/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/010312.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, March 12, 2001, Vol. 2, No. 49 Headlines B E L G I U M UITGEVERSBEDRIJF TIJD: VEV Seeks Solution for Tijd D E N M A R K FLS INDUSTRIES: Posts Losses of 458 Million Crowns F R A N C E DMC-DOLLFUS-MIEG: Agrees to Restructuring as Loss Narrows G E R M A N Y BANKGESELLSCHAFT BERLIN: Falls into Management Turmoil DAIMLERCHRYSLER: Holders to Censure Management on April INTERSHOP COMMUNICATIONS: Faces Second Investors Lawsuit INTERSHOP COMMUNICATIONS: Hopes to Improve by Third Quarter INTERSHOP COMMUNICATIONS: Posts EUR38.9 Million Losses in 2000 H U N G A R Y DIOSGYORI ACELMUVEK: Cogne Wins DAM Tender I R E L A N D GLANBIA PLC: To Prioritize Restructuring I T A L Y WIND TELECOMUNICAZIONI: Posts 1.438 Trillion Lire Loss N E T H E R L A N D S GETRONICS NV: Investment Bank says Shares are Worthless P O L A N D ELEKTRIM S.A.: Financing Questions Prompt Downgrade Review S W E D E N ICON MEDIALAB: Chairman Nordstrand May Resign FRAMFAB: Sells Danish Advertising Unit S W I T Z E R L A N D SAIRGROUP: Shares Slide on Leadership Uncertainty U N I T E D K I N G D O M ASTRAM LTD: Notice Of Creditors Meeting AXIS-SHIELD PLC: Posts 8.2 Million Pounds Loss BOOKHAM TECHNOLOGY: Sluggish Sales Prompt Job Cuts BRITISH CREAMERIES: Notice Of Creditors Meeting GENUS PLC: Shares Drop on Staff Cuts MANDAR FOOD: Notice Of Creditors Meeting NTL: Embarks on Belt Tightening Program VAUXHALL: Unions Drop Jobs Dispute ============= B E L G I U M ============= UITGEVERSBEDRIJF TIJD: VEV Seeks Solution for Tijd -------------------------------------------------- Employers' federation VEV is seeking a financial solution for publisher Uitgeversbedrijf Tijd, according to the March 7 edition of De Standaard & World Reporter. They have not, however, decided if they are selling their stake. Investment companies Gimv and the combination of holdings Gevaert and Ackermans & van Haaren are candidates to stabilize the shareholder structure of Tijd. ============= D E N M A R K ============= FLS INDUSTRIES: Posts Losses of 458 Million Crowns -------------------------------------------------- Loss-making industrial conglomerate FLS Industries showed an operating loss of 458 million crowns ($57.3 million) in 2000, down from a profit of 475 million the previous year, according to Reuters on Thursday. FLS said that the poor results are due to restructuring, lack of orders and operating losses. =========== F R A N C E =========== DMC-DOLLFUS-MIEG: Agrees to Restructuring as Loss Narrows --------------------------------------------------------- Textiles group DMC has agreed to a debt restructuring with its banks as it posted a narrower net loss of 79.3 million euros (95.2 million dollars) in 2000, Agence France-Presse said in its March 7 edition. Under the terms of its debt restructuring, bank lenders have agreed to convert 150 million francs of the company's total debt of 1.25 billion francs into shares in the company to reduce its total debt to 1.1 billion francs. The company also plans to raise 50 million euros from its shareholders -- the Hong Kong-based Cha family, insurers AGF and the French state-owned CDC bank -- in a capital increase in order to restore its share capital. The recapitalization will enable the company to find a financial situation suited to implement its development projects, AFP explained. ============= G E R M A N Y ============= BANKGESELLSCHAFT BERLIN: Falls into Management Turmoil ------------------------------------------------------ Bankgesellschaft Berlin AG plunged deeper into turmoil on Thursday following the resignation of four senior executives, according to Reuters. One of the outgoing officials is Klaus-Ruediger Landowsky, who quit on Wednesday as chief executive of Bankgesellschaft's mortgage unit Berlin Hyp. He admitted accepting a political donation from a property development company in the mid-1990s after approving a 600 million-mark loan to it. Bankgesellschaft is undergoing a probe of its real estate business by Germany's banking regulator, which has said its investigation raises questions about the reliability of some executives. DAIMLERCHRYSLER: Holders to Censure Management on April ------------------------------------------------------- The shareholders of DaimlerChrysler AG will file a censure motion against the vehicle maker's senior management during its April 11 shareholders meeting, according to Dow Jones on Thursday. The shareholders will criticize the management because of its poor performance -- the company's value has dropped by around EUR50 billion since 1998. Shareholders also say the executive board reacted too late in attempting to turn around the company and that the supervisory board neglected its duties in overseeing the troubled group. INTERSHOP COMMUNICATIONS: Faces Second Investors Lawsuit -------------------------------------------------------- American firm Brodsky & Smith have announced that a class action lawsuit against software firm Intershop Communications has been initiated in federal courts alleging violations of the federal and/or state securities laws, according to Reuters on Thursday. "Intershop falsely and misleadingly described the success and future operations of Intershop, when, in fact, the company was experiencing problems with sales in the United States and demand for its products was weakening," the law firm alleged in a statement. The U.S. class action suit will run against Intershop, its top management, Credit Suisse First Boston, Chase H&Q and U.S. Bancorp Piper Jaffray. INTERSHOP COMMUNICATIONS: Hopes to Improve by Third Quarter ----------------------------------------------------------- After failing to meet expectations last year, Intershop Communications AG is making progress with its restructuring plans, winning new customers and boosting revenues, Dow Jones said in its March 8 edition. The e-commerce software company is expected to recover in the third quarter. Part of its restructuring plan is a reorganization of job responsibilities. Chief financial officer Wilfried Beeck will take over Stephan Schambach to become chief operating officer. The company also reduced 200 of its staff and instituted a hiring freeze. INTERSHOP COMMUNICATIONS: Posts EUR38.9 Million Losses in 2000 -------------------------------------------------------------- Electronic-commerce software group Intershop Communications AG said on Thursday that its 2000 net loss came in at EUR38.9 million, or EUR0.46 a share, compared to a net loss of EUR18.4 million, or EUR0.23 the previous year. ============= H U N G A R Y ============= DIOSGYORI ACELMUVEK: Cogne Wins DAM Tender ------------------------------------------ Italian Cogne Acciai Speciali Srl won a tender with 4.35 billion for the steel company Diosgyori Acelmuvek Rt. (DAM), which is currently under a liquidation process, according to Napi Gazdasag & World Reporter's March 7 report. Liquidating company Cash & Limes Rt. has been operating DAM since last summer without a deficit. They invited the tender to sell the steel works this January. Cogne will keep the workers and will produce stainless, acid resistant steel products. ============= I R E L A N D ============= GLANBIA PLC: To Prioritize Restructuring ---------------------------------------- Glanbia Plc faces a difficult future with its exposure to dairy commodity price swings, making the restructuring of group business units a priority, according to the Irish Independent on Friday. The Irish-based international food company manufactures and markets cheese, dairy-based food products and food ingredients, fresh milk, milk products, long-life milk, meat products and animal feedstuffs and trades in agricultural products including grain. Glanbia's long-term debt as of December 1999 was 449.93 million euros, while total liabilities were 982.05 million euros. ========= I T A L Y ========= WIND TELECOMUNICAZIONI: Posts 1.438 Trillion Lire Loss ------------------------------------------------------ Telecom group Wind Telecomunicazioni SpA posted losses of 1.438 trillion lire ($691 million) in 2000 due to heavy investments, Reuters said in its March 8 edition. Wind, a joint venture between Italian multi-utility Enel and France Telecom, also said it had nine million clients at the end of February. Its revenues more than tripled at 2.565 trillion lire, up 223 percent on 1999. ===================== N E T H E R L A N D S ===================== GETRONICS NV: Investment Bank says Shares are Worthless ------------------------------------------------------- Investment bank Theodoor Gillissen said on Thursday that shares in information technology services group Getronics N.V. are dead money for the time being, according to the Financial Times on Thursday. In late Amsterdam trading, Getronics shares were 0.9 percent lower at 6.46 euros, still far below their 52-week high of 98.50 euros. As of December 2000, Getronics's long-term debt was 1.30 billion euros and total liabilities were 3.21 billion euros. =========== P O L A N D =========== ELEKTRIM S.A.: Financing Questions Prompt Downgrade Review ---------------------------------------------------------- Moody's Investors Service placed the ratings of Elektrim S.A., a cable manufacturer, under review for possible downgrade due to uncertainty surrounding Elektrim's ability to secure adequate funding. The review of Elektrim's ratings will focus on the company's ability to enhance its liquidity profile by securing adequate medium- to long-term funding, enhanced clarity on the strategic and financial implications of the company's ongoing relationship with Vivendi and Deutsche Telekom, the continued successful execution of the company's ongoing re-structuring away from non- core businesses and the resulting overall credit profile of the company. Ratings affected by this review for possible downgrade are Elektrim S.A. senior implied rating at Ba3, Elektrim S.A. unsecured issuer rating at B2 and Elektrim Finance B.V. EUR 440.0 million 3.75 percent convertible notes due 2004 at B2. As of December 1999, Elektrim's long-term debt was 6.27 billion Polish New Zlotys and total liabilities were 10.48 billion Polish New Zlotys. Its accounts receivable for the company were 2.50 billion Polish New Zlotys. =========== S W E D E N =========== ICON MEDIALAB: Chairman Nordstrand May Resign --------------------------------------------- Chairman Bjoern Nordstrand of Icon Medialab AB's board is considering stepping down at the company's annual general meeting in the spring, according to Web-based business newspaper E24 last week. In recent months, the company suffered negative media attention following two profit warnings and an operating loss of SEK2.6 billion in 2000. Nordstrand claims he has not exactly done a terrific job for the past half-year so it wouldn't be so strange if he leaves his post, E24 added. FRAMFAB: Sells Danish Advertising Unit -------------------------------------- Internet consultant Framtidsfabriken AB is selling its Danish advertising unit Halbye, Kaag & Framfab A/S to its current management for an undisclosed amount as it continues to refocus on its core consulting business, according to Dow Jones' March 8 report. Last month, Framfab announced a restructuring and the sale of several units. Analysts said the company might be forced to shed other assets in order to avoid running out of cash this year. ===================== S W I T Z E R L A N D ===================== SAIRGROUP: Shares Slide on Leadership Uncertainty ------------------------------------------------- Shares in SAirGroup dropped to as low as 188.00 Swiss francs on Thursday as investors worried about the abrupt exit of Moritz Suter, an ex-pilot who founded the group's regional airline unit Crossair, which might delay the group's financial recovery, Reuters said in its March 8 edition. According to Joerg Lorenz, a fund manager at Swissca, the drop in the share price is a clear vote of no confidence in the current management. A company spokesman, however, declined to comment that the current chairman and chief executive of Belgian affiliate Sabena, Christoph Mueller, will head the division. =========================== U N I T E D K I N G D O M =========================== ASTRAM LTD: Notice Of Creditors Meeting ---------------------------------------- Company Name: Astram Ltd IA 1986 Section: 98 Creditors Meeting Time: 03.30 pm Meeting date: 21/02/01 Meeting address: 33 St Georges Drive Meeting City Code: London SW1V 4DG Authorised by: C Farmer Director Firm Name: Griffins Address: 33 St Georges Drive London SW1V 4DG AXIS-SHIELD PLC: Posts 8.2 Million Pounds Loss ---------------------------------------------- Axis-Shield Plc, which develops, manufactures, markets and sells diagnostic tests for the diagnosis and monitoring of human disease, reported a pre-tax loss of 8.2 million pounds for the year, The Times said in its Friday edition. As of December 1999, the company's total liabilities were 6.47 million pounds. BOOKHAM TECHNOLOGY: Sluggish Sales Prompt Job Cuts -------------------------------------------------- Fiber-optics equipment maker Bookham Technology PLC plans a reorganization that could lead to a reduction of 15 percent or 150 staff members through attrition and voluntary redundancies, The Wall Street Journal said in its March 8 edition. The cuts are likely to be concentrated in the company's mini-DIL- manufacturing operations where demand for its products has slowed. This resulted in wider fourth-quarter and full-year pretax losses. Bookham also said it would focus its investments on its dense wave division multiplexing, or DWDM, products, where revenues are expected to move from representing about one-third of total revenue in the fourth quarter of 2000 to around two-thirds of revenue in the same period in 2001. BRITISH CREAMERIES: Notice Of Creditors Meeting ------------------------------------------------ Company Name: British Creameries Group Ltd IA 1986 Section: 48 Creditors Meeting Time: 11.00 am Meeting date: 21/02/01 Meeting address: The Holiday Inn Hotel Holiday Street Meeting City Code: Birmingham B1 1HH Authorised by: S Michaels Joint Administrative Receiver 31/01/01 Last day for proxy: 20/02/01 Proxy address: 8 Baker Street London W1M 1DA Firm Name: BDO Stoy Hayward Address: 8 Baker Street London W1M 1DA GENUS PLC: Shares Drop on Staff Cuts ------------------------------------ Shares in Genus Plc fell 9 percent on Thursday, according to Reuters. This was after the cattle breeding company said it would cut staff costs by 20 percent due to the current outbreak of foot and mouth disease. Genus says it would put 714 of its staff on short time working or reduced salary. MANDAR FOOD: Notice Of Creditors Meeting ----------------------------------------- Company Name: Mandar Food Services Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 21/02/01 Meeting address: Nile House Nile Street Meeting City Code: Brighton BN1 1JB Authorised by: N V Murphy Director 29/01/01 Liquidators: Andrew White Firm Name: BDO Stoy Hayward Address: Nile House Nile Street Brighton BN1 1JB NTL: Embarks on Belt Tightening Program --------------------------------------- Communications group ntl plans to unlock the hidden value of its assets in a drive to pay off its debts and become cash flow positive by the end of 2003, according to Net Imperative's March 8 report. ntl will also reduce its capital expenditure drastically over the next two years, from just under 500 million pounds in the third quarter of 2000 to an estimated 250 million by the last quarter of 2002. VAUXHALL: Unions Drop Jobs Dispute ---------------------------------- Unions ended their dispute with General Motors Corp. British unit Vauxhall on Thursday, according to Reuters. They joined with local management in pressing the U.S. auto giant to reduce job losses in UK. Last month, workers at two General Motors plants in Britain held a 24-hour strike to protest the firm's plans to shed 2,000 jobs when it stops making cars at its factory in Luton, England, from 2002. But the Transport and General Workers Union and Vauxhall management said they agreed to join forces in urging GM's European executives to support a plan to save part of the Luton plant and mitigate job losses. Thousands have lost their jobs over the past year as carmakers struggle to cut costs. Overcapacity in the industry and weakened demand on the back of a slowing economy has eaten into profits. Many carmakers also blame the strength of sterling, which raises the cost of goods made for export from Britain. 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 * * *