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            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

                 Tuesday, July 30, 2002, Vol. 3, No. 149


                              Headlines

G E R M A N Y

MAN AG: Will Face Difficulties In Improving Earnings
KIRCHMEDIA: Springer Forms Foursome in Bid for KirchMedia


I R E L A N D

ELAN PLC: Will Announce Job Cuts and Writedown of About GBP40M


I T A L Y

FIAT SPA: Appoints Representative of Holders of Savings Shares
FIAT SPA: Creates Leading Italian Life Insurance Company


N E T H E R L A N D S

COMPLETEL EUROPE: Proposes Issuance of Warrants to Shareholders


S W E D E N

Esselte AB: Applications for De-listing Have Been Approved
LM ERICSSON: Shareholders Undecided on Ericsson's Rights Issue


U N I T E D   K I N G D O M

BIG FOOD: Will Be in Bond Battle with City Over Profit Warning
WORLDCOM, INC.: Closes UK Subsidiary MK International
MARCONI PLC: Loans May Cost Banks GBP1 BB
BRITISH AIRWAYS: Prefers Expansion of Heathrow
INDIGOVISION: Shares Plummet to Record Low of 13%

RAILTRACK PLC: Network Rail Limited Names Board of Directors
CLAIMS DIRECT: Former CEO negotiates Partial Buyout
G RATCLIFFE: Administrators Selling Felt Manufacturing Group
INTERAK LIMITED: Deloitte Selling Business With GBP10M Turnover
SUSSEX & BERKSHIRE: Begbies Selling Packaging, Labeling Concern

CHARLTON KINGS: Deloitte & Touche Sells Metals Fabrication Biz
AXIS PACKAGING: E&Y Sells Packaging Group as Going Concern
WORLDCOM, INC.: Issues Notice To All WorldCom Employees
KINGFISHER PLC: Issues Notification of Director's Interests
KINGFISHER: Mulcahy Selling Shares

ANTISOMA PLC: UK Patent for Caspase Gets Approval
COOKSON PLC: Woes Deepen as HSBC Intervenes in Rights Issue

     -  -  -  -  -  -  -  -


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


MAN AG: Will Face Difficulties In Improving Earnings
-----------------------------------------------------
MAN AG is expected to have a rough time meeting its forecast for
2002 of a small improvement in its earnings in 2001 amidst a weak
economy and unexpected write-offs, a report from Handelsblatt
said.

Citing Chief Executive, Rudolph Rupprecht, Handelsblatt said MAN
made progress in revenue and incoming orders in the second
quarter after the slump in the first quarter. However, Mr.
Rupprecht said that special factors would again weigh on full-
year earnings.

One factor that would affect MAN would be the insolvencies of
some of its customers. Fairchild Dornier's insolvency would force
MAN Technology, MAN AG's aerospace subsidiary, to make value
adjustments of 30-40 million euros. The insolvency of engineering
giant Babcock Borsig AG, another MAN customer, would affect MAN's
balance sheet with a one-digit million euros sum, the daily said.

Moreover, MAN would have to digest an additional EUR30 million
from the fall-out of the crisis at British subsidiary ERF. And
the integration of coach maker Neoplan will require further cost-
cutting, the paper said.

Mr. Rupprecht however, continues to dismissed analysts' calls for
the break-up of MAN. He argued that the group's diverse
activities could help it especially in the midst of difficulties,
the paper added.

Meanwhile, Mr. Rupprecht also repeated his plans regarding the
sale of subsidiaries SMS and Schw"bische H�ttenwerke and MAN
Technologies, Handelsblatt said.


KIRCHMEDIA: Springer Forms Foursome in Bid for KirchMedia
------------------------------------------------------------
Axel Springer Verlag AG and Heinrich Bauer Verlag team up with
HypoVereinsbank AG and Spiegel Verlag, forming bidding consortium
to acquired insolvent KirchMedia, a report from the Handelsblatt
said.

Springer had disclosed last Friday that the consortium's goal is
to takeover the successor company of KirchMedia, in which the
core rights and TV activities, including broadcaster Pro Sieben
Sat 1, will be integrated, the news agency said.

Springer and Bauer would hold a majority stake of 51%, while the
remaining 49% in the new KirchMedia would go to Spiegel Verlag,
the publisher of news weekly Der Spiegel, and HypoVereinsbank.

The news agency said that according to Springer, the partners are
currently examining the viability of the investment and would
decide to make a final offer by the end of this month.

The consortium is one of an estimated 10 consortia considering
bids for KirchMedia.

KirchMedia is part of the collapsed Kirch media empire. It filed
for insolvency earlier this year following a failure to service
payments to creditors for billions of euros in outstanding loans.

Other companies that have expressed their interest in KirchMedia
include a consortium of Commerzbank AG and U.S. studio Columbia
Tristar, as well as the French TV group TF1, Handelsblatt said.


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


ELAN PLC: Will Announce Job Cuts and Writedown of About GBP40M
--------------------------------------------------------------
Dublin-based pharmaceutical Elan Corporation is likely to
announce hundreds of job cuts and an estimated writedown of
GBP640 million on Wednesday, said the Sunday Times, a report from
Bloomberg said.

Citing the London-based paper, Bloomberg said the drugmaker is
said to be planning the sale of its stakes in most of the 55
joint-venture firms that doubted Elan's profitability. Some of
the joint-ventures are likely to merged with Elan's drug-delivery
unit.

Elan's chairman, Garo Armen is said to give details about the
recovery plan soon. The plan will reveal Elan's decision to focus
mainly on neurology and pain management, the news agency said.

Moreover, investors are said to be concerned about a USD900
million bond management due at the end of 2002, as it has been
increasingly difficult for Elan to pay the debt with an issue of
fresh equity, the news outfit said.

Elan's shares have fallen to 96% this year because of a U.S.
accounting investigation, cheaper competition for the company's
best-selling medicine and the failure of the Alzheimer's
treatment, Bloomberg said.


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

FIAT SPA: Appoints Representative of Holders of Savings Shares
--------------------------------------------------------------
The Stockholders' Meeting for Fiat savings shares holders was
held today in Turin to appoint the common representative.

Considering that Mr. Paolo Montalenti declared himself
unavailable to continue holding his present office because of his
academic commitments, the Stockholders' Meeting, after having
thanked Mr. Montalenti for the activities performed, appointed
Mr. Carlo Pasteris as the new common representative for the
forthcoming three-year term.


FIAT SPA: Creates Leading Italian Life Insurance Company
--------------------------------------------------------
The Boards of Capitalia S.p.A., Fineco S.p.A. and Toro
Assicurazioni S.p.A. approved a letter of intent concerning a
project to integrate their respective life insurance businesses.
The project aims to create the leading insurance company in Italy
in terms of size and diversification of distribution channels.

The project, which is subject to the obtainment of regulatory
approvals, foresees, in particular, that Fineco (Capitalia
Banking Group) and Toro will hold equal participations in the new
company, which will comprise the life insurance businesses of the
companies of the Toro Group (Toro, Nuova Tirrena, Lloyd Italico
Vita and Augusta Vita), of Fineco (Cisalpina Previdenza) and Roma
Vita, the existing joint-venture between Fineco and the Toro
Group.

The rules of Corporate Governance of the new company, the rights
and obligations of the parties involved and the commercial
agreements regarding collaboration will be based upon those
already adopted by Roma Vita.

The objective is to submit the project for approval to the
shareholders of the companies involved at meetings to be held by
the end of the current year.

The project aims to create the leading Italian life insurance
company in terms of premiums collected, combining the
bancassurance production model with that of a traditional life
business, thereby encouraging further growth thanks to a range of
innovative services offered via complementary and integrated
sales channels.

This combination will create a unique new player in the Italian
insurance sector with combined premiums of over 3.8 billion euros
in 2001, corresponding to a market share of approximately 8.2%.
Its multi-channel distribution system includes 1,100 insurance
agents of the Toro Group, the 2,900 financial consultants of
Fineco and the 2,100 bank branches of the Capitalia Banking
Group.

Bringing together their distribution power, the Toro Group and
the Capitalia Banking Group will provide a complete range of
financial and insurance products ideally suited to meet the needs
of the over 5 million potential clients of the new reality.

Fox-Pitt, Kelton for Toro and MCC for Fineco are the advisors of
the deal.

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


COMPLETEL EUROPE: Proposes Issuance of Warrants to Shareholders
---------------------------------------------------------------
Completel - www.completel.com -- announced Monday that it wants
to issue warrants to its existing shareholders prior to the
consummation of its proposed recapitalization. Completel
anticipates that the warrants would be issued to its shareholders
of record on the earlier of the day before any shares are issued
in its proposed recapitalization and September 26, 2002, and
would be exercisable from December 15, 2002 through the fifteenth
day following the publication of Completel's audited annual
financial statements, currently scheduled to occur in February
2003.

Completel anticipates that the warrants would carry the right to
subscribe to up to an aggregate of approximately 222.7 million of
its ordinary shares (approximately 333,000 shares after giving
effect to the proposed 670-to-one reverse share split that it is
submitting for approval by its shareholders at an extraordinary
general meeting to be held in August). The proposal to issue the
warrants is intended to comply with requests from French
securities market authorities in relation to the proposed listing
on Euronext Paris of Completel ordinary shares and preferred
shares to be issued in the recapitalization. Completel's largest
shareholders, Madison Dearborn Partners, Meritage Private Equity
Funds and DeGeorge Telcom Holdings, as well as the members of
Completel's Supervisory and Management Boards and certain senior
management employees, have each agreed to waive any right to be
granted warrants.

Additional specific terms of the warrants have yet to be
established and are in any event subject to both the approval of
French securities market authorities and to Completel's
successful negotiation of an amendment to the Restructuring
Agreement it entered into in May with Meritage, DeGeorge Telcom
and the holders of approximately 83% of its outstanding debt
securities. Completel anticipates, however, that the exercise
price under the Warrants would be equal to the greater of euro
0.015 per ordinary share issuable under the warrants and the par
value of those shares (currently euro 0.10 per share). If
Completel's proposed recapitalization and 670-to-one reverse
share split take place, the exercise price under the warrants
would therefore be euro 10.05 per ordinary share. The issuance of
the warrants, however, would not be contingent upon any vote of
Completel's shareholders and would become exercisable whether or
not Completel completes its proposed recapitalization.

Completel anticipates that the warrants would be structured so
that their exercise would qualify for the safe harbor from the
registration provisions of the U.S. Securities Act of 1933
provided by Regulation S for offers and sales of securities
outside the United States.

Neither the proposed warrants nor the underlying ordinary shares
for which they would be exercisable have been or will be
registered under the United States Securities Act of 1933.
Accordingly the warrants will not be exercisable in the United
States and the ordinary shares underlying the warrants may not be
offered or sold in the United States absent an applicable
exemption from registration requirements.

Contact Information:

Paris office:
Tour Egee
9-11 allee de l'Arche
92671 Courbevoie Cedex
Telephone: +33 1 72 92 20 00


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

Esselte AB: Applications for De-listing Have Been Approved
-------------------------------------------------------------
J.W. Childs Acquisition Sweden AB announced on July 11, 2002 that
the conditions for the public tender offer of all shares of
Esselte AB -- www.esselte.com -- have been met and that the offer
will be executed.

Due to the public tender offer, the Board of Directors of Esselte
AB applied to Stockholmsborsen and to the United Kingdom Listing
Authority (UKLA) and the London Stock Exchange for de-listing of
the Esselte shares from Stockholmsborsen, the Official List of
the UKLA and from trading on the London Stock Exchange. The
applications for de-listing have been approved with effect as
from 1 August 2002. Therefore, the final day for trading in
Esselte shares on either exchange will be 31 July 2002.

Esselte is the leading global office supplies manufacturer with
annual sales of approx. SEK 11 billion, subsidiaries in 25
countries, selling office products in over 120 countries and
employing approx. 6,200 people. Esselte makes it easier for
people to organize the modern workplace. Our principal brands
are: DYMO, Pendaflex, Leitz and Esselte.

Contact Information:
Thomas Groth
Investor Relations
Telephone:+44 (0) 1895 878 983


LM ERICSSON: Shareholders Undecided on Ericsson's Rights Issue
--------------------------------------------------------------
Major shareholders of LM Ericssion said last Saturday they are
undecided regarding the issue of subscribing to its GBP2.08
billion rights issue, a report from the Business Scotsman said.

The news came amid reports that Moody's Investors Service has
downgraded Ericsson's debt rating to junk status.

The Swedish telecom equipment maker desperately needs the rights
issue to slash debt and help carry it through a prolonged slump
in demand from battered telecoms operators, the daily reported.

However, investors are still waiting for the issue prospectus to
get a more detailed outlook on Ericsson's markets. They are also
expecting the Ericsson's filing with the US Securities and
Exchange Commission to force the loss-making firm to disclose
more information than has been necessary so far in Sweden, the
paper said.

Investors doubts emerged after Moody's downgrade of Ericsson's
ratings. The company is the latest addition to the long list of
telecom company's that succumb to the downgrade of investment-
grade ratings, the paper said.

Moody's cut Ericsson's senior unsecured debt rating one notch to
Ba1, its highest junk grade, from Baa3, and cut its short-term
debt rating to "Not Prime" from "Prime-3." It said it may again
cut the ratings, which affect about USD5.2 billion (GBP3.3
billion) of debt.

Moody's based its downgrade on falling orders for Ericsson's
wireless products, as evidenced by the firm's weak second-quarter
orders, and the challenges it faces in downsizing and cutting
working capital.

Ericsson announced the long-awaited terms of its rights issue
last Friday. It priced the issue at 3.8 crowns (26p), a discount
of 74% on the current price, the paper said.


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

BIG FOOD: Will Be in Bond Battle with City Over Profit Warning
--------------------------------------------------------------
British Retailer Big Food Group and owner of Iceland may likely
go into a bond battle with the City after it revealed a surprise
profit warning last week, a report from Independent said.

Six weeks ago, bondholders invested GBP150m in the company but
were unaware that at the time a change in promotions strategy at
Iceland was failing and the company was heading for a slump in
sales, the paper said.

Big Food had revealed on Thursday that sales at Iceland had
fallen 8% during the previous three weeks and would go into a
loss of the first half.

Speculations of that the company started having problems as early
as May emerged during a conference call with bondholders last
Thursday. But management was quick to explain that the
speculations were incorrect since the company saw the indication
of a problem only after the bonds were issued in mid-June, the
daily said.

A spokesman said that the company has begun releasing trading
statements as soon as it received the relevant information, the
Independent said.


WORLDCOM, INC.: Closes UK Subsidiary MK International
-----------------------------------------------------
Controversial US telecom giant, WorldCom Inc. has pulled the plug
on its GBP100 million UK subsidiary, MK International, despite
several cash offers for the business and a buyout proposal from
management, a report from the Independent said.

MKI is a project management firm that specializes in
telecommunications and has offices in continental Europe and Hong
Kong. It has axed 500 jobs following its closure, the paper said.

It is reported that weeks before WorldCom filed for Chapter 11,
senior management had decided to shut down the firm. But sources
revealed that before management reached a decision, it had
received four conditional offers for MKI from companies, such as,
Smith-Woolley and Medlock Communications, the paper said.

According to an information memorandum made by management, MKI is
reported to have revealed earnings before interest, tax,
depreciation and amortization of around GBP3 million. Even with
this information, WorldCom's head office refused the offers for
MKI, the paper said.

Consequently, MKI's management, in its desperation to keep
business alive, formed a buyout proposal, which was again
rejected by WorldCom, the paper reported.

WorldCom has refused to give explanations regarding the reasons
behind the refusal of the offers for the business.

It is said that at MKI's closure, it has outstanding contracts
with customers, including T-Mobile.

The news of the closure comes in the midst of reports that
prosecutors are preparing to bring charges against former
WorldCom executives, the Independent said.


MARCONI PLC: Loans May Cost Banks GBP1 BB
------------------------------------------
U.K. banks will possibly write off more than GBP1 billion loaned
to Marconi Plc, said unidentified sources, a report from
Bloomberg said.

The British phone-equipment maker, has been flailing to stay
afloat with 29 banks to restructure it debt. It has loans that
are unsecured, so banks have no rights than bondholders, the
paper said.

Marconi's Italian arm is set to be sold for GBP40 million in a
month. Its rights are first owned by a group of Italian banks,
the paper said.

The company was valued at GBP34.5 billion. But has lost 98% of
its market value and has cut more than 10,000 jobs in the past
year following an USD8 billion acquisition spree, the paper said.

Now, Marconi is trying to convince creditors to swap its loans
for stock, the paper said.


BRITISH AIRWAYS: Prefers Expansion of Heathrow
-----------------------------------------------
Europe's biggest airline, British Airways Plc is said to prefer
the expansion of Heathrow Airport over other options including
additional runways at Stansted Airport or the construction of a
new airport in Kent, a report from Bloomberg news agency said.

Citing the Sunday Times, Bloomberg also reported that sources say
the airline might pull out of Heathrow if the U.K. government
focuses its plans for additional runways on Stansted.

British Airway's Chief Executive Rod Eddington is expected to
convince government not to neglect the option of expanding
Heathrow. If the airport would be neglected, the effect would be
that it will cease to competitive as an international hub. Also,
such abandonment might lead to BA's departure, the news outfit
said.

With additional runways, Stansted could be bigger than Heathrow
according to proposals made by Transport Secretary Alistair
Darling.

One option considered by government is the plan to add three new
runways at Stansted, allowing it to handle twice as many
passengers as Heathrow does now.

Moreover, ministers are thinking of setting up a new short runway
at Heathrow or a new airport in Kent, Bloomberg said.


INDIGOVISION: Shares Plummet to Record Low of 13%
-------------------------------------------------
IndigoVision shares slumped 13% to 87p last Friday following the
company's failure to announce any new licensing deals so far this
quarter, report from the Business Scotsman said.

The paper said that now, the pressure hovers around
IndigoVision's chief executive Oliver Vellacott, to take measures
leading to the turnaround of the company's ailing status.

The chief executive has been currently under fire regarding how
he runs the firm's operations, after he ousted former chief
operating officer Sergio Tansini in April, the daily said.

The company has failed to announce a single licensing deal since
it last reported and has also failed to fill key sales vacancies,
including that of a customer relationship manager in Japan, the
daily reported.

Recently, respected finance director Alan Bennie walked out of
its door in June, as well as vice-president of sales Alister
Minty, who followed Tansini out the door earlier. Minty had been
with IndigoVision since it was founded, the paper said.

At yesterday's close, IndigoVision's shares had shed 8.5p, or
13%, to finish at an all-time low of 57p, valuing the company at
little more than GBP40 million, despite the fact that it still
has GBP26 million in the bank when it last reported in June. The
company is entering the last two weeks of its financial year.

The paper further reported that analysts are confident that the
company will show acceleration in its turnover growth and will
unveil a slew of new licensing deals when it next reports in
September.

In the nine months to the end of April 2002, IndigoVision's pre-
tax losses widened to GBP6.4 million from GBP4 million in the
corresponding period in the previous year was GBP6.6 million, the
paper said.


RAILTRACK PLC: Network Rail Limited Names Board of Directors
------------------------------------------------------------
Network Rail, the 'not for dividend' company, whose bid for
Railtrack PLC has been approved by Railtrack Group shareholders,
announced Friday the appointment of its executive management team
and four new, non-executive directors.

The appointments reflect Network Rail's emphasis on the
importance of private sector engineering leadership, intention to
implement international best practice and commitment to
delivering safe, reliable and efficient rail infrastructure.

Executive Directors

John Armitt CBE, who was appointed Chief Executive of Railtrack
PLC in December 2001, will be appointed Chief Executive of
Network Rail.  A civil engineer by training, he was previously
Chief Executive of Costain Group plc, and before that Chief
Executive of Union Railways.

Iain Coucher will be Deputy Chief Executive with responsibility
for all operational matters.  Previously, he was Chief Executive
of Tube Lines, one of the preferred bidders for the London
Underground PPP.  For sixteen years, he worked for EDS, and for
three years was seconded to TranSys as Chief Executive. Iain has
an engineering degree from Imperial College and an MBA.

Chris Leah, Director of Safety and Operations of Railtrack since
2001 will be appointed Compliance Director, responsible for
maintaining Board level focus on safety, health and environmental
management. An experienced railwayman with over 30 years in the
industry, he is a member of the Chartered Institute of Transport
and Deputy Chairman of the Institution of Railway Operators.

The Group Finance Director will be Ron Henderson, former Group
Finance Director of BICC plc, Finance Director of Balfour Beatty,
and most recently Chief Executive of Tuberail.

Peter Henderson will be Projects and Engineering Director.  He
has over 20 years rail experience and joins from Bechtel where he
was Projects Director Rail, which included responsibility for
engineering.   He spent sixteen years with the Hong Kong Mass
Transit Railway Corporation, latterly as Head of Major Projects.
He holds a masters degree in Engineering Business Management.
Peter will be joining the Board with effect from 1st October
2002.

The appointments of Mr Armitt and Mr Leah will be effective
following completion of the acquisition of Railtrack plc by
Network Rail.

Non-executive Directors

Ian McAllister, CBE, former Chairman and Managing Director of
Ford Britain, is confirmed as Chairman of Network Rail, while
Adrian Montague CBE will be Deputy Chairman, the position he
fulfilled at Partnerships UK.  They are joined on the Board by;

Ross Sayers, former Chairman and Chief Executive of New Zealand
Railways Corporation and previously Chairman and Chief Executive
of the State Rail Authority of New South Wales, Australia, and
latterly, Chairman of Associated British Ports Holdings plc;

Sir Robert Smith, former Chief Executive Morgan Grenfell Asset
Management, Head of Morgan Grenfell Private Equity, and Chairman-
designate of Weir Group plc;

Jim Cornell, previously Group Managing Director, Infrastructure
Services, British Rail, where he worked for 36 years; and

Chuck Hoppe, former Vice President, Operations and Facilities
Planning, United States Railway Association, Senior Vice
President of Booz, Allen & Hamilton's worldwide rail consulting
practice, and President of the Long Island Rail Road.

The non-executive directors announced on July 26, will be joined
by one non-executive director, and will be appointed by the SRA.
Their appointments will be effective from 1st August 2002, with
the exception of Jim Cornell who will join upon the completion of
the acquisition of Railtrack plc by Network Rail.

In accordance with corporate governance best practice, the non-
executives will form a majority on the PLC-style board, which
will run Network Rail.  The Board will have sole responsibility
for running the business, but will be accountable to the members
who perform a similar role to shareholders but have no economic
interest in the company.

Ian McAllister, Chairman of Network Rail, said:

"The new management team for Britain's rail network is led by
highly experienced private sector engineers committed to
delivering safe, reliable and efficient rail infrastructure.

"Network Rail has a clear vision to provide engineering
excellence for Britain's railway.  This team will drive through a
programme of change to deliver this vision.

"I am very pleased that John Armitt has agreed to continue as
Chief Executive. He has already achieved a great deal during what
has been a difficult time.

"Network Rail faces a huge job to overcome the accumulated
problems of the rail network.  Iain Coucher will bring additional
focus at the operational level to achieve this task.

"This impressive group of executive directors, drawn from the
private sector, operating under a clear management structure will
help Network Rail deliver its plans for safe, reliable and
efficient rail infrastructure.

"We have the vision, structure and financing to improve the
nation's rail infrastructure.  Of the eleven board appointments,
seven are engineers and six have substantial experience of
operational railways in Britain and overseas.

"We have attracted a highly qualified and experienced group of
non-executive directors to the board.  The combination of
international and domestic railway experience coupled with
engineering and financial expertise will be invaluable to Network
Rail as we begin the task of delivering a railway of which we can
all be proud."

Network Rail is a 'not for dividend' company, created
specifically to acquire Railtrack PLC and provide safe, reliable
and efficient rail infrastructure.

Its core focus will be the operation, maintenance and renewal of
Britain's railway.

Network Rail, a company limited by guarantee, has no shareholders
but will be run along commercial lines.  Any operating surplus
will be re-invested in the rail network.

The innovative structure of Network Rail is designed to ensure
that investment will be funded at a very low cost of capital,
management incentives will be linked to system-wide performance
targets, and the suggestion of putting profit before safety is
removed.

Network Rail's focus is narrow: to fix the railway.  Major
enhancements will be developed separately by Special Purpose
Vehicles, which will design, build, finance and then transfer
major projects to Network Rail at pre-agreed prices. Network Rail
is committed to building upon the high levels of safety and
excellence at every level of the organization.

Network Rail will be run by a PLC-style Board, which will adopt
best practice, private sector corporate governance policies.  The
executive directors will be drawn from the operating management
of the new company, with a majority of directors being non-
executive.  Management incentives will be linked, not to profit
levels, but to system-wide targets for safety, punctuality,
availability and capacity.

The Board is accountable to the members of the company, who
fulfill a similar role to shareholders in a PLC.

Members fall into three categories; industry members, some forty
representatives of rail license holders; public interest members,
who will form the majority, chosen from a wide range of
stakeholder groups; and the SRA which has membership rights.
Strategy, financing and decision making will be the sole preserve
of the Board, the members will not run the business.

Network Rail will pursue a clear focus on its critical role of
delivering engineering excellence for Britain's railway.

Contact Information:

Jon Simmons
Andrew Lorenz
Financial Dynamics
Telephone: 020 7831 3113


CLAIMS DIRECT: Former CEO negotiates Partial Buyout
---------------------------------------------------
Ronnie Henderson, former chief executive of Claims Direct PLC, is
negotiating to buy the most profitable parts of the stricken
personal injury specialist, the Observer sources reports.

The move comes after the company fell into receivership two weeks
ago.
Henderson's partial buyout plan is understood to have support
from venture capitalists. The paper says he has opened talks with
Deloitte & Touche, the group's appointed receiver.


G RATCLIFFE: Administrators Selling Felt Manufacturing Group
------------------------------------------------------------
G Ratcliffe & Sons (Felts) Limited
(In Administration)

By order of A Redmond and D J Oakley - Joint Administrators

An opportunity to purchase the business and assets of this
manufacturer of felt underlay and other felt products.

Principal features include:

-Turnover of GBP2 million per annum
-Freehold premises in Burnley, Lancashire
-Strong customer base

Contact Information:

Chris Ratten or Nathan Jones

Telephone: 0161 834 3313
Fax: 0161 827 8402
Email: nichola.lloyd@tenongroup.com


INTERAK LIMITED: Deloitte Selling Business With GBP10M Turnover
---------------------------------------------------------------
Interak Limited
(in Administrative Receivership)

The Joint Administrative Receivers, Ian Brown and Angus Matthew
Martin, offer for sale the business and assets of this North
Lincolnshire-based supplier of Impulse products to major
supermarkets and other retail outlets.

Principal features of the business include:

-Annual sales of GBP10 million
-Blue chip customer base
-150 experienced, field-based, merchandising staff
-Operating from two modern, purpose-built, leasehold premises in
  Scunthorpe, North Lincolnshire, with excellent communication
links

Contact Information:

Daniel Butters
Deloitte & Touche
10-12 East Parade
Leeds LS1 2AS

Telephone: 0113 243 9021
Fax: 0113 244 8942


SUSSEX & BERKSHIRE: Begbies Selling Packaging, Labeling Concern
---------------------------------------------------------------
Sussex & Berkshire Machinery Plc
Stickpack Europe Limited
(Both in Administration)

Andy Beckingham, the Joint Administrator, offers for sale the
business and assets of the above companies. The companies trade
from freehold premises near Alton in Hampshire.

Features of the businesses include:

-Agency suppliers of processing, packaging and labelling
machinery
-Factory and spare parts facilities with showroom, electronic
testing lab and assembly areas
-CAD Design facilities and contract engineering for complete
Turnkey lines
-Unique "Stickpick" technology - saving 40% on standard material
costs

Contact Information:

or Contact Andy Beckingham or Graham Tudhope
Begbies Traynor
58 Queen Square
Bristol BS1 4LF

Email: Bristol@begbies-traynor.com


CHARLTON KINGS: Deloitte & Touche Sells Metals Fabrication Biz
-----------------------------------------------------------------
Charlton Kings Engineering Limited
(in Administrative Receivership)

The Joint Administrative Receivers, Bob Maxwell and Andrew
Peters, offer for sale the business and assets of Charlton Kings
Engineering Limited, the West Midlands-based metal fabrication
business and its subsidiary, CKE (Midlands) Limited.

Major features of the business:

- Annual turnover of approximately o7 million
- Leasehold premises of 65,000 sq ft in Darlaston, West Midlands
next to Junction 10 M6
-Blue chip customer base in Leisure, Automotive, Vending and
    Architectural products
-State of the art design, manufacture and assembly of sheet metal
    fabrications utilizing CAD/CAM design, CNC laser cutting,
shearing, CNC punching, bending, forming, welding and finishing
-Extensive order book
-Skilled workforce of 110 employees
-BS/EN ISO 9001 approved

Contact Information:

Brian Walford
Deloitte & Touche
Colmore Gate
2 Colmore Row
Birmingham B3 2BN

Telephone: 0121 200 2211
Fax: 0121 695 5555
Mobile: 07970 736595
Email: bwalford@deloitte.co.uk


AXIS PACKAGING: E&Y Sells Packaging Group as Going Concern
----------------------------------------------------------
Axis Packaging Limited
(In Administration)

The Joint Administrators, S Allport and K Hinds of Ernst & Young
LLP, offer for sale as a going concern, the business and assets
of Axis Packaging Limited - In Administration.

Features of the business:

- Manufacture of polythene film and bags
- A number of film extrusion lines and bag making machines
- Operate from leasehold premises in Central Liverpool
- Approximately 40 employees
- Turnover of circa GBP7 million

Contact Information:

Debbie Young or Alex Williams
100 Barbirolli Square
Manchester M2 3EY

Telephone: 0161 333 2807
Fax: 0161 333 3008
Email: awilliams1@uk.ey.com


WORLDCOM, INC.: Issues Notice To All WorldCom Employees
-------------------------------------------------------
The Law Firm of Klayman & Toskes, P.A. represents large groups of
Employee Stock Option Plan participants throughout the Technology
and Telecommunications Industries in securities arbitration
lawsuits. The firm will continue to aggressively investigate and
pursue claims for clients with recoverable damages.

K&T has filed numerous claims on behalf of WorldCom, Inc. ESOP
participants against major securities firms who have mismanaged
their clients' stock options. The law firm is preparing to file
additional claims on behalf of numerous other WorldCom ESOP
participants. The suits allege that the brokerage firms failed to
recommend to ESOP participants hedging strategies to protect
their concentrated position in WorldCom stock as a result of the
exercise of their stock options through the use of margin. The
claims focus on the mismanagement of clients' portfolios, due to
the fact that there were option contracts available at the time
of exercise that would have protected the value of the
concentrated margined portfolio; a strategy known as a "zero
cost" collar.

The sole purpose of this release is to investigate, on behalf of
our clients, sales practice violations of licensed brokers at
Salomon Smith Barney, Inc. , Merrill Lynch, Pierce Fenner &
Smith, Inc. , Morgan Stanley Dean Witter, Inc. , UBS PaineWebber,
Inc. and CIBC Oppenheimer, Inc. The firm is pursuing arbitration
suits before the New York Stock Exchange and the National
Association of Securities Dealers for securities violations
including the misuse of margin, the misuse of stock option plans,
failure to supervise, unsuitability claims, misrepresentation and
material omissions of fact, unauthorized transactions, and
excessive trading/churning of customers' accounts. We would
greatly appreciate any information from ESOP participants
concerning the method or process used by Salomon, Merrill, Morgan
Stanley, PaineWebber, and/or Oppenheimer with regard to clients'
stock options and the handling of their accounts.

K&T has offices in California, Florida and New York and
represents investors throughout the nation. If you wish to
discuss this announcement, have done business with Salomon,
Merrill, Morgan Stanley, PaineWebber, Oppenheimer, or a major
brokerage firm with regard to the execution of stock options, and
feel you have been a victim of stockbroker misconduct or have
information relevant to our lawsuits, please contact Lawrence L.
Klayman, Esquire of Klayman & Toskes, P.A., 888-997-9956 or visit
us on the web at www.nasd-law.com.


KINGFISHER PLC: Issues Notification of Director's Interests
-----------------------------------------------------------
Name of company: Kingfisher Plc
Name of director: Francis Mackay

State whether notification indicates that it is in
respect of
      -   a holding of the shareholder named in 2. above     YES
      -   a non-beneficial interest                          NO
      -   a holding of an individual holder's spouse or      NO
          children under the age of 18
      -   a non-beneficial interest of an individual         NO
          holder's spouse or children under the age of 18

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

Nature of the transaction: Purchase

For PEP transactions please indicate:

      - whether general/single company PEP

      - if discretionary/non discretionary

Number of shares/amount of stock acquired: 26,005

Percentage of issued class: 0.001%

Class of security: 13.75 pence Ordinary shares

Price per share: 172 pence

Date of transaction: 26 July 2002

Date company informed: 26 July 2002

Total holding following this notification: 43,678

Total percentage holding of issued class following: 0.001%

These shares have been issued in consideration for his services
as a non-executive director

Any additional information during the period 1May 2002 to 31 July
2002

Contact Information:
Julie Wilson
Company Secretariat Assistant
Telephone: 020 7725 5853

Date of Notification: 29 July 2002


KINGFISHER: Mulcahy Sells Shares
---------------------------------
Sir Geoffrey Mulcahy informed the Company on 25th July 2002 that,
consistent with his intentions outlined in the Prospectus issued
on 10th July 2002, he has on 25th July 2002 sold, as beneficial
owner, 591,722 ordinary shares at 172 pence per ordinary share,
the aggregate net proceeds of which will be used to take up 100%
of his rights to new ordinary shares under the Kingfisher rights
issue.  His total holding of Kingfisher ordinary shares after
subscribing for his rights will be 718,232. The percentage
holding before and after the transaction was negligible.


ANTISOMA PLC: UK Patent for Caspase Gets Approval
-------------------------------------------------
Antisoma plc - www.antisoma.co.uk --, the UK-based
biopharmaceutical company specialising in the development of
products for the treatment of cancer, announced Monday that it
has been granted a UK patent for fusion proteins consisting of a
tumour targeting portion such as an antibody, with a
constitutively active caspase enzyme.

Antisoma announced in May, the strengthening of its targeted
apoptosis programme with the addition of a third enzyme, caspase,
supplementing its leading position with RNase and DNase.  All
three enzymes are central to the activation of apoptosis, the
natural mechanism of cell death that is inhibited in many types
of cancer cells.

Antisoma is working with scientists at Imperial College, London,
on the targeted introduction of specific enzymes to tumour cells.
The research programme is concentrating on caspases 3,6, and 7,
the so-called 'executioner caspases'. Once activated, these
caspases lead to irreversible cell death.  A range of antibody
caspase fusion proteins have been made and in vitro experiments
have demonstrated that antibody-targeted caspase can target, bind
to and kill tumour cells.

Products resulting from this research programme will now have
patent protection in the UK until 2022.  Applications have also
been made for patents worldwide.


Contact Information:

Glyn Edwards
Chief Executive Officer
Antisoma plc
Telephone: +44 (0)20 8799 8200


COOKSON PLC: Woes Deepen as HSBC Intervenes in Rights Issue
------------------------------------------------------------
Cookson Group Plc's woes deepened this weekend as one of its main
lenders, HSBC steps in over the company's faltering effort to
raise GBP277.5 million through a rescue rights issue, a report
from AFX News said.

The beleaguered company has to raise equity to slash its GBP750
million debt pile, the news agency said.



S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Kimberly MacAdam,
Larri-Nil Veloso, Maria Lourdes Reyes and Jean Claire Dy,
Editors.

Copyright 2002.  All rights reserved.  ISSN 1529-2754.

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