/raid1/www/Hosts/bankrupt/TCREUR_Public/021022.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
Tuesday, October 22, 2002, Vol. 3, No. 209
Headlines
* F I N L A N D *
SONERA CORP: Enters Development Agreement With WideRay
* F R A N C E *
ALCATEL: Announces Availability of Bandwidth-on-Demand Manager
ALCATEL: Conforms to MSF’s Architecture Implementation Guidelines
COMDISCO FRANCE: Announces Sale of European Operations
FINAREF: Parent in Talks to Sell Finaref to Prop Up Business
FRANCE TELECOM: Denies Plans to Assume MobilCom’s Debt
VIVENDI UNIVERSAL: French Publishers Oppose Lagardere’s Offer
VIVENDI UNIVERSAL: Maintains Terms of Convertible Bonds
VIVENDI UNIVERSAL: S&P Places Rating Outlook to Developing
* G E R M A N Y *
DEUTSCHE TELEKOM: Increases Marketed Lines by 1.5 Million
* N O R W A Y *
FORESTIA A.S.: To Undergo Significant Restructuring
* P O L A N D *
ELEKTRIM SA: Announces Contract Executed by Subsidiary Company
ELEKTRIM SA: Board Announces Resolution Regarding Proxies
* S W E D E N *
LM ERICSSON: Plans Delisting From Stock Exchanges
LM ERICSSON: Board Authorizes 1:10 Ratio Change for ADRs
* S W I T Z E R L A N D *
CREDIT SUISSE: Investment Foundation Launches Mixta-BVG Low Risk
SWISS LIFE: Error In Half-Year Accounts 2002 No Impact on Equity
* U N I T E D K I N G D O M *
BRITISH ENERGY: Issues Notice of Extraordinary General Meeting
CABLE & WIRELESS: Chief Executive Faces Pressure to Step Down
INVENSYS PLC: Completes Sensor Systems Disposal
MARCONI PLC: CommsWorld Telecomms Salutes Marconi’s Innovation
TADPOLE TECHNOLOGY: Subsidiary to Become Vendor of FIMA
THE BIG FOOD: Moody’s Subjects Ratings Under Review
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F I N L A N D
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SONERA CORP: Enters Development Agreement With WideRay
------------------------------------------------------
Sonera Corporation, a leading international provider of mobile
and advanced telecom services, and WideRay, provider of scalable
single-box solutions for on-location wireless data services, have
entered into a co-development and commercial distribution
agreement.
Under the terms of the agreement, Sonera is funding a portion of
the development of WideRay's next-generation mobile caching
server product. WideRay's award-winning product (2001 DemoMobile
DEMOGAD Award, 2002 Bronze Industrial Design Excellence Award,
2002 Wireless Business & Technology World Class Product Award)
will be used to provide high speed on location content and data
services, leveraging Sonera's GSM/GPRS wireless networks for
back-end connectivity. Sonera will also contribute network
engineering and business process expertise to the co-development
project. Sonera has received an equity position in WideRay and
representation on the board of directors of WideRay.
Under the commercial terms of the agreement, Sonera will gain
exclusive distributorship of WideRay's product in Europe. Sonera
is expected to begin formally offering Sonera-labeled solutions
and services based on the WideRay platform in the first half of
2003. Sonera plans to expand WideRay's network of European
resellers and solutions providers, as well as offer direct
solutions to enterprises.
"We see large opportunities in delivering the next generation of
intelligent wireless data services, both in the public sphere and
within enterprises. WideRay stands well positioned to become a
leader in this area by providing the best implementation of a
critical missing piece of the overall architecture," said Harri
Koponen, CEO of Sonera Corporation.
"This agreement is the most significant milestone in the history
of WideRay since the release of our first product. It represents
significant industry validation of our product offering, our
platform architecture, and the business opportunity in on-
location wireless data services. It also directly answers the
question of how WideRay fits into the ecosystem of established
telecom players," said Saul Kato, CEO of WideRay.
The Sonera, WideRay agreement is expected to boost data usage and
revenue from the developing on-location wireless services market
in Europe. Both companies plan to quickly bring other industry
partners into the project, including handset manufacturers,
solutions partners, and OEM equipment providers.
About WideRay
WideRay equipment and integrated platform provider focused on the
high-speed, on-location wireless data services market. WideRay
has developed single-box architecture for deploying centrally
managed, low-cost wireless data services in scale. WideRay's
customers and partners include Land Rover, Metreon - A Sony
Entertainment Center, Motorola, Palm, Inc., Penton, San Francisco
Giants, Sundance Film Festival, and Worldcom. WideRay is
privately held and located in San Francisco, California. For more
information about WideRay, please call (415) 263-2800 or toll
free at (877) WIDERAY (943-3729) and visit WideRay's website at
www.wideray.com.
CONTACT: Sonera:
Timo Korpela, Vice President, Corporate Strategy
Phone: +1 650 906 8100
E-mail: timo.korpela@sonera.com
WideRay:
Saul Kato, CEO, WideRay
Phone: +1 415 263 2804
E-mail: skato@wideray.com
timo.korpela@sonera.com
skato@wideray.com
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F R A N C E
===========
ALCATEL: Announces Availability of Bandwidth-on-Demand Manager
--------------------------------------------------------------
Alcatel 1355 BonD reduces capital expenditures up to 40%
Alcatel (Paris: CGEP.PA and NYSE: ALA), the world leader in
optical networking, announced the commercial availability of its
1355 Bandwidth-on-Demand (BonD) Manager, the answer to operators'
requirements for dynamic bandwidth allocation over DWDM and
SDH/SONET transmission networks, without requiring massive
expenditures on network upgrades. The system allows a carrier's
end customers - including telecom operators, Internet service
providers (ISPs) and enterprises - to purchase and deliver
bandwidth on demand as multiple users and applications access
network resources simultaneously.
By deploying the Alcatel 1355 BonD, telecom operators, ISPs and
enterprises use carrier network's resources to directly set up
end-to-end optical connections and allocate bandwidth in real-
time, using a cost-effective "pay-as-you use" concept. It enables
carriers to achieve up to a 40% savings in capital expenditures
by adding functionality and making maximum use of existing
transport networks instead of current solutions which require
expensive network overlays using proprietary signaling protocols
to achieve the same functionality. They can order anytime,
anywhere a significant temporary increase in the amount of
available bandwidth and then return to a basic level once the
transmission is completed and the bandwidth is no longer needed.
This traffic shaping improves network capacity utilization
allowing telecom operators, ISPs, and enterprises to maintain
their own infrastructure, but with minimum capital investments.
Integrated into Alcatel's network management solution, the 1355
BonD Manager provides a practical approach to dynamic bandwidth
management and paves the way for new kinds of services - such as
Ethernet-on-demand and optical virtual private network (OVPN), as
well as supporting storage area network (SAN) interconnect and
bandwidth trading applications.
"Operators and service providers are very pragmatic today. They
want to extend the performance and improve the efficiency of
their existing networks, minimize operating costs, and add new
capabilities to meet customer demands without making major
capital investments. 1355 BonD does exactly that," stated Jean-
Marie Vansteenkiste, president of Alcatel's optical networks
activities.
Alcatel is the world leader in network management, with currently
more than 1,300 Alcatel network managers deployed in the networks
of major operators and service providers worldwide. The latest
application added to Alcatel's field-proven network management
solution, the Alcatel 1355 BonD delivers a richer suite of high-
margin customized services, offered along with a guaranteed
Quality of Service (QoS) easily verifiable through to Service
Level Agreements (SLAs).
About Alcatel's Network Management 1300 series
Alcatel's market leading 1300 NM family manages under one unified
platform a complete range of optical transport products, optical
gateways, DWDM and TDM systems to enable efficient traffic
control and routing throughout all network levels, from local up
to intercontinental links. Integrated network management is
essential for network operators to provide quality of service
guarantees and to maximize cost savings. From equipment
management to service management, Alcatel's 1300 NM family
supports the introduction of new technology network elements and
service migration seamlessly. Its evolution is towards the
Generalized Multi-Protocol Label Switching (GMPLS) protocol which
offers a standardized way to handle connections, provide fast
end-to-end bandwidth provisioning, thus reducing the network
operational costs through simplified/automated procedures in
bandwidth allocation. Additionally, the transport network becomes
optimized for carrying IP services. The family has been enriched
with systems dedicated to manage bandwidth on demand (from 2Mb/s
to 10Gb/s including Ethernet bit-rates) for Operator's customers,
for multi-carrier interoperability and for service providers'
data communication network infrastructures.
About Alcatel
According to leading telecom market research firm RHK, Alcatel
was the 2001 world leader in global optical transport -
encompassing terrestrial and submarine applications - with 17%
market share, in terrestrial optical transport with 14.2% market
share and in submarine optical transport with 41% market share,
an unprecedented achievement in the telecom industry. Alcatel's
optics business comprises optical components, optical fibers,
SDH/SONET and DWDM systems, cross-connects, microwave radio
links, network intelligence, and services for both terrestrial
and submarine applications.
Alcatel designs, develops and builds innovative and competitive
communications networks, enabling carriers, service providers and
enterprises to deliver any type of content, such as voice, data
and multimedia, to any type of consumer, anywhere in the world.
Relying on its leading and comprehensive products and solutions
portfolio, stretching from end-to-end optical infrastructures,
fixed and mobile networks to broadband access, Alcatel's
customers can focus on optimizing their service offerings and
revenue streams. With sales of EURO 25 billion in 2001, Alcatel
operates in more than 130 countries. For more information, visit
Alcatel on the Internet: http://www.alcatel.com.
Note:
The Troubled Company Reporter in its October 3, 2002 issue
reported that Alcatel's unit, Alcatel Canada, recently announced
employee reductions of over 400 positions or about 12% of the
overall workforce. This was to address the continuing economic
slowdown in the telecommunications networking industry.
ALCATEL: Conforms to MSF's Architecture Implementation Guidelines
-----------------------------------------------------------------
Alcatel's next generation network solutions proven to be open,
interoperable and multiservice
Alcatel (Paris: CGEP.PA and NYSE: ALA) announces that its next
generation network solutions support the Multiservice Switching
Forum (MSF) Release 1 architecture Implementation Guidelines.
Alcatel's philosophy is to deliver products based on open
standards-based interfaces and protocols, an approach that
ensures our customers to deploy a cost-effective multiservice and
interoperable network architecture.
Roger Ward, President of the MSF says: "Adoption of the Release 1
Implementation Guidelines makes a statement about Alcatel and
their support for a truly interoperable switching architecture.
Forward-looking companies recognize that, as the industry moves
beyond the current economic downturn, carriers will be looking
for interoperable solutions. We feel that equipment that conforms
to the MSF Release 1 Architecture will have a head start in the
race for new customers."
Companies ratifying MSF Guidelines, provide a full set of
services, including Telephony, IP/Internet Services, Frame Relay
and ATM services. The network architecture adheres to the
underlying principle of the physical separations of the
multiservice switching systems and the use of multivendor
protocols. These implementations enable greater network
flexibility and will improve the industry opportunities for
service providers and vendors.
Martine Lapierre, CTO for the Carrier Network Group of Alcatel,
adds: "We understand our customers' requirements for multiservice
and multivendor systems. Our main objective is to provide the
best-in-class next generation network solutions to operators and
enable them to offer revenue generating services."
She added: "We fully support the work developed in the MSF.
Consisting mainly of services providers and carriers, the MSF
members play a crucial role in providing us with key competitive
elements to implement our future-proof NGN solutions."
Alcatel's main next generation solutions supporting the MSF
guidelines include Softswitches, Media Gateways, Access Gateways
as well as the Open Service Platform*.
The MSF expects to release revised sets of guidelines as the
industry matures and successive Implementation Agreements (IAs)
are deployed.
* Alcatel 5000 Softswitch, Alcatel 5020 Softswitch, Alcatel 7505
Media Gateway, Alcatel 7510 Media Gateway, Alcatel 7670 Routing
Switch Platform Media Gateway, Alcatel 7310 Loop Voice Gateway,
Alcatel 7300 Advanced Services Access Manager, Litespan 1540
multiservice access platform and the Open Service Platform.
About the MSF
The Multiservice Switching Forum (MSF) is a global association of
service providers and system suppliers committed to developing
and promoting open-architecture, multiservice switching systems.
Founded in 1998, the MSF is an open-membership organization
comprised of the world's leading telecommunications companies.
The MSF's activities include developing implementation
agreements, promoting worldwide compatibility and
interoperability, and encouraging input to appropriate national
and international standards bodies. For more information about
the MSF and its members, visit the MSF web site at
http://www.msforum.org.
About Alcatel
Alcatel designs, develops and builds innovative and competitive
communications networks, enabling carriers, service providers and
enterprises to deliver any type of content, such as voice, data
and multimedia, to any type of consumer, anywhere in the world.
Relying on its leading and comprehensive products and solutions
portfolio, stretching from end-to-end optical infrastructures,
fixed and mobile networks to broadband access, Alcatel's
customers can focus on optimizing their service offerings and
revenue streams. With sales of EURO 25 billion in 2001, Alcatel
operates in more than 130 countries.
COMDISCO FRANCE: Announces Sale of European Operations
------------------------------------------------------
Comdisco Holding Company, Inc. (OTC:CDCO) on Friday announced
that is has entered into an agreement for the sale of its French
operations, Comdisco France SA and Promodata SNC, to Belgium-
based computer services provider, ECONOCOM Group. The sale is
contingent upon French regulatory approval. Terms were not
disclosed.
Comdisco also announced that it has sold its Swiss and Austrian-
based operations. The Swiss operations have been sold to
Comprendium SA, owned by Thomas Flohr, who until January 2001
served as President of Comdisco Europe. Comdisco's Austrian
operations have been sold to PH Holding GmbH, owned by Peter
Huber, who until the sale had been serving as the regional
manager for Comdisco's Austrian and Swiss operations. Terms were
not disclosed for either sale.
Each of the transactions resulted from an extensive offering and
competitive bidding process run by the company's independent
investment banking firm. The operations in France, Switzerland
and Austria comprised approximately 13 percent, 3 percent and 2
percent, respectively, of Comdisco's total European assets as of
June 30, 2002.
About Comdisco
The purpose of reorganized Comdisco is to sell, collect or
otherwise reduce to money the remaining assets of the corporation
in an orderly manner. Rosemont, IL-based Comdisco
(www.comdisco.com) provided equipment leasing and technology
services to help its customers maximize technology functionality
and predictability, while freeing them from the complexity of
managing their technology. Through its former Ventures division,
Comdisco provided equipment leasing and other financing and
services to venture capital backed companies.
The First Amended Plan of Reorganization of Illinois-based
Comdisco became effective August 12, 2002. The newly emerged
company was named Comdisco Holding Company, Inc.
CONTACT: Comdisco
Mary Moster
Phone: 847/518-5147
E-mail: mcmoster@comdisco.com
or
Kekst and Company
Fred Spar or Jeremy Fielding
Phone: 212/521-4800
FINAREF: Parent in Talks to Sell Finaref to Prop Up Business
------------------------------------------------------------
French retail conglomerate, Pinault-Printemps-Redoute, is in
advanced negotiations to sell its profitable unit, Finaref, says
the Financial Times. Finaref is valued at more than EUR3 billion
(USD2.9 billion).
PPR is to keep control of its customer database while selling the
credit provision side of the business, the report says.
The move, according to sources close to the talks, is part of the
company's drive to cut EUR6-billion debt and restore investor
confidence. The conglomerate's shares have fallen 52% since the
start of the year.
The group's commitment to buy 47% of Gucci it does not already
own for up to $4.8bn in 2004 is worrying investors; and the sell-
off is expected to reassure the market that it could push through
with the buy-out ahead of the 2004 deadline.
At the same time, the sell-off is expected to ease pressure on
the family holding company of Francois Pinault, Artemis, whose
debt is guaranteed by its shares in PPR.
While the deal could prop up the group's share, it would, on the
other hand, deprive PPR of a financial services business that
accounts a fifth of its profit, according to the report.
French bank Credit Agricole is understood to be interested in
buying the group's financial services and consumer credit arm.
The deal requires the company to guarantee exclusive access to
its customers for a number of years to Cr‚dit Agricole or any
other buyer. The bank did not give comment on the issue.
PPR and Rothschild, the investment bank understood to be acting
for PPR in the talks, also declined to comment on the likely sale
of Finaref.
Finaref is France's third-largest consumer credit group, with
8.5m storecards.
FRANCE TELECOM: Denies Plans to Assume MobilCom's Debt
------------------------------------------------------
France Telecom denied reports from German daily Handelsblatt that
it intends to assume EUR7.5 billion in debt from its troubled
German subsidiary MobilCom, reports say.
According to the earlier report, the French company will will
take on a EUR 4.7 billion loan for MobilCom's third-generation
mobile network, EUR 1 billion in shareholder loans, and EUR 1.2
billion in financing agreements with Nokia and Ericsson.
France Telecom also denied agreeing to the injection of EUR 485
million into MobilCom to freeze construction of its UMTS network
with the condition that MobilCom will not seek damages from
France Telecom.
According to a previous TCR-Europe report, France Telecom has
been looking for a guarantee that MobilCom will not seek damages
for suspending their 2000 shareholder agreement, which requires
the French operator to provide Mobilcom with EUR18 billion in
liquidity over 10 years.
CONTACT: MOBILCOM AG
Hollerstra e 126
D-24782 Bdelsdorf, Germany
Phone: +49-43-31-69-11-73
Fax: +49-43-31-69-28-88
Home Page: http://www.mobilcom.de
FRANCE TELECOM
6, Place d'Alleray
75505 Paris Cedex 15, France
Phone: +33-1-44-44-22-22
Fax: +33-1-44-44-95-95
Home Page: http://www.francetelecom.fr
VIVENDI UNIVERSAL: French Publishers Oppose Lagardere's Offer
-------------------------------------------------------------
Lagardere's bid for Vivendi Universal's publishing business has
encountered domestic opposition on grounds that the possible sale
would unfairly dominate France's book industry.
Vivendi Universal, which is maintaining its selling price for the
publishing assets at EUR3.5 to EUR4 billion, is currently
undertaking a EUR12-billion disposal program. The company was
mired in debt as a result of a US$77 billion acquisition spree of
former Chief Executive Officer Jean-Marie Messier.
According to the Financial Times, independent French publishers
have come out in force to oppose the bid for the assets, which is
expected to combine with Lagardere's Hachette business. The group
predicts that Hachette-VUP would control 70 per cent of French
book distribution, 60 per cent of paperback publishing and more
than 80 per cent of educational publishing.
Yet, the Financial Times report also says, "the irony is that
excluding LagardŠre could hand VUP to private equity funds
largely financed by foreign capital."
In a report in Le Monde newspaper, 22 French publishers informed
Lagardere's chief executive that the group would appeal to French
and European competition authorities to overturn the deal if
LagardŠre won the contest.
Lagardere executives admitted it would still ask permission from
Brussels and French competition authorities to offer the bid. It
also anticipates being obliged to resell some operations to other
investors.
Two other bidders for the publishing assets are French buyout
firm Eurazeo SA with Carlyle and Credit Agricole SA's buyout
firm; and BNP Paribas SA's PAI Management unit with KKR, Apax
Partners, Bain Capital, Blackstone Group LP, Thomas H. Lee
Partners LP and Goldman Sachs Group
Inc.'s private- equity arm.
CONTACT: VIVENDI UNIVERSAL
Investor Relations
Paris
Laura Martin
Phone: 917/378-5705
Laurence Daniel
Phone: +33 (1).71.71.1233
New York
Eileen McLaughlin
Phone: +(1) 212/572-8961
VIVENDI UNIVERSAL: Maintains Terms of Convertible Bonds
-------------------------------------------------------
Following the strengthening of its financing, Vivendi Universal
(NYSE: V; Paris Bourse: EX FP) wants to confirm that it will not
be modifying the terms of the bonds convertible into Vivendi
Environnement shares that it issued on March 8, 2001.
In line with the announcements made on September 25, Vivendi
Universal's financing needs have taken into account the
possibility of an early redemption in cash, if holders so choose,
of their convertible bonds for a total maximum amount of E1.9
billion on March 8, 2003.
CONTACT: Vivendi Universal, Paris
Antoine Lefort
Phone: +33 1 71 71 11 80
or
Vivendi Universal, Paris
Alain Delrieu
Phone: +33 (1).71.71.1086
or
Vivendi Universal, New York
Anita Larsen
Phone: (212) 572-1118
VIVENDI UNIVERSAL: S&P Places Rating Outlook to Developing
----------------------------------------------------------
Standard & Poor's, on Thursday, revised the CreditWatch status to
developing from negative on its double-'B' long-term corporate
credit and single-'B'-plus long-term debt ratings on French media
giant Vivendi Universal S.A.
The action follows the announcement of the refinancing agreement
of the company's subsidiary with two international banks.
JPMorgan Chase Bank and Bank of America, N.A., on October 15,
extended Vivendi Universal Entertainment's $1.62 billion credit
facility from November 1, 2002, to June 30, 2003.
As a result, the ratings could be raised, lowered, or affirmed.
According to the rating agency, it is expecting Vivendi Universal
to complete the refinancing steps rapidly, as "it closely follows
the obtainment of waivers for negative pledge covenants in
certain syndicated credit facilities--a condition for Vivendi
Universal's receiving its recent ?3 billion ($2.9 billion)
syndicated secured credit facility."
And though S&P acknowledges that the $1.62 billion bridge loan
can be partially extended to end-September 2003, the rating
agency suggests that Vivendi Universal rapidly explore all
possible refinancing options for the loan.
=============
G E R M A N Y
=============
DEUTSCHE TELEKOM: Increases Marketed Lines by 1.5 Million
---------------------------------------------------------
Deutsche Telekom is continuing its broadband drive. Europe's
largest telecommunications company has marketed 2.7 million
lines, 1.5 million more than one year ago. The use of new systems
in the network means households further away from exchanges can
now also be provided with T-DSL. Furthermore, with T-DSL Business
symmetrical, Deutsche Telekom is now offering business customers
in 10 cities the capability for fast Internet uploads and
downloads with several levels.
"With our high-performance, state-of-the-art network, we are
providing the individual information highways which the customer
needs. We offer residential customers, who appreciate broadband
surfing with T-Online Vision, the Doppelturbo T-DSL 1500 with its
amazing speed and we provide the economy with the digital routes
it needs as the backbone of business. With our products and
services, we play the role of an engine which can stimulate
growth in other sectors of industry", emphasised Josef Brauner,
Member of the Deutsche Telekom AG Board of Management, T-Com/T-
Systems. He also explained that the innovative fixed network is
the backbone for future-oriented telecommunications applications
and the evolution of electronic business.
Online Office is Deutsche Telekom's newest product in the field
of application service providing (ASP) solutions. Small and
medium-sized business customers can save up to 25% of there costs
by using this solution. The full Microsoft Office software
package is provided via the network. This saves the user the
trouble of software updates and server maintenance, explained
Achim Berg, Deutsche Telekom AG's Head of National Business, T-
Com, in Munich. "We want to give T-Com's 420,000 small and
medium-sized business customers the opportunity to optimise their
business processes with future-oriented, innovative processes,
particularly in the face of the current economic situation."
Deutsche Telekom AG is exhibiting at the SYSTEMS 2002 trade fair
in Munich from 14 to 18 October with a broad range of systems
solutions for small and medium-sized enterprises (SMEs). In hall
B4, on stand 336, Deutsche Telekom is presenting a comprehensive
portfolio of applications for the ideal use of communications
facilities, networks and services.
Deutsche Telekom is also presenting eGovernment, an all-
encompassing industry solution which integrates existing
specialist applications and administrative software solutions in
a single platform and can be accessed directly by municipalities
and district authorities. This allows many official procedures to
be handled via the Internet, public administrative services can
be accessed without waiting times and working processes can be
streamlined.
The Health Care solution creates a network for communication
between doctors and hospitals. The improvement of the flow of
data and communication via Health Care is of considerable benefit
to the patient in particular, while maintaining all legal
preconditions such as the free selection of doctors, the doctors'
obligation of confidentiality and the like.
The need for professional mobility, crucial for business success,
is met by a solution from T-Mobile. With Mobile Access Portal and
Mobile Service Portal, T-Mobile is offering two portal solutions
on a service integration platform developed jointly with
Microsoft which open up new dimensions of mobile working: "Any
device, any bearer, any time". This allows employees to be kept
up to date while on the move and lets them access information on
the corporate network immediately. Future-proof solutions allow
the convenient use of mobile data communication via both GPRS and
UMTS in the future.
At the SYSTEMS fair, T-Online, the Deutsche Telekom Group's
Internet division, is presenting many new content offers on its
business portal at www.t-online-business.de. The pay services
combine attractive functions such as works of reference, database
searches and online contract drafting in compact service packages
at attractive prices. The Office knowledge package includes
various lexicons and works of reference in different languages.
The interactive contract manager allows the user to draft
contracts on the Internet tailored to specific requirements. The
new T-Online Firmencenter for companies offers users combined
information from five economic databases. The new offer, Lexlohn
T-Online Edition, is a good-value solution from T-Online which
allows small and medium-sized businesses to manage their payroll
accounting via the Internet.
===========
N O R W A Y
===========
FORESTIA A.S.: To Undergo Significant Restructuring
---------------------------------------------------
Particleboard producer Forestia A.S, in which Norske Skog has a
90% ownership, is about to undergo a significant restructuring.
Yesterday, Forestia's board decided to establish a new plant
structure, which involves closing down Forestia Agnes, while
producing full at the plants in Braskereidfoss, Kvam and Grubhei.
Sixty-three employees at Agnes will be laid off. Negotiations
with the trade unions will start immediately.
The goal with the restructuring is to take the company to an
acceptable profit level with an instant result improvement of
over NOK 50 million. Additional improvements to secure the
company for the long-term will also be necessary due to the
market situation and the strong NOK.
Forestia has struggled for many years in a highly competitive
market. During the last year, the company went through a
reorganization program to improve its results. This program has
lead to progress, although insufficient to lay the foundation for
a sustained increase in profitability.
Forestia AS is Norway's leading manufacturer of particleboard,
with three facilities producing a wide variety of treated and
untreated products for both the furniture and building
industries. Forestia also has a production facility for I-beams
for the construction industry. The company exports a
considerable portion of its production. It has an operating
revenue of NOK600 million (USD78.5 million).
CONTACT: NORSKE SKOG
Corporate Communication
Media: Director P†l Stensaas
Phone + 47 67 59 93 47/+47 952 86 006
Financial Markets:
Vice President IR Jarle Langfj‘ran
Phone: + 47 74 08 72 82
or + 47 909 78 434
===========
P O L A N D
===========
ELEKTRIM SA: Announces Contract Executed by Subsidiary Company
--------------------------------------------------------------
The Management Board of Elektrim S.A. announces that it was
informed by Elektrim-Megadex S.A. (Elektrim's subsidiary) that on
16 October 2002 a contract was executed between the Consortium of
Elektrim-Megadex S.A. with Associated Power Equipment Consultants
(L) Ltd, Malaysia and Monde Energy Co-Generation Services Inc.,
the Philippines, providing for a construction of the ECP type
(engineering, procurement, construction) of a diesel 8,6 MW power
station in the Philippines.
The value of the contract is USD 8,454,681.
Delivery date: 25 October 2003.
ELEKTRIM SA: Board Announces Resolution Regarding Proxies
---------------------------------------------------------
The Management Board of Elektrim S.A. announces that on 16
October 2002 it approved a resolution to recall the proxy granted
to Mr Przemyslaw Aussenberg and a resolution granting a joint
proxy to Mr Rafal Rybacki to represent the Company together with
a Management Board member.
At the same time, Elektrim's Management Board has appointed Mr
Rafal Rybacki as Financial Director to replace Mr Przemyslaw
Aussenberg who had been recalled.
Mr. Rafal Rybacki, 34 is Master of Economic Sciences, Economic
Academy in Warsaw and Master in Finance, London Business School.
He is formerly, Director in BRE Corporate Finance S.A.
responsible for M&A, purchases with the use of leverage and
sourcing funding for investment projects.
He is a specialist in valuation, financial modelling, and
assessment of investment projects efficiency.
In the period from February to August 2002, he was advisor to the
Infrastructure Minister, responsible for financing infrastructure
projects in the road-building sector.
===========
S W E D E N
===========
LM ERICSSON: Plans Delisting From Stock Exchanges
-------------------------------------------------
The Ericsson (NASDAQ:ERICY) board has authorized the President
and CEO to apply for and execute de-listing of the Ericsson B-
share from Euronext (Paris), the German Stock Exchanges
(Dusseldorf, Frankfurt and Hamburg) and the Swiss Exchange.
On Friday, more than 99 percent of trading in Ericsson is on the
OM Stockholmsborsen, Nasdaq and the London Stock Exchange. In
France, Germany and Switzerland the trading volumes are
insignificant and do not justify the costs associated with the
listings.
The de-listing timeline is expected to differ for each exchange,
with the process beginning immediately.
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: Ericsson
Investors
Gary Pinkham, Vice President, Investor Relations
Phone: +46 8 719 0858, +46 730 371 371
E-mail: investor.relations@ericsson.com
or
Media
Ase Lindskog, Director, Media Relations
Phone: +46 8 719 9725, +46 730 244 872
E-mail: ase.lindskog@lme.ericsson.se
or
Mads Madsen, Director, Media Relations
Phone: +46 8 719 0626, +46 70 666 2903
E-mail: mads.madsen@lme.ericsson.se
LM ERICSSON: Board Authorizes 1:10 Ratio Change for ADRs
--------------------------------------------------------
The Board of Directors of Ericsson has authorized a change in the
ratio of its American Depositary Shares (ADSs) as they relate to
its Class B-shares. The change is expected to become effective as
of October 23, 2002.
One ADS at the new ratio will be issued in exchange for every ten
currently outstanding. Following this exchange, one new ADS will
represent 10 Class B-shares. This will result in a technical
price adjustment to the ADSs corresponding to the ratio change.
The current ratio is 1:1.
Ericsson's Board has authorized this change in order to comply
with the listing requirements of the Nasdaq National Market. ADS
holders will not be charged a fee for this transaction.
After the change, the ADSs will temporarily trade under the
interim symbol of "ERICD" for a period of 20 days to assist in
making investors aware of the ratio change. Thereafter, the
symbol will revert to the original "ERICY" trading symbol.
The ratio change will reduce the number of outstanding ADSs from
approximately 1.7 billion to approximately 170 million. Citibank,
N.A., as depositary, will notify existing ADS holders as to how
to exchange their share certificates. ADS holders will be
compensated at a rate to be determined for holdings not amounting
to ten or not divisible by ten.
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. Read more at
http://www.ericsson.com/press
CONTACT: Investors
Glenn Sapadin, Investor Relations (US)
Phone: +1-212-685-4030
E-mail: investor.relations@ericsson.com
Media
se Lindskog, Director, Media Relations
Phone: +46 8 719 9725, +46 730 244 872
E-mail: ase.lindskog@lme.ericsson.se
Mads Madsen, Director, Media Relations
Phone: +46 8 719 0626, +46 70 666 2903
E-mail: mads.madsen@lme.ericsson.se
=====================
S W I T Z E R L A N D
=====================
CREDIT SUISSE: Investment Foundation Launches Mixta-BVG Low Risk
----------------------------------------------------------------
In response to the difficult financial market conditions and the
changes many Swiss pension funds have made to their risk
profiles, Credit Suisse Investment Foundation is launching a new
investment group, the CSA Mixta-BVG Low Risk. The asset
allocation comprises 40% Swiss real estate, 30% Swiss mortgages,
25% Swiss bonds and 5% cash.
To underline the product's conservative positioning, more
volatile instruments, i.e. equities and foreign currency
investments, have been deliberately excluded. The anticipated
annual return after costs is currently 3.5%. As the effects of
interest rate movements on bonds, mortgages and real estate
balance each other out to some extent, the expected annual
volatility is just under 2% - well below that of Swiss bonds
(approx. 3%). Furthermore, for a holding period of three years or
longer, the shortfall risk (probability that the product's value
will fall below the purchase price) is very low.
The extremely conservative composition of the CSA Mixta-BVG Low
Risk investment group (Swiss securities number 1503660), open to
all Swiss pension funds for subscription, makes it particularly
suitable for institutions with limited risk capacity.
Credit Suisse Asset Management is the institutional and mutual
fund asset management arm of Credit Suisse First Boston, part of
the Credit Suisse Group, one of the world's largest financial
organizations with approximately USD 867.6 billion in assets
under management. Credit Suisse First Boston (CSFB) is a leading
global investment bank serving institutional, corporate,
government and individual clients. CSFB's businesses include
securities underwriting, sales and trading, investment banking,
private equity, financial advisory services, investment research,
venture capital, correspondent brokerage services and asset
management. CSFB operates in 77 locations in 36 countries across
six continents. The Firm is a business unit of the Zurich-based
Credit Suisse Group, a leading global financial services company.
For more information on Credit Suisse First Boston, please visit
our Web site at www.csfb.com.
As of June 30, 2002, Credit Suisse Asset Management employed
2,262 people worldwide and had global assets under management of
approximately USD 306.9 billion. Please note that this is not an
offer for advisory services by Credit Suisse Asset Management.
For more information on Credit Suisse Asset Management, please
visit our Web site at www.csam.com.
The investment group is issued and managed by the Credit Suisse
Investment Foundation, Zurich, with Credit Suisse Asset
Management, Zurich, a division of Credit Suisse First Boston,
acting as custodian bank. The statutes, regulations, investment
guidelines and latest annual and quarterly reports are available
free of charge from the Credit Suisse Investment Foundation. Only
tax-exempt pension funds domiciled in Switzerland are authorized
to invest directly in this product.
CONTACT: Sandrine Mehr
Credit Suisse Asset Management
Corporate Communications Telephone
Phone: +41 1 333 4248
SWISS LIFE: Error In Half-Year Accounts 2002 No Impact on Equity
----------------------------------------------------------------
In connection with the planned capital increase, Swiss
Life/Rentenanstalt submitted its 2002 half-year report to the
statutory auditors for additional review. An error was thereby
discovered in the IAS half-year accounts. The half-year results
after taxes are accordingly lower by CHF 192 million, amounting
to CHF 578 million. At the same time, the unrealized gains/losses
are correspondingly improved, and equity and the Group's
financial situation remain higher and total equity remains
unchanged. The planned capital increase is not affected.
Immediate measures should improve financial reporting and ensure
consistent quality.
The review of the 2002 half-year report performed by the auditors
PricewaterhouseCoopers found that the electronic securities
administration system that had been implemented during the early
part of this year was not functioning perfectly. In this IT
system, an error was made in calculating the amortized values of
certain maturing bonds. Correcting this error has led to a
reduction of CHF 254 million in the net realized gains/losses in
the IAS half-year results, which raises the half-year loss after
taxes by CHF 192 million to CHF 578 million. On the other hand,
the unrealized gains/losses in the balance sheet increased
correspondingly. The parent company's accounts are not affected
by this error, and the embedded value remains unchanged. In their
report, the auditors confirm the accuracy of the corrected 2002
half-year financial accounts. The cause of this error has been
remedied.
"This new reporting error is very regrettable," said CEO Roland
Chlapowski. "It reveals weaknesses in the project management in
implementing the new securities administration system. We will
follow up accordingly and qualitatively and quantitatively
strengthen the accounting team, under the management of Bruno
Pfister, our new CFO since the middle of August".
The Board of Directors has ordered immediate measures to be
taken. Commenting on this, Dr. Andres F. Leuenberger, Chairman of
the Board, states: "To ensure the quality of our accounting, we
will strengthen our internal controls and increase the
involvement of the external auditors in our financial reporting.
From now on, Swiss Life/Rentenanstalt will have the auditors
review the half-year financial statements".
To See Consolidated Statement of Income:
http://bankrupt.com/misc/SwissLife.pdf
===========================
U N I T E D K I N G D O M
===========================
BRITISH ENERGY: Issues Notice of Extraordinary General Meeting
--------------------------------------------------------------
Notice of an Extraordinary General Meeting, at which a resolution
to effect the proposal described in this document will be
considered, is set out on this document. The Extraordinary
General Meeting will be held at 10 a.m. on Monday 4 November 2002
at the Murrayfield Stadium Conference Centre, Edinburgh EH12 5PJ.
The Form of Proxy should be returned so as to reach British
Energy plc's registrars, Lloyds TSB Registrars, SEA 9440, The
Causeway, Worthing BN99 6DX, by not later than 10 a.m. on 2
November 2002.
Proposed Increase of Borrowing Limit
Background
As you will be aware, on 5 September 2002 we announced that we
had initiated discussions with the U.K. Government with a view to
seeking immediate financial support and enable a longer term
restructuring to take place. On 9 September 2002, we announced
that we had entered into a facility with the U.K. Government for
up to œ410 million to provide working capital for our immediate
requirements and to allow us to stabilise our trading position in
the U.K. and North America. On 26 September 2002 we announced
that we had reached agreement with the U.K. Government on
extending the facility agreement for a further two months. The
facility has been increased from œ410 million to up to œ650
million to provide working capital for the business and
collateral to support the trading operations in the U.K. and
North America and will
mature on 29 November 2002. The facility agreement is cross-
guaranteed by principal group entities and secured by certain
group assets. Further details of the guarantees and security
arrangements are given in the Appendix to this document.
Discussions with the U.K. Government about options for
restructuring British Energy are continuing. However, no
decisions have been taken by the U.K. Government and no
commitments given on the Company's long term future. If these
discussions are not successful, and there can be no guarantee
that they will be, the Company may be unable to meet its
financial obligations as they fall due and therefore the Company
may have to take appropriate insolvency proceedings. At this
stage there can be no certainty about the final shape of any
restructuring or whether it will preserve value for investors.
Borrowing Limit
The Company's Articles of Association provide that the Board
shall restrict the borrowings of the Company and its subsidiary
undertakings so as to ensure that the aggregate principal amount
outstanding in respect of moneys borrowed by the group does not,
without the previous sanction of an ordinary resolution of the
Company, exceed a sum equal to two times the adjusted capital and
reserves.
It may be that at some time in the forthcoming months, the
Company's borrowings would, in the absence of the passing of the
resolution set out in this Circular, exceed the borrowing limit
either as a result of adjustments that may be made to adjusted
capital and reserves, or as a result of increases in borrowing
following the change in the group's financial position.
In these circumstances, the Board has taken legal advice on
British Energy's position and the borrowing limitations. The
Board has, in light of advice received, decided to convene an
extraordinary general meeting. The purpose of the extraordinary
general meeting is for the shareholders to consider and, if
thought fit, to approve by ordinary resolution of the Company the
increase of the group's borrowing limit, so that the aggregate
principal amount outstanding in respect of moneys borrowed by the
group (as that term is defined in the Articles of
Association of the Company) be permitted to be up to an amount of
œ1.6 billion.
It should be noted that if the proposed resolution is not
approved then the Company may need to cease trading.
Extraordinary General Meeting
A Notice convening an Extraordinary General Meeting of British
Energy plc (the "EGM") is set out on page 5 of this document. The
EGM will be held on 4 November 2002 at 10 a.m. at the Murrayfield
Stadium Conference Centre, Edinburgh EH12 5PJ.
The resolution set out in the Notice specifies the approval
required to effect the proposal set out in this letter.
Action to be taken
A Form of Proxy reply card, relating to the EGM is enclosed for
use by shareholders. You are asked to complete and sign it in
accordance with the instructions printed thereon and return it as
soon as possible. In order to be valid for the EGM it must be
received not later than 10 a.m. on 2 November 2002. Completion
and return of the Form of Proxy will not prevent you from
attending and voting in person, if you so wish.
New Information and Interim Results
With the Board's efforts focused on negotiations with Government,
ahead of maturity of the facility on 29 November 2002, we have
decided to defer publication of our interim results, which was
scheduled for 6 November 2002. The Board will not be able to make
any material information, which has not been announced before the
meeting available to shareholders at the EGM. The EGM is being
held purely to consider the resolution. We regret that at present
we cannot provide shareholders with further financial information
concerning the Company.
Recommendation The Board considers that the resolution referred
to in this letter is in the best interests of British Energy and
its shareholders. Accordingly, the Board unanimously recommends
British Energy's shareholders to vote in favour of the resolution
to be proposed at the EGM, as they propose to do in respect of
their beneficial shareholdings.
Yours sincerely
Robin Jeffrey
Executive Chairman
Notice Of Extraordinary General Meeting
NOTICE is hereby given that an Extraordinary General Meeting of
British Energy plc will be held at the Murrayfield Stadium
Conference Centre, Edinburgh EH12 5PJ on 4 November 2002 at 10
a.m. for the purpose of considering and, if thought fit, passing
the following resolution which will be proposed as an ordinary
resolution:
Ordinary Resolution
THAT in accordance with Article 91(2) of the Company's Articles
of Association, the board of directors of the Company be and are
hereby authorised to permit the aggregate principal amount
outstanding in respect of moneys borrowed by the group (as that
term is defined in the Articles of Association of the Company) to
be up to an amount of œ1.6 billion.
CABLE & WIRELESS: Chief Executive Faces Pressure to Step Down
-------------------------------------------------------------
Cable and Wireless chief executive, Graham Wallace, faces
pressure to step down before the publication of the company's
strategic review on November 13.
The strategic review, which the telecommunications services
provider has promised to be a "root and branch" look at the
business, is expected to be "radical" one with no rooms for
"sacred cows".
The City reportedly suggested to the board to dump Mr. Wallace's
strategy before the company loses more funds.
The main key to Mr. Wallace's position is the fate of the
company's American business, whose creation is closely associated
with the chief executive, says Times Online. The business is
losing GBP300 million a year, the report says citing City's
figures.
Mr. Wallace banked heavily on growth in data and internet traffic
by investing heavily in C&W Global, its international business
services division.
While Fraser McLeish of Investec Securities suggested that
closing the American business and restructuring the European unit
would improve the company's operation, it is seen that such
measure would entail GBP900 million in redundancy payouts and
lease redemption penalties.
Such move is as well seen as a blow to the chief executive, who
spent more than GBP550 million on two acquisitions in the U.S. in
the past years.
The company under Mr. Wallace's administration has already issued
four profits warning in 18 months.
INVENSYS PLC: Completes Sensor Systems Disposal
-----------------------------------------------
Invensys plc, the international production technology and energy
management Group, announces that it has completed the sale of its
Sensor Systems business to Honeywell (NYSE: HON), for the agreed
consideration. The sale proceeds will be used by Invensys to
continue to reduce its level of indebtedness.
Sensor Systems
Sensor Systems is a leading global supplier of sensors and
controls used across many industries including the on and off-
road vehicle, appliance, office automation, medical, aerospace
and HVAC industries. The business also supplies related
components, such as lighting and handle bar controls, for the
off-road vehicle sector. Invensys Sensor Systems has 2,700
employees and operates 13 manufacturing facilities in 6 countries
(US, UK, Mexico, St. Lucia, the Czech Republic and China).
About Invensys plc
Invensys plc is a global leader in production technology and
energy management. The group helps customers improve their
performance and profitability using innovative services and
technologies and a deep understanding of their industries and
applications.
Invensys Production Management works closely with customers in
order to drive up performance of their production assets,
maximize their return on investments in production technologies
and remove cost and cash from their whole supply chain. The
division includes APV, Avantis, Baan, Eurotherm, Foxboro,
SIMSCI/Esscor, Triconex and Wonderware. These businesses address
process and batch industries -- including oil, gas and chemicals,
food, beverage and personal health care -- and the discrete and
hybrid manufacturing sectors.
Invensys Energy Management works with clients involved in the
supply, measurement and consumption of energy and water, to
reduce costs and waste and improve the efficiency, reliability
and security of power supply. The division includes Energy
Management Solutions, Appliance Controls, Climate Controls,
Global Services, Metering Systems, Powerware and Home Control
Systems. These businesses focus on markets connected with power
and energy infrastructure for industrial, commercial and
residential buildings.
The company also serves the specialised rail, wind-power and
electronic manufacturing (power components) markets through
Invensys Rail Systems, Hansen Transmissions and Lambda,
respectively, in its development division.
Invensys operates in more than 80 countries, with its
headquarters in London.
CONTACT: Duncan Bonfield
PHone: +44 (0)20 7821 3712
Fax: +44 (0)20 7821 3709
Invensys plc Simon Holberton
Phone: +44 (0)20 7404 5959
Fax: +44 (0)20 7831 2823
MARCONI PLC: CommsWorld Telecomms Salutes Marconi's Innovation
--------------------------------------------------------------
Marconi (MONI) announced that it was recently awarded the
"Hardware Manufacturer of the Year" award at the CommsWorld
Telecomms Awards 2002 ceremony held in Sydney, Australia. The
CommsWorld Telecomms Awards recognize innovation and
groundbreaking work within the Australian and New Zealand
telecommunications industry.
"Despite a challenging business environment worldwide,
Australia's telecommunications sector still shows a willingness
to innovate," said Richard Chirgwin, editor of CommsWorld
magazine. "The past year has seen new technologies, new players
and new services still able to make their mark in the world of
telecomms."
Sponsored by CommsWorld magazine, the CommsWorld Telecomms Awards
are the industry awards ceremony for Australia and New Zealand,
with categories selected to recognize every aspect of the
telecommunications industry. Marconi beat out other finalists,
including Cisco Systems and Nortel Networks, to win the award in
the "Hardware Manufacturer of the Year" category.
"Marconi has established itself as a leader in the provision of
telecommunications hardware in Australia through our involvement
with some of the most innovative projects in our sector," said
Paul Butcher, managing director for Marconi in Australia and New
Zealand. "We look forward to enhancing our reputation during
coming years."
Projects undertaken by Marconi during the past year include the
world's longest overland optical transmission using ultra-long
haul soliton-based technology, activation of the 4,000 kilometre
regional carrier-grade ATM network using Marconi switches and
deploying cutting edge VDSL broadband projects in Western
Australia and the Australian Capital Territory.
About Marconi plc
Marconi plc is a global telecommunications equipment and
solutions company headquartered in London. The company's core
business is the provision of innovative and reliable optical
networks, broadband routing and switching and broadband access
technologies and services. The company's aim is to help fixed and
mobile telecommunications operators worldwide reduce costs and
increase revenues.
The company's customer base includes many of the world's largest
telecommunications operators. The company is listed on the London
Stock Exchange under the symbol MONI.
TADPOLE TECHNOLOGY: Subsidiary to Become Vendor of FIMA
-------------------------------------------------------
Tadpole Technology plc, the mobile computing and network
infrastructure group, announces the involvement of its secure Web
software business unit, Endeavors Technology as a founding IM
industry vendor of the Financial Services Instant Messaging
Association (FIMA). Endeavors Technology will collaborate with
FIMA to promote the adoption of cross-platform interoperability
of instant messaging (IM) products in the financial services
industry.
FIMA is currently comprised of seven large Wall Street firms
including Credit Suisse First Boston, Deutsche Bank, J.P. Morgan
Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley and UBS
Warburg.
FIMA's creation is timely. In a published study conducted in
September 2002, Osterman Research found that "IM is being used,
either officially or unofficially, in 84% of [surveyed]
organisations and that this percentage is expected to climb to
93% during the next 12 months."
However, IM is currently experiencing the pitfalls of
incompatibility putting its technology today where e-mail was
before the Internet came along. The consequences of this
incompatibility are that companies cannot take advantage of IM
for real time communication with their customers who use a
variety of IM systems. As a stop gap, some of them seek to force
their clients to use a preferred IM solution, or build expensive
partial solutions to solve the problem.
FIMA aims to avoid unsynchronized multiplicity of IM applications
which usually also happen to be unsecured and unauditable. Like
FIMA, Endeavors Technology believes that IM users should be able
to communicate unhampered across different IM systems. It also
believes that IM products should have built-in enterprise
security, such as authentication and encryption, and audit and
reporting tools compatible with all IM environments.
"The notion that email systems don't talk to each other would be
viewed today with disbelief and so it's significant to see that
key Wall Street banks have formed FIMA," said Bernard Hulme,
Tadpole's group chief executive. "Having a truly focused
business-driven group will increase awareness throughout the
instant messaging community that security and interoperability
can be the key rallying points in moving this technology forward
to mass corporate adoption. FIMA is serving notice that vendors
must follow user needs and not the other way around."
About FIMA
FIMA is a meeting of minds intent on solving instant messaging
issues specific to the financial industry. Seven Wall Street
firms make up FIMA, formerly known as the Instant Messaging
Standards Board (IMSB). It is an open and inclusive steering
board, which will initially consist of representatives from
Credit Suisse First Boston, Deutsche Bank, J.P. Morgan Chase,
Lehman Brothers, Merrill Lynch, Morgan Stanley and UBS Warburg.
FIMA is non-partisan and open to any participant that wishes to
promote Internet Engineering Task Force (IETF) IM standards and
protocols within the financial services community.
About Endeavors Technology, Inc.
Endeavors Technology, Inc. is a wholly-owned subsidiary of mobile
computing and network infrastructure vendor Tadpole Technology
plc (LSE-TAD, www.tadpole.com), which has plants and offices in
Irvine and Carlsbad (California), and Cambridge, Edinburgh, and
Bristol (UK). Endeavors' Magi technology transforms today's Web
into a highly secure inter- and intra-enterprise collaboration
network of files and Web resources. For further information on
Endeavors' Web collaboration solutions, call 949-833-2800, email
to info@endeavors.com, or visit the company's website
http://www.endeavors.com.
THE BIG FOOD: Moody's Subjects Ratings Under Review
---------------------------------------------------
Moody's Investors Service placed the Ba1 senior implied and Ba3
issuer ratings of U.K.-based The Big Food Group Plc (BFG) on
review for possible downgrade. A possible rating change is
expected to be limited to one-notch.
The action follows the ongoing decline in "like-for-like" sales
at the group's Iceland food retail network during the second
quarter of its 2002 and 2003 financial year, the rating agency
says.
Moody's warns that in time the continued negative financial trend
in the first half may "impact the quality of the Iceland
franchise and in turn affect BFG's capacity to improve its
leverage and coverage measures as had been expected at the time
of assigning the original rating".
The rating review, which is expected complete within the next six
weeks, will focus on the Iceland business.
The Big Food Group Plc is an integrated food provider offering
access to U.K. consumers through retail, wholesale and food
distribution channels. It had revenues in 2001 of GBP5.278
billion.
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Kimberly MacAdam,
Larri-Nil Veloso and Ma. Cristina Canson, Editors.
Copyright 2002. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *