/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/011023.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, October 23, 2001, Vol. 2, No. 207 Headlines * B E L G I U M * LERNOUT & HAUSPIE: To Sell Core Unit Absent Creditors' Protection * F R A N C E * VALEO SA: Announces Further Plant Closure, Job Cuts by Year's End VALEO SA: Restructuring of U.S. Unit to Cost About 200M Euros * G E R M A N Y * DAIMLERCHRYSLER AG: U.S. Appeals Court Reverses $259M Verdict I-CENTER ELEKTROGROSHANDEL: Secure Salaries of 1,250 Workers SAARSTAHL AG: Decision Against Saarstahl Said to Be Impossible * I R E L A N D * AER LINGUS: To Layoff More Than 2,000 Employees * N E T H E R L A N D S * KPN NV: KPNQwest Job Cuts to Cost 85 Million Euros Next Year * N O R W A Y * KVAERNER ASA: Kvaerner's Notice of Extraordinary General Meeting * S W I T Z E R L A N D * SWISSAIR GROUP: Crossair to Fly Int'l Routes If Plan Gets Nod SWISSAIR GROUP: SFr4 Billion Rescue Plan Still on a Tightrope SWISSAIR GROUP: Cancels Extraordinary Shareholders' Meeting SWISSAIR GROUP: Layoffs Begin Despite Fund Shortage * U N I T E D K I N G D O M * ATLANTIC TELECOM: 5 Bidders Interested in Assets BRITISH NUCLEAR: Unmet Clean-up Cost Pull BNFL to Insolvency EQUITABLE LIFE: International Holders Want Representation GLOBAL TELESYSTEMS: Agrees to Combination With KPNQwest HUNTINGDON LIFE: Third Largest Shareholder Folds to Pressure JOHN LAING: Disgruntled Investors Expected to Dump Rights Issue MARCONI PLC: Bank Lenders Meet to Plot Next Move MARCONI PLC: Royal Philips Acquires Medical Unit for $1 Billion TEXON INTERNATIONAL: S&P Downgrades Ratings to "CCC" Levels ZETEK POWER: Directors to Vote Zetek Into Receivership ============= B E L G I U M ============= LERNOUT & HAUSPIE: To Sell Core Unit Absent Creditors' Protection ---------------------------------------------------------------- Embattled Lernout & Hauspie Speech Products NV is still keen on closing a sale of its core Speech Language Technology unit despite a failed bid to seek protection from creditors. A Dow Jones Newswires article reported last week that the Company is still bent on sealing the deal with the undisclosed bidder, which is reportedly U.S. competitor Speechworks International Inc. Lernout & Hauspie had trouble balancing its finances the past few months, but has not yet filed for bankruptcy. =========== F R A N C E =========== VALEO SA: Announces Further Plant Closure, Job Cuts by Year's End ----------------------------------------------------------------- French motor components group Valeo SA announced recently another round of factory closures and reduction of employees by 5,000 to be effected by year-end, the Financial Times reports. CEO Thierry Morin was quoted by the report as saying that some 12 sites in Europe will be closed by year-end, which will include those in France, Spain and Germany, among others. The company has 170 sites worldwide and is planning to cut this to 140 to minimize costs. Just last week, Valeo also disclosed that it was closing its plant at Baumenheim in southern Germany. During the third quarter this year, the company also shut down six sites and implemented "selective disposal" of 17 non-core business units. Staff numbers are being progressively reduced to about 70,000 from the current 75,000, according to the report. VALEO SA: Restructuring of U.S. Unit to Cost About 200M Euros ------------------------------------------------------------- CEO Thierry Morin says it would cost the company approximately 100 million to 200 million euros to rehabilitate its troubled US unit Valeo Electrical Systems, reports the Financial Times. Although Morin refused to bare details of the U.S. unit's restructuring plan, he nevertheless said it will include a further 250 million to 300 million euros in accelerated amortization of goodwill and tangible assets. The restructuring plan for the unit based in Rochester, New York would span for several years, said Morin. The French motor components group recorded an 8 percent decline in operating profits in the third quarter, while net profits plummeted from 120 million euros last year to 11 million euros during the period. Morin expects profit to be even lower next year as it expects a 10-12% drop in the European car market, and a slide of 8-12% in North America. ============= G E R M A N Y ============= DAIMLERCHRYSLER AG: U.S. Appeals Court Reverses $259M Verdict ------------------------------------------------------------- An appellate court reversed recently a $259 million verdict against German-American carmaker DaimlerChrysler and ordered a new trial, the Financial Times reported Sunday. The case stems from a 1994 accident involving a Dodge minivan, which killed 6-year-old Sergio Jimenez. Lawyers for the family of Jimenez had argued that the boy was ejected when the family's minivan rolled over because the latch on the rear liftgate failed. The federal appeals court said the trial judge committed error in excluding evidence that Sergio Jimenez was not wearing his seat belt. In addition, the appellate court also ruled that the carmaker did not misrepresent the vehicle's safety, the report said. The court ordered a new trial for the $9 million compensatory damages sought by the Jimenez family. I-CENTER ELEKTROGROSHANDEL: Secure Salaries of 1,250 Workers ------------------------------------------------------------ Bankrupt electronics wholesaler I-Center Elektrogroshandel GmbH has secured the salaries of its 1,250 employees, the Frankfurter Allgemeine Zeitung and FT Information reports Friday. The said funds will be allocated from a bank loan. I-Center's running costs are being financed by Heller Bank in Mainz, Germany. According to the insolvency administrator assisting I-Center, Gunther Kroppel, four new parties have expressed interest over the German electronics business. Administrators plan to set up a new company so that the investors will not have to shoulder existing debts. SAARSTAHL AG: Decision Against Saarstahl Said to Be Impossible -------------------------------------------------------------- In the final phase of insolvency proceedings over Saarstahl AG, the German steel company, differences are arising between insolvency administrator Hans Ringwald and Wolfgang Leese, head of fellow steel group Salzgitter AG. Ringwald has said it is possible that Saarstahl will acquire substantial stakes in Salzgitter via the stock exchange, where "above 50%" is said to be available. This comes in reaction to a press report, according to which Salzgitter is interested in acquiring the Saarland steel companies Dillinger Hutte and Saarstahl. Ringwald points out that, regarding the 33.75% stake held by Saarstahl in Dillinger Hutte parent Dillinger Hutte/Saarstahl (DHS), a decision against Saarstahl is not possible. He is also awaiting a decision by Usinor, the French steel group, which owns 48.75% in DHS and earlier expressed interest in selling. The Saarland regional government has decided to sell its 26.8 % in Saarstahl and its 15% in DHS. ============= I R E L A N D ============= AER LINGUS: To Layoff More Than 2,000 Employees ----------------------------------------------- Failing to persuade the European Union to relax its rules on state aid for ailing airlines, Aer Lingus confirmed last week that it will cut some 2,000 jobs, reports the Financial Times. The planned cut represents a third of the national carrier's workforce. Some 150 pilots, 470 cabin crew and another 500 ground staff will be affected by the layoff. Officials project that the carrier will lose nearly 200 million Irish pounds this year as a result of the drop in bookings, following the September 11 terrorist attacks on the U.S. According to Public Enterprise Minister Mary O'Rourke, the airline needs state guarantees of about 100 million Irish pounds. ===================== N E T H E R L A N D S ===================== KPN NV: KPNQwest Job Cuts to Cost 85 Million Euros Next Year ------------------------------------------------------------ At a conference call, KPNQwest NV CEO Jack McMaster announced that layoffs will cost between 80 million and 85 million euros next year, the Dow Jones Newswires reports Friday. Once data network provider KPNQwest acquires Global TeleSystems Inc.'s Ebone and Central Europe units, its workforce restructuring plans will claim between 25% and 33% of its 4,000 employees, a spokesperson revealed Friday. Furthermore, KPNQwest representative adds that the restructuring charges will include other expenses needed to establish networks and acquire leased space. The company anticipates to be cash flow positive by the fourth quarter of 2003 and net income positive by the third or fourth quarter of 2004, KPNQwest Chief Financial Officer Jeff Von Deylen disclosed. =========== N O R W A Y =========== KVAERNER ASA: Kvaerner's Notice of Extraordinary General Meeting ---------------------------------------------------------------- Kvaerner, the Anglo-Norwegian engineering and construction Group today published details of its forthcoming Extraordinary General Meeting: Notice is hereby given that an Extraordinary General Meeting of Kvaerner ASA will be held at 13:00 hrs (Norwegian time) on Friday 2nd November 2001 at Sentrum Kongress & Scene, Arbeidersamfunnets plass 1, 0181 Oslo, Norway. Voting slips will be distributed at the location between 12:00 and 13:00 hrs on 2nd November 2001. The Agenda will be as follows: 1. Proposed Investigation In a letter dated 5th October 2001 to the company, Aker Maritime ASA has requested that the Board of Directors of Kvaerner ASA calls for an Extraordinary General Meeting to consider a motion concerning an investigation of the Board's and the Management's administration of the company, including the fulfillment of the company's disclosure obligations towards the shareholders and the market in general during the period from 1st July 1998 until today. Based on the press release from the company of 9th October 2001, further discussions have been held between the Board of Kvaerner ASA and Aker Maritime ASA regarding the scope of the investigation, and a mutual agreement has been reached. The Board proposes that the Extraordinary General Meeting passes the following resolution: "Pursuant to sections 5-25 onwards of the Norwegian Public Limited Companies Act, the General Meeting decides that an investigation regarding the administration of the Company and its fulfillment of the disclosure obligations towards shareholders and the market in general, including but not limited to section 5-7 of the Norwegian Stock Exchange Act, ref. chapters 5 and 6 of the Stock Exchange Regulations, during the period from 1st July 1998 and until today, be initiated. It is anticipated that the investigation will be extended to cover the period from 1st July 1995 until 1st July 1998, to the extent that this is desirable to enlighten the scope of the investigation. The Probate Court (Asker og B'rum skifterett) will be requested to appoint an Investigation Board comprising three people. The Investigation Board may appoint a secretary. It is presumed that the Investigation Board commences its investigation immediately after 1st January 2002 and the investigation will be completed no later than 1st July 2002. " 2. Election of the Board of Directors The Board of Directors previously announced on 19th September that it had asked the Election Committee of the Company to consider changes to the Board of Directors and to present a proposal to the Extraordinary General Meeting of the Company. Additionally, Yukos Oil, which recently announced acquisition of approximately 10 per cent of the shares of the Company, have requested that the election of the Board of Directors be placed on the agenda for the Extraordinary General Meeting on 2nd November 2001. * * * Pursuant to Article 7 of the Articles of Association of the Company, the Extraordinary General Meeting will be opened and presided by the Chairman of the Board of Directors, Mr Harald Arnkvaern. Shareholders wishing to attend the Extraordinary General Meeting, either in person or by proxy, must give notice by forwarding the enclosed Notice of Attendance to Kvaerner ASA c/o Den norske Bank ASA Verdipapirser vice, Stranden 21, NO-0021 OSLO, Norway (telefax no. +47 22 48 11 71 /+47 22 94 90 20 / +47 67 51 31 00 / + 47 67 51 30 40). The Notice of Attendance must be received no later than by Monday 29th October 2001 at 16:00 hrs (Norwegian time). Shareholders may, if they wish, appoint the Chairman, Mr Harald Arnkvaern, to act on their behalf at the Meeting. For further information: Paul Emberley, Vice President Group Communications, Kvaerner PLC: +44 (0)20 7339 1035 or +44 (0)20 7768 813090 or paul.emberley@kvaerner.com ===================== S W I T Z E R L A N D ===================== SWISSAIR GROUP: Crossair to Fly Int'l Routes If Plan Gets Nod ------------------------------------------------------------- Crossair is planning to offer 38 overseas destinations if only the government-led task force will be able to find cash to finance the integration of 26 Swissair long-haul jets into its fleet. "It's a provisional plan which depends on the government's decision Monday," a Crossair spokeswoman said in a report appearing in the company website. The task force is searching for SFr4 billion in new capital to incorporate two-thirds of Swissair Group AG's (Z.SAG) flight business into Crossair. Swissair filed for bankruptcy protection two weeks ago. SWISSAIR GROUP: SFr4 Billion Rescue Plan Still on a Tightrope ------------------------------------------------------------- As of Sunday, the SFr4 billion ($2.43 billion) Swissair rescue plan remained viable, as top business leaders raced against time to put up the needed cash. According to a Financial Times report, however, one government official estimates the deal has only a 70% chance of success. According to the report, a rescue plan had to be guaranteed yesterday to prevent a "collapse" over a substantial part of the operations of Swissair Group. The Swiss government is believed to be willing to put up about half of the 4 billion Swiss francs needed and underwrite the minimum 1 billion Swiss francs needed to ensure Swissair's long- haul jets continue flying until they can be transferred to Crossair in April 2002. In addition, it is also expected to provide about 500 million Swiss francs of the 2.7 billion Swiss francs of new equity needed to re-capitalize Crossair. But one banker noted Sunday that there was still no real consensus about the need for the bailout package. A collapse in the bailout talks could ground Swissair anew in less than a month. SWISSAIR GROUP: Cancels Extraordinary Shareholders' Meeting ----------------------------------------------------------- The SAirGroup Extraordinary Shareholders' Meeting scheduled for November 9, 2001 has been cancelled in the light of the events of the past few weeks, a press statement released Friday said. "In view of its present financial situation, SAirGroup will also be unable to distribute its November mailing to its shareholders or issue their Qualiflyer mileage vouchers for 2001," the statement said. "The Group regrets having to take these measures, and hopes it may count on its shareholders' understanding," adds the press release. SWISSAIR GROUP: Layoffs Begin Despite Fund Shortage --------------------------------------------------- Insolvent flag carrier Swissair Group starts to send redundancy letters to over 1,500 of its 4,100 workforce affected by job cuts, a report obtained by Le Temps and FT Information says. In Bern, Swissair employees on Thursday filed a petition with more than 30,000 signatures demanding that the group be saved. Union representatives are highly concerned over the airline's redundancy plan estimate to cover only 650 million Swiss francs out of redundancy claims of about 940 Swiss francs in separation pay on the basis of 4,100 job cuts. If unions rely on fund from Swissair's assets liquidation on its plight, it is most likely to be released only after several months. The federal government and the Zurich canton disclaim any provision of said claims, stressing that it is already outside their jurisdiction. Likewise, Swissair creditor UBS last week refused to make any contribution to the Swiss group's redundancy plan. =========================== U N I T E D K I N G D O M =========================== ATLANTIC TELECOM: 5 Bidders Interested in Assets ------------------------------------------------ PricewaterhouseCoopers said Monday that it has so far received five bids for the assets or the whole of Atlantic Telecom, five days before the bids deadline expires, reported The Times. PwC, the court-appointed administrator of the failed Scottish operator, refused to identify the bidders, although there is strong speculation that executive chairman Graham Duncan is one of them. Rumors are also rife that Fibernet, the high-speed communications provider, is reportedly interested in the company's German business. The bidding expires Friday. The company is currently buried in a 300 million pound debt pile with just 27 million pounds of cash left in its coffers. It has a 13 million pound interest payment due on January. The company's value is pegged at 300 million pounds equivalent to the total investment it poured into developing its networks in the UK, Germany, and The Netherlands. BRITISH NUCLEAR: Unmet Clean-up Cost Pull BNFL to Insolvency ------------------------------------------------------------ The UK state-owned nuclear services group British Nuclear Fuels plc could be declared insolvent due to its inability to sustain clean up cost, a report on the Sunday Telegraph reveals. Already in talks over its finances with the government in earlier months, BNFL could be forced into insolvency within weeks unless it agrees to underwrite the company's long-term liabilities. In cooperation with the Ministry of Defense and the UK Atomic Energy Authority, BNFL is still in operation on a radioactive clean-up estimated to arrive at 34 billion pounds. The amount is expected to increase as the company terminates two f its Magnox nuclear power stations. The government is expected to decide by November regarding a proposal to create a Liabilities Management Authority that would fund the clean-up costs in case it declares BNFL insolvent. Since 1999, BNFL has been struggling to recover from a scandal when data on uranium and plutonium fuel pellets bound for Japan was falsified. EQUITABLE LIFE: International Holders Want Representation --------------------------------------------------------- A demand by international policyholders threatens to disrupt the tight timetable for the compromise deal of Equitable Life seen to secure its financial stability, reports the Financial Times. According to the report, some 36,000 policyholders have passed an application for funding from Equitable for them to be represented as a separate class in a hearing set for next month. The hearing is expected to shape up the compromise scheme between the holders of the guaranteed annuity rate policies (GAR) and the majority who had non-GAR policies. The compromise proposals will then be voted upon on December. Although the international policyholders are considered non-GARs, solicitor Stephen Alexander says they have extra rights and guarantees that are not being recognized in the present compromise proposals. Equitable is insisting of only two classes in its current proposals and has charged Alexander's position to be bereft of factual and legal basis. Equitable says it will not fund another group of policyholders in next month's hearing. Alexander, who was hired by the international policyholders, says his clients will intervene in the next scheduled meeting in January should Equitable fail to fund their representation in next month's hearing. The legal battle that might arise out of this new development puts in danger the payment by Halifax of 250 million pounds, which depends on a compromise deal to be reached by March. Mortgage bank Halifax paid 500 million pounds for Equitable's operational assets earlier this year. GLOBAL TELESYSTEMS: Agrees to Combination With KPNQwest ------------------------------------------------------- A "data revolution in Europe" should accordingly be expected out of the merger of KPNQwest and Global TeleSystems, Inc., says GTS chairman and CEO Robert Amman. Amman expressed this optimism Friday as his company announced the signing of a definitive share purchase agreement it recently reached with KPNQwest. According to a Frankfurt Stock Exchange press release, the agreement provides for the acquisition by KPNQwest of the following units: (1) Global TeleSystems Europe B.V., which owns and operates Ebone, Europe's leading broadband optical and TP network service provider; and (2) GTS's Central European operating companies, which are the leading alternative provider of voice and data communications in Central Europe. KPNQwest will acquire these companies through the issuance of approximately EUR 210 million of new senior convertible bonds and the assumption of bank debt and capital lease obligations upon closing. "GTS and KPNQwest make a formidable combination...The many valuable facets of GTS -- its assets, customers, and most significantly, its talented people - will be a great addition to KPNQwest. We expect this new combined company to thrive," says Amman. Amman explains that the transaction completes the consensual restructuring process the two companies began late last year. He expresses regret, however, to the Company's preferred and common shareholders that the total consideration from KPNQwest is "far less than (our) outstanding bond liability." Still, Amman believes the "agreement represents a fair value for the operations and assets of GTS" given the current market valuations. For more information, contact Steve Bond, Investor Relations Tel: +44(0)-207-769-8242; Fax: +44(0)-207-769-8068; or Email: investor.relations@gts.com HUNTINGDON LIFE: Third Largest Shareholder Folds to Pressure ------------------------------------------------------------ Beleaguered Huntingdon Life Science has lost yet another shareholder over mounting pressure from animal rights activists, reports the Financial Times. Oracle Partners has begun selling its 8.02 percent stake in the animal testing company, which was similarly dumped earlier by Merrill Lynch, Barclays, HSBC, CSFB, Philips & Drew and WestLB Panmure. Oracle president Larry Feinberg says the move was triggered by the share price performance of the Company and the spate of harassment his staff has been getting from protesters. The Connecticut-based hedge fund is the third largest shareholder of HLS. Meanwhile, Stephens Group and Quilcap, the top two shareholders of the animal testing company, are not planning to dispose its shares despite pressures from animal rights activists. The two companies recently assured HLS that they have no plans of deserting the latter. JOHN LAING: Disgruntled Investors Expected to Dump Rights Issue --------------------------------------------------------------- John Laing investors were expected to boycott its planned rights issue in a shareholder meeting set yesterday to approve the sale of its contracting unit, the Financial Times reported Sunday. The rights issue is an integral part of the rescue plan for the troubled housing developer, which recently sold its contracting unit. The report disclosed that some shareholders are allegedly angry at the way the construction company handled the sale of the business unit and were expected to refuse to take up some of their share entitlements. Construction analyst John Carnegie estimated that up to 17 million shares representing 10% of the enlarged equity would not be taken up yesterday. Charitable and Laing family-related trusts that do not take up their full rights were expected to leave 12 million to 13 million shares. Disgruntled shareholders could leave a further 4 million to 5 million shares. But the report said the boycott would not affect the success of the 76.7 million rights issue valued at 100 pounds a share. Meanwhile, the report also disclosed that several fund managers are angry both at the way Laing handled the sale and at the scale of the losses caused by misjudged building contracts. They are particularly angered by about recent share sales made by executive chairman Sir Martin Laing and charitable trusts associated with the Laing family at prices far higher than the current 116 pounds. Accordingly, the series of sales caused the value of Laing shares to drop by half. Sir Martin exercised options on 85,000 shares at 346 pounds on April 30. Two charitable trusts associated with the Laing family sold 6.4 million shares at about 490 pounds on May 3, and sold them later the same day for 523 pounds. "The fact that the shares were sold so close to the rights issue which they are not supporting rather sticks in the gullet," said one Laing shareholder. "If this were America shareholders would take more robust action." MARCONI PLC: Bank Lenders Meet to Plot Next Move ------------------------------------------------ Marconi's bank lenders were scheduled to meet again yesterday to plot their next move following the sale of the company's medical systems unit, which reduced its debts from 4.3 billion pounds to 3.55 billion pounds. The meeting is a continuation of Friday's caucus, which according to the Financial Times, had lenders asking the company whether it plans to buy back any of its 2.25 billion pound long-term bonds. Following the sale of its medical systems unit, the troubled telecommunications equipment company is reportedly peddling its Gilbarco petrol pumps business. The company reported an operating profit 5 million pounds last week in the three months to the end of September. Details of what transpired in yesterday's meeting were not yet available as of press time. MARCONI PLC: Royal Philips Acquires Medical Unit for $1 Billion --------------------------------------------------------------- Royal Philips Electronics announced last week that it has completed the acquisition of the medical systems business of Marconi plc, a Business Wire press release says. The total purchase price of the business unit was US$1.1 billion, says the press release. Marconi Medical Systems has 5,000 employees operating in the medical imaging market in over 100 countries, specializing in computed tomography, magnetic resonance and nuclear medicine systems. The deal, first announced in July, makes Philips Medical Systems the world's leading supplier in most imaging modalities and patient monitoring systems. Accordingly, the deal completes Philips Medical Systems' multi- billion-dollar three-year acquisition program that also included the purchase of Agilent's Healthcare Solutions Group, ADAC Laboratories, and ATL Ultrasound. Philips strategically identified and acquired these best-in-class businesses to better position the company for future growth within the annual US$35 billion healthcare imaging, monitoring and services market, and assemble a comprehensive solutions offering for its customers. The result is a strengthened Philips Medical Systems, with a complete portfolio of products and services that enable hospitals to deliver better care, while improving cost-efficiency. Following the acquisition program, the extended product range of the Philips Medical Systems covers medical diagnosis using x-ray, magnetic resonance, computed tomography, ultrasound, and nuclear medicine, to life-saving equipment and treatment (resuscitation, patient monitoring systems and radiation therapy planning). TEXON INTERNATIONAL: S&P Downgrades Ratings to "CCC" Levels ----------------------------------------------------------- The bleak market conditions in North America and the deterioration in Asia could weaken the liquidity of Texon International plc, says Standard & Poors as it downgraded last week the company's credit and senior unsecured debt ratings. The ratings agency also placed the company on CreditWatch with negative implications, says a press release on the ratings action. The following are the new ratings of the company: (1) Long-term corporate credit rating to "CCC+" from "B" (2) Senior unsecured debt rating to "CCC-" from "B-" According to the press release, the two-notch differential is due to the fact that "the senior notes are structurally subordinated to senior bank debt facilities and other liabilities in operating subsidiaries." The ratings agency believes the weak liquidity position of the company will come "under increasing pressure" in the next few months. The agency says it is doubtful if the company will be able to meet its coupon payment on February 1, 2002 on its 10-year DM245 million ($112.6 million) bond due February 2008. "The uncertain future trading outlook is also expected to impact performance, preventing the group from achieving improved credit measures in 2001," says the ratings agency. Standard & Poor's says it will monitor ongoing developments, particularly the liquidity situation, with a view to resolving the CreditWatch status. Texon is a U.K.-based footwear component manufacturer with sales of 151.9 million pounds ($218.3 million) and EBITDA of 19.5 million pounds in the 12 months to June 30, 2001. ZETEK POWER: Directors to Vote Zetek Into Receivership ------------------------------------------------------ Directors of European fuel cell manufacturer Zetek Power plc today will vote to place the company under receivership after attempts to raise funds for continued operations failed, the Sunday Telegraph and FT Information reports. With Credit Suisse First Boston, efforts to raise 40 million pounds were unsuccessful to attract investors due to market uncertainties aggravated by the US terrorist attacks aftermath. Zetek founder, chairman and CEO Nick Abson still hopes that a buyer will be found to take the company out of receivership. ********** 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 Maria Lourdes Reyes, Editors. Copyright 2001. 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 $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 $25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *