/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/020122.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, January 22, 2002, Vol. 3, No. 15 Headlines * F I N L A N D * SONERA CORP.: Shuts Down Zed Headquarters in U.K. * G E R M A N Y * BAYER AG: Raises Estimates of Baycol Deaths to 100 KIRCHGRUPPE: Murdoch Wants to Raise Stake in Pay-TV Unit SCHMIDTBANK GMBH: Deutsche Post Interested in Consors Unit * I T A L Y * FIAT SPA: To Raise 3BB Euros From Asset Sell-off IPSE: Faces Liquidation Threat From Shareholders * N E T H E R L A N D S * KPN NV: Will Issue 2.15MM Ordinary Shares LAURUS NV: Dutch Retailer Faces Probe in Spain * N O R W A Y * BRAATHENS ASA: Oslo to Delist Braathens Shares in February * S W E D E N * LM ERICSSON: Signs EUR2.8MM Deal in Russia ICON MEDIALAB: IPG Subscribes 2.5MM Shares From Icon Medialab ICON MEDIALAB: Names Roel Pieper as New Board Chairman * S W I T Z E R L A N D * SWISSAIR GROUP: Holders Call for Meeting on Liquidation * U N I T E D K I N G D O M * BIOGLAN PHARMA: In Rescue Talks With Quintiles BRITISH TELECOM: Names John Nelson as New Non-Exec Director BRITISH TELECOM: Oftel Tells BT to Cut Local Loop Costs BRITISH TELECOM: WestLB Revives BT Wires Bid CONSIGNIA: Denies Closure of 8,000 Offices CONSIGNIA: Names Allan Leighton as Interim Chairman ENRON CORPORATION: Bidders Vie for Wessex Water EQUITABLE LIFE: Linklaters Highlights Problem With Deal HUNTINGDON LIFE: Gears up for Opposition in the U.S. MARCONI PLC: In Talks With Banks MARCONI PLC: Mayo's Revelations Bring Mixed Reaction MARCONI PLC: Moody's Cuts Marconi's Senior Debt Ratings to B2 MARKS & SPENCER: Will Detail Share Buy Back Plan This Week NTL INCORPORATED: Chief Knapp Will Sell Stake to Avert Bankruptcy NTL INCORPORATED: Quashes Rumors on Profit Warning P&O PRINCESS: Board Rejects Carnival Bid THUS PLC: To Split From Scottish Power in Two Months ============= F I N L A N D ============= SONERA CORP.: Shuts Down Zed Headquarters in U.K. ------------------------------------------------- Sonera Corp., an international forerunner in mobile communications and mobile-based services and applications, will close the London headquarters of mobile Internet portal Zed, the Financial Times reported. The closure, part of the company's attempts to keep losses below 25 million euros this year, means that the global control will move to Helsinki. FT added that the portal would close or sell its operations in the Netherlands, Turkey and the U.S. It is keeping a presence in the U.K., Finland, Germany, Italy, Singapore and the Philippines. Zed's operating loss for the firs half of 2001 climbed to 87 million euros from 24 million euros in the first half of 2000. Sonera Corp. was forced to sell off assets and organize in November a billion-euro rights issue to pay down debts of around 3.5 billion euros. ============= G E R M A N Y ============= BAYER AG: Raises Estimates of Baycol Deaths to 100 -------------------------------------------------- Bayer AG, Germany's third-largest drug maker, disclosed Friday that as many as 100 deaths have been linked to Baycol, double the estimate cited when it voluntarily withdrew the anti-cholesterol drug in August 2001. According to a Wall Street Journal report, the disclosure filed with the U.S. Securities and Exchange Commission boosts earlier fears that Bayer could face up to several billion dollars in compensation claims. The sudden withdrawal of its Baycol drug already cost Bayer 800 million euros ($704.8 million) last year and trapped the company in court actions. Earlier this month, Bayer suffered another blow when pharmaceutical chief David Ebsworth resigned. Bayer also said it would sell chemical units Haarmann & Reimer, Rhein Chemie Rheinau and PolymerLatex GmbH & Co KG to help reduce the company's debt levels to a single-digit billion-euro figure in the medium term. KIRCHGRUPPE: Murdoch Wants to Raise Stake in Pay-TV Unit -------------------------------------------------------- Media tycoon Rupert Murdoch wants to increase his stake in KirchPay-TV, a unit of the over-indebted Munich-based media group Kirch Gruppe, and take management control in order to return it to profit, reports the Associated Press. "If we increase our stake, then we want to take over the management," Murdoch was quoted as saying. Murdoch said it was up to Kirch to decide the next step. Kirch has been under heavy pressure to solve its problematic debt situation. The company has debts of 11 to 12 billion Deutsche marks and more than contingent liabilities of 5 billion Deutsche marks. It aims to reduce the number of short-term loans and dispose of non-core assets, mainly minority holdings in non-German businesses, to improve its balance sheet. SCHMIDTBANK GMBH: Deutsche Post Interested in Consors Unit ---------------------------------------------------------- Deutsche Post AG is interested in buying Europe's leading online brokerage firm ConSors Discount Broker AG, Bloomberg reported, citing the daily Welt am Sonntag. Consors has been up for sale since November during the near collapse of its parent company SchmidtBank, which was rescued from bankruptcy by a consortium of Germany's largest banks, including HVB, Deutsche Bank, Commerzbank, Dresdner Bank and the Bavarian savings banks. Schmidtbank holds a 65% stake in Consors. The online broker is valued at around 450 million euros ($398 million), based on its current Neuer Markt capitalization. ========= I T A L Y ========= FIAT SPA: To Raise 3BB Euros From Asset Sell-off ------------------------------------------------ Italian car manufacturer Fiat plans to raise 3 billion euros ($2.65 billion) from disposals as part of its debt reduction program. Fiat chief executive Paolo Cantarella met with institutional shareholders in London yesterday to set out the scope of the restructuring. It is understood that disposals could include the lighting, engine and gearbox parts businesses of its vehicle components division, Magneti Marelli. Fiat is also considering a $2.2 billion convertible bond issue to save $50 million a year in interest costs, backed by its 32 million shares in General Motors, to cut borrowings. The company's 2001 cashflow deteriorated sharply mainly due to worsening conditions in Argentina, Brazil and Poland. IPSE: Faces Liquidation Threat From Shareholders ------------------------------------------------ Ipse shareholders could decide to liquidate the cash-strapped telecommunications consortium, reports Dow Jones Newswires, citing the MF daily. The shareholders, including Telefonica SA and Fiat SpA, will probably meet on January 28 or 29 to decide whether to liquidate the company or put it on "stand by" indefinitely. Ipse does not have money to pay its employees or pay its bills without a fresh cash injection, the paper adds. ===================== N E T H E R L A N D S ===================== KPN NV: Will Issue 2.15MM Ordinary Shares ----------------------------------------- The Hague-based telecommunications company KPN NV will issue 2.15 million ordinary shares, reports Dow Jones Newswires. KPN will issue the shares to cover a bonus share plan aimed at issuing bonus shares to private investors in several European countries that have participated in the company's recent equity offering. KPN is in the process of selling all its assets that are outside of its core operations in the Benelux countries and Germany in order to trim its 22.3-billion-euro debt pile. LAURUS NV: Dutch Retailer Faces Probe in Spain ---------------------------------------------- The S-Hertogenbosch-based supermarkets and wholesale group Laurus NV is facing a legal probe in Spain for alleged fraud. According to a report from Dow Jones Newswires, the former accountant of Laurus' Spanish unit will hold a hearing at the end of this month with Spanish legal authorities. Several years ago, some 1,200 suppliers of the Spanish unit put in for damage claims of 48 million euros. They say the company has not paid them. Laurus spokeswoman Sigrid van Amerongen repeated that the company had not received a summons. The Dutch financial daily Het Financieele Dagblad earlier reported that creditors of Laurus' supermarket chain in western Spain have filed the damages claim in a Madrid court. Laurus is selling its loss-generating supermarket chains to improve its results and strengthen its financial position. =========== N O R W A Y =========== BRAATHENS ASA: Oslo to Delist Braathens Shares in February ---------------------------------------------------------- After facing suspension beginning January 14, shares of domestic Norwegian airline Braathens ASA will be de-listed in the Oslo Stock Exchange on February 11, Dow Jones Newswires reported. The de-listing comes after the Braathens board requested for such move a week ago. Scandinavian Airlines System AB, which holds 98.48% of the shares in Braathens, is conducting a compulsory acquisition of the remaining shares in the company from January 14 to February 11. Upon completion of the acquisition, SAS will become the registered owner of all shares in Braathens. In the third quarter, the company based in Oksenoyvn, Fornebu, swung to a net loss of 757 million kroner due to large goodwill writedowns and a generally depressed travel sector following the September terrorist attacks in the U.S. =========== S W E D E N =========== LM ERICSSON: Signs EUR2.8MM Deal in Russia ------------------------------------------ Ericsson Nikola Tesla, the Croatian subsidiary of the Stockholm- based telecom equipment maker, signed an agreement with Russia's Uraltelecom worth 2.8 million euros. According to a report from Europemedia, the deal covers fixed telephony equipment for Ekaterinburg. It comes on the heels of another deal Ericsson signed with Sudan's Sudatel worth 7.8 million euros. Ericsson, which posted a pre-tax loss of 5.8 billion Swedish krona ($548.7 million) in the third quarter of 2001, previously signed a sale-lease back agreement regarding test plant equipment for US$750 million to improve its cash position. ICON MEDIALAB: IPG Subscribes 2.5MM Shares From Icon Medialab ------------------------------------------------------------- Troubled Swedish Internet consultant Icon Medialab International AB in its extra general meeting on Friday decided to increase its share capital with 200,000 Swedish kronas by an issue of at most 2.5 million shares for 0.08 Swedish kronas. IPG Interactive Investment Corporation will subscribe for the new shares. The move implies that the company's share capital shall amount to between 8 million and 32 million Swedish kronas. Icon Medialab International in a statement said that it would further increase the share capital with no more than 2.4 million Swedish kronas by an issue of no more than 30 million shares for 0.08 Swedish kronas each. The shareholders of Amsterdam-based Lost Boys N.V. shall subscribe for the new shares. For further information, please contact William Kellerman, Corporate Communications, IconMedialab International, at telephone +46-70-375 90 20 or via email william.kellerman@iconmedialab.se ICON MEDIALAB: Names Roel Pieper as New Board Chairman ------------------------------------------------------ Following the merger with Amsterdam-based Lost Boys N.V., Icon Medialab International appointed Roel Pieper as the new Chairman of the Board on Friday. Pieper will join new regular board members Michiel Mol, Dieter Pohlmann and Fred Mulder. The Internet consultant, whose shares were suspended on the Stockholm bourse in December, also re-appointed Jesper Jos Olsson and Tom Nicholson as regular board members. In the third quarter of 2001, Icon Medialab reported an operating loss of 146.9 million Swedish kronas. Its cost base was reduced to 382.5 million Swedish kronas. ===================== S W I T Z E R L A N D ===================== SWISSAIR GROUP: Holders Call for Meeting on Liquidation ------------------------------------------------------- Some bondholders of Swissair Group AG, which filed for bankruptcy protection in October, have called for a meeting to gain more insight into the group's liquidation proceedings, Dow Jones Newswires reported. The bondholders, many of whom oppose the scheduled delisting of the bonds at the end of January, consider the current liquidation process too unclear, the bondholders' lawyers said in a statement. The bondholders are demanding that Swiss lawyer and politician Bruno Frick be appointed as their representative at the meeting. The investors are calling for a separate meeting for each of the 4.25% SAirGroup 2007, 5.125% SAirGroup 2003 and 6.25% SAirGroup 2002 bonds. =========================== U N I T E D K I N G D O M =========================== BIOGLAN PHARMA: In Rescue Talks With Quintiles ---------------------------------------------- Bioglan Pharma PLC, the debt-laden biotech firm, is in rescue talks with U.S. drugs group Quintiles Transnational Corp. in a desperate attempt to stave off bankruptcy, the Sunday Telegraph reports. According to bankers, Quintiles is now working on a larger deal that could see the firm buy Bioglan outright or acquire further U.S. marketing rights from Bioglan in return for a cash injection, the newspaper said. Early this year, Bioglan, which owes over 105 million pounds to a consortium of banks led by Royal Bank of Scotland, breached its banking covenants. Any deal will have to include repayment of some of Bioglan's debts. The dramatic fall in the value of Bioglan, from 800 million to 8 million pounds in 12 months, was triggered by the collapse of talks to buy the skincare arm of Bristol-Myers Squibb. The debt-laden biotech firm currently has enough working capital to trade until January 31. The company earlier revealed current assets of 42.9 million pounds and current liabilities of 57.4 million pounds. BRITISH TELECOM: Names John Nelson as New Non-Exec Director ----------------------------------------------------------- Phone company BT Group PLC has appointed John Frederick Nelson as a non-executive director of its board as of January 14, Dow Jones Newswires. Nelson is the retiring chairman of Credit Suisse First Boston (Europe) Ltd. British Telecom is currently going through a major restructuring. It has sold unprofitable businesses and spun off its wireless unit to slash debt that had tripled to 27.9 billion pounds ($40.3 billion) in the year ending March 31, 2001. BRITISH TELECOM: Oftel Tells BT to Cut Local Loop Costs ------------------------------------------------------- Oftel has ordered BT Group Plc to cut some charges to local operators after the telecom regulator learned some of the telecommunication group's charges for the services were too high, Reuters reported. Oftel director general David Edmonds said that the move will lead to lower charges, reducing costs for operators and giving them greater confidence to plan the rollout of their high speed services. BT is currently going through a major restructuring. It has sold unprofitable businesses and spun off its wireless unit to slash debt that had tripled to 27.9 billion pounds ($40.3 billion) in the year ending March 31 2001. BRITISH TELECOM: WestLB Revives BT Wires Bid -------------------------------------------- Westdeutsche Landesbank Girozentrale (WestLB) is reviving its 18- billion-pound proposed bid for British Telecom's fixed-line phone network business less than three months after getting rid of the plan, the Times newspaper reported yesterday. The German state-owned bank will reportedly seek a meeting with BT chief executive-designate Ben Verwaayen in the coming weeks. Verwaayen, who will become chief executive in February, plans to conduct a full review of the strategic options available to BT. Potential bidders will be contacted as soon Verwaayen, with the board support, decides to sell the networks business. BT is currently going through a major restructuring. It has sold unprofitable businesses and spun off its wireless unit to slash debt that had tripled to 27.9 billion pounds ($40.3 billion) in the year ended March 31. CONSIGNIA: Denies Closure of 8,000 Offices ------------------------------------------ Consignia, the state-owned post office group saddled with heavy fixed costs, denied Sunday that almost half of the country's 17,500 post offices could be closed. According to Reuters's report, the Sunday Times said that Consignia had submitted a strategic plan to ministers recommending the immediate closure of 1,000 post offices and the closure of a further 7,000 over the next five years. Consignia spokeswoman Melanie Corfield said there are no plans for immediate closures and the report was a "complete nonsense." Consignia, which in November reported a fivefold increase in first-half operating losses accruing to 100 million pounds, is struggling to slash 1.2 billion pounds ($1.7 billion) from its eight billion pound cost base in order to restore profitability and become more competitive. CONSIGNIA: Names Allan Leighton as Interim Chairman --------------------------------------------------- The Department of Trade and Industry has persuaded Allan Leighton, the former Asda chief executive, to become the interim chairman of Consignia, formerly the Post Office. The Financial Times reported that Leighton would be the company's executive chairman for three to four months while it seeks a permanent successor to Neville Bain, whose contract expired at the end of last year. Leighton is tasked to streamline its urban post office network. He will also support Consignia chief executive John Roberts as the group prepares for increasing competition in mail deliveries. ENRON CORPORATION: Bidders Vie for Wessex Water ----------------------------------------------- More than eight bidders are expected to submit bids this week for Wessex Water, the south-west of England water supplier being sold by failed U.S. energy trading group Enron Corporation, the Financial Times reported. Wessex Water bidders include WestLB, Royal Bank of Scotland Private Equity and Barclays Capital. Schroder Salomon Smith Barney will draw up a short list of the more serious bidders with financing in place. The U.S. investment bank will then choose the preferred bidder by the middle of next month. EQUITABLE LIFE: Linklaters Highlights Problem With Deal ------------------------------------------------------- Troubled mutual assurer Equitable Life defended the validity of its compromise scheme after a law firm raised concern with the deal. According to a Financial Times report, Linklaters raised an objection that some members of group pension schemes with Equitable may have been treated as non-Guaranteed Annuity Rate policyholders under the scheme, when they were in fact Guaranteed Annuity Rate (GAR) ones. An Equitable spokesman argues that even if that is the case, it will not affect the compromise. Equitable said it would defend any such claims, but would itself raise the issue before the High Court hearing next month, needed to ratify the compromise. The company is still counting votes on the scheme it hopes will end its pensions liability of 1.1 billion pounds. It is expected to announce the result later this month. Under the proposed compromise deal, GAR policyholders will receive an average uplift of 17.5% in the value of their funds for giving up lucrative entitlements, and non-GAR policyholders will receive an average uplift of 2.5% if they agree not to sue Equitable for mis-selling. Linklaters first raised the GAR issue just before Christmas and is still awaiting a formal response from Lovells, Equitable's lawyers. "If Linklaters is right, the compromise is completely stuffed," one pension consultant said. HUNTINGDON LIFE: Gears up for Opposition in the U.S. ---------------------------------------------------- Drug-tester Huntingdon Life Sciences Group PLC looks set to face fringe opposition in the U.S. as it starts trading on Nasdaq this week, the Dow Jones Newswires reported. Huntingdon's market listing will now move to the New York Stock Exchange, and its London Stock Exchange listing will be cancelled effective January 24. The Animal Liberation Front, a loose-knit anti-vivisection group, earlier claimed activists in the U.S. directly targeted Huntingdon twice during 2001, and its major investor Stephens Group Inc. eight times. The ALF said it is prepared to continue to target both. Huntingdon was not alarmed with the threat and said it would still continue with its plan. A group of investors, including Stephens, rescued Huntingdon from the brink of bankruptcy in early 2001 after Royal Bank of Scotland Group PLC declined to extend the deadline on a loan. A few months later, the Bank of England stepped in to offer current account facilities to Huntingdon. Huntingdon's main operations will remain in the U.K. It also has a facility in New Jersey. MARCONI PLC: In Talks With Banks -------------------------------- Marconi held a crucial meeting yesterday with its banks, led by HSBC and Barclays Bank, following the release of the troubled telecoms equipment company's disappointing third-quarter trading update last week. The meeting, according to a report from The Times newspaper, forms part of the continuing negotiations over a refinancing package that is likely to see credit lines extended in return for extra security over Marconi assets. Marconi has sought to strengthen its bargaining power with the banks by retaining cash from asset disposals rather than repaying its outstanding bank debt of 2.4 billion pounds. MARCONI PLC: Mayo's Revelations Bring Mixed Reaction ---------------------------------------------------- John Mayo's revelation about the problems at troubled British telecom equipment maker Marconi has prompted mixed reaction in the City, the Financial Times reported. One former big institutional shareholder in Marconi told the paper that people are interested on what the former finance director has to say. Others also think Mayo is being somewhat disingenuous when he talks about the group's inventory problems since he was still the finance chief when the company collapsed. Another analyst also said that Mayo's argument that the company rejected a merger offer of 25 billion pounds in February 2002, fitted with his own recollections of that time. Even so, he questioned whether a deal could have been concluded. John Mayo was ousted from Marconi in July last year after the company issued a shock profits warning. The company earlier reported more poor results and announced another 4,000 job cuts on top of 9,000 last year. It also announced a buyback of 200 million pounds ($286 million) worth of bonds as it tries to get its finances into shape. MARCONI PLC: Moody's Cuts Marconi's Senior Debt Ratings to B2 ------------------------------------------------------------- Credit ratings agency Moody's Investors Service on Friday downgraded to B2 from Ba3 the ratings for senior debt of telecom equipment maker Marconi plc. Moody's said that the move reflects the rating agency's concerns about a fast decline of sales and orders in the company's core business, exceeding the positive impact of management's accelerated cost saving and cash release plan, and the increasing level of structural subordination of the rated debt. At the same time, Moody's assigned a senior implied rating of B1 to Marconi. The outlook for the ratings remains negative reflecting the low demand visibility for Marconi and the continuing pressure to align the cost base to shrinking revenues. Marconi is currently negotiating with its banks with respect to its possible refinancing of its credit facilities. The London-based company, with turnover of 6.9 billion pounds for the fiscal year ended March 31, 2001, has been selling assets over the past three months in an effort to reduce between 2.7 and 3.2 billion pounds of debt by March. Marconi said its net debt as of December 2001 was 3.5 billion pounds, reduced from 4.3 billion pounds in September. MARKS & SPENCER: Will Detail Share Buy Back Plan This Week ---------------------------------------------------------- Clothing retailer Marks & Spencer will announce this week a share buy back plan to return 2 billion pounds of capital to its shareholders. According to a Reuters' report, the company is considering a share reduction, whereby M&S will buy back one in every five of its shares at a premium to the market price. M&S, which is cutting back its loss-making operations in Britain and Europe, earlier promised to return the amount on a pro rata basis by the end of March from money raised through disposals and property deals. NTL INCORPORATED: Chief Knapp Will Sell Stake to Avert Bankruptcy ----------------------------------------------------------------- NTL Inc. Chief Executive Officer Barclay Knapp is set to sell a 51% stake in the U.K.'s biggest cable-TV operator to avoid bankruptcy, the Business newspaper reported, citing unidentified banking sources. U.S. companies AOL Time Warner Inc., Microsoft Corp. and Liberty Media Corp. have expressed interest, the Business said. NTL, which has $17 billion in debt, or about 130 times its market value, needs about 1 billion pounds ($1.4 billion) in cash to keep operating, the paper said. NTL INCORPORATED: Quashes Rumors on Profit Warning -------------------------------------------------- NTL quashed speculation that the debt-laden cable telecommunications group is about to issue a profits warning, the Times newspaper reported. According to a company spokeswoman, NTL is on target to meet or exceed the ebitda (earnings before interest, tax, depreciation and amortization) guidance given in December. It is understood that NTL asked investment bank Credit Suisse First Boston to advise on possible restructuring of its 12 billion pounds of debt. Observers also believe that NTL will try to raise funds by bringing in one or more outside shareholders, including AOL Time Warner, Liberty Media and Microsoft. NTL in December raised job cuts to 8,800, froze salaries, pared capital spending plans and changed focus from winning new subscribers to keeping its 3 million current ones to preserve cash. P&O PRINCESS: Board Rejects Carnival Bid ---------------------------------------- The board of London-based cruise operator P&O Princess Cruises Plc rejected the improved hostile offer from U.S. rival Carnival Corp., the Financial Times said, citing no sources. Carnival last week offered a total 4.42 billion pounds ($6.4 billion), including 500 pence a share and the assumption of $1.4 billion of debt, for P&O Princess. P&O Princess had already rejected Carnival's bid in December, saying a merger would be subject to more antitrust scrutiny than a deal it has to buy rival cruise line operator Royal Caribbean Cruises Ltd. for $7.4 billion. The world's three biggest cruise liners are engaged in a bid battle as they seek to cut costs, boost market share and reduce overcapacity as the global economic slowdown leads holidaymakers to scale back travel. Schroder Salomon Smith Barney is advising P&O Princess. Goldman, Sachs & Co. is advising Royal Caribbean, and Merrill Lynch & Co. and UBS Warburg are advising Carnival. THUS PLC: To Split From Scottish Power in Two Months ---------------------------------------------------- Thus, a provider of voice, data and call center services and owner of Internet service provider Demon, is expected to complete its split-up from major shareholder Scottish Power in two months. According to a Saturday report from the Yorkshire Post newspaper, Thus will repay and cancel its loan by issuing 275 million pounds worth of new shares, underwritten by Scottish Power. Thus will use the funds raised in the share issue to pay off its debts. In December, Thus had bridged its funding gap and paid off a debt of 260 million pounds to Scottish Power. Thus had secured a 90 million pound bank loan from Bank of Scotland Plc, TD Securities and Societe Generale. *********** 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 2002. 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. 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