.4 million,
compared with GBP0.1m loss last year.  Costs related to aborted
takeover talks were GBP0.3 million.  If all the above items are
excluded, underlying profit before tax rose by 3.6% to GBP11.4
million (2003: GBP11.0 million).

Tax rate is 34.7%, which compares with 33.9% last year.

Basic earnings per share has increased by 9.7% to 12.12 pence
(2003: 11.05pence).

Whilst profit has increased we have decided to declare an
unchanged interim dividend of 1.95 pence per share.  The interim
dividend will be paid on 30 April 2004 to shareholders on the
register at close of business on 2 April 2004.

Our aim is to ensure that profit continues to grow whilst
investment takes place.  We recently launched a strategic
initiative called Project Rebalance.  This project is expected
to be complete in late Spring/early Summer this year.
Whilst this will almost certainly cause a one off cost relating
to implementation, this project will immediately start to
enhance the margin and reduce the total cost base. We will
update you on the final outcome in the full year review.

Sales

In the 28 weeks to 10 January 2004 total company sales rose by
4.4% against the same period last year to GBP109.3 million
(2003: GBP104.7 million).  After 33 weeks total sales are now up
+5.1%.

Own Shop

We opened a new shop in the Birmingham Bullring development and
a new cafe at Chatham Docks Retail Park and closed three non-
core stores during the period, so that the net estate reduced by
one to 388.  This now includes 27 cafes and we anticipate
opening two more cafes before summer.  However, we do expect,
overall, that our own retail estate will continue to slowly
reduce in number.

As we reported to you in September, like for like sales for the
first nine weeks of the half-year were down by 1.9%. It is
therefore pleasing to report that our strong Christmas
performance completely overturned this decline.  Over the key
seven weeks of Christmas, which represents around 35% of annual
sales, we grew like for like sales by 4.6% resulting in +2.5%
for the 28 weeks in total.

Own shop like for like sales over the two weeks of Valentines
Day were flat, holding the +10.6% gain over the previous two
years.  Year to date we are now +2.3% like for like after 33
weeks.

Commercial

Total Commercial sales were GBP12.4m representing 11% of total
company sales by value but over 20% by volume of confectionery.
Sales of Thorntons branded products, outside our own estate,
were GBP3.6 million in the 28 weeks against GBP1.5 million for
the same period last year an increase of 140%. This represents
significant progress in the delivery of our strategy and we
anticipate significant higher rates of growth ahead of us as
listings grow to include more retailers and a deeper range of
products.  Valentines Day sales were strong through this channel
to market.

Retailer own branded product sales rose by 6.0% to GBP8.8
million.  Our partnership with Marks &Spencer continues to
flourish.  We continue to work closely together to leverage the
premium quality and innovation that we can provide alongside
their customer insights. This enables us to offer jointly a real
point of difference in their range, providing a platform for
sustained growth for the future.

Franchises

Since January last year, we have grown the number of locations
operated under franchise by a net 10 to 201.

However total sales, at GBP7.8 million, were only 1.3% above the
same period last year, implying a like for like sales decline.
The main reason for this is that only a small minority of our
franchised locations can switch to ice cream products rather
than confectionery during summer months.  This switch was
important in our own shops to mitigate the impact of the hot
summer.  We reported in September for the weeks through July and
August sales to franchisees were down 7.2% year on year compared
with a much smaller decline in own shops.  It is again a measure
of the Christmas success that the majority of this shortfall was
recovered.

Gift Delivery Service

Sales for the 28 weeks fell back slightly from GBP3.4 million to
GBP3.3 million.  This was disappointing, given the general
increase in online purchasing in the wider market, particularly
over Christmas.

This performance has highlighted that we need to review the
methods of marketing this area of our business in order to
attract new users.  The loyalty of existing customers, however,
remains high and the methods by which we attract new customers
are being addressed and we anticipate a return to growth in the
second half of the current financial year.

Margins and stocks

Total company gross margin percentage was 54.6% compared with
55.8% last year.  This reduction was as a result of a number of
factors.

First, our new channels to market, via other retailers, return a
lower gross margin as products are sold at wholesale prices
rather than retail (RSP).  This channel, however, has lower
operating costs than running our own shop estate.  Sales at RSP
fell from 83.3% of the total last year to 81.5%.  We expect this
trend to continue.

Second, discounts were higher than last year.  We recognize that
our shops are exceptionally busy in those last few days before
Christmas.  Therefore, we decided to encourage sales in early
December by offering customers an 'early bird' promotion which
was a unique free box offer for spend over GBP15.  Very strong
TV advertising featuring Frankie Dettori backed this.  The
promotion proved highly successful and helped generate the
strong Christmas result leading to a higher overall cash margin
but at a lower percentage margin.

Third, improved stock management enabled us to monitor slow
moving products and take action to clear them prior to Christmas
rather than be left with surplus stock potentially requiring
heavier discounting in January.

Finally, we have historically had a heavy reliance on temporary
factory workers for our Christmas stock build.  The tightening
labor market in Derbyshire increased the costs of recruitment
that also adversely affected our margin.  As a result, we plan
to radically change the phasing of our production in the coming
year to minimize the reliance on temporary workers. This will
result in higher stock levels on average but result in lower
unit costs of production.

Whilst total stock levels at the end of the period were
marginally higher than last year at GBP18.1 million, this is
explained by production being brought forward on spring ranges
due to Mother's Day and Easter being earlier than last year.

Despite the fall in gross margin we slightly improved net margin
to 21.0% (2003: 20.9%).  This is after deduction of all selling,
marketing, distribution and shop running costs.

Cash

Gearing continues to fall and is now well below the mid-term
target we set three years ago of around 60%.  From 52.4% in
January last year, gearing fell to 43.8% at 10th January 2004.
Total net debt is now GBP20.9 million although, due to the fixed
U.S. loan note financing, we had GBP12.2 million cash on deposit
in the U.K.

Capital investment included the cost of the move of the
remaining Belper production, of toffee, fudge and hardboiled
products, onto the Thornton Park site.

The brand new facility has opened months ahead of the original
schedule and within our budget cost of GBP3.6 million.  The
Belper site was sold in 2000 for GBP1.7 million.  We have
doubled production capacity as part of this move and the new,
purpose built facility will also provide ongoing cost savings.

We also recognize the need to invest in key infrastructure,
particularly IT systems.  Project FOCUS, jointly developed with
EDS, our systems partner, will provide an updated platform for
the supply chain and the forecasting process.  This investment
is critical to our strategy to broaden the distribution of
products, as well as providing a high quality service to the
other channels.

Despite this, gross capital expenditure again remained below the
depreciation charge of GBP6.0 million.  Working capital
increased by GBP1.6 million compared with last year.  Stocks
increased by GBP4.5 million, as detailed above, but higher
creditors offset this.  Debtors rose by GBP2.0 million which, in
part, reflects more sales going through third party retailers.

Summary

We are now delivering the first phase of our plan for growth and
the results demonstrate this.  We know there is much work ahead
of us in order to create consistent sales and profit growth but
we remain confident that the strategy will deliver this.

To see financial statements:
http://bankrupt.com/misc/Thorntons_Interim.htm

CONTACT:  THORNTONS PLC
          Peter Burdon, Chief Executive
          Phone: 01773 540550
          Martin Allen, Finance Director
          Phone: 01773 540550

          BUCHANAN COMMUNICATIONS
          Tim Anderson/Catherine Miles
          Phone: 020 7466 5000


TRINITY MIRROR: David Ross Appointed Non-executive Director
-----------------------------------------------------------
Trinity Mirror plc is pleased to announce that David Ross has
joined the Board as a non-executive director with immediate
effect.  He will also sit on the Audit, Remuneration and
Nomination committees.

Mr. Ross, 38, co-founded and is currently Deputy Chairman of The
Carphone Warehouse, Europe's leading mobile communication
retailer.  He took a lead role with The Carphone Warehouse IPO
in July 2000 and has been responsible for developing that
company in Europe through the organization and restructure of a
series of major acquisitions including the acquisition of Tandy
in the U.K.

He holds non-executive directorships at National Express Group
Plc, Wembley National Stadium Limited, Big Yellow Self Storage
Plc and is a council member of Sports England.  David qualified
as a Chartered Accountant with Arthur Andersen & Co.

Sir Victor Blank, Chairman, commented: "We are very pleased
David Ross is joining the Trinity Mirror Board.  He brings a
depth of independent knowledge to the Board and his extensive
consumer experience and wider corporate perspective will help us
to continue with the implementation of our growth strategy."

CONTACT:  TRINITY MIRROR PLC
          Nick Fullagar, Director of Corporate Communications
          Phone: 020 7293 3622

          FINSBURY GROUP
          James Leviton
          Phone: 020 7251 3801


WEMBLEY PLC: Stronger Sterling Hits Profits
-------------------------------------------
Wembley plc, the track based gaming company operating in the
U.K. and USA, announces its results for 2003.  This follows the
recent announcement of a recommended cash acquisition of Wembley
plc by MGM MIRAGE at 750 pence per share.

Financial and commercial highlights

                            31 December 2003    31 December 2002
Average weekly video lottery terminal revenue
(Lincoln Park)                 $5.1m               $4.5m

Operating profit              GBP35.3m              GBP39.3m
(from continuing operations before exceptional items)

Profit before tax             GBP26.1m              GBP26.1m

Earnings per share (adjusted)  64.0p               64.0p

Operating profit (from continuing operations before exceptional
items) at GBP35.3 million was GBP4.0 million lower than in 2002.
This was caused, in particular, by the strengthening of sterling
against the U.S. dollar to an average rate of GBP1: $1.64 (2002:
GBP1: $1.50), which had an adverse impact of around GBP3.2
million.

At Lincoln Park, Rhode Island, a total of 572 new video lottery
terminals were introduced in the first half of the year,
bringing the total number of video lottery terminals operational
at Lincoln Park to 2,272.  This followed the receipt of
permission in January 2003 to install a further 1,300 video
lottery terminals.  The new video lottery terminals helped
increase the average weekly video lottery terminal revenue,
which is the key performance indicator of this business, by
around 13% to $5.1 million (2002: $4.5 million).  The benefit of
this additional revenue was offset by legislative changes that
reduced Lincoln Park's share of this video lottery terminal
revenue to an average for 2003 of 28.75% (2002: 30.75%).

Overall, profit before tax at GBP26.1 million (2002: GBP26.1
million) and adjusted earnings per share at 64.0p (2002: 64.0p)
were in line with that achieved last year.

On 9 September 2003, an indictment was issued against Lincoln
Park and two Wembley executives following a Federal Grand Jury
investigation into allegations relating to the preliminary
consideration of a possible bonus or retainer to Lincoln Park's
long-standing legal attorney in Rhode Island.  The Board remains
of the view that the allegations are without foundation and they
will be vigorously defended at trial.  In January 2004,
agreement was reached with the U.S. Attorney that both allowed
the potential separation of the indicted Lincoln
Park corporate entity from the Wembley Group and capped its
maximum liability at trial at $8 million.  This amount has been
transferred into an escrow account.  A date for the trial has
yet to be announced.

On 5 November 2003, Colorado voters rejected a proposal to
introduce video lottery terminals into Colorado's racetracks.

Business in 2004 has started well.  The average weekly video
lottery terminal revenue at Lincoln Park for the first seven
weeks has increased by around 11% to $5.1 million (2003:
$4.6 million).  A new record of $6.2m was established in the
week of the New Year's Day public holiday.

Proposed acquisition by MGM MIRAGE (MGM)

On 27 January 2004, it was announced that agreement had been
reached with MGM of the USA on the terms of a recommended cash
acquisition of Wembley plc at a price of 750 pence per share.
Simultaneous with this acquisition, shareholders would also
obtain a share in a new company created to ring-fence the
litigation associated with Lincoln Park that would have cash
balances of $16.3 million (equivalent to approximately 25 pence
per Wembley share) that would be available to meet any fine that
may be imposed upon that company, together with legal and other
costs associated with the litigation.  Once legal proceedings
had concluded, any surplus cash within that company would be
returned to shareholders.

The price of 750 pence per share represents both a premium of
42.2% over the closing mid-market price of 527.5 pence per share
on 19 November 2003, the day prior to Wembley's announcement
that it had received approaches to acquire some or all of its
assets, and share price growth of 275% since May 1995, compared
to a rise in the FTSE Leisure Index over the same period of 46%.

As a result of this recommended cash acquisition by MGM, Wembley
has decided not to declare a final dividend for 2003.

A document setting out the proposal will be posted to
shareholders on 27 February 2004.

Claes Hultman, Chairman and Chief Executive of Wembley,
commented:

"The Group experienced a difficult 12 months, particularly as a
result of the indictment in Rhode Island.  In addition,
legislative changes considerably reduced Lincoln Park's share of
revenue from its video lottery terminal operation and a proposal
to introduce video lottery terminals into Wembley's Colorado
racetracks was rejected by voters.  These setbacks were only
partially offset by Lincoln Park being granted permission, in
January 2003, to install a further 1,300 video lottery
terminals. These new video lottery terminals have the capability
to yield significant long-term value, subject to the ability to
construct a new building in which to house them.

The Board believes that the acquisition of Wembley plc by MGM at
750 pence per share is a good exit price for Wembley's
shareholders.  It is an acquisition that the Board believes
provides the best opportunity for shareholders to realize their
investments in cash and at a significant premium to the
previously prevailing share price."

To see financial statements:
http://bankrupt.com/misc/Wembley_2003.htm

CONTACT:  WEMBLEY PLC
          Claes Hultman, Chairman and Chief Executive
          Phone: 020 8795 8003
          Mark Elliott, Finance Director
          Phone: 020 8795 8003
          E-mail: corporate@wembleyplc.com
          Home Page: http://www.wembleyplc.com

          COLLEGE HILL
          Matthew Smallwood
          Phone: 020 7457 2020
          Justine Warren
          Phone: 020 7457 2020


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

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