/raid1/www/Hosts/bankrupt/TCREUR_Public/020415.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, April 15, 2002, Vol. 3, No. 73


                            Headlines

* F I N L A N D *

SONERA CORPORATION: Willing to Divest 3G Licenses for Right Price

* F R A N C E *

LYCOS FRANCE: Reorganization Plan Calls for 50% in Redundancies

* G E R M A N Y *

CARGOLIFTER: Minority Shareholders Wins Reprieve up to May
KIRCHGRUPPE: Banks to Forfeit Leo Kirch's Formula One Stake
KIRCHMEDIA: May Lose Right to Broadcast German Soccer League
KIRCHMEDIA: Studios Still Silent Over Trade Partner's Insolvency

* P O L A N D *

ELEKTRIM SA: Chairman Syed Announces Board Objectives
ELEKTRIM SA: Notification of Shareholders' Interests
ELEKTRIM SA: Notification of Guarantee, Counter-guarantee

* S W E D E N *

ICONMEDIALAB: Invites Shareholders to Subscribe for Shares

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

SWISSAIR GROUP: Decides Not to Appeal Ruling in Favor of Crossair

* U N I T E D   K I N G D O M *

ANTISOMA: CFO Says It Has Not Ruled Out Another Rights Issue
BRITISH TELECOM: Global Crossing Lists BT as Potential Bidder
CONSIGNIA: Restructuring Calls for Transfer of 5,000 Employees
CLUBHAUS PLC: Gold Course Recreation Group Hopes on Debt Swap
DEUTSCHE TELEKOM: Deutsche Bank Eyes Cable Assets But Not Network
INVENSYS PLC: Eurotherm Gauging Unit in Management Buyout
ITV DIGITAL: Co-owners Make Pre-emptive Strike on Soccer League
KALISTO: Court Finds Liquidation Better Option for Stricken Firm
LASTMINUTE.COM: Notification of Shareholders' Interests
MARCONI PLC: Bondholders May Force Firm Into Insolvency
MARCONI PLC: Director Dunn Resigns Citing Conflict of Interest
NTL INCORPORATED: Erosion of Customer Base Threatens Viability
P&O PRINCESS: Carnival Offer Placed Under Formal Investigation
P&O PRINCESS: Carnival to Cooperate With EU Probe to Prove Worth
SPORTSWORLD MEDIA: Calls It Quits, Applies for Receivership
THUS GROUP: Notification of Shareholder's Interests


=============
F I N L A N D
=============


SONERA CORPORATION: Willing to Divest 3G Licenses for Right Price
-----------------------------------------------------------------

Financially stricken Sonera Corporation, which will soon merge
with Swedish telecom operator Telia AB, could see itself selling
its 3G licenses in Germany if it receives a good offer.

Reuters says the company is willing to divest its 43% stake in
Group 3G, one of six 3G consortium in Germany.  Accordingly, the
Finnish telecom considers the licenses as "financial asset" ready
to be tapped.

Together with Spanish counterpart Telefonica, which holds the
other 57% in Group 3G, the two firms paid EUR8.4 billion for the
licenses, the news agency says.

Sonera CEO Harri Koponen, who will also be designated vice chief
of the merged Telia-Sonera firm, particularly likes the idea of
selling the asset "if an attractive offer came up."

But industry observers believe selling the expensive licenses at
this time would be ill-advised unless their owners intend to sell
them at a steep discount.  They say the licenses would likely be
selling at less than its original purchase price with the current
economic conditions.

In addition, experts predict that 3G services, which offer
multimedia on handsets, are unlikely to take off before 2005,
making an immediate return on investment impossible.

"It would be difficult to put a value on the stake right now,"
Sonera CFO Kim Ignatius told Reuters in an interview recently.

"It's a question of value, would it be better to sell it now, in
two years, or for example in 10 years? There is no time-frame,"
he said.

Ignatius said Sonera could consider lowering its stake to let in
more investors who would boost Group 3G financially.

"We would be happy to be a 10 percent shareholder in a stronger
company," he said.


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


LYCOS FRANCE: Reorganization Plan Calls for 50% in Redundancies
---------------------------------------------------------------

After a meeting with the personnel representatives, the LYCOS
France SA management informed all of its employees Tuesday of
a re-organisation plan, which may affect 60 to 80 jobs out of 162
positions.

According to a company statement, in the face of the advertising
market's growth slowdown and with an eye on maintaining
competitivity, Lycos Europe has decided to apply a new cost
reduction plan after a re-organisation in June 2001.

Within the framework of the labour code, its staff reduction plan
will be discussed soon between the Employee Representatives and
the Management.

Lycos France had a workforce of 240 last September. This
reduction in its wages bill is seen as necessary for the company
to break even on an operating level in the final quarter of 2002,
French news group La tribune reports.


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


CARGOLIFTER: Minority Shareholders Wins Reprieve up to May
----------------------------------------------------------

Minority shareholders of Cargolifter AG, the German freight
airship and balloon manufacturer, rescued the company from
the threat of insolvency in mid-April, Financial Times
Deutschland and FT Information reports Friday.

Having subscribed to convertible bonds eight days into the
subscription period, minority shareholders assured financing up
to May. The total volume of the bond issue amounts to almost
EUR50 million.

Cargolifter has introduced saving measures to reduce its cash-
burn rate and will push through with plans to start serial
production of airships in 2005/06.

The freight airship manufacturer is starting negotiations with
regional authorities regarding bridging loan. It also plans to
attract strategic investors on a major capital increase to raise
capital to EUR150 million in the summer.


KIRCHGRUPPE: Banks to Forfeit Leo Kirch's Formula One Stake
-----------------------------------------------------------

The banks that backed Leo Kirch in taking a 75% stake in SLEC,
the company that controls the Formula One racing circuit, are
poised to assume the shareholding interest, says the Financial
Times.

The paper says the banks allegedly met with Leo Kirch in Munich
late last week to inform the German media mogul that they are
taking over the stake, which they hold as collateral to the loan
used to buy the interest.

The banks are led by Bayerische Landesbank, which arranged the
loan in January last year.  The Bavarian bank later syndicated
part of the loan to Lehman and JP Morgan, which coughed up EUR350
million each.

A bank executive, however, clarified that no final decision on
how to go about with the takeover has been firmed up yet.

"This is certainly one way of recovering our money, but the
enforcement will be lengthy and complex. We want a conclusion
soon but we must carefully weigh the risks of each option," the
executive told the Financial Times.

One benefit, however, of a bank takeover is the possible
resolution of the dispute between Mr. Kirch and the car
manufacturers.  Car owners had earlier threatened to bolt from
the circuit and form their own league in 2007, when their
exclusivity contract with SLEC expires.

Manufacturers have long suspected Mr. Kirch of planning to
capitalize on his SLEC majority control to keep the F1 broadcast
rights in his own TV channels.


KIRCHMEDIA: May Lose Right to Broadcast German Soccer League
------------------------------------------------------------

The German soccer league will put its broadcasting rights out for
sale if the insolvent KirchMedia group defaults on a crucial
payment due next month, Handelsblatt sources say.

Bundesliga executives disclosed that the league will start talks
with rival media outlets if Kirchmedia, which owns the TV rights
until 2004, might default on its next installment of GBP61
million on May 15.

After a meeting with 32 of its clubs in Frankfurt, the league
admits that it did not need German government guarantees for
loans to cover a potential shortfall in income.

Wolfgang van Betteray, the insolvency lawyer of KirchMedia, said
administrators had started talks with league executives on a GBP1
billion four-year restructuring deal.

Earlier this week, Betteray said the GBP61 million payment would
be met, but did not guarantee the delivery of future
installments, the paper added.

Germany's public broadcasters, ARD and ZDF appear as possible
bidders for Bundesliga's broadcasting rights.


KIRCHMEDIA: Studios Still Silent Over Trade Partner's Insolvency
----------------------------------------------------------------

Hollywood studios have remained mum over their position on
KirchMedia's insolvency filing, allowing uncertainty to hover
above the troubled media-rights business.

The movie studios were expected to absorb huge losses as a result
of the collapse, making the silence uncharacteristic.  According
to Reuters, losses could top as much as US$1 billion.

Some of the major losers are Sony Pictures Entertainment and its
Columbia Pictures division, 20th Century Fox, Walt Disney and
Universal Studios, the new agency says.

Sources told Reuters last week that KirchMedia allegedly missed a
recent US$150 million payment.  A Sony spokeswoman refused to
comment on the rumor when contacted by the news outfit.

News Corp. spokesman Andrew Butcher said 20th Century Fox, a unit
of Rupert Murdoch's media empire, has already written off the
investment in Kirch during the last quarter.

Walt Disney Co. and Universal Studios have yet to issue a
statement about their losses or position on the insolvency of
their German trade partner, Reuters says.

Universal, however, is currently embroiled in a lawsuit with
Kirch about TV rights deals, and that suit is set to go to trial
in early May, the new outfit says.


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


ELEKTRIM SA: Chairman Syed Announces Board Objectives
-----------------------------------------------------

The new Supervisory Board of Elektrim S.A., chaired by Mr.David
Syed, was constituted on April 12, 2002.

Syed, on behalf of the new Supervisory Board, announced Friday
that the board will discharge its duties observing the principles
of compromise and consensus among its members.

The Supervisory Board intends to work very closely with the
Management Board of the Company and to act in the best interest
of the Company and its shareholders. In doing so, the Supervisory
Board will be guided by the principles of sound and transparent
corporate governance.

The members of the Supervisory Board are resolved to supervise
and monitor the Management Board of the Company in such a way as
to secure a timely and generally acceptable solution in respect
of the bondholders and other creditors of Elektrim S.A.

The Management Board has updated the Supervisory Board as to the
current status of negotiations with the bondholders and has
informed the Supervisory Board that negotiations have not broken
down and are ongoing.

The Supervisory Board will encourage the Management Board to
improve the image of Elektrim S.A. in the market, recoup the
position once held by Elektrim S.A., improve the transparency and
communication between the Company and market participants and
protect the interests of minority shareholders.

It is also the intention of the Supervisory Board to explore all
avenues allowing Elektrim S.A. to attain a leading role in the
Polish energy sector.

Elektrim S.A. is a great company with a long tradition and
history and we, as members of the Supervisory Board, will
contribute to all efforts to improve both the public image and
the performance of the Company to the benefit of the public as
well as the Company's shareholders.

Direct inquiries to: Hubert A. Janiszewski, D-ty Chairman; Tel.:
00 48 22 579 93 00.


ELEKTRIM SA: Notification of Shareholders' Interests
----------------------------------------------------

The Management Board of power and telecom conglomerate Elektrim
S.A. announced on April 11 that, according to BRE Bank S.A., as a
result of purchase transactions on the stock exchange, BRE Bank
S.A. now holds 13,694,552 shares of Elektrim S.A. representing
16.35% of the company's share capital. The number of shares
entitles to 13,694,552 votes at the general meeting of Elektrim
S.A., which represents 16.35% of the total number of votes at the
general meeting.

Drugi Polski Fundusz Rozwoju - BRE Sp. z o.o. a subsidiary
company of BRE Bank S.A., holds 930,000 shares of Elektrim S.A.
representing 1.11% of share capital, which entitle it to 930,000
votes at the general meeting, representing 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 14,624,552
shares of Elektrim S.A., which represent 17.46% of the share
capital and entitle to 14,624,552 votes at the general meeting
which represents 17.46% of the total number of votes at the
general meeting of Elektrim S.A.


ELEKTRIM SA: Notification of Guarantee, Counter-guarantee
---------------------------------------------------------

The Management Board of Elektrim S.A. announced Tuesday it
received confirmation of the agreement concluded between
Elektrim S.A. and  Elektrocieplownia Zielona Gora S.A.

On March 12, 2002, Elektrim Megadex S.A., Elektrim's subsidiary,
signed the EURO 87,148,000 contract, together with Fortum Engineering
Ltd Finlandia and Elektrocieplownia Zielona Gora S.A. for the
construction of a gas and steam driven unit of the capacity of
190 MWe and 95 MWt on a turn-key basis.

Elektrim S.A. has extended a guarantee for the execution of the
terms and conditions of the above contract and agreed to become
liable for the satisfaction of any liabilities under the
contract, in particular, it agreed to pay compensation to
Elektrocieplownia Zielona Gora S.A. for damages incurred by the
Plant as a result of non-performance or improper performance of
the contract.

Elektrim's maximum liability resulting from the guarantee shall
not exceed the amount of EURO 52,364,000.

Elektrim's liability will be subject to a prior award of the
Arbitration Court stating the fault of the contractor under the
contract, and refusal to pay the awarded compensation by
Elektrim-Megadex S.A. after receipt of a relevant demand from
Elektrocieplownia Zielona G¢ra S.A. Elektrim S.A. will be liable
on behalf of Elektrim  Megadex S.A. in the case of the latter's
insolvency or failure to pay liabilities under the contract.

At the same time, Elektrim S.A. has extended a counter-guarantee
to the above contract to Fortum Power and Heat Oy, i.e. parent
company of Fortum Engineering Ltd, to the amount of EURO
17,580,000 in connection with the guarantee extended by Fortum
Power and Heat Oy to Elektrocieplownia Zielona Gora S.A. for the
amount of EURO 34,784,000.

The total amount of guarantees extended by Elektrim S.A. under
the above contract is EURO 69,882,000.


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


ICONMEDIALAB: Invites Shareholders to Subscribe for Shares
---------------------------------------------------------

Icon Medialab International AB, the legal entity of the e-
business and IT services company IconMedialab/Lost Boys, has
invited shareholders to subscribe for new shares starting Friday.

The company published the Prospectus concerning the share issue
it announced earlier this year. The subscription price for the new
shares will be SEK3.50 (US$0.33) per share. The record
day is today.

Shareholders can subscribe by payment between April 17 and 30.
For each two shares, a shareholder gets the right to subscribe to
one new share. The proceeds of the issue, which is fully
underwritten, will be approximately SEK181 million (US$17.5
million) before issue costs.

The share issue will enhance the company's financial position.
With the proceeds, Iconmedialab/Lost Boys can further roll out
their strategy, which on the short term is aimed at reaching
profitability, and on the longer term at building on their strong
market position.

The share issue is fully underwritten by Fidessa Asset Management
S.A., an independent asset manager which also manages Red
Valley's shareholding in IconMedialab International AB.

Red Valley is controlled by Lost Boys founder Michiel Mol.
Through Red Valley and Team Lost Boys B.V., Mol currently holds
47.45% of both the share and the voting capital of IconMedialab.
After the issue, this will be diluted to under 40%. The total
number of shares will amount to 156,963,643.

With the share issue, the company issues 53,014,210 new shares,
of which almost 52 million shares with preferential rights for
the current shareholders to subscribe and some 1 million new
shares as payment for the underwriting fee to Fidessa.

The share issue was announced when IconMedialab and Lost Boys
having announced integration of operations will move to create a
leading e-business and IT professional services company, oriented
towards user focused solutions in Europe and with a strong
position in the USA.

In his comment in the Prospectus, Group CEO Robert Pickering said
that the newly appointed group management team will focus on two
main areas: improving operational performance and establishing
the new positioning of the company, including the sales,
marketing and business strategies.

In its market outlook, IconMedialab/Lost Boys identify an
increasing demand for technically advanced solutions relating to
their specific sectors and competitive situations. As a
consequence, the company focuses on its prioritised sectors:
Financial Services, Pharmaceuticals/Healthcare, Manufacturing,
Retail, Media and Telecom. The offering of the company is
centered around Multichannel Solutions with all common IT
platforms, including wireless and mobile applications, broadband
and interactive TV.

In the Prospectus, the new company provides Pro forma figures for
the combination, as if the merger had taken place on January 1,
2001, as well as financial data for both individual companies.

In 2001, the combined company reached a pro-forma turnover of
SEK1,483 million (US$143.4 million). The operating result is
SEK1,326 million UUS$128.2 million).

IconMedialab's net sales in 2001 were SEK1,186 million (US$114.7
million), those of Lost Boys (Pro forma) amounted to SEK297
million (US$28.7 million).

Both companies also reported a net loss (SEK1,208 million
/US$116.8 million and SEK701 million/US$67.8 million
respectively).  In the result, write-down and amortization of
goodwill is included (SEK433 million/US$41.9 million and SEK420
million/US$40.6 million respectively).

Equity in Lost Boys at the time of the merger (Pro forma) was
SEK128 million/US$12.4 million. The actual goodwill resulting
from the acquisition on 18 January 2002 amounted to SEK85
million/US$8.2 million.

The prospectus is available and obtainable at the company's
homepage www.iconmedialab.com, at Bankaktiebolaget JP Nordiska,
Emissioner, Stureplan 19, 107 81 Stockholm, +46 8 791 47 50 and
the headquarters of Icon Medialab International AB, Sergels Torg
12, Box 863, SE-101 37 Stockholm, +46 8 588 990 00.

IconMedialab and Lost Boys merged in January 2002 to become one
of the world-leading e-business and IT professional service
providers.

The group currently operates with 1,500 employees in 14 countries
throughout Europe and the US. The company provide user-driven
solutions through innovative technology for all digital channels
- with a global reach and local expertise.

The group focuses on key industries such as Financial Services,
Pharmaceutical and Healthcare, Manufacturing, Retail, Media and
Telecom and has developed solutions for a broad range of clients,
including Audi, Orange, Chello, Siemens Mobile, Stora Enso,
Telenor, ForeningsSparbanken and Motorola. The company's stock is
traded on the O-list of Stockholmsborsen (ICON).

For further information, please contact: Kathryn Adamson,
IconMedialab International, tel: +46-70-375 90 20 (Sweden) or 00
31 535 6161 (The Netherlands) or email:
kathryn.adamson@lostboys.nl.


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


SWISSAIR GROUP: Decides Not to Appeal Ruling in Favor of Crossair
-----------------------------------------------------------------

In agreement with the administrator, SAirGroup, SAirLines and
Swissair Schweizerische Luftverkehr AG have decided not to lodge
any appeal against the order issued by the judge at the
commercial Court of the Canton of Zurich on March 4, 2002.

In the order, which is now final and absolute, the judge denied
the precautionary measure of prohibiting Crossair AG from
branding itself with the mark "Swiss" and from using the trade
name "Swiss Air Lines".

Swissair Group reached its decision in the knowledge that the
available legal remedies could not have altered the status quo.
Swissair Group and the administrator still take the view that
Crossair's behaviour infringes Swissair Group's trademark rights.

They have expressly warned Crossair AG of this in writing. They
have further stated that they expressly reserve the right to all
legal remedies, especially ordinary lawsuits, whether at home or
abroad, against Crossair AG and Swiss Air Lines Ltd.

Sale of in-flight material to Crossair AG Swissair Schweizerische
Luftverkehr AG is selling in-flight material (crockery, cutlery,
glasses, cups, jugs, trolleys, serviettes etc.) to Crossair AG at
an estimated net liquidation value of CHF 8 million.

Initially Crossair AG was only willing to pay a fraction of the
liquidation value. Swissair and Crossair are still engaged in
talks on the sale of equipment, uniforms and furnishings.

For further information, contact: Filippo T. Beck, Wenger
Plattner, telephone 01 914 27 70, fax 01 914 27 88.


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


ANTISOMA: CFO Says It Has Not Ruled Out Another Rights Issue
------------------------------------------------------------

Biopharmaceutical group Antisoma PLC said Thursday it does not
have any plans for another rights issue, according to a  Dow Jones
report, but Raymond Spencer, the company's chief financial
officer, declined to totally rule out making such a move.

In February, the London-based group was able to raised around
GBP22 million though a rights issue. The finance chief said the
company has sufficient cash until the end of 2003.

He added that the pharmaceuticals and research group also hopes
to raise cash through outlicensing, which could bring in extra
revenues in the form of upfront and milestone payments.

Spencer disclosed that the company will likely incur an increase
in cash burn in the first and second quarters of 2002 and he
expects cost expenditure subsequently.


BRITISH TELECOM: Global Crossing Lists BT as Potential Bidder
--------------------------------------------------------------

BT, with Scottish & Southern Energy among the 50 companies, was
named as potential bidder for the bankrupt telecom group Global
Crossing, a report from the Guardian said.

Global said it would take US$8 billion (GBP5.6 billion) in
writedown of its assets to reflect their crumbling value.

Other potential bidders, according to the paper, includes
Deutsche Telekom, Telefonica of Spain and Verizon, the U.S.
telecom group. Possible financial bidders include Credit Suisse
First Boston, Bank One, the Canadian Imperial Bank of Commerce
and the Carlyle Group in Washington and Bertelsmann.

According to a British Telecom spokesperson, BT Group is still
struggling to cut its debts. However, regading the possibility of
acquiring Global Crossing, he said, "We have a duty to
investigate options that are open to us but any such
investigations don't necessarily indicate that we would take them
any further."

Hutchison Whampoa of Hong Kong and Singapore Technologies
Telemedia remain the only two companies who have signed a letter
of intent saying they plan to bid, the report said.


CONSIGNIA: Restructuring Calls for Transfer of 5,000 Employees
--------------------------------------------------------------

Consignia, the loss making postal services operator, announced
plans to transfer 5,000 employees to a new joint venture company
in a deal with Balfour Beatty.

The group plans to move Romec, its buildings maintenance
subsidiary, to a new company with Balfour offshoot, Haden
Building Management.

The said joint venture will be awarded a GBP1 billion seven-year
contract to provide day-to-day maintenance for Consignia's 3,000
buildings.

According to the Guardian Saturday, the cost-cutting measures
come as part of a wide ranging shake-up within the troubled Royal
Mail and Post Office group.

The state-owned group, losing GBP1.5 million a day, hopes to cut
GBP1.2 billion from its costs over the next three years.
Consignia believes it can save up to GBP60 million a year by
outsourcing operations such as fleet maintenance.

Meanwhile, Consignia's suggestion of the transfer of its workers
to Romec is expected to upset union leaders who claimed the move
was dogma driven and would not save money.

Union Billy Hayes, the general secretary of Communication
Workers, said the union had searched "in vain" for evidence that
the joint venture would produce savings for the business. He
added that getting rid of one of a profitable part of the
organization is a bizarre decision.


CLUBHAUS PLC: Gold Course Recreation Group Hopes on Debt Swap
-------------------------------------------------------------

Clubhaus plc, the British golf course operator, seeks to save
itself from financial crisis through a debt-for-equity swap.

According to the Guardian, Clubhaus is seeking approval for
bondholders to hand in GBP45 million of debt in exchange for
newly issued shares amounting to 80% of the company's share
capital.

The proposed plan is expected to cut bond debt from GBP60 million
to GBP15 million and resolve the Aim-listed company's breaching
of its banking facilities. Net debt, through this draft, will
decrease about 50% to GBP60 million.

Property developer Marylebone Warwick Balfour will swap GBP7.6
million in preference shares for 9% of ordinary share capital and
ordinary shareholders , in turn, will be left with 11% stake in
share capital.

The restructuring scheme follows after Clubhaus plummeted into
crisis last September after a GBP94 million write-down on its
club properties.

The company was forced to writeoff its asset after a period of
sustained underperformance, particularly at the firm's German
courses.

Paul Davidson, who was last year thought to be seeking to
takeover the company, had his 15% stake reduced to 1.7%.

Clubhaus posted Friday pretax losses, in nine months to September
2001, of GBP103 million and had a loss of GBP9.8 million during
the same period the previous year. Sales fell from GBP45 million
to GBP27 million.


DEUTSCHE TELEKOM: Deutsche Bank Eyes Cable Assets But Not Network
-----------------------------------------------------------------

Deutsche Bank is reportedly interested in taking over the cable
assets of debt-ridden Deutsche Telekom -- but not the entire the
network, only those in Northern Germany.

Citing Hannoversche Allgemeine Zeitung, industry newspaper Total
Telecom said the bank is eyeing the cable networks in Lower
Saxony and Bremen.  The Hamburg and Schleswig-Holstein cable
assets could also be included in the package later.

The paper says a final agreement on the sale would not come easy
as both parties have major differences in opinion on how the deal
should be carried out.  For instance, the telecom wants the
highest possible price for the entire network, while the bank
only wants cable assets that it could sell in the medium-term.

"DB Investor... is therefore not interested in investments that
go further than those required to maintain the value of the
network," the paper said.

DB Investor is the bank's investment arm that owns cable operator
Tele Columbus.

In February, the German cartel office blocked a EUR5.5 billion
bid of Liberty Media for the telecom's cable assets in
Hamburg/Schleswig-Holstein/Mecklenburg-West Pomerania,
Bremen/Lower Saxony, Rhineland-Palatinate/Saarland,
Berlin/Brandenburg, Saxony/Saxony-Anhalt/Thuringia and Bavaria.


INVENSYS PLC: Eurotherm Gauging Unit in Management Buyout
---------------------------------------------------------

Eurotherm Gauging Systems, a unit of Invensys PLC's Eurotherm
division, has been purchased in a management buyout, according to
a Invensys's spokesperson Thursday.

Dow Jones Newswires sources say the purchase was concluded over
the past day. No financial details were further disclosed.

Invensys acquired the Eurotherm Gauging Systems as part of the
merger that created the company in early 1999. The gauging unit's
core operations focus on providing measuring and controling
solutions for converters to be used in industrial processes.

The unit, said Michael Blogg, analyst at ING Financial Markets in
London, recorded about GBP25 million last year in profits,
representing some 16% of the Eurotherm division's revenue.

He adds that Eurotherm itself has about a 10% share of the global
market in its area of specialization.

Invensys earlier assured it would maintain Eurotherm, with total
sales of GBP1.6 billion, as part of its new production management
division.

After its recently bared sale of its Flow Controls unit to
Dallas-based Flowserve Corp., the company also intends to sell
its Energy storage business. Among invensys' remaining businesses
up for sale are Rexnord, Fasco Motors, Sensor Systems, Drive
Systems, BAE Automated Systems and CompAir units.


ITV DIGITAL: Co-owners Make Pre-emptive Strike on Soccer League
---------------------------------------------------------------

Carlton Communications and Granada asked the High Court in London
last week to declare them not liable for any obligation ITV
Digital owes the Football League, the Financial Times says.

The move is seen as a pre-emptive move against the League, which
is planning to sue the co-owners of the digital TV provider as
soon as its three-year broadcasting contract is breached.

This breach could happen today, ahead of the August 10 due date
for the GBP178.5 million balance of the contract.  ITV
administrator Deloitte is due in court today to give an update on
the negotiations with the League.

For two weeks now, Deloitte has been haggling the League for a
reduced payment on the two years that remain of the contract.
The administrator, as of last week, offered only GBP62 million
payable immediately.  This is an improvement of some sort from
the earlier GBP50 million offer spread over two years.

League CEO David Burns rejected the latest offer Friday.

If the court grants the petition, the League could end up among
ITV Digital's ordinary creditors in a liquidation proceeding.
The co-owners have earlier said they won't add more to the GBP20
million the unit received when it filed for administration two
weeks ago.

Deloitte says it will look for a buyer first before calling in
the liquidators.


KALISTO: Court Finds Liquidation Better Option for Stricken Firm
----------------------------------------------------------------

Bankrupt French videogames maker Kalisto has been ordered
liquidated by the commercial court of Bordeaux after finding no
other better solution for the firm, says Le Figaro.

Weighed down by debts of about EUR50.31 million, the company
declared bankruptcy on February 8 this year.  Before the filing,
the French stock market watchdog Commission des Operation de
Borse had also refused approval of its refinancing plan.

The plan, according to the February 12 issue of this paper,
outlined the swapping of most of its EUR25 million debt into
convertible bonds and loans and raise EUR15 million in additional
funding from U.S. investment fund Global Emerging Market.

Kalisto, an international company with 270 employees, reported
revenues of FRF19 million in 2000, almost 10 times lower than it
had forecast.


LASTMINUTE.COM: Notification of Shareholders' Interests
-------------------------------------------------------

Online travel service group Lastminute.com plc announced that
following its acquisition of Travelselect.com Limited on April 8,
2002, it is aware of the following additional holdings of more
than 3% of the issued Ordinary shares of the Company:

Shareholder           No. of Ordinary shares   % of issued shares
21 Nextwork Belgium SA      6,352,828 shares                3.36%
Vimal and Gillian Khosla    6,457,423 shares                3.41%

21 Nextwork Belgium SA is part of 21 Investimenti, a venture
capital fund controlled by the Benetton family.

In addition, as a result of the issue of shares by the Company
(and not as a result of any sale of shares), the percentage of
shares held by the following substantial shareholders has
changed:

Shareholder           No. of Ordinary shares   % of issued shares
Cheetah Intl. Investments  25,738,065 shares          13.61%
Limited
Brent Hoberman             15,836,133 shares           8.37%


MARCONI PLC: Bondholders May Force Firm Into Insolvency
-------------------------------------------------------

Bondholders of Marconi Plc are reportedly open to the idea of
pushing the company into insolvency if that is the best way for
them to get any return on their investments.

Citing an unnamed source, Reuters said bondholders have been
pooling information in order to carve the best possible salvage
proposal for the troubled telecom equipment maker.

Accordingly, a group of small bondholders have nominated the five
largest bondholders to negotiate with the company.  This pool of
five allegedly includes Appaloosa Management, Metlife, AIG,
Cargill and Teachers Insurance and Annuity.  These firms
reportedly hold around one billion pounds worth of Marconi bonds,
the source said.

The report says filing for insolvency may not be far-fetched for
the company, given that no concrete proposal on how to mitigate
the debt problem has been tossed on the table yet.

Bondholders and their advisors are wary a restructuring plan
could take several months to be finalized at the current pace the
company has adopted.

The company spent at least six months in its first attempt at
negotiating a refinancing plan with banks.  Nothing came out of
the talks, forcing Marconi to scrap its unused loan facilities
and allowing banks to call in their GBP2.2 billion credit any
time.

Analysts expect a long battle ahead between the banks and
bondholders.  An asset manager told Reuters recently that he
believed bondholders could be subordinated by banks trying to
securitize receivables.

"My interpretation is that the banks are taking this company down
and want to get paid first... I think banks will try to
subordinate bondholders in return for access to capital and
bondholders will try to equate themselves to banks in terms of a
restructuring," he said.

The banks are led by HSBC and Barclay's Capital.  Intesa BCI,
Chase Manhattan and two other banks complete Marconi's banking
creditors.

Bondholders are owed slightly less than half of the GBP4.4
billion debt the company booked in 2001, the report says.


MARCONI PLC: Director Dunn Resigns Citing Conflict of Interest
--------------------------------------------------------------

Baroness Dunn, who is also deputy chairman of HSBC, has resigned
from the board of Marconi Plc, the heavily indebted telecoms
equipment maker.

The non-executive board member cited possible conflict of
interest in the company's rescue talks.  HSBC is one of the lead
banks representing the syndicate of creditor banks in the
negotiations.  The HSBC executive joined Marconi in 1997 when it
was still known as GEC.

The board recently drew a new business plan for the company,
which will be circulated between the two blocks of Marconi
creditors -- the banks and bondholders.

They are to agree how much demand for the company's products will
increase in the coming years, how much debt the business can
support, and how much credit should they swap for equity.

The process is expected to last for weeks or even months.  The
banks, however, may force the company into receivership by
calling their loans any time.


NTL INCORPORATED: Erosion of Customer Base Threatens Viability
--------------------------------------------------------------

It's not only money that NTL Incorporated is fast losing, but
subscribers as well.

According to Bloomberg, many cable services subscribers have long
been disgruntled over the alleged poor service of the company and
are now reportedly looking for alternative.

If true, the erosion of its subscribers list could undermine its
viability and could scupper any deal to maintain the company as a
going concern rather than force it into liquidation.

In an interview with Bloomberg, Kate Roberts said she waited
seven months for her cable-television services to begin.  She
applied in August last year when the company offered customers
free installation.

Ms. Roberts is only one of many subscribers who have a host of
other complaints.  Bloomberg says some of NTL's 3.5 million UK
subscribers have filled the Web site www.nthellworld.com with
complaints about distorted TV pictures, phones being cut off
without notice, digital set-top boxes failing to work, Internet
connections crashing, billing errors and delays in calling
customer services.

Barclays Capital credit analyst Kurt Klimenko told Bloomberg that
NTL's subscribers dipped 2.1% last year, despite a 5.8% expansion
of the market.  In contrast, rival BSkyB added 7.8% to its
subscribers list.  About 20 percent of NTL customers turned over
last year -- the rate for BSkyB was half that, he said.

Management is currently locked in talks with bondholders who will
likely end up owning 95% of the company should a planned debt-
for-equity swap push through.

Although it appears that a breakthrough in the negotiations has
been achieved, the company's future is still far from certain.
The firm only has less than 30 days to seal a deal with
bondholders or be forced into insolvency and may be liquidation.


P&O PRINCESS: Carnival Offer Placed Under Formal Investigation
--------------------------------------------------------------

The European competition commission opened Friday a four-month
investigation on Carnival Corporation's GBP5.4 billion hostile
bid for P&O Princess, the Telegraph said.

The Commission refused the request of U.K.'s trade and industry
department to refer part of the bid to U.K. competition
authorities, saying it does not want to "fragment" the probe.

"The [merger] raises serious concerns in the U.K. and Germany,
where it is likely to lead to the creation or strengthening of a
dominant position... The commission considers that under these
circumstances it is more appropriate not to fragment the
investigations," the commission said in a statement.

The probe is a big blow to Carnival, which earlier told P&O
shareholders to favor its bid over that of rival Royal Caribbean,
as it stands better chance of getting regulatory clearance.  The
American cruise operator also confidently projected a speedy
approval to prove that its deal was viable.

The Commission said its initial investigations indicated that the
planned Carnival-Princess combination could be anti-competitive
in Britain and Germany.  The regulator said it will include in
the four-month probe the markets in Spain, Italy and France.

The probe vindicated P&O's management, which earlier told
shareholders that Carnival's bid faced greater uncertainty in
terms of getting regulatory nod.  In addition, management also
insists that Carnival is not really serious with its bid, as it
wants to foil the joint venture with Royal Caribbean to retain
its top seeding in the market.

But shareholders dismissed this warning during their general
assembly in February, voting instead to suspend a decision on any
bid until the offers of Royal and Carnival shall have passed
anti-trust scrutiny.


P&O PRINCESS: Carnival to Cooperate With EU Probe to Prove Worth
----------------------------------------------------------------

Hostile bidder Carnival Corp. says it remains steadfast on a plan
to takeover P&O Princess, despite running aground onto the
European Competition Commission last week.

In a press release shortly after the Commission decided to open a
four-month scrutiny into its GBP5.4 billion merger offer,
Carnival said it will cooperate with the investigation and the
parallel probe of the U.S. Federal Trade Commission.

According to Dow Jones Newswires, the company expects a positive
result by early August, about the same time it expects the U.S.
probe to be completed.

The investigation is a big slap on Carnival, which earlier
claimed a smooth ride through European regulators, proving that
its bid was far superior to Royal Caribbean's joint venture
offer.

It's decision to cooperate, however, shows that it is serious
with its bid for the British counterpart.  The American cruise
operator had been accused of bidding just to foil Royal's plan to
upstage it from the No. 1 seed in the market.


SPORTSWORLD MEDIA: Calls It Quits, Applies for Receivership
-----------------------------------------------------------

Sportsworld Media Group Plc, the global sports marketer, has
given up hope of turning around its business, advising lenders
last week to appoint an administrative receiver for the firm.

Three weeks ago, the company announced it was disposing parts of
its business as it had been unable to find a buyer for the entire
company, AFX News said.

"Although positive discussions have taken place with several
parties interested in acquiring the separate parts of the
business, the company does not have sufficient working capital to
continue trading while this process continues," a company
statement explained the move.

The company sells and manages outdoor advertising in more than 40
sports stadiums, including the Melbourne Cricket Ground. It also
produces and distributes sports-related television programs and
stages some 50 sporting events such as surfing and snowboarding
competitions and triathlons.  The company is also involved in
athlete representation.

In June 2001, the company reported a full-year turnover of
GBP35.6 million, with total assets of GBP81.9 million and total
liabilities of GBP64.5 million.


THUS GROUP: Notification of Shareholder's Interests
---------------------------------------------------

Glasgow-based Internet service provider THUS Group plc announced
Thursday that Standard Life Investments holds interests in the
form of 38,427,604 THUS Group plc ordinary shares representing
3.006% of the company's total ordinary shares in issue.

For Further Information: contact Kathryn Rhinds - THUS, Investor
Relations Manager, telephone 020 7763 3126 or Mark Woolfenden of
Smithfield Financial at telephone 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. Kimberly MacAdam,
Larri-Nil Veloso and Maria Lourdes Reyes, Editors.

Copyright 2001.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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