/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/000830.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 30, 2000, Vol. 1, No. 80 Headlines C Z E C H R E P U B L I C ALIACHEM: KoB Ordered to Pull Out of Bid Talks R O M A N I A CARPIDARFIL: SOF Organizes Auction for Failed Botosani Company PETROTUB: Tubman International Gives Up Petrotub U N I T E D K I N G D O M AMPTEC HEATING: Notice of Creditors Meeting BENNETT BROS: Notice of Creditors Meeting BRITISH NUCLEAR: BNFL Faces ś1.5 Billion Shutdown Bill BURNGATE LTD: Notice of Creditors Meeting CONTINENTAL TRANSPORTATION: Notice of Creditors Meeting CRAIG ARNOLDS: Notice of Creditors Meeting DAVIS UK: Notice of Creditors Meeting ELMBRIDGE CONTRACTS: Notice of Creditors Meeting EASTCOTE GARDEN: Notice of Creditors Meeting EQUITABLE LIFE: Managing Director Apologizes for Misfortune EUROPEAN COMMERCIAL: Notice of Creditors Meeting FALLOWS LTD: Notice of Creditors Meeting FMFS LTD: Notice of Creditors Meeting FOUNDRITE LTD: Notice of Creditors Meeting FRANK KELLY: Notice of Creditors Meeting GRAMFORCE LTD: Notice of Creditors Meeting HYDER: Severn Trent Suit Seeks to Scuttle WPD Contract INTERNATIONAL DATA: Notice of Creditors Meeting JUPITER ASSET: Buys Back Quarter Share of Commerzbank MIDLAND FREIGH: Notice of Creditors Meeting P D KELLY: Notice of Creditors Meeting QIQ INTERNATIONAL: Notice of Creditors Meeting SECOND GENERATION: Notice of Creditors Meeting SPILLER: Notice of Creditors Meeting =========================== C Z E C H R E P U B L I C =========================== ALIACHEM: KoB Ordered to Pull Out of Bid Talks ---------------------------------------------- The Cabinet has given petrochemical giant Unipetrol and private partner Agrofert the signal to push ahead with their bid for chemical holding company AliaChem, but has told Konsolidacni Banka (KoB) to pull out of the bid process, the Prague Business Journal reports. KoB's pullout leaves consortium Agrobohemie as the lone bidder with an offer of Kc 815 million, higher than the Kc 500 million Konsolidacni's restructuring team had offered to spend on AliaChem. News agency CTK quoted Industry and Trade Minister Miroslav Gregr as saying at a news conference, "We prefer a company with some experience in the segment to become AliaChem's strategic partner. I don't think a sale to a bank would be the correct situation." The Prague Business Journal reports the Finance Ministry had been pushing for a sale to KoB, which runs the government's "revitalization" program. KoB reportedly requested Cabinet approval to pay Kc 1.4 billion for the defunct Chemapol Group's core company AliaChem. Chemapol's bankruptcy trustee Alexandr Vacek and Atlantic Corporate Finance advisers are offering a 49.25 percent share of AliaChem, which has struggled under heavy debts since Chemapol's declaration of bankruptcy in January 1999, up for sale in a non-public tender. AliaChem reported a 1998 loss of Kc 1.86 billion on revenues of Kc 11.4 billion, which improved in 1999 to Kc 694 million on Kc 9.5 billion in turnover, the Journal said. ============= R O M A N I A ============= CARPIDARFIL: SOF Organizes Auction for Failed Botosani Company -------------------------------------------------------------- The State Ownership Fund (SOF) has organized six auctions to sell two Botosani companies that have not yet been privatized. The announcement by the SOF on the liquidation of Hidropneumatica and Carpidarfil has not stirred any interest, according to a report from Privatization in Romania. Hidropneumatica has a share capital of almost ROL8 billion and debts of more than 15 billion ROL to the Ministry of Finance, the report said. The two other Botosani companies are Carpidarfil, which has a share capital of ROL7 billion and debts of more than ROL 5 billion, and Panimor Leorda, which was sold at the beginning of the year but whose buyer, Employees Association, has defaulted on installments. Panimor has a share capital of ROL100 million, but reportedly has accrued debts of more than a billion to the state budget. Botosani SOF head Emilian Popa has estimated that the SOF will have to survey the activity of the privatized companies, since it is possible that not all the buyers could pay for the shares they bought. Popa is convinced that several companies that have been sold will be returned to the state, according to the report. PETROTUB: Tubman International Gives Up Petrotub ------------------------------------------------ The privatization contract for Petrotub Roman expired August 2, according to a report in Privatization in Romania. Therefore the Bucharest State Ownership Fund (SOF) is set to take control of Petrotub. Tubman International gave up the privatization of Petrotub following a decision by the Competition Council, which considered the privatization illegal. The SOF disputed this decision in court. The manager of the SOF, Radu Sirbu, stated several times that if Petrotub is not privatized, the only solution is liquidation. Sirbu said, however, that privatization of Petrotub is preferable because the company has been profitable this year and the liquidation process takes longer. =========================== U N I T E D K I N G D O M =========================== AMPTEC HEATING: Notice of Creditors Meeting ------------------------------------------- Company Name: Amptec Heating Technology Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 15/08/00 Meeting address: Highfield Court Tollgate Meeting City Code: Chandlers Ford SO53 3TZ Authorised by: D Bell Director 26/07/00 Last day for proxy: 14/08/00 Proxy address: Highfield Court Tollgate Chandlers Ford SO53 3TZ Firm Name: BKL Weeks Green Address: Highfield Court Tollgate Chandlers Ford SO53 3TZ BENNETT BROS: Notice of Creditors Meeting ------------------------------------------ Company Name: Bennett Bros (Contractors) Ltd IA 1986 Section: 98 Creditors Meeting Time: 03.00 pm Meeting date: 14/08/00 Meeting address: 63 Walter Road Meeting City Code: Swansea SA1 4PT Authorised by: K Lewis Director 28/07/00 Last day for proxy: 11/08/00 Proxy address: 63 Walter Road Swansea SA1 4PT Firm Name: Stones & Co Address: 63 Walter Road Swansea SA1 4PT BRITISH NUCLEAR: BNFL Faces ś1.5 Billion Shutdown Bill ------------------------------------------------------ British Nuclear Fuel's liabilities are expected to increase 13 percent, from ś11.4bn to ś12.9bn, in order to shut down nuclear power stations and clean up radioactive waste. The company's shut down of its Magnox stations has been scrutinized by the Nuclear Installations Inspectorate, which concluded BNFL is seeking too much time between shutting down and dismantling the stations. BNFL is seeking a period of 135 years to let radioactive materials decay before the sites are taken apart. The increase might threaten BNFL's privatization, scheduled for late 2002, according to the Observer. The company says the lengthy time period is necessary to ensure worker safety. But Frances Taylor, head of the NII's radioactive waste and decommissioning strategy unit, said: 'They are going to have to be prepared to bring forward decommissioning. The real safety benefits are over by about 50 years.' BURNGATE LTD: Notice of Creditors Meeting ------------------------------------------ Company Name: Burngate Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 14/08/00 Meeting address: Britannia Buildings 46 Fenwick Street Meeting City Code: Liverpool L2 7NA Authorised by: S O'Shea Director 31/07/00 Firm Name: Rooney Associates Address: Britannia Buildings 46 Fenwick Street Liverpool L2 7NA CONTINENTAL TRANSPORTATION: Notice of Creditors Meeting -------------------------------------------------------- Company Name: Continental Transportation Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.00 pm Meeting date: 15/08/00 Meeting address: The Cricketers London Road Meeting City Code: Mitcham CR4 3ND Authorised by: M Simms 27/07/00 Liquidators: David T Greensill Firm Name: Mayfields Address: Church Steps House Queensway Halesowen B63 4AB CRAIG ARNOLDS: Notice of Creditors Meeting ------------------------------------------- Company Name: Craig Arnolds Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 14/08/00 Meeting address: The Chase Hotel Higham Lane Meeting City Code: Nuneaton Authorised by: J M Arnold Director 31/07/00 Last day for proxy: 11/08/00 Proxy address: Kings Business Centre 90-92 King Edward Road Nuneaton CV11 4BB Firm Name: Pattinsons Address: Kings Business Centre 90-92 King Edward Road Nuneaton CV11 4BB DAVIS UK: Notice of Creditors Meeting -------------------------------------- Company Name: Davis UK Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 15/08/00 Meeting address: Russell Square House 10-12 Russell Square Meeting City Code: London WC1B 5LF Authorised by: D Shepherd Director 04/08/00 Firm Name: Chantrey Vellacott DFK Address: Russell Square House 10-12 Russell Square London WC1B 5LF ELMBRIDGE CONTRACTS: Notice of Creditors Meeting ------------------------------------------------- Company Name: Elmbridge Contracts Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 15/08/00 Meeting address: 76 New Cavendish Street Meeting City Code: London W1G 9TB Authorised by: S R Brown Director 21/07/00 Last day for proxy: 14/08/00 Proxy address: 76 New Cavendish Street London W1G 9TB Firm Name: Berley Address: 76 New Cavendish Street London W1G 9TB EASTCOTE GARDEN: Notice of Creditors Meeting --------------------------------------------- Company Name: Eastcote Garden Centre (1997) Ltd IA 1986 Section: 98 Creditors Meeting Time: 03.00 pm Meeting date: 14/08/00 Meeting address: Parkville House Bridge Street Meeting City Code: Pinner HA5 3JD Authorised by: G Budd Director 18/07/00 Liquidators: I D Holland Firm Name: Ian Holland & Co Address: Parkville House Bridge Street Pinner HA5 3JD EQUITABLE LIFE: Managing Director Apologizes for Misfortune ----------------------------------------------------------- Alan Nash, managing director for troubled British mutual insurer Equitable Life, last week provided a confidential 150-page information memorandum and actuarial report to 15 rivals around the world, the Times reports. Nash also reportedly apologized for the recent developments in a rare interview last week, but said the firm's auction was unavoidable after Equitable lost a court ruling that said the reduction of bonuses due to 90,000 holders of guaranteed annuity policies was illegal. EUROPEAN COMMERCIAL: Notice of Creditors Meeting ------------------------------------------------- Company Name: European Commercial Pressings Ltd IA 1986 Section: 23 Creditors Meeting Time: 11.00 am Meeting date: 15/08/00 Meeting address: Birmingham Botanical Gardens Westbourne Road Meeting City Code: Birmingham B15 3TR Authorised by: S R Thomas Joint Administrator 07/07/00 Last day for proxy: 14/08/00 Proxy address: Sherlock House 7 Kenrick Place London W1U 6HE Firm Name: Horwath Clark Whitehill & Co Address: Sherlock House 7 Kenrick Place London W1U 6HE FALLOWS LTD: Notice of Creditors Meeting ----------------------------------------- Company Name: Fallows Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 15/08/00 Meeting address: The Gladstone Hotel Lord Nelson Street Meeting City Code: Liverpool L3 5QB Authorised by: G Fallows Director 31/07/00 Last day for proxy: 14/08/00 Proxy address: Norwest Court Guildhall Street Preston PR1 3NU Firm Name: Jacksons Address: Norwest Court Guildhall Street Preston PR1 3NU FMFS LTD: Notice of Creditors Meeting -------------------------------------- Company Name: FMFS Ltd IA 1986 Section: 98 Creditors Meeting Time: 03.00 pm Meeting date: 14/08/00 Meeting address: Devonshire House 38 York Place Meeting City Code: Leeds LS1 2ED Authorised by: D Milne Director 27/07/00 Liquidators: J N R Pitts Firm Name: Wilson Pitts Address: Devonshire House 38 York Place Leeds LS1 2ED FOUNDRITE LTD: Notice of Creditors Meeting ------------------------------------------- Company Name: Foundrite Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.00 pm Meeting date: 15/08/00 Meeting address: Federation House Hope Street Meeting City Code: Liverpool L1 9BW Authorised by: J S Moffat Director 01/08/00 Firm Name: BDO Stoy Hayward Address: Federation House Hope Street Liverpool L1 9BW FRANK KELLY: Notice of Creditors Meeting ----------------------------------------- Company Name: Frank Kelly Systems Ltd IA 1986 Section: 98 Creditors Meeting Time: 10.00 am Meeting date: 14/08/00 Meeting address: 12 Royal Crescent Meeting City Code: Cheltenham GL50 3DA Authorised by: F J Kelly 01/08/00 Last day for proxy: 11/08/00 Proxy address: 12 Royal Crescent Cheltenham GL50 3DA Firm Name: Janes Address: 12 Royal Crescent Cheltenham GL50 3DA GRAMFORCE LTD: Notice of Creditors Meeting ------------------------------------------- Company Name: Gramforce Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.00 pm Meeting date: 15/08/00 Meeting address: 25 Harley Street Meeting City Code: London W1N 2BR Authorised by: S Murrell Director Last day for proxy: 14/08/00 Proxy address: 25 Harley Street London W1N 2BR Firm Name: Gerald Edelman Address: 25 Harley Street London W1N 2BR HYDER: Severn Trent Suit Seeks to Scuttle WPD Contract ------------------------------------------------------ Severn Trent will go to court against embattled Welsh utility Hyder September 21 in a last-ditch attempt to stop U.S.-based Western Power Distribution (WPD) from contracting out the operation of Hyder's water unit to rival United Utilities. The suit by one of the UK's largest water companies may disrupt WPD's $836 million (565 milliion pound) takeover of Hyder, the Financial Times reports. Severn reportedly claims that WPD's plans violate European procurement law as the management contract would not be subject to an open tender. Severn announced earlier this month that it would take action against Hyder in a last-ditch attempt to prevent WPD from contracting out the operation of Hyder's water unit to United Utilities, a rival UK group. Brian Duckworth, managing director of Severn Trent Water, said the group was seeking to clarify the process to make it more transparent for other companies in the future. News of the court hearing comes a day after Anglian Water, a British utility, unveiled an agreed ś262.5m offer for Morrison, the Scottish construction group, according to the Financial Times. INTERNATIONAL DATA: Notice of Creditors Meeting ------------------------------------------------ Company Name: International Data Ltd IA 1986 Section: 48 Creditors Meeting Time: 11.30 am Meeting date: 14/08/00 Meeting address: St Leonards Hotel Ringwood Road Meeting City Code: Ringwood Authorised by: D B Coakley Joint Administrative Receiver Last day for proxy: 11/08/00 Proxy address: Connaught House Alexandra Terrace Guildford GU1 3DA Firm Name: BDO Stoy Hayward Address: Connaught House Alexandra Terrace Guildford GU1 3DA JUPITER ASSET: Buys Back Quarter Share of Commerzbank ----------------------------------------------------- Jupiter Asset Management's joint chief executive Edward Bonham Carter is in talks with parent company Commerzbank to buy back up to a quarter of 170 million pound fund manager Jupiter European Investment Trust, the Financial Times reports. Bonham Carter started managing Jupiter in May after founder John Duffield left following a public disagreement with Commerzbank. Bonham Carter reportedly hopes that a new equity participation scheme will help to retain key staff and prevent additional losses. Negotiations for the deal, which is expected to be organized on a 3-year rolling basis, has gone on for months, the Times reports. Commerzbank paid 175 million pounds for a majority stake in Jupiter five years ago, and paid 505 million more in May of last year. According to the Times, Duffield claims that Commerzbank owes an additional 80 million pounds, and this claim has led to a dispute that resulted in Duffield leaving the company along with eight other directors. Commerzbank bought the quarter share of Jupiter only this year. Since Duffield's departure, three investment trusts served a two- year notice to quit on Jupiter, and the group still suffers net outflows of business, according to the Times. MIDLAND FREIGH: Notice of Creditors Meeting ------------------------------------------- Company Name: Midland Freight Co Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.00 pm Meeting date: 14/08/00 Meeting address: No 1 St Swithin Street Meeting City Code: Worcester WR1 2PY Authorised by: A C Davis Director 24/07/00 Firm Name: Smith & Williamson Address: No 1 St Swithin Street Worcester WR1 2PY P D KELLY: Notice of Creditors Meeting --------------------------------------- Company Name: P D Kelly Ltd IA 1986 Section: 98 Creditors Meeting Time: 03.00 pm Meeting date: 14/08/00 Meeting address: Beaufort House 94-96 Newhall Street Meeting City Code: Birmingham B3 1PB Authorised by: G Banks Director 27/07/00 Firm Name: Moore Stephens Booth White Address: Beaufort House 94-96 Newhall Street Birmingham B3 1PB QIQ INTERNATIONAL: Notice of Creditors Meeting ----------------------------------------------- Company Name: QIQ International Ltd IA 1986 Section: 98 Creditors Meeting Time: 03.30 pm Meeting date: 14/08/00 Meeting address: Russell Square House 10-12 Russell Square Meeting City Code: London WC1B 5LF Authorised by: D Wray Director 28/07/00 Last day for proxy: 11/08/00 Proxy address: 81 Station Road Marlow SL7 1NS Liquidators: Frank Wessely Firm Name: Morley & Scott Address: 81 Station Road Marlow SL7 1NS SECOND GENERATION: Notice of Creditors Meeting ----------------------------------------------- Company Name: Second Generation Pine Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 14/08/00 Meeting address: Devonshire House 36 George Street Meeting City Code: Manchester M1 4HA Authorised by: S Moore Director 25/07/00 Firm Name: HLB Kidsons Address: Devonshire House 36 George Street Manchester M1 4HA SPILLER: Notice of Creditors Meeting ----------------------------------------- Company Name: Spiller The Builder Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 14/08/00 Meeting address: 100 Temple Street Meeting City Code: Bristol BS1 6AG Authorised by: A Spiller Director 26/07/00 Firm Name: KPMG Address: 100 Temple Street Bristol BS1 6AG 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 * * *