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/raid1/www/Hosts/bankrupt/TCREUR_Public/030117.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 Friday, January 17, 2003, Vol. 4, No. 12 Headlines * F R A N C E * ALCATEL: Rating Reflects Ongoing Concern Says Fitch ALCATEL: Presents Plan to Sell Locatel to Perfect Technologies ALCATEL: Appoints Robertson Interim Strategic Director ARIANESPACE: Cancels Rare Flagship Scientific Mission FRANCE TELECOM: Successfully Launched EUR5.5 Billion Bond Issue SNCF: Warns of Significant Loss and Massive Job Cuts * G E R M A N Y * DRESDNER BANK: Moody's Downgrades Financial Strength to C- * I T A L Y * FIAT AUTO: Gnutti Interested in Reviving Auto Unit * L U X E M B O U R G * DRESDNER BANK: Rating Placed Under Review for Possible Downgrade * N E T H E R L A N D S * JOMED: Chief Executive Resigns After Accounting Errors Emerged * P O L A N D * ELEKTRIM SA: SEC Fines Elektrim for Foul in Reporting NETIA HOLDINGS: Announces Result of EGM of Shareholders NETIA HOLDINGS: Announces Supervisory Board Changes * S W I T Z E R L A N D * CREDIT SUISSE: S&P Assigns Low-B Ratings to Six Note Classes * U N I T E D K I N G D O M * ABERDEEN ASSET: Announces Proposed Disposal of Retail Funds ABERDEEN ASSET: Chief Executive to Rehabilitate Business ABBEY PLC: Reports EUR21.18 Million Profit Before Taxation ABBEY NATIONAL: Sells Stake in Hong Kong's Dah Sing Bank BLYTH & BLYTH: Management Rescues Blyth From Receivership BRITANNIC PLC: Group Announces New Business Figures MARCONI PLC: Applies Additional List of Shares to Regulators NTL INC.: Learns of Hearing Relating to Nasdaq Decision PIZZAEXPRESS PLC: Reports Reduced Sales Before Christmas RAGE PLC: Bank of Scotland Appoints Receivers RAGE PLC: Announces Changes in FTSE Indices After Receivership REGUS PLC: U.S. Unit Files Chapter 11, Motions to Reorganize TELEWEST COMMUNICATIONS: Confirms Agreement on Restructuring UNITED PAN-EUROPE: Section 341 Meeting Set for January 28, 2003 UNITED PAN-EUROPE: Claims Bar Date Scheduled for Feb. 14, 2003 WHAT EVERYONE: Administrator Hopes Speedy Spin-off of Stores =========== F R A N C E =========== ALCATEL: Rating Reflects Ongoing Concern Says Fitch --------------------------------------------------- Rating agency Fitch considers Alcatel's fourth quarter trading statement positive, but says its 'BB-' rating with a Negative Outlook reflects risks and uncertainty. The rating agency says the clear divergence between guidance provided at the 3Q stage and the expected result confirms the extreme uncertainty surrounding the business. The discrepancies particularly relate to: the 4Q02 sequential growth in the high 20% range, which Fitch noted had been around 20% on the last update in December; operating breakeven for the quarter which was reduced to around EUR4.1 billion versus below EUR4.5 billion during the October 2002 guidance; and net cash position predicted at YE 2002 compared with October 2002 guidance of net debt below EUR2.0 billion. The concerns relate first to the ongoing downturn in technology spending. Fitch notes that investment in fixed line networks, which accounts for c. 40% of Alcatel's revenues, remains slow. Alcatel expects further declines during the year, but would not reveal the extent of the decline. This gives the rating agency a high degree of uncertainty over the level at which revenues will eventually stabilize. Next is the company's restructuring of which the company has major targets yet to meet. While recognizing the progress Alcatel makes in trimming down its staff to 60,000, Fitch says execution risks remain. The rating agency believes the company would be able to return to profitability at the operating in 2003, but warns that ongoing restructuring will cost around EUR1.0 billion in cash in 2003. This would still translate to a net debt position over the year, it says. Lastly, Fitch expresses concern on sustainable working capital levels as the company continues to obtain cash from receivables collections. The uncertainty lies on when this source of cash would be exhausted. Fitch says the risks make it difficult to predict a recovery in the company's credit profile, and so the 'BB-' rating with a Negative Outlook is assigned to the company. ALCATEL: Presents Plan to Sell Locatel to Perfect Technologies -------------------------------------------------------------- Alcatel presented Wednesday to the worker council of its Locatel subsidiary, a project to sell the company to Perfect Technologies and to its main shareholders, Verdoso Investment SA and DL Finance & Partners. "This acquisition project is part of Perfect Technologies' strategy to obtain the critical size necessary to its development," said Alain Clement, President of the Board of Directors of Perfect Technologies. "By tripling its size, our group will develop the necessary industrial dimension to adapt to market rationalization. With sales of 80 million euros in 2003, Perfect Technologies is the French audiovisual market leader in technical services and professional video equipment as well as in the hotels and health sector. "We are proud of the collaboration with Perfect Technologies," added Jean Quintard, Deputy President of Locatel. "This contributes to deploy a strong national network in the professional audiovisual and events domains, which is what the market needs. Today, existing players don't have the critical size to provide customized services and high levels of technical competency." He added: "In hotels and health activities, Locatel is the leader in France for the interactive audiovisual systems and is one of five major players in Europe." The transaction amount is not disclosed. About Perfect Technologies Perfect Technologies is the France's leading services and equipment provider for the audiovisual sector and corporate. The Group has developed a global offering based on video/multimedia services, systems engineering and the sale of solutions for creating and broadcasting video content. Perfect Technologies is quoted on the Nouveau March, of the Paris Stock Exchange. www.perfect.fr About Locatel Created in 1962, Locatel has sales of 54 millions Euros in 2002. The company has 23 agencies in France and employs around 400 people. Its activity is developed around 3 domains: audiovisual services for the sector of Hotels and Health (50%), the technical services for professionals and enterprises (20%) and the sale and integration in audiovisual solutions (30%). 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: Appoints Robertson Interim Strategic Director ------------------------------------------------------ Sir Ian Robertson announced Wednesday the appointment of Mike Jones as Interim Strategic Director: Mike Jones has been appointed Interim Strategic Director with immediate effect reporting to me. Mike will work closely with Mel Ewell, Eric Tracey, the other executive directors and Hawkpoint our advisors, in developing the strategic options for the Group which will best serve all the stakeholders. He will be based in Hanover Square. Mike is a Chartered Accountant, and has extensive experience of corporate finance and shared service centres, having been a PLC Finance Director for nine years, and more recently an Interim Finance Director for a number of major companies. Sir Ian Robinson Chairman ARIANESPACE: Cancels Rare Flagship Scientific Mission ----------------------------------------------------- Satellite-launching company Arianespace was forced to cancel its flagship scientific mission because of uncertainty concerning the reliability of the Ariane 5 launcher. After failing to launch its EUR1 billion project to land a spacecraft on comet Wirtanen, scientists will now have to redesign the Rosetta mission to target a different comet at a later date, says the Financial Times. In December, Flight 157, the first Arian 5 rocket capable of carrying two large satellites, exploded shortly after take-off from French Guyana. An inquiry revealed that the rocket probably failed because its exhaust nozzle disintegrated. The explosion of the rocket, deemed as one of the biggest blows in the history of the European space program, is also considered as a big blow to the consortium's launch towards profitability. The company posted net losses of EUR193 in 2001, but hoped to report profit next year despite further losses for this year. The blast carried with it more than US$600 million of satellite equipment into the ocean. It also contained Hot Bird 7 satellite, worth about US$250m, and a board Stentor, an experimental communications satellite developed by the French space agency and France's defense procurement agency, which is estimated to have cost more than US$385m. Arianespace, a consortium struggling amidst fierce price competition and huge overcapacity in the space transport market, had hoped the project would allow it to launch at least two satellites with every rocket and to eliminate variants that increase the unit cost of the launchers. The group had hoped that the Rosetta mission could go ahead later this month using a conventional Ariane 5, which has been cleared by the inquiry. But a review board on Tuesday demanded that Arianespace and its partner, the European Space Agency, make sure that all Ariane 5 system qualification and review process be checked in order to resume Ariane 5 flights. The motion aborted plans to continue with the mission that depends on the crucial and fleeting positions of the planet this month--a phenomenon that will happen again only after 170 years. FRANCE TELECOM: Successfully Launched EUR5.5 Billion Bond Issue --------------------------------------------------------------- France Telecom has set the final terms of its Euro denominated benchmark issue. Announced as a EUR3 billion euro deal in two tranches last Friday, the transaction was increased to EUR5.5 billion with an additional 30-year tranche, to meet investor demand (more than EUR12.5 billion of indications of interests were received), and is composed of 3 tranches, with the following characteristics : Currency Maturity Format Amount Coupon Reoffer spread EUR 4.7 years Fixed rate EUR 1 bn 6 % Euribor + 255 bp EUR 10 years EUR 3,5 bn 7.25 % Euribor + 290 bp EUR 30 years EUR 1 bn 8.125 % Euribor + 328 bp This transaction enables France Telecom to lengthen the maturity profile of its debt while establishing a full credit curve in euros (from 5 to 30 year). Given France Telecom's cash position at the end of 2002, this new transaction more than covers the refinancing of debt maturing in 2003. The proceeds of this transaction will be used to refinance existing debt. SNCF: Warns of Significant Loss and Massive Job Cuts ---------------------------------------------------- Ste Nationale des Chemins de Fer Francais (SNCF) said it will cut 2,242 jobs in 2003, and post a loss of around EUR144 million due to difficult economic situation. The loss is actually down from an earlier forecast of EUR248 million. Union secretary general Denis Andlauer of the French Trade Union CFDT-Cheminots said: "We fear that the (company's) 2003 budget will announce 2,500-3,000 job cuts, in addition to the 1,000 cuts announced in September 2002." The SNCF 2003 budget is to be announced at the end of January. The company's Freight division was in line for job cuts last month after operating losses ballooned to EUR343 million. It was the "worst loss experienced over the last three to five years," according to SNCF Freight managing director Francis Rol-Tanguy. The chairman of its CNC container transport unit, Jean-Michel Dancoisne, meanwhile, said SNCF plans to inject EUR20 million into the business during 2003. SNCF expects to return to breakeven by 2004 and to profitability by 2005, a document obtained by Agence France-Presse said. ============= G E R M A N Y ============= DRESDNER BANK: Moody's Downgrades Financial Strength to C- ---------------------------------------------------------- Moody's Investors Service downgraded to C- from C Dresdner Bank AG's financial strength rating to reflect the marginally higher vulnerability to a potential further deterioration of asset quality of Dresdner's financial fundamentals. The rating outlook is stable. Dresdner Bank's Aa3 long-term debt and deposit ratings and of its rated subsidiaries, meanwhile, were unchanged with a negative outlook, in line with Allianz's ratings outlook. The rating agency evaluated Dresdner Bank's financial fundamentals, particularly its profitability and economic capitalization, in comparison with other private German banks. It said that Dresdner Bank's increase in loan loss provisions in 2001 and 2002 was made conservatively. Moody's warned that some legacy risks in the bank's portfolio, especially in the Institutional Restructuring Unit, may remain high. Its German loan portfolio, on the other hand, could still be pressured. It further caution that it is still uncertain whether Frankfurt- based Dresdner will be successful in implementing its integrated model for its wholesale banking activities. As of September 30, 2002 Dresdner Bank had total consolidated assets of around EUR428 billion. ========= I T A L Y ========= FIAT AUTO: Gnutti Interested in Reviving Auto Unit -------------------------------------------------- Italian financier Emilio Gnutti declared in a meeting with Prime Minister Silvio Berluskkoni and representatives of creditor banks that he intends to invest at least US$526.8 million in Fiat Auto, says news agency Neftegaz.Ru. Fiat Auto, from which industrial group Fiat SpA takes nearly half of its overall revenue, recorded losses of EUR1.3 billion in the first nine months of last year. Fiat SpA and General Motors are mapping strategies for the ailing business. According to Reuters, the parties could propose spinning off the car division. Although the group maintains that a decision to this effect had not been made, there are growing evidence that the spin-off will be the centerpiece of a rumored EUR5 billion Fiat Auto re-capitalization. GM holds a 20% stake in Fiat Auto unit and therefore would play a key role in any restructuring plan such as this. Fiat has an option to sell the remaining 80% of the auto business to GM in 2004. Fiat Auto is one of Brazil's leading automakers. The company produces about 2.7 million vehicles a year, including cars, heavy-utility trucks, fire trucks, and vans under the Fiat and Iveco brands. 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: Giovanni Maggiora, Vice President - Investor Relations Phone: +39-011-686-3290 Fax: +39-011-686-3796 E-mail: Investor.relations@geva.flatgroup.com =================== L U X E M B O U R G =================== DRESDNER BANK: Rating Placed Under Review for Possible Downgrade ---------------------------------------------------------------- Moody's Investors Service placed under review for possible downgrade the C+ Financial Strength Rating of Dresdner Bank Luxembourg, a subsidiary of Dresdner Bank. The action reflects the marginally higher vulnerability to a potential further deterioration of asset quality of Dresdner's financial fundamentals. Moody's has downgraded Dresdner Bank's financial strength rating to C- from C. The rating agency evaluated Dresdner Bank's financial fundamentals, particularly its profitability and economic capitalization in comparison with other private German banks. The rating agency indicated to assess the impact of the weakened financial fundamentals on the subsidiary's risk profile and business franchise. This is important as Dresdner Luxembourg is strongly integrated in the Dresdner group. Dresdner Bank Luxembourg had total assets of EUR17bn as of 31 December 2002. ===================== N E T H E R L A N D S ===================== JOMED: Chief Executive Resigns After Accounting Errors Emerged -------------------------------------------------------------- Jomed chief executive Tor Peters resigned after the Swiss-listed medical company was forced to restate its accounts for the second time in a week, says the Financial Times. The Netherlands-based company revealed it may have made an operating loss in 2001, instead of a net profit of EUR12 million (US$12.7 million), and has to make significant adjustments to its 2001 and 2002 financial statements, as well as to its guidance for 2002 and 2003. The error may have occurred due to in corrected reporting of sale-and-lease agreements of ultrasound systems as revenue, says the company. Auditors KPMG discovered the slip after an internal review of Intra Vascular Ultra Sound console sales. The revisions in the forecasts, meanwhile, have to do with the slowing sales and growing competition from Johnson & Johnson, the US healthcare giant. Jomed expects 2001 revenues to be restated from EUR165 million to EUR150 million "or less". Revenues for the first three quarters of 2002 would be at least EUR20 million lower than the reported EUR140 million. The news sent shares in the highly rated European medical group down 77% on Tuesday to a record low of SFR2.28. After its 2000 Swiss stock market debut, the shares was valued at SFR129. The company also saw the departure of Chief Financial Officer Antti Ristinmaa after revelations that net profits had been overstated by 40% in 2001. Jorgen Petersen replaced Mr. Ristinmaa. Financial Times said analysts are also doubting the company's future due to claims from investors of a EUR25 million repayment for convertible loan when Jomed has cash reserves of only EUR22 million. =========== P O L A N D =========== ELEKTRIM SA: SEC Fines Elektrim for Foul in Reporting ----------------------------------------------------- The Management Board of Elektrim S.A. announces that on 14 January 2003 the Securities and Exchange Commission imposed a fine on Elektrim S.A. in the amount of PLN 400 thousand for breaching reporting obligations specified in art. 81 section 1 item 2 of the Law on public trading of securities, including: I. failure to report information about the worsening financial liquidity and ability to meet liabilities; II. failure to properly inform about the financial situation following the execution of an agreement with Vivendi Universal S.A., in particular relating to the possibility to fully redeem bonds; III. disclosing information relating to the termination by bank PeKaO S.A. of two credit agreements breaching reporting obligations specified in art. 81 section 2 of Law on public trading of securities. The Management Board of Elektrim S.A. is analizing the hereinabove information. NETIA HOLDINGS: Announces Result of EGM of Shareholders ------------------------------------------------------- Netia Holdings S.A., Poland's largest alternative provider of fixed-line telecommunications services (in terms of value of generated revenues), announced Wednesday that the Extraordinary General Meeting of Shareholders adopted resolutions on: (i) changes of Netia's Statute, (ii) changes of the composition of Netia's supervisory board, (iii) rules regulating compensation of members of Netia's supervisory board, and (iv) establishing security interests over Netia's assets in connection with EUR 50 million Senior Secured Notes due 2008 issued by Netia's Dutch subsidiary, Netia Holdings B.V. These resolutions were adopted in connection with the on-going restructuring of the Netia group companies. Pursuant to the resolution of the Extraordinary General Meeting of Shareholders held on January 15, 2003, David Oertle, Donald Mucha and Jan Guz were dismissed as members of Netia's supervisory board as of January 15, 2003. Pursuant to the resolution of the Extraordinary General Meeting of Shareholders held on January 15, 2003, Przemyslaw Jaronski was dismissed as a member of Netia's supervisory board as of the date of the registration by the Polish court of changes to Netia's statutes adopted by the Extraordinary General Meeting of Shareholders held on January 15, 2003. Pursuant to the resolution of the Extraordinary General Meeting of Shareholders held on January 15, 2003, Jaroslaw Bauc, Andrzej Michal Wiercinski and Richard James Moon were appointed members of Netia's supervisory board. As a result of these changes Netia's supervisory board currently consists of the following 10 members: Nicholas N. Cournoyer (Chairman of the supervisory board), Jaroslaw Bauc, Morgan Ekberg, Richard James Moon, Andrzej Radziminski, Ewa Maria Robertson, Andrzej Michal Wiercinski, Jan Henrik Ahrnell, Przemyslaw Jaronski and Hans Tuvehjelm. As of the date of the registration by the Polish court of the changes to Netia's Statute adopted by the Extraordinary General Meeting of Shareholders on January 15, 2003, Jan Henrik Ahrnell, Przemyslaw Jaronski and Hans Tuvehjelm will cease to be members of Netia's supervisory board. One of the minority shareholders formally objected to all resolutions of the Extraordinary General Meeting of Shareholders that related to dismissal and appointment of Netia's supervisory board members. One of the minority shareholders formally objected to the resolution of the Extraordinary General Meeting of Shareholders establishing security interest over the entire enterprise of Netia. CONTACT: NETIA HOLDINGS S.A. UL. Poleczki 13 02-822 Warsaw, Poland Phone: +48-22-330-2000 Fax: +48-22-330-2323 Homepage: http://www.netia.pl Contacts: Nicholas N. Cournoyer, Chairman Wojciech Madalski, Chief Executive Officer Anna Kuchnio, Investor Relations Phone: +48-22-330-2061 NETIA HOLDINGS: Announces Supervisory Board Changes --------------------------------------------------- Netia Holdings S.A., Poland's largest alternative provider of fixed-line telecommunications services (in terms of value of generated revenues), announced that Wednesday its management board received from TeliaSonera AB and EM Warburg Pincus declarations with respect to changes in the composition of Netia's supervisory board made in accordance with Netia's Statute. The following changes of the composition of Netia's supervisory board were made: TeliaSonera dismissed Charlotte Grette, as of January 14, 2003 as member of Netia's supervisory board. TeliaSonera also dismissed Jan Henrik Ahrnell and Hans Tuvehjelm, as of the date of the registration by the Polish court of the changes of Netia's Statute to be adopted by the Extraordinary General Meeting of Shareholders to be held on January 15, 2003 as members of Netia's supervisory board. As of January 15, 2003, Warburg dismissed Roberto Italia as member of Netia's supervisory board. As of January 15, 2003, TeliaSonera appointed Nicholas N. Cournoyer as member of the supervisory board who will replace Morgan Ekberg as chairman of Netia's supervisory board. TeliaSonera re-appointed Morgan Ekberg as member of Netia's supervisory board. As of January 15, 2003, Warburg appointed Ewa Maria Robertson as member of Netia's supervisory board. As a result of these changes Netia's supervisory board currently consists of the following 10 members: Nicholas N. Cournoyer (chairman of the supervisory board), Morgan Ekberg, Jan Guz, Donald Mucha, Przemyslaw Jaronski, David Oertle, Andrzej Radziminski, Ewa Maria Robertson, Jan Henrik Ahrnell and Hans Tuvehjelm. As of the date of the registration by the Polish court of the changes of Netia's Statute to be adopted by the Extraordinary General Meeting of Shareholders on January 15, 2003, Jan Henrik Ahrnell, and Hans Tuvehjelm will cease to be members of Netia's supervisory board. In accordance with the schedule of Netia's Extraordinary General Meeting of Shareholders to be held on January 15, 2003, the Extraordinary General Meeting of Shareholders may adopt resolutions on further changes of the composition of Netia's supervisory board. ===================== S W I T Z E R L A N D ===================== CREDIT SUISSE: S&P Assigns Low-B Ratings to Six Note Classes ------------------------------------------------------------ Standard & Poor's Ratings Services assigned its ratings to Credit Suisse First Boston Mortgage Securities Corp.'s $434.6 million commercial mortgage pass-through certificates series 2002-FL2. The ratings reflect the credit support provided by the subordinate classes of certificates, the liquidity provided by the trustee, the economics of the underlying mortgage loans, and the geographic and property-type diversity of the loans. Standard & Poor's analysis determined that, on a weighted- average basis, the pool has a debt service coverage ratio of 1.02x based on an assumed weighted-average refinance constant of 10.2% and "as is" net cash flow, and a beginning and ending loan-to-value of 87.7%. Ratings Assigned Credit Suisse First Boston Mortgage Securities Corp. Series 2002-FL2 Class Rating Amount ($) A-1 AAA 110,000,000 A-2 AAA 154,065,000 A-X AAA 340,695,000 A-Y-1(a) AAA 316,220,000 A-Y-2(a) AAA 316,220,000 A-Y-3(a) AAA 316,220,000 B AA 27,960,000 C A 26,924,000 D BBB 21,746,000 E BBB- 5,178,000 F BB+ 15,016,000 G BB 4,142,000 H BB- 4,142,000 J B+ 8,802,000 K B 3,107,000 L B- 3,107,000 M N.R. 29,531,000 N N.R. 500,000 SSM N.R. 5,000,000 WS N.R. 15,335,000 (a) Notional amount. =========================== U N I T E D K I N G D O M =========================== ABERDEEN ASSET: Announces Proposed Disposal of Retail Funds ----------------------------------------------------------- Further to its announcement on 9 January 2003 that it was in negotiations with New Star in respect of a potential disposal of retail fund management rights, Aberdeen announced Wednesday: the proposed disposal to New Star of management rights for the following six retail funds, representing, as at 14 January 2003 (being the latest practicable date prior to announcement of the Disposal), GBP1.85 billion of assets under management: - Aberdeen Fixed Interest Unit Trust; - Aberdeen Technology Unit Trust; - Aberdeen Equity Income Fund (a sub-fund of Aberdeen Investment Funds ICVC); - Aberdeen High Yield Bond Unit Trust; - Aberdeen Sterling Bond Unit Trust; - Aberdeen European Technology Unit Trust; the agreement of a price estimated at GBP92.5 million for the Rights, payable in cash largely at completion, representing a valuation of 5 per cent. Of the assets under management to which the Rights relate; estimated cost reductions of between GBP12 million and GBP15 million in the first full year following completion of the Disposal; its intention to use the net proceeds from the Disposal for debt reduction, reducing net gearing from approximately 113 per cent. To approximately 64 per cent; a continued commitment to focus on its strengths in the active management of debt and equity securities and to continue with the divestment of Aberdeen Property Investors by way of flotation or trade sale; and the maintenance of a broad range of funds enabling the Aberdeen Group to meet the needs of current and prospective clients. Commenting on the transaction, Martin Gilbert, Chief Executive of Aberdeen said: "I am pleased with the outcome of this transaction. This agreement with New Star allows us to capitalize otherwise vulnerable revenues, reduce debt (and hence gain additional financial flexibility), and release valuable resources from the day-to-day pressure of fighting to maintain a challenging position in this part of the U.K. retail market. Following this transaction and the flotation or sale of API we do not expect to make any further substantial disposals. "Looking forward, we are focused on re-grouping around our core strengths in equity and fixed interest fund management. Our investment process has been steadily strengthened and enhanced in recent years and we are making a tactical withdrawal from parts of the retail market in the U.K. for a period, until world financial markets show signs of a sustained recovery. We envisage a full return to the U.K. retail market in around two years time, on a platform of strong investment performance and clear and distinct investment style and process." ABERDEEN ASSET: Chief Executive to Rehabilitate Business -------------------------------------------------------- Aberdeen chief executive, Martin Gilbert, intends to take "financial risk" out of the business while it is "regrouping and recovering" within two years at the least. Mr. Gilbert hopes to strengthen a mixed investment performance and the Aberdeen brand that suffered on the issue of the split- capital investment trust debacle. The asset manager recently unloaded its five unit trusts to New Star Asset Management for GBP92.5 million--a transaction he made at a "good price" but regretted to have to do, according to The Herald. City expects Aberdeen's profits to halve following disposal of the trusts to New Star and the forthcoming sell-off of Aberdeen Property Investors, a division expected to raise GBP130 million. According to the report, one City analyst estimated Aberdeen's underlying annual pre-tax profits would halve from GBP39 million to about GBP20 million. But it could possibly pay a 6p-a-share total dividend it promised for the current year to September because of its much-reduced profits. Shares in the company, which has a market capitalization of GBP148 million, plunged to 84.5p from a high of 700p two years ago on speculations of a much-reduced future scale. The property investment division's spin-off to a trade buyer is likely to come by March, although a partial flotation of the business may still be considered. Mr. Gilbert said the disposal of Aberdeen Property Investors is the significant disposal coming in the short term. One industry source speculated that the proceeds from the two assets disposals could be used to trim down debts and buy back convertible bonds at a discount. As of September 30, the bank had debt of about GBP136 million, and net debt of GBP240 million--GBP100 million of which are convertible bond issue. Aside from borrowings, Aberdeen has a bill of up to GBP40 million after promising last summer to refund in full up to 7000 investors who had lost nearly half their money in its Progressive Growth Unit Trust. ABBEY PLC: Reports EUR21.18 Million Profit Before Taxation ---------------------------------------------------------- The Board of Abbey plc reports a profit before taxation of EUR21.18m which compares with a profit of EUR14.56m for the corresponding period last year. Profits at the operating level were EUR20.42m as compared to EUR13.86m at the half way stage last year. Our housebuilding division completed 379 sales (UK275; Ireland 104) with a turnover of EUR76.69m generating an operating profit of EUR18.59m. Strong market conditions supported sales and margins throughout the period. The forward sales position is good both in Ireland and the UK. There are signs that the market going forward will not be as exuberant as in recent months. As yet there is no sign of a correction in prices although after such a strong upward move it cannot be ruled out. Joint venture turnover arising from plot sales at our development in Clonsilla, Co. Dublin, totalled EUR912,000 generating an operating profit of EUR683,000. M & J Engineers, our U.K. plant hire business, generated operating profits of EUR1.03m on a turnover of EUR10.39m. Included in this result is a profit of EUR178,000 arising from the disposal of a surplus yard in Luton. Trading has continued in line with expectations and subject to normal levels of new year custom a reasonable result for the year will be achieved. Rental income for the period amounted to EUR121,000 for the half year. The Group held substantial cash balances at the end of October. Since then the Group has exchanged contracts for the purchase of an additional 273 plots costing EUR20m to maintain our landbank. In the light of rising land prices and the more difficult regulatory environment (particularly in England where proposed legislation will further complicate matters) the housebuilding business is becoming ever more capital intensive and inevitably over time returns on capital employed will fall. The Board is pleased to declare an interim dividend of 7.5 cent per share. The dividend is covered 6.04 times. This dividend will be paid on 19th February 2003 to shareholders on the register at 17th January 2003. Overall, the Group is in good shape and confident of a solid second half. On behalf of the Board Charles H Gallagher - Chairman Group Profit And Loss Account And Group Balance Sheet can be viewed in this URL: http://bankrupt.com/misc/abbey.htm ABBEY NATIONAL: Sells Stake in Hong Kong's Dah Sing Bank -------------------------------------------------------- U.K.-based bank Abbey National sold a 5.5% stake in Hong Kong's Dah Sing Bank for HK$36.35 per share, says unnamed market sources of the Apple Daily. The sale of the shares that Abbey bought at HK$31 apiece in 1997 was made through UBS Warburg. Abbey took the GBP39.8-million transaction saying it intends to re-focus on personal financial services, says The Scotsman. In December, the bank made its first planned disposals of non- core business by unloading Porterbrook, the GBP1 billion train- leasing division. It is expected that Abbey will announce further disposals at its full-year results on February 26. Abbey National's share price has lost as much as 48 percent of its value last year. CONTACTS: Thomas Coops (Director of Corporate Communications) Phone: 020 7756 5536 Jon Burgess (Head of Investor Relations) Phone: 020 7756 4182 E-mail: investor@abbeynational.co.uk BLYTH & BLYTH: Management Rescues Blyth From Receivership --------------------------------------------------------- Some 95 jobs in Blyth & Blyth's Edinburgh, Glasgow, Leeds and London facilities were secured after the engineering consultancy firm was bought out of receivership by its management team. KPMG's head of corporate recovery in Scotland, Blair Nimmo, told The Scotsman they are pleased to have reached a speedy sale, adding that the pension liabilities remained the responsibility of the collapsed company, rather than the new one. The firm, which has a 100-strong workforce in offices spread across the U.K., handed control of the business to accountancy firm KPMG on Tuesday after a huge deficit in its pension scheme was uncovered in November. At that time, investors of Blyth & Blyth were warned that the scheme is being wound up due to an estimated deficit of around GBP6 million. Trustees of the pension scheme, which was managed by Edinburg Fund Managers, told 250 members of the investment they might not recover some or all of their final salary pension if Blyth & Blyth do not intervene. Discussion between trustees and the company to see that at least some of the deficit could be met indeed took place. However, they were unsuccessful and the future of the fund remained "uncertain". CONTACT: KPMG INTERNATIONAL Burgemeester Rijnderslaan 10 1185 MC Amstelveen, The Netherlands Phone: +31-(0)20-656-7890 Fax: +31-(0)20-656-7700 Homepage: http://www.kpmg.com Contacts: Mike Rake, Chairman Robert W. Alspaugh, Chief Executive Officer BRITANNIC PLC: Group Announces New Business Figures --------------------------------------------------- - Retail investment sales in line with last year. Continued shift from regular to single premium sales reflecting the move from direct sales force distribution to other channels. - Sales to the 'at retirement' market via Britannic Retirement Solutions more than doubled. - Retail investment sales at Britannic Asset Management lower, but sales of unit trusts through the IFA channel increased. New institutional funds flat year on year, after allowing for the one off effect of an investment trust launch in 2001. - Lower mortgage sales reflecting management's focus on margins. 2002 2001 Total fund retail sales GBP726.5m GBP671.6m Total regular sales GBP9.5m GBP18.2m New fund management mandates GBP217.8m GBP448.6m New mortgage GBP762.0m GBP1,051.0m Retail Investment, Life & Institutional Mortgages and Analysis Of New Business Written can be viewed at this URL: http://bankrupt.com/misc/britannic.htm CONTACT: BRITTANIC GROUP PLC 1 Wythall Green Way, Wythall Birmingham B47 6WG, United Kingdom Phone: +44-870-887-0001 Fax: +44-870-887-0002 Homepage: http://www.britannic.co.uk Contacts: Harold Cottam, Chairman Bryan Portman, Finance Director Phone: 01564 204433/020 7638 9571 MARCONI PLC: Applies Additional List of Shares to Regulators -------------------------------------------------------------- Application has been made to the Financial Services Authority and the London Stock Exchange plc for 461,777 Ordinary shares of 5p each (shares) to be admitted to the Official List. Admission of the new shares is expected to be granted on 17th January 2003 with admission and trading to commence on 20th January 2003. These shares are being issued in connection with the Company's acquisition of Albany Partnership Limited on 28th July 2000. These shares will rank pari passu with the existing issued Ordinary shares. ****** Marconi, which has lost 99% of its market value after embarking on a US$8 billion buying spree, issued the update of its financial restructuring last month. It agreed to hand the company to creditors to cancel more than GBP4 billion of debt. CONTACT: MARCONI PLC 1 Bruton St. London W1J 6AQ, United Kingdom Phone: +44-20-7493-8484 Fax: +44-20-7493-1974 Homepage: http://www.marconi.com Contacts: Derek C. Bonham, Chairman M. W. J. (Mike) Parton, CEO Steve Hare, Finance Director NTL INC.: Learns of Hearing Relating to Nasdaq Decision ------------------------------------------------------- NTL Incorporated (formerly NTL Communications Corp.) has been advised by certain parties that a hearing has been set for Wednesday afternoon regarding a motion those parties' intend to file before the Bankruptcy Court this morning relating to Nasdaq's determination on January 14, 2003 regarding the settlement of when issued trading of the company's stock (NTIWV). This matter does not relate to the settlement of trades that have occurred with respect to the Company's common stock (NTLI) since it began trading on the Nasdaq National Market on January 13, 2003. The motion will seek an order from the Court that could have the effect of requiring adjustment of the settlement of the when issued trades. This adjustment would take into account the previously disclosed, court authorized reduction in the number of shares the Company issued on the effective date of its plan of reorganization, which resulted in the issuance of approximately 50 million shares rather than approximately 200 million shares. NTL emerged from bankruptcy protection on Friday January 10, 2003, and issued 50,500,969 shares of new common stock. Four hundred million shares of common stock were authorized. The Company's common stock (CUSIP 62940M104) and Series A warrants (CUSIP 62940M138) have begun to trade on NASDAQ commencing Monday, January 13, 2003 under the symbols of NTLI and NTLIW, respectively. Shares of common stock of Old NTL, which previously traded under the symbol NTLDQ, have been cancelled. For more information on NTL Incorporated (formerly known as NTL Communications Corp.) contact: CONTACT: NTL Incorporated Analysts, Debt and Equity Holders In the US: Bret Richter or Tamar Gerber Phone: 212/906-8440 E-mail: investor--relations@ntli.com or NTL Incorporated In the UK: Analysts, Debt and Equity Holders: Virginia Ramsden Phone: +44 (0)20 7746 6826 E-mail: investorrelations@ntl.com PIZZAEXPRESS PLC: Reports Reduced Sales Before Christmas -------------------------------------------------------- PizzaExpress reported trading update for the 14 weeks to December 29, 2002 with like-for-like sales down to 5.1%. In a statement, the company said, "trading environment remains difficult and our biggest challenge continues to be disappointing trading at our core PizzaExpress restaurants, particularly within London. We have recently commenced several operational and product initiatives which are directed at tackling this situation." The Groups retail, Gourmet, franchising and international businesses, meanwhile, continue to trade in line with internal expectations. The result sent shares in the company down by 7% to 325p on Wednesday. Analysts say the statement is likely to have a detrimental effect on any possible bids. Before the result, the company said the management and one other bidder--thought to be from former PizzaExpress boss Luke Johnson- -are interested in taking over the business. PizzaExpress, which admitted having tough trading following a slump in tourism and downturn in the economy, posted a year of dwindling sales and falling share value. CONTACT: PIZZAEXPRESS PLC Nigel Colne, Non-Executive Chairman Phone: 01895 618618 David Page, Chief Executive Phone: 01895 618618 Paul Campbell, Group Finance Director Phone: 01895 618618 Citigate Dewe Rogerson Sue Pemberton/Freida Davidson, Phone: 020 7638 9571 RAGE PLC: Bank of Scotland Appoints Receivers --------------------------------------------- Following the announcement of 13 January 2003, the Directors regretfully announce that following the withdrawal of the Group's banking facilities, the Bank of Scotland, the company's bankers, have today appointed receivers over the assets and undertaking of the Company. ****** Rage was badly in need of rescue after Bank of Scotland restricted its access to a GBP6-million overdraft facility, which was provided following a sharp fall in the company's share price. The company, which used to be valued at over GBP200 million during the Internet boom, was worth only GBP2.6 million after its shares were suspended at less than a penny on Monday. The company's woes, which started last year, stemmed from a failed expansion from developing games into publishing its own titles. Rage was forced to enter into negotiations with its bankers last March when its GBP15 million credit line from an outside investor was blocked by the sharp fall in share price. CONTACT: RAGE PLC Martins Bldg., Waters St. Liverpool L2 3SP, United Kingdom Phone: +44-0151 237 2200 Fax: +44-0151 237 2201 Home Page: http://www.rage.co.uk Contacts: Thomas John Blackburn Roberts, Chairman Paul J. Finnegan, Executive Deputy Chairman John Andrew Schorah, Managing Director BANK OF SCOTLAND Canada House 65-68 St. Stephen's Green, Dublin 2. Phone: 01 408 3500 Fax: 01 671 7797 Swift Code: EQUBIE2D E-mail: info@bankofscotland.ie Home Page: http://www.bankofscotland.ie RAGE PLC: Announces Changes in FTSE Indices After Receivership ------------------------------------------------------------- Following the suspension and appointment of Administrative Receivers to Rage PLC(UK), FTSE announces the following changes: INDEX CHANGE EFFECTIVE FROMSTART OF TRADING FTSE All-Small Rage (UK 0067469) will be deleted at 0p. 17 January 2003 FTSE Fledgling Rage will be deleted at 0p. 17 January 2003 For index related enquiries or further information about FTSE CONTACT: Client Services in the UK: Phone: +44 (0) 20 7448 1810 and Client Services in the US: Phone: +1 212 825 1328 or +1 415 445 5660 and Client Services in Asia Pacific: Phone: +852 2230 5800 or +65 6223 3738 E-mail: info@ftse.com REGUS PLC: U.S. Unit Files Chapter 11, Motions to Reorganize ------------------------------------------------------------ As part of a plan to reorganize its U.S. business and return it to profitability, Regus Group, the world's largest provider of serviced offices, today announces that its U.S. subsidiary, Regus Business Center Corp, has filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the Court of the Southern District of New York. Regus plc and Regus Business Center BV, which are the holding companies for the Regus Group, have both given guarantees in relation to the leasehold liabilities of the U.S. business and are therefore also filing for relief under Chapter 11. The Regus Group, which operates across 52 countries, is generating cash outside the United States and this move is expected to strengthen the Group's financial position further. In addition, the Group raised up to o57 million in December from the sale of a part of its U.K. business and some of the proceeds of that sale will help fund this Chapter 11 process. As a result, Regus does not expect that it will require further funding to complete the reorganization. The limited purpose of this Chapter 11 is to allow the Regus Group to reorganize certain property leases entered into by its U.S. business and the related guarantees given by Regus plc and Regus Business Centre BV in respect of those leases. Over recent months, Regus U.S. has sought to restructure the terms of its leases and related guarantees through negotiation with U.S. landlords. Despite substantial progress towards a negotiated settlement, the Regus Group has not been able to reach a satisfactory settlement with U.S. landlords within the necessary timeframe and has now decided to file for Chapter 11 as a means of achieving a statutory settlement with those landlords. However, the Chapter 11 process will not affect the Group's ability to maintain its normal business operations, to do business with customers and suppliers and to provide employees with salaries and benefits as normal. The listing and trading of Regus' shares on the London Stock Exchange will not be affected by this move. Other leading companies that have used the Chapter 11 process to reorganize and return to competitiveness include Texaco, Continental Airlines, Toys 'R' Us, Flag Telecom and Macy's. 'Regus is wholly committed to its global strategy in which the U.S. market is a key component. Our clear objective is to return our U.S. business to profitability and Chapter 11 is now the quickest and most reliable route to secure this', said Mark Dixon, Chief Executive Officer of Regus. 'As a result of the recent sale of part of our operations in the U.K., we are in the position to be able to fund a reconstruction of our operations in the U.S. and our objective is for the U.S. business to be capable of generating profits when it emerges from Chapter 11. We are most grateful for the support that we have received from our customers, employees and landlords in the U.S. as well as the other communities we serve.' INFORMATION ON REGUS FILING Chapter 11 gives each Regus company which has filed for Chapter 11 legal protection from its U.S. creditors so that it can restructure its U.S. leasehold portfolio whilst at the same time continuing its day-to-day operations under existing management control. Each such company and its U.S. creditors will now work towards agreeing a Plan of Reorganization, which will provide for the restructuring of the U.S. lease portfolio and the settlement of claims of landlords whose leases are sought to be reorganized. Under Chapter 11, the statutory maximum claim that each such landlord will have against each of the relevant lessee companies and the relevant guarantor will be limited to the higher of (i) one year's rent or (ii) 15% of the remaining lease term, not to exceed three years, in each case under the relevant lease. However, negotiations with landlords are already at an advanced stage and in consequence it is expected that the final settlement will be considerably less than this worst case position and that it will be paid over time once the Plan of Reorganization is approved. Once the Plan of Reorganization is confirmed by the U.S. Court, payment of settlements to U.S. creditors can begin and each Regus Chapter 11 Company can emerge from Chapter 11 protection. Regus expects that this will occur well within the 12-month period that is typical for Chapter 11 proceedings. During the Chapter 11 process, each Regus Chapter 11 Company will maintain its normal business operations and continue to provide employees with salaries and benefits. It will also be able to do business with suppliers and customers in a routine manner. Each such company will however be unable to enter into transactions outside the ordinary course of business without the approval of the U.S. Court. A Chapter 11 filing immediately freezes all existing financial claims against each Regus Chapter 11 Company by U.S. creditors, both in U.S. and non-U.S. Courts. Overall, Regus does not expect the Chapter 11 restructuring process to have any impact on the Group's ability to trade normally and to continue to provide the same high level of service that customers have always received. In particular, Regus does not expect that it or any member of its group will become subject to any involuntary insolvency process in any part of the world other than the U.S. The Regus Group is the world's largest provider of serviced offices operating more than 400 business centers in 240 cities across 52 countries. Regus business centers provide businesses, both large and small, with access to fully equipped office workspaces on flexible terms. With more than 92,000 office workspaces worldwide, the Regus Group is also a market leader in providing meeting rooms, training facilities and public access videoconferencing studios. CONTACT: REGUS PLC Phone: 01932 895138 Mark Dixon, Group Chief Executive Officer Stephen Stamp, Group Finance Director Stephen Jolly, Group Communications Director Financial Dynamics Phone: 020 7269 7291 David Yates / Richard Mountain TELEWEST COMMUNICATIONS: Confirms Agreement on Restructuring ------------------------------------------------------------ Telewest Communications plc announces that it has reached a non- binding agreement with respect to the terms of amended and restated facilities with both the steering committee of its senior lenders and an ad hoc committee of its bondholders. In addition, the terms of these facilities have received credit committee approval, subject to documentation and certain other issues, from all of its senior lenders save for those banks which are also creditors by virtue of various foreign exchange contracts. The terms of the amended and restated bank facilities are as follows: The amended facilities total GBP2,155 million, comprising term loans of GBP1,840 million, GBP190 million of committed overdraft and revolving credit facilities and an uncommitted term loan facility of GBP125 million; The amended facilities do not amortise; and the majority of the facilities will mature on 31 December 2005 with the balance maturing on 30 June 2006; Financial covenants will be re-set to reflect the company's new business plan; and The pricing on the facilities will be increased to reflect the current market environment. These amended facilities will replace the group's existing bank facilities and are, as noted above, conditional on various matters, including the satisfactory finalization of arrangements for dealing with foreign exchange creditors and the completion of Telewest's balance sheet restructuring. These amended facilities will provide Telewest with substantial liquidity which is expected to be sufficient to meet Telewest's funding needs after completion of the Restructuring. Negotiations are continuing with the Bondholder Committee, the Company's senior lenders and certain other major stakeholders with a view to the timely completion of the Restructuring. Charles Burdick, Managing Director, of Telewest said: "This agreement with our banks is another important step forward in Telewest's balance sheet restructuring process. Restructuring discussions continue and I will update all stakeholders when we have further progress to report". Telewest Communications, the broadband communications and media group, currently passes 4.9 million homes and provides multi- channel television, telephone and internet services to 1.76 million U.K. households, and voice and data telecommunications services to around 74,100 business customers. Its content division, Flextech, is the BBC's partner in U.K.T.V. Together they are the largest supplier of basic channels to the U.K. pay-TV market with a portfolio that combines wholly owned and managed channels, including the ten joint venture channels with the BBC. Telewest's existing bank facilities were for a total amount of GBP2.25 billion of which GBP2.145 billion was committed. Repayments under these existing facilities were due to commence on 31 December 2004 and continue in installments until final maturity in 30 June 2008. CONTACT: TELEWEST COMMUNICATIONS PLC Genesis Business Park, Albert Drive Woking, Surrey GU21 5RW, United Kingdom Phone: +44-1483-750-900 Fax: +44-1483-750-901 Homepage: http://www.telewest.co.uk Contacts: Anthony W. P. (Cob) Stenham, Chairman Charles J. Burdick, Managing Director Phone: 020 7299 5000 Mark Luiz, Chief Operating Officer Richard Williams, Head Of Investor Relations Phone: 020 7299 5479 UNITED PAN-EUROPE: Section 341 Meeting Set for January 28, 2003 --------------------------------------------------------------- On December 3, 2002, United Pan-Europe Communications N.V., filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. Pursuant to Section 341 of the Bankruptcy Code, the United States Trustee will convene a first meeting of creditors on January 28, 2003, at 2:00 p.m. Eastern Time, to be held at 80 Broad Street, 2nd Floor, in Manhattan. A representative of the Debtor is required to attend the Section 341 meeting for the purpose of being examined under oath by the U.S. Trustee and the creditors about the Debtor's financial affairs and operations. Creditors are welcome but not required to attend. The meeting may be continued or adjourned without further written notice. United Pan-Europe Communications N.V. is a holding company, which owns various direct and indirect subsidiaries that operate broadband communications networks providing telephone, cable and internet services to both residential and business customers in Europe. Howard S. Beltzer, Esq., at White & Case, LLP, represents the Debtor in its restructuring efforts. UNITED PAN-EUROPE: Claims Bar Date Scheduled for Feb. 14, 2003 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York establishes February 14, 2003, as the Claims Bar Date for creditors of United Pan-Europe Communications N.V. to file their proofs of claim against the Debtor or be forever barred from asserting their claims. Proofs of claim must be received by the Bankruptcy Court before 5:00 p.m. Eastern Time on Feb. 14. If hand-carried or sent by overnight mail, claims must be addressed to: United States Bankruptcy Court United Pan-Europe Communications Claims Processing One Bowling Green, Room 534 New York, NY 10004-1408 If by standard mailing, to: United Pan-Europe Communication Claims Processing PO Box 5147 Bowling Green Station New York, NY 10274-5147 Any person or entity whose claim arose from the rejection of an executory contract must file a proof of claim based on such rejection by the later of: (i) the Bar Date; or (ii) 30 days following the effective date of such rejection. United Pan-Europe Communications N.V. is a holding company which owns various direct and indirect subsidiaries that operate broadband communications networks providing telephone, cable and internet services to both residential and business customers in Europe. Howard S. Beltzer, Esq., at White & Case, LLP represents the Debtor in its restructuring efforts. WHAT EVERYONE: Administrator Hopes Speedy Spin-off of Stores ------------------------------------------------------------ The court-appointed administrator of What Everyone Wants expects a speedy sale of the 31-year old discount retail chain, which collapsed amidst a fiercely competitive cut-price sector. According to The Herald, Tom Burton of Ernst & Young said he hopes to strike a deal "within days rather than weeks." He confirmed he is in "advanced discussions" with buyers. Mr. Burton is selling the chain by piece, and observers are predicting that a sale to bargain-hunters would be the best Burton could hope to achieve from the business whose brand-- according to Alan Malcolm, a corporate financier specializing in SMES--"doesn't hold up." The Glasgow-based business was put into administration in December after its South African owner, Tegaro, refused to help revive the business. Annual losses in the company reached GBP18 million. The company was worth GBP46 million in 1991 when its founder Gerald and Vera Weisfeld sold it to Philip Green in 1991. The group had 130 shops and employs 2500 people. It has 40 shops in Scotland. CONTACT: ERNST & YOUNG INTERNATIONAL 5 Times Square New York, NY 10036 Phone: 212-773-3000 Fax: 212-773-6350 Home Page: http://www.eyi.com ************** 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, Ma. Cristina Canson, and Laedevee Gonzales, Editors. Copyright 2003. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *