/raid1/www/Hosts/bankrupt/TCREUR_Public/030422.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, April 22, 2003, Vol. 4, No. 78
Headlines
B E L G I U M
COCKERILL SAMBRE: Tensions Boil Over at Arcelor HQ Protest
C Z E C H R E P U B L I C
UNION BANKA: Judge Barka Arrested for Alleged Abuse of Authority
F R A N C E
ALCATEL: Shareholders Approve Conversion of Class O Shares
ALSTOM SA: Has Over EUR1 Billion in Credit Facilities Secured
CMA CGM: Corporate Credit Rating at 'BB', Outlook Positive
VIVENDI UNIVERSAL: Calls USAi's Lawsuit 'Without Merit'
G E R M A N Y
DEUTSCHE TELEKOM: Chief Plans to Launch Strategic Review
EM.TV & MECHANDISING: US Banks Join Formula One Settlement
G R E E C E
OLYMPIC AIRWAYS: Greek Government Faces Case From EU Commission
I R E L A N D
AER LINGUS: Italian Government Makes Way for a Trade Sale
OLAN ENTERPRISES: Fitch Affirms OLAN II Class D Notes at 'CC'
L U X E M B O U R G
MILLICOM INTERNATIONAL: Announces Conference Call for Q1 Results
N E T H E R L A N D S
KONINKLIJKE AHOLD: Denies Discussing Severance Pay of Former CEO
KONINKLIJKE AHOLD: Lead Plaintiff Appointment Deadline Set
ROYAL PHILIPS: Reports Net Loss of EUR69 Million in Q1
R U S S I A
VIMPEL-COMMUNICATIONS: Corporate Credit Ratings Raised to `B+'
S W E D E N
SKANDIA: Copenhagen Stock Exchange to Delist Skandia's Shares
S W I T Z E R L A N D
CREDIT SUISSE: S&P Cuts Ratings Three Note Classes to B+/B/CCC
CREDIT SUISSE: Rabin, Murray & Frank Files Class Action Lawsuit
CREDIT SUISSE: Purchasers of Atmel Corp. Files Class Action
U N I T E D K I N G D O M
AUSTIN REED: Advisers Give Buyers Deadline to Make Formal Offers
BRITISH AIRWAYS: Easter Sale Offers 1.5 MM Discounted Flights
BSOFTB PLC: Voluntary Winding-Up, Asset Return Suggested
CORUS GROUP: Clayton Metals Acquires Aluminum Service Centers
EVANS & SUTHERLAND: Reports Operating Loss of US$22.5 Million
GLAXOSMITHKLINE PLC: In Talks About Divesting Plant in Montrose
GLAXOSMITHKLINE PLC: Agrees to Settle Paxilr Patent Litigation
INFINEON TECHNOLOGIES: Announces 2Q Results, Conference Calls
INVENSYS PLC: Baan Founder Considers Buying Back Company
MARCONI PLC: Grows Market Share in Optical Networks Says Report
MYTRAVEL GROUP: Assures Negotiations with Bank Going as Planned
P&O PRINCESS: Completes DLC Transaction, Partial Share Offer
THISTLE HOTELS: BIL's Offer Receives Very Low Acceptances
THISTLE HOTELS Acceptance Levels Inch Toward BIL Control
* Large Companies with Insolvent Balance Sheets
- - - - - - - -
=============
B E L G I U M
=============
COCKERILL SAMBRE: Tensions Boil Over at Arcelor HQ Protest
----------------------------------------------------------
A clash between the police and demonstrators protesting over the
planned job cuts at ailing Belgian subsidiary Cockerill Sambre
ensued outside Arcelor's Luxemburg headquarters. Workers staged
the strike following the breakdown of talks between union leaders
and management on Tuesday.
Firecrackers were hurled at the police who were guarding the
building, while the police shot water cannons to disperse the
1,500 protesters who fear plant closures will result in thousands
of job losses as the subsidiary cuts overproduction.
Workers have reportedly staged several stoppages over the past
months and union demonstrators staged the 24-hour detention of
Cockerill management in February.
Another day-long strike is being planned by trade unions on April
25, to coincide with the Arcelor's annual general meeting.
Cockerill Sambre is a subsidiary of European steel giant Arcelor,
which announced in January that it is freezing investment at four
of its least profitable blast furnaces in Europe. The company
plans to eventually shut down 8 million metric tons in steel
producing capacity by 2010.
In effect, the Cockerill Sambre plant in Liege, located some 100
kilometers east of Brussels, may have to shut down its blast
furnaces as early as 2006 with the loss of at least 2,000 jobs.
CONTACT: COCKERILL SAMBRE SA
Chaussee de la Hulpe, 187
1170 Brussels
Belgium
Phone: +32 2 679 92 11
+32 2 660 36 40
===========================
C Z E C H R E P U B L I C
============================
UNION BANKA: Judge Barka Arrested for Alleged Abuse of Authority
----------------------------------------------------------------
The judge overseeing the bankruptcy trial of Czech bank Union
Banka AS has been under arrest since Thursday.
Czech President Vaclav Klaus and Prime Minister Vladimir Spidla
approved the custody on the basis of his alleged abuse of
authority in declaring the Ostrava-based bank bankrupt.
Judge Jiri Berka was accused of declaring the bank's bankruptcy
without a proper investigation, as well as of knowingly acting on
the basis of forged documents. His arrest could signal the
conclusion to a months-long battle for the assets of UB,
according to Dow Jones.
Paolo Catalfamo of Invesmart, UB's owner, said the arrest is a
"very positive sign about the Czech judicial system" and that it
"marks a complete end to the affair".
UB is set to return deposits to clients starting May 17. The
bank closed its branches in February.
The Ministry of Finance and Czech National Bank said the Deposits
Protection Fund could start the redemption, which will be carried
out through GE Capital bank sales points.
It is believed that the Deposits Protection Fund has sufficient
financial means to appease the claims of all entitled
individuals.
CONTACT: UNION BANKA
ul. 30 dubna c. 35
70200 Ostrava
Phone: 596108111
Fax: 596120134
Home Page: http://www.union.cz
E-mail: union@union.cz
===========
F R A N C E
===========
ALCATEL: Shareholders Approve Conversion of Class O Shares
----------------------------------------------------------
The Alcatel annual ordinary and extraordinary Shareholders'
Meeting held on April 17, 2003 approved all the proposed
resolutions.
The Shareholders' Meeting approved the 2002 consolidated results,
which registered a net loss of Euro 4.74 billion.
The Shareholders' Meeting approved Alcatel's financial statements
and the proposed appropriation of the income for the year to
retained earnings.
The Alcatel extraordinary Shareholders' Meeting and the Special
Meeting of Class O Shareholders also held today approved the
resolution concerning the conversion of class O shares into
common shares by eliminating the special rights of class O
shares.
The Shareholders' Meeting reappointed as Board members, Serge
Tchuruk, Marc Vienot and Daniel Bernard for a four-year term and
appointed two new Board members, Philippe Germond, Senior
Executive Vice President of Alcatel and member of the Alcatel
Executive Committee and Daniel Lebegue, director for
Thales, Areva and Gaz de France.
About Alcatel
Alcatel provides end-to-end communications solutions, enabling
carriers, service providers and enterprises to deliver content to
any type of user, anywhere in the world. Leveraging its long-
term leadership in telecommunications networks equipment as well
as its expertise in applications and network services, Alcatel
enables its customers to focus on optimizing their service
offerings and revenue streams. With sales of EURO 16.5 billion
in 2002, Alcatel operates in more than 130 countries.
ALSTOM SA: Has Over EUR1 Billion in Credit Facilities Secured
-------------------------------------------------------------
As anticipated on March 12, ALSTOM confirms it has obtained the
final approval of 100% of its lending banks for appropriate
amendments to covenants on its existing credit facilities. All
documentation relating to its new EUR600 million bridging loan
and the extended facilities of EUR475 million has also been
signed by all parties.
ALSTOM is the global specialist in energy and transport
infrastructure. The Company serves the energy market through its
activities in the fields of power generation and power
transmission and distribution, and the transport market through
its activities in rail and marine. In fiscal year 2001/02, ALSTOM
had annual sales in excess of EUR23 billion and employed 112,000
people in over 70 countries. ALSTOM is listed on the Paris,
London and New York stock exchanges.
*****
Alstom pre-announced last month a EUR1.3 billion net loss for
2002, along with an admission that Alstom would not achieve
financial targets set out in its March 2002 "Restore Value"
restructuring plans.
CONTACT: ALSTOM
Investor relations
E. Rocolle-Teyssier
Phone: +33 1 47 55 25 78
E-mail: investor.relations@chq.alstom.com
CMA CGM: Corporate Credit Rating at 'BB', Outlook Positive
----------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB'
corporate credit rating to CMA CGM S.A. (consolidated group; CMA
CGM), the France-based privately owned global logistics and
containerized shipping company. The outlook is positive.
At the same time, Standard & Poor's assigned its 'BB-' senior
unsecured debt rating to the proposed EUR150 million ($164
million) note offering to be issued by the group's largest
entity, CMA CGM S.A.
"The ratings on CMA CGM reflect the group's position as the
world's eighth-largest global container shipping company by
capacity, with an extensive route network and demonstrated
successful substantial organic growth," said Standard & Poor's
credit analyst Andreas Kindahl. "They also reflect the challenges
CMA CGM faces from sustained competition in key markets and an
aggressive financial profile."
Despite the group's extensive global route network, revenues from
CMA CGM's are centered around Asia-Europe trade, which is
expected to grow at above-average rates, with China the main
growth catalyst. This trade is, however, expected to remain very
competitive. The group achieves better margins and more stable
earnings in its several niche North-South routes.
CMA CGM's use of dedicated transshipment (hub) ports, in
combination with an extensive feeder vessel (smaller container
ships) network, should, contribute to higher-than-average load
factors on its major lanes and diversification of its revenue
base. Cost control is supported by CMA CGM's strategy of
operating a significant part of its fleet on short- to medium-
term charters, which provide flexibility in the cost base as
charter rates tend to fluctuate with freight rates. Customer
concentration is minimal.
CMA CGM's rapid growth over the past few years has mainly come
about through expansion of its route network. "Investments in its
fleet have, however, led to significant additional debt in its
capital structure over the past few years," added Mr. Kindahl.
"Profitability and return on capital, however, are well in line
with the industry average over the cycle, which supports the
ratings."
The positive outlook reflects the possibility that ratings could
be raised in the medium term if CMA CGM is able to improve its
financial profile. Large committed investments in assets,
however, will likely constrain significant improvements in the
capital structure in the near term. Nevertheless, CMA CGM is well
positioned to increase revenues and earnings as the global
economy recovers. Cost containment and solid cash generation from
improved earnings should enable the company to continue to grow
in the near term without damaging its current financial profile.
VIVENDI UNIVERSAL: Calls USAi's Lawsuit 'Without Merit'
-------------------------------------------------------
Vivendi Universal confirmed that USA Interactive has filed a
lawsuit arising out of the transaction between Vivendi Universal
and USA Interactive that resulted in the formation of Vivendi
Universal Entertainment LLLP on May 7, 2002. The company stated
the following:
"Vivendi Universal is confident that USAi's position is without
merit. This dispute has been ongoing, has been fully disclosed in
numerous public filings and represents nothing new."
"Since Vivendi Universal Entertainment declined to make any tax
distribution in respect of taxable income allocated to USA
Interactive's preferred interests at the end of 2002, we were not
surprised that they brought this lawsuit. As with the Liberty
Media lawsuit filed two weeks ago, the USAi lawsuit was filed to
gain leverage in the negotiations regarding our asset disposal
program which has generated significant interest."
"This lawsuit will not interfere with our asset disposal program.
Vivendi Universal continues to focus on returning to an
investment grade credit profile during the first half 2004 by
continuing to reduce the company's leverage."
=============
G E R M A N Y
=============
DEUTSCHE TELEKOM: Chief Plans to Launch Strategic Review
--------------------------------------------------------
Deutsche Telekom chief executive Kai-Uwe Ricke plans to implement
a strategic review after the publication of the company's first
quarter results.
The timing, which will be after May 15, underlines increasing
confidence among DT's management that the group will reach or
exceed its year-end debt-reduction target, according to the
Financial Times.
The telecommunications operator launched its deleveraging program
in November last year. So far, it already has raised a total of
EUR4.9 billion from the sale of its 15% stake in MTS, the Russian
mobile phone operator, and the placement of a 5% stake this
month.
The company plans to use the proceeds of the sale to cut net debt
from EUR61.1 billion at December 31 to between EUR49.5 billion to
EUR52.3 billion by the end of the year.
But Mr. Ricke is believed anxious to address concern among some
analysts that he may have been too absorbed in the deleveraging
process to address strategic challenges, including the future
direction of fixed line business T-Com, and the fate of
VoiceStream, now known as T-Mobile USA, the report says.
T-Com, which generates 90% of the group's cash, is highly
profitable, but is being threatened by competition from mobile
communications. Its business model is also put into uncertainty
with the increase in data communications.
EM.TV & MECHANDISING: US Banks Join Formula One Settlement
----------------------------------------------------------
The US banks JP Morgan Chase Bank and Lehman Brothers have agreed
to participate in the settlement reached between EM.TV and
Bayerische Landesbank on February 17, 2003 in respect of EM.TV's
interests in Formula One.
The settlement envisages the sale of a pledged 22.3% stake of
EM.TV in Speed Investments Ltd. to a subsidiary of Bayerische
Landesbank. In return EM.TV receives a payment of Euro 8.5mn as
well as the right to participate pro-rata in any upside of a sale
of the 22.3% stake at a price above the banks' credit exposure
and investments.
The remaining conditions for closing the settlement are likely to
be finalized within the next two weeks. At this point legal
proceedings among the involved parties relating to EM.TV's
abovementioned shares will be terminated.
CONTACT: EM.TV & MECHANDISING
Frank Elsner Kommunikation fur Unternehmen GmbH
Phone: +49 5404 91 92 0
Fax: +49 5404 91 92 29
E-mail: info@elsner-kommunikation.de
===========
G R E E C E
===========
OLYMPIC AIRWAYS: Greek Government Faces Case From EU Commission
---------------------------------------------------------------
The European Commission is set to formally launch a case against
the Greek government on Wednesday over the latter's failure to
demand repayment of alleged subsidies it gave to troubled airline
Olympic Airways.
Transport Commissioner Loyola de Palacio ordered Olympic Airways
four months ago to repay the Greek state EUR194 million it
received as capital injection.
According to the Financial Times, Brussels is furious that
Olympic has made no repayment, even though Athens has said it is
willing to reclaim EUR41 million that Olympic received as a final
capital injection of an authorized "state aid" scheme.
"We have been talking for years without result," a Commission
official said, adding that, "There's really nothing else we can
do." Brussels made a threat in February to file the case unless
action is taken.
The Greek government has been insisting it has no obligation to
collect the EUR153 million the Commission said are subsidies
granted through devices such as favorable tax and social security
treatment.
But the EUR41 million payment was also being contested, according
to Olympic chief executive Dionysis Kalofonos.
"As the Commission gave its approval for the capital injection
there is a question for the lawyers to decide about whether it
can be rescinded," he said.
Olympic Airways previously launched a massive cost-cutting
program that included fleet reductions as well as cuts in routes
and frequencies. It also sold its catering and computer booking
subsidiaries after failing to find a strategic investor. It is
expected further to unload its ground-handling and aircraft
maintenance operations this year.
Mr. Kolofonos said Olympic is beginning to turn around, and
losses for 2002 will not be more than EUR20 million.
He also mentioned that Olympic did not tap its short-term bank
facility in the first quarter despite its struggles.
=============
I R E L A N D
=============
AER LINGUS: Italian Government Makes Way for a Trade Sale
---------------------------------------------------------
Ireland's struggling national flag carrier Aer Lingus has
obtained permission for a trade sale, according to the Department
of Transport.
Minister for Transport Seamus Brennan is looking for a private
sector investor after a slump in airline stocks ruled out a
market flotation originally proposed in 2000.
The plan, whose feasibility is being facilitated through new
legislations, allows the airline to hold a 14.9% stake in the
group. The Irish government may not invest under European Union
legislation.
Aer Lingus has been struggling from the global economic slowdown,
industrial unrest, decline in tourism, stiff transatlantic
competition and rising fuel prices even before the September 11
attack. The tragedy only worsened its situation, leading it to
post a EUR52 million loss in 2001.
A restructuring, which trimmed 40% of its 6,500-strong workforce,
yielded an operating profit of EUR63.8 million for 2002. It has
almost doubled its cash reserves over the past year to EUR367
million. But the conflict in Iraq again weakened the airline
industry.
OLAN ENTERPRISES: Fitch Affirms OLAN II Class D Notes at 'CC'
-------------------------------------------------------------
Fitch Ratings, the international rating agency, has downgraded
Olan Enterprises II Plc's (OLAN II) Class A floating-rate notes
to 'AA+' from 'AAA', Class B floating-rate notes to 'BBB-' (BBB
minus) from 'BBB' and Class C floating-rate notes to 'CCC+' from
'B-' (B minus). At the same time, the agency has affirmed the
ratings for Class D at 'CC'.
OLAN II is a special purpose vehicle incorporated under the laws
of Ireland with limited liability. OLAN II provides protection to
BNP Paribas SA under credit default swaps maturing in June 2005
backed by a reference portfolio originally sized at EUR4 billion.
Following credit protection payments on four defaulted names in
2001 and 2003 and one expected credit protection payment, the
reference portfolio will be reduced to EUR3,893,165,570.
Fitch's rating action reflects the decrease in the credit
enhancement levels following the actual credit protection
payments on four credit events in January and May 2001 and in
February and March 2003, and one expected credit protection
payment in June 2003, for an event currently in the valuation
process. The weighted average Fitch Factor on the non-defaulted
part of the portfolio is currently 12.00 (BBB). Initially made up
only of investment-grade credits, the reference portfolio now
contains 15 sub-investment grade names that represent 7.81% of
the pool in total.
The agency will continue to closely monitor the reference
portfolio during the transaction's lifetime.
===================
L U X E M B O U R G
===================
MILLICOM INTERNATIONAL: Announces Conference Call for Q1 Results
----------------------------------------------------------------
Financial Results For the First Quarter of 2003
Thursday, April 24, 2003
16:00 (CET - Luxembourg)
10:00 (EST - New York)
Presenter: Marc Beuls, President and CEO
To register for the conference call, (which will also be
broadcast live over the web at http://www.millicom.com),please
send an e-mail to mic@sharedvalue.net by Tuesday 23 April, 2003.
Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa. It currently has a total of 16
cellular operations and licenses in 15 countries. The Group's
cellular operations have a combined population under license
(excluding Tele2) of approximately 382 million people. In
addition, MIC provides high-speed wireless data services in six
countries. MIC also has a 6.8% interest in Tele2 AB, the leading
alternative pan-European telecommunications company offering
fixed and mobile telephony, data network and Internet services to
16.8 million customers in 22 countries. The Company's shares are
traded on the Luxembourg Bourse and the Nasdaq Stock Market under
the symbol MICC.
*****
Millicom International Cellular S.A., the global
telecommunications investor, last week said its net loss for the
year ended December 31, 2002 (as previously disclosed in a press
release dated February 12, 2003) has been restated from
US$278,199,000 to US$397,337,000. It added that the restatement
has no effect on total Shareholders' Equity.
CONTACTS: MILLICOM INTERNATIONAL
Marc Beuls, President and Chief Executive Officer
Phone: +352 27 759 101
Home Page: at http://www.millicom.com
=====================
N E T H E R L A N D S
=====================
KONINKLIJKE AHOLD: Denies Discussing Severance Pay of Former CEO
----------------------------------------------------------------
In "Barend & Van Dorp, a talk show on Dutch television, of April
17, 2003, Mr. Barend states that Cees van der Hoeven, former CEO
of Ahold, demands EUR 5 million as severance payment and EUR 5
million for repayment of his mortgage. According to Mr. Barend
this information comes from the Ahold corporate office in
Zaandam.
Ahold distances itself from these statements. As announced in a
press release dated March 21, 2003 Ahold and Van der Hoeven did
not negotiate about a severance package. Van der Hoeven did not
demand any amounts for this purpose.
Parties have jointly agreed that any severance package will be
left to an impartial body (arbitration tribunal) that has no ties
with Ahold or Van der Hoeven.
KONINKLIJKE AHOLD: Lead Plaintiff Appointment Deadline Set
----------------------------------------------------------
Pomerantz Haudek Block Grossman & Gross LLP: Royal Ahold NV
Investors Have 10 More Days to Seek Appointment as Lead Plaintiff
According to Pomerantz Haudek Block Grossman & Gross LLP
(http://www.pomerantzlaw.com),which has filed a class action in
the against Royal Ahold NV, two of the Company's top
officers/directors, and the Company's independent auditor,
Deloitte & Touche Registered Accountants, on behalf of investors
who purchased the American Depository Receipts (ADRs) of Royal
Ahold during the period between May 15, 2001 and February 21,
2003, inclusive (the Class Period), investors have 10 more days
(until Monday April 28, 2003) to seek appointment by the Court as
one of the lead plaintiffs in this action.
The lawsuit, filed in the United States District Court for the
District of Maryland, Case No. 03-CV-530, alleges that defendants
issued false and misleading statements concerning the Company's
publicly reported earnings. In particular, defendants allegedly
overstated operating earnings by $500 million in fiscal years
2001 and 2002 by recognizing more money in promotional allowances
provided by suppliers to promote their goods than that Company
actually received.
Before the market opened on February 24, 2003, Royal Ahold
announced that it will restate its financial statements for
fiscal year 2001 and the first three quarters of fiscal year 2002
to correct the inappropriate accounting for discounts from
suppliers at its U.S. Foodservice division, which is
headquartered in Columbia, Maryland. The Company also announced
that its Chief Executive and Chief Financial Officers, defendants
Cees van der Hoeven and Michael Meurs, respectively, had been
fired and that several U.S. executives had been suspended. In
addition, the Company announced that it has uncovered
"questionable" transactions in its investigation of certain
transactions and the accounting treatment thereof at its
Argentine subsidiary, Disco. In response to the Company's
announcement, Royal Ahold's ADRs fell $6.52, or 61%, to $4.16 on
volume of 16,197,900 units traded. The Securities & Exchange
Commission ("SEC") has launched an investigation of the Company's
accounting practices.
If you purchased the ADRs of Royal Ahold during the Class Period,
you have until Monday April 28, 2003 to ask the Court to appoint
you as lead plaintiff for the Class. In order to serve as lead
plaintiff, you must meet certain legal requirements. If you wish
to review a copy of the Complaint, or if you would like to
discuss this action or have any questions, please contact Andrew
G. Tolan, Esq. of the Pomerantz firm at 888-476-6529 (or (888) 4-
POMLAW), toll free, or at agtolan@pomlaw.com by e-mail. Those who
inquire by e-mail are encouraged to include their mailing address
and telephone number.
The Pomerantz firm, which has offices in New York, Chicago and
Washington, D.C., is acknowledged as one of the premier firms in
the areas of corporate, securities, and antitrust class
litigation. Founded by the late Abraham L. Pomerantz, known as
the dean of the class action bar, the Pomerantz firm pioneered
the field of securities class actions. Today, more than 50 years
later, the Pomerantz firm continues in the tradition he
established, fighting for the rights of the victims of securities
fraud, breaches of fiduciary duty, and corporate misconduct. The
Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members.
CONTACT: POMERANTZ HAUDEK BLOCK GROSSMAN & GROSS LLP
Andrew G. Tolan, Esq.
Phone: (888) 476-6529, (888) 4-POMLAW
E-mail: agtolan@pomlaw.com
ROYAL PHILIPS: Reports Net Loss of EUR69 Million in Q1
------------------------------------------------------
Philips reports first quarter income from operations of EUR 32
million - a net loss of EUR 69 million.
-- 14% lower nominal sales, comparable sales growth 1%
-- Strong performance from Lighting and record income at DAP
-- 10% sequential comparable sales decline at Semiconductors,
excluding Mobile Display Systems
-- Improved performance of Medical Systems
-- Weakening Consumer Electronics markets
-- Cost reduction programs on-track
-- Record low inventories for the quarter: 12.1% of sales
-- Net debt: group equity ratio 30:70
Philips recorded a net loss of EUR 69 million (a loss of EUR 0.05
per share) versus a profit of EUR 9 million (a profit of EUR 0.01
per share) in the same period last year. This year's quarter
included special items of negative EUR 34 million, whilst last
year's special items amounted to a positive EUR 16 million. Sales
decreased by 14% over the same period of last year, negatively
impacted by the weakening of the US dollar and related currencies
(11%), and lower consumer confidence levels. Volumes were 8%
higher, continuing the positive trend quarter over quarter.
Income from operations was a profit of EUR 32 million, including
EUR 31 million in net special charges, versus a EUR 73 million
profit last year, which included EUR 58 million in net special
gains. Pension costs were EUR 78 million higher in the quarter.
Income from operations was positively impacted by a net EUR 54
million for past use licenses.
The cost reduction programs remain on-track, with reduction in
overhead costs amounting to EUR 277 million to-date, total
integration savings at Medical Systems of EUR 214 million, and
other projects which together will ensure the Company achieves
the targeted EUR 1 billion in savings by 2004.
Cash flow from operating activities saw the usual seasonality
with an outflow of EUR 205 million. Inventories as percentage of
sales came to another record low for the quarter of 12.1%,
compared to 14.0% last year. During the quarter the net debt
position increased by EUR 323 million (EUR 202 million of which
was used for Philips' participation in InterTrust Technologies
Corporation) to EUR 5.6 billion.
To See Royal Philips' Full Financial Results:
http://bankrupt.com/misc/Royal_Philips.pdf
===========
R U S S I A
===========
VIMPEL-COMMUNICATIONS: Corporate Credit Ratings Raised to `B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its long-term
corporate credit ratings on Russian mobile telecommunications
provider JSC Vimpel-Communications (VimpelCom) to 'B+' from 'B',
reflecting Standard & Poor's expectation that VimpelCom's
operational performance will remain strong and that the company
will continue to progress toward free cash flow generation. The
outlook is stable.
The ratings on VimpelCom reflect:
-- The company's strong position in the key market of the Moscow
region (City of Moscow; foreign currency rating BB/Stable/--)
-- Continuing improvements in the Russian economy, enhancing
demand for VimpelCom's services and enabling the company to
expand operations; and
-- The financial and operational benefits provided by VimpelCom's
strategic investors, Telenor ASA (A-/Stable/A-2) and Alfa Group
Consortium.
The ratings are constrained by the risks associated with:
-- Operating in the rapidly growing and consolidating Russian
mobile telecommunications sector;
-- Continuing negative free cash flows as a result of heavy
capital expenditure and start-up costs; and
-- The resultant increasing debt burden and high level of foreign
exchange risk faced by the company.
"As VimpelCom expands, it is expected to continue to protect the
quality of its cash flows, especially in Moscow, by both
containing ARPU erosion and controlling costs and loss of
customers to competitors," said Standard & Poor's credit analyst
Simon Redmond. "Capital expenditure is also expected to be
targeted to optimize future revenues, operational cash flow, and,
therefore, credit metrics."
It is assumed that VimpelCom will continue to benefit from
operational and financial support from Telenor and Alfa Group as
it widens the reach of its operations.
===========
S W E D E N
===========
SKANDIA: Copenhagen Stock Exchange to Delist Skandia's Shares
-------------------------------------------------------------
As previously announced, Skandia has applied for a delisting of
Skandia's shares from the Copenhagen Stock Exchange. The
Copenhagen Stock Exchange decided on Wednesday to delist the
company from the Stock Exchange with effect from May 30, 2003.
The last day of listing on the Copenhagen Stock Exchange will be
May 28, 2003.
*****
Over the past year, Skandia's reputation has been badly damaged
by a disastrous share price performance, the failure of a costly
expansion into the United States and sustained criticism in the
Swedish media over internal dealings between the parent company
and its life insurance arm, Skandia Liv, as well as executive
perks and bonuses. Reports indicate that analysts view the
Skandia board's removal of Mr. Petersson as an attempt to restore
investor confidence.
CONTACT: SKANDIA
Harry Vos, Head of Investor Relations
Phone: +46-8-788 3643
Odd Eiken, Executive Vice President,
Communication & Strategy,
Phone: +46-8-788 28 80
Gunilla Svensson, Press Secretary
Phone: +46-8-788 42 97
=====================
S W I T Z E R L A N D
=====================
CREDIT SUISSE: S&P Cuts Ratings Three Note Classes to B+/B/CCC
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
classes F, G, and H of Credit Suisse First Boston Mortgage
Securities Corp.'s commercial mortgage pass-through certificates
series 1997-C1. At the same time, the ratings on classes A-1B,
A-1C, and A-2 from the same transaction are affirmed. Standard &
Poor's does not rate any other certificates in the transaction.
The lowered ratings reflect anticipated credit support erosion
upon the eventual disposition of some of the specially serviced
assets, and concerns regarding the watchlist loans, particularly
those secured by lodging properties. The affirmed ratings
reflect credit enhancement levels that adequately support the
existing ratings, after taking into account expected losses.
As of March 2003, the trust collateral consisted of 145
commercial mortgages with an outstanding balance of $1.171
billion, down from 161 loans totaling $1.354 billion at
issuance. The pool has paid down by 13.5%. The master servicer,
First Union National Bank, now known as Wachovia Securities,
reported interim or partial year 2002 net cash flow debt service
coverage ratios (DSCR) for 85% of the non-credit tenant lease
(CTL) loans. Approximately 13% of the pool is composed of CTLs
(12 loans, or 12.9% of the pool) and defeased loans (two loans,
or 0.30% of the pool). Wachovia also reported full year 2001
financial data for the net cash flow DSCRs for 79% of the non-
CTL loans. Based on this information, Standard & Poor's
calculated the DSCR for the pool at 1.69x for the partial year
2002 data, up from 1.38x at issuance and 1.66x for the full year
2001 data (excluding the CTLs and defeasance).
The current weighted average DSCR for the 10 largest loans
totaling $438 million, or 37.4% of the pool, is 1.81x for the
partial year 2002 data and 1.71x for the full year 2001 data,
compared to 1.38x at issuance. The pool has significant
geographic concentrations in the states of New York (26%),
California (14%), Florida (7%), Texas (6%), and New Jersey (5%).
There is also one lodging property located in Aruba (4% or $48
million). Significant property type concentrations include
retail (47%), lodging (18%), office (13%), multifamily (10%),
and industrial (5%).
There are nine specially serviced loans with a current combined
balance of $156 million, or 13% of the pool. There are several
loans that merit concern. The largest specially serviced loan,
the Roosevelt Raceway Shopping Center, has a balance of $47.6
million, or 4% of the pool, and is secured by a 375,531-square-
foot retail center located in Westbury, N.Y. on Long Island. It
is real estate owned (REO). Current occupancy is 77%, and the
most recent DSCR (as of Sept. 30, 2002) is 0.78x. A recent
appraisal (September 2002) valued the property as is at $49.2
million.
The second largest specially serviced loan, Schwegmann, has a
current balance of $46.7 million (or 4% of the pool). The
original balance was $66 million, which was reduced by the
liquidation of six of the original 15 Schwegmann Giant
Supermarkets (plus a distribution warehouse), which served as
collateral for the original loan until Schwegmann declared
bankruptcy in 1999. An additional four properties are expected
to be auctioned shortly, the proceeds of which will be used to
further pay down the debt. There are six re-leased operating
grocery stores whose cash flows support the remaining debt. The
special servicer, Lennar Partners Inc., estimates that the
remaining debt can be serviced by some combination of those cash
flows and approximately $4.5 million available in reserves can
be used to cover any monthly shortfalls between the properties'
cash flows and the final remaining debt. The loan is current.
The third largest specially serviced loan, the Airlines Parking
loan, has a balance of $19.5 million, or 2.2% of the pool, and
is secured by two off-site airport parking lots with
approximately 8,400 spaces located outside the Detroit
Metropolitan Airport. The loan has just recently been brought
current, but has a poor payment history. The remaining specially
serviced loans consist of troubled lodging and cinema
properties.
The servicer's watchlist includes 30 loans totaling $205 million
(17% of the pool). The largest loan on the watchlist, Hyatt
Aruba, for $48 million (4.1%), has a DSCR of 0.91x as of Dec.
31, 2002, down from 1.30x in 2001. Occupancy has fallen to 71%
in 2002 from 75% in 2001 and the Average Daily Rate (ADR) has
also fallen 6.5% to $245.52 for 2002 from $262.72 for 2001.
While the property is noted to be in excellent condition, the
effects of Sept. 11 and the war in Iraq, combined with the
difficulties in the economies of South America, from which the
property draws a considerable number of clients (Aruba is
approximately 20 miles off the coast of Venezuela), have all
taken their toll on this leisure property. In addition, there
are several other troubled lodging properties that appear on the
watchlist, which total approximately $36 million, or 3% of the
pool.
Based on discussions with Wachovia and Lennar, Standard & Poor's
stressed various loans in the mortgage pool as part of its
analysis. The expected losses and resultant credit levels
adequately support the rating actions.
RATINGS LOWERED
Credit Suisse First Boston Mortgage Securities Corp.
Commercial mortgage pass-thru certs series 1997-C1
Rating
Class To From Credit Enhancement
F B+ BB 6.59%
G B BB- 5.44%
H CCC B 3.12%
RATINGS AFFIRMED
Credit Suisse First Boston Mortgage Securities Corp.
Commercial mortgage pass-thru certs series 1997-C1
Class Rating Credit Enhancement
A-1B AAA 34.10%
A-1C AAA 34.10%
A-2 AAA 34.10%
CREDIT SUISSE: Rabin, Murray & Frank Files Class Action Lawsuit
---------------------------------------------------------------
Rabin, Murray & Frank LLP: Attention Purchasers of Lantronix,
Inc. Securities -- Class Action Filed Against Credit Suisse First
Boston, Frank Quattrone, and Kevin A. Mccarthy Alleging
Violations of Federal Securities Law -- LTRX
A class action Complaint has been filed in the United States
District Court for the Southern District of New York on behalf of
all persons or entities who purchased or otherwise acquired
Lantronix, Inc. (Lantronix) securities (Nasdaq:LTRX) between
August 30, 2000 and September 11, 2002, both dates inclusive (the
Class Period). Credit Suisse First Boston, Frank Quattrone and
Kevin A. McCarthy are named as defendants in the complaint.
To discuss this action, this announcement, or your rights or
interests, please contact plaintiff's counsel, Eric J. Belfi or
Sharon Lee, Rabin, Murray & Frank LLP, 275 Madison Avenue, New
York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818,
by facsimile at (212) 682-1892, or by e-mail at
email@rabinlaw.com
The complaint alleges that defendants violated section 10(b) of
the Securities Exchange Act of 1934 and Rule 10b-5 promulgated
thereunder by the Securities and Exchange Commission. In
particular, the complaint alleges that defendants issued and
maintained a "Buy" recommendation on Lantronix securities without
any rational economic basis; failed to disclose that they were
issuing and maintaining these recommendations to obtain
investment banking business; and concealed significant, material
conflicts of interest that prevented them from providing
independent and objective analysis. The Complaint alleges that as
a result of these false and misleading statements and omissions
of material fact, the price of Lantronix securities was
artificially inflated throughout the Class Period causing
plaintiff and the other members of the Class to suffer damages.
Plaintiff is represented by the law firm of Rabin, Murray & Frank
LLP. Rabin, Murray & Frank LLP and its predecessor firms have
devoted its practice to shareholder class actions and complex
commercial litigation for more than thirty years and have
recovered hundreds of millions of dollars for shareholders in
class actions throughout the United States. You can learn more
information about Rabin, Murray & Frank LLP at www.rabinlaw.com
If you purchased Lantronix securities during the Class Period
described above, you may, no later than June 16, 2003, move the
Court to serve as lead plaintiff. To serve as lead plaintiff,
however, you must meet certain legal requirements. You can join
this action as a lead plaintiff online at www.rabinlaw.com.
Contact plaintiffs' counsel Eric J. Belfi or Sharon Lee of Rabin,
Murray & Frank LLP to further discuss this action, this
announcement, or your rights or interests.
CONTACT: RABIN, MURRAY & FRANK LLP
Eric J. Belfi
Sharon Lee
Phone: (800) 497-8076
Phone: (212) 682-1818
Fax: (212) 682-1892
E-mail@rabinlaw.com
Home Page: http://www.rabinlaw.com
CREDIT SUISSE: Purchasers of Atmel Corp. Files Class Action
-----------------------------------------------------------
Rabin, Murray & Frank LLP: Attention Purchasers of Atmel
Corporation Securities -- Class Action Filed Against Credit
Suisse First Boston, Frank Quattrone, and Tim Mahon Alleging
Violations of Federal Securities Law -- ATML
A class action Complaint has been filed in the United States
District Court for the Southern District of New York on behalf of
all persons or entities who purchased or otherwise acquired Atmel
Corporation (Atmel) securities (Nasdaq:ATML) between July 22,
1999 and August 6, 2001, both dates inclusive (the Class Period).
Credit Suisse First Boston, Frank Quattrone and Tim Mahon are
named as defendants in the complaint.
To discuss this action, this announcement, or your rights or
interests, please contact plaintiff's counsel, Eric J. Belfi or
Sharon Lee, Rabin, Murray & Frank LLP, 275 Madison Avenue, New
York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818,
by facsimile at (212) 682-1892, or by e-mail at
email@rabinlaw.com
The complaint alleges that defendants violated section 10(b) of
the Securities Exchange Act of 1934 and Rule 10b-5 promulgated
thereunder by the Securities and Exchange Commission. In
particular, the complaint alleges that defendants issued and
maintained a "Buy" recommendation on Atmel securities without any
rational economic basis; failed to disclose that they were
issuing and maintaining these recommendations to obtain
investment banking business; and concealed significant, material
conflicts of interest that prevented them from providing
independent and objective analysis. The Complaint alleges that as
a result of these false and misleading statements and omissions
of material fact, the price of Atmel securities was artificially
inflated throughout the Class Period causing plaintiff and the
other members of the Class to suffer damages.
Plaintiff is represented by the law firm of Rabin, Murray & Frank
LLP. Rabin, Murray & Frank LLP and its predecessor firms have
devoted its practice to shareholder class actions and complex
commercial litigation for more than thirty years and have
recovered hundreds of millions of dollars for shareholders in
class actions throughout the United States. You can learn more
information about Rabin, Murray & Frank LLP at www.rabinlaw.com
If you purchased Atmel securities during the Class Period
described above, you may, no later than May 5, 2003, move the
Court to serve as lead plaintiff. To serve as lead plaintiff,
however, you must meet certain legal requirements. You can join
this action as a lead plaintiff online at www.rabinlaw.com.
Contact plaintiffs' counsel Eric J. Belfi or Sharon Lee of Rabin,
Murray & Frank LLP to further discuss this action, this
announcement, or your rights or interests.
CONTACT: Rabin, Murray & Frank LLP
Eric J. Belfi
Sharon Lee
(800) 497-8076
(212) 682-1818
Fax: (212) 682-1892
email@rabinlaw.com
www.rabinlaw.com
===========================
U N I T E D K I N G D O M
===========================
AUSTIN REED: Advisers Give Buyers Deadline to Make Formal Offers
----------------------------------------------------------------
Close Brothers, the advisers for upmarket clothing chain Austin
Reed, gave bidders until Thursday to submit formal written
approaches for the company.
Slater Menswear, the Glasgow-based retailer with stores across
Britain, is the only interested bidder to have its intention
officially known so far, according to The Scotsman.
But Nigel Robertson, the great-grandson of Austin Reed's founder,
entrepreneur Richard Thompson and Harold Tillman, owner of the
Jaeger and Baird Menswear brands, could bring their intentions
out in the open, the report says.
Both Slater director Paul Slater and Tillman, however, could not
be reached for comment, according to the report.
The business could be sold for GBP50 million, analysts say; but a
detailed review of its entire operations by senior executives, is
indicated by sources, to include both selling it whole or only a
part of it.
A spokeswoman for the company declined to comment saying, "We
have nothing further to add."
Austin Reed has enjoyed popularity among 20th century celebrities
until business began to slow down.
Full-year pre-tax profits announced last week were down from
GB8.95 million to a lowly GBP7.52 million in line with forecasts.
BRITISH AIRWAYS: Easter Sale Offers 1.5 MM Discounted Flights
-------------------------------------------------------------
British Airways has put more than 1.5 million long haul flight
tickets on sale at discounted prices, with savings of up to 60
per cent on return flights.
The Easter sale, which applies only to journeys commencing in the
UK, introduces prices from GBP199 return to New York, saving
GBP202 on the usual fare and GBP239 to Miami, saving GBP285.
The bargain fares to 58 long haul destinations are on sale from
Thursday April 17 until May 15, 2003 for travel during different
time periods between April 20 and December 10, 2003.
The airline is telling people that `it's time to dig out your
suitcase' in a multi media advertising campaign to help kick-
start bookings after a slowdown during the war.
Tiffany Hall, British Airways head of sales and marketing, said:
"There has been a downturn in bookings as a result of world
events but we believe that the mood of the British public is now
changing and there is a growing desire to travel once again. By
offering over 1.5 million long haul flights at fantastic prices
we are giving people a great reason to book now."
Holiday destinations across the globe have been reduced including
Boston from GBP209 return (saving GBP192), San Francisco and Los
Angeles from GBP239 (saving GBP219), Tampa from GBP269 (saving
GBP272), Barbados and Antigua from GBP399 (saving GBP161) and the
Seychelles from GBP439 (saving GBP554).
US destinations on sale also include San Diego, Phoenix and
Denver from GBP269, Orlando and Montreal from GBP279 and
Vancouver from GBP399.
Other holiday hot spots on sale are Mexico City from GBP429,
Johannesburg from GBP499, Mauritius from GBP539 and Sydney and
Melbourne from GBP599.
Flights within the UK and across Europe are also available at low
fares from GBP59 departing London to Glasgow, Edinburgh and
Manchester, GBP65 to Paris and Brussels, GBP69 to Amsterdam, Nice
and Dublin, GBP79 to Bordeaux, Marseilles, Lyon and Frankfurt and
GBP89 to Barcelona, Venice and Milan.
For the first time upgrades to Club Europe are available for a
special supplement fare, starting at GBP100 return. Upgrades to
British Airways' premium economy cabin, World Traveller Plus are
also offered at a sale price of GBP150 one way.
Regional departures from Manchester, Newcastle, Aberdeen, Glasgow
and Edinburgh are available at a supplement of GBP60 return.
*****
-- Seats are subject to availability and differing time periods
-- All prices quoted are return fares including taxes, fees and
charges.
-- All savings are based on the sale fare compared to the usual
annual published fare.
Destination Sale Price Saving
Heathrow - Miami GBP239 saving of GBP285
Heathrow - Boston GBP209 saving of GBP192
Heathrow - New York JFK GBP199 saving of GBP202
Heathrow - New York Newark GBP199 saving of GBP202
Gatwick - Atlanta GBP209 saving of GBP190
Gatwick - Orlando GBP279 saving of GBP261
Gatwick - Tampa GBP269 saving of GBP272
Heathrow - San Francisco GBP239 saving of GBP219
Heathrow - Seattle GBP339 saving of GBP43
Heathrow - Philadelphia GBP209 saving of GBP193
Heathrow - Washington GBP209 saving of GBP193
Heathrow - Baltimore GBP209 saving of GBP193
Gatwick - Dallas GBP239 saving of GBP216
Gatwick - Houston GBP239 saving of GBP214
Heathrow - Houston GBP241 saving of GBP212
Heathrow - Denver GBP269 saving of GBP220
Heathrow - Chicago GBP239 saving of GBP103
Heathrow - Detroit GBP239 saving of GBP219
Heathrow - Los Angeles GBP239 saving of GBP218
Heathrow - Phoenix GBP269 saving of GBP113
Heathrow - San Diego GBP269 saving of GBP219
Manchester - New York GBP199 saving of GBP204
Heathrow - Montreal GBP279 saving of GBP242
Heathrow - Toronto GBP279 saving of GBP240
Heathrow - Vancouver GBP399 saving of GBP182
Heathrow - Cairo GBP179 saving of GBP165
Heathrow - Dubai GBP209 saving of GBP132
Heathrow - Johannesburg GBP499 saving of GBP79
Heathrow - Cape Town GBP549 saving of GBP73
Heathrow - Lusaka GBP389 saving of GBP248
Heathrow - Harare GBP389 saving of GBP300
Heathrow - Entebbe GBP429 saving of GBP299
Heathrow - Dar Es Salaam GBP429 saving of GBP326
Heathrow - Nairobi GBP399 saving of GBP383
Heathrow - Accra GBP459 saving of GBP376
Heathrow - Abuja GBP399 saving of GBP459
Heathrow - Lagos GBP429 saving of GBP462
Heathrow - Lilongwe GBP399 saving of GBP503
Heathrow - Mauritius GBP539 saving of GBP407
Heathrow - Seychelles GBP439 saving of GBP554
Heathrow - Hong Kong GBP499 saving of GBP60
Gatwick - Antigua GBP399 saving of GBP161
Gatwick - Barbados GBP399 saving of GBP162
Gatwick - St Lucia GBP409 saving of GBP151
Gatwick - Grenada GBP449 saving of GBP116
Gatwick - Tobago GBP449 saving of GBP112
Gatwick - Kingston GBP389 saving of GBP91
Heathrow - Grand Cayman GBP499 saving of GBP157
Heathrow - Nassau GBP499 saving of GBP81
Gatwick - Bermuda GBP429 saving of GBP147
Heathrow - Bogota GBP479 saving of GBP150
Heathrow - Caracas GBP479 saving of GBP172
Heathrow - Buenos Aires GBP499 saving of GBP197
Heathrow - Rio de Janeiro GBP499 saving of GBP152
Heathrow - Sao Paulo GBP499 saving of GBP152
Heathrow - Mexico City GBP429 saving of GBP143
Heathrow - Sydney GBP599 saving of GBP105
Heathrow - Melbourne GBP599 saving of GBP98
BSOFTB PLC: Voluntary Winding-Up, Asset Return Suggested
--------------------------------------------------------
The directors of BSOFTB plc announce that they have recommended
the voluntary winding-up of the Company and the distribution of
the Company's assets to its shareholders. A circular will be sent
to shareholders today explaining this decision and the process
involved. The main points of this circular are set out below:
On May 10, 2002 the Company disposed of the entire issued share
capital of BSOFTB Technologies Limited to a management buy-out
team. Since the Disposal the board of directors of BSOFTB has
continued to seek a suitable acquisition opportunity with strong
growth prospects and the potential to enhance shareholder value.
Consequently, the Board announced on February 21, 2003 that the
Company was in discussions with DCS Group plc regarding a
possible all-share offer for the entire issued and to be issued
share capital of the Company by DCS. It was then announced on
March 25, 2003 that the discussions with DCS had come to an end.
Despite the best efforts of the directors and a considerable
amount of time, the Company has not been able to identify and
make a suitable acquisition. Following discussion with some of
the Company's major institutional shareholders and in light of
the continued decline in market conditions, the Board has decided
that it would now be in the best interests of BSOFTB shareholders
to voluntarily wind-up the Company and return its assets to them.
As part of this process, and assuming that relevant resolutions
are passed at an extraordinary general meeting, the Company
intends to apply to the London Stock Exchange for the
cancellation of the admission of BSOFTB ordinary shares to
trading on AIM as of 8.00 am on May 13, 2003. Shareholders should
note that, the Company's Ordinary Shares will be suspended from
trading on AIM as of 8.00 am on May 12, 2003.
The voluntary winding-up process
The members' voluntary winding-up process enables a company which
is able to meet all of its liabilities to formally wind-down its
affairs under the Insolvency Act 1986 with the requisite consents
of its shareholders.
This process started yesterday when the Board met to consider and
approve:
1. a statutory declaration of solvency of the Company under which
the directors of the Company confirmed that they have made full
enquiry into the Company's affairs and they made a statement that
the Company will be able to pay its debts and any interest due
within twelve months of any shareholder resolution to wind the
Company up; and
2. a notice to be sent to shareholders of the Company convening
an extraordinary general meeting of the Company to consider
various shareholder resolutions relating to the proposed winding-
up. The EGM will take place on 12 May 2003 at 12 noon and will be
held at the offices of BSOFTB's solicitors, DLA at 101 Barbirolli
Square, Manchester M2 3DL.
Procedure at the EGM
In order to approve the voluntary winding-up of the Company the
EGM is being convened to consider four shareholder resolutions
which are set out in the Notice and are as follows:
(1) 'That the Company be voluntarily wound up.'
The purpose of this resolution, which will be proposed as a
special resolution, is to wind-up the Company for the reasons
mentioned.
(2) 'That Paul Stanley of Begbies Traynor be and is hereby
appointed as liquidator for the purposes of such winding-up.'
The Board recommends that Paul Stanley of Begbies Traynor be
appointed as liquidator and it will be his responsibility to
administer the wind-down of the Company.
(3) 'That in accordance with the provisions of the Company's
articles of association, the liquidator be and is hereby
authorized to divide among the members in kind all or any part of
the Company's assets.'
Once the liquidator has paid-off the Company's liabilities he
will return the Company's assets to its shareholders and this
resolution authorizes the liquidator to do that.
(4) 'That the liquidator's fees payable by the Company in
relation to the winding-up are approved at a rate of 0.2% of the
Company's assets.'
The Board recommends that the liquidator's fees are calculated in
accordance with the resolution set out above.
Following the EGM and if the proposed resolutions are passed, an
advertisement regarding the winding-up will be placed in the
London Gazette within fourteen days along with advertisements in
appropriate national and local press. This will enable the
liquidator to establish and finalise the liabilities of the
Company to be met before its assets are returned to its
shareholders.
Recommendation
The Board considers the resolutions to be proposed at the EGM to
be in the best interests of the Company and shareholders as a
whole. Accordingly, the directors of BSOFTB unanimously recommend
that shareholders vote in favor of the resolutions to be proposed
at the EGM, as they intend to do in respect of their own holdings
and related trusts amounting in aggregate to 17,441,541 Ordinary
Shares, representing approximately 50.4 per cent. of the existing
issued ordinary share capital of the Company.
CONTACT: BSOFTB PLC
Phone: 0161 266 1008
Bob Morton, Chairman
Fiona Morris, Chief Executive
CORUS GROUP: Clayton Metals Acquires Aluminum Service Centers
-------------------------------------------------------------
Clayton Metals said in a statement:
`The existing Corus facilities combine extremely well with
Clayton's existing Midwest and California locations. The new
combined companies are now positioned as a premier national
distributor of non-ferrous metal products throughout the entire
U.S. market.
Corus Aluminum Service Centers, whose primary focus has been
aluminum distribution, will now be enhanced by the availability
of stainless steel, as well as brass and copper products, which
have been at the core of Clayton Metals' ongoing business.
Together the combined companies, its employee's, and specifically
its customers will benefit from the combined synergies that are
created under the Clayton Metals umbrella.'
*****
Corus Aluminum Service Centers Inc. has 11 employees and an
annual turnover in the region of GBP17 million. The business has
two locations, an office in Rutherford, New Jersey (previously at
Secaucus, NJ), and a warehouse in Highpoint, North Carolina.
EVANS & SUTHERLAND: Reports Operating Loss of US$22.5 Million
-------------------------------------------------------------
Evans & Sutherland Computer Corporation (E&S(R)) (Nasdaq:ESCC)
today reported financial results for the three months ended March
28, 2003. All results are unaudited.
For the three months ended March 28, 2003, E&S reported total
sales of $22.7 million, compared to $32.6 million in the same
period of 2002, an operating loss of $22.5 million, compared to
an operating loss of $3.3 million in the same period of the
previous year, and a net loss of $23.0 million, or $2.20 per
share, compared to a net loss of $3.2 million, or $0.31 per share
2002.
Comments from James R. Oyler, President and Chief Executive
Officer
"On March 28th, we provided preliminary information indicating a
possible shift in demand within our product mix. Further analysis
of specific customer actions late in the quarter indicated that
this shift is in fact occurring, and we have accordingly made the
required adjustments both in our operations and in the first
quarter financial results.
"The shift in customer requirements has decreased demand for
older products, and is increasing demand for newer products with
higher margins. The result is lower-than-expected revenue in the
first quarter, but an improved backlog for future shipments.
"The first quarter analysis also indicated that the decreased
demand for older products left the company with excess inventory
of such products. Accordingly, we are reducing our inventory and
asset values, especially those related to Harmony(R) 1, which has
been replaced by the lower-cost, PC-based H2. The excess Harmony
1 inventory occurred in 2001 when production ended and purchases
were made for future delivery and support through end-of-life in
2018.
While the Harmony 1 programs have now successfully entered
service, economic conditions and technology have changed,
lowering our forecast for future requirements.
"Expenses net of one-time events were higher than in the same
period last year, despite significant headcount and other
reductions, primarily because the company was partially shut down
for the Olympics in the first quarter last year. We expect
expenses to be substantially lower in the second quarter. We also
expect backlog to continue to increase, allowing for improved
shipments and financial performance in the second half."
Evans & Sutherland produces high-quality visual systems for
simulation, training, and visualization in defense and commercial
applications; digital theaters; and related applications
throughout the world. Visit the E&S web page at http://www.es.com
The company will host a conference call beginning at 12:00 p.m.
EDT, April 17, 2003, to discuss its financial results for the
three-month period ended March 28, 2003. To hear a broadcast of
the conference call, visit the Investor Broadcast Network Web
site at www.vcall.com or the company's Web site at
http://www.es.com.(If you are unable to listen to the conference
call at 12:00 p.m. EDT on Thursday, a replay will be available
beginning today at 1:30 p.m. EDT, through
April 24, 2003, by calling 1-800-475-6701 in the United States,
or 1-320-365-3844 internationally, access code 680818.) The
financial results for the three-month period ended March 28,
2003, to be discussed at [Thursday's] conference call, will also
be archived on the company's Web site and can be found on the
2003 Press Archive page through the "Recent News" link.
E&S and Harmony are registered trademarks of Evans & Sutherland
Computer Corporation.
SUMMARY STATEMENTS OF CONSOLIDATED OPERATIONS
(In thousands, except per share data)
Unaudited
Three Months Ended
----------------------------
Mar. 28, 2003 Mar. 29, 2002
-------------- -------------
Sales $22,693 $32,563
Cost of sales 13,870 22,969
Inventory impairment 14,566 -
-------------- -------------
Gross profit (loss) (5,743) 9,594
-------------- -------------
Expenses:
Selling, general and administrative 7,257 6,573
Research and development 7,030 6,381
Restructuring charge 1,279 -
Impairment loss 1,151 -
-------------- -------------
Operating expenses 16,717 12,954
-------------- -------------
(22,460) (3,360)
Gain on sale of business unit - 96
-------------- -------------
Operating loss (22,460) (3,264)
Other income (expense), net (840) (608)
-------------- -------------
Loss before income taxes (23,300) (3,872)
Income tax expense (benefit) (268) (683)
-------------- -------------
Net income (loss) $(23,032) $(3,189)
============== =============
Diluted net income (loss) per share $(2.20) $(0.31)
Number of shares used in net income (loss)
per share calculation 10,459 10,396
----------------------------------------------------------------
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Unaudited
Mar. 28, 2003 Dec. 31, 2002
-------------- -------------
Assets
Cash and cash equivalents $11,682 $10,335
Receivables, billed and unbilled 40,850 44,564
Inventories 18,004 31,373
Other assets 12,464 13,017
Net property, plant and equipment 26,084 28,287
-------------- -------------
Total assets $109,084 $127,576
============== =============
Liabilities and Stockholders' Equity
Accounts payable and accruals $24,474 $22,764
Other liabilities 54,200 51,449
Stockholders' equity 30,410 53,363
-------------- -------------
Total liabilities and stockholders'
equity $109,084 $127,576
============== =============
-----------------------------------------------------------------
BACKLOG
(In thousands)
Unaudited
Mar. 28, 2003 Dec. 31, 2002
-------------- -------------
$69,232 $59,672
============== =============
*T
CONTACT: Evans & Sutherland
William Thomas
Phone: 801/588-1508
E-mail: bthomas@es.com
Home Page: http://www.es.com
GLAXOSMITHKLINE PLC: In Talks About Divesting Plant in Montrose
---------------------------------------------------------------
Pharmaceutical company GlaxosmithKline is currently in renewed
talks about selling its bulk chemicals manufacturing facility in
Montrose, according to The Scotsman.
A spokesman said: "We are actively pursuing inquiries from a
number of interested parties. We are, obviously, keen to progress
them."
The news came only weeks after the original deal to sell the
plant to Dutch chemical group Akzo Nobel fell through. Akzo says
the collapse is due to "changed economic circumstances in the
pharmaceutical sector."
GlaxosmithKline put the plant for sale two years ago to
rationalize the manufacturing sites in the UK after its formation
from the merger of Glaxo Wellcome and Smithkline Beecham.
Under the deal, the buyer will inherit a contract to make
ingredients for eight GSK products, believed to be worth about
GBP1 billion a year and enough to keep busy 300 workers. The
purchases also would have to transfer some its own business to
Montrose to maintain the site's viability, safeguarding about 500
jobs in all, according to the report.
GlaxosmithKline has appointed external agents to market the site.
It has no timetable on when the sale would be completed,
according to a spokesman.
It is, meanwhile, continuing its headcount reduction in the
northeast Scotland manufacturing facility.
GLAXOSMITHKLINE PLC: Agrees to Settle Paxilr Patent Litigation
--------------------------------------------------------------
GlaxoSmithKline and Pharmaceutical Resources, Inc., through its
subsidiary Par Pharmaceutical, Inc., announce that Pentech
Pharmaceuticals, Inc. and GSK have reached a settlement in their
patent litigation over Pentech's proposed generic capsule version
of GSK's anti-depressant Paxilr (paroxetine hydrochloride).
Pentech granted Par rights under Pentech's ANDA for paroxetine
hydrochloride capsules.
The settlement will allow Par to distribute in Puerto Rico
substitutable generic paroxetine hydrochloride immediate release
tablets supplied and licensed from GSK for a royalty paid to GSK.
Par will be entitled to distribute the same product in the U.S.
market once another generic version fully substitutable for
Paxilr becomes available there.
In the settlement, Pentech and Par acknowledge that the GSK
patent covering the hemihydrate form of paroxetine hydrochloride
is valid and enforceable and would be infringed by Pentech's
proposed capsule product, for which Pentech has applied for FDA
approval. The same GSK patent was found valid and enforceable in
a separate patent infringement case in Chicago against Apotex.
Apotex was found not to infringe, and GSK is appealing that
ruling.
The Federal Trade Commission's Bureau of Competition reviewed the
settlement. The review was voluntary and was conducted at the
request of GSK, Par and Pentech.
Following completion of the FTC review, GSK and Pentech submitted
a motion for dismissal of the patent litigation by Judge Richard
Posner in the U.S. District Court for the Northern District of
Illinois (Chicago) in which the litigation has been pending since
May 2000. The motion is pending. Distribution will begin in
Puerto Rico when a dismissal order is entered.
The litigation and the settlement do not involve Paxil CRTM.
GlaxoSmithKline one of the world's leading research-based
pharmaceutical and healthcare companies is committed to improving
the quality of human life by enabling people to do more, feel
better, and live longer. For company information and a copy of
the company's product development pipeline, visit GSK at
http://www.gsk.com
Pharmaceutical Resources, Inc., a holding company, develops,
manufactures, and distributes generic pharmaceuticals through its
wholly owned subsidiary, Par Pharmaceutical. Through its FineTech
unit, PRX also develops and utilizes synthetic chemical processes
to design and develop intermediate ingredients used in the
production of finished products for the pharmaceutical industry.
PRX currently manufactures and distributes over 156 products
representing various dosage strengths of 59 drugs.
CONTACT: GLAXOSMITHKLINE PLC
European Analyst/Investor
Duncan Learmouth
Phone: 020 8047 5540
Philip Thomson
Phone: 020 8047 5543
Anita Kidgell
Phone: 020 8047 5542
US Analyst/Investor
Frank Murdolo
Phone: (215) 751 7002
Tom Curry
Phone:(215) 751 5419
INFINEON TECHNOLOGIES: Announces 2Q Results, Conference Calls
-------------------------------------------------------------
Infineon Technology informs:
Infineon will release its Second Quarter/First Half of FY 2003
(ended March 31, 2003) results on Tuesday, April 22, 2003.
Before the German exchange market opens the respective news
release will be posted on the Infineon Website at:
http://www.infineon.com
At 9:30 AM (CET) / 8:30 AM (UK) / 3:30 AM (Eastern) we will hold
a conference call with analysts and investors which you can
follow on the internet: http://www.infineon.com
As of 11:00 AM (CET) we will broadcast a press conference call
(only German) on the internet, too: http://www.infineon.com
*****
Infineon's first quarter EBIT was a loss of EUR31 million, a
strong improvement from a loss of EUR292 million sequentially and
from a loss of EUR 564 million year-on-year.
CONTACT: INFINEON TECHNOLOGIES AG
P.O. Box 80 09 49
D-81609 Muenchen
Germany
Contact:
Investor Relations
Phone: +49 89 234 26655
Fax: +49 89 234 26155
E-mail: investor.relations@infineon.com
INVENSYS PLC: Baan Founder Considers Buying Back Company
--------------------------------------------------------
The founder of Baan Company NV, Jan Baan, is considering buying
back the software company it sold to Invensys three years ago for
GBP470 million.
Vanenburg Group, the software development company part owned and
managed by Mr. Baan, said they would be "stupid not to look at
Baan," although they do not plan to actively pursue any proposal
that Invensys will make.
Invensys issued a profit warning in February, which caused a
domino reaction in the Dutch company. It dropped out of the FTSE
100 index of blue chip shares, left its strategy, kick out its
chairman and postpone its dividend. It also announced that it
would sell two-thirds of its businesses, with sales of GBP2.9
billion, to concentrate on factory automation and rail systems,
with sales of about GBP1.6 billion.
Sales processes are already under way, according to the company.
Meanwhile, analysts have expressed concern that Invensys will
have a hard time recovering even just a fraction of the amount it
paid. It might even be forced to offer "a cash dowry" or
"financial guarantees" to rid itself of Baan, according to the
Financial Times.
Analysts do not also see leading competitors, such as SAP and
Siebel Systems, as potential buyers for the company.
In the best case, analysts expect Invensys to realize about half
of Baan's estimated sales of GBP200 million. The same goes for
the raft of other businesses for sale.
Divesting Baan, however, is still seen as a positive step for the
company since it can write off the full GBP650 million at which
Baan is valued in its books when it announces full-year results
on May 29.
Invensys has been badly hit by the continued trading downturn in
its key markets. The slump forced the company to take the
drastic step of breaking up the group.
The move follows the only recently completed GBP1.8 billion
program of disposals announced by chief executive Rick
Haythornthwaite to service banking covenants.
MARCONI PLC: Grows Market Share in Optical Networks Says Report
---------------------------------------------------------------
A new report by the telecommunications research house
RHK states that Marconi (MONI) grew its market share in the
European optical networks market by four percentage points in
2002, the largest market share rise of any equipment vendor
during the period. RHK says in its report that Marconi held a
market leading position, alongside Alcatel, as a result.
Marconi was also identified as the clear leader in aggregation
(synchronous digital hierarchy multiplexing), being number one in
traditional SDH aggregation and number two in next-generation OED
(optical edge devices).
In its market report entitled: 'Alcatel and Marconi Top of
Optical Class in Europe', RHK found that both Marconi and Alcatel
were top of the optical networks leader board for Europe in 2002
with 21 per cent market share each.
Despite challenging market conditions, Marconi posted a four per
cent market share gain within the European optical networks
market during 2002. RHK put Marconi's success down, in part, to
the company capitalising on the infrastructure investment plans
of its key customers in Europe, notably BT and
Telecom Italia.
The report also indicates that Marconi gained eight per cent of
the European market in aggregation - both traditional add-drop
multiplexers and next generation, where it now ranks first with
28 per cent of the market.
RHK defines European optical networking as the market for optical
transport equipment sold to network operators for their public or
private (i.e. managed) networks. According to RHK, Europe
represented 26 per cent of the global market in 2002, compared
with 28 per cent in 2001. North America accounted for 30 per cent
and Asia-Pacific also represented 30 per cent, an increase of 12
per cent from 2001.
'Our analysis shows that Marconi was able to strengthen its
position, even during difficult business conditions in the
European optical networks industry,' said Mark Lum, programme
director for RHK's Optical Networks Europe practice.
'We are clearly pleased with RHK's findings, which gives us
confidence in our optical networks strategy, products and
service. Particularly gratifying for Marconi is the number two
position gained in next-generation optical edge devices,
following the roll-out of Marconi's next-generation SDH
portfolio, launched in September 2002,' said Martin Harriman,
Marconi's chief marketing officer.
About Marconi plc
Marconi plc is a global telecommunications equipment and
solutions company headquartered in London. The company's core
business is the provision of innovative and reliable optical
networks, broadband routing and switching and broadband access
technologies and services. The company's aim is to help fixed and
mobile telecommunications operators worldwide reduce costs and
increase revenues.
The company's customer base includes many of the world's largest
telecommunications operators. The company is listed on the London
Stock Exchange under the symbol MONI. Additional information
about Marconi can be found at http://www.marconi.com
About RHK Inc
RHK is a research and advisory services firm assisting the
world's leading telecommunications companies. For more
information visit http://www.rhk.com
MYTRAVEL GROUP: Assures Negotiations with Bank Going as Planned
---------------------------------------------------------------
Package holiday company MyTravel assured it is on its way to
secure a refinancing for its almost GBP500 million of debt,
according to The Scotsman.
The struggling firm said its negotiations with banks were going
as planned to counter City speculation that the government and
the air travel regulator, the Civil Aviation Authority, had
expressed concerns over the tour operator's future.
"The refinancing is on track and we have talked to the CAA
regularly," a spokesman for MyTravel said.
MyTravel also assured customers saying, "Our customers are
protected and we are fully bonded," suggesting they could get
passengers to their destinations in case they are unable to
continue trading.
MyTravel, its GBP250 million revolving credit and its other
borrowings, including a GBP220m convertible bond, by the end of
the year.
CONTACT: MYTRAVEL GROUP PLC
Parkway One, Parkway Business Centre, 300 Princess Rd.
Manchester M14 7QU, United Kingdom
Phone: +44-1-61 23-20-066
Fax: +44-1-61 23-26-524
Home Page: http://www.airtours.com
P&O PRINCESS: Completes DLC Transaction, Partial Share Offer
------------------------------------------------------------
Following their announcements on April 14, 2003 and on April 16,
2003 that approval had been given by their respective
shareholders, Carnival Corporation and P&O Princess Cruises plc
are pleased to announce the completion of the DLC transaction.
P&O Princess also announces it will today change its name to
Carnival plc.
The boards of P&O Princess and Carnival Corporation have now been
altered as set out in the circular to P&O Princess shareholders
dated 17 March 2003. Also as set out in that circular, P&O
Princess will change its financial year-end to November 30.
The share capital of Carnival plc will be reorganized and
consolidated so that the equalization ratio adjusts to 1:1. The
reorganization will take effect at 10:00 p.m. (London time)
today, 17 April 2003. Simultaneously with the reorganization of
Carnival plc ordinary shares, Carnival plc's American Depositary
Shares (ADSs) will also be adjusted so as to have a 1:1 ratio
with Carnival plc ordinary shares, and, consequently, Carnival
Corporation shares.
The reorganized Carnival plc ADSs will commence trading on the
New York Stock Exchange on Monday, April 21, 2003 under the new
ticker symbol "CUK" (formerly trading under "POC"). The
reorganized Carnival plc ordinary shares will commence trading on
the London Stock Exchange on Tuesday, 22 April 2003 under the new
ticker symbol "CCL" (formerly trading under "POC").
Following completion of the DLC transaction, the Partial Share
Offer is now wholly unconditional and is no longer open for
acceptance. Acceptances have been received in respect of
420,245,039 P&O Princess shares, representing approximately 61
per cent of the issued share capital of P&O Princess.
Acceptances of the Partial Share Offer by P&O Princess
shareholders which are valid in all respects (or are deemed to be
valid), will be met in full to the extent they are made in
respect of up to 20 per cent of the relevant P&O
Princess shareholder's registered holding of P&O Princess shares.
Shareholders will therefore receive 0.3004 Carnival Corporation
shares for each P&O Princess share tendered up to this level.
Acceptances by P&O Princess shareholders, to the extent they are
made in respect of more than 20 per cent of the relevant P&O
Princess shareholder's registered holding of P&O Princess shares
have been scaled back pro rata. For acceptances in respect of
more than 20 per cent of their holding, acceptances have been
scaled back by a proration factor of 0.145535 (rather than
0.162323, as previously stated). Therefore, P&O Princess
shareholders will receive approximately 0.0437 (rather than
0.0488, as previously stated) Carnival Corporation shares for
each P&O Princess share tendered in respect of more than 20 per
cent. of their holding. The registered holding of P&O Princess
shares for the purposes of determining acceptances was taken as
at 10:00 a.m., London time, on 17 April 2003.
Settlement of the consideration due to Carnival plc shareholders
who have validly accepted the Partial Share Offer will be
effected by 1 May 2003. Any P& O Princess shares tendered for the
Partial Share Offer but not accepted will be returned by that
date.
Carnival plc also announces that it has today appointed Merrill
Lynch and UBS Warburg to act as its joint corporate brokers.
Merrill Lynch International and UBS Ltd., a subsidiary of UBS AG,
are acting as joint financial advisors and joint corporate
brokers exclusively to Carnival Corporation and no one else in
connection with the Carnival DLC transaction and the Partial
Share Offer and will not be responsible to anyone other than
Carnival Corporation for providing the protections afforded to
clients respectively of Merrill Lynch International and UBS Ltd.
as the case may be or for providing advice in relation to the
Carnival DLC transaction and the Partial Share Offer.
Citigroup Global Markets Limited (Citigroup) and Credit Suisse
First Boston (Europe) Limited are acting for P&O Princess and no
one else in connection with the matters referred to herein and
will not be responsible to any other person for providing the
protections afforded to clients of Citigroup or Credit Suisse
First Boston (Europe) Limited or for providing advice in relation
to the matters referred to herein.
CONTACT: CARNIVAL
Tim Gallagher
Phone: +1 305 599 2600
P&O PRINCESS CRUISES PLC
Sophie Fitton (Brunswick)
Phone: +44 20 7404 5959
THISTLE HOTELS: BIL's Offer Receives Very Low Acceptances
---------------------------------------------------------
The Board of Thistle* notes the announcement today by BIL
International Limited that it has received acceptances
representing only 0.2 per cent of the existing issued share
capital of Thistle. This very low level of acceptances underlines
the Board of Thistle's* view that BIL's offer is wholly
inadequate.
Thistle shareholders should, in particular, note that BIL's offer
remains conditional upon valid acceptances being received in
respect of not less than 90 per cent of the Thistle shares not
owned by BIL, not merely on BIL achieving an aggregate holding in
excess of 50 per cent of Thistle's existing issued share capital.
The Board of Thistle* urges shareholders to continue to reject
BIL's offer and not to complete any form of acceptance.
*****
References to the existing issued share capital of Thistle are
based on 482,382,087 Thistle shares in issue.
* The Board of Thistle for these purposes comprises all of the
directors of Thistle, other than Tan Sri Quek Leng Chan and Mr
Arun Amarsi, who in view of their positions as Chairman and CEO,
respectively, of BIL have not participated in the deliberations
of the Thistle board in relation to BIL's offer.
Merrill Lynch International and Deutsche Bank AG are acting for
Thistle Hotels Plc and for no-one else in connection with BIL's
offer for Thistle Hotels Plc and will not be responsible to
anyone other than Thistle Hotels Plc for providing the
protections afforded to clients of Merrill Lynch International or
Deutsche Bank AG or for providing advice in relation to such
offer.
CONTACT: THISTLE HOTELS
Phone: 020 7895 2304
Ian Burke, Chief Executive Officer
MERRILL LYNCH INTERNATIONAL
Phone: 020 7995 2000
Simon Mackenzie-Smith, Managing Director
Richard Nourse, Managing Director
DEUTSCHE BANK
Phone: 020 7545 8000
Charles Wilkinson, Managing Director
FINANCIAL DYNAMICS
Phone: 020 7831 3113
Andrew Dowler
Ben Foster
THISTLE HOTELS Acceptance Levels Inch Toward BIL Control
--------------------------------------------------------
BIL announces that as at 3.00 p.m. on Wednesday, April 16, 2003,
BIL (UK) had received valid acceptances in respect of a total of
1,135,881 Thistle Shares, representing approximately 0.2 per cent
of the existing issued share capital of Thistle.
These acceptances represent approximately 5.7 per cent of the
Thistle Shares that the BIL Group would require to achieve an
aggregate control holding of in excess of 50 per cent of Thistle.
The BIL Group currently owns 221,094,640 Thistle Shares,
representing approximately 45.8 per cent of the existing issued
share capital of Thistle.
The BIL Group now owns, or has received valid acceptances in
respect of, a total of 222,230,521 Thistle Shares, representing
approximately 46.1 per cent of the existing issued share capital
of Thistle.
BIL strongly urges Thistle Shareholders to accept its full and
fair Offer, by completing and returning the Form of Acceptance
accompanying the Offer Document as soon as possible and, in any
event, by no later than 3.00pm on April 22, 2003.
*****
Following the announcement issued earlier in which BIL stated
that it now owns or has acceptances over approximately 46.1 per
cent. of Thistle's existing issued share capital, BIL wishes to
make clear that it has not, as yet, waived down its 90%
acceptance condition.
CONTACT: BIL INTERNATIONAL
Arun Amarsi
Phone: +65 6228 1427
HSBC
Neil Goldie-Scot
Jan Sanders
Phone: +44 (0)20 7991 8888
BRUNSWICK
Jonathan Glass
Phone: +44 (0)20 7404 5959
Simon Sporborg
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Shareholders Total Working
Equity Assets Capital
Ticker (US$MM) (US$MM) (US$MM)
------ ----------- ------ --------
AUSTRIA
-------
Libro AG (120) 189 (182)
CZECH REPUBLIC
--------------
Prazske Pivovary AS (1,275) 3,398 190
BELGIUM
-------
Mobistar SA MOSG (33) 1,167 (61)
Real Software REAL (39) 275 (1)
DENMARK
-------
Elite Shipping (176) 642 19
FRANCE
------
Banque Nationale
de Paris Guyane (33) 286 N.A
BSN Glasspack (114) 1,293 179
Bull SA BULP (44) 1,698 (17)
Centrest Societe
de Developpement
Regional (132) 252 N.A.
Compagnie
des Machines Bull (7) 259 (3)
Compagnie Francaise de
l'Afrique Occidentale (49) 192 21
Cofidur SA (6) 114 19
Docks Des Alcool (31) (162) 46
European Computer System (539) 3,347 377
France Telecom FTE (171) 106,587 (31,035)
Grande Paroisse SA (949) 430 107
Immobiliere Hoteliere HOIN (70) 197 (54)
Pneumatiques Kleber SA (198) 2,843 139
Sa des Usines Chausson (17) 187 35
SDR Picardie (722) 2,206 N.A.
Soderag (2) 329 N.A.
Sofal SA (248) 5,385 N.A.
Spie-Batignolles (13) 4,297 75
Trouvay Cauvin TRCN 0 147 10
GERMANY
-------
Brau Und Brunnen AG BBAG (16) 570 (210)
Dortmunder
Actien-Brauerei DABG (14) 125 (29)
Edel Music AG EDLG (72) 388 (159)
Eurobike AG EUBG (35) 173 (31)
F.A. Guenther & Sohn AG GUSG (8) 102 N.A.
Kaufring AG KAUG (20) 161 (51)
Nordsee AG (18) 431 (31)
ICELAND
-------
Hydrafrystistod
Thorshafnar hf (56) 2,138 (173)
ITALY
-----
Binda SpA BND (10) 110 (20)
Credito Fondiario
e Industriale SpA CRF (199) 4,190 N.A.
Vemer Siber Group SpA VEM (3) 264 (79)
NETHERLANDS
-----------
Baan Company N.V. BAAN (8) 606 46
Laurus N.V. (156) 1,489 (822)
NORWAY
------
NETnet International SA (12) 225 134
Northern Oil ASA NOI (83) 1,830 (272)
Loki ASA LOI (39) 699 (265)
POLAND
------
Animex SA (2) 447 (86)
Centrozap (82) 262 (102)
Exbud Skanska SA EXBUF (35) 1,250 (330)
Lodzka Drukarnia
Akcydensowa Invest SA (29) 107 (72)
Ocean Company SA (128) 149 (145)
RUSSIA
------
Samson (124) 386 (304)
SPAIN
-----
Altos Hornos de Vizcaya SA (100) 1,104 (278)
Santana Motor SA (36) 174 41
Tableros de Fibras SA TFI (41) (2,006) 116
SWEDEN
------
Infinicom AB INFIb (15) 150 (74)
Nordifagruppen (18) 107 70
SWITZERLAND
-----------
Kaba Holding AG KABZN (94) 765 252
UNITED KINGDOM
--------------
Abbot Mead Vickers (1) 102 (16)
Alldays Plc ALD (84) 176 (202)
Bonded Coach
Holiday Group Plc (4) 114 (44)
Blenheim Group (98) 128 (34)
Booker Plc BKRUY (38) 816 (8)
Bradstock Group BDK (1) 171 5
Brent Walker Group (1,034) 506 (1,157)
British Nuclear Fuels Plc (1,843) 25,510 1,948
British Sky Broadcasting BSY (301) 2,202 (40)
British Telecom Group (286) 27,673 732
Compass Group CPG (452) 2,011 (298)
Cox Insurance
Holdings Plc COX (10) 1,318 N.A.
Easynet Group Plc ESY (7) 206 (53)
Electrical and Music EMI
Industries Group (889) 1,916 (1,158)
Euromoney Institutional ERM (76) 110 20
Global Green Tech Group (96) 251 (18)
Heath Lambert
Fenchurch Group PLC (7) 2,883 (10)
HMV Group PLC HMV (416) 456 (133)
Imperial Tobacco Group ITY (75) 6,472 (190)
Intertek Testing Services ITRK (236) 219 (12)
IPC Media Ltd. (463) 172 16
Lambert Fenchurch Group (1) 1,132 (3)
Lattice Group (905) 8,707 (1,228)
Misys PLC MSY (59) 658 (7)
Orange PLC ORNGF (358) 1,749 7
Rentokil Initial Plc RTO (702) 1,744 (37)
Saatchi & Saatchi SSI (74) 436 (41)
Yell Group PLC (50) 2,201 325
Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
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 * * *