/raid1/www/Hosts/bankrupt/TCREUR_Public/040319.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 19, 2004, Vol. 5, No. 56

                            Headlines

B E L G I U M

REAL SOFTWARE: Postpones EGM to April 6 Due to Lack of Quorum
SN BRUSSELS: Inks Preliminary Merger Accord with U.K.'s Virgin


C Z E C H   R E P U B L I C

ALIATEL A.S.: Minority Shareholder Planning to Sell Stake
UNION BANKA: Artworks Sold at Good Prices in Auction


F R A N C E

VIVENDI UNIVERSAL: Files Case to Clear Way for NBC Merger
VIVENDI UNIVERSAL: Reports EUR1.1 Billion Full-year Net Loss


G E R M A N Y

BAYER AG: Court Bans Distribution of Poultry Drug in U.S. Market
MUNICH RE: Tax, Goodwill Behind EUR434 Million Full-year Loss
PROKODA: Files for Bankruptcy after Botched Talks with Employees


H U N G A R Y

PANNONPLAST PLC: Maturity of Club Loan Facility Prolonged


I T A L Y

LAZIO: Trading Suspension Casts Shadow on Future
PARMALAT FINANZIARIA: Exposure of Bank of America US$600 Million


N O R W A Y

AKER KVAENER: Lenders Want Changes in Proposed Split Up


P O L A N D

DAEWOO-FSO: MG Rover to Invest up to EUR1 Billion
POLSKIE BADANIA: Files for Liquidation


R U S S I A

DONGAZDOBYCHA: Under Bankruptcy Supervision Procedure
FERROCONCRETE STRUCTURES: Declared Insolvent
ISKRA: Under Bankruptcy Supervision Procedure
LENINSKY PUT: Court Appoints Insolvency Manager
MEZHDURECHENSK CENTRAL: Under Bankruptcy Supervision Procedure

POLYANA: Undergoes Bankruptcy Supervision
STROYSIB: Novosibirsk Court Appoints Insolvency Manager
TYMEN BOTTLING: Under Bankruptcy Supervision Procedure
VADINSKY FACTORY: Bankruptcy Supervision Procedure Begins
YAROSLAVL ENTERPRISE: Under Bankruptcy Supervision Procedure


S W I T Z E R L A N D

ABB LTD.: Corners Supply Contracts Worth US$110 Million


U N I T E D   K I N G D O M

ADVANCED PRECISION: Winding up Resolution Passed
AIRSIDE SERVICES: Appoints David Gerard Kirk Liquidator
AMAT LIMITED: Hires Liquidator from Begbies Traynor
BARWOOD CONSTRUCTION: Names Cooper Parry Liquidator
B & B TRADE: Hires Liquidator

BERNSTEIN GROUP: Meeting of Creditors Set March 22
BOMBARDIER INC.: Closing European Facilities to Cut Costs
BOROFIELD DEVELOPMENTS: Approves Winding up Resolution
CANARY WHARF: Retires Substantial Debt in 2003
CHARNDELL LIMITED: Hires Liquidator from Begbies Traynor

COBRA CARRIERS: Names Mistry and Harlow Liquidators
DEANHURST PROPERTIES: Winding up Resolution Passed
EUROPEAN CRANE: EGM Approves Winding up Resolution
FIREDART LIMITED: Names Jonathan Sinclair Liquidator
FLOORTEC LIMITED: Names Liquidator from Purnells

INTERCLUBNET LIMITED: Winding up Special Resolution Passed
INTERNATIONAL POWER: Completes GBP25 Mln Financing for Canunda
IVORY & SIME: In Final Step Leading to Liquidation
KENNETH FOGG: Creditors Session Set April 5
MARCONI CORPORATION: Partially Redeems Senior Notes Due 2008

MEADOWVIEW ENGINEERING: Creditors Assembly March 22
OPTICAL CABLE: Hires Administrator from Marks Bloom
POLYFONT TPI: Winding up Resolution Passed
PREMIER STRUCTURES: Appoints Numerica Administrator
PRIMARY COLOUR: In Administrative Receivership

PROP JET: Creditors Meeting Set March 22
SKY PARKS: Appoints Jeffrey Henry Jacobs Administrator
SMARTCALL LIMITED: Names Numerica Administrator
SOUTH WEST: Designates Tenon Recovery Administrator
SPRINGWOOD PLC: Adviser Resigns; Ernst & Young Execs Take over
WHELBURYS LIMITED: Appoints Moore Stephens Administrator


                            *********


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


REAL SOFTWARE: Postpones EGM to April 6 Due to Lack of Quorum
-------------------------------------------------------------
The extraordinary general assembly of Real Software S.A. held on
March 16, 2004 did not meet the legally required quorum of 50%
to tackle the proposed conversion into equity of a major part of
the company's debts.  Further to Article 28 of the company's by-
laws, the Board of Directors decided, among others, to postpone
all items of the agenda related to the global debt restructuring
of the company, including those items not requiring the legal
quorum, until the next extraordinary general assembly on April
6, 2004.

The extraordinary general assembly decided not to postpone the
annual statutory general meeting of the company scheduled on
March 30, 2004.  The company would like to provide these
information regarding the debt contribution and restructuring
proposed by the bank consortium and Gores Technology Group,
Inc.:

(a) The proposed contribution to the company's equity of a
    considerable part of the company's debts is, among others,
    subject to a tax ruling.  This tax ruling was obtained
    recently and the condition precedent has been met.

(b) There are rumors in the press about rescue plans offering an
    alternative for the agreement between the bank consortium
    and Gores Technology Group transferring the company's debts.
    In contrast to the allegation of a shareholder at
    Wednesday's extraordinary general shareholders meeting, the
    Board of Directors did not receive until Wednesday an actual
    proposal, merely a due diligence request without any mention
    of the bank consortium's support for such an initiative.

(c) However, an alternative debt restructuring proposal requires
    the approval of all parties and foremost of the company's
    main creditor, i.e. the bank consortium.  In a letter dated
    March 11, 2004, the bank consortium, which has an exclusive
    agreement with Gores Technology Group, Inc., officially
    informed the company that interest and capital
    reimbursements regarding 2003 (amounting to EUR9,422,171.35)
    will become immediately due if the general assembly would
    refuse the debt contribution and restructuring proposed by
    Gores Technology Group, or if the debt transfer agreement
    between the banks and Gores Technology Group would be
    terminated at the latest on April 6, 2004.

(d) The company cannot honor this obligation.  For this reason
    and taking into account the current financial obligations of
    the company the Board of Directors established the annual
    accounts of 2003 in going concern subject to the sole
    condition that the present rescue plan will be approved at
    the latest on April 6, 2004.

The Board of Directors finds it necessary to inform those who it
may concern of this contractual and financial reality.

About Real Software

Real Software was established in 1986.  In 2003, a group
turnover of EUR166.9 million was generated, with an operating
profit (EBIT) of EUR0.4 million, representing an EBIT margin of
0.2%.  The Real Software Group currently has 1,470 employees.
Since 2002, the group's organization has been based around four
divisions: Banking & Insurance, Industry (formerly Manufacturing
& Maintenance), Business & Government, and Retail.  It offers a
comprehensive range of software services, from the development
and implementation of in-house products, tailor-made projects
and outsourcing through to advice, implementation and sales of
products produced by other companies such as SAP, JD Edwards,
Oracle, Microsoft Navision and Microsoft Axapta.  The company
exports Belgian technology to a number of countries, including
Luxembourg, the Netherlands, France and Germany.  Its customer
portfolio includes companies such as Du Pont de Nemours,
Carrefour, Johnson & Johnson, Merck Sharp & Dohme, Biogen,
Renault, STIB-MIVB, the Paris Metro, TF1, EDF - Electricite de
France, SNCF, PTT Post, NedCar, Philips, Bandag, Goodyear, KBC
Bank and Fortis Bank.

You can find more information at
http://www.realsoftwaregroup.com

CONTACT:  REAL SOFTWARE
          Dina Boschmans
          Corporate & Marketing Communications Manager
          Prins Boudewijnlaan 26, 2550 Kontich
          Phone: +32 3 290 23 11
          Fax:   +32 3 290 23 00
          Direct line: +3 23 290 25 30
          GSM: +32 477 619 682
          E-mail: Dina.Boschmans@realsoftware.be
          Web site: http://www.realsoftwaregroup.com


SN BRUSSELS: Inks Preliminary Merger Accord with U.K.'s Virgin
--------------------------------------------------------------
Virgin Express NV/SA has been informed by its majority
shareholder, VEX PLC and by VSIL, majority shareholder of VEX
PLC, that a non-binding letter of intent has been signed on 15
March 2004 by VSIL and SN Airholding, the majority shareholder
of SN Brussels Airlines, which contemplates placing their
respective operational airlines, Virgin Express NV/SA and SN
Brussels Airlines, under common ownership.

The parties have not as yet determined a detailed plan of how
the Virgin Express NV/SA and SN Brussels Airlines business would
be jointly managed.  However, it is foreseen that both
operational companies will remain separate legal entities.  VEX
PLC will remain a publicly quoted company on both the Euronext
and Nasdaq (OTC Bulletin Board).

The Board of VEX PLC and the Board of SN Airholding believe that
the non-binding LOI and the transactions, which it contemplates
are in the best interests of all concerned parties, their
employees, shareholders and customers.  Both companies expect
significant mutual benefits through network optimizations.
If the common ownership of the two airlines is realized, SN
Airholding will offer the market two airlines with different
brands and products to satisfy the growing needs of the
competitive market in Belgium: a flexible full-service airline
and a low-fare airline.  SN Airholding will ensure that there
will be no product confusion for the customer.

Outline of the terms of the Letter of Intent:

Whilst the details have not yet been finalized, the main
elements of the LOI are:

(a) VEX PLC would contribute its shares in Virgin Express NV/SA
    into a holding company in consideration for an issue of
    shares in that company to VEX PLC, which would equal 29.9%
    of the fully diluted share capital of such holding company.

(b) VEX PLC would own 29.9% of the shares, with the remaining
    70.1% owned by the present shareholders of SN Airholding.

(c) The holding company would own 100% of the shares of Virgin
    Express NV/SA and 92% of the shares of SN Brussels Airlines
    (the SIC would continue to hold the remaining 8% of the
    shares of SN Brussels Airlines).

(d) VEX PLC would be granted a "put" option to sell its 29.9%
    stake at a price of EUR64 million, payable in two
    installments.  This "put" option would be exercisable at any
    time from January 1, 2005 up to and including December 31,
    2006.

Joint Press Release

(a) VEX PLC would grant a "call" option to buy its 29.9% stake
    at a price of EUR100 million, payable in two installments.
    This "call" option would be exercisable at any time from
    January 1, 2005 up to and including December 31, 2006.

(b) In the event that the "call" option is exercised and
    subsequently SN Airholding itself exits its own investment,
    then VEX PLC would receive an additional payment such that
    the aggregate consideration received under the call option
    would be equal to the following amounts.  If the subsequent
    exit would occur before June 30, 2007, VEX PLC would receive
    29.9% of the total equity proceeds.  If the exit would occur
    after June 30, 2007 but before June 30, 2009, VEX PLC would
    receive 25%.  Thereafter, VEX PLC would receive 20% of the
    total equity proceeds.

Other Material Terms

Other material terms of the LOI are:

(a) VEX PLC and the shareholders of SN Airholding would enter
    into a shareholders' agreement to regulate, amongst other
    things, corporate governance principles;

(b) VEX PLC would have the right to appoint two directors to the
    Board of the holding company;

(c) The transactions contemplated would be conditional on
    receipt of the necessary regulatory and legal approvals
    (including those relating to competition law) and this
    process will be diligently pursued.

This announcement is not an offer of securities for sale in the
United States.  The securities referred to herein may not be
offered or sold in the United States absent registration or an
exemption from registration.  Any offering of the securities to
be made in the United States will be made by means of a
prospectus that may be obtained from the Company and will
contain detailed information about the Company and its
management, as well as financial statements.

CONTACT:  SN BRUSSELS AIRLINES
          Geert Sciot - Vice President Communication
          Cedric Leurquin - Communication Manager
          Phone: +32 (0) 2 723 84 00

          VIRGIN EXPRESS
          Yves Panneels - Corporate Communication Manager
          Phone: +32 (0) 2 752 06 77


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


ALIATEL A.S.: Minority Shareholder Planning to Sell Stake
---------------------------------------------------------
Zapadoceska energetika, which holds a 10.33% stake in Aliatel,
has hired an auditor to assess the value of the investment in
light of a possible sale.  The power distributor is planning to
sell the stake this year, ZCE spokesman Vaclav Fremr said,
according to Czech Happenings.

The review is part of the company's plan to focus on electricity
supplies.  Zapadoceska energetika owns a combined 30% stake in
Aliatel together with Severoceska energetika and Severomoravska
energetika.  The three are majority-controlled by CEZ.

"We are analyzing the sale, no definitive decision has been made
yet," CEZ spokesman Ladislav Kriz said.  He added that although
it would be better to sell the stakes owned by the distributors
together, CEZ would not prevent the companies from discussing
the possible sale separately.

Aliatel reported positive EBITDA in the first quarter of 2003
after several losses.  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% to CZK385 million.

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


UNION BANKA: Artworks Sold at Good Prices in Auction
----------------------------------------------------
Failed bank Union Banka was able to raise CZK5.335 million from
the auction of its artworks assets, Union spokesman Oldrich
Babicky said, according to Czech Happenings.

The bank sold 118 of 136 paintings and sculptures.  Some of the
paintings attracted a price four times higher than the starting
price which exceeded CZK200,000 with four paintings.  The lot
included works of art by Antonin Slavicek, Oldrich Blazicek,
Frantisek Drtikol and Jan Bauch.

Union Banka closed down on February 21 last year due to
insufficient liquidity.  Its trouble stemmed from an
unmanageable expansion when it took over struggling financial
houses in mid-1990.  A restructuring plan was submitted on March
3, 2003 but was later rejected by the Finance Ministry.


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


VIVENDI UNIVERSAL: Files Case to Clear Way for NBC Merger
---------------------------------------------------------
Vivendi Universal, S.A. (Paris Bourse: EX FP; NYSE: V) announced
on Wednesday that it has filed a complaint against USANi Sub
LLC, a subsidiary of InterActiveCorp, in the Court of Chancery
of the State of Delaware for a declaratory judgment that certain
covenants under the Vivendi Universal Entertainment Partnership
Agreement are defeased upon posting of letters of credit in
favor of USANi, and for an order that USANi must accept the
letters of credit posted by Vivendi.

The dispute arises out of USANi's refusal to accept the form of
the letters of credit, although required to do so by the VUE
Partnership Agreement.  The defeasance of the covenants is a
condition to the closing of the sale of Vivendi's interests in
VUE to NBC, a subsidiary of General Electric.  Vivendi has also
sought an expedited trial in order to proceed on schedule with
the closing of the VUE - NBC transaction

CONTACTS:  VIVENDI UNIVERSAL
           Media
           Paris
           Antoine Lefort
           Phone: +33 (0) 1 71 71 11 80
           Agnes Vetillart
           Phone: +33 (0) 1 71 71 30 82
           Alain Delrieu
           Phone: +33 (0) 1 71 71 10 86

           Investor Relations
           Paris
           Daniel Scolan
           Phone: +33 (0) 171 71 32 91
           Laurence Daniel
           Phone: +33 (0) 1 71 71 12 33

           New York
           Eileen McLaughlin
           Phone: +(1) 212 572 8961


VIVENDI UNIVERSAL: Reports EUR1.1 Billion Full-year Net Loss
------------------------------------------------------------
Vivendi Universal on Wednesday announced its financial results
for 2003, which are currently being audited and were approved by
the Board of Directors.  These are the highlights:

2003 Major Events

(a) Investment of EUR4 billion in SFR Cegetel.

(b) Agreement signed with GE to create, in the second quarter of
    2004, NBC Universal.

2003 Consolidated Financial Results

(a) Net debt(1) reduced to EUR11.6 billion at December 31, 2003,
    after the EUR4 billion investment in SFR Cegetel.

(b) Adjusted net income(2) (excluding exceptional items and
    goodwill).

(c) Positive at EUR349 million, an improvement of EUR863 million
    compared with 2002.

(d) Asset impairment charge: EUR1.8 billion asset impairment
    charge, notably at Universal Music Group and Vivendi
    Universal Games.

(e) Net loss of EUR1.1 billion.

(f) Strong growth of operating results on a pro forma(3) basis.

(g) Operating income of EUR3,309 million, up 61% on a pro forma
    basis.

(h) Consolidated cash flow from operations(4) of EUR4.4
    billion, up 64% on a pro forma basis.

(i) Proportionate cash flow from operations(5) of EUR2.8
    billion, multiplied by 3.7 times, on a pro forma basis.

Outlook 2004

(a) Very strong growth in adjusted net income.

(b) Strong growth in operating income, excluding VUE, NBC
    Universal and Telepiu(6).

(c) Stable consolidated cash flow from operations, excluding
    VUE, NBC Universal and Telepiu(6).

(d) Net debt below EUR5 billion.

(e) In a position to pay a dividend to our shareholders in 2005.

Further information is available at:
http://finance.vivendiuniversal.com

Jean-Rene Fourtou, Chairman and Chief Executive Officer,
commented:  "I am pleased to announce financial results for 2003
which have exceeded our guidance.

"Vivendi Universal's teams have accomplished a lot together in
18 months: we overcame a financial issue, we reduced our debt
from approximately EUR35 billion to EUR11.6 billion, we divested
approximately EUR10 billion of assets, not counting proceeds
from the upcoming VUE transaction.

"Today, Vivendi Universal is in good working order.  In 2003,
Vivendi Universal has invested EUR1.6 billion of capital
expenditures in its core businesses.  It has also invested EUR4
billion for the acquisition of BT's 26% stake in SFR Cegetel.

"In addition, we have signed, in October 2003, an agreement with
General Electric to combine VUE and NBC.  This will give birth
to NBC Universal, one of the world's most profitable and
fastest-growing media companies, in which we will be an active
and long term partner.

"Our main commitment was to improve considerably our operating
cash flow and Vivendi Universal managers have focused
successfully on this matter.  As a result, our consolidated cash
flow from operations grew 64% in 2003 and our proportionate cash
flow from operations increased almost 4 times over the previous
year, on a pro forma basis.

"We have reversed the trend: cash flow generation in the
businesses now contributes to the reduction of the debt, while
we maintain capital expenditures to strengthen our operations.

"We have eliminated the company's cash drains.  The cost of the
headquarters has been reduced 50%.  For the first time in six
years, Canal+ Group records a positive operating income.  The
Universal Music Group and Vivendi Universal Games are
implementing a strong and determined reorganization plan.  We
have strengthened our relationship with Vodafone for the benefit
of SFR and shareholders.

"I am proud of the efficiency demonstrated by our teams, both at
corporate and the business unit levels.  A lot of work still
needs to be accomplished this year: closing of the VUE-NBC
transaction by the end of the first half, increasing our stake
in Maroc Telecom, succeeding in SFR's 3G launch, continuing the
process of strengthening Canal+ Group, improving Universal Music
Group and Vivendi Universal Games operations, completing our non
core assets divestiture program and reducing our net debt.

"In 2004, I expect Vivendi Universal to deliver strong growth in
its profit, to reach a level of debt below EUR5 billion at year-
end and be in a position to distribute dividends to its
shareholders in 2005.

"On top of an improved financial structure, Vivendi Universal's
main objective is to create value for its shareholders in two
sectors with strong growth potential: over the long term, Media
and Telecommunications have grown significantly faster than the
rest of the economy.

"In 2005, Vivendi Universal will be a dynamic Media and
Telecommunications group, delivering a strong increase in profit
with high available cash flow and able to pursue internal growth
as well as to invest in select external opportunities."

On the Group's earnings, he said: "Due to substantial scope
changes, the straightforward comparison of 2003 versus 2002
results, on an actual basis, may not be meaningful.  This is why
the comparisons below are presented on a pro forma basis(3).

Adjusted net income

"The 2003 adjusted net income amounted to + EUR349 million.
This compares with a loss of -EUR514 million in 2002.

"This E863 million improvement was achieved due to:

(1) +EUR1,432 million from the operating income improvement,

(2) +EUR393 million from the tax improvement (mainly a
consequence of the simplification of SFR's structure i.e.,
EUR287 million group share), and was partially offset by:

(a) EUR48 million from the higher financing expenses, reflecting
    an increased average cost of the debt (4.8% in 2003 versus
    4.1% in 2002) offset by a lower average gross debt (EUR16.4
    billion in 2003 versus EUR22.1 billion in 2002),

(b) EUR538 million from higher other financial expenses (mainly
    due to EUR228 million of foreign exchange losses in 2003
    against EUR153 million capital gain on Vinci shares in
    2002),

(c) EUR273 million from higher minority interests (mainly due to
    the improvement in SFR Cegetel and Maroc Telecom's results),

(d) EUR103 million from the decrease in equity earnings or sold
    affiliates (reduced contribution from Veolia Environnement -
    EUR459 million - not fully offset by reduced losses in
    VUNet, international telecom and Canal+).

"The 2003 adjusted net income (excluding exceptional items and
goodwill) includes non-recurring items.  The positive items are
the simplification of SFR's structure (EUR287 million group
share) and the reversal of certain provisions (EUR649 million).
They are largely offset by the negative impact of currency
movements (EUR228 million of foreign exchange losses and EUR121
million from the effect of currency on the operating income) as
well as restructuring provisions and various exceptional charges
(EUR510 million).

Goodwill and asset impairment

"The company recorded EUR1,120 million in goodwill amortization
(versus EUR992 million in 2002) and impairment losses of
goodwill and other intangible assets amounted to EUR1,792
million (versus EUR18,442 million in 2002).  Essentially due to
declining market conditions in 2003, impairment losses were
recorded on Universal Music (EUR1,370 million), VUE Universal
Parks & Resorts (EUR188 million), Canal+ Group international
assets (EUR165 million) and VU Games (EUR61 million).

Financial provisions, exceptional items

"The company's 2003 earnings are impacted by a number of
exceptional items, although to a much lesser extent than in
2002.

"The exceptional gains on divestitures were EUR602 million in
2003, compared to EUR1,125 million in 2002.  The 2003 financial
provisions (net of realized losses) and the charges related to
the company's debt restructuring were limited to EUR94 million
versus EUR3,567 million in 2002.  The company benefited from
EUR1,112 million of exceptional tax credits in 2003, compared to
EUR1,022 million in 2002 of exceptional tax expenses.  The most
important swing factor was the reversal of a EUR477 million
reserve (established in 2002 for EUR534 million for a potential
contractual liability for tax indemnification that would have
arisen if Vivendi Universal had been unable to secure the
refinancing of the bridge loan relating to the VUE Leveraged
Partnership Distribution).(3) The pro forma information
illustrates the effect of the acquisition of the entertainment
assets of InterActiveCorp. in May 2002 and the disposition of
Vivendi Universal Publishing assets sold in 2003, as if these
transactions had occurred at the beginning of 2002.  It also
illustrates the accounting of Veolia Environnement using the
equity method at January 1, 2002 instead of December 31, 2002.

Net Loss/Loss per share - basic

"Altogether, the company's net loss amounted to -EUR1,143
million (-EUR23,301 million in 2002).  Vivendi Universal's 2003
net loss per share - basic amounted to -EUR1.07 (-EUR21.43 in
2002).

Operating income

"Whereas Vivendi Universal's pro forma revenues declined by 10%
and 3% at constant currency, pro forma 2003 operating income
increased by 61% (and +67% at constant currency) to EUR3,303
million compared with EUR2,051 million in 2002.

"This strong operating income pro forma performance was achieved
through:

(a) +EUR542 million improvement at Canal+ Group, which recorded
    EUR247 million of operating income in 2003 including some
    provision reversal early in the year,

(b) +EUR510 million from the elimination of the company's cash
    drains in the non core businesses (VU Net, VTI and Vivendi
    Valorisation),

(c) +E470 million from the improved performance at SFR Cegetel
    Group,

(d) +E335 million from lower holding and corporate costs,

(e) +E160 million growth at Maroc Telecom, and was offset by: -
    EUR486 million decline at UMG, -EUR264 million decline at VU
    Games, -EUR15 million decline at VUE (up 39%, on a stand-
    alone, pro forma, dollar and U.S.  GAAP basis)

Cash flow generation

"The consolidated cash flow from operations for the year 2003
was EUR4.4 billion, up 64% compared to EUR2.7 billion for the
same period last year, on a pro forma basis.  Approximately
EUR400 million of the consolidated cash flow from operations
came from non-recurring asset sales, e.g., real estate asset
sales at VUE.  Also, the working capital requirements of the 4th
quarter 2003 have been reduced well below expectations due to
positive timing of certain events and through improved cash
management.  Proportionate cash flow from operations for the
full year was EUR2.8 billion, 3.7 times the EUR754 million in
2002, on a pro forma basis.

"Access to the cash flows from within the businesses has
improved significantly, as the VUE ring fence was eliminated in
June 2003 and SFR Cegetel Group has started to distribute
dividends in 2003 and adopted a quarterly dividend policy
starting in 2004.

"The cash flow is now contributing to the reduction of debt, in
spite of strong levels of capital expenditures.

Investments

"In 2003, Vivendi Universal invested EUR6.0 billion, of which
EUR4.4 billion in various acquisitions including EUR4 billion to
acquire 26% of Cegetel and EUR1.6 billion in capital
expenditures.

NBC Universal

"On October 8, 2003, Vivendi Universal and GE announced the
signing of a definitive agreement for the combination of NBC and
VUE.  The new company, to be called NBC Universal, will be 80%-
owned by GE, with approximately 20% held by Vivendi Universal.
NBC Universal's assets will include: the NBC Television Network,
Universal Pictures, television production studios (NBC Studios
and Universal Television), a portfolio of cable networks, the
NBC TV stations group, Spanish-language TV broadcaster Telemundo
and its 15 Telemundo stations and interests in five theme parks.
On a pro forma basis, NBC Universal's 2003 revenues would be
more than $13 billion and 2003 EBITDA exceeding $3 billion.

"As part of the transaction, GE is expected to pay at closing
$3.65 billion of cash consideration, of which Vivendi Universal
would receive approximately $3.3 billion, subject to adjustment
in the event that InterActiveCorp exercises certain rights it
has to participate in the VUE-NBC transaction.

"As a result of the deconsolidation of VUE, Vivendi Universal
will also benefit from an approximately $3.2 billion reduction
in net debt on a consolidated basis.  This reduction comes from
$1.7 billion related to VUE's debt and the net effect of the
deconsolidation of class B preferred shares.

"Beginning in 2006, Vivendi Universal will have the option to
begin monetizing its ownership interest in NBC Universal at fair
market value.  Vivendi Universal will hold three out of 15 seats
on the Board of Directors of NBC Universal.  The transaction had
no impact on Vivendi Universal's 2003 accounts.

"The completion of the VUE NBC transaction is subject to
customary approvals from various regulatory agencies and the
defeasance of the covenants of the class A preferred shares.
"Vivendi Universal currently anticipates completing the VUE NBC
transaction in the second quarter of 2004.

Asset divestiture program

"The divestiture program is on track, with approximately EUR3
billion in proceeds generated in 2003 (mainly the Consumer Press
division, Canal+ Technologies, InterActiveCorp warrants,
Telepiu, Hungary's fixed line, Comareg and VUE real estate), and
close to E10 billion in proceeds since July 2002 (excluding the
proposed VUE transaction).

Net debt

"Vivendi Universal has been able to improve its liquidity and
debt situation in 2003 due to improved cash flow generation and
the success of its divestiture program.

"The net debt of the company was reduced from EUR34.9 billion in
June 2002 to EUR12.3 billion at the end of 2002 and EUR11.6
billion at the end of 2003, even if Vivendi Universal invested
EUR6.0 billion in 2003.  The company's Credit Default Swaps
(CDS) have improved very significantly, reflecting the turn
around of the company's finances.  The 5-year CDS measures the
risk associated with debt maturing in 5 years time.  This
indicator declined from 485 points at the end of March 2003 to
275 points at the beginning of June.  It decreased further to
185 points in the beginning of September 2003 and to 110 on
December 31, 2003.  Since July 2002, Vivendi Universal has
restructured and set up EUR15 billion of debt.  During the
course of the 2003 financial year, Vivendi Universal was able to
obtain new lines of credit allowing it to progressively regain
its financial flexibility, to substantially reduce its bank
margins, to regain a balance between bank financing and capital
market financing and to extend the average maturity of its debt.

"At the end of January 2004, following the repayment of the
EUR1.7 billion OCEANE which was maturing in early January, the
average duration of Vivendi Universal's debt, including the
series A and series B preferred stocks issued by VUE, was
approximately 6.7 years compared to 4.5 years at the end of
2002."

To see full copy of financial results:
http://bankrupt.com/misc/Vivendi_2003.pdf

----------
Footnotes:

(1) French GAAP gross debt less cash and cash equivalents.

(2) For reconciliation of net income (loss) to adjusted net
    income (loss) please refer to the table in the supplementary
    schedules attached to this release page 15.

(3) The pro forma information illustrates the effect of the
    acquisition of the entertainment assets of InterActiveCorp.
    in May 2002 and the disposition of Vivendi Universal
    Publishing assets sold in 2003, as if these transactions had
    occurred at the beginning of 2002.  It also illustrates the
    accounting of Veolia Environnement using the equity method
    at January 1, 2002 instead of December 31, 2002.

(4) Net cash provided by operating activities net of capital
    expenditures and before financing costs and taxes.

(5) Defined as cash flow from operations excluding the minority
    stakes.

(6) Telepiu consolidated until April 30, 2003; VUE consolidated
    until the closing of the transaction; NBC Universal to be
    equity accounted.


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


BAYER AG: Court Bans Distribution of Poultry Drug in U.S. Market
----------------------------------------------------------------
Daniel J. Davidson, an administrative law judge, on Tuesday told
Bayer AG to stop selling its poultry antibiotic drug, Baytril,
in the U.S., according to The Asian Wall Street Journal.

The judge said the German pharmaceuticals failed to come up with
substantial evidence to show that the concoction is safe.  The
ruling is a victory for the U.S. Food and Drug Administration,
which has been pushing for the ban of the antibiotic the past
three years.  The agency claimed Baytril is speeding the rise of
a drug-resistant foodborne pathogen.  A Bayer spokesman said the
company will appeal the decision.

Bayer recently set aside EUR300 million to cover settlements and
defense costs for its other controversial drug, the cholesterol-
lowering drug, Baycol or Lipobay, which it pulled out after
being blamed for a number of deaths worldwide.


MUNICH RE: Tax, Goodwill Behind EUR434 Million Full-year Loss
-------------------------------------------------------------
The Munich Re Group's underwriting business produced a profit of
EUR2.0 billion before tax and amortization of goodwill.  This
success is mainly attributable to lower combined ratios, which
fell to 96.7% in reinsurance and 96.4% in primary insurance.
Total gross premiums rose slightly to EUR40.4 billion.

Tax expenditure of EUR1.8 billion and the amortization of
goodwill resulted in a consolidated loss of EUR434 million.  The
after-effects of the weak stock markets prevailing until March
2003 have thus been absorbed.

Payment of a dividend of EUR1.25 per share will be proposed to
Munich Re's Supervisory Board and the Annual General Meeting.

Further details regarding reinsurance, primary insurance and
investments in the business year 2003 will be available in the
press release published immediately after the release of this
ad-hoc announcement.


PROKODA: Files for Bankruptcy after Botched Talks with Employees
----------------------------------------------------------------
Bure's portfolio company, Informator Training Group, filed a
petition to have its German subsidiary, Prokoda, declared
bankrupt.  The bankruptcy will not make a significant financial
impact on Bure.

The petition for bankruptcy was filed after a period of
intensive work on a rescue plan.  The rescue plan meant that the
company's management and employees would be given the
opportunity to become partners in the company.  The rescue plan
did not get sufficient support from the management and the
employees, which is why the company has now filed a petition for
bankruptcy.

Prokoda has around 80 employees and reports sales of just under
SEK90 million.  ITG's Swedish subsidiary, Informator Utbildning
Svenska AB, is not affected by the bankruptcy.

CONTACT: PROKODA
         Per Grunewald, Senior Investment Manager
         Phone: +46 705-82 19 59
         Irene Axelsson, Head of Corporate Communications
         Phone: +46 31-708 64 47, 0706- 32 81 83


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


PANNONPLAST PLC: Maturity of Club Loan Facility Prolonged
---------------------------------------------------------
In accordance with its reporting obligations, Pannonplast Plc
hereby informs its shareholders that its club loan facility
dated on October 9, 2000 with maturity of three years, has been
prolonged with the participating banks this time for further two
months, until May 9, 2004.  The sum of the club loan is EUR11.2
million.  The business conditions of the facility remained
unchanged compared to those at the time of the extension in
October 2003.  The extension is of technical nature.


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


LAZIO: Trading Suspension Casts Shadow on Future
------------------------------------------------
Shares in the Serie A club, Lazio, were suspended on Tuesday.
This after the outfit reported net loss of EUR68 million in July
to December period, up 44% from previous results, according to
Bizworld.

The loss was mainly due to a slump in capital gains made on
player sales.  Lazio was forced to sell star players to save
Cirio, its previous owner, after it collapsed in November 2002.
The transaction is currently under scrutiny in relation to the
failure of the Italian food company.  The suspension follows the
arrest of former Cirio Chairman, and Lazio President, Sergio
Cragnotti, last month on charges of false bankruptcy.


PARMALAT FINANZIARIA: Exposure of Bank of America US$600 Million
----------------------------------------------------------------
Bank of America Corporation Chief Executive Kenneth Lewis
estimates the bank's exposure to Parmalat Finanziaria at about
US$600 million, according to Reuters.

Mr. Lewis revealed the information at a shareholders meeting to
approve Bank of America's purchase of FleetBoston Financial
Corporation.  He said the bank will seek insurance reimbursement
for some of its exposure, which excludes about $120 million that
is now insured.

Italian prosecutors are continuing to prove the bank's role in
the Italian food giant's collapse.  In January, reports came out
that Bank of America holds an account with US$7 billion siphoned
from Parmalat.  The bank denied this.  At the meeting, Mr. Lewis
said the bank had already dismissed employees involved in the
scandal.

Reports indicate Italian prosecutors are now ready to indict
about 30 people for alleged financial crimes related to the
fiasco.  Among these is Parmalat founder Calisto Tanzi.  Top
Parmalat executives, internal and external auditors, a legal
counsel and three bankers face trial for falsifying accounts,
misleading the market and artificially boosting the company's
share price over the years, people familiar with the matter
said, according to The Asian Wall Street Journal.


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


AKER KVAENER: Lenders Want Changes in Proposed Split Up
-------------------------------------------------------
Some American creditors of Aker Kvaerner are opposed to the idea
of splitting the company into three, a source of Norwegian
financial paper, Dagens Naeringsliv, said.

According to Nettavisen, the report did not name the lenders but
said they compose a group of five who control 17% of the NOK3.9
billion (US$574 million) loan provided to Aker Kvaerner by
mortgage bond owners.  They are suspecting that Kjell Inge
Rokke, the company's main shareholder, is using the move to free
cash for personal gain.  They reckon he may be selling off
assets in order to issue substantial share dividends to himself.

But the source emphasized that the group's goal is not to
prevent the splitting of Aker Kvaerner, but to change the
proposed plan of action to their advantage.


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


DAEWOO-FSO: MG Rover to Invest up to EUR1 Billion
-------------------------------------------------
British MG Rover will use Daewoo-FSO facilities in Warsaw to
assemble its cars next year, Puls Biznesu learned recently,
according to Warsaw Business Journal.

The long-running negotiations between the British company and
Poland's State Treasury's finally yielded results with British
MG Rover and the Polish advisory company Cornerstone Partners
presenting its business plan for the bankrupt firm Tuesday.

Under the plan, MG Rover will start assembling its cars in the
plant in May 2005, with the Rover 75 as the first model,
according to a source close to the investor.  The plant is
expected to break even in the third year of operations, the
source said.  The transaction is estimated worth between EUR0.7
billion to EUR1 billion, but further negotiations are yet needed
to determine its final value.


POLSKIE BADANIA: Files for Liquidation
--------------------------------------
The Management Board of Agora S.A. with its seat in Warsaw
hereby informs that the subsidiary company of Agora S.A.,
Polskie Badania Reklamy Zewnetrznej Sp.z o.o. (Polish Research
of Outdoor Advertising), will be liquidated.

Polskie Badania Reklamy Zewnetrznej is a subsidiary of Art
Marketing Syndicate S.A., subsidiary of Agora S.A.  The research
project concerning audience of outdoor advertising will be
continued by AMS within the company Polskie Badania Outdooru Sp.
z o.o. (Polish Outdoor Research), which was set up with Clear
Channel Poland Sp. Z o.o. Agora informed about setting up
Polskie Badania Outdooru on February 24, 2004.  The liquidation
proceeding has been initiated on the basis of PBRZ shareholders
resolution on February 6, 2004.


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


DONGAZDOBYCHA: Under Bankruptcy Supervision Procedure
-----------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
supervision procedure on Closed JSC Dongazdobycha (DonGasMining)
(TIN 6167037150).  The case is docketed as A53-2236/2004-C2-8.
Mr. Vladimir Rondar, a member of TP Interregional Self-regulated
organization of arbitral managers, has been appointed temporary
insolvency manager.

Creditors are asked to submit their proofs of claim until April
12, 2004 to the temporary insolvency manager at: 344019, Russia,
Rostov-on-Don, Sholochov prosp. 8-A.  The hearing will take
place on July 20, 2004, 3:00 p.m. at the Arbitration Court of
Rostov region.

CONTACT:   DONGAZDOBYCHA
           344004, Russia, Rostov-on-Don,
           Rabochaya Square 23

           Mr. Vladimir Rondar, temporary insolvency manager
           344019, Russia, Rostov-on-Don, Sholochov prosp. 8-A


FERROCONCRETE STRUCTURES: Declared Insolvent
--------------------------------------------
The Arbitration Court of Orel region declared Ferroconcrete
Structures Plant LLLC (Plant Of Large Panels) insolvent and
introduced bankruptcy proceedings on the company.  The case is
docketed as A48-414b/03-20b.  Mr. S. Romanchin, a member of TP
Self-regulated organization of arbitral managers Sodeystviye,
has been appointed insolvency manager.

Creditors are asked to submit their proofs of claim until May
28, 2004 to:

(a) Arbitration Court of Orel region: 302021, Russia, Orel,
    Saltykova Shedrina str.22

(b) Debtor and Insolvency manager: 302004, Russia, Orel, 3rd-
    Kurskaya str.15

Ferroconcrete Structures is a subsidiary company of Building
Corporation Closed JSC Zhilsozstroy.

CONTACT:  FERROCONCRETE STRUCTURES PLANT
          LLC (PLANT OF LARGE PANELS),
          302010, Russia, Orel, Kromskoye shosse.10

          Mr. S. Romanchin, insolvency manager
          302004, Russia, Orel, 3rd-Kurskaya str.15

          Arbitration Court of Orel Region:
          302021, Russia, Orel, Saltykova Shedrina str.22


ISKRA: Under Bankruptcy Supervision Procedure
---------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
supervision procedure on Closed JSC Iskra.  The case is docketed
as A32-22259/2003-44/198-B.  Mrs. Galina Tiskina, a member of TP
Interregional Self-regulated organization of arbitral managers
in South Federal District, has been appointed temporary
insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 353680, Russia, Krasnodar
region, Eysk, Armavirskaya str.37, 2nd-Floor.  A hearing will
take place on April 28, 2004, 12:00 noon at the Arbitration
Court of Krasnodar region.

CONTACT:  CJSC ISKRA
          353602, Russia, Krasnodar region,
          Leningrad Area, Obraztsovy.

          Mrs. Galina Tiskina, temporary insolvency manager
          353680, Russia, Krasnodar region, Eysk,
          Armavirskaya str.37, 2nd-Floor

          TP
          344002, Rostov-on-Don, Bolshaya Sadovaya str. 96,
          Offices 204, 207


LENINSKY PUT: Court Appoints Insolvency Manager
-----------------------------------------------
The Arbitration Court of Astrakhan region declared Fishing
Collective Farm Leninsky Put (Lenin Way) insolvent and
introduced bankruptcy proceedings on the corporation.  The case
is docketed as A06-2339b/2003-4.  Mr. Alexandr Kungurzev, a
member of TP Interregional self-regulated organization of
arbitral managers, has been appointed insolvency manager.

Creditors are asked to submit their proofs of claims until April
12, 2004 to the insolvency manager at: 414024, Russia, Astrakhan
region, Astrakhan, Krasnaya Naberezhnaya str.37, office 67.

CONTACT:   LENINSKY PUT
           Russia, Astrakhan region,
           Volodarsky Area, Bolshoy Mogoy.

           Mr. Alexandr Kungurzev, insolvency manager
           414024, Russia, Astrakhan region, Astrakhan,
           Krasnaya Naberezhnaya str.37, office 67
           Phone/Fax: (8512) 227125

           TP
           414024, Russia, Astrakhan region,
           Astrakhan, Bakinskaya str.79


MEZHDURECHENSK CENTRAL: Under Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
supervision procedure on OJSC Mezhdurechensk Central
Electromechanical Workshops.  The case is docketed as A27-
16136/2003-4.  Mrs. Elena Kickel has been appointed temporary
insolvency manager.

Creditors are asked to submit their proofs of claim to:

(1) Arbitration Court of Kemerovo region: 650009, Russia,
    Kemerovo, Krasnaya str.8;

(2) Debtor: 652870, Russia, Kemerovo region, Mezhdurechensk,
    Gorky str.101- OJSC Mezhdurechensk Central Electromechanical
    Workshops;

(3) Temporary insolvency manager: 650070, Russia, Kemerovo-70,
    Post User Box 3190.

A hearing will take place on May 24, 2004, 1:30 p.m. at the
Arbitration Court of Kemerovo region.

CONTACT:  MEZHDURECHENSK CENTRAL ELECTROMECHANICAL WORKSHOPS
          652870, Russia, Kemerovo region,
          Mezhdurechensk, Gorky str.101

          Mrs. Elena Kickel, temporary insolvency manager
          650070, Russia, Kemerovo-70, Post User Box 3190

          ARBITRATION COURT OF KEMEROVO REGION
          650009, Russia, Kemerovo, Krasnaya str.8


POLYANA: Undergoes Bankruptcy Supervision
-----------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
supervision procedure on LLC Agroindustrial Enterprise Polyana.
The case is docketed as A53-108/2004-C2-21.  Mr. Vladimir
Kasparyan, a member of TP Interregional Self-regulated
organization of arbitral managers in South Federal District has
been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 344002, Rostov-on-Don, Bolshaya
Sadovaya str. 96, office 207, Phone: 40-52-70.  A hearing will
take place on May 13, 2004, at the Arbitration Court of Rostov
region.

CONTACT:  AGROINDUSTRIAL ENTERPRISE POLYANA
          344007, Russia, Rostov-on-Don,
          Bolshaya Sadovaya str. 88

          Mr. Vladimir Kasparyan, temporary insolvency manager
          344002, Rostov-on-Don,
          Bolshaya Sadovaya str. 96, office 207,
          Phone: 40-52-70

          TP
          344002, Rostov-on-Don, Bolshaya Sadovaya
          str. 96, offices 204, 207


STROYSIB: Novosibirsk Court Appoints Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
supervision procedure on Building Company LLC Stroysib.  The
case is docketed as A45-2454/04-SB/25.  Mr. Gennady Prashkov has
been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 630099, Russia, Novosibirsk,
Sovetskaya str. 65-40.  A hearing will take place on June 9,
2004, 9:00 a.m. at the Arbitration Court of Novosibirsk region.

CONTACT:  STROYSIB
          Russia, Novosibirsk region, Iskitimsky Area,
          Linyovo, Lisivyanskaya str.1

          Mr. Gennady Prashkov, temporary insolvency manager
          630099, Russia, Novosibirsk,
          Sovetskaya str. 65-40


TYMEN BOTTLING: Under Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Tymen region commenced bankruptcy
supervision procedure on LLC Tymen Bottling Plant.  The case is
docketed as A70-729/3-2004.  Mr. Alexandr Bergman, a member of
TP Ural 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: 625000, Russia, Tymen,
Chelyuskinzev str.40.  A hearing will take place on April 29,
2004, 2:20 p.m. at the Arbitration Court of Tymen region.

CONTACT:  TYMEN BOTTLING PLANT
          625014, Russia, Tymen, Chekistov str.32

          Mr. Alexandr Bergman, temporary insolvency manager
          625000, Russia, Tymen, Chelyuskinzev str.40

          Arbitration Court of Tymen region:
          625000, Russia, Tymen, Chochryakova str.77


VADINSKY FACTORY: Bankruptcy Supervision Procedure Begins
---------------------------------------------------------
The Arbitration Court of Penza region commenced bankruptcy
supervision procedure on OJSC Vadinsky Cheese Factory.  The case
is docketed as A49-473/04-20b/26.  Mr. Vladimir Dogadin has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim until May
28, 2004 to the temporary insolvency manager at: 440061, Russia,
Penza, Lunocharsky str.53, Phone: (841-2) 64-19-73.  A hearing
will take place on August 5, 2004, 11:00 a.m. at the Arbitration
Court of Penza region.

CONTACT:  VADINSKY CHEESE FACTORY
          Russia, Penza region, Vadinsk, Shcolnaya Street

          Mr. Vladimir Dogadin, temporary insolvency manager
          440061, Russia, Penza, Lunocharsky str.53,
          Phone: (841-2) 64-19-73

          Arbitration Court of Penza region:
          440600, Russia, Penza, GSP, Belinsky str.2


YAROSLAVL ENTERPRISE: Under Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Yaroslavl region commenced bankruptcy
supervision procedure on LLC Yaroslavl Peat-Enterprise.  The
case is docketed as A82-328/04-36-B/3.  Mr. Sergey Borisov has
been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 152931, Russia, Yaroslavl
region, Rybinsk, V. Naberezhnaya str.171a.  A hearing will take
place on June 22, 2004, 10:00 a.m. at the Arbitration Court of
Yaroslavl region.

CONTACT:  YAROSLAVL PEAT-ENTERPRISE
          150008, Russia, Yaroslavl, Klubnaya str.72

          Mr. Sergey Borisov, temporary insolvency manager
          152931, Russia, Yaroslavl region,
          Rybinsk, V. Naberezhnaya str.171a


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


ABB LTD.: Corners Supply Contracts Worth US$110 Million
-------------------------------------------------------
ABB Ltd., the leading power and automation technology group,
announced it has signed contracts worth some US$110 million to
supply Azipod propulsion, electrical power, distribution, and
automation systems for a total of nine vessels.  They are being
built for Norwegian Cruise Line, Royal Caribbean Cruises,
Russian joint venture investors CJSV Sevmorneftegaz, and French
maritime operator Groupe Bourbon.

ABB said the contracts to supply systems for three new cruise
ships, two icebreakers and four oil and gas platform vessels
signal encouraging capital spending activity in the global ship-
building industry and that the company is well prepared to
support new construction.

"As a leader in the marine industry, we have continued to invest
in technological innovations for this important market segment
in anticipation of advanced projects like these," said Dinesh
Paliwal, head of ABB's Automation Technologies division.

"Constant development of the Azipod system and our other marine
solutions ensures cutting-edge safety and efficiency features
are built into the designs, which help our customers improve the
quality and reliability of their vessels."

The patented ABB Azipod system is a modular, podded propulsion
unit fitted outside the vessel and capable of steering over a
360-degree range.  It offers superior maneuverability and
significant reductions in fuel consumption, noise, vibration and
interior space once needed for conventional drive train and
rudder components.

Kvaerner Masa-Yards of Turku, Finland will build the largest
cruise vessel afloat, rated at nearly 160,000 gross registered
tons and up to 3,600 passengers, for Royal Caribbean Cruises.
Meyer Werft of Papenburg, Germany will build two 93,000 gross
registered ton cruise ships with a capacity of 2,400 lower
berths each for Norwegian Cruise Line.  Norwegian shipyard
Havyard Leirvik will build the two icebreakers for CJSV
Sevmorneftegaz and China's Zhejiang Shipbuilding will build the
four platform vessels for Groupe Bourbon.  The various vessels
will be completed during 2005 and 2006.

ABB (http://www.abb.com)is a leader in power and automation
technologies that enable utility and industry customers to
improve performance while lowering environmental impact.  The
ABB Group of companies operates in around 100 countries and
employs about 115,000 people.

CONTACT:  ABB LTD.
          Media Relations, Zurich:
          Wolfram Eberhardt
          Phone: +41 43 317 6512
          Fax:   +41 43 317 7958
          E-mail: media.relations@ch.abb.com

          Investor Relations:
          Switzerland:
          Phone: +41 43 317 3804
          Sweden:
          Phone: +46 21 325 719
          U.S.A:
          Phone: +1 203 750 7743
          E-mail: investor.relations@ch.abb.com


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


ADVANCED PRECISION: Winding up Resolution Passed
------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Advanced Precision Surfaces Limited Company on March 2, 2004
held at 68 Ship Street, Brighton, East Sussex BN1 1AE, on 2
March 2004, the Extraordinary and Ordinary Resolutions to wind
up the Company were passed.

William Jeremy Jonathan Knight is appointed Liquidator for the
purposes of such winding-up.


AIRSIDE SERVICES: Appoints David Gerard Kirk Liquidator
-------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Airside Services (U.K.) Limited Company on March 3, 2004 held at
Regus Offices, Exeter Business Park, 1 Emperor Way, Exeter EX1
3QS, the subjoined Extraordinary Resolutions to wind up the
Company were passed.

David Gerard Kirk is appointed Liquidator for the purposes of
such winding-up.


AMAT LIMITED: Hires Liquidator from Begbies Traynor
---------------------------------------------------
At an Extraordinary General Meeting of the Members of the AMAT
Limited Company on March 4, 2004 held at 1 Winckley Court,
Chapel Street, Preston PR1 8BU, the Extraordinary and Ordinary
Resolutions to wind up the Company were passed.

Gordon Craig, of Begbies Traynor, 1 Winckley Court, Chapel
Street, Preston, Lancashire PR1 8BU is appointed Liquidator of
the Company for the purpose of the voluntary winding-up.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court,
          Chapel Street, Preston,
          Lancashire PR1 8BU
          Contact:
          Gordon Craig, Liquidator


BARWOOD CONSTRUCTION: Names Cooper Parry Liquidator
---------------------------------------------------
At an Extraordinary General Meeting of the Barwood Construction
Limited Company (t/a Rice Associates) on March 4, 2004 held at
14 Park Row, Nottingham NG1 6GR, the Extraordinary and Ordinary
Resolutions to wind up the Company were passed.

Tyrone Shaun Courtman and Evelyn Gabrielle Exley, of Cooper
Parry LLP, are appointed Joint Liquidators of the Company.


B & B TRADE: Hires Liquidator
-----------------------------
At an Extraordinary General Meeting of the Members of the B & B
Trade Frames Limited Company on March 4, 2004 held at The
Britannia Hotel, Newcastle Airport, Ponteland, Woolsington,
Newcastle Upon Tyne NE13 8DJ, the subjoined Extraordinary
Resolutions to wind up the Company were passed.

T Papanicola is appointed Liquidator for the purposes of such
winding-up.


BERNSTEIN GROUP: Meeting of Creditors Set March 22
--------------------------------------------------
There will be a Creditors Meeting of the Bernstein Group P.L.C.
Company on March 22, 2004 at 2:30 p.m.  It will be held at the
PricewaterhouseCoopers LLP, 101 Barbirolli Square, Lower Mosley
Street, Manchester M2 3PW.

Creditors who wish to vote at the Meeting must submit written
debt claims the Company due them at PricewaterhouseCoopers LLP,
Benson House, 33 Wellington Street, Leeds LS1 4JP not later than
12:00 noon on or before March 21, 2004..

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          101 Barbirolli Square,
          Lower Mosley Street,
          Manchester M2 3PW
          Phone: [44] (161) 236 9191
          Fax:   [44] (161) 247 4000
          Web site: http://www.pwcglobal.com

          PRICEWATERHOUSECOOPERS LLP
          Benson House,
          33 Wellington Street, Leeds LS1 4JP
          Contact:
          I D Green, Joint Administrator
          M Horrocks, Joint Administrator
          Phone: [44] (113) 289 4000
          Fax:   [44] (113) 289 4460
          Web site: http://www.pwcglobal.com


BOMBARDIER INC.: Closing European Facilities to Cut Costs
---------------------------------------------------------
Bombardier, the Canadian aircraft and train manufacturer, will
close seven plants in Europe within the next two years, said
Paul Tellier, president and chief executive, according to the
Financial Times.

The plants slated for closure this year are in Amadora,
Portugal; and Doncaster and Derby Pride Park in the U.K.
Facilities in Pratteln, Switzerland; Ammendorf, Germany; Kalmar,
Sweden; Wakefield, U.K. will be shuttered next year.  These
plants have no pending contracts beyond 2005.

The move will entail cutting 6,600 jobs out of its 35,600
employees.  Around 5,700 of the job losses will be at the
European plants with the remainder coming through reductions at
operations around the world.  The move will save the company
CA$600 million (US$450 million) a year.

Bombardier's plants are operating in market beset with
overcapacity.  Some of its plants are operating at only half of
maximum potential.  The closures will reduce the number of
plants to 28.

Bombardier reported loss before taxes and special charges of
CA$186 million, compared with a profit of C$4 million a year
earlier in the fourth quarter.  For the full year, including all
charges, Bombardier reported a loss of CA$89 million, or 7 cents
a share, compared with a loss of CA$615 million, or 47 cents.


BOROFIELD DEVELOPMENTS: Approves Winding up Resolution
------------------------------------------------------
Name of Companies:
Borofield Developments Limited
Scarborough Investment Company (Glasgow) Limited
Pavilions (Croydon) Limited
Scarborough Development Company (Basildon) Limited
Scarborough Development Company (Leeds) Limited
Scarborough Development Company (Ascot) Limited
Scarborough Property Assets Limited
Scarborough Investment Company (Bradford) Limited

At an Extraordinary General Meeting of these Companies on
February 25, 2004 held at 10 Carlos Place, London W1K 3AT, the
subjoined Special Resolutions to wind up the Company were
passed.

Tim Alan Askham of Mazars is appointed Liquidator for the
purpose of such winding-up.


CANARY WHARF: Retires Substantial Debt in 2003
----------------------------------------------
Highlights:

                       Notes   Unaudited   Unaudited    Change
                               Six months  Six months
                               ended 31    ended 31
                               December    December
                                 2003        2002
                                ---------   ---------  --------
                                    GBPm         GBPm         %

Turnover - rents and service
charges                           163.1       120.8      35.0
Exceptional items:
- amortization of investment in own
  shares                            -         (2.8)
- bid costs                      (10.7)          -
Operating profit                 105.7         78.4      34.8
Exceptional items:
- deferred consideration on
sale of subsidiary undertaking       -         2.9
- net profit on sale of property  69.8           -
Profit before interest
including exceptional items      175.5        81.3
Net interest payable
excluding exceptional items     (116.2)      (76.3)
Exceptional item:
- charges relating to
repayment of securitized
debt                             (56.5)          -
Profit for the financial
period before taxation             2.8         5.0
Profit for the financial
period before taxation
excluding exceptional items        0.2         4.9
(Loss)/profit for the
financial period after
taxation                          (0.3)        4.9
Special dividend                     -      (372.8)

Basic earnings per share          (0.1)p       0.8p
Diluted earnings per share        (0.5)p       0.8p

                                  Unaudited  Restated    Change
                                     at 31   Audited
                                  December     at 30
                                    2003      June
                                              2003
                                ---------   ---------  --------
                                    GBPm         GBPm         %

Investment properties      (1)    4,175.4     4,182.8
Properties under construction and
properties held for
development                (2)      487.0     1,133.0
Net debt                         (2,972.4)   (3,680.9)
Other net liabilities               (24.7)     (127.2)
                                  ---------   ---------
Net assets                        1,665.3     1,507.7      10.5
Net assets at net book value
after adding back deferred
tax provision                      1,716.3     1,555.6

Properties under construction and
properties held for
development               (3)
- at Market Value                    614.5     1,581.0
- at present value of Net
Realizable Value                     996.6     2,305.1
Net Asset Value per share
based on Market Value
excluding deferred tax      (4)    GBP3.15       GBP3.12     1.0
Fully diluted Net Asset Value per
share based
on Market Value excluding
deferred tax                (4)    GBP3.15       GBP3.12     1.0

-----
Notes

(1) The interim results include adjustment for revaluation of
    investment properties. The net revaluation surplus, after
    UITF 28 adjustments, was GBP157.2 million including GBP176.5
    million attributable to properties completed in the period.

(2) Properties under construction and properties held for
    development stated at cost.

(3) Refer to 'Business Review - Valuations' of the announcement
    for an explanation of the basis of valuation.

(4) Refer to 'Business Review - Balance Sheet' of the
    announcement for an explanation of the basis of calculation.

At December 31, 2003:

   (a) The group's investment portfolio totaling 8.8 million sq
       ft was 86.7% let.

   (b) Two buildings were under construction totaling 1.0
       million sq. ft. of which 65.9% let after allowing for the
       exercise of options to sub-let space back to the group.

   (c) The surplus on revaluation of the three investment
       properties completed in the period was GBP176.5 million.

   (d) The Market Value of the property portfolio was GBP5,104.8
       million against GBP5,811.5 million at 30 June 2003, an
       increase of 1.2% disregarding additions and disposals in
       the period and UITF 28 adjustments.*

   (e) Net asset value, after adding back the provision for
       deferred tax, was GBP1,716.3 million at December 31, 2003
       compared with GBP1,555.6 million at June 30, 2003.

   (f) Adjusted net asset value per share (based on Market
       Value) was GBP3.15 against GBP3.12 at June 30, 2003.**

* Refer to 'Business Review - Valuations' of the announcement
for an explanation of the basis of valuation.

** Refer to 'Business Review - Balance Sheet' of the
announcement for an explanation of the basis of calculation.

During The Period:

   (a) The disposal of two properties for proceeds of GBP1,112
       million generated net proceeds of GBP237 million and a
       profit of GBP69.8 million.

   (b) The proceeds from the disposal of property contributed to
       a reduction in net debt from GBP3,680.9 million at June
       30, 2003 to GBP2,972.4 million at December 31, 2003.

   (c) Construction was completed on three properties,
       comprising 25-30 Bank Street (1,023,300 sq. ft. fully let
       to Lehman Brothers subject to a leaseback of 100,800 sq.
       ft. for 5 years and 102,100 sq. ft. for 10 years), 10
       Upper Bank Street (1,000,400 sq ft fully let to Clifford
       Chance subject to the leaseback of 52,500 sq. ft. for 5
       years and 52,100 sq ft for 10 years) and the Jubilee
       Place Retail Centre (89,900 sq. ft. let to various
       tenants including Marks & Spencer).

   (d) In September 2003 a finance lease in a gross amount of
       GBP753.5 million was entered into in respect of 1
       Churchill Place generating net proceeds of GBP299
       million.

Recent Events:

   (a) In January 2004 the group repaid GBP901.3 million of
       notes from its second securitization including GBP25
       million of notes held by the group.

To see financial statements:
http://bankrupt.com/misc/CanaryWharf_2003.htm

CONTACTS:  CANARY WHARF GROUP PLC
           Wendy Timmons
           Head of Corporate Communications
           Phone: 020 7418 2000


CHARNDELL LIMITED: Hires Liquidator from Begbies Traynor
--------------------------------------------------------
At an Extraordinary General Meeting of the Charndell Limited
Company on March 5, 2004 held at The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG, the subjoined
Extraordinary Resolution to wind up the Company was passed.

Lloyd Biscoe, of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG, is appointed
Liquidator for the purposes of such winding-up.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange,
          234 Southchurch Road,
          Southend-on-Sea,
          Essex SS1 2EG
          Contact:
          Lloyd Biscoe, Liquidator


COBRA CARRIERS: Names Mistry and Harlow Liquidators
---------------------------------------------------
Name of Companies:
Cobra Carriers Ltd
Caracar Consultants Ltd
Funcity Software Consultants Ltd

At Extraordinary General Meetings of the Members of these
Companies on February 26, 2004 held at 3rd Floor, Brook House,
Shepherds Bush Road, London W6 7AN, the Extraordinary and
Ordinary Resolutions to wind up the Company were passed.

Kirankumar Mistry and John Phillip Walter Harlow, are appointed
Joint Liquidators for the purposes of such windings-up.


DEANHURST PROPERTIES: Winding up Resolution Passed
--------------------------------------------------
At an Extraordinary General Meeting of the Deanhurst Properties
(Worcester) Limited Company on March 4, 2004 held at 22 Sansome
Walk, Worcester WR1 1LS, the subjoined Special Resolutions to
wind up the Company were passed.

David Reynolds, of Higgs & Sons, Blythe House, 134 High Street,
Brierley Hill, West Midlands DY5 3BG, appointed as Liquidator
for the purpose of such winding-up.

The Liquidator's remuneration shall be fixed by reference to the
time and expenses properly given by the Liquidator and his staff
in attending to matters arising in the winding-up, including
those falling outside their statutory duties undertaken at the
request of Members.

In accordance with the provisions of the Company's articles of
association, the Liquidator be authorized:

(a) To divide amongst the Company's Members in specie the whole
    or any part of the Company's assets;

(b) To value any such assets and determine how the division
    shall be carried out among the Members or different classes
    of Members' and

(c) To vest the whole or any part of the assets in trustees upon
    such trust for the benefit of the Company's Members as the
    Liquidator shall determine but no Members shall be compelled
    to accept any assets upon which there is a liability.  The
    Liquidator be authorized to destroy or should dispose of the
    records in his possession as he sees fit.


EUROPEAN CRANE: EGM Approves Winding up Resolution
--------------------------------------------------
At an Extraordinary General Meeting of the Members of the
European Crane Services (Marine) Limited Company on March 8,
2004 held at Maidstone Hilton, Bearsted Road, Weavering,
Maidstone, Kent ME14 5AA, the Extraordinary Resolution to wind
up the Company was passed.

Ruth Duncan, of Maxwell Davies, 16 Caring Lane, Maidstone, Kent
ME14 4NJ, is appointed Liquidator for the purpose of such
winding-up.

CONTACT:  MAXWELL DAVIES
          16 Caring Lane,
          Maidstone,
          Kent ME14 4NJ
          Contact:
          Ruth Duncan, Liquidator


FIREDART LIMITED: Names Jonathan Sinclair Liquidator
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Firedart Limited Company on March 4, 2004 held at the offices of
Langley & Partners, Langley House, Park Road, East Finchley,
London N2 8EX, the Extraordinary Resolution to wind up the
Company was passed.

Jonathan Sinclair, of Sinclair Harris, 46 Vivian Avenue, Hendon
Central, London NW4 3XP, is appointed Liquidator for the
Company.

CONTACT:  SINCLAIR HARRIS
          46 Vivian Avenue,
          Hendon Central,
          London NW4 3XP
          Contact:
          Jonathan Sinclair, Liquidator


FLOORTEC LIMITED: Names Liquidator from Purnells
------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Floortec (U.K.) Limited Company (t/a Hereford Abrasives) on
March 3, 2004 held at St Marks House, Gold Tops, Newport, South
Wales NP20 4PG, the Extraordinary Resolution to wind up the
Company was passed.

Ray Purnell, of Purnells, St Marks House, 3 Gold Tops, Newport,
South Wales NP20 4PG, is nominated Liquidator for the Company.

CONTACT:  PURNELLS
          St Marks House,
          3 Gold Tops, Newport,
          South Wales NP20 4PG
          Contact:
          Ray Purnell, Liquidator


INTERCLUBNET LIMITED: Winding up Special Resolution Passed
----------------------------------------------------------
At an Extraordinary General Meeting of the Interclubnet Limited
Company on March 5, 2004, the Special Resolution to wind up
Company was passed.

Anthony Spicer, of Smith & Williamson Limited, is appointed
Liquidator of the Company.

The Liquidator is authorized pursuant to sections 110 and 111 of
the Insolvency Act 1986 to enter into and carry into effect an
agreement (a copy of which marked "A" is produced to the Meeting
and for the purposes of identification signed by the Chairman
thereof) between (i) the Company, (ii) the Liquidator, (iii)
Prospect Number 42 Limited and (iv) Prospect Number 43 Limited
to transfer the whole of the Company's undertaking, business,
property and liabilities whatsoever and wheresoever situated to
Prospect 42 and Prospect 43, and to receive in consideration for
the said transfers from Prospect 42 one ordinary share of GBP1
each credited as fully paid for distribution among the Members
of the Company in accordance with the said agreement and from
Prospect 43 one ordinary share of GBP1 each credited as fully
paid for distribution among the Members of the Company in
accordance with the said agreement.

Creditors of the Company are asked to send in their full names,
addresses and descriptions, full particulars of their debts or
claims and the names and addresses of their Solicitors (if any)
to Anthony Cliff Spicer of Smith & Williamson, No 1 Riding House
Street, London W1A 3AS, on or before April 30, 2004.

CONTACT:  SMITH & WILLIAMSON
          No 1 Riding House Street,
          London W1A 3AS
          Contact:
          Anthony Cliff Spicer, Liquidator


INTERNATIONAL POWER: Completes GBP25 Mln Financing for Canunda
--------------------------------------------------------------
International Power announces that it successfully raised A$62
million (GBP25 million) of non-recourse finance to fund the
development and construction of the 46 MW Canunda wind farm in
South Australia.  The lead arranger banks for this financing
were The Royal Bank of Scotland and Credit Agricole Indo-Suez.
International Power will invest AU$30 million (GBP12 million) in
this project, taking the total enterprise value to A$92 million
(GBP37 million).

The wind farm will comprise twenty-three 2MW wind turbines, and
construction will commence in the second quarter of this year,
with the first 2MW wind turbine commencing operation in 2004.
All 23 turbines are expected to be operational by early 2005.

The entire output from the wind farm has been contracted under a
long-term power purchase agreement with Australia's leading
retailer, Australian Gas and Light Company.

Vestas International Wind Technology, one of the world's largest
wind turbine manufacturers, will build the turbines.  The wind
farm site is located on a ridge overlooking Lake Bonney in South
Eastern Australia, 14km from International Powers 63MW Snuggery
peaking station.

International Power plc is a leading independent electricity
generating company with 11,072MW (net) in operation and 1,609MW
(net) under construction.  Among the countries where
International Power has facilities in operation or under
construction are Australia, the United States, the United
Kingdom, the Czech Republic, the UAE, Portugal, Turkey,
Malaysia, Pakistan and Thailand.  International Power was listed
on the London Stock Exchange and the New York Stock Exchange (as
ADRs), on October 2, 2000.  The ticker symbol on both stock
exchanges is "IPR".

CONTACT:  INTERNATIONAL POWER
          Aarti Singhal
         Phone: +44 (0) 20 7320 8681


IVORY & SIME: In Final Step Leading to Liquidation
--------------------------------------------------
Ivory & Sime Optimum Inc. Tst PLC sold 440 FTSE 100 Index
futures contracts.

This had the effect of further reducing the Company's exposure
to the U.K. equity market by approximately GBP20 million.  It
was the fifth and final in a series of planned steps reducing
the Company's exposure to the market in advance of its
anticipated liquidation on March 26, 2004 as explained in the
circular issued by the Company on March 1, 2004.

Following the transaction, the ordinary shares are for practical
purposes entirely hedged against movements in the market either
way.

CONTACT: IVORY SIME
         Richard Bell
         Rodger McNair
         ISIS Asset Management
         Phone: 0131 465 1000


KENNETH FOGG: Creditors Session Set April 5
-------------------------------------------
There will be a Meeting of the unsecured Creditors of the
Kenneth A Fogg & Son Limited on April 5, 2004 at 10:00 a.m.  It
will be held at The Premier Lodge, 7-11 Lower Mosley Street,
Manchester M2 3DW.

Creditors who wish to vote at the Meeting must submit written
details of the debt claims the Company due them at 1 Oxford
Court, Bishopsgate, Manchester M2 3WR not later than 12:00 noon
on or before April 4, 2004.

Creditors whose claims are wholly secured are not entitled to
attend or be represented at the Meeting.


MARCONI CORPORATION: Partially Redeems Senior Notes Due 2008
------------------------------------------------------------
Marconi Corporation plc (London: MONI and Nasdaq:
MRCIY) on Wednesday confirms to the owners of its 8% guaranteed
Senior Secured Notes, due 2008 the parameters of the redemption
of $73,691,663 aggregate principal amount of Securities that was
announced on March 5, 2004.

The Record Date shall be the close of business in London on
March 17, 2004.  The Redemption Date, as previously announced,
shall be on March 18, 2004.

In line with the mechanism used for the previous partial
redemption of the Senior Secured Notes, a pool factor of
10.2757768% will be applied to every holding, calculated with
reference to the original issue amount of $717,139,584.
As at March 18, 2004 the total pool factor, including the
previous redemption, will be 18.4872022 % 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


MEADOWVIEW ENGINEERING: Creditors Assembly March 22
---------------------------------------------------
There will be a Creditors Meeting of the Meadowview Engineering
Limited Company on March 22, 2004 at 10:00 a.m.  It will be held
at the offices of Smith & Williamson Limited, No 1 Bishops
Wharf, Walnut Tree Close, Guilford GU1 4RA.

Creditors who wish to vote at the Meeting must submit a written
debt claim the Company due them at No 1 Bishops Wharf, Walnut
Tree Close, Guilford GU1 4RA not later than 12:00 noon on or
before March 21, 2004.

Creditors whose claims are wholly secured are not entitled to
attend or be represented at the Meeting.


OPTICAL CABLE: Hires Administrator from Marks Bloom
---------------------------------------------------
Name of Company: Optical Cable Technology Limited

Nature of Business: Manufacturers of Optical Cables

Trade Classification: Division 2-11 Other Manufacture

Date of Appointment: March 5, 2004

Administrative Receiver:  MARKS BLOOM
                          60-62 Old London Road,
                          Kingston upon Thames KT2 6QZ
                          Receiver:
                          Andrew John Whelan
                          (IP No 8726)


POLYFONT TPI: Winding up Resolution Passed
------------------------------------------
At an Extraordinary General Meeting of the Members of the
Polyfront TPI Limited Company on February 27, 2004 held at 1 Rue
de L'Orme, F-91540, Fontenay-Le-Vicomte, the subjoined Special
Resolution to wind up the Company was passed.

Martin Dominic Pickard is appointed Liquidator for the purposes
of such winding-up.

Creditors of the Company are asked to submit their particulars,
their debt claims to the establishment as well as their
Solicitors' (if any) names and addresses to Martin Dominic
Pickard of The Atrium, Park Street West, Luton, Bedfordshire LU1
3BE non or before April 23, 2004


PREMIER STRUCTURES: Appoints Numerica Administrator
---------------------------------------------------
Name of Company: Premier Structures Limited

Nature of Business: Steel Fabrication

Trade Classification: 23

Date of Appointment: March 5, 2004

Administrative Receiver:  NUMERICA
                          4th Floor, Southfield House,
                          11 Liverpool Gardens, Worthing,
                          West Sussex BN11 1RY
                          Receiver:
                          Colin Ian Vickers
                          (IP No 008953)

                          NUMERICA
                          PO Box 2653,
                          66 Wigmore Street,
                          London W1A 3RT
                          Receiver:
                          Nicholas Hugh O'Reilly
                          (IP No 008309)


PRIMARY COLOUR: In Administrative Receivership
----------------------------------------------
Name of Company: Primary Colour Limited

Reg No. 01439833

Nature of Business: Photography and Film Processing

Trade Classification: 7481

Date of Appointment of Joint Administrators:
March 8, 2004

Administrative Receiver:  RSM Robson Rhodes LLP
                          186 City Road,
                          London EC1V 2NU
                          Receivers:
                          Michael Jonathan Christopher Oldham
                          Geoffrey Paul Rowley


PROP JET: Creditors Meeting Set March 22
----------------------------------------
Pursuant to Paragraph 52(2) of the Schedule B1 to the Insolvency
Act 1986, amended by the Enterprise Act 2002, a Meeting of
Creditors of the Prop Jet Limited Company will be on March 22,
2004 at 11:00 a.m.  It will be held at the Novotel, Knebworth
Park, Stevenage, Hertfordshire SG9 9JS.


SKY PARKS: Appoints Jeffrey Henry Jacobs Administrator
------------------------------------------------------
Name of Company: Sky Parks (U.K.) Limited

Nature of Business: Researchers and Developers of Car Parks

Trade Classification: 2922 and 6321

Date of Appointment: March 3, 2004

Administrative Receiver:  JEFFREYS HENRY JACOBS
                          Fergusson House,
                          2nd Floor, 124-128 City Road,
                          London EC1V 2NJ
                          Receiver:
                          C M Iacovides
                          (IP No 005428)


SMARTCALL LIMITED: Names Numerica Administrator
-----------------------------------------------
Name of Company: Smartcall Limited

Nature of Business: Telecom Maintenance and Support

Trade Classification: 32

Date of Appointment: March 1, 2004

Administrative Receiver:  NUMERICA
                          81 Station Road, Marlow,
                          Buckinghamshire SL7 1SX
                          Receivers:
                          Peter Hughes-Holland
                          Frank Wessely
                          (IP Nos 1700, 7788)


SOUTH WEST: Designates Tenon Recovery Administrator
---------------------------------------------------
Name of Company: South West Supplies (U.K.) Limited

Nature of Business: Non-specialized Wholesale Food

Trade Classification: 5139

Date of Appointment: March 5, 2004

Administrative Receiver:  TENON RECOVERY
                          Sherlock House,
                          73 Baker Street,
                          London W1U 6RD
                          Receivers:
                          S R Thomas
                          S D Burkett-Coltman
                          (IP Nos 8920, 9181)


SPRINGWOOD PLC: Adviser Resigns; Ernst & Young Execs Take over
--------------------------------------------------------------
Springwood Plc announced its nominated adviser, Grant Thornton,
has resigned with immediate effect.

The company is one of the largest operators of late night
entertainment venues in the U.K.  It went into administrative
receivership last month at the motion of its Directors.  Mr. Ian
Best, Mr. Simon Allport and Mr. Alan Lovett of Ernst & Young LLP
have been appointed as joint administrative receivers.

CONTACT:  SPRINGWOOD PLC
          Swithland Hall
          Swithland
          Leicestershire
          LE12 8TD
          United Kingdom
          Phone: (0116) 237 5055
          Fax: (0116) 230 2983
          Homepage: http://www.springwoodleisure.co.uk/


WHELBURYS LIMITED: Appoints Moore Stephens Administrator
--------------------------------------------------------
Name of Company: Whelburys Limited

Nature of Business: Steel Stockholders

Trade Classification: 07

Date of Appointment: March 2, 2004

Administrative Receiver:  MOORE STEPHENS CORPORATE RECOVERY
                          Beaufort House,
                          94-96 Newhall Street,
                          Birmingham B3 1PB
                          Receivers:
                          Roderick Graham Butcher
                          Nigel Price
                          (IP Nos 8834, 8778)


                            *********


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

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

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