/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/000822.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 Tuesday, August 22, 2000, Vol. 1, No. 75 Headlines * A U S T R I A * AUSTRIAN AIRLINES: Posts 43 Million Euro Loss Before Interest & Tax HYPOVEREINSBANK: Bank Austria to Merge or Takeover * C Z E C H R E P U B L I C * IPB: Investigation Committee Begins Interrogations KOHINOOR: Layoffs Proceed Under Mine's Liquidation Plan LET KUNOVICE: BAE Reps Discuss Solution For Troubled Aircraft Maker * F R A N C E * SEAGRAM: Diageo & Pernod Join Forces to Bid For Drinks Empire SEAGRAM: U.S. Regulators Interpose No Objection to Three-Way Merger * G E R M A N Y * PHILIPP HOLZMANN: Pays $30 Million to U.S. for its Bid-Rigging Role * H U N G A R Y * FUZFOIL: Paper Producer Posts Ft316.5 million Half-Year Loss PHYLAXIA PHARMA: Veternary Medicine Maker Posts Ft370.1 million Half-Year Loss TELEVIDEO KOADO: MTV to close down video archive unit * I R E L A N D * RETAIL LOGISTICS: Liquidation Follows 1999 "Support Money" Scandal * L A T V I A * LATTELEKOM: Latvian Minister Points at Unfulfilled Agreement Provisions * R U S S I A * ROSSIYSKIY KREDIT: ARKO Extends Ban On Claims Creditors * S L O V A K I A (S L O V A K R E P U B L I C) * POSTOVA BANKA : Government Agency Buys Slovak Telecom Stake In A Bank * U N I T E D K I N G D O M * AILSA-TROON: Executive Pledges Help To Workers at Closing Shipyard AUTOMATRON LTD: Liquidation proceedings BOOTS: Concedes Defeat And Sells On Loss Making Dutch Outlets CHARACTER GROUP: Struggling UK Toys Distributor Shares Fall 19% COLLINS PROPERTY: Liquidation proceedings COMPCELL LTD: Liquidation proceedings EASYPARK LTD: Liquidation proceedings JRG BUILDERS LTD: Liquidation proceedings JWE TELECOM: Troubled Telecom Revamps After 18 Months Difficulty LPK UPHOLSTERY: Insolvency Experts Called In to Undertake Rehabilitation LEOGRAHICS UK: Liquidation proceedings LESLEY MURISON: Liquidation proceedings M D DESIGNS: Liquidation proceedings MEDIA PARTNERSHIP: Liquidation proceedings MILLER MEDIA: Liquidation proceedings MURISONS TAXIS: Liquidation proceedings PRISECO LTD: Liquidation proceedings RONIN LTD: Liquidation proceedings S G (BUILDERS) LTD: Liquidation proceedings VINOPOLIS: Board Axe Part Of A Restructuring WESSEX CABLNG: Liquidation proceedings ============= A U S T R I A ============= AUSTRIAN AIRLINES: Posts 43 Million Euro Loss Before Interest & Tax ------------------------------------------------------------------- The Financial Times reports that Austrian Airlines reported a higher than expected first-half loss on Thursday and warned it would not reach its 2000 pre-tax profit target of 75 million euros ($68.12 million). The news sent its stock tumbling over 13 percent to its lowest level since January 1997. While the market had expected the group to slash its forecast as earnings have been pummelled by high fuel costs and the strong dollar, the plunge in first-half figures took investors by surprise. In the first six months, the group posted a loss before interest and tax of 43 million euros compared with a loss of 2.7 million in the year-ago half. The result does not include proceeds from fixed asset and financial asset sales. Including these proceeds, it posted a loss before interest and tax of 11.6 million euros after a profit of three million in the year-ago half. The much worse than expected results sent Austrian Airlines stock down 13.55 percent to a low of 11.8 euros, before recovering a touch to stand 10.84 percent lower at 12.17 by 0947 GMT. The airline has underperformed the flagging blue-chip ATX index so far this year, losing 33 percent against the index's 2.2 percent loss. In June, the group said it may have to take extra costs of some 43.6 million euros this year due to higher fuel prices, but would nevertheless live up to its full-year forecast. It had hoped to absorb the charge through raising ticket prices and strengthening cost savings and earnings growth programmes, according to the Times. HYPOVEREINSBANK: Bank Austria to Merge or Takeover ------------------------------------- Growing concern that Bank Austria's agreed E7.8bn ($7.1bn) merger with Germany's HypoVereinsbank could collapse if Austria's Takeover Commission rules that the deal is a takeover and not a merger, saw shares of Bank Austria fell by nearly 5 per cent last Friday, Financial Times reports. Albrecht Schmidt, Hypo-Vereinsbank's chief executive, made clear in a series of media briefings in Vienna last week his bank would withdraw from the deal if HypoVereinsbank's all-share offer was found to be bound by the rules of Austria's Takeover Commission, the report says. The gap between the shares of the two companies has widened over the last week as concern has mounted that the deal could collapse. Under the Austrian Takeover Act, HypoVereinsbank could be required to offer a cash alternative to shareholders who did not want to accept its paper. The Act, which was modelled on Britain's City Code on Takeovers and Mergers, aims to ensure equal treatment for all shareholders. HypoVereinsbank, which is being advised by JP Morgan, reviewed more than 14 different models for its deal with Bank Austria, and believes that the current merger structure satisfies its criteria of ensuring that all the parties involved - the two banks, their staff and customers - are equally happy with the deal. Mr Schmidt, in an interview with Profil, an Austrian magazine, says if HypoVereinsbank was required to offer cash it would "mean that we could not act in a way that would benefit everyone concerned". He has said shareholders who want cash can sell their shares in the market. "There are takeovers and mergers. What we have here is a merger on the shareholder level. Bank Austria shareholders remain shareholders - they are simply becoming shareholders of HypoVereinsbank," said Mr Schmidt. In terms of market capitalisation, HypoVereinsbank is at least three times as big as Bank Austria. After the deal closes, Mr Schmidt will become chairman of Bank Austria's supervisory board and he will appoint two of his top executives to strengthen Bank Austria's executive management. In addition, HypoVereinsbank will have to write off E2.9bn of goodwill under IAS purchase accounting rules if the deal goes through. Bank Austria shareholders will vote on the deal on September 27. The Takeover Commission has not given a timetable for its ruling but is understood to be hoping to have completed its work before the end of September. =========================== C Z E C H R E P U B L I C ============================ IPB: Investigation Committee Begins Interrogations --------------------------------------------------- Hospodarske Noviny & Czech A.M. report that the lower house committee investigating the June sale of IPB to CSOB began questioning witnesses yesterday, including former IPB CEO Jan Klacek and central bank supervision department chief Pavel Racocha. No further information was released. KOHINOOR: Layoffs Proceed Under Mine's Liquidation Plan ------------------------------------------------------- Czech A.M. says Kohinoor will dismiss 60 employees in addition to the 350 miners scheduled to leave Aug. 31st. The mine's liquidation plan calls for a staff of 450 by the end of 2000. It originally employed 950. LET KUNOVICE: BAE Reps Discuss Solution For Troubled Aircraft Maker ------------------------------------------------------------------- Czech A.M. relates that representatives of British BAE Systems will meet Konsolidacn¡ Banka officials to discuss a solution for troubled LET Kunovice, according to an unnamed source. BAE reportedly wants to persuade KoB to prolong a standstill agreement with the aircraft maker that expires this week in regards to offsets for the supply of supersonic fighters to the Czech Armed Forces. KoB, LET's largest creditor, indicated it would end the agreement, but now says it will wait until it holds talks in coming days with U.S.-based Ayres Corporation, which purchased a 93% stake in LET in 1998. Ayres said it is negotiating with Israel Aircraft Industries on entry as a strategic partner. Production at LET has stopped and its 1,400 employees, still owed July wages, are on forced leave. =========== F R A N C E =========== SEAGRAM: Diageo & Pernod Join Forces to Bid For Drinks Empire ------------------------------------------------------------- The Financial Times reports that Diageo, the drinks and food group which owns the Guinness brand, announced late last week it was joining forces with Pernod Ricard, the French drinks company to bid for Seagram's œ6bn ($9bn) wine and spirits business. The company released a short statement saying it did not anticipate making any further announcement until the outcome of the process was finalised. Richard Burrows, a director at Pernod Ricard said: "This is a unique event in the wines and spirits industry and we believe this is the best partnership we could enter into." Diageo, the world's largest spirits group with brands including Smirnoff vodka and Gordon's gin, needed to find a partner because it would run into competition concerns if it made a bid for the Seagram's drinks portfolio on its own. Allied Domecq, the Ballantines and Dunkin' Donuts drinks and fast food group, has expressed interest in buying the Seagram drinks business. Before Friday's announcement Diageo's market capitalisation was about œ20bn, more than six times that of Allied Domecq. Diageo will also have increased firepower as a result of the $10.5bn merger of its Pillsbury food arm with General Mills of the United States. Philip Bowman, chief executive of Allied Domecq said: "I think this is a logical pairing it comes to me as absolutely no surprise. For us it is very much business as usual, but we still have not received any information about the particulars of the sale." Seagram's drinks empire includes Chivas Regal scotch and distribution rights to Absolut Vodka. The division is being put up for sale ahead of the spirits and entertainment company's merger with French group Vivendi, Financial Times reports. SEAGRAM: U.S. Regulators Interpose No Objection to Three-Way Merger ------------------------------------------------------------------- The Seagram Company Ltd. [NYSE:VO] confirmed that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 applicable to the proposed strategic business combination between Vivendi, Seagram and Canal+ expired Saturday, August 12, 2000, at midnight. The waiting period expired without a request for additional information from U.S. antitrust authorities. Edgar Bronfman, Jr., Seagram chief executive, told the Financial Times that, barring surprises from other regulators, "we're hopeful we'll be able to close the transaction some time in the month of November". The statutory period in which US competition authorities could have requested further information had passed without any such requests having been made, Mr Bronfman said. He added that Seagram, Vivendi and Canal Plus had already begun integration work, aimed at finding sales growth and cost savings, and had established 22 integration teams. The group's advisers are expected to send the prospectus for the division within weeks to a large group of potential buyers, including Allied Diageo. Mr Bronfman said Seagram's fourth-quarter results, announced on Thursday, had been "exceptional". Seagram reported a net loss of $128m, or 29 cents a share, beating Wall Street forecasts by 6 cents. The result compared with a net loss of 32 cents a year ago, the report says. ============= G E R M A N Y ============= PHILIPP HOLZMANN: Pays $30 Million to U.S. for its Bid-Rigging Role ------------------------------------------------------------------- European Investor and Reuters relate that German construction company has agreed to pay the U.S. government $30 million for its role in attempting to rig bids with an international aid agency, the Justice Department announced on Friday. Philipp Holzmann AG, based in Frankfurt, pleaded guilty in federal court to charges that it attempted artificially to inflate bids on two waste water- treatment construction contracts in Egypt between 1988 and 1995. The contracts, funded by the U.S. Agency for International Development, totaled $150 million. Holzmann faced one felony charge of conspiracy to suppress and eliminate competition by rigging bids, a violation of U.S. antitrust law. The charges alleged that Holzmann conspired with other firms to bid at artificially high levels, or reduce competition for other contracts. Holzmann also was charged with paying other companies for their participation in the scheme. Holzmann is cooperating with the Justice Department's ongoing investigation. "By rigging these USAID-funded contracts, the parties to this scheme picked the pockets of the American taxpayers. Such conduct will be prosecuted vigorously," said Joel Klein, head of the Justice Department's antitrust division. The case was filed on Aug. 11 in U.S. District Court in Birmingham, Alabama. ============= H U N G A R Y ============= FUZFOIL: Paper Producer Posts Ft316.5 million Half-Year Loss ------------------------------------------------------------ Hungary A.M. reports that paper producer Fuzfoi Pap¡rgyr Rt accumulated Ft 316.5 million losses in the first half, above the company's Ft 270 million registered capital. The company says increasing losses can be put down to a decrease in sales and the fact that an increase in production costs was not accompanied by a corresponding price increase for the products. The net sales revenue increased 9% year-on-year, but the amount of paper sold decreased by 1,600 tons from the same period of 1999. As a result of decreasing sales, the company produced more than it could sell. PHYLAXIA PHARMA: Veternary Medicine Maker Posts Ft370.1 million Half-Year Loss ------------------------------------------------------------------------------ Hungary A.M. relates that veterinary medicine maker Phylaxia Pharma Rt had losses of Ft 370.1 million in the first half of 2000, which compares to a Ft 78.5 million deficit in the same period of last year. The company's registered capital is Ft 911 million. Operating losses were 40% of the total January-to-June revenues. First-half net revenues of the company dropped to Ft 555.8 million, which is 50% of the figure in the corresponding period of 1999. TELEVIDEO KOADO: MTV to close down video archive unit ------------------------------ Video producer Televideo Kiad¢, formerly part of Hungarian Television Rt (MTV), is expected to stop operation in September, according to a report circulated by Hungary A.M. Current negotiations, Hungary A.M. reports indicate that the archives of Televideo will be undertaken by film distributor Mok‚p Rt, citing comment from Andrs B”hm, deputy managing CEO of Mok‚p. Mok‚p will buy the copies currently distributed by Televideo and then select and systematize the archives of Televideo. With the acquisition, Mok‚p intends to increase its share in the video trading market. MTV had not invested any money in its formerly successful video producer for years and with the aging technology Televideo started to produce losses. ============= I R E L A N D ============= RETAIL LOGISTICS: Liquidation Follows 1999 "Support Money" Scandal ------------------------------------------------------------------ Retail Logistics Ltd, the company used by Superquinn to channel ``support money'' from suppliers, is in the process of being voluntarily liquidated, according to the Irish Independent. A general meeting of the members of Retail Logistics was held in Dublin earlier this month and the Liquidator Owen W Purcell placed a legal notice notifying members of proxy arrangements. Retail Logistics was incorporated in 1988 and is registered at the same address as Superquinn's auditors, John Woods Chartered Accountants, Blackrock. The listed directors are Brendan Rooney, who set up the first Superquinn store with Feargal Quinn in 1960 and was general manager for some time, and his wife Carmel. The company secretary is listed as Secsers Ltd which is also secretary to a company called Brooch Ltd. Brooch's directors are listed as Fergal Quinn, Vincent O'Doherty, Kevin Kernan, Damien Carolan, Frank Murphy and Eamonn Quinn, according to a report in the monthly grocer's magazine Shelf Life. The Superquinn ``support money'' controversy unfolded in 1999. It stopped the practice after warnings of High Court action from the Director of Consumer Affairs Carmel Foley. =========== L A T V I A =========== LATTELEKOM: Latvian Minister Points at Unfulfilled Agreement Provisions ----------------------------------------------------------------------- Reports circulated by BNS & Euromoney say that Economics Minister Aigars Kalvitis, following studying the claim submitted by Tilts Comunications (TC) company, the co-owner of Lattelekom, against the Latvian state, pointed out several provisions of the agreement which, on turn, have not been fulfilled by Lattelekom. The minister's spokeswoman Evita Timofejeva told BNS that, following studying TC complaint to the court, Kalvitis voiced incomprehension over TC's step while submitting to the court a claim over non-oberservance of Lattelekom umbrella agreement. TC said in its complaint that the underlying principle of the agreement between the Latvian state and TC is granting of the 20 year monopoly period and tariffs, granted at a satisfactory level. Three provisions of the agreement based on which TC is demanding compensation are, firstly, reduction of Lattelekom's period of monopoly over fixed telecommunications services in Latvia, secondly -- for what TC believes as narrowing of monopoly position that already has taken place, and at last -- insufficient tariff level, especially during the first three years of operations. Kalvitis meanwhile pointed out that Latvia entered into this agreement with TC in order to secure advanced telecommunications services across entire Latvia, which is also pointed out in the agreement, and means digitalization of Latvia's telecommunications network in eight years along with appropriate capacity, as well as full covering of the territory of Latvia with telecommunications services to secure economic development across the entire territory of the country. To date however, six and a half years after the agreement was concluded, just 43 percent of the telecommunications are digitalized, thus for the digitalization of the rest of 57 percent of the telecommunications remains a year and a half. The previous practice does not indicate though that this provision of the agreement will be implemented in due time, Timofejeva reported the minister as saying. "The plan on covering the territory of Latvia also is not being fulfilled, which is indicated by the fact that installation of pay-phones and setting up of hook-up of the rural districts through radio chanels is lagging far behind of the planned," said Kalvitis. Based on the above argumentation, Kalvitis voiced surprise over TC having turned to the court because, although the amounts offered by each of the parties as compenstion for reduction of the monopoly are highly different, the minister nevertheless believes that, continuing the negotiations, it would have been possible to reach the agreement on the amount of the compensation. The agreement provides for Lattelekom's monopoly over fixed telecommunications services until 2013 but the Latvian government, upon accession to the World Trade Organization, pledged to reduce the period of monopoly to 2003, so negotiations are under way between TC and the Latvian government on a compensation over the monopoly redcution. TC management believes though these talks have been unsuccessful and no agreement is in sight therefore TC decided to turn to the court of arbitration. TC owns 49 percent of Lattelekom's capital shares and the Latvian state holds 51 percent. A 90 percent stake in TC is owned by Finland's telecommunications company Sonera. =========== R U S S I A =========== ROSSIYSKIY KREDIT: ARKO Extends Ban On Claims Creditors ------------------------------------------------------- Prime Tass News & Euromoney reports, Russia's agency for the restructuring of credit organizations (ARKO) will extend the ban on meeting claims by Rossiyskiy Kredit creditors till April 2001, the agency's public relations department has said. Initially, the ban was imposed on October 19, 1999 for twelve months. The prolongation of the ban follows the implementation of the bank's amicable agreement, authorized by Moscow's arbitration court on August 15. ARKO has legal right to extend the ban. The bank started payments to creditors and clients under the amicable agreement on August 16. ================================================ S L O V A K I A (S L O V A K R E P U B L I C) ================================================ POSTOVA BANKA : Government Agency Buys Slovak Telecom Stake In A Bank --------------------------------------------------------------------- The Slovak government factoring agency bought a 25.58 stake in Postova Banka on Friday from the recently privatised fixed-line monopoly Slovenske Telekomunikacie (ST), Reuters & Financial Times reports. The state debt collecting body Slovenska Konsolidacna, 100 percent owned by the Finance Ministry, paid 728 million Slovak crowns ($16.0 million) for the stake, SITA said. The agency added that Konsolidacna will pay ST a further one billion crowns by the end of this month to take a total 46.82 percent stake in the bank, which has a basic capital of 3.643 billion crowns. SITA reported Slovenska Konsolidacna General Director Milan Sikula as saying that the agency had received some proceeds from the recent ST privatisation from the government to buy the stake in Postova Banka. Deutsche Telekom bought a 51-percent stake in ST from the Slovak state in July for one billion euros. One of the conditions of Deutsche Telekom's entry into ST had been that ST would shed its shares in Postova Banka, in which the Slovak Post Office also holds a minority stake. =========================== U N I T E D K I N G D O M =========================== AILSA-TROON: Executive Pledges Help To Workers at Closing Shipyard ------------------------------------------------------------------ ANANOVA reports a Scottish Executive is pledging to do all it can to help workers after a shipyard announced it is to close with the loss of 91 jobs. Bosses at the Ailsa-Troon yard in Ayrshire, which builds and repairs vessels, say the closure will be completed when existing contracts are finished. The majority of hourly-paid employees are expected to be gone by October, initially through voluntary redundancy. Some staff may be kept on to finish the construction of eight landing craft for the Ministry of Defence. A spokesman for the yard, which was bought by the Cathelco Group in 1996, says that despite investing more than œ6 million since then, it has proved impossible to operate profitably in the difficult conditions affecting the UK shipbuilding industry. Cathelco's chief executive John Fuller says: "We have invested more than œ6 million in the yard over the past four years. This has placed the group's finances under considerable strain without any prospect of future profitability in shipbuilding or repair at Troon. "Despite all of the hard work of the employees and management, the position of the yard is unsustainable. However, we are taking a number of steps to help employees find new jobs." The company says it will employ specialist consultants Sanders and Sidney to provide practical guidance for those who are made redundant, including careers advice specifically tailored to the needs of each individual. An on-site support centre will also be provided during the redundancy process. And a task force forum will be set up with Enterprise Ayrshire and Scottish Enterprise to plan and implement training and redeployment. Trades unions, workers' representatives and local politicians will be invited to the first meeting scheduled for August 22. Enterprise minister Henry McLeish says: "The Executive has been in close contact with the company and has offered all possible assistance. I understand that Cathelco has given an undertaking to give full support to those affected by this decision and that there will be a meeting next week with all relevant parties to discuss the way forward." AUTOMATRON LTD: Liquidation proceedings --------------------------------------- Company Name: Automatron Ltd Previous Name: Company No: 3141978 Com. Business: Agents in Industrial Equipment Appointed on: 09/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Gordon Craig IPno: 7983 Firm Name: Begbies Traynor Address: 1 Winckley Court Chapel Street City Postcode: Preston PR1 8BU BOOTS: Concedes Defeat And Sells On Loss Making Dutch Outlets ------------------------------------------------------------- Boots, the high street health and beauty chain, yesterday pulled the plug on its loss-making Dutch retail business, in effect abandoning its plans to roll out its UK format across Europe, according to The Street. David Thompson, Boots' deputy chief executive, said: "It has become increasingly clear ... that our combined health and beauty retail format including pharmacy, does not fit with the characteristics of the Dutch consumer market and cannot become a template for other European markets." To cut its losses, which are thought to have amounted to about œ10m last year, Boots has agreed to sell its 17 Dutch stores to Royal Ahold, the supermarket giant, with which it has also established a distribution pact. The UK retailer will sell its top toiletries and cosmetics brands through Ahold's 412 Etos shops. Boots will make a one-off payment of œ1m to cover outstanding costs and will write off assets worth about œ14m. One retail analyst said: "I think [Boots' withdrawal from the Netherlands] is pretty serious in the sense that shuts the door for them in Europe.... Doing a bit of wholesaling is neither here nor there really." Boots went into the Netherlands four years ago and hoped to use its presence there as a springboard to expand in countries such as France, Germany, Spain and Belgium. But it failed to establish a meaningful presence in the Dutch market, citing a lack of available properties. Meanwhile, the failure of other European governments to drop restrictive legislation surrounding the management of pharmacies has led to a full-scale retreat from the Continent. Boots said the decision to pull out of the Netherlands would not affect the group's operations in Asia. Boots shares closed up 2p at 499p. CHARACTER GROUP: Struggling UK Toys Distributor Shares Fall 19% --------------------------------------------------------------- Shares in Character Group, the struggling UK toys distributor, dropped nearly 19 per cent in early trade on Friday after it warned that full-year results would fall short of market expectations, according to the Financial Times. Character, which distributes products for the Star Wars, Chicken Run and Toy Story films, blamed poor summer weather for the sales decline. It said the usual uptick in August business had not materialised this year as retailers deferred their Christmas orders due to difficult trading conditions in the toy market. "The losses experienced in the second half are unlikely to be significantly less than those experienced in the first half," Character said. Earlier this year, the company blamed large quantities of unsold Star Wars goods for a significant first-half loss. In addition to film-related toys, Character also commands a large share of the UK water gun market where sales suffered as the British summer remained elusive. Richard King, chairman, said: "A water gun is not exactly a necessity when it's pouring down with rain." He said a time-consuming and expensive reorganisation also contributed to the ailing balance sheet. Thoughts of taking the group private were abandoned when investors resisted the idea. Instead, Character netted œ1.9m ($2.85m) by selling 15 per cent of the company in July to the two major shareholders of Giochi Preziosi, the Italian toy company. COLLINS PROPERTY: Liquidation proceedings ----------------------------------------- Company Name: Collins Property Group Ltd Previous Name: Company No: 3101492 Com. Business: Property Developers Appointed on: 09/08/00 Type: Members Appointed by: Members Liquidators: Robert Valentine IPno: 3569 Firm Name: Valentine & Co Address: 4 Dancastle Court 14 Arcadia Avenue City Postcode: London N3 2HS COMPCELL LTD: Liquidation proceedings ------------------------------------- Company Name: Compcell Ltd Previous Name: Company No: 3504221 Com. Business: Mobile Phone Distributor/Retail Appointed on: 09/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Michael J Moore IPno: 1168 Neil A Brackenbury 7418 Firm Name: Kroll Buchler Phillips Address: 1 City Square City Postcode: Leeds LS1 2ES EASYPARK LTD: Liquidation proceedings -------------------------------------- Company Name: Easypark Ltd Previous Name: Company No: 1835738 Com. Business: Provide Car Parking Services Appointed on: 09/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Robert Valentine IPno: 3569 Firm Name: Valentine & Co Address: 4 Dancastle Court 14 Arcadia Avenue City Postcode: London N3 2HS JRG BUILDERS LTD: Liquidation proceedings --------------------- Company Name: JRG Builders Ltd Previous Name: Company No: 1139539 Com. Business: Builders/Construction Contractors Appointed on: 09/08/00 Type: Members Appointed by: Members Liquidators: Ian W Kings IPno: 7232 Firm Name: Jennings Johnson Address: 19 Borough Road City Postcode: Sunderland SR1 1LA JWE TELECOM: Troubled Telecom Revamps After 18 Months Difficulty ---------------------------------------------------------------- Troubled JWE Telecom, revamping itself after a difficult 18 months the Yorkshire Post recalls, announced its latest plan to recover: purchasing Direct Voice and Data. Bob Kennedy, chairman of Pocklington-based JWE, tells the Post that the œ5m acquisition would put JWE well on the way to achieving its ambition to become a one-stop shop for business customers' mobile, fixed line and internet communications. Direct Voice and Data is based in Middlesex and has regional offices in Daventry and Dublin. The œ5.1m consideration includes an initial payment of œ350,000 in cash, œ100,000 in loan notes and œ1.95m in the shape of up to 1.95 million new ordinary shares. There is a further œ2.7m third payment. The acquisition follows the proposed purchase of Hampshire-based telecoms and data equipment supplier Crosshouse Holdings for œ8m. JWE intends to set up a number of regional centres to cover the whole of the UK and following these two deals it is expected to turn its attention to Scotland. LPK UPHOLSTERY: Insolvency Experts Called In to Undertake Rehabilitation ------------------------------------------------------------------------ Some 270 workers were stunned last week to arrive at work at LPK Upholstery, in Pedmore Road, Brierley Hill, to find the business in the hands of Birmingham-based insolvency experts, according to a report appearing in the Evening Mail. The downfall of the upholstery company, the Evening Mail says, which has been trading for about 20 years, is a victim of trendy furniture buyers who shunned its more traditional three-piece suites in favour of fashionable Ikea-type products. A total of 180 skilled jobs are now at risk at the West Midlands factory and headquarters and another 90 are threatened at the profitable satellite business, Joynson Holland, in High Wycombe, Bucks. LEOGRAHICS UK: Liquidation proceedings -------------------------------------- Company Name: Leographics UK Ltd Previous Name: Company No: 1942562 Com. Business: Graphic Designers Appointed on: 09/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Richard J Elwell IPno: 6057 Firm Name: Elwell Watchorn & Saxton Address: 109 Swan Street City Postcode: Sileby LE12 7NN LESLEY MURISON: Liquidation proceedings --------------------------------------- Company Name: Lesley Murison Ltd Previous Name: Welding Services (Weldon) Ltd Company No: 2139806 Com. Business: General Engineering Appointed on: 09/08/00 Type: Members Appointed by: Members Liquidators: Thomas Slator IPno: 5420 Firm Name: Maccallum Slator Address: Claverton House Love Lane City Postcode: Cirencester GL7 1YG M D DESIGNS: Liquidation proceedings ------------------------------------ Company Name: M D Designs Ltd Previous Name: Company No: SC Com. Business: Appointed on: 09/08/00 Type: Creditors Appointed by: Creditors Liquidators: J Douglas Anderson IPno: 6350 Firm Name: Findlay Anderson Address: 50 Darnley Street City Postcode: Glasgow G41 2SE THE MEDIA PARTNERSHIP: Liquidation proceedings ---------------------------------------------- Company Name: Media Partnership - The Previous Name: Company No: 3469050 Com. Business: Produce of Corp Video Programmes Appointed on: 09/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: G F Hilton IPno: 2295 Firm Name: HLB Kidsons Address: Devonshire House 36 George Street City Postcode: Manchester M1 4HA MILLER MEDIA: Liquidation proceedings ------------------------------------ Company Name: Miller Media Ltd Previous Name: Company No: 3529220 Com. Business: Catalogue Design/Production Appointed on: 09/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Nigel G Mallett IPno: 2162 Firm Name: NMGW Address: Crown House 37-41 Prince Street City Postcode: Bristol BS1 4PS MURISONS TAXIS: Liquidation proceedings -------------------------------------- Company Name: Murisons Taxis Ltd Previous Name: Company No: 1801804 Com. Business: Taxi Services Appointed on: 09/08/00 Type: Members Appointed by: Members Liquidators: Thomas Slator IPno: 5420 Firm Name: Maccallum Slator Address: Claverton House Love Lane City Postcode: Cirencester GL7 1YG PRISECO LTD: Liquidation proceedings ------------------------------------ Company Name: Priseco Ltd Previous Name: Company No: 3303400 Com. Business: Indian Restaurant Appointed on: 09/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Jeremy S French IPno: 3862 Firm Name: Redhead French & Co Address: 43-45 Butts Green Road City Postcode: Hornchurch RM11 2JX RONIN LTD: Liquidation proceedings ---------------------------------- Company Name: Ronin Ltd Previous Name: Company No: 2695060 Com. Business: Electrical Contractors Appointed on: 09/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Paul W Ellison IPno: 7254 Firm Name: Hurst Morrison Thompson Address: 5 Fairmile City Postcode: Henley-on-Thames RG9 2JR S G (BUILDERS) LTD: Liquidation proceedings ------------------------------------------- Company Name: S G (Builders) Ltd Previous Name: Company No: 3086319 Com. Business: Builders Appointed on: 09/08/00 Type: Creditors Appointed by: Creditors Liquidators: H J Sorsky IPno: 5398 Firm Name: Sorskys Address: Gable House 239 Regents Park Road City Postcode: London N3 3LF Vinopolis : Board Axe Part Of A Restructuring --------------------------------------------- Vinopolis, the wine emporium on the south bank of the Thames, is preparing to replace almost its entire board of directors as part of a restructuring designed to cut costs severely. The changes have been prompted by a strategic review carried out earlier this year by Wineworld London, the company operating Vinopolis. Simon Wood, the chief executive of Vinopolis will step down, although it is understood that Mr Wood will stay on with the company in a part-time consultancy role. Kate Hampton, marketing director, will also step down, as will chairman Sir Thomas Macpherson, who was due to retire after Vinopolis's first year in operation. John Lowther, the operations director, becomes managing director. Sandy Anderson, the former Porterbrook leasing millionaire who holds a 29 per cent stake in Wineworld, moves up from deputy chairman to chairman. The company has also appointed a new non-executive director to the board, Michael Loubser, a Dutch businessman who owns vineyards in South Africa. Vinopolis yesterday confirmed the changes, saying that they would save it about œ1m. Mr Wood said: "As a result of negotiating some of the contracts in terms of costs, we will now be able to move into operating profit in the autumn." Wineworld has also just finished its final round of equity financing, raising œ2.5m from private investors and institutions. The company is also finalising plans to put its wine accessories online by October. This is likely to be followed by online wine sales. The strategic review will also result in a refocusing of Vinopolis's business efforts. From January 2001, the company plans to extend its opening times, offering more tutored wine-tasting sessions in the tour in an attempt to target both the corporate and leisure market. One year after its launch, Vinopolis has attracted about 330,000 visitors - less than its projected figure of 460,000. Mr Wood said that the reshaping of the business would help boost figures, although he cautioned that Vinopolis was never meant to be a visitor attraction, but a leisure venue. "The demand for social clubs and wine clubs is booming and the stigma attached to wine has gone. People are drinking more wine and we are catering to their interests," he said. In addition to the multi-media museum, Vinopolis has restaurants, shops, function rooms and an art gallery. WESSEX CABLNG: Liquidation proceedings -------------------------------------- Company Name: Wessex Cabling Services Ltd Previous Name: Company No: 3652549 Com. Business: Cabling Services Appointed on: 09/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Peter W Engel IPno: 8103 John W Davies 6425 Firm Name: BDO Stoy Hayward Address: Oakfield House Oakfield Grove City Postcode: Bristol BS8 2BN 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. 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