/raid1/www/Hosts/bankrupt/TCREUR_Public/020501.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

              Wednesday, May 01, 2002, Vol. 3, No. 85


                            Headlines

                            *********

* G E R M A N Y *

ADVANCED MEDIEN: Releases Results for Fiscal-Year 2001
DEUTSCHE TELEKOM: Urged Holders to Back 'Dividend in Kind' Law
EM.TV & MERCHANDISING: To Reverse Fortune by 2004
EM.TV: Concludes Restructuring of Balance Sheet in 2001
INTERSHOP COMMUNICATIONS: Reports EUR12.2 Million Q1 Revenues
KIRCHGRUPPE: Commerzbank to Form Consortium to Buy Springer Stake
KIRCHMEDIA: British Private Equity Firm Targets Several Units
KIRCHMEDIA: Liberty, Bauer Verlag Want to Take Part in Rescue
KIRCHMEDIA: Minority Shareholders Begin Due Diligence on Accounts
SCHMIDTBANK GMBH: BNP Paribas Buys Consors for Undisclosed Sum

* I T A L Y *

FIAT SPA: Core Automobile Business Needs EUR1.8 BB Shot in Arm

* N O R W A Y *

KVAERNER ASA: Secures NOK 300MM Contract From Norsk Hydro

* P O L A N D *

NETIA HOLDINGS: Arrangement Proceeding for Unit Begins

* S W E D E N *

LM ERICSSON: To Shake up Chinese Operations for Sony's Entry
LM ERICSSON: Will Sell French R&D Plant to Teleca of Sweden

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

ABB LTD: Finance Limited Launches US$ 900MM Bond Offering
ABB LTD.: To Sell Insurance Unit in Singapore as Part of Shake up
SULZER MEDICA: Hip Replacement Maker Moves to New Location

* U N I T E D   K I N G D O M *

ENRON CORPORATION: Bondholders Refuse Buyback, Threaten YTL Deal
NTL INCORPORATED: Still Unable to Get Banks' Backing on Bond Swap
PHARMING GROUP: 2001 Revenues Down to EUR9.2 MM From EUR18.5 MM
ROYAL DOULTON: Notification of Directors' Interests
SMARTLOGIK: Suspends Shares, Sells Assets, Enters Liquidation
SSL INTERNATIONAL: Notification of Major Interests in Shares


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

ADVANCED MEDIEN: Releases Results for Fiscal-Year 2001
------------------------------------------------------

Advanced Medien AG announced Monday sales results of EUR 19.5
million for fiscal year 2001 (2000: EUR 14.2 million).

Due to internal changes regarding work processes and further cost
reduction measures, the company was able to reduce its operating
loss during fiscal year 2001.

Earnings before interest, taxes, depreciation and amortization
(EBITDA) were EUR10.8 million compared to EUR 4.7 million in
fiscal year 2000. Depreciation and amortization of film assets of
EUR 20.3 million include non-cash extraordinary write-downs in
the amount of EUR 3.8 million.

As a result, earnings before interest and taxes (EBIT) were
negative at -EUR 16.0 compared to minus EUR 23.0 million in 2000.
Earnings before taxes (EBT) were negative at -EUR 17.3 million in
fiscal year 2001 after -EUR 23.3 million in 2000. The net loss
for the period was -EUR 17.5 million (2000: -EUR 23.0 million).

The cash flow from operating activities was EUR 19.3 million in
fiscal year 2001 compared to EUR 2.0 million in 2000. The
liabilities to banks owed by the German group companies were
reduced as agreed to EUR 11.3 million in 2001 (2000: EUR 14.2
million). With regard to both sales and earnings, the entire
fiscal year 2001 reflects the problems of the company, which have
not yet been overcome.

The company will continue to work through the business
transactions of previous years in the current fiscal year. The
search for a partner, which was begun last year, will be actively
continued. It is the company's goal to successfully conclude this
search during this year. At the financial statements press
conference in mid-May, the management will announce further
details regarding the results for fiscal year 2001 and for fiscal
years 1999 and 2000.

Key figures in thousand euros
                               2001 IAS  2000 IAS
Revenues                         19,513    14,221
EBITDA                           10,811     4,714
EBIT                            -15,966   -22,976
Financial result                 -1,299      -274
EBT                             -17,265   -23,250
Result f. ordin. operations     -17,260   -23,250
Net loss for the year           -17,450   -23,003
Loss per share (Euros)            -1.00     -1.38


DEUTSCHE TELEKOM: Urged Holders to Back 'Dividend in Kind' Law
--------------------------------------------------------------

Debt-laden German telecom giant Deutsche Telekom is seeking
support from shareholders for the new "transparency and publicity
law," which will allow companies to pay a dividend in kind.

Citing Boersen-Zeitung, the Telecom paper said the company had
enclosed the call for support in its invitation to the general
shareholders meeting.  The law will take effect this year.

A company spokesman clarified that the company has no plans to
pay the dividend in kind yet, but that it wanted to ensure the
possibility to do so.

The law is beneficial for companies strapped with huge debts, the
report says.  If Deutsche Telekom were to pay the dividend for
2002 in kind -- in shares, for instance -- this would enable it
to save EUR1.5 billion.


EM.TV & MERCHANDISING: To Reverse Fortune by 2004
-------------------------------------------------

Media rights and merchandizing company EM.TV & Merchandizing AG
boasted Monday it will attain breakeven status at core level in
2004, reports the Financial Times.

The company made the projections along with the publication of
its 2001 results, which showed encouraging figures.  The German
firm booked 75%-less pre-tax losses last year at EUR331 million
compared with the EUR1.34 billion in 2000.

The company said the restructuring implemented last year was
primarily responsible for the drop in losses. Last year saw the
disposal of EM.TV's stake in Formula One and the exceptional
write-down of EUR240 million, which accounted for the effects of
the slump in the advertising market.

As for revenues, the company recorded a 10% jump to EUR722
million in 2001 from only EUR656 million the year before.  EBITDA
also improved seven-fold to EUR286 million.

"From a balance sheet perspective, we have created the
preconditions for a positive EBIT - earnings before interest and
taxes - in EM.TV's consolidated profit and loss statement in
2004," CEO Werner Klatten was quoted by the Financial Times as
saying.

To underscore his company's recovery, Mr. Klatten said EM.TV
could even takeover rivals that are shedding assets right now due
to the economic downturn.

"Many media companies are currently being forced to reconsider
their business models and undertake drastic corrections. In this
development we see opportunities to achieve portfolio expansions
which will support the planned expansion of our target group," he
said.


EM.TV: Concludes Restructuring of Balance Sheet in 2001
-------------------------------------------------------

EM.TV & Merchandising AG says it has completed the restructuring
it began in 2000, with regard to balance sheet valuations, and
has achieved a trend reversal in its operative business.

The consolidated turnover rose from EUR656 million to EUR722
million. Operating profit (EBITDA) rose from EUR40 million to
EUR286 million.

Due to the weak advertising market and the current changes in the
media landscape, the executive board performed impairment tests
primarily of the intangible assets, which led to exceptional
write-offs within the group amounting to EUR240 million. Of that
amount, EUR138 million relate to Junior.TV, EUR50 million to
assets of the Jim Henson Company, EUR20 million to the goodwill
of Tele Mnchen Gruppe and EUR19 million to the stake in
Constantin Holding.

As a result of these influences, the consolidated earnings before
tax amounted to -EUR331 million (previous year: -EUR1.34
billion).

The consolidated earnings after tax amount to EUR374 million
(previous year: -EUR1.35 billion), or -EUR2.60 per share
(previous year: -EUR9.81). Mainly due to the altered
consolidation of the Formula 1 group, the financial statement is
not directly comparable to the one of the previous year.

In 2001, the de-consolidation of Formula 1 led to a reduction of
the consolidated balance from EUR3.41 billion to EUR1.30 billion
(as of December 31). The consolidated equity amounted to EUR466
million (previous year: EUR830 million). Equity ratio increased
from 24.4% to 35.9%.

Operating cash flow excluding changes in working capital was
improved by EUR113 million to EUR55 million. The parent company
closed with a net loss of EUR247 million (previous year: -EUR1.36
billion) and showed an equity value of EUR562 million (previous
year: EUR808 million).

Equity ratio rose to 43.2% (previous year: 38.9%). The executive
board is confident, that the current changes in the media markets
provide opportunities to push for the reorientation of EM.TV as
an international content provider for young people.

Contact: Frank Elsner Kommunikation fur Unternehmen GmbH
Phone: +49 89 99500 450; Fax: +49 89 99500 466


INTERSHOP COMMUNICATIONS: Reports EUR12.2 Million Q1 Revenues
-------------------------------------------------------------

Intershop Communications AG -- www.intershop.com --, a leading
provider of e-commerce software for enterprises, announced Monday
its financial results for the first quarter 2002, which ended
March 31, 2002.

Total first quarter revenue grew to EUR12.2 million compared with
total revenue of EUR11.7 million in the previous quarter. High-
margin license revenue rose by 50% to EUR6.2 million
sequentially, representing 51% of total revenue.  Intershop
reduced total cost in the first quarter by 30% from EUR 36.7
million to EUR25.6 million sequentially.

Including restructuring charges, Intershop reduced its first
quarter 2002 net loss by 43% from EUR24.7 million or a net loss
of EUR0.28 per share in the fourth quarter, to a net loss of
EUR13.3 million or a net loss of Euro 0.15 per share in the first
quarter of 2002.

According to the company, license revenue growth was driven by
strong adoption of new enfinity products, including procurement
and content management.

Excluding restructuring costs (EUR3.8 million and EUR1.7 million
in the first quarter 2002 and the fourth quarter 2001,
respectively) and goodwill amortization charges (EUR12.4 million
in the fourth quarter of 2001), Intershop reduced total cost by
3% quarter on quarter.

First quarter restructuring efforts are expected to reduce total
cost to approximately EUR18 million in the second quarter of
2002. With a modest pickup in economic activity and strong focus
on increasing license sales, Intershop expects to reach EBITDA
breakeven on a quarterly basis in 2002.

CEO Stephan Schambach invested Euro 10 million in cash to
purchase Intershop stock. Total liquidity including cash, cash
equivalents, marketable securities, and restricted cash at
EUR35.8 million as of March 31, 2002, compared with EUR36.3
million as of December 31, 2001.

Blue chip customers including Compaq, Hewlett-Packard, Siemens
Business Services, Sonera, Sun Microsystems, Shiseido,
Bertelsmann mediaSystems, and the German Ministry of the
Interior.

Intershop Communications AG is a leading provider of e-commerce
solutions for enterprises who want to automate marketing,
procurement, and sales using Internet technology.

The Intershop Enfinity commerce platform, combined with proven,
flexible industry and cross-industry solutions, enables companies
to manage multiple business units from a single commerce
platform, optimize their business relationships, improve business
efficiencies and cut costs to increase profit margins.

By streamlining business processes, companies get higher return
on investment (ROI) at a lower total cost of ownership (TCO),
increasing the lifetime value of customers and partners.
Intershop has more than 2,000 customers worldwide in retail,
high-tech and manufacturing, media, telecommunications and
financial services. Customers including Bertelsmann, Motorola,
Sonera, Ericsson, Otto and Bosch have selected Intershop's
Enfinity as the foundation for their global e-commerce strategy.

For more information, visit the Intershop Web site:
http://www.intershop.com.

Investor Relations:Press:
Klaus F. Gruendel Heiner Schaumann
T: +49-40-23709-128T: +49-3641-50-1000
F: +49-40-23709-111F: +49-3641-50-1002
k.gruendel@intershop.comh.schaumann@intershop.com


KIRCHGRUPPE: Commerzbank to Form Consortium to Buy Springer Stake
-----------------------------------------------------------------

Commerzbank AG, one of KirchGruppe's four major lenders, is
reportedly keen on taking control of the company's 40% stake in
German publisher Axel Springer Verlag.

Germany daily Handelsblatt says the bank is planning to form a
consortium to wrestle control of the stake and float it on the
market after three years.  The group will be made up of Dresdner
Bank, Bayerische Landesbank and publisher Friede Springer, the
widow of Axel Springer.

The group will reportedly offer around EUR1 billion for the
stake. Commerzbank would provide 40% of the funding, Dresdner
30%, BayernLB 20% and Friede Springer 10%.   Commerzbank's
management board will reportedly approve the transaction during a
meeting on Tuesday next week.

The deal, however, must be completed before May 10.  The stake is
currently held Kirch Beteiligungs GmbH, part of the KirchGruppe
media empire.  The stake was used by Kirch as collateral against
a EUR720-million-loan by Deutsche Bank.

According to people in Frankfurt's banking circles, the bank
called the loan on April 12, hence Kirch has until May 12 to pay
the debt or forfeit the stake.

Opposition to the deal is expected from the so-called Formula One
banks -- Bayerische Landesbank, JP Morgan Chase and Lehman
Brothers -- which extended a EUR1.5 billion loan to Kirch for the
motor-racing series and in return were offered as collateral a
secondary right to Kirch's stake in Springer.

The banks have expected this collateralization to secure them
around EUR400 million.  Under Commerzbank's plans, they would
have to make do with EUR300 million, Handelsblatt says.

Originally, HypoVereinsbank was commissioned to find a buyer for
the stake in Springer.  The bank offered Kirch EUR1.1 billion,
but after failing to find an investor, KirchGruppe patriarch Leo
Kirch contacted Commerzbank chief Klaus-Peter Mller and passed
the mandate to the bank, sources told the German daily.


KIRCHMEDIA: British Private Equity Firm Targets Several Units
-------------------------------------------------------------

Private equity group Hicks Muse Tate & Furst is reportedly one of
those eyeing to take a piece of KirchMedia, the insolvent core
business unit of KirchGruppe, says Times Online.

The report says Hick partner Philippe Von Stauffenberg went to
Munich last week to see potential takeover targets.  Accordingly,
the equity group is keenly interested in ProseibenSat1, the
biggest German commercial broadcaster in which KirchMedia has a
52% stake.

Mr. Von Stauffenberg had also allegedly included in his list
several German local television stations and a huge catalogue of
jazz music rights.

"We are maintaining a constant dialogue.  One problem is that,
with Kirch, every day something changes.  It is hard to be
specific about what we want or what is available," Mr. Von
Stauffenberg was quoted as saying.


KIRCHMEDIA: Liberty, Bauer Verlag Want to Take Part in Rescue
-------------------------------------------------------------

Liberty Media, owned by American cable mogul John Malone, will
reportedly meet with the management of KirchMedia and pay-TV
channel Premiere to explore possible involvement in its rescue.

According to the Financial Times Deutschland, also looking to
participate in the on-going efforts to snatch the company from
the present insolvency proceedings is German-based Bauer Verlag.

It is not certain whether Liberty or Bauer will progress to
negotiations at an advanced level, the report says.


KIRCHMEDIA: Minority Shareholders Begin Due Diligence on Accounts
-----------------------------------------------------------------

Insolvent media rights firm KirchMedia, the KirchGruppe unit that
gained the distinction as the first to collapse, has allowed
minority shareholders to conduct due diligence on its accounts.

According to the Financial Times, the shareholders were allowed
to pore over the company's books Monday, as part of the condition
for the revival of an EUR800 million cash injection offer, which
was scrapped due to differences with creditor banks.

The dispute between the two camps last month aborted rescue talks
that were believed to be in advance stage.  The failure to
finalize a salvage plan forced the banks to file for insolvency
in behalf of KirchMedia.

"We are very satisfied.  It should take four to six weeks for the
capital increase to be agreed, barring any nasty surprise," an
executive with one of the investors told the Financial Times.

The paper says minority shareholders and other potential
investors have their eyes on ProSiebenSAT.1, the 52.5%-owned
free-TV subsidiary, which one banker on Monday described as
"KirchMedia's only valuable business."

Meanwhile, according to the same report, Wolfgang van Betteray,
the insolvency expert who took over management after the
insolvency filing last month, and Michael Jaffe, the court-
appointed administrator, are expected to appoint an investment
bank as adviser this week.

The bank's name could be known by Friday, the paper says.  UBS
Warburg and Goldman Sachs are understood to seeking the
appointment.


SCHMIDTBANK GMBH: BNP Paribas Buys Consors for Undisclosed Sum
--------------------------------------------------------------

BNP Paribas has taken 66.4% control of Consors, the online
brokerage unit of stricken Schmidtbank GmbH, and may well end up
taking the rest of the stake, says the Financial Times.

Under Germany's new takeover code, the French bank is obligated
to offer the same package it tendered for Schmidtbank to the
remaining shareholders.

The report says neither side has revealed details of the deal,
including the sum paid by BNP Paribas for the stake. The
acquisition, though, propels the French group into the No. 1 spot
in the European online brokerage market.

News of the deal upped Consors shares, which had been suspended
until Monday, by 30% to EUR12.36, valuing the company at EUR577
million.

The deal was long overdue.  Schmidtbank, which was rescued late
last year by a consortium of banks, had wanted to complete the
sale by end of March.  Soci,t, G,n,rale, Commerzbank and ETrade
were earlier touted as possible bidders.

BNP Paribas says it will merge its Cortal unit with Consors.  The
unit made a EUR7.7 million pre-tax profit last year, in contrast
to Consors, which is expected to lose EUR50 million this year.


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

FIAT SPA: Core Automobile Business Needs EUR1.8 BB Shot in Arm
--------------------------------------------------------------

Fiat Auto, the ailing core business of Italian industrial group
Fiat SpA, has called on creditors and investors for a EUR1.8
billion cash injection as part of an on-going restructuring.

The announcement comes ahead of the publication of the group's
first quarter results, which according to some analysts will
record a further EUR300 million loss in the car business.

The group launched the restructuring program at the auto unit in
December after it bared losses of EUR549 million.  The company at
the time said the unit was severely hit by weak sales of its new
Stilo mid-size car, reduced demand in Italy and sharply reduced
volumes in markets such as Poland, Turkey and Argentina.

The company had vowed then to dispose EUR3 billion of assets,
close 18 plants and issue some US$2.2 billion worth of
convertible bonds.

Fiat officials declined to comment on the likely losses in Fiat
Auto for the first three months of this year and described the
refinancing as a technical exercise.  The refinancing was due to
be approved at a meeting of Fiat Auto's management board last
Monday.

As a result of the cash injection, officials told the Financial
Times that the shareholder equity in Fiat Auto Holding, the
Dutch-based company that controls the car division, would be
reduced from about EUR13 billion to EUR11 billion.

Fiat clarified, though, that the move did not amount to a write-
down of the holding company.


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

KVAERNER ASA: Secures NOK 300MM Contract From Norsk Hydro
---------------------------------------------------------

Kvaerner ASA, announced Monday that Norsk Hydro awarded to Aker
Kvaerner a contract for the hook-up and commissioning of the
Grane platform.

The contract, worth NOK300 million (US$35.7 million), will be
undertaken when the platform is installed on the field in April
2003.

At peak, about 1,000 employees will be involved in the work. In
recent years Aker Kvaerner has made a special commitment to
developing expertise in efficient and safe hook-up and
commissioning, so that development projects can swiftly move into
the production phase.

Aker Kvaerner is Kvaerner ASA's oil and gas business area of the
international oil services, engineering and construction and
shipbuilding Group. Aker Kvaerner have previously secured
contracts for engineering and construction and the delivery of
drilling equipment for the Grane production platform.

With the most recent contract, Aker Kvaerner becomes involved in
the whole Grane development project.

The jacket and topside modules for Grane will be towed out to the
field and installed in the Spring of 2003. The topsides consist
of three large modules that will be lifted into position on the
jacket by a crane vessel.

Weighing almost 11,000 tons, the production module and deck are
being provided as a turnkey delivery by the Kvaerner Egersund
yard. The living quarters, power generation and utilities module,
weighing around 5,500 tons, will be comprise a turnkey delivery
from Kvaerner Rosenberg.

The 6,500-tonne drilling module is to be delivered by Aker Stord,
with drilling equipment supplied by  associate company, Maritime
Hydraulics.

The jacket will be a turnkey delivery from Aker Verdal
Engineering. The new contract for hook-up and commissioning will
mainly be undertaken by the staff of Aker Kvaerner in the
Stavanger area.

For further information:

Torbjorn S Andersen, Vice President, Corporate Communications,
Aker Kvaerner:  +47 22 94 53 90 or Paul Emberley, Vice President
Group Communications, Kvaerner ASA: +44 (0)20 7339 1035 or +44
(0)7768 813090 paul.emberley@kvaerner.com


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

NETIA HOLDINGS: Arrangement Proceeding for Unit Begins
------------------------------------------------------

Netia Holdings S.A., Poland's largest alternative provider of
fixed-line telecommunications services, announced last week that
the court in Warsaw opened on April 22, 2002, an arrangement
proceeding with respect to Netia Telekom S.A., one of its
subsidiaries, following Netia Telekom's motion filed on February
20, 2002.  The court has set a May 20, 2002 deadline for
verifying creditors' claims.

As previously announced, filings for opening of arrangement
proceedings were also made on February 20, 2002 by Netia Holdings
S.A. and another of its subsidiaries, Netia South Sp. z o.o. By
April 29, 2002, an expert appointed by the same court was
required to submit his opinion to the court on detailed questions
formulated by the court concerning whether Netia Holdings S.A.
qualifies for arrangement proceedings.

The hearing for Netia South Sp. z o.o. to determine whether to
open its arrangement proceeding is scheduled for May 7, 2002.

The arrangement proceedings for Netia Holdings S.A., Netia
Telekom S.A. and Netia South Sp. z o.o. are occurring in the
context of the Restructuring Agreement reached on March 5, 2002
with Netia's bondholders and certain of its creditors.

Contact Information:

Netia Holdings
IR: Anna Kuchnio, +48-22-330-2061
Media: Jolanta Ciesielska, +48-22-330-2407
or
Taylor Rafferty, London
Jeff Zelkowitz, +44-(0)20-7936-0400
Taylor Rafferty, New York
Andrew Saunders, 212/889-4350


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

LM ERICSSON: To Shake up Chinese Operations for Sony's Entry
------------------------------------------------------------

Ericsson is revamping its operations in China, ostensibly to
prepare for its Sony Ericsson joint venture, which will enter the
Chinese market this year with a big investment, Reuters says.

Those affected by the shake up include its joint venture with
local manufacturers in Nanjing and Beijing.  Accordingly, the
Swedish firm will sell its stakes in both businesses.  The two
units manufacture handset and cellular network equipment.

According to a Beijing-based spokeswoman, Ericsson will sell its
handset operations in Nanjing and transfer network equipment
manufacturing assets there from Beijing.

"With the restructuring completed, the two production bases will
have their own focuses.  The one in Beijing will be focused on
terminals. The one in Nanjing will be focused on systems," she
told Reuters.

Finland-based firm Microcell would buy Ericsson's stake in
Nanjing Ericsson Panda Mobile Terminals Corp. Ltd and Nanjing
Panda would keep its original 35 percent stake, she said.  She
declined to say how much Microcell will pay for the stake.

The spokeswoman, however, declined to give details on how the
assets would be transferred or what they included, and said plans
for Ericsson's joint venture in Beijing were still under
discussion, the report says.

Industry sources told Reuters that the venture - in which state-
owned China PTIC Information Industry Corp is Ericsson's major
partner - would be an ideal port of entry for Sony Ericsson.

"It would make sense for Ericsson to transfer part of its
ownership in the PTIC joint venture to Sony Ericsson," David
Almstrom, an independent telecoms consultant in Beijing, told
Reuters.

Sony Ericsson is aiming to overtake Finnish giant Nokia in five
years as the world's biggest mobile phone maker.


LM ERICSSON: Will Sell French R&D Plant to Teleca of Sweden
-----------------------------------------------------------

Swedish telecommunications equipment maker Telefon AB LM Ericsson
will sell its research and development plant in France to Swedish
software and electronics developer Teleca AB, an Ericsson
spokeswoman Aase Lindskog said Monday.

Ericsson -- http://www.ericsson.com-- and Teleca --
http://www.teleca.se-- have signed a letter of intent regarding
the sell-off, a report on the Dow Jones Newswires confirmed.

No financial details of the transaction were disclosed.

The phone equipment manufacturer's plant employs less than 200
workers. The divestment is part of Ericsson's continuing efforts
to streamline its R&D operations, Ms. Lindskog said.

Last week, Ericsson said that it will cut 17,000 of its estimated
workforce of 82,000 by the end of 2003.


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


ABB LTD: Finance Limited Launches US$ 900MM Bond Offering
---------------------------------------------------------

ABB Ltd, the global power and automation technology group, said
today its subsidiary, ABB International Finance Limited, is
launching a convertible bond offering, expected to be
approximately US$ 900 million.

The proceeds will be used to refinance existing bank facilities,
in order to extend the term of the Group's debt and to provide
further flexibility in its capital structure.

The bonds will be convertible into approximately 85 million ABB
Ltd shares. The bookrunners to the offering are Credit Suisse
First Boston and Schroder Salomon Smith Barney.

The subscription period will commence upon issue of this
statement and is expected to end by close of business today.
However, the bookrunners reserve the right to close the
subscription at an earlier time. The offering is being made to
institutional investors outside of the U.S., Canada and Japan.

The bonds will mature on or around May 16, 2007, and will bear an
expected coupon of between 4.625 to 5.125 % per annum, payable
semi-annually. The conversion price is expected to be set at a
premium of 25 to 30% to the volume-weighted average price of ABB
Ltd's shares on the virt-x stock exchange on the day of pricing.

The final terms and conditions will be determined and announced
after close of the subscription period. Unless previously
converted, the bonds will be redeemed at maturity at par.

The bonds may not be called until the third anniversary of the
issue expected to be on or around May 16, 2005. Thereafter, the
issuer may call the bonds for redemption at their principal
amount plus accrued interest, provided that the closing price of
ABB Ltd's shares is at least 130% of the conversion price for a
period of 20 out of 30 consecutive trading days.

The payment and settlement date is expected to be on or around
May 16, 2002.

The issuer intends to list the bonds on the Luxembourg stock
exchange. It is also expected that trading will commence the day
after the subscription period ends. It is expected that official
dealings in the bonds will commence on or about the settlement
date.

The issuer has obtained a rating for the bonds. The bonds will
rank pari passu with the existing unsubordinated bonds which are
rated A (negative outlook) by Standard & Poor's and Baa2
(negative outlook) by Moody's.

The offering is lead-managed by Credit Suisse First Boston and
Schroder Salomon Smith Barney, acting as joint bookrunners and
with Barclays Capital acting as a joint lead manager.

ABB (www.abb.com) is a global leader in power and automation
technologies that enable utility and industry customers to
improve performance while lowering environmental impact. ABB has
152,000 employees in more than 100 countries.


ABB LTD.: To Sell Insurance Unit in Singapore as Part of Shake up
-----------------------------------------------------------------

Sirius International Insurance, a unit of ABB Ltd., is reportedly
being put by the parent on the auction block, as part of a wide-
ranging restructuring to cut debts by US$1.5 billion this year.

Citing The Business, Channel News Asia said General Electric's GE
Capital and Swiss Reinsurance are interested in Sirius.

Sirius Singapore says it has yet to be notified about the sale.
The Singapore branch currently has 11 staff.


SULZER MEDICA: Hip Replacement Maker Moves to New Location
----------------------------------------------------------

Sulzer Medica's Group headquarters moved from Winterthur to
Zurich in October 2001. Now that construction has been completed
on the new corporate headquarters, the company's temporary
offices on Zurich's Leutschenbachstrasse will be relinquished.

Sulzer Medica's approximately 40 Zurich-based corporate staff
will have the following address as of May 2, 2002:

Sulzer Medica Management AG
Andreasstrasse 15
CH-8050 Zurich

Phone: +41-(0)1 306 96 96
Fax:  +41-(0)1 306 96 97

E-mail addresses remain unchanged
(investor-relations@sulzermedica.com).

Sulzer Medica will issue a quarterly report for the first quarter
of 2002 on May 15.

The annual shareholders' meeting will be held on May 17, 2002.

This press release may also be viewed on the Internet at:
www.sulzermedica.com. The company's 2001 Annual Report is
available on www.sulzermedica.com "Investors" "Financial
Reports".


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


ENRON CORPORATION: Bondholders Refuse Buyback, Threaten YTL Deal
----------------------------------------------------------------

The sale of Wessex Water to Malaysian group YTL could still be
aborted as bondholders of Azurix have yet to accept the terms of
a buyback that will seal the deal, says the Financial Times.

Azurix, the water subsidiary of bankrupt of Enron Corp., needs
51% of bondholders for each of three tranches of bonds to agree
to the buyback.  It has undertaken the buyback so that YTL does
not have to take on responsibility for the debt.

The company had already extended twice the deadline for
bondholders to agree on its proposal, with the latest lapsing
yesterday.

The paper says Azurix bonds had been trading at about 70% of
their face value prior to the announcement of the YTL deal.
Bondholders can potentially require a payback of 120% if the
bonds are bought back early.

Azurix initially offered 88% of face value, believing this was a
reasonable compromise, but was forced to raise this to 90% last
week, the paper says.   The company said the face value of
outstanding bonds was US$440 million for the dollar-denominated
tranche and GBP100 million for the sterling bonds.

Absent the GBP1.24 billion deal with YTL, the future of Wessex
Water will be uncertain.  The only consolation is the utility's
insulation from the Enron bankruptcy, which means that it could
still continue serving its 1.2 million concessionaires.


NTL INCORPORATED: Still Unable to Get Banks' Backing on Bond Swap
-----------------------------------------------------------------

The future of NTL Incorporated is still far from certain as the
company has yet to strike a deal with creditor banks, while its
30-day grace period on a bond payment default lapses today.

The Financial Times says the company has only managed to get JP
Morgan Chase and Morgan Stanley to support the US$10.6 billion
debt-for-equity swap agreed in principle with bondholders last
month.  Other lenders have yet to come on board.

The situation is still deadlocked over the banks demand for
bondholders to put more money on Cablecom, the Swiss cable unit
that is threatening to cause hundreds of millions in loan write-
downs.

But bondholders are not willing to put any money in the unit,
says the paper.  Under the original agreement with NTL,
bondholders want Cablecom to be grouped with NTL's other European
assets, which will be controlled by a new company with at least
US$100 million of funding.

The paper says the expiration of the grace period today still
gives the bondholders the edge, as they could go ahead on plans
to file an involuntary Chapter 11 bankruptcy petition in the U.S.

The company deliberately defaulted on a US$97 million interest
payment on April 1 upon the request of the bondholders.

But sources say bondholders are still committed to wait for the
consent of all creditors, including banks, before filing for
bankruptcy.  Still, some believe that bondholders could take
action if NTL cannot get the banks on board soon.

"Bondholders will act to protect value in the company. If they
think a deal with banks is not forthcoming or the banks are not
acting in NTL's best interest, they will call for it to file,"
one person close to the situation told the Financial Times.


PHARMING GROUP: 2001 Revenues Down to EUR9.2 MM From EUR18.5 MM
---------------------------------------------------------------

Pharming Group N.V. announced yesterday the publishing of the
Company's annual results for 2001 and the agenda for the
Company's Annual Shareholders Meeting to be held on May 21 at
15:00 hrs.

In  2001, Pharming made significant progress on restructuring the
Company following filing for temporary legal moratorium in
August. Due to the increasing costs related to the clinical
development program of human alpha-Glucosidase and the inability
to secure additional financing facilities, the Company made a
difficult decision to file for legal moratorium to protect the
interest of all stakeholders as well as to safeguard its assets,
technology and products.

As a result of restructuring, Pharming has successfully decreased
costs and expenses, with R&D, operations  and  SG&A costs for
continued operations decreasing substantially by over 35% in
2001. The Company discontinued operations at two locations
through the sale of its Belgian subsidiary, Pharming N.V. as part
of the agreement with Genzyme Corporation and the closing of its
Finnish subsidiary, Pharming Oy.

The Company's headquarters and R&D facility at Leiden have been
reduced by over 65% in space and in yearly financial commitments.
The Company implemented a significant reduction of its headcount,
with a total of approximately 50 employees at the end of 2001
(compared to over 200 at the end of 2000).

The reduction in headcount was achieved while preserving the
essential clinical and technical capabilities of Pharming and
minimizing reorganization costs.

In 2002, Pharming will build on the success of its restructuring
activities and aggressively pursue all available options to
refinance its business. The Company intends to seriously consider
refinancing options that limit the potential dilution of current
shareholders.   Given the low share valuation of the Company, it
is possible that the refinancing may initially be in the form of
convertible notes or through another mechanism.

Pharming may issue new shares depending on market conditions and
its share price. The Company currently has obtained initial
commitments from several investors and will update shareholders
on the status of the refinancing at the its Annual Shareholders
Meeting in May.

For 2001, total revenues of the Company were EUR 9.5 million
compared to EUR 18.5 million in 2000. The decrease stems mainly
from changes in R&D revenues, which decreased to EUR  7.7 million
from  EUR  16.3 million in 2000. The amount includes revenues
received for part of 2001 from Genzyme Corporation and Baxter
Healthcare Corporation and reflects the termination of agreements
with these companies in 2001.

Patent revenues increased significantly by 171% from 0.5 million
in 2000 to 1.4 million. In 2002, the Company intends to increase
its revenues from its products, transgenic technologies, and
patents through strategic alliances and partnerships.

The Company's expenses for continued operations were EUR 27.9
million (EUR 34.5 million in 2000) and EUR 26.2 million for
discontinued operations. In 2001, R&D, operations and SG&A costs
for continued operations decreased substantially by over 35%. The
net loss for 2001 for continued operations amounted to EUR 26.6
million (2000: EUR 22.6 million) and approximately EUR 27.5
million was attributable to discontinued operations for a total
net loss of EUR 54.1 million.

Due to the unusual financial circumstances of the Company in
2001, the majority of expenses are from one-time costs associated
with programs now terminated or divested during the year. Net
loss for continued operations includes one-time charges of
approximately EUR 4.5 million related to restructuring costs and
write-off of certain assets.

The total net loss resulted in an EPS of EUR (3.86) per share
compared to EUR (1.66) in 2000.

The Company's balance sheet has been significantly affected due
to the events leading up to the legal moratorium in 2001. A main
objective for 2002 is to strengthen the financial position of the
Company and its balance sheet.

For 2001, non-current assets of the Company were EUR 13.8 million
and  current assets were EUR 10.3 million for total assets of EUR
24.1 (EUR 98.9 million in 2000). The decrease in assets  are
mainly related to the sale of rights and  interests relating to
human alpha-Glucosidase,  interests in the Pharming/Genzyme LLC
and Genzyme/Pharming Alliance  LLC and disposition of the
Company's subsidiary, Pharming N.V. in Belgium to Genzyme
Corporation.

In addition, the Company's subsidiary in Finland, Pharming Oy and
its  facilities were closed in 2001. At year-end 2001, the
Company had EUR  1.2 million in cash.

After appropriation of the 2001 results, group equity  amounts to
EUR  (0.8) million. Long term liabilities and current liabilities
have been significantly decreased as a result of the agreement
with Genzyme Corporation. Long term liabilities decreased to EUR
6.8 million from EUR 25.1 million in 2001.

Current  liabilities have also decreased to EUR 18.1 million from
EUR  21.5 million in 2001. Liabilities include two convertible
loans totaling approximately EUR 8.7 million which may convert in
shares in the course of 2002.

For 2002, Pharming will build on the success of its restructuring
activities  and will strive to strengthen its financial position.
Pharming intents to reduce expenses further by completing  its
restructuring  plan,  obtain   additional financing,  implement a
strong P&L oriented  approach  for  all activities,  and
increase revenues by  establishing  strategic relationships  with
new  partners  as  well  as  restructuring relationships with
existing partners.

At  the  shareholders meeting in Pharming's Leiden facility  on
May  21, 2002, the shareholders will be updated on the progress
with  the  refinancing of the Company over the last few  months
and  its plans for the future.

The 2001 accounts and the report of the Board of Management will
be  presented to the shareholders for their approval. In
connection  with   the contemplated financing of the Company, the
shareholders will be asked to approve amendments to the articles
of association such that  issuance of preference shares (in case
of a takeover bid) is  no  longer  possible and to approve a
reduction  in  share capital of the Company.

The proposed new nominal value will, in principal, be 75% of the
average closing value of the Pharming shares at Euronext during
the last 20 trading days  preceding the shareholders meeting.

Finally, the shareholders  will  be asked  to extend the
authority of the Management Board to issue new shares, to limit
pre-emptive rights with respect to the issue of shares and to
grant authority to the Management Board for the acquisition of
shares in its own capital by the Company.

A full agenda of the meeting and drafts of the proposed articles
of association are available upon request  at the Company. Copies
of the 2001 annual report can also  be requested  at the
Company's office or may be viewed at its website:
www.pharming.com.

   CONSOLIDATED STATEMENT OF OPERATIONS
   For the year ended December 31, 2001

                         Continu Discont  Total   Total
                          ed     inued
                        Operati Operati
                          ons     ons
                          2001    2001    2001     2000
                           ? x 1,000       ? x 1,000
REVENUES
    Research and             497   7,181   7,678  16,335
   development revenues
    Grants and subsidies     430       0     430   1,676
    Patent revenues        1,385       0   1,385     510
    Total revenues         2,312   7,181   9,493  18,521

COSTS AND EXPENSES
    Research         and   8,882   1,623  10,505  14,255
   development
    Operations             6,909   4,869  11,778  10,788
    Sales,  general  and   3,948   4,328   8,276   6,299
   administrative
    Depreciation     and   3,463     563   4,026   2,961
   amortization
    Foreign     currency     251       0     251     169
   gains/(losses)
    Write-off of assets    2,788           2,788
    Reorganization costs   1,685       0   1,685
    Net loss on disposal       0  14,861  14,861
   of discontinuing
   operations
    Total   costs    and  27,926  26,244  54,170  34,472
   expenses

    Profit/(loss) from   (25,614) (19,063) (44,677) (15,951)
   operating activities

    Finance costs          (960)   (371) (1,331)   1,779
    Share             of         (8,071) (8,071) (8,434)
   profit/(loss)     of
   unconsolidated
   associates

    Profit/(loss)   from (26,5740 (27,505) (54,079) (22,606)
   operations before
   taxes  and  minority
   interests
    Minority  interests,       0       0       0       0
   net of taxes

    Net    profit/(loss) (26,574)(27,505) (54,079) (22,606)
   before extraordinary
   item
    Extraordinary  item,       0       0       0       0
   net

    Net profit/(loss)    (26,574) (27,505) (54,079) (22,606)


    Basic  and  dilutive                  (3,90)  (1,66)
   net loss per share

    Weighted     average                 13,860, 13,845,
   ordinary shares                          936     932
   outstanding

                  CONSOLIDATED BALANCE SHEET
At December 31, 2001 (after proposed appropriation of net loss)


                            2001     2000
                               ? x 1,000

ASSETS
   Non-current assets
   Intangible       fixed    5,906    13,716
   assets
   Tangible fixed assets     7,649    26,763
   Financial        fixed      252     4,114
   assets
   Total      non-current   13,807    44,593
   assets

   Current assets
   Stock and livestock          10       272
   Receivables        and    9,001     9,205
   accrued income
   Cash                      1,234    44,870
   Total current assets     10,245    54,347
TOTAL ASSETS               24,052    98,940

EQUITY AND LIABILITIES
   Equity
   Issued capital           33,267    33,231
   Share premium            82,950    81,558
   Reserve  for  exchange    (543)
   differences
   Accumulated            (116,488  (62,409)
   profit/(losses)               )
   Total equity              (814)    52,380

   Non-current
   liabilities
   Convertible loan          5,912    10,755
   Other    long     term      861    14,297
   interest-bearing
   loans
   Total      non-current    6,773    25,052
   liabilities


   Current liabilities
   Trade     and    other   13,543     7,244
   payables
   Short  term loans  and    4,550    14,264
   borrowings
   Total          current   18,093    21,508
   liabilities
TOTAL     EQUITY     AND   24,052    98,940
LIABILITIES

Contact Information:

Rein Strijker
Pharming Group N.V.
T: +31 (0)71 524 7406


ROYAL DOULTON: Notification of Directors' Interests
---------------------------------------------------

In accordance with clause 2.1.1.1 of the Royal Doulton Executive
Share Option Scheme, on April 23, 2002, the Remuneration
Committee granted the following Executive Share Options over 1p
ordinary shares to two executive directors:

W J Nutbeen          3,000,000
G P Martin           1,500,000

In addition grants totalling a further 2,150,000 options were
made to other managers and staff in the business.

The options were granted at the closing market price on April 23,
2002, which was 9.5p, and can be exercised over the period April
23, 2005 to April 22, 2012, provided certain performance criteria
are met.

For more details, contact D J Bates, Company Secretary; Phone:
01782 404004.


SMARTLOGIK: Suspends Shares, Sells Assets, Enters Liquidation
----------------------------------------------------------------

The Board of Smartlogik announces that it has today completed the
sale of the trade and certain assets of the Company to Applied
Psychology Research Limited ('APR'), the decision intelligence
solutions company, for consideration of up to GBP2.65 million.

Of the consideration, GBP1.75 million was received on completion
and the payment of the remaining GBP900,000 is dependent upon
certain customer contracts, which are currently in the pipeline,
being signed by 30 September 2002.

All of the consideration is payable in cash. In addition, APR
have made arrangements to settle certain liabilities of the
Company amounting to approximately GBP200,000.

Following the Sale, and in order to maximize the value of
deferred consideration due from APR, certain of the Directors
have agreed in principle to dedicate an appropriate portion of
their time over the short term to help to ensure that the
relevant customer contracts are signed as soon as possible.

It is intended that the Company will now cease to trade and will
be the subject of a winding up. The Board, with advice from Ernst
& Young acting as insolvency advisers, will be convening the
required meetings to commence a liquidation process.

Once this process has been completed, any cash remaining, which
the Board believes will be nominal, will be returned to
shareholders. The amount of such distribution, if any, will be
dependent upon the amount of deferred contingent consideration
eventually received and negotiations with creditors.

APR has agreed to acquire and service the ongoing sales contracts
and other commercial contracts of the Company and to continue to
employ such personnel as it considers necessary to continue to
operate the business. APR has also acquired the following assets
of the Company:

The exclusive right to use the Smartlogik name and all related
trade mark rights, together with domain names, subject to
existing licences;

All intellectual property and goodwill derived from such
intellectual property;

Certain of the trade debtors at completion valued at
approximately GBP544,000; and

Those fixed assets which are necessary to continue the business.

The Sale includes the major assets of the business other than
certain trade debtors, sundry fixed assets and remaining cash
balances of approximately GBP413,000.

The major liabilities remaining within Smartlogik following the
Sale include trade creditors, lease liabilities and employee
liabilities and it is intended that these will be settled by the
liquidator out of the remaining cash balances, the cash
consideration received and upon realisation of the remaining
assets.

Following the re-structuring and re-financing of the group in
July 2001, the management team focused on continuing to build the
revenue streams from its core knowledge products. However, in
common with many companies in the sector, Smartlogik encountered
difficult trading conditions during 2001.

The Board continued to perform a difficult balancing act between
maintaining a proactive approach to cost management whilst
ensuring that the Company's ability to identify, convert and
service new customer relationships was not impaired.

A rationalization programme was implemented during September
2001. The Directors also sought to raise new funds either by
direct investment, or by a merger or reverse acquisition with
additional funds being concurrently raised.

The Company continued to encounter difficult trading conditions
and BDO Stoy Hayward were appointed on January 18, 2002 to advise
the board of Smartlogik on a strategic review including options
to raise money or find a trade purchaser to maximise shareholder
value.

Following the appointment of BDO, a wide-ranging search for
potential acquirers of the Company's share capital or its trade
and assets was carried out and as a result almost 70 companies
were contacted.

In parallel the Board held discussions with its brokers, Hoare
Govett, certain existing shareholders and other third parties
about raising new funds. During this process several expressions
of interest were received from potential purchasers of the
business and discussions were progressed with a number of these.

However, with the exception of APR, these discussions did not
result in firm offers being received (for either the shares or
the trade and assets of the Company) which were supported by
confirmed funding. Commitments of sufficient new equity funding
for Smartlogik were not forthcoming.

Regular announcements have been made to keep shareholders updated
as to the progress of this strategic review.

At the end of January the Board implemented a restructuring and
cost reduction exercise to reduce the cash utilisation rate of
the business and to provide a more appropriate structure for the
business going forward based on an indirect sales model.

Despite this, and as announced to shareholders on February 28,
2002 and April 19, 2002, the Company currently only has
sufficient cash resources to meet its obligations as they fall
due until the end of April. In the absence of the Sale to APR the
Company would be forced to start insolvency proceedings
immediately. The Board believes that if insolvency proceedings
began prior to any sale, the value realised for the trade and
assets would be significantly diminished.

In normal circumstances the Sale would require the approval of
shareholders. However, the Directors believe that given the
Company's adverse financial position, it could not trade
solvently through the period needed to convene an EGM to approve
the Sale.

Given that the costs and timetable issues associated with seeking
Shareholder approval would prejudice the position of creditors,
the Directors believe that without a UK Listing Authority waiver
from the requirement to seek shareholder approval for the Sale,
there is a risk that the business would be forced into an
insolvent liquidation.

BDO Stoy Hayward, Smartlogik's Sponsor, has confirmed to the UK
Listing Authority that the Company is in severe financial
difficulty and that unless it disposed of its trade and assets to
APR at the earliest opportunity it would not have had sufficient
resources to meet its obligations as they fell due.

The Board believes that the Sale is in the best interests of the
Company and its shareholders as a whole and has therefore
obtained from the UK Listing Authority a formal waiver from the
requirement to produce a circular to obtain shareholder approval
for the Sale.

The Directors' employment has been terminated following the Sale
but they will continue to discharge their duties as members of
the Board until such time as deemed appropriate by the
liquidator.

Following the Sale, and in order to maximize the value of
deferred consideration due from APR, certain of the Directors
have agreed in principle to dedicate an appropriate portion of
their time in the short term to help to ensure that the relevant
customer contracts are signed as soon as possible.

Following the Sale and the planned winding up of the Company the
Board do not intend to release the preliminary results for the
year to December 31, 2001 which were due to be announced on April
30, 2002.

It is intended that all Companies within the Smartlogik Group
cease to use the Smartlogik name following the Sale. The meetings
required to effect a change of name of the Company will be
convened as soon as practicable.

For inquiries, contact:

Smartlogik Group plc
Phone: 020 7930 6900
David Jefferies, Chairman
Stephen Hill, Chief Executive

BDO Stoy Hayward Corporate Finance
Phone: 020 7486 5888
Alex White, Partner
Yvonne Beirne, Director

Hogarth Partnership Ltd
Phone: 020 7357 9477
John Olsen, Partner
Tom Leatherbarrow, Associate Director


SSL INTERNATIONAL: Notification of Major Interests in Shares
------------------------------------------------------------

SSL International plc announced Monday that its major
shareholder, CGNU plc, on behalf of CGNU affiliates the following
listed, holds the corresponding SSL shares as follows:

     BNY Norwich Union Nominees Ltd       2,555,223
     BT Globenet Nominees Ltd                 7,600
     Chase GA Group Nominees Ltd          1,515,701
     CUIM Nominee Ltd                     2,660,081

After this notification, the reported shareholders now own a
total of 6,738,605 10p ordinary shares or about 3.56% of all SSL
shares issued by the company.

For inquiries, contact J E J Booth at phone: 01565 624000.


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

       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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Information contained herein is obtained from sources believed to
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