/raid1/www/Hosts/bankrupt/TCREUR_Public/021128.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

                 Thursday, November 28, 2002, Vol. 3, No. 236


                              Headlines

* F I N L A N D *

SONERA CORP: Two Sonera Executives in Pre-Trial Detention

* F R A N C E *

ALCATEL: Research Firm Recognizes Alcatel for Market Direction
ALCATEL: Cegetel/SFR Group Selects Transmission Solutions
ALCATEL: Launches Fully Open 3G/UMTS Mobile Facility in Germany
ALCATEL: to Roll-out Mobile Telesystems Network in Russia
RHODIA SA: Appoints Advisor to CEO on Sustainable Development
VIVENDI UNIVERSAL: Signs US$1.62 Billion Loan Facility
VIVENDI UNIVERSAL: Signs EUR1 Billion Back-Up Facility
VIVENDI UNIVERSAL: Reports EUR1.234 Billion Loss in Third Quarter
VIVENDI UNIVERSAL: Obtains Leeway for Financing Cegetel Bid
VIVENDI UNIVERSAL: Vodafone Has No Intention of Bidding

* G E R M A N Y *

ALLIANZ GROUP: Fitch Places Rating on Watch Negative

* P O L A N D *

ELEKTRIM SA: Announces Agreement on Designation of Sale Proceeds
ELEKTRIM SA: Changes Date of Supervisory Board Meeting
NETIA HOLDINGS: Signs Subscription Agreement With ING Bank Slaski

* S P A I N *

ONO GROUP: Moody's Lowers Ratings of Group and Its Subsidiaries

* S W E D E N *

SAAB AUTOMOBILE: Restructuring to Entail Job Cuts

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

ABB: LTD Signs US$200 MM Agreement to Deliver Power in the U.S.
CREDIT SUISSE: CSFB Issues Statement on Holdings of NCFE
CREDIT SUISSE: S&P Lowers Ratings on Weak Profitability
CREDIT SUISSE: Suffers Plight of Major Financial Institutions
ZURICH FINANCIAL: To Exit Zurich Warranty Management Services

* U N I T E D   K I N G D O M *

CABLE & WIRELESS: Directors Propose to Elect External Chairman
CABLE & WIRELESS: Sells Up to 66% of Its Stake in Mobileone
CARLTON COMMUNICATIONS: Halves Losses, Sees Growth of Advertising
GLAXOSMITHKLINE: Postpones Decision on Executive Remuneration
HILTON GROUP: To Undertake Further Asset Sale and Leaseback
MYTRAVEL GROUP: Postpones Announcement of Annual Results
MYTRAVEL GROUP: Assures That Loan Extension Is Underway
THE BIG FOOD: Announces Purchase of Senior Notes


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


SONERA CORP: Two Sonera Executives in Pre-Trial Detention
---------------------------------------------------------
The District Court of Helsinki has authorized the pre-trial
detention of Jari Jaakkola, Executive Vice President and member
of Sonera's Executive Management Team, who has been responsible
for Corporate Communications and IR, and who was arrested on
Friday, November 22, 2002. The Court also authorized the pre-
trial detention of Henri Harmia, Vice President and head of the
Integration Office, who was arrested on Friday. The reason for
the pre-trial detention is that they are suspected on reasonable
grounds for gross violation of secrecy of communications. Both of
them have been relieved of their duties for the time being.

At present, four Sonera employees are kept in pre-trial
detention, as they are suspected on reasonable grounds for gross
violation of secrecy of communications. The District Court of
Helsinki released today one Sonera employee who had been arrested
earlier this month.

Sonera Corporation (HEX: SRA, NASDAQ: SNRA) is a leading provider
of mobile and advanced telecommunications services. Sonera is
growing as an operator, as well as a provider of transaction and
content services in Finland and in selected international
markets. The company also offers advanced data solutions to
businesses, and fixed network voice services in Finland and
neighbouring markets. In 2001, Sonera's revenues totaled EUR 2.2
billion, and profit before extraordinary items and taxes was EUR
0.45 billion. Sonera employs about 7,400 people. www.sonera.com

CONTACT:  Harri Koponen, President and CEO
          Phone: +358 2040 541 10
          E-mail: harri.koponen@sonera.com

          In the United States:
          Steve Fleischer, Vice President, Investor Relations,
          Phone: +973-448-4616
          E-mail: steve.fleischer@sonera.com


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


ALCATEL: Research Firm Recognizes Alcatel for Market Direction
--------------------------------------------------------------
Alcatel (Paris: CGEP.PA and NYSE: ALA) announced that it has been
recognized as a "Visionary" in Gartner, Inc.'s Global Campus LAN
Magic Quadrant (Gartner, Inc.'s Campus LAN MQ for 2H02 - the Top
Five Vendors, Mark Fabbi, 4 November 2002) released earlier this
month. This distinction reflects Alcatel's position as one of
leading suppliers of switching solutions in the overall
enterprise LAN marketplace.

In only a few years, Alcatel has expanded its enterprise
portfolio and asserted itself as a major network equipment
vendor. Alcatel is the only major networking vendor to announce a
new family of LAN switches this year, which provide high
availability and security throughout the network. Alcatel's
OmniSwitch family is ideal for the network edge, wiring closet,
and medium and large enterprise core, and provides the ideal
multi-service infrastructure for IP telephony and mission
critical applications.

"Alcatel's move to a visionary position in Gartner's global
campus LAN Magic Quadrant demonstrates that it is delivering on
its global convergence vision," said Patrick Liot, president,
Alcatel's e-Business Networking Division. "Customers have agreed
that Alcatel's Omni family of products provides a strong and
competitive portfolio, and now this has been recognized by the
leading North American analyst firm as well."'

For the Global Campus LAN Magic Quadrant, Gartner analyzes
vendors on their viability, service and support, features and
functionality, and technology. These four criteria then become
the baseline for vendor placement on the Quadrant. Gartner
defines visionary vendors as vendors who have a clear vision of
market direction and are focused on preparing for that, but can
still improve in terms of optimizing service delivery.
Enterprises have come to depend on the Magic Quadrant when faced
with the selection of a vendor for new projects.

About Gartner's Magic Quadrant
The Magic Quadrant is copyrighted November 2002 by Gartner Inc.,
Inc. and is reused with permission. Gartner Inc.'s permission to
print or reference its Magic Quadrant should not be deemed to be
an endorsement of any company or product depicted in the
quadrant. The Magic Quadrant is Gartner Inc.'s opinion and is an
analytical representation of a marketplace at and for a specific
time period. It measures vendors against Gartner Inc.-defined
criteria for a marketplace. The positioning of vendors within a
Magic Quadrant is based on the complex interplay of many factors.
Gartner Inc. does not advise enterprises to select only those
firms in the Leaders segment. In some situations, firms in the
Visionary, Challenger, or Niche Player segments may be the right
match for an enterprise's requirements. Well-informed vendor
selection decisions should rely on more than a Magic Quadrant.
Gartner, Inc. research is intended to be one of many information
sources including other published information and direct analyst
interaction. Gartner Inc. expressly disclaims all warranties,
express or implied of fitness of this research for a particular
purpose.

About Alcatel enterprise networking solutions
About Alcatel enterprise networking solutions Alcatel delivers
standards-based IP communications solutions to a global customer
base of over 500,000 small, medium and large enterprises,
government agencies, healthcare facilities, and educational
institutions. Alcatel's award-winning Omni family of IP
Communications solutions consists of an extensive portfolio of
network switching infrastructure products and IP telephony
products built to provide long-term value.

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. For more information, visit
Alcatel on the Internet:
http://www.alcatel.com


ALCATEL: Cegetel/SFR Group Selects Transmission Solutions
---------------------------------------------------------
Alcatel (Paris: CGEP.PA and NYSE: ALA) announced that leading
French mobile operator Cegetel/SFR Group has signed a multi-
million Euro contract for Alcatel's flagship multiprotocol,
platform family, network management and services. As part of the
deal, SFR will deploy the Alcatel 7670 Routing Switch Platform
(RSP) to aggregate both voice and data traffic, in its UMTS radio
access network, and to optimize the UMTS network transmission
costs

Reducing infrastructure costs by eliminating the requirement for
overlay networks, Alcatel's multiservice, multiprotocol edge and
core platforms offer a unified data infrastructure for 2, 2.5 and
3G mobile services. The Alcatel 7670 RSP is ideally suited to
meet operator requirements for quality of service (QoS) for voice
and data services, a smooth evolutionary path from TDM to ATM and
IP/MPLS, and scalability to support rapid growth. Combined with
the industry-leading Alcatel 5620 Network Manager that provides
multi-vendor, multi-technology management from network core to
end user - including carrier-class IP management - Alcatel offers
operators the ability to aggregate and consolidate traffic on a
voice and data backbone.

"Alcatel is ideally positioned to help mobile operators as they
plan their network evolution in this extremely dynamic and
competitive industry," said Etienne Fouques, President of
Alcatel's carrier networking activities. "Our global leadership
in network management and multiprotocol, multiservice solutions
enables Alcatel to provide future-proof, seamless integration
that results in reduced total cost of ownership, which all
operators consider paramount."

About Cegetel Group and SFR
The Cegetel Group, with a turnover of more than EUR 6.4 billion
in 2001 and 16 million customers, is the first private French
telecommunications operator. It's the only private French company
to offer the entire range of telecommunications services - mobile
telephony through SFR and fixed telephony through Cegetel. The
Group's global offering is based on the use of its own
telecommunications networks, which allow it offer its customers a
wide range of services and to guarantee their quality. SFR, with
a turnover of EUR 5.6 billion in 2001 and 13 million customers
(market share of over 34 percent), is at the cutting edge of
mobile technology: first commercial GPRS services launch in June
2001; granted a UMTS license in July 2001; and, first full-colour
multimedia services for the general public offered in June 2002.
SFR customers exchanged more than one billion SMS text messages
within the first half of 2002.

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.

Alcatel's strategy covers all aspects of mobile network
deployment, from radio and core network systems, services
platform and terminals, to a suite of applications, services,
portals and content. That allows operators to migrate efficiently
from GSM to the next generation of value added services,
minimizing the migration costs and protecting their investment.

Alcatel is now the world's fastest growing GSM/GPRS supplier.
Currently, over 110 mobile operators worldwide rely on Alcatel's
Evolium GSM/GPRS/EDGE core and radio solutions.

By creating Evolium SAS, an Alcatel-Fujitsu company, Alcatel
clearly reinforces its position in both mobile infrastructure and
mobile Internet. Evolium SAS combines Alcatel's expertise in GSM,
GPRS, and EDGE as well as in ATM and IP technologies, with the
advanced experience of Fujitsu as supplier of NTT DoCoMo. NTT
DoCoMo is the world's leading mobile communications company with
more than 40 million customers.

The company provides a wide variety of leading-edge mobile
multimedia services. These include i-mode, the world's most
popular mobile Internet service, which provides e-mail and
Internet access to over 32 million subscribers, and FOMA,
launched in 2001 as the world's first 3G mobile service based on
W-CDMA.

Alcatel's UMTS solutions are a reality today, with 20 UMTS pilot
networks in operation or planned to be delivered by Alcatel in
Europe and in Asia by the end of 2002. Alcatel's strategy covers
all aspects of UMTS deployment, from radio access and core
network to terminals. Evolium SAS delivers a radio infrastructure
that is 3GPP-compliant, field-proven and capitalizes on Japanese
3G technical and field experience. Alcatel, which played a vital
part in developing the mobile Internet market, in particular
through the successful roll out of GPRS commercial networks
world-wide, has today a timely UMTS offering.


ALCATEL: Launches Fully Open 3G/UMTS Mobile Facility in Germany
---------------------------------------------------------------
With this 3G Reality Centre next generation applications and
services are on their way to consumers and business users.

Alcatel (Paris: CGEP.PA and NYSE: ALA), the world's largest
telecom infrastructure vendor and fastest-growing GSM/GPRS/EDGE
supplier, officially inaugurated its 3G Reality Centre in
Stuttgart, Germany. This facility, which has been operational
since June of this year, is the first end-to-end, fully open
3G/UMTS mobile facility in Germany and a new member to Alcatel's
worldwide 3G Reality Centre program. This global network of
state-of-the-art 3G Reality Centres is offering its partners a
unique live and comprehensive 2.5G/GPRS and 3G/UMTS end-to-end
environment for the development, testing, validation and
promotion of advanced mobile data applications and services.

Dr. Walter D"ring, Minister of Economic Affairs in Baden-
Wurtenberg, officiating at the launch ceremony, has personally
experienced 3G mobile telephony and discovered the difference
broadband makes. A live mobile videophony call established
between Kuala Lumpur and Stuttgart has given him, in particular,
the unique opportunity to see in real time the Malaysian person
he was speaking to as well as the Petronas towers in the
background, the world's tallest buildings.

"The Alcatel initiative is a key step to help further strengthen
the position of Baden-Wurtemberg as a main Telecommunication and
IT region," says Dr. Walter D"ring, Minister of Economic Affairs
in Baden-Wurtenberg. "Broadband technologies - whether wireline
or wireless - play a key role for the future development."

At today's opening, visitors were also able to experience mobile
applications and services such as web browsing, access to online
information, images and video transfer or downloading, TV
streaming, interactive online game, and even a live video call
between two cars - all while on the move.

The Alcatel 3G Reality Centre in Stuttgart is intended to foster
the development and testing of some of the most exciting mobile
applications and services. It enables the mobile community in
Germany and in Europe to investigate the potential of such next
generation mobile multimedia and data solutions from GPRS to
UMTS. This is a key factor to support the successful commercial
roll out of 3G.

This live and comprehensive environment is already attracting
partners, big and small, from the fields of application
development, content creation and handset design.

In Germany, amongst others, PTV AG, a company providing software,
consulting and research for travel, traffic and transportation
planning in the B2B field, is testing its NaviGuide application
already available via GSM or GPRS. With 3G/UMTS, it will become
in the near future even more powerful and colourful. To achieve
that, PTV is able to capitalise on the high quality and coverage
of the 3G/UMTS network Alcatel has set up in Stuttgart. It allows
testing of the new mobile applications in an area of roughly 10
square kilometres. In addition the network features highly stable
voice and data connections with data rates reaching 384 kbps and
speeds of up to 120 kilometres per hour

"We are making progress every day and achieving significant
milestones with 3G technology, applications and services,"
declared Marc Rouanne, President of Alcatel's Mobile Networks
activities. "The 3G Reality Centre in Stuttgart is providing
Alcatel and the German wireless community with invaluable
experience and learning opportunities that are paving the way to
successfully roll out 3G services in Europe and in the World."

Heinrich W. Kreutzer, CTO of Alcatel SEL, added, "The 3G Reality
Centre in Stuttgart shows the importance Alcatel places in the
German market. In Addition to our investments in R&D and the
Joint Venture with Fujitsu it clearly shows that we will continue
to shape the future of mobile communications. The 3GRC will be an
important part of that development."

PTV board spokesman Dr. Hans Hubschneider said, "It's fascinating
to experience UMTS live after such long discussions. As a result,
we are in a much better position to adapt our mobile services to
the mobile communications bandwidths of the future. For the
telecommunications industry, we will retain our position as the
innovation leader for location-based applications and telematics
services".

The 3G Reality Centre in Stuttgart is running on the latest
Alcatel EvoliumT solutions including the UTRAN (UMTS Terrestrial
Radio Access Network) radio systems, the Core network, as well as
the associated Radio Network Controller (RNC) and a dedicated
Application Service platform. The radio systems, which include
the UMTS base stations (Node B) are developed and produced by
Evolium SAS, the joint venture between Alcatel and Fujitsu, in
full compliance with UMTS 3GPP standards.

3G Reality Centres are already operational in Kuala Lumpur,
Lisbon, Malm" , Paris, Shanghai, Taipei, Rijswijk and now in
Stuttgart. Additional 3G Reality Centres will be operational by
the end of 2002, especially in Vimercate (Italy), and by first
quarter of 2003 in Australia, Japan and Korea, thanks to 3G UMTS
pilot networks installed by Alcatel.

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.

About Alcatel's Evolium solutions
Alcatel is now the world's fastest growing GSM/GPRS supplier.
Currently, over 110 mobile operators worldwide rely on Alcatel's
Evolium GSM/GPRS core and radio solutions.
By creating Evolium SAS, an Alcatel-Fujitsu company, Alcatel
clearly reinforces its position in both mobile infrastructure and
mobile Internet. Evolium SAS combines Alcatel's expertise in GSM,
GPRS, and EDGE as well as in ATM and IP technologies, with the
advanced experience of Fujitsu as the main supplier of NTT
DoCoMo. NTT DoCoMo, the world's leading mobile communications
company, provides a wide variety of leading-edge mobile
multimedia services. These include i-mode, the world's most
popular mobile Internet service, which provides e-mail and
Internet access to over 32 million subscribers, and FOMA,
launched in 2001 as the world's first 3G mobile service based on
W-CDMA. Alcatel's UMTS solutions are a reality today, with 20
UMTS pilot networks in operation or planned to be delivered by
Alcatel in Europe and in Asia by the end of 2002. Alcatel's
strategy covers all aspects of UMTS deployment, from radio access
and core network to terminals. Evolium SAS delivers a radio
infrastructure that is 3GPP-compliant, field-proven and
capitalises on Japanese 3G technical and field experience.
Alcatel, which played a vital part in developing the mobile
Internet market, in particular through the successful roll out of
GPRS commercial networks world-wide, has today a timely UMTS
offering.


ALCATEL: to Roll-out Mobile Telesystems Network in Russia
---------------------------------------------------------
MTS selects Alcatel's EvoliumT GSM and mobile IN solutions to
further expand its presence in Russia

Alcatel (Paris: CGEP.PA and NYSE: ALA) the world's fastest-
growing GSM/GPRS supplier, announces that it has signed a frame
agreement and three supply contracts with Mobile Telesystems
(MTS, NYSE: MBT), a leading mobile operator of Eastern Europe.
Under the terms of this agreement, Alcatel will supply MTS with
its EvoliumT GSM solutions and its next generation mobile
Intelligent Networks (IN).

By the first quarter of 2003, Alcatel will supply MTS with its
EvoliumT GSM solutions to optimize its existing infrastructures
and accelerate the deployment of new generation products and
services. Alcatel's EvoliumT GSM solutions include a mobile
switching center (MSC) for a 150,000-subscriber capacity and base
stations (BSS), which will first be installed in the city of
Saratov. This new network will further expand MTS's presence in
the Povolzhsky region and allow it to offer high-quality modern
services to its subscribers.

Alcatel's Open Services IN Platform (OSP) will be installed in
MTS's networks in the cities of Saint Petersburg and Nizhny
Novgorod. MTS will use Alcatel's IN solution to deploy new and
differentiating services, which are increasingly becoming a key
success factor in the fast growing local mobile market. One of
these services is pre-paid cards. By introducing the OSP, MTS
will be able to introduce flexible tariff plans for different
market segments and offer advanced applications, including voice,
data and Internet services. Delivery of the equipment is
scheduled for the first half of 2003.

First Vice-President of MTS, Mr.Gromakov, commented: " Alcatel's
solutions have been chosen after an extensive evaluation of
existing competitive products. We believe that Alcatel's system
will enable us to introduce innovative services with an
uncompromized level of quality."

"Alcatel recognizes the need for an appropriate network capacity
as a strategic issue for mobile operators worldwide. We therefore
are committed to offering our customers a complete range of
solutions addressing all cellular network evolution needs", added
Marc Rouanne, President of Alcatel's Mobile Networks activities.
This new success confirms Alcatel's commitment to the fast
growing Russian mobile market¯.

About MTS
MobileTelesystems - A leading mobile operator in Russia, serving
over 5.5 million subscribers. MTS and its daughter companies have
licenses to offer mobile services in GSM 900/1800 in 52 regions
of Russia with the population of 103,5 million people (which is
71% of the total population of the country). MTS network operates
in 45 regions of the Central (including Moscow and Moscow
oblast), North-West (including St.Petersburg and Leningradskaya
oblast), Southern, Privolzhsky, Urals, Siberian and Far East
federal okrugs, as well as the Republic of Belarus. As from 2000
MTS listed its shares at the NYSE under the symbol MBT. http:
www.mts.ru
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. For more information, visit
Alcatel on the Internet: http://www.alcatel.com

About Alcatel's Evolium solutions
Alcatel is now the world's fastest growing GSM/GPRS supplier.
Currently, over 110 mobile operators worldwide rely on Alcatel's
Evolium GSM/GPRS/EDGE core and radio solutions.

By creating Evolium SAS, an Alcatel-Fujitsu company, Alcatel
clearly reinforces its position in both mobile infrastructure and
mobile Internet. Evolium SAS combines Alcatel's expertise in GSM,
GPRS, and EDGE as well as in ATM and IP technologies, with the
advanced experience of Fujitsu as supplier of NTT DoCoMo. NTT
DoCoMo is the world's leading mobile communications company with
more than 40 million customers.

The company provides a wide variety of leading-edge mobile
multimedia services. These include i-mode, the world's most
popular mobile Internet service, which provides e-mail and
Internet access to over 32 million subscribers, and FOMA,
launched in 2001 as the world's first 3G mobile service based on
W-CDMA.

Alcatel's UMTS solutions are a reality today, with 20 UMTS pilot
networks in operation or planned to be delivered by Alcatel in
Europe and in Asia by the end of 2002. Alcatel's strategy covers
all aspects of UMTS deployment, from radio access and core
network to terminals. Evolium SAS delivers a radio infrastructure
that is 3GPP-compliant, field-proven and capitalizes on Japanese
3G technical and field experience. Alcatel, which played a vital
part in developing the mobile Internet market, in particular
through the successful roll out of GPRS commercial networks
world-wide, has today a timely UMTS offering.

About Alcatel in Russia
Alcatel offers its customers in Russia a full range of state-of-
the-art telecommunication technologies from switching products
through IP systems, high-speed Internet access solutions and
complete networking solutions for mobile operators. Alcatel
equipment is operated in more than half of the regions of the
Russian Federation. Alcatel provides mobile operators with
integrated network solutions, including mobile switching
platforms, radio systems, fiber-optic and microwave transmission
equipment, as well as networks design and optimization.


RHODIA SA: Appoints Advisor to CEO on Sustainable Development
-------------------------------------------------------------
Jacques Kheliff has joined the Rhodia Group as Vice-President and
Advisor to the Chairman and CEO on Sustainable Development.

In this capacity, he will share his expertise with the Senior
Management team as well as managers throughout the Group
including the members of the Sustainable Development Committee.

Jacques Kheliff will also carry out an audit of the content and
form of all the Group's tools and behaviors in the area of
Sustainable Development to appraise the actual implementation and
to guarantee the sincerity of this approach.

This corresponds to Rhodia's intention to submit its Sustainable
Development policy to the appraisal of French and foreign rating
agencies at the beginning of 2003, thereby to enable the Group to
be considered more widely by ethical investment funds.

Jacques Kheliff, 49, began his career with Rhone-Poulenc working
in the Chalampe, France, factory as a maintenance technician
before holding various positions in this factory, notably in the
Purchasing Department. At the same time, he became involved in
trade-union activities within the CFDT confederation within the
company, at a regional and subsequently national level, rising to
the position of General Secretary of the Unified Federation of
Chemical Industry Workers (Federation Unifiee de la Chimie) and
member of the National Bureau of the CFDT. He subsequently
promoted the merger between the CFDT federations representing
workers in the Energy industry (electricity - gas) with their
sister federations in the Chemical industry (which also included
the petroleum, pharmaceutical, plastics technology, rubber, glass
and cardboard sectors), and became General Secretary of this new
CFDT Chemical-Energy Industry Federation. Also, in his capacity
as Vice-President of the European Mine, Chemical and Energy
Workers Federation, he worked on promoting management/worker
dialogue within the European Chemical industry in liaison with
the European Chemical Employers Group, the equivalent for
management/worker relations of the European Chemical Industry
Council of which the Union of Chemical Industries is a member. As
a result of this work, he became a member of the select contact
group between the EMCEF and Chancellor Schroeder, set up to
examine the European White Paper on Chemical Substances.

Rhodia is one of the world's leading manufacturers of specialty
chemicals. Providing a wide range of innovative products and
services to the automotive, health care, food, cosmetics,
apparel, new technology and environmental markets, Rhodia offers
its customers tailor-made solutions based on the cross-
fertilization of technologies, people and expertise. Rhodia
subscribes to the principles of Sustainable Development
communicating its commitments and performance openly with
stakeholders. Rhodia generated net sales of 7.2 billion euros in
2001 and employs 27,000 people worldwide. Rhodia is listed on the
Paris and New York stock exchanges.


VIVENDI UNIVERSAL: Signs US$1.62 Billion Loan Facility
------------------------------------------------------
Vivendi Universal (NYSE: V; Paris Bourse: EX FP) announces the
signing of an extension to a US$1,620,000,000 Loan Facility
provided to its subsidiary Vivendi Universal Entertainment LLLP.

This extension is provided by Banc of America Securities LLC and
J.P. Morgan Securities Inc., as Lead Arrangers and Bookrunners.
The loan has its final maturity date on June 30, 2003 and in
certain circumstances Vivendi Universal Entertainment may elect
to extend up to US$ 420,000,000 of the loan until September 30,
2003.

The new facility extends an existing loan for the same amount
maturing in November 2002 and which was originally arranged to
fund the acquisition of USA Networks which closed on 7 May, 2002.

In the context of the financial and strategic restructuring of
Vivendi Universal, this facility contributes to the stability of
one of the Group's key strategic businesses. It represents a
further important milestone in the financial restructuring of
Vivendi Universal.

Long term consolidation of this credit line is expected to be
mainly realized via the securitization of film rights and
library.

CONTACT:  Vivendi Universal Entertainment
          Sue Fleishman or Iris Gelt
          Phone: +1.818.777.8063 or +1.818.777.9775
          or
          Investor Relations Paris:
          Daniel Scolan
          Phone: +33.1.71.71.14.10
          Laurence Daniel
          Phone: +33.1.71.71.12.33
          or
          New York:
          Eileen McLaughlin
          Phone: +1.212.572.1118


VIVENDI UNIVERSAL: Signs EUR1 Billion Back-Up Facility
------------------------------------------------------
Vivendi Universal (NYSE: V; Paris Bourse: EX FP) announces the
signing of a EUR1,000,000,000 Dual Currency Revolving Credit
Facility.

Given the successful progress of its asset disposal programme,
Vivendi Universal has requested those banks which provided it
with a commitment for a EUR 3 Billion Medium Term Credit Facility
on September 17, 2002, to reduce the size of the facility and
amend its purpose. The new facility is provided by ABN Amro, BNP
Paribas, Citigroup, Credit Agricole Indosuez, Credit Lyonnais,
Credit Suisse First Boston, Natexis Banques Populaires, Royal
Bank of Scotland, Societe Generale and Sumitomo Mitsui Banking
Corporation as arrangers.

The new facility amortises to EUR500,000,000 on December 31, 2003
and matures on December 31, 2004. The facility is not intended to
be immediately drawn and provides the Group with a back up to the
cashflows Vivendi Universal receives from its operations and
projected to be received from its asset disposal programme. The
EUR1,000,000,000 facility signed on July 10, 2002 is expected to
be repaid out of cashflow upon its maturity in December 2002.

In the context of the financial restructuring of Vivendi
Universal, this facility contributes to the stability of the
Group allowing greater flexibility to pursue its strategy,
maximise receipts from its disposal programme and provide greater
confidence to the capital markets. It represents a further
important milestone in the financial restructuring of Vivendi
Universal.

CONTACT: Vivendi Universal
         Investor Relations Paris:
         Daniel Scolan
         Phone: +33.1.71.71.14.70
         Laurence Daniel
         Phone: +33.1.71.71.12.33
         or
         New York:
         Eileen McLaughlin
         Phone: +1.212.572.1118


VIVENDI UNIVERSAL: Reports EUR1.234 Billion Loss in Third Quarter
-----------------------------------------------------------------
Third Quarter

-  Stable revenues of E14.6 billion. Excluding Vivendi
Environnement, revenues EUR7.4 billion, up 1% compared to the
same period last year, on a pro forma(1) basis, revenues were
down 4%.

-  Operating Income Actual: EUR 1,205 Million, Up 25%; Up 44%
Excluding Vivendi Environnement (VE)

-  Operating Income Pro Forma(1): EUR1,232 Million, Up 7%;Up 14%
excluding VE

-  Operating Income Pro Forma(1) Growth On a Constant Currency
Basis: Up 13%; Up 18% excluding VE

-  Reported EPS (Earnings Per Share) of (EUR 1.13) Versus Prior-
Year Period of (EUR 0.92). EPS before goodwill amortization and
non-recurring items of (EUR 0.20) versus the prior year period of
(EUR 0.28).

Nine Month Period

- Revenues of EUR 44.5 billion up 9% from the comparative 2001
period. Revenues of EUR 22.4 billion for Vivendi Universal,
excluding Vivendi Environnement, on a pro forma(1) basis, revenue
growth was 5%.

- Operating Income Actual: EUR 3,495 Million, Up 22%; Up 41%
Excluding Vivendi Environnement (VE)

- Operating Income Pro Forma(1): EUR 3,611 Million, Up 10%; Up
15% Excluding VE

- Operating Income Pro Forma(1) growth On a Constant Currency
Basis: Up 11%;Up 17% excluding VE

- Reported EPS of (EUR 12.45) Versus Prior-Year Period of (EUR
0.89). EPS before goodwill amortization and non-recurring items
of (EUR 0.26) versus EUR 0.00 in the first nine months of 2001.

(1) The pro forma information illustrates the effect of the
acquisitions of the entertainment assets of USA Networks, Inc.,
Maroc Telecom, Houghton Mifflin and MP3.com and the divestiture
of VUP's (Vivendi Universal Publishing)Business-to-Business and
Health divisions, as if these transactions had occurred at the
beginning of 2001. The pro forma information is calculated as a
simple sum of the actual results of Vivendi Universal's
businesses with the actual results reported by each of the
acquired or divested businesses in each year presented.
Additionally, the results of Universal Studios international
television networks are now reported by CANAL+ Group. This
reclassification has no impact on the total results of Vivendi
Universal. The pro forma results are not necessarily indicative
of the combined results that would have occurred had the
transactions actually occurred at the beginning of 2001

Vivendi Universal (Paris Bourse: EX FP; NYSE: V) today announced
that for the third quarter ended September 30, 2002, the company
generated operating income of EUR 1,205 million, up 25% (EUR 848
million, excluding Vivendi Environnement, up 44%). On a pro forma
basis, operating income was up 7% (up 14% excluding Vivendi
Environnement).

For the first nine months of 2002, the company reported operating
income of EUR 3,495 million, up 22% (EUR 2,127 million excluding
Vivendi Environnement, up 41%). On a pro forma basis, operating
income growth was 10% (15% excluding Vivendi Environnement).

Chairman and Chief Executive Jean-Rene Fourtou said, "In late
September, I announced that my main objectives would be to reduce
debt, improve the profitability of the company's core business
units and focus on Vivendi Universal's long-term strategy as a
media and entertainment company. I am pleased to report that we
have made progress on all three fronts. We have made significant
progress on our asset disposal program and the announced plan for
the sale of the shares Vivendi Universal currently holds in
Vivendi Environnement. We remain confident that we will have sold
assets worth approximately E7 billion by year-end 2002.
Additionally, we have been successful in floating E1 billion of
notes, mandatorily redeemable for Vivendi Universal shares
outside the United States, and we are in the process of
finalizing a credit facility that will give the company even
greater financial flexibility. The company remains totally
committed to creating value for all our shareholders by
performing and executing the strategies we have articulated."

PROFORMA OPERATING RESULTS
Third Quarter Results

- Consolidated revenue: Total for Vivendi Universal were down 2%
to E14,551 million on a pro forma basis, and down 4% excluding
Vivendi Environnement versus the prior comparable period in 2001,
and up 2% on a constant currency basis

- Consolidated operating income: Total company results were up 7%
to E1,232 million on a pro forma basis; up 14%, excluding Vivendi
Environnement versus the prior comparable period in 2001, and up
13% on a pro forma and constant currency basis.

Nine Month Results

- Consolidated revenue: Total consolidated revenue for Vivendi
Universal was up 5% on a pro forma basis to E44,700 million; up
5% excluding Vivendi Environnement for the prior comparable
period in 2001.

- Consolidated operating income: Results for the company were up
10% on a pro forma basis to E3,611 million, up 15% excluding
Vivendi Environnement versus the comparable period in 2001.

- Impact of euro/dollar exchange rate on operating results:
excluding the effects of foreign exchange ("FX") the company's
nine month results on a pro forma basis were up 11%.

THIRD QUARTER AND NINE MONTH 2002 BUSINESS UNIT HIGHLIGHTS

Revenue Results for Businesses owned more than 50%

Music: For the third quarter, Universal Music Group's (UMG's)
revenues were down 9% to E1.3 billion, reflecting primarily the
strength of the euro against the U.S. dollar. On a constant
currency basis revenues were down 2%. Sales of recorded music
increased slightly in constant currency terms but were offset by
higher provisions for returns and lower manufacturing revenue.
Best sellers in the period included new releases from Bon Jovi,
Eve and India Arie and a Spanish language release from Enrique
Iglesias. UMG increased its global market share in a difficult
period for the music industry. The U.S. saw an industry decline
of 12.4% in the quarter as measured by SoundScan while UMG's
share of current albums increased to an unprecedented 31.4%.
Operating income was 89% below last year, primarily due to higher
provisions for returns and increased A&R (artists and repertoire)
costs.

For the nine month period, revenues of E4.2 billion were 5% below
last year's comparable period, and 3% on a constant currency
basis. Best sellers to September included Eminem, whose album The
Eminem Show is the best selling album in the world year to date,
Nelly and the debut release from Ashanti. Operating income was
51% below last year. This reflected the decline in sales, lower
margins in the product mix and higher provisions for returns and
A&R costs, which were offset by lower marketing expenses and
other income including the sale of UMG's interest in MTV Asia to
Viacom and the sale of real estate and other investments.

Vivendi Universal Publishing (VUP): Vivendi Universal Publishing
(VUP) reported third quarter revenue of E1.2 billion, essentially
flat year-on-year on a pro forma basis and a 5% growth year-to-
date, on a pro forma basis (excluding B-to-B and Health divisions
sold in June 2002). The Publishing division reported a slight
decline in revenue offsetting part of first half of the year
advance, due to adverse movements in foreign exchange rates
impacting North America and Latin America.

On a pro forma basis, excluding B-to-B and Health divisions sold
in June 2002, Vivendi Universal Publishing (VUP) reported third
quarter operating income of E239 million, down 6% prior year
comparable period but still up 6% on the first nine months.

Publishing assets in the U.S., in Europe and in Latin America are
in the process to be sold, with the exception of the Games
Division, which reported revenues that were up 22% for the third
quarter, due primarily to the Warcraft III launch on the PC
platform in July 2002 and the success of The Thing and Crash
Bandicoot on the console platform and 35% for the nine month
period. Operating income for the first nine months reached E37
million versus a prior-year loss of E13m, and break-even for the
third quarter.

Vivendi UNIVERSAL Entertainment (VUE): Due to the impact of the
acquisition of the entertainment assets of USA Networks on May 7,
2002, VUE achieved 7% actual (non-comparable) revenue growth in
the third quarter. On a pro forma basis, VUE reported a 24%
revenue decline in the quarter (14% decline on a constant
currency basis) primarily due to fewer theatrical releases. Lower
attendance at the theme parks, as compared to the same quarter in
2001, also contributed to the decline in revenues for the
quarter.

Due to the acquisition of the entertainment assets of USA
Networks on May 7, 2002, VUE achieved 98% and 186% actual (non-
comparable) operating income growth in the third quarter and nine
months ended, respectively.

On a pro forma basis, VUE reported third quarter operating income
of E222 million, down 30% primarily due to fewer theatrical
releases. The 2001 results included income from Jurassic Park
III, American Pie 2, The Fast and the Furious, Traffic, Bridget
Jones's Diary and The Mummy Returns, compared to a lighter
release schedule in 2002, which included such theatrical releases
as The Bourne Identity, Blue Crush and About a Boy. Higher
amortization of program costs at the USA Cable Networks also
contributed to the decline in operating income in the quarter.

On a pro forma basis, VUE reported nine month operating income of
E893 million, up 10% primarily due to the current year video
release of The Fast and the Furious, American Pie 2, The Mummy
Returns, Jurassic Park III and Dr. Seuss' How the Grinch Stole
Christmas offset by lower ad sales at the USA Cable Networks.

CANAL+ Group: CANAL+ Group reported a 5% revenue growth during
the third quarter, reaching E1.2 billion, mainly driven by
subscriber portfolio growths at Canalsatellite, Canal+ Nordic and
NC Numericable, and partially offset by lower performances from
StudioCanal and Canal+ Technologies. Globally, subscriptions
increased by 5% to 16.6 million at the end of September. Digital
subscribers grew 10% year-over-year to 6.8 million. Revenues were
essentially flat for the quarter at Canal+ France. The French
digital platform Canalsatellite recorded an 11% growth of its
revenues in the third quarter, driven by higher subscriptions,
combined with flat ARPU (average revenue per user); its
subscription base grew by 13% over one year, reaching 2.159
million individual and collective subscriptions at the end of
September.

Canal+ Group recorded an operating income of E40 million for the
third quarter mainly driven by good commercial performances at
Canalsatellite (11% revenue growth in the third quarter) and
Tele+ and an operating loss of E29 million for the first nine
months of 2002. Even after excluding the impact from
restructuring charges at StudioCanal and Media Overseas in 2001,
the Group's operating income shows a positive growth trend for
the quarter and the first nine months of 2002.

Internet: In the third quarter, Vivendi Universal's Internet
businesses reported revenues of E31 million, down 9% compared to
the same period in 2001. On a pro forma basis, Internet revenues
fell by 33%, largely due to business restructuring, company
downsizing and declining online advertising revenues for U.S.
properties.

On a pro forma basis, Internet operating losses were reduced by
17% for the third quarter 2002 compared to the same period in
2001. The improvement in operating losses reflects the effects of
the ongoing restructuring process, which includes a number of
closures and continuing cost controls. Steady improvement in the
underlying operating income for on-going businesses is still
offset in the short-term by one-time costs associated with
downsizing or closures. These factors similarly affected nine
month results, as cumulative operating losses improved by 11%
compared to the prior-period 2001and revenues fell 13% to E118
million.

Vivendi Telecom International (excluding Maroc Telecom): Vivendi
Telecom International (VTI) reported third quarter revenue of
E108 million, up from E73 million in the prior year comparable
period, and operating income increased 18% to E13 million. This
significant improvement primarily reflects the full consolidation
of Kencell (Kenya) in December 2001.

For the first nine months, operating results for VTI also
improved. Revenues increased 101% to 341 million euros, and
operating income increased three-fold to E38 million.

Operating Results for Businesses Owned Less Than 50%

Cegetel and SFR: In the third quarter, Cegetel's revenues
increased 9% to E1.8 billion and operating income grew 64% to
E460 million.

At SFR, revenues increased 8%. During the third quarter of 2002,
SFR's customer base (including SRR, its subsidiary La Reunion, an
overseas department of France) grew by 161,000 to approximately
13.2 million customers. SFR's market share of gross additions
increased 1.1 percentage points to 36.4% from 35.3% in the third
quarter of 2001. ARPU from prepaid customers increased 19% to 24
euros, and ARPU from postpaid customers increased 1% to E59.1,
compared to the third quarter of last year. Additionally, SFR was
successful in reducing acquisition costs per gross addition by 4%
in the same period. Data and service revenue per average customer
rose significantly (34%) in the 2002 third quarter compared with
the prior-year period.

Operating results for Cegetel's fixed telephony services division
continued to improve during the quarter, resulting in revenue
growth of 11%, mainly due to local traffic opened to competition
since January 1, 2002.

For the first nine months of 2002, Cegetel's revenues increased
12% to E5.2 billion and operating income grew 41% to E1.2 billion
euros. The improved results reflect strong performances of both
the mobile and fixed telephony services divisions.

At SFR, revenues increased 11%, and operating income increased
32%. SFR's customer base (including SRR, its subsidiary La
Reunion, an overseas department of France) grew by 588,000 to
approximately 13.2 million customers. SFR's market share of gross
additions increased 1.4 percentage points to 35.4% from 34% in
the first nine months of 2001. ARPU from prepaid customers
increased 12% to E21.9, and ARPU from postpaid customers
increased 1% to E58.3, compared to the first nine months of 2001.
Additionally, SFR was successful in reducing acquisition costs
per gross addition by 9% in the same period. Data and service
revenue per average customer rose significantly (38%) in the
first nine months of 2002 compared with the prior year period.
Operating results for Cegetel's fixed telephony services division
continued to improve, resulting in 24% revenue growth, mainly due
to local traffic opened to competition since January 1, 2002, and
a 34% reduction in operating losses in the first nine months.

Maroc Telecom: For the third quarter, Maroc Telecom's revenue
increased 18% in the quarter due to strong mobile prepaid
customer growth, combined with slight growth in fixed revenues.
Operating income grew 18% in the quarter as a result of increased
revenues and aggressive cost-cutting program.

For the first nine months pro forma, Maroc Telecom's revenue grew
by 7%. In the same period, Maroc Telecom's operating income
increased 1%, despite increased depreciation resulting from a
reduction in the estimated useful life of certain fixed network
equipment.

Vivendi Environnement: For the first nine months, Vivendi
Environnement's revenues(1) increased by 4 % to E22.1 billion.
The operating income(2) increased very slightly to E1.4 billion.
Excluding non-core businesses, which are in the process to be
sold, revenues and operating income grew by respectively 7.9 %
and 6 % on a constant currency basis.

(1) after intercompagny reconciliation at Vivendi Universal level

(2) including restructuring charges, which are not taken into
account in Vivendi Environnement's operating income definition.

THIRD QUARTER AND NINE MONTHS PROFIT AND LOSS HIGHLIGHTS

-- Third quarter reported EPS of (E1.13) versus the prior year
period of (E0.92);

-- Third quarter EPS before goodwill amortization and non-
recurring items of (E0.20) versus the prior year period of
(E0.28);

-- Nine month reported EPS of (E12.45) versus (E0.89) in 2001;

-- Nine month EPS before goodwill amortization and non-recurring
items of (E0.26) versus E0.00 in the first nine months of 2001.

Interest Expense: For the third quarter, net interest expense
decreased from E482 million in 2001 to E377 million in the
comparative period for 2002.

For the first nine months, net interest expense decreased from
E1,107 million in 2001, to E1,052 million in 2002, due to a
reduction of the company's debt level by approximately E6 billion
from September 2001 to September 2002.

Financial provisions: As for the first half of 2002, financial
provisions of E3.4 billion were recorded for the nine-months
ended September 2002, compared to E346 million for the comparable
period in 2001. As for the first half of 2002, the most
significant provisions related to international telecom business,
VU puts, Sithe Energies, call premium, AOL Europe, Softbank
capital partners and certain quoted shares.

Exceptional Items: The third quarter showed a loss of E735
million, reflecting essentially a provision of E1.2 billion on
the loss of Houghton Mifflin and Telepiu asset disposals,
partially offset by approximately E300 million dilution profit on
Vivendi Environnement increase of capital in July 2002.

For the first nine months 2002, exceptional income totaled E1.3
billion, out of which E2.1 billion for the first half of the
year, primarily due to E1.6 billion net gain on the BskyB
transaction and E630 million gain on Vivendi Environnement
transaction in June.

Income Tax Expense: For the third quarter, income tax expense
grew from E324 million in 2001 to E513 million.

The company's income and deferred tax expenses were stable for
the first nine months at E878 million, compared to E881 million
in 2001 period.

Equity in Losses of Affiliates: For the third quarter, the equity
in losses from affiliates decreased from E145 million in 2001 to
E41 million in 2002.

For the first nine months of 2002, the equity in losses from
affiliates represented a decrease of 19% to E314 million from
E389 million in 2001, primarily due to CANAL+ Group (E17 million,
compared to E193 million in 2001), Internet (E151 million,
compared to E224 million in 2001, partially offset buy higher
losses at Elektrim (E125 million from E10 million in 2001.)

Goodwill Amortization: For the third quarter, goodwill
amortization declined from E411 million in 2001 to E310 million.
It also declined 19% from E1,180 million for the nine month 2001
period to E952 million for 2002, mainly due to the effect of
impairment.

Goodwill Impairment: The E11 billion impairment charge reflected
at the end of September 2002 remains unchanged from the end of
June 2002. Such charges relate to E3.8 billion for CANAL+ Group;
E3.5 billion for Music; E2.6 billion to Vivendi Universal
Entertainment; and E1.1 billion for the Telecom and Internet
divisions.

Minority Interest: For the third quarter, minority interest
expense increased 84% from E147 million to E270 million, due to
improved profitability at Cegetel and Maroc Telecom.

For the nine month period, minority interest expense declined 53%
to E424 million, from E903 million in 2001, due primarily to the
impact of the financial provision and goodwill impairment
partially offset by improved profitability at Cegetel and the
inclusion of a full nine month results of Maroc Telecom.

Net Income: The net loss for the third quarter 2002 amounted to
E1,234 million, compared to E960 million for the comparable
period last year. Excluding goodwill amortization and non
recurring items, the net loss decreased 23% to E222 million from
E290 million for the third quarter of 2001. Third quarter results
reflected a reported EPS of (E1.13) versus the prior-year period
of (E0.92). Third quarter EPS before goodwill amortization and
non-recurring items was (E0.20) versus the prior year period of
(E0.28).

The company incurred a net loss of E13.5 billion (or E12.45 per
basic share) for the first nine months, down from a loss of E0.9
billion (or E0.89 per basic share) for same period last year.
Excluding goodwill amortization and non recurring items, the net
loss would have been E288 million compared to a net income of E4
million for the first nine months of last year. Nine-month EPS
before goodwill amortization and non-recurring items was (E0.26)
versus E0.00 in the first nine months of 2001.

To see Vivendi Universal's Financial Statements:
http://bankrupt.com/misc/VivendiUniversal.htm


CONTACT:  Vivendi Universal
          Investor Relations:
          Paris:
          Laurence Daniel
          Phone: +33 (1).71.71.1233
          New York:
          Eileen McLaughlin
          Phone: +(1) 212.572.8961


VIVENDI UNIVERSAL: Obtains Leeway for Financing Cegetel Bid
-----------------------------------------------------------
Vivendi Universal has now secured cash to finance its drive to
contest Vodafone's bid to take control of Cegetel, which accounts
for a third of the group's operating profit in the past quarter.

The media and entertainment company was able to secure EUR2.3
billion (US$2.3 billion) after receiving EUR1 billion credit line
from a group of 11 banks and a EUR1.3 loan to finance a bid for
Cegetel.

Bloomberg cites Jerome Forneris, who helps manage EUR4 billion at
Banque Martin Maurel, including Vivendi shares, saying:``Vivendi
now has all the funds it needs to bid for Cegetel, which we view
as its core business, and that's excellent news,''.

The EUR1.3 billion loan will be activated only if the board
decides to bid for Cegetel, giving the management room to preempt
Vodafone's offer.

Vodafone offered EUR4 billion for BT's 26% stake, EUR2.3 billion
for SBC's 15% stake, and EUR6.77 billion for Vivendi's 44% stake.
Vivendi must at least match the offer for BT's stake, or accept
Vodafone's bid for its 44% stake in the French mobile phone
operator.  The group has until December 10 to decide.

Vivendi is currently reducing EUR18.6 billion of debt as of
September 30, to EUR13.9 billion by the end of the year.

``Buying Cegetel will raise debt less than earlier believed,''
said Mehra Meh, a Williams de Broe analyst.

``It [Cegetel] generates a lot of cash and provides a lot of
growth. They've sold assets ahead of schedule, cutting back on
loss-making operations. Cegetel's numbers are better than
expected too,'' he added.


VIVENDI UNIVERSAL: Vodafone Has No Intention of Bidding
--------------------------------------------------------
Vodafone Group PLC denied allegations that it plans to buy
Vivendi Universal to take control of Cegetel.

According to Bloomberg, Booby Leach, a spokesman for Vodafone
says that Chief Executive Chris Gent had expressed "he would
never bid for Vivendi", saying such move made no sense for the
world's biggest phone company.

The report cited U.S. entertainment industry newspaper Variety
suggesting that Vodafone may make an offer for the French media
company and sell the latter's U.S. media assets and television
unit, Canal Plus, leaving Cegetel.

``We wouldn't welcome Vodafone playing that game,'' said Richard
Wiseman, who holds Vodafone and Vivendi.

``It's more likely someone else would bid, having lined up
Vodafone as a buyer of part of it,'' he added.


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


ALLIANZ GROUP: Fitch Places Rating on Watch Negative
----------------------------------------------------
Fitch Ratings has placed its 'AA' Insurer Financial Strength
rating and 'AA-' Long-term issuer rating of Allianz Group on
Rating Watch Negative, following the company's announcement of a
EUR2.5 billion third quarter loss.

Dresdner Bank's 'A+' Long-term rating was placed on Watch
Negative at the same time, while its Short-term of 'F1' and
Support of '3' were affirmed.  According to Fitch, the rating
"reflects greater deterioration than expected in the bank's
operating profitability in the third quarter and the implications
this has for its ability to generate revenue during the rest of
this year and in 2003."

The rating agency also placed Banque AGF's Long-term rating of
'A+' on Rating Watch Negative and affirmed its 'F1' Short-term
and Support of '3'; Entenial's 'A' Long-term and 'F1' Short-term
ratings were both placed on Watch Negative and the Support of '3'
was affirmed. These ratings are based on the potential direct
support from Allianz.

The action also reflects the rating agency's concern on the
group's weakened capital position during the third quarter.

Fitch indicated to gather additional information regarding the
group's current and future capital position to bring the current
rating consistent with the capital position.


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


ELEKTRIM SA: Announces Agreement on Designation of Sale Proceeds
----------------------------------------------------------------
The Management Board of Elektrim S.A. announces that on 22
November 2002 an agreement was executed between Elektrim S.A.,
Vivendi Universal S.A., Vivendi Telecom International S.A.,
Elektrim Telekomunikacja Sp.z o.o. (ET), Carcom Warszawa Sp. z
o.o. (Carcom) and Elektrim Autoinvest SA in which the parties
have agreed as follows:

1. Receivables from ET, Carcom and Elektrim Autoinvest to
Elektrim S.A. have been confirmed at the level of EUR 77,5 mm,

2. Part of the proceeds from the planned sale of cable TV
businesses, i.e. Aster Polska Sp. z o.o., Warszawskie Sieci
Kablowe Sp. z o.o., RTK Autocom Sp. z o.o., Autocom Sp. z o.o.,
ZTP S.A., held by Elektrim Telekomunikacja in the amount of PLN
115 mm will be at the disposal of Elektrim Telekomunikacja. The
remaining amount of sale proceeds will be earmarked for the
repayment of receivables to Elektrim and Vivendi, the only
shareholders of Elektrim Telekomunikacja in the proportion of 40%
and 60% respectively.


ELEKTRIM SA: Changes Date of Supervisory Board Meeting
------------------------------------------------------
Referring to current report No 175/02 of 25 November 2002, the
Management Board of Elektrim S.A. announces that the meeting of
the Supervisory Board, referred to in the report has been
postponed until December 6, 2002.

Report No 175/02: Supervisory Board Meeting Called Urgently
The Management Board of Elektrim S.A. announces that a meeting of
the Supervisory Board has been urgently called for 2 December
2002 (with a possibility of moving it to 3 December 2002)at the
request of Elektrim's Supervisory Board Chairman. At the meeting
steps relating to Mr Ryszard Opara, the Management Board's Vice
President, will be discussed among other things.


NETIA HOLDINGS: Signs Subscription Agreement With ING Bank Slaski
-----------------------------------------------------------------
Netia Holdings S.A. (WSE: NET), Poland's largest alternative
provider of fixed-line telecommunications services (in terms of
value of generated revenues), announced that Netia has entered
into an agreement with ING Bank Slaski S.A. with regard to
subscription of up to 317,682,740 of Netia's series H shares to
be issued in connection with Netia's ongoing restructuring.

Under the agreement, the issue price for the Shares shall be paid
by ING BSK by means of a contractual set-off of Netia's
liabilities previously acquired by ING BSK from Netia's
creditors. ING BSK shall not incur any expenses or extend any
guarantees in connection with the agreement. ING BSK shall only
place a subscription order for such number of Shares as will
correspond to the value of the liabilities. Immediately after the
Shares have been allocated, ING BSK shall transfer the rights to
the Shares or the Shares to Netia's creditors.

The implementation of the agreement is contingent on obtaining
the permits required by law.

CONTACT:  Netia
          Anna Kuchnio (IR)
          Phone: +48-22-330-2061
          Jolanta Ciesielska (Media)
          Phone: +48-22-330-2407
          or
          Taylor Rafferty, London
          Alexandra Jones
          Phone: +44-(0)20-7936-0400
          or
          Taylor Rafferty, New York
          Jeff Zelkowitz
          Phone: 212-889-4350


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


ONO GROUP: Moody's Lowers Ratings of Group and Its Subsidiaries
---------------------------------------------------------------
Moody's downgraded the ratings of the ONO group, which included
ONO, Cableuropa SA and its subsidiaries.

The ratings downgraded are:

ONO Finance plc:

- Senior implied rating to Caa1 from B3

- Senior unsecured issuer rating to Ca from Caa3

- Senior unsecured bond ratings to Caa3 from Caa2

Cableuropa S.A:

- Senior secured bank facility rating to Caa1 from B3

The ratings were downgraded in May to reflect heightened concerns
with respect to ONO's ability to grow into its highly leveraged
capital structure.

The current downgrade reflects (i) expectation that the current
and prospective operating environment for ONO businesses continue
to be difficult; (ii) additional equity capital appears
increasingly unlikely; and (iii) Moody's resultant belief that
the company's existing capital structure is significantly over-
leveraged.

Moody's warns that the group's over-leveraged capital structure
may not be eased even by the currently proposed "Dutch tender"
offer.  Shareholders had announced an offer for portion of the
company's outstanding bonds.

The rating agency is particularly concerned on the absolute
magnitude of ONO's required revenue growth considering the
limited scale provided by its franchise areas.

The ratings, meanwhile, affirms ONO's strong management amidst
difficult economic and competitive environment.

The ratings remain under review for further downgrade to reflect
Moody's heightened concerns on debt-paying ability despite the
benefits of debt reduction provided by the bond offering.

Moody's indicated to focus the review on the ultimate outcome of
the tender offer, a review of ONO's revised business plan,
potential sources of additional funding, and the ultimate outcome
of the proposed satellite merger between Spanish satellite
operators Via Digital and Sogecable and the resultant
implications for ONO.

The Caa1 rating of the company's senior secured bank facility
benefits from its strong covenant and collateral packages, as
well as joint and several guarantees from its subsidiaries.

The Caa3 rating of ONO's senior unsecured notes, meanwhile,
reflects the contractually subordination of the notes to senior
liabilities.


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


SAAB AUTOMOBILE: Restructuring to Entail Job Cuts
-------------------------------------------------
GM officials say restructuring at General Motor Corporation's
struggling Saab division will likely mean job reductions and
other cost-cutting measures in the United States.

The measure is part of the top management's plan to trim expenses
and boost revenue at the Swedish subsidiary, says Associated
Press.

Without providing details on the start of the program and on the
number of job cuts involved, a spokesman for General Motors said
top officials from GB Europe and Saab Automobile have begun
working on the plan.

Saab Automobile AG employs 10,000 workers and produces 126,000
cars yearly. The automaker's current model includes the turbo 9-3
and the luxury 9-5.

As of December 31, the company has US$2,667 million in revenues.

CONTACT: Saab Automobile AB
         S-461 80 Trollhattan, Sweden
         Phone: +46-520-85000
         Fax: +46-520-81538
         Home Page: http://www.saab.com


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


ABB: LTD Signs US$200 MM Agreement to Deliver Power in the U.S.
---------------------------------------------------------------
Global network of focused factories will ensure fast delivery

ABB, the leading power and automation technology group, said it
has signed a five-year agreement with a five-year extension
option worth up to US$ 200 million to deliver extra-high-voltage
power transformers to the Tennessee Valley Authority (TVA) in the
United States.

"This agreement confirms our position as the supplier of choice
and a reliable long-term partner," said Peter Smits, head of
ABB's Power Technologies division. "The transformers will be
produced within our global network of focused factories, which
ensures fast delivery."

According to the terms of the contract, ABB will deliver extra-
high-voltage power transformers of up to 765 Kilovolt (kV). They
will be designed and manufactured with the common ABB TrafoStar
transformer concept. The transformers will be built in facilities
in Canada, Germany and Spain.

ABB will also supply a full range of products and services,
including technical support, for hauling and installing the
units. The latest order follows a power transformer agreement in
1999 for ratings of up to 230 Kv.

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


CREDIT SUISSE: CSFB Issues Statement on Holdings of NCFE
--------------------------------------------------------
CSFB, together with other holders of notes issued by affiliates
of National Century Financial Enterprises, Inc., suffered losses
as a result of what appears to be massive fraud at NCFE. It is
increasingly apparent that NCFE and its officers deliberately
misled CSFB and other investors. CSFB intends to assess the
situation as information develops related to NCFE, its officers
and directors, and others, and will vigorously pursue those
responsible for these losses.

CSFB currently holds for its own account notes issued by
affiliates of NCFE in the principal amount of approximately
US$258 million. The Firm also acted as placement agent for many
of the notes issued by affiliates of NCFE. Following the Monday,
November 18, 2002, bankruptcy filing by NCFE and based on the
information available at this time, the Firm has decided to write
down its NCFE holdings to approximately US$44 million, or to 17%
of the principal amount. The Firm continues to monitor the
situation closely and, if appropriate, will make adjustments as
more complete information becomes available.

Credit Suisse First Boston 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 http://www.csfb.com.

CONTACT:  Cristina von Bargen
          Phone: +1-212-325-2808
          or
          Pen Pendleton
          Phone: +1-212-325-2590
          Home Page: http://www.csfb.com


CREDIT SUISSE: S&P Lowers Ratings on Weak Profitability
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on Switzerland-based Credit Suisse
Group to 'A' from 'A+'.  It affirmed CSG's 'A-1' short-term
counterparty credit rating, at the same time.

The long- and short-term counterparty credit ratings on CSG's
primary bank operating entities--including Credit Suisse, Credit
Suisse First Boston (CSFB), and Credit Suisse First Boston (USA)
Inc.--were lowered to 'A+' from 'AA-', and to 'A-1' from 'A-1+',
respectively.

In conjunction, S&P lowered its insurer financial strength and
counterparty credit ratings on Winterthur Swiss Insurance Co.
(Winterthur) to 'A' from 'AA-'. The outlook on Winterthur is
negative.

The outlook on CSG and its bank operating entities is stable,
while the ratings on CSG and its operating entities were removed
from CreditWatch, where they had been placed with negative
implications on Oct. 2, 2002.

According to the rating agency, the actions are based on the
group's continued poor consolidated operating performance.

Standard & Poor's credit analyst, Diane Hinton, says S&P's does
not expect the group's profitability to improve substantially in
the near term, as the agency predicts weak operating conditions
to continue to 2003.

The analyst noted that the group's capitalization, which is
already pressured by weak operating performance, is also affected
by poor investment performance and capital needs at Winterthur.

According to the analyst, "Standard & Poor's considers that the
drain on resources at the group level has further limited the
scope for improvement in CSG's capitalization in the near-term."

The rating agency expects, however, that the group's strategic
and cost initiative will increasingly compensate operating
results.

Despite the continued market weakness, S&P believes that the
group's long-term profitability should benefit from the group's
strong position in its markets.

S&P indicated to watch CSG's progress in drawing on the full
benefits of its strong underlying fundamental.


CREDIT SUISSE: Suffers Plight of Major Financial Institutions
-------------------------------------------------------------
Credit Suisse Group, together with ING Groep NV and Santander
Central Hispano SA, is raising a combined US$4.1 billion as
investment losses soar amidst a slumping market, Bloomberg notes.

The Zurich-based firm is selling about US$840 million through
convertible bonds offering.  The company is selling securities
after injecting CHF3.7 billion to its loss-making insurance unit,
Winterthur.

European banks and insurers are raising cash to cover bad loans,
pay claims and underwrite new businesses.  They had to bolster
their capital to appease credit rating agencies during this time
considered as the worst period since the early 1990s when the
debt rating of Citicorp was slashed almost to below investment
grade, the report says.

Credit Suisse has a record third-quarter loss of CHF2.1 bilion.
Its Credit Suisse First Boston securities unit lost US$214
million on bonds sold by U.S. health care finance company,
National Century Financial Enterprises Inc.  It is further
expecting Winterthur to have another CHF400 million investment
writedowns in the fourth quarter.


ZURICH FINANCIAL: To Exit Zurich Warranty Management Services
-------------------------------------------------------------
Zurich Financial Services announces that Zurich Warranty
Management Services, Ltd. (ZWMS) of Prestatyn, Wales, a
subsidiary of Zurich Holding Company of American Inc., has
entered into an agreement with Home Service (GB) Ltd., of
Walsall, England, a company owned by South Staffordshire Group
plc, whereby Home Service will provide administrative services to
the warranty management portfolio of contracts from ZWMS. Terms
and conditions of the agreement have not been disclosed.

This decision is in line with the action program Zurich announced
on September 5, which is focusing Zurich's activities on core
markets and core products capable of delivering sustainable and
profitable growth. The transaction is expected to close on
December 16, 2002. ZWMS is confident that its customers,
suppliers and affinity partners will continue to enjoy a high
level of service from Home Service.

ZWMS is doing everything it can to ensure that employees at
Prestatyn - approximately 120 - are being treated fairly and will
receive redundancy benefits as called for by law and the terms of
any employee agreements. In addition, ZWMS will provide on-site
job search assistance to employees, who also will be able to
explore employment opportunities at Zurich Financial Services
Groups' UKISA business division.

Zurich Financial Services is an insurance-based financial
services provider with an international network that focuses its
activities on its key markets of North America, the United
Kingdom and Continental Europe. Founded in 1872, Zurich is
headquartered in Zurich, Switzerland. It has offices in
approximately 60 countries and employs well over 70,000 people.

CONTACT:  Keith Owens
          Public Relations Manager
          Zurich North America
          Phone: (847) - 762-7337
          E-mail: keith.owens@zurichna.com
          or
          Zurich Financial Services, Media and Public Relations
          8022 Zurich, Switzerland
          Phone: +41 (0)1 625 21 00
          Fax: +41 (0)1 625 26 41
          Home Page: http://www.zurich.com


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


CABLE & WIRELESS: Directors Propose to Elect External Chairman
----------------------------------------------------------------
Following the announcement of the interim results and the outcome
of the strategic review of Cable & Wireless Global on 13 November
2002, members of the Cable and Wireless plc Board met with
shareholders representing a significant proportion of the
Company's equity to explain the Board's position and to listen to
the views of shareholders.

As a result of these discussions, David Nash, Chairman Designate
and a non-executive director, has told the directors that he
believes that, in the circumstances, it would be inappropriate
for him to become Chairman at the start of 2003, and the
directors have decided that it would be in the best interests of
the Company for an external Chairman to be elected. David Nash
will retire from the Board on 31 December 2002.

To assist with the transition, Sir Ralph Robins, who was due to
retire on 31 December 2002, will continue for a limited period as
Chairman. He will lead the search for an external Chairman. Upon
completion of the search and appointment, Sir Ralph will retire
from the Board.

To provide stability until the new Chairman is in place and can
consider the executive and non-executive composition of the
Board, other planned changes to non-executive directors will,
temporarily, be placed on hold. However, the non-executive
directors have each offered to step down before the next AGM,
effective at the discretion of the Chairman.

CONTACT:  Investor Relations
          Louise Breen
          Phone: +44 (0)20 7315 4460
          Caroline Stewart
          Phone: +44 (0)20 7315 6225


CABLE & WIRELESS: Sells Up to 66% of Its Stake in Mobileone
-----------------------------------------------------------
Cable & Wireless announced that, as part of the Initial Public
Offering of MobileOne Ltd (M1), Great Eastern Telecommunications
Limited (GET), a Cable & Wireless subsidiary company (owned 51%
by Cable & Wireless and 49% by PCCW-HKT Limited), has signed
underwriting agreements with ABN AMRO Rothschild and UBS Warburg
for between 57% and 66% of GET's 30% holding in M1 (the final
amount depending upon the exercise, by the underwriters, of an
over allotment option). The proceeds of sale for GET will, before
expenses, be between SG$237 million and SG$273 million Completion
of the IPO is expected to take place on 4 December 2002, with any
exercise of the over-allotment option up to one month later.
Completion is subject to a number of standard conditions
including absence of material adverse market events.

M1 is the second largest provider of mobile voice and data
communications services in Singapore with over one million
customers. The profits attributable to the net assets that are
the subject of the transaction are between SG$22 million and
SG$26 million (figures derived from M1's audited accounts for the
year ended 31 December 2001).

Post completion, GET will be left with a holding of between 10%
and 13% of M1. This residual holding of GET, as well as those of
the other existing shareholders (SPH Multimedia Private Limited
and Keppel Telecoms Pte Ltd), will be subject to a lock-up of 12
months during which period it may only sell with the consent of
UBS Warburg and ABN AMRO Rothschild unless such sale is of the
entire residual stake of all existing shareholders to a single
purchaser.

This transaction is part of the continuation of Cable & Wireless'
strategic disposal of non-core assets.

The information contained herein does not constitute an offer of
shares for sale in the United States. The shares in MobileOne Ltd
may not be offered or sold in the United States unless they are
registered under applicable law or exempt from registration. The
shares have not been, and will not be, registered under the U.S.
Securities Act of 1933 and may not be offered or sold, subject to
limited exceptions, directly or indirectly into the United
States.

CONTACT:  Investor Relations
          Louise Breen
          Phone: +44 (0)20 7315 4460
          Caroline Stewart
          Phone: +44 (0)20 7315 6225


CARLTON COMMUNICATIONS: Halves Losses, Sees Growth of Advertising
-----------------------------------------------------------------
Carlton Communications posted a full-year loss of GBP156 million,
including a GBP98.8 million loss from failed ITV Digital venture.
The figure is down from losses of GBP390 million a year ago.

The broadcaster, meanwhile, reassured the market by saying
advertising revenues are expected to grow 2% on year in the
current quarter.

The group is showing signs it is recovering from the failure of
ITV Digital, the Scotsman says.

Chairman Michael Green said: "Looking ahead, our focus is clear.
We will build on ITV's progress, prepare for merger and bear down
on costs.

The group has agreed to merge with another broadcaster, Granada.
It said it is continuing to make progress to push through with
the proposed GBP1-billion takeover.

He also admits that the market will be challenging in the coming
months, but says, "A strong ITV schedule, improved ratings and
our proposed merger put Carlton in the best possible position to
benefit as advertising demand starts to recover."

"We will continue to build our businesses outside ITV in
programme distribution, cinema advertising and post-production."


GLAXOSMITHKLINE: Postpones Decision on Executive Remuneration
-------------------------------------------------------------
GlaxoSmithKline plc has held discussions with shareholders on the
proposal to increase the level of long-term incentive awards for
Chief Executive Officer (CEO), JP Garnier. The company remains
committed to the policy of aligning its incentive plans with
those of its global pharmaceutical peer group. However, after
taking account of shareholder views the company has decided to
postpone a decision on this matter and will now take further time
to consider the way forward.

For 2002, the CEO's long-term incentive awards will be set at a
similar level to last year.

CONTACT:  European Analyst/Investor
          Duncan Learmouth
          Philip Thomson
          Joan Toohill
          Phone: 020 8047 5540
                 020 8047 5543
                 020 8047 5542

          US Analyst/Investor Frank Murdolo
          Tom Curry
          Phone: (215) 751 7002
                 (215) 751 5419


HILTON GROUP: To Undertake Further Asset Sale and Leaseback
-----------------------------------------------------------
UK hotel and gaming operator, Hilton Group, plans to further
negotiate significant sale and leaseback on a portfolio of its
hotels.  The sell-off is on top of a divestment three months ago,
and another in March 2001, in which it raised GBP12 million for
its 11 hotels.

The deal is expected to compare to the group's GBP336 million
sell-off of 10 hotels to a consortium of investors in August,
according to The Scotsman.

Chief Executive David Michels indicated to begin searching for
potential buyers next year, confident of the interest the group's
good position would attract.

Proceeds of the sale will be used to continue paying down debt of
the company which warned of no imminent recovery from the
downturn in the hotels industry following the September 11
attack.

The report mentioned Mr. Michels saying occupancy in his hotels
was not a problem, but rates have come down due to the slump in
tourism.  Hotels are into offering discounts to attract tourists.


MYTRAVEL GROUP: Postpones Announcement of Annual Results
--------------------------------------------------------
Holiday group, MyTravel, postponed the release of its annual
results on failure of one bank to agree on the extension of the
tour operator's revolving credit facility.

MyTravel needs to extend the credit facility to avoid going under
administration, and to allow its auditors, Deloitte & Touche, to
sign the financial reports.

The current GBP250-million (US$391 million) facility expires in
March, but the extension has to be agreed before the final
statements are released.

According to the Financial Times, the signing of the deal was
suspended when lawyers examining a final draft contract found a
technical problem with the agreement.

While the rest of up to 23 banks involved in the negotiation do
not mind the glitch, one moved to halt the progress of the deal.


MYTRAVEL GROUP: Assures That Loan Extension Is Underway
-------------------------------------------------------
MyTravel insists it was in "well advanced discussions with
lending banks" over the extension of its GBP250 million credit
facility yesterday.

The pronouncement came as the troubled company postpones the
announcement of its full-year results, The Scotsman notes.

"The company expects to sign agreements shortly. The preliminary
[results] announcement will be released immediately thereafter,"
the company says in a statement.

Without giving further details, the group also disclosed that
discussions with banks also relates to "commitments for certain
other facilities."

Sources close to the company say the negotiations will be wrapped
up within the next few days.

The holiday operator, which issued three profits warning in the
past five months, needs to renew the loan package in order to
avoid going into administration.  It denied claims that customers
are withdrawing from their bookings on fear that the group will
go under.

The group, formerly known as AirTour, has suffered strong
competition in holiday bookings in the wake of the September 11
tragedy, in addition to its own internal problems.

Earlier, MyTravel warned of a GBP30 million financing gap in its
accounts.


THE BIG FOOD: Announces Purchase of Senior Notes
------------------------------------------------
The Company is pleased to announce that, through one of its
subsidiaries, it has today purchased GBP2,500,000 nominal value
of its 9.75% Senior Notes due 2012.

The Big Food Group plc may choose to repurchase additional
outstanding bonds in the future, in open market purchases or
privately negotiated transactions. Such purchases will depend on
prevailing market conditions and, including [Monday's] purchase,
will not exceed 10% of the bonds in issue.

CONTACT:  The Big Food Group
          Bill Hoskins, Finance Director
          Phone: 01933 371 126
          David Sawday, Group Head of PR
          Phone: 01933 371 148

          Hudson Sandler
          Michael Sandler/Noemie de Andia
          Phone: 020 7796 4133


                                *************

       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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