/raid1/www/Hosts/bankrupt/TCREUR_Public/020218.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, February 18, 2002, Vol. 3, No. 34


                            Headlines

* A U S T R I A *

RHI AG: Begins Capital Restructuring
RHI AG: Capital Restructuring Not Affected by Chapter 11

* F R A N C E *

BILLION-MAYOR: Court Puts Textile Group in Receivership

* G E R M A N Y *

DEUTSCHE TELEKOM: Cuts Charges by 10%
KIRCHGRUPPE: DZ Bank Demands Repayment of EUR400MM Loan
KIRCHGRUPPE: May Sell Formula One Stake
KIRCHGRUPPE: ProSieben Investors Want to Block KirchMedia Merger
KIRCHGRUPPE: Will Continue Talks With Banks
SCHMIDTBANK GMBH: Consors Draws Four Bidders
TV6: Seeks for White Knight

* N O R W A Y *

BRAATHENS ASA: Works With SAS on Norwegian Routes

* P O L A N D *

ELEKTRIM SA: Judge Commissioner Enters 124 Receivables for $560MM
ELEKTRIM SA: Moves Shareholders' Meeting to April

* S W E D E N *

SONG NETWORKS: Moody's Cuts Ratings to Caa3

* S W I T Z E R L A N D *

SWISSAIR GROUP: Sells Back SSA Stake for $33.3MM

* U N I T E D   K I N G D O M *

BRITISH AIRWAYS: Marshall Will Stand for Re-Election in July
BRITISH TELECOM: Will Close Call Centers
COLT TELECOM: Dives 10% as Telecom Sector Loses Favor
CONSIGNIA PLC: Appoints David Mills as Post Office CEO
CONSIGNIA PLC: Chairman Leighton Rues Name Change
FAMOUS ARMY: Administrators Sell 47 Famous Army Stores
IMPERIAL CHEMICAL: Company Profile
NTL INCORPORATED: Merger With Telewest Good for Bondholders
NTL INCORPORATED: Travers Advises NTL on Restructuring
P&O PRINCESS: Shareholders Begin Vote to Delay Meeting


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


RHI AG: Begins Capital Restructuring
------------------------------------

The supervisory board of RHI AG, the Wein-based supplier for
refractory materials for the steel industry, has resolved on the
reorganization of Veitsch-Radex GmbH thereby implementing the
capital restructuring announced on January 14.

Veitsch-Radex GmbH will be converted into an unlimited
partnership.

Thereafter, debt-riddled RHI AG, as unlimited partner, will be
liable for the liabilities of Veitsch-Radex.

Veitsch-Radex GmbH is one of the core companies of the RHI
refractories division.

RHI's troubles were attributed to a downturn in the U.S. steel
industry, added with the mounting cost of asbestos claims it
inherited with the companies it acquired.

In January, RHI was forced to seek bankruptcy protection for one
of its U.S. units in an effort to ward off bankruptcy due to
asbestos claims.


RHI AG: Capital Restructuring Not Affected by Chapter 11
--------------------------------------------------------

Global Industrial Technologies, Inc. (GIT), A.P. Green Industries
Inc., Harbison Walker Refractories Co. and further companies
under the umbrella of RHI Refractories Holding Company in the USA
filed for bankruptcy protection under Chapter 11 on February 14,
2002.

The management of the above companies has decided to initiate a
reorganization under Chapter 11 in order to effectively
counteract the growing number of asbestos claims and the
increasingly incalculable amounts involved.

RHI AG had announced on January 14 that it would divest of all
companies comprised in RHI Refractories Holding Company, and
deconsolidated them retroactively as of December 31, 2001.

The management of the affected U.S. companies is confident to
achieve a successful reorganization of the refractories business
in the U.S. through a consistent focus on economically sound
business structures.

The basis of the reorganization under Chapter 11 is a so-called
Debtor-in-Possession financing (DIP) for $35 million, which is
provided by a third party to secure the future financial
obligations of the U.S. companies.

North American Refractories Company (NARCO), which introduced the
reorganization as early as January 2002, has additionally been
promised an external DIP of $20 million.

Thus, no further financial obligations will arise for RHI AG from
the Chapter 11 proceedings of the deconsolidated U.S. companies.
The U.S. management will secure the successful implementation of
the U.S. reorganization.

RHI will thus be able to continue the capital restructuring
announced in January, as planned without any further financial
obligations the U.S.


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


BILLION-MAYOR: Court Puts Textile Group in Receivership
-------------------------------------------------------

Billion-Mayor was placed in receivership on February 12 by the
commercial court of Lyons, putting the textiles group under
observation for six months, Les Echos reported.

The French spinner has been in difficulty for some years. The
then separate companies, Billion and Mayer, decided to merge in
1995, but the merger was not as successful as expected,
accumulating debts of 4.57 million euros in 1999.

Since then, the company has implemented a restructuring plan
involving the sale or closure of non-strategic production units.

The group's turnover plunged from 46.65 million euros in 1996 to
28.51 million ($24.4 million) in 2000.


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


DEUTSCHE TELEKOM: Cuts Charges by 10%
-------------------------------------

Deutsche Telekom AG has offered to reduce charges by 10% from
their current level after RTP telecoms regulator ordered the
Bonn-based telecom giant to cuts its prices, Handelsblatt
reported.

The RTP is in the process of reexamining current last-mile
connection prices. At present, competitors pay 12.48 euros in
monthly rental charges. This price will be valid for another
year. In addition, they have to pay 100 euros for the switch and
50 euros for the cancellation of a customer.

RTP's probe runs until April 14.

Telekom, which aims to cut its debt of 65 billion euros ($55.8
billion) to 50 billion ($42.9 billion) euros by the end of this
year, said it had lowered its prices because of a decline in
costs.


KIRCHGRUPPE: DZ Bank Demands Repayment of EUR400MM Loan
-------------------------------------------------------

Kirch faces another blow as Germany's DZ Bank, another creditor,
is demanding repayment of a 400-million-euro loan, a source told
Reuters.

The troubled media group said in response that none of its loans
had been called in and said talks on Thursday with creditor
banks, which include HypoVereinsbank, Deutsche Bank, Bayerische
Landesbank, Dresdner Bank, JP Morgan and Lehman Brothers, had
gone well and would continue.

It declined to comment on its exposure to DZ Bank.


KIRCHGRUPPE: May Sell Formula One Stake
---------------------------------------

Kirch appears ready to sell its Formula One stake to reduce its
massive debt and keep its core media business together, a source
close to the embattled Munich-based media empire told Reuters.

Kirch is urgently raising cash as it faces the prospect of
coughing up billions of dollars of cash to creditors and media
partners this year. It has a debt pile of about $5 to $6 billion,
mostly in short-term bank loans, and at least 2.3 billion euros
in contingent liabilities.

Last week, German newspaper Sueddeutsche Zeitung reported that
Formula One's billionaire boss Bernie Ecclestone is ready to buy
back the business from Kirch for 800 million euros, half the
price Kirch paid for the 58% stake last year.


KIRCHGRUPPE: ProSieben Investors Want to Block KirchMedia Merger
----------------------------------------------------------------

A group of investors at ProSiebenSat.1 Media AG, the commercial
television arm of Munich-based media group Kirch, wants to block
Kirch's plan to merge the television broadcaster with its
KirchMedia film company, citing concern about Kirch's debt.

The investors owning 25% of the company's debt securities picked
law firm Norton Rose to explore whether they can force
ProSiebenSat.1 to pay back the debt due in 2006 before the June
merger.

Analysts have said that the combination of the two businesses may
be Kirch's best chance of raising cash to repay loans.

Noteholders believe KirchMedia will face a serious liquidity
crisis and possibly insolvency if the merger fails.


KIRCHGRUPPE: Will Continue Talks With Banks
-------------------------------------------

Kirch said negotiations with creditor banks about a rescue plan
were constructive and will be continued, Bloomberg reported,
citing Kirch spokesman Hartmut Schultz.

Schultz declined to comment on details of the talks.

Kirch creditors include Deutsche Bank AG, Bayerische Hypo- und
Vereinsbank (HVB) Group, Bayerische Landesbank Girozentrale and
Dresdner Bank AG.

BayernLB has the biggest exposure to Kirch with 1.9 billion euros
($1.7 billion). Kirch has 460 million euros of loans on its books
with HVB.

Kirch needs cash to pay $660 million to Axel Springer Verlag AG
for an 11.5% stake in ProSiebenSat.1, and may have to pay
Murdoch's British Sky Broadcasting Group Plc 1.75 billion euros
in cash if Europe's No. 2 pay TV company exercises an option to
sell its Kirch pay-TV stake to Kirch in October.

The company also has to pay back a 460 million-euro loan to
Dresdner in April, and is trying to pay back a 700 million-euro
loan to Deutsche Bank. Deutsche Bank CEO Rolf Breuer earlier said
he does not expect banks to extend their loans.

Kirch has amassed debts of some $5 billion due to investments in
its unprofitable pay-television business Premiere and purchases
including the rights to World Cup soccer and Formula One racing.

The media empire also has the biggest film rights library outside
the U.S. and controls Germany's biggest TV broadcaster
ProSiebenSat.1 Media AG.


SCHMIDTBANK GMBH: Consors Draws Four Bidders
--------------------------------------------

At least four banks submitted non-binding offers for the troubled
Nuremberg-based online brokerage firm Consors Discount Broker AG,
daily Die Welt reported without citing sources.

According to the report, Commerzbank, BNP Paribas, U.S. online
broker E-Trade and Paris-based Societe Generale all submitted
bids for the brokerage firm. The daily did not disclose any
financial details.

The paper added that Deutsche Bank originally made a bid, but
seemed to have withdrawn from the auction.

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).


TV6: Seeks for White Knight
---------------------------

Russian journalists hope big businessmen led by Unified Energy's
CEO will invest between $10 million and $50 million to get TV6
network, Russia's last remaining national television station  
controlled by exiled Russian businessman Boris Berezovsky, back
on the air, the Wall Street Journal reported.

LUKoil pension fund unit LUKoil-Garant, which holds a 15% stake
in TV6, initiated the bankruptcy suit against the station.

The Moscow Arbitration Court ruled to liquidate the TV company in
September 27.


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


BRAATHENS ASA: Works With SAS on Norwegian Routes
-------------------------------------------------

Domestic Norwegian airline Braathens ASA will be working together
with Scandinavian Airlines System AB and Wideroe as of April 2 to
offer more effective routes within the Norwegian market, AFX News
reports.

The routes have been divided between SAS and Braathens and new
direct routes established between Oslo-Kirkenes and Oslo-Alta.

Braathens' route network leader Lars Draagen said that the
coordination aims to increase the average load factor from 55% to
around 65% to become profitable.

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.


===========
P O L A N D
===========


ELEKTRIM SA: Judge Commissioner Enters 124 Receivables for $560MM
-----------------------------------------------------------------

The management board of Warszawa-based telecommunications and
power conglomerate Elektrim S.A. said Thursday that the Judge
Commissioner has entered 124 receivables for the total amount of
PLN2.33 billion ($560 million) in the list of receivables in the
company's composition proceeding.

Entering in the list entitles a creditor to participate in the
proceeding and specifies the amount with which he is entitled to
participate in the meetings of creditors.

In January, the group of bondholders filed the petition in a
Warsaw court calling for Elektrim's bankruptcy after the concern
defaulted on the repayment of 480 million euros worth of
unsecured bonds in December 17.  
  
The court later dismissed the petition and ordered Elektrim to
begin composition, or debt restructuring proceedings to repay its
bondholders.   
  
Elektrim filed a court petition on the same month, proposing a
40% reduction of its debt and a three-year grace period for
repaying the remainder.  
  
Elektrim has been suffering serious liquidity problems since
1999, when the then CEO Barbara Lundberg launched an ambitious
and high leveraged round of telecom and cable TV acquisitions.


ELEKTRIM SA: Moves Shareholders' Meeting to April
-------------------------------------------------

The Management Board of Elektrim S.A. has resolved to move the
date of the Extraordinary Shareholders' Meeting to April 10.

The telecommunications and power conglomerate hopes to reach an
agreement with holders of 480 million euros ($412.8 million)
worth of bonds before a key shareholders' meeting, originally
scheduled on May 25. Otherwise, the company would become Poland's
biggest bankruptcy ever.


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


SONG NETWORKS: Moody's Cuts Ratings to Caa3
-------------------------------------------

Moody's Investors Service said it has lowered the ratings of
telecommunications network operator Song Networks Holding AB to
Caa3 from Caa1.

The rating action concludes Moody's review in October 2001.

Ratings affected by the downgrade include the senior implied
rating at Caa3, unsecured issuer rating at Caa3, $150 million 13%
senior notes due 2009 at Caa3, 100 million euros 13% senior notes
due 2009 at Caa3, 150 million euros 11.875% senior notes due 2009
at Caa3 and 175 million euros 12.375% senior notes due 2008 at
Caa3.

The ratings downgrade, Moody's added, is prompted by heightened
concerns relating to Song's weakening financial flexibility and
rapidly deteriorating liquidity cushion, as well as continued
underperformance compared to Moody's expectations.

In particular, the company's 4Q01 results exhibited a quarter-on-
quarter decrease in revenues (including a resilient decrease in
top-line performance due to various contract terminations and
divestitures), continued significant margin pressure, as well as
a significant funding gap over the next 12 to 18 months, in spite
of a SEK300 million bank facility in the third quarter of 2001.

At the end of fourth quarter 2001, Song had unrestricted cash
amounting to SEK1,500 million and availability under the
company's SEK300 million receivables facility.

The company incurred adjusted EBITDA losses at a margin of -20%
on total revenues amounting to SEK621 millions.


=====================
S W I T Z E R L A N D
=====================


SWISSAIR GROUP: Sells Back SSA Stake for $33.3MM
------------------------------------------------

South Africa will buy back the stake of the collapsed Swissair
Group in the state-controlled South African Airways for 382.5
million rand ($33.3 million), less than a third of the price the
bankrupt Swiss carrier paid for the stake.

According to the Friday edition of the Neftegaz.ru News,
Transnet, the state-owned coach, rail and air group that owns
SAA, will buy the stake.

The price set with Swissair's administrator for the 20% stake is
equal to the agreed-upon fair value of the shares, minus a 15%
penalty, Public Enterprises Minister Jeff Radebe said.

The government decided to buy back the stake in SAA, which posted
an undisclosed first-half loss in December, after Swissair filed
for bankruptcy in October.


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


BRITISH AIRWAYS: Marshall Will Stand for Re-Election in July
------------------------------------------------------------

British Airways Plc said that Lord Marshall would stand for re-
election as chairman in July for a two-year term and has the full
confidence and support of the board, Bloomberg reported.

British Airways spokeswoman Sophie Greenwer said that the cash-
strapped carrier is in constant communication with its
shareholders and there is no desire for a change of chairman.

Last week, Europe's biggest airline said it would slash an
additional 5,800 jobs, or 12% of its workforce, offer some low-
fare tickets and drop 10 routes to survive.

BA was badly hit by the September 11 catastrophe and the rise of
low cost airlines such as easyJet and Ryanair. The airline's debt
level is 339 million pounds higher at 6.5 billion pounds ($9.28
billion), almost three times its market value.


BRITISH TELECOM: Will Close Call Centers
----------------------------------------

In its aim to save about 150 million pounds over the next two
years, Britain's main phone company BT Group plans to shut down
some of its 150 call centers.

The call centers deal with directory inquiries and customer
service and are spread over 104 sites from the north of Scotland
to the south-west of England.

About 1,000 workers will likely lose their jobs with the closure.

It expects staff numbers to fall from 16,000 to 15,000, but full
details of the sites to be closed will be given next month after
talks with unions.

There will be no compulsory redundancies in the plan, but BT says
1,000 jobs will be eliminated over the next year as part of
13,000 job cuts previously announced by BT Group.

The cost savings are part of a previously announced plan to cut
650 million pounds of costs from the retail business by the end
of 2003.

The redundancies form part of 13,000 job cuts announced by BT
Retail last year.

BT Group reported that its net debt has been cut from some 30
billion pounds to 13.6 billion pounds at the end of last year
following a wave of disposals and the 5 billion pounds rights
issue.


COLT TELECOM: Dives 10% as Telecom Sector Loses Favor
-----------------------------------------------------

Shares of cash-strapped Colt Telecom dropped 10% to 53.75p last
week as it was hit by the negative sentiment towards the telecom
sector and expectations of disappointing results this week, the
Daily Telegraph reported.

Kevin Fogarty, a telecoms analyst with Teather & Greenwood,
expects that Colt will issue a profit warning.

The London-based company, a provider of voice and data services
to businesses in 13 European countries, last year secured 494
million pounds in funding after a share issue backed by fund
manager Fidelity, its biggest stakeholder.

Its stock was underperforming the DJ Stoxx pan-European telecom
index by 90% in 2001. It lost 90% of its value in an over-
supplied market for telecoms capacity.


CONSIGNIA PLC: Appoints David Mills as Post Office CEO
------------------------------------------------------

Allan Leighton, interim Chairman of Consignia plc, announced
Thursday the appointment of David Mills as Chief Executive of
Post Office Ltd, the Consignia subsidiary which runs the UK's
nationwide network of Post Office branches.

David Mills, who was previously General Manager for Personal
Banking at HSBC plc, will also join the main board of Consignia
plc, and will take up his new appointment in mid-April.

Consignia's poor performance has brought the company to report a
loss of 281 million pounds for the six months to November 2001.
It 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.   
    
The Consignia board hired PricewaterhouseCoopers to advise on the
future of the group, while UBS Warburg is advising on the future
of the post office network.


CONSIGNIA PLC: Chairman Leighton Rues Name Change
-------------------------------------------------

Consignia chairman Allan Leighton, in an interview with the Times
newspaper, said he would like to revert to the Post Office name.

He said the new name has become tainted by bad publicity
surrounding Consignia's recent poor performance.

However, the cost of reversing the name change cannot be
justified at a time when the loss-making company is planning to
lay off thousands of workers. It will also be likely to run into
opposition from Consignia chef executive John Roberts.

The Post Office changed its name to Consignia a year ago in a
million-pound rebranding exercise designed to mark the
organisation's transformation from a public service provider to a
state-owned limited company.

Consignia has performed poorly since adopting its new name.
Industrial disputes and increasing competition in its key markets
made the company report a loss of 281 million pounds for the six
months to November 2001.


FAMOUS ARMY: Administrators Sell 47 Famous Army Stores
------------------------------------------------------

Famous Army Stores Ltd administrators PricewaterhouseCoopers said
Thursday they have sold the remaining 47 Famous Army Stores to
Blacks Leisure Group.

Financial details were not disclosed.

"We are hopeful that we will be able to assign a number of leases
relating to other stores in the near future," Russell Cash, one
of the PricewaterhouseCoopers joint administrators said.

Roger Marsh, Russell Cash and Michael Horrocks were appointed
joint administrators of the Famous Army Stores on January 7.

The PwC said that the demise of the leisure chain followed last
year's foot-and-mouth crisis and increased competition in the
outdoor leisure sector.

The Speke-based company had 197 retail outlets based around the
UK, 47 of which traded as "Outdoor Ventures" and the rest as
Famous Army Stores.

For further information, please contact PricewaterhouseCoopers'
Karen Fenwick at telephone 0113 289 4052 or Jon Bunn at telephone
020 7213 3279


IMPERIAL CHEMICAL: Company Profile
----------------------------------

Name :             Imperial Chemical Industries PLC
Address :          9 Millbank
                   London SW1P 3JF
                   United Kingdom     
                   
Phone:             +44-20-7834-4444
Fax:               +44-20-7834-2042

Website            http://www.ici.com

SIC :              Chemicals Manufacturing
Employees:         45,930                
Net Profit:        US$118.0 million (as of 06/01/01)
Total Assets:      US$9.61 billion
Total Liabilities: US$9.9 billion
Outstanding Shares: 180.5 million  

Type of Business:  ICI is a global chemicals company engaged in
the manufacture of diversified products such as food additives,
paints, and industrial chemicals through its subsidiaries
including National Starch, Quest, Performance Specialties, and
Paints.

Imperial Chemical's most popular paint products include the Dulux
and Glidden brands. Its regional and industrial chemicals segment
(ICI Argentina, India, and Pakistan) makes petrochemicals and
soda ash, sulfur-related products, and fibers.

Trigger Event: Imperial Chemical is struggling under an estimated
GBP2.5 billion of debt. At present, ICI is trying to cut cost by
laying off its workers while trying to raise cash through
discounted rights issues.

The company is threatened by credit rating downgrades.

Chief Executive Officer: Brendan O'Neal
Chairman of the Board:   Charles Miller Smith
Chief Financial Officer: Allan G. Spall

Auditor: KPMG Audit Plc
          
Last published in TCR-Europe on February 7


NTL INCORPORATED: Merger With Telewest Good for Bondholders
-----------------------------------------------------------

Analysts have said that Liberty Media's plan to merge cable
operators NTL and Telewest Communications could be positive for
bondholders of both companies.

The Financial Times earlier reported that Telewest shareholder
Liberty Media are exploring a long-term plan to merge NTL and
Telewest, restructuring the debts of both groups to create a
single cable operator.

Liberty Media, the paper added, favors a merger if NTL manages to
sort out its balance sheet, which is saddled with 12 billion
pounds of debt.

Analysts said that until it was known how NTL's debt would be
restructured it was hard to say what would happen to the
remaining bondholders in the event of such a merger.

"If bondholders were to control NTL, then it seems that a merger
between the two of them would be a priority," Barclay's Capital
analyst Kurt Klimenko said.

He added that if the two were to merge, then the resultant
company would be around 8.5 times leveraged.


NTL INCORPORATED: Travers Advises NTL on Restructuring
------------------------------------------------------

Leading private equity firm Travers Smith Braithwaite is advising
heavily indebted British cable television operator NTL on its
multi-billion pound restructuring, Legal Week reported.

Travers has acted for NTL for many years.

NTL in January said it was looking at strategic and
recapitalization alternatives for its $17 billion debt. The
restructuring is expected to include an injection of new capital,
as well as swapping much of the company's $8 billion of bond debt
into equity.

NTL has appointed investment banks J.P. Morgan Chase & Co.,
Credit Suisse First Boston and Morgan Stanley Dean Witter & Co.
to handle the talks with holders of its $11.5 billion in junk-
rated bonds aimed at trimming the company's debt.


P&O PRINCESS: Shareholders Begin Vote to Delay Meeting
------------------------------------------------------

Shareholders of London-based cruise operator P&O Princess Cruises
Plc began voting Thursday on a motion to adjourn a decision on
its planned $7.4 billion merger with rival operator Royal
Caribbean Cruises Ltd. to consider a hostile bid from No. 1
cruise line Carnival Corp.

According to a Bloomberg report, an HSBC representative proposed
to suspend the special shareholders meeting until mid-November to
let regulators review the rival proposals.

Carnival is offering to buy P&O Princess, with the latest bid on
February 7 valued at $6.8 billion. The latest bid for P&O
Princess is an all-stock offer of 0.3004 Carnival shares for
every P&O Princess share and values P&O Princess at 550p a share.
Miami-based Carnival would also assume $1.4 billion of P&O
Princess debt. There is a partial cash alternative of 250p a
share.

P&O Princess has rejected the offers, saying regulators may block
the transaction.

In November, Moody's Investors Service downgraded the senior
unsecured debt rating of P&O Princess to Baa3. The action
reflected the expectation of higher combined debt levels
following the company's merger announcement with Royal
Caribbean.

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.

Schroder Salomon Smith Barney is advising P&O Princess on the
deal. Goldman, Sachs & Co. and Cazenove & Co. Ltd, which are
regulated in the United Kingdom by the Financial Services
Authority, are acting for Royal Caribbean, while Merrill Lynch &
Co. and UBS Warburg are advising Carnival.

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

        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.  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.


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