/raid1/www/Hosts/bankrupt/TCREUR_Public/040408.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

             Thursday, April 8, 2004, Vol. 5, No. 70

                            Headlines

B E L G I U M

REAL SOFTWARE: Power to Suspend Voting Rights Upheld
TELENET COMMUNICATIONS: EUR500 Million Senior Notes Rated 'B-'


F I N L A N D

METSO CORPORATION: Declares EUR0.20 Dividend


I T A L Y

PARMALAT FINANZIARIA: Chilean Unit Attracts Three Bidders
PARMALAT FINANZIARIA: Cayman Island Court Snubs Bondi
SEAT PG: High Leverage Earns 'BB-' Rating, Negative Outlook


L U X E M B O U R G

MILLICOM INTERNATIONAL: Q1 Results Conference Call Set April 20


N E T H E R L A N D S

VENDEX KBB: Marcel Smits Leaves to Become KPN's Finance Chief


N O R W A Y

STOLT-NIELSEN: Losses Immunity from U.S. Price-fixing Probe
STOLT OFFSHORE: Corners US$150 Million Contract in Nigeria


P O L A N D

DAEWOO-FSO: MG Rover's Investment Plans Remain Hazy
POLSKA GRUPA: Debt Reduction Impresses Fitch


S W E D E N

ARLA FOODS: Anti-competitive Practice in Denmark Slammed
LM ERICSSON: Deputy CEO Per-Arne Sandstom to Retire June 30
LM ERICSSON: Shareholders Approve Long-term Incentive Plan
LM ERICSSON: Takes up Right Under Global Stock Incentive Program


U N I T E D   K I N G D O M

ABERDEEN ASSET: Sells Property Investment Management Business
A B FREIGHT: Appoints Liquidator from Begbies Traynor
AIM GLOBAL: Voluntary Winding up Resolution Passed
BAGELMANIA FOOD: Calls in Liquidator
CADSTOCK DESIGN: Appoints Liquidator from Ward & Co

CAMBRIDGE HOSPITALITY: Shareholders Okay Winding up of Business
CARDEW DESIGN: Bank of Scotland Appoints Menzies Receiver
C & J HARDY: Calls in Liquidator
CURESSE LIMITED: Hires Liquidator from Marks Bloom
ECU HOLDINGS: Hires Liquidator

EICOM PLC: Einstein Group Takes up New Name
FEDERAL-MOGUL: Agrees to Settle U.K. Insurance Coverage Dispute
FOCUS WICKES: Fitch Affirms Ratings; Assigns Stable Outlook
FRANKLIN LIMITED: Voluntary Winding up Resolution Passed
GUARD 'N' GATE: Appoints Liquidator from P & A Partnership

HIGH PEAK: Calls in Liquidator
ICT PRODUCTIONS: Appoints Liquidator
IDEAL INDUSTRIES: Names Liquidator from Moore Stephens
INTER AIR: Michael Paul Foreman Appoints HJS Recovery Receiver
J & B: Hires Administrators from Elwell Watchorn

KINGS CROSS: Appoints Administrative Receiver
MARCONI CORPORATION: Continues to Redeem Senior Secured Notes
METTECH ENGINEERING: Bibby Factors Brings in Receiver
MIDLOTHIAN PLC: Appoints George Foulkes MP New Chairman
MRC PLASTICS: Hires Liquidator from Vantis Business Recovery

PPS-ROTAPRINT: HSBC Bank Appoints Leonard Curtis Receiver
QUEENS MOAT: Strikes Key Agreement with U.K. Lenders
ROYAL & SUNALLIANCE: Sells Majority Stake in Polish Subsidiary
RUBICON HOUSE: Shareholders Pass Winding up Resolution
S J GREEN: Appoints Receiver from Kay Johnson Gee

THORNTONS PLC: Appoints Non-executive Director
VIVID FOODS: Appoints Begbies Traynor Administrator
WESTWALL ESTATES: Names KPMG Administrator


                            *********


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


REAL SOFTWARE: Power to Suspend Voting Rights Upheld
----------------------------------------------------
On March 27, 2004, INDI N.V. filed summary proceedings against
Real Software S.A. before the President of the commercial court
of Antwerp to prevent it from suspending the voting rights
attached to the shares pledged by INDI N.V.  On Tuesday, Real
Software was informed that the judge dismissed INDI's claim.
Therefore, the company maintains its freedom and right to make
use of the right to suspend as provided by Belgian company law
and the by-laws.

On March 29, Augeo N.V. sent the company a draft alternative
restructuring plan, on behalf of Tony Gram and Franky Carbonez.
Augeo N.V. indicated at the same occasion that the due diligence
and negotiations with the parties involved, which could lead to
a binding offer, would only be possible after April 6, 2004.  At
that date, as communicated several times before, discontinuity
threatens the company.  This will be the case if the general
shareholders meeting does not approve the Gores plan (among
other reasons, because the company will have to pay immediately
approximately EUR9,400,000.00 late capital and debt
reimbursements to the bank consortium, which it is in no
position to do).

Augeo's plan does not offer a solution for this threat that will
present itself at the time Augeo still has to start negotiations
and other preparations.  Augeo proposes the Board of Directors
to attempt avoiding the risk of discontinuity by requesting an
extension of the grace period beyond April 6, 2004 from the bank
consortium.  However, even after review of the plan prepared by
Messrs. Gram and Carbonez, the banking consortium keeps to its
point of view that the grace period expires on April 6, 2004 if
the Gores plan is not approved by the general assembly of Real
Software.

Taking into account the above standing, the Board of Directors
informed Augeo that it does not see how the plan of Messrs. Gram
and Carbonez could ever be realized.  Assuming that the
conditions precedent mentioned in the press release of February
9, 2004, and in the special reports in view of the general
assembly of April 6, 2004 will be fulfilled, the Board maintains
its point of view that the Gores plan is the only plan that can
assure continuity.

CONTACT:  REAL SOFTWARE
          Dina Boschmans
          Corporate & Marketing Communications Manager
          Prins Boudewijnlaan 26, 2550 Kontich
          Phone: +32.3.290.23.11
          Fax: +32.3.290.23.00
          Direct : +32.3.290.25.30
          GSM: +32.477.619.682
          E-mail: Dina.Boschmans@realsoftware.be
          Home Page: http://www.realsoftwaregroup.com


TELENET COMMUNICATIONS: EUR500 Million Senior Notes Rated 'B-'
--------------------------------------------------------------
Fitch Ratings assigned a 'B-' (B minus) rating to Telenet
Communications N.V.'s EUR500 million 9.0% senior notes due 2013
and a 'CCC+' rating to Telenet Group Holding N.V.'s US$558
million 11.5% senior discount notes due 2014.  The agency has
also assigned Telenet BidCo N.V., a subsidiary of Telenet
Communications N.V., a Senior Unsecured rating of 'B' and a
Senior Secured rating of 'BB-' (BB minus). The rating Outlook is
Stable.

The Senior Unsecured rating reflects Telenet's strong market
positions in cable television, internet and telephony services
and, in particular, the stability of the cable television
business.  Notwithstanding the success of Telenet's "triple-
play" of media, data and voice services and its profitability
(EBITDA margin of 50% in Q3 2003), the rating is constrained by
the group's high financial leverage, possible regulatory risks
and the potential for increased price competition in the Belgian
Internet and telephony markets.  "It seems unlikely that Telenet
will be able to maintain its current broadband Internet pricing
in the face of increasing competition from DSL services" says
Fitch analyst Roger Coyle.

The senior notes and senior discount notes were issued in
December 2003 to repay subordinated shareholder debt issued as
part of Telenet's 2002 acquisition of a cable network and
deferred obligations relating to the network upgrade.  Proceeds
from the issuance were also used to reduce the outstanding
balance on Telenet's senior secured credit facilities to EUR740
million from EUR975 million.

The 'B-' rating assigned to the senior notes reflects their
structural subordination to the EUR880 million senior secured
credit facilities, albeit with some credit support provided by
second-ranking share pledges and guarantees.  The 'CCC+' rating
assigned to the discount notes reflects their deep structural
subordination to both the senior secured credit facilities and
the senior notes and the significant level of obligations
ranking ahead of them, including EUR120 million of other debt
and liabilities.  While Fitch recognizes the considerable value
of the Telenet business on a going concern basis, the four notch
differential between the discount notes and the senior secured
credit facilities reflects the agency's view of the disparity in
recovery prospects for these two classes of investors in the
event of a distress scenario.

Fitch notes that potential changes in Telenet's ownership
structure create some uncertainty over the group's future
strategy.  Telenet's controlling shareholder, Cable Partners
(previously Callahan Associates), is currently undergoing
restructuring and is in discussions with Liberty Media, the
majority shareholder of UGC.  Liberty Media, which recently
announced the spin-off of its international assets into Liberty
Media International, has acquired a pledge over some of Cable
Partners' shares in Telenet and may become a shareholder in
either Cable Partners or Telenet.  However, the agency does not
expect the restructuring of Cable Partners to trigger a bond
repurchase as a change of control event during 2004.

Telenet is a cable operator in Belgium providing cable
television, broadband Internet and telephony services to 1.6
million subscribers in the Flanders region.  In the nine months
to September 2003, Telenet generated revenues of EUR359 million
and EBITDA of EUR167 million.  The company expects its EBITDA
margin to be slightly lower in 2004 as a result of the effect of
two recent acquisitions and the full integration of the cable
television business acquired in 2002.

These ratings were initiated by Fitch as a service to users of
its ratings and are based on public information.

CONTACT:  FITCH RATINGS
          Roger Coyle, London
          Phone: +44 (0) 20 7862 4105

          Marianela Gutierrez-Portillo
          Phone: +44 (0) 20 7417 3536

          Tony Stringer
          Phone: +44 (0) 20 7417 6332

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


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


METSO CORPORATION: Declares EUR0.20 Dividend
--------------------------------------------
The Annual General Meeting of Metso Corporation approved the
accounts for 2003 as presented by the Board of Directors and
voted to discharge the members of the Board of Directors and the
President and CEO of Metso Corporation from liability for the
2003 financial year.  In addition, the Annual General Meeting
approved the proposals of the Board of Directors.  These applied
to authorizations to resolve to repurchase and to dispose the
Corporation's own shares, to increase the share capital by
issuing new shares, convertible bonds and/or stock options.  The
Annual General Meeting decided, as proposed by the Board, to
distribute a dividend of EUR0.20 per share.

The Annual General Meeting decided to establish a Nomination
Committee of the Annual General Meeting to prepare proposals for
the following General Meeting in respect of the composition of
the Board of Directors along with the director remuneration.
Nomination Committee consists of the representatives of the four
biggest shareholders along with the Chairman of the Board of
Directors as an expert member.

Matti Kavetvuo was re-elected the Chairman of the Board at the
Annual General Meeting and Jaakko Rauramo, Chairman of the Board
of SanomaWSOY Corporation was elected the Vice Chairman of the
Board.  Risto Hautamaki, President and Chief Executive Officer
of Tamfelt Corporation and Satu Huber, State Treasury, Director
of Finance and Head of Finance Division, were elected new Board
members.  Board members re-elected were Maija-Liisa Friman,
President and CEO of Aspocomp Group Oyj, D. Sc. (Tech.) Juhani
Kuusi, and Pentti Makinen, Chief Shop Steward.  The auditing
company, Authorized Public Accountant PricewaterhouseCoopers was
re-elected to act as an Auditor of the Corporation.

The Board of Directors was authorized to resolve to repurchase
and to dispose of the Corporation's own shares and increase the
share capital within one year of the shareholders' meeting.  The
authorization entitles the Board to repurchase the Corporation's
own shares for use as consideration in acquisitions or in
financing investments, as incentives for key persons, or to be
disposed of in other ways or to be cancelled.

The Annual General Meeting decided that a dividend of EUR0.20
per share be paid for the financial year which ended on December
31, 2003.  The dividend will be paid to shareholders who have
been entered as shareholders in the Corporation's shareholder
register maintained by the Finnish Central Securities Depository
Ltd. by the dividend record date, April 13, 2004. The dividend
will be paid on April 20, 2004.

CONTACT:  METSO CORPORATION
          Harri Luoto, Senior Vice President, General Counsel
          Phone: +358 204 843 240
          Eeva Makela, Manager, Investor Relations
          Phone: +358 204 843 253


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


PARMALAT FINANZIARIA: Chilean Unit Attracts Three Bidders
---------------------------------------------------------
Three parties have submitted offers for the Chilean unit of
troubled Italian food group, Parmalat, just-food.com said citing
a report from ANSA.

The interested bidders are Chilean financial holding company,
Bethia; Chilean businessman Max Marambio; and Chilean dairy
firm, Surlat, a unit of Spanish food group Iparlat.  They are
keen on acquiring the company's two manufacturing plants and the
rights to the company's brands, the report said.

Chile's No. 5 dairy firm applied for creditor protection last
month.   The company's debt stands at US$51 million, ANSA said,
citing local media.  It reportedly owes dairy farmers US$4
million.  Last year, the company booked US$45 million in sales.


PARMALAT FINANZIARIA: Cayman Island Court Snubs Bondi
-----------------------------------------------------
The Grand Court of the Cayman Island denies Dr. Bondi's request
to dismiss Ernst & Young and assume the role of Provisional
Liquidator for Parmalat Capital Finance Ltd., through
PricewaterhouseCoopers and BDO Cayman.

In a 23-page decision, Judge Henderson expressed significant
concerns that Dr. Bondi's obligations to the Italian Government
are not fully compatible with the obligations he would assume as
Parmalat Capital Liquidator.  Judge Henderson explained that a
Provisional Liquidator is an officer of the Grand Court.  He is
expected to report to the Grand Court in a timely fashion and
apply for directions on controversial or troubling issues
arising in the course of the liquidation.  He has fiduciary
obligation to the creditors, in whose ultimate interest he is
acting, and a personal obligation to the Grand Court, which is
charged with his supervision and control.  A Liquidator must be,
and be seen by the creditors to be, independent.  A Liquidator
cannot owe any duty to anyone, which is incompatible with his
obligations to the creditors and the Court.

Judge Henderson explains that Dr. Bondi is the appointee of the
Italian government.  His mandate is broad -- to rescue the
Parmalat Group and keep it functioning as a going concern, in
the interests not only of the creditors but also of the 35,000
Parmalat employees.  His operational base is in Italy.  He
reports to the Italian government and the Court of Parma.  His
focus is the Parmalat Group as a whole and not the liquidation
of Parmalat Capital.  He is also exceedingly busy.  Judge
Henderson notes that Dr. Bondi failed to attend hearings before
the Grand Court and resisted to be cross-examined on his
affidavits.

Additionally, the Grand Court rejected the four considerations
advanced by Gabriel Moss, Q.C., at Turner & Roulstone, in George
Town, Cayman Islands, on behalf of Dr. Bondi.  Mr. Moss had
asked the Grand Court to consider:

(a) the demands of comity;

(b) the views of creditors;

(c) the need to avoid wasted cost; and

(d) the funding and cooperation available to Dr. Bondi
    from the Parmalat Group.  The JPLs have yet to secure
    the funding they need for future investigations.

Mr. Moss argued that intercompany creditors, representing 93% of
Parmalat Capital liabilities, favor the appointment Dr. Bondi.
Mr. Moss alleged that Parmalat Capital owes $4.733 billion in
intercompany debts to Parmalat Finance Corporation B.V.,
Parmalat Participacoes do Brasil Ltda, Olex S.A., Parmalat
Netherlands B.V., Parmalat S.p.A. and Parmalat SOPARFI S.A.
Parmalat Capital also owes $5.2 billion to other members of the
Parmalat Group.

Judge Henderson holds that the views of creditors who are also
shareholders or connected to the former management of a company
are given less weight.  Judge Henderson cites that in In re
Southard and C.L. Ltd. [1979] 1 WLR 546, the Grand Court
indicated that:

     ". . . [an intercompany] creditor is prima facie
     morally responsible for the insolvency and large
     indebtedness of the company, unless and until the
     contrary is shown. . . The insolvency of the
     company and its considerable indebtedness could be
     the result of mismanagement or lack of control by
     its parent company. . .  [I]n the absence of
     evidence to the contrary. . . the [intercompany]
     creditor had in its power to control the activities
     of the company which is now bankrupt. . ."

Judge Henderson observes that Parmalat S.p.A. and the other
intercompany creditors appear to have contributed to Parmalat
Capital's insolvency by fraudulent dealings and appear to be
insolvent themselves.  In addition, there is uncertainty over
the veracity and magnitude of intercompany claims, in light of
the fraudulent documents that have been created.  The
reliability of the Parmalat Group's accounting records and
procedures is questionable.

Judge Henderson favors the views of independent, third-party
creditors, which prefer Messrs. Cleaver and MacRae.  The Grand
Court also holds that, while comity is an important factor to
take into account, it is not a demand that must be satisfied at
any cost.  The views of creditors and the suitability of the
candidates for appointment as Liquidators are also highly
material.

The Grand Court further believes that the specter of wasted cost
is not a major factor.  The costs to recover Parmalat Capital
documents in Malta pale into insignificance when viewed against
the magnitude of creditor claims filed against Parmalat Capital.
Funding is also not an issue.  The Grand Court notes that
Messrs. Cleaver and MacRae have secured some funding and are in
discussions with independent creditors for more.  The Grand
Court also believes that the Noteholders may find it in their
own commercial best interest to finance the provisional
liquidation.  Other independent creditors may also be willing to
contribute. (Troubled Company Reporter, Vol. 8, No. 69)


SEAT PG: High Leverage Earns 'BB-' Rating, Negative Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to the Italy-based classified directory
publisher SEAT PagineGialle S.p.A.  The outlook is negative.

At the same time, Standard & Poor's assigned its 'B' long-term
rating to SEAT's proposed EUR1.15 billion ($1.38 billion) ten-
year senior notes.  The notes will be issued by Luxembourg-based
Lighthouse International Co. S.A. and guaranteed on a
subordinated basis (behind secured loans) by SEAT.  The
'B' long-term rating is two notches below the corporate credit
rating to reflect the subordinated position of the notes behind
the group's EUR2.75 billion senior secured term loan facility,
EUR150 million revolving credit facility, and proposed EUR150
million second lien loan note issue.

"The ratings reflect SEAT's highly leveraged capital structure,
which makes the group heavily reliant on the continuing
stability of its cash-generative classified directory businesses
in Italy and, to a lesser degree, in the U.K.," said Standard &
Poor's credit analyst Anna Overton.

SEAT is expected to apply substantially all of its free cash
flow to debt reduction and is aiming to decrease its gross debt-
to-EBITDA ratio to less than 5x by the end of 2006, from the
current level of close to 7x.

SEAT's currently high levels of debt reflect the financing of a
special dividend of EUR3.5 billion to its equity holders.  SEAT
was formed after an acquisition vehicle owned by venture capital
funds merged with SEAT's operating units in December 2003. The
dividend distribution is expected before the end of April 2004
and should permit repayment of EUR2.3 billion of debt within the
acquisition vehicle for the venture capital funds' equity stake
in SEAT.

SEAT's very high financial leverage, following the proposed
dividend distribution, leaves little room for a shortfall in the
group's near-term earnings expectations. The ratings might be
lowered if SEAT's profits remain flat in nominal terms or if its
use of working capital increases.

CONTACT:  STANDARD & POOR'S
          ANALYST E-MAIL ADDRESSES
          anna_overton@standardandpoors.com
          trevor_pritchard@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


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


MILLICOM INTERNATIONAL: Q1 Results Conference Call Set April 20
---------------------------------------------------------------
Millicom International Cellular S.A. will announce its financial
results for the first quarter 2004 on Tuesday, April 20, 2004.
The company will host a conference call for the global financial
community at 10 a.m. (ET)/3 p.m. (U.K.)/4 p.m. (CET).  The
conference call will be Web cast in listen-only mode on
Millicom's Web site at http://www.millicom.com To participate
in the conference call, please register at:
http://www.sharedvalue.net/Millicom/Q104

The dial-in number to join the conference call will be available
upon registration.  You may also register by filling out the
information below and returning it by fax to Shared Value at +44
(0)20 7321 5020 or contact Shared Value at +44 (0)20 7321 5010
for further details.


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


VENDEX KBB: Marcel Smits Leaves to Become KPN's Finance Chief
-------------------------------------------------------------
M.H.M (Marcel) Smits, Chief Financial Officer, leaves Vendex KBB
in view of his appointment as CFO at KPN.  The resulting vacancy
in the board of management will be filled in as soon as
possible.  Mr. Smits will remain as member of the board
ultimately until September 1.  Mr. Smits joined Vendex KBB as
member of the board of management in April 1999.  In the past
five years he made an important contribution to the
transformation of the group to a focused and more
internationally orientated company.


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


STOLT-NIELSEN: Losses Immunity from U.S. Price-fixing Probe
-----------------------------------------------------------
The U.S. government excluded Stolt-Nielsen S.A., a U.K. operator
of ocean-going chemical tankers, from its amnesty program for
failing to cooperate in its drive to ban price fixing in
shipping specialty chemicals.

The amnesty applies to the first company to report a price-
fixing cartel, said Steven M. Kowal, a Chicago lawyer who chairs
the American Bar Association's criminal antitrust committee.

The U.S. probe had so far cracked on four companies involved in
the scheme, including Norway-based Odfjell ASA, the world's
largest operator of deep-sea tankers.

In relation, Stolt-Nielsen was allegedly found to have fixed
prices to ship chemicals between the U.S. and other countries at
least six months longer than it told U.S. prosecutors.

The loss of amnesty increases the likelihood Stolt-Nielsen will
be prosecuted by the U.S. Justice Department, the report said.
Once proven guilty, Stolt-Nielsen faces a criminal fine.

Stolt-Nielsen, is among the companies facing antitrust lawsuits
in the U.S. in relation to the conspiracy to fix prices for
shipping goods on parcel tankers.  The cases are filed on behalf
of shippers such as Dow and Union Carbide Corp., which Dow
acquired in 2001, KP Chemical Corp. of South Korea and Illovo
Sugar Ltd. of South Africa.

On March 22, Stolt-Nielsen said it disagreed with the decision
to revoke the company's amnesty and would contest it.


STOLT OFFSHORE: Corners US$150 Million Contract in Nigeria
----------------------------------------------------------
Stolt Offshore S.A. (NasdaqNM: SOSA; Oslo Stock Exchange: STO)
announced on Monday the signing of an interim agreement for the
second phase of the Amenam project in Nigeria.

The contract, once finalized, is valued at approximately US$150
million.  It calls for the engineering, procurement,
fabrication, installation and commissioning of a 640-ton water
injection platform with 550-ton topsides at the Stolt Offshore
Globestar fabrication yard at Warri in Nigeria.  A 60 kilometer,
24-inch diameter gas export line will be installed together with
a two kilometer 18-inch diameter pipeline that will link the new
water injection platform to a process platform.  The offshore
installation program will be in 2005.

JP Capron, Vice President, Africa and Mediterranean Region said
"The award of this significant fabrication and pipelay project
follows on from a similar package of work on the first phase of
the Amenam development that we completed successfully in 2002.
It also recognizes both the excellent quality of work that our
yard in Warri is known to produce and our experience of this
type of project."

CONTACT:  STOLT OFFSHORE S.A.
          Julian Thomson
          Phone: (U.K.) +44 1224 718436
          Phone: (U.S.) +1 877 603 0267 (toll free)
          E-mail: julian.thomson@stoltoffshore.com


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


DAEWOO-FSO: MG Rover's Investment Plans Remain Hazy
---------------------------------------------------
MG Rover Group Chairman John Towers was mum when asked about his
investment plans in troubled Daewoo-FSO during a meeting with
the British parliamentary committee last week, according to
Warsaw Business Journal.

Mr. Towers did not confirm that production of its Rover 75 model
would indeed be transferred to Zeran, Poland.  But he was quoted
in a later statement to the press, saying: "There is a huge
market in Poland for the 75 and making it there would mean it
would be priced for that market."

Analysts say the pressure for the carmaker to keep jobs and
maintain a responsible corporate policy in the U.K. may derail
plans to transfer assembly line to Poland.  National interests
are keeping the company from making the decision, despite its
potential cost-saving effect.

MG Rover presented an official business plan to the government
during a meeting with representatives of the State Treasury last
month.  The proposal is said to mention the start of Rover
production in Poland early next year, with the Rover 75 being
produced for export.  The British company was then believed to
have formed an alliance with CWC Capital Management for the
investment.


POLSKA GRUPA: Debt Reduction Impresses Fitch
--------------------------------------------
Fitch Ratings upgraded Polska Grupa Farmaceutyczna S.A.'s (PGF)
National ratings to Senior Unsecured 'BBB-(pol)' (BBB minus
(pol)) from 'BB+(pol)' and Short-term 'F3(pol)' from 'B(pol)'.
Following the upgrade, the rating Outlook is now Stable.  PGF is
Poland's largest pharmaceuticals distributor.

The upgrade reflects significant debt reduction in the last two
years and the company's forecast of further decrease in debt in
FY04.  It also takes into account significant restructuring
benefits seen in its FY03 results including lower operating cost
as a percentage of sales, improved net free cash flow generation
and better working capital management.  Strong operating cash
flow generation between 2002 and 2003, coupled with lower
interest charges (partially due to a marked decrease in market
interest rates), has helped the company roughly halve its debt
level to PLN202 million at YE03 (preliminary results) from
PLN413 million at YE01.  As a result, credit metrics have
improved significantly with gross debt/EBITDA of 2.2x and
interest coverage ratio of 5.1x in FY03 from 4.6x and 1.1x
respectively.

PGF remains focused on organic growth; acquisitions/mergers are
not seen as a priority.  However, given that Polish
pharmaceuticals distribution market is relatively fragmented,
consolidation is likely.  Therefore, as a market leader with a
20% market share, PGF does not rule out acquisitions of
selected, smaller distributors and/or privatized Cefarms (former
monopolistic distributors) operations in Lodz and Bialystok.
Management has, however, stated its reluctance to increase
indebtedness significantly over the next few years.  Should the
company take on a more aggressive financial profile, its ratings
will be put under pressure.

Fitch notes pharmaceuticals distribution remains an important
part of the pharmaceuticals market overall and is thus likely to
benefit from the positive outlook for demand for drugs in
Poland.  Nevertheless, in Fitch's view, distributors' narrow
EBITDA margins (1%-3%), their high working capital requirements,
the sector's partial sensitivity to government policy and the
deteriorating financial position of many of its customers
(especially public hospitals) create significant business risks
for the market's players.  This is particularly evident when it
comes to the smaller, local distributors.  While the
distribution model is essentially a simple one, its execution is
very logistically complex and demands efficient execution and
collection procedures.  In recent years, a number of local
wholesalers have defaulted or gone bankrupt.

In December 2003, the government lowered the wholesale margin on
refunded drugs to 8.91% from 9.91%.  This margin squeeze affects
some 50% of PGF's sales and could potentially cut its annual
EBITDA by PLN20 million (or 22%).  The company aims to mitigate
the negative effect on profitability by reducing costs further,
persuading manufacturers to cut back their own profit margins
and lowering customer discounts.  In addition, lower corporate
income tax (19% in 2004 versus 27% in 2003) will help offset the
margin squeeze.  Thus, Fitch expects PGF to be in a position to
largely mitigate the negative effect of lower margins.
Nevertheless, the agency will continue to monitor PGF's
quarterly results to analyze the progress of its EBITDA margin.

                              *****

Fitch's National ratings provide a relative measure of
creditworthiness for rated entities in countries with sub- or
low-investment grade international sovereign ratings.  National
ratings are not internationally comparable since the best
relative risk within a country is rated 'AAA' and other credits
are rated only relative to this risk.  They are signified by the
addition of an identifier for the country concerned, such as
'AAA (pol)' for National ratings in Poland.

CONTACT:  FITCH RATINGS
          Arkadiusz Wicik
          Warsaw
          Phone: +48 22 433 66 00

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


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


ARLA FOODS: Anti-competitive Practice in Denmark Slammed
--------------------------------------------------------
Arla Foods, the Scandinavian dairy co-operative, is facing a
case for alleged anti-competitive practice in Denmark, according
to The Scotsman.

The Danish competition watchdog accused the company of abusing
its monopoly status by offering products to retailers at prices
difficult to follow by smaller dairies.  Arla faces a fine of at
least GBP1.3 million plus possible compensation charges if it
loses the case, industry sources said, according to the report.

Arla Foods' head of media relations, Louis Honore, maintained
its prices are set within legal limits, but that it would accept
the results of the investigation, the report said.  Arla covers
about 90% of the Danish market and also owns a 51% stake in Arla
Foods U.K.  Recently, the company said it intends to close its
dairy at Bamber Bridge in Lancashire and its glass bottling line
at the Hatfield Peverel dairy in Essex by July 2004, resulting
in the loss of some 310 jobs.  Further, subject to consultation,
it is also planning to close its Hatfield glass bottling line in
May 2004.  The old Leeds dairy will close in October 2004 once
Stourton is open, with staff transferring to the new dairy.  The
company's income has been squeezed by sluggish sales at home and
abroad, just-food.com reported earlier.

The recent issue is expected to further dent the company's
figures.  The Danish media has estimated the firm's earnings
could narrow by about GBP9 million as a result of a possible
consumer boycott of its products, The Scotsman said.


LM ERICSSON: Deputy CEO Per-Arne Sandstom to Retire June 30
-----------------------------------------------------------
The Ericsson board of directors has appointed Kurt Jofs, Bert
Nordberg and Bjorn Olsson as executive vice presidents,
effective as of Tuesday.  Kurt Jofs is head of business unit
Access, Bert Nordberg is head of sales and marketing and Bjorn
Olsson is head of business unit Systems.  Karl-Henrik Sundstrom
assumed the position as Executive Vice President and Chief
Financial Officer on April 8, 2003.

With the successful completion of the restructuring programs,
Per-Arne Sandstom First Executive Vice President and Deputy CEO,
has decided to retire as of June 30, 2004.  Per-Arne Sandstrom
as been the driver of the restructuring of Ericsson.

"Per-Arne Sandstrom has played a crucial role in the
restructuring of Ericsson," said Carl-Henric Svanberg, president
and CEO of Ericsson.

"We have achieved savings of SEK0.5 billion per week for one
hundred weeks while at least maintaining our market share as
well as rolling out cutting-edge 3G technology.  This is a
fantastic achievement which we would probably never have been
able to accomplish without Per-Arne Sandstrom perseverance,
professionalism and devotion to Ericsson and the telecom
industry."

Per-Arne Sandstrom was born in 1947; he joined Ericsson in 1988.
He has held various positions within Ericsson such as Head of
Business Unit GSM Systems and President of Ericsson Inc. Per-
Arne Sandstrom assumed the position as Chief Operating Officer
on September 1, 2001, and as First Executive Vice President and
Deputy CEO on April 8, 2003.

As of June 30, 2004, the Ericsson group management team will
consist of:

(a) Carl-Henric Svanberg, President and Chief Executive Officer

(b) Karl-Henrik Sundstrom Executive Vice President and Chief
    Financial Officer

(c) Kurt Jofs, Executive Vice President and General Manager,
    Business Unit Access

(d) Bert Nordberg, Executive Vice President, Sales and Marketing

(e) Bjorn Olsson, Executive Vice President and General Manager,
    Business Unit Systems

(f) Mats Granryd, Senior Vice President and General Manager,
    Business Unit CDMA

(g) Hans Vestberg, Senior Vice President and General Manager,
    Business Unit Global Services

(h) Hakan Eriksson, Senior Vice President and General Manager,
    Research and Development, and Chief Technology Officer

(i) Per Tjernberg, Chief Information Officer and Senior Vice
    President, IS/IT & Sourcing

(j) Carl Olof Blomqvist, Senior Vice President, Legal Affairs

(k) Marita Hellberg, Senior Vice President, Human Resources and
    Organization

(l) Torbjorn Nilsson, Senior Vice President, Strategy and
    Product Management

(m) Henry Stenson, Senior Vice President, Communications

Ericsson is shaping the future of Mobile and Broadband Internet
communications through its continuous technology leadership.
Providing innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communication
companies in the world.  Read more at
http://www.ericsson.com/press

CONTACT:  LM ERICSSON
          Communications:
          Kathy Egan
          Phone: 212-685-4030
          E-mail: Pressrelations@ericsson.com
          or
          Investor Relations:
          Glenn Sapadin
          Phone: 212-685-4030
          E-mail: Investor.relations@ericsson.com


LM ERICSSON: Shareholders Approve Long-term Incentive Plan
----------------------------------------------------------
At the annual general meeting of shareholders in Ericsson
(NASDAQ: ERICY) held Tuesday, it was resolved, in accordance
with the proposal from the Board of Directors, to implement a
Long Term Incentive Plan 2004.  The Long Term Incentive Plan
2004 (LTI 2004) will be directed to senior managers and other
key contributors and is based on the Stock Purchase Plan 2003.
The annual general meeting of shareholders also resolved to
amend one parameter in the Stock Purchase Plan 2003 and to
transfer own shares.

As stated in connection with the implementation of the Stock
Purchase Plan 2003 (SPP 2003), the Board of Directors has during
the past year evaluated previous incentive programs.  The LTI
2004, targeted at senior managers and other key contributors, is
based on the SPP 2003 and it will be added to the SPP 2003, i.e.
include the same structure and provisions, except for certain
specific features, and follow the same contribution and
investment cycles.

The LTI 2004 will be directed to 4,500 key contributors and 200
senior managers.  Participation in the LTI 2004 presupposes that
the employees participate in the SPP 2003, i.e. save money for

the purchase of shares in Ericsson.  If the shares purchased in
accordance with the SPP 2003 are retained by the employee for
three years from the investment date and the employment with the
Ericsson Group continues during that time, the employee will be
entitled to one matching share free of consideration for each
one purchased pursuant to the SPP 2003.  In addition to the
regular one matching share under the SPP 2003, participants in
the LTI 2004 will be entitled to additional matching of shares
free of consideration.  4,500 key contributors are entitled to
an additional match of one share for each one purchased, 150
senior managers may be entitled to an additional performance
match of up to four shares for each one purchased and 50 top
senior managers may be entitled to an additional performance
match of up to six shares for each one purchased.

The terms of the additional performance match for senior
managers are based on an average annual percentage growth rate
in earnings per share (EPS) between July 1, 2004 and June 30,
2007, with annualized first half 2004 EPS as the starting point.
Maximum matching shares will be allocated if the average annual
EPS growth is at or above 25%.  No allocation of matching shares
will occur if the average annual EPS growth is at or below 5
percent.  Matching of shares between an average annual EPS
growth 5 and 25% is linear.

Before the number of performance shares are finally determined,
the Board of Directors shall examine whether the performance
matching under the LTI 2004 is reasonable considering the
company's financial results and position, conditions on the
stock market and other circumstances, and if not, as determined
by the Board of Directors, reduce the number of performance
shares to be matched under the LTI 2004 to the lower number of
shares deemed appropriate by the Board of Directors.

The annual general meeting of shareholders also resolved to
amend one parameter of the SPP 2003 by removing the SEK 50,000
annual restriction on individual investments in shares under the
SPP 2003, while retaining 7.5% of annual salary as the maximum
for investments in shares.  This is in order to achieve the
desired levels of remuneration under the LTI 2004 and to avoid
too wide a gap between senior employees selected to participate
in the additional performance match under the LTI 2004 and those
who are not.

In order to implement the LTI 2004 and as a consequence of the
removal of the SEK50,000 restriction on individual investment in
shares under the SPP 2003, the annual general meeting of
shareholders also, in accordance with the proposal of the Board
of Directors, resolved on transfer of own stock in accordance
with these:

Transfer of own stock No more than 24,600,000 shares of series B
may, during the period from November 15, 2004 up to and
including November 15, 2008, be transferred, free of
consideration, to employees covered by the terms of the LTI 2004
and the SPP 2003, of which 23,500,00 shares are related to the
LTI 2004 and 1,100,000 shares to the SPP 2003.  However, of
these shares it shall be possible to transfer, prior to the
annual general meeting of shareholders in 2005, no more than
4,900,000 shares of series B at Stockholmsborsen (the Stockholm
Stock Exchange) at a price within the, at each time, registered
price interval for the share, in order to cover inter alia
social security payments, of which 4,700,000 shares are related
to the LTI 2004 and 200,000 shares to the SPP 2003.

In respect of the number of shares (1,100,000) related to the
SPP 2003, the number of shares is an addition to the 158,000,000
shares of series B that was resolved to be transferred in
connection with the implementation of the SPP 2003.

Dilution and costs In order to implement the LTI 2004 and as a
consequence of the removal of the SEK50,000 restriction on
individual investment in shares under the SPP 2003, a total of
24,600,000 shares are required, corresponding to approximately
0.16% of the total number of outstanding shares.  The number of
potential shares covered by existing incentive programs,
including shares to cover social security payments, amounts to
327 million shares, corresponding to approximately 2.07% of the
number of outstanding shares.  As per 6 April 2004, Ericsson
holds 304,069,803 own shares.

The LTI 2004 will generate administration costs, compensation
costs and social security costs in the range of SEK230 million
to SEK551 million unevenly distributed over the years 2004-2008.
Only administration costs of approximately SEK10 million will
affect the cash flow.  The costs shall be compared with
Ericsson's total remuneration costs, which 2003 amounted to
approximately SEK36 billion, including social security fees.

CONTACT:  LM ERICSSON
          Communications:
          Kathy Egan
          Phone: 212-685-4030
          E-mail: Pressrelations@ericsson.com
          Investor Relations:
          Glenn Sapadin
          Phone: 212-685-4030
          E-mail: Investor.relations@ericsson.com


LM ERICSSON: Takes up Right Under Global Stock Incentive Program
----------------------------------------------------------------
At the annual general meeting of shareholders in Ericsson held
Tuesday, it was resolved, in accordance with the proposal from
the Board of Directors and with previous decisions, that
Ericsson shall have the right to transfer its own stock in order
to cover certain payments that occur in relation to the
company's Global Stock Incentive Program 2001 and the Stock
Purchase Plan 2003 for employees.

The annual general meeting of shareholders in 2001 resolved to
approve transfer of own stock in relation to the introduction of
a Global Stock Incentive Program.  The resolution comprised,
inter alia, a right for the company to transfer a maximum of
31,000,000 shares of series B to cover certain payments, mainly
for social security charges that may occur in relation to the
program.  Resolutions to approve transfer of own stock for the
above-mentioned purpose have thereafter been made at the annual
general meetings of shareholders in 2002 and 2003.

The annual general meeting of shareholders in 2003 also resolved
to approve transfer of own stock in relation to the Stock
Purchase Plan 2003.  The resolution comprised, inter alia, a
right for the company to transfer a maximum of 26,000,000 shares
of series B to cover certain payments, mainly for social
security charges.

In accordance with the above-mentioned resolutions, 1,264,568
shares have been transferred up to April 6, 2004.

In light of the above, the annual general meeting of
shareholders resolved that Ericsson shall have the right to
transfer, prior to the annual general meeting of shareholders in
2005, a maximum of 55,735,432 shares of series B, which as per
April 6, 2004, remains of the original 57,000,000 shares, for
the purpose of covering certain payments, primarily social
security charges, that may occur in relation to the company's
Global Stock Incentive Program 2001 and the Stock Purchase Plan
2003.  Transfer of the shares shall be effected at
Stockholmsborsen (the Stockholm Stock Exchange) at a price
within the, at each time, registered price interval for the
share.

Since the transfer of shares will be made to cover certain
payments, as described above, the transfer of shares will not
affect the company's liquidity and position.  The number of
outstanding shares would increase, corresponding to 0.35 percent
of the outstanding shares per December 31, 2003.  As per April
6, 2004, Ericsson holds 304,069,803 own shares.

CONTACT:  LM ERICSSON
          Media
          Ase Lindskog, Head of Media Relations, Communications
          Phone: +46 8 719 9725; +46 8 719 6992
          E-mail: press.relations@ericsson.com

          Ola Rembe, Media Relations, Communications
          Phone: +46 8 719 9727; +46 8 719 6992
          E-mail: press.relations@ericsson.com

          Investors
          Gary Pinkham, Head of Investor Relations
          Phone: +46 8 719 0000
          E-mail: investor.relations@ericsson.com


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


ABERDEEN ASSET: Sells Property Investment Management Business
-------------------------------------------------------------
Aberdeen Asset Management has conditionally agreed to dispose of
the APII Group (comprising the Aberdeen Group's U.K. and
Continental European property investment management businesses)
to Arlington for an aggregate cash consideration of up to GBP50
million.

Background to, and reasons for, the Disposal

Property investment and property investment management is
undergoing significant change that is unlikely to be temporary.
Fundamental shifts in international investment markets, investor
strategies and the re-structuring and maturing of property
investment markets are likely to lead to greater capital flows
into property and to a significant increase in third party
property investment management.  To be able to capitalize on
these fundamental changes and enhance its earnings, the APII
Group needs to have access to capital resources to facilitate
the development of new property investment products for which
there may be a requirement for seed investment or co-investment
on a long term basis alongside its clients.  Due to the nature
of the investment management clients and products in the U.K.
and Continental Europe, the requirement for capital resources
arises primarily within the APII Group. Capital requirements in
the API Nordic Group's business are significantly lower.

Over the past 18 months Aberdeen has received a number of
expressions of interest in purchasing all or part of the APII
Group.  Having regard to the extent and quality of the interest
expressed and respective capital requirements of the U.K.,
Continental European and Nordic property investment management
businesses, the Board decided to pursue a sale of the APII UK
and Continental European businesses.  The sale of the APII Group
will:

(a) Crystallize the value of the U.K. and Continental European
    businesses, in cash, at a time when Aberdeen is unlikely in
    the foreseeable future to be able to provide the capital
    required to significantly enhance the value of those
    businesses; and

(b) Increase the financial flexibility of Aberdeen through use
    of the proceeds to reduce Aberdeen's debt.

Further information on the APII Group

The APII Group was acquired by Aberdeen through a series of
acquisitions in 2000 and 2001.  The APII Group has an
international institutional client and investor base, which
includes some of the world's leading financial institutions and
pension funds.  It has significant resources and levels of
expertise to enable it to develop and deliver a range of
property investment management services to meet the diverse
needs of its clients and investors as well as working closely
with its clients in developing bespoke solutions to meet
individual requirements.

For the financial year ended 30 September 2003, the APII Group
contributed revenues totaling GBP18.9 million of the Group's
total revenues of GBP142.3 million (13.3%) and earnings before
interest and tax of GBP3.2 million of the Group's GBP13.3
million (24.1%).  The aggregated net assets attributable to the
APII Group as at completion of the Disposal will be
approximately GBP7.3 million.

As at 29 February 2004, the APII Group had assets under
management of GBP4.3 billion.

Principal terms and conditions of the Disposal

Aberdeen has entered into two conditional agreements with
Arlington Securities Limited and Arlington Investment Management
Limited to dispose of the entire issued share capital of each of
APII and API, respectively, for an aggregate cash consideration
of up to GBP50 million comprising approximately GBP42.7 million
for goodwill and approximately GBP7.3 million for net assets.
The aggregate consideration receivable in cash on completion of
the Disposal is GBP43.0 million and shall be subject to
adjustment by reference to completion accounts showing the
aggregated value of net assets of the APII Group.  The balance
of the consideration, being GBP7.0 million, will be payable by
Arlington Securities Limited in two tranches conditional upon
achieving revenue targets for each of the years to 30 April 2005
and 30 April 2006, due on or about 30 June 2005 and 30 June
2006. If certain minimum levels of revenue are not achieved this
deferred consideration may be materially reduced or may not
become payable.  If the agreed levels of revenues are achieved,
the maximum amount of deferred consideration shall be GBP7.0
million.  Completion of the Disposal is conditional, inter alia,
upon the satisfaction (or waiver by both Aberdeen and the
Purchasers) of certain conditions, in particular:

    (i) the passing at the EGM of an ordinary resolution to
        approve the terms of the Disposal Agreements; and

   (ii) Arlington Securities Limited having obtained FSA consent
        to the proposed change of control of API.

Financial effects of, and use of proceeds from, the Disposal

Aberdeen will use the net proceeds from the Disposal, after
making provisions for transaction costs and exceptional costs,
to reduce its bank debt (approximately GBP19 million of the net
proceeds will be used for this purpose), to repay in full the
LAHC Loan Notes, to make a of GBP1.3 million loan to the
Arlington Securities Employment Benefit Trust for 10 years
(although this loan shall be repayable earlier in the event of a
sale or flotation of APII (or its parent company)) and to
provide additional headroom within its bank facilities.  As a
consequence of the repayment of the LAHC Loan Notes, the Company
will be released from the GBP10 million bank guarantee which
will further reduce Aberdeen's overall banking liabilities.

Aberdeen expects that, prior to exceptional costs and the gain
on sale achieved, the Disposal will be dilutive to earnings per
Share in the financial year ending 30 September 2004.  No part
of this statement should be interpreted to mean that the
earnings per Share for Aberdeen's current or future financial
years will necessarily match or be less than the historical
published earnings per Share.

Extraordinary general meeting

In view of its size, the Disposal constitutes a 'Class 1'
transaction for the purposes of the listing rules made by the
UKLA. As mentioned above, the Disposal is therefore conditional,
inter alia, upon the approval of Shareholders at an
extraordinary general meeting of the Company.  Accordingly, a
circular will be sent to Shareholders shortly giving further
information on the Disposal and convening the EGM, at which an
ordinary resolution will be proposed to approve the Disposal.
It is expected that, if the resolution approving the Disposal is
passed at the EGM, completion of the sale of the APII Group will
occur by the end of May 2004.

CONTACT:  ABERDEEN ASSET MANAGEMENT
          Martin Gilbert
          Phone: 020 7463 6000

          GAVIN ANDERSON & COMPANY
          Mark Lunn
          Phone: 020 7554 1400

          INTELLI CORPORATE FINANCE
          Gordon Neilly
          Phone: 020 7653 6300


A B FREIGHT: Appoints Liquidator from Begbies Traynor
-----------------------------------------------------
At an Extraordinary General Meeting of the Members of the A B
Freight Limited (t/a KNK Haulage) Company on March 30, 2004 held
at Cathedral Road, Cardiff, the Extraordinary and Ordinary
Resolutions to wind up the Company were passed.  John Wynn
Davies and David Hill of Begbies Traynor, 4th Floor, Riverside
House, 31 Cathedral Road, Cardiff CF11 9HB have been appointed
Joint Liquidators of the Company.

CONTACT:  BEGBIES TRAYNOR
          4th Floor, Riverside House,
          31 Cathedral Road,
          Cardiff CF11 9HB
          Contact:
          John Wynn Davies, Liquidator
          David Hill, Liquidator


AIM GLOBAL: Voluntary Winding up Resolution Passed
--------------------------------------------------
At an Extraordinary General Meeting of the AIM Global Advisors
Limited Company on March 24, 2004 held at 30 Finsbury Square,
London EC2A 1AG, the subjoined Special Resolution to wind up the
Company was passed.  Maurice Grisman John Glover of 31 Burnaby
Gardens, Chiswick, London W4 3DR has been appointed Liquidator
for the purposes of such winding-up.

Creditors are asked to submit their full names and addresses at
31 Burnaby Gardens, Chiswick, London W4 3DR not later than May
14, 2004.


BAGELMANIA FOOD: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of the Bagelmania Food
Limited Company on March 16, 2004 held at Brentmead House,
Britannia Road, London N12 9RU, the subjoined Extraordinary
Resolution to wind up the Company was passed.  Martin Henry
Linton, of Brentmead House, Britannia Road, London N12 9RU has
been appointed Liquidator for the purposes of such winding-up.

CONTACT:  BRENTMEAD HOUSE
          Britannia Road,
          London N12 9RU
          Contact:
          Martin Henry Linton, Liquidator


CADSTOCK DESIGN: Appoints Liquidator from Ward & Co
---------------------------------------------------
At an Extraordinary General Meeting of the Cadstock Design &
Metal Limited Company on March 25, 2004 held at Ward & Co, Bank
House, Shaw Street, Worcester WR1 3DT, the Extraordinary and
Ordinary Resolutions to wind up the Company were passed.  Barry
John Ward of Ward & Co at Bank House, Shaw Street, Worcester WR1
3DT has been appointed Liquidator for the purposes of such
winding-up.

CONTACT:  WARD & CO
          Bank House,
          Shaw Street,
          Worcester WR1 3DT
          Contact:
          Barry John Ward, Liquidator


CAMBRIDGE HOSPITALITY: Shareholders Okay Winding up of Business
---------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Cambridge Hospitality Services Ltd Company on March 23, 2004
held at King Street House, 15 Upper King Street, Norwich NR3
1RB, the Extraordinary Resolution to wind up the Company was
passed.  Matthew Robert Howard and Robert Geoffrey Rose, both of
Larking Gowen, King Street House, 15 Upper King Street, Norwich
NR3 1RB have been appointed Joint Liquidators of the Company for
the purpose of its voluntary winding-up.

CONTACT:  LARKING GOWEN
          King Street House,
          15 Upper King Street,
          Norwich NR3 1RB
          Contact:
          Matthew Robert Howard, Liquidator
          Robert Geoffrey Rose, Liquidator


CARDEW DESIGN: Bank of Scotland Appoints Menzies Receiver
---------------------------------------------------------
Name of Company: Cardew Design PLC

Reg No 02946239

Nature of Business: Manufacture of Other Ceramic Products

Date of Appointment of Joint Administrative Receivers:
March 30, 2004

Name of Person Appointing the Joint Administrative Receivers:
Bank of Scotland

Joint Administrative Receivers:  MENZIES CORPORATE RESTRUCTURING
                                 17-19 Foley Street,
                                 London W1W 6DW
                                 Receivers:
                                 Jason James Godefroy
                                 Andrew Gordon Stoneman
                                 (Office Holder Nos 9097, 8728)


C & J HARDY: Calls in Liquidator
--------------------------------
At an Extraordinary General Meeting of the Members of the C & J
Hardy Limited (formerly John Kay (Electrical) Company on March
31, 2004 held at Salisbury House, Station Road, Cambridge CB1
2LA, the Special, Ordinary and Extraordinary Resolutions to wind
up the Company were passed.  Shay Lettice of Peters Elworthy &
Moore has been appointed as Liquidator of the Company.

Creditors of the C & J Hardy Limited are asked to submit their
full names and addresses together with their written debt claims
the Company due them at Peters Elworthy & Moore, Salisbury
House, Station Road, Cambridge CB1 2LA, not later than May 12,
2004.

CONTACT:  PETERS ELWORTHY & MOORE
          Salisbury House,
          Station Road,
          Cambridge CB1 2LA
          Contact:
          Shay Lettice, Liquidator


CURESSE LIMITED: Hires Liquidator from Marks Bloom
--------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Curesse Limited Company on March 29, 2004 held at 60-62 Old
London Road, Kingston upon Thames, Surrey KT2 6QZ, the
Extraordinary and Ordinary Resolutions to wind up the Company
were passed.  Andrew John Whelan of Marks Bloom, 60-62 Old
London Road, Kingston upon Thames KT2 6QZ has been appointed
Liquidator for the purposes of such winding-up.

CONTACT:  MARKS BLOOM
          60-62 Old London Road,
          Kingston upon Thames KT2 6QZ
          Contact:
          Andrew John Whelan, Liquidator


ECU HOLDINGS: Hires Liquidator
------------------------------
At an Extraordinary General Meeting of the ECU Holdings Limited
Company on March 23, 2004 held at 73 Brook Street, London W1,
the Special, Ordinary and Extraordinary Resolutions to wind up
the Company were passed.  Frank Wessely and Peter Hughes-
Holland, both of Numerica, 81 Station Road, Marlow,
Buckinghamshire SL7 1SX have been appointed Joint Liquidators
for the purpose of the voluntary winding-up.

Creditors of ECU Holdings Limited are asked to send in their
names and addresses including their written debt claims the
Company due them at 81 Station Road, Marlow, Buckinghamshire SL7
1SX not later than April 23, 2004.

CONTACT:  NUMERICA
          81 Station Road, Marlow,
          Buckinghamshire SL7 1SX
          Contact:
          Frank Wessely, Liquidator
          Peter Hughes-Holland, Liquidator


EICOM PLC: Einstein Group Takes up New Name
-------------------------------------------
At the Company's Annual General Meeting on 4 March 2004, a
resolution was passed to change the Company's name from Einstein
Group plc to Eicom plc.  A certificate of change of name was
issued by the Registrar of Companies on 1 April 2004.

                              *****

The Company went into Administration on July 30, 2003.  For the
remainder of the year the directors concentrated on securing the
future for the Company and planning a Company Voluntary
Arrangement.

Trading

The Company continued to trade during the Period of the
Administration.

Prospects

The directors identified and developed a working relationship
with a specialist film and TV funding company - Baker Street
Media Finance Limited.  Sufficient funding was put in place for
the Administrator to propose that the Company enter into a
Company Voluntary Arrangement.  The CVA proposals were sent out
to creditors and shareholders for their approval in January
2004.  Following approval of the proposals, the Company entered
a CVA on January 22, 2004 and is currently considering further
board appointments and a fundraising for additional working
capital.


FEDERAL-MOGUL: Agrees to Settle U.K. Insurance Coverage Dispute
---------------------------------------------------------------
Federal-Mogul Corporation and its debtor-affiliates ask the
Court to approve certain settlement agreements resolving an
asbestos insurance coverage litigation in England among non-
Debtor subsidiary Curzon Insurance Limited, Curzon's insurance
brokers, and a reinsurance firm.

In 1996, T&N Limited began its efforts to insure its asbestos
liability by enlisting the services of a portion of the Sedgwick
family of brokers to procure insurance for its asbestos
liability.  The Sedgwick insurance brokers located three
reinsurance firms that were capable of insuring T&N's asbestos
liability:

(a) Muenchener Rueckversicherungs-Gesellschaft;

(b) Centre Reinsurance International Company; and

(c) the Swiss Re Group through its subsidiary European
      International Reinsurance Company.

Because not all of the Reinsurers were able to write direct
insurance policies, as part of their transaction, T&N placed an
insurance policy with Curzon wherein the Reinsurers agreed to
reinsure a third of the T&N/Curzon Policy.  The Reinsurance
Policies and the T&N/Curzon Policy constitute the Hercules
Policy.

The Hercules Policy provided the T&N group with GBP500,000,000
of insurance coverage for asbestos liability above a
GBP690,000,000 threshold for all personal injury asbestos claims
arising from exposure to asbestos or asbestos products occurring
before July 1, 1996, but excluding claims that had already been
brought at that time.  Each of the Reinsurers reinsured a third
of Curzon's GBP500,000,000 limit of liability, or GBP166,000,000
each.  The parties finalized the terms of the Hercules Policy in
December 1996.  The process for estimating T&N's potential
asbestos liability and fixing the premium the Reinsurers would
demand relating to the Hercules Policy was complex.  Therefore,
the Reinsurers' analysis relied on information supplied by T&N
and its brokers, as well as information available to the
Reinsurers from other sources.

Before the Petition Date, the Reinsurers asserted that T&N
failed to disclose information that might have changed their
assessment of T&N's potential asbestos liabilities, or caused
them to adjust their premium demands.  EIRC commenced an action
before the English High Court on November 22, 2001 against
Curzon seeking a declaration that it was entitled to avoid its
obligations under the Reinsurance Policies.  EIRC alleged that
Curzon failed to disclose material information that might have
caused EIRC to decline to enter into the Reinsurance Policies or
demand a greater premium.  As a consequence, EIRC sought
rescission of its reinsurance obligation.  The other two
Reinsurers did not join the suit initiated by EIRC, having
previously withdrawn their reservation of rights.

In its defense, Curzon argued that EIRC was aware of the
information contrary to its allegations, and even if EIRC did
not know, the information would not have affected its risk
assessments.  In December 2003, Curzon joined a portion of the
Sedgwick family of insurance brokers to the action and alleged
that, if EIRC was able to avoid its obligation under the
Reinsurance Policies, the Brokers were negligent in failing to
insure that EIRC had access to information so as to preclude the
possibility of litigation over the adequacy of T&N's
disclosures.

The Brokers are:

(a) Sedgwick Limited;

(d) Sedgwick OS Limited;

(c) Sedgwick U.K. Risk Services Limited; and

(d) Marsh USA, Inc.

In June 2003, the Brokers attempted to dismiss some of Curzon's
claims against three of the Brokers on the grounds that only
Sedgwick Limited, the firm T&N retained to provide brokerage
services, owed a duty to Curzon, and that Sedgwick Limited's
potential liability was limited to GBP1,400,000 by the terms of
Sedgwick Limited's retainer.  The English Court rejected the
Brokers' argument and ordered the claims against all four of the
Brokers be determined at trial, which had then been set for
October 2003.

Although Curzon did not assert any claims against T&N in the
pending litigation, Curzon specifically reserved its rights to
contend that a successful avoidance claim by EIRC could permit
Curzon to reduce or eliminate its obligations to T&N.  Curzon's
claim against T&N would presumably be based on Curzon's
contention that it agreed to assume liability under the Hercules
Policy only if it was fully reinsured.

                   Overall Settlement Agreement

Although the parties had engaged in settlement discussions, no
settlement had been reached and trial commenced in October 2003.
After Curzon and EIRC presented their factual testimony in the
trial and the Brokers presented a portion of their factual
testimony, and as a result of extended settlement negotiations,
the parties agreed to a settlement in principle and signed
agreements in January 2004 to document an overall settlement
agreement.

The particulars and documentation of the Overall Settlement
Agreement are complex.  The most important terms are:

   (a) EIRC affirms its liability under the Hercules Policy
       subject to a percentage reduction in its reinsurance
       obligation;

   (b) EIRC's reinsurance liability under the Reinsurance
       Policies is reduced to 65.5% of the 1/3 share it
       originally contracted to assume.  EIRC's limits of
       liability is reduced from GBP166,000,000 to
       GBP109,000,000; and

   (c) the Brokers agree to assume an obligation equivalent to
       17.25% of the original indemnity obligation EIRC would
       have had but for the settlement.

T&N agrees to reimburse Curzon for the payments it makes under
the Hercules Policy for the resulting portion of Curzon's
liability that is not reinsured, including indemnity obligations
of up to GBP28,750,000.  Otherwise, each party's obligation
remains largely unchanged.

James E. O'Neill, Esq., at Pachulski, Stang, Ziehl, Young &
Jones, P.C., in Wilmington, Delaware, relates that the Overall
Settlement is documented in three agreements.  EIRC, Curzon, and
the Brokers entered into a main settlement agreement pursuant to
which EIRC reduces its liability to Curzon.  Thus, EIRC's
maximum liability under the Reinsurance Policies will be reduced
to 65.5% of its original amount, a reduction of EIRC's indemnity
limits to GBP109,000,000, rather than the original
GBP166,000,000.  No Debtor is party to this agreement.

                 Collateral Settlement Agreement

The first of the two settlement agreements that involve any of
the Debtors is the "Collateral Settlement Agreement" between
Curzon, T&N, Federal-Mogul Corporation and the Brokers.  Under
the Collateral Settlement Agreement, the Brokers will assume,
jointly and severally, obligations equivalent to 17.25% of the
original amount of EIRC's indemnity liability under the Hercules
Policy.  The Brokers assume an obligation to Curzon equal to
half of the amount by which EIRC reduced its indemnity liability
to Curzon.  The Brokers' maximum liability pursuant to the
Collateral Settlement Agreement is GBP28,750,000.  Curzon and
T&N agree to provide the Brokers with an indemnity, capped at
GBP28,750,000, with respect to any additional liability arising
out of the allegations against the Brokers made in the
litigation.  In addition, T&N and Federal Mogul Corp. will
release the Brokers from all claims in respect of the Hercules
Policy.  T&N and Federal-Mogul Corp. also agree that their
obligations under the Collateral Settlement Agreement will not
be varied or modified by the terms of any plan of
reorganization.

                 Curzon/T&N Settlement Agreement

Curzon, T&N and Federal-Mogul Corp. also entered into another
agreement, which aims to keep Curzon's position in the Overall
Settlement revenue neutral.  Pursuant to the Curzon/T&N
Settlement Agreement, T&N agree to reimburse Curzon for payments
made by Curzon that are not reinsured as a result of the main
settlement agreement with EIRC and the Collateral Settlement
Agreement.  Although it did not assert any claims against T&N,
Curzon reserves its rights against T&N to reduce its obligations
if EIRC were successful in the litigation to the extent that it
assumed liability under the Hercules Policy on the condition
that its obligations will be fully reinsured.  Therefore, as a
means of effectuating the T&N repayment of the amounts not
reinsured by EIRC, T&N and Curzon agree to set off their mutual
obligations.

                   Settlements Must Be Approved

Although only the two Settlement Agreements involve the Debtors,
Mr. O'Neill relates that, because of the interconnections
between all of the Settlement Agreements, the effectiveness of
all of the Settlement Agreements is dependent on the Court's
approval of the Settlement Agreements involving the Debtors.
Therefore, the parties are holding all of the documents
comprising the Overall Settlement in escrow pending Court
approval of the Settlement Agreements involving the Debtors and
the Brokers.  Upon Court approval, the parties will dismiss the
action in the English High Court.

Mr. O'Neill tells the Court that the Overall Settlement and the
Settlement Agreements are results of years of protracted
litigation, including in-depth discovery, and extensive
negotiations between parties at arm's length.  The Debtors
believe that the terms of the Settlement Agreements are fair and
reasonable, and that their major creditors either have given
their explicit approval, or have not objected to their
participation.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some $6 billion.  The Company filed for chapter 11 protection on
October 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J.
Nyhan, Esq., James F. Conlan, Esq., and Kevin T. Lantry, Esq.,
at Sidley Austin Brown & Wood and Laura Davis Jones, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, represent the
Debtors in their restructuring efforts.  When the Debtors filed
for protection from its creditors, they listed $ 10.15 billion
in assets and $ 8.86 billion in liabilities. (Federal-Mogul
Bankruptcy News, Issue No. 52; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


FOCUS WICKES: Fitch Affirms Ratings; Assigns Stable Outlook
-----------------------------------------------------------
Fitch Ratings, the international rating agency, affirmed Focus

Wickes (Investments) Ltd.'s Senior Unsecured and Senior Secured
ratings of 'B+' and 'BB' respectively.  The agency has also
affirmed the rating on Focus Wickes (Finance) plc's GBP260
million mezzanine notes due 2011 at 'B'.  The Outlook remains
Stable.

The ratings reflect the Focus Wickes group's strong position as
an established player behind Kingfisher-owned B&Q in the high-
growth and cash generative, albeit highly competitive, Do-it-
yourself market in the U.K.  Performance in FY03 (ended October)
was overall in line with Fitch's expectations.  During this
period, FW generated sales of GBP1.66 billion and adjusted
EBITDA (before exceptional operating costs) of GBP150.6 million
(FY02: sales of GBP1.58 billion and EBITDA of GBP147.5 million).
The group was able to achieve like-for-like ('lfl') sales growth
of 5.3% during the nine-month period to October 2003, which
compares favorably with B&Q partly because the latter was
focused on the consolidation of its French operations and the
de-merger of its electrical business.

Revenue growth was driven by the conversion of 19 Focus stores
to the Wickes brand, which showed strong performance post-
conversion on the back of soaring demand partly due to the warm
summer.  However, operating margins suffered in 1H03 from its
business reorganization and discontinued product lines but
recovered well in 2H.  As a result, on a pro-forma basis, EBITDA
margin was 9% in FY03 (FY02: 9.3%), while net operating cash
flow of GBP68 million covered capex 1.7x during the same period.

Fitch gains some confidence from the dual brand strategy that
has yielded reasonable margins, plus management's proactive
strategy of streamlining the store portfolio at Focus and
integrating the IT system with suppliers.  This has effectively
enabled a smoother integration of past acquisitions, i.e. Great
Mills and Wickes in 2000.

Nevertheless, Fitch notes the lower operational and financial
flexibility of FW relative to other players such as B&Q with
larger geographic diversification of sales and profits. "B&Q is
now firmly placed as a pan-European player in the DIY market and
has already stated its intention to increase market share by
ramping-up capital spending in 2004.  Although independent
retailers are likely to suffer first from B&Q's pricing pressure
and the roll-out of more stores, this may also have a negative
impact on FW management's medium term plan to grow sales by
developing the Wickes format", says Fitch's analyst Pablo
Mazzini.

FW is undertaking a number of initiatives aimed at strengthening
the group's NOCF.  These include a range harmonization project
and the rationalization of its supplier base with the
establishment of an integrated supplier management system, both
aimed at reducing inventories.  Although Fitch believes that
these initiatives are sensible, the agency anticipates that a
large proportion of the resultant cost savings may need to be
re-invested in lower pricing given tough price competition led
by B&Q's continuing emphasis on Every-Day-Low-Pricing.
Prospective higher interest rates and their consequent erosion
of highly indebted consumers' disposable income in the U.K. may
also constrain demand.  In this context, higher capex expected
in FY04, devoted to new store openings and 12 additional store
conversions, may introduce some pressure on net cash flow
generation.

At FYE03, Focus Wickes' net financial debt amounted to GBP617
million.  Fitch recognizes the high operational and financial
leverage and the need to comply with restrictive covenants and
the debt amortization schedule as an LBO; however, the group
benefits from good liquidity provided by undrawn committed
facilities of GBP80 million supplemented by cash balances of c.
GBP34 million as of October 2003.  Using Fitch's lease-adjusted
ratios, the group's current leverage is at the top end of the
rating category at 6.0x. Similarly, adjusted interest cover, as
measured by EBITDAR/ interest plus rents of c. 1.5x is also
within the parameters expected by the agency.

These ratings were initiated by Fitch as a service to users of
its ratings and are based on public information.

CONTACT:  FITCH RATINGS
          Pablo Mazzini
          Phone: +44 (0)20 7417 3540
          Jonathan Pitkanen
          Phone: +44 (0)20 7417 4201

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


FRANKLIN LIMITED: Voluntary Winding up Resolution Passed
--------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Franklin Limited Company on March 29, 2004 held at 4 Drakes
Courtyard, 291 Kilburn High Road, London NW6 7JR, the Special
Resolution to wind up the Company was passed.  Stephen Paul
Grant of Wilkins Kennedy has been appointed Liquidator for the
Company.

Creditors of Franklin Limited are asked to submit their full
names and addresses together with their written debt claims the
Company due them at 77-79 High Street, Egham, Surrey TW20 9HY
not later than April 30, 2004.

CONTACT:  WILKINS KENNEDY
          Gladstone House,
          77-79 High Street, Egham,
          Surrey TW20 9HY
          Contact:
          Stephen Paul Grant, Liquidator


GUARD 'N' GATE: Appoints Liquidator from P & A Partnership
----------------------------------------------------------
At an Extraordinary General Meeting of the Guard 'N' Gate
Limited Company on March 26, 2004 held at 93 Queen Street,
Sheffield S1 1WF, the Extraordinary Resolutions to wind up the
Company were passed.  Derek Leslie Woolley and Andrew Philip
Wood, of The P&A Partnership, 93 Queen Street, Sheffield S1 1WF,
have been appointed the Liquidators of the Company.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street,
          Sheffield S1 1WF
          Contact:
          Derek Leslie Woolley, Liquidator
          Andrew Philip Wood, Liquidator


HIGH PEAK: Calls in Liquidator
------------------------------
At an Extraordinary General Meeting of the Members of the High
Peak Conservatories Limited Company on March 26, 2004 held at
Best Western Regency Hotel, High Street, Ecclesfield, Sheffield
S35 9XB, the Extraordinary and Ordinary Resolutions to wind up
the Company were passed.  Peter Anthony Jackson has been
appointed Liquidator for the purposes of such winding-up.


ICT PRODUCTIONS: Appoints Liquidator
------------------------------------
At an Extraordinary General Meeting of the ICT Productions
Limited Company on March 30, 2004 held at 105-111 Euston Street,
London NW1 2EW, the subjoined Extraordinary Resolution to wind
up the Company was passed.  Salman Saud, of Saud & Company, 105-
111 Euston Street, London NW1 2EW has been appointed Liquidator
for the purpose of such winding-up.

CONTACT:  SAUD & COMPANY
          105-111 Euston Street,
          London NW1 2EW
          Contact:
          Salman Saud, Liquidator


IDEAL INDUSTRIES: Names Liquidator from Moore Stephens
------------------------------------------------------
At an Extraordinary General Meeting of the Ideal Industries
Limited Company on March 23, 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.

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


INTER AIR: Michael Paul Foreman Appoints HJS Recovery Receiver
--------------------------------------------------------------
Name of Company: Inter Air Limited

Reg No 02205257

Nature of Business: Wholesale of Aircraft Components

Trade Classification: 16

Date of Appointment of Joint Administrative Receivers:
March 15, 2004

Name of Person Appointing the Joint Administrative Receivers:
Michael Paul Foreman

Administrative Receiver:  HJS RECOVERY
                          12-14 Carlton Place,
                          Southampton SO15 2EA
                          Receiver:
                          Gordon John Johnston
                          (Office Holder No 1160)


J & B: Hires Administrators from Elwell Watchorn
------------------------------------------------
Name of Company: J & B DAGLEY
                 (t/a JD Haulage (a Partnership))

Nature of business: Haulage Contractors

Trade Classification: 28

Administration Order made: March 26, 2004

Joint Administrative Receiver:  ELWELL WATCHORN & SAXTON
                                109 Swan Street, Sileby,
                                Leicestershire LE12 7NN
                                Receivers:
                                P A Saxton
                                D J Watchorn
                                (Office Holder Nos 6680, 8686)


KINGS CROSS: Appoints Administrative Receiver
---------------------------------------------
Name of Company: Kings Cross Tiles Limited

Nature of Business: Wholesale and Retail of Hardware

Trade Classification: 24

Date of Appointment: March 26, 2004

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


MARCONI CORPORATION: Continues to Redeem Senior Secured Notes
-------------------------------------------------------------
Marconi Corporation plc (LSE: MONI; NASDAQ: MRCIY) announces
that it has given notice to the owners of its Senior Notes
pursuant to Section 3.02 of the Indenture dated as of 19 May
2003 (the Indenture) made between the Company, the guarantors
named therein and the Law Debenture Trust Company of New York
(the Trustee) that pursuant to Section 3.07of the Indenture
$27.3 million (approximately GBP15.0 million) aggregate
principal amount of Securities (the Redemption Securities) will
be redeemed on 22 April2004 (the Redemption Date).

The redemption price (the Redemption Price) shall be 110.0% of
the principal amount of the Redemption Securities redeemed plus
7 days accrued interest to the Redemption Date.  In line with
the mechanism used for the previous partial redemptions of the
Senior Notes, a pool factor will be applied to every holding.

Further details of the pool factor to be applied from the
Redemption Date will be announced once the pool factor has been
confirmed by the Registrar.  This mandatory partial redemption
of the Senior Notes results from releases of cash collateral
following the expiry of certain performance bonds and letters of
credit, proceeds from disposals of miscellaneous assets, and the
previously announced receipt of approximately $10.0 million
(approximately GBP5.5 million) into the Mandatory Redemption
Escrow Account as a result of the second and third mandatory
redemptions of Senior Notes previously repurchased by Marconi.

The paying agent with respect to the Redemption Securities is:
The Bank of New York One Canada Square London E14 5ALEngland
Attention: Corporate Trust Office.  Any queries in respect of
payment, pool factor or related matters should be directed to
Emma Wilkes at Bank of New York on (+44) 20 7964 7662, who are
the Registrar, the Depositary and the Paying Agent.  On the
Redemption Date, the Redemption Price, together with accrued
interest and any Additional Amounts (as described in the
Indenture), will become due and payable.  Unless the Company
defaults in making the redemption payment, the Redemption
Securities shall cease to bear interest from and after the
Redemption Date.  The Redemption Securities will be cancelled
following redemption by the Company.  (Exchange rate, GBP1 = USD
1.82)

About Marconi Corporation plc

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


CONTACT:  MARCONI CORPORATION PLC
          Press enquiries:
          David Beck
          Phone: 0207 306 1490
          E-mail: david.beck@marconi.com

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


METTECH ENGINEERING: Bibby Factors Brings in Receiver
-----------------------------------------------------
Name of Company: Mettech Engineering Limited

Reg No 04259574

Nature of Business: Mechanical Engineering

Date of Appointment of Joint Administrative Receivers:
March 22, 2004

Name of Person Appointing the Joint Administrative Receivers:
Bibby Factors Wessex Limited

Joint Administrative Receivers:  TENON RECOVERY
                                 Highfield Court, Tollgate,
                                 Chandlers Ford, Eastleigh,
                                 Hampshire SO53 3TZ
                                 Receivers:
                                 Carl Stuart Jackson
                                 Nigel Ian Fox
                                 (Office Holder Nos 8860, 8891)


MIDLOTHIAN PLC: Appoints George Foulkes MP New Chairman
-------------------------------------------------------
The Directors of Hearts announce that The Right Honorable George
Foulkes MP will take over as Chairman of Hearts with immediate
effect.  He replaces outgoing Chairman, Doug Smith, who has
resigned from the Board also with immediate effect.

Mr. Foulkes was formerly Minister of State for Scotland and
Under-Secretary of State for International Development and has
been an active supporter of the Club for over twenty years.
There are no further details requiring disclosure under
paragraph 6.F.2 of the FSA Listing Rules in respect of Mr.
Foulkes' appointment.

                              *****

Hearts plc was last month proposing to sell its Tynecastle
stadium to raise funds to sustain the club for at least a year
from the date of the approval of its financial statements.

Peter McGrail, creditor and minority shareholder then predicted
the transfer would result to a drop in season tickets, making an
insolvent liquidation unavoidable.

CONTACT:  BEATTIE MEDIA
          Niall Scott
          Phone: 07711 223062

          HEART OF MIDLOTHIAN
          Chris Robinson
          Phone: 0131 200 7245


MRC PLASTICS: Hires Liquidator from Vantis Business Recovery
------------------------------------------------------------
At an Extraordinary General Meeting of the MRC Plastics Limited
Company on March 31, 2004 held at Torrington House, 47 Holywell
Hill, St Albans, Hertfordshire AL1 1HD, the subjoined
Extraordinary Resolution to wind up the Company was passed.
Michael W Young, of Vantis Business Recovery, Torrington House,
47 Holywell Hill, St Albans, Hertfordshire AL1 1HD has been
appointed Liquidator for the purposes of such winding-up.

CONTACT:  VANTIS BUSINESS RECOVERY
          Torrington House,
          47 Holywell Hill,
          St Albans,
          Hertfordshire AL1 1HD
          Contact:
          Michael W Young, Liquidator


PPS-ROTAPRINT: HSBC Bank Appoints Leonard Curtis Receiver
---------------------------------------------------------
Name of Company: PPS-Rotaprint Limited

Reg No 2840435

Nature of Business: Retail and Service of Printing Machines

Trade Classification: 10

Date of Appointment of Joint Administrative Receivers:
March 24, 2004

Name of Person Appointing the Joint Administrative Receivers:
HSBC Bank plc

Joint Administrative Receivers:  LEONARD CURTIS & CO
                                 One Great Cumberland Place,
                                 Marble Arch,
                                 London W1H 7LW
                                 Receivers:
                                 K D Goodman
                                 N A Bennett
                                 (Office Holder Nos 2407, 9083)


QUEENS MOAT: Strikes Key Agreement with U.K. Lenders
----------------------------------------------------
On 5 August 2003 Queens Moat Houses plc announced that it had
commenced a strategic review and initiated discussions with its
key U.K. lenders seeking significant modification to certain
terms of its existing debt.

Queens Moat Houses is now pleased to announce that it has
reached agreement with representatives of its debenture
stockholders in conjunction with representatives of its junior
term debt holders.  The process of gaining lenders' formal
approval will commence shortly.

The key features of the agreement comprise amendments to the
terms of the Company's two debenture stocks (GBP200 million
10.25% 2020 and GBP15 million 12% 2013), the current terms of
which commit the Company to interest payments at an average rate
of 10.4%, but give it no right to redeem the stock early.  The
agreement will enable the Company to repay the stocks early at a
price of 110% of par.  It also contains an arrangement which
could, depending upon the outcome of the strategic review,
result in stockholders receiving up to c.116% of par although
any outcome in excess of 110% is contingent on a number of
uncertain variables.

This agreement has been reached with the members of a Special
Committee of the Association of British Insurers, drawn from its
members and other long-term investors representing in excess of
60% of the stocks, and has been supported by irrevocable
undertakings from the members of the Special Committee to vote
in favor and/or to advise their clients to vote in favor of
amendments to the debentures' trust deed, and a recommendation
from the Special Committee to other ABI members that other
investors consider a similar course of action.

Details of the proposed amendments to the debenture trust deed
will be set out in a circular shortly.

CONTACT:  QUEENS MOAT HOUSES PLC
          Phone: 01708 714 929
          Steve Marshall, Chairman
          E-mail: steven.marshall@moathousehotels.com

          COLLEGE HILL
          Phone: 020 7457 2020
          Crawford Burden
          E-mail: crawford.burden@collegehill.com


ROYAL & SUNALLIANCE: Sells Majority Stake in Polish Subsidiary
--------------------------------------------------------------
Royal & Sun Alliance Insurance Group plc announces that it has
agreed to sell its 81.8% stake in its Polish life subsidiary, T
U na Zycie Royal PBK S.A., to four financial investors including
3GON Polska Spolka z.o.o. & Wspolnicy Spolka komandytowa -- a
member of the Trigon Group.  As at 31 December 2003 the net
asset value of Royal PBK, on a U.K. GAAP basis, was
approximately GBP1 million (PLN6.7 million).

Simon Lee, Royal & SunAlliance's CEO International Businesses,
said, "I am pleased to announce this disposal, which is
consistent with the Group's strategy of withdrawing from the
life assurance sector and concentrating on core markets."

The business is to be sold as a going concern.

                              *****

Royal & SunAlliance acquired a majority shareholding in Royal
PBK in 1999.

The other shareholder in Royal PBK, PBK Inwestycje, is selling
its shares to the four investors at the same time


RUBICON HOUSE: Shareholders Pass Winding up Resolution
------------------------------------------------------
At an Extraordinary General Meeting of the Rubicon House Limited
Company on March 29, 2004 held at 26-28 Goodall Street, Walsall,
West Midlands WS1 1QL, the Special Resolution to wind up the
Company was passed.  Timothy Frank Corfield, of Griffin & King,
26-28 Goodall Street, Walsall, West Midlands WS1 1QL has been
appointed Liquidator for the purpose of such winding-up.

CONTACT:  GRIFFING & KING
          26-28 Goodall Street, Walsall,
          West Midlands WS1 1QL
          Contact:
          Timothy Frank Corfield, Liquidator


S J GREEN: Appoints Receiver from Kay Johnson Gee
-------------------------------------------------
Name of Company: S J Green (Wholesalers) Limited

Reg No 2070167

Nature of Business:
Wholesalers of Perfume, Cosmetics and Other Goods

Trade Classification: SICC 5145

Date of Appointment of Joint Administrative Receivers:
March 25, 2004

Administrative Receiver:  KAY JOHNSON GEE
                          Griffin Court,
                          201 Chapel Street,
                          Manchester M3 5EQ
                          Receiver:
                          Jonathan Elman Avery-Gee
                          (Office Holder No 1549)


THORNTONS PLC: Appoints Non-executive Director
----------------------------------------------
Thorntons PLC is pleased to announce the appointment of Martin
Davey as a Non-Executive Director of the Company with immediate
effect.

Martin, aged 50, is currently Chief Executive of Cranswick plc,
a position he has held since 1988, having joined as Finance
Director in 1985.  He was named 'Entrepreneur of the Year' in
2003 by the Financial Times in recognition of his role in
leading Cranswick, whose activities are focused in the food,
agribusiness and pet sectors, through a period of rapid
expansion and diversification.

The Board looks forward to the contribution Martin will bring to
the Company in helping to deliver shareholder value during an
important period of our strategic development.

CONTACT:  THORNTONS PLC
          John Thornton, Chairman
          Phone: 01773 540550

          BUCHANAN COMMUNICATIONS
          Charles Ryland
          Catherine Miles
          Phone: 0207 466 5000


VIVID FOODS: Appoints Begbies Traynor Administrator
---------------------------------------------------
Name of Company: Vivid Foods Limited

Nature of Business: Frozen and Chilled Desserts Manufacturers

Trade Classification: 04

Date of Appointment: March 26, 2004

Joint Administrative Receiver:  BEGBIES TRAYNOR
                                Chiltern House,
                                24-30 King Street, Watford,
                                Hertfordshire WD18 0BP
                                Receivers:
                                Paul Michael Davis
                                Timothy John Edward Dolder
                                (IP Nos 7805, 9008)


WESTWALL ESTATES: Names KPMG Administrator
------------------------------------------
Name of Company: Westwall Estates Limited
                 (t/a Crescent Plastering)

Nature of Business: Plastering

Trade Classification: 25, Decorating and Small Works

Date of Appointment: March 26, 2004

Joint Administrative Receiver:  KPMG
                                1 The Embankment,
                                Neville Street,
                                Leeds LS1 4DW
                                Contact:
                                Julian Richard Whale
                                Richard Nixon Fleming
                                (IP Nos 8370, 7252)


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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Copyright 2004.  All rights reserved.  ISSN 1529-2754.

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