/raid1/www/Hosts/bankrupt/TCREUR_Public/010705.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

             Thursday, July 05, 2001, Vol. 2, No. 130


                            Headlines

* A U S T R I A *

LIBRO AG: Receives New Funding of Sch300MM

* B E L G I U M *

CITY BIRD: Aviation Pressure Affects City Bird Situation
CITY BIRD: Files for Concordat
SABENA SA: Belgium Rejects Swissair Proposal
SABENA SA: Owners Go to Court Over Disputed Contract
SABENA SA: Swissair Dismayed at Government's Move
SABENA SA: Swissair Revises Sabena Offer

* B U L G A R I A *

VIDACHIM: Receiver Suspends Property Deals

* C Z E C H   R E P U B L I C *

CKD DOPRAVNI: Siemens Announces CKD Takeover
KOMERCNI BANKA: French Bank Outbids Rivals

* F R A N C E *

LEON DE BRUXELLES: Restaurant Chain Goes Into Receivership

* G E R M A N Y *

BANKGESELLSCHAFT BERLIN: Supervisory Board Welcomes Restructuring
KABEL: Files for Insolvency
KINOWELT MEDIEN: Fanworld Files for Insolvency
REFUGIUM AG: Insolvency Does Not Affect Operations
TELDAFAX AG: Last Board Member Resigns

* G R E E C E *

OLYMPIC AIRWAYS: CSFB Recommends Axon Bid

* H U N G A R Y *

MALEV AIRLINES: APV Approves Malev Funding

* I R E L A N D *

EIRCOM PLC: Defends Decision on Competing Bids

* I T A L Y *

A.C. FIORENTINA: Agrees With AC Parma on Transfer of Players

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

KPN NV: Belgacom Merger Discusses Personnel Issue
KPN NV: High Debt Level Worries Belgium
KPN NV: To Wind Down German Internet Activities

* S W E D E N *

BOLIDEN LIMITED: Files Short Form Prospectus

* U N I T E D   K I N G D O M *

360NETWORKS: Files for Reorganization in Canada and the U.S.
360NETWORKS: Reduces Workforce Worldwide
HUNTINGDON LIFE: DTI Studies Security on Bank Facility
ICELAND GROUP: DTI Probes Food Retailer
ICELAND GROUP: Names New Non-Exec Chairman
INDEPENDENT INSURANCE: Lawyers Confident Over Class Action
JUST2CLICKS.COM: BestValueZone Will Continue
MARKS & SPENCER: Court Ruling Ends William Baird Legal Battle
MARKS & SPENCER: Receives Numerous Bids for US Unit


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


LIBRO AG: Receives New Funding of Sch300MM
------------------------------------------

Austrian book and media retailer Libro AG will receive a new round
of financing, in the amount of Sch300 million, from its nine major
creditor banks, Der Standard & World Reporter in its June 29
edition said.

The funding aims to make the insolvent company to continue its
operation until an investor is found. Austrian publisher Styria
and German media group Bertelsmann are favorites to acquire
Libro.

Meanwhile, former Auricon manager Werner Steinbauer will take
over Andre Rettberg as chairman.


=============
B E L G I U M
=============


CITY BIRD: Aviation Pressure Affects City Bird Situation
--------------------------------------------------------

Belgian airline City Bird on Monday said it must use cash
to guaranty 100% of its lines of credit.

A B767 of the City Bird fleet has suffered severe damage as a
result of what is considered by City Bird as an error of the
maintenance company. This incident resulted in a cash drain of
160 million Belgian francs in order to repair the airplane and to
protect the passengers. City Bird is disputing the incident with
the maintenance company in court.

In the past weeks, the Belgian aviation industry was under severe
pressure. The situation, which is affecting City Bird, results in
creditors asking payment upfront, therefore increasing the need
for cash.


CITY BIRD: Files for Concordat
------------------------------

The Belgian airline company City Bird on Monday filed for
concordat/concordaat at the Brussels Commercial Court in Belgium
to secure its commitments towards its premium customer Thomas
Cook, all passengers flying with City Bird charters and the
ongoing suppliers.

The concordat/concordaat is the most appropriate instrument for
companies temporarily out of cash resources. By declaring a
moratorium to the creditors, the debtor gains time to restore
order in view of the recovery of his position.

City Bird foresees that if and when the court accepts the request
for concordat/concordaat, the company's activities will be
continued.

A final recovery plan should be submitted to the creditors at the
end of September at the latest.


SABENA SA: Belgium Rejects Swissair Proposal
--------------------------------------------

The Belgian government rejected a 167.5-million-euro lifeline
offered by Swissair to Sabena Belgian World Airlines, according
to the Financial Times' Tuesday report.

Swissair Chairman and CEO Mario Corti said he was surprised and
dismayed by the Belgian government's immediate rejection of
Swissair's revised offer.

The Belgian government branded Swissair's offer as unacceptable
and warned that it will take Swissair to court to force the cash-
strapped Swiss airline to honor its earlier agreement to take
over full financial responsibility for Sabena. It has indicated
that Sabena needs more than twice as much as Swissair is offering
to survive.

Swissair holds the 49.5% stake in Sabena, while the Belgian
government owns the remaining 50.5%.


SABENA SA: Owners Go to Court Over Disputed Contract
----------------------------------------------------

The Belgian government is taking its fellow Sabena shareholder,
Swissair, to court for breach of contract in a dispute over
funding in the troubled national airline, Reuters reported on
Tuesday.

The Swiss carrier, which owns 49.5% of Sabena, committed to
further buy 35.5% from the Belgian government, which holds the
remaining 50.5%, as part of a rescue plan but has attempted to
back out.

The decision to begin legal proceedings came after the government
rejected Swissair's offer to jointly provide Sabena with 305
million euros.

A government source said the case would be brought quickly in a
Brussels court, but did not elaborate.


SABENA SA: Swissair Dismayed at Government's Move
-------------------------------------------------

Swissair Group on Tuesday was dismayed by the Belgian government's
move to reject the Swiss airline's revised proposal to resolve the
pressing Sabena situation, without even discussing the matter with
the parties concerned.

The new proposal, which involves Swissair Group and the Belgian
Government jointly contributing 305 million euros to Sabena,
would guarantee Sabena's future based on the operational
objectives agreed by Sabena's management in its proposed business
plan.

"Without our plan being accepted, the future of Sabena now looks
increasingly in doubt," Swissair Chairman and CEO Mario Corti
said.


SABENA SA: Swissair Revises Sabena Offer
----------------------------------------

The Swissair Group on Monday has revised a proposal to the
Belgian government for Sabena Belgian World Airlines.

The new offer provides for Swissair and the Belgian government to
both contribute 275 million euro in Sabena, with Swissair stating
it is ready to provide an extra 30 million euro loan to the
ailing carrier.

The 305 million euro offer should allow Sabena to continue
operating, provided the Sabena management meets the operational
objectives of their proposed business plan.

In exchange for the capital injection, Swissair should no longer
be required to raise its stake in the Belgian carrier to 85% from
the current 49.5%.

Under the terms of the proposal, Swissair would no longer be
required to make further financial commitments to Sabena or the
Belgian government.


===============
B U L G A R I A
===============


VIDACHIM: Receiver Suspends Property Deals
------------------------------------------

Vidachim temporary receiver Irina Alexandrova has suspended all
deals in the company's property, Pari Daily  & World Reporter in
its June 29 edition said.

A Vidin Regional Court decision on June 26 terminates the powers
of Vidachim's liquidators Alexander Dimitrov and Petko Kolev due
to the declared bankruptcy of the company.

A creditors' meeting will be held on July 6 to appoint receivers
and agree the procedure for the creditors' claims.

Vidachim's debt to the budget amounts to BGN32 million, while
debts to the employees have fallen to BGN2.1 million. Currently,
more than 600 former employees are suing the company for
outstanding wages.


===========================
C Z E C H   R E P U B L I C
===========================


CKD DOPRAVNI: Siemens Announces CKD Takeover
--------------------------------------------

German industrial giant Siemens has agreed to take over
struggling Czech engineering company CKD Dopravni systemy for
Kc750 million, according to Czech News Agency & World Reporter in
its June 29 edition, citing DS' bankruptcy administrator Petr
Dostal.

Under the agreement, CKD will cooperate on Siemens' latest
orders, including the construction of a magnetic rail line in
China, and the supplies of 1,200 commuter trains worth 2.5
billion euros to England and of high-speed trains to Spain.

The new Siemens unit should also sell products for 70 million
euros annually in the next five years.


KOMERCNI BANKA: French Bank Outbids Rivals
------------------------------------------

French bank Societe Generale edged out its Italian and German
rivals in a race for a 60% stake in Czech bank Komercni Banka,
the Prague Business Journal reported on Monday.

The Czech Cabinet on Thursday gave its blessing to the sale for
the French bank's bid of Kc40 billion for Komercni, almost double
the lowest of the three bids by German-Austrian bank Hypo
Vereinsbank AG. Other bidder was Italy's Unicredito Italiano SpA.

Last month, SocGen lost to Italian IntesaBci in a tender for
Slovakia's Vseobecna Uverova Banka.


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


LEON DE BRUXELLES: Restaurant Chain Goes Into Receivership
----------------------------------------------------------

A Nanterre court in France has placed mussels and fries
restaurant chain Leon de Bruxelles in receivership, after learning
that debt restructuring talks have failed, according to a Les Echos
report on Friday.

In early January, two mediators were appointed to find an
agreement with creditors in connection with the company's 57
million euro debt and 2 million euro liabilities. Banks hold 37.4
million euro of the debt.

During the June 14 AGM, bondholders rejected a plan to reschedule
the 20-million-euro bond debt.


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


BANKGESELLSCHAFT BERLIN: Supervisory Board Welcomes Restructuring
-----------------------------------------------------------------

Bankgesellschaft Berlin AG on Monday said its Supervisory Board
welcomed the group Management Board's restructuring program that
includes a more focused specialization and consistent earnings
orientation.

The focus of activities will be on strengthening the retail
business, principally in the Berlin/Brandenburg region. The
wholesale business will concentrate on high-income products with
special consideration to the tying up of funds. The commercial
real estate business will be consolidated, in line with the
general market trend, while the new business will be cut back.

The Supervisory Board and the Management Board welcome the
commitment by Land Berlin to guarantee the group's 2 billion euro
capital increase. Concrete negotiations will be held relating to
the participation of shareholders Nord/LB and Parion.

Resolutions relating to the capital increase will be adopted at
the Annual General Meeting next month.


KABEL: Files for Insolvency Proceedings
---------------------------------------

Multimedia agency Kabel New Media filed for insolvency
proceedings in a Hamburg court on Monday, citing the inadequacy of
the company's liquid assets, the Frankfurt Stock Exchange reported.

The court is expected to appoint an interim insolvency receiver,
with whom discussions will begin immediately.

Two weeks ago, Kabel announced a net loss of $92 to $109 million
for the year ended March, and said it did not expect to break
even until the end of 2001.

Kabel said their fourth-quarter profit was hit by the
restructuring cost and by insolvency proceedings of Swiss sports
marketing group ISMM. These led to funding cutbacks at ISL
Worldwide, one of the companies under the roof of ISMM, and one
of Kabel's main customers.


KINOWELT MEDIEN: Fanworld Files for Insolvency
----------------------------------------------

Kinowelt Medien AG subsidiary Brameier Fanworld AG, engaged in
classical merchandising and owns a chain of 113 franchise shops
in Germany, on Monday has petitioned the courts for insolvency.

The move aims for Kinowelt to focus on its core business, to
discontinue further financial investment in the heavily loss-
making Brameier operation and to search for a strategic partner
for its involvement.

The decision came after discussions with potential investors to
take over its complete holding had failed.

The Board is developing a comprehensive restructuring concept for
the Kinowelt Media Group to create stronger and more efficient
structures. The plan is scheduled for completion by the end of
July.


REFUGIUM AG: Insolvency Does Not Affect Operations
--------------------------------------------------

Retirement homes management company Refugium AG has claimed that
its current insolvency procedures do not affect the continued
running of its homes, Frankfurter Rundschau & World Reporter in
its June 29 edition said.

Financial investment company Gold-Zack initiated plans for service
company Dussmann to continue the operation of 27 homes rented
by Gold-Zack's subsidiary Pako Immobilien AG.

The failed restructuring earlier this year is thought to be one
of the main reasons behind the company's insolvency.


TELDAFAX AG: Last Board Member Resigns
--------------------------------------

Telecommunications company TelDaFax AG said on Friday that its
last board member Stefan Koch has resigned, the Frankfurt Stock
Exchange reported.

"Due to the fact that the insolvency case has been opened June
1st 2001, there is no more necessity for me to continue in office
any more," Koch said.

Koch, who also stepped down as CEO of its unit TelDaFax Vertriebs
GmbH, will assist the insolvency administrator in the following weeks.


===========
G R E E C E
===========


OLYMPIC AIRWAYS: CSFB Recommends Axon Bid
-----------------------------------------

Olympic Airways advisor Credit Suisse First Boston is
recommending Axon Airlines' offer as the best among the four bids
submitted for Greece's national air carrier, Dow Jones Newswires
reported on Monday. Press reports said the bids were valued at
between 100 million and 500 million euros.

According to financial daily Imerisia, Axon Airlines was ranked
first, followed by Cyprus Airways, then Australia's Integrated
Airlines Solutions Consortium, while Greek Restis shipping
group's Golden Aviation Holdings ranked last.

Credit Suisse First Boston has submitted its recommendation
letter and review of binding offers to the Greek government.

The sale of Olympic, whose debt is estimated at 120 million
euros, is viewed by many as crucial to ensure the company's future
viability.  The sale also underscores the government's ongoing
effort to shed money-draining state enterprises.


=============
H U N G A R Y
=============


MALEV AIRLINES: APV Approves Malev Funding
------------------------------------------

The State Privatization and Holding Rt (APV) approved a capital
injection into its majority-owned Malev Hungarian Airlines Rt,
Hungary AM in its Monday edition said.

The size of the funding has yet to be decided.


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


EIRCOM PLC: Defends Decision on Competing Bids
----------------------------------------------

The Eircom board has strongly defended its decision to recommend
the Valentia Telecom offer and the rejection of the eIsland
offer, according to The Irish Times' Tuesday report.

Over the weekend, eIsland asked Eircom for an explanation why its
share offer was rejected. In a letter to eIsland on Monday, the
board reiterated that the proposal was not an offer that could
have been executed given the irrevocable acceptances Valentia has
from 35% shareholder Comsource.

A spokesman for Eircom would not comment on the board's letter to
eIsland.


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


A.C. FIORENTINA: Agrees With AC Parma on Transfer of Players
------------------------------------------------------------

The Fiorentina on Monday said it has reached an agreement with AC
Parma for the transfer of Portuguese player Manuel Rui Costa and
Italian goalkeeper Francesco Toldo for 140 billion lire, payable
in two years.

With the transaction, the AC Fiorentina began the recovery
program in order to reach the parameters required by the
CO.VI.SOC. for enrolment in the Championship of the 'A' Series
2001/2002 and the reduction of the costs of management.

Last month, club Fiorentina has reportedly filed for a bankruptcy
petition in Florence tribunal after media reports that Fiorentina
urgently needed to find 132 billion lire. The Board of Auditors
of Fiorentina denied such filing.


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


KPN NV: Belgacom Merger Discusses Personnel Issue
-------------------------------------------------

Talks over a merger between KPN and Belgium's Belgacom are
reaching their final stages as executives haggle over roles in
the future organization, the Financial Times reported on Monday.

The Belgian government and KPN, which has accumulated debt of
more than $16.9 billion, have agreed on a merger of equals that
would be run by Belgacom chief executive John Goossens.
Discussions are now addressing the level below Goossens.

While the Belgians recognize that the Dutch side would want to
fill positions such as chief operating officer, chief financial
officer and the heads of the various telecommunications
divisions, they have limited faith in the current management of
KPN.

Both sides hope to reach agreement in the next week or two.


KPN NV: High Debt Level Worries Belgium
---------------------------------------

The Belgian government is worried about the high debt level held
by telecommunications company Royal KPN NV, Dow Jones Newswires
reported on Monday.

Belgian telecom operator Belgacom SA is in strategic talks with
KPN for a 50:50 merger.

A government source, who declined to be identified, characterized
the KPN talks as not very decisive, partly because of KPN's 23
billion euro debt level. The source said that the Belgian
government is working very hard to create a debtless company.


KPN NV: To Wind Down German Internet Activities
-----------------------------------------------

KPN said on Friday it has decided to stop further expansion of
its fixed Internet activities in Germany to give the telephone
operator greater priority to strengthen and expand its leading
Internet market positions in the Netherlands and Belgium.

This means that the activities of Internet-service provider
Planet Internet Germany, which employs 73 people, will be wound
down.

The possibility of selling the existing activities will be
studied, but KPN has in any case decided to sell the activities
of KPN Freizeit Medien, set up in 2001 to take over the
activities of online leisure information supplier Vivit.

KPN's debt stems from the costs of buying a 77.5% stake in German
mobile-telephone operator E-Plus and third-generation mobile-
telephone licenses in Germany, Belgium and the Netherlands.


===========
S W E D E N
===========


BOLIDEN LIMITED: Files Short Form Prospectus
--------------------------------------------

Metals and mining company Boliden Limited on Monday said it has
filed a final short form prospectus in respect of its previously
announced equity offerings.

The offerings consist of a $114 million common share rights
offering to the company's shareholders fully secured by
subscription and standby commitments and a $150 million common
share offering directed to existing shareholders, certain Swedish
investors and the company's lenders fully secured by purchase
commitments.

The net proceeds of the rights offering will be used to finance
the company's operations, while net proceeds of the directed
offering will be used to reduce the company's debt.

Meanwhile, Boliden has appointed Jan Johansson as its new
managing director, to succeed Thomas Cederborg on August 1.


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


360NETWORKS: Files for Reorganization in Canada and the U.S.
------------------------------------------------------------

Fiber optic communications provider 360networks on June 28 said
it has filed for protection under the Companies' Creditors
Arrangement Act (CCAA) in the Supreme Court of British Columbia.

360networks (USA) inc. and 22 of its affiliates concurrently
filed for protection under Chapter 11 of the U.S. Bankruptcy Code
in the U.S. Bankruptcy Court for the Southern District of New
York.
  
The company and the subsidiaries covered by the filings currently
have approximately $155 million of unrestricted cash, cash
equivalents, short-term investments and marketable securities on
hand. 360networks expects to use these funds to maintain service
to existing customers in Canada and the United States, and to
complete key segments of its North American network.

360networks also intends to consider additional proposals to
enable it to obtain the best available terms and is examining
other strategic alternatives, including asset sales.

Lazard Freres is assisting 360networks in the development and
evaluation of options, including restructuring its debt obligations.
The court in Canada has appointed PricewaterhouseCoopers Inc. as
Monitor of the Canadian proceeding.  

In addition, 360networks intends to initiate insolvency
proceedings for some of its European subsidiaries.

The company also announced the resignation of board members Kevin
Compton, Glenn Creamer, John Malone, Claude Mongeau, Christian
Reinaudo, John Stanton and Jim Voelker.


360NETWORKS: Reduces Workforce Worldwide
----------------------------------------

As part of its efforts to reduce operating expenses and conserve
capital, optical network service provider 360networks on June 27
announced it would cut its global workforce by approximately 800
positions.

The workforce reduction includes a range of positions in North
America, Europe, South America and Asia. The company will
continue to employ about 1,000 people globally.


HUNTINGDON LIFE: DTI Studies Security on Bank Facility
------------------------------------------------------

The Department of Trade and Industry will review the security
for Bank of England staff before agreeing to offer banking
facilities to Huntingdon Life Sciences, the Financial Times
reported on Monday.

Science minister Lord Sainsbury said the move became necessary
after banks abandoned the company because animal rights extremists
have intimidated or harassed the bank's staff.

A DTI spokesman said that security issues for Bank of England
staff were taken into account before the decision to support HLS
was made. He declined to say what arrangements were made to
protect the staff.

Unifi, the union that represents Bank of England workers, said
the bank had not made them aware of the HLS decision.


ICELAND GROUP: DTI Probes Food Retailer
---------------------------------------

The Department of Trade and Industry has launched an
investigation into allegations of insider dealing at frozen food
retailer Iceland, the Monday edition of BBC News said.

The reports come two days before Iceland is set to reveal results
for the 15 months leading up to April.

Co-founder and chairman Malcolm Walker's disposal of his 13.5-
million-pound stake in the company is under investigation by City
watchdog The Financial Services Authority.

News of the investigation comes amid reports that Walker is
planning a new chain of shops.


ICELAND GROUP: Names New Non-Exec Chairman
------------------------------------------

Frozen food retailer Iceland Group PLC has appointed George
Greener as non-executive chairman, effective Wednesday, the
Financial Times in its July 2 edition said.

The appointment comes amid reports of a Department of Trade and
Industry investigation into alleged insider trading at Iceland
Group in the weeks before it issued the first of three profits
warnings.

Founder and former executive chairman Malcolm Walker quit after
it emerged that he sold 13.5 million pounds in Iceland Group shares
in December. Non-executive director David Price has acted as
chairman since Walker's resignation.

Greener, chairman of British Waterways and a non-executive
director of Reckitt Benckiser, was managing director of Mars UK
from 1986 to 1991 and became chairman and chief executive of life
assurance Allied Dunbar. In 1993, he took over responsibility for
Eagle Star. He then spent two years as chief executive of food
manufacturing group Hillsdown Holdings.


INDEPENDENT INSURANCE: Lawyers Confident Over Class Action
----------------------------------------------------------

Lawyers in the UK are confident they will raise the estimated 1
million pounds necessary to launch a class action against Independent
Insurance and its advisers on behalf of shareholders,
policyholders and employees, the Financial Times reported on
Monday.

Stephen Alexander, a partner with solicitors Class Law, said that
the best chance of recovering money would be if there was found
to have been negligence by Independent auditors KPMG, or a
regulatory failure by the Department of Trade and Industry or the
City of London watchdog Financial Services Authority.

The action group will also examine the role of actuaries Watson
Wyatt in the collapse of the insurance group.


JUST2CLICKS.COM: BestValueZone Will Continue
-------------------------------------------

Following reports of reorganization in Just2Clicks, the business-
to-business Internet company on June 29 said that its
BestValueZone business, primarily focused on the provision of e-
procurement services to Local Authority and Government
organizations, will continue.

J2C is working closely with Oracle to enable BestValueZone to
meet the demands of its potential customer base.

Negotiations are at an advanced stage with several local
authorities on a project to provide an e-procurement solution in
line with the Government's Best Value Initiative. The directors
believe that this project represents a small percentage of the
potential market for BestValueZone's services.

In a statement, J2C said it would close its Powernet business
since it has not yet found a partner for it. The Translinx
operation, on the other hand, is currently under review and is in
talks with a number of parties on the sale of its assets. The
company is also in discussions with Blue Circle Industries PLC on
the sale of its stake in e-cement.

Furthermore, J2C's Webfreight and Granite Rock were closed, while
PulpandPaper.Net was disposed to its management. The Tradezone
operation was moved to the group's Newcastle headquarters to cut
jobs and reduce the net monthly operational cash burn to 325,000
pounds.

The numbers employed by the group have fallen from 135 in
September to 101 in March and to 58 currently employed.


MARKS & SPENCER: Court Ruling Ends William Baird Legal Battle
-------------------------------------------------------------

William Baird PLC's court battle against Marks & Spencer PLC for
the termination of its 30-year supply relationship ended on
Friday after its request to appeal the case to the House of Lords
was denied, according to AFX News.

Baird chief executive David Suddens was very disappointed by the
outcome of the ruling, as the House of Lords did not give any
reasons for its ruling.

The Court of Appeal ruled in February that Baird's claim for
damages had no real prospect of success. The Appeal Court also
overturned a High Court ruling that Baird's claim based on an
understood but unwritten contract could go to trial.

The end of the supply arrangement with M&S resulted in the
closure of Baird's 16 factories, redundancy for 4,500 workers and
provisions of 113.3 million sterling.


MARKS & SPENCER: Receives Numerous Bids for US Unit
---------------------------------------------------

Marks & Spencer PLC has received numerous bids for its US
menswear unit Brooke Brothers, AFX News in its June 29 edition
said. Names of bidders were not disclosed.

The New York Times said industry estimates the sale price at
around US$500 million. It listed Luxottica SpA, May Department
Stores, Men's Wearhouse, the Della Valle Group, the Texas Pacific
Group, and Dickson Concepts International as possible bidders.

                               *************

       S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Kimberly MacAdam,
Salve M. Mordeno and Ma. Cristina D. Pernites, Editors.

Copyright 2001.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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