/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/000505.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, May 5, 2000, Vol. 0, No.17 Headlines ============= B E L G I U M ============= TRACTEBEL: Delays Group Restructuring, Look for Strategic Alliance =========================== C Z E C H R E P U B L I C =========================== Z GROUP: Intends to Sell Plant to German Steel Company =========== F R A N C E =========== MIC S.A.: Posts Loss of 12.6M Euros SAINT GOBAIN: Plans to Sell Essilor Stake & Use Proceeds to Buy Back Shares ============= G E R M A N Y ============= JUNGHEINRICH AG: Group Results Burdened by a Loss of 26.9m Euros SPECTRIS AG: Will Cost Fairey o166 Mln. After Company's Debts of DM130Mln ========= I T A L Y ========= GRAPES TELECOMMUNICATIONS: Sells 200 Mln Euro Notes ROYAL SIM: For Sale by UK's Royal & Sun ===================== N E T H E R L A N D S ===================== BAAN: Troubled Dutch Supplier of Business Software Slides Further =========== N O R W A Y =========== NCL HOLDINGS: Posts First Quarter Loss of US$14.4 Million ============================ U N I T E D K I N G D O M ============================ BOO.COM: Troubled Online Sportswear Retailer in Negotiation on Pounds 30M BOSS MANUFACTURING: Reports a Loss of 26.9M Euros ELECTRONICS BOUTIQUE: Big Fall, 80% Slide in Profits RADAMEC: Tumbles into the Red, Posts Pre-tax Loss of Pounds 639,000 ROVER CARS: BMW & Phoenix in Difficult Negotiations on Loss-Making Unit THUS, PLC: Announces Deepening Losses, Reports Pre-tax Loss of o63m VIRGIN COLA: Forced to Inject o4Mln to Struggling Co. After Continuing Losses ============= B E L G I U M ============= TRACTEBEL: Delays Group Restructuring, Look for Strategic Alliance ------------------------------------------------------------------ Tractebel has delayed possible restructuring plans while it considers worldwide alliances instead. The company is part of French utility group Suez Lyonnaise des Eaux. Reuters says Tractebel is interested in greater alliances with power producers such as Electrabel, in which it has a 40 percent stake and gas distributor Distrigas, in which it has a 41.6 percent stake. It would seek to establish a new unit that combines these interests. While some observers have predicted a restructuring for Tractebel, the company has decided that because of increasing consolidation in the industry throughout Europe, it would be prudent to postpone restructuring. =========================== C Z E C H R E P U B L I C =========================== Z GROUP: Intends to Sell Plant to German Steel Company ------------------------------------------------------ German steel company Max Aicher intends to resume production in Valcovny trub Chomutov's extrusion plant, which has been out of operation for two years, the daily Mlada fronta Dnes (MfD) writes today. The German company is apparently about to buy the plant from the Z-Group, owned by Zdenek Zemek, and then employ over 250 people, MfD writes. The Valcovny trub Chomutov rolling mill terminated its production because it had no source of raw materials and had to buy it, which made the production more expensive. Max Aicher should have its own raw material and thus its operation in Chomutov should not be loss-making. Valcovny trub is part of the Zelezarny Chomutov ironworks. =========== F R A N C E =========== MIC S.A.: Posts Loss of 12.6M Euros ----------------------------------- HANDELSBLATT ENGLISH SUMMARY May 4, 2000 HB/aie. German industrial-vehicles producer Jungheinrich AG on Wednesday reported a decline in annual earnings, which, it said, was largely due to losses incurred by its UK and French subsidiaries. The group reported a decline in net profit from 39m euros in 1998 to 16m euros in 1999. Earnings per share came in at 0.47 euro after 1.14 euro a year earlier. Group sales were lifted to 1.435bn euros from 1.346bn euros. The dividend is to remain unchanged at 0.36 euro for ordinary, and 0.42 euro for preferred stock. The group results were burdened by a loss of of 26.9m euros posted by UK subsidiary Boss Manufacturing and a loss of just under 12.6m euros at its French arm MIC S.A. Chief executive Cletus von Pichler was reserved in his forecast for 2000, saying only that he expected group sales of some 1.5bn euros in 2000, and improved earnings. In the past, the Jungheinrich share, which is listed on the M-Dax mid-cap segment, has been punished by the markets when the group's results have fallen short of its own forecasts. But Pichler's reluctance to give a more detailed earnings forecast is not merely born of experience. There is also uncertainty surrounding developments at the loss-making French and German arms. These are not expected to go into profit for another 18 months, which will mean that both can expect to post losses in full-year 2000. Pichler would not give any estimates on the extent on these expected losses, explaining that in both cases, the degree of loss incurred would depend on the outcome of negotiations with works councils on staff cuts. Some 100 jobs are to go at MIC, and 50-60 at Boss. Reserves running into a two-digit million figure had already been made to cover the costs arising from these redundancies, Pichler said. "We expect the job cuts to reduce 2000 losses at the two foreign subsidiaries," he added. Pichler said he expected Jungheinrich's results for the first quarter of 2000 to show a 16% year-on-year rise in sales to 364m euros. Among the factors that had contributed to this positive development, he explained, was a strong rise in new business - from 188m euros in first-quarter 1999 to 217m euros in first-quarter 2000. The after-sales division saw growth of 15% to 98m euros, and the rent/leasing division 23% to 49m euros. Where sales of industrial trucks were concerned, Jungheinrich was focusing on Europe, Pichler stressed. Nevertheless, it was also mulling the setting-up of a marketing and distribution arm in the US - a project about which the Jungheinrich chief would provide no further details. The group's last attempt to enter the US market - via the acquisition of a local company - failed to win the approval of the supervisory board or the two major shareholders, the Lange and Wolf families. Tensions over this issue culminated at the end of 1999 in the resignation of Picher's predecessor, Hans-Peter Schmohl. Pichler rejected rumors that the Lange and Wolf families intended to sell their stakes in the group. The families had close ties to Jungheinrich, he said. Similarly, he denied that the group was considering converting preference stock into ordinary titles. The Jungheinrich stock on Wednesday gained only slightly on the group's announcement, rising 0.22% to 9.20 euros. Traders explained the modest nature of this movement by pointing to the paucity of information contained in the full-year forecast. SAINT GOBAIN: Plans to Sell Essilor Stake & Use Proceeds to Buy Back Shares --------------------------------------------------------------------------- Reuters May 3, 2000 French glassmaker Saint Gobain said on Wednesday it was planning to sell its stake of almost 32 percent in optical equipment maker Essilor and to use the proceeds to buy back its own shares. "The growth axes that the company is putting in place in all its businesses have led it to reconsider the strategic interest of its stake in Essilor and to define in conjunction with Essilor's board the means for ceding all of its stake in the firm," Saint Gobain said in a statement. It said it would use part of the proceeds from the cession to buy back its own shares. It also said it would reduce its capital by 5.0 percent this year. "Under these conditions, the group has fixed a target for net earnings per share growth before exceptionals of 20 percent for 2000," it added. The company previously had a target of 15 percent. ============= G E R M A N Y ============= JUNGHEINRICH AG: Group Results Burdened by a Loss of 26.9m Euros ---------------------------------------------------------------- HANDELSBLATT ENGLISH SUMMARY May 4, 2000 HB/aie. German industrial-vehicles producer Jungheinrich AG on Wednesday reported a decline in annual earnings, which, it said, was largely due to losses incurred by its UK and French subsidiaries. The group reported a decline in net profit from 39m euros in 1998 to 16m euros in 1999. Earnings per share came in at 0.47 euro after 1.14 euro a year earlier. Group sales were lifted to 1.435bn euros from 1.346bn euros. The dividend is to remain unchanged at 0.36 euro for ordinary, and 0.42 euro for preferred stock. The group results were burdened by a loss of of 26.9m euros posted by UK subsidiary Boss Manufacturing and a loss of just under 12.6m euros at its French arm MIC S.A. Chief executive Cletus von Pichler was reserved in his forecast for 2000, saying only that he expected group sales of some 1.5bn euros in 2000, and improved earnings. In the past, the Jungheinrich share, which is listed on the M-Dax mid-cap segment, has been punished by the markets when the group's results have fallen short of its own forecasts. But Pichler's reluctance to give a more detailed earnings forecast is not merely born of experience. There is also uncertainty surrounding developments at the loss-making French and German arms. These are not expected to go into profit for another 18 months, which will mean that both can expect to post losses in full-year 2000. Pichler would not give any estimates on the extent on these expected losses, explaining that in both cases, the degree of loss incurred would depend on the outcome of negotiations with works councils on staff cuts. Some 100 jobs are to go at MIC, and 50-60 at Boss. Reserves running into a two-digit million figure had already been made to cover the costs arising from these redundancies, Pichler said. "We expect the job cuts to reduce 2000 losses at the two foreign subsidiaries," he added. Pichler said he expected Jungheinrich's results for the first quarter of 2000 to show a 16% year-on-year rise in sales to 364m euros. Among the factors that had contributed to this positive development, he explained, was a strong rise in new business - from 188m euros in first-quarter 1999 to 217m euros in first-quarter 2000. The after-sales division saw growth of 15% to 98m euros, and the rent/leasing division 23% to 49m euros. Where sales of industrial trucks were concerned, Jungheinrich was focusing on Europe, Pichler stressed. Nevertheless, it was also mulling the setting-up of a marketing and distribution arm in the US - a project about which the Jungheinrich chief would provide no further details. The group's last attempt to enter the US market - via the acquisition of a local company - failed to win the approval of the supervisory board or the two major shareholders, the Lange and Wolf families. Tensions over this issue culminated at the end of 1999 in the resignation of Picher's predecessor, Hans-Peter Schmohl. Pichler rejected rumors that the Lange and Wolf families intended to sell their stakes in the group. The families had close ties to Jungheinrich, he said. Similarly, he denied that the group was considering converting preference stock into ordinary titles. The Jungheinrich stock on Wednesday gained only slightly on the group's announcement, rising 0.22% to 9.20 euros. Traders explained the modest nature of this movement by pointing to the paucity of information contained in the full-year forecast. SPECTRIS AG: Will Cost Fairey o166 Mln. After Company's Debts of DM130Mln ------------------------------------------------------------------------- The Times May 4, 2000 FAIREY, the engineering group, is paying DM424 million (o126 million) for Spectris, a German company that makes instruments and process monitoring systems for manufacturers. At the same time, Fairey announced a o54 million rights issue to help to finance the company's largest acquisition to date. The addition of Spectris will expand Fairey's portfolio of products that monitor and control production lines. John Poulter, chief executive of Fairey, said the deal would enhance earnings. "It brings us several high- quality operations characterised by leading market positions, high gross margins, strong cash generation and sound growth prospects." Spectris is an international company whose operating language is English. A third of its DM673 million sales are in acoustic measurement and testing instruments, widely used to simulate and analyse sound and vibration for the automotive and telecoms industries. Spectris will cost Fairey some o166 million after taking on the company's debts of DM130 million. Fairey's cash call is in the form of a one for six share issue at 355p a share. ========= I T A L Y ========= GRAPES TELECOMMUNICATIONS: Sells 200 Mln Euro Notes --------------------------------------------------- Reuters May 3, 2000 Grapes Telecommunications NV, an Italian alternative telecommunications service provider, on Wednesday sold 200 million euros ($179 million) of 10- year notes to help it build out its southern European network. The privately owned group became the latest of a string of companies to offer yields topping 13 percent to entice investors who, because of a lack of cash, fear of defaults and hopes of higher returns elsewhere, have largely shunned the high-yield bond market. Grapes sold its 13.5 percent notes at 100 to yield 811 basis points (8.11 percentage points) more than the German bund. Grapes also gave bondholders warrants to buy 3 percent of the company's Class B shares. Chase Securities Inc. and Merrill Lynch & Co. led the sale, which was conducted in the United States as a private placement. The sale was Grapes' first in international capital markets. Moody's Investors Service and Standard & Poor's have not rated the notes. Formerly known as Mediterranean Telecommunications, or Med-Tel, Grapes changed its name in March after Spanish telecom operator Comunitel took a 20 percent stake in it. The merged company, in which investment fund Warburg Pincus holds a 40 percent stake, has nearly 30,000 corporate clients and employs 550 people in Italy, Spain and Greece. It is expected eventually to list its shares on Nasdaq and Italy's Nuovo Mercato. The 13.5 percent yield Grapes had to pay has become quite commonplace in the high-yield, or junk, market, so named because companies must offer investors higher yields to compensate for increased risk. Even big issuers have had to pay up. Two weeks ago, 360networks Inc., a fiber-optic network provider run by Microsoft Corp.'s former chief financial officer, had to pay 13.5 percent to sell nearly $800 million of eight-year notes. Junk bond issuance has slowed this year to a trickle -- just $18.334 billion so far, down more than 50 percent from a year ago, Thomson Financial Securities Data said. Junk bond mutual funds have suffered $3.65 billion in net outflows this year. And junk's total return, including interest, is negative 1.633 percent this year, Merrill Lynch & Co. said. ROYAL SIM: For Sale by UK's Royal & Sun --------------------------------------- Reuters May 3, 2000 Britain's Royal & Sun Alliance Group Plc said on Wednesday it had agreed to sell two Italian businesses to Italy's Banca Popolare di Lodi for a total of around 63 million euros ($56.20 million). The businesses to be sold are investment-promotion firm Royal & Sun Alliance Sim SpA (SIM) and asset manager Royal & Sun Alliance Sgr SpA (SGR). They had a combined net asset value of about 11 million euros at the end of 1999. ===================== N E T H E R L A N D S ===================== BAAN: Troubled Dutch Supplier of Business Software Slides Further ------------------------------------------------------------------ Financial Times May 3, 2000 Shares in Baan, the troubled Dutch supplier of business software, slid a further 14 per cent on Wednesday as concern grew about its ability to stay solvent. Moody's, the international credit rating agency, downgraded Baan's $175m in convertible notes, pointing to shrinking revenues and a resultant rise in operating losses. "Moody's believes it will prove extremely challenging for Baan to stabilise its businesses and balance sheet," it said. The move came amid renewed investor worries that the company is losing access to crucial lines of funding. The shares closed at an all-time low of E2.62. At that level, Baan is said no longer to be able to exercise options to raise cash by issuing shares to Fletcher International, a New York investment fund that has poured some $210m into the company. It is thought to have specified a minimum market price of E3 for funding to be available. A subsequent deal with Bear Stearns, the US investment bank, is also contingent on a minimum trading level for Baan shares, though this price was not made public. Baan entered a put agreement in March, under which Bear Stearns was to provide it with up to E150m. That put the company on a financial drip-feed, on which it could draw as often as every three trading days. Moody's, in downgrading Baan's paper from B2 to Caa2, said the ratings had a "negative outlook reflecting the increased potential for default." It added: "Baan will be severely challenged to regain the confidence of its existing and potential new customers and to maintain a modern product offering while trying to cut operating cost quickly." The share slide came despite an announcement by Baan that it had secured the aerospace engine subsidiary of France's Snecma as a customer. Baan's market value has fallen by more than a quarter this week. =========== N O R W A Y =========== NCL HOLDINGS: Posts First Quarter Loss of US$14.4 Million --------------------------------------------------------- NCL Holding ASA, which has been acquired by Star Cruises of Malaysia, has reported a loss of US$14.4 million on revenues of US$231 million for the three months ended March 31, 2000. This compares to a gain of US$1.1 million on revenues of US$196.8 million for the corresponding period in 1999. ============================ U N I T E D K I N G D O M ============================ BOO.COM: Troubled Online Sportswear Retailer in Negotiation on Pounds 30M ------------------------------------------------------------------------- Financial Times May 4, 2000 Boo.com, the troubled online sportswear retailer, is understood to be negotiating a cash injection of about Pounds 30m from existing shareholders. It is expected to make an announcement on the refinancing soon, and it could involve investors restructuring their holdings. However, some investors are pushing for a trade sale, rather than a further round of financing for the company, which last year raised a record sum for a European start-up, understood to be about Pounds 100m. Since its launch in the autumn, the group has been beset by technological problems and bad publicity. Moreover, adverse sentiment surrounding e-commerce investments has made a flotation unlikely in the near future. Shareholders are hoping that sporting goods companies such as Adidas and Reebok, or the US group Federated, might be interested in buying Boo.com's distribution and technological infrastructure, as well as its brand. BOSS MANUFACTURING: Reports a Loss of 26.9M Euros ------------------------------------------------- HANDELSBLATT ENGLISH SUMMARY May 4, 2000 HB/aie. German industrial-vehicles producer Jungheinrich AG on Wednesday reported a decline in annual earnings, which, it said, was largely due to losses incurred by its UK and French subsidiaries. The group reported a decline in net profit from 39m euros in 1998 to 16m euros in 1999. Earnings per share came in at 0.47 euro after 1.14 euro a year earlier. Group sales were lifted to 1.435bn euros from 1.346bn euros. The dividend is to remain unchanged at 0.36 euro for ordinary, and 0.42 euro for preferred stock. The group results were burdened by a loss of of 26.9m euros posted by UK subsidiary Boss Manufacturing and a loss of just under 12.6m euros at its French arm MIC S.A. Chief executive Cletus von Pichler was reserved in his forecast for 2000, saying only that he expected group sales of some 1.5bn euros in 2000, and improved earnings. In the past, the Jungheinrich share, which is listed on the M-Dax mid-cap segment, has been punished by the markets when the group's results have fallen short of its own forecasts. But Pichler's reluctance to give a more detailed earnings forecast is not merely born of experience. There is also uncertainty surrounding developments at the loss-making French and German arms. These are not expected to go into profit for another 18 months, which will mean that both can expect to post losses in full-year 2000. Pichler would not give any estimates on the extent on these expected losses, explaining that in both cases, the degree of loss incurred would depend on the outcome of negotiations with works councils on staff cuts. Some 100 jobs are to go at MIC, and 50-60 at Boss. Reserves running into a two-digit million figure had already been made to cover the costs arising from these redundancies, Pichler said. "We expect the job cuts to reduce 2000 losses at the two foreign subsidiaries," he added. Pichler said he expected Jungheinrich's results for the first quarter of 2000 to show a 16% year-on-year rise in sales to 364m euros. Among the factors that had contributed to this positive development, he explained, was a strong rise in new business - from 188m euros in first-quarter 1999 to 217m euros in first-quarter 2000. The after-sales division saw growth of 15% to 98m euros, and the rent/leasing division 23% to 49m euros. Where sales of industrial trucks were concerned, Jungheinrich was focusing on Europe, Pichler stressed. Nevertheless, it was also mulling the setting-up of a marketing and distribution arm in the US - a project about which the Jungheinrich chief would provide no further details. The group's last attempt to enter the US market - via the acquisition of a local company - failed to win the approval of the supervisory board or the two major shareholders, the Lange and Wolf families. Tensions over this issue culminated at the end of 1999 in the resignation of Picher's predecessor, Hans-Peter Schmohl. Pichler rejected rumors that the Lange and Wolf families intended to sell their stakes in the group. The families had close ties to Jungheinrich, he said. Similarly, he denied that the group was considering converting preference stock into ordinary titles. The Jungheinrich stock on Wednesday gained only slightly on the group's announcement, rising 0.22% to 9.20 euros. Traders explained the modest nature of this movement by pointing to the paucity of information contained in the full-year forecast. ELECTRONICS BOUTIQUE: Big Fall, 80% Slide in Profits ---------------------------------------------------- The Times May 4, 2000 ELECTRONICS Boutique, the games console and software retailer, whose shares were routed last autumn after being hit by a high street price war, admitted the extent of its woes yesterday when it reported an 80 per cent slide in annual pre-tax profits. But claims that the company had turned the corner with a better first- quarter's trading failed to lift the shares, which finished down 1p at 27�p, having fallen from last year's high of 113p. Peter Lewis, chairman, said: "First-quarter total revenue is ahead by over 13 per cent and like-for-like sales are up 3.4 per cent. This is a dramatic improvement over the like-for-like decline of 18 per cent over Christmas." Analysts, however, pointed out that competition and discounting is likely to get fiercer later in the year. The company, which earlier this year appointed Sir Richard Greenbury, the former chairman of Marks & Spencer, to its board, reported pre-tax profits of o2.7 million on turnover up 57 per cent at o251 million, helped by the acquisition of Game, a competitor. The company also announced retailing partnerships with MSN UK, Microsoft's Internet portal, and Open, the interactive TV service. RADAMEC: Tumbles into the Red, Posts Pre-tax Loss of Pounds 639,000 ------------------------------------------------------------------- Financial Times May 4, 2000 Difficult trading conditions for both its television broadcasting and defence electronics divisions left Radamec with a pre-tax loss of Pounds 639,000 for 1999 - in line with forecasts. Last time there were profits of Pounds 454,000. Turnover slipped from Pounds 15.1m to Pounds 12.5m. Len Whittaker, chairman, said there had been an improvement in the second half, with losses at Pounds 195,000. The broadcasting side had had a hard time in Asia, but the division's sales were expected to recover in the current year, said Mr Whittaker. Delays and postponements of contracts in the defence arm had continued as a result of budgetary constraints on customers. The group is selling its head office site at Chertsey, Surrey, for "substantially more than its Pounds 650,000 net book value". ROVER CARS: BMW & Phoenix in Difficult Negotiations on Loss-Making Unit ----------------------------------------------------------------------- HANDELSBLATT ENGLISH SUMMARY May 4, 2000 Difficulties are reported to have arisen in negotiations between German car maker BMW AG and British consortium Phoenix. The two groups are exploring the possibility of Phoenix's acquisition of BMW's loss-making subsidiary Rover Cars. On Wednesday, one day after official talks were first opened, the financial basis for Phoenix's takeover offer was still unclear. This was still "the most difficult issue" in negotiations, a BMW spokesman told Handelsblatt. Neither BMW nor Phoenix would comment on an article in Wednesday's edition of UK daily The Guardian that UK banks had refused to support the Phoenix group, which was reported now to be turning to US and Canadian institutes. THUS, PLC: Announces Deepening Losses, Reports Pre-tax Loss of o63m ------------------------------------------------------------------- Financial Times May 3, 2000 Thus, the UK telecoms company, announced deepening losses on Wednesday for the year ended March 31. Its pre-tax loss of o63m was near the bottom of analysts' predictions, which ranged from o50m to o65m, but included a one-off charge of o43m for the abandonment of fixed radio access technology. Thus said its underlying loss of o20m, more than double the o9m loss for 1999, reflected increased investment in its network, which the company built up by 40 per cent last year, launching services in several UK cities, including Liverpool and Manchester. Thus grew its turnover for the year by 31 per cent to o217m, compared with o166m the previous year. The company's loss per share was 2.24p before the exceptional item. William Allan, chief executive, said the results showed "strong progress" as the company continued to change its business from a regional player to a UK- wide telecoms provider, with a particular focus on business-to-business internet services. He pointed to the performance of Demon, the internet service provider owned by Thus, which he claimed was now the biggest web hosting operation in the UK. Thus also claimed Demon would be the first telecoms company in the UK to offer voice calls over the internet. At the same time as releasing its results, Thus announced a new initiative with Microsoft and Dell to develop e-commerce services for corporate customers. The agreement will see Demon offer application service provision, the ability to rent software applications such as e-commerce services, using Microsoft's products and Dell's hardware. The first products in this line are expected to be made available during the summer, the company said. Thus, which is 50.1 per cent owned by Scottish Power, an electricity utility, floated late last year. VIRGIN COLA: Forced to Inject o4Mln to Struggling Co. After Continuing Losses ----------------------------------------------------------------------------- This is London May 3, 2000 Richard Branson has been forced to inject a further o4 million into his struggling Virgin Cola business after a dip in sales and continuing losses. More than five years after the hyped launch, latest accounts from the company show that Branson is as far away as ever from his dream of overhauling Pepsi and establishing Virgin Cola as Britain's second soft-drink brand behind Coke. Accounts for the year to 29 January, filed with Companies House last week, reveal that Virgin Cola -- since renamed Virgin Drinks -- made a pre-tax loss of o4.43 million compared with a deficit of o7.2 million in 1998. Last year's reduction in losses was due to cost-cutting. The accounts go on to say: 'The Virgin Trading Company Limited demonstrated its commitment to the future of the company in the UK by injecting a further o4 million into the company in 1999.' Virgin Cola's owner, Virgin Trading, is controlled by Richard Branson family trusts. 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., Trenton, NJ, and Beard Group, Inc., Washington, DC. Peter A. Chapman and Sharon Cuarto, Editors. Copyright 2000. 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 $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 $25 each. For subscription information, contact Christopher Beard at 301/951-6400. * * * End of Transmission * * *