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            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, September 5, 2002, Vol. 3, No. 176


                              Headlines

* F R A N C E *

AIR-LIB: Predicts Better Results Due to Low-Cost Flight Service
FRANCE TELECOM: Announces 2002 Half-year Results
FUTURE NETWORK: Announces Interim Results
FUTURE NETWORKS: Chooses Future Publishing as Partner
FUTURE NETWORK: Spearheads International Games Network
NORTEL NETWORKS: Builds New Network for China Mobile
NORTEL NETWORKS: Builds Taiwan Optical Backbone
VIVENDI UNIVERSAL: Sale of EchoStar Stake Likely, Say Investors

* G E R M A N Y *

E.MULTI AG: Decides to Increase Its Nominal Capital
KIRCHMEDIA: Court Suspends Sale of Springer Share
SACHSENRING: Mulls Job Cuts to Pick Up Business

* I R E L A N D *

JEFFERSON SMURFIT: S&P Lowers Long-term Rating From BBB+ to BB+

* I T A L Y *

TELECOM ITALIA: Will Name Riccardo Ruggiero as New Co-Chief

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

LAURUS NV: Announces 2002 Half-Year Results
LETSBUYIT.COM NV: Announces 2002 Second-Quarter Results
VERSATEL: Announces Trading Suspension

* P O L A N D *

ELEKTRIM SA: Creditors Soften Stand on Debt Restructuring

* U N I T E D   K I N G D O M *

BALTIMORE TECHNOLOGIES: Signs Deal on Kyberpass' DSMS Solutions
BRITANNIC: Withdraws From Stakeholder Pensions Business, Cuts Job
LUSCIOUS LIMITED: Administrators Sell Organic Products Retailer
PRESSWORK PARTNERSHIPS: Administrators Sell Metalworks Bussiness
PSION: Shares Beat Odds, Traded "Satisfactorily" in First Half
SAIR FINANCE INCORPORATED: Voluntary Chapter 11 Case Summary
TELEWEST: Plans to Axe 1000 Jobs to Proceed With Restructuring
WESCOL GROUP: Notice of Temporary Suspension From FSA List
WESCOL GROUP: Issues Notice to Re-assess Financial Standing
WESCOL GROUP: Announces Temporary Trading Suspension on LSE
WESCOL GROUP: Invites Bankers to Appoint Receivers


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


AIR-LIB: Predicts Better Results Due to Low-Cost Flight Service
---------------------------------------------------------------
French airline Air Lib foresees operational break-even as soon as
December due to its low-cost flight service, Air Lib Express, Le
Monde reports. The service was able to raise the average seat-
occupancy rate of the airline's six ex-Paris Orly destination in
the south of France to 80 percent in five months.

The airline also registered 330,000-passenger transport on these
routes between July 1 and August 5. The positive tilt of the
market towards the carrier is seen as result of increased
competition on France's domestic travel market.

Comments have that the low-cost venture must succeed for the
Company to save itself from its financial troubles as the French
government refused to bail the airline out.

In a previous TCR-EU issue, AFX reported that basing on the
company's recent financial audit revealed that Air Lib would be
able to survive through this summer, but will have to face a big
treasury problem in December.


FRANCE TELECOM: Announces 2002 Half-year Results
------------------------------------------------
- Revenues up 33 % to 918 million euros

- Positive consolidated EBITDA of 28 million euros

- Positive EBITDA for Internet activities in France: 5 million
euros

- EBITDA from directories: up 18% at constant size

- Consolidated operating income nears breakeven as loss narrows
to 4 million euros

- Net loss after minority interests: 39 million euros

- Negative unleveraged free cash flow at 14 million euros


For the first time since its IPO Wanadoo recorded positive
EBITDA, which reached EUR28 million for the first six months of
2002, compared with a loss of EUR54 million for the first half of
2001. The group's operating income nears breakeven as the
operating loss narrowed to EUR4 million for the first half of
2002, compared with a loss of EUR92 million for the first half of
2001. Wanadoo's consolidated net loss after minority interests
was EUR39 million for the first six months of 2002, 60 % less
than the loss for first-half 2001.


Commenting on these results, Nicolas Dufourcq, Chairman and CEO
of Wanadoo, said:

"Wanadoo's results for the first half of 2002 reflect the
company's strong performance. With revenues increasing 33 % and
positive EBITDA of EUR28 million one year ahead of initial
forecasts, Wanadoo has demonstrated its ability to achieve
profitable growth in Internet Access and Online Services. Thanks
to its leadership in three key European markets (France, the
United Kingdom and Spain), Wanadoo is committed to making
everyday life easier for 8 million clients with ever richer and
more accessible services".

1. Consolidated results for six months ending June 30, 2002

Wanadoo had consolidated revenues of EUR918 million for the first
six months of 2002, up 33 % over first-half 2001. This growth was
mainly due to an 89-% surge in revenues from Internet Access,
along with a 45-% rise in revenues from Internet directories for
the period.

This revenue performance flowed through to improved profitability
thanks to efficient management of costs across all group
businesses. In particular, the EBITDA margin for directories
improved and business volumes were significantly higher for
Internet Access activities. This created a larger base for
amortization of the substantial fixed costs linked to the ISP
business.

Wanadoo's gross margins improved from 43.5 % to 50.9 % between
first-half 2001 and first-half 2002. Marketing and administrative
expenditures advanced at a slower rate than revenues during the
first half of 2002 in comparison with first-half 2001, rising 24
% while revenues were up 33 %.

Non-operating income amounted to EUR32 million following the sale
of real estate owned by Pages Jaunes and the sale of Wanadoo's
interests in directories businesses in Brazil (Telelistas) and
business services (Wanadoo Services Pro). Tax expense was limited
to EUR41 million due to the impact of tax consolidation in
France.

Wanadoo's unleveraged free cash flow, excluding these non-
recurrent non-operating items, improved from a negative EUR96
million for first-half 2001 to a negative EUR14 million for the
six months ending June 30, 2002.

2. Breakdown of results by segment

- Internet Access, Portals and e-Merchant segment: positive
EBITDA reaches 5 million euros in France

The EBITDA loss from the segment comprising Internet Access,
Portals and e-Merchant businesses was nearly halved in comparison
with first-half 2001, standing at EUR87 million for the first
half of 2002. This segment benefited in particular from increased
volumes for the ISP business, especially in France, where
Internet businesses enjoyed a significant improvement in
profitability. EBITDA for these activities in France rose from a
loss of EUR79 million for the first six months of 2001 to
positive EBITDA of EUR5 million for first-half 2002.

The rate at which total costs increased was limited to nearly
half the rate of revenue growth. The cost of services and
products sold and marketing expenses for the Internet Access,
Portals and e-Merchant segment rose 37 % and 29 %, respectively,
for the first half of 2002 versus first-half 2001. Sales advanced
69 % for the same period.

Internet Access

In the Internet Access segment, Wanadoo took advantage of lower
network rates for low-speed and broadband services. In addition,
the strong increase in the number of subscribers enabled greater
amortization of other production costs, including fixed costs
(platform, billing, etc.). The group also limited sales and
marketing expenditures, thus keeping customer acquisition costs
stable while average revenue per user (ARPU) increased.

Portals

In a difficult market characterized by falling revenues from
online advertising during the first six months of 2002, the
Portals business nevertheless reduced its EBITDA loss, despite a
temporary drop in EBITDA generated by FIT Production (EBITDA from
audiovisual production is structurally higher). The increase in
revenues from pay services contributed to this improvement.


e-Merchant

The e-Merchant segment benefited from an increase in orders
booked, enabling more efficient use of logistics. This was
accompanied by an increase in the average purchase amount.

- Directories segment : EBITDA up 18 %

The EBITDA margin for the Directories segment continued to rise,
reaching 32.9 % for the first half of 2002, up from 26.3 % for
the first half of 2001. Excluding  businesses that were divested
during the first-half of 2002 (business services and Telelistas
directories in Brazil), the EBITDA margin for directories
improved from 30.8 % for the first half of 2001 to 32.9 % for the
first half of 2002, gaining 2 points.

This increase came mainly from the Pages Jaunes directories
business, which generated EBITDA of 141 million euros for the
first half of 2002, giving it an EBITDA margin of 38.6 %.

The Directories segment improved its profitability, due in
particular to lower paper, printing  and distribution costs and
the sales rationalization of organization. Electronic directories
and Internet directories in particular continued to experience
robust growth during the first half of 2002, contributing to the
better profitability of this segment.

3. Recent developments and outlook

On July 18 Wanadoo acquired Spanish ISP Eresmas, which had 1
million active subscribers at June 30, 2002 and expects 2002
revenues of about 130 million euros.

Wanadoo expects to consolidate Eresmas in its accounts in the
fourth quarter of 2002. This will not have a significant impact
on the group's 2002 financial statements.

The acquisition of Eresmas makes Wanadoo the number two Internet
Service Provider in Europe, with leadership positions in three
key European markets - France, the United Kingdom and Spain.

Wanadoo confirms its financial targets:

- Positive consolidated EBITDA in 2002,
- EBITDA breakeven for the Internet Access, Portals and e-
Merchant segment in 2003,
- Positive Unleveraged free cash flow in 2003.

Wanadoo expects to exceed one million broadband customers at the
end of 2002 and reach 15 million total customers (low-speed and
broadband) in Europe in 2005.

Wanadoo, a subsidiary of France Telecom, is one of Europe's
leading Internet and directories companies with 7,8 million
active subscribers, 20 million unique visitors per month and
650,000 advertisers.  Wanadoo is a leading Internet media
services provider in France, the U.K. and Spain, and is also
present in the Netherlands and Belgium.  Wanadoo is expanding its
Internet operations through, amongst others, high speed Internet
access with more than 850,000 cable and ADSL subscribers and
through online directories with 225,000 online advertisers
amongst SMEs.  Wanadoo recorded EUR1.6 billion in revenues in
2001 and EUR918 million in the first half of 2002 and has
approximately 7,000 employees in 6 countries.  Wanadoo is listed
on Euronext Paris stock market.

To view charts refer to this link:
http://bankrupt.com/misc/france.pdf

Contact Information:

Vincent Gouley
Investor Relations
Tel : 33 1 58 88 75 68
E-mail: vincent.gouley@wanadoo.co


FUTURE NETWORK: Announces Interim Results
-----------------------------------------
The Future Network plc (http://www.thefuturenetwork.plc.uk),the
international games and specialist consumer magazine group,
announces its interim results for the half-year ended 30 June
2002.

Financial highlights

Turnover from continuing activities up 14% to GBP74.0m (2001:
GBP64.8m)
EBITA from continuing activities GBP4.7m (2001: GBP2.2m)
Net interest receivable & similar items GBP0.4m (2001: GBP3.6m
payable)
Amortisation charge GBP4.5m (2001: GBP83.0m including impairment
write-downs)
Pre-tax profit GBP0.9m (2001: pre-tax loss GBP106.8m)
Group free of bank debt at 30 June 2002, with GBP5.0m of net cash

Operational highlights

First-half demonstrates important progress
All four businesses performing better in H1 2002 than in H1 2001
Circulation revenue up 24%, advertising revenue down 4%
Nine magazines launched in first half, performing satisfactorily
22% increase in circulation of computer games magazines in UK
Games magazine market share increases in UK and US
Business remains heavily reliant on second-half, particularly 4th
quarter

Definition:

EBITA - operating profit before refinancing costs and
amortization and impairment of intangible assets.

Commenting on the results, Greg Ingham, Future's Chief Executive
said:

'The first half-year has been a period of important progress.
The business is debt-free, profitable and stable, having
benefited from the restructuring actions we took in 2001.  All
four of our businesses have performed better in the first half of
2002 than they did in the first half of 2001.  Future has
reported a modest profit and that it is free of bank debt, ahead
of our traditionally much stronger second half.

Trading conditions in computer games magazines have continued to
improve, with strong performances from our PlayStation 2
magazines.  During the half-year, we launched a further three
Official Xbox magazines, following the US launch in November
2001.

Across the Group, we have launched nine monthly magazines in the
first half of 2002, with a further four due by year end. This
compares with just two in the whole of 2001. Our launches are
performing satisfactorily.

Circulation revenue growth in computing and entertainment has
substantially offset advertising declines in these areas.

Circulation revenue now accounts for 70% of Group turnover and is
expected to continue to grow in the second half of this year,
following year-on-year growth in H1 of 24%.  We expect
advertising income in 2002 to be flat year-on-year.

Trading in July has been encouraging.  However, because of the
importance of Q4 it is still too early to estimate the full-year
outcome with certainty. Nonetheless, despite generally difficult
economic circumstances, we are cautiously confident that we will
perform at least in line with market expectations for 2002.'

A copy of the group's balance sheet and income statement may be
viewed at: http://bankrupt.com/misc/future.pdf


Contact Information:

Greg Ingham
Chief Executive
The Future Network plc
Telephone: 01225 44 22 44


FUTURE NETWORKS: Chooses Future Publishing as Partner
-------------------------------------------------------
MSN.co.uk announced an exclusive partnership with Future
Publishing, which is set to become the exclusive games content
supplier to the U.K.'s number one web destination*.

From August 29 2002, Future's leading games website
gamesradar.com will become a part of MSN, offering the very best
computer and video games news, reviews, previews and features.
MSN's existing Game Zone will also be included as part of the
channel.

Under the new partnership, Future is to offer the gaming
expertise and the majority of the content - drawing not only from
its market-leading magazines, but also from its existing
websites, such as PC Gamer.co.uk.

The agreement gives MSN's users quality, compelling games content
from the U.K.'s leading games magazine publisher. It gives Future
Publishing a much greater potential audience for its online
offering. The site will also be supported by Future through its
magazine network with the URL being promoted throughout its best-
selling titles including Official PlayStation Magazine, Official
PlayStation 2 Magazine, NGC, Edge and PC Gamer. Further awareness
of the one-stop games site is being raised through special
marketing promotions including a live event in October.

Commenting on the partnership, Amanda Anthony, MSN Business
Marketing Manager said: "This is a great deal for us, Future will
be providing unrivalled content to the U.K.'s number one web
destination. Gamesradar.com will achieve real cut through on the
web and we expect the results to be really positive. The
exclusive package is ongoing evidence of our commitment to
provide the best, tailored and well-targeted content to our
users, whatever their interests."

James Binns, publisher of Games Radar at Future Publishing,
commented: "Future's print portfolio gives gamesradar.com great
content plus an unrivalled platform to promote to games players.
This pivotal deal delivers the scale and distribution we need to
grow our position and access to MSN's expertise. The next few
years are a boom time for the games market and we're in the best
possible position to make the most of it."


Contact Information:

Tara Brown
Telephone: 020 7465 7791
E-mail: Tara.Brown@redconsultancy.com


FUTURE NETWORK: Spearheads International Games Network
-------------------------------------------------------
The Future Network, worldwide leader of the video games magazine
market, today announces the launch of Future Games, an
international network of the leading games magazine publishers.

Future Games is an international alliance of 15 publishing
companies comprising Future subsidiaries and key licensing
partners. In total, this network of publishers produces over 60
games magazines across 14 countries and boasts a total monthly
circulation of 2.4 million magazines covering all the major video
games formats.

Future Games will provide heavyweight, international solutions to
the video games industry across the world. Games publishers and
console manufacturers now have the one-stop chance to construct
wide-reaching international advertising campaigns targeting video
gamers across the US and Europe. In addition, magazine publishers
within the Future Games network will benefit from global
exclusives of previews, reviews and games demos, purchasing
deals, international advertising campaigns and a common sense of
identity via the global branding of the Future Games logo.

Simon Wear, International Licensing Director for The Future
Network, commenting on the launch of Future Games, says: "Future
Games is one of the most exciting developments in video games
magazine publishing to date. Thanks to our excellent
international network of magazine publishing partners developed
over the last eight years, we are now able to deliver highly
effective one-stop marketing solutions to major businesses in the
international video games industry.

"While publishers benefit from cost saving, multinational ad
campaigns, exclusive editorial content and demos, advertisers are
able to target mass audiences both across Europe and the US. And
games magazine readers are attracted to Future Games magazines
via the 'quality stamp' of the Future Games logo."

Future Games is building awareness of its global brand via an
international consumer and trade advertising campaign, as well as
through a heavy presence of the network at video games shows E3,
ECTS and the Tokyo Games Show.

The Future Network Plc was founded in the UK in 1985. Today it
publishes over 80 specialist consumer magazines worldwide. It is
the leading publisher of video games and home-computing magazines
in the UK and Italy. The company also licenses 37 of its titles,
resulting in over 60 local editions in a further 22 countries.
Future employs around 1,000 people in offices in the UK and US,
Italy and France. The Company is listed on the London Stock
Exchange (symbol FNET).

Contact Information:

Leah Warwick
Communications
Telephone: 01225 822 517


NORTEL NETWORKS: Builds New Network for China Mobile
----------------------------------------------------
China Mobile, the largest wireless carrier in the People's
Republic of China, has selected an Optical Ethernet solution from
Nortel Networks as the platform for new data communications
networks in metropolitan Shanghai and Zhejiang province.

Nortel Networks (http://www.nortelnetworks.com) solution will
also enable the two China Mobile branches to implement storage
area networking, business continuity and disaster recovery
services to support wireless subscribers.

Leveraging the Optical Ethernet capabilities of Nortel Networks
metropolitan optical portfolio, the Shanghai network will support
real-time, mission-critical data applications, including Shanghai
Mobile's evolving Business Operation Support System (BOSS),
billing and network management.

To meet Zhejiang Mobile's BOSS requirements and provide new data
services, the agreement provides that Nortel Networks will expand
the wireless carrier's existing data network by building four
Resilient Packet Rings (RPRs) across an OPTera Metro synchronous
digital hierarchy (SDH) platform connecting Hangzhou, the
Zhejiang capital, with 11 cities province-wide. Zhejiang Mobile
will also deploy Nortel Networks Passport 8600 routing switches
for customer aggregation, and to extend Ethernet from the RPR
infrastructure to customer premises.

"China Mobile's strategic deployment of Optical Ethernet-based
data communications network infrastructures in the city of
Shanghai and across Zhejiang province will position these
branches to reduce operational costs and enhance profitability,"
said Robert Mao, president and chief executive officer, Nortel
Networks China.

"These two China Mobile contracts emphasize Nortel Networks
global leadership position in building high-performance Optical
Ethernet networks, as well as demonstrate how we can leverage our
broad portfolio across optical, IP (Internet Protocol) and
wireless technologies to help our customers deliver the highest
quality services to their customers," Mao said.

At the core of Nortel Networks solution for China Mobile are
Nortel Networks OPTera Metro 5200 and OPTera Metro 3500
multiservice platforms.

OPTera Metro 5200 delivers carrier-grade reliability and
scalability based on bit-rate and protocol-independent photonic
dense wavelength division multiplexing (DWDM) technology. This
flexibility facilitates rapid, easy service provisioning by
supporting SONET/SDH interfaces, as well as Gigabit Ethernet,
ESCON, FICON, Fiber Channel, Sync Fiber Optics Systems (FOTS/PDH)
and other technologies from the same card.

Nortel Networks was the market leader in providing metro DWDM
optical storage connectivity solutions with more than 80 percent
market share for 2001, according to a recent IDC report. As well
as carrying very large amounts of data in real-time between a
carrier's data consolidation center and its backup site, the
OPTera Metro 5200 provides business continuity enabling virtually
instant data recovery in the event of a natural or man-made
disaster.

Nortel Networks OPTera Metro 3500 is a forecast-tolerant, DWDM-
capable metro solution, offering the highest bandwidth management
flexibility in the industry and setting a new benchmark in the
cost-efficient delivery of voice, video and data traffic in the
metropolitan area.

Nortel Networks already provides GSM digital (radio access and
core switching) infrastructure equipment for China Mobile's
wireless network covering eight provinces, including Hebei,
Shaanxi, Tianjin, Xinjiang, Guizhou, Anhui, Liaoning, and Hunan.

Deployed in more than 1,000 customer networks in 65 countries,
Nortel Networks end-to-end optical network portfolio includes
next generation SONET/SDH, optical switching products, photonics
(WDM), and Optical Ethernet products. In addition, Nortel
Networks has deployed more than 250,000 network elements
globally. Nortel Networks was the worldwide leader in optical
networking for 2001 and the first quarter of 2002 with #1 market
shares in total optical transport equipment and metropolitan
DWDM, according to the Dell'Oro Group. In 2001, according to RHK,
Nortel Networks also ranked #1 in China's optical long haul
market.

China Mobile (http://www.chinamobile.com)was established in
April 2000 by the Ministry of Information Industry (MII) and
currently operates exclusively self-funded subsidiaries in 18
provinces of China. Mainly supplying mobile telephony, data, IP
(Internet Protocol) telephony and multimedia services, China
Mobile also provides Internet, fax, data, handset banking, Global
Access WAP and a host of other value-added services in addition
to basic voice.

Nortel Networks is an industry leader and innovator focused on
transforming how the world communicates and exchanges
information. The company is supplying its service provider and
enterprise customers with communications technology and
infrastructure to enable value-added IP data, voice and
multimedia services spanning Metro and Enterprise Networks,
Wireless Networks and Optical Networks. As a global company,
Nortel Networks does business in more than 150 countries.

Contact Information:

Michelle Wu
Nortel Networks
Telephone: 86-10-6510-7132
E-mail: wumich@nortelnetworks.com


NORTEL NETWORKS: Builds Taiwan Optical Backbone
-----------------------------------------------
In a move to make high-speed broadband access and bandwidth
available to subscribers in Taiwan, Chunghwa Telecom has selected
an optical long-haul solution - featuring OPTera Long Haul 1600
dense wavelength division multiplexing (DWDM) and OPTera Connect
DX optical switching technology - from Nortel Networks.

Under an agreement estimated at approximately $USD20 million,
Nortel Networks (http://ww.nortelnetworks.com)will build what is
expected to be Taiwan's first, island-wide, 10 gigabits per
second (Gbps) optical DWDM backbone. Chunghwa Telecom plans to
provide initial service in the second half of 2003.

This is the second time in recent months that Chunghwa Telecom,
Taiwan's largest carrier, has selected Nortel Networks to supply
optical network solutions. In July 2002, Chunghwa Telecom awarded
Nortel Networks a supply agreement for optical long haul and
metro optical equipment to connect the Kinmen, Penghu, and Matsu
Islands in the Taiwan Strait to the Taiwan mainland.

"These two wins strengthen Nortel Networks position as an optical
networking leader in Taiwan," said Masood Tariq, president,
Nortel Networks Asia Pacific. "This new, high-speed, high-
bandwidth backbone is expected to meet Taiwan's present and
evolving fixed-line broadband access and network capacity
demands, as well as to provide a reliable and scalable platform
for deployment of 3G (third generation) wireless multimedia
services in the years to come."

Combining OPTera Connect DX with Nortel Networks OPTera Long Haul
1600 in the backbone allows service providers to best address
capacity and flexibility requirements of the network while
minimizing capital and operational expenditures through a smaller
footprint and lower power consumption. Additionally, service
providers can optimize DWDM interconnects providing a seamless
regional to metro network transition.

With more than 12,000 network elements installed worldwide,
OPTera Long Haul 1600 positions service providers to optimize
their networks through data native interfaces and flexible OADM
capabilities. Additionally, OPTera Long Haul 1600 offers
multiservice capabilities, scalability and full interworking
functionality with other elements of the network. This helps
position service providers to realize significant reductions in
lifecycle costs, while providing an easy-to-manage, 'future
proof' platform designed to address current and future needs.

OPTera Connect DX enables service providers and carriers to
increase network capacity, provide flexible services, improve
connection and network management capabilities, and enhance
network reliability. OPTera Connect DX is the only regional
cross-connect that integrates the metro network with the long
haul network, and is the most widely deployed 10 Gbps optical
switch in the world, with over 6,000 deployments and 100
customers.

Deployed in more than 1,000 customer networks in 65 countries,
Nortel Networks end-to-end optical network portfolio includes
next generation SONET/SDH, optical switching products, photonics
(WDM), and Optical Ethernet products. In addition, Nortel
Networks has deployed more than 250,000 network elements
globally. Nortel Networks was the worldwide leader in optical
networking for 2001 and the first and second quarters of 2002
with #1 market shares in total optical transport equipment and
metropolitan DWDM, according to the Dell'Oro Group.

Nortel Networks is an industry leader and innovator focused on
transforming how the world communicates and exchanges
information. The company is supplying its service provider and
enterprise customers with communications technology and
infrastructure to enable value-added IP data, voice and
multimedia services spanning Metro and Enterprise Networks,
Wireless Networks and Optical Networks. As a global company,
Nortel Networks does business in more than 150 countries.

Contact Information:

Monica Kuo
Nortel Networks
Telephone: 886-2-2366-7816
E-mail: monicak@nortelnetworks.com


VIVENDI UNIVERSAL: Sale of EchoStar Stake Likely, Say Investors
---------------------------------------------------------------
Investors foresee Paris-based Vivendi Universal SA selling its
stake in EchoStar Communications Corp., Bloomberg reports. The
company is currently raising EUR10 billion (US$9.9 billion) from
asset sales to secure funds to cut debt.

Aware of the drive, Bruno Vacossin, who helps manage about EUR
150 million at San Paolo Asset Management in Paris, including
Vivendi shares, admits the sale plan would not come as a
surprise. The 10 percent share in EchoStar, which Vivendi bought
for US$1.5 billion in cash in January to distribute its films and
TV programs, is tagged at US$820 million at the current market
price.

Newly installed chief executive office Jean-Rene Fourtou is
currently diverting from the former executive's strategy of
expanding into media into obtaining financing and cutting debt.
Fourtou plans to raise EUR2 billion by the end of the month and
sell assets to reduce the company's EUR19 billion debt.

Vivendi has so far succeeded in selling its stake in Internet
service Vizzavi to Vodafone Group Plc and a French magazine
business for more than EUR443 million.

Alain Delrieu, a Vivendi spokesman refused to make comment on the
possible sale of EchoStar.

Fortou also plans to sell about EUR5 billion of assets within
nine months, including Houghton Mifflin, which it acquired for
US$2.2 billion last year.

The sell-off of EchoStar is possible from the view that the
strategy of the company is still open. Vivendi's board will meet
on September 25 to draw a new plan for the Company.

Vivendi however, is not allowed to sell the EchoStar stake until
the U.S. company's plan of acquiring rival Hughes Electronics
Corp. is given regulatory ruling, says the report citing the
Company's filing with the Securities and Exchange Commission.

There are also restrictions on the number of shares that Vivendi
can sell, although EchoStar CEO Charles Ergen also showed
openness to a negotiation and to waive some restrictions. Other
restrictions include declines on the stock market value of the
U.S. company as a result of the Vivendi's link.

Vivendi's other assets that may possibly be sold include
television assets in Europe, phone operators in Hungary, Poland
or Kenya, and a 1 percent stake in DuPont Co., the No. 2 U.S.
chemicals maker.

Vivendi's business includes Hollywood studio, Europe's largest
pay-TV company, educational software and games along with stakes
in France's No.2 phone company and the world's largest water
company.

Vivendi Universal evolved from a water utility into the world's
No. 3 media company behind AOL Time Warner and Walt Disney. The
Company however, has seen its business plan die under a mountain
of acquisition-related debt. In 2000 Vivendi bought Canada's
Seagram, owner of Universal Music Group and Universal Studios and
the 51 percent of European pay-TV provider CANAL+ Group, which
reaches about 16 million subscribers that it didn't already own.
The firm also owns publisher Vivendi Universal Publishing, 44% of
telecom provider Cegetel, and about 40 percent of Vivendi
Environnement, the world's no. 1 water distributor. In 2002 the
company bought the entertainment assets of USA Networks, which it
combined with Universal Studios into the 93 percent-owned Vivendi
UNIVERSAL Entertainment.

CONTACT:  VIVENDI UNIVERSAL
          42 Avenue de Friedland
          75380 Paris Cedex 08, France
          Phone: +33-(0)1-71-71-10-00
          Fax: +33-(0)1-71-71-11-79
          Home Page:  http://www.vivendiuniversal.com

          ECHOSTAR COMMUNICATIONS CORPORATION
          5701 S. Santa Fe Dr.
          Littleton, CO 80120 USA
          Phone: +1 303-723-1000
          Fax: +1 303-723-1399
          Home Page: http://www.dishnetwork.com


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


E.MULTI AG: Decides to Increase Its Nominal Capital
---------------------------------------------------
The e.multi Digitale Dienste AG of Ettlingen, Germany, traded at
the Frankfurt exchange, decided at its annual shareholders
meeting in Munich, with over 90% approval rate of the attending
shareholders, to increase its nominal capital through a share-
exchange with EUROTIP Sportwetten Ltd., thereby acquiring 100%
control of EUROTIP.

At the share holders meeting, which lasted over 7 hour and was
marked by keen and controversial discussions, the attendees
brought closure to the e.multi Digitale Dienste AG's past,
adopted the reorganization proposal and the new business plan and
dealt with other agenda items. All decisions were made with an
approval rate exceeding 90%.

The main agenda items, beyond the increase of capital decision,
included the discharge of the outgoing management board as well
as the board of directors and the presentation of the annual
financial report.

Contact Information:

Peter Raber
Investor Relations
e.multi Digitale Dienste AG
Telephone.: +49(0)89/42036106
Fax.: +49(0) 1805/247402


KIRCHMEDIA: Court Suspends Sale of Springer Share
-------------------------------------------------
Munich's civil court has ordered Leo Kirch not to sell his 40
percent share in Germany's largest publisher Axel Springer,
Financial Times reports.  The court ruled Mr. Kirch could not
sell his stake without Springer's consent, says Springer.

Leo Kirch was also barred from skirting the order by moving
voting rights from the shares to a trust. Springer's Vinkulierung
is a legal provision that gives the group's management board a
veto on significant share transfers. Kirch was reportedly
planning to get around this provision by selling his stake to
Springer's rival, WAZ Gruppe.

The sale of the Springer stake to WAZ was perceived as spite to
both Springer and Deutsche Bank, says the report. Mr. Kirch holds
Springer's chief executive Mr. Dopfner responsible for the
downfall of his media empire.  He also bears grudge against
Deutsche Bank as its then chairman Rolf Breuer had publicly
questioned Kirch Gruppe's creditworthiness just before the
company filed for bankruptcy. The bank still owes Kirch EUR720
million, which is secured against the Springer shares.

Mr. Kirch's advisor on the other hand, accused Springer of
delaying in order to urge Swiss publisher Ringier to purchase the
stake. The Swiss group was reported ready to top WAZ's offer of
between EUR800 million (US$805 million) to EUR900 million.

The report also said Mr Kirch and Mathias D"pfner had held
separate talks with Ringier.

Meanwhile, an appeal had been lodged to lift the court's
restriction of the sale.

CONTACT:  AXEL-SPRINGER
          Axel-Springer-Platz 1
          20350 Hamburg
          Phone: (040) 347 23523
          Fax: (040) 347 24289
          E-Mail: finanzinfo@asv.de
          Home Page: http://www.asv.de/
          Contact: Dr. Fred Wilsdorf, Finance Director

          KIRCHMEDIA GMBH & CO. KGAA
          Robert-B�rkle-Str. 2
          85737 Ismaning
          Phone: 089 / 9956-2324
          Fax: 089 / 9956-2330


SACHSENRING: Mulls Job Cuts to Pick Up Business
------------------------------------------------
German automotive technology company Sachsenring plans to slash
jobs as part of recovery plans, the Financial Times reports.

The company's business in Hemer, which employs around 130
persons, is mulling on the either implementing redundancies or
transferring its employees to a training or 'lifeboat' company.
The plan contemplates continuing production at the site and
selling the business later.

Sachsenring, a company comprising the holding Sachsenring
Automobiltechnik AG and Sachsenring Fahrzeugtechnik filed for
insolvency proceedings on September 1.

There are also 30 to 50 jobs that are in danger of being affected
in the company's main site in Zwickau.  The works council in the
site hopes that redundancies can be avoided.

The group is currently seeking an investor to save the business.
Those who singed interest on the company so far includes German
industrial group ThyssenKrupp and Canadadian automotive
technology group Magna.

The company's unit Sachsenring Automobiltechnik AG, which filed
for insolvency protection on May 30, recently posted a first-half
net loss before interest and taxes of EUR9.1 million (US$9.06
million).

CONTACT:  SACHSENRING
          09353 Oberlungwitz
          Phone: (0 37 23) 6 53 30
          Fax: (0 37 23) 65 33 55
          Email: info@sachsenring.de
          Home Page: http://www.sachsenring.de/


=============
I R E L A N D
=============


JEFFERSON SMURFIT: S&P Lowers Long-term Rating From BBB+ to BB+
-----------------------------------------------------------------
Standard & Poor's cut the long-term credit rating of Jefferson
Smurfit Group PLC from BBB+ to BB+ following the announcement
that the EUR2.15 per share cash offer from Madison Dearborn
Partners Inc. has been declared unconditional.

The agency maintained the rating on CreditWatch with negative
implications and warned the company of a possible downgrade.

S&P credit analyst Andreas Kindahl stressed that the downgrade is
an "interim action."  A possible downgrade may be undertaken
based on the "company's prospective financial profile and future
business strategy".

The company, which was acquired by US investment company Madison
Dearborn Partners is the world's top maker of containerboard and
corrugated containers and is also a leading wastepaper recycler.
Its 600 or so European and American facilities produce
containerboard and convert it into corrugated cases, folding
cartons, paper sacks, tubes, and composite cans.

At present, North American investors own 40 percent of Jefferson
Smurfit; Chairman Michael Smurfit and other family members own
12%.

CONTACT:  JEFFERSON SMURFIT GROUP PLC
          Beech Hill, Clonskeagh
          Dublin 4, Ireland
          Phone: +353-(0)1-202-7000
          Fax: +353-(0)1-269-4481
          Home Page: http://www.smurfit-group.com


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


TELECOM ITALIA: Will Name Riccardo Ruggiero as New Co-Chief
-----------------------------------------------------------
Telecom Italia will be appointing Riccardo Ruggiero as its new
co-chief executive and member of the board, the Financial Times
reports.

Mr. Ruggiero is Telecom Italia's head of the fixed-line division.
He will be replacing Mr. Enrico Bondi who stepped down as co-
chief executive last week, the paper says.

Moreover, Mr. Ruggiero's operational duties within the group
would not be increased in the light of his appointment, the daily
reports.

Telecom Italia's chairman Marco Tronchetti Provera, will still be
the main strategist for the group's operations along with Carlo
Buora, the other co-chief executive.

Mr Buora, a long-time Pirelli executive, will oversee day-to-day
financial, international, and information technology operations.

Forty-two year old Mr Ruggiero joined Telecom Italia shortly
before Pirelli's takeover and was chosen by Mr Tronchetti Provera
to oversee the fixed line division in 2001, the daily reports.

Mr. Ruggiero is held responsible for the successful streamlining
and reviving of Telecom Italia's marketing. He is also credited
for the successful re-launch of the company's high-speed internet
services this spring, the Financial Times adds.


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


LAURUS NV: Announces 2002 Half-Year Results
--------------------------------------------
On July 26, 2002 Laurus NV completed the financial restructuring
comprising of an increase of shareholder's equity with EUR400
million (gross) and rescheduling of credit facilities totaling
EUR950 million and EUR250 million (aimed for restructuring of
Belgium and Spain).

The financial restructuring is aimed at improving the company's
financial performance and safeguarding its continuity.

During the first six months of 2002 the operational processes in
the Netherlands have been stabilized. This is shown by, amongst
others, the high service level of the logistical activities of
99,3 %. All efforts are aimed to further improve the efficiency
of Laurus' operations.

The first six months of 2002 the operating result in the
Netherlands in particular, was much better compared to the
operating result in the second half year of 2001. Especially the
Super De Boer and Edah activities contributed to this.
Notwithstanding these improvements the first half-year of 2002
resulted in a loss, which was also caused by non-recurring items.
The loss is mainly due to the results of the Konmar banner, still
to high overhead costs in the Netherlands and the ongoing losses
in Spain and Belgium.

Highlights of the half-year results
� Sales EUR2,865 million;
� Operating result (EBIT): minus EUR29 million;
� Net result: minus EUR44 million;
� Consolidated shareholders' equity positive following share
issue of EUR400 million;
� Credit facilities restructured following share issue;
� Edah and Super De Boer satisfactory;
� Lower sales and negative results in Spain and Belgium.

Sales

Sales in the first six months of 2002 amounted to EUR2,865
million. This was 11 % lower than in the same period last year.
The decline can mainly be attributed to the disposal of Spar, the
closure of Basismarkt and lower sales in Spain and Belgium. The
core activities in the Netherlands show a slight increase despite
the decrease in the number of stores (see Table 1). On a like for
like basis sales of Super De Boer increased with 9.5% ; for Edah
this increase amounted to 3.6 %. Due to the many changes no like
for like figures are available for Konmar.

Margins

The emerging of discount banners forced the Laurus banners in the
Netherlands to defend market shares at the expense of margins. As
a result Laurus core only lost 0.6 % point of its market share
despite the fact that the number of outlets decreased with 5.8 %.
In Belgium the margin decreased as the result of severe
competition.

Operating result

The operating result in the first six months was minus E 29
million. This was EUR9 million less than in the first half of
2001, but much better than the operating result (minus E 116
million) for the second half year of 2001.

In the Netherlands the operating result was adversely impacted by
high personnel costs and leakage at the Konmar banner, higher
overhead costs due to the increase of the provision for the
abandonment of the format integration project (EUR9 million) and
extra expenses for advisors (EUR4 million). In Belgium the
decline was caused by lower sales, pressure on margins from
severe competition and not being able to pass on the higher
personnel cost to the consumer through increased prices. The
improvement of the operating result in Spain was mainly caused
bij lower depreciation resulting from an exceptional diminution
in in value of assets per December 31, 2001.

Net result

The net result for the first six months of this year amounted to
minus EUR44 million equaling the result of the first six months
of last year. Net interest charges in the first period of 2002
was minus EUR38 million (inclusive the additional charge of EUR8
million related to the subordinated loan of EUR150 million)
versus minus EUR15 million in 2001. This deterioration was caused
by the higher finance needs to cover capital expenditures in
Konmar in 2001 and to finance losses over the past year.
Moreover, the effective interest rate increased. Extraordinary
earnings after tax totaled EUR12 million related mainly to
disposals of business entities.

Netherlands

The total Dutch market for food products showed a growth of 6.2 %
in the first half of 2002. Sales of the three Dutch Laurus
banners - Super De Boer, Edah and Konmar - rose from EUR2,089
million to EUR2,104 million in the first six months, an increase
of 0.7 %. This lower-than-market performance was mainly due to
the disposal of 50 outlets. Laurus' market share at the end of
these first six months was 21.4 %, 0.6 % point lower than at the
end of previous year. The operating result in the Netherlands
amounted to minus EUR5 million (first half year 2001: EUR17
million positive). However the operating result was significantly
higher than in the second half year of 2001.

Spar was disposed of on 28 January 2002. The results of Spar were
consolidated up to this date. The hard discount banner Basismarkt
was closed on 1 April 2002. The results from this banner were
also consolidated up to that date.

Konmar

The campaign to reduce the high level of leakage of the full-
service Konmar banner is beginning to have effect but leakage and
personnel costs are still too high. For the first six months of
2002, Konmar had sales of EUR606 million and a market share of
5.6 %. The banner operated 140 stores at the end of the reporting
period.

Super De Boer

At EUR891 million, Super De Boer's sales in the first half of
2002 were EUR40 million above the 2001 level, despite a decrease
in the number of stores by 28. The closure or sale of these
outlets occurred almost entirely in the first six months of 2002.
Market share dropped slightly, to 9.8 %. On a like for like
basis, the sales growth at Super De Boer (9.5 %) was much better
than the development of the total market in this period.

Edah

At EUR607 million, sales of the price-attractive Edah banner were
below 2001. The decline, EUR61 million, is mainly fully
attributable to the reduction in the number of outlets with 18
shops. Edah's market share is 6.1 %. The banner presently has a
total of 270 outlets. On a like for like basis, sales growth at
Edah (3,6 %) was lower than the development of the total market
in this period.

Spain

At EUR377 million, sales in Spain were 14.7 % lower than in the
first half of 2001. The decline is partly due to a drop in the
number of stores caused primarily by the disposal or closure of
smaller or unprofitable outlets. In total, 62 stores were closed
or sold. As some suppliers were, due to uncertainty of the
continuity, hesitant to deliver in the first few months of the
year, the Spanish stores did occasionally not have sufficient
stocklevels, which had also a negative effect on sales. This
situation has been improved since.

Belgium

Sales in Belgium dropped with 10,4 % from EUR327 million in the
first half of last year to EUR293 million in the first half-year
of 2002, primarily because of the closure of mostly small,
unprofitable, outlets and the discontinuation of sales to a
number of independent customers. Due to more fierce competition
and a general increase of the wages level, the operating result
amounted to minus EUR9 million.

Future of Spanish and Belgian operations

When the transaction with Casino and the Banks was entered into,
Laurus agreed to restructure, with the assistance of Casino, its
loss-making operations in Spain and Belgium by reducing the scope
of its activities with the objective of achieving a turn-around,
selling the activities or even exiting completely. On September
2, 2002 Laurus announced a planned restructuring of the Belgian
operations.

Financial position

The balance sheet total decreased during the reporting period
from E 1,489 million at the end of 2001 to EUR1,326 million due
to divestments of business units and the loss suffered in 2002.
Net investments in (in) tangible fixed assets were EUR11 million;
depreciations were EUR64 million. The total cash flow from
operational activities amounted to minus EUR160 million (2001:
EUR114 million positive). This was mainly caused by accelerated
payments to creditors in both the Netherlands and Spain. After
the share issue in July 2002, the equity increased with EUR385
million (net) and became positive again. In addition the credit
facilities for a total amount of EUR1,200 million were
rescheduled.

Outlook

The pace of recovery of the Dutch supermarket operations will
depend on the progress made with commercial and operational
improvements in such areas as format management, cost control,
productivity, leakage reduction and information systems
improvement. In Spain and Belgium, except for current
profitability improvement programs, problems are being resolved
structurally with high priority. The envisaged restructuring of
the Spanish and Belgian activities may have a negative impact on
Laurus' net result.

Key dates

Extraordinary General Meeting of Shareholders: September 24,
2002: to appoint Mr J.G. Bruijniks as member and chairman of the
Board of Management.

Publication of 2002 annual results: March 24, 2003

Publication of interim results for 2003: August 29, 2003

CONTACT:

Laurus N.V.
Parallelweg 64
P.O. Box 175
5201 AD 's-Hertogenbosch
Telephone:+31 73 622 36 22
Fax:+31 73 622 36 36


LETSBUYIT.COM NV: Announces 2002 Second-Quarter Results
-------------------------------------------------------
In the 2nd quarter ending June 30th, 2002, net revenues of
LetsBuyIt.com N.V. amount to EURO 58,000 (Q2/2001: 3,450,000).
Gross margin decreased from EURO 481,000 (Q2/2001) to EURO
58,000. Operating loss amounts EURO 2.6 million (Q2/2001: EURO
7.7 million). Net loss per share was EURO 0.01 based on 340
million weighted average Shares outstanding compared to the 2nd
quarter of 2001 of EURO 0.07 based on 101 million weighted
average Shares outstanding.

The headcount of the company at June 30, 2002, amounts to 22
following the end of a recent restructuring program (130 as per
June 30, 2001).

The company states that the results of operations for the three
months ended June 30, 2002 are not necessarily indicative for the
full year 2002 since historically the company experiences a
significant sales increase during the second six-months of the
year. Furthermore, the implementation of the agency business
model and the restructurings in 2001 make it difficult to compare
the current results with those of last year.

Please find the Quarterly Report 2/2002 shortly under
http://www.letsbuyit.com

Contact Information:

Gideon Lask
LetsBuyIt.com N.V.
Telephone: +44 20 7479 4048.


VERSATEL: Announces Trading Suspension
---------------------------------------
Market Supervision Amsterdam announces a trade suspension in the
following security:

Name of the company: Versatel ,Versatel 4% 2004 , Versatel 4%
2005 and Versatel Telecom Intern. Senior.
ISIN code: NL0000391266, XS0105468341 XS0109726710 and
XS0109727445
Trading group: J1 , J5 and L2
Date: Monday 2 September 2002
As from: 09.00 hrs
Until: 09.30 hrs


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


ELEKTRIM SA: Creditors Soften Stand on Debt Restructuring
---------------------------------------------------------
Bondholders of Poland's Elektrim SA showed signs of cooperating
with the company's debt restructuring agreement negotiated in
July, The Deal reports.  The bondholders hinted a future
compromise over the company's repayment of EUR440 million (US$447
million) in defaulted bonds.

A creditor's representative disclosed that the group had signed
in writing to convene again, if necessary, in case the company
defaulted on its forthcoming December obligations.

The conglomerate refused to sign the restructuring agreement as
the management board sees it unlikely for the Company to meet the
contemplated terms of the bond restructuring, which includes
initial redemption of EUR100 million in bonds within five days of
signing.  A second EUR100 million payment is afterwards due in
December, while another payment is as well stipulated after the
sale of its telecom unit, ET, with the final payment coming in
June 2004.

Chief Executive Officer Maciej Radziwill warns that the company
may be liquidated if the bondholders pushed their demands.

The agreement was approved by 86% of bondholders and creditors
are determined to push it, negotiating again if necessary. The
bondholders had previously demanded full repayment of the bonds
as well interest and compensation from the company, which
defaulted on the bond December 15.

Elektrim posted liabilities of US%540 billion, some EUR440
million of which are in defaulted bonds and interest.

A Warsaw judge redirected the creditor's filing for the Company's
bankruptcy in January to a restructuring agreement.

Meanwhile, the debt-laden conglomerate recently failed to sell
its telecom unit ET to a consortium of Poland's BRE Bank and
Dutch investment group Eastbridge NV.


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


BALTIMORE TECHNOLOGIES: Signs Deal on Kyberpass' DSMS Solutions
-----------------------------------------------------------------
Kyberpass Corporation, a leading provider of e-security software
for trusted e-business, and Baltimore Technologies
(http://www.baltimore.com),a global leader in e-security,
announced an agreement that will see Baltimore OEM Kyberpass'
digital signature messaging system, for its Identrus Express
offering. Identrus enables businesses to actively manage e-
commerce risks through trusted relationships with financial
institutions.

As an Express Partner of Identrus, Baltimore offers global
financial institutions security solutions from best-of-breed
technologies that have gained Identrus certification. The
Kyberpass implementation of the Identrus DSMS offers an
integrated set of system services that can be called by
merchants' business applications to request trust and value-added
services from their financial institution using the Identrus
system. Baltimore chose Kyberpass because of the unique
application-based architecture of its DSMS that eliminates the
need to make time consuming and costly changes to a merchant's
application.

"The extensible design of the Kyberpass Trust Services Gateway
complements the Baltimore strategy of offering comprehensive,
highly flexible Identrus solutions and services that meet real
world deployment requirements," said David Pinnell, senior vice
president at Baltimore Technologies. "The addition of the market-
leading, Identrus Compliant DSMS will enhance the overall value
of our solutions."

"The global financial services community counts on e-security
leaders to integrate their complementary technology to offer new
applications and services under the Identrus infrastructure,"
said Robert Lendvai, vice president of marketing for Kyberpass.
"Baltimore and Kyberpass have both been pioneers in providing the
e-security infrastructure for the Identrus system and we are very
pleased to be working together."

Baltimore Technologies' products, services and solutions solve
the fundamental security and trust needs of e-business.
Baltimore's e-security technology gives companies the necessary
tools to verify the identity of who they are doing business with
and securely manage which resources and information users can
access on open networks. Many of the world's leading
organizations use Baltimore's e-security technology to conduct
business more efficiently and cost effectively over the Internet
and wireless networks. Baltimore also offers worldwide support
for its authorization management and public key-based
authentication systems.

Baltimore's products and services are sold directly and through
its worldwide partner network, Baltimore TrustedWorld. Baltimore
Technologies is a public company, trading on London (BLM).

Contact Information:

Gene Carozza
Baltimore Technologies
Telephone: 781-455-5390
E-mail: gene.carozza@baltimore.com


BRITANNIC: Withdraws From Stakeholder Pensions Business, Cuts Job
-----------------------------------------------------------------
Life insurer Britannic is pulling out of stakeholder pensions and
will slash 200 jobs more after reducing its workforce by 50
percent in nine months. The reduction will affect the company's
Britannic Assurance arm, the Guardian reports.

The company invested EUR18 million in the unit, which was set up
18 months ago to serve stakeholder pension market. The unit sells
stakeholder claims to employers and workers in workplaces.  It
has taken 5 percent of the stakeholder market.

The company served redundancy terms to its employees as it closes
down its door-to-door sales force. Redundancies are said to cost
EUR8 million and cut annual costs by EUR10 million.

The insurer disclosed it was not able to sell enough of its other
policies to compensate losses in the stakeholder business, says
Telegraph.

Britannic will continue a telephone sales operation employing 26
people to continue serving 8,000 clients.

The company boosted its management on the other hand, by
retaining Mr. Cottam in an executive role while assigning finance
director Bryan Portman as managing director. Portman will take
over as chief executive when Cottam assumes non-executive
chairmanship at the end of 2003.

The insurer also recently announced a worsening pre-tax loss of
EUR80.6 million from EUR68.5 million for the first half of the
year.

Britannic offered itself for sale in March as it seeks a partner
to boost its presence but failed to find a buyer.


LUSCIOUS LIMITED: Administrators Sell Organic Products Retailer
---------------------------------------------------------------
Joint Administrators Ian William and Laurence Pagden of Benedict
Mackenzie order the sale of the business and assets of Luscious
Limited.

LUSCIOUS LIMITED
Niche Organic Products
Retailer and Cafes

Main features of the business include:

   - Chain of low fat Cafes and Juice Bars and Convenience Stores
   - High Street locations and Health Club sites in Central
London
   - Fully fitted and equipped outlets
   - Turnover for Jun 30, 2002 circa GBP1.3 million (net)

Contact Information:

   Benedict Mackensie
   Ian Williams
   #62 Wilson Street
   London EC2A 2BU
   Telephone: 020 7247 1174
   Fax: 020 7247 3494
   Web site: http://www.benedictmackenzie.com

   Edward Symmons
   Henry Harris or Robin Pritchard
   #2 Southwark Street, London Bridge
   Telephone: 020 7344 4500
   Fax: 020 7344 4555
   Web site: http://www.edwardsymmons.com


PRESSWORK PARTNERSHIPS: Administrators Sell Metalworks Bussiness
------------------------------------------------------------
Simon Michaels and Tony Galloway, Joint Administrative Receivers
of Presswork Partnerships Limited, a press and welded assemblies
company, offer for sale the business and assets of the said
company.

Main features of the business include:

   - customer base, maingly in the automotive sector
   - modern leasehold premises in Wolverhampton near M5 and M6
     motorways
   - Experienced workforce
   - Turnover circa GBP8 million

Contact Information:

   Richard Hudson
   Telephone: 0121 6086086
   E-mail: Richard.Hudson@bdo.co.uk

   BDO Stoy Hayward
   Beneficial Building, Paradise Circus
   Birmingham B1 3NF
   Telephone: 0121 608 6086
   Web site: http://www.bdo.co.uk


PSION: Shares Beat Odds, Traded "Satisfactorily" in First Half
--------------------------------------------------------------
PSION plc, which specializes in the research and development of
data collection and communications solution, conquered the odds
and traded "satisfactorily" in the first half, Financial Times
reports citing chairman and founder David Potter.

The chairman, who described the recession in IT spending as the
worst in 20 years, saw the company's shares close down 4-3/4p at
39-1/2p in a falling market.

In the six months to June 30, the U.K. wireless technology
recorded a pre-tax loss of GBP15.4 million, against GBP54.4
million in the same period a year ago, and a loss per share of
3.7p (13.1p).

Sales fell from GBP100.5 million in 2001 to GBP70.8 million, but
sales on continuing businesses showed a smaller decline from
GBP64.2 million to GBP62.1 million.

The group's operations yielded GBP6.1 million cash despite its
cash pile falling from GBP28.3 to GBP26 million due to
exceptional and one-off charges.

The reduction was also due to its GBP5.8 million in Symbian, the
mobile phone operating system software group who showed favorable
signs from the launch of Nokia 7650.

Psion Teklogix, company's main operating unit at present
increased interim pre-tax profits from GBP1.7 million (USD2.7
million) to GBP GBP3.1 million despite falling sales. Potter
expects the unit to remain profitable and cash-generative.

According to the Financial Times report, Patrick Yau at Credit
Suisse First Boston described Psion as beginning to pick its
business up after two years.

"The core is profitable, the margins grew and most importantly it
generated cash," Yau speaks of the company's condition.

CONTACT:  PSION PLC
          12 Park Crescent
          London W1B 1PH,
          United Kingdom
          Phone: +44-(0)20-7317-4100
          Fax: +44-(0)20-7258-7340
          Home Page: www.psion.com/
          Contact:
          Investor Relations
          E-mail: investor.relations@psion.com


SAIR FINANCE INCORPORATED: Voluntary Chapter 11 Case Summary
-------------------------------------------------------------
Debtor: Corporate Trust Center
        1209 Orange Street
        Wilmington, Delaware 19801

Bankruptcy Case No.:

Debtor affiliates filing separate chapter 11 petitions:

Entity                                     Case No.
------                                     --------
SAirGroup AG                           01-42536

Chapter 11 Petition Date: November 9 2001

Court: Southern District of New York

Judge: Hon. Stuart M. Bernstein

Debtors' Counsel: David C.L. Frauman
                  Allen & Overy
                  1221 Avenue of the Americas
                  New York, New York 10020
                  (212) 610-6300

Estimated Assets: more than $100 Million

Estimated Debts: more than $100 Million

TELEWEST: Plans to Axe 1000 Jobs to Proceed With Restructuring
--------------------------------------------------------------
Cable company Telewest will cut an additional 1,000 jobs and
slash capital spending by a third as part of the plan to
restructure.  The company is intensifying cost-cutting measures
before launching a large debt-for-equity swap that would reduce
the Company's interest cost by GBK3.6 billion a year (US$5.6
billion), says the Financial Times.

Charles Burdic, Telewest's new managing director is moving to
reduce fixed costs and administrative overheads. The Company had
earlier announced some 1,500 job cuts, or 15 per cent of the
total, and around GBL600 to GBK450 annual capital expenditure
cuts.

Mr. Burdick is still planning for further reduction to bring the
company to break even once the debt restructuring is settled.

The U.K.-based company is said to have exchanged "term sheets"
with bondholders holding GBK 3.6 billion to start debt
restructuring proposals.

The additional job cuts, which will be implemented by the end of
next year, will taper manpower to about 8,000. Capital
expenditure is also expected down to GBK300 million. The number
of customer service centers will be reduced from eight to five.

A third of the company's top 60 managers, on the other hand, have
been offered redundancy terms.

Analysts foresee the company's efforts to result to the long-
awaited merger with NTL, Telewest's U.K. cable rival, which has
just emerged from Chapter 11 bankruptcy protection in the US. In
case that the merger will be pushed through, Brundick had
expressed favor for an all-paper merger.

Telewest plans to finish debt restructuring early next year.
Talks with NTL will most likely follow so that a deal would be
reached by the end of 2003.

The company also plans to seek shareholder approval to sell its
17 per cent stake in SMG, the Glasgow-based media group. Telewest
has 1.3 million subscribers.

CONTACT:  TELEWEST
          Richard Williams, Investor Relations Manager,
          Phone: +44 (0)20 7299 5479
          Phone: +44 (0)20 7299 5495
          E-mail: Richard_williams@flextech.co.uk

          Vani Gupta, Investor Relations Manager
          Phone: +44 (0)20 7299 5353
          Phone: +44 (0)20 7299 5495
          E-mail: vani_gupta@flextech


WESCOL GROUP: Notice of Temporary Suspension From FSA List
----------------------------------------------------------
The Financial Services Authority temporarily suspends the
securities set out below from the Official List effective from
September 03 2002, 07:30 AM at the request of the company pending
clarification of the company's financial position.

Ordinary Shares of 10p each   (0-949-051)(GB0009490516) fully
paid

If you have any queries relating to the above, please contact the
Listing Applications Team at the FSA on 020 7943 0333 (option 3).


WESCOL GROUP: Issues Notice to Re-assess Financial Standing
------------------------------------------------------------
The Wescol Group PLC is experiencing severe financial
difficulties during its turnaround and physical reorganization
period, which has been aggravated by slow payment on certain
contracts and difficult industry conditions.

The Group, in conjunction with its bank and substantial
shareholder is conducting an urgent review of its current and
future financial needs.

A further announcement will be made in due course


WESCOL GROUP: Announces Temporary Trading Suspension on LSE
------------------------------------------------------------
The following security has been temporarily suspended from
trading on the London Stock Exchange from September 9, 2002,
7:30am at the request of the company pending clarification of the
company's financial position.

WESCOL GROUP PLC Ordinary Shares of 10p each (0-949-
051)(GB0009490516) fully paid

This suspension notice follows the earlier suspension from
Official Listing Notice issued by the Financial Services
Authority.


WESCOL GROUP: Invites Bankers to Appoint Receivers
---------------------------------------------------
The Board of Wescol Group PLC issued the following statement:

"The Group is experiencing severe financial difficulties during
its turnaround and physical reorganization period, which has been
aggravated by slow payment on certain contracts and difficult
industry conditions. The Group, in conjunction with its bank and
substantial shareholder is conducting an urgent review of its
current and future financial needs. A further announcement will
be made in due course. "

The Board regrets to announce that it has been unable to secure
the agreement of its bank and substantial shareholder to provide
further support and has therefore invited its bankers to appoint
administrative receivers over the business and assets of the
Company.

The Board has requested that the Financial Services Authority
suspend the Company's shares with immediate effect.

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

       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, Ma. Cristina Canson and Jean Claire Dy,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
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or balance thereof are US$25 each. For subscription information,
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