/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/020712.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, July 12, 2002, Vol. 3, No. 137 Headlines * G E R M A N Y * BABCOCK BORSIG: Piepenburg Promises to Resist Group's Breakup ADVANCED MEDIEN: Principal Banker Extends Credit Line Until 2003 INTERSHOP COMMUNICATIONS: Names Taylor New U.K. Managing Director * N E T H E R L A N D S * LAURUS NV: Euronext Amsterdam Announces Trading Resumption PHARMING GROUP: Disctrct Court Sets Date for Creditors' Meeting UNITED PAN-EUROPE: Changes in Registrant's Certifying Accountant * U N I T E D K I N G D O M * ASW HOLDINGS: Temporary Suspension of Shares From FSA Listing ASW HOLDINGS: Temporary Suspension of Shares From LSE Listing ASW HOLDINGS: Invites Banks to Appoint Receivers After Talks Fail ASW HOLDINGS: Company Profile BIG FOOD: Update on Sales Growth, Average Net Debt (Restatement) CLAIMS DIRECT: Temporary Suspension of Shares From FSA Listing CLAIMS DIRECT: Temporary Suspension of Shares From LSE Listing CLAIMS DIRECT: Petitions for Administration Order CLAIMS DIRECT: Disposal of Rosie One, Towerfocus and Ropespring CLAIMS DIRECT: Notification of Disposal of Sailpool Ltd CORUS GROUP: Notification of Interest in Shares CARLTON COMMUNICATIONS: Carlton, Granada Refuse to Join BBC Group COOKSON GROUP: Notification of Interest in Shares ENERGIS: Talks With APAX-Carlyle Consortium Continues ENODIS PLC: Notification of Interest in Shares INTERX PLC: Announces Board Member Resignation of Ian King PACE MICRO: Notification of Major Interests in Shares PSION PLC: Notification of Major Interests in Shares SCOOT.COM PLC: Non-Executive Director Richard Charkin Resigns SCOOT.COM PLC: Sends Circular on Terms of Disposal to BT TELEWEST: Bondholders File Suit vs. Liberty for Illegal Offer MARCONI PLC: Marconi Mobile Spins Off Defense Communications Ops WORLDCOM, INC: CEO Sidgmore Says Firm May Face Bankruptcy WORLDCOM: Bondholders Hire Lawyers Amid Talks of Bankruptcy ============= G E R M A N Y ============= BABCOCK BORSIG: Piepenburg Promises to Resist Group's Breakup -------------------------------------------------------------- Mr. Horst Piepenburg, the new chief of insolvent Babcock Borsig AG gave his assurance that he would do his best to ensure that the German company surfaces in one piece out of insolvency proceedings, the Handelsblatt said. Separate insolvency filings were made for the other 15 units of the group in order to guarantee utmost protection on Tuesday, the paper said. Mr. Piepenburg, the Dusseldorf-based lawyer was appointed on Tuesday to head the Babcock group. He said is unable to provide any figures on the number of jobs that will be kept at present. The company employs more than 22,000 employees of which 13,000 are based in Germany. There have been many parties eyeing individual businesses or subsidiaries of the company, according to Babcock. Five have been reported to come from the United States- the most popular is that of One Equity Partners (OEP). But Mr. Piepenburg commented that Babcock considered such offer from OEP, which was reported to be worth EUR225 million, insufficient. When OEP, the U.S. investment group, bought half of the 50% of Babcock's stake and one share in HDW, Babcock's liquidity crisis hastened and ended in the group filing for insolvency, the paper reported. However, it is said that Babcock is considering a possible reversal of the sale as one of its priorities. Its new insolvency administrator Mr. Helmut Schmitz clarified that the possibility of the reversal is still vague. He also announced that all of Babcock's outstanding wages will be paid this June, Handelsblatt said. Babcock Borsig was forced to file for insolvency last Friday after last-ditch talks with creditor banks on a possible bailout failed. Now, company currently needs an estimated EUR700 million funding requirement. The Oberhausen-based company operates through more than 70 subsidiaries and associated companies worldwide to design and build power generation, water treatment and hazardous waste disposal plants. Babcock also manufactures generators, boilers and other equipment (for use in these facilities) and produces drying and coating systems, cleanroom equipment, and merchant and naval vessels. The company's debt is reported to be EUR840 million. Preussag (logistics, Germany) holds almost 20% of the company. ADVANCED MEDIEN: Principal Banker Extends Credit Line Until 2003 ---------------------------------------------------------------- The management board of Advanced Medien AG announced Thursday that the company's line of credit with the bank Delbruck & Co. was extended as planned on a reduced level until March 2003, confirming the financial agreement between Advanced Medien AG and its principal banker. Originally, the line of credit would have become due on June 30, 2002. A plan to further reduce liabilities was developed in close coordination with the principal banker. According to this plan, proceeds from assigned receivables and from the exploitation of assigned film rights will be used to reduce liabilities step by step. During the first six months of 2002, Advanced Medien AG was able to further reduce its current liabilities due to banks in Germany. As of June 30, 2002, these liabilities amounted to EUR9.39 million after EUR11,36 million as of December 31, 2001. INTERSHOP COMMUNICATIONS: Names Taylor New U.K. Managing Director ----------------------------------------------------------------- Intershop Communications AG -- http://www.intershop.com-- announced Wednesday the appointment of Ian Taylor as the new UK Managing Director. Taylor will be responsible for implementing Intershop's business strategies in the United Kingdom and will concentrate on ensuring continuous growth and profitability. Taylor reports directly to the President EMEA, Werner Fuhrmann. Stephan Schambach, CEO of Intershop: "Ian's appointment reaffirms our commitment to further strengthen Intershop's position as a leading provider for e-commerce solutions both across Europe and Globally." Prior to joining Intershop, Taylor held several key positions within the IT industry. His previous experience as a European Business Director for Electronic Data Systems (EDS) - a worldwide leading IT Services Company - will help to expand Intershop's visibility in this very important market place. Intershop Communications, based in Hamburg, provides e-commerce solutions for enterprises who want to automate marketing, procurement and sales using Internet technology. The Intershop Enfinity commerce platform, combined with proven, flexible industry and cross-industry solutions, enables companies to manage multiple business units from a single commerce platform, optimize their business relationships, improve business efficiencies and cut costs to increase profit margins. Intershop has more than 300 enterprise customers worldwide in retail, high-tech and manufacturing, media and telecommunications. ===================== N E T H E R L A N D S ===================== LAURUS NV: Euronext Amsterdam Announces Trading Resumption ---------------------------------------------------------- Market Supervision Amsterdam announces a trade resumption in the following security: Name of the company: Laurus ISIN code: NL0000340750 Trading group: J1 Date: Wednesday July 10, 2002 As from: 09.00 hrs Laurus NV, formerly known as De Boer Unigro N.V., is a national chain of stores, which operates supermarket & off-license chains in the Netherlands. PHARMING GROUP: Disctrct Court Sets Date for Creditors' Meeting --------------------------------------------------------------- Pharming Group N.V., after consultation with the trustee of the legal moratorium, the District Court of The Hague, has confirmed the date for the verification meeting of creditors will be September 26, 2002. According to the company's latest press statement, the time before the meeting should allow the company to complete its discussions with potential investors for a re-financing of the company. At the verification meeting, creditors will be asked to vote on a settlement already proposed to them by the trustee. Pharming Group is involved in the development of therapeutic products for the treatment of a range of medical indications. Medical research on this is achieved through the company's development of a proprietary production technology platform focussing on the use of transgenic technology for the production of milk proteins with therapeutic potential. Pharming has foreign subsidiaries operating under the same name in Belgium, Finland amd the U.S. UNITED PAN-EUROPE: Changes in Registrant's Certifying Accountant ---------------------------------------------------------------- On June 20, 2002, the Annual General Meeting of Shareholders of United Pan-Europe Communications N.V. (UPC) engaged KPMG Accountants N.V. (KPMG), as the independent auditor of UPC for the fiscal year ending December 31, 2002. Such appointment was accepted by KPMG, and became effective, on July 5, 2002. The decision to approve KPMG was recommended by the Supervisory Board of UPC upon advice of the Audit Committee of the Supervisory Board. During the two most recent fiscal years and through the date of KPMG's appointment, UPC did not consult with KPMG with respect to the application of accounting principles to any transaction (completed or proposed) or the type of audit opinion that might be rendered on the consolidated financial statements, or any other matters or reportable events described under Item 304(a)(2)(i) or (ii) of Regulation S-K. UPC provides broadband network services in the following areas: VIDEO: multi-channel TV transmission via cable and satellite, both analogue and digital; VOICE: provision of telecommunication services for businesses and residential customers; DATA: provision of broadband Internet services and turnkey services to cable network operators based in Europe. In December 2001, the telecoms group posted USD1.8 billion in losses. On the same year, the groups balance sheet recorded USD7.5 billion in assets and USD10.1 billion in liabilities. =========================== U N I T E D K I N G D O M =========================== ASW HOLDINGS: Temporary Suspension of Shares From FSA Listing ------------------------------------------------------------- The Financial Services Authority temporarily suspends the securities set out below from the Official List effective from 10/07/2002 07:30 AM at the request of the company pending clarification of the company's financial position. A.S.W. HOLDINGS PLC Ordinary Shares of 5p each (0-001-638)(GB0000016385) fully paid ASW HOLDINGS: Temporary Suspension of Shares From LSE Listing ------------------------------------------------------------- The following security has been temporarily suspended from trading on the London Stock Exchange from 10/07/2002 7:30am at the request of the company pending clarification of the company's financial position. ASW HOLDINGS PLC Ordinary Shares of 5p each (0-001-638)(GB0000016385) fully paid This suspension notice follows the earlier suspension from Official Listing Notice issued by the Financial Services Authority. ASW HOLDINGS: Invites Banks to Appoint Receivers After Talks Fail ----------------------------------------------------------------- The Board of ASW Holdings PLC regrets to announce that it has been unable to secure the agreement of its banks to provide continued support and has therefore invited them to appoint administrative receivers over the business and assets of the Company. The company has requested that the UK Listing Authority (UKLA) suspends the Company's shares with immediate effect. The UK Listing Authority is a division of the Financial Services Authority. ASW HOLDINGS: Company Profile ----------------------------- Name: ASW Holdings PLC PO Box 675 Castle Works, Cardiff CF24 5YD United Kingdom Telephone: (029) 2047 1333 Fax: (029) 2033 2001 Email : enquiries@asw.co.uk Webs Site: http://www.asw.co.uk SIC: Steel Manufacturing Employees: 1,289 Net Loss: GBP6.4 million (Dec. 31, 2001) Total Assets: GBP 164.4 million (Dec. 31, 2001) Total Liabilities: GBP136.5 million (Dec. 31, 2001) Type of Business: ASW Holdings uses scrap metal to manufacture steel products, principally for the construction and engineering industries in Western Europe. Trigger Event: The metals manufacturer invited its banks to call in administrative receivers to look over the company's business and assets after failing to secure funding from its creditor banks. Chief Executive: G R Mackenzie OBE Finance Director: J S Court Bankers: National Westminster Bank PLC, Lloyds TSB Bank PLC Stockbrokers: Old Mutual Securities Auditors: PricewaterhouseCoopers Law Firms: Allen & Overy , Eversheds Financial PR Advisers: Buchanan Communications No. of Shares in Issue: 213.91 million 5p Ordinary shares Major Shareholders: Co Steel Inc 30.30% Jupiter Asset Mgmt Ltd 8.00% Usinor Sacilor SA 4.70% M & G Inv Mgmt Ltd 3.74% BIG FOOD: Update on Sales Growth, Average Net Debt (Restatement) ---------------------------------------------------------------- The Big Food Group PLC restates its last press release regarding sales growth. The table under the heading "Sales" should show "Adjusted for Easter" above the right hand column only. All other details remain unchanged. The fully corrected version is shown as follows: Following the completion of the Company's refinancing on 18 June and in line with best practice, the Company will issue quarterly trading statements shortly after the end of each thirteen-week period which will incorporate current trading updates. The Preliminary and Interim Results Announcements will contain full financials on the relevant financial period, but will not include any additional updates on current trading. The Company announces today its first quarter trading statement of the 2002/2003 reporting year in respect of the thirteen weeks to June 28, 2002. The sales growth in our wholesale businesses (Booker and Woodward) continue to show improvement. As previously reported, the Iceland comparatives were affected by additional promotional activity introduced on 20 May 2001 and volatility will continue to be a feature of short-term sales comparisons while the strategic initiatives are implemented. Like for like sales for the 13 weeks to June 28, 2002 were as follows: Adjusted for Easter Group -0.9% 0.0% Booker 0.9% 1.3% - tobacco -0.3% 0.0% - non tobacco 1.8% 2.4% Woodward 9.5% 10.6% Iceland Foods -5.8% -3.5% Net Debt All aspects of the refinancing were completed on 18 June 2002, comprising a new senior debt facility of GBP300 million, a 9.75% high yield bond of GBP150 million and a sale and lease back of 31 properties for GBP129 million. This provides the Company with the necessary financial resources to pursue its strategic plans. As a result of the reduction in net debt arising from the sale and lease back, the average net debt figures are given for the period to 17 June 2002 and for the period from June 18, 2002. Average net debt GBP Million Period March 30 to June 17 377 Period June 17 to June 28 224 Strategic Initiatives (i) New Iceland Formats Trading at the new format stores continues to be encouraging confirming management's view that these strategic initiatives are delivering a step change in performance as planned. Like for like sales at the original four new format stores are achieving average uplifts of 17.8% to June 28 with particularly strong results being achieved from the Core Plus and Core formats as anticipated. Three more new stores are now trading to one of our new segmented formats at Cardiff (re-fit), Leicester (new store) and Bath (consolidation). (ii) Booker Delivered Wholesale The number of Premier fascia retailers increased from 705 to 751 during the quarter. Booker also completed its plans for drop shipments direct from suppliers to customers which will be operational later in the year. Delivered wholesale represents a key source of sales growth for Booker. (iii) E-business capabilities Contracts for the purchase of certain commodity products have now been carried out through e-auctions which have simplified the negotiating process and delivered improvements to buying prices. Pension Scheme The Company has received notice that it may face legal action over the pension scheme changes to be introduced from August 1, 2002. The Company believes that such action would be unsupported by existing law or precedent and is firmly of the view and has been advised that it has acted properly in a manner consistent with the fundamental economic issues. As a result of further falls in equity markets, the latest estimate of the funding position of the defined benefit scheme at June 30, 2002 shows a deficit of approximately GBP110 million. This will not effect the cash outlay by the Company in the short term as contributions of GBP7 million per annum have been agreed with the trustees based on the deficit of GBP65 million at December 31, 2001 and will continue until the next actuarial valuation in 2004. Formerly Iceland Group PLC, Big Food's core activities include food retailing, cash & carry and foodservice and appliance retailing, repair and delivery. In March 2001, the company recorded USD167.5 million in losses. The group also posted USD2.4 billion in assets and USD1.8 billion in liabilities last year. Contact Information: Bill Grimsey - Chief Executive Bill Hoskins - Finance Director Telephone: 01933 371000 CLAIMS DIRECT: Temporary Suspension of Shares From FSA Listing -------------------------------------------------------------- The Financial Services Authority (FSA) temporarily suspends the securities set out below from the Official List effective from 10/07/2002 10:15 AM at the request of the company pending clarification of the companys financial position. Ordinary Shares of 1p each (0-921-264)(GB0009212647) fully paid CLAIMS DIRECT: Temporary Suspension of Shares From LSE Listing -------------------------------------------------------------- The following security has been temporarily suspended from trading on the London Stock Exchange from 10/07/2002 10:15am at the request of the company pending clarification of the company's financial position. CLAIMS DIRECT PLC Ordinary Shares of 1p each (0-921-264)(GB0009212647) fully paid This suspension notice follows the earlier suspension from Official Listing Notice issued by the Financial Services Authority. CLAIMS DIRECT: Petitions for Administration Order ------------------------------------------------- Claims Direct plc -- www.claimsdirect.com -- , the personal injury compensation specialist, petitioned the High Court Wednesday to grant an Administration Order after having requested the Financial Services Authority to suspend its shares from trading on the London Stock Exchange with immediate effect. An Administration Order will allow the company to continue to trade whilst the Administrator assesses the company's position, thus giving it time to be restructured or disposed of as a going concern. A decision is expected within a few days. Claims Direct announced on July 1, 2002 that despite recently raising funds through several disposals, it still required further funds to secure the business beyond the immediate future. Regrettably, discussions with several parties to raise this additional capital have been unsuccessful. It has thus become clear that the company's cash flow projections, based on anticipated continuing loss making trading, indicate that it could be trading insolvently within weeks and it is the Director's duty to therefore seek the appointment of an Administrator. Claims Direct's Chief Executive, Ronnie Henderson, said: "I am extremely disappointed that in my short time with the Company all the hard work and sacrifices made by Claims Direct staff have not been rewarded. "Unfortunately the total intransigence of the Liability Insurance industry in not acknowledging their responsibilities to our clients under the Access to Justice Act has continued to be a significant drain on our resources, despite the recent support for the new legislative regime from the Court of Appeal and the House of Lords. Indeed the results of our own test cases on the reasonableness of our premiums are expected within weeks. "This, coupled with some poor business decisions of the previous management and the delays to the introduction of our new business model, has left the company with few options but to seek to appoint an Administrator. "We believe that the appointment of an Administrator will allow the company time to effect a restructuring for the overall benefit of creditors, employees and shareholders, thus enabling the Company to move forward for the benefit of all." Claims Direct's core business involves assisting its clients to pursue personal injury claims. The services includes the entire process of recovering damages: making people aware that they may have a claim, ensuring that the claim is properly assessed and managing the progress of the claim once taken. In March last year, Claims Direct recorded USD24.3 million in losses. At the same time, it posted USD109 million in assets and USD61.2 million in liabilities. Contact Information: Telephone: 01952 284800 Ronnie Henderson Chief Executive Claims Direct plc CLAIMS DIRECT: Disposal of Rosie One, Towerfocus and Ropespring --------------------------------------------------------------- Claims Direct announces the disposal of Rosie One Limited, Towerfocus Limited and Ropespring Limited, the personal injury specialist's other press statement this month says. The companies are non-trading subsidiaries of Claims Direct and have been sold for the consideration of GBP2.9 million after costs. Payment will be made in agreed instalments during the course of the next 30 days. The net asset value of the Companies at the date of sale was zero. Claims Direct will use the proceeds from the sale for working capital. Ronnie Henderson, Chief Executive of Claims Direct, commented: "Although we are delighted to complete the sale of the Companies, Claims Direct still requires further funds to secure the future of the business." CLAIMS DIRECT: Notification of Disposal of Sailpool Ltd ------------------------------------------------------- Claims Direct is pleased to announce the disposal of Sailpool Ltd. Sailpool, a non-trading subsidiary of Claims Direct, will be sold for the consideration of GBP1.65 million cash after costs. The net asset value of Sailpool at the date of sale was zero. Claims Direct will use the proceeds from the sale for working capital purposes, the group announced in its statement in May. CORUS GROUP: Notification of Interest in Shares ----------------------------------------------- Corus Group plc has received Wednesday a notification from The Capital Group Companies, Inc. on behalf of its affiliates, including Capital Guardian Trust Company, Capital International Limited, Capital International S.A., Capital International, Inc. and Capital Research and Management Company, pursuant to Section 198 of the Companies Act 1985. On July 8, 2002 The Capital Group Companies, Inc. announces, for the purposes of the Act, its interest in 313,400,911 ordinary shares of 50p each representing 10.02% of Corus Group plc's issued capital. These holdings form part of funds managed on behalf of investment clients by the Companies. Corus Group manufactures stainless steel, coated and uncoated strip products, sections and plates, tubular products, wire rod, engineering steels, and semi-finished carbon steel products. The group also makes aluminum products. The company's Customers include the automotive, aerospace, construction, and heavy-machinery industries. In the last quarter ending December 31, 2001, the company incurred USD163 million in losses. At the same period, the group had assets worth USD 10.4 billion and USD5.9 billion in liabilities. CARLTON COMMUNICATIONS: Carlton, Granada Refuse to Join BBC Group ----------------------------------------------------------------- Carlton Communications PLC and Granada PLC refused to join the BBC's winning consortium, following their failure to retrieve their digital television licence last week, a report from AFX News said. The BBC director general Greg Dyke said that he wanted Carlton and Granda to be members in the consortium in the company of British Sky Broadcasting Group Plc and Crown Castle. Dyke says he had happily welcomed both parties "into the deal, but they didn't want to come. They wanted to control the channelling line-up, which was unreasonable and we didn't want that." Carlton and Granada received the offer from Dyke after they their digital platform ITV Digital stint cost them GBP1 billion worth of losses and entangled them with several law suits with the Nationwide Football League, AFX reported. Citing a source close to the both companies, AFX reported that the reason why both parties did not want to join the consortium is because they had anticipated fewer channels awarded to them. The spokesperson said "it wouldn't have made commercial sense, so they stepped back from it." COOKSON GROUP: Notification of Interest in Shares ------------------------------------------------- COOKSON GROUP PLC BRITEL FUND TRUSTEES LIMITED Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them BRITEL FUND NOMINEES LIMITED (3,605,650 SHARES) CHASE NOMINEES LIMITED (39,345,299 SHARES) DIRECT NOMINEES (940,156 SHARES) Number of shares/amount of stock acquired: not disclosed Percentage of issued class: not disclosed Class of security: ordinary shares of 50 pence each Date of transaction: July 8 2002 Date company informed: July 9 2002 Total holding following this notification: 43,891,105 shares Total percentage of holding following this notification: 6.03% ENERGIS: Talks With APAX-Carlyle Consortium Continues ----------------------------------------------------- U.K.-based company, Energis Plc is still in the middle of ongoing talks with private equity houses Apax Partners and Carlyle Group in the hopes that the pair will decide to up its offer of GBP600 million for the company, a report from AFX News said. The company said that it won't however, pressured to agree to the current consortium's bid as the pair has not indicated that it will increase the offer, the news outfit reported. Moreover, the report said that creditors and bondholders are also gradually becoming interested in making a counter-offer soon. The troubled telecom company faces debts owed from bankers and bondholders amounting to more or less GBP700 million and another GBP1 million. A source observed that it is impossible that a takeover by creditor-banks would happen once talks fail since the banks still believe that Energis will be able to repay debts, AFX said. Despite this statement, rumors still abound about the growing impatience among creditor banks led by Barclays Capital and HSBC regarding the talks. It is said that a takeover has been considered. According to AFX, reports have also emerged that the APAX-Carlyle pair warned that if no agreement will be immediately achieved, it would pull out its offer. ENODIS PLC: Notification of Interest in Shares ---------------------------------------------- ENODIS PLC annonces that Arnhold and S. Bleichroeder Holdings Inc. has interest in 17,927,000 ordinary shares of 50pence in Enodis representing 4.47% of the total shares issued by the company. Enodis is a global manufacturer and distributor of food service equipment. Iin March 2002, Enodis' profit and loss statement revealed USD7.7 million in losses. Its balance sheet reflected USD1.1 billion in assets and USD970 million in liabilities. INTERX PLC: Announces Board Member Resignation of Ian King ---------------------------------------------------------- As notified to Shareholders in the Circular dated April 26, 2002 following completion of the sale of the software business and the Intellectual property of InterX Technology Limited, (David) Ian King resigned from the Board of InterX on June 30, 2002, the IT group announced in its latest press statement. InterX PLC develops and sells computer Internet software and related services. The Group also provides IT information and marketing services. The company posted a loss of USD85 million in 2001 and USD30 million in 2000. The company's assets are pegged at USD286 million, while its liabilities in 2001 was recorded at USD17.2 million. PACE MICRO: Notification of Major Interests in Shares ----------------------------------------------------- Pace Micro Technology plc Fidelity International Limited (FIL) and its direct & indirect subsidiaries Notification relates to above-named shareholders' non-beneficial interests held through direct & indirect subsidiaries including Fidelity Investment Services Ltd (FISL) and Fidelity Pension Management (FPM) Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them 4,480,216 FISL Chase Nominees Ltd 10,836,250 FISL Chase Manhattan Bank London 35,800 FPM Citibank 61,107 FPM Nortrust Nominees Ltd 20,600 FPM BT Globenet Nominees Ltd 212,700 FPM RBS Trust Bank 2,064,891 FPM Chase Nominees Ltd 160,022 FPM Bank of New York London 651,600 FPM Northern Trust 197,900 FPM HSBC 466,441 FIL MSS Nominees Ltd 1,032,300 FIL Nortrust Nominees Ltd 35,600 FIL Bankers Trust 28,100 FIL Citibank 1,397,100 FIL Bank of New York London 4,447,346 FIL Chase Nominees Ltd 1,851,880 FIL Northern Trust 267,600 FIL RBS Trust Bank 749,227 FIL Chase Manhattan Bank London 7,898 FIL HSBC Client Holdings Nominee (UK) Limited 102,100 FIL Deutsche Bank 92,800 FIL Mellon Nominees Ltd Class of security: Ordinary 5p shares Date company informed: July 9, 2002 Total holding following this notification: 29,199,478 Total percentage holding following this notification: 12.91% Name of contact and telephone number for queries: Caroline Hall 01274 537119 Name and signature of authorized company official responsible for making this notification: Anthony Dixon Company Secretary Date of Notification: July 10, 2002 PSION PLC: Notification of Major Interests in Shares ---------------------------------------------------- The Capital Group Companies Inc. has interest in 20,008,756 Ordinary shares in Psion plc, representing 4.82% of the total shares issued by the company. Psion's core business involves research, development, engineering, manufacturing, marketing and selling of data collection and communications solutions, portable computers, modems and applications software. The group posted USD217.8 million on its December 2001 profit and loss statements. In the same period, the company had USD381 million in assets and USD100.8 million in liabilities. SCOOT.COM PLC: Non-Executive Director Richard Charkin Resigns ------------------------------------------------------------- Scoot.com plc announces the resignation of Richard Charkin as a non-executive director of the company with effect from July 10 2002. The Board of Scoot would like to thank Richard for his valuable contribution to the company during the last two and a half years. Contact information: Leonie Toal Scoot.com plc Telephone: +44 (0) 1895 520264 Richard Darby/Suzanne Dunne Buchanan Communications Ltd Telephone: +44 (0) 20 7466 5000 SCOOT.COM PLC: Sends Circular on Terms of Disposal to BT -------------------------------------------------------- Scoot announces that it has on July 5 sent to shareholders a circular setting out the terms of the proposed disposal of the Scoot Business to BT Group plc, as announced on June 27, 2002. The proposed disposal and the change of the company's name to Timeload plc are conditional on the approval of shareholders at an extraordinary general meeting to be held on Tuesday 30 July 2002. A copy of the above document has been submitted to the UK Listing Authority and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at: Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Telephone: 0-20 7676 1000 TELEWEST: Bondholders File Suit vs. Liberty for Illegal Offer ------------------------------------------------------------- A group of Telewest bondholders have filed a lawsuit against Liberty Media on claims that Liberty's offer to buy up bonds in the troubled cable company is illegal, a report from the Handelsblatt said. In its statement, Telewest also claims that the Liberty's offer had been "disseminated by means of an offer to purchase which contains material omissions and misrepresentations". The company filed the lawsuit in a New York City court, the paper said. In response to the latest development, Liberty Media has decided on the extension of the offer's deadline to June 19 to provide bondholders sufficient time to think over the accusations. It also said it believes that it has not violated any relevant rules, the Handelsblatt said. Liberty Media decided on launching the bond offer as it wanted to shield its investments in Telewest if it would push for a debt- for-equity swap. The company owns a quarter of UK cable company's shares. Last week, Telewest had revealed its plans to push for a debt- for-equity swap aside from other options to protect its future. It currently faces debt worth EUR5.3 billion. A court was due to decide yesterday regarding the approval of a preliminary injunction that could thwart Liberty from continuing with its offer, following Liberty's announcement that it has received offers for 17% of Telewest's bonds, the paper said. According to Handelsblatt, Mr. Cob Stenham, Telewest's chairman said in his letter last week that the company has still not decide "whether a restructuring on Liberty's terms would be beneficial or whether completion of the offer is beneficial or detrimental to the holders of the notes". Meanwhile, a group of Telewest bondholders are also holding talks regarding possible refinancing. They are said to represent a significant part of the bonds, the paper said. MARCONI PLC: Marconi Mobile Spins Off Defense Communications Ops ---------------------------------------------------------------- Marconi Mobile, the Italian unit of Marconi Plc is set to separate its non-defense business from its strategic communications defense activity in preparation for a flotation, according to Marconi Mobile chairman Remo Pertica, a report from AFX News said. Mr. Pertica also added that the company is "rapidly moving towards a bourse listing" and it is expected to apply in the Consob, Italy's market regulator by the end of July, AFX said. Moreover, the new company, which will be the product of the spin- off of the defense communications business of Marconi Mobile will be named Compagnia Marconi 1897 or Compagnia 1897, if Marconi will disallow the continued use of its name. Mr. Pertica also revealed that the strategic communications defense activity stand for 85% of Marconi Mobile's overall sales, AFX reported. The business reported sales of EUR502 million and an operating profit of EUR60 million in March 31, 2002. WORLDCOM, INC: CEO Sidgmore Says Firm May Face Bankruptcy --------------------------------------------------------- "In order to protect our cash, we may have to go into Chapter 11 for at least a little while," said John W. Sidgmore, WorldCom Inc. chief executive yesterday, according to the Washington Post. Mr. Sidgmore further revealed that the company is currently facing a cash crunch and has only two months to stay afloat. He said any bankruptcy plan considered would be structured in a way that it wouldn't have a big effect on customers and employees. He also said the company is also considering plans to re-emerge from bankruptcy in four to six months, the paper said. The U.S.'s second largest long-distance company suddenly fell in the midst of a cash crunch after it revealed the improper accounting of expenses worth USD3.9 billion. The discovery of the accounting misappropriation led the U.S. Securities and Exchange Commission to file suit against the company for accounting fraud. Subsequently, WorlCom's bankers reacted by stopping discussions regarding the extension of loans, which were then on the way. The company's profits then were turned into losses prompting it to search for immediate solutions. The Washingtonpost reports that now, Mr. Sidgmore is currently discussing with banks about some new refinancing packages. The company is also holding negotiation with two "nontraditional" sources for cash. Yet, Mr. Sidgmore refuses to reveal their identities. Mr. Sidgmore has his hands full now that the company faces several federal investigations, a congressional scrutiny, while he tries to keep the company afloat, the paper said. Meanwhile, WorldCom's former chief executive may have to face contempt of congress charges after his behavior in the Congressional hearing held last week. Mr. Ebbers had exercised the Fifth Amendment and refused to answer questions asked by Congress. He later earned the ire from several representatives when he made comments, which were considered an indication that he had waived his right. WORLDCOM: Bondholders Hire Lawyers Amid Talks of Bankruptcy ----------------------------------------------------------- Groups of WorldCom Inc's bondholders have sought help from lawyers in the light of the company's imminent bankruptcy it holds talks with creditor banks on a USD3 billion credit line, a report from the Deal said. The company's main bondholders have hired Akin, Gump, Strauss, Hauer & Feld LLP at the same time, the bondholders linked with WorldCom subsidiary Intermedia Communications also hired Paul, Weiss, Rifkind, Wharton & Garrison. In addition, holders of the MCI bonds have hired Kasowitz, Benson, Torres & Friedman LLP, said sources. It is also said that the bondholders have not yet decided on hiring a financial adviser. WorldCom's different groups of bondholders will be at risk once the bank debt will be secured and if it will file for bankruptcy. And in the event of a takeover by creditors, it is likely that the bondholders would face difficulty in claims. According to the Deal, the online long-distance company "needs a new financing package since the company's bank lenders suspended USD4.25 billion in loans and canceled a $1.5 billion securitization of the company's receivables," after the company revealed improper accounting of about USD4 billion in expenses. WorldCom currently has USD2 billion in cash. But this is not enough to pay is USD71 million dividend payment to holders of its MCI Group tracking stock. The company said that it would stop the tracking stock in May, the Deal said. The company is required to cover USD60 million in maturing debt before the end of the year. Citing sources, the Deal said that the WorldCom is planning to provide banks senior standing in exchange for a credit line if it would file for bankruptcy. However, a group of bondholders that holds the most of company's debts worth USD32 billion have expressed dissent regarding any deals with banks, which could relegate them to a junior standing, the Deal said. There is a possibility that deals with creditors can be stalled until the completion of the auditing of the company's books by KPMG LLC, the report said. *********** 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, Maria Lourdes Reyes and Jean Claire Dy, Editors. Copyright 2002. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. 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