/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/000719.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 Wednesday, July 19, 2000, Vol. 1, No. 51 Headlines B E L G I U M ELECTRABEL SA: Belgian Utility to Shutdown 3 Nuclear Power Plants B U L G A R I A BIOCHIM BANK: Neftinvest Bank Offers to Pay $10 Million C R O A T I A HRVATSKE TELEKOMUNIKACIJE: Croatia Picks SSSB as Consultants C Z E C H R E P U B L I C MILO SUROVARNY: Setoza Assumes Control Over Oil Producer F I N L A N D Eesti Raudtee: Due to Political Battle, Estonian Rail for Sale F R A N C E GB: GIB Should Produce Over $800 mln for GB Stake G E R M A N Y COMMERZBANK: Possible Merger With Dresdner Bank COMMERZBANK: No Merger Negotiation With Dresdner Bank I R E L A N D BELFAST TELEGRAPH: Byers Signals Buy Out Deal PACLENE IRISH: Ennis Plant to Cut 53 Jobs N E T H E R L A N D S ATAG GROUP NV: To Declare Some Units Bankrupt BAAN: ING Denies Disposal of Stake BAAN NV: Doubts Ability to Go On Due to Losses BAAN NV: Will Not Survive If Invensys Bid Falls BAAN NV: Investors Oppose Takeover P O L A N D BANK PRZEMYSLOWY: BNP-Paribas to Acquire Polish Bank CORUS GROUP PLC: Polish Steel Deal To Take Time INVEST BANK: Comes to Terms With PTS-KS Regarding Bankruptcy R U S S I A NORILSK NICKEL: Potanin Defends Role In Privatization LUKOIL: Investigation Launched Over Tax Allegations U N I T E D K I N G D O M ABC BUILDING SERVICES: Notice of Creditors Meeting ADVANCE WATER TECHNOLOGY LTD: Notice of Creditors Meeting AKTIE ENGINEERING SERVICES LTD: Notice of Creditors Meeting ALPHASPEED LTD: Notice of Creditors Meeting ANDERSON CARS GROUP LTD: Notice of Creditors Meeting BRAID HOMES LTD: Notice of Creditors Meeting CEARNS & BROWNS: Brake Brothers to Assume ?8.3m in Debt CHINAGLOBE LINKS LTD: Notice of Creditors Meeting CORUS GROUP PLC: 1,600 Job Looses Due to Strong Pound CRAMAR INTERIORS LTD: Notice of Creditors Meeting DEBUG HOLDINGS PLC: Receivership proceedings DIGGINWELL CIVIL ENGINEERING LTD: Notice of Creditors Meeting DOODS (COACHES) LTD: Notice of Creditors Meeting EAGLEBRIDGE CONSTRUCTOIN LTD: Notice of Creditors Meeting ECSOFT: Losses Hit Hard of ?1 million EQUINOX IMAGING LTD: Notice of Creditors Meeting FM FACILITIES LTD: Notice of Creditors Meeting FALCON DISTRIBUTION PLC: Notice of Creditors Meeting FIELDING MANN INSURANCE SERVICES LTD: Notice of Creditors Meeting FLEX FAMILY FITNESS CENTRE LTD: Notice of Creditors Meeting FLEX FITNESS FACILITIES LTD: Notice of Creditors Meeting FLEX NUTRITION DISTRIBUTION LTD: Notice of Creditors Meeting FORTUNE 331 LTD: Notice of Creditors Meeting FOSTERS OF ASHBOURNE LTD: Notice of Creditors Meeting FRAZER NEILL UK LTD: Notice of Creditors Meeting G & M POLYTHENE RECYCLING LTD: Notice of Creditors Meeting G L STRUCTURES LTD: Notice of Creditors Meeting GENERAL NETWORK LTD: Notice of Creditors Meeting GIKON WRIGHT (FAILSWORTH) LTD: Notice of Creditors Meeting GROVEDECK LTD: Notice of Creditors Meeting HADHAM MILL EQUESTRIAN CENTRE LTD: Notice of Creditors Meeting HANDMADE DIRECT LTD: Notice of Creditors Meeting HEAD LOGISTICS SERVICES LTD: Notice of Creditors Meeting INTERPRINT COMMUNICATIONS LTD: Notice of Creditors Meeting INTERTEX TRADING LTD: Receivership proceedings JODRELL BANK : Faces Uncertain Future JODRELL BANK: No Decision Yet for Closure KERR ASSOCIATES LTD: Notice of Creditors Meeting LIMERICK BOOK PUBLISHING CO LTD: Notice of Creditors Meeting M & E FINANCIAL MANAGEMENT PLC: Notice of Creditors Meeting MAGNETKRAFT LTD: Notice of Creditors Meeting MASON & MASON LTD: Notice of Creditors Meeting MIDAS DENTAL LABORATORIES LTD: Notice of Creditors Meeting MIKE PAYNE BUILDING CONTRACTORS LTD : Notice of Creditors Meeting MODERN EMBROIDERY (WOODFORD) LTD : Notice of Creditors Meeting MONARCH FIDUCIARY LTD : Notice of Creditors Meeting P V TRADING LTD : Notice of Creditors Meeting PEP PC LTD : Notice of Creditors Meeting POOL PRODUCTIONS LTD : Notice of Creditors Meeting REGAL POTTERY LTD : Notice of Creditors Meeting RUTHVEN MOTOR CO LTD : Notice of Creditors Meeting SHOPFIT DIRECT LTD : Notice of Creditors Meeting SIMMAD LTD : Notice of Creditors Meeting SOLTE LTD : Notice of Creditors Meeting TECH-AER NETWORK LTD: Receivership proceedings WINCHESTER BUILDING SERVICES LTD : Notice of Creditors Meeting YORKSHIRE WATER: Decision Looms On Water Sale ============= B E L G I U M ============= ELECTRABEL SA: Belgian Utility to Shutdown 3 Nuclear Power Plants ---------------------------------------------------------------- REUTERS July 14,2000 BRUSSELS, July 14 (Reuters) - Belgian utility Electrabel SA said on Friday it would shut down temporarily its Tigange 3 nuclear power plant due to low demand. Electrabel, which generates most of the country's electricity, said in a statement that it would shut down the plant for about three weeks. =============== B U L G A R I A =============== BIOCHIM BANK: Neftinvest Bank Offers to Pay $10 Million ------------------------------------------------------------- REUTERS July 14,2000 Bulgaria's Biochim Bank will use most of its 1999 net profit to cover the previous year's loss ahead of its privatization, a spokeswoman for the bank said on Thursday. "A shareholders' meeting decided that the bank's net profit of Lev 4.32 Million ($2.08 million) for 1999 would be used to cover the Lev 4.28 Million loss for 1998," said Lyuba Neikova. The remainder will be set aside as reserves. Biochim is Bulgaria's fourth-largest bank in terms of assets after Bulbank, DSK Bank and the United Bulgarian Bank, and the last one to be privatized under Bulgaria's three-year funding agreement with the International Monetary Fund. Bulgaria was to sell the bank by end-June but the sale was delayed after the government sought additional information about shareholders in local Neftinvest Bank which it had chosen as a preferred bidder a month earlier. Neftinvest Bank has offered to pay $10 million for 67 percent of Biochim and to invest another Lev 27 million to boost the bank's equity capital. ============= C R O A T I A ============= HRVATSKE TELEKOMUNIKACIJE: Croatia Picks SSSB as Consultants ------------------------------- ZAGREB, Jul 17, 2000 -- (Reuters) Croatia said on Monday it had chosen Schroder Salomon Smith Barney as consultant and lead manager in the second phase of its privatization of state telecom firm, Hrvatske Telekomunikacije (HT). The commission in charge of the privatization made the decision unanimously, the government's public relations office said in a statement. After narrowing down the list of seven bidders to just two, SSSB and Credit Suisse First Boston, the commission made the final decision on the basis of "the price of the transaction and the past experience in the field of telecommunication" it added. "Offers included a possibility of bridge financing, which will enable a high level of flexibility in carrying out the transaction," the statement said. While the transaction will most probably take place in the first half of 2001, the proceedings from it will contribute towards this year's budget so the government made securing a bridging loan a condition for getting the job. The government is planning to offer to the public 21 percent of the national telecoms operator after it had sold a strategic, 35- percent stake to Deutsche Telekom for $850 million last year. =========================== C Z E C H R E P U B L I C ============================ MILO SUROVARNY: Setoza Assumes Control Over Oil Producer ------------------------------------------------------- CTK July 17,2000 Almost nothing stands in the way of a merger of Setuza with another oil producer Milo Surovarny, as the former has recently bought 50 pct of the latter and holds a combined stake of 99.8 pct in the Olomouc-based company, wrote the Saturday edition of the daily Lidove noviny (LN). Setuza acquired the 50-pct block of shares from Invest Oil Bohemia, which in turn had bought it from Agrocredit. "Originally, the stock was used as collateral at Investicni a Postovni banka (IPB). By June 30, we had paid off all of our loans so that we could sell the stock," said Agrocredit head Tomas Pitra. LN says that the sale of the Milo shares was part of the June transaction, which involved a sale of 34 pct of Setuza by Agrocredit to Invest Oil Bohemia, a subsidiary of the Prague- based Balirny a prazirny Praha. "The new owner can merge the two companies, their production in particular, and sell them as one," Pitra commented. LN writes that Setuza partly covered the purchase by selling Ceskomoravska financni a leasingova (CMFL) shares for Kc700m, while Setuza bought the Milo stake for Kc750m, Setuza economic director Radek Volf told the paper. LN says that Invest Oil Bohemia now holds 48 pct of CMFL. Volf said he does not know anything about Invest's intentions. For Setuza, this transaction means an end of the ownership structure, which was constructed by IPB. Now, the only item to be settled is a 15-pct stake at Setuza which is owned by Milo, LN writes. Apart from Archer Daniels Midland of the USA, another 3 multinational firms are interested in Setuza, LN concludes. ============= F I N L A N D ============= Eesti Raudtee: Due to Political Battle, Estonian Rail for Sale --------------------------------------------------------------- REUTERS July 14,2000 TALLINN, July 14 (Reuters) - Bids for 66 percent of Estonian state rail operator Eesti Raudtee are due on Monday and analysts say a political battle could ensue as port operators fight to maintain the status quo. They said that ultimately the struggle may lead the government to delay the privatisation process, while recent problems with the sale of two power plants to a U.S. firm could eventually favour Estonian or part-Estonian bids. "I have become more suspicious of the outcome of the Eesti Raudtee deal," said Suprema analyst Veikko Maripuu. "Many participants want to keep the status quo. (Raudtee's) new operator could change that and make the business less profitable for the carriers at the port (Port of Tallinn)," he said. Analysts say leading Estonian cargo firms are concerned that a new railway owner could upset the current status quo by using its majority holding in Raudtee to dictate unfavourable terms. So far a consortium of Estonian business people -- RER AS (Ltd.) -- has been the only group to publicly say it will bid for Raudtee. It has also said it would eventually float the Raudtee stake. Among the consortium's members is Aadu Luukas, council chairman at Estonia's largest oil terminal firm, Pakterminal, and analysts said the group could be expected to lobby the government extensively. "The Estonian businessmen...form a powerful lobby. They...can be angry at the (political) parties for years to come. It will be a very difficult decision and the most convenient way for the government to handle it is to put the brakes on and wait," said Eesti Paevaleht columnist Hannes Rumm. RUSSIAN, FINNISH FIRMS INTERESTED The sale of Raudtee was approved in summer 1997. A plan to divide it into operating groups to be sold separately was ultimately shelved in favour of the current sale of two-thirds of Raudtee shares. The media have speculated six bids may come by the July 17 deadline, including Russian interest and a possible offer from Finnish state rail firm VR that has already faced opposition over fears it will divert some of the lucrative Russian oil trade away from Estonia to Finland. Baltic Rail Services, an Estonian, U.K. and U.S. consortium has also expressed interest. Analysts said it was unlikely a Finnish offer would succeed in the wake of widening opposition -- from business groups to politicians -- to the sale of 49 percent of two power stations to U.S.-based NRG Energy , announced by the government in June. "I think they will avoid giving this tender to Finnish or Russian companies... In itself the privatisation of the railway company would not be such a big problem, but because the energy sale had problems it will now influence the rail sell off," said Hilfe analyst Kinga Deak. "They will offer the tender either to a local consortium or another company that has an Estonian part involved," she added. A decision on which offers go on for further talks will be made in mid-August and the privatisation agency hopes to conclude a deal before year-end. The finance ministry has said the sale could raise one to two billion kroons ($60 to $120 million). =========== F R A N C E =========== GB: GIB Should Produce Over $800 mln for GB Stake ------------------------------------- REUTERS July 12,2000 BRUSSELS, July 12 (Reuters) - If reports that GIB is poised to sell its GB supermarket unit stake to French peer Carrefour prove true, it must hold out for at least $810 million or risk the market's wrath, analysts said on Wednesday. Carrefour inherited its existing 27.5 percent GB stake from its merger with Promodes, which had paid $290 million in January 1998, valuing GB at $1.1 billion. If Carrefour wants more of the food retailer, GIB must demand at least as good a price for its remaining 72.5 percent stake -- which translates to $810 million at 1998 prices, analysts said. "If they don't get the same price, it can be seen as negative for GIB," Fortis analyst Thierry Francois said. "And even if they do pay the same price (GIB) must be sure (it) has an opportunity to develop other business." GIB said broad talks with Carrefour continued but declined to confirm or deny a newspaper report that Carrefour planned to buy the rest of GB soon. "There is nothing new," a spokeswoman said. "There are talks but there is no agreement." Asked if they were takeover talks, she said: "Nothing has changed". GIB Chief Executive Jean-Pierre Bizet said in April that talks were primarily about private label brands and the future of the Belgian and French companies' Polish operations. Analysts said it was plausible that Carrefour would make a bid. And if it did, GIB must demand a high price and spend wisely. "It is really possible. The only questions are the price and what to do with the cash," Fortis analyst Thierry Francois said. CARREFOUR SEEN IMPATIENT GB's supermarkets remain mired in protracted restructuring and posted an operating loss of almost $20 million in 1999. Analysts said GIB would be loath to sell GB cheaply before improving its operations, but Carrefour might get impatient. "That's the question -- how keen is Carrefour and how reluctant is GIB?" asked Smeets analyst Geert de Mesure. "I can imagine Carrefour is not too happy to remain a minority shareholder." He said Carrefour might believe it could turn GB around faster than GIB and better handle labour disputes that have hobbled the division's restructuring. GIB on the other hand may feel it can create more value than Carrefour and should wait for GB to show signs of profitability. SPENDING OPPORTUNITIES GIB has long sought partners for its Brico DIY unit and its majority-owned fast-food chain Quick Restaurants. A GB cash windfall could fund such ventures. GIB could also invest in real estate by exercising options to buy land and buildings for retail operations. "The most likely scenario is that they would focus on one or two businesses, like DIY and real estate," Francois said. "It's possible they could make an acquisition in DIY and become a real leader in Europe -- but that is hard to find." Quick could expand faster and enter new markets, while Brico could grow in Spain and Portugal and make buys elsewhere. But Brico is also a potential takeover target -- and if GB is sold, Brico and even Quick could be next, De Mesure said. "If it happens to GB, it will happen to Brico," he said. NEAR-TERM BREAKUP STILL UNLIKELY A question mark hangs over GIB's strategy since a buyout bid last month by BNP Paribas for Cobepa, which owns 22.5 percent of GIB. Although BNP said Cobepa did not intend to sell GIB, its aim to focus on private equity prompted speculation that it might. KBC Securities played down the possibility. "We do not think that a break-up is part of a short-term scenario," it said in a research note. GIB closed at 38.50 euros in Brussels compared to a break-up value seen by analysts at 60-70 euros. It has said it would consider spinning off its units only if that would add value. ============= G E R M A N Y ============= COMMERZBANK: Possible Merger With Dresdner Bank -------------------- FINANCIAL NEWS July 18, 2000 Germany's banking regulator has given a twist to the struggle for Commerzbank, Germany's fourth biggest bank - and may have made Commerzbank's possible merger with Dresdner Bank more likely. The regulator, BAKred, suspended the voting rights of Commerzbank's 17% shareholder Cobra in a decision taken on Friday. On Monday, Cobra's managing director, Hansgeorg Hofmann said that BAKred had ruled him an unsuitable shareholder in a major bank due to his 1997 confession of tax evasion. He said he would appeal against the ruling, which he called outrageous. A BAKred spokeswoman confirmed the body had suspended Cobra's voting rights, but would not comment on the reasons for the decision. The ruling, if it survives Cobra's appeal, weakens Cobra's ability to push Commerzbank into the arms of a foreign acquirer and increases Commerzbank's prospects of getting shareholder approval for a merger with Dresdner. The crippling of Cobra would remove the short-term pressure on Commerzbank to merge with Dresdner. But people close to the talks said both banks remained convinced of the long-term logic of their deal. COMMERZBANK: No Merger Negotiation With Dresdner Bank ----------------------- THE WALL STREET JOURNAL EUROPE July 18, 2000 Germany's banking watchdog has thrown the merger talks between Dresdner Bank and Commerzbank into confusion by rendering Commerzbank's biggest shareholder powerless to influence the outcome of the negotiations. The Bundesaufsichtsamt fur das Kreditwesen has barred Cobra from exercising voting rights on its 17% stake. The regulator declined to give details of its ruling, which observers saw as unexpected. Hansgeorg Hofmann, who heads Cobra, said that it was based solely on personal income tax irregularities reported three years ago when he was a member of Dresdner's management board. The ruling removes a potential obstacle to the talks between Commerzbank and Dresdner, which became public a month ago. Cobra had warned it might veto the all-German merger, saying a link-up with a European partner would provide a greater boost to shareholder value. But the regulator's decision might also complicate intense negotiations over the terms of the merger. ============= I R E L A N D ============= BELFAST TELEGRAPH: Byers Signals Buy Out Deal -------------------------------------------- CITYWIRE July 17, 2000 Byers signals Belfast Telegraph deal Independent News and Media has been given the go-ahead to buy the Belfast Telegraph from Trinity Mirror for ?300 million.. Clearance came this morning from Secretary of State for Trade and Industry Stephen Byers. Irish Minister for Enterprise, Trade and Employment Mary Harney had already given her consent. Newspaper and magazine publisher Independent News was the successful bidder for the Belfast Telegraph when it was put up for sale by Daily Mirror publisher Trinity. Independent already publishes 160 titles and also has interests in outdoor advertising, radio, pay TV and electronic media in four continents. Independent shares were down 1.5p to 228.5p after the announcement. Trinity shares were unchanged at 545p. PACLENE IRISH: Ennis Plant to Cut 53 Jobs --------------------------------------------- YAHOO FINANCE UK July 13, 2000 Fifty-three jobs are to go in Ennis, Co Clare, through the closure of the locally owned Paclene Irish Polythene plant, which makes plastic shopping bags. The company, owned by Austin Brady, has been in production since 1969 but is to close on August 7. Brady blames cheaper imports from the Far East and the imminent imposition of a 10p per bag tax by the government. Brady blames cheaper imports from the Far East and the imminent imposition of a 10p per bag tax by the government. The Paclene plant was originally owned by the Smurfit Group but was sold in 1996 to British Petroleum Industries, who then sold it on to Brady last March. ===================== N E T H E R L A N D S ===================== ATAG GROUP NV: To Declare Some Units Bankrupt --------------------------------------------- AMSTERDAM, July 14 (Reuters) - Dutch kitchen and heating equipment maker Atag Group NV said on Friday it expected some of its units to be declared bankrupt as their protection from creditors was about to end. Atag said its court-appointed administrator had found the units no longer met the conditions to maintain the protected status and had asked a court to end the protection. The units involved are Atag Keukentechniek BV, Pelgrim BV, Home Products Service BV, Home Products Manufacturing Ulft BV and Home Products Manufacturing Nederland BV. Separately, Atag said it would continue negotiations with unidentified candidates to sell its kitchen equipment division and said the protection from creditors of the Atag Group and unit Atag Home Products Nederland BV would be maintained. Earlier this month, Atag sought protection from creditors as talks to sell its ailing kitchen division had failed. But on Monday, it said it had received another bank loan to continue the unit while awaiting the outcome of new sales negotiations. Ahead of Atag's statement on Friday, the Amsterdam bourse suspended trading in Atag shares for the rest of the day. Before the suspension, the shares changed hands at 3.57 euros, down 1.1 percent from Thursday's close but up from a year-low of 2.80 euros reached on July 7. BAAN: ING Denies Disposal of Stake ------------------------------------------------- REUTERS July 17,2000 Dutch financial house ING is refusing to tender its 5.9 percent stake in troubled software company Baan to the takeover offer from Britain's Invensys Plc, the Financial Times reported on Monday. The newspaper said ING would gain more from a liquidation of Baan than accepting the bid and was believed to have made its postion clear to industrial automation and controls group Invesys, which last week extended its 2.85 euros-per-share offer for Baan after failing to secure complete control. The FT said observers believed ING could gain a tax reduction of about 250 million guilders ($106 million) if Baan was to collapse. ING would recover around a third of its original investment, the newspaper said. But ING would lose 85-90 percent of its investment if it accepted the Invensys offer, and would not be entitled to a Dutch tax deduction. The ING stake would be sufficient to stop Baan being delisted from the Amsterdam Stock Exchange. Invensys owned or had acceptances for its offer for 58 percent of Baan's shares at the original closing date last Thursday and has extended the bid to July 25. It has said it will not raise the offer. Invensys needs two-thirds of Baan to control the group and 95 percent to delist the company. Baan shares closed at 2.73 euros on Friday, more than double the lows plumbed before the Invensys move but a fraction of their level of above 14 euros at the start of the year. BAAN NV: Doubts Ability to Go On Due to Losses ---------------------------------------------- BLOOMBERG July 17,2000 Baan NV restated and increased its 1999 loss by 7.3 percent to $310 million, and the Dutch software maker said it won't survive without additional financing or a takeover. The company said 1999 revenue was $619 million, 2.4 percent less than originally reported on Feb. 3. Baan said that events occurring after the end of the year forced it to restate earnings. It declined to provide details. Baan, once one of Europe's fastest-growing software companies, has been hurt by overspending and executive defections, leading to seven straight quarters of losses. Invensys Plc, a U.K. factory controls maker, has made an 858 million euro ($804 million) bid to buy Baan. The bid may be scrapped because ING Group NV is refusing to offer its 5.9 percent stake in Baan to Invensys. ING believes its shares would be worth more if Baan was liquidated, the Financial Times said. Baan said in a statement today that if Invensys abandons its buyout it ``could have a materially adverse effect on the business and Baan's ability to continue as a going concern.'' Shares of Baan fell 0.12 euro to 2.61 euros, below Invensys's bid of 2.85 a share before the earnings restatement was announced. Baan's U.S. shares fell 3/16 to 2 1/4. They are down 84 percent this year. Invensys fell 5.25 pence, or 2.1 percent, to 247p. BAAN NV: Will Not Survive If Invensys Bid Falls ------------------------------------------- BLOOMBERG July 17,2000 Baan executives say the company isn't likely to survive if the Invensys bid falls through. Baan has reported slowing sales of its programs, which automate a corporation's internal functions, such as sales, manufacturing and customer service. The company said it had a shareholder deficit of $7.8 million. ``Baan doesn't see any future without Invensys,'' Chief Financial Officer Rob Ruijter said in an interview Friday. ``To secure financing for the future of this company would be very challenging.'' Invensys is seeking 95 percent of Baan shares so that it's assured full control over the company. Invensys, which aims to add Baan's business-management software to the range of automation products and services it offers, extended the offer Friday after securing 58 percent. ``It's a serious option that we'll walk away from it if we don't get significantly more than 58 percent,'' said a spokesman for Invensys. He declined to comment on ING's position. BAAN NV: Investors Oppose Takeover -------------------------------------- Barneveld, Netherlands, July 17 (Bloomberg) The takeover also faces opposition from a group of Baan investors with a combined 19.6 percent stake. Ernst Sonneveldt, who claims to represent the group, says shareholders need more information about Baan's finances before making a decision. Baan delayed the publication of its annual report because management was raising money to keep the business going and negotiating with Invensys and others. ING could earn a tax deduction of about $108 million if Baan collapses, recovering almost a third of its original investment, the Financial Times said. If it accepts the Invensys offer, it could lose as much as 90 percent of that investment, the FT said. Dutch law allows a company to claim a capital loss if it owns shares in a business that is liquidated. Since ING owns more than 5 percent of Baan, it wouldn't be allowed to claim the loss if it sells the shares at a lower price than its original investment. Invensys would have complete management control over Baan if it gets two-thirds of the outstanding shares. The advantage of securing 95 percent is that the remaining shareholders would be forced to sell to Invensys and the shares would stop trading. Goldman, Sachs & Co. is advising Invensys. Lazard Freres & Co. is advising Baan. ============ P O L A N D ============ BANK PRZEMYSLOWY: BNP-Paribas to Acquire Polish Bank ---------------------- CENTRAL EUROPE INVESTOR ONLINE July 14, 2000 French bank BNP-Paribas will likely become the strategic investor in the Polish Bank Przemyslowy, Polish daily Rzeczpospolita reported Thursday. BNP-Paribas will acquire a 75-percent stake in Poland's 48th largest bank in terms of registered capital through the purchase of the Czech financial group Union Group. The sale of a 50-percent stake in Union Group to BNP-Paribas is expected to be completed by the end of the month. BNP-Paribas is also present in the Polish market through a 50- percent stake in a Polish joint venture, BNP-Dresdner Bank. Przemyslowy is more likely to become an entity within BNP-Paribas rather than to be merged with the BNP-Dresdner Bank, Przemyslowy President Jerzy Formalczyk told the daily. With BNP-Paribas as the main shareholder, Przemyslowy would receive the investment needed for further development, said Formalczyk. CORUS GROUP PLC: Polish Steel Deal To Take Time ----------------------- CENTRAL EUROPE ONLINE INVESTOR July 15, 2000 Europe's biggest steelmaker, Anglo-Dutch firm Corus Group Plc, said on Friday it was still weeks, if not months, away from completing talks on taking a stake in Poland's largest steel mill. Despite talk in Poland that a deal may be imminent, Corus said negotiations would continue and that its mergers and acquisitions (M&A) team would visit Poland again next week. Corus is looking at acquiring a 51 percent stake in the long products division of state-owned steelmaker Huta Katowice. "We are still talking to the people in Poland and expect to be doing so for some time to come yet," Corus spokesman Mike Hitchcock told Reuters. The Polish government is keen for a successful sale. The steel sector's total debt of Zl8.7 billion($2 billion) last year is a burden for Eastern Europe's largest economy and an obstacle in efforts to join the European Union. The industry badly needs foreign investment, but sales of companies have been held up by poor finances and government indecision on how to package the mills. Corus sent its M&A team to Poland this week and said more trips were likely before the talks were concluded. INVEST BANK: Comes to Terms With PTS-KS Regarding Bankruptcy ------------------------------------------------------------ POLISH NEWS BULLETIN July 17,2000 Invest Bank and Polskie Towarzystwo Samochodowe-Konsorcjum Spoldzielcze (PTS-KS) have signed an initial agreement not to file for the bankruptcy of PTS-KS, in which the bank had invested ZL25m. Previously, Invest Bank shareholders demanded the bankruptcy motion in order to recover their money. Invest Bank CEO Janusz Kaliszczyk claims that the negotiations were hard but constructive. Despite the fact that they do not fully satisfy the bank's shareholders, it is possible that Invest Bank will recover the invested funds as either cash or assets in PTS-KS. Invest Bank will wait for an evaluation of the assets of PTS-KS, which holds stakes in 42 companies. =========== R U S S I A =========== NORILSK NICKEL: Potanin Defends Role In Privatization ----------------------- The ST. PETESBURG TIMES July 14, 2000 Federal prosecutors say financier Vladimir Potanin's Uneximbank rigged a privatization auction for the 1997 purchase of Norilsk Nickel from the government, and in a letter have ordered Potanin to pay the government $140 million as compensation or possibly face charges. Potanin, a former finance minister and deputy prime minister, defended as legal his purchase at a privatization auction of the $1.5 billion company, which is the world's largest producer of palladium and second-largest producer of nickel. "I feel it is unacceptable that ... the changing views of those working in the prosecutor's office should destabilize the work of one of Russia's most effective enterprises," Potanin wrote in an open letter addressed to Prosecutor General Vladimir Ustinov and published in Kommersant and Izvestia newspapers. Potanin noted that several legal decisions from 1996 to 2000 had upheld the legality of the Norilsk Nickel sale, as had a report released this year by the Audit Chamber, parliament's budgetary watchdog. "If the prosecutor has a different view," his letter continued, "I suggest the case be examined by an arbitration court." The prosecutor's attack on the Norilsk sale came in a week that has also seen federal agents move against other leading politically connected businessmen. Some politicians and observers have argued that President Vladimir Putin is cracking down on the power of "oligarchs" as a way of defending the public interest and leveling the playing field. But the attack on Norilsk also comes after the government officially approved an economic plan last month that promises to respect the results of all privatizations of the last decade. The latest controversy surrounding Norilsk Nickel was sparked after First Deputy Prosecutor General Yury Biryukov addressed a letter to Potanin dated July 6 in which he called Norilsk Nickel's privatization "damage carried out against the state," Interfax reported Tuesday. The letter gave Potanin an odd option. "In the event of voluntary compensation for the damage in the sum of $140 million, there will be no legal demands against you," the letter said. Biryukov's letter said Uneximbank's shares in the metals producer should have gone for $310 million, not the $170 million it said the bank paid for the company, a massive Siberian plant approximately 200 kilometers north of the Arctic Circle. The letter did not say how the $310 million figure was reached. Uneximbank snapped up 38 percent of Norilsk's shares in 1997 as part of the notorious loans-for-shares privatization program. An Uneximbank affiliate, Mezhdunarodnaya Finansovaya Kompaniya, or MFK, was asked by the government to organize the auction. MFK evaluated bids and then approved Uneximbank's - i.e. its own. Uneximbank first loaned the government $170 million in 1995 in exchange for the right to manage the state's shares in Norilsk subsidiaries, then won a tender to buy the stake for $250 million in cash and an obligation to invest $1 billion. The prosecutor-general's office said the auction was rigged under an agreement between Potanin and then-privatization minister Alfred Kokh. "That fact was established in the parameters of an investigation by the Moscow prosecutor's office," Biryukov's letter said. It alleged that criminal cases had been subsequently filed against Kokh and Potanin, but dismissed as part of a national amnesty. LUKOIL: Investigation Launched Over Tax Allegations --------------- ST. PETERSBURG TIMES July 14, 2000 The federal tax police announced Tuesday that they had launched a criminal case against the head of LUKoil, the country's biggest oil major, claiming he had committed major tax fraud. "It has been established that significant funds were withheld from tax liability as a result of falsified oil export operations and illegal compensation for value-added taxation payments," said the information and public relations department of the Federal Tax Police Service in a statement. The tax police did not name the suspects in the investigation. However, tax fraud cases usually name the chief executive and chief accountant of the company under investigation, said Vladimir Beketov, deputy head of the information and public relations department. LUKoil's chief executive is also the company's president, Vagit Alekperov. The firm's chief accountant is Lyubov Khoba. The tax police issued its statement one day after tax police chief Vyacheslav Soltaganov met President Vladimir Putin in the Kremlin. Alekperov did not speak to media Tuesday. However, LUKoil vice president Leonid Fedun slammed the allegations as ludicrous in appearances on government television Tuesday evening. Holding up a clean bill of health for LUKoil that he said was issued Monday by the federal tax police, Fedun said that the company had not received any official notice that a criminal case had been opened against LUKoil over its taxes. Appearing on RTR, Fedun held up a plaque from the Tax Ministry declaring the company a laureate of its "Conscientious Taxpayer" award. The company also distributed a statement saying the government actually owed LUKoil 2.2 billion rubles in value-added-tax refunds. However, the tax police said that the two LUKoil executives were being investigated for hiding revenues. They did not say what sums were involved. The tax police had been investigating LUKoil under a general audit on 14 of the nation's oil companies - all of them notorious tax delinquents - Beketov added. The audits, announced by Soltaganov in September last year, had previously yielded no public results. Meanwhile, a LUKoil lawyer said the charges were totally unfounded and that the company would sue the tax police unless the tax police apologize. "We believe that [the tax police accusations] could be an initiative by separate employees who do not reflect the general opinion or conclusions of the competent authorities," said company lawyer Vadim Smirnov, in remarks reported by Reuters. LUKoil vice president Fedun also implied that the accusations did not have the full weight of the tax authorities behind them in an interview aired on ORT television. And he added a further twist, claiming that the attack on the oil major had been orchestrated by media mogul Gusinsky - who's Media-MOST holding company is also under investigation by the general prosecutor's office - and his news outlets. Fedun picked out NTV television, saying that the broadcaster had been attacking LUKoil for its intrigues against the government. ============================= U N I T E D K I N G D O M ============================= ABC BUILDING SERVICES: Notice of Creditors Meeting -------------------------------------------------- Company Name: ABC Building Services Ltd IA 1986 Section: 98 Creditors Meeting Time: 02.30 pm Meeting date: 29/06/00 Meeting address: Rifsons House 63-64 Charles Lane Meeting City Code: London NW8 7SH Authorised by: H Singh Director 09/06/00 Liquidators: Firm Name: Rifsons Saud Address: Rifsons House 63-64 Charles Lane London NW8 7SB ADVANCE WATER TECHNOLOGY LTD: Notice of Creditors Meeting -------------------------------------------------------------- Company Name: Advanced Water Technology Ltd IA 1986 Section: 98 Creditors Meeting Time: 10.30 am Meeting date: 29/06/00 Meeting address: 485 Birmingham Road Meeting City Code: Bromsgrove B61 0HZ Authorised by: S S Purser Director 12/06/00 Liquidators: Firm Name: Haden Address: 485 Birmingham Road Bromsgrove B61 0HZ AKTIE ENGINEERING SERVICES LTD: Notice of Creditors Meeting ---------------------------------- Company Name: Aktie Engineering Services Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.15 am Meeting date: 29/06/00 Meeting address: Wesley House Huddersfield Road Birstall Meeting City Code: Bately WF17 9EJ Authorised by: W G Hircock Director 14/06/00 Liquidators: Firm Name: O'Hara & Co Address: Wesley House Huddersfield Road Birstall Bately WF17 9EJ ALPHASPEED LTD: Notice of Creditors Meeting ------------------------ Company Name: Alphaspeed Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 29/06/00 Meeting address: Midland Bank Chambers 62 High Street Meeting City Code: March Authorised by: D Callow Director 30/05/00 Last day for proxy: 28/06/00 Proxy address: Midland Bank Chambers 62 High Street March Liquidators: Firm Name: Neville Eckley Address: Midland Bank Chambers 62 High Street March ANDERSON CARS GROUP LTD: Notice of Creditors Meeting ------------------------------ Company Name: Anderson Cars Group Ltd IA 1986 Section: 67 Creditors Meeting Time: 10.30 am Meeting date: 29/06/00 Meeting address: The Hilton Tree Tops Hotel 161 Springfield Road Meeting City Code: Aberdeen AB50 7AQ Authorised by: Fraser J Gray Interim Liquidator 08/06/00 Last day for proxy: 28/06/00 Proxy address: 144 West Regent Street Glasgow G2 2RQ Liquidators: Firm Name: Buchler Philips Gray Address: 144 West Regent Street Glasgow G2 2RQ BRAID HOMES LTD: Notice of Creditors Meeting ----------------------- Company Name: Braid Homes Ltd IA 1986 Section: 67 Creditors Meeting Time: 12.30 pm Meeting date: 29/06/00 Meeting address: 1 Royal Terrace Meeting City Code: Edinburgh EH7 5AD Authorised by: K R Craig Joint Receiver Last day for proxy: 28/06/00 Proxy address: 1 Royal Terrace Edinburgh EH7 5AD Liquidators: Firm Name: Scott Oswald Address: 1 Royal Terrace Edinburgh EH7 5AD CEARNS & BROWNS: Brake Brothers to Assume ?8.3m in Debt --------------------------------------------------- FINANCIAL TIMES July 14,2000 Brake Brothers, the UK food supplier to the catering industry, said on Friday it would acquire Cearns & Brown for ?23.7m ($35.6m) in cash. The company will also assume ?8.3m in debt from Cearns & Brown, the largest independent and privately owned foodservice distributor in the UK. The acquisition is expected to be earnings neutral in the current year and result in synergy benefits of ?5m per year thereafter, the company said. Turnover for the combined business will be near ?400m. Also on Friday, Brake Brothers revealed trading for the year was in line with expectations. Cearns & Brown - based in Runcorn, northwest England - was founded more than 100 years ago and has since been run by subsequent generations of the Stoddart family. It employs 1,200 people and has 12 depots across the country. As part of the rationalisation of the businesses, three of those depots are slated to close, along with two others belonging to Brake. Ian Player, Brake's chief executive, said rationalisation was also expected in the sales, buying and marketing teams. He would not comment on job losses except to say redundancies would not be extensive. In recent years, Cearns & Brown have expanded their business from ambient groceries - food like pasta or flour that does not require temperature control - into chilled and frozen products, which now represent 28 per cent of turnover. Operational difficulties at a new London depot resulted in an operating loss of ?3m for the year ended January 28 on sales of ?189m. The company is predicting a small operating profit for the current financial year. Cearns & Brown was a direct competitor of Watson & Philip, which Brake Brothers took over in 1998. Mr Player said Brake was now eager to expand its chilled foods business, which the company has spent two to three years readying for an acquisition. CHINAGLOBE LINKS LTD: Notice of Creditors Meeting ----------------------- Company Name: Chinaglobe Links Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.45 pm Meeting date: 29/06/00 Meeting address: 60-62 London Road Meeting City Code: Kingston-u-Thames KT2 6QZ Authorised by: J Qin Director 08/06/00 Last day for proxy: 28/06/00 Proxy address: 60-62 London Road Kingston-u-Thames KT2 6QZ Liquidators: Andrew J Whelan Firm Name: Marks Bloom Address: 60-62 London Road Kingston-u-Thames KT2 6QZ CORUS GROUP PLC: 1,600 Job Looses Due to Strong Pound ----------------------------------------------------- REUTERS: July 18,2000 Anglo-Dutch steel maker Corus Group Plc is poised to announce another 1,600 job losses as a result of the strong pound and weak demand, with a statement expected on Friday, the Times reported on Tuesday. The newspaper said the cuts would hit plants in Wales, including Llanwern, Port Talbot and Ebbw Vale. The company was formed by the merger of British Steel and Hogoovens of the Netherlands last year. No one at Corus in London could be reached immediately for comment. The job losses would take the total announced in the past few weeks to more than 4,000. Last Friday, Corus said it was cutting 1,200 jobs, which were in addition to 1,400 announced in June. The Times quoted sources at the company as saying redundancies were inevitable because of the adverse impact of the strong pound and weak demand from UK manufacturers. Steel analysts have said more job losses could come at the group but doubted that it was close to shutting any of its core plants. The Times, however, quoted a company source as saying: "If we are looking at (UK) car production of 600,000 units as opposed to the current 1.2 million, then there may have to be some permanent closures." CRAMAR INTERIORS LTD: Notice of Creditors Meeting ----------------------- Company Name: Cramar Interiors Ltd IA 1986 Section: 98 Creditors Meeting Time: 10.30 am Meeting date: 29/06/00 Meeting address: 4 Wards End Meeting City Code: Halifax HX1 1BX Authorised by: M A Bannister Director 06/06/00 Last day for proxy: 28/06/00 Proxy address: 4 Wards End Halifax HX1 1BX Liquidators: Firm Name: Sargent & Co Address: 4 Wards End Halifax HX1 1BX DEBUG HOLDINGS PLC: Receivership proceedings -------------------------- Company Name: Debug Holdings Plc Company No: 1511640 Com. Business: Hardware Consultancy Trading Name: Trade clasif.: 7240 Appointed on: 22/06/00 Appointed by: Lloyds TSB Bank Plc Type: Administrative Receivers: John B Dare IPno: 3290, Peter J Rilett 5386 Firm Name: KPMG Address: Arlington Business Park City Postcode: Theale RG7 4SD DIGGINWELL CIVIL ENGINEERING LTD: Notice of Creditors Meeting -------------------------- Company Name: Digginwell Civil Engineering Ltd IA 1986 Section: 98 Creditors Meeting Time: 10.00 am Meeting date: 29/06/00 Meeting address: No 1 Riding House Street Meeting City Code: London W1A 3AS Authorised by: F I Bradley Director 07/06/00 Last day for proxy: 28/06/00 Proxy address: The Meeting House Tunbridge Wells TN1 1YS Liquidators: Firm Name: Smith & Williamson Address: The Meeting House Tunbridge Wells TN1 1YS DOODS (COACHES) LTD: Notice of Creditors Meeting ----------------------- Company Name: Dodds (Coaches) Ltd IA 1986 Section: 138 Creditors Meeting Time: 10.00 am Meeting date: 29/06/00 Meeting address: 292 St Vincent Street Meeting City Code: Glasgow Authorised by: Graham C Tough Interim Liquidator Last day for proxy: 28/06/00 Proxy address: 1 Royal Terrace Glasgow G3 7NT Liquidators: Firm Name: Martin AItken & Co Address: 1 Royal Terrace Glasgow G3 7NT EAGLEBRIDGE CONSTRUCTOIN LTD: Notice of Creditors Meeting ----------------------- Company Name: Eaglebridge Construction Ltd IA 1986 Section: 98 Creditors Meeting Time: 03.00 pm Meeting date: 29/06/00 Meeting address: 47-49 Green Lane Meeting City Code: Northwood HA6 3AE Authorised by: A Nash Director 13/06/00 Last day for proxy: 28/06/00 Proxy address: 47-49 Green Lane Northwood HA6 3AE Liquidators: Ashok K Bhardwaj Firm Name: Bhardwaj Address: 47-49 Green Lane Northwood HA6 3AE ECSOFT: Losses Hit Hard of ?1 million ------------- NEWSNOW July 17, 2000 Internet and mobile systems consultancy ECsoft will post its first operating loss as a public company next week, but hopes to be back in profit in the second half of the year. ECsoft, which has already reported profits down in a `challenging' first quarter, will next week report an operating loss of ?1 million for the second quarter ended 30 June. The company blamed `continued weakness in the Scandinavian IT service marketplace post-Y2K', but said it had also continued to make substantial investments in the business, which had also contributed to the losses. Terje Laugerud, chief executive and president of ECSoft, said the outlook for the second half of the year was positive. `We continue to see growth in our pipeline for new services, out utilization rates have increased through the quarter and we see positive trends going forward in the market'. Details of the second quarter results should be out on 27 July. Shares were down 160p at 800p this morning, about an all time low for the company. EQUINOX IMAGING LTD: Notice of Creditors Meeting ----------------------- Company Name: Equinox Imaging Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 29/06/00 Meeting address: The Devon Hotel Exeter By Pass Meeting City Code: Matford EX2 8XU Authorised by: A Sutton Director 13/06/00 Last day for proxy: 28/06/00 Proxy address: 53 Fore Street Ivybridge PL21 9AE Liquidators: Firm Name: Richard J Smith & Co Address: 53 Fore Street Ivybridge PL21 9AE FM FACILITIES LTD: Notice of Creditors Meeting ----------------------- Company Name: FM Facilities Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.30 pm Meeting date: 29/06/00 Meeting address: Devonshire House 38 York Place Meeting City Code: Leeds LS1 2ED Authorised by: L L Davidson Director 15/06/00 Last day for proxy: Proxy address: Liquidators: J N R Pitts Firm Name: Wilson Pitts Address: Devonshire House 38 York Place Leeds LS1 2ED FALCON DISTRIBUTION PLC: Notice of Creditors Meeting ----------------------- Company Name: Falcon Distribution Plc IA 1986 Section: 98 Creditors Meeting Time: 10.00 am Meeting date: 29/06/00 Meeting address: Quality Hotel 234 London Road Meeting City Code: St Albans Authorised by: A Swan-Brown Director 15/06/00 Last day for proxy: 28/06/00 Proxy address: Torrington House 47 Holywell Hill St Albans AL1 1HD Liquidators: Firm Name: Morton Thornton & Co Address: Torrington House 47 Holywell Hill St Albans AL1 1HD FIELDING MANN INSURANCE SERVICES LTD: Notice of Creditors Meeting ----------------------- Company Name: Fielding Mann Insurance Services Ltd IA 1986 Section: 98 Creditors Meeting Time: 03.00 pm Meeting date: 29/06/00 Meeting address: Devonshire House 38 York Place Meeting City Code: Leeds LS1 2ED Authorised by: L L Davidson Director 15/06/00 Liquidators: J N R Pitts Firm Name: Wilson Pitts Address: Devonshire House 38 York Place Leeds LS1 2ED FLEX FAMILY FITNESS CENTRE LTD: Notice of Creditors Meeting ----------------------- Company Name: Flex Family Fitness Centre Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.45 pm Meeting date: 29/06/00 Meeting address: The Kings Hotel High Street Meeting City Code: Newport NP20 1QN Authorised by: C Beddis Director 01/06/00 Last day for proxy: 28/06/00 Proxy address: The Manor House 260 Eccleshall Road South Sheffield S11 9AT Liquidators: Firm Name: BDO Stoy Hayward Address: The Manor House 260 Eccleshall Road South Sheffield S11 9AT FLEX FITNESS FACILITIES LTD: Notice of Creditors Meeting ----------------------- Company Name: Flex Fitness Facilities Ltd IA 1986 Section: 98 Creditors Meeting Time: 02.00 pm Meeting date: 29/06/00 Meeting address: The Kings Hotel High Street Meeting City Code: Newport NP20 1QN Authorised by: C Beddis Director 01/06/00 Last day for proxy: 28/06/00 Proxy address: The Manor House 260 Eccleshall Road South Sheffield S11 9AT Liquidators: Firm Name: BDO Stoy Hayward Address: The Manor House 260 Eccleshall Road South Sheffield S11 9AT FLEX NUTRITION DISTRIBUTION LTD: Notice of Creditors Meeting ----------------------- Company Name: Flex Nutrition Distributors Ltd IA 1986 Section: 98 Creditors Meeting Time: 03.15 pm Meeting date: 29/06/00 Meeting address: The Kings Hotel High Street Meeting City Code: Newport NP20 1QN Authorised by: C Beddis Director 01/06/00 Last day for proxy: 28/06/00 Proxy address: The Manor House 260 Eccleshall Road South Sheffield S11 9AT Liquidators: Firm Name: BDO Stoy Hayward Address: The Manor House 260 Eccleshall Road South Sheffield S11 9AT FORTUNE 331 LTD: Notice of Creditors Meeting ----------------------- Company Name: Fortune 331 Ltd Other name: PPS Pakaging Solutions Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 29/06/00 Meeting address: Park House Park Square West Meeting City Code: Leeds LS1 2RS Authorised by: D L Gibbins Director 09/06/00 Liquidators: Firm Name: BKR Haines Watts Address: Park House Park Square West Leeds LS1 2RS FOSTERS OF ASHBOURNE LTD: Notice of Creditors Meeting ----------------------- Company Name: Fosters of Ashbourne Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.30 pm Meeting date: 29/06/00 Meeting address: The Green Man Royal Hotel St Johns Street Meeting City Code: Ashbourne DE6 1GH Authorised by: R J Stone Director Last day for proxy: 28/06/00 Proxy address: 2 Osborne Terrace Newcastle-u-Tyne NE2 1NE Liquidators: Firm Name: Marlor Walls & Co Address: 2 Osborne Terrace Newcastle-u-Tyne NE2 1NE FRAZER NEILL UK LTD: Notice of Creditors Meeting ----------------------- Company Name: Frazer Neill UK Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 29/06/00 Meeting address: Forest Pines Hotel Ermine Street Meeting City Code: Broughton DN20 0AQ Authorised by: N F Saxelby Director 14/06/00 Last day for proxy: Proxy address: Liquidators: Nola Barber Firm Name: Lines Henry Address: 27 The Downs Altrincham WA14 2QD G & M POLYTHENE RECYCLING LTD: Notice of Creditors Meeting ----------------------- Company Name: G & M Polythene Recycling Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.15 am Meeting date: 29/06/00 Meeting address: Wesley House Huddersfield Road Birstall Meeting City Code: Bately WF17 9EJ Authorised by: M Jennison Director 15/06/00 Liquidators: Firm Name: O'Hara & Co Address: Wesley House Huddersfield Road Birstall Bately WF17 9EJ G L STRUCTURES LTD: Notice of Creditors Meeting ----------------------- Company Name: G L Structures Ltd IA 1986 Section: 98 Creditors Meeting Time: 10.30 am Meeting date: 29/06/00 Meeting address: Emerald House 20-22 Anchor Road Meeting City Code: Aldridge WS9 8PH Authorised by: G A Linnecor Director Last day for proxy: 28/06/00 Proxy address: Emerald House 20-22 Anchor Road Aldridge WS9 8PH Liquidators: Firm Name: K J Watkin & Co Address: Emerald House 20-22 Anchor Road Aldridge WS9 8PH GENERAL NETWORK LTD: Notice of Creditors Meeting ----------------------- Company Name: General Network Ltd - The IA 1986 Section: 98 Creditors Meeting Time: 02.00 pm Meeting date: 29/06/00 Meeting address: Devonshire House 38 York Place Meeting City Code: Leeds LS1 2ED Authorised by: L L Davidson Director 15/06/00 Last day for proxy: Proxy address: Liquidators: J N R Pitts Firm Name: Wilson Pitts Address: Devonshire House 38 York Place Leeds LS1 2ED GIKON WRIGHT (FAILSWORTH) LTD: Notice of Creditors Meeting ----------------------- Company Name: Gikon Wright (Failsworth) Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 29/06/00 Meeting address: Elliot House 151 Deansgate Meeting City Code: Manchester M3 3BP Authorised by: I Johnstone Director 12/06/00 Last day for proxy: 28/06/00 Proxy address: Eliott House 151 Deansgate Manchester M3 3BP Liquidators: Firm Name: Begbies Traynor Address: Eliott House 151 Deansgate Manchester M3 3BP GROVEDECK LTD: Notice of Creditors Meeting ----------------------- Company Name: Grovedeck Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 29/06/00 Meeting address: 6 Bloomsbury Square Meeting City Code: London WC1A 2LP Authorised by: V Tapsell Director 08/06/00 Liquidators: Firm Name: Panos Eliades Franklin & Co Address: 6 Bloomsbury Square London WC1A 2LP HADHAM MILL EQUESTRIAN CENTRE LTD: Notice of Creditors Meeting ----------------------- Company Name: Hadham Mill Equestrian Centre Ltd Other name: Ward Equestrian Services Ltd Hadham Mill E C IA 1986 Section: 98 Creditors Meeting Time: 02.30 pm Meeting date: 29/06/00 Meeting address: Fergusson House 124-128 City Road Meeting City Code: London EC1V 2NJ Authorised by: G Kennett Director Last day for proxy: 28/06/00 Proxy address: Fergusson House 124-128 City Road London EC1V 2NJ Liquidators: C M Iacovides Firm Name: Jeffreys Henry Jacobs Address: Fergusson House 124-128 City Road London EC1V 2NJ HANDMADE DIRECT LTD: Notice of Creditors Meeting ----------------------- Company Name: Handmade Direct Ltd IA 1986 Section: 98 Creditors Meeting Time: 03.00 pm Meeting date: 29/06/00 Meeting address: The Chase Hotel Higham Lane Meeting City Code: Nuneaton CV11 4AG Authorised by: S R White Director 07/06/00 Liquidators: Firm Name: Pattinsons Address: Kings Business Centre 90-92 King Edward Road Nuneaton CV11 4BB HEAD LOGISTICS SERVICES LTD: Notice of Creditors Meeting ----------------------- Company Name: Head Logistics Services Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 29/06/00 Meeting address: The Bonnington Hotel 92 Southampton Row Meeting City Code: London WC1B 4BH Authorised by: P Head Director 08/06/00 Last day for proxy: 28/06/00 Proxy address: The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG Liquidators: David Paul Hudson Firm Name: Begbies Traynor Address: The Old Exchange 234 Southchurch Road Southend-on- Sea SS1 2EG INTERPRINT COMMUNICATIONS LTD: Notice of Creditors Meeting ----------------------- Company Name: Interprint Communications Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 29/06/00 Meeting address: 221-223 Chingford Mount Road Meeting City Code: London E4 8LP Authorised by: R Fletcher Director 14/06/00 Liquidators: Firm Name: A Segal & Co Address: 221-223 Chingford Mount Road London E4 8LP INTERTEX TRADING LTD: Receivership proceedings -------------------------- Company Name: Intertex Trading Ltd Company No: 2824686 Com. Business: Wholesale of Textiles Trading Name: Trade clasif.: 5141 Appointed on: 22/06/00 Appointed by: Whiteaway Laidlaw Bank Type: Administrative Receivers: Gordon A Simmonds IPno: 5729, Firm Name: Simmonds & Co Address: Crown House 217 Higher Hillgate City Postcode: Stockport SK1 3RB JODRELL BANK : Faces Uncertain Future --------------------------------------- BBC News July 17, 2000 The future of the world-famous Jodrell Bank radio observatory has been thrown into doubt as British astronomers run out of money. The Particle Physics and Astronomy Research Council (PPARC), responsible for funding Britain's observatories has said that it needs to "look long and rd" at the long-term future of all existing telescopes. PPARC says that it has been advised that the Jodrell Bank network of linked radio telescopes, called MERLIN, may cease to be internationally competitive if it is not upgraded by 2005. But PPARC says it does not have the ?10 million for the upgrade at a time when commitments exceed resources. The question of an upgrade to Jodrell Bank's MERLIN array of telescopes is to be discussed by an international panel of experts later this year. The major problem facing PPARC is whether to join the European Southern Observatory (ESO). Because of the expense of joining the ESO, PPARC has said that, "it is inevitable, therefore, that the linked questions of the MERLIN upgrade, the long term future of Jodrell Bank, and UK membership of ESO should feature on the PPARC agenda." JODRELL BANK: No Decision Yet for Closure ------------------- BBC News July 17, 2000 The research council is stressing that no decisions have been made on any telescope, far less on telescope closures, and no major changes to the funding of existing telescopes can be expected for five years or so. Insiders say that closing Jodrell Bank would be politically unacceptable as it would be a severe blow to Britain's scientific prestige. Others comment that the same thing was said about the Royal Greenwich Observatory a few years ago before it was axed. PPARC concludes its statement by saying that, "It is clear that if the UK were able to join ESO, which might be possible within the next year or so, this would be an opportunity for the Jodrell Bank Observatory to develop its future on a European or even global scale. KERR ASSOCIATES LTD: Notice of Creditors Meeting ----------------------- Company Name: Kerr Associates Ltd Other name: DMI Plating IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 29/06/00 Meeting address: 141 Great Charles Street Meeting City Code: Birmingham B3 3LG Authorised by: D Kerr Director 07/06/00 Last day for proxy: 28/06/00 Proxy address: 141 Great Charles Street Birmingham B3 3LG Liquidators: Martin T Coyne Firm Name: Poppleton & Appleby Address: 141 Great Charles Street Birmingham B3 3LG LIMERICK BOOK PUBLISHING CO LTD: Notice of Creditors Meeting ----------------------- Company Name: Limerick Book Publishing Co Ltd - The IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 29/06/00 Meeting address: Pearl Assurance House 319 Ballards Lane Meeting City Code: London N12 8LY Authorised by: E Samuel Director 06/06/00 Last day for proxy: 28/06/00 Proxy address: Pearl Assurance House 319 Ballards Lane London N12 8LY Liquidators: Henry Lan Firm Name: David Rubin & Co Address: Pearl Assurance House 319 Ballards Lane London N12 8LY M & E FINANCIAL MANAGEMENT PLC: Notice of Creditors Meeting ----------------------- Company Name: M & E Financial Management Plc IA 1986 Section: 98 Creditors Meeting Time: 03.30 pm Meeting date: 29/06/00 Meeting address: Devonshire House 38 York Place Meeting City Code: Leeds LS1 2ED Authorised by: L L Davidson Director 15/06/00 Liquidators: J N R Pitts Firm Name: Wilson Pitts Address: Devonshire House 38 York Place Leeds LS1 2ED MAGNETKRAFT LTD: Notice of Creditors Meeting ----------------------- Company Name: Magnetkraft Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 29/06/00 Meeting address: Canterbury House 85 Newhall Street Meeting City Code: Birmingham B3 1LH Authorised by: J Worley Director Last day for proxy: 28/06/00 Proxy address: Sterling House Maple Court Maple Road Barnsley S75 3DP Liquidators: Firm Name: BKR Haines Watts Address: Sterling House Maple Court Maple Road Barnsley S75 3DP MASON & MASON LTD: Notice of Creditors Meeting ----------------------- Company Name: Mason & Mason Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 29/06/00 Meeting address: Lynton House 7-12 Tavistock Square Meeting City Code: London WC1H 9LT Authorised by: L Challis Director 15/06/00 Last day for proxy: 28/06/00 Proxy address: 81 Station Road Marlow SL7 1NS Liquidators: Frank Wessely Firm Name: Morley & Scott Address: 81 Station Road Marlow SL7 1NS MIDAS DENTAL LABORATORIES LTD: Notice of Creditors Meeting ----------------------- Company Name: Midas Dental Laboratories Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 29/06/00 Meeting address: Devonshire House 36 George Street Meeting City Code: Manchester M1 4HA Authorised by: V J Silcock Director 12/06/00 Liquidators: Firm Name: HLB Kidsons Address: Devonshire House 36 George Street Manchester M1 4HA MIKE PAYNE BUILDING CONTRACTORS LTD : Notice of Creditors Meeting ----------------------- Company Name: Mike Payne Building Contractors Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 29/06/00 Meeting address: Lynstan House 64a Bolton Street Meeting City Code: Brixham TQ5 9DH Authorised by: M Payne Director 13/06/00 Last day for proxy: 28/06/00 Proxy address: Lynstan House 64a Bolton Street Brixham TQ5 9DH Liquidators: Firm Name: C Mackenzie-Thorpe Address: Lynstan House 64a Bolton Street Brixham TQ5 9DH MODERN EMBROIDERY (WOODFORD) LTD : Notice of Creditors Meeting ----------------------- Company Name: Modern Embroidery (Woodford) Ltd IA 1986 Section: 98 Creditors Meeting Time: 10.30 am Meeting date: 29/06/00 Meeting address: Kirkdale House Kirkdale Road Meeting City Code: London E11 1HP Authorised by: 13/06/00 Last day for proxy: Proxy address: Liquidators: Zafar Iqbal Firm Name: Cooper Young Address: Kirkdale House Kirkdale Road London E11 1HP MONARCH FIDUCIARY LTD : Notice of Creditors Meeting ----------------------- Company Name: Monarch Fiduciary Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 29/06/00 Meeting address: 24 Conduit Place Meeting City Code: London W2 1EP Authorised by: A Gaydamak Director Liquidators: Firm Name: Ian Francis Associates Address: 24 Conduit Place London W2 1EP P V TRADING LTD : Notice of Creditors Meeting ----------------------- Company Name: P V Trading Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 29/06/00 Meeting address: 43 Blackstock Road Meeting City Code: London N4 2JF Authorised by: D Pascall Director 12/06/00 Last day for proxy: 28/06/00 Proxy address: 43 Blackstock Road London N4 2JF Liquidators: A G Kakouris Firm Name: Kakouris & Michaelides Address: 43 Blackstock Road London N4 2JF PEP PC LTD : Notice of Creditors Meeting ----------------------- Company Name: Pep PC Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.15 pm Meeting date: 29/06/00 Meeting address: 18 Sapcote Trading Centre Dudden Hill Lane Meeting City Code: London NW10 2DH Authorised by: H Vahabi Director 08/06/00 Last day for proxy: 28/06/00 Proxy address: 18 Sapcote Trading Centre Dudden Hill Lane London NW10 2DH Liquidators: Firm Name: D Wald & Co Address: 18 Sapcote Trading Centre Dudden Hill Lane London NW10 2DH POOL PRODUCTIONS LTD : Notice of Creditors Meeting ----------------------- Company Name: Pool Productions Ltd IA 1986 Section: 98 Creditors Meeting Time: 03.00 pm Meeting date: 29/06/00 Meeting address: 24 Conduit Place Meeting City Code: London W2 1EP Authorised by: A S Hall Director Liquidators: Firm Name: Ian Francis Associates Address: 24 Conduit Place London W2 1EP REGAL POTTERY LTD : Notice of Creditors Meeting ----------------------- Company Name: Regal Pottery Ltd IA 1986 Section: 98 Creditors Meeting Time: 02.30 pm Meeting date: 29/06/00 Meeting address: Adventure Place Meeting City Code: Hanley ST1 3AF Authorised by: G Cope Director 16/06/00 Last day for proxy: 28/06/00 Proxy address: Adventure Place Hanley ST1 3AF Liquidators: Firm Name: Walletts Address: Adventure Place Hanley ST1 3AF RUTHVEN MOTOR CO LTD : Notice of Creditors Meeting ----------------------- Company Name: Ruthven Motor Co Ltd IA 1986 Section: 138 Creditors Meeting Time: 12.00 pm Meeting date: 29/06/00 Meeting address: Merchants House 7 West George Street Meeting City Code: Glasgow Authorised by: Archibald S Gray Interim Liquidator 07/06/00 Last day for proxy: 28/06/00 Proxy address: 144 West Regent Street Glasgow G2 2RQ Liquidators: Firm Name: Buchler Philips Gray Address: 144 West Regent Street Glasgow G2 2RQ SHOPFIT DIRECT LTD : Notice of Creditors Meeting ----------------------- Company Name: Shopfit Direct Ltd IA 1986 Section: 98 Creditors Meeting Time: 10.30 am Meeting date: 29/06/00 Meeting address: The Wellington Oak Canal Head Meeting City Code: Pocklington YO42 2NW Authorised by: A Potts Director 16/06/00 Last day for proxy: 28/06/00 Proxy address: Omega COurt 368 Cemetery Road Sheffield S11 8FT Liquidators: Adrian Graham Firm Name: Hamiltons Address: Omega Court 368 Cemetery Road Sheffield S11 8FT SIMMAD LTD : Notice of Creditors Meeting ----------------------- Company Name: Simmad Ltd Other name: Burnley House Nursing Home IA 1986 Section: 98 Creditors Meeting Time: 10.30 am Meeting date: 29/06/00 Meeting address: 1 Old Hall Street Meeting City Code: Liverpool L3 9HF Authorised by: S C Dibb Director 15/06/00 Liquidators: Firm Name: Huntington Moore Address: 1 Old Hall Street Liverpool L3 9HF SOLTE LTD : Notice of Creditors Meeting ----------------------- Company Name: Soltex Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 29/06/00 Meeting address: The Swallow Hotel Charter Lane East Meeting City Code: Derby DE55 2EH Authorised by: L B Sole Director 08/06/00 Liquidators: Firm Name: Poppleton & Appleby Address: 93 Queen Street Sheffield S1 1WF TECH-AER NETWORK LTD: Receivership proceedings -------------------------- Company Name: Tech-Aer Network Ltd Previous Name: Vitalclause Ltd Company No: 3773545 Com. Business: Staffing Agency Trade clasif.: 38 Appointed on: 22/06/00 Appointed by: Pertemps Group Ltd Type: Administrative Receivers: Myles A Halley IPno: 6658, Allan W Graham 8791 Firm Name: KPMG Address: 1 Waterloo Way City Postcode: Leicester LE1 6LP WINCHESTER BUILDING SERVICES LTD : Notice of Creditors Meeting ----------------------- Company Name: Winchester Building Services Ltd IA 1986 Section: 98 Creditors Meeting Time: 10.30 am Meeting date: 29/06/00 Meeting address: Milford House 43-55 Milford Street Meeting City Code: Salisbury SP1 2BP Authorised by: M A Birch Director Last day for proxy: 28/06/00 Proxy address: Milford House 43-55 Milford Street Salisbury SP1 2BP Liquidators: Firm Name: Knights & Co Address: Milford House 43-55 Milford Street Salisbury SP1 2BP YORKSHIRE WATER: Decision Looms On Water Sale ---------------------------------------- BBC News July 17, 2000 The water regulator, Ofwat, is expected to decide shortly whether water companies can to be sold back to their customers, 11 years after the water industry was privatised. Monday was the deadline for the public to submit objections to the plans by Kelda, the owners of Yorkshire Water, to create a mutual company which would own the assets of the water company. The Kelda group has decided it can no longer make enough profits because of the regulator's recently introduced price cuts. It wants to sell Yorkshire Water for ?2.4bn to a corporation owned by the customers, called a Registered Community Asset Mutual, or RCAM. The corporation would own the reservoirs, pipes and treatment plants while continuing, for the time being, to employ Kelda to operate the services. But Ofwat is concerned that the plan may be just a way of transferring risk from shareholders to customers. Among the issues that worry the regulators are the question of whether it would be fair to allow Kelda to run the services without competitive tendering, and whether the new mutual company could guarantee continuity of service. 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 Ma. 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 * * *