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/raid1/www/Hosts/bankrupt/TCREUR_Public/031229.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, December 29, 2003, Vol. 4, No. 255 Headlines F R A N C E AIR LITTORAL: Sold to French Business Schools Group VIVENDI UNIVERSAL: Sells Canal Plus Belgique for EUR16 Million VIVENDI UNIVERSAL: Shareholders OK Transtel-Cofira-SFR Merger G E R M A N Y DEUTSCHE TELEKOM: Discount Rates Injunction Temporarily Lifted DEUTSCHE TELEKOM: Ships T-Systems to Billag for Undisclosed Sum DRESDNER BANK: IBM Carves out Joint Financial Market Database DRESDNER BANK: Plan to Lay off 4,000 Workers Finalized MG TECHNOLOGIES: Shakes up Management at Core Subsidiary WESTLB AG: Stands to Recover Nothing in Odeon Sale G R E E C E ROYAL OLYMPIC: Cruise Ships Banned in U.S. Ports I R E L A N D UNITED REINSURANCE: Creditors Meeting Set January 22 I T A L Y PARMALAT SPA: Risk-averse AFLAC Inc. Withdraws Investments PARMALAT SPA: Firm, Bondholders Hire Restructuring Advisors N E T H E R L A N D S KONINKLIJKE AHOLD: ICA Partner Reveals Buyout Plans N O R W A Y AKER KVAERNER: Former Execs Misrepresented Results, Report Says PETROLEUM GEO-SERVICES: Creditors to Receive Cash by Year's End PETROLEUM GEO-SERVICES: Ramform Banff Services Contract Amended R U S S I A NIKOIL: Improved Corporate Structure Merits Ratings Upgrade U N I T E D K I N G D O M AES DRAX: S&P Retains 'D' Rating on Subordinated Debt BRITISH ENERGY: Shareholders Clear Divestment of Amergen Stake CANARY WHARF: Disposal of Canada Square Properties Approved FIGRE LIMITED: Scheme Creditors to Meet February 17 HIBERNIA FOODS: Administrator Finds Potential Buyers for Plants INTERNATIONAL POWER: Saudi Contract Fails to Buoy Ratings INVENSYS PLC: Non-executive Director Steps Down LEAROYD PACKAGING: API Group Divests Loss-making Unit MENTOR INSURANCE: To Pay Creditors' Final Dividend January 31 MYTRAVEL GROUP: Concludes Sale of Auto Europe to Soros Private ROYAL MAIL: Workers Union Amenable to 14.5% Pay Offer ROYAL MAIL: Employees to Vote on Pay Package Next Month ********* =========== F R A N C E =========== AIR LITTORAL: Sold to French Business Schools Group --------------------------------------------------- A commercial court in the southern city of Montpellier decided last week to hand over bankrupt French carrier, Air Littoral, to a group of business schools, according to the Associated Press, which cited union leaders. Ionis, whose members include the Higher Institute of Management in Paris, has to provide US$14 million in funding to the carrier. It also has to agree with labor according to the terms of the court decision, said pilots union, SNPL. The decision came after 7 Group failed to make the first installment payment for the French carrier earlier this month. The group had promised but failed to deliver EUR7 million on the deadline. The amount nonetheless was EUR4 million short of the amount required by the Court of Montpellier. Air Littoral offers flights to Morocco, Algeria and Tunisia, several Italian destinations and more than a dozen cities in France. VIVENDI UNIVERSAL: Sells Canal Plus Belgique for EUR16 Million -------------------------------------------------------------- Vivendi Universal's Canal Plus Belgique was sold to a Belgian consortium for around EUR16 million, local reports say, according to AFX News. Newspapers L'Echo and La Libre Belgique and the Belga newswire said the transaction will see Walloon cable operators, Association Cable Multimedia, take a 68% stake in Canal Plus Belgigue; and Deficom, 15%, with an option to raise it to 33%. Walloon public investment company Socofe will hold a 15% stake. This transaction is the latest edition of Vivendi's ongoing asset sale to reverse the company's downward spiral, ironically caused by former CEO Jean-Marie Messier's shopping binge. VIVENDI UNIVERSAL: Shareholders OK Transtel-Cofira-SFR Merger ------------------------------------------------------------- The extraordinary shareholders meeting of Cegetel Groupe held on December 18, 2003 voted in favor of the simplification of its structure through the merger of Transtel, Cofira and SFR into the Cegetel Groupe holding company. The new company resulting from the merger, which will be both the mobile phone operator and the lead company in the group, is named SFR. It is owned 55.8% by Vivendi Universal, 43.9% by Vodafone, and 0.3% by individual investors. The entity made up of SFR and its subsidiaries, in particular the fixed-line telephony operator Cegetel, is now named Groupe SFR-Cegetel. In 2004, this entity will implement the dividend distribution plan agreed by the two main shareholders, which in particular involves the distribution of premiums and reserves and the introduction of quarterly advance dividend payments. SFR is planning to distribute approximately EUR3.2 billion to its shareholders in 2004, of which EUR1.8 billion to Vivendi Universal. In April 2003 Cegetel-SFR paid Vivendi Universal group a 2002 dividend of EUR622 million. The simplification of the structure of Groupe SFR-Cegetel and the optimization of dividend payments are the result of strengthened cooperation between Vivendi Universal and Vodafone, as announced in the joint press release on October 14, 2003. ============= G E R M A N Y ============= DEUTSCHE TELEKOM: Discount Rates Injunction Temporarily Lifted -------------------------------------------------------------- Germany's Upper Administrative Court has allowed Deutsche Telekom to offer its two new fixed-line rates indefinitely, possibly until January, according to AFX. Previously, Cologne's administrative court prohibited the company from offering the service, ruling that Deutsche Telekom's tariff options -- AktivPlus xxl (neu) and AktivPlus basis calltime 120 -- breached the telecommunications law. The xxl (neu) tariff offers free calls to local and national fixed numbers during the weekend and federal holidays for EUR3.58 per month and the basis calltime 120 tariff offers 120 free minutes for calls to local and national fixed numbers for EUR1.47 per month. In its earlier ruling, the court opined that inadmissible price discounts were embedded in these tariff options because they are much lower than the level of possible discount approved by German telecoms regulator, RegTP. The Upper Administrative Court ruled, however, that Deutsche Telekom can continue to offer the rates until it delivers a final decision on the matter, which is likely to be January. DEUTSCHE TELEKOM: Ships T-Systems to Billag for Undisclosed Sum --------------------------------------------------------------- Billag, a fully owned subsidiary of Swisscom, said recently it had taken over operations of T-Systems Card Services AG from Deutsche Telekom for an undisclosed amount. The transaction is part of Billag's growth strategy in the field of third party billing services in Switzerland. Billag specializes in the collection of radio and television license fees. Based in Bruttisellen and with a workforce of 170, T-Systems Card Services is the market leader in the field of customer fidelity and loyalty concepts based on customer cards with bonus, payment and credit functions. The company is responsible for the fiduciary management of its clients' customer data and debtor accounts, with an invoiced credit card turnover of CHF2 billion. As things stand at present, the takeover will not affect either company's headcount, according to Billag. T-Systems Card Services jobs will continue to be based in Bruttisellen, while Billag's head office will remain in Fribourg. Following the takeover of T-Systems Card Services, Billag will have a workforce of around 350. Deutsche Telekom, which has been selling assets and cutting costs to reduce debt, is aiming to reduce obligations to EUR30 billion by the end of 2006. DRESDNER BANK: IBM Carves out Joint Financial Market Database ------------------------------------------------------------- Dresdner Bank agreed last week to hand IBM Germany the management and development of the financial market information database that both have jointly developed in recent years. As part of the agreement, 24 Dresdner employees will be absorbed by IBM effective February 1, 2004. The database collects, archives and analyzes financial information of various kinds and processes it for risk control use by the bank, giving highest priority to data quality assurance. IBM will manage the entire process and operate the database for the bank as a business transformation outsourcing provider. It will also offer the service to other customers. The transfer is in line with Dresdner's strategy to focus on core competencies. DRESDNER BANK: Plan to Lay off 4,000 Workers Finalized ------------------------------------------------------ Dresdner Bank and the workers' council will unveil the details of the recently agreed job-cuts in January, a spokesman said, according to Dow Jones. The bank had previously announced it will cut 4,700 jobs to help build a healthier "New Dresdner." Up until last week, it held series of negotiations with workers councils to refine the terms and conditions of the layoff plan. The Bank recorded a loss before taxes of EUR433 million in the first nine months. This includes other expenses amounting to EUR81 million and restructuring charges of EUR282 million. MG TECHNOLOGIES: Shakes up Management at Core Subsidiary -------------------------------------------------------- Following the decision taken by mg technologies ag on October 2 to refocus its strategy, its subsidiary Lurgi Lentjes AG now also has reorganized its corporate and management structures. The decision to pursue this strategy was adopted by the Supervisory Board of Lurgi Lentjes AG at its meeting on December 18. As announced -- and already implemented at Lurgi AG in Frankfurt am Main -- the holding company of Lurgi Lentjes AG will be wound up. The holding company's current executive directors -- Dr. Dirk Bunthoff (chairman), Roland Schuttpelz and Dr. Hermann Solbach -- are to leave the company in the wake of these structural changes. In preparation for the merger of Lurgi Energie und Entsorgung GmbH, Ratingen, and Lentjes Shared Services GmbH, Dusseldorf, into Lurgi Lentjes AG, which is scheduled for the first half of 2004, the current managing directors of Lurgi Energie und Entsorgung GmbH -- Theo Risse, Willi Hauschild, Reinhard Klingberg and Dr. Andreas Schleicher -- are also assuming the functions of the Executive Board of Lurgi Lentjes AG with immediate effect. Theo Risse will chair this board. "We are right on schedule with our implementation of the measures we adopted to refocus mg's strategy. In the past two-and-a-half months we have streamlined the mg Group's holding company, wound up the intermediate holding companies at Lurgi and Lurgi Lentjes, sold Safic-Alcan, our French chemicals trading business, and appointed new board members to key posts; we have thus already completed important stages in the implementation of these initiatives," stressed Udo Stark, CEO of mg technologies ag in Frankfurt. mg technologies ag is an international technology group with core competencies in engineering and chemicals at present; in the future it will focus on specialty mechanical engineering -- especially process engineering and components -- and plant engineering. It generated sales of EUR8.6 billion in fiscal 2001/2002. mg currently employs around 31,000 people and is one of the world's market and technology leaders in 90% of its businesses. WESTLB AG: Stands to Recover Nothing in Odeon Sale -------------------------------------------------- Indicative offers of up to GBP350 million have been received for Britain's largest cinema chain, Odeon, the Financial Mail found out. Interested parties for Odeon include Guy Dellal, son of veteran City investor 'Black Jack' Dellal, and property group London & Regional and the former Warner cinema chain, Vue. WestLB AG, owner of a 43% stake, put Odeon for sale this year, only about nine months after the bank -- through star financier Robin Saunders -- bought it for GBP431 million. Ms. Saunders is leaving the bank's Principal Finance Unit at the end of the year. "It's just unbelievable," said a senior banker, according to the report. "The Odeon is not some kind of dotcom business, yet the equity investors have been wiped out in less than a year," the banker said. Sources close to the deal say the final price could be much lower than EUR350 million, according to the report. The summer heatwave and a lack of blockbuster films are being blamed for Odeon's poor performance. The chain's box office takings for the top ten films in the year to December 14 fell by 24% to GBP255 million, according to cinema advertising group Carlton Screen. Odeon reported earnings before tax, interest, depreciation and amortization last year of GBP15.3 million on sales of GBP212 million. The report says Odeon shareholders won't likely recover the money they have invested in the chain, as the structure of the deal made by Ms. Saunders in March provides that while borrowers who put up GBP330 million may be repaid in full, there will be little or nothing left for shareholders, including WestLB. =========== G R E E C E =========== ROYAL OLYMPIC: Cruise Ships Banned in U.S. Ports ------------------------------------------------ Royal Olympic Cruise Lines, Inc. said vessels Olympia Explorer and Olympia Voyager, which have filed for Chapter 11 reorganization in Honolulu, are restricted to call at U.S. Ports. As a result of this limitation the December 22 sailing of the Olympia Explorer to Ensenada, Mexico and the Hawaiian Islands has been cancelled and the Olympia Voyager has been held at St. Thomas V.I., and is expected to return to Port Everglades with passengers on January 2. Future plans for both ships must await the outcome of current discussions between owners and lenders and further action by the Court. No other Royal Olympic related company has filed for Chapter 11 reorganization. CONTACT: ROYAL OLYMPIC James R. Lawrence Phone: + 203 406 0106 Patrick Adamson Phone: + 44 207 823 9444 ============= I R E L A N D ============= UNITED REINSURANCE: Creditors Meeting Set January 22 ---------------------------------------------------- Notice is hereby given that final meetings of the Members and Creditors of United Reinsurance Company of Ireland Limited (In Voluntary Liquidation) shall be held at The Berkeley Court Hotel, Landsowne Road, Dublin 4, Ireland on January 22, 2004 at 10:45 a.m. and 11:00 a.m. respectively for the purposes mentioned in Sections 273 and 305 of the said Acts. Dated this 19th of December 2003. Noel Fox and John McStay Joint Liquidators ========= I T A L Y ========= PARMALAT SPA: Risk-averse AFLAC Inc. Withdraws Investments ---------------------------------------------------------- AFLAC Incorporated announced that it has sold its investment in Parmalat Finanziaria S.p.A. Commenting on the sale, Senior Vice President and Chief Investment Officer Joseph W. Smith, Jr. said: "We closely monitored financial developments at Parmalat over the last week, and concluded that Parmalat no longer met the profile of investments we want to retain in our portfolio. We estimate that the sale of our holdings in Parmalat will reduce net earnings by US$257 million, or approximately US$.49 per diluted share, in the fourth quarter of 2003. "We are certainly not pleased to be realizing a loss on this investment. However, this action is consistent with our investment approach. We purchase only investment-grade securities, and in the event that a security is downgraded to below-investment-grade, we undertake a thorough credit review to determine if we will continue to hold the investment. The sale of Parmalat demonstrates that our tolerance for below-investment-grade securities has not increased. We remain focused on a conservative investment approach that we believe is in the best interest of our policyholders and shareholders. "In addition to net earnings, the company views operating earnings, a non-GAAP financial measure, as an important indicator of financial performance. We believe the combined presentation and evaluation of operating earnings, together with net earnings, provides information that may enhance an investor's understanding of the company's underlying profitability and results of operations. Our definition of operating earnings, as presented in this press release, excludes the following items on an after-tax basis from net earnings: realized investment gains/losses and the impact from SFAS 133. The fluctuations in these items are driven by external economic factors that may not reflect the results of our underlying business. Therefore, we believe operating earnings is a useful financial measure because it focuses on the performance of the business and excludes items that are inherently unpredictable." President and Chief Financial Officer Kriss Cloninger III, added: "We remain very pleased with the strength of our capital position, especially as it relates to regulatory solvency standards. We believe that when full-year 2003 results are reported, we will again produce a risk-based capital ratio that compares very favorably to our peer group. Furthermore, this strong capital base will permit us to repurchase an amount of AFLAC shares in 2004 that is consistent with our previously stated expectations. "At the same time, we believe we are very well positioned to achieve our earnings objectives. Our goal is to increase operating earnings per diluted share by 17% in 2003 and 2004, excluding the impact of the yen. And our 2005 objective is to increase operating earnings per diluted share by 15% excluding the impact of foreign currency translation. We believe those objectives are reasonable and achievable, and reflect the continued need for the products that we offer in Japan and the United States." PARMALAT SPA: Firm, Bondholders Hire Restructuring Advisors ----------------------------------------------------------- Parmalat generates more than EUR7 billion in annual revenue and employs over 36,000 workers in 139 plants located in 30 countries on five continents. In addition to its nameplate milk products that can be stored at room temperature for months, Parmalat's 40-some brand product line includes yogurt, cheese, butter, cakes and cookies (under the Mother's and Archway names), breads, pizza, snack foods and vegetable sauces, soups and juices. Now dubbed Europe's Enron, Parmalat is delaying payment of debt obligations, the Company's credit ratings have plummeted, and there are charges that money supposedly deposited in a Cayman Island bank account is missing. Against that backdrop, Jeff St. Onge at Bloomberg News reports, Parmalat and a group of bondholders have hired top restructuring and workout advisors: Representing Parmalat: * Marcia Goldstein, Esq., at Weil, Gotshal & Manges LLP, reportedly flew to Milan [December on 19] to talk to Parmalat's Board about their legal options; * Richard Stables leads a team at Lazard LLC providing financial advisory services to the Company; and * Deloitte & Touche S.p.A. in Milan serves as the Company's auditors. A group of Parmalat bondholders has hired: * Bingham McCutchen LLP for legal advice; and * Houlihan Lokey Howard & Zukin for financial advice. In connection with a 246.4 million euro offering of Zero Coupon Equity Linked Bonds due 2022 issued by Parmalat SOPARFI S.A. (a private limited liability company organized under the laws of the Grand Duchy of Luxembourg) and guaranteed by Parmalat S.p.A., one year ago, Zini & Associates Studio Legale in Milan and Zini & Associates, Professional Corporation, in New York provided Parmalat with legal advice about Italian legal issues and Arendt & Medernach provided the company with legal counsel about matters arising under Luxembourg law. Morgan Stanley & Co. International Limited, in its role as the Manager, turned to Skadden, Arps, Slate, Meagher & Flom LLP in London for advice about matters of English law and to Chiomenti in Rome for Italian legal matters. Calisto Tanzi, the company's founder, stepped down to make way for turnaround specialist Enrico Bondi to take the helm. One of Mr. Bondi's aides will also replace Giovanni Tanzi, Calisto's brother, on the Company's Board. The Tanzi Family, through Coloniale S.p.A., owns roughly 51% of the Company. John Tagliabue, writing for The New York Times, related Saturday [December 20] that some of the alleged financial chicanery at Parmalat involves 500 million euros invested in Epicurum -- a low-profile hedge fund based in the Cayman Islands. Additionally, Mr. Tagliabue relates, a Citigroup vehicle named Buconero -- meaning black hole in Italian -- borrows money from some parts of Parmalat and lends money to others. Bank of America has said that a document dated Mar. 6, 2003, confirming a 4 billion euro deposit of cash and cash equivalents at Dec. 31, 2002, in an account belonging to Parmalat subsidiary Bonlat Financing Corp. is a fake. The annual cost to insure repayment of $10 million of bond debt owed by Parmalat Finanziaria S.p.A. shot past the $2.5 million mark Friday [December 19]. Parmalat bonds fell below a quarter-on-the-dollar Friday [December 19] and, before trading was halted, Parmalat stock tumbled to less than 1/3 of a euro per share. Aflac Inc. disclosed December 19 that it's dumped its securities holdings in Parmalat Finanziaria S.p.A. and will realize a $257 million investment loss on the sale. Parmalat Brasil Industria de Alimentos S.A., according to a reporter for Valor Economico who obtained a letter addressed to the Company's Brazilian creditors, has suspended debt payments and is asking creditors for their cooperation. ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: ICA Partner Reveals Buyout Plans --------------------------------------------------- One of Royal Ahold's local partners in its Scandinavian joint venture, ICA, is interested in buying out the troubled Dutch retail group's stake. Stein Erik Hagen, whose Norwegian Canica group owns 20% of ICA, said he was prepared to buy the 50% held by Ahold, according to the Financial Times. He told Swedish business paper Dagens Industri he would prefer to take over ICA, formerly ICA Ahold, with the help of ICA Forbundet, the organization that represents the managers of the Swedish stores and which holds the remaining 30% of the group. "My dream would be to run ICA as a family company together with ICA Forbundet," he said, adding he already has financing that would enable it to pursue the transaction without a partner. "I have arranged financing with a view to buying. The financing is so extensive that it holds even if ICA Forbundet does not have the resources to buy its part." Ahold bought its shares in ICA for EUR1.8 billion in 1999. Earlier, it was thought that Canica would sell its share to the Dutch group when a put option matures in April. Ahold said in October it expected to pay EUR1.8 billion to its partners if they exercised their put options, with about EUR720 million going to Canica. ICA Forbundet is expected to hold on to its stake in the company as this acts as a guarantee that the influence of the independent shop owners will be maintained. Claes Goran Sylven, chairman of both ICA and ICA Forbundet said there had been no talks with the concerned parties regarding an offer for Ahold. =========== N O R W A Y =========== AKER KVAERNER: Former Execs Misrepresented Results, Report Says --------------------------------------------------------------- The Investigation Committee, which examined the administration of Kvaerner ASA (now Aker Kvaerner ASA) in the period July 1, 1998 to December 4, 2001, made its final report to the board of directors. The report criticizes the old Kvaerner's boards and corporate management, but does not give grounds for legal action against Aker Kvaerner ASA. Aker Kvaerner has noted the contents of the report. The Investigation Committee objected to the handling of a number of accounting writedowns and provisions made during the period in question, and believes that Kvaerner's former boards and corporate management created an incorrect picture of developments within the group. Through communications with the stock market and announcements to the media, the impression was created that the group had left its problems behind. Strategies and growth ambitions were also expressed which were unrealistic in relation to the company's actual financial position. Oslo Stock Exchange assessed on its own initiative the information provided by Kvaerner ASA to the market in connection with the group's liquidity crisis in autumn 2001. In March 2002, Oslo Stock Exchange concluded that Kvaerner ASA had breached its duty of disclosure under the Stock Exchange Regulations, and fined the company NOK560,000 for the violations. The Investigation Committee's report does not, in the company's opinion, provide any factual evidence for legal action to be brought against Aker Kvaerner. However, the possibility cannot be excluded that shareholders and others able to demonstrate that have incurred losses may claim damages from former board members and executives. Since refinancing in the winter of 2001/2002, Aker Kvaerner ASA has developed in a positive direction. With its new shareholder structure, new board of directors and new corporate management, the company has made considerable changes in the group's organization and management. CONTACT: AKER KVAERNER Geir Arne Drangeid, SVP Group Communications Phone: +47 913 10 458 Investor relations Tore Langballe, Vice President Group Communications Phone: +47 67 51 31 06 PETROLEUM GEO-SERVICES: Creditors to Receive Cash by Year's End --------------------------------------------------------------- Petroleum Geo-Services ASA (OSE: PGS; OTC: PGEOY) expects to distribute by the end of the year $17,932,152 in excess cash pursuant to its Modified First Amended Plan of Reorganization, dated October 21, 2003. In accordance with the terms of the Plan (which was substantially consummated on November 5, 2003) this distribution will be made to the holders of Allowed Class 4 Claims (Petroleum Geo-Services' former bondholders and bank debt holders). The Company engaged an independent third party to review its computation of excess cash. Petroleum Geo-Services' previously announced discussions regarding a US$70 million working capital facility and a US$40 million letter of credit facility remain ongoing. If and when the working capital and letter of credit facilities are finalized and cash collateral associated with outstanding letters of credit is released, Petroleum Geo-Services expects to make a second distribution of excess cash in an amount of US$22.7 million. In addition, following completion of the 2003 audit of Petroleum Geo-Services' consolidated financial statements, an excess cash additional recovery distribution will be made, if required, to the holders of Allowed Class 4 Claims. Currently, it is not possible to estimate the amount of the excess cash additional recovery, if any. A conference call to discuss the excess cash calculation was held on December 22 at 16:00 Oslo Time (10:00 a.m. New York Time). There will be a digital replay of the conference call beginning at 18:00 Oslo time (12:00 p.m. New York Time) on the day of the call through Monday, January 5, 2004 at (888) 843-8996 or +1 (630) 652-3044 for those calling from outside the United States (reference pass code 8200895). Presentation slides regarding the excess cash calculation are available on the Company's web site at http://www.pgs.com Petroleum Geo-Services ASA is a technologically focused oilfield service company, principally involved in geophysical and floating production services. Petroleum Geo-Services provides a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. Petroleum Geo-Services owns and operates four floating production, storage and offloading units. Petroleum Geo-Services operates on a worldwide basis with headquarters in Oslo, Norway. For more information on Petroleum Geo-Services ASA visit http://www.pgs.com CONTACT: PETROLEUM GEO-SERVICES Sam R. Morrow Svein T. Knudsen Phone: +47-67-52-6400 Suzanne M. McLeod Phone: +1 281-589-7935 PETROLEUM GEO-SERVICES: Ramform Banff Services Contract Amended --------------------------------------------------------------- Petroleum Geo-Services ASA (OSE: PGS; OTC: PGEOY) has reached an agreement with Canadian National Resources, operator of the Banff and Kyle fields, that constitutes a substantial amendment to the current Services Agreement for the Banff field. Canadian National Resources assumed the role of operator of the Banff field from Conoco U.K. Ltd. effective October 1, 2003, after acquiring Conoco's interest in the field. The agreement is subject to approval from the Banff and Kyle partners, as well as the Department of Trade and Industry and the Ramform Banff topside lessor by March 31, 2004. Once approved, the revised terms will take effect retrospectively from January 1, 2004. Under the amended agreement, Petroleum Geo-Services Production will continue to produce the Banff field with the Ramform Banff floating production, storage and offloading units until the end of the life of the field. The new contract will contain a minimum day rate provision of $125,000 per day, with the objective to make Banff operation cash positive through the life of the field. The amended contract will continue to have a tariff based element, which has been increased from US$4.48 to US$5.00 per barrel with a fixed day rate that is increased from GBP35,000 to GBP40,000 per day, subject to the new minimum day rate. Thus, Petroleum Geo-Services will retain economic upside if the reservoir produces sufficient oil. At the current production volume of 9,000 bbls per day, Petroleum Geo-Services' revenues will increase from US$100,140 to US$125,000 per day under the amended contract. The revised rates are applicable for production through 2014. If production extends beyond 2014 Petroleum Geo-Services Production will be entitled to an increased day rate. Beginning sometime next summer, part of the production from the nearby Kyle field will be added to the Ramform Banff vessel with a potential for producing the rest of this field from 2H 2005. Kyle field is estimated to have between 3 and 5 millions barrels of oil that may be produced across the Ramform Banff. The Ramform Banff commenced oil production on the Banff field in the U.K. sector of the North Sea in January, 1999. The vessel experienced operational problems during its first 18 months of operations, which were corrected in the winter of 2000/2001. Production on the Banff field recommenced in March 2001, and from that time, the Ramform Banff floating production, storage and offloading units has operated with an uptime performance of 99%, demonstrating an excellent safety and regularity record. The financial performance of the vessel has, however, suffered due to relatively low levels of production resulting from underperformance of the reservoir itself, since the current contract depends heavily on volume dependent tariff revenue. CNR's decision to implement a revised reservoir strategy, as proposed under the amended agreement, is expected to yield improved reservoir depletion over time. Petroleum Geo-Services is a technologically focused oilfield service company principally involved in geophysical and floating production services. Petroleum Geo-Services provides a broad range of seismic- and reservoir services, including acquisition, processing, interpretation, and field evaluation. Petroleum Geo-Services owns and operates four floating production, storage and offloading units. Petroleum Geo-Services operates on a worldwide basis with headquarters in Oslo, Norway. For more information on Petroleum Geo-Services visit http://www.pgs.com CONTACT: PETROLEUM GEO-SERVICES Sam R. Morrow Svein T. Knudsen Phone: +47 6752 6400 Suzanne M. McLeod Phone: +1 281-589-7935 =========== R U S S I A =========== NIKOIL: Improved Corporate Structure Merits Ratings Upgrade ----------------------------------------------------------- Fitch Ratings upgraded the Long-term ratings of Financial Corporation NIKoil (or the group) and its commercial banking subsidiary NIKoil IBG Bank to 'B' from 'B-'. The Outlook for both ratings is Stable. Other ratings for the two entities have been affirmed at Short-term 'B', Individual 'D' and Support '5'. The rating action in respect of NIKoil reflects the improved franchise, scale, diversification and prospects of the group, particularly following the successful integration of both Avtobank and Industrial Insurance Company (now NIKoil Insurance Company), which were acquired in 2002. IBG and Avtobank remain separate legal entities, but a legal merger is possible for 2004. The strategic rationale for the acquisition of both entities was sound and in keeping with NIKoil's primary goal of becoming a diversified financial services group, providing commercial, retail, private and investment banking services and insurance through an expanding branch network. Organic growth and the acquisitions have diversified NIKoil's balance sheet and revenues, providing a solid base from which to drive future earnings growth. However, the agency comments that the profitability of the group's banking and insurance operations has been very modest to date and the consolidated balance sheet, earnings and risk profile remain dominated by its 6.8% stake in LUKoil. Further rating improvements are likely to be dependent on delivery of better profitability from the group's banking operations and further revenue and balance sheet diversification. Fitch comments that the possible acquisition next year of a majority stake in Ural-Siberian Bank (Uralsib; Long-term rating of 'B') could be one way that this is achieved and would make sound strategic sense for NIKoil, marrying Uralsib's extensive branch network with NIKoil's more developed product range. The combined branch networks would likely be the most extensive of any privately owned bank in Russia, albeit substantially behind that of Sberbank. NIKoil presently owns 14% of Uralsib, but the acquisition of a majority stake has been looking increasingly likely in recent weeks. NIKoil representatives hold seven of the 11 seats on Uralsib's Supervisory Board and a NIKoil executive, Mr. Fuad Akhundov, is now Uralsib's acting President. Even so, a full acquisition is not yet certain. The agency comments that it would have to took at the specific terms of any deal that does emerge on its own merits to determine whether any rating action is warranted. NIKoil has indicated that it might be prepared to sell part of its LUKoil stake to finance future acquisitions in the financial services sector, which Fitch would view positively. Not only would it demonstrate NIKoil's commitment to developing a diversified, integrated financial services group, but it would also reduce the earnings volatility and substantial market risk to which the group is exposed through its LUKoil investment. Although a rising LUKoil share price will have again supported group earnings in 2003, Fitch considers the exposure to be excessive in relation to group equity. The upgrade of IBG's Long-term rating is in-part driven by its important position within the wider NIKoil group, but also the development and growth of its business and franchise, its above average asset quality for a Russian bank (which is in part a factor of the group's developed risk management practices), and its adequate capitalization. A legal merger with Avtobank, should it take place, will provide further growth opportunities. However, Fitch comments that, while improving, concentration levels remain high on both sides of the balance sheet and its own LUKoil positions expose it, like the wider group, to significant market risk and potential earnings volatility. Avtobank's asset quality has historically been poor, but this issue is being addressed by NIKoil management and loan loss reserve cover looks adequate. Earnings have been weak, constrained by overcapacity in the branch network and high costs. NIKoil is the holding company of an expanding financial services business, with consolidated assets of c.USD2.5 billion at end-2002. It is ultimately owned by two individuals, including the group's President. =========================== U N I T E D K I N G D O M =========================== AES DRAX: S&P Retains 'D' Rating on Subordinated Debt ----------------------------------------------------- Standard & Poor's Ratings Services withdrew its 'D' senior debt ratings on InPower Ltd.'s GBP905 million senior secured bank loan and AES Drax Holdings Ltd.'s GBP200 million and $302 million senior secured notes. The withdrawal follows agreement on the restructuring of the Drax power station's debt. This will replace old debt with new and provides creditors with full ownership. The subordinated debt issued by AES Drax Energy Ltd. was not part of the restructuring and the rating on it remains at 'D'. All three entities provided funding for Drax, the largest coal-fired power station in the U.K. "The implementation of the senior debt restructuring ends a long period of standstill agreements. The agreement offers banks and investors clearer insight into their recovery prospects, which for some tranches looks very good," said Standard & Poor's Infrastructure Finance credit analyst Magdalena Richardson. The final result of the offering to banks and investors was surprising because only a few creditors voted to accept the partial cash offer. International Power PLC (BB/Stable/--) received only a GBP2 million-compensation payment. It had offered cash to buy back debt at a discount in return for a considerable equity stake. "Overall, investors appear to have an optimistic outlook on future wholesale electricity prices. They therefore expect high or full recovery of their debt," added Ms. Richardson. "Nonetheless, although Drax is well placed to compete and operate under increasingly stringent environmental regulation, it is still too early to say that the wholesale electricity market has recovered. Some uncertainty also remains regarding future environmental regulation." The new A-1 tranche has very good prospects of full recovery owing to a cash sweep, available liquidity, and the cash flow waterfall structure. The A-2 and A-3 tranches have reasonable recovery prospects. Those for A-2 debt are better than for A-3 owing to their seniority in the cash flow waterfall. Recovery of A-2 debt, however, is dependent on captured power prices, and therefore recovery could be less than 100%. The B tranche relies on a claim against TXU Europe Ltd. and is therefore highly speculative. If the claim is completely successful, however, recovery could occur before any other tranche. BRITISH ENERGY: Shareholders Clear Divestment of Amergen Stake -------------------------------------------------------------- British Energy shareholders approved the disposal to Exelon Generation Company LLC of British Energy's 50% interest in AmerGen Energy Company, LLC at an Extraordinary General Meeting held solely for this purpose. At closing, British Energy will receive approximately US$277 million in cash subject, among others, to any post-closing adjustments to be determined relating to working capital levels, unspent nuclear fuel, capital expenditures and low-level waste disposal costs at the time of closing. The proceeds, net of transaction costs and break fee, are expected in the first instance to be used to repay outstanding sums made available to British Energy under the U.K. Government credit facility. CONTACT: FINANCIAL DYNAMICS, Media Andrew Dowler Phone: 0207 831 3113 British Energy Paul Heward, Investor Relations Phone: 01355 262 201 Homepage: http://www.british-energy.com CANARY WHARF: Disposal of Canada Square Properties Approved ----------------------------------------------------------- Following a poll conducted at the Extraordinary General Meeting of Canary Wharf Group plc held on December 22, 2003, the resolution to approve the disposal of 5 Canada Square and 25 Canada Square to The Royal Bank of Scotland plc was passed. The details of the votes cast in the poll are: In favor of the resolution: 278.12 million (69.4% of those votes cast) Against the resolution: 122.55 million (30.6% of those votes cast) Details of the Disposals were contained in a circular sent to shareholders on December 5, 2003. Pursuant to paragraphs 9.31 and 9.32 of the Listing Rules, Canary Wharf confirms that two copies of the ordinary resolution passed at the extraordinary general meeting have been submitted to the U.K. Listing Authority. The documents will shortly be available for inspection at the U.K. Listing Authority's Document Viewing Facility, which is situated at: The Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Phone: 020 7676 1000 CONTACT: LAZARD Phone: 020 7187 2000 William Rucker CAZENOVE Phone: 020 7588 2828 Duncan Hunter Richard Cotton BRUNSWICK Phone: 020 7404 5959 James Bradley Fiona Laffan FIGRE LIMITED: Scheme Creditors to Meet February 17 --------------------------------------------------- Notice is hereby given that by an order dated December 12, 2003 made in the above matter, the Court has directed that a meeting (the Creditors' Meeting) of the Company's Scheme Creditors (as defined in the Scheme) of FIGRE Limited (the Company) to be held on Tuesday, February 17, 2004 at the Tower Room, London Underwriting Centre, 3 Minster Court, Mincing Lane, London EC3R 7DD commencing at 11.00 a.m. All Scheme Creditors are requested to attend at such place and time either in person or by proxy. Please allow plenty of time for registration prior to the meeting. The purpose of the Creditors' Meeting will be to consider and, if thought fit, to approve (with or without modification) a scheme of arrangement proposed to be made between the Company and its Scheme Creditors pursuant to s425 of the Companies Act 1985. A downloadable file of the proposed Scheme Document, Explanatory Statement and Appendices are available on the Company's website at http://www.figrescheme.com. Should a printed copy be required, please send your request to Compre Administrators Limited, PricewaterhouseCoopers LLP or Kendall Freeman at the addresses listed below, and one will be sent to you free of charge. Scheme Creditors may vote in person at the Creditors' Meeting or they may appoint another person, whether a Scheme Creditor or not, as their proxy to attend and vote in their place. Voting forms and proxy forms for use at the Creditors' Meeting have been sent to all known creditors together with this Notice. It is requested that proxies and voting forms be sent by Post to Compre Administrators Limited, 120 Middlesex Street. London, E1 7HY, (marked for the attention of Paul Upperton or Graham Garwood), as soon as possible to arrive no later than 5.00 p.m. (GMT) on February 16, 2004. A faxed copy (fax: +44 (0)20 7377 5382) will be accepted if legible provided that the original is received by no later than 5.00 p.m. (GMT) on February 16, 2004 they may be handed to the Chairman of the Creditors' Meeting at the meeting. By the same order the Court has appointed Dan Schwarzmann of PricewaterhouseCoopers LLP of Plumtree Court, London EC4A 4HT or, failing him, Nigel Rackham of PricewaterhouseCoopers LLP to act as Chairman of the Creditors' Meeting and has directed the Chairman to report the result of the Creditors' Meeting to the Court. In the event that the Scheme Creditors vote in favor of the Scheme it will be subject to the subsequent approval of the Court. Dated: December 18, 2003 Prospective Scheme Manager Compre Administrators Limited 120 Middlesex Street London E1 7HY (Ref: "Paul Upperton or Graham Garwood) Prospective Scheme Advisers Dan Schwarzmann and Nigel Rackham PricewaterhouseCoopers LLP Plumtree Court London EC4A 4HT Legal Advisers to the Company Kendall Freeman 43 Fetter Lane London EC4A 1JU (Ref: Vivien Tyrell or Nick Stem) HIBERNIA FOODS: Administrator Finds Potential Buyers for Plants --------------------------------------------------------------- KPMG, the administrator of Hibernia Foods, said it is in exclusive talks with prospective buyers for the company's Hartlepool Oakesway site, according to Evening Gazette. Separate exclusive discussions have also started with a buyer for the Bridlington and Stockton sites. Rayner Peett, KPMG spokesman, said they hope to announce results of the discussions before the end of the month. KPMG could not reveal the names of the interested parties and could not disclose the timescale of the exclusive talks, according to him. The news gave renewed hopes to the plants workers who face redundancies unless a buyer is found for the operations. The Hartlepool Oakesway factory employs 493 people, while Bridlington and Stockton employs 950. Alan Milne, regional officer with the Bakers, Food and Allied Workers union commended Hartlepool MP Peter Mandelson and receivers KPMG for their efforts to reach a deal, according to the report. INTERNATIONAL POWER: Saudi Contract Fails to Buoy Ratings --------------------------------------------------------- Standard & Poor's Ratings Services said the ratings on International Power PLC (BB/Stable/--) remain unaffected by the go-ahead for IPower and Saudi Oger to develop, own, and operate four cogeneration facilities in Saudi Arabia. The contract award, however, is viewed as positive in terms of reducing IPower's overall merchant risk. The plants to be developed will provide a capacity of 1,074 MW and 4.4 million lbs per hour of steam. This will be sold under a 20-year energy conversion agreement with Saudi Aramco. IPower's expected GBP50 million equity commitment has already been factored into the rating. INVENSYS PLC: Non-executive Director Steps Down ----------------------------------------------- Invensys plc said Rolf Borjesson has decided to step down from the company's board last week in order to devote time to his other substantial commitments. Mr. Borjesson replaced Jeremy Lancaster as chairman of consumer packaging firm Rexam early in the month. Invensys plc is a global leader in production technology. The group recorded a loss of GBP149 million during the first half. It is currently pursuing its drive to divest assets to plug a GBP900 million-pension deficit and take care of GBP1.6 billion in debts due to be refinanced in 2005. So far, the group was able to put for sale two thirds of its business. LEAROYD PACKAGING: API Group Divests Loss-making Unit ----------------------------------------------------- API Group plc has completed the disposal of Learoyd Packaging Limited to Flytrack Limited, a company established for the purpose of the acquisition by the existing management of Learoyd Packaging. Included in the sale is the leasehold title to the property in Burnley from which Learoyd Packaging operates. Learoyd Packaging produces specialist packaging for the food industry, and is currently loss-making. The consideration comprises GBP1 for the ordinary share capital of Learoyd packaging, plus repayment of GBP800,000 of inter-company debt owed by Learoyd Packaging to API. The balance of the debt owed to the Group has been written off. The consideration for the property leasehold title is GBP700,000. The loss before tax of Learoyd Packaging for the year to September 30, 2003 was GBP4.0 million and its net liabilities as at that date were GBP5.2 million. The net proceeds will be used to reduce Group debt. Derek Ashley, API Group Chief Executive said, "this disposal is part of the development of our plans to focus on the core specialty coatings businesses of the Group. It will allow capital that would have been necessary to bring Learoyd Packaging back to profitability to be used more effectively elsewhere in the Group." MENTOR INSURANCE: To Pay Creditors' Final Dividend January 31 ------------------------------------------------------------- Notice is hereby given that a final dividend of 2.77 cents has been declared in this matter and that the same will be mailed to creditors whose claims have been previously admitted in this liquidation on January 31, 2004. This brings the overall dividend distributed to creditors to 75.27 cents. If you otherwise had any claim against Mentor Insurance Limited and have not filed your claim in accordance with the Scheme of Arrangement implemented in respect of the Company, or if you did file a claim in accordance with the Scheme of Arrangement but excluded any claim which otherwise would be valid, then to that extent your claim will be expunged and the Joint Liquidators will proceed to make the final dividend without regard to such claim. The Scheme of Arrangement was approved by creditors on February 23, 1993 and sanctioned by the Supreme Court of Bermuda on March 23, 1993. The final filing deadline for creditors of the Company under the Scheme of Arrangement was set at June 30, 1993. Furthermore, the Joint Liquidators intend to redistribute previously uncashed dividend distribution. If you believe that you are entitled to this final dividend distribution and may have entitlement to previously unclaimed dividend distributions, please contact the Joint Liquidators at the following address and fax number: Ernst & Young, Reid Hall, #3 Reidd Street, Hamilton HM 11, Bermuda, Attention: Peter Howley, Fax number: (441) 295 5193, E-mail address: peter.howley@bm.ey.com If you desire the dividend to be paid to some other person or entity, you must sign and lodge with the Joint Liquidators the necessary authority. All dividend checks will be cancelled at the expiration of six months from the date of issue (July 31, 2004) and any unclaimed dividends will then be transferred to the Accountant General in Bermuda. After August 31, 2004, the Joint Liquidators intend to apply to the Supreme Court of Bermuda for release and further take notice that any objection you may have to the granting of release must be notified to the Court within twenty-one days of this date. Dated this 12th day of December 2003 Charles W. Kempe, Jr. FCA and Nigel J. Hamilton, FCA Joint Liquidators MYTRAVEL GROUP: Concludes Sale of Auto Europe to Soros Private -------------------------------------------------------------- MyTravel Group plc announces the completion of the sale of Auto Europe, which was approved by shareholders on November 17, 2003, for US$85 million (GBP50.9 million) in cash to Soros Private Equity Investors LP. The sale was completed in accordance with the terms previously announced, subject to certain amendments agreed between MyTravel and Soros. These amendments, which principally relate to MyTravel's agreement to reimburse certain increased costs incurred by the purchaser in connection with completion, reduced the cash consideration received by MyTravel at completion by US$0.5 million (GBP0.3 million) and the aggregate net proceeds from the transaction by US$2.5 million (GBP1.5 million). Exchange Rate US$1.67 = GBP1 CONTACT: BRUNSWICK Roderick Cameron Phone: 07974 982400 ROYAL MAIL: Workers Union Amenable to 14.5% Pay Offer ----------------------------------------------------- Royal Mail welcomed the decision by the Communications Workers Union's Executive Committee to recommend the company's 14.5% pay offer linked to major changes. The company reached an agreement with the union's negotiating team on December 12. "We've got real agreement and real commitment to change and to the substantial pay increases which reward those changes. That means we can all get on with improving the service we offer to our customers," said Chief Executive Adam Crozier. The eighteen-month offer Royal Mail first made in the summer remains in place. The first 3% pay rise was paid on schedule in October. A further GBP26.28 increase in weekly pensionable pay is already being earned by more than 200 offices, with a total of 800 offices signed up and working towards the targets set in August, by local managers. These targets have not changed. The final 1.5% pay rise will be paid in April 2004. The agreement confirms that the Communications Workers Union is committed to, and will be involved in deploying, the changes Royal Mail needs to make. People employed in Royal Mail's transport and logistics operation will get their pay rises on the same timescale as other parts of the Group as the pace of change speeds up. Royal Mail's offer on London Weighting within the eighteen-month deal agreed remains unchanged -- an annual increase of GBP300 to both inner and outer London allowances -- but longer-term commitments have now been successfully negotiated, for postmen and women. Mr. Crozier said that the agreement would reassure customers in London and lift the threat of further strikes. "I know that the cost of living in London is a genuine issue for our London postmen and women. We can't increase our current eighteen month offer -- but we have committed to a further annual increase of GBP300 in the next pay round, once we have completed the changes, to take inner London allowances to GBP4,084 and outer London rates to GBP2,967 in April 2005," Mr. Crozier said. Royal Mail has confirmed that national pay bargaining will continue. Mr. Crozier said, "Our customers will welcome this news. In London, it gives us stability for at least the next two and a half years. And across the U.K. it means that everyone is focused on modernizing the service. "But the most important thing to me is to make sure everyone gets their hands on the money. Even before [December 22] almost half our delivery offices had signed up to the changes. This agreement will speed up the rest. There's no reason why all postmen and women shouldn't have the full 14.5% pay rise in their pockets by April next year. We've kept our promises." CONTACT: ROYAL MAIL 148 Old Street LONDON EC1V 9HQ Homepage: http://www.royalmail.com ROYAL MAIL: Employees to Vote on Pay Package Next Month ------------------------------------------------------- A draft agreement reached between the Communication Workers Union and Royal Mail will be put to a ballot of the union's 160,000 postal members early in the New Year. The ballot is scheduled to open on January 12 and close on January 26. Dave Ward, deputy general secretary of the Communication Workers Union, said: "The union's Postal Executive has agreed to recommend the draft deal in a postal ballot. We believe the package represents a good deal for our members. It will allow necessary change to be introduced across the industry with the full involvement of the union, alongside substantial benefits for the membership. The deal also takes a further step towards minimizing job losses in the industry. "If the vote is positive, it will deliver a GBP300 minimum basic pensionable wage for delivery postmen and women by next April." The key points of the agreement are: (a) Pay: We have confirmed the staged 4.5% and the GBP26.28 local pensionable supplement linked to change over an 18-month deal. In Logistics we have moved from a 2-year deal back to an 18-month deal. This means, with the exception of Parcelforce, we now have a common April pay date across the main postal group businesses. We have commitments for separate discussions to look at further basic pay increases by April 2004, for other grades including engineers, MDEC and mailroom employees. We have also secured a commitment to maintain national pay bargaining. (b) Delivery: Virtually all of the previous safeguards have been reinstated alongside other improvements. On the key issue of targets Royal Mail have confirmed a 30% global reduction from the matrix. Any issues arising from the process of introducing single daily deliveries will be dealt with via the Industrial Relations Framework. (c) Mail Centers: The targets will be staged. Processing LA's and the Operational Support Grade will receive the supplement. There will be the opportunity to earn lump sums for savings made since the cessation of ICS. Pooled bonus units will be able to continue. (d) Logistics: Equality has now been achieved in regard to the ability and opportunity for members working in Logistics to achieve the GBP300 basic pensionable pay within a similar timescale as those in other business units. The agreement advances monies in line with progress on the negotiations covering the transport review and sees the business investing in its employees during the change rather than holding back to the end. RRIS payments will be reinstated, there are meaningful commitments to resolve future productivity arrangements and the divisive differing allowances and reserved rights payments which currently result in some members in Logistics earning less money. (e) MTSF: The two-year pay protection Royal Mail has attempted to impose will revert to three years. Importantly, pay protection will now be on offer for any management-initiated change irrespective of whether a surplus exists. There is also stronger protection for short-term temporary contract staff. (f) London Weighting: There will be a further GBP300 in April 2005, for RM U.K., Logistics and RMI with earlier increases for our members in Post Office Limited. (g) For the first time ever we have established an agreement for dealing with London Weighting in the future. This will be based on a combination of automatic flow through from basic pay rises alongside a formal group wide review (except Parcelforce) every two years. The review will have a degree of independence and shifts the focus for increases away from Royal Mail's ability to pay to agreed cost of living criteria. (h) RRIS: The Way Forward RRIS Review has been completed with increases in some areas and in some cases payments extended to new areas. (i) There is stronger protection to ensure employees will not lose payments in the future. (j) We have also secured a new mechanism to review RRIS every two years, including, for the first time, acceptance of cost of living criteria. (k) Future Industrial Relations: In the previous tabled offer following the industrial action 'no vote' Royal Mail had included a whole section which enforcing their view on how our relationship would operate in future. This whole section has now been removed and has been replaced by a commitment for both parties to reach agreement on a new Industrial Relations Framework by the end of March 2004. A more detailed overview of the proposed deal can be found in LTB 736/03 in the members only section of this site. ********* 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., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. 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 written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *