/raid1/www/Hosts/bankrupt/TCREUR_Public/040305.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, March 5, 2004, Vol. 5, No. 46

                            Headlines

C Z E C H   R E P U B L I C

ALIATEL A.S.: Full-year Loss Down 46% to CZK385 Million


F I N L A N D

METSO CORPORATION: Ratings Downgraded to 'BB+'; Outlook Stable


F R A N C E

FRANCE TELECOM: Moody's Impressed with Debt Workout, Ups Rating
VIVENDI UNIVERSAL: Moody's Raised Ratings to 'Ba3'


G E R M A N Y

FARMATIC BIOTECH: Applies for Insolvency Proceeding
FARMATIC BIOTECH: Company Profile
SCHERING AG: Analysts Expect Profit, Sales to Dive Further


H U N G A R Y

NABI RT: Strengthens Operative Supervision of Optare


I R E L A N D

JSG HOLDINGS: Rating of Proposed Notes Issuance Withdrawn


I T A L Y

PARMALAT GROUP: Industry Ministry Forms Supervisory Committee


N E T H E R L A N D S

KONINKLIJKE AHOLD: CEO Rallies Support for New Ahold
KONINLIJKE AHOLD: Sells Thai Biz to Complete Asian Withdrawal
UGC EUROPE: Earns 'B' Rating for Material Business Risk
VERSATEL TELECOM: Net Loss Down to EUR32.9 Mln from EUR694.6 Mln


P O L A N D

NETIA SA: Extraordinary General Meeting March 11
UPC POLSKA: Corporate Credit Rated 'B', Senior Notes 'CCC+'


R U S S I A

ALMETYEVSKAGROCHIMSERVICE: Declared Insolvent
ARGYZSKAYA SELCHOZTECHNIKA: Declared Insolvent
DALVOKUGOL: Auction of Coal Mining Business Set April 3
LEASING COMPANY: Under Bankruptcy Supervision Procedure
MEAT-PACKING COMPANY: Court Appoints Interim Insolvency Manager

ROSKA: Under Bankruptcy Supervision Procedure
ROSPROM: Declared Insolvent
SUDGHA PMK: Under Bankruptcy Supervision Procedure
SUDZHA BREWERY: Under Bankruptcy Supervision Procedure
UGO-KAMSKY: Court Initiates Bankruptcy Proceedings


S W E D E N

SKANDIA INSURANCE: Sampo Sells 7.37% Shareholding


S W I T Z E R L A N D

ADECCO SA: North American Unit Strengthens Senior Management


U N I T E D   K I N G D O M

ABBEY NATIONAL: Subjoined Resolution to Wind up Passed
AE ENGINEERING: Shareholders Approve Winding up Resolution
AMADEUS EDUCATION: Appoints Moore Stephens Liquidator
BRAMCOTE ESTATE: Appoints Liquidator
BRITISH AIRWAYS: February Traffic Statistics Up

COMMUNICATIONS IN BUSINESS: Unsecured Creditors Meeting Mar. 19
DJK LIMITED: Creditors Meeting Set March 11
GALATIAL ACE: Designates Ernst & Young as Liquidator
HAYMES FARM: Unsecured Creditors to Meet March 12
MARCONI CORPORATION: Partially Redeems Guaranteed Senior Notes

NEOVENTA MEDICAL: Hires Ernst & Young as Liquidator
ORANGE PLC: Moody's Upgrade Debt Rating on Reduced Leverage
OSPREY FORECOURTS: Petrol Stations, Stores for Sale
WALT DISNEY: Michael Eisner Stripped of Chairmanship


                            *********


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


ALIATEL A.S.: Full-year Loss Down 46% to CZK385 Million
-------------------------------------------------------
Aliatel A.S. has released its interim annual accounts for 2003.
Revenues generated by the sale of own services amounted to
CZK2.551 billion, representing a 38% year-on-year growth.  Due
to this dynamic revenue growth, Aliatel was ranked by the Fast
50 poll as the fastest growing technological company in Central
Europe.  The majority of the revenues were generated by a
significantly growing demand for complex telephone services and
Internet services.

Total investments amounted to CZK220 million, i.e. 75.47% less
than in 2002.  The reduction of capital expenditure is due to
the fact that Aliatel has already completed the build-up of its
state-of-the-art network.  The coverage and infrastructure of
this network guarantees a very high-level quality of services.
Most of new investments in 2003 were undertaken in order to
complete specific customer projects and to facilitate volume
growth.

EBITDA (Earnings before Interests, Taxation, Depreciation and
Amortization), the key indicator for the company on its road to
profitability, became positive in Q1/2003.  This trend had
continued in the next quarters as well.  EBITDA for 2003 was
CZK250 million, meeting the expectations set after the H1/2003
results.  In 2002, EBITDA was -CZK78 million.

Bernhard Fanger, Aliatel's Director General, sees Aliatel's
ability to carry on the dynamic growth of revenues, despite
stagnation in the fixed telecommunication market, as the most
positive achievement in 2003.

Beyond growth, he sees another achievement less visible: "The
year 2003 was the year of consolidation when the company moved
from the expansive growth phase to strengthen the position
attained in key customer segments.  We had to re-design some
processes and implement organization[al] changes in order to
keep up with demand and bring unit costs to a lower level.  In
the years to come we will continue to concentrate on our
profitability in order to turn into black numbers."

Aliatel is still losing, but owing to its good performance, the
amount of the loss has been lower than expected.  In comparison
with 2002, the company managed to reduce its loss by 46% despite
the overall stagnation of the telecommunication marketplace.
The basic capital of the company is at CZK3.272 billion.  The
shareholding structure has remained unchanged.  At year-end,
Aliatel employed 353 people.  The company does not assume major
changes in headcount.

                                             Actual as of
                                   Dec. 31, 2003   Dec. 31, 2002

                                            [in CZK million]
Revenues from own products/services         2,551       1,852
  EBITDA                                      250         -78
  Profit/Loss (net)                          -385        -718
  Basic capital                             3,272       3,272
  Capital expenditures                        220         897

Aliatel A.S. provides in guaranteed quality a choice of reliable
data, telephone and Internet services.  Aliatel has been awarded
internationally recognized quality management ISO 9001:2000
certificate.  In 2003 Aliatel won the first place in the Fast 50
competition, organized by Deloitte, as the fastest rising
technological company in the Czech Republic and Central Europe.
Aliatel's shareholding structure is as follows: 60% of the
company shares are owned by Czech power distribution companies -
- namely Severomoravska energetika, A.S. (10.33%), Jihomoravska
energetika, A.S. (10.33%), Jihoceska energetika, A.S. (10.33%),
Zapadoceska energetika, A.S. (10.33%), Prazska energetika, a. s.
(9.33%), and Severoceska energetika, a. s. (9.33%) -- while the
remaining 40% shares are owned by German shareholder RWE Com.

CONTACT: ALIATEL A.S.
         Mr. Pavel Kaidl, Public Relations
         Phone: (+420) 225 253 151
         Fax: (+420) 225 253 152
         E-mail: press@aliatel.cz


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


METSO CORPORATION: Ratings Downgraded to 'BB+'; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Rating Services lowered Metso's corporate
credit rating to 'BB+' from 'BBB', and considers the outlook on
ratings to be Stable.  Additionally, the ratings of Metso's
outstanding bonds and EMTN program were lowered to 'BB' from
'BBB.'   At the same time, the short-term rating was lowered to
'B' from 'A-3.'  All ratings were removed from CreditWatch.

Metso Corporation is a global supplier of process industry
machinery and systems, as well as know-how and aftermarket
services.  The Corporation's core businesses are fiber and paper
technology (Metso Paper), rock and mineral processing (Metso
Minerals) and automation and control technology (Metso
Automation).  In 2003, the net sales of Metso Corporation were
EUR4.3 billion and the personnel totaled approximately 27,400.
Metso Corporation is listed on the Helsinki and New York Stock
Exchanges.

CONTACT:  METSO CORPORATION
          Pekka Holtta, Senior Vice President,
          Corporate Treasurer
          Phone: +358 204 84 3195


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


FRANCE TELECOM: Moody's Impressed with Debt Workout, Ups Rating
---------------------------------------------------------------
A significant cut made to France Telecom's debt prompted Moody's
Investors Service to upgrade the company's long- and short-term
debt ratings.  The long-term and short-term debt ratings were
raised to Baa2 from Baa3, with a positive outlook, and Prime-2
from Prime-3, with a stable outlook, respectively.

This after France Telecom was able to reduce its net debt by
EUR23.8 billion to EUR44.2 billion during 2003.  After adjusting
the figure to reflect various off-balance sheet and contingent
liabilities, Moody's came up with a net debt of EUR69.3 billion
at year-end.

An important consideration in both the upgrade and positive
outlook was Moody's view of the sustainability and future
allocation of France Telecom's cash flow generation.  France
Telecom improved its retained cash flow by close to EUR2 billion
to EUR11.2 billion.  Moody's believes further the company can
achieve an average free cash flow delivery of EUR6 billion or
more over the next three years.


VIVENDI UNIVERSAL: Moody's Raised Ratings to 'Ba3'
--------------------------------------------------
Moody's Investors Service upgraded the ratings of Vivendi
Universal due to continued stabilization of the company's
credit. The company's senior unsecured debt ratings were
promoted from 'B1' to 'Ba3', and its senior implied rating to
'Ba2' from 'Ba3'.  All ratings remain under review for possible
upgrade.

Moody's said it recognizes that Vivendi Universal has:

(a) Closed out its regulatory review with the U.S. SEC,

(b) Has simplified the ownership structure for its SFR asset,
    and

(c) Has put in place a new unsecured syndicated EUR2.7 billion
    bank facility to refinance its existing secured bank
    facilities on completion of the merger of its VUE unit with
    NBC scheduled around the middle of the year.

After the repayment of a EUR1.7 billion bond, Vivendi is left
with only around EUR600 million in obligations for the rest of
the year.  Moody's believe it can meet repayment schedules even
if there is a delay to the finalization of the NBC deal as long
as existing bank facilities remain available under their terms.


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


FARMATIC BIOTECH: Applies for Insolvency Proceeding
---------------------------------------------------
The Executive Board of Farmatic Biotech Energy AG filed for
insolvency proceedings in Hamburg on Wednesday.  Mr. Yvo Dengs
has been appointed interim insolvency administrator.

CONTACT:  Farmatic Biotech Energy Ag
          Kolberger Strasse 13
          D-24589 Nortorf
          Phone: +49 (4392) 9177-101
          E-mail: weiss@farmatic.com
          Home Page: http://www.farmatic.com
          Contact:
          Armin Weib, Vorstandsvorsitzender


FARMATIC BIOTECH: Company Profile
---------------------------------
NAME: Farmatic Biotech Energy AG
      Kolberger Strasses 13
      24589 Nortorf
      Germany

PHONE: +49(0) 4392 9177-0

FAX:   +49(0) 4392 5864

E-MAIL: info@farmatic.com

HOME PAGE: http://www.farmatic.com

TYPE OF BUSINESS: Farmatic and its subsidiaries work in the
field of environmental technology.  It has developed technology
for the industrial conversion of biomass and manure into
regenerative energy.  The international business activities of
Farmatic are focused on the conceptional planning, construction
and operation of bio-power plants. Farmatic is also active in
the field of biological sewage treatment und mechanical
biological treatment both in Germany and abroad.

COMPANY LOCATIONS: Farmatic International

                   BIGADAN A/S
                   DK-8660 Skanderborg
                   E-mail: kab@bigadan.dk

                   FARMATIC BIOTECH ENERGY UK. LTD.
                   5 Royal Crescent
                   Cheltenham
                   GL50 3 DA
                   United Kingdom
                   E-mail: fink@farmatic.com
                   Home Page: http://www.holsworthybiogas.co.uk

                   FARMATIC JORDANIEN
                   Yathrib Commercial Center
                   WasFi Al Tal Street
                   Amman-Jordan
                   E-mail: reischke@farmatic.com

                   FARMATIC SCHWEIZ AG
                   MellingerstraBe 83
                   CH-5400 Baden

EXECUTIVES:  Supervisory Board

             Prof. Dr. Karl-Wilhelm Giersberg, Chairman
             Stephern Heuser, Deputy Chairman
             Willi J. Muller, Member


             Management Board:
             Armin Weib, Chief Executive Officer
             Hubert Loick
             Ulrich Wogart, Chief Financial Officer

INVESTOR RELATIONS: Ms. Vibeke krey
                    Phone: +49(0) 4392 9177-195
                    Fax: +49(0) 4392 9177-197
                    E-mail: krey@farmatic.com

NUMBER OF EMPLOYEES: 111 (as of Sept. 30, 2003)

REVENUES: EUR15.583 million (as of Jan.1-Sept.30, 2003)

NET LOSS: EUR13.794 million (as of Jan.1-Sept.30, 2003)

TOTAL ASSETS: EUR33.733 million (as of Jan.1-Sept.30, 2003)

TOTAL LIABILITIES: EUR40.162 million (as of Jan.1-Sept.30, 2003)

TO SEE LATEST FINANCIAL STATEMENTS:
http://bankrupt.com/misc/FarmaticBiotech_Financials.pdf

SHAREHOLDERS: Willi J. Muller                       -  9.11%
              Peter Schrum                          - 16.60%
              Capital Stage Trade GmbH              -  8.85%
              Wilhelm Beteiligungsgesellschaft mbH  -  6.10%
              Streubesitz                           - 59.34%

INTERIM INSOLVENCY ADMINISTRATOR: Dengs, Yvo, RA
                                  Palmaille 63
                                  22767 Hamburg


SCHERING AG: Analysts Expect Profit, Sales to Dive Further
----------------------------------------------------------
Schering AG, the German birth-control pills manufacturer, may
report decline in full year earnings for the second time around.
Last month, it said, 2003 profit dropped 49% based on
preliminary figures; fourth-quarter net income declined 6.8% to
EUR96 million, or 50; while sales remained at EUR1.28 billion.

Looking forward, it is feared that sales of the company's two
top sellers, the Yasmin birth control pill and Betaseron
multiple schlerosis medication, will decline due to competition.
Sales of Betaseron, Schering's top product, dropped 2% to EUR770
million last year.  Yasmin and other brand-name contraceptives
lost market share in January and February, Helaba Trust analyst
Thomas Brenning said, citing data from IMS Health Inc.

"If both Betaseron and Yasmin aren't growing in the U.S., then
there are hardly any growth products," said Mr. Brenning, who
rates the shares "underweight." "That would be a heavy blow,"
Bloomberg News quoted the analyst saying.

Sales of the contraceptive rose 91% to EUR290 million last year,
or 6% of Schering's total sales of EUR4.8 billion.   Schering,
which is not related to Schering-Plough Corp. of the U.S., has
also been affected by euro depreciation and government measures
to cut health spending in Germany and Japan.

"Recently Schering has been in a very difficult phase," Javier
Latorre, who helps manage the equivalent of US$1.3 billion in
European drug stocks, including Schering, at Frankfurt-based
Deutscher Investment Trust, told Bloomberg.

Schering previously announced plans to cut cost further this
year.  It has already axed 650 jobs since July. Executive
Officer Hubertus Erlen will report final results today.  The
company postponed analyst conference until mid-year.


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


NABI RT: Strengthens Operative Supervision of Optare
----------------------------------------------------
In an effort to return the Nabi Group to profitability, the
Board of Directors of Nabi Rt. resolved at their latest meeting
to elect Peter Rona, Chairman of the Nabi Group, as member of
the Board of Directors at Nabi Inc., Optare Holdings Ltd.

Peter Rona has recently resigned from his position as manager of
the First Hungary Fund to focus his efforts on the Nabi Group.
In addition, the Group's Board of Directors strengthened the
operative supervision of Optare Holdings Ltd. by electing Andras
Racz, Group CEO and Bob Coombes, Optare Group Managing Director
as members of the Board of Directors of Nabi's U.K. subsidiary.

CONTACT: NABI RT
         Andras Bodor, Corporate Affairs Director
         Phone: +36-1-401-7100
         Fax:   +36-1-407-2931
         E-mail: andras.bodor@nabi.hu


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


JSG HOLDINGS: Rating of Proposed Notes Issuance Withdrawn
---------------------------------------------------------
Moody's Investors Service withdrew the P(Caa2) rating for the
proposed issue of EUR250 million of senior notes by JSG Holdings
plc, the indirect parent company of JSG Funding plc.  JSG
Holding's B1 senior implied rating and Caa2 unsecured issuer
rating have been withdrawn.

Meanwhile, JSG Funding was assigned a senior implied rating of
B1, and an unsecured issuer rating of B3 to reflect the relative
ranking of its senior unsecured creditors.  JSG is a leading
paper-based packaging group with key operations in Europe and
Latin America.  For the last twelve months ending December 2003,
JSG generated total sales of EUR4.7 billion and Adjusted EBITDA
of EUR627 million.  The actions follow JSG Holdings'
cancellation of the issue.


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


PARMALAT GROUP: Industry Ministry Forms Supervisory Committee
-------------------------------------------------------------
Antonio Marzano, the Italian Minister of Productive Activities,
established a five-man committee to supervise the restructuring
of Parmalat Finanziaria S.p.A., Bloomberg News says.  The
committee will review Parmalat's reorganization and report to
the Industry Ministry.

The committee consists of two representatives of Parmalat
creditors and three government nominees:

(a) Dario Trevisan and Guido Rosa, from the Italian association
    of foreign banks; and

(b) Massimo Confortini, Giacomo Vizzani and Daniela Primicerio.

Mr. Trevisan and Mr. Rosa will represent the creditors.  Ms.
Primicerio will head the committee.  According to Italian
bankruptcy rules, the committee may access Parmalat's accounting
records and examine them. (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: CEO Rallies Support for New Ahold
----------------------------------------------------
Statement of Ahold President and CEO Anders Moberg at the EGM:

"Welcome to this special meeting on corporate governance.  We
are pleased to be among the first companies in the Netherlands
to implement the Tabaksblat code.  Our initiative takes us
substantially toward complete compliance with the code.  If not
completely, we will explain clearly why.

"We are also very proud to be the first company to convene a
meeting of shareholders devoted solely to corporate governance.
We did this because there should be no question about the value
we place on transparency.  Corporate governance, accountability
and controls are at the heart of our 'Road to Recovery'
strategy.

"The proposals before you will result in significant improvement
in transparency and a far-reaching increase in the power of
Ahold's shareholders; they put Ahold at the forefront of
corporate governance in the Netherlands.

"In a few moments, Peter Wakkie and Sir Michael Perry will
review these proposals in detail.  Before I update you on the
fundamental transformation, I want to make some remarks on
'dealing with the past' and the media attention.

"By now, we've all read the crisis anniversary coverage, all the
reconstructions, all the leaked reports and all the anonymous
comments in the media.  Our attention is constantly diverted to
the past.  We are asked to 'deal with the past.'

"I do understand that you have questions.  You are asking the
right questions.  And I certainly understand that you want
answers.  I also realize that we need to deal with the past as
part of the process to regain your full trust.

"We will continue to cooperate fully with the extensive
investigations still underway.  We are committed to seeing this
lengthy and complex legal process through to a conclusion that
is in the best interests of all shareholders.

"I hope you will understand that we cannot and will not spend
our time on speculation.  We have to base our response on facts.
We will wait until the findings of the investigations before
commenting on the allegations.

"Every associate at Ahold recognizes that we do not have the
luxury of time or distraction.  Our future, the future returns
to our shareholders and the value we bring to customers, depends
upon our undivided focus on rebuilding the strength of our
business.  Shareholders must also understand the importance of
our need to stay focused on improving our competitiveness in all
markets.

"Shareholders, you should recognize that the commotion will
continue, as the company awaits the findings of investigations
and other proceedings, including those by the SEC, the U.S.
Department of Justice, the Dutch Prosecutor and the class action
lawsuits.

"With regard to this, ladies and gentlemen, and with all due
respect for you as individuals and the people you represent, it
is not in the best interests of the company to start any
additional investigation.  I want to appeal to you to wait at
least until the current investigations are concluded.

"Let me make it clear that the difficulties that occurred in
2003 were the result of poor controls, and the misguided actions
of a handful of individuals, and not wholesale corruption
throughout our company.  Those individuals found to have been
involved, have been dealt with.  39 executives and managers have
been removed and 60 faced disciplinary action of different
degrees.

"In this regard, I'd like us all to remember that rumor and
speculation, no matter how often repeated, are not evidence.
These individuals have rights and we at Ahold will respect those
rights.  We endorse the centuries-old principle of innocence
until proven guilty.  And as soon as there is proof, we have
taken and will take action.

"We have spent, as stated before, over 100 million Euros on the
legal and accounting advice fees in 2003.  In addition, the
costs related to the rights issue amount to about 115 million
Euros.  There are also additional fees on other financing
activities.  Needless to say that this is an enormous amount of
money.  We do not intend to be in this position ever again.

"We have reported on several occasions that we are overhauling
our financial controls to make them as strong as possible.  The
most important 'control' is making clear to our people what we
expect of them going forward.

"We have initiated a company-wide financial integrity program.
This is aimed at 15,000 managers - the entire middle and top
ranks of our organization.  The goal of the program is to
underscore the importance of integrity and to help our people in
the real-world business environment.

"However, it is one year on, and we have come a very long way in
that time.  If you are left with the impression that not much
progress has been made, then you would be wrong.
The transformation program is underway at unprecedented speed.

"First the rights issue.  On behalf of our associates, we'd like
to thank our shareholders for your vote of confidence in
approving our recent 3 billion Euro rights issue.  Ahold
underwent one of the most extensive external audits in corporate
financial history.

"Following the completion of the independent investigations
commissioned by Ahold, the General Meeting of Shareholders
approved three years of restated accounts, on which the rights
issue was based.  This has provided us with the financial
stability that we need to go forward.

"Second, this meeting and our corporate governance initiatives
are also important milestones, achieved without argument or
delay.  They are considered by third party experts to be amongst
the best in the Netherlands.  Peter Wakkie will explain our
initiatives in greater detail.

"No one should underestimate the extent to which we have gone,
and will go, to establish good corporate governance.  Ahold is a
Netherlands-registered company but we also aspire to compliance
with international standards of corporate governance.  The vast
majority of our business is in the United States, and we are
quoted on the New York Stock Exchange.  Hundreds of associates
in both Europe and the United States are now involved in
implementing the relevant requirements of the U.S.  Sarbanes-
Oxley legislation to ensure that we are fully compliant, as
required by that law, by the end of 2005.  Among other things
resulting from the new law, every one of our operating company
CEOs will be required to certify the financial accounts for
their business unit.  Hannu Ryopponen and I will then be
personally required to sign off on Ahold's accounts as specified
by U.S. law.  There will be no room for error or irregularity.

"Third, we are putting Ahold's house in order in many other far-
reaching ways.  The new management team is taking shape and is
shaping the future.  Three out of five Executive Board members
are new.  We have made announcements concerning the rotation of
the remaining members of the Executive Board, and in so doing,
have provided for both continuity and succession.  The
Supervisory Board is also undergoing a transition, as already
announced and on agenda.

"I have just spent three weeks on business reviews throughout
our company.  And let me tell you, there is no doubt about the
sense of urgency and dedication with which our teams are
resolving the issues, and making plans to improve organic
growth, decrease cost base and enhance competitiveness.

"The new management team under Larry Benjamin at U.S.
Foodservice is making impressive progress in restoring U.S.
Foodservice to competitive strength.  The change process at U.S.
Foodservice is underway and we look forward to updating you on
its performance and business plan at the next shareholders'
meeting.  The re-shaping of the U.S.  Retail business is also
well underway.  In January 2004, we began the integration of the
Stop & Shop and Giant-Landover back offices, and the Ahold USA
support office.  Last month, we announced our intention to
divest Bruno's and BI-LO, in addition to the sale of Tops
convenience stores, Golden Gallon gas stations and forecourt
stores.

"Our divestment and restructuring program in the other regions
in which we operate is also on track.  In January, we announced
the closure of the European Competence Center.  We are in the
process of selling our Spanish operation and our hypermarkets in
Poland.  On Monday we announced the sale of Bompreco in Brazil
and Nabi we announced the sale of CRC Ahold in Thailand.  Let me
repeat that our financial situation is such that all our
divestment candidates will be sold as part of a careful, caring
process.  There will be no fire sale.

"Essential is that the majority of our company is firmly focused
on the future.  The entire company is engaged in bringing about
a vital transformation: in structure, culture and leadership
style required by our strategic business objectives.  This
transformation won't happen overnight, but I am confident that
we will meet our objectives.

"Before I hand over the meeting, may I conclude by saying that
2004 will be a year of action: for divestment, for
restructuring, for cost-reduction, for increased efficiency and
for competitiveness.  The start of the year has been good, with
sales in line with expectations.

"We have made some clear but tough choices, and we are on track
in achieving our 'Road to Recovery' strategic objectives.

"We have a huge amount on our plate.  In order to succeed, we
must keep our associates focused on serving our customers and we
must create the environment that keeps them motivated, in a year
where we know that the negative publicity around the company's
past will continue.

"Nevertheless, we are moving, and we are moving fast.  Our
people are focused on restoring pride and credibility in our
business.  We are not dragging our heels.  We are making good
progress.

"But the opinion that counts the most belongs to you - our
shareholders.  As CEO of Ahold, let me repeat my personal
commitment to you:

"First of all, accountability for results; second, integrity in
how we do business; and third, my commitment to share all
information as soon as investigations are finalized.  And please
have some patience.

"I took on this challenge and I am very confident about Ahold's
future, but I and our 350,000 associates need your continuing
support.

"We are focused on creating value for you and our customers, and
to set new standards in corporate governance and performance.

Thank you."

Anders C.  Moberg
Ahold President & CEO

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


KONINLIJKE AHOLD: Sells Thai Biz to Complete Asian Withdrawal
-------------------------------------------------------------
Ahold has reached agreement on the sale of its stake in Thai
company, CRC.Ahold, to its partner, the Central Group.  The
divestment, which is effective immediately, is the final step in
the overall sale of Ahold's Asian operations.  The transaction
sum was not disclosed.

Currently, CRC.Ahold Co. Ltd. operates 47 stores and has a
wholesale business delivering to some 300 convenience stores in
Thailand with unaudited aggregate 2003 sales of approximately
EUR312 million.  Ahold employs about 6,000 people in Thailand.
The Central Group is one of Thailand's largest private
corporations.  Central Group consists of six main divisions:
retail, hotels, property, wholesale, manufacturing and food
franchises.

"Ahold has finalized its withdrawal from Asia with the
divestment of its Thai operation," said Theo de Raad, Ahold
Corporate Executive Board member responsible for Latin America
and Asia, commenting on the agreement.  "We have every
confidence that all our stakeholders, including customers,
associates and suppliers, will continue to flourish under new
ownership."

The divestment of Ahold's activities in Asia is part of Ahold's
strategy to optimize its portfolio and to strengthen its
financial position by reducing debt.  In 2003, Ahold already
completed the sale of its Indonesian and Malaysian operations.


UGC EUROPE: Earns 'B' Rating for Material Business Risk
-------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B' corporate
credit rating to Dutch cable holding company UGC Europe Inc.
The rating action is in conjunction with the assigning of a
similar rating to Colorado-based diversified cable television
operator UnitedGlobalCom Inc., parent of UGC Europe.
UnitedGlobalCom's UPC Polska LLC subsidiary was also assigned a
'B' corporate credit rating.

The corporate credit rating on UGC Europe's intermediate holding
company, UPC Distribution Holding B.V., was raised to 'B' from
'C', and was removed from CreditWatch, where it was placed with
positive implications September 29, 2003.  The outlook is
stable.

The rating on the maximum EUR3.5 billion in aggregate secured
bank facilities of UPC Distribution Holding was raised to 'B'
from 'C' and removed from CreditWatch.  A 'B' rating was
assigned to UPC Distribution Holding's new EUR1.072 billion-term
loan tranche D.  A recovery rating of '4' was also assigned to
all the bank facilities.  The bank loan is rated at the same
level as the corporate credit rating; this and the '4' recovery
rating indicate Standard Poor's expectation for a marginal
recovery of principal (25%-50%) in the event of a default.

"The corporate credit rating reflects UGC's significant business
risk in its 11 European cable markets, which comprise the vast
majority of its revenues and EBITDA," said Standard & Poor's
credit analyst Catherine Cosentino.  UGC Europe emerged from
bankruptcy in September 2003.  The company relied heavily on
debt to fund the ambitious upgrade of its network to support
aggressive growth in its video, Internet, and telephony
subscribers.  However, such growth failed to materialize.

While UGC's debt totals only about $4.2 billion as a result of
debt restructurings, it still remains relatively highly
leveraged, at about 6.2x debt to third-quarter 2003 annualized
EBITDA on an operating lease-adjusted basis pro forma for the
UPC Polska debt restructuring.

Improvement prospects for the company's credit metrics could be
hampered in 2004, as the company faces increasing competition in
its voice, video, and data businesses.  The Western European
data market, in particular, has become much more competitive in
2003, as the local telephone carriers have accelerated their
expansion of digital subscriber line (DSL) services.

Telephone services, which have always been subject to a high
degree of competition, have now begun to be further challenged
by increased wireless substitution of landline services.
Moreover, satellite providers have continued to limit subscriber
growth in certain of the company's markets.

Such rising competition could limit EBITDA improvement due to
higher pricing pressures, as well as potential increased
customer churn and retention costs.  Still, UGC benefits from
its affiliation with Liberty Media (BBB-/Stable/--), which owns
approximately 55% of UGC's common stock and has about a 92%
voting control.  UGC is a key investment for Liberty's future
European expansion in cable TV.  However, the rating
incorporates very limited financial support from this
relationship.


VERSATEL TELECOM: Net Loss Down to EUR32.9 Mln from EUR694.6 Mln
----------------------------------------------------------------
For the year ended December 31, 2003, revenues were EUR462.1
million, up 57% from FY2002 revenues of EUR294.4 million.  For
4Q03 revenues were EUR132.2 million, up 8% compared with 3Q03
revenues of EUR122.9 million and 58% compared with 4Q02 revenues
of EUR83.4 million.  This top-line growth is due to the
provisioning of new corporate customers, increased sales to
existing customers, broadband subscriber growth at Zon and
Versatel's German operations and the acquisition of Completel
and tesion in 2Q03.

In total, on-net revenues for Versatel were EUR337.5 million in
FY2003 compared with EUR199.3 million in FY2002.  For 4Q03, on-
net revenues were EUR98.5 million compared with EUR89.4 million
in 3Q03 and EUR57.9 million in 4Q02.

For the year ended December 31, 2003, gross margin as a
percentage of total revenues was 53.5% compared with 50.4% in
FY2002.  Versatel's gross margin as a percentage of total
revenue in 4Q03 was 53.5% compared with 53.8% in 3Q03 and 52% in
4Q02.  The year-on-year increase in gross margin is a result of
a more favorable mix of on-net traffic, regulatory improvements
bringing down fixed and variable costs and the provisioning of
higher margin bundled services.

Raj Raithatha, Chief Executive Officer, commented: "We are
pleased with our operational and financial performance in 2003
as we continued to execute our business plan.  The highlight of
2003 was the continued strength in the corporate IP VPN market
and the successful performance of our consumer DSL operations.
In 2004 we will continue to build on the foundation of successes
in 2003 by focusing on our core competencies of providing
quality telecommunications products and customer service to
business and residential users."

Selling, general and administrative expenses (SG&A) for the year
ended December 31, 2003 were EUR166.6 million compared with
FY2002 SG&A expenses of EUR130.8 million.  SG&A for 4Q03 was
EUR45.7 million, up slightly from EUR45.6 million in 3Q03 and
compared with EUR30.2 million in 4Q02.  Marketing expenditures
for 4Q03 were EUR2.5 million compared with EUR2.3 million and
EUR1.0 million in 3Q03 and 4Q02 respectively.  For the year
ended December 31, 2003, Versatel's adjusted earnings before
interest, tax, depreciation and amortization, and other non-
recurring items (adjusted EBITDA) was positive EUR75.1 million
(excluding a EUR14.9 million credit regarding a settlement with
Deutsche Telekom in 1Q03, EUR1.5 million of previously unearned
revenue in Germany recognized in 2Q03, a EUR2.3 million release
of reduced prior period network costs in The Netherlands
recognized in 2Q03, a EUR0.7 million release of over accruals
recognized in 2Q03, a EUR5.7 million restructuring reserve
related to the German acquisition in 2Q03 and EUR1.2 million of
previously unrecognized prior period revenue that payment has
since been received in 4Q03) compared with EUR17.6 million for
the year ended December 31, 2002.  Versatel's 4Q03 adjusted
EBITDA was EUR23.8 million (excluding EUR1.2 million of
previously unrecognized prior period revenue that we have since
received payment for) compared with EUR20.5 million in 3Q03 and
EUR13.3 million in 4Q02.

For the year ended December 31, 2003, Versatel's result before
interest, tax, depreciation and amortization (EBITDA) was
EUR90.0 million compared with EUR18.8 million for the year ended
December 31, 2002.  Versatel's 4Q03 EBITDA was EUR25.0 million
compared with EUR20.5 million in 3Q03 and EUR10.6 million in
4Q02.

Mark Lazar, Chief Financial Officer, commented: "2003 was a good
year and our growth continues to be driven by the long-term
expansion of our core business, as opposed to short-term cost
cutting.  Given our relative operational strength and financial
flexibility, we believe now is the time to increase focus on our
organic growth investments.  This includes both short-term
investments, as evidenced by the expansion of our DSL footprint,
as well as for long-term investments, including, among other
areas, our mobile, WLL and voice over IP initiatives."

Versatel's net loss for the year ended December 31, 2003,
amounted to EUR32.9 million compared with EUR694.6 million in
2002.  4Q03 net loss was EUR10.4 million compared with a net
loss of EUR11.9 million in 3Q03 and EUR282.4 million in 4Q02.
Versatel's capital expenditures (capex) for FY2003 were EUR89.1
million compared with capex of EUR69.4 million in 2002.  For the
fourth quarter of 2003 capex was EUR28.8 million compared with
EUR21.8 million and EUR19.8 million for 3Q03 and 4Q02
respectively.  The increase in capex in 2003 compared to the
high end of our guidance of EUR85.0 million was primarily the
result of the acceleration of three investment initiatives
including EUR7.0 million related to the further expansion of our
DSL coverage in The Netherlands, EUR1.0 million related to the
launch of a residential DSL offering in Belgium over bitstream
access and EUR1.0 million related to the purchase and trial of a
WLL license and related equipment in The Netherlands.

As of December 31, 2003, Versatel had EUR158.9 million in cash
on its balance sheet compared with EUR191.0 at December 31, 2002
and EUR150.5 million at 3Q03.  The company had a positive
shareholders' equity position of EUR484.5 million as of December
31, 2003 compared with EUR509.5 million at the end of
2002.

As of 4Q02, Versatel had a deferred tax liability on its balance
sheet in respect of the gain related to the completion of its
2002 financial restructuring, whereby any subsequent losses in
The Netherlands are recognized and taken against this deferred
tax liability.  At December 31, 2003, Versatel's deferred tax
liability totaled EUR123.7 million.

"We continue to believe that our organic business plan is fully
funded without a need for third party financing.  Given our cash
position, we also believe that we have approximately EUR75
million in funding to explore potential organic and acquisition
growth opportunities in our core markets," Mr. Lazar said.

"We are in a good position as a debt free alternative carrier
with significant cash resources.  As such, we are exploring
potential ways to expand our business both organically and
through potential acquisitions.  However, we believe that with
our existing infrastructure and business plan we do not require
acquisitions to be successful in the long-term.  That said, we
remain a proactive buyer should assets become available that
meet our investment criteria," he added.

Operational Highlights by Country:

The Netherlands:

Revenues in The Netherlands rose to EUR225.5 million in 2003
from revenues of EUR171.7 million in 2002.  4Q03 revenues in The
Netherlands were EUR62.9 million compared with revenues of
EUR57.3 million in 3Q03 and EUR49.1 million in 4Q02.  Adjusted
EBITDA was EUR54.1 million in 2003 compared with EUR20.0 million
in 2002.  4Q03 adjusted EBITDA was EUR16.9 million compared with
EUR15.0 million and EUR11.8 million in 3Q03 and 4Q02
respectively.

In October 2003, Versatel announced it would start offering
mobile telephony services in The Netherlands in 2004 via an
enhanced service provider agreement with Telfort.  Versatel will
offer the services under its own brand name and will manage the
billing process and customer service as well as SIM Cards.
Telfort, meanwhile, will manage and maintain the mobile network.
The deal makes Versatel the second fully integrated
telecommunications provider in The Netherlands, offering
customers fixed-line and mobile services alike.  In August 2003,
Versatel announced that it intended to expand its DSL coverage
in The Netherlands from 50 % to 65 %, enabling approximately one
million potential users to access services offered by Versatel
and Zon.  Users not covered by Versatel's infrastructure are
serviced through DSL-based products outside the company's own
DSL product portfolio.  Versatel purchased a Wireless Local Loop
(WLL) 2.6 GHz band license in late 2003 for EUR0.8 million.

WLL allows high-speed data transmissions as well as voice-over-
wireless connections.  Versatel is currently testing solutions
that utilize advanced WLL-technology and that would allow it to
bypass the current copper-based local loop offered by the
incumbent.  As a result, Versatel would be able to deliver its
services completely independent from other operators using its
own fiber-optic network in combination with WLL.

Versatel saw strong growth in its residential DSL client base,
which Versatel serves through its Zon subsidiary.  At the end of
2003, Zon had approximately 104,500 ADSL customers compared with
approximately 85,000 at the end of 3Q03.  During 2003, Zon
launched several new products that complemented its DSL product
portfolio, which now offers a reliable solution to all types of
residential DSL users.

Raj Raithatha commented: "Our Dutch business continues to be
Versatel's most mature and profitable business given our clear
number two position in the market.  The success of our corporate
services business in providing complex, multi-site, IP-VPN
solutions to corporate customers continues to be a core driver
of growth as we are able to utilize our own infrastructure,
which maximizes the quality of services.

Additionally, during the year we added over 77,000 broadband
residential customers.  We also anticipate continued growth in
2004 as we drive broadband demand in The Netherlands."
Versatel signed up a large number of new business clients in
2003.  Among others, Versatel was granted contracts by the
Ministry of Justice, the Brilmij group, DHL Express and Unica
Installatietechniek.

Germany:

Revenues in Germany were EUR189.6 million in 2003, up from
EUR77.6 million in 2002.  4Q03 German revenues were EUR57.7
million, up from EUR54.9 million in 3Q03 and EUR21.6 million in
4Q02.  Adjusted EBITDA in Germany rose to EUR21.2 million in
2003 from a loss of EUR2.3 million in 2002.  4Q03 adjusted
EBITDA in Germany was EUR8.3 million compared with EUR5.5
million in 3Q03 and EUR0.7 million in 4Q02.

In March 2003, Versatel acquired 100 % of the outstanding share
capital of tesion Telekommunikation GmbH and its subsidiary
CompleTel GmbH for EUR14.6 million in cash and a 15% stake in
Versatel Deutschland Holding2.  The acquisition doubled
Versatel's presence in the German market, giving Versatel access
to 4,400 km. of pan-German backbone network, 3,600 km. of
regional network in Baden-Wurttemberg and 1,100 km local access
fiber optic network in the cities of Hamburg, Munich, Berlin,
Nurnberg and the Ruhr area of Germany.  The acquisition was
accretive to 2003 EBITDA.

Additionally, Versatel announced the rebranding of its German
tesion Telekommunikation unit into Versatel per January 1, 2004,
following the rebranding of its German unit CompleTel into
Versatel as of June 2003.

Raj Raithatha commented: "2003 was a transforming year for our
German operations as we approximately doubled our size through
an acquisition and strong organic growth of our existing
operations.  Integrating these assets was the primary focus in
2003 and I am pleased to announce that we have completed the
integration of all network, customer care and billing
operations.  With the integration substantially complete, we
have shifted our focus to growing the business in 2004 through
the continued rollout of DSL services and focus on the corporate
market.  We began an aggressive sales and marketing campaign in
our core residential markets and anticipate building upon our
recent success in the corporate market, such as winning anchor
customers like LBBW for multi-site IP-VPN services."

Belgium:

Belgian revenues increased to EUR47.1 million in 2003, from
EUR45.1 million in 2002.  4Q03 revenues were EUR11.6 million,
compared with 3Q03 revenues of EUR10.7 million and 4Q02 revenues
of EUR12.7 million.  Fourth quarter revenues were slightly lower
in Belgium when compared to 4Q02 revenues because of a decrease
in wholesale revenue as we changed our tariff structure and some
voice resellers churned as a result.  Adjusted EBITDA loss in
Belgium was EUR0.2 million in 2003, compared to a loss of EUR0.1
million in 2002.  4Q03 adjusted EBITDA loss was EUR1.5 million,
compared with a loss of EUR18,000 in 3Q03 and a gain of EUR0.8
million in 4Q02.  The decrease in adjusted EBITDA during the
fourth quarter was a result of increased marketing expenditures
of EUR1.1 million relating to a new residential DSL product
launch in Belgium in December 2003.  Due to a capital infusion
in Versatel Deutschland Holding, Arques' stake has now been
diluted to 12.8%.

In December 2003, Versatel launched a new broadband ADSL product
in Belgium targeting the residential market.  This product
allows consumers to get broadband Internet access without fixed
subscription costs by paying per minute.  We also offer a budget
fixed rate product.  To date in Belgium, we have received
approximately 18,500 confirmed orders of which approximately
11,500 are installed.  Approximately 80% of these installed
customers have chosen the fixed subscription product.

Raj Raithatha commented: "Due to the difficult market
environment in Belgium, we continued to postpone significant
upfront investments until there is a more favorable competitive
environment for alternative operators.  That said, our core
initiative in 2004 is to shift our dependence on reselling the
incumbent's products to more on-net services.  Accordingly, in
December 2003, Versatel launched a new ADSL product targeting
the residential market.  While it is still early into our new
campaign, we have already started to see favorable results and
will therefore continue with this investment."

Corporate Governance:

Versatel believes that solid Corporate Governance is of great
importance for a publicly listed company and has studied the
Corporate Governance code as drawn up by the Tabaksblat
Committee in 2003.  The Company will ask its shareholders for
approval of its Corporate Governance policy and practice going
forward during the 2004 Annual General Meeting which shall be
held on May 12.

2004 Financial Guidance:

For the current year 2004, Versatel would like to issue the
following summary financial guidance.  The following statements
are based on Versatel's current expectations.  These statements
are forward-looking and actual results may differ materially.
Versatel believes that it is well positioned to further grow its
operations and results in 2004.  Versatel is optimistic that the
recent improvement in the general trading environment will
translate into an increase in IT and telecommunications spending
in 2004.  However, we anticipate that continued, but manageable
pricing pressure and our increasing mix of residential business
will lead to flat or slightly decreasing gross margin as a
percentage of revenue in 2004.  That said, we are still
comfortable with our long-term gross margin as a percentage of
revenue guidance of 50 to 55%.  In order to achieve our
forecasted growth, we anticipate an increase in spending on
SG&A, marketing and customer care in particular, in order to
handle the expected growth in business and residential
customers.  We believe that 2004 will be a landmark year for
Versatel as we expect to generate a positive free cash flow for
the year, starting in the first quarter.  However, we continue
to believe that a key to our future success will be our
commitment to invest in markets where we are successful.  This
will be important in order to take early advantage of the
increasing demand for broadband services in the corporate and
residential markets, as we believe waiting will increase the
acquisition costs of these customers.  We also intend to invest
in the research and development of new generation products and
services, like WLL, voice over IP and other DSL and fiber based
products and services that will enhance our long-term growth and
positioning in the market place, but may not lead to immediate
results.

Versatel's financial expectations for 2004 are:

(EURmillions)  2004

Revenue            570 - 590
EBITDA             110 - 120
Free Cash Flow
(EBITDA less Capex) 10 - 20

Versatel Telecom International N.V. (Euronext: VRSA).

Versatel, based in Amsterdam, is a competitive communications
network operator and a leading alternative to the former
monopoly telecommunications carriers in its target market of the
Benelux and Germany.  Founded in October 1995, the Company holds
full telecommunication licenses in The Netherlands, Belgium and
Germany and has over 1 million customers and over 1,600
employees.  Versatel operates a facilities-based local access
broadband network that uses the latest network technologies to
provide business customers with high bandwidth voice, data and
Internet services.  Versatel is a publicly traded company on
Euronext Amsterdam under the symbol "VRSA".  News and
information are available at http://www.versatel.com.

CONTACT: VERSATEL TELECOM
         Arent Jan Hesselink
         Investor Relations Manager
         Phone: +31-20-750-2362
         E-mail: arentjan.hesselink@versatel.nl

         Anoeska van Leeuwen
         Director Corporate Communications
         Phone:  +31-20-750-1322
         E-mail: anoeska.vanleeuwen@versatel.nl


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


NETIA SA: Extraordinary General Meeting March 11
------------------------------------------------
Netia S.A. (WSE: NET), Poland's largest alternative provider of
fixed-line telecommunications services announced that it will
not be proposing any resolutions at the Extraordinary General
Meeting of Shareholders to be held on March 11, 2004, since the
Meeting was convened at the request of Netia's shareholders
representing over one-tenth of Netia's share capital.

As previously announced on February 10, 2004, the items on the
agenda for the Meeting remain: (i) changes in the composition of
Netia's supervisory board; and (ii) a decision on the
remuneration of supervisory board members.

Netia has, however, prepared a draft resolution on the latter
issue, compliant with Netia's statute, for review on the
Company's Web site at http://www.investor.netia.pl

                              *****

The remuneration of supervisory board members is made up of
these multiples of average monthly remuneration in the
enterprise sector from the last month of the last quarter,
announced by the President of the Polish Main Statistical Office
in the Official Journal of the Republic of Poland, "Monitor
Polski": 1.2 times for supervisory board members; 1.4 times for
the vice-chairman and 1.5 times for the chairman.

CONTACT: NETIA
         Anna Kuchnio, Investor Relations
         Phone: +48-22-330-2061
         Jolanta Ciesielska (Media)
         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: +1-212-889-4350


UPC POLSKA: Corporate Credit Rated 'B', Senior Notes 'CCC+'
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to UnitedGlobalCom Inc.'s wholly owned UPC Polska
LLC subsidiary.  The rating action is in conjunction with the
assigning of a similar rating to the parent Colorado-based
diversified cable television operator.  UGC Europe, a 100%-owned
European cable holding company, was as well assigned a 'B'
corporate credit rating.

A 'CCC+' rating was assigned to UPC Polska LLC's $100 million
senior notes due 2007, which became part of UGC Europe's capital
structure upon UPC Polska's recent emergence from bankruptcy.
This debt is notched down two below the corporate credit rating
due to the expected concentration of priority obligations
relative to total assets upon UPC Polska's exit from bankruptcy.
This ratio is expected to exceed 30%, which is Standard & Poor's
threshold for notching two below the corporate credit rating.


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


ALMETYEVSKAGROCHIMSERVICE: Declared Insolvent
---------------------------------------------
The Arbitration Court of Republic of Tatarstan declared OJSC
agriculture chemical service company, AlmetyevskAgroChimService,
insolvent; consequently, bankruptcy proceedings were introduced.
The case is docketed as A65-17083/2003-SG4-21.  E. Vafin, a
member of TP Republic of Tatarstan self-regulated organization
of arbitral managers, has been appointed insolvency manager.

Creditors have until April 21, 2004 to submit proofs of claim to
the insolvency manager at: 423450, Russia, Republic of
Tatarstan, Almetyevsk, Agroposyelok.

CONTACT:  ALMETYEVSKAGROCHIMSERVICE
          423450, Republic of Tatarstan
          Agroposyelok

          E. Vafin, Insolvency Manager
          420048, Russia, Republic of Tatarstan
          Kazan, v/gor.2, 110, fl.41


ARGYZSKAYA SELCHOZTECHNIKA: Declared Insolvent
----------------------------------------------
The Arbitration Court of Republic of Tatarstan declared
agricultural machinery company, OJSC Argyzskaya selchoztechnika,
insolvent, and initiated bankruptcy proceedings on the company.

The case is docketed as A65-6342/2002-SA-16.  A. Bloshkin has
been appointed insolvency manager.

Creditors have until April 21, 2004 to submit proofs of claim to
the insolvency manager at: 420029, Russia, Republic of
Tatarstan, Sibirsky tract, 34, corp.5, off.502, CJSC Agracom.

CONTACT:  ARGYZSKAYA SELCHOZTECHNIKA
          119034, Russia, Republic of Tatarstan
          Argyzskiy Area, Tersy

          A. Bloshkin, Insolvency Manager
          420029, Russia, Republic of Tatarstan
          Sibirsky tract, 34, corp.5, off.502
          CJSC Agracom


DALVOKUGOL: Auction of Coal Mining Business Set April 3
-------------------------------------------------------
Alexandr Zinchenko, bidding organizer and external insolvency
manager of Coal mining company, OJSC Dalvokugol, will relaunch
the public auction of the company's business on April 3, 2004.
The auction will be held at 676730, Russia, Amur region,
Raychichinsk, Pobedy str.28, Coal mining company OJSC
Dalvokugol, office 210.

Dalvokugol's business is being sold at a starting price of
RUB180 million.  The transaction includes:

(a) basic manufacturing operations:
    Coal opencast Severo-Vostochny
    Coal opencast Shiroky
    Coal opencast Ogazha
    Coal opencast Erkovezky

(b) 245 buildings

(c) 3,525 employees

Preliminary examination of auction conditions, document list for
participants, description of lots and reception of biddings is
being done between 10:00 a.m. and 3:00 p.m. at 676730, Russia,
Amur region, Raychichinsk, Pobedy str.28, Coal mining company
OJSC Dalvokugol, office 210, Phone: 7-(416-47) 23-174.  Biddings
applications are accepted until 3:00 p.m., March 31, 2004.

In order to participate in the auction, a bidder should transfer
deposit of RUB90 million to the settlement account
40702810200000001716 in PLC CB "Rusky Mezhdunarodny Bank", BIC
044583328,  TIN7730061520, correspondent account
30101810200000000328, Recipient: OJSC Dalvokugol on or before
March 30, 2004.

CONTACT:  DALVOSTOKUGOL
          676730, Russia, Amur region,
          Raychichinsk, Pobedy str.28

          Alexandr Zinchenko, External Insolvency Manager
          676730, Russia, Amur region
          Raychichinsk, Pobedy str.28, office 210,
          Phone: 7-(416-47) 23-174


LEASING COMPANY: Under Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Nizhny Novgorod region commenced
bankruptcy supervision procedure on OJSC Nizhny Novgorod Leasing
Company (TIN5254018025).  The case is docketed as A43-917/04-24-
17.  Sergey Baranov, a member of TP Russian Chamber of Commerce
and Industry self-regulated organization of arbitral managers,
has been appointed temporary insolvency manager.

Creditors have until March 28, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 603005, Nizhny
Novgorod, Oktyabrskaya pl.1, Legal department.

A hearing will take place at 9:00 a.m. on May 18, 2004 at the
Arbitration Court of Nizhny Novgorod region.  The presiding
judge is Illarionova R.F.

CONTACT:  LEASING COMPANY
          Registered address 654944
          Russia, Nizhny Novgorod region

          Sarov, Ak Kchariton str.17,
          Nizhny Novgorod, Nartova str.6

          Sergey Baranov, Temporary Insolvency Manager
          603005, Nizhny Novgorod
          Oktyabrskaya pl.1, Legal Department


MEAT-PACKING COMPANY: Court Appoints Interim Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
supervision procedure on Closed JSC Meat-packing company.  The
case is docketed as A76-22612/03-52-522.  Pavel Tumbasov was
appointed temporary insolvency manager.

Creditors have until March 28, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 455026, Russia,
Chelyabinsk region, Magnitogorsk, Post User's Box 33.

CONTACT:  MEAT-PACKING COMPANY
          455003, Russia, Chelyabinsk region
          Magnitogorsk, "Polya Orosheniya"

          Pavel Tumbasov, Temporary Insolvency Manager
          455026, Russia, Chelyabinsk region
          Magnitogorsk, Post User's Box 33


ROSKA: Under Bankruptcy Supervision Procedure
---------------------------------------------
The Arbitration Court of Leningrad region commenced bankruptcy
supervision procedure on Roska Corporation.  The case is
docketed as A56-38340/03.  Merabi Enukashvili, a member of TP
Self-regulated organization of arbitral managers Evrazia, has
been appointed temporary insolvency manager.  Creditors are
asked to submit their proofs of claim to the temporary
insolvency manager at: 191028, Russia, Saint-Petersburg,
Gagarinskaya str. 25, off.19.

A hearing will take place on July 21, 2004, at the Arbitration
Court of Leningrad region.

CONTACT:  ROSKA
          118440, Russia, Leningrad region
          Tikchvin Area, Bor 31

          Merabi Enukashvili, Temporary Insolvency Manager
          191028, Russia, Saint-Petersburg
          Gagarinskaya str.25, off.19


ROSPROM: Declared Insolvent
---------------------------
The Arbitration Court of Moscow declared Rosprom insolvent, and
initiated bankruptcy proceedings on the company.  The case is
docketed as A40-25125/03-103-18"B".  Elvira Teleshova, a member
of TP Interregional self-regulated organization of arbitral
managers, SEMTEK, has been appointed insolvency manager.

Creditors have until April 20, 2004 to submit proofs of claim to
the insolvency manager at: 123557, Russia, Moscow, Sr. Tishinsky
per.5, Phone: 095-253-23-06.

CONTACT:  ROSPROM
          109028, Russia, Moscow,
          Zemlyanoy Val 50/27, build.16.

          Elvira Teleshova, Insolvency Manager
          123557, Russia, Moscow
          Sr. Tishinsky per.5
          Phone: 095-253-23-06


SUDGHA PMK: Under Bankruptcy Supervision Procedure
--------------------------------------------------
The Arbitration Court of Kursk region commenced bankruptcy
supervision procedure on industrial corporation Sudzha PMK
KurskGasStroy.  The case is docketed as A35-8002/03.  V.
Afanasyev, a member of TP Moscow self-regulated organization of
arbitral managers, has been appointed temporary insolvency
manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 305029, Russia, Kursk,
Nikitskaya str.13.

A hearing will take place on June 10, 2004, 10:00 a.m., at the
Arbitration Court of Kursk region.

CONTACT:   SUDZHA PMK KURSKGASSTROY
           Russia, Kursk region
           Sudzha, Stroitelnaya str.37

           V. Afanasyev, Temporary Insolvency Manager
           305029, Russia, Kursk
           Nikitskaya str.13

           ARBITRATION COURT OF KURSK REGION
           Russia, Kursk, K. Marks str.25


SUDZHA BREWERY: Under Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Kursk region commenced bankruptcy
supervision procedure on Industrial corporation Sudzha Brewery
and Alcohol-free factory.  The case is docketed as A35-7706/03.
V. Afanasyev, a member of TP Moscow self-regulated organization
of arbitral managers, was appointed temporary insolvency
manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 305029, Russia, Kursk,
Nikitskaya str.13.

A hearing will take place on June 10, 2004, 10:00 a.m., at the
Arbitration Court of Kursk region.

CONTACT:  SUDZHA BREWERY AND ALCOHOL-FREE FACTORY
          Russia, Kursk region
          Sudzha, Stroitelnaya str.6

          V. Afanasyev, Temporary Insolvency Manager
          305029, Russia, Kursk
          Nikitskaya str.13

          ARBITRATION COURT OF KURSK REGION
          Russia, Kursk, K. Marks str.25


UGO-KAMSKY: Court Initiates Bankruptcy Proceedings
--------------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
supervision procedure on OJSC Ugo-Kamsky machine-building
factory.  The case is docketed as A50-1215/2004-B.  Lyudmila
Syrvacheva was appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 614068, Russia, Perm,
Bolshevistskaya str.163.

A hearing will take place on June 9, 2004, 10:00 a.m., at the
Arbitration Court of Perm region: Perm, Lunocharskogo,3 hall
104.

CONTACT:  UGO-KAMSKY
          614526, Russia, Perm region,
          Ugo-Kamsk', Kirova str.1

          Lyudmila Syrvacheva, Temporary Insolvency Manager
          614068, Russia, Perm
          Bolshevistskaya str.163
          Phone: (3422)36-39-33
                 (3422)36-68-46

          ARBITRATION COURT OF PERM REGION
          Perm, Lunocharskogo,3 hall 104


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


SKANDIA INSURANCE: Sampo Sells 7.37% Shareholding
-------------------------------------------------
Sampo Group has sold its total shareholding in the Swedish
Skandia.  The transaction will result in a sales gain of
approximately EUR105 million for Sampo, of which approximately
EUR96 million will be booked for Sampo plc.  The sales gain will
affect the Group's first quarter results.

Prior to the transaction Sampo owned 75.5 million shares, or
7.37% of Skandia's total shares.  Approximately 68 million of
these were held by the parent company and 7.5 million by Sampo-
Life.

                              *****

Bjorn Wahlroos, CEO of Sampo, on Wednesday informed Skandia's
nominating committee that he no longer will participate in the
committee's work ahead of the forthcoming Annual General Meeting
in April.  His decision comes in light of the sale of Sampo's
sale of its shares in Skandia.

CONTACT: SKANDIA INSURANCE
         Corporate Communications
         S-103 50 Stockholm, Sweden
         Phone: +46-8-788 10 00
         Fax:   +46-8-788 23 80
         Web site: http://www.skandia.com

         Sveavagen 44
         Hannu Vuola
         Head of Group Communications
         Phone: +358 10 516 0040
         Mobile: +358 50 424 0040

         SAMPO PLC
         Jarmo Salonen, Head of Investor Relations
         Phone: +358 10 516 0030
         Hannu Vuola, Head of Group Communications
         Phone: +358 10 516 0040


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


ADECCO SA: North American Unit Strengthens Senior Management
------------------------------------------------------------
Adecco Group North America, which includes Adecco Staffing,
Ajilon Professional and Lee Hecht Harrison Career Services,
announces with immediate effect the appointment of Peter Alcide
as Senior Vice President, Chief Financial Officer and Chief of
Staff, and Alwin Brunner as Chief Information Officer.

Mr. Alcide will be responsible for all financial oversight of
Adecco Group North American business, working closely with the
CFOs of each division.  He has been CFO of Lee Hecht Harrison
for the past 10 years, a role he will retain in addition to
being Chief of Staff to Ray Roe, Chief Executive Officer of
Adecco Group North America.

Mr. Brunner will help establish and direct the strategic long
term IT goals, policies and procedures for the Group in North
America and help determine system needs and hardware procurement
needs.  Mr. Brunner will move to the US from Lyon, France, where
he was running the Worldwide IT Data Center and the PeopleSoft
Development team as Chief Technology Officer for the Adecco
Group.

Mr. Roe said: "Building a strong management team at Adecco Group
North America is one of my main priorities.  Peter and Alwin's
appointments are key in forging one unified Adecco Group in
North America, helping synergies so as to provide all our
clients and associates with the broadest range of high quality
services in the Industry."

About Adecco

Adecco S.A. is a Forbes 500 company and the global leader in HR
Solutions.  The Adecco Group network connects 650,000 associates
with business clients each day through its network of 28,000
employees and more than 5,800 offices in 68 territories around
the world.  Registered in Switzerland, and managed by a
multinational team with expertise in markets spanning the globe,
the Adecco Group delivers an unparalleled range of flexible
staffing and career resources to corporate clients and qualified
associates.

The Adecco Group comprises four Divisions, Adecco Staffing,
Ajilon Professional, LHH Career Services and Jobpilot e-HR
Services.  In Adecco Staffing, the Adecco staffing network
focuses on flexible staffing solutions for global industries in
transition, including automotive, banking, electronics,
logistics and telecommunications; Ajilon Professional offers an
unrivalled range of specialized branded businesses; LHH Career
Services encompasses our portfolio of outplacement and coaching;
Jobpilot e-HR focuses on online recruiting activities for the
Adecco Group.

Adecco S.A. is registered in Switzerland and is listed on the
Swiss Stock Exchange (ADEN/trading on Virt-x: 1213860), NYSE
(ADO), Euronext Premier Marche (12819).


Additional information is available at the Company's Web site at
http://www.adecco.com

CONTACT: ADECCO
         Media Centre:
         Phone: +41 1 878 8888


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


ABBEY NATIONAL: Subjoined Resolution to Wind up Passed
------------------------------------------------------
Name of Companies:
Abbey National Employee Car Loans Limited
Abbey National Insurance Services Limited
Abbey National Personal Finance Limited
Affinity Pensions Consultants Limited
Huntley & Partners (Financial Services) Limited
Mark Loveday Underwriting Agencies Limited
N & P Personal Loans Limited

At an Extraordinary General Meeting of the Members of these
Companies on February 18, 2004 held at the Abbey National House,
2 Triton Square, Regent's Place, London NW1 3AN, the subjoined
Special Resolutions to wind up these Companies were passed.

Martin Freeman is appointed Liquidator.


AE ENGINEERING: Shareholders Approve Winding up Resolution
----------------------------------------------------------
At an Extraordinary General Meeting of the Shareholders of the
AE Engineering Company on February 12, 2004 held at the Synergy
House, 3 Acorn Business Park, Commercial Gate, Mansfield NG18
1EX, the subjoined Resolutions to wind up the Company were
passed

Peter Adrian Finn, of Finn Associates, Tong Hall, Tong, West
Yorkshire BD4 0RR, is appointed Liquidator of the Company.


AMADEUS EDUCATION: Appoints Moore Stephens Liquidator
-----------------------------------------------------
At an Extraordinary General Meeting of the Amadeus Education
Limited Company on February 18, 2004 held at Moore Stephens,
Corporate Recovery, Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB, the subjoined Extraordinary Resolutions to
wind up the Company were passed.

Roderick Graham Butcher, of Moore Stephens Corporate Recovery,
Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB, is
appointed Liquidator of the Company.


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


BRAMCOTE ESTATE: Appoints Liquidator
------------------------------------
At an Extraordinary General Meeting of Bramcote Estate (Notts)
Limited on February 20, 2004 held at the Storrs Hall Hotel,
Bowness-on-Windermere, the subjoined Special Resolutions to wind
up the Company were passed.

Andrew David Rosler, of Ideal Corporate Solutions Limited,
Tarleton House, 112A-116 Chorley New Road, Bolton BL1 4DH, is
appointed Liquidator for the Company.

CONTACT: IDEAL CORPORATE SOLUTIONS LIMITED
         Tarleton House,
         112A-116 Chorley New Road,
         Bolton BL1 4DH
         Contact:
         Andrew David Rosler, Liquidator


BRITISH AIRWAYS: February Traffic Statistics Up
-----------------------------------------------
Summary of the headline figures

The month's figures, when compared to the same month last year,
are distorted by the extra day of flying (as 2004 is a leap
year) and by the weak base, which was negatively impacted by
armored tanks at Heathrow and impending war with Iraq.

In February 2004, passenger capacity, measured in Available Seat
Kilometers, was 9.3% above February 2003 and traffic, measured
in Revenue Passenger Kilometers, was higher by 7.1%. This
resulted in a passenger load factor down 1.4 points versus last
year, to 68.8%.  The increase in traffic comprised a 9.8%
increase in premium traffic and a 6.6% increase in non-premium
traffic.   Cargo, measured in Cargo Tone Kilometers, rose by
25.4%.   Overall load factor rose 0.4 points to 66.8%.

Market conditions

Market conditions are unchanged.  Long haul premium volumes
continue above last year's levels, and short haul premium
remains weak.  Non-premium traffic volumes remain very sensitive
to yield.

Strategic Developments

British Airways reported a pre-tax profit of GBP125 million for
the three months to December 31, 2003 against a pre-tax profit
of GBP25 million for the same period last year.  The three-month
pre-tax figures took the results for the nine months to a profit
of GBP185 million (2002: GBP335 million profit).  Operating
profit for the quarter was GBP138 million (2002: GBP53 million).
For the nine months, operating profit was GBP373 million (2002:
GBP459 million).

British Airways announced the restructuring its call center
operation in the U.K. in response to the growing number of
customers who book flights on the airline's Web site and the
declining number of calls handled.  Telephone calls to the
airline's five call centers in the U.K. have fallen by 34 % in
the last two years from 13 million to 8.5 million per year as
the popularity of the Internet continues to grow.  The airline
has already reduced the number of staff employed in its U.K.
call center operation from 2,300 in 2001 to 1,400 today.

British Airways added further U.S. destinations to its network
through its code share arrangement with American Airlines,
bringing the total number of code share routes added to the
British Airways network to 90.

British Airways announced the launch of wireless Internet
connections at 80 of its main customer lounges around the world
that will enable customers to have broadband Internet access.
BT will place the latest wireless technology around the lounges
which means customers can sit where they choose and still have
access to the Internet or their company's computer systems.

To see tables:
http://bankrupt.com/misc/BritishAirways_FebStatistics.htm

CONTACT: BRITISH AIRWAYS
         Investor Relations
         Waterside (HCB3)
         PO Box 365
         Harmondsworth
         UB7 OGB
         Phone: +44 (0) 20 8738 6947
         Fax:   +44 (0) 20 8738 9602


DJK LIMITED: Creditors Meeting Set March 11
-------------------------------------------
There will be a Meeting of the unsecured Creditors of the DJK
Limited Company (formerly European Data Corporation Limited) on
March 11, 2004 at 11:00 a.m.  It will be held at the Embankment
Place, London WC2N 6NN.

Creditors whose claims to the Company are secured may not attend
the Meeting.  Other Creditors are only entitled to vote if they
have submitted in writing the details of the debt claim the
Company due them to the Joint Administrator not later than 12:00
noon on or before March 10, 2004.


CONTACT: PRICEWATERHOUSECOOPERS LLP
         9 Bond Court, Leeds LS1 2SN
         Contact:
         M E T Bowen, Joint Administrative Receiver
         D J Waterhouse, Joint Administrative Receiver

         Phone: (44) (113) 289 4000
         Fax:   (44) (113) 289 4460
         Web site: http://www.pwcglobal.com


GALATIAL ACE: Designates Ernst & Young as Liquidator
----------------------------------------------------
At an Extraordinary General Meeting of the Galatial Ace PLC
Company on February 12, 2004 held at 80 George Street, Edinburgh
EH2 3BU, the subjoined 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


HAYMES FARM: Unsecured Creditors to Meet March 12
-------------------------------------------------
There will be a Meeting of the unsecured Creditors of the Haymes
Farm Produce Limited Company on March 12, 2004 at 11:00 a.m.  It
will be held at The Thistle Hotel, Gloucester Road, Cheltenham
GL51 0TS.

Creditors are entitled to vote only of they submit written
details of debt claims the Company due them to the Joint
Administrative Receivers at PKF, Pannell House, 6-7 Litfield
Place, Clifton, Bristol BS8, 3LX not later than 12:00 noon on or
before March 11, 2004.

CONTACT: PKF
         Pannell House,
         6-7 Litfield Place,
         Clifton, Bristol BS8, 3LX
         Contact:
         K S Chalk, Joint Administrative Receiver
         Phone: 0117 906 4000
         Fax:   0117 974 1238
         Web site: http://www.pkf.co.uk


MARCONI CORPORATION: Partially Redeems Guaranteed Senior Notes
--------------------------------------------------------------
Marconi Corporation plc (London: MONI and Nasdaq: MRCIY) on
Wednesday confirms to the owners of its 8% guaranteed Senior
Secured Notes, due 2008 (the Securities) the parameters of the
redemption of $58,887,382 aggregate principal amount of
Securities (the Redemption Securities) that was announced on 23
February 2004.

The Record Date shall be the close of business in London on
March 5, 2004.   The Redemption Date, as previously announced,
shall be on 8 March 2004.  In line with the mechanism used for
the partial redemptions of the Junior Secured Notes, a pool
factor of 8.2114254 % will be applied to every holding,
calculated with reference to the original issue amount of
$717,139,584.

On the Redemption Date, the Redemption Price, together with
accrued interest, will become due and payable.   The Redemption
Securities shall cease to bear interest from and after the
Redemption Date.  Any queries in respect of payment, pool factor
or related matters should be directed to Emma Wilkes at Bank of
New York on (+44) 20 7964 7662, who are the Registrar, the
Depositary and the Paying Agent.

About Marconi Corporation plc

Marconi Corporation plc is a global telecommunications
equipment, services and solutions company.  The company's core
business is the provision of innovative and reliable optical
networks, broadband routing and switching and broadband access
technologies and services.  The company's customer base includes
many of the world's largest telecommunications operators.  The
company is listed on the London Stock Exchange (MONI) and on
Nasdaq (MRCIY).  Additional information about Marconi
Corporation can be found at http://www.marconi.com.

CONTACT: MARCONI CORPORATION PLC
         Press Inquiries:
         Joe Kelly
         Phone: 0207 306 1771
         E-mail: joe.kelly@marconi.com
         David Beck
         Phone: 0207 306 1490
         E-mail: david.beck@marconi.com

         Investor Inquiries:
         Heather Green
         Phone: 0207 306 1735
         E-mail: heather.green@marconi.com


NEOVENTA MEDICAL: Hires Ernst & Young as Liquidator
---------------------------------------------------
At an Extraordinary General Meeting of the Neoventa Medical
Limited Company on February 13, 2004 held at the Agatan 32, S-
431 35 Molndal, Sweden, the Special Resolution to wind up the
Company was passed.

The Company appointed Elizabeth Anne Bingham and Alan Lovett, of
Ernst & Young LLP, 1 More London Place, London SE1 2AF, as
Liquidator.

CONTACT: ERNST & YOUNG LLP
         1 More London Place
         London SE1 2AF
         Contact:
         Elizabeth Anne Bingham, Liquidator
         Phone: +44 (0) 20 7951 2000
         Fax:   +44 (0) 20 7951 1345
         Web site: http://www.ey.com


ORANGE PLC: Moody's Upgrade Debt Rating on Reduced Leverage
-----------------------------------------------------------
Moody's Investors Service upgraded the long-term debt ratings of
France Telecom's subsidiary, Orange plc, from Baa3 to Baa1, with
a stable outlook.

Orange Plc, is a 100%-owned subsidiary of Orange S.A., which is
99.2% owned by France Telecom.  France Telecom's long-term and
short-term debt ratings were in conjunction, raised to Baa2 from
Baa3, with a positive outlook, and Prime-2 from Prime-3, with a
stable outlook, respectively.  The action follows a significant
debt reduction in the company.

The upgrade of Orange Plc's rating is due to the high level of
deleveraging during 2003, which has taken Orange Plc's public
debt to less than EUR0.5 billion, Moody's said.


OSPREY FORECOURTS: Petrol Stations, Stores for Sale
---------------------------------------------------
Edinburgh-based receiver Grant Thornton is selling all 11 Osprey
petrol stations and convenience stores that had closed.

The Scotsman quoted a spokesman for Grant Thornton saying: "Most
garages are in pretty good locations so I would imagine they
could be made profitable quite easily."

Dominic Keane admitted to The Scotsman that his commitment to
support Livingston Football Club was the cause of the chain's
closure.

Osprey Forecourts owns 11 sites in the Fife and Perth regions.

CONTACT:  GRANT THORNTON
          1/4 Atholl Crescent
          EDINBURGH
          EH3 8LQ
          Phone: 0131 229 9181
          Fax: 0131 229 4560


COMMUNICATIONS IN BUSINESS: Unsecured Creditors Meeting Mar. 19
---------------------------------------------------------------
There will be a Meeting of the unsecured Creditors of The
Communications in Business Group Limited Company on March 19,
2004 at 11:00 a.m.  It will be held at the RSM Robson Rhodes
LLP, 186 City Road London EC1V 2NU.

The purpose of the Meeting is to lie out the report of the Joint
Administrators to the Creditors.

Creditors are only entitled to vote if:

(a) If they have submitted the written details of the debts they
claim due by the Company to them at RSM Robson Rhodes not later
than 12:00 noon on or before March 18, 2004.

(b) A Creditor sent a proxy on his/her behalf.

CONTACT: RSM ROBSON RHODES LLP
         186 City Road London EC1V 2NU
         Receivers:
         Geoffrey Paul Rowley
         Michael Jonathan Christopher Oldham
         Phone: +44 (0) 20 7251 1644
         Fax:   +44 (0) 20 7250 0801
         Web site: http://www.rsmi.co.uk


WALT DISNEY: Michael Eisner Stripped of Chairmanship
----------------------------------------------------
The Walt Disney Company (NYSE: DIS) Board of Directors, mindful
of the shareholder vote, announced that it is separating the
positions of CEO and Chairman.  Effective immediately, the Board
created the position of Chairman of the Board.  The Board has
unanimously elected former Sen. George Mitchell to serve in that
non-executive position.

While making this change in governance, the Board remains
unanimous in its support of the Company's management team and of
Michael Eisner, who will continue to serve as chief executive
officer.  Following recent detailed reviews of each major
business and with an ongoing, in-depth knowledge of our
operations, the Board has confidence in the strategic direction
of the company.  Our belief in the Company's strategy, financial
results over the last several quarters, and the level of
earnings and improved returns we expect going forward make us
confident that results will validate our judgment on the quality
of our management team.

While there appear to have been a number of different forces at
work in the shareholder vote, a significant message conveyed in
the vote was in the area of governance, as evidenced by
governance-driven withhold recommendations by two influential
proxy recommendation groups and the public and private
statements by a number of other shareholders.  In particular,
there was substantial focus on the question of whether the Chair
and CEO functions at the Company should be split.

That is not to say that we view the vote as limited to
governance issues alone.  We are aware that some voted for an
immediate change in management and in the board.  However,
taking all of these factors into account, we believe the action
we have taken is in the best long-term interest of the
shareholders of the company.

With respect to the statement made by Comcast, the Board of
Directors stated that it does not believe [the] reiteration by
Comcast of its previous proposal, which we rejected as
inadequate, would lead to a transaction beneficial to Disney
shareholders.  The Board will carefully review and analyze any
reasonable proposal.


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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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
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Information contained herein is obtained from sources believed
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