31.   Almost every year, it seemed, the company was facing bankruptcy, and almost every year someone emerged to save it at the last minute.

32.   Although many analysts like its software programs, the company faces increasing competition from giants such as Microsoft Corp.

33.   American companies face a trade-off.

34.   Although PUC investigators do not allege criminal wrongdoing, agency officials say the six companies could face financial penalties.

35.   American companies faced few significant international competitors, though rivalry at home was often tough.

36.   Analysts said debt reduction could also pave the way for a takeover of United Biscuits itself, or at least rekindle speculation that the company will face a bid.

37.   Among other problems, the company faces a number of investigations of its underwriting practices.

38.   Analysts say the company faces stiff competition in the Japanese market.

39.   Analysts think that other indebted companies will face bankruptcy under similar conditions.

40.   Analysts said they wonder how attractive Dee Howard is at a time when other aviation companies face their own financial difficulties.