/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/000814.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 Monday, August 14, 2000, Vol. 1, No. 69 Headlines F R A N C E EUROTUNNEL: Moves to Stabilize Interest on ?6.8bn of Debt G E R M A N Y ADVA AG: Net Loss Deepens Dramatically COMMERZBANK: Plans to Close More than 20% of its 940 Branches DRESDNER BANK: Restructuring Plans FORD EUROPE: Ailing Car Manufacturer Aims for a Makeover LTU: Takeover Talks of Ailing German Tour Operator N O R W A Y CHRISTIANIA BANK: Faces Sale Delay P O L A N D HANDLOWY: Citibank Buys More Bonds LUCZNIK: Interior Ministry Aids Troubled Handgun Manufacturer R O M A N I A ANTIBIOTICE: Drug Maker May be Sold to Investor FONDUL NATIONAL DE INVESTITII: Protest Over Troubled Fund R U S S I A NORILSK NICKEL: Small Creditor Seeks Mining Firm's Bankruptcy ROSNEFT-KRASNODARNEFTEGAS: Heavy Debt Threatens Viability SBERBANK: Prolongs its credit to GAZ U N I T E D K I N G D O M ABBA LTD: Notice of creditors meeting ADABRA LTD: Notice of creditors meeting ADENMARSH LTD: Notice of creditors meeting BESTCARE PROPERTIES LTD: Notice of creditors meeting BRITISH AIRWAYS: Debts Under Review CARBUG PLC: Notice of creditors meeting CENTER PARCS: French-German Partnership Leads Chase to Take Over EASYSCREEN: Posts ?1.7 Million Pre-Tax Loss GNE LTD: Notice of creditors meeting HEDLEY (BUILDERS & SHOPFITTERS) LTD: Notice of creditors meeting HORTONS BEERS & MINERALS LTD: Notice of creditors meeting HYDER: Panel Announces Sealed Bid Auction ICL: Float Failure Applies Pressure to Break up INTERACTIVE INVESTOR: Posts ?13.3 Million Q3 Pre-Tax Loss J E DEVELOPMENTS LTD: Notice of creditors meeting JOINFAST LTD: Notice of creditors meeting K M A ASSOCIATES LTD: Notice of creditors meeting KUDOS DRYWALL LTD: Notice of creditors meeting LYNSTEAD LTD: Notice of creditors meeting NTL: Plays Down Merger Talk, Pre-tax Losses Deepen to $630m K M A ASSOCIATES LTD: Notice of creditors meeting KUDOS DRYWALL LTD: Notice of creditors meeting LYNSTEAD LTD: Notice of creditors meeting QXL.COM PLC: Posts 15.5 Million Pounds Q1 Loss WOOLWICH: Deal Could Shut 100 Branches =========== F R A N C E =========== EUROTUNNEL: Moves to Stabilize Interest on ?6.8bn of Debt ----------------------- August 10, 2000 Eurotunnel, the Anglo-French channel tunnel operator, has moved to limit its exposure to future interest rate increases after 2004. The Financial Times reports the company is paying a premium of ?40m ($60m) to enter into hedging contracts on ?2.3bn of its junior debt. The company, which is saddled with ?6.8bn of debt, has fixed interest rates on its debt until 2004 under the restructuring it agreed with the banks in 1998. However after 2004, interest on the ?3.4bn of junior debt -- the company's biggest chunk of debt -- would have moved onto a variable rate of interest. The deal means that interest charges would be capped at around 7.25 per cent in 2004 rising to 8 per cent in 2007-8. Richard Shirrefs, chief financial officer, said: "This gives us an improved level of stability. Eurotunnel expects to break even in 2002 in terms of being able to pay its interest from cash flow. Currently its interest is not fully paid in cash. About 24 per cent is still paid in stabilization notes, which are effectively IOUs. The ?40m premium will be financed from Eurotunnel's stabilization facility, which is effectively an interest-free overdraft until 2006. It means that Eurotunnel may pay more of its interest charges in stabilization notes in January. ============= G E R M A N Y ============= ADVA AG: Net Loss Deepens Dramatically -------------------- August 10, 2000 Optical networking maker Adva AG said Tuesday pro forma sales in the second quarter rose to 17.18 million euros from 4.6 million euros in the second quarter last year. Handelsblatt and Dow Jones report Neuer Markt-listed Adva said in a press statement that pro forma operating profit in the second quarter fell to 200,000 euros from 600,000 euros a year ago. Adva said investments in research and development were responsible for the decline. The company posted an actual net loss of 13.6 million euros, however, if unadjusted for extraordinary items, Adva said. This compares with a 900,000 euros loss a year ago. Adva said it plans to restate consolidated 1999 figures according to U.S. Generally Accepted Accounting Principles. The figures are being audited, it said. COMMERZBANK: Plans to Close More than 20% of its 940 Branches -------------------------- August 10, 2000 Commerzbank, Germany's fourth-biggest bank, plans to close more than 20 percent of its 940 branches in Germany in a bid to stem spiraling costs. Commerzbank is trying to remain independent following the recent collapse of merger talks with rival Dresdner Bank, according to the Financial Times. Martin Kohlhaussen, Commerzbank chairman, who broke off his holiday to attend a meeting with analysts in Frankfurt, said the bank was aiming to build up Internet banking operations while taking "a critical look" at its branch network. He indicated that Commerzbank would be looking to close around 195 branches over the next few years, according to analysts, as it sought to bundle operations into larger regional units. Job losses were expected to be kept to a minimum. Commerzbank, at the centre of takeover rumours since Cobra, an investment company, became its biggest shareholder, insisted "it would continue to pursue its own independent course" following the breakdown of merger talks. Instead of looking at another merger, the bank said its ties with European partners would "take on a new quality". But a Commerzbank spokesman declined to give details. DRESDNER BANK: Restructuring Plans --------------------------- August 10, 2000 The Financial Times reports Dresdner Bank, which unveiled restructuring plans in May, is closing a third of its 1,150 branches and shedding 5,000 jobs. FORD EUROPE: Ailing Car Manufacturer Aims for a Makeover -------------------------------- August 10, 2000 Ford of Europe's chairman Nick Scheele is determined to overhaul the ailing car manufacturer's image and boost market share. The Wall Street Journal reports Ford of Europe Chairman Nick Scheele summoned the automaker's top 350 managers in June for a powwow on the company's brand strategy. Ford had just completed a sweeping restructuring plan in Europe that included cuts to costs and capacity, and now laying the groundwork for turning around years of declining sales. The problem, he says, is that Ford has been tinkering with its marketing and product strategy almost nonstop since 1993 but has never gotten around to setting anything in stone. He promises the brand plan would be simplified so the entire company -- right down to the salesmen on the showroom floor -- will know what Ford represents. LTU: Takeover Talks of Ailing German Tour Operator ------------------------- August 10, 2000 The European Investor and Reuters report that SAirGroup said on Thursday it remained in talks with Britain's Airtours Plc and confirmed it was also speaking to Germany's Rewe about the future of ailing German tour operator LTU. The Swiss aviation conglomerate has a 49.9 percent stake in loss-making LTU. SAirGroup was responding to a report in The Financial Times newspaper, which said takeover talks with Airtours over LTU had foundered because of the British tour operator's own troubles in Germany. Retail group Rewe owns tour operator ITS/Dertour. Airtours has a stake of about 36 percent in FTi Touristik, Germany's fifth- largest tour operator, and has announced its intention to buy the rest of the company, subject to regulatory approval. Swissair parent SAirGroup has previously said it was looking for a partner for LTU, Germany's fourth-largest tour operator. =========== N O R W A Y =========== CHRISTIANIA BANK: Faces Sale Delay ------------------------ August 10 2000 Christiania Bank, Norway's second largest bank, on Wednesday said it expected to be sold by the beginning of next year at the earliest after the government concludes its auction this September. The Financial Times reports Norway's government bank investment fund, which manages the state's 35 per cent stake in Christiania, formally launched the sale of the bank in June. The fund's main task is to find a rival bidder to Finnish-Swedish Merita Nordbanken, whose NKr24.3bn ($2.7bn) cash offer for Christiania expires on August 31. Tom Ruud, Christiania chief executive, said he expected the fund to select the highest bidder, which would issue a public offer to Christiania shareholders. Christiania on Wednesday reported a 10 per cent fall in first- half net profits to NKr1.05bn, slightly better than expected. Operating profits before loan losses fell to NKr1.45bn from NKr1.53bn, while net interest income rose 3 per cent to NKr2.23bn from NKr2.17bn. =========== P O L A N D =========== HANDLOWY: Citibank Buys More Bonds ----------------------------- August 10,2000 Citibank, the American banking colossus that already holds 16m of Bank Handlowy bonds, has purchased some 1.2m BH convertible bonds. Polish News Bulletin & Euromoney report the bonds Citibank now has constitute 18.5 percent of Handlowy's capital. After the planned increase of BH's capital through the bond conversion, the stake held by Citibank will drop from its current 87.83 percent to 84.53 percent. The U.S. bank is currently permitted to exercise only 66 percent of Handlowy's votes. LUCZNIK: Interior Ministry Aids Troubled Handgun Manufacturer ------------------- August 10, 2000 The Interior Ministry will extend a helping hand to Lucznik. Poland AM reports a zl. 98 million order has been placed for Glauberyt submachine guns and MAG 98 pistols with the troubled handgun manufacturer. The Ministry signed an agreement yesterday with the plant and the Industry Development Agency (ARP), stressing that it is meant to help tame the high unemployment rate in the Radom region and counteract the social unrest it causes. ARP will grant Lucznik zl. 25 million for investments necessary for the completion of the order. Last June Lucznik employees staged a violent demonstration in Warsaw in an effort to save the plant, in which over a dozen people were injured and one reporter lost an eye. The Glauberyt, similar to the world-famous Israeli Uzis, will replace currently used Kalashnikov rifles, which are too heavy and inaccurate. ============= R O M A N I A ============= ANTIBIOTICE: Drug Maker May be Sold to Investor ------------------- August 10, 2000 The European Investor & Reuters report that the most viable option for the privatisation of Romanian drug maker Antibiotice is a sale of a majority stake to an industry investor, the Romanian government said on Thursday. In a statement the government said consultants led by Raiffeisen Investment Austria had recommended the sale of the 53.02 percent in Antibiotice held by the country's main privatisation agency FPS to a sole investor or a group of investors through direct negotiations. The consultants said that eight western and central European companies had shown interest in the majority stake in Antibiotice, including Elli Lilly and Pfizer of the United States, Britain's Glaxo Wellcome and Hungary's Gedeon Richter. Antibiotice, a Bucharest bourse top-tier listing, is part of a batch of 64 companies that the FPS plans to liquidate or sell with help from investment banks and privatisation agents under a $300 million loan programme with the World Bank. FONDUL NATIONAL DE INVESTITII: Protest Over Troubled Fund -------------------------------------- August 10, 2000 Romanian police used teargas to disperse a protest by hundreds of angry investors in a troubled unit trust who blocked traffic outside the government headquarters on Thursday to demand their money, according to Central Europe Online Investor and Reuters. Riot police used teargas to prevent the protesters from pushing their way into the government building in central Bucharest and intervened when one of the protesters lit a match and threaten to set himself ablaze. In June, the government led by Prime Minister Mugur Isarescu suspended the Fondul National de Investitii (FNI) unit trust after a run by investors on the trust left its coffers empty. Some 220,000 Romanians committed around $204 million into FNI, lured by interest rates far higher than those offered by banks. Now they are demanding their investments, plus the interest refunded. Accordingly the government declined responsibility for the investors' losses saying they had put the money into a private fund at their own risk. =========== R U S S I A =========== NORILSK NICKEL: Small Creditor Seeks Mining Firm's Bankruptcy --------------------------------- August 10, 2000 The Minfin group, which is noted for its part in a number of property protection cases, announced on August 8 that it is ready to bring an action that may lead to Norilsk Nickel's bankruptcy, reports by Info-Nova. According to Minfin, its action may revoke the Norilsk Nickel restructuring project, address claims this time to company assets, including mines, equipment and licenses and, consequently, lead to a petition of bankruptcy. Although its fixed assets have now been transferred to the new Norilsk Mining and Metallurgical Company, the bill has yet to be accepted. Last year, Minfin secured the return of the lump sum, but nearly $700,000 in interest has yet to be paid. This debt enabled the bill bearer to institute court proceedings. On July 18, the company's 500 sq m premises on Rozhdestvenka Street in Moscow were put under arrest by the bailiff. The company has so far failed to dispute this court order. Proceedings were resumed on August 8 under a ruling passed by the appeal instance of the Moscow court of arbitration. ROSNEFT-KRASNODARNEFTEGAS: Heavy Debt Threatens Viability -------------------------- August 10, 2000 The Skrin Issuer reports that Rosneft-Krasnodarneftegas may go bankrupt owing to RUR 335 mln in debt. SBERBANK: Prolongs its credit to GAZ --------------------------- August 10, 2000 The Russian Gaz auto plant and the Nizhni Novgorod subsidiary of Sberbank have agreed to prolong their RUR 250 million loan agreement of October 5, 1999, until March 2003, Info-Nova reports. Accordingly, the total loan would be split into two parts, with RUR 150 million to be repaid at a 33% interest rate and the remaining RUR 100 million carrying 35% interest. The amount of interest on the loan may change if the Central Bank alters its refinancing rate. The loan is secured with GAZ shares and property. =========================== U N I T E D K I N G D O M =========================== ABBA LTD: Notice of creditors meeting ---------------- Company Name: Abba Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 04/08/00 Meeting address: Langley House Park Road East Finchley Meeting City Code: London N2 8EX Authorised by: P Ashby Director 19/07/00 Last day for proxy: 03/08/00 Proxy address: Langley House Park Road East Finchley London N2 8EX Liquidators: Firm Name: Langley & Partners Address: Langley House Park Road East Finchley London N2 8EX ADABRA LTD: Notice of creditors meeting ---------------- Company Name: Adabra Ltd IA 1986 Section: 98 Creditors Meeting Time: 10.30 am Meeting date: 04/08/00 Meeting address: 84 Grosvenor Street Meeting City Code: London W1X 9DF Authorised by: P Barnes Director Last day for proxy: 03/08/00 Proxy address: 84 Grosvenor Street London W1X 9DF Liquidators: Firm Name: Kroll Buchler Phillips Address: 84 Grosvenor Street London W1X 9DF ADENMARSH LTD: Notice of creditors meeting ---------------- Company Name: Adenmarsh Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 04/08/00 Meeting address: Langley House Park Road East Finchley Meeting City Code: London N2 8EX Authorised by: A Wedge Director 24/07/00 Last day for proxy: 03/08/00 Proxy address: Langley House Park Road East Finchley London N2 8EX Liquidators: Firm Name: Langley & Partners Address: Langley House Park Road East Finchley London N2 8EX BESTCARE PROPERTIES LTD: Notice of creditors meeting ---------------- Company Name: Bestcare Properties Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.00 pm Meeting date: 04/08/00 Meeting address: The Insurance Hall 20 Aldermanbury Meeting City Code: London EC2V 7HY Authorised by: D G Patel Director 20/07/00 Last day for proxy: 03/08/00 Proxy address: 3-4 Mulgrave Court Mulgrave Road Sutton SM2 6LF Liquidators: Firm Name: Benedict Mackenzie Address: 3-4 Mulgrave Court Mulgrave Road Sutton SM2 6LF BRITISH AIRWAYS: Debts Under Review ---------------------- August 10 2000 Financial Times reports that British Airways suffered a fresh setback on Thursday when Moody's Investors Service, which had maintained a high rating on the company's debt throughout its travails, finally initiated a review that could lead to a downgrade. The U.S.-based rating agency said the review was prompted by "continued weak earnings and the prospect for continued high level of competition". Recovery from poor earnings performance was taking longer than Moody's had expected. BA this week reported a first-quarter pre- tax loss of ?50m, compared with a ?200m profit in the same period last time. BA and KLM confirmed on Thursday they would extend the period of exclusivity for their talks for "an additional several weeks". The talks, which began in early June, had been constructive and both sides "recognise that a business rationale for a potential merger exists". CARBUG PLC: Notice of creditors meeting ---------------- Company Name: Carbug Plc IA 1986 Section: 98 Creditors Meeting Time: 12.00 pm Meeting date: 04/08/00 Meeting address: 8 Baker Street Meeting City Code: London W1M 1DA Authorised by: A S Rose Director 14/07/00 Liquidators: Raymond Hocking Firm Name: BDO Stoy Hayward Address: 8 Baker Street London W1M 1DA CENTER PARCS: French-German Partnership Leads Chase to Take Over -------------------------------- August 10, 2000 The Scotsman reports that a French-German bidder is favorite to scoop up Scottish & Newcastle's Center Parcs holidays business, industry experts said yesterday. French holiday group Pierre & Vacances, in partnership with the private equity arm of Deutsche Bank AG, DB Capital Partners, is believed to be the frontrunner to buy the 13 Center Parcs for around ?700 million. Scottish & Newcastle put its leisure arm up for sale in late February to focus on beer and pub retailing, and analysts have put a price tag of ?675 million to ?800 million on the 13 villages in the Netherlands, Belgium, Britain, Germany and France. The auction process is organised by investment bank Morgan Stanley Dean Witter. The chairman of Pierre & Vacances, Gerard Bremond, said in June that his group was interested in buying Center Parcs, but that given the size of his company, which was only listed on the Paris Bourse in June 1999, he would need a financial partner. EASYSCREEN: Posts ?1.7 Million Pre-Tax Loss ------------------- August 11, 2000 The Times says software firm EasyScreen reported first-quarter pre-tax losses of ?1.7 million (?560,000 loss). GNE LTD: Notice of creditors meeting ---------------- Company Name: GNE Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 04/08/00 Meeting address: Seaton Holme Hall Works Easington Village Meeting City Code: Peterlee Authorised by: M Blades Director Last day for proxy: 03/08/00 Proxy address: New Guild House 45 Great Charles Street Birmingham B3 2LX Liquidators: Firm Name: Pannell Kerr Forster Address: New Guild House 45 Great Charles Street Birmingham B3 2LX HEDLEY (BUILDERS & SHOPFITTERS) LTD: Notice of creditors meeting ---------------- Company Name: Hedley (Builders & Shopfitters) Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 04/08/00 Meeting address: 6 Foyle Street Meeting City Code: Sunderland SR1 1LA Authorised by: B J Hedley Director 19/07/00 Liquidators: Firm Name: Jennings Johnson Address: 6 Foyle Street Sunderland SR1 1LA HORTONS BEERS & MINERALS LTD: Notice of creditors meeting ---------------- Company Name: Hortons Beers & Minerals Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 04/08/00 Meeting address: Langley House Park Road East Finchley Meeting City Code: London N2 8EX Authorised by: J Gwyther Director 17/07/00 Last day for proxy: 03/08/00 Proxy address: Langley House Park Road East Finchley London N2 8EX Liquidators: Firm Name: Langley & Partners Address: Langley House Park Road East Finchley London N2 8EX HYDER: Panel Announces Sealed Bid Auction ----------------------------- August 11, 2000 The Takeover Panel unexpectedly decided to end the seige on Welsh utility Hyder with a sealed auction bid, according to the Times. Japanese bank Nomura and U.S. utility Western Power Distribution will submit their offers by 1 p.m. today. Nomura's bid so far is 360p per share and Western Power's is for 340p. The winning bidder will assume Hyder's debts of about ?1.9 billion. Both bidders have said they plan no further job cuts on top of the 1,000 already announced by Hyder. ICL: Float Failure Applies Pressure to Break up --------------------- August 6 2000 The Sunday Times reports Sir Peter Bonfield has resigned after ICL abandoned the ?5 billion stock market float it had been planning for this autumn. ICL is wholly owned by Fujitsu, which felt the company was not strong enough to float on the open market. ICL's 20,000 workers are nervous about their job security, but David Palk, the firm's managing director has tried to reassure them that their jobs are safe. INTERACTIVE INVESTOR: Posts ?13.3 Million Q3 Pre-Tax Loss ----------------------------------------- August 11, 2000 The Times reports Internet firm Interactive Investor International reported pre-tax losses for the first nine months of ?13.3 million (?4 million loss). J E DEVELOPMENTS LTD: Notice of creditors meeting ---------------- Company Name: J E Developments Ltd IA 1986 Section: 98 Creditors Meeting Time: 10.30 am Meeting date: 04/08/00 Meeting address: Maclaren House Skerne Road Meeting City Code: Driffield YO25 6PN Authorised by: E Swaby Director 18/07/00 Liquidators: A J Nichols Firm Name: Redman Nichols Address: Maclaren House Skerne Road Driffield YO25 6PN JOINFAST LTD: Notice of creditors meeting ---------------- Company Name: Joinfast Ltd IA 1986 Section: 98 Creditors Meeting Time: 02.00 pm Meeting date: 04/08/00 Meeting address: 6 Bloomsbury Square Meeting City Code: London WC1A 2LP Authorised by: A Palache Director 13/07/00 Liquidators: Firm Name: Panos Eliades Franklin & Co Address: 6 Bloomsbury Square London WC1A 2LP K M A ASSOCIATES LTD: Notice of creditors meeting ---------------- Company Name: K M A Associates Ltd IA 1986 Section: 98 Creditors Meeting Time: 03.30 pm Meeting date: 04/08/00 Meeting address: 6 Raymond Buildings Grays Inn Meeting City Code: London WC1R 5BP Authorised by: B G Wilsher Director 14/07/00 Liquidators: Firm Name: Begbies Traynor Address: 6 Raymond Buildings Grays Inn London WC1R 5BP KUDOS DRYWALL LTD: Notice of creditors meeting ---------------- Company Name: Kudos Drywall Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.30 pm Meeting date: 04/08/00 Meeting address: The Grasshopper Inn Meeting City Code: Moorhouse Authorised by: S Ferrier Director Last day for proxy: 03/08/00 Proxy address: 39A Holland Road Hurst Green Surrey Liquidators: David Lewis Firm Name: D Lewis & Co Address: 39A Holland Road Hurst Green Surrey LYNSTEAD LTD: Notice of creditors meeting ---------------- Company Name: Lynstead Ltd Other name: Graphic Connection IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 04/08/00 Meeting address: 1 Old Hall Street Meeting City Code: Liverpool L3 9HF Authorised by: K R Thomson Director 19/07/00 Liquidators: Firm Name: Huntington Moore Address: 1 Old Hall Street Liverpool L3 9HF NTL: Plays Down Merger Talk, Pre-tax Losses Deepen to $630m --------------------- August 10 2000 Financial Times reports that NTL, the UK's largest cable operator, denies it is considering a merger with rival Telewest. In the three months to the end of June, pre-tax losses widened from $349m to $630m on revenues that rose from $360m to $666m, boosted mainly by the acquisition of Cable and Wireless's cable operations. K M A ASSOCIATES LTD: Notice of creditors meeting ---------------- Company Name: K M A Associates Ltd IA 1986 Section: 98 Creditors Meeting Time: 03.30 pm Meeting date: 04/08/00 Meeting address: 6 Raymond Buildings Grays Inn Meeting City Code: London WC1R 5BP Authorised by: B G Wilsher Director 14/07/00 Liquidators: Firm Name: Begbies Traynor Address: 6 Raymond Buildings Grays Inn London WC1R 5BP KUDOS DRYWALL LTD: Notice of creditors meeting ---------------- Company Name: Kudos Drywall Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.30 pm Meeting date: 04/08/00 Meeting address: The Grasshopper Inn Meeting City Code: Moorhouse Authorised by: S Ferrier Director Last day for proxy: 03/08/00 Proxy address: 39A Holland Road Hurst Green Surrey Liquidators: David Lewis Firm Name: D Lewis & Co Address: 39A Holland Road Hurst Green Surrey LYNSTEAD LTD: Notice of creditors meeting ---------------- Company Name: Lynstead Ltd Other name: Graphic Connection IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 04/08/00 Meeting address: 1 Old Hall Street Meeting City Code: Liverpool L3 9HF Authorised by: K R Thomson Director 19/07/00 Last day for proxy: Proxy address: Liquidators: Firm Name: Huntington Moore Address: 1 Old Hall Street Liverpool L3 9HF QXL.COM PLC: Posts 15.5 Million Pounds Q1 Loss ----------------- August 10, 2000 According to Bloomberg, QXL.com Plc, the U.K.'s No. 1 Internet auctioneer, has reported deepening first-quarter losses. The British company is battling with eBay Inc. of the U.S., the world's No. 1 online auctioneer, for dominance of the European market. The loss for the quarter ended June 30 rose to 15.5 million pounds ($23.3 million) from 3.4 million pounds in the year-earlier period. QXL says it is reviewing its offer of $309 million for German company Ricardo.de AG, based on new information it has received. QXL's stock is the second-worst performer of the Bloomberg index of European Internet companies so far this year. WOOLWICH: Deal Could Shut 100 Branches ----------------- August 11, 2000 The Times reports Barclays is considering shuttering more than 100 of Woolwich's 400 bank branches as part of Barclays' ?5.3 billion takeover of Woolwich. Most closures are expected in South Eastern England. Full details of Barclays' agreed bid for Woolwich, which will offer Woolwich shareholders 164p in cash plus 0.1175 Barclays shares for each Woolwich share, are expected today. 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 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 * * *