/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/001002.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, October 2, 2000, Vol. 1, No. 103 Headlines B E L G I U M LERNOUT & HAUSPIE: SEC to Investigate Financial Statements C Z E C H R E P U B L I C TAJMAC-ZPS: Restructuring to Cost DEM 10-12 million TESLAMP: Faces Financial Crisis H U N G A R Y HTC: Declares Bankruptcy, Faces More Than 100 Lawsuits JORGOS TRAVEL: Office Burns, Owners May Up For Sale I R E L A N D DESMOND & SONS: Announces Closure amid Lower Demand for Textiles SHERMAN COOPER: Derry Shirt Plant Shuts I T A L Y INFOSTRADA: Offered for E12 Billion in Cash and Loan Notes L I T H U A N I A LITHUANIAN SHIPPING: Talks On Sell-off Near Completion P O L A N D OPTIMUS: Posts Revised H1 Loss to PLZ 15.5 Million R O M A N I A ANTIOBIOTICE: FPS to Sell Majority Stake COMBINATUL DE UTILAJ: FPS to Sell Majority Stake ELECTROPUTERE: FPS to Sell Majority Stake ROMVAG: FPS to Sell Majority Stake RULMENTUL BRASOV: FPS to Sell Majority Stake R U S S I A NOVOKUZNETSK: Review of Kuzbassenergo's Lawsuit on October 2 S W I T Z E R L A N D 4 M TECHNOLOGIES: Faces Financial Crisis U N I T E D K I N G D O M EASIER: Posts Interim Pre-Tax Loss Of 6.76 Million Pounds FDR: Jobs Threatened at Credit Card Company FREESERVE: Posts first-quarter pre-tax loss of 17.81 million GERPAT LTD: Liquidation Proceedings GUMMER & CO: Liquidation Proceedings HANDYKEEN LTD: Liquidation Proceedings HISCOX: Reports Losses of 3.3 Million Pounds IDEAL IMPRESSIONS: Liquidation Proceedings KIMMAGE REAL ESTATE: Liquidation Proceedings LAMONT HOLDINGS: Posts Interim Pre-Tax Loss of 9.1 Million MILLENIUM DOME: Special Fund in Case Dome is Hit by an Asteroid NILEBAND LTD: Liquidation Proceedings PARAMOUNT FOODS: Liquidation Proceedings PHARMAGENE: Posts Interim Pre-Tax Loss of 3.01 Million Pounds PLYMOUTH & SOUTH: Liquidation Proceedings PRIDEWOOD BUILDING: Liquidation Proceedings PROVALIS: Posts Full-Year Pre-Tax Loss of 15.9 Million Pounds QUADRANT HEALTHCARE: Posts Interim Pre-Tax Loss of 4.41 Million RON JONES: Liquidation Proceedings SAP IRELAND: Liquidation Proceedings SHERWOOD GROUP: Posts Interim Pre-Tax Loss of 22.89 Million SKYEPHARMA: Posts First Half Pre-tax Loss of 11.4 Million Pounds ============= B E L G I U M ============= LERNOUT & HAUSPIE: SEC to Investigate Financial Statements ---------------------------------------------------------- Reuters reported yesterday that Belgian speech technology company Lernout & Hauspie expects to post a third-quarter cash loss as well as an operating loss, Chief Executive John Duerden said. "Because we will have an operating loss, that obviously will translate into a cash loss as well," Duerden told a conference call with analysts and reporters after being asked about the company's cash burn rate. L&H, the subject of a U.S. Securities and Exchange Commission (SEC) investigation of its financial statements, earlier this week said it expected third-quarter results to fall short of analysts' expectations. It forecast a net loss before goodwill amortization on revenues ranging between $165 million and $185 million. =========================== C Z E C H R E P U B L I C ============================ TAJMAC-ZPS: Restructuring to Cost DEM 10-12 million --------------------------------------------------- TZPS, formerly known as ZPS, was bought by Tajmac of Italy in June 2000, Access Czech Republic Business Bulletin reported earlier this week. The machine tool manufacturer, declared bankrupt in October 1999, is now called Tajmac-ZPS (TZPS). The firm estimates the production restructuring costs will be DEM 10- 12 mil by 2001. TZPS will continue its business relationship with the U.S. branch of Okuma (Japan) after 2000. In the middle of 2000 TZPS re-arranged a five-year contract worth over USD 100 mil with Okuma, which is more than double the volume compared to the previous contract with Okuma. TESLAMP: Faces Financial Crisis -------------------------------- Teslamp, a lighting source manufacturer, has faced financial difficulties in 2000. Access Czech Republic Business Bulletin reported last week that the firm, which has been under bankruptcy proceedings since 25 Aug 2000, has a high credit burden. Roughly 1,300 employees of the firm have not received wages since July 2000, prompting a strike alert. Teslamp, which is the monopoly domestic manufacturer in its field, exports about 65 percent of its production. Its consumers are Osram (Germany), Philips (Netherlands) and Sylvania (US). ============= H U N G A R Y ============= HTC: Declares Bankruptcy, Faces More Than 100 Lawsuits ------------------------------------------------------ Tour-operation company HTC Kft, declared bankruptcy Sept. 4 and required an Economy Ministry-funded bailout of about Ft 35 million to cover costs of returning stranded vacationers. HTC was the exclusive tour operator for Jorgos, and both companies are partly owned by the Szedleczky family. The companies collectively accounted for about half of Hungary's charter tourism market. Budapest police launched an investigation following HTC's collapse, searching the offices of HTC and Jorgos on Sept. 7 and confiscating documents considered to be relevant as possible evidence of fraud, Budapest Business Journal noted last week. Police spokesman Mihaly Dezsi said the investigation is ongoing, and more than 100 lawsuits have been initiated against HTC. The Competition Office has issued a summons to HTC's owners to appear at a hearing. It suspects that HTC may have willfully misled its customers. HTC and its related companies Jorgos, Tan Tura Kft and Club Espana 2000 Kft accumulated considerable debts with Pannon Airlines Kft and travel companies in Greece and Spain. HTC also owes money to clients who have paid in advance for trips. JORGOS TRAVEL: Office Burns, Owners May Up For Sale --------------------------------------------------- Budapest Business Journal noted last week that troubled charter agency Jorgos Travel Kft may be sold to Greek minority partner Georgios Nanakos, part-owner Laszlo Szedleczky announced. "The Hungarian partners offered their shares to Mr. Nanakos against writing off the [company's] debts," Szedleczky said. His remarks came after a dawn fire on Sept. 10 destroyed 70 percent of Jorgos' head office, located on Karoly korut in District 7. No one was injured in the blaze, but documents and computers were destroyed. Experts are currently working to determine the cause of the fire. Arson has not been ruled out, and damages are estimated at Ft 5 million-Ft 30 million. As reported Jorgos is in dire financial straits due to its close relationship with tour-operation company HTC Kft, which declared bankruptcy Sept. 4 and required an Economy Ministry-funded bailout of about Ft 35 million to cover costs of returning stranded vacationers. HTC was the exclusive tour operator for Jorgos, and both companies are partly owned by the Szedleczky family. The companies collectively accounted for about half of Hungary's charter tourism market. Budapest police have launched an investigation following HTC's collapse, searching the offices of HTC and Jorgos on Sept. 7 and confiscating documents considered to be relevant as possible evidence of fraud. Szedleczky conceded that Jorgos "has not paid up on all the receipts." ============= I R E L A N D ============= DESMOND & SONS: Announces Closure amid Lower Demand for Textiles ---------------------------------------------------------------- Desmond & Sons announced the closure with immediate effect of its garment-making plant in Enniskillen with the loss of 118 full- time and 17 part-time jobs, blaming significant changes in shopping patterns for impacting on demand. Union leaders claimed the move, coming on the back of the closure of Unipork's plant, "represents a disaster for the town". Sinn Fein and SDLP assembly members for the area were united in condemning the government, the Irish Times reported yesterday. The factory will cease production -- probably by the end of October -- but the site will remain in use to provide divisional support services until they can be transferred to the company's outlet in Irvinestown, which will become the headquarters of the Desmonds lightwear division. The company -- which claims to contribute 40 million pounds to the economy -- also plans to discuss with trade unions a programme of voluntary redeployment and voluntary redundancy. These proposals will affect 80 people at the Claudy factory, but around 60 will be offered posts at Desmonds factories in Derry and Dungiven. SHERMAN COOPER: Derry Shirt Plant Shuts --------------------------------------- Irish Independent reported that Derry suffered a major jobs blow yesterday with the announcement that the Sherman Cooper Company is to close its shirt factory at Abercorn Road at the end of next month with the loss of 80 jobs. The announcement comes just one week after a leading Northern Ireland economist reported to Derry City Council that the North-West's shirt manufacturing industry was ``highly vulnerable.'' ========= I T A L Y ========= INFOSTRADA: Offered for E12 Billion in Cash and Loan Notes ---------------------------------------------------------- Vodafone, the UK mobile phone group, is within days of completing the sale of Infostrada, its Italian Internet and fixed phone business, for E12bn ($10.56bn) in cash and loan notes, Financial Times noted yesterday. A deal has been agreed to sell Infostrada to Enel, Italian electricity generator, but it is unclear whether Enel will be joined by France Telecom. Enel is understood to be prepared to go ahead with a bid on its own if necessary after the French warned that the price was too high. But Enel is under strong pressure from the Italian government to proceed regardless of the French and is making preparations to conclude the deal within days. The Italian electricity group is expected to appoint three European banks. They have been asked to arrange bridge financing of around E10bn on its behalf rather than through Wind. According to Financial Times, Enel's ambition to purchase Infostrada has created a furious row within Italy's political and business establishment, because the Italian government continues to have a majority stake in Enel. Some commentators therefore argue that Enel is dragging Infostrada from the private sector into the state's ambit. Infostrada was inherited by Vodafone following its takeover of Mannesmann of Germany. ================= L I T H U A N I A ================= LITHUANIAN SHIPPING: Talks On Sell-off Near Completion ------------------------------------------------------ Negotiations on the sale of a 75 percent stake in Lithuanian Shipping Company (LISCO) were practically completed when the public tender commission endorsed a draft sale/purchase agreement with the winning consortium. The draft agreement is now subject to approvals from the boards of members of the B.B. Bredo B.V. consortium, registered in the Netherlands, the board of the State Property Fund, the Lithuanian Privatization Commission and the country`s government, Deputy Transportation Minister Arimantas Rackauskas told BNS. Rackauskas, chairman of the tender commission, said they expected all final decisions to be made in a month or a month and a half. The official confirmed that the deal valued the 75 % in LISCO at around 50 million US dollars, with another 60 million dollars earmarked for investment. Rackauskas did not rule out that the deal might still fall through, should managements of the investing companies disapprove of the draft agreement. Set up in 1987, B.B. Bredo B.V. comprises the Israeli liquid chemicals marketing, transportation and storage company Sprinter Gadot Yam, the Dutch ship operator Eurochem Shipping B.V. and the British shipping company Borchard Lines Ltd. The Dutch shipping company SFDS Tor Line A/S, which seeks to run LISCO`s ferry operations, also participates in the project. =========== P O L A N D =========== OPTIMUS: Posts Revised H1 Loss to PLZ 15.5 Million --------------------------------------------------- Polish computer maker Optimus said its net loss after the first half of 2000 stood at PLZ 15.5 million (USD 3.41 million), nearly double the amount it had previously reported. The firm said in a statement the revision was caused by the creation of reserves of PLZ 7.3 million for a loss-making subsidiary OLM ITG SA. Optimus said nearly two months ago that it had a first half-net loss of eight million zlotys, Reuters reported yesterday. ============= R O M A N I A ============= ANTIOBIOTICE: FPS to Sell Majority Stake ---------------------------------------- The FPS will sell its 53.0173 percent interest in drug maker Antibiotice to a strategic investor or a consortium comprised of a strategic investor and one or several financial investors through negotiations on the basis of binding bids, Reuters said yesterday. Romania's main privatization agency FPS was authorized by the government to sell its majority stake, the government's Official Gazette reported. This company is part of a batch of 63 enterprises slated to be sold off or liquidated with help from international investment banks or privatization agencies under a USD 300 million World Bank Private Sector Adjustment Loan (PSAL) accord, according to Reuters. The government said that in a bid to increase the attractiveness of these companies, the cabinet had approved rescheduling of their debts to the budget at the end of June, as well as write- off penalties on delayed budget payments. COMBINATUL DE UTILAJ: FPS to Sell Majority Stake ------------------------------------------------ The FPS will sell its 88.081 percent interest in heavy equipment maker Combinatul de Utilaj Greu to a strategic investor or consortium through negotiations on the basis of binding bids, Reuters reported yesterday. Romania's main privatization agency FPS was authorized by the government to sell its majority stakes, the government's Official Gazette reported. This company is part of a batch of 63 enterprises slated to be sold off or liquidated with help from international investment banks or privatization agencies under a USD 300 million World Bank Private Sector Adjustment Loan (PSAL) accord. The government said that in a bid to increase the attractiveness of these companies, the cabinet had approved rescheduling of their debts to the budget at the end of June, as well as write- off penalties on delayed budget payments. ELECTROPUTERE: FPS to Sell Majority Stake ----------------------------------------- Reuters noted yesterday that the Romania's main privatization agency FPS was authorized by the government to sell its majority stake in electrical engine maker Electroputere, the government's Official Gazette reported. This company is part of a batch of 63 enterprises slated to be sold off or liquidated with help from international investment banks or privatization agencies under a USD 300 million World Bank Private Sector Adjustment Loan (PSAL) accord. The FPS will sell its stake of 62.4662 percent to a strategic investor or consortium through negotiations on the basis of binding bids. Sale of shares could go hand in hand with sale of assets, accordingly. The government said that in a bid to increase the attractiveness of these companies, the cabinet had approved rescheduling of their debts to the budget at the end of June, as well as write- off penalties on delayed budget payments, Reuters said. ROMVAG: FPS to Sell Majority Stake ---------------------------------- Romania's main privatization agency FPS was authorized by the government to sell its majority stake in rail carriage maker Romvag, the government's Official Gazette reported. According to Reuters this company is part of a batch of 63 enterprises slated to be sold off or liquidated with help from international investment banks or privatization agencies under a USD 300 million World Bank Private Sector Adjustment Loan (PSAL) accord. The FPS will sell its 50.85 percent to a strategic investor through negotiations on the basis of binding bids. The government said that in a bid to increase the attractiveness of these companies, the cabinet had approved rescheduling of their debts to the budget at the end of June, as well as write-off penalties on delayed budget payments. RULMENTUL BRASOV: FPS to Sell Majority Stake --------------------------------------------- Reuters reported yesterday that the Romania's main privatization agency FPS was authorized by the government to sell its majority stake in ball bearings maker Rulmentul Brasov, the government's Official Gazette reported. This company is part of a batch of 63 enterprises slated to be sold off or liquidated with help from international investment banks or privatization agencies under a USD 300 million World Bank Private Sector Adjustment Loan (PSAL) accord. The FPS will sell its 50.904 percent stake to a strategic investor or consortium through negotiations on the basis of biding bids. The government said that in a bid to increase the attractiveness of these companies, the cabinet had approved rescheduling of their debts to the budget at the end of June, as well as write- off penalties on delayed budget payments. =========== R U S S I A =========== NOVOKUZNETSK: Review of Kuzbassenergo's Lawsuit on October 2 ------------------------------------------------------------ Skrin Issuer reported yesterday that consideration of Kuzbassenergo's lawsuit against Novokuznetsk aluminum smelter is rescheduled for October 2, 2000, as Kuzbassenergo has failed to prepare requesting documents. As previously reported, Novokuznetsk aluminum smelter owed RUR 667 mln for electricity. ===================== S W I T Z E R L A N D ===================== 4 M TECHNOLOGIES: Faces Financial Crisis ----------------------------------------- Le Temps & World Reporter reported earlier this week that shares in 4M Technologies, which were floated on the new market of the Swiss Bourse (SWX New Market) in October of last year for SFr300, got close to the SFr800 mark in March. Since then, however, the stock has not stopped falling, going below the SFr100 mark. According to a report from Banque Sarasin, the Swiss bank, 4M Technologies is seriously lacking cash and banks have either reduced or cancelled credit limits. Reto Portmann, author of the report, says that "there is a serious danger of bankruptcy." Directors of the company have denied the withdrawal of loans, with the exception of one in Germany. The report says 4M Technologies did not foresee the collapse in the market for CD production equipment, its main area of activity. =========================== U N I T E D K I N G D O M =========================== EASIER: Posts Interim Pre-Tax Loss Of 6.76 Million Pounds ---------------------------------------------------------- The Times reports that Internet company Easier has announced an interim pre-tax loss of 6.76 million pounds with no dividend. FDR: Jobs Threatened at Credit Card Company -------------------------------------------- Netscape News reported earlier this week that hundreds of jobs are to be axed at a credit card process firm following a loss of business. American-owned FDR want to cut 700 jobs, mainly in Basildon and Southend in Essex, with a handful going from its site in Leeds. The company, which employs about 2,500 workers in the UK, is seeking volunteers among staff who process credit card details for major credit card firms. Finance union Unifi called for a guarantee of no compulsory redundancies. National official John Townsend said: "Although the company has not given a guarantee of no compulsory redundancies, we will be working closely with management to ensure that all job losses can be dealt with through natural wastage and the use of volunteers." FREESERVE: Posts first-quarter pre-tax loss of 17.81 million ------------------------------------------------------------ The Times noted yesterday that Internet company Freeserve has reported first-quarter pre-tax losses of 17.81 million pounds. GERPAT LTD: Liquidation Proceedings ------------------------------------ Company Name: Gerpat Ltd Company No: 1384817 Com. Business: General Builders Appointed on: 01/09/00 Type: Creditors Appointed by: Creditors and Members Liquidators: David Wald IPno: 3598 Firm Name: D Wald & Co Address: 18 Sapcote Trading Centre Dudden Hill Lane City Postcode: London NW10 2DH GUMMER & CO: Liquidation Proceedings ------------------------------------- Company Name: Gummer & Co Ltd Company No: 2137447 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 HANDYKEEN LTD: Liquidation Proceedings ------------------------------------ Company Name: Handykeen Ltd Company No: 2725471 Com. Business: General Commercial Co Appointed on: 01/09/00 Type: Creditors Appointed by: Creditors Liquidators: A A Josephs IPno: 4179 Firm Name: RMT Address: 3 Portland Terrace City Postcode: Newcastle-u-Tyne NE2 1QQ HISCOX: Reports Losses of 3.3 Million Pounds -------------------------------------------- Hiscox, the Lloyd's insurance group, said difficulties in the marine and offshore energy insurance market held back half-year profits. Hiscox said its London market business Syndicate 33 at Lloyd's reported losses of 3.3m pounds ($4.82m) against pre-tax profits of 2.7m pounds last time. Bronek Masojada, chief executive, said: "We have been hit by a series of smaller accidents and more ships sinking than average rather than any one major event." Mr Masojada said that he had no plans to exit marine insurance even though earlier this week Cox Insurance announced it was getting out of marine because of difficulties in the market. He said, "We have shrunk the size of our marine business over the past three years by around 75 per cent but we still think it is important to retain a marine capability." Hiscox plans to take a share of the insurance market for solicitors following the demise of the Solicitors Indemnity Fund. IDEAL IMPRESSIONS: Liquidation Proceedings ------------------------------------------- Company Name: Ideal Impressions Ltd Previous Name: Eldee Ltd Company No: 3010533 Com. Business: Composite Manufacturer Appointed on: 01/09/00 Type: Creditors Appointed by: Creditors and Members Liquidators: P J Clark IPno: 8570 G P Squires 7856 Firm Name: Kroll Buchler Phillips Address: 84 Grosvenor Street City Postcode: London W1X 9DF KIMMAGE REAL ESTATE: Liquidation Proceedings --------------------------------------------- Company Name: Kimmage Real Estate Co Ltd Company No: IR Appointed on: 01/09/00 Type: Members Appointed by: Members Liquidators: M Sargent IPno: Firm Name: Brennan Governey & Co Address: Kildress House Pembroke House Pembroke Row City Postcode: Dublin 2 LAMONT HOLDINGS: Posts Interim Pre-Tax Loss of 9.1 Million ----------------------------------------------------------- Yorkshire Posts reported yesterday that Lamont Holdings has posted an interim pre-tax loss of 9.1m pounds with no dividend. Lamont Holdings PLC manufactures, processes and distributes textile products. The group's operations are carried out in the United Kingdom and Northern Ireland. The greatest impact upon 1998 arose as a result of commissioning new plant at Moygashel and BFF Nonwovens. Fabrics and fabric printing accounted for 76 percent of 1997 revenues and carpet and carpet yarns, 24 percent. MILLENIUM DOME: Special Fund in Case Dome is Hit by an Asteroid --------------------------------------------------------------- The Millennium Dome has been allocated a GBP9million emergency budget for the unexpected. One Cabinet source told the Daily Express in Brighton this week that the cash had been set aside for unforeseen difficulties, "like the thing being hit by an asteroid". The money was buried in the GBP47million lottery money handed over by the Millennium Commission earlier this month, and ministers insist it will not mean any cash injection from the Treasury. "It is a cushion for the unexpected, and it has been built into our figures," a Government source said. The Prime Minister said at the start of the week that there was no question of any further money being taken by the project. NILEBAND LTD: Liquidation Proceedings -------------------------------------- Company Name: Nileband Ltd Company No: 03292209 Com. Business: Holding Company Appointed on: 01/09/00 Type: Members Appointed by: Members Liquidators: David R Wilton IPno: 5708 Adrian R Stanway 2665 Firm Name: PricewaterhouseCoopers Address: Cornwall Court 19 Cornwall Street City Postcode: Birmingham B3 2DT PARAMOUNT FOODS: Liquidation Proceedings ----------------------------------------- Company Name: Paramount Foods 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 PHARMAGENE: Posts Interim Pre-Tax Loss of 3.01 Million Pounds -------------------------------------------------------------- The Times reported yesterday that pharmaceuticals company Pharmagene posted an interim pre-tax loss of 3.01 million pounds with no dividend. PLYMOUTH & SOUTH: Liquidation Proceedings ------------------------------------------ Company Name: Plymouth & South Devon Training Ltd Previous Name: South Devon Training Group Ltd Company No: 1127860 Com. Business: Training Centre Appointed on: 01/09/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Giles R Frampton IPno: 7911 Firm Name: Richard J Smith & Co Address: 53 Fore Street City Postcode: Ivybridge PL21 9AE PRIDEWOOD BUILDING: Liquidation Proceedings -------------------------------------------- Company Name: Pridewood Building Co Ltd Company No: 3814914 Com. Business: Property Developers Appointed on: 01/09/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Robert Valentine IPno: 3569 Firm Name: Valentine & Co Address: 4 Dancastle Court 14 Arcadia Avenue City Postcode: London N3 2HS PROVALIS: Posts Full-Year Pre-Tax Loss of 15.9 Million Pounds -------------------------------------------------------------- The Times noted yesterday that Provalis (pharmaceuticals) has reported full-year pre-tax losses of 15.9 million pounds with no dividend. QUADRANT HEALTHCARE: Posts Interim Pre-Tax Loss of 4.41 Million --------------------------------------------------------------- The Times noted yesterday that Quadrant Healthcare (pharmaceuticals) recorded an interim pre-tax loss of 4.41 million pounds with no dividend. RON JONES: Liquidation Proceedings ----------------------------------- Company Name: Ron Jones (Burton-on-Trent) Ltd Company No: 710955 Com. Business: Building/Joinery Appointed on: 01/09/00 Type: Creditors Appointed by: Members Liquidators: P Finnity IPno: 8768 D R Wilton 5708 Firm Name: PricewaterhouseCoopers Address: Victoria House 76 Milton Street City Postcode: Nottingham NG1 3QY SAP IRELAND: Liquidation Proceedings ------------------------------------- Company Name: SAP Ireland Ltd Company No: IR Com. Business: Appointed on: 01/09/00 Type: Members Appointed by: Members Liquidators: James Walsh IPno: Firm Name: Bradley Walsh & Co Address: 17 Clyde Road Ballsbridge City Postcode: Dublin 4 SHERWOOD GROUP: Posts Interim Pre-Tax Loss of 22.89 Million ----------------------------------------------------------- The Times noted yesterday that clothing & footwear company Sherwood Group has posted an interim pre-tax loss of 22.89 million pounds with no dividend. SKYEPHARMA: Posts First Half Pre-tax Loss of 11.4 Million Pounds ---------------------------------------------------------------- SkyePharma, the UK drug delivery group, has received approval to market Solarase, a treatment for pre-cancerous skin lesions, in the US, Financial Times reported yesterday. The group made the announcement as it drifted further into the red, reporting a pre- tax loss of 11.4m pounds ($16.7m) for the six months to June 30 (6.4m pounds last time). 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 * * *