World markets will be watching debt-plagued French media conglomerate Vivendi Universal on Wednesday, when it is due to release results for the first half of the year and the amount of debt held on June 30th.

The announcement will close the door on the era of Mr Jean-Marie Messier, the company's former chairman who saddled the company with €19 billion ($18.4 billion) in media-related debt and was dismissed last month.

Mr Jean-Rene Fourtou, appointed to replace Mr Messier on July 3rd and immediately faced with a cash crisis, has launched a campaign to streamline the sprawling firm, hinting that major asset sales were likely to trim the company's debt.

Vivendi's consolidated second-quarter and first-half results were to have been released on July 26th, but Mr Fourtou said the date had been pushed back because an audit was being carried out.

Analysts at the Aurel Leven brokerage firm said they expected €7.674 billion in second-quarter sales, compared with €6.592 billion in the second quarter of 2001.

Dresdner Kleinwort Wasserstein predicted €7.1 billion in sales, along with a net debt of €17.25 billion as of June 30th.

In July, Vivendi obtained a line of credit of €1 billion, valid for six months, to pay off its short-term obligations, but Mr Fourtou said the money would only be partially used by the end of August.

The chairman said his global media and utilities group would set up new financing arrangements by the end of August that would "lift all doubts about our financial capacity".

He promised the group would outline its new strategy in September, noting that "significant asset sales" would be needed to reduce borrowings that he said were too heavy. So far, Vivendi has announced plans to separate its Canal Plus French pay-TV from other assets in its Canal Plus Group subsidiary, selling off operations in other European countries to raise up to €7 billion.

Vivendi Universal shares closed up 2.72 per cent in Paris trading on Friday at €17.