/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/000817.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, August 17, 2000, Vol. 1, No. 72 Headlines C Z E C H R E P U B L I C CZECH TELECOM: Facing Fines Of Million Of Crowns DOUDLEBSKA: Credit Union Heading for Bankruptcy IPB: State May Pay for Saluka's IPB Deal D E N M A R K TILTS COMMUNICATIONS: Files Complaint Against Latvia F I N L A N D SONERA: Telef▋ica of Spain to Bid for Mobile Phone Operator G E R M A N Y ADLINK INTERNET MEDIA AG: Posts 4.9 million euros H1 loss BARMAG AG: Posts DM18 million Net Loss COMMERZBANK: Italian $950M offer for 5% of Stake TELDAFAX AG: Posts DM34.1 Million First-half Loss H U N G A R Y MALEV: Hungary Gives Go-ahead to Airline Sell-Off I R E L A N D DUNDALK PLANT: Unions Bid to Ease Job Losses at Guinness L A T V I A LATTELEKOM: Privatization Body Extends Deadline for Proposals L I T H U A N I A DEVELOPMENT BANK: Sets Date For Sell-off Tender N E T H E R L A N D S MULTIKABEL NV: Primacom Buy in Cash and Debt Takeover UNITED PAN-EUROPE: Posts 368.2 Million Euros Second-quarter Loss S W E D E N FANTASTIC CORPORATION: Posts $21 Million First-half Net Loss TELE1 EUROPE: Posts 143 Million Kronor Second-quarter Loss U N I T E D K I N G D O M ALPHA LIGHT ENGINEERING CO LTD: Notice of Creditors Meeting AMI SOFTWARE LTD: Notice of Creditors Meeting ASTROLIFT LTD: Notice of Creditors Meeting BATTLEHURST LTD: Notice of Creditors Meeting BELGRAVE-SURCON LTD: Notice of Creditors Meeting CSC (CRISPS) LTD: Notice of Creditors Meeting CARILLION: Will Cut 900 Jobs in Restructuring to Save CHE Unit CITRON PRESS: Shuts Down Presses Ahead of AIM Listing COLWICK BUILDERS LTD: Notice of Creditors Meeting E G HUDSON (UK) LTD: Notice of Creditors Meeting HUNTINGTON LIFE SCIENCES: Posts ?3.9 Million Pretax Loss HUNTINGDON: Forced to Seek Funding in the U.S. HYDER: Panel to Finally End Hyder's Long Wait HYDER: Panel Hears Nomura Appeal Against Decision HYDER: Takeover Panel Meets to Resolve Debacle Over Bidding HYDER: U.K. Investors Say Takeover Panel Curbed Hyder Price INDEPENDENT INSURANCE: Resists Takeover Approaches KARAVALE ENTERPRISES LTD: Notice of Creditors Meeting LIFETOOLS HOLDINGS LTD: Notice of Creditors Meeting LIFETOOLS LTD: Notice of Creditors Meeting MANUFACTURING SERVICES (F V) LTD: Notice of Creditors Meeting MARKETING SUPPLIES LTD: Notice of Creditors Meeting PENNINE AIDS LINK LTD: Notice of Creditors Meeting PROMAT ENGINEERING SUPPLIES LTD: Notice of Creditors Meeting PROUDFOOT: Changes its Name to Management Consulting Group STOVES: Feels the Pressures from Imports TELEWEST: Pan-Europe Wants More of Telewest WATERSTONE: Owner HMV Won't Sell in Spite of Debt ZEN RESEARCH: Optical Technology Company Posts ?4m Loss =========================== C Z E C H R E P U B L I C ============================ CZECH TELECOM: Facing Fines Of Million Of Crowns -------------------- HOSPODARSKE NOVINY & CZECH AM August 15, 2000 Czech Telecom is facing fines of millions of crowns for not fulfilling some of the eleven conditions tied to its service license. The shortcomings include failing to establish the required number of new telephone stations and phone booths and delays in processing applications for new phone lines, says the Czech Telecommunications Office. DOUDLEBSKA: Credit Union Heading for Bankruptcy ------------------------------ August 15,2000 CTK & Euromoney reports, Doudlebska druzstevni zalozna forced administrator Daniel Hilbert is aiming to propose, at a meeting in September, that the credit union be sent into bankruptcy due to its insolvency. The lack of liquidity was behind his decision on Monday to block the handling of its members' deposits for another 30 days. The Credit Union Supervision Office (UDDZ) put Doudlebska under forced administration on May 11 due to its inability to pay out deposits and the irregular operations being carried out by its management. Doudlebska is the 9th credit union facing forced administration. Hilbert convened a credit union members' meeting to Ceske Budejovice, south Bohemia, on September 5 to inform members of the poor economic situation. Doudlebska's loss stood at Kc26m in 1998 and claims reached Kc223m. Members who are discontent with the current state of affairs are not patient enough to wait for the Sept 5 meeting and have called a meeting to Vlachovo Brezi on Aug 17 to agree on a further course of action, CTK & EuroMoney says. IPB: State May Pay for Saluka's IPB Deal ---------------------- CZECH AM August 15, 2000 The Czech National Bank (CNB) declared invalid Saluka Investments' sale of a 46.16% stake in IPB to Torkmain Investments and Levitan Investments announced by Nomura, as trading in the bank's shares is prohibited. CTK reports that Saluka, through which Nomura held its IPB stake, is allegedly trying to exchange the shares for a bill of exchange for Kc 9.5 bln which served for securing loans from IPB to buy two breweries. Hospodarske Noviny writes that Torkmain and Levitan are part of the financial group Fortis, which issued a statement in Amsterdam yesterday saying the group is not interested in the IPB shares. CTK also reports the CNB is concerned the state budget could be burdened with the Kc 9.5 bln. The bill of exchange, as part of IPB's assets, would be transferred to new owner CSOB, which the state has given guarantees against any IPB risks. ============= D E N M A R K ============= TILTS COMMUNICATIONS: Files Complaint Against Latvia ------------------- August 15,2000 Reuters reports Tilts Communications, the Danish unit of Finnish Sonera, said on Tuesday the issue of compensation forced it to file for international arbitration against Latvia in a dispute over ending its telecom monopoly. Sonera announced on Monday that its Danish unit, of which it holds 90 percent, filed a complaint with the Court of Arbitration of the International Chamber of Commerce (ICC) in Paris over a dispute over the exclusive business rights of Lattelekom. "The dispute is not primarily on the removal of the monpopoly as such, but there is a dispute around how it should be compensated for," Tilts Chairman Christer Nykopp told a news conference. "The range of compensation that we are looking for is not something that we can talk about outside the procedure itself," he added. Tilts took a 49 percent stake in the fixed-line operator in 1993 under an agreement giving a monopoly to provide basic fixed- network telecommunications services until 2014. But Latvia - which still holds 51 percent - recently made a formal commitment to the WTO to remove Lattelekom's exclusive rights by January 1, 2003. "We had to do it (file for arbitration) for the simple reason that the negotiations for over a year have not moved anywhere. The differences in views that we could see earlier are still so large that we don't think it is realistic to expect negotiations to lead to a solution," Nykopp said. He said court procedings could start within 60 days. Latvia has been looking for an international adviser to help it lead negotiations with Tilts Communications and is expected to pick one by September 12. Nykopp denied any possibility for negotiations between the parties to resume. "There will be no negotiation while the (arbitration) process is goin on," he said. Sonera said the arbitration would be held according to the procedural rules of the ICC International Court of Arbitration in Stockholm. ============= F I N L A N D ============= SONERA: Telef▋ica of Spain to Bid for Mobile Phone Operator ---------------- FINANCIAL TIMES August 14,2000 Telef▋ica, the Spanish telecommunications group, has joined the list of potential buyers for Finnish mobile phone operator Sonera. It has retained Schroder Salomon Smith Barney, the US investment bank, to advise it on a potential deal. Luis Lada, the new executive chairman of Telef▋ica Moviles, the group's mobile division, told the Financial Times that he had asked Schroder Salomon Smith Barney to prepare a valuation of the Finnish operator, which has a market capitalisation of about $28bn. The bank has indicated Telef▋ica's interest to Goldman Sachs and Lehman Brothers, financial advisers to Sonera and its majority shareholder, the Finnish government. Other potential suitors include Deutsche Telekom and Orange, the mobile operator owned by France Telecom - despite Monday's denial by Sonera's lawyers that the Finnish group was in talks with Orange. There is speculation that British Telecommunications is interested. However, any bid is thought to be some way off. According to people involved in the auction, Sonera executives are still considering the possibility of a strategic partnership as an alternative to a full takeover. Telef▋ica's decision to announce its interest in Sonera was prompted by concern that a rival bid could scupper its alliance with the Finnish group in the auction for third generation mobile licences in Germany. The partnership is crucial to Telef▋ica's plans to extend its mobile franchise in Europe. Mr Lada said Sonera had reassured Telef▋ica it was committed to the partnership. Sonera also told Telef▋ica it would not engage in negotiations with potential buyers until after the German auction. The Spanish group's failure this year to merge with KPN, the Dutch telecoms group, and its decision to pull out of the UK auction for third generation mobile licences have left it looking isolated and vulnerable in a consolidating European telecoms market. ============= G E R M A N Y ============= ADLINK INTERNET MEDIA AG: Posts 4.9 million euros H1 loss -------------------------------- HANDELSBLATT August 16, 2000 Internet advertiser Adlink Internet Media AG posted a first-half loss of 4.9 million euros, 25% less than it had expected. Sales rose to 13.1 million euros from 4.46 million euros at the end of first-half 1999. BARMAG AG: Posts DM18 million Net Loss -------------------- HANDELSBLATT August 16, 2000 Barmag AG posted a DM29 million first-half pretax loss and a DM18 million net loss, under International Accounting Standards, due to weak market conditions. New orders rose 54% to DM316 million, but are still too low, Barmag said. Sales fell 33% to DM228 million. COMMERZBANK: Italian $950M offer for 5% of Stake -------------------------- THE DAILY DEAL August 14, 2000 Italy's largest insurer, Assicurazioni Generali SpA, is prepared to pay 2 trillion lire ($950 million) for 5% of Commerzbank AG, in order to double its holding in the German lender, according to a report by Italian financial daily Il Sole 24 Ore on Sunday. The paper said negotiations for the acquisition have recently started. Generali press officials were unavailable for comment on the report, which came during Italy's mid-summer extended holiday weekend. Italian news agency Asca reported a Commerzbank spokesman said Monday that there is "nothing specific" in talks between the two groups. He reportedly said there are no meetings between Commerzbank and Generali planned for this week. Generali acquired 5% of Commerzbank two years ago when it sealed an agreement for its German insurance subsidiary, AMB, to sell insurance products through the bank's branches. Commerzbank acquired around 2% of Generali at the same time, saying it may increase it to 2.5%. Commerzbank is also a member of a shareholders' voting pact, which controls more than 50% of the equity of the influential Italian investment bank Mediobanca SpA, which is Generali's largest shareholder. Commerzbank recently raised its own investment in Mediobanca to 1.8%. Until CoBRa Beteiligungs GmbH, a firm owned by Amsterdam-based corporate raider Rebon NV, acquired 17% of Commerzbank's equity, Generali was the largest shareholder of the German bank. Il Sole reported CoBRa wants to cash in its investment in Commerzbank by selling the shares to a large foreign bank. Generali's acquisition of a further 5% of the bank's capital would be designed to counteract CoBRa's influence, the Italian paper said. At the beginning of June, there was speculation that CoBRa might sell its shares to Generali, but both the Italian company and the Dutch-owned raider denied it. However, Generali's chief executive, Gianfranco Gutty, admitted then that his company was interested in increasing its stake in Commerzbank. "There are no talks between us, but we intend to remain in Commerzbank," he said on June 5. Asked if Generali might buy more shares in the German bank, he replied: "If we decide to, it will be later on." TELDAFAX AG: Posts DM34.1 Million First-half Loss --------------------- HANDELSBLATT August 16, 2000 Hurt by eroding fixed-net prices, Neuer Markt-listed telecommunications company Teldafax AG lost DM34.1 million in the first half of 2000, compared with an ebit of DM23.4 million euros in first-half 1999. Sales rose to DM307.7 million from DM305.9 million in the same period a year ago. ============= H U N G A R Y ============= MALEV: Hungary Gives Go-ahead to Airline Sell-Off --------------- EUROPEAN INVESTOR & REUTERS August 15, 2000 Hungary said on Tuesday it plans to sell off a stake in national airline Malev but to retain a 50 percent holding, plus one share. A number of international airlines were interested in inviting Malev to join an alliance, government spokesman Gabor Borokai said at a news conference after a weekly cabinet meeting. "There has been many candidates who were interested in making Malev a member of an international alliance," Borokai said. "But Malev also needs a large capital injection." Malev had an alliance with Alitalia, which bought a 30 percent stake in the Hungarian firm in 1992. But in 1997 the European Union forced the Italian airline to sell the stake. Alitalia sold its stake to two Hungarian banks, which in turn last year resold their holdings to the state. According to press reports, Malev had unsuccessful talks with Lufthansa, Swissair and British Airways (BA) about a partnership. Air France and Delta Air Lines -- key members of the global SkyTeam alliance --- have been also been eyeing the Hungarian carrier, according to recent media reports. KLM has also been cited in media reports as a potential partner for Malev. Malev posted a non-consolidated operating loss of $13.79 million in 1999. The Hungarian privatisation agency's adviser in the Malev sell- off is ING Barings. ============= I R E L A N D ============= DUNDALK PLANT: Unions Bid to Ease Job Losses at Guinness -------------------------- IRISH INDEPENDENT August 16, 2000 The threatened loss of nearly 300 jobs as a result of the closure of the Guinness packaging plant in Dundalk and downsizing of its brewery has been temporarily averted. The Joint Union Forum (JUF) yesterday said its chairman Brendan Hodgers, of the ATGWU, will meet on Friday with the head of employee relations, Kevin Walsh, to agree a schedule for talks on any job losses. Last month the company announced it had to make the cutbacks because of high labour costs and increased competition in the drinks industry. ``There is definitely huge change coming but it will be negotiated change now and not imposed,'' said one union source yesterday. Guinness announced the changes in Dundalk after undertaking a four-month review which recommended they shed a total of 300 employees, 190 of whom work in the packaging plant. The breakthrough came with the agreement by Guinness to take part in agreed industrial relations procedures and followed two separate interventions by the Labour Relations Commission. It is known that the company was extremely uncomfortable with the adverse coverage it attracted in the media including the decision by the JUF to ballot employees in all nine Guinness plants around the Republic for all-out strike action if the threat to Dundalk was not lifted. Union sources are hopeful that any job losses will be through natural wastage and lowering the age profile of the remaining workforce. Lower labour costs in Belfast was a major factor in the decision to close the Dundalk plant. ``Their approach has succeeded in uniting every site in the country and highlighting to the lads in Belfast how badly paid they are. They are now preparing to submit a claim for a substantial wage increase,'' said a shop steward in Dundalk. Both sides have agreed to continue their negotiations in private although it is believed the first item on the agenda will be the decision to move production of Harp from Dundalk to the Labatts brewery in Canada. =========== L A T V I A =========== LATTELEKOM: Privatization Body Extends Deadline for Proposals -------------------------- August 15,2000 BNS & Euromoney reports, the Latvian Privatization Agency (LPA) board has decided to extend by one week the deadline for submission of financial and technical proposals for the tender on the right to provide advice in privatization of Lattelekom telecommunications company. The LPA reported to BNS the deadline for the submission of proposals has been extended to 2 p.m. Latvian time on Aug. 24. Previously the tender bidders, included in the short list of participants, were to submit the bids by the deadline on 2 p.m. Latvian time on Aug. 17. The deadline was extended taking into account a request by several bidders that said a somewhat longer time is needed to draft appropriate proposals for the tender. The LPA has approved the short list of the bidders for Lattelekom sell-off advisorship, comprised of 13 companies, among them BNP Paribas Corporate Finance together with National Economic Research Associates (NERA) and Clifford Chance, and Parekss Bank, CA IB Investmentbank tiengesellschaft, Chase Manhattan together with Flemings and Trigon Capital, Commerzbank Aktiengesellschaft together with Telcordia Technologies, Credit Commercial de France and others. Presently the Latvian state holds 51 percent of Lattelekom's capital shares. The Latvian government is planning to achieve reduction in Lattelekom's monopoly over fixed telecommunications in the country from Jan. 1, 2013 to Jan. 1, 2003, as well as sell-off the remaining state-owned capital shares of the company. ================= L I T H U A N I A ================= DEVELOPMENT BANK: Sets Date For Sell-off Tender -------------------- August 15,2000 BNS & Euromoney reports, Lithuania will announce a tender to privatize 100 percent of shares in Vystymo Bankas [Development Bank] in September. The State Property Fund (SPF) will accept bids from September 18 through October 16. Privatization prospectuses will be available from August 28. The country's Privatization Commission endorsed the bank's privatization program on Friday. The program does not require the government's approval. No starting price has been announced for 100 percent of shares in Vystymo Bankas with a total nominal value of 10.8 million euros. The state owns a 59.26 percent stake in the bank, and the Nordic Investment Bank and the German development agency DEG hold 29.63 and 11.11 percent of shares respectively. The nominal value of the state-owned stake is 6.4 million euros. Bids will be accepted from banks or other financial institutions, or consortia including a bank or other financial institution. Potential buyers of Vystymo Bankas will have to commit to maintaining at least 70 percent of jobs in the bank within one year after the privatization is completed. ===================== N E T H E R L A N D S ===================== MULTIKABEL NV: Primacom Buy in Cash and Debt Takeover ---------------------------- DOW JONES NEWSWIRES August 15, 2000 PrimaCom AG said Tuesday that it has acquired Netherlands-based cable company Multikabel NV for 368 million euros ($333.3 million) plus the assumption of 121.5 million euros of the Dutch company's obligations. Neuer Markt- and Nasdaq-listed PrimaCom said Multikabel is the fourth-largest cable company in the Netherlands, with sales in 1999 of around 30 million euros and earnings before interest, taxes, depreciation and amortization of 16 million euros. As a result of the acquisition, PrimaCom's market share in Germany and the Netherlands is about 5%. PrimaCom said it has taken a one-billion-euro line of credit with two large banks to finance the acquisition and other costs, and to refinance its debts. UNITED PAN-EUROPE: Posts 368.2 Million Euros Second-quarter Loss ------------------------------------- DOW JONES NEWSWIRES August 15, 2000 United Pan-Europe Communications NV said Tuesday that its earnings figures were better than expected, as its second-quarter loss narrowed from the previous quarter. The Dutch cable and communications company reported a net loss of 368.2 million euros ($333.5 million), compared with a loss of 467.4 million euros in the first quarter. And while UPC's earnings before interest, tax, depreciation and amortization, or Ebitda, widened to a loss of 78 million euros from a loss of 57.41 euros loss, the company said the figure was better than expectations. UPC said its new services are on track to meet year-end subscriber targets, while it expects adjusted Ebitda to improve for the year due to "better-than-expected operational efficiencies." Regarding the merger of UPC's Chello Internet unit with the international assets of Excite@home, UPC Chairman Mark Schneider said he sees opportunities to lower customer-acquisition costs and to spread technology-development costs. The 400-million-euro investment from Liberty Media, Excite, and UnitedGlobalCom, will "secure future funding requirements" well beyond the combined entity's initial public offering, which is planned for completion in the first quarter of next year, Mr. Schneider said. UPC said that in the second quarter, its capital expenditure increased to 298.5 million euros from 253.2 million euros in the first quarter, as the company continued to upgrade its network and to grow its subscriber base. It said it expects capital expenditure to grow for the rest of 2000. Operating results showed growth in all segments, UPC said, with aggregate homes passed -- the number of homes able to access UPC services --increasing to 17.8 million. In individual business segments, UPC said cable-television sales increased 11% to 157 million euros from 141.4 million euros in the first quarter, boosted primarily by acquisitions. Its new-services segment, which includes business additional to the basic cable operations, showed an increase in sales of 37% to 74.2 million euros from 54 million euros. Adjusted Ebitda widened by 20% to a loss of 39.6 million euros from a loss 32.9 million euros, reflecting start-up costs and one-off subscriber- acquisition costs. Sales at the media division rose 16% from the first quarter to 15.7 million euros, but came in below expectations due to currency-exchange movements at UPC's Polish unit where sales are dollar-linked. UPC said its Chello Internet unit showed "strong" subscriber growth, with the number of subscribers rising to 219,000 from 171,000. Internet and data sales at the unit increased to 7.2 million euros from 5.4 million euros. =========== S W E D E N =========== FANTASTIC CORPORATION: Posts $21 Million First-half Net Loss ------------------------------ EUROPEAN INVESTOR REUTERS August 15, 2000 Swiss-based software developer The Fantastic Corp's net loss widened to $21.6 million in the first half of 2000 depite a near-doubling of sales to $11.9 million, it said on Tuesday. The operating loss widened to $18.5 million from $8.1 million as the number of staff rose to 325 from 184. "Our 'net burn rate' in the last two quarters was stable at around $10 million per quarter, and amounted to $20.7 million for the first six months of this year," Chief Financial Officer Marina Speck said in the results statement referring to the high costs involved in establishing itself in the market. The company, which is traded on Germany's Neuer Markt, had liquid assets of $112.2 million at the end of June. TELE1 EUROPE: Posts 143 Million Kronor Second-quarter Loss -------------------------------- THE WALL STREET JOURNAL August 14, 2000 Tele1 Europe Holding AB said Monday that its second-quarter pretax loss widened from a year earlier mainly due to high costs, increased capital expenditure on its fiber network and payments for several small acquisitions during the period. The Swedish telecommunications operator posted a pretax loss of 143 million kronor (17.1 million euros or $15.5 million) compared with a loss of 52 million kronor a year earlier. Tele1 Europe spent 324 million kronor in the second quarter on the extension of its fiber network and made payments of 79 million kronor in connection with acquisitions. On top of that, the firm's administrative costs for the second quarter widened to 158 million kronor from 47 million kronor. Tele1 Europe's sales for the second quarter increased fivefold to 223.2 million kronor from 43.3 million kronor a year earlier, helped by an increase in directly connected customers, and strong growth in data and Internet services and carrier sales, the company said. It noted that the total number of corporate customers by the end of the period reached 10,830, of which 1,695 are directly connected to the Tele1 Europe network. Tele1 Europe's operating loss for the second quarter widened to 100 million kronor from 43 million kronor. =========================== U N I T E D K I N G D O M =========================== ALPHA LIGHT ENGINEERING CO LTD: Notice of Creditors Meeting --------------------------------------- Company Name: Alpha Light Engineering Co Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.00 pm Meeting date: 07/08/00 Meeting address: Freemasons Hall Bridge Street Meeting City Code: Manchester M3 3BT Authorised by: G Hardwick Director 28/07/00 Firm Name: A H Tomlinson & Co Address: St Johns Court 72 Gartside Street Manchester M3 3EL AMI SOFTWARE LTD: Notice of Creditors Meeting --------------------------------------- Company Name: AMI Software Ltd IA 1986 Section: 98 Creditors Meeting Time: 10.30 am Meeting date: 08/08/00 Meeting address: Fairview House 15 Victoria Place Meeting City Code: Carlisle CA1 1EW Authorised by: S A Clark Director 24/07/00 Last day for proxy: 07/08/00 Proxy address: Fairview House 15 Victoria Place Carlisle CA1 1EW Firm Name: Armstrong Watson Address: Fairview House 15 Victoria Place Carlisle CA1 1EW ASTROLIFT LTD: Notice of Creditors Meeting --------------------------------------- Company Name: Astrolift Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 08/08/00 Meeting address: Windsor House Barnett Way Meeting City Code: Barnwood GL4 3RT Authorised by: P J Hall Director 18/07/00 Last day for proxy: 07/08/00 Proxy address: Windsor House Barnett Way Barnwood GL4 3RT Firm Name: Hazelwoods Address: Windsor House Barnett Way Barnwood GL4 3RT BATTLEHURST LTD: Notice of Creditors Meeting --------------------------------------- Company Name: Battlehurst Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.00 pm Meeting date: 08/08/00 Meeting address: 4 Dancastle Court 14 Arcadia Avenue Meeting City Code: London N3 2HS Authorised by: M H Payne Director 21/07/00 Firm Name: Valentine & Co Address: 4 Dancastle Court 14 Arcadia Avenue London N3 2HS BELGRAVE-SURCON LTD: Notice of Creditors Meeting --------------------------------------- Company Name: Belgrave-Surcon Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 07/08/00 Meeting address: Hendon Hall Hotel Ashley Lane Meeting City Code: London NW4 1HF Authorised by: P J Radford Director 14/07/00 Last day for proxy: 04/08/00 Proxy address: 9 High Street Elstree WD6 3BY Firm Name: Gilmore Robins Address: 9 High Street Elstree WD6 3BY CSC (CRISPS) LTD: Notice of Creditors Meeting --------------------------------------- Company Name: CSC (Crisps) Ltd IA 1986 Section: 138 Creditors Meeting Time: 11.00 am Meeting date: 08/08/00 Meeting address: 1 Blythswood Square Meeting City Code: Glasgow G2 4AD Authorised by: G Ian Rankin Interim Liquidator 07/07/00 Last day for proxy: 07/08/00 Proxy address: 1 Blythswood Square Glasgow G2 4AD Firm Name: PricewaterhouseCoopers Address: 1 Blythswood Square Glasgow G2 4AD CARILLION: Will Cut 900 Jobs in Restructuring to Save CHE Unit ------------------------- Yahoo Finance UK & Reuters August 15, 2000 Construction group Carillion said on Tuesday it would cut about 900 jobs as part of a group restructuring to improve poor financial performance at its Crown House Engineering (CHE) unit. "We're now downsizing that activity (CHE) by about a third. There are about 2,700 people who work there and about 500 of them are currently agency staff... and most of the job cuts will come from natural wastage," Carillion Chairman Neville Sims said in an interview. CHE is based in Wolverhampton and has operations spread across the UK. The company, a subject of recent bid speculation, said it had identified a "number of CHE contracts...on which it is believed that losses may now be incurred", and said it would take an exceptional operating charge of 25 million pounds against those contracts. "As most of these contracts are well advanced, there should not be any significant cash impact," Carillion added in a statement. The group also said that due to CHE's poor performance, it would now restructure the business to focus on larger contracts for key customers and its successful Voice and Data communications business. The changes would reduce its annual turnover by about one-third to around 150 million pounds. Shares fell following the news, and were down by 8p or 6.2 percent to 120-1/2p at the start of trading. The Observer newspaper reported on Sunday that Swedish construction firm Skanska could be preparing a bid for a British construction firm, naming Carillion as one of three preferred targets, along with Balfour Beatty Plc and possibly AMEC. Both Skanska and Carillion declined to comment on Monday on the report, which caused Carillion shares to rise by about seven percent. Carillion has outperformed its sector by about 20 percent so far this year. CITRON PRESS: Shuts Down Presses Ahead of AIM Listing ---------------------- YAHOO FINANCE UK & REUTERS August 15, 2000 Citron Press, a publisher that believed it could find readers for novels rejected by its more conservative rivals, said it had gone out of business because it could not sell enough books. Citron, launched in 1997 to acclaim from leading authors including Martin Amis, told its authors in a letter that it had ceased trading with immediate effect. "Although Citron Press has been very successful in achieving recognition for the brand and our authors and in demonstrating that there is high quality fiction overlooked by mainstream publishers, we have not yet been able to sell Citron books in high enough quantities to achieve commercial success," it said in the letter. The company had been planning to list on the AIM stock market and become a publisher of online books, but said that was no longer possible because of its liabilities and because it had lost a proposed investment opportunity last Friday. Citron has not paid royalties to any authors, leaving some hundreds of pounds out of pocket. "Citron was a great idea that at the very least encouraged authors who might have given up after their first novel was rejected to keep writing," said one Citron author. COLWICK BUILDERS LTD: Notice of Creditors Meeting --------------------------------------- Company Name: Colwick Builders Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 07/08/00 Meeting address: 12 Portland Street Meeting City Code: Southampton SO14 7EB Authorised by: T R Staple Director 18/07/00 Liquidators: Paul Barrett Firm Name: Radfords Address: 12 Portland Street Southampton SO14 7EB E G HUDSON (UK) LTD: Notice of Creditors Meeting --------------------------------------- Company Name: E G Hudson (UK) Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 08/08/00 Meeting address: Nile House Nile Street Meeting City Code: Brighton BN1 1JB Authorised by: G Hayward Director 21/07/00 Liquidators: Andrew White Firm Name: BDO Stoy Hayward Address: Nile House Nile Street Brighton BN1 1JB HUNTINGTON LIFE SCIENCES: Posts ?3.9 Million Pretax Loss --------------------------------- THE TIMES August 16, 2000 Pharmaceutical company Huntingdon Life Sciences reported pre-tax losses of ?3.9 million (?5 million loss). There is no dividend. HUNTINGDON: Forced to Seek Funding in the U.S. ----------------------- August 16, 2000 Independent News reports Huntingdon Life Sciences, the research company targeted by animal rights campaigners, has turned to the U.S. for financing after it could not find a British or European bank to fund its work. The identity of its new backer is being withheld to protect staff and shareholders from the type of aggressive campaign levelled at previous bankers, Royal Bank of Scotland (RBS) and National Westminster Bank, the company said yesterday. "Lots of banks around the world wanted the business," said Andrew Gay, Huntingdon's marketing director. "What came with it, especially for the high street banks, was the publicity." The group, which runs Europe's largest vivisection laboratory, said several banks were either unwilling to shoulder the risk of being associated with Huntingdon, or had not offered the long- term lending it sought. Over the past year, Huntingdon has been subjected to unprecedented pressure by animal rights groups, who have targeted its staff, shareholders and financial backers in an attempt to undermine its share price and, ultimately, drive it out of business. "There has been a heavy campaign against the company and its financial backers," Mr Gay said. "NatWest were being targeted ... that switched to RBS." NatWest initially provided a two-year overdraft for Huntingdon, first for ?24.5m, then for ?22.5m, due to expire this month. When the clearer was taken over by RBS, the Scottish bank opted not to renew the facility beyond October. Both banks attracted protests by animal rights campaigners, who object to Huntingdon's experiments on live animals. Under yesterday's deal, Huntingdon will sell and lease back its Cambridgeshire base and its Princeton Research Centre in New Jersey to the unnamed US group. The 20 to 25 year deal, which also includes a $15m lending facility, was brokered by FHP Realty, a private US investment firm that is "affiliated" to Huntingdon directors. An RBS spokesman declined to comment on Huntingdon's case, citing client confidentiality. Wendy Higgins, campaigns director for the British Union for Abolition of Vivisection (BUAV) said: "Huntingdon is going to find it increasingly difficult to find finance and investors." BUAV, which did not support tactics of intimidation to achieve its aims, "looks forward to the day when Huntingdon closes," Ms Higgins said. Huntingdon shares yesterday closed unchanged at 8.75p. HYDER: Panel to Finally End Hyder's Long Wait -------------------- THE HERALD August 15, 2000 The victor in the battle for Hyder, the Welsh utility, should be finally known today when the full Takeover Panel will meet to decide on the matter. Hyder shares fell 16p to 369p, as punters' hopes for a higher bid than the 365p on the table from WPD faded. There was surprise that dealings were not suspended by the Stock Exchange in view of the bid uncertainties. Hyder itself said shareholders should take no action. The result of the battle should have been known on Friday when the panel was due to receive final sealed bids from the protagonists, Western Power Distribution (WPD) and Nomura. The panel said that only WPD had submitted a sealed bid but Nomura launched an appeal against the sealed bid, saying that WPD had not adhered to the timetable laid down by the panel. This offer values the group's equity at ?565m. The successful bidder will also take on Hyder's debt mountain of ?1.8bn. The equity, therefore, accounts for only 24% of the total consideration, giving the bidders flexibility in the prices they were prepared to offer. This has driven the price up from an original agreed offer from Nomura worth 260p. If it wins the battle, Nomura intends to install former Stagecoach chief executive Mike Kinski to run Hyder with a brief to cut costs, an area where he has established a formidable reputation. WPD would be interested mainly Hyder's electricity operation as its owners, Philadelphia Power and Light and Southern Company, already control the adjacent south-western electricity distribution business. It would contract out the running of the water business to United Utilities which runs North West Water. Observers believe the panel will consider three options, upholding Nomura's appeal and allowing it to take the prize, calling for the re-submission of sealed bids or rejecting Nomura's appeal enabling WPD to win. Whatever its decision, the panel is likely to come in for criticism because the idea for sealed bids is not popular with the City's top advisory firms. HYDER: Panel Hears Nomura Appeal Against Decision --------------------------- August 16, 2000 The Financial Times reports the takeover Panel remained locked in deliberations last night after hearing an appeal called to decide the fate of Hyder, the Welsh utility. The two bidders, Western Power Distribution, a U.S. utility, and Nomura, the Japanese bank, presented evidence to a gathering of at least five members of the panel yesterday morning. The rival camps left the Takeover Panel, which is housed in the Stock Exchange building on Old Broad Street in the City, at about 12:30pm. Arguing the case for Nomura was investment bank UBS Warburg and Freshfields, the law firm. WPD was represented by bankers Schroder Salomon Smith Barney and lawyers Allen & Overy. Guy Hands, the leader of Nomura's private equity arm, which is bidding for Hyder, was absent as he was out of the country. At issue were the events surrounding the submission of sealed bids, used for the first time ever, on Friday. The subsequent dispute centres on the status of a 4.30pm deadline on that day, by which time the winning bidder had to make an announcement to the stock exchange. WPD was apparently the victor but failed to make the 4.30pm deadline. It was, nevertheless, declared the winner by the panel's day-to-day executive very late on Friday as Nomura had not submitted any sealed bid. Nomura argued yesterday that missing the 4.30pm deadline made the WPD bid invalid, leaving their earlier offer the only valid bid. The appeal proceedings seen yesterday, before the full panel, are much less formal than a court of law, and witnesses are not called. In recent years there have been three or four appeals a year. Written submissions were made prior to the hearing, from each side in this case. The panel executive, in its written evidence, will have set out the uncontested facts and the reasons for its original decision in favour of WPD. During yesterday's hearing, the main points of the arguments will probably have been presented by the investment banker advisers. Lawyers are discouraged from speaking. The side with the grievance - Nomura here - usually goes first and is allowed to speak without interruption from the rival camp. Afterwards, WPD will have had the opportunity to pose questions. After oral evidence from WPD, and questions to it, the panel went into recess. Under the rules, if an aggrieved party is still not satisfied an appeal can be submitted to the Appeals Committee of the Takeover Panel. The Appeals Committee is chaired by a former law lord, who sits with two members of the full panel who did not hear the original case. Alternatively, it can seek a judicial review. However, the courts have made it clear, in past cases, that they do not consider themselves having jurisdiction over a self-regulating body such as the Takeover Panel. HYDER: Takeover Panel Meets to Resolve Debacle Over Bidding ------------------------ YAHOO FINANCE UK & REUTERS August 15, 2000 Britain's Takeover Panel met on Tuesday to resolve a debacle over a bidding battle for Welsh utilities group Hyder Plc, and was still keeping the market waiting for news by late afternoon. The British regulator is hearing an appeal by Japanese investment bank Nomura International into events last Friday when U.S. joint venture Western Power Distribution made a sealed bid giving it victory at 365 pence per Hyder share. The Takeover Panel had allowed that bid, which topped Nomura's prior 360 pence offer, although it did not meet a deadline because of technical problems. Nomura immediately launched an appeal which the meeting is examining. Parties involved were uncertain as to when the appeal might be over. "They told us to be there at 9.30 a.m. They did not say when we might be leaving," a spokesman for one side said. At 4.30 p.m. spokesmen on both sides said they had no news on when the panel would announce its decision. The panel spokesman was said to be in a meeting and unavailable for comment. Hyder's share price closed down three pence at 366 pence. HYDER: U.K. Investors Say Takeover Panel Curbed Hyder Price ----------------------------- BLOOMBERG August 15, 2000 Hyder Plc might have fetched more money than the $3.8 billion now on offer, had the U.K.'s Takeover Panel not decided to change the bidding rules for the Welsh water utility at the last minute, investors said. The panel ruled last week that Southern Co. and PPL Corp. and Nomura Securities Co. had to enter sealed bids for Hyder by 1 p.m. Friday. It argued that chaos might ensue if bidders kept raising offers until the original Friday midnight deadline. Investors today questioned the procedure. They said the panel's ruling that the winner had to pay just 5 pence more than the losing bid meant shareholders missed getting the top price. ``There wasn't any real reason for insisting on sealed bids,'' said Tony Mather, who helps oversee $12 billion in investments at Edinburgh Fund Managers Group Plc. ``If people want to bid at a minute before midnight then that's fine. This hasn't served shareholder's interests.'' Hyder's future is still in doubt despite the panel clearing Southern and PPL on Friday to offer 365 pence ($5.50) a share -- 5p higher than Nomura's last bid. Nomura refused to enter a final sealed bid because it opposed the change in procedure. INDEPENDENT INSURANCE: Resists Takeover Approaches -------------------- INDEPENDENT NEWS August 16, 2000 Independent Insurance, the general insurer that has just emerged from a period of poor performance, yesterday said it has been approached by interested bidders, but it pledged to remain independent. This bucks the recent trend in the insurance industry, which has seen major tie-ups between British companies, including the May merger of CGU and Norwich Union to form the UK's largest general insurer. Michael Bright, chief executive of Independent, valued at ?720m, said: "Inevitably representatives of companies ask us, but we don't see what they can do for us. We are going to concentrate on organic growth and drive it very hard." He said consolidation had helped Independent's cause, as mergers had reduced the number of insurers in some markets for brokers to choose between. His comments came as Independent reported strong half-year results, signalling an end to its poor profit and volume performances in recent years. The company saw operating profit for the period to 30 June jump 12 per cent to ?35.4m. A surge in new business was reflected in the company's 58 per cent rise in gross premiums. But investment returns fell 19.6 per cent to ?11.5m, and pre-tax profit was down 22.4 per cent to ?29.1m. Mr Bright anticipated that the upturn in sales volumes and its 6 per cent increase in premium prices would feed through into the results next year. The company also suffered a setback in its international division, which incurred an underwriting loss of ?5.8m as Independent followed CGNU in reporting setbacks in France due to storms and low sales growth. Mr Bright said the French arm "has not been tough enough" but remained confident that the country remained a "great opportunity". The company's new business in Ireland, set up this January, wrote ?12.1m of insurance, almost double its target. Trevor Moss, an analyst at SG Securities, said: "Earnings and investment income were slightly lower than I was looking for, but the basic message is pretty clear - Independent has got itself ready to take on a lot of volume, and now it is." KARAVALE ENTERPRISES LTD: Notice of Creditors Meeting --------------------------------------- Company Name: Karavale Enterprises Ltd IA 1986 Section: 23 Creditors Meeting Time: 11.30 am Meeting date: 07/08/00 Meeting address: Homestead Court Hotel Meeting City Code: Homestead Authorised by: J C Reid Joint Administrator 17/07/00 Last day for proxy: 04/08/00 Proxy address: Blenheim House Fitzalan Court Newport Road Cardiff CF24 0TS Firm Name: Deloitte & Touche Address: Blenheim House Fitzalan Court Newport Road Cardiff CF24 0TS LIFETOOLS HOLDINGS LTD: Notice of Creditors Meeting --------------------------------------- Company Name: Lifetools Holdings Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.15 am Meeting date: 07/08/00 Meeting address: Hilton Ainley Top Meeting City Code: Huddersfield Authorised by: C J Payne Director 26/07/00 Last day for proxy: 04/08/00 Proxy address: 1 City Square Leeds LS1 2ES Firm Name: Kroll Buchler Phillips Address: 1 City Square Leeds LS1 2ES LIFETOOLS LTD: Notice of Creditors Meeting --------------------------------------- Company Name: Lifetools Ltd IA 1986 Section: 98 Creditors Meeting Time: 10.15 am Meeting date: 07/08/00 Meeting address: Hilton Ainley Top Meeting City Code: Huddersfield Authorised by: C J Payne Director 26/07/00 Last day for proxy: 04/08/00 Proxy address: 1 City Square Leeds LS1 2ES Liquidators: Firm Name: Kroll Buchler Phillips Address: 1 City Square Leeds LS1 2ES MANUFACTURING SERVICES (F V) LTD: Notice of Creditors Meeting --------------------------------------- Company Name: Manufacturing Services (F V) Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 07/08/00 Meeting address: Devonshire House 36 George Street Meeting City Code: Manchester M1 4HA Authorised by: S J Pickup Director 17/07/00 Firm Name: HLB Kidsons Address: Devonshire House 36 George Street Manchester M1 4HA MARKETING SUPPLIES LTD: Notice of Creditors Meeting --------------------------------------- Company Name: Marketing Supplies Ltd IA 1986 Section: 98 Creditors Meeting Time: 02.30 pm Meeting date: 07/08/00 Meeting address: 109 Swan Street Meeting City Code: Leicester LE12 7NN Authorised by: M W Ogg Director 24/07/00 Last day for proxy: 04/08/00 Proxy address: 109 Swan Street Leicester LE12 7NN Firm Name: Elwell Watchorn & Saxton Address: 109 Swan Street Leicester LE12 7NN PENNINE AIDS LINK LTD: Notice of Creditors Meeting --------------------------------------- Company Name: Pennine Aids Link Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 07/08/00 Meeting address: 36-40 North Parade Meeting City Code: Bradford BD1 3JB Authorised by: P Gill Director 07/07/00 Liquidators: Raymond S Claughton Firm Name: Rushtons Address: 36-40 North Parade Bradford BD1 3JB PROMAT ENGINEERING SUPPLIES LTD: Notice of Creditors Meeting --------------------------------------- Company Name: Promat Engineering Supplies Ltd Other name: Promat IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 07/08/00 Meeting address: 284 Clifton Drive South Meeting City Code: Lytham St Annes FY8 1LH Authorised by: I W M Kirkwood Director 11/07/00 Last day for proxy: 04/08/00 Proxy address: 284 Clifton Drive South Lytham St Annes FY8 1LH Liquidators: Firm Name: Freeman Rich Address: 284 Clifton Drive South Lytham St Annes FY8 1LH PROUDFOOT: Changes its Name to Management Consulting Group ------------------- FINANCIAL TIMES August 15, 2000 Proudfoot Consulting, the troubled international management consultancy group, is changing its name to Management Consulting Group as it reports its results at the half-year stage. Losses at the group have been stemmed and the group made an operating profit of ?1.9 million before investing ?2.9 million, while turnover has increased 12% to ?14.3 million, compared to ?12.7 million last year. It has also realised ?26 million from selling its Japanese operation and changed the focus of it operations so that it now concentrates upon the North American market, which accounts for over 55% of worldwide consulting spend. Dr Rolf Stomberg said: "Some 43% of our turnover is now attributable to North America and we anticipate making further progress in increasing the importance of North America to the Group results in the second half." In April the group raised ?6.8 million net of expenses from a placing and open offer that enabled it to invest ?10 million in the core business over the 18 months to June 2001. Already the group has put ?2.9 million into the business, mainly in North America, with more than ?8 million to be spent over the year. Some, says Dr Stomberg, may be spent on acquisitions to strengthen the business. STOVES: Feels the Pressures from Imports ----------------- FINANCIAL TIMES August 15,2000 Cooker maker Stoves is passing the final dividend after what it admits was a disappointing second half in terms of profits. Sales for the year to 31 May were a record ?101.9 million but difficult trading conditions hit profits. Chairman Sean O'Connor commented: 'The final profit outcome highlights the pressure domestic producers are under in a market in which imports have such a currency advantage.' Pre-tax profits tumbled from ?865,000 to ?55,000. The shares lost 5.5p to 30p. O'Connor said major advances had been made in cutting costs, simplifying designs and improving production flows. He added: 'Although market conditions remain competitive, there is growing evidence that price pressures are beginning to ease.' TELEWEST: Pan-Europe Wants More of Telewest ------------------------ THE GUARDIAN August 16, 2000 United Pan-Europe Communications, Europe's largest cable television business, yesterday gave further hints that Telewest's days as an independent company could be numbered. Mark Schneider, UPC chief executive, said the Netherlands-based company remains keen to increase its 25% holding in Telewest, the second largest cable firm in Britain. But he suggested that a deal could instead be brokered with Telewest's main rival, NTL, which has interests across Europe. "Telewest belongs with either us or NTL at some point," he said, adding that Telewest was too small to fully fund the investments needed to offer an interactive cable service. "It needs to be rationalised. Capital is king and at some point these companies will come togther out of necessity." The future ownership of Telewest has come under intense speculation since its share price was laid low by an admission that the company was suffering a shortage of the set-top boxes needed for digital services. The company, which has 1.2m subscribers, is three months behind schedule. It had hoped to get 500,000 digital customers by the end of the year but has now put that target back to the first quarter of 2001. Any change in ownership of Telewest would probably be done on an agreed basis as UPC and Microsoft between them own about 50% of the company. In a complex web of ownerships Microsoft also has a small stake in NTL as well as an investment in UPC. Mr Schneider criticised the investment community for being too short term in its assessment of Telewest and for failing to appreciate the potential for digital services such as broadband internet access and video-on-demand. "This is only the beginning of the battle," he said. "Investors look two months ahead when they should be looking years ahead." Shares in Telewest, which reached 563p during the internet mania in March, yesterday edged up 4.5p to 170p. UPC, which has also been hit by problems in the roll out of digital services, recorded a 19% increase in revenues for the second quarter to 238m euros (?143m) while losses were cut by 21% to 368m euros - beating the expectations of analysts. UPC said that it had 7m basic cable television subscribers at the end of the period while its internet customer base had grown to 230,000. Microsoft, which is supplying software for UPC's set-top boxes for the company's planned digital service, has said it will fail to meet a September deadline, and the cable group is shopping around for alternative basic software to enable its October launch. WATERSTONE: Owner HMV Won't Sell in Spite of Debt ------------------ August 16,2000 Financial Times reports HMV Media said yesterday it has no plans to sell its Waterstone's bookselling operation, despite reports linking Tim Waterstone with a buyout of the business which bears his name. Mr Waterstone's role as non-executive chairman of HMV Media will now be reviewed. It is thought the company feels his position on the board has become untenable after repeated attempts to buy back the business in the past six months. HMV Media said yesterday that neither Mr Waterstone or his backers, Prudential Portfolio Managers (PPM), had made an approach to the board or to the company's advisers. The company said it stood by a statement in May by its chief executive Alan Giles. At that time Mr Giles said he had ended negotiations with all bidders for Waterstone's. "We are not going to sell the business," he said. "We still feel the fundamentals of the book business are strong." The company also dismissed suggestions that it had appointed advisers to handle the sale of Waterstone's. Merrill Lynch and UBS Warburg have acted for HMV Media since it was formed in 1998, the company said PPM and Mr Waterstone are thought to value the chain at about ?250m, which would not tempt HMV to sell even though the group has ?500m of debt. Mr Waterstone was not available to comment on his plans yesterday. Waterstone's position as part of HMV Media has been a subject of much speculation since March when the company said it was "reviewing a number of strategic options for the chain". Borders, owner of the Books etc chain, and Bertelsmann of Germany were linked with bids in addition to Mr Waterstone. Waterstone's has struggled in the face of competition from online rivals such as Amazon.com. The internet has also hit sales of higher margin specialist publications. This has left Waterstone's increasingly exposed to mass-market bestsellers, which are usually heavily discounted. ZEN RESEARCH: Optical Technology Company Posts ?4m Loss --------------------- THE TIMES August 16, 2000 Zen Research, the newly quoted developer of CD and DVD technology, yesterday reported losses of $6.02 million (?4 million) for the six months to June 30 amid heavy investment in its technology. The result, which compares with a loss of $6.16 million previously, was the first released by Zen since its flotation on the Stock Exchange last month. Turnover was a meagre $120,000 - up from $6,000 - reflecting royalties from Kenwood, which uses Zen's optical technology for super-fast reading of CDs and DVDs. Emil Jachmann, Zen founder and chief executive, said the company did not expect to generate significant royalty revenues until next year, when licensees including Sanyo, Infineon and LG Electronics begin selling products. He said negotiations continued on further license agreements and the company hoped to sign new partners in the coming months. UBS Warburg, the house broker and minority shareholder in Zen, forecasts a full-year loss of $11.5 million on royalties of $250,000. Next year the company is forecast to lose $1.39 million on royalties of $14.6 million, before reporting its first profit in 2002. Shares in the company, which were issued at 150p, finished 厚 lower at 217p. 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 * * *