/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/000828.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, August 28, 2000, Vol. 1, No. 79 Headlines * B E L G I U M * LOUIS DE POORTERE: Declared Insolvent by Commercial Court of Doornik * C Z E C H R E P U B L I C * INVESTICNI A POSTOVBI: Shares in Failed Bank May Resume Trading on PSE * G E R M A N Y * IG FARBEN: Holocaust Victims Vie for a Piece of the Liquidation Pie METRO: Mega-Retailer Reports H1 Losses of DM78m ($36m) * I R E L A N D * HARLAND & WOLFF: With No Cash, Little Work and No Firm Orders, Closure Likely HARLAND & WOLFF: Concedes that Workforce Lay-Offs are Inevitable * N E T H E R L A N D S * BLYDENSTEIN-WILLINK: Reports 1.6 Million Euros First-Half Loss FRED OLSEN: Faces Tough Times in Wake of Harland and Wolff's Traumas MERKANTILDATA ASA: Posts 379.4 Million Nkr H1 Net Loss RAUFOSS: Q2 Pretax Loss 20 Million Nkr * P O L A N D * POLISH STATE: Troubled Railway Seeks Partner to Bid for Mobile Phone License * R U S S I A * AEROFLOT: Lead Investigator Looking in Aeroflot Embezzlement Resigns Office GORELEKTROSET: Voronezhenergo Cuts Electric Supply By 20% to Entice Payment JSC: Petitions Novosibirsk Arbitrage Court for Bankruptcy Delaration * S P A I N * LOGRONES: Autobuses Julio Jimenez To Takeover Indebted Football Club * S W E D E N * DRESSMART: Monority Owners Force Internet Clothing Retailer Into Liquidation * S W I T Z E R L A N D * LONZA: Sells Singapore Plant to Further Restructuring Plan * U N I T E D K I N G D O M * B R MOTORSPORT: Notice of creditors meeting BANGAIR LTD: Notice of creditors meeting BRITISH AIRWAYS: Shares Slide to 3-Month Low As Fuel Prices Soar CAMTEQ LTD: Notice of creditors meeting CASTLE BUSINESS: Notice of creditors meeting CASTLE INFORMATION: Notice of creditors meeting COLTMUIR DEVELOPMENTS: Notice of creditors meeting CUBA RETAIL: Notice of creditors meeting DIRECT FORCE: Notice of creditors meeting DUDLEY & SWANSEA: Notice of creditors meeting EGG: Fraud Fears Grow As Internet Bank Discloses Existence of Fake Accounts FARLEY LASER: Notice of creditors meeting FLAKESTYLE LTD: Notice of creditors meeting GORDON AND INNES: MEDIA Questions About Firm's Debts Spoil Boss' Holiday GULF AIR: Posting $150+ Million Loss, Carrier's Future is Uncertain GRANDIDEAL LTD: Notice of creditors meeting HESFLO (DUCTING): Notice of creditors meeting HUDDERSFIELD INDEPENDENT: Notice of creditors meeting IMR ENGINEERING: Notice of creditors meeting IDEAL QUALITY: Notice of creditors meeting INTERNATIONAL CONFERENCE: Notice of creditors meeting NHP: Under Shareholder Pressure, Chief Executive Resigns ROYAL DOULTON: Posts H1 ś1.3 million Stg Pretax Loss ============= B E L G I U M ============= LOUIS DE POORTERE: Declared Insolvent by Commercial Court of Doornik -------------------------------------------------------------------- The commercial court of Doornik declared Belgian textiles manufacturer Louis de Poortere insolvent last week. De Financieel Ekonomische Tijd and The World Reporter report that the court appointed two trustees. LDP filed for liquidation the day before. Majority shareholder Vincent de Poortere, in co- operation with French associated company Balsan, has plans to take over LPD's tapestry and weaving departments. The legal procedure, which Belgian national office for social security RSZ had started against LPD because of an outstanding BFr640m debt, was suspended with the liquidation order. Vincent de Poortere, presenting himself as a privileged takeover candidate, will report his takeover plans next week. They may involve a social reorganisation. LDP employs 500 people, the report says. =========================== C Z E C H R E P U B L I C =========================== INVESTICNI A POSTOVBI: Shares in Failed Bank May Resume Trading on PSE ---------------------------------------------------------------------- The CENTRAL EUROPE ONLINE & REUTERS reports that the Prague Stock Exchange (PSE) said it would move shares in failed bank IPB to the least regulated free market starting September 1. Trading in the shares, previously listed on the main market and traded in the SPAD market maker based system, has been blocked by the Securities Commission since just before the bank's collapse on June 16. The bank, partly controlled by a unit of Nomura Securities, was put under central bank forced administration amid a run on deposits. A central bank audit released later showed the bank was lacking some 40 billion crowns in reserves, accordingly. All the bank's assets were subsequently sold to rival bank CSOB a.s., a unit of Belgium's KBC . The remaining IPB shell holds a receivable to be priced according to the results of ongoing audits of IPB's net worth, which is widely expected to be negative. The Securities Commission has recommended investors to value IPB shares at zero. Nomura announced earlier this month it was selling a 46 percent stake in IPB, held by allied Dutch-registered Saluka Investments, but the Czech central bank said any sale was currently legally impossible, according to the reports obtained from CENTRAL EUROPE ONLINE & REUTERS. ============= G E R M A N Y ============= IG FARBEN: Holocaust Victims Vie for a Piece of the Liquidation Pie ------------------------------------------------------------------- THE TORONTO STAR reports that the scuffles broke out at a shareholder meeting yesterday to discuss the winding-up of IG Farben, the German company that produced the Zyklon B gas used in Nazi death camps. Protesters demanded the firm, which is now in receivership, be liquidated immediately and that its estimated $13 million (Cdn.) in assets be handed over to survivors of the forced labour regime it ran during World War II. Shareholders belonging to anti-fascist groups shouted "Nazis Out" while they tried to storm the podium at the meeting in Frankfurt as a member of a fringe far-right party stood up to speak, the report says. An endowment was set up last year to provide them with compensation payments. But demonstrators outside the meeting said that was not enough and demanded that the labourers also receive the company's remaining assets, which are mainly in real estate since its break-up by the Allies after the end of the war. "IG Farben must be terminated immediately and the rest of the money should be given to the surviving forced labourers," Henry Mathews, executive board member of the Association of Critical Shareholders in Germany, told reporters. The deadly Zyklon B gas it produced was among the most notorious of the weapons used by the Nazis in the Holocaust, a genocide campaign that resulted in the murder of 6 million European Jews. The German state and thousands of private firms agreed last year to set up a $6.7 billion fund to compensate more than a million surviving forced labourers and other Third Reich victims. German Chancellor Gerhard Schroeder, however, criticized yesterday what he called the insufficient participation of German companies in the fund, the report says. METRO: Mega-Retailer Reports H1 Losses of DM78m ($36m) ------------------------------------------------------ Losses in the food retailing division of Metro, Germany's largest retail group, worsened in the first half of the current financial year despite a 10 per cent rise in the group's overall profits, the Financial Times reports. The food division had losses on ordinary activities of DM78m ($36m)in the first half compared with a loss of DM13m in the same period last year. Sales were up 1.3 per cent to DM7.59bn, mainly lifted by store openings outside Germany, accordingly. Most of the losses were accounted for by an ambitious refurbishment and store conversion programme, which had been expected to weigh disproportionately on the first half results, coupled with Real's fast pace of expansion in eastern Europe and Turkey, the report says. ============= I R E L A N D ============= HARLAND & WOLFF: With No Cash, Little Work and No Firm Orders, Closure Likely ----------------------------------------------------------------------------- THE TIMES reports that the future of the Belfast shipyard Harland & Wolff is at risk after a fresh problem in a contract dispute. Even if the yard does survive, there are expected to be hundreds of redundancies. Harland & Wolff, has no cash, little work and no firm orders. It has been rocked by the non-payment of a ś23 million final installment of a drillship contract by Global Marine, a company with whom the shipyard is in dispute. Harland & Wolff is claiming ś133 million from Global Marine because it says the order for two oil drillships was changed during construction, necessitating extra work, according to the report obtained by The Times . Earlier this month Global Marine took its last ship without making the final payment, after securing a high court order to do so. It is challenging the ś133 million claim. The shipyard employs just over 1,000, with many working two or three days a week. Fred Olsen, the shipyard's owner, is expected to make a decision next week, the report says. HARLAND AND WOLFF: Concedes that Workforce Lay-Offs are Inevitable ------------------------------------------------------------------ Harland and Wolff, the troubled Belfast shipyard, conceded that substantial redundancies were "inevitable" in the face of its empty order book. In a statement issued in Belfast, the Norwegian parent company said the failure of one of its customers to pay money due on a completed contract and the uncertain order book had "placed the very future of the yard at risk". Fred Olsen Energy, which acquired the company in a 1989 privitization, issued a similar statement to the Oslo stock exchange, the Financial Times reports. The yard's 1,200 workers are already on a 30-hour, three-day week and 280 redundancies were agreed earlier in the summer, accordingly. The management said it was addressing "a number of alternatives in order to create new opportunities for the company to establish itself as a viable offshore and shipbuilding future". But it warned: "Given the current circumstances any proposal will inevitably involve a substantial reduction in employees." The company is eyeing ferry and luxury cruise liner contracts, and is in negotiations for around ś500m worth of business. It said the crisis had been triggered by the refusal of Global Marine, a Houston company, to pay a ś23m final installment for completion of the second of two drill ships, the report says. ===================== N E T H E R L A N D S ===================== BLYDENSTEIN-WILLINK: Reports 1.6 Million Euros First-Half Loss -------------------------------------------------------------- Blydenstein-Willink NV's group announces its first half of 2000 results: Net loss 1.6 million euros Turnover 24.0 million euros Operating loss 1.1 million euros Interest charges 0.4 million euros Textiles group BLydenstein-Willink NV said it expected to post a full-year loss in 2000 because of disappointing developments at unit Lakatex, according to reports circulated by EUROPEAN INVESTOR & REUTERS. =========== N O R W A Y =========== FRED OLSEN: Faces Tough Times in Wake of Harland and Wolff's Traumas -------------------------------------------------------------------- BBC News reports that the owner of Harland and Wolff has long warned that the Belfast shipyard was hurting its profits. Earlier this year, Norway's Fred Olsen Energy warned that its profits would be hurt in the second quarter because of the uncertain situation at the yard. The group - a supplier to the offshore industry - has seen its losses offset but not erased by revenues in its offshore drilling division and its floating production division, accordingly. Harland and Wolff has been hit by a cashflow problem after Global Marine, a Texas contractor, won a court order to take delivery of a second drill ship without paying the money that Harland said it was owed. It had said that the vessel was ready for delivery, but Global Marine refused to accept the ship and said it was not completed to their satisfaction. The yard had primarily been concentrating on building these two drill ships, the report says. While Harland and Wolff is firming up fresh orders, the wage bill is being met by its Norwegian parent. Altogether Fred Olsen Energy employs about 2,500 people onshore and offshore. Most of its present operations are in the North Sea and West Africa. Its annual turnover is $700m a year, the report says. MERKANTILDATA ASA: Posts 379.4 Million Nkr H1 Net Loss ------------------------------------------------------ Merkantildata ASA reports its results for the first six months to June 30: Net - loss 379.4 million nkr vs profit 184.7 million Pretax - loss 504.2 million nkr vs profit 256.9 million Opg - loss 509.9 million nkr vs profit 259.3 million EPS - loss 2.62 nkr vs profit 1.73 Sales - 3.994 billion nkr vs 5.102 billion Second quarter to June 30 Net - loss 302.7 million nkr vs profit 101.7 million Pretax - loss 400.7 million nkr vs profit 141.4 million Opg - loss 397.3 million nkr vs profit 141.9 million EPS - loss 1.88 nkr vs profit 0.94 Sales 2.238 billion nkr vs 2.707 billion RAUFOSS: Q2 Pretax Loss 20 Million Nkr -------------------- Raufoss reports its results for the first six months to June 30: Pretax loss - 20 million nkr Sales - 564 million nkr Opg loss - 9 million nkr Net loss - 16 million nkr Loss per share - 2.13 nkr First half to June 30 Pretax loss - 29 million nkr Sales - 1.129 billion nkr Opg loss - 10 million nkr Net loss - 24 million nkr Loss per share - 3.20 nkr =========== P O L A N D =========== POLISH STATE: Troubled Railway Seeks Partner to Bid for Mobile Phone License ---------------------------------------------------------------------------- The REUTERS reports that the Poland's debt-burdened state railway, PKP, is seeking a partner with which to bid for a third-generation mobile phone license, the firm said. PKP is to put an advertisement in influential daily Rzeczpospolita, giving details of PKP's contribution to a UMTS bid. "We don't have the money to invest in the UMTS license ourselves, but we have other things to offer a possible partner, such as our fibre-optic network," Stanislaw Plewako, the deputy head of PKP's telecoms arm told Reuters. Poland plans to give out five third-generation licenses by the end of this year and wants to invite bids in early October, from which the state expects to gain at least zl. 14 billion. PKP, Poland's largest employer, has debts of zl. 6.3 billion ($1.45 billion. Several energy suppliers threatened to cut its power supplies earlier in August unless it repays some of its liabilities, the report says. =========== R U S S I A =========== AEROFLOT: Lead Investigator Looking in Aeroflot Embezzlement Resigns Office --------------------------------------------------------------------------- The prosecutor heading Russia's side of an investigation into alleged embezzlement by media magnate Boris Berezovsky from state airline Aeroflot said he was leaving his job, EUROPEAN INVESTOR & REUTERS reports. Berezovsky has denied the allegations, calling it a political case. The allegations of fraud involving the skimming off of funds through two Lausanne- based companies are also being investigated in Switzerland. Local media reported that investigator Nikolai Volkov had decided to take early retirement, under pressure from his bosses for inviting Swiss prosecutors to visit Russia, an act his superiors saw as overstepping his authority, the report says. He told Kommersant daily newspaper he had left voluntarily, but hinted at behind-the-scenes manipulation. Volkov was probing allegations that Berezovsky was involved in skimming off money from Aeroflot through the Lausanne-based companies Forus Services SA and Andava SA. Volkov said in July he had papers from the Swiss authorities which would allow him to decide in September whether to press charges, the report says. GORELEKTROSET: Voronezhenergo Cuts Electric Supply By 20% to Entice Payment --------------------------------------------------------------------------- The Prime, Tass News & Euromoney report that the Voronezhenergo power system has cut by 20% its power supply to Municipal enterprise Gorelektroset, which owes RUR 290 million to energy suppliers, Deputy General Director of Voronezhenergo, Boris Kutenko said last week. Previously, electric power supplies were regularly cut off only in the rural districts of the region (rural producers' overall debt to Voronezhenergo exceeds RUR 230mln), Kutenko said. The report says that Kutenko believes this extreme measure will change the situation with payments for the better. The fees collected by Voronezhenergo made up over 60% of the target, which totals RUR 32mln. Voronezhenergo's debts payable exceed RUR 2bln, debts receivable - RUR 1.8bln. At the same time, Voronezhenergo buys about 90% of all the electricity needed by the region at the federal wholesale market of electric power and capacity, the report says. JSC: Petitions Novosibirsk Arbitrage Court for Bankruptcy Delaration -------------------------------------------------------------------- JSC "Novosibirsk energy-mechanical works" appealed to Novosibirsk Arbitrage Court with a statement to declare itself a bankrupt. The company has stressed it can fulfil its cash obligations. Its budgetary debt amounted to RUR 30 million, SKRIN ISSUER reports. ========== S P A I N ========== LOGRONES: Autobuses Julio Jimenez To Takeover Indebted Football Club -------------------------------------------------------------------- CINCO DIAS reports Julio Jimenez, owner of the Spanish coach company Autobuses Julio Jimenez, yesterday reached an agreement with the Catalan group Universal Sports to acquire Logrones football club for the symbolic price of three pesetas. Jimenez thus becomes owner of the company in which he had been acting as a liquidator since June, when the Spanish professional football league decided to relegate the club to the third division for failure to pay money owed players. Logrones currently has no players and debts in excess of Pta 1.5bn, the report says. ============ S W E D E N ============ DRESSMART: Monority Owners Force Internet Clothing Retailer Into Liquidation ---------------------------------------------------------------------------- Dagens Industri & the World Reporter report that Dressmart, the Swedish internet clothing retailer, is being forced into liquidation by four of its minority owners, representing a total of 8.4 per cent of the shares. All of the larger shareholders accepted the bid presented by New Wave Group, the Swedish clothes retailer, of SKr1 for the whole company. New Wave had promised that at least 10 of Dressmart's 60 employees in Sweden would be able to keep their jobs, and it would also pay back 75 per cent of Dressmart's debts. It is still not known why Carl Nisser, the Swedish lawyer representing the minority owners in question, turned down the bid, the report says. ===================== S W I T Z E R L A N D ===================== LONZA: Sells Singapore Plant to Further Restructuring Plan ---------------------------------------------------------- Lonza, the Swiss speciality Chemicals company headed by Swiss financier Martin Ebner, has taken a further step towards becoming a pure Fine Chemicals company by reshuffling its business portfolio and putting up for sale a new additives plant in singapore that cost $130m to build, Financial Times reports. The Singapore plant, which lost Sfr12m in the first half, is part of Lonza's intermediates and additives division, which has been renamed performance Chemicals and Polymer intermediates. The sale of the Singapore plant, and the reshuffle of the business portfolio, comes amid mounting speculation that Lonza is preparing to turn itself into a pure Fine Chemicals company, the report says. =========================== U N I T E D K I N G D O M =========================== B R MOTORSPORT: Notice of creditors meeting ------------------------------------------- Company Name: B R Motorsport Ltd Other name: IA 1986 Section: 98 Creditors Meeting Time: 03.30 pm Meeting date: 11/08/00 Meeting address: Beaufort House 94-96 Newhall Street Meeting City Code: Birmingham B3 1PB Authorised by: B Ricketts Director 20/07/00 Last day for proxy: Proxy address: Liquidators: Firm Name: Moore Stephens Booth White Address: Beaufort House 94-96 Newhall Street Birmingham B3 1PB BANGAIR LTD: Notice of creditors meeting ---------------------------------------- Company Name: Banqair Ltd Other name: IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 11/08/00 Meeting address: Devonshire House 60 Goswell Road Meeting City Code: London EC1M 7AD Authorised by: R Eden Director 25/07/00 Last day for proxy: Proxy address: Liquidators: Firm Name: Kingston Smith & Partners Address: Devonshire House 60 Goswell Road London EC1M 7AD BRITISH AIRWAYS: Shares Slide to 3-Month Low As Fuel Prices Soar ---------------------------------------------------------------- The EUROPEAN INVESTOR & REUTERS report that the shares in British Airways dropped almost six percent as soaring fuel prices added to investors' jitters about the stock, dealers and analysts said. The airline's shares had plunged 21 pence to 330 pence by 1129 GMT, the lowest point for more than three months, although they were still off lows for the year of 257-1/2 pence hit in February. British Airways shares have headed steadily lower, almost uninterrupted, since mid August. Sentiment has also been undermined by a recent flow of negative news including jitters over a proposed tie up with KLM Royal Dutch Airlines and the grounding of Concorde, analysts said. CAMTEQ LTD: Notice of creditors meeting --------------------------------------- Company Name: Camteq Ltd Other name: IA 1986 Section: 98 Creditors Meeting Time: 12.00 pm Meeting date: 11/08/00 Meeting address: 17 St Annes Square Meeting City Code: Manchester M2 7PW Authorised by: F Collins Director 28/07/00 Last day for proxy: Proxy address: Liquidators: Firm Name: Stephen Conn & Co Address: 17 St Annes Square Manchester M2 7PW CASTLE BUSINESS: Notice of creditors meeting -------------------------------------------- Company Name: Castle Business Systems Ltd Other name: IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 11/08/00 Meeting address: 180 High Street Meeting City Code: Egham TW20 9DN Authorised by: A Battern Director 28/07/00 Last day for proxy: Proxy address: Liquidators: Firm Name: Wilkins Kennedy Address: 180 High Street Egham TW20 9DN CASTLE INFORMATION: Notice of creditors meeting ----------------------------------------------- Company Name: Castle Information Systems Ltd Other name: IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 11/08/00 Meeting address: 180 High Street Meeting City Code: Egham TW20 9DN Authorised by: A Battern Director 28/07/00 Last day for proxy: Proxy address: Liquidators: Firm Name: Wilkins Kennedy Address: 180 High Street Egham TW20 9DN COLTMUIR DEVELOPMENTS: Notice of creditors meeting -------------------------------------------------- Company Name: Coltmuir Developments Ltd Other name: IA 1986 Section: 138 Creditors Meeting Time: 11.00 am Meeting date: 11/08/00 Meeting address: 1 Blythswood Square Meeting City Code: Glasgow G2 4AD Authorised by: G Ian Rankin Interim Liquidator 07/07/00 Last day for proxy: 10/08/00 Proxy address: 1 Blythswood Square Glasgow G2 4AD Liquidators: Firm Name: PricewaterhouseCoopers Address: 1 Blythswood Square Glasgow G2 4AD CUBA RETAIL: Notice of creditors meeting ---------------------------------------- Company Name: Cuba Retail Ltd Other name: IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 11/08/00 Meeting address: 141 Great Charles Street Meeting City Code: Birmingham B3 3LG Authorised by: A K Randev Director 20/07/00 Last day for proxy: 10/08/00 Proxy address: 141 Great Charles Street Birmingham B3 3LG Liquidators: Henry E Hayes Firm Name: Poppleton & Appleby Address: 141 Great Charles Street Birmingham B3 3LG DIRECT FORCE: Notice of creditors meeting ----------------------------------------- Company Name: Direct Force (UK) Ltd Other name: IA 1986 Section: 98 Creditors Meeting Time: 10.00 am Meeting date: 11/08/00 Meeting address: The Conifers Filton Road Meeting City Code: Bristol BS16 1QG Authorised by: A Bunting Director Last day for proxy: 10/08/00 Proxy address: The Conifers Filton Road Bristol BS16 1QG Liquidators: Firm Name: Houghton Stone Address: The Conifers Filton Road Bristol BS16 1QG DUDLEY & SWANSEA: Notice of creditors meeting --------------------------------------------- Company Name: Dudley & Swansea Metals Co Ltd Other name: IA 1986 Section: 98 Creditors Meeting Time: 10.30 am Meeting date: 11/08/00 Meeting address: 42 St James Crescent Meeting City Code: Swansea SA1 6DR Authorised by: G Nicholls Director 31/07/00 Last day for proxy: 10/08/00 Proxy address: 42 St James Crescent Swansea SA1 6DR Liquidators: Firm Name: James & Uzzell Address: 42 St James Crescent Swansea SA1 6DR EGG: Fraud Fears Grow As Internet Bank Discloses Existence of Fake Accounts --------------------------------------------------------------------------- The BBC News reports that the Egg has lost of tens of thousands of pounds in an alleged fraud at the Internet bank, sources close to the investigation. Sources told the Nine O'Clock news that the fraud extracted "substantial amounts" of money. But Egg continues to insist that the fraudsters, who attempted to establish bogus accounts, only stole a nominal amount of money from the bank, in which Prudential has a majority stake. The news raises fresh fears about online security and comes as the National Crime Squad decides to widen its probe into fraud at Internet banks. The alleged fraud was a simple deception using fake names and addresses on multiple applications for savings accounts and loans. Egg has admitted that some cards were issued. Egg, which has 1.1 million customers, stressed that no money was stolen from individual accounts, and that none of its computer or security systems had been breached. "In no way have any of our customers suffered," Gary Clifton- Marshall, the bank's operations director, said. All banks, not just Internet ones, faced the same level of security risks in such cases, Egg claims. It was advanced software which can spot multiple applications coming from the same computer, and which Egg installed two months ago, which had led to the arrests on Wednesday, the bank added. On Wednesday, three men were released on police bail after being arrested by officers investigating the break-in, the report says. The men were arrested in dawn raids by officers of the National Crime Squad on seven homes around Milton Keynes following a six month investigation into internet fraud at Egg. The men were released without charge, according to the news obtained by BBN News. FARLEY LASER: Notice of creditors meeting ----------------------------------------- Company Name: Farley Laser Lab (Europe) Ltd Other name: IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 11/08/00 Meeting address: National Motorbike Museum Coventry Road Meeting City Code: Solihull B92 0EJ Authorised by: S Tipton Secretary Last day for proxy: 10/08/00 Proxy address: 1 Surrey Street London WC2R 2NT Liquidators: Roy Bailey Firm Name: Arthur Andersen Address: 1 Surrey Street London WC2R 2NT FLAKESTYLE LTD: Notice of creditors meeting ------------------------------------------- Company Name: Flakestyle Ltd Other name: Nil Simile Shoes IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 11/08/00 Meeting address: 109 Swan Street Meeting City Code: Leicester LE12 7NN Authorised by: J A Davis Director 14/07/00 Last day for proxy: 10/08/00 Proxy address: 109 Swan Street Leicester LE12 7NN Liquidators: Firm Name: Elwell Watchorn & Saxton Address: 109 Swan Street Leicester LE12 7NN GORDON AND INNES: MEDIA Questions About Firm's Debts Spoil Boss' Holiday ------------------------------------------------------------------------ A POTATO company boss relaxing in the south of France after his firm went into receivership yesterday accused the Press and Journal of spoiling his holiday by asking about the company's Pounds 7million debts, ABERDEEN PRESS & JOURNAL (UK) reports. Accordingly, a copy of the stories appear to have been faxed to Mr Roy at the villa, in much the same way as other P&J stories covering the collapse of Fochabers-based Gordon and Innes with debts of Pounds 7million, have also been transmitted to him, according to the report obtained by ABERDEEN PRESS & JOURNAL (UK). A London-based spokes-woman from the Department of Trade and Industry, which probes company collapses, said it was up to receivers Pricewaterhou- Coopers to investigate the reasons for G&I's receivership and to bring forward a report if it felt necessary, the report says. Pricewaterhou- Coopers had earlier in the day been asked if Mr Roy's seven- Series BMW was an asset of G&I and if they had access to it, or if he owned the vehicle himself. A spokesman said receiver Laurie Manson had no comment to make on this and that her priority was to sell the business. The collapse of potato prices and the strength of sterling were blamed for the receivership. Among firms hit by the collapse is the Banff-based farmers' co- operative, Deveron Potato Growers, whose 14 members are owed more than 500,000 for last year's seed-potato crop, the report says. GULF AIR: Posting $150+ Million Loss, Carrier's Future is Uncertain ------------------------------------------------------------------- The BBC News reports that the Gulf Air, which operated the plane that crashed off Bahrain, has a good safety record. The airline's most recent previous disaster came in 1983, when one of its Boeing 737-200s crashed during approach to Abu Dhabi after a bomb exploded in the baggage compartment. All five crew and 107 passengers were killed. Since then, Gulf Air has had only one incident in which a plane was damaged beyond repair. The Bahrain-based airline flies from hubs in its four shareholding countries to 53 international destinations. It is one of the Middle East's biggest and most prestigious international carriers but has suffered severe financial problems in recent years as oil price swings caused the Gulf's economic fortunes to fluctuate wildly, the report says. Gulf Air has also been faced with increased competition locally, both from large carriers such as the Dubai-owned Emirates and smaller operations, including Qatar Airways and Oman Air, launched by some of the airline's own shareholders. Gulf Air's strategy was also outpaced by a reorganisation of the global aviation industry. A rapid expansion programme in the early 1980s, when confidence in the oil-rich Gulf countries was at its highest, quickly appeared misjudged to outside observers. Many of the airline's routes to far-flung destinations were rendered unprofitable but substantial debts from new plane and equipment purchases remained. The scale of the airline's mounting losses was only fully acknowledged in 1996 when Gulf Air began putting together a rescue plan. By this stage, the airline was losing more than $150m a year and had accumulated debts of more than $1.5bn, the report says. GRANDIDEAL LTD: Notice of creditors meeting ------------------------------------------- Company Name: Grandideal Ltd Other name: IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 11/08/00 Meeting address: Devonshire House 36 George Street Meeting City Code: Manchester M1 4HA Authorised by: M R Gray Director 26/07/00 Last day for proxy: Proxy address: Liquidators: Firm Name: HLB Kidsons Address: Devonshire House 36 George Street Manchester M1 4HA HESFLO (DUCTING): Notice of creditors meeting --------------------------------------------- Company Name: Hesflo (Ducting) Ltd Other name: IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 11/08/00 Meeting address: Crown House 37-41 Prince Street Meeting City Code: Bristol BS1 4PS Authorised by: M Andrews Director 21/07/00 Last day for proxy: 10/08/00 Proxy address: Crown House 37-41 Prince Street Bristol BS1 4PS Liquidators: Firm Name: NMGW Address: Crown House 37-41 Prince Street Bristol BS1 4PS HUDDERSFIELD INDEPENDENT: Notice of creditors meeting ----------------------------------------------------- Company Name: Huddersfield Independent Healthcare Lt Other name: IA 1986 Section: 98 Creditors Meeting Time: 10.00 am Meeting date: 11/08/00 Meeting address: Devonshire House 38 York Place Meeting City Code: Leeds LS1 2ED Authorised by: C A Hotson Director Last day for proxy: Proxy address: Liquidators: J N R Pitts Firm Name: Wilson Pitts Address: Devonshire House 38 York Place Leeds LS1 2ED IMR ENGINEERING: Notice of creditors meeting -------------------------------------------- Company Name: IMR Engineering Ltd Other name: IA 1986 Section: 98 Creditors Meeting Time: 12.00 pm Meeting date: 11/08/00 Meeting address: Jarvis Caledonian Hotel Dalbair Road Meeting City Code: Ayr Authorised by: Margaret S Rodgers Secretary 25/07/00 Last day for proxy: Proxy address: Liquidators: Firm Name: J F Miller & Co Address: Wellington Chambers 74 Fort Street Ayr IDEAL QUALITY: Notice of creditors meeting ------------------------------------------ Company Name: Ideal Quality Ltd Other name: IA 1986 Section: 98 Creditors Meeting Time: 12.00 pm Meeting date: 11/08/00 Meeting address: The Quality Hotel 20 Wolverhampton Road West Meeting City Code: Walsall WS2 0BS Authorised by: R Bell Director 27/07/00 Last day for proxy: Proxy address: Liquidators: Firm Name: Kay Johnson Gee Address: Griffin Court 201 Chapel Street Salford M3 5EQ INTERNATIONAL CONFERENCE: Notice of creditors meeting ----------------------------------------------------- Company Name: International Conference Group Ltd Other name: IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 11/08/00 Meeting address: Russell Square House 10-12 Russell Square Meeting City Code: London WC1B 5LF Authorised by: J Halliwell Director 28/07/00 Last day for proxy: Proxy address: Liquidators: Firm Name: Chantrey Vellacott DFK Address: Russell Square House 10-12 Russell Square London WC1B 5LF NHP: Under Shareholder Pressure, Chief Executive Resigns -------------------------------------------------------- THE TIMES reports that the shareholder pressure on NHP, the embattled nursing homes group, yesterday prompted the departure of its chief executive, Richard Ellert. The company said that Mr Ellert, who last year received a salary package of ś461,000, had resigned "under the terms of an amicable agreement". It refused to give details of his severance package. Bill Colvin, NHP's former finance director, left to join Jarvis, the facilities management company, in June but he is returning temporarily as group finance director to oversee what NHP describes as "major corporate developments". It has been widely rumoured that NHP might be taken private, although a formal bidder has yet to come forward. The group has suffered from the pressure on fees in the over-supplied nursing homes sector. This squeeze has left NHP with bank debt of about ś115 million and difficulty in raising fresh funds. The company is understood to have considered a deeply discounted rights issue but shareholders were unenthusiastic, the report says. ROYAL DOULTON: Posts H1 ś1.3 million Stg Pretax Loss ---------------------------------------------------- Royal Doulton, the UK china maker which is 15pc owned by Waterford Wedgwood, has cut losses to less than one-tenth of those for the comparable period last year as it continues to reduce stock and debt, IRISH INDEPENDENT reports. The company reported a pre-tax loss of stgś1.3m for the six months to June 30 - compared to a loss of stgś14.4m for the same period the previous year - two years into its four-year restructuring program, the Independent said. Gross margin, the Financial Times notes, was ahead of the corresponding period last year at 43.3 per cent, and the break-even level of sales for the group is being reduced steadily. Interest charges were cut to ś1.1m (ś1.9m). losses per share were 1.6p against 35.7p last time, the report says. The manufacturer of Royal Albert china cut its workforce by 25pc last year as part of the restructuring, focusing on cutting costs, reducing stock, introducing new products and redefining its brand. Accordingly, NCB stockbrokers said the first half performance suggests the restructuring, which kicked off in 1998, is starting to pay off. ``Cost improvement in the second half is expected because much of the costs incurred in the second half of 1999 will not be repeated in H2 2000 and this should improve performance for the full year and going forward,'' said NCB's John Sheehan. 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. 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