/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/010706.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, July 06, 2001, Vol. 2, No. 131 Headlines * A U S T R I A * LIBRO AG: Swiss Retailer Wants to Buy Libro * B E L G I U M * CITY BIRD: Court Grants Bankruptcy Protection FLV FUND: Further Invests US$1MM in Authentor FLV FUND: Invests 5.5MM Euro in Voxtron LERNOUT & HAUSPIE: Court Frees Founders Pending Trial LERNOUT & HAUSPIE: Lionbridge Tech to Buy Mendez SABENA SA: Appoints New Chief Operating Officer SABENA SA: Belgium Minister's Comments Surprise Swissair SABENA SA: Has Funds Until September SABENA SA: Swissair Suit Creates Problems for Sabena * F R A N C E * AIR LIBERTE: Swissair Backs Fidei Bid AMF BOWLING: Bowling Firm Files for Bankruptcy * G E R M A N Y * BANKGESELLSCHAFT BERLIN: Staff Calls for Rupf Resignation INFOMATEC AG: Units Begin Insolvency Proceedings TELDAFAX AG: Goldman, Sachs Resigns as Sponsor * G R E E C E * OLYMPIC AIRWAYS: PM to Rule on Sell-Off * I R E L A N D * EIRCOM PLC: Battle Heats Up With Higher Bid * I T A L Y * ALITALIA-LINEE: Calls July 9 Board Meeting * N E T H E R L A N D S * KPN NV: Belgium Has Final Say on Belgacom Merger KPN NV: Denied Reports Belgacom Merger Is Close LETSBUYIT.COM: Hansen Steps Down on Monday * S W I T Z E R L A N D * ISMM GROUP: Kirch Exercises Takeover Option SWISSAIR GROUP: Plane Grounded by Sabena Workers * U N I T E D K I N G D O M * 360NETWORKS: Appoints KPMG as Administrator 360NETWORKS: Nasdaq Freezes Shares BRITISH TELECOM: Sells Stake in Rogers Wireless ICELAND GROUP: Sales Drop to 3% INDEPENDENT INSURANCE: FSA Faces MP Probe MARKS & SPENCER: Searches for New Financial Chief RAILTRACK GROUP: Bosses Get 2MM-Pound Options ============= A U S T R I A ============= LIBRO AG: Swiss Retailer Wants to Buy Libro ------------------------------------------- Swiss book retailer Eurobooks aims to take over some of the stores of insolvent Austrian retail group Libro AG, Der Standard & World Reporter in its July 2 edition said. An offer will soon be made to the company's new owners and creditor banks. ============= B E L G I U M ============= CITY BIRD: Court Grants Bankruptcy Protection --------------------------------------------- City Bird Holding SA has received bankruptcy protection from the Brussels commercial court in Belgium until September 26 to allow the Belgian airline's charter flights to take place as scheduled, according to the Wednesday edition of Dow Jones Newswires. The company will prepare and present a restructuring plan to the court before that date. FLV FUND: Further Invests US$1MM in Authentor --------------------------------------------- Venture capital firm FLV Fund, according to the Nasdaq Europe press release on Tuesday, has invested a further US$1 million in its portfolio company Authentor Systems (formerly Sentry Systems) as a part of a second round funding totaling US$4.5 million. Other investors participating in this round include SI Ventures, Catalyst Partners, 5280 Fun and iSherpa Capital. The company will use the new funds to expand its technology, service offerings and customer base. In April 2000, FLV Fund invested US$2 million in the American company, which develops and markets Web access management and authentication systems that enable companies to cost-effectively provide secure access to online information and applications. FLV FUND: Invests 5.5MM Euro in Voxtron --------------------------------------- FLV Fund, together with ABN Amro, has invested a combined 5.5 million euros in portfolio company Voxtron, the Nasdaq Europe press release on Tuesday said. FLV Fund invested another 0.96 million euros, bringing its total commitment to 2.7 million euros. Voxtron, a computer and webtelephony specialist, is planning to further expand its i-Axxium product, an Internet platform for hosting personalized telephony services, in Europe and Asia. LERNOUT & HAUSPIE: Court Frees Founders Pending Trial ----------------------------------------------------- After more than two months in jail, a Ghent court in Belgium said co-founders Jo Lernout and Pol Hauspie and former board member Nico Willaert could go free on condition they cooperate with investigators, do not attempt to leave the country and have no contact with each other, according to Dow Jones Newswires' report on Wednesday. The three were arrested April 27 and charged with fraud and stock manipulation in a scandal that left the speech technology company fighting for its survival. L&H filed for bankruptcy protection late last year after revelations of accounting irregularities. After a boardroom shuffle, the company is seeking bankruptcy protection but needs to come up with a new recovery program before September 10. Gaston Bastiaens, another former senior L&H official, was extradited to Belgium from the U.S. last month and taken into custody. LERNOUT & HAUSPIE: Lionbridge Tech to Buy Mendez ------------------------------------------------ Lernout & Hauspie Speech Products NV, a world leader in speech and language technology, products and services, on Tuesday said it has reached an agreement to sell wholly-owned subsidiary Mendez SA to Lionbridge Technologies, Inc. for $27 million. Mendez provides localization and language translation services. The transaction is subject to approval by the U.S. Bankruptcy Court for the District of Delaware and the Ieper Commercial Court of Belgium, a process that entails a public auction of Mendez that would allow third parties to make competing bids to acquire the subsidiary. It is expected to close in the third quarter. Under the terms of the agreement, Lionbridge will co-own with L&H certain language translation technologies, such as iTranslatorT. In addition to the $27 million cash transaction, L&H will receive a separate payment of approximately $6 million from Mendez to satisfy all outstanding inter-company liabilities due the Company. Accounting scandals and fraud allegations has sent Lernout's stock crashing, forcing the firm to seek bankruptcy protection in Belgium and the United States late last year. Founders Jo Lernout and Pol Hauspie and former board member Nico Willaert were jailed as fraud investigation continues. SABENA SA: Appoints New Chief Operating Officer ----------------------------------------------- Sabena Board of Directors appointed on Tuesday Mark Dunkerley as Chief Operating Officer of the Belgian carrier. The British- American executive will start his duties at Sabena on August 1. Dunkerley, who has a large experience in the airline industry, will manage Brussels Hub and supervise the Sabena Flight Operations department, DAT, Sabena Ground Handling, Punctuality, Sabena Catering and Sabena Cargo Handling. He graduated from London School of Economics in UK and of the College of Aeronautics, Cranfield Institute of Technology in the UK. He worked as Assistant to the CEO at Miami International Airport between 1985 and 1989. In 1989, he joined British Airways as VP Government Affairs and Investor Relations in the US, then moved to Prague as Manager for Eastern Europe of BA and was promoted in 1997 Senior Vice President, Latin America & Caribbean Division, in Miami. Dunkerley became President & COO of ground handling company Worldwide Flight Services. SABENA SA: Belgium Minister's Comments Surprise Swissair -------------------------------------------------------- Sabena shareholder Swissair Group notes with astonishment the comments and allegations made to the media on Tuesday by Rik Daems, Belgium's Minister of Telecommunications, Public Enterprises and Participations. Swissair is disappointed that the Belgian government has chosen to focus on litigation and walk away from the negotiation table, whilst the Swiss airline has endeavored to work towards a solution to secure Sabena's future. In the light of these events, Swissair will make a further statement in due course. SABENA SA: Has Funds Until September ------------------------------------ Belgian carrier Sabena Airlines has enough funds to last until the end of September and could generate enough funds to continue to the end of first quarter 2002 if it sells certain subsidiaries, the Tuesday edition of AFX News said. Sabena chairman Fred Chaffart hopes that its shareholders, the Belgian government and Swiss airline Swissair Group, will come to an agreement or find a new partner for his airline to operate. Chaffart added it would be difficult for the shareholders to remain partners after the launching of a legal action, which started when Swissair said it was not willing to continue investing in loss-making companies. SABENA SA: Swissair Suit Creates Problems for Sabena ---------------------------------------------------- Belgian carrier Sabena could end up the loser in the legal battle between its two shareholders, the Belgian government and Swissair Group, according to the Wall Street Journal's report yesterday. Belgian privatization minister Rik Daems called Swissair executives irresponsible and duplicitous for claiming to be supporting Sabena while they have done nothing to help it. Daems wants a Belgian court to force Swissair to inject 529 million euros into Sabena over the next year and to pay 354 million euros in damages. Swissair Group reacted saying that it was disappointed that the Belgian government chose to focus on litigation and walk away from the negotiation table. Now, Sabena swings in uncertainty as its parents feud, leaving Sabena with little room to maneuver. Last year, the airline posted a loss of 325 million euros on revenue of 2.4 billion euros. It remains burdened by labor unions, small home market and limited dollar-based revenue to balance the cost of buying expensive jet fuel while the euro continues to weaken. =========== F R A N C E =========== AIR LIBERTE: Swissair Backs Fidei Bid ------------------------------------- Real-estate firm Fidei has reached a provisional agreement with Swissair Group to finance a rescue bid for French airlines AOM and Air Liberte, the July 4 edition of Dow Jones Newswires said. Under the pact, Swissair would provide an ultimate contribution of between 1 billion French francs and 2 billion French francs before pulling out of the two airlines, while Fidei and parent company Leucadia National Corp. would invest up to 200 million French francs to gain control of the airlines. Fidei is one of the fifteen companies that filed bids with the commercial court to rescue the troubled airlines. A decision is expected mid-July. AOM and Air Liberte were forced to file for bankruptcy last month after shareholders Swissair Group and Marine-Wendel refused to bail out the French carriers. AMF BOWLING: Bowling Firm Files for Bankruptcy ---------------------------------------------- The largest bowling company in the world, AMF Bowling Worldwide, and its U.S subsidiaries on Tuesday filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The filings, in Richmond, Virginia, will enable AMF to maintain ordinary course operations while it finalizes and implements a reorganization plan to significantly reduce its long-term debt and interest expense. AMF announced in April that it would likely take this action in order to facilitate an orderly financial restructuring. The company has reached an agreement in principle with the steering committee of its senior lenders on a new capital structure and the terms of a plan of reorganization. AMF expects to submit this plan and a disclosure statement in early August after the approval of the agreement in principle by the requisite majority of its senior lenders. The plan of reorganization will reduce outstanding debt and provide improved financial flexibility for AMF. Debtor-in-Possession Financing Arranged Members of AMF's current senior lending group have agreed to provide the company with a $75 million debtor-in-possession financing facility, subject to court approval that is expected later today. These funds will be available to supplement the company's operating cash flow for funding business operations, including payment under normal terms to suppliers and vendors for all goods and services that are provided to the company during Chapter 11. AMF Conducting Business in the Ordinary Course Roland Smith, AMF's President and Chief Executive Officer, noted that the court filing is not expected to have any significant impact on AMF's day-to-day operations: "We will continue welcoming customers at our bowling centers, and we will continue to make and sell our bowling products. While the refinancing will be an important step towards a more successful future, our primary focus will continue to be our customers and their satisfaction with our products and services." All 518 of the company's bowling centers around the world remain open and will be conducting normal business operations. League play and all other activities at the bowling centers, such as corporate parties and special promotions, will continue as planned. All three of the company's manufacturing facilities are open and will operate on regular schedules. Proposed Reorganization Plan Under the terms of the plan to which AMF and the steering committee of senior lenders have agreed in principle, the senior lenders will receive a combination of cash, debt and common stock of the reorganized company. Based on a hypothetical reorganization value of $700 million, these distributions will provide payment in full to the senior lenders for their secured claims of approximately $625 million. Unsecured creditors will receive the remainder of the reorganized company's common stock, as well as warrants to purchase additional shares. The reorganized company will implement a management stock option program tied to the company's future performance. AMF Bowling Worldwide will not make a distribution to AMF Bowling, Inc., the parent company. As a result, while AMF Bowling, Inc. has not yet filed for Chapter 11 protection, it is expected that the common stock and the zero coupon convertible debentures of AMF Bowling, Inc. will ultimately be cancelled. The details of AMF Bowling Worldwide's proposed capital structure will be contained in a plan of reorganization and a disclosure statement that the company expects to file with the court in early August. The plan and the disclosure statement are subject to the approval of the creditors and the bankruptcy court. "We have negotiated a plan of reorganization with the bank group steering committee that will position AMF for long-term success," said Smith. "We intend to use this court-supervised process to implement a plan of reorganization that reduces our long-term debt and interest expense and allows us to redirect our operating cash flow toward more productive uses. At the same time, we will continue to implement our strategic business plan, which is focused on improving operations in the future." Strategic Changes Continue at AMF "Over the past year, we have implemented a number of actions to strengthen AMF's business operations and enhance financial performance," said Smith. "While AMF continues to generate positive cash flow from operations, today's court filing is a necessary step in the refinancing process to make AMF a stronger, financially sound company in the years to come." During the past year, AMF has made a number of strategic personnel and organizational changes in both its Centers and Products businesses. These changes included initiatives that streamlined the U.S. Bowling Centers' organization and instituted a new operating model focused on the bowling center manager. In conjunction with this model, the company created new training schools for center and facility managers and also established new performance-based compensation and benefits programs for center managers and staff. John Suddarth, the new Chief Operating Officer for Bowling Products, began implementation of organizational changes in May to reduce costs and improve both product quality and customer service. Upon completion of the operational turnaround currently underway, the company believes that its Products business will be positioned to deliver improved results. Smith emphasized that AMF remains committed to long-term growth of its business in the U.S. and its global markets. "Bowling is fundamentally a good business. With almost 54 million Americans bowling at least once last year, it is the largest participatory sport in the U.S. Around the world, we estimate that over 100 million people in 90 countries went bowling last year." ============= G E R M A N Y ============= BANKGESELLSCHAFT BERLIN: Staff Calls for Rupf Resignation --------------------------------------------------------- Staff representatives on the supervisory board of German bank Bankgesellschaft Berlin have called for managing director Wolfgang Rupf to retire, Die Welt & World Reporter in its July 2 edition said. The representatives agree that the bank cannot have a new start under Rupf's leadership. The trade union Verdi said its faith in the managing director was lost after Rupf said the bank could still become insolvent. Rupf's retirement could be decided on at the next supervisory bard meeting on July 16 if a major shareholder backs up the staff representatives' request. INFOMATEC AG: Units Begin Insolvency Proceedings ------------------------------------------------ Infomatec AG's Infomatec Integrated Information Systems AG unit and five other units on July 1 began its insolvency proceedings, the Tuesday edition of Dow Jones Newswires said. The software provider was forced to file for insolvency proceedings on May 8 due to inadequate cash. It requested that the proceedings be self-administrating. TELDAFAX AG: Goldman, Sachs Resigns as Sponsor ---------------------------------------------- Goldman, Sachs & Co. OHG has resigned as a designated sponsor with effect on June 30, Frankfurt Stock Exchange in its Tuesday press pelease said. HypoVereinsbank also terminated their mandate as designated sponsor of TelDaFax AG with effect of July 31. =========== G R E E C E =========== OLYMPIC AIRWAYS: PM to Rule on Sell-Off --------------------------------------- Greek prime minister Costas Simitis will have to decide whether to approve the sale of state carrier Olympic Airways to a private Greek airline, according to the Financial Times on Wednesday. The airline is close to collapse, with accumulated debts of more than $100 million after two failed restructurings in the past five years. Greek conglomerate Axon Holdings, which operates a small loss- making private carrier, made the highest of four bids for Olympic with $248 million for a 51% stake. While Axon's offer calls for the resignation of more than one- third of Olympic's 7,000 employees, the government has pledged to transfer employees made redundant by the privatization to other public sector jobs. Other Olympic Airway bidders were from Cyprus Airways, from a Greek shipowner and an Australian airline consultancy. ============= I R E L A N D ============= EIRCOM PLC: Battle Heats Up With Higher Bid ------------------------------------------- Entrepreneur Denis O'Brien's consortium eIsland raised the stakes to 1.32 euro a share in the battle for control of Eircom PLC, topping a rival bid of 1.27 euro from the Valentia consortium, Dow Jones Newswires reported on Monday. eIsland also proposed an alternative cash-and-shares offer of 1.375 euro a share that includes 1.255 euro per share in cash. Valentia, led by media tycoon Tony O'Reilly, with Goldman Sachs Group Inc. (GS), Providence Equity Partners and Soros Private Equity Partners, had looked certain to succeed when Eircom earlier this month rejected a previous eIsland bid. "The Eircom board has granted exclusivity to Valentia, but it has a fiduciary responsibility to recommend eIsland's higher cash offer," BCP Stockbrokers analyst Eamonn Leonard said. Executives at O'Reilly's group couldn't be reached for comment. ========= I T A L Y ========= ALITALIA-LINEE: Calls July 9 Board Meeting ------------------------------------------ Italian carrier Alitalia SpA has called a board meeting for July 9 to discuss alliances, Dow Jones Newswires reported on Tuesday. Alitalia is widely expected to sign an agreement next week to form a commercial alliance with Air France SA and Delta Air Lines Inc. ===================== N E T H E R L A N D S ===================== KPN NV: Belgium Has Final Say on Belgacom Merger ------------------------------------------------ Lawmakers in Belgium have approved a law giving the government the final say on any eventual merger between the heavily indebted telephone operator KPN NV and Belgium-owned Belgacom SA, Dow Jones Newswires reported on Wednesday. The merger was believed to allow KPN to speed up its debt reduction strategy. Earlier this week, the Financial Times said talks over the KPN- Belgacom merger are in its final stage as executives haggle over roles in the future organization. KPN, however, denied such report. KPN NV: Denied Reports Belgacom Merger Is Close ----------------------------------------------- Dutch telecom Royal KPN NV spokesman Marinus Potman denied reports from Financial Times and Financieele Dagblad that it is close to a merger with Belgium's Belgacom, the Tuesday edition of Dow Jones Newswires said. The FT and FD reported that the companies have decided on merger terms and are now haggling over what positions the executives of the companies would hold in the merged KPN/Belgacom. Potman also said the Belgian government is not close to voting on a merger, as reported in Belgium's L'Echo. LETSBUYIT.COM: Hansen Steps Down on Monday ------------------------------------------ Rolf Hansen, Chief Planning Officer of Internet retailer LetsBuyIt.com N.V, has resigned on Monday on his own request and due to personal, family reasons. Hansen was responsible for strategy and business development in the Management Board of the company. ===================== S W I T Z E R L A N D ===================== ISMM GROUP: Kirch Exercises Takeover Option ------------------------------------------- KirchGruppe AG has exercised its option to take over the soccer World Cup 2002 and 2006 television broadcasting contracts from the bankrupt sports marketing group ISMM-ISL, AFX News reported on Monday. A company spokesman was not prepared to give any financial details, but said that Kirch has been in talks with the world football's governing body International Football Association Federation (FIFA). FIFA is also fighting for survival as a result of the ISL collapse. SWISSAIR GROUP: Plane Grounded by Sabena Workers ------------------------------------------------ Sabena workers blocked the departure of a Swissair flight from Brussels in Belgium to Zurich on Wednesday in a sign of the deepening dispute between Sabena shareholders - Swissair Group and the Belgian government, the Associated Press reported. Union activists from Sabena pledged to keep the plane grounded to protest the Swiss company's management of its Belgian partner. With the blockade, more than 40 passengers were taken off the plane and spent the night in Belgium. Swissair diverted other Brussels-bound flights to a Netherlands airport. Sabena unions further plan to protest on July 12 at Swissair's Zurich headquarters. =========================== U N I T E D K I N G D O M =========================== 360NETWORKS: Appoints KPMG as Administrator ------------------------------------------- Chris Laverty and Phil Wallace of KPMG Corporate Recovery were appointed administrators to fiber optic communications provider 360networks (UK) Limited and 360networks Europe Limited. According to M2 Communications' June 29 edition, the administrators will seek to preserve the value of the UK network by continuing to trade the business, while exploring a sale of the network or on a standalone basis. 360networks (UK) Limited is the UK operating company of 360networks Inc. It employs until recently 130 staff. 360networks Europe Limited is the holding company for the twelve European subsidiary companies of which 360networks (UK) Limited is one. 360NETWORKS: Nasdaq Freezes Shares ---------------------------------- U.S.-based Nasdaq market maintained the trading halt of fiber- optic network builder 360networks shares that it had imposed on June 28 at 21 cents as the company was preparing to announce its court filings, Reuters reported. The exchange said it needed more information from the company before trading could resume. Trading continued on the Toronto Stock Exchange on June 29, where stock dropped 15 Canadian cents to 16 Canadian cents. The company, which sought court protection from creditors for most of its operating units in Canada and the United States, said its filings would allow it to reorganize its finances. It also said it believed it still had enough money to complete its network in North America. BRITISH TELECOM: Sells Stake in Rogers Wireless ----------------------------------------------- British Telecom on Tuesday announced that it had agreed to sell its entire interest in Rogers Wireless Communications Inc in Canada to AT&T Wireless Services, for 269 million pounds as an all-cash transaction. This consideration is equivalent to a price of C$27.28 per share. This follows the sale of BT's minority assets in Japan, Spain, Malaysia and India and brings the total raised from these transactions to more than 5 billion pounds. BT acquired its interest in Rogers Wireless in August 1999 through a 50:50 partnership with AT&T. Together, the companies acquired the equivalent of approximately 33% of the share capital of the company. BT did not subscribe to the recent rights issue by Rogers Wireless. ICELAND GROUP: Sales Drop to 3% -------------------------------- The UK frozen food retailer Iceland has reported a slump in sales, the Wednesday edition of BBC News said. In the 13 weeks to June 30, sales were down 3.1% although in the last six weeks they were down only 1.3%. Pre-tax profit before exceptional items and goodwill came to 40.1 million pounds, in line with the company's estimate at its third profit warning in March. However, exceptional costs unexpectedly rose to 144.6 million pounds, an increase of 78.6 million pounds over Iceland's estimate in March, due to a revaluation of the company's pension scheme. No final dividend will be paid. The company ran into trouble last year when a gamble on organic frozen food backfired and customers who were used to promotional deals and lower prices shopped elsewhere. INDEPENDENT INSURANCE: FSA Faces MP Probe ----------------------------------------- The government will investigate the role of City regulator Financial Services Authority in the collapse of Independent Insurance, the Financial Times reported on Wednesday. Labor MP Barry Gardiner for Brent North said that if ministers were not sure if the FSA was at fault, they should set up an investigation into the regulator's handling of the Independent affair. Gardiner criticized the FSA's policy of relying on information provided by managers regarding solvency. He added that if the FSA failed in its regulatory function, it also did through internal incompetence. Economic secretary Ruth Kelly, however, said it would be inappropriate to comment on the investigation. She expressed sympathy for the plight of the employees and policyholders affected by the collapse. Kelly said the FSA had been in close contact with Independent and will continue to monitor the situation. Independent went into provisional liquidation last month and more than 1,000 employees have already lost their jobs. The Serious Fraud Office has launched an inquiry into its collapse. MARKS & SPENCER: Searches for New Financial Chief ------------------------------------------------- In view of the retirement planned next year of Dave Towell, Chief Executive of Marks & Spencer Financial Services, the retail group has on Monday begun the search for his successor. Towell joined Marks & Spencer Financial Services in 1985, from North West Securities (part of the Bank of Scotland), as General Manager, responsible for the newly created Financial Services arm of Marks & Spencer in Chester. In 1989, he was appointed to the Marks & Spencer Financial Services board as Director and was appointed Chief Executive in 1999. It is intended that the new Chief Executive will also be a main board appointment of Marks and Spencer plc, in order to strengthen and develop further the synergies between the retailing and financial sides of the business. RAILTRACK GROUP: Bosses Get 2MM-Pound Options --------------------------------------------- Railtrack has revealed that six of its directors were on June 19 awarded nearly 2 million pounds in share options, designed to motivate the executives, the Wednesday edition of BBC News said. However, unions and passenger groups criticized the awards. General secretary Mick Rix of train drivers' union Aslef said that Railtrack board should first be striving to improve safety and reliability on the railways, not the share price. Among the winners was Railtrack chief executive Steve Marshall, who was offered 127,014 shares, while finance director David Harding has the option to buy 173,775. Business development director Sebastian Bull was awarded 79,936 shares and chief operating officer Jonson Cox gets 90,047. Technical director Richard Middleton and safety director Christopher Leah were each awarded 53,080, BBC added. ************* 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 USA, and Beard Group, Inc., Washington, DC USA. Kimberly MacAdam, Salve M. Mordeno and Ma. Cristina D. Pernites, Editors. Copyright 2001. 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 * * *