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

                           E U R O P E

             Monday, March 29, 2004, Vol. 5, No. 62

                            Headlines

B U L G A R I A

CHIMCO: Key Ruling Brings Urea-maker Closer to Bankruptcy
INTERNATIONAL BANK: Execs Allegedly Behind Bankruptcy Cleared


F I N L A N D

BENEFON OYJ: Elects Brian Katzen Chairman


F R A N C E

RHODIA SA: Creates Shareholders' Club to Encourage Dialogue


G E R M A N Y

BREMER WOLL-KAEMMEREI: Blames Slump for EUR36 Mln Full-year Loss
DAISYTEK: German Assets Placed Under U.K. Custody
DEUTSCHE LUFTHANSA: Aiming to Reverse Last Year's Record Loss
HEIDELBERGCEMENT AG: S&P Expects Performance to Stabilize
INFINEON TECHNOLOGIES: Board Ousts Chief Executive
WESTLB AG: Gerhard Roggemann Leaves Managing Board


G R E E C E

ROYAL OLYMPIA: Board Member Resigns


H U N G A R Y

NABI RT: Sets Annual General Meeting April 27
PANNONPLAST PLC: Prematurely Closes Treasury Share Transaction
PANNONPLAST PLC: Cutting More than 100 Employees to Save Cost


I T A L Y

FINMATICA SPA: Reorganizes Board; Fires Auditor
PARMALAT GROUP: Court Sets Deadlines for Claims


L U X E M B O U R G

CABLECOM LUXEMBOURG: Senior Unsecured Debt Rated 'CCC+'
CABLECOM LUXEMBOURG: Moody's Rates Senior Notes (P)Caa1
MILLICOM INTERNATIONAL: O-Listing in Stockholm Bourse Cleared


N O R W A Y

STOLT-NIELSEN: To Offer New Five-year Senior Unsecured Bonds


S W E D E N

ASCOM: Shakeup Reduces Group Net Loss to CHF68 Million
BOLIDEN LDM: Refutes Damage Claims Arising from Dam Failure


U N I T E D   K I N G D O M

ASTLES & CLEERE: Winding up Resolutions Passed
AUTOMOBILES PEUGEOT: Hundreds of Jobs in Danger at Ryton Plant
BALLARDS LIMITED: Brings in Liquidator
BARNETT WILLIAMS: Hires Liquidator from Tenon Recovery
B B SHEARING: Hires Liquidator

BEECH TREE: Appoints Liquidator from O'Hara & Co
BIRMINGHAM MIDSHIRES: Names PricewaterhouseCoopers Liquidator
CHARTER HEAVEN: Hires Liquidators from Begbies Traynor
COLDSEAL COMPANIES: Begbies Traynor Appointed Liquidator
COMPLETE AGENCY: AIJ Group Appoints RSM Robson Rhodes Receiver

DUOMO GROUP: Hires Liquidator to Carry out Winding up
FASTRAC GROUP: Appoints Begbies Traynor Administrator
GARRETT AUTOMOTIVE: Winding up Resolution Passed
GEODATA LIMITED: Hires Goldstein Liquidator
GET CAR: Calls in Liquidator from Poppleton & Appleby

GMH LIMITED: Names Harris Liquidator
GOPI GRANITES: Royal Bank of Scotland Names Baker Tilly Receiver
HONEYWELL INFORMATION: Passes Winding up Resolution
JOHN DAVID: Owners Consider Divesting Shareholding
JOHN WATTS: Names Liquidator

KADAMJAY SALES: Winding up Resolution Passed
LEEDS LIFE: Appoints Liquidators from PricewaterhouseCoopers
LOVELL PARK: Brings in PricewaterhouseCoopers Liquidators
MULTIVISION AUDIO: Lloyds TSB Bank Hires Deloitte & Touche
NETWORK RAIL: Delivers 18-month Promise to Report Improvement
PARKNOBLE LIMITED: In Administrative Receivership
ZVI CONSTRUCTION: Names Receivers from Begbies Traynor


                            *********


===============
B U L G A R I A
===============


CHIMCO: Key Ruling Brings Urea-maker Closer to Bankruptcy
---------------------------------------------------------
Bulgaria's Supreme Court of Cassation last week refused urea-
maker Chimco's request to delay a BGN103 million payment to
suppliers, according to the Bulgarian News Network.

The National Electric Company and state gas distributor,
Bulgargas, have demanded payment for BGN33 million and BGN70
million in debts, respectively; but Chimco refuses to pay,
disputing the amount.  The impasse forced the two creditors to
file for involuntary bankruptcy proceedings, but the district
court in the town of Vratsa rejected their petition.  On appeal,
the supreme court reversed the decision, leaving Chimco without
a choice but to pay its creditors or file for bankruptcy.  The
high court's decision is final and may not be appealed.

Chimco reported sales of BGN1.4 million last year, significantly
down from BGN21.5 million a year earlier.  This as losses
widened to BGN20.7 million from BGN14.4 million.  Chimco says
the high cost of raw material and natural gas are pushing
production costs higher, rendering its products uncompetitive in
the international market.

CONTACT:  CHIMCO
          3037 Vratza, Bulgaria
          Phone: +359 92 2 22 71; +359 92 2 23 81
          Fax: +359 92 3 31 18
          Homepage: http://www.chimco.bg
          E-mail: info@chimco.bg


INTERNATIONAL BANK: Execs Allegedly Behind Bankruptcy Cleared
-------------------------------------------------------------
Four former executives of bankrupt Sofia-based International
Bank of Trade and Development were absolved from charges related
to the collapse of the bank.

According to Bulgarian News Network, the Sofia Regional Court
acquitted the former bankers from charges of illegally extending
non-collateralized loans.  The report identified the executives
as former Board Chairman Ivan Evlogiev, Ivan Dinov, Georgi Kolev
and Teodor Antov.


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


BENEFON OYJ: Elects Brian Katzen Chairman
-----------------------------------------
In the meeting organizing the new Board of Benefon Oyj, in which
meeting the members of the prior board also participated, the
board elected as its chairman, Brian Katzen.

The board nominated Juha Kiikeri as the new president of the
company.  Former president and member of the old board, Mr.
Jukka Nieminen, will continue as vice president with
responsibilities to be defined soon.  The founder of the company
and the chairman of the old board, Mr. Jorma U. Nieminen, will
continue as advisor.  The Board decided to establish a fully
owned sales subsidiary in the U.K.

Benefon Oyj

Juha Kiikeri
President


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


RHODIA SA: Creates Shareholders' Club to Encourage Dialogue
-----------------------------------------------------------
Immediately after its appointment in October 2003, Rhodia's
Senior Management team expressed its determination to promote
greater corporate transparency, to enhance the visibility of
information and intensify its dialogue with individual
shareholders.  This determination has found expression in the
creation of a Shareholders' Club, the setting up of a
Shareholders' Consultative Committee, and the arrangement of a
series of meetings with the representatives of shareholders'
associations.

The Shareholders' Club

Open free of charge to all private individual shareholders of
Rhodia who apply to join, as well as to all Rhodia employees who
hold shares directly in their company, the Club offers its
members easy access to the Group's financial and strategic
information through shareholders' newsletters, a shareholder's
guide, the annual report, a dedicated section on the corporate
Web site http://www.rhodia.com,and a toll-free telephone number
(in France).

The Club also arranges visits to production sites and sends its
members invitations to briefing sessions and trade fairs in
Paris or in the provinces.  The Club currently boasts more than
3,700 members.

The Shareholders' Consultative Committee

Rhodia convened the first meeting of its Shareholders'
Consultative Committee on March 17, 2004.  The principal purpose
of this Committee is to provide Rhodia with feedback about the
expectations of Individual Shareholders, particularly in the
area of financial communications to ensure that activities in
this area remain highly visible and understandable to everyone
concerned.  The Committee's opinions and suggestions cover a
variety of topics ranging from printed presentations or the
content of the corporate Web site to the organization of public
meetings (such as the Annual General Meeting or Shareholders'
meetings) or any other actions or initiatives liable to help
promote the status and development of the Group.

After submitting an application to join the Committee, members
are appointed according to how representative they are of
Rhodia's private individual shareholders both in terms of
geographical presence and the fair representation of men and
women.  The members have all provided proof that they own a
portfolio of registered Rhodia shares, and have undertaken not
to sell their shares as long as they remain members of the
Committee.

To ensure a gradual renewal of its membership, one third of the
Committee Members are appointed for one year, one third for two
years, and the remaining third for three years.  If they are
applicants, their appointment may subsequently be renewed-twice
at the very most-each time for a period of two years.  If this
is not the case, three deputies have been appointed to replace
them.

The Committee-which will meet an average of 3 times per year-
includes 9 incumbent members.  Yves-Rene NANOT, Vice-President
of Rhodia, chaired this first meeting.  He emphasized "that
through this Committee, Rhodia is determined to keep its
shareholders informed in a spirit of absolute transparency, to
have a critical audience and benefit from the perception of the
individual shareholders of the Group's current situation and
future prospects."

The Committee has appointed a spokesman in the person of Mr.
Yves COGNAT.  A retired banking executive, Yves COGNAT (69) has
owned shares in Rhodia since its initial public offering in 1998
and boasts similar experience on other Shareholders'
Consultative Committees in the financial and stock market
industry.

The "Chairmen's Conference"

Rhodia has also launched the idea of a series of meetings with
representatives of associations of individual shareholders, the
so-called "Chairmen's Conference."  This meeting will be
convened twice a year on average, the next due to be held on
March 24, 2004.

All these initiatives translate Rhodia's determination to
maintain close contact with its Shareholders-and, more
particularly, with its Individual Shareholders who represent
17.5% of Rhodia's capital (on January 31, 2004)-in a spirit of
total transparency.


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


BREMER WOLL-KAEMMEREI: Blames Slump for EUR36 Mln Full-year Loss
----------------------------------------------------------------
German company Bremer Woll-Kaemmerei AG suffered a net loss
amounting to EUR36.3 million in 2003 due to the ongoing
worldwide slump in the textile market.  Part of the figure is a
loss from non-recurring items of EUR17.1 million.

The Company said that the low demand in the textile market is
not the only reason for its loss.  Restructuring cost of the
establishment is also a factor, according to just-food.com.
During the year, the company's subsidiary in Australia, Geelong
Wool Combing was shut down from its operation due to labor
dispute.


DAISYTEK: German Assets Placed Under U.K. Custody
-------------------------------------------------
U.K. administrators won the legal battle against Germany and
France in taking control over the German assets of bankrupt
office parts supplier, Daisytek, Reuters reported.

European Insolvency Regulation, which was useful in other cross-
border insolvency cases, proved insufficient in the case of
Daisytek.  Both Germany and France resisted the jurisdiction of
the U.K. courts.

"The German court endorsed our approach and validated the use of
U.K. proceedings over these German companies," Stephen Taylor,
head of European restructuring at PricewaterhouseCoopers, said
after the decision was brought down.

The U.K. administrators won a similar case in France last
September, but authorities are bringing the matter to the higher
court saying there was no proper consultation with French
workers prior to the filing of insolvency.  Such consultation of
a workforce is not required in the U.K. but is required under
French insolvency law.

"We are currently formulating a response to the French state's
appeal document," said Mr. Taylor.  The case could still go to
the European High Court in Luxembourg, the report said.


DEUTSCHE LUFTHANSA: Aiming to Reverse Last Year's Record Loss
-------------------------------------------------------------
Deutsche Lufthansa AG, Europe's third-largest airline, predicts
a return to profit this year, Chief Executive Wolfgang Mayrhuber
told the press at a conference in Frankfurt, according to
Bloomberg News.  Last year the airline posted a record loss of
EUR984 million (US$1.19 billion).

A EUR430 million cost-cutting program is expected to boost
profits for the year.  At present, it already saved EUR234
million.  Mr. Mayrhuber said he will reduce costs by EUR1.2
billion or 20% by cutting 2,000 more jobs by 2005.  The airline
has eliminated 3,600 jobs with a hiring freeze.  It had 93,246
employees at the end of December.  The savings plan includes
reducing staff expenses by EUR300 million, improving production
processes by EUR300 million, and lowering costs from internal
and external suppliers by EUR600 million.


HEIDELBERGCEMENT AG: S&P Expects Performance to Stabilize
---------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germany-based cement producer, HeidelbergCement AG, to stable
from negative, reflecting an expected stabilization of the
group's performance due to a reduction in downward pressure from
the German cement market.

At the same time, the 'BB+' long-term and 'B' short-term
corporate credit ratings, and the ratings on all outstanding
debt of HeidelbergCement and its related entities were affirmed.

"Although HeidelbergCement's performance will likely continue to
be further affected by weak volumes and prices in the German
cement market in the near term, the lowest point seems to have
been reached in 2003," said Standard & Poor's credit analyst Eve
Greb.  "In particular, prices appear to be recovering after all
major players in the industry announced price increases over the
past few months, which will likely have a positive effect on
HeidelbergCement's performance from 2004."

The ratings on HeidelbergCement reflect the group's aggressive
debt leverage -- albeit improving since mid-2003 -- and the
cyclicality and heavy capital intensity of the cement industry.
These factors are offset by HeidelbergCement's large size, broad
geographical diversity, strong market positions, and sustained
ability to generate healthy funds from operations (FFO).

With sales of EUR6.4 billion ($7.9 billion) in 2003,
HeidelbergCement is the fourth-largest cement producer
worldwide.

"The stable outlook reflects Standard & Poor's expectation that
HeidelbergCement will consistently generate healthy free cash
flow in the future," said Ms. Greb.  Credit protection measures
are expected to be in line with the rating category, with FFO to
net debt averaging 20%, and net debt to capital of less than
50%.  The current ratings do not offer scope for sizable debt-
financed acquisitions.

CONTACT:  STANDARD AND POORS RATING SERVICES
          Analyst E-mail Addresses
          eve_greb@standardandpoors.com
          xavier_buffon@standardandpoors.com
          peter_puving@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


INFINEON TECHNOLOGIES: Board Ousts Chief Executive
--------------------------------------------------
Infineon Chief Executive Officer Ulrich Schumacher was kicked
out of the board, a supervisory board member said, according to
Bloomberg News.

The board voted unanimously to ask for Mr. Schumacher's
resignation after a dispute over strategy, the source said.  Mr.
Schumacher will be replaced by supervisory board Chairman Max
Dietrich Kley.  Mr. Schumacher's disagreement with the board
stemmed partly from plans to use contractors for some tasks,
German labor union IG Metall said in a press release.  It labels
Mr. Schumacher's style of leadership "autocratic."

Mr. Schumacher saw the company cut 5,000 jobs to revive profit
last year.  He was then proposing to move Infineon's
headquarters to Switzerland to save on taxes.  In January he
said the company is bound to report a first annual profit.


WESTLB AG: Gerhard Roggemann Leaves Managing Board
--------------------------------------------------
Gerhard Roggemann is leaving the WestLB Managing Board at his
own request on March 31, 2004.

Mr. Roggemann joined WestLB in 1996.  In the period up to 2001
he was instrumental in building up the Global Financial Markets
unit, which gained him recognition in the markets.  Since then
he was responsible internationally for Financial Institutions
and Asset Management as well as the corporate client business in
America and Asia.  Mr. Roggemann will devote himself in future
to entrepreneurial tasks outside WestLB.


===========
G R E E C E
===========


ROYAL OLYMPIA: Board Member Resigns
-----------------------------------
Royal Olympia Cruise Lines announced the resignation of Michael
Jolliffe from its Board as of March 23, 2004.

                              *****
Royal Olympic Cruises, Inc. last month requested protection from
creditors in the Greek Court pursuant to Article 45 of Law
1982/1990, which provides for the reorganization of debtors in a
proceeding similar to a proceeding pursuant to Chapter 11 of the
U.S. Bankruptcy Code.  Later, the Greek Maritime Court of appeal
of Piraeus included these subsidiaries in the proceedings
stipulated in section 45 of Law 1892/1990:

(1) "Elliniki Etairia Diipeirotikon Grammon A.E.,"

(2) "Valentine Oceanic Trading Inc.,"

(3) "Freewind Shipping Company," and

(4) "Ocean Quest Seacarriers Limited."

These subsidiaries own the vessels Odysseus, Triton, World
Renaissance and Olympia I, and "Royal Olympic Cruises Ltd." (the
Management Company).   The Court also appointed an administrator
(mediator) for a period of six months to try and find a
compromise agreement with creditors.

CONTACT:  ROYAL OLYMPIA CRUISE LINES
          James R. Lawrence
          Phone: +1-203-550-2621


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


NABI RT: Sets Annual General Meeting April 27
---------------------------------------------
The Board of Directors of NABI Bus Industries Rt. (registered
seat: 1165 Budapest, Ujszasz u. 45.) hereby notifies the
honorable shareholders that the Board of Directors decided to
convene the annual general meeting of the Company, to be held at
9:30 a.m. on Tuesday, April 27, 2004.

Place of the meeting:  Palace Room

Hotel Novotel Budapest Centrum
1088 Budapest, Rakoczi Ut 43-45.

I. Agenda of the General Meeting:

1. Closing of the 2003 business year

(a) Report of the Board of Directors on the 2003 business of the
    Company.

(b) Proposal of the Board of Directors for the approval of the
    2003 standalone and consolidated financial statements and
    business report of the Company (prepared in accordance with
    the Hungarian Accounting Standards and U.S. GAAP), and for
    the appropriation of the 2003 net losses.

(c) Report of the Supervisory Board on the report of the Board
    of Directors for 2003, on the 2003 standalone and
    consolidated financial statements and the business report of
    the Company and on the proposal of the Board of Directors
    for the appropriation of net losses.

(d) Report of the Auditor on the 2003 standalone and
    consolidated financial statements.

(e) Approval of the 2003 Report of the Board of Directors on the
    business of the Company.

(f) Acknowledgment of the report of the Supervisory Board and
    the Auditor.

(g) Approval of the standalone and consolidated financial
    statements and business report of the Company regarding 2003
    (prepared in accordance with the Hungarian and US Accounting
    Standards).

(h) Resolution on the appropriation of the net losses of the
    Company regarding 2003.

2. Determining the Auditor's 2004 remuneration.
3. Election of a member of the Board of Directors.
4. Approval of the amended Management Share Option Plan.

II. Summary lines of the Company's consolidated financial
statement and business report regarding 2003 (prepared in
accordance with U.S. GAAP), figures in USD millions:



                     2003   2002                     2003   2002
Assets, total       273.4  259.1    Total revenues   320.1 360.6
Shareholders' equity 62.3   78.5    Gross profit       8.5  42.0
Liabilities                         Operating profit (23.7) 11.8
  and shareholders'                    Net income    (16.8)  7.1
   equity           273.4  259.1



III. Pursuant to Section 13.1 of the Articles of Association,
the General Meeting shall have a quorum if the attending
shareholders or their authorized representatives represent more
than half of the share capital, which carries with it a right to
vote.  The shareholders may attend the General Meeting either
personally or through a representative or an attorney-in-fact.
The document constituting such representation right must be
delivered to the place of the General Meeting in form of a
public document or a fully verifiable private document with full
probative force not later than the beginning of the General
Meeting.

IV. Pursuant to Section 13.3 of the Articles of Association,
those shareholders whose names are listed in the Register of
Shares on the turning day of the process for verifying the
shareholders and their holding that precedes the General Meeting
and possesses the appropriate securities account extract defined
in Section 7.4 of the Articles of Association shall have the
right to attend the General Meeting and vote.  The Board of
Directors of the Company provides appropriate means of voting
per share for the shareholders.

V. Pursuant to Section 13.7 of the Articles of Association, one
dematerialized registered ordinary share of HUF 1,000 entitles
the respective shareholder to exercise one vote.

VI. We request the honorable shareholders to appear at the place
of the General Meeting one hour before the announced opening
time of the General Meeting for the purpose of registering the
presence of the shareholders and the delivery of the voting
appliances.  The General Meeting shall vote openly.

VII. The proposals for the agenda of the general meeting will be
available at the Company's registered seat or on the Web site of
the Company at http://www.nabi.huand on the Web site of the
Budapest Stock Exchange (BSE) at http://www.bet.huafter April
12, 2004.

VIII. If the General Meeting has no quorum, the re-convened
general meeting will be held with the same agenda and at the
same place at 10:00 a.m. on April 27, 2004.  Such re-convened
general meeting has a quorum independently from the number of
the attending shareholders.


PANNONPLAST PLC: Prematurely Closes Treasury Share Transaction
--------------------------------------------------------------
On April 17, 2003 Pannonplast advised its shareholders of the
sale of 124,281 treasury shares on the OTC market.  The Board of
Directors authorized the management to sell the shares on the
stock exchange.  The sale of the shares took place on the OTC
market at a price of HUF1,600 per share under the condition of
deferred payment.  However, the countervalue of the shares was
not fully received by Pannonplast until March 1, 2004.  In this
situation, the management considered the earliest possible
financial closing of the transaction, the discontinuation of
risk arising from the deferred payment arrangement and the
optimalization of the income from the sale, as well as its
prompt accounting to be of primary importance.

In view of the above, exercising its right set forth in the
contract, the company made the necessary actions for the
financial settlement of the purchase price, as a result of which
HUF109.7 million, the whole remaining balance of the purchase
price of the shares was received by Pannonplast on Thursday.
The company's total income from the transaction amounted to
HUF174.2 million equaling to an average price of HUF1,402 per
share.  In 2003, from the sale of the shares the company
suffered a loss of the order of the difference between the
original selling price (HUF1,600 per share) and the actual
purchase price received (HUF1,402 per share), that is an amount
of HUF24.6 million which reduced the company's capital reserves
in the 2003 year end balance sheet, in accordance with the
accounting guidelines of the International Accounting Standards.
The transaction has no any carry-forward effect on the 2004
financial year since December 31, 2003 the company reduced the
receivables relating to the share sale to HUF1,390 per share, to
the market value effective on that day.

Since April 17, 2003 Pannonplast has not owned any treasury
share.  Following the financial settlement of the transaction,
the company has no further claim in connection with the sale of
treasury shares.

The Board of Directors of Pannonplast Rt. judges that the sale
of the treasury shares in April 2003 cannot be considered as a
customary and transparent transaction in case of a company
listed on the stock exchange, therefore, the BOD has taken
appropriate corporate governance, management and procedural
measures, which exclude the occurrence of a similar transaction
in the future.


PANNONPLAST PLC: Cutting More than 100 Employees to Save Cost
-------------------------------------------------------------
In accordance with the short-term program announced on 16
February the management of Pannonplast decided to reduce its
staff by 126 employees.  Pannonplast judges that the reduction
in staff number has become -- in addition to various other
efficiency improving measures -- an indispensable condition of
restoring profitable operation and increasing competitiveness.
Pursuant to the decision the staff number is reduced by 6.3%
compared to December 31, 2003.

The action will have a positive impact on the company's cash
flow in 2004.  Cost savings during the year will exceed the one-
time lay-off expenses by HUF86 million.  From 2005 the annual
cost savings resulting form the recent measures will be HUF310
million.

Half of the 126 primarily white-collar employees will be
dismissed in the first quarter of the year, while the remaining
will be discharged in the second quarter.  Accordingly, one-time
expenditure of HUF113 million connected to this action will
incur partly in the first quarter and in part in the second
quarter of the year.

"The management is making remarkable efforts to restore
Pannonplast's competitiveness.  I wish to point out that the
staff reduction is only one of our actions aiming at increasing
efficiency, as we consider cutting indirect costs, improving
shop-floor efficiency through various measures and reducing the
working capital employed as management tasks of equal importance
and priority.

In the opinion of the management, the optimal level of staff,
which is in line with the international benchmark of the plastic
processing industry and which also takes into consideration
Pannonplast's operational conditions, can be achieved by January
1, 2005," said Csaba Zoltan Chairman & CEO of Pannonplast.


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


FINMATICA SPA: Reorganizes Board; Fires Auditor
-----------------------------------------------
The Shareholders' General Meeting of Finmatica S.p.A., held
March 18 in Borsa Italiana (The Italian Stock Exchange),
approved these items on the Agenda:

(a) Grant Thornton S.p.A was dismissed as auditors and a new
    firm was appointed;

(b) A new Board of Directors was appointed;

(c) The Board of Statutory Auditors was appointed.

With regards to the first item, the Finmatica Shareholders'
General Meeting approved the dismissal for just cause of
Italaudit (previously Grant Thornton) and, on the advice of the
Board of Directors and after examining the three proposals
received, appointed PricewaterhouseCoopers for the audit and
certification of the financial statements for the three years
from 2003-2005.

With regards to the second item on the Agenda, the Shareholders'
Meeting nominated the new Board of Directors composed of
Pierluigi Crudele, Chairman, Michele Carpaneda, Enrico
Marinelli, Elena Berlucchi, Massimo Brunelli, Vincenzo Damiani
and Maurizio Stecco.

The new Board of Directors, which includes six independent
members, will remain in office until approval of the 2005
financial statements; the Board will meet again shortly to
establish the powers of the directors.

With reference to the new Directors, Massimo Brunelli is
presently a Partner of Tato & Partners and was previously, inter
alia, the Chief Financial Officer of Telecom Italia and ENEL
(Electricity Corporation), and Chief Operating Officer of IT
Holding.

Vincenzo Damiani is presently a member of the Board of Directors
and Executive Committee of Banca di Roma, a director of Colt,
based in London, as well as being a retired Vice President of
EDS Corporation.

Maurizio Stecco is presently a Partner and Chairman of Nexus
Global Partners and, amongst other previous appointments, was
Investment Banking Chairman for Italy of Dresdner Kleinwort
Wasserstein.

The Shareholders' Meeting has, furthermore, nominated the new
Board of Statutory Auditors composed of Ermanno Sgaravato, Marco
Baccani and Angelo Pappada as permanent Statutory Auditors, and
Ferdinando Ramponi and Giuliano Pestoni as alternate Statutory
Auditors.


PARMALAT GROUP: Court Sets Deadlines for Claims
-----------------------------------------------
The Italian Ministry of Production Activities has issued decrees
making the companies listed below eligible for the Extraordinary
Administration Proceedings for Large Companies in Crisis
Conditions (Legislative Decree No. 347 of December 23, 2003) and
appointed Enrico Bondi Extraordinary Commissioner.

The Court of Parma has handed down decisions declaring the
companies listed below insolvent and naming Vittorio Zanichelli
Delegated Judge.  The abovementioned decisions also provide the
deadlines for filing proofs of claim in bankruptcy petitions and
verification of such claims.  These deadlines are shown.

Each creditor may put forth his/her claims by filing exclusively
with the Clerk of the Court of Parma Address: Cancelleria del
Tribunale di Parma - P.le Corte d'Appello n.1 - 43100 Parma-
Italia (by hand or by registered mail) a proof of claim in
bankruptcy petition, written in Italian, together with
supporting documents, which must also be translated into Italian
(each document individually under penalty of rejection because
unusable).

Company  Date of decree           Deadline for filing   First
         ruling eligibility for   proofs of claim in   hearing
         Extraordinary            Bankruptcy            for
         Administration                            verification
                                                          Of
                                                    Liabilities

Parmalat
S.p.A.   December 24, 2003        April 20, 2004   May 19, 2004

Parmalat
Finanziaria
S.p.A.   December 30, 2003        April 30, 2004   May 26, 2004

Eurolat
S.p.A.   December 30, 2003        May 05, 2004     May 31, 2004

Lactis
S.p.A.   December 30, 2003        May 05, 2004     June 04, 2004

Parmatour
S.p.A.   January  16, 2004        May 15, 2004     June 10, 2004

Coloniale
S.p.A.   January  16, 2004        May 20, 2004     June 11, 2004

Hit      January  28, 2004        May 25, 2004     June 23, 2004
S.p.A.

Hit
International
S.p.A.   January  28, 2004        May 25, 2004     June 22, 2004

Nuova
Holding
S.p.A.   January  28, 2004        May 25, 2004     June 24, 2004

Geslat
s.r.l.   February  09, 2004       June 10, 2004    July 02, 2004

Parmengineering
s.r.l.   February  09, 2004       June 10, 2004    July 02, 2004

Contal
s.r.l.   February  09, 2004       June 10, 2004    July 06, 2004

Parma Food
Corporation
B.V.     January 30, 2004         June 03, 2004    June 30, 2004

Dairies Holding
International
B.V.     January 30, 2004         June 03, 2004    June 28, 2004

Parmalat Capital
Netherlands
B.V.     January 30, 2004         June 03, 2004    June 29, 2004

Parmalat Finance
Corporation
B.V.     January 30, 2004         June 03, 2004    June 28, 2004

Parmalat
Netherlands
B.V.     January 30, 2004         June 03, 2004    June 29, 2004

Olex     January 30, 2004         June 03, 2004    July 01, 2004
S.A.

Parmalat
Soparfi
S.A.     January 30, 2004         June 03, 2004    June 30, 2004

Eurofood Ifsc
Limited  February 09, 2004        June 10, 2004    July 07, 2004

Petitions for the inclusion of claims by holders of debentures,
bonds and notes issued or guaranteed by companies of the
Parmalat Group that are the subject of Extraordinary
Administration proceedings at the Court of Parma may be filed by
granting special power of attorney to the petitioner's bank or
by authorizing the bank to file the petition or by filing the
petition directly. Specific rules for filing such petitions are
available at the Web site listed below.

The Web site http://WEB.LTT.IT/TRIBUNALE/HOME.HTMcontains
information for creditors and a facsimile of the proof of claim
in bankruptcy petition.

Collecchio, March 26, 2004

Enrico Bondi
Extraordinary Commissioner


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


CABLECOM LUXEMBOURG: Senior Unsecured Debt Rated 'CCC+'
-------------------------------------------------------
Standard & Poor's assigned its 'B' long-term corporate credit
rating to Cablecom's financing subsidiary Cablecom Luxembourg
SCA.  The outlook is positive.  It also assigned its 'CCC+'
long-term senior unsecured debt rating to Cablecom Luxembourg's
proposed EUR290 million ($357 million) senior notes maturing in
2014.

The rating action was done in conjunction with the assigning of
a 'B' long-term corporate credit rating to Swiss cable operator
Cablecom Holdings AG.

Standard & Poor's credit analyst Leandro de Torres Zabala said:
"The ratings on Cablecom take into consideration the group's
high leverage, weak but improving free cash flow generation,
strong regulation in its main markets, and the covenants
attached to its bank facility."


CABLECOM LUXEMBOURG: Moody's Rates Senior Notes (P)Caa1
-------------------------------------------------------
Moody's Investors Service assigned a (P) B2 senior implied
rating to Cablecom Luxembourg SCA.  The company's proposed
EUR290 million issuance of senior notes was assigned a (P) Caa1
rating, and its senior unsecured issuer rating Caa2.

It said the Caa1 rating of the notes reflects their structural,
effective, and contractual subordination to a substantial amount
of subsidiary indebtedness.

Cablecom Luxembourg SCA currently plans to issue EUR290 million
(CHF452 million equivalent) in senior notes partly to repay the
company's existing facilities and provide for transaction
expenses and deferred restructuring costs.

The rating agency said that negatively, the ratings reflect,
among others, Cablecom's high debt leverage levels, high on-
going capital expenditure expectations and meaningful bank debt
amortization requirements, and subordination considerations (for
senior noteholders) with respect to the company's consolidated
capital structure.

Pro forma for the pending transaction, Cablecom's debt leverage
is high with total debt to last quarter annualized EBITDA
(excluding exceptional items and adjusting for approximately CHF
4.8 million in on-going annual management and agency fees) as of
31 December 2003 of approximately 5.7x.


MILLICOM INTERNATIONAL: O-Listing in Stockholm Bourse Cleared
-------------------------------------------------------------
Millicom International Cellular S.A. (Nasdaq Stock Market:
MICC), the global telecommunications investor, on Thursday
announced that it has received approval for a listing on the O-
list on the Stockholm Stock Exchange (Stockholmsbforsen).  The
trading in the Swedish Depositary Receipts is expected to
commence on Tuesday, March 30, 2004.

Marc Beuls, President and CEO of Millicom commented: "Millicom
decided to list its shares on the Stockholm Stock Exchange, in
addition to our primary market listing on NASDAQ, as we believe
that there is substantial investor interest in Europe,
particularly in Sweden where there is high awareness of some
Millicom affiliates.  Millicom will be the third largest telecom
operator listed on the Swedish market and our exposure to high
growth emerging markets will be an attractive alternative for
investors."

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa.  It currently has a total of 16
cellular operations and licenses in 15 countries.  The
Group's cellular operations have a combined population under
license of approximately 382 million people.  In addition, MIC
provides high-speed wireless data services in five countries.

CONTACTS:  MILLICOM INTERNATIONAL CELLULAR S.A.
           Luxembourg
           Marc Beuls
           President and Chief Executive Officer
           Phone: +352 27 759 327
           Andrew Best
           Phone: +44 20 7321 5022

          Investor Relations
          Shared Value Ltd, London
          Web site: http://www.millicom.com


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


STOLT-NIELSEN: To Offer New Five-year Senior Unsecured Bonds
------------------------------------------------------------
Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI)
announced plans to issue new senior five-year unsecured bonds
with a term from April 15, 2004 to April 15, 2009.  The senior
five-year bonds will have a fixed yearly coupon of 8.75%.  The
first tranche of the senior five-year bonds will be NOK500-700
million, with a total borrowing limit of NOK1 billion.  The
nominal value of the senior five-year bonds will be NOK500,000.
The purpose of the bond issue is to refinance part of the
Company's current debt.  The offering period for the bond issue
is from March 26, 2004 to April 2, 2004.

The securities offered or to be offered in the private placement
of the senior five-year bond issue have not been and will not be
registered under the U.S. Securities Act of 1933, as amended and
may not be offered or sold in the United States without
registration or an applicable exemption from the registration
requirements.  This press release does not constitute an offer
to sell or the solicitation of an offer to buy any securities in
the United States nor shall there be any sale of securities in
any jurisdiction in which such offer solicitation or sale would
be unlawful.

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. is one of the world's leading providers of
transportation services for bulk liquid chemicals, edible oils,
acids, and other specialty liquids.  The Company, through its
parcel tanker, tank container, terminal, rail and barge
services, provides integrated transportation for its customers.
The Company also owns 41% of Stolt Offshore S.A.  (NASDAQNM:
SOSA; Oslo Stock Exchange: STO), which is a leading offshore
contractor to the oil and gas industry.  Stolt Offshore
specializes in providing technologically sophisticated offshore
and subsea engineering, flowline and pipeline lay, construction,
inspection, and maintenance services.  Stolt Sea Farm, wholly-
owned by the Company, produces and markets high quality Atlantic
salmon, salmon trout, turbot, halibut, sturgeon, caviar, bluefin
tuna, and tilapia.

CONTACTS:  STOLT NIELSEN
           Reid Gearhart
           Phone: (U.S.A) 1 212 922 0900
           E-mail: rgearhart@dgi-nyc.com

           Valerie Lyon
           Phone: (U.K.) 44 20 7611 8904
           E-mail: vlyon@stolt.com


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


ASCOM: Shakeup Reduces Group Net Loss to CHF68 Million
------------------------------------------------------
Ascom trebled profitability of core Divisions and reduces non-
core Divisions to about one sixth of total revenues Despite the
tough market conditions of 2003, Ascom trebled the operating
result for its four core Divisions of Transport Revenue, Network
Integration, Wireless Solutions and Security Solutions from
CHF19 million to CHF61 million and achieved a 13% rise in the
order intake.  Through a series of divestments and restructuring
measures, the company succeeded in reducing the share of non-
core Divisions on total revenues to roughly 15% at the end of
2003.It also streamlined the product and service offering
according to plans.  Ascom ends the financial year with a
significantly reduced Group net loss of -CHF68 million (previous
year -CHF281 million.  Net debt was completely eliminated in the
year under review.  Cash and cash equivalents exceeded interest-
bearing debt to the tune of CHF55 million.  The equity ratio was
strengthened considerably, and is now at 18%.

The core Divisions enjoyed a 13% rise in their order intake
compared with the previous year to CHF1,127 million, and
generated revenues of CHF1,036 million in 2003.  In the second
half of 2003, revenues of the core Divisions grew by 10% versus
the first six months of the year.

Group revenues for 2003 were to CHF1,515 million (previous year
CHF2,066 million).  Of the CHF551 million drop in revenues,
CHF462 millions stem from business divestments, while CHF39
million is attributable to the core Divisions and CHF50 million
to the continuing non-core Divisions.  Adjusted for divestments
and currency exchange impacts, total revenues declined by 10%
from the previous year's level.

The sale of the PBX (Ascotel) and Energy Systems Divisions
enabled Ascom to lower the share of continuing non-core
Divisions to 15% of total revenues in 2003 (previous year 48%).

Trebling of operating result of the core Divisions

Ascom's core Divisions ended the financial year 2003 with a
CHF42 million improvement in operating result to CHF61 million.
The trebling of the result in the core Divisions was achieved
through focusing on profitable niche markets.

The Transport Revenue Division succeeded in enhancing its
profitability.  This core Division accomplished a turnaround,
ending financial year 2003 with an operating result of CHF7
million (previous year -CHF28 million), with revenues around 6%
lower at CHF267 million.  The order intake grew by 24% to CHF279
million.  All except two of the critical, legacy projects were
completed, enabling the Division to reduce risks, improve
margins and expand the maintenance business.  In a difficult
period for the Group, the Division won several large-scale
orders from infrastructure operators in Switzerland, France and
North America.

The Security Solutions Division reported a 27% decline in the
operating result to CHF11 million (previous year CHF15 million)
on a 22% lower revenue base of CHF165 million, due to a weaker
order intake in the first half year to be realized in 2003.
Security Solutions nevertheless increased its order intake by
22% in 2003 to CHF221 million.  Significant new orders were won
in tunnel and building communications along with passenger
information systems in Germany, Austria and Switzerland,
enabling Security Solutions to expand its civilian business and
to grow internationally.

The Network Integration Division lifted its operating result by
CHF3 million to CHF10 million (previous year CHF7 million) on 6%
lower revenues of CHF333 million.  The Division reported a 4%
lower order intake compared to the previous year with CHF354
million.  All country subsidiaries achieved a positive result
for the first time, though there was a particularly significant
improvement in profitability in Switzerland, Germany and Italy.
In addition, the Division was successful in winning major orders
from well known international companies with a considerable
service and outsourcing share.  On top of that, Network
Integration was nominated best European partner in 2003 by
leading technology companies.

On around 17% higher revenues, the Wireless Solutions Division
boosted its operating result by 32% to CHF33 million (previous
year CHF25 million).  Incoming orders grew by 21% in 2003 to
CHF277 million.  The focus on high-growth market segments such
as healthcare and cooperation with strong distribution partners
also led to a marked improvement in profitability in 2003.  One
highlight was the conclusion of several projects on behalf of
stock exchanges in the U.S.  A number of high-profile
international manufacturing and service companies also opted for
on-site communication solutions from Wireless Solutions.  On top
of that, Wireless Solutions became Europe's largest supplier of
business DECT handsets in 2003.

Thus all core Divisions of Ascom ended financial year 2003 with
a positive operating result.

Sharp reduction in share of the non-core Divisions
Third part revenues of the continuing non-core Divisions (Co-
operation -- essentially Payphones, Manufacturing France and
Switzerland -- amounted to CHF225 million (previous year CHF262
million) in the past financial year, and thus represented only
about 15% of total revenues.  The very tough market conditions,
the restructuring charges incurred and an inadequate level of
capacity utilization led to a deterioration of the operating
result to CHF(32) million (previous year CHF(20) million).

The restructuring of Payphones was brought to a successful
conclusion in the reporting period.  Negotiations regarding the
restructuring of Manufacturing sites in France are at an
advanced stage.  In 2003 a manufacturing site in France with 55
employees could be divested.  The capacities of Manufacturing
Switzerland were also adjusted to the lower market demand in
2003.  The efforts to identify divestment and potential buyers
for these businesses are proceeding apace.

Substantial reduction in Group net loss

The Group's operating result amounts to -CHF27 million (previous
year -CHF107 million).  Besides the CHF42 million improvement in
operating result for the core Divisions, the key contributing
factors were a CHF42 million reduction in losses from divested
business to -CHF29 million and a CHF8 million reduced operating
loss of the Group and finance companies.

Ascom ends the financial year 2003 with a significantly reduced
Group net loss totaling -CHF68 million.  That compares with a
figure that was four times as high in the previous year at
-CHF281 million.  Ascom progressed from a loss of -CHF57 million
in the first half of 2003 to a reduced net loss of -CHF11
million in the second half of the year.

The improvement in the Group's result for 2003 is due to a CHF80
million increase in the operating result, CHF32 million
reduction in financing and tax charges and, above all, sharply
reduced one-time effects compared with the prior year.  The
reduction in non-recurring factors primarily comprises CHF24
million lower restructuring charges for divested business areas,
CHF10 million lower gains from the disposal of real estate and
divestments and CHF62 million lower impairments of goodwill and
intangible assets.

Net debt eliminated - working capital reduced

The company continued to strengthen its balance sheet through
disposals of business areas and real estate, further
optimization of net working capital and the successful
implementation of the capital increase in December 2003.

Cash and cash equivalents exceeded interest-bearing debt to the
tune of around CHF55 million (net debt in previous year -CHF264
million) as at 31 December 2003.  The significant reduction of
net debt -- in the order of CHF319 million -- was a result of
proceeds from the disposal of businesses and real estate,
together with a reduction in net working capital and the inflow
of funds from the capital increase.

Balance sheet and shareholders' equity

The Group's total asset base declined by -CHF396 million or by
26% compared to 31 December 2002.  The sale of businesses and
real estate contributed CHF214 million to this reduction.  The
CHF74 million capital increase conducted in December 2003
enabled Ascom to strengthen its balance sheet.  The Group's
shareholders' equity increased by CHF7 million compared to 31
December 2003.  The equity ratio increased to 18% at the end of
the reporting period (previous year 13%).

Ascom Holding Ltd bond issue

Following the disposal of Energy Systems, PBX and Real Estate,
CHF63 million was deposited in a escrow account in favor of
Ascom Holding Ltd's bondholders.

Employees

Ascom employed 4,842 people as at 31 December 2003, representing
a reduction of 2,462 employees or 34% in relation to 31 December
2002.  More than two thirds of the jobs were transferred in
conjunction with the sale of businesses.

Outlook for 2004

In the financial year now under way the resources will be geared
even more to the operational aspects of the business.  The prime
objective in 2004 will be to strengthen the profitability as
soon as possible and to return to black figures.  All necessary
measures will therefore be implemented with the same swift pace
and urgency as until now.  These efforts will center on:

(a) extending the strong market position of the core Divisions
    through profitable, organic growth,

(b) a further increase in profitability at the core Divisions,
    the restructuring of Manufacturing in France, along with the
    search for cooperation partners or possible buyers for the
    non-core areas,

(c) the streamlining and simplification of the Group structure,

(d) the constant adaptation of the cost structure to the market
    conditions.

Clear objectives of the core Divisions should lead to growth in
specific areas of the business in 2004:

Transport Revenue intends to expand its service and maintenance
business, and to create more repeat sales based on successfully
implemented solutions.

Security Solutions is increasing its focus on civilian markets,
in particular through communications, information and management
systems for transport infrastructure operators.  It will also
selectively exploit new geographical markets in Eastern Europe
and Scandinavia.  Network Integration intends to boost the share
of its service and outsourcing business.

Wireless Solutions will continue to focus on serving hospital,
elderly care, manufacturing and closed establishment markets and
is working on extending the value chain by offering solutions
involving consultancy and other services, as well as
hardware/software.  Geographically, the Division is looking to
expand its U.S. business.

Press kit and photos of the 2004 Annual Media Conference will be
available for downloading from 11 resp.  12 hours (CET) at
http://www.ascom.comunder Media Relations/Press Kits.

About Ascom

Ascom is an international solution supplier with a comprehensive
technology know-how.  In the areas Transport Revenue (revenue
collection, toll and parking systems), Security Solutions
(applications for security, communications, automation and
control systems for infrastructure operators, public security
institutions and the army), Network Integration (network
solutions in the data/voice convergence market) and Wireless
Solutions (high quality on-site communications solutions) with
many years of experience in the execution of complex projects
for demanding customers the company has established itself in
important key markets.  Ascom's offering covers analysis and
consulting, system design and system integration, project
management, engineering and implementation, and goes right
through to maintenance and support.  The company has
subsidiaries in 23 countries and has a staff of around 5,000
employees worldwide.  The Ascom registered shares (ASCN) are
quoted on the SWX Swiss Exchange in Zurich.

CONTACT:  ASCOM MANAGEMENT AG
          Bettina Cohen
          Head of Corporate Communications
          Belpstrasse 37
          CH-3000 Berne 14
          Phone: +41 31 999 43 44
          Fax: +41 31 999 21 17
          E-mail: media@ascom.com
          Web site: http://www.ascom.com

          ASCOM CORPORATE FINANCE AND INVESTOR RELATIONS
          Ascom Management AG
          Rudolf Hadorn, Chief Financial Officer
          Stettbachstrasse 6
          CH-8600 Dubendorf
          Phone: +41 1 631 14 15
          Fax:   +41 1 631 28 00
          E-mail: investor@ascom.com
          Web site: http://www.ascom.com


BOLIDEN LDM: Refutes Damage Claims Arising from Dam Failure
-----------------------------------------------------------
Boliden is, as earlier announced, subject to an administrative
procedure in Spain in which the local government (Junta de
Andalucia) is asserting claims for costs, which its
administration allegedly incurred in connection with the dam
failure in Spain in 1998.   The local government has now taken a
decision to the effect that Boliden is seen as responsible for
these costs.  Their decision was expected and will, as earlier
announced, be appealed by Boliden.  Junta de Andalucia has
previously attempted to pursue this matter in a civil court
where the case was dismissed in October 2003.

In January 2004 Boliden's Spanish subsidiary, Boliden Apirsa,
filed a lawsuit against the Spanish construction companies,
which in the criminal proceeding have been designated as
responsible for the dam failure.

Boliden has, as earlier announced, been acquitted of all
responsibility firstly in a criminal investigation, secondly by
an international commission of inquiry, both of which determined
that the dam failure was caused by defects in the design and
construction of the dam.

The assessment by Boliden that the company will not suffer any
economic damage as a consequence of the claims asserted against
the company, remains unchanged.

Boliden is one of the leading mining and smelting companies in
the world with operations in Sweden, Finland, Norway, Ireland
and Canada.  Boliden's main products are copper, zinc, lead,
gold and silver.  Exploration and Recycling of Base Metals are
also important within the company.  The number of employees is
approximately 4 900 and the turnover amounts to approximately
EUR1.6 billion annually.  The Boliden share is quoted on the
Stockholm Stock Exchange in Sweden as well as on the Toronto
Stock Exchange in Canada.

CONTACT: BOLIDEN LDM
         Jan Johansson, President and CEO
         Phone: +46 8 610 1602
                + 46 70 555 02 02

         Ulf Soderstrom, Senior VP Group Communications
         Phone: +46 8 610 15 57
                +46 70 618 95 95

         Web site: http://www.boliden.com


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


ASTLES & CLEERE: Winding up Resolutions Passed
----------------------------------------------
At an Extraordinary General Meeting of the Members of the Astles
& Cleere Developments Limited Company on March 15, 2004 held at
47 London Street, Reading RG1 4PS, the Extraordinary and
Ordinary Resolutions to wind up the Company were passed.  Peter
Bridger has been appointed Liquidator for the purposes of such
winding-up.


AUTOMOBILES PEUGEOT: Hundreds of Jobs in Danger at Ryton Plant
--------------------------------------------------------------
Carmaker Peugeot will end a fourth shift at its Ryton Coventry
plant.  The company set up the extra shift in December 2002 to
help it produce two derivatives of its 206 model, which is now
hitting the road.

Peugeot said in a statement: "With the two new models now
launched and in normal production, coupled with predicted market
demands, the plant will now return to the more conventional
three-shift operating pattern."  The shift employs 700 people,
most of whom will be dismissed with the decision.

The Ryton plant itself may not exist long.  Peugeot has
committed to invest in the plant only until 2007.  The factory
needed a new paintshop if it were to continue producing other
models, and Peugeot has asked the state GBP17 million in aid to
help it build the facility.

The Ryton factory employs 3,900 people and makes 300,000 cars a
year.  Last year sales of the 206 in the U.K. fell by 11.5% to
184,940, while overall U.K. car sales rose by 0.6% to a record
2.58 million.


BALLARDS LIMITED: Brings in Liquidator
--------------------------------------
At an Extraordinary General Meeting of the Members of the
Ballards Limited Company on March 12, 2004 held at the Square
Root Business Centre, 102 Windmill Road, Croydon, Surrey CR0
2XQ, the Extraordinary and Ordinary Resolutions to wind up the
Company were passed.  Andrew W Thompson and Jeremy C Frost of
the Thompson Partnership, Square Root Business Centre, 102
Windmill Road, Croydon, Surrey CR0 2XQ, have been appointed
Joint Liquidators of the Company for the purposes of the
voluntary winding-up.

CONTACT:  THOMPSON PARTNERSHIP
          Square Root Business Centre,
          102 Windmill Road, Croydon
          Surrey CR0 2XQ
          Contact:
          Andrew W Thompson, Liquidator
          Jeremy C Frost, Liquidator


BARNETT WILLIAMS: Hires Liquidator from Tenon Recovery
------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Barnett Williams Partnership Limited Company on March 3, 2004
held at Salisbury House, 31 Finsbury Circus, London EC2M 5SQ,
the Extraordinary and Ordinary Resolutions to wind up the
Company were passed.  Carl Stuart Jackson and Nigel Ian Fox, of
Tenon Recovery, Highfield Court, Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ, have been appointed Joint
Liquidators for the purposes of such winding-up.

CONTACT:  TENON RECOVERY
          Highfield Court, Tollgate,
          Chandlers Ford, Eastleigh,
          Hampshire SO53 3TZ
          Receivers:
          Carl Stuart Jackson, Liquidator
          Nigel Ian Fox, Liquidator


B B SHEARING: Hires Liquidator
------------------------------
At an Extraordinary General Meeting of the Members of the B B
Shearing Limited Company on March 15, 2004 held at the offices
of Sale Smith & Co., Carmella House, 3 and 4 Grove Terrace,
Walsall, West Midlands WS1 2NE, the Extraordinary Resolution to
wind up the Company was passed.  Eileen T F Sale, of Sale Smith
& Co, Carmella House, 3 and 4 Grove Terrace, Walsall, West
Midlands WS1 2NE, has been appointed Liquidator for the purposes
of such winding-up.


BEECH TREE: Appoints Liquidator from O'Hara & Co
------------------------------------------------
At an Extraordinary General Meeting of the Members of the Beech
Tree Construction (U.K.) Limited Company on March 15, 2004 held
at O'Hara & Co, Wesley House, Huddersfield Road, Birstall,
Batley WF17 9EJ, the Extraordinary and Ordinary Resolutions to
wind up the Company were passed.  Peter O'Hara, of O'Hara & Co,
Wesley House, Huddersfield Road, Birstall, Batley WF17 9EJ, has
been appointed Liquidator for the purposes of such winding-up.


BIRMINGHAM MIDSHIRES: Names PricewaterhouseCoopers Liquidator
-------------------------------------------------------------
Name of Companies:
Birmingham Midshires Independent Financial Services Limited
Birmingham Midshires Property Services (Eastern) Limited
Eastern Gate Limited
Elmwood Mortgage Services Limited
Halifax Mortgage Services (Administration) Limited
Halifax Mortgage Services (IB) Limited
Leeds Direct Services Limited

At the Extraordinary General Meeting of these Companies on March
12, 2004, the Special and Ordinary Resolutions to wind up these
Companies were passed.  Tim Walsh and Jonathan Sisson, of
PricewaterhouseCoopers LLP, 9 Bond Court, Leeds LS1 2SN, have
been appointed Joint Liquidators of the Companies.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          9 Bond Court,
          Leeds LS1 2SN
          Contact:
          Tim Walsh, Liquidator
          Jonathan Sisson, Liquidator


CHARTER HEAVEN: Hires Liquidators from Begbies Traynor
------------------------------------------------------
At an Extraordinary Meeting of the Members of the Charter Heaven
Limited Company on March 15, 2004, the following Special and
Ordinary Resolutions to wind up the Company were passed. W J
Kelly and J P N Martin, of Begbies Traynor have been appointed
Joint Liquidators for the purposes of winding-up the Company.


COLDSEAL COMPANIES: Begbies Traynor Appointed Liquidator
--------------------------------------------------------
Four Coldseal companies are currently under liquidation,
according to This is Derbyshire.

Begbies Traynor of Southend has been called to wind up Coldseal
Ltd., Coldseal Conservatories Ltd, Coldseal Windows Ltd. and
Coldseal Windows Manufacturing Ltd.

In relation, the corporate recovery expert is trying to find out
whether there are anomalous deals behind the sale of Coldseal
Ltd., a double glazing company, to Coldseal Group Ltd. in
December.  Coldseal Ltd. was sold for net asset value, but none
of its liabilities appear to have transferred to Coldseal Group
Ltd., the liquidator said, according to the report.

Included in the investigation are seven other companies under
the Bryco double glazing banner, with which merged with Coldseal
Ltd. prior to liquidation.

Coldseal Ltd., of Meadow Lane Industrial Estate, stopped trading
on February 3 with liabilities of more than GBP3 million.


COMPLETE AGENCY: AIJ Group Appoints RSM Robson Rhodes Receiver
--------------------------------------------------------------
Name of Companies:
Complete Agency Limited
Complete Group (Creative Services) Limited
Complete Milton Keynes Limited
Complete New Media Limited
Interface Digital Library Limited

Reg No 00646059
Reg No 03565466
Reg No 03444178
Reg No 02973446
Reg No 02953652

Nature of Businesses:
Artistic and Literary Creation, Agents in Sale of Variety of
Goods, Agents in Sale of Variety of Goods, Printing, Motion
Picture and Video Production respectively

Trade Classifications:
9231, 5119, 5119, 2222, 9272 and 9211 respectively

Date of Appointment of Joint Administrative Receivers:
March 5, 2004

Name of Person Appointing the Joint Administrative Receivers:
AIJ Group Limited

Joint Administrative Receivers:  RSM ROBSON RHODES LLP
                         186 City Road,
                         London EC1V 2NU
                         Receivers:
                         Michael Jonathan Christopher Oldham
                         Simon Peter Bower
                         (Office Holder Nos 7817, 8338)


DUOMO GROUP: Hires Liquidator to Carry out Winding up
-----------------------------------------------------
At an Extraordinary General Meeting of the Duomo Group Limited
Company on March 16, 2004 held at 641 Green Lanes, London N8
0RE, the subjoined Extraordinary Resolution to wind up the
Company was passed.  Ninos Koumettou, of Alexander Lawson & Co,
641 Green Lanes, London N8 0RE, has been appointed Liquidator
for the purposes of such winding-up.

CONTACT:  ALEXANDER LAWSON & CO
          641 Green Lanes,
          London N8 0RE
          Contact:
          Ninos Koumettou, Liquidator


FASTRAC GROUP: Appoints Begbies Traynor Administrator
-----------------------------------------------------
Name of Company: The Fastrac Group Limited

Nature of Business: Direct Mail Promotion Company

Trade Classification: 38

Date of Appointment: March 16, 2004

Joint Administrative Receiver:  BEGBIES TRAYNOR
                         Elliot House,
                         151 Deansgate,
                         Manchester M3 3BP
                         Receivers:
                         D Bailey
                         G N Lee
                         (IP Nos 006739, 009204)


GARRETT AUTOMOTIVE: Winding up Resolution Passed
------------------------------------------------
At an Extraordinary General Meeting of the Garrett Automotive
Limited Company on March 9, 2004 held at Honeywell Business
Centre, Honeywell House, Arlington Business Park, Bracknell,
Berkshire RG12 1EB, the subjoined Special Resolutions to wind up
the Company were passed.  Tim Alan Askham, of Mazars, Regent
House, Heaton Lane, Stockport SK4 1BS, has been appointed
Liquidator for the purpose of such winding-up.


GEODATA LIMITED: Hires Goldstein Liquidator
-------------------------------------------
At an Extraordinary General Meeting of the Geodata Limited
Company on March 12, 2004 held at Stern & Co, 12-15 Hanger
Green, London W5 3AY, the subjoined Extraordinary Resolution to
wind up the Company was passed.  Mark Stephen Goldstein has been
appointed Liquidator.


GET CAR: Calls in Liquidator from Poppleton & Appleby
-----------------------------------------------------
At an Extraordinary General Meeting of the Get Car Credit
Limited Company on March 12, 2004 held at Poppleton & Appleby,
Brampton House Mews, 10 Queen Street, Newcastle under Lyme,
Staffordshire ST5 1ED, the Resolution to wind up the Company was
passed.  Ian Michael Rose and Robert Michael Young, of Poppleton
& Appleby, Brampton House Mews, 10 Queen Street, Newcastle under
Lyme, Staffordshire ST5 1ED, have been appointed Joint
Liquidators for the Company.


GMH LIMITED: Names Harris Liquidator
------------------------------------
At an Extraordinary General Meeting of the GMH (London) Limited
Company on March 15, 2004 held at the offices of Valentine & Co,
4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the
Extraordinary and Ordinary Resolutions to wind up the Company
were passed.  Malcolm B Harris, of 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS, has been appointed Liquidator for the
Company.


GOPI GRANITES: Royal Bank of Scotland Names Baker Tilly Receiver
----------------------------------------------------------------
Name of Company:
Gopi Granites Limited
Harndale Granite Limited
Megalith Granites Limited

Reg No 2823219
Reg No 2809248
Reg No 2601033

Previous Name of Company:
(Megalith Granites Limited) Kelwood Limited

Nature of Business: Marketing of Granite

Trade Classification: 22

Date of Appointment of Administrative Receivers:
March 12, 2004

Name of Person Appointing the Administrative Receivers:
Royal Bank of Scotland Invoice Discounting Limited

Administrative Receivers:  BAKER TILLY
                           Spectrum House,
                           20-26 Cursitor Street,
                           London EC4A 1HY
                           Receiver:
                           Louise Mary Brittain
                           (Office Holder No 100052)

                           Andrew Martin Sheridan
                           (Office Holder No 8839)
                           1 Georges Square,
                           Bristol BS1 6BP


HONEYWELL INFORMATION: Passes Winding up Resolution
---------------------------------------------------
At an Extraordinary General Meeting of the Honeywell Information
Systems Limited Company on March 9, 2004 held at Honeywell
Business Centre, Honeywell House, Arlington Business Park,
Bracknell, Berkshire RG12 1EB, the subjoined Special Resolutions
to wind up the Company were passed.  Tim Alan Askham, of Mazars,
Regent House, Heaton Lane, Stockport SK4 1BS, has been appointed
Liquidator for the purpose of such winding-up.


JOHN DAVID: Owners Consider Divesting Shareholding
--------------------------------------------------
The founders of John David Group wants to sell part of their
stake in the sports retail chain, according to The Times.

John Wardle and David Makin, who own about 50% of the business,
want to part with at least half of their stake, the report said.
Their shareholding is valued at GBP46 million.

They are understood to have held talks with venture capitalists.
City sources say the two are willing to sell the stake for less
then the market price considering their need for cash.  Much of
their resources had been invested in football club Manchester
City, where they hold majority stake.

Analysts do not expect a sale anytime soon, however.  They said
the company might be discouraged by the low share price at
present, according to the report.

The news emerged as Frank Martin, a non-executive director,
became the third member of the board to depart in four months.


JOHN WATTS: Names Liquidator
----------------------------
At an Extraordinary General Meeting of the John Watts (Burnley)
Limited Company on March 5, 2004 held at 83 Bank Parade, Burnley
BB11 1UG, the Special Resolution to wind up the Company was
passed.  John Hendrik Chadwick Lee, of Horsfields, 8 Manchester
Road, Bury, Lancashire BL9 0ED, has been appointed Liquidator
for the purpose of such winding-up.


KADAMJAY SALES: Winding up Resolution Passed
--------------------------------------------
At an Extraordinary General Meeting of the Members of the
Kadamjay Sales Limited Company on March 12, 2004 held at the
Chussex, Nursery Road, Walton on the Hill, Tamworth, Surrey KT20
7TU, the Special Resolution to wind up the Company was passed.
M S E Solomons has been appointed Liquidator for the purposes of
such winding-up.


LEEDS LIFE: Appoints Liquidators from PricewaterhouseCoopers
------------------------------------------------------------
Name of Companies:
Leeds Life Assurance Limited
Leeds Unit Trusts Limited
London Credit Limited
Mawer Mason & Bell (Financial Services) Limited
Peaktons Limited
Pendeford Mortgages No 1 Plc
Southdown Estate Agents Limited
Stuarts (Berkshire) Limited

At the Extraordinary General Meeting of these Companies on March
12, 2004, the subjoined Special Resolutions to wind up the
Companies were passed. Tim Walsh and Jonathan Sisson, of
PricewaterhouseCoopers LLP, 9 Bond Court, Leeds LS1 2SN, have
been appointed Joint Liquidators of the Companies for the
purposes of such winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          9 Bond Court,
          Leeds LS1 2SN
          Contact:
          Tim Walsh, Liquidator
         Jonathan Sisson, Liquidator


LOVELL PARK: Brings in PricewaterhouseCoopers Liquidators
---------------------------------------------------------
Name of Companies:
Lovell Park Mortgages (LM3) Limited
Tamar Mortgage Company No 1 Limited
Tamar Mortgage Company No 2 Limited
The Tamar Mortgage Corporation Limited
Western Trust & Savings Insurance Services Limited
Western Trust & Savings Properties Limited
Wobaston Finance Limited
Wobaston Finance No 1 Limited

At the Extraordinary General Meeting of these Companies on March
12, 2004, the Special and Ordinary Resolutions to wind up these
Companies were passed.  Tim Walsh and Jonathan Sisson, of
PricewaterhouseCoopers LLP, 9 Bond Court, Leeds LS1 2SN, have
been appointed Joint Liquidators of the Companies for the
purposes of such winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          9 Bond Court,
          Leeds LS1 2SN
          Contact:
          Tim Walsh, Liquidator
          Jonathan Sisson, Liquidator


MULTIVISION AUDIO: Lloyds TSB Bank Hires Deloitte & Touche
----------------------------------------------------------
Name of Company: Multivision Audio Visual Limited

Reg No 2233301

Previous Names of Company:
GB International Limited and Primematic Limited

Nature of Business: Distribution of Audio Visual Products

Trade Classification: 22

Date of Appointment of Joint Administrative Receivers:
March 10, 2004

Name of Person Appointing the Joint Administrative Receivers:
Lloyds TSB Bank plc

Joint Administrative Receivers:  DELOITTE & TOUCHE LLP
                                 1 City Square,
                                 Leeds LS1 2AL
                                 Receiver:
                                 Ian Brown
                                 (Office Holder No 007236)

                                Robert Alexander Maxwell
                                (Office Holder No 009185)
                                Four Brindleyplace,
                                Birmingham B1 2HZ


NETWORK RAIL: Delivers 18-month Promise to Report Improvement
-------------------------------------------------------------
Network Rail is approaching 18 months in charge of Britain's
railway infrastructure and believes it has made good on its
promise made on day one -- that it would deliver 'real
improvements within 18 months'.  Passengers have already started
to benefit from Network Rail's work with significant progress
made in improving performance and efficiency and a good start
made to reduce costs.

The key headlines of our ongoing progress include:

(a) Network Rail delay minutes down 21% over the last five
    months

(b) All rail maintenance coming back in-house; Reading area 41%
    fewer delays, Wessex 19% less

(c) Major progress on cost control; keener priced more efficient
    track renewals contracts, West Coast spend reduced GBP1.6
    billion to GBP8.1 billion, 700+ headcount reduction

(d) An Interim Review conclusion resulting in certainty and
    stability over future funding

(e) 'Virtual' integration underway - Waterloo was the first

Network Rail Chairman, Ian McAllister, said: "Over the past 18
months we have made significant progress in achieving our
primary goal -- to deliver safe, reliable and efficient rail
infrastructure.  We have taken some bold decisions that put us
in a better position to accelerate this progress.  Already,
passengers are starting to see benefits for the tremendous
amount of work being done behind the scenes to deliver a better
railway."

Mr. McAllister continued: "Over the last few months train
punctuality has improved as the benefits of the changes we have
made have fed through. Performance is improving across the
board, but in the areas where maintenance has come in-house, the
improvement has been most encouraging.  In Reading, delay
minutes are down 41% over the last five months whilst in Wessex
delays are down 19% since we took direct control.

"We realize that this is only the beginning. Progress is being
made but there is still much to do to deliver a railway of which
we can all be proud."

Highlights of the changes implemented over the past 18 months
include:

Performance:

(a) Performance in Reading maintenance area, the first to come
    back in-house last June, has improved 41% over the past five
    months compared to the previous year

(b) Performance in Wessex, the second area to come back in-
    house, has improved 19% in the three months since Network
    Rail took control in November

(c) National Network Rail caused delays have fallen by some 21%
    over the last five months

(d) Delays per incident were also reduced in the last quarter of
    2003 - the first sustained drop for almost four years - with
    infrastructure causes down by some 16%

(e) Broken rails reduced by 26% year on year - presently stand
    at 324 compared with 436 on the 2002/03 year to date figure.

This compares to a peak annual number of 952 broken rails in
1998/9

(a) 'Six sigma' management techniques are being introduced to
     understand root causes of   delay - over 500 staff trained

(b) GBP14 million critical junctions project, enhanced
    inspection and maintenance focused on 100 priority junctions
    - delivering major improvement in performance

(c) 100 critical paths project, targeting resources on key train
    journeys to improve overall punctuality -- resulting in less
    delay for passengers

(d) Regional possession planning units created to improve
    efficiency and utilization of possessions across the board

Efficiency:

(a) Interim Review of track access charges complete providing
    long-term financial stability and secure, predictable
    revenue streams

(b) Commitment to unprecedented rate of efficiency improvements
    - 31% savings over five years

(c) Headcount reduced by 700 with a commitment to a further
    1,300 reduction within three years

(d) Active program of benchmarking performance, engineering
    techniques and unit costs between different areas plus
    international comparisons (Japan)

(e) Reduction on projected cost of West Coast project of
    GBP1.6 billion to GBP8.1 billion

Maintenance:

(a) All maintenance expected to be taken in-house by the end of
    the summer.  This involves the transfer of 18,500
    maintenance workers to Network Rail. Some 2,600 already in-
    house

(b) Reading maintenance contract successfully taken back in-
    house (two months early), Wessex  (five months early) and
    East Midlands (14 months early)

(c) Fundamental change in approach to maintenance from 'find and
    fix' to 'predict and prevent'

(d) New Measurement Train introduced -- 125 mph automated track
    inspection, track geometry, conditional and ride
    information, video recording

(e) Over GBP200 million invested in new plant and machinery
    including a new fleet of rail grinders, stoneblowers,
    ballast cleaning trains, Multi-Purpose Vehicles and a high
    output plain line track renewal train ordered

(f) A maintenance database, known as MIMS, being actively
    implemented across the country. Full asset register to be
    complete by summer 2005

Organization changes:

(a) New customer-focused organizational structure being
    introduced across the U.K.  Day to day operation split
    into eight routes, five asset management territories and 18
    area delivery groups to create an efficient, streamlined,
    customer-facing and responsive organization

(b) Seven clear corporate objectives established, detailed
    actions plans introduced to deliver improved performance

(c) Supply chain reorganized to maximize purchasing efficiencies

(d) Network Rail 'Railway Estates' created to align property
    interests with core railway operations, new senior
    management team

Projects & renewals:

(a) Record levels of track renewed - over 830 miles of rail,
    over 550 miles of sleepers and some 600 miles of ballast
    will have been replaced by year end (31 March).  In
    Railtrack's day this fell to some 150 miles.

(b) Record numbers of switch and crossing units delivered - over
    2,000 by year end

(c) The first of a new generation of efficient track renewals
    contracts let.  The rest to follow in the coming weeks

Safety:

(a) GBP500 million Train Protection and Warning System completed
    across network on time and under budget

(b) Broken rails at record low levels

General:

(a) Network Rail 'fat controllers' introduced at Waterloo
    Integrated Control Centre (the first of seven across the
    country), to improve effective operational decision making
    and reap the benefits of virtual integration

(b) Signal design taken back in-house to ensure greater cost
    effectiveness of new signaling projects

(c) GBP4 billion euro commercial paper program and U.S.
    commercial paper program signed

(d) GBP10 billion Medium Term Notes Program signed with first
    tranche of GBP2.25bn secured

(e) Innovative Management Incentive Plan introduced - executive
    pay directly linked to passenger interests, no rewards for
    failure

(f) Partnerships established with Freight Operating Companies to
    jointly improve train performance

(g) Southern Power upgrade underway including over 500 miles of
    cabling to be replaced, 160 substations and 146 transformers
    to allow new train fleet on to network

Details about the Company can be found on the Network Rail web
site: http://www.networkrail.co.uk

CONTACT:  NETWORK RAIL
          Media Inquiries:
          Phone: 020 7557 8292 / 3


PARKNOBLE LIMITED: In Administrative Receivership
-------------------------------------------------
Name of Company: Parknoble Limited
                 (t/a Chainmakers)

Nature of Business: Estate Agents

Registered Office of Company:
5 Upperhead Row, Huddersfield HD1 2JL

Trade Classification: Division 9/47

Date of Appointment: March 15, 2004

Administrative Receiver:  SARGENT & COMPANY LIMITED
                          36 Clare Road,
                          Halifax HX1 2HX
                          Receiver:
                          Peter Sargent
                          (IP No 8636)


ZVI CONSTRUCTION: Names Receivers from Begbies Traynor
------------------------------------------------------
Name of Company: ZVI Construction (U.K.) Limited

Nature of Business: General Construction

Trade Classification: 23

Date of Appointment: March 11, 2004

Joint Administrative Receiver:  BEGBIES TRAYNOR
                         1 Victoria Square,
                         Birmingham B1 1BD
                         Receivers:
                         James Patrick Nicholas Martin
                         William John Kelly
                         (IP Nos 8316, 4857)


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson, and
Liv Arcipe, Editors.

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

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