/raid1/www/Hosts/bankrupt/TCREUR_Public/020729.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

                 Monday, July 29, 2002, Vol. 3, No. 148


                             Headlines

F I N L A N D

SONERA CORPORATION: Announces Interim January-June 2002 Results


F R A N C E

FRANCE TELECOM: Orange Makes Strong First Half Performance
FRANCE TELECOM: Sells 64 % of TDF, Reduces Debt by EUR1.6 BB
FRANCE TELECOM: Revenues up 10% for First-half 2002
RHODIA SA: Q2 2002 Results Show Improved Margins, Reduced Debt
VIVENDI UNIVERSAL: Comments on Vivendi Environnement Stake Cut


G E R M A N Y

CONSORS DISCOUNT-BROKER: BNP Paribas Plans Consors Delisting  
DEUTSCHE TELEKOM: Will Get No Government Sale Support
E.MULTI DIGITALE: Successfully Completes Restructuring
LETSBUYIT.COM NV: Announces Bankruptcy of German Subsidiary


I T A L Y

ALITALIA-LINEE: Announces Outcome of Recapitalization Operation
FIAT SPA:  Italenergia Offers EUR900 MM of Five-Year Bonds


N E T H E R L A N D S

COMPLETEL EUROPE: Notice of Annual Shareholders Meeting
LAURUS NV: Will Name Bruijniks as Chairman of Management Board
LAURUS NV: Announces Completion of Financial Restructuring
LYCOS EUROPE: Announces EUR17.5 Million Deal With Espotting
LYCOS EUROPE: Sells Netzeitung to BertelsmannSpringer


S P A I N

JAZZTEL PLC: Releases Second Quarter 2002 Results
TERRA LYCOS: Bertelsmann Cuts Terra Lycos Contract


S W E D E N

LM ERICSSON: Responds to Ba1 Rating by Moody's


U N I T E D   K I N G D O M

BRAINSPARK PLC: Holders Approve Recapitalization Resolution
COOKSON GROUP: Issues Major Shares Interest Notification
CORDIANT COMMUNICATIONS: Notification of Major Shares Interest  
FISH PLC: Seafood Specialist's Chairman Anthony Allan Resigns
RAILTRACK GROUP: Court Orders Marconi to Pay GBP20M in Claims

WORLDCOM, INC.: Responds To Speculative Report on WSJ


=============
F I N L A N D
=============

SONERA CORPORATION: Announces Interim January-June 2002 Results
---------------------------------------------------------------
-Interim Report April-June 2002
-Sonera Grows Underlying EBITDA 60% and
-Improves Underlying Pre-Tax Profit over EUR100 Million,
-Reduces Net Debt to EUR2.1 Billion in Second Quarter,
-Records Non-Cash UMTS Write-Down of EUR4.3 Billion.

Underlying EBITDA rose 60% to EUR195 million (122) in the second
quarter, mainly due to significant improvement in Service
Businesses. Mobile Communications Finland continued strong
performance.

Excluding non-recurring items, the underlying profit before
income taxes and minority interest improved significantly to
EUR78 million (loss of EUR28 million) in the second quarter.

Net debt fell by EUR323 million during the second quarter to
EUR2,142 million. Asset sales resulted in cash proceeds of EUR216
million during the quarter. Cash flow from operations rose to
EUR209 million in the second quarter (last year negative EUR3
million).

Based on significant changes in circumstances, a non-cash write-
down is recorded on Sonera's international UMTS investments,
totaling EUR4,280 million before taxes and EUR3,045 million after
deferred tax benefit. The carrying value of international UMTS
investments after the write-down is EUR72 million.

As a result from the non-cash write-down, the second quarter loss
before income taxes and minority interest was EUR4,188 million
(profit of EUR560 million). In 2001, the second quarter results
included gains of EUR595 million from the sales of VoiceStream
and Powertel.

Loss per share was EUR2.63 (earnings per share EUR0.56) in the
second quarter. The write-downs do not change Sonera's dividend
policy that is based on cash flows.

Sonera refocuses business organization to an integrated customer-
driven approach.

EU clears the merger between Sonera and Telia.

Sonera repeats full-year underlying EBITDA outlook: underlying
EBITDA to improve by about a third from the 2001 level.

The company's key financial figures may be viewed at:
http://bankrupt.com/misc/sonera.pdf



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

FRANCE TELECOM: Orange Makes Strong First Half Performance
----------------------------------------------------------
Orange announced on July 25, another strong performance
in customer and revenue growth for the six months ended June 30,
2002.

Commenting, Graham Howe, Deputy Chief Executive Officer and Chief
Operating Officer, said:

"This is another strong set of results from Orange keeping us on
track to meet our stated target for the year and demonstrating
the added momentum that our branding and integration program are
delivering. The performance in recurring network revenues and
average revenue per customer is particularly encouraging.

"Orange continues to deliver an improving profile of new customer
growth, as well as rapidly growing voice and non-voice revenues.
We have now had two successive quarters of increasing average
customer revenue in the UK and trends in France show average
revenues moving towards the inflection point.

"The building blocks for further revenue growth beyond voice,
including the new generation of handsets and a diversity of new
services that meet the customer needs, are beginning to drop in
place and their impact will build progressively over the next
year.

"The future's bright, the future's Orange."

Customers

Orange Group total controlled customer base increased by 2.1
million in H1 2002 to 41.4 million at June 30, 2002, an increase
of 16.6% over the last twelve months.

Orange France(2) continued to benefit from last year's rebranding
and refocus towards value growth. The company added 802k net new
customers in H1 2002, substantially increasing its share of
market growth and increasing its total market share to 49.3%
(48.1% in H1 2001).

In the year prior to rebranding, the company took 48.1% of French
market growth. In the year since becoming Orange, the share of
market growth has increased to 57.6%.

Orange France's registered customer base is now 18.6 million,
16.9% higher than at the end of June 2001. Of the 18.6 million,
18.2 million customers (97.7%) were active under the Autorite de
Regulation des Telecommunications (ART) definition.

Orange France has 10.0 million registered contract customers,
53.6% of the base (52.7% at June 2001). For H1 2002, 66.3% of net
growth was on contract tariffs, compared with 32.0% in H1 2001.

Orange UK added 415k net new customers in the first half of 2002,
taking its active customer base to 12.8 million at the end of
June. The proportion of contract customers in the base increased
from 28.6% at June 2001 to 31% at June 2002.

As in France, this reflects the refocus towards higher value
market segments, over 50% of Orange UK growth in the first half
was on contract tariffs (15.3% in H1 2001).

Orange Rest of World operations also grew strongly, adding 910k
net new customers in the first half of the year, taking their
combined customer base to almost 10.0 million, a 29.0% increase
on H1 2001.

Revenues

Group: Total turnover was EUR8.1 billion, up 13.8% on H1 2001.
Excluding equipment sales revenues (which decline as the high
level of market maturity slows further customer growth),
recurring GSM network revenues grew faster, up 17.5% (on H1 2001)
to EUR7.4 billion.

Orange France recurring GSM revenues grew 14.7% (on H1 2001) to
EUR3.4 billion for the period.

Orange UK recurring GSM network revenues grew 21.4% (on H1 2001)
to EUR2.6 billion.

Rest of World recurring network revenues were EUR1.5 billion, up
17.8% on H1 2001.

Average revenue per user (ARPU)

Group average customer revenues continued the trend Orange has
been forecasting, with the UK annual rolling blended ARPU(3)
increasing for the second consecutive quarter and the rate of
decline reducing in France.

Orange UK overall annual average revenue per user increased 2.0%
in the quarter, from GBP247 (twelve months ending March 2002) to
GBP252 for the twelve months ending June 2002.

Contributing to this was the improved mix of contract customers
and increases in the average revenue for both the contract and
the prepay base. Annual average revenue on the contract base
increased from GBP548 at March to GBP555 at June, while the
prepay average moved from GBP121 to GBP122.

Voice only average revenues also increased, both overall and for
the contract base.

Overall, voice annual average revenue increased 0.9% in the
quarter, to GBP219 per customer, while the contract voice average
increased from GBP508 (twelve months ended March 2002) to GBP510
for the twelve months ended June 2002.

Orange France overall annual average revenue per user fell 1.5%
in the quarter, from EUR388 (twelve months ending March 2002) to
EUR382 for the twelve months ending June 2002. The rate of
decline has reduced significantly over the last year, and is
expected to continue towards inflection, helped by the improving
customer mix. Annual contract average revenues were EUR573 for
the twelve months to end June, while average prepay revenues were
EUR166.

Non-voice revenues

Usage of non-voice services such as text messaging continued to
grow, and contributed 13.9% of UK GSM network revenues in the
first half (9.6% for H1 2001). In France, nonvoice usage
represented 8.6% in the period (3.0% for H1 2001).

Re-branding and integration

During the first half of 2002, further progress was made in
integrating the businesses under the Orange brand and vision. The
operations in Slovakia (March), Romania (April), Ivory Coast
(May) and Cameroon (June) were all successfully rebranded as
Orange, with huge local interest and immediate positive results.
Our new network, TA Orange in Thailand, was launched on 27 March,
again with great local awareness and interest, and has already
won over 500,000 customers.

With effect from 1st July, Orange acquired the 71.25% stake in
MobiNil (Egypt) previously owned by France Telecom. MobiNil had
2.1 million active customers at the end of June and will have a
positive impact on Orange's results in the second half of 2002
and beyond.

Contact information:

David Smyth
Group Director of Strategic and Investor Services
Orange SA
Telephone: + 44 (0) 20 7984 1691

Patricia Lefranc
Senior Investor Relations Manager
Telephone: +44 (0) 7855 423 291

Please refer to this link for the selected information for the
six months ended June 30, 2002 and 2001 and years ended December
31, 2002 and 2000: http://bankrupt.com/misc/orange1.pdf


FRANCE TELECOM: Sells 64 % of TDF, Reduces Debt by EUR1.6 BB
------------------------------------------------------------
France Telecom said Thursday the company has signed an agreement
with investment funds Charterhouse Capital Development and CDC
IXIS Equity Capital and the financial group Caisse des Depots
under the terms of which an entity controlled by the three
parties will acquire the TDF group.

France Telecom will divest its entire stake in TDF group to the
new entity, in which it will hold a 36% stake.

The price consideration for the transaction values TDF assets at
approximately EUR1.9 billion.

France Telecom will invest EUR250 million for its 36% interest in
the new entity. As a consequence the net proceeds of the
transaction for France Telecom will be 1.6 billion euros.

The operation will result in the creation of an ad hoc structure
registered in France, which will acquire and hold TDF. Upon
completion of the transaction, the ownership structure of this
holding company will be as follows:

- 45 %for Charterhouse Capital Development and CDC IXIS Equity
    Capital
- 36 % for France Telecom
- 19 % for Caisse des Depots

The sale by France Telecom and the investment made by the new
shareholders gives TDF access to the financial resources needed
to seize growth opportunities created by the advent of digital
terrestrial television, outsourcing of wireless telephony
infrastructures and the deployment of UMTS, as well as
international development opportunities.

The transaction does not alter commercial contracts signed by
France Telecom and its subsidiaries with TDF.

TDF, which was 100%-owned by France Telecom, provides broadcast
services for radio and TV channels, as well as services for
wireless telephone operators. TDF currently broadcasts some
14,300 TV frequencies and 4,100 FM frequencies.

It hosts 7,000 wireless communications transmission points.
Through its Video Services subsidiary, TDF is also involved in
production, post-production and studio facilities for TV
programming.

Outside France, TDF has operations in Finland, through its 49%
stake in Digita, Finland's largest broadcasting network, and in
Spain, where its interests are held by Medialatina, a wholly-
owned subsidiary. The TDF assets being divested represented 2001
consolidated revenues of approximately EUR780 million and EBITDA
of about EUR250 million.


FRANCE TELECOM: Revenues up 10% for First-half 2002
---------------------------------------------------
France Telecom's consolidated operating revenues at June 30, 2002
hit EUR22.5 billion, up 10% over the year-earlier period.

France Telecom's customer base grew more than 11% on a pro forma
basis, reaching 107.3 million at June 30, 2002.

Revenue growth reflects the rapid development of international
businesses. International revenues were up 31%, due in large part
to the consolidation of the Polish operator TPSA as of April 1,
2002.

International businesses accounted for 40% of the France Telecom
Group's consolidated revenues for first half 2002, compared with
35.8% in 2001.

On a pro forma basis and excluding the effects of exchange rates,
the France Telecom Group's consolidated revenues grew 2.6% at
June 30, 2002.

This reflects a 7.2% growth in revenues from international
businesses, coupled with a steady growth in wireless services in
France, which has offset the decline in revenues from fixed-line
telephony.

Commenting on these figures, France Telecom Chairman Michel Bon
said: "Nearly 60% of our revenues for the first six months of
2002 came from high-growth businesses Internet, wireless and
data.

France Telecom benefits from a unique position among European
full-service operators in these developing segments. Orange
maintains rapid growth and the adoption of the Orange brand by
operations in the different countries has consistently led to
increased market share and synergies.

Wanadoo, already the leading Internet provider in the UK and
France, is about to become number one in Spain. In a context of
market turmoil, Equant has consolidated its position and its
results are on track.

And finally in France, the decline in fixed-line telephony is
essentially due to the impact of regulation on the local and
interconnect markets, and does not reflect a loss of
competitivity.

The one-time impact of pre-selection, resulting in an 11% loss of
local market share in the first quarter, was not repeated in the
second quarter.

Our performance during the first half of 2002 confirms the strong
growth in Group profitability we predicted at the beginning of
the year. As in 2000 and 2001, France Telecom's growth will be
profitable, with a rise in pro forma EBITDA and EBIT expected to
exceed 10%.

France Telecom's business model, noted for its improved
management control and better positioning in high growth
businesses, is expected to accelerate the creation of free cash
flow from operations. The first half of 2002 should see free cash
flow grow by approximately 50% on a year-to-year basis."

Orange: positive trends in average annual revenues per-customer
Orange revenues contributed to France Telecom totaled 7.8 billion
euros at June 30, 2002, an increase of 12.9%. Subsidiaries
controlled by the Orange group had 41.4 million customers at June
30, 2002, up from 35.5 million at end June 2001, a year-to-year
rise of 16.6 %.

Orange France continued to experience sustained growth, as
revenues grew 12.2% to 3.4 billion euros at June 30, 2002. Orange
France continues to see the benefits of both the re-branding in
June 2001 and its focus on high value customers.

Orange France had 18.6 million customers at June 30, 2002, versus
15.9 million at June 30, 2001, an increase of 17%. Orange France
acquired 803,000 net new customers during the first half of 2002,
consolidating its leadership with 49.3% of the market at June 30,
2002.

This is up from 48.2% at end December 2001 and 49% at end March
2002. The proportion of contract customers among these net new
customers continued to increase significantly.

Comparison of France Telecom's revenues for the first half 2002
with pro forma revenues for the first half 2001 calculated
using France Telecom's current scope of consolidation (pro forma
figures are unaudited).

Contract customers represented 66.4% of net growth during the
first half of 2002, compared to 32% during the first half of
2001.

Another favorable trend is the significant slowdown in the rate
of decline in Average Revenue Per User (ARPU) that began in 2001
and continued during the first half of 2002 (-2.6 % versus -8 %
for full-year 2001).

Orange U.K. had revenues of 2.9 billion euros at June 30, 2002,
up 11.8 % over end June 2001.

Orange U.K. had 12.8 million customers at the end of June 2002,
versus 11.9 million at end June 2001, a year-to-year increase of
7.9%. Orange U.K. acquired an additional 415,000 customers during
the first half of 2002, 50.8% of whom were contract customers,
compared with 15.3% during the first half of 2001.

As in France, this trend is the result of a refocus of activities
on high value market segments. ARPU grew 2.4% during the first
half of this year, versus -12.1% for full-year 2001.

Orange revenues excluding France and the U.K. advanced 16.5 %
during the first six months of 2002. This reflects sustained
growth in the customer base, which rose 29 % to 10 million at
June 30, 2002, compared with 7.7 million a year earlier.

From the second half of 2002, these businesses will benefit from
Orange's acquisition of a 71.25 % stake in MobiNil, which was
previously held by France Telecom.

Wanadoo records vigorous growth as revenues rise more than 30%

Wanadoo revenues contributed to France Telecom were 852 million
euros at June 30, 2002, an increase of 32.7% over the previous
year (29.5 % on a pro forma basis).

Consumer Internet services (Internet Access, Portals and e-
commerce) posted a 62.1% rise in revenues (on a pro forma basis),
led by a tripling of the customer base for high-speed Internet
access in Europe.

Revenues from Wanadoo's Directories business were up 5.3% (on a
pro forma basis), due notably to a 12-% rise in revenues from
online directories (advertising and website creation).

Wanadoo had 6.8 million active customers at June 30, 2002, a
year-to-year increase of 36%. The number of high-speed Internet
access subscribers (cable and ADSL) tripled in one year to reach
833,000 at end June 2002.

High-speed services accounted for 80% of the increase in
Wanadoo's customer base in Europe during the second quarter,
versus 25% for the first quarter. In France, Wanadoo had 3.4
million active customers at June 30, 2002, an increase of 46.9%.

In the U.K., the active customer base reached 2.5 million at end
June 2002, representing growth of 22.7%. The share of paying
subscribers to low-speed dial-up access services rose 49% in one
year.

Fixed-Line, Voice and Data services - France: decline in local
fixed-line market share is stemmed and ADSL confirms take-off
Consolidated revenues from fixed-line, voice and data services in
France totaled 9.4 billion euros at June 30, 2002, a decline of
5.8% versus the previous year.

This reflects the evolution of fixed-line telephony services,
which experienced a 7.3% decrease in revenues compared with the
first six months of 2001.

The decline in standard telephone services (subscriptions and
subscriber calls) slowed slightly at end June 2002, standing at
5.8%, compared with a decline of 6.1% at the end of March.

As anticipated, France Telecom's loss of local call market share
slowed in the second quarter following the automatic transfer
during the first quarter of local traffic to competitors whose
customers opted for carrier pre-selection. This one-time impact
was not repeated in the second quarter.

France Telecom's share of the local call market amounted to 82.7%
at the end of June 2002, compared with 86% at the end of March.
The decline of 3.3 points recorded between April and June is
significantly lower than the decline of 10.8 points recorded
during the previous quarter.

Revenues from subscriber call traffic also benefited from the
stabilization of France Telecom's share of the long-distance
market (domestic and international). France Telecom's market
share for this segment stood at 63.8% in June 2002, identical to
the share at end March.

Revenues from carrier services (interconnection of domestic and
international operators) declined 18.2%. This was due to lower
domestic interconnection revenues, reflecting rate cuts and the
roll-out of networks by competing carriers. The decrease also
reflects a 4% decline in traffic carried for international
operators in the first half of 2002, coupled with a decrease in
the rates for these services.

Revenues from online services and internet access were down 3.9%
versus the previous year. The 18% drop in revenues from Minitel
services was almost totally offset by growth in Internet access
revenues. In particular, mass-market ADSL access services
(including Wanadoo ADSL access and highspeed services for
businesses), totaled 730,000 customers at June 30, 2002.

This compares with 430,000 at December 31, 2001, representing an
increase of 300,000 subscribers during the first six months of
2002. Call volume for low-speed dial-up services increased 24%
versus the previous year.

Revenues from corporate services were stable at end June 2002,
rising 0.4% (on a pro forma basis) versus the previous year. The
decline in leased line services for other national
telecommunications operators was offset by the sustained increase
in corporate data network services, which recorded an 8.8% rise
in revenues, comparable to the growth rate for 2001.

This steady growth was generated by Internet and Intranet
services, coupled with fast-paced growth in high-bandwidth
connections for corporate sites, which doubled in one year to
153,000 at June 30, 2002. Conventional data services, in
particular X.25 packet switching, analog leased lines and low-
speed digital leased lines, followed a downward trend.

International Voice and Data Services: strong growth in revenues
due to the consolidation of TPSA Consolidated revenues from
international voice and data services recorded an increase of
53.1 % at June 30, 2002, reflecting the consolidation of Polish
operator TPSA as of April 1, 2002.

TPSA revenues contributed to France Telecom were 1.2 billion
euros for the second quarter of 2002. The Polish operator is one
of the largest telecom companies in central Europe. At June 30,
2002 it had 10.5 million fixed-line customers, and 3.6 million
wireless customers (a rise of 75% compared to the previous year).

Aside from its mobile business, TPSA benefits from strong growth
in the Internet market, with 1.4 million active customers at June
30, 2002.

Equant: consolidated revenues for the first half of 2001 only
included Global One. On a pro forma basis, including Equant,
revenues were down 6.9% at end June 2002. This decline, which
reflects market conditions, should not be an obstacle to
achieving profitability targets given the strong synergies
resulting from the Equant-Global One merger.

Network Services grew 2.9 % (on a pro forma basis) and accounted
for more than half of Equant's total revenues at June 30, 2002.
The growth in Network Services partially offset the decline in
Integration Services and in revenues contributed by SITA. Despite
a difficult economic climate, the order book remained stable.

EBITDA, which was negative in the first half of 2001 (on a pro
forma basis), has been positive since the fourth quarter of 2001,
a net improvement compared to the previous year. The integration
of Global One continued and, one year after the merger, synergies
are greater than anticipated.

KEY CONSOLIDATED FIGURES AT JUNE 30, 2002

At June 30, 2002 the France Telecom Group (including companies in
which France Telecom holds a controlling interest) had a total of
107.3 million customers, with the following breakdown by service:

Customers (in millions) Countries Wireless Communications 47.7 21
Fixed-line Telephony 49.1 10
Internet Access (active customers) 8.3 12
Cable Networks 2.2 2
The customer base continues to increase at a steady pace.

At end June 2002, the France Telecom Group had 11 million
additional customers2 compared with the end of June 2001,
representing year-to-year growth of 11.6%.

The customer base increased at a sustained rate during the second
quarter of 2002, with 1.9 million additional customers. The
customer base for wireless services increased by 1.4 million
during the period. The active customer base for Internet services
increased by 200,000 during the second quarter of 2002.

Contacts Information:
Nilou du Castel
Telephone: 01 44 44 93 93
Email:nilou.ducastel@francetelecom.com

For more information, view this link on France Telecom's
Consolidated Operating Revenues:
http://bankrupt.com/misc/france1.pdf


RHODIA SA: Q2 2002 Results Show Improved Margins, Reduced Debt
--------------------------------------------------------------
Rhodia published Thursday its results for the second quarter of
2002. Highlights for the period include:

Improvement in Operating Earnings

- An EBITDA/Sales ratio of 12.8%,  an increase for the third
consecutive quarter.

Debt Reduction

- Reduction of Group debt by 184 million euros since the end of
December 2001.

80 % of the Divestment Program Already Implemented

- Implementation of more than 80% of the planned 500 million
euros of divestments.

- Average value 5 times EBITDA.

- Overall, no capital gain or loss from divestments and reduction
of Group debt to around 2 billion euros.


RESULTS FOR THE SECOND QUARTER 2002
In millions of euros

Q2 2001                  Q2 2002   Q2 2002
Reported                 US GAAP   FRENCH GAAP
1,928       Net sales    1,774     1,774
215         EBITDA         227       227
11.1%    EBITDA/Sales    12.8%    12.8%
82   Operating Income     66       116
-8     Net Result         24*      12
(after minorities)
    
- Slight improvement in sales compared to first
quarter 2002 despite a continued difficult economic environment.

Rhodia reported second quarter 2002 net sales of 1,774  million
euros, a decline of 8% compared to the same period last year. On
a comparable basis (constant structure and exchange rates), net
sales decreased 4.1% with a price effect of -1.4% and a volume
effect of -2.7%. Net sales for the second quarter of 2002
increased 3.7% compared with the first quarter of 2002 with
slightly higher volumes in a difficult economic environment.

- Another improved quarter for operating results.

EBITDA for the second quarter of 2002 improved by 5.6% to 227
million euros compared to the same period last year.  The Group
benefited from an improvement in its product mix and was able to
resist pricing pressure.  Additionally, the ratio of EBITDA
/Sales improved to 12.8% versus 11.1% for the second quarter of
2001.

For the third consecutive quarter, the Group improved its
operating performance, as indicated:

          Q3 2001      Q4 2001     Q1 2002    Q2 2002
          Recurring    recurring
Net Sales  1,684        1,688      1,711       1,774
EBITDA      150          182       197         227
EBITDA/Sales  8.9%       10.8%     11.5%       12.8%

- Net income of 24 million euros

For the second quarter of 2002, Net Income stands at 24 million
euros*, reflecting a provision of. 50 million euros, before
taxes, linked to the divestiture of Rhodia-ster. Without this
provision and after estimated related taxes, Net Income would
have been 57 million euros for the second quarter.

* in accordance with American accounting rules which no longer
require goodwill amortization as of January 1, 2002

80 % OF THE DIVESTMENT PROGRAM IMPLEMENTED

During the first half of 2002, and as announced by the Group in
January, Rhodia committed to a program to divest 500 million
euros in order to reduce debt.

The actions taken are in line with Rhodia's objective to divest
non-strategic businesses that do not contribute to the Group's
development model of bringing high valued added solutions to its
customers through the cross fertilization of technologies.  

To date, Rhodia has announced the following divestments,
following receipt of firm purchase commitments:

- Latexia (latex paper) in March.

- Industrial waste activities (50% participation Teris Sa and
Teris LLC) in April.

- The polyvinyl acetate business in June.

- Rhodia-Ster (Polyester in Brazil) in July.

- Kermel (meta-aramid technical fiber) in July.

These five actions represent already 80% of the divestment
program.  It is providing a result averaging five times EBITDA.
The provision of 50 million euros linked to the divestiture of
Rhodia-ster, accounted for in the second quarter of 2002, will be
offset next quarter by taking into account the higher values of
divestitures already realized.

After receipt of the proceeds from these divestitures,
consolidated debt will be reduced to close to 2 billion euros.

- OUTLOOK

With regard to business activity, Rhodia anticipates a weak
market recovery and slightly higher raw material prices during
the third quarter.

The Group is determined to achieve, and possibly exceed, its
objective to divest 500 million euros worth of non-strategic
assets in order to continue to reduce its debt.  

Rhodia is one of the world's leading manufacturers of specialty
chemicals. Providing a wide range of innovative products and
services to the automotive, healthcare, food, cosmetics, apparel,
new technology and environmental markets, Rhodia offers its
customers tailor-made solutions based on the cross-fertilization
of  technologies, people and expertise.

Rhodia subscribes to the principles of Sustainable Development
communicating its commitments and performance openly with
stakeholders. Rhodia generated net sales of ?7.2 billion in 2001
and employs 27,000 people worldwide. Rhodia is listed on the
Paris and New York stock exchanges.

The company's income statement may be viewed at:
http://bankrupt.com/misc/rhodia.pdf

Investor Relations:

Angelina Palus                           
+33 1 55 38 42 99
Marie-Christine Aulagnon            
+33 1 55 38 43 01


VIVENDI UNIVERSAL: Comments on Vivendi Environnement Stake Cut
--------------------------------------------------------------
Vivendi Universal - www.vivendiuniversal.com -- is firmly
committed to Environmental Services in order to put an end to
market rumors that Vivendi Universal is to reduce its interest in
Vivendi Environnement to below its current level of 40.8%.

Vivendi Universal would like to point out that it is firmly
committed to environmental services and to underline the non-
transferability guarantees contained in COB prospectus No. 02-801
of June 26, 2002, issued for Vivendi Environnement's recent
capital increase.

Contact Information:

Paris               
Laura Martin             
Investor Relations                 
Telephone: 917.378.5705                 

New York                     
Eileen McLaughlin          
Investor Relations
Telephone: +(1) 212.572.8961            



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


CONSORS DISCOUNT-BROKER: BNP Paribas Plans Consors Delisting  
------------------------------------------------------------
ConSors Discount-Broker AG will possibly be delisted by BNP
Paribas, the French banking giant, once the company succeeds in
its attempted squeeze-out maneuver toward a 95% takeover of the
former Neuer Markt, Handelsblatt said.

Last April, BNP acquired a 66% stake in Consors Discount Broker
AG from the troubled Schmidtbank. The bank has since revealed its
offer of 12.4 per share for the remaining stake. It has also
extended its deadline for bids to July 31, having currently
reached just 91.5%, the daily said.

If delisted, Consors will be merged with its own online unit
Cortal, the BNP Paribas said. The new online brokerage will be
managed by the bank and renamed Cortal-Consors, said the
Handelsblatt.


DEUTSCHE TELEKOM: Will Get No Government Sale Support
-----------------------------------------------------
German telecoms group, Deutsche Telekom appears unable to get
support from Germany's competition commission during the planned
sale of Callahan, the company's insolvent cable network operator,
a report from the Frankfurter Allgemeine Zeitung and the
Financial Times said.

The German competition commission stands firm in its stance
regarding the insolvency of Callahan and said that any potential
buyer should meet strict competitive and political demands, the
papers said.

The commission first took its stance in the collapse of the sale
of Telekom's cable TV network to Liberty Media, for 5.5bn euros,
in February.

Five months after it failed to seal a deal with Liberty Media,
Deutsche Telecom said it is confident that there are potential
interested partners for its cable TV business. The UK investment
group, Compere Associates is the sole group that expressed its
bid publicly, though it hasn't revealed how it would finance the
deal, the papers said.


E.MULTI DIGITALE: Successfully Completes Restructuring
------------------------------------------------------
The new members of the managing company Board of e.multi Digitale
Dienste AG, Ettlingen, CEO Thomas Lumper and CFO Hans Weiss,
announces it has emerged from insolvency.

The company's financial reorganization will be completed in
October 2002. The financial liquidity of e.multi Digitale
Dienste AG is secured by a granted loan of EUROTIP AG, Munich, as
a controlling shareholder of e.multi AG.

The company e.multi Digitale Dienste AG announces an additional
controlling shareholder.

The new shareholder Firmenmarkt.com AG, Munich has purchased a
stake of 27.5 % from different founding members of e.multi AG.
The managing Board already signed contracts with two new
Designated Sponsors, Peter Koch Xchange Brokers GmbH and
B"rsenmakler Schnigge AG.

The new date of the general meeting of shareholders will be held
August, the 30, 2002 on the racecourse in Munich (Riem).

The agenda is already public. E.multi Digitale Dienst AG will
take over the outstanding 49% stake of the sole subsidiary Bet-
at-home.com Internet Dienstleistungen GmbH, Wels, Austria.

Through the planned non cash contribution of EUROTIP subsidiaries
and the purchase of the outstanding stake of bet-at-home.com, the
new holding of international betting companies will contribute a
consolidated betting turnover of 50 million Euro for 2002 and an
EBIT of 2 - 2,5 million Euro. Because of the loss carryover of 14
million Euros of e.multi AG, there will not be a tax payment
within the next 3 years.

New Products of EUROTIP subsidiaries like www.eurotip-lotto.com,
www.eurotip-casino.com and a cooperation with Europe-Online
Investments S.A, a satellite provider, who shows live horse
racing and offers bets from EUROTIP SPORTWETTEN GMBH, will bring
additional positive impulse.

Additionally EUROTIP will offer betting via WAP and SMS this
year. Scaraboo GmbH, a subsidiary of Siemens AG, develop a
platform for mobile betting for EUROTIP SPORTWETTEN GMBH.

Further information of the fusion of the companies and the
economics relations can be found in the next few days in the
internet on the pages http://www.emulti.de,
http://www.pferdewetten.deand http://www.sportwetten.com.

Contact Information:

Investor Relations
Peter Raber
Telephone: 0049(0)89/42036106
Fax: 0049(0)1805247402


LETSBUYIT.COM NV: Announces Bankruptcy of German Subsidiary
-----------------------------------------------------------
LetsBuyIt.com N.V. announces that its loss making German
subsidiary, LetsBuyIt.com Deutschland GmbH, has filed for
bankruptcy Friday, July 26.

LetsBuyIt.com N.V. will continue to maintain its German Website,
and sales in Germany remain unaffected with respect to the
filing.


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


ALITALIA-LINEE: Announces Outcome of Recapitalization Operation
---------------------------------------------------------------
ALITALIA - Linee Aeree Italiane S.p.A. announced Wednesday that,
at the close of the option offer period, the re-capitalization
operation has been underwritten for 78.385%.

During this period (July 1-22, 2002), the number of option
entitlements taken up was 1,516,515,860 corresponding to the same
number of shares and the same number of convertible bonds for an
overall value of 1,122,221,736.40 euros.

As shown in the Information Prospect for the offer option, the
Ministry of Economy and Finance has fully underwritten its
entitlement as part of the operation.

At the end of the offer period, the number of unallocated option
entitlements was 418,195,030 (21.615% of the total offer)
relating to the subscription of the same number of shares and the
same number of convertible bonds, for an overall value of
309,464,322.20 euros.

The unallocated option entitlements will be offered on the Stock
Exchange according to a calendar that will be announced shortly.

It should be remembered that the operation is backed by a
Guaranty Consortium made up of leading Italian and foreign
institutions with Banca IMI as lead manager, together with First
Boston Credit Suisse and Merrill Lynch.


FIAT SPA:  Italenergia Offers EUR900 MM of Five-Year Bonds
----------------------------------------------------------
Troubled carmaker Fiat Spa's affiliate Italenergia SpA confirmed
in newspaper advertisements that it is offering EUR900 million of
five-year bonds to run from July 30 to August 22, a report from
AFX News said.

The advertisements said the bonds will pay a fixed 4.70%  
interest rate up to August 26, 2004, after which they carry a
variable rate of Euribor plus 0.75 pct, but with a maximum rate
of 5.75, the news outfit said.

It is said that the bond issue is part of the ongoing
restructuring of Italenergia.

Italenergia owns the majority of Edison SpA. It is a major
electricity and natural gas supplier.


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


COMPLETEL EUROPE: Notice of Annual Shareholders Meeting
-------------------------------------------------------
COMPLETEL EUROPE N.V.
NOTICE OF ANNUAL SHAREHOLDERS MEETING
TO BE HELD August 20, 2002
TO THE SHAREHOLDERS OF
COMPLETEL EUROPE N.V.

We, CompleTel Europe N.V., invite you to attend our annual
shareholders meeting that will take place at the World Trade
Center, Schipholboulevard 127, 1118 BG, Schiphol, The
Netherlands.

This meeting will begin at [1:00] p.m. local time on Tuesday,
August 20, 2002]. The purposes of the meeting are:

(a) To discuss our statutory annual accounts and the other
information referred to in Article 392 of Book 2 of the Dutch
Civil Code;

(b) To deliver the written report by our Board of Management on
the state of our affairs and the management conducted during
2001;

(c) To adopt our statutory annual accounts for the fiscal year
ended December 31, 2001; and

(d) To grant discharge to the members of our Supervisory Board
and Board of Management from liability in respect of the exercise
of their duties during the fiscal year ended December 31, 2001.

Our proxy statement, the proxy card and attendance form are
included with this notice of our annual shareholders meeting in
2002. On or prior to August [5], 2002, we first mailed this
package of documents to each registered holder of our Ordinary
shares at the close of business on June 14, 2002.

Furthermore, each broker, dealer or other participant in the
clearing systems of the Depository Trust Company and Euroclear
France who, at this time, might have held our Ordinary shares on
behalf of beneficial owners has been supplied with the number of
these document packages that it requested for distribution to
beneficial owners.

From today (July 26, 2002) until the close of our annual meeting,
our proxy materials will also be available on our website at
www.completel.com and available for inspection at:
our registered offices located at Blaak 16, 3011 TA Rotterdam,
The Netherlands; and o the offices of JPMorgan Chase Bank
(JPMorgan) located at 60 Wall Street, New York, NY 10260, USA.

Copies of these documents can be obtained free of charge by our
registered shareholders and other persons entitled to attend our
shareholders meetings by written request to CompleTel Europe
N.V., Blaak 16, 3011 TA Rotterdam, The Netherlands, Attention:
Investor Relations.

If you are a registered shareholder (that is, if you hold our
Ordinary shares registered in your own name), you may vote your
shares by following one of the two procedures described below:

1) Voting in person by registered shareholders. To be eligible
to vote your shares in person at our annual shareholders
meeting, you must complete and sign the enclosed attendance
form, and JPMorgan must receive the completed attendance
form from you no later than 5:00 p.m. (New York City time)
on August 13, 2002.

JPMorgan's address is listed on the attendance form. The timely
receipt by JPMorgan of the duly completed and signed attendance
form will constitute a notification to us of your intention to
exercise your voting and meeting rights.

2) Voting of registered shareholders by proxy. To vote your
shares by proxy, you must complete and sign the enclosed
proxy card, and JPMorgan must receive the completed proxy
card from you no later than 5:00 p.m. (New York City time)
on August 13, 2002. JPMorgan's address is listed on the
proxy card.

The timely receipt by JPMorgan of the duly completed and signed
proxy card will constitute a notification to us of your intention
to exercise your voting rights by means of a proxy.

If you are not a registered shareholder, but, through a bank,
broker or another agent, you beneficially own our Ordinary
shares, you may instruct your agent to vote your shares.

To do so, complete, sign and return to your agent the voting
instruction form that it provided to you, as instructed by your
agent. Your agent must receive the relevant form prior to the
deadline it establishes.

We expect your agent will set this deadline sometime before the
August 13 deadline applicable to our registered shareholders,
since sufficient time must be allowed for your agent to process
the voting instructions that it receives from you and all of its
other clients, such that a proxy card reflecting these
instructions is received by JPMorgan no later than August 13,
2002.

By order of the Board of Management
John M. Hugo
Corporate Controller and
Chief Accounting Officer
Amsterdam, The Netherlands
July __, 2002


LAURUS NV: Will Name Bruijniks as Chairman of Management Board
--------------------------------------------------------------
The supervisory board of Laurus N.V. announced on July 26 that it
intends to appoint Mr. J.G. (Harry) Bruijniks to be the new
chairman of the Laurus' group management board.

On August 12, 2002 Mr. Bruijniks will start and on August 19, he
will take over the management responsibility from Mr. J-M. (Jan-
Michiel) Hessels, who had assumed temporary responsibility of the
management of Laurus (delegated by the supervisory board).

Apart from Mr. Bruijniks the group management board of Laurus
consists of Mr. H.C.J.M. (Henk) Castelijns (purchase, operations
and commercial management Super de Boer and Konmar), mr. H-J.
(Harm-Jan) Stoter (logistics, real estate, operations and
commercial management Edah) and mr. K.B. ( Kenaad) Tewarie
(finance, ICT). Mr. J-B.

(Jean-Brice) Hernu will be delegated by the supervisory board to
work closely with the group management board. For the past five
years mr. Hernu was amongst others CEO of the Casino Supermarket
and Convenience Store Division in France.

In accordance with legal procedures the central works council of
Laurus has been informed and has been asked to advise on the
intended appointment. Shareholders of Laurus will be informed
during a shareholders meeting, which is expected to be held the
second half of September.

For the past 23 years, Mr. Bruijniks was working for Koninklijke
Ahold N.V. in a large number of management positions.

As from 1992 he has been a member of the management Board of
Albert Heijn B.V and in 1995 he became fully responsible for
commercial management (amongst others purchase, sales, marketing,
logistics management and format management). As from 2000 Mr.
Bruijniks was CEO of the Ahold joint venture in Thailand.


LAURUS NV: Announces Completion of Financial Restructuring
----------------------------------------------------------
Laurus completed its financial restructuring through the issue of
444,444,444 shares, resulting in gross proceeds of EUR 400
million, the company announced Friday.

The group's credit facilities amount to EUR 950 million.

Laurus announced that the second closing for the transaction with
Casino Guichard-Perrachon (Casino) and ABN AMRO Bank, ING Bank
and Rabobank (the Banks) took place today.

The issue of 150,644,970 shares which closed today marks the
completion of financial restructuring that also comprised the
issue of 222,222,222 shares to Casino and 71,577,252 shares to
the Banks, that was completed on July 9, 2002.

All shares were issued at a price of EUR 0.90 per share,
resulting in total gross proceeds of EUR 400 million. The net
proceeds, after deduction of costs in relation to the issue of
shares, strengthen its shareholders' equity.

As of July 9, the Banks made new credit facilities available to
Laurus for a total amount of EUR 950 million.

In addition, excess liability facilities (non-resource to Laurus
N.V.) are, under certain conditions, available for the
restructuring of the operations of Laurus in Belgium and Spain
for an aggregate maximum principal amount of EUR 250 million.


LYCOS EUROPE: Announces EUR17.5 Million Deal With Espotting
-----------------------------------------------------------
Lycos Europe, one of the leading Internet portals in Europe, has
signed a new pan-European agreement with Espotting for two years,
the company announced Friday.

Espotting will provide its high-quality Pay for Inclusion
listings to Lycos Europe`s channel and directory pages. The deal
will generate revenue of EUR 17.5 million for Lycos Europe.

The service roll-out will start in September and includes
Austria, Belgium, Denmark, France, Germany, Italy, the
Netherlands, Norway, Spain, Sweden, Switzerland and the UK.

The Espotting results will appear in separate areas on the sites
of the Lycos channels featured as "Sponsored Links", two above
the fold and two below the fold.

On the Lycos directory pages three results will appear above the
fold. Espotting's listings are generated by Espotting's
advertisers who bid for placement under certain topics relevant
to their business.


LYCOS EUROPE: Sells Netzeitung to BertelsmannSpringer
-----------------------------------------------------
Lycos Europe assigned, via its wholly owned subsidiary Spray
Network N.V., its German subsidiary Netzeitung GmbH to
BertelsmannSpringer, one of the world`s leading publishing groups
for scientific and technical literature, retroactive to July 1,
2002.

Due to the Netzeitung assignment, Lycos Europe generated a loss
of about EUR 800,000 in the second quarter of 2002.

As part of the acquisition of Netzeitung`s parent company, Spray
Network N.V., the Netzeitung was taken over by Lycos Europe in
2000. The Netzeitung was its first daily newspaper, which only
appears online.

With about 570,000 readers, the Netzeitung is one of the most
popular information resources on the German web.

The deal will close pending the necessary approvals, particularly
from the German Federal Cartel Office.


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

JAZZTEL PLC: Releases Second Quarter 2002 Results
-------------------------------------------------
Jazztel p.l.c. -- www.jazztel.com --, the pan-Iberian provider of
broadband communication services, today announced results for the
second quarter of 2002. Amounts are presented in Euros and in
accordance with US GAAP.

Highlights of the quarter

Financial

* Second quarter revenues amounted to Euro 56,6 million compared
to Euro 53,0 million in the previous quarter, representing a 6,8%
increase. Compared to the second quarter of 2001, revenues
decreased by 3,9% from Euro 58,9 million.

* Direct access revenues amounted to Euro 14,1 million increasing
14,6% from Euro 12,3 million in the previous quarter. Compared
with same period of 2001, revenues increased 31,8% from Euro 10,7
million.

* Indirect access revenues grew to Euro 22,0 million, up 1,4%
from Euro 21,7 million in the first quarter of 2002. Compared to
the second quarter of 2001, indirect access revenues decreased
25,2% from Euro 29,4 million.

* Gross margin improved by 8,4% to Euro 20,6 million in the
second quarter of 2002 up from Euro 19,0 million in the previous
quarter. Gross margin grew by Euro 6,7 million, a 48,2% increase
over the same period in 2001.

Gross Margin improved to 36,4% as a percentage of
revenues in the second quarter of 2002, up from 20,0% in the same
period of 2001 and 35,8% in the previous quarter.

* The evolution of Adjusted EBITDA showed a similar positive
trend. Excluding the staff restructuring costs of Euro 4.3
million, Adjusted EBITDA improved by 36,9% or Euro 5,5 million,
from negative Euro 14,9 million in the first quarter of 2002 to
negative Euro 9,4 million in the second quarter of 2002.

As a percentage of revenues, adjusted EBITDA improved from
negative 38,9% in the second quarter of 2001 to negative 16,6% in
the first quarter of this year. On a quarterly basis, adjusted
EBITDA came down to negative 16,6% in the second quarter of 2002
from negative 28,1% in the previous quarter.

* Net losses continued to show a positive evolution. Net losses
decreased 33,6% to negative Euro 45,2 million in the second
quarter of 2002, from negative Euro 68,1 million in the second
quarter of 2001.

On a quarterly basis net losses increased from negative Euro 33,1
million in the first quarter of 2002, to negative Euro 45,2
million in the second quarter of 2002.

Excluding the extraordinary capital gains generated through the
bond buyback done in the first quarter of 2002, net losses
decreased 18,8% from negative Euro 55,7 million in the first
quarter of 2002 to negative Euro 45,2 million.

Operational

* Total traffic on the Jazztel network amounted to 890 million
minutes in the second quarter of 2002, a 10,1% increase over the
same period of 2001. Total traffic increased 4,0% compared to the
first quarter of 2002.

* Total direct access contracts signed reached 2.907 by the end
of the second quarter of 2002, a 6,2% increase from the 2.737
contracted customers at the end of the previous quarter. A total
of 170 new contracts were signed during second quarter 2002,
compared with 256 in the previous quarter.

* The number of direct access sites connected at June 30th, 2002
increased by 12,8% to 2.589, up from 2.296 in the previous
quarter.

* In indirect access, Jazztel has managed to significantly
reverse the downward trend in preselected customers. The number
of preselected lines grew from 116.579 in the first quarter of
2002 to 121.023 lines in the second quarter of 2002. This upward
trend is a result of the reactivation of the indirect
distribution channels and the new advertising campaign "weekends
free".

* A similar strong growth took place in xDSL services with
contracts signed for "masDSL" services growing from 11 customers
at the end of the first quarter of 2002 to 102 at the end of the
second quarter of 2002, or a 827% increase.

Other Significant Events
* On June 13, 2002, Jazztel announced that it had reached an
agreement in principle with an ad-hoc committee of holders of its
Senior Notes regarding the terms of a recapitalization plan.

This non-binding agreement is conditional upon delivery of
definitive documentation and subject to satisfactory
renegotiation of the existing credit facility, backbone leases,
and other customary conditions. Under the Recapitalization,
Jazztel's outstanding Euro676 million in Senior Notes will be
exchanged for ordinary shares representing 88% of Jazztel's
ordinary share capital and Euro 75 million of new convertible
notes.

In addition, the Company would return the cash held in certain
interest escrow accounts to holders whose Senior Notes are
secured by such funds. After the Recapitalization, the existing
equity holders would be diluted to 12% of the ordinary share
capital.

The Convertible Bonds will mature in 2012, will bear interest at
5% per annum, payable at the Company's option in cash or in kind
and would be convertible into 17.5% of the Company's share
capital after Recapitalization.

The Company estimates that the number of ordinary shares issued
in favor of holders of Senior Notes to be 500 to 570 million
shares. The restructuring process is expected to close during the
fourth quarter of this year.

* Jazztel has continued to adjust its cost structure due to the
current operating environment in the telecom sector. This has
meant the reduction of 152 employee positions during the quarter,
in both its Spanish and Portuguese subsidiaries, reducing its
Telecom workforce by 18.3%.  Adatel and CCS have not been
affected by this reduction.


Financial Position

* Jazztel's total cash position at June 30th, was Euro160.3
million. This includes a total of Euro41.9 million in restricted
cash for the payment of interest on the high yield notes,
Euro19.3 million in the form of a cash deposit pledged to the
Government in respect of the commitments for its license
obligations regarding Banda26 and a Euro11.2 million cash
counter-guarantee in favor of the Ministry of Finance
(Agencia Tributaria), regarding the claim against the 2000
spectrum fee for the LMDS license, which is currently being
challenged in the Spanish courts.

We believe that it is unlikely that Jazztel will have full access
to those restricted funds during 2002. In addition Jazztel has a
senior credit facility available for its Spanish subsidiary, Jazz
Telecom S.A.

As previously announced, Jazztel obtained a waiver from the
lenders under its bank facility that allows Jazztel Plc to
negotiate a restructuring of its high yield debt. Jazz Telecom
S.A. will be able to borrow up to Euro 50 million, subject to
continued compliance with the terms of the facility, until the
end of February 2003.

Jazztel has borrowed Euro30 million of revolving credit as of
June 30. The lenders under the credit facility must approve the
final terms of any debt restructuring for the bank facility to
remain in place following such transaction.

Excluding these restricted funds and the amounts drawn down from
the credit facility, Jazztel had Euro 57.8 million of freely
available cash at June 30th, 2002 which management expects will
be sufficient to fund operations until the end of 2002.

The company's Financial and Operational Statistics are summarized
as follows: http://bankrupt.com/misc/jazz2.pdf

Summary of Performance

The Group generated total revenues of Euro56.6 million in the
second quarter of 2002, a 6.8% growth from the Euro 53.0 million
generated in the first quarter of 2002. Gross margin improved
from Euro 19.0 million in the first quarter 2002 to 20.6 million
in the second quarter 2002, a 8.4% increase.

Gross margin increased to 36.4% as percentage of revenues in the
second quarter 2002 from 35.8% in the first quarter of 2002.
Including Euro 4.3 million of redundancy costs, Adjusted EBITDA
decreased to negative Euro 13.7 million from negative Euro 14.9
million for the first quarter 2002.

Adjusted EBITDA as a percentage of revenues improved to negative
24.2% during the second quarter 2002 from negative 28.1% in
the first quarter 2002.

Antonio Carro, Chief Executive Officer of Jazztel, declared: ""We
are reasonably satisfied with the evolution in revenues and
margins in spite of the difficult market environment and the
financial restructuring in which we are currently engaged. We
hope that once these circumstances are removed we will resume a
more aggressive growth pattern in the future.""

Major operational achievements

During the second quarter 2002, Jazztel confirmed its ability to
grow its customer base and the number of clients connected to its
network.

The Group had signed by the end of the second quarter 2002, a
total of 2.907 contracts for direct service provisioning and had
connected 2.589 customer sites directly to its network, which
represents a 12,8% increase over the previous quarterly figures.  

Jazztel also achieved growth in its Indirect Access customer base
reaching 121.023 pre-selected lines and increasing its overall
indirect customer base by 2.042 clients from 732.286 to 734.328.

Antonio Carro commented on these developments: "The fact that we
signed 170 new direct access contracts and connected 293
customers to our network shows that corporate customers continue
to rely on our services.  

We are also satisfied with the evolution of our Indirect Access
business.  This is mainly due to the fact that the re-launch of
our indirect sales channels and our advertising campaign
"weekends free" is showing good response."

Additionally, Antonio Carro commented: ""The positive evolution
in Direct Access is supported by our 'masDSL' service offering
which is being well received by the market.  We are currently the
only telecom operator in Spain that is offering symmetrical voice
and data services over SHDSL.  

We managed to sign 102 contracts for 'masDSL' and expect to grow
this business significantly in the future. Currently we have 9
xDSL central offices operational.""

As of June 30 2002, the Group had built 2.771 local access kms,
a growth of 285 kms over the km built by the end of June 2001.
Antonio Carro commented: ""As per our commitment of increasing
our operating performance, Jazztel is focusing on adding
customers to our existing network and only expanding our network
further very selectively.

This will enable us to more effectively control our cost and
investment structure in order to reduce cash burn.""

                  Q2 2001  Q1 2002   Q2 2002   Q2 2001   Q1 2002
                                                 % Growth  %
Growth
Kms completed*     2.486    2.765     2.771     11,5%     0,2%
Metropolitan Areas
Operational*          20       74        74    270,0%     0,0%
* At period end

Financial Information

Miguel Salis, Chief Financial Officer of Jazztel, commented on
the second quarter 2002 results: "Once again we have managed to
reduce our EBITDA losses. As per our commitment to our
stakeholders, we are very focused on improving our operating
margins and reaching EBITDA breakeven as soon as possible, while
minimizing cash burn.  We were able to reduce our EBITDA losses
by Euro 1,2 million.  Within our effort to reduce costs we also
provisioned a total of Euro 4.3 million for redundancy costs."

Miguel Salis continued: "Due to the reduced growth prospects, we
continued the adjustment process of our cost base. During the
second quarter we have reduced 152 staff positions. In July we
made an additional 79 positions redundant, bringing the total
number of redundancies to 231 employees. This reduction process
is aimed to reduce SG&A expenses by over Euro 20 million per
annum".  

Revenues for the quarter ended June 30, 2002 were Euro 56,6
million, up from Euro 53,0 million in the first quarter of 2002,
representing a 6,8% growth. Direct access activities reached Euro
14,1 million in the second quarter 2002, a 14,6% increase over
the previous quarter and a 31,8% increase compared to the same
quarter in 2001.

Internet and Value Added Services decreased to Euro 12,8 million
or -4,5% compared to the previous quarter. Indirect access
revenues increased from the previous quarter by 1,4% from Euro
21,7 million to Euro 22,0 million in the second quarter of 2002.
Carrier service revenues have increased 41,8% to Euro 7,8 million
from Euro 5,5 million in the previous quarter.

Business Lines
(Euro Million)  Q2 2001   Q1 2002   Q2 2002    Q2 2001    Q1 2002
                                                    % Growth   %
Growth
Indirect Access    29,4      21,7      22,0     -25,2%       1,4%
Direct Access      10,7      12,3      14,1      31,8%      14,6%
Carrier services   5,7       5,5       7,8      36,8%      41,8%
Internet Services(*)12,9     13,4      12,8      -0,8%      -4,5%
Other Revenues     0,2       0,2       0,0    -100,0%    -100,0%
Total Revenues     58,9      53,0      56,6      -3,9%       6,8%

(*) Internet revenues includes revenues generated by CCS, our
Software consulting and implementation subsidiary.  Revenues
generated by CCS were 7,4 for the second quarter of 2001, Euro
8,5 million for the first quarter of 2002 and Euro 7,6 million
for the second quarter of 2002.

Cost of Sales were Euro 36,0 million for the second quarter of
2002, or 63,6% of sales, improving from 64,2% of sales in the
previous quarter.

Gross margin in the second quarter of 2002 improved to Euro 20,6
million from Euro 19,0 million in the first quarter of 2002.  

Selling, General and Administrative (SG&A) expenses for the
second quarter of 2002 were Euro 34,3 million compared with Euro
33,9 million for the first quarter of 2002. Excluding Redundancy
costs of Euro 4.3 million, SG&A expenses were Euro 30.0 million.

Adjusted EBITDA losses in this quarter were negative Euro 13,7
million, compared with negative Euro 14,9 million losses in the
first quarter of 2002.

Adjusted EBITDA losses as a percentage of sales decreased
from negative 28,1% in the first quarter of 2002 to negative
24,2% in the second quarter of 2002. Excluding Redundancy costs
of Euro 4.3 million, Adjusted EBITDA losses were Euro 9,4
million.

Depreciation and Amortization Expense was Euro 18,7 million for
this quarter, increasing from Euro 18,1 million for the first
quarter of 2002.

Net Financial Expense for the second quarter 2002 was Euro 10,4
million and consisted primarily of accrued interest on our high
yield notes issued in April 1999, December 1999 and July 2000,
less interest earned on invested funds, compared to Euro 27,9
million in the second quarter of 2001.

Net Loss for the second quarter 2002 amounted to Euro 45,2
million compared to Euro 68,1 million in the second quarter of
2001 and Euro 33,1 million in the first quarter of 2002.

During the next several years the Jazztel Group expects to
continue to incur significant net losses and negative cash flows
while completing the deployment of its network and developing a
significantly expanded range of telecommunication services.
The Group's ability to generate positive EBITDA is subject to
numerous risks and uncertainties, many of which are out of its
control.

Financial Needs and Resources

For the second quarter 2002, total net cash inflows from
operations were Euro 3.5 million. Net cash outflows from capital
expenditures and acquisitions were Euro 14.3 million.

Jazztel's total cash position at June 30th, was Euro 160.3
million.

This includes a total of Euro 41.9 million in restricted cash for
the payment of interest on the high yield notes, Euro 19.3
million  in the form of a cash deposit pledged to the Government
in respect of the commitments for its license obligations
regarding Banda26 and a Euro 11.2 million cash counterguarantee
in favor of the Ministry of Finance (Agencia Tributaria),
regarding the claim against the 2000 spectrum fee for the LMDS
license, which is currently being challenged in the Spanish
courts.

We believe that it is unlikely that Jazztel will have full access
to those restricted funds during 2002. In addition, Jazztel has a
senior credit facility available for its Spanish subsidiary, Jazz
Telecom S.A.

As previously announced, Jazztel has obtained a waiver from
the lenders under its bank facility that allows Jazztel Plc to
negotiate a restructuring of its high yield debt and Jazz Telecom
S.A. to borrow up to Euro 50 million, subject to continued
compliance with the terms of the facility, until the end of
February 2003.  

Jazztel borrowed Euro 30 million of the revolving credit tranche
by June 30.

The lenders under the credit facility must approve the final
terms of any debt restructuring for the bank facility to remain
in place following such transaction. Excluding these restricted
funds and the amounts drawn down from the credit facility,
Jazztel had Euro 57.8 million of freely available cash at June
30th, 2002 which management expects will be sufficient to fund
operations until the end of 2002.

The group's latest balance sheet and statement of profit and loss
may be viewed at: http://bankrupt.com/misc/jazz1.pdf

Investor Relations                  
Telephone: 34 91 291 72 00                
Email: Jazztel.IR@jazztel.com


TERRA LYCOS: Bertelsmann Cuts Terra Lycos Contract
--------------------------------------------------
Spanish internet service provider, Terra Lycos's contract has
been cut by Bertelsmann, the German media group, a report from
Financial Times said.

The contract was supposed to cover three years and was worth a
EUR675 million.

The German media company's advertising income is around 40% of
Terra Lycos's budget.

The company's signed the agreement during the peak of the
internet boom in 2000. The first part of the contract was worth
EUR325m, with the remaining EUR675 million euros an option.

It is said that that Bertelsmann's decision will possibly strain
the relationship between Bertelsmann and Terra's major
shareholder, Telefonica. The two are partners in Spanish TV
station Antena 3, the paper said.



===========
S W E D E N
===========


LM ERICSSON: Responds to Ba1 Rating by Moody's
----------------------------------------------
Moody's Investor Services today announced that it has downgraded
the long-term credit rating of Ericsson from Baa3 to Ba1 and
continues to review its rating for possible further downgrade
pending completion of the rights offering.

The action does not affect the underwriting of the rights
offering.

"This action by Moody's does not affect the underwriting
agreement from the banks nor the commitment from our largest
shareholders. We are fully committed to maintaining a very
conservative financial profile and the underwritten rights
offering is an important element of this strategy," says Michael
Treschow, Chairman of the Board, Ericsson.

The terms agreed with the banks supports the underwriting even if
the company's credit rating were to drop to BB by Standard &
Poor's or Ba3 by Moody's. Ericsson believes such a scenario is
unlikely.

According to Moody's, their new rating will remain under review
until the completion of the rights issue, whereupon Moody's
expects to confirm the Ba1 ratings with a negative outlook.

Credit agencies have been systematically lowering their ratings
for the communication equipment industry for some time.

Ericsson views Moody's decision as related to their view of the
industry in general and the company believes that it will not
impact Ericsson's leadership position in the market.

The financial impact of this decision amounts to an increase in
financing costs of approximately SEK 101 million annually.

Ericsson is shaping the future of Mobile and Broadband Internet
communications through its continuous technology leadership.
Providing innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communication
companies in the world.
  
Contact Information:

Gary Pinkham
Vice President
Investor Relations
Telephone: +46 8 719 0858, +46 730 371 371
Email: investorrelations@ericsson.com


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


BRAINSPARK PLC: Holders Approve Recapitalization Resolution
-----------------------------------------------------------
At the Annual General Meeting of Brainspark held on July 24,
2002, shareholders approved the resolution to grant the Directors
authority to issue sufficient ordinary shares in connection with
the potential transaction announced on May 20, 2002. The
resolutions concerned the acquisition of a number of
shareholdings selected by Brainspark and held by the Italian
Company Infusion S.p.A., incubator of AISoftware S.p.A.,
controlling company of both Brainspark and Infusion.

As announced on May 20, 2002, the Transaction will be structured
so that it does not constitute a reverse takeover within the AIM
Rules.  

The fall in the Company's share price since that date has
resulted in the two parties agreeing that the Transaction will
only take place if and when the Company's share price is at least
3.75 pence per share, the price of the shares on that date, which
is less than the Independent Directors' view of the net asset
value of the Company.

This view is reinforced by an independent valuation carried out
by Ernst & Young LLP on behalf of Infusion as a preliminary to
the Transaction.


COOKSON GROUP: Issues Major Shares Interest Notification
--------------------------------------------------------
Name of company: COOKSON GROUP PLC
Name of shareholder: FRANKLIN RESOURCES, INC.

Name of the registered holder(s) and, if more than one holder,
the number of shares held by each of them:

BANKERS TRUST COMPANY (220,981 SHARES)
BANK OF NEW YORK NOMINEES (152,518 SHARES)
CHASE NOMINEES LIMITED (28,123,998 SHARES)
CLYDESDALE BANK (1,897,010 SHARES)
DEUTSCHE BANK AG (150,372 SHARES)
MERRILL LYNCH (2,296,001 SHARES)
ROYAL TRUST CORP OF CANADA (8,682,814 SHARES)
STATE STREET (860,601 SHARES)

Class of security: ORDINARY SHARES OF 50 PENCE EACH
Date of transaction: JULY 25, 2002
Date company informed: JULY 25, 2002
Total holding following this notice: 42,384,295 SHARES
Total percentage following this notice: 5.83%


CORDIANT COMMUNICATIONS: Notification of Major Interest in Shares
-----------------------------------------------------------------
Cordiant Communications Group PLC was notified July 24, 2002 that
Millgate Capital Inc. has a holding of 16,425,000 Ordinary shares
representing 4.06% of the issued share capital of the Company.

Contact Information:
Nathan Runnicles
Telephone: 44 207 262 4343


FISH PLC: Seafood Specialist's Chairman Anthony Allan Resigns
-------------------------------------------------------------
FISH! plc announced Thursday that Anthony Allan, Chairman and
Director of Fish has resigned, effective immediately, from the
Board of the Company and its subsidiaries, namely Marchthistle
Limited, Cutty Catering Specialists Limited, AH Jarvis and Sons
Limited, BGR West Coast Limited, The Fish Company Limited and No
1 Lawn Terrace Limited.

Formerly known as BGR plc, FISH plc's core activities include the
ownership, operation and management of quality, strategically
located restaurants and provision of service supply of premium
quality fresh and prepared fish, poultry and meat to leading
restaurants and hotels in London. The group also supplies
scallops and langoustics to Scotland.  

After Fish plc failed to negotiate with its creditors financing
to implement a restructuring, it sought administrators'
appointment for Fish plc and Marchthistle Limited, the business
entity involved in restaurant operations.

The group recorded a net loss of GBP 1.72 million/USD 2.6 million
in 2001. Its balance sheet on the same period reveal total
assets of GBP 26.6 million/USD 40.7 million and GBP 12.6
million/USD 19.3 million in total liabilities.


RAILTRACK GROUP: Court Orders Marconi to Pay GBP20M in Claims
-------------------------------------------------------------
The High Court on July 25, gave Marconi Corporation PLC 21 days
to pay into Court GBP20 million plus interest in respect of the
claim by Railtrack Telecom Services Limited, a wholly owned
subsidiary of Railtrack Group PLC -- www.railtrack.co.uk --,
against Marconi.

The claim arises from RTS' exercise of a contractual option on
February 1, 2002 to put its remaining shareholding in Easynet
Group plc onto Marconi for a fixed price of GBP20 million.

If Marconi does not pay the sum into court within 21 days RTS
will be granted judgement for GBP20 million plus interest.

If the money is paid into Court it will be held pending the
determination by the Court of certain claims Marconi has asserted
against RTS which RTS reject and which the Commercial Court has
described as 'thin'.

The outcome of this case does not alter the Board's estimate made
in the recent Circular to Shareholders that if all its assets are
to be realised as expected, and no further liabilities arise,
Railtrack Group PLC will be able to return to Shareholders
between 245 and 255 pence per Share.

David Harding, Railtrack Group Chief Executive, said:

'We had been advised that our case against Marconi was a strong
one and we are pleased that the Commercial Court made these
orders in RTS's favor. We consider the claims asserted by Marconi
are without foundation and note the Judge's comment that
Marconi's claims were 'thin'.


WORLDCOM, INC.: Responds To Speculative Report on WSJ
-----------------------------------------------------
WorldCom, Inc. responded Thursday to a Wall Street Journal report
claiming that the U.S. Department of Justice is considering
indicting the company for fraud.

This statement was issued by Brad Burns, WorldCom spokesperson:

"WorldCom disclosed the accounting entries leading to the
announced restatement promptly upon discovery and since that time
the company has been cooperating fully with all federal and state
law enforcement authorities. We have been advised that those
authorities are satisfied with WorldCom's cooperation to date.
Also, we have not been informed by any law enforcement authority
that it presently intends to seek an indictment against the
company."

About WorldCom, Inc. WorldCom, Inc. is a pre-eminent global
Communications provider for the digital generation, operating in
more than 65 countries.

With one of the most expansive, wholly-owned IP networks in the
world, WorldCom provides innovative data and Internet services
for businesses to communicate in today's market.

In April 2002, WorldCom launched The Neighborhood built by MCI -
the industry's first truly any-distance, all-inclusive local and
long-distance offering to consumers. For more information, go to
http://www.worldcom.com.

Contact Information:

Scott Hamilton
Investors relations
Telephone: 877-624-9266






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-
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USA, and Beard Group, Inc., Washington, DC USA. Kimberly MacAdam,
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Copyright 2002.  All rights reserved.  ISSN 1529-2754.

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