/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/000823.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, August 23, 2000, Vol. 1, No. 76 Headlines * C Z E C H R E P U B L I C * PLZENSKY PRAZDROJ: Nomura Puts Brewing Company Up for Sale * E S T O N I A * UNITED DAIRIES: Holds Merger Talks with Lacto * G E R M A N Y * LTU: Rewe In Talks To Buy Stake in Lossmaking Airline & Tour Operator * H U N G A R Y * MALEV AIRLINES: ING Organizes Sale Process and Now Looking for Buyers * L I T H U A N I A * TAUPOMASIS BANKAS: Taps West Midlands as Restructuring and Financial Advisor * N E T H E R L A N D S * CETECO HOLDING: Administrators Complete Sale of Unicon Unit to Management * N O R W A Y * TELENOR: Deutche Bank & Lazard Ready to Launch Equity Offering in October * P O L A N D * HANDLOBANK: Posts Zl. 13 Million Q2 Loss on Account of Restructuring Costs POLISH STATE RAILWAYS: Uncollectible Electric Bills Top US$40 Million POLISH STATE RAILWAYS: Some Suppliers Halt Electric Service to Force Payment * P O R T U G A L * CENTRAL DE CERVEJAS: To Amortize $135.8 Million Debt; Precise Terms Unknown * R U S S I A * GORKOVSKY AVTOMOBILNY: EBRD Agrees to Consider Restructuring $65 Million Loan * U N I T E D K I N G D O M * ASA PRODUCTIONS: Liquidation proceedings ALPHA CONSTRUCTION: Liquidation proceedings ASTRO CORPORATION: Liquidation proceedings BOOTS: Wal-Mart Plays Down Interest in Troubled Supermarket Group BRITISH NUCLEAR: Serious Deterioration In Financial Performance BRITISH TELECOM: Facing Massive Debt Of ś30 Billion Sterling CHARACTER GROUP: Posts ś6 million H1 loss; Chicken Run Fails To Save Toy Firm COUGAR OSBORNE: Liquidation proceedings CORUS: Tight-Lipped About Future of South Wales Steel Plant EQUITABLE LIFE: Ten Possible Buyers Circling Troubled UK Insurer EQUITABLE LIFE: GE Capital, GMAC and Associates Seen as Leading Bidders EURO ENGINERS: Liquidation proceedings FILOFAX (UK): Shutting Down Operations in Wake of Filofax(US) Big Loss FORDELL CONSTRUCTION: Liquidation proceedings FRANK KELLY: Liquidation proceedings IRISH TANK: Liquidation proceedings LLOYD'S OF LONDON: Moody's Projects 3 billion pounds FY1998-2000 Losses PIA DEVELOPMENTS: Liquidation proceedings SAINTS & SCHOLARS: Liquidation proceedings SOLVAY PEROXYGEN: Liquidation proceedings SPECIALISED PROJECT: Liquidation proceedings THUS PLC: Energis Displays Interest In Takeover UT INSURANCE: Liquidation proceedings URWIRED: Announces Closure and Liquidation as Money Runs Out VEGA CANTLEY: Liquidation proceedings =========================== C Z E C H R E P U B L I C =========================== PLZENSKY PRAZDROJ: Nomura Puts Brewing Company Up for Sale ---------------------------------------------------------- The Securities Commission (KCP) has launched an inquiry into the sale of the Czech brewing company Plzensky Prazdroj to be conducted by the Japanese bank of Nomura, CTK & Euromoney reports. Unsettled transactions associated with the sale of Plzensky which originally owned by Investicni a Postovni banka (IPB) and PIAS, are also being investigated by the Czech National Bank and Ceskoslovenska obchodni banka, which bought IPB from the forced administrator, the report says. Katerina Palkova of the KCP press department told MfD that judging by the available information individual transactions do not appear unusual, but as a whole they may be considered problematic. However, MfD sources claim that Saluka, which is controlled by Nomura, is trying to use an option contract in order to swap 46 pct of worthless IPB stock for bills of exchange, which are being kept in tax havens by funds managed by the Fortis firm. The bills were to be used to pay off a Kc9bn loan from IPB, which had been granted to firms linked to Nomura for the purchase of the brewing company shares. Central bank vice-governor Zdenek Tuma confirmed on Aug 17 that the CNB is thoroughly investigating the Nomura transaction, according to a report obtained by CTK & Euromoney . ============= E S T O N I A ============= UNITED DAIRIES: Holds Merger Talks with Lacto --------------------------------------------- Uhinenud Meiereid (United Dairies) and Lacto, both among the biggest dairy firms in Estonia, are holding merger talks, BNS & Euromoney reports. United Dairies board chairman Rudolf Kuldkepp told BNS on Friday that merger talks with Lacto were in progress. But Kuldkepp was unable to forecast when the parties would reach any results. Kuldkepp said that it was too high capacities for Estonia that were compelling dairies to merge. "There are too many dairies and the companies are being smothered by the constant price war," he said. United Dairies posted a net turnover of 633 million kroons (USD 37 mln) and a loss of nearly 30 million kroons last year. Lacto's net turnover last year was 280 million kroons and its profit 2.3 million kroons, according to the report obtained by BNS & Euromoney. ============= G E R M A N Y ============= LTU: Rewe In Talks To Buy Stake in Lossmaking Airline & Tour Operator --------------------------------------------------------------------- Rewe, the German association of retailers, confirmed on Monday it was in talks with SAirgroup, Swissair's holding company, over possible acquisition of a stake in LTU, the lossmaking airline and package tour operator, the Financial Times reports. An acquisition would be in line with the strategy of the group, Germany's largest association of independent retailers. Recent purchases have created the country's largest tour operator behind Preussag and C&N Touristic. "We can only say that there are ongoing talks with LTU's shareholders and we expect to make a detailed statement when those are concluded," Wolfram Schmuck, Rewe spokesman, said on Monday. The comments followed a statement from SAirgroup at the weekend saying the talks had entered their final stage. An announcement could come as early as Tuesday, following a meeting of Rewe's supervisory board on Monday. SAirgroup owns 49.9 per cent of LTU, with another 39.9 per cent controlled by the Conle family, which is also believed to be for sale. WestLB, the regional public sector bank, owns the remaining 10.2 per cent. Airtours of the UK had been in talks with LTU, whose losses are projected to reach DM250m (E128m, $116m) this year. It recently pulled out, and vowed to acquire the shares it does not own in Fti, its own lossmaking tour operator, according to the report appearing in the Financial Times. ============= H U N G A R Y ============= MALEV AIRLINES: ING Organizes Sale Process and Now Looking for Buyers --------------------------------------------------------------------- The Hungarian government last week said it plans to sell a minority stake in national airline Malev Rt in October, hoping to bring in a foreign airline that can help the company compete with other European carriers, Budapest Business Journal reports. The government is looking for an investor that would also provide an unspecified amount of capital for Malev and ensure membership in a major international alliance. The government has formerly held talks with British Airways Plc., German carrier Deutsche Lufthansa AG, Swissair AG and Air France. "It is essential that Malev becomes part of an alliance through which its passengers would enjoy the same advantages the clients of other airlines already benefit from," government spokesman Gabor Borokai said. The government will sell a 10% stake in the company and expects the new investor to buy an unspecified number of new shares in Malev, according to a statement by the State Privatization and Holding Co. (APV Rt). After the transaction, the minority shareholder would have 47% of the company's shares, while the government's stake will decrease to 50%, the report says. In a second step, the government will reduce its holding to 25%, by selling shares to domestic investors, since some public ownership of Malev is necessary for the firm to retain its status as a national carrier, according to international regulations. The government said it will decide on the second stage of the sale in agreement with the new investor. The government had earlier said it will not likely invite a second investor before the end of its term of office. Hungary in March chose ING Barings, the investment banking arm of Dutch bank ING Groep NV, to manage the sale, according to the report obtained by Budapest Business Journal. ================= L I T H U A N I A ================= TAUPOMASIS BANKAS: Taps West Midlands as Restructuring and Financial Advisor ---------------------------------------------------------------------------- The UK group West Midlands Global Partners, BNS & Euromoney reports, has been chosen to advise Lithuania's Taupomasis Bankas [Savings Bank, or LTB] on the implementation of its restructuring plan, with the aim of raising the state- owned bank's market value ahead of privatization. The adviser has been selected by the Central Financing and Contracting Unit together with LTB, Zilvinas Pajarskas, head of the agency responsible for EU Phare projects in Lithuania, told BNS on Friday. An agreement with the British group was signed last week, he added. Under the Phare-financed project, West Midlands Global Partners will advise Lithuania's largest state-owned bank on best ways to consolidate its network of subsidiaries, improve information systems and management, as well as develop banking products, etc. The restructuring plan has been worked out by the LTB management, according to the report obtained by BNS & Euromoney. This week the Cabinet of Ministers decided to raise interest on LTB's holdings of government bonds for restructuring of banks, issued under a special law, and state debt in order to bring it close to market interest rates. Deputy Finance Minister Dalia Grybauskaite said the bank's initial price had effectively doubled following the latest move, reaching the level at which the government would like to sell it. The government is expected to announce a public tender to sale LTB on September 11, with October 2 set as a deadline for submitting bids. The state is selling 90.73 percent of shares in LTB to a strategic investor. No initial bidding price for the stake with a nominal value of 151.825 million litas (USD 75.71 mln) has been announced. The remaining 9.27 percent of the shares are held by a number of small shareholders. The sale of the bank is likely to be completed in the first half of 2001, accordingly. ===================== N E T H E R L A N D S ===================== CETECO HOLDING: Administrators Complete Sale of Unicon Unit to Management ------------------------------------------------------------------------- EUROPEAN INVESTOR & REUTERS report that the ailing Dutch durable consumer goods retailer Ceteco Holding NV said on Monday it had sold its subsidiary Unicon NV to the unit's management. The unit is based in Aruba in the Dutch Antilles to the north of Venezuela. Unicon has about 100 employees, Ceteco said. It did not disclose financial details of the transaction. Ceteco, which was mainly active in Latin America, is in the process of divesting itself of various subsidiaries. Last month it sold a Dutch insurance unit and earlier this year a number of Latin American subsidiaries were sold. In March, Ceteco's court-appointed administrators warned that even after selling all the stakes the group might still go bankrupt within the foreseeable future, the report says. =========== N O R W A Y =========== TELENOR: Deutche Bank & Lazard Ready to Launch Equity Offering in October ------------------------------------------------------------------------- The Financial Times reports that the Kingdom of Norway will launch the sale of Telenor, the telecommunications group, by the end of October. A bit behind schedule, but still on target. Telenor management had previously suggested that the sale of a first equity tranche could begin in September. The government played down the postponement, saying it would use the time to incorporate Telenor's third-quarter results in the sales prospectus. Monday's announcement is the first sign that the state is pushing ahead with the sale, which would be the biggest-ever placement of shares in the country. The Norwegian government plans to reduce its ownership in Telenor by 15-25% through a combination of primary and secondary shares. Although the breakdown has not been decided, it is understood that a substantial amount will be sold in the form of primary shares. The government has also still to decide on a share rebate structure and a possible secondary listing on a US stock exchange. Deutsche Bank advises the Norwegian government, while Lazard Freres is advising Telenor on the IPO, according to Financial Times. =========== P O L A N D =========== HANDLOBANK: Posts Zl. 13 Million Q2 Loss on Account of Restructuring Costs -------------------------------------------------------------------------- Warsaw Business Journal reports that the Handlobank's second-quarter 2000 performance results, though showing losses of zl. 13 million ($3 million), had also provided zl. 230 million ($53 million) for restructuring, Powierza said. He said this was a sign of major changes planned. POLISH STATE RAILWAYS: Uncollectible Electric Bills Top US$40 Million --------------------------------------------------------------------- Polish Economy Minister Janusz Steinhoff on Friday forbade state-owned power distributors to cut off electricity supply to the debt-ridden State Railways (PKP) to force them to pay debts, CENTRAL EUROPE ONLINE & REUTERS reports. Regional electricity firms have brought trains to as halt on several occasions earlier this year by cutting off power in a move to force the PKP to settle its mounting debt, the report says. PKP's liabilities to power distributors, which are to be privatized within the next two years, soared to some PLZ 180 million ($41.68 million) from four million at the end of last year, PAP reported. PKP, Poland's largest employer and slated for a sell-off by the end of 2002, lost PLZ 2.28 billion last year and had a total debt of 6.3 billion. PKP suffers losses mainly due to its unprofitable passenger operations and large workforce. A recently approved PKP overhaul scheme envisages bailing out the firm of part of its debt, trimming its operations and privatizing most of its assets, accordingly. POLISH STATE RAILWAYS: Some Suppliers Halt Electric Service to Force Payment ---------------------------------------------------------------------------- According to POLAND AM, some energy plants over the past few days, including those located in Elblag, Poznan and Lodz, cut off the power to PKP in response to overdue electricity bills. According to Polish Economy Minister Janusz Steinhoff, such actions are negative from both a social and economic point of view. Moreover lack of power on international route Swiecko-Poznan-Warsaw- Terespol, destroys the credibility of Poland internationally. The Treasury Ministry, which is the owner of energy distribution plants, is to send a letter forbidding plants to cut the power to PKP in the future. The amount of PKP's overdue charges to distributors increased from the end of 1999, from zl. 4 million up to zl. 180 million, accordingly. =============== P O R T U G A L =============== CENTRAL DE CERVEJAS: To Amortize $135.8 Million Debt; Precise Terms Unknown --------------------------------------------------------------------------- According to EUROPEAN INVESTOR & REUTERS the Portugal's Central de Cervejas (Centralcer) will be able to amortise its debt of some 30 billion escudos ($135.8 million) after Scottish & Newcastle Plc agreed to enter a joint venture to run the firm. "S&N will enter Centralcontrol, through a capital call, and that will allow Centralcer's debt to be amortised". However, S&N said on Sunday it paid some 30 billion escudos for a 49 percent stake in a joint venture to run Centralcer, which is controlled by Centralcontrol. =========== R U S S I A =========== GORKOVSKY AVTOMOBILNY: EBRD Agrees to Consider Restructuring $65 Million Loan ----------------------------------------------------------------------------- The European Bank for Reconstruction and Development (EBRD) plans to consider in September restructuring a $65 million loan owed by Russian carmaker Gorkovsky Avtomobilny Zavod (GAZ). The carmaker defaulted on the EBRD loan last year and has been trying to negotiate a restructuring, which could include exchanging the debt for equity in the carmaker, SKRIN ISSUER & Intercon reports. Vladimir BASOV, GAZ's financial director told Reuters that the EBRD will not consider the issue until late September. The EBRD office in Moscow declined to comment, though a source close to the bank said GAZ had not yet proposed a satisfactory restructuring plan. BASOV added that GAZ's board of directors had not discussed a share issue, which would be needed for a debt-for-equity swap, at a meeting on Monday. GAZ, Russia's second-biggest carmaker, plans to set up a new unit to coordinate sales through its existing dealership network. GAZ and Russia's Avtobank will have a 40 percent stake each in the new company, with the remaining 20 percent stake held by dealerships and GAZ shareholders. GAZ sells cars through dealerships in 150 Russian cities, which are coordinated by 12 regional sales offices, according to the report obtained by SKRIN ISSUER & Intercon. =========================== U N I T E D K I N G D O M =========================== ASA PRODUCTIONS: Liquidation proceedings ---------------------------------------- Company Name: ASA Productions Ltd Previous Name: Company No: IR Com. Business: Appointed on: 10/08/00 Type: Members Appointed by: Members Liquidators: Barry Caldwell IPno: Firm Name: Caldwell & Co Address: 135 Hillside City Postcode: Greystones ALPHA CONSTRUCTION: Liquidation proceedings ------------------------------------------- Company Name: Alpha Construction (Winchester) Ltd Previous Name: Company No: 3069190 Com. Business: Building Contractors Appointed on: 10/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Harold Wilks IPno: 5816 Firm Name: Wilks & Associates Address: 19 Church Lane City Postcode: Salisbury SP5 1JY ASTRO CORPORATION: Liquidation proceedings ------------------------------------------ Company Name: Astro Corporation Ltd Previous Name: Fun Food Factory Ltd Company No: 2483084 Com. Business: Sale & Marketing Appointed on: 10/08/00 Type: Creditors Appointed by: Creditors Liquidators: Andrew H Wilkinson IPno: 6282 Firm Name: Revell Ward Horton Address: Norwich Union House 26 High Street City Postcode: Huddersfield HD1 2LN BOOTS: Wal-Mart Plays Down Interest in Troubled Supermarket Group ----------------------------------------------------------------- THE TIMES reports that the Wal-Mart, the US supermarket group, yesterday played down speculation that it was planning a ś6 billion bid for Boots, the chemists chain whose shares have lost more than half their value over the past two years. A weekend report speculated that Wal-Mart, which owns Britain's Asda supermarket group, wanted to buy Boots to get its hands on Halfords, its bicycle and car accessory division. Wal-Mart, which has been frustrated by the UK's tough planning laws, was said to be interested in converting Halfords' out-of-town stores into supermakets. However, sources at both Wal-Mart and Boots said the Halfords stores would be too small to be converted. Shares in Boots, which has recently diversified into areas such as dentistry and lifestyle health services, stood at 500p on Friday, compared with ś10.70 two years ago. BRITISH NUCLEAR: Serious Deterioration In Financial Performance --------------------------------------------------------------- British Nuclear Fuels, THE OBSERVER reports, is to publish results showing mounting operating losses and a serious deterioration in financial performance. The atomic energy group's figures for the year to March 2000, due in the next month, are expected to show operating losses on its core business growing from last year's ś62m. The figures will be a further setback to the completion of the part-privatisation of BNFL by the end of 2002, accordingly. BRITISH TELECOM: Facing Massive Debt Of ś30 Billion Sterling ------------------------------------------------------------ ESAT Digifone may be floated as part of a pan-European or global wireless business to raise money for British Telecom, which is facing a massive debt burden of almost ś30 billion sterling, the Irish Times reports. The board of BT will meet next week to discuss spinning off its mobile units and other assets in an attempt to reduce gearing, which will rise to 180 per cent after its 3G license victory in Germany at a cost of ś8.5 billion. If the board decides to spin off its mobile units, according to Irish Times, it is likely to amalgamate its eight European mobile operations and possibly its Japanese mobile operator into one business unit rather than spinning them off separately. A spin-off of the group's mobile unit would raise billions of dollars and go some way to reducing BT's growing debt mountain. This includes a ś7.3 billion price tag that it accepted earlier this week to double its stake in German mobile phone operator Viag Interkom to 90 per cent. The group also owes some ś8.5 billion for a German 3G licence and more than ś4 billion sterling for a UK 3G licence, according to the report obtained by the Irish Times. CHARACTER GROUP: Posts ś6 million H1 loss; Chicken Run Fails To Save Toy Firm ----------------------------------------------------------------------------- The animated blockbuster movie Chicken Run has failed to help Character Group stage a great escape from its own recent difficulties. The UK firm, which also produced toys for the latest Star Wars film, saw its value slump by a fifth after issuing a profits warning, YAHOO FINANCE UK reports. It said profits for the year to 31 August will be adversely affected by the "abnormally poor weather" in the UK, and delayed orders for Christmas sales. The company has also been hit by the cost of clearing unsold stock - much related to the latest Star Wars movie - from its shelves. It said its results were likely to be "substantially worse" than market expectations, the report says. Character said that results for its year to August 31 were set to be "substantially" worse than City forecasts, which were of a ś5.45 million loss. The first-half loss was ś6 million, after an overestimate of demand for Star Wars goods, and that is now likely to be repeated in the second half, according to the report appearing in THE TIMES. Chairman Richard King told THE TIMES that various one-off second-half costs, including reorganising the Far East licensing business and 60 redundancies, would not recur in the new financial year. The new year, Mr. King suggests, will bring profitability (though below expectations), reduced costs and new high-tech toys such as "intelligent" robots. COUGAR OSBORNE: Liquidation proceedings --------------------------------------- Company Name: Cougar Osborne Ltd Previous Name: Company No: 3723423 Com. Business: Boatbuilders Appointed on: 11/08/00 Type: Creditors Appointed by: Members Liquidators: Colin I Vickers IPno: 8953 John W Powell 7888 Firm Name: Levy Gee Address: Southfield House 11 Liverpool Gardens City Postcode: Worthing BN11 1RY CORUS: Tight-Lipped About Future of South Wales Steel Plant ----------------------------------------------------------- YAHOO FINANCE UK reports that the Steel giant Corus has called for support from central government and the Welsh Assembly to help secure the future of a key south Wales plant. The call follows a meeting with union leaders in London over whether Corus would go ahead with a ś35m overhaul of one of the blast furnances at the Llanwern plant in Newport. But the jobs of the plant's 2,500 workers remain in the balance after Corus left the meeting saying no decision had been made. Union leaders view the maintenance work as crucial to the long-term future of the plant and steel- making in the UK. A report in Thursday's Financial Times suggested Corus would agree to implement the work. But a Corus spokesman dismissed the article as "speculation". But he added that a final decision would be taken before the end of the month and an announcement could be made after Corus's board meets next week. Corus recently announced 1,300 job losses at mainly Welsh plants bringing the total number of job cuts at plants across the UK to 4,500. The ISTC union believes the Llanwern investment is, therefore, vital for confidence in the industry's future, the report says. EQUITABLE LIFE: Ten Possible Buyers Circling Troubled UK Insurer ---------------------------------------------------------------- According to YAHOO FINANCE UK & REUTERS, more than 10 prospective bidders have showed interest in Equitable Life the financially troubled UK insurer which put itself up for sale last month. Equitable Life, the world's oldest mutual life insurer, said potential buyers numbering in "double figures" had sought copies of sale documentation to be issued to the parties this week. The mutual is estimated to be worth up to five billion pounds ($7.46 billion). Equitable Life plans to issue the memorandum of sale, including an actuary's report, to the parties by the end of the week. It promises to include all information interested parties' would need, including the extent of its liabilities, the report says. In July, Equitable lost a key court case in an appeal to Britain's House of Lords over pension bonus payments. The ruling handed victory to 90,000 pensioners who had contested a move by Equitable to cut bonus payments on certain pension policies because of lower investment returns. The obligations amount to some 1.5 billion pounds ($2.24 billion) and have forced Equitable to seek additional capital to be able to meet its obligations to all policyholders. "There's been substantial interest," Equitable spokesman Nigel Webb told Reuters. "It (the memorandum) will give all the financial information that any prospective purchaser would require to know about a business," he added. Several companies, at home and abroad, have been cited in media reports as potential bidders, including General Electric's GE Capital. British mortgage bank Abbey National Plc has confirmed that it is looking at Equitable Life. Equitable said it planned to announce the winning bidder by year-end and to complete the sale by the middle of next year, according to the report obtained by YAHOO FINANCE UK & REUTERS. EQUITABLE LIFE: GE Capital, GMAC and Associates Seen as Leading Bidders ----------------------------------------------------------------------- YAHOO FINANCE UK & REUTERS reports that the GE Capital, the aggressive financial services arm of U.S. conglomerate General Electric, is set to further consolidate its position in Britain by bidding for Equitable Life and seeking to acquire Chartered Trust. The Independent newspaper says that GE Capital was set to join the bidding in a five billion pound auction for mutual life insurer Equitable Life. Equitable Life put itself up for sale after being hit with a 1.5 billion pound bill to honour guaranteed annuity pension policies following a House of Lords ruling. "Bankers say that GE is thought to have been granted a period of exclusivity," the report says. "But the sale price is thought to be just above 600 million pounds. This is significantly lower than the 700 million target Standard Chartered had set when it called in Goldman Sachs, the American investment bank, to sell the business in June." The two under-bidders in the auction are thought to be GMAC, the leasing and finance business owned by General Motors, and The Associates, the world's second largest leasing company, according to YAHOO FINANCE UK & REUTERS. EURO ENGINERS: Liquidation proceedings --------------------------- Company Name: Euro Engines Ltd Previous Name: Company No: 3293715 Com. Business: Motor Repairers Appointed on: 10/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Andrew J Whelan IPno: 8726 Firm Name: Marks Bloom Address: 60-62 London Road City Postcode: Kingston-u-Thames KT2 6QZ FILOFAX (UK): Shutting Down Operations in Wake of Filofax(US) Big Loss ---------------------------------------------------------------------- The American parent company of Filofax, the British maker of personal organisers, is expected to report a heavy loss next month, extending a woeful run involving boardroom upheavals and job losses in the South of England, THE TIMES reports. Filofax, according to THE TIMES is owned by Day Runner, a Californian company that also makes organisers for the US market. Day Runner is struggling with debts and has declared it is "exploring strategic alternatives". Day Runner has sought to cut costs, shutting Filofax's UK manufacturing operations. It is understood that 123 people were made redundant from facilities near Brighton that were closed in June as Filofax moved to source its products from overseas. Day Runner has also shut its head office in Irvine, California. In its last quarterly results, which showed a loss of $12.4 million (ś8.3 million), Day Runner gave warning that it would take another "substantial loss" in the three months to June 30. In the US, Day Runner has been hit by the decision of Wal-Mart and other big distributors to cut inventory. It has also suffered from the popularity of handheld electronic organisers made by the likes of Palm and Psion. Last month, Mark Vidovich, Day Runner's chairman, resigned from the board with three other directors, according to THE TIMES. FORDELL CONSTRUCTION: Liquidation proceedings --------------------------------------------- Company Name: Fordell Construction (Scotland) Ltd Previous Name: Company No: SC Com. Business: Appointed on: 11/08/00 Type: Creditors Appointed by: Creditors Liquidators: Keith V Anderson IPno: 6885 Firm Name: T Hunter Thomson & Co Address: 28 Alva Street City Postcode: Edinburgh EH2 4QF FRANK KELLY: Liquidation proceedings ------------------------------------ Company Name: Frank Kelly Systems Ltd Previous Name: Company No: 1703645 Com. Business: Manuf Electric Motors/Generators Appointed on: 11/08/00 Type: Creditors Appointed by: Creditors Liquidators: D N Hughes IPno: 8817 Firm Name: Janes Address: 12 Royal Crescent City Postcode: Cheltenham GL5 3DA IRISH TANK: Liquidation proceedings ----------------------------------- Company Name: Irish Tank & Terminal Ltd Previous Name: Company No: IR Com. Business: Appointed on: 14/08/00 Type: Members Appointed by: Members Liquidators: James Stafford IPno: Firm Name: Friel Stafford Address: 13 Fitzwilliam Square City Postcode: Dublin 2 LLOYD'S OF LONDON: Moody's Projects 3 billion pounds FY1998-2000 Losses ----------------------------------------------------------------------- Moody's is forecasting consecutive loss years for 1998-2000, totalling over GBP3 billion. Respective losses for 1998, 1999 and 2000 of GBP1.1 billion, GBP1.2 billion and GBP700 million are forecast. The 1999 account is anticipated to be the bottom of the current downcycle and although prospects for 2000 seem better, a sizeable loss is currently forecast suggesting that there is no guarantee of profit for 2001. A combination of extremely poor market conditions and, more recently, adverse loss experience, has led to Moody's forecasting respective bottom line pure year losses of -12.2% and -14.1% for 1998 and 1999. After taking into account releases from prior years, the forecasts improve to respective losses for 1998 and 1999 of -10.7% and -12.6% respectively. Mark Hewlett, Managing Director of Moody's European Insurance Division, commenting on the forecasts said "The large losses forecast for Lloyd's are testament to the severity of this current downcycle that has affected insurance and reinsurance companies worldwide. Although market conditions are generally improving, a sizeable loss is currently forecast for 2000 and we continue to believe that a significant hardening in rates will need to occur if the 2001 year of account is to return a profit." Moody's has placed loss warnings on 76%, 74% and 66% of syndicates underwriting in 1998, 1999 and 2000 respectively, with about 40% of these for 1998 and 1999 forecast to produce losses in excess of -15%. PIA DEVELOPMENTS: Liquidation proceedings ----------------------------------------- Company Name: Pia Developments Ltd Previous Name: Company No: SC Com. Business: Appointed on: 10/08/00 Type: Creditors Appointed by: Creditors Liquidators: William D Robb IPno: 5199 Firm Name: W D Robb Address: Scott House 12/16 South Frederick Street City Postcode: Glasgow G1 1HJ SAINTS & SCHOLARS: Liquidation proceedings ------------------------------------------ Company Name: Saints & Scholars Ltd Previous Name: Company No: IR Com. Business: Appointed on: 10/08/00 Type: Creditors Appointed by: Creditors Liquidators: Barry M Forrest IPno: Firm Name: O'Connor Leddy & Holmes Address: Century House Harolds Cross Road City Postcode: Dublin 6 SOLVAY PEROXYGEN: Liquidation proceedings ----------------------------------------- Company Name: Solvay Peroxygen Chemicals Ltd Previous Name: Company No: 2690204 Com. Business: Chemical Co Appointed on: 11/08/00 Type: Members Appointed by: Members Liquidators: G F Hilton IPno: 2295 Firm Name: HLB Kidsons Address: Devonshire House 36 George Street City Postcode: Manchester M1 4HA SPECIALISED PROJECT: Liquidation proceedings -------------------------------------------- Company Name: Specialised Project Systems Ltd Previous Name: Company No: 3924653 Com. Business: Alarm Install/Maintenance Appointed on: 10/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Simon Thornton IPno: 9031 Firm Name: Houghton Stone Address: The Conifers Filton Road City Postcode: Bristol BS16 1QG THUS PLC: Energis Displays Interest In Takeover ----------------------------------------------- EUROPEAN INVESTOR ONLINE & AFX reports that the Energis PLC is displaying an interest in Thus PLC, adding that there have been no talks between the two. However, the paper reported city sources as saying that chief executive Mike Grabiner is monitoring the performance of Thus and could make an opportunistic bid if the stock price goes into terminal decline. UT INSURANCE: Liquidation proceedings ------------------------------------- Company Name: UT Insurances (Dublin) Ltd Previous Name: Company No: IR Com. Business: Appointed on: 10/08/00 Type: Members Appointed by: Members Liquidators: J W R Jackson IPno: Firm Name: KPMG Address: 1 Stokes Place St Stephens Green City Postcode: Dublin 2 Urwired: Announces Closure and Liquidation as Money Runs Out ------------------------------------------------------------ NET IMPERATIVE reports that the Games and DVD site URWired announced its liquidation, attributing its closure to lack of funding. A notice on the site confirmed that the company will be "closing its doors", and will be liquidated "over the course of the next few weeks". The business was established in 1998 and had signed partnerships to feature on ntl and Telewest's shopping channels, as well as exclusive e-commerce partnerships with MSN and gamespot back in December last year. The company was one of many to postpone its IPO in May, which would have valued the site at around ś180m, according to the report obtained by NET IMPERATIVE. VEGA CANTLEY: Liquidation proceedings ------------------------------------- Company Name: Vega Cantley Instrument Co Ltd Previous Name: Company No: 992057 Com. Business: Manufacture Electrical Equipment Appointed on: 10/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Keith A Stevens IPno: 8065 Firm Name: Wilkins Kennedy Address: BRB House 180 High Street City Postcode: Egham TW20 9DN 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. 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