/raid1/www/Hosts/bankrupt/TCREUR_Public/021105.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, November 5, 2002, Vol. 3, No. 219


                              Headlines

F R A N C E

AIR LIB: Government May Shutter Air Lib
VIVENDI UNIVERSAL: Outlines To Banks Plans To Control Cegetel


G E R M A N Y

MOBILCOM AG: Obtains Extension For UMTS Loan Refinancing


I T A L Y

FIAT SPA: S&P Issues CreditWatch Rating on Short-term Credit


N E T H E R L A N D S

VERSATEL TELECOM: To Propose Ernst & Young Hiring as Auditor
VERSATEL TELECOM: Signs Contracts With Floraholland And Railion


P O L A N D

DAEWOO-FSO: General Motors Offers Intellectual Property Rights
ELEKTRIM SA: Elektrim Group Issues Results for 1H of 2002
UNIPROM: Polish Court Declares Uniprom Bankrupt


S P A I N

TERRA LYCOS: May Need Telefonica's Financial Intervention


S W I T Z E R L A N D

ABB: In Talks with Asbestos Plaintiffs' Representatives
CREDIT SUISSE: Asset Management Makes Appointments
SWISS LIFE: Board Discusses In-depth Long Term Strategy AG


U N I T E D   K I N G D O M

ABERDEEN ASSET: Another Fund May Be in Crisis - The Scotsman
ABERDEEN ASSET: Discloses Results of Strategic Review
AMEY PLC: Receives Notification of Company Holdings
BRITAX GROUP: Moody's Places Britax Ratings On Review
BRITISH ENERGY: Ministers' Indecision Delaying Rescue

COOKSON GROUP: Issues Major Shares Interest Notification
KINGFISHER PLC: In Sale Negotiations for French BUT
KINGFISHER PLC: Issues Notification Of Directors' Interests
MOTHERCARE PLC: Announces Board Changes
MYTRAVEL GROUP: Issues Shares Notification Of Major Interests

ROYAL & SUN: Share Value Dives on Report of Asbestos Claim Suit

     -  -  -  -  -  -  -  -

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


AIR LIB: Government May Shutter Air Lib
---------------------------------------
The government may decide to close French airline Air Lib,
according to French business daily Les Echos, basing on comments
of French Transport Minister Gilles de Robien.

De Robien noted the limitations of the restructuring project
launched to bring the airline to financial health. He mentioned
the possibility that this plan could be transferred to the EU
Commission.

The company has to submit further information regarding its
restructuring plan on November 8, which is also the schedule when
the government agency in charge of airline operating licenses
would meet. The agency could decide to revoke the airline's
operating license, which expires Oct 31, the report says.

The newspaper added that the airline's license will be extended
until the Nov 8 deadline, but after that the government may
decide to close it down.

A French government source cited by the newspaper also suggested
the possibility that Air Lib chairman, Jean-Charles Corbet, may
find a private investor to take over the state's role, but added
that finding one willing to provide the needed EUR200 million to
cover loans and other costs seem unlikely.

The company is also in need of EUR55-75 million to finance its
restructuring plan. The airline, formerly owned by collapsed
Swissair group, was expected to post a debt of EUR89.5 million on
Nov.1.

Mr. Corbet, meanwhile, indicated that the company would slash 500
jobs as part of the revised restructuring plan requested by the
government. He hopes that the airline will be allowed to extend
the November 9 deadline to restructure a government loan of
EUR30.5 to make it repayable over the next four or five years.


VIVENDI UNIVERSAL: Outlines To Banks Plans To Control Cegetel
-------------------------------------------------------------
Vivendi chairman Jean-Rene Fourtou submitted a letter to the
company's bank lenders outlining how it plans to fund a special
purpose vehicle it would use to acquire control of French
telecommunications company Cegetel. The banks are the 11
institutions, which extended Vivendi's EUR3 billion credit
facility two months ago.

The special purpose vehicle would allow Vivendi to keep the
additional debt off its balance sheet as it continues to look for
ways to lower its existing EUR19 billion of debt.

The bid would be funded with asset sales as well as bank
financing and could include financing from Belgacom, the Belgian-
government controlled telecoms company, says a report from the
Financial Times.

Vivendi expects to make "significant progress" this week with its
lenders, people close to the company told the Financial Times.

A commercial tribunal in Paris last week extended to December 10
Vivendi's deadline to pre-empt a EUR6.3bn (USD6.2 billion) offer
by Vodafone, the UK mobile company, to take control of Cegetel.

CONTACT:  VIVENDI UNIVERSAL
          42 avenue de Friedland
          75380 Paris Cedex 08, France
          Phone: +33-1-71-71-10-00
          Fax: +33-1-71-71-11-79
          Home Page: http://www.vivendiuniversal.com



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


MOBILCOM AG: Obtains Extension For UMTS Loan Refinancing
--------------------------------------------------------
MobilCom AG and the banking consortium under the guidance of ABN
Amro Bank, Deutsche Bank AG London, Soci,t, G,n,rale, and Merrill
Lynch have agreed to a further extension agreement for the
refinancing of the UMTS loans amounting to Euro 4.7 billion due
by October 31, 2002. Like the third extension agreement, among
others, this agreement is subject to the condition subsequent
that a Memorandum of Understanding concerning a long-term
financing solution between France Telecom and the banking
consortium remains effective. Hence, the UMTS loan (Senior
Interim Facility) falls due by November 15, 2002. Furthermore it
has been agreed that the interest payment is deferred until this
date as well.



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


FIAT SPA: S&P Issues CreditWatch Rating on Short-term Credit
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'A-3' short-term
corporate credit rating on Italy-based industrial group Fiat SpA
on CreditWatch with negative implications.

The action follows the company's issuance of outlook statements
that are not consistent with the current rating assumptions. It
also reflects Fiat's plans to convert into equity up to EU2.5
billion (USD2.46 billion) worth of intra-group loans to Fiat
Auto.

S&P also placed its 'A-3' commercial paper rating on the
guaranteed CP programs of Fiat's related entities on CreditWatch
with negative implications.

Virginie Casin, credit analyst and director at Standard & Poor's
Corporate Ratings Europe noted that management's own forecasts,
cash flow (after changes in working capital and capital
expenditures, but before disposal proceeds) is likely to be lower
in the second half of 2002 than the EUR500 million that had been
expected. The management, however, expects such cash flows to
amount to only EUR200 million in the second half of 2002;
negative EUR787 million in the third quarter and positive EUR1
billion in the fourth quarter.

In S&P's earlier rating actions, the rating agency warned the
ratings could face renewed pressure by mid-2003 if the company
fails to reduce its net financial position and gross debt or to
generate cash flows of approximately EUR500 million in the second
half of 2002.

The rating agency will continue to monitor the group's cash flow
generation prospects beyond 2002.



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


VERSATEL TELECOM: To Propose Ernst & Young Hiring as Auditor
------------------------------------------------------------
Versatel Telecom International N.V. will propose at the
extraordinary general shareholders meeting of the Company to be
held on 6 November 2002, to designate Ernst & Young as its
independent auditor. Versatel went through an extensive tender
process with the "Big Four" accountancy firms and Versatel's
management and Supervisory Board unanimously support the new
appointment of Ernst & Young. In addition, Versatel will propose
that Ernst & Young and Deloitte & Touche work together on the
transition and audit for the 2002 financials.

Given the additional time required to educate the new auditor
about the Company and its systems, Versatel will postpone the
release of its third quarter 2002 financials until 14 November
2002 from the previously scheduled 5 November 2002. After the
3Q02 earnings release, Versatel intends to revert back to its
previous disclosure schedule for quarterly and annual financial
releases.

Additionally, due to the transition period for the auditors and
the complexities surrounding the US GAAP treatment of the
financial restructuring, Versatel will issue a press release with
summary financials for the third quarter 2002 as opposed to its
previous disclosure of full financials on Form 6-K with the US
Securities and Exchange Commission (the "SEC"). As a foreign
private issuer, Versatel is under no statutory obligation to file
quarterly figures with the SEC as it has done in the past.
However, Versatel will file full year financials on Form 20-F.

Versatel Telecom International N.V. (Euronext: VRSA) based in
Amsterdam, is a competitive communications network operator and a
leading alternative to the former monopoly telecommunications
carriers in its target market of the Benelux and northwest
Germany. Founded in October 1995, the Company holds full
telecommunications licenses in The Netherlands, Belgium and
Germany and has over 81,000 business customers and 1,168
employees. Versatel operates a facilities-based local access
broadband network that uses the latest network technologies to
provide business customers with high bandwidth voice, data and
Internet services. Versatel is a publicly traded company on
Euronext Amsterdam under the symbol "VRSA". News and information
are available at http://www.versatel.com.

The Versatel logo is a registered trademark in The Netherlands,
Belgium, Luxembourg, Germany and several other European
countries.

CONTACTS:  Versatel Telecom International N.V.
           AJ Sauer
           Manager Investor Relations & Corporate Development
           Phone: +31 20 750 1231
           E-mail: aj.sauer@versatel.nl

           Anoeska van Leeuwen
           Director Corporate Communications
           Phone: +31 20 750 1322
           Mob: +31 6 54 28 71 28
           E-mail: anoeska.vanleeuwen@versatel.nl


VERSATEL TELECOM: Signs Contracts With Floraholland And Railion
---------------------------------------------------------------
Versatel Nederland B.V. announced that the company has signed
three-year contracts with FloraHolland and Railion Benelux N.V.
for the provisioning of data services. Versatel will connect 20
locations to the Railion Virtual Private Network (VPN). For
FloraHolland Versatel will connect 5 locations to a VPN and will
handle all the international telephone traffic for the company.
The total value of the two contracts is approximately EUR 1.4
million.

Laurens Sandt, Team Manager Telephony Infrastructure from
FloraHolland:"FloraHolland is the leading trade center for
ornamental plants and horticultural products, with 5 locations
close to the Dutch production and sales outlets. FloraHolland
combines intensive and personal service with fast and effective
logistics to serve our customers. We sought a fast, flexible and
reliable solution to handle the data traffic between all
locations and Versatel provided the best option. The company owns
a high-quality network and offers a flexible solution for every
location."

Lex Brinkhuijsen, Datacom expert from Railion Benelux N.V.,
stated: "Railion is an international carrier, whose core business
is rail transport. The company is part of Stinnes AG, an
organization in which Deutsche Bahn, NS and the Danish railways
participate. In addition to high-quality rail transport, Railion
is also engaged in the development of integrated logistic chains
to meet the increasingly complex demands including all the
service aspects this entails. Seeing that most of the transport
is done at night, it is important to us that the network is
permanently available and monitored constantly. Versatel
guarantees these service levels and offers us a reliable and cost
efficient data network with tailor-made connection methods for
each location."

"We are proud that modern logistic companies such as Railion and
FloraHolland chose Versatel as their partner to optimize their
internal processes. It shows that the flexible VPN services that
Versatel offers are very suitable to connect multiple locations
of companies and supply them with their own network", according
to Atilla Gltuna, Managing Director of Versatel Nederland.

With VPN services, the customer's networks can be connected
efficiently, transparently and with a flexible future upgrade
path. Versatel supplies and controls the entire network,
including the customer premise equipment and if requested,
provides extensive end-user reporting packages.

FloraHolland

FloraHolland is a sales market for ornamental plants and
horticultural products. The trading takes place through the
auction clocks and through sales mediation. Market leader
FloraHolland has a market share of 53 percent and has five
locations in the Netherlands. The locations are close to the
horticultural production and sales outlets: in Naaldwijk,
Rijnsburg, Bleiswijk, Venlo and Eelde. FloraHolland has a total
of 3000 employees. You can find this press release and further
information at our site: www.floraholland.nl

Versatel Nederland BV Versatel Nederland BV is part of Versatel
Telecom International N.V. Versatel Telecom International N.V.
(Euronext: VRSA) based in Amsterdam, is a competitive
communications network operator and a leading alternative to the
former monopoly telecommunications carriers in our target market
of the Benelux and northwest Germany. Founded in October 1995,
the Company holds full telecommunications licenses in The
Netherlands, Belgium and Germany and has over 81,000 business
customers and 1,168 employees. Versatel operates a facilities-
based local access broadband network that uses the latest network
technologies to provide business customers with high bandwidth
voice, data and Internet services. Versatel is a publicly traded
company on Euronext Amsterdam under the symbol "VRSA". News and
information are available at http://www.versatel.com.

CONTACTS:  Versatel Nederland B.V.
           AJ Sauer
           Manager Investor Relations & Corporate Development
           Phone: +31 20 750 1231
           E-mail: aj.sauer@versatel.nl

           Anoeska van Leeuwen
           Director Corporate Communications
           Tel: +31 20 750 1322
           Mob: +31 6 54 28 71 28
           E-mail: anoeska.vanleeuwen@versatel.nl

           FloraHolland
           Saskia Goetgeluk
           Persco"rdinator
           Tel: 0174 63 31 61
           Mob: 06 51 34 76 76
           E-mail: s.goetgeluk@bvh.nl



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


DAEWOO-FSO: General Motors Offers Intellectual Property Rights
--------------------------------------------------------------
General Motors has offered to hand over intellectual property
rights in return for an agreement that would see Mowag, a company
controlled by General Motors, enter a contract to supply carriers
to the Polish army, says Warsaw Business Journal.

The intellectual property rights concern production of the
company's Matiz and Lanos models by the plant in era¤ owned by
Daewoo-FSO.

"The Warsaw plant would receive rights worth USD16 million.
Currently, under an agreement between Daewoo Motor Co. and GM,
the new investor in the Korean parent company, Daewoo-FSO is
allowed to produce these models for a period of two years and to
sell them for three," a source close to the deal told Puls
Biznesu.

According to the report, these intellectual rights seem priceless
in the event that the current negotiations with Rover fail.

British carmaker MG Rover and creditors of Daewoo-FSO are
currently finalizing the plan to create a Rover car construction
in Poland.

Should the deal fall through, it is believed the government will
devise a scheme that would let Daewoo-FSO continue production
based on the chassis of these models, having engines supplied by
Rover and bodywork re-styled by an Italian designer.


ELEKTRIM SA: Elektrim Group Issues Results for 1H of 2002
---------------------------------------------------------
1 H 2002 Consolidated Financial Statement SA-PS 2002

For 1 H 2002, period from 1 January 2002 to 30 June 2002 and 1 H
of prior year for the period 1 January 2001 to 30 June 2001
Date of disclosure: 31 October 2002

SELECTED FINANCIAL DATA
                      In PLN '000           In EUR '000
                  1H 2002 1 H 2001      1H 2002    1 H 2001
Net sales revenues1 184 423 1 756 761      319 890     490 633
Operating profit  (108 695) (147 847)      (29 356)   (41 291)
Profit (loss)
before taxes (371 695) (508 640) (100 388) (142 054)
Net profit (loss) (455 394) (401 391) (122 993) (112 102)
Net cash flows
from operating
activities  (104 825) 326 546 (28 311) 91 199
Net cash flows
from investing
activities        152 375 (342 149) 41 154 (95 556)
Net cash flows
from financing
activities        (88 216) (76 418) (23 825) (21 342)
Total net cash
Flows        (40 666) (92 021) (10 983) (25 700)
Total assets 6 550 017 10 633 755 1 633 787 3 147 665
Liabilities
and provisions
for liabilities  5 218 288 6 686 225 1 301 611 1 979 169
Long-term
liabilities  167 489 2 629 458 41 777 778 338
Current
liabilities   3 100 056 2 615 883 773 255 774 319
Shareholders'
Share capital 83 770 83 770 20 895 24 796
Number of shares 83 770 297 83 770 297 83 770 297 83 770 297
Profit (loss)
per ordinary share
(in PLN/EURO) (5,44) (4,79) (1,47) (1,34)
Diluted profit
(loss)
per ordinary share
(in PLN/EURO)  (5,18) (3,59) (1,40) (1,00)
Book value per
Diluted book
value per share
Declared or paid dividend per share
(in PLN/EURO

To see Elektrim's Financial Statements:
http://bankrupt.com/misc/Elektrim.xls


UNIPROM: Polish Court Declares Uniprom Bankrupt
-----------------------------------------------
The Warsaw commercial court ruled printing company, Uniprom, is
bankrupt, proving that accusations of the company's poor
financial condition were indeed true.

Last year, in its move to acquire control of educational book
publisher, Wydawnictwa Szkolne i Pedagogiczne (WSiP), Uniprom
became entangled in mutual accusations among companies. The
competition revealed its real financial status.

The printing company failed to complete the PLN334 million-deal
(USD84 million) due to lack of financial resources.

According to Warsaw Business Journal, had the transaction been
made, Uniprom would probably have managed to avoid bankruptcy due
to WSiP's excess liquidity. Estimates say WSiP had at its
disposal around PLN100 million (USD25 million) at its disposal.



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


TERRA LYCOS: May Need Telefonica's Financial Intervention
---------------------------------------------------------
Spanish Telefonica may have to grant financial aid to its
subsidiary, Terra Lycos if German Bertelsmann decides not to
renew a EUR675 million advertising contract with the internet
company.

The fate of Terra Lycos, which is struggling to become
profitable, hinges on the contract with its biggest advertising
source and on the support of its parent to fill the financing
gap. Terra Lycos generates sales through advertising,
subscription fees, and e-commerce.

In 2000, Bertelsmann signed a EUR1 billion advertising contract
whose first part came to an end recently. Bertelsmann are likely
to consider canceling the remaining E675m, three-year deal, which
will leave Telefonica contractually obliged to fill in the
shortfall, says Europemedia.

Terra Lycos is formed from the 2000 acquisition of US portal
giant Lycos by the former subsidiary of Spanish phone company
Telef˘nica. Terra Lycos controls a massive network of more than
140 Web sites in 20 languages and more than 40 countries. But
since Terra and Lycos were merged in 2000, one quarter of Terra's
US employees have been made redundant.  Telef˘nica owns 37% of
the company.

The company's share price has fallen 50% this year.



=====================
S W I T Z E R L A N D
=====================


ABB: In Talks with Asbestos Plaintiffs' Representatives
-------------------------------------------------------
ABB said Friday it is in negotiations with representatives of
U.S. asbestos plaintiffs to resolve the asbestos liability of its
U.S. subsidiary Combustion Engineering (CE) by reorganizing CE
under Chapter 11 of the U.S. bankruptcy code.

The negotiations followed CE's and ABB's announcement last week
that the expected asbestos-related costs of CE were likely to
exceed the value of CE's assets, if CE's historical settlement
policies were continued into the future.

ABB said the talks with the plaintiffs' lawyers concerned a so-
called pre-packed Chapter 11, which includes an understanding
among plaintiffs, CE and ABB with regard to the settlement of all
pending and future claims.

ABB believes that Chapter 11 can provide final closure to the
asbestos problem for CE and all ABB affiliates, including ABB
Ltd.

The precise ultimate cost of closure remains uncertain, but ABB
currently expects the cost of final closure will comprise CE's
assets of USD 812 million (as of September 30, 2002) and an
additional amount in the range of US$ 300 million, payable by ABB
over a period of several years.

From 1990 to the end of 2001, CE settled a total of 204,326
cases, some of them without payment, and paid out USD 865 million
to claimants.

On October 24, 2002, CE reported a 5 percent increase in new
asbestos claims compared to the second quarter of 2002. Settled
claims - excluding settlement in West Virginia that will be
reported at year-end - rose 9 percent over the same period last
year.

Claims outstanding stood at 111,000, up from 102,700 at the end
of the second quarter. Cash payments were down slightly at US$ 54
million (second quarter 2002: USD 55 million).

ABB (www.abb.com) is a leader in power and automation
technologies that enable utility and industry customers to
improve performance while lowering environmental impacts. The ABB
Group of companies operates in more than 100 countries and
employs about 146,000 people.

CONTACT:  ABB Corporate Communications, Zurich
           Investor Relations:
           Switzerland: +41 43 317 3804
           Sweden: +46 21 325 719
           USA: 203/750-7743
           E-mail: investor.relations@ch.abb.com


CREDIT SUISSE: Asset Management Makes Appointments
--------------------------------------------------
Credit Suisse Asset Management (CSAM) on Friday announced the
appointment of Pierre-Henri de Monts de Savasse as a risk
analyst, further strengthening the risk analysis team. He joins
from BNP Paribas Asset Management. Pierre-Henri will report to
Ahmed Talhaoui, Head of Risk and Quantitative Analysis in London.

Pierre-Henri will be responsible for risk management and
quantitative analysis together with the maintenance and
development of CSAM's proprietary risk and asset allocation
systems.

Pierre was formerly at BNP Paribas Asset Management where he was
a quantitative research analyst working on global asset
allocation strategy.

Commenting on the appointment of Pierre-Henri de Monts de
Savasse, Win Robbins, Head of European Fixed Income said:

"The appointment of Pierre-Henri demonstrates the importance CSAM
places on risk management and quantitative analysis and gives us
further depth and experience in these areas. We look forward to
welcoming him on board."

CSAM also announced the appointment of Rachel Hall as a trader
within the fixed income team. She will report to Rachel Muscatt,
Head of Fixed Income Dealing at CSAM in London.

Rachel joins from Credit Suisse First Boston where she was a
member of the fixed income sales team.

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 GBP568.5 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 GBP201.1 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

CONTACT:  Lisa Goddard
          Credit Suisse Asset Management
          Head of Marketing Communications UK Telephone
          Phone: +44 207 426 2992
          E-mail: lisa.goddard@csam.com
          Gay Collins / Ben Curson
          Penrose Financial Telephone
          Phone: +44 207 786 4888


SWISS LIFE: Board Discusses In-depth Long Term Strategy AG
----------------------------------------------------------
At its session on Thursday, among other subjects, the Swiss
Life/Rentenanstalt Board of Directors discussed in-depth the Long
Term Strategy AG. The Board of Directors welcomes the review
instigated by the Federal Office of Private Insurance and will do
everything necessary to achieve complete transparency in this
matter.

Long Term Strategy AG (LTS AG) was set up by Swiss
Life/Rentenanstalt in December 1999. In the spring of 2000 the
Board of Directors' Committee, under the direction of the then
Chairman, approved the proposed increase of capital to CHF 2
million with the aim of introducing a co-investment plan. Co-
investment plans serve to avoid a conflict of interest for
managers who make investment decisions on behalf of a company by
allowing them to invest their own money and thus expose
themselves to the attendant risks and opportunities. Alongside
the capital invested by Swiss Life/Rentenanstalt, members of the
Swiss Life/Rentenanstalt Corporate Executive Board invested
private funds in LTS AG at their own risk. LTS AG invested its
assets, wherever possible, in the same instruments in which Swiss
Life/Rentenanstalt invested its Group equity, and in accordance
with the same principles. The LTS AG Board of Directors consisted
of members of the Swiss Life/Rentenanstalt Corporate Executive
Board and representatives of Swiss Life/Rentenanstalt who did not
hold a stake in the company. PricewaterhouseCoopers were
appointed auditors. At the start of 2000 Swiss Life/Rentenanstalt
granted LTS AG a loan which was repaid in full during the course
of the year. The loan conditions were the same as those applying
to other companies in the Swiss Life Group. In the period 2001-
2002 Swiss Life/Rentenanstalt purchased LTS AG shares from the
other shareholders at their net asset value.

LTS AG was a great commercial success. This was especially due to
the sale of a stake held by the Swiss Life Group in the Swiss
hedge fund group RMF Investment Group in May 2002 (see the Swiss
Life/Rentenanstalt press release of 24 May 2002) in which LTS AG
had been able to acquire a stake in the spring of 2000. Swiss
Life/Rentenanstalt has successfully worked together with the RMF
Group since 1996 and in 1998 and 2000 was able to acquire
shareholdings in the company totalling 23.5% or CHF 44 million.
The disposal of this stake, including profits from the sale of a
stake in a joint venture, resulted in a profit of CHF 330 million
for Swiss Life/Rentenanstalt. The resulting profits from the sale
of the LTS AG shares amounted to CHF 14.6 million for Swiss
Life/Rentenanstalt and CHF 11.5 million for the six members of
the Corporate Executive Board who held shares in LTS AG, based on
total investments of CHF 3.8 million. In detail the profits for
the individual shareholders were:  Swiss Life/Rentenanstalt CHF
14.6 million, Manfred Zobl CHF 2.2 million (CHF 800 000
invested), Dominique P. Morax CHF 3.6 million (CHF 967 000
invested) Roland Chlapowski CHF 3.2 million (CHF 967 000
invested), Hannes A. Meyer CHF 1.7 million (CHF 613 000
invested), Markus Weisskopf CHF 832 000 (CHF 200 000 invested)
and Hans-Rudolf Strickler CHF 45 000 (CHF 258 000 invested).

In spring 2002 the Board of Directors, under the direction of
Andres F. Leuenberger, decided that LTS AG should no longer
function as an investment company for members of the Corporate
Executive Board and that its operations should be wound down. The
reason for this decision was a reassessment of the situation by
the Board of Directors, which now considered the interlocking of
capital, although legally and financially unexceptionable, to be
undesirable for other overriding reasons.

LTS AG ceased its investment activities on 18 July 2002. Within
the Swiss Life Group there are no other investment companies
apart from LTS AG in which members of the Corporate Executive
Board have personal investments.

The Federal Office of Private Insurance has appointed an
independent expert to review the business activities of LTS AG.
Swiss Life/Rentenanstalt's Board of Directors supports this
measure and takes the public criticism regarding LTS AG very
seriously. Swiss Life/Rentenanstalt will release information
concerning the results of the review after it has been concluded
and in consultation with the Federal Office of Private Insurance.

CONTACT:  Marie-Therese Guggisberg
          Phone +41 1 284 49 09
          E-mail: marietherese.guggisberg@swisslife.ch

          Christoph Braschler
          Phone: +41 1 284 47 12
          E-mail: christoph.braschler@swisslife.ch
          General-Guisan-Quai 40
          P.O. Box
          8022 Zurich

          Home Page: http://www.swisslife.com



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


ABERDEEN ASSET: Another Fund May Be in Crisis - The Scotsman
------------------------------------------------------------
Aberdeen Asset Management, whose three split caps went into
receivership last month, has another fund that is likely facing
trouble, according to The Scotsman.

The paper says it is in possession of a confidential internal
memo originating from a prominent London stock broking firm that
reveals "disquiet over the state of Aberdeen's bond funds-in
particular the GBP235 million Aberdeen High Yield Bond unit
trust."

Analysis made by the broker reveals no less than 50 holdings
including Argentinian bonds and debt issues by collapsed telecoms
companies that are either in default or close to default and
trading below 50% of face value.

The fund also has 1.8 million in holdings in Aberdeen Preferred
Income Trust, one of AAM's bankrupt split capital trusts, and in
a Real Estate Opportunities Trust convertible issue, whose fixed
interest portfolio has lost millions.

The danger, according to the report, is "any significant rise in
redemptions could only be met by selling the more liquid, better
quality stocks, with the result that over time the defaulted
bonds would come to represent an ever greater percentage of the
portfolio."

The trust has already lost 12.6% of its value over the past year,
even including net income reinvested, ranking it 43rd out of 45
funds in its sector. It has lost 3.2% in the past month alone.

Based on recent figures, the Aberdeen High Yield Bond fund is
estimated to have at least GBP16.5 million tied up in defaulted
bonds, equivalent to 7 per cent of the total portfolio.

The data of the holdings in Aberdeen's fund has caused the
analysis to recommend that clients bail out as soon as possible,
says the Scotsman.


ABERDEEN ASSET: Discloses Results of Strategic Review
-----------------------------------------------------


In its trading statement dated 30 September 2002, Aberdeen Asset
Management PLC ('Aberdeen') highlighted that, despite the
severity of the downturn in stockmarket levels and the adverse
impact on investor confidence caused by the collapse of several
split capital closed end funds managed by the Company, the
Company has continued to trade profitably from a well diversified
business base. An industry wide downturn in equity products has
been offset by strong performance in the Company's fixed income
and property divisions.

The Company recognizes the importance of having an operating and
management structure capable of optimizing in these difficult
conditions both the returns to its investors and the service
provided to its client base.

To this end, the Company has conducted a Strategic Review
concluding it should focus on its core strengths in the active
management of equity and fixed income securities. In pursuit of
that aim, the Review has reached the conclusions described below.

Board Structure

At present, Aberdeen's Board, comprises eight executive and
eleven non-executive directors. The size of the Board is, in
part, a consequence of the Company's rapid acquisition-led growth
in recent years. The Review has concluded that the Company will
be better served by adopting a structure reinforcing the
distinction between corporate and strategic responsibilities, and
operational responsibilities.

Accordingly, a single seven-strong Executive Management
Committee, led by Martin Gilbert, is being established with
immediate effect to take over from the existing more complex
internal committee structure, responsibility for managing and
controlling all aspects of Aberdeen's asset management
businesses.

Two members of the Executive Management Committee, namely Martin
Gilbert (Chief Executive) and Bill Rattray (Finance Director),
will remain members of the Board. Katherine Garrett-Cox, Andrew
Laing, Bev Hendry, Gary Marshall, Iain Reid and Hugh Young are
accordingly stepping down from the Board with immediate effect.

The non-executive membership of the Board will also be reduced by
the retirement at the next Annual General Meeting of the Company
(due on Friday 17 January 2003) of Clive Gilchrist and Ronnie
Scott Brown. Phil McLoughlin will also be retiring at that
meeting and will be succeeded by Simon Y. Tan, an Executive Vice
President of The Phoenix Companies.

The Company's Board will consequently be reduced in size to
eleven members, being:

Charles Irby (Chairman)
David Woods (Deputy Chairman)
Martin Gilbert (Chief Executive)
Bill Rattray (Finance Director)
Susan Murray (non-executive)
The Rt Hon Sir Malcolm Rifkind (non-executive)
John Solan (non-executive)
Simon Tan (non-executive)
Donald Waters (non-executive)
Giles Weaver (non-executive)
John Wybrew (non-executive)

The members of the Executive Management Committee will be:

Martin Gilbert (Chairman)
Andrew Laing (Deputy Chairman)
Katherine Garrett-Cox
Bev Hendry
Gary Marshall
Bill Rattray
Hugh Young

The Company believes that these changes will improve internal
communications and decision making and, by emphasizing a two-
stage review and approval process with a clear distinction
between day-to-day operational matters and broader corporate
issues, will continue to deliver effective management control.

Proposed flotation of Aberdeen Property Investors

Under the leadership of its chief executive, Iain Reid,
Aberdeen's property investment management division, Aberdeen
Property Investors ('API') has grown to become one of the largest
managers of third party assets in Europe. API manages property
assets with a value of some o6.0 billion in the UK, Continental
Europe and the Nordic region, representing 26% of the Group's
assets under management as at 30 September 2002. API's earnings
before interest and tax will be no less than o10m for the year to
30 September 2002.

The Review has concluded that the full potential of API, and the
proper valuation of that business, would be better served by a
flotation of API on the main market of the London Stock Exchange.
HSBC Investment Bank plc will advise on the flotation. It is
intended that Aberdeen will retain a significant minority
shareholding in API following flotation.

The flotation of API will be subject to market conditions and
will be conditional inter alia on various consents including the
formal approval of Aberdeen shareholders. The proceeds of
flotation will be used by Aberdeen to pay down existing
borrowings.

Other

Aberdeen remains wholly committed to working closely with
regulators, advisers and all other third parties to bring about
as rapid a conclusion as possible to current uncertainties in the
market for the shares of split capital closed end funds. Although
some technical details remain to be finalized, the Group remains
committed to developing an Uplift Package for Progressive Growth
Unit Trust investors which will take effect in August 2005, the
fifth anniversary of the fund's launch.

Charles Irby, Chairman of Aberdeen, commented:

"These measures demonstrate to our shareholders, our clients and
our employees our determination to ensure that the Company is
positioned to maximize its strengths in the prevailing market
conditions."

CONTACT:  Charles Irby, Chairman, Aberdeen Asset Management PLC
          Martin Gilbert, Chief Executive
          Phone: 020 7463 6000

          Neil Bennett, Chief Executive, Gavin Anderson & Co
          Lindsey Harrison
          Phone: 020 7554 1400


AMEY PLC: Receives Notification of Company Holdings
---------------------------------------------------
Pursuant to the `Holding(s) in Company' announcement made on 18
October 2002 released at 16.46 under RNS number 7014C, Amey plc
received the following notification from Meditor Capital
Management Limited on 1 November 2002:

"Attached is a formal notification on behalf of the Meditor
Master European Fund, which is sent in order to clarify that this
particular account holds more that 3% of the Company. The Fund's
shareholding forms part of the total holding of 37,135,000 shares
which we manage, which was notified to you on 18 October (and has
not changed). None of the other accounts we manage holds more
than 3% (so far as we are aware).

No. of Shares Date Registered Holder Beneficial Owner

21,984,000 17/10/02 Morstan Nominees Ltd Meditor European Master
Fund Ltd

Note:

Support services group, Amey, whose shares has fallen by 93%
since January, has been urged to decide on what action to take in
order to raise investor value, says Times Online.

Fund management group, Meditor, reportedly asked the troubled
group's chairman, Sir Ian Robinson, to choose between breaking
the business up and offering it for sale.


BRITAX GROUP: Moody's Places Britax Ratings On Review
-----------------------------------------------------
Moody's placed the ratings of Britax Group Plc, which includes
Britax and its subsidiaries together, under review for possible
downgrade.

The action reflects worries regarding Britax's ability to improve
operating cash flow in line with the rating agency's
expectations, as the company's core divisions continue to face
market pressures individually.

The rating agency recognizes the management's effort to lower
costs and improve cash generation, but warns nevertheless, of the
affect of further decline in the company's revenues to the
absolute levels of cash flow relative to debt service obligations
over the near term.

The placement of Britax Group's ratings under review also
reflects trend increase in debt leverage.

Moody's plans to focus its review on: (i) the trends driving
divisional revenues and cash flows (ii) the cushion afforded to
Britax under its current covenant structure (iii) the adequacy of
operating cash flow to service debt going forward and (iv) the
outlook for the core businesses over the near term.

Headquartered in the UK, Britax is the holding company of three
diversified businesses in Aircraft Interiors, Public Safety
equipment and Childcare.

Affected ratings include:

- Senior implied rating at Ba3

- Unsecured issuer rating at B2

- GBP175 million in senior secured credit facilities at Ba3

EUR 145.0 million in senior unsecured notes due 2011 at B2.


BRITISH ENERGY: Ministers' Indecision Delaying Rescue
-----------------------------------------------------
British ministers are divided in their stance on whether to back
new nuclear power; the indecision could delay the rescue of
troubled electricity generator British Energy, says the Financial
Times.

Disagreement between ministers over whether nuclear power should
be supported through tax incentives and shoring up electricity
prices has in part delayed until January the signing of the white
paper on the future of the energy industry.

British Energy's GBP650 million emergency loan facility ends on
November 29, and the ministers have to decide whether to extend
the loan or let the company go into administration.

Energy minister Brian Wilson favors a new generation of nuclear
power stations, while the Treasury and Downing Street are opposed
to measures that artificially boost nuclear power.

According to the report, Downing Street is standing with Callum
McCarty, who believes the controversial electricity trading
arrangements benefit consumers and should be left untouched.

The government, meanwhile, is seen as likely to allow the company
more time to negotiate a financial restructuring provided the
nuclear generator can show progress in the talks with creditors
and suppliers, including state-owned British Nuclear Fuels whose
consent to cut fuel reprocessing costs is believed essential for
any plan to raise fresh funds for British Energy.


COOKSON GROUP: Issues Major Shares Interest Notification
--------------------------------------------------------
Name of company: COOKSON GROUP PLC

Name of shareholder having a major interest:
FIDELITY INTERNATIONAL LIMITED

Notification: NON-BENEFICIAL INTEREST

Name of the registered holder(s):

STATE STREET NOMINEES LTD.
FIDELITY MANAGEMENT TRUST COMPANY
150,000

BROWN BROTHERS HARRIMAN
FIDELITY MANAGEMENT TRUST COMPANY
82,200

CHASE NOMINEES LTD.
FIDELITY INVESTMENT SERVICES LTD.
80,890,801

CHASE MANHATTAN BANK LONDON
FIDELITY INVESTMENT SERVICES LTD.
19,547,502

RBS TRUST BANK
FIDELITY PENSION MANAGEMENT
3,382,795

NORTRUST NOMINEES LTD.
FIDELITY PENSION MANAGEMENT
788,060

BT GLOBENET NOMINEES LTD.
FIDELITY PENSION MANAGEMENT
269,880

CITIBANK
FIDELITY PENSION MANAGEMENT
476,580

CHASE NOMINEES LTD.
FIDELITY PENSION MANAGEMENT
11,701,200

BANK OF NEW YORK LONDON
FIDELITY PENSION MANAGEMENT
2,045,940

NORTHERN TRUST
FIDELITY PENSION MANAGEMENT
2,783,240

HSBC
FIDELITY PENSION MANAGEMENT
847,780

BANKERS TRUST
FIDELITY INTERNATIONAL LIMITED
511,420

RBS TRUST BANK
FIDELITY INTERNATIONAL LIMITED
7,820,740

CITIBANK
FIDELITY INTERNATIONAL LIMITED
367,120

CHASE NOMINEES LTD
FIDELITY INTERNATIONAL LIMITED
17,471,750

HSBC CLIENT HOLDINGS NOMINEE (UK) LIMITED
FIDELITY INTERNATIONAL LIMITED
92,647,427

CHASE MANHATTAN BANK LONDON
FIDELITY INTERNATIONAL LIMITED
2,570,820

DEUTSCHE BANK
FIDELITY INTERNATIONAL LIMITED
4,777,280

BANK OF NEW YORK LONDON
FIDELITY INTERNATIONAL LIMITED
21,733,318

NORTHERN TRUST
FIDELITY INTERNATIONAL LIMITED
8,031,640

MELLON TRUST
FIDELITY INTERNATIONAL LIMITED
620,360

BANK OF NEW YORK BRUSSELS
FIDELITY INTERNATIONAL LIMITED
2,361,189

STATE STREET BANK & TRUST
FIDELITY INTERNATIONAL LIMITED
2,377,877

Number of shares/amount of stock acquired: 14,857,457


Percentage of issued class: 0.79%

Number of shares/amount of stock disposed: N/A

Percentage of issued class: N/A

Class of security: ORDINARY SHARES OF 1 PENCE EACH

Date of transaction: 30 OCTOBER 2002

Date company informed: 31 OCTOBER 2002

Total holding following this notification: 284,256,919 SHARES

Total % holding of issued class following this notification:
15.03%

Contact:  ALAN WALLWORK, ASST COMPANY SECRETARY
          COOKSON GROUP PLC
          Phone: 020 7766 4537

Authorized company official making the notification:

Date of notification: 1 NOVEMBER 2002


KINGFISHER PLC: In Sale Negotiations for French BUT
---------------------------------------------------
UK retail group Kingfisher is offering for sale its French
electrical and furniture store, BUT, and is understood to have
received at least four first-round offers valuing the business at
between GBP380m and GBP480m.

Kingfisher admitted the sale is being negotiated.

The move came in spite of public knowledge that its electrical
businesses would be floated on the French stock market next year.

The bidders include Eurazeo, an investment arm of Lazard, and PAI
Management, the French group 49 per cent owned by BNP Paribas,
said people close to the sell-off talks.

The sale plan is seen as a preparation for the sale of the
remaining businesses such as Comet and the French electrical
retailer, Darty.  Britain's Dixons group is seen as the possible
buyer for Darty.


KINGFISHER PLC: Issues Notification Of Directors' Interests
-----------------------------------------------------------
Name of company: Kingfisher plc

Name of director: Francis Mackay

Notification indicates that it is in respect of a holding of the
shareholder named in 2. above: YES

Name of the registered holder(s): (if notified)
Francis Mackay

State the nature of the transaction: Purchase

Number of shares/amount of stock acquired: 19,697

Percentage of issued class: < 0.001%

Percentage of issued class:  N/A

Class of security: 13.75 pence Ordinary shares

Price per share: 226.75 pence

Date of transaction: 31 October 2002

Date company informed: 31 October 2002

Total holding following this notification:  81,375

Total % holding of issued class following the notification:  <
0.001%

Additional information:  These shares have been issued in
consideration for his services as a non-executive director during
the period 1 August 2002 to 31 October 2002

Authorised company official responsible making the notification:
Julie Wilson
Company Secretariat Assistant
Phone: 020 7725 5853

Date of Notification: 1 November 2002


MOTHERCARE PLC: Announces Board Changes
---------------------------------------
Mothercare today announces that Ian Peacock (55), who was
appointed Non-executive director in August 2002, has taken up the
role of Non-executive Chairman with immediate effect.

As previously announced, Ian Peacock replaces Alan Smith, who has
today resigned from the Board.

Ian Peacock

Current Roles        Non-executive Chairman of MFI

                     Non-executive director of i-document systems

                     Non-executive director of Lombard Risk
Management

                     Non-executive director of Norwich and
Peterborough Building
                     Society


Previous roles       A number of senior management positions in
the
                     banking industry in London, New York and
Asia
                     including BZW and Kleinwort Benson.
                     From 1998 to 2000, Ian Peacock was a special
                     adviser to the Bank
                     of England

CONTACT:  Brunswick Group Limited
          Philippa Power/Chi Lo
          Phone: 020 7404 5959


MYTRAVEL GROUP: Issues Shares Notification Of Major Interests
-------------------------------------------------------------
Name of company: MyTravel Group plc

Name of shareholder having a major interest:

Morgan Stanley Securities Limited and its direct and indirect
holding companies

Name of the registered holder(s): Not supplied


Number of shares / amount of stock acquired: Not supplied


Percentage of issued class: Not supplied

Number of shares / amount of stock disposed: Not supplied

Percentage of issued class: Not supplied

Class of security: Ordinary shares of 10p each

Date of transaction: 28 October 2002

Date company informed: 1 November 2002

Total holding following this notification: 41,959,205 shares

Total % holding of issued class following this notification:
8.48%

Additional information: The interest in 36,431,322 of the shares
is stated to be pursuant to section 208(5) Companies Act 1985

Contact:  Mike Vaux - Assistant Company Secretary
          Phone: 0161 232 6567

Authorised company official making this notification:
Gregory McMahon - Group Company Secretary


Date of notification: 1 November 2002


ROYAL & SUN: Share Value Dives on Report of Asbestos Claim Suit
---------------------------------------------------------------
Shares in Royal & Sun Alliance plunged as much as 14.6% on Friday
after the firm said an engineering firm was suing it over
asbestos claims.

Turner & Newall has brought a legal suit against the company on
behalf of former employees who had suffered asbestos-related
disease, says Reuters.

T&N, which is owned by Federal-Mogul Corp of the US, holds that
Royal & Sun was liable because it provided employer liability
policies to the engineer.

Royal & Sun's earnings suffered in recent years following huge
claims from asbestos and floods. Tumbling stock markets have also
hit the value of its investments.

The report only suggests one thing: Britain's second biggest
general insurer has to make payments and hike liabilities. The
company has doubled the amount it has set aside to meet those
liabilities to around GBP 750 million earlier this year.

Commerzbank analyst Roman Cizdyn agreed that "Royal & Sun might
have to raise their asbestos liabilities as a result of this
case, but they might not necessarily lose the case,'' adding that
"UK courts are more difficult than those in the United States for
proving such claims''.




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
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