---

        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

            Monday, February 04, 2002, Vol. 3, No. 24


                            Headlines

* G E R M A N Y *

DEUTSCHE TELEKOM: Regulator Objects to Liberty Bid

* H U N G A R Y *

MOL RT: Government Bids for MOL Gas Assets

* I R E L A N D *

AER LINGUS: May Call on Mediator to Avert Strike
AER LINGUS: Pilots to Stage Strike on Feb. 11
EIRCOM PLC: Director of Corporate Relations Steps Down

* I T A L Y *

FIAT SPA: Chairman Fresco Wants New Board Members at Fondiaria

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

KPN NV: Demands Rivals to Reduce Interconnection Fees
UNITED PAN-EUROPE: Liberty Media Takes Over UPC Parent

* P O L A N D *

ELEKTRIM SA: Debt Settlement Conflict Causes Shakeup
ELEKTRIM SA: Management Shakeup Possible on Tuesday

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

4M TECHNOLOGIES: Reaches Refinancing Agreement With Investors
SWISSAIR GROUP: Swiss Air Lines Named as New Flag Carrier

* U N I T E D   K I N G D O M *

BIOGLAN PHARMA: Banks Extend Standstill Agreement to Feb. 28
CEDAR PLC: Alchemy Forced to Buy 1.4MM Shares in Cedar
CONSIGNIA: Will Lose GBP1MM Daily on Competition
IMPERIAL CHEMICAL: Can Get Over GBP100MM for Synetix
IMPERIAL CHEMICAL: Plans Rights Issue to Trim Debt
IMPERIAL CHEMICAL: Urges Underwriters to Back Rights Issue
MARCONI PLC: Inks Deal With Omnitel on Fiber Optic Network
NTL INCORPORATED: Appoints Three Banks to Advise on Debt
NTL INCORPORATED: Dismisses Worries on Funding Gap
NTL INCORPORATED: Hires Brunswick to Handle Debt Publicity
RAILTRACK GROUP: Bidders Line up for Railtrack
TINY COMPUTERS: Owes Business Post GBP0.3MM


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


DEUTSCHE TELEKOM: Regulator Objects to Liberty Bid
--------------------------------------------------

Germany's Federal Cartel Office had serious objections to U.S.
cable group Liberty Media's purchase of 60% of the cable-tv
network of Bonn-based telecom giant Deutsche Telekom AG, Reuters
reported.

Liberty has until February 15 to answer the regulator's
objections, the news agency added.

The regulator will only approve the offer if Liberty Media agrees
to create greater competition in affiliated markets, such as
Internet or telephony, by developing its network.

Deutsche Telekom owns most of Germany's cable infrastructure but
it does not control the retail side of the business.

The failure of the 5.5-billion-euro ($4.76 billion) deal would
strike a serious blow to Deutsche Telekom's drive to cut its debt
of 65 billion euros ($55.8 billion) to 50 billion ($42.9 billion)
euros by the end of this year, and the cable sale is key part of
that plan.

London-based investment group Compere Associates has said it
would bid for the cable network if the Liberty acquisition is
blocked.


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


MOL RT: Government Bids for MOL Gas Assets
------------------------------------------

The Hungarian government has made a "generous" offer and remains
keen to buy the entire gas assets of Hungarian oil and gas
company Mol, expected to lose around 120 billion forints ($423
million) this year on its gas business due to the combination of
the high price of gas imports and government price caps.

According to a Financial Times report, Prime Minister Viktor
Orban said that the government has a legitimate reason to
intervene since a large proportion of households uses gas in
Hungary.

Although Mol reiterated this week it intended to divest the
regulated pipeline and gas trading businesses, the company has
always stressed that the exploration and gas production operation
is technically inseparable from its oil extraction operations and
is not for sale.

A handful of foreign companies, including Ruhrgas and Gaz de
France, are believed to be interested in buying up to 50% of
Mol's gas pipeline and trading businesses.


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


AER LINGUS: May Call on Mediator to Avert Strike
------------------------------------------------

An independent mediator could be asked to chair talks to avert a
strike by pilots of Irish carrier Aer Lingus on February 11, the
Irish Times reported.

The pilots' union IMPACT has served strike notice on the company
last Thursday, and warned that it would not defer industrial
action unless compulsory redundancies for 10 junior co-pilots are
withdrawn.

The company has so far refused to withdraw the notices and
accused IMPACT of trying to change the agenda.


AER LINGUS: Pilots to Stage Strike on Feb. 11
---------------------------------------------

Pilots of cash-strapped national airline Aer Lingus have called a
one-day strike on February 11 in protest at compulsory
redundancies.

Union leaders called the strike after pilots voted by an
overwhelming 475-14 majority in favor of action.

Aer Lingus, which late in 2001 was losing 2.5 million euros
($2.15 million) a day, says it must lay off 80 of its 530 pilots.
That is, 20 captains and 60 co-pilots will lose their jobs.

Ten junior pilots have already been issued with 30-day compulsory
redundancy notice, the airline's director of corporate affairs
Dan Loughrey said.

The layoffs were under a radical rescue scheme to cut 2,000 jobs
from its workforce of 6,000 in order to save 190 million euros
and return the company to profitability.

The financial woes of Aer Lingus, whose efforts to cut costs have
extended to selling two Boeing 737 aircraft and even auctioning
off its corporate art collection, are in large part attributed to
the downturn in the world economy and the impact of the U.S.
terror attacks.

The Irish government has begun casting around for a buyer for up
to 35% of Aer Lingus to fund the airline's rescue. British
Airways and Spanish carrier Iberia were mooted as possibilities.


EIRCOM PLC: Director of Corporate Relations Steps Down
------------------------------------------------------

Gerry O'Sullivan will step down from his position as director of
corporate relations of Dublin-based telecom company Eircom to
pursue other interests, the Irish Indepentent reports.

In 1999, O'Sullivan was responsible for media relations during
Eircom's flotation. Last year, in order to cut cost and serve its
debts, Eircom was up for bid to investors.

He went through the battle during the take-over fight between Sir
Anthony O'Reilly's Valentia consortium and Denis O'Brien's e-
Island group last year.

Eircom earlier said it would divest up to 100 million euros in
properties to meet its financial obligations to international
banks for the money lent for the recent takeover led by the
Valentia consortium.
  
Included in the property sale is Eircom's training center at
Kimmage in Dublin, estimated to value between 8 and 12 million
euros. Hamilton Osborne King is handling the sale of the said
center.

The funds raised from the sale are intended to finance productive
investments, cover redundancy payments and pay off Valentia's
debts.

Irish phone company Valentia Telecommunications Limited, backed
by financier George Soros, Goldman Sachs Group Inc. and
Providence Equity Partners Inc., as well as Irish billionaire Sir
Anthony O'Reilly, took over Eircom last year for around 3 billion
euros.


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


FIAT SPA: Chairman Fresco Wants New Board Members at Fondiaria
--------------------------------------------------------------

Fiat SpA chairman, Paolo Fresco, wants the board of Italian
insurers La Fondiaria Assicurazioni SpA to include
representatives from Montedison SpA, an industrial conglomerate
holding 24% of La Fondiaria, Dow Jones Newswires reported.

Montedison, controlled by Fiat-led consortium Italenergia SpA,
has announced it would sell its Fondiaria stake to Fiat's
insurance unit Toro SpA.

The Fiat executive reiterated his view that a three-way merger
between Fondiaria, another Italian insurer SAI and Toro would be
the best option to become the country's second biggest insurer.

Fiat intends to make 3 billion euros of disposals over the next
two years to help reduce debt, which stood at 7.5 billion euros
as of September.

The Turin-based car manufacturer is understood to be considering
selling its Teksid foundry business and floating its Comau
factory automation unit.


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


KPN NV: Demands Rivals to Reduce Interconnection Fees
-----------------------------------------------------

The cellphone unit of heavily indebted Hague-based
telecommunications company Royal KPN NV will this week file
complaints with telecoms regulator OPTA, demanding other mobile
operators to cut interconnection fees to KPN's levels, Reuters
reported.

KPN wanted other operators in the Netherlands to reduce their
interconnection fees to a level similar to that of KPN Mobile by
April 1. Otherwise, KPN Mobile will be obliged to increase its
interconnection fees from that date.

Vodafone, Ben, Dutchtone, Tele2 and British Telecom's Dutch unit
Telfort is charging KPN Mobile an average of about 21 euro cents
per minute, while KPN Mobile charged them around 17 euro cents
for the same service.

KPN, according to chief financial officer Maarten Henderson,
currently has 8.8 billion euros in cash on hand, while the
company's net debt as of December 31 is estimated at 16.5 billion
euros.


UNITED PAN-EUROPE: Liberty Media Takes Over UPC Parent
------------------------------------------------------

After the announcement in June 2000, UnitedGlobalCom Inc has
completed a merger with a newly created holding company and
subsidiary of Liberty Media Corp, AFX News reported.

Under the deal, Liberty would contribute $200 million cash to
United. United will also assume from Liberty $891.7 million in
principal on convertible notes issued by United subsidiaries
Belmarken Holding BV and United Pan-Europe Communications NV, and
$1.4353 billion and 263.1 million euro in aggregate principal at
maturity of UPC's publicly traded bonds.

United issued to Liberty 281.3 million common C shares, giving
Liberty approximately 72% economic ownership in United. United
remains the largest shareholder and debtholder in UPC, one of the
leading broadband communications companies in Europe.

United also paid for the acquisition of Liberty's notes and
interest in IDT United by the assumption of approximately $305
million of debt owed by Liberty to a subsidiary of United,
payment of 129 million in cash and the delivery of a $17 million
promissory note to Liberty.

As a result, United's third-party debt obligations have been
reduced by approximately $1.2 billion, at a total cost of
approximately $462 million.

UPC, which has more than eight billion euros of debt, was removed
from the Next 150 Index on January 2 because the Amsterdam-based
company did not meet rules regarding market capitalization
weighted price requirements and negative shareholders equity.


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


ELEKTRIM SA: Debt Settlement Conflict Causes Shakeup
-----------------------------------------------------

The nine-member supervisory board of debt-riddled Polish
telecommunications and power conglomerate Elektrim SA suspended
its deputy CEO after a management disagreement erupted over debt
settlement talks with convertible bondholders.

Dow Jones Newswires sources say the suspension of Jacek
Walczykowski was due to differences of opinion within the
Elektrim management board over court-ordered debt settlement
proceedings.

The energy group did not reveal the nature of the differences
between Walczykowski and acting chief executive officer Waldemar
Siwak.

Elektrim announced that Jan Rynkiewicz would be the group's
temporary deputy president to replace Walczykowski.


ELEKTRIM SA: Management Shakeup Possible on Tuesday
---------------------------------------------------

Warszawa-based telecommunications and power conglomerate Elektrim
SA could fire top management tomorrow when the company's
supervisory board meets to resolve an internal dispute on how to
settle its December 17 default on 480 million euros in
convertible bond redemptions, a source close to the board told
Dow Jones Newswires.

Elektrim has been suffering serious liquidity problems since
1999, when the then CEO Barbara Lundberg launched an ambitious
and high leveraged round of telecom and cable TV acquisitions.

The source added that the ouster of acting chief executive
officer Waldemar Siwak is a possibility.

A Warsaw district court on January 16 ordered as debt-
rescheduling negotiations with creditors, but some are
threatening to push the company into bankruptcy if it fails to
pay its debts in full.

"Nothing has changed since the court ruling except our
sentiment," said Jarek Golacik of London-based Centaurus Capital,
acting as spokesperson for a large group of Elektrim bondholders.

"We are disappointed that Elektrim's management is wasting
bondholders' time and shareholders' money in useless quarrels."

Elektrim's main asset is its 25% indirect stake in East Europe's
largest mobile telephone operator, Polska Telefonia Cyfrowa.
Elektrim owns the PTC stake via its 49% holding in joint venture
Elektrim Telekomunikacja, which is 51% owned by France's Vivendi
Universal SA.

BRE and its subsidiaries now hold a 9.56% stake in Elektrim,
second only to Vivendi's 10% stake in the troubled company.


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


4M TECHNOLOGIES: Reaches Refinancing Agreement With Investors
-------------------------------------------------------------

4M Technologies, the Yverdon-les Bains-based manufacturer of
production systems for optical discs, said that it has reached an
agreement with a group of unnamed private investors on the
recapitalization and refinancing of the company's activities.

A proposal of recapitlaization was presented to the board of
directors subject to the following conditions:

(a) Homologation of the moratorium proposed by the operating
company (Multi Media Masters & Machinery SA);

(b) Receipt by the investors of a waiver from the duty to make a
bid for the entire share capital;

(c) Approval by the shareholders of a capital increase of the
company (in several tranches); and

(d) Absence of any material adverse change.

After examination, the Board of Directors will submit the
recapitalization proposal to the shareholders of the company in
an extraordinary shareholders' meeting on February 22.

In view of the marked slow-down of activities due to the
liquidity crisis and the resulting absence of manufacturing
components, 4M Technologies said that the operating company Multi
Media Masters & Machinery SA (under moratorium) filed a request
for temporary lay-off for 27 employees from February 1, 2002, for
a period of two months.

The competent authorities accepted this request.

The measure was undertaken in order to keep the company's highly
qualified personnel in view of a return to normal activity
expected to result from the proposed refinancing plan.

Early last week, shares of 4M Technologies were suspended due to
an ongoing creditors' meeting.

4M, which reported for the nine months ending September 30 a net
loss of 33.4 million Swiss francs, filed for protection from
creditors on the same month after it was hit by the sharp
downturn in the technology business.


SWISSAIR GROUP: Swiss Air Lines Named as New Flag Carrier
---------------------------------------------------------

Swiss Air Lines was on Thursday named as Switzerland's new flag
carrier, created around Crossair, the former regional subsidiary
of Swiss aviation company Swissair Group.

The branding of the carrier is a symbolic step on the way to
rebuilding a national airline for Switzerland following the
financial crash of Swissair.

The new company, which will fly under the name "swiss," will
start operating on April 1.

The slimmed-down Swiss carrier will take over 52 of Swissair's 76
jets, have 9,000 staff and plans to break even next year on
revenues of 5 billion Swiss francs. Swissair Group carried close
to 20 million passengers in 2000, had revenues of 16.2 billion
Swiss francs and a staff of 72,000.

Swissair collapsed in October last year. Weighed down by massive
debts due to an over-ambitious foreign expansion program, the
company was then mortally wounded by the downturn in air traffic
following the September 11 attacks in the United States.

Swissair, the airlines as well as the holding company, and number
of other subsidiaries, are trading under protection from
creditors and will be wound up later this year.


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


BIOGLAN PHARMA: Banks Extend Standstill Agreement to Feb. 28
------------------------------------------------------------

Banks of debt-laden British biotechnology company Bioglan Pharma
Plc have agreed to a further extension of its standstill
arrangements on its existing 113-million-pound facilities to
February 28, the AFX News reported.

The extension will allow discussions with a third party to
continue.

The company is working with the banks in an effort to ensure that
liquidity is available to meet the company's requirements through
to that date.

AFX News added there could be no assurances that these financing
arrangements would be extended beyond February 28.

In the event that these discussions do not result in an offer,
the directors will discuss with their banks alternative courses
of action.

Bioglan Pharma Plc ealier said it is in its final-stage rescue
talks with US contract research group Quintiles Transnational.
The Quintiles deal, which could give Quintiles up to 30% of
Bioglan through a share issue, is estimated to be worth tens of
millions of pounds.

Bioglan's problems began in October when Sadler confirmed he had  
abandoned the $765 million acquisition of Bristol Myers Squibb's  
skincare operations.

The company has sold United Nordic Pharma A/S and Dansk
Laegmiddelforsyning A/S in Denmark to management buy-out vehicle
HHR Holdings A/S for 14 million Danish crowns ($1.6 million).  
  
Bioglan Pharma is in a desperate attempt to stave off
bankruptcy, as assets stand at 42.9 million pounds and current
liabilities amount to 57.4 million pounds.

The company still owes 105 million pounds (about $148.5 million)  
to a consortium of banks led by Royal Bank of Scotland.

The business is now valued at 7.1 million pounds.


CEDAR PLC: Alchemy Forced to Buy 1.4MM Shares in Cedar
------------------------------------------------------

Private equity group Alchemy Partners has been forced to buy 1.4
million shares in Cedar to secure its takeover of the a
struggling Surrey-based software company amid dwindling
shareholder support.

According to a report from the Times newspaper, 49.27% of Cedar's
shareholders had voted in favor of the 3.8-million-pound rescue
bid, just short of the 50.1% it needs for the deal to become
unconditional.

Cedar's shareholders include CGNU PLC (10.95%), Deutsche Asset   
Mgmt (4.05%), Dresdner Kleinwort Benson (3.53%), M & G Inv Mgmt   
(3.47%), Other Dirs (0.19%).  

Alchemy had extended the offer period until today by when Cedar,
which owes HBOS 38 million pounds, will be close to insolvency.

Alchemy intends to provide 5 million pounds of initial funding
for Cedar and a further 20 million pounds once the offer becomes
unconditional.

Redac Ltd., a wholly owned subsidiary of Alchemy, launched the
5p-per-share offer after the group failed in a three-month search
to find outside backing. This values the software company at 4.2
million pounds.

A profit warning in September, poor market conditions in the
U.K. and the U.S. wiped more than 93% off the value of Cedar
shares.


CONSIGNIA: Will Lose GBP1MM Daily on Competition
------------------------------------------------

State-owned post office group Consignia warns that it will lose 1
million pounds daily and faces "death by a thousand cuts" under
plans to speed up competition, reports Ananova.

The warning came as industry's regulator, Postcomm, proposed a
three-stage plan that would see business mail contracts open to
competition this year and full competition by 2006.

In the phase one of the plan, from April 1 this year to March
2004 would see the market opened up to bulk mail above 4,000
deliveries. The information and bills from banks, building
societies and utilities as well as government departments would
open up around 30% of Consignia's market.

Phase two, from April 2004 to March 2006, would open up a further
30% of the market by including bulk mail between 500 and 1,000
items, which would take in medium sized businesses, schools and
health authorities.

Phase three, no later than March 31, would abolish all
restrictions.

Consignia replied that the plans threaten the universal service,
which guarantees delivery to every address in the country at the
same price.

Consignia's poor performance has brought the company to report in
November a fivefold increase in first-half operating losses
accruing to 100 million pounds. It is struggling to slash 1.2
billion pounds ($1.7 billion) from its eight billion pound cost
base in order to restore profitability and become more
competitive.
  
The Consignia board has hired PricewaterhouseCoopers to advise on
the future of the group, while UBS Warburg is advising on the
future of the post office network.


IMPERIAL CHEMICAL: Can Get Over GBP100MM for Synetix
----------------------------------------------------

Imperial Chemical Industries PLC, Britain's largest chemicals
maker, could get over 100 million sterling for its Synetix
catalyst arm, the AFX News reported, citing industry watchers.

With a high quality business, Synetix will generate a fair amount
of interest, an ICI spokesman told AFX News.

Synetix, which holds a strong position in the worldwide catalyst
market, had turnover of 125 million sterling in its last reported
financial year to Dec 2000. It had sales in 2000 of around 125
million pounds.

The Synetix disposal, together with the company's plan of a
rights issue, is an attempt by the company to avoid a downgrade
of its credit rating by rating agencies.

Dresdner Kleinwort Wasserstein upgraded ICI on Thursday to a
"hold" from "reduce." ABN AMRO kept its "hold" rating, arguing
that while ICI shares could bounce higher after the rights issue,
its longer-term growth remained "lackluster."


IMPERIAL CHEMICAL: Plans Rights Issue to Trim Debt
--------------------------------------------------

Chemicals maker Imperial Chemical Industries PLC is planning for
a rights issue to raise 800 million pounds in a bid to cut a huge
debt pile that has become a source of concern for shareholders.

ICI intends to make the rights issue available to its
shareholders and ADS holders in the United States.

Finance Director Tim Scott declined to comment on any price
details in the rights issue.

The International Businesses have continued to deliver resilient
performance during the fourth quarter, and the board believes
that the group's 2001 financial performance demonstrates the
quality of the business in a tough economic climate.

ICI's new debt-cutting plans came after talks with credit rating
agencies last year led it to believe it might be on the verge of
a ratings downgrade.

The company has announced over 1,000 job cuts in November to help
cut costs. The chemical maker currently employs around 38,000
staff.

Group profit before tax, exceptional items and goodwill
amortization is estimated to be 401 million pounds for the year,
while net debt stood at about 2.9 billion pounds at the end of
the year.

ICI will announce the full details of the rights issue today,
when it will also present its audited full year results.


IMPERIAL CHEMICAL: Urges Underwriters to Back Rights Issue
----------------------------------------------------------

Imperial Chemical Industries PLC is struggling to convince
underwriters that they should back an 800-million-pound rights
issue from the company to prevent its bonds being reduced to junk
status by rating agencies.

According to a report from The Times newspaper, underwriters,
including Goldman Sachs and UBS Warburg, are understood to have
drawn back at ICI's initial suggestion of a two for five rights
issue at 275p.

The company, which makes Dulux paints and Christian Dior
fragrances, refused to comment on the pricing. Industry sources
said underwriters suggested they could need a two for three issue
at 180p, a huge discount to Thursday's close at 330.5p, down
40.5p.

Discussions with rating agencies had made clear that failure to
reduce debt via the rights issue and further divestments would
lead to its own credit being downgraded.

The company at present holds a BBB-Baa2 rating.


MARCONI PLC: Inks Deal With Omnitel on Fiber Optic Network
----------------------------------------------------------

Marconi PLC has signed a deal with Italy-based Omnitel Vodafone
whereby the London-based telecom equipment company will install
the equipment needed to turn on a 10,000-kilometre network of
fiber optic cable.

According to an AFX News report, the agreement is estimated at 50
million pounds in revenue over three years to Marconi.

Under the terms of the agreement, Marconi will provide Omnitel
with a range of synchronous digital hierarchy ring terminals, a
dense wave division multiplexing line system, optical cross
connects, integrated network management, network installation and
training, as well as network maintenance and technical support.

Marconi, which has 1 billion pounds in available cash, has been
selling assets over the past four months in an effort to reduce
between 2.7 and 3.2 billion pounds of debt by March.
  
Marconi said its net debt as of December 2001 was 3.5 billion  
pounds, reduced from 4.3 billion pounds in September.


NTL INCORPORATED: Appoints Three Banks to Advise on Debt
--------------------------------------------------------

Debt-laden British cable television operator NTL Inc. has
appointed investment banks J.P. Morgan Chase & Co., Credit Suisse
First Boston and Morgan Stanley Dean Witter & Co. to handle the
talks with creditors aimed at trimming the company's debt of
$17.5 billion.

NTL is struggling to come up with $824.5 million in payments this
year on its $11.5 billion in junk-rated bonds. The company's 300
million euros of 12.375% senior notes due 2008 were being quoted
at a bid price of 34% of face value by ING Bank. That compares
with about 62% at the end of October.

Early last week, it emerged that four US investment houses have
snapped up one quarter of NTL's bonds. Fund management group
Franklin Templeton is understood to have acquired $500 million to
$750 million of the bonds, with Salomon Asset Management and two
vulture funds snapping up similar amounts. They picked up the
bonds at about a third of their face value and are expected to
team up to influence the way NTL's debt is restructured.

Chief Executive Officer Barclay Knapp declined to say whether NTL
would seek court protection from creditors.

The talks will take at least six months, after which, bondholders
may end up owning all the equity in a separate U.K. cable
business.

If the bondholders do nothing, the company at some point will
default on an interest payment and then the banks will own it,
giving the equity and bondholders zero, HSBC analyst Jonathan
Dann said.

The company's market value has dwindled to about $121.7 million,
from more than $30 billion in January 2000.


NTL INCORPORATED: Dismisses Worries on Funding Gap
--------------------------------------------------

Cable group NTL dismissed reports that it would run out of cash
or default on bond payments while it completes a massive balance-
sheet overhaul lasting up to six months.

According to a report from The Times newspaper, chief executive
Barclay Knapp said that NTL had enough cash and facilities to
meet all obligations, including bond coupon payments Friday.

Knapp also confirmed that NTL had held talks with potential new
investors as it considered every available option from either a
strategic or financial investor in an effort to cut debt.

NTL shareholders include France Telecom S.A  (18.32%), Cable &
Wireless (11.2%), AXA Financial (8.1%), Capital Research &
Management Co. (7.88%), Wellington Management Company (6.7%),
General Electric Co. (3.1%), Bamco Inc. (2.55%), Citigroup
(2.43%), Appaloosa Management (2.35%), Goldman Sachs Group Inc.
(2.23%), Directors and Officers as a group (1.91%), Artisan
Partners LP (1.56%), Barclays Global Investors (1.33%), John W.
Bristol (1.3%), Strong Capital (0.75%), Morgan Stanley Dean
Witter & Company (0.65%), Georgica Advisors LLC (0.6%), Neuberger
Berman LLC, Eagle Capital Management and CastleRock Asset
Management (0.54%), Snyder Capital Management, LP (0.52%), Gamco
Investors Inc. (0.51%), and State Street Corporation (0.44%).


NTL INCORPORATED: Hires Brunswick to Handle Debt Publicity
----------------------------------------------------------

Debt-ladened NTL Inc appointed public relations company Brunswick
to handle media inquiries on its efforts to reduce debt, AFX News
reported, citing an NTL spokesman.

Earlier, NTL confirmed it had appointed Credit Suisse First
Boston, JP Morgan and Morgan Stanley to advise on how best to
reduce its debt.

NTL is struggling with a hefty debt and analysts calculate it
needs to find some 3.8 million pounds a day to service interest
payments on its debt.


RAILTRACK GROUP: Bidders Line up for Railtrack
----------------------------------------------

Alan Bloom, the administrator at Ernst & Young, expressed
confidence that he would be able to present his solution to UK
transport secretary Stephen Byers by September at the latest, the
Guardian reports.

Bloom announced that he would have a list of Railtrack's assets
in ready for inspection by potential bidders when they exercise
due diligence by the end of March.

The administrator disclosed that the not-for profit company
preferred by Byers, German bank WestLB, and the publicity-shy
American financial house Babcock & Brown have expressed interest
to bid for the rail network company.

Bloom needs to find a bidder prepared to take on some GBP4.5
billion of Railtrack debt and fund the dilapidated Victorian
network.

According to a report from the committee chaired by the
redoubtable Gwyneth Dunwoody, MP for the rail town of Crewe, the
railways needed more public and private money than the GBP65
billion mentioned in the state's 10-year rescue plan.


TINY COMPUTERS: Owes Business Post GBP0.3MM
-------------------------------------------

Surrey-based retail computer chain Tiny Computers, which went
into administration on January 29, owes Business Post Group PLC
around 300,000 pounds, reports Ananova.

Time Group Ltd has required some of the assets of Tiny Computers,
which accounted for 3% of Business Post's turnover.

Business Post is in talks with Time Group and Tiny Computers
administrator Andrew Hosking of Grant Thornton as to how best to
mitigate its exposure, which may include a continuation of its
delivery services.

Burdened by debts of more than 35 million pounds, it is not yet
known how many of Tiny's 1,000 employees will face redundancy.

                                   ***********

        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 Maria Lourdes Reyes, Editors.

Copyright 2002.  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 240/629-3300.


                  * * * End of Transmission * * *