/raid1/www/Hosts/bankrupt/TCREUR_Public/000726.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
Wednesday, July 26, 2000, Vol. 1, No. 56
Headlines
C Z E C H R E P U B L I C
VITKOVICE: Association of Pension Funds Asks State for Aid
E S T O N I A
EESTI RAUDTEE: Estonian Railway Needs Investment
F R A N C E
EUROTUNNEL : Posts ?75m Loss As Sales of Duty-free Tumble
EUROTUNNEL: Posts 729 million francs H1 loss for 2000
L A T V I A
LATVIAN SHIPPING: LPA Receives Proposals for Privatization
N E T H E R L A N D S
BAAN: Invensys to Extend Its ?480 Million Bids
P O L A N D
NETIA : Will Be Force to Issue New Shares
RAFO ONESTI: Troubled Firm Appoints Executive Manager
CONSUC SA: Ion Iftodi Buys 95.95% of the Share Stock
R U S S I A
ORT: Awaits Payment Decision On Overdue $100 Million Credit
KUZNETSK FERRO-ALLOY FACTORY: MDM Group Acquires Metal Factory
NORSI OIL: Signs Amicable Settlement
ONAKO: LUKoil thinks over its participation in ONAKO sale
ONAKO: YUKOS Allows to Buyout 100% Stake
POLUS (ZLATOUST): Bankrupt firm for auction in September
S W I T Z E R L A N D
FORUS SERVICES SA: Berezovsky's Swiss Funds Kept Frozen
U N I T E D K I N G D O M
3D BRADFORD LTD: Liquidation proceedings
ACREMERE LTD: Liquidation proceedings
ALIANCE SERVICES LTD: Liquidation proceedings
ANI CORPORATION (UK)LTD: Liquidation proceedings
BEECHWOOD WARRINGTON LTD: Liquidation proceedings
BUCKLEY & SULLIVAN LTD: Liquidation proceedings
CARDIFF DEVILS LTD: Liquidation proceedings
CELTIC LEISURE (CYMRU) PLC: Liquidation proceedings
CORUS: Industrial Action Threat Over Steel Job Cuts
DEVILS MANAGEMENT LTD: Liquidation proceedings
EQUITABLE LIFE: Keen Interest In Sale
EQUITABLE LIFE: Fight To Retain Salesforce
G L ADAMSON LTD: Liquidation proceedings
HFS DUBLIN UNLIMITED: Liquidation proceedings
I H CORRUGATED CASES LTD: Liquidation proceedings
INFORMATION TECHNO ESTATE MANAGE LTD: Liquidation proceedings
JAMES & KEATS (BLANFORD) LTD: Liquidation proceedings
JEFFERSON & MCKIRKEY LTD: Liquidation proceedings
KUSUM JALOTA LTD: Liquidation proceedings
LA ROCKA LTD: Liquidation proceedings
LLOYD : Equitas Cuts Debt By ?4 Billion
LONDON & HALIFAX INVESTMENTS LTD: Liquidation proceedings
MERE CONSTRUCTION CO LTD: Liquidation proceedings
MIRACLE HOLDING AG: Some Pressures Off After Deep Fall
MITSUI TRUST INTERNATIONAL LTD: Liquidation proceedings
NORDLYS UK LTD: Liquidation proceedings
ORTHOMOL LTD: Liquidation proceedings
PEARSON ASSOCIATES CONSULTANTS LTD: Liquidation proceedings
PERCEPTIVE SCIENTIFIC INTER LTD: Liquidation proceedings
PETRA: Considers Seeking Costs From ORYX
ROMACHEM LTD: Liquidation proceedings
S C S SYSTEMS LTD: Liquidation proceedings
S K J LTD: Liquidation proceedings
SEMIOTIC SOLUTIONS LTD: Liquidation proceedings
TECHNOLOGY BROKER LTD: Liquidation proceedings
TOTAL MANAGEMENT SERVICES LTD: Liquidation proceedings
VICTOR BLAGDEN CHEMICALS LTD: Liquidation proceedings
===========================
C Z E C H R E P U B L I C
============================
VITKOVICE: Association of Pension Funds Asks State for Aid
-------------------
Czech A.M. July 21, 2000
The Association of Pension Funds is now negotiating with the
government for a potential purchase of V¡tkovice bonds at a
fraction of their original value.
It claims the steelworks owes them hundreds of millions of
crowns, adding that the bonds were purchased in goodwill based on
questionable results published by V¡tkovice (Pravo 16).
=============
E S T O N I A
=============
EESTI RAUDTEE: Estonian Railway Needs Investment
-------------------------
BNS July 24,2000
Eesti Raudtee (Estonian Railway) needs an average of 500 million
kroons (USD 29.4 mln) investments annually in the next ten years.
Estonian Railway communications director Andrus Kuusmann told BNS
that this sum included all possible investments, including into
the railway infrastructure and a possible purchase of
locomotives.
The biggest single infrastructure investments will be building of
the Koidula border station, upgrading of the track on the Tartu-
Orava line, building of a South Tallinn bypass from Manniku to
Saue, completion of the reconstruction of the Narva station and
modernisation of safety eqipment.
Another major plan for Estonian Railway is its purchase of
locomotives which will be organized after privatization. Asked
about financing of the investments, Kuusmann said that Estonian
Railway can finance about half of the investments from its own
resources.
Foreign resources, brought in by means of loans and bond issues
to foreign and Estonian banks, could provide up to 35 percent of
the funds needed, and different EU funds, such as PHARE and ISP,
could be used to cover the remaining 15 percent, Kuusmann said.
===========
F R A N C E
===========
EUROTUNNEL : Posts ?75m Loss As Sales of Duty-free Tumble
---------------------------
The Independent News 25 July 2000
Eurotunnel, the Channel Tunnel operator, yesterday said it
recorded first-half losses of ?75m including debt charges, and
said retail revenues had shrunk by two-thirds after the abolition
of duty-free sales last July. The operator, which is saddled with
more than ?6bn of debt, said it was on course for financial
recovery by 2002.
A spokeswoman for Eurotunnel, Sarah Kendall, said: "This half has
seen a significant drop, which we always expected, but there has
been an improvement in our underlying loss." Eurotunnel shares
dropped 3.5p to close at 62.75p
Richard Hannah, an analyst at Deutsche Bank, had predicted an
operating loss, including debt charges, of ?60m. He said: "It's
worse than we expected but nothing sensational."
The company's first-half operating profits, excluding debt
interest charges, rose 11 per cent and it reported a first-
quarter growth of 42 per cent in its freight business. Patrick
Ponsolle, Eurotunnel chairman, said: "This first-half result is
in line with the objective announced at the beginning of the
year to cover all of our interest charges and capital expenditure
by our operational cash flow by the year 2002."
As expected, the abolition of duty-free sales knocked overall
turnover, which fell by 9 per cent to ?288m. Retail sales dropped
from ?93m to ?26m. Eurotunnel has focused on increasing freight
traffic, with shuttle sales climbing to ?147m and the number of
trucks carried in the tunnel rising by 10 per cent this year.
The operator still has a way to go before firm ground, however.
French authorities have launched an inquiry concerning abuse of
company money and insider trading into six officials of the
company, including Mr Ponsolle, which has yet to report. And BAA,
the airport operator which signed a 15-year contract to run
retail operations for Eurotunnel, said it wanted to terminate its
agreement.
Eurotunnel does not expect to pay a dividend until 2006.
EUROTUNNEL: Posts 729 million francs H1 loss for 2000
---------------------------
Reuters July 24, 2000
Channel tunnel operator Eurotunnel said on Monday it lost 729
million French francs ($103.8 million) in the first half of 2000
but remained on track for financial recovery by 2002, two years
ahead of schedule.
Eurotunnel's operating profit rose to 1.063 billion francs from
900 million, but unlike the first half of 1999 its bottom line
lacked the hefty gains from financial restructuring which helped
produce a first-half 1999 profit of 557 million francs.
As expected, the debt-laden firm's sales suffered from the
abolition of duty-free sales during the first six months of 2000,
which fully accounted for the drop in turnover to 2.948 billion
French francs from 3.159 billion.
However the tunnel operator said operating costs had fallen by 20
percent, which helped push the firm's operating margin up three
percent.
The operating profit rise was also helped by a jump in revenue
from shuttles to 1.57 billion francs from 1.173 billion.
"A year ago I told you we expected that the cross-Channel market
would go through a 12 to 18-month period of adjustment following
the abolition of duty free sales. That is what has happened,"
Patrick Ponsolle, group executive chairman, said.
"Against that difficult background, the success of our strategy
to compensate for the loss of duty free margin is very
encouraging," he said.
"This first half result is in line with the objective announced
at the beginning of the year to cover all of our interest charges
and capital expenditure by our operational cash flow by the year
2002."
After financial charges but before any impact from exchange rates
or exceptionals, Eurotunnel's underlying loss was 707 million
francs, down from 855 million in the first half of 1999.
The company said its interest cover -- its ability to cover
interest payments through operating cash flow -- was 76 percent
after capital expenditures, up from 74 percent for 1999.
===========
L A T V I A
===========
LATVIAN SHIPPING: LPA Receives Proposals for Privatization
---------------------------------
BNS July 24,2000
The Latvian Privatization Agency (LPA) has received several
tender proposals from potential privatization advisors
participating in the tender for advisorship to Latvian Shipping
Company (LASCO), the LPA public relations unit reported to BNS
Friday.
For now the LPA will not diclose how many bidders had submitted
their tender proposals by the deadline established as 2:00 p.m.
Latvian time July 21. The tender commission will examine the
proposals and select the best bid by Aug. 4.
The commission will then present the best bid to the LPA board
for approval. The LPA board is expected to make its decision by
Aug. 8 and name the winner of the tender.
The so-called short list of bidders bidders for advisorship in
LASCO privatization includes the following consortiums/companies:
BDO New Markets B.V. together with Invest-Riga and Logion; CA IB
Investmentbank Aktiengesellshaft; Compagnia Internazionale
Servici INSECO together with Malta Investment Management Company
Limited and Sisamtrans Srl; Morgan Stanley Dean Witter;
Norddeutshe Landesbank Girozentrale together with Klavins,
Slaidins & Loze; Dr. Ehlermann & Jeschonnek and Pirma Latvijas
Komercbanka as well as Standard Bank London.
=====================
N E T H E R L A N D S
=====================
BAAN: Invensys to Extend Its ?480 Million Bids
-------------------------
ANANOVA July 24,2000
Baan's Investors' Association has requested that Invensys extend
its ?480 million takeover bid for the Dutch software company by
four weeks. The association has questioned Baan's 1999 annual
results and second-quarter results
===========
P O L A N D
===========
NETIA : Will Be Force to Issue New Shares
-----------------------
Polish News Bulletin July 24,2000
Should Netia win one of the licenses for the 3rd generation
mobile phone technology (UMTS) it will likely be forced to issue
shares next year in order to obtain the necessary financing.
Netia has not yet decided how much it is willing to pay for a
license. Its president admitted that if the price is too high,
the company is ready to co-operate with one of the winners.
Netia will enter the tender procedure as a member of a consortium
consisting of financial institutions and its strategic partner
Telia, the Swedish telecoms company. The UMTS investment will
have a negative influence on Netia's financial results, and will
cause long-term losses at the EBIDTA level. This will then force
the company to seek external financing for its activities.
RAFO ONESTI: Troubled Firm Appoints Executive Manager
----------------------
Privatization in Romania July 21, 2000
The General Shareholders Assembly (AGA) from Rafo Onesti elected
Teodor Gaureanu executive manager and unique administrator of
Rafo Onesti and Octavian Popoiu assistant general manager.
The AGA of Rafo also approved the restarting program presented by
the new management.
"The discussions that took place until now must be finalized by
the management of the refinery ", Teodor Gaureanu said. He hopes
that the refinery will get oil within seven days. "I estimate
that the refinery will be restarted somewhere between August 1st -
10th", the new manager said.
Rafo Onesti ceased work in February 1999 and accumulated debts of
2,420 billion ROL and losses of 603 billion ROL. The main
creditors of the company are Glencore and Mansfield and the
Romanian State.
The union members from Rafo Onesti organized numerous protest
manifestations during the last year. In June, they protested
every day and even blocked circulation on the National highway.
The protest manifestations culminated with the meeting organized
in front of the Bacau Prefecture. The 2,500 employees got all
sort of promises that the refinery would be restarted. Scores of
representatives of the Government, as well as investors promised
that the refinery would get crude oil "in a short period". No
promise has been carried out, except for the time Rafo received
50,000 ton of crude oil from the Petrom National Oil Company. In
1999, Prime Minister Radu Vasile decided to establish a
governmental commission to deal exclusively with the restart of
Rafo, but no solution was presented.
The State Ownership Fund (SOF) organized several auctions to
select an investor who would buy the share stock it holds at Rafo
or to find an administrator and a financier for the refinery's
activity, buy no bid was submitted. The refinery has recently
lost a contract with Claymore, which withdrew as soon as it found
out that the SOF didn't receive any bid for the privatization of
the company.
CONSUC SA: Ion Iftodi Buys 95.95% of the Share Stock
-------------------------
Privatization in Romania July 21, 2000
Ion Iftodi became the owner of 95.95% of the share stock from the
tin factory.
The businessman from Suceava Ion Iftodi has recently become the
owner of the tin factory Consuc, former IPILF. He came to posses
the main share stock after the public open outcry that took place
at the headquarters of the Botosani State Ownership Fund (SOF).
Iftodi, who runs the well-known company Trust Orizont 2000
together with his two brothers, bought the 287,340 shares
representing 95.96% of the share capital of Consuc.
The price is confidential, but the first price established by the
SOF was of 12,500 ROL per share, that is 3.59 billion for the
whole stock. The other bidder that attended the auction was
Curtea Sticlarului. The investor had to pay an 8.75 million ROL
participation fee and a 359.175 million ROL guarantee.
The purchase of Consuc by one of the Iftodi brothers was
predictable, since Trust Orizont 2000 has leased spaces belonging
to the tin factory for several years. Consuc hasn't been
functioning for a long time, being on the SOF liquidation list.
===========
R U S S I A
===========
ORT: Awaits Payment Decision On Overdue $100 Million Credit
-----------------------
The Moscow Times July 25, 2000
No decision has been made on whether the nation's No. 1
television channel, ORT, may soon have to make payment on an
overdue $100 million credit it owes to the bank, said Andrei
Kostin, president of Vneshekonombank, Monday.
"The loan came due in January this year. What to do next is still
an object of discussion," Kostin told reporters at a news
conference Monday, Interfax reported. "The decision will be made
by ORT shareholders. It's hardly likely that the government wants
to bankrupt the channel."
Kostin's statements come just weeks after he suggested in an
interview with Vedomosti that the bank could grant another loan
worth $85 million to the cash-strapped TV channel at the
government's request. He said then it was understood that the
$100 million loan would not be called due. A spokeswoman for the
bank has also said the government had already decided to extend
the loan. Now Kostin has thrown those statements into doubt.
The new uncertainty around the loan comes just weeks after tycoon
Boris Berezovsky, who is largely seen to control the channel,
said he was ready to return his 49 percent stake in the company
to the state, which holds the remaining 51 percent.
Kostin said Monday the bank had played no part in the decision to
extend the credit to ORT but had acted as a middleman in
supplying the funds in late 1998 on the order of former President
Boris Yeltsin and the government. He said that meant the bank
would not carry any risk should the loan not be returned.
After Berezovsky got his daughter and anchorman Sergei Dorenko
elected to the board of directors last month, Konstantin Ernst,
ORT general director, said ORT would send the government a letter
demanding it start funding the channel.
KUZNETSK FERRO-ALLOY FACTORY: MDM Group Acquires Metal Factory
------------------------------------------
The Moscow Times July 21, 2000
Companies close to MDM Bank have acquired a controlling stake in
the Kuznetsk Ferro-alloy factory in the Kemerovo region of
western Siberia.
The new owner has already elected a new general director, though
the factory's previous mangers consider the changeover to be
unlawful.
The Kuznetsk Ferro-alloy factory last year produced 318,000 tons
of ferro-alloys, which are used to produce high-quality steel.
Over the first five months of this year the factory's output was
worth 794 million rubles (dollars 28.5 million), about 60 percent
of which is exported. The factory is the main ferrosilicon
provider for virtually all of the nation's major metallurgical
enterprises.
A furor over control of the factory began in April, when the head
of security announced that someone had been actively buying up
shares and that a takeover was in the offing.
Suspicions fell on a group of Yugoslav businessmen who in 1999
received a significant stake in the factory after they promised
to invest in it.
The promise was not kept, and the Moscow company, Nyuvent, a
business partner and joint owner of the factory, fought a
criminal case for the share transactions to be canceled. The
shares were frozen.
A month earlier, Nyuvent had called a meeting of the factory's
shareholders and won a majority of seats on the board. Their
position seemed unshakeable.
At the end of May, the freeze on the "Yugoslav" shares was
lifted. They changed hands in a matter of days. It later emerged
that they had been bought by the MDM group.
MDM consolidated a controlling block by acquiring shares from
Baltic company Ferrotrans and several other factory shareholders.
Now MDM group owns a 51.3 percent stake of the factory's shares,
the value of which is a commercial secret, said MDM spokesman
Yevgeny Sobolev.
This makes the Kuznetsk factory the second metallurgical
acquisition of the MDM group. In March, MDM bank purchased the
Volzhsky Pipe Plant from Rosprom.
NORSI OIL: Signs Amicable Settlement
-------------------------------------
Info-Nova July 21, 2000
The Volga-Vyatka federal arbitration court has approved an
amicable settlement between NORSI OIL and UFANEFTEORGSINTEZ.
Thus, NORSI OIL recognized its debt of R1.25 million for the
crude supplied in 1993-94. The debt will be extracted from the
company' debtor, Sverdlov Plant (Dzerzhinsk). In addition,
UFANEFTEORGSINTEZ has agreed to write off R47,000 in fines.
ONAKO: LUKoil thinks over its participation in ONAKO sale
--------------
SKRIN "Issuer" July 24, 2000
LUKoil hasn't made the final decision on its participation in the
tender on sale of a 85% stake in ONAKO. On July 21, Federal
Property Fund started to accept applications on participation in
the tender. Outcomes of the tender will be summed up on September
19.
Applications will be received until September 14. The starting
price for the stake is USD 425.25 mln. According to the
investment terms of the tender, the winner is to pay additional
RUR 125000. Bidders are to transfer USD 85 mln as prepayment. No
restrictions have been put on bids by nonresidents.
YUKOS has already received permission from the Anti-Monopoly
Ministry to buy out to 100 % stake in ONAKO.
LUKoil representative is sure that if LUKoil decides to
participate in the tender, Anti-Monopoly Ministry will give a
green light to it.
ONAKO: YUKOS Allows to Buyout 100% Stake
------------------
SKRIN "Issuer" July 20, 2000
Antimonopoly Ministry has given a green light to YUKOS for buyout
of a 100% stake in ONAKO. This will allow YUKOS to participate in
a tender on sale of the stake in ONAKO. Currently, YUKOS is
waiting for official disclosure of the tender terms before making
a final decision on its participation in the privatization of a
85% stake in ONAKO, YUKOS representative said.
Earlier, Antimonopoly Ministry permitted YUKOS to buy out a 37%
block of common shares and a 25% block of preferred shares in
Orenburgneft, ONAKO's largest oil producing unit. YUKOS owns a
25% stake plus 1 share in Orenburgneft.
POLUS (ZLATOUST): Bankrupt firm for auction in September.
----------------------
SKRIN "Issuer" July 20, 2000
It will be officially announced on July 22, that Polus
(Zlatoust), fridge producer, will be sold. The auction is
expected to take place in September. In the old days, the company
was prosperous, but in April 2000, it was declared bankrupt.
=====================
S W I T Z E R L A N D
=====================
FORUS SERVICES SA: Berezovsky's Swiss Funds Kept Frozen
---------------------------
The Moscow Times July 25, 2000
The Swiss High Court said on Monday it had rejected a request by
Russian business magnate and politician Boris Berezovsky to
unfreeze accounts in Switzerland blocked as part of a wide-
ranging fraud investigation.
"We have rejected the request from Mr. Boris Berezovsky, made
through his lawyers, to unblock bank accounts frozen in
Switzerland," court official Elisabeth Zimmermann said.
Berezovksy is one of the founders of Forus, a Swiss-based
company. At the heart of the investigation are allegations that
Aeroflot airline was defrauded out of up to $600 million, partly
through Forus and another Lausanne-based company, Andava SA.
Russian special investigator Nikolai Volkov is due in Switzerland
on Wednesday and will be able to peruse some 800 Swiss legal
files connected with the case. He can take some 200 of them back
to Moscow immediately.
The offices of Forus Services SA and Andava SA were raided in
July last year under the personal supervision of former Swiss
Attorney General Carla del Ponte, and many documents were seized.
Forus Group was created as a financial services company in 1992
by Swiss trading firm Andre et Cie and Berezovsky. Andre no
longer holds a stake.
The parent company is Forus Holding SA in Luxembourg with a paid-
in capital of $30 million. On its web site (www.forus.ch), Forus
Group says it has assets in excess of $120 million and has
several stakes in the Russian banking and financial sector.
Forus says it has been involved in various financing operations
for Aeroflot, but it says allegations by Volkov that it was
involved in defrauding the airline are "false and unjustified."
Andava has also denied the allegations.
==========================
U N I T E D K I N G D O M
===========================
3D BRADFORD LTD: Liquidation proceedings
----------------------
Company Name: 3D Bradford Ltd
Company No: 2447897
Com. Business: Property Developers
Appointed on: 23/06/00
Type: Members
Appointed by: Members
Liquidators: Brendan A Guilfoyle IPno: 2563
Firm Name: Begbies Traynor
Address: 30 Park Cross Street
City Postcode: Leeds LS1 2QH
ACREMERE LTD: Liquidation proceedings
----------------------
Company Name: Acremere Ltd
Company No: 3139545
Com. Business: Lift Engineers
Appointed on: 23/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Robert Valentine IPno: 3569
Firm Name: Valentine & Co
Address: 4 Dancastle Court 14 Arcadia Avenue
City Postcode: London N3 2HS
ALIANCE SERVICES LTD: Liquidation proceedings
----------------------
Company Name: Aliance Services Ltd
Company No: SC196575
Com. Business: Cabinet Installation
Appointed on: 23/06/00
Type: Creditors
Appointed by: Creditors
Liquidators: Bryan A Jackson IPno: 5194
Firm Name: Pannell Kerr Forster
Address: 78 Carlton Place
City Postcode: Glasgow G5 9TH
ANI CORPORATION (UK)LTD: Liquidation proceedings
----------------------
Company Name: Ani Corporation (UK) Ltd - The
Company No: 2231201
Com. Business: Holding Co
Appointed on: 23/06/00
Type: Members
Appointed by: Members
Liquidators: Robert H Kelly IPno: 8582 Trevor N Birch 8086
Firm Name: Ernst & Young
Address: Cloth Hall Court 14 King Street
City Postcode: Leeds LS1 2JN
BEECHWOOD WARRINGTON LTD: Liquidation proceedings
----------------------
Company Name: Beechwood Warrington Ltd
Company No: 1632724
Com. Business: Sale of Motor Vehicles
Appointed on: 23/06/00
Type: Members
Appointed by: Members
Liquidators: Sean K Croston IPno: 8930
Firm Name: Grant Thornton
Address: 1st Floor Royal Liver Buildings
City Postcode: Liverpool L3 1PS
BUCKLEY & SULLIVAN LTD: Liquidation proceedings
----------------------
Company Name: Buckley & Sullivan Ltd
Company No: 118229
Com. Business: Steel Fabricators
Appointed on: 23/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: P Finnity IPno: 8768 D R Wilton 5708
Firm Name: PricewaterhouseCoopers
Address: Victoria House 76 Milton Street
City Postcode: Nottingham NG1 3QY
CARDIFF DEVILS LTD: Liquidation proceedings
----------------------
Company Name: Cardiff Devils Ltd
Company No: 3582434
Com. Business: Management Co
Appointed on: 23/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Peter R Dewey IPno: 7806
Firm Name: KTS Dewey
Address: 17 St Andrews Crescent
City Postcode: Cardiff CF10 3DB
CELTIC LEISURE (CYMRU) PLC: Liquidation proceedings
----------------------
Company Name: Celtic Leisure (Cymru) Plc
Previous Name: Filbuk 385 Ltd
Company No: 3126622
Com. Business: Operation of Sports Arenas/Stadiums
Appointed on: 23/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Peter R Dewey IPno: 7806
Firm Name: KTS Dewey
Address: 17 St Andrews Crescent
City Postcode: Cardiff CF10 3DB
CORUS : Industrial Action Threat Over Steel Job Cuts
--------------------------
ANANOVA July 24,2000
The country's biggest steel producer has been threatened with
industrial action because of mounting anger over a spate of job
losses at plants across the country.
Union officials warned they will ballot for action against Corus
if workers refuse to accept compulsory redundancy.
The Iron and Steel Trades Confederation (ISTC), which held a
special summit of officials in Cardiff, south Wales, said it
would also fight any moves to contract out work to outside firms.
Corus has announced almost 4,000 redundancies in recent weeks in
Wales, Yorkshire and the north east, blaming the strength of
sterling.
ISTC general secretary Michael Leahy said Corus would find it
difficult to seek volunteers for redundancy in some areas.
"If any of our branches or members refuse compulsory redundancy
we will ballot for industrial action," he said.
"All around the country there is bitterness and deep anger. We've
made Corus the most productive company in the world, yet
employees are being treated in a way that couldn't happen
anywhere else in Europe."
The union announced it would be meeting with the chief executive
of Corus next month to discuss the job losses.
DEVILS MANAGEMENT LTD: Liquidation proceedings
----------------------
Company Name: Devils Management Ltd
Company No: 3582436
Com. Business: Management Co
Appointed on: 23/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Peter R Dewey IPno: 7806
Firm Name: KTS Dewey
Address: 17 St Andrews Crescent
City Postcode: Cardiff CF10 3DB
EQUITABLE LIFE: Keen Interest In Sale
-----------------------------------
Reuters July 23, 2000
Equitable Life, the world's oldest mutual life insurance society,
is likely to see keen interest from potential buyers after it put
itself up for sale last week following its defeat in a House of
Lords court case over pension bonuses.
British newspapers on Sunday put the country's largest life
insurer, Prudential (LSE: PRU.L - news) , as the front runner to
buy the society, which is estimated to be worth between four and
five billion pounds.
But Prudential will face plenty of competition for Equitable's
brand and its sales force.
A source close to the offer process said that Equitable and its
advisers, Salomon Smith Barney, were looking to find a buyer as
quickly as possible to limit potential damage to the business and
to make the process as cheap as possible for the society's
members.
But Equitable will not forge any immediate agreement with a
buyer, as it is using an auction structure in order to maximise
returns to its owners, meaning a prospectus would be issued after
expressions of interest had been received and confidentiality
agreements signed.
The Prudential was reported to be interested earlier this year in
bidding for Equitable, which was founded in 1762 and has 33
billion pounds under management, and industry sources said then
it was something Prudential had looked at last year.
But a wide range of British and other insurers are likely to be
interested, with Allianz of Germany and France's AXA, as well as
CGNU (LSE: CGNU.L - news) and Halifax in the UK, among them.
Dutch insurer Aegon may also be in the running, although the
company was left off a short list of potential buyers for
Scottish Provident last week, industry sources said, because it
had pitched its offer too low.
Equitable Life is up for sale after the House of Lords ruled that
the society was wrong to cut final bonus payments on about 90,000
life policies written when government bond yield expectations
were much higher.
Low inflation and resulting lower gilt yields mean these promised
bonuses are now very expensive, and the 1.5 billion pounds bill
for Equitable to cover the shortfall means it needs more capital.
EQUITABLE LIFE: Fight To Retain Salesforce
-----------------------------
NEWS NOW July 25,2000
EQUITABLE LIFE is poised to release details of retention packages
for its salesforce at the end of the week as it emerged that at
least two firms of independent financial advisers (IFAs) are
negotiating with its staff.
Equitable is for sale in the wake of last week's defeat in a
House of Lords court case. This is expected to leave it with a
?1.5 billion bill relating to the cost of its guaranteed annuity
policies.
It boasts the most productive salesforce in the UK insurance
sector, with salesmen earning an average ?50,000 a year and
writing an average ?6 million each in new business.
Countrywide Independent Advisers, the Misys-owned independent
adviser, is discussing how salesmen could become IFAs with
various "Equitable Life connections".
It can offer positions with Aetas, its national brokerage, or
help them to set up in business through its network arrangement,
which authorises IFAs and provides support services.
Bankhall, the IFA support services provider, is also likely to
make approaches that are similar to its audacious swoop on
Lincoln National, the insurer, which saw it bring 50 top salesmen
into a new company, Lighthouse IFA. J Rothschild Assurance is
another firm showing interest.
Any significant loss of salesmen would make the company much less
attractive to potential buyers.
Prudential, widely tipped as a frontrunner, admitted it was
"looking at" Equitable but said it had not decided whether to
make a formal offer.
G L ADAMSON LTD: Liquidation proceedings
----------------------
Company Name: G L Adamson Ltd
Company No: 0192081
Com. Business: Retailer of Electrical Goods
Appointed on: 23/06/00
Type: Members
Appointed by: Members
Liquidators: C C MacMillan IPno: 6000
Firm Name: BDO Stoy Hayward
Address: 3rd Floor Peter House St Peter's Square
City Postcode: Manchester M1 5AB
HFS DUBLIN UNLIMITED: Liquidation proceedings
----------------------
Company Name: HFS Dublin Unlimited
Company No: 3492108
Com. Business: Financial Services Co
Appointed on: 23/06/00
Type: Members
Appointed by: Members
Liquidators: Ray Jackson IPno:
Firm Name: KPMG
Address: 1 Stokes Place St Stephens Green
City Postcode: Dublin 2
I H CORRUGATED CASES LTD: Liquidation proceedings
----------------------
Company Name: I H Corrugated Cases Ltd
Company No: 2317230
Com. Business: Manufacturers of Cases
Appointed on: 23/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: David T Greensill IPno: 6902
Firm Name: Mayfields
Address: Church Steps House Queensway
City Postcode: Halesowen B63 4AB
INFORMATION TECHNO ESTATE MANAGE LTD: Liquidation proceedings
----------------------
Company Name: Information Techno Estate Manage Ltd
Company No: 3802689
Com. Business: Information Techology (Telecoms)
Appointed on: 23/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Anthony J Sleight IPno: 5343
Firm Name: Smith & Williamson
Address: 92 Micklegate
City Postcode: York YO1 6JX
JAMES & KEATS (BLANFORD) LTD: Liquidation proceedings
----------------------
Company Name: James & Keats (Blandford) Ltd
Company No: 1213802
Com. Business: Motor Dealers
Appointed on: 23/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Barry P Knights IPno: 7503
Firm Name: Knights & Co
Address: Milford House 43-55 Milford Street
City Postcode: Salisbury SP1 2BP
JEFFERSON & MCKIRKEY LTD: Liquidation proceedings
----------------------
Company Name: Jefferson & McKirkey Ltd
Company No: 2193085
Com. Business: Building Maintenance Contractors
Appointed on: 23/06/00
Type: Creditors
Appointed by: Members
Liquidators: Gordon A M Simmonds IPno: 5729
Firm Name: Simmonds & Co
Address: Crown House 217 Higher Hillgate
City Postcode: Stockport SK1 3RB
KUSUM JALOTA LTD: Liquidation proceedings
----------------------
Company Name: Kusum Jalota Ltd
Company No: 3461328
Com. Business: Retail Sale of Clothing
Appointed on: 23/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Gary Corbett IPno: 9018
Firm Name: Milner Boardman & Partners
Address: Century House Ashley Road
City Postcode: Hale WA15 9TG
LA ROCKA LTD: Liquidation proceedings
----------------------
Company Name: La Rocka Ltd
Company No: 2745531
Com. Business: Designer Clothing Retailers
Appointed on: 23/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Robert Valentine IPno: 3569
Firm Name: Valentine & Co
Address: 4 Dancastle Court 14 Arcadia Avenue
City Postcode: London N3 2HS
LLOYD : Equitas Cuts Debt By ?4 Billion
------------------------
Yahoo News July 21,2000
EQUITAS, the reinsurance vehicle that assumed the billions of
pounds of liabilities which once threatened to sink Lloyd's of
London, succeeded in whittling down net claims outstanding by 13%
to ?7 billion in the year to 31 March.
Four years ago, when Equitas was formed to reinsure and run off
the 1992 and prior years' non-life liabilities of Lloyd's
syndicates, net claims stood at about ?11 billion.
Gross claims outstanding are also down, by 12.7% to ?9 billion on
the year, and solvency margin - the ratio of surplus to net
outstanding liabilities - improved from 9.6% to 11.2%, the
accumulated surplus after tax ?12 million up at ?784 million.
For the first time the audit qualification has been removed on
the quality of information on outstanding claims that Equitas had
to work with in evaluating reserves, although auditors
PricewaterhouseCoopers continue to qualify the accounts because
of the uncertainty that remains over the asbestos, pollution and
health hazard claims that now account for 65% of net liabilities.
Reserves for future asbestos claims were strengthened
'significantly' because of an increase in new claims.
Equitas chairman Hugh Stevenson, former chairman of Mercury Asset
Management, said today: 'Our solvency margin has strengthened
substantially as a result of the reduction in net claims
outstanding.'
He added: 'We have little or no control over important external
factors such as legal developments, judicial decisions and social
trends, especially in the US, all of which threaten our
stability.'
Equitas chief executive Michael Crall said: 'Equitas is confident
but not complacent about the future. The external environment
remains perilous.' Crall added:' We believe that tobacco claims
in the US will not create a significant liability for Equitas
because we have good defences against any probable claim.'
Equitas has also yet to identify any previously-unknown health
hazard that could create a mat-erial liability.
Equitas was able to make headway by commuting the reinsurance
programmes bought by Lloyd's syndicates reinsured by Equitas.
More than 70 commutations were negotiated in the past year, some
with Equitas's largest counter-parties. 'Commuting reinsurance
contracts reduces costs, increases the certainty of the group's
balance sheet and, once the reinsurance asset is converted to
cash, it increases investable assets,' Crall said.
LONDON & HALIFAX INVESTMENTS LTD: Liquidation proceedings
----------------------
Company Name: London & Halifax Investments Ltd
Previous Name: Beamprize Ltd
Company No: 2395288
Com. Business: Property Owning
Appointed on: 23/06/00
Type: Members
Appointed by: Members
Liquidators: Anthony C Pickford IPno: 6621
Firm Name: Chandlers
Address: Anson Court La Route Des Camps
City Postcode: St Martins
MERE CONSTRUCTION CO LTD: Liquidation proceedings
----------------------
Company Name: Mere Construction Co Ltd
Company No: 1033283
Com. Business: General Building Contractors
Appointed on: 23/06/00
Type: Creditors
Appointed by: Creditors
Liquidators: Stephen Hoffman IPno: 6275 Michael S Alexander
1191
Firm Name: Lewis Alexander & Collins
Address: 103 Portland Street
City Postcode: Manchester M1 6DF
MIRACLE HOLDING AG: Some Pressures Off After Deep Fall
-------------------------------------
Reuters 19-Jul-2000
Shares in Miracle Holding AG, a Swiss technology IPO high-flyer
turned massive underperformer, booked solid gains on Wednesday on
relief that a client said it would not after all sue the company.
But analysts warned many clouds still hang over the group.
Miracle, which makes enterprise resource planning software,
gained some 10 percent to 283 francs after a 7.5 percent jump on
Tuesday. It hit an all-time low on Monday.
The Berner Zeitung newpaper reported on Tuesday that Amman AG, an
early customer of Miracle, would not sue the company for damages
on the grounds that its xrp product was not up to expectations.
Reto Portmann at Bank Sarasin, who at the start of the year had
rated the Langenthal-based company a "market performer" but then
later moved to a "sell" advice, said he remained a seller.
Pierre Gabris at Lombard Odier said he too remained a seller at
current prices.
"The news that Amman is not suing as they threatened to takes
some pressure off, but there remain problems," said Portmann.
"This is one client not suing but there are more," said Gabris;
"I wonder whether their provisions are high enough."
Miracle was floated on the SWX New Market in November at 240
francs and the share proved a quick success, riding a technology
sector surge to reach 1,190 Swiss francs on February 9.
But when it announced in March there were some problems with the
early installations of its main product, the share lost 36
percent in one day. So far this year, it has shed 44 percent of
its value.
Miracle posted a bigger than expected first quarter loss of 16.6
million Swiss francs ($9.90 million), against 2.9 million in the
previous year, and said it expected improvements in the second
half. Break-even is seen in 2001.
Investor confidence took a further hit when the finance director,
Toni Koehli, suddenly left the company at the end of June.
MITSUI TRUST INTERNATIONAL LTD: Liquidation proceedings
----------------------
Company Name: Mitsui Trust International Ltd
Previous Name: Dikappa (Number 365) Ltd
Company No: 1952126
Com. Business: Securities Lending
Appointed on: 23/06/00
Type: Members
Appointed by: Members
Liquidators: David J Pallen IPno: 5317
Firm Name: Ernst & Young
Address: Rolls House 7 Rolls Building Fetter Lane
City Postcode: London EC4A 1NH
NORDLYS UK LTD: Liquidation proceedings
-------------------
Company Name: Nordlys UK Ltd
Company No: 1089033
Com. Business: Wholesaler of Textiles
Appointed on: 23/06/00
Type: Members
Appointed by: Members
Liquidators: William S Martin IPno: 5514 Trevor N Birch 8086
Firm Name: Ernst & Young
Address: 100 Barbirolli Square
City Postcode: Manchester M2 3EY
ORTHOMOL LTD: Liquidation proceedings
-------------------
Company Name: Orthomol Ltd
Company No: 3733673
Com. Business: Pharmaceutical Wholesaler
Appointed on: 23/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Anthony P Supperstone IPno: 2703 E V Blackwell
7484
Firm Name: BDO Stoy Hayward
Address: 8 Baker Street
City Postcode: London W1M 1DA
PEARSON ASSOCIATES CONSULTANTS LTD: Liquidation proceedings
-------------------
Company Name: Pearson Associates Consultants Ltd
Company No: 3149134
Com. Business: Computer Consultancy
Appointed on: 23/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Andrew White IPno: 8066 Susan A Maund 8923
Firm Name: BDO Stoy Hayward
Address: Nile House Nile Street
City Postcode: Brighton BN1 1JB
PERCEPTIVE SCIENTIFIC INTER LTD: Liquidation proceedings
-------------------
Company Name: Perceptive Scientific Inter Ltd
Company No: 2746915
Com. Business: Computer Based Digital Imaging
Appointed on: 23/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Colin J Wiseman IPno: 6712 S J Akers 6460
Firm Name: Deloitte & Touche
Address: Stonecutter Court 1 Stonecutter Street
City Postcode: London EC4A 4TR
PETRA: Considers Seeking Costs From ORYX
------------------
Reuters July 25,2000
UK-listed mining group Petra Diamonds Ltd is considering asking
Oryx, a diamond company with commercial links to the Zimbabwean
government, to pay for its aborted reverse takeover, the
Financial Times has reported.
Petra was understood to have instructed its lawyers to look at
ways of recovering costs from privately-owned Oryx, following
last month's collapse of the deal, the paper said.
It said the Aim-listed group was believed to have spent thousands
of pounds on advisers' fees in preparation for the takeover.
Petra's action was likely to end Oryx's attempt to float in
London and force it to look for a listing elsewhere.
The reverse takeover of Petra was indefinitely postponed in June
after the Foreign Office and stock market regulators expressed
concerns at Oryx's commercial arrangements with the Zimbabwean
government of Robert Mugabe.
The UK company believed that it had no responsibility for the
failure of the deal and should not pay for it, the FT said.
It said Petra had declined to comment, but a person close to the
company was quoted as saying: "The money Petra spent is a large
sum for a small company."
Geoffrey White, Oryx's deputy managing director, was quoted as
rejecting Petra's view. "The purchase agreement is clear, each
company carries its own costs," he said
ROMACHEM LTD: Liquidation proceedings
-------------------
Company Name: Romachem Ltd
Company No: 3413535
Com. Business: Brokers/Agents for Wholesale Rubber
Appointed on: 23/06/00
Type: Members
Appointed by: Members
Liquidators: Martin Stein IPno: 6398
Firm Name: Stein Richards
Address: 6 Albermarle Street
City Postcode: London W1X 3HF
S C S SYSTEMS LTD: Liquidation proceedings
-------------------
Company Name: S C S Systems Ltd
Company No: 3498976
Com. Business: Plumbers/Gas Central Heating Instal
Appointed on: 23/06/00
Type: Creditors
Appointed by: Creditors
Liquidators: Peter O'Hara IPno: 6371
Firm Name: O'Hara & Co
Address: Wesley House Huddersfield Road
City Postcode: Birstall WF17 9EJ
S K J LTD: Liquidation proceedings
-------------------
Company Name: S K J Ltd
Company No: 3256373
Com. Business: Wholesale Clothing & Footwear
Appointed on: 23/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Gary Corbett IPno: 9018
Firm Name: Milner Boardman & Partners
Address: Century House Ashley Road
City Postcode: Hale WA15 9TG
SEMIOTIC SOLUTIONS LTD: Liquidation proceedings
-------------------
Company Name: Semiotic Solutions Ltd
Previous Name: Semiotics Ltd
Company No: 1808294
Com. Business: Market Research Consultants
Appointed on: 23/06/00
Type: Members
Appointed by: Members
Liquidators: Paul R Boyle IPno: 8897
Firm Name: Harrisons
Address: 43 South Street
City Postcode: Reading RG1 4QU
TECHNOLOGY BROKER LTD: Liquidation proceedings
-------------------
Company Name: Technology Broker Ltd - The
Company No: 2543399
Com. Business: High Technology Consulting
Appointed on: 23/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Martin Pocock IPno: 8555
Firm Name: Pococks
Address: 3 Thamesgate Close
City Postcode: Richmond TW10 7YS
TOTAL MANAGEMENT SERVICES LTD: Liquidation proceedings
-------------------
Company Name: Total Management Services Ltd
Company No: 3720723
Com. Business: General Commercial Co
Appointed on: 23/06/00
Type: Members
Appointed by: Members
Liquidators: Stephen P Wadsted IPno: 6064 John S Baird 1074
Firm Name: HLB Kidsons
Address: Spectrum House 20-26 Cursitor Street
City Postcode: London EC4A 1HY
VICTOR BLAGDEN CHEMICALS LTD: Liquidation proceedings
-------------------
Company Name: Victor Blagden Chemicals Ltd
Previous Name: VB & Co (Chemicals) Ltd
Company No: 678031
Com. Business: Dormant
Appointed on: 23/06/00
Type: Members
Appointed by: Members
Liquidators: Roger Smith IPno: 8914 Jeremy S Spratt 1286
Firm Name: KPMG
Address: PO Box 730 20 Farringdon Street
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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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Information contained herein is obtained from sources believed to
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The TCR Europe subscription rate is $575 per half-year, delivered
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