/raid1/www/Hosts/bankrupt/TCREUR_Public/030108.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

                Wednesday, January 8, 2003, Vol. 4, No. 5


                              Headlines

* F R A N C E *

FRANCE TELECOM: To Seek Clearance for EUR30 Billion Share Issue
RHODIA SA: Ships Brewing, Enzymes Units to U.S. Firm


* G E R M A N Y *

DEUTSCHE TELEKOM: Fails to Forge Partnership with Cap Gemini


* I R E L A N D *

ELAN CORP: S&P Not Impressed with New Drug; Keeps Ratings As Is
ELAN CORP: New Drug for Multiple Sclerosis Gets High Mark in Test
ELAN CORP: Former Merrill Lynch Executive Gets Top Job
MARLBOROUGH GROUP: Leading Irish Recruiter Files for Receivership


* I T A L Y *

CAPITALIA: In Exclusive Talks with ING Over Entrium
FIAT SPA: Creditors Doubt Colaninno's Rescue Proposal
FIAT SPA: Banks to Mull Over Colaninno's Offer in Meeting Today
LAZIO: Banks Take Over Team as Cragnotti Steps Down


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

KLM ROYAL: Reduces Earnings Outlook for Current Fiscal Year
KPN NV: Finalizes Sale of Data Activities in Belgium


* P O L A N D *

NETIA HOLDINGS: Moody's Cancels Rating Following Capital Hike


* R U S S I A *

METROMEDIA INTERNATIONAL: Postpones Preferred Stock Dividend
METROMEDIA INTERNATIONAL: Warns of Impending Bankruptcy


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

GRETAG: Board Denies Hand in Christmas Eve Sacking; Points to CEO


* U N I T E D   K I N G D O M *

ANTISOMA PLC: Completes Licensing Agreement with Roche
BRITANNIC PLC: Scraps Bonuses and Skips Dividends
CABLE & WIRELESS: Thus Plc May End up with UK Business
CORPORATE SERVICES: Offers Shares at Huge Discount
PARTHUSCEVA INC.: Expects Up to US$25.2 MM Net Loss in Q4
P&O PRINCESS: Regulators to Open Another Inquiry
ROYAL MAIL: Regulator May Scrap Price Cap, Say Insiders



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


FRANCE TELECOM: To Seek Clearance for EUR30 Billion Share Issue
---------------------------------------------------------------
France Telecom revealed in a filing in the legal bulletin Balo that it
intends to ask shareholders for the right to sell as much as EUR30 billion
(US$31.2 billion) in shares.

The move is understood to be part of the company's plan to trim down debt in
the next three years through a EUR15 billion cash injection and a EUR15
billion increase in cash flow.  The latter will be achieved through cost
cutting, spending cuts and other operational measures, people familiar with
the matter told the Wall Street Journal.

The thrust towards trimming down costs includes cutting the company's EUR70
billion net debt to EUR40 billion by the end of
2005.

The announcement of the capital increase in December had prompted Fitch
Ratings to affirm France Telecom's Senior Unsecured rating of 'BBB-', and
its Short-term rating of 'F3'.  Fitch believes that the additional equity,
as well as the French company's pro rata contribution of EUR9 billion could
de-leverage the company to a level that is more appropriate to an
investment-grade credit rating.

In France, companies must obtain authorization from the stock market
regulator and shareholders before they can sell new shares, and they often
make such requests at annual meetings. They do not have to exercise the
authorized right in full, according to Bloomberg.  France Telecom will hold
its next annual shareholders meeting on February 25.

CONTACT:  FRANCE TELECOM
          6, Place d'Alleray
          75505 Paris Cedex 15, France
          Phone: +33-1-44-44-22-22
          Fax: +33-1-44-44-95-95
          Home Page: http://www.francetelecom.fr


RHODIA SA: Ships Brewing, Enzymes Units to U.S. Firm
----------------------------------------------------
Rhodia, the French chemical specialist, announced Monday that it had sold to
the U.S. company Genencor International, Inc. its Brewing & Enzymes
businesses based in the United Kingdom, and together with it the technology
license and production rights of an animal feed product.

The Brewing & Enzymes production generated sales of around EUR17 million in
2001, which included a significant distribution business for Genencor.
Enzyme production is not a core technology for Rhodia Food, which is
focusing on the food additives to respond to the needs of its strategic
markets: dairy, desserts, beverages and nutraceuticals, meat, savory sauces
and dressings; and bakery products.

This transaction fits Rhodia's strategy to re-align its portfolio to a
growth model based on the cross-fertilization of technologies and the
development of high value-added solutions for customers.  This latest asset
sale will enable Rhodia to further exceed the target announced at the
beginning of 2002 to generate a total of EUR500 million from divestitures.



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


DEUTSCHE TELEKOM: Fails to Forge Partnership with Cap Gemini
------------------------------------------------------------
Deutsche Telekom's T-Systems is still without a partner in its planned
international expansion after talks between Deutsche Telekom and prospective
partner, Cap Gemini Ernst & Young, failed.

Kai-Uwe Ricke, Deutsche Telekom's new chief executive plans to expand
T-Systems' overseas business to compete with global rivals such as CSC and
EDS.

According to the Financial Times, one potential area of disagreement is
thought to have been the financial structure of any deal.  A source told the
daily: "What T-Systems really wants of this partnership is not clear
enough."

T-Systems, which was formed after Deutsche Telekom took control of Debis
Systemhaus, a joint venture with DaimlerChrsyler, is victim to the slowdown
in IT spending and sluggish progress in the integration of its different
parts.

The report noted that the expansion, initiated since the end of last year,
is happening just as the company is reducing its EUR64 billion debt to EUR50
billion (US$52 billion), which accordingly rules out growth through
acquisitions.

CONTACT:  DEUTSCHE TELEKOM AG
          53113 Bonn, Germany
          Phone: +49-228-181-0
          Fax: +49-228-181-8872
          Home Page: http://www.telekom.de
          Contact:
          Hans-Dietrich Winkhaus, Chairman Supervisory Board



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


ELAN CORP: S&P Not Impressed with New Drug; Keeps Ratings As Is
---------------------------------------------------------------
Standard & Poor's said recently that the ratings and outlook on Elan Corp.
would not be affected by promising progress on the company's drug Antegren,
a prospective autoimmune treatment whose U.S. market for treatment of
multiple sclerosis alone is estimated at US$2 billion annually.

Despite the significant progress, S&P says Elan and its development partner,
Biogen Inc., still needs to conduct larger Phase III trials on the drug.

S&P previously assigned a 'B-' rating with a negative outlook to Elan Corp.
The rating agency presently noted that the drug company continues to face
significant upcoming debt maturities.  It warned that Elan's approximately
US$1 billion in LYONs securities can be put to the company at the end of
2003.  This danger is further compounded with US$840 million securities
coming due in 2004 and 2005.

While acknowledging the company's success in raising more than US$600
million through asset divestitures in the past two quarters, S&P cautioned
that the success of Elan's ongoing restructuring program and the strength of
its cash flows from operations remain highly uncertain.

CONTACT: ELAN CORP
         Home Page:
         Contact:
         Investors (US):
         Jack Howarth
         Phone: 212-407-5740
                800-252-3526
         Investors (Europe):
         Emer Reynolds
         Phone: 353-1-709-4000
                00800 28352600


ELAN CORP: New Drug for Multiple Sclerosis Gets High Mark in Test
-----------------------------------------------------------------
Biogen, Inc. (NASDAQ:BGEN) and Elan Corporation, plc (NYSE:ELN) announced
recently that the results of a study published in the New England Journal of
Medicine (NEJM) indicate that ANTEGREN (natalizumab) reduces new
inflammatory brain lesions and relapses in patients with relapsing forms of
multiple sclerosis (MS).  The use of natalizumab in the treatment of MS is
currently being investigated in Phase III clinical trials.  An
investigational study was also published in the same journal, showing
promising results for natalizumab on disease remission and improved quality
of life for patients with Crohn's disease.

Biogen and Elan are collaborating on the development, manufacturing and
commercialization of natalizumab, the first in a new class of compounds
known as selective adhesion molecule inhibitors (SAM inhibitors).  The
findings published in the medical journal are based on a Phase II study
conducted and analyzed by Elan and Biogen.  The study was a double blind,
placebo-controlled trial of 213 MS patients at 26 sites in the U.S., Canada
and the U.K.  Patients received either one of two natalizumab doses (3 mg/kg
or 6 mg/kg) or placebo by intravenous infusion every 4 weeks for 6 months.
Participants in the trial had either relapsing-remitting MS or secondary
progressive MS.

The primary analysis was based on MRI scans and showed that patients treated
with natalizumab for 6 months had up to 93 percent reduction in new
gadolinium-enhancing lesions compared to patients treated with placebo.  The
reduction in lesions was seen as early as one month after the first infusion
and was sustained during the treatment period.  A mean of 9.6 new enhancing
lesions developed during the treatment period in the placebo group (n= 71)
versus 0.7 and 1.1 in the 3 mg/kg (n= 68) and 6 mg/kg groups (n=74),
respectively.

There was a reduction of approximately 50% in the number of patients
experiencing a relapse in the natalizumab groups compared to placebo - a
tertiary endpoint of the study.  In the study, 38% of the placebo treated
patients (27/71) experienced one or more relapses, compared with only 19% of
patients in either group treated with natalizumab (13/68 with 3mg/kg and
14/74 with 6mg/kg natalizumab respectively).

Natalizumab appeared to be well tolerated at both dose levels in this study.
Certain adverse events occurred more commonly with natalizumab compared to
placebo, such as infection, urinary tract infection, pharyngitis and rash.
However, there were no significant differences between the treated groups
and placebo.  Additionally, serious adverse events included infrequent
hypersensitivity-like reactions.

"The Phase II results were promising and demonstrated the ability of
natalizumab to reduce MRI activity and the number of relapses.  Because of
these results, Phase III studies are underway to investigate the potential
of natalizumab as a new treatment option for people with MS," said David
Miller, M.D., lead author of the NEJM study and Professor of Neurology,
Institute of Neurology, London, United Kingdom.

"There is a need for new types of therapies in the battle against MS.  These
data indicate that natalizumab may hold promise in MS, and the new clinical
studies that are underway will help us determine if that promise is
realized," said Stephen C. Reingold, Ph.D., Vice President of Research
Programs, National Multiple Sclerosis Society.

"Patients' response to natalizumab was encouraging.  With its unique
mechanism of action, natalizumab represents a new class of therapies that
could help in the treatment of MS," said J. Theodore Phillips, Jr., M.D.,
Ph.D., an investigator in the Phase II and Phase III trials, Texas
Neurology, Baylor University Medical Center.

New Mechanism of Action

Natalizumab is the first in a new class of drugs known as SAM (selective
adhesion molecule) inhibitors.  In MS, immune cells migrate through the
blood-brain barrier into the brain leading to inflammation and destruction
of the myelin sheath (the insulation for the nerves) and eventual nerve cell
death.  In Crohn's disease, a similar process of inflammation occurs but in
the gastrointestinal tract.  Adhesion molecules on the surface of the immune
cells play an important role in the migration of these cells.  Natalizumab
binds to a specific adhesion molecule on the immune cell surface known as
alpha-4 integrin.  By binding to alpha-4 integrin, natalizumab may inhibit
immune cells from leaving the bloodstream and prevent them from migrating
into the brain or the inflamed gut tissue and worsening the disease
condition.

Phase III Trials in MS Fully Enrolled

Based on the promising findings in Phase II, Biogen and Elan have
collaborated on two Phase III trials in MS, which are both fully enrolled.
The AFFIRM (natalizumab safety and efficacy in relapsing-remitting MS) trial
is a two-year, randomized, multi-center, placebo-controlled, double blind
study of approximately 900 patients designed to determine whether
natalizumab is effective in slowing the rate of disability in MS and
reducing the rate of clinical relapses.  The second trial, known as SENTINEL
(safety and efficacy of natalizumab in combination with AVONEX (Interferon
beta-1a) in patients with relapsing-remitting MS), is a two-year,
randomized, multi-center, placebo-controlled, double blind study of
approximately 1,200 patients. The SENTINEL trial, which is one of the
largest conducted in MS, is designed to determine whether the treatment of
MS with natalizumab in combination with AVONEX is more effective than AVONEX
treatment alone in slowing the rate of disability in MS and in reducing the
rate of clinical relapses.

Elan and Biogen are also conducting Phase III trials in Crohn's disease.
There are two trials in Crohn's disease:  ENACT-1 (Evaluation of Natalizumab
in Active Crohn's Disease Trial - 1), the largest-ever study in Crohn's
disease conducted to date, is now fully enrolled with more than 850 patients
and will evaluate clinical response and ability to induce remission; ENACT-2
(Evaluation of Natalizumab As Continuous Therapy - 2) will evaluate duration
of effect.  Investigators expect ENACT-2 to be fully enrolled shortly.

About Biogen

Biogen is the world's oldest independent biotechnology company and a leader
in biologics research, development and manufacturing.  A pioneer in leading
edge research in immunology, neurobiology and oncology, Biogen brings novel
therapies to improve patients' lives around the world through its global
marketing capabilities.  For press releases and additional information about
the company, please visit http://www.biogen.com

About Elan

Natalizumab was discovered in Elan's research facilities in South San
Francisco, and both Elan and Biogen have pioneered research into this novel
pathway.  Elan is focused on the discovery, development, manufacturing,
selling and marketing of novel therapeutic products in neurology, pain
management and autoimmune diseases.  Elan shares trade on the New York,
London and Dublin Stock Exchanges.


ELAN CORP: Former Merrill Lynch Executive Gets Top Job
------------------------------------------------------
Elan Corporation, plc (NYSE:ELN) announced that G. Kelly Martin, 43, has
been named President and Chief Executive Officer of the company by unanimous
vote of its Board of Directors.  The appointment is effective February 3,
2003.

"I am particularly pleased that Kelly possesses all the requirements which
we defined as critical for our CEO candidate.  Although he does not have
direct pharmaceutical industry experience, Kelly's exceptional management
and business skills, along with his tremendous passion for what our company
does, makes him an outstanding choice to lead Elan in its efforts to recover
and reestablish itself as a leader in our industry," said Dr. Garo Armen,
who will remain Chairman of Elan.

Mr. Martin was a member of both the Executive Management and Operating
Committee of Merrill Lynch & Co. and was formerly president of the
International Private Client Group.

Mr. Martin's career at Merrill Lynch encompasses a broad array of operating
and executive responsibilities on a global basis.  In his most recent
position, he was responsible for re-engineering the company's non-US private
client business.  A critical success of this assignment was achieving
profitability for the first time in Japan.

Previously, Mr. Martin oversaw the overhaul of Merrill's global debt markets
business after significant market turmoil in 1998.  From 1995-1998, he was
responsible for systems and technology for Merrill Lynch.  Earlier in his
career with Merrill Lynch, Mr. Martin spent eight years in London, and over
two years in Japan in a variety of roles.  He received a B.A. degree in
politics from Princeton University in 1981.

"After more than 20 years on Wall Street and in the world's capital markets,
I am joining a company which has the opportunity to change the way diseases
like Alzheimer's, Crohn's and multiple sclerosis are treated," said Mr.
Martin. "My goal is to help bring these important compounds to market by
ensuring a strong financial future and operating platform for Elan."

Mr. Martin will join Elan's Board of Directors. As part of its continued
commitment to corporate governance, the company said the positions of Chief
Executive Officer and Chairman of the Board will be separate positions at
Elan.


MARLBOROUGH GROUP: Leading Irish Recruiter Files for Receivership
-----------------------------------------------------------------
The Irish Emigrant Publications reported Monday that the country's largest
recruitment firm, Marlborough Recruitment Group, has gone into receivership.

The company admitted in a statement that it can no longer fund its operation
in the face of a heavy debt load and slowdown of the Irish labor market.

The company's receiver David Hughes of Ernst & Young sold the group's
temporary business contract to rival CPL. About 305 will be laid off, while
between ten and 20 were transferred to CPL.
Trading of MarlBorough shares were suspended on the Dublin and London stock
exchanges.

The Marlborough Group is Ireland's largest and most successful Recruitment
Company, employing over 380 people across nine offices that are located in
Dublin, Cork, Limerick, Galway, Waterford, Sligo, Athlone, Dundalk and
Belfast.

The Marlborough Group covers all sectors of the recruitment industry from
executive level to factory operatives. There are four main divisions within
the Group - Technical, IT, MCSL (Marlborough Customer Services &
Linguistics) and Sales and Marketing.



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


CAPITALIA: In Exclusive Talks with ING Over Entrium
---------------------------------------------------
An exclusive negotiation has been started between Italian bank Capitalia and
ING Barings of the Netherlands over the sale of Entrium, Capitalia's
Germany-based online bank.

A source told Reuters that the parties aim to close the sale in the first
three months of 2003.  Capitalia owns Entrium through Fineco, formerly
Bipop-Carire, which bought the bank for over EUR2 billion during the
Internet boom.

Capitalia had aimed to unload Entrium by the end of 2002 to boost its
below-par capital strength.  It is unloading the unit as part of non-core
assets disposals, which included a 20.1% stake sale in its
investment-banking unit and the divestment of its 145 branches.  It had
previously negotiated the bank to Citigroup, but talks fell through in
October.

A Capitalia spokeswoman admitted exclusive talks over the Entrium sale, but
refused to reveal the identity of the negotiating person.  ING also declined
to comment, but admitted it has plans of expanding its Internet banking unit
ING Direct.

CONTACT: CAPITALIA SPA
         via Marco Minghetti 17
         00187 Rome, Italy
         Phone: +39-06-54451
         Fax: +39-06-5445-2351
         Homepage: http://www.capitalia.it
         Contact: Cesare Geronzi, Chairman
                  Carlo Salvatori, Managing Director

         ING GROEP N.V.
         Strawinskylaan 2631
         1077 ZZ Amsterdam, The Netherlands
         Phone: +31-20-541-54-11
         Fax: +31-20-541-54-44
         Homepage: http://www.ing.com
         Contact: A.G.Z. Kemna, Chief Investment Officer


FIAT SPA: Creditors Doubt Colaninno's Rescue Proposal
-----------------------------------------------------
Some of Fiat's creditors have privately expressed skepticism about the
rescue proposal of Roberto Colaninno, the Italian entrepreneur who is
working on a rescue plan for the group.

According to The Wall Street Journal, the creditors are wondering what novel
idea would Mr. Colaninno introduce in addition to the layoffs, cost-cutting
measures, and sale of non-core assets that the management is currently
implementing.  It is understood that Mr. Colaninno is hoping to keep General
Motors Corp. involved as a partner in the carmaker.

GM's ties with the group is considered critical due to its 20% ownership of
Fiat Auto, and a number of industrial partnerships with the company aimed at
lowering costs for both parties.  Added to this is Fiat's put option that
could force GM to buy the remaining stake in Fiat Auto starting in 2004.

People familiar with the plan say the details of the offer are likely to be
worked out during the coming week, after which Mr. Colaninno will present
the specifics to Fiat's creditor banks and the controlling Agnelli family.
The approach of GM is expected to follow by the end of the month.

But GM is opposed to handing more money into Fiat, people familiar with GM's
thinking said.  But he could try to gain GM's favor by proving a better
manager than Fiat's current top executives, the report says.

Mr. Colaninno is also planning to take a significant stake in Fiat and sell
non-core assets to revive Fiat Auto, the car division which posted operating
losses of EUR1.3 billion in the first nine months of 2002.

A change in control at Fiat would annul the put option, which would force GM
to buy the rest of the unit.  But people close to GM said the U.S. company
would be stubborn to take such move.


FIAT SPA: Banks to Mull Over Colaninno's Offer in Meeting Today
---------------------------------------------------------------
Roberto Colaninno's rescue offer for Fiat will be discussed during the
meeting of the group's four main Italian creditor banks today.

An unidentified source told the Wall Street Journal that the talks will
revolve around the conglomerate's debt-reduction efforts and its preliminary
full-year accounts.  The meeting takes place ahead of Mr. Colaninno's plan
to present his proposal to the controlling family, the Agnellis, and Fiat's
industrial partner General Motors Corp.

Mr. Colaninno's plan is said to involve his taking a key management role and
a controlling stake of 30% in the industrial group.  But the offer would
still need the approval of the Agnelli family, General Motors and Fiat's
main lenders -- Banca Intesa, Sanpaolo IMI, Unicredito Italiano, and
Capitalia.

It is also reported that Mr. Colaninno plans to divest non-core Fiat assets
to focus on the company's unprofitable unit, Fiat Auto.   The subsidiary is
expected to post EUR1.3 billion operating losses in 2002 as stronger
competitors take away its market share during the year.  He also plans to
provide as much as EUR8 billion to the struggling company when Fiat's banks
are no longer willing to fund the conglomerate.

Fiat needs to cut net debt to EUR3 billion and gross debt to under EUR23
billion in order to satisfy agreement under a EUR3 billion loan in May.

CONTACT:  FIAT SPA
          250 Via Nizza
          10126 Turin, Italy
          Phone: +39-011-686-1111
          Fax: +39-011-686-3798
          Toll Free: 800-804027
          Home Page: http://www.fiatgroup.com/e-index.htm
          Contact:
          Paolo Fresco, Chairman and Co-CEO
          Alessandro Barberis, Co-CEO


LAZIO: Banks Take Over Team as Cragnotti Steps Down
---------------------------------------------------
Friday's board meeting of the troubled Serie A club saw the formal
resignation of Lazio's President Sergio Cragnotti, Reuters English New
Service said.

Mr. Cragnotti had been hassled to quit since November when his canned-goods
company Cirio, which holds a 51% stake in the club, defaulted on more than
EUR1 billion ($1.03 billion) of bonds.  Another blow was dealt just before
Christmas when the entire squad demanded unpaid wages dating back to June,
leaving the club until mid-January to find the funds or lose their players.

Board member Ugo Lungo will temporarily replace Mr. Cragnotti until a new
owner is found.  Reuter's sources quoted Mr. Lungo as saying: "I'm accepting
this job for the good of the club and I hope it'll be for the shortest time
possible."

With Mr. Cragnotti gone, Lazio is left in the hands of the banks, which have
agreed to offer a EUR20 million (US$20.75 million) loan to help the club
through its crisis, reports say.

Building Lazio into a major force in the European game in 1992, Mr.
Cragnotti became the first Italian soccer president to float a club on the
stock exchange.



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


KLM ROYAL: Reduces Earnings Outlook for Current Fiscal Year
-----------------------------------------------------------
KLM overall traffic increased by only 6 percent in December 2002

             December              April through December
(in millions)     2002  2001 Growth (%) 2002    2001 Growth (%)
Overall
Revenue Ton-Kms    831    783    6      7,680   7,510   2
Available Ton-Kms 1,114  1,042   7      9,749    9,846 (1)
Load Factor (%)    74.6   75.1           78.8   76.3
Passenger
Revenue Passenger-
  Kms             4,787  4,303   11     45,379  44,934  1
Available Seat-
  Kms             6,415  5,844   10     56,552  57,184 (1)
Passenger Load Factor
  (%)              74.6   73.6           80.2    78.6
Cargo
Revenue Cargo
Ton-Kms           354     354    0      3,150   3,023  4
Available Cargo
  Ton-Kms          513     496    3      4,377   4,414 (1)
Cargo Load Factor
  (%)             68.9    71.3           72.0    68.5


Note:
- Based on preliminary numbers.
- As of April 1, 2002 KLMuk traffic and capacity figures (excluding Buzz)
are included in this publication.
Prior-year figures have been restated for comparative purposes.

Overall

In December, overall traffic increased by 6 percent, whereas capacity
increased by 7 percent year-on-year. As a result overall load factor
decreased by 0.5 percentage points to 74.6 percent.

Passenger Traffic

December passenger traffic increased by 11 percent year-on-year. As capacity
was up 10 percent, passenger load factor increased to 74.6 percent, up 1
percentage point year-on-year. Compared to December 2000, passenger traffic
increased by 1 percent.

On the North Atlantic, passenger traffic increased by 24 percent
year-on-year. A capacity increase of 21 percent, which is partly the result
of shifting back capacity restoring the balance in the joint venture with
Northwest, resulted in a load factor increase of 1.7 percentage points to
78.6 percent. On the Asia Pacific routes, traffic increased by 8 percent
year-on-year. As capacity increased by 5 percent, load factor increased by
2.1 percentage points to 74.2 percent.

Cargo Traffic

In December, cargo traffic was at the same level as last year. As capacity
was 3 percent higher year-on-year, cargo load factor decreased to 68.9
percent, down 2.4 percentage points on last year. Compared to December 2000,
cargo traffic decreased by 5 percent.

Traffic on the Asia Pacific routes was at the same level as last year,
whereas traffic on the North Atlantic was 4 percent lower.

Revised outlook for Fiscal 2002/03

During the quarter ending in December, the industry experienced adverse
changes in the operating environment. The impact of deteriorating economic
conditions as well as the geo-political instability in certain regions in
the world, which also had its effect on oil prices, resulted in lower than
expected traffic volumes and yields for the KLM Group during the third
quarter of its fiscal year 2002/03.

As the operating environment in the fourth quarter of the current fiscal
year (January through March 2003) will remain difficult, it is unlikely that
a positive operating income (excluding any effects of the Alitalia
arbitration award) for the fiscal year ending March 31, 2003 will be
achievable.

Given these developments, the KLM Group has been reviewing its capacity and
route network, in addition to other actions. As a first step, KLM decided in
December to discontinue its Aberdeen - Stavanger service.  KLM has also
announced that it will temporarily suspend services to and from Abidjan,
Ivory Coast as of February 3, 2002.

Publication Third Quarter Results

KLM Group will publish its Third Quarter Results on January 23, 2002, 08.00
hours CET (07.00 hours GMT).


KPN NV: Finalizes Sale of Data Activities in Belgium
----------------------------------------------------
KPN and Scarlet have completed the sale of KPN Belgium to Scarlet.  The 200
employees of the company, which provides telecom services for the Belgian
business market, began working for Scarlet effective January 6.

The parties have also reached a basic agreement regarding the sale of Planet
Internet Belgium to Scarlet. This transaction is expected to be completed in
mid-February.

Royal KPN N.V. first disclosed the deal with Scarlet in December.  According
to the company, talks with Scarlet and other parties over the possible
takeover of Planet Internet Belgium are currently ongoing.

KPN Belgium is a 100% subsidiary of KPN. The company offers telecom services
to business users in the Belgian market.



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


NETIA HOLDINGS: Moody's Cancels Rating Following Capital Hike
-------------------------------------------------------------
Moody's has withdrawn all ratings of Netia Holdings after the Warsaw-based
company finalized its re-capitalization, which cancelled all its outstanding
bond debt.

Late last month, the Polish alternative provider of fixed-line
telecommunications services (in terms of value of generated revenues),
completed the subscription for series H shares and issuance of EUR50 million
Senior Secured Notes due 2008.

In addition, Netia Holdings B.V., Netia's Dutch subsidiary issued
EUR49,482,000 of its 10% Senior Secured Notes due 2008 in exchange for the
existing notes of Netia Holdings B.V. and Netia
Holdings II B.V.

The issuance of series H shares and new notes is the core of the
restructuring agreement Netia entered with its creditors in March 2002. Over
98% of entitled creditors have swapped their liabilities into series H
shares, acquiring the shares representing over 91% of Netia's share capital.

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



========
R U S S I A
========


METROMEDIA INTERNATIONAL: Postpones Preferred Stock Dividend
------------------------------------------------------------
Metromedia International Group, Inc. (AMEX:MMG), the owner of various
interests in communications and media businesses in Eastern Europe, the
Commonwealth of Independent States and other emerging markets, announced
that it had already filed its Form 10-Q for the quarter ended September 30,
2002 with the Securities and Exchange Commission.

The Company also announced that to facilitate any potential future
restructuring of the Company, it has elected to not declare a dividend on
its 7 1/4% cumulative convertible preferred stock for the quarterly dividend
period ending on December 15, 2002.

About Metromedia International Group

Metromedia International Group, Inc. is a global communications and media
company. Through its wholly owned subsidiaries and its business ventures,
the Company owns and operates communications and media businesses, which
include a variety of telephony businesses like cellular operators, providers
of local, long distance and international services over fiber-optic and
satellite-based networks, international toll calling, fixed wireless local
loop, wireless and wired cable television networks and broadband networks
and FM radio stations.

To see Metromedia's Financial Results:
http://bankrupt.com/misc/Metromedia.htm

CONTACT:  Investor Relations
          Metromedia International Group, Inc.
          Ernie Pyle
          Phone: 212/527-3800\


METROMEDIA INTERNATIONAL: Warns of Impending Bankruptcy
-------------------------------------------------------
Telecommunications company, Metromedia International Group Inc., warns it
might file for creditor protection after its third quarter losses soared to
US$48.8 million from US$35.7 million a year earlier.

The company admitted it might not be able to continue as a going concern and
needs to sell additional assets in order to fund operations and meet
financial obligations.

The New-York based company, which operates telephone and cable-television
businesses in Eastern Europe and the former Soviet Union, had already sold
its Snapper unit, the maker of lawn and garden care equipment in the US that
accounted for a little more than half of the company's revenue to Simplicity
Manufacturing, in a deal valued at US$73 million.

According to Bloomberg, Metromedia is currently in discussions with some
noteholders regarding the restructuring of its debt.
The company's revenue fell 19 percent to US$24.4 million.

CONTACT:  METROMEDIA INTERNATIONAL
          505 Park Ave., 21st Fl.
          New York, NY 10022
          Phone: 212-527-3800
          Home Page: http://www.metromedia-group.com
          Contact:
          Carl C. Brazell Jr., Chairman, President and CEO
          Harold F. Pyle III, SVP, CFP and Treasurer



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


GRETAG: Board Denies Hand in Christmas Eve Sacking; Points to CEO
-----------------------------------------------------------------
The decision to sack 400 Swiss-based workers in December was made by CEO
Patrick Jung without consulting the board, said President Felix Bagdasajanz
in a recent interview with Swissinfo.

Mr. Bagdasajanz said the board was actually against laying-off employees
before the end of the year.  The report says the severance notices were
handed hours ahead of the extraordinary shareholder meeting on December 23,
2002, which was called to vote on a rescue package.



Gretag, which had earlier enjoyed stock market popularity, admitted two
weeks ago that efforts to resuscitate the company had failed.

Analysts say Gretag had struggled to adjust capacity and staffing levels in
the face of a slump in demand for its printing and developing products.
Last year, Gretag's sales dropped by 48% to SFR460.7 million and the
operating loss amounted SFR257 million, compared with a loss of SFR35.3
million in 2000.

The company, which employs another 600 abroad, conducts business from its
headquarters in Regensdorf, near Zurich.



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


ANTISOMA PLC: Completes Licensing Agreement with Roche
------------------------------------------------------
Biopharmaceutical company Antisoma plc announces the successful completion
of its November 2002 licensing and collaboration agreement with Swiss
pharmaceutical company Roche. Completion triggers upfront payments by Roche
of around US$43 million and follows the satisfaction of two conditions
specified in the November deal:

(1) Approval of the transaction by the US antitrust agencies and
    termination of the waiting period required by the Hart-Scott-
    Rodino Antitrust Improvements Act of 1976 and

(2) The return of rights for Pemtumomab to Antisoma from Abbott
    Laboratories, the previous licensee.

The upfront payments from Roche comprise US$37 million for product rights
plus GBP4.15 million for the purchase of 20.73 million new ordinary Antisoma
shares at GBP0.20 each. The transaction gives Roche a 9.1% stake in
Antisoma.

The return of Pemtumomab rights follows the termination of the Development
and Licence Agreement and certain provisions of the Subscription Agreement
with Abbott Laboratories, including restrictions on the number of shares
that Abbott may sell. Following the issue of new shares to Roche, Abbott
holds fewer than 3% of Antisoma's ordinary shares.

Antisoma's Chief Executive Officer Glyn Edwards said, "We are pleased that
Antisoma's landmark deal with Roche is now completed. We start 2003 with
around GBP40 million cash and will spend this prudently over the coming
years to advance our pipeline and maximize the value of our collaboration
with Roche."

Under the agreement, Roche will have rights to the oncology products
currently in clinical development at Antisoma as well as those developed to
the stage of human use over the next five years.  Antisoma will be
responsible for advancing new oncology compounds into clinical development.
Roche will gain the right, for five years, to opt in to any program upon
entry to human clinical trials and then to co-develop and commercialize
products on a worldwide basis.  In addition to upfront payments, Roche will
provide Antisoma with further access, development and milestone and
commercial payments based on compounds successfully reaching critical
stages. Payments to Antisoma could exceed US$500 million if all existing
pipeline products were successfully launched. In addition, Antisoma will
receive royalties on product sales. Roche will cover in full the remaining
development costs of Pemtumomab and Therex.

About Antisoma

Based in London, UK, Antisoma is a biopharmaceutical company that develops
novel products for the treatment of cancer. The Company fills its
development pipeline by acquiring promising new product candidates from
internationally recognized academic or cancer research institutions.  Its
core activity is the pre-clinical and clinical development of these drug
candidates. Antisoma forms partnerships with pharmaceutical companies to
bring its products to market.

About Roche

Roche is a world leader in oncology. Its franchise includes three drugs with
proven survival benefit: MabThera (Ritixumab), Xeloda (capecitabine), and
Herceptin (Trastuzumab).  It also includes NeoRecormon (epoetin beta),
Roferon-A (interferon alfa-2a) and Kytril (granisetron HCl).  The Roche
Group's oncology program is supported by four Research sites (two in the
U.S., Germany and Japan) and five Development sites (two in the U.S., UK,
Switzerland and Japan).

CONTACT:  ANTISOMA PLC
          West Africa House
          Hanger Lane
          Ealing, London W5 3QR,UK
          Phone: +44 20 8799 8200
          Fax: +44 20 8799 8201
          Home Page: http://www.antisoma.com
          Phone: +44 (0)208799
          Glyn Edwards, Chief Executive Officer
          Raymond Spencer, Chief Financial Officer
          Financial Dynamics
          Phone: +44 (0)20 7831
          Jonathan Birt/Ben Atwell


BRITANNIC PLC: Scraps Bonuses and Skips Dividends
-------------------------------------------------
Britannic Group plc is taking further prudent precautionary action to
maintain the financial strength of the Group and to protect shareholder and
policyholder interests in the light of the worst annual equity market
performance since 1974.

At the half year Britannic assumed a transfer would be made from the
Shareholders' Retained Capital of GBP22.5 million (GBP45 million annualized)
and maintained the interim dividend of 18.5p. It was stated that future
dividends would reflect market conditions, the smoothed return from the SRC
and the prospects for ongoing operating earnings. Britannic commented that
underlying earnings were becoming increasingly difficult to predict in
volatile markets and that dividend policy would also need to have regard to
available cash flow.

To maintain financial strength at current market levels, Britannic Assurance
may defer the annual bonus to policyholders in respect of 2002, with a
consequential reduction in shareholders' share of bonus. It is also likely
that the Board of Britannic Assurance will not now make the transfer of the
smoothed return from the SRC or declare any dividend to Britannic Group plc.
Moreover, a recent review of annuitant mortality, in the light of new
industry analysis, is likely to require reserve strengthening in Alba Life
(an investment of the Britannic Assurance with profit fund) and in Britannic
Assurance.

The effect of the reduction in shareholders' share of bonus and the profit
and loss impact of the annuity reserve strengthening in Britannic Assurance
(some GBP10 million pretax) is likely to be that Britannic Assurance shows
(before investment variances and exceptional items) operating profits
significantly below market expectations on an achieved profits basis and in
its modified statutory accounts.

In terms of the Group's other businesses, Britannic Asset Management's
results are expected to be slightly below expectations and Britannic Money's
to be slightly above. Britannic Retirement Solutions has achieved increased
volumes and reduced unit costs but its results are likely to be slightly
below expectations in a highly competitive annuity market. Given the fall in
stock markets it is likely that the carrying value of Britannic Asset
Management will be written down by some GBP50 million.

The Group is also reviewing the carrying value of Britannic Money.  Given
all these circumstances, Britannic Group plc is unlikely to pay a final
dividend in respect of 2002.

The above actions in respect of reserve strengthening, bonus declarations
and dividends are likely to result in a free asset ratio for Britannic
Assurance of around 6%[1] at December 31, 2002.

New business figures for 2002 will be released on January 15 and are
expected to show annual premium equivalent volumes for life, pensions and
retail investment sales of some GBP80 million broadly equivalent to 2001.

Outlook

In setting its capital management policies the Group will continue to have
regard to maintaining an adequate free asset ratio for its life assurance
operations and to maintaining a prudent level of gearing.

Since the start of 2001 the Group has:

(a) reduced the equity exposure in Britannic Assurance's with
    profit fund from 72% to 42%, thereby reducing considerably
    the fund's exposure to volatile stock markets;

(b) reduced costs in Britannic Assurance from GBP200m p.a. to
    less than GBP70m p.a. by withdrawing from unprofitable
    distribution channels;

(c) reduced the ongoing expense risks in Alba Life by
    transferring the individual life and pension operations from
    Glasgow to Birmingham; and

(d) substantially reduced the losses and capital requirements
    within Britannic Money.

The Group has prepared its medium term plans on a base case assumption of
total equity returns of 7% per annum from the 2002 year-end market level.
Given the expectation that medium term returns from equities will exceed
returns on fixed interest investments, Britannic Assurance does not believe
it would be in the interests of policyholders or shareholders to move the
fund assets overwhelmingly into fixed interest, but will protect solvency
against continued equity market falls as appropriate.

Under these base case assumptions Britannic expects that, in respect of
2003, it will resume annual bonus declarations and resume transfers from the
SRC, and will consider a final dividend but no interim dividend.

Thereafter, the Board would expect to resume a policy of distributing the
majority of available operating cash earnings to shareholders. The base case
assumptions indicate a sustainable dividend paying capacity, before any debt
repayments, of between 20p and 25p per share. Under base case assumptions,
this would result in a modest strengthening of the free asset ratio in the
medium term.

The Board is confident that solvency can be maintained at appreciably lower
equity markets than current levels. However, if markets do fall appreciably,
this could delay the resumption of dividends to shareholders.

CONTACT:  BRITANNIC GROUP
          Bryan Portman/Paul Thompson
          Phone: 01564 204433/01564 202271
          or
          Anthony Carlisle
          Phone: 07973 611 888
          Citigate Dewe Rogerson
          Phone: 0207638 9571


CABLE & WIRELESS: Thus Plc May End up with UK Business
------------------------------------------------------
Glasgow-based alternative telecoms carrier, Thus Plc, is rousing
speculations that it could offer a bid for Cable & Wireless' UK operations.

Bill Allan, the company's chief executive invited rumors of a possible
GBP1.5 billion-bid when he agreed there was "some strategic rationale" in
the move, says The Herald.

The report says Thus' could be backed by a group of private equity investors
who are interested in controlling C&W's Caribbean operations.  Thus is
understood to be eyeing C&W's UK Mercury network.

"We have a watching brief on C&W. There could be some strategic rationale in
integrating the old Mercury business with Thus," Mr. Allan said.

The former C&W Caribbean executive, meanwhile, declined to comment on
suggestions that he could replace incumbent Graham Wallace, who is expected
to resign when a new chairman is appointed in the next few months.

Shareholders of Cable & Wireless plc are expected to succeed in removing CEO
Graham Wallace soon amid the recent wave of class actions filed against the
British telecom operator in the United
States.

The chief executive is being blamed for the firm's woes, a result of its
strategic shift from its old-reliable telecom business to Internet-related
ventures.  Last month, the firm cut 3,500 jobs at its money-losing corporate
telecoms arm, C&W Global, and soon after announced that its
chairman-designate, David Nash, had quit after institutional pressure.

CONTACT:  CABLE & WIRELESS PLC
          124 Theobalds Rd.
          London WC1X 8RX, United Kingdom
          Phone: +44-20-7315-4000
          Fax: +44-20-7315-5000
          Homepage: http://www.cwplc.com
          Contact: Sir Ralph Robins, Chairman
                   Sir Winfried F W Bischoff, Deputy Chairman
                   Graham M Wallace, Chief Executive
                   Louise Breen, Investor Relations
                   Phone: +44 (0) 20 7315 4460
                   Caroline Stewart, Investor Relations
                   Phone: +44 (0) 20 7315 6225

          THUS PLC
          Dalmore House, 310 St. Vincent St.
          Glasgow G2 5BB, United Kingdom
          Phone: +44-141-567-1234
          Fax: +44-141-566-3035

          Home Page: http://www.let-it-be-thus.com
          Contact:
          Roy Brown, Chairman
          William Allan, Chief Executive and Executive Director
          Philip Male, Executive Director, Operations
          John Maguire, CFO and Executive Director


CORPORATE SERVICES: Offers Shares at Huge Discount
--------------------------------------------------
Troubled recruitment agency, Corporate Services Group, on Monday launched a
deeply discounted share issue of 548 million new shares at 5p each, or a
37.5 pc discount to Friday's closing price of 8p.

The GBP25 million expected to be raised from the offering will be used on
the wages and operations of the company, which is struggling amid poor
management and a collapse in the recruitment market.  According to
Telegraph, shareholders will be offered two shares for every one they own in
the offer.

Lord Aschcroft, who holds a 10.3% stake, and investor UK Active Value, which
holds 29.9%, agreed to be underwriters for the offering.  It is estimated
that in case the shares failed to be place, UK Active Value could end up
with a GBP16 million bill and a 49.2% stake in the business, while Lord
Aschroft, who is putting up GBP6 million may end up with a 16.9% stake.

The GBP2.4 million underwriting and legal fees will be shared among UK
Active Value, Lord Aschroft, Schroeder Investment Management, which holds a
14.5% stake, and Canada Life, which owns 2.6% of the shares.

Corporate Services Group was originally offered for sale but failed to
attract buyers despite its low share price.  The Group is a leading provider
of staffing solutions.  It provides general staffing and more specialist
services to a wide-range of clients, and offers workforce management and
outsourcing services, which focus on increasing the productivity of
workforces.

CONTACT:  CORPORATE SERVICES GROUP
          22 Carlisle Place,
          London
          SW1P 1JA
          United Kingdom
          Phone: +44 (0)20 7931 9900
          Fax: +44 (0)20 7802 0065
          Homepage: http://csg-group.com
          Contact:
          Peter Owen, Group Chief Executive
          Tony Collyer, Group Finance Director
          E-mail: info@csg-group.com
          Fax.: +44 (0)20 7630 1919
          Fax.: +44 (0)20 7828 6648


PARTHUSCEVA INC.: Expects Up to US$25.2 MM Net Loss in Q4
---------------------------------------------------------
ParthusCeva, Inc. (NASDAQ: PCVA; LSE: PCV), the industry's leading provider
of licensable Digital Signal Processor (DSP) cores and solutions, bared
recently preliminary results for the fourth quarter ended December 31, 2002.

ParthusCeva was formed through the combination of ParthusCeva, Inc.
(formerly known as Ceva, Inc.) and Parthus Technologies plc, on November 1,
2002.  The combination has been accounted for as the acquisition of Parthus
Technologies by ParthusCeva; accordingly, the results below include the
results of the Parthus business for only the last two months of the quarter
ended December 31, 2002.

ParthusCeva expects total revenues on a U.S. GAAP basis to be in the range
of approximately US$5 million to US$5.6 million for the fourth quarter.
Based on these estimated revenues, the company anticipates that it will
report a net loss of approximately US$24.7 million to US$25.2 million for
the fourth quarter.

This net loss includes:

(1) a one-time restructuring charge of approximately US$6.6
    million to US$6.8 million in association with the
    restructuring program implemented in November 2002;

(2) a one-time, non-cash charge for in-process research and
    development expenses arising as a result of the combination
    of ParthusCeva and Parthus of approximately US$15.8 million;

(3) amortization of intangibles arising as a result of the
    combination of approximately US$200,000; and

(4) unrealized foreign exchange losses of approximately
    US$500,000 arising as a result of the appreciation of the
    Euro against the US dollar.

The company anticipates that it will report a pro forma net loss of
approximately US$2.3 million to US$2.8 million for the fourth quarter,
excluding the one-time restructuring charge of approximately US$6.6 million
to US$6.8 million and the one-time, non-cash charge for in-process research
and development expenses of approximately US$15.8 million described above.

"As a result of the persistent downturn and challenging market conditions in
the semiconductor industry, we have experienced delays in licensing
decisions on several significant deals, although our overall sales pipeline
has not materially diminished," said Kevin Fielding, Chief Executive Officer
of ParthusCeva.

"We continue to make progress on the execution of our strategy, and plan to
launch an extensive range of integrated DSP and application platform new
products in 2003. We are confident that this focus and our strong financial
position will help ensure ParthusCeva's success in implementing its business
plan for 2003, as described in the company's last conference call," Mr.
Fielding said.

ParthusCeva will report its full results for the fourth quarter and year
ended December 31, 2002 on Wednesday, January 22, 2003. Further details
about this upcoming release and the associated conference call will be
communicated in advance of this event.

About ParthusCeva, Inc.

Headquartered in San Jose, with principal offices in Dublin, Ireland, and
Herzeliah, Israel, ParthusCeva (NASDAQ: PCVA; LSE: PCV) is a leading
licensor of DSP and application-specific platform Intellectual Property (IP)
to the semiconductor industry. ParthusCeva was created through the
combination of Parthus Technologies plc, a leading provider of
application-specific platform IP, and Ceva, formerly the licensing division
of DSP Group, Inc.

CONTACTS:   PARTHUSCEVA INC.
            Barry Nolan
            Phone: (408) 514-2900
                    +353 1 4025700

            FD International
            Deborah Ardern-Jones (US)
            Phone: (212)850-5626
            James Melville-Ross/Ben Way (UK)
            Phone: +44 20 7831 3113


P&O PRINCESS: Regulators to Open Another Inquiry
------------------------------------------------
The European antitrust regulators will again investigate Carnival Cruises'
takeover of rival P&O Princess, following a change in the terms of the bid.

Carnival had previously valued P&O at about GBP3.8 billion, but later
changed the offer to GBP3.5 billion (EUR5.4 billion).  The probe comes after
regulators in Brussels five months ago determined that the takeover would
not harm competition due to "the strong growth enjoyed in the market [and]
the absence of substantial barriers to entry."

Competition experts does not believe the Commission would reverse the
decision due to the absence of significant changes in the European cruise
market over the period, says The Financial Times.

According to the report, the inquiry may not disrupt the deal but it could
increase uncertainty and give an edge to Carnival's rivals in the bid.
Royal Caribbean, which was ditched out by P&O Princess, could examine its
options closely, and use the investigation to persuade the regulators to
force the companies to make disposals in order to win approval or at least
open an in-depth four-month inquiry.

Royal Caribbean was unavailable for comment on Sunday, says the Financial
Times.


ROYAL MAIL: Regulator May Scrap Price Cap, Say Insiders
-------------------------------------------------------
The government may allow Royal Mail to increase the price of postage by more
than the rate of inflation to save the company from going into
administration.

According to the Financial Times, Postcomm is expected to approve a 1p
increase in the price of both first- and second-class stamps at the end of
the month.  Insiders say the mail regulator may also drop a controversial
policy to cap future rises at 2.5%, the forecast level of retail price
inflation.

The postal regulator confirmed that "Price rises are under review," and that
they intend to ensure that Royal Mail can carry out its licensed activities.

The Department of Trade and Industry has warned the regulator that Royal
Mail's cash flows are too weak to support a restructuring.  The agency also
fears that courier will not be able to repay its GBP1 billion borrowing to
the DTI without more substantial price increases.

But PostWatch is expected to block any relaxation of the price controls,
according to the report.

The watchdog says, "It is unbelievable that they will allow the Post Office
to increase its prices by more than the 1p/1p proposal. We agree they need
the penny, which is GBP570m over three years, but that is enough from
customers. We expect the new management to cut costs and run the business
more efficiently."

Increasing competition -- as the market is opened to allow rival operators
to handle the post of companies sending more than 4,000 items in one
delivery -- is presently threatening the survival of the courier.



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, Ma. Cristina Canson, and Laedevee
Gonzales, Editors.

Copyright 2003.  All rights reserved.  ISSN 1529-2754.

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