/raid1/www/Hosts/bankrupt/TCREUR_Public/020719.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 19, 2002, Vol. 3, No. 142


                               Headlines

* F R A N C E *

ALCATEL: Alcatel Reseaux d'Entreprise and Completel Sign Deal
VIVENDI UNIVERSAL: Appoints Jacques Espinasse as CFO, Sr Exec VP

* G E R M A N Y *

AMATECH AG: Files for Insolvency, Ceases Payments
BABCOCK BORSIG: Commerzbank Will Support New Babcock Credit Line  
BABCOCK BORSIG: Spanish Subsidiary Will Not File for Bankruptcy
BABCOCK BORSIG: Will Give Workers Insolvency Pay
CARGOLIFTER: Announces Basis for Cargolifter as Going Concern
CENIT AG: Airbus Orders Worth EUR2.3MM in 2002
CONSORS AG: Preliminary Six-Month Results 2002
DEUTSCHE TELEKOM: Stock Soars to 5.7% on VoiceStream Sale Hope
FAIRCHILD DORNIER: Will Sell 728 Jet Project as License
TEAMWORK INFORMATION: Court Ratifies Insolvency Plan as Binding

* I R E L A N D *

ELAN CORPORATION: Reschedules Annual General Meeting on August 19

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

UNITED PAN-EUROPE: Receives Extension of Default Waivers to 7/29

* P O L A N D *

NETIA HOLDINGS: Announces Changes in Netia 1 Capital Base

* S P A I N *

REPSOL YPF: Reduces Investment in Brazil to USD120 MM

* U N I T E D   K I N G D O M *

ALLFIRST: Keating Steps Down as CEO After GBP500MM Fraud  
BEDE PLC: Notification of Major Interest in Shares
BRITISH AIRWAYS: Lowers Fares to Germany, Austria and Switzerland
BRITANNIC PLC: Trading Statement for Six Months to June 30, 2002
BRITANNIC PLC: Fails to Find Buyer, Future in Doubt, Say Analysts
CITY GENERAL: Announcement on Petition for Capital Reduction
CORUS GROUP: Council Gives Green Light to Brownfield Wind Farm
ENERGIS PLC: Shares Deleted From London Indices
ESPORTA PLC: Announces Board Changes, Appoints Non-Exec Directors
INVENSYS: Notification of Major Interests in Shares
MUNICIPAL GENERAL: Announces Notice to Policyholders
NTL, INCORPORATED: Court OKs Disclosure Statement, Hearing Date
TELEWEST COMMUNICATIONS: Liberty Ends Offer of Notes, Debentures
TELEWEST COMMUNICATIONS: Launches Enhanced TV Platform


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


ALCATEL: Alcatel Reseaux d'Entreprise and Completel Sign Deal
--------------------------------------------------------------
Alcatel Reseaux d'Entreprise and Completel have signed a
partnership agreement to provide end-to-end communication
solutions adapted to both the requirements of businesses and
their subsequent development.

The agreement is founded on the joint expertise of Alcatel
Reseaux d'Entreprise and Completel in terms of:

    -- End-to-end Ethernet solutions for data exchange and
voice/data
       integration;
    -- Global telecom solutions dedicated to customer relations
(call centers, telephony and freephone services, Web sites,
etc.).

Alcatel Reseaux d'Entreprise and Completel guarantee coherent
action to:
    -- manage the solution's quality from its design,
installation and
       operation through to its maintenance,
    -- adopt an economical approach whose goal is to optimize the
overall telecom budget.

This new synergy has already benefited a large number of
organizations, including Toulouse's university medical center
(CHU), a longtime Alcatel Reseaux d'Entreprise and Completel
customer. The center has overhauled its entire telephony system
subsequent to concerted work carried out by the two partners.
This project consisted in upgrading the medical center network,
comprising some 12,000 telephone sets located in 12 buildings,
and in securing and optimizing the return on investment.

Completel -- http://www.completel.fr-- is a telecom services and  
Internet host operator for businesses, the public sector, telecom
operators and ISPs. It builds and operates its own fiber optic
metropolitan networks. Completel is France's leading private
fiber optic MAN operator, both in terms of the number of
agglomerations covered and the total length of its networks.

Integrator of communications solutions for businesses, Alcatel
Reseaux d'Entreprise -- http://www.are.com.fr-- is a French  
subsidiary of NextiraOne Europe. It employs a staff of some
2,400. In 2001, it realized revenues of euro 475 million. The
expertise of Alcatel Reseaux d'Entreprise is applied to the
various domains inherent in corporate communication: voice and
data networks and convergent networks; voice applications;
handling customer relations; network administration and security;
facilities management.

Contact Information:

Laurence Blanloeil
Alcatel Reseaux d'Entreprise
Telephone: +33-1-72-29-91-23
Email: laurence.blanloeil@are.com.fr

Laurence Dutrey
Grayling Euro RSCG Corporate
Telephone: +33-1-41-34-17-34,
Email: dutrey@grayling.fr


VIVENDI UNIVERSAL: Appoints Jacques Espinasse as CFO, Sr Exec VP
----------------------------------------------------------------
Vivendi Universal - www.vivendiuniversal.com -- announced
Wednesday that Jacques Espinasse has been appointed Senior
Executive Vice President and Chief Financial Officer of Vivendi
Universal.

Reporting to the Chairman & CEO Jean-Ren, Fourtou, he also joins
the company's Executive Committee.

Mr. Espinasse replaces Guillaume Hannezo, who has taken on a six-
month assignment as adviser to Jean-Ren, Fourtou, Chairman and
CEO of Vivendi Universal, in order to facilitate the transition
to the new management team.

Mr. Espinasse holds an MBA from the University of Michigan, and
had served as Chief Operating Officer of TPS, a French satellite
television channel, since 1999.

He became a member of the Board of Directors of TPS in 2001.
Previously, he held a variety of senior management posts in major
French companies, including CEP Communication and Groupe Larousse
Nathan, where he was appointed Senior Executive Vice President in
1984. In 1985, he became Chief Financial Officer of the Havas
group.

He was named Senior Executive Vice President of the group when it
was privatized in May 1987 and remained in that post until
January 1994.


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


AMATECH AG: Files for Insolvency, Ceases Payments
-------------------------------------------------
The board of management and supervisory board of AmaTech AG have
decided to file for insolvency.

AmaTech AG will be filing for insolvency Thursday at the
appropriate registry court in Kempten. According to the board of
directors, the company is not overindebted, but rather, is unable
to meet current payment obligations.

The pending insolvency will also affect the German subsidiary
AmaTech Electronic Components Manufacturing GmbH, as well as
AmaTech Automation GmbH. Payments by the company have ceased.

Founded in 1992 and publicly traded since June 2000, AmaTech AG
develops, produces and distributes contactless RFID-systems
(Radio Frequency Identifaction) such as contactless smart cards,
smard labels, animal tags, nail tags, disc tags, RFID key fobs
and gas bottle tags.

These systems are used for access control, payment transactions,
security, logistics, transport or animal tagging.

Amatech has subsidiaries in Ireland, USA and Singapore

The group reported a net loss of EUR 3.0 million on its unaudited
inerim figures as of March 2002.  Its balance sheet revealed
EUR27.8 million in assets and EUR 14.6 million on the same
period.


BABCOCK BORSIG: Commerzbank Will Support New Babcock Credit Line  
----------------------------------------------------------------
Insolvent Babcock Borsig AG gained hopes of avoiding a break-up
following Commerzbank AG's decision to join other banks in giving
an emergency credit line to continue the engineering company's
operations, a report from AFX News said.

A spokesperson from Commerzbank said: "Together with the other
creditor banks we are ready to give (Babcock) a new credit."

The spokesperson said that the credit line may help Bacock
continue its operations as it goes through insolvency
proceedings, AFX said.

According to the spokesperson, the other banks involved are
Deutsche Bank AG, Dresdner Bank, HVB AG, BHF and Westdeutsche
Landesbank (WestLB), the news outfit said.

But Babcock's insolvency administrator Helmut Schmitz noted that
talks regarding the new credit facility had not yet been
finalized, AFX said.

The amount of the credit line has not been disclosed.


BABCOCK BORSIG: Spanish Subsidiary Will Not File for Bankruptcy
---------------------------------------------------------------
Directors of Babcock Borsig's Spanish subsidiary said that they
would not file for insolvency, a report from the Financial Times
said.

The paper said that the directors disclosed that the company
would adhere to the industrial plan concluded with Sepi. The plan
involves investment of 90m euros over five years, maintaining a
workforce of 650 people, developing products and transferring
technology.

Moreover, Sepi will grant EUR250 million of EU loans, and set
management changes, the paper said.


BABCOCK BORSIG: Will Give Workers Insolvency Pay
------------------------------------------------
Insolvent engineering company Babcock Borsig AG will be giving
its employees insolvency pay for the month of June, a report from
Die Welt and Financial Times said.

In addition, the employees will also be given pay for July and
August respectively, according to Babcock's insolvency
administrator, the report said.

The insolvency pay for the three months covered would total to an
estimated EUR45 million and will cover 4,271 employees in 24
locations, the papers said.


CARGOLIFTER: Announces Basis for Cargolifter as Going Concern
-------------------------------------------------------------
The expert hearing, which took place at the CargoLifter hangar
site in Brand until late in the evening, did justice to the
expectations of the interim insolvency administrator Prof. Rolf-
Dieter Moenning and the Management Board of CargoLifter AG.

Some 30 internationally recognized airship experts and system
specialists had been invited as experts to make statements on the
technical plan and the feasibility of the planned "Lighter-than-
Air" systems, in order to gain a viable basis for drafting a
continuation concept. They included the Nestor of airship
engineering, Norman Mayer from the U.S.A.

In the course of the more than eight-hour session, CargoLifter AG
- www.cargolifter.com -- employees presented the current
development status of the "Lighter-than-Air" systems.

Not only the overall concept of the airship was discussed, but
also detailed questions, such as the envelope, the propulsion
systems and the load exchange system. "The discussion made quite
clear what a demanding task the CargoLifter team had taken on,
and that in many areas a large part of the road is still ahead of
us", said CEO Dr. Wolfgang Schneider after the hearing.

In certain areas, for example, ballast generation to compensate
the loss of mass from the fuel consumption, the experts
determined that fundamental research was still required.

On the other hand, other areas, such as the realization of an
effective lightning protection with the co-operation of the
neighbouring Brandenburg Technical University Cottbus, has been
largely solved.

The largest model ever built for lightning protection tested in
this connection and the test results have met with great
interest, even outside CargoLifter AG.

In conclusion Dr. Wolfgang Schneider stated that the initiated
discussion, which at times was controversial, had raised no
fundamental doubts on the technical feasibility.

With the results of the expert hearing the CEO sees his approach
of a successive process confirmed.

The objective of transportation airship CL 160, should be
achieved at least via one interim step of a smaller airship
designed in the form of a demonstration and development platform.

The interim insolvency administrator Prof. Rolf-Dieter Moenning
also summed up that the positive result of the hearing had formed
an excellent basis for the pending talks with potential
investors, banks and public authorities.    


CENIT AG: Airbus Orders Worth EUR2.3MM in 2002
----------------------------------------------
For the further development of the wide-bodied passenger aircraft
A380 and the wide-bodied transportation aircraft A400M, Airbus
GmbH has decided to continue to work closely with CENIT AG
Systemhaus in 2002.  

With its 555 seats on two decks, the model A380 is the largest
passenger plane world-wide.  The giant project is developed
online using a Product Lifecycle Management (PLM) application.
CENIT is responsible for the training and technical support.

More than 800 technical designers are trained for handling the
development software CATIA V4 and CATIA V5.  At the same time,
CENIT supports the specialized divisions in the CATIA method
development and application.

Covering the method development and the support for CATIA V5
numerical control, the process re-engineering within the
production tool construction as well as the simulation of
manufacturing processes with the DELMIA simulation tools, CENIT
is responsible for a substantial range within the Airbus
development.  

The size of orders rose clearly in relation to last year's order
and amounts to 2.3 million EUR in 2002.

"We understand this follow-up order as an acknowledgment of our
employees' work in the project so far", says CENIT's Member of
the Board Hubertus Manthey.  He stresses the impact of the order
for CENIT:  "With this order, CENIT underlines its position as an
authority in the Product Lifecycle Management (PLM) area for the
technological development in the aircraft industry.

And our company's strategy - to consolidate our position as the
IT service provider for PLM topics  in the manufacturing industry
- is lastingly confirmed."

CATIA, the implemented software, allows a completely digital
development of the Airbus.  CATIA facilitates the construction of
the airplane virtually on the computer screen and the simulation
of functionalities.  Thus possible constructional faults can be
anticipated.  

Furthermore, all persons involved in the development and
manufacturing process, e.g. technical designers, suppliers and
partner enterprises, can collaborate from different locations
world-wide on the basis of the PLM solution.

Founded in 1988, Cenit AG Systemhaus was listed on the stock
exchange in May 1998.

The company develops and distributes software systems and
solutions for the automobile, financial services and engineering
industries.

The company mainly develops CAD/CAM/CAE systems in addition to
virtual product modeling, digital mock ups, document management
and network solutions. The company has one foreign subsidiary in
the U.K.


CONSORS AG: Preliminary Six-Month Results 2002
----------------------------------------------
DEVELOPMENT AFFECTED BY DIFFICULT ECONOMIC ENVIRONMENT

Preliminary after-tax result: EUR - 159 million, including EUR
119 million for non-recurring items

The preliminary consolidated loss after tax and minority interest
of Consors Discount-Broker AG is EUR -159 million for the first
six months 2002.

The figure includes EUR 40 million loss on ordinary activities in
comparison with a loss of EUR 36 million for the first six months
2001 and EUR -119 million for non-recurring items.

These are special depreciation allowances on assets due to the
drop in stock market values and the difficult market environment
which were included in Consors' balance sheet pur-suant to the US
GAAP accounting standards.

Business activity in the first six months, especially in the
second quarter, has suffered from a weak stock market
environment. In comparison with the first six months of 2001, the
number of trades executed has diminished by 40 % to 2.6 million,
i.e. 1.4 million trades in the first and 1.2 million in the
second quarter 2002.

Although the expenditure for marketing was reduced, the number of
accounts has increased: the Group managed 578,000 accounts at the
end of June 2002, of which 512,450 in Germany, as compared with
565,700 at the end of 2001 (500,000 of these accounts in
Germany). As a result of the decline in stock market values,
assets under custody have dropped to EUR 5.8 billion at the end
of June 2002, as compared with 7.2 bil-lion at the end of 2001.

The consequence of the reduced activity is that the net inter-est
and commission income has declined as against previous year by 34
percent to EUR 61 million.

However, pursuit of the Fit for Future cost reduction program
initiated by Consors in 2001 limited the impact on the operating
result: operating costs have declined by 35 % to EUR 88 million
from the first half 2001 to the first half 2002, mainly as a
result of reduction in expenses for personal, marketing and
external services.

Issuer's information/explanatory remarks concerning this ad-hoc-
announcement:

The non-recurring items of EUR - 119 million will presumably
affect the Consors net result after tax for the first six months
of 2002. In accordance with the US GAAP ac-counting standards,
impairment tests have been applied to the net asset values of the
Consors subsidiaries.

These impairment tests which take account of a depressed
financial market environment, led to an extraordinary goodwill
amortization in the first half of 2002 of EUR 89 million and to a
write off of deferred tax assets of EUR 24 mil-lion.

In consideration of the dull stock market situation, depreciation
of equity invest-ments has accordingly been carried with EUR 6
million. The final first six months 2002 results for Consors will
be published on August 6, 2002.

BNP Paribas acquired the 66.43 percent stake of Consors held by
SchmidtBank on May 7, 2002 for a total consideration of EUR 287
million, corresponding to EUR 9.08 per share.

A public takeover offer for the remaining 33.57 percent of
Consors was made from 12 June to 11 July at the offering price of
EUR 12.40 per share.

After the expiry of the first acceptance period, BNP Paribas hold
91.55% of Consors shares. In accordance with the German statutory
provisions governing takeover bids, the origi-nal offering period
will be extended by 2 weeks starting from July 17 until July 31,
2002.

Consors should be consolidated within BNP Paribas Group accounts
starting July 1, 2002.


DEUTSCHE TELEKOM: Stock Soars to 5.7% on VoiceStream Sale Hope
--------------------------------------------------------------
Debt-ridden German company Deutsche Telekom stock rose to 5.7% to
11.54 euros over hopes that the company may sell Voicestream and
decrease its debt following the resignation of Chief Executive
Ron Sommer, a report from CNN said.  

Deutsche Telekom's supervisory board agreed on Tuesday that it is
keen on launching a radical cost-cutting strategy to lower its
EUR67 billion euro debt pile and revive it back to profitability,
the news agency said.

Mr. Sommer decided to step down from his post on Tuesday after he
failed to reduce the company's debt. It is said that the debt
pile has been attributed to his failed strategy to expand beyond
the company's domestic market, the news agency reported.

The German company suffered six consecutive quarterly losses
because of Sommer's decision to purchase struggling U.S. mobile
phone operator VoiceStream for USD35 billion, CNN said.

It is said that Deutsche Telekom's debt was the key factor that
contributed to the plunge of its stock to 90% from a March 2000
peak, the news agency said.

Moreover, CNN reported that analysts have noted that Deutsche
Telekom should consider VoiceStream as the first asset to be
sold.

The German telcom company is currently in negotiations for the
merger of VoiceStream with AT&T Wireless Services in a deal
valued at USD10 billion, the news agency said.

Voicestream is said to yet gain profits. Interim CEO of Deutsche
Telekom, Helmet Sihler, said the U.S. business had a market share
of around seven percent and was gaining customers. But "that does
not exclude a solution that will bring VoiceStream even further
and more quickly into profitability."

CNN said that analysts have told investors that it would be
better to sell Voicestream or merge it with an existing U.S.
operator to make it more viable.


FAIRCHILD DORNIER: Will Sell 728 Jet Project as License
-------------------------------------------------------
Fairchild-Dornier GmbH's insolvency administrator said that the
company's 728Jet program could be sold only in the form of a
license, according to a management source, a report from
Frankfurter Allgemeine Zeitung and Financial Times said.

Talks with Mr. Earl Robinson, a former chief developer for
Fairchild-Dornier who now has his own business in the U.S., still
continues. Mr. Robinson has expressed his interest in buying the
project.

But it is said that the 728 jet development program would be a
burden to a single investor therefore, Fairchild is still looking
at selling the project to an aircraft manufacturing company or to
a developing country such as, China or Russia, the report said.

Moreover, talks also continue with Piaggo Aero and US investment
group Simeling, Schreiber & Park over the future of the 32-seater
328Jet aircraft.

Negotiations also continue with other aircraft companies over the
transfer of Fairchild-Dornier's current employees, the report
said.


TEAMWORK INFORMATION: Court Ratifies Insolvency Plan as Binding
---------------------------------------------------------------
The receiver of teamwork information management AG, lawyer Dr.
Frank Kebekus, announces that the court ruling on the
ratification of the insolvency plan, which received the agreement
of all the creditor groups at meeting on July 1, 2002, has become
legally binding upon the expiration of the appeal notice period.

No appeals were filed at Paderborn District Court against the
insolvency plan during the 14-days appeal period.

Contact Information:

Dr. Sabine Brummel
Telephone: +49 (0)5251-5201-145
Email: sbrummel@teamwork.de


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


ELAN CORPORATION: Reschedules Annual General Meeting on August 19
-----------------------------------------------------------------
Elan Corporation -- www.elan.com --, plc announced Wednesday that
it will now hold its Annual General Meeting on August 19, 2002 at
10.30 a.m. in the Burlington Hotel, Dublin 4, Ireland. Elan still
expects to report its second quarter 2002 earnings on July 31,
2002.

Elan is a leading worldwide, fully integrated biopharmaceutical
company headquartered in Ireland, with its principal facilities
located in Ireland and the U.S.

The company is focused on the discovery, development,
manufacturing, selling and marketing of novel therapeutic
products in neurology, pain management and autoimmune diseases
and the development and commercialization of products using its
extensive range of proprietary drug delivery technologies.

It operates through its two main business units: Elan
Pharmaceuticals (EP) and Elan Pharmaceutical Technologies (EPT).  

EP is involved in the discovery, development and marketing of  
products in the therapeutic areas of neurology, pain management,  
oncology, infectious diseases and dermatology.  

Clinical development programs are ongoing in the fields of  
Alzheimer's disease, multiple sclerosis (MS), inflammatory bowel  
disease, Parkinson's disease, spasticity and oncology.

EPT is engaged in the development, licensing and marketing of  
drug delivery products, technologies and services to  
pharmaceuticals industry clients on worldwide basis.

ELAN reported USD964.6 million in losses in its December 2001  
profit and loss statement.  On the same period, the group  
reported USD6.8 billion in assets and USD4.3 billion in  
liabilities.

Elan shares trade on the New York, London and Dublin Stock
Exchanges.


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


UNITED PAN-EUROPE: Receives Extension of Default Waivers to 7/29
----------------------------------------------------------------
United Pan-Europe Communications NV ADS - www.upccorp.com --
released an 8-K on Monday, after the market closed.  

The 8-K reports that the company's bank lenders and
UnitedGlobalCom, Inc. have extended until July 29, 2002 the
waivers of the defaults arising as a result of the Company's
decision not to make interest payments under its outstanding 10
7/8% Senior Notes due 2009, 11 1/4% Senior Notes due 2010, 11
1/2% Senior Notes due 2010, 10 7/8% Senior Notes due 2007 and 11
1/4% Senior Notes due 2009.


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


NETIA HOLDINGS: Announces Changes in Netia 1 Capital Base
---------------------------------------------------------
Netia Holdings S.A. - www.netia.pl --, Poland's largest
alternative provider of fixed-line telecommunications services
announced Tuesday changes in the capital base of the Netia 1
consortium, a subsidiary of Netia Holdings S.A. offering domestic
long-distance services throughout Poland.

In accordance with the provisions of the new Polish
Telecommunications Act effective as of January 1, 2001,
abolishing the foreign ownership restrictions on
telecommunications operators in Poland, and pursuant to the Netia
1 consortium agreement, dated November 22, 1999, and the
agreement between Netia Holdings S.A. and Warsaw electricity
provider Stoen S.A. dated July 2, 2002, Stoen S.A. will acquire
133,233 existing shares of Netia Holdings S.A. in exchange for
87,332 shares in Netia 1.

As a result of the transaction, the Netia group companies will
jointly own an 89% stake in Netia 1. The remaining 11% stake will
be owned by Telia AB.

Contact Information:

Anna Kuchnio
Netia Holdings
Investor Relations
Telephone: +48-22-330-2061


==========
S P A I N
==========


REPSOL YPF: Reduces Investment in Brazil to USD120 MM
-----------------------------------------------------
Repsol YPF has reduced its investments in Brazil to a total of
USD120 million this year, a figure less than the USD500 million
in 2001, a report from O Estado de Sao Paulo/SABI

The papers said that "Repsol will epsol will invest in the
consolidation of its gas station chain and in the reform of the
two refineries in which it holds stakes: Manguinhos (Sao Paulo)
and Refap (Rio Grande do Sul), which will have its capacity
expanded from 120,000 to 180,000 barrels per day."

The company also decreased its 48% stake in Gas Natural to 24%.
It is also considering the possibility of the sale of its shares
of its oil exploration and production areas, as did the American
Chevron-Texaco and the British Shell. Repsol has eight 40,000 km2
lots throughout the country, the paper said.


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


ALLFIRST: Keating Steps Down as CEO After GBP500MM Fraud  
--------------------------------------------------------
President and chief executive Susan Keating of Allfirst, Allied
Irish Banks' U.S. subsidiary will officially resigned from her
post at the end of July, a report from the Scotsman said.

The paper said that Ms. Keating resignation comes after the
exposure of an alleged fraud worth GBP500 million was exposed
said to have been committed by trader John Rusnak.

Ms. Keating is said to have left on her own free will, a
spokesperson for AIB said.

Allfirst's chairman executive chairman Euegene Sheehy has
expressed regret on Ms. Keating's resignation, citing her
valuable contribution to the growth of the company, the paper
said.

Ms. Keating joined Allfirst as executive vice president and head
of retail banking in January 1996. She was appointed president
and chief operating officer in January 1999 and chief executive
in January 2000.


BEDE PLC: Notification of Major Interest in Shares
--------------------------------------------------
The Company received notification yesterday that in accordance
with sections 198-202 of the Companies Act of 1985, as amended,
Prudential plc and certain of its subsidiary companies have a
notifiable interest in the ordinary 2p shares of the Company as
follows:

Registered Holders:                      Shares Held
CLYDESDALE BK NOMS LTD MGA                 2,400,000
PRUCLT HSBC GIS NOM (UK) PAC AC              600,000
                                       -------------
                                           3,000,000

The aggregate holding of Prudential plc is 3,000,000 shares
representing 10.37 % of the issued share capital.

The above percentage is based on 28,933,167 Bede plc shares in
issue at the date of this announcement.


BRITISH AIRWAYS: Lowers Fares to Germany, Austria and Switzerland
-----------------------------------------------------------------
British Airways will cut air fares from Thursday July 18 by over
80 % on 37 more European routes, as it launches its latest major
competitive response to the no frills carriers.

New lower year round fares are to be introduced on flights from
the U.K. to Germany, Switzerland and Austria. These include 20
regional departures operated by British Airways' wholly owned
subsidiary British Airways CitiExpress.

Prices will start from GBP99 return including taxes from London
to Geneva, Frankfurt, Cologne and Dusseldorf and GBP109 for a
return ticket from London to Berlin, Munich and Hamburg.

The lowest air fare previously on offer by the airline required a
Saturday night stay and advance purchase. The scrapping of these
restrictions means that there is a saving of GBP410 on a midweek
return flight to Frankfurt, which now starts from GBP99 instead
of GBP509 and a saving of GBP475 on a midweek flight to Berlin,
which now starts from GBP109 instead of GBP584.

Customers can combine peak and off peak as well as restricted and
flexible fares to get the best possible price on a flight, which
suits their needs. For example a business traveller can combine a
cheaper fixed outbound flight to Geneva with a flexible return
paying GBP304 instead of GBP486, saving GBP182.

Tiffany Hall, British Airways Head of U.K. Sales said: "We are
now offering full service at no frills prices on 108 routes. For
too long some carriers have created the myth that they are the
only way to get a low fare. Now air travellers can visit ba.com
and find low fares on British Airways flights plus the benefits
of convenient airports, frequent flights, excellent customer
service and free food and drinks on board."


BRITANNIC PLC: Trading Statement for Six Months to June 30, 2002
----------------------------------------------------------------
-Retail investment, life and pension sales broadly level
reflecting last year's closure of the direct sales force and
growth of new partner channels.

-Strong growth in sales at Britannic Retirement Solutions up 186%
to GBP157.8 million.

-Despite tough trading conditions Britannic Asset Management's
total retail sales held up well against the same period last
year, and its new fund mandates have doubled, assisted by sales
from the recently acquired international operation (formerly
Blairlogie).

-New mortgage sales at Britannic Money reflect management focus
on margins and lending quality.

                                      H1 2002        H1 2001
Total single retail sales           GBP 346.5m      GBP304.3m
Total regular sales                 GBP   5.0m       GBP11.7m
New fund management mandates        GBP 157.7m       GBP80.0m
New mortgages                       GBP 357.0m      GBP399.0m

Harold Cottam, Chairman of Britannic Group, said:

"These are satisfactory new business results in the light of
tough marketplace conditions and Britannic's continued focus on
margin as well as volume.

"Britannic Asset Management performed well in an overall falling
individual savings and investment market. It delivered retail
sales not far below last year's level. IFA channel sales were up
65% at GBP64.2m. Our strongly performing fixed interest products
continue to be in high demand. New funding won by the recently
established Britannic Asset Management International Division
(formerly Blairlogie) has helped achieve GBP157.7m of new
institutional funds.

"Britannic Retirement Solutions is delivering on its potential
and achieving scale. It is now recognized as a significant player
in the enhanced annuity market. New pensions annuity sales in the
first half of the year reached GBP157.8m that compares to sales
of GBP166.1m in the whole of 2001 and GBP55.1m in the first half
of 2001. This significant growth has been achieved with only
marginal increase in staff costs demonstrating the scalability of
the business.

"At Britannic Money, sales have been deliberately held some 11%
lower than last year at GBP357m as the business focuses on margin
in a highly competitive mortgage market and maintains its loan
quality with an average loan to value ratio remaining at a very
prudent 60%.

"Britannic Assurance closed its direct sales force at the end of
the first half of last year and its focus is increasingly on its
partnership channels. On a like for like basis, new business
showed good growth particularly through partnerships where sales
were up over 50%.

"The environment, in which Britannic operates, as for all life
offices, remains highly competitive and is not helped by the
movement in equity markets. Despite this Britannic's strength has
enabled it to pursue a business as usual sales strategy during
the period. We also have the potential to benefit from growing
margins for our retail investment, life and pensions business and
expanded capability in our asset management business. In
addition, the rapid progress of Britannic Retirement Solutions
reflects the quality and value of its offering and confirms the
potential we see in this important market segment.

"With our results in March we stated that the Group is alert to
appropriate opportunities to increase the Group's scale. As part
of our ongoing strategic work we have explored a number of
opportunities over the last four months and have concluded that
in current market circumstances it is unlikely that full value
can be achieved through an offer for the Group as a whole.
Consequently, discussions with potential parties have been
discontinued.

"Britannic has already positioned itself away from the
unprofitable home business segment and will continue to address
the scale issues for each of its businesses separately through a
combination of organic and other initiatives. A more detailed
explanation of this strategy will be given on 3 September with
the announcement of our Interim Results. The strategy will
address activities that are asset gathering in nature and on
product and distribution opportunities that generate appropriate
returns on capital and enhance the strength of the life fund."

Contact Information:

Harold Cottam
Bryan Portman
Anthony Carlisle
Stephanie Barrett
Britannic Group Citigate Dewe Rogerson
Telephone: 01564 202271 020 7638 9571


BRITANNIC PLC: Fails to Find Buyer, Future in Doubt, Say Analysts
-----------------------------------------------------------------
Britannic Group Plc's future is in doubt, according to analysts,
after it failed to find a buyer, a report from Dow Jones said.

With equity of worth GBP650 million, Britannic had put itself up
for sale in March after confirming that it would welcome a
takeover, the news outfit said.

"We had a number of inquiries," Britannic Finance Director told
Dow Jones Newswires, but there was nothing on the table that
would allow Britannic to achieve both a "leap in scale" and an
increase shareholder value, he said. The sharp fall in equity
markets over the past few weeks "made it very difficult to have
meaningful discussions about value," he said.

The company is said to have talked with Dutch Aegon N.V. (AEG)
and mutually-owned rival Royal London Mutual Assurance Society
(U.RLM).

The British insurer has instead decided to focus on its organic
growth following the latest development.

Craig Bourke, BNP Paribas analysts commented that investors would
be as they had hoped that Britannic would be bought, Dow Jones
said.

Over the past couple of years Britannic has reinvented itself
from a door-to-door insurance company, focusing mainly on the
lower paid, to a more upmarket financial services provider
focusing on higher margin, niche product lines.

However, BNP's Bourke said that the company's future remains
questionable.

At 0923 GMT the FTSE-250 stock was trading 18 pence lower, or
5.2%, at 326 pence. It has nearly halved in value since the
beginning of June.

Britannic has said that it is still solvent and is doesn't need
to divest equities and to buy less risky bonds as a result of the
sharp fall in equity markets, the news agency said.


CITY GENERAL: Announcement on Petition for Capital Reduction
------------------------------------------------------------
IN THE HIGH COURT OF JUSTICE
CHANCERY DIVISION
COMPANIES COURT

IN THE MATTER OF CITY GENERAL INSURANCE
COMPANY LIMITED
-and-
IN THE MATTER OF THE COMPANIES ACT 1985

NOTICE IS HEREBY GIVEN that a petition was on May 24, 2002
presented to Her Majesty's High Court of Justice for the
confirmation of the reduction of the capital of the above-named
Company from GBP4,150,000 to GBP300,000.

AND NOTICE IS FURTHER GIVEN that the Petition is directed to be
heard before the Applications Judge at the Royal courts of
Justine, Strand, Llondon WC2A 2LL, on July 26, 2002.

ANY Creditor of the Company desiring to support or oppose the
making of an Order for the confirmation of the reduction of
capital should appear at the time of hearing in person or by
counsel for that purpose.

A copy of the Petition will be furnished to any such person
requiring the same by the undermentioned Solicitors on payment of
the regulated charge for the same.

Dated May 24, 2002

DLA
3 Noble Street
London EC2V 7EE
Solicitors for the Petitioners


CORUS GROUP: Council Gives Green Light to Brownfield Wind Farm
--------------------------------------------------------------
AMEC and Corus received Tuesday planning permission from Redcar
and the Cleveland Borough Council to develop the U.K.'s largest
'brownfield' wind farm in the North East. The 18-turbine wind
farm will be designed and developed by AMEC and Corus on Corus'
911 hectare steel manufacturing site near Redcar in Teesside.

The GBP30 million 'Tees Wind North' scheme is the result of a 12-
month partnership between AMEC and Corus which will also see the
potential future development of similar wind farms on nine
further Corus sites throughout the UK and northern Europe.

Proposals for the Teesside development have been produced in
consultation with planning officers from Redcar and Cleveland
Borough Council, English Nature and Royal Society for the
Protection of Birds, Teesside Airport, The Northern Energy
Initiative and a range of local community and interest groups.
The project will now move to the next phase of development, which
could see the wind farm operational before the end of 2003.

Tees Wind North will supply enough electricity to meet the needs
of 30,000 households, or 72,000 people - over half the population
of Redcar and Cleveland Borough. The project should provide three
times the existing installed wind capacity in the region,
contributing significantly to both regional and national targets
for wind- generated power.

AMEC and Corus believe that the project will provide
opportunities for the region, including employment during the
construction phase and in meeting service and maintenance
requirements during the 25 years of the windfarm's expected life.
It could also attract new investment to the region, for example,
for the manufacture of components.

Dr Graham Hillier, Director of Construction at Corus, said:
'Corus is pleased that this prestigious project has been granted
planning permission. It is a landmark decision for the
development of the renewables industry for both Corus and the
Teesside region. Corus places great emphasis on contributing to a
sustainable society and our involvement in renewable energy is an
important part of that. We look forward to working with our
private and public sector partners in providing the products and
services that this major project requires.'

David Still, General Manager of AMEC's wind business said: 'AMEC
is delighted that Redcar and Cleveland Borough Council has
approved this exciting renewable energy project which will
further establish wind power as an important part of the U.K.'s
energy mix. The partnership between Corus, AMEC, local government
and the development agencies involved in the planning application
has been very successful. We hope that local industry will
capitalise on the start we have made by diversifying into
supplying this rapidly-growing market.'

AMEC is a leading international provider of specialised services
and engineering solutions for clients in manufacturing,
commercial, infrastructure and process industries.

AMEC - www.amec.co.uk -- owns 46 per cent of SPIE S.A., the
international electrical engineering, infrastructure and
construction services company based in France, and has an option
to buy the balance of SPIE in 2002. Together, AMEC and SPIE
employ 50,000 people in close to 50 countries and have annualised
revenue approaching US$ 8 billion.

Corus -- www.corusbank.com -- The proposed wind farm will be
located on Corus land within the Redcar and Cleveland Borough
boundary. As a metal solutions provider, Corus is in a position
to supply not only the steel but also the engineering services
required to build the wind farm. The company currently supplies a
range of products and services to the rapidly growing global
renewable energy sector and will gain further valuable market
experience through this project.

Contact Information:

Craig Evans
Corus Group
Telephone: 01642 404055

Sandra Painter
AMEC Wind
Telephone: 01434 611300


ENERGIS PLC: Shares Deleted From London Indices
-----------------------------------------------
British telecom company Energis Plc's shares have been erased
from the London Indices after the company went into
administration, a report from Reuters said.

On Tuesday, Energis whose shares had been part of the FTSE 100
index had revealed that it was selling it core British wholesale
data traffic carrier to its lenders after the appointment of
administrative receiver, the news agency said.

Reuters reported that the banks would run Chelys, the Energis
U.K. buyout vehicle, and inject up to GBP150 million in new
equity.

Moreover, shareholders will be entitled to 7.5 percent of
anything left on top of 1.8 billion pounds once the company is
sold or floated. But they will not be guaranteed anything, the
news outfit said.

It is reported that Mr. Archie Norman will act as Chelys's
chairman. Mr. Norman is a Conservative member of parliament and
the man credited with turning around supermarket group Asda
before it was sold to Wal-Mart in 1999, Reuters said.


ESPORTA PLC: Announces Board Changes, Appoints Non-Exec Directors
-----------------------------------------------------------------
At a meeting of the Board on July 16, the following were
appointed as non-executive directors with immediate effect: Nick
Irens, Jeffrey Belkin, Alex Cooper-Evans, Buchan Scott and Peter
Taylor.

Nick Irens has been appointed non-executive Chairman and John
Grieves will continue for the time being as a non-executive
director.

At the request of Duke Street Capital Leisure Investments Limited
the following non-executive directors resigned with immediate
effect: David Bucks, Michael Cairns and Jennifer Priestley.


INVENSYS: Notification of Major Interests in Shares
---------------------------------------------------
Name of company: Invensys plc
Name of shareholder with a major interest: Brandes Investment
   Partners
Name of registered holders of the shares: (in which Brandes
Investment Partners has an interest are) approximately 575
custodian banks unaffiliated with Brandes

Class of security: Ordinary shares of 25p each
Date of transaction: 28 June 2002
Date company informed: 15 July 2002
Total holding following this notification: 485,131,884
Total percentage holding following this notification: 13.9%
Name of contact and telephone number for queries: Victoria
Scarth, Senior Vice President, Corporate Marketing and
Communications 020 7821 3712
Name of company official responsible for making this
notification: Anna Holland, Assistant Secretary
Date of notification: July 15, 2002

Invensys plc's core business involves production technology and  
energy management. The group specializes in helping customers  
improve their performance and profitability across a focused span  
of industries.

Its Production Management Division provides market-leading  
expertise and technology to customers in the oil, gas and  
chemicals sector; in power generation; food, beverage and  
personal healthcare; and in discrete and hybrid manufacturing.  

The group's Energy Management Division ensures the safe and  
efficient use of energy and natural resources, through innovative  
solutions for utilities; operators of industrial, commercial and  
residential buildings; equipment manufacturers; and all  
enterprises that depend on a high-quality, continuous power  
supply.  

The company also serves the specialized Rail Systems, Wind Power  
and Power Components markets.

On March 2002, Invensys reported unaudited GBP939 million in  
losses.  On the same period, the industrial group revealed GBP6.5  
billion in assets and GBP 5.4 billion in liabilities.


MUNICIPAL GENERAL: Announces Notice to Policyholders
----------------------------------------------------
Notice is hereby given that the terms of a scheme of arrangement
between Municipal General Insurance Limited (MGI) and its Scheme
Creditors (as defined in the Scheme) are in the process of being
finalized.

Jacqueline Barbara Stephenson and Graeme Roy Gadsby, MGI's Joint
Provisional Liquidators, intend to apply to the High Court in
July 2002 or consider and vote the Scheme.

The Joint Provisional Liquidators, in consultation with MGI's and
Informal Creditors' Committee, believe that a scheme of
arrangement using actuarial techniques to value contingent
liabilities, such as claims that have been incurred but not
reported, should be implemented between MGI and its Scheme
Creditors.

The Joint Provisional Liquidators consider that the Scheme will
be the quickest and most economical way of maximizing the return
to Scheme Creditors.

The Scheme is likely to cost less than liquidation and has been
designed to deal with Scheme Creditors' claims in an equitable
but accelerated way that will enable MGI to make an early
distribution to Scheme Creditors and conclude the run-off of
MGI's business in a comparatively shorter time than liquidation.

For a Scheme to be implemented, it must be approved by more than
50% in number representing not less than 75% in value of those
creditors who vote at a creditors' meeting or at each creditors'
meeting if there is more than one "class" of creditors.

Where the rights and interests of all creditors are considered
sufficiently similar so as to make it possible for them all to
consult together with a view to their common interest, then there
is only once class of creditors and therefore only one meeting of
creditors needs to be convened.

Under the Scheme, all policyholders' claims will be established
equitably and all Scheme Creditors' entitlements to dividends
will be paid tin a consistent manner. Together with their legal
advisers, the Joint Provisional Liquidators consider that there
is only one class of creditors and therefore that only one
meeting of creditors is required.

If policyholders have any concerns with regard to the matters
raised in this notice, they should please write to Stephen
Kernick at Municipal General Insurance Limited, Friary Court, 13-
21 High Street, Guildford GU1 3DG or by email
(stephen.kernick@MGI-Ltd.co.uk) prior to Monday, 22 July 2002 as
it is anticipated that the application for leave to convene the
meeting of creditors will take place shortly thereafter.

Policyholders are also advised to take any appropriate
professional advice they consider necessary. Any concerns that
policyholders relay to the Joint Provisional Liquidators in
writing will be put before the High Court at the hearing in July
and policyholders will also be permitted to attend that hearing.

The Joint Provisional Liquidators will be pleased to provide more
information about the High Court hearing should this be required.

Whilst Scheme Creditors will be able to raise questions at the
hearing of the petition to sanction the Scheme (which will be
heard after the creditors' meeting, if the Scheme is approved at
that meeting), the High Court will expect such creditors to show
good reason why they did not raise creditor issues at an earlier
stage.


NTL, INCORPORATED: Court OKs Disclosure Statement, Hearing Date
---------------------------------------------------------------
NTL Incorporated - www.ntl.com - announced Monday that it has
obtained Court approval for the Company's Disclosure Statement,
and that September 5, 2002 has been set as the date for the
hearing to consider confirmation of the pre-negotiated plan.

If confirmed on September 5, the Company's reorganization plan
could be consummated shortly thereafter.

Commenting on the Court's approval, the Company's President and
CEO, Barclay Knapp, said "The Court's approval is another
successful step forward in our recapitalization plan. With the
scheduling of this date for the confirmation hearing, we are
fully on track to conclude our recapitalization process."

-On May 2, 2002, NTL announced that the company, a steering
committee of its lending banks and an unofficial committee of its
public bondholders had reached an agreement in principle on
implementing a recapitalization plan. The members of the
bondholder committee held in the aggregate over 50% of the face
value of NTL and its subsidiaries' public bonds. In addition,
France Telecom and another holder of the Company's preferred
stock have also agreed to the plan of reorganization.

-On May 8, 2002, NTL and certain of its subsidiaries filed a
Chapter 11
"prearranged" plan of reorganization under US law.

-On May 24, NTL filed an amended plan of reorganization and a
disclosure
statement.

- On June 21, 2002, an official committee of creditors, comprised
of the members of the unofficial committee of public bondholders
and three additional members, was appointed by the United States
Trustee to oversee the Chapter 11 cases.

- On July 2, 2002, the Court in which the Company's Chapter 11
cases are pending approved a $630 million credit facility for the
Company including $500 million in new financing.

- NTL offers a wide range of communications services to homes and
business customers throughout the U.K., Ireland, Switzerland,
France, Germany and Sweden.

Contact Information:

Tamar Gerber
Telephone: 212/906-8451

Virginia McMullan
Telephone: 44-207-909-2144


TELEWEST COMMUNICATIONS: Liberty Ends Offer of Notes, Debentures
----------------------------------------------------------------
Liberty TWSTY Bonds, Inc., a wholly owned subsidiary of Liberty
Media Corporation, announced Wednesday that it has terminated its
tender offer with respect to notes and debentures of Telewest
Communications plc.

The Offer had been scheduled to expire at 5:00 p.m., New York
City time, this Friday. In terminating the Offer, Liberty TWSTY
Bonds noted the deterioration in the U.S. and U.K. securities
markets and the significant fall in the trading price of Liberty
Media's common stock since the commencement of the Offer on June
12.

Notes and debentures that have been tendered pursuant to the
Offer will be promptly returned by Mellon Investor Services LLC,
the depositary for the Offer.

Robert R. Bennett, Liberty Media President and CEO, stated, "The
continuing decline in world markets has caused us to review our
priorities for additional investments. In the context of this
review, we have concluded that Liberty Media's interests are best
served by terminating the tender offer. We continue to hold our
equity position and the bonds we have acquired separately and we
look forward to working with Telewest and its debtholders to
explore the possibility of a mutually agreeable restructuring."

Additionally, Liberty Media announced that it has informed
Telewest that it is removing its three representatives from the
Telewest board of directors, effective today. Mr. Bennett further
commented, "We are taking this action to eliminate any potential
conflict of interest or appearance of a conflict in any upcoming
restructuring discussions. The management and the remaining
directors of Telewest continue to have our full support."

Liberty Media Corporation owns interests in a broad range of
video programming, broadband distribution, interactive technology
services and communications businesses. Liberty Media and its
affiliated companies operate in the United States, Europe, South
America and Asia with some of the world's most recognized and
respected brands, including approximately 25.1% of the share
capital of Telewest.


TELEWEST COMMUNICATIONS: Launches Enhanced TV Platform
------------------------------------------------------
Telewest Broadband on Tuesday released initial figures that
confirm the successful launch of its enhanced TV platform.

The platform was rolled out to all Telewest Broadband digital
customers in time for the summer's high profile eTV events: the
World Cup and Wimbledon from BBCi and Big Brother from Channel 4.
The new functionality will now allow customers to interact with
any eTV enabled programming.

The statistics illustrate the popularity of the service, which
has been well received by Telewest Broadband subscribers:

-50% of Telewest Broadband digital customers accessed the BBCi
World Cup eTV service
-43% of Telewest Broadband digital customers accessed the BBCi
Wimbledon eTV service

Over half a million Big Brother votes have been registered via
the Telewest Broadband TV platform from the first few weeks of
operation Gavin Patterson, group commercial director, Telewest
Broadband, said; "These encouraging results confirm our viewers'
eagerness to interact with their TV and take advantage of the
numerous interactive services that enhanced TV allows. This is a
great start and we will continue to work with broadcast partners
to launch a range of eTV programming."

The new TV functions are powered by Liberate 1.2 and Two Way TV's
ArkTM technology through Telewest Broadband's network and set-top
boxes.

                                      ***********

          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.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


                  * * * End of Transmission * * *