/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/000728.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 Friday, July 28, 2000, Vol. 1, No. 58 Headlines B E L G I U M MOBISTAR SA: Posts 28.7 Million Euros H1 2000 Net Loss G E R M A N Y BRAIN INTERNATIONAL: Posts Losses of DM24 Million For FY99 COMMERZBANK: Merger Talks Collapse FRANKFURTER BODENKREDITBANK: Nykredit To Sell German Subsidiary LETSBUYIT.COM NV: Changes Business Due to Pricing Law Injunction H U N G A R Y ZALAKERAMIA: To Reschedule $50 Million Three-year Loan I T A L Y E.BISCOM: Posts Net Loss 68.7 Bln Lire L A T V I A LATVENERGO: Latvian PM Calls For Restructuring N E T H E R L A N D S BAAN: Invensys Hurries To Takeover BAAN: Invensys Seals Deal With o62m Loan KREYMBORG: VendexKBB to Close Troubled Fashion Chain Unit WORLD ONLINE: Posts $114.1 Million Q2 Net Loss P O L A N D POLSKIE KOLEJE PANSTWOWE: Railway Adopts Restructuring Plan TPSA: Telecom Sale Last Call for Polish Privatisation U N I T E D K I N G D O M AIR CONTROL TECHNOLOGY LTD: Notice of creditors meeting ASHLEE ENTERPRISES LTD: Notice of creditors meeting ASPIN WOOD ADVERTISING LTD: Notice of creditors meeting BEER RITZ (HEADINGLEY) LTD: Notice of creditors meeting BRITISH SKY BROADCASTING: Posts 120 Million Pounds Pretax Loss BROWNS INDUSTRIAL GROUP LTD: : Notice of creditors meeting BUNDISFIELD DEVELOPMENTS LTD: Notice of creditors meeting CHURCHILL BOX CO (LONDON) LTD: Notice of creditors meeting CLARKSON PDS LTD: Notice of creditors meeting COCKHORSE RECRUITMENT LTD: Notice of creditors meeting CUMBRIA GLASS LTD: Notice of creditors meeting DEESIDE ALUMINIUM: Norsk Hydro to Acquire UK Aluminum Producer DOVE DESSERTS & ICE CREAMS LTD: Notice of creditors meeting EGG BANK: Posts 80.7 Mln Pounds H1 Loss EQUITABLE LIFE: Abbey National Looking at Equitable Life EQUITABLE LIFE: Hopes to Find Buyer This Year EQUITABLE LIFE: L & G Rules Out of the Bidding FLEXDRIVE TECHNOLOGY SERVICES LTD: Notice of creditors meeting FOSSE PETS LTD: Notice of creditors meeting GENETIX (UK) LTD: Notice of creditors meeting GENITECH LTD: Notice of creditors meeting GUARD DOG HIRE LTD: Notice of creditors meeting HEREFORD GAS FIRE CO LTD: Notice of creditors meeting LOCKHART ENTERPRISES LTD: Notice of creditors meeting LONDON BATHROOM & TILE CENTRE LTD: Notice of creditors meeting NORTH STREET MOTORS (WETHERBY) LTD: Notice of creditors meeting PAB CONSTRUCTION LTD: Notice of creditors meeting SARGENT SYSTEMS LTD: Notice of creditors meeting SNEWIN BUILDERS (SUSSEX) LTD: Notice of creditors meeting SPA FLOW (LONDON) LTD: Notice of creditors meeting WARMFIELD PROPERTIES LTD: Notice of creditors meeting ============= B E L G I U M ============= MOBISTAR SA: Posts 28.7 Million Euros H1 2000 Net Loss ------------------------------ European Investor Reuters July 26, 2000 Mobistar SA said on Wednesday its mobile phone business's net loss narrowed to 28.7 million euros in the first half of the year amid a 55-percent revenue jump as more people signed up for its services. Mobistar, Belgium's second largest mobile phone operator, said in a statement that the business had a net loss of 28.7 million euros against a net loss of 39.35 million euros for the same period a year ago. Revenues from the business were up 55 percent to 236.0 million euros against 152.4 million euros a year ago, it said. The mobile phone business is responsible for more than 90 percent of Mobistar's total revenues. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the business reached 13 percent of recurrent revenues, rising to 30.7 million euros from 6.6 million euros in absolute terms, it said. ============= G E R M A N Y ============= BRAIN INTERNATIONAL: Posts Losses of DM24 Million For FY99 --------------------------------------------- HANDELSBLATT, Dienstag, July 25,2000 Neuer Market-listed software group Brain International AG on Tuesday said it would not go into profit this year, contrary to earlier forecasts. Chief executive Kurt Rembold said group losses were set to remain at the 1999 level of DM24 million. However, he said Brain International aimed to enter profit in 2001. Rembold also revised down his group's sales forecast for this year to DM280 million from DM350 million. Rembold announced that the group planned to implement far- reaching restructuring measures, and he rejected speculation of a forthcoming takeover. "Brain International will get there on its own," he said. Brain International was formed from a merger of two German software houses - Rembold + Holzer, and BIW. These origins are reflected in its restructuring, which will involve the division of the software activities into two subsidiaries - one to deal with orders from the car industry (Rembold + Holzer's former core business), and one for orders from the machine-engineering and electronics sectors (BIW's former core business). Brain International aims to generate cost savings of DM30 million via the restructuring. Rembold said there will be job cuts, but he did not say how many. Rembold conceded that Brain International had delayed the introduction of restructuring measures for too long. "We always hoped for an upturn in demand." But the group was now changing tack. "I have only one aim - to enter the black," Rembold said. However, analysts were not fully convinced of the prospects for a turnaround. "We're going to wait and see whether the restructuring is successful," said Hans-Peter Kuhlmann of Baden- W?rttembergischen Bank. Investors' lack of confidence in the group was reflected in its share price performance. On Tuesday, Brain International shares led the decliners on Germany's Neuer Markt growth segment, closing down 22.29% at 13.60 euros. COMMERZBANK: Merger Talks Collapse ------------------------------------ Reuters July 26, 2000 FRANKFURT, July 26 (Reuters) - Commerzbank AG and Dresdner Bank AG shares were down almost two percent after they said they would issue statements later on Wednesday, heightening speculation that their merger talks have collapsed. Dresdner Bank shares were down 1.7 percent at 46.89 euros after briefly slumping more than two percent and Commerzbank was down 1.84 percent at 36.80 euros. "I can't tell you what Dresdner Bank is going to do but I can say that we will be issuing a statement shortly," a Commerzbank spokesman said in response to a Reuters enquiry. Also Dresdner confirmed it would be issuing a statement in the course of the day. Talks looked close to collapse on Wednesday amid speculation that the banks are unable to resolve differences over valuation. The preliminary talks started four weeks ago but have appeared to drag recently as the banks have wrangled over how much they are worth, and what share they should get in a combined bank. FRANKFURTER BODENKREDITBANK: Nykredit To Sell German Subsidiary --------------------------------------------------------------- Reuters July 25, 2000 Danish mortgage credit firm Nykredit said on Tuesday its banking arm concluded an agreement to sell its 100 percent-owned unit Frankfurter Bodenkreditbank AG to German insurance group AKA Colonia Konzern AG for an undisclosed sum. "Nykredit Bank's decision to divest Frankfurter Bodenkreditbank AG is attributable to the fact that a strategic match no longer exists between the activities of the German bank and the Nykredit group," Nykredit said in a statwment. Nykredit is Denmark's biggest mortgage credit company. LETSBUYIT.COM NV: Changes Business Due to Pricing Law Injunction ------------------------------------------------------------- Handelsblatt & Dow Jones July 26, 2000 Internet retailer LetsBuyIt.com NV said late Monday it's changing its business model in Germany as a result of legal action. A Hamburg court recently upheld a preliminary injunction served against it on behalf of a German competitor, who said LetsBuyIt's discount system may violate German pricing laws. LetsBuyIt said in a press statement it has submitted an appeal against the court's decision. The Swedish e-tailer's original 'co-buying' platform, available in 13 other European countries, permits members to bid on a range of consumer goods until they reach a 'best price.' LetsBuyIt, which listed on the Neuer Markt last Friday, said in a press statement it will now offer only one price for each sale item. The company was not immediately available for comment. ============= H U N G A R Y ============= ZALAKERAMIA: To Reschedule $50 Million Three-year Loan -------------------------------------- Central Europe Online Investor Reuters July 26, 2000 Hungarian tile maker Zalakeramia announced on Tuesday that it had agreed with creditors to reschedule a $50 Million three-year loan it took out in April 1998. In a statement the company said the loan had been rescheduled with an expiry on June 30, 2004, and had been converted into a non-roll-over credit. According to an agreement signed on July 24 Zalakeramia will pay off $10 Million, while the remainder of the loan will be converted into euros as of July 31, 2000, the company added. The Budapest Stock Exchange (BSE) suspended trade in Zalakeramia on Friday, Monday and Tuesday at the request of the company ahead of the announcement. Zalakeramia, which spent a large part of the loan on modernizing its subsidiaries in Croatia and Romania, has suffered heavy exchange rate losses on the credit. ========= I T A L Y ========= E.BISCOM: Posts Net Loss 68.7 Bln Lire ----------------------------- Reuters July 25, 2000 Six months to June 30, 2000. Consolidated, billions of lire unless stated. Net attrib loss 68.707 Net loss 76.127 Pre-tax 76.127 Extraordinary charges 82.854 Financial charges 29.432 Production costs 42.025 Production value 20.654 The broadband telecoms operator, floated in March, gave the results in a statement. No comparisons available. =========== L A T V I A =========== LATVENERGO: Latvian PM Calls For Restructuring ----------------------------------- BNS July 26,2000 Latvian Prime Minister Andris Berzins believes that Latvenergo electricity utility should be restructured by seperating electric power transmission, distribution and generation capacities in order to make the company's cash flow transparent. After the coalition council meeting Berzins told reporters that the coalition partners were moving towards unanimous opinion as regards Latvenergo. He said that the government's position should be defined by the time the parliament begins to review the draft law about keeping Latvenergo under the state ownership. The prime minister doubted, however, whether the government will be able to arrive at a unanimous opinion during this week. Berzins said that the draft law signed by the voters had to be made more specific. He suggested that the hydro power plants (HPPs) and electris power transmission lines should not be included into Latvenergo's fixed capital. Instead they should be registered in the state's name and handed over to Latvenergo for the company to operate them. The prime minister also said that the provision under the bill prepared by the opposition which wants to prohibit Latvenergo to pledge its facilities as a security for any loan will paralyse the work of the company. This provision will also enable the company to abuse the possibility of receiving state-guaranteed loans by squandering the money and then demanding that the loans should be repaid from the state budget, the premier noted. Berzins indicated that coalition partners shared the same position in many issues, for example, as regards retention of state ownership over HPPS and high-voltage electric power transmission networks. There is an ongoing discussion about thermal power plants, although nobody questions the need to privatize them. Commenting on the energy bill prepared by the People's Party as an alternative to the draft law proposed by the opposition, Berzins said that the former was much more precise than the latter. Nevertheless, the coalition partners have not reached a general agreement yet and during two last weeks several options of the alternative draft law were reviewed. ===================== N E T H E R L A N D S ===================== BAAN: Invensys Hurries To Takeover ------------------------------------ REUTERS July 26,2000 Invensys finally agreed to take over Dutch business software company Baan on Wednesday, ending the prospect of one of the most spectacular bankruptcies in recent European history. The move came after the industrial controls group dropped a demand that it must get at least 95 percent of the shares before going ahead. Invensys said it had launched a plan to save Baan under which it would take immediate management control of the firm, liquidate Baan within 12 months and push through its 762 million euro deal. "We want to start the changes to get Baan back to a healthy future," Invensys Chief Executive Allen Yurko told a telephone news conference. Baan Chief Financial Officer Rob Ruiter said if the deal had not gone through, it would have been "a matter of weeks" before Baan, with its some 12,000 employees and scores of smaller suppliers dependent on it, went under. Invensys, which announced its plans to buy Baan on May 31, said it would honour its 2.85 euros per share bid even though shareholders had sold or tendered only 75 percent of the stock to Invensys. Invensys said it still wanted full control of Baan, but had had accepted the changes to accelerate the protracted takeover. Any delay, said Invensys, would damage Baan shareholders, customers and employees. The British group said it would extend the tender period until August 1 with a subsequent offering period for 20 business days during which Invensys would continue to purchase Baan shares at 2.85 euros each. Shareholders who had not tendered interests by then would be paid 2.85 euros per share upon Baan's planned liquidation. Baan is to hold an extraordinary meeting of shareholders in mid- August. Assuming they do not withdraw their tenders to Invensys en masse, Invensys will rubber-stamp its own plans. Baan's existing board would stay in place for the time being, with changes to follow after the shareholders meeting. Baan, which once rivalled Europe's leading maker of business- management software SAP, has run up eight consecutive loss-making quarters and was on the brink when Invensys turned up. "What we are doing today is the only sure way to save Baan... We cannot afford to lose a million dollars a day. We do not have the funds to support us," said Baan Chief Executive Pierre Everaert. Yurko said his firm had put in a 100 million euro loan to support Baan in the interim. Yurko and Baan executives had met Baan's top 20 customers, whom Yurko described as "excited" at prospects of a successful deal. Yurko said Baan's turnaround would take two years and could result in up to 1,000 job losses at the new Invensys Software and Systems (ISS) division. Baan's shares, which were down around 20 percent in early morning trade, last traded at 2.67 euros, up 0.8 percent, before trading was suspended. Invensys shares ticked up 1.4 percent to 243-1/2 pence. TWO SETS OF SCEPTICAL SHAREHOLDERS Industry observers said Invensys, although in need of a software operation, had taken on an uphill task. One banker commented that Yurko had virtually put his career at stake by buying Baan. The deal hit an obstacle when Dutch bank ING refused to tender its 5.9 percent holding as if it allowed Baan to go bankrupt it would reap higher tax benefits. ING relented. Invensys' second offer deadline expired on Tuesday. Then, a group of investors, which said it owned 19.6 percent in the troubled company, said it would continue to hold back 40 percent of its stake from Invensys. The group of 22 investors, said it had agreed to tender 60 percent of its holding after negotiations with Invensys and Baan, although Baan and Invensys executives denied they had held such talks. Yurko said Invensys had endeavoured to contact as many shareholders as possible, but believed many of those that had not tendered shares were probably not aware of the deal BAAN: Invensys Seals Deal With o62m Loan ---------------------------------------- NEWS NOW July 27,2000 INVENSYS, the industrial controls group, moved swiftly to save Baan from the threat of bankruptcy yesterday by providing it with a 100 million euros (o62 million) loan after winning control of the troubled Dutch software group. The British group admitted it had considered abandoning its bid after gaining support in respect of 75pc of the Dutch loss- maker's equity - well below the 95pc acceptances it required. However, Invensys decided to proceed with its 762 million euros (o470 million) offer and amended the acceptances condition to 50pc plus one share. The company will take immediate control of Baan and has extended its 2.85 euros-a-share offer until August 1. Allen Yurko, chief executive of Invensys, said: "The situation at Baan required decisive and immediate action. We re-examined the case for acquiring Baan, and in the process, considered terminating the offer." However, he remains convinced the deal is still in the best interests of Invensys shareholders, but only if it is able to fully integrate Baan's operations into Invensys's new software and systems division. Pierre Everaert, chief executive of Baan, once one of Europe's top two business management software groups, said: "What we are doing today is the only sure way to save Baan. We cannot afford to lose a million dollars a day." The Invensys offer encountered difficulties from the outset, with Dutch bank ING initially refusing to tender its 5.9pc holding in Baan, as it could have made more money through tax benefits had Baan gone into receivership. The bank changed its mind last week, following pressure from Dutch MPs, but a group of rebel shareholders decided only to tender 40pc of their shares. However, their representative, Ernst Sonneveldt, yesterday expressed delight at the deal. A spokesman for Invensys said that a $400 million restructuring programme would be put in place. It hopes that Baan, which lost $311 million last year, will break even by June 2001 and have a 10pc return on sales by June 2002. Invensys shares, which have fallen 10pc since it made its move on Baan at the end of May, closed down 6 at 234.25p. Baan shares rose 16 cents to 2.81 euros yesterday, before dealings were suspended KREYMBORG: VendexKBB to Close Troubled Fashion Chain Unit ---------------------------------------------------- Europen Investor Reuters July 26, 2000 Dutch retail group VendexKBB NV said on Wednesday it will close its loss-making fashion chain Kreymborg in an effort to boost margins in its Fashion business unit. A charge of 30-35 million guilders will be taken in the first half results statement as 46 of 61 Kreymborg outlets in the Netherlands and Belgium are sold and the rest turned into other VendexKBB formats, the group said in a statement. "The target aimed at is to improve the operational margin of the Fashion business unit) by at least 7 to 8 percent," the statement said, but did not specify a time frame. Kreymborg, operating in a very competitive middle segment of the market, has achieved profits in only one year since 1994, VendexKBB said. VendexKBB, formed in late 1998 by the merger of Dutch retailers Vendex International and KBB, said it has agreed to sell outlets to Germany's Douglas Holding AG, Kruidvat Holding, France's Etam and Spain's Zara. No jobs are expected to be lost. VendexKBB has an estimated 11 percent of the Dutch non-food retail market. WORLD ONLINE: Posts $114.1 Million Q2 Net Loss ---------------------- Reuters July 26, 2000 Dutch-based Internet Service Provider World Online on Wednesday unveiled larger-than-expected second quarter operating, net and EBITDA losses but its new chief executive said a new strategy would help the company quickly achieve positive EBITDA. The debut strategy of the company's newly-appointed chief executive James Kinsella will position World Online as an IP (Internet protocol) operator rather than an ISP. The company has suffered damage to its brand from a post- flotation scandal as well as a shifting ISP revenue model. Its shares entered a freefall from their 43 euro IPO price on March 17 after it emerged that founder Nina Brink -- who has since resigned -- had sold most of her stake prior to the float. "The new strategy of WOL is the result of intensive analysis in the past six weeks of its strong sides and competitive advantages of the organisation," Kinsella said in a statement. "The company can reach in a shorter period of time a positive EBITDA," he said. World Online reported its net losses swelled to 121.32 million euros ($114.1 million) in the second quarter versus 10.3 million euros in the year ago quarter. Net loss per share widened to 0.43 euros per share in the second quarter versus 0.41 in the first quarter. Analysts were expecting a net loss of 89.7 million to 94 million euros. Revenues increased to 55.4 million euros in the second quarter, compared to 9.9 million euros in the year ago period. Revenues in the second quarter grew 37 percent when compared with the first quarter, World Online said. The number of active subscribers rose in the second quarter to 2.4 million, up from 2.2 million in the first quarter. Active subscribers are defined as those who used the service in June. If World Online is target to a takeover, as many analysts expect, the subscriber numbers will be key to how much a potential buyer will pay for it. The new strategy will see World Online reorganised into three units offering Internet access, portal content and e-commerce activities and a third unit for business services. =========== P O L A N D =========== POLSKIE KOLEJE PANSTWOWE: Railway Adopts Restructuring Plan ----------------------------------------------------------- Central Europe Online Investor & Agence France Presse July 26, 2000 Polish lawmakers have adopted a restructuring and privatization plan for the country's troubled national railway, Polish newspapers reported Wednesday. The railway, Polskie Koleje Panstwowe (PKP), will be reorganized into separate companies to handle passenger and cargo transportation, which will eventually be privatized. Another company that will hold all of the railway's infrastructure, such as tracks, is to remain state-owned. Some Zl 1.4 Billion (euro 346.5 Million, $ 325.6 Million) of the railway's total debt, that exceeds Zl 8 Billion, will be cancelled. Some Zl 3.9 Billion in state-guaranteed bonds will be issued to help cover the remaining part. The restructuring plan as adopted by the Lower House of parliament will allow the railway to shed by 2002 some 40,000 of its 189,000 employees, who will be given special social benefits. PKP posted a loss of euro 82.6 Million in the first quarter of this year after posting a loss of euro 610 Million in 1999. The restructuring plan is not expected to face opposition in the upper house of Poland's parliament or by President Alexander Kwasniewski. TPSA: Telecom Sale Last Call for Polish Privatisation ----------------------------------------- Agefi Com, AFP July 26, 2000 Poland's record-setting 4.32-billion-dollar (4.60-billion-euro) sale Tuesday of a 35-percent stake in its TPSA national telephone operator is the latest success of the country's privatisation program, but analysts warn of a likely slowdown in sell-offs. Although slower off the mark with mass privatisation than their Czech neighbors, the Poles have won recognition for their push over the last few years to sell off bigger and more sensitive companies, such as state-held banks, airlines and energy companies. =========================== U N I T E D K I N G D O M =========================== AIR CONTROL TECHNOLOGY LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Air Control Technology Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.30 pm Meeting date: 26/07/00 Meeting address: 18 Sapcote Trading Centre Dudden Hill Lane Meeting City Code: London NW10 2DH Authorised by: J Clarke Director 06/07/00 Last day for proxy: 25/07/00 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 ASHLEE ENTERPRISES LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Ashlee Enterprises Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 26/07/00 Meeting address: Devonshire House 38 York Place Meeting City Code: Leeds LS1 2ED Authorised by: J R Wood Director 10/07/00 Last day for proxy: Proxy address: Liquidators: J N R Pitts Firm Name: Wilson Pitts Address: Devonshire House 38 York Place Leeds LS1 2ED ASPIN WOOD ADVERTISING LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Aspin Wood Advertising Ltd IA 1986 Section: 98 Creditors Meeting Time: 10.30 am Meeting date: 26/07/00 Meeting address: Folk House Church Street Meeting City Code: Reading RG1 2SB Authorised by: R Aspin Director 05/07/00 Liquidators: Firm Name: Address: Folk House Church Street Reading RG1 2SB BEER RITZ (HEADINGLEY) LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Beer Ritz (Headingley) Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.00 pm Meeting date: 26/07/00 Meeting address: 5 Hendon Street Meeting City Code: Sheffield S13 9AX Authorised by: C E Pepper Director 06/07/00 Last day for proxy: 25/07/00 Proxy address: 10-12 New College Parade Finchley Road London NW3 5EP Liquidators: Kian Seng Tan Firm Name: K S Tan & Co Address: 10-12 New College Parade Finchley Road London NW3 5EP BRITISH SKY BROADCASTING: Posts 120 Million Pounds Pretax Loss ------------------------------------------------------------- Reuters July 26, 2000 Satellite TV operator British Sky Broadcasting on Wednesday posted a full-year loss and said it was on target to reach five million subscribers by year-end after signing up a record one million in the last 12 months. BSkyB, 37.5 percent owned by Rupert Murdoch's News Corp, said it pre-tax loss after exceptional charges of 120 million pounds came in at 262.7 million pounds compared to a previous 388.7 million. Operating profit was 85.3 million pounds for the year ended June 30, compared to 185.3 million in the previous year. Analysts had forecast an operating profit of around 68.8 million. BSkyB said it had won 3.8 million digital sales as at July 25. The satellite broadcaster said its progress in converting analogue users to digital would allow the company to switch off its analogue satellite transmissions in June 2001, instead of the originally planned December 2002. BROWNS INDUSTRIAL GROUP LTD: : Notice of creditors meeting -------------------------------------------------------- Company Name: Browns Industrial Group Ltd IA 1986 Section: 98 Creditors Meeting Time: 02.30 pm Meeting date: 26/07/00 Meeting address: 6 Raymond Buildings Grays Inn Meeting City Code: London WC1R 5BP Authorised by: A P Davies Director 12/07/00 Last day for proxy: 25/07/00 Proxy address: The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG Liquidators: Jamie Taylor Firm Name: Begbies Traynor Address: The Old Exchange 234 Southchurch Road Southend-on- Sea SS1 2EG BUNDISFIELD DEVELOPMENTS LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Bundisfield Developments Ltd Other name: Transformer IA 1986 Section: 98 Creditors Meeting Time: 10.15 am Meeting date: 26/07/00 Meeting address: Wesley House Huddersfield Road Birstall Meeting City Code: Bately WF17 9EJ Authorised by: L Stroud Director 11/07/00 Liquidators: Firm Name: O'Hara & Co Address: Wesley House Huddersfield Road Birstall Bately WF17 9EJ CHURCHILL BOX CO (LONDON) LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Churchill Box Co (London) Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.00 pm Meeting date: 26/07/00 Meeting address: 6 Raymond Buildings Grays Inn Meeting City Code: London WC1R 5BP Authorised by: B P Adcock Director 26/06/00 Last day for proxy: 25/07/00 Proxy address: The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG Liquidators: Peter Gotham Firm Name: Begbies Traynor Address: The Old Exchange 234 Southchurch Road Southend-on- Sea SS1 2EG CLARKSON PDS LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Clarkson PDS Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.00 pm Meeting date: 26/07/00 Meeting address: North Dominions Arcade Queen Street Meeting City Code: Cardiff CF10 2AR Authorised by: E J Clark Director 04/07/00 Last day for proxy: 25/07/00 Proxy address: North Dominions Arcade Queen Street Cardiff CF10 2AR Liquidators: Firm Name: BN Jackson Norton Address: North Dominions Arcade Queen Street Cardiff CF10 2AR COCKHORSE RECRUITMENT LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Cockhorse Recruitment Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 26/07/00 Meeting address: 23A Parsons Street Meeting City Code: Banbury OX16 8LY Authorised by: C S Lapper Director 10/07/00 Last day for proxy: 25/07/00 Proxy address: 23A Parsons Street Banbury OX16 8LY Liquidators: David A Butler Firm Name: Nunn Hayward Address: 23A Parsons Street Banbury OX16 8LY CUMBRIA GLASS LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Cumbria Glass Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.00 pm Meeting date: 26/07/00 Meeting address: Freemasons Hall Bridge Street Meeting City Code: Manchester M3 3BT Authorised by: I T Moran Director 10/07/00 Liquidators: Firm Name: A H Tomlinson & Co Address: St Johns Court 72 Gartside Street Manchester M3 3EL DEESIDE ALUMINIUM: Norsk Hydro to Acquire UK Aluminum Producer ----------------------------------------------------------------- Reuters July 25, 2000 Norwegian industrial group Norsk Hydro said on Tuesday that it had agreed to buy UK secondary aluminium producer Deeside Aluminium for 10 million pounds, including existing liabilities. "Norsk Hydro...has signed an agreement with Aluminium Holding UK Ltd to purchase its entire share holding in Deeside Aluminium Ltd, Wrexham," Hydro said in a statement to the Oslo bourse. "The acquisition is part of Hydro Aluminium Metal's growth strategy," it said. Hydro had told Reuters last week that it had been in talks with Deeside Aluminium and that it was going through a technical evaluation of the company. It said the acquisition was subject to approval from the UK Office of Fair Trading. DOVE DESERTS & ICE CREAMS LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Dove Deserts & Ice Creams Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 26/07/00 Meeting address: 81 Station Road Meeting City Code: Marlow SL7 1NS Authorised by: M Jones Director 12/07/00 Last day for proxy: 25/07/00 Proxy address: 81 Station Road Marlow SL7 1NS Liquidators: P J Hughes-Holland Firm Name: Morley & Scott Address: 81 Station Road Marlow SL7 1NS EGG BANK: Posts 80.7 Mln Pounds H1 Loss ------------------------------- Reuters July 26, 2000 Britain's first publicly-traded Internet bank Egg -- whose shares have already slipped below their offer price -- reported a first- half net loss of 80.7 million pounds ($122.3 million) on Wednesday. Egg, which floated last month, had losses of 69.7 million pounds during the same period last year. It said its loss per share, however, decreased to 8 pence from January to June compared to 9.7 pence during the year-ago period. Analysts had forecast first-half losses of about 75 million pounds. The bank, majority owned by UK insurer Prudential Plc, said it acquired 311,000 new customers during the year's first six months -- some 80 percent via its Egg card. The Internet bank now has 1.1 million customers. Egg said its deposits grew by 300 million pounds to 7.7 billion. Egg faces an uphill task convincing sceptical investors it can ride out the competitive storm brewing in UK online banking. The company has said it would not break even until the end of next year but some analysts see break even not coming until 2004. The Internet bank has seen its shares slump below an issue price of 160 pence when it floated on June 12, on fears of tougher competition from established UK banks moving into the Internet banking arena. EQUITABLE LIFE: Abbey National Looking at Equitable Life ------------------------------------- Reuters July 26, 2000 Abbey National said on Wednesday it was having a look at Equitable Life, the British mutual life assurer which put itself up for sale after losing a key court case last week. Chief Executive Ian Harley said Abbey would not comment, however, on whether the bank planned to bid for the group, estimated to be worth between four and five billion pounds. "We're simply looking at it as we would look at any business," he told a telephone news conference. He said Abbey was interested in growing its life insurance business, which increased profits in the first half of this year by 22 percent to 128 million pounds. "Equitable is there, of course we'll look at it," he said. Abbey and other UK banks and life companies are believed to be interested, as well as continental European groups. EQUITABLE LIFE: Hopes to Find Buyer This Year -------------------------------- European Investor Reuters July 26, 2000 Equitable Life, the world's oldest mutual life insurance company that is up for sale after losing a key court ruling, said on Wednesday it expected to find a buyer this year and to complete the deal by next summer. Last week, Equitable lost a key court case over pension bonus payments, forcing it to put itself up for sale to raise extra funds the decision made necessary. The ruling by Britain's House of Lords represented a victory for 90,000 pensioners in a test case brought by Equitable Life to clarify the position on a move to cut bonus payments on certain pension policies because of lower investment returns. The company said on Wednesday that its board had now set new final bonus rates as required following the ruling. Earlier on Wednesday, mortgage bank Abbey National said it was looking at Equitable Life, but chief executive Ian Harley would not comment on whether Abbey would bid for the group, estimated to be worth between up to 5.0 billion pounds ($7.58 billion). Other than Abbey, other UK banks and life companies are believed to be interested, as well as continental European groups. EQUITABLE LIFE: L & G Rules Out of the Bidding ---------------------------------------- NEWS NOW July 27,2000 LEGAL & General yesterday ruled itself out of the bidding for Equitable Life and played down speculation that L&G itself is the target of a bid approach. The past few weeks have seen heavy trading in L&G shares as dealers predicted a tie-up with a bank. A sale to NatWest for o10.7 billion collapsed last year when Bank of Scotland launched its own bid for the high-street giant. Chief executive David Prosser said: "The volumes were high but the share price did not move that much. Every year we have this kind of rumour-mongering. The NatWest deal was a unique proposition. I don't think it can be replicated and we are not talking to anyone. " He said whoever buys Equitable, but up for sale last week, would want to keep the brand, whereas L&G is a "single brand business. It is not a fit for us". L&G has o2.3 billion in "orphan assets" - money built up in its life fund but not used to pay pensions and other maturing investments. It is examining to see if it can go down the same road. L&G posted half-year profits before tax of o336m, up 30pc, exceeding most analysts' forecasts. Sales of single premium unit trusts and individual savings accounts fell o152m to o440m, which Mr Prosser put down to the decision not to sell popular technology funds. Life and pension premiums rose 11pc in the UK to o175m, but achieved stronger growth internationally, up 32pc to o54m. A dividend per share of 1.48p, up 14pc, will be paid. The shares ended up 3.75 at 166.75p. FLEXDRIVE TECHNOLOGY SERVICES LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Flexdrive Technology Services Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 26/07/00 Meeting address: Devlin House 36 St George Street Meeting City Code: London W1R 9FA Authorised by: D Patel Director 08/07/00 Last day for proxy: 25/07/00 Proxy address: The Old Mill 9 Soar Lane Leicester LE3 5DE Liquidators: Firm Name: HKM Harlow Khandhia Mistry Address: The Old Mill 9 Soar Lane Leicester LE3 5DE FOSSE PETS LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Fosse Pets Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 26/07/00 Meeting address: 109 Swan Street Meeting City Code: Leicester LE12 7NN Authorised by: R E Lay Director 10/07/00 Last day for proxy: 25/07/00 Proxy address: 109 Swan Street Leicester LE12 7NN Liquidators: Firm Name: Elwell Watchorn & Saxton Address: 109 Swan Street Leicester LE12 7NN GENETIX (UK) LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Genetix (UK) Ltd IA 1986 Section: 98 Creditors Meeting Time: 02.30 pm Meeting date: 26/07/00 Meeting address: Blenheim House 6 Union Place Meeting City Code: Truro TR1 1EP Authorised by: A James Director 30/06/00 Liquidators: Jacqueline S Barber Firm Name: J S Barber Address: Blenheim House 6 Union Place Truro TR1 1EP GENITECH LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Genitech Ltd IA 1986 Section: 98 Creditors Meeting Time: 10.05 am Meeting date: 26/07/00 Meeting address: Pannell House Charter Court Newcomen Way Meeting City Code: Colchester CO4 4YA Authorised by: D Daniels Director Last day for proxy: 25/07/00 Proxy address: Pannell House Charter Court Newcomen Way Colchester CO4 4YA Liquidators: Firm Name: Pannell Kerr Forster Address: Pannell House Charter Court Newcomen Way Colchester CO4 4YA GUARD DOG HIRE LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Guard Dog Hire Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 26/07/00 Meeting address: 44 Old Hall Street Meeting City Code: Liverpool L3 9EB Authorised by: A Roberts Director 11/07/00 Liquidators: Paul J Fleming Firm Name: Parkin S Booth & Co Address: 44 Old Hall Street Liverpool L3 9EB HEREFORD GAS FIRE CO LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Hereford Gas Fire Co Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 26/07/00 Meeting address: Elgar House Holmer Road Meeting City Code: Hereford HR4 9SF Authorised by: K B Williams Director 29/06/00 Last day for proxy: 25/07/00 Proxy address: Elgar House Holmer Road Hereford HR4 9SF Liquidators: Edwin F Hunt Firm Name: HLB Kidsons Address: Elgar House Holmer Road Hereford HR4 9SF LOCKHART ENTERPRISES LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Lockhart Enterprises Ltd IA 1986 Section: 98 Creditors Meeting Time: 10.00 am Meeting date: 26/07/00 Meeting address: 221-223 Chingford Mount Road Meeting City Code: London E4 8LP Authorised by: P Monego Director 11/07/00 Liquidators: Firm Name: A Segal & Co Address: 221-223 Chingford Mount Road London E4 8LP LONDON BATHROOM & TILE CENTRE LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: London Bathroom & Tile Centre Ltd IA 1986 Section: 98 Creditors Meeting Time: 03.30 pm Meeting date: 26/07/00 Meeting address: Cippenham Court Cippenham Lane Meeting City Code: Slough SL1 5AT Authorised by: J Heng Director 11/07/00 Last day for proxy: 25/07/00 Proxy address: Cippenham Court Cippenham Lane Slough SL1 5AT Liquidators: Firm Name: Oury Clark Address: Cippenham Court Cippenham Lane Slough SL1 5AT NORTH STREET MOTORS (WETHERBY) LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: North Street Motors (Wetherby) Ltd IA 1986 Section: 98 Creditors Meeting Time: 02.00 pm Meeting date: 26/07/00 Meeting address: Jarvis Hotel Meeting City Code: Wetherby Authorised by: A J C Bristow Director 06/07/00 Liquidators: Firm Name: Poppleton & Appleby Address: 93 Queen Street Sheffield S1 1WF PAB CONSTRUCTION LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: PAB Construction Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.00 pm Meeting date: 26/07/00 Meeting address: 47 London Street Meeting City Code: Reading RG1 4PS Authorised by: P Bailey Director 04/07/00 Last day for proxy: 25/07/00 Proxy address: 47 London Street Reading RG1 4PS Liquidators: Firm Name: Bridgers Address: 47 London Street Reading RG1 4PS SARGENT SYSTEMS LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Sargent Systems Ltd IA 1986 Section: 98 Creditors Meeting Time: 10.20 am Meeting date: 26/07/00 Meeting address: Pannell House Charter Court Newcomen Way Meeting City Code: Colchester CO4 4YA Authorised by: D Daniels Director Last day for proxy: 25/07/00 Proxy address: Pannell House Charter Court Newcomen Way Colchester CO4 4YA Liquidators: Firm Name: Pannell Kerr Forster Address: Pannell House Charter Court Newcomen Way Colchester CO4 4YA SNEWIN BUILDERS (SUSSEX) LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Snewin Builders (Sussex) Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 26/07/00 Meeting address: Nile House Nile Street Meeting City Code: Brighton BN1 1JB Authorised by: P J Boswell Director 05/07/00 Liquidators: Andrew White Firm Name: BDO Stoy Hayward Address: Nile House Nile Street Brighton BN1 1JB SPA FLOW (LONDON) LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Spa Flow (London) Ltd IA 1986 Section: 98 Creditors Meeting Time: 10.30 am Meeting date: 26/07/00 Meeting address: The Aylesford Hotel High Street Meeting City Code: Warwick Authorised by: P Flynn Director 10/07/00 Liquidators: Firm Name: Till Morris Partnership Address: 32 Brook Street Warwick CV34 4BL WARMFIELD PROPERTIES LTD: Notice of creditors meeting -------------------------------------------------------- Company Name: Warmfield Properties Ltd IA 1986 Section: 23 Creditors Meeting Time: 11.00 am Meeting date: 26/07/00 Meeting address: 1 City Square Meeting City Code: Leeds LS1 2ES Authorised by: J J Gleave Joint Administrator Last day for proxy: 25/07/00 Proxy address: 1 City Square Leeds LS1 2ES Liquidators: Firm Name: Kroll Buchler Phillips Address: 1 City Square Leeds LS1 2ES 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 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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 prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is $575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 301/951-6400. * * * End of Transmission * * *