/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/030922.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 Monday, September 22, 2003, Vol. 4, No. 187 Headlines F R A N C E ALSTOM SA: E.U. Ruling on Govt Aid Spells Trouble for Banks ALSTOM SA: Board Scrambles for Alternative Following E.U. Ruling FRANCE TELECOM: Bondholders to Meet September 27 METALEUROP SA: Still in Deadlock with Creditors Over Rescue Plan G E R M A N Y BRAU UND BRUNNEN: Interbrew Not Interested in HVB Stake MANNESMANN AG: Deutsche Bank Chair Sued Over Vodafone Takeover WESTLB AG: Chief Executive Confirms Plan to Axe 1,800 Jobs WESTLB AG: TUI Stake Sale May Take Two Years, Says Chairman I R E L A N D 3COM: Second Quarter Net Loss Widens to US$106 Million NTL IRELAND: Pre-tax Loss Surpasses Last Year's EUR24.3 Million L U X E M B O U R G IFCO SYSTEMS: Board Approves Bond Issue Worth EUR110 Million N E T H E R L A N D S KLM ROYAL: Pilots Union Demands Zero Job-cuts ROYAL KPN: Government Reduces Shareholding by More Than a Third ROYAL PHILIPS: To Cut Workforce to Enhance Efficiency, Save Cost N O R W A Y PAN FISH: Board of Directors Gives Nod to Refinancing Plans R U S S I A OAO GAZPROM: Ties to Govt Reason for 'BB' Rating, Says Fitch S W I T Z E R L A N D ABB LTD.: No Liabilities Will be Incurred Should Alstom Go Under U N I T E D K I N G D O M ABBEY NATIONAL: To Trim Down Workforce, Move Production to India BIG FOOD: Appoints Alan McWalter Non-Executive Director BRITISH AIRWAYS: Administrative Workers Accept Pay Hike Offer BRITISH ENERGY: Government Warns of Possible Administration COSTAIN PLC: Fitch Affirms Senior Unsecured, Short-term Ratings EURODIS ELECTRON: Finance Chief's Resignation Effective November GOSHAWK INSURANCE: Review Underscores Need to Strengthen Reserve GROOVETECH LIMITED: Shuts Down Unprofitable Business PEDSHIRE LIMITED: Joint Administrators Offer Business for Sale ROYAL MAIL: Staff Spurn National Strike; CEO Hails Postmen SILENTNIGHT HOLDINGS: Appoints Replacement for Director Adam TRIDENT FASHIONS: Sold to Retail Restructuring Specialists UNITED MILK: Milk Cooperatives Negotiate Buyout Terms WH SMITH: Sells Airport, Hotel Retailing Businesses in U.S. * High Court Names Hellard, Goldfarb Liquidators of 32 Firms ********* =========== F R A N C E =========== ALSTOM SA: E.U. Ruling on Govt Aid Spells Trouble for Banks ----------------------------------------------------------- Fitch Ratings said it is possible that the exposure of French banks will increase following the European Commission's objections to Alstom's proposed rescue package. However, until the details of any revised package are known it is not possible to comment definitively on what impact this might have. When Alstom SA announced a EUR6.3 billion refinancing package in early August 2003, Fitch commented on the exposure of French banks and affirmed the ratings of BNP Paribas, Societe Generale and Credit Agricole (see Press release dated August 6, 2003). Alstom's total adjusted debt amounted to EUR10.5 billion at year-end 2003. As mentioned in the August press release, Fitch noted that the French banks most exposed to Alstom are BNP Paribas, Societe Generale and Credit Agricole/Credit Lyonnais and has already taken their exposure into account. The agency still believes that, while the exposure of these banks to Alstom is substantial in absolute terms, it does not endanger their large equity base. If any problems occur, Fitch is of the view they will be largely manageable given the level of general reserves established by the banks in the last few years and the collateral provided by Alstom on the loans. However, the proposed refinancing package announced by Alstom in August would undoubtedly increase these banks' exposure to the group. In the short-term Fitch does not rule out loan loss provisions or possible write-downs on securities. A key part of the package was a significant capital commitment of and guarantees by the French state. It is likely that given the ongoing discussions with the European Commission that the role of the French state will change. The risk for the domestic banks would increase if a new refinancing package is negotiated that reduces the role of the French state. The state and Alstom have until Monday, September 22 to come up with a new plan that will satisfy the European Commission. It is possible that pressure could be put on the banks to increase their exposure to help save Alstom. There are also about 30 foreign banks exposed to Alstom that have been called into the August rescue plan. Fitch believes it may be more difficult to reach agreement with the foreign banks than the French ones on a revised rescue package. Fitch will review the situation and comment accordingly as to the impact on the French banks and Alstom once details of the new refinancing package are disclosed. ALSTOM SA: Board Scrambles for Alternative Following E.U. Ruling ---------------------------------------------------------------- Alstom's Board met Wednesday to hear a report from the Chairman & Chief Executive Officer on efforts made to find solutions to ensure the Group's recovery. The Board also heard opinions from independent advisors. The Board noted the European Commission's refusal, in principle, to authorize the French State to become a shareholder or to provide a long-term loan. This calls into question the fundamentals of the refinancing plan agreed between Alstom, its banks and the State announced on August 6, 2003, a plan that assures Alstom's long-term future. The Board expressed its hope that the European Commission will find an appropriate way of applying European Community procedures, taking into account the specific characteristics of Alstom's business and the urgency of the situation. The Board mandated the Chairman & CEO to continue to seek a solution that can be implemented with immediate effect. Such a solution must address Alstom's problems in a sustainable manner. These are essential requirements to restore the confidence of Alstom's customers and industrial and financial partners in the Group's long-term future -- confidence vital to Alstom's survival. The Board will reconvene at the latest on Monday September 22, to consider if such a viable long term solution has been found and which can be immediately implemented. A press release will be issued following this meeting. Alstom has requested the suspension of trading in its shares until further notice. ***** The Commission is currently investigating the EUR3.1 billion in subsidies that the government has already allegedly handed Alstom. The plan could give the government nearly one-third ownership of the company. Alstom has been hit by cost overruns on key projects, accounting irregularities at its U.S. operation, and the bankruptcy of a major client. The company's share price has plunged 90% and it has shed thousands of jobs over the past two years. CONTACT: ALSTOM SA Investor Relations E. Chatelain Phone: +33 1 47 55 25 33 E-mail: investor.relations@chq.alstom.com FRANCE TELECOM: Bondholders to Meet September 27 ------------------------------------------------ The holders of France Telecom 2% convertible bonds issued on December 7, 1998 (Isin Code Fr0000180648), are hereby informed that they are convened to a general meeting on September 27, 2003, at 10:00 a.m. (Paris time) at the offices of France Telecom, 212, rue Raymond Losserand, 75014 Paris, France, to discuss these agenda and proposed resolutions: (a) Report of the Board of Directors; (b) Resolutions submitted to the ordinary and extraordinary general meeting of shareholders on October 6, 2003, relating to: (1) Delegation to the Board of Directors to issue shares reserved for holders of Orange shares subscribed to or held pursuant to an Orange stock option or share purchase plan or the "Share Purchase Plan", the "Orange Senior Discretionary Share Plan" and the "Restricted Share Plan", who have signed a liquidity contract with France Telecom, for a total maximum nominal amount of EUR400,000,000, without maintenance of shareholders preferential subscription rights; (2) Delegation to the Board f Directors to increase the capital for the benefit of members of a France Telecom group company savings plan, without maintenance of shareholders preferential subscription rights; (c) Board of Directors and statutory Auditors reports to the ordinary and extraordinary general meeting of shareholders preferential subscription rights; (d) Approval of these two resolutions, which contain the waiver of shareholders preferential subscription rights; (d) Filing of documents relating to the meeting. This meeting is convened at the request of the Company. In the event that this general meeting cannot validly deliberate for lack of quorum, the bondholders will be convened, on second notice, on Monday October 6, 2003, at 4:30 p.m. (Paris time) with the same agenda, at the Theatre de L'Empire, Bondholders General Meeting Room, 39-41, avenue de Wagram, 75017 Paris, France. All bondholders will be allowed to attend or be represented at the general meeting. The holders of bonds in registered form must have registered their bonds in the Company's registry no later than five days before the date of the meeting. To participate in the meeting, the holders of bonds in bearer from must submit at least five days before the date of the meeting, a certificate (certificat d'immobilisation) issued by a financial intermediary managing their securities account, to be filed with BNP Paribas Securities Services, Service Assemblees, Les Collines de l'Archie, 92057 Paris-La Defense, France. The holders of bonds in bear form wishing to participate at the meeting or by proxy will receive upon request through their financial intermediary, an admission pass or proxy form, as the case may be. The text of the report of the Board of Directors and the proposed resolutions to the meeting are at the disposal of the bondholders at the disposal of the bondholders at the registered office of the Company. The Board of Directors METALEUROP SA: Still in Deadlock with Creditors Over Rescue Plan ---------------------------------------------------------------- The Metaleurop S.A. Board during a meeting on August 29, 2003 failed to approve the accounts for the fiscal year ending December 31, 2002 on a going concern basis. As of this date no agreement was reached between Metaleurop SA and its creditors with regard to Metaleurop S.A.'s short-term debts and the future cash flow financing. Metaleurop S.A. carries on with its efforts to try to reach an agreement including new financing facilities. In that context, The Commercial Court of Paris has granted Metaleurop S.A. a new extension until November 15, 2003 to hold its Annual General Meeting at which the accounts of the financial year ending on December 31, 2002 would be presented for approval. In the absence of the release of the accounts 2002 in the BALO, the trading of the share will remain suspended. CONTACT: METALEUROP SA Phone: 33 1 42 99 47 73 ============= G E R M A N Y ============= BRAU UND BRUNNEN: Interbrew Not Interested in HVB Stake ------------------------------------------------------- Interbrew S.A. is not interested in acquiring HVB Group's Brau und Brunnen AG, as Germany's fifth largest brewer would not fit with the European brand, Interbrew Chairman John Brock told AFX News. Mr. Brock denies the company is among interested parties in HVB's 55.6% stake in Brau und Brunnen, which it seeks to sell in line with its aim to return to profit this year. HVB banking group said it wants to strengthen its equity capital by EUR1.7 billion by the end of 2003, in order to maintain a Tier 1 ratio of at least 7% and prevent further downgrades by ratings agencies. Other potential bidders for the stake are SABMiller PLC, Scottish & Newcastle PLC and Carlsberg AS. The latter has also been cited as denying any interest. MANNESMANN AG: Deutsche Bank Chair Sued Over Vodafone Takeover -------------------------------------------------------------- Deutsche Bank Chairman Josef Ackermann faces trial at a German regional court in connection with his role in the takeover of Mannesmann three years ago, according to BBC News. He will stand trial for breach of trust in relation to huge bonus payments made to executives at Mannesmann on the completion of Vodafone's takeover of the company. Mr. Ackermann served in the supervisory board at the time. The case is the result of a two-year investigation into the size of bonuses paid to Mannesmann managers at the end of the US$180 billion takeover battle. Also under investigation are Mannesmann boss Klaus Esser, and former supervisory board and former chief of Germany's union, Klaus Zwickel. "Senior management remains convinced that Dr. Ackermann has at all times acted honorably and professionally and believes the case against him is misconceived," a spokesman for the bank said. WESTLB AG: Chief Executive Confirms Plan to Axe 1,800 Jobs ---------------------------------------------------------- The acting chief executive of troubled WestLB AG, Johannes Ringel, confirmed reports that 1,800 jobs would be cut from the German bank by the end of 2005. Mr. Ringel told the Financial Times the cuts are part of a EUR500 million (US$562 million) annual cost-cutting drive. Many of the reductions will come from the bank's operations outside Germany, including the New York office that has 1,200 staff. A total of 700 redundancies are understood to come from the bank's Dusseldorf headquarters, mostly in information technology. The expected Panmure corporate broking business buy-out will also form part of the headcount reduction, although Mr. Ringel assured there would be no other U.K. cuts. In addition, Asian and Latin American operations will be shut, including the offices in Dallas and Houston, the report said. WestLB reported a EUR1.67 billion (GBP1.1 billion) loss in 2002, significantly worse than the bank's initial EUR1 billion estimate. The increase was due to a GBP350 million writedown on the bank's refinancing of BoxClever, which is not part of the unit's portfolio. WESTLB AG: TUI Stake Sale May Take Two Years, Says Chairman ----------------------------------------------------------- TUI AG Chairman Michael Frenzel said WestLB could take up to two years to sell its 31% TUI stake. According to Dow Jones, he told reporters on the island of Majorca that he believes WestLB will sell the stake in the medium term, which could mean two years, but at the same time acknowledged that "in the end, the decision is not ours." Dow Jones said Mr. Frenzel's comments came after weeks of speculation over the sale of WestLB's stake of just over 31% in the tourism operator. The chief executive denied reports of a hostile takeover of TUI through the purchase of WestLB's stake and a management buyout of the stake led by him. However, he said a share placement is a possibility. TUI has traditionally specialized in selling package tours but started no-frills airline Hapag-Lloyd Express at the end of last year, which currently operates only from Germany. The airline is expected to breakeven at an operating level at the end of next year, turning profitable in 2005. ============= I R E L A N D ============= 3COM: Second Quarter Net Loss Widens to US$106 Million ------------------------------------------------------ Computer network maker, 3Com, reported a net loss of US$106 million in the three months to August, slightly up from a US$97.6 million loss a year earlier, due to sharp drop in sales. The company's revenue for the quarter dropped by 40% to US$162 million. 3Com is closing its manufacturing facility in Blanchardstown in north county Dublin early next year under its plan of outsourcing manufacturing operations. The move will affect approximately 1,000 3Com employees globally and will result to the loss of 640 jobs in Dublin. Bruce Claflin, 3Com president and chief executive expects to fully realize savings from the move on the fourth quarter of the fiscal year, according to Bizworld. Mr. Claflin believes the industry outlook is beginning to show signs of growth after the prolonged downturn. "While it would be premature to suggest an industry or company turnaround, we are encouraged," he said. NTL IRELAND: Pre-tax Loss Surpasses Last Year's EUR24.3 Million --------------------------------------------------------------- The annual pre-tax loss of NTL Ireland, owned by troubled British company NTL, widened to EUR28.3 million from EUR24.3 million a year earlier, despite a revenue increase of 37%. Managing director Graham Sutherland, however, assured the cable television services provider is heading towards breakeven this year. More than EUR10 million of the loss was accounted for by exceptional redundancy and property charges of EUR10.5 million, says BizWorld. NTL's subscribers went down from approximately 366,000 to 362,400 in March, according to recent figures, as a result of its "rigorous credit policy" that pressures customers to pay bills. Its revenue rose to EUR95.3 million. NTL Ireland offers primarily digital TV, basic TV, premium sports and movie packs, special interest channels, movies on demand to homes in its franchise areas of Dublin, Waterford and Galway. =================== L U X E M B O U R G =================== IFCO SYSTEMS: Board Approves Bond Issue Worth EUR110 Million ------------------------------------------------------------ IFCO Systems N.V. announced Thursday its board of Directors has passed a resolution for the placement of a EUR110 million bond with a maturity in 2010. Deutsche Bank London will act as the sole book runner. IFCO Systems intends to list the planned bond on the Luxembourg Stock Exchange. The proceeds of the issue will be used to refinance IFCO's existing senior credit facility as well as provide the company with additional cash resources. Karl Pohler, CEO of IFCO Systems, said: "The refinancing of our existing senior credit facility is the final step in the successful financial restructuring of IFCO. With the placement of the bond, we will achieve a financial structure which we expect will enable us to capture the future growth potential in our markets." IFCO Systems is a worldwide logistics service provider with approximately 160 locations in Europe and North America. IFCO Systems operates a pool of more than 65 million RPCs (Reusable Plastic Containers), which are used as a logistic system predominantly for fresh produce by leading retailers. In addition to the RPC business, IFCO Systems also provides a nationwide network of pallet services in the USA. With more than 45 million wooden pallets recycled annually, IFCO Systems is the market leader in this segment. In 2002, IFCO Systems generated revenues of US$380.7 million. ===================== N E T H E R L A N D S ===================== KLM ROYAL: Pilots Union Demands Zero Job-cuts --------------------------------------------- Reports that KLM Royal and Air France are close to agreeing an alliance that may lead to a merger have prompted pilots of the troubled Dutch airlines to demand for a guarantee that there would be no job losses in case of a tie-up. Pilot's union Spokesman Henk de Vries told Dow Jones Newswires the union is not against an alliance but wants to ensure its employment agreements are safeguarded. He said the Vereniging van Nederlandse Verkeersvliegers or VNV may take legal or industrial action should KLM breach labor agreements. Air France and KLM Tuesday said they were in advanced talks on an "intensive" commercial alliance, which could bring significant changes in the Dutch carrier's trading. "If, for example, the European Union Commission decides that flights have to be scrapped, this should be divided equally," Mr. De Vries said. He added if the alliance leads to an increase in flights, then pilots and KLM will have to discuss how the growth will be distributed between the two partners. KLM and the pilots' union were in collective wage talks last year, which ended in an agreement that any commercial alliance would not lead to job losses for KLM pilots and that flights between Amsterdam's Schiphol airport and the domestic hub of a future partner should be divided equally. Mr. De Vries said the VNV in the past few weeks has urged KLM to pledge to stick to those agreements. KLM Royal started negotiating with Air France regarding the tie-up and a possible entry into the latter's SkyTeam alliance late August. Reports say the KLM job guarantees were a hurdle in the negotiations, although Mr. De Vries denied the jobs pact being was the reason for any delay in the negotiations. The Amsterdam-based carrier reported a EUR416 million ($470 million) loss for the year ended in March. Air France, meanwhile, reported a profit for the three months through June and forecast a profit before interest and tax for the fiscal year ending in March 2004. ROYAL KPN: Government Reduces Shareholding by More Than a Third --------------------------------------------------------------- Netherlands sold its 12% stake, or more than a third of its holdings, in struggling phone firm KPN for EUR2 billion (US$2.26 billion) to U.S. investment bank Citigroup, according to BBC News. The report cited a spokesman for the Dutch Finance Ministry saying: "There is no reason for the government to [retain] a minority stake in KPN. We could sell more in the future." Citigroup also plans to sell the 300 million shares. The Dutch government is left with 19.3% of KPN shares. But it cannot legally sell the holdings for another 12 months. KPN's troubles stemmed from debts of EUR22 billion (US$25.5 billion) acquired during a buying spree at the height of the telecoms boom. It returned to profit in the first quarter of 2003 after cutting costs and restructuring. It plans to trim down debts to EUR10 billion by end of 2003. ROYAL PHILIPS: To Cut Workforce to Enhance Efficiency, Save Cost ---------------------------------------------------------------- Royal Philips Electronics said it will cut approximately 180 jobs at its operations in the Dutch town of Drachten next year as part of the company's program to save cost and improve efficiency. It already advised the workforce, the Works Council and the trade unions about the plan. The reduction includes 110 job-cuts as a result of efficiency measures and 60 as a result of the transfer of assembly operations from Drachen to China. The site, which currently employs 2,000 people, started moving part of the final assembly operations to Zhuhai, where shavers are mass-produced at a low cost, last year. The management in Drachten said the plan will be undertaken through non-renewal of temporary contracts, natural wastage, and the use of flexible duty rosters in production. There may also be compulsory redundancies. Royal Philips promised to help find other employment, additional training and a responsible social compensation plan for affected workers. The company's cost saving program also includes innovative product design, internal efficiency, reduced overheads, and a reduction in the cost of materials. =========== N O R W A Y =========== PAN FISH: Board of Directors Gives Nod to Refinancing Plans ----------------------------------------------------------- Pan Fish's Board of Directors unanimously accepted the company's refinancing plan as negotiated with the company's bank syndicate. The refinancing plan allows Pan Fish sufficient financial and operational freedom to regain the position as one of the world's leading aquaculture companies. As communicated at the presentation of the company's Q2 results, Pan Fish has sought a total financing solution for the company. These efforts have aimed at strengthening the company's solidity and cash position, to allow Pan Fish to regain its competitiveness and realize the company's strategic goals. After close and constructive cooperation with the company's bank syndicate, Pan Fish succeeded at negotiating a plan to sufficiently refinance the Pan Fish Group. The refinancing agreement comprises these main points: (a) Depreciation of the share capital, based on an intermediate financial balance as at June 30, 2003, through depreciation of the share face value to NOK0.04 (b) Debts to the bank syndicate of NOK900 million are partially (NOK750-790 million) converted to share capital at a price of NOK0.05 and partially (NOK100-150 million) to a convertible, liable loan. The convertible loan will have a conversion price of NOK0.05. A sale of shares by the banks secures equal treatment of all current shareholders. The company has ensured necessary liquidity through the sale of non-core assets. The company's current loan covenant with the bank syndicate will be renegotiated before the extraordinary general meeting. Pan Fish's equity after refinancing should be viewed in connection with the considerable restructuring of the company's balance sheet that was carried out in Q4 2002 and Q2 2003. All goodwill is written-down to zero and the company's license portfolio is booked at a mere NOK662 million. As the market price of salmon is currently recovering, Pan Fish's competitive position is strengthened and the company is well-positioned to regain its place as a leading and profitable aquaculture enterprise. The risks listed in the Q2 report regarding further depreciations connected to Pan Fish's Canadian operations, will under no circumstances affect the company's balance sheet in the short run, and, should they occur, the effect on liquidity should be limited. Given the current refinancing and developments in the price of salmon, Pan Fish's equity would be positive, even with a total readjustment of the company's Canadian operations. Notice of an extraordinary general meeting will be given as soon as possible and Pan Fish expects the extraordinary general meeting to be held within four weeks. CONTACT: PAN FISH ASA Atle Eide, CEO Mobile: +47 91152977 =========== R U S S I A =========== OAO GAZPROM: Ties to Govt Reason for 'BB' Rating, Says Fitch ------------------------------------------------------------ Fitch Ratings detailed the rationale for assigning OAO Gazprom (Gazprom), the world's largest gas company, international Senior Unsecured foreign currency and local currency ratings of 'BB'. The Outlook for the ratings is Stable. The ratings assigned reflect the combination of the standalone rating of the capital structure and business combined with a positively viewed link with the Russian state. This includes setting of domestic revenues, control over legislation, control of the management and financial planning of the business, production licensing and a significant vested interest in ensuring the business continues. Fitch considers Gazprom to be a strategic asset with domestic and international operations and markets in which the Russian state can and has exerted a material influence. The effect of this is to improve the rating of the standalone business. The Outlook is predicated on the likely variations in business fundamentals, excluding movements in export prices, and factors relevant to the perceived linkage with the state. Fitch does not anticipate a change in the rating or outlook over the next 12-18 months. Positive factors which would affect the overall rating would include an executed reduction to transit risk combined with appropriate financing, increased level of state control, ongoing reductions to gross leverage, sovereign rating improvement and international investment. Factors that would reflect negatively on the rating would include production shortfalls, adverse changes in sectoral regulation, increased gross borrowings and material increases in the proportion of secured debt. Gazprom is a strategically important business not simply in the context of Russian supply but also in various key international markets. It is world scale in size and has now embarked on the reforms necessary to enable it to achieve both medium-term political and sectoral objectives to then fulfill its longer term potential for the benefit of both its domestic and international customer base. Export earnings currently account for a substantial proportion of the group's cash and accounting profit on a net back basis, which represent a volatile source of net cash flow. Volatility in earnings stems from the proportion of fixed costs associated with Gazprom's businesses and to a lesser extent non-discretionary cash cost associated with domestic production and ageing infrastructure. Gazprom's substantial European market presence, and the interdependency of transit countries with both Gazprom and wider Russian trade were seen as materially offsetting factors. Risks relating to overall production depend, over the medium term on the successful development of the Zapolyarnoye field and improved focus in relations to exploration and development. Execution risks associated with the Zapolyarnoye development are considered limited due to the group's extensive and successful involvement in the field to date. Longer-term visibility on the new developments may depend on price developments on sales and procurement. Downside protection is achieved through the anticipated successful developments in relation to central Asian gas procurement. Whilst Fitch considers management's overall minimum target of 530 billion cubic meters achievable over the longer term, during which costs associated with development and lifting may increase. Overall improvements in corporate governance and financial accountability are expected to act positively in respect of costs. Domestic prices, set by the Federal Energy Commission, at which Gazprom can charge for its services both in respect of transit capacity of the Unified Gas Supply System (UGSS) and for gas its sells on a wholesale basis is now in its second year of real terms price increases. Whilst much is ultimately dependent upon the political appetite for further real terms price increases, the rating anticipates moderate real-term price increases over the medium term, allied to a domestic capacity to pay remaining substantially unchanged. These latter two factors provide a strong linkage to the sovereign rating as an indicator of capacity of the substantially state sponsored elements of Gazprom's customer base. Improving corporate governance represents a considerable positive driver in all segments and aspects of the business as demonstrated by the improvements business procurement practices and segmental accountability. Much of it driven by the state-appointed management team's intention to crate a profile that is more cost efficient and internationally competitive over the longer term. Both positive and negative factors present in the capital structure of Gazprom are accounted for in the rating. The key positive factor is the significant 38% direct stake held by government and the 16% share held by Gazprom subsidiaries. Strong investor appetite continues and combined with the state's demonstrated interest in international ownership that suggest long term value may be greater than that of a taxable entity or public service entity. This supports the concept of rating linkage with the state. To the negative in respect of the capital structure is the existence of a material level of secured debt, which affects the standalone senior unsecured rating. The proportion of secured debt in the capital structure may decrease, however the cost of capital efficient structure is expected to vary based upon capital markets appetite for unsecured risk at the parent level and a continued favorable business environment. ===================== S W I T Z E R L A N D ===================== ABB LTD.: No Liabilities Will be Incurred Should Alstom Go Under ---------------------------------------------------------------- Amid speculations of Alstom S.A.'s possible bankruptcy, ABB Limited assured investors it will not incur any charges as a result of the French company's going under. "The balance sheet will not ultimately show any material cost for ABB," a company spokesman told AFX News, commenting on speculations that if Alstom went under, its Swedish-Swiss rival ABB would be liable for the compensation and repair costs of faulty turbines it sold to Alstom as part of a deal in 2000. According to the report, ABB's 2002 annual report indicated that there is an estimated risk of US$2.2 billion related to guarantees given by ABB at the time of the sale of the 50% stake in the turbines joint venture. The spokesman, however, said this sum is "very theoretical" because it is "inconceivable that the E.U. would accept that all turbine factories in Europe be closed." He added most of the guarantees have already expired. =========================== U N I T E D K I N G D O M =========================== ABBEY NATIONAL: To Trim Down Workforce, Move Production to India ---------------------------------------------------------------- Abbey National was set to meet banking executives last week to discuss plans to axe jobs in the U.K., arousing suspicions that hundreds of jobs could be under threat at telephony and processing centers in Bradford, Teesside, and the Solent. The bank said: "We have made no announcements to staff about the next phase of our offshore plans. We need to talk to our union first and then tell staff directly before we can comment any further." It also said: "We said in July we had taken the decision in principle to relocate and selectively more offshore some telephone and processing operations to India. We believe that will complement our investment in the U.K. staff and training." Indian-born chief executive Lugman Arnold admitted the plan, which could save the bank millions of pounds in employee pay. It refused to guarantee jobs at Bradford, Teesside, and Solent, where it employs 300, 600, and 500 staff respectively. According to the report, Linda Rolph, general secretary of the Abbey National Group Union, said: "We are opposed to the idea, but we want to be involved in negotiations to get the best deal for our staff. People are uneasy about it all." BIG FOOD: Appoints Alan McWalter Non-Executive Director ------------------------------------------------------- At a Board meeting Alan McWalter was appointed to the Board of The Big Food Group plc as a Non-executive Director with immediate effect following the meeting. Alan will also join the Remuneration Committee. Alan's appointment follows a search conducted by an external specialist agency covering a wide range of potential candidates. Alan's wide experience of retailing, especially that coming from his most recent role as Group Marketing Director at Marks and Spencer Group plc, will complement the existing Board. Alan is currently the Non-executive Chairman of Constantine Holdings Limited and Nationwide Autocentres Limited as well as a Non-executive Director of EasyCar Limited and Aplhameric plc. Previously Alan was a Director at Marks & Spencer Group plc, Woolworths Public Limited Company, Comet Group plc and the Incorporated Society of British Advertisers Limited. There are no matters requiring disclosure under paragraph 6F.2(b) to (g) of the UKLA Listing Rules with respect to Alan. At the same meeting the Board regretfully accepted the retirement of Alan Smith. Alan has been a Non-executive Director since 2000. As a consequence of these changes to the Board, John Maxwell becomes a member of the Nomination Committee and David Price, the senior independent director, will chair the Remuneration Committee. ***** Fitch Ratings, the international rating agency, has assigned Senior Unsecured and Short-term ratings of 'BB-'and 'B' respectively to The Big Food Group plc. CONTACT: BIG FOOD Hudson Sandler Phone: 020 7796 4133 Andrew Hayes Noemie de Andia BRITISH AIRWAYS: Administrative Workers Accept Pay Hike Offer ------------------------------------------------------------- British Airways on Tuesday reported positive news regarding its row over pay increases with employees, according to Dow Jones. The carrier said 12,000 administrative workers, including check-in staff who staged a wildcat strike in July, have accepted the company's 3% pay increase. They also accepted the plan to use the swipe-card system to monitor employees. The deal is retroactive January. But the staff and management are still undecided what to do with the information collected in the swipe cards. They also have not yet reached agreement with unions over a new pay deal for engineers. The engineers last week rejected the use of the swipe card system. Hundreds of British Airways workers at Heathrow airport walked out before in opposition to the introduction of the new electronic swipe card clocking-in system. They feared the system would lead to dramatic changes in working practices, including the possibility of employees being sent home at slack periods and recalled at busier times. British Airways claims the dispute has cost it between GBP30 million and GBP40 million. These are in addition to a pre-tax loss of GBP45 million for the April-to-June period, which was due to the Iraq war and the SARS outbreak. BRITISH ENERGY: Government Warns of Possible Administration ----------------------------------------------------------- The company wishes to draw your attention to the written statement to Parliament by the Secretary of State for Trade and Industry: British Energy Credit Facility Agreement On March 7, I informed the House that British Energy had repaid to my Department all outstanding amounts under the credit facility. On a contingency basis I decided, with the company's agreement, to continue the facility, with the maximum amount available being reduced from GBP650 million to GBP200 million. British Energy has subsequently utilized the facility in August. As the House was in recess at the time the drawing was made, my Department wrote to the Chairs of the Committee of Public Accounts and the Trade and Industry Committee to inform them of the fact. At the beginning of September, British Energy's outstanding drawdown on the facility was GBp13.1 million. The controls governing drawings on the facility by British Energy remain in place. As with the company's previous drawings, we expect further drawings to be repaid in full, including interest, as soon as the company is in a position to do so. British Energy's obligations under the credit facility agreement are secured by charges over the British Energy Group's assets. This security is in the nature of a senior charge which would take priority over the claims of other creditors should the company become insolvent. British Energy continues to work on implementing its restructuring plan. It announced on September 11, that it had agreed to the sale of its stake in its U.S. joint venture, AmerGen, subject to certain regulatory and other conditions. But there remain significant milestones ahead. Successful implementation of the restructuring plan will require a number of further conditions to be met, including satisfactory formal commitments from creditors to support the plan, completion of the AmerGen sale and receipt of state aids approval from the European Commission. I will also need to be satisfied that implementation of the restructuring will lead to a viable restructured entity that will not be dependent on Government support in the long term. If these conditions cannot be met, the Government remains well prepared for administration." CONTACT: BRITISH ENERGY Investor Relations Phone: 01355 262 201 Contact: Paul Heward COSTAIN PLC: Fitch Affirms Senior Unsecured, Short-term Ratings --------------------------------------------------------------- Fitch Ratings, the international ratings agency, has affirmed U.K. construction company Costain plc's Senior Unsecured rating at 'B' and its Short-term rating at 'B'. The Outlook for the rating remains Stable. The ratings reflect Costain's focus on engineering and construction following its disposals of non-core operations in a restructuring exercise. Its operations cover a broad range of industry sectors, with its strengths mainly in road building, tunneling and utilities. The group is focused on the key U.K. market, which accounted for 95% of its turnover in 1H03 (93% in FY02). The U.K. operations generated an operating profit of GBP3.9 million in 1H03, accounting for 66% of the group's total operating profit. The operating profit of GBP1.5 million in FY02 following a loss of GPP2.2 million in FY01, was depressed by the restructuring charges incurred by the group totaling GBP0.7 million. The improvement in profitability over the past two years reflects the group's more risk-averse strategy, and the more buoyant U.K. construction market, a trend which is expected to continue in the future. The forward order book strengthened to GBP820 million at 1H03 (GBP703m at FYE02), with roughly 85% comprising framework/partnered contracts, in line with the group's strategy. As at FYE02, roughly 40% of total contract turnover was generated by adopting framework agreements as the basis for procurement. The proportion of international work has been reduced dramatically to less than 10% of revenues in FY02 from around 40% in 1996, reflecting the group's more prudent strategy. The group's specialist global operations comprise process contracting and marine civil engineering. At end-1H03 the group reported negative net worth of GBP13.6 million (negative GBP21.1 million at FYE02), caused by a net pension liability of GBP23.7 million (net liability: GBP24.1 million at FYE02). This underlines Fitch's previously documented concerns about the group's past dependence on pension assets for capital strength. In line with the historical trend, the group reported a net cash balance of GBP31 million at 1H03 (GBP26 million at 1H02) with no significant borrowings. This cash balance excludes cash held at joint ventures of GBP34 million (GBP39 million at 1H02). Costain has borrowing facilities with its relationship banks with a maturity date of March 31, 2004. However, the net cash flow from operations weakened to minus GBP7.2 million at 1H03 (minus: GBP2.7 million at 1H02) due to fewer advance payments being received on projects and the change in business profile. EURODIS ELECTRON: Finance Chief's Resignation Effective November ---------------------------------------------------------------- The company announces that Michael Mason, Executive Director and Vice President, Finance, has resigned from the Board and will be leaving the Company in November 2003. The Company has appointed Peter Grant as Group Finance Director on an interim basis while the company conducts a comprehensive review to appoint a permanent replacement. Mr. Grant's previous experience has been with WorldPay, Molins PLC and The General Electric Company plc. Steve Swayne, Chief Executive, said: "The Board would like to thank Michael for his contribution to the company and wishes him well for the future." ***** The Board announced last month proposals to raise approximately GBP17.8 million (EUR25.2 million), before expenses, by means of an issue of New Ordinary Shares. The net proceeds will be used, inter alia, to strengthen the Group's balance sheet and finance the Group's working capital requirements. The company said "trading conditions have remained very difficult, and despite the measures taken by the Board, the Group faces a requirement for additional working capital funding." CONTACT: EURODIS ELECTRON PLC Robert Leigh, Chairman Phone: 01737 242464 Steve Swayne, Chief Executive GOSHAWK INSURANCE: Review Underscores Need to Strengthen Reserve ---------------------------------------------------------------- Following the recently commissioned external actuarial review Goshawk Insurance Holdings plc, the specialist international insurance and reinsurance underwriter, announces the preliminary findings of this review which will necessitate a strengthening of reserves. This is expected to result in a loss for the year but will leave the Group in a significantly stronger position, having resolved the reserving weaknesses within Syndicate 102. London - Syndicate 102 The external actuarial review of Syndicate 102's reserves as at June 30, 2003 is substantially complete and is indicating that a material increase in reserves is required. Certain of the areas requiring strengthening were anticipated in the July 3 statement and the external evaluation, whilst addressing these areas, has taken a more conservative approach to all areas of the Syndicate 102's reserves. Accordingly the board is acting to strengthen gross reserves for prior years. In addition part of the reserve strengthening arises from a reassessment of the effectiveness of reinsurance recoveries. The strengthening is mainly in respect of contingent cost, legal expense and cargo classes of business. The trading environment for the classes of business now written by Syndicate 102 remains very good and in some cases continues to be exceptional. Bermuda - Goshawk Reinsurance Limited (Goshawk Re) Goshawk's wholly owned specialist reinsurance business Goshawk Re's reserves have been struck comfortably within the range of best estimates generated by its external actuarial review as at June 30, 2003. Goshawk Re's results to June 30, 2003 are ahead of the board's expectations. They reflect both strong underwriting results and good investment returns. Trading conditions remain favorable with rates across all classes of its reinsurance business remaining firm and a continued benign loss experience to date. Interim Results The impact of the increase in reserves at Syndicate 102 is that the Group's results for the six months to June 30, 2003 are expected to be materially below market expectations. Depending upon the extent of additional reserving required, the Group may be in breach of its banking covenants upon publication of its interim results. The Board is working with its lending banks to ensure their continued support. The board expects to announce its interim results on September 26, 2003. Goshawk expects to make no further comment until the interim results are released. CONTACT: COLLEGE HILL ASSOCIATES James Henderson Phone: 020 7457 2020 Phil Wilson-Brown GROOVETECH LIMITED: Shuts Down Unprofitable Business ---------------------------------------------------- IMM announces that the directors of its wholly owned subsidiary, Groovetech Limited, have resolved that it should cease trading. Groovetech Limited was established to sell product to the U.K. and Europe and has never been profitable. The directors of IMM are assessing the impact of the closure of Groovetech Limited on the operations of Groovetech LLC, the U.S. subsidiary of IMM. In the meantime, the directors of IMM have requested that trading in its ordinary shares on AIM is suspended, pending clarification of the company's financial position. PEDSHIRE LIMITED: Joint Administrators Offer Business for Sale -------------------------------------------------------------- The Joint Administrators, Gary N. Lee and Paul Stanley of Begbies Traynor are restructuring the business with a view to the survival of Pedshire Limited T/A Martin Roberts (In Administration) as a going concern and seek potential investors in the ongoing Company. The principal features are: turnover of GBP2 million; manufacturing operation in Skelmersdale, Lancashire; experienced and skilled workforce; established customer base and order book. For further information, please contact Richard Thomson at Begbies Traynor, Elliot House, 151 Deansgate, Manchester, M3 3BP; Phone: 0161 839 0900; Fax: 0161 832 7436. ROYAL MAIL: Staff Spurn National Strike; CEO Hails Postmen ---------------------------------------------------------- Royal Mail said that the rejection of a national strike on the company's 14.5% pay offer offered everyone in Royal Mail the opportunity to focus on completing the company's turnaround and continuing to improve customer service. Chief Executive Adam Crozier said, "This is good news. The great majority of our people, and all of our customers, will feel relief at what is a common sense result. We put 14.5% over 18 months on the table because we believe it gives postmen and women a fair weekly wage and offers customers the best prospects for long-term stability. Our overriding priority is to move forward and get the money into people's pockets." Postmen and women in London have voted in favor of strike action over London weighting. Mr. Crozier said, "Fewer than half of our people in London support a strike. We've made a fair offer on London Weighting, of a GBP300 increase with no link to productivity changes, which puts postmen and women in the top third of the London Weighting league table. There simply isn't any more money to put to the table. The pay offer, which includes the London weighting rise will cost GBP340 million a year on top of the extra GBP100 million a year going into our pension scheme. "We can't afford any of this without change, and London needs to change more than the rest of the U.K. Our service quality isn't as good as the rest of the country and we've not made the same steps towards modernization. That must change." Mr. Crozier said a strike in London would be damaging to customer service and to customer confidence in Royal Mail, but that contingency plans were in place to ensure mails are kept safely and delays minimized where possible, and that Royal Mail would keep all customers fully updated about likely disruption. Mr. Crozier said Royal Mail couldn't afford to become distracted by a strike in one part of the country. "Our focus is on the vast majority of people who are committed to change and to making Royal Mail a success of which we are all proud. There's only a minority in London who want to strike rather than succeed." SILENTNIGHT HOLDINGS: Appoints Replacement for Director Adam ------------------------------------------------------------ Silentnight Holdings Plc, the leading bed and furniture manufacturer, announces that it has appointed Mrs. Joanne Iddon as its' Group Finance Director with effect from September 22, 2003. She replaces David Adam who, as announced on April 9, 2003, will become non-executive director with effect from 1 November 2003. Mrs. Iddon, aged 34, joins from Dairy Crest Limited where she was Operations Director of the Cheese Prepack Operation, having previously held a senior financial position. She is a CIMA qualified accountant with 16 years industry experience. There are no other disclosures required under the Listing Rules 6.F.2 (a) to (g). ***** Silentnight founding Clarke family offered to buy 49% of the firm that they do not already own for GBP72.2 million, or only a third of the group's annual turnover, which is GBP11.9 million less than its net assets and also less than the 190p indicative offer the family made last year but later withdrew. The company has a GBP19 million pension fund deficit. CONTACT: SILENTNIGHT HOLDINGS PLC Nino Allenza, Chief Executive Phone: 01282 811137 Fax: 01282 816449 TRIDENT FASHIONS: Sold to Retail Restructuring Specialists ---------------------------------------------------------- Trident Fashions PLC, trading as Ciro Citterio, has taken its first major step on the road to recovery with the appointment of administrators who will protect the business while essential restructuring changes are made. The company, which operates 98 fashion stores, was bought on September 12 by Hilco U.K., the successful retail restructuring specialists. Trident made GBP9.7 million of losses last year and further losses had been projected for the coming financial year. The company was no longer viable and was put up for sale some months ago by its Dubai based former owners. "Retailers appeared reluctant to acquire it, largely because such restructuring is time intensive for a company operating their own retail business. But Hilco specialize in just such scenarios," says Paul McGowan, partner at Hilco U.K. "The appointment of the administrators is the first step in our strategy to save Ciro Citterio which, despite its current financial problems has the ingredients of a successful business. The administration really is a positive force for change and it is our objective to enable the company to emerge from the administration within six months." "We will need to make structural changes to make it profitable, but our philosophy has always mirrored that of the new Enterprise Act which came into force just this week -- to maintain a business as a going concern." Based in the City, Hilco U.K. has a successful track record for such restructuring projects. They were the company responsible for saving Beatties of London, the toy and hobby business as well as the Uptons department store group. Both companies were made profitable by a Hilco strategy and have gone on to prosper in the hands of new owners. They recently acquired the Texstyle World business from its consortium of banks and ensured that 36 of the 46 stores continue to trade successfully with more than 400 jobs saved in the company. "The administrators will begin work and we believe that Ciro Citterio will emerge from the Administration as a stronger business," concludes Paul McGowan. UNITED MILK: Milk Cooperatives Negotiate Buyout Terms ----------------------------------------------------- A consortium of farmer-owned milk cooperatives, which is trying to rescue United Milk through a buy-out, is close to agreeing a deal with receivers PricewaterhouseCoopers, according to Reuters. The group said in a statement: "Working together, we have developed a business plan for the Westbuy factory which provides the plant with a commercial future and offers farmers access to intervention markets." The consortium includes Dairy Farmers of Britain, First Milk, and Milk Link. They said the terms were not yet finalized, but they are confident of success. The company designed to give farmers a direct route to market their milk ran into debts that industry analysts estimated at GBP5 million on top of capital debts of about ten times that figure. The GBP45 million-operation is owned by 400 dairy farmers and is backed by more than GBP10 million of their own money. It employs 125 people and has an annual turnover of GBP100 million. WH SMITH: Sells Airport, Hotel Retailing Businesses in U.S. ----------------------------------------------------------- WH Smith PLC announces the sale of its two U.S. businesses. Its U.S. airport retailing business is being sold to the Hudson Group for GBP41 million (US$64 million) and its U.S. hotel retailing business ('US Hotels Business') is being sold to former management for GBP8 million (US$12.5 million). Following completion of these transactions, WHSmith will provide transitional services for the U.S. Hotels Business until 29 February 2004, after which the Head Office in Atlanta will close. WHSmith will retain no ongoing operational presence in the USA. US Airports Business The total consideration of GBP41 million consists of GBP25 million of cash and GBP16 million of deferred consideration payable by way of an interest bearing loan note with a 5% coupon. WHSmith is selling 180 stores located in 23 airport locations together with certain assets and liabilities associated with the US Airports Business. The sale is conditional on receiving the necessary regulatory approvals and assignment of leases from the airport landlords. Both WHSmith and the Hudson Group anticipate the transaction will complete within 2 months. In the year to August 31, 2002, the U.S. Airports Business generated sales of GBP133 million and store contribution before central costs of GBP8 million. U.S. Hotels Business The total consideration of GBP8 million will be satisfied by way of an interest bearing loan note with a 5% coupon. WHSmith will hold a 15% equity interest in the company formed to acquire the assets. WHSmith will also provide a loan facility of up to GBP4 million to the new company. The U.S. Hotels Business consists of 280 stores in Hotels across continental USA, the Caribbean and Hawaii. The sale is conditional on receiving the necessary assignment of leases from hotel landlords. It is anticipated that the transaction will complete within 2 months. In the year to August 31, 2002, the U.S. Hotels Business generated GBP83 million of sales and the stores incurred losses before central costs of GBP4 million. U.S. Head Office Following the exit of both businesses, the central Head Office in Atlanta will be closed after providing transitional services to the purchasers for a maximum period up to February 29, 2004. Closure costs are anticipated to amount to GBP7 million. Central administration costs in the year to August 31, 2002 were GBP20 million. Asset Values An exceptional charge reflecting impairment of asset carrying values of the businesses being sold was taken as at August 31, 2002 for GBP27 million and a further GBP35 million charge was taken as at February 28, 2003. The net asset value of WHSmith U.S. Travel Retail, as at February 2003, after these exceptional charges, was GBP43 million. Commenting on the proposed sale, Richard Handover, Group Chief Executive, WH Smith PLC said: "WHSmith operated profitably in the U.S. market for sixteen years, when a combination of an economic downturn and the terrorist attacks of September 11th moved the businesses from profit to substantial losses. "While the airport retailing market is one in which we will continue to participate, in other parts of the world, the disposal of the hotels retailing business would leave a sub-scale business in the U.S. The Board therefore decided it was in the shareholders' best interests to exit from both the U.S. hotel and airport retailing markets. "The disposals will be significantly earnings enhancing." James S. Cohen, President and CEO of the Hudson Group commented, "This is an important strategic development for the Hudson Group allowing us to extend the national recognition of the Hudson brand. This acquisition will raise Hudson Group's premier retail footprint to 450 news and gift stores in North American airports and commuter terminals, establishing the company as the leading transportation retailer throughout North America." WH Smith PLC is one of the U.K.'s leading retail groups incorporating market-leading companies in retail, publishing and news distribution. WHSmith USA Travel Retail was established in 1985 with the acquisition of 300 hotel and airport stores from Elson's Inc. By the late nineties the business had established market-leading shares in both markets. In 2000, Hazelwood Enterprises, a hotel gift operator was acquired, quickly followed by the purchase of Benjamin Books, an airport retailer, giving WHSmith a presence in 9 of the top 10 U.S. airports. The WHSmith USA Travel Retail business operated profitably for 16 years. In the year prior to September 11, 2001, it generated profits of GBP12 million and operated over 500 hotel and airport stores. The Hudson Group The Hudson Group currently operates over 250 news, gift and specialty stores in North American airports and commuter terminals, in addition to being one of the U.S.' largest wholesale distributors of magazines and books. ***** WH Smith, a major newspaper and magazine distributor, has issued two profit warnings this year. In August it said that the warm weather had kept shoppers away from its stores. CONTACT: WH SMITH PLC Richard Handover, Group Chief Executive Phone: 020 7409 3222 John Warren, Group Finance Director Phone: 020 7409 3222 Mark Boyle, Investor Relations Phone: 020 7514 9630 BRUNSWICK Timothy Grey Phone: 020 7404 5959 THE HUDSON GROUP James Cohen, President & CEO Phone: 001 201 867 3600 xt.1003 Joseph DiDomizio, Executive Vice President Phone: 001 201 939 5050 Sonya Buckman, VP Public Relations/Communications Phone: 001 201 939 5050 * High Court Names Hellard, Goldfarb Liquidators of 32 Firms ------------------------------------------------------------ Notice is hereby given that by order of the High Court dated August 18, 2003 Kevin John Hellard of RSM Robson Rhodes and Kevin Ashley Goldfarb of Griffins were appointed office holders in place of John Samuel Francis Bennett on these insolvency matters administered pursuant to the provisions of the Insolvency Act 1986: All cases are Creditors Voluntary Liquidations, unless otherwise specified. A.M.A. Security Services Limited ABC Scaffolding Limited ACS Realisations Limited Atlas Transport Limited B.C.R. Boxes Limited Border Buses (Barnoldswick) Limited (Compulsory Liquidation) Braywinters Limited Communications Market Analysis Limited Computer Action Limited Communications Market Analysis Limited Computer Action Limited Construction Power (St. Helens) Limited (Administration) Exergis Consultants Limited German Larger Importers Limited J W Clark & Company (Hampshire) Limited Jadepine Limited Merryweather Properties Limited Micrell (U.K. Limited) Network Evolution Limited Nucleus Creative Services Limited Outdoor Leisure Supplies Limited P.M.D. Technology Services Limited Pavound Limited R.W. Decorations Limited Rapid Radio Communications Limited Sprintgrace Limited Success Furniture Limited Surrey & City Consultants Limited Thai Cuisine (Five Stars) Limited Town Hall Glass Limited V.C. Realisations (1999) Limited (Compulsory Liquidation) Vision Creative Network Limited Creditors who have not already proved are required to send in their names and addresses, with particulars of their debts or claims to the undersigned Kevin John Hellard of RSM Robson Rhodes LLP, 186 City Road, London EC1V 2NU. CONTACT: KJ HELLARD RSM Robson Rhodes LLP 186 City Road London EC2V 2NU KA GOLDFARB Griffins Russell Square House 10-12 Russell Square London WC1B 5EH ********* 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. * * * End of Transmission * * *