---

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

                           E U R O P E

            Wednesday, March 3, 2004, Vol. 5, No. 44

                            Headlines

B E L G I U M

REAL SOFTWARE: Operating Level Remains in Black


F R A N C E

CONSODATA SA: Acxiom Taking over European Operations
SCHNEIDER ELECTRIC: Pleads Guilty to Bribery Charges in Lesotho


G E R M A N Y

SGL CARBON: 2003 Operating Profit Up 45% Year-on-Year
VIVANCO AG: Appoints Paul Jahn New Chief Executive Officer


I R E L A N D

CLONDALKIN INDUSTRIES: Earns 'B+' Rating, Stable Outlook
LUFTHANSA TECHNIK: 150 Jobs at Shannon Plant Under Threat


I T A L Y

PARMALAT FINANZIARIA: Employs Kroll to Locate Secret Accounts
PARMALAT FINANZIARIA: Parma Court Sets Claim Filing Deadlines


N E T H E R L A N D S

KONINKLIJKE AHOLD: Sells Brazilian Assets to Wal-Mart, Unibanco
KONINKLIJKE AHOLD: To Propose New Governance Structure
KONINKLIJKE AHOLD: New Rules to Lead to Five Board Resignations
KONINKLIJKE AHOLD: Urges VEB to Drop Demands
PETROPLUS N.V.: Completes Sale of Tango to Kuwait Petroleum


N O R W A Y

AKER KVAERNER: Masa-Yards' 2003 Results Improve


P O L A N D

NETIA SA: Reports PLN729 Million Full-year Net Loss


R U S S I A

BYKOVSK: Declared Insolvent
CONCRETE PRODUCT: Deadline for Proofs of Claim April 20
ELEZK BREWERY: Declared Insolvent
LUCH: Under Bankruptcy Supervision Procedure
OPTRON: Court Appoints Temporary Insolvency Manager

PROTON: Declared Insolvent
ROMODANOVSKY SUGAR: Under Bankruptcy Supervision Procedure
SANGARENERGO: Court Commences Bankruptcy Proceedings
SIXTH TELEVISION: Under Bankruptcy Supervision Procedure
WOLFRAMIUM-MOLYBDENUM: Undergoes Bankruptcy Supervision


S W E D E N

SAS GROUP: Splitting into Three Independent Entities


S W I T Z E R L A N D

FANTASTIC CORPORATION: Replaces PwC with Testor Treuhand


U N I T E D   K I N G D O M

3PC DEALINGS: Wind up Resolution Passed
ABBEY NATIONAL: Scraps With-profits Bonus
ADVANCED PUMPING: Names Perkins Liquidator
ALPHA RECORDING: Calls on Knights to Wind up Firm
ALTOFAX LIMITED: Brings in Liquidator from Moore Stephens

AMS ACCESS: Names Filippa Connor Liquidator
AORTECH INTERNATIONAL: Appoints Biotech Expert to Board
BENTON LOCKS: Appoints Thompson and Frost Liquidator
BLACKFRIAR PAINTS: E Parsons & Sons Appoints Receiver
BOLT MEDIA: Concluding Assembly Set March 31

DKB INTERNATIONAL: Final Gathering Set March 25
E J WADE: Final Meeting March 22
EURODIS ELECTRON: Lists Share Option Scheme
EURODIS ELECTRON: Shareholders Approve Refinancing Plans
FUJI INTERNATIONAL: Members Final Meeting March 25

GRAYSTON AUTOMOTIVE: Hires BDO Stoy Hayward as Administrator
INTERNATIONAL POWER: Asset Write-down May Lead to Downgrade
INVENSYS PLC: Private, Open Offers Receive 70.8% Acceptance
INVENSYS PLC: Expects GBP600 Million from Senior Notes Issuance
NET MONITOR: General Meeting Set April 2

OAKPARK LIMITED: Cattles Invoice Brings in Receivers
SPECIALIST HEATING: Appoints Moore Stephens Administrator
STATUS GROUP: Names PricewaterhouseCoopers Administrator
Y.I.T. PLC: Creditors Final Meeting March 29


                            *********


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


REAL SOFTWARE: Operating Level Remains in Black
-----------------------------------------------
Despite difficult economic circumstances and the considerable
commotion and uncertainty surrounding the company, Real Software
maintained its market position and generated an operating profit
(EBIT) of EUR1.1 million in a very difficult fourth quarter.

Compared with last year, turnover fell 7% (with a particularly
pronounced decrease of 18% in the last quarter).  The operating
result dropped EUR13.6 million from EUR14.0 million to EUR0.4
million, but remained positive.  Performances came under
pressure at all divisions, but remained solid, except in the
case of Retail, which recorded a loss of EUR8.7 million.

The debt restructuring arrangements, which still require the
shareholders' approval in the next few weeks, and in which Gores
will buy the debt from the banks, convert it into capital and
inject EUR10 million of cash into the company, offer a durable
solution for the company.

Real Software has reduced goodwill from earlier acquisitions to
EUR72.7 million, resulting in extraordinary depreciation of
EUR28.5 million.

To see full copy of report:
http://bankrupt.com/misc/RealSoftware_2003.pdf


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


CONSODATA SA: Acxiom Taking over European Operations
----------------------------------------------------
Acxiom(R) Corporation on Monday announced that it has extended
an offer to acquire the Consodata companies based in England,
France, Spain and Germany from Turin-based Seat P.G., one of the
world's leading multi-platform directories companies.  Seat has
granted Acxiom exclusivity concerning the proposed transaction
and is submitting the transaction to the Works Council of
Consodata S.A., the labor representative body of Consodata, as
required by French law.  Under the terms of the offer, Seat P.G.
will retain ownership of the Consodata operations based in Italy
and the U.S.

The Consodata European operations own and operate some of the
most comprehensive consumer lifestyle databases in Europe.
Acxiom's acquisition, when completed, will represent its second
recent acquisition of the European operations of a consumer
lifestyle and behavioral information business.  In January,
Acxiom completed the purchase of the Claritas European
operations based in England, France, Germany, The Netherlands,
Spain, Portugal and Poland.

Acxiom Company Leader Charles D. Morgan said that by
consolidating the companies' comprehensive data assets and
excellent client service capabilities with Acxiom's
technological innovation, Acxiom will be even more prepared to
help companies doing business in Europe improve their marketing
effectiveness and customer acquisition results.

"The Consodata acquisition will be another step forward in our
strategy of providing a full complement of services for
businesses wanting to succeed in the pan-European market," Mr.
Morgan added.

Mr. Morgan said Acxiom, the Consodata European operations and
Claritas Europe are accustomed to serving many of the larger,
more successful global companies.  "As a single company, we will
be better positioned to respond to our clients' growing multi-
national marketing efforts as well as support companies of all
sizes and geographies who are looking to grow their business in
Europe," he said.

The total net consideration paid by Acxiom for the proposed
transaction will be EUR30 million (approximately $37.5 million)
in cash.  The EUR30 million net consideration includes the
acquisition of the German operation formally known as pan-
address and excludes the Consodata Italian business, which will
be bought back by Seat P.G.

Acxiom expects the transaction to be slightly accretive for
fiscal 2005.  The acquired Consodata companies are expected to
add approximately EUR50 million to EUR55 million (approximately
$63 million to $69 million) to Acxiom's revenue for fiscal 2005,
which begins April 1, 2004.  This will increase Acxiom's
anticipated annual European revenue for fiscal 2005 to
approximately $230 million to $235 million.  The transaction is
expected to close during the fiscal quarter beginning April 1,
2004.

Consodata's clients include some of the world's most successful
companies in the financial services, retail and media
industries.  The Consodata data acquisition and sales offices
being purchased by Acxiom are in Kingston, England; Lyon, Lille
and Paris, France; Munich, Germany; and Barcelona, Spain.
Consodata products will be re-branded with the Acxiom name.
Very much like Acxiom's InfoBase(R) products in the U.S. and the
recently acquired Claritas Europe products, Consodata's products
provide consumer lifestyle and behavioral information necessary
for effective marketing.

About Acxiom

Acxiom Corporation (Nasdaq: ACXM) integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
innovative solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership.  Founded in 1969, Acxiom is
headquartered in Little Rock, Arkansas, with locations
throughout the United States and Europe, and in Australia and
Japan.  For more information, visit http://www.acxiom.com

Acxiom and InfoBase are registered trademarks of Acxiom
Corporation.

CONTACT: ACXIOM CORPORATION
         Media:
         Jonathan Portis
         Phone: 501 252 6284

         Financial Relations:
         Robert S. Bloom
         Phone: 501 252 1321


SCHNEIDER ELECTRIC: Pleads Guilty to Bribery Charges in Lesotho
---------------------------------------------------------------
French company Schneider Electric S.A., formerly Spie
Batignolles, was ordered to pay ZAR10 million in relation to its
bribery case in Lesotho, according to Sunday Times.

Schneider and several other international companies were charged
with bribery and corruption in connection with the Lesotho
Highlands Water Project.  It initially denied any wrongdoing,
but eventually pleaded guilty to 16 counts of bribery.  Senior
vice-president Juan Pedro Salazar confirmed the company's
decision to plead guilty last week.  The change of mind follows
the conviction of two other international companies and the
former chief executive of the water project, Masupha Sole.
According to the report, Mr. Salazar, in a statement,
acknowledged the offenses committed by Spie Batignolles, with
which Schneider merged in 1995, but denied knowledge of them.


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


SGL CARBON: 2003 Operating Profit Up 45% Year-on-Year
-----------------------------------------------------
The SGL Carbon Group [long-term corporate credit rated 'B' by
Standard & Poor's] recorded sales revenue for 2003 of around
EUR1.05 billion (2002: EUR1.11 billion).  Sales revenue was hit
by declining demand in a number of business areas due to
economic factors, as well as the slide of the U.S. dollar
against the euro.  Adjusted for currency translation effects,
sales revenue increased slightly.

Profit from operations up sharply

At its meeting on Monday, the Supervisory Board approved the
annual financial statements.  SGL Carbon's profit from
operations before costs relating to antitrust proceedings and
restructuring was up around one-third year-on-year at
EUR39 million (2002: EUR29 million).  The profit from operations
after restructuring expenses also improved by around 45% on the
previous year, to approximately EUR29 million.  As part of its
review of all provisions for antitrust risks, the Company
increased the provision set up in Q3/2003 for the fine relating
to its non-core Graphite Specialties activities to just under
EUR20 million.  SGL Carbon believes that the fine of EUR23.6
million imposed on the Company by the European Commission in
December 2003 is unjustified and has appealed to the European
Court.  The profit from operations after all one-time expenses
was well up on the previous year at EUR9 million (2002: loss of
EUR2 million).

Net financing costs hit by one-time charges

Interest on borrowings and the interest component of the
addition to pension provisions remained unchanged year-on-year
at EUR37 million in total.  All in all, net financing costs for
2003 amounted to EUR73 million.  The difference of EUR36 million
is largely due to the following one-time factors: the successful
refinancing at the start of 2004 meant that the remaining costs
from the previous financing package amounting to EUR16 million
had to be derecognized.

Net financing costs were also affected to the tune of EUR20
million by the non-cash imputed interest on liabilities arising
from the North American antitrust proceedings (EUR6 million) and
an interest charge on the disputed European antitrust
proceedings (EUR6 million), as well as other charges (EUR8
million).

Net loss increased

As a result of the clear turnaround in our business in the USA,
SGL Carbon has recognized a first portion of the loss carry
forwards there on the basis of a conservative estimate.  This
resulted in a tax income of EUR10 million.  Due to the
substantial one-time costs relating to refinancing and antitrust
proceedings the net loss widened significantly year-on-year to
around EUR50 million (2002: EUR24 million).  SGL Carbon will
present the comprehensive figures for 2003 at its annual press
conference on March 16, 2004 in Frankfurt am Main.

A confident outlook for fiscal 2004

SGL Carbon expects a moderate economic recovery in 2004.  Due to
further restructuring and efficiency-enhancing measures, higher
prices for graphite electrodes and demand-driven improvements in
results at Graphite Specialties and SGL Technologies, the
Company is forecasting a substantial increase in its profit from
operations in the current fiscal year.

Issuer's information/explanatory remarks concerning this ad-hoc-
announcement:

Disclaimer

This announcement does not constitute an offer to sell, or a
solicitation of an offer to buy or sell, any securities of SGL
Carbon.  Securities may not be offered or sold in the United
States absent registration or an exemption from registration;
any public offering of securities in the United States must be
made by means of a prospectus that may be obtained from the
issuer and that contains detailed information about the company
and management as well as financial statements.


VIVANCO AG: Appoints Paul Jahn New Chief Executive Officer
----------------------------------------------------------
Supervisory Board Chairman Werner B. Wilmes announced that Chief
Financial Officer Paul Jahn (43) will become the group's new
Chief Executive Officer beginning March 1, 2004.

Together with Frank Bussalb (44), board member in change of
worldwide sales as well as for the European subsidiaries and
affiliates, they will be the group's representative to the
Management Board of the Vivanco Group AG.  Vivanco Group AG,
headquartered in Ahrensburg, Germany, is one of Europe's leading
accessory specialists in the segments Consumer Electronics,
Information Technology, Telecommunications and Access
Technology.


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


CLONDALKIN INDUSTRIES: Earns 'B+' Rating, Stable Outlook
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Republic of Ireland-based packaging
group Clondalkin Industries B.V., following the announcement of
a proposed acquisition of the group by Warburg Pincus and
subsequent new financing package.  The outlook is stable.

At the same time, Standard & Poor's affirmed all of its ratings
on Clondalkin Industries Ltd. (formerly Clondalkin Industries
PLC), including its 'B+' long-term corporate credit and 'B-'
senior unsecured debt ratings, and removed the corporate credit
rating from CreditWatch, where it was placed on February 11,
2004.  The outlook is stable.

When the transaction closes Clondalkin Industries B.V. will
become the parent company of the group.  The current outstanding
senior unsecured notes issued by Clondalkin Industries Ltd. will
be refinanced using the proceeds from Clondalkin Industries
B.V.'s new financing package.  Once these senior unsecured notes
have been repurchased the ratings on Clondalkin Industries Ltd.
will be withdrawn.

In addition, Standard & Poor's assigned its 'B-' long-term
rating to the proposed EUR170 million ($211 million) senior
notes to be issued by Clondalkin.  The proposed notes are rated
two notches below the corporate credit rating on the group,
reflecting structural subordination as priority liabilities
exceed 30% of total adjusted assets.  At the close of the
transaction, Clondalkin is expected to have EUR490 million of
total cash interest-bearing debt.

"The ratings reflect Clondalkin's highly leveraged financial
profile and the group's exposure to raw material cycles in some
of its products," said Standard & Poor's credit analyst Vanessa
Brathwaite.  "To maintain the ratings, Standard & Poor's would
not expect the group's debt to increase further unless
meaningfully offset by increased cash flows."

Clondalkin's leveraged financial profile is offset by the
group's proven ability to generate positive free cash flow from
operations.  In addition, with sales of nearly EUR700 million,
the ratings also reflect Clondalkin's leading niche positions in
the stable but competitive European packaging industry.

Standard & Poor's expects Clondalkin's credit protection
measures to remain adequate for the ratings, and that the group
will continue to generate sufficient cash flow from operations
to meet its debt amortization schedule.  Some small bolt-on
acquisitions are anticipated, although without any weakening of
the group's credit protection measures.


LUFTHANSA TECHNIK: 150 Jobs at Shannon Plant Under Threat
---------------------------------------------------------
Aviation company Lufthansa Technik Turbine placed 150 staff at
its Shannon plant under protective notice.  The decision was
issued after SIPTU members, comprising two-thirds of the
company's workforce, rejected a management proposal on
redundancy and pay last week.

Lufthansa said several factors had hit its operations.  These
includes the rising labor costs, the downturn in the aviation
industry, and the fire in June that halted production at the
plant for almost 20 weeks.  Its loss last year was EUR2.5
million.


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


PARMALAT FINANZIARIA: Employs Kroll to Locate Secret Accounts
-------------------------------------------------------------
Parmalat has hired Kroll, famous internationally for its knack
for tracking hidden assets, to help it recover part of the
missing money on its accounts, according to the Financial Times.

The bankrupt dairy group has a EUR14.5 billion (US$18 billion)
hole on its accounts.  The fund is believed dispersed among its
network of offshore shell companies around the world, most
likely in the Cayman Islands, Switzerland, Monaco,
Liechtenstein, Malta and the U.S.

Investigative magistrates and Enrico Bondi, Parmalat's
government-appointed administrator, until now have not yet
discovered more than EUR50 million in bank accounts owned by
Calisto Tanzi, Parmalat's founder and former chairman, and
several other former Parmalat executives and bankers.

Mr. Tanzi is among the 26 people included in the recently
compiled list of people who will face charges in relation to
Parmalat's collapse.  Other names mentioned include four
employees of auditing firms Deloitte & Touche and Grant
Thornton, as well as Gian Paolo Zini, Parmalat's main lawyer.
Two of the partners at Deloitte are Adolfo Mamoli and Giuseppe
Rovelli.

CONTACT:  KROLL ONTRACK ITALY
          Via Trento, 7
          Lomazzo (CO) 22074
          Italy
          Phone: 39 02 969 43 211
          Fax: 39 02 969 43 221

          KROLL ITALY
          Fiori Oscuri 11
          1st Floor
          Milan 20121
          Italy
          Phone: 39-02 8699-8088
          Fax: 39-02 890-0138


PARMALAT FINANZIARIA: Parma Court Sets Claim Filing Deadlines
-------------------------------------------------------------
Judge Zanichelli directs creditors and other parties-in-interest
who have real, transferable rights against Parmalat's assets to
present their claims and payment applications to the Office of
the Clerk of the Parma Court on or before these dates:

       Insolvent Unit                  Filing Deadline
       --------------                  ---------------
       Parmalat S.p.A.                 April 20, 2004
       Parmalat Finanziaria S.p.A.     April 30, 2004
       Eurolat S.p.A.                  May 5, 2004
       Lactis S.p.A.                   May 5, 2004
       Parmatour S.p.A.                May 15, 2004
       Coloniale S.p.A.                May 20, 2004

Judge Zanichelli will convene a hearing on these dates in the
civil hearings' room (Aula Corte d'Assise) to consider each
debtor's liability status on claims filed against the companies:

       Insolvent Unit                Hearing Date
       --------------                ------------
       Parmalat S.p.A.               May 19, 2004 at 10:00 a.m.
       Parmalat Finanziaria S.p.A.   May 26, 2004 at 9:30 a.m.
       Eurolat S.p.A.                May 31, 2004 at 9:30 a.m.
       Lactis S.p.A.                 June 4, 2004 at 9:30 a.m.
       Parmatour S.p.A.              June 10, 2004 at 9:30 a.m.
       Coloniale S.p.A.              June 11, 2004 at 9:30 a.m.

(Parmalat Bankruptcy News, Issue No. 6; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


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


KONINKLIJKE AHOLD: Sells Brazilian Assets to Wal-Mart, Unibanco
---------------------------------------------------------------
Ahold has sold its Brazilian retail chain Bompreco to Wal-Mart
Stores Inc.  Simultaneously, Ahold sold its Brazilian credit
card operation Hipercard to Unibanco S.A.  The combined
enterprise value of these operations amounts to approximately
US$500 million.  This joint transaction is expected to close in
the course.

The assets consist of Bompreco, a food retailer with 118
hypermarkets and supermarkets with a leading position in
Northeastern Brazil, and Hipercard, the leading credit card in
Northeastern Brazil with over 2 million cardholders.  G.
Barbosa, Aholds other Brazilian retail operation with 32 stores
that was acquired by Ahold in January 2002, is not included in
the transaction.

Wal-Mart Stores, Inc., started operations in Brazil in May 1995.
Operating under different banners, the company's stores and
clubs are located in the states of Sao Paulo, Parana, Rio de
Janeiro and Minais Gerais.  With sales of BRL1.9 billion in
2003, Wal-Mart Brazil has approximately 7,000 employees.
Unibanco, the third largest private sector Brazilian financial
group, focuses on retail and wholesale banking, and insurance
and pensions and wealth management.

Commenting on the agreements, Theo de Raad, the Ahold Corporate
Executive Board member responsible for Latin America and Asia,
said: "We are delighted to have found buyers of such quality as
Wal-Mart and Unibanco.  They offer an excellent fit for Bompreco
and Hipercard and we are confident that this will prove great
for customers, associates, suppliers and others involved."

The divestment of Aholds activities in Brazil is part of Ahold's
strategy to optimize its portfolio and to strengthen its
financial position by reducing debt.  Ahold first entered the
Brazilian market in 1996 through an agreement with the owner of
Bompreco.  In October 2001, Bompreco became a wholly owned
subsidiary of Ahold.  Unaudited 2003 net sales for Bompreco
amounted to approximately BRL 2.9 billion (approximately EUR843
million).  Bompreco and Hipercard employ more than 20,000
people.


KONINKLIJKE AHOLD: To Propose New Governance Structure
------------------------------------------------------
Ahold will propose at the Extraordinary General Meeting today to
enlarge shareholder rights and to restructure cumulative
financial preferred shares.

(a) Enlargement of shareholder rights

    (i) The authority of the general meeting of shareholders to
        take important decisions -- including the appointment
        and removal of Executive Board members and Supervisory
        Board members and the amendment of the articles of
        association -- has been enlarged substantially.

        This is in accordance with the Tabaksblat code, par.
        IV.1.1

   (ii) The new arrangement can be found in these provisions of
        the proposed articles of association art. 16.5, 16.6,
        21.3 and 42.2.

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

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

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

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

   (iv) The general meeting of shareholders becomes entitled to
        approve important decisions regarding the identity or
        the character of the company.  These decisions include
        important investments and divestments (art. 18.3 of the
        articles of association).

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

(b) Cumulative financing preferred shares

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

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

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

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

Today's EGM will be held at 1:30 p.m. (local time) at Nederlands
Congrescentrum, Churchillplein 10, 2517 JW Den Haag.

To see full copy of today's EGM Agenda:
http://bankrupt.com/misc/Ahold_EGMAgenda.pdf


KONINKLIJKE AHOLD: New Rules to Lead to Five Board Resignations
---------------------------------------------------------------
Ahold will propose changes in the company's corporate governance
during an extraordinary general meeting today in The Hague.  The
move follows recommendations of the recently introduced Dutch
Corporate Governance Code.  Adoption of the new guidelines will
see Sir Michael Perry, Bob Tobin and Roland Fahlin retire from
the Supervisory Board in the general meeting of shareholders in
June 2004.  Neither Mr. Tobin nor Mr. Fahlin will meet the
independence criteria of the code because of their previous
occupations with affiliates of Ahold.

The nomination committee of the Supervisory Board is in the
process of finding suitable candidates to fill these vacancies,
Ahold said.  Further retirements from the Supervisory Board
would be that of Lodewijk de Vink and Cynthia Schneider, who
will both step down in the annual general meeting of 2005.

Ahold said new supervisory board members will be appointed for a
duration of four years with the possibility of reappointment.  A
supervisory board member will serve no longer than twelve years
on the board.  The present Executive Board members will
relinquish their positions during a staggered period in view of
the continuity of the management.  A rotation scheme for this
purpose will be determined shortly.


KONINKLIJKE AHOLD: Urges VEB to Drop Demands
--------------------------------------------
Royal Ahold will try to convince Dutch shareholder group,
Vereniging of Effectenbezitters (VEB), not to proceed with its
planned legal action against the company.

The group is demanding that Ahold annul its financial statements
over the years 1998 to 2002.  It is also requesting for an
investigation into the past of Ahold and its subsidiaries over a
prolonged period of time.  This request has been filed by the
holders of approximately 1.2 million shares (0.06% of the total
number of issued shares Ahold of more than 1.9 billion shares).

In a statement detailing the agenda of its extraordinary general
meeting today, Ahold stated its position regarding the first
demand:

(a) Ahold does not believe that any shareholder interest is
served with this proceeding.

(b) After the announcement of the accounting irregularities on
February 24, 2003, there has been a continuous effort at Ahold
to produce the financial statements 2002.  These include also
the restated figures 2000 and 2001.  The financial statements
have been completed after an extensive and costly forensic
investigation in which the entire group of companies has been
reviewed.  These financial statements 2002 have been approved
with a majority of 479 million votes against 1 million votes at
the meeting of November 26, 2003.

(c) There is no interest served with the reconstruction of the
financial statements 1998 and 1999, even if this were possible
and the external auditor would be prepared to approve those
financial statements.

(d) The inclusion of the restated figures for 2000 and 2001 in
the financial statements 2002 as Ahold has done, is the proper
method of restatement under Dutch law.

(e) The renewed preparation of financial statements over the
years 1998 to and including 2002 would be costly and require the
resources of people and means which Ahold must use for the
financial statements 2003 and for the process that must lead to
the so-called 404 certification under Sarbanes-Oxley.

With regards to the second proceedings, Ahold said that while it
understands that shareholders would like to receive more
information with respect to certain subjects, this new
proceeding is unnecessary, premature and damaging.

Unnecessary because there are three extensive and external
investigations in progress by the SEC, U.S. Department of
Justice and the Public Prosecutors Department in the Netherlands
covering a broad range of subjects.  These investigations have
been proceeding for almost a year and will lead to publicly
available results.

Premature because shareholders after they have been informed
about the results of the aforementioned investigations, can
always decide as yet to request a further investigation with
respect to issues which in their view have not been adequately
researched.  There is no statute of limitation here.

Damaging because the investigation request by the VEB and others
would mean a substantial impact on Ahold's priority to restore
shareholder value and may take three years to completion.

Ahold will also update shareholders of the investigations
carried out by the SEC, the United States Department of Justice
and the Public Prosecutors Department in the Netherlands.  It
will further give information with respect to the state of
affairs in the class action pending before the Federal District
Court in Maryland, and regarding the measures taken by it in the
last year and the first two months of 2004 in connection with
the irregularities discovered last year.


PETROPLUS N.V.: Completes Sale of Tango to Kuwait Petroleum
-----------------------------------------------------------
Petroplus International N.V. [corporate credit rated 'B+' by
Standard & Poor's] completed the sale of Tango to Kuwait
Petroleum Nederland B.V. a subsidiary of Kuwait Petroleum
Corporation.  The activities transferred to Kuwait Petroleum and
the sales proceeds were received by Petroplus.  The sale will be
accounted for in the first quarter of 2004.

Petroplus International N.V.

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

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

Petroplus, with its head office in Rotterdam and regional head
offices in Zug and Hamburg, has branch offices in more than 20
countries and employs approximately 1000 employees.  Petroplus
International NV is publicly listed in the NextPrime segment of
Euronext, Amsterdam.

Tango

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

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

Kuwait Petroleum Nederland B.V.

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

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

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

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

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

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

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


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


AKER KVAERNER: Masa-Yards' 2003 Results Improve
-----------------------------------------------
The Aker Kvaerner Group has published its results for year 2003.
Kvaerner Masa-Yards business area operating profit was NOK696.9
million (EUR87.4 million) and net sales were NOK6151.8 million
(EUR 771.3 million).

Kvaerner Masa-Yards' result improved slightly from 2002, despite
of a marked reduction in net sales.   The reduction in net sales
is a consequence of decreasing production loading.   The
satisfactory result is mainly due to successful completion of
delivered vessels, fluent progress of ships under production and
a consequence of the company's cost competitiveness improvement
programs.

On September 19, 2003 the company received an order from Royal
Caribbean Cruises Ltd. to construct and build a new Ultra
Voyager cruise ship.  The Ultra Voyager will be delivered in May
2006.  Royal Caribbean Cruises and Kvaerner Masa-Yards also
agreed on an option for Royal Caribbean to order a second Ultra
Voyager ship, with a 2007 delivery.   On December 2, 2003
Kvaerner Masa-Yards received an order from Far-Eastern Shipping
Company PLC for the construction of one icebreaking supply
vessel.   The vessel will be delivered in May 2005.

Kvaerner Masa-Yards delivered two large cruise ships in 2003, to
specification, on time and to budget.   Costa Mediterranea was
delivered in May to Costa Crociere S.p.A.  and Mariner of the
Seas in October to Royal Caribbean Cruises Ltd.

On December 31, 2003 the value of the ships in the order book
was EUR1.3 billion (EUR1.6 billion).   The unrecognized sales
value of the order book was EUR0.9 billion (EUR1.0 billion).
The order book at year-end 2003 consisted of four vessels.

At year-end 2003 the number of personnel was 3,888 (4,424).

The shareholders' ordinary general meeting of Kvaerner Masa-
Yards Inc. elected in February 2004 these persons as members of
the Board of Directors: Karl Erik Kjelstad (Chairman), Leif-Arne
Langoy (Vice Chairman), Jorma Eloranta, Ilkka Niemi, Oddvar
Slettevold and Orjan Svanevik.

Kvaerner Masa-Yards' and its owner's strategy is to continue to
offer capacity for building ships from its both yards, in Turku
and Helsinki.

In spite of the efforts to gain new orders for the yards, the
year 2004 will reflect materially lower production loading than
year 2003.   Development programs, restructuring actions and
lay-offs will continue.

Following the level of workload currently at hand, the net sales
and profits of the Kvaerner Masa-Yards business area will
decline significantly in 2004.   The liquidity situation and
central financing ratios, equity ratio and gearing, are
estimated to be good throughout 2004.

Kvaerner Masa-Yards business area key figures (Aker Kvaerner
published *)

                         January 1-         January 1-
                        December 31, 2003   December 31, 2002
Net sales (MEUR)              771.3         1018.2
Operating profit (MEUR)        87.4           83.4
% of net sales                 11.3            8.2
Order backlog (BEUR)            0.9            1.0

(*) Aker Kvaerner accounts are made according to Norwegian
Accounting Standards.  The statutory Accounts of Kvaerner Masa-
Yards, prepared according to Finnish Accounting Standards differ
slightly from Aker Kvaerner figures due to scope of
consolidation and group consolidation entries

CONTACT: AKER KVAERNER
         Yrjo Julin, President and CEO
         Phone: +358 9 194 2201
         Jouko Virta, Chief Financial Officer
         Phone: +358 9 194 2789
         Web site: http://www.masa-yards.fi


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


NETIA SA: Reports PLN729 Million Full-year Net Loss
---------------------------------------------------
Netia S.A. (WSE: NET), Poland's largest alternative provider of
fixed-line telecommunications services, on Monday announced its
audited consolidated financial results for the year and quarter
ended December 31, 2003.

Financial Highlights:

(a) Revenues for 2003 were PLN704.5 million (US$188.4 million),
    a year-on-year increase of 14.9%.  Revenues for Q4 2003 were
    PLN186.3 million (US$49.8 million), a year-on-year increase
    of 18.8%.

(b) Adjusted EBITDA for 2003 was PLN202.2 million (US$54.1
    million), representing an adjusted EBITDA margin of 28.7%
    and a year-on-year increase of 30.3%.  Adjusted EBITDA for
    Q4 2003 was PLN54.5 million (US$14.6 million), representing
    an adjusted EBITDA margin of 29.2% and a year-on-year
    increase of 59.3%.

(c) Non-cash exceptional adjustments.  Following an impairment
    test performed in connection with the new strategy and
    significant changes in market conditions, a non-cash
    impairment charge of PLN799.7 million (US$213.8 million) was
    recorded in Q3 2003.  Furthermore, the impairment test
    resulted in additional non-cash adjustment of PLN171.6
    million (US$45.9 million), recorded in Q4 2003 as a decrease
    in the value of the license assets upon receiving a final
    decision on forgiveness of the outstanding local license fee
    obligations.  At the same time, the liability side of
    Netia's balance sheet was reduced by EUR91.4 million (in
    nominal terms) and the net amount of PLN176.9 million
    (US$47.3 million), being the difference between reduction on
    the asset and liability sides, was reversed as a gain to the
    statements of operations.

(d) Profit from operations for Q4 2003 was PLN5.6 million
    (US$1.5 million).

(e) Net profit for Q4 2003 was PLN191.2 million (US$51.1
    million), achieved largely as an effect of reversing local
    license fee obligations.  Thanks to solid operating
    performance and reduced depreciation levels Netia became net
    positive in Q4 2003 even excluding the non-cash exceptional
    adjustment described above.

(f) Net loss for 2003 was PLN729.1 million (US$194.9 million).
    This includes the effect of the impairment charge of PLN
    799.7 million (US$213.8 million) that was partially offset
    by net gain of PLN 176.9 million (US$47.3 million),
    resulting from the reversal of local license fee obligations
    mentioned.

(g) Cash at December 31, 2003 was PLN228.0 million (US$61.0
    million) as compared to PLN209.6 million at September 30,
    2003.

Operational Highlights:

(a) Sales of telecommunications products other than traditional
    direct voice (including indirect voice, data transmission,
    interconnection revenues, wholesale and other telecom
    services) increased their share of total revenues from
    telecom services to 33% or PLN60.2 million (US$16.1
    million) in Q4 2003 from 19% in Q4 2002 and to 29% or
    PLN203.5 million (US$54.4 million) for 2003 from 16% in
    2002.

(b) Subscriber lines (net of churn and disconnections) increased
    to 360,147 at December 31, 2003 from 341,160 at December 31,
    2002, a year-on-year increase of 6%.  Business customer
    lines increased to 118,533, representing a year-on-year
    increase of 12% and now account for 33% of total subscriber
    lines.

(c) Revenues from business customers (including revenues from
    intelligent network and wholesale services) accounted for
    69% and 68% of total telecom revenues in Q4 2003 and 2003,
    respectively.

(d) Average monthly revenue per line (with regard to direct
    voice services) decreased by 6% to PLN114 (US$30) in Q4 2003
    from PLN121 in Q4 2002 and increased by 1% from PLN113 in Q3
    2003.

(e) Headcount of the Netia group (including all transferred
    employees from the now fully integrated await Internet S.A.
    which was acquired in April 2003) was 1,273 at December 31,
    2003, compared to 1,401 at September 30, 2003 and 1,289 at
    December 31, 2002.  On August 28, 2003, Netia announced a
    plan to reduce its headcount by up to 300 employees
    countrywide by March 31, 2004.

(f) RST El-Net SA ("El-Net"), an alternative Polish telecom
    carrier, was acquired by Netia on January 29, 2004.  Netia
    purchased 100% of El-Net's share capital as well as all of
    El-Net's long-term liabilities to its parent and to
    consortium of banks for a price of PLN96.5 million
    (US$25.8 million).  In 2003 El-Net expects to report
    approximately PLN115.0 million (US$30.7 million) in revenues
    and PLN24.0 million (US$6.4 million) in EBITDA.
    Approximately 59% of El-Net's voice service revenues are
    from business customers.  In addition to the new foothold in
    Bydgoszcz, this acquisition solidifies Netia's position
    within its business customer base in Warsaw.

Wojciech Madalski, Netia's President and Chief Executive
Officer, commented: "I'm pleased to announce that Netia achieved
its first-ever quarter of positive EBIT, capping a year of
important milestones.  Having completed its financial
restructuring, Netia's growth has accelerated throughout the
year thanks to our success in marketing business customer
solutions.  Netia extended its track record of double-digit
revenue growth, delivering a top-line increase of 15% for the
year to PLN704.5 million.  We are particularly pleased with the
growth of revenues from products other than traditional voice
services, which doubled in 2003 to PLN203.5 million and now
account for nearly one-third of telecom revenues.  In addition,
we were cash-flow positive as we improved adjusted EBITDA by 30%
for the year and reached adjusted EBITDA margin of 29% while
controlling our capex spending at a level of 21% of revenues.

"In line with Netia's strategy and our 2003-2008 business plan,
we are strengthening our business customer base and adding a new
layer of growth driven by M&A opportunities, with the goal of
raising margins and doubling revenues by 2008.  The recent
acquisition of El-Net confirms Netia's position as Poland's
leading alternative telecommunications provider and marks
another important step in the consolidation of the market.  The
integration of Swiat Internet, which produced for the first time
a positive EBITDA margin in the fourth quarter of 2003, also
proved successful, underscoring Netia's ability to capitalize on
available synergies and drive performance improvements.  We
intend to use the experience gained from the integration of
aewiat Internet to ensure the smooth integration of El-Net's
operations into Netia, which we are looking to complete by the
end of 2004.

"The recently concluded legal merger of Netia and 19 of its
subsidiaries will enable us to further reduce overheads and
simplify operational processes.  Having completed the
operational integration of aewiat Internet, we now plan to
reduce the number of legal entities within its group.

"With the decision of the Polish Minister of Infrastructure to
cancel all of Netia's outstanding local license fee obligations
in exchange for Netia's past investments into telecom
infrastructure, we eliminated our remaining local license fee
liability in the fourth quarter of 2003.  A similar process is
ahead of us with regard to El-Net's local license fee
obligations of approximately EUR 114 million."

To see full copy of financial statements:
http://bankrupt.com/misc/Netia_2003.htm

CONTACT: NETIA SA
         Anna Kuchnio, Investor Relations
         Phone: +48 22 330 2061
         Media
         Jolanta Ciesielska
         Phone: +48 22 330 2407
         or
         Taylor Rafferty, London
         Mark Walter
         Phone: +44 (0) 20 7936 0400
         or
         Taylor Rafferty, New York
         Abbas Qasim
         Phone: 212 889 4350


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


BYKOVSK: Declared Insolvent
---------------------------
The Arbitration Court of Moscow region declared Bykovsk
Production Corporation State Unitary Enterprise of the Russian
Ministry of Defense insolvent, and introduced bankruptcy
proceedings at the Corporation.  The case is docketed as A41-K2-
22710/03.

Alexandr Vakka, a member of TP Self-regulated organization of
arbitral managers Paritet, was appointed insolvency manager.
Creditors have until March 20, 2004 to submit their proofs of
claim to the insolvency manager at: 107078, Russia, Moscow, Post
User's Box 281, for Alexandr Vakka.

CONTACT:  BYKOVSK PRODUCTION CORPORATION
          Russia, Moscow region, Ramensky Area,
          Ilyinsky', Oparinskaya str.64.

          Alexandr Vakka, Insolvency Manager
          107078, Russia, Moscow
          Post User's Box 281


CONCRETE PRODUCT: Deadline for Proofs of Claim April 20
-------------------------------------------------------
The Arbitration Court of Tula region declared Private limited
company Concrete product plant insolvent.  The case is docketed
as A68-42/B-03.  Dmiry Cochetkov, a member of TP Self-regulated
organization of arbitral managers in Central Federal District,
was appointed insolvency manager.

Creditors have until April 20, 2004 to submit their proofs of
claim to the insolvency manager at: 300600, Russia, Tula region,
Tula, Lenin prosp.81, off.23.

CONTACT:  CONCRETE PRODUCT PLANT
          301070, Russia, Tula region,
          Chernsky Area, Skuratovo station

          Dmiry Cochetkov, Insolvency Manager
          300600, Russia, Tula region,
          Tula, Lenin prosp.81, off.23


ELEZK BREWERY: Declared Insolvent
---------------------------------
The Arbitration Court of Lipezk region declared Brewery OJSC
Elezk Beer insolvent.  Bankruptcy proceedings were subsequently
introduced at the company.

Vasily Ivanov, a member of TP Interregional self-regulated
organization of arbitral managers Evraziya, was appointed
insolvency manager.

Creditors have until April 20, 2004 to submit their proofs of
claim to the insolvency manager at: 191028, Russia, Saint-
Petersburg, Gagarinskaya str.25, off.19.

CONTACT:  ELEZK BREWERY
          302010, Russia, Lipezk region,
          Elez, A. Gayterova str.42

          Vasily Ivanov, Insolvency Manager
          191028, Russia, Saint-Petersburg
          Gagarinskaya str.25, off.19


LUCH: Under Bankruptcy Supervision Procedure
--------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
supervision procedure on Federal State Unitary Enterprise The
scientific-and-production factory LUCH.  The case is docketed as
A45-21737/03-CB/255.  V. Davydov was appointed temporary
insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 630008, Russia, Novosibirsk
region, Novosibirsk, Nikitin str.62 -1.

A court hearing is to take place at 3:00 p.m. on June 7, 2004 at
the Arbitration Court of Novosibirsk region: 630008, Russia,
Novosibirsk region, Novosibirsk, Kirov str.3, off. 913.

CONTACT:  FSUE SPF LUCH
          355029, Russia, Novosibirsk region,
          Novosibirsk, Stanzionnaya str.32

          V. Davydov, Temporary Insolvency Manager
          630008, Russia, Novosibirsk region,
          Novosibirsk, Nikitin str.62 -1

          Arbitration Court of Novosibirsk region
          630008, Russia, Novosibirsk region
          Novosibirsk, Kirov str.3, off. 913


OPTRON: Court Appoints Temporary Insolvency Manager
---------------------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
supervision procedure on OJSC OPTRON.  The case is docketed as
A63-202/2003-C5.  Aleksandr Poboschenko, a member of TP
Interregional self-regulated organization of arbitral managers
Sodruzhestvo, has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at : 355012, Russia, Stavropol
region, Stavropol, Goleneva str.73, off.518. Phone: 7-8652-26-
08-96.

CONTACT:  OPTRON
          355029, Russia, Stavropol region,
          Stavropol, Lenin str.431.

          SODRUZHESTVO
          355000, Russia
          Stavropol region,
          Stavropol, Lenin str.392
          Contact:
          Aleksandr Poboschenko, Temporary Insolvency Manager
          355012, Russia, Stavropol region
          Stavropol, Golenev str.73, off.518
          Phone: 7-8652-26-08-96.


PROTON: Declared Insolvent
--------------------------
The Arbitration Court of Orel region declared OJSC Experimental
designer manufacturing bureau Proton (TIN5753008791) insolvent.
Bankruptcy proceedings were subsequently introduced at the
company.

Alexandr Nogtenko, a member of TP Interregional self-regulated
organization of arbitral managers Sodeystviye, was appointed
insolvency manager.

Creditors have until April 20, 2004 to submit their proofs of
claim to the insolvency manager at: 302010, Russia, Orel region,
Orel, Aviazionnaya str.5.

CONTACT:   PROTON
           302010, Russia, Orel region,
           Orel, Leskov str.19

           SODEYSTVIYE
           Russia, Orel region
           Orel, 3-Kurskaya str.15

           Alexandr Nogtenko, Insolvency Manager
           302010, Russia, Orel region
           Orel, Aviazionnaya str.5


ROMODANOVSKY SUGAR: Under Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Republic of Mordoviya commenced
bankruptcy supervision procedure on Closed JSC Romodanovsky
Sugar mill.  The case is docketed as A39-164/04-6/6.  D.
Shirshicov has been appointed temporary insolvency manager.

Creditors have until March 28, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 430027, Russia,
Republic of Mordoviya, Saransk, Gagarina str.99. Phone: 7-8-
8342-33-50-18.

CONTACT:  ROMODANOVSKY SUGAR MILL
          431600, Russia, Republic of Mordoviya
          Romodanovo, Sakcharnikov str.1.

          Yuri Kartofelnikov, Temporary Insolvency Manager
          430027, Russia, Republic of Mordoviya,
          Saransk, Gagarina str.99
          Phone: 7-8-8342-33-50-18


SANGARENERGO: Court Commences Bankruptcy Proceedings
----------------------------------------------------
The Arbitration Court of Republik of Sakha (Yakutia) declared
power company Unitary Enterprise Sangarenergo insolvent, and
introduced bankruptcy proceedings at the company.  The case is
docketed A58-1074/02.  Sergey Sokolov, a member of TP Self-
regulated organization of arbitral managers Avangard, was
appointed insolvency manager.

Creditors are asked to submit their proofs of claim to the
insolvency manager at: 677007, Russia, Republik of Sakha
(Yakutia), Yakutsk, Krupskaya str.35. Phone: 7-8-4112-36-45-65.

CONTACT:  SANGARENERGO
          678300, Russia, Republik of Sakha (Yakutia),
          Kobyaysky ulus, Sangary, Lenin str.6

          Sergey Sokolov, Insolvency Manager
          677007, Russia, Republik of Sakha (Yakutia),
          Yakutsk, Krupskaya str.35
          Phone: 7-8-4112-36-45-65.


SIXTH TELEVISION: Under Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on Closed JSC The Sixth Television Channel.  The case
is docketed as A40-53240/03-86-38B.  Vitaly Ostroverkh, a member
of TP Self-regulated organization of arbitral managers MZPU, was
appointed temporary insolvency manager.

Creditors have until March 28, 2004 to submit their proofs of
claims to the temporary insolvency manager at: 119027, Russia,
Moscow, Post User's Box 85.

A court hearing is to take place at 10:00 a.m. on June 10, 2004
at the Arbitration Court of Moscow, Hall 715.

                              *****

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

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

CONTACT:  THE SIXTH TELEVISION CHANNEL
          129366, Russia, Moscow,
          Yaroslavskaya str. 13a.

          Vitaly Ostroverkh, Temporary Insolvency Manager
          119027, Russia, Moscow,
          Post User's Box 85


WOLFRAMIUM-MOLYBDENUM: Undergoes Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Republic of Kabandino-Balkariya
commenced bankruptcy supervision procedure on State Unitary
Enterprise Tyrnyauzsky Wolframium-Molybdenum Combine
(TIN0710000012).  The case is docketed as A20-2771/02.  Yuri
Kartofelnikov, a member of TP Interregional self-regulated
organization of arbitral managers in Republic of Kabandino-
Balkariya, was appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 360000, Russia, Republic of
Kabandino-Balkariya, Nalchik, Lermontov str.54, off.15, for Yuri
Kartofelnikov.

CONTACT:  WOLFRAMIUM-MOLYBDENUM COMBINE
          361600, Russia, 360000, Russia
          Republic of Kabandino-Balkariya
          Tyrnyauz, Elbruss prosp. (Stroitelnaya str.) 19.

          Yuri Kartofelnikov, Temporary Insolvency Manager
          360000, Russia, Republic of Kabandino-Balkariya,
          Nalchik, Lermontov str.54, off.15,.


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


SAS GROUP: Splitting into Three Independent Entities
----------------------------------------------------
The SAS management is currently working to re-establish three
national companies in several Scandinavian countries, Nettavisen
reported citing Danish paper Berlingske Tidende.

The move is seen as a return to the group's former structure in
the 1940s.  At the time three companies existed almost
independently of each other.

At present, SAS' administration is in Stockholm Sweden.  But
this will change when three companies are established in Norway,
Sweden, and Denmark.  The proposal will be presented to the SAS
board March 10.

The decision is aimed at streamlining the company to better
compete with discount fare companies that travel between Norway
and Sweden, and to pave the way for the cooperation of Braathens
and SAS in Norway.

Jorgen Lindegaard, SAS administrative officer said: "We have in
Norway and Sweden an incredible strong focus on handling the
very hard competition on the most important national routes, and
we are therefore building the new national companies around this
traffic."


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


FANTASTIC CORPORATION: Replaces PwC with Testor Treuhand
--------------------------------------------------------
At the general assembly of March 1, 2004 of the Fantastic
Corporation (Prime Standard Frankfurt: FAN), Pete Hirsch, who
took up the role of acting manager since January 20, 2004, was
elected as the only member of the board of directors.  Further
more, instead of PricewaterhouseCoopers AG the general assembly
elected Testor Treuhand, Zurich branch, as new auditors.

                              *****

The two remaining members of the board, Peter Ohnemus and
Matthias Oertle, resigned last month as the company reported a
net loss of US$15 Million for the year ending December 31, 2003.
The previous year loss was US$33.8 million.

CONTACT: THE FANTASTIC CORPORATION
         Bahnhofstrasse 2, Postfach 1350, 6301 Zug
         Meliza Louw
         Phone: +41 41 7288888
         Fax:   +41 41 7288880
         E-Mail: M.Louw@fantastic.com
         Christine Arndt
         E-mail: arndt@kueng-law.ch


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


3PC DEALINGS: Wind up Resolution Passed
---------------------------------------
The Sole Member of the Company attended and voted at a General
Meeting of the 3PC Dealings Limited Company on February 12,
2004.  The Special Resolution to wind up the Company was passed.

Thomas Merchant Burton, of Ernst & Young LLP, Ten George Street,
Edinburgh EH2 2DZ, is appointed Liquidator for the Company.

CONTACT: ERNST & YOUNG LLP
         Ten George Street,
         Edinburgh EH2 2DZ
         Contact:
         Thomas Merchant Burton, Liquidator
         Phone: +44 (0) 131 777 2000
         Fax:   +44 (0) 131 777 2001
         Web site: http://www.ey.com


ABBEY NATIONAL: Scraps With-profits Bonus
-----------------------------------------
Abbey on Monday announced that no annual bonus would be declared
for with-profits policies for Abbey National Life, Scottish
Mutual and Scottish Provident (including Scottish Provident
Ireland), except where guaranteed rates of bonus apply.

Terminal bonus rate scales have been reduced for both unitized
and traditional with-profits policies with effect from March 1,
2004.

The recent stock market recovery has been insufficient in scale
and of too short a duration to make up both the shortfall from
the previous three years and the element of smoothing that was
applied over this period to allow for any bonus to be applied.
Abbey's priority is to treat all policyholders fairly.  A
positive bonus could unfairly benefit both maturing
policyholders and policyholders with guarantees to the detriment
of policyholders who remain invested in the funds without
guarantees.

Surrender penalty free switches for customers

From June, in recognition of the impact of the zero bonus rates,
Scottish Mutual plans to enable customers in the Scottish Mutual
With Profit Investment Bond and Scottish Mutual Select With
Profit Bond to switch from the with-profits fund into either the
Smoothed Investment Fund or the Multi Manager Funds, free of any
outstanding surrender penalty.  Most other unitized with profits
products from Scottish Mutual and Scottish Provident already
have this switching option and it is planned to extend it to
other unitized with-profits contracts, where policy conditions
allow.  This could potentially offer a way to take higher equity
risk exposure than that available in the with-profits fund.

Abbey National Life customers can already move their investments
to alternative products free of initial charges and the company
is working on extending these options further over the coming
months.   All customers will, however, still have to pay any
Market Value Reduction (MVR) that applies at the time of the
switch.

Protection for investors

In common with all other with-profits providers, a significant
project is underway to determine the precise implications of the
new "realistic" reporting requirements for the Scottish Mutual
and Scottish Provident with-profits funds.  In the short term
and to protect long-term investors in the Scottish Mutual and
Scottish Provident with-profits funds while the assessment of
these requirements is underway, MVRs have been increased on
average by 5% for Scottish Mutual and Abbey National Life and by
on average 10% for Scottish Provident.

CONTACT: ABBEY NATIONAL
         Media contacts:
         City media
         Christina Mills, Abbey
         Phone: 020 7756 4212

         Personal finance, business and financial trade media
         Christine McAllister, Abbey
         Phone: 0141 275 9411
         Jane Reynolds, Abbey
         Phone: 020 7756 4221


ADVANCED PUMPING: Names Perkins Liquidator
------------------------------------------
At an Extraordinary General Meeting of the Contributories of the
Advanced Pumping Systems Limited Company, on February 11, 2004,
the subjoined Resolutions to wind up the Company were passed.

Michael Perkins, of Bulley Davey, 69-75 Lincoln Road,
Peterborough PE1 2SQ, is appointed Liquidator for the Company.

CONTACT: BULLEY DAVEY
         69-75 Lincoln Road
         Peterborough PE1 2SQ
         Contact:
         Michael Perkins, Liquidator
         Phone: 01733 569494
         Fax: 01733 565250
         Web site: http://www.bulleydavey.co.uk

Company Address: Unit B Finmere Pk
                 Southgate Way
                 Orton Southgate
                 Peterborough
                 PE2 6YG
                 United Kingdom
                 Phone: (01733) 233633
                 Fax: (01733) 233686
                 Web site: http://www.advancedpumpingsystems.com


ALPHA RECORDING: Calls on Knights to Wind up Firm
-------------------------------------------------
At an Extraordinary General Meeting of the Members of the Alpha
Recording & Marketing Co. Ltd. (t/a ARMCO) Company on February
19, 2004 held at The Octagon, Exchange Tower, 2 Harbour Exchange
Square, London E14 9GE, the subjoined Special Resolutions to
wind up the Company were passed.

Barry P Knights of Knights & Company, 15A Nelson Road,
Greenwich, London SE10 9JB, is appointed Liquidator for the
purposes of the Company.

CONTACT: KNIGHTS & COMPANY
         15A Nelson Road
         Greenwich, London SE10 9JB
         Contact:
         Barry P Knights, Liquidator

Company Address: Units 1 & 2,
                 Forest Industrial Park,
                 Forest Road, Hainault,
                 Essex IG6 3HL
                 Phone: 020 8500 1981


ALTOFAX LIMITED: Brings in Liquidator from Moore Stephens
---------------------------------------------------------
At an Extraordinary General Meeting of the Altofax Limited
Company on February 20, 2004 held at Moore Stephens Corporate
Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3
1PB, on 20 February 2004, the subjoined Special Resolutions to
wind up the Company were passed.

Nigel Price, of Moore Stephens Corporate Recovery, Beaufort
House, 94-96 Newhall Street, Birmingham B3 1PB, appointed
Liquidator for the Company.

CONTACT: MOORE STEPHENS CORPORATE RECOVERY
         Beaufort House,
         94-96 Newhall Street,
         Birmingham B3 1PB
         Contact:
         Nigel Price, Liquidator
         Phone: 0121 333 3100
         Fax:   0121 359 1848
         Web site: http://www.moorestephens.co.uk


AMS ACCESS: Names Filippa Connor Liquidator
-------------------------------------------
At an Extraordinary General Meeting of the Members of the AMS
Access Flooring Limited Company on February 18, 2004 held at
Trafalgar House, Grenville Place, London NW7 3SA, the subjoined
Special Resolution to wind up the Company was passed.

Filippa Connor, of B & C Associates, Trafalgar House, Grenvill
Place, Mill Hill, London NW7 3SA is appointed Liquidator for the
Company.

CONTACT: B & C Associates
         Trafalgar House,
         Grenvill Place, Mill Hill,
         London NW7 3SA
         Contact:
         Filippa Connor, Liquidator

Company Address: Capital House
                 21-23 Parkhouse Street
                 London SE5 7TQ
                 Phone: 02077017003


AORTECH INTERNATIONAL: Appoints Biotech Expert to Board
-------------------------------------------------------
AorTech International plc announces changes to its Board of
Directors, which took effect Monday.

As described in its last Interim Report, the Company is now
focused on the development of its biomaterials business.  As
this is still an early stage venture, it was felt that changes
to the Board are required to enable the Company to deal more
effectively with the demands and challenges of this business.

Peter Jeremy Gibson, age 57, previously the CEO and Chairman of
the Corin Group PLC, a major U.K. manufacturer of orthopedic
implants, is appointed a Non-Executive Director.  Peter founded
Corin in 1985 and managed it through to a public flotation in
2002 before retiring in 2003.  He has significant experience of
the challenges facing early stage companies in the orthopedic
implant market.

Jon Peter Pither, age 69, is appointed a Non-Executive Director
and brings a wealth of Board and City institutional experience
His knowledge and experience of the challenges facing quoted
small cap companies with emerging technologies will be
particularly valuable at this stage in the development of the
Company.

At the same time, Jonathan Brooks and Bill Strachan are
resigning as Non-Executive Directors of the Company.

Laurie Rostron, Chairman of AorTech commented:
"I am delighted to welcome both Peter and Jon to the Board of
AorTech.  The Company has changed considerably over the past
twelve months and it is now in the early stage of its
development as an emerging biomaterials business.  Four initial
license agreements for its proprietary biomaterial product
Elast-EonTM have been signed so far.  The company is working
diligently with these licensees toward the goal of regulatory
approval and commercialization of devices utilizing its
biomaterials technology and the beginning of royalty income for
AorTech.   Discussions are also being held with a number of new
potential licensees and the completion of these negotiations
remains a priority.   New application development opportunities
continue to emerge and the Board is encouraged by the progress
that the Company is making.

I believe the related experience that Peter and Jon bring to the
Board will help us develop these projects effectively and create
value.

I would like to thank both Jonathan and Bill for their
significant contribution to the Company.   Both believed that
the Board would be better served by Non-Executive Directors with
more experience and knowledge of this type and size of company."

CONTACT: AORTECH INTERNATIONAL PLC
         Laurie Rostron, Chairman
         Phone: + 44 (0) 1844 343 276

         Ian Cameron, Finance Director
         Phone: + 44 (0) 1698 746 699

         COLLEGE HILL
         Nicholas Nelson
         Clare Warren
         Phone: + 44(0) 20 7457 2020


BENTON LOCKS: Appoints Thompson and Frost Liquidator
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the Benton
Locks Limited Company on February 11, 2004 held at The Quality
Hotel, 20 Wolverhampton Road West, Walsall, West Midlands WS2
0BS, the Extraordinary Resolution to wind up the Company was
passed.

Andrew W Thompson and Jeremy C Frost, of The Thompson
Partnership, 111 Hagley Road, Edgbaston, Birmingham B16 8LB, be
nominated Liquidators for the Company.

CONTACT: THE THOMPSON PARTNERSHIP
         111 Hagley Road, Edgbaston
         Birmingham B16 8LB
         Contact:
         Andrew W Thompson, Liquidator
         Jeremy C Frost, Liquidator
         Phone: +44 (0) 845 456 8412 (Local U.K. rate)
         Fax:   +44 (0) 845 456 8413 (Local U.K. rate)
         Web site: http://www.ttp.co.uk


BLACKFRIAR PAINTS: E Parsons & Sons Appoints Receiver
-----------------------------------------------------
Name of Company: Blackfair Paints Limited

Reg. No: 2224840

Nature of Business:
Manufacturer of Paints, Print Ink and Mastics

Trade Classification: 11

Date of Appointment of Joint Administrative Receivers:
February 12, 2004

Name of Person Appointing the Joint Administrative Receivers:
E Parsons & Sons Limited

Joint Administrative Receivers: BAKER TILLY
                                1 Georges Square,
                                Bristol BS1 6BP
                                Receivers:
                                Andrew M Sheridan
                                Cedric M Clapp
                                (Office Holder Nos 8839, 5614)


BOLT MEDIA: Concluding Assembly Set March 31
--------------------------------------------
There will be a Final Meeting of Members of the Bolt Media
Limited Company on March 31, 2004 at 10:30 a.m.  It will be held
at the offices of PricewaterhouseCoopers LLP, 12 Plumtree Court,
London EC4A 4HT.

The purpose of the Meeting is to have an account laid before the
Members showing how the winding-up has been conducted and the
property of the Company disposed of.

CONTACT: PRICEWATERHOUSECOOPERS LLP
         Contact:
         R Setchim, Liquidator
         Phone: (44) (20) 7583 5000
         Fax:   (44) (20) 7822 4652
         Web site: http://www.pwcglobal.com


DKB INTERNATIONAL: Final Gathering Set March 25
-----------------------------------------------
There will be a Final Meeting of the Members of the DKB
International on March 25 2004 at 10:30 a.m.  It will be held at
the KPMG LLP, 8 Salisbury Square, London EC4Y 8BB.

The purpose of the Meeting is receiving an account showing the
manner the Liquidators have bee conducting the property of the
Company disposed of.

S Treharne, Liquidator

CONTACT: KPMG LLP
         S Treharne, Liquidator
         Phone: (020) 7311 1000
         Fax:   (020) 7311 3311
         Web site: http://www.kpmg.co.uk


E J WADE: Final Meeting March 22
--------------------------------
The Final Meeting of the E J Wade Investment Limited Company
will be held at Gilderthorp & Partners, 22 Paul Street, Shepton
Mallet, Somerset BA4 5LA, on March 22, 2004, at 10:30 a.m., for
the purpose of receiving the accounts of the Liquidator.

CONTACT: GILDERTHORP & PARTNERS
         R S Gilderthorp, Liquidator
         Phone: 01273414434


EURODIS ELECTRON: Lists Share Option Scheme
-------------------------------------------
Eurodis Electron PLC announces that application has been made to
the London Stock Exchange and U.K. Listing Authority for the
admission to the Official List of the block listings of Ordinary
1 penny Shares as described below.  These shares will rank pari
passu with the existing ordinary shares in issue following the
Sub-division effective 8:00 a.m. on March 2, 2004 and will be
allotted from time to time.

Scheme                                                Shares

Electron House PLC Executive Share Option Scheme      155,064
Electron House 1995 Executive Share Option Scheme     533,226
Electron House 1995 Unapproved Share Option Scheme  2,912,853
Eurodis Electron 2003 Share Option Scheme             916,333
Eurodis Electron 2003 Long Term Incentive Plan     30,156,333


EURODIS ELECTRON: Shareholders Approve Refinancing Plans
--------------------------------------------------------
On 5 February 2004 Eurodis Electron announced a Firm Placing and
Placing and Open Offer of 780,000,000 new ordinary shares at an
issue price of 5 pence per new ordinary share.

At the extraordinary general meeting of Eurodis Electron, which
took place earlier on Monday, all resolutions put to
shareholders, including those to effect the Firm Placing and
Placing and Open Offer, amend the rules of the Company's
Long Term Investment Plan and approve the grant of Special
Options and increase the limit on fees payable to the directors,
were duly passed.

The Firm Placing and Placing and Open Offer remain conditional
upon, inter alia, admission of the new ordinary shares to
listing on the Official List of the U.K. Listing Authority and
to trading on the London Stock Exchange's main market for listed
securities, expected to take place on March 2, 2004.

CONTACT: EURODIS ELECTRON
         Douglas Rogers, Chairman
         Phone: 01737 242 464
         Steve Swayne, Chief Executive

         DRESDNER KLEINWORT WASSERSTEIN
         Charlie Batten
         Christopher Baird
         Phone: 020 7623 8000


FUJI INTERNATIONAL: Members Final Meeting March 25
--------------------------------------------------
There will be a Final Meeting of Members of the Fuji
International Finance on March 25, 2004 at 11:00 a.m.  It will
be held at the KPMG LLP, 8 Salisbury Square, London EC4Y 8BB.

The purpose of the Meeting is receiving an account showing the
manner the Liquidators have bee conducting the property of the
Company disposed of.

CONTACT: KPMG LLP
         S Treharne, Liquidator
         Phone: (020) 7311 1000
         Fax:   (020) 7311 3311
         Web site: http://www.kpmg.co.uk


GRAYSTON AUTOMOTIVE: Hires BDO Stoy Hayward as Administrator
------------------------------------------------------------
Name of Company: Grayston Automotive Limited

Nature of Business: Haulier

Trade Classification: 28

Date of Appointment: February 13, 2004

Joint Administrative Receiver:  BDO STOY HAYWARD LLP
                                Commercial Building,
                                11-15 Cross Street,
                                Manchester M2 1BD
                                Receivers:
                                Dermot Justin Power
                                David Swaden
                                (IP Nos 6006/01, 5495/01)


INTERNATIONAL POWER: Asset Write-down May Lead to Downgrade
-----------------------------------------------------------
Moody's Investors Service placed the Ba3 senior unsecured
ratings of International Power on review for possible downgrade.
The decision was prompted by the company's decision to write
down the value of its U.S. assets by GBP400 million, and
initiate a comprehensive review of the U.S. business.

The writedown implies a long-term permanent loss in value of the
business, which has a key role in the company's growth plans,
the rating agency said.

In conjunction, the debt of ANP Funding 1, the group's U.S.
subsidiary, was reclassified as current due to certain claimed
technical events of default.

"[T]he issues at ANP Funding 1 raise concerns about the longer
term prospects of the group," Moody's said.  This is despite a
satisfactory 2003 results, and the fact that the ANP Funding 1
debt is non-recourse, and does not cross default to the parent.


INVENSYS PLC: Private, Open Offers Receive 70.8% Acceptance
-----------------------------------------------------------
On February 5, 2004, Invensys plc announced details of a
refinancing plan, consisting of a placing and open offer of
2,187,363,013 new ordinary shares at a price of 21.5 pence per
share, a proposed issue of senior notes and an arrangement of
new credit facilities.

The open offer has now closed in accordance with its terms.
The board of Invensys announces that valid application forms
under the open offer have been received from shareholders in
respect of 1,549,196,846 new ordinary shares.  This represents
70.8% of the new ordinary shares offered pursuant to the open
offer 638,166,167 new ordinary shares, representing 29.2% of the
new ordinary shares offered pursuant to the open offer, were not
taken up by shareholders and these new ordinary shares will be
taken up by institutional and other investors under the placing.

Certain shareholders who participated in the placing have
elected to apply offset in relation to 109,197,673 new ordinary
shares for which valid application forms have been received.
On this basis, places that have not applied for offset will
receive a minimum of approximately 30.7% of their initial
placing allocation.  Places who did apply for offset will be
scaled back accordingly.  The final allocations of shares not
taken up under the open offer will be confirmed to places after
the Extraordinary General Meeting to be held on March 2, 2004.

The new ordinary shares to be issued pursuant to the placing and
open offer will be credited as fully paid and will rank pari
passu with the new ordinary shares arising on the share capital
subdivision (as described in the prospectus issued by Invensys
in relation to the placing and open offer, dated February 5,
2004, the 'Prospectus').

The placing and open offer remains conditional upon, inter alia,

     (i) the passing of the resolutions to be proposed at the
        Extraordinary General Meeting to be held at 11:00 a.m.
        on March 2, 2004,

    (ii) all conditions to the issue of the Senior Notes (or the
        bridge facility to be entered into in the event that the
        Senior Notes are not issued) and the new credit
        facilities having been satisfied or waived, subject only
        to Admission (as defined below), and

   (iii) admission of the new ordinary shares issued pursuant to
        the placing  and open offer to the Official List of the
        U.K. Listing Authority and to trading on London Stock
        Exchange plc's market for listed securities.

Application has been made to the U.K. Listing Authority and to
London Stock Exchange plc for Admission and it is expected that
Admission will become effective and dealings will commence at
8:00 a.m. on March 5, 2004.

CONTACT: INVENSYS PLC
         Victoria Scarth
         Mike Davies
         Phone: +44 (0) 20 7821 2121

         CAZENOVE
         Nick Wiles
         Edmund Byers
         Graham Bird
         Phone: +44 (0) 20 7588 2828

         DEUTSCHE BANK
         Carl Tack
         David Bugge
         Charles Foreman
         Phone: +44 (0) 20 7545 8000

         MORGAN STANLEY
         Simon Robey
         Philip Apostolides
         Simon Smith
         Phone: +44 (0) 20 7425 5000


INVENSYS PLC: Expects GBP600 Million from Senior Notes Issuance
---------------------------------------------------------------
On February 5, 2004, Invensys plc announced details of a GBP2.7
billion refinancing plan, consisting of a placing and open offer
of 2,187,363,013 new ordinary shares at a price of 21.5 pence
per share, an issue of senior notes and an arrangement of new
credit facilities, the senior notes and credit facilities
together totaling GBP2,250 million.

Invensys announces that it has agreed with Deutsche Bank AG
London the pricing for the senior note portion of the
refinancing.  Invensys will issue EUR475 million in aggregate
principal amount of 9 7/8% senior notes due 2011 and $550
million in aggregate principal amount of 9 7/8% senior notes due
2011 (together, the Senior Notes).  The Senior Notes will be
issued at 98.147% of their principal amount.  The sterling
equivalent proceeds of the Senior Notes are approximately GBP600
million.  Although the Senior Notes were oversubscribed, in view
of the positive demand for the second lien portion of the new
credit facilities, Invensys took the opportunity to increase
that facility by GBP50 million.  Accordingly, the balance of the
debt refinancing will be under new credit facilities totaling
GBP1.65 billion.  The issue of the Senior Notes remains
conditional upon, inter alia,

     (i) admission of the new ordinary shares issued pursuant to
        the placing and open offer to the Official List of the
        U.K. Listing Authority and to trading on London Stock
        Exchange plc's market for listed securities, and

    (ii) all conditions to the new credit facilities having been
        satisfied or waived, subject to, amongst other things,
        Admission.  If the issue of the Senior Notes becomes
        unconditional, settlement is expected to occur on March
        5, 2004 and admission of the Senior Notes to the
        Official List and to trading on London Stock Exchange
        plc's market for listed securities is expected to occur
        on March 8, 2004.

A copy of the purchase agreement for the Senior Notes will be
available for inspection during normal business hours on any
weekday (Saturdays and public holidays excepted) at the offices
of Freshfields Bruckhaus Deringer, 65 Fleet Street, London EC4Y
1HS up to and including March 5, 2004.

CONTACT: INVENSYS PLC
         Victoria Scarth
         Mike Davies
         Phone: +44 (0) 20 7821 2121

         DEUTSCHE BANK
         Carl Tack
         David Bugge
         Charles Foreman
         Phone: +44 (0) 20 7545 8000


NET MONITOR: General Meeting Set April 2
----------------------------------------
A General Meeting of the Net Monitor Limited Company on April 2,
2004 at 10:00 a.m.  It will be held at Geoffrey Martin & Co, 8-
12 Brook Street, London W1K 5BU

The purpose of the Meeting is for the account to be laid before
the Members showing the manner in which the winding-up has been
conducted and the property of the Company disposed of.

CONTACT: GEOFFREY MARTIN & CO
         S Goderski, Liquidator
         Phone: 0113 244 5141
         Fax: 0113 242 3851


OAKPARK LIMITED: Cattles Invoice Brings in Receivers
----------------------------------------------------
Name of Company: Oakpark Limited

Reg. No.: 03728627

Trading Name: Aplaz

Nature of Business: Plastic Engineering

Trade Classification: 7

Date of Appointment of Joint Administrative Receivers:
February 16, 2004

Name of Person Appointing the Joint Administrative Receivers:
Cattles Invoice Finance (Oxford) Limited

Joint Administrative Receivers: HURST MORRISON THOMSON
                                5 Fairmile
                                Henley on Thames,
                                Oxfordshire RG9 2JR
                                Receivers:
                                Robert Christopher Keyes
                                Gareth Wyn Roberts
                                (Office Holder Nos 1016, 1162)


SPECIALIST HEATING: Appoints Moore Stephens Administrator
---------------------------------------------------------
Name of Company: Specialist Heating Services (Kent) Limited

Nature of Business: Heating Engineers

Trade Classification: 27

Date of Appointment: February 13, 2004

Joint Administrative Receiver: MOORE STEPHENS CORPORATE RECOVERY
                               Victory House, Admiralty Place,
                               Chatham Maritime, Kent ME4 4QU
                               Receiver:
                               Simon G Paterson
                               (IP No 6856)

                               MOORE STEPHENS CORPORATE RECOVERY
                               1 Snow Hill, London EC1A 2EN
                               Receiver:
                               David A Rolph
                               (IP No 5930)


STATUS GROUP: Names PricewaterhouseCoopers Administrator
--------------------------------------------------------
Name of Company: Status Group Management Limited

Nature of Business: Provision of Management Services and
Investment Funds for the Information Technology Sector

Trade Classification: 37

Date of Appointment: February 13, 2004

Joint Administrative Receiver:  PRICEWATERHOUSECOOPERS LLP
                                9 Bond Court, Leeds LS1 2SN
                                Receivers:
                                Edward Klempka
                                Toby Scott Underwood
                                (IP Nos 5701, 9270)


Y.I.T. PLC: Creditors Final Meeting March 29
--------------------------------------------
The Final Meeting of Members of the Y.I.T PLC Company will be on
March 29, 2004 at 10:30 a.m.  It will be held at the office of
PricewaterhouseCoopers LLP, Plumtree, London EC4A 4HT.

The purpose of the Meeting is having an account laid before the
Members showing how the winding-up has been conducted and
property of the Company disposed of.

A Stanway, Joint Liquidator

CONTACT: PRICEWATERHOUSECOOPERS LLP
         A Stanway, Liquidator
         Phone: (44) (20) 7583 5000
         Fax:   (44) (20) 7822 4652
         Web site: http://www.pwcglobal.com


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson, and
Liv Arcipe, Editors.

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

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

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

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


                 * * * End of Transmission * * *