/raid1/www/Hosts/bankrupt/TCREUR_Public/000830.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 30, 2000, Vol. 1, No. 80
Headlines
C Z E C H R E P U B L I C
ALIACHEM: KoB Ordered to Pull Out of Bid Talks
R O M A N I A
CARPIDARFIL: SOF Organizes Auction for Failed Botosani Company
PETROTUB: Tubman International Gives Up Petrotub
U N I T E D K I N G D O M
AMPTEC HEATING: Notice of Creditors Meeting
BENNETT BROS: Notice of Creditors Meeting
BRITISH NUCLEAR: BNFL Faces œ1.5 Billion Shutdown Bill
BURNGATE LTD: Notice of Creditors Meeting
CONTINENTAL TRANSPORTATION: Notice of Creditors Meeting
CRAIG ARNOLDS: Notice of Creditors Meeting
DAVIS UK: Notice of Creditors Meeting
ELMBRIDGE CONTRACTS: Notice of Creditors Meeting
EASTCOTE GARDEN: Notice of Creditors Meeting
EQUITABLE LIFE: Managing Director Apologizes for Misfortune
EUROPEAN COMMERCIAL: Notice of Creditors Meeting
FALLOWS LTD: Notice of Creditors Meeting
FMFS LTD: Notice of Creditors Meeting
FOUNDRITE LTD: Notice of Creditors Meeting
FRANK KELLY: Notice of Creditors Meeting
GRAMFORCE LTD: Notice of Creditors Meeting
HYDER: Severn Trent Suit Seeks to Scuttle WPD Contract
INTERNATIONAL DATA: Notice of Creditors Meeting
JUPITER ASSET: Buys Back Quarter Share of Commerzbank
MIDLAND FREIGH: Notice of Creditors Meeting
P D KELLY: Notice of Creditors Meeting
QIQ INTERNATIONAL: Notice of Creditors Meeting
SECOND GENERATION: Notice of Creditors Meeting
SPILLER: Notice of Creditors Meeting
===========================
C Z E C H R E P U B L I C
===========================
ALIACHEM: KoB Ordered to Pull Out of Bid Talks
----------------------------------------------
The Cabinet has given petrochemical giant Unipetrol and private
partner Agrofert the signal to push ahead with their bid for
chemical holding company AliaChem, but has told Konsolidacni
Banka (KoB) to pull out of the bid process, the Prague Business
Journal reports.
KoB's pullout leaves consortium Agrobohemie as the lone bidder
with an offer of Kc 815 million, higher than the Kc 500 million
Konsolidacni's restructuring team had offered to spend on
AliaChem. News agency CTK quoted Industry and Trade Minister
Miroslav Gregr as saying at a news conference, "We prefer a
company with some experience in the segment to become AliaChem's
strategic partner. I don't think a sale to a bank would be the
correct situation."
The Prague Business Journal reports the Finance Ministry had been
pushing for a sale to KoB, which runs the government's
"revitalization" program. KoB reportedly requested Cabinet
approval to pay Kc 1.4 billion for the defunct Chemapol Group's
core company AliaChem. Chemapol's bankruptcy trustee Alexandr
Vacek and Atlantic Corporate Finance advisers are offering a
49.25 percent share of AliaChem, which has struggled under heavy
debts since Chemapol's declaration of bankruptcy in January 1999,
up for sale in a non-public tender.
AliaChem reported a 1998 loss of Kc 1.86 billion on revenues of
Kc 11.4 billion, which improved in 1999 to Kc 694 million on Kc
9.5 billion in turnover, the Journal said.
=============
R O M A N I A
=============
CARPIDARFIL: SOF Organizes Auction for Failed Botosani Company
--------------------------------------------------------------
The State Ownership Fund (SOF) has organized six auctions to sell
two Botosani companies that have not yet been privatized. The
announcement by the SOF on the liquidation of Hidropneumatica and
Carpidarfil has not stirred any interest, according to a report
from Privatization in Romania.
Hidropneumatica has a share capital of almost ROL8 billion and
debts of more than 15 billion ROL to the Ministry of Finance, the
report said. The two other Botosani companies are Carpidarfil,
which has a share capital of ROL7 billion and debts of more than
ROL 5 billion, and Panimor Leorda, which was sold at the
beginning of the year but whose buyer, Employees Association, has
defaulted on installments.
Panimor has a share capital of ROL100 million, but reportedly has
accrued debts of more than a billion to the state budget.
Botosani SOF head Emilian Popa has estimated that the SOF will
have to survey the activity of the privatized companies, since it
is possible that not all the buyers could pay for the shares they
bought. Popa is convinced that several companies that have been
sold will be returned to the state, according to the report.
PETROTUB: Tubman International Gives Up Petrotub
------------------------------------------------
The privatization contract for Petrotub Roman expired August 2,
according to a report in Privatization in Romania. Therefore the
Bucharest State Ownership Fund (SOF) is set to take control of
Petrotub. Tubman International gave up the privatization of
Petrotub following a decision by the Competition Council, which
considered the privatization illegal. The SOF disputed this
decision in court. The manager of the SOF, Radu Sirbu, stated
several times that if Petrotub is not privatized, the only
solution is liquidation. Sirbu said, however, that privatization
of Petrotub is preferable because the company has been profitable
this year and the liquidation process takes longer.
===========================
U N I T E D K I N G D O M
===========================
AMPTEC HEATING: Notice of Creditors Meeting
-------------------------------------------
Company Name: Amptec Heating Technology Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 15/08/00
Meeting address: Highfield Court Tollgate
Meeting City Code: Chandlers Ford SO53 3TZ
Authorised by: D Bell Director 26/07/00
Last day for proxy: 14/08/00
Proxy address: Highfield Court Tollgate Chandlers Ford SO53
3TZ
Firm Name: BKL Weeks Green
Address: Highfield Court Tollgate Chandlers Ford SO53 3TZ
BENNETT BROS: Notice of Creditors Meeting
------------------------------------------
Company Name: Bennett Bros (Contractors) Ltd
IA 1986 Section: 98
Creditors Meeting Time: 03.00 pm
Meeting date: 14/08/00
Meeting address: 63 Walter Road
Meeting City Code: Swansea SA1 4PT
Authorised by: K Lewis Director 28/07/00
Last day for proxy: 11/08/00
Proxy address: 63 Walter Road Swansea SA1 4PT
Firm Name: Stones & Co
Address: 63 Walter Road Swansea SA1 4PT
BRITISH NUCLEAR: BNFL Faces œ1.5 Billion Shutdown Bill
------------------------------------------------------
British Nuclear Fuel's liabilities are expected to increase 13
percent, from œ11.4bn to œ12.9bn, in order to shut down nuclear
power stations and clean up radioactive waste. The company's shut
down of its Magnox stations has been scrutinized by the Nuclear
Installations Inspectorate, which concluded BNFL is seeking too
much time between shutting down and dismantling the stations.
BNFL is seeking a period of 135 years to let radioactive
materials decay before the sites are taken apart. The increase
might threaten BNFL's privatization, scheduled for late 2002,
according to the Observer.
The company says the lengthy time period is necessary to ensure
worker safety. But Frances Taylor, head of the NII's radioactive
waste and decommissioning strategy unit, said: 'They are going to
have to be prepared to bring forward decommissioning. The real
safety benefits are over by about 50 years.'
BURNGATE LTD: Notice of Creditors Meeting
------------------------------------------
Company Name: Burngate Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 14/08/00
Meeting address: Britannia Buildings 46 Fenwick Street
Meeting City Code: Liverpool L2 7NA
Authorised by: S O'Shea Director 31/07/00
Firm Name: Rooney Associates
Address: Britannia Buildings 46 Fenwick Street Liverpool L2
7NA
CONTINENTAL TRANSPORTATION: Notice of Creditors Meeting
--------------------------------------------------------
Company Name: Continental Transportation Ltd
IA 1986 Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 15/08/00
Meeting address: The Cricketers London Road
Meeting City Code: Mitcham CR4 3ND
Authorised by: M Simms 27/07/00
Liquidators: David T Greensill
Firm Name: Mayfields
Address: Church Steps House Queensway Halesowen B63 4AB
CRAIG ARNOLDS: Notice of Creditors Meeting
-------------------------------------------
Company Name: Craig Arnolds Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 14/08/00
Meeting address: The Chase Hotel Higham Lane
Meeting City Code: Nuneaton
Authorised by: J M Arnold Director 31/07/00
Last day for proxy: 11/08/00
Proxy address: Kings Business Centre 90-92 King Edward Road
Nuneaton CV11 4BB
Firm Name: Pattinsons
Address: Kings Business Centre 90-92 King Edward Road
Nuneaton CV11 4BB
DAVIS UK: Notice of Creditors Meeting
--------------------------------------
Company Name: Davis UK Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 15/08/00
Meeting address: Russell Square House 10-12 Russell Square
Meeting City Code: London WC1B 5LF
Authorised by: D Shepherd Director 04/08/00
Firm Name: Chantrey Vellacott DFK
Address: Russell Square House 10-12 Russell Square London
WC1B 5LF
ELMBRIDGE CONTRACTS: Notice of Creditors Meeting
-------------------------------------------------
Company Name: Elmbridge Contracts Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 15/08/00
Meeting address: 76 New Cavendish Street
Meeting City Code: London W1G 9TB
Authorised by: S R Brown Director 21/07/00
Last day for proxy: 14/08/00
Proxy address: 76 New Cavendish Street London W1G 9TB
Firm Name: Berley
Address: 76 New Cavendish Street London W1G 9TB
EASTCOTE GARDEN: Notice of Creditors Meeting
---------------------------------------------
Company Name: Eastcote Garden Centre (1997) Ltd
IA 1986 Section: 98
Creditors Meeting Time: 03.00 pm
Meeting date: 14/08/00
Meeting address: Parkville House Bridge Street
Meeting City Code: Pinner HA5 3JD
Authorised by: G Budd Director 18/07/00
Liquidators: I D Holland
Firm Name: Ian Holland & Co
Address: Parkville House Bridge Street Pinner HA5 3JD
EQUITABLE LIFE: Managing Director Apologizes for Misfortune
-----------------------------------------------------------
Alan Nash, managing director for troubled British mutual insurer
Equitable Life, last week provided a confidential 150-page
information memorandum and actuarial report to 15 rivals around
the world, the Times reports. Nash also reportedly apologized for
the recent developments in a rare interview last week, but said
the firm's auction was unavoidable after Equitable lost a court
ruling that said the reduction of bonuses due to 90,000 holders
of guaranteed annuity policies was illegal.
EUROPEAN COMMERCIAL: Notice of Creditors Meeting
-------------------------------------------------
Company Name: European Commercial Pressings Ltd
IA 1986 Section: 23
Creditors Meeting Time: 11.00 am
Meeting date: 15/08/00
Meeting address: Birmingham Botanical Gardens Westbourne Road
Meeting City Code: Birmingham B15 3TR
Authorised by: S R Thomas Joint Administrator 07/07/00
Last day for proxy: 14/08/00
Proxy address: Sherlock House 7 Kenrick Place London W1U 6HE
Firm Name: Horwath Clark Whitehill & Co
Address: Sherlock House 7 Kenrick Place London W1U 6HE
FALLOWS LTD: Notice of Creditors Meeting
-----------------------------------------
Company Name: Fallows Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 15/08/00
Meeting address: The Gladstone Hotel Lord Nelson Street
Meeting City Code: Liverpool L3 5QB
Authorised by: G Fallows Director 31/07/00
Last day for proxy: 14/08/00
Proxy address: Norwest Court Guildhall Street Preston PR1
3NU
Firm Name: Jacksons
Address: Norwest Court Guildhall Street Preston PR1 3NU
FMFS LTD: Notice of Creditors Meeting
--------------------------------------
Company Name: FMFS Ltd
IA 1986 Section: 98
Creditors Meeting Time: 03.00 pm
Meeting date: 14/08/00
Meeting address: Devonshire House 38 York Place
Meeting City Code: Leeds LS1 2ED
Authorised by: D Milne Director 27/07/00
Liquidators: J N R Pitts
Firm Name: Wilson Pitts
Address: Devonshire House 38 York Place Leeds LS1 2ED
FOUNDRITE LTD: Notice of Creditors Meeting
-------------------------------------------
Company Name: Foundrite Ltd
IA 1986 Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 15/08/00
Meeting address: Federation House Hope Street
Meeting City Code: Liverpool L1 9BW
Authorised by: J S Moffat Director 01/08/00
Firm Name: BDO Stoy Hayward
Address: Federation House Hope Street Liverpool L1 9BW
FRANK KELLY: Notice of Creditors Meeting
-----------------------------------------
Company Name: Frank Kelly Systems Ltd
IA 1986 Section: 98
Creditors Meeting Time: 10.00 am
Meeting date: 14/08/00
Meeting address: 12 Royal Crescent
Meeting City Code: Cheltenham GL50 3DA
Authorised by: F J Kelly 01/08/00
Last day for proxy: 11/08/00
Proxy address: 12 Royal Crescent Cheltenham GL50 3DA
Firm Name: Janes
Address: 12 Royal Crescent Cheltenham GL50 3DA
GRAMFORCE LTD: Notice of Creditors Meeting
-------------------------------------------
Company Name: Gramforce Ltd
IA 1986 Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 15/08/00
Meeting address: 25 Harley Street
Meeting City Code: London W1N 2BR
Authorised by: S Murrell Director
Last day for proxy: 14/08/00
Proxy address: 25 Harley Street London W1N 2BR
Firm Name: Gerald Edelman
Address: 25 Harley Street London W1N 2BR
HYDER: Severn Trent Suit Seeks to Scuttle WPD Contract
------------------------------------------------------
Severn Trent will go to court against embattled Welsh utility
Hyder September 21 in a last-ditch attempt to stop U.S.-based
Western Power Distribution (WPD) from contracting out the
operation of Hyder's water unit to rival United Utilities. The
suit by one of the UK's largest water companies may disrupt WPD's
$836 million (565 milliion pound) takeover of Hyder, the
Financial Times reports.
Severn reportedly claims that WPD's plans violate European
procurement law as the management contract would not be subject
to an open tender. Severn announced earlier this month that it
would take action against Hyder in a last-ditch attempt to
prevent WPD from contracting out the operation of Hyder's water
unit to United Utilities, a rival UK group.
Brian Duckworth, managing director of Severn Trent Water, said
the group was seeking to clarify the process to make it more
transparent for other companies in the future. News of the court
hearing comes a day after Anglian Water, a British utility,
unveiled an agreed œ262.5m offer for Morrison, the Scottish
construction group, according to the Financial Times.
INTERNATIONAL DATA: Notice of Creditors Meeting
------------------------------------------------
Company Name: International Data Ltd
IA 1986 Section: 48
Creditors Meeting Time: 11.30 am
Meeting date: 14/08/00
Meeting address: St Leonards Hotel Ringwood Road
Meeting City Code: Ringwood
Authorised by: D B Coakley Joint Administrative Receiver
Last day for proxy: 11/08/00
Proxy address: Connaught House Alexandra Terrace Guildford
GU1 3DA
Firm Name: BDO Stoy Hayward
Address: Connaught House Alexandra Terrace Guildford GU1 3DA
JUPITER ASSET: Buys Back Quarter Share of Commerzbank
-----------------------------------------------------
Jupiter Asset Management's joint chief executive Edward Bonham
Carter is in talks with parent company Commerzbank to buy back up
to a quarter of 170 million pound fund manager Jupiter European
Investment Trust, the Financial Times reports. Bonham Carter
started managing Jupiter in May after founder John Duffield left
following a public disagreement with Commerzbank.
Bonham Carter reportedly hopes that a new equity participation
scheme will help to retain key staff and prevent additional
losses. Negotiations for the deal, which is expected to be
organized on a 3-year rolling basis, has gone on for months, the
Times reports.
Commerzbank paid 175 million pounds for a majority stake in
Jupiter five years ago, and paid 505 million more in May of last
year. According to the Times, Duffield claims that Commerzbank
owes an additional 80 million pounds, and this claim has led to a
dispute that resulted in Duffield leaving the company along with
eight other directors. Commerzbank bought the quarter share of
Jupiter only this year.
Since Duffield's departure, three investment trusts served a two-
year notice to quit on Jupiter, and the group still suffers net
outflows of business, according to the Times.
MIDLAND FREIGH: Notice of Creditors Meeting
-------------------------------------------
Company Name: Midland Freight Co Ltd
IA 1986 Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 14/08/00
Meeting address: No 1 St Swithin Street
Meeting City Code: Worcester WR1 2PY
Authorised by: A C Davis Director 24/07/00
Firm Name: Smith & Williamson
Address: No 1 St Swithin Street Worcester WR1 2PY
P D KELLY: Notice of Creditors Meeting
---------------------------------------
Company Name: P D Kelly Ltd
IA 1986 Section: 98
Creditors Meeting Time: 03.00 pm
Meeting date: 14/08/00
Meeting address: Beaufort House 94-96 Newhall Street
Meeting City Code: Birmingham B3 1PB
Authorised by: G Banks Director 27/07/00
Firm Name: Moore Stephens Booth White
Address: Beaufort House 94-96 Newhall Street Birmingham B3
1PB
QIQ INTERNATIONAL: Notice of Creditors Meeting
-----------------------------------------------
Company Name: QIQ International Ltd
IA 1986 Section: 98
Creditors Meeting Time: 03.30 pm
Meeting date: 14/08/00
Meeting address: Russell Square House 10-12 Russell Square
Meeting City Code: London WC1B 5LF
Authorised by: D Wray Director 28/07/00
Last day for proxy: 11/08/00
Proxy address: 81 Station Road Marlow SL7 1NS
Liquidators: Frank Wessely
Firm Name: Morley & Scott
Address: 81 Station Road Marlow SL7 1NS
SECOND GENERATION: Notice of Creditors Meeting
-----------------------------------------------
Company Name: Second Generation Pine Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 14/08/00
Meeting address: Devonshire House 36 George Street
Meeting City Code: Manchester M1 4HA
Authorised by: S Moore Director 25/07/00
Firm Name: HLB Kidsons
Address: Devonshire House 36 George Street Manchester M1 4HA
SPILLER: Notice of Creditors Meeting
-----------------------------------------
Company Name: Spiller The Builder Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 14/08/00
Meeting address: 100 Temple Street
Meeting City Code: Bristol BS1 6AG
Authorised by: A Spiller Director 26/07/00
Firm Name: KPMG
Address: 100 Temple Street Bristol BS1 6AG
S U B S C R I P T I O N I N F O R M A T I O N
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Copyright 2000. All rights reserved. ISSN 1529-2754.
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