/raid1/www/Hosts/bankrupt/TCREUR_Public/020815.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

                  Thursday, August 15, 2002, Vol. 3, No. 161


                               Headlines


* F R A N C E *

COMPLETEL EUROPE: Recapitalization Plan Concludes in September
VIVENDI UNIVERSAL: Investors Brace for Possible Write-Down

* G E R M A N Y *

BLUE C: Internet Service Provider Declares Insolvency
D.LOGISTICS AG: Begins to Implement Restructuring Measures
KIRCHMEDIA: Lehman Leads Third Consortium Bid for Assets

* G R E E C E *

OLYMPIC AIRWAYS: Risks Bankruptcy Due to 98.7% Fund Reduction
KPN NV: KPN Mobile Exceeds 100,000 i-mode(TM) Customers

* P O L A N D *

NETIA HOLDINGS: Creditors Reschedule Proceedings for Netia South

* S P A I N *

MAJORICA: Group of Catalan Investors Acquire Majorica

* S W E D E N *

FRAMFAB: Concludes General Agreement With Volvo Group
SONG NETWORKS:  Announces Second-Quarter Financial Results

* U N I T E D   K I N G D O M *

CLP PLASTICS: Receivers Sell Plastic Manufacturing Business
ENVIRONMENTAL POLYMERS: Administrators Sell Plastic Manufacturer
NAVAN MINING: Issue Shares for Insolvent Operations in Spain
NAVAN MINING: Company Profile
NTL INCORPORATED: Confirmation Hearing Scheduled for September 5
NTL INC: Gets to Hire The Garden City as Notice and Claims Agent
REDSTONE TELECOM: Company Profile
THUS GROUP: Announces Interim Results and Trading Update
WORLDCOM, INC.: Super Computer Inc. Selects WorldComıs Services


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


COMPLETEL EUROPE: Recapitalization Plan Concludes in September
--------------------------------------------------------------
Completel Europe NV, an integrated communications provider
serving the French telecom market, today announced results for
the second quarter 2002(1).

Completel reported second quarter revenues of euro 24.1 million
compared to euro 18.6 million in Q2'01, an increase of 29.6%.

Jerome de Vitry, Completel Chief Executive Officer, commented:
"Our recapitalization plan should be completed in September.
After the recapitalization, Completel will emerge as an even
stronger competitor serving the French market.

We expect to have almost no debt and to be fully-funded to
achieve cash flow breakeven. More importantly, the equity
committed exceeds our initial plan and further strengthens our
balance sheet. I can assure our customers that we will continue
to provide them with the best telecom products and services in
the future."

Jerome de Vitry added: "We were able to expand our business in
the quarter and make significant improvements in margins. Despite
the challenges of the recapitalization process, our teams
remained dedicated to selling and connecting customers and have
delivered sound results : growth of 11% in retail revenue and 13%
in new retail building connections over Q1'02. In Q2'02, retail
revenue grew to euro 17.3 million from euro 15.6 million and we
connected a total of 1,488 buildings. These improvements are
significant because of the shift in customer product mix toward
higher margin products -- such as incoming voice, inter-sites
traffic, data and VPN services -- and better network efficiency,
a trend which we have been experiencing since the fourth quarter
of 2001."

Jehan Coquebert de Neuville, President of French Operations,
stated: "We are seeing good demand for higher margin products
such as LAN-to-LAN and IP-VPN services from both existing and new
business customers.

We are now in a position to penetrate new strategic markets, such
as national and regional customer accounts and national
government agencies, utilizing our key competitive strengths --
our comprehensive product portfolio, our extensive local network
coverage and direct fibre connections.

Under challenging market conditions, we won new large accounts
and improved our penetration in the governmental sector by
signing more than 30 new contracts with government institutions;
at the same time reducing our overhead overall, we have
reinforced our sales team."

Alexandre Westphalen, VP Finance, added: "We remain focused on
limiting our cash burn. As of the end of June 2002, unrestricted
cash was at euro 37.4 million, exceeding expectations. This was
the direct result of the sale of German and UK operations, the
reduction of operating losses through the gross margin increase
and planned overhead reductions, as well as the limitation of
capital expenditures to construction focused on direct customer
acquisition. As we have previously announced, our network has
been fully built out. With our network and infrastructure in
place, we can concentrate most of our capital expenditures on
customer connections. It is important to note that compared with
Q1'02, we have significantly reduced our CAPEX outlays by 57%.
Additionally, we have launched on-going actions to further reduce
our S,G&A expenses, such as the closing of our London offices and
the simplification of our headquarters corporate structure."


VIVENDI UNIVERSAL: Investors Brace for Possible Write-Down
----------------------------------------------------------
Vivendi Universalıs investors are expecting the worst following a
report that says the company will announce a big write-down for
the second quarter in a row, a report from the Guardian says.

Previously, Vivendi disclosed it was taking a EUR17 billion
charge against goodwill. Recently, the company, which is now
under new management, will take another EUR10 billion hit to take
account of falling share values, the report says.

Moreover, analysts are expecting its new chairman who succeeded
former chairman and chief executive Jean-Marie Messier, Jean-René
Fourtouıs statement regarding the group's future. The company has
been performing a strategic review of the group, the paper says.

Vivendiıs debt pile rose to EUR19 billion due to a destructive
acquisition spree. Its new chairman, Mr. Fourtou is currently
under pressure to cut its debt through asset disposals. The group
is expected to sell its US videogames business but most attention
will focus on whether it will sell its stake in the French mobile
phone company SFR, the paper adds.

On Tuesday, Vivendiıs share price plunged to almost 5% in the
light of news of a possible write-down. But shares later
recovered  and closed down 1.2% at EUR15.90, the Guardian says.


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


BLUE C: Internet Service Provider Declares Insolvency
------------------------------------------------------
German internet service provider Blu C Consulting is the latest
Neuer Markt company to file for insolvency, the Borzen-Zeitung
and the Financial Times report.

The companyıs move to the regulated market did not help it stave
off insolvency. Its shares plunged to just 0.04 euros on Monday,
according to the papers.

Blue C was launched in 2000 by Commerzbank but suffered from
negative headlines only months after its launch, when it became
clear the company would post heavy losses. Suspicions that Blue's
management committed insider trading also contributed to the
company's decline, the report says.


D.LOGISTICS AG: Begins to Implement Restructuring Measures
----------------------------------------------------------
By establishing an industry packaging holding, D.Logistics AG has
combined its industry packaging activities. The Management Buy In
(MBI) also provides the operative management with the former
Managing
Directors of Deufol/Baumann GmbH, Mr Manfred Wagner, and
Deutschen Tailleur, Axel Woltjen.

Furthermore, the 49% stake of the Deufol/Baumann Group previously
held by a company group headed by Manfred Wagner will be
transferred into the new industry packaging holding to be known
as Deufol Tailleur GmbH. D.Logistics AG is to hold 55% in this
packaging holding.

This restructuring secures the exploitation of considerable
synergies and the efficient settlement of customer support. The
contracts are still under conditional precedent subject to the
approval of the Supervisory Board.

Contact Information:
D.Logistics AG
Investor Relations
Anja Marquardt
D-65719 Hofheim
Tel. +49.(0)6122/50-1115
Fax +49.(0)6122/50-1146
EMail: anja.marquardt@dlogistics.com


GONTARD & METALLBANK: Receivers Say Creditors Will Get 50% Quota
----------------------------------------------------------------
Gontard & Metallbankıs insolvency administrator, Klaus Pannen,
estimates that creditors will receive a quota of 50%, a report
from the Financial Times Deutschland says.

Mr. Pannen says he expects payment to begin early next year. He
estimates the bank's debts at between EUR800 million and EUR900
million. The deadline by which creditors must submit their claims
is due after August 26, the paper says.

The bank's customers are to be compensated through the deposit
insurance fund of the German private banking association. The
administrator reports that talks are underway with parties
interested in divisions of Gontard & Metallbank, but he rules out
the sale of the bank in its entirety, the paper adds.

According to the Troubled Company Reporter, Gontard & Metallbank
started insolvency proceedings in May. It gave notice of over-
indebtedness on the same month.


KIRCHMEDIA: Lehman Leads Third Consortium Bid for Assets
--------------------------------------------------------
A third consortium composed of a group of shareholders in Kirch
Gruppe emerged in the second round of bidding for the assets of
KirchMedia, the insolvent broadcasting and rights unit, a report
from the Financial Times says.

The Lehman Brothers Merchant Banking, the private equity arm of
Lehman Brothers, with Kingdom Holdings, the investment vehicle of
Saudi investor Prince Al Waleed, and Rewe, the German retailer,
leads the consortium which is said to be currently in talks with
several media groups to join their offer, the paper adds.

The paper reports that there are three consortia short-listed in
the KirchMedia assets race after the bidders filed "semi-binding
offers" at the end of July.

KirchMedia had requested binding offers but agreed to make the
bids conditional on further due diligence on ProSiebenSAT.1,
following investors demand to access more information, the paper
says.

Majority of the bidders are looking at the shortlist as temporary
and expect a change in the composition of the three leading
consortia before the auction moves into its final stage.

Moreover, Lehman and Kingdom Holdings have been convincing
Mediaset to act as operating partner in case a bid would push
through. It is believed that another prospect could be Axel
Springer, which has formed a consortium with fellow publishers
Heinrich Bauer and Spiegel Verlag and with HypoVereinsbank, a
large Kirch creditor, the daily reports.

Previously, the EUR1.4 billion offer by the Springer group was
judged as too low to land in the shortlist. But the group are
pursuing talks with other investors regarding a link up. Insiders
say it is possible that Springer would not be barred from the
second round of due diligence, the daily says.

The final stage is expected to transpire by the end of the month.
KirchMedia and its creditors hopes for sale terms to be signed by
mid-September, the Financial Times says.


===========
G R E E C E
===========


OLYMPIC AIRWAYS: Risks Bankruptcy Due to 98.7% Fund Reduction
-------------------------------------------------------------
Chartered accountants who examined the companyıs 2000 accounts
disclose that Olympic Airways is at risk of bankruptcy, a report
from AFX News says.

The news outfit adds that the accountants observe the 98.7%
reduction in the company's shareholders' funds from EUR98.8
million in 1999 to EUR1.8 million in 2000 could lead to
bankruptcy measures under Greek legislation.

The accountants also said that it could also lead to the
revocation of the airline's operating licence by the authorities.

Previously, Troubled Company Reporter reported that that Greece
has appointed three local banks including: National Bank of
Greece, Commercial Bank of Greece, and Alpha Bank to advise on
the privatization of Olympic Airways.

The move came one week after dropping Credit Suisse First
Boston on due to high fees.

The banks intended to establish a Greek investor group to acquire
51% of the loss-making state airline and inject US$100 million in
new capital.

Olympic has not published a balance sheet since 1999. The group
is estimated to incur US$ 85 million in losses last year.

Last year, CSFB negotiated successive deals with two Greek groups
that had been short-listed as bidders. However, talks failed
because the Greek companies were unable to provide the required
bank guarantees.



=====================
N E T H E R L A N D S
=====================


KONINKLIJKE BEGEMANN: Announces (RBG) Interim Report 2002
---------------------------------------------------------
During the first six months of 2002 Koninklijke Begemann Groep
N.V. reveals a net loss of EUR 20.2 million. In 2001 the company
incurred a loss of EUR 10.8 million.

The result from participations in the first six months of 2002,
which ran to a loss of EUR 20.0 million (as opposed to a loss of
EUR 8.6 million in 2001), comprised mainly of:

- The devaluation of the shares in Tulip Computers N.V. ("Tulip")
by EUR 10.6 million. RBG has valued its stake at EUR 0.35 per
share in line with the share price on 30 June 2002 (EUR 0.53 per
share at year-end 2001).

- The loss of EUR 9.0 million, already announced in the press
release issued on 22 April, as a result of the ruling by the
Board of Arbitrators regarding the disputed (Boelwerf) put-option
agreement between Begemann Belgium N.V. and Gimvindus N.V.
Gimvendus and RBG have now agreed to rest on this ruling by the
Board of Arbitrators, thereby putting a definitive end to the
dispute.

As of 30 June 2002, shareholdersı equity was EUR 50.8 million.
The net asset value of the A share was EUR 9.01 (31 December
2001: EUR 13.08). The solvency (shareholdersı equity expressed as
a percentage of the balance sheet total) was 88.7% (year-end
2001: 87.1%).

On 17 June 2002 RBG acquired 10,000,000 new shares in Tulip at an
issue price of EUR 0.29 per share, thereby reinforcing Tulipıs
capital base with an injection of EUR 2.9 million. The shares
were paid up by means of settlement against part of RBGıs short-
term loan to Tulip. As a result, RBGıs interest in Tulip has
increased to 65.0% (as of 30 June 2002 RBG owned 72,285,159 Tulip
shares).

It is not possible to make any statements regarding the outlook
for the second half of the year. This is largely dependent on the
share price performance of Tulip.


KPN NV: KPN Mobile Exceeds 100,000 i-mode(TM) Customers
-------------------------------------------------------
KPN Mobile has passed the milestone of 100,000 i-mode customers
in the Netherlands and Germany, the Company says.

So far there are already more than 23,000 subscribers in the
Netherlands and 77,000 with E-Plus in Germany. The expectation is
that one million customers will be using i-mode in 2003.

Customers are highly satisfied with i-mode. The use of the
official i-mode services is as expected and averages slightly
more than two content subscriptions per user.

At this moment the most interest is for the categories 'melody
and images' and 'news and weather'.

i-mode's email function is also being widely used, namely by 86
percent of customers in the Netherlands.

Content partners already offer more than 80 official sites on i-
mode in the Netherlands and 100 in Germany. The number of
independent sites continues to grow strongly. Estimates indicate
that there are already more than 7,000 independent or open i-mode
sites in both countries.


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


NETIA HOLDINGS: Creditors Reschedule Proceedings for Netia South
----------------------------------------------------------------
Netia Holdings S.A., Poland's largest alternative provider of
fixed-line telecommunications services, announces that the
creditors' meeting to vote on the approval of the arrangement
proceedings of Netia South Sp. z o.o., a subsidiary of the
Company, was re-scheduled by the court due to procedural reasons
and as a result of the submission of a new arrangement plan
proposal by Netia South Sp. z o.o. The court now scheduled the
meeting at which creditors' votes will be calculated for August
29, 2002.

Contact information:

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


=========
S P A I N
=========


MAJORICA: Group of Catalan Investors Acquire Majorica
-----------------------------------------------------
A group of Catalan investors recently acquired the insolvent
Spanish jewellery group, Perlas Majorica last Friday, reports
Expansion and Financial Times.

The papers add that Majorica has been experiencing financial
problems for four years and has accumulated debts of EUR60
million.

The agreement puts an end to a long phase of uncertainty for the
company's roughly 600 employees. Amongst the Catalan investors in
Majorica are the Ferrero, Costafreda, Lara and Godia families,
the papers say.

The takeover has been led by Rafael Espanol, chairman of Spanish
textile and chemicals group La Seda de Barcelona.

Previously, the Troubled Company Reporter said that Chairman of
La Seda de Barcelona, Rafael Espanol has reached an agreement
with Santander Central Hispano over the acquisition of the
insolvent Spanish jewelry group Majorica.

The Spanish jewelry group, which currently has accumulated debts
of EUR30 million, filed for insolvency proceeding in March this
year after registering high sales drops during the last two
financial years.

Desperate to stay afloat, Majorica had first planned to carry out
a capital increase in October 2002. Mr Espanol who leads a
consortium of several Spanish investors, has promised to keep
Majorica's headquarters in Manacor on Majorca.

Majorica was acquired by capital risk company Alpha Equity in
1998. Last October, management announced that it would reduce
Majorica's workforce via early retirement and redundancy schemes,
the papers said.

Santander Central Hispano is one of the main creditors of
Majorica.

La Seda de Barcelona is a chemicals and textiles group based in
Spain.


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


FRAMFAB: Concludes General Agreement With Volvo Group
-----------------------------------------------------
The two-year general agreement that Framfab has concluded with
the Volvo Group involves all Volvo companies. The contract, which
covers web services, also includes a renewal clause.

For a number of years, Framfab has provided many companies in the
Volvo Group with Internet-related services. The fact that the
current general agreement involves all the companies sets the
stage for clear and common terms while facilitating collaboration
with both old and new clients in the Volvo Group.

According to CEO Christian Haeger of Framfab Sverige AB, "Volvo
is taking advantage of the opportunity to generate goodwill
through highly developed web services. We are both proud and
enthusiastic about the growing trust that the Volvo Group is
placing in us."

Framfab and the Volvo Group are now in a position to further
develop their existing collaboration, while expanding it to
companies not previously covered by a general agreement.

Framfab is a leading provider of consulting services and business
solutions based on Internet technology. Framfab operates in
Denmark, France, Germany, the Netherlands and Sweden. The company
is quoted on the O list of the Stockholm Stock Exchange (ticker
symbol FTID). For more information, please visit www.framfab.com.

Contact Information:

Christian Haeger
CEO, Framfab Sweden
Telephone: +46 709 412147
Email: christian.haeger@framfab.se

Anders Ekman
CEO, Framfab AB
Telephone: +46 8 41 00 10 00
Email: anders.ekman@framfab.se


SONG NETWORKS:  Announces Second-Quarter Financial Results
----------------------------------------------------------
Song Networks´ revenues in the second quarter totals SEK 559
million (USD 61 million). This represents a 5% decrease over last
quarter and an 11% increase compared to the same period of the
previous year.

Gross margin improved by 65 basis points, from 40.1% in the first
quarter of 2002 to 40.7% or by 1,000 basis points from the same
period the previous year.

Adjusted sales, general and administration costs (SG&A)[1]
improved to 47% of revenues or to SEK 261 million (USD 28
million) during the second quarter from 48% or from SEK 284
million (USD 31 million) the previous quarter.

Adjusted SG&A was 62% of revenues or SEK 314 million (USD 34
million) during the second quarter in 2001. The Company has taken
the decision to further reduce SG&A gradually, to reach a level
of SEK 230 million (USD 25 million) by the first quarter of 2003.
Adjusted EBITDA[2] was ­6% or SEK ­33 million (USD -4 million)
compared to ­8% or SEK ­47 million (USD 5 million) in the first
quarter of 2002 and ­32% or SEK ­159 million (USD 17 million) in
the second quarter of 2001.

The Company added 1,368 directly connected sites[3] during the
quarter totalling 12,989 in all. At the end of the quarter, the
number of corporate customers was 21,721, of which 6,644 were
directly connected. Direct revenues[4] increased to 56% of total
revenues in the second quarter of 2002 compared to 53% in the
first quarter of 2002 or 44% the second quarter 2001. Revenues
from data and internet services[5] increased to 42% from 38% of
total revenues previous quarter.

Due to the adoption of new accounting rules an impairment charge
of SEK 1,147 million (USD 125 million) has been recorded for
goodwill. In addition an impairment charge of SEK 416 million
(USD 45 million) was recorded pertaining to construction in
progress, for a total impairment charge of SEK 1,563 million (USD
170 million).

The business combination agreement that Song Networks entered
into with Telenor Business Solutions Holding AS on July 9 was
terminated on August 13. The termination of the business
combination agreement with Telenor resulted from the lack of
support of an ad hoc committee of bondholders of Song Networks
regarding the restructuring terms resulting from the agreement,
as well as the committeeıs positive view regarding Song Networks
restructuring potential.

Song Networks and the committee are considering a number of
potential restructuring alternatives and Song Networks will make
further announcements regarding its restructuring as appropriate.
Song Networks expects to complete a restructuring, conclude an
Extraordinary General Meeting and close these transactions by the
end of October 2002.

On August 1, 2002, Song Networks announced that its wholly owned
subsidiary Song Networks N.V. would not make the interest coupon
payment scheduled on August 1, 2002 on the EUR 175 million 12?%
Senior Notes due 2008. During the restructuring process, and
assuming Song Networks does not make payment on any of its bonds,
the Company believes that its existing operating cash resources
will suffice until the end of 2002.

Song Networks Holding AB, formerly Tele1 Europe Holding AB, the
leading pan-Nordic competitive provider of broadband
communications services, today reported second quarter financial
and operating results.

Commenting on the results, Tomas Franzén, Chief Executive
Officer, said: "The operations are continuing to develop in the
right direction. A continued focus on high margin services, data
and direct revenues, in combination with measures taken to reduce
our costs, will secure an adjusted EBITDA break-even in the end
of the fourth quarter, 2002".

Financial Highlights:

- Second quarter revenues totalled SEK 559 million (USD 61
million). This represents a 5% decrease over last quarter but an
11% increase of revenues from the same period during previous
year.

- Direct revenues totalled SEK 314 million (USD 34 million) in
the second quarter, up from SEK 311 million (USD 34 million) in
the first quarter of 2002 and represented 56% of total revenues
in the second quarter, compared to 53% in the previous quarter.

- Revenues from data and internet services totalled SEK 232
million (USD 25 million) or 42% of total revenues in the second
quarter, compared to 38% in the previous quarter.

- Gross margin improved to 40.7% in the second quarter compared
to 40.1% previous quarter.

- Adjusted sales, general and administration costs (SG&A)
improved to 47% or SEK 261 million (USD 28 million) in the second
quarter of 2002, from 48% or SEK 284 million (USD 31 million) in
the previous quarter.

- Adjusted EBITDA margin improved to ­6% or SEK ­33 million (USD
-4 million) in the second quarter. Adjusted EBITDA margin in the
first quarter was ­8% or SEK ­47 million (USD -5 million).

- EBITDA was SEK 92 million (USD 10 million) which was due to an
unrealised foreign exchange gain of SEK 146 million (USD 16
million). EBITDA was SEK 72 million (USD 8 million) in the first
quarter of 2002.

- As of June 30, 2002, the Company had approximately SEK 394
million (USD 43 million) in cash and cash equivalents (including
other securities, restricted cash and used credit facility), as
compared to SEK 917 million (USD 100 million) as of March 31,
2002. Song Networks has access to a credit facility of a maximum
of SEK 300 million (USD 33 million), of which SEK 70 million (USD
8 million) has been used as per June 30, 2002. The total amount
that can be borrowed pursuant to this credit facility, which is
secured by Song Networksı receivable, is limited to 65% of our
receivables not older than 60 days. As of August 8, 2002, the
Company had SEK 304 million (USD 33 million) in cash and cash
equivalents (including other securities, restricted cash and used
credit facility of SEK 105 million (USD 11 million)). In addition
the Company has sold net operating losses (NOLs) from Song
Networks AB amounting to SEK 2,180 million (USD 237 million) for
SEK 150 million (USD 16 million) for which payment is expected in
the end of September, 2002.

- Due to the adoption of new accounting rules an impairment
charge of SEK 1,147 million (USD 125 million) has been recorded
for goodwill. In addition an impairment charge of SEK 416 million
(USD 45 million) was recorded pertaining to construction in
progress, for a total impairment charge of SEK 1,563 million (USD
170 million).

- The Company has during the second quarter of 2002 repurchased
an additional 8.8% of its outstanding bonds for SEK 67 million
(USD 7 million). The Company has during the first and second
quarter of 2002 repurchased a total of 17% of its outstanding
bonds for a total of SEK 139 million (USD 15 million). In the
second quarter the cash effect of the repurchase was SEK -83
million (USD -9 million) plus accrued interest of SEK -20 million
(USD -2 million).

- The Company expects to be adjusted EBITDA break-even in the end
of the fourth quarter 2002 and expects full year 2002 revenues of
SEK 2.3-2.4 billion (USD 250-260 million).

Operational Highlights:

- The Company added 238 fiber sites during the quarter resulting
in a total of 1,582 fiber sites connected to its fiber network
throughout Sweden, Norway, Finland and Denmark.

- Directly connected customers increased by 306 to 6,644 during
the second quarter of 2002.

- Directly connected sites increased by 1,368 to 12,989 during
the second quarter, while the total number of sites connected
through DSL increased by 670 to 5,722.

- The Company increased the number of active IP/VPN sites to
approximately 2,900 versus 2,300 in the previous quarter.

- In April 2002, Song Networks signed an agreement with Bilia
Personbilar Region Väst AB to supply a full range of telephony
services. The two-year agreement has an initial estimated value
of SEK 5 million (USD 0.5 million).

- In May 2002, the consultancy company, Asplan Viak, chose Song
Networks as supplier of a uniform communications network for its
15 branch offices in Norway. Song Networks will supply Asplan
Viak with an IP/VPN solution. The agreement has a term of 2 years
and an estimated value of SEK 3.9 million (USD 0.4 million).

- On May 29, 2002, Song Networks announced that Song Networks AS,
Song Networks´ Norwegian subsidiary, had signed a 5-year contract
for the operation of Visma Providerıs ASP platform. The parties
have also signed a framework agreement for the supply of
infrastructure and communication services for a period of 3
years. With the growth that Visma Provider is anticipating, the
value of the contract comes to around SEK 49 million (USD 5
million).

- On June 3, 2002, Song Networks announced that Song Networks AB,
the Swedish subsidiary, had signed a 2 year-contract for the
supply of data communication to the Swedish Customs Office. The
solution comprises 81 IP/VPN ports divided between 73 offices.
The contract is worth approximately SEK 13 million (USD 1.4
million).

- On June 6, 2002, Song Networks announced that Song Networks AB,
the Swedish subsidiary, had signed an agreement with Scandic
Hotels regarding supply of data communications. The value of the
agreement is approximately SEK 30 million (USD 3 million) over
3.5 years. The agreement is Song Networks' largest agreement
involving data communications in Sweden.

- On June 19, 2002, Song Networks announced that, together with
its subsidiary Song Networks AB as subcontractor Tele Danmark
InterNordia has received an order from Sweco AB for delivery of a
group-wide telephony solution for both fixed and mobile
telephony. It is a 5-year contract, and the deal is worth SEK 20
million (USD 2 million) each for Tele Danmark InterNordia and
Song Networks.

- On June 26, 2002, Song Networks announced that Song Networks
A/S in Denmark and the Danish listed company Jysk (formerly known
as Jysk Sengetojslager A/S) had signed a deal for 3 years. Adding
to 178 locations throughout Denmark and Sweden connected earlier
this year, Jysk has ordered 51 locations in Norway and 30 in
Finland to be connected by a data communications network provided
by Song Networks.

- In April Customer care of Song Networks in Finland was chosen
Help Desk of the Year 2002 by the Nordic Help Desk Institute.

- On June 25, 2002, Song Networks announced organisational
changes in Sweden and in Norway for an additional focus on
synergies and to gain further efficiency within the Group.

- On June 20, 2002, Song Networks announced a change of Board
composition. Lars Windfeldt stepped down as Chairman and resigned
from the Board of Song Networks Holding AB and was replaced by
Lars Grönberg.

- The Annual General Meeting of Song Networks Holding AB was held
on April 17.

Subsequent Events:

- On July 9, 2002, Song Networks announced that Telenor Business
Solutions Holding AS and Song Networks Holding AB had entered
into a business combination agreement as part of an overall
financial restructuring of the Song Networks Group, whereby Song
Networks would issue new shares and a convertible bond to Telenor
Business Solutions Holding AS in exchange for the contribution of
the Telenor Business Solutions AB business together with a cash
balance of SEK 550 million (USD 60 million).

- On August 1, 2002, Song Networks announced that its wholly
owned subsidiary Song Networks N.V. would not make the interest
coupon payment scheduled on August 1, 2002 on the EUR 175 million
12?% Senior Notes due 2008.

- On August 12, 2002, the Board of Song Networks Holding AB
decided to delist the Companyıs ADRs from Nasdaq.

- On August 12, 2002, the Company sold Net operating losses from
Song Networks AB amounting to SEK 2,180 million (USD 237 million)
for SEK 150 million (USD 16 million).

- On August 13, 2002, Song Networks terminated the business
combination agreement that was signed on July 9.


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


CLP PLASTICS: Receivers Sell Plastic Manufacturing Business
-----------------------------------------------------------
CLP Plastics Ltd & CPL Rennicks Ltd
(Both in Administrative Receivership)

The Joint Administrative Receivers, I J Allan and A C Spicer,
offer for sale the business and assets of the above companies,
which are involved in high quality bespoke injection moulding and
plastic finishing. The companies operate from four sites:

    Colwyn Bay
     - Machine range 40 to 250 tons
     - annual turnover GBP1.2 million
     - Freehold premises
     - 29 employees

    Tredegar
    - Machine  range300 to 1000 tons
    - Annual turnover GBP 2.85 million
    - Freehold premises
    - 83 employees

    Liverpool
    - Machine  range 25 to 800 tons
    - Annual turnover GBP 1.3 million
    - Leasehold premises
    - 48 employees

    Aldersgate
    - Machine  range 25 to 440 tons
    - Annual turnover GBP 2.4 million
    - Leasehold premises
    - 57 employees

    Other services include: pad printing, screen printing, ultra
sonic welding, silk screen printing and sub-assembly processing.

       Contact Information:
       Smith & Williamson Chartered Accountants
       Telephone: 020 7612 8742
       Facsimile: 020 7323 5683
       Email: rmc@smith.williamson.co.uk


DANKA BUSINESS: Signs Multi-year Agreements with Pitney Bowes
-------------------------------------------------------------
Danka Business Systems PLC announces that it recently won two
multi-year agreements under its expanded and re-focused U.S.
Strategic Accounts program.

Danka signed a five-year contract with Pitney Bowes Management
Services to upgrade its business centers across the United States
(as well as in Canada), and the Company additionally signed a
three-year contract to provide office imaging equipment,
services, and supplies to Cendant Corporation and to be the
preferred supplier to its thousands of well-known franchisees
across the nation.

'Both of these successes are the result of our new approach to
what we call strategic accounts, particularly national and
enterprise accounts,' said Todd Mavis, chief operating officer of
Danka's U.S. Group. 'Our enterprise accounts initiative is
focused on leveraging Danka's experience and comprehensive
solutions set to address the diverse document information
challenges of larger, more complex companies such as Pitney Bowes
and Cendant.'

Pitney Bowes Contract

Danka's winning Pitney Bowes bid centered around its new Danka @
the DesktopTM solution, which bundles multi-vendor imaging
systems, advanced workflow software, customized applications
software, and all associated services and support. The estimated
value of the contract is USD13 million based on current volume
projections.

'We are excited to partner with Pitney Bowes on this important
project, which further validates the advantages of our Danka @
the Desktop initiative,' commented Todd Mavis. 'Our focus
centered on what we could do to strengthen Pitney Bowes'
leadership role in their marketplace. By drawing on our extensive
expertise in print management, we were able to deliver a
comprehensive solution with both immediate and long-term
benefits. This approach provides an optimal process for cost-
effectively expanding an organization's capabilities.'

The Danka solution provides Pitney Bowes with a powerful, cost-
effective way to transition 17 business centers to a connected,
intelligent digital environment. Danka will install a combination
of high-speed Heidelberg Digimaster 9110 imaging systems and
Canon color and black & white copiers/printers, along with
workflow software to manage all of the devices. In addition,
Danka will integrate applications software that it has developed
specifically for Pitney Bowes to enhance business center
capabilities and streamline key processes.

Danka also will provide system integration, training services,
and ongoing technical services and supplies throughout the five-
year term.

Danka @ the Desktop enables customers to improve document
workflow and printing processes, increase productivity, and lower
overall document production costs. Typical components include a
workflow analysis by Danka's professional services consulting
staff, integrated software that enhances control and
accountability, necessary imaging system additions and upgrades,
implementation services and printer network optimization, user
training, and ongoing monitoring and technical support.

Cendant Contract

The Cendant agreement designates Danka as the exclusive provider
of office imaging equipment, service, and supplies for Cendant's
corporate locations. In addition, Danka becomes the preferred
provider for thousands of Cendant's franchisees, which operate
under such leading brands as Coldwell Banker, CENTURY 21, Avis,
Days Inn, Super 8, Ramada, and Travelodge. The contract is valued
at more than USD10 million.

'Cendant is one of the foremost providers of travel, real estate,
vehicle, and financial services in the world,' noted Todd Mavis.
'This agreement enables Cendant and its franchisees to access
Danka's world-class suite of document information solutions. It
provides Cendant with choice and flexibility in acquiring the
color and black-and-white copiers, fax machines, and multi-
function devices that best meet its needs. It ensures high uptime
performance for this equipment because of our well-regarded
technical services and supplies business. And it gives Cendant
the opportunity to benefit from our professional services
consulting and integration abilities as well as our Danka @ the
Desktop solution.'

Danka delivers value to clients worldwide by using its expert
technical and professional services to implement effective
document information solutions. As one of the leading independent
providers of enterprise imaging systems and services, the company
enables choice, convenience, and continuity. Danka's vision is to
empower customers to benefit fully from the convergence of image
and document technologies in a connected environment. This
approach will strengthen the company's client relationships and
expand its strategic value.


    Contact Information:
    Paul Dumond
    Company Secretary (UK)
    Danka Business Systems PLC
    Telephone: 020 7603 1515

    Sanjay Sood
    Senior VP (USA)
    Telephone: 001 727 576 6003


DLI (PCI) LTD: Grant Thornton Posts Engineering Business for Sale
-----------------------------------------------------------------
(In Administrative Receivership)

DLI (PMC) Limited is a long established sub-contract engineering
specialist offering:

    - high quality engineering specialist with BS EN ISO9001 2000
    - high profile customer base
    - versatile range of specialist machinery
    - purpose built freehold premises (20,000 sq ft)
    - skilled flexible workforce of 32
    - turnover circa GBP2 million per annum

       Contact Information:
       Joe McLean
       Mike Saville
       Grant Thornton
       Higham House, Higham Place
       NEWCASTLE UPON TYNE, NE1 8EE
       Telephone: 0191 261 2631
       Fax: 0191 261 4994
       Email: suzanne.blakey@gtuk.com


ENVIRONMENTAL POLYMERS: Administrators Sell Plastic Manufacturer
----------------------------------------------------------------
Environmental Polymers Limited
(In Administration)
Manufacturer of Biodegradable Plastic

The Joint Administrators, Michael Horrocks and Russel Cash, offer
for sale the business and assets of this manufacturer of water
soluble, biodegradable, non-toxic plastic based in Greater
Manchester.

Principal features of the businsess include:

    - Exclusive worldwide licence for patented technology
    - Unique PVOH processing method
    - Market leading formulation and extrusion technology
    - Significant investment in research and development
    - Manufacturing facility for pellets, film and bags

       Contact Information:
       David Hurst of PricewaterhouseCoopers,
       101 Barbirolli Square
       Manchester M2 3PW
       Telephone: 0161 245 2681
       Facsimile: 0161 245 2828
       Email: david.a.hurst@uk.pwcglobal.com


NAVAN MINING: Issue Shares for Insolvent Operations in Spain
------------------------------------------------------------
Navan announces that 654,835 new Ordinary Shares of 15p each in
the capital of the company have been issued, for cash, at a price
of GBP0.15p per share.

The shares have been issued to a third party which is currently
in the process of conducting due diligence on the Group's
operations in Spain (which have been the subject of 'suspension
of payments' protection since December, 2001).

This process may or may not lead to a sale of the operations.
This third party has agreed while it conducts due diligence to
fund certain 'care and maintenance' expenses which are being
incurred by Navan in connection with its Spanish operations.

Application has been made to the UK Listing Authority and to the
Irish Stock Exchange for the new Ordinary Shares to be admitted
to the respective Official Lists of the UK Listing Authority and
the Irish Stock Exchange.

Application has also been made to the London Stock Exchange for
such shares to be admitted to trading on the London Stock
Exchange's market for listed securities.

Contact Information:

Simon Olsen
Acting Chief Financial Officer
Navan Mining
Telephone: 01256 353 312


NAVAN MINING: Company Profile
-----------------------------
Name:              Navan Mining PLC
                    Norden House
                    Basing View, Basingstoke
                    Hampshire
                    RG21 4HG United Kingdom

Telephone:         (01256) 353312
Facsimile:         (01256) 335500
Email :            uk@navanmining.co.uk
Web site:          http://www.navanminingplc.com

SIC:               Mining
Employees:         1126
Net Loss:          GBP57.5 million /USD88.4 million (Dec. 2001)
Total Assets:      GBP30.8 million /USD47.4 million (Dec. 2001)
Total Liabilities: GBP49.9 million /USD76.7 million (Dec. 2001)

Type of Business:

Based in the UK, Navan Mining conducts mineral exploration and
mining activities for copper, gold, lead, silver, and zinc mainly
in Bulgaria. The group operates on its own and in joint ventures.
Navan also produces sulphuric acid and chemical products.

Trigger Event:

The company has recorded a pre-tax loss of GBP4.47 million in
1999 and another pre-tax deficit of GBP4.0 million the following
year. In 2001, the companyıs losses plummeted to GBP57.5.

The company attributes its decrease in profits to difficult
trading conditions, depressed metal prices and delays in the
groupıs achievement of production targets.

The groupıs Spanish operations were suspended in December 2001.
The company wrote off its investments in Spain and restructured
its financial position as its chief executive resigned last year.


CEO and Director:        Laurence D. (Laurie) Marsland
Acting Finance Director: Simon Olsen
Non-Executive Chairman:  Richard A. Lockwood

Major Shareholders:      Henderson Investors Ltd 17.26%
                          RAB Capital Ltd 10.68%
                          The Capital Group Companies 7.68%
                          Deutsche Bank AG 7.68%
                          Jupiter Asset Mgmt Ltd 4.60%
                          Matopos Holdings Ltd 4.30%
                          Nutraco Nominees Ltd 4.13%
                          INVESCO Asset Mgmt Ltd 3.94%
                          Middlemarch Partners Ltd 3.93%

Total shares in issue:   226.76 million 15p Ordinary shares

Bankers:               Deutsche Bank, ABN Amro Bank NV
                        National Westminster Bank   PLC, ING Bank
Financial Advisers:    Davy Corporate Finance
Stockbrokers:          Davy Stockbrokers
                        Canaccord Capital (Europe) Ltd
Auditors:              KPMG
Law Firms:             William Fry , Clyde & Co
Financial PR Advisers: Bankside Consultants Ltd


NTL INCORPORATED: Confirmation Hearing Scheduled for September 5
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved NTL Incorporated and its debtor-affiliatesı Disclosure
Statement as containing adequate information within the meaning
of section 1125(a) the Bankruptcy Code.

The hearing to consider confirmation of the Plan, is scheduled to
happen on September 5, 2002, at 10:30 a.m., before Honorable
Judge Allan L. Gropper, in the United States Bankruptcy Court,
Alexander Hamilton Custom House, One Bowling Green, New York, New
York 10004.

Objections to the Plan, to be deemed timely-filed, must be filed
with the Court not later than August 26, 2002.  A hard copy must
be delivered to the Honorable Judge Gropper, and must be received
by:

           Counsel for the Debtors
           Skadden, Arps, Slate, Meagher & Flom LLP
           Four Times Square
           New York, New York 10036-6552
           Attention: Thomas H. Kennedy, Esq.
           Kayalyn A. Marafioti, Esq.
           Telephone: (212) 735-3000
           Facsimile: (212) 735-2000

           Counsel for the Creditors' Committee
           Fried, Frank, Harris, Shriver & Jacobson
           One New York Plaza
           New York, New York 10004-1980
           Attention: Brad Eric Scheler, Esq.
           Lawrence A. First, Esq.
           Telephone: (212) 859-8000
           Facsimile: (212) 859-4000

           United States Trustee
           The Office of the United States Trustee
           33 Whitehall Street, Suite 2100
           New York, New York 10004
           Attention: Richard C. Morrissey, Esq.
           Telephone: (212) 510-0500
           Facsimile: (212) 668-2255

NTL is the largest cable television operator and a leading
provider of business and broadcast services in the UK, and the
owner of 100% of Cablecom in Switzerland and Cablelink in
Ireland. Kayalyn A. Marafioti, Esq., Jay M. Goffman, Esq., and
Lawrence V. Gelber, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP represent the Debtors in their U.S. Bankruptcy proceedings
and Jeremy M. Walsh, Esq. at Travers Smith Braithwaite serves as
U.K. Counsel. At December 31, 2001, the Company's books and
records reflected, on a GAAP basis, $16,834,200,000 in total
assets and $23,377,600,000 in liabilities.


NTL INC: Gets to Hire The Garden City as Notice and Claims Agent
----------------------------------------------------------------
NTL Incorporated and its debtor-affiliates sought and obtained
approval from the U.S. Bankruptcy Court for the Southern District
of New York to appoint The Garden City Group, Inc. as special
noticing and claims agent of the Bankruptcy Court.

The Debtors relate that they have thousands of Holders and
potential Holders to whom notice of the securities claims bar
date in these cases must be sent. The number of Holders makes it
impracticable for the Clerk of the Bankruptcy Court to send
notices to the Holders.

Under the Agreement, The Garden City Group will:

      a) Research the names and addresses of all Holders;

      b) Prepare and serve the notices and pleadings required to
         be served upon the Holders in these Chapter 11 cases;

      c) Within five business days after the service of a
         particular notice, file with the Clerk's Office an
         affidavit of service;

      d) Maintain copies of all proofs of claim and proofs of
         interest filed in these cases;

      e) Maintain an official claims registers of Holders in
         these cases by docketing all proofs of claim and proofs
         of interest of such Holders in a claims database;

      f) Implement necessary security measures to ensure the
         completeness and integrity of the claims registers;

      g) Transmit to the Clerk's Office a copy of the claims
         registers as requested by the Clerk's Office;

      h) Maintain a current mailing list for all Holders that
         have filed proofs of claim or proofs of interest and
         make such list available upon request to the Clerk's
         Office or any party in interest;

      i) Provide access to the public for examination of copies
         of the proofs of claim or proofs of interest filed in
         these cases without charge during regular business
         hours;

      j) Record all transfers of claims pursuant to Bankruptcy
         Rule 3001(e);

      k) Comply with applicable federal, state, municipal, and
         local statutes, ordinances, rules, regulations, orders,
         and other requirements;

      l) Provide temporary employees to process claims, as
         necessary;

      m) Promptly comply with such further conditions and
         requirements as the Clerk's Office or the Court may at
         any time prescribe; and

      n) Provide such other claims processing, noticing and
         related administrative services as may be requested from
         time to time by the Debtors.

The fees and expenses of The Garden City Group incurred in this
engagement will be treated as an administrative expense of the
Debtors' Chapter 11 estates. The Garden City Groupıs Consulting &
General Project Management rates are:

           Supervisor                 $75-95 per hour
           Senior Supervisor/
              Bankruptcy Paralegal    $95 per hour
           Senior Project Manager     $125 per hour
           Senior VP Systems and
              Managing Director       $250 per hour

NTL is the largest cable television operator and a leading
provider of business and broadcast services in the UK, and the
owner of 100% of Cablecom in Switzerland and Cablelink in
Ireland. Kayalyn A. Marafioti, Esq., Jay M. Goffman, Esq., and
Lawrence V. Gelber, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP represent the Debtors in their U.S. Bankruptcy proceedings
and Jeremy M. Walsh, Esq. at Travers Smith Braithwaite serves as
U.K. Counsel. At December 31, 2001, the Company's books and
records reflected, on a GAAP basis, $16,834,200,000 in total
assets and $23,377,600,000 in liabilities.


PACE MICRO: Demonstrates Breadth of Digital TV Expertise at IBC
---------------------------------------------------------------
Pace Micro Technology (http://www.pace.co.uk),a pioneer of
technology for the digital gateway market, will demonstrate
leading-edge digital TV technology for broadcasters and
telecommunications operators across all platforms and announce
new product launches at IBC 2002.
Demonstrations will include:

World's first twin decoder gateway range
From September 2002 European retailers will receive stock of the
world's first integrated twin decoder and twin tuner satellite
home gateway range with optional hard disk technology. Pace's
'Puma' gateway is designed to enable households to watch two
separate digital programs on separate TV sets or record one live
programme whilst watching another.

New modular approach for digital home gateway (set-top box)
technology Pace's 'Siblings' concept will enable operators to
deploy digital gateway technology that can be upgraded with
voice, video and data functionality for the staggered deployment
of triple-play digital services in the home.

Low-Cost Broadcast Solutions

Pace's Digital TV Adapter (DTVA) widens the reach of digital TV
services across satellite, cable and terrestrial platforms. The
DTVA's capabilities combined with economic manufacturing costs
mean it could facilitate the switch to digital TV in countries
committed to analogue switch-off.

Low-Cost Cable Solutions

The Di300 low cost digital cable gateway can be upgraded with
either a broadband modem a hard disk drive, or Gateway Expander
technology to provide a menu of triple-play, video-on-demand,
high-speed broadband and personal video recorder (PVR) services.

Solutions for telecommunications operators including

Voice Over Internet Protocol (VoIP) gateways from Vegastream,
part of the Pace Micro Technology Group. The Pace Vega 50
Analogue VoIP Gateway is designed to connect legacy analogue
phone systems to IP networks.

Pace's latest Internet Protocol Television (IPTV) technology will
also be demonstrated including IP500 next generation IPTV digital
home gateway for broadband IP network operators and telecom
service providers. The IP500 is a series of products that enable
multichannel video, video on demand, PPV and a range of
interactive services.

The latest developments in satellite technology

Pace's latest developments in digital satellite technology will
also be demonstrated including Pace's Sky+ gateway supporting
advanced features and services. British Sky Broadcasting's
(BSkyB's) fully integrated
Personal Video Recorder exemplifies this. Sky is the first
broadcaster to work with Pace on the development of integrated
hard disk drive technology for a digital home gateway. Features
include the ability to pause live TV and record episodes of
favourite series - all without the need for video tapes.


REDSTONE TELECOM: Company Profile
---------------------------------
Name:       Redstone Telecom
             Premiere House
             Elstree Way, Borehamwood
             Hertfordshire
             WD6 1JH United Kingdom

Telephone:  (070) 2000 1000
Facsimile:  (070) 2000 1001
email :     redstone@redstone.co.uk
Website:    http://www.redstone.co.uk/

SIC:       Telecommunications Network and Service Provider
Employees:          480
Net Loss:           GBP34.9 million /USD53.7 million (2002)
Total Assets:       GBP86.3 /USD132.9 million(2002)
Total Liabilities:  GBP45.9 /USD70.7 million(2002)

Type of Business:

Redstone Telecom supplies local and long-distance
telecommunications services.

Trigger Event:

In 1999, Redstone posted GBP3.18 million in pre-tax loss and
revealed another GBP10.4 million pre-tax deficit in 2000. In
2001, the company incurred net loss of GBP101.8 million and
another loss of GBP34.9 million in 2002.

The group's trading was adversely affected by the uncertainty
regarding its current financial situation, Redstone said last
year in June. The company said that a restructuring program was
implemented last year.

Chief Executive Officer: I C Brown
Finance Director:        A J Walsh
Non-executive Chairman:  A Stafford-Deitsch

Major Shareholders:     Stephens Group Inc 14.18%
                         Schroder Inv Mgmt Ltd 10.17%
                         Evolution Group PLC 4.78%
                         Mountcashel PLC 3.61%

Total shares in Issue:  2905.05 million 0.1p ordinary shares
Bankers:                National Westminster Bank PLC
Financial Advisers:     KBC Peel Hunt PLC
Stockbrokers:           KBC Peel Hunt PLC
Auditors:               Ernst & Young LLP
Law Firms:              Osborne Clarke
Financial PR Advisers:  GCI Financial Group Limited


THUS GROUP: Announces Interim Results and Trading Update
--------------------------------------------------------
First quarter highlights

- Loss before tax reduced 39%(1) year on year to GBP13.9 million

- Cash outflow before financing GBP5.9 million compared with
GBP45.0 million for the first quarter last year

- EBITDA GBP4.5 million positive compared with negative GBP4.2
million for the first quarter last year

- Total turnover up 11% year on year to GBP71.0 million, with
sales from ongoing operations(2) up by 17%

- Gross margin before depreciation up 37% year on year to GBP25.7
million, up from 29% to 36% of sales

- Selling, distribution and administration costs excluding
depreciation reduced by 8% year on year to GBP21.2 million and
down from 36% to 30% of sales

- Cash GBP8.7 million. Net debt GBP6.2(3) million. GBP80 million
undrawn from banking facility, sufficient to see the business
through to cash flow positive

(1). 42% year on year improvement after GBP0.6 million adjustment
to the carrying value of own shares held in trust

(2). Ongoing operations excludes Interactive Branded and Media
Sales sold in October 2001, the residential telephone service
ceased in November 2001 and Scotland On-Line Limited sold in
January 2002

(3)  Includes GBP4.3 million long term finance leases

Commenting on the results Chief Executive, William Allan, said:

'We have maintained our focus on quality customers, margin
enhancement and sound cash management across our business. Our
results for this quarter demonstrate good year on year sales
growth in our target markets of data, telecommunications and
Internet business services. In addition, in keeping with recent
performance, our earnings and cash flow trends are strongly
positive compared to the same period last year and leave us on
track to meet our business plan objectives.

'As seen in previous years, we have experienced a seasonal
decline in the first quarter compared with quarter four largely
as a result of a decline in revenue from the ScottishPower
Facilities Management (SP FM) contract to its lowest level since
flotation. Nevertheless, the overall seasonal decline this year
is slightly less than the year before.

'Our focus remains on winning profitable recurring revenue. In
this regard we have maintained our reputation for class leading
quality and innovative services, winning additional business from
companies and public sector bodies across the UK including
metropolitan area networks for the Scottish education sector
together with services for BSkyB, Intelligent Finance, Stiell
Networks, Transocean Offshore, Glasgow City Council, Portman
Travel and Citylink.

'The well publicised corporate failures and financial
restructurings within our sector continue to create uncertainty
in our target markets. It is clear that some of our competitors
are reacting to these events with unsustainable pricing. The
underlying non-financial drivers in our business remain strong
but, as we have stated previously, we are not prepared to grow
our revenues at the expense of the bottom line and cash flow.

'The strength of our balance sheet allows us to maintain focus on
sustainable business delivering solid margin. We expect pricing
pressure to remain a factor throughout the year, resulting in
slightly lower than expected revenue growth. Nevertheless, while
the Board continues to target the business to achieve year on
year turnover growth of between 20% and 25%, a continuation of
the pricing
pressure into the second half would drive growth to the bottom
end of this range. We continue to target EBITDA of between 7% and
9% of sales and strong year on year growth in operating profit.'

A telephone conference for analysts and investors will be held
this morning at 9.30am. Dial in 020 8401 1043 (Replay 020 8288
4459 Passcode 897372 available until August 21, 2002).

A copy of the presentation slides will be available to download
from 7.15am at http://www.thus.net/qtr-results.htm

Further information

THUS Group plc
William Allan, Chief Executive
John Maguire, Chief Financial Officer
Telphone: 020 7763 3156


VIATEL HOLDING: Names Deloitte & Touche as Auditors
---------------------------------------------------
Viatel Holding (Bermuda) Limited (VTLAV), the builder-operator-
owner of a state-of-the-art pan-European network announces that,
effective 8 August 2002, its Board of Directors has appointed
Deloitte & Touche as the Company's independent auditors for the
fiscal year ending December 31, 2001 and 2002.

Viatel is the builder-operator-owner of a state-of-the-art pan-
European fiber-optic network and a provider of clear channel
broadband, IP transit and transport, and virtual private networks
to corporations, communications carriers, Internet service
providers and other wholesale customers, and end-user business
customers. For more information about Viatel, visit the group's
Web site at http://www.viatel.com.

Contact Information:
Investors Relations
Viatel http://www.viatel.com
Telephone: +011-44-1784-494-200


WORLDCOM, INC.: Super Computer Inc. Selects WorldComıs Services
----------------------------------------------------------------
WorldCom, the leading global business data and Internet
communications provider, today announced that Super Computer,
Inc., a revolutionary online computer gaming company, has
selected WorldCom Internet Colocation Services to power its
cutting-edge services which support millions of online video game
players.

Super Computer, Inc. (SCI) was created for the 13 million online
video game players to improve the quality of their experience
while addressing the high cost of the game server rental
industry.

To establish a leadership position in the rapidly growing market,
SCI developed a supercomputer capable of delivering game server
access with unsurpassed speeds, reliability and value.

By choosing WorldCom, SCI benefits from the cost and operating
efficiencies of colocation outsourcing, while leveraging the
performance, security and reliability of WorldComıs world-class
Internet data centers and direct, scalable, high-speed
connections to the facilities-based WorldCom global IP network.
Financial terms of the agreement were not disclosed.

"WorldCom has long been a tier one Internet provider, and
unquestionably has the most superior and expansive IP network on
the planet," said Jesper Jensen, president of Super Computer.
"The two biggest factors for success in online gaming are network
performance and equipment performance. We require access to the
best network in order for us to be successful."

SCIıs colocation solution ensures that its gaming servers will be
up and running 24/7, even at peak usage times. With its industry-
leading six-point Internet colocation performance guarantees,
WorldCom assures 100 percent network availability, 100 percent
power availability and 99.5 percent packet delivery, as well as
other key network performance metrics. In addition, Super
Computer chose WorldCom because its network could easily scale
and provide the necessary bandwidth ­ beyond speeds of 1.6 Gbps ­
as it grows.

"The Super Computer agreement highlights the fact that WorldCom
is a viable provider today and in the future," said Rebecca Carr,
WorldCom director of Global Hosting Services. "By outsourcing to
WorldCom, SCI can leverage our Internet expertise and our global
Internet footprint to deliver the world-class speed and
reliability of our network to its customers."

Currently colocated in WorldComıs state-of-the-art Atlanta data
center, the company plans to expand into additional centers
around the globe over the next nine months.

With the support of its managed Web and application hosting
affiliate Digex, WorldCom offers the full array of Web hosting
solutions from colocation to shared, dedicated and custom managed
hosting.

Each runs over WorldComıs facilities-based global network,
through WorldComıs state-of-the-art data centers across the U.S.,
Canada, Europe and Asia Pacific. Web hosting services are part of
the full continuum of advanced data communications solutions
WorldCom provides to business customers around the world.

Super Computer, Inc. (SCI) is the worldıs fastest growing game
hosting solution. With the invention of the worldıs first
supercomputer for FPS game hosting, the Jupiter Cluster, and the
Callisto mini-cluster for Broadband Providers, SCI is working
with the gaming industry to consolidate the game hosting market.

With the move to WorldComıs network, SCI now offers the worldıs
fastest gaming technology and connectivity. SCI introduced the
concept of games hosted on supercomputers to the consumers in
June 2002 with the www.supercomputergaming.com site. SCI is
privately owned. For more information, please visit
www.supercomputerinc.com.

WorldCom, Inc. is a pre-eminent global communications provider
for the digital generation, operating in more than 65 countries.
With one of the most expansive, wholly-owned IP networks in the
world, WorldCom provides innovative data and Internet services
for businesses to communicate in today's market.

In April 2002, WorldCom launched The Neighborhood built by MCI -
the industry's first truly any-distance, all-inclusive local and
long-distance offering to consumers. For more information, go to
http://www.worldcom.com.


XENOVA: Announces Highlights of Six Month Results for 2002
----------------------------------------------------------
Half Year Highlights:

-Phase III trials begin for multi-drug resistance modulator
tariquidar

-Successful results of Phase IIa trial for therapeutic vaccine
TA-HPV

-Patient dosing begins in Phase IIa study for anti-cocaine
addiction vaccine TA-CD

-First evaluation of anti-nicotine vaccine in man -- positive
Phase I results for TA-NIC

-Positive Phase I results for immunotherapeutic anti-cancer
vaccine DISC-GMCSF

-Anti-cancer compound XR11576 enters Phase I clinical trials

-USD63m (43.2m pounds) development and license agreement with
Genentech Inc for novel drugs in immune inflammatory disease

-Cash and liquid resources as at 30 June 15.1m pounds, (USD23.0m)
Commenting, Chief Executive Officer, David Oxlade said:

"Xenova has made considerable progress in the first six months of
2002, both in terms of advancing its clinical pipeline and in
expanding its revenue-generating collaborations.

"Tariquidar's entry to Phase III studies in June was an important
step forward and highlights the maturity of our growing clinical
product portfolio. The license agreement announced in April with
Genentech, to develop novel therapies for auto-immune disease,
underlines the potential of our early stage product pipeline."

Xenova Group plc's (http://www.xenova.co.uk)product pipeline
focuses principally on the therapeutic areas of cancer and immune
system disorders. Xenova currently has a broad pipeline of eight
programs in clinical development.

The Group has a well-established track record in the
identification, development and partnering of innovative products
and technologies and has partnerships with significant
pharmaceutical companies including Lilly, Pfizer, Celltech,
Genentech, QLT and Millennium Pharmaceuticals.


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       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, Maria Lourdes Reyes and Jean Claire Dy,
Editors.

Copyright 2002.  All rights reserved.  ISSN 1529-2754.

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