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

                           E U R O P E

              Tuesday, May 4, 2004, Vol. 5, No. 87

                            Headlines

F I N L A N D

SANITEC GROUP: S&P Cites Improving Liquidity in Outlook Revision
SANITEC GROUP: Earnings Slip, But Restructuring Cuts Expenses


F R A N C E

ALCATEL: Reports EUR134 Million First-quarter Net Income
ALSTOM SA: Govt Readies 3 Options for Ailing Engineering Group


H U N G A R Y

PARMALAT HUNGARIA: More than a Hundred to Lose Jobs Next Month


I T A L Y

ALITALIA: Government Bailout Attracts E.U. Commission Scrutiny
SAFILO SPA: Prolonged Difficulties Trigger Ratings Downgrade
SAFILO SPA: Lenders Allow Capital Restructuring
SAFILO SPA: Off CreditWatch on Reduced Liquidity Stress


P O L A N D

DAEWOO-FSO: Rumors of Magda Steyr Buy-in Swirl


R U S S I A

YUKOS OIL: Kremlin Also on Trial in Lebedev Case


S W I T Z E R L A N D

ADECCO SA: Financial Statements Deadline Extended to June
SWISS INTERNATIONAL: Nominates Reputed Corporate Lawyer to Board


U N I T E D   K I N G D O M

ALLIANZ DRESDNER: Names Liquidators from PricewaterhouseCoopers
ANGLO ROOFING: Appoints Lines Henry Liquidator
ATLANTIC ELECTRIC: Sold to Scottish and Southern for GBP90.7 Mln
AXIS DRIVER: Calls in Liquidator
A-Z BUILDING: Hires Liquidator from Rendall Thompson

BANK OF CREDIT: Court Hearing Extended Indefinitely
B E L DEVELOPMENTS: Special Resolution to Wind up Company Passed
BHF ADDISCOMBE: Shareholders Approve Winding up of Business
CANTERBURY FOODS: Ends 2003 in Red; Blames Restructuring
CANTERBURY FOODS: Raising GBP6.18 Million via Share Placement

CORUS GROUP: Opens Senior Notes Offering, Bond Tender
CRUMP & STOKER: Hires D Lewis & Co Liquidator
DAWSON INTERNATIONAL: Books GBP19.2 Mln Loss; Debt Up Twofold
DUO AIRWAYS: Calls in Administrators from Deloitte
EGG PLC: Sale to U.S. Credit Card Firm Forthcoming, Says Report

ELDRIDGE POPE: Managed Estate Performance Below Expectations
FRANK GORMAN: Names Liquidator from Tomlinsons
GOSHAWK INSURANCE: Rebrands Bermuda Reinsurance Operations
HAGTHORNE COTTAGE: In Administrative Receivership
HANCOCK ASSOCIATES: Members General Meeting Set June 3

HANDSWORTH TRAINING: Calls in Liquidator
HARTSTONE GROUP: Wooster Investments Offers GBP3.2 Million
HIGHLINE LEASING: Appoints Liquidator from KPMG
HOUSE LEATHER: Calls in Liquidator
HUGO INTERNATIONAL: Appoints Liquidator from Oury Clark

HUNTER ESTATES: Calls in Liquidator
IMAGE AUDIT: Hires Liquidator from Pridie Brewster
IMPERIAL CHEMICAL: Completes Sale of Food Ingredients Business
ITR TELECOM: Calls in Liquidator
JERMYN STREET: Hires Baker Tilly Liquidator

JUST SUNGLASSES: Calls in Liquidator
KUDOS 52: Appoints Liquidator from B & C Associates
MARKS & SPENCER: Chair's Investment in 'M&S' Owner Sows Discord
MYRATECH.NET PLC: Hires Stoy Hayward Administrator
PARKNOBLE LIMITED: Creditors Meeting Set May 12

PIPELINE STEEL: Names Receivers from Stoy Hayward
PLOYMET LIMITED: General Meeting of Members June 2
SHAREMEWS LIMITED: Hires Vantis Business Recovery Liquidator
STONELL LIMITED: Hires Administrative Receivers
TELEWEST COMMUNICATIONS: Sets Extraordinary Meeting May 21

TELEWEST COMMUNICATIONS: Jersey Scheme Creditors to Meet June 1
TELEWEST COMMUNICATIONS: Scheme Creditors to Meet June 1
VORTEX GROUP: Meeting of Unsecured Creditors Set May 10
WASSERSTEIN PERELLA: Appoints PricewaterhouseCoopers Liquidator

* Large Companies with Insolvent Balance Sheets


                            *********


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


SANITEC GROUP: S&P Cites Improving Liquidity in Outlook Revision
----------------------------------------------------------------
Standard & Poor's Ratings Services revised to stable from
negative its outlook on Sanitec International S.A., the holding
company of the Finland-based Sanitec group, and Sanitec Oy, a
subsidiary of Sanitec International, following improvements in
its liquidity situation.  At the same time, the 'B+' long-term
corporate credit ratings and all related debt ratings were
affirmed.

"We believe that Sanitec is now likely to meet its financial
covenants applying to EUR507 million (US$639 million) of bank
facilities, including the unused rollover backup, over the next
few quarters," said Standard & Poor's credit analyst Eve Greb.
"The successful divestment of its vacuum sewage business (EVAC)
to the French Zodiac Group by mid-April, and improving free cash
flow generation in the fourth quarter of 2003 due to working
capital reduction have also helped Sanitec to alleviate some
short-term liquidity pressure."

Headroom under the group's covenant is expected to be limited in
the first quarter of 2004, owing to an increase in working
capital due in particular to the payment of customer bonuses.
Nevertheless, it should improve from the second quarter of 2004
owing to lower debt levels following the EVAC disposal.

The ratings on Sanitec International S.A. continue to reflect
the group's aggressive financial structure and average business
profile, supported by its strong market positions in the
bathroom ceramics market, good diversification across Europe,
and the industry's high barriers to entry and exposure to the
renovation market.

"We expect Sanitec to generate positive free cash flow in 2004,
reduce debt, and increase headroom under covenants from very low
levels," said Ms. Greb. "We continue to believe that working
capital management will remain a key factor driving the
company's ability to meet these expectations."

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


SANITEC GROUP: Earnings Slip, But Restructuring Cuts Expenses
-------------------------------------------------------------
Sanitec Group released its annual results recently.  These are
the highlights:

(1) Group sales for the year were in line with prior year sales
    after adjustments for currency exchange rate effects and
    special items in the previous year.

(2) Sales increases in most other regions compensated for the
    weak market situation in Germany and the Netherlands.

(3) One time Restructuring and Integration consulting costs of
    EUR16.9 million strongly affected our EBITDA for 2003 which
    was EUR141.6 million or 14.9% of net sales.

(4) Total operating expenses were reduced by EUR31.2 million or
    3.3% driven primarily by our integration process and Sales,
    General, and Administration cost reduction initiatives.

(5) Industrial capital expenditures remained at an optimal level
    of EUR32.0 million or 3.4% of net sales compared to EUR36.1
    million or 3.7% of net sales in 2002.

(6) Net indebtedness was substantially reduced by EUR47.5
    million or 6.8% to EUR653.6 million compared to previous
    year.

(7) Cash flow from operating activities increased EUR27.1
    million in comparison to previous year, largely through
    improved working capital management.

Operating and Financial Review for Sanitec Group

Net Sales

Consolidated.  Despite a continuing economic slump in some of
our main markets, we were generally able to maintain our net
sales at previous year's levels after adjustments for foreign
currency exchange differences and special items in the prior
year.  Net sales for 2003 were EUR951.1 million compared to
EUR985.4 million in 2002, a decrease of 3.5% or EUR34.3 million.
Currency exchange rate variances impacted our net sales in 2003
by negative EUR26.7 million and our net sales in 2002 were
increased by a one-time EUR5.5 million customer bonus accrual
reversal in our Keramag unit.  The negative effect of the weak
markets in Germany and the Netherlands was partially offset by
growth, specifically in Southwest Europe, France, the United
Kingdom and Ireland, as well as in the Central Eastern region,
Poland and the Ukraine, and Southern Europe, Italy.  Solid
growth in the North Eastern Europe region, Finland, Denmark, and
Norway was diluted by poor sales performance in Russia.

Bathroom Ceramics.  Bathroom Ceramics net sales for 2003 were
EUR605.7 million compared to EUR619.7 million in 2002, a
decrease of EUR14.0 million or 2.3%.  Currency exchange rate
variances negatively impacted our net sales in 2003 in this
segment by EUR16.0 million.  In 2002 our net sales in this
segment were increased by a one-time EUR5.5 million customer
bonus accrual reversal in our Keramag unit.  Good sales volumes,
particularly in France, the United Kingdom and Ireland, Italy,
Poland, the Ukraine, and the Scandinavian countries, as well as
increasing average selling prices in Italy, the Benelux, and the
Scandinavian countries are at the core of this performance.
Higher selling prices compensated for a slight overall decline
in volumes.

Bath and Shower Products.  Bath and Shower Products net sales
for 2003 were EUR273.4 million against EUR293.6 million for
2002, a decrease of EUR20.2 million or 6.9%.  Currency exchange
rate variances negatively impacted our net sales in 2003 in this
segment by EUR6.0 million.  Weakness in the German market, a
soft market in Italy, and a slow down of our sales to the
Russian market are the primary drivers of this variance.

Vacuum Sewage Systems.  Vacuum Sewage Systems net sales for 2003
were EUR72.0 million compared to EUR72.1 million in 2002, a
decrease of EUR0.1 million or 0.1%.  Currency exchange rate
variances impacted our net sales in 2003 in this segment by
negative EUR4.7 million.  The increase was primarily due to an
improvement in the marine and train businesses.  However, demand
in the aviation segment remained soft.

Operating Expenses

During 2002 and continuing in 2003, we successfully implemented
several improvements in our cost structures.  Cost of products
sold - materials and consumables decreased by 3.1% or EUR9.7
million to EUR299.1 million, compared to EUR308.8 million in
2002.  This decrease can be traced back to our purchasing cost
savings initiatives coming to fruition.  We started in 2002 and
continued in 2003 renegotiating contracts with our current
supply partners and looking for new supply partners with the
goal of sourcing our raw materials with the best quality at the
lowest possible cost.  The savings achieved primarily stretch
over our Bathroom Ceramics and Bath and Shower Products
segments.

Personnel costs were decreased substantially by 5.3% or EUR15.8
million to EUR283.7 million from EUR299.5 million in 2002.  This
change is a direct result of our ongoing strategy of
restructuring our production networks and the related closure of
production units, as well as the reorganization and integration
of the sales, marketing, and administration functions throughout
the group.

Cost of outside services also decreased by EUR6.6 million or
7.0% in 2003 to EUR88.0 million from EUR94.6 million in 2002.
Due to the increased group integration and sharing of outsourced
products and services, cost reductions were achieved by
renegotiating supply contracts with current suppliers as well as
establishing contracts with new strategic sourcing partners.

Other operating income and expenses, net, increased by 2.8% or
EUR3.8 million to EUR138.7 million from EUR134.9 million in
2002.  This increase resulted from EUR16.9 million of one-time
expenses related to integration consulting and restructuring.
Starting in the second half of 2002 and continuing in 2003, we
implemented measures in all business units to reduce sales,
general, and administration costs.  Integration and
centralization of common functions such as information
technology management, sharing of resources among our units such
as competence centers, and lower costs due to purchasing
initiatives lead to this reduction.

Depreciation and amortization

Depreciation and amortization for the year 2003 decreased by
3.5% or EUR3.3 million to EUR92.2 million from EUR95.5 million
in 2002.  The key to the decrease in depreciation can be found
in our ceramics production network restructuring and the
rationalization of our capital expenditure.  In 2003 we closed
an additional production facility in Queenborough in the United
Kingdom, as well as gaining the full year effects of the plant
closures in 2002.  We also invested in new assets in a focused
manner in order to achieve the maximum return on investment.

Operating Profit

Consolidated.  Our operating profit for the year 2003 decreased
by 5.2% or EUR2.7 million to EUR49.4 million from EUR52.1
million for the year 2002.  Our operating profit margin slightly
decreased from 5.3% for the year 2002 to 5.2% for the year 2003.
Operating profit in 2003 was negatively affected by EUR16.9
million of one-off restructuring and integration consulting
costs.  Operating profit for 2002 was positively influenced by a
EUR5.5 million customer bonus accrual reversal in our German
unit.

Bathroom Ceramics.  Bathroom Ceramics operating profit was
EUR31.6 million, a decrease of EUR3.4 million or 9.7% compared
to the prior year. Operating profit for 2002 in this segment was
positively influenced by a EUR5.5 million customer bonus accrual
reversal in our German unit.  The performance in this segment is
linked largely to our ceramics production network restructuring.
Additional closures of certain manufacturing facilities and
continued outsourcing to our strategic partners enabled us to
drive down our production costs.

Bath and Shower Products.  Bath and Shower Products operating
profit was only marginally lower than in the prior year at
EUR14.8 million compared to EUR15.0 million in 2002 in absolute
terms.  Through our production cost reduction efforts and
efficiency programs, we were able to compensate our sales
decline in this segment and increase our operating profit margin
to 5.4% of net sales in year 2003 from 5.1% in year 2002.

Vacuum Sewage Systems.  Vacuum Sewage Systems operating profit
for the year 2003 was considerably higher than in year 2002 at
EUR3.0 million against EUR2.1 million in 2002.  Sales increases
from improving business conditions in the marine and train
business sectors coupled with cost efficiency programs allowed
us to improve our operating profit margin from 2.9% of net sales
in year 2002 to 4.2% of net sales in year 2003.

EBITDA

The EBITDA of 2003 was EUR141.6 million compared to EUR147.6
million in 2002.  One-off Restructuring and Integration
consulting costs reduced our EBITDA for 2003 by EUR16.9 million.
A one-time accrual reversal adjustment of EUR5.5 million in our
Keramag unit positively influenced our EBITDA in 2002.

Bathroom Ceramics.  Bathroom Ceramics EBITDA for 2003 was
EUR96.1 million compared to EUR99.7 million in 2002, a decrease
of EUR3.6 million or 3.6%.  EBITDA for 2002 in this segment was
positively influenced by a EUR5.5 million customer bonus accrual
reversal in our German unit.  Operational efficiency from our
ceramics production restructuring program drives the remaining
increase.

Bath and Shower Products.  Bath and Shower Products EBITDA for
2003 was EUR38.7 million compared to EUR43.1 million in 2002, a
decrease of EUR4.4 million or 10.2%.  This decrease is due
mostly to the sales situation driven by the soft market in our
German and Italian markets as well as a drop off in sales to the
Russian market. We were able to partially compensate the sales
decline with sales, general, and administration cost reduction
programs in this segment.

Vacuum Sewage Systems.  Vacuum Sewage System EBITDA for 2003 was
EUR6.8 million compared to EUR4.8 million in 2002, an increase
of EUR2.0 million or 41.7%.  Improved business conditions in the
marine and train businesses and cost control programs
compensated for the continuously flat aviation and building
segments.

Subsequent events

In March 2004, Sanitec concluded a contract with the French
Zodiac Group for a sale of Evac International Ltd, the holding
company of our Vacuum Sewage Systems segment operations.
Through the closing of this transaction in April 2004, the
operations of the entire Vacuum Sewage Systems segment were sold
to Zodiac.  The agreed total cash consideration of the
transaction was EUR60 million, which will be mostly used for
early repayment of loans to financial institutions under senior
credit facility.


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


ALCATEL: Reports EUR134 Million First-quarter Net Income
--------------------------------------------------------
Alcatel's Board of Directors (Paris: CGEP.PA and NYSE: ALA) has
reviewed and approved the first quarter 2004 results.  These are
the highlights:

(a) Sales stable year over year;

(b) Gross margin up at 36.6%;

(c) Income from operations at EUR80 million at 2.9% of sales,
    up 8 points year over year;

(d) EPS (pre goodwill) positive at EUR0.18, and EUR0.10
    after goodwill.

Sales registered at EUR2,740 million compared with EUR2,828
million in the first quarter 2003, down 3% at actual exchange
rate and up 2% at a constant rate.  The gross margin improved to
36.6% compared to 30.3% in the first quarter last year.  Income
from operations amounted to EUR80 million, with all business
segments positive, compared with a loss of EUR(150) million in
the same period last year.  Net income (pre-goodwill) for the
quarter was registered at EUR234 million or diluted EUR0.18 per
share (US$0.22 per ADS) and net income after goodwill at EUR134
million or diluted EUR0.10 per share (US$0.12 per ADS).

Serge Tchuruk, Chairman and CEO summarized the Board's
observations: "Our performance in Q1 2004 is a clear
confirmation that Alcatel is on the right track.  With the sales
decline stopping, our margins can now benefit from the intense
restructuring which has been carried out.  We are pleased to
see, in this traditionally weak quarter, positive operating
income generated in all segments and our earnings per share
getting back in the black (even without the capital gain of the
SAFT divestment, the pre-goodwill EPS is at breakeven).

"Our key strategic choices have been validated by recent
accomplishments.  Partnerships are being set up in areas where
consolidation can generate future value while suppressing the
burden on our operating income from formerly stand-alone
operations.  We are confident that our cooperation with
Draka, creating the number 2 world player in fiber optics, and
with TCL, creating a major force in cellular handsets, will
change the world landscape in these markets.  In parallel, our
order intake reflects the pay off of our focus on next
generation technologies that can differentiate Alcatel: their
growing traction is largely driving our positive revenue outlook
for the rest of the year, in a market which otherwise remains
uncertain.  Private Communications will continue to benefit from
advances in IP telephony, interaction management and our world
leading technology in rail control and communication networks.
"The Evolium range of solutions for mobile equipment and
applications will be further enhanced with unique features
supporting a projected growth in sales for the full year.
Finally, breakthroughs in IP service routing, next generation
optical systems, multimedia wireline solutions for VoIP and
triple play applications are set to sustain Fixed Communications
revenues."

Outlook

"At this point, we are upgrading our expectations of year over
year revenue growth going forward, both for the coming quarters
and for the full year 2004.  For the second quarter, as well as
for full year, we expect high single digit year over year sales
growth at a constant Euro/Dollar rate, which translates into
significant growth at the current rate.  EPS (pre-goodwill)
should be positive for the second quarter and should become
substantial for the full year," Mr. Tchuruk said.

Key Figures                   First      First     Full
In EUR million except for    Quarter    Quarter    Year
    EPS
                                2004    2003(-)    2003

    Profit & Loss
    Net Sales                   2,740   2,828    12,513
    Income from Operations         80    (150)      332
    Net Income pre-Goodwill & MI  234    (314)   (1,346)
    Net Income                    134    (461)   (1,944)
    EPS diluted                  0.10    (0.35)   (1.46)
    E/ADS(--)                    0.12    (0.43)    (1.80)
    Number of diluted shares    1,360    1,323     1,332
   (in billions)

(-) Figures for First Quarter 03 have been restated to reflect
the disposal of the Optronics and Battery divisions.

(--) E/ADS has been calculated using the US Federal Reserve Bank
of New York noon euro/dollar buying rate of USD 1.23 as of March
31, 2004.

Note: Under a new accounting presentation relating to R&D, as
part of the changeover to IFRS beginning January 1, 2005, Q1
2004 sales include EUR14 million of revenue from licenses and
R&D grants.  The gross margin now includes these revenues and
grants on one hand and customer funded research on the other,
which together results in an impact of 0.7 points.

First Quarter Business Update
Segment Breakdown         First    First
In EURmillion             Quarter  Quarter  Full Year
                           2004   2003(-)    2003
    Sales
    Fixed Communications  1,164    1,315      5,708
    Mobile Communications   757      798      3,539
    Private Communications  865      817      3,627
    Other & Eliminations    (46)    (102)      (361)
    Total                  2,740    2,828     12,513
    Income from Operations
    Fixed Communications      22      (81)       127
    Mobile Communications     70       15        226
    Private Communications    35      (34)       123
    Other & Eliminations     (47)     (50)      (144)
    Total                     80     (150)       332


(-) Figures for First Quarter 03 have been restated to reflect
the disposal of the Optronics and Battery divisions.
In order to provide a more accurate view of business trends
compared to the same period last year, the following comments
are based on year over year comparisons.

Fixed communications

First quarter revenue decreased by 11.5% to EUR1,164 million
from EUR1,315 million in Q1 2003, mainly due to a soft quarter
in optics, preceding the anticipated upturn in the optics
market, and a one-off registered in Q1 2003 in circuit
switching.  However, good growth was seen in access, data and
solutions.  Double-digit growth was registered in data and the
sales in the solutions division nearly doubled compared to the
same quarter last year.  A total of 5.5 million DSL lines were
delivered during the quarter, indicating the continuing strength
of this market segment and justifying the substantial investment
that continues in order to position for new technology
introductions in the coming quarters.  The IP service routing
business added nine new customers in the quarter, making a total
of twenty customers to date.  MSWAN sales also boosted the
revenue and underpinned the market share increases that were
seen in the previous quarter.  The solutions activity
substantial revenue growth was driven by successes in multimedia
applications and deployment of softswitches for both residential
and business services.  Twelve new customers were added in the
quarter for our NGN/VoIP portfolio.  While the optics revenue
has not yet reflected the market upturn, nine new customers were
nevertheless added for the data-aware OMSN products and ten new
customers in metro WDM.

Income from operations amounted to EUR22 million compared with a
loss of EUR(81) million in the comparable period last year, with
a significant contribution coming from the broadband access
activity.  Voice networks was a minor contributor while optical
network's results continued to improve thanks to on-going cost
cutting.  Even though the IP division substantially invested
in R&D to maintain its technological leadership, it made a
positive contribution to the segment's operating results.

Mobile communications

First quarter revenue decreased by 5.1% to EUR757 million from
EUR798 million in Q1 2003.  Mobile networks showed good growth
in Western Europe and Africa as well as China, while the other
regions in the world were less robust.  The segment also
benefited from an increase in 3G sales.  The business
recorded double-digit growth in its mobile core business and
continued to see momentum in next generation applications such
as video and convergent payment as well as in messaging, with
more than 135 mobile customers in this domain.

However, the wireless transmission business, which registered a
revenue decrease while transitioning to a new product release,
did affect the revenue of the Mobile Communications Group. The
handset business saw increased volumes to 1.9 million compared
to 1.7 million in the first quarter last year, offset by price
declines.  Mobile handset sales were reflected in the
consolidated financial statements.

Income from operations amounted to EUR70 million compared to
EUR15 million in Q1 2003.  Mobile networks made a very
significant contribution, with substantial double-digit margins,
as well as mobile solutions, which turned in a solid
performance.  The handset business continued to weigh on the
profitability of the segment.

Private communications

First quarter revenue increased by 5.9% to EUR865 million
compared with EUR817 million in Q1 2003.  The enterprise
solutions business registered a solid quarter with the IP/PBX
activity continuing to grow substantially and resulting in a
market share increase, particularly in Europe, once again
confirming its leadership position.  In addition, more than 50
customers today are using products coming from Alcatel's unified
communications suite.

Genesys also grew its business, especially in North America
where it registered some significant wins, which brought in over
50 new customers during the quarter.  The rail control systems
activity registered substantial growth during the quarter and
booked one of the largest contracts ever awarded for train
detection for an operator in Asia Pacific.  The space activity
also registered an increase, benefiting from a good order
backlog.  The integration and services business registered
strong activity in the private, non-carrier arena, while seeing
a weaker level of activity in the carrier space.

Income from operations amounted to EUR35 million compared to a
loss of EUR(34) million in Q1 2003.  All divisions were
profitable with significant contributions coming from enterprise
and rail control systems and to a lesser extent space and
integration and services.

Alcatel will host an audio Web cast at 1:00 p.m. Paris time
(12:00 p.m. London and 7:00 a.m. New York), which can be
accessed at http://www.alcatel.com/1q2004/or
http://www.alcatel.fr/1q2004. First quarter 2004 results
(unaudited) PROFIT AND LOSS STATEMENT (Figures for First Quarter
03 have been restated to reflect the disposal of the Optronics
and Battery divisions)

(a) Net Sales: EUR2,740 million vs. EUR2,828 million in Q1 03,
down 3.1%

(b) Geographical distribution of sales:
        W. Europe:          43%
        Other Europe:        7%
        North America:      15%
        Asia:               16%
        RoW:                19%

(c) Gross margin: 36.6% (30.3% for Q1 2003)

(d) Selling, general and administration ("SG&A") costs: EUR(533)
    million (19.5% of sales)

(e) Research and development ("R&D") expenses: EUR(389) million
    (14.2% of sales)

(f) Income (loss) from operations: EUR80 million

(g) Earnings before tax and amortization of goodwill: EUR213
    million and included:

    (i) Interest paid on convertible bonds EUR(11) million

   (ii) Net financial loss of EUR(36) million

  (iii) Restructuring costs of EUR(64) million

   (iv) Net other revenue/(expenses) of EUR244 million

    (v) Net Income Pre-Goodwill and Minority Interest: EUR234
        million

   (vi) Net Income: EUR134 million and included a related tax
        income of EUR16 million, share in net income of equity
        affiliates and discontinued activities of EUR5 million,
        goodwill amortization of EUR(104) million, R&D in
        progress of EUR(1) million, and minority interests of
        EUR5 million.

  (vii) Diluted EPS: EUR0.10 per share (US$0.12 per ADS), pre-
        goodwill EUR0.18 per share (US$0.22 per ADS) based on
        an average of 1.36 billion diluted shares

BALANCE SHEET ITEMS:

    (i) Operating working capital: EUR325 million (2.6% of last
        12 months sales)

   (ii) Cash and equivalents: EUR5,560 million

  (iii) Net Cash: EUR605 million

   (iv) Gearing: (17%)

    (v) Operating Cash Flow: EUR(479) million

About Alcatel

Alcatel provides communications solutions to telecommunication
carriers, Internet service providers and enterprises for
delivery of voice, data and video applications to their
customers or to their employees.  Alcatel leverages its leading
position in fixed and mobile broadband networks, applications
and services to bring value to its customers in the framework of
a broadband world.  With sales of EUR12.5 billion in 2003,
Alcatel operates in more than 130 countries.  For more
information, visit http://www.alcatel.com

Upcoming Events/Announcements

June 4              Shareholders General Meeting, Paris
July 29             2nd quarter 2004 earnings release
October 28          3rd quarter 2004 earnings release
December 2          Analyst's Day, Paris


ALSTOM SA: Govt Readies 3 Options for Ailing Engineering Group
--------------------------------------------------------------
French Finance Minister Nicholas Sarkozy was scheduled to meet
E.U. Commissioner Mario Monti in Brussels yesterday to discuss
the future of troubled engineering group, Alstom S.A.

According to the Financial Times, Mr. Sarkozy was expected to
present the E.U. antitrust chief with three options, which
include a debt-to-equity conversion, reportedly his preferred
strategy.  Under this plan, Alstom will ask the government and a
group of banks, including BNP Paribas, Societe Generale and
Credit Agricole, to convert part of their EUR2 billion loan into
Alstom shares.  State-owned nuclear energy group, Areva, could
also be brought in for added stability, according to the paper.

This strategy has the backing of Chief Executive Patrick Kron
who has identified the instability of the company's shareholding
as among those ailing company.  "We cannot continue with 25
percent of our share capital changing hands every day," the
Financial Times recently quoted him as saying.

Mr. Monti, however, holds an aversion to any direct government
stake in Alstom.  The paper believes he will most likely favor
the "industrial solution," the other broad option drafted by
Xavier Musca, Mr. Sarkozy's top adviser.  This particular
solution calls for a partial takeover of Alstom by Areva.  This
would likely involve the transport division, including the high-
speed TGV train.

The third option involves the sale of the turbine business to
Siemens, the German engineering group that has long eyed
Alstom's turbine business.  "Some Commission officials are
reportedly having second thoughts about whether antitrust rules
preclude an alliance between Alstom and Siemens as General
Electric would still be the world leader in gas turbines," the
Financial Times says.

Mr. Monti was not expected to commit to any of these plans
yesterday, although a decision must be made soon.  Alstom's
banks have given it until September to renegotiate its EUR3.2
billion- (US$3.8 billion) rescue package.


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


PARMALAT HUNGARIA: More than a Hundred to Lose Jobs Next Month
--------------------------------------------------------------
About 30% of Parmalat Hungaria's workforce will be jobless in
the coming months.  The company will start axing 129 employees
next month, Just-foods.com said citing the Hungarian News
Digest.

The local unit of the Italian food group will finance this
redundancy program using a bank loan, although it is not clear
if this loan is separate from the HUF500 million granted by a
Hungarian bank recently.

The company entered liquidation in March at the motion of The
Dairy Product Council.  Its chief executive officer, Cristiano
Villani, has left the company.  He will be replaced by Laszlo
Fonay.


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


ALITALIA: Government Bailout Attracts E.U. Commission Scrutiny
--------------------------------------------------------------
The European Competition Commission has reportedly started an
informal probe into the rescue package the Italian government
appears to be preparing for Alitalia.

The move was allegedly triggered by the strong lobby of rival
European airlines, in particular British Airways and Lufthansa,
which had earlier written the commission demanding an inquiry
into the proposed bailout, the Financial Times says.  Although
no rescue plan has been formally adopted, the commission has
given the Italian government until this week to provide Brussels
information about the bailout.

Informal probes normally last several weeks or months and can
lead to the opening of formal state aid investigations,
according to the Financial Times.  If the bailout constitutes
state subsidy, the commission could legally require the
recipient to return the money.

Italian ministers are scheduled to meet Wednesday and it is
believed the formal adoption of Alitalia's rescue plan would be
their main agenda.  According to the paper, the government can't
afford an Alitalia bankruptcy shortly before local and European
elections.

Convincing the commission, however, won't be easy.  Romano
Prodi, the de facto leader of the Italian opposition and a
staunched critic of Prime Minister Silvio Berlusconi, heads the
antitrust body.  In addition, E.U. transport commissioner,
Loyola de Palacio, presents a formidable obstacle, as she has
fought numerous protracted but largely successful campaigns
against European governments' penchant for bailing out their
flag carriers.

"With Alitalia now one of the few airlines in Europe that still
regularly relies on government hand-outs, it would make an
inviting target for Ms. de Palacio before she steps down from
her post later this year," the Financial Times observes.


SAFILO SPA: Prolonged Difficulties Trigger Ratings Downgrade
------------------------------------------------------------
Moody's Investors Service lowered all debt ratings of eyewear
producer, Safilo S.p.A., concluding its review initiated since
December.

The downgraded ratings are:

(a) Senior implied rating of Safilo S.p.A. to B3 from B2;

(b) Unsecured Issuer rating of Safilo S.p.A. to Caa2 from Caa1;

(c) Senior credit facilities at Safilo S.p.A. to B3 from B2;

(d) 9.625% EUR300.0 million Senior Notes due 2013 issued by
    Safilo Capital International S.A. to Caa2 from Caa1.

The outlook is negative.

Moody's notes the continued pressure on the company's operating
performance: Safilo reported total revenues of EUR900 million in
2003, almost exactly matching the prior year's EUR894 million,
partly due to a weak U.S. dollar.  Its EBIT fell from EUR143
million in 2002 to EUR99.7 million in 2003.  These figures,
however, could improve in 2004, Moody's notes.

On Safilo's debt obligations, Moody's says the company faces
challenges in meeting revised covenants despite ongoing support
of its banks.  This could happen particularly if sales volumes
and margin improvements do not materialize.


SAFILO SPA: Lenders Allow Capital Restructuring
-----------------------------------------------
Safilo is pleased to announce a significant agreement between
its banks and shareholders that underscores both the commitment
and support of its capital providers but also, importantly,
places it on a firm financial footing for 2004 and beyond.

Mr. Roberto Vedovotto, Safilo Co-Chief Executive Officer said:
"We are very pleased with this agreement with our banks and
shareholders.  It is strong evidence of the confidence they have
in our business.  We are pleased that we saw a recovery in Q4
2003 and that trend has continued in 2004.  The impact of our
restructuring initiatives, the full year impact of our recently
acquired license with Giorgio Armani, and the strengthening US$,
have all positioned Safilo on a very strong foundation for 2004
and beyond.  We are excited by the opportunities for growth and
profit recovery we see ahead".

In 2003, Safilo faced an unprecedented combination of external
factors including the war in Iraq and SARS (affecting travel and
other fundamental demand drivers), the rapid deterioration of
the US$/EUR exchange rate and adverse weather patterns
(particularly in the U.S.).  As a result, the company has
embarked on a two-pronged approach to place the company back on
a firm financial footing.  First, the company announced a
significant restructuring of its manufacturing operations
including the closure of a European plant and an enhanced
outsourcing program.  Second, the company has reached an
agreement with its banks and shareholders to reset its capital
structure as announced.


SAFILO SPA: Off CreditWatch on Reduced Liquidity Stress
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Italy-based eyewear manufacturer
Safilo S.p.A.  At the same time, the rating was removed from
CreditWatch, where it had been placed on November 26, 2003. The
outlook is negative.

Standard & Poor's also affirmed its 'B' bank loan rating on the
group's EUR650 million senior secured credit facility maturing
between 2009 and 2011, and its 'CCC+' subordinated debt rating
on the senior notes maturing in 2013 issued by Luxembourg-based
subsidiary Safilo Capital International S.A. and guaranteed by
Safilo S.p.A.

"The affirmation reflects the anticipated improvement in
Safilo's liquidity position following an announced
recapitalization and the renegotiation of covenants with its
senior debt lenders," said Milan-based Standard & Poor's credit
analyst Benedetta Rospigliosi.

Safilo will benefit from an additional EUR25 million injection
in preferred stock at the holding level by end-May 2004, on top
of the EUR30 million already injected in 2003.  Provided the
proposed recapitalization takes place, Safilo will obtain more
flexible terms in 2004 under the covenants of its senior credit
facility, as well as an unconditional waiver on 2003 fourth-
quarter and 2004 first-quarter covenants that were breached due
to very poor operating results in 2003. In 2004, additional
leeway will be provided by the commitment of Safilo's
shareholders to fund up to EUR50 million of equity in case of a
covenant breach.

All of this considerably alleviates concerns with respect to
2003 and 2004 covenant compliance and enables Safilo's
management to focus on improving operating performance.  The
negative outlook reflects the uncertainties regarding the actual
extent of the expected improvement in Safilo's operating
performance in 2004 and thereafter.

"The ratings would come under pressure if profitability and cash
flow generation did not materially and sufficiently improve to
meet both increasing debt-service requirements and tightening
financial covenants," added Ms. Rospigliosi. "Consequently, we
will continue to closely monitor Safilo's operating performance
and cash flow generation over the next few quarters."

CONTACT:  STANDARD AND POORS RATING SERVICES
          Analyst E-mail Addresses
          benedetta_rospigliosi@standardandpoors.com
          hugues_delapresle@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


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


DAEWOO-FSO: Rumors of Magda Steyr Buy-in Swirl
----------------------------------------------
Austria-based Magda Steyr emerged as the probable long-sought
potential investor for Warsaw-based car producer Daewoo-FSO,
according to Warsaw Business Journal.

According to the paper, representatives from both sides will
start negotiations this month, although Janusz Wozniak, Daewoo-
FSO's president, has refused to confirm or deny the matter.  The
development is positive news following the suspension of Daewoo-
FSO's talks with British carmaker MG Rover, so far the only
other investor that has expressed interest in the firm.

Magda Steyr specializes in car-related engineering projects.
Its car assembly clients include Germany's Mercedes.


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


YUKOS OIL: Kremlin Also on Trial in Lebedev Case
------------------------------------------------
Platon Lebedev, the billionaire who owns Yukos Oil's core
shareholder Group Menatep, faces a 10-year prison term if
convicted, the Moscow Times says.

Prosecutors on Friday wrapped up their nine-month investigation
into Mr. Lebedev's alleged tax evasion.  If convicted, he could
also be ordered to pay damages of as much as US$1.2 billion,
according to the report.

"The case has been handed over to one of the Moscow district
courts," a representative of the Prosecutor General's Office,
was quoted by Interfax in a separate report.

The international business community will closely watch the
trial, according to the paper.  This as the arrest of Mr.
Lebedev and subsequently Yukos CEO Mikhail Khodorkovsky in
October last year is believed to be the handiwork of the
Kremlin.  Four years ago when he first came to office, newly
reelected President Vladimir Putin had warned businessmen to
stay away from politics or pay the price.  Mr. Khodorkovsky, the
largest shareholder in Yukos, was officially arrested on tax
evasion and fraud charges, but many believe this had something
to do with his alleged meddling in the political process.

"Lebedev's trial before jury is scheduled to start shortly.  We
will be watching events closely, as they may provide some
guidance as to how the Khodorkovsky case will develop," Yelena
Krasnitskaya from Troika Dialog told the Moscow Times.

Observers predict the two businessmen will be stripped of their
Yukos shareholdings. "We believe they will be dispossessed, but
Yukos itself will not be squeezed like a grape," Matthew Thomas,
an analyst at Alfa Bank in London, told the paper.

Meanwhile, a bid to change the board and corporate charter of
Sibneft at Sunday's extraordinary general meeting failed for
lack of quorum.  A Yukos spokesman said there was no quorum
because Sibneft's registrar refused to accept ballots from
Yukos, which owns 92 percent of Sibneft.

"We will sue Sibneft in court for these shenanigans and we'll
also complain to the Federal Securities Commission," Dow Jones
quoted Yukos Spokesman Alexander Shadrin.

Mr. Shadrin said Yukos had voted its shares the day before and
sent representatives to the meeting. "We weren't given an
explanation for why our votes weren't counted," he told the
newswire.

Since the arrest of Misters Lebedev and Khodorkovsky, who
masterminded the US$14 billion Yukos-Sibneft merger, the latter
has been demanding a divorce.  But Yukos wants to complete the
merger first before signing any deal.


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


ADECCO SA: Financial Statements Deadline Extended to June
---------------------------------------------------------
The Board of Directors of Adecco S.A. announces that the Company
has reached agreement with its lenders on the terms of its
Syndicated Loan Facility.   As part of this agreement the
Company's obligation to deliver its 2003 audited financial
statements has been extended to June 18, 2004.

The Syndicated Loan Facility amounts to EUR580 million, of which
EUR180 million has currently been utilized exclusively for
letters of credit.

Jerome Caille, Adecco Chief Executive Officer said:  "We
currently have a strong liquidity position with over EUR1
billion of cash and cash equivalents and short-term investments.
Our priority is to continue to work diligently to release the
2003 audited results as soon as practicable."

As previously announced, publication of the audited 2003 results
is dependent upon the completion of certain aspects of the
independent review by Paul, Weiss, Rifkind, Wharton and Garrison
and continuing audit work by Ernst & Young.

About Adecco

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

The Adecco Group comprises three Divisions, Adecco Staffing,
Ajilon Professional and LHH Career Services.  In Adecco
Staffing, the Adecco staffing network focuses on flexible
staffing solutions for global industries in transition,
including automotive, banking, electronics, logistics and
telecommunications; Ajilon Professional offers an unrivalled
range of specialized consulting and project management
businesses and LHH Career Services encompasses our portfolio of
outplacement and coaching.

Adecco S.A. is registered in Switzerland and its shares (ISIN:
CH0012138605) are listed on the Swiss Stock Exchange with
trading on Virt-x (SWX/VIRT-X:ADEN), the New York Stock Exchange
(NYSE:ADO) and Euronext Paris - Premier Marche (EURONEXT: ADE).

CONTACT:  ADECCO S.A.
          Media Center
          Phone: +41 1 878 8888


SWISS INTERNATIONAL: Nominates Reputed Corporate Lawyer to Board
----------------------------------------------------------------
The SWISS Board of Directors is to propose the election of a new
member to its ranks: Swiss business attorney Rolf P. Jetzer.
The proposal will be submitted to the company's Annual General
Meeting of Shareholders on May 6.

Dr. Jetzer, who is based in Zurich, Switzerland, will be
proposed as the successor to Urs Rohner, who will relinquish his
seat on the Board at this year's Annual General Meeting.  Dr.
Jetzer, 54, who is a partner at Niederer Kraft & Frey, the
reputed Zurich law firm, can draw on extensive business
experience both as an attorney and as a member of various
corporate boards.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 848 773 773
          Fax:   +41 61 582 3554
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


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


ALLIANZ DRESDNER: Names Liquidators from PricewaterhouseCoopers
---------------------------------------------------------------
At the Extraordinary General Meeting of the Allianz Dresdner
Smaller Companies Investment Trust PLC Company April 23, 2004,
the Special Resolution to wind up the Company was passed.
Richard Setchim and Jonathan Sisson both of
PricewaterhouseCoopers LLP have been appointed Joint Liquidators
for the purpose of such winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          United Kingdom
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwcglobal.com
          Contact:
          Richard Setchim, Liquidator
          Jonathan Sisson, Liquidator


ANGLO ROOFING: Appoints Lines Henry Liquidator
----------------------------------------------
At an Extraordinary General Meeting of the Members of the Anglo
Roofing & Building Services Ltd Company on April 20, 2004 held
at The Express by Holiday Inn, Park Royal, Victoria Road, London
W3, the Extraordinary and Ordinary Resolutions to wind up the
Company were passed.  Neil Henry and Michael Simister of Lines
Henry, 27 The Downs, Altrincham WA14 2QD have been appointed
Joint Liquidators for the purpose of such winding-up.

CONTACT:  LINES HENRY
          27 The Downs
          Altrincham WA14 2QD
          Contact:
          Neil Henry, Liquidator
          Michael Simister, Liquidator


ATLANTIC ELECTRIC: Sold to Scottish and Southern for GBP90.7 Mln
----------------------------------------------------------------
Scottish and Southern Energy plc (SSE) has completed the
acquisition of the assets of Atlantic Electric & Gas Limited (in
administrative receivership) from the Receivers, KPMG LLP.  The
total consideration is GBP90.7 million in cash, predominantly
for the customer debt book but also for over 300,000 customers.
SSE is not taking on the bulk of the liabilities normally
associated with an energy supply business.

Atlantic is the seventh largest supplier of electricity and gas
in the U.K., with over 300,000 customers located throughout the
country.  The acquisition means SSE has more than 5.5 million
energy customers, an increase of one million since the start of
2002, and is now the fourth largest energy supplier in the UK.
The Atlantic brand will be retained, adding to SSE's existing
portfolio of three strong regional brands, Southern Electric,
SWALEC and Scottish Hydro-Electric.

Atlantic currently has offices in Cardiff, where SSE already has
a customer service center, and in Gloucester.  Its operations
will be fully integrated with those of SSE, including the
transfer of customers onto SSE's customer service system.  This
will be achieved over the next few months.  The acquisition will
make a valuable contribution to Group earnings.

SSE Chief Executive Ian Marchant said: "This acquisition
represents good value and complements our success in growing
customer numbers organically over the past two years.  I am
committed to making sure that all our new customers will benefit
from the high quality of customer service we offer, which
remains a key differentiator in energy supply.

"We believe that our commitment to customer service, combined
with our ability to offer a diverse range of energy-related
products, means we will be able to continue to grow our supply
business in the future."


AXIS DRIVER: Calls in Liquidator
--------------------------------
At an Extraordinary General Meeting of the Axis Driver Training
Company on April 14, 2004 held at Barringtons (Newcastle)
Limited, Richmond House, 570-572 Etruria Road, Basford,
Newcastle under Lyme, Staffordshire ST5 0SU, the Extraordinary
and Ordinary Resolutions to wind up the Company were passed.
Philip Barrington Wood of Barringtons (Newcastle) Limited,
Richmond House, 570-572 Etruria Road, Basford, Newcastle under
Lyme, Staffordshire ST5 0SU has been appointed the Liquidator of
the Company for the purpose of such winding-up.

CONTACT:  BARRINGTONS (NEWCASTLE) LIMITED
          Richmond House
          570-572 Etruria Road, Basford,
          Newcastle under Lyme,
          Staffordshire ST5 0SU
          Contact:
          Philip Barrington Wood, Liquidator


A-Z BUILDING: Hires Liquidator from Rendall Thompson
----------------------------------------------------
At an Extraordinary General Meeting of the A-Z Building
Solutions Limited Company on April 20, 2004 held at 30 Reading
Road South, Fleet, Hampshire GU52 7QL, the Extraordinary and
Ordinary Resolutions to wind up the Company were passed.  Robert
James Thompson of Rendall Thompson, 30 Reading Road South,
Fleet, Hampshire GU52 7QL has been appointed Liquidator of the
Company for the purpose of the voluntary winding-up.

CONTACT:  RENDALL THOMPSON
          30 Reading Road South,
          Fleet, Hampshire GU52 7QL
          Contact:
          Robert James Thompson, Liquidator


BANK OF CREDIT: Court Hearing Extended Indefinitely
---------------------------------------------------
The House of Lords' is to hear an appeal by the Bank of England
on the case brought against it by Deloitte & Touche, liquidators
of Bank of Credit & Commerce International (BCCI).

Bank of England is being accused of "misfeasance in public
office" in its supervision of BCCI, which collapsed in 1991.  It
was permitted to file for reconsideration after the bank's legal
team convinced the magistrates to reconsider its earlier no-
appeal verdict.

Its lawyers handed new documents from a public inquiry into the
collapse of BCCI in 1991 for the perusal of the court.  The file
contains internal Bank notes and letters between BCCI's
solicitor Freshfields and Lord Justice Bingham from.

There is no date yet for the hearing, but the court decision
means the schedule of the case will extend beyond April until
the summer.  That means a verdict is now unlikely to come before
late next year, according to The Telegraph.


B E L DEVELOPMENTS: Special Resolution to Wind up Company Passed
----------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the B E L
Developments Limited Company on April 19, 2004 held at The White
Cottage, 19 West Street, Epsom KT18 7BS, the Special Resolution
to wind up the Company was passed.  Robert Leonard Harry Knight
of Vantis Business Recovery, The White Cottage, 19 West Street,
Epsom, Surrey KT18 7BS has been appointed the Liquidator of the
Company for the purpose of such winding-up.

CONTACT:  VANTIS BUSINESS RECOVERY
          The White Cottage,
          19 West Street, Epsom,
          Surrey KT18 7BS
          Contact:
          Robert Leonard Harry Knight, Liquidator


BHF ADDISCOMBE: Shareholders Approve Winding up of Business
-----------------------------------------------------------
At an Extraordinary General Meeting of the BHF Addiscombe
Limited Company on April 16, 2004 held at 311 Ballards Lane,
Finchley, London N12 8LY, the subjoined Extraordinary Resolution
to wind up the Company was passed.  Sabia Sahota of BBK
Partnership, 311 Ballards Lane, Finchley, London N12 8LY had
been appointed Liquidator for the purpose of such winding-up.

CONTACT:  BBK PARTNERSHIP
          311 Ballards Lane,
          Finchley, London N12 8LY
          Contact:
          Sabia Sahota, Liquidator


CANTERBURY FOODS: Ends 2003 in Red; Blames Restructuring
--------------------------------------------------------
Chairman's Statement on Preliminary Results for 12 Months Ended
31 December 2003:

FY2003 was a year of significant change for Canterbury Foods
Group PLC.  We disposed of our Spacehire vegetable processing
and re-packing subsidiary in July for a consideration of
approximately GBP1.8 million and also sold our Global Meat
Trading Division to Angliss International Limited in September
for a consideration of approximately GBP10.1 million.  These
disposals allow the Group to focus its efforts into its core
business of food manufacturing, where we consider that there are
better long-term opportunities.

Also in September, we changed our name from The Global Group plc
to Canterbury Foods Group PLC, to more accurately reflect the
focus of the continuing activities of the Group, and moved our
stock market listing from the Official List to AIM, which we
believe is more appropriate for a Group with our market
capitalization and reduces our central cost overhead.  At the
same time we consolidated our shares to reduce the bid/offer
spread and to improve liquidity in our stock.  The associated
deferred shares will be eliminated in due course.

The board structure was altered, with Paul Ainsworth replacing
Robert Mollison as Group Chief Executive and Alison Everatt
replacing Colin Copland as Group Finance Director.  Ron
Waterhouse retired from the Board as a non-executive after a
number of years excellent service.  We thank Ron for his
contribution to the business.  Finally, I joined the Group in
December as Non-Executive Chairman and Ken Manley moved from his
role as Executive Chairman to become a Non-Executive
Director.  We thank Ken for his efforts as Chairman and we are
pleased to retain his experience and expertise within the Group.

The results for 2003 need to be seen in the light of these
changes to the structure and focus of the Group.  Group loss
before tax, exceptional items and goodwill amortization was
GBP1,413,000 compared with a profit of GBP712,000 in 2002.
However, the continuing business shows an increase in operating
profit before goodwill amortization to GBP254,000, from an
operating loss of GBP13,000 in 2002.

Turnover reduced to GBP112.3 million, from GBP143.0 million in
2002, reflecting the disposals during the year.  Sales on the
continuing operations were GBP49.4 million, down 6.8% against
2002.  Adjusted earnings per share were a loss of 6.9p, against
a 3.6p profit in 2002 (adjusted for the share consolidation).
Exceptional items include the loss on disposal of GBP2.6 million
relating to the sale of our Meat Trading Division and Spacehire
businesses.

The Directors do not propose the payment of a dividend.

                Strategic Review of the Business

Meat Trading

As previously stated, we disposed of our Meat Trading Division
on September 5, 2003 to Angliss International Limited, a
subsidiary of Vestey Holdings Limited, for a consideration of
approximately GBP10.1 million.

This followed a strategic review of our business, which
concluded that the Group should focus its resources and efforts
on food manufacturing and reduce its exposure to the
fluctuations of the meat commodity markets.  Further, the sale
of the meat trading activities allowed the Group to
significantly reduce debt and improve cash flow.

Up to the sale, turnover in meat trading was GBP71.7 million,
down from GBP98.3 million in 2002.  Operating profit was
GBP408,000 compared to GBP2.4 million in 2002, reflecting the
harder trading conditions experienced throughout the global
commodity markets.  We retain a good working relationship with
Angliss.

Canterbury Foods

Turnover on the continuing business was GBP49.4 million, down
from GBP53.0 million in 2002, which included GBP4.6 million of
turnover generated from Burger King as the contract finally
ceased during June 2002.  Excluding Burger King, sales rose by
approximately GBP1.0 million and tonnages in all the major
product sectors were ahead of 2002, except burgers where the
market remains extremely competitive.

Our in-house central distribution was moved to a third party
during the year, resulting in reduced complexity and
considerable cost savings.

Operating margins held up well during the year despite continued
and increasing price pressure.  The focus was on driving further
operational efficiency improvements and streamlining the
business wherever possible.  We have made significant advances
in this area, but we have scope for further improvements.

Staff

I should like to thank all the staff of Canterbury Foods for
their hard work and continued support during this period of
change in the Group.

Fund Raising

You will see from the preliminary announcement of the results
for the year ended December 31, 2003 that the Directors propose,
subject to the passing by shareholders of relevant resolutions,
to raise GBP6.18 million, by way of the issue of further shares.

Current Trading and Outlook

A number of new business gains were made early in the current
year and these should offset volume pressures elsewhere and
provide some sales growth during the year.  Raw material prices,
particularly red meat, have risen sharply and we expect to
experience these increased prices throughout the rest of the
year.

Further sustainable cost improvements have been introduced and
following the proposed fundraising mentioned above, your
Directors are particularly optimistic about the Group's future
prospects.

                      Review of Operations

Chief Executive's Statement

Sales by Canterbury Foods fell by 6.8% during the year because
the year-on-year comparison still included GBP4.6 million of
sales to Burger King during 2002.  Excluding BK, sales were
ahead by 2.1%.

During the year the business continued to be reshaped to deliver
a more sustainable profit performance.  Burgers, where there is
strong competition, represented 36% of sales during the year,
down from 41% in 2002, and over 55% of our business in 2001.
Pastry products, sausages and food ingredients all grew as
a percentage of turnover, with new business wins.  We continue
to focus our sales effort into these areas and expect to see
these growing as a percentage of our business in future years.

Raw materials prices were stable during the first half but
started to move upwards during the latter half of the year.
Price pressure remained intense and we were unable to pass these
increases onto our customers.  However the program of continuous
cost improvements and further reductions in the central costs of
the business meant that we were able to increase operating
margins in the second half of the year.

We identified that there were substantial operational and cost
benefits to be achieved by moving our storage and distribution
from in-house control to a third party.  This was finalized by
September and has delivered both an improved service and reduced
costs.

Because major capital had been spent during 2001 and early 2002
on new state of the art equipment, particularly in pastry
products, we were able to focus our capital expenditure into
areas of further cost improvement and increased efficiencies.
We also spent a significant amount on upgrading our facilities
to ensure that we provide a safer working environment for our
employees.

The management board was restructured at the mid year, with the
appointment of a Purchasing and Supply Director to bring
increased focus to this area of our business.  We should see the
benefit of that appointment fully during 2004.

The technical and environmental demands on the Group continued
to increase during the year.  We passed all the EFSIS audits at
the higher level and we invested to comply with new labeling and
meat regulations.  We met the climate change levy targets,
giving us an energy cost reduction, and exited the year with a
positive balance of climate change levy credits.

Management information improved throughout the year and we
appointed a Commercial Accountant to improve further the link
between our factories and the sales team.  This appointment is
already showing benefits in improving our range management and
new product development decision-making.

As we have created greater efficiencies in the business, we have
been able to reduce staff numbers during the year.  This has
meant that we have made a number of redundancies, which has had
a subsequent knock-on effect on staff morale.  However, the
greater focus on food manufacturing, the continued reshaping of
the business to improve efficiencies and competitiveness and the
change of the Group name to reflect that focus have provided the
business with renewed impetus and have improved morale.  This
has put the Group in a better position in the current year.

                        Financial Review

Group Results

Group turnover fell by 21.5% to GBP112.3 million, from GBP143.0
million last year.  This decrease reflects the disposal of the
Spacehire vegetable and storage business in June and of the Meat
Trading Division in September.  Turnover for the continuing
business fell by 6.8% to GBP49.4 million from GBP53.0 million,
this reduction being due to the final loss of the BK contract in
June 2002, partially offset by business gains elsewhere.

Group operating profit before exceptional items and goodwill a
amortization was GBP0.5 million, compared to GBP2.7 million last
year, but the continuing business shows a move into operating
profit of GBP254,000 from an operating loss of GBP13,000 in
2002.  Discontinued operations in the year represent the results
of the two businesses disposed of up to the date of sale.  The
2002 comparative figures also include the results of Fricke
Global GmbH, a subsidiary that was closed at the end of
2002.

Exceptional items of GBP2.9 million represent the loss on the
disposal of the Meat Trading Division, costs relating to the
disposals of the Meat Trading Division and Spacehire, closure
costs associated with the move to third party distribution and
other reorganization costs.

Disposals

On 30 June 2003 the Group disposed of the Spacehire vegetable
and storage business for a consideration of approximately GBP1.8
million and, on 5 September, disposed of the Meat Trading
Division for a consideration of approximately GBP10.1 million.
These cash considerations were used to reduce bank debt.

Cash Flow

Overall debt at the end of 2003 was GBP18.2 million which
compares to GBP26.8 million at the end of 2002.

Upon completion of the sale of the Meat Trading Division on 5
September 2003, a new bank facility was put into place.  This
facility consists of a medium term loan of GBP11 million, an
overdraft facility and an invoice discount facility.  Prior to
this, the bank loans and overdrafts were all due within one
year.

Accounting Policies

The 2003 accounts of the Group are prepared in accordance with
all applicable U.K. accounting standards.

Going Concern

In the context of the proposed fundraising of GBP6.18 million
and having regard to the continuing support provided by the
Group's bankers, the Directors consider that the Group has
adequate resources to continue in operational existence for the
foreseeable future.  For this reason they continue to adopt the
going concern basis in preparing the Group's financial
statements.

Financial statements are available free of charge at:
http://bankrupt.com/misc/CanterburyFoods_2003.htm


CANTERBURY FOODS: Raising GBP6.18 Million via Share Placement
-------------------------------------------------------------
Canterbury Foods announces that it is proposing to raise GBP6.18
million (before expenses) by way of a placing of 20,600,000 new
ordinary shares of 10p each (Placing Shares) at 30p per share
(the Placing Price).  It has also published its preliminary
results for the financial period ended 31 December 2003.

Shareholders are being sent a circular, the purpose of which is
to provide shareholders with further information on the Placing,
which is being carried out on a non pre-emptive basis, and to
convene an Extraordinary General Meeting for the purposes of
increasing the authorized share capital of the Company and
granting the Directors the necessary authorities to effect the
Placing.  Notice of the EGM, which will be held at 11:00 a.m. on
May 28, 2004, is set out in the Circular.

Background and reasons for the Placing

In the Chairman's statement in the preliminary results, the
Company describes the significant changes undertaken by the
Company in the previous 12 months.  The disposals of the
vegetable processing and repackaging and the meat trading
businesses allowed Canterbury Foods to reduce debt, restructure
its banking facilities and focus on its core business of food
manufacturing.  The Company's name was changed from The Global
Group plc to Canterbury Foods Group PLC and its stock market
quotation was moved from the Official List to AIM. The Board was
restructured with the appointment of Paul Ainsworth as Chief
Executive and Alison Everatt as Finance Director and Christian
Williams accepted the position of Chairman in December 2003.

The Company's new management team have, during this period,
succeeded in winning new business, negotiating an additional
bank facility of GBP750,000 to fund capital expenditure, with an
estimated payback period of less than 2 years, and outsourcing
distribution to a third party.  In addition, further
productivity improvements have been achieved.  The results of
these actions and cost-saving measures taken by the new
management team has led to a turn-around in the Group's finances
so that in the second half of 2003 the remaining parts of the
Group, after stripping out the effects of the businesses that
were sold, were close to breaking even and the Group's
performance satisfied its banking covenants.

The Board's strategy is to continue to drive efficiency
improvements throughout the Group.  It is proposed to
rationalize the Group's meat factories and to reduce its
duplicated overheads, whilst further investing in the chilled
and cooked facilities to develop the Company's position in
sausages and reduce exposure to red meat.  The Board also
intends to invest in the Group's established position in pastry
products, to remove current capacity constraints, and in its
food ingredients business, to reduce costs and be in a position
to take advantage of the opportunities identified in the chilled
ingredients market.  It is estimated that this strategy of
improving efficiencies, reducing costs and maximizing new
opportunities will result in potential cost savings to the Group
of up to GBP2.3 million per annum and potential sales growth of
up to GBP11 million by 2007.

The Directors propose that this investment program be funded by
the proceeds of the Placing.  The Placing will broaden the
institutional shareholder base of the Company and permit the
implementation by the executive Directors of this program,
building on their achievements to date.

The Placing

The Company is proposing to raise GBP6.18 million (gross) by the
issue of 20,600,000 new Ordinary Shares at the Placing Price
(equivalent to approximately 126% of the existing issued
Ordinary Shares) to institutional and other clients of Teather &
Greenwood and JM Finn & Co and to the Directors.  The Placing
Price represents a discount of approximately 4.8% to the closing
mid market price of the Ordinary Shares on 29 April 2004.  The
net proceeds of the Placing will amount to approximately
GBP5,849,600, and will principally fund the rationalization
program referred to above, selective capital expenditure and the
working capital requirements of the Group.  The Placing is
conditional on the passing of the resolutions to be proposed at
the EGM.

The Directors have committed to subscribe for new Ordinary
Shares pursuant to the Placing at the Placing Price.  A total of
500,000 new Ordinary Shares will be issued to the Directors as
part of the Placing.  Details of each of the Directors' holdings
of existing issued Ordinary Shares, the number of Placing Shares
which they are each subscribing for, each of their holdings
following the Placing and the percentage of the total issued
share capital, following the
Placing, that each such holding will represent are set out in
the table below:

Director      No of      Existing   Holding following  % of
              Placing    Holding    the Placing      Enlarged
              Holding                              Share Capital

C D L
Williams       100,000     75,000       175,000          0.5%
P A Ainsworth   83,333     10,000        93,333          0.3%
A J Everatt     66,667      2,821        69,488          0.2%
K G Manley*    166,667  1,970,000     2,136,667          5.8%
A P Baker       83,333     23,800       107,133          0.3%
TOTAL          500,000  2,081,621     2,581,621          7.0%

*includes the holding of Jane Horn, an associate of KG Manley

Under the Placing Agreement, Teather & Greenwood and JM Finn &
Co have agreed to use their reasonable endeavors to procure
placees for the Placing Shares at the Placing Price.  The
Placing Agreement is conditional on, inter alia, the passing of
the resolutions set out in the Notice of EGM and admission to
trading of the Placing Shares on AIM. The Placing is not
underwritten.

The Placing Shares are not being offered generally to
shareholders, whether on a pre-emptive basis or otherwise.  The
Directors believe that the additional cost and delay which a
rights issue or open offer would entail would not be in the best
interests of the Company in the circumstances.

The Placing Shares will rank pari passu in all respects with the
existing issued Ordinary Shares.  Application will be made to
the London Stock Exchange for the Placing Shares to be admitted
to trading on AIM.  Subject to such admission becoming
effective, it is expected that dealings in the Placing Shares
will commence on 1 June 2004.

Arrangements with Barclays

Subject to completion of the Placing, the Company and Barclays
have agreed certain changes to the terms of the Group's existing
facilities which are designed to permit the application of the
proceeds of the Placing to implement, among other things, the
factory rationalization program.

In particular, Barclays has agreed that those provisions of the
facility letter relating to the Company's medium-term loan,
which require the Company to make additional repayments of the
loan within 30 days of the Company's financial year end to the
extent there is excess cash (as defined in such facility letter)
available will not apply to the proceeds of the Placing.  These
proceeds will be available at all times for the general purposes
of the Group.  Barclays' existing security arrangements will not
be affected by the establishment or operation of this account.

The Directors believe that the proceeds of the Placing will
enhance the financial position of the Company.  In particular,
the Directors intend to review the best use of the funds raised
in excess of the GBP5 million required for the restructuring of
the business and would not exclude the possibility of applying
some of such excess funds towards facilitating a successful
renegotiation of the Company's banking facilities.

Long Term Incentive Plan

The Board considers it appropriate to ensure that the Group's
management team, including the Chairman, should be suitably
incentivized to create additional value for shareholders over
the medium term, in addition to the remuneration and other
benefits payable under their service agreements.

Accordingly, the Directors propose, as soon as practicable after
the posting of the Circular, to arrange for the adoption of a
Long Term Incentive Plan.  It is anticipated that a resolution
relating to the plan will be put to the AGM of the Company and
shareholders will be given details of the proposals shortly.

These incentives will include all or any of the grant of options
under the Company's share option schemes; payments by way of
additional pension contributions under Directors' employment
arrangements; and the award of restricted shares under the Long
Term Incentive Plan.

Extraordinary General Meeting

The Placing is conditional on the passing of the resolutions to
be proposed at the Extraordinary General Meeting of the Company
to be held at the offices of Clyde & Co, 51 Eastcheap, London
EC3M 1JP at 11:00 a.m. on May 28, 2004.

Recommendations

The Directors consider that the Placing is in the best interests
of the Company and its shareholders taken as a whole and
unanimously recommend shareholders to vote in favor of
resolutions to be proposed at the EGM.

The Directors have undertaken to vote in favor of the
resolutions to be proposed at the EGM in respect of their own
beneficial holdings, which in aggregate amount to 131,621
Ordinary Shares, representing approximately 0.8% of the
Company's existing issued Ordinary Shares.  In addition, Jane
Horn, a substantial shareholder of the Company, has undertaken
to vote in favor of the resolutions to be proposed at the EGM in
respect of her shareholding of 1,950,000 Ordinary Shares,
representing approximately 11.9% of the Company's existing
issued Ordinary Shares.

CONTACT:  CANTERBURY FOODS GROUP PLC
          Paul Ainsworth (Chief Executive)
          Phone: 01482 326 234
          Alison Everatt (Finance Director)
          Phone: 01482 326 234

          TEATHER & GREENWOOD LIMITED
          Jeff Keating
          Stephen Austin
          Phone: 020 7426 9000

          BEATTIE FINANCIAL
          Brian Coleman-Smith
          Jo Clewlow
          Phone: 020 7398 3300


CORUS GROUP: Opens Senior Notes Offering, Bond Tender
-----------------------------------------------------
As part of Corus' drive to 'Restore Success', Philippe Varin,
Chief Executive said in his statement in the 2003 Report and
Accounts that 'the next stage of re-financing will focus on
extending the Group's debt maturity profile'.

Accordingly Corus announces that it intends to offer
approximately EUR500 million of senior notes due 2011 to certain
eligible investors.  This follows the refinancing of the
syndicated loan in July with a new EUR1.2 billion facility and
the successful Placing and Open Offer in December, which raised
nearly GBP300 million of new equity capital. This new equity
capital fully funded the launch of the 'Restoring Success'
initiatives including the U.K. Restructuring program.

If completed, Corus intends to use the proceeds of the offering
of the Notes to reduce existing borrowings, including to finance
a tender offer for the repurchase and payment of accrued
interest on the 5 3/8% Euro Bonds 2006.

David Lloyd, Director Finance, said: "We believe that this is an
opportune time to raise funds, taking advantage of favorable
conditions in the market to refinance existing bonds maturing in
the period 2006-2008.  The fundamentals in the global steel
industry are positive and our financial performance is improving
as evidenced by the return to operating profit in the first
quarter of 2004 and the expectation of further progress as the
year develops."

The Notes will include the type of covenants, which are
customary in the market for high yield debt securities,
including covenants relating to dividends, the incurrence of
debt and asset sales.

Corus intends to apply to the U.K. Listing Authority and to the
London Stock Exchange for the Notes to be admitted to the
Official List of the U.K. Listing Authority and to trading on
the London Stock Exchange.  The offer of the Notes would be made
pursuant to Rule 144A and Regulation S under the Securities Act
of 1933, as amended (the 'Securities Act').

Corus intends to invite holders of the Bonds to tender their
bonds up to 4:00 p.m. London time, on 3 June 2004.  Tenders must
be made in the manner specified in the Offer to Purchase that is
expected to be available from 4 May 2004.  There will be an
'Early Tender Date' of 4:00 p.m. London time on 18 May 2004.
The purchase price for the Bonds will be 102.5% of the principal
amount of tendered Bonds, if they are tendered for purchase on
the Early Tender Date plus accrued interest up to but excluding
the expected settlement date.  This price includes an 'Early
Tender Payment' of 1.00% for tenders received prior to the Early
Tender Date.  However, tenders received after the Early Tender
Date will not receive this payment.

The Tender Offer is subject to the satisfaction of certain
conditions, including Corus obtaining satisfactory financing and
obtaining the necessary waiver from its lending banks as well as
other general conditions.  The complete terms and conditions of
the Tender Offer will be set forth in the Offer to Purchase.
Copies of the Offer to Purchase will be available from Credit
Suisse First Boston (Europe) Limited, the Dealer Manager for the
Offer.

The lead manager for the offering of the Notes is Credit Suisse
First Boston (Europe) Ltd.  The co-managers are ABN Amro Bank
NV, HSBC Bank plc and ING Bank NV, London branch.  Credit Suisse
First Boston (Europe) Limited is serving as the Dealer Manager
and Solicitation Agent in connection with the Tender Offer.

This announcement does not constitute, or form part of, an offer
or solicitation of an offer to purchase or subscribe for
securities, or an invitation to engage in investment activity,
in the United States or any other jurisdiction.  The Notes
referred to herein have not been and will not be registered
under the United States Securities Act of 1933, as amended, and
may not be offered or sold in the United States, except pursuant
to an available exemption from registration.  No public offering
of securities is being made in the United States.

In connection with the offering of the Notes Credit Suisse First
Boston (Europe) Limited and any person acting for it may over-
allot or effect transactions with a view to supporting the
market price of the Notes at a level higher than that which
might otherwise prevail for a limited period after the issue
date.  However, there may be no obligation on Credit Suisse
First Boston (Europe) Limited (or any agent for it) to do this.
Such stabilizing, if commenced, may be discontinued at any time,
and must be brought to an end after a limited period.  Such
stabilizing shall be in compliance with all applicable laws,
regulations and rules.


CRUMP & STOKER: Hires D Lewis & Co Liquidator
---------------------------------------------
At an Extraordinary General Meeting of the Members of the Crump
& Stoker Associates Limited Company on April 21, 2004 held at 4
Woodbrook Crescent, Billiricay, Essex, the Extraordinary
Resolution to wind up the Company was passed.  David Lewis of D
Lewis & Co, 7 Nunappleton Way, Hurst Green, Oxted, Surrey has
been nominated Liquidator for the purpose of the winding-up.

CONTACT:  D LEWIS & CO
          7 Nunappleton Way, Hurst Green,
          Oxted, Surrey
          Contact:
          David Lewis, Liquidator


DAWSON INTERNATIONAL: Books GBP19.2 Mln Loss; Debt Up Twofold
-------------------------------------------------------------
Chairman's Statement on Preliminary Results for the Year Ended
January 3, 2004:

Overview

Immediately on appointment, I initiated a review of operations
to address the significant trading losses and unsustainable high
level of debt.  This review focused on improving operational
performance of all operating businesses, identifying
opportunities to improve cash flow and how to fundamentally
address the balance sheet weakness and high levels of debt.

Operations have now been split into clearly focused business
units each with their own set of customers, unique operational
requirements and dedicated management team.  The simpler
operational structure has reduced overhead costs.  Within each
business specific actions have been taken to decrease costs,
increase customer focus and service and improve operational
productivity.  Results for 2003 are clearly unacceptable but it
is anticipated that changes made as a result of the operational
review will, once fully implemented, fundamentally change future
results.

To address the high levels of debt, the Group has disposed of
the Ballantyne business, has negotiated, subject to final credit
committee approval, a new working capital debt facility for the
Dawson Forte subsidiary in the U.S.A and has agreed in
principle, a fully underwritten loan stock issue.  On
completion, these actions will ensure that the Group has
adequate underlying funding.  Full details of the disposal which
took place on 31 March, were set out in our circular to
shareholders of 15 March.  Full details of the new debt
facilities and the underwritten issue of Loan Stock will be set
out in a Prospectus which is expected to be posted to
Shareholders following completion of the U.S. working capital
facility which is anticipated during the first half of May.

                      Trading Review

(a) Fibres & Yarns

Todd & Duncan

Todd & Duncan, our U.K.-based, cashmere yarn business, suffered
from production planning and customer service issues which
affected sales and production costs.  These have been largely
addressed through a realignment of responsibilities within the
management structure.  The business has a clear management
structure with new appointments of Sales and Marketing Director,
Customer Service Director and Finance Director.  In addition, a
new Managing Director, Alick Campbell, joined in March 2004 to
lead Todd & Duncan.  He brings a wealth of international sales
and marketing experience gained in the textile sector.

Joseph Dawson

Initiatives have been taken to stem the significant losses
incurred during 2003 and enable Joseph Dawson to return to
profit.  These include the transfer of Afghan and Iranian
cashmere fibre processing from Kinross to a manufacturing
facility in China which is overseen by Joseph Dawson's own
technical team to ensure that stringent quality control is
maintained.  Customer reaction to the Chinese dehaired product
has been encouraging.

(b) Knitwear

Ballantyne Cashmere

As part of the strategic review, the Ballantyne Business was
sold to a consortium led by its Chairman, Alfredo Canessa and
Creative Director, Massimo Alba, backed by Luxembourg-based
private equity group Charme Investments S.C.A. for a cash
consideration, subject to adjustment for net asset values at
completion, of GBP14.55 million and the assumption by these
purchasers of GBP500,000 indebtedness of Ballantyne Japan.
Shareholders approved the transaction at an EGM on 31 March and
the sale has now been completed.  The sale of the Ballantyne
Business is a crucial step in the refinancing of the Dawson
International Group.

Barrie Knitwear

Sales volumes and turnover reduced during the year, reflecting
the commercial focus on the Ballantyne brand within the previous
Dawson Cashmere Knitters structure.  The business has been
restructured as a stand-alone entity and the current order book
is satisfactory.  Barrie knits for some of the world's leading
fashion and couture houses.

(b) Sourced knitwear

Dawson Forte Cashmere

Dawson Forte designs and sources cashmere garments from China
for U.S. private label and its own branded collection.  In 2003,
it produced a very satisfactory performance based on increased
market penetration by its strong and well-focused management
team.  The business relocated to a new showroom on 7th Avenue in
New York, providing separate selling spaces for branded and
private label cashmere.

Dawson Cashmere Company

The sourced cashmere brand DCC, marketed in Europe, moved into
profit during 2003 for the first time since its launch in 2002.

Disposal of Investment in China

Payments from King Deer, Dawson's former joint venture partner,
which were due following the sale of the Company's fixed asset
investment in China, have not met the original or revised
payment schedule.  Payments of $1.9 million were received in
2003.  Whilst the Company continues to actively seek the overdue
payments, the Board has taken a prudent view regarding the
carrying value of this debt.  The Board is still considering its
option to re-invest part of the proceeds in a restructured King
Deer.

Board Changes

On 25 June 2003 I was appointed Chairman of the Company
following the resignation of Ian Irvine.  I was formerly a main
board director of Coats Viyella.  At that time three new
directors joined the Board as non-executive directors: Alfredo
Canessa, chairman of the Ballantyne Business, Ross Burney, an
investment manager with Guinness Peat Group plc, and Lorenzo
Astolfi, head of investment banking at Abaxbank in Milan.

On 20 August 2003, Paul Munn resigned as Chief Executive and I
assumed the role of Executive Chairman.  On 22 January this year
Aidan Creedon, a chartered accountant with considerable
expertise in a range of industries, joined the Board as a non-
executive director.  On completion of the sale of the Ballantyne
Business, Alfredo Canessa resigned from the Board.

Outlook

The actions taken since the strategic review should result in a
more stable financial position for the Group.

                   Financial Review

Overview

The financial performance in 2003 culminated in an operating
loss of GBP9.6 million before goodwill impairment of GBP1.5
million and exceptional charges of GBP7.0 million.  After
exceptional costs, goodwill impairment, interest and tax the
overall loss for the year was GBP19.2 million.  Net debt
increased from GBP4.2 million to GBP10.1 million, an increase of
GBP5.9 million.

As a result of the deterioration in trading performance, the
Clydesdale Bank declined to renew a documentary credit facility
of GBP5 million which was replaced during the year by a
shareholder loan facility of GBP5 million.  The Group's
principal borrowing facilities of GBP20 million, provided
jointly by The Royal Bank of Scotland and Bank of Scotland, were
renewed during the year following the grant of fixed and
floating charge securities. These facilities were made available
on an on-demand basis and a commitment was made to the banks to
substantially reduce the level of borrowings.

On 31 March 2004, the Group completed the disposal of the
Ballantyne Business.  The gross consideration, subject to
adjustment for net asset values on completion, was GBP14.55
million with the purchaser assuming GBP0.5 million of debt in
Japan.  The proceeds have been used to reduce borrowings.
Further measures to improve the Group's financial position,
including a capital raising exercise, are in progress.

Operating Results

Turnover for the year was GBP68.3 million (2002: GBP61.2
million).  Both the Fibres & Yarns and Sourced Garments segments
increased their turnover by GBP3.6 million.  The operating loss
for the year was GBP18.1 million (2002: GBP6.5 million).  The
base operating loss (before goodwill impairment and exceptional
charges) was GBP9.6 million (2002: GBP4.9 million).  Fibres &
Yarns base operating losses widened from GBP0.8 million to
GBP3.1 million.  Margins were impacted by falling cashmere fiber
prices, low productivity, bad debts and poor price recovery.
Knitwear base operating losses widened from GBP2.1 million to
GBP3.5 million.  The Spring season was particularly poor, only
partly recovered by a strong Autumn season in Italy for the new
Ballantyne range.  Sourced Garments increased base operating
profit from GBP0.5 million to GBP1.1 million with higher market
penetration on lower gross margins.  Pension costs were GBP1.2
million higher than in 2002.

Exceptional charges

Exceptional charges excluding goodwill impairment were GBP7.0
million (2002: GBP2.1 million).  GBP3.7 million relates to a
debtor provision discussed below, GBP1.8 million to fixed asset
impairments in respect of the Kinross dehairing facility and the
retained knitwear business, GBP0.4 million to redundancy costs
in the knitwear businesses and GBP1.1 million to environmental,
pension and other costs incurred by discontinued businesses.
All costs incurred by discontinued businesses in 2003 were
charged against operating profit due to the length of time since
closure.  A goodwill impairment charge of GBP1.5 million was
taken (2002: nil) eliminating all capitalized goodwill relating
to the Holdsworth and Ballantyne Japan businesses.

As noted in the last annual report, the Company reached an
agreement in 2002 to sell its fixed asset investments in China
back to former joint venture partner King Deer.  The total
consideration was $10.8 million with an option to re-invest up
to $3.3 million in a restructured King Deer.  The balance of
$7.5 million was payable over a two year period commencing in
December 2002. Total payments of $1.9 million were received in
2003.  The Board, while continuing to pursue re-investment and
repayment options, has provided GBP3.7 million against the
outstanding payment and reinvestment balances.

Pension Costs

U.K. pension costs, computed on a SSAP 24 basis, were GBP2.5
million (2002: GBP1.3 million).  In addition, an exceptional
charge of GBP0.4 million (2002: GBP1.1 million) was taken in
respect of the discontinued U.S. pension scheme.  Any shortfall
arising on the discontinued scheme is provided in full in the
year arising.

Interest

The net interest charge for the year was GBP1.0 million (2002:
GBP0.2 million).

Taxation

The taxation rate on losses on ordinary activities before
exceptional items was lower than the U.K. corporate tax rate of
30 per cent, mainly due to the non-recognition of a tax asset on
the losses incurred in the year.  FRS 19 requires that deferred
tax liabilities be provided in full and deferred tax assets be
recognized to the extent they are considered recoverable.  There
are substantial potential deferred tax assets in both the U.K.
and USA, however, the deferred tax asset has been restricted to
GBP1.5 million.

Earnings Per Share

The basic loss per share was 18.9 pence (2002: 8.5 pence).  The
adjusted loss per share, calculated on the loss of continuing
operations before exceptional charges and goodwill impairment
was 10.5 pence (2002: 5.1 pence).  The weighted average number
of shares in issue during both 2003 and 2002 was 101,506,000.

Dividends

No dividends were paid or proposed in the year.

Cash Flow

The net cash outflow for the year before management of liquid
resources and financing was GBP5.1 million (2002: GBP13.3
million).

The net cash outflow from operating activities before
exceptional charges was GBP3.2 million (2002: GBP8.5 million).
Operating losses before depreciation of GBP8.3 million were
partly offset by a reduction of GBP5.1 million of working
capital.  The cash cost of exceptional items, including amounts
provided in previous years, was GBP1.3 million (2002: GBP3.7
million).

Capital expenditure of GBP1.3 million primarily to develop the
Ballantyne showroom and flagship shops in Tokyo and Notting
Hill, London was partly offset by GBP0.4 million proceeds of
fixed asset disposals, resulting in a net outflow of GBP0.9
million (2002: GBP0.2 million inflow).

Proceeds of GBP1.3 million were received in respect of the
disposal of the Group's fixed asset investments in China.

Treasury

The Group has outsourced its foreign exchange dealing and cash
management operations to the Royal Bank of Scotland, however, it
retains a centralized Treasury function which is responsible for
implementing the policies established by the Board to manage
liquidity, interest rate and currency risks.  In particular, the
Treasury function is responsible for monitoring the currency
exposures of the Group and advising appropriate hedge
transactions to the bank.

No speculative transactions are permitted.  These activities
were impaired by insufficient credit facilities.

The Group's funding policy is to negotiate facilities sufficient
to cover forecast net borrowings for the following 12-month
period.  Committed bank facilities could not be obtained due to
the Group's trading position.

The Group's interest rate policy is that 50% of any core net
borrowings will be at fixed rates of interest.  However, in
2003, the Group borrowed only at floating interest rates.

The Group's policy on currency risk is to minimize the impact of
currency risk arising from currency transaction flow.
Accordingly, a large proportion of transaction flows are hedged
forward, usually within an 18-month time frame, using forward
foreign exchange contracts.  Translation exposures on income
streams are not hedged. The exposures arising on translation of
net assets are not hedged as the Group no longer has significant
assets denominated in currencies other than sterling.  These
policies were hampered by the lack of credit facilities.

The average exchange rate used to translate U.S. dollar income
into sterling for reporting purposes was $1.64 (2002: $1.50);
the year-end rate was $1.79 (2002: $1.60)

Market Risk

The Group is exposed to an underlying volatility in cashmere
material prices.  There is a recognized price cycle which
greatly impacts customer demand and it is noticeable that this
cycle has become more compressed.  In a falling market this
leads customers to defer purchases in anticipation of lower
selling prices.  There is no cashmere commodity market which
would enable the Group to hedge this risk which is managed
instead by strict control of working capital.  These activities
were hampered by lack of working capital.

Michael G Hartley
Chairman

A copy of the financial statements is available free of charge
at: http://bankrupt.com/misc/DawsonQ12004.htm


DUO AIRWAYS: Calls in Administrators from Deloitte
--------------------------------------------------
Bill Dawson and Andrew Peters, partners of Deloitte, were
appointed Joint Administrators to Duo Airways Limited (duo) on 1
May 2004.  They act as agents of the company and without
personal liability.  Following this appointment Duo has ceased
to trade and there will be no further flights.

Passengers who have booked flights, which are now cancelled, are
unlikely to be protected by ATOL.  However, if they have paid by
credit card, the amount was more than GBP100 and that credit
card is issued under an agreement between a credit card company
and an individual, sole trader or partnership, then the credit
card issuer may be responsible under the Consumer Credit Act for
giving a refund.

We recommend that passengers contact their credit card company
for more details.

Passengers who have travel insurance should contact their
insurance provider for more details.

Passengers who booked and paid a travel agent for flights,
should contact the agent for advice.

Passengers paying for flights by any other source namely cash or
cheque will have an unsecured claim against Duo.

If a company has paid for the tickets via any source, it is
likely that the company will have an unsecured claim against
Duo.

We are unable to repatriate passengers who are abroad and
therefore they need to make alternative arrangements to return
home.

Should you wish to discuss the position please write to Duo at:

CONTACT:  DUO AIRWAYS LIMITED
          2245 Coventry Road
          Birmingham B26 3NG
          Phone: 0121 743 9090

          DELOITTE & TOUCHE
          201 Deansgate
          Manchester M60 2AT


EGG PLC: Sale to U.S. Credit Card Firm Forthcoming, Says Report
---------------------------------------------------------------
American credit card company MBNA is thought to be the favored
bidder to acquire the Internet bank of Prudential, Egg plc, in a
transaction potentially worth more than GBP1.4 billion,
according to the Financial Times.

Prudential, which owns a 79% stake in Egg, announced the auction
of the business four months ago when it received an unsolicited
approach for the operation.  It entered exclusive talks with
Royal Bank of Scotland, but the contract expired without an
agreement.

MBNA is reported last month to have submitted an offer to
Prudential, and is in believed in continuing discussions
regarding a purchase.  The report said, an agreement could be
announced next month.

The City is anxious to sell the troubled business, whose move
into France was blamed by analysts for a GBP34 million-loss last
year.  Egg reported losses in the first quarter had narrowed to
GBP4.9 million, down from GBP15.7 million in the first quarter
of 2003.

Meanwhile, observers say MBNA's acquisition of Egg could help
the U.S. giant in its drive to expand into Europe.


ELDRIDGE POPE: Managed Estate Performance Below Expectations
------------------------------------------------------------
The board of Eldridge Pope & Co., plc reports that the trading
environment continues to be extremely challenging for the
majority of its business.  Whilst the Company's tenanted
portfolio (43 units) continues to trade in line with
expectations with like-for-like sales performance for the 26
weeks to 3 April up 4.1%, the sales performance across its
managed estate has been below expectations.

Within the managed estate, Pubs continue to show a positive
like-for-like sales performance over the 29 weeks to 24 April
2004, but the sales performance of Inns and Bars has suffered
from a combination of intense competition on the high street and
disappointing food sales in Inns.

Uninvested Like for Like Sales

                   29 weeks trading to          Number of Units
                     April 24, 2004

Pubs                    +2.9%                        26

Inns                    -3.7%                        20

Bars                    -11.3%                       24

Total managed           -5.6%                        70

For consistency the Bars like for like numbers exclude the sales
performance of 5 leasehold sites, which are earmarked for
disposal and were detailed in the preliminary results in
December 2003.  The performance of these sites continues to have
a material impact on the Bar performance as a whole.

As a result of these factors, the board expects that the
Company's performance for the year ending 2 October 2004 will be
materially below current market expectations.

The board of Eldridge Pope outlined its strategy at the time of
the Company's preliminary results, on which significant progress
has been made.  In the light of current trading, the board is
reviewing further actions to improve performance.

It is intended to announce the Company's interim results for the
half year ended 3 April 2004 on 28 May 2004.

CONTACT:  ELDRIDGE POPE & CO PLC
          Susan Barratt, Chief Executive
          Phone: 01305 258195

          COLLEGE HILL
          Justine Warren
          Matthew Smallwood
          Phone: 020 7457 2020


FRANK GORMAN: Names Liquidator from Tomlinsons
----------------------------------------------
At an Extraordinary General Meeting of the Frank Gorman
Manufacturing Limited Company on April 19, 2004 held at
Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3
3EL, the Resolutions to wind up the Company were passed.  Alan H
Tomlinson of Tomlinsons, St John's Court, 72 Gartside Street,
Manchester M3 3EL has been appointed as Liquidator for the
purpose of such winding-up.

CONTACT:  TOMLINSONS
          St John's Court
          72 Gartside Street,
          Manchester M3 3EL
          Contact:
          Alan H Tomlinson, Liquidator


GOSHAWK INSURANCE: Rebrands Bermuda Reinsurance Operations
----------------------------------------------------------
GoshawK Insurance Holdings plc announces the rebranding and
renaming of its Bermuda based reinsurance subsidiary, GoshawK
Re, as Rosemont Reinsurance Ltd. (Rosemont Re), with effect from
30th April 2004.

The purpose of the rebranding is to further differentiate the
Bermuda operation from the discontinued operations of the group
and to allow the underwriting team to continue building a new
franchise from the stable foundations already laid.

The process began at the end of last year with the
implementation of a short-tail underwriting strategy.  Rosemont
Re chose to exit several lines of business in favor of
concentrating its resources on its core competencies, property
and marine reinsurance.

Russell Brooke, Chief Executive commented:

"The rebranding is yet another step in achieving our three key
objectives for 2004, which are enhanced team, new strategy and
new franchise.  I am confident that Rosemont Re, under the
guidance of the new executive management team comprising Paul
Spencer, Jonathan Beck and myself, as well as our experienced
team of underwriters, will benefit from a distinct platform.'

"I look forward to putting the final touches to the underwriting
team shortly and I believe that we are now well positioned to
capitalize on our transparent business plan and our niche
position in the Bermuda market."

"Building a strong franchise always takes time. Good service,
expertise and consistency are areas where we are developing a
favorable reputation.  The re-branding is part of this franchise
building exercise and one that we are particularly excited
about.  This is something the whole team believes in and in many
ways represents the beginning of an exciting future."

Additional details can be found on Rosemont Re's new Web site
http://www.rosemontre.com.

                            *   *   *

The Group recently reported a loss before tax of GBP57.5 million
(2002 profit: GBP10.1 million) resulting from GBP73.2 million
loss from discontinued Syndicate operations.

CONTACT:  GOSHAWK INSURANCE HOLDINGS PLC
          Paul Spencer, Chairman
          Phone: +44 (0) 20 7621 0777

          Russell Brooke, Chief Executive
          Phone: +144 1278 0701

          Jonathan Beck, Finance Director
          Phone: +144 1278 0704

          COLLEGE HILL
          James Henderson
          Phone: +44 (0) 20 7457 2020
          E-mail: james.henderson@collegehill.com


HAGTHORNE COTTAGE: In Administrative Receivership
-------------------------------------------------
Name of Company: Hagthorne Cottage Nurseries Limited

Nature of Business: Wholesale of Flowers and Plants, Grow
Vegetables and Nursery Products

Trade Classification: Division 3 (15)

Date of Appointment: April 23, 2004

Administrative Receiver:  SMITH & WILLIAMSON LTD
                          Prospect House,
                          2 Athenaeum Road,
                          London N20 9YU
                          Receiver:
                          Stephen Cork
                          (IP No 8627)


HANCOCK ASSOCIATES: Members General Meeting Set June 3
------------------------------------------------------
There will be a General Meeting of the Members of the Hancock
Associates Limited Company on June 3, 2004 at 10:30 a.m.  It
will be held at Winchester House, Deane Gate Avenue, Taunton,
Somerset TA1 2UH.

The purpose of the Meeting is to lay before the Members the
account how the winding-up of the Company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodged at Winchester House, Deane Gate
Avenue, Taunton, Somerset TA1 2UH not later than 12:00 noon,
June 1, 2004.

CONTACT:  S J Milsted, Liquidator
          Winchester House,
          Deane Gate Avenue,
          Taunton, Somerset TA1 2UH


HANDSWORTH TRAINING: Calls in Liquidator
----------------------------------------
At an Extraordinary General Meeting of the Handsworth Training
Foundation Company on March 30, 2004 held at The Globe Hotel,
Theatre Street, Warwick, the Extraordinary and Ordinary
Resolutions to wind up the Company were passed.  David Halstead
Bottomley of Bottomley and Co, 3 Chapel Court, 42 Holly Walk,
Leamington Spa CV32 4YS has been appointed Liquidator for the
purpose of such winding-up.

CONTACT:  BOTTOMLEY AND CO.
          3 Chapel Court
          42 Holly Walk,
          Leamington Spa CV32 4YS
          Contact:
          David Halstead Bottomley, Liquidator


HARTSTONE GROUP: Wooster Investments Offers GBP3.2 Million
----------------------------------------------------------
Summary

The boards of Wooster Investments Pty Limited and The Hartstone
Group PLC have reached agreement on the terms of recommended
cash offers to be made by Hawkpoint on behalf of Wooster, for
the entire issued and to be issued ordinary share capital and
preference share capital of Hartstone not already held or
controlled by Wooster.

The Ordinary Offer will be 2 pence in cash for each Ordinary
Share, which values the existing issued ordinary share capital
of Hartstone at approximately GBP3.2 million.

The Ordinary Offer represents:

(a) a premium of approximately 13.0% over the closing
    middle market price of 1.77 pence per Ordinary Share on 29
    April 2004, the last business day prior to this
    announcement;

(b) a premium of approximately 25.0% over the closing
    middle market price of 1.60 pence per Ordinary Share on 17
    March 2004, the last business day prior to Hartstone's
    announcement that it had received an approach that may or
    may not lead to an offer for Hartstone; and

(c) a premium of approximately 58.7% over the average
    closing middle market price of 1.26 pence per Ordinary Share
    for the three month period to 17 March 2004.

The Preference Offer will be 95 pence in cash for each
Preference Share, which values the existing issued preference
share capital of Hartstone at approximately GBP9.5 million.

The Preference Offer represents:

(a) a premium of approximately 27.5% over the closing
    middle market price of 74.50 pence per Preference Share on
    29 April 2004, the last business day prior to this
    announcement;

(b) a premium of approximately 53.25% over the closing
    middle market price of 62.00 pence per Preference Share on
    17 March 2004, the last business day prior to Hartstone's
    announcement that it had received an approach that may or
    may not lead to an offer for Hartstone; and

(c) a premium of approximately 72.3% over the average
    closing middle market price of 55.13 pence per Preference
    Share for the three month period to 17 March 2004.

In aggregate, the Offers value the existing issued ordinary and
preference share capital of Hartstone at approximately GBP12.7
million.

Wooster has acquired 32,622,613 Ordinary Shares and consequently
now holds approximately 20.65 of Hartstone's existing issued
ordinary share capital.

In addition, Wooster has obtained irrevocable undertakings to
accept the Preference Offer from institutional investors in
respect of 4,541,000 Preference Shares, representing
approximately 45.4% of Hartstone's existing issued preference
share capital.  A holder of a further 831,496 Preference Shares
has indicated its intention to accept the Preference Offer.

The Hartstone Directors have also irrevocably undertaken to
accept or procure acceptance of the Offers in respect of their
own and their immediate families' entire beneficial holdings
amounting to 11,550,034 Ordinary Shares and 375,026 Preference
Shares, representing approximately 7.3% and 3.8% of Hartstone's
existing issued ordinary and preference share capital,
respectively.

The Offers are conditional, inter alia, on Hartstone
Shareholders approving resolutions to amend the rights of the
Preference Shares.

Commenting on the Offers, Tony Cheng, a director of Wooster,
said:

"Whilst Hartstone has clearly had a difficult time in recent
years, we believe that it can prosper under our ownership.  We
are pleased to offer Hartstone shareholders the certainty of our
cash offers and we look forward to welcoming Hartstone and its
employees to our group."

Commenting on the Offers, Shaun Dowling, Chairman of Hartstone,
said: "After a number of years of attempts to sell our Aigner
business, shareholders now have an opportunity to realize cash
for their shares at a significant premium to recent market
prices, which I shall do myself.  I am also very pleased that
Aigner and its staff will be able to develop the business in
tandem with a new and dynamic partner."

This summary should be read in conjunction with the full text of
the following announcement relating to the Offers.

A full copy of the offer document is available free of charge
at: http://bankrupt.com/misc/WoosterOffer.htm

CONTACT:  WOOSTER INVESTMENTS PTY LIMITED
          Tony Cheng
          Phone: 020 7665 4500

          HAWKPOINT (FINANCIAL ADVISER TO WOOSTER)
          David Renton
          Phone: 020 7665 4500

          THE HARTSTONE GROUP PLC
          Shaun Dowling
          Phone: 01494 787700

          STRAND PARTNERS LIMITED
          (Financial adviser to Hartstone)
          Simon Raggett
          Phone: 020 7409 3494


HIGHLINE LEASING: Appoints Liquidator from KPMG
-----------------------------------------------
At an Extraordinary General Meeting of the Highline Leasing
Limited Company on April 15, 2004 held at 2930 Center Green
Court S, Boulder, CO 80301, USA, the Special and Ordinary
Resolutions to wind up the Company were passed.  Jeremy Simon
Spratt and Stephen Treharne of KPMG LLP, 8 Salisbury Square,
London EC4Y 8BB have been appointed Joint Liquidators for the
purpose of such winding-up.

CONTACT:  KPMG LLP
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk
          Contact:
          Jeremy Simon Spratt, Liquidator
          Stephen Treharne, Liquidator


HOUSE LEATHER: Calls in Liquidator
----------------------------------
At an Extraordinary General Meeting of the Members of the House
of Leather Limited Company on April 21, 2004 held at 25 Harley
Street, London W1G 9BR, the Extraordinary and Ordinary
Resolutions to wind up the Company were passed.  Bernard Hoffman
and Ian Yerrill of 25 Harley Street, London W1G 9BR have been
appointed Joint Liquidators for the purpose of such winding-up.

CONTACT:  Bernard Hoffman, Liquidator
          Ian Yerrill, Liquidator
          25 Harley Street, London W1G 9BR


HUGO INTERNATIONAL: Appoints Liquidator from Oury Clark
-------------------------------------------------------
At an Extraordinary General Meeting of the Hugo International
Limited Company on April 22, 2004 held at Oury Clark, Herschel
House, 58 Herschel Street, Slough, Berkshire SL1 1PG, the
subjoined Extraordinary Resolution to wind up the Company was
passed.  Derrick Arthur Smith and Elliot Harry Green of Oury
Clark, Herschel House, 58 Herschel Street, Slough, Berkshire SL1
1PG have been appointed Joint Liquidators for the purpose of
such winding-up.

CONTACT:  OURY CLARK
          Herschel House
          58 Herschel Street, Slough
          Berkshire SL1 1PG
          Contact:
          Derrick Arthur Smith, Liquidator
          Elliot Harry Green, Liquidator


HUNTER ESTATES: Calls in Liquidator
-----------------------------------
Name of Companies:
Hunter Estates (Rentals) Limited
Hunter Estates Westminster Limited

At an Extraordinary General Meeting of these Companies on April
22, 2004 held at the offices of Valentine & Co., 4 Dancastle
Court, 14 Arcadia Avenue, London N3 2HS, the Extraordinary and
Ordinary Resolutions to wind up the Company were passed.  Robert
Valentine of 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS
has been appointed Liquidator for the purpose of such winding-
up.

CONTACT:  Robert Valentine, Liquidator
          4 Dancastle Court
          14 Arcadia Avenue, London M3 2HS


IMAGE AUDIT: Hires Liquidator from Pridie Brewster
--------------------------------------------------
At an Extraordinary General Meeting of the Image Audit
Consultancy Limited Company on April 15, 2004 held at 29-31
Greville Street, London EC1N 8RB, the subjoined Extraordinary
Resolution to wind up the Company was passed.  Hasan Imam Mirza
of Pridie Brewster, Carolyn House, 29-31 Greville Street, London
EC1N 8RB has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  PRIDIE BREWSTER
          Carolyn House
          29-31 Greville Street,
          London EC1N 8RB
          Contact:
          Hasan Imam Mirza, Liquidator


IMPERIAL CHEMICAL: Completes Sale of Food Ingredients Business
--------------------------------------------------------------
Imperial Chemical Industries PLC has completed the sale of the
Food Ingredients business of Quest International to Kerry Group
plc for US$ 440 million (GBP249 million) in cash.  ICI expects
total net proceeds after tax and other costs of about US$ 365
million (GBP206 million), which will be used to reduce
indebtedness.  The transaction was first announced on March 2,
2004.

                            *   *   *

The transaction follows a strategic decision to focus efforts in
Quest on restoring profitability in its core Flavour and
Fragrance businesses.  Following completion, further
restructuring will take place in Quest in order to eliminate
overheads.  A detail of this restructuring, which is expected to
have a cash cost of the order of US$20 million (GBP11 million),
will be announced in due course.


ITR TELECOM: Calls in Liquidator
--------------------------------
At an Extraordinary General Meeting of the ITR Telecom Limited
Company on April 16, 2004 held at 1 City Square, Leeds LS1 2DP,
the Extraordinary Resolution to wind up the Company was passed.
Ian Franses of Ian Franses Associates, 24 Conduit Place, London
W2 1EP has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  IAN FRANSES ASSOCIATES
          24 Conduit Place
          London W2 1EP
          Contact:
          Ian Franses, Liquidator


JERMYN STREET: Hires Baker Tilly Liquidator
-------------------------------------------
At an Extraordinary General Meeting of the Jermyn Street Limited
Company on April 16, 2004 held at Baker Tilly, 20-26 Cursitor
Street, London EC4A 1HY, the Extraordinary Resolution to wind up
Company was passed.  John David Ariel and Andrew John Tate of
Baker Tilly, 12 Gleneagles Court, Brighton Road, Crawley RH10
6AD have been appointed Liquidators of the Company for the
purposes of such winding-up.

CONTACT:  BAKER TILLY
          12 Gleneagles Court
          Brighton Road, Crawley RH10 6AD
          Contact:
          John David Ariel, Liquidator
          Andrew John Tate, Liquidator


JUST SUNGLASSES: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of the Members of the just
Sunglasses Limited Company on April 22, 2004 held at Gable
House, 239 Regents Park Road, London N3 3LF, the Extraordinary
and Ordinary Resolutions to wind up the Company were passed.  H
J Sorsky has been appointed Liquidator for the purpose of such
winding-up.


KUDOS 52: Appoints Liquidator from B & C Associates
---------------------------------------------------
At an Extraordinary General Meeting of the Members of the Kudos
52 Limited Company on April 23, 2004 held at Trafalgar House,
Grenville Place, London NW7 3SA, the Extraordinary Resolution to
wind up the Company was passed.  Jeffrey Brenner of B & C
Associates, Trafalgar House, Grenville Place, Mill Hill, London
NW7 3SA has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  B & C ASSOCIATES
          Trafalgar House
          Grenville Place, Mill Hill,
          London NW7 3SA
          Contact:
          Jeffrey Brenner, Liquidator


MARKS & SPENCER: Chair's Investment in 'M&S' Owner Sows Discord
---------------------------------------------------------------
The participation of the investment firm owned by Chairman Luc
Vandevelde in the bid to buy VendexKBB last month has reportedly
driven a wedge between him and the other Marks & Spencer board
members.

The takeover, which made Change Capital a minority investor of
VendexKBB, has sowed discontent among Marks & Spencer directors,
who disdain the Dutch retailing group for setting up a chain
called M&S.  The initials are not merely coincidental; the two
stores even look identical, according to a disgusted Marks &
Spencer insider.

"That went down so badly within Baker Street ... Nobody could
believe that Luc was doing it, and that the non-executives had
approved it.  Perhaps they didn't know Vendex owned a chain
called M&S," the unnamed insider told The Telegraph.

The discontent has reportedly driven non-executive directors
Brian Baldock and Dame Stella Rimington to consider leaving the
company later this year.  The two are the most senior of non-
executive directors on the board.  Mr. Baldock, who turns 70 in
June and has served since 1996, was on the board when the non-
executives failed to tackle the succession crisis in 1998.  He
chairs the nomination committee.  Ms. Rimington, on the other
hand, has been on the board since 1997 and heads the
remuneration committee.  Both breach Higgs' recommendation of
non-executives serving not more than two three-year terms.

An unnamed company spokeswoman denied there is tension in the
board, dismissing the reports as "pure rumor."  She added:
"Brian Baldock and Stella Rimington are still part of our non-
executive team."

Analysts, however, do not believe the official line.
Accordingly, they have started speculating how long Mr.
Vandevelde, who has received a total pay of GBP6.8 million since
joining Marks & Spencer in February 2000, will remain as
chairman.

"His whole range of commitments are complex and Luc will have to
figure out what he wants to do.  It's very much his call.  At
the prelims in May, or the AGM in July, it would be a good time
for him to reinforce that he is staying," one person close to
the board told The Telegraph.

"The company is now actively searching for new non-executives,
including someone suitably heavy-hitting who might be able to
succeed Mr. Vandevelde should he decide to leave," The Telegraph
said.

Mr. Vandevelde is the brain behind the group's pullout from
continental Europe to perk up its core clothing and food
businesses in 2001, a strategy that has yet to show results.  He
blames this on the new executive team he himself had brought in,
which accordingly has not executed the strategy well.  Some
senior executives counter the chairman spends little time at
Marks & Spencer.  They also felt slighted by his failure to
publicly support CEO Roger Holmes over last month's worse-than-
expected fourth quarter trading.


MYRATECH.NET PLC: Hires Stoy Hayward Administrator
--------------------------------------------------
Name of Company: Myratech.Net PLC

Nature of Business: IT Software

Trade Classification: 7210, 7220 and 7260

Date of Appointment: April 22, 2004

Joint Administrative Receiver:  BDO STOY HAYWARD LLP
                                125 Colmore Row,
                                Birmingham B3 3SD
                                Receivers:
                                Christopher Kim Rayment
                                Anthony John Galloway
                                (IP Nos 6775, 3953)


PARKNOBLE LIMITED: Creditors Meeting Set May 12
-----------------------------------------------
There will be a Creditors Meeting of the Parknoble Limited on
May 12 2004 at 10:00 a.m.  It will be held at Sargent & Company
Limited, 36 Clare Road, Halifax HX1 2HX.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Sargent & Company Limited, 36 Clare Road, Halifax
HX1 2HX not later than 12:00 noon, May 11, 2004.

CONTACT:  SARGENT & COMPANY LIMITED
          36 Clare Road, Halifax HX1 2HX
          Contact:
          Peter Sargent, Administrator


PIPELINE STEEL: Names Receivers from Stoy Hayward
-------------------------------------------------
Name of Company: Pipeline Steel Tubes Limited

Date of Appointment: April 21, 2004

Joint Administrative Receiver:  BDO STOY HAYWARD LLP
                                125 Colmore Row,
                                Birmingham B3 3SD
                                Receivers:
                                C K Rayment
                                A P Supperstone
                                (IP Nos 6775, 2703)


PLOYMET LIMITED: General Meeting of Members June 2
--------------------------------------------------
There will be a General Meeting of the Ploymet Limited on June
2, 2004 at 10:00 a.m.  It will be held at 5 Bassett Wood Drive,
Southampton SO16 3PT.

The purpose of the Meeting is to lay before the Members the
account how the winding-up of the Company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodged at 5 Bassett Wood Drive,
Southampton SO16 3PT not later than 12:00 noon, June 1, 2004.

CONTACT:  D J Stringer, Liquidator
          5 Bassett Wood Drive,
          Southampton So16 3PT


SHAREMEWS LIMITED: Hires Vantis Business Recovery Liquidator
------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Sharemews Limited Company on April 19, 2004 held at The White
Cottage, 19 West Street, Epsom KT18 7BS, the Special Resolution
to wind up the Company was passed.  Robert Leonard Harry Knight
of Vantis Business Recovery, The White Cottage, 19 West Street,
Epsom, Surrey KT18 7BS has been appointed the Liquidator of the
Company for the purpose of such winding-up.

CONTACT:  VANTIS BUSINESS RECOVERY
          The White Cottage,
          19 West Street, Epsom,
          Surrey KT18 7BS
          Contact:
          Robert Leonard Harry Knight, Liquidator


STONELL LIMITED: Hires Administrative Receivers
-----------------------------------------------
Name of Company: Stonell Limited

Nature of Business: Import and Distribution of Natural Stone

Trade Classification: 15

Date of Appointment: April 22, 2004

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

                                 David Riley
                                 (IP No 008959)
                                 South Central,
                                 11 Peter Street,
                                 Manchester M2 5LG


TELEWEST COMMUNICATIONS: Sets Extraordinary Meeting May 21
----------------------------------------------------------
Posting of shareholder and scheme documents
April 30, 2004

Telewest Communications plc announces that it is posting a
shareholders' circular and prospectus to its shareholders,
optionholders and holders of its American Depositary Receipts
and distributing an explanatory statement to certain of its
creditors in connection with the financial restructuring of the
Telewest group.

Telewest also post the shareholders' circular and prospectus and
the explanatory statement on its Web site which can be accessed
at http://www.telewest.co.uk.

Extraordinary general meeting

There will be an extraordinary general meeting of Telewest
shareholders at 10:00 a.m. (U.K. time) on 21 May 2004 at the
Queen Elizabeth II Conference Centre, Broad Sanctuary,
Westminster, London SW1P 3EE for the purpose of considering and,
if thought fit, approving certain matters in connection with the
financial restructuring.


TELEWEST COMMUNICATIONS: Jersey Scheme Creditors to Meet June 1
---------------------------------------------------------------
                 IN THE HIGH COURT OF JUSTICE
                 CHANCERY DIVISION COMPANIES COURT
                             AND
              IN THE ROYAL COURT OF THE ISLAND OF JERSEY
                      (SAMEDI DIVISION)
          IN THE MATTER OF TELEWEST FINANCE (JERSEY) LIMITED
                             AND
                IN THE MATTER OF THE COMPANIES ACT 1985
           IN THE MATTER OF TELEWEST FINANCE (JERSEY) LIMITED
                             AND
           IN THE MATTER OF THE COMPANIES (JERSEY) LAW 1991

NOTICE IS HEREBY GIVEN that by an Order dated 26 April 2004 in
the above matters made by the High Court of Justice of England
and Wales and by an Act dated 27 April 2004 made by the Royal
Court of the Island of Jersey, the Courts have directed that a
meeting (the Jersey Meeting) be convened of the Jersey Scheme
Creditors (as defined in the Explanatory Statement referred to
below (and, generally, being a person having a claim against the
aforementioned company (Telewest Jersey) arising under or in
connection with notes issued by Telewest Jersey, a guarantee by
Telewest Communications plc (Telewest) of notes issued by
Telewest Jersey and an intercompany loan made by Telewest
Jersey)) for the purpose of considering and, if thought fit,
approving (with or without modification) Schemes of Arrangement
proposed to be made between Telewest Jersey and the Jersey
Scheme Creditors (the Jersey Scheme) under Section 425 of the
Companies Act 1985 and under Article 125 of the Companies
(Jersey) Law 1991.  The Jersey Meeting will be held in London on
1 June 2004 at 10:00 a.m. (London time) at The Lincoln Centre,
18 Lincoln's Inn Fields, London WC2A 3ED at which place
and time all the Jersey Scheme Creditors are requested to attend
either in person or by proxy.  Registration will commence at
9:00 a.m. (London time).

Jersey Scheme Creditors may vote in person at the Jersey Meeting
or they may appoint another person, whether a Jersey Scheme
Creditor or not, as their proxy to attend and vote in their
place.  Jersey Scheme Creditors are requested to submit their
form of proxy in accordance with the details set out in the form
of proxy included with the Explanatory Statement.

Jersey Bondholders who are beneficial owners of the relevant
notes of Telewest Jersey held through the Depository Trust
Company (DTC) or through Euroclear or Clearstream are requested
to submit their form of proxy to their relevant DTC, Euroclear
or Clearstream participant in accordance with the instructions
in the Explanatory Statement.

The text of the Jersey Scheme document and of the Explanatory
Statement required to be furnished pursuant to Section 426 of
the Companies Act 1985 and Article 126 of the Companies (Jersey)
Law 1991 are incorporated in the Explanatory Statement of which
this notice forms a part.  Additional copies of such Explanatory
Statement are available to Jersey Scheme Creditors on request by
contacting Innisfree M&A Incorporated on 877 750 2689 (from the
U.S.), 0800 917 2009 (from the U.K.) or +1 412 209 1704 (from
outside the U.S.).  A blank form of proxy is enclosed with the
Explanatory Statement and further copies can be obtained from
the Telewest Web site (http://www.telewest.co.uk).

It is requested that forms of proxy be lodged with Telewest
Jersey, c/o Innisfree M&A Incorporated at 501 Madison Avenue,
20th Floor, New York, NY 10022 by no later than 7:00 p.m.
(prevailing Eastern Time) on 27 May 2004, but if forms are not
so lodged they may be accepted at the discretion of the Chairman
at any time prior to the Jersey Meeting.

By the Order and Act, the Courts have appointed Mr. Anthony
Stenham or, failing him Mr. Stephen Cook, to act as Chairman of
the Jersey Meeting and have directed the Chairman to report the
results thereof to the respective Courts.

The Jersey Scheme will be subject to the subsequent sanction of
the Courts.  All Jersey Scheme Creditors are entitled to attend
the court hearings for sanction in person or by counsel to
support or oppose the sanction of the Jersey Scheme.  The
hearings are expected to take place at the Royal Courts of
Justice and the Royal Court of the Island of Jersey in the week
commencing 14 June 2004.  The exact date of such hearings will
be announced on a Regulatory Information Service and on
Telewest's Web site at least two business days in advance of
such hearings.

CONTACT:  TELEWEST FINANCE (JERSEY) LIMITED
          Whiteley Chambers
          Don Street
          St Helier
          Jersey Channel Islands

          TELEWEST
          Jane Hardman, director of corporate communications
          Phone: 020 7299 5888

          CITIGATE DEWE ROGERSON
          Phone: 020 7638 9571

          Anthony Carlisle
          Phone: 07973 611888


TELEWEST COMMUNICATIONS: Scheme Creditors to Meet June 1
--------------------------------------------------------
       IN THE MATTER OF TELEWEST COMMUNICATIONS PLC

                       AND

       IN THE MATTER OF THE COMPANIES ACT 1985

NOTICE IS HEREBY GIVEN that by an Order dated 26 April 2004 made
in the above matters the High Court of Justice of England and
Wales has directed that a meeting be convened of the Telewest
Scheme Creditors (as defined in the Explanatory Statement
referred to below (and, generally, being a person having a claim
against the aforementioned company arising under or in
connection with notes issued by the Company, a guarantee by the
Company of notes issued by Telewest Finance (Jersey) Limited and
an intercompany loan by Telewest Finance (Jersey) Limited)) for
the purpose of considering and, if thought fit, approving (with
or without modification) a Scheme of Arrangement proposed to be
made between the Company and the Telewest Scheme Creditors (the
Scheme) under Section 425 of the Companies Act 1985.  The
Meeting will be held in London on 1 June 2004 at 11:00 a.m.
(London time) (or as soon thereafter as the meeting of Scheme
Creditors of Telewest Finance (Jersey) Limited convened at
10:00 a.m. (London time) on the same day shall have been
concluded or adjourned) at The Lincoln Center, 18 Lincoln's Inn
Fields, London WC2A 3ED at which place and time all the Telewest
Scheme Creditors are requested to attend either in person or by
proxy.  Registration will commence at 10:00 a.m. (London time).

Telewest Scheme Creditors may vote in person at the Meeting or
they may appoint another person, whether a Telewest Scheme
Creditor or not, as their proxy to attend and vote in their
place.  Telewest Scheme Creditors are requested to submit their
form of proxy in accordance with the details set out in the form
of proxy included with the Explanatory Statement.

Bondholders who are beneficial owners of the relevant notes of
the Company and Telewest Finance (Jersey) Limited held through
either the Depository Trust Company (DTC) or through Euroclear
or Clearstream are requested to submit their form of proxy to
their relevant DTC, Euroclear or Clearstream participant in
accordance with the instructions in the Explanatory Statement.

The text of the Scheme document and of the Explanatory Statement
required to be furnished pursuant to Section 426 of the
Companies Act 1985 are incorporated in the Explanatory Statement
of which this notice forms a part.  Additional copies of such
Explanatory Statement are available to Telewest Scheme Creditors
on request by contacting Innisfree M&A Incorporated on 877 750
2689 (from the U.S.), 0800 917 2009 (from the U.K.) or +1 412
209 1704 (from outside the U.S.).  A blank form of proxy is
enclosed with the Explanatory Statement and further copies can
be obtained from the Company's Web site
(http://www.telewest.co.uk).

It is requested that forms of proxy be lodged with the Company,
c/o Innisfree M & A Incorporated at 501 Madison Avenue, 20th
Floor, New York, NY 10022 U.S.A by no later than 7:00 p.m.
(prevailing Eastern Time) on 27 May 2004, but if forms are not
so lodged they may be accepted at the discretion of the Chairman
at any time prior to the Meeting.

By the Order, the Court has appointed Mr. Anthony Stenham or,
failing him, Mr. Stephen Cook, to act as Chairman of the Meeting
and has directed the Chairman to report the results thereof to
the Court.

The Scheme will be subject to the subsequent sanction of the
Court.  All Telewest Scheme Creditors are entitled to attend the
Court hearing for sanction in person or by counsel to support or
oppose the sanction of the Scheme.  The hearing is expected to
take place at the Royal Courts of Justice in the week commencing
14 June 2004.  The exact date of such hearing will be announced
on a Regulatory Information Service and on Telewest's Web site
at least two business days in advance of such hearing.

CONTACT:  TELEWEST COMMUNICATIONS PLC
          160 Great Portland Street
          London W1W 5QA


VORTEX GROUP: Meeting of Unsecured Creditors Set May 10
-------------------------------------------------------
There will be a Meeting of the unsecured Creditors of the Vortex
Group PLC on May 10, 2004 at 11:00 a.m.  It will be held at the
offices of Tenon Recovery, Tenon House, Ferryboat Lane,
Sunderland SR5 3JN.

Creditors whose claims are wholly secured are not entitled to
attend or be represented at the Meeting.  Other Creditors who
want to be represented at the Meeting may appoint proxies.
Proxy forms must be submitted together with written debt claims
to Tenon Recovery, Tenon House, Ferryboat Lane, Sunderland SR5
3JN not later than 12:00 noon, May 9, 2004.

CONTACT:  TENON RECOVERY
          Tenon House
          Ferryboat Lane,
          Sunderland SR5 3JN
          Contact:
          I W Kings, Joint Administrative Receiver


WASSERSTEIN PERELLA: Appoints PricewaterhouseCoopers Liquidator
---------------------------------------------------------------
At the Extraordinary General Meeting of the Wasserstein Perella
& Co. Limited on April 23, 2004, the Special and Ordinary
Resolutions to wind up the Company were passed.  Richard Setchim
and Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT have been appointed Joint Liquidators of
the Company for the purpose of such winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          United Kingdom
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwcglobal.com
          Contact:
          Richard Setchim, Liquidator
          Jonathan Sisson, Liquidator


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

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


BELGIUM
-------
Carestel                                          178      (68)
Real Software                                     216       10

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


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


FRANCE
------
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo de France                                4,738    2,868
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Cofidur S.A.                          (5)         102       19
Dollfus-Mieg                                      187       28
European Computer System            (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immobiliere Hoteliere                (68)         233       29
Pneumatiques Kleber S.A.             (34)         480      139
SDR Picardie                        (135)         413      N.A.
Soderag                                           404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin            TRCN        (0)         134       10
Usines Chauson                       (23)         249       35


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


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


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.                                     2,030       83
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Pan Fish ASA                                      807     (259)
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Animex S.A.               ANX         (1)         108      (86)
Exbud Skanska S.A.        EXBUF       (9)         315     (330)
Media Capital                                     399      (85)
Mostostal Zabrze                      (6)         227     (366)
Stalexport S.A.                      (57)         229      (51)


RUSSIA
------
Kamchatskenergo                                   273   (7,870)
Zil Auto                                          333  (10,769)


SPAIN
-----
Altos Hornos de Vizcaya S.A.        (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (11)         137      (34)
Tableros de Fibr                                2,107     (125)


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


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Nuclear Fuels Plc         (2,627)      36,359   (1,948)
British Sky PLC                                 3,347     (144)
Center Parcs (UK)
    Group Plc                        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group                                     396        4
Dawson Holdings           DWSN       (29)         142      (29)
Dignity PLC                                       485      (76)
Easynet Group                                     323       38
Electrical and Music      EMI
   Industries Group                 (885)       3,053     (435)
Gallaher Group            GLH       (543)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group PLC               (10)       4,109      (10)
HMV Group PLC             HMV       (211)         762      (66)
Intertek Testing Services ITRK      (134)         508       77
IPC Media Ltd.                      (685)         254       16
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United                                      144      (29)
Manchester City                      (17)         154      (21)
Misys PLC                 MSY       (161)         949       41
Mytravel Group                                  2,551     (533)
Orange PLC                ORNGF     (594)       2,902        7
Rentokil Initial Plc      RTO     (1,130)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
Yell Group PLC                      (196)       3,964      289


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


                            *********


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

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

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

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

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

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


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