/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/000825.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, August 25, 2000, Vol. 1, No. 78 Headlines * G E R M A N Y * PHILIP HOLZMANN: EU Pledges To Prevent Collapse Of Ailing Construction Group * L I T H U A N I A * LIETUVOS ENERGIJA: Government Set To Speed-Up Energy Sector Sell-Off * N O R W A Y * GRESVIG ASA: Red Ink Continues to Spill at Sports Store Chain * R U S S I A * NEFAZ: Plan to Restructure Existing Debt By Issuing Convertible Bonds PRIN and IAN: To Restructure Debt $28.63 Billion * S L O V A K I A (S L O V A K R E P U B L I C) * DEVIN BANKA: Obtains Extension of Time to Collect Russian Debts * S W I T Z E R L A N D * ZURICH VIE: Vera Foundation Accuses Insurer of Taking Part in Pension Debacle * U N I T E D K I N G D O M * BRITISH TELECOM: More Asset Sales Seen to Trim High Debt Load CORUS: 2,500 Staff To Hear Their Fate ESAT DIGIFONE: BT To Discuss Spin-Off, Raise Cash To Cancel Debt FII: Shares Suspended As Shoe Manufacturer Announces Full-Year Losses HYDER: Severn Trent Begins Legal Action HYDER: Bond Holders Offered Buy-Out Agreement OSAL LTD: Notice Of Creditors Meeting PLANET GO: Notice Of Creditors Meeting RAYFIELD ASSOCIATES: Notice Of Creditors Meeting REALGAME LTD: Notice Of Creditors Meeting ROCKCELL LTD: Notice Of Creditors Meeting SATURN NETWORK: Notice Of Creditors Meeting SCRIPTS & CO: Notice Of Creditors Meeting SPECIALISED PROJECT: Notice Of Creditors Meeting SPEEDEX ENGINEERING: Notice Of Creditors Meeting SUPERB MANAGEMENT: Notice Of Creditors Meeting SWIFT IMAGES: Notice Of Creditors Meeting SWINDON TOWN: Notice Of Creditors Meeting T C BLACKMAN: Notice Of Creditors Meeting TEC EUROPE: Notice Of Creditors Meeting THE ROOKERY: Cash-Strapped Nursing & Residential Home Likely to Close Soon TIDY SYSTEMS: Notice Of Creditors Meeting UOKUNI UK: Notice Of Creditors Meeting VEGA CANTLEY: Notice Of Creditors Meeting ============= G E R M A N Y ============= PHILIP HOLZMANN: EU Pledges To Prevent Collapse Of Ailing Construction Group ---------------------------------------------------------------------------- Subsidies Pledged By The German Government To Prevent The Collapse Of Ailing Construction Group Philip Holzmann AG Have Still Not Received Final Approval From The European Union's Antitrust Authorities, HANDELSBLATT Reports. A EU Spokesman Said Wednesday The Commission Was Still Awaiting Replies From The German Government On Several Questions Relating To The Case. It Remained Unclear When A Final Decision Could Be Taken, He Said. The German Government Pledged A DM150m Credit And A DM100m Guarantee, To Be Issued Via Development Bank Kfw, As Part Of A Rescue Package To Save The Construction Group From Bankruptcy In November Last Year, The Report Says. Holzmann Conceded Only A Few Weeks Ago That Its Restructuring Was Proving More Difficult Than Expected. The EU Spokesman Said That The Commission Wasn't Exceeding The "Normal" Duration Of An Examination And That There Had Not Been Any Delays. The Commission Initially Pledged To Examine The Subsidies As Quickly As Possible After Chancellor Gerhard Schr”der Personally Intervened In The Holzmann Case. However, The EU Later Expressed Serious Doubts About The Legitimacy Of The Subsidies, Leading To Competition Commissioner Mario Monti Initiating A Full Probe Into The Case, According To The Report Obtained By HANDELSBLATT. ================= L I T H U A N I A ================= Lietuvos Energija: Government Set To Speed-Up Energy Sector Sell-Off -------------------------------------------------------------------- The Lithuanian Government Is Planning To Separate The Distribution Network From The State-Run Energy Monopoly Lietuvos Energija [Lithuanian Energy] In September And Immediately Announce A Tender For The Privatization Of Spin-Off Companies, BNS & Euromoney Reports. Deputy Economy Minister Vytenis Junevicius, Head Of The Commission Responsible For The Sell-Off Process, Said The Electricity Distribution Network Was Likely To Be Sold In The First Half Of 2001. The Government Is Planning To Inform 80 Foreign Companies About The Upcoming Privatization Of The Distribution Network. The Tender Will Be Announced In Major Foreign Business Newspapers, The Report Says.. The Swedish Company Vattenfall, Which Already Holds Around Ten Percent Of Shares In Lietuvos Energija, Is Seen As A Potential Investor In The Distribution Network. Lietuvos Enegija's Restructuring Plan Also Calls To Sell Two Energy Generating Facilities -- The Thermal Power Plants In Mazeikiai And Elektrenai, According To The Report Obtained By BNS & Euromoney. =========== N O R W A Y =========== GRESVIG ASA: Red Ink Continues to Spill at Sports Store Chain ------------------------------------------------------------- The Sports Store Chain Gresvig Reports A Loss For The First Half-Year Due To A Weak Market. Gressvig ASA's Result For The First Half-Year Before Tax Was A Loss Of NOK 9.9m, Compared With A Profit Of NOK 7.2m Last Year, The NORWAY POST Reports. The Reason Given For The Weaker Result Is Reduced Volume Demand Within The Whole Sports Sector. Gresvig Has Maintained Its Market Share Of 50% And Say That They Anticipate Better Results Following A Number Of Steps Which Have Been Taken. The Reduction Of Sales In The First Half-Year Was 12%, To NOK 829.6m. This Drop Is Due To General Market Conditions. Gresvig Has Dropped Non-Profitable Shops, The Report Says. =========== R U S S I A =========== NEFAZ: Plan to Restructure Existing Debt By Issuing Convertible Bonds --------------------------------------------------------------------- NEFAZ Russian Automobile Concern Kamaz (Naberezhny Chelny, Tatarstan) Has Received Control Over 37% Of Shares In Neftekamsk Automobile Plant (Nefaz, Bashkortostan), Kamaz General Director Ivan Kostin Told Interfax, The Daily Business Reports. Kamaz will Receive Controlling Shares In The Company. However, According To Kostin, In The End, Kamaz Received 37% Of Nefaz Shares. "This Happened Due To The Fact That Kamaz Agreed To Restructure Nefaz Debts And Any Restructuring Reduces The Share Of Shareholders," He Explained (Nefaz Restructured Its Debt By Issuing Convertible Bonds), The Report Says. PRIN and IAN: To Restructure Debt $28.63 Billion ------------------------------------------------ The Daily Business Reports That Investors Tendered PRIN And IAN Worth $28.63 Billion In Russia's Offer To Restructure Soviet-Era Debt To The London Club For New Eurobonds, The Finance Ministry Said. PRIN, The Restructured Principle Of Russia's Debt To The London Club, Consisted Of $21.94 Billion And IAN, Overdue Interest On This Debt, Amounted To $6.69 Billion, Over 99% And 98%, Respectively, Of All PRIN And IAN. ================================================ S L O V A K I A (S L O V A K R E P U B L I C) ================================================ DEVIN BANKA: Obtains Extension of Time to Collect Russian Debts --------------------------------------------------------------- Ailing finance house Dev¡n banka, which only two months ago was pulled back from the brink of a dramatic collapse, is set to get back on its feet after reaching an agreement with the Finance Ministry over Russian debt, THE SLOVAK SPECTATOR reports. The August 10 signing of a mandate between the Finance Ministry and the bank, which gives Dev¡n the task of recovering $60 million worth of Russian debt to Slovakia, finally allowed the bank to meet minimum reserve requirements (MRR) August 15 - a feat it had failed to achieve in the last five of the central bank`s regular two week monitoring periods, accordingly. Board members at the troubled bank had originally said that the MRR would not be met before the end of August, but after meeting the requirement mid-month said it was sure sign of the bank`s recovery. The National Bank of Slovakia (NBS) has been following the progress of Dev¡n Banka closely since the government extended a 2.5 billion crown credit to the bank in June. The bank was on the verge of collapse at the time, but the government said that it had reluctantly decided to give the loan to relieve pressure on the Deposit Protection Fund, a controversial fund set up to guarantee the repayment of client deposits in the event of a bank collapse. Four Slovak banks had crashed in the 12 months preceding Dev¡n`s problems, virtually emptying the Fund`s coffers, the report says. The agreement between the Finance Ministry and the bank had been stalled for months on a penalty the ministry wanted to levy against the bank for failing to clear the Russian debt within a period specified by the ministry. That period would have expired on October 31 this year, but has now been extended by two months, and the penalty clause has also been lifted in the mandate. Dev¡n banka will receive 20% of the full $60 million for settling the debt. Both the Finance Ministry and Dev¡n banka are keeping an information embargo on the full details of the agreement, and neither party was prepared to comment on their part in breaking the deadlock. While the finance house remains confident it can meet the year-end deadline for unblocking the debt, Dev¡n Banka still remains a thorny issue for the government, the report says. ===================== S W I T Z E R L A N D ===================== Zurich Vie: Vera Foundation Accuses Insurer of Taking Part in Pension Debacle ----------------------------------------------------------------------------- Following the debacle of the Vera and Pevos Pension Funds, Zurich Vie, the Swiss life insurance group, is now faced with another complaint. The Vera Foundation is accusing it of having taken part in the disaster via its representatives within the bodies of the foundation, World Reporter Reports. Fondation Vera is demanding over Sfr 65 million of damages, according to Iris Roth, spokesperson of The Zurich Group. The liquidation in 1996 of the Four Vera/Pevos Foundations led to debts of over Sfr 150 million, the report says. =========================== U N I T E D K I N G D O M =========================== BRITISH TELECOM: More Asset Sales Seen to Trim High Debt Load ------------------------------------------------------------- The EUROPEAN INVESTOR ONLINE & REUTERS, citing analysts' comments, report that British Telecom Plc's Options For Reducing Its Debt Are Complicated By A Difficult Market For Telecoms Flotations And A Lack Of Obvious Disposals. The UK's Dominant Telecoms Operator Is Under Pressure To Sell Assets And Spin Off Subsdiairies To Cut Its Mounting Debt And Protect Its Credit Rating, Which Standard & Poor's Is Threatening To Lower. The former monopoly's debts are forecast to reach 30 billion pounds ($44.44 billion) unless it raises money before it pays for its increased stake in German mobile operator Viag Interkom next year. Its most obvious option is to float minority stakes in some of its businesses -- it is already set to raise one to two billion pounds by spinning off yellow pages business Yell and has said it will decide by the end of the year whether to float any other divisions, the report says. Its Wireless Division Could Be Worth Up To 44 Billion Pounds If It Included BT's European Cellular Investments As Well As Cellnet In The UK, So The Flotation Of A 20 Percent Stake Would Make A Significant Dent In Its Debt, Accordingly. CORUS: 2,500 Staff To Hear Their Fate ------------------------------------- Corus Steelworkers Wait To Hear The Results Of A Company Review Which Could Cost 2,500 Jobs, THIS IS LANCHASHIRE Reports. The Fate Of The Former British Steel Company's Plant In Llanwern In Wales Has Been Hanging In The Balance For Some Time, But Insiders Believe It Will Be Revamped Rather Than Closed, The Report Says. Accordingly, Corus Is Reviewing Its UK Operations Because Of The Effects Of The Strong Pound. It Has Already Shed Thousands Of Jobs As It Attempts To Cut Costs. ESAT DIGIFONE: BT To Discuss Spin-Off, Raise Cash To Cancel Debt ---------------------------------------------------------------- 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 œ30 Billion Sterling, The Irish Times Reports. The Board Of BT Will Meet Next Week To Discuss Spinning Off Its Mobile Units And Other Assets. Ms Una Mcgirr, Director Of Communications At BT Europe Said No Decision Had Yet Been Taken On The Best Way To Raise Cash To Cancel The Debt. She Said This Could Take The Form Of A Disposal Of Non-Core Assets Or An IPO Strategy For Separate Business Units, The Report Says. Esat Digifone Joined BT's Growing European Mobile Family Earlier This Year When Esat Telecom Was Purchased For $2.5 Billion. 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 œ7.3 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 œ8.5 Billion For A German 3G Licence And More Than œ4 Billion Sterling For A UK 3G Licence, According To The Report Obtained By Irish Times. FII: Shares Suspended As Shoe Manufacturer Announces Full-Year Losses --------------------------------------------------------------------- Shares In FII, The Former Marks & Spencer Shoe Manufacturer Seeking Reincarnation As A Technology Group Were Suspended At 101p As The Company Announced Full-Year Losses And An Expansion Of Its IT Interests, THIS IS LONDON Reports. The Suspension Came After Talks With The Authorities On The Group's Future Strategic Objectives. Investors Have Recently Expressed Frustration That The Footwear Group Is Taking Too Long To Reinvent Itself As A New-Economy Business, The Report Says. HYDER: Severn Trent Begins Legal Action --------------------------------------- Severn Trent Began Legal Action Against Hyder In A Last Ditch Attempt To Frustrate The Plans Of Western Power Distribution, Which Has Bid œ565m For The Welsh Utility. The Move Came Less Than 24 Hours After Nomura, The Japanese Investment Bank, Conceded Victory To WPD. WPD, Which Is Owned Jointly By Southern Company And PPL Of The US, Said Severn's Action Will Not Prevent It Completing The Purchase Of Hyder For 365p A Share, Financial Times Reports. Severn, One Of Britain's Biggest Water Companies, Has Objected To WPD's Plans To Award A Contract To Manage Hyder's Water Business To United Utilities, Owner Of North West Water. Brian Duckworth, Managing Director Of Severn Trent Water, Said: "Under European Procurement Law, This Contract Should Have Been Put Out To Open Tender. We Have Been Denied The Chance Of Competing For This Work And Are Applying To The High Court. The Company Had Already Complained To The UK Water Industry Regulator And Stephen Byers, Trade And Industry Secretary. WPD Said The Water Company Was "Behind The Game" And That Its Bid For Hyder Had Already Been Investigated And Cleared By Competition And Regulatory Authorities In The UK And In Brussels. Severn's Approach To The Courts Coincided With Publication Of A Takeover Panel Judgement Clearing The Way For The WPD Offer. It Rejected An Appeal By Nomura That WPD's Bid Should Be Disqualified On The Grounds That It Had Missed The Deadline Of 4.30pm For Announcing Its Victory, The Report Says. Hyder: Bond Holders Offered Buy-Out Agreement --------------------------------------------- For Holders Of Hyder's Bonds, The Long-Running Takeover Battle For The Welsh Utility Has Not Ended As Badly As They Had Feared. In A Deal Struck With Western Power Distribution (WPD), Which Beat Nomura For Control Of Hyder, Holders Of Hyder's Sterling Bonds Could Choose To Have Their Bonds Bought At A Premium To Where They Were Trading In The Market, Financial Times Reports. In Exchange, They Would Forego Any Say In How The Company Is Structured. Although The Results Of The Tender Are Not Yet Known, Many Of Them Are Expected To Opt For The Buy-Out, The Report Says. The Ability Of Bondholders To Negotiate Terms Which Were Better Than Expected Has Offered A Glimmer Of Hope To Investors In UK Water Utility Bonds, The Value Of Which Has Fallen This Year On The Back Of Regulatory Price Squeezes And As Credit Ratings Have Been Lowered Due To Rising Debt Levels. The Hyder Experience Shows That Bond Investors Are Being Treated More Seriously By Companies. The Hyder Bonds Deal Was Agreed Between Schroder Salomon Smith Barney And Four Big UK Institutional Investors Over Four Days. It Is Estimated To Give Investors Around About œ120m In Compensation, Less Than The œ200m They Would Be Legally Entitled To Under The Original Restructuring Terms And Conditions Of Their Bonds. Bond Investors Were Keen To Come To Some Agreement Because Hyder's Debt Has Been Cut To Below Investment Grade, Accordingly. OSAL LTD: Notice Of Creditors Meeting ------------------------------------- Company Name: Osal Ltd Other Name: Advanced Vehicle Management IA 1986 Section: 98 Creditors Meeting Time: 11.00 Am Meeting Date: 10/08/00 Meeting Address: Britannia Buildings 46 Fenwick Street Meeting City Code: Liverpool L2 7NA Authorised By: D Greenwood Director 27/07/00 Last Day For Proxy: Proxy Address: Liquidators: Firm Name: Rooney Associates Address: Britannia Buildings 46 Fenwick Street Liverpool L2 7NA PLANET GO: Notice Of Creditors Meeting -------------------------------------- Company Name: Planet Go Publishing Ltd Other Name: IA 1986 Section: 98 Creditors Meeting Time: 10.30 Am Meeting Date: 10/08/00 Meeting Address: Old Library Chambers 21 Chipper Lane Meeting City Code: Salisbury SP1 1BG Authorised By: M Dunning Secretary 25/07/00 Last Day For Proxy: 09/08/00 Proxy Address: Old Library Chambers 21 Chipper Lane Salisbury SP1 1BG Liquidators: Firm Name: Smith & Williamson Address: Old Library Chambers 21 Chipper Lane Salisbury SP1 1BG RAYFIELD ASSOCIATES: Notice Of Creditors Meeting ------------------------------------------------ Company Name: Rayfield Associates Ltd Other Name: IA 1986 Section: 98 Creditors Meeting Time: 10.30 Am Meeting Date: 10/08/00 Meeting Address: 73-75 Mortimer Street Meeting City Code: London W1N 7TB Authorised By: S S Dosanj Director 24/07/00 Last Day For Proxy: 09/08/00 Proxy Address: 73-75 Mortimer Street London W1N 7TB Liquidators: Firm Name: Weston Kay Address: 73-75 Mortimer Street London W1N 7TB REALGAME LTD: Notice Of Creditors Meeting ----------------------------------------- Company Name: Realgame Ltd Other Name: IA 1986 Section: 98 Creditors Meeting Time: 10.15 Am Meeting Date: 10/08/00 Meeting Address: 6 Raymond Buildings Grays Inn Meeting City Code: London WC1R 5BP Authorised By: L Wise Director 14/07/00 Last Day For Proxy: 09/08/00 Proxy Address: The Old Exchange 234 Southchurch Road Southend-On-Sea SS1 2EG Liquidators: Peter Gotham Firm Name: Begbies Traynor Address: The Old Exchange 234 Southchurch Road Southend-On-Sea SS1 2EG ROCKCELL LTD: Notice Of Creditors Meeting ----------------------------------------- Company Name: Rockcell Ltd Other Name: IA 1986 Section: 98 Creditors Meeting Time: 10.30 Am Meeting Date: 10/08/00 Meeting Address: 6 Raymond Buildings Grays Inn Meeting City Code: London WC1R 5BP Authorised By: L Karmios Director 14/07/00 Last Day For Proxy: 09/08/00 Proxy Address: The Old Exchange 234 Southchurch Road Southend-On-Sea SS1 2EG Liquidators: Peter Gotham Firm Name: Begbies Traynor Address: The Old Exchange 234 Southchurch Road Southend-On-Sea SS1 2EG SATURN NETWORK: Notice Of Creditors Meeting ------------------------------------------- Company Name: Saturn Network Solutions Ltd Other Name: IA 1986 Section: 98 Creditors Meeting Time: 12.00 Pm Meeting Date: 10/08/00 Meeting Address: 6 Coldbath Square Meeting City Code: London EC1R 5HL Authorised By: M A Bull 25/07/00 Last Day For Proxy: Proxy Address: Liquidators: Geoffrey Pollard Firm Name: Geoffrey Pollard & Co Address: 5 Coldbath Square London EC1R 5HL SCRIPTS & CO: Notice Of Creditors Meeting ----------------------------------------- Company Name: Scripts & Co (Dispensing Chemist) Ltd Other Name: IA 1986 Section: 23 Creditors Meeting Time: 01.00 Pm Meeting Date: 10/08/00 Meeting Address: The Gatwick Hilton Hotel Gatwick Airport Meeting City Code: Crawley Authorised By: Ken Touhey Joint Administrator Last Day For Proxy: 09/08/00 Proxy Address: 16-17 Boundary Road Hove BN3 4EF Liquidators: Firm Name: Morley & Scott Address: 16-17 Boundary Road Hove BN3 4EF SPECIALISED PROJECT: Notice Of Creditors Meeting ------------------------------------------------ Company Name: Specialised Project Systems Ltd Other Name: IA 1986 Section: 98 Creditors Meeting Time: 11.00 Am Meeting Date: 10/08/00 Meeting Address: Temple Court Cathedral Road Meeting City Code: Cardiff CF11 9HA Authorised By: J Buac Director Last Day For Proxy: 09/08/00 Proxy Address: The Conifers Filton Road Bristol BS16 1QG Liquidators: Firm Name: Houghton Stone Address: The Conifers Filton Road Bristol BS16 1QG SPEEDEX ENGINEERING: Notice Of Creditors Meeting ------------------------------------------------ Company Name: Speedex (Engineering) Ltd Other Name: IA 1986 Section: 48 Creditors Meeting Time: 11.00 Am Meeting Date: 10/08/00 Meeting Address: 9 Bond Court Meeting City Code: Leeds LS1 2SN Authorised By: E Klempka & S A Ellis Joint Administrative Receivers 13/07/00 Last Day For Proxy: 09/08/00 Proxy Address: 9 Bond Court Leeds LS1 2SN Liquidators: Firm Name: Pricewaterhousecoopers Address: 9 Bond Court Leeds LS1 2SN SUPERB MANAGEMENT: Notice Of Creditors Meeting ---------------------------------------------- Company Name: Superb Management Ltd Other Name: IA 1986 Section: 98 Creditors Meeting Time: 11.00 Am Meeting Date: 10/08/00 Meeting Address: The Kings Hotel 7-8 High Street Meeting City Code: Newport NP20 1QU Authorised By: B Callender Director 25/07/00 Last Day For Proxy: 09/08/00 Proxy Address: The Old Exchange 234 Southchurch Road Southend-On-Sea SS1 2EG Liquidators: David Hudson Firm Name: Begbies Traynor Address: The Old Exchange 234 Southchurch Road Southend-On-Sea SS1 2EG SWIFT IMAGES: Notice Of Creditors Meeting ----------------------------------------- Company Name: Swift Images Ltd Other Name: IA 1986 Section: 98 Creditors Meeting Time: 10.30 Am Meeting Date: 10/08/00 Meeting Address: Elliot House 151 Deansgate Meeting City Code: Manchester M3 3BP Authorised By: Ms Patel Director 31/07/00 Last Day For Proxy: 09/08/00 Proxy Address: Eliott House 151 Deansgate Manchester M3 3BP Liquidators: Firm Name: Begbies Traynor Address: Eliott House 151 Deansgate Manchester M3 3BP SWINDON TOWN: Notice Of Creditors Meeting ----------------------------------------- Company Name: Swindon Town Football Club Ltd Other Name: IA 1986 Section: 23 Creditors Meeting Time: 10.30 Am Meeting Date: 10/08/00 Meeting Address: The County Ground County Road Meeting City Code: Swindon SN1 2ED Authorised By: L Hornan Nominee 22/07/00 Last Day For Proxy: 09/08/00 Proxy Address: St Alphage House 2 Fore Street London EC2Y 5DH Liquidators: Firm Name: Hacker Young Address: St Alphage House 2 Fore Street London EC2Y 5DH T C BLACKMAN: Notice Of Creditors Meeting ----------------------------------------- Company Name: T C Blackman & Son Ltd Other Name: IA 1986 Section: 98 Creditors Meeting Time: 11.30 Am Meeting Date: 10/08/00 Meeting Address: Beauport Park Hotel Battle Road Meeting City Code: Hastings Authorised By: T J Blackburn Director 18/07/00 Last Day For Proxy: Proxy Address: Liquidators: Andrew White Firm Name: BDO Stoy Hayward Address: Nile House Nile Street Brighton BN1 1JB TEC EUROPE: Notice Of Creditors Meeting --------------------------------------- Company Name: Tec (Europe) Ltd Other Name: IA 1986 Section: 98 Creditors Meeting Time: 10.30 Am Meeting Date: 10/08/00 Meeting Address: 1 North Road The Park Meeting City Code: Nottingham NG7 1AG Authorised By: A H Yaghi Director 01/08/00 Last Day For Proxy: Proxy Address: Liquidators: Firm Name: Savilles Address: 1 North Road The Park Nottingham NG7 1AG The Rookery: Cash-Strapped Nursing & Residential Home Likely to Close Soon -------------------------------------------------------------------------- The CHESHIRENEWS Reports That A Failing Village Nursing And Residential Home Which Has Lost More Than œ100,000 Is To Close Soon, Much To The Dismay Of Community Leaders. News That Care Providers CLS Care Services Have Decided To Shut The Rookery In Tattenhall Following A Board Meeting Has Been Greeted With Sadness. The Decision Means The 26 Residents Will Have To Find Other Accommodation. Staff Will Not Lose Their Jobs, The Report Says. The Rookery Is A Dual Registered Nursing And Residential Home. Alan Proctor, Business Manager For CLS, A Non-Profit-Making Organisation, Said: 'Earlier In The Year We Started An Option Appraisal Looking At Its Future As A Care Home.'CLS Will Consult With Residents And Staff About The Timing Of The Closure In The Next Few Days, Accordingly. They Will Try To Relocate The 34 Staff Without The Need For Redundancies. The Closure Comes At A Time Of Increasing Financial And Regulatory Pressures On Care Homes. The Rookery, Which Has Lost œ100,000 Over The Past Five Years, Needs œ500,000 Worth Of Improvements To Bring It Up To The Standard Of Other CLS Homes, The Report Says. TIDY SYSTEMS: Notice Of Creditors Meeting ----------------------------------------- Company Name: Tidy Systems Ltd Other Name: IA 1986 Section: 98 Creditors Meeting Time: 11.00 Am Meeting Date: 10/08/00 Meeting Address: 9 Wimpole Street Meeting City Code: London W1M 8LB Authorised By: D Mcneil Director 21/07/00 Last Day For Proxy: Proxy Address: Liquidators: Firm Name: Sochalls Insolvency Services Address: 9 Wimpole Street London W1M 8LB UOKUNI UK: Notice Of Creditors Meeting -------------------------------------- Company Name: Uokuni UK Co Ltd Other Name: IA 1986 Section: 98 Creditors Meeting Time: 11.30 Am Meeting Date: 10/08/00 Meeting Address: Clareville House 26-27 Oxendon Street Meeting City Code: London SW1Y 4EP Authorised By: Director Last Day For Proxy: 09/08/00 Proxy Address: Clareville House 26-27 Oxendon Street London SW1Y 4EP Liquidators: Stephen Blandford Firm Name: Rothman Pantall Address: Clareville House 26-27 Oxendon Street London SW1Y 4EP VEGA CANTLEY: Notice Of Creditors Meeting ----------------------------------------- Company Name: Vega Cantley Instrument Co Ltd Other Name: IA 1986 Section: 98 Creditors Meeting Time: 11.30 Am Meeting Date: 10/08/00 Meeting Address: 180 High Street Meeting City Code: Egham TW20 9DN Authorised By: L M Rodriguez Director 24/07/00 Last Day For Proxy: Proxy Address: Liquidators: Firm Name: Wilkins Kennedy Address: 180 High Street 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. 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 * * *