/raid1/www/Hosts/bankrupt/TCREUR_Public/030120.mbx             T R O U B L E D   C O M P A N Y   R E P O R T E R

                             E U R O P E

                 Monday, January 20, 2003, Vol. 4, No. 13


                              Headlines

* C Z E C H   R E P U B L I C *

UNION BANKA: Italian Owner Increases Demand for Assistance

* F R A N C E *

MANDRAKESOFT: Motions to Reorganize After Series of Losses
SUEZ SA: Completes Sale of Properties in France, Belgium and U.S.
SUEZ SA: Hires Rothschild to Manage Sale of Television Channel
VIVENDI UNIVERSAL: Recaps Asset Disposals for Second Half of 2002
VIVENDI UNIVERSAL: Plans to Put Messier's Apartment for Sale

* G E R M A N Y *

ADAM OPEL: Reduced Sales and Restructuring Costs Result in Losses
GRUNDIG AG: Taiwanese Owner Vows to Keep Grunding Intact
KIRCHMEDIA GMBH: U.S. Demands Review of Saban's Offer to Bid
MOBILCOM AG: German Police Investigates Offices, Founder

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

ASML HOLDING: Announces Second-Half Net Loss of EUR110 Million
IFCO SYSTEMS: Schedules Extraordinary Meeting January 31
O2 NETHERLANDS: Vodafone Withdraws Offer to Acquire Operation

* N O R W A Y *

NORDLANDSBANKEN ASA: Accepts Den norsk Bank's Takeover Offer

* R U S S I A *

VNUKOVO AIRLINES: Moscow Arbitration Court Declares Bankruptcy

* S W E D E N *

GOODJET: Owner Fails on Promise, Files for Bankruptcy
SKANDIA: Presents Sales Results for December 2002

* U N I T E D   K I N G D O M *

ECO-BAT: Standard & Poor's Assigns 'BB-' Credit Ratings
NTL INC.: Date Set for Settlement of When Issued Trading
ROYAL MAIL: DTI Proposes Controversial Bailout Plan


===========================
C Z E C H   R E P U B L I C
============================


UNION BANKA: Italian Owner Increases Demand for Assistance
----------------------------------------------------------
Invesmart, the Italian owner of Czech Union Banka, has increased its demand
for state assistance for the bank from Kc600 million to Kc2 billion, says
Euro OnLine.

"The Italians won't give any money until the government gives some," an
unnamed source said, further commenting that the investor's attitude borders
on blackmail.

Invesmart is also demanding Union Banka to return the Kc65 million it spent
on acquiring the bank.  The financial company took over the majority in
Union group in May 2002, and was allowed entry by the Czech National Bank in
October 2002.

According to a report of TCR-EU in October last year, Invesmart has
requested state assistance in resolving the bank's portfolio of bad loans,
many of which were taken over from failed banks Ekoagrobanka, Banka Skala,
Evrobanka, and Foresbanka.

Union banka has about 100 branches, around 250,000 clients and deposits of
more than CZK 20 billion, approximately CZK1 billion less than the amount
held at the start of the previous year.


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


MANDRAKESOFT: Motions to Reorganize After Series of Losses
----------------------------------------------------------
The liabilities accumulated by MandrakeSoft through a series of quarterly
losses have prompted the company to file for "declaration de cessation des
paiements". The filing, similar to the U.S. Chapter 11-Reorganization, took
place on January 13.

This reorganization of liabilities enables MandrakeSoft to continue its
current operations, which are showing increases in revenue and significant
decreases in expenses. MandrakeSoft's strategic partners are supporting the
company in this process and the MandrakeSoft team is focused on continuing
to deliver high quality services and products to its customers.

Following this filing and with the support of the court via a
court-appointed Administrator, MandrakeSoft will be protected from its
creditors, renegotiate its liabilities and prepare a continuation plan to be
approved by the French Court in the coming months.

Version 9.0 of the product was a success both technically and commercially
and the company is now focused on Version 9.1 which will be announced as
scheduled in April.


SUEZ SA: Completes Sale of Properties in France, Belgium and U.S.
-----------------------------------------------------------------
Suez closed at the end of year 2002 the sale of office properties of total
area of approximately 100 000 m2. Buyers are: GE Real Estate for offices
located in Paris, Axa (Belgium) for those in Brussels.

The transactions are in line with Suez's action plan for 2003-2004. They
amount to about EUR 700 million and are part of the Group's assets disposal
program, which totaled more than EUR4 billion in 2002. Those sales also
reflect the outsourcing policy of large European Groups for property assets.

Suez is an international services group serving industrial, individual, and
municipal customers. SUEZ is world-class player
in each of its businesses: energy and environment. It generated 2001
revenues of EUR 42.4 billion, 87% of which originated in
Europe and North America.

Suez (SZE) is listed on Euronext Paris and Euronext Brussels, as well as on
the Luxembourg, Zurich and New York Stock Exchanges.

It is the only name from its sector represented on every major international
index: the CAC 40, Eurostoxx 50, FTSE Eurotop 100 and MSI Europe (Morgan
Stanley Index).

CONTACT:  SUEZ SA
          Home Page: http://www.suez.com
          Financial analysts,
          Frederic Michelland
          Phone: +331-40-06-66-35

          in Belgium:
          Guy Dellicour
          Phone: +322-507-02-77


SUEZ SA: Hires Rothschild to Manage Sale of Television Channel
--------------------------------------------------------------
Suez SA is selling a 37.5% stake in French television channel M6 and has
hired investment bank Rothschild to manage the spin-off, says a report in CB
newsletter.

Suez's stake is valued at around EUR1.1 billion, but it is believed the
company could sell the holding for a higher amount,
as the channel is very profitable.  M6 is the no.2 television station in
France.

Last week, the management of French utility conglomerate Suez SA announced
plans to sell EUR9 billion (US$9.44 billion) of assets over the next two
years to trim down debts.

A Suez spokesman, however, refused to comment on the report, saying the
company would make no comment "concerning rum ours of asset sales being
made."

The conglomerate, which recently reported a EUR900-million loss, incurred
huge debts through a five-year EUR19-billion acquisition spree under Chief
Executive Gerard Mestrallet.

Shares in the company lost half of their value last year amidst concerns
about its EUR27 billion debt.  About EUR11 billion of
Suez's debt comes due in 2003 and 2004.

Suez, which is the product of a 1997 merger between financial group Cie.
Financiere de Suez and water utility Lyonnaise des
Eaux, operates power, water and waste businesses.

CONTACT:  SUEZ  SA
          16, Rue de la Ville I'Eveque
          75008 Paris, France
          Phone: +33-(0)1-40-06-64-00
          Fax: +33-(0)1-40-06-67-33
          Homepage: http://www.suez.fr
          Contacts:
          Gerard Mestrallet, Chairman and CEO
          Jean Gandois, Vice Chairman

          N M ROTHSCHILD & SONS LIMITED
          New Court, St. Swithin's Lane
          London EC4P 4DU, United Kingdom
          Phone: +44-20-7280-5000
          Fax: +44-20-7929-1643
          Home Page: http://www2.nmrothschild.com/home/


VIVENDI UNIVERSAL: Recaps Asset Disposals for Second Half of 2002
-----------------------------------------------------------------
From July 1 to December 31, 2002, Vivendi Universal concluded transactions
worth E8.2 billion in disposals and debt taken on by the acquirers. At
December 31, 2002, asset sales worth E6.8 billion had been closed and
Vivendi Universal had collected E6.4 billion in cash.


             Asset                 Proceeds   Cash     Remarks
  (% of VU investment held in Asset   from      received
                 sold)                disposal  (gross)
                                      in Em

----------------------------------------------------------------
Vinci                     (6.7%)          291       291   July

----------------------------------------------------------------
Lagardere                 (0.8%)           44        44   July

----------------------------------------------------------------
Echostar                   (10%)        1,066     1,066
December

----------------------------------------------------------------
Vivendi Environnement
December.

Remaining
                                                          20.4%
                         (20.4%)        1,856     1,856
interest.

-----------------------------------------------------------------
B2B/Health                 (25%)          150       150   July

-----------------------------------------------------------------
Vizzavi                    (50%)          143       143   August

-----------------------------------------------------------------
Sithe Energies Inc.        (34%)          323       323
December

-----------------------------------------------------------------

Publishing, excluding
Houghton Mifflin and

Brazilian operations     (100%)        1,198     1,140
December

-----------------------------------------------------------------
Houghton Mifflin          (100%)        1,660     1,250
December

-----------------------------------------------------------------
Other                                      95        95

-----------------------------------------------------------------
Sub-total                               6,826     6,358

----------------------------------------------------------------
Disposals concluded and being                            Telepiu,
finalized                                               Canal+

Technologies,
                                                         Express-

Expansion and
                                        1,403            Comareg

-----------------------------------------------------------------
Total for 2H 2002                       8,229

-----------------------------------------------------------------
Disposals concluded in 2002 and now being finalized are Telepiu (EV of E893
million), Canal+ Technologies (EV of E190 million), Express-Expansion and
Comareg (EV of E320 million).

Vivendi Universal's net book debt (gross debt less cash under French
accounting principles) at December 31, 2002 is expected to be in the order
of E13 billion.

The amount of debt does not include the recent E1 billion issue of notes
redeemable for Vivendi Universal shares, which
represents 7.4% of new shares to be issued at the latest by November 25,
2005. The issue is considered as quasi shareholders' equity.

At June 30, 2002, Vivendi Universal's net book debt (gross debt less cash)
was approximately E35 billion, including approximately E16 billion for
Vivendi Environnement. Vivendi Universal now owns only 20.4% of Vivendi
Environnement, representing 82,486,072 shares. Each of these shares is
subject to a unilateral call option granted by Vivendi Universal that can be
exercised at any time up until December 23, 2004 at a set nominal price of
E26.5.

In addition, Vivendi Universal, in compliance with the decision of the Board
of Directors taken on August 13, 2002, cancelled
20,469,967 shares linked to stock option plans on December 20, 2002 (1.9% of
capital stock). Following this transaction, Vivendi Universal now owns only
0.04% of its own shares. The transaction had no impact on Vivendi
Universal's net debt at December 31, 2002.

As a result, the capital stock of Vivendi Universal comprised 1,068,558,994
units of common stock at December 31, 2002.


VIVENDI UNIVERSAL: Plans to Put Messier's Apartment for Sale
------------------------------------------------------------
Vivendi Universal is planning sell the Manhattan apartment that the company
bought for former chief executive Jean Marie Messier.

Mr. Messier is due to move out by the end of last year and Vivendi plans to
divest the residence on the market this month,
says The Guardian.

The US$17.5 million apartment, thought to symbolize Mr. Messier's overstay
in Vivendi, is also becoming a pain to the troubled media firm, the report
says.

Two lawsuits claiming toxic mould infested the condominium have since been
filed against developers Zeckendorf Realty.  One charge was filed by the
building's board; another by a commercial real estate investor, Richard
Kramer.  Mr. Kramer alleges a "killer fungus" made his wife and
three-year-old daughter seriously ill, and that his antique collections are
being
damaged.

The board, after conducting tests in seven apartments, claims all were
contaminated.

Although rocketing real estate prices led observers to expect US$25 from the
sale, bad publicity from the lawsuits is thought
to ruin Vivendi's chances of even shifting the property.  The cheapest units
in the building reportedly sell for $8m with
$40,000 a month in maintenance fees.

CONTACT:  VIVENDI UNIVERSAL
          Headquarters
          42 avenue de Friedland
          75380 Paris Cedex 08
          France
          Phone: +33 1 71 71 10 00
          Fax: +33 1 71 71 11 79
          Contact:
          Investor Relations
          E-mail: investor-relations@groupvu.com

           Daniel Scolan, Executive VP
           Investor Relations
           Phone: +33.1.71.71.12.33
           E-mail: daniel.scolan@groupvu.com
           Laurence DANIEL
           IR Director, Europe
           Phone: +33.1.71.71.12.33
           E-mail: laurence.daniel@groupvu.com
           Edouard LASSALLE
           Associate Director, Europe
           E-mail: edouard.lassalle@groupvu.com

           Vivendi Universal
           New York office
           375 Park Avenue
           New York, NY
           10152-0192
           USA
           Phone: +1 212 572 7000


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


ADAM OPEL: Reduced Sales and Restructuring Costs Result in Losses
-----------------------------------------------------------------
The German unit of General Motors Corp, Adam Opel AG, registered about
US$362 million in losses last year due to a slump in sales and significant
restructuring costs.

Total vehicle sales fell 7.4% to 1.20 million from 1.37 million cars, and
sales revenue declined to EUR14.9 billion (US$15.65
billion) from EUR16.0 billion.  This was partly due to the phase out of the
old version of the Vectra model.

Opel's restructuring plan also saw the saving of EUR200 million, but costs
associated with cutting jobs and production capacity took EUR548 million.
The company trimmed down workforce to 34,100 from 37,700.

But Chief Executive Carl-Peter Forster, who replaced Robert Hendry in April
2001, assured Opel is progressing in its drive to cut costs and introduce
new models.  He expects the company to return to profit this year.

He said the company cleared all debt off its books during the year.  As for
the launch of the new Vectra, he said Opel planned
a new model involving investments of EUR10 billion (US$10.5 billion) through
2006.


According to him, their effort in deliberating with the launch of the new
model paid off in higher quality ratings.  ``We have not focused on
short-term gains,'' Forster said. ``Rather we want sustainable success and
this means high-quality
and versatile products."

CONTACT:  ADAM OPEL AG
          Postfach 1710
          65423 Rsselsheim, Germany
          Phone: +49-6142-660
          Fax: +49-6142-664-859
          Homepage: http://www.opel.com
          Contacts: Carl-Peter Forster, Chairman
                    Walter G. Borst, Chief Financial Officer


GRUNDIG AG: Taiwanese Owner Vows to Keep Grunding Intact
--------------------------------------------------------
German company Grundig AG will remain intact despite cost reductions that
its new owner Sampo Corp, Taiwan's largest home-appliance maker, intends to
undertake.

The most obvious changes for the company will only be the reduction of
Grundig's manufacturing costs and the expansion of
its product lines, says Sampo's chairman Felix Chen.

The acquisition, which the company says is less than the US$100 million
which circulated in the Chinese media previously,
provides that Sampo takes over the "direction" of Grundig, including its
home and car audio, office communications as well as research and
development.

As part of the deal, Grudig will spin off television assembly plants in
Vienna and Austria, which accounted for more than half
of Grunig's losses, along with another money-losing factory.

The proposed sale is expected to trim down its 5,000 workforce to 2,000.
What will be retained are 400 employees in research, 500 in management and
1,100 in the factory.

However, Sampo's task for the moment is to make Grundig profitable by
cutting Grundig's manufacturing costs by 10% every
year in the next three years.

Sampo expects to boost Grundig sales to US$2 billion (NT$72billion) within
the next three to four years from US$1.3 billion (NT$45 billion) in sales
last year.

Grundig narrowly escaped bankruptcy after creditor banks refused to extend
credit for nearly US$100 million in 2002.  The banks relented only when
Sampo registered its interest.

Mr. Chen said his company is most interested in Grundig's brand and
channels.

He says the company will begin selling Sampo-made plasma-display panels TVs,
refrigerators and washing machines under the Grundig brand name in Europe
via the 56-year old company's 29,000-outlet distribution network.

CONTACT:  GRUNDIG AG
          Beuthener Strabe 43
          D-90471 Nurnberg
          Contact:
          Holm Kilbert, Public Relations
          Phone: ++49 911/7 03-86 29
          Fax: ++49 911/7 03-85 00
          E-mail: holm.kilbert@grundig.com
          Home Page: http://www.grundig.com


KIRCHMEDIA GMBH: U.S. Demands Review of Saban's Offer to Bid
------------------------------------------------------------
The U.S. Embassy in Berlin has ordered Kirch's adviser, UBS Warburg, to
consider a bid for the company's core media assets from Hollywood
billionaire Haim Saban.

Munich-based Kirch is selling its film rights library, as well as a 52.5%
stake in private broadcaster ProSiebenSat.1 Media AG.

The review could uncover why Saban had been shut out of the bidding despite
offering a better price and possessing
qualifications to manage Kirch's assets, says The Deal.

It was known that Kirch ignored Saban's more than EUR2 billion (US$2.1
billion) bid last year to prefer German publisher
Heinrich Bauer Verlag's bid of slightly less.

Speculations circulated that Kirch creditors wanted to keep foreign
influence out of German media since Mediaset SpA,
controlled by Italian Prime Minister Silvio Berlusconi, was also turned
down, says the report.

Kirch Group collapsed under a EUR1.9-bilion debt load from banks and studios
last year after overspending on film rights
acquisition and supporting its troubled pay-TV division, Premiere.

UBS Warburg spokeswoman Anja Scheinstedt declined to comment on the report,
while Kirch and Hamburg-based Bauer didn't return calls.

CONTACT: KIRCHMEDIA GMBH & CO. KGAA
         Communication & PR
         Phone: +49 (0)89 9956-2325


MOBILCOM AG: German Police Investigates Offices, Founder
--------------------------------------------------------
Public prosecutor Uwe Wick in Kiel, Germany, said German investigators
searched the offices of MobilCom, the house of its
founder Gerhard Schmid, and the offices of Millenium GmbH, the company owned
by Mr. Schmid's wife.

According to a Dow Jones report, German police were conducting the probe as
part of an embezzlement probe into the couple.  Mr. Wick, who revealed
prosecutors had started the investigation relating to the case this month,
said investigators will now review the materials gathered from the
operation.  He declined to comment further, however.

The report also noted that Millenium received EUR71 million (US$74.9
million) from MobilCom for providing shares for an
incentive program for suppliers.

But the program was cancelled in May by the motion of MobilCom's supervisory
board after it emerged that the-then chief executive had not properly
disclosed the transaction.  Mr. Schmid was subsequently ousted as CEO.

In November, after much tussling, the combined 42% shares of the couple were
handed to a trustee as part of a restructuring plan agreed by the German
telecommunications company with minority shareholder France Telecom.

CONTACT:  MOBILCOM AG
          HollerstarBe 126
          P.O. Box 520
          24753 Rendsburg-Buedelsdorf
          Fax: +49-43-31-69-28-26
          Phone: +49-43-31-69-11-73
          Contact:          Dr. Thorsten Grenz, Chairman of the Board


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


ASML HOLDING: Announces Second-Half Net Loss of EUR110 Million
--------------------------------------------------------------
ASML Holding NV announced a second-half 2002 net loss of EUR 110 million or
EUR .23 per ordinary share. The company incurred charges of EUR 136 million
in December 2002 relating to previously announced measures to contain costs.
ASML's total net loss for 2002 totaled EUR 208 million or EUR .44 per
ordinary share. This compares with a total net loss for 2001 of EUR 479
million or EUR 1.03 per ordinary share, including restructuring charges.

ASML sold 127 lithography systems from June 30 through December 31, 2002. In
the period, ASML shipped 113 lithography systems, including 17 refurbished
units. ASML also recognized revenue for 14 leading-edge systems that were
shipped in first half 2002 but were deferred at that time as a consequence
of accounting rules applicable to new technologies. As of December 31, 2002,
ASML has met the applicable revenue recognition standards, thereby, no
longer having to defer revenue from the sale of its 300-mm TWINSCAN(TM)
systems. The number of systems sold in 2002 totals 205, including 22
refurbished units. This compares with 197 lithography systems, including 17
refurbished units, sold in 2001.

The company realized a seven-percent increase to EUR 9.14 million on the
average selling price of its new lithography systems in the second-half as
compared with the first-half 2002. In total, the average selling price of
new lithography systems increased by 31 percent to EUR 8.9 million in 2002,
compared with the EUR 6.8 million in 2001. The increase is due to strong
demand for leading-edge products for both 200- and 300-mm wafer
applications.

In December 2002, the company implemented further measures to improve its
operating performance and breakeven level and, as a result, recorded
provisions and other charges totaling EUR 136 million. Additional cost
cutting measures included an intended reduction in work force, the
termination of Track operations by December 31, 2002 and the divestment of
Thermal operations in 2003.

Lithography -- Continuing Operations

Total net sales in second-half 2002 were EUR 1,171 million, bringing total
net sales for 2002 to EUR 1,959 million, a 23
percent increase year-on-year from 2001 total net sales of EUR 1,589
million.

The order backlog for lithography systems is 103 units as of December 31,
2002, despite the continued industry downturn. The total value of the order
backlog for new lithography systems as of December 31, 2002 is EUR 1,077
million, as compared with EUR 1,570 million on June 30, 2002. The order
backlog reflects the number of systems ordered to date by customers for
shipment over a 12-month period. ASML is not able to issue guidance or
forecasts due to an uncertain semiconductor equipment investment climate and
an increasingly volatile order backlog.

"The semiconductor industry is in uncharted waters entering 2003. Never has
the industry experienced a downturn that lasted so long or ran so deep.
Unfortunately, it led to ASML taking a reduction in its workforce," said
Doug Dunn, president and CEO, ASML. "However, even during these difficult
times, demand for our leading-edge technologies increased. ASML also
achieved market share leadership, top ratings in customer service and
integration between U.S. and European lithography operations."

"We move forward in 2003 with a focus on our core competence of lithography,
and by controlling costs, lowering the breakeven level and increasing
efficiencies in R&D, we can continue to deliver on customer needs with the
right products at the right time," Dunn concluded.

The gross margin for lithography systems in second half 2002 was 20 percent.
For the full year, the gross margin increased to 24 percent, from 2 percent
in 2001. Excluding the impact of provisions for slow moving inventory in
2002 and 2001, the gross margin decreased to 28 percent in 2002 from 31
percent in 2001.  The decrease is attributable to technical development
credit repayments and lower profit margins generated by new technologies at
the beginning of their learning curve.

Track and Thermal -- Discontinued Operations

ASML's decision to terminate its Track equipment activities and sell its
Thermal operations results in their representation in
the attached Summary of Consolidated Statements of Operations under
'discontinued operations,' while 'continuing operations' represents the
company's ongoing Lithography operations.

Results for 2000 and 2001 also have been restated to reclassify Track and
Thermal activities for those years to discontinued
operation.

Financial Position

In the second half 2002, the Lithography business generated EUR 79 million
cash from operating, investing and financing
activities while the Track and Thermal business used EUR 70 million. During
this period, ASML implemented measures focused on improving its working
capital management. These measures contributed to the company closing 2002
with a cash balance of EUR 669 million, up from EUR 603 million at June 30,
2002. ASML will continue its increased efforts to collect on accounts
receivable, reduce inventory and manage accounts payable, among other
measures.

In 2002, the company's continuing operating, investing and financing
activities in Lithography used cash of EUR 113 million.
The discontinued operations in Track and Thermal used EUR 127 in cash.
Combined with the effect of the weakened US dollar on the cash balance,
total cash decreased from EUR 911 million on December 31, 2001 to EUR 668
million on December 31, 2002.

Shareholders' equity as a percentage of total assets grew from 34 percent on
December 31, 2001 to 40 percent on December 31, 2002. The change was largely
as a result of the conversion intoordinary shares, during May 2002, of
approximately EUR 265 million of ASML's 2.5 percent convertible subordinated
bonds due 2005, which had been called for redemption.

Additional Financial Information

Selling, general and administrative (SG&A) costs were EUR 130 million in the
second half of 2002, totaling EUR 263 million for the entire year. Compared
to 2001 costs of EUR 249 million, SG&A rose due to increased legal
expenditures associated with ASML's ongoing patent litigation, offset by
further cost-cutting measures during the year and the benefits realized from
the 2001 restructuring.

Net research and development costs for Lithography decreased by EUR 33
million to EUR 298 million in 2002. ASML was able to achieve this result
while maintaining its core programs due to greater efficiencies gained by
consolidating R&D programs through the 2001 restructuring.

As part of on-going discussions regarding transparency and corporate
guidance, ASML has decided to commence quarterly
financial reporting starting in the first quarter of 2003. Further details
on the content of this reporting will be
communicated at the appropriate time.

About ASML

ASML is the world's leading provider of lithography systems for the
semiconductor industry, manufacturing complex machines that are critical to
the production of integrated circuits or chips. Headquartered in Veldhoven,
the Netherlands, ASML is traded on Euronext Amsterdam and NASDAQ under the
symbol ASML. For more information, visit the Web site at www.asml.com

CONTACT: ASML
         Media:
         Tom McGuire, +31-40-268-5758, Veldhoven
         Corporate Communications
         Beth Kitchener, +31-40-268-2602, Veldhoven
         Corporate Communications
         Investor Relations:
         Craig DeYoung, +31-40-268-3938, Veldhoven
         Doug Marsh, 480/383-4006, Tempe, Ariz.
         US Institutional Investor Relations


IFCO SYSTEMS: Schedules Extraordinary Meeting January 31
--------------------------------------------------------
The shareholders of IFCO Systems N.V. are invited for the Extraordinary
General Meeting that will be held on 31 January
2003 2.00 p.m. local time at the offices of Houthoff Buruma Lawyers (being
the Company's counsel), located at  arnassusweg
126, 1076 AT Amsterdam, The Netherlands.

The agenda for this general meeting is as follows:

1. Opening.
2. Adoption of the 2001 annual accounts.
3. Discharge of the members of the Board of Directors for the fulfilment of
their duties during the financial year 2001.
4. Appointment of one or more Directors C as members of the Board of
Directors.
5. Acceptance of the resignation of members of the Board of Directors under
full discharge.
6. Determination of the remuneration of the Directors B and C.
7. Partial amendment of the Articles of Association and authorization.
8. Approval of a Directors share incentive plan
9. Confirmation resolution regarding reduction of the issued share capital
of the General Meeting of 28 November 2002 and
cancellation of a condition precedent mentioned in such resolution.
10. Closing.

The annual accounts, annual report and auditor report, the draft deed of the
partial amendment of the articles of association and the resolution to
reduce the issued share capital are available for shareholders of the
Company at the offices of the Company in Amsterdam, The Netherlands and with
Commerzbank AG (Kaiserplatz, 60261 Frankfurt am Main, Germany), being the
paying agent as referred to in the rules relating to securities of the
Frankfurt Stock Exchange.

The share capital reduction enables the restructuring of the equity/debt
position of the Company. The share capital reduction
has been implemented by reducing the nominal amount of all outstanding
shares by a factor of 200 and by cancelling shares
held by the Company. It is intended that a further share capital reduction
will be implemented through an additional reduction of the nominal amount of
all outstanding shares by a factor of 10. The Company has not made and will
not make any repayments of paid up capital on the shares.  Shareholders will
be considered as shareholders if
(i) they are registered in the share register administered by the Company,
(ii) they are registered in the register administered by Deutsche Bank AG
(60 Wall Street New York, NY, 10005, USA) and/or its affiliated institutions
or
(iii) they are holding bearer shares through the clearing system of
Clearstream Banking AG (Neue B"rsenstrasse 1, 60487 Frankfurt am Main,
Germany), at the close of business on 24 January 2003 (the "Record Date")
irrespective of who at the time of the general meeting is entitled to the
shares.

Beneficial shareholders, holding their shares through Cede & Co on the
Company's New York share register, who wish to attend the general meeting
(in person or by proxy) shall only have access to the general meeting if
they have expressed their desire to do so to the Company in writing at the
address above no later than the Record Date. Holders of registered shares
and other parties with meeting rights, who wish to attend the general
meeting (in person or by proxy) shall only have access to the general
meeting if they have expressed their desire to do so to the Company in
writing at the address above no later than the Record Date.

Holders of registered shares for which share certificates have been issued
must also state the identifying numbers of their
share certificates.

Holders of bearer shares, who wish to attend the general meeting (in person
or by proxy) shall only have access to the general
meeting if they have made a deposit no later than the Record Date, in the
way that, until the close of the general meeting, the shares are held in a
blocked securities account for and on behalf of Commerzbank AG by a bank or
a credit institution subject to Commerzbank AG's consent. The certificate to
be issued by the depositaries must be submitted to the Company in the
original or as a certified copy by January 25, 2003, at the latest.

Shareholders and other parties with meeting rights, who wish to be
represented at the general meeting by means of a proxy, must notify the
Company thereof and submit their proxy to the Company no later than the
Record Date. The Company and the Board of Directors are not soliciting
proxies for the general meeting and no proxy statement will be distributed.

CONTACT:  IFCO SYSTEMS N.V.
          Koningslaan 34
          1075 AD Amsterdam, The Netherlands


O2 NETHERLANDS: Vodafone Withdraws Offer to Acquire Operation
-------------------------------------------------------------
Vodafone has withdrawn its offer to buy mmo2's loss-making Dutch business,
leaving only Deutsche Telekom and an unknown third company as possible
buyers of the operation.  The business is valued at between EUR100 million
(EUR66 million) and EUR200 million.

MmO2's rival mobile phone operator indicated that it was no longer
interested in bidding for O2 Netherlands after it was
given access to the operation's financial information.  Reports say Vodafone
is likely to have been deterred by the complexity of integrating the
business with its own larger operation in the Netherlands.

Aside from posting a loss of GBP9 million before interest, tax, depreciation
and amortization, O2 Netherlands ranks fourth out of five mobile operators
in the Netherlands and has a relatively unattractive, low-spending customer
base of a little over 1
million.

The operation was put under review in the autumn.

lthough the former wireless division of BT is not committed to a sale, it is
desperate to find a way to stem losses at the
business.


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


NORDLANDSBANKEN ASA: Accepts Den norsk Bank's Takeover Offer
------------------------------------------------------------
Nordlandsbanken ASA has accepted the NKR1.05 billion takeover bid from Den
norsk Bank ASA, after an alternative plan to seek NKr500,000 in fresh
capital from a separate group of investors failed.

A rival group of investors had sought to raise cash to keep Nordlandsbanken
under local control in northern Norway rather
than have it slip into DnB's hands in the south, but the effort had been
unsuccessful.

According to the Daily Deal, the Norwegian bank said in a statement that the
bank's board sees no realistic alternatives to
DnB, which posted a NKR35-per-share offer for the bank in December.

Reports indicate Nordlandsbanken's board initially accepted the offer on
January 6, but hesitated while waiting for an
alternative offer to materialize.

Based in the northern city of Bodoe, Nordlandsbanken had fought to remain
independent after being battered by losses approaching NKR804 million for
2002.

Most of its losses are related to Finance Credit ASA, a collection agency
under investigation for alleged financial
misdealings.

An investigation commission determined that Nordlandsbanken have made faulty
credit evaluations before agreeing to lend Finance Credit NKR450 million.

According to an Oslo-based analyst who declined identification, accepting
the offer was the best solution since the bank had huge difficulties in
refinancing third-party debt, so it needed the backing of a strong bank to
solve its problems.

Analysts say DnB is best suited to absorb its target's operations and cut
costs.


===========
R U S S I A
===========


VNUKOVO AIRLINES: Moscow Arbitration Court Declares Bankruptcy
--------------------------------------------------------------
The Moscow Court of Arbitration has declared Vnukovo Airlines bankrupt after
the company's authorities and the Russian Federal Bankruptcy Service voted
for the decision.

The court appointed the company's external manager, Vitaly Ostroverkh, as re
ceiver, according to Prime-Tass.

Around 90% of the company's 103 creditors agreed to the declaration at a
meeting in August.  Debt to creditors stands at
RUR1.83 (US$57.5) million, including more than 90% to companies and RUR6.3
million in wage arrears.

Vnukkovo's bankruptcy case was started in March of last year based on the
appeal of the TZK and the Judicial Aviation Service.

During a July hearing, the company's temporary manager Andrei Pirogov said
the airlines has a net assets deficit /minus
RUR848.9 million/ and that the company is insolvent.

Mr. Pirogov was appointed temporary manager on the request of the declarants
when the court introduced observation procedures at the carrier.

According to a file of Venik's Aviation, this in not the first time that the
company was declared bankrupt.  ZAO Aeromar had
also filed a case with the Moscow arbitration court in January 2001.  But
Aeromar withdrew the case in February of the same
year.


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


GOODJET: Owner Fails on Promise, Files for Bankruptcy
-----------------------------------------------------
Goteborg-based airline Goodjet was forced to file for bankruptcy after its
new owner, Standard Finance International,
failed to deliver cash it promised to give the carrier.

Luxembourg-based Standard Finance International agreed in November to become
the airline's principle owner and to provide the money needed to keep
operating.

Owner Dutch MCI Group and SFI had also promised to find a new operator for
the airline in December.

``There are no alternatives left,'' said Cafer Ok, chairman of the
1-year-old carrier.

The airline's trouble started in November when it ran into a dispute with
Transair Sweden over the use of money paid by
Goodjet.

Goodjet offers inexpensive flights to several European destinations,
including France, Norway and Spain, through trips
made by Transair Sweden.  Goodjet did not own any of its planes.

Mr. Ok, who said he was "devastated" by the filing promised to look for
investors to continue the company's operation.

CONTACT:  GOODJET AB
          Camilla Nilsson
          Engelbrektsgatan 32
          411 37 GOTEBORG
          Phone: 031-708 90 18
          Fax: 031-708 90 01
          E-mail: CN@goodjet.com
          Home Page: http://www.goodjet.com

          MCI GROUP
          500 Clinton Center Dr.
          Clinton, MS 39056
          Phone: 601-460-5600
          Fax: 601-460-8269
          Home Page: http://www.mci.com
          Contact:
          Michael D. Capellas, Chairman, President and CEO
          (WorldCom)


SKANDIA: Presents Sales Results for December 2002
-------------------------------------------------
Sales in December outside the U.S.

Sales amounted to SEK 6.4 billion (6.4). Exchange rate effects attributable
to the strengthening of the Swedish krona were
negative in the amount of SEK 0.5 billion. This means that sales in local
currency increased by an average of 8%. Sales in
November 2002 were SEK 6.0 billion.

Total sales in December
Total sales including the USA amounted to SEK 9.0 billion (10.8).  Exchange
rate effects on sales were negative in the amount of SEK 1.1 billion. Total
sales in November 2002 were SEK 8.9 billion.

New sales of unit linked assurance outside the U.S. New sales of unit linked
assurance for the full-year 2002
decreased by 15% compared with the full-year 2001.

Sales for the full-year 2002

Sales outside the USA increased to SEK 75.4 billion (73.0). Of total sales,
SEK 54.0 billion (53.5) pertains to unit linked
assurance, SEK 17.0 billion (14.0) to mutual fund savings products, and SEK
2.3 billion (3.8) to direct sales of funds.  Total sales including the USA
amounted to SEK 119.3 billion (133.8).

In the U.K., sales amounted to SEK 39.1 billion (40.6). Sales in Sweden,
through SkandiaLink, amounted to SEK 9.6 billion (10.7).  Sales in other
markets amounted to SEK 23.9 billion (17.5).

Sales are reported exclusive of paid-in premiums to Skandia Liv, totalling
SEK 13.8 billion (15.2).

Compared with the average exchange rates that applied for the full-year
2001, total sales for the full-year 2002 decreased by
approximately 5% as a result of exchange rate movements.

Reporting of financial effects
On 4 February 2003 Skandia will be providing information on financial
effects and the impact these have had on the operating
result for 2003. The financial effects have been caused primarily by changes
in the financial markets during the period.

The Year-End Report for 2002 will be released on 12 February 2003.

Definition of sales can be viewed at this URL:
http://bankrupt.com/misc/skandia.htm

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveav"gen 44
          SE-103 50 STOCKHOLM
          Phone: +46-8-788 10 00
          Fax: +46-8-24 90 68
          Homepage: http://www.skandia.com
          Contacts: Lars Ramqvist, Chairman
          Lars-Eric Petersson, Chief Executive Officer
          Harry Vos, Head of Investor Relations
          Phone: +46-8-788 3643


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


ECO-BAT: Standard & Poor's Assigns 'BB-' Credit Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services assigned 'BB-' long-term corporate credit
ratings to U.K.-based lead recycling group Eco- Bat Technologies PLC.  The
outlook is stable.  The rating agency also assigned its 'B+' debt rating to
Eco-Bat's proposed EUR185 million (US$196 million) senior unsecured notes.

Olivier Beroud, credit analyst and director at Standard & Poor's Corporate
Ratings Europe, said the actions reflect below-average business profile and
aggressive financial profile of the world's largest producer of lead.

Eco-Bat extracts old lead batteries and sells them to battery manufacturers,
either under long-term contracts or under tolling
agreements.

According to the rating agency, the process is less-capital intensive and
less sensitive to movement in lead prices than that
of its main competitor, the lead ore miners and refiners.

But it remains relatively capital-intensive and cycylical "as it is subject
to continuous investment needs and exposed, to some
degree, to lead prices and cyclical end-markets," according to Mr. Beroud.

S&P notes that while use of these durable lead batteries in vehicle ignition
is likely to continue, improvement in its
average life may have the effect of slowing down need for replacements.
This is critical since the replacement market accounts for about 80% of the
group's revenue.

The rating agency also recognizes Eco-Bat's track record of profitable
growth by acquisition in a very difficult environment.

S&P believes the company will continue to act as a consolidator in a still
relatively fragmented industry through small bolt-on
acquisitions, hence the stable outlook.  As such, S&P says the company's
financial profile will remain aggressive.

NTL INC.: Date Set for Settlement of When Issued Trading
-------------------------------------------------------
NTL Incorporated (NASDAQ: NTLI) reported Thursday that following a hearing
held yesterday evening, U.S. Bankruptcy Judge Alan Gropper scheduled a
hearing for January 28, 2003 to further consider issues related to the
settlement of the when issued trading in NTL stock (NTIWV).

Although the final order has not been signed yet by the judge, contrary to a
media report, NTL clearly understands that the
court does not intend to consider the possibility of revocation of the
confirmed Reorganization Plan or the possibility of changing the company's
capitalization. The proposed order addresses only issues concerning the
settlement of trades in the former when issued market in NTL common stock
that was extant from September 6 to January 10, 2003.

NTL emerged from bankruptcy protection on Friday January 10, 2003, and
issued 50,500,969 shares of new common stock. Four hundred million shares of
common stock were authorized. The company's common stock (CUSIP 62940M104)
and Series A warrants (CUSIP 62940M138) have begun to trade on NASDAQ
commencing Monday, January 13, 2003 under the symbols of NTLI and NTLIW,
respectively. Shares of common stock of Old NTL, which previously traded
under the symbol NTLDQ, have been cancelled.

For more information on NTL Incorporated (formerly known as NTL
Communications Corp.) contact:

CONTACT:  NTL INCORPORATED
          In the US:
          Analysts, Debt and Equity Holders:
          Bret Richter or Tamar Gerber
          Phone: 212/906-8440
          E-mail: investor--relations@ntli.com
          or
          NTL Incorporated
          In the UK:
          Analysts, Debt and Equity Holders:
          Virginia Ramsden
          Phone: +44 (0)20 7746 6826
          E-mail: investorrelations@ntl.com


ROYAL MAIL: DTI Proposes Controversial Bailout Plan
---------------------------------------------------
The Department of Trade and Industry created confusion when it officially
announced its plan to issue GBP500 million worth of bonds intended to bail
out struggling British courier, Royal Mail.

The process of borrowing money by issuing gilts, or governments bonds, had
only been traditionally granted to the Treasury.
Accordingly, the Treasury reacted by saying: "The DTI is not issuing bonds
and there are no plans to allow individual
departments to borrow on financial markets. Only the Treasury can issue
gilts."

In a written statement of junior DTI minister Stephen Timms to the House of
Commons, Mr. Timms said "two DTI bonds, one of GBP200 million and one of
GBP300 million" will be issued after the necessary Parliamentary approval.

According to the Telegraph, the plan is to process a GBP550 million cash
injection from the government so that Royal Mail
will be allowed to borrow up to GBP1 billion of bank debt.

Defending DTI's stand, a spokesman said, "They are not DTI bonds as such.
They will actually be issued by the Royal Mail and we will buy them. I don't
think they will be tradeable."

DTI, supporting the courier's earlier motion to increase the price of
postage, had warned that the courier would not be able
to repay its GBP1 billion borrowing to the DTI without more substantial
price increases.

Tighter competition -- as the market has been opened to allow rival
operators to handle the post of companies sending more than 4,000 items in
one delivery -- is presently threatening the survival of the courier. Royal
Mail is losing GBP1 million a day,
the report says.

CONTACT:  ROYAL MAIL GROUP PLC
          148 Old St.
          London EC1V 9HQ, United Kingdom
          Phone: +44-20-7250-2888
          Fax: +44-20-7250-2244
          Homepage: http://www.royalmailgroup.com
          Contacts: Neville Bain, Chairman
                    John Roberts, Chief Executive and Director


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

         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 Laedevee
Gonzales, Editors.

Copyright 2003.  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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The TCR Europe subscription rate is US$575 per half-year,
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or balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


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