/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/000731.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 31, 2000, Vol. 1, No. 59 Headlines A U S T R I A TELECOM AUSTRIA: Posts 5 Bln Schillings Net Loss F R A N C E THOMSON MULTIMEDIA: French Gov't Authorize For Privatisation G E R M A N Y PHILIPP HOLZMANN AG: To Cut 400-500 Jobs at Its Subsidiaries N E T H E R L A N D S ECSOFT: Further Losses Confirmed EVC: Shares Spike after Company Reveals Vestolit Bid N O R W A Y BANK OF NORWAY: 100 Employees Loose Jobs STEPSTONE: Posts 33.3 Mln euros ($31.33 mln) Q2 Net Loss P O L A N D ROLIMPEX: Indebted Food Producer to Sell 24.45 Percent Stake R U S S I A AEROFLOT: Swiss Hand Over Documents on Defrauded State Airline MOLDOVAGAZ: Force to Repay 90% Of Its Debt ZLATOUST STEEL: Delay in Plant Sale U N I T E D K I N G D O M ASKINTERNET LTD: Liquidation proceedings BSKYB: Posts ?262.7 Million Pre-tax Loss CHESHIRE SITE PREPARATIONS LTD: Notice of creditors meeting DANKA BUSINESS: Profits At Struggling Photocopier Collapse DPM REALISATIONS LTD: Notice of creditors meeting MILLENIUM DOME: Nomura Buys Struggling Attraction For ?105M EUROSTYLE 2000 LTD: Notice of creditors meeting EQUITABLE LIFE: Insurer up for Grabs Following Ruling EQUITABLE LIFE: Troubles May Just Be To Start EARLMERE LTD: Notice of creditors meeting EGG BANK: Shares Tumbles Dramatically FASHION INTERNATIONAL (LONDON)LTD: Notice of creditors meeting FLAIRLINE PROPERTIES LTD: Liquidation proceedings GLENTARENT LTD: Liquidation proceedings GLOBAL ONE HOLDINGS LTD: Liquidation proceedings H L WILLIAMS & SONS LTD: Notice of creditors meeting HARRISONS OF EDINBURGH LTD: Notice of creditors meeting INSTANTGAIN LTD: Notice of creditors meeting INTEROSE LTD: Liquidation proceedings JOHN NORMAN LTD: Notice of creditors meeting LORIEN: Posts ?1.6 million Pre-tax Loss For FY99 M D C DEVELOMENTS LTD: Liquidation proceedings MAURICE E TAYLOR (MERCHANTS) LTD: Liquidation proceedings MEDIA@INVEST: Posts ?2 Million Pre-tax Loss MOYARGET DEVELOPMENTS LTD: Notice of creditors meeting PDC ENGINEERING CONSTRUCTION LTD: Liquidation proceedings POWAMATE LTD: Notice of creditors meeting TELECITY: Posts ?7.3 Million Pre-tax Loss UNITED TV : Granada Media To Buy For About ?2Billion WILLIAM GIBBS & CO (BIRMINGHAM) LTD: Notice of creditors meeting YESTERDAYS LTD: Notice of creditors meeting ============= A U S T R I A ============= TELECOM AUSTRIA: Posts 5 Bln Schillings Net Loss ---------------------------------- European Investor & Reuters July 26, 2000 Telekom Austria said on Wednesday it would post a massive swing into the red this year. Chairman Heinz Sundt said earnings had been eroded by one-off costs linked to the ongoing restructuring of the former state telecoms monopoly ahead of its initial public offering in October or November. "We will have a negative result in 2000 due to extraordinary costs, but be positive on the operating side. We're talking about a net loss...of under five billion schillings ($400 million)," Sundt told reporters. In 1999, Telekom generated net profit of 3.2 billion schillings and earnings before interest and tax of 6.2 billion, down 48 and 46 percent, respectively, on the previous year due to higher costs resulting from market liberalisation. Sundt said 2001 would see a return to profit as its cost reduction programme gripped. The group would also press ahead with slashing its workforce by 5,000 within the next five years from the current 18,650 employees. The Telekom Austria IPO is set to be the country's biggest stock market flotation which politicans and stock market officials hope will inject new life into the small and relatively illiquid Vienna bourse. Sundt said the placement of a first tranche of 25 percent would go ahead as planned. Industry sources expect the sale to yield up to 30 billion schillings. There had been speculation that the IPO would either be postponed or that the amount would be slashed given a spate of other telecoms flotations due later this year, and to allow the group more time to restructure. State holding company OeIAG owns 74.9 percent of the company, and Telecom Italia the remaining 25 percent plus one share. Telekom Austria holds a fixed network market share of 85 percent, measured by minute volume, and is the country's biggest Internet service provider and mobile operator. ============ F R A N C E ============ THOMSON MULTIMEDIA: French Gov't Authorize For Privatisation ------------------------------------------ Agefi Com July 27, 2000 The French government published a decree on Thursday authorising the privatisation of consumer electronics group Thomson Multimedia (TMM) but said it would hold more than a third of the capital, giving the state a veto in major company decisions. The French state owns 51.73 percent of the group in which shares were floated in Paris in November 1999. The decree, published in the Official Journal, said: "It has been decided to go ahead with the transfer to the private sector of a majority interest held by the company Thomson SA in the capital of the company Thomson Multimedia." ============= G E R M A N Y ============= PHILIPP HOLZMANN AG: To Cut 400-500 Jobs at Its Subsidiaries -------------------------------------------- Handelsblatt July 28, 2000 German construction company Philipp Holzmann AG said it expects to make a profit this year, after breaking even in April and posting a profit in May. New orders in the first half rose 2% to DM6.7 billion from DM6.6 billion in the year-ago period. The group said growth outside Germany had been especially strong. Order stocks rose 8% to DM14.5 billion. But Holzmann said its operating loss in the first half fell DM54 million short of the target set in its restructuring plan last year. In November 1999, Holzmann was brought to the brink of ruin when it revealed unexpected losses running into more than DM2 billion. The group's survival was assured only after an intervention by German Chancellor Gerhard Schr"der, who persuaded shareholders and creditors to agree to a recapitalization program. Holzmann reported a net loss of DM2.71 billion for 1999 and an operating loss of DM616 million. New orders rose 17.8% to DM13.82 billion. Chief executive Konrad Hinrichs said that most of the group's remaining problems were linked to its subsidiaries - in particular Imbau, a producer of components for pre-fabricated buildings. Holzmann plans to cut a total 400-500 jobs at its subsidiaries. The cost for these measures are covered by reserves in the 1999 balance sheet, Hinrichs said. The group's foreign business was close to meeting its targets and is to be strongly expanded, Hinrichs said. Domestic business was forecast to break even this year. However, it appears doubtful that Holzmann will be able to rid itself of all its debt by the end of the year. The sale of real estate, as part of an "asset deal" agreed with its creditors, was said to be making only slow progress. Hinrichs blamed differences on price between the Holzmann management and the banks. Hinrichs also revealed that his group had so far not received any of the government's pledged subsidy. New talks had been scheduled at the Federal Chancellory Office, he said. ===================== N E T H E R L A N D S ===================== ECSOFT: Further Losses Confirmed ------------------- Citywire July 27, 2000 ECsoft shares fall even further as losses confirmed As it previously warned, Internet and mobile systems consultancy ECsoft has posted its first losses as a public company following difficult post Year 2000 conditions. ECsoft said in addition to a sluggish start to the year, the second quarter was also weaker than anticipated, particularly in Scandinavia. Turnover for the six months to 30 June rose 1.5% to ?34.7 million, with net losses of ?491,000 after restructuring costs of ?794,00. However operating losses were ?2.4 million, compared to profits of ?1.7 million last time. The operating margin was therefore -7% compared to 5.1% last year. Chief executive Terje Laugerud said the company had seen continued demand for its high value services, with traditional application development representing 28% of the business and the newer e-business, mobile applications and multiple channel business accounting for 26% of the business. The company is having particular trouble in Scandinavia, where it said the IT service market has not picked up after the Year 2000 lock down. It has also had problems with the German business it bought in January, which it said `has taken longer to assimilate into the ECsoft model than we originally anticipated'. With no particular information or news to back the claims up, Terje nonetheless said he thinks the second half will be better, and that the difficult market conditions are temporary. He said the company has continued to invest in the business for the future, which has contributed to the second quarter losses. `We are excited about the new business opportunities we anticipate in the second half of the year', he said. In spite of the fact that shares plummeted ten days ago to an all time low of 800p after the company put out the profit warning, they have continued to fall and today are down a further 7.5p to 697.5p. EVC: Shares Spike after Company Reveals Vestolit Bid ----------------- European Investor Reuters July 27, 2000 Shares in Europe's largest PVC maker EVC rose as much as 18 percent after the company said Germany's Vestolit GmbH & Co was interested in taking it over. At Wednesday's closing price of 9.70 euros, EVC would have a market capitalisation of around 133 million euros ($125 million) according to Reuters Securities 3000 data. "Even if the price doubled (from Wednesday's close), it would not be a massive acquisition and it would be relatively cheap to acquire Europe's leading player," said one London-based analyst who declined to be identified. Shares in the loss-making chemicals group, which rose to 11.50 euros before easing back to 11.25 euros, have been falling steadily since hitting a year high of 17 euros in February. Since February EVC shares have underperformed both the local Amsterdam AEX index and the pan-European Dow Jones Stoxx chemicals sector index by over 40 percent. The shares were floated in Amsterdam in 1994 at a price of 77 guilders or about 34.94 euros. EVC's Chief Financial Officer Nigel Taylor said Britain's ICI and Italy's Enichem [ENIG.UL], who respectively hold 15 percent and 16.9 percent stakes in EVC, had not raised any objections so far over a possible takeover. "They (ICI and Enichem) are well aware of the discussions and until today it hasn't been a problem for them," he said in a news conference. An ICI spokesman said the company was encouraged by the Vestolit talks. In other specialty chemicals firm takeovers, prices of about 80 percent of annual turnover have been paid, analyst Quiryn Mulder at ING Barings said. But he said that for bulk goods maker EVC, with annual sales of about one billion euros, such a price would be out of the question, given the firm's losses and its debt position. At the end of June this year EVC had net debts of 235 million euros. EVC said earlier on Thursday its 2000 first-half net loss had narrowed to 6.2 million euros from 37.2 million in the first half of 1999 but it declined to reiterate a previous forecast that it would return to profits over the full-year 2000. "We expect the third quarter to be a bit soft compared with the first half, but our expectation is for a strong fourth quarter," Taylor said, adding he could not make a more concrete full-year forecast at the moment. EVC's first-half gross performance was depressed to the tune of 22.1 million euros by the closure of its Runcorn plant in northwestern England for seven weeks after a gas leak. =========== N O R W A Y =========== BANK OF NORWAY: 100 Employees Loose Jobs ----------------------------------- The Norway Post July 19, 2000 The Bank of Norway is closing down five branches and one office. About 100 people will loose their jobs. The branches in Vardoe, Hammerfest, Bodoe, Haugesund, Aalesund and Fredrikstad are being closed down for financial reasons. Trustee Oddvar Tveitastoer says the danger of robbery increases as the Bank of Norway will have to transport money over longer distances. STEPSTONE: Posts 33.3 Mln euros ($31.33 mln) Q2 Net Loss --------------------------- European Investor Reuters July 27, 2000 Norwegian online recruitment firm StepStone said on Thursday its second-quarter net loss widened sharply and forecast that losses would peak in the current quarter. StepStone, which was listed in Oslo and in London in March this year, posted a net loss of 33.3 million euros ($31.33 million) for the three months ending on June 30, widening from 2.6 million in the year-ago period. "We are investing for the future and our speed of growth is pretty good by any measurement. We have had an excellent second quarter in every aspect," Chief Executive Giles Clarke said. "We expect the net loss to peak in the third quarter because of the holiday period," Clarke told Reuters. StepStone booked an operating loss of 34.8 million euros, against a 2.7 million euros loss in the same 1999 quarter, while sales leapt to 12.1 million euros from 3.0 million. "We have a strong cash position of 187 million euros at the end of June and the current business plan indicates more than sufficient financial resources until the company becomes cash- positive," Clarke said, declining to indicate when the company could swing to profits. StepStone shares jumped 7.1 percent or 2.2 crowns to 33.2 crowns at 1015 GMT, far outperforming a 0.1 percent drop in Oslo's overall share index. "The company shows impressive growth in all major markets -- both in terms of revenues and in the number of users," Alfred Berg analyst Oeyvind Robberstad told Reuters. StepStone, which says it is Europe's leading online career portal, said it had recorded a record traffic in June of about three million user sessions. =========== P O L A N D =========== ROLIMPEX: Indebted Food Producer to Sell 24.45 Percent Stake --------------------------------------- European Investor Reuters July 27, 2000 WARSAW, July 27 (Reuters) - Central Soya Rolpol Holding, a unit of Franco-Italian group Eridania-Beghin Say, has agreed to buy from the Polish treasury a 24.45 percent stake in food group Rolimpex for 40.5 million zlotys ($9.43 million). The treasury said in a statement on Thursday the investor would pay 8.3 zlotys per Rolimpex share, or a 60 percent premium on the firm's stock price of 5.2 zlotys at Thursday's fixing. "The buyer has agreed not to sell the stake for at least 60 months, committed itself to retaining the firm's brand name for five years and not delisting the company from public trade for five years," the statement said. The heavily indebted food producer and trader, which has recently shedded its sugar interests to concentrate on feed grains, suffered a consolidated net loss of some 54 million zlotys in all of 1999 against 18 million in the previous year. Group sales fell 15 percent to 1.30 billion zlotys in 1999 from 1.54 billion in 1998. The company, whose share in the local feed grains market is at around 16 percent, plans to complete its restructuring by the end of this year and significantly reduce its operating costs. Central Soya is presently the leader on Poland's feed grains market with share estimated at around 20 percent. The state treasury, which re-launched the tender for the strategic stake in Rolimpex late last year after the failure of talks with Danish concern Danisco, shortlisted three bidders in January but had never revealed their identity. =========== R U S S I A =========== AEROFLOT: Swiss Hand Over Documents on Defrauded State Airline ------------------------- The Moscow Times Reuters July 27, 2000 Switzerland handed over a mass of documents to a Russian investigator Wednesday in connection with allegations that media magnate Boris Berezovsky defrauded state airline Aeroflot. The 550 kilograms of material could contain the key to an alleged scam that newspapers have reported as being worth up to $715 million. The documents, which have been gathered by Swiss judicial authorities over the past year, were handed over to special investigator Nikolai Volkov at a ceremony in the cellars of the public prosecutor's offices in Bern. Many of the documents were seized a year ago at two Lausanne- based companies, Andava and Forus, and at their local UBS bank branch. There are also papers related to Berezovsky's bank accounts at the same UBS branch and at Julius Baer in Zurich. Volkov is probing allegations that Berezovsky was involved in skimming off money from Aeroflot through the two Lausanne-based companies. Berezovsky and the two companies deny any wrongdoing. Andava started corporate life in 1994 as a joint venture between Swiss trading house Andre et Cie and AVVA International - a Swiss firm owned by Russia's AVVA, where Berezovsky held a key management post. Andava director William Ferrero said recently that Aeroflot boss Yevgeny Shaposhnikov had given orders in 1996 to many Aeroflot offices around the world to send 80 percent of their revenues to Andava, which would act as a central treasury service for Aeroflot, paying bills and arranging financing. Forus Services is a financing company set up by Andre and Berezovsky that arranged loans for Aeroflot for a fee. MOLDOVAGAZ: Force to Repay 90% Of Its Debt --------------------------- Prime Tass News July 27,2000 Moldova, spurred by Gazprom's sanctions, has repaid 90 percent of its debt for Russian natural gas deliveries for the first six months this year, Mikhail Lisnik, director of Moldovagaz has told journalists. In February, Russian Gazprom provisionally interrupted its gas export to Moldova after it had frustrated again the settlement schedule, putting the republican energy industry, which is at 80% dependent on these supplies, on the brink of energy crisis. Over the years of its independence, the debt of the republic to Gazprom boosted to almost USD 760mln, which is by two times over Moldova's budget. Over USD 400mln of the debt has been made by the trans-Dniester region where the Moldovan state power plant is located, accordingly. The Moldovan Finance Ministry has already transferred to Gazprom against the debt one more parcel of Moldova's notes worth USD 90mln at a 7.5% interest, and does not rule out the possibility of repaying the debt in shares of Moldovan wineries, tobacco factories and in kind. ZLATOUST STEEL: Delay in Plant Sale ----------------------------------- Skrin Issuer July 26, 2000 A tender scheduled for July 21, on sale of Zlatoust steel smelter didn't take place owing to technical reasons. Zlatoust steel smelter's charter capital amounts to RUR 285 mln. The plant must be sold in the nearest future, as terms of external management are about to expire. A date of the second tender will be fixed a bit later. =========================== U N I T E D K I N G D O M =========================== ASKINTERNET LTD: Liquidation proceedings ----------------------- Company Name: Askinternet Ltd Previous Name: Intarnet.com Ltd Company No: 3591277 Com. Business: Internet Cafe Appointed on: 10/07/00 Type: Creditors Appointed by: Creditors and Members Liquidators: David Wald IPno: 3598 Firm Name: D Wald & Co Address: 18 Sapcote Trading Centre Dudden Hill Lane City Postcode: London NW10 2DH BSKYB: Posts ?262.7 Million Pre-tax Loss ------------------------- The Times July 27, 2000 Cable and Satellite BskyB reported full-year pre-tax losses of ?262.7 million (?388.7 million loss). There is no dividend. CHESHIRE SITE PREPARATIONS LTD: Notice of creditors meeting ----------------------- Company Name: Cheshire Site Preparations Ltd IA 1986 Section: 98 Creditors Meeting Time: 02.00 pm Meeting date: 27/07/00 Meeting address: 20 Winmarleigh Street Meeting City Code: Warrington WA1 1JY Authorised by: C K Hale Director 10/07/00 Last day for proxy: 26/07/00 Proxy address: 20 Winmarleigh Street Warrington WA1 1JY Liquidators: Firm Name: R W Keating & Co Address: 20 Winmarleigh Street Warrington WA1 1JY DANKA BUSINESS: Profits At Struggling Photocopier Collapse ----------------------------------------------- The Times July 28, 200 Shares of Danka Business Systems fell 13p to a 12-month low of 49p yesterday after the struggling photocopier group said that pre-tax profits for the three months to June 30 had collapsed from ?13.1 million to ?1.8 million. Profits were hit by a ?1.8 million restructuring charge, unfavourable foreign currency movements and a charge of ?1.6 million to cover redundancy costs in America. Turnover at the group, which issued a profits warning in March, was reduced by a fall in the demand for high-quality analogue and digital photocopying machines. An insider said some companies had delayed their decisions to purchase digital machines. The lower sales were a further drag on turnover because of the company's reliance on the after-sales servicing market. DPM REALISATIONS LTD: Notice of creditors meeting ----------------------- Company Name: DPM Realisations Ltd Other name: Donier Printing Machinery Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 28/07/00 Meeting address: 84 Grosvenor Street Meeting City Code: London W1X 9DF Authorised by: J Roadnight Director Last day for proxy: 27/07/00 Proxy address: 84 Grosvenor Street London W1X 9DF Liquidators: Firm Name: Kroll Buchler Phillips Address: 84 Grosvenor Street London W1X 9DF MILLENIUM DOME: Nomura Buys Struggling Attraction For ?105M --------------------------- THIS IS LONDON July 27,2000 The Millennium Dome has been sold today to the Japanese bank Nomura for ?105million - less than a seventh of what has been spent on the project. Nomura and its Dome Europe consortium partners will take over the Greenwich building on 1 January and create a hi-tech amusement park along with shops and a hotel. Some staff and existing zones will be retained. It will mirror similar parks which have already been established in Tokyo and San Francisco by Nomura's partner Hyper- Entertainments, a division of Sony. The price tag will be regarded as a knockdown by those who have been shocked by the enormous sums from the National Lottery which were sunk into the Dome. It has been beset by financial problems and had to be bailed out earlier this year when attendance figures fell far short of expectations. However, Whitehall sources said that the price is a good one. Some had forecast the sale price to be as low as ?15million. There had been speculation that Nomura was prepared to hand over an interim payment immediately but it is understood that it will now be "cash on delivery". The total so far spent on the Dome has been ?758million with an additional ?3million for marketing. The decision from a committee headed by Deputy Prime Minister John Prescott will come as a bitter blow to property developer Robert Bourne, who was behind a rival bid supported by Imperial College and the Open University to turn the site into a technology park. That would have meant lengthy closure of the site while exhibits were removed. The Nomura scheme will ensure that there is a more rapid handover. As an announcement was made this afternoon, Dome Minister Lord Falconer said the project had brought new jobs, homes and tourism to what had been a derelict site. "I believe that the winner will build on this and make a significant contribution to the regeneration of the area. The Dome will continue to be a national asset," he said. He acknowledged that the Dome had experienced "a difficult few months" but said: "We must not them overshadow what has been achieved. "A poisoned peninsula of derelict land has been transformed into Britain's number one visitor attraction and the second most popular in Europe." The Nomura bid was always the most likely to succeed once the Dome hit financial problems. The Japanese-backed consortium plan to keep the Greenwich site operating as a tourist attraction means that, should the Dome's cash crisis get worse, Nomura could be invited by the Government to step in early ahead of the January 2001 deadline. Nomura said it intends to keep the best of the Dome's existing attractions - in the short-term at least. It plans to close the Greenwich attraction for approximately one month at the beginning of next year and will re-open with no great fanfare in February. The consortium is anxious not to repeat the mistakes of the New Millennium Experience Company, (NMEC) the current operators of the Dome, and will wait to make sure it is running smoothly before embarking on a massive advertising campaign. It plans to make Greenwich London's "urban resort". The emphasis will be on fun for all the family. However, the decision to give the Dome to Nomura will have its critics. A rival project, called Dome legacy, had intended to turn the site in to a hi-tech business park and there are those who feel this would be a more worthy use of the Dome. The Government will be relieved to have agreed a good price for the Dome as money raised from the sale will help to pay off its debts after the NMEC had to return to borrow more money from the National Lottery after the original start-up cost of ?758 million. EUROSTYLE 2000 LTD: Notice of creditors meeting ----------------------- Company Name: Eurostyle 2000 Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 28/07/00 Meeting address: 109 Swan Street Meeting City Code: Leicester LE12 7NN Authorised by: P M Belton Director 11/07/00 Last day for proxy: 27/07/00 Proxy address: 109 Swan Street Leicester LE12 7NN Liquidators: Firm Name: Elwell Watchorn & Saxton Address: 109 Swan Street Leicester LE12 7NN EQUITABLE LIFE: Insurer up for Grabs Following Ruling ------------------- The Independent News July 27,2000 Prudential chief executive Jonathan Bloomer says the insurance giant is looking over Equitable Life. The 238-year-old insurer is open to offers after losing the final round of its legal battle to avoid paying guaranteed bonuses to 90,000 policyholders. Last week's ruling is expected to cost the society ?1.5 billion and Equitable Life says it's up for sale to meet the cost of the law lords' ruling. Mr Bloomer's comments come as the group reports a rise in profits figures and new business sales for the last six months. Pre-tax profits for the six months to June 30 rose to ?640 million from ?369 million last time. This year's figure includes a ?150 million profit on the sale of part of its stake in life assurer St James's Place Capital and ?119 million in respect of the sale of a minority stake in its Internet bank Egg. New business profits rose 15% to ?317 million. Mr Bloomer says the listing of the Pru on the New York Stock Exchange was a particular achievement, as was the flotation of Egg. Egg, which floated at 160p earlier this month, has since seen its share price drop below its issue price. Today it fell a further 7.50p to 120.50p. Prudential shareholders will pick up an interim dividend of 8.2p, a 6.5% rise on last year. EQUITABLE LIFE: Troubles May Just Be To Start --------------------------------- The Times July 28, 2000 Today is crunch day for Equitable Life, the life assurance and pensions group that has been forced to put itself up for sale. It must decide how far it will go to keep in place its 400-strong salesforce - the UK's most productive financial salesforce. If significant numbers quit - lured away by big-spending competitors - then the price a buyer would be prepared to pay for the group could fall through the floor. That would bring more bad news for 400,000 policyholders who were told on Wednesday that their with-profits pension policies would earn nothing for the first seven months of the year. Only the proceeds of a sale could make that up. Equitable's policyholders are footing the ?1.5 billion bill for the House of Lords defeat that banned Equitable from cutting the value of pension funds of clients with "guaranteed annuity rate" policies. The salesforce is a big reason for the interest in Equitable. Its members are the cream of financial selling. They write an average of ?6 million in new business every year and have a client base of wealthy professionals that is enough to make any financial corporation drool. The relationship between salesperson and client is close, and it gets closer the richer they get. If the salesman goes, many clients will follow. Take them out of the equation and, while you may have a company with first-class systems, you also have a badly weakened life fund and a badly weakened brand. Equitable's salesmen earn about ?25,000 in salary plus a performance-related bonus that, on average, doubles that. But that bonus may be hard to achieve while Equitable is in turmoil because its clients may be put off from buying its products. The vultures know this and they are circling. J Rothschild Assurance has expressed interest, while others such as Allied Dunbar will be close behind. Then there are the independent financial advisers brandishing packages aimed at helping salespeople set up on their own. Bankhall is seeking out senior staff, while Misys IFA Services is holding "come and join us" open days. Equitable's package is likely to consist of a bonus linked to staying. Nigel Webb, Equitable's spokesman, says: "This is in all members' interests." Ned Cazalet, the independent life insurance analyst, says: "The salesforce's cost of acquisition of business ratios are extraordinarily low, making them nearly five times as efficient as average. The salesforce is the prize; the question is how much Equitable is worth without it." Equitable thought the Lords ruling bad enough. Its troubles may be only just starting. EARLMERE LTD: Notice of creditors meeting ----------------------- Company Name: Earlmere Ltd Other name: E1 Rincon de Rafa IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 27/07/00 Meeting address: Sovereign House Queen Street Meeting City Code: Manchester M2 5HR Authorised by: R C Vargas Director 10/07/00 Liquidators: Firm Name: Pannell Kerr Forster Address: Sovereign House Queen Street Manchester M2 5HR EGG BANK: Shares Tumbles Dramatically --------------------- The Street July 28, 2000 Shares in Egg have had a bad ride recently, and yesterday's figures just made it worse. The shares floated last month at 160p, and initially performed well reaching a peak of 178.5p on 22 June. But since then, they have tumbled dramatically, reaching an all time low yesterday of 118p - a 33% drop, According to The Street. The company believes that cross-selling its products to its 1.1 million customers will be the main driver in pushing it towards profit towards the end of next year. This strategy is about to kick in as Egg is preparing to launch Egg Insure next month, initially offering motor insurance, but with the intention to offer other insurance products in the near future. But analysts are clearly split on the issue. Analysts' recommendations on the stock covers the whole spectrum - varying from 'buy' to 'sell'. However, on balance it appears that opinion is tipped to the sell side, accordingly. FASHION INTERNATIONAL (LONDON)LTD: Notice of creditors meeting ----------------------- Company Name: Fashion International (London) Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 27/07/00 Meeting address: 221-223 Chingford Mount Road Meeting City Code: London E4 8LP Authorised by: M Gruywal Director 12/07/00 Liquidators: Firm Name: A Segal & Co Address: 221-223 Chingford Mount Road London E4 8LP FLAIRLINE PROPERTIES LTD: Liquidation proceedings ----------------------- Company Name: Flairline Properties Ltd Company No: 1003037 Com. Business: Property Co Appointed on: 10/07/00 Type: Members Appointed by: Members Liquidators: Simon Michaels IPno: 8824 Anthony P Supperstone 2703 Firm Name: BDO Stoy Hayward Address: 8 Baker Street City Postcode: London W1M 1DA GLENTARENT LTD: Liquidation proceedings ----------------------- Company Name: Glentarent Ltd Company No: SC Com. Business: Appointed on: 10/07/00 Type: Creditors Appointed by: Creditors Liquidators: Fraser J Gray IPno: 8905 Firm Name: Kroll Buchler Phillips Address: 144 West Regent Street City Postcode: Glasgow G2 2RQ GLOBAL ONE HOLDINGS LTD: Liquidation proceedings ----------------------- Company Name: Global One Holdings Ltd Company No: 3781604 Com. Business: Holding Co Appointed on: 10/07/00 Type: Creditors Appointed by: Creditors and Members Liquidators: David P Hudson IPno: 8977 Firm Name: Begbies Traynor Address: The Old Exchange 234 Southchurch Road City Postcode: Southend-on-Sea SS1 2EG H L WILLIAMS & SONS LTD: Notice of creditors meeting ----------------------- Company Name: H L Williams & Sons Ltd IA 1986 Section: 98 Creditors Meeting Time: 03.00 pm Meeting date: 27/07/00 Meeting address: Lichfield Place 435 Lichfield Road Meeting City Code: Birmingham B6 7SS Authorised by: H L Williams Chairman 13/07/00 Liquidators: Firm Name: Casson Beckman & Partners Address: Lichfield Place 435 Lichfield Road Birmingham B6 7SS HARRISONS OF EDINBURGH LTD: Notice of creditors meeting ------------------------------- Company Name: Harrisons of Edinburgh Ltd IA 1986 Section: 98 Creditors Meeting Time: 10.30 am Meeting date: 28/07/00 Meeting address: 60 Constitution Street Leith Meeting City Code: Edinburgh EH6 6RR Authorised by: Cameron Buchanan Director 06/07/00 Liquidators: Firm Name: Cowan & Partners Address: 60 Constitution Street Leith Edinburgh EH6 6RR INSTANTGAIN LTD: Notice of creditors meeting ----------------------- Company Name: Instantgain Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.00 pm Meeting date: 27/07/00 Meeting address: Jarvis Clayton Lodge Hotel Clayton Road Meeting City Code: Newcastle-u-Lyme Authorised by: D M M R Chowdhury Director 19/07/00 Last day for proxy: 26/07/00 Proxy address: The Old Mill 9 Soar Lane Leicester LE3 5DE Liquidators: Firm Name: HKM Harlow Khandhia Mistry Address: The Old Mill 9 Soar Lane Leicester LE3 5DE INTEROSE LTD: Liquidation proceedings ----------------------- Company Name: Interose Ltd Company No: 3610376 Com. Business: Export Cosmetics Appointed on: 10/07/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Kikis Kallis IPno: 4692 Firm Name: Kallis & Co Address: Mountview Court 1148 High Road Whetstone City Postcode: London N20 0RA JOHN NORMAN LTD: Notice of creditors meeting ------------------------------------------ Company Name: John Norman (Automotive Engineers) Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 28/07/00 Meeting address: 16 Tresham Road Orton Meeting City Code: Southgate PE2 6SG Authorised by: J Norman Director 29/06/00 Last day for proxy: 27/07/00 Proxy address: 170 Park Road Peterborough PE1 2UF Liquidators: Firm Name: Elwell Watchorn & Saxon Address: 170 Park Road Peterborough PE1 2UF LORIEN: Posts ?1.6 million Pre-tax Loss For FY99 ------------------- The Times July 28, 2000 Lorien shares rose sharply yesterday after the education services company announced it had received a bid approach. An offer of about 150p a share would value the business at ?30 million. The shares rose 26p to 128�p yesterday. In its last financial year the company incurred a pre-tax loss of ?1.6 million. M D C DEVELOMENTS LTD: Liquidation proceedings ----------------------- Company Name: M D C Developments Ltd Company No: SC136054 Com. Business: Investment Co Appointed on: 10/07/00 Type: Members Appointed by: Members Liquidators: Gerald I Rankin IPno: 5184 Firm Name: PricewaterhouseCoopers Address: 1 Blythswood Square City Postcode: Glasgow G2 4AD MAURICE E TAYLOR (MERCHANTS) LTD: Liquidation proceedings ----------------------- Company Name: Maurice E Taylor (Merchants) Ltd Previous Name: Robert Taylor (Merchants) Ltd Company No: NI5057 Com. Business: Potatoe Exporters/General Merchants Appointed on: 10/07/00 Type: Creditors Appointed by: Creditors Liquidators: David W Maclean IPno: 7825 Firm Name: Moore Stephens Booth White Address: Scottish Provident Building Donegal Square West City Postcode: Belfast BT1 6JH MEDIA@INVEST: Posts ?2 Million Pre-tax Loss -------------------------------- The Times July 27, 2000 Internet investment company Medi@Invest reported full-year pre- tax losses of ?2 million (?675,000 loss). There is no dividend. MOYARGET DEVELOPMENTS LTD: Notice of creditors meeting ----------------------- Company Name: Moyarget Developments Ltd IA 1986 Section: 67 Creditors Meeting Time: 03.00 pm Meeting date: 27/07/00 Meeting address: 33 Albyn Place Meeting City Code: Aberdeen AB10 1YL Authorised by: T C MacLennan Joint Receiver Last day for proxy: 26/07/00 Proxy address: 33 Albyn Place Aberdeen AB10 1YL Liquidators: Firm Name: Scott Oswald Address: 33 Albyn Place Aberdeen AB10 1YL PDC ENGINEERING CONSTRUCTION LTD: Liquidation proceedings ----------------------- Company Name: PDC Engineering Construction Ltd Company No: 3722077 Com. Business: Supply Materials & Labour Appointed on: 10/07/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Matthew C Bowker IPno: 8106 Firm Name: Jacksons Jolliffe Cork Address: 35 East Parade City Postcode: Harrogate HG1 5LQ POWAMATE LTD: Notice of creditors meeting ----------------------- Company Name: Powamate Ltd IA 1986 Section: 98 Creditors Meeting Time: 03.00 pm Meeting date: 27/07/00 Meeting address: The Earl of Doncaster Hotel Meeting City Code: Bennetthorpe DN2 6AD Authorised by: T P Rosenfield Director 07/07/00 Last day for proxy: 26/07/00 Proxy address: The Manor House 260 Eccleshall Road South Sheffield S11 9AT Liquidators: Tracy A Taylor Firm Name: BDO Stoy Hayward Address: The Manor House 260 Eccleshall Road South Sheffield S11 9AT TELECITY: Posts ?7.3 Million Pre-tax Loss ---------------------- The Times July 28, 2000 Internet company TeleCity reported interim pre-tax losses of ?7.3 million (?441,000 loss). There is no dividend. UNITED TV : Granada Media To Buy For About ?2Billion ------------------------- THE TIMES July 28,2000 Granada Media is in the final stages of buying United News & Media's television network for about ?2billion. A deal could be announced today. The deal would add Meridian, the South of England ITV company, Anglia Television, HTV and a stake in Channel 5 to Granada's extensive stable of television names. It is understood that Mr Robinson and Charles Allen, head of Granada Media, secured the deal after threatening to make a hostile bid for United if it did not sell. Under broadcasting legislation, Granada will not be able to keep all the television assets it is about to acquire because this would break the limits on audience share. Granada will keep Meridian and Anglia and will quickly sell HTV, the ITV franchise for Wales and the West, and the stake in Channel 5. Carlton is the most obvious purchaser for HTV, but Scottish Media, in which Granada has a 19 per cent stake, will also be a strong contender. The RTL Group, which listed on the London Stock Exchange this week, is determined to buy the Channel 5 stake so that it can have total control of the channel. Last night's dramatic events flow directly from the decision announced two weeks ago by the Trade and Industry Secretary, Stephen Byers, to block a Carlton-United merger unless United sold Meridian. The condition removed the logic for the merger and put United on the block. At the same time Mr Byers cleared the way for Granada to acquire either Carlton or United and removed rules that said no company could control more than 25 per cent of television advertising. The Government decided ownership could be limited using the 15 per cent share of audience rule. The Granada acquisition means that ITV will be dominated by two large companies, Granada and Carlton - something that advertisers have expressed unease about. Lord Hollick, the United chief executive, will now be running a company whose best-known assets are The Express newspapers. However the profit engine of the new United will be its business services division, which last year made up more than half the group's ?245 million profits. Its consumer publishing division, which runs advertising periodicals in the UK and US, will be the second-largest division. It includes The Daily Express, The Daily Star, Exchange & Mart and Daltons Weekly. The ?2 billion television disposal will mean United has sold more ?3.3 billion worth of businesses in recent months. Earlier this week United sold its continental European trade exhibitions to Reed Elsevier. The restructuring of the ITV system, which represents a near- total victory for Granada, will be the last until there is new broadcasting legislation, which will not come until after the next election. The Government is showing signs of caution about any possible move towards a single ITV company - a move that would be vigorously opposed by advertisers. ITV still accounts for about 60 per cent of total advertising expenditure in the UK. If, as seems likely RTL, is able to take 100 per cent control of Channel 5 the channel will be able to take on ITV in more direct competition. WILLIAM GIBBS & CO (BIRMINGHAM) LTD: Notice of creditors meeting ----------------------- Company Name: William Gibbs & Co (Birmingham) Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 27/07/00 Meeting address: Lichfield Place 435 Lichfield Road Meeting City Code: Birmingham B6 7SS Authorised by: A F Groom Chairman 11/07/00 Last day for proxy: Proxy address: Liquidators: Firm Name: Casson Beckman & Partners Address: Lichfield Place 435 Lichfield Road Birmingham B6 7SS YESTERDAYS LTD: Notice of creditors meeting ----------------------- Company Name: Yesterdays Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 27/07/00 Meeting address: Brentmead House Britannia Road Meeting City Code: London N12 9RU Authorised by: A Howells Director 03/07/00 Last day for proxy: 26/07/00 Proxy address: Brentmead House Britannia Road London N12 9RU Liquidators: Firm Name: Leigh & Co Address: Brentmead House Britannia Road London N12 9RU S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Washington, DC USA. Lexy Mueller, Mercy Villacastin and Cristina Pernites Editors. Copyright 2000. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is $575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 301/951-6400. * * * End of Transmission * * *