/raid1/www/Hosts/bankrupt/TCREUR_Public/011123.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

            Friday, November 23, 2001, Vol. 2, No. 229


                            Headlines

* A U S T R I A *

REGINA KUCHEN: Former Bosses Face Trial for Fraud

* B E L G I U M *

LERNOUT & HAUSPIE: Dictaphone Bids for L&H Assets
LERNOUT & HAUSPIE: Draws Six Bidders
SABENA SA: Lufthansa Pressures EU to Look at DAT Promo

* C Z E C H   R E P U B L I C *

VALCOVNY PLECHU: UOHS Rejects Public Support
ZVU CHEMIE: Court Appoints Bankruptcy Administrator

* D E N M A R K *

2M INVEST: Under Pressure to Sell Portfolio Companies

* F R A N C E *

BULL SA: EU to Investigate State Aid
L'EUROPEENNE D'EXTINCTEURS: British Firms Interested to Bid
MOULINEX SA: In Redundancy Bonus Dispute With Government

* G E R M A N Y *

BIODATA INFORMATION: DSW Initiates Legal Action
BIODATA INFORMATION: Files for Insolvency
BROKAT AG: To Sell Mobile Unit at Reduced Price
POPNET INTERNET: Will Implement More Layoffs in Subsidiary
PIXELPARK AG: To Miss Fourth-Quarter Target
ROLF DITTMEYER: Underberg Chief Buys Valensina Brand
TRIUS AG: Winds Up Operations

* H U N G A R Y *

MOL RT: Posts $51MM Loss

* I R E L A N D *

AER LINGUS: Staff Members Seek 30% Equity
EIRCOM PLC: Appoints Philip Nolan as New CEO

* I T A L Y *

ALITALIA SPA: Will Cut 3,500 Jobs to Offset Losses

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

KPN NV: Moody's Confirms Ratings With Stable Outlook
KPN NV: Will Raise 5BB Euro to Solve Debt Crisis
KPN NV: Posts Third-Quarter Revenues
LAURUS NV: Basismarkt Ceases Operation
UNITED PAN-EUROPE: Moody's Cuts Senior Debt Ratings to Ca

* N O R W A Y *

KVAERNER ASA: Aker Maritime Buys More Kvaerner Shares
KVAERNER ASA: Aker Maritime Challenges Yukos Plans
KVAERNER ASA: May Split Into Ten Units
KVAERNER ASA: Yukos Oil Agent Attacks Kvaerner Banks

* S P A I N *

SINTEL: Jobs Offers to 650 Displaced Workers

* S W E D E N *

ADERA AB: EGM Set for Next Month
ICON MEDIALAB: AGM Set for Next Month
ICON MEDIALAB: Confirms Restructuring Plan

* U N I T E D   K I N G D O M *

BRITISH TELECOM: Court Approves Capital Reduction
CARLTON COMMUNICATIONS: Moody's Lowers Ratings to Baa2
CLAIMS DIRECT: Blames Founders' Takeover for Losses
FUTURE NETWORK: To Sell TED Conferences for $6MM
P&O PRINCESS: Merges With U.S. Rival
P&O PRINCESS: Moody's Downgrades Rating to Baa3
SCOOT.COM: May Seek Partner
SCOOT.COM: Stock Advanced 7%


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


REGINA KUCHEN: Former Bosses Face Trial for Fraud
-------------------------------------------------

Three former heads of insolvent Austrian kitchen company Regina
Kuchen are on trial in a Vienna court for fraud and faked
insolvency, the Tuesday edition of Wirtschaftsblatt & World
Reporter said.

The prosecution claims that the three transferred money to the
disadvantage of Regina, and thereby knowingly abused their power
of disposal.

The accused are the former head of Regina, the former
administrative director of Emesco AG and a German manager who
worked for Emesco to draw up a recovery program for Regina.


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


LERNOUT & HAUSPIE: Dictaphone Bids for L&H Assets
-------------------------------------------------

Dictaphone Corp. has bid for some of the speech and language
technology assets of its parent Lernout & Hauspie Speech Products
NV and its L&H Holdings USA Inc. unit.

According to a Dow Jones Newswires report, Dictaphone submitted
its bid Monday the the U.S. Bankruptcy Court in Wilmington,
Delaware, then amended it to include offers to buy the Dragon
Speech Processing/Dialog asset group and the ISI Speech
Processing/Dialog asset group.

Currently, Dictaphone, L&H and L&H Holdings remain in operations
under Chapter 11 bankruptcy protection from their creditors.


LERNOUT & HAUSPIE: Draws Six Bidders
------------------------------------

Up to six potential buyers are interested in parts of Belgian
technology company Lernout & Hauspie Speech Products NV, Dow
Jones Newswires reported.

Names of the bidders were not disclosed.

Belgian court administrator Johan Houtman said the number of
bidders might rise "if the administrators agree to be flexible on
the limit".

Declared insolvent in October, the speech and language business
activities of L&H will be auctioned in New York on November 26.

Remaining assets of L&H are estimated to amount to 20 million
euros, while company's debts mounted to about 490 million euros.


SABENA SA: Lufthansa Pressures EU to Look at DAT Promo
------------------------------------------------------

Germany's Lufthansa wants the European Union Commission to
closely monitor the campaign of Delta Air Transport (DAT) and the
way it uses a bridging credit, reports Dow Jones Newswires.

Lufthansa spokesman Paul Vandermoere said the company wants the
Commission to look into whether the new promotional campaign is
violating EU regulations on competition.

The Belgian regional airline launched its new commercial campaign
on Monday, offering one-way tickets to all European destinations
for 50 euros to regain passengers.

DAT resumed its operations shortly after parent company Belgian
flag carrier Sabena SA was declared bankrupt on November 7,
following a 125 million euro bridging loan from the Belgian
government.

The European Union Commission did not object to the use of the
bridging credit by DAT.


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


VALCOVNY PLECHU: UOHS Rejects Public Support
--------------------------------------------

The anti-monopoly office UOHS has declined to grant an exception
from the ban on public support for the sheet rolling mill
Valcovny plechu Frydek-Mistek, the Czech News Agency reported
Monday.

UOHS claims that granting a support to Valcovny would upset
competition.

The support consisted of swapping Valcovny's debts to the Czech
Consolidation Agency CKA and its subsidiary Konpo for 291.76
million koruna in equity.

"Any support granted by the state to the steel sector is possible
only with an exception approved by the European Commission," UOHS
chairman Josef Bednar said.
   
In April, Valcovny's debt to CKA totaled 174.2 million koruna and
303.5 million koruna to Konpo.

Valcovny intended to swap 116.8 million koruna worth of debt for
equity with CKA and 174.9 million koruna with Konpo.
   
Valcovny plechu is majority-owned by Nova Hut, with 55%. B.C.L.
Trading owns 33.3%, while small shareholders own 11.7% of the
shares.


ZVU CHEMIE: Court Appoints Bankruptcy Administrator
---------------------------------------------------

The Hradec Kralove Regional Court appointed Josef Oubrecht as
preliminary bankruptcy administrator of engineering firm ZVU
Chemie to outline the company's situation and watch over the
assets until the court's verdict, the Czech News Agency reported.

The court appointed the administrator on proposal by one of the
creditors who suspected ZVU Chemie of trying to delay bankruptcy
and transfer assets not used for doing business.

The court found out that ZVU Chemie sold two real estate items
after the bankruptcy proceedings started at the firm.

The court did not state the amount ZVU Chemie owes the
creditors.  

ZVU Chemie emerged in 1997 in the restructuring of ZVU as its
subsidiary. In 1999 ZVU sold ZVU Chemie to Austria's Boehler
Hochdrucktechnik, were the proceeds was used to settle part of
its debts.


=============
D E N M A R K
=============


2M INVEST: Under Pressure to Sell Portfolio Companies
-----------------------------------------------------

Analysts fear that 2M Invest will have difficulties selling five
of its portfolio companies before the year's end, and that it may be
heading towards insolvency, reports Borsen/FT Information.

The banks have taken control of the venture capital company
as part of a credit agreement.

2M was oversubscribed by 20 times when it was floated on the
stock exchange in February, and share price has fallen sharply since.

Last week, the company revealed a loss of 87.9 million Danish
krone for the first nine months of 2001.


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


BULL SA: EU to Investigate State Aid
------------------------------------

The European Commission will study a reported 100-million-euro
injection by the French government into French computer maker
Bull when it has confirmed the details of the operation,
reports AFX News.

Spokesman Michael Tscherny declined to comment on the possible
outcome of the investigation but noted that Bull had already
benefited from a large state aid injection within the last 10
years.

Bull said the government is ready to advance a refundable 100
million euros to help with the company's current financial problems.
Bull must repay a 115-million-euro debt next year.


L'EUROPEENNE D'EXTINCTEURS: British Firms Interested to Bid
-----------------------------------------------------------

UK industrial groups Tyco and London Securities have reportedly
expressed an interest in emergency fire-fighting equipment
manufacturer l'Europeenne d'Extincteurs, the Tuesday edition of
Les Echos/FT Information said.

Europeenne could be the object of an acquisition plan through the
sale of assets by the end of this year, or early 2002.

The French group has been in receivership since October.


MOULINEX SA: In Redundancy Bonus Dispute With Government
--------------------------------------------------------

The French government and the L'Assurance-garantie des Salaires
(AGS) have no intention of financing the extra redundancy bonus
won by the employees of bankrupt electrical appliances group
Moulinex, Les Echos and FT Information reported.

AGS, an insurance system financed and managed by employers that
takes responsibility for pay in the case of bankruptcy, is likely
to refuse to pick up the bill for Moulinex.

If funding is required from the said organization, the 3,700
Moulinex employees who are expected to lose their jobs must have
received notification Tuesday.


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


BIODATA INFORMATION: DSW Initiates Legal Action
-----------------------------------------------

Deutsche Schutzvereinigung fur Wertpapierbesitz (DSW), the German
small shareholder protection association, has launched a legal
action against the management of Biodata Information Technology
AG, a developer and producer of electronic security applications
for communication and computer networks.

According to a Suddeutsche Zeitung report, DSW claims that the
management of Biodata has withheld information over the collapse
of a 20-million-euro deal last year.

Biodata is reportedly running out of cash. Its current cash
position allegedly stands at 1.9 million euros ($1.7 million) and
owes an unnamed bank 13.5 million euros ($12.2 million), plus
"other debts."


BIODATA INFORMATION: Files for Insolvency
-----------------------------------------

Debt laden Biodata Information Technology AG filed for insolvency
Tuesday after talks with potential investors failed, Financial
Times Deutschland reported.

In October, Biodata issued a dramatic profit warning as its
auditor confirmed that the company was in dire need of additional
financial capitalization.

Biodata is still in negotiations with potential investors.


BROKAT AG: To Sell Mobile Unit at Reduced Price
-----------------------------------------------

Ailing German business software group Brokat Technologies AG
agreed to sell its mobile business to US-based EOne Global for a
reduced price of 28.25 million euros ($24.98 million) from 42
million euros, Reuters reported Tuesday.

Brokat said that Eone waived its earlier requirement that 80% of
the holders of Brokat's 11.5% senior notes had to approve the
sale.

However, Brokat said that the deal would not improve its
financial situation or on its debt burden as negotiations with
bondholders to restructure its debts have so far proved
unsuccessful.

Brokat shares were suspended from trading by German stock
exchange operator Deutsche Boerse.

The company recorded turnover of 5.7 million euros and operating
losses of 39.9 million euros in the third quarter of 2001. As of
September 30, it had available cash of 25.3 million euro.


POPNET INTERNET: Will Implement More Layoffs in Subsidiary
----------------------------------------------------------

Insolvent German Internet company Popnet Internet AG announced
Monday that it would again cut 50 jobs at its subsidiary Popnet
Kommunikation GmbH & Co KG, Borsen-Zeitung/FT Information
reported.

The Hamburg-based company earlier eliminated 25 of its staff
members.

Popnet Internet has a looming decline in turnover and increasing
liquidity requirements. It also posted an EBITDA loss of
approximately 3.942 billion euros, and an EBIT loss of
approximately 6.750 billion euros for the first half of 2001.

Popnet Internet is listed on Frankfurt's Neuer Markt.


PIXELPARK AG: To Miss Fourth-Quarter Target
-------------------------------------------

Berlin-based Web site designer and Internet consultant Pixelpark
AG is expected to miss its break-even target for the fourth
quarter after posting an operating loss of 14.2 million euros in
the third quarter, reports AFX News.

The company's third quarter sales were down 26% to 17.4 million
euros due to continuing difficult market conditions.

"Despite significant cost improvements throughout the Pixelpark
Group, it no longer appears realistic that the company will reach
breakeven point this year," it said.

Pixelpark plans to strengthen marketing activities and look for
more ways to cut costs.

Pixelpark's shares have dropped 80% this year, valuing the
company at about 142 million euros.


ROLF DITTMEYER: Underberg Chief Buys Valensina Brand
----------------------------------------------------

Wilfried Mocken, chief executive of German beverage group
Underberg, acquired the rights for the Valensina brand name from
insolvent orange juice producer Rolf H Dittmeyer KG, Die Welt/FT
Information reported Tuesday.

Market experts estimate that Mocken paid about 20 million marks
for the rights.

Mocken controls a majority stake of 74.9% in the company, while
Underberg holds the remaining 25.1%.


TRIUS AG: Winds Up Operations
-----------------------------

Shareholders of Trius AG decided to liquidate the software
company early this week after founder-shareholder Wolfgang
Romberg proposed for such move, the Borsen-Zeitung/FT Information
reported.

Trius has a market capitalization of 14.9 million euros and had
liquid funds of 18.2 million euros at the end of July.

Liquidator Erik Wolff did not reveal how long the liquidation
would take or how high the liquidation proceeds would be.

He said it would take at least a year to wind the company up.

In March 2000, Trius shares were issued at 36.50 euros. It now
stands at 6 euros.


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


MOL RT: Posts $51MM Loss
------------------------

Hungarian oil and gas company MOL Rt revealed losses of 14.29
billion forints ($51 million) in the first nine months of 2001,
compared with profits of 23.06 billion forints last year, the
Budapest Business Journal reported Monday.

The company's revenue for the first nine months totaled 811.4
billion forints, compared to 719.9 billion forints in 2000.

"The only real surprise is MOL's share price, which is higher
than you'd expect for a company with such a high debt burden and
losses," Credit Lyonnais Securities analyst Alan Marshall said.

He also downplayed the suggestion that the market's optimism is
connected to the bids of German company Ruhrgas AG and French gas
utility Gaz de France to MOL's gas division, saying that the low
price of oil is a more likely reason.

MOL Rt's gas division lost 111 billion forints in the first nine
months.


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


AER LINGUS: Staff Members Seek 30% Equity
-----------------------------------------

Aer Lingus staff members, owning 5% of the debt-riddled airline,
are seeking up to 30% of the company for agreeing the radical
restructuring being sought by management, reports The Irish
Times.

The company's management is now looking for 2,026 redundancies
and significant increases in productivity.

In the discussion with the Government on an Employee Share
Ownership Plan (ESOP), the unions representing the 6,226 staff
members made it clear that they will not accept the 14.9%
shareholding that the Government has offered.

The Department of Public Enterprise was quick to try and stop the
prospect of the staff members getting anything more than 14.9%.

Earlier, the Government signaled that it would be prepared to
give the unions an additional 9.9% of the company if they agree
to the restructuring. Another 35% was allotted for sale to a
private investor.


EIRCOM PLC: Appoints Philip Nolan as New CEO
--------------------------------------------

Former state-owned telecom monopoly Eircom confirmed that Lattice
Group's Dr Philip Nolan would take over Alfie Kane as chief
executive on January 2 next year.

According to Sir Anthony O'Reilly, who became chairman of Eircom
last Friday, Dr Nolan's appointment "marks an important first
step towards meeting the objectives I have consistently set in
relation to our pursuit of excellence in the Irish
telecommunications industry".

Dr Nolan will join other newly appointed board members Jonathan
Nelson, Paul Salem, John Hahn, Biswajit Subramanian, Ramez
Sousou, Niclas Gabran and Con Scanlon.


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


ALITALIA SPA: Will Cut 3,500 Jobs to Offset Losses
--------------------------------------------------

State-owned flagship airline Alitalia will shave off 3,500 jobs,
or 15% of its work force, as part of its plan to contain losses,
Dow Jones Newswires reported Tuesday.

The ailing carrier also wants the government to come up with 3 to
4 trillion Italian lira ($1.8 billion) in aid.

The key-funding source will come from a convertible bond issue,
the report added.

Alitalia blames the drop of about 31.5% in passengers on the
September 11 attacks in the US and on a major accident in Milan's
Linate airport that killed 118 people in October.


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


KPN NV: Moody's Confirms Ratings With Stable Outlook
----------------------------------------------------

Moody's Investors Service confirmed Wednesday the Baa3 senior
unsecured long-term debt rating and the Ba1 subordinated long-
term debt rating for the Hague-based telecommunications operator
Koninklijke KPN NV.

The rating agency gave KPN's rating a stable rating outlook,
based on the assumption that the company will receive 5 billion
euros of proceeds from a fully underwritten equity issue.

KPN's Baa3 rating also reflects its current financially
constrained situation and the company's need to fully implement
its announced debt deleveraging plan, despite the significant
expected debt reduction from a 5 billion euro equity issue.

Moody's believes that the combination of equity and asset
disposal proceeds will reduce KPN's net debt from around 22
billion to 15 billion euro in 2002.

KPN's affected Baa3 ratings are the 0.57% JPY30 billion medium-
term Notes due in 2001, the 5.75% 1.5 billion euro eurobonds due
in 2003, the 3.5 billion euro floating rate note due in 2002 and
the 4% 1.25 billion euro medium-term notes due in 2004.

Also affected are the 4.75% 1.5 billion euro medium-term notes
due in 2008, the 6.5% 1.3 billion Netherlands guilder Eurobonds
due in 2006, the remaining availability under the 5 billion euro.

KPN's affected Ba1 ratings are the 3.5% to 4% 1.5 billion euro
subordinated convertible notes due in 2005 and drawdowns under
the Euro MTN program.


KPN NV: Will Raise 5BB Euro to Solve Debt Crisis
------------------------------------------------

Debt-laden Dutch telecoms company KPN announced Wednesday its
intention to proceed with an equity offering with guaranteed
gross proceeds of 5 billion euros to strengthen its balance
sheet.

Of that amount, 65.31% is fully underwritten by a syndicate of
banks, while the State of The Netherlands has committed to
subscribe for 34.69% to maintain its current ownership level.

Lead underwriters of the issue are ABN Amro Rothschild and
Deutsche Bank.

KPN has run up a 22.3-billion-euro debt pile from heavy spending
on acquisitions and new-generation mobile licenses in Germany and
other countries.


KPN NV: Posts Third-Quarter Revenues
------------------------------------

KPN revealed Wednesday as 13.4% increase in revenues for the
third quarter of 2001 compared with the same period last year,
excluding exceptional items, from 2.750 billion euros to 3.119
billion euros.

In a press statement, the telecoms company said that main drivers
behind the increase are higher traffic volumes at Fixed Network
Services (transit and Internet), Mobile communications (higher
airtime usage) and higher sales in the IP/data segment generated
by KPN's Benelux activities and KPNQwest.

EBITDA excluding exceptional items increased with 19.1% from 773
million euros to 921 million euros. EBITDA margin increased from
28.1% last year to 29.5% in the third quarter of 2001.

Excluding exceptional items, the company's the net loss narrowed
from 366 million euros last year to 341 million euros for the
third quarter of 2001.

Including exceptional items, net loss amounted to 231 million
euros for the third quarter of 2001 compared to a net profit of
1,946 million euros in the third quarter of 2000.


LAURUS NV: Basismarkt Ceases Operation
--------------------------------------

Supermarket group Laurus NV will close its loss-making chain of
Basismarkt discount stores in the Netherlands in April next year.

Laurus are still in talks with three other retailers on the sale
of around 60 of the Basismarkt stores.

The Basismarkt chain, which comprises a total of 166 stores and
has 1,700 employees, reported turnover of 338 million euros in
2000.

The Works Council (COR) and trade unions have been informed and a
timetable for further consultation has been agreed. Where
necessary, the agreements in principle will be submitted to the
Netherlands competition authority (NMa).

The selling prices will not be announced.

If closure of the remaining stores is inevitable, the store staff
concerned will in any event be relocated within the Laurus group,
as will the more than 40 staff at the Basismarkt head office in
Zaltbommel and the approximately 150 employees at the two
distribution centers in Zaltbommel and Hoogeveen.

The closure of the Basismarkt operation is consistent with the
recovery plan recently announced by the Laurus' Board of
Management, which is designed to improve the company's results
and strengthen its financial position.

Laurus added that the closure of the Basismarkt operation will
have a positive effect their results in 2002.


UNITED PAN-EUROPE: Moody's Cuts Senior Debt Ratings to Ca
---------------------------------------------------------

Moody's Investors Service has again lowered the debt ratings for
Amsterdam-based broadband communication services provider United
Pan-Europe Communications NV and its subsidiaries, taking the
former Caa3 and B2 ratings for the senior unsecured notes of UPC
and its subsidiary bank debt to Ca and B3, respectively.

Moody's further downgraded the Caa2 senior unsecured bond rating
of UPC's Polish subsidiary, UPC Polska, to Caa3. UPC's senior
implied and senior unsecured issuer ratings are Caa3 and Ca,
respectively.

The outlook for all ratings is negative.

In October, Moody's downgraded the ratings of UPC and its
subsidiaries, and placed all ratings under review for further
downgrade.

The move reflected Moody's expectation that the company would
require a restructuring of its balance sheet and the likelihood
that bondholders would consequently realize material losses.

The recent further downgrade and negative outlook reflect the
increased certainty of a restructuring.

The B3 ratings for the company's senior bank facility reflect
Moody's belief that the facility's collateral package still
provides an adequate level of asset coverage for senior lenders.


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


KVAERNER ASA: Aker Maritime Buys More Kvaerner Shares
-----------------------------------------------------

Aker Maritime has increased its shareholding in Oslo-based
engineering and construction group Kvaerner from 17.9 to 20.15%.

According to a press statement, Aker Maritime has bought
2,503,500 Kvaerner shares for just over 13 Norwegian krone per
share, raising its holding to 21,484,336 shares.

Russian oil firm Yukos OAO owns 22% of Kvaerner.

For further information on the deal, contact Geir Arne Drangeid,
Senior Vice President, Corporate Communications at telephone +47
9131 0458


KVAERNER ASA: Aker Maritime Challenges Yukos Plans
--------------------------------------------------

Oil and gas service company Aker Maritime challenged Yukos Oil's
plans to save Kvaerner from bankruptcy, the Financial Times
reported.

Under the plan, Kvaerner will issue 3 billion Norwegian krone
($334m) in shares and restructure debt.

Aker Maritime chairman Kjell Inge Rokke criticized the plan for
favoring creditors, who will have the opportunity to convert a
significant amount of debt to shares in three to five years'
time.

Rokke argued that the new shares could put negative pressure on
Kvaerner's share price.


KVAERNER ASA: May Split Into Ten Units
--------------------------------------

Bernt Stilluf Karlsen, the Norwegian representative of Russia's
Yukos Oil, presented the Anglo-Norwegian industrial engineering
group Kvaerner with a new alternative for its future.

According to a report from Dagens Naeringsliv/FT Information, the
plan entailed a separation of Kvaerner into ten smaller units or
into two or three divisions.

Kvaerner board chairman Harald Arnkvarn said that the separation
of the company is not necessarily a negative option.

Oslo-based Kvaerner has faced severe financial difficulties after
its  
lenders turned risk-averse. It has been struggling, seeking to
solve acute cash flow problems to stay out of bankruptcy court.

Kvaerner posted a net loss of $460 million for the first nine
months of this year, compared with a profit of about $29 million
in 2000.


KVAERNER ASA: Yukos Oil Agent Attacks Kvaerner Banks
----------------------------------------------------

Yukos Oil representative Bernt Stilluf Karlsen is accusing banks
of delaying the rescue plan for troubled Anglo-Norwegian
industrial engineering group Kvaerner.

According to the Tuesday edition of Dagens Naeringsliv/FT
Information, the banks refused to provide new loans to help
Kvaerner with the short-term liquidity crisis unless they are
given security.

Stilluf Karlsen believes that the banks broke a number of
promises and that it could lead to liquidation. He stated that
the 1.35 billion Norwegian krone guaranteed by Yukos in the
planned share issue will not be paid if the banks do not improve
their attitude.


=========
S P A I N
=========


SINTEL: Jobs Offers to 650 Displaced Workers
--------------------------------------------

Bankrupt telecommunications solutions provider Sintel received
jobs to 650 former workers from a total of 12 companies that
provide services to Spanish telecommunications group Telefonica,
the El Pais/FT Information reported Wednesday.

The workers must accept the offer before the end of the year.

Former chairman of the multi-plant works committee Adolfo Jimenez
said that the deal would save about 1,200 jobs.

Russia's Televik proposed to buy Sintel, but negotiations have
not yet been finalized.  


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


ADERA AB: EGM Set for Next Month
--------------------------------

Stockholm-based IT consultancy firm Adera AB is inviting its
shareholders to attend an Extraordinary General Meeting on
December 4 at 2:00 p.m., at Salens Konferens och Matsalar in
Stockholm.

Shareholders who wish to participate in the meeting must register
at VPC AB not later than November 23, and notify the company of
their intent to participate in the meeting not later than
November 29 through Tony Ryden via e-mail at
tony.ryden@aderagroup.com, or by telephone on +46 70 260 33 43.

The reduction of share capital to 98,938.30 Swedish krona and the
transfer of all the shares in the English subsidiary Nucleus
Limited will be discussed in the meeting.

For more information, contact CEO Rolf Jansson at mobile +46-705-
72 72 02 or Vice President and CFO Nils-Ove Andersson at mobile:
+46-703-03 67 33


ICON MEDIALAB: AGM Set for Next Month
-------------------------------------

Swedish Internet consultant Icon Medialab International AB is
inviting its shareholders to extra annual general meeting on
December 4 at 4 p.m. at the company's premises, Sergels Torg 12
in Stockholm.

Shareholders who wish to participate in the meeting shall give
notice of his intention to participate not later than November 30
at 4.00 p.m. through Karolina Hjers at P.O. Box 863, SE-101 37
Stockholm, by fax +32 2 506 25 80 or by e-mail to
bolagsstamma@iconmedialab.se.

For further information, contact Investor Relations at telephone
+ 46 70 375 90 20


ICON MEDIALAB: Confirms Restructuring Plan
------------------------------------------

On November 16, IconMedialab Holding AB announced a public offer
to the shareholders of Icon Medialab International AB as part of
a financial restructuring of the Icon Group.

The goal of the restructuring process is to achieve long-term
financial stability and thereby creating the right conditions for
the establishment of Icon Medialab as a profitable international
Internet consultancy.

Among other things, the offer is conditional on an agreement
being  
reached regarding the sale of Icon to an external buyer.

In addition, shareholders representing more than 90% of the total
number of Icon Medialab shares must accept the offer.

After the completion of the transactions, the Board of Directors  
intends to apply for a delisting of Icon Medialab and a listing
of IconMedialab Holding on the O-list of the Stockholm Stock
Exchange.

In connection with the restructuring of the Icon Group, the new
company, IconMedialab Holding, therefore applied for a listing of
the company's shares on the Stockholm Stock Exchange.

The Stockholm Stock Exchange's Bolagskommittee has rejected the
application due to the fact that Icon Medialab's CFO has been
Acting CEO for a considerable period and the Exchange's listing
requirements as regards the composition of management and the
capacity for stock market information were thus not considered to
have been met.

Furthermore, the Bolagskommitteen did not share the view of
IconMedialab Holding's Board of Directors that the company would,
at the time of its listing, have sufficient financial resources
to meet the listing requirement of the O-list.

The Bolagskommitten's decision will not affect the implementation
of  
the transaction and it remains IconMediala Holding's aim to
complete the offer to acquire all Icon Medialab's shares.

It also intends to carry out the restructuring as planned and to
complete the sale of Icon Medialab to an external buyer.

For further information, contact Jesper Jos Olsson, member of the
Board at telephone +46 8 52 23 90 32


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


BRITISH TELECOM: Court Approves Capital Reduction
-------------------------------------------------

BT Group plc received Tuesday a court approval for the reduction
of its share capital, whereby the nominal value of each issued BT
Group ordinary share will be reduced from 115 pence to 5 pence.

This is to increase the level of distributable reserves available
for future distributions to shareholders of BT Group, creating a
new reserve in the books of BT Group of approximately 9.5 billion
pounds, or otherwise to facilitate any future transactions.


CARLTON COMMUNICATIONS: Moody's Lowers Ratings to Baa2
------------------------------------------------------

Moody's Investors Service lowered to Baa2 from A2 the senior long
term debt ratings, and to Prime-2 from Prime-1 the short-term
rating, of London-based Carlton Communications plc.

The rating outlook remains negative.

Moody's said that the downgrade is based on the negative impact
on Carlton's core cash flows of the sharp cyclical downturn in UK
TV advertising, together with heavy residual investment required
to establish ITV Digital, and the resultant outlook for a
significant deterioration in the Group's debt protection
measurements over the next year.

The rating also takes account of the offsetting financial
flexibility implied by its holdings of marketable, non-core
assets, as well as the Group's established track record of
conservative financial management.

Moody's also lowered Carlton Communications Plc's rating for
Eurobonds to Baa2 from A2, rating for exchangeable capital
securities to Baa3 from A3, and rating for commercial paper to
Prime-2 from Prime-1.

Carlton Communications plc is one of the leading owners of
channel 3 franchises in the UK free-TV market.


CLAIMS DIRECT: Blames Founders' Takeover for Losses
---------------------------------------------------

Claims Direct blamed adverse publicity and a bitter takeover
battle with its two founders for a sharp drop in new cases as it
reported an interim pre-tax loss of 11.5 million pounds.

According to a Financial Times report Tuesday, the personal
injury specialist needs 2,300 cases a month to break even, but
just had 1,500 in September. New cases fell to 9,337 in the six
months to September 30.

The falling case load was partly the result of uncertainties
triggered by a bid from founders Tony Sullman and Colin Poole.

Claims Direct said it had just 3.1 million pounds available for
working capital on September 30. Underlying operating losses were
8.5 million pounds while turnover fell to 9 million pounds.

Shares fell 2.75p to 11.75p on Tuesday.


FUTURE NETWORK: To Sell TED Conferences for $6MM
------------------------------------------------

Imagine Media, subsidiary of international specialist magazine
publisher Future Network, has agreed to sell TED Conferences LLC
to The Sapling Foundation for $6 million (4.2 million pounds) in
cash, Dow Jones Newswires reported Monday.

Included in the sale is Imagine's minority interest in
California-based company Balthaser Online.

Balthaser's book value in Future's accounts was written down to
zero as of December last year.

Proceeds of the sale will be used to pay down group debt.


P&O PRINCESS: Merges With U.S. Rival
------------------------------------

P&O Princess Cruises will merge with U.S. rival Royal Caribbean
in a $6 billion deal that will create the world's largest luxury
cruise holiday firm.

According to a report from The Guardian newspaper, the "merger of
equals" will create a company with 41 ships and 75,000 berths.

P&O Princess Cruises chief executive Peter Ratcliffe said that
the September 11 attacks had a "traumatic effect" on the travel
industry, but added that the cruise sector was doing "quite well
and proving quite resilient" in the wider context of the travel
business.

Under the deal, P&O Princess will own 50.7% of the new group with
Royal Caribbean taking 49.3% of the equity value. The combined
group will take on a new name and will adopt a dual-listed
structure.

The merger is expected to deliver annual savings of an estimated
$100 million.

Ratcliffe will be managing director of the new group, while Royal
Caribbean boss Richard Fain will be chairman and chief executive.


P&O PRINCESS: Moody's Downgrades Rating to Baa3
-----------------------------------------------

Moody's Investors Service downgraded on Tuesday the Baa1 rating
for senior unsecured debt of London-based P&O Princess Cruises to
Baa3, and continues the rating for possible further downgrade.

The action reflects the expectation of higher combined debt
levels following the company's merger announcement with Royal
Caribbean Cruises Ltd to become the world's largest cruise
vacation group.

It is also based on the anticipation of weaker than budgeted
demand growth for cruise travels, a challenging pricing
environment, capacity increases in the industry and further
increase in leverage due to the combined company's multi year
shipbuilding program.

In the first half of 2001, P&O Princess Cruises generated
revenues of about $1.2 billion and recorded an operating profit
of $144 million.


SCOOT.COM: May Seek Partner
---------------------------

U.K. online directories group Scoot.com PLC is still looking to
either sell the business or find a strategic partner although it
has enough cash to continue trading until May 2002, reports Dow
Jones Newswires.

The disposal of its Loot classified-directory business has given
Scoot breathing space.

However, the group's cash situation remained scarce with only
having 12.2 million pounds on its balance.

Scoot bought Loot for 189 million pounds last year but sold the
unit to Daily Mail General & Trust PLC for around 43 million
pounds.


SCOOT.COM: Stock Advanced 7%
----------------------------

Scoot.com Plc advanced 7.1% to 1.3p in the stock market on
Monday, Bloomberg reported.

The move came after Scoot said it narrowed its third-quarter
EBITDA loss to 5.3 million pounds, against 9 million pounds in
the second quarter.

The group's nine-month loss widened to 174.8 million pounds, from
34.2 million pounds last year.

                                      ***********

          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
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