/raid1/www/Hosts/bankrupt/TCREUR_Public/030624.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, June 24, 2003, Vol. 4, No. 123


                            Headlines


F R A N C E

ALSTOM: Mulls Closure of U.K.-based Rail-car Manufacturing Plant
ARIANESPACE: Secures Continuity of Launch Service with EADS Deal
FRANCE TELECOM: Divests Entire Stake in Sprint PCS
FRANCE TELECOM: Restructuring Plan Promising, Says Chairman


G E R M A N Y

HEIDELBERGCEMENT AG: Unit to Launch High-yield Bond Offering
HEIDELBERGCEMENT AG: S&P Senior Unsecured Debt Cut to 'BB-'
TRIUS AG: Liquidators Initiate First Part of Winding Up
WESTLB: Ernst & Young Delivers Overdue 'BoxClever' Probe Report


I T A L Y

FIAT SPA: Italian Premier Backs New Restructuring Plan
TELECOM ITALIA: Sells Real Estate Assets to Lastra Holding


L U X E M B O U R G

VANTICO GROUP: E.U. Commission Approves Merger with Huntsman


N E T H E R L A N D S

BURHMANN N.V.: Moody's to Review Ratings for Possible Upgrade
FORTIS N.V.: 750 Jobs to go in Plan to Speed up Integration
FORTIS N.V.: Ships Private Banking Unit to KBL Group
GETRONICS N.V.: To Make 600 Jobs in Netherlands Redundant
GETRONICS N.V.: Long-term Rating Raised to 'B'; Off CreditWatch


N O R W A Y

BRAATHENS ASA: To Close Four Customer Sales Centers


P O L A N D

UPC POLSKA: Creditors Approve Chapter 11 Bankruptcy Filing


S W I T Z E R L A N D

SWISS INTERNATIONAL: Requests Two-day Trading Suspension
SWISS LIFE: Sale of U.K. Insurance Arm Could Occur Within Weeks
WINTERTHUR GROUP: Unipol Buys Italian Operations for EUR1.4 Bln


U N I T E D   K I N G D O M

AMP LIMITED: U.K. Special Pension Unit Closes to New Business
BEAUFORD PLC: Scaled Down Operations Not Sustainable, Says Chair
BV GROUP: Disposes Midnight Communications to Meet Liabilities
CORDIANT COMMUNICATIONS: Active Value Raises Stake to Block WPP
ENERGIS PLC: Likely to Take Significant Writedown on Assets

ENERGIS PLC: Faces Shareholders Suit for Wrongful Administration
HAMLEYS PLC: Waterstone Rumored to Challenge Baugur's Offer
HAWTIN PLC: Sells Loss-making Wetsuit and Watersports Business
HP BULMER: Scottish & Newcastle Claims 78.5% Acceptance
MERIDIEN HOTELS: Failure to Pay Rent Could Force Administration

PNC TELECOM: To Call Administrators; Founder Wants Move Probed
PPL THERAPEUTICS: Fibrin Launch Key to Firm's Survival
SSL INTERNATIONAL: Narrows List of Bidders for Wound Care Biz

* Large Companies with Insolvent Balance Sheets


                            *********


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F R A N C E
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ALSTOM: Mulls Closure of U.K.-based Rail-car Manufacturing Plant
----------------------------------------------------------------
French engineering group Alstom is considering extending its restructuring
program by closing its rail-car manufacturing plant in Birmingham, U.K. if
orders do not improve by 2004.

Five months before, Paul Barron, president of Alstom U.K., warned that half
of the company's U.K. manufacturing could be transferred to continental
Europe if Britain fails to adopt the euro.

Denying any link of the recent move to the earlier announcement, Mr. Barron
said: "The decision is purely about guaranteeing we have enough work for our
[U.K.] plant in Birmingham, given that all the indicators are that we will
be seeing nothing significant [in orders] for some time."

The decision to close the plant, which Mr. Barron said was aimed at making
more efficient all operations of the company, could potentially result to
700 job losses.  Alstom was able to grab a GBP100 million (US$167 million)
order from London Underground for Jubilee line trains, but Mr. Barron said
this order would account for "less than 10 percent" of the Birmingham
plant's capacity.

Investment by rail operators has slowed down as investors adopt a
conservative mode of spending and worry about the uncertainty of rail
operating franchises.  Alstom, which lost EUR1.38 billion last year, is
disposing assets to halve its EUR5 billion debts by March 2005.


ARIANESPACE: Secures Continuity of Launch Service with EADS Deal
----------------------------------------------------------------
At the 45th Paris Air Show, Arianespace CEO Jean-Yves Le Gall and Josef Kind
and Herve Guillou, respectively President and CEO of EADS Space
Transportation, signed an "order letter" to initiate production of the "PA
batch" of 30 Ariane 5 launchers.  This new commitment will allow Arianespace
to ensure its launch service continuity.

EADS Space Transportation's efforts to enhance productivity, which are
reflected in this order and are backed by its European industry partners and
ARIANESPACE, will improve the competitiveness of the Ariane launcher for the
benefit of its clients.  This agreement makes official the new industrial
tasking between the two companies, which was approved at the ESA
ministerial-level meeting on May 27.

EADS Space Transportation is now the sole prime contractor for the Ariane 5
launcher.  As a result, the company will manage the totality of contracts
covering launch vehicle production, and is to deliver a standardized
launcher to Arianespace in French Guiana.

Arianespace is in charge of the commercial launch service operation, and
manages the production.  The company will source the launcher from the prime
contractor, adapt it to customer mission requirements, and carry out launch
operations at Europe's Spaceport in Kourou, French Guiana.


FRANCE TELECOM: Divests Entire Stake in Sprint PCS
--------------------------------------------------
France Telecom announced Friday that it had sold 56 million Sprint PCS
shares through a block trade on the New York Stock Exchange through UBS
Investment Bank.  The transaction amounted to US$330 million.

This transaction allows France Telecom to finalize the divestment of its
remaining 5.4% stake in Sprint PCS, as announced previously.

Since 2001 France Telecom has been looking to sell the remaining stake in
the asset it acquired as part of its Global One alliance with Sprint and
Deutsche Telecom.

France Telecom, which ended 2002 with a US$23 billion- loss and debt
approaching US$78 billion, launched a EUR15 billion- rights issue last
month.  The move prompted Standard & Poor's to raise its long- and
short-term corporate credit ratings to 'BBB' from 'BBB-'.

CONTACT:  FRANCE TELECOM
          Nilou du Castel
          E-mail: nilou.ducastel@francetelecom.com
          Caroline Chaize
          E-mail: caroline.chaize@francetelecom.com
          Phone:  +33 1 44 44 93 93


FRANCE TELECOM: Restructuring Plan Promising, Says Chairman
-----------------------------------------------------------
Restructuring efforts at struggling France Telecom have gotten off to a good
start, according to Thierry Breton, chairman of the struggling local telecom
and private transmission provider.

Mr. Breton said of the restructuring plan dubbed TOP: "We have generated
margins for maneuver that were not foreseen at the beginning.  That's why we
announced an extension of our high-speed Internet coverage to 90% of the
population by 2005."

France Telecom, which got into trouble because of an acquisition spree in
2001, expects to have 3 million ADSL customers by the end of the year.  The
figure is up from 1.4 million at end of 2002 and ahead of its previous
target of 2.8 million.  It is noted that the TOP plan includes the creation
of EUR15 billion of additional free cash flow from cost savings.  Without
providing further details of the progress of the TOP program, Mr. Breton
said if free cash flow can be generated ahead of schedule, the funds could
be used to increase business investment, rather than pay off its debt
burden.

"If we generate more than EUR15 billion, we have the choice of paying off
debt faster, or investing faster. I'm rather for the second option," he told
AFX News.

In March 2001, France Telecom closed a record bond issue valued at more than
US$15 billion (EUR16.13 billion).  Proceeds of the issuance are intended to
refinance short-term borrowings incurred as a result of an acquisition
spree.

CONTACT: France Telecom
         6, Place d'Alleray
         75505 Paris Cedex 15, France
         Phone: +33-1-44-44-22-22
         Fax: +33-1-44-44-95-95
         Homepage: http://www.francetelecom.fr
         Contact: Walter Vejdovsky, Investor Relations
         Phone: 0 800 05 10 10
         Fax: +33 (0)1 44 44 53 49
         E-mail: jclaude.grynberg@francetelecom.com


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


HEIDELBERGCEMENT AG: Unit to Launch High-yield Bond Offering
------------------------------------------------------------
HeidelbergCement Finance B.V., a wholly owned and fully guaranteed
subsidiary of HeidelbergCement AG, intends to make an international
placement of fixed rate Senior Notes in a volume of up to EUR600 million
with a 7-year tenor.  The roadshow is going to start early next week.

The bond offering is part of a refinancing package also comprising a EUR400
million- equity offering and a EUR1.4 billion senior multi-currency credit
facility.  The package will reduce HeidelbergCement's total indebtedness.
It will also diversify the Group's funding sources and improve the maturity
term structure of the Group's remaining debt through the terming out of
short-term liabilities.


HEIDELBERGCEMENT AG: S&P Senior Unsecured Debt Cut to 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term senior
unsecured debt rating on existing debt on Germany-based HeidelbergCement AG
to 'BB-' from 'BB+' as a result of increased contractual subordination.  The
rating was also removed from CreditWatch, where it was placed on April 2,
2003.  The
'BB+/B' corporate credit ratings on HeidelbergCement were affirmed.  The
outlook is negative.

At the same time, Standard & Poor's assigned its 'BB+' debt rating to
HeidelbergCement's proposed EUR1.4 billion syndicated bank loan facility.  A
'BB+' rating was also assigned to wholly owned subsidiary HeidelbergCement
Finance B.V.'s proposed EUR600 million- senior unsecured guaranteed bonds.
The ratings are subject to final documentation.

"The new debt instruments, as opposed to existing rated debt, will benefit
from upstream guarantees from the most important subsidiaries within the
group," said Standard & Poor's credit analyst Eve Greb. "Consequently, the
existing senior unsecured debt rating has been lowered two notches below the
corporate credit rating."

The expected ratio of priority debts--relative to the new debt being
raised -- to adjusted assets is expected to be slightly higher than 15%.

Nevertheless, the group's large geographic diversity and the local nature of
the cement industry should sufficiently mitigate this, so that the bond and
bank loan ratings are equalized with the company's corporate credit rating.

"Existing senior unsecured debt at the parent company level will, therefore,
be both structurally subordinated to operating subsidiaries' liabilities,
but also contractually to the new bond and syndicated bank facility--a
combination that results in a ratio of priority liabilities to total assets,
relative to existing debt above 40%, and warranting a two-notch differential
with the company's corporate credit rating," added Ms. Greb.


TRIUS AG: Liquidators Initiate First Part of Winding Up
-------------------------------------------------------
The Liquidator decided that as part of the company's liquidation, it will
distribute the first part of the liquid asset to the shareholders.  Each
shareholder will receive EUR3.90 per share.

The Liquidation is going to be executed with "valuta" the 25th of June 2003
on the share-status of the 24th June 2003 evening. With the beginning of the
25th of June 2003 TRIUS shares are going to be traded and listed "ex
liquidation," accordingly.

TRIUS AG is one of the leading German providers of computer-supported
telephony solutions and Internet communication software.

CONTACT:  TRIUS AG
          Investor Relations
          Phone: +49 (0)6175/93 77 - 40
          Fax: +49 (0)6175 / 93 77 - 22
          E-mail: ir@trius.de
          Home Page: http://www.trius.de


WESTLB: Ernst & Young Delivers Overdue 'BoxClever' Probe Report
---------------------------------------------------------------
After two days of delay, accountants Ernst & Young finally handed WestLB the
results of its investigation into the risk controls of the troubled German
bank.  The probe done by the firm on behalf of German financial regulator
BaFin covers the refinancing of TV rental business BoxClever -- a deal that
required WestLB to write off GBP350 million.

The bank refused to make comments saying it had to follow "due process" and
wait for the completion of a scheduled meeting of its supervisory board
before issuing any statement.  It is believed that Robin Saunders, the head
of WestLB's London-based principal finance unit that provided the financing
to BoxClever, has been kept in the dark regarding the contents of the
report, according to the Telegraph.  But she is thought to have held talks
with senior WestLB executives at the firm's Dusseldorf headquarters.

Ms. Saunders, who is being advised by Houlikan Lokey Howard & Zukin, is also
reportedly interested in acquiring the division.  There are currently
opposing views regarding what to do with the unit.  WestLB wants to keep it,
while shareholders believe the bank should let it go.

Regional savings banks, which hold shares in WestLB as well as several
politicians in the state of North Rhine-Westphalia, the biggest shareholder,
have been criticizing the bank's strategy.
WestLB CEO Jurgen Sengera is also under pressure to step down from his
office.


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I T A L Y
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FIAT SPA: Italian Premier Backs New Restructuring Plan
------------------------------------------------------
No less than Italian Prime Minister Silvio Berlusconi is supporting the
restructuring plan of Fiat SpA, after it emerged that it would involve
"fewer job-cuts than was first believed."

Speaking at a meeting of European Union leaders in Greece, Mr. Berlusconi
said cuts in the industrial plan are "much lower than the first plan and we
think they can even be offset by new positions."

The Fiat plan, to be presented on June 26, is the latest in a series of
attempts by Europe's once-largest automaker to revive its ailing business.
According to Dow Jones Newswires, the company faced union protests last year
when it sought to lay off almost 9,000 workers in Italy.  The current plan
may involve the same number of layoffs, but will involve facilities outside
of Italy, including those of tractor maker CNH Global Inc, the report said.

Fiat CEO Giuseppe Morchio presented the plan to Mr. Berlusconi earlier in
this week.  He also showed the plan to Fiat's creditor banks.  Mr.
Berlusconi said the plan represented "an important effort" on the part of
the Agnelli family, which controls almost a third of the carmaker.

Newly appointed Fiat Chairman Umberto Agnelli and his relatives have pledged
EUR250 million in fresh capital into the unlisted family trust through which
they ultimately own 30.4% of Fiat.  Mr. Morchio's plan may call for a rights
issue of at least EUR2 billion for Fiat and investors are keenly watching
whether the family will shoulder its quota.


TELECOM ITALIA: Sells Real Estate Assets to Lastra Holding
----------------------------------------------------------
Telecom Italia has reached an agreement with Lastra Holding B.V. a member of
the Five Mounts Properties Group, for the sale of some of Telecom Italia
Group's real estate assets.  The value of the agreement, which will be
finalized next month, is equal to approximately EUR355 million and will
allow the Telecom Italia Group to reduce its consolidated net financial debt
by the same amount.

Thanks to this transaction the Telecom Italia Group will exceed the EUR4
billion as regards the target, announced on March 12, 2003, of EUR4.5
billion of disposals to be met in 18 months.

Five Mounts Properties Group is the real estate arm of BSG (the Beny
Steinmetz Group), which is owned and managed by the Geneva based Beny
Steinmetz family trusts and foundation.  The Group has extensive operations
in the real estate market carried out over the last 15 years and has
acquired significant interests in real estate as well as in development
projects in North America and Europe.

Merrill Lynch International has arranged senior mortgage finance for the
transaction, while Lazard & Co. acts as financial adviser to Telecom Italia.


===================
L U X E M B O U R G
===================


VANTICO GROUP: E.U. Commission Approves Merger with Huntsman
------------------------------------------------------------
The European Commission has authorized the acquisition of the
Luxembourg-based chemical producer, Vantico Group S.A., by the U.S. fund
MatlinPatterson, which has joint control of Huntsman Holdings LLC, also a
chemicals company based in the United States.  The deal foresees that
MatlinPatterson will contribute the Vantico equity to Huntsman, which will
then control the company.  The deal creates minimal or no overlaps and the
vertical integration between the two companies' products is not such as to
raise serious competition concerns.

The operation, which is part of a consensual out-of-court restructuring of
Vantico's debt in order to avoid bankruptcy, was notified to the Commission
on May 15.

The mechanics of the deal are extremely complex and are largely driven by
fiscal considerations and securities regulations.  But in short,
MatlinPatterson will exchange its debt in Vantico for equity and will
indirectly become the majority and controlling partner in the company, which
produces, among other things, tooling solutions, liquid coatings systems,
adhesives and electrical insulation material.  MatlinPatterson will then
contribute the Vantico equity to Huntsman, a company in which it and Mr. J.
Huntsman (the founder of the company) have joint control.

Although both Huntsman and Vantico operate in the chemicals sector, their
product ranges are largely complementary and any possible horizontal
overlap, if any, is negligible.  The operation will give rise to a number of
vertical relationships, given that Huntsman produces products, which are
purchased by Vantico for use in its downstream products.

The Commission investigated, in particular, whether Vantico's strong
position in wet tooling solutions liquid formulations used to make moulds or
casts for e.g. bodies of cellular phones -- would be reinforced by the
operation given that it might have preferential access to Huntsman's
Diamine-based Epoxy Curing Agents, a type of reactive agent used in the
polymerization of chemicals and necessary, in combination with other
hardeners, for the formulation of tooling solutions.

But it concluded that the parties' respective market shares in the
downstream and upstream markets were not such as to create a dominant
position in the tooling solutions market also in view of the conditions at
play in these markets, which are open and dynamic and, as to the input
products, with sufficient spare capacity from third parties to exclude risks
of possible foreclosure for Vantico's competitors.


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


BURHMANN N.V.: Moody's to Review Ratings for Possible Upgrade
-------------------------------------------------------------
The proposal of Buhrmann N.V. to dispose its Paper Merchanting division has
prompted Moody's to place the company's debt ratings on review for possible
upgrade.  The rating under review are Buhrmann's 'B1' senior implied rating,
'B3' unsecured issuer rating, 'B1' senior secured credit facilities, and
US$350 million 12.25% senior subordinated notes due 2009 rated 'B3'.

Buhrmann has made public its intention to dispose the division to
Australian-based PaperlinX for net proceeds of EUR650 million to repay debt,
which totals EUR1.7 billion as of March 2003.

Moody's says it will focus its review on the likelihood of a successful
completion of the transaction; the extent to which the proposed debt
repayment alleviates Buhrmann's financial risk given the reduced business
profile going forward; prospects for Buhrmann's remaining core activities in
light of the continued weak market conditions; and the success of its
restructuring initiatives to date.


FORTIS N.V.: 750 Jobs to go in Plan to Speed up Integration
-----------------------------------------------------------
Fortis ASR Chairman Jacques van Ek announced at a management meeting that
750 jobs (14% of the workforce) would go over the next three years.  The
intention is to confine this FTE reduction to natural wastage as much as
possible.  The business units where redundancies will occur will be
announced over the next few months.  The Works Council has been notified of
the proposed steps.

This decision is in line with Fortis ASR's long-term plans announced in
April.  Mr. Van Ek commented: "Our more focused strategy is on track, in
which speeding up the synergy between group companies is a prime goal.  The
effect of the persistent downturn in the Dutch economy on the results of the
financial sector underlines yet again the need to cut costs.  Fortis ASR
must utilize the synergy potential of its eight insurance companies."

He explained in broad terms the status of projects in progress, such as the
transfer of non-life activities from De Amersfoortse to AMEV, the
integration of the backoffices of AMEV, Stad Rotterdam and Woudsend, and the
centralization of group support departments.

Fortis ASR incorporates Fortis's Dutch insurance businesses, i.e. AMEV, AMEV
Ardanta, ASR Bank, De Amersfoortse, Europeesche, Falcon Leven, Stad
Rotterdam and Woudsend.  Fortis ASR is the Netherlands' second largest
insurer.

Fortis ASR Verzekeringsgroep N.V. is part of Fortis, an international
provider of financial services encompassing insurance, banking and
investment.  Fortis has a market capitalization of EUR15 billion and a
workforce of 69,000, making it one of Europe's top twenty financial
institutions.
Total assets as of March 31, 2003 amounted to more than EUR491 billion.
Fortis is listed on the stock exchanges of Amsterdam, Brussels and
Luxembourg and has a sponsored ADR program in the United States.

CONTACT:  FORTIS N.V.
          Investor Relations
          Brussels
          Phone: 32 (0) 2 510 53 37
          Utrecht: 31 (0) 30 257 65 46


FORTIS N.V.: Ships Private Banking Unit to KBL Group
----------------------------------------------------
Fortis and Kredietbank Luxembourg recently reached an agreement in
principle, under which Fortis will sell to Kredietbank Luxembourg its Dutch
private banking subsidiary Theodoor Gilissen Bankiers N.V.

According to a company statement, the transaction is valued at approximately
EUR170 million.  Mr. R. Rogaar, chief executive of Theodoor Gilissen said:
"Becoming part of this European network of private bankers will offer us new
opportunities to grow our business and to enhance our services to our
clients.  By joining KBL Group European Private Bankers, Theodoor Gilissen
will benefit from the advantages of an international network, while
maintaining its identity and ensuring the continuity of its 120 year-old
tradition and recognition in the sector."

Fortis CEO A. van Rossum, for his part, said: "Private Banking at Fortis
will continue under the MeesPierson brand.  Theodoor Gilissen has always
operated independently and has developed a strong identity as a niche
player.  Integration into MeesPierson would not be in the best interest of
Fortis, nor Theodoor Gilissen, its clients and employees, while joining the
KBL Group European Private Bankers network will give the company new
opportunities to grow in a changing environment."

Kredietbank Luxembourg CEO E. Verwilghen also said: "This acquisition fits
perfectly with our group's strategy of building a European network of
private bankers.  With Theodoor Gilissen, we add the Netherlands as a tenth
country to our network."

After completion of the last due diligence exercise, the final agreement is
anticipated to be signed in July 2003.  This agreement will, as usual, be
subject to the approval of the respective regulatory authorities.

Theodoor Gilissen Bankiers N.V. is a leading private bank, founded in 1881.
The bank offers a broad range of services to both private and institutional
investors in The Netherlands and abroad.  Theodoor Gilissen specializes in
private and institutional asset management, institutional brokerage and fund
management.  The head office of the bank is located in Amsterdam.  The bank
is represented in The Hague, Antwerp (Theodoor Gilissen Bank N.V.), London
and Geneva.  Within the KBL Group European Private Bankers, Theodoor
Gilissen will continue to do business as a private bank and broker with an
international orientation while maintaining its own corporate identity.
Theodoor Gilissen employs 230 people.  Home Page: http://www.gilissen.com

Fortis is an international financial services provider active in the fields
of banking, insurance and investment. With a market capitalization of EUR20
billion (June 18, 2003) and around 69,000 employees, Fortis ranks in the top
20 of European financial institutions.  In its home market, the Benelux
countries, Fortis occupies a leading position and offers a broad range of
financial services to individuals, companies and the public sector.  Outside
its home market, Fortis concentrates on selected market segments.  Fortis is
listed on the exchanges of Amsterdam, Brussels and Luxembourg and has a
sponsored ADR program in the United States.  For more information:
http://www.fortis.com

The Kredietbank Luxembourg Group European Private Bankers is an
international network of well-established local private bankers and is the
driving force behind Private Banking within the Belgian-based Almanij group.
KBL Group European Private Bankers employs 3,900 people across 9 European
countries and has kept a human size and face.  Its private banking model is
based on its proximity towards its clients, its reliability in being a
well-managed and profitable banking group and its long-time expertise in
private banking products and services. For more information:
http://www.europeanprivatebankers.com

CONTACT:  FORTIS N.V.
          Investor Relations Brussels
          Phone: + 32 (0) 2 510 53 37

          Utrecht
          Phone: + 31 (0) 30 257 65 46

          Kredietbank Luxembourg
          Mrs. M.-P. Gillen
          General Secretariat
          Phone: +352 47 97 31 12
          Mobile: + 352 021 351 497


GETRONICS N.V.: To Make 600 Jobs in Netherlands Redundant
---------------------------------------------------------
Dutch information and communication technology services firm, Getronics,
will cut 600 jobs in the Netherlands through termination of temporary
contracts and natural attrition, Dow Jones Newswires reported.

The news agency said the job-cuts, revealed in an internal memo dated June
11 and sent to all employees, are part of a previously announced
restructuring effort.

Getronics announced late April it would cut between 1,000 and 1,200 jobs to
trim costs and ensure that it can recover its profitability levels.  No
place was specified as to where the job cuts would be implemented, although
it said a substantial part would be in Italy.

According to the memo, while "ITC was magic" in the past, the market has
fundamentally changed and "Getronics still hasn't adapted itself adequately
to the changes."

Getronics incurred huge debts as a result of the acquisition of U.S.-based
Wang Global in 1999.  It had been through a tough year in 2002 and early
2003, almost collapsing under the weight of its debt.  The new management,
which stepped on early 2003, initiated a reorganization of the company by
selling units and lowering costs.

CONTACT:  GETRONICS N.V.
          Investor enquiries
          Phone: +31 20 586 1964
          Fax: +31 20 586 1455
          E-mail: investor.relations@getronics.com


GETRONICS N.V.: Long-term Rating Raised to 'B'; Off CreditWatch
---------------------------------------------------------------
Standard & Poor's Ratings Services said recently it had raised to 'B' from
'B-' its long-term credit rating on the Dutch IT Services provider Getronics
N.V.  The rating on the group's subordinated bonds was raised to 'CCC+' from
'CCC'.  At the same time, the ratings were removed from Credit Watch, where
they had been placed on January 27, 2003.  The outlook is stable.

"The rating action primarily reflects an expected further EUR325 million
reduction in the group's subordinated debt -- bringing the amount
outstanding to EUR250.1 million -- after a partial early repayment to be
made by the end of June 2003," said Standard & Poor's credit analyst Patrice
Cochelin.  It also factors in Getronics' reduced liquidity risk and a
substantial commitment from the group's management to restore ailing
profitability and to improve cash flow.

The ratings continue to reflect Getronics' very low profitability (pro forma
for disposals) in the currently soft IT services market, and the group's
leveraged financial profile. This is offset, to some extent, by Getronics'
strong position in network and desktop management services (particularly in
Europe) and by its solid client base.

"Getronics needs to restore positive free operating cash flow generation
(which in 2003 will be affected by restructuring costs) before a higher
rating could be considered," added Mr. Cochelin.  "The ratings are expected
to remain in the 'B' category for the next twelve months."


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N O R W A Y
===========


BRAATHENS ASA: To Close Four Customer Sales Centers
---------------------------------------------------
Another round of job-cuts will hit employees of troubled domestic airline,
Braathens, as management closes customer sales centers in four Norwegian
towns.

Aftenposten reported Braathens will close centers in Tromsoe, Evenskjaer,
Molde and Kristiansund, while those in Oslo, Kristiansand, Stavanger,
Aalesund and Trondheim will be maintained.  The center in Kristiansand was
originally among those to be shut down, but officials decided to keep it
open, the online newspaper said.  The closures mean the loss of another 47
jobs, adding to the series of job-cuts in the airlines since the 2001.

A unit of Scandinavian Airlines System AB, Braathens has been hit by a trend
of fewer and fewer passengers in the Norwegian aviation, reinforced by the
terror attacks in the U.S. on September 11.  In the third quarter of 2002,
the company based in Oksenoyvn, Fornebu, swung to a net loss of NOK757
million due to large goodwill write-downs and a generally depressed travel
sector following the September terrorist attacks.

Reports say Braathens will also take another one of its jets out of traffic
from August 18.

CONTACT:  Braathens ASA,
          Oksenøyvn. 3,
          PO Box 55, 1330
          Fornebu, Norway
          Phone: +47 67 59 70 00
          Fax: +47 67 59 13 09


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P O L A N D
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UPC POLSKA: Creditors Approve Chapter 11 Bankruptcy Filing
----------------------------------------------------------
UPC Polska Inc., a financial holding company organized under the laws of the
State of Delaware U.S.A., announces that a binding agreement has been
reached with creditors, holding approximately 86% of the Company's total
debt, in support of a judicially supervised restructuring of the balance
sheet of UPC Polska.

These creditors include:

(a) An ad-hoc committee of bondholders, holding approximately
    68% of UPC Polska's publicly tradeable bonds, and

(b) UPC Telecom B.V. and Belmarken Holding B.V., (Belmarken and
    together with UPC Telecom the UPC Subsidiaries), which are
    wholly owned subsidiaries of United Pan Europe
    Communications N.V. (UPC N.V.) and together hold
    approximately US$77 million of UPC Polska's bonds and
    substantially all of the other indebtedness of the company.

This process is entirely separate from the restructuring nearing completion
at the UPC N.V. level and should not affect the completion of that
restructuring in any way.  If implemented the agreed restructuring will
reduce UPC Polska's indebtedness by approximately US$876 million, or 93%, as
of May 31, 2003, substantially delivering the Company's balance sheet.

The restructuring agreement calls for these indebtedness to be cancelled:

(1) All of the publicly tradeable UPC Polska Senior Discount
    Notes due 2009, UPC Polska Series C Senior Discount Notes
    due 2008 and the UPC Polska Senior Discount Notes due 2008,
    held by third parties, together approximately US$373 million
    in accreted value;

(2) All of the loans and affiliated debt (other than the Polska
    Notes) held by UPC Subsidiaries, (approximately US$482
    million) in principal amount plus accrued interest;

(3) All of the Polska Notes held by UPC Telecom, approximately
    US$77 million in accreted value; and other UPC Polska debt
    US$6 million in principal amount at stated maturity.

In exchange for canceling the debt, the third party bondholders (holders of
the Polska Notes excluding UPC Telecom) will receive US$80 million in cash
and US$60 million in new 9.0% Senior Notes due 2006.  The UPC Subsidiaries
will receive US$15 million in cash and 100% of the newly issued common stock
of reorganized UPC Polska in exchange for the cancellation of their claims.
The UPC Subsidiaries will not receive any consideration for their existing
equity interest in UPC Polska.  As of May 31, 2003, third party creditors
held approximately 52% of the pari passu senior debt of UPC Polska and the
UPC Subsidiaries held the remaining 48% of pari passu senior debt.  Upon
completion of the proposed UPC Polska recapitalization, the New Senior Notes
will be the only long-term debt in UPC Polska.

The restructuring agreement contemplates that the UPC Polska
recapitalization will be effected through a pre-negotiated plan of
reorganization implemented through Chapter 11 proceedings in the U.S.
courts.  The restructuring contemplated by the agreement is subject to
various closing conditions.

Simon Boyd, CEO of UPC Polska, said: "I am pleased to announce this first
step in the restructuring of the UPC Polska balance sheet.  Presented with
an opportunity to recapitalize the company, the board of UPC Polska felt it
was appropriate to reduce our outstanding indebtedness, in order to bring
our capital structure in line with our current business strategy and growth
prospects."

The proposed restructuring is for UPC Polska only.  The restructuring of the
UPC Polska balance sheet is not expected to impact the day-to-day operations
of UPC Polska's operating subsidiaries, (or UPC N.V.), and it should be
business as usual for customers, employees, suppliers and creditors of those
subsidiaries.  The restructuring will put UPC Polska in a significantly
stronger financial position.  The restructuring is expected to be completed
by the end of 2003.

Please note that as a separate matter UPC Polska's subsidiary Poland
Communications Inc. will fulfill its repayment obligation of approximately
US$14.5 million in principal amount under the PCI Notes maturing on November
1, 2003.  On March 24, 2003, UPC Polska deposited funds to be held in trust
with the indenture trustee to pay and discharge the PCI Notes plus accrued
interest at maturity.  The repayment of the PCI Notes is therefore separate
from the restructuring contemplated in this press release.

UPC Polska will file a copy of the Restructuring Agreement with the U.S.
Securities and Exchange Commission in a report on Form 8-K.  For further
information regarding the restructuring of UPC Polska please visit the
Company's Web site at http://www.upc-polska.com

UPC Polska Inc., through Polish subsidiaries, operates one of the largest
cable systems in Poland with approximately 1,869,000 homes passed and 1
million subscribers at the end of March 2003. The Company is 100% owned by a
subsidiary of UPC N.V., which is one of the leading broadband communications
and entertainment companies in Europe.  Through its broadband networks, UPC
N.V. provides television, Internet access, telephony and programming
services.

UPC N.V.'s shares are traded on Euronext Amsterdam Exchange (UPC) and in the
United States on the Over The Counter Bulletin Board (UPCOY).  UPC N.V. is
majority owned by UnitedGlobalCom, Inc. (NASDAQ: UCOMA).


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


SWISS INTERNATIONAL: Requests Two-day Trading Suspension
--------------------------------------------------------
At SWISS's request, the Swiss stock exchange is to withdraw shares in Swiss
International Air Lines from trading on Monday and Tuesday, June 23-24,
2003.  This measure is related to the Board of Directors' meeting on June 23
and to the possible announcement of any decisions.

CONTACT:  SWISS Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 848 773 773
          Fax: +41 61 582 3554
          E-mail: communications@swiss.com
          Hompage: http://www.swiss.com


SWISS LIFE: Sale of U.K. Insurance Arm Could Occur Within Weeks
---------------------------------------------------------------
Switzerland's largest life and pension insurer could announce soon its
withdrawal from the U.K. with the sale of its insurance arm -- which could
be worth up to GBP20 million -- to Admin Re, a unit of Swiss Re.

"We will be prepared to say something on the sale of the U.K. business
within weeks," says a spokesman for Swiss Life, according to The
Independent.

The insurer put the unit for sale in September in a bid to conserve capital
after two accounting errors forced it to restate results and post a record
loss of CHF1.7 billion for 2002.  It was also compelled to raise CHF1.2
billion (US$543 million) in a rights issue last year.

Admin Re, which specializes in buying insurance funds that are close to new
business and turning them around, is believed attracted to the Swiss Life
unit among other available acquisitions in the U.K. because of the
operations' freedom from mis-selling risks usually inherent to life and
pension companies.  Swiss Life's U.K. arm also operates in similar markets
as that of Swiss Re.

But there are still no plans for the Swiss Life business and its 700
employees who are mostly based in Liverpool, the company's policy
administration center.  The insurance arm has its U.K. headquarters in
Sevenoaks, Kent.

Swiss Life is also planning to cut back operations in Italy, Spain, France
and Belgium.  Swiss Life's unit specializes in niche life insurance
products, such as critical illness cover and income protection.  It had
revenues of CHF666 million in 2002.


WINTERTHUR GROUP: Unipol Buys Italian Operations for EUR1.4 Bln
---------------------------------------------------------------
Winterthur Insurance, a subsidiary of Credit Suisse Group, has signed an
agreement to sell its insurance operations in Italy to Unipol for total
consideration of EUR1.465 billion in cash.  The transaction will
significantly strengthen the capital position of Winterthur.  Subject to
regulatory and anti-trust approvals, the transaction is expected to be
completed in the second half of 2003.

A total consideration of EUR1.465 billion will be payable in cash at
completion, of which 90% will be paid directly by Unipol Assicurazioni SpA
and 10% by its majority shareholder Finsoe SpA.  Together with the sale of
Churchill announced on June 11, 2003, the transaction will substantially
strengthen Winterthur Group's solvency capital by approximately CHF3.5
billion.  Furthermore, the sales will result in a capital gain of over CHF1
billion after tax upon closing in the second half of 2003.

"In view of our strategy to strengthen our capital base, and in the context
of an Italian insurance market currently undergoing a phase of
consolidation, we have chosen to realize the value of Winterthur's strong
performance in Italy," Winterthur Group CEO Leonhard Fischer said.  "The
offer from Unipol is uniquely attractive and gives us greater financial
flexibility to grow selectively in other markets."

Winterthur Italy writes both life and non-life business. In 2002, aggregate
premium volume was EUR2.04 billion.  Winterthur Italy offers tailor-made,
innovative and high-quality insurance products to approximately 1.9 million
customers and employs a staff of approximately 1,600.

Winterthur Group is a leading Swiss insurance company with head office in
Winterthur and, as an international company, ranks among the top six
providers of primary insurance in Europe.  The Group provides a broad range
of property and liability insurance products, as well as insurance solutions
in life and pensions that are tailored to the individual needs of private
and corporate clients. With approximately 32,000 employees worldwide,
Winterthur Group achieved a premium volume of CHF37.4 billion in 2002 and
reported assets under management of CHF142.7 billion as of March 31, 2003.

Credit Suisse Group is a leading global financial services company
headquartered in Zurich.  The business unit Credit Suisse Financial Services
provides private clients and small and medium-sized companies with private
banking and financial advisory services, banking products, and pension and
insurance solutions from Winterthur.  The business unit Credit Suisse First
Boston, an investment bank, serves global institutional, corporate,
government and individual clients in its role as a financial intermediary.
Credit Suisse Group's registered shares are listed in Switzerland and
Frankfurt, and in the form of American Depositary Shares in New York. The
Group employs around 73,000 staff worldwide. As of March 31, 2003, it
reported assets under management of CHF1,160.5 billion.


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


AMP LIMITED: U.K. Special Pension Unit Closes to New Business
-------------------------------------------------------------
AMP is closing its U.K. pension business, NPI Limited, to new business.  As
a result, this unit will be managed as part of the U.K. Life Services unit.

As part of the announcement of the demerger proposal on May 1, 2003, AMP
said that it planned to test the market for interest in NPI, reflecting the
strategic direction of the UK business.  NPI is the specialist pensions
provider within AMP's U.K. Contemporary Financial Services business unit.

AMP Chief Executive Officer Andrew Mohl said as part of this process the
company had reviewed a number of options for NPI including sale,
rationalization and restructure.  The review has now determined that the
best outcome is to maintain ownership of the existing book and run it on a
closed-book basis.

"After thorough consideration of all the options, we have decided that
retaining the NPI book and closing it to new sales is in the best interests
of both shareholders and customers," Mr. Mohl said.  "This solution
maintains service to existing customers, secures assets under management for
Henderson, provides scale to the Life Services business and minimizes the
cost of managing the NPI book."

The closure of the NPI book to new business means that all AMP's U.K.-based
life companies are closed to new business, although they continue to accept
contractual increments from existing customers.  AMP expects a reduction of
approximately 900 roles as a result of the changes to NPI and the
realization of further operational improvements.  These reductions are in
addition to those previously announced in June and December 2002.  AMP is
commencing the minimum 90-day consultation period with the recognized union.

"The decision to restructure has been a very difficult one to make, given
the impact it will have on our people.  We are working to mitigate this
impact wherever possible," Mr. Mohl said.  "However it is a necessary step
to ensure the new U.K.-based business has a solid foundation for future
success, particularly given the difficult U.K. environment and our changed
U.K. strategy."

Costs related to these changes have already been provided for in the
estimated provision of GBP100 million (AU$260 million) for demerger
expenses, included in the May 1, 2003 announcement.  Independent financial
advisory business, Towry Law, is not impacted by these changes and will
remain part of the new U.K. business.

In addition, the NPI announcement will have no impact on the proposal to
demerge, which remains on track.

CONTACT:  AMP LIMITED
          Level 24, 33 Alfred Street
          Sydney NSW 2000 Australia
          ABN 49 079 354 519
          Contact: Mark O'Brien
          Phone: 9257 7053


BEAUFORD PLC: Scaled Down Operations Not Sustainable, Says Chair
----------------------------------------------------------------
Beauford Plc released this statement by Chairman A J Ritchie along with the
results for the year ended December 2002:

"I reported last time on the decision to close our operation in Craigavon
and subsequent progress on realization of the assets no longer in use.  I am
pleased to confirm that these disposals have been effected within the
financial year, resulting in a cash inflow ahead of our estimates.

"Shareholders should be aware that recent market conditions have re-enforced
our decision to close this operation, without which serious losses would now
be incurred. On your behalf I would like to express our gratitude to the
executive team who concluded this thankless task in an exemplary manner.

"As a result of this action, we have been able to make a substantial
reduction in borrowings which fell from GBP1,816,000 at the start of the
year to GBP502,000 at the year end.  Some GBP200,000 of the cash generated
was used to settle some long outstanding issues, all of which had been fully
provided for in previous years and, therefore, had no impact on the profit
and loss account.

"Our sole trading business is now VZS Technical Ceramics Ltd at Glenrothes
which made an operating loss of GBP116,000, before group costs of
GBP151,000, on a turnover of GBP3,638,000.  Apart from the inevitable effect
of the executive priority given to the closure of Craigavon, this result was
influenced primarily by economic conditions, particularly in Europe.  At the
time of my interim report, I was encouraged by an upturn in order intake,
which unfortunately was not sustained.

"Accordingly, we are working in the current year to a plan which projects
realistically a low level of trading and we can take a little comfort from
management results to date and some small but encouraging signs from major
customers.  Shareholders should, however, be in no doubt that we trade in a
very difficult sector, where the major players have been announcing
significantly poor results.

"As I indicated at the half year, our full year results reflect the
remainder of the costs at Craigavon.  The discontinued operation made an
operating loss of GBP206,000 on a turnover of GBP1,106,000 to the date of
closure and a further closure cost of GBP157,000, neither of which could be
provided in the previous year, according to current accounting standards.
After including these, the loss for the financial year was GBP741,000 on a
turnover of GBP4,744,000.

"At the year-end, the net assets of Beauford plc, attributable to both
classes of shareholders, were GBP1,128,000.  In comparison, the current
market capitalization of the ordinary share capital is only GBP700,000.
Clearly, the closure has shrunk the balance sheet, whilst benefiting
crucially the level of gearing and stabilizing the group.

"The resultant scale of operation is scarcely sustainable in the medium term
for an AIM company and your board is actively considering the options.  It
is clear that we must enter into some form of transaction that has the aim
of returning or improving shareholder value.  We are now, with our advisers,
actively working towards this objective.

"I must caution shareholders that, in view of Beauford plc's small size, the
process is likely to be difficult and may take some time, but I will, of
course, keep you informed of progress."

To view financials: http://bankrupt.com/misc/BEAUFORD_PLC.htm


BV GROUP: Disposes Midnight Communications to Meet Liabilities
--------------------------------------------------------------
In our trading statement of December 20 last year we announced the radical
measures the Board had taken to stem the losses with the closure of the
Group's advertising and publishing business and the dismantling of the
central overhead.

As a result of these measures the restructured business now comprises of the
PR division, Midnight Communications, and Sonic Marketing, the online
marketing and sales operation that joined the group at the time of the
acquisition of Clickmusic.

These measures have been successful in helping stabilize the group's trading
losses over the second half and into the new financial year.

Following the reduction in central overhead, however, the Group has still
been left with an excess of property, being the offices at Mill Street,
costing some GBP250,000 per annum which cannot be borne by the remaining
businesses.  The Board is, however, at advanced stages of negotiation with a
prospective new occupier and hopes to be able to report a successful
conclusion in the near future.  It should be noted that it is likely that
the Group will have to pay a premium in order to exit from this liability.

Midnight Communications

Midnight held up well in a difficult market but, on a pro forma basis,
returned a small loss at the year-end and during the early part of this
year.  The decision has therefore been taken to sell the business,
particularly in the light of there being no integrated group with which to
ally itself.  After exploratory discussions with a number of interested
parties the Board has decided to sell the assets of Midnight to the Midnight
management team for a total cash consideration of GBP310,000.

In the light of current market conditions, the Board believes that this is a
realistic price for the Midnight business and is in the best interests of
both the shareholders of the Group and the staff of Midnight.

As at the Group's last balance sheet date of 31 December 2002, the pro forma
net assets of Midnight were GBP218,000.

The proceeds of the sale of Midnight will enable the Group to better meet
its remaining and outstanding liabilities in the event that current
negotiations with respect to the Mill Street property are concluded
successfully.  The business will continue with Sonic Marketing, whilst the
Board continues to consider the best course of action for the future.

CONTACT:  BV GROUP PLC
          Rupert Vereker, Managing Director
          Phone: 020 7554 9743

          CHARLES STANLEY & COMPANY LIMITED
          Philip Davies
          Phone: 020 7953 2000

          MIDNIGHT COMMUNICATIONS
          Caraline Brown
          Phone: 01273 666 202


CORDIANT COMMUNICATIONS: Active Value Raises Stake to Block WPP
---------------------------------------------------------------
Cordiant Communications largest shareholder, Active Value, was able to raise
its stake in the advertising group by 7%, increasing its holdings to nearly
24%.

Though Active Value refused to comment on its strategy, the stake building
is seen as another effort on the part of Active Value to step up its drive
to block the recommended offer for the firm by rival WPP Group.  WPP offered
2.3 a pence for each share in the company, valuing Cordiant's debt and
equity at GBP266 million.  It has already bought all of Cordiant's debt
apart from GBP79 million retained by Cerberus Capital Management, a U.S.
investment fund.  The offer is still subject to the necessary 75% approval
from shareholders for a scheme of arrangement.  Failure to secure such
agreement would mean an administration for the firm, and the loss of the
GBP10 million in shares under WPP's offer for shareholders.

Cerberus, meanwhile, is known to have plans of splitting Cordiant's assets
with Publicis, the French advertising group, once the company goes into
administration.

Active Value, which is believed to have invested at least GBP35 million in
the business, is pushing for an equity-injection that would retain the
company's independence.


ENERGIS PLC: Likely to Take Significant Writedown on Assets
-----------------------------------------------------------
Telecoms company, Energis, is expected to take a writedown on the carrying
value of its assets at a level greater than the exceptional depreciation
charge that contributed to its posting of a GBP304 million pre-tax loss in
2002.

The writedown, which will be reflected in the full-year accounts of its new
parent, Chelys, is expected greater than the exceptional depreciation charge
of GBP175 million revealed in the accounts of Energis Communications for the
year to March 2002, according to money.telegraph.

Creditor banks took over Energis Holdings -- the holding company for Energis
Communications -- during the middle of last year after it slumped to the
crisis brought about by the downturn in the telecoms sector.  Four months
after, Energis filed a report showing a pre-tax loss of GBP304 million,
although its turnover rose by 11% to GBP647 million.  The accounts also show
that even after the exceptional depreciation charge, the business still had
tangible assets of GBP800 million.

Energis, which is now in the hands of administrators Ernst & Young, also
showed current liabilities amounting to more than GBP1 billion, which
translate to a negative shareholders' equity of GBP340 million.  Cost of
sales at the company was GBP689 million.  Accounting other costs, the
company came up with an operating loss of GBP234 million.


ENERGIS PLC: Faces Shareholders Suit for Wrongful Administration
----------------------------------------------------------------
Energis is currently facing possible action from a 1,800-strong group of
shareholders, led by barrister Adrian Turner, who believed were mistreated
when the company was put into administration.

The group said it was able to raise GBP30,000 to hire counsel Michael Ashe
QC to advise them on the possible action.  Mr. Turner hopes to employ Mr.
Ashe later this month, according to money.telegraph.

When Energis was taken over by creditors last year, shareholders were
allotted only 7.5% of any money raised over the GBP1.8 billion- sale or
flotation of Chelys -- which now owns Energis Holdings -- within the next
seven years.

"It's a scant return and under this deal there is no guarantee of anything,"
said Mr. Turner.  "We were let down badly on three counts.  We believe the
business was doing well enough not to have been put into administration in
the first place; the company had put itself at the mercy of its lenders by
defaulting on its bond interest, which we don't think was necessary; and
finally, even if administration was the right course, we think they should
have got a better deal for shareholders before then."

A spokesman for Energis Communications, as the privately owned business
chaired by Conservative MP Archie Norman is now called, said any action
would be against Energis plc.

Administrator Ernst & Young was not available for comment, according to the
report.


HAMLEYS PLC: Waterstone Rumored to Challenge Baugur's Offer
-----------------------------------------------------------
Baugur's 205p/share offer for the Hamleys toy store group could face
challenge from Tim Waterstone, chairman and founder of the private company,
Chelsea Stores, which trades as Daisy & Tom.

"Children's Stores [Mr. Waterstone's bid vehicle] has been in extensive
discussion with the independent directors of Hamleys and may make a
counter-proposal to that of Soldier [bid vehicle of Baugur]," Mr. Watersone
said last week, according to money.telegraph.

"The funding is all in place," a Children's Stores spokesman said.  But a
statement from Children's Stores also said it was "not certain that a firm
offer" will be made.

Icelandic retailer Baugur, which is backing the Hamleys management team in
the buyout, made a GBP47 million- recommended offer for Hamleys last
Tuesday.  A spokesman for Baugur and the Hamleys management team said: "Our
offer was a result of an extensive bidding process and due diligence --
everyone had the chance to make a better offer during that four-month
process."

"Mr. Waterstone had every opportunity to intervene in the process, so we're
rather surprised that he should decide to pitch in now," he said, adding,
"Our offer has been accepted by more than 40% of shareholders."

Mr. Waterstone is being advised by ING.


HAWTIN PLC: Sells Loss-making Wetsuit and Watersports Business
--------------------------------------------------------------
Hawtin PLC has completed the sale of its U.K.-based wetsuit and
watersports distribution business, Gul International Limited.  Based in
Bodmin, Cornwall, the unit employs 48 staff.

The purchaser, Quayshelfco 999 Limited, paid GBP340,000 consideration in
cash on completion for the entire share capital of Gul, which represents a
deficit of GBP400,000 against the estimated current value of net assets.
Quayshelfco 999
Limited is a consortium of private equity investors including the senior
management team of Gul.

The Purchaser has entered into an Agreement to Lease approximately 60% of
the premises currently occupied by Gul and owned by the Hawtin Group.
Following completion of a schedule of works, a 15-year lease will commence
(with a 10-year break option) at an annual rental of GBP137,000.

Hawtin will utilize the proceeds of the sale to reduce group borrowings.
Gul experiences a highly seasonal trading pattern with peak working capital
requirements around the summer months. The disposal will thus further
benefit the Group by reducing the cash demand in this period, which also
coincides with peak borrowings generated by seasonal trade in other Group
companies.

In the twelve months to December 31, 2002, Gul made a loss before taxation
of GBP310,000 on turnover of GBP6.3 million.  Net assets as at that date
were GBP900,000.

In the Chairman's Statement included in the Preliminary Announcement of
Group results for the year ended December 31, 2002 released on April 30, the
Company announced that the Board had received offers to purchase one or more
subsidiaries, which it intended to pursue, consistent with its agreed policy
to further reduce group borrowings.  The disposal of Gul is consistent with
this policy.


HP BULMER: Scottish & Newcastle Claims 78.5% Acceptance
-------------------------------------------------------
On April 28, 2003, Scottish & Newcastle announced the terms of recommended
offers for the issued and to be issued ordinary and preference share capital
of Bulmers.  The Offers were made by UBS Investment Bank on behalf of
Scottish & Newcastle by means of an offer document published on May 15,
2003.

Scottish & Newcastle announced on Friday that, as of 3:00 p.m. London time
on June 19, 2003, the second closing date of the Offers:

(a) Valid acceptances of the Ordinary Offer had been received by
    Scottish & Newcastle in respect of a total of 39,331,749
    Bulmers' ordinary shares, representing approximately 74% of
    the issued ordinary share capital of Bulmers.  Irrevocable
    undertakings were received from the Bulmers directors and
    certain other Bulmers ordinary shareholders (as set out in
    the Offer Document) in respect of aggregate holdings
    amounting to 13,534,832 Bulmers Ordinary Shares,
    representing in aggregate approximately 25.5 %of the issued
    ordinary share capital of Bulmers.  Valid acceptances with
    respect to 13,341,684 Bulmers Ordinary Shares representing
    25.1 %of the issued ordinary share capital of Bulmers have
    been received pursuant to the irrevocable undertakings and
    are included in the acceptances figure above.  As announced
    on 29 April 2003, on 28 April 2003 Scottish & Newcastle
    acquired 2,205,238 Bulmers Ordinary Shares representing
    approximately 4.2 %of the issued ordinary share capital of
    Bulmers.

    Accordingly, Scottish & Newcastle now owns, or has received
    valid acceptances of, or holds irrevocable undertakings to
    accept the Ordinary Offer in respect of, a total of
    41,730,135 Bulmers Ordinary Shares, representing 78.5% of
    the issued ordinary share capital of Bulmers.

(b) Valid acceptances of the offer for Bulmers' 9.5 %first
    preference shares ('First Preference Shares') had been
    received in respect of a total of 847,431 First Preference
    Shares, representing approximately 62.1% of the issued First
    Preference Share capital of Bulmers.  Scottish & Newcastle
    has also acquired 350,125 First Preference Shares,
    representing approximately 25.6 % of the issued First
    Preference Share capital of Bulmers.  Accordingly, Scottish
    & Newcastle now owns or has received valid acceptances in
    respect of a total of 1,197,556 First Preference Shares,
    representing 87.7 %of the issued First Preference Share
    capital of Bulmers.

(c) Valid acceptances of the offer for Bulmers' 8.75 %second
    preference shares had been received in respect of a of
    17,280,021  Second Preference Shares, representing
    approximately 83.3 % of the issued Second Preference Shares.
    Scottish & Newcastle has also acquired 2,051,537 Second
    Preference Shares, representing approximately 9.9 % of the
    issued Second Preference Share capital of Bulmers.

    Accordingly, Scottish & Newcastle now owns or has received
    valid acceptances in respect of a total of 19,331,558 Second
    Preference Shares, representing 93.2% of the issued Second
    Preference Share capital of Bulmers.

Save as disclosed above, neither Scottish & Newcastle nor any person acting,
or deemed to be acting, in concert with Scottish & Newcastle held Bulmers'
shares (or rights over Bulmers' shares) immediately before the commencement
of the offer period or, during the offer period, has acquired or agreed to
acquire Bulmers' shares (or rights over Bulmers' shares) and no acceptances
of the Offers have been received from any persons acting, or deemed to be
acting, in concert with Scottish & Newcastle.

Scottish & Newcastle also announces that it is extending the Offers for 14
days and that the next closing date will be 3.00 p.m. London time on 3 July
2003.

Bulmers Shareholders who wish to accept the Offers, and who have not done
so, should complete their Forms of Acceptance as soon as possible, in
accordance with the instructions printed thereon, whether or not their
Bulmers' shares are in CREST, and return them, as soon as possible, to the
Receiving Agent, Lloyds
TSB Registrars, by post or by hand at Lloyds TSB Registrars, The Causeway,
Worthing, West Sussex BN99 9DA or by hand only to Lloyds TSB Registrars,
Antholin House, 71 Queen Street, London EC4N 1SL, (by hand deliveries to be
made between 9.00 a.m. and 5.00 p.m., Monday to Friday) and in any event by
no later than 3.00 p.m. on 3 July 2003.


SHAREHOLDER HELPLINE: 0870 600 0402 (or +44 1903 702767 from
                      outside the UK)

Open Monday to Friday, 8.30 a.m. to 5.30 p.m.

For legal reasons, the Shareholder Helpline will only be able to provide
information contained in the Offer Document and the Form(s) of Acceptance
and will be unable to give advice on the merits of the Offers or to provide
financial advice.

CONTACT:  SCOTTISH & NEWCASTLE
          Jeremy Blood
          Bridget Walker (Investors)
          Linda Bain (Media - City)
          Phone: +44 (0) 131 528 2000

          BULMERS
          Richard Pennycook
          Phone: +44 (0) 7974 447 900

          UBS INVESTMENT BANK
          (Financial adviser and Broker to Scottish & Newcastle)

          Heino Teschmacher
          John Muncey
          Tim Waddell
          Phone: +44 (0) 20 7567 8000

          LAZARD (Financial adviser to Bulmers)
          Sarah Hedger
          Phone: +44 (0) 20 7187 2000

          CAZENOVE
          (Financial adviser and sole Broker to Bulmers)
          Michael Wentworth-Stanley
          Phone: +44 (0) 20 7588 2828


MERIDIEN HOTELS: Failure to Pay Rent Could Force Administration
---------------------------------------------------------------
The fate of Meridien Hotels hinges now on the decision of its banks to
approve a key rental payment of more than GBP20 million to one of its
owners.

The group of banks, led by CIBC World Markets and Merrill Lynch, which is
facing big losses on the GBP230 million of mezzanine debt it lent Meridien
three years ago, is asking for a new proposal to refinance the business.  It
has given the management until Friday to come up with a viable plan that
would convince them to approve the rental payment due on June 30 to Royal
Bank of Scotland.

Failure to pay the rents to Royal Bank of Scotland, which owns 12 of the
group's biggest hotels, including the Grosvenor House and the Waldorf in
London, would trigger a default clause resulting in the hotels group being
put into administration, according to money.telegraph.  Royal Bank will then
have the option to give the management of its hotels to other operators,
such as Marriott.  It could re-brand its hotels or even sell it, according
to the report.

The group of 17 banks, including Merrill Lynch and CIBC, hold more than
GBP700 million of Meridien Hotels' secured senior debt.  The banks have
already rejected a GBP125 million debt-for-equity proposal put forward by
Terra Firma and Alchemy Partners.  Meanwhile, other banks are also asking
Lehman to write down the value of its debt to allay the cash crisis in the
hotel operator.


PNC TELECOM: To Call Administrators; Founder Wants Move Probed
--------------------------------------------------------------
Former mobile phone retailer PNC Telecom was expected to call in
administrators Monday morning after giving in to the weight of liabilities,
including rent for assets sold two months ago.

In April, PNC Telecom sold its KJC Mobile Phone chain of shops and its
fixed-line telephony business to Vanguard, a private company based in North
Wales, for GBP2 million.  The transaction provides that Vanguard assume
certain liabilities from PNC holding company and buy the operating business.
But the PNC board has been told these rental liabilities currently rest with
PNC.

Founder Geremy Thomas, who returned as deputy chairman last year, was
suspicious of the move and contacted the City of London police to
investigate whether there had been fraud in the company, according to the
Independent.  Accountancy firm Numerica warned during an emergency meeting
of the board on Friday that PNC's liabilities, including rent on former
retail premises, exceeded its assets, making insolvency almost inevitable.

PNC CEO Ian Gray, who said he will get administrators to protect the
company's cash, ruled out suggestions of fraud on the transactions.

Mr. Thomas is expected to challenge the decision at the board meeting, which
he says he was excluded.  He asked over the weekend PNC's broker, Seymour
Pierce, to suspend trading in the AIM-listed shares and to coordinate an
independent investigation into the sales.  Claiming representation of a
group of disgruntled shareholders, Mr. Thomas said: "The shareholders are
compiling a report on this matter and will be submitting it to the Serious
Fraud Office."


PPL THERAPEUTICS: Fibrin Launch Key to Firm's Survival
------------------------------------------------------
The board of biotechnology company, PPL Therapeutics, has to convince
shareholders to support a rescue plan for the company this week if it wants
the firm spared from certain collapse.

CEO Geoff Cook and his advisers are drawing up plans to bring to market
Fibrin-1, a surgical glue that stops bleeding, after the falloff of its
partnership with Bayer regarding a treatment for lung disease.  The group
will ask investors including Aberforth Partners, Metage Capital, RAB Europe
Fund and Invesco Perpetual, to back the plan.

The management expects Fibrin-1 to be on target because it would undergo the
approval process for medical devices, the requirements of which are less
onerous than if it was considered as a medicine, according to the Financial
Times.

PPL will also propose to cut capital spending in half to about GBP300,000 a
month, enough to last until Fibrin is launched in the market in 2006.  PPL's
value has dwindled from GBP100 million when it floated on the London Stock
Exchange in 1996 to a mere GBP7 million.


SSL INTERNATIONAL: Narrows List of Bidders for Wound Care Biz
-------------------------------------------------------------
ABN Amro Capital reportedly made it to the second stage of the auction of
SSL International's wound care business, part of its struggling medical
division.

SSL announced its intention to sell its entire medical division in April to
focus on its consumer unit.  Interested buyers linked to the sale of the
wound care business include private equity groups 3i, Electra, Barclays
Private Equity and Duke Street.  Coloplast, which has a similar operation,
is also thought of as possible buyer.

The medical division includes Regent Biogel surgical gloves and Hibi
antiseptics as well as wound care.  Total sales of the unit in the year to
March 2003 were GBP182 million.  Sales from the wound care division were
GBP57.8 million, while that for the gloves were GBP101.3 million and Hibi
22.7 million.

The wound care division could fetch between US$55 million to US$60 million
basing on a price of 1.25 times sales.  But analysts believe it could be
worth more, possibly between GBP200 million and GBP300 million, according to
Financial Times.

NM Rotschild & Sons, the bank, is handling the disposal of most of the
medical division.  KPMG is handling the sale of the wound care division.

The company would not comment on the rumors, according to the report.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders  Total    Working
                                   Equity     Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  ------   --------
AUSTRIA
-------
Libro AG                            (111)         174     (182)

BELGIUM
-------
Mobistar SA               MOSG       (30)       1,039      (61)
Real Software             REAL       (35)         244       (1)

CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192    (2,186)

DENMARK
-------
Elite Shipping                       (28)         101        19

FRANCE
------
Banque Nationale
   de Paris Guyane                   (41)         352       N.A
BSN Glasspack                       (102)       1,151       179
Bull SA                   BULP       (39)       1,512       (17)
Centrest Societe
   de Developpement
   Regional                         (132)         252       N.A.
Compagnie
   des Machines Bull                  (6)         231        (3)
Compagnie Francaise de
   l'Afrique Occidentale             (66)         256        21
Cofidur SA                            (5)         102        19
Dollfus-Mieg & Co.        DOLP         0          187        28
European Computer System            (110)         682       377
Financiere St. Fiacre                 (1)         111        33
France Telecom            FTE       (180)     111,959   (31,035)
Grande Paroisse SA                  (845)         383       107
Immobiliere Hoteliere     HOIN       (66)         185       (54)
Pneumatiques Kleber SA               (34)         480       139
Sa des Usines Chausson               (23)         249        35
SDR Picardie                        (135)         413       N.A.
Soderag                               (3)         404       N.A.
Sofal SA                            (305)       6,619       N.A.
Spie-Batignolles                     (16)       5,281        75
Trouvay Cauvin            TRCN         0          134        10

GERMANY
-------
Dortmunder
   Actien-Brauerei        DABG       (13)         118       (29)
Edel Music AG             EDLG       (66)         353      (159)
Eurobike AG               EUBG       (32)         158       (31)
F.A. Guenther & Sohn AG   GUSG        (8)         111       N.A.
Kaufring AG               KAUG       (19)         151       (51)
Nordsee AG                            (8)         195       (31)

ITALY
-----
Binda SpA                 BND        (12)         129       (20)
Credito Fondiario
   e Industriale SpA      CRF       (200)       4,218       N.A.

NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610        46

NORWAY
------
Northern Oil ASA          NOI         (9)         204      (272)
Pan Fish ASA              PAN       (117)         806       259
Petroleum-Geo Services    PGO        (32)       2,963     5,250

POLAND
------
Animex SA                             (1)         108       (86)
Exbud Skanska SA          EXBUF       (9)         315      (330)

SPAIN
-----
Altos Hornos de Vizcaya SA          (116)       1,283      (278)
Santana Motor SA                     (46)         223        41
Tableros de Fibras SA     TFI        (43)      (2,107)      116

SWITZERLAND
-----------
Kaba Holding AG           KABZN      (64)         515       252

UNITED KINGDOM
--------------
Abbot Mead Vickers                    (2)         168       (16)
Alldays Plc               ALD       (120)         252      (202)
Amey Plc                  AMY        (49)         932       (47)
Bonded Coach
   Holiday Group Plc                  (6)         188       (44)
Blenheim Group                      (153)         198       (34)
Booker Plc                BKRUY      (60)       1,298        (8)
Bradstock Group           BDK         (2)         269         5
Brent Walker Group                (1,774)         867    (1,157)
British Nuclear Fuels Plc         (2,627)      36,359     1,948
British Sky Broadcasting  BSY       (459)       3,364       (40)
Compass Group             CPG       (668)       2,972      (298)
Costain Group             COST       (34)         329       (12)
Dawson Holdings           DWSN       (32)         135       (25)
Easynet Group Plc         ESY        (12)         332        53
Electrical and Music      EMI
   Industries Group                 (885)       3,053      (435)
Euromoney Institutional   ERM       (119)         173        20
Gallaher Group            GLH       (543)       5,527        68
Gartland Whalley                     (11)         145        (8)
Global Green Tech Group             (156)         408       (18)
Heath Lambert
   Fenchurch Group PLC               (10)       4,109       (10)
HMV Group PLC             HMV       (606)         664      (133)
Imperial Tobacco Group    ITY       (117)      10,083      (190)
Intertek Testing Services ITRK      (134)         425       (67)
IPC Media Ltd.                      (685)         254        16
Lambert Fenchurch Group               (1)       1,827        (3)
Lattice Group                     (1,290)      12,410    (1,228)
Misys PLC                 MSY        (86)         961        (7)
Orange PLC                ORNGF     (594)       2,902         7
Regus PLC                 RGU        (46)         367       (60)
Rentokil Initial Plc      RTO     (1,130)       2,809       (37)
Saatchi & Saatchi         SSI       (119)         705       (41)  Seton
Healthcare                     (11)         157        (0)
Yell Group PLC                       (71)       3,137       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.  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.


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