/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/010308.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, March 08, 2001, Vol. 2, No. 47 Headlines B E L G I U M LERNOUT & HAUSPIE: Restarts Talks with DaimlerChrysler MOBISTAR SA: Net Loss Narrows in 2000 C Z E C H R E P U B L I C PRAZSKE PIVOVARY: Interbrew to Inject Kc 3 Billion PRAZSKE PIVOVARY: Posts Kc 789 Million Loss in 2000 F R A N C E FRANCE TELECOM: Closes $15 Billion Bond Issue SOCIETE FRANCAISE: Expert Recommends SFP Liquidation G E R M A N Y ADVANCED MEDIEN: Board Dismisses Chief Montague DAIMLERCHRYSLER AG: Committee Ready to Revive DaimlerChrysler DEUTSCHE TELEKOM: Board Defends Corporate Strategy EM.TV: Appoints Huether to Management Board HYPO VEREINSBANK: Reveals Restructuring Plan INTERSHOP COMMUNICATIONS: Shareholders Sue Intershop ISION AG: Pre-tax Loss Widens in 2000 I R E L A N D XEROX: Reduces 30 Staff at Dundalk R U S S I A NTV: Turner Takes Control of NTV S P A I N INMOPARK: Bami to Takeover Inmopark, Inmobiliaria U N I T E D K I N G D O M BROOKWORLD LTD: Notice Of Creditors Meeting DREAMTICKET HOLIDAY: Notice Of Creditors Meeting EADIE HOLDINGS: Loss Narrows to 1.7 Million Pounds GOVETT EMERGING: Board Reveals Reconstruction Proposals GROVEVCLOSE LTD: Notice Of Creditors Meeting RAVENHEAD: Glassmaker to Close After 150 Years ============= B E L G I U M ============= LERNOUT & HAUSPIE: Restarts Talks with DaimlerChrysler ------------------------------------------------------ Lernout & Hauspie Speech Products NV will reopen talks to sell its automotive unit to DaimlerChrysler AG, the New York Times reported. Discussions at the end of last year halted when Lernout's new chief executive Philippe Bodson began his attempt to rescue the company from bankruptcy. Lernout & Hauspie, which ran into trouble paying creditors after discovering a shortfall of more than $100 million at its Korean unit, wants to sell or find joint venture partners for some or all of its businesses. MOBISTAR SA: Net Loss Narrows in 2000 ------------------------------------- France Telecom's mobile unit Mobistar SA said its 2000 net loss narrowed to 56 million euros from 84 million euros a year earlier because of rising revenue and intensified control of operating costs, according to Dow Jones on Tuesday. Revenue of Mobistar rose to 621 million euros in 2000 from 388 million euros in 1999. Its earnings before interest, taxes, depreciation and amortization from its mobile business rose to 93 million euros from 33 million euros. =========================== C Z E C H R E P U B L I C ============================ PRAZSKE PIVOVARY: Interbrew to Inject Kc 3 Billion -------------------------------------------------- Interbrew announced last week its intentions to inject Kc 3 billion into Prazske Pivovary as part of a restructuring plan, according to the Prague Business Journal's March 5 edition. The plan will begin by slashing Prazske Pivovary's registered capital by Kc 429 million to liquidate part of the Kc 1.7 billion in accumulated losses, followed by the Kc 3 billion capital injection to wipe out the remaining debt and increase working capital. There has been capital injection for Prazske Pivovary since 1998 that was delayed due to lawsuits from minority shareholders. The brewery was kept alive by a revolving line of credit from its majority shareholder, Bass International. PRAZSKE PIVOVARY: Posts Kc 789 Million Loss in 2000 --------------------------------------------------- Prazske Pivovary released last week in its preliminary unaudited results for 2000 a Kc 789 million loss in the brewery, Prague Business Journal said in its March 5 edition. According to Prazske Pivovary director Tony Desmet, nearly all of the loss is from financing costs. The results were further depressed by Kc 471 million in more conservative risk assessments by the new owners. =========== F R A N C E =========== FRANCE TELECOM: Closes $15 Billion Bond Issue --------------------------------------------- France Telecom SA was scheduled yesterday to close a record bond issue valued at more than $15 billion (16.13 billion euros), according to The Wall Street Journal. Proceeds will be used to refinance short-term borrowings that helped bankroll a recent acquisition spree. Many of Europe's telephone companies have piled up debt to expand beyond their local markets and become heavyweights with continent-wide reach. At the end of last year, France Telecom's debt totaled about 60 billion euros. SOCIETE FRANCAISE: Expert Recommends SFP Liquidation ---------------------------------------------------- Roland Peylet, a member of the French council of state, has recommended the liquidation of the French film and television production company Societe Francaise de Production (SFP), while rejecting the idea of its being incorporated into France Television, according to La Tribune on Monday. He further believes that the SFP will be liquidated in two or three years. The French government is due to rule on the matter by the end of March. ============= G E R M A N Y ============= ADVANCED MEDIEN: Board Dismisses Chief Montague ----------------------------------------------- The supervisory board of film rights company Advanced Medien AG has dismissed Chief Executive Christophe Montague with immediate effect, according to Reuters on Tuesday. The company did not give further details on the dismissal and did not name a successor. Montague told a newspaper last week that his company was in financial trouble. It has not paid dividends during the last 12 months and during the previous two fiscal years. DAIMLERCHRYSLER AG: Committee Ready to Revive DaimlerChrysler ------------------------------------------------------------- DaimlerChrysler AG veteran are starting to deliver the synergies that Chairman Juergen Schrempp has promised to determine how Mitsubishi Motors Corp. and DaimlerChrysler's U.S.-based Chrysler unit can work together, and how the Mercedes-Benz division can provide technological assistance to the group, according to The Wall Street Journal yesterday. People close to the company said the idea behind the new Executive Automotive Committee is to gather a handful of people who are dedicated to improve DaimlerChrysler's sagging fortunes. The committee, led by Schrempp and Mercedes-Benz head Juergen Hubbert, includes representatives from Mitsubishi, DaimlerChrysler's Chrysler, Mercedes and commercial-vehicle businesses. DEUTSCHE TELEKOM: Board Defends Corporate Strategy -------------------------------------------------- With speculations about the possible removal of Deutsche Telekom AG Chief Executive Ron Sommer, the company's management board reassured its 170,000 employees by issuing a letter in defense of its corporate strategy, The Wall Street Journal said yesterday. The move to issue a letter is reportedly an indication that Deutsche Telekom's management is feeling rattled by the barrage of media speculation that has been dogging Sommer. The German press reported this week that a group of executives in the company, with close ties to Germany's ruling Social Democrats, are pressing the government to remove Sommer and install Telekom board member Gerd Tenzer, believed to be a member of the SPD. A senior executive, with close ties to Telekom's work force and to the Social Democrats, said he sees no support for Sommer's removal. EM.TV: Appoints Huether to Management Board ------------------------------------------- EM.TV & Merchandising appointed Kirch New Media Chief Executive Rainer Huether to its management board after Kirch rescued EM.TV earlier this year, according to the Financial Times on Tuesday. Huether will replace Hans Vriens, who has resigned effective March 5 because of irreconcilable differences in the strategic direction of the company. HYPO VEREINSBANK: Reveals Restructuring Plan -------------------------------------------- Bayerische Hypo- und Vereinsbank AG, the largest real estate financier in Europe and Germany's second largest bank, said that it would save 60 million euros annually by 2003 from a restructuring of its retail operations, The Wall Street Journal said yesterday. The bank said that it also intends to close 150 to 165 branches of its 1,100 branches over the next 12 months, cutting 800 jobs out of a total 20,000 in its private client operations. In autumn, Hypo Vereinsbank, serving more than 4 million customers, said it would launch a customer service center to be based in Leipzig. INTERSHOP COMMUNICATIONS: Shareholders Sue Intershop ---------------------------------------------------- Ralph Stone, legal counsel representing the shareholders and a lawyer at Shalov Stone & Bonner, has confirmed that shareholders have filed a lawsuit against e-commerce company Intershop in San Francisco on Wednesday February 28, according to Net Imperative in its March 5 report. The investors, who bought shares in Intershop between May 2000 and early January 2001, alleged that the price of shares was artificially inflated due to the fact that information was not disclosed to them regarding the company's sales performance and operations in the United States. Shares in Intershop fell early this year after the company reversed pledges to post a net profit this year. The company's net loss ballooned over four times to 32.5 million euros ($29.93 million) in the fourth quarter. ISION AG: Pre-tax Loss Widens in 2000 ------------------------------------- E-commerce group Ision Internet AG said its preliminary loss before interest and taxes had widened to 62.8 million euros in 2000 from 13.2 million euros a year earlier due to one-off items, according to Dow Jones on Tuesday. It posted a loss before interest, taxes, depreciation and amortization of 39.4 million euros in 2000, compared with a loss of 5.6 million euros in 1999, including 9.1 million euros in restructuring costs and 3.1 million euros in employee stock options costs. Ision Internet's current liabilities at the end of 1999 were 79.84 million euros while total current assets were only 24.90 million euros. ============= I R E L A N D ============= XEROX: Reduces 30 Staff at Dundalk ---------------------------------- Technology company Xerox is making 30 people redundant at its Dundalk, Co Louth, manufacturing plant to transfer a manufacturing process to the Far East, according to Irish Independent yesterday. Xerox's manufacturing workforce in Europe will be reduced by 230, with 90 job losses at Mitcheldean in the UK, 110 at Venray in the Netherlands and 30 at Dundalk. A spokesman for the company said that there are 1,000 people employed at the Dundalk site with another 1,600 in Dublin. Xerox outlined an aggressive turnaround program last October that included cutting $1 billion in costs and asset sales that were expected to raise up to $4 billion, and strengthening the company's strategic core. =========== R U S S I A =========== NTV: Turner Takes Control of NTV -------------------------------- CNN co-founder Ted Turner has concluded talks with the Russian government and its state-controlled gas monopoly Gazprom to acquire all or almost all of NTV, the Western-style TV network run by media magnate Vladimir Gusinsky, according to The Daily Deal on Tuesday, citing sources familiar with the matter. Turner representatives declined to comment on any deal but confirmed that Robert Wussler from Turner's camp spent last weekend in Spain with Gusinsky. Earlier this week, a spokesman characterized the Gusinsky meeting as positive but preliminary. Wussler told people in Moscow that he is confident about coming to an agreement with Gusinsky, who has also indicated willingness to bail from Media-Most at the right price and with the right promises of protection. ========= S P A I N ========= INMOPARK: Bami to Takeover Inmopark, Inmobiliaria ------------------------------------------------- The Spanish property company Bami has signed the projected take- over merger with Inmobiliaria Zabalburu and Inmopark 92 Madrid, according to El Mundo's March 3 edition. As a result, the two companies will be liquidated and all their assets and liabilities will be incorporated into Bami. =========================== U N I T E D K I N G D O M =========================== BROOKWORLD LTD: Notice Of Creditors Meeting -------------------------------------------- Company Name: Brookworld Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 19/02/01 Meeting address: Gable House 239 Regents Park Road Meeting City Code: London N3 3LF Authorised by: L Patel Director 26/01/01 Last day for proxy: Liquidators: H J Sorsky Firm Name: Sorskys Address: Gable House 239 Regents Park Road London N3 3LF DREAMTICKET HOLIDAY: Notice Of Creditors Meeting ------------------------------------------------- Company Name: Dreamticket Holiday Co Ltd IA 1986 Section: 98 Creditors Meeting Time: 02.45 pm Meeting date: 19/02/01 Meeting address: 2 World Business Centre Newall Road Meeting City Code: Hounslow TW6 2SF Authorised by: L Hunt Director 07/02/01 Last day for proxy: 16/02/01 Proxy address: Southfield House 11 Liverpool Gardens Worthing BN11 1RY Firm Name: Levy Gee Address: Southfield House 11 Liverpool Gardens Worthing BN11 1RY EADIE HOLDINGS: Loss Narrows to 1.7 Million Pounds -------------------------------------------------- Eadie Holdings Plc posted narrowing year losses to 1.7 million pounds from 8.4 million pounds last year, according to the Financial Times on Monday. Turnover of the company, which is planning to sell off its loss- making engineering division to its management, rose to 16.3 million pounds from 15.3 million pounds. As of December 1999, Eadie Holdings' long-term debt was 1.42 million pounds and total liabilities were 8.29 million pounds. GOVETT EMERGING: Board Reveals Reconstruction Proposals ------------------------------------------------------- The directors have announced in a press release dated February 28 proposals for the reconstruction and winding up of Govett Emerging. The plan covers shareholders to receive cash in respect of their holdings, where they will have the opportunity to roll their investments over in a tax efficient manner into shares in a new Guernsey offshore fund. Govett Asian Income & Growth Fund Limited will purchase some of the company's assets that meet its investment criteria at the middle market values or latest trading prices prevailing on the Calculation Date, expected to be April 3. The proposal will also involve a reconstruction of the company pursuant to a members' voluntary liquidation. GROVEVCLOSE LTD: Notice Of Creditors Meeting --------------------------------------------- Company Name: Grovevclose Ltd Other name: Minglo.Com IA 1986 Section: 98 Creditors Meeting Time: 10.15 am Meeting date: 19/02/01 Meeting address: 66 Wigmore Street Meeting City Code: London W1A 3RT Authorised by: J Crawley Director 24/01/01 Last day for proxy: 16/02/01 Proxy address: Southfield House 11 Liverpool Gardens Worthing BN11 1RY Firm Name: Levy Gee Address: Southfield House 11 Liverpool Gardens Worthing BN11 1RY RAVENHEAD: Glassmaker to Close After 150 Years ---------------------------------------------- Ravenhead, the beer glasses supplier to Britain's biggest brewers and pub owners, will close its doors after 150 years after the strong pound made exports uncompetitive, according to The Sunday Times. Out of the 300-strong workforce, about 70 people were made redundant before Christmas and a further 50 followed earlier this year. The rest of the staff and local MPs are working to rescue the business. Ravenhead needed an immediate cash injection of millions of pounds, including the cost of a new furnace at 2.5 million pounds. 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, Salve M. Mordeno and Cristina Pernites, Editors. Copyright 2001. 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 * * *