/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/000703.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, July 3, 2000, Vol. 1, No. 40 Headlines C Z E C H R E P U B L I C CKD PRAHA: To Lose Over Kc1 Billion G E R M A N Y SPAR HANDELS: Retail Company Posts DM203.6 Million Loss H U N G A R Y MALEV RT: Plans for Airline Sale Up for Review MOL: Upward Correction Expected for Losing Gas Company P O L A N D OKOCIM: Brewery Plans Increased Production Despite Poor Sales SLASKA SPOLKA: Treasury Ministry Grants SLS More Time R O M A N I A DACIA: Carmaker's Fall Leads to Weak Bucharest Stock Exchange SIDEX: Contract Signed for Sales of Steel Mill U N I T E D K I N G D O M ANODIC CASTINGS: Liquidation Proceedings ATLAS STAINLESS: Liquidation Proceedings BWL MAINTENANCE: Liquidation Proceedings BALLARD DAVIES: Liquidation Proceedings BARRY LINTON: Liquidation Proceedings BOLD CORPORATE: Liquidation Proceedings BRIAN HEWITT: Liquidation Proceedings CENTRELINE SURVEY: Liquidation Proceedings CLARK & CO: Liquidation Proceedings COMPLETE EXPORT: Liquidation Proceedings COURT PUBLISHING: Liquidation Proceedings CURVED SPACE: Liquidation Proceedings DIRECT MOTION: Liquidation Proceedings EMPATHY: Liquidation Proceedings ENERGY BROKERS: Liquidation Proceedings FALCON TRADE COMPUTER: Liquidation Proceedings FOLLYFOOT FARM: Liquidation Proceedings FOUNDRY & TECHNICAL: Liquidation Proceedings HART INSTALLATION: Liquidation Proceedings INTER-COUTRY TEXTILES: Liquidation Proceedings INTERPHASE ENVIRONMENTS: Liquidation Proceedings KIME FAREAST: Liquidation Proceedings M & H REALISATIONS: Liquidation Proceedings MARLOW ENGINEERING: Liquidation Proceedings MODERN DAY: Liquidation Proceedings ORBIS: Company Sells Off Final Division PRG BEDROCK: Liquidation Proceedings PAIGNTON MOULD: Liquidation Proceedings PAUL THORP: Liquidation Proceedings PLANETZONE LTD: Liquidation Proceedings PORTSMOUTH ROOFING: Liquidation Proceedings POSH PACKAGING: Liquidation Proceedings RSJ DISPLAYS: Liquidation Proceedings ROLINES LTD: Liquidation Proceedings SCOTTISH ADHESIVES: Liquidation Proceedings SPECTACULAR COSMETICS: Liquidation Proceedings STAKEFOLD LTD: Liquidation Proceedings STERLING LTD: Liquidation Proceedings TIME SQUARE: Liquidation Proceedings TIPHOOK: Liquidation Proceedings TOTAL HAULAGE: Liquidation Proceedings VIRTUAL INTERNET: ?ISP Loses 1.9 Million VISCOM PRINTS: Liquidation Proceedings WEIRSIDE DEVELOPMENTS: Liquidation Proceedings WHITE ELECTRICAL: Liquidation Proceedings =========================== C Z E C H R E P U B L I C ============================ CKD PRAHA: To Lose Over Kc1 Billion ------------------------------------------- CTK, June 29, 2000 The engineering concern CKD Praha Holding could lose its most valuable property in the Praha-Letnany district of Prague, which has a market value of over Kc1bn, writes today's edition of Mlada fronta Dnes (MfD) daily. The case is connected with the loans Investicni a Postovni banka (IPB) provided to the private company Inpro, which gained 51 pct of CKD shares in 1994. The company put up the property as collateral along with other assets in exchange for loans intended primarily for the purchase of the above-mentioned shares. The Letnany property was offered as collateral to the bank by then head of CKD Jiri Marousek and his associates in exchange for two loans for his firm Inpro, with a total value of Kc366m. According to several independent sources, writes the paper, IPB tried several times last year to collect the collateral and obtain the property, claiming that Inpro stopped paying the loans. At the end of last year, the head of CKD at the time, Josef Lopata, filed a suit with the courts claiming that the collateral was invalid. According to MfD, he made the claim based on the advice of lawyers, who pointed out that the transfer of the property from CKD would devalue the stakes of the minority shareholders. The new bosses of CKD then retracted the complaint in January of this year. "We agreed with IPB that the dispute would best be settled through an arbitration procedure rather than a protracted trial," the daily quotes CKD's CEO Vladimir Zizka as saying. In essence it was IPB which agreed with itself to settle the dispute, writes the daily, since it already had a deciding block of CKD shares as collateral for other Inpro loans and last spring had adopted ownership rights. "As the majority owner, it ordered the retraction of the complaint," a member of the supervisory board told the paper. Ceskoslovenska obchodni banka, which became the majority owner of IPB after the latter was placed under forced administration on June 16, thus became the owner of the rights to the CKD shares and of Inpro loans, along with other assets, points out MfD, adding that CSOB can now resolve all links to CKD through a transfer of loans and share rights onto Konsolidacni banka or by collecting the collateral itself. ============= G E R M A N Y ============= SPAR HANDELS: Retail Company Posts DM203.6 Million Loss ------------------------------ HANDELSBLATT, June 29, 2000 German retail group Spar Handels AG posted a DM203.6m net loss in 1999, after a net profit of DM48.3m in 1998, due to grocery retailer price wars and problems in the group's consumer market business. German news agency VWD reported from the company's annual earnings press conference Thursday that Spar saw a DM346.7m operating loss in 1999, compared with a DM81.9m operating profit in 1998. Management Board Chairman Arbed Fischer said the group expects further burdens on earnings in 2000. Gross group sales in the first five months of 2000 fell 3.5% to DM5.1bn from DM5.3bn in the same period last year. Fischer said Spar has already taken steps to restructure the group, focusing on a new marketing concept. The group said it has to make some major changes to reach its goal of earning profits again. It forecasts a return to profit by 2002, VWD reported. ============= H U N G A R Y ============= MALEV RT: Plans for Airline Sale Up for Review ----------------------------- REUTERS, June 29, 2000 BUDAPEST - A plan formulated by ING Barings to sell all or part of Hungarian state airline Malev Rt was due to be reviewed on Thursday, the state privatisation agency said. "I can confirm that the APV Rt board is to review the ING Barings strategy plan for privatisation of Malev today," APV spokeswoman Jane Petrie said in a written response to questions. APV, the Hungarian national privatisation agency, recently selected ING Barings as its adviser during the privatisation of Malev. APV declined to give any further details about the ING Barings plan pending its review by the APV board and approval by the government. Hungary has been trying for years to devise a workable plan to sell all or part of the loss-making national carrier after earlier deals, including a partnership with Alitalia, fell through. Malev, which mostly operates in Central Europe but also has intercontinental flights, posted an unconsolidated operating loss of $13.79 million in 1999, which the company blamed in part on adverse operating conditions arising from the Kosovo conflict. Potential partners for Malev, mentioned in the press, include British Airways, Air France, Lufthansa, KLM and Swissair. MOL: Upward Correction Expected for Losing Gas Company ------------------------------ REUTERS, June 29, 2000 BUDAPEST - Hungarian equities were expected to rise slightly on Thursday, with a technical upward correction in oil group MOL and gains in telecom Matav after an over two percent increase in the technology-rich Nasdaq, traders said. "I expect an upward correction in MOL, as on technical grounds it's at a very low level," one trader said. MOL has been hit hard recently amid uncertainty as to whether the state would buy its gas business which MOL says will face huge losses after the cabinet capped gas price hikes at six percent this year to meet inflation targets. "Speculation on the future of MOL will most probably continue to dominate," OTP Securities said in its morning market comment. "We expect the market to move sideways or trend slightly higher in low turnover." The trader expected chemicals BorsodChem to rise and sector peer TVK to weaken after shareholders approved BorsodChem's move to buy a 28.5 percent stake in TVK. "This will be a good acquisition for BorsodChem, but it may be bad for TVK from a point of view that it will be forced to carry out investments that it wouldn't have done if BorsodChem hadn't bought it," the trader said. Traders said Wednesday's decision by the U.S. Federal Reserve to leave interest rates unchanged would support the market's likely positive sentiment. On Wednesday the BUX index closed at 8,569 points, down 112.63 points or 1.3 percent. =========== P O L A N D =========== OKOCIM: Brewery Plans Increased Production Despite Poor Sales ------------------------------ WARSAW BUSINESS JOURNAL, June 29, 2000 Okocim brewery has announced it will spend z3. 300 million on modernization of its Brzesko plant. Previous plans for building a new plant have been abandoned. Instead, the supervisory board has approved a modernization plan to boost production-capacity at the Brzesko plant. In the past few years, Okocim's sales have slumped and two presidents have been dismissed. Okocim's major problem is not insufficient production-capacity, but poor sales. Its market share has fallen from over 8% in 1998 to 5.7% at the end of 1999. Although the recent advertising campaign and hot weather have helped Okocim regain its foothold in the market, it still has a long way to go to meet its target of a 10% market share. SLASKA SPOLKA: Treasury Ministry Grants SLS More Time ------------------------------ WARSAW BUSINESS JOURNAL, June 26, 2000 In an effort to complete the sell-off of the nation's largest sugar holding, the Treasury Ministry last week granted Saint Louis Sucre (SLS) an additional three weeks to hammer out a final deal to purchase Slaska Spolka Cukrowa. For almost two months, the treasury has been carrying out exclusive negotiations with SLS over the sale of upward of 51% of Slaska, which is headquartered in the Opole voivodship. In its agreement with the government, SLS was given until May 22 to close talks over the purchase of the holding. But the final sale was initially delayed due to an ongoing stalemate in talks with beet growers supplying Slaska mills, and then because of the bankruptcy of the largest of the holding's 16 mills. When the original deadline passed, the government granted an additional extension until June 12. Now with the end of the month approaching and a final deal still in the offing, treasury officials last week gave SLS until July 10 to conclude negotiations over the purchase of Slaska. "We want to have enough time to finish negotiating all the points necessary to close the deal," said Leszek Podstawski, director of SLS' representative office in Poland. "July 10 seems to be a safe date for both sides." SLS is the second-largest sugar company in France and the fourth- largest in Europe. It has been actively investing in Central and Eastern Europe, and if successful in purchasing Slaska, could control 22% of the sugar market in Poland, Europe's third-largest sugar producer. By issuing SLS the most recent extension, the ministry may have earned time to finalize agreements - and shot itself in the foot. While talks over contracts with beet growers looked close to completion last week, the looming mill bankruptcy threatened to rock the privatization effort if the ministry did not come to a deal before the end of the month. Last month, a Wroclaw court declared the bankruptcy of Slaska's largest sugar mill, Maloszyn. By 1999, Maloszyn had racked up debts of close to zl. 34 million ($8.71 million), with 1999 net losses reaching zl. 12 million ($3 million). Bankruptcy administrators last week told a Wroclaw court that they were waiting until the end of June before pressing forward with receivership proceedings, pending the outcome of the negotiations between SLS and the treasury. Although the bankruptcy ruling is being appealed, under Polish law receivership procedures can begin from the moment insolvency is declared by a court. "The receiver said in court that he would not make any moves until June 30 to give the treasury a chance to privatize the holding," said Andrzej Lyda, president of the Maloszyn sugar mill, who testified last week in the Wroclaw court. "If the privatization agreement is signed, all indications are that the appeal court will annul the bankruptcy decision. This is a very essential argument for the court's ruling." To help sway the court, Maloszyn management last week submitted a letter from SLS stating that should the privatization of Slaska go through, the company plans to raise the mill's share capital by zl. 18 million ($4.3 million) so that management can pay off debts and restore the mill's solvency. However, should negotiations continue into July, the mill could be well on the road to receivership and removed from the privatization process altogether. "The situation of Maloszyn should inspire the treasury to move fast to finalize the deal," Lyda said. According to Podstawski, the ministry is not only under pressure to help save Maloszyn, but also to send a clear signal to the entire sugar industry, whose debts have reached upward of zl. 2 billion ($487 million). "There is pressure," Podstawski said. "The sector is waiting for a decision." Regardless of the progress in Warsaw, since the end of May, Maloszyn workers have been camping out at the mill and preventing bankruptcy administrators from starting procedures. According to Jozef Szymczyk, chairman of the Sugar Workers Federation, the sit-in will continue until the bankruptcy ruling is withdrawn by the court. "They'll have to take the mill over our dead bodies," Szymczyk said. While receivers may not be able to enter the factory grounds in the short term, the court has halted the functioning of the mill as an economic entity. An advertisement in the Rzeczpospolita daily at the beginning of June not only announced the mill's bankruptcy, but also called Maloszyn creditors to start filing claims directly with receivers. Moreover, last week the Wroclaw court forbade the paying out of mill workers' salaries until the bankruptcy ruling is finalized, and banned the mill's management from traveling outside the Lower Silesian voivodship, Lyda said. After nearly two months of negotiations, SLS and the ministry are said to be close to an agreement. While the social package for mill workers was completed last month, one of the main sticking points in the deal is the lack of an understanding between SLS and the farmers that supply Slaska with sugar beets. In an effort to speed up talks in that area and break the impasse, last week Deputy Treasury Minister Barbara Litak-Zarebska stepped in to finish negotiations on behalf of beet growers. "Each meeting brings significant progress," Podstawski said. In related news, progress is also being made on the sale of part of the Mazowiecka sugar holding. According to Jan Wyrowinski, a Freedom Union (UW) deputy from Torun, German sugar company Nordzucker is close to finalizing a deal to purchase a group of mills belonging to that holding in the Torun region. Apart from the sale of Slaska, a deal for the sale of these mills would bring the treasury a bit closer to realizing its original privatization plan for the sugar industry, which has largely been on hold for much of the past year. ============= R O M A N I A ============= DACIA: Carmaker's Fall Leads to Weak Bucharest Stock Exchange ------------------------------ REUTERS, June 27, 2000 The Bucharest stock exchange ended weaker on Tuesday on falls to carmaker Dacia and bank Banca Turco Romana, which offset a hefty rise in private bank Banca Transilvania, traders said. The BET-C all-share index dropped 1.54 percent to 492.09 points. Fifty-four issues were suspended from trading, in line with a bourse committee decision last week, for their failure to report financial results for the first quarter of this year. Banca Turco Romana plunged 10 percent at close to 2,250 lei and brokers attributed the fall to its suspension the previous day on failure to submit its quarterly report. Dacia sank 5.1 percent to close at 560 lei, with the fall ascribed to the stock being downgraded to the lower tier last Friday due to bad financial results last year. Dacia ended 1999 with a loss of 393.9 billion lei after zero profit the previous year. Speculative play from local investors pulled Banca Transilvania to a 9.7 percent stronger close of 1,690 lei. Operators expected the market to redress slightly on Wednesday, mainly on the back of a correction to Banca Turco Romana and a recovery of Dacia, which they said would become attractive at the lower price. Overall volume was some 2.8 million shares on turnover of around 3.7 billion lei. Five local investment companies (SIFs), which are not included in the BET-C basket, separately traded around 2.6 million shares on turnover of some 1.3 billion lei. The RASDAQ-C index of the separate RASDAQ over-the-counter market inched up by 0.19 percent to 689.53 points. SIDEX: Contract Signed for Sales of Steel Mill ------------------------------ REUTERS, June 29, 2000 Romania's main privatization agency signed on Thursday a financial consultancy contract for the delayed sale of steel mill Sidex with a consortium led by U.K.-based Fieldstone Private Capital Group. "The expertise of the consortium and Sidex's quasi-monopolistic position will bring an investor in due time," Radu Sarbu, president of the State Ownership Fund (FPS), told reporters after the signing ceremony. Under the accord the consortium is expected to find a buyer for Sidex within the next 29 weeks. The consortium would also assess the company's debts, estimated at some $1 billion by end-1999. The consortium includes Deloitte & Touche, UEC and Cameron McKenna legal firms. It has to conduct due diligence and submit to the government for approval a strategy for Sidex's privatization. Privatization of the debt-ridden Sidex, in which FPS holds 70 percent, has been a target under accords with international lenders. Two months ago Prime Minister Mugur Isarescu urged the government to speed up the sale. Sidex, one of the Europe's biggest steel plate makers, ended last year with a loss of 1.7 trillion lei ($79.71 million) after a dramatic fall in sales on the domestic market. Output has dropped to 3.2 million tons in 1999 from 4.9 million in 1998. =========================== U N I T E D K I N G D O M =========================== ANODIC CASTINGS: Liquidation Proceedings ------------------------------ Company Name: Anodic Castings Ltd Company No: 0810147 Com. Business: Diecastings Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: K J Watkin IPno: 5276 Firm Name: K J Watkin & Co Address: Emerald House 20 Anchor Road Aldridge City Postcode: Walsall WS9 8PH ATLAS STAINLESS: Liquidation Proceedings ------------------------------ Company Name: Atlas Stainless Ltd Company No: 2811058 Com. Business: Wholesale Metal/Metal Ores Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Paul Barrett IPno: 5459 Firm Name: Radford Sons & Co Address: 12 Portland Street City Postcode: Southampton SO14 7EB BWL MAINTENANCE: Liquidation Proceedings ------------------------------ Company Name: B W L Maintenance Ltd Company No: 2573459 Com. Business: General Building Contractors Appointed on: 09/06/00 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 BALLARD DAVIES: Liquidation Proceedings ------------------------------ Company Name: Ballard Davies Ltd Company No: 2984886 Com. Business: Advertising Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: D B Coakley IPno: 6824 M P Riley Firm Name: BDO Stoy Hayward Address: Connaught House Alexandra Terrace City Postcode: Guildford GU1 3DA BARRY LINTON: Liquidation Proceedings ------------------------------ Company Name: Barry Linton Ltd Company No: 3638200 Com. Business: Computer Consultants Appointed on: 09/06/00 Type: Members Appointed by: Members Liquidators: Martin H Linton IPno: 5998 Firm Name: Leigh & Co Address: Brentmead House Britannia Road City Postcode: London N12 9RU BOLD CORPORATE: Liquidation Proceedings ------------------------------ Company Name: Bold Corporate Ltd Company No: 3332310 Com. Business: Public Houses Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: K J Watkin IPno: 5276 Firm Name: K J Watkin & Co Address: Emerald House 20 Anchor Road Aldridge City Postcode: Walsall WS9 8PH BRIAN HEWITT: Liquidation Proceedings ------------------------------ Company Name: Brian Hewitt Plc Previous Name: Brian Hewitt (Ceiling & Partitions) Company No: 890418 Com. Business: Manuf Office Partitioning Products Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors Liquidators: Tim Walsh IPno: 8371 Gerald I Rankin 5184 Firm Name: PricewaterhouseCoopers Address: 8 Princes Parade St Nicholas Place City Postcode: Liverpool L3 1QJ CENTRELINE SURVEY: Liquidation Proceedings ------------------------------ Company Name: Centreline Survey Consultants Ltd Company No: 3160474 Com. Business: Building Contractors Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Gary Stones IPno: 6609 Firm Name: Stones Jones Address: 63 Walter Rd City Postcode: Swansea SA1 4PT CLARK & CO: Liquidation Proceedings ------------------------------ Company Name: Clark & Co (Public Relations) Ltd Company No: 1924598 Com. Business: Public Relations Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Stephen Hull IPno: 8321 Firm Name: Geoffrey Martin & Co Address: St James House 28 Park Place City Postcode: Leeds LS1 2SP COMPLETE EXPORT: Liquidation Proceedings ------------------------------ Company Name: Complete Export Services Ltd Company No: 2293507 Com. Business: Transport Agencies Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: D Platt IPno: 7471 Donald Bailey 6739 Firm Name: Begbies Traynor Address: Elliot House 151 Deansgate City Postcode: Manchester M3 3BP COURT PUBLISHING: Liquidation Proceedings ------------------------------ Company Name: Court Publishing Ltd Company No: 3199035 Com. Business: Publishers Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Neil Henry IPno: 8622 Nola Barber 8000 Firm Name: Lines Henry Address: 27 The Downs City Postcode: Altrincham WA14 2QD CURVED SPACE: Liquidation Proceedings ------------------------------ Company Name: Curved Space (UK) Ltd Company No: 2563966 Com. Business: Architectural Reasearch/Development Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Edwin D Kirker IPno: 8227 Firm Name: Kirker & Co Address: The Centre 39 Bedford Square City Postcode: London WC1B 3EG DIRECT MOTION: Liquidation Proceedings ------------------------------ Company Name: Direct Motion Ltd Company No: 2859962 Com. Business: Software Consultancy/Supply Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Geoff Robbins IPno: 6622 Neil C Money 8900 Firm Name: Casson Beckman & Partners Address: Lichfield Place 435 Lichfield Road City Postcode: Birmingham B6 7SS EMPATHY: Liquidation Proceedings ------------------------------ Company Name: Empathy Ltd Company No: 1118307 Com. Business: Charity Appointed on: 09/06/00 Type: Creditors Appointed by: Members Liquidators: Ian J Gould IPno: 7688 Christopher K Rayment 6775 Firm Name: Pannell Kerr Forster Address: New Guild House Charles Street City Postcode: Birmingham B3 2LX ENERGY BROKERS: Liquidation Proceedings ------------------------------ Company Name: Energy Brokers Direct Ltd Company No: 3096690 Com. Business: Utility Brokers Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Gordon Craig IPno: 7983 Firm Name: Begbies Traynor Address: 1 Winckley Court Chapel Street City Postcode: Preston PR1 8BU FALCON TRADE COMPUTER: Liquidation Proceedings ------------------------------ Company Name: Falcon Trade Computer Centre Ltd Previous Name: East Riding Computers Ltd Company No: 2490890 Com. Business: Retail Computer Related Sales Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Christopher C Garwood IPno: 8082 Francesca P Devine 5829 Firm Name: Carrick Read Insolvency Address: Norwich House Savile Street City Postcode: Hull HU1 3ES FOLLYFOOT FARM: Liquidation Proceedings ------------------------------ Company Name: Follyfoot Farm Ltd Company No: 2790388 Com. Business: Grow Fruit for Wholesale Market Appointed on: 09/06/00 Type: Members Appointed by: Members Liquidators: Ian McIntyre IPno: 6082 Firm Name: Albert Goodman Address: Mary Street House Mary Street City Postcode: Taunton TA1 3NW FOUNDRY & TECHNICAL: Liquidation Proceedings ------------------------------ Company Name: Foundry & Technical Liaison Ltd Company No: 0824036 Com. Business: Design/Manuf Foundry Machinery Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: T Mitchell IPno: 8203 Firm Name: BDO Stoy Hayward Address: Beneficial Building 28 Paradise Circus City Postcode: Birmingham B1 2BJ HART INSTALLATION: Liquidation Proceedings ------------------------------ Company Name: Hart Installation Ltd Company No: 3704043 Com. Business: Electrical Contracting Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Peter Nottingham IPno: 9015 Firm Name: Nottingham Watson Address: 12 St Pauls Square City Postcode: Birmingham B3 1RB INTER-COUTRY TEXTILES: Liquidation Proceedings ------------------------------ Company Name: Inter-Country Textiles Ltd Company No: 1608859 Com. Business: Textile Agents Appointed on: 09/06/00 Type: Members Appointed by: Members Liquidators: John H C Lee IPno: 2261 Firm Name: Horsfields Address: 8 Manchester Road City Postcode: Bury BL9 0ED INTERPHASE ENVIRONMENTS: Liquidation Proceedings ------------------------------ Company Name: Interphase Environments Ltd Company No: 2992053 Com. Business: General Construction/Demolition Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: S D Swaden IPno: 2719 Firm Name: Fisher Curtis Address: 1 Great Cumberland Place City Postcode: London W1H 8LE KIME FAREAST: Liquidation Proceedings ------------------------------ Company Name: Kime Far East Fund Plc Company No: IR Com. Appointed on: 09/06/00 Type: Members Appointed by: Members Liquidators: David Hargaden Firm Name: Hargaden Moor Address: Grand Canal House 1 Upper Grand Canal Street City Postcode: Dublin 4 M & H REALISATIONS: Liquidation Proceedings ------------------------------ Company Name: M & H Realisations No 1 Ltd Previous Name: Motoe & Home Insurance Services Ltd Company No: 2861331 Com. Business: Insurance Services Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: H C Brunt IPno: 5592 Firm Name: HLB Kidsons Address: Bank House 8 Cherry Street City Postcode: Birmingham B2 5AD MARLOW ENGINEERING: Liquidation Proceedings ------------------------------ Company Name: Marlowe Engineering Ltd Company No: 2812503 Com. Business: Manufacture Machine Tools Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Andrew Fender IPno: 6898 Firm Name: Sanderlings Address: Sanderling House Springbrook Lane City Postcode: Earlswood B94 5SG MODERN DAY: Liquidation Proceedings ------------------------------ Company Name: Modern Day Plastics Ltd Company No: 2816391 Com. Business: Supply/Install PVC Products Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Andrew I McTear IPno: 7242 Firm Name: McTear Williams & Wood Address: De Vere House 90 St Faiths Lane City Postcode: Norwich NR1 1NE ORBIS: Company Sells Off Final Division ------------------------------ CITYWIRE, June 29, 2000 Orbis says a final farewell to its past Orbis, the void property protection business, has sold off its final division that does not relate to its core activities. Electronic door security company Silk & Mackman is being bought out by its managing and sales directors who have been largely responsible for its development. They will pay ?500,000 for the company now and a further ?500,000 within the next three years. Orbis will use the money received to pay off some of its outstanding debt. Despite Silk & Mackman's profitability it did not fit with the new void property protection focused Orbis. The sale makes Orbis a more attractive proposition for a buyout or a buyer. Management have been incentivised to lift the shares to over 40p by sales or other means. Shares are up 0.25p on the news to 25.5p. PRG BEDROCK: Liquidation Proceedings ------------------------------ Company Name: PRG Bedrock Ltd Previous Name: PRG Advertising Ltd Company No: 951965 Com. Business: Advertising Agency Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Henry E Hayes IPno: 5450 Firm Name: Poppleton & Appleby Address: 141 Great Charles Street City Postcode: Birmingham B3 3LG PAIGNTON MOULD: Liquidation Proceedings ------------------------------ Company Name: Paignton Mould Tool Co Ltd Company No: 2528611 Com. Business: Mould Tool Manufacturers Appointed on: 09/06/00 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 PAUL THORP: Liquidation Proceedings ------------------------------ Company Name: Paul Thorp (Partition & Drylining) Ltd Previous Name: Modeworth Ltd Company No: 3015484 Com. Business: Plastering Services Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Frank A Simms IPno: 2773 Gavin G Bates 8983 Firm Name: F A Simms & Partners Address: Insol House 39 Station Road City Postcode: Lutterworth LE17 4AP PLANETZONE LTD: Liquidation Proceedings ------------------------------ Company Name: Planetzone Ltd Company No: 3942851 Com. Business: Holding Co Appointed on: 09/06/00 Type: Members Appointed by: Members Liquidators: M W Russell IPno: 6333 Firm Name: BDO Stoy Hayward Address: Beneficial Building 28 Paradise Circus City Postcode: Birmingham B1 2BJ PORTSMOUTH ROOFING: Liquidation Proceedings ------------------------------ Company Name: Portsmouth Roofing Co Ltd Company No: 3296004 Com. Business: Roofing Contractor Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: J C Wade-Duffe IPno: 8713 Firm Name: JWD Associates Address: PO Box 166 City Postcode: Hedge End SO30 4WZ POSH PACKAGING: Liquidation Proceedings ------------------------------ Company Name: Posh Packaging Ltd Company No: 3098320 Com. Business: Design/Manufacture Gift Paper Appointed on: 09/06/00 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 RSJ DISPLAYS: Liquidation Proceedings ------------------------------ Company Name: R S J Displays Ltd Previous Name: R S J Powder Coatings Ltd Company No: 2278942 Com. Business: Manufacture Fabricated Metal Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: P H Finn IPno: 5367 Firm Name: Finn Associates Address: Tong Hall City Postcode: Tong BD4 0RR ROLINES LTD: Liquidation Proceedings ------------------------------ Company Name: Rolines Ltd Company No: 3131653 Com. Business: Conference Agency/View Finder Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors Liquidators: Roderick G Butcher IPno: 8834 Firm Name: Moore Stephens Booth White Address: Beaufort House 94-96 Newhall Street City Postcode: Birmingham B3 1PB SCOTTISH ADHESIVES: Liquidation Proceedings ------------------------------ Company Name: Scottish Adhesives Co Ltd - The Company No: SC Com. Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors Liquidators: T M Burton IPno: 8224 Firm Name: Ernst & Young Address: George House 50 George Square City Postcode: Glasgow G2 1RR SPECTACULAR COSMETICS: Liquidation Proceedings ------------------------------ Company Name: Spectacular Cosmetics Ltd Company No: 279165 Com. Business: Wholesalers of Cosmetics Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Stephen M Katz IPno: 8681 Firm Name: Fisher Curtis Address: 1 Great Cumberland Place City Postcode: London W1H 8LE STAKEFOLD LTD: Liquidation Proceedings ------------------------------ Company Name: Stakefold Ltd Company No: 3535907 Com. Business: Provision of Courier Services Appointed on: 09/06/00 Type: Creditors Appointed by: Members Liquidators: Rosalind M Hilton IPno: 8604 Firm Name: Adcrofts Address: 7-9 Wilkinson Avenue City Postcode: Blackpool FY3 9XG STERLING LTD: Liquidation Proceedings ------------------------------ Company Name: Sterling (Bilston) Ltd Company No: 3161800 Com. Business: Steel Fabricators/Foundry Equipment Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: T Mitchell IPno: 8203 Firm Name: BDO Stoy Hayward Address: Beneficial Building 28 Paradise Circus City Postcode: Birmingham B1 2BJ TIME SQUARE: Liquidation Proceedings ------------------------------ Company Name: Time Square Developments Ltd Company No: 2721928 Com. Business: General Builders/Civil Engineers Appointed on: 09/06/00 Type: Members Appointed by: Members Liquidators: Richard A Segal IPno: 2685 Firm Name: A Segal & Co Address: Albert Chambers 221-223 Chingford Mount Road City Postcode: London E4 8LP TIPHOOK: Liquidation Proceedings ------------------------------ Company Name: Tiphook Railease Ltd Previous Name: Vulcan Finance Facilities Ltd Company No: 520766 Com. Business: Dormant Appointed on: 09/06/00 Type: Members Appointed by: Members Liquidators: Robin A Ellis IPno: 2932 Firm Name: R A Ellis & Co Address: 2 The Elms Church Road City Postcode: Claygate KT10 0JY TOTAL HAULAGE: Liquidation Proceedings ------------------------------ Company Name: Total Haulage UK Ltd Company No: 3777763 Com. Business: Freight Haulage Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Steven N Walker IPno: 7927 Firm Name: Walker Till Address: 6-8 Old Hall Road Gatley City Postcode: Cheadle SK8 4BE VIRTUAL INTERNET: ?ISP Loses 1.9 Million ------------------------------ CITYWIRE, June 29, 2000 Internet services provider Virtual Internet is taking a cautious line after reporting interim higher losses and admits `there is still much work to be done'. Pre-tax loss for the six months to April were ?1.9 million before goodwill and employee benefit trust charges, a 500% increase from last year. Turnover rose significantly to ?2.5 million from ?307,000. VirtualInternet.net has seen a doubling in the number of active hosted and managed domains to over 50,000. One business, Net Searchers, has beaten expectations and has won new customers such as Bayer, Reuters and Channel 4. However, international operations have been tough. `Initial growth expectations for a number of the group's international offices have disappointed,' it said. Along with the rescheduling of the launch of another product, Nomodo, these tough conditions abroad 'will affect the outurn for the full year'. The shares, which nudged ?10 in February, closed at 335p last night. VISCOM PRINTS: Liquidation Proceedings ------------------------------ Company Name: Viscom Prints Ltd Company No: 3494921 Com. Business: Printers Appointed on: 09/06/00 Type: Creditors Appointed by: Members Liquidators: W Paxton IPno: 8825 Firm Name: Thomas Paxton Address: 42-44 Mosley Street City Postcode: Newcastle-u-Tyne NE1 1DF WEIRSIDE DEVELOPMENTS: Liquidation Proceedings ------------------------------ Company Name: Weirside Developments Ltd Company No: IR Com. Appointed on: 09/06/00 Type: Members Appointed by: Members Liquidators: Joe Mithcell WHITE ELECTRICAL: Liquidation Proceedings ------------------------------ Company Name: White Electrical Instrument Co Ltd Company No: 2482838 Com. Business: Electrical Engineers Appointed on: 09/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Barry J Ward IPno: 2700 Firm Name: Ward & Co Address: Bank House Shaw Street City Postcode: Worcester WR1 3DT 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, and Beard Group, Inc., Washington, DC. Peter A. Chapman and Sharon Cuarto, 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. 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