/raid1/www/Hosts/bankrupt/TCREUR_Public/040406.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

             Tuesday, April 6, 2004, Vol. 5, No. 68

                            Headlines

F R A N C E

RHODIA SA: Shareholders Give Nod to EUR1.05 Billion Fundraising
SCOR: S&P Retains Ratings Despite Successive Full-year Losses


G E R M A N Y

BRAU UND: Antitrust Regulator Clears Oetker Group Takeover
KAMPS AG: Finba Bakery Acquires Full Control


I R E L A N D

BUCKEYE TECHNOLOGIES: Closing Cork Plant; 90 Jobs to Go


I T A L Y

ALITALIA SPA: Reports EUR373 Million Operating Loss for 2003
ALITALIA SPA: Appoints Managing Director for Alitalia Express
PARMALAT FINANZIARIA: Bondholders Seek U.S. SEC Intervention


N E T H E R L A N D S

HAGEMEYER N.V.: Bares Nominees to Supervisory Board
IHC CALAND: Shares Upgraded to 'Overweight'
KLM ROYAL: Share Exchange with Air France Kicks off


P O L A N D

ELEKTRIM SA: Could Spend PLN150 Mln to Honor Deal with Employees
ELEKTROWNIA TUROW: Fitch Leaves Negative Outlook Unchanged
NETIA SA: Adopts Steps to Ensure Objective Selection of Advisor


R U S S I A

DAGESTANSKIYE OGNI: Auction of Properties Set May 26
FILLER: Court Appoints Insolvency Manager
ISTOK: Under Bankruptcy Supervision Procedure
KOSTAREVSKY: Deadline for Proofs of Claim May 26
POLYVYANSKY: Under Bankruptcy Supervision Procedure
STAVROPOL-KAVKAZSKY: Declared Insolvent


U N I T E D   K I N G D O M

3 PHASE: Winding up Resolution Passed
21ST CENTURY: Appoints Liquidator to Wind up Operations
ARLA FOODS: To Reorganize Operations Across U.K.
ATLANTIS LIMITED: Hires Liquidator to Wind up Business
BAE SYSTEMS: Dismissing Hundreds of Employees at Barrow Plant

B&A WATTS: Appoints Liquidator from Carter Clark
BRITISH ENERGY: Posts Energy Output for March
CAITHNESS GLASS: Midlothian-based Rival Buys out Operations
CLEVERFINISH LIMITED: Appoints Hazlewoods Liquidator
COMBINED ALLIED: Appoints Liquidator from Begbies Traynor

DIANA INVESTMENT: Calls in Liquidator
D WILKINSON: Voluntary Winding up Resolution Passed
EMI GROUP: Names Trinity Mirror CEO Non-executive Director
ENVIRONMENTAL AIR: Appoints Moore Stephens Liquidator
ESS WAREHOUSING: Hires Liquidator

EUROSTAR GROUP: Reports Record-breaking Fourth Quarter
EUROTUNNEL PLC: Expect Fiery Annual General Meeting, Says Paper
FENSIDE RECRUITMENT: Appoints Elwell Watchorn Liquidator
FUTURE CHOICE: Appoints Liquidator from Milner Boardman
GAP EXPRESS: Names Liquidator

GEORGE DAVIS: Hires Liquidator from Hazlewoods
GOSHAWK INSURANCE: Delays Announcement of Preliminary Results
GREENS BUILDING: Calls in Liquidator
HOME & GARDEN: Hires Barrett and Tickell Liquidators
HURN ENVIRONMENTAL: Names Grant Thornton Liquidator

INDEPENDENT PARTS: Appoints PricewaterhouseCoopers Liquidator
INTRINSIC VALUE: Board Favors Liquidation of Business
J WARWICK: Final Members Meeting May 5
K COOPER: Shareholders Agree to Wind up Business
LANDSIDE ENGINEERING: Winding up Resolution Passed

LE PETIT: Names Liquidator from Kroll Limited
MARKS & SPENCER: Cutting Jobs to Counter Business Slowdown
MELROSE CORPORATION: Transbus Management May Lodge Bid
MORTGAGE SECURITIES: 'CC' Rating of Class E Notes Affirmed
NETWORK RAIL: Rail Sector Report Casts Shadow on Future

ROYAL & SUNALLIANCE: Sells Non-life Interest in Philippines
SIXTEEN LANE: Final Members Meeting May 5
TRIAD HOLDINGS: Final Meeting Set May 6
TRUXO LIMITED: General Meeting Set April 29
UK COAL: Sells Gloucester Coal to ABN Amro for GBP21.5 Million
UNISEA: Members Final Meeting May 7
WEMBLEY PLC: Adjourns Court Meeting; Sets EGM April 8

* Large Companies with Insolvent Balance Sheets


                            *********


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


RHODIA SA: Shareholders Give Nod to EUR1.05 Billion Fundraising
---------------------------------------------------------------
At the General Assembly held in Paris, Rhodia shareholders
approved all resolutions submitted by the Board of Directors,
with the exception of Resolution No.16 [*], and rejected those
to which the Board had not agreed.  The shareholders present or
represented at the meeting hold 49.09% of Rhodia's capital.

The shareholders approved the resolutions authorizing the Board
of Directors to proceed with the financial actions announced by
the Group, specifically a new equity issue for approximately
EUR450 million and a bond issue for at least EUR600 million.

The Shareholders approved a resolution to separate the functions
of Board Chairman from those of the Chief Executive Officer.  As
a result, the Board of Directors, which met following the
shareholders' meeting, appointed Yves Rene Nanot as Chairman of
the Board and Jean-Pierre Clamadieu as Chief Executive Officer.

At the General Assembly, Rhodia shareholders also confirmed the
membership of the current Board of Directors.  A new independent
Director, Jerome Contamine, Senior Executive Vice-President of
Veolia Environnement, was also appointed to the Board of
Directors.

Rhodia is one of the world's leading manufacturers of specialty
chemicals.  Providing a wide range of innovative products and
services to the consumer care, food, industrial care,
pharmaceuticals, agrochemicals, automotive, electronics and
fibers markets.  Rhodia offers its customers tailor-made
solutions based on the cross-fertilization of technologies,
people and expertise.  Rhodia subscribes to the principles of
Sustainable Development communicating its commitments and
performance openly with stakeholders.  Rhodia generated net
sales of EUR5.5 billion in 2003 and employs 23,000 people
worldwide.  Rhodia is listed on the Paris and New York stock
exchanges.

---------
Footnote:

* Resolution 16 would authorized the Board to reduce the share
capital by canceling some of the Company's shares

CONTACTS:  RHODIA S.A.
           Press Relations
           Anne-Laurence de Villepin
           Phone: +33 1 55 38 40 25

           Investor Relations
           Nicolas Nerot
           Phone: +33 1 55 38 43 08


SCOR: S&P Retains Ratings Despite Successive Full-year Losses
-------------------------------------------------------------
Standard & Poor's Ratings Services said that the ratings and
outlook on France-based re-insurer SCOR (BBB+/Stable/A-2) and
its guaranteed subsidiaries are unaffected by the group's 2003
full-year earnings announcement.

SCOR reported a 2003 post-tax net loss of EUR314 million, which
compares to a loss of EUR455 million in 2002.  The 2003 loss is
dominated by third-quarter 2003 actions, including the posting
of cumulative technical losses of EUR589 million predominantly
within discontinued and non-core non-life business lines.
Standard & Poor's continues to recognize the uncertainty that
exists for further reserve strengthening over the rating
horizon.

SCOR's 2004 gross premiums indication -- between EUR2.5 billion
and EUR2.7 billion -- is in line with Standard & Poor's
expectations.  In addition, the group's targeted 2004 non-life
combined ratio of 96.4% (2003: 123%) reflects Standard & Poor's
expectation of a strong improvement in operating performance.

CONTACT:  STANDARD AND POORS RATING SERVICES
          Analyst E-mail Addresses
          marcus_rivaldi@standardandpoors.com
          david_anthony@standardandpoors.com
          yann_lepallec@standardandpoors.com
          InsuranceInteractive_Europe@standardandpoors.com


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


BRAU UND: Antitrust Regulator Clears Oetker Group Takeover
----------------------------------------------------------
The German cartel office has cleared the acquisition of Brau und
Brunnen by Oetker Group's brewery, Radeberger, according to
just-drinks.com.

The Oetker Group in February acquired a 61.7% stake in the
company for EUR220 million; but it is further offering minority
shareholders EUR80 per share until May 5.  Brau und Brunnen owns
a number of leading beer, and mineral water brands.


KAMPS AG: Finba Bakery Acquires Full Control
--------------------------------------------
Kamps AG says the ruling of the district court of Dusseldorf on
March 4, 2004 has become final and that, as a result, the
squeeze-out was entered in the commercial register.  Thus all
shares of Kamps AG, which were not in the hands of Finba Bakery
Europe AG, which is indirectly controlled by Barilla, have been
transferred to Finba Bakery Europe AG.  The annual general
meeting of Kamps AG had passed a resolution on July 25, 2003
that the shares of the minority shareholders were to be
transferred to the majority shareholder for a cash compensation
of EUR12.14 per share.

Deutsche Bank AG, Frankfurt, has been commissioned to handle the
transfer of the shares and the cash payout.  Retired
shareholders whose shares are held on securities deposit with a
bank do not have to make any special arrangements for receiving
their compensation.

CONTACT:  KAMPS AG
          Investor Relations
          Phone: + 49/211/530634-230
          Fax:   + 49/211/530634-67


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


BUCKEYE TECHNOLOGIES: Closing Cork Plant; 90 Jobs to Go
-------------------------------------------------------
Buckeye Technologies' plant in Cork, which produces material
used in adult hygiene products and domestic wipes, will be
closed at the end of next August, the company said according to
BizWorld.

The U.S.-based paper company considers the factory no longer
viable, and will shift production to facilities in Germany and
North America.  It blamed low orders for the closure.  According
to the report, Managing Director Gavin O'Neill said supply had
outstripped demand in the sector worldwide, depressing sales in
the Cork plant.  The closure will result to the loss of 90 jobs,
and cost the company US$3 million.  It will reduce its non-cash
assets by US$27 million.

CONTACT:  BUCKEYE TECHNOLOGIES INC.
          Memphis, TN, U.S.A.
          Phone: 901-320-8100
          Fax: 901-320-8385
          E-mail: henry_wurfbain@bkitech.com


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


ALITALIA SPA: Reports EUR373 Million Operating Loss for 2003
------------------------------------------------------------
The Board of Directors of ALITALIA Linee Aeree Italiane S.p.A.
met at the company headquarters and approved the report for the
three months to December 31, 2003.

Summary of main economic-financial consolidated results for the
three-month period October-December 2003 and for the full year
2003:

The Production Value for the quarter was EUR1,084 million
showing a decrease of EUR74 million compared to the same period
last year (of which around EUR43 million was due to exchange
rate fluctuations and EUR39 million due to the variation in the
consolidation of the disposed companies).  For the full January
to December period, the Group's Production Value of EUR4,385
million showed a decrease of about 9% compared to the final
figure for last year.

The operating result for the trimester showed a loss of EUR90
million, a slight improvement compared to the fourth quarter
results last year, which was negative by EUR113 million.  In the
full twelve months of 2003, the Group's operating loss was
EUR373 million which was worse than the final figure at December
31, 2002 (operating loss of EUR118 million).  It is worth noting
that the above operating result for the full twelve months of
2003 represents an improvement with respect to the forecast made
on October 30 (about EUR410 million).

The fourth quarter result, before extraordinary items and taxes,
was negative by EUR146 million, showing an improvement of EUR22
million compared to the loss of EUR168 million last year.  For
the full year, this result was negative by EUR511 million, which
was worse by EUR250 million compared to the same period last
year.

As of September 30, 2003, net financial indebtedness increased
by EUR229 million to reach EUR1,440 million at December 31, 2003
(the Group's net cash on hand and equivalents went from EUR825
million to EUR515 million) after having made investments of
EUR144 million during the quarter (for the full year,
investments were EUR463 million) and after having paid back
EUR81 million of current medium/long term financing, in the
period October-December 2003.

The average size of the Group's workforce on the payroll was
20,758 people, showing a reduction of 347 compared to the same
period of the previous year.  For the whole year 2003, the
average size of the workforce on the payroll was 20,653 people
(a decrease of 641 compared to the previous year).  Both figures
take into account the changed "consolidation perimeter".
Regarding the evolution of traffic and the network in the
passenger sector (broadly speaking, the main source of the
Alitalia Group's results), the overall additional capacity made
available to the market, from October to December, went up by
6.9% compared to the same quarter last year.

Despite marked variations between the different network sectors,
the introduction of additional capacity led to a rise in
passengers carried of 10.6% (expressed in tone kilometer), with
a consequent increase in the load factor of 2.4 percentage
points.  At the same time, however, the persisting phenomenon of
falling yield led to a drop of 6.6%, compared to the fourth
quarter last year.  Regarding forecasts for future performance,
the quarterly report approved by the Board of Directors, gave
some indications concerning critical aspects for 2004.

During the first quarter 2004, the strong reaction by Travel
Agents in Italy against the measures announced by the Company in
late 2003 regarding the new remuneration system for
intermediaries, combined with sharp conflict on the industrial
relations front, had the effect of canceling the revenue growth
foreseen by the new 2004-2006 Business Plan.  The fact is that
expectations regarding turnover for passenger traffic with
reference to the prospects for the first quarter 2004 were
almost the same as the final figures for the previous year but
with a parallel decrease in the revenue per product unit offered
(RATK) due to a drop in the load factor.

It is also important to bear in mind some positive signs that
have recently appeared, such as: the willingness of the trade
union organizations to discuss possible ways of reshaping the
Plan in an atmosphere that appears to be more constructive; the
recent letter from the Presidency of the Council of Ministers in
which the Government formally states its intention of
implementing the measures to reorganize the air transportation
sector, the system requisites and the steps to support incomes;
and the settlement of matters regarding Travel Agents.  Against
this background, it is realistic to presume that revenues will
gradually make a recovery, as recent market pointers seem to
indicate.

The atmosphere of uncertainty that has been an increasing
feature of the last few months, as pointed out in the press
release of March 23, 2004, has forced the Board to postpone
approval of the draft 2003 balance for the full time allowed by
statutory provisions.

To see full copy of this press release including tables:
http://bankrupt.com/misc/Alitalia_2003.pdf


ALITALIA SPA: Appoints Managing Director for Alitalia Express
-------------------------------------------------------------
At the Alitalia Board of Directors meeting -- in addition to
approving the fourth quarter report at December 31, 2003 -- the
Board appointed Agostino Cassaro as the new Managing Director
for the subsidiary Alitalia Express S.p.A.  Up until now,
Agostino Cassaro has been Vice President for Fleet Planning and
Asset Management.  This step was taken because of the various
positions held within the Alitalia Group by the current Managing
Director, Massimo Chieli, who has now been appointed President
of the Alitalia Express Board of Directors.


PARMALAT FINANZIARIA: Bondholders Seek U.S. SEC Intervention
------------------------------------------------------------
The U.S. Securities and Exchange Commission said advisors for
bondholders of Parmalat Finanziaria S.p.A. had approached the
regulator to ask for assistance in pressing their claims against
the group, according to Bloomberg News.

Some 130 Parmalat bondholders, mostly U.S. institutions, have
bonded to pursue claims against the company, which filed for
bankruptcy in December.  They accuse the company's
administrator, Enrico Bondi, of making the process of filing
claims impracticable.  Mr. Bondi reasoned the process is
dictated by Italian law.

The bondholders' representatives include Boston-based law firm
Bingham McCutchen LLP, Italian consultants Franco Tato &
Partners, and Houlihan Lokey Howard & Zukin, a U.S. investment
bank specializing in restructuring.  Evan Flaschen, an
international bankruptcy lawyer in Bingham McCutchen's Hartford,
Connecticut office, said he initiated the request that led to
the U.S. SEC's involvement, according to the report.

Bloomberg News quoted Lawrence West, the U.S. SEC official
overseeing the Parmalat case, saying: "One of our goals is to
insure that all investors are treated fairly in the Parmalat
bankruptcy, including American investors... We are exploring
ways to make that happen."

The U.S. SEC sued Parmalat in New York in December, alleging the
company sold bonds to U.S. investors without giving them the
true picture of its finances.  The U.S. regulator and the
bankrupt company have agreed to work out a settlement.

CONTACT:  BINGHAM MCCUTCHEN LLP
          150 Federal Street
          Boston, MA 02110-1726
          Phone: 617 951 8000
          Fax:   617 951 8736
          Web site: http://www.bingham.com

          HOULIHAN LOKEY HOWARD & ZUKIN
          685 Third Avenue, 15th Floor
          New York, NY 10017
          Phone: 212 497 4100
          Fax:   212 661 3070
          Web site: http://www.hlhz.com


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


HAGEMEYER N.V.: Bares Nominees to Supervisory Board
---------------------------------------------------
As announced on December 9, 2003, the Supervisory Board of
Hagemeyer N.V. has decided to change its composition as
Hagemeyer is moving forward with the financial restructuring in
place.

In this connection, the board will propose at the annual general
meeting of shareholders on April 21, 2004 the appointment of
Messrs. B.A.J. Bourigeaud (Chairman of the Board and CEO of Atos
Origin) and M.P.M. de Raad (member of the Board of Management of
Royal Ahold N.V. and until end 2000 member of the Board of
Management of Metro AG and CEO of SHV Makro respectively) as
members of the Supervisory Board of Hagemeyer N.V.  They bring
with them vast international management experience and expertise
in the field of IT services, wholesale and distribution.

As per the same date two long-serving members of the Supervisory
Board, Messrs T.Y. Yasuda and W.F.Th. Corpeleijn, will stand
down.  The Supervisory Board will then consist of Messrs P.J.
Kalff, Chairman; D.G. Eustace, Vice Chairman; and Messrs
Bourigeaud and De Raad.


IHC CALAND: Shares Upgraded to 'Overweight'
-------------------------------------------
JPMorgan analysts on Thursday raised their rating on the shares
of IHC Caland from "neutral" to "overweight."  The shares then
traded at EUR41.24.  Until recently, the shares were changing
hands at a significant discount compared to peers, a JPMorgan
research note states.

The weak performance of IHC Caland's shares was driven by the
lack of liquidity and the cancellation of the sale of the
company's Generic B FPSO (Floating, Production, Storage and
Offloading) segment, the analysts say, according to New Ratings.
This is aggravated by weak 2004 outlook of the company's
offshore EBIT.  But JPMorgan upped its target price for the
shares to EUR48 in anticipation of several contract wins in the
current year.  Analysts, however, reduced their EPS estimate for
2004 to EUR3.16, while raising the EPS estimate for 2005 to
EUR4.05.  The P/E estimates for 2004 and 2005 are 16.0x and
12.5x, respectively.

IHC Caland is a material supplier for the offshore oilfield
service, dredging and shipping industries.


KLM ROYAL: Share Exchange with Air France Kicks off
---------------------------------------------------
Further to their earlier press releases on September 30, 2003,
October 16, 2003, March 19, 2004 and March 31, 2004, societe Air
France S.A. and Koninklijke Luchtvaart Maatschappij N.V. (KLM)
announce that the exchange offer by Air France for all of KLM's
outstanding common shares, including its New York registry
shares (together the KLM Common Shares), [began] Monday April 5,
2004.

The Offer

The acceptance period will begin on April 5, 2004 and will end
at 5:00 p.m. New York City time (11:00 p.m. Amsterdam time) on
May 3, 2004, unless extended.

KLM shareholders tendering KLM ordinary shares in the Offer will
receive 11 Air France shares and 10 Air France warrants for
every 10 KLM Ordinary Shares that they tender.  KLM shareholders
tendering KLM New York registry shares in the Offer will receive
11 Air France American Depositary Shares (ADS) and 10 Air France
American Depositary Warrants (ADW) for every 10 KLM New York
Registry Shares they tender.  Each Air France ADS will represent
one Air France share and each Air France ADW will represent one
Air France warrant.  No fractional Air France shares, Air France
warrants, Air France ADSs or Air France ADWs will be issued.

The terms of the Offer will be described in the U.S. prospectus
included in the registration statement on Form F-4 to be filed
by Air France with the U.S. Securities and Exchange Commission,
in the Dutch Offer and Listing Document and in the European
prospectus that will be made available as part of the Offer and
Listing Document.  The U.S. Prospectus and the European
Prospectus are both referred to herein as the "Prospectus."

Conditions

The Offer is subject to the conditions set forth in the
Prospectus and the Offer and Listing Document.  Some of the
conditions to the Offer may not be waived, others may be
unilaterally waived by Air France and a limited number may be
waived only with KLM's consent.  One of the conditions for
declaring the Offer unconditional is that prior to the
expiration of the acceptance period (as extended, as the case
may be) the number of KLM Common Shares tendered in the Offer
represents at least 70% of all KLM Common Shares outstanding at
the time of expiration of the acceptance period (as extended, as
the case may be).

Listing of Air France shares, Air France warrants, Air France
ADSs and Air France ADWs

Air France has applied, subject to the Offer being declared
unconditional, to list the (newly issued) Air France shares and
the Air France warrants on Euronext Paris and Euronext
Amsterdam.  Trading is expected to commence on or about May 5,
2004 at 9:00 a.m. Amsterdam time, barring unforeseen
circumstances.  Air France has also applied, subject to the
Offer being declared unconditional, to list the Air France ADSs
and Air France ADWs on the New York Stock Exchange.  Subject to
the Offer being declared unconditional, trading of the Air
France ADSs and Air France ADWs on the New York Stock Exchange
is expected to commence on or about May 5, 2004 at 9:30 a.m. New
York City time.

After the Offer has been declared unconditional and after the
transfer of Air France's assets, liabilities, businesses and
operations to an Air France operational subsidiary to be
incorporated (the so-called Hive Down), Air France shall be
renamed Air France-KLM S.A. and Air France-KLM S.A. shall be the
listed entity.

De-listing of the KLM Ordinary Shares and the KLM New York
Registry Shares

If Air France holds more than 95% of the KLM Common Shares,
including depositary receipts issued for those shares, KLM will
consult with Euronext Amsterdam about the de-listing of the KLM
Ordinary Shares.  KLM will also seek de-listing of the KLM New
York Registry Shares from the New York Stock Exchange as soon as
reasonably practicable following completion of the Offer.  If
the KLM New York Registry Shares are de-listed from the New York
Stock Exchange and KLM has fewer than 300 holders of KLM Common
Shares in the United States, KLM will seek to de-register the
KLM New York Registry Shares under the U.S. Securities Exchange
Act of 1934.

Recommendation of the Offer

The KLM management board and the KLM supervisory board have
concluded that the Offer is in the best interests of KLM and its
shareholders, unanimously approved the Offer and have
recommended that holders of KLM Common Shares accept the Offer
and tender their KLM Common Shares in the Offer.

Fairness Opinions

On September 29, 2003 and on March 9, 2004, ABN AMRO Bank N.V.
delivered its written opinions to the KLM management board that,
as at the respective dates, and based upon and subject to the
factors and assumptions referred to in such opinions, the
exchange ratio was fair, from a financial point of view, to the
holders of KLM Common Shares.  On September 29, 2003 and on
March 8, 2004, Citigroup Global Markets Limited delivered its
written opinions to the KLM management board and the KLM
supervisory board that, as at the respective dates, and based
upon and subject to the factors and assumptions referred to in
such opinions, the exchange ratio was fair, from a financial
point of view, to the holders of KLM Common Shares.

The engagement of ABN AMRO and Citigroup and the provision of
their opinions were for the benefit of the KLM management board
and, in the case of Citigroup, the KLM supervisory board, and
these opinions were rendered to the KLM board or boards in
connection with their consideration of the Offer.  None of the
ABN AMRO or Citigroup opinions constitutes a recommendation as
to whether or not any holder of KLM Common Shares should tender
his or her KLM Common Shares in connection with the Offer or how
such shareholder should vote on any matter relating to the Air
France and KLM combination.  Holders of KLM Common Shares are
urged to read each opinion in its entirety.

Extraordinary General Meeting of KLM and Air France shareholders

KLM will hold an extraordinary general meeting of shareholders
on April 19, 2004 in Amstelveen to discuss the Offer and to vote
on conditional amendments to KLM's articles of association and
the filing of a vacancy on KLM's supervisory board.

On April 20, 2004 Air France will hold an extraordinary general
meeting of shareholders in Paris.  Air France shareholders will
be asked to approve the capital increase in connection with the
Offer, the issue of Air France shares and Air France warrants
under the Offer and the amendment of Air France's articles of
association.  Subject to the visa of the Autorite des marches
financiers, which is expected to be obtained prior to the
commencement of the Offer, Air France will make available
copies, at Air France's registered office, on its Web site
(http://www.airfrance-finance.com)and on the Web site of the
Autorite des marches financiers (http://www.amf-france.org),of
a Note d'Operation for the admission to listing of the new Air
France shares and warrants.

Timetable

April 5, 2004
Beginning of acceptance period and availability of Offer and
Listing Document and Prospectus

April 19, 2004
Extraordinary general meeting of KLM shareholders

April 20, 2004
Extraordinary general meeting of Air France shareholders

May 3, 2004
At 5:00 p.m. New York City time (11:00 p.m. Amsterdam time),
expiry of acceptance period (subject to extension, in which case
an announcement to that effect will be made no later than May 4,
2004)

May 4, 2004
Prior to opening of Euronext Amsterdam, barring unforeseen
circumstances (subject to extension of the acceptance period),
announcement whether the Offer will be declared unconditional
and start of the subsequent acceptance period

May 5, 2004
At 9:00 a.m. Amsterdam time (subject to extension of the
acceptance period), expected date of listing and start of
trading of the Air France shares and Air France warrants on
Euronext Paris and Euronext Amsterdam

May 5, 2004
At 9:30 a.m. New York City time (subject to extension of the
acceptance period), expected date of listing and start of
trading of the Air France ADSs and Air France ADWs on the New
York Stock Exchange

May 6, 2004
Subject to extension of the acceptance period, delivery of the
Air France shares, Air France warrants, Air France ADSs and Air
France ADWs

May 21, 2004
Subject to extension of the acceptance period, end of subsequent
acceptance period, assuming the Offer has been declared
unconditional on May 4, 2004

Exchange Agent

ABN AMRO Bank N.V. is the exchange agent for the KLM Ordinary
Shares and Citibank N.A. is the exchange agent for the KLM New
York Registry Shares.

Prospectus, Offer and Listing Document and other information

Air France will file with the U.S. SEC a registration statement
on Form F-4 registering the Air France shares and Air France
warrants and registration statements on Form F-6 registering the
Air France ADSs and Air France ADWs to be issued to tendering
holders of KLM Common Shares in the Offer.  KLM will file with
the U.S. SEC a solicitation/recommendation statement with
respect to the Offer on Schedule 14D-9.  Holders of KLM New York
Registry Shares will be mailed the U.S.  Prospectus filed as
part of Air France's registration statement on Form F-4, the
solicitation/recommendation statement filed by KLM and other
materials related to the Offer.  Holders of KLM Ordinary Shares,
who are residents of the United States should contact Georgeson
Shareholders Communications Ltd or their bank or broker to
obtain the U.S. Prospectus, the solicitation/recommendation
statement and other materials related to the Offer.  Investors
and holders of KLM New York Registry Shares and holders of KLM
Ordinary Shares who are residents of the United States are urged
to read the U.S. Prospectus and the solicitation/recommendation
statement because they contain important information about the
Offer.  Free copies of the U.S. Prospectus,
solicitation/recommendation statement and other documents to be
filed with the U.S. SEC by Air France or KLM, including
documents incorporated by reference into such documents, will be
available on the U.S. SEC's Web site at http://www.sec.govas
from April 5, 2004.

The Offer and Listing Document, the European Prospectus and
other documents relating to the Offer will be made available to
the holders of KLM Ordinary Shares upon request.  Holders of KLM
Ordinary Shares are urged to read the Offer and Listing
Document, the European Prospectus and all documents incorporated
by reference therein because they contain important information
about the Offer.

* Copies of the Offer and Listing Document in the English
language (in which a Dutch summary has been included), the
European Prospectus and the (English translation of the)
articles of association of Air France will be available as from
April 5, 2004 free of charge on the Web site of Euronext
Amsterdam: http://www.euronext.com(Dutch residents only) and at
the offices of Air France, KLM and ABN AMRO as set out below.

** Copies of the Offer and Listing Document in the English
language (in which the Dutch summary has been included), the
European Prospectus and any information incorporated by
reference in those documents (with the exception of the
Framework Agreement and certain other documents that are not
included in the Prospectus and that can be accessed on
http://www.sec.govand http://investorrelations.klm.com)


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


ELEKTRIM SA: Could Spend PLN150 Mln to Honor Deal with Employees
----------------------------------------------------------------
Elektrim S.A. could face a wave of demands from employees who
hold stakes in the company following a landmark ruling from a
Warsaw court.  A judge recently ordered the company to pay over
PLN36,000 to Piotr Rybinski, the leader of the solidarity trade
union in ZE PAK.

Mr. Rybinski had demanded to sell his stake to Elektrim for the
price stated in the privatization agreement.  It is feared that
should other employees follow suit, Elektrim might be forced to
cough up as much as PLN150 million plus interest, according to
the Warsaw Business Journal.

"We have been waiting for the money for the shares for two
years.  We did not even demand interest.  Elektrim did not want
to talk to us; furthermore it lowered the price for the purchase
of the shares.  Following the court's decision, most of the
4,000 employees who did not sell their stakes, will demand
payment," said Mr. Rybinski.

Ewa Bojar, Elektrim's spokeswoman, said Elektrim will appeal the
verdict.  It has less than two weeks to do so.

CONTACT:  ELEKTRIM S.A.
          Panska 77/79
          00-834 Warszawa

          Public relations:
          Ewa Bojar
          Company Spokesman
          Phone: (+48 22) 432 89 55
          Fax:   (+48 22) 432 87 99
          E-mail: ewa_bojar@elektrim.pl

          Investor relations:
          Phone: (+48 22) 432 87 75
          Fax:   (+48 22) 432 87 99
          Web site: http://www.elektrim.pl


ELEKTROWNIA TUROW: Fitch Leaves Negative Outlook Unchanged
----------------------------------------------------------
Fitch Ratings is maintaining Elektrownia Turow S.A.'s Senior
Secured 'B-' rating on Rating Watch Negative.  This follows a
review of recent developments and applies to Elektrownia Turow's
debt secured by Power Purchase Agreement-backed revenues,
including Elektrownia Turow B.V.'s EUR270 million guaranteed
secured bonds maturing in 2011.

The rating was downgraded from 'BB' on September 12, 2003 to
reflect the increasing probability that Elektrownia Turow's
Power Purchase Agreement will be unilaterally cancelled as part
of the restructuring of the Polish power sector, potentially
triggering an event of default and/or forcing financial
restructuring.

Although changes have been made to the draft act that will
govern restructuring, its essential principles and the key risks
to the Power Purchase Agreement-secured creditors addressed
earlier by Fitch, i.e. the possibility of partial non-cash
compensation, delayed compensation for some units and de-facto
seniority of government-guaranteed debt in compensation
arrangements, remain in place.  This is reflected in the Rating
Watch Negative.

While the government approved the draft in January 2004 and
submitted it to parliament in February 2004, the plan to approve
it in April 2004 does not seem to be realistic now as the first
parliamentary reading has been cancelled and no new date has
been set.  Furthermore, the E.U. has not yet approved the plan.

Moreover, the Polish Prime Minister's planned resignation on May
2, 2004 could further delay and complicate the restructuring.
This creates the possibility, albeit remote in the agency's
view, of the restructuring being indefinitely postponed or
cancelled.  Still, if the legislative process progresses
according to plan, the act could be passed and be in force
within weeks.  This may be viewed as a potential event of
default by the bondholders and would be reflected in a further
downgrade, although the Power Purchase Agreement cancellation is
still conditional on the successful transition charge
securitization bond issue, which would follow three to seven
months later.

Although re-negotiation of the 2011 bond's terms and conditions
may precede the Power Purchase Agreement cancellation date,
Fitch may view this in effect forced renegotiation as default to
the extent it affects the economic stakes of the bondholders.
The talks have not yet started, but are being planned by
Elektrownia Turow, depending on the legislation process.

The BOT group consolidation, which is closely related, but not
part of the draft act, is in progress.  BOT GiE S.A. was created
by three power plants including ET and two lignite mines on
March 9, 2004.  The next steps are planned before May 2004 and
should result in the change of ownership of the five companies,
from being directly state-owned into 80%- (or more) owned by BOT
(which will be 100% state-owned), with the remaining shares
owned by employees and directly by the government.

The government is studying whether to include regional
distributors in BOT (not considered before), which would enhance
its profile ahead of full market liberalization and EU
accession.  Although finances and capex are expected to be
managed at the group level, the companies will remain separate
legal entities, and Fitch does not believe that BOT will
materially enhance the position of Elektrownia Turow bondholders
prior to restructuring.  Fitch continues to monitor the
situation.

CONTACT:  FITCH RATINGS
          Josef Pospisil, London
          Phone: +44 (0) 20 7417 4266
          Arkadiusz Wicik, Warsaw
          Phone: +48 22 433 6600
          Laurence Monnier
          Phone: +44 (0) 20 7417 3546

          Media Relations:
          Alex Clelland, London
          Phone: +44 20 7862 4084


NETIA SA: Adopts Steps to Ensure Objective Selection of Advisor
---------------------------------------------------------------
Netia S.A. (WSE: NET), Poland's largest alternative provider of
fixed-line telecommunications services, says its supervisory
board adopted on Friday a resolution that if CA IB extends an
offer to render advisory services to Netia, Ms. Alicja
Kornasiewicz, a supervisory board member, will not take part in
any activity related to the selection of an advisor by the
Company.

Thus, Ms. Alicja Kornasiewicz will not be provided with any
information relating to any offers of other advisors received by
the Company, selection of the CA IB offer by Netia's management
board, motions of the management board on approval of
remuneration for the Company advisor and meetings of the
supervisory board regarding any issues related to retaining an
advisor, except for the final resolutions and agreements adopted
or entered into by the Company on the basis thereof. Should the
Company retain CA IB, Ms. Alicja Kornasiewicz will also be
excluded from the adoption of resolutions relating to granting
consent for the Company to carry out the transactions in which
CA IB will present its recommendations, and Ms. Kornasiewicz
will not participate in the works of the supervisory board
dedicated to evaluating the work performed by CA IB for the
Company.

The resolution was adopted by the supervisory board at the
request and with the consent of Ms. Alicja Kornasiewicz, who
substantiated her motion by noting that her being the president
and managing director of CA IB in Poland as well as a member of
the management board of CA IB Corporate Finance GmbH, would
place her in a position of a potential conflict of interest if,
as Netia's supervisory board member, she were to adopt decisions
on the retention and evaluation of the work of a firm in which
she holds a key position.

CONTACTS:  NETIA S.A.
           Anna Kuchnio (IR)
           Phone: +48-22-330-2061
           Jolanta Ciesielska (Media)
           Phone: +48-22-330-2407

           Taylor Rafferty, London
           Mark Walter
           Phone: +44(0) 20-7936-0400
           Taylor Rafferty, New York
           Abbas Qasim
           Phone: +1-212-889-4350


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


DAGESTANSKIYE OGNI: Auction of Properties Set May 26
----------------------------------------------------
The bidding organizer of state unitary enterprise, Dagestanskiye
Ogni, set the public auction of the glass factory's properties
on May 26, 2004 at 12:00 noon.  The sale will be held at 368670,
Russia, Republic of Dagestan, Dagestanskiye Ogni, Lenin str.3.

Starting price will be RUB10.678 million.  Preliminary
examination of auction conditions, document list for
participants, description of lots and reception of biddings are
done at: 368670, Russia, Republic of Dagestan, Dagestanskiye
Ogni, Lenin str.3.  Bidding applications are accepted until May
24, 2004.

In order to participate in the auction, the bidder should
transfer a deposit amounting to 5% of the starting price to the
settlement account of the bidding organizer.  Deadline is May
24, 2004.

CONTACT:  DAGESTANSKIYE OGNI
          368670, Russia, Republic of Dagestan
          Dagestanskiye Ogni, Lenin str.3

          The bidding organizer
          368670, Russia, Republic of Dagestan
          Dagestanskiye Ogni, Lenin str.3
          Phone: (928) 9390314


FILLER: Court Appoints Insolvency Manager
-----------------------------------------
The Arbitration Court of Perm region declared LLC Filler
insolvent and introduced bankruptcy proceedings on the factory.
The case is docketed as A50-31862/2003-B.  Mr. T. Vysochansky
has been appointed insolvency manager.  Creditors have until
April 26, 2004 to submit their proofs of claim to the insolvency
manager at: 614007, Russia, Perm, Post User Box 256.

CONTACT:  FILLER
          Russia, Perm, Sibirskaya str.4

          Mr. T. Vysochansky, Insolvency Manager
          428020, Russia, Republic of Chuvashia,
          Cheboksary, Petrova 6


ISTOK: Under Bankruptcy Supervision Procedure
---------------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
supervision procedure on agricultural industrial complex, ISTOK.
The case is docketed as A63-241/2003-C5.  Mr. Anatoly Barannik,
a member of TP Self-regulated organization of arbitral managers,

Sodruzhestvo, has been appointed temporary insolvency manager.

Creditors can submit their proofs of claim to the temporary
insolvency manager at: 355008, Russia, Stavropol, Selekzionnaya
str.9.  A hearing will take place on May 27, 2004 at the
Arbitration Court of Stavropol region.

CONTACT:  ISTOK
          Russia, Stavropol region, Shpakovsky Area
          Sengeleevskoye

          Mr. Anatoly Barannik, Temporary Insolvency Manager
          355008, Russia, Stavropol, Selekzionnaya str.9


KOSTAREVSKY: Deadline for Proofs of Claim May 26
------------------------------------------------
The Arbitration Court of Volgograd region declared Agricultural
industrial complex Kostarevsky insolvent and introduced
bankruptcy proceedings on the company.  The case is docketed as
A12-10895/00-C48.  Mr. Alexandr Vasiliev has been appointed
insolvency manager.

Creditors have until May 26, 2004 to submit their proofs of
claim to the insolvency manager at: 400081, Russia, Vogograd,
Post User Box 309.

CONTACT:  KOSTAREVSKY
          403839, Russia, Volgograd region
          Kamyshinsky Area Kostarevo

          Mr. Alexandr Vasiliev, Insolvency Manager
          400081, Russia, Vogograd, Post User Box 309


POLYVYANSKY: Under Bankruptcy Supervision Procedure
---------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
supervision procedure on agricultural industrial complex,
Polyvyansky.  The case is docketed as A53-3350/04-C2-9.  Mr.
Alexandr Letov, a member of TP Interregional Self-regulated
organization of arbitral managers, has been appointed temporary
insolvency manager.

Creditors have until April 26, 2004 to submit their proofs of
claim to the Arbitration Court of Rostov region.  A hearing will
take place on June 14, 2004, 2:30 p.m. at the Arbitration Court
of Rostov region.

CONTACT:  POLYVYANSKY
          Russia, Rostov region
          Polyvyanskoye, Peschanokopsky Area

          Mr. Alexandr Letov, Temporary Insolvency Manager
          344002, Russia, Rostov, Sozialisticheskaya str. 60B


STAVROPOL-KAVKAZSKY: Declared Insolvent
---------------------------------------
The Arbitration Court of Stavropol region declared horse-
breeding farm, Stavropol-kavkazsky, insolvent and introduced
bankruptcy proceedings on the company.  The case is docketed as
#A63-173/03-C5.  Mr. Andrey Babiev has been appointed insolvency
manager.  Creditors have until May 26, 2004 to submit their
proofs of claim to the insolvency manager at: 355000, Russia,
Stavropol, Lenin str.328/9-18.

CONTACT:  STAVROPOL-KAVKAZSKY
          Russia, Stavropol region
          Petrovsky Area, Rogataya Balka

          Mr. Andrey Babiev, Insolvency Manager
          355000, Russia, Stavropol, Lenin str.328/9-18


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


3 PHASE: Winding up Resolution Passed
-------------------------------------
At an Extraordinary General Meeting of the Members of the 3
Phase Limited Company on March 18, 2004 held at 111 Hagley Road,
Edgbaston, Birmingham B16 8LB, the Extraordinary and Ordinary
Resolutions to wind up the Company were passed.   Andrew W
Thompson and Jeremy C Frost have been appointed Joint
Liquidators for the purposes of such winding-up.


21ST CENTURY: Appoints Liquidator to Wind up Operations
-------------------------------------------------------
At an Extraordinary General Meeting of the Members of the 21st
Century Windows (NW) Limited Company on March 25, 2004 held at
Founder's Suite, CLB, Century House, St Peter's Square,
Manchester M2 3DN, the Extraordinary and Ordinary Resolutions to
wind up the Company were passed.  Diane Elizabeth Hill has been
appointed Liquidator for the purposes of such winding-up.


ARLA FOODS: To Reorganize Operations Across U.K.
------------------------------------------------
Arla Foods U.K. plc is updating the market on trading for the 6
months to March 31, 2004, a period, which includes just over 5
months trading by the merged business.  Trading for this period
is in line with the Board's expectations and market forecasts.

Our enlarged supermarket milk business has maintained volumes
compared to last year in the 6 months to March despite not
defending certain business 12 months ago.  Our new dairy at
Stourton, near Leeds, is on track to open in October 2004, as
planned.  As the U.K.'s most technologically advanced dairy,
Stourton will enhance our marketing position in the supply of
fresh liquid milk to the major supermarkets.

The merger has created a broadly based dairy company with
leading market positions and strong brands.  The Lurpak and
Cravendale brands have continued to perform extremely well.  The
company is pleased to announce that to meet the increasing
demand for Cravendale Purfiltre a further investment of up to
GBP20 million will be made at the new Stourton dairy.  This
facility will complement the existing Cravendale line at
Hatfield Peverel.

The company is pleased to confirm that the GBP12 million
investment in its Manchester dairy will be completed by June
2005.  The Express home delivery business has continued to
outperform the market and milk volume decline has held at 10%.
Our mail delivery business continues to expand.  The trading
outlook for the 6 months to September 2004 remains competitive
with anticipated supermarket milk volume reductions within our
range of expectation.

The integration process is progressing well and the company is
pleased to confirm that our current forecast for total synergy
benefits remains consistent with the GBP20 million per annum
announced 12 months ago.  Savings will be achieved at a similar
cash and write off cost and over a similar total time span.  A
lower synergy benefit will be delivered in the next 6 months
than previously anticipated but this is purely a matter of
phasing.

The company has announced its intention to rationalize its
production facilities and central functions across the U.K. for
2004.  The outcome of a further review of its production and
distribution facilities for 2005 will be announced in October of
this year.  The company intends, subject to consultation, to
close its dairy at Bamber Bridge in Lancashire and its glass
bottling line at the Hatfield Peverel dairy in Essex, resulting
in the loss of some 310 jobs.  Subject to consultation, it is
planned that the Hatfield glass bottling line closure will take
place in May 2004, and the Bamber Bridge site closure in July
2004.  The old Leeds dairy will close in October 2004 once
Stourton is open, with staff transferring to the new dairy.  In
addition, a full review of central functions following the
recent combination of head office locations will result in a
number of job losses in addition to changes already made.

Farmers supplying Arla Foods U.K. under direct contract have now
come together under the Arla Foods Milk Partnership (AFMP)
structure (formerly EMP) and will supply over 1 billion litres
of milk to the company in the new milk year, which began
Thursday.  AFMP will continue to grow, with new members in the
pipeline to join later in the year.  AFMP's investment arm,
EMPI, earlier this week announced that they now own over 3% of
Arla Foods U.K. Plc.

The raw milk pricing environment will be affected by the first
stage of CAP reform from July 1, which will have a direct impact
on long life commodity markets, a product group to which Arla
Foods U.K. is not significantly exposed.

                              *****

After the completion of the merger of Express Dairies and Arla
Foods on 22nd October 2003 Arla Foods U.K. plc's year-end was
changed to the 30th September 2004 to correspond with Arla Foods
amba.  A second set of interim results will be published for the
6 months to March 2004, followed by a full report and accounts
for the 18 months to September 2004.

Full consultation with all staff affected by these proposals
commenced Friday, which includes discussions with all of the
company's recognized Trade Unions.  The company intends to make
every effort to help those colleagues potentially affected find
suitable alternative employment.

Subject to this consultation process, it is planned that Bamber
Bridge NRC Production will transfer to the company's Liverpool,
Leeds and Manchester Dairies.  The current Bamber Bridge and
Hatfield Peverel production of glass-bottled milk will be
transferred into the Liverpool and Nottingham dairies.  The
transfer of the Bamber Bridge and Hatfield Peverel production to
the receiving sites increases the utilization of the existing
capacity and resources.

CONTACT:  ARLA FOODS UK PLC
          Nigel Peet, Finance Director
          Hudson Sandler
          Phone: +44 (0) 20 7796 4133

          Michael Sandler
          James Benjamin


ATLANTIS LIMITED: Hires Liquidator to Wind up Business
------------------------------------------------------
At an Extraordinary General Meeting of the Atlantis Bathroom and
Tile Centre Limited Company on March 26, 2004, the Extraordinary
and Ordinary Resolutions to wind up the Company were passed.
Neil Brackenbury, 5th Floor Airedale House, 77 Albion Street,
Leeds LS1 5AP has been appointed Liquidator of the Company.


BAE SYSTEMS: Dismissing Hundreds of Employees at Barrow Plant
-------------------------------------------------------------
Defense company BAE Systems will cut 720 of the 3,250 jobs at
its yard in Barrow-in-Furness by the end of the year, according
to The Telegraph.  The announcement follows the axing of 700
jobs at the plant in January.

The company said it has to downsize activity at Barrow after the
transfer of its shipbuilding work to Glasgow.  BAE decided last
year to separate its shipbuilding activities from its submarine
construction.  Barrow is home to BAE's troubled Astute submarine
program.  The contract to build the vessels for the Royal Navy
has already exceeded its GBP2.7 billion budget by GBP1 billion.
It is expected to be completed in January 2009, a delay of 43
months.

CONTACT:  BAE SYSTEMS
          New Filton House, Filton,
          Bristol BS99 7AR,
          United Kingdom
          Phone: +44 (0) 117 969 3831
          Web site: http://www.baesystems.com

          BAE SYSTEMS Advanced Technology Centre
          PO Box 5, Filton,
          Bristol BS34 7QW,
          United Kingdom
          Phone: +44 (0) 117 302 8000
          Fax:   +44 (0) 117 302 8007

          BAE SYSTEMS C4ISR
          Building 20X, PO Box 5, Filton,
          Bristol BS34 7QW,
          United Kingdom
          Phone: +44 (0) 117 918 8000
          Fax:   +44 (0) 117 918 8452


B&A WATTS: Appoints Liquidator from Carter Clark
------------------------------------------------
At an Extraordinary General Meeting of the Members of the B&A
Watts & Co Limited Company on March 24, 2004 held at Meridian
House, 62 Station Road, North Chingford, London E4 7BA, the
Extraordinary and Ordinary Resolutions to wind up the Company
were passed.  A J Clark of Carter Clark, Meridian House, 62
Station Road, North Chingford, London E4 7BA, has been appointed
Liquidator for the purposes of the voluntary winding-up.

CONTACT:  CARTER CLARK
          Meridian House,
          62 Station Road,
          North Chingford,
          London E4 7BA
          Contact:
          A J Clark, Liquidator


BRITISH ENERGY: Posts Energy Output for March
---------------------------------------------
This is a summary of net output from British Energy's power
stations in March 2004, together with comparative data for the
previous financial year:

                                              2002/03
                                    March           Year to Date

                        Output      Load     Output      Load
                         (TWh)   Factor (%)   (TWh)   Factor (%)

U.K. Nuclear             5.59        79       63.76       76
U.K. Other               0.45        31       5.67        33


                                             2003/04
                                    March          Year to Date

                        Output     Load     Output     Load
                        (TWh)     Factor     (TWh)    Factor
                                    (%)                 (%)

U.K. Nuclear            5.91       83       64.96      77
U.K. Other              0.67       47       7.62       45


OVERVIEW

The U.K. nuclear plants annual output was 64.96TWh for the
financial year ended 31 March 2004 as compared with 63.76TWh the
previous year.  This level of output was below the revised
target of around 65.5TWh, announced previously, as a result of
unplanned outages at several stations (referred to below), which
resulted in losses in excess of the remaining allowance.

As announced on 12 March 2004, our indicative target for nuclear
output for 2004/05 is 64.5 TWh after factoring in the need to
replace the cast iron pipework at several stations following the
review of the implications of the recent unplanned outage at
Heysham 1.

Planned Outages for March

(a) A refueling outage was commenced on one reactor each at
Dungeness B and Hartlepool.

(b) Low load refueling was carried out on both reactors at
Heysham 2 and on one reactor at Hunterston B.

Unplanned Outages for March

(c) At Hinkley Point, several problems were encountered
including a generator transformer which required shutdown for
inspection and repair, the combination of which resulted in a
total loss of 0.5TWh.  Hinkley Point has since returned to
service.

(d) At Dungeness, the internal failure of a feed heater caused
damage to pumps, which had to be taken out of service for repair
resulting in a loss of 0.2TWh.  The Dungeness reactor is
expected to return to service shortly pending completion of the
repairs and refueling.

(e) At Torness, a series of minor problems were encountered
resulting in a combined loss of 0.2TWh.  Torness has since
returned to service.

(f) There were several other, less material, unplanned outages
aggregating to 0.1TWh.

CONTACT:  BRITISH ENERGY
          Andrew Dowler
          Phone: 020 7831 3113

          (Media Enquiries)
          Alastair Russell
          Phone: 013552 62100
          (Investor Relations)
          Home Page: http://www.british-energy.com


CAITHNESS GLASS: Midlothian-based Rival Buys out Operations
-----------------------------------------------------------
A subsidiary of Edinburgh Crystal bought Caithness Glass'
operations in Perth and Norfolk, according to Grampian TV. The
company has 100 staff at its Inveralmond plant and visitor
center near Perth.  It also has 12 staff in King's Lynn.  The
report said the possible impact of the sale on the jobs is still
unclear.  Thirty employees at the company's Wick factory lost
their jobs after receivers from Deloitte were called into the
cash-strapped firm earlier this year.

CONTACT:  CAITHNESS GLASS LTD
          Head Office
          Inveralmond
          Perth
          Scotland
          U.K.
          PH1 3TZ
          Phone: +44 (0) 1738 637373
          Fax:   +44 (0) 1738 492300
          Web site: http://www.caithnessglass.co.uk


CLEVERFINISH LIMITED: Appoints Hazlewoods Liquidator
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Cleverfinish Limited (t/a House of Flowers) Company on March 22,
2004 held at The Corus Hotel, Oxford Road, Stratton St Margaret,
Swindon SN3 4TL, the Extraordinary and Ordinary Resolutions to
wind up the Company were passed.  Philip John Gorman of
Hazlewoods, Windsor House, Barnett Way, Barnwood, Gloucester GL4
3RT, has been appointed Liquidator for the purposes of such
winding up.

CONTACT:  HAZLEWOODS
          Windsor House
          Barnett Way, Barnwood,
          Gloucester GL4 3RT
          Contact:
          Philip John Gorman, Liquidator


COMBINED ALLIED: Appoints Liquidator from Begbies Traynor
---------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Combined Allied Trades Limited Company on March 5, 2004 held at
Begbies Traynor, 8 Castlegate, Grantham, the Extraordinary and
Ordinary Resolutions to wind up the Company were passed.  Peter
A Blair and Richard A B Saville, of Begbies Traynor, Regency
House, 21 The Ropewalk, Nottingham NG1 5DU have been appointed
Joint Liquidators for the purposes of such winding-up.

CONTACT:  BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk,
          Nottingham NG1 5DU
          Contact:
          Peter A Blair, Liquidator


DIANA INVESTMENT: Calls in Liquidator
-------------------------------------
At an Extraordinary General Meeting of the Diana Investment
Corporation Limited Company on March 26, 2004 held at 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 0R has been
appointed Liquidator for the purposes of such winding-up.

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


D WILKINSON: Voluntary Winding up Resolution Passed
---------------------------------------------------
At an Extraordinary General Meeting of the Members of the D
Wilkinson Limited Company on March 23, 2004 held at The Chase
Hotel, Higham Lane, Nuneaton, Warwickshire CV11 4AG, the
Extraordinary and Ordinary Resolutions to wind up the Company
were passed.  Ian Pattinson has been appointed Liquidator for
the purposes of such winding-up.


EMI GROUP: Names Trinity Mirror CEO Non-executive Director
----------------------------------------------------------
EMI Group plc announces the appointment of Sly Bailey as non-
executive director of the company.  Ms. Bailey, 42, has been
chief executive of the U.K.'s largest newspaper publisher,
Trinity Mirror plc, since February 2003.  Prior to that she was
chief executive of IPC Media, the leading consumer magazine
publisher in the U.K.  Ms. Bailey has a distinguished career in
newspaper and magazine publishing.  As well as being a director
of Trinity Mirror, she is also a director of The Press
Association limited.

Eric Nicoli, chairman of EMI Group, said: "I am delighted that
Sly is joining the EMI board.  She has a broad and successful
background in the media sector and she understands the
challenges of balancing creative freedom with commercial
discipline.  At Trinity Mirror, she is leading a transformation
of the business just as we are at EMI and she will be an
excellent addition to our world-class non-executive team."

Sly Bailey said: "EMI is a well run group with a clear vision to
be the world's best music company.  I feel that I can contribute
as a board member and I am excited at the opportunity to do so.

"I am very impressed with the way that the management has
addressed the challenges in a rapidly changing marketplace and
established a strong platform for exploiting the opportunities
in the digital arena."

Background

Sly Bailey was appointed chief executive of Trinity Mirror plc
in December 2002 and joined the group on 3 February 2003.
Trinity Mirror is the U.K.'s largest newspaper publisher, with
some 250 titles and 11,500 employees.

Ms. Bailey joined Trinity Mirror from IPC Media, the largest
consumer magazine publisher in the U.K.  Upon her arrival she
conducted a strategic review of the group and devised a three-
phase strategy designed to improve performance and enhance
shareholder value.  Trinity Mirror's preliminary results
announcement in February 2004 showed the strategy was delivering
ahead of expectations and that the group had achieved the best
year on year profit improvement since Trinity and Mirror Group
merged in 1999.

Ms. Bailey began her career in 1984 as a sales executive with
The Guardian newspaper, before moving to The Independent
newspaper in 1987 as advertisement sales manager, before joining
IPC in 1989.

After holding a number of senior commercial roles with the
company, she was appointed to the board of IPC in 1994 at the
age of 31 -- the youngest ever board member of IPC.  In 1997,
she became managing director of the company's television
magazines division IPC tx Ltd.  She was part of the board team
that undertook the Cinven-backed management buyout of the IPC
business from Reed Elsevier in early 1998.

In December 1999, Ms. Bailey was appointed chief executive of
the entire IPC business aged 37.  In October 2001, she
successfully led the GBP1.15 billion sale of the company to Time
Inc, the publishing division of AOL Time Warner, the world's
largest media organization.

Ms. Bailey was named as one of the '50 Most Powerful Woman in
Britain' by Management Today in 2002 and one of Britain's most
influential woman by the Daily Mail in 2003.  Also in 2003, she
entered the top 20 of MediaGuardian's 100 most influential
figures in media Fortune magazines top 50 most powerful business
woman outside the U.S.

She is a director of The Press Association and the current
president of the NewstrAid Benevolent Society, the charity for
the distribution section of the publishing industry.  Ms. Bailey
was born on January 24, 1962.

CONTACT:  EMI GROUP
          Amanda Conroy
          Phone: +44 (0) 20 7795 7529

          BRUNSWICK
          Patrick Handley
          Phone: +44 (0) 20 7396 5395


ENVIRONMENTAL AIR: Appoints Moore Stephens Liquidator
-----------------------------------------------------
At an Extraordinary General Meeting of the Environmental Air
Contracts Limited Company on March 16, 2004 held at Moore
Stephens Corporate Recovery, Beaufort House, 94-96 Newhall
Street, Birmingham B3 1PB, the Extraordinary and Ordinary
Resolutions to wind up the Company were passed.  Roderick Graham
Butcher, of Moore Stephens Corporate Recovery, Beaufort House,
94-96 Newhall Street, Birmingham B3 1PB, has been appointed
Liquidator of the Company for the purpose of the voluntary
winding-up.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House,
          94-96 Newhall Street,
          Birmingham B3 1PB
          Contact:
          Roderick Graham Butcher, Liquidator


ESS WAREHOUSING: Hires Liquidator
---------------------------------
At an Extraordinary General Meeting of the ESS Warehousing &
Container Services Limited Company on March 23, 2004 held at 8-
10 Eastern Road, Romford, Essex RM1 3PJ, the subjoined
Extraordinary Resolution to wind up the Company was passed.  K B
Stout has been appointed Liquidator for the purposes of such
winding-up.


EUROSTAR GROUP: Reports Record-breaking Fourth Quarter
------------------------------------------------------
Eurostar, the high-speed train service that carries passengers
between the U.K., France and Belgium, on Friday announced it had
experienced the best fourth quarter in its history, with nearly
1.7 million customers traveling.

Between October and December 2003, Eurostar carried 1.69 million
passengers through the Channel Tunnel, an increase of 15% on the
same period in 2002 when 1.47 million customers traveled.

Market share also increased against all air competitors in a
highly competitive market, where consumers are searching for
good value pricing.  The latest available figures showed that
Eurostar had a 66% share of the London-Paris rail/air route,
compared with 13% for its nearest competitor, British Airways.
On the London-Brussels route, Eurostar increased its share to
48%, whereas all its competitors saw their share fall.

The period was marked by the launch of the first section of the
Channel Tunnel Rail Link in the U.K., which has shortened
Eurostar return journey times by 40 minutes.  Over 4,500 trains
have now run on the new line.

With the opening of the new high-speed line in the U.K.,
Eurostar sharply increased its punctuality in the fourth
quarter, up by 12% to a fourth quarter average of 87%.  Only 6
trains out of more than 4,500 had to be cancelled.

Paul Charles, Director of Communications, Eurostar, said: "There
has been a successful rebirth of Eurostar.  Although 2003
started off with a bleak outlook and low consumer confidence, a
mix of the new high-speed line, a fresh management team, and a
refocused strategy has enabled Eurostar to begin 2004 -- its
10th anniversary year -- in upbeat mood.  Travelers between the
U.K., France and Belgium realize that taking the train is much
less stressful than taking the plane."

The redesign and stronger promotion of the Eurostar Web site,
http://www.eurostar.com,have also led to higher sales, with
over 20% of tickets sold in the U.K. now being booked via the
Internet.  Eurostar will be investing more resources in its Web
site during 2004.

The strong fourth quarter performance largely offset a slower
start to the year, where the effects of the war in Iraq and the
European economic downturn resulted in a 4% fall in passenger
numbers for 2003, with 6.3 million passengers carried through
the Channel Tunnel in 2003 against 6.6 million the year before.

Sales during 2003 were GBP375.9 million, 8% lower than the 2002
figure of GBP407.9 million.  However, in the fourth quarter,
sales increased by 11% to GBP98 million, compared with GBP88
million in the same period in 2002.

Eurostar also announced that it would be introducing a new 10-
minute check-in for business travelers from January 20.  The 30-
minute check-in remains for passengers holding leisure tickets.

Paul Charles continued: "As we prepare for our 10th birthday in
November, we will further enhance customer experience, starting
with the 10-minute check-in at all of our stations.  The short
check-in time makes it even easier for business travelers to get
to their destination faster, especially with the seamless
Eurostar city-center to city-center service."

Other plans for 2004:

(a) Fully refurbished train interiors

(b) New uniforms

(c) New shopping area at Eurostar check-in at Paris Gare du Nord
    station

(d) Completion of "Project Jupiter" ownership structure

(e) Eurostar will be at the heart of the Entente Cordiale
    celebrations

(f) Eurostar is official U.K. carrier for Lille 2004 European
    Capital of Culture

(g) Events to mark Eurostar's 10th birthday

CONTACT:  EUROSTAR FREQUENT TRAVELLER
          Kent House, 81 Station Road,
          Ashford, Kent TN23 1PP U.K.
          Fax:   +44 1233 61 79 56
          Phone (U.K.):  08705 104 105
          Phone (Belgium): 02 402 24 30
          Phone: (France): 01 70 70 99 49
          Web site: http://www.eurostar.com


EUROTUNNEL PLC: Expect Fiery Annual General Meeting, Says Paper
---------------------------------------------------------------
The management of Eurotunnel, the operator of Channel Tunnel,
warned of consequences should rebel shareholders succeed in
unseating the present administration at the annual general
meeting this week, according to the Financial Times.

Dissenting shareholders in the Anglo-French group said at an
investors and journalists presentations the meeting is their
last chance to dispose of the present management to save the
company before an important financing arrangement expires in
2006.

Eurotunnel warned that should the rebels win, Channel Tunnel
could end up in the hands of creditor banks: The shareholders
threatened to withhold payments to creditors, in which case
creditors have the right to seize control of the tunnel.

Operations at the Channel Tunnel fell into turmoil when costs to
build the tunnels that connect U.K. and France started to
overrun before it opened in 1994.  Worsening the problem is an
over-optimistic traffic forecasts that crashed when tourist
traffic fell following the Iraq war.  The company has never made
a profit at the pre-tax level.  A further decline in revenues is
further expected from November 2006.

CONTACT: EUROTUNNEL PLC
         Media Inquiries:
         Kevin Charles
         Phone: + 44 (0) 1303 288728

         Investor Inquiries:
         Xavier Clement
         Phone: + 33 1 55 27 36 27
         BRUNSWICK GROUP
         Giles Croot
         Phone: + 44 (0) 20 7404 5959
         Web site: http://www3.eurotunnel.com


FENSIDE RECRUITMENT: Appoints Elwell Watchorn Liquidator
--------------------------------------------------------
At an Extraordinary General Meeting of the Fenside Recruitment
Limited Company on March 25, 2004 held at 2 Axon, Commerce Road,
Lynchwood, Peterborough PE2 6LR, the subjoined Extraordinary
Resolution to wind up the Company was passed.  Richard John
Elwell and Graham Stuart Wolloff, of Elwell Watchorn & Saxton, 2
Axon, Commerce Road, Lynchwood, Peterborough PE2 6LR, have been
appointed Joint Liquidators for the purposes of such winding-up.

CONTACT:  ELWELL WATCHORN & SAXTON
          2 Axon, Commerce Road,
          Lynchwood,
          Peterborough PE2 6LR
          Contact:
          Richard John Elwell, Liquidator
          Graham Stuart Wolloff, Liquidator


FUTURE CHOICE: Appoints Liquidator from Milner Boardman
-------------------------------------------------------
At an Extraordinary General Meeting of the Members of the Future
Choice Limited Company on March 25, 2004 held at Milner Boardman
& Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG,
the Extraordinary and Extraordinary Resolutions to wind up the
Company were passed.  Colin Burke, of Milner Boardman &
Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG
has been appointed Liquidator for the purposes of such winding-
up.
CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House
          Ashley Road, Hale,
          Creshire WA15 9TG
          Contact:
          Colin Burke, Liquidator


GAP EXPRESS: Names Liquidator
-----------------------------
At an Extraordinary General Meeting of the Gap Express Limited
Company on March 24, 2004 held at 76 New Cavendish Street,
London W1G 9TB, the subjoined Extraordinary Resolution to wind
up the Company was passed.  Mark Levy, of Berley, 76 New
Cavendish Street, London W1G 9TB has been appointed Liquidator
for the purpose of such winding-up.

CONTACT:  BERLEY
          76 New Cavendish Street,
          London W1G 9TB
          Contact:
          Mark Levy, Liquidator


GEORGE DAVIS: Hires Liquidator from Hazlewoods
----------------------------------------------
At an Extraordinary General Meeting of the Members of the George
Davis & Son Limited (t/a The Bouquet) Company on March 22, 2004
held at The Corus Hotel, Oxford Road, Stratton St Margaret,
Swindon SN3 4TL, the Extraordinary and Ordinary Resolutions to
wind up the Company were passed.  Philip John Gorman, of
Hazlewoods, Windsor House, Barnett Way, Barnwood, Gloucester GL4
3RT has been appointed Liquidator for the purposes of such
winding-up.

CONTACT:  HAZLEWOODS
          Windsor House,
          Barnett Way, Barnwood,
          Gloucester GL4 3RT
          Contact:
          Philip John Gorman, Liquidator


GOSHAWK INSURANCE: Delays Announcement of Preliminary Results
-------------------------------------------------------------
Goshawk Insurance Holdings Plc was due to announce preliminary
results for the year ended December 31, 2003 on April 2, 2004.
Goshawk is currently finalizing its results and will now release
its results by the end of the week of 5 April 2004.  The delays
are due to the technical accounting issues of deconsolidating
Syndicate 102.

These results are expected to show:

(a) Ring fencing of Syndicate 102 following Run-off

    (i) Group net asset value as at 31 December 2003 of
        approximately 55p

   (ii) Strong operating profit from Goshawk Re of o21.6m

  (iii) Stable renewals season for Goshawk Re

Paul Spencer, Chairman, commented: "We have had to delay
announcing our Group results due to the technical accounting
issues of deconsolidating Syndicate 102. However these results
will show that Goshawk has effectively capped its Syndicate 102
exposures restructured the business to focus on the profitable
Goshawk Re and is on a sound footing for the future."

CONTACT:  GOSHAWK INSURANCE HOLDINGS PLC
          Paul Spencer, Chairman
          Phone: 020 7621 0777

          COLLEGE HILL
          James Henderson
          Phone: 0207 457 2020


GREENS BUILDING: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of the Greens Building &
Joinery Services Limited Company on March 24, 2004 held at
Taylor Rowlands, 8 High Street, Yarm, Stockton on Tees TS15 9AE,
the following subjoined Extraordinary Resolution to wind up the
Company was passed.  John Harvey Madden, of Taylor Rowlands has
been appointed Liquidator for the Company.


HOME & GARDEN: Hires Barrett and Tickell Liquidators
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the Home &
Garden Building Services Limited Company on March 25, 2004 held
at 1640 Parkway, Solent Business Park, Whiteley, Fareham,
Hampshire, the Extraordinary and Ordinary Resolutions to wind up
the Company were passed.  Paul Barrett and James Richard
Tickell, of Portland Business & Financial Solutions, 1640
Parkway, Solent Business Park, Whiteley, Fareham, Hampshire have
been appointed Joint Liquidators of the Company.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS
          1640 Parkway, Solent Business Park,
          Whiteley, Farehem,
          Hampshire
          Contact:
          Paul Barrett, Liquidator
          James Richard Tickell, Liquidator


HURN ENVIRONMENTAL: Names Grant Thornton Liquidator
---------------------------------------------------
At an Extraordinary General Meeting of the Hurn Environmental
Services Limited Company on March 23, 2004 held at the offices
of Grant Thornton, 31 Carlton Crescent, Southampton SO15 2EW,
the Extraordinary and Ordinary Resolutions to wind up the
Company were passed.  Samantha Keen, of Grant Thornton, 31
Carlton Crescent, Southampton SO15 2EW has been appointed
Liquidator of the Company for the purposes of the voluntary
winding-up.

CONTACT:  GRANT THORNTON
          31 Carlton Crescent,
          Southampton SO15 2EW
          Contact:
          Samantha Keen, Liquidator


INDEPENDENT PARTS: Appoints PricewaterhouseCoopers Liquidator
-------------------------------------------------------------
There will be a Final Meeting of the Members of the Independent
Parts Group Limited Company on May 7, 2004 at 10:00 a.m.  It
will be held at the offices of PricewaterhouseCoopers LLP,
Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT.

The purpose of the Meeting is to lay before the Members the
account how the winding-up of the Company has been conducted.
Members who wish to attend at the Meeting entitled to appoint a
proxy in his behalf.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Cornwall Court,
          19 Cornwall Street,
          Birmingham B3 2DT
          Contact:
          T Walsh, Liquidator


INTRINSIC VALUE: Board Favors Liquidation of Business
-----------------------------------------------------
Introduction

The Board of Intrinsic Value plc intends to put to Shareholders
proposals for the winding-up of the Company.  Under the
Proposals, which are subject to Shareholder approval, the
Company will be wound up and Shareholders will have the option
of receiving Units in Marlborough Special Situations Fund and/or
cash.

A Circular explaining the Proposals and the actions which are
required in order for them to be implemented and convening
Shareholder Meetings to approve the Proposals was posted Monday.

Background

As was stated in the Requisition Circular, the Board and its
advisers have had discussions with Shareholders holding a
substantial proportion of the Company's Shares regarding the
future of the Company.  Many of these Shareholders indicated
that they wish to exit from the Company for cash.  Accordingly,
given the relatively small size of the Company and the illiquid
nature of its portfolio, the Board concluded that it was not
feasible to combine the opportunity for a cash exit with the
opportunity for Shareholders to remain invested in an investment
vehicle managed by the Investment Manager.  However, the Board
has arranged for Shareholders who wish to remain invested in a
similar vehicle to have the opportunity to roll over their
investment into Units in an open-ended fund, Marlborough Special
Situations Fund.

The Scheme and details of the Proposals

The Proposals provide for the Company to be put into members'
voluntary liquidation and for the transfer of the Company's
assets (after taking account of, inter alia, the expenses of the
Scheme and the assets to be retained by the Liquidators to meet
the liabilities of the Company) into two pools, the Cash Option
Pool and the Unit Option Pool.

Following the passing of the special resolution to be proposed
at the First Extraordinary General Meeting the assets of the
Company will be split into two pools, the Cash Option Pool and
the Unit Option Pool.  The division will be pro rata to the
number of Shares whose holders have elected, or have been deemed
to have elected, for each Pool.

The investment portfolios of the two Pools will then be
reorganized in the period leading up to the Effective Date so
that the Cash Option Pool will represent assets required to
discharge the Cash Option and the Unit Option Pool comprises
securities of a type that are eligible for transfer into the
Marlborough Special Situations Fund.  The costs of these
reorganizations and the liabilities of the Company will be borne
by the relevant Pool.

Under the Proposals, Shareholders will be able to roll over
their investment in the Company into Marlborough Special
Situations Fund, and/or to elect for cash.

Under the Proposals, and following the Second EGM, the Company
will be placed in members' voluntary liquidation and pursuant to
the Transfer Agreement, the Liquidators will transfer the Unit
Option Pool to Marlborough Special Situations Fund.  The
Liquidators will also make the first distribution from the
Cash Option Pool to Shareholders who so elected.  The
Liquidators will retain however, the Company's unquoted
securities portfolio, together with cash and other assets which
they consider sufficient to provide for all outstanding
liabilities of the Company, including the expenses of the
Company in relation to the Proposals, and any other
contingencies and creditors.  These assets will be held in the
Liquidation Fund and will be drawn, in the case of assets
required to meet liabilities attributable to a Pool, from that
Pool, or otherwise from each of the Pools pro rata to the number
of Shares in issue whose holders have, or have been deemed to
have, elected for each Pool.

To the extent that the aggregate of the proceeds from sales of
any investments in the Liquidation Fund (including the proceeds
of sale of unquoted securities which are unlikely to have been
realized prior to the Effective Date) and the amount set aside
for contingencies is not required, any cash balance remaining in
the hands of the Liquidators on the termination of the
liquidation of the Company (including the proceeds of sale of
the unquoted securities) will be distributed amongst the Pools
pro rata to the elections of the Shareholders.

Any cash balance remaining in the Cash Option Pool will be paid,
in due course, to Shareholders on the register of members on the
Effective Date as a final distribution.  In addition, if the
Liquidators consider it appropriate, one or more interim
distributions may be made.

Any further distribution to the Unit Option Pool will be
transferred to Marlborough Special Situations Fund and further
Units will be issued to Shareholders who elected for the Unit
Option.

The terms of the Scheme, a summary of the Transfer Agreement and
details of the estimated costs of the Proposals are set out in
the Circular.

On 27 April 2004 the Shares will commence trading as
Reclassified Shares with 'A' Rights and Reclassified Shares with
'B' Rights.  The last day for dealings on the London Stock
Exchange in Reclassified Shares will be 28 April 2004 and
the Reclassified Shares will be suspended from 29 April 2004.

Approval and implementation of the Proposals

The Proposals are conditional, inter alia, on the passing by
Shareholders of the special resolutions to be proposed at the
Shareholder Meetings as set out in the notices of meeting in the
Circular.  The Scheme, which will implement the Proposals, is
set out in the Circular.

To see full copy of document including expected timetable:
http://bankrupt.com/misc/Intrinsic_WindingupProposal.htm

CONTACT:  INTRINSIC VALUE
          James West, Chairman
          Phone: 020 7767 1000

          ING INVESTMENT BANKING
          Nicholas Gold
          William Marle
          Phone: 020 7767 1000


J WARWICK: Final Members Meeting May 5
--------------------------------------
There will be a Final Meeting of the Members of J Warwick Hardy
(Financial Services) Limited Company on May 5, 2004 at 10:30
a.m.  It will be held at the offices of Menzies Corporate
Restructuring, 17-19 Foley Street, London W1W 6DW.

The purpose of the Meeting is to lay before the Members the
account how the winding-up of the Company has been conducted.
Members who wish to attend at the Meeting may appoint a proxy in
his behalf.  Proxies to be used at the Meeting must be lodged at
17-19 Foley Street, London w1W 6DW not later than 12:00 noon May
4, 2004.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street,
          London W1W 6DW
          Contact:
          P J Clark, Liquidator


K COOPER: Shareholders Agree to Wind up Business
------------------------------------------------
At an Extraordinary General Meeting of the Members of the K
Cooper (Grab Hire) Contractors Limited Company on March 18, 2004
held at 111 Hagley Road, Edgbaston, Birmingham B16 8LB, the
Extraordinary and Ordinary Resolutions to wind up the Company
were passed.  Andrew W Thompson and Jeremy C Frost have been
appointed Joint Liquidators for the Company.


LANDSIDE ENGINEERING: Winding up Resolution Passed
--------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Landside Engineering Limited Company on March 18, 2004 held at
Mary Street House, Mary Street, Taunton, Somerset TA1 3NW, the
Extraordinary Resolution to wind up the Company was passed.
Laurence Russell ACA, of Mary Street House, Mary Street,
Taunton, Somerset has been appointed Liquidator for the purposes
of the winding-up.


LE PETIT: Names Liquidator from Kroll Limited
---------------------------------------------
At an Extraordinary General Meeting of the Le Petit Blanc
Limited Company on March 23, 2004 held at 10 Fleet Place, London
EC4M 7RB, the Extraordinary and Ordinary Resolutions to wind up
the Company were passed.  Gary Peter Squires and Nigel Heath
Sinclair, of Kroll Limited, 10 Fleet Place, London EC4M 7RB have
been appointed Joint Liquidators of the Company.

CONTACT:  KROLL LIMITED
          10 Fleet Place,
          London EC4M 7RB
          Contact:
          Gary Peter Squires, Liquidator
          Nigel Heath Sinclair, Liquidator


MARKS & SPENCER: Cutting Jobs to Counter Business Slowdown
----------------------------------------------------------
Britain's biggest apparel retailer, Marks & Spencer announced to
cut down 1,000 administrative jobs over the next two years,
according to just-style.com.

Lately, the company has been hit by intense competition from its
core clothing business.

CEO Roger Holmes said in a statement the retrenchment will help
the company improve work efficiency.  It is an integral plan of
the establishment to transform the business.

Marks & Spencer hopes to save GBP25 million a year from the job
cuts.


MELROSE CORPORATION: Transbus Management May Lodge Bid
------------------------------------------------------
The senior management of Transbus International, part of the
troubled Mayflower Corporation, is among the parties interested
in buying the operation from the group's administrators.

According to The Scotsman, sources close to Transbus said the
management team led by managing director Maurice Barr is looking
at a number of options for the business.

Administrators from Deloitte & Touche were called into Mayflower
after accounting irregularities at the company's books were
discovered, and talks with the group's bankers collapsed.  They
are currently selling the business, and are understood to prefer
a sale of the business as a whole rather than by parts.  They
are believed to have received 25 expressions of interest so far.
A deal could be announced within four to six weeks.

Melrose, the Aim-quoted cash shell, expressed an initial
interest in acquiring the group, but withdrew upon the company's
fall into administration.  It is seen unlikely to consider
looking at acquiring TransBus on its own or in bidding for the
divisions in administration as a whole, the report said.

TransBus International is the market leader in bus and coach
building with a large share of the U.K. market.  It accounts for
some 70% of U.K. double decker registrations, 60% of U.K.
chassis registrations and 30% of U.K. coach registrations.  It
operates from Falkirk and Larbert sites with four divisions
covering bus bodies, chassis, parts and customer care and coach.
The bus body division which the Scottish sites are part of has a
turnover of GBP140 million and 1,500 employees.

Sales in the company last year amounted to more than GBP300
million.


MORTGAGE SECURITIES: 'CC' Rating of Class E Notes Affirmed
----------------------------------------------------------
Fitch Ratings has affirmed the ratings of Heritage Mortgage
Securities plc's remaining GBP6,870,029 Class D notes and
GBP5,431,072 Class E notes at 'BBB' and 'CC' respectively.

In the past 12 months three loans have prepaid, leaving only two
out of the original 20 loans in the portfolio.  As with previous
prepayments, swap breakage costs were payable from the loan
repayments and not covered separately by the borrowers.  As
these breakage costs are payable senior to note payments in the
priority of payments, at the last interest payment date a
drawing on the liquidity facility of GBP137,040 was made to
cover a shortfall in the funds available to pay interest on
Class D notes.  The remaining available liquidity facility,
provided by Barclays Bank plc (rated 'AA+'/ 'F1+'), is GBP1.4
million.

Interest due on the Class E notes of GBP445,088 has been
deferred and is unlikely to be fully repaid by maturity and,
therefore, at maturity the rating for this Class is likely to be
downgraded to the 'D' category.

No delinquencies, defaults, or principal losses have ever
occurred on any loan in the pool.  However, one of the two
remaining loans is still on the watch-list due to a tenant-
landlord dispute.  The sponsor behind this loan has provided a
letter of comfort stating that interest payments due under the
loan will be made.  The period covered by this letter expires in
May 2004 and the dispute between the tenant and landlord is not
expected to be resolved until later in 2004.  Without an
extension to the sponsor support this loan would default;
however, Fitch estimates that a substantial amount of equity
from the sponsor remains associated with the loan and,
therefore, supporting the loan appears to be an attractive
option to the sponsor.  Additionally, if the loan were to
default, Fitch expects the proceeds from a disposal of the
property under prevailing market conditions to be sufficient to
repay the debt.

The fully performing loan has a debt service coverage ratio of
1.17 and therefore the shortfall in interest on the Class D
notes at the last interest payment date is not expected to
continue. Despite the percentage of credit enhancement
increasing since closing, the Class was not upgraded as the
concentration risk has increased significantly.

Fitch will continue to monitor the performance of this
transaction. Quarterly updated performance data is available on
the agency's subscription Web site at,
http://www.fitchresearch.com(European Structured
Finance/Surveillance).

CONTACT:  FITCH RATINGS
          Mario Schmidt, London
          Phone: +44 (0) 20 7417 4232
          E-mail:  mario.schmidt@fitchratings.com
          Andrew Currie
          Phone: +44 (0) 20 7417 4374
          E-mail: andrew.currie@fitchratings.com

          Media Relations
          Richard Lindsay, London
          Phone: +44 20 7862 4080


NETWORK RAIL: Rail Sector Report Casts Shadow on Future
-------------------------------------------------------
The recommendations of a parliamentary report on the future of
the U.K. rail industry raise questions, said Standard & Poor's
Ratings Services on Friday.  If implemented it could have
important credit implications for the sector.  The report,
released earlier on Friday, analyzes in detail the challenges
faced by the entities involved in the industry and proposes
radical solutions, including renationalizing the network
operator Network Rail Ltd. and abolishing the Strategic Rail
Authority (SRA; AAA/Stable/A-1+).

"The report's recommendations go beyond the parameters of the
Secretary of State for Transport's review of the industry.
Nevertheless, the solutions it proposes are in striking contrast
to most reforms suggested for the U.K. rail industry," said
Standard & Poor's Infrastructure Finance credit analyst
Magdalena Richardson.  "If the report's proposals were
implemented, they could have considerable impact on the credit
quality of the SRA and, consequently, the Network Rail
commercial paper and MTN programs.  Standard & Poor's would have
to look very closely at developments."

Fundamental issues such as the performance and growth of the
industry in its present fragmented state are among the report's
key concerns.  The government is held directly responsible for
the maintenance of the national rail system.  The failure to
address the effects of the establishment of the SRA on the
sector regulator, the Office of the Rail Regulator (ORR), is
cited as a serious example of government policy failure.

Key recommendations include: curbing the powers of the ORR;
taking Network Rail into government ownership in order to
exercise more direct control over costs; eliminating what the
report's compilers perceive as the mismatch between the SRA's
stated role and its exercisable powers; and removing rail safety
regulation from the Health and Safety Executive.  A public
sector Railway Agency that combines the functions of the SRA and
Network Rail is suggested as an alternative operational entity.

"Irrespective of the report, the government may change the roles
of individual industry participants as a result of the ongoing
review of the sector," added Ms. Richardson.  The secretary of
state's review will largely focus on structural and
organizational changes as the government attempts to regain
control of industry costs, which have increased substantially in
recent years.

CONTACT:  STANDARD AND POORS RATING SERVICES
          Analyst E-mail Addresses
          magdalena_richardson@standardandpoors.com
          craig_jamieson@standardandpoors.com
          mike_wilkins@standardandpoors.com
          InfrastructureEurope@standardandpoors.com
          PublicFinanceEurope@standardandpoors.com


ROYAL & SUNALLIANCE: Sells Non-life Interest in Philippines
-----------------------------------------------------------
Royal & SunAlliance announces that it has sold its 40%
shareholding in Federal Phoenix Assurance Company, Inc. of the
Philippines.  The shares will be repurchased by Federal Phoenix.
As at 31 December 2003 the net assets of Federal Phoenix were
around GBP7 million (PHP680 million).

Simon Lee, Royal & SunAlliance's Chief Executive, International
Businesses said,

"I am pleased to be able to announce this deal which allows us
to exit from an arrangement where we did not have a controlling
interest and continues the restructuring of our international
portfolio of businesses.  I wish every success to the management
and employees of Federal Phoenix in the future."

CONTACT:  ROYAL & SUNALLIANCE
          Analysts
          Helen Pickford
          Phone: +44 (0) 20 7569 6212

          Press
          Richard Emmott
          Phone: +44 (0) 20 7569 6023


SIXTEEN LANE: Final Members Meeting May 5
-----------------------------------------
A Final Meeting of the Members of the Sixteen St John's Lane
Company will be held on May 5, 2004 at 10:45 a.m.  It will be
held at 17-19 Foley Street, London W1W 6DW.

The purpose of the Meeting is to lay before the Members the
account how the winding-up of the Company has been conducted.
Members who wish to vote at the Meeting may appoint a proxy in
his behalf.  A proxy need not be a Member.  Proxies to be used
at the Meeting must be lodged at Menzies Corporate
Restructuring, 17-19 Foley Street, London W1W 6DW not later than
12:00 noon May 4, 2004.

CONTACT:  MENZIES CORPORATE RESTUCTURING
          17-19 Foley Street,
          London W1W 6DW
          Contact:
          P J Clark, Liquidator


TRIAD HOLDINGS: Final Meeting Set May 6
---------------------------------------
Pursuance of section 94 of the Insolvency Act 1986 a General
Meeting of the Triad Holdings Limited Company will be on May 6,
2004 at 11:30 a.m.  It will be held at Suite B1, White House
Business Centre, Forest Road, Kingswood, Bristol BS15 8NH.

The purpose of the Meeting is to lay before the Members the
account how the winding-up of the Company has been conducted.
Members who wish to attend at the Meeting may appoint a proxy in
his behalf.  A proxy need not be a Member of the Company.


TRUXO LIMITED: General Meeting Set April 29
-------------------------------------------
There will be a General Meeting of the Truxo Limited Company on
April 29, 2004 at 11:00 a.m.  It will be held at the Devonshire
House, 1 Devonshire Street, London W1W 5DR.

The purpose of the Meeting is to lay before the Members the
account how the winding-up of the Company has been conducted.
Members who wish to attend the Meeting may appoint a proxy in
his behalf.  A proxy need not be a Member of the Company.


UK COAL: Sells Gloucester Coal to ABN Amro for GBP21.5 Million
--------------------------------------------------------------
UK COAL PLC, the coal mining and property group, announces, that
it has entered into a conditional Sale Agreement with ABN AMRO
Rothschild that will result in the sale of its 97% investment in
Gloucester Coal Limited the Company's mining activity in New
South Wales, Australia.

The price for the sale of UK Coal's 75,572,049 shares in GCL is
A$0.69 (28.5p) per share, resulting in gross proceeds of A$52.1
million (GBP21.5 million) before transaction costs.  This
consideration will be paid in cash.

The disposal of Gloucester Coal is expected to be earnings
enhancing for UK Coal.

Gordon McPhie, Chief Executive, UK Coal said:

"I am pleased with the successful sale of Gloucester Coal.  The
disposal of the business will allow the Group to focus on its
core U.K. businesses.  The proceeds will be used for general
purposes and to fund investments for the future, including
investment on new coal face equipment at Daw Mill and Kellingley
collieries."

GCL, which is listed on the Australian stock exchange, achieved
sales of 1.9 million tons in the year to 31 December 2003 with
losses attributable to the Group of GBP4.2 million.  The book
value of the tangible net assets of the business was GBP10.3
million as at 31 December 2003.

CONTACT:  UK COAL PLC
          Gordon McPhie, Chief Executive
          Phone: 01302 751 751


          Financial
          Gavin Anderson & Company
          Liz Morley
          Phone: 020 7554 1400
          Ken Cronin
          Phone: 020 7554 1400

         Operational
         Stuart Oliver
         Phone: 01525 381 759


UNISEA: Members Final Meeting May 7
-----------------------------------
Pursuance of section 94 of the Insolvency Act 1986 a Final
Meeting of the Unisea Company will be on May 7, 2004 at 11:00
a.m.  It will be held at Baker Tilly, 12 Gleneagles Court,
Brighton Road, Crawley, West Sussex RH10 6AD.

The purpose of the Meeting is to lay before the Members the
account how the winding-up of the Company has been conducted.
Members who wish to attend the Meeting may appoint a proxy in
his behalf.  Proxies to be used at the Meeting must be lodged at
Baker Tilly, 9-12 Gleneagles Court, Brighton Road, Crawley, West
Sussex RH10 6AD not later than 12:00 noon May 6, 2004.

CONTACT:  BAKER TILLY
          9-12 Gleneagles Court,
          Brighton Road, Crawley,
          West Sussex RH10 6AD
          Contact:
          L M Brittain, Liquidator


WEMBLEY PLC: Adjourns Court Meeting; Sets EGM April 8
-----------------------------------------------------
On 27 February 2004, Wembley posted a circular to its
shareholders containing details of a recommended cash offer by
MGM MIRAGE for the Company to be effected by way of a scheme of
arrangement under section 425 of the Companies Act 1985.  MGM
MIRAGE is offering shareholders 750 pence per Wembley share.
Under the Scheme, shareholders would also receive shares in a
new company and thereby be entitled to receive a pro rata share
of any cash remaining from the US$16.3 million to be set aside
to meet any potential liability arising under the litigation in
Rhode Island and the payment of legal and other associated
costs.

On 30 March 2004, BLB Investors, L.L.C., a shareholder owning
approximately 8.09% of the Company's issued share capital,
announced an offer to acquire all the shares in the Company not
already owned by BLB at a price of 800 pence per share (with no
potential further receipt relating to the outcome of the
litigation in Rhode Island).

BLB is committed to acquire further shares in the Company
representing approximately 14.16% of the Company's issued share
capital from Active Value Fund Managers Limited at a price of
800 pence per share.  BLB has stated that BLB and Active Value
will exercise their voting rights over approximately 22.25% of
the Company's issued share capital against the Scheme at the
Court Meeting and the Extraordinary General Meeting scheduled
for April 8, 2004.

MGM MIRAGE responded to the BLB announcement by stating that it
is considering its options.  Shareholders should note however
that there can be no certainty that MGM MIRAGE will make an
increased offer for the Company.

Adjournment of the Court Meeting and Extraordinary General
Meeting

Given these developments, the Wembley board unanimously believes
that it would be appropriate to adjourn the Court Meeting and
the Extraordinary General Meeting convened for 8 April 2004.

Accordingly the Chairman has sought leave, and been directed by
the Court, to adjourn the Court Meeting until further notice.
The Chairman also intends to adjourn the Extraordinary General
Meeting until further notice.  Not less than 14 days' notice
will be given of any reconvened meetings.

A further announcement will be made in due course.

Annual General Meeting

The Annual General Meeting convened for 11.00 a.m. on 8 April
2004 will take place as scheduled.

2 April 2004

CONTACT:  WEMBLEY PLC
          Phone: +44 (0) 20 8795 8003
          Claes Hultman
          Mark Elliott

          HAWKPOINT
          Phone:  +44 (0) 20 7665 4500
          Paul Baines
          Vinay Ghai

          MERRILL LYNCH
          Phone:  +44 (0) 20 7628 1000
          Simon Mackenzie-Smith
          Tim Pratelli

          COLLEGE HILL
          Phone:  +44 (0) 20 7457 2020
          Justine Warren


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)     (US$MM)  (US$MM)
                        ------  ------------   -------  -------
AUSTRIA
-------
Libro A.G.                          (111)         174     (182)


BELGIUM
-------
Carestel                                          178      (68)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Cofidur S.A.                          (5)         102       19
European Computer System            (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immobiliere Hoteliere                (68)         233       29
Pneumatiques Kleber S.A.             (34)         480      139
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin            TRCN        (0)         134       10
Usines Chauson                       (23)         249       35


GERMANY
-------
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
F.A. Guenther & Sohn A.G. GUSG        (8)         111      N.A.
Kaufring A.G.             KAUG       (19)         151      (51)
Mania Technologi          MNI        (11)         101      (46)
Nordsee A.G.                          (8)         195      (31)
Schaltbau A.G.            SLTG       (16)         163       20
Vereinigter
   Baubeschlag-Handel
   Holding A.G.           VBHG       (24)         307      (63)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Credito Fondiario
   e Industriale S.p.A.   CRF       (200)       4,218      N.A.


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.                                     2,030      454
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Animex S.A.               ANX         (1)         108      (86)
Exbud Skanska S.A.        EXBUF       (9)         315     (330)
Media Capital                                     399      (84)
Mostostal Zabrze                      (6)         227     (366)
Stalexport S.A.                      (57)         229      (51)


RUSSIA
------
Kamchatskenergo                                   273   (7,870)


SPAIN
-----
Altos Hornos de Vizcaya S.A.        (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (11)         137      (34)


SWITZERLAND
-----------
Kaba Holding A.G.         KABZN      (47)         572      278


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Nuclear Fuels Plc         (2,627)      36,359   (1,948)
British Sky PLC                                 3,347     (144)
Center Parcs (UK)
    Group Plc                        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Dawson Holdings           DWSN       (29)         142      (29)
Electrical and Music      EMI
   Industries Group                 (885)       3,053     (435)
Euromoney                                         167        2
Gallaher Group            GLH       (543)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group PLC               (10)       4,109      (10)
HMV Group PLC             HMV       (211)         762      (66)
Intertek Testing Services ITRK      (134)         508       77
IPC Media Ltd.                      (685)         254       16
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Manchester City                      (17)         154      (21)
Misys PLC                 MSY       (161)         949       41
Mytravel Group                                  2,551     (533)
Orange PLC                ORNGF     (594)       2,902        7
Rentokil Initial Plc      RTO     (1,130)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
Yell Group PLC                      (196)       3,964      289

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                            *********


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

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

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

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

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

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


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