/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/020402.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, April 2, 2002, Vol. 3, No. 64 Headlines * B E L G I U M * CUSTOM SILICON: No Proceeds From Liquidation for Owners * F R A N C E * MOSSLEY-BADIN: French Court Places Textile Group in Receivership * G E R M A N Y * CARGOLIFTER AG: Issues Subordinate Convertible Bond DEUTSCHE TELEKOM: Moody's Lowers DT Ratings One Notch FAIRCHILD DORNIER: Aircraft Maker Seeks Partner ISION INTERNET: May Seek Insolvency MUHL AG: Files for Insolvency After Talks With Banks Failed * I T A L Y * ALITALIA: Bares Re-capitalization Plan, Along With Record Loss * P O L A N D * ELEKTRIM SA: Declares Bankruptcy of Subsidiary eCenter ELEKTRIM SA: BRE Bank Calls on Elektrim as Guarantor to Pay Loan ELEKTRIM SA: Increases Share Capital in El-Dystrybucja Sp. ELEKTRIM SA: Updates on Debt Repayment Proposal to Bondholders ELEKTRIM SA: Notification of Shareholdings * S W I T Z E R L A N D * 4M TECHNOLOGIES: Announces Update on Restructuring * U N I T E D K I N G D O M * ABERDEEN PREFERRED: Announces Repayment of EUR 53.6MM Borrowings CLAIMS DIRECT: Trading and New Business Model Update CONSIGNIA: Royal Mail in Sale Talks Two Weeks Ago, Says Report CORDIANT COMMUNICATIONS: Agrees With Holders on Credit Facility CORUS GROUP: Leading Industry Players Line up for Aluminum Asset ENODIS PLC: Notification of Shareholder's Interests ITV DIGITAL: Centrica to Offer Money for Stake, Says Report LONGANNET: Closes Mine, Leaves 500 Workers Jobless ROYAL DOULTON: Further Buys Stakes in Subsidiary for GBP 2MM SSL INTERNATIONAL: Notification of Major Interests in Shares THUS GROUP: Notification of Directors' Interests ============= B E L G I U M ============= CUSTOM SILICON: No Proceeds From Liquidation for Owners ------------------------------------------------------- On January 31, 2002, Zaventem-based company Custom Silicon Configuration Services S.A. was declared bankrupt by a judgment of the Commercial Court of Brussels. In order to pay its respective creditors, the Court appointed two judicial trustees, Mr. August De Ridder and Mr. Lodewijk De Mot to manage and supervise the liquidation of the assets of this company In light of the large amounts to be paid to the creditors and the lack of assets of the bankrupt company, the shareholders of CS2, at the present stage, should not expect any distribution of proceeds from the liquidation of the company. Consequently, the company has requested the de-listing of its financial instruments from Nasdaq Europe. The Market Authority approved the withdrawl of the Company's financial instruments from admission on Nasdaq Europe effective March 28, 2002. In January of this year, the company was unable to execute a court- approved restructuring and repayment plan sought to save the company from bankruptcy, due to the failure of Business 21 SA, a Luxemburg-based investment firm, to execute a financing agreement in December last year. The deal called for Business 21 to subscribe a financing facility warrant of US$25 million issued by CS2. The three-year funding was supposed to bear an interest rate of 7%. Custom Silicon Configuraton Services n.v. is engaged in the manufacture and distribution of semiconductor packaging and provides test services catering to the European semiconductor market. For further information, contact Yves De Poorter, Chief Executive Officer, at telephone number 32 2 713 05 62 / 32 2 720 00 00 or via e-mail YDP@cs2.be. =========== F R A N C E =========== MOSSLEY-BADIN: French Court Places Textile Group in Receivership ---------------------------------------------------------------- The commercial court of Rouen has placed Mossley Badin, a Barentin-based textile products group, in receivership. According to a Les Echos report, Mossley Badin has been allowed to continue operating for six months in order for the group to draw potential buyers. Mossley Badin, whose Paris listing has been suspended since March 12, achieved a turnover of EUR122 million in 2000. It employs a total of 635 people at its plants in Seine-Maritime, northern France, the Vosges and Meurthe-et-Moselle. ============= G E R M A N Y ============= CARGOLIFTER AG: Issues Subordinate Convertible Bond --------------------------------------------------- Management Board and Supervisory Board of loss-making airship manufacturing firm CargoLifter AG agreed on a subordinate convertible bond issue of up to EUR49.8 million in a meeting Thursday. The subordinate convertible bond is to be exclusively offered to shareholders of the company from April 3 to May 3, 2002. The subordinate convertible bond has a five-year term. The 8.3 million bearer debentures are to be issued at a nominal value of EUR6 and offered to shareholders at a ratio of 4:1. The coupon of the bond is 6%, interest is paid at the end of each year on April 2 to the bond creditor. The conversion to shares of CargoLifter AG can be effected anytime during the term of the subordinate bond after a waiting period of 12 months. The conversion price is EUR6 per share and is subject to adjustment. The subordinate bond cannot be terminated by the company during its term. CargoLifter issues the subordinate convertible bond in the context of a necessary interim financing by the Summer of 2002. Earlier, reports revealed that the company cannot borrow via banks, even on the basis of a public-sector guarantee of almost EUR67 million, approved in 1999, and for which the company is once more applying, as the banks fear those risks are not covered by the guarantee. As a result, management will attempt to turn the guarantee into convertible bonds that could be placed with private investors. DEUTSCHE TELEKOM: Moody's Lowers DT Ratings One Notch ----------------------------------------------------- Deutsche Telekom, Europe's biggest phone company, had its long-term debt rating cut to Baa1 from the previous A3 by Moody's Investors Service after delaying its debt reduction target by a year to 2003. Moody's said it lowered DT's ratings on concern that the company's failure to sell assets this year will prevent it from reaching a previous target to reduce borrowings to EUR50 billion (US$43.6 billion) in 2002. The rating agency has also downgraded to Baa2, with a negative outlook, the ratings of Deutsche Telekom's wireless operator, VoiceStream Wireless Corp and its subsidiaries. Moody's added that it expects Deutsche Telekom's EUR62.1 billion in debt to remain unchanged this year after asset sales were delayed and as the former German monopoly pays former partner DaimlerChrysler EUR4.7 billion to buy the rest of a software joint venture. Moody's previously had a negative outlook on Deutsche Telekom's debt. FAIRCHILD DORNIER: Aircraft Maker Seeks Partner ----------------------------------------------- Fairchild Dornier said Thursday the German-American regional aircraft maker is looking for a strategic partner and is in talks with several companies, but declined to comment on a report from a German daily that it could face insolvency, the Associated Press reported. Sueddeutsche Zeitung has cited unidentified company sources who say the firm may have to initiate insolvency proceedings this week now that negotiations with Boeing Co have failed. The report said Fairchild faced higher-than expected development costs for its 70-seat 728 jet as airlines delayed orders after the September 11 attacks in the United States. A spokesman at Fairchild Dornier's base in Oberpfaffenhofen, near Munich, declined to comment on the financial situation or name possible partners. Industry sources said Bayerische Landesbank, Bayerische Hypo-und Vereinsbank and Kreditanstalt fuer Wiederaufbau (KfW) together have a total exposure of US$800 million loans to Fairchild Dornier. The German national government has given financial guarantees of US$270 million to the company, while the Bavarian state government with US$80 million. Fairchild Dornier was created by Fairchild Aircraft's 1996 acquisition of Dornier Luftfahrt GmbH of Germany. It makes corporate and commercial jets and has manufacturing and services facilities in San Antonio, Texas and a sales base in Herndon, Va. ISION INTERNET: May Seek Insolvency ----------------------------------- Ision Internet AG will have to file for insolvency by April 3 if the German Internet service provider fails to secure finance for its business over the next few weeks, Frankfurter Allgemeine Zeitung reports. Hamburg-based Ision, which also has a subsidiary in Austria, blames its difficulties on high personnel costs and the drop in the data transmission market. Reducing staffing levels should turn the company into an attractive takeover proposition, FAZ added. MUHL AG: Files for Insolvency After Talks With Banks Failed ----------------------------------------------------------- German building service provider Muhl AG has filed for opening of the insolvency proceeding in Erfurt on March 28 due to liquidity concerns. According to a Frankfurt Stock Exchange announcement, some banks have refused to postpone the cancellation of their credit limits until after April 10. Therefore, Muhl AG is neither able to pay the interest on the bonds nor to pay back credits worth EUR7 million. The board has asked the banks without success to wait for the final results of the going concern analysis prepared by Deloitte & Touche, Dusseldorf, due by April 4, 2002. The board still expects a positive outcome of this analysis. Muhl's problems arise from the building sector crisis, which caused it to slip into the red last year. Management reacted with restructuring measures, which will burden the balance sheet for 2001 with costs of around EUR80 million. ========= I T A L Y ========= ALITALIA: Bares Re-capitalization Plan, Along With Record Loss -------------------------------------------------------------- Cash-strapped Italian flag carrier Alitalia bared last week an unprecedented EUR907 million loss for 2001, more than three times its year earlier results. According to the Financial Times, the lost was also one third higher than what the airline projected in November last year. The loss included one-time costs of EUR527 million to cover several thousand lay-offs, the de-servicing of planes and the closure of several routes. The report says the board, as expected, also unveiled last week a EUR1.43 billion re-capitalization plan. Half of the money will be raised through a share issue at EUR37 cents a share. The rest will come from convertible bonds. The government, which owns 53% of Alitalia, will spearhead the plan by buying stocks at EUR96 cents a share and taking in some of the convertible bonds. A company spokesman said the airline is confident that the plan will pass EU scrutiny as it is carefully structured so as not to appear as state aid. Alitalia and the Italian government have had a few run-ins with EU regulators following large cash infusions at the start of the 1990s in order to avoid bankruptcy. This latest cash increase equals the company's current stock market value and could be challenged by the European Commission, says the paper. Meanwhile, according to the report, the board also approved a plan, unveiled last year, to exchange 3% of stock with Air France, the French national carrier. The two will also share routes and coordinate maintenance, purchasing and technical training. Details of the share swap with Air France, which is worth several times more, remains to be worked out, the report notes. =========== P O L A N D =========== ELEKTRIM SA: Declares Bankruptcy of Subsidiary eCenter ------------------------------------------------------ The Management Board of Elektrim S.A. announced on March 26, 2002 it received the decision dated March 20, 2002 regarding the declaration of bankruptcy of Internet investment capitalist firm eCenter (Elektrim's subsidiary headquartered in Krakow, Poland) from the Krakow District Court, VIII Economic Division for bankruptcy and composition proceedings. The judge of the Krakow District Court has appointed Ms Ewa Wloczewska as judge commissioner and Mr Miroslaw Szaraniec as receiver of the estate in bankruptcy. ELEKTRIM SA: BRE Bank Calls on Elektrim as Guarantor to Pay Loan ---------------------------------------------------------------- The Management Board of Elektrim S.A. said it received a letter from BRE Bank S.A. acting as the agent of a consortium of banks, in which it called Elektrim S.A. as the guarantor of the company RST El-Net S.A. by virtue of the syndicated investment credit no 17/075/98/Z/IK dated January 4, 1999, to repay without delay Elektrim's liability to the account of BRE Bank S.A. resulting from: - the declaration of the guarantor dated January 5, 1999 to the amount of the drawn credit of PLN 51,385,000 (US$12.5 million), together with interest and costs due to the banks from the above amount, - the declaration of the guarantor dated September 30, 1999 to the amount of the drawn credit of PLN 41,825,000, (US$10.2 million) together with interest and costs due to the banks from the above amount. According to the letter of BRE Bank S.A., Elektrim's total debt due on both guarantees totals PLN 93,210,000 (US$22.7 million) together with interest on this sum in the amount of PLN 4,188,457.26 (US$1.0 million), interest for delaying repayment due on March 20, 2002 in the amount of PLN 4,260.47 and costs specified as an administrative commission in the amount of PLN 36,672.79. On March 27, BRE Bank S.A. debited the account of Elektrim S.A. with the amount of PLN 51,976,371.39 (US$12.6 million) that represents the amount due for guarantee extended to RST El-Net S.A. Furthermore, Bank Polska Kasa Opieki S.A., a participant in the above mentioned Consortium of Banks, has sent a statement to Elektrim S.A. informing that it has offset its receivables due from Elektrim S.A. from the above mentioned titles in the total amount of PLN 35,075,324.80 (US$8.5 million) against Elektrim's receivables from Bank Polska Kasa Opieki S.A. in virtue of conducting bank accounts. The Management Board of Elektrim S.A. announces that receivables due in virtue of guaranteeing the credit for RST El-Net S.A. are included in the list of receivables under Elektrim's composition proceedings. ELEKTRIM SA: Increases Share Capital in El-Dystrybucja Sp. ---------------------------------------------------------- The Management Board of Elektrim S.A. announced Tuesday it received the minutes of the Shareholders' Meeting of El- Dystrybucja Sp. z o.o., at which the company's share capital was increased from the amount of PLN 4,000 to PLN 1,000,000, i.e. by the amount of PLN 996,000. Elektrim S.A. is taking 8 new shares in the increased capital of El-Dystrybucja Sp. z o.o. of the nominal value of PLN 550 per share for the total amount of PLN 4,000. As a result of the increase the share of Elektrim S.A. and Elektrim's subsidiaries - Elektrim-Volt S.A. and ZE PAK S.A. will jointly fall from 25% to 1%. If the increased capital is not taken and is not paid up by any of the Shareholders within the statutory time - one month from the call, the increased capital will be taken by the remaining Shareholders, pro rata to the shares held by them before the capital increase. ELEKTRIM SA: Updates on Debt Repayment Proposal to Bondholders -------------------------------------------------------------- The Management Board of Elektrim S.A. on March 28 said that in a letter to the Warsaw District Court, XVII Economic Composition- Bankruptcy Division, it presented updated composition proposals. The present modification compared to the previous composition proposal primarily consists in allowing for a single payment for creditors under the composition proceedings whose receivables are in excess of PLN 200,000 within 30 days from the approval of the composition. The total amount of receivables to be paid as a lump sum will total PLN 2,605,798.07 (US$634.2 million). The remaining receivables will be paid as follows: 5% of the receivables' nominal value within 30 days from the date of the composition approval. Next, the remaining receivables will be paid in three instalments: 35% - by 15 December 2003, 12% - by 15 December 2004 33% - in three consecutive years in such a way that 11% will be paid each year by December 15. The Management Board expects that the composition proposals presented above will enable to gradually repay the company's debt, will make its further business activities possible and will be favourably assessed by the company's creditors. ELEKTRIM SA: Notification of Shareholdings ------------------------------------------ The Management Board of Elektrim S.A. announce last week in a statement that on March 26, 2002, Warsaw-based investment bank BRE Bank S.A. as a result of a purchase transactions on the stock exchange, BRE Bank S.A. now holds 10,305,976 shares of Elektrim S.A. representing 12.30% of the company's share capital. The number of shares entitles to 10,305,976 votes at the general meeting of power and telecoms conglomerate Elektrim which represents 12.30 of the total number of votes at the general meeting. Drugi Polski Fundusz Rozwoju, a unit of BRE Sp. z o.o. which is a subsidiary company of BRE Bank S.A., holds 930,000 shares of Elektrim S.A. representing 1.11% of share capital which entitle to 930,000 votes at the general meeting which represents 1.11% of the total number of votes at the general meeting of Elektrim S.A. BRE Bank S.A. jointly (directly and indirectly) holds 11,235,976 shares of Elektrim S.A. which represent 13.41% of the share capital and entitle to 11,235,976 votes at the general meeting which represents 13.41% of the total number of votes at the general meeting of Elektrim S.A. ===================== S W I T Z E R L A N D ===================== 4M TECHNOLOGIES: Announces Update on Restructuring -------------------------------------------------- The previously announced restructuring and recapitalization operation, which was approved by the shareholders of 4M Technologies -- http://www.4m-inc.ch/ -- Holding on February 22, 2002, was successfully completed Thursday with the registration of the capital increase of the company. The share capital of 4M Technologies Holding was increased from CHF 14 million (US$8.36 million) to CHF 80 million (US$47.8 million), partly by means of a conversion of debts into equity and partly by means of a substantial cash injection into the company. The capital increase corresponds to the issuance of 6,600,000 new shares, which were fully subscribed by new financial investors, the existing shareholders and the public. The new shares will be listed and traded on the New Market segment of the SWX Swiss Exchange starting from April 2, 2002. The successful completion of the capital increase will enable the main Swiss operating subsidiary of the 4M Technologies Group, Multi Media Masters & Machinery SA in Yverdon-les-Bains, which has been operating under a moratorium since August 2001, to pay the agreed dividend to its creditors in the context of a composition arrangement approved by the competent court and to resume normal business operations as from April 2002. The completion of this recapitalization process, which has significantly strengthened the group's financial situation, will allow an immediate re-launch of the 4M Technologies Group business activities on a solid and sound basis, with a slimed down and lean operational structure as well as a promising portfolio of products. The publication of the FY 2001 preliminary results, which was previously foreseen for release on March 28, 2002, will be postponed to April 3, 2002. This will allow the company to integrate the impact of the recapitalization operation and to report on all subsequent events that occurred during the first three months of 2002. Further information may be obtained by contacting Martine Pillard, Corporate Communications of 4M Technologies Holding, Avenue des Sports 42 CH-1400 Yverdon-les Bains at Tel: ++41 (0) 24 4237 111; Fax: ++41 (0) 24 4237 177 or E-mail: martine.pillard@4m-inc.ch. =========================== U N I T E D K I N G D O M =========================== ABERDEEN PREFERRED: Announces Repayment of EUR 53.6MM Borrowings ---------------------------------------------------------------- London-based investment portfolio management firm Aberdeen Preferred Income Trust Plc announced in a statement Thursday that discussions with its banks resulted in the prepayment on March 27, 2002 of the company's entire euro-denominated bank borrowings amounting to approximately EUR 34 million and GBP 12 million (EUR19.6 million) of its sterling-denominated bank borrowings. Aberdeen's bank borrowings now amount to GBP 69 million, with GBP39 million repayable in December 31, 2002 and GBP30 million on October 17, 2007. Under the terms of the Company's banking agreements, its adjusted total assets are required to be at least 200% of its total borrowings. On the basis of the unaudited management balance sheet as at March 27, 2002, the ratio of adjusted total assets to total borrowings following the prepayments referred to above was 196.58%. The Board is keeping the level of bank borrowings under review and will continue discussions with the company's bankers with a view to reaching agreement on the future management of this gearing and the structuring of the company's bank covenant regime. CLAIMS DIRECT: Trading and New Business Model Update ---------------------------------------------------- Claims Direct plc, the leading personal injury claims management specialist is pleased to announce that its new business model, based on the methodology employed by Claimline, has been launched with a new panel of solicitors and insurance underwriters, and that it has made significant progress in terms of settling with its claims managers ('franchisees'). It has also recently successfully opened its own in-house customer contact centre at its Telford headquarters and has been encouraged by recent legal developments prior to its own test cases being heard. At the time of announcing the acquisition of Claimline on January 24, 2002, the company gave an update on current trading, indicating that the run rate of monthly losses had reduced significantly through progress in reducing its cost base. However, the number of accepted cases has continued to remain at the lower rates experienced during 2001 due to lower levels of activity as the new business model was being developed and due to other uncertainties affecting the business. It has clearly taken longer than first expected to launch the new business model and there has been a correspondingly lower level of marketing activity during the last few weeks. In addition, it should be noted that the new business model includes a more prudent income recognition policy, with the average period of the receipt of premium income from case enquiry being 6-8 weeks rather than the 3-4 weeks previously. The effect of this has been that income generated from inquiries in February and March will not now be received in the financial year ending March 31, 2002. As a result, the monthly run rate of losses has increased during the last quarter of the financial year ending March 31, 2002 and the previously indicated second half improvement in performance has not materialized. For the year as whole, the exceptional costs associated with the franchisee exits including arbitration costs (c.GBP3.5 million) and the termination of arrangements with Poole & Co. (up to a maximum of GBP2.3 million), when added to the loss before tax reported for the six months ended September 30, 2001 of GBP11.5 million, and the second half losses, are expected to increase the overall losses for the year to around GBP22 million (2000/1: loss before tax GBP20.2 million). The new business model features two new after the event insurance policies ('ATEs') with the following premium levels; GBP500 plus 5% insurance premium tax ('IPT') for road traffic accidents ('RTAs') and GBP950 plus IPT for other levels of claim, including employers' and public liability. In the new methodology solicitors will be able to charge a success fee through a conditional fee arrangement. In future clients will not have to take out a loan to purchase the ATE policy, which will now be acquired on their behalf by their solicitor as a disbursement of running their case. An improved trading performance is therefore now likely to be delayed until the first quarter of the new financial year (April - June 2002), by which time the new business model is expected be fully operational. The preliminary results for the year ended March 31, 2002, are likely to be announced in July 2002. As at the time of writing, 202 franchisees had agreed exit terms. Of the remaining franchisees, nine are still in discussions with the company and three have yet to respond, whilst only 6 franchisees remain in arbitration; it is hoped that amicable settlements may be reached with these individuals in due course. These changes to our franchise arrangements have been critical to our ability to launch the new business model. The new in house customer contact center will be supported by a new web-based software system capable of providing the latest online information to staff, solicitors and clients alike on cases as they progress from initial enquiry to final settlement. This is a major development in the speed and extent of information available to those involved in pursuing a claim. The center will be capable of handling 2000 calls per day and is expected to improve the company's case conversion rates and service standards. The company has recently been encouraged by certain legal developments, albeit it is still too early to be optimistic of a final conclusion to the long running issue of premium recoverability. Nonetheless it is noteworthy that, following the judgements in Callery vs Gray and Sarwar vs (Allen), that in a third case, Tilby vs Perfect Pizza, the senior costs judge has supported the fundamental elements that are the cornerstone of the company's new business model. The next stage of Callery vs Gray is due to be heard in the House of Lords April 24-25, while the company's own test cases are due to be heard by the senior costs judge by the summer. Ronnie Henderson heads Claims Direct plc as chief executive. For further information regarding this announcement, please contact: Claims Direct plc at telephone number 01952 284800 or check the company's website at www.claimsdirect.com. CONSIGNIA: Royal Mail in Sale Talks Two Weeks Ago, Says Report -------------------------------------------------------------- Contrary to its earlier claim, the government had actually held talks with TPG over the possible sale of Royal Mail via an all- share takeover deal, says the Financial Times. Citing an official of the Department of Trade and Industry, the paper said that talks were conducted two weeks ago, but is "completely dead" by now due to the failure to settle some key issues. The report is contrast to the official pronouncement two weeks ago. In response to a question from Baroness Miller in the House of Lords, Lord Sainsbury said: "I have no indication that any negotiations have ever taken place on that." But the DTI official told the paper that the statements of Lord Sainsbury was "entirely logical," as he was not aware of the talks. "There were only a limited number of people aware of the discussions because they were commercially confidential," the official said. Accordingly, the discussion broke down due to the government's unease about foreign ownership and TPG's uncertainty about support from the unions. In addition, the Dutch postal group had accordingly wanted a controlling stake, contrary to the government's joint venture proposal. The government reportedly initiated the talks. TPG is regarded as one of the most efficient postal operators in Europe. In contrast, Consignia is currently losing GBP1.5 million a day. CORDIANT COMMUNICATIONS: Agrees With Holders on Credit Facility --------------------------------------------------------------- Cordiant, the beleaguered U.K. advertising and communications group, said Thursday it signed an agreement in principle with its Banks and the holders of its Guaranteed Senior Notes which incorporates detailed terms for amendments to the agreements governing the Group's principal borrowing facilities. The changes will include new financial covenants for periods ending on and after 31 December 2001 toreflect the change in operating performance of the Group following the industry downturn in 2001. This agreement in principle is subject to completion of full documentation by April 19, 2002. Cordiant will announce its 2001 preliminary results, together with details of the new financing arrangements and the increased financing costs and fees, shortly after completion of full documentation. CORUS GROUP: Leading Industry Players Line up for Aluminum Asset ---------------------------------------------------------------- A spokesman for Anglo-Dutch steel-maker Corus says there are four contenders for its aluminum business, its prized asset up for sale. According to Dow Jones Newswires, the bidders include the four leading industry players Pechiney SA, Norsk Hydro, Alcoa and Alcan Inc. Among the four, only Pechiney has so far come out with a seemingly official announcement. Emerging from a general meeting last week, CEO Jean-Pierre Rodier recently bared that his company is eyeing the Corus asset. Corus announced the sale of its aluminum business on March 18. Analysts expect the business to fetch between GBP800 million and GBP1 billion. ENODIS PLC: Notification of Shareholder's Interests --------------------------------------------------- Enodis plc, the commercial food service equipment manufacturer with headquarters in London, announces that CGNU PLC, the British fund management and insurance group, acquired 460,551 ordinary shares of 50p March 22, 2002. Following this notification, CGNU now holds 7,805,461 or an equivalent of 3.12% of the total shares issued by the company. For further inquiries regarding this announcement, contact R. Syms at telephone number 020 7304 6000. ITV DIGITAL: Centrica to Offer Money for Stake, Says Report ----------------------------------------------------------- Centrica PLC is expected to approach ITV Digital in the next few days for exploratory talks on a possible stake acquisition, says The Observer. Citing a "knowledgeable source," the newspaper said Centrica is reportedly eyeing anew the digital TV broadcaster, provided the price is right. Centrica sells electricity and owns the Goldfish brand credit card. It also owns the Automobile Association and British Gas. In a separate development, the company is reportedly keen on joining a suit against NDS Group PLC, a U.K.-based software company 79%-owned by News Corp., the Sunday Telegraph said. The suit relates to the distribution of information that led to the creation of thousands of pirate decoding cards. The company, along with French media group Canal Plus, is claiming GBP100 million in damages, representing extra security expenses, among others. ITV Digital was placed under administration last week. LONGANNET: Closes Mine, Leaves 500 Workers Jobless -------------------------------------------------- More than 500 jobs were lost when flood-hit mine Longannet was shut, the Mirror reported. Experts reckon it will cost more than GBP50 million to reopen Scotland's last deep coal mine after it was flooded a week ago. The mine opened in the 1960s and has been dogged by problems. Scottish Coal, the mine's owners, has decided Longannet deep mine is not viable and called in receivers. Under the U.K. Coal Operating Scheme, the Scottish government has brought a total amount of aid paid to Longannet to GBP41.2 million. The latest was a cash injection of GBP5.4 million in NTL INCORPORATED: Could File for Bankruptcy Protection This Week ---------------------------------------------------------------- The U.K.'s biggest cable television operator NTL Incorporated is expected to file for Chapter 11 protection any time this week, says the Financial Times. A default on a US$96 million interest payment will set off the pre-arranged restructuring of the group, which has reportedly reached a deal with banks and bondholders over a debt-for-equity swap. The move will allow the company to continue operations with little or no hitch while restructuring the terms of its debts with creditors within 60-90 days. A re-launch of the business could follow after the terms are finalized. Citing reliable sources, the paper said the plan could currently involve a cash injection in exchange for equity. The deal could also allow Barclay Knapp to retain control of the business he founded. It is not yet clear whether or not the arrangement includes a deal with a strategic investor. Liberty Media, the investment vehicle controlled by U.S. cable mogul John Malone, and AOL Time Warner have both held discussions with NTL about making an equity investment in the company. NTL is currently buried under a US$17 billion debt mountain. Last week, TCR-Europe reported that debt-for-equity swap will result in the erasure of at least US$11 billion of debts. ROYAL DOULTON: Further Buys Stakes in Subsidiary for GBP 2MM ------------------------------------------------------------- Royal Doulton last week, through its wholly owned subsidiary Bleak Hill Co Limited, acquired a further 25% stake in its Indonesian manufacturing subsidiary PT Doulton Multifortuna from its joint venture partners PT Multifortuna Asindo and PT Multifortuna Sinardelta for GBP2 million. Following this transaction, Royal Doulton owns 95% of PT D M with the minority owned by PT Multifortuna Sinardelta, allowing Royal Doulton to take fuller control of this subsidiary ahead of the transfer of Royal Albert production to the Indonesian facilities later this year. In the year to December 2001, PT D M had turnover of GBP8 million and profit before tax of GBP1 million and at December 31, 2001 had net assets of GBP1 million. SSL INTERNATIONAL: Notification of Major Interests in Shares ------------------------------------------------------------ SSL International plc, the British healthcare products maker best know for the manufacture of Durex brand condoms, declares that CGNU plc, on behalf of the following shareholders with corresponding number of shares held by each listed accordingly BNY Norwich Union Nominees Ltd 3,062,454; BT Globenet Nominees 7,600; Chase GA Group Nominees Ltd 1,871,348 and CUIM Nominee Ltd 4,556,362 acquired on March 25, 2002, 400,000 10p ordinary shares or the equivalent of 0.21% the total shares in issue. Following this notification, CGNU on behalf of its shareholders, has a total of 9,497,764 shares or a total of 5.02% of total shares in issue. For inquiries regarding this announcement, please contact J E J Booth at telephone number 01565 624000. THUS GROUP: Notification of Directors' Interests ------------------------------------------------ The Board of THUS Group plc, under the THUS Group plc Performance Share Plan on March 27, made an award to acquire ordinary shares in THUS Group plc, as detailed below, to each of the company's executive directors. To be awarded on March 2005, this arrangement is subject to the performance criteria and other conditions specified in the Plan rules being satisfied and reflect the total number of shares over which each Executive Director holds awards as follows: Executive Director No. of Shares Consideration (in aggregate not per share) William Allan 784,615 GBP1 John Maguire 553,846 GBP1 Philip Male 615,384 GBP1 James Reid 553,846 GBP1 On the same date, the Board of THUS Group plc, under the THUS Group plc Discretionary Share Option Scheme, granted options to acquire ordinary shares in THUS Group plc, as detailed below, to each of the company's executive directors. The options are exercisable from March 2005 to March 2009 and are subject to the performance criteria and other conditions specified in the Scheme rules being satisfied and reflect the total number of shares over which each of the executive directors concerned holds options under the scheme Scheme following the notification. Executive Director Number of Shares under option Price William Allan 1,569,230 16.25p John Maguire 1,107,692 16.25p Philip Male 1,230,769 16.25p James Reid 1,107,692 16.25p For inquiries regarding this announcement, please contact Ian Hood, Director of Corporate Communications, Thus plc at telephon number 01483 772499; or Mark Woolfenden of Smithfield Financial at telephone number 020 7360 4900. *********** 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. 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