/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/000816.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, August 16, 2000, Vol. 1, No. 71 Headlines B U L G A R I A BOBOV DOL: Bulgarian Miners Strike Over Unpaid Wages C Z E C H R E P U B L I C DAEWOO AVIA: Daewoo to Sell Truck Maker IPB: Saluka Sells Stake Despite Ban IPB: Central Bank Says Stake Sale is Not Legal INVESTICNI A POSTOVNI BANKA: Auditors to Explain its Work INVESTICNI A POSTOVNI BANKA: Fortis Buys 46.16 Percent Shares D E N M A R K LEGO: Makes More Cuts F R A N C E SITHE: Vivendi Aims to Reduce Debt to 11 Billion euros VIVENDI: Trims Debt with $680 Million Sithe Stake Sale G E R M A N Y COMMERZBANK: To Close 20 Percent of Branches to Cut Costs MAXH?TTE: Tubes Unit to Go into Compulsory Liquidation KCSL: Telesens Buys Billing Company for ?104 million G R E E C E OLYMPIC AIRWAYS: Privatisation To Begin In October H U N G A R Y MALEV HUNGARIAN AIRLINES: To sell stake in Hyatt Budapest P O L A N D POLSKA TELEFONIA CYFROWA: Posts 142.7 million H1 Net Loss RUDZKA SPOLKA WEGLOWA: Reports 1 million zlotys Q1 Net Loss U N I T E D K I N G D O M ABSOLUTE CONTROL SYSTEMS LTD: Liquidation proceedings ALLIED DESIGNS LTD: Liquidation proceedings ASHCROFT & WILLIAMSON LTD: Liquidation proceedings BESPOKE JOINERY CO LTD: Liquidation proceedings BOO.COM: Two Creditors Receive ?30m from Internet Retailer CORUS: To Meet UK Unions on Recent Job Losses CORUS: Unions Prepare for "Bad News" CORUS: Union Seeks Steel Plant Backing DUDLEY: Hospital Workers Walk out in Privatisation Row EAST LONGDON BUSINESS EQUIPMENT LTD: Liquidation proceedings FASTCOM LTD: Liquidation proceedings GROVE DEVELOPMENTS LTD: Liquidation proceedings HEEREMA HOLDINGS (UK) LTD: Liquidation proceedings HYDER: Computer Crash Blamed for Crucial Delay in Bid HYDER: Shares Fall Ahead of Ruling ICI: Net Debt Interest Burden Taking Its Toll KINGSLEY FASHIONS LTD: Liquidation proceedings LANICO LTD: Liquidation proceedings MARTIN HARPER BUILDING SERVICES LTD: Liquidation proceedings MAXWELL: Submits to Mirror Investigation MERCIA RETAIL LTD: Liquidation proceedings METAL FINISHINGS (NORTH WALES) LTD: Liquidation proceedings NURSING HOME PROPERTIES: Crisis Meeting Follows Share Collapse O'CONNELL PLANT LTD: Liquidation proceedings QXL : Admits ricardo.de Deal Still up in the Air OLYMPIAN HOME IMPROVEMENTS LTD: Liquidation proceedings OSWESTRY HOMECARE LTD: Liquidation proceedings RATBY ENGINEERING LTD: Liquidation proceedings T D E CABLING SERVICES LTD: Liquidation proceedings UNILEVER : May Be Force to Sell Batchelors Brand XENOVA: Posts ?3.5 Million Interim Pre-tax Loss XENOVA: Looks for Merger =============== B U L G A R I A =============== BOBOV DOL: Bulgarian Miners Strike Over Unpaid Wages ------------------- CENTRAL EUROPE ONLINE INVESTOR & REUTERS August 13, 2000 Miners at Bulgaria's Bobov Dol coal mine, 70 km (42 miles) west of Sofia, said they went on strike on Friday, demanding arrear wage payments for the past two months. "The morning shift of 106 miners from the Minyor pit at the Bobov Dol coal mine refused to go to work until they received their wages for June and July," trade union leader Zhivko Zhelev told Reuters by telephone from Bobov Dol. He said he expected workers to continue the protest next week. The Bobov Dol mine is one of 10 open viable mines offered for privatization by the government as part efforts to restructure state industries. The average monthly wage in the mine is around USD 110. =========================== C Z E C H R E P U B L I C ============================ DAEWOO AVIA: Daewoo to Sell Truck Maker -------------------- PRAGUE BUSINESS JOURNAL August 14, 2000 Korean motor giant Daewoo announced last week it was selling its stake in Czech light truck maker Daewoo Avia as part of a restructuring effort prompted by the parent company's insolvency. The move marks the close of a chapter opened in 1995, when Daewoo bought into the truck maker alongside Austrian Steyr, which it subsequently bought out in 1998. Daewoo Group, which nearly defaulted on total debts of $80 billion last year and is being pruned of a number of subsidiaries, has invested some $357 million into the Czech Republic, putting it among the country's top 15 foreign investors. Avia has turned a profit only once in the past seven years, in 1998 when it earned a mere Kc 11 million (roughly $300,000). Daewoo Avia lost Kc 1.42 billion ($40 million) last year. "There are a lot of alternatives," said Tom Borland, ABN Amro motor sector analyst in London, regarding a potential buyer for the Czech operations. He said the truck market in Western Europe was buoyant this year, so he would not rule out any manufacturer. He did say, though, that it was unlikely to be Ford, General Motors or MAN. He also thought it would be unlikely to be a Japanese player, even though, for example, Toyota has a lot of money at the moment. Daewoo owns 50.2% of Daewoo Avia's stock - shares that now must be sold before the end of the year. "We are at a very preliminary stage," said Jiri Kyncl, spokesman for Daewoo Avia in Prague. He expects the tender process to be announced by the end of August, with bids to be submitted by the end of September. The sale is being conducted by Daewoo's head office in South Korea. "I have no idea," he said when asked if the firm, which employs 1,500, could be split from Daewoo's other commercial vehicle interests. The commercial vehicle division of Daewoo Motor makes about 100,000 units worldwide per year. Daewoo Avia reported selling 1,004 trucks in the first half, 33% down year-on-year; but they only made 531, the balance coming from inventory. The firm expects to show a loss of Kc 475 million this year. Part of this is blamed on customers waiting for a new model, which is expected to enter series production in September. The company has forecast sales of 2,500 trucks this year and 5,000 next year, which would create profits of Kc 300 million. Last year's loss at Daewoo Avia was the highest in its history and was nearly 50% bigger than the firm's share capital of Kc 1 billion. As part of the revitalization package necessary to avoid bankruptcy, the share capital has been increased to Kc 2.8 billion. Daewoo's failed bid for world supremacy saw it buy into FSO and DMP in Poland, DWAR in Romania, Avtovaz in Ukraine and even a company in Uzbekistan. The company had plans to establish car making plants in countries like Iran, Egypt and Vietnam. It is the fasting-growing auto maker in the United States, though. The insolvent Daewoo Group makes a large number of products - from supertankers and office blocks to cars and personal stereos. The Korean government is frantically trying to organize a revitalization package with debt-for-equity swaps and strategic partners for the disparate parts of the massive corporate empire. Daewoo Motor announced a limited auction to sell its commercial vehicle division back in July. The restructuring committee, which represents creditors of the failed Daewoo Group, reportedly wants to conduct negotiations with one or two bidders chosen from the four invited to take part. Volvo and Renault are reported as being among those four. Ford is the sole preferred bidder for Daewoo Motor's car business and is currently conducting due diligence. It has offered $6.8 billion for the second-largest auto maker in Korea, but is uninterested in the truck side of the business. IPB: Saluka Sells Stake Despite Ban ----------------- CZECH AM August 14, 2000 Saluka Investment B.V. sold a 46 percent stake in IPB to Torkmain Investments Limited and Levitan Investment Limited. The sale will be declared invalid as trading in IPB shares is now prohibited. According to an industry insider, Saluka is getting Kc 9.5 billion for worthless shares with the move, which equates to the tunneling of IPB. IPB: Central Bank Says Stake Sale is Not Legal ----------------- PRAGUE BUSINESS JOURNAL & REUTERS August 14, 2000 The Czech central bank (CNB) said on Monday that a Nomura International ally could not legally sell its 46.16 percent stake in Czech bank IPB to members of the investment Dutch-Belgian group Fortis . On Friday, Saluka Investments, allied with Nomura, said Torkmain Investments Limited and Levitan Investments Limited, managed by Fortis' MeesPierson, had paid for the stake in IPB, which was put under forced administration and then sold in June. A source close to the deal who did not wish to be identified told Reuters Monday the sale occurred under an option in which Saluka had put the shares to the Fortis member for 153 crowns per share, which comes to around $240 million for the stake. The CNB put IPB, then the country's third largest bank with assets of over 320 billion crowns ($8.2 billion) at the end of last year, under forced administration amid a run on deposits on June 16. It then sold IPB's assets to rival bank CSOB, a unit of Belgian KBC , two days later, and the Czech Securities Commission halted the trading of IPB shares. CNB spokesman Milan Tomanek told Reuters the central bank had not received a request from or given permission to Nomura to sell the shares, and that any deal was prohibited, as the Securities Exchange Commission had halted trading in the stock. "We have given no approval... and such approval is necessary... Furthermore, the trading of the shares is forbidden by the Securities Exchange Commission and because of that the transfer cannot be realised. It is legally impossible," he said. "Even if an old option exists, for the first place, the SEC ban on trading IPB shares still stands, and trading cannot be settled. Secondly, no option mechanism eliminates the duty to request approval from the central bank," he said. The Czech government is now in the process of creating guarantees against tens of billions of crowns of IPB's non-performing assets. The terms of the sale to CSOB, including price and what exactly changed hands, have not been disclosed. The final contract still depends on outstanding audits and the resolution of ownership disputes between CSOB, IPB's daughter companies, and other firms. Nomura spokeswoman Clare Williams told Reuters on Monday that Friday's announcement had not included any reference to a time frame of the deal. "We haven't talked about dates. We haven't talked about when the transfer will take place, or may have taken place," Williams said, without making further comment. Tomanek said Czech authorities were already moving to halt the settlement of any deal. INVESTICNI A POSTOVNI BANKA: Auditors to Explain its Work ------------------------------------- PRAGUE BUSINESS JOURNAL August 14, 2000 Auditors at Ernst & Young will be called on by the profession's self-regulating Czech Chamber of Auditors to "explain their activities" as the auditor to failed Investicni a Postovni Banka, according to the chairman of the chamber's supervisory commission. Auditors at Ernst & Young will be called on by the profession's self-regulating Czech Chamber of Auditors to "explain their activities" as the auditor to failed Investicni a Postovni Banka, according to the chairman of the chamber's supervisory commission. Chairman Pavel Zavitkovksky said the body would not launch disciplinary proceedings against the Big Five auditor, which took over at IPB after Coopers & Lybrand was dropped in early 1996, reportedly for a discrepancy over provisioning. The Czech National Bank, with the support of the Social Democratic government, intervened at the bank on June 16, citing liquidity problems. IPB was also threatened with the specter of failing to meet the central bank's capital-adequacy guidelines, according to auditors. The bank was quickly sold off in a non- equity transfer to Ceskoslovenska Obchodni Banka, which was privatized last year to Belgian KBC Bank, though CSOB has spent the subsequent six weeks trying to track down IPB subsidiaries. Deputy Finance Minister Jan Mladek, who was integral in the closure and subsequent sale of the bank, has expressed dissatisfaction with the information that was being made available to gauge the state of IPB. Mladek requested that the deputy minister in charge of auditing, Ladislav Zelinka, determine whether the Finance Ministry had any avenues to pursuing potential wrongdoing on the part of an auditor. INVESTICNI A POSTOVNI BANKA: Fortis Buys 46.16 Percent Shares ----------------------------------- CENTRAL EUROPE ONLINE & REUTERS August 12, 2000 Saluka Investments, allied with Nomura International, will sell its 46.16 percent in Czech bank IPB - which was put under forced administration and sold in June - to part of the investment group Fortis, Nomura said on Friday. "Saluka Investments B.V. announced today that it will dispose of its 46.16 percent shareholding in IPB," Nomura said in a statement. "The shares have been paid for by Torkmain Investments Limited and Levitan Investments Limited, two companies managed and operated by MeesPierson, a part of (Dutch-Belgian) Fortis." The Czech central bank (CNB) put IPB, then the country's third largest bank with assets of over CSK 320 billion (USD 8.2 billion) at the end of last year, under forced administration amid a run on deposits on June 16. The CNB then sold all of IPB's assets to rival bank CSOB, a unit of Belgium's KBC , in a sweeping deal completed in just two days. The Prague Stock Exchange has since halted the trade of IPB shares, and plans to delist the stock by September. The terms of that deal have still not been defined, and the final sale contract still depends on at least two outstanding audits and the resolution of ownership disputes between CSOB, IPB's daughter companies, and other firms, among other factors. Nomura did not disclose the details of the Saluka deal, but the director of its Central and Eastern Europe operations, Randall Dillard, told Reuters the sale concerned the assets of IPB not sold in the deal following the forced administration. "It's IPB a.s., which is the old IPB, as listed on the (Prague) Stock Exchange, and the assets that were left behind, which we think are the mutual funds and things like that," Dillard said in a telephone interview. "But it has never been published what exactly been sold and how, but we think, really, the commercial bank was sold (to CSOB)." Fortis is the rebranded name of Fortis bank, which was created through the merger of Generale de Banque and CGER in Belgium, Generale Bank Nederland, MeesPierson, Dutch VSB Bank, and Parisienne de Credit in France. ============= D E N M A R K ============= LEGO: Makes More Cuts ----------------- August 14 2000 The Financial Times reports, Lego, the family-owned Danish toymaker, said on Monday it had cut 133 assembly-line jobs at its headquarters in Billund because unexpectedly slow sales had left it with too many toys on its stockroom shelves. It is the second round of job cuts in less than two years. The company laid off 1,000 workers, about 10 per cent of its global workforce, in January 1999 as part of a restructuring. "The toy market has been turbulent in recent years and this has resulted in an even greater need to adjust our production capacity," said Jens Bornstein, a senior company executive. In May Lego said that its net sales budget was about DKr450m ($54.7m) under target. =========== F R A N C E =========== SITHE: Vivendi Aims to Reduce Debt to 11 Billion euros -------------- EUROPEAN INVESTOR August 14, 2000 "This is maybe a slightly greater level of debt reduction than I was expecting," said one analyst. "But the debt of Sithe has never been completely transparent." A spokesman for Vivendi declined to comment on Sithe's debt levels. The company said the contract with PECO included a clause allowing all major shareholders -- PECO/Exelon, Vivendi and Marubeni Corp of Japan -- and Sithe management to buy or sell their remaining Sithe North America shares within two to five years. Vivendi also said that its withdrawal from Sithe Asia had reached a "decisive phase." Sithe contributed about 810 million euros, or just over four percent of Vivendi's first half 2000 turnover of 19.4 billion euros. Vivendi has a target of reducing the debt at its recently floated utilities arm, Vivendi Environnement , to 11 billion euros by the end of the year. And just last month it announced it would cut debt at the group by $500 million through the sale of its Kinetics unit. However, Sithe activities were not included in Vivendi Environnement's portfolio when shares in the group were listed on the stock market last month. Sithe North America owns and operates 27 power plants with a total capacity of about 3,800 megawatts in North America. It is the leading power generator in New England, New York, Pennsylvania, New Jersey and Maryland, according to Vivendi. Vivendi's total debt stood at 22.8 billion euros at the end of 1999. Analysts said this figure had been trimmed to between 16 and 17 billion euros ahead of the Vivendi Environnement listing and excluding the Seagram deal. VIVENDI: Trims Debt with $680 Million Sithe Stake Sale ------------------- EUROPEAN INVESTOR & REUTERS August 14, 2000 French utilities and media group Vivendi took a further step towards cutting its debt burden on Monday, announcing the sale of a 49.9 percent stake in its Sithe North America energy business to PECO Energy for $680 million. The long-expected move comes roughly one year after Vivendi announced it had put the 60-percent owned Sithe unit under strategic review and six months after Sithe substantially reduced its U.S. presence by selling several generating plants to Reliant Energy for $2.1 billion. The sale will help Vivendi's efforts to reduce debt levels in conjunction with its planned takeover of Canada's Seagram. The French firm said the sale of the heavily indebted Sithe would slash Vivendi debt by close to four billion euros ($3.64 billion). Sales linked to Sithe are expected to produce capital gains of about 150 million euros ($136.4 million) in Vivendi's 2000 accounts. "Once the contract has gone through, Vivendi will have a minority holding of about 30 percent and will no longer be Sithe's main shareholder," the firm said. When completed, Vivendi said the sale would lead to the immediate removal of Sithe North America, which makes up virtually all of the combined Sithe, from Vivendi's scope of consolidation. ============= G E R M A N Y ============= COMMERZBANK: To Close 20 Percent of Branches to Cut Costs -------------------- ATHENS NEWS & REUTERS August 12, 2000 Commerzbank AG said it may close up to 200 branches or 20 percent of its network in coming years to streamline its retail banking business. Commerzbank Chief Executive Martin Kohlhaussen also told an analysts' conference on Thursday that the bank was in talks with its European partners about reinforcing cooperation, Commerzbank spokesman Ulrich Ramm said yesterday. Kohlhaussen said the bank was considering closing between 100 and 200 branches by combining some into larger units, Ramm said. "But there are no concrete decisions on this yet and no imminent steps are planned," he added. Banking analysts who attended the analysts' conference said Kohlhaussen planned to cut Commerzbank's branch total to between 740 and 750 from the current total of 940. The bank pledged on Thursday to curb cost growth which reached a rate of 21.1 percent in the first six months of 2000 driven by a hiring spree in investment banking. "It's in line with a trend among German banks to close branches," said Dieter Hein, banking analyst at Credit Lyonnais. Both Dresdner Bank AG and Deutsche Bank AG plan to close 300 branches to make their cost-laden retail banking businesses more profitable. Kohlhaussen also said Commerzbank had started talks with all its partners in Europe, which include Spain's BSCH, Italian banks BCI and Mediobanca and insurer Generali, Ramm said. But Kohlhaussen did not specify whether the banks were talking about increasing existing cross-shareholdings among each other or contemplating other ways of strengthening their links, Ramm said. MAXH?TTE: Tubes Unit to Go into Compulsory Liquidation ------------------- HANDELSBLATT August 10, 2000 Beleaguered southern German steel and tubes group Neue Maxh?tte AG looks set to be split up after all. Insolvency administrator Jobst Wellensiek said Thursday that a takeover offer for Maxh?tte by east German entrepreneur J?rgen Gro�mann had been rejected by the group's creditors. Wellensiek said he will now examine whether the Mah?tte's steel operations can be run as an independent unit. However, he said that major investment in the unit would be necessary so that it could attract takeover interest in the future. Maxh?tte's tubes unit is to go into compulsory liquidation. The purpose of this step is the unit's takeover by Lech-Stahlwerke GmbH, which is owned by entrepreneur Max Aicher. Aicher, the sole shareholder in Maxh?tte, was always opposed to a takeover of his group by Gro�mann. Should the liquidation proceedings fail, Austria's ARI Baustahl GmbH, which is owned by Aicher's wife, will have preemptive rights to the group. KCSL: Telesens Buys Billing Company for ?104 million -------------------------- August 14,2000 The Financial Times reports, Kingston Communications, the Hull- based telecoms group, has announced that it is getting ?26 million from the ?104 million sale of KCSL to Telesens, the German software services group. Kingston owns 24.9% of the company, which produces electronic billing systems for telecoms companies, and is taking ?11 million in cash and the remainder in Telesens shares. KSCL has more than 800 employees working at their locations in Edinburgh, Leeds, Munich, Paris, Hong Kong and New Delhi. Forty telecommunications companies worldwide use KSCL's systems. KSCL customers include France Telecom Mobiles, BT Cellnet, Panafon, Telsim and Radiolinja. =========== G R E E C E =========== OLYMPIC AIRWAYS: Privatisation To Begin In October ----------------------- ATHENS NEWS August 12, 2000 Olympic Airways privatisation will begin in October when PriceWaterhouse Coopers finalizes its review of airline's account books in preparation of accounts for the privatization process. Credit Suisse First Boston Bank will handle the privatization, and wishes to hold a relevant road show in October. Olympic has total debts of $111 million (40 billion drachmas) for the past twenty years and the government is aiming to sell 60 percent of the stake. The company has been looking for an international airline partner since June. Financial analysts estimate losses may even reach up to 50 billion drachmas this year, in a review submitted to the ministry of Economy and Transport. This year's OA budget review, published in the Exousia newspaper, the airline's operational losses will be double those of last year, with its total revenue noting an increase of 23 billion drachmas, reaching 299.8 billion drachmas. Staff expenditure is estimated to be around 116 billion drachmas, marking an increase of 10 billion drachmas, with passenger movement being estimated at 55.5 million. The government will seek European Union permission to cover growing debts at Olympic Airways, in the bid to privatize the troubled state-run carrier, Greece's transport minister said earlier this week. "It will be the last time, because after that (the airline) will be sold to the private sector, '' Christos Verelis said in an interview with the daily Ta Nea. Greece's government, which has on several occasions poured money into Olympic, must be made exempt from European Union competition regulations to cover its current debts. The board of Olympic Airways has told BA that it refuses to repay the money it owes to BA's Speedwing consultancy arm after the contract was axed. The Greek government's finance ministry - the only shareholder in Olympic Airlines - tore up the 30-month ?6.6m contract after BA refused to be lured by an option to buy 20 per cent of the country's national carrier. ================== H U N G A R Y ================== MALEV HUNGARIAN AIRLINES: To sell stake in Hyatt Budapest ---------------- BUDAPEST BUSINESS JOURNAL August 14, 2000 State-owned Malev Hungarian Airlines Rt is considering selling its 50% stake in the five-star Hyatt Regency Budapest hotel, with hopes of offsetting losses from the airline's operations and paving the way for its privatization, an executive familiar with the planned transaction told the Business Journal last week. "We are considering [selling our stake in] the Hyatt, but we have not decided yet," said a Malev executive on condition of anonymity. The airline will make a decision in September, the source said, declining to comment on how much the company expects from the sale. Istvan Kovacs, manager of the 353-room Hyatt, said that he has not been informed of Malev's intention. Gyula Harbula, general manager of Pannonia Hotels Rt, which holds the other 50% stake, withheld comment, saying that the company has not received any information or offer from Malev. He also declined to say whether Pannonia would be interested in Malev's stake. One consultant covering the tourism industry said that Malev could expect close to $30 million for its stake - a rough estimate based on the sale of the five-star former hotel Forum to the Japanese Saison Group in 1996. The hotel was later renamed the Hotel Inter-Continental Budapest. The 398-room Forum drew $52 million at that time, with the Japanese group taking a 94.91% stake. The group spent an additional $14 million to refurbish the property. The hotel is now owned by Bass Hotels and Resorts, as a result of the company's acquisition of all Inter-Continental hotels in 1998. Janos Hegymegi, managing director of Horwath Consulting Kft, said that price paid for the Inter-Continental suggested the Hyatt could be worth roughly $60 million, depending on other factors. The Hyatt Regency Budapest reported a 64% occupancy rate and Ft 3.82 billion ($16.3 million) in net revenue last year, according to the Business Journal's List of Hotels in Budapest, published on June 12. Budapest's other five-star hotels reported occupancy rates ranging from 61% to 73%. Since its opening in 1982, the Hyatt has been owned by Malev- Pannonia Hotel Kft, a 50%-50% joint venture between Malev and Pannonia. Pannonia, one of Hungary's leading hotel chain groups, is majority owned by the France-based Accor group. According to Malev's annual report, the airline enjoyed Ft 555 million in dividends from Malev-Pannonia Hotel Kft last year. Malev, which is now 96.8% owned by the State Privatization and Holding Co (APV Rt), has been suffering from operating losses. Losses grew to Ft 3.88 billion last year from Ft 1.08 billion in 1998. The increase was largely due to a Ft 1.1 billion loss on Malev's London connection, due to new competition from British Midland, increased costs for fuel and engine overhauls, according to the annual report. But analysts said the national flag carrier is doomed to make losses because of other reasons, including big leasing bills, its absence from any of the global alliances, and a lack of business class travelers. Last year Malev posted Ft 5.4 billion in pre-tax profit, due mainly to the Ft 7.7 billion sales of its shares in SITA, a Geneva-based company that provides various aviation-related services. The Malev executive said that a sale of the stake in Hyatt would help lower operating losses that the company expects for this year, but said the airline was not planning to sell other none- core businesses in the near future. One local management consultant said the ongoing housecleaning at Malev could help raise the value of the company, which the government is trying to privatize this year. =========== P O L A N D =========== POLSKA TELEFONIA CYFROWA: Posts 142.7 million H1 Net Loss -------------------------------- CENTRAL EUROPE ONLINE INVESTOR & REUTERS August 11, 2000 Poland's leading mobile phone operator PTC said on Friday that its net loss for the second quarter of the year had widened to PLZ 174.2 million (USD 40.20 million) from 5.1 million for the same period in 1999. Polska Telefonia Cyfrowa, majority owned by telecom and power conglomerate Elektrim, said its net loss for the first six months stood at 142.7 million, up from the 129.2 million reported for the period last year. The company's operating profit for the second quarter soared to PLZ 126 million from PLZ 25.1 million last year, bringing the six-month figure to PLZ 225.5 million against 81.3 million for the first half of 1999. Quarterly results, compiled in accordance with International Accounting Standards (IAS), showed PTC's EBITDA (earnings before interest, taxes, depreciation and amortization) of PLZ 252.6 million against 88.2 million reported in the quarter last year. The operator's revenues in the April-June period totaled PLZ 870.2 million, bringing first-half sales to PLZ 1.7 billion, up 50 percent on a year ago. PTC said the number of its customers had increased by 371,373 in the second quarter and reached some 2.2 million subscribers at the end of the half-year. RUDZKA SPOLKA WEGLOWA: Reports 1 million zlotys Q1 Net Loss --------------------------------- RZECZPOSPOLITA & REUTERS August 14, 2000 Coal-mining firm Rudzka Spolka Weglowa reduced its net loss to slightly above one million zlotys in the first half of this year, against 196 million zlotys in the same period in 1999. But the firm's liabilities rose by 280 million zlotys to more than PLZ 1.73 billion. =========================== U N I T E D K I N G D O M =========================== ABSOLUTE CONTROL SYSTEMS LTD: Liquidation proceedings ------------------------------------- Company Name: Absolute Control Systems Ltd Company No: 3517093 Com. Business: Theatre Stage Set Manufacturer Appointed on: 02/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Philip Beck IPno: 8720 Firm Name: P A Beck Address: 41 Kingston Street City Postcode: Cambridge CB1 2NU ALLIED DESIGNS LTD: Liquidation proceedings ------------------------------------- Company Name: Allied Designs Ltd Company No: 3772398 Com. Business: Fire Surround Manufacturers Appointed on: 02/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: John P Bell IPno: 8608 Firm Name: Clarke Bell Address: Regency Court 62-66 Deansgate City Postcode: Manchester M3 2EN ASHCROFT & WILLIAMSON LTD: Liquidation proceedings ------------------------------------- Company Name: Ashcroft & Williamson Ltd Company No: 806326 Com. Business: Printers Appointed on: 02/08/00 Type: Creditors Appointed by: Members Liquidators: John D Harrison IPno: 2164 Christine L Peak 6683 Firm Name: Harrison Peak Address: Osborne Place 30 The Downs City Postcode: Altrincham WA14 2PU BESPOKE JOINERY CO LTD: Liquidation proceedings ------------------------------------- Company Name: Bespoke Joinery Co Ltd - The Company No: 3393384 Com. Business: Joinery Appointed on: 02/08/00 Type: Creditors Appointed by: Creditors Liquidators: D L Platt IPno: 2669 Firm Name: Sorskys Address: Gable House 239 Regents Park Road City Postcode: London N3 3LF BOO.COM: Two Creditors Receive ?30m from Internet Retailer ----------------- MAIL ON SUNDAY & THE GUARDIAN August 14, 2000 Only two of the scores of creditors of Boo.com, the crashed Internet retailer, will receive any of the ?30m they are owed by the company. NatWest Bank's Lombard Finance and GE Capital had claims over computers used and are likely to get some money back. Boo's 250 former employees get ?800 each. CORUS: To Meet UK Unions on Recent Job Losses ------------------- EUROPEAN INVESTOR & REUTERS August 14, 2000 Anglo-Dutch steel giant Corus Group Plc will discuss recent job losses and the prospect of further redundancies at its Llanwern plant in Wales at a meeting with trade unions later this week, a company spokesman said on Monday. Corus, formed from the merger between British Steel and Dutch rival Hoogovens last year, is deciding on whether or not to cut down on one of its two blast furnaces at Llanwern, which employs about 3,000 people. Corus spokesman Mike Hitchcock said the decision on the Llanwern blast furnaces, used to make steel strip products for cars and other purposes, depended on how the company viewed its business situation in Britain. Hitchcock told Reuters that present trading conditions in the UK were "very difficult" due to the strength of sterling against the euro. Corus would have to spend 35 million pounds ($52.63 million) on relining in order to continue using both of the furnaces. "If business conditions are such that they decide not to reline the blast furnace...it could be expected to lead to further job losses. I stress that no decision has been taken yet," Hitchcock said, adding that he expected a decision by the end of the month. Corus has already announced almost 4,000 job redundancies in Britain in the last two months as it seeks to cut costs. CORUS: Unions Prepare for "Bad News" ---------------- EUROPEAN INVESTOR & REUTERS August 14, 2000 Hitchcock said that Corus Chief Executive John Bryant would be at the meeting with UK steel unions on Thursday. Hitchcock declined to comment on how many jobs would be lost if Corus decided to operate with only one blast furnace. A spokesman for Britain's ISTC steel union said the group would be seeking details of Corus' long-term strategy in the UK, along with news of plans for its Welsh plant. "They've made these spasmodic job cuts without any long-term strategy. We don't know what it is, and we suspect the government doesn't know either. We want to hear it from the chief executive's lips," he said. Dan Hodges, spokesman for the GMB trade union which represents about 2,000 Corus employees, said members were "bracing themselves for bad news". "People are obviously concerned given the recent job losses made by Corus, and recent speculation concerning its operation in Wales," he said. Shares in Corus were unchanged at 77-1/4p in late morning trade. Corus has underperformed the FTSE All Share Index by about 49 percent so far this year. CORUS: Union Seeks Steel Plant Backing ------------------------ August 14,2000 The BBC News reports, Union leaders are to hold crucial talks with Anglo-Dutch steel giant Corus to seek confirmation that ?35m of essential maintenance work will go ahead at a key Welsh plant. Corus has yet to announce the go ahead for re-lining a blast furnace at its Llanwern plant, near Newport. Corus chief John Bryant is due to meet union leaders over the issue on Thursday and to discuss the recent redundancies announced by the company. ISTC general secretary Michael Leahy told Newsonline Wales that re-lining of blast furnaces routinely took place every 10 years. "There has been some speculation about whether the investment of ?35m will go ahead," said Mr Leahy. "As far as we are concerned, that investment is needed for continuing production at Llanwern. "If it does not go ahead, it has serious implications for investment in the UK. "A sum of ?35m is not a lot of money; it is not even one day's trading to Corus. "When we meet John Bryant on the 17th, we will be asking him specifically about the investment." Corus was formed last year with the merger of British Steel and Dutch rival Hoogovens. The announcement of almost 4,000 redundancies in Britain in the last two months has angered union leaders. DUDLEY: Hospital Workers Walk out in Privatisation Row ------------------------ August 15,2000 ANANOVA News reports , more than 550 hospital workers have walked out on strike in a row over privatisation forcing hospital chiefs to postpone 31 operations. The support and ancillary workers at the four Dudley Group of Hospitals, in the West Midlands, have stopped work until Friday. Fiona Westwood, regional organiser for Unison, said those on strike were angry their NHS contracts would be transferred to a private company. The postponed operations included general surgery, plastic surgery, orthopaedic and gynaecological surgery, said a Dudley Group of Hospitals spokeswoman who added that "no major surgery has been postponed". Two weeks ago Unison held a 48-hour strike at the hospitals, resulting in the postponement of 98 operations. The Dudley Group of Hospitals spokeswoman added: "Last time everyone worked really hard to make sure the patients were not affected. "This time we have a bit of experience and have been able to plan. We are very hopeful that patients will be affected even less. Everyone is working to make sure their needs come first." She added that many hospital staff, including other non-clinical workers who have not gone on strike, have offered to work extra shifts in order to keep the hospitals running smoothly. Fiona Westwood, regional organiser for Unison, said: "Our members are very unhappy at being told they will have to leave the NHS and about being privatised. "Our members feel they are employed as health workers and we have asked the hospital trust to retain them as NHS workers." EAST LONGDON BUSINESS EQUIPMENT LTD: Liquidation proceedings ------------------------------------- Company Name: East London Business Equipment Ltd Previous Name: Boss Office Equipment Ltd Company No: 2919514 Com. Business: Sale/Maintenance Photocopiers Appointed on: 02/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Christakis M Iacovides IPno: 5428 Firm Name: Jeffreys Henry Jacobs Address: Fergusson House 124-128 City Road City Postcode: London EC1V 2NJ FASTCOM LTD: Liquidation proceedings ------------------------------------- Company Name: Fastcom Ltd Company No: 3173705 Com. Business: Computer Consultancy Appointed on: 02/08/00 Type: Creditors Appointed by: Members Liquidators: Philip Beck IPno: 8720 Firm Name: P A Beck Address: 41 Kingston Street City Postcode: Cambridge CB1 2NU GROVE DEVELOPMENTS LTD: Liquidation proceedings ------------------------------------- Company Name: Grove Developments Ltd Company No: 3146470 Com. Business: Builders Appointed on: 02/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Neil Henry IPno: 8622 Nola Barber 8000 Firm Name: Lines Henry Address: 27 The Downs City Postcode: Altrincham WA14 2QD HEEREMA HOLDINGS (UK) LTD: Liquidation proceedings ------------------------------------- Company Name: Heerema Holdings (UK) Ltd Previous Name: Downacre Ltd Company No: 1651764 Com. Business: Holding of Investments Appointed on: 02/08/00 Type: Members Appointed by: Members Liquidators: Julian R Whale IPno: 7252 Firm Name: KPMG Address: 110 Quayside City Postcode: Newcastle-u-Tyne NE1 3DX HYDER: Computer Crash Blamed for Crucial Delay in Bid ------------------------- 15 August 2000 The Financial Times reports software problems and a computer crash contributed to the delays that resulted in Western Power Distribution, the apparent winner in the bid battle for Hyder, failing to announce its final offer in time to the Stock Exchange on Friday. The Takeover Panel will meet today to hear submissions from both bidders in an attempt finally to resolve Hyder's fate. Both bidders, Nomura, the Japanese bank, and WPD, a US utility joint venture, claimed victory in the chaotic finale on Friday, the last day that offers for Hyder could be increased. The details of what went wrong on Friday, during an unprecedented sealed bid process run by the Takeover Panel, emerged yesterday as recriminations continued to fly behind the scenes in the battle for the Welsh utility. The confusion stemmed from the fact that the apparent winner, WPD, did not make an announcement to the Stock Exchange by the 4.30pm deadline. WPD, which is advised by Schroder Salomon Smith Barney, was told at around 1.30pm that it had won, as Nomura had submitted no bid. The missed Friday deadline was caused by the time needed for WPD to put together a new offer document including the revised price, and to allow time for Hyder's advisers, Dresdner Kleinwort Benson (DKB), to read and sign off the new offer. It is understood that the WPD side suffered software problems and a computer crash around this time. DKB did not receive the information until about 4pm. It also takes some time, often half an hour, for the Stock Exchange to process a complex document. It is thought that everything was ready shortly after the 4.30pm, but by this time, Nomura had already lodged a complaint with the Takeover Panel over the missed deadline. Nomura claimed that this made the WPD bid null and void and that it had won, on the basis of having submitted the last valid bid, made on Wednesday, at 360p. Under the rules of the contest, WPD won because it said in its sealed bid that it was prepared to pay up to 375p whereas Nomura did not raise its offer above the existing 360p-a-share bid. WPD was thus awarded the prize at a 5p premium to Nomura's bid - 365p-a-share. The Takeover Panel took several hours to hear Nomura's protests on Friday and it was almost midnight before the Panel officially declared WPD the winner - despite acknowledging that the US company had missed the deadline. Nomura has persisted with its complaint. None of the parties involved would comment publicly yesterday. Suggestions on Friday, that it had been up to the Panel or even Hyder to make the crucial announcement by 4.30pm were withdrawn yesterday. Hyder dropped 16p to 369p, as the company advised shareholders to take no action until the issue is cleared up. HYDER: Shares Fall Ahead of Ruling ----------------- THE TIMES August 15, 2000 Shares of Hyder, the Welsh utility, fell 16p to 369p yesterday as the Takeover Panel said it would meet today to consider Nomura's appeal against the events of Friday's sealed bid auction. On Friday WPD submitted a bid of 365p a share for Hyder, valuing the company at ?565 million. This beat Nomura's last bid - made on Thursday - of 360p a share. Nomura, which declined to submit a sealed bid, appealed against the Takeover Panel's decision to allow the WPD bid to proceed, on the grounds that it was not announced by the close of the market. The Takeover Panel had requested sealed bids to end the bidding war for the debt-laden utility group which has been raging since April. If neither side is happy with the outcome, both parties would have recourse to judicial review. Analysts said that while legal challenges to the panel were rare, the increasingly high cost of contested takeovers may force the defeated bidder down this route. There was also surprise that there had been no suspension of Hyder's shares in the past two days. Trading on Friday saw the share price rise to 385p, before yesterday's sharp fall when the market opened. Nigel Hawkins, analyst at Williams de Bro?, said: "The affair is looking increasingly shambolic and has left the panel with egg on its face." ICI: Net Debt Interest Burden Taking Its Toll --------------- THE OBSERVER August 13, 2000 Time to cut our losses, we think, at ICI. At 476p, the shares are near rock bottom, but this is no time for sentimentality. In November, with the shares at 642p, we said buy on any weakness, a call that was frankly wrong. Weak cashflow means the high debt burden continues and the dividend payout remains in doubt. True, ICI's restructured core businesses are growing, and there are possibly ?1bn of disposals still to come. Net debt, however, was ?2.9bn - up ?600m - at the halfway stage. That's high for the size of ICI's balance sheet, and the interest burden is still taking its toll. The market had hoped that the dividend question would have been sorted out by this time, but ICI has now postponed the decision until the year-end. The continuing uncertainty is bound to weigh on the shares in the near term. Broker Old Mutual, for one, has lost patience and says the shares are a sell. KINGSLEY FASHIONS LTD: Liquidation proceedings ------------------------------------- Company Name: Kingsley Fashions Ltd Company No: 3766392 Com. Business: CMT Appointed on: 02/08/00 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 LANICO LTD: Liquidation proceedings ------------------------------------- Company Name: Lanico Ltd Company No: 1177687 Com. Business: Build/Civil Engine/Contract Appointed on: 02/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: David J Waterhouse IPno: 5732 Ian C Oakley Smith 2000 Firm Name: PricewaterhouseCoopers Address: Plumtree Court City Postcode: London EC4A 4HT MARTIN HARPER BUILDING SERVICES LTD: Liquidation proceedings ------------------------------------- Company Name: Martin Harper Building Services Ltd Company No: 3393592 Com. Business: Building Contractors Appointed on: 02/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: A J Findlay IPno: 8744 Firm Name: Findlay James Address: Kensington House 33 Imperial Square City Postcode: Cheltenham GL50 1QZ MAXWELL: Submits to Mirror Investigation ------------------------- August 15 2000 The Times reports the long-awaited report into the flotation of Mirror Group Newspapers in April 1991 has come closer to publication after Kevin Maxwell finally submitted to eight days of interviews by Department of Trade and Industry inspectors. The investigators, who began their inquiry into the Mirror flotation in 1992, are likely to finish questioning Mr Maxwell this month, clearing the biggest obstacle to publication of the report. Mr Maxwell had resisted being questioned about his part in the flotation, accusing the DTI inquiry of being oppressive and unfair and saying he could not afford legal representation. In March 1999 the High Court cleared him of being in contempt of court for his lack of co-operation, ruling that the DTI had been unreasonable in its demands. The report is likely to be an embarrassment for Labour politicians who had links with Robert Maxwell and for the City firms that acted as advisers. In February of this year, it was revealed that the investigation into the Mirror Group flotation had cost ?7.6 million. In 1996 Kevin and Ian Maxwell were cleared of fraud charges brought after the collapse of their late father's empire in 1991. The acquittal followed the most expensive trial in British criminal history. Mr Maxwell said yesterday that he has completed eight days of interviews at the offices of Mazars Neville Russell, the City accountants. He believes he will be required for just a "couple of days" more. Mr Maxwell refused to divulge what was discussed at the meetings. "They have pursued their inquiries and I have attempted to co- operate." Telemonde, the US-listed telecommunications company that Kevin Maxwell helped to set up, reported yesterday that it made a net loss of $1.2 million in April, May and June on sales of $20.3 million. Telemonde hit financial trouble when it defaulted on $88 million of scheduled payments. Mr Maxwell, the Telemonde chairman, said he is hopeful of securing a binding renegotiation of some of these debts soon. MERCIA RETAIL LTD: Liquidation proceedings ------------------------------------- Company Name: Mercia Retail Ltd Previous Name: Actualnotice Ltd Company No: 2717570 Com. Business: Caterers Appointed on: 02/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Norman Cowan IPno: 1884 Firm Name: Norman Cowan & Associates Address: 96 High Street City Postcode: Barnet EN5 5SN METAL FINISHINGS (NORTH WALES) LTD: Liquidation proceedings ------------------------------------- Company Name: Metal Finishings (North Wales) Ltd Company No: 2848711 Appointed on: 02/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Guy Huntingdon IPno: 6035 Firm Name: Huntington Moore Address: 1 Old Hall Street City Postcode: Liverpool L3 9HF NURSING HOME PROPERTIES: Crisis Meeting Follows Share Collapse ----------------------------- SUNDAY TIMES & THE GUARDIAN August 14, 2000 Nursing Home Properties, the biggest nursing home group in Britain, will hold a crisis meeting with chief executive Richard Ellert and chairman Sir Martin Laing within this week after the collapse in the share price. O'CONNELL PLANT LTD: Liquidation proceedings ------------------------------------- Company Name: O'Connell Plant Ltd Company No: IR Appointed on: 02/08/00 Type: Members Appointed by: Members Liquidators: Eugene Smyth IPno: Firm Name: D & E Insurance Address: Eyre Street City Postcode: Newbridge QXL : Admits ricardo.de Deal Still up in the Air -------------------------- August 15,2000 Independent News reports, QXL.com, the online auctioneer, tried to reassure the market yesterday over its shaky deal with ricardo.de, a German rival, but admitted that the takeover may yet collapse. The comments came as QXL said it had struck a deal with NTL, the country's largest cable operator, to offer its services on NTL platforms from autumn. Jim Rose, QXL chief executive, said: "As the first auction house to join the interactive TV revolution in the UK, we're giving more consumers access to the most entertaining and efficient e- commerce service available." On the future of the ricardo takeover, Mr Rose told reporters after the company's annual meeting: "I'd very much like the [ricardo] deal to go ahead. But we can't say yet where things will go. I hope that we can say something within a week. We don't want the uncertainty to drag on." The problems came to light last Thursday, when QXL said it had received "certain information" from ricardo since the deal was signed in May and it was looking again at the move. The uncertainty appeared to provoke little interest at the AGM however: the company said only one shareholder turned up. The all-paper deal for ricardo, valued in May at ?627m, would be the largest internet acquisition in Europe. NTL says its services connect 22 million homes, 5.6 million of which enjoy access to its high-speed broadband network. OLYMPIAN HOME IMPROVEMENTS LTD: Liquidation proceedings ------------------------------------- Company Name: Olympian Home Improvements Ltd Company No: 3773378 Com. Business: Home Improvement Contractors Appointed on: 02/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: P A Roberts IPno: 6055 Firm Name: Goodman Jones Associates Address: Customs House 9-10 Hampshire Terrace City Postcode: Portsmouth PO1 2QF OSWESTRY HOMECARE LTD: Liquidation proceedings ------------------------------------- Company Name: Oswestry Homecare Ltd Previous Name: Osweatry Homecare Co-Operative Ltd Company No: 2835488 Com. Business: Care Home Appointed on: 02/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Neil Henry IPno: 8622 Nola Barber 8000 Firm Name: Lines Henry Address: 27 The Downs City Postcode: Altrincham WA14 2QD RATBY ENGINEERING LTD: Liquidation proceedings ------------------------------------- Company Name: Ratby Engineering Ltd Previous Name: Crispfine Ltd Company No: 1894406 Com. Business: Manufacture Machine Tools Appointed on: 02/08/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Allan W Graham IPno: 8719 Firm Name: KPMG Address: 1 Waterloo Way City Postcode: Leicester LE1 6LP T D E CABLING SERVICES LTD: Liquidation proceedings ------------------------------------- Company Name: T D E Cabling Services Ltd Company No: IR Appointed on: 02/08/00 Type: Creditors Appointed by: Creditors Liquidators: Barry M Forrest IPno: Firm Name: O'Connor Leddy & Holmes Address: Century House Harolds Cross Road City Postcode: Dublin 6 UNILEVER : May Be Force to Sell Batchelors Brand ------------------------ August 15,2000 The Times reports Unilever, the Anglo-Dutch consumer products giant, could be forced by the European Commission to dispose of its Batchelors dried foods brand as a condition of the group's $20.3bn (?13.53bn) acquisition of Bestfoods, the US-based Hellmann's mayonnaise and Knorr soups maker. It is understood that all or part of the Bachelors range, which includes products such as Cup a Soup, SuperNoodles and Bean Feast, would have to be sold to prevent Unilever from controlling a disproportionate share of the European dry meals market once it adds Bestfoods' top-selling Knorr brand to its portfolio. A Unilever spokesman said: "I think it's fair to say that there will be some business disposals in the areas of overlap. But it's too early to say which brands may or may not be involved." Analysts said that as well as Batchelors and Knorr, Brusselscould express concern about the combination of Unilever's Oxo cubes and Bestfoods' Bovril and Marmite stock mixes. Other potential stumbling blocks include the proposed joint ownership of Bestfoods' Hellmann's mayonnaise and Unilever's Amora Maille sauces. Charles Mills, an analyst at Credit Suisse First Boston, said: "The problem areas are principally in Europe in soups and dry cook-in sauces ... Unilever will pick and choose the better brands that they see and Batchelors is a fairly old and tired name." Unilever is already in the process of culling three quarters of its product lines to 400 in order to improve sales and margin. Earlier this month, it announced that it would split itself in two in a move which analysts said could lead to a multi-billion pound demerger. XENOVA: Posts ?3.5 Million Interim Pre-tax Loss ----------------- THE TIMES August 15, 2000 Pharmaceutical Company Xenova reported an interim pre-tax loss of ?3.5 million (?5.7 million loss). There is no dividend. XENOVA: Looks for Merger ------------------ August 14 2000 Financial Times reports Xenova, the biotechnology group, is willing to merge with rival companies to bolster its product pipeline. Daniel Abrams, finance director, said Xenova, which has two cancer treatments in clinical trials, was "committed" to looking for a merger partner. A recent ?9.8m share placing, which gave the loss-making company funds for the next two years, would enable it to merge from a position of strength, he said. "We would certainly hope we could do something over the next 12 months," he added. Xenova reported a 37 per cent fall in interim pre-tax losses to ?3.8m owing to last year's sale of its drug discovery division. Turnover in the six months to June 30 was ?78,000 (a restated ?1.8m), and losses per share were 7p (losses of 13p). Net cash outflow was down to ?4.3m from ?7m. Mr Abrams said cash burn this year would be about ?8m, according to the reports. 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 * * *