/raid1/www/Hosts/bankrupt/TCREUR_Public/000720.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, July 20, 2000, Vol. 1, No. 52
Headlines
C Z E C H R E P U B L I C
CKD PRAHA: Shareholders To Decide on Capital Slashdown
INVESTICNI A POSTOVNI: Use of UNRA Wrong, Says Committee
INVESTICNI A POSTOVNI: IPB Appeal Received By Central Bank
INVESTICNI A POSTOVNI: CSOB May Acquire Domeana
INVESTICNI A POSTOVNI: Parliament Forms Investigating Committee
INVESTICNI A POSTOVNI: Picking up the pieces
INVESTICNI A POSTOVNI: Kalousek Chosen to Head Commission
INVESTICNI A POSTOVNI: FTV Premiera Asked to Explain Ownership
INVESTICNI A POSTOVNI: CSSD Accused of Secret Dealings
INVESTICNI A POSTOVNI: Bank Profits Plummet in First Quarter
INVESTICNI A POSTOVNI: CSOB Has "Reasonable" Level of Control
INVESTICNI A POSTOVNI: CSOB Granted Right to Withdraw from Deal
IPB POJISTOVNA: CSOB Sets Sights on Insurer
KOMERCNI BANKA: Konpo to Start Selling Claims by July
KOMERCNI BANKA: Authorities Discover Fake Notes
KOMERCNI BANKA: State to Extend More Help
KOMERCNI BANKA: Frankfurt and London Offices to Close
KOMERCNI BANKA: Bank Profits Plummet in First Quarter
KOMERCNI BANKA: Cabinet Announces Sale Schedule
KREDITAL: KCP Imposes Forced Administration
LOVOCHEMIE: Fertilizer Company Posts Kc 54 Million Loss
PF VIVA: Finance Ministry Sets Limitations
PRIA: Forced Administration Imposed Again by UDDZ
SKODA JADERNE: Machinery Producer Posts Kc 170 Million Loss
G E R M A N Y
COMMERZBANK: Threatens With Opposition
COMMERZBANK: Obscure Merger, LESS Power to Influence
I T A L Y
TECNOST FRN: Bonds Tighten After Olivetti Unwraps Package
TECNOST FRN: Olivetti Unveils Bond Compensation Plan
TECNOST FRN: Breakdown of Bonds in Olivetti Plan
TECNOST FRN: Table Showing How Bond Package Works
TECNOST FRN: Table Showing Impact of Olivetti Bond Plan
TECNOST FRN: Olivetti Issues Statement on Protection Plan
N O R W A Y
LOEVENSKIOLD-VAEKEROE: Losses Amount for Loevenskiold
P O L A N D
TYGODNIK AWS: Voice of AWS To Stop Publishing
R U S S I A
ONAKO OIL: Tender for 85% of Shares
ONAKO: State to Take Bids for 85% Stake
U N I T E D K I N G D O M
ACADEMY FLOORCOVERINGS LTD: Notice of creditors meeting
AEGIS INTEGRATED SOLUTIONS LTD: Notice of creditors meeting
AIR CONDITIONING SERV: Notice of creditors meeting
ALDERDELL LYD: Notice of creditors meeting
APEX ASPHALT LTD: Notice of creditors meeting
ASSOCIATED WESTERN LTD: Notice of creditors meeting
ASTRON DECORATORS LTD: Notice of creditors meeting
BOYZ II MEN LTD: Notice of creditors meeting
BURLEY KNITWEAR LTD: Notice of creditors meeting
DBS WASTE SOLUTIONS LTD: Notice of creditors meeting
DHILLON & SON (CONSTRUCTOIN) LTD: Notice of creditors meeting
DDS PRECISION ENGINEERING LTD: Notice of creditors meeting
EASTERN WORLD (CATERING) LTD: Notice of creditors meeting
EXTERIOR PROTECTION SERVICES LTD: Notice of creditors meeting
FAZELEY LITHO LTD: Notice of creditors meeting
FOUR RIVERS BREWING CO LTD: Notice of creditors meeting
GSE-PE LTD: Notice of creditors meeting
GRAPHICS SIGN & ADVERTISING LTD: Notice of creditors meeting
HAYWOOD HOMES (STOKE-ON-TRENT) LTD: Notice of creditors meeting
HAYWOOD HOMES LTD: Notice of creditors meeting
HEALTH INNOVATION (UK) LTD: Notice of creditors meeting
HUDDERSFIELD JOINERY CO LTD: Notice of creditors meeting
INNERSPACE LTD: Notice of creditors meeting
INTERNET GARDEN CO LTD: Notice of creditors meeting
JADE INTERNATIONAL LTD: Notice of creditors meeting
LONDON CITY PRESS LTD: Notice of creditors meeting
MAISON NOVELLI LTD: Notice of creditors meeting
MISTLINE LTD: Notice of creditors meeting
NOVELLI EC1 LTD: Notice of creditors meeting
NOVELLI HOLDINGS LTD: Notice of creditors meeting
NOVELLI W8 LTD: Notice of creditors meeting
NUVO ENGINEERING LTD: Notice of creditors meeting
OAKVALE INVESTMENTS LTD: Notice of creditors meeting
OVER THE EDGE PROMOTIONS LTD: Notice of creditors meeting
P W BRADFORD LTD: Notice of creditors meeting
POINT TO POINT (YORKSHIRE) LTD: Notice of creditors meeting
REFLEX ENGINEERING LTD: Notice of creditors meeting
ROCKINGHAM MANAGEMENT RESOURCES LTD: Notice of creditors meeting
ROSE HILL ENGINEERS LTD: Notice of creditors meeting
RUGBY WORLD LTD: Notice of creditors meeting
SIDE OUT LTD: Notice of creditors meeting
TRIDENT DISTRIBUTION LTD: Notice of creditors meeting
WEST AUCKLAND LEASING LTD: Notice of creditors meeting
WHYTE & MERNAGH LTD: Notice of creditors meeting
WOOLLAND FABRICATIONS LTD: Notice of creditors meeting
===========================
C Z E C H R E P U B L I C
============================
CKD PRAHA: Shareholders To Decide on Capital Slashdown
------------------------------
CZECH AM, July 11, 2000
CKD Praha Holding shareholders will decide early next month
whether to slash basic capital from Kc 4.7 bln to Kc 474 mln to
cover a part of the group's mounting losses. The holding posted
consolidated losses of Kc 7.3 bln in 1999 and Kc 2.9 bln in 1998.
The cut would be followed by a capital increase of at least Kc 5
bln through a share subscription by CKD creditors, which include
Konsolidacn¡ Banka, IPB and the National Property Fund
(Hospodarske Noviny B3).
INVESTICNI A POSTOVNI: Use of UNRA Wrong, Says Committee
------------------------------
Czech AM, July 4, 2000
The Lower House defense and security committee decided last
night, on votes from right-wing members, that the use of the
anti-terrorist police unit (URNA) at IPB during the introduction
of forced administration June 16 was inappropriate. While Police
Chief Jir¡ Kolar insisted URNA usage was justified as state
administrators feared for their lives, Interior Minister
Stanislav Gross denied allegations that members of the unit
pointed their automatic weapons at IPB staff. Meanwhile, ODS
chief and former PM Vaclav Klaus blamed unnamed banking officials
for using the media to create a panic among IPB clients that
preceded the bank's collapse (CTK).
INVESTICNI A POSTOVNI: IPB Appeal Received By Central Bank
------------------------------
CZECH AM, July 10, 2000
The Czech National Bank (CNB) confirmed on Friday that it had
received the appeal from the IPB board of directors against the
CNB decision to place the bank under forced administration. The
CNB added that an 11-member commission would render a decision in
30 days, a timeframe that could be extended to 60 days if deemed
necessary.
INVESTICNI A POSTOVNI: CSOB May Acquire Domeana
------------------------------
Czech AM, July 10, 2000
CSOB may still acquire Domeana - a company with close ties to the
IPB bank - holding a 50% stake in insurer IPB Pojistovna, 100% of
IPB Leasing and a majority in FTV Premiera. The latter is the
license holder of the country's second-largest private television
station Prima. Domeana is owned by GES Holding, reportedly owned
by entrepreneur Ivan Zach who says IPB never exercised its option
to a 100% Domeana stake. The option now belongs to CSOB.
INVESTICNI A POSTOVNI: Parliament Forms Investigating Committee
------------------------------
CZECH AM, July 11, 2000
The lower house appointed ten members to the commission to
investigate events surrounding IPB, consisting of two members
from each parliamentary party. It is expected Miroslav Kalousek
(KDU) will be elected chairman of the commission tomorrow as he
is the only candidate for the post.
INVESTICNI A POSTOVNI: Picking up the pieces
--------------------------------------
The Prague Post, July 12, 2000
As a parliamentary committee began sifting through details of how
the country's third-largest bank was allowed to collapse, the
public got its first peek at the inner workings of Investicni a
Postovni banka.
It wasn't pretty.
In the last two years, IPB's leaders let a shortfall in reserves
balloon to a whopping 40 billion Kc ($1.05 billion). They made
misleading statements about the bank's financial situation. They
didn't assess the risks of loans before granting them, Finance
Minister Pavel Mertlik told the committee last week.
"IPB was not being cautious enough and was carrying out deals in
a manner harmful to the interests of its depositors," Mertlik
said in a joint statement with the Czech National Bank (CNB).
"They put the security and stability of the bank at risk."
IPB has long been suspected of maintaining faltering finances and
questionable practices, but until now, its leaders have kept
everything from its balance sheet to its ownership structure a
closely-guarded secret.
Those secrets came crashing down last month, when a crippling run
on the bank led the CNB to put IPB under forced administration.
Three days later, IPB's license was yanked, and its assets sold
to Ceskoslovenska obchodni banka.
It's still not known how much the failure will cost taxpayers.
At the very least, billions of crowns of bad IPB debt are
expected to be transferred to state-owned Konsolidacni banka in
coming months. The parliamentary committee will sift through the
details over the next year.
Prime Minister Milos Zeman is calling for the criminal
prosecution of whoever is found responsible. Others question
whether the sale was really the cheapest solution for taxpayers,
some blamed the media for the run on the bank.
IPB even chimed in, filing an appeal to the forced
administration. The bank called it an unfair tactic used to end
negotiations that could have saved IPB. The CNB has 30 days to
respond.
In response to questions over why regulators didn't intervene
earlier, Mertlik said the CNB started looking into IPB in April
1999. By August, it was pouring over everything from its
investment banking to its internal audit system.
The CNB found irregularities, distortions and questionable
practices. For instance, its inquiry found that IPB didn't
consider a client's financial situation when making loans, and
used excessive appraisals for real estate collateral. There also
was an inadequate level of reserves.
The CNB handed its findings to IPB on February 25. If confirmed
by an auditor, that meant the CNB could have yanked IPB's license
right away.
But the bank protested, and said it was willing to inject life-
saving share capital into the bank, but was stalled by a lawsuit.
It filed a 12,400-page protest, which the CNB had to sift through
before it could proceed.
INVESTICNI A POSTOVNI: Kalousek Chosen to Head Commission
------------------------------
CZECH AM, July 12, 2000
Miroslav Kalousek (KDU) was elected head of the parliamentary
commission to investigate events surrounding the collapse of IPB.
Kalousek indicated he is eager to get started and may call the
commission's first meeting before the end of the week.
INVESTICNI A POSTOVNI: FTV Premiera Asked to Explain Ownership
------------------------------
CZECH AM, July 12, 2000
The TV and Radio Broadcasting Council is looking into the case of
FTV Premiera, after asking the TV Prima license-holder for an
explanation for changes in its ownership. GES Holding had
acquired FTV Premiera owner Domeana from IPB prior to CSOB's
recent takeover of IPB. The council says its intention is to make
FTV Premiera ownership more transparent rather than to strip the
license.
INVESTICNI A POSTOVNI: CSSD Accused of Secret Dealings
------------------------------
CZECH AM, July 13, 2000
ODS accused CSSD MPs yesterday of trying to keep secret
circumstances preceding the imposition of forced administration
over IPB. The allegations followed yesterday's rejection by CSSD
members of the parliamentary defense and security committee of
efforts to gain access to information provided to the government
by the intelligence service (BIS) regarding IPB.
INVESTICNI A POSTOVNI: Bank Profits Plummet in First Quarter
------------------------------
CZECH AM, July 13, 2000
Banks active on the Czech market recorded first quarter profits
of Kc 3.3 bln, down Kc 42.2 bln y/y. While seven banks posted
losses, the four largest commercial banks (Komercn¡ Banka, IPB,
Ceska Sporitelna and CSOB) made Kc 2.5 bln after losing Kc 1.3
bln in 1999.
INVESTICNI A POSTOVNI: CSOB Has "Reasonable" Level of Control
--------------------------------------------------------------
Czech AM, July 13, 2000
CSOB said yesterday that it has a "reasonable" level of control
over its stakes in financial service organizations following its
takeover of IPB. Pension fund Ceskomoravsky PF is the next
institution CSOB will acquire after IPB transferred control over
it to the Cayman Islands-based Triton Fund. CSOB also announced
that it has details about assets worth some Kc 40 bln shifted
from IPB to entities based in the Cayman and Virgin Islands.
INVESTICNI A POSTOVNI: CSOB Granted Right to Withdraw from Deal
------------------------------
CZECH AM, July 14, 2000
The Finance Ministry has granted CSOB the right to withdraw from
a contract on the purchase of IPB and request its sale to
Konsolidacn¡ Banka (KoB), according to a Czech TV news report.
Conditions allowing CSOB to back out of the deal include the
occurrence of serious court disputes or if one-third of deposits
are lost in the first three months following the June 19th
takeover, Czech dailies report. Meanwhile, CSOB says it and IPB
will continue to operate separately for several more years, as
the two institutions focus on different clientele. CSOB also
claims it now controls all IPB's financial interests except IPB
Leasing. It noted that half of IPB's Kc 185 bln loan portfolio is
unhealthy and pegged the maximum yield at 20%. Talks with the
state about the possible transfer of some of the bad loans to KoB
are now under way.
IPB POJISTOVNA: CSOB Sets Sights on Insurer
------------------------------
Czech AM, July 11, 2000
CSOB says it will gain full control of IPB Pojistovna, the CR's
third largest insurer. Domeana owns 65.5% of the insurer with
Cetus holding the rest. Domeana had pledged its stake as a
guarantee for loans granted by IPB, for which it cannot pay. CSOB
expects to acquire the shares as a result.
KOMERCNI BANKA: Konpo to Start Selling Claims by July
------------------------------
Czech AM, July 3, 2000
By the end of July, Konsolidacn¡ Banka subsidiary Konpo plans to
start selling claims it has collected. It currently administers
Kc 57 bln in bad assets transferred from Komercn¡ Banka.
KOMERCNI BANKA: Authorities Discover Fake Notes
------------------------------
Czech AM, July 3, 2000
Fake Komercn¡ Banka promissory notes valued at $20 mln were found
by Czech police and Interpol. KB says it became aware of them in
spring and filed a criminal complaint against an unnamed
individual. Thus far, it is unaware of any successful trading
with the notes.
KOMERCNI BANKA: State to Extend More Help
------------------------------
Czech AM, July 10, 2000
The government is likely to offer new guarantees at the CR's
second largest bank Komercn¡ Banka prior to a sell-off scheduled
for early next year. Deputy Finance Minister Jan Mladek said the
size had yet to be decided and would be partially determined by
the results of a forensic audit. Sale advisors Goldman Sachs and
CA IB Securities recommended a bailout in an effort to heighten
interest and the eventual sale price.
KOMERCNI BANKA: Frankfurt and London Offices to Close
------------------------------
Czech AM, July 13, 2000
After closing its office in New York, Komercn¡ Banka decided to
abandon Frankfurt and London as well, as part of its strategy to
maximize profits and dispose of non-performing elements.
KOMERCNI BANKA: Bank Profits Plummet in First Quarter
------------------------------
Czech AM, July 13, 2000
Banks active on the Czech market recorded first quarter profits
of Kc 3.3 bln, down Kc 42.2 bln y/y. While seven banks posted
losses, the four largest commercial banks (Komercn¡ Banka, IPB,
Ceska Sporitelna and CSOB) made Kc 2.5 bln after losing Kc 1.3
bln in 1999.
KOMERCNI BANKA: Cabinet Announces Sale Schedule
------------------------------
CZECH AM, July 14, 2000
Cabinet will now decide on the extent of guarantees for Komercn¡
Banka assets before sending out an information memorandum in
September to potential buyers of the state's 60% stake. It plans
to shortlist investors in October, with binding offers due in
December following a forensic audit at KB. A final decision is
expected in March. The delays stem mainly from a lending scandal
with Austrian B.C.L. Trading that cost the bank Kc 8 bln.
KREDITAL: KCP Imposes Forced Administration
------------------------------
Czech AM, July 4, 2000
The Securities Commission (KCP) imposed forced administration at
the Kredital investment fund due to its violation of regulations
when setting questionable values on securities. Kredital assets
amount to Kc 500 mln.
LOVOCHEMIE: Fertilizer Company Posts Kc 54 Million Loss
------------------------------
Czech AM, July 11, 2000
Lovochemie posted a 1999 loss of Kc 54 mln on sales of Kc 1.7
bln, down Kc 900 mln y/y. The CR's largest fertilizer producer
attributes the results to the sale of its silk producing division
and a troubled European fertilizer market.
PF VIVA: Finance Ministry Sets Limitations
------------------------------
Czech AM, July 14, 2000
The Finance Ministry has imposed limitations on asset handling
over management at the PF Viva pension fund, calling the move a
preventative measure not intended to send it into liquidation.
The action followed from findings indicating some of its
operations were illegal.
PRIA: Forced Administration Imposed Again by UDDZ
------------------------------
Czech AM, July 14, 2000
The Credit Union Supervisory Office again imposed forced
administration at Pria, explaining that legal violations
(including unauthorized securities trading) which resulted in
similar action being taken against the credit union in January
had not been corrected. Pria had a balance sum of Kc 297 mln and
4,000 members as of last October.
SKODA JADERNE: Machinery Producer Posts Kc 170 Million Loss
------------------------------
Czech AM, July 10, 2000
Nuclear machinery producer Skoda Jaderne Systemy posted a 1999
loss of Kc 170 mln with sales falling by a third y/y to Kc 2.4
bln. The drop is attributed to decreased supplies to the Temel¡n
nuclear power plant - which is nearing completion - and to the
end of activities in the Ukraine, where SJS has receivables worth
$16 bln.
=============
G E R M A N Y
=============
COMMERZBANK: Threatens With Opposition
-------------------------------------
FINANCIAL TIMES July 19, 2000
Cobra, a German investment group which holds a 17 per cent stake
in German bank Commerzbank AG, is sceptical with regard to
Commerzbank's plans to either merge or co-operate with Dresdner
Bank AG, Germany's third biggest bank. Hansgeorg Hofmann,
managing director of Cobra, announced yesterday (18 June 2000)
that he would only support the merger if it increased the
shareholder value for Commerzbank shareholders.
7
Commerzbank initiated the preliminary merger negotiations, which
would give rise to Germany's second biggest bank. Commerzbank's
chairman, Martin Kohlhaussen, met his counterpart, Bernd
Fahrholz, for talks last Saturday. Insiders stress that all forms
of a possible collaboration had been discussed. Shares in
Commerzbank fell 1.31 per cent to 39.28 euros last Friday.
COMMERZBANK: Obscure Merger, LESS Power to Influence
-----------------------------
FINANCIAL TIMES July 17, 2000
Germany's banking watchdog has thrown merger talks between
Dresdner Bank and Commerzbank into confusion by rendering
Commerzbank's biggest shareholder powerless to influence the
outcome.
The Bundesaufsichtsamt fur das Kreditwesen has barred Cobra from
exercising voting rights on its 17 per cent stake.
The regulator declined to give details of its ruling, which
observers saw as unexpected.
Hansgeorg Hofmann, who heads Cobra, said it was based solely on
personal income tax irregularities reported three years ago when
he was a member of Dresdner's management board.
,
"This is outrageous. It's completely unfair. This is Germany Inc
closing ranks once again," he added. "They have no other way of
getting at Cobra."
The ruling removes a potential obstacle to the talks between
Commerzbank and Dresdner, which became public a month ago.
Cobra had warned it might veto the all-German merger, saying a
link-up with a European partner would provide a greater boost to
shareholder value.
But the regulator's decision might also complicate intense
negotiations over the terms of the merger.
Differences emerged last week over the likely share swap ratio,
with Commerzbank pressing for something close to a merger of
equals while Dresdner said underlying valuations pointed to it
having a stake of up to 60 per cent in the new bank.
"Commerzbank's position is likely to be weakened by this. Cobra
was pressing for a higher valuation for Commerzbank and held out
the prospect of a takeover," said one analyst. "If they are out
of the picture the share price loses that support and Commerzbank
is stuck with a lower merger ratio."
Cobra - a unit of Dutch-based Rebon, the holding company of two
German corporate raiders, Klaus-Peter Schneidewind and Clemens
Vedder - said the ruling would have little practical impact, but
that it would appeal against the decision.
Commerzbank shares fell almost 5 per cent, recovering to E37.36
in late trading, still down more than 3 per cent, while Dresdner
shares were 2 per cent higher at E45.97. At these prices, the
Dresdner/Commerzbank ratio of market values is 56/44.
=========
I T A L Y
=========
TECNOST FRN: Bonds Tighten After Olivetti Unwraps Package
------------------------------
REUTERS, July 13, 2000
Bonds issued by Italy's Tecnost tightened on Thursday after
parent company Olivetti unveiled a package to compensate
bondholders for rating cuts resulting from a planned merger
between the two.
Tecnost was the vehicle used by Olivetti to buy Telecom Italia in
an audacious takeover last year. The 16 billion euros of bonds it
issued to pay for the former state monopoly will be pooled with
Olivett's two billion euros of bonds after the merger is
completed late this year.
All the bonds will then be serviced out of Telecom Italia
dividends paid to Tecnost, a development that has already
prompted a two-notch ratings cut (to Baa2 from A3) by Moody's
Investors Service and a downgrade threat from Standard & Poor's
Corp. S&P currently rates Tecnost BBB+ but has said it expects to
cut its rating to BBB after the merger is completed.
Olivetti said on Thursday that holders of Tecnost bonds would
receive 45 basis points of compensation if the new company is
rated in line with expectations at Baa2/BBB.
A further ratings cut will bring another 50 basis point increase
in the rate of interest paid.
The figures match estimates given by financial sources on
Wednesday and is in line with downgrade protection offered on new
bonds recently.
Bankers on Thursday described the compensation package as
reasonable, saying that if anything Olivetti had been generous.
"The market usually assumes a 30-40 basis point spread for a
whole (three-notch) ratings band so they're certainly on the
right side of the line," said a telecoms analyst at a U.S bank in
London.
Tecnost's 2009 euro bond was quoted at 182 basis points over
government bonds at close of trading, 13 tighter on the day. Its
2004 euro bond was 10 basis points tighter, at 133 over the
benchmark.
Tecnost's other euro bond, a 9.45 billion euro floating-rate note
launched in June 1999, is the largest single tranche corporate
bond ever issued. It also has a 20 yen bond outstanding.
Olivetti said holders of its own two euro bonds would also be
compensated for a credit ratings cut, but at a lower rate than
Tecnost bondholders. Analysts say Olivetti bondholders derive an
advantage from the merger as their claim on the company's assets
will no longer rank behind that of investors in Tecnost bonds.
Olivetti said its bondholders would get 15 basis points
compensation for a post-merger rating of Baa2/BBB and 65 basis
points for any subsequent downgrade.
"I don't think Olivetti bondholders will be complaining. It was
an unrated credit whose debt was subordinated to Tecnost's, now
it's pari-passu with an enhanced coupon," said a credit analyst
at a European bank.
The coupon increases are reversible if the merged company is
upgraded and the credit protection package will fall away
completely if it regains an A3 rating from Moody's or attains the
equivalent A-minus from S&P.
Olivetti's debt was largely placed with retail investors and is
consequently illiquid. However, analysts said the 30 basis point
difference in compensation offered to bondholders should
translate into a theoretical spread gap of 30 basis points
between Tecnost bonds and those issued by Olivetti.
"Additionally, the Olivetti bonds should trade wider to
compensate for the relative lower market liquidity in these
issues compared to the bumper Tecnost issues," said one research
note published on Thursday.
TECNOST FRN: Olivetti Unveils Bond Compensation Plan
------------------------------
REUTERS, July 13, 2000
Italy's Olivetti on Thursday unveiled keenly awaited terms of a
scheme to compensate holders of $17 billion of bonds for cuts
expected in its credit ratings when it carries out an in-house
merger with Tecnost.
Tecnost is the subsidiary which staged Olivetti's coup against
Telecom Italia last year -- and it carries more than 16 billion
euros of takeover debt that will be pooled with Olivetti's two
billion when they merge at the end of 2000.
Olivetti has been working for weeks on the plan which gives
holders of Tecnost bonds -- including the world's largest single
tranche of corporate debt -- a 45-basis-point hike in their
interest payments if the new group is rated in line with current
expectations.
The figure matches estimates given by financial sources on
Wednesday and is in line with protection on other recent bond
deals. A London bond analyst called the offer reasonable.
Tecnost's 2009 euro bond was quoted at 182 basis points over
government bonds at the close of trading, 13 tighter on the day.
Its 2004 euro bond was 10 basis points tighter, at 133 over the
benchmark.
A total of six Olivetti or Tecnost bonds are involved, including
one denominated in yen, with the rest issued in euros.
The move comes weeks after Deutsche Telekom introduced a similar
scheme as part of a record-smashing $14 billion bond programme.
And financial sources said that scheme's ratings "step-up" worth
50 basis points had partly influenced Olivetti's actions.
Deutsche Telekom's multiple issue overtook Tecnost's 9.4 billion
floating rate note as the largest corporate debt issue, though
Tecnost still has the record for a single slice of debt.
Olivetti already owns 73 percent of Tecnost but wants a full
merger to get closer to Telecom Italia's lucrative cash flows.
But it has had to look at ways of sweetening its debt after
credit agencies began to lower the crucial ratings that govern
the cost of funding last year's ambitious takeover. Their beef is
that the merger increases the pool of debt to be paid off with
Olivetti's main source of income: dividends from Telecom.
Moody's last month cut Tecnost's rating from A3 to Baa2 and
Standard & Poor's said it expected to cut from BBB+ to BBB. If
these ratings are confirmed, Tecnost bondholders will be 45 basis
points better off once the merger is completed.
For people who hold the jumbo FRN, that equates today to an
actual interest rate of 6.85 percent instead of 6.4 percent. The
original coupon was 185 points over three-month Euribor.
Should the ratings be downgraded further, to the lowest possible
ranking for investment-grade paper (equivalent to a Standard &
Poor's rating of BBB-), Tecnost bondholders will receive 95 basis
points on top of their original coupon.
OLIVETTI BONDHOLDERS BENEFIT TOO
Olivetti said holders of its own bonds would also derive some
benefit from the plan, but at a slower rate than Tecnost
bondholders. Analysts say Olivetti bondholders are relatively
better off in the merger because they will no longer rank behind
those who invested in the debt of subsidiary Tecnost.
Olivetti said its bondholders would get 15 basis points
compensation in return for the post-merger ratings currently
mooted by rating agencies -- BBB for Standard & Poor's and Baa2
for Moody's -- and 65 points for the next ratings notch down.
The decision on Olivetti appeared to have been made in the last
stages of what has been a complex test of market nerves.
A financial source said that since Olivetti paper tends to trade
at a spread over Tecnost's, Olivetti bondholders had been
penalised in relative terms, so such a gesture seemed justified.
Although Olivetti is not officially rated, the way the deal has
been structured implies that Olivetti has an imaginary rating
about one notch, or grade, better than Tecnost's.
The scheme also works in both directions, allowing Olivetti to
claw back compensation on the six bonds in similar steps if
ratings improve. But payments will never fall below the levels
decided when the notes were originally issued, a statement said.
While presenting the two agency rating systems in tandem,
Olivetti said it would take the lower of the two ratings in
deciding how much compensation to offer, favouring investors.
Moody's and S&P until recently had a split rating on Tecnost, the
entity which will effectively drive the rating of the merged
group. To reflect this, details published by Olivetti showed that
it was taking the higher of the two original ratings -- Moody's
A3 -- as the starting point for the programme.
The merger must be approved by investors in coming months and the
compensation plan depends on the link-up going through.
TECNOST FRN: Breakdown of Bonds in Olivetti Plan
------------------------------
REUTERS, July 13, 2000
Following is the list of bonds affected by a "credit protection
package" announced on Thursday by Olivetti and its subsidiary
Tecnost, the financial holding which controls Telecom Italia.
The package includes all five euro-denominated bonds issued by
either company, plus a sixth yen-denominated bond issued by
Tecnost.
It will allow coupons on the bonds to be linked to ratings by
Moody's and S&P, whichever is lower.
-- Tecnost International NV 9.44 billion euros, Guaranteed
Floating Rate Notes due 2004 (185 bp over 3-month Euribor).
-- Tecnost International NV 4.5 billion euros 5-3/8 percent,
Guaranteed Notes due 2004.
-- Tecnost International NV 1.75 billion euros 6-1/8 percent,
Guaranteed Notes due 2009.
-- Tecnost International NV 20 billion yen 5 percent, Guaranteed
Notes due 2029.
-- Olivetti International NV 700 million euros 5.875 percent,
Guaranteed Notes due 2003.
-- Olivetti International NV 1.5 billion euros 5 percent,
Guaranteed Notes due 2009.
TECNOST FRN: Table Showing How Bond Package Works
------------------------------
REUTERS, July 13, 2000
This is how the coupons on Olivetti and Tecnost bonds would be
adjusted under a plan linking the interest payments to future
ratings from international credit agencies.
Olivetti announced the credit protection package -- designed
mainly to compensate bondholders for rating cuts triggered by
proposals to merge the two companies -- on Thursday.
Olivetti said in a statement the scheme would start operating
once the merger is completed at the end of December, and would
last until the minimum rating for the merged entity is either A3
(Moody's) or A- (Standard & Poor's).
It said the rate of interest or margin over Euribor of each of
the six affected notes would be adjusted according to ratings by
following the table below. Each figure represents a step-up from
the original interest payment expressed in basis points.
RATING COUPON ADJUSTMENT (BP)
Moody's S&P Tecnost notes Olivetti notes
------- --- ------------- --------------
A3 A- 0 0
Baa1 BBB+ 15 0
Baa2 BBB 45 15
Baa3 BBB- 95 65
Olivetti said the adjustment would be determined by looking at
the "Minimum Rating" assigned to the bonds, meaning the lower of
ratings assigned to the unsecured, unsubordinated long-term debt
securities of the merged entity by Moody's and S&P.
The scheme works in two directions, with the coupon adjustements
clawed back if ratings improve, but coupons on the bonds will
never fall below the original level, Olivetti said.
** List of bonds covered in credit package [nL13430478].
TECNOST FRN: Table Showing Impact of Olivetti Bond Plan
------------------------------
REUTERS, July 13, 2000
This is how interest payments on the world's largest single
tranche of corporate debt -- a 9.4 billion euro floating rate
note issued by Tecnost to help buy Telecom Italia a year ago --
would be affected by a package unveiled by parent Olivetti on
Thursday.
The scheme is designed to compensate those who invested in the
bond, as well as other bondholders in Tecnost and Olivetti, for
rating moves triggered by proposals to merge the two firms.
The Tecnost FRN, expiring in 2004, was issued wiith a coupon of
185 basis points over three-month Euribor.
The size of the adjustment depends on the lower of two sets of
ratings published by credit agencies Moody's and S&P.
Figures are based on Thursday Euribor rates (percent).
Euribor3M Spread Interest Rating Step-Up Adj interest
4.548 1.85 6.398 A3/A- 0.00 6.398
Baa1/BBB+ 0.15 6.548
Baa2/BBB 0.45 6.848
Baa3/BBB- 0.95 7.348
TECNOST FRN: Olivetti Issues Statement on Protection Plan
------------------------------
REUTERS, July 13, 2000
The following is the full text of a statement published on
Thursday by Olivetti on its plans to protect bondholders after a
merger with Tecnost.
OLIVETTI-TECNOST DEFINE STEPS TO PROTECT BONDHOLDERS'
INTERRESTS
Olivetti and Tecnost announce that they have defined the
principal characteristics of the credit protection package for
holders of bonds issued by companies controlled by Olivetti SpA
and Tecnost SpA.
This Credit Protection Package consists of a system of coupon
adjustments which will be dependent on the credit rating assigned
to the following securities:
* Tecnost International N.V. Euro 9.44 billion guaranteed
floating rate notes due 2004
* Tecnost International N.V. Euro 4.5 billion 5 3/8 percent.
Guaranteed notes due 2004.
* Tecnost International N.V. Euro 1.75 billion 6 1/8 percent.
Guaranteed Notes due 2009.
* Tecnost International N.V. Yen 20 billion 5 percent.
Guaranteed Notes due 2029.
* Olivetti International N.V. Euro 700 million 5.875 percent.
Guaranteed notes due 2003.
* Olivetti International N.V. Euro 1.5 billion 5 percent.
Guaranteed notes due 2009.
Credit Protection Package
The Credit Protection Package is subject to, and will take effect
upon, completion of the proposed merger of Tecnost SpA into
Olivetti SpA (the "Effective Date"), scheduled for the end of
December 2000 (after the recording of the merged entity in the
company register), and will remain effective up to the time when
the Minimum Rating (as defined below) of the merged entity will
be either A3 by Moody's or the equivalent A- by Standard &
Poor's.
The package provides for the rate of interest or margin over
EURIBOR (as the case may be) of each of the notes to be adjusted
according to the rating of Moody's or Standard & Poor's as
detailed in the table below:
RATING COUPON ADJUSTMENT (bp)
Moody's S&P's - Tecnost Notes Olivetti Notes
A3 A- - 0 0
Baa1 BBB+ - 15 0
Baa2 BBB - 45 15
Baa3 BBB- - 95 65
In each case, the adjustment is by reference to the rate of
interest or margin which would otherwise apply in the absence of
the Credit Protection Package, and is determined with reference
to the Minimum Rating assigned to the bonds. "Minimum Rating"
means the lower of the ratings assigned to the unsecured,
unsubordinated long term debt securities of the merged entity by
Moody's and Standard & Poor's according to the above table. Such
adjustments will increase the coupon or margin in the case of a
reduction in the Minimum Rating and will decrease the coupon in
the case of an increase in the Minimum Rating, but obviously will
never cause the coupon or margin to be lower than the original
coupon or margin set at the time of issuance of the notes.
Subject to the Merger becoming effective, there will be an
initial payment payable on the Coupon Payment Date following the
Effective Date (the "Initial Payment Date"). Such payment will
equal the Coupon Adjustment accrued for the period starting on
the first settlement date immediately following the shareholders'
approval of the Merger and ending on the Initial Payment Date.
The meeting seeking shareholders' approval is scheduled for the
beginning of October 2000.
After the Effective Date, the Coupon Adjustment will be
determined on each Coupon Payment Date and based on the Minimum
Rating applicable on that date. This Coupon Adjustment will apply
for the full following Coupon period.
The full terms and conditions which reflect the above mentioned
proposals will be made available to bondholders before the end of
the month of July.
===========
N O R W A Y
===========
LOEVENSKIOLD-VAEKEROE: Losses Amount for Loevenskiold
----------------------------------------
The Norway Post, July 5, 200
In the last ten years, Loevenskiold-Vaekeroe has lost a total of
NOK 265m.
Last year's pre-tax result was a loss of NOK 54m, bringing the
company's ten year loss to NOK 265m.
CEO Carl Otto Loevenskiold denies that the situation is critical,
but adds that it is not too pleasant either.
"I would also say that we have creates a lot of values in other
ways. We have invested in building up a strong position in the
Norwegian building materials market, but this is not visible in
the accounts today." he says to Finansavisen.
===========
P O L A N D
===========
TYGODNIK AWS: Voice of AWS To Stop Publishing
------------------------------
POLAND AM, July 11, 2000
The weekly Tygodnik AWS, the voice of the ruling Solidarity
Election Action (AWS), is to cease publishing immediately due to
diminishing sales and record losses incurred in the last two
years. The latest edition will appear only in an electronic
version.
===========
R U S S I A
===========
ONAKO OIL: Tender for 85% of Shares
---------------------------
RosBusinessConsulting July 18, 2000
Investment conditions for selling 85% of the shares in the ONAKO
oil company will be symbolic, and will be either 150,000 rubles
(about USD5,390) or USD50,000, given the initial price of the
parcel of shares of USD400 million. A representative of the State
Property Ministry Press Service told RBC.
A meeting to set the date of the tender and the final price of
328.036 million state-owned common shares in ONAKO will be held
tomorrow. Presumably, the tender will be held as soon as this
week, the representative of the Press Service underlined. State
Property Minister Farit Gazizullin said earlier that in fact, the
company would be sold at an auction, although a tender with
investment conditions will be announced, because in accordance
with the law, a parcel of over 51% of the shares cannot be sold
at an auction.
ONAKO: State to Take Bids for 85% Stake
-----------------
The Moscow Times July 19, 2000
The government has officially accepted a State Property Ministry
proposal to sell 85 percent of state-owned Onako, the nation's
12th-largest oil producer, through a tender to be announced
Wednesday.
"Now we must agree to the particular conditions of the sale with
other departments," said a source at the State Property Ministry.
On Tuesday evening, the ministry needed only two more permits
from other departments.
The winner of the tender will be required to pay about 125,000
rubles ($4,500) to Dresdner Kleinwort Benson bank, which
evaluated the 85 percent stake of Onako for the State Property
Ministry, sources said.
The ministry's proposal of a $400 million minimum bid for the 85
percent stake is expected to be approved by the interdepartmental
committee responsible for confirming the starting price, sources
said.
"Immediately after this we will begin taking bids," said a State
Property Ministry representative who declined to be named.
Officials are worried by the actions of potential buyer Yukos,
which has already bought up a blocking stake in Onako's main
subsidiary, the Ural Mountains-based Orenburgneft production
unit. The State Property Ministry believes that by increasing its
influence within Onako, Yukos is trying to drive competitors away
and lower the sale price.
Officials want to stop Yukos from doing this in the future.
"The Anti-Monopoly Ministry must forbid Yukos from buying shares
during the time the tender is being held. We will request that
the government issues the Anti-Monopoly Ministry additional
instructions to this effect," said a highly placed official at
the State Property Ministry, speaking on condition of anonymity.
Potential Onako buyers are keeping quiet about their plans
regarding the tender.
Yukos, LUKoil and Sibneft representatives have said that until
the terms and conditions of the tender are announced they have no
official comment, but none of them have said they will be
dropping out.
But an earlier proposal for Yukos and LUKoil to make a joint bid
for Onako has fallen apart.
Reuters has reported LUKoil vice president Leonid Fedun as saying
in an interview that cooperation between the two companies was no
longer being considered.
===========================
U N I T E D K I N G D O M
===========================
ACADEMY FLOORCOVERINGS LTD: Notice of creditors meeting
---------------------------------
Company Name: Academy Floorcoverings Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 30/06/00
Meeting address: 6-8 Old Hall Road Oatley
Meeting City Code: Cheadle SK8 4BE
Authorised by: J C Hilton Chairman 09/06/00
Liquidators:
Firm Name: Walker Till
Address: 6-8 Old Hall Road Oatley Cheadle SK8 4BE
AEGIS INTEGRATED SOLUTIONS LTD: Notice of creditors meeting
------------------------------------
Company Name: Aegis Integrated Solutions Ltd
IA 1986 Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 30/06/00
Meeting address: 1 Snow Hill
Meeting City Code: London EC1A 2EN
Authorised by: A McPhail Director 05/06/00
Last day for proxy: 29/06/00
Proxy address: Victory House Admiralty Place Chatham ME4 4QU
Liquidators: Simon G Paterson
Firm Name: Moore Stephens Booth White
Address: Victory House Admiralty Place Chatham ME4 4QU
AIR CONDITIONING SERV: Notice of creditors meeting
------------------------------------
Company Name: Air Conditioning Serv (Guildford) Ltd
Other name:
IA 1986 Section: 98
Creditors Meeting Time: 03.00 pm
Meeting date: 30/06/00
Meeting address: 47-49 Green Lane
Meeting City Code: Northwood HA6 3AE
Authorised by: D B Westbrook 12/06/00
Last day for proxy: 29/06/00
Proxy address: 47-49 Green Lane Northwood HA6 3AE
Liquidators: Ashok K Bhardwaj
Firm Name: Bhardwaj
Address: 47-49 Green Lane Northwood HA6 3AE
ALDERDELL LYD: Notice of creditors meeting
------------------------------------
Company Name: Alderdell Lyd
IA 1986 Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 30/06/00
Meeting address: St Johns Court Wiltell Road
Meeting City Code: Lichfield WS14 9DS
Authorised by: B Haddon Director 05/06/00
Last day for proxy: 29/06/00
Proxy address: St Johns Court Wiltell Road Lichfield WS14
9DS
Liquidators:
Firm Name: Dains
Address: St Johns Court Wiltell Road Lichfield WS14 9DS
APEX ASPHALT LTD: Notice of creditors meeting
------------------------------------
Company Name: Apex Asphalt Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 30/06/00
Meeting address: 450 Abbeydale Road
Meeting City Code: Sheffield S7
Authorised by: R Foulkes Director 31/05/00
Liquidators: Leonard Harris
Firm Name: Leonard Harris Partnership
Address: 75 Mosley Street Manchester M2 3HR
ASSOCIATED WESTERN LTD: Notice of creditors meeting
----------------------------
Company Name: Associated Western Ltd
IA 1986 Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 30/06/00
Meeting address: Miskin Manor Hotel
Meeting City Code: Miskin CF72 8ND
Authorised by: T Hoskins Secretary 12/06/00
Last day for proxy: 29/06/00
Proxy address: 42 St James Crescent Swansea SA1 6DR
Liquidators:
Firm Name: James & Uzzell
Address: 42 St James Crescent Swansea SA1 6DR
ASTRON DECORATORS LTD: Notice of creditors meeting
------------------------------------
Company Name: Astron Decorators Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 30/06/00
Meeting address: 43 Blackstock Road
Meeting City Code: London N4 2JF
Authorised by: I Varnava Director 15/06/00
Last day for proxy: 29/06/00
Proxy address: 43 Blackstock Road London N4 2JF
Liquidators: A G Kakouris
Firm Name: Kakouris & Michaelides
Address: 43 Blackstock Road London N4 2JF
BOYZ II MEN LTD: Notice of creditors meeting
------------------------------------
Company Name: Boyz II Men Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 30/06/00
Meeting address: The Post House Hotel 1A Bronston Lane East
Meeting City Code: Leicester LE3 2FW
Authorised by: P J Gill Secretary 14/06/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: Sale Smith & Co
Address: Arclive House Short Street Walsall WS2 9EB
BURLEY KNITWEAR LTD: Notice of creditors meeting
------------------------------------
Company Name: Burley Knitwear Ltd
Other name: Totem Knitwear Manufacturing Co
IA 1986 Section: 48
Creditors Meeting Time: 11.00 am
Meeting date: 30/06/00
Meeting address: St Johns House East Street
Meeting City Code: Leicester
Authorised by: L K Denney & J B Atkinson Joint Administrative
Receivers 13/06/00
Last day for proxy: 29/06/00
Proxy address: 1 Woodborough Road Nottingham NG1 3FG
Liquidators:
Firm Name: Deliotte & Touche
Address: 1 Woodborough Road Nottingham NG1 3FG
DBS WASTE SOLUTIONS LTD: Notice of creditors meeting
------------------------------------
Company Name: DBS Waste Solutions Ltd
Other name: Portable Bailers
IA 1986 Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 30/06/00
Meeting address: St Andrews House Hotel Worcester Road
Meeting City Code: Droitwich
Authorised by: S N Bird Director 12/06/00
Liquidators:
Firm Name: Haden
Address: 485 Birmingham Road Bromsgrove B61 0HZ
DHILLON & SON (CONSTRUCTOIN) LTD: Notice of creditors meeting
------------------------------------
Company Name: Dhillon & Son (Construction) Ltd
IA 1986 Section: 98
Creditors Meeting Time: 12.30 pm
Meeting date: 30/06/00
Meeting address: 3 Fullwood Mews
Meeting City Code: London N1 6BF
Authorised by: K S Dhillon Director 13/06/00
Last day for proxy: 29/06/00
Proxy address: Buckstone Hall Leeds LS19 6LL
Liquidators:
Firm Name: McCann Taylor
Address: Buckstone Hall Leeds LS19 6LL
DDS PRECISION ENGINEERING LTD: Notice of creditors meeting
------------------------------------
Company Name: EES Precision Engineering Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 30/06/00
Meeting address: Marlborough House Fitzalan Court Fitzalan Rd
Meeting City Code: Cardiff CF24 0TE
Authorised by: S Kotccha Director 15/06/00
Last day for proxy: 29/06/00
Proxy address: Marlborough House Fitzalan Court Fitzalan Rd
Cardiff CF24 0TE
Liquidators:
Firm Name: KPMG
Address: Marlborough House Fitzalan Court Fitzalan Rd
Cardiff CF24 0TE
EASTERN WORLD (CATERING) LTD: Notice of creditors meeting
------------------------------------
Company Name: Eastern World (Catering) Ltd
Other name: Cater World
IA 1986 Section: 98
Creditors Meeting Time: 03.30 pm
Meeting date: 30/06/00
Meeting address: 69-75 Lincoln Road
Meeting City Code: Peterborough PE1 2SQ
Authorised by: L A Yong Director 09/06/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: Bulley Davey
Address: 69-75 Lincoln Road Peterborough PE1 2SQ
EXTERIOR PROTECTION SERVICES LTD: Notice of creditors meeting
------------------------------------
Company Name: Exterior Protection Services Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 30/06/00
Meeting address: 30 Park Cross Street
Meeting City Code: Leeds LS1 2QH
Authorised by: C Park Director 19/06/00
Last day for proxy: 29/06/00
Proxy address: 1 Winckley Court Chapel Street Preston PR1
8BU
Liquidators:
Firm Name: Begbies Traynor
Address: 1 Winckley Court Chapel Street Preston PR1 8BU
FAZELEY LITHO LTD: Notice of creditors meeting
------------------------------------
Company Name: Fazeley Litho Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 30/06/00
Meeting address: 141 Great Charles Street
Meeting City Code: Birmingham B3 3LG
Authorised by: J A Sparkes Director 09/06/00
Last day for proxy: 29/06/00
Proxy address: 141 Great Charles Street Birmingham B3 3LG
Liquidators: Martin T Coyne
Firm Name: Poppleton & Appleby
Address: 141 Great Charles Street Birmingham B3 3LG
FOUR RIVERS BREWING CO LTD: Notice of creditors meeting
------------------------------------
Company Name: Four Rivers Brewing Co Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 30/06/00
Meeting address: 6 Foyle Street
Meeting City Code: Sunderland SR1 1LA
Authorised by: T Smith Director 09/06/00
Liquidators:
Firm Name: Jennings Johnson
Address: 6 Foyle Street Sunderland SR1 1LA
GSE-PE LTD: Notice of creditors meeting
------------------------------------
Company Name: GSE-PE Ltd
IA 1986 Section: 98
Creditors Meeting Time: 03.00 pm
Meeting date: 30/06/00
Meeting address: 63 Walter Road
Meeting City Code: Swansea SA1 4PT
Authorised by: G R Evans Director 16/06/00
Last day for proxy: 29/06/00
Proxy address: 63 Walter Road Swansea SA1 4PT
Liquidators:
Firm Name: Stones & Co
Address: 63 Walter Road Swansea SA1 4PT
GRAPHICS SIGN & ADVERTISING LTD: Notice of creditors meeting
------------------------------------
Company Name: Graphics Sign & Advertising Ltd
IA 1986 Section: 98
Creditors Meeting Time: 02.30 pm
Meeting date: 30/06/00
Meeting address: Tong Hall
Meeting City Code: Tong BD4 0RR
Authorised by: R Metcalfe Director 02/06/00
Last day for proxy: 29/06/00
Proxy address: Tong Hall Tong BD4 0RR
Liquidators:
Firm Name: Finn Associates
Address: Tong Hall Tong BD4 0RR
HAYWOOD HOMES (STOKE-ON-TRENT) LTD: Notice of creditors meeting
------------------------------------
Company Name: Haywood Homes (Stoke-on-Trent) Ltd
Other name: Danehill Homes (Stoke) Ltd
IA 1986 Section: 98
Creditors Meeting Time: 10.00 am
Meeting date: 30/06/00
Meeting address: The Craythorne Craythorne Road
Meeting City Code: Stretton DE13
Authorised by: A Kelly Director 22/06/00
Liquidators: D L Platt
Firm Name: Sorskys
Address: Gable House 239 Regents Park Road London N3 3LF
HAYWOOD HOMES LTD: Notice of creditors meeting
------------------------------------
Company Name: Haywood Homes Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 30/06/00
Meeting address: The Craythorne Craythorne Road
Meeting City Code: Stretton DE13
Authorised by: A Kelly Director 22/06/00
Last day for proxy:
Proxy address:
Liquidators: D L Platt
Firm Name: Sorskys
Address: Gable House 239 Regents Park Road London N3 3LF
HEALTH INNOVATION (UK) LTD: Notice of creditors meeting
------------------------------------
Company Name: Health Innovations (UK) Ltd
IA 1986 Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 30/06/00
Meeting address: One Great Cumberland Place
Meeting City Code: London W1H 8LE
Authorised by: B M Newman Director 09/06/00
Last day for proxy: 29/06/00
Proxy address: One Great Cumberland Place London W1H 8LE
Liquidators: K D Goodman
Firm Name: Fisher Curtis
Address: One Great Cumberland Place London W1H 8LE
HUDDERSFIELD JOINERY CO LTD: Notice of creditors meeting
------------------------------------
Company Name: Huddersfield Joinery Co Ltd
IA 1986 Section: 98
Creditors Meeting Time: 12.45 pm
Meeting date: 30/06/00
Meeting address: The Red Lion Hotel
Meeting City Code: Todwick S26 1DJ
Authorised by: A Stringer Director 09/06/00
Last day for proxy: 29/06/00
Proxy address: The Portergate Ecclesall Road Sheffield S11
8NX
Liquidators:
Firm Name: Daly & Co
Address: The Portergate Ecclesall Road Sheffield S11 8NX
INNERSPACE LTD: Notice of creditors meeting
------------------------------------
Company Name: Innerspace Ltd
IA 1986 Section: 98
Creditors Meeting Time: 03.00 pm
Meeting date: 30/06/00
Meeting address: 3-5 Rickmansworth Road
Meeting City Code: Watford WD1 7HG
Authorised by: M Leigh Director 19/06/00
Last day for proxy: 29/06/00
Proxy address: 3-5 Rickmansworth Road Watford WD1 7HG
Liquidators: David A Rolph
Firm Name: Moore Stephens Booth White
Address: 3-5 Rickmansworth Road Watford WD1 7HG
INTERNET GARDEN CO LTD: Notice of creditors meeting
------------------------------------
Company Name: Internet Garden Co Ltd - The
Other name: Garden Genie
IA 1986 Section: 98
Creditors Meeting Time: 02.00 pm
Meeting date: 30/06/00
Meeting address: 18 Sapcote Trading Centre Dudden Hill Lane
Meeting City Code: London NW10 2DH
Authorised by: T Alderson Director 31/05/00
Last day for proxy: 29/06/00
Proxy address: 18 Sapcote Trading Centre Dudden Hill Lane
London NW10 2DH
Liquidators:
Firm Name: D Wald & Co
Address: 18 Sapcote Trading Centre Dudden Hill Lane London
NW10 2DH
JADE INTERNATIONAL LTD: Notice of creditors meeting
------------------------------------
Company Name: Jade International Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 30/06/00
Meeting address: Arkwright House Parsonage Gardens
Meeting City Code: Manchester M3 2LF
Authorised by: P Jackson Director
Last day for proxy: 29/06/00
Proxy address: Arkwright House Parsonage Gardens Manchester
M3 2LF
Liquidators:
Firm Name: Lathams
Address: Arkwright House Parsonage Gardens Manchester M3 2LF
LONDON CITY PRESS LTD: Notice of creditors meeting
------------------------------------
Company Name: London City Press Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 30/06/00
Meeting address: Wettern House 56 Dingwall Road
Meeting City Code: Croydon CR0 0XH
Authorised by: R T Gros Director 05/06/00
Last day for proxy: 29/06/00
Proxy address: Wettern House 56 Dingwall Road Croydon CR0
0XH
Liquidators:
Firm Name: Levy Gee
Address: Wettern House 56 Dingwall Road Croydon CR0 0XH
MAISON NOVELLI LTD: Notice of creditors meeting
------------------------------------
Company Name: Maison Novelli Ltd
IA 1986 Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 30/06/00
Meeting address: 805 Salisbury House 31 Finsbury Circus
Meeting City Code: London EC2M 5SQ
Authorised by: C Wheeler Director 31/05/00
Last day for proxy: 29/06/00
Proxy address: 75 Springfield Road Chelmsford CM2 6JB
Liquidators:
Firm Name: Morison Stoneham
Address: 75 Springfield Road Chelmsford CM2 6JB
MISTLINE LTD: Notice of creditors meeting
------------------------------------
Company Name: Mistline Ltd
Other name: Cap It All/Cap Shaq
IA 1986 Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 30/06/00
Meeting address: Rycote Place 30-38 Cambridge Street
Meeting City Code: Aylesbury HP20 1RS
Authorised by: D Kornett Director 12/06/00
Last day for proxy: 29/06/00
Proxy address: Rycote Place 30-38 Cambridge Street Aylesbury
HP20 1RS
Liquidators: David A Butler
Firm Name: Nunn Hayward
Address: Rycote Place 30-38 Cambridge Street Aylesbury HP20
1RS
NOVELLI EC1 LTD: Notice of creditors meeting
------------------------------------
Company Name: Novelli EC1 Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 30/06/00
Meeting address: 805 Salisbury House 31 Finsbury Circus
Meeting City Code: London EC2M 5SQ
Authorised by: C Wheeler Director 31/05/00
Last day for proxy: 29/06/00
Proxy address: 75 Springfield Road Chelmsford CM2 6JB
Liquidators:
Firm Name: Morison Stoneham
Address: 75 Springfield Road Chelmsford CM2 6JB
NOVELLI HOLDINGS LTD: Notice of creditors meeting
------------------------------------
Company Name: Novelli Holdings Ltd
IA 1986 Section: 98
Creditors Meeting Time: 02.30 pm
Meeting date: 30/06/00
Meeting address: 805 Salisbury House 31 Finsbury Circus
Meeting City Code: London EC2M 5SQ
Authorised by: C Wheeler Director 31/05/00
Last day for proxy: 29/06/00
Proxy address: 75 Springfield Road Chelmsford CM2 6JB
Liquidators:
Firm Name: Morison Stoneham
Address: 75 Springfield Road Chemlsford CM2 6JB
NOVELLI W8 LTD: Notice of creditors meeting
------------------------------------
Company Name: Novelli W8 Ltd
IA 1986 Section: 98
Creditors Meeting Time: 01.00 pm
Meeting date: 30/06/00
Meeting address: 805 Salisbury House 31 Finsbury Circus
Meeting City Code: London EC2M 5SQ
Authorised by: C Wheeler Director 31/05/00
Last day for proxy: 29/06/00
Proxy address: 75 Springfield Road Chelmsford CM2 6JB
Liquidators:
Firm Name: Morison Stoneham
Address: 75 Springfield Road Chelmsford CM2 6JB
NUVO ENGINEERING LTD: Notice of creditors meeting
------------------------------------
Company Name: Nuvo Engineering Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 30/06/00
Meeting address: The Tudor Gate Hotel High Street
Meeting City Code: Wellingborough
Authorised by: D Wooding Director 08/06/00
Last day for proxy: 29/06/00
Proxy address: PO Box 5895 Wellingborough NN8 5ZD
Liquidators: Alan R Price
Firm Name: Price & Co
Address: PO Box 5895 Wellingborough NN8 5ZD
OAKVALE INVESTMENTS LTD: Notice of creditors meeting
------------------------------------
Company Name: Oakvale Investments Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 30/06/00
Meeting address: Meridien House 62 Station Road
Meeting City Code: London E4 7BA
Authorised by: S Downey Director 09/06/00
Last day for proxy: 29/06/00
Proxy address: Meridien House 62 Station Road London E4 7BA
Liquidators:
Firm Name: Carter Clark
Address: Meridien House 62 Station Road London E4 7BA
OVER THE EDGE PROMOTIONS LTD: Notice of creditors meeting
------------------------------------
Company Name: Over The Edge Promotions Ltd
IA 1986 Section: 98
Creditors Meeting Time: 02.30 pm
Meeting date: 30/06/00
Meeting address: Hilton Chambers 15 Hilton Street
Meeting City Code: Manchester M1 1JL
Authorised by: J Hamilton Director 13/06/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: Royce Peeling Green
Address: Hilton Chambers 15 Hilton Street Manchester M1 1JL
P W BRADFORD LTD: Notice of creditors meeting
------------------------------------
Company Name: P W Bradford Ltd
Other name: Bradford Timber Products
IA 1986 Section: 98
Creditors Meeting Time: 03.00 pm
Meeting date: 30/06/00
Meeting address: 485 Birmingham Road
Meeting City Code: Bromsgrove B61 0HZ
Authorised by: G Doxey Director 16/06/00
Liquidators:
Firm Name: Haden
Address: 485 Birmingham Road Bromsgrove B61 0HZ
POINT TO POINT (YORKSHIRE) LTD: Notice of creditors meeting
------------------------------------
Company Name: Point To Point (Yorkshire) Ltd
IA 1986 Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 30/06/00
Meeting address: 1 Old Hall Street
Meeting City Code: Liverpool L3 9HF
Authorised by: M A Pye Director 16/06/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: Huntington Moore
Address: 1 Old Hall Street Liverpool L3 9HF
REFLEX ENGINEERING LTD: Notice of creditors meeting
------------------------------------
Company Name: Reflex Engineering Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 30/06/00
Meeting address: 16 Tresham Road Orton
Meeting City Code: Southgate PE2 6SG
Authorised by: R Chamberlain Director 12/06/00
Last day for proxy: 29/06/00
Proxy address: 170 Park Road Peterborough PE1 2UF
Liquidators:
Firm Name: Elwell Watchorn & Saxon
Address: 170 Park Road Peterborough PE1 2UF
ROCKINGHAM MANAGEMENT RESOURCES LTD: Notice of creditors meeting
------------------------------------
Company Name: Rockingham Management Resources Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 30/06/00
Meeting address: Belmont House Hotel De-Montfort Street
Meeting City Code: Leicester
Authorised by: R J Lowery Chairman 09/06/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: Casson Beckman & Partners
Address: Lichfield Place 435 Lichfield Road Birmingham B6
7SS
ROSE HILL ENGINEERS LTD: Notice of creditors meeting
------------------------------------
Company Name: Rose Hill Engineers Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 30/06/00
Meeting address: Highfield Court Tollgate
Meeting City Code: Chandlers Ford SO53 3TZ
Authorised by: W Stevens Director
Last day for proxy: 29/06/00
Proxy address: Highfield Court Tollgate Chandlers Ford SO53
3TZ
Liquidators:
Firm Name: Brooking Knowles & Lawrence
Address: Highfield Court Tollgate Chandlers Ford SO53 3TZ
RUGBY WORLD LTD: Notice of creditors meeting
------------------------------------
Company Name: Rugby World Ltd
IA 1986 Section: 98
Creditors Meeting Time: 10.00 am
Meeting date: 30/06/00
Meeting address: The Quality Hotel Merthyr Road
Meeting City Code: Cardiff CF15 7LD
Authorised by: R B Llewelyn Director 21/06/00
Last day for proxy: 29/06/00
Proxy address: 45 High Street Haverfordwest SA61 2BP
Liquidators: Alun Evans
Firm Name: Bevan & Buckland
Address: 45 High Street Haverfordwest SA61 2BP
SIDE OUT LTD: Notice of creditors meeting
------------------------------------
Company Name: Side Out Ltd
IA 1986 Section: 98
Creditors Meeting Time: 03.00 pm
Meeting date: 30/06/00
Meeting address: 141 Great Charles Street
Meeting City Code: Birmingham B3 3LG
Authorised by: A K Ramdev Director 12/06/00
Last day for proxy: 29/06/00
Proxy address: 141 Great Charles Street Birmingham B3 3LG
Liquidators: Henry E Hayes
Firm Name: Poppleton & Appleby
Address: 141 Great Charles Street Birmingham B3 3LG
TRIDENT DISTRIBUTION LTD: Notice of creditors meeting
------------------------------------
Company Name: Trident Distribution Ltd
IA 1986 Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 30/06/00
Meeting address: The Old Bakery Lower Gower Road
Meeting City Code: Royston SG8 5EA
Authorised by: G Flanagan Director 05/06/00
Liquidators: S G Taylor
Firm Name: Poppleton & Appleby
Address: 4 Charterhouse Square London EC1M 6EN
WEST AUCKLAND LEASING LTD: Notice of creditors meeting
------------------------------------
Company Name: West Auckland Leasing Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 30/06/00
Meeting address: Devonshire House 38 York Place
Meeting City Code: Leeds LS1 2ED
Authorised by: C R Elliot Director 13/06/00
Liquidators: J N R Pitts
Firm Name: Wilson Pitts
Address: Devonshire House 38 York Place Leeds LS1 2ED
WHYTE & MERNAGH LTD: Notice of creditors meeting
------------------------------------
Company Name: Whyte & Mernagh Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 30/06/00
Meeting address: The Red Lion Hotel
Meeting City Code: Todwick S26 1DJ
Authorised by: P J Mernagh Director 12/06/00
Last day for proxy: 29/06/00
Proxy address: The Portergate Ecclesall Road Sheffield S11
8NX
Liquidators:
Firm Name: Daly & Co
Address: The Portergate Ecclesall Road Sheffield S11 8NX
WOOLLAND FABRICATIONS LTD: Notice of creditors meeting
------------------------------------
Company Name: Woolland Fabrications Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 30/06/00
Meeting address: 44 Old Hall Street
Meeting City Code: Liverpool L3 9EB
Authorised by: R Heath Director 12/06/00
Last day for proxy:
Proxy address:
Liquidators: Paul J Fleming
Firm Name: Parkin S Booth & Co
Address: 44 Old Hall Street Liverpool L3 9EB
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lexy Mueller,
Mercy Villacastin and Cristina Pernites Editors.
Copyright 2000. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
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