/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/000929.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, September 29, 2000, Vol. 1, No. 102 Headlines B E L G I U M DVW: Annabel to Takeover DVW for Bfr485m HAMON: Posts First Half Pre-tax Loss of 1.3 Million Euros C Z E C H R E P U B L I C PRVNI MESTSKA: Suffer a Loss of Kc 174 Million PRIVNI MESTSKA: Prague May Tap KoB to Handle Bad Loans VITKOVICE: Court Accepts Composition Proposal E S T O N I A OPTIVA BANK: Change of Owner May Mean New Name G E R M A N Y ZEW: SGL Carbon to Buy Larger Stake L I T H U A N I A LIETUVOS ENERGIJA: Fourteen Western Firms Shows Interest N E T H E R L A N D S CETECO: Consortium Buys Liquidated Retail Group WORLD ONLINE: Tiscali Bid for Internet Service Provider Fails R U S S I A MEDIA-MOST: Faces Financial Crisis MEDIA-MOST: Gazprom-Media to Meet in Court on October 9 S P A I N UMANO: Randstad Finalizes Takeover U N I T E D K I N G D O M ANGELOPTION LTD: Liquidation Proceedings ARANS (KINGSTHORPE): Liquidation Proceedings ARANS (NORTHAMPTON): Liquidation Proceedings ARROW MERCANTILE: Liquidation Proceedings BARBECCO LTD: Liquidation Proceedings BUTLINS: Rank Says Goodbye to Redcoats in 700 Million Pounds Sale BROOMCO (2234): Liquidation Proceedings CONSTELLATION HOMES: Liquidation Proceedings CONTRACT ENTERPRISES: Liquidation Proceedings CORPORATE SERVICES: SFO Launches Accounting Inquiry CRYSTAL PACKAGING: Liquidation Proceedings DAEWOO UK: Runs Out of Cash EDWARD HALL: Liquidation Proceedings EMESS: Posts Full Year Pretax Loss Of 2.6 Million Pounds FREESERVE PLC: First-Quarter Loss Widens MADISONS COFFEE: Posts a Full Year Pre-Tax Loss of 1.74 Million MILLENNIUM DOME: Falconer Admits Dome Failure but Refuses to Quit RONSON: Doubles its Losses to 473 Million Pounds ============= B E L G I U M ============= DVW: Annabel to Takeover DVW for Bfr485m ---------------------------------------- De Standaard & World Reporter reported yesterday that East Flanders textile group Annabel is taking over the largest part of Flemish-Walloon textile group DVW for BFr485m. Main creditor KBC had to accept a price below its BFr500m asking price as Annabel was the only remaining acquisition candidate. Annabel has taken over all divisions except for Diamond Print, on which it has taken an option. It is expected operations will resume in the next fifteen days. The company will employ 303 staff during 2001- 2002. By the end of 2001, the group is expected to generate turnover of BFr3.3bn, up from BFr2.2bn in 2000. Joint investments in both sites will amount to BFr92.5m by the end of next year. HAMON: Posts First Half Pre-tax Loss of 1.3 Million Euros --------------------------------------------------------- Reuters reported yesterday that Hamon posted a first half pre-tax loss of 1.3 million euros. The Belgian maker of heat exchange and cooling towers said that at a constant level its turnover rose 4.7 percent, excluding its Rothemuehle Cottrell acquisition. =========================== C Z E C H R E P U B L I C ============================ PRVNI MESTSKA: Suffer a Loss of Kc 174 Million ----------------------------------------------- Prague Business Journal reported earlier this week that troubled municipal bank Privni Mestska Banka (PMB), which was partly owned by failed Investicni a Postovni Banka (IPB), held classified loans of close to 60 percent. Due to its economic problems, the city had to intervene to save the bank from losing its license. After the city's capital injection of Kc 350 million last fall, IPB eventually backed away from its interest in acquiring PMB, and the city's stake grew to 88.27 percent. The city is still responsible for covering the costs associated with the bad debts, estimated at Kc 233 million, according to the deputy mayor in charge of economic affairs, Jiri Paroubek. According to Prague Business Journal, in 1998 the bank received a Kc 5 million fine from the Czech National Bank for the questionable purchase of 3.99 percent of shares in now-bankrupt Chemapol Group and was also prohibited from securities trading. The bank's management was replaced, and special audits of some of the bank's dubious loan transactions were conducted, leading to criminal charges filed against former managers. But the bank has still suffered from a lack of provisioning and profits. In the first half of this year, PMB had Kc 5.5 billion in assets, down from Kc 11 billion at the end of 1999, and suffered a loss of Kc 174 million, compared to a Kc 40 million loss last year. At the same time its amount of classified loans reached Kc 1.7 billion. PRIVNI MESTSKA: Prague May Tap KoB to Handle Bad Loans ------------------------------------------------------ The City of Prague may hire state workout bank Konsolidacni Banka (KoB) to administer the bulk of bad loans it pledged to buy from troubled municipal bank Prvni Mestska Banka, the Prague Business Journal has learned from a source at KoB. The City Council on September 14 approved the Kc 725 million bad loan transfer. The transfer is a condition for the sale of the bank to a consortium of French Dexia Project & Public Finance International Bank, the world's largest lender to local governments, and Austrian Kommunalkredit, which received exclusivity from the city of Prague,a part owner in the bank. The consortium has until October 15 to close the contract. The city also received offers from Prague-based Europa Capital Management and Nova Lublinska Banka of Slovenia, Prague Business Journal reported earlier this week. VITKOVICE: Court Accepts Composition Proposal --------------------------------------------- The judge at the commercial court in Ostrava approved the company's proposal for settling its debts with roughly 3,000 creditors submitted June 20, Prague Business Journal reported earlier this week. The decision saves the company from bankruptcy, which was widely predicted earlier in the year with 20 petitions filed. It also gives the company two years to restructure and find a strategic partner. With the dollar at record highs against the Czech crown, the timing seems good at the moment for an investor to come in to the North Moravia-based steel company. "The strong dollar hurts us on the steel side, but benefits us on part of the engineering side -- where we sell in dollar markets," said Vaclav Novak, Vitkovice's chairman, speaking at a news conference held at the International Machine Show in Brno. The engineering divisions, which are more difficult businesses to restructure, will be ready in one-and-a-half to two years. Swiss steel firm Duferco has been reported as being interested in Vitkovice, though initially their interest was focused on Nova Hut, the Czech Republic's largest steelworks. Duferco chief Bruno Bolfo was quoted in the Czech daily Lidove Noviny on Sept. 11 saying that Vitkovice could be interesting, provided it had gone through a thorough restructuring first. Talks between the Swiss company and the Czech Ministry of Finance and the National Property Fund have been called off. Vitkovice, which collapsed late last year under debts of Kc 15 billion, is now expected to make a loss of Kc 1.1 billion on sales of Kc 15.633 billion and an operating profit of Kc 10.865 million. This compares to a 1999 audited loss of Kc 10.443 billion on sales of Kc 11.644 billion. Ceska Financni, the government-owned agency that must buy up the debts claimed by thousands of creditors, has had to delay the process from Sept. 9 to Oct. 14. Only 396 or so of the 2,193 creditors had registered their claims by Sept. 20, totalling Kc 800 million. The agency has signed contracts with 184 contracts totalling Kc 121 million. Ceska Financni has been provided by the government with Kc 1 billion to buy part of Vitkovice's debts. The big creditors' claims against Vitkovice are guaranteed by state workout bank Konsolidacni Banka. SME is in court against Vitkovice to try to gain control of the latter company's power-generating division as part of the settlement. ============= E S T O N I A ============= OPTIVA BANK: Change of Owner May Mean New Name ----------------------------------------------- Transfer of ownership of Estonia's Optiva Bank to the Finnish Sampo-Leonia group may according to unofficial information mean a change of name for the third largest Estonian bank along with new members on the board. The chairman of the newly elected supervisory board of Optiva Bank, Martti Porkka, told BNS that after acquiring majority control in Optiva the Sampo-Leonia group is planning to overhaul the Estonian bank's strategy during the present year. Porkka, chief of investments at the Sampo Group, said a possible name change and electing new members to the board would also be parts of the bank's new strategy. A member of Optiva's supervisory board, Andres Jarving, told BNS that increasing the bank's market share and cross-marketing banking and insurance products were the main goals of the new owners. "It seems to me that no significant changes in the bank's structures are planned to be made," Jarving said. Sampo Finance, a subsidiary of the Sampo-Leonia group, has increased its holding in Optiva to 93.2 percent. The product of a merger or Eesti Forekspank and Eesti Investeerimispank (Estonian Investment Bank), Optiva Bank has operated under its present name since 1998. ============= G E R M A N Y ============= ZEW: SGL Carbon to Buy Larger Stake ----------------------------------- German company SGL Carbon, one of world's largest electrode producers, has finally called for a sale of ZEW stocks, offering Zl41 per paper. Carbon plans to purchase 854,846 shares amounting to 38.08 percent of the whole stock capital. The call ends two years of negotiations between Carbon and the other major stockholders of the Polish carbon electrode producer, the national investment funds Kwiatkowski and Jupiter, owning respectively 21 and 15 percent. The Germans currently hold 27.92 percent of ZEW's capital and one of its subsidiaries controls an additional 8.99 percent stake, Polish News Bulletin reported yesterday. If the whole transaction proves successful, SGL Carbon is going to take over 75 percent of ZEW's capital minus one share. The subscription time has been set at October 3 to 11. The new investor claims that it wants to sustain the company's status on the market and refrain from withdrawing ZEW from stock exchange trading. ZEW gained some ZL100m in revenues for the first half, with net profits of ZL6.35m. This outcome results from a thorough restructuring program. ================= L I T H U A N I A ================= LIETUVOS ENERGIJA: Fourteen Western Firms Shows Interest -------------------------------------------------------- BNS & Euromoney reported earlier this week that some 14 Western energy companies have expressed their interest in the upcoming privatization of the Lithuanian energy utility Lietuvos Energija [Lithuanian Energy] in response to Lithuania`s invitation in the Western press, officials said. The list of companies that had sent their prospectuses to the Economy Ministry as September 21 includes Germany`s RWI, Belgian Electrabel, the French firms Electricite de France, Tractabel, AES, Cinergy and NRG Energy, Sweden`s Vattenfall and Union Fenosa, Finland`s Fortum, and British Energy, said Deputy Finance Minister Vytenis Junevicius, head of the commission responsible for Lietuvos Energija`s privatization. "This week we will check if all companies qualify for the upcoming tender and then make our recommendations to the government," said Kiron Sarkar, director at CIBC World Markets, chosen to advise on the restructuring and privatization of Lietuvos Energija. Other potential investors will be allowed to participate in the planned tenders too. ===================== N E T H E R L A N D S ===================== CETECO: Consortium Buys Liquidated Retail Group ----------------------------------------------- The core of liquidated Dutch retail group Ceteco has been sold. According to De Telegraaf & World Reporter earlier this week, the group's receivers announced they have found a buyer for the activities in El Salvador, Guatemala, Honduras and Nicaragua for an undisclosed sum. The buyer is a consortium of Central American retailers and a UK investment company. The receivers also formed an alliance for a subsidiary in Costa Rica. The purchased Ceteco subsidiaries employ about 3,000 people and were part of the core group for which the Ceteco board wanted to find a strategic partner. Following continuous bad results, the receivers were forced to file a petition for liquidation this spring. WORLD ONLINE: Tiscali Bid for Internet Service Provider Fails ------------------------------------------------------------- Reuters noted yesterday that a further fall in the share price of troubled Dutch Internet services provider World Online has puzzled analysts expecting it to align with the value of Italian peer Tiscali's takeover bid earlier this month. But an industry source told Reuters some shareholders previously restricted by lock-in agreements had started selling as soon as they could, exacerbating the decline of the stock that has slipped by almost 10 percent since the takeover announcement. The share closed at 15.80 euros on September 6, the day before Tiscali announced an all-share offer valued at 5.9 billion euros. The lock-in arrangements prevented share sales of at least three major shareholders: founder and former Chairman Nina Brink, U.S. based investment firm Baystar Capital and semiconductor giant Intel. The lock-ins expired on September 17, a World Online spokeswoman confirmed. One source said that BayStar had never been interested in a long-term investment and only agreed to enter the lock-in after it had caused a market uproar when it started selling shares immediately after the flotation. "The company (Baystar) has already told the market it was not in it for the long run. They are selling. Brink, although she is no longer a part of the group, certainly understands the logic of the combination," the source told Reuters. The offer is expected to be finalized in the second half of October. Until now traders and analysts in the Dutch market have blamed the fall on Dutch private investors, saying they were loathe to hold Italian shares, especially given that the telecoms and Internet sector has been under performing. =========== R U S S I A =========== MEDIA-MOST: Faces Financial Crisis ----------------------------------- Interfax Daily Business Report reported earlier this week that a representative from Gazprom has stated that the group of companies within the Media-MOST holding company is not capable of paying its debts. "Media-MOST is in default and we have not yet heard any serious arguments as to how it will pay these debts," Gazprom Media General Director Alfred Kokh said. Speaking at a press conference in Interfax, he said "at the moment the company is in default to the tune of $211 million, which CS First Boston paid on the company's debts, with Gazprom guarantees." "From 2001 Media-MOST should begin payments to the Moscow government amounting to a total of $223 million. As far as we understand, default will also be declared on these debts. In July (2001) the payment of the second tranche of a CS First Boston Credit of $262 million will become due, this is also covered by Gazprom guarantees," he said. Gazprom owns 16% of Media-MOST shares directly, and around 30% in various forms of NTV television company shares. In negotiations with Media-MOST, Gazprom asked shares to be transferred to it as payment for debts. Kokh announced plans to resolve problems with Media-MOST through the courts. "We will definitely turn to the courts," Kokh told Interfax. "Cases have been prepared and submitted to the courts," he said. However, according to the Gazprom Media director "the removal of assets is not the exclusive prerogative of the Arbitration Court." In his opinion, "this is already a criminal case," and consequently it is applicable to apply to the law enforcement authorities. Kokh accused Media-MOST management of removing assets to offshore companies. Among these he named New Television Technologies Limited, Media Miles and a number of others. During the press conference at Interfax he noted that Gazprom plans to sell Media-MOST shares to large foreign investors, thereby resolving the debt problem at the holding company headed by Vladimir Gusinsky. Kokh justified these plans by the absence of internal resources to pay off Media-MOST debts. Among possible investors Kokh named Deutsche Bank, with whom Gazprom has held talks on the fate of Media-MOST shares. According to him, they have agreed that Deutsche Bank will act as financial consultant on proposals for Media-MOST assets. The $300 million, which Gazprom should pay Gusinsky in line with an agreement reached, is lodged with Deutsche bank. Gusinsky has stated that the agreement concluded with Gazprom on July 20, 2000, on the transfer of all of Media-MOST's member-companies (over to Gazprom) for debts and $300 million, was signed under pressure. Information that such an agreement was signed on July 20 was circulated by Gazprom's press service. MEDIA-MOST: Gazprom-Media to Meet in Court on October 9 --------------------------------------------------- Skrin Issuer noted yesterday that on October 9, the Moscow District Arbitration Court is scheduled to hear the lawsuit filed by Gazprom-Media against Media-MOST. At preliminary hearings, the lawyers of both conflicting parties conceded the possibility of making an amicable agreement, Echo of Moscow radio reported. ========= S P A I N ========= UMANO: Randstad Finalizes Takeover ---------------------------------- Temporary employment agency Randstad NV said it had finalized the takeover of Spanish job agency Umano from its current owners Prosegur and Prime Select. The acquisition, which was announced on July 20, makes Randstad the second biggest temporary employment agency in Spain with proforma turnover of 223.3 million euros ($198 million) in 1999, Randstad said. Randstad will pay 139.5 million euros for Umano, including the Spanish company's debt of 31.3 million euros, Reuters reported yesterday. =========================== U N I T E D K I N G D O M =========================== ANGELOPTION LTD: Liquidation Proceedings ----------------------------------------- Company Name: Angeloption Ltd Previous Name: Glebe Hotel Company No: 2022824 Com. Business: Hotel Appointed on: 01/09/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Neil F Hickling IPno: 5449 Firm Name: Smith & Williamson Address: No. 1 St Swithin Street City Postcode: Worcester WR1 2PY ARANS (KINGSTHORPE): Liquidation Proceedings --------------------------------------------- Company Name: Arans (Kingsthorpe) Ltd Company No: 3284484 Com. Business: Holding Co for Estate Agents Appointed on: 01/09/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Peter J Windatt IPno: 8611 Ian Q Taylor 5243 Firm Name: Smith Dove Address: Glenroyd House 96-98 St James Road City Postcode: Northampton NN5 5LG ARANS (NORTHAMPTON): Liquidation Proceedings --------------------------------------------- Company Name: Arans (Northampton) Ltd Company No: 3243665 Com. Business: Holding Co for Estate Agents Appointed on: 01/09/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Peter J Windatt IPno: 8611 Ian Q Taylor 5243 Firm Name: Smith Dove Address: Glenroyd House 96-98 St James Road City Postcode: Northampton NN5 5LG ARROW MERCANTILE: Liquidation Proceedings ------------------------------------------ Company Name: Arrow Mercantile Ltd Company No: 1792635 Com. Business: Agriculture Appointed on: 01/09/00 Type: Creditors Appointed by: Creditors and Members Liquidators: S D Swaden IPno: 2719 Firm Name: Fisher Curtis Address: 1 Great Cumberland Place City Postcode: London W1H 7LW BARBECCO LTD: Liquidation Proceedings -------------------------------------- Company Name: Barbecco Ltd Company No: 1142146 Com. Business: Other Wholesale Appointed on: 01/09/00 Type: Creditors Appointed by: Creditors and Members Liquidators: S D Swaden IPno: 2719 Firm Name: Fisher Curtis Address: 1 Great Cumberland Place City Postcode: London W1H 7LW BUTLINS: Rank Says Goodbye to Redcoats in 700 Million Pounds Sale ----------------------------------------------------------------- Rank Group, owner of the Hard Rock Cafe chain, has sold its UK holidays division, which includes the Butlins family entertainment resorts, to the privately owned Bourne Leisure Group for up to pounds 700m. Rank will now focus on its gaming and restaurants activities. Bourne is the UK's second-biggest caravan park operator owned by Peter Harris, a millionaire racehorse trainer. It will buy the Rank holiday interests for pounds 650m, with a further installment of up to pounds 50m at the end of 2002, depending on Butlins' financial performance, the Independent News reported yesterday. Despite the sale, the future of Butlins, famous for its red- coats, remains uncertain. Butlins, founded by holiday camp pioneer Sir Billy Butlin, has been the unit's worst performer. Rank, which bought the company from Sir Billy in 1972, has poured in pounds 150m since 1997 on upgrades and at Easter last year Butlins was re-launched with three family entertainment resorts, closing two others and re-branding the sixth. Even so, losses in the six months to 30 June 2000 widened to pounds 10.1m, from pounds 5.6m in the corresponding period. Bourne is believed to be looking at a sale of Butlins or a closure of the business if its poor financial performance continues, the Independent noted. BROOMCO (2234): Liquidation Proceedings ----------------------------------------- Company Name: Broomco (2234) Ltd Company No: 4018883 Com. Business: Holding Co Appointed on: 01/09/00 Type: Members Appointed by: Members Liquidators: Timothy C Ball IPno: 8081 Firm Name: Mazars Neville Russell Address: Clifton Down House Beaufort Buildings City Postcode: Bristol BS8 4AN CONSTELLATION HOMES: Liquidation Proceedings --------------------------------------------- Company Name: Constellation Homes (No 7) Plc Company No: 2338781 Com. Business: Letting Property Appointed on: 01/09/00 Type: Members Appointed by: Members Liquidators: Anthony P Supperstone IPno: 2703 Firm Name: BDO Stoy Hayward Address: 8 Baker Street City Postcode: London W1M 1DA CONTRACT ENTERPRISES: Liquidation Proceedings ---------------------------------------------- Company Name: Contract Enterprises Ltd Company No: IR Com. Business: Appointed on: 01/09/00 Type: Members Appointed by: Members Liquidators: Barry M Forrest IPno: Firm Name: O'Connor Leddy & Holmes Address: Century House Harolds Cross Road City Postcode: Dublin 6 CORPORATE SERVICES: SFO Launches Accounting Inquiry --------------------------------------------------- The Independent News noted yesterday the Serious Fraud Office yesterday launched a criminal investigation into accounting irregularities at Corporate Services Group, the employment firm that owns the Blue Arrow agency. The SFO, in an announcement made after the Stock Market had closed, said it had been passed a report into the irregularities from the Department of Trade and Industry. Corporate Services said: "The directors wish to make it clear that the Department of Trade and Industry report which prompted the [SFO] inquiry relates to historic accounting practices, under previous management." Peter Owen was brought in as chief executive this year, in an attempt to turn the company around. The previous board left the company in the spring of last year, following the emergence of the irregularities and a series of profit warnings. Their departure also coincided with an unsuccessful hostile bid for the company from Michael Ashcroft, the controversial former Conservative Party Treasurer. Corporate Services has had to restate its 1997 and 1998 accounts. It has also had to settle a series of legal claims, for transactions carried out under the previous management. Reuters reports Corporate Services announced a half year loss of 3.82 million pounds, after taking an exceptional charge of nine million pounds, mainly for litigation settlements. Its shares closed down 0.5 pence at a year-low of 81 pence before news of the fraud probe, after falling 6.7 percent following results. CRYSTAL PACKAGING: Liquidation Proceedings ------------------------------------------- Company Name: Crystal Packaging Ltd Company No: 1457813 Com. Business: Resale/Distribut Packaging Matter Appointed on: 01/09/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Bernard Hoffman IPno: 1593 Ian Yerrill 8924 Firm Name: Gerald Edelman Address: Suite 105 Kent House Station Road City Postcode: Ashford TN23 1PP DAEWOO UK: Runs Out of Cash ---------------------------- BBC News reported yesterday that the Korean car giant Daewoo has told its UK workforce that it has no money to pay their salaries. About 750 workers at the Daewoo Motors technical centre at Worthing, West Sussex, were sent letters warning them they would not be paid this month. A Daewoo official said: "There are no funds available for salary payments and unfortunately there is nothing we can do at the moment to pay our staff at Worthing. Receivers were called in at Daewoo's headquarters in South Korea more than a year ago, as the huge conglomerate struggled to cope with a mountain of debt. Daewoo Motors had always been considered as the most profitable part of the empire, and was set to be sold off to a foreign investor to bring in some much needed cash. However, earlier this month the Ford Motor company pulled out of takeover talks after taking a closer look at Daewoo's books. Daewoo workers at Worthing were allowed some time off to contact banks and building societies and explain the situation. The company has promised to reimburse any interest charges. EDWARD HALL: Liquidation Proceedings ------------------------------------- Company Name: Edward Hall Ltd Company No: 69908 Appointed on: 01/09/00 Type: Members Appointed by: Members Liquidators: Trevor N Birch IPno: 8086 Firm Name: Ernst & Young Address: 100 Barbirolli Square City Postcode: Manchester M2 3EY EMESS: Posts Full Year Pretax Loss Of 2.6 Million Pounds -------------------------------------------------------- The Times noted said yesterday that electrical equipment company Emess reported full-year pre-tax losses of pounds 2.6 million. There is no dividend. FREESERVE PLC: First-Quarter Loss Widens ---------------------------------------- Freeserve Plc, the U.K.'s largest Internet service provider, said its fiscal first-quarter loss widened on technology spending and marketing costs. The loss in the period ended August 19 widened to 13.1 million pounds ($19.1 million), or 1.3 pence a share, from 7.1 million pounds, or 0.8p, in the year-ago period, the company said in a statement released by the Regulatory News Service. Freeserve, which has failed to find a buyer in four months of searching, faces rivals such as Italy's Tiscali SpA and Germany's T-Online International AG that have made acquisitions to gain market share and cut costs, Bloomberg reported yesterday. Sales more than quadrupled to 14.6 million pounds from 3.4 million pounds. The number of registered users was 2.05 million as of Sept. 24. Growth in new members froze after CMGI Inc.'s AltaVista Co. said in March it was going to offer flat-fee Internet access in the U.K. That sparked cheap offers from Freeserve and others. AltaVista canceled its offer last month. Shares in London-based Freeserve yesterday fell 12 pence, or 4.7 percent, to 242p. They have lost about a third of their value since June 26, when Freeserve said it had held talks with a number of parties, including T-Online, though it didn't expect that to result in a purchase of the company, Bloomberg said. MADISONS COFFEE: Posts a Full Year Pre-Tax Loss of 1.74 Million --------------------------------------------------------------- Food retailing company Madisons Coffee posted a full-year pre-tax loss of pounds 1.74 million the Times reported yesterday. There is no dividend. MILLENNIUM DOME: Falconer Admits Dome Failure but Refuses to Quit ----------------------------------------------------------------- Lord Falconer of Thoroton has admitted that the Millennium Dome has been a "disappointing" failure which had also suffered from major shortcomings in financial management, the Independent News reported yesterday. In a statement on the first day of Lords business since the summer recess, the minister for the Dome admitted that the pounds 758m project "has not been a success". The Government's proposals, he conceded, had been "too ambitious". The Government had over-reached itself in attempting to design and build the Dome within three years, and in expecting to get 12 million paying visitors within one year of operation, he said. Echoing Tony Blair's admissions at Labor's conference in Brighton, he said it was "not appropriate" for the public sector to run a large visitor attraction. Lord Falconer also revealed that a bid by from Legacy Plc to convert the Dome into a hi-tech science park, featuring bio- technologies and digital industries, is close to being accepted by ministers, despite doubts the proposal would succeed. RONSON: Doubles its Losses to 473 Million Pounds ------------------------------------------------ Cigarette-lighter group Ronson is blaming a major shake-up of its business for half-year results that showed losses more than doubling, Ananova reported yesterday. Since January the company has sold a brand and abandoned a distribution contract while developing new products and establishing overseas links. The group says figures were damaged by the "limited appeal" of many of their products, adverse U.S. exchange rates and a slump in home shopping sales. It blames reduced turnover - pounds 3.5 million, down from pounds 5.2 million in the six months to July 1999 -- on surrendering its Pierre Cardin distribution contract for costume jewellery. The results show in seasonal losses that widened to pounds 473 million against pounds 223 million last time in the six months to July 1. Managing director Simon Russell said: "Much of our existing product lacked Ronson's historic sense of innovation and styling and holds limited appeal to today's customer. He believes overheads need to be cut and accuses many of its distribution partners of lacking "either the appropriate commitment or motivation or financial and distribution muscle to successfully carry out new product and brand initiatives to their markets". 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 * * *