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/raid1/www/Hosts/bankrupt/TCREUR_Public/020524.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, May 24, 2002, Vol. 3, No. 102 Headlines * F R A N C E * ALCATEL: Corners US$114 MM-expansion Project of Jiangsu Mobile COMPLETEL EUROPE: Names Jerome De Vitry as President and CEO RHODIA SA: Shareholders Approve Resolutions at Tuesday's Meeting * G E R M A N Y * BANKGESELLSCHAFT BERLIN: Sees Breakeven Next Year, Profit in '05 CENIT AG: Cuts Losses, Bank Debts in First Quarter, Recovery Seen CONSIGNIA: To Re-brand Itself "Royal Mail" Next Month, Says Paper DEUTSCHE TELEKOM: Losses Balloon as Core Unit Earnings Slip 16% DEUTSCHE TELEKOM: EUR5 Billion Notes Draw EUR10 Billion Orders KIRCHGRUPPE: Leo Kirch, Deputy Decline Consultancy Job Offer MOBILCOM AG: Mobile Phone Svc Group Names Head of "Brand" Unit PHILIPP HOLZMANN: Hochtief Out in Running for HSG Technischer * I T A L Y * FIAT SPA: Plans to Ship EUR2 BB Leasing Portfolio to BNP Paribas FIAT SPA: Expects Ferrari IPO to Raise EUR1 Billion in October * N E T H E R L A N D S * LAURUS NV: Amsterdam Court Grants Shareholders' Inquiry Request * N O R W A Y * KVAERNER ASA: Secures US$ 20MM Contract for Australian Project * P O L A N D * NETIA HOLDINGS: Nasdaq Decides Listing Continued Listing NETIA HOLDINGS: Final Arrangement Proceeding Opens for Unit NETIA HOLDINGS: Appoints Albertsson to Management Board * U N I T E D K I N G D O M * COLT TELECOM: Launches Network With EU Research Consortium COOKSON GROUP: Sells Indium-based Products to Umicore for EUR3 MM EIDOS: Ubi Signs Lara Croft Agreement With Software Gaming Group ENODIS PLC: Sells Aladdin-Temp-Rite for GBP 27MM to Ali ENODIS PLC: Interim Results for 26 Weeks Ending March 30, 2002 ENODIS PLC: Announces Board and Senior Management Changes PACE MICRO: Set-top Box Manufacturer Announces NTL Agreement =========== F R A N C E =========== ALCATEL: Corners US$114 MM-expansion Project of Jiangsu Mobile -------------------------------------------------------------- French telecom equipment maker Alcatel, whose ratings were placed on review by Moody's last week, announced Tuesday that it has sealed a deal worth US$114 million in China. According to Total Telecom, the project involves expanding the GSM network of Chinese mobile operator Jiangsu Mobile Communication Co., which plans to increase capacity to 8 million subscribers. Alcatel's joint venture unit will provide the "Evolium" mobile infrastructure needed in this project, says Total Telecom. This infrastructure supports GSM, GPRS and EDGE technology, and will allow the future integration of UMTS applications. Partner Shanghai Bell Alcatel Mobile Communication System Co. will lead the project, the industry paper says. Last week, Moody's placed on review the Baa2 and Prime-2 ratings of Alcatel due to indications that giant European telecom operators will cut further capital expenditures. The action affected approximately EUR5.7 billion of debt securities. "The rating agency will focus on the potential depth and length of the current weakness in the telecom equipment markets as derived from the investment plans of the operators and the scale and progress of Alcatel's cost saving measures relative to its projected revenue profile," Moody's said in explaining the review coverage. Based in Paris, France, Alcatel had sales of EUR25 billion in fiscal year 2001 and is one of the world's leaders in providing advanced solutions for telecommunication systems and equipment. COMPLETEL EUROPE: Names Jerome De Vitry as President and CEO ------------------------------------------------------------ The Board of CompleTel Europe N.V., the telecommunications services company, announced on Tuesday the appointment of Jerome de Vitry to the position of President and Chief Executive Officer of Completel Europe NV. Jerome de Vitry joined Completel -- http://www.completel.com-- in March 1999 as President of Completel France. He was named Chief Operating Officer of Completel Europe NV in January 2001, while also appointed President of Completel GmbH. Jerome de Vitry graduated from the French l'Ecole Nationale des Ponts et Chaussees and holds an MBA degree from INSEAD. He is 40 years old and has spent five years with the Boston Consulting Group as a Consultant and Manager before joining Alcatel. While with Alcatel, Jerome de Vitry held various positions within marketing and research and development. In particular he became General Manager of the Access Systems Division and was Vice President of Sales and Operations for France, Africa, India, South East Asia and the Middle East. Completel is a facilities-based provider of fiber optic local access telecommunications and Internet services to business end- users, carriers and ISPs in France. RHODIA SA: Shareholders Approve Resolutions at Tuesday's Meeting ---------------------------------------------------------------- At the Annual Shareholders Meeting convened in Paris Tuesday, an overwhelming majority of Rhodia's shareholders approved the resolutions submitted by the company's Board of Directors. According to the chemicals group's statement released Wednesday, the shareholders present or represented at its Ordinary and Extraordinary Shareholders' Meeting owned 47.207% of Rhodia's capital. On the basis of the Group's financial results for 2001 and in line with recurrent net income, the Annual Shareholders' meeting approved the payment of a dividend of EUR0.18 per share (tax credit included) payable on July 1, 2002, representing a pay-out ratio of 31% of recurrent net income, similar to that decided in 2001. The Annual Shareholders' meeting notably approved the appointment of Walter Cirillo, who is responsible for the shared services platform in Brazil and Chairman of Rhodia Alliance* Brazil, to the Board of Directors as the representative of shareholders who are also employees of the Rhodia Group. * Association of Rhodia employee shareholders. Rhodia is one of the world's leading manufacturers of specialty chemicals and a company resolutely committed to sustainable development. The company provides a wide range of innovative products and services to the automotive, health care, cosmetics, apparel, new technology and environmental markets by offering its customers tailor-made solutions based on the cross-fertilization of its technologies and markets. Rhodia generated net sales of EUR7.2 billion in 2001 and employs 27,000 people worldwide. The Rhodia Group is listed on the Paris and New York stock exchanges. Contacts Press Relations: Jean-Christophe Huertas Telephone: 33-1 55 38 42 51 Lucia Dumas Tel: 33-1 55 38 45 48 Investor Relations Angelina Palus Telephone: 33-1 55 38 42 99 Sylvie Marchal Telephone: 33-1 55 38 41 79 ============= G E R M A N Y ============= BANKGESELLSCHAFT BERLIN: Sees Breakeven Next Year, Profit in '05 ---------------------------------------------------------------- Bankgesellschaft Berlin, whose 81% stake is presently being peddled by the State of Berlin, believes it can halve its losses last year and achieve breakeven as early as next year. Die Welt/FT Information recently quoted Chairman Hans-Jorg Vetter blaming structural problems in the bank and the economic slowdown for its financial difficulties. The bank incurred operating losses of EUR643 million in 2001 due to higher risk provisions. Management predicts a balanced result for 2003 and net profits of EUR300 million for 2005, the report says. One of the main culprits for the bank's current woes is its property portfolio, which almost brought the state-owned lender to its knees last year. Had it not for the prompt intervention of Berlin, which took over property risks of up to EUR6 billion and led a capital hike of EUR1.7 billion, the bank would have collapsed into insolvency, says the report. At the moment, there are three interested parties trying to wrestle control of the stake Berlin owns. These are Japanese investment bank Nomura, a group led by NordLB, and BGB Capital Partners, a partnership formed by Texas Pacific Group and financier J. Christopher Flowers. CENIT AG: Cuts Losses, Bank Debts in First Quarter, Recovery Seen ----------------------------------------------------------------- German software company Cenit AG continues to gain inroads in its restructuring efforts, reporting recently a first-quarter loss of only EUR600,000, compared with EUR1.7 million the same time last year. According to Borsen-Zeitung/FT Information, the company's cash flow also rose from a negative EUR1.3 million to a positive EUR2.1 million in the quarter. The group was also able to reduce bank debts by 36% to EUR8.6 million. Cenit, which employs 885 worldwide, predicts a turnaround this year. For information contact Fabian Rau, Investor Relations, at telephone: +49 711 78073 - 185 or fax: +49 711 78073 - 485 or e- mail: aktie@cenit.de CONSIGNIA: To Re-brand Itself "Royal Mail" Next Month, Says Paper ----------------------------------------------------------------- The plan to scrap the Consignia brand will move ahead this year, with the company repackaging itself with the old name Royal Mail Plc, says the Independent. The re-branding will be announced officially next month, when the company releases its full-year results and announces the resignation of CEO John Roberts. It was Mr. Roberts who initiated the move to change the name to Consignia to reflect the company's ambition to become a global postal carrier. The brand change, however, cost GBP2 billion to implement. Since taking his post early this year, newly appointed Chairman Allan Leighton has made it his goal to resurrect the old name. But despite the name-change, the company's operating divisions will continue to be known under their existing titles of Parcelforce and Post Office Limited, which runs the network of 18,000 branch post offices, the report says. The company is expected to report at least GBP1 billion losses in 2001. DEUTSCHE TELEKOM: Losses Balloon as Core Unit Earnings Slip 16% --------------------------------------------------------------- The EBITDA of T-Com, the fixed-line business and biggest earner of Deutsche Telekom, slipped 16.7% in the first quarter, surprising analysts who had expected a far lesser figure. "We were very disappointed, we expected a 5 to 10 percent drop, not 16 percent," one industry analyst told the Financial Times. "DT is normally good at managing expectations. It looks like they were themselves surprised." The drop, which dragged the unit's pre-tax earnings to just EUR2.07 billion, was due to an unexpected rise in bad debt from competing carriers using its network, said Finance director Karl- Gerhard Eick, in an interview with the paper. But the paper says the main factor behind this poor result was a EUR200 million drop in revenue linked to the firm's transfer of subscribers to its AktivPlus call plan, which tried to lure users away from alternative fixed-line carriers by offering generous discounts. Overall, the group recorded net losses of EUR1.81 billion, up from EUR358 million last year. Sales, though, improved significantly from EUR11.08 billion last year to EUR12.77 billion. EBITDA for the whole group rose 4.4% to EUR3.78 billion, less than its latest guidance of a high single digit rise. Despite missing some targets, the group is pretty confident its planned EUR5 billion bond issue will be successful, as investors are expected to be lured by the promise of generous returns. Risk premiums have escalated overtime due to the dire state of the sector right now. CEO Ron Sommer, meanwhile, vehemently denies speculations that the company has no money to pay back investors in the bond issue, which will push the firm's annual interest bill to EUR4 billion. Analysts have warned that falling fixed-line profits would reduce the group's ability to use its free cash flow. "This is the biggest nonsense. The answer is absolutely no, no, and no. We will have EUR2 billion to EUR4 billion of free cash flow this year and next, EUR2.5 billion to EUR5.5 billion of property disposals, and about EUR2.3 billion of other disposals," Mr. Sommer told analysts. The company expected the notes to be priced yesterday. DEUTSCHE TELEKOM: EUR5 Billion Notes Draw EUR10 Billion Orders -------------------------------------------------------------- The EUR5 billion-bond issue of Deutsche Telekom is twice over- subscribed, according to information gathered by Bloomberg. Reports. The German telecom giant received more than EUR10 billion in orders last Tuesday, days before the sale. The sale, which has both euro- and dollar-denominated components, is considered by many as the last multi-billion-euro sale from a European phone company this year, says Chris van der Oord of Robeco Groep in an interview with Bloomberg. The 5-year Euro-denominated tranche is worth EUR4.5 million. The US$500 million dollar-denominated component matures in 30 years. The short-term bonds will pay 2.3 to 2.4 percentage points over the swap rate -- a benchmark for corporate borrowing -- or a yield of 7.28 to 7.38 percent, says Bloomberg. The 30-year notes, on the other hand, will pay 3.4 to 3.45 percentage points more than the U.S. government treasuries or a yield of about 9.2 to 9.25 percent. Deutsche Bank AG, J.P. Morgan Chase & Co. and Schroder Salomon Smith Barney are managing the bond sale, says Bloomberg. Proceeds from this sale will be used to pay part of the company's EUR67 billion debt and refinance some EUR4.5 billion bonds that will mature by the end of 2003. Deutsche Telekom is rated "Baa1" by Moody's Investors Service and "BBB+" by Standard & Poor's, the report says. KIRCHGRUPPE: Leo Kirch, Deputy Decline Consultancy Job Offer ------------------------------------------------------------ Leo Kirch, founder of the now-crumbling German media empire, has declined an offer to appoint him as consultant in the ongoing restructuring of his former holdings, reports AFX News. The report says demand for an "exclusivity clause" shooed Mr. Kirch away and his former deputy Dieter Hahn, who had also received the same offer. Both are considered the only former executives who have got the inside information to untangle the complex and often convoluted arrangements within the group's operations. In a recent interview, Wolfgang van Betteray, who is now managing insolvent core unit KirchMedia, did not reveal what caused the negotiations to falter. The offer to both men reportedly constituted a multi-million contract. MOBILCOM AG: Mobile Phone Svc Group Names Head of "Brand" Unit -------------------------------------------------------------- Frank Schirmacher (35) has been managing MobilCom's newly formed "Brand" division since February 2002. He is the chief person responsible for the strategic management of the "MobilCom" brand including its realignment within the context of the development of MobilCom into a UMTS network operator. His duties also include further developing the group's corporate identity and its internal and external communication. Additionally, Mr. Schirmacher is responsible for controlling the market research activities of the Budelsdorf-based telecommunications company. Frank Schirmacher has in-depth knowledge in the areas of "Brand Development and Management" and "Market Research". Mr. Schirmacher worked for a total of eight years at the globally operating consumer goods group Unilever in various marketing and sales positions in Germany and the Netherlands. His last position was as manager of "New Channels", and his tasks included the brand development of the food brands "Rama", "Becel" and "Du Darfst". PHILIPP HOLZMANN: Hochtief Out in Running for HSG Technischer ------------------------------------------------------------- Hochtief has backed out from the race to acquire HSG Technischer Service GmbH, the profitable facilities management unit of insolvent construction group Philipp Holzmann, says the Financial Times Deutschland. Reports so far gathered by the Troubled Company Reporter-Europe indicate that there are at least 10 to 15 other bidders going after the unit, which had worldwide revenues of about EUR200 million last year. The paper recently reported that British PE company 3i Group is among the bidders. It is reportedly offering EUR80 million for the asset. Bilfinger Berger is also involved and has allegedly begun due diligence. ========= I T A L Y ========= FIAT SPA: Plans to Ship EUR2 BB Leasing Portfolio to BNP Paribas ---------------------------------------------------------------- Battered industrial group Fiat SpA is planning to transfer the leasing and credit portfolio of its Case New Holland division to BNP Paribas to counter the threat of a rating downgrade and contain the rise of its interest bill. According to the Financial Times, the group is currently in talks with the French bank, which if successful, will assume the retail financing of the business, enabling Fiat to remove this loan exposure from its balance sheet. This portfolio is worth between EUR1.5 billion and EUR2 billion. Paribas is attractive to Fiat because of its triple-A rating, which translates to lower cost in raising capital, the paper says. Fiat's long-term debt is currently rated Baa2 by Moody's. It is now under review for possible downgrade. Last year, the group paid net interest of EUR904 million, while generating operating profit of only EUR318 million. Analysts expect interest charges and financial expenses this year to reach EUR950 million against operating profits of only EUR120 million to EUR130 million, the report says. The group recently reported net debts of EUR6.6 billion, along with half a billion losses for the first quarter. The poor performance was the second blow absorbed by the company after reporting its first annual loss in a long time last year. The company hopes to cut debts by raising EUR3 billion through disposals and equity offerings. FIAT SPA: Expects Ferrari IPO to Raise EUR1 Billion in October -------------------------------------------------------------- Fiat SpA is banking on its Ferrari car unit to deliver some EUR1 billion to its coffers, when it floats the high-end racing car division some time in October, says the Financial Times. Analysts expect the unit to raise EUR700-800 million from the offering and about EUR300 million through the sale of new shares. Deutsche Bank, IntesaBCI and UniCredito Italiano are managing the IPO in autumn. The group is currently valued between EUR1.3 billion and EUR2 billion. Fiat hopes it could fetch EUR2.5 billion or twice its estimated sales when launched later this year. Fiat is offering 40% of its 90% holding in the unit. Ferrari had sales of EUR1.04 billion and a net profit of EUR47 million last year. The IPO is part of Fiat's plan to raise EUR3 billion this year to slash its ever-expanding debt. ===================== N E T H E R L A N D S ===================== LAURUS NV: Amsterdam Court Grants Shareholders' Inquiry Request --------------------------------------------------------------- A commercial court in Amsterdam granted Wednesday the petition by shareholders to initiate a probe against Laurus NV, the restructuring Dutch retail group. According to Dow Jones Newswires, the inquiry will cover a lot of ground, including the deal entered into by the company with French retailer Casino Guichard-Perrachon SA, which aims to take a 38.5% stake in the company. A group of 10 shareholders, representing 1% of total shares, filed the petition seeking a probe into the company's management and operations since January 2000. The group, in particular, wants the court to look into the management of the company's troubled Spanish operations; this year's unsuccessful attempt to convert all its stores to the brand and format of one of its retail chains, Konmar; and whether Laurus investigated possible alternatives to talks with Casino. According to a Troubled Company Reporter-Europe issue two weeks ago, shareholders are concerned that their holdings will be diluted as a result of the deal with Casino, France's second largest retailer. The shareholders are also asking the court to suspend the current supervisory directors and replace them with at least three new directors. They also want a new chairman to be elected at the management board. Under the proposed deal with Casino embodied in a preliminary agreement inked in March, which temporarily staved off bankruptcy, the French retailer will acquire 38.6% of the No. 2 Dutch food retailer. It will also have an option to raise its stake to 51% by 2008. Laurus' principal banks -- ING Groep NV, ABN Amro Holdings NV and Rabobank Group -- will acquire 12.4%. In return for the stakes, Laurus will get about EUR400 million, with EUR200 million coming from Casino, EUR64 million from the banks and EUR135 million coming from existing shareholders, the report says. Analysts believe the inquiry poses serious problems for Laurus. "They don't have the time to wait - they need the cash from Casino," Petra Rinsma, an analyst at SNS Securities NV, who recommends selling Laurus shares, told The Deal.com recently. Laurus Chairman Michiel Hessels and Frans Wakkie, a lawyer for Casino, believe the deal with go ahead despite the inquiry. Ellen M. Soerjatin of Dutch law firm SchutGrosheide, along with Marnix Holtzer are representing the shareholders. Joost van Lanschot of law firm Stibbe in Amsterdam is representing Laurus, both in the takeover talks and before the Amsterdam court. Lazard is advising Laurus on the takeover, the report says. N.M. Rothschild & Sons is advising Casino on the deal, while Linklaters & Alliance is providing legal counsel. =========== N O R W A Y =========== KVAERNER ASA: Secures US$ 20MM Contract for Australian Project -------------------------------------------------------------- Kvaerner, the international oil services, engineering and construction group, on its Wednesday's statement said that its Perth-based operations and maintenance specialist unit, Kvaerner Facilities Management (KFM), has been awarded an extension to its existing contract from Woodside Energy Limited. The integrated services contract covers the operation support, maintenance, integrity and engineering for the Northern Endeavour oil producing FPSO (Floating, Production, Storage & Offloading) Facility, located in the Timor Sea, offshore North West Australia. The contract has been extended for a further two years until November 2004, with a continuance value of approximately AUD 40 million (US$20 million). KFM, part of Aker Kvaerner, the oil and gas business area of Kvaerner, worked with Woodside to establish the maintenance and engineering systems during the design phase of the FPSO project and now manages and executes this program for Woodside. The contract is a performance incentivised, out-sourced type, employing some 40 people in Western Australia and Darwin. Operations Director, KFM Australia, Tony Ramshaw commented; "This is a unique contract for Woodside in that Kvaerner's incentive scheme is directly tied to Woodside's own performance targets - not just the contractor's element. "It is a model contract demonstrating the value that a contractor can bring to an operator when services are out-sourced. It really focuses the Kvaerner team to strive for the best result for Woodside. "The decision to extend our contract over six months before it was due for renewal is a clear recognition of our performance." Ramshaw concluded: "Another first for Woodside is that Kvaerner's Head of Engineering & Maintenance has deputised for the Woodside Asset Manager during the project. This and Woodside's own internal audits have confirmed the excellent working relationships and team spirit that exists between Kvaerner and Woodside." Kvaerner's contribution has been significant in the level of results achieved for the Northern Endeavour since coming on stream in November 1999: First year availability was 96%, a new world benchmark for an FPSO. Almost 100m bbl of oil has been produced to date. Very high standards for Health, Safety and Environment have been set. KFM has won a number of engineering and maintenance "excellence"and safety awards over the past two years due to the quality of service provided. For further information, contact: Australia: Tony Ramshaw Operations Director KFM Australia Telephone: +618 9429 5800 Email: tony.ramshaw@kvaerner.com UK: Paul Emberley Vice President Group Communications Kvaerner ASA Telephone: +44 (0)207 339 1035 or +44 (0)7768 813090 Email: paul.emberley@kvaerner.com Norway: Torbjorn S. Andersen Vice President Corporate Communications Aker Kvaerner: +47 22 94 53 90 or +47 928 85 542 Kvaerner is a world-class oil and gas services, engineering and construction, and shipbuilding Group, with the capability and resources to undertake the world's most challenging projects. The Group's activities are organised in four core business areas: Oil & Gas, E&C (Engineering & Construction), Pulp & Paper, and Shipbuilding. Following the merger between Aker Maritime and Kvaerner's Oil & Gas business, the Kvaerner Group expects to have revenues in 2002 approaching US$6 billion, with some 42,000 permanent staff located in more than 30 countries throughout Europe, Africa, Asia and the Americas. Kvaerner Facilities Management was established specifically to pursue and undertake Modifications Maintenance & Operation contracts within the Asia Pacific region. It combines the technical expertise and track record of the Kvaerner MMO business of Aberdeen, Scotland and Kvaerner Facilities Management of Perth, Australia, with the regional strength and management resources of the Operations & Maintenance business of Kvaerner E&C Asia Pacific. The Asia Pacific regional headquarters for Kvaerner Facilities Management is Kuala Lumpur, Malaysia. This organisation brings together a substantial track record in operations and maintenance projects for companies such as BP, Total/Elf/ Fina, Woodside Australia, Bataan Polyethylene Corporation of the Philippines and many others. =========== P O L A N D =========== NETIA HOLDINGS: Nasdaq Decides Listing Continued Listing -------------------------------------------------------- Netia Holdings S.A., the Warsaw-based alternative provider of fixed-line telecommunications services group, announced Wednesday that it has received a favorable decision by the Nasdaq Listing Qualifications Panel regarding the continued listing of its American Depositary Shares (ADSs) on The Nasdaq National Market. On March 21, 2002, Netia received a Nasdaq Staff Determination that it was not in compliance with the continued listing requirements of The Nasdaq National Market and that its ADSs were subject to de-listing. On March 25, 2002, Netia requested an appeal of the Staff Determination through an oral hearing and submission of supporting documentation and presented its appeal before the Nasdaq Listing Qualifications Panel in an oral hearing on April 18, 2002. In its decision, the Nasdaq Listing Qualifications Panel determined to continue the listing of Netia's ADSs on The Nasdaq National Market subject to the following conditions: on or before July 9, 2002, Netia must provide to Nasdaq (1) documentation evidencing that Netia has either (a) received approval of its creditors and the court in Poland presiding over its arrangement proceedings to move forward with its restructuring plan, or (b) received written agreements from a sufficient number of creditors to allow Netia to withdraw from the arrangement proceedings and proceed with a voluntary exchange offer in its restructuring; and (2) a schedule by which Netia will consummate its restructuring plan and satisfy all of the requirements for continued listing on The Nasdaq National Market. After July 9, 2002, Nasdaq will review the additional documentation provided by Netia and determine whether continued listing of its ADSs on The Nasdaq National Market remains appropriate and, if so, on what terms. The arrangement proceedings for Netia and its subsidiaries are occurring in the context of the restructuring of Netia's balance sheet. Contact Information: Netia Holdings SA Investor Relations Anna Kuchnio Telephone: +48-22-330-2061 Media Relations Jolanta Ciesielska Telephone: +48-22-330-2407 Taylor Rafferty, London Jeff Zelkowitz Telephone: +44-(0)20-7936-0400 Taylor Rafferty, New York Andrew Saunders Telephone: 212/889-4350 NETIA HOLDINGS: Final Arrangement Proceeding Opens for Unit ----------------------------------------------------------- Netia Holdings S.A. announced the court in Warsaw opened Monday an arrangement proceeding with respect to Netia South Sp. z o.o., one of its subsidiaries, with a deadline for verifying creditors' claims set for July 16, 2002. As previously announced, filings for opening of arrangement proceedings had also been made by Netia Holdings S.A. and one of its subsidiaries, Netia Telekom S.A. These two arrangement proceedings were opened on May 15, 2002 and April 22, 2002 for Netia Holdings S.A. and Netia Telekom S.A., respectively. The arrangement proceedings for Netia Holdings S.A., Netia Telekom S.A. and Netia South Sp. z o.o. are occurring in the context of the Restructuring Agreement reached on March 5, 2002 with Netia's bondholders and certain of its creditors. NETIA HOLDINGS: Appoints Albertsson to Management Board -------------------------------------------------------- Netia Holdings SA, Poland's largest alternative provider of fixed-line telecommunications services, announced Monday the appointment of Stefan Albertsson, Marketing and Products Director, to the Management Board, effective June 1, 2002. Stefan Albertsson's role will be to strengthen Netia's marketing efforts to penetrate the corporate, SME and residential customer segments, and to support the successful development of Netia's products, services and brand. Mr. Albertsson's experience in the telecommunications industry spans more than ten years, including, marketing, sales and customer service positions at Netia, Telia and Eircom. From 1996 to 1999, he served in various management positions at Netia Telekom. Following a 15-month stint at Eircom, where he was responsible for the development and implementation of the company's CRM (Customer Relationship Management) strategy, he returned to Netia Telekom as Marketing and Products Director in August 2001. =========================== U N I T E D K I N G D O M =========================== COLT TELECOM: Launches Network With EU Research Consortium ---------------------------------------------------------- The Consortium of European Research Networks officially launched Wednesday the world's most powerful network of its kind, called GEANT. The network, which is co-funded by the European Commission and managed by DANTE, uses a number of suppliers, including COLT Telecom Group plc's pan-European network to connect 3,000 universities and research centres across 32 countries with network speed up to 10Gb. COLT and DANTE today also announced that GEANT provided the backbone for today's successful Global High-Speed Data-Transfer Record, witnessed by some of Europe's most influential telecommunications and information services leaders, including Erkki Liikanen, European Commissioner for Enterprise and Information Society. The record was set using the Global Terabit Research Network (GTRN), of which GEANT constitutes the European segment, and involved transmitting the text of the first ever trans-Atlantic telegram sent from Queen Victoria to US President Buchanan. In the same time it took to transmit the original message in 1858 the same message was transmitted 10 billion times between standard PCs connected to the GTRN in Seattle and Brussels. This is the equivalent to sending the amount of data contained in 960 kilometers of shelved books in the same time it took to transmit the original 99-word message. GEANT is the Consortium of European Research's sixth-generation network, and connects more researchers than any other network in the world. This platform allows researchers of all disciplines to share information, run high-capacity programs across multiple sites and co-operate on joint research in a wide range of disciplines. Researchers geographically distributed across Europe can co- operate with one another as if they were in the same laboratory. This is a direct result of the significant increase in the power and transmission capacity of the network. "This new infrastructure allows us to offer speeds of transmission previously impossible on the old network. As well as increasing the efficiency and offering significant savings in communication costs, G�ANT opens up a host of new possibilities for the researcher," said Dai Davies, DANTE General Manager. "There were a lot of applications where the lack of bandwidth was holding them back. Radio astronomers, for example, used to send radio telescope data by magnetic tapes in the post, but are now able to send these data directly over the network, which saves them both time and costs." COLT Telecom Group plc is a leading European provider of business communication services. COLT has over 13,000 network services and eBusiness customers with high bandwidth local networks in 32 European cities in thirteen countries supported by a series of Internet Solution Centers and inter-linked by a 15,000 route kilometer high capacity fibre-optic long distance network. COLT Telecom Group plc is listed on the London Stock Exchange (CTM.L) and Nasdaq (COLT). Information about COLT and its products and services can be found on the web at www.colt.net Contact Information: COLT Telecom Ireland Mark Crockett Marketing Manager Telephone: + 353 14365900 Email: mcrockett@colt-telecom.com COOKSON GROUP: Sells Indium-based Products to Umicore for EUR3 MM ----------------------------------------------------------------- Debt-laden industrial conglomerate Cookson Group Plc sent three lines related to its Arconium business to Umicore for EUR3 million, says AFX News recently. The businesses include the "sputtering targets", "specialty chemicals" and "cast products", which together had sales of about EUR5 million last year, the report says. Arconium is a division of Fry Technologies that makes indium- based products. It is based in Providence, Rhode Islands in the United States. Cookson reported net debts of GBP749.6 million in December and first-quarter sales of only GBP436 million or 6% less than the previous quarter. The company was able to renegotiate in December its GBP450 million bank facilities, which gave it a year of breathing space to repay the GBP240 million originally due this year. EIDOS: Ubi Signs Lara Croft Agreement With Software Gaming Group ---------------------------------------------------------------- Ubi Soft(R) Entertainment, a world leader in interactive entertainment, today announced a licensing agreement with Eidos - - http://www.eidos.com-- for Tomb Raider(TM) on Game Boy(R) Advance. With the new two-year agreement, Ubi Soft acquires exclusive worldwide development and publishing rights for Lara Croft Tomb Raider: The Prophecy for the Game Boy(R) Advance. The game will be released this Christmas. "Lara Croft is one of the strongest and most attractive personalities in the video game world," said Alain Corre, Ubi Soft Entertainment's Vice-President for Europe, Asia Pacific and South America. "I have full confidence in our creation teams' ability to produce one of the best action games available for the Game Boy(R) Advance." "With Ubi Soft's expertise in developing successful Game Boy(R) Advance games, we are confident that Lara Croft Tomb Raider: The Prophecy will maintain the high standards people have come to expect from a Tomb Raider game," said Mike McGarvey, CEO of Eidos Interactive. The game will remain faithful to the spirit that has made previous game versions - as well as the movie - a worldwide success. Since the first Tomb Raider game was released in 1996, the series has gone on to sell more than 28 million copies worldwide. Eidos Interactive is one of the world's largest independent publishers and developers of entertainment software. Eidos develops and publishes a diverse mix of titles for the PC, PlayStation(R) game console, PlayStation(R)2 computer entertainment system, Nintendo GameCube(TM) and the Xbox(TM) video game system from Microsoft. Ubi Soft Entertainment -- www.ubi.com -- is an international producer, publisher and distributor of interactive entertainment products. A leading company in the multimedia industry, Ubi Soft's strong and diversified lineup has grown considerably, as has Ubi Soft itself. Founded in 1986 in France, Ubi Soft is now present on every continent, both through offices in 21 countries including the United States, Brazil, Morocco, Germany and China and through sales of products in over 50 countries. Contact Information: Ubi Soft Entertainment Cassie Vogel, 919/460-1776 ext: 3072 cvogel@ubisoft.com Fax: 919/460-1502 EIDOS Steve Starvis, (44) 208 636 3239 steve.starvis@eidos.co.uk Fax: (44) 208 636 3001 ENODIS PLC: Sells Aladdin-Temp-Rite for GBP 27MM to Ali ------------------------------------------------------- Enodis plc, a world leading food service equipment manufacturer, announces that it has agreed to sell Aladdin Temp-Rite LLC, Temp- Rite International and a number of other Aladdin / Temp-Rite companies to Ali SpA of Milan for a net cash consideration, all payable on completion, of US$39.2 million (GBP27.0 million). In its statement addressed to the media Monday, the consideration, less expenses, will be used to reduce debt. Aladdin / Temp-Rite whose principal place of business is Nashville, Tennessee in the U.S. manufactures and distributes meal delivery systems, mainly for the healthcare sector. It also has operations outside the U.S., principally in Canada and Germany. As at September 29, 2001, Aladdin / Temp-Rite had a net asset value of GBP12.3 million (excluding goodwill and inter company balances). In the year to September 29, 2001, the business contributed GBP59.3 million to sales and GBP4.1 million to operating profit. Commenting on the sale, Andrew Allner, Chief Executive Officer, said: "This transaction brings to a close our current phase of non-core disposals from which, over the course of the past seven months, we have realised net proceeds of around GBP70m. "Importantly, these disposals enable us to improve our focus on our core activities. Our aim is to consolidate and extend our position as a world leading manufacturer of heavy core commercial food service equipment through product, distribution and service excellence." Contact Information: Enodis plc Andrew Allner Chief Executive Officer Dave Wrench Chief Financial Officer Telephone: 020 7304 6006 Financial Dynamics Richard Mountain Telephone: 020 7269 7291 Enodis PLC 23 May 2002 ENODIS PLC: Interim Results for 26 Weeks Ending March 30, 2002 ------------------------------------------------------------- Group Financial Highlights Group profit before tax* GBP11.3 m (GBP18.7m). Adjusted, diluted earnings per share 3.2p (4.8p); no interim dividend (2.0p) Food Equipment - Global Food Service Equipment & Food Retail Equipment Food Equipment sales GBP390m, down 6% on a like-for-like basis, in weak markets. Global Food Service Equipment (FSE) Operating profit* down 6% on a like-for-like basis at GBP28.9m. Operating profit* in FSE North America 7% ahead on a like-for-like basis at GBP24.6m. Management changes and other actions taken to improve performance in Europe. Cost savings delivered as planned, approximately GBP17m additional savings in half year Food Retail Equipment Operating profit* GBP3m lower at GBP1.5m. Kysor Warren performed poorly. Management changes at Kysor Warren, formation of Kysor Group. Non-core business disposal programme well advanced Sale of Sammic, Belshaw and Austral; gross proceeds of GBP43.1m. Rights Issue and High Yield Bond complete. Senior debt syndication welladvanced. Appropriate capital structure in place for future. Period end net debt GBP380.5m (GBP493.8m); GBP15m increase during the half due to exceptional items, refinancing costs and exchange movements. Net debt on proforma basis reflecting Rights Issue and non-core business disposals under GBP295m. Board and Senior Management changes, separately announced Thursday, establish appropriate senior management team. * before goodwill amortization and exceptionals Peter Brooks, Chairman said: "These first half results are encouraging with a particularly strong performance from Food Service Equipment in North America. Good progress has also been made towards our objective of reducing debt, including the disposal of non-core businesses. "There are grounds for cautious optimism in respect of the market for food service equipment in North America, while demand for food service equipment in Europe is weak. In Food Retail Equipment, where Kysor Panel Systems is performing ahead of plan, our major challenge is to turn round Kysor Warren. "Overall, our expectations for full year operating profits are unchanged from those at the time of our preliminary results announcement in November 2001, other than in respect of the effect of disposals. "The second half will benefit from the effects of seasonality and management actions including market share gain initiatives and new product development. "Our Global Food Service Equipment strategy is firmly on track. We believe Enodis is well positioned to benefit as economies and markets recover. Overview "The 26 weeks ended 30 March 2002 have been a period of economic uncertainty and slow customer investment activity. In North America and Europe, as we anticipated, the market weakened further in the second quarter and we also saw intensified price competition. The market for food retail equipment has remained difficult. "In Global Food Service Equipment our strategy is to establish Enodis as the clear world leader through excellence in product, distribution and service. "In North America, where we are most advanced in leveraging our scale, product range, technology and relationships, we believe we are gaining share though with some negative price impact. "In our Food Retail Equipment business, Kysor Panel Systems, which makes walk-in coolers for supermarket customers, is performing strongly. However, Kysor Warren, which makes display cabinets and systems, has become loss-making. The management team has been replaced and the Kysor Group, comprising Kysor Panel Systems and Kysor Warren, has been formed to leverage Kysor Panel Systems' customer relationships and reputation. "Within our Food Equipment business, we have delivered the anticipated first half benefits from the cost saving actions taken since the second half of 2001. This, along with increased market share in Food Service Equipment North America, has enabled us to offset in part the impact of adverse market conditions. "Net debt has, as expected, increased modestly in the first half. Importantly, subsequent to the period end we received gross proceeds from the rights issue of GBP75.1 million, along with a further GBP24.2 million for the disposals of businesses (see below). Adjusting for these, net debt at March 30, 2002 would have been under GBP295 million. Net debt at March 31, 2001 was GBP493.8 million. "The sales of Belshaw and Austral made in April and May continues our current program of non-core disposals. Whilst these disposals are earnings dilutive in the current year they reduce debt, remove significant risk from our business and enable us to increase our focus on our core area of competence, heavy food service equipment. "We have continued to strengthen our senior management team. A separate announcement Thursday deals with important Board and Senior Management changes. Results "Profit before tax, goodwill amortisation and exceptional items was GBP11.3 million (First Half 2001: GBP18.7 million): foreign exchange movements have benefited the results by around GBP0.3 million. "In Food Equipment, operating profit before goodwill amortisation and exceptional items was GBP30.4 million (GBP36.7 million): operating profit was reduced by a net GBP1.3 million by the effect of disposals, and benefited by some GBP0.3 million from foreign exchange movements. "Operating margins in the 26 week period were 7.8% compared to 8.7% in the prior period, principally due to a decline in Europe and Food Retail Equipment. "Group operating profit before goodwill amortisation and exceptional items was GBP26.2 million (GBP39.8m including contribution of GBP7.6 million of operating profit from our Building & Consumer Products business which was sold in June 2001). Financing "Operating cash flow in the period was GBP30.8 million (GBP34.2 million); after interest and tax, free cash flow was GBP14.0 million (GBP10.5 million). "After exceptional items of GBP16.1 million, net proceeds from the disposal of non-core businesses of GBP16.4 million, bank refinancing costs of GBP14.7 million and the adverse effect of exchange rate movements of GBP14.2 million, net debt increased from GBP365.9 million at September 29, 2001 to GBP380.5 million at the period end. "Subsequent to the period end, the Group completed a three for five rights issue at 50 pence per share to raise gross proceeds of GBP75.1 million and realized gross proceeds of GBP24.2 million from the disposal of non-core businesses. "On a proforma basis, after adjusting for these proceeds and related costs, net debt would have been less than GBP295 million. "During the period the Company issued 10 3/8% senior subordinated notes raising GBP100 million with a 10 year bullet maturity. Senior debt syndication is well advanced with the co-arranging stage completed and general syndication recently launched with an anticipated completion date of end of June. "The further reduction of debt remains a key priority for the Group. The Group's businesses are highly cash generative with relatively low requirements for capital expenditure. Operating companies are firmly focussed on cash conversion days for working capital where there is some room for improvement. "Contracts have been signed for the sale of Felsted property phase III, which subject to completion of infrastructure improvements on time, should generate cash and profit of some GBP7 million in the second half. No interim dividend is proposed. Exceptional Items "Net exceptional costs of GBP9.4 million in the first half comprise further restructuring costs of GBP3.7 million, mostly in Food Retail Equipment, and GBP8.4 million for the cost of refinancing, offset by GBP2.7 million profit on the sale of Sammic. "Net cash outflow for exceptional items was GBP14.4 million, representing costs in respect of litigation and restructuring programs (including those announced in the prior year) of GBP16.1million, costs of refinancing of GBP14.7 million offset by the net proceeds from disposal of businesses of GBP16.4 million. "In the second half, exceptional items are estimated to be up to GBP3 million, excluding the cost of any further actions arising from the current review at Kysor Warren. These costs comprise further costs of simplifying the organization. Cash outflow from exceptional items in the Second Half is estimated to be around GBP7m. Global Food Service Equipment "Global Food Service Equipment, under the leadership of Dave McCulloch, comprises both our operations in North America, some 76% of Food Service Equipment first half sales, and our operations in Europe and Asia, 24% of first half sales. Our strategy is to achieve market share growth through excellence in product, distribution and service. "The Group offers a full range of core heavy kitchen equipment to the industry and competitive advantage is achieved through leveraging the Group's scale, product range and leading brands, technology and relationships with distributors and service partners, end-users and suppliers. "In the first half, significant progress has been made in developing this strategy. In North America, momentum is building on new product introductions including 12 new products launched at the recent National Restaurant Association show, on top of the 20 introduced at NAFEM last September, along with some exciting developments for major customers. "The alignment of our US sales representatives was completed resulting in improved focus and support for our distribution partners. We believe that this, together with dealer/buying group incentive programs and improved key account and segment management is achieving increased market penetration. Cost savings have been delivered on planand additional management appointments made to drive Group purchasing savings and improve global parts and service capability. "Enodis' emphasis on building partnerships with customers and channel partners is yielding positive results. "North American operations achieved sales, including exports, of GBP228.3 million (GBP234.8 million) down 5% on a like-for-like basis. Operating profit at GBP24.6 million (GBP23.0 million) was up 7% on a like-for-like basis. "In overall terms, adverse volume, net price and mix changes together with normal ongoing cost inflation, principally labour, were more than offset by the benefits of last year's and this year's cost reduction programs which saved some GBP10.5 million. Operating margins increased from 9.8% in the comparable period to 10.8%. "In Europe, we have made management changes to provide better focus on our manufacturing and distribution companies and have established "tag teams" between our European companies and their North American counterparts to leverage product and technology globally. We have been particularly successful with our UK Merrychef accelerated cooking technology with substantial new orders from five global chain customers. "We are also investigating how we can better utilize our European facilities to manufacture product previously sourced from North America. Significant further work is necessary in Europe which will take time, but we are confident that we are now taking the right steps. "In our Europe/Asia operations, sales at GBP72.8 million (GBP87.4 million) were down 4% on a like-for-like basis but profit at GBP4.3 million (GBP9.2 million) was almost halved. "While cost savings amounted to approximately GBP2 million, this was more than offset by adverse price and product mix, additional infrastructure costs for new factories at Viscount, Ventmaster and Convotherm, weak beverage performance and the absence of last year's one-off property profits of GBP0.9 million. Operating margins declined from 10.5% in the comparable period to 5.9%. Overall, operating profit before amortisation and exceptional items of Global Food Service Equipment was GBP28.9 million (GBP32.2 million) down 6% on a like-for-like basis in much weaker markets. "Overall, operating margins declined from 10.0% to 9.6% as a result of factors in Europe. Food Retail Equipment "The results of Food Retail Equipment reflect an improved performance from Kysor Panel Systems and Austral, now sold, offset by a much weaker performance from Belshaw, now sold, and a very disappointing performance from Kysor Warren. "Operating profit before amortisation and exceptional items was GBP1.5 million, down from GBP4.5 million in the comparable period, with Kysor Warren incurring losses of some GBP2 million (profit GBP1.5 million): Kysor Warren is expected to be loss-making throughout the second half. Our primary objective in this group is to turn round Kysor Warren and re-establish it as a successful, leading player in the display cabinet and systems industry. Actions taken to date include: Replacement of the management team. A taskforce comprising senior executives from elsewhere within the Group is currently running the business, reporting directly to Andrew Allner. Recruitment of an executive team is underway. As separately announced, Dave Odum is leaving the Group at the end of May 2002. The Kysor Group has been formed under the leadership of David Frase, President of Kysor Panel Systems. This appointment will provide added customer focus and help restore credibility, and allows us to leverage Kysor Panel Systems' customer relationships and reputation. The next steps are the completion of a strategic review and finalization of plans for the turn round, including improved customer service and offering. "As previously discussed in the announcement of first quarter results, we are currently reviewing the operations of Kysor Warren, with the objective of improving its operating performance. "From its acquisition in 1999 to the end of the 2001 financial year, Kysor Warren has operated at a profit (exclusive of exceptional costs and goodwill amortisation). However, Kysor Warren, along with its competitors, has been adversely impacted by difficult market conditions but has also lost market share due to a lack of customer focus. "We have completed an independent market study and changed most of the management team. The unaudited results of this operation for Half Year 2002 showed an operating loss and were below expectations. "If the result of our review is the conclusion that the necessary long term improvement in performance cannot be achieved, then a significant part of Kysor Warren's fixed assets (principally goodwill) would be impaired, resulting in an exceptional non-cash charge. "Such impairment cannot be reasonably estimated at this time. As at 30 March 2002 the carrying value of goodwill relating to Kysor Warren was approximately GBP50 million. Non-core Disposals "During and subsequent to the period, the Group has completed the disposals of Sammic, Belshaw and Austral. Net proceeds raised amount to GBP43 million and exceptional net losses are estimated to be some GBP20 million, including GBP35 million in respect of goodwill written off. During the 6 months to 30 March 2002 the aggregate operating profit contribution for these businesses was GBP2.7 million. "Although the disposals are dilutive as regards earnings per share, they reduce debt, reduce risk and enable Enodis to focus on its core heavy food service equipment where we believe we have significant competitive advantage. Outlook "While the market for food service equipment in North America remains uncertain and pricing pressure significant, some more positive signs are emerging from both the industry and end users. In Europe, the market outlook for food service equipment is weak, exacerbated by intense price competition. "The market for food retail equipment remains depressed. However, the key to our performance in this market will be our ability to turn round Kysor Warren. "Our results for April and preliminary indications for May show better than plan results from Food Service Equipment North America but a weaker than plan performance in Europe and Kysor Warren. "Against this background, our expectations for full year operating profit are unchanged from those at the time we released our preliminary results in November 2001, other than in respect of the impact of disposals. The second half will benefit from the effects of seasonality and management actions, including cost saving initiatives and new product development. "So far this year, we have made good progress towards our key objectives. U.S. industry forecasts of food service sales are encouraging and confirm our view that industry fundamentals are attractive showing increased food and beverage sales outside the home driven by lifestyle changes. Our Global Food Service "Equipment strategy is firmly on track. We believe Enodis is well positioned to benefit as economies and markets recover. ENODIS PLC: Announces Board and Senior Management Changes --------------------------------------------------------- Enodis, announces the following Board and senior management changes: Dave McCulloch, currently President - Global Food Service Equipment and a Board Director, based in Tampa, Florida, USA, is appointed Chief Operating Officer at Enodis, effective immediately. Dave Wrench, currently Chief Financial Officer - Global Operations, based in Tampa, is appointed Chief Financial Officer at Enodis and will join the Board, effective immediately. Bob Eimers, currently Vice President - Human Resources, based in Tampa, is appointed Executive Vice President of Global Human Resources and will join the Board, effective immediately. Also, Dave Odum, currently President - Food Retail Equipment will resign from the Board and leave the Group at the end of May 2002 and Stuart Miller, currently Chief Financial Officer of the group, will leave the Group at the end of May 2002. Following these changes, the Board of Enodis will comprise four Executive Directors: Andrew Allner, who remains Chief Executive Officer, Dave McCulloch, Dave Wrench and Bob Eimers; and four non-Executive Directors: Peter Brooks, Chairman, Robert Briggs, Eryl Morris and Waldemar Schmidt. Andrew Allner, based in London, will continue to spend a significant amount of his time in the USA and will, for the time being, assume direct responsibility for the remaining Food Retail Equipment businesses. The Board will take steps to appoint in due course an additional non-Executive Director to provide a majority of non-Executive Directors on the Board. Dave McCulloch, aged 55, joined Garland Canada in 1986 as Vice President Operations and went on to become President of the Garland Group in 1995. In 1998, he was appointed President, Global Specifications Group. In March 2001 he became President Food Service Equipment - North America, and he was appointed President - Global Food Service Equipment in September 2001. Prior to joining Garland Canada in 1986, Dave was employed by the General Electric group. Dave Wrench, aged 56, joined Enodis as CFO for the Specification Group in 2000. He was appointed CFO Foodservice Equipment Group - North America in March 2001, and became CFO - Global Operations in November 2001. Prior to joining Enodis, Dave spent 23 years with General Electric in various financial and general management assignments. Bob Eimers, aged 54, has almost 25 years of experience in human resources and is an expert in the assessment and development of both leaders and organisations. Bob came to Enodis in July 2001, having previously worked in the acquired Scotsman Industries company. Prior to joining Scotsman, Bob was the senior human resources officer for three large corporations, Household International Inc., Sonoco Products Company and Service Merchandise Company Inc. In each case, he had global HR accountability. Following the recapitalization and the recent non-core business disposals, the said changes represent the final step in delayering and streamlining the senior executive team to a structure appropriate to the Group's needs for the foreseeable future. Peter Brooks, Chairman of Enodis, said: "We have in place the right senior management team to take Enodis forward. This team, under the leadership of Andrew Allner, has proved itself over the last year in difficult circumstances. It has the right balance of skills and experience to lead Enodis forward as we implement and benefit from our strategy to establish Enodis as the clear world leader in Food Service Equipment." PACE MICRO: Set-top Box Manufacturer Announces NTL Agreement ------------------------------------------------------------ Pace Micro Technology plc, the cable and satellite TV set-top box maker, announced that negotiations with NTL Group Ltd. have resulted in an agreement to resume the supply against existing orders of 300,000 boxes over a thirteen month period ending in May 2003. This will have minimal impact on current year revenues. The agreement also includes enhanced service and repair provision as well as additional software projects. Notwithstanding this agreement, the Board continues to acknowledge the difficulties created by the current market conditions and does not anticipate changing its expectations for the 2002/03 financial year. For additional information, contact Malcolm Miller of Pace Micro Technology by phone: 01344 784954 or Andrew Wallace by phone: 07768 021977 *********** 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 publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. 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