/raid1/www/Hosts/bankrupt/TCREUR_Public/020411.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, April 11, 2002, Vol. 3, No. 71


                            Headlines

* F R A N C E *

BULL SA: European Commission to Probe EUR450 Million State Aid

* G E R M A N Y *

BAYERISCHE LANDESBANK: Woes Worsen in Wake of Kirch's Insolvency
COMMERZBANK AG: To Trim Asset Management Unit With Jupiter Sale
COMMERZBANK AG: Invitation to Up Stake Fuels Generali Merger Buzz
EM.TV & MERCHANDISING: To Write-down Assets Tied to KirchGruppe
HERLITZ AG: Secures Liquidity for Next 3 Months With Fresh Loan
KIRCHGRUPPE: KirchMedia Files for Insolvency
KIRCHMEDIA: New Investor, Stock Market Listing Key to Recovery
KIRCHMEDIA: Springer to Stall Insolvency If "Option" Is Ignored
PHILIPP HOLZMANN: Prefab Unit Declares Insolvency Due to Slump
PHILIPP HOLZMANN: Deutsche Asphalt Finds 'White Knight'
RUWEL GROUP: French Unit's Receivership Ends in Liquidation

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

KPN NV: E-Plus to Buy Rival to Retain No. 3 Spot in German Market

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

LOT AIRLINES: Sale of Swissair's 25.1% Stake Scheduled for July

* U N I T E D   K I N G D O M *

ANTISOMA PLC: Rights Issue Takes up 35.5% of Shares
ANTISOMA PLC: Company Profile
BIOCOMPATIBLES INTERNATIONAL: Company Profile
BRITISH TELECOM: Asset Sales, Job Cuts Pepper New Business Plan
BRITISH TELECOM: Rivals Call for Spin-off of Internet Business
CENES PHARMACEUTICALS: Notification of Director's Shareholding
COLT TELECOM: Notification of Interests in Shares
ENERGIS PLC: British Operations Could Still Command GBP1 billion
LASTMINUTE.COM: Notification of Directors' Interests
NTL INCORPORATED: Malone's "Lock-out" Due to Colorful Reputation
ROYAL DOULTON: Rights Issue Draws 82.49% in Acceptances
SSL INTERNATIONAL: Notification of Interests in Shares
THUS GROUP: Notification of Interests in Shares
WILLIAM BAIRD: Notification of Interest in Shares


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


BULL SA: European Commission to Probe EUR450 Million State Aid
--------------------------------------------------------------

The European Commission wants answers from the French government
to explain why it provided near-bankrupt computer-maker Bull SA
with EUR450 million state aid to keep the company going until
June.

The Commission is going to scrutinize the transaction to see if
it conforms with European rules for state aid to distressed
companies, the Financial Times says.

Under such rules, a troubled company can only receive government
help once.  The computer maker had already availed of a EUR1.3
billion restructuring aid in 1993 to 1994. In fact, the French
government has already infused more than EUR7 billion into the
company since the 1960s.

The paper says both parties will have to convince the Commission
that the aid will be used to keep the company afloat and not to
pay for job cuts and other restructuring costs.

The investigation will run for 18 months before a decision is
reached.  Fortunately for the firm, the Commission has not sought
for the suspension of the loan.  The government released the bulk
of the aid last month.

The paper says the recent aid is not the first attempt of the
government to perk up Bull in attempt to encourage its homegrown
computer industry.  The group has already jumped from one
restructuring plan to another and has cut workforce from 46,000
in 1988 to 11,000 at present.

The company is planning to shed anew 1,500 jobs as part of a
restructuring plan that will cost between EUR150 million to
EUR200 million.  It plans to sell real estate and shares in
Steria.  Last month, Bull sold EUR29 million of Steria shares.

Pierre Bonelli, who took the helm last December, told the
Financial Times that Bull would have had to file for bankruptcy
without the additional government loan, which is payable in 12
months.


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


BAYERISCHE LANDESBANK: Woes Worsen in Wake of Kirch's Insolvency
----------------------------------------------------------------

The insolvency filing of KirchMedia Monday has pushed Bayerische
Landesbank deeper into the troubled financial pit it has been
stuck in since Philipp Holzmann and Fairchild Dornier declared
bankruptcy.

The filing means that the bank will have to add EUR1.9 billion
into its bad loan ledger that now lists the EUR50 million given
to Schmidtbank in November, EUR100 million to Enron and the still
to be accounted exposure to Philipp Holzmann and Fairchild
Dornier.

BayernLB, as it is commonly called, is the largest creditor of
Kirch and is supposed to receive the first payment installment
for the Kirch loan on June 30.

The bank's loan to the media conglomerate, however, is secured.
The Bavarian state-owned bank holds the Formula One motor racing
stake of Kirch Beteiligung as collateral.  This unit also holds
stake in Axel Springer, the German publisher.  Analysts, however,
believe that Deutsche Bank, another Kirch creditor, would have
first claim on the Springer stake.

The bank also has a claim on some of Kirch Media's film rights,
though this could conflict with claims from other creditors such
as Commerzbank, DZ Bank and HVB Group.

Recently, both Moody's Investors Service and Fitch Ratings placed
the bank under review for possible downgrade on concerns about
the bank's deep ties with KirchGruppe.

BayernLB is the sixth-largest bank in Germany, with total
consolidated assets of EUR305 billion at the end of 2000.


COMMERZBANK AG: To Trim Asset Management Unit With Jupiter Sale
---------------------------------------------------------------

Germany's third-largest listed bank Commerzbank AG has confirmed
the planned sale of Jupiter International, its U.K.-based asset
management business, reports the Financial Times.

According to the bank, it has hired Goldman Sachs and appointed
its own investment banking arm to find a buyer for the unit that
manages GBP11 billion worth of funds.  The company bought the
business for GBP693 million, but analysts say its present value
is only about EUR600 million to EUR800 million.

The bank says the sale is part of its plan to overhaul its asset
management business due to mounting pressures from shareholders
to sell assets and reverse a sharp fall in its share price over
the past year.

Chairman Klaus-Peter Muller told the paper that the bank is going
to exit the asset management sector in Asia.  It is also
presently "seeking solution" for its operations in Italy and the
US.  The bank controls Montgomery Asset Management in the US, a
unit that some analysts say could fetch between EUR200 million to
EUR250 million.

The bank also plans to fuse its three German fund operations into
one unit, Cominvest.

Mr. Muller says proceeds from the sale of Jupiter will be used to
strengthen its business in continental Europe.

Meanwhile, the report says the bank has increased its bad loan
provision to over EUR1 billion due to the string of German
corporate failures recently.

In 2001, the bank set aside only EUR927 million in loan-loss
cover.  But with its exposure to KirchMedia and Philipp Holzmann,
upping the cover a little over this limit is now necessary.

The bank, however, still maintains its full-year target of pre-
tax earnings of between EUR700 million and EUR800 million on
account of strong revenue growth in the first quarter and
progress in cost cutting.


COMMERZBANK AG: Invitation to Up Stake Fuels Generali Merger Buzz
-----------------------------------------------------------------

Merger talks between Commerzbank and Generali surfaced anew
Tuesday after the bank said it has invited the Italian insurer to
up its stake in the company.

During its annual news conference Tuesday, CEO Klaus-Peter Muller
reportedly confirmed that he is expecting Generali to raise its
9.9% stake and forge greater cooperation with the bank.

It was Generali that came to Commerzbank's rescue at the height
of its struggle against Cobra, the investment group that at one
time threatened a hostile takeover of the bank.  Since that time,
there has been speculation that the two would come together as a
new bancassurance group, the report says.

Industry observers believe Generali would be more than willing to
forge such an alliance to keep up with Europe's leading insurer
Allianz AG, which has forged its own bancassurance group via a
merger with Dresdner Bank.

The pressure is also mounting for Generali to follow that step
now that reinsurance giant Munich Re has increased its stake in
Commerzbank to 10.4%.

"If Generali does not soon secure Commerzbank for itself, it will
run the danger of ending up empty-handed," one Milan-based
banking expert told Handelsblatt.

The Trieste-based insurer has confirmed that it is considering
the offer, though it remains uncertain by how much it will raise
its stakes.

Mr. Muller sees Generali buying shares representing a few percent
of the bank's capital on the markets, the report says.


EM.TV & MERCHANDISING: To Write-down Assets Tied to KirchGruppe
---------------------------------------------------------------

The effects of KirchMedia's bankruptcy filing last Monday has
extended to EM.TV & Merchandising AG, which will be forced to
write down its holdings tied to the media rights company.

EM.TV owns a stake in Formula One and half of Junior.TV, a 50:50
joint venture with Kirch.  According to the company, it will have
to erase the book value of its Formula One stake at EUR104
million in the company and EUR256 million in the group.

The company, meanwhile, stands to lose EUR5.5 million in revenues
this year, if Kirch stops operating and shuts down the kid's
channel, which is expected to raise EUR11 million in turnovers
this year, Dow Jones Newswires says.

Still the company is confident these write-downs won't affect its
liquidity.  Last week, a source told the newswire that the
company sees any losses related to Kirch as manageable.

EM.TV had actually planned to swap the 16.7% stake in Formula One
for Kirch Group assets, including the remaining 50% in Junior.TV,
but talks were suspended as Kirch Group's problems became clear.


HERLITZ AG: Secures Liquidity for Next 3 Months With Fresh Loan
---------------------------------------------------------------

Paper and stationary firm Herlitz AG, which filed for creditor
protection last week, received a lifeline Monday, securing its
finances for the next three months, says Handelsblatt.

Creditors accordingly tossed the struggling company a total of
EUR15 million in fresh loan, enough to make it through the three
months during which a restructuring plan must be drawn.

Insolvency administrator Peter Leonhardt said the loan still
required the approval of the bank's supervisory boards.  He also
said the federal states of Berlin and Brandenburg had yet to
extend guarantees to cover the new loan.

Mr. Leonhardt says the restructuring plan for the company will be
out in four to six weeks.  The plan will then be negotiated with
Herlitz's creditors during the actual insolvency proceedings.

The administrator says he is confident that the group's core
business could still be made profitable once old liabilities had
been shed.  Empty commercial real estate has been weighing on
Herlitz's balance sheet for years, the German daily says.

By Mr. Leonhardt's estimates, the company's losses have already
totaled EUR200 million, with debts reaching more than EUR300
million since 1997.

The company became the latest addition to Germany's growing list
of corporate failures after its renewed talks with the states of
Berlin and neighboring Brandenburg failed to secure a guarantee
to cover credit lines.

In 2001, the group booked a loss of EUR50 million, well above the
expected EUR20 million loss.


KIRCHGRUPPE: KirchMedia Files for Insolvency
--------------------------------------------

KirchMedia, the core rights trading business of German media
conglomerate KirchGruppe, succumbed finally to insolvency Monday
after weeks of negotiating a rescue pact from banks and
investors.

A Munich court granted the company temporary protection from
creditors while it tries to carve a viable restructuring plan.
Insolvency lawyers and Kirch advisers Wolfgang van Betteray and
Hans-Joachim Ziems have been appointed co-interim administrators,
the Financial Times says.

Four of the company's largest creditor banks were behind the
insolvency filing, the report says.

Under the plan KirchMedia will be put under "self-
administration," a scheme based on a 1999 legal provision
allowing new management to run the company under limited
supervision from a court-appointed administrator.

The filing signals the end of Leo Kirch's 47-reign over the media
empire.  The 75-year-old mogul also announced his resignation
from KirchMedia last Monday.

"I would have been happy to keep standing for our company and for
its future and to carry the burden. Now, however, the leadership
has been taken from my hands," he said in his resignation letter.

Under a restructuring plan engineered by KirchMedia's four
lending banks, the business will be put under "self-
administration". This is a 1999 legal provision allowing new
management to run the company under limited supervision from a
court-appointed administrator.

In addition to KirchMedia, sister company KirchPayTV also sought
protection Monday, hours after the announcement of the first
insolvency filing in the group.

According to the Financial Times, these are the possible steps or
scenarios that will follow the insolvency filing under German
insolvency laws:

After the filing, the court examines whether there is a reason
for insolvency and whether the company has sufficient assets to
cover the costs of the process.

If a formal insolvency process is opened, a administrator is
appointed, who takes over day-to-day running of the company.

The company's assets are secured, it is protected against its
creditors and arrangements are made to pay employees' salaries
for three months.

The administrator has three months in which to draft a report,
which is put to creditors. The creditors must then decide if the
company is to be restructured or broken up.

If creditors opt for restructuring, either the company or the
administrator draws up a plan, which must be approved by
creditors. During restructuring secured creditors are unable to
withdraw their security and may have some of their rights
curtailed in the interest of keeping the company going.

If creditors opt for a break-up, unsecured creditors are paid on
a proportional basis.


KIRCHMEDIA: New Investor, Stock Market Listing Key to Recovery
--------------------------------------------------------------

KirchMedia's survival will now depend on the strategy of the four
banks behind its insolvency filing Monday.

According to the Financial Times, the banks' initial concern is
to clean up the balance sheet of the KirchGruppe core unit.  This
undertaking would involve resolving liabilities with Hollywood
studios and cleaning up any undisclosed liabilities.

The erstwhile media colossus has declared debts of only EUR6.5
billion, but many believe this obligation to be as high as EUR13
billion, accounts by other newspapers say.

The paper says the new KirchMedia would also sever ties with
losing pay-TV unit Premiere and put an end to cross-subsidization
between KirchMedia and other subsidiaries.

Commerzbank, DZ Bank, Bayerische Landesbank, and HypoVereinsbank,
the four banks behind the new KirchMedia are also expected to
dangle EUR800 million to EUR1 billion - either in new credits or
in a capital injection - to see off KirchMedia's liabilities.

The banks hope to attract new investors following this clean-up
drive.  Although, initial accounts had said that the banks no
longer want to deal with Rupert Murdoch, this paper says they are
hoping that the News Corp. chairman will step forward once
KirchMedia's books are sanitized.

They're similarly expecting AOL Time Warner, venture capital
houses KKR, Blackstone, and Apax Partners to look over the books.

But if no buyer, either for a blocking minority or a 50 percent
stake in the business, comes forward, the banks would then wait
for a turnaround in the German advertising market and bring it to
the stock market, the report says.


KIRCHMEDIA: Springer to Stall Insolvency If "Option" Is Ignored
---------------------------------------------------------------

Axel Springer CEO Matthias Dopfner has threatened to delay the
insolvency proceedings of KirchMedia if the publisher is not paid
even a portion of its EUR767 million put option.

Mr. Dopfner, who took the helm at Springer in January and the one
who triggered Kirch's acute financial crisis, faces the
possibility of getting nothing out of the option, now that
KirchMedia has filed for insolvency.

Observers believe the option exercised by Springer on its stakes
in broadcasting group ProSiebenSat1 is now "almost worthless."
Mr. Dopfner is under pressure to turnaround Springer, which
booked full-year losses - its first ever - of EUR191 million in
2001.  Its prospects for the current year are anything but rosy,
the report says.

Mr. Dopfner, who heads Europe's largest newspaper publisher,
wants Kirch's administrators to at least recognize part of his
company's claim.

But insolvency expert Reinhard Bork of Hamburg University, in an
interview with Handelsblatt, said that Springer was in an
"extremely weak position" since the interim administrator Michael
Jaffe was not in a position to decide whether to recognize the
option.

A decision then could not be expected until the opening of the
insolvency procedure proper -- and even then Springer's claim
could still be rejected, he said.

Meanwhile, in a separate development, Europe's largest television
concern RTL Group said it is interested in acquiring Kirch's 21%
stake in Munich-based film production company Constantin Film AG.

The company, which is majority-owned by media giant Bertelsmann,
declined to comment officially. But people close to Constantin
said that RTL Group would make "an attractive partner," the
Financial Times says.


PHILIPP HOLZMANN: Prefab Unit Declares Insolvency Due to Slump
--------------------------------------------------------------

Industrielles Bauen GmbH, the prefab unit of insolvent German
construction giant Philipp Holzmann, has followed its parent in
seeking court protection from creditors.

German daily Handelsblatt says the subsidiary filed for
insolvency Tuesday due to massive capacity surplus at a time when
the East German market is slumping.  The company absorbed an
EUR80 million loss last year on sales of just under EUR580
million.

Meanwhile, reports have surfaced that talks involving the sale of
American unit J.A. Jones, the company's most valuable asset, have
now entered the final stage.  However, much uncertainty still
hovers above the unit's request to extend the repayment of its
EUR200 million bank loan.

German rivals Hochtief and Bilfinger Berger AG are believed to be
the potential buyers, says Handelsblatt.


PHILIPP HOLZMANN: Deutsche Asphalt Finds 'White Knight'
-------------------------------------------------------

The chances of road-building unit Deutsche Asphalt ending in
bankruptcy has narrowed significantly as it has now reportedly
found a buyer, Frankfurter Allgemeine Zeitung reports.

The company has not yet identified the potential buyer or
disclosed the money the investor is willing to put into the
subsidiary, the report says.

The bidder is said to be another building company, but not
Strabag, which although interested in Deutsche Asphalt, wishes
first to examine final figures for 2001, the account adds.

The company employs around 1,900 people and booked 2001 output of
EUR400 million and a positive pretax result.  According to
Philipp Holzmann administrator Ottmar Herrman, the company's
current order stock is already sufficient to secure 60% of its
targeted output this year.

Earlier, Mr. Hermann said he does not wish to sell any part of
Holzmann before the necessary controls are carried out, but that
parts of the company may be sold off before final insolvency
proceedings are opened if this will secure jobs for the short
term.

Holzmann was recently granted a credit of around EUR65 million to
prevent its uncontrolled break-up.


RUWEL GROUP: French Unit's Receivership Ends in Liquidation
-----------------------------------------------------------

The six-month receivership of Ruwel Bayonne, a division of German
printed circuits maker Ruwel Group, has been transformed into a
liquidation proceeding, says Les Echos.

According to the report, the decision was reached by the Bayonne
commercial court Monday after the official receiver of the
company noted that the parent company won't likely finance a re-
launch of the business.

There are at least two buyers rumored to snatch the unit: the
company's own management and a Chinese group that hopes to use
the site to manufacture computer screens.

Last month, Group President M. Sehner said the unit can no longer
remain competitive in the face of growing rivals coming from
Asian countries.  The group only booked EUR220 million turnover
last year.

The Bayonne plant manufacturers double-sided and multi-layer
printed circuits used in the automotive and consumer industries.
It employs 300 workers and ranked sixth on Pistes & Pastilles'
list of top 20 PCB plants in France in 2001.

With the closure of the plant, the group is now left with only
seven PCB factories -- six in Germany and one in Denmark.  Ruwel
purchased the Bayonne plant from Sony in 1997.


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


KPN NV: E-Plus to Buy Rival to Retain No. 3 Spot in German Market
-----------------------------------------------------------------

Dutch telecom operator KPN NV, whose financial footing is still
questionable, is planning to buy another player in the German
mobile phone market to cement its hold on third place.

According to the Financial Times, the company is again in
"acquisition mode" that will involve E-Plus, the unit that
accounted for EUR10 billion of its EUR23 billion debt, which
almost crippled the group last year.

Chairman Ad Scheepbouwer allegedly wants to increase the mobile
unit's 13-14% market share in Germany to 25%, thus firmly setting
itself third behind T-Mobile and Vodafone.

"We can play a pivotal role in consolidation in Germany," Mr.
Scheepbouwer told the Financial Times in an interview.  He
projected the three other players to "leave the field" soon.

The three other players that share the German market are Spain's
Telefonica, partnered by Sonera of Finland; mm02, the UK mobile
operator; and Mobilcom, the German group in which France Telecom
has a stake.


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


LOT AIRLINES: Sale of Swissair's 25.1% Stake Scheduled for July
---------------------------------------------------------------

The sale of Swissair Group's 25.1% stake in LOT Airlines is
moving forward, with the announcement Monday by the Polish
carrier that preparations are now being made.

Citing a company statement, AFX News says a deal could be sealed
before the end of July.  Accordingly, the Polish advisor on the
sale is currently making "intense preparations."

The company did not name possible buyers, but it won't likely
include Deutsche Lufthansa AG, which recently inked an agreement
with the Polish carrier to help its bid for Star Alliance
membership.

Lufthansa Chairman and CEO Jurgen Weber personally denied last
week that his company is interested in the stake.


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


ANTISOMA PLC: Rights Issue Takes up 35.5% of Shares
---------------------------------------------------

The Board of Antisoma announces that valid acceptances have been
received in respect of 42,068,436 new ordinary shares,
representing approximately 35.5% of the new ordinary shares
offered to shareholders by the company.

This figure includes 222,998 shares subscribed pursuant to
irrevocable undertakings from certain directors to take up their
rights and 29,671,129 new ordinary shares in respect of which
certain shareholders of Antisoma gave irrevocable undertakings
not to take up their entitlements and which were subscribed for
by institutional places procured as part of a pre-placing of new
ordinary shares at the rights issue price of 20p per share.

Out of the 118,252,420 shares that were underwritten by SG Cowen
and ING Barings, the sub-underwriters and underwriters will be
required to subscribe at the Rights Issue Price of 20p per share
for the balance of 76,406,984 for which valid acceptances were
not received.

It is expected that definitive share certificates in respect of
the new ordinary shares will be provided by April 16, 2002.

Following this announcement, the shareholdings of the directors
of the company are as follows:

Name of Director         Number of Ordinary   % of Issued Share
                                    Shares*            Capital*

Glyn Edwards                         23,333                0.01
Raymond Spencer                      81,666                0.04
Barry Price                         233,333                0.11
Grahame Cook                         37,916                0.02
Michael Pappas                       14,000                0.01
James Coombes                             -

In February, Antisoma announced a 4 for 3 Rights Issue of up to
118,475,984 new ordinary shares at 20p per share. The rights
issue was underwritten by SG Cowen, a trading name for SG
Securities (London) Ltd and ING Barings to raise approximately
GBP22 million (net of expenses) for the company.

Contact Information:

Antisoma plc
020 8799 8200
Glyn Edwards
Raymond Spencer

Financial Dynamics
020 7269 7187
Jonathan Birt


ANTISOMA PLC: Company Profile
-----------------------------

Name:    Antisoma PLC
         West Africa House
         Hanger Lane
         London
         W5 3QR United Kingdom

Phone:   (020) 8799 8200
Fax:     (020) 8799 8201
Email :  enquiries@antisoma.com
Website: http://www.antisoma.com/

SIC:          Pharmaceutical research and development
Employees:    29 6/30/01
Net Loss:     GBP8.6 million (US$12.3 million) 6/30/01
Total Assets: GBP11.3 million (US$16.3 million) 6/30/01
Total Liabilities: GBP5.11 (US$7.3 million) 6/30/01

Type of Business: Antisoma plc is a biopharmaceutical company
specializing in the pre-clinical and clinical development of
products for the treatment of cancer.

Trigger Event: In difficult market climate, Antisoma never had
enough cash to see it through to profitability. The biotech
company needed to raise an additional GBP5 million in February
this year after U.S. healthcare group Abbott cut funding for
Antisoma's lead drug.

The company will run out of money by the end of June unless it
can tap the equity markets or clinch a deal to license out its
products.


Chief Executive Officer: G. O. Edwards
Chief Financial Officer: R. J. Spencer

Financial Advisers:  Nomura International PLC, SG
Stockbrokers:  SG Securities (London) Ltd
Auditors:  PricewaterhouseCoopers
Law Firms:  CMS Cameron McKenna
Financial PR Advisers:  Financial Dynamics


BIOCOMPATIBLES INTERNATIONAL: Company Profile
---------------------------------------------

Name:    Biocompatibles International PLC
         Chapman House
         Farnham Business Park, Weydon Lane
         Farnham, Surrey
         GU9 8QL United Kingdom

Phone:   (01252) 732732
Fax:     (01252) 732777
Email:   info@biocompatibles.co.uk

Website:  http://www.biocompatibles.co.uk/

SIC:    Health Materials & Devices Manufacturer

Employees:  1209
Pre Tax Loss: GBP8.7 million (US$12.4 milllion)
Total Assets:    GBP87.3 million (US$125.5 million)
Total Liabilities:  GBP27.7 million (US$39.8 million)

Type of Business: Biocompatibles is engaged in the development
and manufacture of coatings and materials for use in the
production of medical devices.

Trigger Event: Biocompatibles recently decided to sell both its
contact lens division and its stent division after admitting that
the company was not big enough to compete with rivals.

Isostent has accused the company of copying its designs for
"stents."  Stents are wire-mesh tubes used like scaffolding to
keep collapsed arteries open. Abbott, acquire this technology,
demanding that Biocompatibles retains liability for the
litigation.

In effect, Biocompatibles will put up GBP35 million in an escrow
account to cover legal and other potential costs. The biotech
company has been making pre tax losses since 1996 to 2000.

Chief Executive: C Simon
Finance Director: S Mukerji

Bankers: Royal Bank of Scotland
Financial Advisers: Merrill Lynch , Dresdner Kleinwort
Wasserstein
Stockbrokers: Merrill Lynch International , Dresdner Kleinwort
              Wasserstein Securities Ltd
Auditors: PricewaterhouseCoopers
Law Firms: Linklaters & Alliance
Financial PR Advisers: Financial Dynamics

No. of Shares in Issue: 141.3 million
Last published in TCR-Europe: April 9


BRITISH TELECOM: Asset Sales, Job Cuts Pepper New Business Plan
---------------------------------------------------------------

Cash-strapped British Telecom plans to whittle down debt to under
GBP10 billion from the present GBP13 billion by March 2005 by
selling assets and cutting workforce by another 5,000.

The plan is central to Ben Verwaayen's strategy to turnaround the
business that has seen its expansion to continental Europe end up
in a tight financial squeeze for the company.

The newly appointed CEO plans to sell the company's 26% stake in
Cegetel, the French telecommunications group. Analysts say
Cegetel is worth between GBP2 billion and GBP3 billion.

Also key to the company's success, according to Mr. Verwaayen, is
its broadband service.  The company unveiled Monday a new package
expected to undercut charges at Openworld, the group's service
provider arm, by around GBP2 a month.

The telecom group targets 5 million broadband connections by
2006, up from current levels of around 150,000.

Meanwhile, the group says its business services division BT
Ignite will stop investments in small- and medium-sized
enterprises across Europe.

It will instead focus on larger corporate clients in a bid to cut
costs and to achieve break even on an earnings before interest,
tax depreciation basis by March next year or close down loss-
making operations.

Its withdrawal from all loss-making consumer businesses will be
immediate, the company says.  Capital expenditure at BT Ignite is
to be slashed by a further 25% to below GBP600 million.

The group also sees savings of GBP175 million in BT Retail and
GBP200 million savings in BT Wholesale by 2002 and 2003.  This
will be realized through job cuts, greater use of online billing
and the introduction of more widely used interactive voice
response systems.


BRITISH TELECOM: Rivals Call for Spin-off of Internet Business
---------------------------------------------------------------

Competitors are asking British telecom regulator Oftel to break-
up British Telecom's Internet division to allow competition to
truly flourish in the UK, reports The Times.

The paper says Cable & Wireless is again submitting a position
paper to Oftel, seeking the spin-off of the division so that
competitors will have equal footing with BT Retail.

The group claims the present regulations and measures being
adopted by Oftel are ineffective to prevent British Telecom from
trouncing its rivals.

"Such ex-post remedies enable the dominant incumbent (BT) to have
unrestricted entry to new markets, gaining first-mover advantage
and foreclosing opportunities to competitors. Hence, where there
are problems, the measures are inherently backward looking and
the remedy is often too late to prevent damage to the market and
redress the competitive imbalance," the group's position paper
reads.

BT's control of access to its network and exchanges has been
blamed for its rivals' failure to introduce broadband services
for homes and small businesses, the paper says.

BT has recently attempted to open this market by slashing the
prices it charges its rivals but has been accused of abusing its
position to give a head start to BTopenworld, its mass-market
Internet business.


CENES PHARMACEUTICALS: Notification of Director's Shareholding
--------------------------------------------------------------

Drug manufacturing group Cenes announced Tuesday that A. G.
Goodman, the company's director, holds a pension scheme of which
A. G. Goodman is a trustee, purchased 100,000 ordinary shares of
10p each in Cenes at 7.75 pence per ordinary share on April 8,
2002.

Following this purchase, A. G. Goodman is has interest in
12,134,404 ordinary shares representing approximately 7.13% of
the issued share capital of the manufacturing company.

Cenes on Tuesday also announced that Gartmore Investment Limited,
following a purchase of 2,196,689 ordinary shares of 10p each in
the company on March 3, 2002, on behalf of Gartmore Growth
Opportunities, holds 6,778,297 ordinary shares, representing
approximately 3.98% of the issued ordinary share capital of the
company. This holding is registered in the name of BNY GIL CLT
A/C NOMS LTD A/C NWSC.

Further information may be obtained by contacting Neil Clark of
CeNeS Pharmaceutical plc at telephone no. 01223 266 466.


COLT TELECOM: Notification of Interests in Shares
-------------------------------------------------

Colt telecom, the internet network provider based in London, said
that CGNU plc now has indirect interests in ordinary 2.5p
shares in COLT as follows:

    BNY Norwich Union Nominees Ltd: 16,770,237
    Chase GA Group Nominees Ltd:    15,873,268
    CUIM Nominees Ltd:              11,646,503
    RBSTB Nominees Ltd:                646,411

All the companies involved in this, in totality, now hold
44,936,419 or 2.98% of the total shares issued by COLT.

For inquiries regarding this announcement, contact John Doherty
at telephone no. 0207 390 3681 or Mark A. Jenkins, COLT's company
secretary.


ENERGIS PLC: British Operations Could Still Command GBP1 billion
----------------------------------------------------------------

Troubled telecoms network operator Energis Plc can still fetch
between GBP600 million and GBP1 billion should it decide to sell
its British operations, reports the Financial Times.

Citing preliminary expressions of interest, the paper says the
current bids could still go up in the second round of the
process, which involves six companies that include Apax Partners,
Permira, Kohlberg Kravis Roberts, and the Carlyle Group.

The bidding process was opened in February when the company
announced it had trouble keeping its banking covenants.  Energis
owes banks about GBP600 million and its bondholders GBP565
million.

Two years ago Energis shares were worth nearly 800p, valuing the
company at more than GBP12 billion, the paper says.

Meanwhile, according to the paper, bondholders are separately
discussing with Energis the possibility of swapping their debt
for equity in a restructured company.

No real progress have been made on this aspect, though, as the
company still wants to wait whether a firm bid would be offered
before considering this option.

According to analysts, if a sale were agreed towards the top end
of the preliminary range, it could give holders of Energis bonds,
which are trading at 11% to 15% of their par value, significantly
more than the GBP60 million to GBP85 million level at which the
market currently values them.


LASTMINUTE.COM: Notification of Directors' Interests
----------------------------------------------------

Lastminute.com, online travel service company, granted Monday
share options to Gillian Khosla, spouse of Vimal Khosla, a
director of lastminute.com.

Including interest of his spouse, Mr. Khosla's interests
following this notification now totals 6,457,423 ordinary shares
or 3.41% of the total shares issued by the company.

The shares are "exerciseable" to April 7, 2012. The 300,000
ordinary shares of 1p each has exercise price (fixed at time of
exercise) of 61.25p per share.

Additional details may be obtained by calling Simon Watkins, the
company's secretary at telephone no. 020 7802 4597.


NTL INCORPORATED: Malone's "Lock-out" Due to Colorful Reputation
----------------------------------------------------------------

John Malone's notoriety to jump ahead of bondholders became his
undoing recently after NTL Incorporated turned down his US$2
billion offer to restructure the company.

Citing people close to the situation at the troubled cable firm,
the Financial Times says it was the infamous "Belmarken
experience" that eventually prevented bondholders and management
to ignore Mr. Malone's offer.

The "Belmarken experience" was a restructuring transaction
brokered by Mr. Malone at UPC, the Dutch cable operator.  The
mogul's Liberty Media offered EUR1 billion in loan notes to a UPC
subsidiary known as Belmarken that propelled it to the driver's
seat in talks to restructure UPC bonds, which have collapsed in
price.

At NTL, Mr. Malone allegedly tabled a US$2 billion restructuring
plan in exchange for 50% of the US$11 billion bonds and in turn
50% equity of the restructured firm.

In addition to the anxiety over Mr. Malone's ulterior motives,
his aggressive stance on management and NTL's funding needs undid
him as well, the paper says.

Accordingly, NTL Founder and CEO Barclay Knapp, who is
negotiating with bondholders to remain at the helm in the
restructured firm, was allegedly uneasy of Mr. Malone's adamance
to put in a new management.

Meanwhile, the report says negotiations with bondholders, who
will likely take 95% of the restructured NTL, are now close to a
deal.  The bondholders are reportedly offering to inject US$500
million in cash into the troubled firm.

Liberty is understood to think the figure is too low to cover
capital expenditure needs. Others who have seen NTL internal
forecasts believe they are viable, the report says.


ROYAL DOULTON: Rights Issue Draws 82.49% in Acceptances
-------------------------------------------------------

The Board of Royal Doulton announced Tuesday that as a result of
its 3 for 1 Rights Issue launched February 13, 2002, the company
received valid acceptances in respect of 205,631,016 or an
equivalent of 82.49% of the total number of new ordinary shares
of 1p each to be issued by Royal Doulton.

In accordance with the arrangements referred to in the circular
sent to shareholders dated February 13,2002, subscribers have
been procured at an average price of 8.25p per new ordinary share
for those new ordinary shares for which valid acceptances were
not received.

The net proceeds of such subscriptions, after deduction of the
rights issue price of 8p per new ordinary share and the expenses
of procuring such subscriptions, will be paid, in accordance with
the terms of the Rights Issue, to the persons entitled thereto,
except that individual amounts of less than GBP3.00 will be
retained for the benefit of Royal Doulton.


SSL INTERNATIONAL: Notification of Interests in Shares
------------------------------------------------------

SSL International plc, manufacturer of Durex brand of condoms,
announced Tuesday that FMR Corp and its direct and indirect
subsidiaries and Fidelity International Ltd, has total interest
in 20,574,052 shares or 10.87% in the company.

Total shareholding with corresponding shares held are listed as
follows:

HSBC                                       FMRCO       1,023,900
State Street Nominees LTD                  FMTC        13,300
Deutsche Bank                              FMTC        254,300
Brown Brothers Harrison                    FMTC        8,100
                                           FMTC        6,820
Chase Nominees LTD                         FISL        7,482,684
RBS Trust Bank                             FPM         137,350
Nortrust Nominees LTD                      FPM         23,300
Chase Nominees LTD                         FPM         732,300
BT Globenet Nominees LTD                   FPM         153,572
Citibank                                   FPM         22,600
Bankers Trust                              FPM         695,600
MSS Nominees LTD                           FPM         48,300
Bank of New York - London                  FPM         95,770
MSS Nominees LTD                           FIL         7,245,371
Chase Nominees LTD                         FIL         942,018
RBS Trust Bank                             FIL         484,400
Bank Of New York-London                    FIL         103,950
Bankers Trust                              FIL         181,585
Northern Trust                             FIL         152,186
Citibank                                   FIL         133,224
HSBC Client Holdings Nominee (UK) LTD      FIL         369,522
Nortrust Nominees LTD                      FIL         263,900

Contact E. J. Cowley at Telephone no. 01565 624000 for more
information regarding this annoucement.


THUS GROUP: Notification of Interests in Shares
-----------------------------------------------

THUS, Glasgow-based internet service provider, has been informed
that, as of March 20, 2002, The Capital Group of Companies Inc.
on behalf of its affiliates, including Capital Research and
Management Company, have interests on 56,279,967 THUS ordinary
shares (representing approximately 4.17% of the THUS ordinary
shares in issue).

For further information, contact THUS plc Kathryn Rhinds,
Investor Relations Manager at telephone no. 020 7763 3126 or Mark
Woolfenden of Smithfield Financial, 020 7360 4900.


WILLIAM BAIRD: Notification of Interest in Shares
-------------------------------------------------

London-based apparel manufacturing group William Baird announced
Monday that Phillips & Drew Life Limited presently holds
5,023,371 50p ordinary shares, while UBS Asset Management Limited
(representing various clients) has 2,093,544 50p ordinary shares
in William Baird.

Both companies after this announcement now hold 7,116,915 or an
equivalent of 6.071% of the total shares in issue.

For further questions regarding this announcement, contact Mrs.
P. M. Alsop, Company Secretary at telephone no. 020 7612 9600.
April 8, 2002.

                                  ***********

      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,
Larri-Nil Veloso and Maria Lourdes Reyes, Editors.

Copyright 2001.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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