---

            T R O U B L E D   C O M P A N Y   R E P O R T E R

                             E U R O P E

                 Tuesday, September 24, 2002, Vol. 3, No. 189


                              Headlines

* B E L G I U M *

GIB SA: Ackermans & Van Haaren NV Increases Bid to EUR42 a Share

* F R A N C E *

ALCATEL: To Further Reduce Workforce by 10,000
VIVENDI: Vivendi Environnement Announces Successful Share Sale
VIVENDI: VUE Chairman Open to Break-up Option

* G E R M A N Y *

DEUTSCHE TELECOM: Bidders Offer Less for Cable Networks Asset
DEUTSCHE TELEKOM: TDC Sells All Its BEN Shares to Deutsche
DEUTSCHE TELECOM: Raises EUR1.3 Billion Through Bond Issuance
DEUTSCHE TELEKOM: Launches T-DSL Nationwide
MOBILCOM: Plans to Stop Expansion of Its UMTS Network
INTERSHOP COMMUNICATIONS: Announces New Version of Enfinity

* P O L A N D *

ELEKTRIM: Management Board Revokes Existing Proxies
ELEKTRIM: Announces the CV of Management Board Members
ELEKTRIM: Sale of Enterprise VPN Service
ELEKTRIM: Date of Hearing Regarding Bankruptcy Filing
NETIA HOLDINGS: Signs Managerial Contracts With CEO And CFO

* S P A I N *

JAZZTEL P.L.C.: Announces Bondholders and Shareholders Meeting

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

CREDIT SUISSE: Kielholz Exit From Swiss Re to Reassure Investors
SWISS LIFE: S&P Lowers Two Swiss Life Subsidiaries Ratings
ZURICH FINANCIAL SERVICES: To Defer India Insurance Joint Venture

* U N I T E D   K I N G D O M *

BIOCOMPATIBLES INT'L: Notifiable Interest in Ordinary Share
BIOCOMPATIBLES INT'L: Lehman Bros. Holds 7.23% Share Capital
BRITISH ENERGY: Investors Proposes Help to Avoid Administration
BRITISH ENERGY: Obtains Two Months Extension on Emergency Loan
BRITISH ENERGY: Government Aid Illegal Under EU Law, Says Source
BRITISH ENERGY: Notification of Major Interests in Shares-FIL
BRITISH ENERGY: Notification of Major Interests in Shares
GLOBAL CROSSING: Details About New Senior Secured Notes
GLOBAL CROSSING: Details About New Preferred Stock
GLOBAL CROSSING: Details About New Common Stock
GLOBAL CROSSING: Plan Creates Litigation Trust for Creditors
INVENSYS: Notification of Major Interests in Shares
MOTHERCARE:  Appoints New Chief Executive and Chairman
PPL THERAPEUTICS: Directors Shareholding
RAILTRACK GROUP: Notice of Annual General Meeting on Oct. 18
RAILTRACK GROUP: Announces Annual Report and Accounts
SCIPHER: Develops Optical Telecommunications Switching Technology
UNIQ: Releases Trading Update
WIGGINS GROUP: Director Dealings
WIGGINS GROUP: Directors Dealings by Lady Delves Broughton
WIGGINS GROUP: Directors Dealings by Christopher Kenneth Foster
WORLDCOM: Integral Seeks Stay to Pursue Oklahoma Action


=============
B E L G I U M
=============


GIB SA: Ackermans & Van Haaren NV Increases Bid to EUR42 a Share
----------------------------------------------------------------
Ackermans & Van Haaren NV increased its bid for GIB S.A.'s shares
to EUR42 a share from EUR41 a share after studying GIB's half-
year results, says Dow Jones.  The bid was based on a net equity
of EUR1.23 billion stated in the company's liquidation statement
and not on the net equity of EUR1.128 billion GIB announced.

The bid, which now values the retailer at EUR1.16 from an initial
EUR1.13 billion, is subject to the condition that the Belgian
holding company be allowed to acquire 90% of the outstanding
shares.

Even at the previous price offering, most analysts believe
shareholders in GIB are likely to accept the offering to hasten
the liquidation of the company and to avoid a 10% Belgian
liquidation tax. Liquidations usually take at least five to six
years, locking investors cash in the period.  It also entails
expenses, which in GIB's case is estimated at EUR145 million.

On the other hand, there are also speculations that shareholders
would not sell due to the low price of the offer. U.S. financier
Guy Wyser-Pratt had announced he wouldn't sell his 5% stake.

GIB first announced its plans to liquidate at the end of April
after divesting assets. The company was Belgium's leading
retailer until it sold off its supermarket unit GB to France's
Carrefour SA in July 2000.  It also sold off four profitable
divisions: Auto 5; apparel store, Inno; stationary shop Club and
do-it-yourself unit Brico Belgium. The only major remaining asset
of GIB is its 58% stake in hamburger chain Quick Restaurants.

CONTACTS:  GIB S.A.
           Avenue des Olympiades 20
           B-1140 Brussels, Belgium
           Phone: +32-2-729-21-11
           Fax: +32-2-729-18-18
           Home Page: http://www.gib.be


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


ALCATEL: To Further Reduce Workforce by 10,000
----------------------------------------------
French telecom equipment maker, Alcatel, will further trim its
workforce by 10,000 as its target return to profitability by 2003
is clouded by a steep fall in second-half sales.  The move
follows the 10,000 job cuts announced in June.

The redundancies will reduce the company's headcount to around
60,000 employees at the end of next year, Telegraph says. Around
EUR500 million (GBP315 million) was provisioned for the slash.

In July, S&P cut Alcatel's long-term corporate credit and senior
unsecured debt ratings to 'BB+/B', after the company released its
profit warning.

The rating, according to S&P's Europe director Leandro de Torres
Zabala, reflects a "further deterioration of market conditions
within the telecom equipment industry, beyond previous
expectations, and the continuing lack of trading visibility."

Zabala also foresees the condition in the telecom equipment to
continue to deteriorate in the year, and to remain very weak for
at least the first half of next year.

One of France's largest industrial companies, Alcatel is a
leading global supplier of high-tech equipment for
telecommunications. Core network switching and transmission
systems for wireline and wireless networks for carriers and
enterprises account for most of its sales. The company also
manufactures cell phones, communications cable, and satellite
equipment and provides network services including consulting,
integration, design, planning, operation, and maintenance.
Clients include Orange and Deutsche Telekom. Half of Alcatel's
sales are made in Europe; the company continues to seek a larger
share of the equipment markets in North America and China.

CONTACT:  Alcatel
          54, rue La Bo,tie
          75008 Paris, France
          Phone: +33-1-40-76-10-10
          Fax: +33-1-40-76-14-00
          Toll Free: 800-777-6804
          Home Page: http://www.alcatel.com


VIVENDI: Vivendi Environnement Announces Successful Share Sale
--------------------------------------------------------------
Vivendi Environnement (Paris Euronext: VIE ; NYSE: VE) announced
the pricing of a secondary offering of 8,595,875 shares of common
stock of Philadelphia Suburban Corporation (NYSE: PSC) at $18.25
per share. Most of the PSC shares are held by Vivendi
Environnement's water division, Vivendi Water.

Vivendi Water has also offered the underwriters an option to
purchase up to 1,289,381 additional PSC shares to cover over-
allotments for a period of 30 days from the date of pricing. In
addition, Philadelphia Suburban Corporation has agreed to
repurchase, at the price of the offering, 2,500,000 PSC shares
held by Vivendi Water after the closing of the secondary
offering, less any shares purchased by the underwriters pursuant
to the exercise of their 30-day over-allotment option. The
overall transaction, which represented about 17% of PSC shares,
is valued at approximately $200 million. Vivendi Environnement
and Vivendi Water will no longer hold any shares of Philadelphia
Suburban Corporation after the completion of these transactions.

These transactions further Vivendi Environnement's announced
strategy to divest non-core assets and focus on its water-
wastewater equipment and services businesses and consumer and
commercial businesses. Furthermore, this sale is consistent with
previous disposals of minority positions made by Vivendi
Environnement . Upon completion of this transaction and after the
closing of the two other divestitures recently announced by U.S.
Filter Corporation, a subsidiary of Vivendi Water, the total
year-to-date proceeds from the divestiture of non-core assets by
Vivendi Environnement will exceed E1.3 billion.

The managers of the underwriting syndicate for the offering are
Deutsche Bank Securities and UBS Warburg. For copies of the
prospectus for these securities please contact Deutsche Bank
Securities, 1 South Street, Baltimore, MD 21202, (410) 895-2080
or UBS Warburg, 299 Park Avenue, New York, NY 10171, (212) 821-
3000.

Vivendi Environnement is the world leader in environmental
services. The company has operations all around the world and
provides tailored solutions to meet the needs of industrial and
municipal customers in four complementary segments: water, waste,
energy and passenger transportation. Vivendi Environnement
recorded revenue of E29.1 billion in 2001.

This announcement shall not constitute an offer to sell or a
solicitation of an offer to buy any common stock, which is being
made only pursuant to the prospectus relating to the offering,
copies of which may be obtained from the underwriters.

Important Disclaimer : Vivendi Environnement is a corporation
listed at the NYSE and Paris Euronext.

CONTACT:  Analyst and institutional investor contact :
          Nathalie Pinon
          Phone: +33 1 71 75 01 67
             or
          US investor contact :
          Brian Sullivan
          Phone: +(1) 401 737 4100


VIVENDI: VUE Chairman Open to Break-up Option
----------------------------------------------
The chairman of Vivendi Universal Entertainment, Barry Diller, is
considering partial demerger and initial public offering of the
U.S. studios, television and themes park business as part of the
restructuring at Vivendi Universal, the Financial Times says.

Mr. Diller recognizes that one of the options of Vivendi
Universal is to create a "stand-alone" business, in one way, by
reducing its stake, to allow the assets to profitably grow.

Executives at Vivendi Universal are known to favor separation
from the troubled conglomerate; but according to a March 2002
filing at the Securities and Exchange Commission, VUE agreed not
to sell any assets of the old USA Networks business, which forms
part of Vivendi Universal, for 15 years.

Vivendi Universal is created from the sale of the TV and film
assets of USA Networks company to a joint venture controlled by
Vivendi Universal. The USA Networks business includes Sci-Fi
cable channel and Studios USA.

According to the filing, Vivendi Universal also agreed to "a debt
ceiling of US$800 million and pledged not to transfer any assets
of VUE, without USA Interactive's (formerly USA Network)
approval, unless at least 50 per cent of the net proceeds were
"retained or otherwise deployed".

Officials at Vivendi and USAi, on the other hand, did not agree
to reports that agreement implies it has to pay USAi US$2 billion
if any restructuring breached tax obligations in deal made last
year.

Mr. Diller refused to comment on the transaction, the Financial
Times says.

The board of Vivendi Universal is scheduled to meet this week to
decide on a wide-ranging re-organization and disposal program to
lighten the French conglomerate's EUR19-billion (GBP12 billion)
net debt, including a EUR35 billion loan from utility arm,
Vivendi Environnement.

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


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


DEUTSCHE TELECOM: Bidders Offer Less for Cable Networks Asset
-------------------------------------------------------------
Bidders for the cable network assets of Deutsche Telekom are
offering almost EUR1 billion less than the EUR2.5 to EUR2.8
billion that the fixed-line operator is seeking.

According to a Handelsblatt report, the potential buyers are: a
partnership of Goldman Sachs and Apax Partners; a consortium
including Liberty Corp, New York-based Apollo, and equity
investors Blackstone; and a joint venture of BC Partners and GMT.
Liberty failed to purchase the business this year, according to
an August TCR-Europe report, citing Financial Times.

Also, according to the TCR-Europe report, bidders earlier have
privately complained about the lack of available funding for
leveraged cable deals. They said only 1.7 billion of senior debt
could be generated. But many have planned of exploring complex
securitization scenarios allowing them to produce around 3
billion, the Financial Times says.

CONTACT:  DEUTSCH TELECOM AG
          Friedrich-Ebert-Allee 140
          53113 Bonn, Germany
          Phone: +49-228-181-0
          Fax: +49-228-181-8872
          Home Page: http://www.telekom.de


DEUTSCHE TELEKOM: TDC Sells All Its BEN Shares to Deutsche
----------------------------------------------------------
Today TDC received from Deutsche Telekom (through a fully owned
subsidiary) an irrevocable call option notice calling all TDC's
shares in BEN for an amount of approx. EUR500m (DKK 3.7bn).

Belgacom, which is partly owned by TDC, has received a similar
notice concerning its shares in BEN.

Including the effect from Belgacom, the impact on TDC earnings
will be an after tax capital gain of approx. EUR375 (DKK 2.8bn).

BEN has been treated as a minority passive investment in TDC
accounts since December 1, 2001.

For further information please contact TDC Investor Relations at
45 3343 7680.

TDC is a growth and valuecreation oriented Danishbased provider
of communications solutions with significant presence in selected
markets in Northern and Central Europe. TDC is organized as seven
main business units; TDC Tele Danmark, TDC Mobile International,
TDC Internet, TDC Cable TV, TDC Directories, TDC Services and TDC
Switzerland. TDC was privatized in 1994. Today, SBC
Communications owns 41.6% of the shares, with the remainder held
by individual and institutional shareowners all over the world.

TDC listings

Shares:
  Copenhagen Stock Exchange
  Reuters TDC.CO
  Bloomberg TDC DC
  Nominal value DKK 5
  ISIN DK0010 253335
  Sedol 5698790
Shares:
  New York Stock Exchange
   Reuters TLD.N
   Bloomberg TLD US
  One ADS represent one half common share
  ISIN US8723 6N1028
  Sedol 2883094


DEUTSCHE TELECOM: Raises EUR1.3 Billion Through Bond Issuance
-------------------------------------------------------------
Deutsche Telekom has raised EUR1.3 billion in bond markets
through the issuance of three Euro-denominated bonds in the past
two weeks, the Financial Times reports. The fixed-line phone
operator is also testing the market to see if it would subscribe
to a bond offering for up to GBP500 million.

Deutsche Telekom raised EUR5 billion in the international bond
markets in May.

The move assures the telecommunication company's refinancing
concerns on some EUR6 billion debt due next year.  Deutsche
Telekom is easing to reduce its debt load of EUR64.2 billion,
accumulated in the height of the development of third-generation
mobile phone networks. The company targets to trim down its debt
load to EUR50 billion by the end of 2003.

According to the report, although interest paid for the new debt
is still at high levels, "it can be better for companies to have
pre-financed maturing debt than to risk concern about their
liquidity position nearer the time".

The former monopoly is still Germany's no.2 fixed-line phone
operator, with about 57 million access lines.

CONTACT:  DEUTSCH TELECOM AG
          Friedrich-Ebert-Allee 140
          53113 Bonn, Germany
          Phone: +49-228-181-0
          Fax: +49-228-181-8872
          Home Page: http://www.telekom.de


DEUTSCHE TELEKOM: Launches T-DSL Nationwide
-------------------------------------------
Deutsche Telekom (http://www.telekom.de)is now offering
particularly fast Internet access to interested customers all
over Germany under the product name T-DSL 1500. The new T-DSL
option offers transmission rates of up to 1.5 megabits per second
(Mbit/s) downstream and up to 192 kilobits per second (kbit/s)
upstream. By comparison, Deutsche Telekom's residential T-DSL
customers currently receive data from the Internet at speeds of
up to 768 kbit/s and send data into the Internet at up to 128
kbit/s.

The new T-DSL 1500 offer specifically targets frequent users. It
costs EUR 9.99 in addition to the present T-DSL rental, plus a
one-time installation fee of EUR 74.95. The switch from T-DSL to
T-DSL 1500 is free up to December 31, 2002. T-DSL 1500 has
already been successfully launched in six German cities - Berlin,
Hamburg, Munich, Stuttgart, Flensburg and Kassel - over the past
few weeks.

This further acceleration of the high-speed Internet connection
has two decisive advantages: noticeable time savings when
downloading and even more convenient web access. Multimedia
content, e.g. videos or animated games, can be retrieved even
more quickly. Surfers can find such offers at T-Online's
broadband portal T-Online Vision (www.t-online-vision.de).
Software, music files and film sequences can be downloaded even
more swiftly via T-DSL 1500 than was already possible with T-DSL.
The super-fast page build-up using the T-DSL double turbo makes
surfing in the World Wide Web a completely new Internet
experience.

The large amount of available bandwidth enables several people to
surf the Internet at the same time using multi-terminal solutions
- for example in an office. With T-DSL 1500, the existing PC
installation for standard T-DSL can remain in use without
modification.

T-Online has also launched a special offer under the name T-
Online dsl 5000 MB for Internet broadband access at a price of
EUR 24.95 per month. The offer, available with immediate effect,
includes a free volume of 5,000 megabytes (MB). Every additional
MB costs 1.59 cents. Starting on October 1, 2002, broadband
customers can use the 'newcomer' option T-Online dsl 1000 MB. The
attractive monthly price of EUR 9.95 includes 1,000 megabytes of
free volume. Here, too, each additional MB costs 1.59 cents. Both
rates allow multi-terminal use. If the new T-DSL 1500 offer is
installed, it will no longer be possible to use the T-Online dsl
flat rate.

CONTACT: Deutsche Telekom AG
         Investor Relations
         Postfach 2000
         53105 Bonn
         Germany
         Phone:   +49 (0) 228 / 181 888 80
         Fax:   +49 (0) 228 / 181 888 99
         E-mail:   investor.relations@telekom.de


MOBILCOM: Plans to Stop Expansion of Its UMTS Network
----------------------------------------------------
Troubled German telecom company, Mobilcom AG, plans to freeze the
expansion of its high-speed, multi-media, cellular network UMTS
for the time being, AFX News reports citing company sources.

The freezing of the UMTS expansion is part of the German
company's restructuring plans. MobilCom's spokesman Matthias
Quaritsch, however, did not want to confirm the report.

"Now as before, there are options to stop the UMTS expansion. It
depends on our financial possibilities. In any case we will keep
our licences," he said.

Mr. Quaritsch also refused to comment on recent media reports
regarding MobilCom's plan to implement 2,000 job cuts.

The company's restructuring is being realized with the German
government's assistance following the pullout of France Telecom
from giving the MobilCom financial aid.


INTERSHOP COMMUNICATIONS: Announces New Version of Enfinity
-------------------------------------------------------------
Enhanced Supplier Relationship Management, Desktop Purchasing,
and Marketplace Management included in the new solution

Jena, Germany/San Francisco, September 18, 2002 - Intershop
Communications, (NASDAQ: ISHP, Neuer Markt: ISH), an established
provider of e-commerce solutions for global enterprises,
announced the availability of Version 4.0 of the EnfinityT
Procurement Solution. Organizations can use this updated software
to further boost the efficiency of electronic ordering processes
through centralized management of multiple procurement
initiatives, including the procurement systems of global
subsidiaries. The Intershop solution provides a single, powerful
procurement platform for a variety of purchasing needs ranging
from general supplies to production materials to services. A
primary benefit of the new solution is enhanced support for
supplier relationship management. SAP-based catalogs can also be
easily integrated with the solution.

E-procurement involves automating the ordering of goods and
services throughout an enterprise. It offers greater buying power
to enterprises to negotiate purchasing contracts with suppliers.
It is intended to significantly reduce costs by streamlining
ordering, order aggregation, approval, and transaction processes.
The new release 4.0 of the Enfinity Procurement Solution delivers
comprehensive functionality required for professional online
purchasing. Intershop plans to support additional business models
to serve its customers' evolving needs.

The supplier relationship management functionality in this new
solution enables enterprises to streamline their interactions and
transactions with suppliers. Key suppliers can be integrated into
an enterprise's procurement system, with flexible options
including the ability to setup and manage their own catalogs,
exchange orders directly, and participate in online request-for-
quote processes. Built-in support for the Open Catalog Interface
standard means that customers using an SAP procurement solution
can also benefit from these supplier relationship management
capabilities.

Marketplace management functionality is also offered in this new
version of the Enfinity Procurement Solution. It allows
enterprises to centralize and integrate different supplier
relationship management models employed by various subsidiaries
or business units on a single software platform. This centralized
management of multiple procurement initiatives can deliver
dramatic cost savings related to hardware, software,
implementation, integration, and ongoing system administration.

Customers of Intershop procurement software include MAN, Sonera,
and Hyundai. The German Ministry of the Interior has deployed the
Enfinity Procurement Solution as part of its "Tffentlicher
Eink@uf Online" (Online Government Procurement) e-project.
Federal agencies use this virtual marketplace to buy both goods
and services.

About Intershop Communications
Intershop Communications (Nasdaq: ISHP, Neuer Markt: ISH) is a
leading provider of e-commerce solutions for enterprises who want
to automate marketing, procurement, and sales using Internet
technology. The Intershop Enfinity commerce platform, combined
with proven, flexible industry and cross-industry solutions,
enables companies to manage multiple business units from a single
commerce platform, optimize their business relationships, improve
business efficiencies and cut costs to increase profit margins.
By streamlining business processes, companies can achieve a
higher return on investment at a lower total cost of ownership,
increasing the lifetime value of customers and partners.
Intershop has more than 300 enterprise customers worldwide in
retail, high-tech and manufacturing, media and
telecommunications. Customers including Hewlett-Packard,
Motorola, Bosch, BMW, TRW, Bertelsmann, Otto and Homebase have
selected Intershop's Enfinity as the foundation for their global
e-commerce strategies.

CONTACT:  INTERSHOP COMMUNICATIONS
          Klaus F. Gruendel, Investor Relations
          Phone: +49-40-23709-128, or
          Fax: +49-40-23709-111
          E-mail: k.gruendel@intershop.com, or Heiner Schaumann,
          Home Page: http://www.intershop.com


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

ELEKTRIM: Management Board Revokes Existing Proxies
---------------------------------------------------
The Management Board of Elektrim S.A. announces that on September
18, 2002 it revoked all the existing proxies given by Elektrim
S.A. At the same time, the Management Board granted a proxy to
act for Elektrim S.A. to Mr Przemyslaw Aussenberg. The proxy
given to Mr Aussenberg is of a joint character together with one
of the Management Board members. Mr Przemyslaw Aussenberg is the
Financial Director of Elektrim S.A.

CONTACT:  Jacek Dabrowski
          Director of Investor Relations
          Phone: (+48 22) 432 87 75
          Fax: (+48 22) 432 84 75
          Email: jacek_dabrowski@elektrim.pl


ELEKTRIM: Announces the CV of Management Board Members
-------------------------------------------------------
Wojciech Janczyk (38) - President of the Management Board

Mr Janczyk graduated from King's College in London (BSc in
mechanical engineering). He also holds the degree of MBA from
Imperial College in London. He started his work experience
abroad: in the years 1985 - 1987 in L.E.K. Partnership, where he
developed investment strategies for British companies.

Next, he worked for OC&C (1987-1989) as a consultant on strategic
restructuring projects for large European companies. In 1989, he
was appointed manager in the Corporate Finance Division of the
Swiss Bank Corporation in London where he mainly worked on
disposals of British and Europe based subsidiaries of large
conglomerates.

In 1991, he established his own advisory firm in Poland - BMF SA,
which in  ???. was purchased by BRE Bank SA in Warsaw. He was its
president since the establishment until the end of 2001. From
January 2002 to August 2002, Mr Janczyk was Undersecretary of
State in the Ministry of Infrastructure of the Republic of Poland
where he was responsible for financing of infrastructure, co-
operation with foreign countries and contacts and negotiations
with the European Union.

Ryszard Zbigniew Opara, (51) - Vice President of the Management
Board Mr Opara graduated from the Military Medical Academy in
L¢dz in 1974. He worked as a doctor until 1979 (amongst others in
the Medical Clinic of the Military Medical Academy, in the Clinic
at Szaser¢w in Warsaw, in the Medical Academy Hospital in Banacha
street in Warsaw).

In 1980, he left for Australia, where he continued his carrier
until 1988. At the same time he was involved in investment
projects. In 1984, he established Alpha Healthcare Ltd (AHL),
which conducts business in construction and management of private
hospitals and medical establishments in Australia (primarily in
Sydney). AHL has been listed on the stock exchange since 1987.
The firm has constructed and managed 10 hospitals.

Until 1993,  Mr Opara, together with his wife, held the majority
stake in AHL (ca 65% of shares) and was President of the
company's board.

Following his return to Poland in 1993,  he established  DEGOR
Capital Group Sp. z o.o. (together with his wife he holds 100%).

The company's business is investments in real estate. Among its
activities is the construction and management of Centrum
Dystrybucyjno-Magazynowym "Elemis". In 2000, following the
purchase of ca 50% of Energomontaz P¢lnoc S.A in a public
offering, he became Chairman of the Supervisory Board. In 2001,
Mr Opara acquired ca 10% of Elektrim's shares, and on 10 April
2002 he was elected member of Elektrim's Supervisory Board. He
remained on the post of Supervisory Board member until 16
September 2002.

CONTACT:  Jacek Dabrowski
          Director of Investor Relations
          Phone: (+48 22) 432 87 75
          Fax: (+48 22) 432 84 75
          Email: jacek_dabrowski@elektrim.pl


ELEKTRIM: Sale of Enterprise VPN Service
-----------------------------------------
The Management Board of Elektrim S.A. announces that it was
informed by the bankruptcy trustee of VPN Service Sp. z o.o.
(Elektrim's subsidiary company) that on 28 August 2002 the
trustee sold the enterprise of VPN Service Sp. z o.o. as a whole
in the meaning of article 51 of the civil code and under article
113 of the bankruptcy law.

CONTACT:  Jacek Dabrowski
          Director of Investor Relations
          Phone: (+48 22) 432 87 75
          Fax: (+48 22) 432 84 75
          Email: jacek_dabrowski@elektrim.pl


ELEKTRIM: Date of Hearing Regarding Bankruptcy Filing
-----------------------------------------------------
The Management Board of Elektrim S.A. announces that the attorney
of Elektrim S.A. has been informed by the secretariat of the XVII
Commercial - Bankruptcy and Composition Division of the Warsaw
District Court that the court set the date of hearing to decide
on the request for the declaration of bankruptcy of Elekrtim
S.A., for 7 October 2002 at 8.30.

CONTACT:  Jacek Dabrowski
          Director of Investor Relations
          Phone: (+48 22) 432 87 75
          Fax: (+48 22) 432 84 75
          Email: jacek_dabrowski@elektrim.pl


NETIA HOLDINGS: Signs Managerial Contracts With CEO And CFO
-----------------------------------------------------------
Netia Holdings S.A. (Nasdaq: NTIAQ, WSE: NET), Poland's largest
alternative provider of fixed-line telecommunications services,
announced that the Company has signed managerial contracts with
Wojciech Madalski, its new President and CEO, for an indefinite
period of time.

In addition, the Company and some of its subsidiaries have
extended until December 31, 2003, largely on unchanged terms, the
existing managerial contracts with Avraham Hochman, member of the
management board and Chief Financial Officer, and consulting
agreement with a company controlled by Mr. Hochman.

The terms of these agreements were approved by the Company's
supervisory board.

CONTACT:  NETIA
          Anna Kuchnio (IR)
          Phone:  +48-22-330-2061


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


JAZZTEL P.L.C.: Announces Bondholders and Shareholders Meeting
--------------------------------------------------------------
Jazztel p.l.c. (Nasdaq Europe: JAZZ and the Nuevo Mercado in
Spain: JAZ) announced today that as a follow-on step to the
recapitalisation process announcement issued September 16th that
the Company, on September 17, 2002, obtained leave from the High
Court of England and Wales to convene a meeting of the creditors
of the Company holding its High Yield notes in order to consider
and, if thought appropriate, approve, the Scheme of Arrangement
under the UK Companies Act proposed by Jazztel.

The meeting is to be held on Monday 21st October 2002, at 11.00
a.m. GMT at the offices of Linklaters located at One Silk Street,
London EC2Y 8HQ. The Board of Jazztel has also scheduled an
Extraordinary General Meeting of its shareholders to take place
on Monday 14th October 2002 at 12.00 (noon) GMT, at the offices
of Linklaters in London.

The purpose of this EGM will be to consider the necessary
resolutions to implement the Scheme of Arrangement, should it be
approved by the Company's noteholders, including an increase of
authorized share capital, the delegation of powers to the Board
of Directors to issue shares and other securities (such as
convertible bonds) with or without pre-emption rights, the
request for admission for listing of the new shares and
convertible bonds to be issued as agreed in the scheme and the
modification of the Articles of Association relating to the
Company's capital and the formation and composition of the Board
of Directors.

About JAZZTEL Jazztel p.l.c., (Nasdaq Europe: JAZZ and the Nuevo
Mercado in Spain: JAZ) is an infrastructure based data and
telecommunications operator with activities in Spain and
Portugal. The company provides broadband solutions for data,
Internet and voice services to small and medium sized businesses
in the Iberian Peninsula. The company is constructing networks in
over 150 metropolitan areas and business parks in Spain and
Portugal. The access networks, linked by a long-distance network,
will constitute one of Europe's fastest data and Internet
telecommunication networks with transmission capacity of up to
720 gigabits. The company was founded in 1997.

Jazztel also holds nationwide fixed wireless access licenses in
Portugal and Spain, in the last case through Banda 26, a
subsidiary of the Group.

This notice does not constitute an offer for sale of any
securities in the United States or elsewhere. Any securities to
be offered in the future may not be offered or sold in the United
States unless registered under the United States Securities Act
of 1933 or an applicable exemption from the registration
requirements of such Act is available. Any public offering of
securities to be made in the United States will be made by means
of a prospectus that may be obtained from the issuer and that
prospectus will contain detailed information about the company
and management, as well as financial statements.

CONTACT:  Home Page: http://ww.jazztel.com
          Rosa Mar Mayoral
          Investor Relations
          Tel: 34 91 291 7200


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


CREDIT SUISSE: Kielholz Exit From Swiss Re to Reassure Investors
----------------------------------------------------------------
Walter Kielholz is expected to step down as chief executive of
Swiss Re.  The move is seen to reassure investors who are
concerned at the stability of the new management structure of
troubled bank Credit Suisse, of which Mr. Kielholz has recently
been appointed as chairman.

Mr. Kielholz installation follows the ouster of Lukas Muhlemann,
former chairman and chief executive.

The resignation is predicted to take effect on the end of
December, the Financial Times reports citing bankers in Zurich.
Currently, his chairmanship on Credit Suisse is in addition to
his role as Swiss Re chief executive.

The chief executive role for Credit Suisse, on the other hand,
will be handled jointly by John Mack, who runs the investment
bank, and Oswald Grubel, who heads the division that includes
other banking operations and the Winterthur insurance business.
Mr. Mack and Mr. Grubel will work in the next 30 days to compose
a new management structure for the troubled bank.


SWISS LIFE: S&P Lowers Two Swiss Life Subsidiaries Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services said Friday it lowered its
insurer financial strength and counterparty credit ratings on
Swiss Life (U.K.) PLC (Swiss life (U.K.)) to triple-'B' from
triple-'B'-plus.

The outlook is developing.

At the same time, Standard & Poor's lowered its insurer financial
strength and counterparty credit ratings on La Suisse, Societe
d'Assurances sur la Vie (La Suisse Vie) to triple-'Bpi' from
single-'Api'.

"The ratings of Swiss Life (U.K.) and La Suisse Vie previously
benefited from their membership of and importance to the Swiss
Life group," said Standard & Poor's credit analyst Carolyn
Rajaratnam. "The downgrades reflect Standard & Poor's opinion
that Swiss Life (U.K.) and La Suisse Vie are no longer
strategically important to the Swiss Life group and follow from
the strategy update announced by Schweizerische
Lebensversicherungs und Rentenanstalt AG (Swiss Life)
(A/Negative/--) on Sept. 18, 2002."

Following a review, Swiss Life has identified which of its
operating entities are no longer regarded as core to the group.
Swiss Life has also publicly indicated its desire to divest
itself of noncore operations over the longer term. The stand-
alone characteristics of Swiss Life (U.K.) and La Suisse Vie,
however, remain unchanged. The ratings and outlooks on other
subsidiaries of Swiss Life are unchanged.

The ratings on Swiss life (U.K.) reflect its good capitalization,
its leading position in the U.K. life protection market, and
satisfactory earnings. The company's lack of diversification by
sector and distribution partially offset these attributes.

"The developing outlook on Swiss Life (U.K.) reflects the
possibility that the ratings could be raised if Swiss Life (U.K.)
was purchased by a higher-rated entity and the purchase was
coupled with sufficient evidence of stronger parental support,"
said Ms. Rajaratnam. "A weakening of Swiss Life (U.K.)'s stand-
alone financial security characteristics resulting from reduced
support from the existing parent, however, could lead to the
ratings on Swiss Life (U.K.) being lowered."

CONTACT:   Standard & Poor's, New York
           Carolyn Rajaratnam, London
           Phone: (44) 20-7847-7050
           Paul Waterhouse, London
           Phone:(44) 20-7847-7084


ZURICH FINANCIAL SERVICES: To Defer India Insurance Joint Venture
-----------------------------------------------------------------
Zurich Financial Services has decided to defer its plans to
establish new life and non-life insurance joint ventures in
India. The decision does not affect Zurich's asset management
business, risk management operations and U.K. call center
facility in India.

James J. Schiro, Chief Executive Officer of Zurich Financial
Services, said, "This decision has to be seen in light of our
recently announced strategy to allocate our capital to core
markets in order to generate sustained profitable growth. The
sharpened focus requires us to implement tough decisions, but I
know they are in the interest of putting Zurich back on track of
sustained and profitable growth."

Sandy Leitch, Chief Executive Officer of the Business Division
United Kingdom, Ireland and Southern Africa / Asia Pacific,
added, "Given our strategic focus, deferring entry at this point
is the right decision. I have no doubt that, over the long term,
India will be an important insurance market; and we will be
reviewing our future entry options."

The Zurich Financial Services Group is an insurance-based
financial services provider with an international network that
focuses its activities on its key markets of North America, the
United Kingdom and Continental Europe. Founded in 1872, Zurich is
headquartered in Zurich, Switzerland. It has offices in
approximately 60 countries and employs more than 70,000 people.

CONTACT:  Zurich Financial Services, Media and Public Relation
          8022 Zurich, Switzerland
          Phone: +41 (0)1 625 21 00
          Fax: +41 (0)1 625 26 41
          Home Page: http://www.zurich.com


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


BIOCOMPATIBLES INT'L: Notifiable Interest in Ordinary Share
-----------------------------------------------------------
Biocompatibles International plc was advised that Commerzbank AG
no longer holds a notifiable interest in the ordinary share
capital of the Company.


BIOCOMPATIBLES INT'L: Lehman Bros. Holds 7.23% Share Capital
------------------------------------------------------------
The Company was advised on September 19, 2002, pursuant to
Section 198 of the Companies Act 1985, that as at close of
business on 17 September 2002 Lehman Brothers International
(Europe) had an interest in 3,210,604 ordinary shares in the
Company representing 7.23% of its issued share capital.


BRITISH ENERGY: Investors Proposes Help to Avoid Administration
---------------------------------------------------------------
A number of British Energy bondholders, including Gartmore
Investment Managers and Barclays Global Investors, are willing to
subscribe to new bonds to save the company from administration,
the Financial Times says.  Investors proposed to secure the bond
offering on some of the company's assets.

Institutional shareholders also signed in to invest more money to
save the group, despite the fact that such move would dilute
their original stake. The enthusiasm raised the nuclear
generator's share price to 9 1/2 p from 3 1/2 p on Friday.

The bondholders would also consider providing short-term
liquidity to the company once the government agrees to some of
the company's request, including the exemption from climate
change levy, a reduction in nuclear fuel reprocessing charges by
state-owned BNFL, and a cut in local authority rates.

Other investors, on the other hand, warned to withdraw support on
other government projects if the nuclear generator, which
supplies one-fifth of U.K.'s power needs, goes into
administration.

Shareholders and bond investors are foreseen to lose most, if not
all of their investment if the British Energy collapsed.

British Energy, which has GBP400 million in outstanding bonds,
has hired Citigroup as one of its financial advisors.

CONTACT:  BRITISH ENERGY PLC
          3 Redwood Crescent, Peel Park
          East Kilbride, Strathclyde G74 5PR, United Kingdom
          Phone: +44-135-526-2000
          Fax: +44-135-556-5656F
          Home Page: http://www.british-energy.com


BRITISH ENERGY: Obtains Two Months Extension on Emergency Loan
--------------------------------------------------------------
The UK government agreed in principle to give British Energy two
months extension for the latter's EUR410 (US$637 million)
emergency loan which expires on Friday, the Financial Times
reports.

British Ministers opted to extend the credit as talks on the fate
of the nuclear generator sided against administration.  The
ministers believed the costs of such move would outweigh the
burden to taxpayer, the report says.

No final decision has yet been reached, however, says a
government insider.

Sources said that improved flow of information from the company
had eased frustration in the nuclear generator. Government
officials have also been encouraged by the support of
shareholders and bondholders on the restructuring of the company
to avoid administration.

Bondholders said earlier they would form a committee to discuss
financing options if the government extended its emergency credit
beyond September 27.

The nuclear generator is currently negotiating the future of the
company with the government. In a an interview with Financial
Times, Brian Wilson, the country's energy ministry, said "The
question remains whether there is any logic in allowing the
nuclear industry to fade away in the U.K. at exactly the time we
are trying to increase our non-carbon sources of electricity
generation. I don't think it makes any sense."

Meanwhile, the Financial Services Authority said it would
continue its investigation on British Energy after it was found
out that the company ignored advice from its broker ABN Amro to
inform the market of its problems for two days.

FSA is currently investigating British Energy's disclosures as
the company had assured investors its finances are sound just
three weeks before it sought government help.

According to a British Energy official, it is understood that the
problems were not immediately reported as the company was still
waiting for a decision from British Nuclear Fuels on a fuel
reprocessing deal and had spent a day in discussion with
ministers.


CONTACT:  BRITISH ENERGY PLC
          3 Redwood Crescent, Peel Park
          East Kilbride, Strathclyde G74 5PR, United Kingdom
          Phone: +44-135-526-2000
          Fax: +44-135-556-5656
          Home Page: http://www.british-energy.com


BRITISH ENERGY: Government Aid Illegal Under EU Law, Says Source
----------------------------------------------------------------
The GBP410-million government bailout for British Energy was
illegal under European Union law, says a source within the
European Commission.

According to a Dow Jones report, the source said the loan was
illegal on grounds that it was given without first notifying the
European Union.

The source however said, "The illegality of the (initial) loan
doesn't mean that we will have to rule that the rescue and
restructuring package overall is considered incompatible (with
E.U. state aid rules)".

The source also said that the EU will decide to approve the loan
within the next two months, although it remains that the nuclear
generator should repay the amount within six months to avoid
going into administration.

"We could only impose repayment of the loan before six months if
we conclude that the package is incompatible," he added.

Going into administration is the only way for the nuclear
generator to tap more assistance in case they cannot repay the
loan within six months.

He also disclosed that the commission is beginning to examine if
the U.K.'s plans do not violate EU laws on state aid.

Meanwhile, industry sources say the nuclear operator has
appointed Schroder Salomon Smith Barney as adviser in its
negotiations with the U.K. government, although a spokeswoman for
the company refused to confirm or deny the reports.


BRITISH ENERGY: Notification of Major Interests in Shares-FIL
---------------------------------------------------------
Name of company: British Energy Plc
Name of shareholder having a major interest: Findelity
Internaitonal Limited (FIL)
Number of shares/ amount of stock acquired: 13,420,000
Percentage of issued class: 2.16
Class of security: 44 28/43p ordinary shares
Date company informed: Sept 18 2002
Total holdig following this notification: 56, 980, 355
Total percentage holding issued class following this
notification: 9.19%
Name of contact and telephone number for queries
PAUL HEWARD
01355 262201
Name and signature of authorised company official responsible for
making this notification: PAUL HEWARD
Date of notification: 20 SEPTEMBER 2002

REGISTERED/NOMINEE NAME     MANAGEMENT COMPANY          SHARES
HELD

CHASE NOMINEES LTD           FISL
15,629,968
CHASE MANHATTAN BANK LONDON  FISL
1,615,370
CHASE NOMINEES LTD           FPM                          943,000
MSS NOMINEES LTD             FIL
30,439,181
CHASE NOMINEES LTD           FIL                          920,636
CHASE MANHATTAN BANK LONDON  FIL                          411,100
HSBC CLIENT HOLDINGS NOMINEE
(UK) LIMITED                 FIL                          315,100
BANK OF NEW YORK LONDON      FIL
6,706,000

CONTACT:  BRITISH ENERGY PLC
          3 Redwood Crescent, Peel Park
          East Kilbride, Strathclyde G74 5PR
          United Kingdom
          Phone: +44-135-526-2000
          Fax: +44-135-556-5656
          Home Page: http://www.british-energy.com


BRITISH ENERGY: Notification of Major Interests in Shares
---------------------------------------------------------
Name of company: British Energy Plc
Name of shareholder having a major interest: UBS Global Asset
Management
Class of Security: 44 28/43p ordinary shares
Date company informed: 18 SEPTEMBER 2002
Any additional information:  British Energy were advised on 18
September 2002 that UBS Global Asset Management (Uk) Ltd, UBS
Global Asset Management Life Ltd, UBS Global Asset Management
International Ltd and their holding company global asset
management holding (no 2) ltd no longer have a notifiable
interest in the ordinary 44 28/43p share capital of British
Energy
Name of Contact and telephone numbers for queries:
Paul Heward
Tel: 01355 262201
Name and signature of authorised company official responsible for
making this notification: Paul Heward
Date of notification:  September 20 2002

CONTACT:  BRITISH ENERGY PLC
          3 Redwood Crescent, Peel Park
          East Kilbride, Strathclyde G74 5PR
          United Kingdom
          Phone: +44-135-526-2000
          Fax: +44-135-556-5656
          Home Page: http://www.british-energy.com


GLOBAL CROSSING: Details About New Senior Secured Notes
-------------------------------------------------------
Global Crossing North America Inc., will issue US$200,000,000 of
New Senior Secured Notes, guaranteed by New Global Crossing, on
the Effective Date of the company's proposed chapter 11 plan of
reorganization.  The notes will mature on the third anniversary
of the Effective Date. Interest will accrue at 11% per annum and
will be paid semi-annually.  The New Senior Secured Notes will be
equal in right of payment with the working capital facility and
senior in right of payment to all other indebtedness of New
Global Crossing and its material subsidiaries.  The New Senior
Secured Notes will be secured by a first priority lien on the
stock and assets of two Global Crossing subsidiaries that are not
Debtors in these chapter 11 cases -- GCUK and Global Marine
Systems Limited.

In addition, proceeds from any sale of those subsidiaries will
trigger an acceleration of the redemption of the New Senior
Secured Notes to the extent of any such proceeds. To the extent
proceeds of any such sales are other than cash, such proceeds
will be substituted for the collateral.  Payment of the New
Senior Secured Notes will also be secured by a lien on all the
other assets of New Global Crossing and its material
subsidiaries, junior only to the liens securing the working
capital facility.  GCNA may redeem the New Senior Secured Notes,
plus accrued and unpaid interest, at any time without penalty or
premium. In the event of a change of control, New Global Crossing
will be obligated to offer to redeem the New Senior Secured Notes
at a premium of 101% of outstanding principal plus accrued and
unpaid interest.

The New Senior Secured Notes will be issued under an indenture
qualified under the Trust Indenture Act of 1939.  The indenture
will include covenants and events of default that are customary
for high-yield senior note issuances.  These covenants will
include:

(i) limitations on the indebtedness of New Global Crossing,
payments to equity holders (including the Investors),
investments, and sale and leaseback transactions,

(ii) restrictions on asset sales, consolidations, and mergers,
and

(iii) limitations on granting additional liens.

The covenants will permit a working capital facility of up to
US$150,000,000, secured by a first lien on the assets of New
Global Crossing (other than equity in and assets of GCUK and
Global Marine Systems Limited).  The covenants will also have
customary exceptions, baskets, and carve-outs.


GLOBAL CROSSING: Details About New Preferred Stock
--------------------------------------------------
New Global Crossing, under the company's proposed plan of
reorganization, will be authorized to issue 45,000,000 shares of
New Preferred Stock.  New Global Crossing will issue 18,000,000
shares of New Preferred Stock as well as 6,600,000 shares of New
Common Stock, to STT and Hutchison in consideration for their
investment in New Global Crossing.  The New Preferred Stock will
accumulate dividends at the rate of 2% per annum. Those dividends
will be payable in cash after New Global Crossing and its
subsidiaries (other than Asia Global Crossing, and Global Marine
Systems Limited, and their respective subsidiaries) achieve
cumulative Service EBITDA of US$650,000,000.

The New Preferred Stock will have a liquidation preference of
US$10 per share (for an aggregate liquidation preference of
US$180,000,000).  The New Preferred Stock will rank senior to all
other capital stock of New Global Crossing, provided that any
distribution to shareholders following a disposition of all or
any portion of the assets of New Global Crossing will be shared
pro rata by the holders of New Common Stock and New Preferred
Stock on an as-converted basis.  Each share of New Preferred
Stock is convertible into one share of New Common Stock at the
option of the holder.

The New Preferred Stock will vote on an as-converted basis with
the New Common Stock, but will have class voting rights with
respect to any amendments to the terms of the New Preferred
Stock.  As long as an Investor beneficially owns a certain
minimum percentage of the outstanding New Common Stock, the
approval of such Investor will be required for certain major
corporate actions of New Global Crossing and/or its subsidiaries.
Those corporate actions include:

(i) the appointment or replacement of the chief executive
officer,

(ii) material acquisitions or dispositions,

(iii) mergers, consolidations or reorganizations,

(iv) issuance of additional equity securities (other than
enumerated exceptions),

(v) incurrence of indebtedness above specified amounts,

(vi) capital expenditures in excess of specified amounts,

(vii) the commencement of bankruptcy or other insolvency
proceedings, and

(viii) certain affiliate transactions.


GLOBAL CROSSING: Details About New Common Stock
-----------------------------------------------
Under its proposed chapter 11 plan of reorganization, New Global
Crossing will be authorized to issue 55,000,000 shares of New
Common Stock:

-- 22,000,000 shares of New Common Stock will be issued as of the
Effective Date and distributed to holders of claims in
Classes C, D, E, and F, as well as to STT and Hutchison;

-- 18,000,000 shares will be reserved for the conversion of the
18,000,000 shares of New Preferred Stock; and

-- 3,478,261 shares will be reserved for the exercise of options
or other stock-based awards granted under the
Management Incentive Plan.

The balance of the shares will be available for general corporate
purposes.  The capitalization for New Global Crossing
as of the Effective Date before giving effect to the exercise of
any options granted pursuant to the Management Incentive Plan:

Holder                     Number of Shares           Percentage
------                     ----------------           ----------
Lender Claims              2,400,000 (New Common Stock)    6.00%
GC Holdings Notes Claims   9,820,200 (New Common Stock)   24.55%
GCNA Notes Claims          1,656,200 (New Common Stock)    4.14%
General Unsecured Claims   1,523,600 (New Common Stock)    3.81%
STT                        3,300,000 (New Common Stock)   30.75%
                            9,000,000 (New Preferred Stock)
Hutchison                  3,300,000 (New Common Stock)   30.75%
                            9,000,000 (New Preferred Stock)


Total                     40,000,000 (all shares)        100.00%

Management (options)       3,478,261                       0.00%
                            (options - New Common Stock)

The by-laws of New Global Crossing will contain special
protections for minority shareholders, including limitations on
transactions with the Investors or their affiliates, certain pre-
emptive rights, certain rights to receive financial
information, and certain obligations of the Investors, or certain
other third parties, to offer to purchase shares of New
Common Stock held by the creditors under certain circumstances.
Certain of these rights expire when the New Common Stock is
listed.


GLOBAL CROSSING: Plan Creates Litigation Trust for Creditors
------------------------------------------------------------
Under the Purchase Agreement that's a cornerstone of Global
Crossing's proposed chapter 11 plan, substantially all the assets
of GCL and GC Holdings will be transferred to New Global
Crossing.  The assets that are excluded from that transfer will
be used, among other things, to make the cash distributions
required by the Plan, including for payments required to cure
defaults under executory contracts assumed by the Debtors.  A
portion of the Debtors' cash and certain claims or causes of
action against third parties will be transferred to the
Liquidating Trust for the benefit of creditors holding allowed
claims in Classes C, D, E, and F.

One of the purposes of the Liquidating Trust will be to reduce
those claims or causes of action to cash through litigation,
settlement, or otherwise and distribute the proceeds to holders
of claims in those classes.  The Debtors will transfer these
assets to the Liquidating Trust or the Estate Representative:

-- [$______] of the funds on deposit in a Bermuda account,
which currently holds $13,000,000, under the control of
the JPLs;

-- the interests of the Debtors in the employee pension plan
that is the subject of an adversary proceeding brought by
Citizens Communications;

-- US$7,000,000 to cover the post-Effective Date costs of
administering the Debtors, the Chapter 11 cases, the costs of
administering the Bermuda restructuring cases (including the
expenses of the JPLs), and the costs of prosecuting certain
claims of the Debtors against third
parties (any portion of this amount not needed for these purposes
at the time of dissolution of the Liquidating Trust, must be
transferred to New Global Crossing and may not be distributed to
holders of beneficial interests in the Liquidating Trust);

-- certain rights, credits, claims, or causes of action against
third parties for preferences, fraudulent transfers, and other
causes of actions or rights to setoff belonging to the Debtors,
whether arising under the laws of the United States, the
individual States, or Bermuda.

The claims against third parties will not include claims relating
to or involving:

(A) any current or future supplier, vendor or customer of New
Global Crossing or its subsidiaries,

(B) any current or future officer, director or employee of New
Global Crossing or any of its subsidiaries so long as they are
employed by such entity or would otherwise be entitled to
indemnification or reimbursement from any such entity for such
Claim,

(C) any other Person against whom, the making or assertion of any
Claim would be reasonably likely to have a material adverse
effect on New Global Crossing and/or its subsidiaries or would
materially interfere with the conduct of the business of New
Global Crossing and/or its
subsidiaries or would be reasonably likely to create any
Liability of New Global Crossing or its subsidiaries; and

(D) the Investors or any of their respective affiliates and
advisors.

The Estate Representative, as a representative of the Debtors
after the Effective Date, may use such claims as a defense or
counterclaim to any proof of claim asserted in the Chapter 11
case by such third parties.  The Investors will determine which
officers, directors, employees, suppliers, vendors, or customers
are "current" or "future" pursuant to the method set forth in the
definition of "Assets" in the Purchase Agreement, and such
definition of assets will specifically exclude any other claims
against individuals specifically agreed to in writing among the
holders of the Lender Claims, the Creditors Committee and the
Investors. (Global Crossing Bankruptcy News, Issue No. 22;
Bankruptcy Creditors' Service, Inc., 609/392-0900)


INVENSYS: Notification of Major Interests in Shares
----------------------------------------------------
Name of company: Invensys plc
Name of shareholder having a major interest: Barclays PLC
Name of the registered holder(s) and, if more than one holder,
the number of shares held by each of them:

ALMIXFTTL-18408-Chase Manhattan             519,216
ASUKEXTTL-20947-Chase Manhattan          16,830,800
Bank of Ireland                             947,361
Barclays Capital Nominees Limited           233,680
Barclays Trust Co & Others                    1,241
Barclays Trust Co as Exec/Adm                 4,534
Barclays Trust Co DMC69                      42,643
Barclays Trust Co R69                        54,873
BLEEQTTTL-17011-Chase Manhattan              53,347
BLENTFUKQ-16344-Chase Manhattan               4,036
BLENTPUKQ-16345-Chase Manhattan              56,192
BLEQFDUKQ-16331-Chase Manhattan           1,097,425
BLEQPTUEA-16341-Chase Manhattan              15,919
BLEQPTUKQ-16341-Chase Manhattan           3,074,064
BLINTNUKQ-Z1AJ-dummy                        186,087
BLINTPUKQ-16342-Chase Manhattan             365,185
BLUKINTTL-16400-Chase Manhattan          38,493,061
Boston Safe Deposit & Trust                 856,319
Chase Manhattan Bank                     31,008,721
CHATRKTTL-16376-Chase Manhattan             873,911
Clydesdale Nominees HGB0125                  12,935
Investors Bank and Trust Co.              3,910,740
JP Morgan Chase Bank                      3,877,557
Mitsubishi Trust International               29,310
Northern Trust Bank - BGI SEPA              973,157
State Street                                 82,885
State Street Bank & Trust                 3,547,952
Sumitomo TB                                  11,927
Swan Nominees Limited                        34,360
Zeban Nominees Limited                      130,956

Class of security: Ordinary shares of 25p each
Date of transaction: September 16 2002
Date company informed: September 19 2002
Total holding following this notification: 107,330,394
Total percentage holding of issued class following this
notification: 3.07%
Name of contact and telephone number for queries:
Victoria Scarth
Senior Vice President
Corporate Marketing and Communications
Tel: 020 7821 3712
Name of company official responsible for making this
notification:
Emma Sullivan
Assistant Secretary
Date of notification: September 19 2002

Contact Information:
Victoria Scarth
Phone: 011-44-20-7821-3712
Taylor Rafferty/Brian Rafferty
Phone: 212/889-4350


MOTHERCARE:  Appoints New Chief Executive and Chairman
------------------------------------------------------
Mothercare announced that it has appointed Ben Gordon as the new
Chief Executive.  Ben Gordon will take up the role later this
year.

Ben Gordon (43) joins the Company from The Walt Disney Company,
where he was Managing Director, Disney Store - Europe & Asia
Pacific, based in London.  Prior to that, Ben held senior
management roles at WH Smith PLC and L'Oreal SA.

During his career to date, Ben Gordon:

* successfully led the growth of Disney Store in Europe,
significantly improving profitability over the last three years,

*  increased profitability of WHSmith Europe Travel Retail, which
comprises stores at stations and airports, through an extensive
refurbishment program and the successful integration of part of
John Menzies' store portfolio, acquired by WHSmith in 1998.

Commenting today, Ian Peacock, Non-executive director,
Mothercare, said:

'We are delighted that Ben Gordon is joining Mothercare.  Ben is
a highly skilled retailer and marketeer with an excellent track
record of addressing underperformance and building businesses. We
look forward to working with him to turn the business around and
to deliver sustained growth over the longer term.'

Commenting also, Ben Gordon, said:

'This is a great opportunity as I believe in the fundamental
strength of the Mothercare brand. While I do not underestimate
the challenge ahead, I look forward to driving the recovery and
ensuring the brand realises its full potential for customers and
shareholders alike.'

Mothercare also announces that Ian Peacock, who was appointed
Non-executive director in August 2002, will take up the role of
Chairman on 1 November 2002.

In addition, Mark McMenemy will relinquish his role as interim
Chief Executive, which he has held since the departure of Chris
Martin in July 2002.

A trading update will be issued on 15 October 2002 following the
end of the first half of the financial year.


CONTACT: Brunswick
         Tel:020 7404 5059
         Susan Gilchrist
         Tel:07974 982 301

Notes

1. Ben Gordon
2000 -  Managing Director, Disney Store - Europe and Asia Pacific
to date Responsible for 130 stores in the UK, France, Italy,
Spain, Hong Kong and Australia and approximately 3,500 employees

Successfully grew the business and increased profitability over
three years

1998 - Managing Director, WHSmith Direct and Member of Executive
Committee

-99
Developed WHSmith.co.uk

1998-99 Managing Director, WHSmith Europe Travel Retail

        Implemented refurbishment programme

        Integrated part of John Menzies' store portfolio into the
Travel
        Retail business, following acquisition in 1998

1995-97 Chief Operating Officer, WHSmith Inc. Atlanta

        Responsible for Hotel Retail division

        Successfully developed new markets

1993-95 Senior VP, Marketing & Buying, WHSmith Inc. Atlanta

        Led the team which won a major retail contract at Los
Angeles airport

        Developed specialty brands for both the US airport and
hotel divisions

1990-93 Corporate Development Manager, WHSmith Group

1989-90 Senior Product Manager, Ambre Solaire - L'Oreal SA

1988-89 Product Manager, Lancome Skincare, Paris - L'Oreal SA

1984-87 Project Manager, Costain International

1982-84 Graduate Engineer, Binnie & Partners


2. Ian Peacock

Current  Non-executive Chairman of MFI Roles
         Non-executive director of i-document systems

         Non-executive director of Lombard Risk Management

         Non-executive director of Norwich and Peterborough
Building Society

Previous

A number of senior management positions in the banking industry
in roles London, New York and Asia including BZW and Kleinwort
Benson.

From 1998 to 2000, Ian Peacock was a special adviser to the Bank
of England


PPL THERAPEUTICS: Directors Shareholding
-----------------------------------------
The company was informed on September 19, 2002 that Christopher
Greig, Non-Executive Chairman, purchased 172,000 Ordinary shares
of 50p each in the company at 6.75p per share on 16 September
2002.

Contact Information:

Geoff Cook
Chief Executive Officer
PPL Therapeutics plc
Telephone: 020 7796 4133 16
Website: www.ppl-therapeutics.com/


RAILTRACK GROUP: Notice of Annual General Meeting on Oct. 18
------------------------------------------------------------
Notice is hereby given that the annual general meeting (AGM) of
Railtrack Group PLC will be held at 11.30 a.m. on Friday, 18
October 2002 at Wembley Conference Centre, EmpireWay,Wembley HA9
0DWfor the following purposes:

Resolutions - Ordinary business
1) To receive the report of the directors and the accounts for
the year ended 31March 2002 and the auditors' report thereon.

Note: For each financial year the directors are required to lay
the audited accounts, the directors' report and the auditors'
report before the Company in general meeting. Once the resolution
to receive the accounts has been proposed and before a vote is
taken, the chairman will invite questions from shareholders on
the accounts.

To re-appoint directors
2) To re-appoint Mr Geoffrey Howe,who retires having been
appointed since the lastAGM, as a director of the Company.
3) To re-appointMr Simon Osborne,who retires having been
appointed since the last AGM, as a director of the Company.

Note: Article 82 of the company's articles of association states
that any person appointed (or re-appointed) by the board to be a
director since the last AGM shall hold office only until the next
AGM and shall then be eligible for reappointment. Mr Geoffrey
Howe and Mr Simon Osborne have been appointed by the board since
the last AGM. They therefore retire, and, being eligible, offer
themselves for re-appointment pursuant to resolutions 2 and 3
respectively. Biographical details of the directors proposed for
re-appointment are given on page 11 of the annual report and
accounts for the year ended 31 March 2002.

To re-elect directors
4) To re-elect Mr Jonathan Bloomer, who retires by rotation, as a
director of the Company.
5) To re-elect Mr Victor Cocker, who retires by rotation, as a
director of the Company.

Note: Article 91 of the Company's articles of association states
that directors must retire and submit themselves for re-election
at least every three years or at least once in every three annual
general meetings, whichever is the longer. Mr Jonathan Bloomer
and Mr Victor Cocker retire and submit themselves for re-election
accordingly.
Biographical details of the directors proposed for re-election
are given on page 11 of the annual report and accounts for the
year ended 31 March 2002.

To re-appoint auditors
6) To re-appoint Deloitte & Touche as the Company's auditors and
to authorise the directors to determine their remuneration.

Note: At each AGM, the Company is required to appoint auditors to
serve until the next such meeting. The Company's present
auditors, Deloitte & Touche, have said that they are willing to
continue in office for a further year. Resolution 6 proposes
their re-appointment and that, in accordance with normal
practice, the directors be authorised to agree their fees.

By order of the Board
Simon Osborne
Secretary
19 September 2002
Registered Office
20-22 Bedford Row, LondonWC1R 4JS
Registered in England and Wales No. 2904614
Notice of Annual General Meeting

To view complete details of the announcement, refer to this link:
http://bankrupt.com/misc/railtrack.pdf

CONTACT: Geoffrey Howe, Chairman
         David Harding, Chief Executive
         Sue Clark, Director of Corporate Affairs
         Railtrack Group
         Tel: 020 7544 8435 / 07850 285471
         Home page: http://www.railtrack-group.co.uk


RAILTRACK GROUP: Announces Annual Report and Accounts
-----------------------------------------------------
Annual Report and Accounts
Year ended 31 March 2002
RAILTRACK GROUP PLC

The financial year, which is the subject of this Annual Report
and Accounts was a period of unprecedented challenge for any
public company. Your Board set out in detail, in last year's
Report, the risks and uncertainties facing the business and the
measures being taken to reduce the risk profile of the company.

As part of this strategy, during the summer of 2001, the Group
held a series of meetings with HM Government with a view to
agreeing a more effective regulatory framework and a better way
to finance the massive amounts of investment required to deliver
a safer, more reliable
railway. These meetings were held in good faith and the proposals
put forward were designed to maximise the amount of long-term
finance available from the private sector while protecting
Shareholders and offering value for money for the taxpayer and an
improved service for the travelling public.

Regrettably, in October, HMGovernment chose not to pursue these
proposals but instead to place the Group's main subsidiary,
Railtrack PLC, into Administration, with no compensation for
Shareholders.

Since that time, your Board has fought a vigorous campaign to
show that Administration was not justified and to fight for fair
compensation. Towards the end of the financial year these actions
bore fruit when offers were received for the Group's principal
assets.

Because Accounting Standards require assets to be stated at the
lower of cost or ''realisable value'', the accounts include an
exceptional write down of GBP1.99 billion in respect of the book
value of Railtrack PLC. As a result the Group has reported an
accounting loss of GBP1.77 billion.

Nevertheless, the Group ends the year with a reasonable prospect
of being able to return capital to Shareholders, which the Board
currently estimates will be between 245-255 pence per share.
Assuming the satisfaction of certain conditions, the Board
believes the first installment of between 160-180 pence per share
will be paid by early January 2003.

This year has not been a happy experience for Shareholders,
employees and many others connected with the business. The Board
thanks you for your support through this difficult time.

Geoffrey Howe
Chairman
David A Harding
Chief Executive

To view complete report and balance sheet, refer to this link:
http://bankrupt.com/misc/railtrack2.pdf


CONTACT: Geoffrey Howe, Chairman
         David Harding, Chief Executive
         Sue Clark, Director of Corporate Affairs
         Railtrack Group
         Tel: 020 7544 8435 / 07850 285471
         Home page: http://www.railtrack-group.co.uk


SCIPHER: Develops Optical Telecommunications Switching Technology
-----------------------------------------------------------------
Scipher plc the technology development and licensing company, is
pleased to announce that it has entered into an agreement with
Optogone S.A. of France, to jointly develop a range of advanced
optical routing devices for the telecommunications industry.

The new devices will be based on Scipher's liquid crystal on
silicon (LCOS) microdisplay technology to provide more efficient
data routing in fibre-optic communications systems.

The agreement represents one of the first initiatives worldwide
to develop and promote a family of LCOS devices, to provide an
all-optical solution for signal routing in the next generation of
dynamic metro and long-haul wavelength division multiplexing
networks.

Optogone, who will be incorporating the technology into new
optical switching products, believe the systems will provide
greater reliability, increased functionality and be more compact
than devices currently available on the market.

Scipher's displays business, CRL Opto Limited, will be developing
the technology based on its high resolution ferroelectric liquid
crystal on silicon microdisplays. Scipher's current microdisplay
technology is designed to display visible light for use in
projectors, rear projection TVs and headmounted displays
products. The new optical switching device will be tuned to
operate at the infra-red wavelengths used in optical
communications.

CONTACT: Scipher plc
         Dawley Road
         Hayes
         Middlesex
         UB3 1HH
         Tel: +44 (0)20 8848 6444
         Fax: +44 (0)20 8848 6677
         Email: ir@scipher.com
         Web site:  http://www.scipher.com/


UNIQ: Releases Trading Update
-----------------------------
In common with many U.K. listed companies Uniq Plc, the Pan-
European Chilled Food Group, intends to give a pre-close update
prior to the close of its half and full year periods.

Since the trading statement given at the time of the Annual
General Meeting on July 25th 2002 sales trends have improved and
are now ahead of last year.  The cumulative sales of the
continuing Group for the five months to the end of August are now
ahead of last year on a constant currency basis, and this
improvement has been enhanced in our Continental businesses by a
strengthening of the Euro relative to Sterling.

Northern Europe trading is ahead of last year.  Within Southern
Europe, the performance of our Marie St-Hubert business continues
to recover with the chilled division helping sales move ahead of
prior year levels.  In the UK, the Uniq Prepared Foods division,
now including the St Ivel desserts business, has continued to
perform strongly.

The St Ivel Yogurts and Spreads businesses have performed in line
with prior year overall.  Following the successful completion of
the St Ivel yogurts sale to Danone we continue to progress the
sale of St Ivel Spreads.  As indicated when we announced these
disposals, it remains our expectation that net debt will fall to
below the GBP100m target for 31st March 2003.

As well as an improvement in sales, the phasing of more of our
cost efficiency initiatives than anticipated into the year to
date performance, more than offset trade pressure and an
increased investment in marketing.  As a result, the improving
trend in operating profit, that started with an 8 percent
improvement in quarter four 2001/02, will be maintained for the
third consecutive quarter.

Uniq will be reporting Interim Results on November 11, 2002

CONTACT: Martin Beer
         Uniq Financial Director
         Tel: 0207 554 1400(23.9.02 only)
         Deborah Walter, Gavin Anderson
         Tel: 0207 554 1420


WIGGINS GROUP: Director Dealings
--------------------------------
Name Of Company: Wiggins Group Plc
Name Of Director: Christopher Kenneth Foster
Number of shares/amount of stock acquired: 1,000,000
(0.1%)of issued Class
Class of security: 1p ordinary
Price per share: 2.87p
Date of transaction: September 19 2002
Date company informed: September 20 2002
Total holding following this notification: 3,146,982
Total percentage holding of issued class following this
notification: 0.32%
Date of Notification: September 20 2002

Contact Information:

Mr Tony Freudmann
Telephone: +44.171.495.86.86
Fax: +44.171.493.01.89
E-mail: afreudmann@wigginsplc.demon.co.uk


WIGGINS GROUP: Directors Dealings by Lady Delves Broughton
-----------------------------------------------------------
Name of company: Wiggins Group Plc
Name of director: Lady Delves Broughton
Number of shares/amount of stock acquired: 1,000,000
Class of security: 1p ordinary
Price per share: 4.5P
Date of transaction: September 3 2002
Date company informed: September 4 2002
Total holding following this notification: 2,045,380
Total percentage holding of issued class following this
notification:
0.2%
Name and signature of authorised company official responsible for
making this notification: L G Inwood - Secretary
Date of Notification: September 4 2002

Contact Information:

Mr Tony Freudmann
Telephone: +44.171.495.86.86
Fax: +44.171.493.01.89
E-mail: afreudmann@wigginsplc.demon.co.uk


WIGGINS GROUP: Directors Dealings by Christopher Kenneth Foster
--------------------------------------------------------------
Name Of Company: Wiggins Group Plc
Name Of Director: Christopher Kenneth Foster
Number of shares/amount of stock acquired: 250,000
Class of security: 1p ordinary
Price per share: 4.375p
Date of transaction: September 4 2002
Date company informed: September 4 2002
Total holding following this notification: 2,146,982
Total percentage holding of issued class following this
notification: 0.22%
Name and signature of authorised company official responsible for
making this notification:  L G Inwood - Secretary
Date of Notification: Sept 4 2002

Contact Information:

Mr Tony Freudmann
Telephone: +44.171.495.86.86
Fax: +44.171.493.01.89
E-mail: afreudmann@wigginsplc.demon.co.uk


WORLDCOM: Integral Seeks Stay to Pursue Oklahoma Action
-------------------------------------------------------
Eric M. Rueben, Esq., informs Judge Gonzalez that Integral
Communications Inc., is in the business of buying
telecommunications capacity from companies, including Worldcom
Inc., and its debtor-affiliates, on a wholesale basis and
reselling capacity to third parties.  For almost two years, the
Debtors provided telecommunications services and blocks of
communications capacity called Carrier Termination/Origination
services to Integral on a wholesale basis.  During that time
period, Integral received a number of invoices charging retail
instead of wholesale rates as well as charging for services not
provided to Integral.  Integral disputed those invoices, some of
which were resolved.  Those that were resolved were resolved in
Integral's favor.

According to Mr. Rueben, in late 2000, the Debtors asked Integral
to change account numbers to remedy the billing problems.
However, the Debtors failed to close the old account and on
multiple occasions, invoiced Integral on both accounts for the
same services, some of which were never provided to Integral and
which charged at retail rates.  Integral disputed numerous
invoices, but the Debtors never resolved those outstanding
disputes.

In February 2002, Mr. Rueben recounts that the Debtors demanded
payment from Integral, and threatened to disconnect services.
Integral responded that disconnection would be improper and
unwarranted.  Nevertheless, the Debtors disconnected services to
Integral on February 22, 2002 and failed to provide reasonable
notice of the disconnection.  As a result of the Debtors'
improper and unwarranted disconnection, Integral suffered
substantial losses and expenses, including:

-- refunds and credits Integral had to issue to its customers,

-- expedited installation and overtime charges from alternative
carriers,

-- overtime for Integral personnel,

-- loss of revenues due to customer cancellations, and

-- other losses and expenses.

On March 22, 2002, the Debtors filed a complaint before the State
of Oklahoma alleging breach of contract concerning the disputed
charges and seeking damages exceeding $800,000.  On April 26,
2002, Integral removed the case to the United States District
Court for the Northern District of Oklahoma.  On July 17, 2002,
Integral filed its counterclaims against the Debtors:

-- alleging Federal Communications Act of 1934 violations,
negligence, state law deceptive trade practice act
violations; and

-- seeking restitution for unjust enrichment and declaratory
judgment concerning the Oklahoma Consumer Protection Act.

Integral asked for contractual damages over $1,400,000,
restitution of overpayments exceeding $285,000, and tort and
other damages and interest.

Now, Integral asks the Court to lift the automatic stay in order
to continue prosecution of its counterclaims against MCI
WorldCom Network Services Inc.

Allowing the Oklahoma Action to proceed:

-- would result in a complete resolution of all of the issues
involving the Debtors' claims and Integral's counterclaims;

-- would not interfere with the bankruptcy case;

-- would not prejudice the interest of other creditors; and

-- would be the most expeditious resolution and the one that
comports most with judicial economy.

But if the relief requested were denied, Mr. Rueben says, there
would be a vast negative impact on Integral with little related
harm to the Debtors.

Mr. Rueben assures the Court that the automatic stay does not
affect the Debtors' claims as a plaintiff against Integral in the
Oklahoma Action.  The Debtors have refused Integral's request for
consent to a lifting of the stay in its entirety as to all of
Integral's Counterclaims.  Nevertheless, the same set of
operative and complex facts need only be told a single time in a
single forum to resolve all issues.  "Severe harm would result to
Integral if the Debtors were to proceed with its case against
Integral while shielding itself from liability under Integral's
Counterclaims by use of the automatic stay," Mr. Rueben contends.
This result would be clearly inequitable, and
constitute extraordinary circumstances for lifting the automatic
stay. Little harm, if any, will result in allowing the claims and
counterclaims in the Oklahoma Action to proceed together.
(Worldcom Bankruptcy News, Issue No. 7; Bankruptcy Creditors'
Service, Inc., 609/392-0900)

DebtTraders reports that Worldcom Inc.'s 11.250% bonds due 2007
(WCOM07USA1) are trading between 22.5 and 27. See
http://www.debttraders.com/price.cfm?dt_sec_ticker=WCOM07USA1for
real-time bond pricing.

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

            S U B S C R I P T I O N   I N F O R M A T I O N

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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.

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                  * * * End of Transmission * * *