/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/010102.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 Tuesday, January 2, 2001, Vol. 2, No. 01 Headlines C Z E C H R E P U B L I C POLDI-DRIN: Three of Four Ex-Bidders Take Part in New Tender UNION BANKA: U.S. Bank Citibank Seriously Interested G E R M A N Y DEUTSCHER PAKET: La Poste to Take Control Early in the New Year I R E L A N D CROSS PEN-MANUFACTURING: 60 Jobs to Go as Pen Plant Closes JAMES CREAN: Share Slide Leads to Call for Resignation SEALION SERVICES: Winding Up with 3 Million Pounds Debt TRANSAER: McGoldrick Grounded after Failed Merger P O L A N D BANK CZESTOCHOWA: Goes into Receivership R U S S I A NTV: Gusinsky Might Sell NTV Stake to Foreign Investors RUSSIAN ALUMINUM: Hit with $2.7Billion Suit in U.S. Court SBS-AGRO: Russian Prosecutors Question Bank Chief S P A I N AGB: Commission Assumes Responsibility for Liquidation NAVIDUL GROUP: Takeover Merger by Campofrio is Approved S W I T Z E R L A N D ALUMINIUM MARTIGNY: Foundry in Takeover Agreement FANTASTIC: Slashes Workforce to Get Out of the Red FANTASTIC CORP: Sees Big 2000 Loss U N I T E D K I N G D O M CARADON: Board Threatens to Quit Over Rebel Plans CARADON: Calls for Shareholders to Dismiss Sell-Off Plan GEARHOUSE GROUP: Gears Up for Units Sale HELPHIRE: Reveals Interim Pre-Tax Loss of 48 Million Pounds KUKO FISHERIES: Liquidation Proceedings NICHIDO FIRE: Liquidation Proceedings PETERHEAD WELDING: Liquidation Proceedings RAPID REPAIRS: Liquidation Proceedings REUNION LEISURE: Liquidation Proceedings SHAY MORRIS: Liquidation Proceedings TEX MEX: Liquidation Proceedings WEALTH MANAGEMENT: Shares Sink to Year-Low =========================== C Z E C H R E P U B L I C ============================ POLDI-DRIN: Three of Four Ex-Bidders Take Part in New Tender ------------------------------------------------------------- Czech News Agency noted last week that the three of the four potential buyers who in October took part in the first round of the tender for the sale of the Poldi-Drin steelworks, will try to succeed in the tender declared by bankruptcy assets administrators, Poldi Ocel and Tomas Pelikan. So far Trinecke zelezarny and Annahuette of Germany have made official bids, offering Kc265m and Kc61m respectively, Pelikan said. Mossei International Holding offered Kc404m. According to Pelikan, the fourth bidder, Kapital, will not take part in the new tender. Kapital won the original tender in the first round, bidding Kc622m. However, it had not complied with the terms of the tender failing to deposit in advance 20-pct of the price bid within 21 days. Instead, it tried to block the sale of Drin by filing for an injunction banning the administrators from handling Drin's assets. The Regional Commercial Court in Prague turned down Kapital's proposal as the firm has not proved its legal claim to the assets it was intending to block, Pelikan told CTK. Mossei International Holding director Josef Totzauer confirmed to CTK that Mossei is ready to meet all terms of the tender within 21 days after bankruptcy administrators ask it to do so. "There's no problem for us to make the deposit and furnish evidence of bank guarantees," Totzauer said. If Mossei actually gets the steelworks, it is not going to terminate Trinecke zelezarny's leasing of Drin's premises, Totzauer pointed out. Trinecke zelezarny leased the premises from bankruptcy administrators in May 1998 and in August 1998 they renewed production of rolled steel. The assets of Poldi-Drin are part of bankruptcy assets of Poldi Ocel and Konstrukcni ocel Poldi, which were in 1997 declared bankrupt because of long-term insolvency, Czech News Agency noted. UNION BANKA: U.S. Bank Citibank Seriously Interested ---------------------------------------------------- CTK learned from Pravo newspaper last week that the U.S. bank Citibank is seriously interested in entering the North Moravian bank Union banka (UB) of Ostrava and is about to launch due diligence in the bank in January. However, Credit Suisse First Boston (CSFB), the adviser in the search of a strategic partner for UB, did not confirm the information to Pravo. "UB's partner should be known by the end of next year but it would be good to speed up the bank's sale," Pravo says quoting Vladimir Solc of CSFB. CSFB does not count on state guarantees for bad loans worth over Kc6bn which the bank granted in particular to shareholders of the Union Group because it has a different solution, Solc told Pravo. At the end of last week, Union Group's member Vojensky otevreny penzijni fond pension fund was sold to Credit Suisse Group and Winterthur. Pravo notes that Credit Suisse Group closely cooperates with Citibank. Financial grouping Union Group was established at the end of 1995 and with its Kc2.3bn share capital now ranks among the Czech Republic's largest financial groups. Last year it posted a Kc153.331m audited loss, against a Kc896.52m loss in 1998. Union banka posted a Kc99m audited loss last year, CTK and Euromoney reported. ============= G E R M A N Y ============= DEUTSCHER PAKET: La Poste to Take Control Early in the New Year --------------------------------------------------------------- The Post Office is set to lose its battle with a French rival for control of a major German parcel company. La Poste, the state- owned French post office is expected to take control of Deutscher Paket Dienst (DPD) early in the New Year by increasing its stake from 50 percent to 85 percent, Ananova reported last week. The Post Office owns one of DPD's main competitors, German Parcel, and has been competing with La Poste for the 35 percent stake held by Frankfurter Kreis, a consortium of six forwarding agents. Peter Hoffmann, DPD chairman has told the Financial Times Deutschland that La Poste is now about to acquire the Frankfurter Kreis stake. According to the FT, the price is thought to be around 263 million pounds. In Paris, La Poste has confirmed that it is in talks over the stake. La Poste and Frankfurter Kreis are said to have signed a preliminary agreement on Friday and the deal is expected to be finalized in early January. ============= I R E L A N D ============= CROSS PEN-MANUFACTURING: 60 Jobs to Go as Pen Plant Closes ---------------------------------------------------------- The American-owned Cross pen-manufacturing plant at Ballinasloe, County Galway, in the Irish Republic, is to close with the loss of 60 jobs. The company announced plans to lay off 100 workers at the factory last February, but indicated that its Ballinasloe operation would be maintained as a European distribution centre. Staff were told of the total closure on their return to work after the Christmas break. Cross has been based in Ballinasloe for more than 20 years, Ananova reported last week. FYFFES: Shares Slump Prompts Possible Move to Private Ownership --------------------------------------------------------------- The fruit distribution business founded by the McCann family, and with shareholders in Neil, Carl and David, had a bad year of it, especially its share price, prompting the suggestion that the company be taken private, Irish Independent reported last week. In November shares in the company plummetted down to the 72 level bringing them to a new 10-year low. The slump in Fyffes came in tandem with news that it is looking to complete 15.7m pounds funding for its internet subsidiary, worldoffruit.com in the hope of boosting the share price. Earlier this year the company was forced into issuing a profits warning, mainly due to the impact of the weak euro. Fyffes recently announced the start of its restructuring program, kicking off with the loss of 200 jobs in the UK at the Geest Bananas plant which the company jointly owns with the Windward Island Banana Development company. The plan involves the closure of two Geest ripening centres and Fyffes will also close one of its own ripening factories. The closures will cost Fyffes euro 4m initially, but the total charges for the year will rise to euro 14m when other closures and disposals are taken into account, Irish Independent noted. Wright Investors' Service noted that as of October 1999, the company's long term debt was 69.82 million Euro and total liabilities. JAMES CREAN: Share Slide Leads to Call for Resignation ------------------------------------------------------- Disgruntled shareholders of holding company James Crean have called for the resignation of company head Ray McLoughlin. More than 40 James Crean shareholders, attending the company's annual general meeting earlier this year, expressed dissatisfaction with the company's sliding share price, the Irish Independent reported last week. The company, which demerged its print and packaging division to OakHill Group last year, now relies completely on the group's struggling US frozen meals and canned poultry business. For the first half of 2000, the company reported an interim pre-tax loss of euro 5.4 million compared with a profit of euro 3.6 million for the same period the previous year. The board announced the company would not pay a dividend this year. Wright Investors' Service noted that as of December 1999, the company's long term debt was 49.57 million Euro and total liabilities were 86.51 million Euro. SEALION SERVICES: Winding Up with 3 Million Pounds Debt -------------------------------------------------------- Sealion Services, a Leitrim boatbuilder, was wound up in the High Court earlier this month after it racked up debts of 3 million pounds, Irish Independent reported last week. The Revenue Commissioners said they had very serious concerns about Sealion one of whose directors, Shane Matthews, had gone missing. Legal representatives for the Revenue said the Garda Fraud Squad was involved in investigating missing cruise boats. Sealion, which traded as Rosebank Marine, was based on Main Street, Carrick-on- Shannon. Anglo Irish Bank appointed Brendan Foster as receiver to the company in October. One creditor, Leitrim Cruiser Hire, had eight boats missing, valued at about 480,000 pounds. Another creditor, Irish Cruiser Hire, had some 14 cruisers missing and it was owed about 653,000 pounds. Irish Independent noted that Mr Foster is investigating the circumstances that led to the deterioration of the company's business since then. TRANSAER: McGoldrick Grounded after Failed Merger -------------------------------------------------- Irish Independent reported that the year 2000 was no gem for former Ryanair chief executive PJ McGoldrick. His company Transaer was wound up in the High Court after going into liquidation following a failed merger with UK-based HeavyLift Cargo Airlines. Prior to the liquidation and wind-up, Transaer, which employed 450 people worldwide, had also been in negotiations with a range of potential investors, including airlines, for a limited rescue of its fleet of 13 Airbus aircraft. The merger talks with HeavyLift ended when it was estimated that a funding requirement of up to $20m was necessary for the newly merged entity. The company incurred losses, which were further impacted by a $20m investment by Transaer in US-based airline TransMeredian in September. TransMeredian filed an application with the US court for protection under the bankruptcy code. Sligo-born McGoldrick, with a long history in the airline business before joining Ryanair, was the 53pc shareholder in the company. =========== P O L A N D =========== BANK CZESTOCHOWA: Goes into Receivership ---------------------------------------- The Banking Supervision Commission (KNB) has introduced forced receivership in the troubled Bank Czestochowa (BC) for a six- month period commencing 27 December, and has also given a go- ahead for BRE Bank to take full capital control over BC in order to ensure the latter's financial liquidity and safety of deposits, Polish News Bulletin & Euromoney noted last week. BRE will acquire 7 million new-issue shares of Bank Czestochowa, equal to over 80 percent of equity and 75 percent of votes; this will ensure a swift restructuring of BC, said the KNB. BRE said it will ask the Banking Guarantee Fund (BG) for a 10-year ZL70m loan to finance the acquisition, and added that the deal marks its growing involvement in the retail banking market, after the recent launch of the on-line banking service called mBank. =========== R U S S I A =========== NTV: Gusinsky Might Sell NTV Stake to Foreign Investors -------------------------------------------------------- Embattled Russian media magnate Vladimir Gusinsky wants to refloat a plan to sell a stake in Russia's biggest independent television station to U.S. and European buyers, a source close to the deal said. The source told Reuters on that Gusinsky, with the help of Deutsche Bank, will refloat a plan in January to sell 25 percent of NTV to foreign investors. The source said Gusinsky is negotiating with prominent American and European companies. Those companies were not named. Gusinsky wanted to sell a 25 percent stake in NTV to foreign buyers by Dec. 20, but the deal fell through because the sale could have allowed a Russian-run company with an interest in NTV to install its own editorial team, Reuters noted last week. RUSSIAN ALUMINUM: Hit with $2.7Billion Suit in U.S. Court --------------------------------------------------------- Three offshore metal trading companies filed a $2.7 billion lawsuit against metals giant Russian Aluminum in New York, accusing it of fraud, money laundering and attempted murder. The lawsuit, filed by Base Metal Trading SA, Base Metals Trading Ltd. and Alucoal Ltd. in the U.S. District Court of New York, accuses Russian Aluminum, its chief executive Oleg Deripaska and his business partner, Mikhail Chyorny, of taking over and monopolizing the Russian aluminum industry. National power grid Unified Energy Systems and its chief Anatoly Chubais are also named in the filing, a copy of which was obtained by The St. Petersburg Times. "Criminal elements have besieged Russian industry with illegal payoffs, threats and acts of violence," the plaintiffs' attorney Robert Abrams said in a statement. Abrams added in a telephone interview that the United States must not allow Russian organized crime to spill into the U.S. banking and commercial systems, and that the courts have the power to prevent this from taking place. Russian Aluminum, which controls about 75 percent of the Russian aluminum market, said that the legal action was a smear attempt by opponents disgruntled over its founding and rapid expansion this year. "This lawsuit is absurd," said Vladimir Alexandrov, Russian Aluminum's spokesperson in a telephone interview. The St. Petersburg Times reported last week that the plaintiffs are protesting Russian Aluminum's takeover of the Kemerovo region-based Novokuznetsk Aluminum Plant, Russia's fifth-largest producer of aluminum. The three companies had served as middlemen, buying Novokuznetsk's aluminum and reselling it abroad, until Siberian Aluminum stepped into the picture earlier this year, according to court papers. Novokuznetsk was bankrupt at the time, thanks to a lawsuit initiated by UES over 2 billion rubles in unpaid electricity bills. Siberian Aluminum later merged Novokuznetsk and its other assets with those held by Sibneft shareholders to form Russian Aluminum. Court papers filed claim that Deripaska, the former chief of Siberian Aluminum, conspired with Chorny to oust then- Novokuznetsk head Mikhail Zhivilo, threatening him with violence and death if he refused to cooperate. Zhivilo was also a major shareholder in the aluminum plant. The lawsuit says Deripaska and Chyorny finally ousted Zhivilo with the help of Kemerovo region Governor Aman Tuleyev, who accused Zhivilo of attempted murder and forced him to flee the country. Russia has since issued an international warrant for Zhivilo's arrest. "Among the most odious tactics used by the defendants were enlisting the assistance of government and judicial officials in pursuing and winning falsified bankruptcy proceedings against the plant," the companies said. Abrams said the case is based on the U.S. Racketeer Influenced and Corrupt Organizations Act, which lets accusers file a lawsuit in the U.S. courts even if the majority of the alleged violations took place outside the United States, the Financial Times reported. The act also provides an opportunity to seek punitive compensation. As a result, Abrams is asking the courts for $900 million to cover the plaintiffs' losses since ownership changed at Novokuznetsk and $1.7 million in damages. SBS-AGRO: Russian Prosecutors Question Bank Chief --------------------------------------------------- Russian prosecutors questioned the former managing director of the collapsed banking giant SBS-Agro, Alexei Grigoriev, a spokesman for the prosecutors' office said. Prosecutors were trying to track down major loans to the bank by the Russian central bank before SBS-Agro failed in the wake of the financial crisis of summer 1998, the spokesman told AFP. The bank's former chairman, Alexandre Smolenski, could be questioned soon, as well as top officials of the Russian central bank. Prosecutors refused to comment on the report. Agence France-Presse noted last week that SBS-Agro closed its doors after the ruble was devalued and a default on Russian state debt payments was declared in August 1998. It had billions of dollars in funds deposited by small Russian savers and foreign creditors. Some creditors, along with the state financial services restructuring agency, suspected members of the bank's management of stealing a large slice of the bank's healthy assets. ========= S P A I N ========= AGB: Commission Assumes Responsibility for Liquidation ------------------------------------------------------ The Spanish liquidating commission for insurance bodies has assumed responsibility for the liquidation of the insurance group AGB and has begun procedures to transfer its policies to other insurance companies, Expansion News reported last week. AGB Vida made a loss of 6m euros (Pta1bn) in its last financial year. NAVIDUL GROUP: Takeover Merger by Campofrio is Approved -------------------------------------------------------- The extraordinary general shareholders meeting of the Spanish meat group Campofrio Alimentacion approved the takeover merger of the Navidul group, El Mundo (Spain) reported last week. It also approved the appointment of Antonio Rodriguez Arce as a new director of the company. Campofrio affirmed that with the approval of the operation, which involved the payment of Pta14.16bn and the handing over of 6.2 million redeemable shares in the new company by Campofrio to Navidul's shareholders, the latter company has been dissolved without being liquidated. ===================== S W I T Z E R L A N D ===================== ALUMINIUM MARTIGNY: Foundry in Takeover Agreement ------------------------------------------------- Aluminium foundry Aluminium Martigny SA, which last October had announced its closure by the end of 2000, will not shut down thanks to a takeover agreement with the Norwegian Hydro-Alu group. The company said that its new owner planned major investments in plant modernization, Neue Zurcher Zeitung reported last week. FANTASTIC: Slashes Workforce to Get Out of the Red -------------------------------------------------- Fantastic, the Swiss software company is cutting up to a third of its workforce of 350 people, as part of plans to restructure the company and pull it out of the red, NZZ Online reported last week. The Zug-based enterprise said that it was also planning to merge several of its sales offices to cut costs. It added that slow growth in the broadband technology market had hit revenues hard. Wright Investors' Service noted that Fantastic Corporation, founded in November 1996 and publicly held since September 1999, develops and distributes software based platforms to enable high speed broadband data transfer via the internet. As of December 1999, the company's long term debt was 602,535.78 Swiss Francs and total liabilities were 24.08 million Swiss Francs. FANTASTIC CORP: Sees Big 2000 Loss ----------------------------------- The Fantastic Corp., the Swiss broadband broadcasting technology firm expects to make a loss of $55-60 million in the current year, partly due to restructuring charges, its chief financial officer said. Andreas Emmenegger told Reuters in a telephone interview last week that the operating loss would be some $40.0 million, to which the $18 million of the charges will be added. He maintained the company's forecast of reaching operating break- even in the fourth quarter of 2001. Emmennegger and executive chairman Reto Braun arrived at Fantastic recently and decided to reduce the size of the organization. "It was clear that we had to take the charges in this year and 2000 will be a shitty year for the results." In 1999, Fantastic made an operating loss of $49.3 million and a net loss of $53.19 million on sales of $22.98 million, Reuters reported last week. =========================== U N I T E D K I N G D O M =========================== CARADON: Board Threatens to Quit Over Rebel Plans ------------------------------------------------- The board members of Caradon, the beleaguered building group, have threatened to resign if shareholders do not back them in their fight with one of the company's biggest investors. Caradon, which has been forced to requisition an extraordinary general meeting by the corporate activists Brian Myerson and Julian Treger, said that it would regard support for the two's agenda as a "vote of no confidence" in the board. The two heads of the UK Active Value Fund, which has a 10 per cent stake in Caradon, have tabled far-reaching changes that would dramatically reduce the power of the Caradon board and would force a share buy-back of 13 percent of its equity, The Independent reported last week. Jurgen Hintz, Caradon's chief executive, was out of the country last week but a spokesman said: "I can't imagine Jurgen Hintz or Mike McKeon [the finance director] would be interested in being reduced to book-keepers, they would regard that as intolerable." UK Active maintained last week that it did not want Caradon's board to resign. One of the fund's advisers said: "This is not a referendum on Jurgen Hintz. But we want to see the shares regain their historic value. They have halved since their high-point of 440p in January 1994." Mr Myerson and Mr Treger, who have a history of trying to impose dramatic changes on companies that they have a stake in, have proposed that Caradon should immediately begin a 130m pounds tender for 65 million shares, or 13 percent, of the group. They are also pressing for the power of the board to be reduced so that it cannot make a purchase worth 10m pounds or more without shareholder approval. The demands come after Caradon announced that it had 442m pounds in cash from the recent disposal of its plumbing business, which it planned to use for acquisitions. A further call is for the company to dispose of two of its three remaining businesses of electronics, aluminium and cheque printing. The Caradon spokesman said: "They are trying to turn the business into a cash cow and you have to wonder whose interest this is in, because it is not in investors' interest." Mr Myerson and Mr Treger need 50 percent of Caradon's shareholders to support a vote at the meeting next month for their plan to be carried. In the past they have succeeded in imposing shake-ups at the property company Greycoat, retailer Liberty and at Shandwick, the public relations firm. They recently failed to force Pilkington to buy back shares, The Independent noted. CARADON: Calls for Shareholders to Dismiss Sell-Off Plan -------------------------------------------------------- Ananova reported last week that the building materials group Caradon is urging shareholders to reject calls for two-thirds of the company to be sold off. Caradon will stage an extraordinary general meeting on January 19, when major shareholder Active Value will ask the company to focus on one core business. Other proposals from the investment group, which has a 10 percent stake in Caradon, includes restricting acquisitions and buying back 15 percent of share capital. But Caradon, which is based at Weybridge, Surrey, says the moves will destroy shareholder value and undermine future growth prospects. In a letter to shareholders, chief executive Jurgen Hintz, says he is confident of defeating the resolutions, which he considers "a vote of no confidence in the board, the management team and the strategy being pursued". He added: "We look forward to dealing with this issue at the meeting next month and then returning to the full time job of building a great future for our group." Mr Hintz adds that Caradon's three divisions of building services, aluminium products and security printing services are performing well. However, Active Value believes the three divisions are unconnected and has urged Caradon to focus on just the one core business and return value to shareholders through the sale of the other two. Caradon, which is due to be renamed Novar, last month completed the sale of its plumbing business and added last week that trading for the year is likely to be in line with market expectations. Mr Hintz added: "The board believes that all three of Caradon's business sectors are well positioned in attractive markets which offer the company a range of opportunities to grow." GEARHOUSE GROUP: Gears Up for Units Sale ---------------------------------------- Gearhouse Group Plc, which hires out equipment for conferences and concerts, said the planned sale of some of its operations had attracted potential buyers, but added it would have to suspend trading in its shares. "The board has received expressions of interest for certain subsidiaries that constitute a material part of the group's operations," the company said. However, Gearhouse added it would have to suspend its shares since it would be unable to report its full year results before the end of the month, as required by stock market regulations, Reuters reported last week. The company said in October it would report a pre-tax loss on continuing operations before exceptional items for the full year, and added it was reviewing its banking arrangements. The planned sale of some of its operations is part of Gearhouse's strategy to boost its ailing share price, which has under performed the broader FTSE All Share Index by about 74 percent so far this year. At its latest price, Gearhouse is worth just over 5.0 million pounds ($7.44 million), Reuters said. Wright Investors' Service noted that at the end of 1999, Gearhouse Group Plc had negative working capital, as current liabilities were 42.05 million pounds while total current assets were only 16.38 million pounds. HELPHIRE: Reveals Interim Pre-Tax Loss of 48 Million Pounds ------------------------------------------------------------ Shares in Helphire are expected to come under pressure after the embattled company, which chases up insurance claims on behalf of motorists, announced interim pre-tax losses of 48 million pounds, suspended its dividend and revealed it had breached its banking covenants, The Times reported last week. The results, which featured a raft of provisions, were issued after the market closed last night. They revealed that the company had net debt of 43 million pounds at the end of the half- year compared with net assets of just 13.6 million pounds. Analysts believe a big capital reconstruction is imminent. A sizeable debt-for-equity swap is expected. Helphire's business was based on providing car hire and repair for motorists involved in accidents that were not their fault and then chasing up the insurance claim on their behalf. Helphire took a further debt write-off provision of 35.2 million pounds, giving total provisions against the debtor book of 43.8 million pounds. Helphire had sales of just 31 million pounds in the half year. The company said it was in the process of restructuring its overall financing arrangements and that its banking syndicate had agreed to suspend the application of certain covenants. But Martin Kinney, Helphire's chairman, said the board feels able to view the future with renewed confidence after joining the Association of British Insurers' scheme and recovering more than 50 per cent of outstanding claims, albeit at a substantial discount, The Times noted. KUKO FISHERIES: Liquidation Proceedings ---------------------------------------- Company Name: Kuko Fisheries Ltd Company No: 1592323 Com. Business: Fishing Appointed on: 20/11/00 Type: Members Appointed by: Members Liquidators: Christopher J Lamey IPno: 4480 Firm Name: Lameys Address: 1 Courtenay Park City Postcode: Newton Abbot TQ12 2HD NICHIDO FIRE: Liquidation Proceedings -------------------------------------- Company Name: Nichido Fire (Ireland) Ltd Company No: IR Appointed on: 20/11/00 Type: Members Appointed by: Members Liquidators: Kieron Hayes Firm Name: Hayes & Co Address: 118/120 Lower Rathmines Road City Postcode: Dublin 6 PETERHEAD WELDING: Liquidation Proceedings ------------------------------------------- Company Name: Peterhead Welding Services (Ellon) Ltd Company No: SC Appointed on: 20/11/00 Type: Creditors Appointed by: Creditors Liquidators: Blair C Nimmo IPno: 8208 Firm Name: KPMG Address: 37 Albyn Place City Postcode: Aberdeen AB10 1JB RAPID REPAIRS: Liquidation Proceedings --------------------------------------- Company Name: Rapid Repairs Ltd Company No: 3572114 Com. Business: Building Services Appointed on: 20/11/00 Type: Creditors Appointed by: Creditors and Members Liquidators: N C Patel IPno: 8679 Firm Name: Kranefields Address: Heather Park Drive City Postcode: Wembley HA0 1SX REUNION LEISURE: Liquidation Proceedings ----------------------------------------- Company Name: Reunion Leisure Ltd Previous Name: Reunion Leisure Homes Ltd Company No: 1530315 Com. Business: Property Developer Appointed on: 20/11/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Stephen M Katz IPno: 8681 Firm Name: Fisher Curtis Address: Acre House City Postcode: London NW1 3ER SHAY MORRIS: Liquidation Proceedings ------------------------------------- Company Name: Shay Morris Ltd Company No: IR Appointed on: 20/11/00 Type: Members Appointed by: Creditors Liquidators: Michael Butler Firm Name: Butler & Co Address: 49 Fitzwilliam Square City Postcode: Dublin 2 TEX MEX: Liquidation Proceedings --------------------------------- Company Name: Tex Mex Ltd Company No: SC Appointed on: 20/11/00 Type: Creditors Appointed by: Creditors Liquidators: Blair C Nimmo IPno: 8208 Firm Name: KPMG Address: Saltire Court 20 Castle Terrace City Postcode: Edinburgh EH1 2EG WEALTH MANAGEMENT: Shares Sink to Year-Low ------------------------------------------ Wealth Management Software Plc shares fell to their lowest ever as the software firm warned its full year results would miss market expectations. Wealth Management, which floated on the London market in June, said the full year results would be affected after the suspension of negotiations on a major contract from a financial institution. Shares were down by 45 pence, or 25.8 percent, to a new year-low of 130p by 1120 GMT, valuing the firm around 54 million pounds ($80.31 million). The stock has outperformed the FTSE All Share Support Services Index by about four percent in the last six months, Reuters reported last week. "Negotiations surrounding the contract have been suspended and it is now anticipated that the license fee element of this contract, which is expected to be worth over 1.5 million pounds, will be secured during 2001," Wealth Management said. "As a result, the board now expect that the results for the year ending December 31, 2000 will be materially below market expectations", the group added. Wright Investors' Service reported this month that as of December 1999, the company's long term debt was 53,000 pounds and total liabilities were 2.81 million pounds. The long term debt to equity ratio of the company is very low, at only 0.00. 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 * * *