/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/040205.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, February 5, 2004, Vol. 5, No. 25 Headlines B U L G A R I A TPP MARITSA: Gets 'BB' Long-term Credit Rating, Stable Outlook F R A N C E ALSTOM SA: Streamlines Organizational Structure RHODIA SA: Aventis Released from Commitment to Divest Stake SUEZ GROUP: Gains EUR750 Million from M6 Stake Sale H U N G A R Y K&H EQUITIES: Parent Begins Paying Defrauded Clients I R E L A N D AN POST: Regulator Evaluates Quality of Service ELAN CORPORATION: Ratings Affirmed; Outlook Revised to Positive ELAN CORPORATION: Phase II Tests for Rheumatoid Drug on Track JSG FUNDING: Ratings Downgraded Due to High Leverage JSG HOLDINGS: (P)Caa2 Rating Assigned to Proposed Senior Notes FITZPATRICK PACKAGING: Seeks Protection from Creditors R U S S I A OAO SEVERSTAL: Assigned 'B+' Ratings; Outlook Negative S W E D E N FANTASTIC CORPORATION: Sells U.S. Business Unit to Stratacache U N I T E D K I N G D O M CHARLES WIMBLE: Meetings of Unsecured Creditors Set February 19 CHARTER PLC: Upbeat about Second Half Trading Performance CORUS GROUP: To Hike Steel Prices Beginning April DM CONSTRUCTION: Falls into Administration GEOLAB TECHNICAL: Calls in Administrators from Begbies HENLYS GROUP: Blue Bird Problems to Weigh down Earnings HOWITT: Former Colorgraphic Executive Leads Bidders MBTAM LIMITED: Meetings of Unsecured Creditors Set February 25 NOWOUTOFDATE LIMITED: Unsecured Creditors to Meet February 25 SCOTTISH WIDOWS: Annual Report Now Available STADIA INVESTMENT: Top Creditors Put Company in Receivership WESTBURY EUROPEAN: To Delist Shares Ahead of Liquidation YORKSHIRE GROUP: To Sell Part of Yorkshire Americas for US$9 Mln YORKSHIRE GROUP: Seeks GBP39.1 Mln Credit Facilities YORKSHIRE GROUP: Board Cautiously Optimistic about Future YORKSHIRE GROUP: Top Investor to Support Capital Injection YORKSHIRE GROUP: Chair to Resign after Yorkshire Americas Sale ********* =============== B U L G A R I A =============== TPP MARITSA: Gets 'BB' Long-term Credit Rating, Stable Outlook -------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB' long-term corporate credit rating to Bulgaria-based generator TPP Maritsa East 2 EAD. The outlook is stable. "The rating on TPP Maritsa East 2 reflects the risk of operating a single-asset plant undergoing major upgrading, the transition economy features of the Bulgarian market, as well as financial risks relating to increased indebtedness, and interest rate and foreign exchange exposure," said Standard & Poor's credit analyst Andreas Zsiga. "These risks are mitigated by a protective power purchase agreement with the 100% state-owned power company Natsionalna Elektrichseska Kompania EAD (NEK), competitive generation costs, and by TPP Maritsa East 2's strategic importance to the government." This importance is demonstrated by the existing and expected guarantees from its 100% owner, the Republic of Bulgaria (foreign currency BB+/Stable/B; local currency BBB-/Stable/A- 3;). Debt guaranteed by the government is expected to be rated at the same level as the Republic of Bulgaria. The upgrade project is planned to be funded by a EUR230 million loan from Japan Bank for International Cooperation (AA- /Negative/A-1+), to be 85% guaranteed by the Bulgarian government. Funding is also expected from EU grants (EUR45 million), and European Investment Bank (AAA/Stable/A-1+) (EUR25 million). "The upgrading of the plant is expected to improve operating performance, which should balance the weakening of the financial profile as a result of debt accumulation," added Mr. Zsiga. Standard & Poor's does not expect the ratings on TPP Maritsa East 2 to move in tandem with those on the Republic of Bulgaria. Should the sovereign ratings improve, the ratings on the company will be reviewed separately to determine if a corresponding upgrade is required. =========== F R A N C E =========== ALSTOM SA: Streamlines Organizational Structure ----------------------------------------------- Alstom announced a new phase in the simplification of its organization. The changes detailed below are designed both to improve commercial efficiency by ensuring a clearer organizational interface with customers, and to concentrate the top management team in line with the Group's reduced scope following recent disposals. Nick Salmon, Executive Vice-President, has decided to leave the Group to take up a consultancy position with an investment bank following the successful completion of the main operations included in Alstom's disposals program. In addition, Andrew Hibbert, General Counsel, has decided to leave the Group to pursue new professional projects. As a consequence, Alstom's Board of Directors has approved the following organizational changes proposed by Patrick Kron, Chairman & Chief Executive Officer: (a) Philippe Joubert, previously President of the Transmission & Distribution Sector of Alstom (sold in January 2004), is appointed Executive Vice-President and will lead the Power Turbo-Systems and Power Environment Sectors, replacing Mike Barrett and Philippe Soulie, who will each be assigned projects and missions within the Group. Philippe Joubert will also be responsible for the coordination of the three Power-related Sectors (Power Turbo-Systems, Power Environment and Power Service) and the supervision of the International Network in order to ensure total consistency of action towards Alstom's customer base. (b) Donna Vitter, who currently leads the Power Environment Sector's legal team, is appointed General Counsel of Alstom; Andrew Hibbert will continue for some months to advise the Chairman & Chief Executive Officer on specific issues. (c) The responsibilities of Nick Salmon are split between the members of the Executive Committee. Alstom's Executive Committee now comprises: Patrick Kron (Chairman & Chief Executive Officer), Philippe Jaffre (Finance Director), Philippe Joubert (Power Turbo-Systems, Power Environment, Network), Walter Graenicher (Power Service), Philippe Mellier (Transport), Patrick Boissier (Marine), Patrick Dubert (Human Resources) and Donna Vitter (Legal). Philippe Joubert Philippe Joubert, ESSEC, started his career in the banking world in Brazil and the USA. He joined Alstom in 1986, as Finance Director of GEC ALSTHOM Mecanica Pesada in Brazil. In 1991 he was appointed President and CEO of Macanica Pesada, and in 1992 became General Delegate of GEC ALSTHOM in Brazil. In 1997 he was named Country President, GEC ALSTHOM in Brazil, and was subsequently appointed Managing Director of the Transport unit, Transporte do Brasil Ltda. In 2000, he joined ALSTOM's Executive Committee and was appointed President of its Transmission & Distribution Sector, sold at the beginning of January 2004. Donna Vitter Following university studies in foreign languages (Georgetown University) and law (Boston College Law School), Donna Vitter began private practice in 1976 with a large Boston law firm and continued in the firm's Washington office until 1981. She then moved to France for an MBA degree at INSEAD and worked for the next three years as an international controller in the Saint Gobain Group. She joined Cegelec in 1985 and managed its International Legal Department until 1997, when she was appointed General Counsel of Alstom's Energy Sector. She was Deputy General Counsel of ABB Alstom Power and later General Counsel of the Alstom Power Sector before being named General Counsel of the Power Environment Sector. RHODIA SA: Aventis Released from Commitment to Divest Stake ----------------------------------------------------------- The European Commission has agreed to swap a commitment by Aventis to divest its remaining 15% stake in Rhodia with a commitment to sell its indirectly held 49% stake in Wacker Chemie. The Commission, in 1999, granted regulatory approval to the merger between Hoechst and Rhone-Poulenc, which created Aventis, on the condition of certain sell-offs to address competition problems. Rhodia's declining financial health since then has made the sale difficult. The sale of Wacker-Chemie fulfils the same purpose since the competition issues resided in the overlaps between the two firms. The Commission, in August 1999, cleared the merger between Hoechst and Rhone-Poulenc subject to a number of commitments (see IP/99/626). The combined company was renamed Aventis. One of the commitments consisted in the divestment of Rhone- Poulenc's 67.3% stake in chemicals company Rhodia. The management of Rhodia also had to remain separate from Wacker- Chemie's, itself a joint venture between Hoechst and the Wacker family, until the date of the divestiture of Rhodia. This was to prevent any coordination in the markets for silicone sealant, silicone elastomer and polymer powder. Although Rhone-Poulenc sold 42.3% of its shares in Rhodia already in 1999 and a further 9.9% in 2003 it is still the largest shareholder with 15% in the company. In view of the continuing deterioration in Rhodia's financial health and the upcoming restructuring of the company, the Commission has agreed to replace the Rhodia commitment with a commitment to divest its indirectly held 49% stake in Wacker- Chemie within a confidential timeframe. Aventis undertakes to continue maintaining the managements of Wacker-Chemie and Rhodia separate. The Commission has agreed to the new commitment given the dire financial situation of Rhodia and the urgent need to remove uncertainty over the capital structure of Rhodia so as to facilitate its restructuring. The Commission and the U.S. antitrust authorities consulted on the request given that the Rhodia commitment had been given to both regulators. SUEZ GROUP: Gains EUR750 Million from M6 Stake Sale --------------------------------------------------- Suez, a founding shareholder of M6, has disposed of 29.2% of the television channel's equity capital in a combined market and institutional investor placement. In September 2003, with the announcement of its half-year results, Suez had stated its intention to withdraw from the communications sector. This transaction will allow the Group to record first-half 2004 proceeds of EUR1 billion and net capital gains of EUR750 million. The Group will keep a residual 5% equity position in M6 for a three-year period, during which it will retain a seat on the channel's Supervisory Board. The disposal is consistent with the contract amendment signed February 2, 2004 between M6 and the French Audio Visual Higher Council (CSA). "The Group (Lyonnaise des Eaux et Compagnie Financiere de Suez) along with CLT, which has become RTL Group, were involved in the channels creation 17 years ago. The Group has supported M6's development as a stable, engaged and responsible shareholder, respecting the independence of channel management Jean Drucker et Nicolas de Tavernost who set up M6 and has contributed to its commercial, financial, and market successes. M6's position in today's audio-visual landscape is a source of great pride for Suez. With the disposals carried out in the French and Belgian communications sectors, SUEZ confirms its business strategy based on its energy and environment activities," emphasized Gerard Mestrallet, Chairman and CEO of SUEZ. SUEZ, a worldwide industrial and services Group, active in sustainable development, provides companies, municipalities, and individuals innovative solutions in Energy - electricity and natural gas - and the Environment - water and waste services. In 2003, SUEZ generated revenues of EUR 39.6 billion (excluding energy trading). SUEZ is listed on the Euronext Paris, Euronext Brussels, Luxembourg, Zurich and New York Stock Exchanges. For more information about Suez, visit http://www.suez.com ============= H U N G A R Y ============= K&H EQUITIES: Parent Begins Paying Defrauded Clients ---------------------------------------------------- K&H Bank has completed the first phase of its program to compensate customers of its defunct brokerage arm K&H Equities Rt, according to Budapest Business Journal. K&H Equities suspended operations in July last year after finding out one of its brokers was involved in fraudulent transactions that police say totaled HUF10 billion. In December, the parent bank announced plans to assume full control of the unit by taking over ABN Amro Bank's 50.1% stake in the brokerage business. It also pledged to pay clients after screening the accounts. In recent developments, K&H Bank declined to comment on how many claims have been rejected citing confidentiality. Authorities estimate 60-70 customers have invested a total HUF20 billion in the business. They are thought to suffer damages of more than HUF10 billion. K&H Bank has not yet set aside risk provisions to cover K&H Equities' losses because the magnitude of the losses was still not determined. CONTACT: K&H BANK 1051 Budapest, Vigado ter 1. Phone: (36-1)-328-9000 Fax: (36-1)-328-9696 TeleCenter: (36-1)-300-0000 E-mail: khbinfo@khb.hu ============= I R E L A N D ============= AN POST: Regulator Evaluates Quality of Service ----------------------------------------------- The Commission for Communications Regulation (ComReg) on Tuesday issued a consultation paper, which will examine the quality of service provided by An Post for the ordinary letters that individuals and businesses post on a daily basis. ComReg said this mail, known as "single piece priority mail" is of particular concern because it represents about 51% of An Post's revenue from domestic services, but does not always get a priority service. The Chairperson of ComReg, John Doherty said: "Prices have increased substantially over the last two years but there has been no discernible improvement in quality. Quality targets set by ComReg have not been met." Now ComReg intends to review the targets set for An Post. Customers are being asked to say what they regard as a reasonable standard of service for An Post to provide. ComReg suggests that the target must be consistent with the objective of providing next day delivery -- while allowing for "exceptional factors" and "unforeseeable circumstances." In addition, An Post is being asked to justify why it has not been possible to provide next day delivery for a greater proportion of letters. ComReg lists a number of factors which it considers impacts on quality and asks An Post to quantify the shortfall under each of these headings. Details of proposals to improve performance, with deadlines for implementation, are also sought. The consultation paper (ComReg 04/08) invites all interested parties to respond by March 12, 2004 is available on the ComReg Web site http://www.comreg.ie Issued By Tom Butler Public Affairs Manager, ComReg Phone: 01 804 9639 Mobile: 087 2536358 E-mail: tom.butler@comreg.ie ELAN CORPORATION: Ratings Affirmed; Outlook Revised to Positive --------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Elan Corp. PLC to positive from stable. At the same time, Standard & Poor's affirmed its 'B-' corporate credit and senior unsecured debt ratings on Elan, as well as its 'CCC' subordinated debt rating. The actions are a response to the easing debt maturity pressures on Elan, as well as the recent positive drug development news on the company's two most promising near-term product prospects, Antegren and Prialt. "The low-speculative-grade ratings and outlook reflect Dublin, Ireland-based Elan's still-significant near-term debt maturities, its tight liquidity situation, and the company's expected losses and negative cash flows in the intermediate term," said Standard & Poor's credit analyst Arthur Wong. "These factors are partially offset by the company's roughly US$1 billion of cash and investments on hand and the promise of new product launches." Elan is a specialty pharmaceutical company that specializes in the development and marketing of treatments for pain, the central nervous system, infectious disease, and autoimmune problems. Key products include the anti-infectives Maxipime and Azactam, the epilepsy treatment Zonegran, and the migraine treatment Frova. In the third quarter of 2003, sales of these products grew 31%, year-to-year, to US$120 million. Revenue growth may further accelerate with the addition of new products. The company's near-term product pipeline has two promising prospects: Antegren (for Crohn's disease and multiple sclerosis) and Prialt (for pain). ELAN CORPORATION: Phase II Tests for Rheumatoid Drug on Track ------------------------------------------------------------- Elan Corporation, PLC and Biogen Idec announced that an Investigational New Drug (IND) Application for ANTEGREN(R) (natalizumab) for the treatment of rheumatoid arthritis has been filed with the U.S. Food and Drug Administration. The commencement of a Phase II clinical trial is on track to begin in the first half of this year. Rheumatoid arthritis is a chronic progressive autoimmune disease that affects approximately 5.8 million people worldwide. Rheumatoid arthritis often begins with pain and stiffness in the small joints of the hands and feet and can progress to involve other joints, sometimes with severe disability and disfigurement. Natalizumab is of interest in moderate-to-severe RA because of its novel mechanism of action. "With the IND application process complete, we can now proceed with the clinical trials that will evaluate the ability of natalizumab to treat people with rheumatoid arthritis," said Lars Ekman, MD, executive vice president and president, Research and Development, Elan. "Additionally, we remain committed to the further development of natalizumab in Crohn's disease and are very encouraged by the recent positive news with the Phase III maintenance trial." The rheumatoid arthritis study will be a Phase II, multicenter, double-blind, placebo-controlled study of the efficacy, safety and tolerability of intravenous natalizumab (300 mg) in patients with moderate-to-severe rheumatoid arthritis receiving concomitant treatment with methotrexate. "Elan and Biogen Idec look forward to investigating the potential of natalizumab in the treatment of rheumatoid arthritis, a therapeutic area with unmet medical need. In addition, our Phase III multiple sclerosis studies for natalizumab are ongoing with more than 2,000 patients enrolled," said Burt Adelman, MD, executive vice president, Development, Biogen Idec. About ANTEGREN (natalizumab) Elan and Biogen Idec are collaborating on the development, manufacturing and marketing of natalizumab, currently in Phase III trials for multiple sclerosis (MS) and Crohn's disease. Natalizumab, a humanized monoclonal antibody, has a novel mechanism of action: it is the first alpha-4 antagonist in the new SAM (selective adhesion molecule) inhibitor class. The drug was designed to selectively inhibit immune cells from leaving the bloodstream and to prevent these cells from migrating into tissue -- the gastrointestinal tract in Crohn's disease, the brain in MS, and the joints in RA -- where they may cause or maintain inflammation. To date, more than 4,000 patients have participated in natalizumab clinical studies. About Elan Elan Corporation, plc (NYSE: ELN) is focused on the discovery, development, manufacturing, selling and marketing of novel therapeutic products in neurology, severe pain and autoimmune diseases. Elan shares trade on the New York, London and Dublin Stock Exchanges. For additional information about the company, please visit http://www.elan.com About Biogen Idec Biogen Idec (NASDAQ: BIIB) creates new standards of care in oncology and immunology. As a global leader in the development, manufacturing, and commercialization of novel therapies, Biogen Idec transforms scientific discoveries into advances in human healthcare. For product labeling, press releases and additional information about the company, please visit http://www.biogenidec.com CONTACT: ELAN CORPORATION Media Contacts: Anita Kawatra Phone: 212-407-5755 800-252-3526 Investor Contacts: Emer Reynolds Phone: 353 1 709 4000 800-252-3526 BIOGEN IDEC Amy Brockelman Phone: 617-914-6524 Christina Dillon Phone: 617-679-2812 JSG FUNDING: Ratings Downgraded Due to High Leverage ---------------------------------------------------- Moody's Investors Service downgraded the existing ratings of leading paper-based packaging group JSG Funding plc. Ratings affected are: JSG Holdings plc (a) Senior implied rating (previously at Jefferson Smurfit Group plc) from Ba3 to B1; (b) Unsecured issuer rating (previously at JSG Funding plc) from B2 to Caa2 (c) Proposed EUR250 million of senior notes at (P)Caa2 JSG Funding plc (formerly MDP Acquisitions plc) (a) EUR350 million in 10.125% senior notes due 2012 from B2 to B3 (b) $545 million in 9.625% senior notes due 2012 from B2 to B3 (c) EUR 100 million in 15.5% subordinated notes due 2013 from B3 to Caa1 (d) $150 million in 15.5% subordinated notes due 2013 from B3 to Caa1 (e) $205 million of 9.625% senior notes due 2012 from B2 to B3 JSG Acquisitions (formerly MDCP Acquisitions I) (a) EUR 2.1 billion (previously EUR 2.525 billion) in senior secured credit facilities from Ba3 to B1 Smurfit Capital Funding Plc (a) $234 million (previously $250 million) in 6.75% guaranteed debt securities due 2005 from Ba3 to B1 (b) $292 million in 7.50% guaranteed debt securities due 2025 from Ba3 to B1 The ratings outlook is stable. According to the rating agency, the action reflects the company's high financial leverage and Moody's expectation that the group's debt reduction will be slower than anticipated. It also factors in possible continued pricing pressure in the near term. The stable outlook reflects Moody's confidence that the company will remain cash flow positive, and that it will not embark on any additional significant acquisitions. JSG has pro-forma adjusted Debt in excess of EUR4 billion. Pro- forma Adjusted Debt/EBITDAR and EBITDA/cash interest are approximately 6x and 2.6x, respectively. Existing cash balances stand at EUR162 million as at September 30, 2003. It has EUR425 million available under its revolving credit facility. For the last twelve months ending September 2003, JSG generated total sales of EUR4.7 billion and Adjusted EBITDA of EUR642 million. JSG HOLDINGS: (P)Caa2 Rating Assigned to Proposed Senior Notes -------------------------------------------------------------- Moody's Investors Service assigned a (P)Caa2 rating to the proposed issuance of EUR250 million in senior notes by JSG Holdings plc, the indirect parent company of JSG Funding plc. The senior notes to be issued by JSG Holdings plc will be used to fund a share capital reduction and fees associated with the transaction. Moody's said: "The (P)Caa2 rating of the new senior notes reflects their deep structural subordination to a substantial level of debt at JSG Funding plc, Smurfit Capital Funding Plc and JSG Acquisitions." The new notes are not guaranteed by any of JSG Holdings plc's subsidiaries and since no inter-company loans exist between JSG Holdings plc and its subsidiaries, the claim of the new notes on the JSG group is solely by virtue of its equity holding, it added. FITZPATRICK PACKAGING: Seeks Protection from Creditors ------------------------------------------------------ Fitzpatrick Packaging and its Mayo subsidiary Fitz-Pack announced on Tuesday it will lay off 119 staff and appoint liquidators for the company, according to BizWorld. The management said the layoffs are inevitable after a disruption of three months in the company's manufacturing process. The Limerick-based plant suspended operations after an electrical substation was burned down months ago. They also needed the protection of the court as they pursue lengthy negotiations with insurers. Fitzgerald Packaging was formed 1977, as an 100% Irish owned, independent corrugated and protective packaging company located in the Mid-West of Ireland. It is one of only four corrugated manufacturers in Ireland not including the North. Fitzgerald Packaging Ltd.'s subsidiaries are Montin Paper Ltd., Fitz-Pack Cartons Ltd., and Woodfab, an associate company. CONTACT: FITZ-PACK Galvone Industrial Estate Limerick Co. Limerick Ireland Phone: 061-413855 Fax: 061-413004 Home Page: http://www.fitz-pack.ie/html_files/home.htm =========== R U S S I A =========== OAO SEVERSTAL: Assigned 'B+' Ratings; Outlook Negative ------------------------------------------------------ Standard & Poor's Ratings Services assigned its 'B+' long-term corporate credit and 'ruA+' Russia national scale ratings to Russian steel company OAO Severstal. The outlook is negative. At the same time, Standard & Poor's assigned its 'B+' senior unsecured debt rating to the planned offering of loan participation notes by Citigroup Global Markets Deutschland AG, which will be used to finance a loan to Severstal. "The ratings reflect Severstal's position as a volume manufacturer in the difficult global steel industry, and the uncertainties caused by the company's aggressive investment strategy and complex structure of its parent, the Severstal group," said Standard & Poor's credit analyst Elena Anankina. "The ratings are supported, however, by Severstal's low cost base; moderately growing domestic steel market; and currently strong financial profile with little net debt, high profitability, and cash flow." Severstal is Russia's second-largest integrated steel manufacturer, with 2002 sales of US$2.3 billion on 8.6 million metric tons of steel products. Although in January 2004, the company acquired the assets of the bankrupt U.S.-based steel maker Rouge Industries Inc. -- which produced 2.5 million metric tons in 2002 -- Severstal's key cash generating assets are in the Russian Federation (foreign currency BB+/Stable/B; local currency BBB-/Stable/A-3). At Dec. 31, 2003, the company had total debt of $515 million. Severstal has a high appetite for mergers and acquisitions -- as illustrated by the acquisition of Rouge in 2004 and of coal mining assets in Russia for about US$200 million in 2003 -- and ambitious capital expenditure plans. These are expected to absorb most of the company's free operating cash flow in the next few years and increase the company's leverage. "Standard & Poor's will closely monitor Severstal's financial policy in areas such as capital expenditure, debt, acquisitions, distributions to shareholders, and any support to group members," added Ms. Anankina. "In the long term, the ratings will be largely driven by Severstal's ability to resist cost erosion, developments on the domestic steel market, and the success of the company's strategy to gradually enter higher value-added market segments and improve operational efficiency." =========== S W E D E N =========== FANTASTIC CORPORATION: Sells U.S. Business Unit to Stratacache -------------------------------------------------------------- The Fantastic Corporation (Prime Standard Frankfurt: FAN), a provider of software products that optimize data distribution within corporate networks, announced that the company has sold and transferred its U.S. operations to Stratacache Inc. a provider of Internet products and services designed to enhance content delivery. Under the terms of the agreement Stratacache will obtain the OmniCast Dispatcher product line and the installed customer base. Stratacache is guaranteeing continuous support to existing clients. The employees at Fantastic's San Mateo office will be transferred to Stratacache. Stratacache will continue to pay to Fantastic patent royalties generated through software sales. At the general shareholder meetings of October 27, 2003 and January 20, 2004 the management and board of Fantastic stated that it is looking for partners to take over the existing operations and software patents to ensure the best possible support of existing customers and to maximize the company value to be paid back to the shareholders. The Fantastic Corporation (http://www.fantastic.com)produces software for rich data distribution in corporate networks. Its product suite for enterprise Content Delivery Networks (eCDN) allows corporations to boost the performance of their existing IT-networks. Fantastic was founded in 1996 in Zug, Switzerland and is quoted on the Prime Standard of the Frankfurt Stock Exchange (Symbol: FAN). CONTACT: THE FANTASTIC CORPORATION Bahnhofstrasse 2 Postfach 1350, 6301 Zug Meliza Louw Phone: +41 41 7288888 Fax: +41 41 7288880 E-Mail: M.Louw@fantastic.com Zangger.org, Science Communication Eberhard Zangger Phone: +41 1 390 29 36 E-Mail: eberhard@zangger.org =========================== U N I T E D K I N G D O M =========================== CHARLES WIMBLE: Meetings of Unsecured Creditors Set February 19 --------------------------------------------------------------- Notice is hereby given, pursuant to section 48(2) of the Insolvency Act 1986, that a Meeting of the Creditors of Charles Wimble will be held at the offices of Baker Tilly, The Clock House, 140 London Road, Guildford, Surrey GU1 1UW, on February 19, 2004, at 10.00 a.m., for the purposes of having laid before it a copy of the report prepared by the Administrative Receivers under section 48 of the said Act. The Meeting may, if it thinks fit, establish a Committee to exercise the functions conferred on a Creditors' Committee by or under the Act. Creditors whose claims are wholly secured are not entitled to attend or be represented at the Meeting. Other Creditors are entitled to vote if they have delivered to us at The Clock House, 140 London Road, Guildford, Surrey GU1 1UW, no later than 12.00 noon, on February 18, 2004, written details of the debts they claim to be due to them from the Company, and the claim has been duly admitted under the provisions of Rule 3.11 of the Insolvency Rules 1986; and there has been lodged with us any proxy which the Creditor intends to be used on his behalf. Joint Administrative Receiver CHARTER PLC: Upbeat about Second Half Trading Performance --------------------------------------------------------- Charter is pleased to announce that: (a) The trading performance was encouraging during the second half of 2003 and for the year as a whole is expected to be ahead of the Board's expectations. (b) Some GBP40 million has been realized through asset and business disposals in the second half of 2003. (c) The group's net debt has been successfully reduced to less than GBP140 million as at December 31, 2003 (GBP194.3 million: June 30, 2003). (d) The Company has resolved the dispute with the 2007 and 2009 U.S. loan note holders who brought an action against the Company in New York alleging defaults under the loan notes. Charter and its legal advisers have consistently maintained that no default has occurred under the U.S. loan notes. Notwithstanding this, the directors now consider that removing the uncertainties created by this legal dispute is in shareholders' best interests. The terms of the settlement agreement provide that the litigating loan note holders discontinue the proceedings and release Charter from and waive any and all claims arising out of the lawsuit. Under the settlement, Charter has agreed, effective from Tuesday, to increase the annual coupon rate payable on all of the 2007 and 2009 loan notes by 0.5% and to make a contribution, up to a maximum amount of GBP600,000, towards the note holders' litigation costs. The average annual cost to Charter of the increased coupon over the remaining life of these notes will be GBP250,000. The terms of the loan note agreement remain unchanged in all other respects. David Gawler, Chairman and Chief Executive of Charter, said: "I am pleased that the U.S. loan note dispute has been settled and during the latter half of 2003 the group's net debt was reduced by more than GBP55 million. I am also encouraged by the recent improvement in the trading performance of Esab and Howden, both of which have experienced some recovery in their markets and are also beginning to benefit from their earlier restructuring programmes." Internet users will be able to view this announcement, together with other information about Charter plc at the company's Web site http://www.charterplc.com ***** (a) On April 22, 2003 certain holders of the loan notes due in 2007 and 2009 initiated legal proceedings in New York against the Company and its subsidiary, Charter Central Finance Limited, seeking a declaratory judgment that a default had arisen under their loan notes. Charter has consistently maintained that no such breach has occurred, and as part of this settlement agreement, no admission of default has been made by Charter. (b) On July 22, 2003 Charter renewed its syndicated revolving credit facility in an initial amount of GBP120 million. Under the terms of the facility, which expires on March 31, 2005, inter alia, the amount of the facility was reduced by GBP20 million on November 30, 2003, and will be reduced by a further GBP26 million on March 10, 2004. On this date, the group is also scheduled to repay US$72 million (GBP40 million) of its loan notes. (c) The 2007 loan notes of US$85 million and the 2009 loan notes of US$35 million are scheduled for repayment on October 21, 2007 and October 21, 2009 respectively and, prior to the settlement, the respective coupon rates payable were 6.88 percent and 6.96 percent. (d) As at December 31, 2003 the facility amount was GBP100 million, of which GBP76 million had been drawn down. (e) For the purposes of this announcement an exchange rate of GBP1=US$1.8 has been used. CONTACT: BRUNSWICK Andrew Fenwick Pamela Small Phone: +44 (0) 20 7404 5959 CORUS GROUP: To Hike Steel Prices Beginning April ------------------------------------------------- Corus announces it is to increase U.K. steel prices by a minimum of GBP35 a ton for most products with effect from April 1, 2004. This increase follows a worldwide strengthening of steel prices and major increases in the steel industry's raw materials and shipping costs. Corus Divisional Director Scott MacDonald said: "Such an increase has been signalled for several weeks. We will inform our customers of the detail concerning specific products over the coming days." In mainland Europe, Corus will be informing customers of increases of not less than EUR40 a ton for most products, also with effect from April 1, 2004. Scott MacDonald added: "The continuing strong demand is likely to lead to further price increases in the coming months." ***** (a) The increases above equate to around 10 percent across the Group. (b) Corus increased prices by 5-8 percent across the Group from January 1, 2004. (c) UK Steel, the trade association, estimates that worldwide scrap prices have increased in recent months by 40 percent; iron ore by 20 percent; dry bulk shipping rates by 75 per cent and nickel by over 100 percent. CONTACT: CORUS GROUP Mike Hitchcock Phone: +44 (0) 20 7717 4502 DM CONSTRUCTION: Falls into Administration ------------------------------------------ Andrew Appleyard was appointed administrator for D M Construction LLP, one of the largest contractors in the Midlands. The company boasts of being able to provide designing solutions to challenging construction requirements and completing the work in the shortest possible time. CONTACT: Andrew Appleyard (IP No 1224) Haines Watts Canterbury House 85 Newhall Street Birmingham B3 1LH DM CONSTRUCTION Phone: +44 (0)1782 796012 Fax: +44 (0)1782 796024 Mobile: 07930 367814 E-mail : info@dmconstructionllp.com GEOLAB TECHNICAL: Calls in Administrators from Begbies ------------------------------------------------------ Administrators David Paul Hudson and Lloyd Biscoe from Begbies Traynor have been appointed to Geolab Technical Services Limited, a company involved in deep-sea survey. GeoLab Technical Services Ltd. is a member of the GeoLab Group of Companies providing extensive experience in supporting a diverse range of specialist data-gathering, survey and seabed mapping services to support the marine construction, hydrocarbon, telecommunication, and maritime industries world- wide. The Group represents the integrated capabilities of: GeoLab Technical Services Ltd. (U.K.), GeoLab srl. (Italy), and GeoLab B.V. (The Netherlands). CONTACT: BEGBIES TRAYNOR David Paul Hudson Lloyd Biscoe (IP Nos 008977 and 009141) The Old Exchange 234 Southchurch Road Southend-on-Sea Essex SS1 2EG GEOLAB TECHNICAL Phone: +44 (0) 1493 855992 Fax: +44 (0) 1493 855993 Ferry House, South Denes Road Great Yarmouth, Norfolk. NR30 3PJ E-mail: info@geolab.co.uk HENLYS GROUP: Blue Bird Problems to Weigh down Earnings ------------------------------------------------------- Henlys Group PLC announces that earnings this year are expected to be substantially below current market forecasts, mainly as a result of delays in Blue Bird's recovery. The main factors affecting Blue Bird results are: (a) Order intake for new commercial bus, coach and motor home products increasing at a slower rate than expected. (b) Lower overhead recoveries as a result of component outsourcing and inventory reduction measures aimed at maximizing cash generation. (c) Reduced margin on delivery of some school buses manufactured at the time of high re-work in the North Georgia plant. Although earnings for the rest of the Group are forecast to be only marginally behind expectations, the above Blue Bird issues could result in a reduction of around GBP20 million in Group operating profit for the year. Stringent cost reduction actions are underway in Blue Bird, and employee numbers have been reduced by over 30% in the first quarter. Also, the projects to streamline and modernize manufacture of school buses at North Georgia and Fort Valley are progressing as planned, with the first buses delivered in January demonstrating excellent quality standards. These cost reductions and efficiency gains will contribute to the improved financial performance projected for the second half of this year. Despite the lower 2004 earnings forecast, the stronger working capital management at Blue Bird should enable the Group to operate within the previously anticipated cash requirements. The Group is keeping its lenders informed of the position and is in continuing discussions. CONTACT: HENLYS GROUP PLC Allan Welsh, Chief Executive Bill Gillespie, Finance Director Phone: 020 8953 9953 HOWITT: Former Colorgraphic Executive Leads Bidders --------------------------------------------------- A group of former colleagues is rumored to be behind a bid for web printer Howitt, which was placed in administrative over the weekend. Nick Dixon, a former sales and marketing director of Colorgraphic [now part of Vertis], as well as his former Colorgraphic colleagues Mike Hunter and Rick Taylor were being linked with an offer for the Sutton in Ashfield company, according to Print Week. Administrators from KPMG Corporate Recovery is understood to have narrowed down its choice for possible buyers to Mr. Dixon's deal, the report said. Joint administrative receiver Allan Graham blamed Howitt's collapse to high debt, costly acquisitions and expansion plans, and a difficult market. But he assured the core of the business was sound. The operation will be sold as a going concern, he said. The Print Factory in Northampton is also thought interested in Howitt, which employs 346 people. MBTAM LIMITED: Meetings of Unsecured Creditors Set February 25 -------------------------------------------------------------- Notice is hereby given, pursuant to section 48(2) of the Insolvency Act 1986, that a Meeting of the unsecured Creditors of MBTAM Limited will be held at Marriott, Gosforth Park Hotel, High Gosforth Park, Newcastle Upon Tyne NE3 5HN, on February 25, 2004, at 11.30 a.m., for the purposes of having laid before it a copy of the report prepared by the Administrative Receivers under section 48 of the said Act. The Meeting may, if it thinks fit, establish a committee to exercise the functions conferred on Creditors' committees by or under the Act. Creditors whose claims are wholly secured are not entitled to attend or be represented at the Meeting. Other Creditors are entitled to vote if they have delivered to us at Afton House, 26 West Nile Street, Glasgow G1 2PF, no later than 12.00 noon on the business day before the day fixed for the Meeting, written details of the debts they claim to be due to them from the Company, and the claim has been duly admitted under the provisions of the Rule 3.11 of the Insolvency Rules 1986; and there has been lodged with us any proxy which the Creditor intends to be used on his behalf. F J Gray, Joint Administrative Receiver NOWOUTOFDATE LIMITED: Unsecured Creditors to Meet February 25 ------------------------------------------------------------- Notice is hereby given, pursuant to section 48(2) of the Insolvency Act 1986, that a Meeting of the unsecured Creditors of Nowoutofdate Limited will be held at Marriott, Gosforth Park Hotel, High Gosforth Park, Newcastle Upon Tyne NE3 5HN, on February 25, 2004, at 11.45 a.m., for the purposes of having laid before it a copy of the report prepared by the Administrative Receivers under section 48 of the said Act. The Meeting may, if it thinks fit, establish a committee to exercise the functions conferred on Creditors' committees by or under the Act. Creditors whose claims are wholly secured are not entitled to attend or be represented at the Meeting. Other Creditors are entitled to vote if they have delivered to us at Afton House, 26 West Nile Street, Glasgow G1 2PF, no later than 12.00 noon on the business day before the day fixed for the Meeting, written details of the debts they claim to be due to them from the Company, and the claim has been duly admitted under the provisions of the Rule 3.11 of the Insolvency Rules 1986; and there has been lodged with us any proxy which the Creditor intends to be used on his behalf. F J Gray, Joint Administrative Receiver SCOTTISH WIDOWS: Annual Report Now Available -------------------------------------------- Scottish Widows U.K. Stock Market Growth Plc said that a copy of its annual report and audited financial statements for the year ended October 25, 2003 is available for fourteen business days following publication, from the company announcements office, the Irish Stock Exchange, 28 Anglesea Street, Dublin 2. CONTACT: Killian Buckley J & E Davy Stockbrokers Phone: 353 1 6797788 STADIA INVESTMENT: Top Creditors Put Company in Receivership ------------------------------------------------------------ Stadia Properties and Stadia Management, both subsidiaries of Stadia Investment Group, were put into receivership Tuesday, following a move by its creditors to subject the company into voluntary liquidation, according to The Scotsman. Higher-ranking creditors, including Bank of Scotland called receivers for the firm almost a week after trade creditors of both companies lodged a petition for voluntary liquidation of the firms at the Edinburgh Sheriff Court. The move will give greater protection to larger creditors, but will erase the chances of trade creditors of recovering their investments. Former Bank of Scotland treasurer Gavin Masterton, who wants to sell his controlling stake in the group, is accused of protecting his own financial interests by putting the two firms into receivership. Mr. Masterton wants to put a valuation on the business before selling it. He said: "The creditors raised an action, which we obviously disputed to a degree in terms of the quantum of the claims, and it has gone into receivership. But part of the discussions I am having relate to the scale of the assets and liabilities which will be assumed by the new owner." Mr. Masterton denied allegations he will profit in the filing of the receivership. Stadia Properties and Stadia Management's creditors include Bank of Scotland. Stadia Properties owns Dunfermline Athletic's East End Park stadium. It has -- together with Stadia Management -- debts of GBP600,000 in relation to a number of projects in the U.K. Stadia Management, a company used to set up joint ventures, has no assets. Both Stadia subsidiaries were involved in the construction of Livingston's Almondvale stadium and the renovation last year of East End Park. Contractors claim they have not been paid for this and other Stadia projects, such as a development at Wester Hailes, Edinburgh, the report said. WESTBURY EUROPEAN: To Delist Shares Ahead of Liquidation -------------------------------------------------------- The Board of Directors of Westbury European Hedge Fund Limited wish to announce that: At a board meeting held on November 17, 2003, following a redemption request by a majority shareholder, the Directors resolved to liquidate the Fund. The Directors have therefore applied to the Irish Stock Exchange for the de-listing of the Fund from the Official List. The Irish Stock Exchange has agreed to de-list the Fund with effect from February 5, 2004. CONTACT: ERNST & YOUNG Michelle O'Neill Listing Sponsor Phone: + 353 1 475 0555 BISYS HEDGE FUND SERVICES (IRELAND) LIMITED Patrick Durojaiye Phone: + 353 1 436 7218 YORKSHIRE GROUP: To Sell Part of Yorkshire Americas for US$9 Mln ---------------------------------------------------------------- The Board of Yorkshire announces that it has entered into an agreement to dispose of part of the textile dyes business operated by Yorkshire Americas, Inc. to DyStar L.P. for a total cash consideration of US$8.75 million. The Proposed Disposal is conditional amongst other things on the approval of Yorkshire's shareholders. The Board of Yorkshire also announces that it has reached agreement on the terms of revised credit facilities (the Proposed Banking Facilities) with its principal lenders, conditional amongst other things on completion of the Proposed Disposal. Highlights (a) Agreement reached on sale of part of Yorkshire Americas' textile dyes business to DyStar for US$8.75 million subject to shareholder approval. Residual assets including property and working capital to be liquidated in due course. (b) Revised credit facilities agreed with bank lenders to provide facilities until December 31, 2006. (c) Borrowing powers agreed at 2003 AGM to be extended for further period. (d) Pat Barrett to step down as Chairman of Yorkshire. (e) Andrew Dick to become interim chairman pending Yorkshire's next AGM. (f) Peter Gyllenhammar to join Board as non-executive director. Pat Barrett, Chairman of Yorkshire, said: "After a very difficult period for the Group, I am pleased that the Board is able to announce the sale of the dyes distribution activities in the Americas and the agreement of revised credit facilities. These facilities provide a framework in which the Board's planned operational restructuring can take place. An important step has been taken in rebuilding the future of Yorkshire Group. However, given the radically reduced scale of the Group, I have decided to resign as Chairman following the EGM. I am grateful to Andrew Dick for taking on the role on an interim basis and encouraged at the enthusiasm Peter Gyllenhammar has shown in supporting the Company." Information on Yorkshire Americas and its textile dyes business In the year ended December 31, 2002 Yorkshire Americas achieved a small operating profit of GBP0.9 million before exceptional items. High operational gearing meant that its gross profit of GBP14.0 million in 2002 on turnover of GBP48.5 million was almost completely absorbed by overheads and other costs. The trading position of Yorkshire Americas deteriorated during 2003, to the point that it incurred an operating loss of GBP0.3 million before exceptional items in the six months ended June 30, 2003, and in the Board's opinion shows no realistic prospect of recovering. The textile dyes business operated by Yorkshire Americas (the "Americas Dyes Business") generated a gross profit of GBP11.1 million in the year ended December 31, 2002 on turnover of GBP42.1 million. As at June 30, 2003 the book value of the net assets of the Americas Dyes Business stood at GBP24.1 million of which the net assets the subject of the transaction stood at GBP7.7 million. The Proposed Disposal Under the terms of the Sale Agreement, DyStar would take over the marketing and distribution activities of the Americas Dyes Business and would acquire most of its finished goods inventory, together with outstanding sales orders and certain other contracts, its customer lists, certain laboratory equipment and certain specified intellectual property. The Proposed Disposal does not include the manufacturing facilities of the Americas Dyes Business. Accordingly, a supply agreement is to be entered into under which Yorkshire Americas, and to a lesser degree Yorkshire's European division, will manufacture products for DyStar, allowing Yorkshire to achieve a phased withdrawal from dyestuff manufacturing in the Americas while DyStar seeks alternative sources of manufacture. This phased withdrawal should allow Yorkshire Americas to generate increased value from the wind up of the remaining parts of the Americas Dyes Business, although the Board anticipates that losses will arise over the course of the Supply Agreement and further costs will be incurred in winding up the remaining business. The Proposed Disposal is expected to generate net cash proceeds of approximately US$7.99 million on Completion (net of deal costs of US$0.76 million). Of the net proceeds, US$3.4 million will be used to repay bank borrowings, US$3.75 million will be placed in an escrow account as described below and the balance of approximately US$0.84 million will be retained by Yorkshire and its subsidiaries for working capital purposes. The escrow account will provide a source of funds principally for indemnification claims under the Sale Agreement and Supply Agreement. In addition, Yorkshire and Yorkshire Americas must cause a further US$0.4 million to be placed into the escrow account within 40 days of Completion, solely to satisfy indemnification claims in respect of Yorkshire Brazil. Before accounting for settlement of valid indemnification claims, the escrow agreement provides that approximately US$1.56 million is released after 9 months, a further US$1 million after 18 months and the balance 24 months after Completion. With the exception of any sums released 9 months after Completion, amounts received by Yorkshire under the terms of the escrow agreement must be applied in prepayment of the Proposed Banking Facilities. The Proposed Disposal is expected to release working capital allowing a further US$1.6 million of bank borrowings to be repaid within three months of Completion. YORKSHIRE GROUP: Seeks GBP39.1 Mln Credit Facilities ---------------------------------------------------- Banking arrangements The Company's current credit facilities were last revised in April 2003. The Proposed Banking Facilities, which are conditional amongst other things on Completion [of part of Yorkshire Americas], will provide committed credit facilities for the Group until at least December 31, 2006, subject to no event of default occurring, thereby providing a more stable financial platform from which to continue the operational restructuring that is currently being pursued by the Board. The Proposed Banking Facilities, which will amount to approximately GBP39.1 million, will be adequate for the Group only if its trading performance is in line with the Board's current expectations. There is limited margin for adverse developments and the Board will therefore seek to improve the Group's working capital position following Completion. In particular, the Board has sought, and will continue to seek, to develop initiatives targeted at both enhancing sales and further reducing the Group's cost base. Borrowing Powers The resolution to approve the Proposed Disposal (the Resolution) will also seek approval for an extension of the borrowing powers of the Directors granted at the Company's annual general meeting on June 17, 2003. The modification allowed borrowings up to a maximum equal to the greater of twice share capital and reserves and GBP50 million. It is now proposed that this modification, which is currently due to expire at the Company's 2004 annual general meeting, be extended until June 30, 2008. YORKSHIRE GROUP: Board Cautiously Optimistic about Future --------------------------------------------------------- Current Trading As announced in Yorkshire's 2003 interim results, trading conditions have continued to be very difficult with relative stabilization in Europe more than offset by adverse conditions in America and Asia. In the six months ended June 30, 2003, Yorkshire's European division succeeded in reducing its pre-exceptional operating loss to GBP3.1 million from a pre-exceptional operating loss of GBP5.5 million in the corresponding period in 2002. The Board is pleased to confirm that the stabilization of trading in Europe has continued since June 30, 2003. Yorkshire Americas, in contrast, incurred a pre-exceptional operating loss of GBP0.3 million for the first half of 2003, compared to an operating profit of GBP1.5 million in the first half of 2002. As forecast in the announcement of Yorkshire's 2003 interim results, the difficult economic conditions experienced in the U.S. textile sector continued in the second half of 2003. Yorkshire's Asia Pacific division showed a GBP1.0 million pre- exceptional operating loss in the first half of 2003, against a pre-exceptional operating profit of GBP0.1 million for the first half of 2002. Following completion of the Proposed Disposal [of part of Yorkshire Americas], Europe will become Yorkshire's core market, with Asia Pacific representing an additional source of revenue. The Board is cautiously optimistic that the ongoing operational restructuring in Yorkshire's European division, coupled with the net cash proceeds arising on Completion and the Proposed Banking Facilities, will allow Yorkshire to return to profitability at the operating level in the medium term. The Board anticipates that turnover for the Group will continue to decline in 2004, although the extent of the decline is anticipated to be lower than in 2002 and 2003 as a result of the management actions, which are being taken to focus on growing the Group's market share in certain segments. Furthermore, in view of action taken by the Company to reduce the Group's cost base, the trend of profitability stabilization seen in 2003 in Yorkshire's European division is expected to continue. YORKSHIRE GROUP: Top Investor to Support Capital Injection ---------------------------------------------------------- Discussions with Mr. Gyllenhammar Although the Group has negotiated the Proposed Banking Facilities, the debt burden of the Company will remain substantial and there may be merit in reducing it through some form of equity injection. Mr. Peter Gyllenhammar, the Company's largest individual shareholder has approached the Board and indicated that he is prepared to consider supporting an injection of additional cash by shareholders provided that suitable support from other stakeholders is available. Following completion of the Proposed Disposal [of part of Yorkshire Americas] and in the light of trading in the first half of 2004, the Board will investigate the terms on which an injection of equity capital may be possible. YORKSHIRE GROUP: Chair to Resign after Yorkshire Americas Sale -------------------------------------------------------------- Board matters Given the substantial change in the shape of the Group, Pat Barrett intends to resign as Chairman of Yorkshire immediately following the conclusion of the Extraordinary General Meeting. Andrew Dick has agreed to become interim chairman for the time being but it is intended that a permanent chairman be appointed by the time of the Company's next annual general meeting. It has also been agreed that Mr. Peter Gyllenhammar will join the Board as a non-executive director following the Extraordinary General Meeting, subject to shareholders' approval of the Resolution [to approve the proposed disposal of part of Yorkshire Americas]. Mr. Gyllenhammer will not enter into service contract but will receive an appointment letter. No terms for his appointment have been agreed at the date of this announcement. A circular will be posted to shareholders shortly containing information on the Proposed Disposal and the terms of the Proposed Banking Facilities and giving notice of the Extraordinary General Meeting for shareholders to consider the Resolution. CONTACT: YORKSHIRE GROUP Phone: 0113 244 3111 Andrew Dick, Chief Executive Jim Perrie, Chief Financial Officer Malcolm Shilton, Company Secretary HAWKPOINT PARTNERS LIMITED Andrew Speirs Phone: 020 7665 4500 HOGARTH PARTNERSHIP LIMITED Nick Denton Phone: 020 7357 9477 ********* 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 and Ma. Cristina Canson, Editors. Copyright 2004. 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 * * *