/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/000928.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 Thursday, September 28, 2000, Vol. 1, No. 101 Headlines B E L G I U M DIAMOND PRINT: LDP Negotiations Blocked, to Sell Units SABENA: Strike Hits Brussels Airport F R A N C E BOURGOIN: Guyomarc'h NA Writes Affair into its Accounts LIBERTY SURF: Posts H1 Loss 84 Million Euros G R E E C E HELLENIC AEROSPACE: Rival Bidders Await Decision I T A L Y AISOFTW@RE: Posts H1 Net Loss 4.82 Billion Lire ALITALIA: Reports First-half Net Loss of ITL352 Billion P O L A N D HORTEX: Financially Troubled, Plans for Restructuring POLKOMTEL: Takes Out 250m Euro Loan R U S S I A MEDIA-MOST: Court Bailiffs Arrest 13 Enterprises TNT-TELESET: Court Bailiffs Arrest Company's Shares S W E D E N BOXMAN: Internet Music Retailer Nearly Insolvent U N I T E D K I N G D O M ACORDIS: Heberlein Buys Unit BUTLIN'S: Troubled Travel Business Up for Sale EUROPEAN COMMERCIAL: Up for Closure, Axes 175 Jobs GRAY & CO: Liquidation Proceedings HMV MEDIA: Posts Q1 Loss, Waterstone's Fall HMV MEDIA: Blames Waterstone's For Rising Losses By 34 Percent HOUSE OF FRASER: Posts a Net Loss of 4.9 Million Pounds JASMIN OF LONDON: Liquidation Proceedings LEE FREIGHT: Liquidation Proceedings MARKS & SPENCER: May Close 20 Stores NMT GROUP: Posts Interim Pre-Tax Loss of 7.46 Million Pounds PAREX COMMERCIALS: Liquidation Proceedings PHOENIX NEWSPOINT: Liquidation Proceedings PITCOMP 212: Liquidation Proceedings RELIANT ROBIN: Three-wheeled Vehicle to Stop Production in Dec. ROVER: Byers Describes As 'Most Difficult Challenge' SIEMENS: Atmel to Acquire Microchip Factory SOFTLOGIC HOLDINGS: Liquidation Proceedings SOFTLOGIC PRODUCTS: Liquidation Proceedings SPACETECH LTD: Liquidation Proceedings TACT CONSULTANCY: Liquidation Proceedings ============= B E L G I U M ============= DIAMOND PRINT: LDP Negotiations Blocked, to Sell Units ------------------------------------------------------ Activities have still not been restarted at insolvent Belgian carpet manufacturers Louis De Poortere (LDP) and Decoweave/ Diamond Print (DVW) in Mouscron. Negotiations continue between Domo, Pascal Dryon and the receivers with a view to restarting LDP's tuft division. So far they have not come to an agreement because some banks have blocked loans, La Libre Belgique & World Reporter reported earlier last week. Domo is reported to be on the verge of withdrawing its offer, while three acquisition offers for DVW have been submitted but not increased as the receivers had requested. As a result, the receivers have brought in an Antwerp consultant to find an international purchaser that would be willing to buy all units. SABENA: Strike Hits Brussels Airport ------------------------------------- A 24-hour strike by ground staff at Brussels International Airport forced flight delays and cancellations, AP Online reported yesterday. Belgium's Sabena Airline said it would be forced to cancel around 50 European flights at its main hub and was seeking to reroute some flights to other airports. Although airport authorities had announced the strike would not affect flights, a lack of firefighters meant only one runway was open. ``This strike by airport services is very unfortunate for us,'' said Sabena President Christoph Mueller. ``We will do our utmost to reduce the inconvenience.'' Unions protesting plans to privatize airport services called the strike. Separate strikes disrupted Belgian train and postal services. Unions at the state railroad were protesting against recent violent attacks on staff. Postal workers stuck against planned layoffs. =========== F R A N C E =========== BOURGOIN: Guyomarc'h NA Writes Affair into its Accounts ------------------------------------------------------- Animal feed group Guyomarc'h NA has written a provision for 0.6m euros (slightly under FFr4m) into its first half accounts in relation to poultry group Bourgoin, which was placed in involuntary liquidation in August, Les Echos & World Reporter noted yesterday. The "residual" provision covers shares in Breiz'al, a joint subsidiary with Bourgoin, and comes on top of the portion passed last year. Excluding exceptional items, the group registered a 4.1 percent increase in profit to 6.9m euros. The Bourgoin affair has cost Guyomarc'h a total of FFr20m, according to chairman Alain Decrop, who comments: "We believe that we will recoup none of the losses registered on this operation". LIBERTY SURF: Posts H1 Loss 84 Million Euros --------------------------------------------- Reuters reported yesterday that French Internet service provider Liberty Surf reported a net loss of 84 million euros six months to June 30, 2000. Directly comparable figures were not available since the company only listed this year. In the first quarter of 2000, Liberty Surf posted a net attributable loss of 26.2 million euros, an operating loss of 23.6 million and sales of 9.4 million. =========== G R E E C E =========== HELLENIC AEROSPACE: Rival Bidders Await Decision ------------------------------------------------ The next stage in the consolidation of Europe's aerospace and defense industry is expected to take place over the next few weeks as the Greek government decides between two consortia bidding for a stake in Hellenic Aerospace Industry (HAI). Final bids went in last week for a 49 percent stake, with the winner set to become Greece's partner in efforts to make the loss-making state-owned company profitable, Financial Times reported yesterday. Companies in the Eurofighter consortium, which is negotiating the sale of up to 90 combat aircraft to Greece, have put in a joint bid which, according to BAE Systems, is worth more than Dr100bn ($259m). The other partners are European Aeronautic Defence and Space Company (EADS) and Alenia Aerospazio, part of Finmeccanica of Italy. They are particularly keen to bring HAI into their fold because the Greek company, which employs 3,000 and has one factory at Tanagra, north of Athens, will become closely involved in the production of all Eurofighter aircraft once the Greek order is confirmed. ========= I T A L Y ========= AISOFTW@RE: Posts H1 Net Loss 4.82 Billion Lire ----------------------------------------------- Reuters reported yesterday that the Italian software company Aisoftw@re said it had made a net loss of 4.82 billion lire ($2.18 million) in the first half of this year compared to 2.72 billion lire in the first half of 1999. Sales in the first half of this year were 16.31 billion lire, up 217 percent from the same period of 1999, while earnings before interest, tax, depreciation and amortization (EBITDA) reached 169 million lire compared to a loss of 445 million lire in the first half of 1999. The company reported a pre-tax loss of 3.56 billion lire, compared to a loss of 2.65 billion lire in the same period of 1999. ALITALIA: Reports First-half Net Loss of ITL352 Billion ------------------------------------------------------- The Italian national carrier Alitalia has said that it could announce its new partner by the end of October when it releases an updated business plan. According to Dow Jones News & M2 Communications Ltd. earlier this week, Alitalia has held talks about a possible partnership with Swissair and Air France. The carrier reportedly hopes to announce a new partner by October 31. Alitalia, which recently reported a first-half net loss of ITL352bn, has been looking for a partner since its alliance with KLM Royal Dutch Airlines fell through earlier this year. =========== P O L A N D =========== HORTEX: Financially Troubled, Plans for Restructuring ------------------------------------------------------ Hortex, the juice processing company, is to issue zl. 200 million ($44.4 million) in bonds to finance restructuring in a move that could save the company from financial collapse, Warsaw Business Journal reported yesterday. Hanna Dymek, of Burson-Marsteller, a PR agency representing the company, said Hortex was going ahead with restructuring plans first proposed in the early summer. The plans followed years of disastrous losses for the partly state-owned company and also a series of bailouts by financial institutions. Hortex is 29.4 percent owned by Polish bank Bank Gospodarki zywnosciowej (BGz), 22.92 percent by the European Bank for Reconstruction and Development (EBRD), 22.92 percent by the Bank of America, 16.35 percent by Bank Handlowy and 8.33 percent by other entities, including the treasury. In July, the company announced restructuring plans and a zl. 160 million ($35.6 million) bond issuance. At the same time, the Bank of America and Bank Handlowy said they would purchase BGz's 30 percent stake. The company has been repeatedly bailed out during the past three years with more than zl. 800 million ($178 billion) in loans from the EBRD and Bank of America, said Bogna Sikorska, a food analyst with CDM Pekao Securities. She said Hortex would ultimately survive its current financial straits, Warsaw Business Journal said. According to the Journal, Hortex unofficially teamed up with Agros at the start of the year to wage a joint marketing campaign against competitor Maspex, which has recently taken 19.3 percent of the market with its two juice brands Kubus and Tymbark. Hortex, once the market leader, has around 18 percent of the current market, while Agros' juices are sold under the Fortuna name. Agros officials admitted to Sikorska that Hortex had "very serious" cash flow problems. The company had share capital worth almost zl. 215 million ($48 million) in May last year. Of Hortex's five food processing plants, three -- located in Lezajsk, Siemiatycze and Sroda Wielkopolska -- have already been sold. POLKOMTEL: Takes Out 250m Euro Loan ----------------------------------- Polkomtel, operator of the Plus GSM mobile phone network, has borrowed 250m EUR from a consortium of 22 banks created by Bank Handlowy and Deutsche Bank. The loan contract was signed on September 22 and the money will be forwarded to Polkomtel's account in two parts, 125m EUR and ZL495m. The loan is to be repaid by the end of 2006. The money has been earmarked for financing current operations, network development, and introducing new services. The company was still unable to cover accumulated losses from the previous two years, Financial Times reported yesterday. =========== R U S S I A =========== MEDIA-MOST: Court Bailiffs Arrest 13 Enterprises ------------------------------------------------ A&G Information Services reports Gazprom has offered to buy media magnate Vladimir Gusinsky's shares of the Media-MOST holding company for $773 million. Media-MOST owes the Russian gas concern $473 million. Only $300 milllion of the purchase price would be paid in cash with the remaining sum consisting of cancellation of the remaining debt. Meanwhile, Moscow's court bailiffs arrested securities of 13 Media-MOST enterprises owned by Gusinsky, ITAR/Tass News Agency reported yesterday. The action was taken against ZAO Media-Most and ZAO NTV-Holding (management), OAO Telekompaniya NTV, ZAO ADN- 1, ZAO TNT-Teleset (public television), ZAO NTV-Plus (paid television), ZAO Grass Plus (TV production), ZAO Ekho Moskvy, ZAO M-PUL Plus, ZAO Radio Delovaya Volna (radio broadcasting), ZAO KinoMost (film production), ZAO Zolotoi Ekran (film copyright library), OOO Gruppa 96 (consulting). Media-MOST lawyers gave the bailiffs the exact location of all securities mentioned in the court ruling. In addition to Moscow, Media-MOST has shares in three other Russian cities. TNT-TELESET: Court Bailiffs Arrest Company's Shares --------------------------------------------------- Moscow's court bailiffs have begun to arrest securities owned by TNT-Teleset. In accordance with the decision adopted by Moscow's Zamoskvoretsky district court, 98.27 percent of TNT shares belonging to Media-Most, Metamedia and some other companies will be arrested. "The court bailiffs' work is not being obstructed. The arrest is proceeding calmly," said Svetlana Kukushkina, Moscow's acting chief court bailiff. By 5 p.m. (1300 GMT), eight enterprises, whose shareholders include Media-MOST or its head Vladimir Gusinsky had been arrested, ITAR/TASS Tass News Agency reported yesterday. =========== S W E D E N =========== BOXMAN: Internet Music Retailer Nearly Insolvent ------------------------------------------------ Boxman, the Swedish Internet music retailer has recorded no growth in the first half of the year, Dagens Industri & World Reporter reported yesterday. Sales were SKr80m in the first half of the year, the same as in 1999. Compared with the second half of 1999, in which sales were SKr95m, sales have decreased by 16 percent. At the same time losses have doubled to SKr220m, not including goodwill. The company is now trying to raise more money through a share issue in order to avoid liquidation. Shareholders are being asked to acquire shares at SKr10 per existing share. Boxman's half- yearly report recorded losses of SKr331m. It also recorded capital of SKr513m, most of which came from goodwill after the merger with IMVS, the UK Internet music retailer. =========================== U N I T E D K I N G D O M =========================== ACORDIS: Heberlein Buys Unit ---------------------------- Acordis, the Dutch fibers group that was sold off by Akzo Nobel in January, has sold its precision products division Enka to Heberlein Fiber Technology of Switzerland, Financial Times noted yesterday. Financial details were not disclosed. Peter Wack, executive director, said Acordis wanted to focus on its core output, man made fibres. Enka manufactures precision components from steel and ceramics for the fibres industry. In August Acordis set up a joint venture called Dualogis with D.Logistics to take over its shipping operations. Akzo, the Dutch chemicals group, sold 79 percent of Acordis to its management team and CVC Capital Partners of the UK in January. BUTLIN'S: Troubled Travel Business Up for Sale ---------------------------------------------- Butlin's, which once provided the quintessential British holiday, is expected today to change hands after a disappointing performance. Rank Group is poised to announce the sale of Butlin's and its other UK holiday businesses, including Haven, the caravan park operator, and Warner, the country house holiday hotels operation, for up to pounds 700m ($1.02bn). The businesses are to be bought by Bourne Leisure, a privately owned caravan parks operator headed by Peter Harris, the wealthy racehorse trainer. The move follows poor trading at Butlin's despite pounds 150m of capital expenditure in 1998-99. As bookings continued to decline, Butlin's saw operating profits of pounds 3m in 1998 turn into a pounds 2m loss last year, according to a report obtained by Financial Times yesterday. The sale also marks a turning point for the ailing leisure group. It is by far the largest disposal made by Mike Smith since becoming Rank's chief executive in April 1999, almost equaling the amount raised by the other five businesses combined. Nightclubs, Pinewood film studios, Odeon cinemas, Tom Cobleigh pubs and Rank's 50 pe cent stake in Universal, the Florida theme park, raised a total of pounds 768m. However, the sale of the UK holiday businesses is significant not only in terms of scale but also strategy. Group debt stood at pounds 1.26bn and gearing was more than 100 percent when Smith took over, vowing to reduce borrowings and improve profits. EUROPEAN COMMERCIAL: Up for Closure, Axes 175 Jobs -------------------------------------------------- Birmingham Post reported earlier this week that Rover crisis claimed its latest victim yesterday with the announcement that a leading car pressings manufacturer is to close, axing a further 175 jobs. West Bromwich-based European Commercial Pressings -- formerly part of John Tower's Concentric group -- will shut its doors over the next few months, shedding its workforce as orders and manufacturing run down. 'We have been unable to find a purchaser. We are now looking with customers at how to wind the business down and close it. There will be phased redundancies,' said receiver Damien Joseph. There was better news at sister pressings company SEP Presstech, based at Birmingham's Tyburn Trading Estate, which went into receivership with ECP in July. According to Birmingham Post the receiver has accepted an offer to buy the company, which employs 140, as a going concern. Subject to paperwork, all staff will be re-employed. Mr Joseph, of accountants Horwath, Clark Whitehill, would give no details until contracts had been signed. Jaguar remains SEP Presstech's main customer. Mr Joseph predicted some of ECP's customers would be interested in the freehold factory and machinery. He estimated trade creditors alone to be owed pounds 2 million. About 25 staff have already been made redundant by the receiver, leaving 175 to await the same fate. ECP blamed cash flow problems, the Rover crisis and a downturn in the ailing car parts business for its problems. GRAY & CO: Liquidation Proceedings ----------------------------------- Company Name: Gray & Co (Midlands) Ltd Company No: 3352801 Com. Business: Loss Assessors Appointed on: 30/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Duncan R Beat IPno: 8161 Firm Name: Morison Stoneham Address: Moriston House 75 Springfield Road City Postcode: Chelmsford CM2 6JB HMV MEDIA: Posts Q1 Loss, Waterstone's Fall ------------------------------------------- British books and music retailer HMV Media Group reported a 11.1 percent increase in total first quarter sales but said difficult trading conditions had led to drop in turnover at its Waterstone's book chain. "Waterstone's did not perform well and action has been taken to strengthen the business," Chief Executive Alan Giles said in a statement. HMV Media, around 43 percent of which is owned by EMI Group and a similar percentage owned by U.S. venture capital fund Advent International, posted an operating loss of 4.6 million pounds in the 13 weeks to July 29, versus a 1.3 million loss last year, on total sales up 11.1 percent at 298 million, Reuters reported yesterday. Waterstones had suffered from such conditions, particularly in the academic and school sectors. The company's e-commerce activities had continued to develop, with the launch of its first mobile phone transactional service in Japan and a secure download offering on its Website in Canada. In mid-August HMV denied reports that it was planning to sell Waterstones's to its founder, Tim Waterstone, or to any other bidder, Reuters said. HMV MEDIA: Blames Waterstone's For Rising Losses By 34 Percent --------------------------------------------------------------- HMV is blaming books and the Web for increasing losses, saying that a poor showing by Waterstone's and the cost of competing with Internet rivals increased losses by 34 percent. Chief executive Alan Giles says the Internet now accounts for 6 percent of all UK book sales but its rise had affected Waterstone's disproportionately because it was especially popular in one of Waterstone's key sectors, academic and reference works. Sales at book retailer Waterstone's fell by 3.8 percent in the 13 weeks to July 29, compared with 3.9 percent growth through HMV stores. As a result the seasonal pre-tax loss in the first quarter at the group has widened to pounds 23.2 million, from a pounds 17.2 million loss at the same point last year -- despite the fact sales increased, to pounds 298 million, against pounds 268.2 million last time, Ananova reported yesterday. HOUSE OF FRASER: Posts a Net Loss of 4.9 Million Pounds ------------------------------------------------------- Bloomberg reports that the House of Fraser Plc, the U.K.'s third- largest department-store chain, said its first-half loss widened after the refurbishment of the company's DH Evans store on London's Oxford Street hurt sales. The Glasgow, Scotland-based company posted a net loss of 4.9 million pounds ($7.2 million), or 2.1 pence a share, for the six months to July 29 compared with a loss of 2.7 million pounds, or 1.1p, in the same period a year earlier. Sales in stores open longer than a year rose 4.9 percent. House of Fraser has been cutting supply-chain costs and focusing on upscale fashions as competition among mid-market clothing retailers intensifies. Disruption caused by the revamp of DH Evans and delays in the refurbishment of a store in Guildford, western England, have eroded the benefits, analysts said. ``The increase in the first-half loss is attributable to disruption at Oxford Street and Guildford stores whilst they undergo major redevelopment,'' said Chief Executive John Coleman in a statement distributed by RNS. House of Fraser shares have plunged 39 percent over the past year, Bloomberg reports. JASMIN OF LONDON: Liquidation Proceedings ------------------------------------------ Company Name: Jasmin of London Ltd Company No: 3227228 Com. Business: CMT Appointed on: 30/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Kikis Kallis IPno: 4692 Firm Name: Kallis & Co Address: Mountview Court 1148 High Road Whetstone City Postcode: London N20 0RA LEE FREIGHT: Liquidation Proceedings ------------------------------------- Company Name: Lee Freight Services Ltd Company No: IR Com. Business: Appointed on: 30/08/00 Type: Members Appointed by: Creditors Liquidators: Eamonn Leahy IPno: Firm Name: Address: 70 Amiens Street City Postcode: Dublin MARKS & SPENCER: May Close 20 Stores ------------------------------------ Electronic Telegraph reports Marks & Spencer is coming under severe pressure to cut its interim dividend as trading continues to deteriorate at the struggling retailing giant. In May M&S slashed the company's final dividend to 5.3p a share, the first time that the pay-out has been cut in the company's history. Analysts at CSFB believe the interim dividend will be cut to around 2.25p, down from 3.7p. This is likely to come as a blow to M&S's private shareholders, who represent a quarter of the company's investors, many of whom rely on their dividend for income. Last week CSFB cut its full- year estimate by pounds 30m to pounds 480m pre-tax profit after M&S revealed that trading continues to be very disappointing, with underlying clothing sales down by almost 4pc for the 24 weeks to September 16. That figure was more than a third down on the previous year's 14.4p. But they caution that the total pay- out could come under pressure if the company fails to recover soon. The company's interim results announcement, expected on November 7, is likely to be accompanied by news of further restructuring at the company's head office and the possible closure of around 20 stores. NMT GROUP: Posts Interim Pre-Tax Loss of 7.46 Million Pounds ------------------------------------------------------------ The Times noted that hospital services company NMT Group announced an interim pre-tax loss of pounds 7.46 million. There is no dividend. PAREX COMMERCIALS: Liquidation Proceedings ------------------------------------------- Company Name: Parex Commercials Ltd Previous Name: Ableve Ltd Company No: 1287179 Appointed on: 30/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Andrew J Nichols IPno: 8367 Firm Name: Redman Nichols Address: Maclaren House Skerne Road City Postcode: Driffield YO25 6PN PHOENIX NEWSPOINT: Liquidation Proceedings ------------------------------------------- Company Name: Phoenix Newspoint Ltd Company No: IR Appointed on: 30/08/00 Type: Members Appointed by: Members Liquidators: Patrick Mullen IPno: Firm Name: Mullen Scully & Co Address: 568 North Circular Road City Postcode: Dublin 1 PITCOMP 212: Liquidation Proceedings ------------------------------------ Company Name: Pitcomp 212 Ltd Company No: 3971469 Appointed on: 30/08/00 Type: Members Appointed by: Members Liquidators: Stephen Grant IPno: 8929 Firm Name: Wilkins Kennedy Address: 38-40 Sycamore Road City Postcode: Amersham HP6 5DZ RELIANT ROBIN: Three-wheeled Vehicle to Stop Production in Dec. --------------------------------------------------------------- The end is in sight for the Reliant Robin three-wheeler. The last one will come off the lines on December 20, after cumulative production of more than 100,000 in 65 years. Some 44,000 of the fibreglass-bodied, 60 miles-plus per gallon machines are claimed to be still on the road. The Robin will give way to a four-wheel sports car, to be unveiled at the Birmingham motor show later this month, Financial Times said yesterday. According to Financial Times, Kevin Leech -- the Jersey-based financier who four years ago rescued Reliant from the latest of a string of receiverships, and who owns 33 of the vehicles, hopes the new car will launch Reliant into a new era of expanded production with considerably more jobs than the 62 to which Reliant has shrunk. Reliant is no stranger to sports cars, producing a lightweight two-seater up to the early '90s, whose string of predecessors included the Scimitar sports 'estate' once much favored by Princess Anne. However, fans of the three-wheeler were not prepared to let the Robin be killed off quietly. "The phones have been ringing off the hook and there's a bit of a crowd outside the gates," admitted Noel Palmer, Reliant's marketing manager. The new car will be built at Burntwood, Staffordshire, rather than Reliant's traditional home at nearby Tamworth. The company's activities are being broadened through the import and distribution of other light cars which, like the Robin, can be driven on a motorcycle license, and electric light vans. Commercial reality is that just 10-12 Robins were being built a week. But the last versions of the vehicle once given as a company car by a Cheshire concern to under-performing salesmen are aimed at taking it out in style of a sort. ROVER: Byers Describes As 'Most Difficult Challenge' ---------------------------------------------------------- Ananova noted last week that the Trade and Industry Secretary Stephen Byers has described the crisis at car giant Rover as the "most difficult" time he has faced in the job. The threat of closure of the huge Longbridge plant in Birmingham with the loss of thousands of jobs led to demands that the Government should "do something". But Mr Byers said most people found it impossible to say exactly what the Government should do about German car firm BMW's decision to break up the Rover Group. "A decision taken by a German-based company, quoted on the Frankfurt Stock Exchange, which had direct consequences for thousands of UK jobs and British manufacturing generally, highlighted for many the nature of our global economy. "It also raises the broader question of exactly what is the role of national governments in these circumstances," Mr Byers told a London business meeting. Mr Byers said the sale of Rover to the Phoenix consortium "brought to an end what had been for me personally the most difficult period I have experienced as Secretary of State for Trade and Industry". The minister also revealed a "worrying growth" in the disparities between the economic performance of the UK's regions. "Taking action to address the underlying causes of economic under-performance must be regarded as a top priority," he said. SIEMENS: Atmel to Acquire Microchip Factory ------------------------------------------- Atmel, a leading U.S. electronics company, is expected to announce that it has clinched a deal to acquire Siemens' disused microchip plant in north Tyneside. The reopening of the factory, creating 600-700 jobs initially, with the longer-term prospect of up to 700 more, will be welcomed in north-east England, a high unemployment region where Siemens' closure of a prestigious plant damaged employment and morale, Financial Times reported yesterday. Atmel, which is holding a press conference in London, has been in negotiation with the Department of Trade and Industry about a regional selective assistance grant -- understood to be about pounds 30m. Stephen Byers, the trade and industry secretary, whose Tyneside North constituency borders the Tynemouth constituency where the plant lies, has been closely involved in negotiations. Siemens, the German-owned electronics and high-technology company, announced the factory's closure with the loss of 1,100 jobs in August 1998, after barely a year in production, because of plummeting chip prices. At that point, pounds 650m had been invested in what Siemens had intended as a pounds 1.1bn eventual investment, FT said. SOFTLOGIC HOLDINGS: Liquidation Proceedings -------------------------------------------- Company Name: Softlogic Holdings Ltd Previous Name: Softlogic Computer Services Ltd Company No: 3221101 Com. Business: Development of Software/Holding Co Appointed on: 30/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Richard A Segal IPno: 2685 Firm Name: A Segal & Co Address: Albert Chambers 221-223 Chingford Mount Road City Postcode: London E4 8LP SOFTLOGIC PRODUCTS: Liquidation Proceedings -------------------------------------------- Company Name: Softlogic Products Ltd Company No: 3863495 Com. Business: Software Development Appointed on: 30/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Richard A Segal IPno: 2685 Firm Name: A Segal & Co Address: Albert Chambers 221-223 Chingford Mount Road City Postcode: London E4 8LP SPACETECH LTD: Liquidation Proceedings --------------------------------------- Company Name: Spacetech Ltd Company No: 3191411 Com. Business: Computer Software Developers Appointed on: 30/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: James R Tickell IPno: 8125 David J Waterhouse 5732 Firm Name: PricewaterhouseCoopers Address: Savannah House 3 Ocean Way Ocean Village City Postcode: Southampton SO14 3QG TACT CONSULTANCY: Liquidation Proceedings ------------------------------------------ Company Name: Tact Consultancy Ltd Company No: 3108843 Com. Business: Housing Consultancy Appointed on: 30/08/00 Type: Members Appointed by: Members Liquidators: Keith R Morgan IPno: 6831 Firm Name: Pannell Kerr Forster Address: 18 Park Place City Postcode: Cardiff CF10 3PD 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 * * *