/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/001122.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, November 22, 2000, Vol. 1, No. 140 Headlines B E L G I U M EUROSTAR: Expects to Book Annual Loss of 1.5 Bln Ffr C Z E C H R E P U B L I C CESKA SPORITELNA: Bohemian City to Sell 131,421 Shares D E N M A R K MEMORY CARD: Posts a Q1 Pretax Loss of 229.1 Million Dkr F R A N C E KOOBUYCITY: Runs into Financial Crisis G E R M A N Y HUNZINGER INFORMATION: Posts Nine Month Pretax Loss of DM2.9 Mln H U N G A R Y MOL: To Pay HUF 7.3 Million; Loses Damages Suit L I T H U A N I A LIETUVOS AVIALINIJOS: Up for Sale; Reports Loss of 7.6 Million P O L A N D PZU: Citigroup Seeks to Buy into Troubled Polish Insurer S P A I N FESA-ENFERSA: Goes for Restructuring GRUPO PICKING: Posts Nine Months Net Loss of 18.9 Million Euros S W I T Z E R L A N D MIRACLE HOLDING: Troubled Software Company Shares to Be Suspended U K R A I N E DAEWOO UKRAINE: Ukraine Venture Suspends Operations U N I T E D K I N G D O M B F AUTOPARTS: Liquidation Proceedings BARNTON INVESTMENTS: Liquidation Proceedings BRITISH TELECOM: Cash-Strapped Company Seeks Bond Aid in America CARADON: Faces Investor Push to Return Cash EMERALD AVIATION: Liquidation Proceedings EQUITABLE LIFE: To Choose Bidder in December HI-TEC FABRICATIONS: Liquidation Proceedings ING BARINGS: Bank Faces Uncertain Future INTERIOR WALL: Liquidation Proceedings MG ROVER: In Talks with Motor Manufacturers MILLENNIUM DOME: Legacy Plans High-Tech Dome MILLENIUM DOME: Frenchman Pierre-Yves Ready to Buy Dome PETSPYJAMAS.COM: Goes for Liquidation Proceedings; Seeks Buyer TARDIS TRANSCOMMUNICATIONS: Reports Losses of 4.2 Million Pounds THESTREET.COM: To Shuts UK Operation, to Cut 20 Percent Jobs TOROTRAK: Posts First Half Pre-Tax Loss of 4.2 Million Stg TRAFALGAR ASSET: Liquidation Proceedings TRANSIAN HAULAGE: Liquidation Proceedings WENTVALE LTD: Liquidation Proceedings WORLD TRADE: Liquidation Proceedings ============= B E L G I U M ============= EUROSTAR: Expects to Book Annual Loss of 1.5 Bln Ffr ---------------------------------------------------- Eurostar, the joint venture between French, Belgian and UK railway firms, expects to book an annual loss of 1.5 bln ffr. The venture operates high-speed trains between London and Paris, and London and Brussels. Eurostar should reach break even in 2003 after being in the red since its launch six years ago. Despite winning 63.4 pct of the London/Paris and 46 pct of London/Brussels markets, Eurostar has to bear large fixed costs, notably from use of rail infrastructure in the three countries, AFX reports this week. =========================== C Z E C H R E P U B L I C ============================ CESKA SPORITELNA: Bohemian City to Sell 131,421 Shares -------------------------------------------------------- CTK and Euromoney reported yesterday that the city of Usti nad Labem has decided to sell a total of 131,421 shares of Ceska sporitelna (CS) savings banks at a minimum price of Kc240 per unit, Usti spokesman Milan Knotek said. Knotek said the transaction has already been approved by the city reps and that it should bring in more than Kc30 million. The CS ordinary publicly traded stock was bought last year at Kc100 per share as part of the share capital hike at CS. In June of the year the market value of the stock fetched Kc210-215 per share and in early November it was Kc239.30. ============= D E N M A R K ============= MEMORY CARD: Posts a Q1 Pretax Loss of 229.1 Million Dkr -------------------------------------------------------- AFZ reported this week that Memory Card Technology AS posted a first quarter pretax loss of 229.1 million Dkr to September 30. Wright Investors' Service noted that company has paid no dividends during the last 12 months. The company also reported losses during the previous 12 months and has not paid any dividends during the previous 4 fiscal years. During the third quarter of 2000, the company reported a loss per share of 15.56 Danish Kroner. =========== F R A N C E =========== KOOBUYCITY: Runs into Financial Crisis ----------------------------------------- French e-tailer Koobuycity is understood to have ceased trading in France and England after failing to raise additional funding, Net Imperative reported last week. It has been reported that the e-commerce site filed for bankruptcy just three months after expanding into the UK. French press reports reveal that the company has failed to raise the FFr20m (2m pounds) needed to continue trading. The company, which provided one-hour delivery to customers in London, offered a selection of goods including CDs, books, food, fashion and flowers. However, the telephone help line advertised on the UK site is out of service and office telephone numbers have been closed down. The company employed 50 staff. Koobuycity competed against delivery site Urbanfetch in the UK, which has since shut down its b2c delivery service to focus on US-based b2b operations. Koobuycity was unavailable for comment. ============= G E R M A N Y ============= HUNZINGER INFORMATION: Posts Nine Month Pretax Loss of DM2.9 Mln ----------------------------------------------------------------- Handelsblatt reported this week that public relations agency Hunzinger Information AG said it generated a nine-month pretax loss of DM2.9 million. Sales rose to DM34.7 million from DM34.6 million a year ago. It doesn't expect fourth-quarter sales to compensate for the loss and doesn't expect to meet its 2000 target. ============= H U N G A R Y ============= MOL: To Pay HUF 7.3 Million; Loses Damages Suit ----------------------------------------------- A Hungarian court rejected a claim for damages from the country's main MOL oil and gas company, which sought recompense for losses due to a government cap on gas prices. MOL took the government to court charging it would suffer losses of up to HUF 90 billion (EUR 342 million) by the end of the year after the government permitted only a 12-percent rise in gas prices in June. "The court rejects the claim and commits MOL to pay HUF 7.3 million (EUR 27,800, USD 23,800) in legal fees," said Judge Laszlo Nemeth of the Budapest municipal court. MOL said it would appeal the verdict, AFP reports this week. Originally, MOL claimed HUF 1.86 billion (EUR 7.072 million, USD 6.058 million) in damages but it raised its claim to HUF 7.35 billion (EUR 27.9 million, USD 23.94 million) for losses in the July-September period, with interest added. "MOL will certainly appeal this verdict," the company's communications manager, Gyoergy Felkai, said. "We shall apply all legal means possible to have our losses paid for," he told journalists after the verdict. The Budapest Stock Exchange suspended the trading of MOL shares because the verdict might significantly influence share prices. The government has ordered a 43 percent gas price rise for big industrial producers from November 1, on condition that prices for small consumers must not rise above the forecast inflation rate, around 8 percent at present. But MOL has said that rise could not compensate for its losses that result from the lower- than-expected price rise in June. Gas prices in Hungary are about 25 percent of the European average, AFP noted. ================= L I T H U A N I A ================= LIETUVOS AVIALINIJOS: Up for Sale; Reports Loss of 7.6 Million -------------------------------------------------------------- Lithuania began talks with Western banks asking them to help in looking for a strategic partner for the national air carrier Lietuvos Avialinijos (Lithuanian Airlines, or LAL). Ginataras Striaukas, the Lithuanian Transport Minister, met with representatives of World Bank in Riga and with the Transport Director of the European Bank for Reconstruction and Development (EBRD) next Monday in Vilnius. Striaukas said that "so-called political banks, which cultivate spotless reputations" would be used as a third partner of alliance agreeing to finance the future modernization of LAL. The amount needed for the modernization has not been calculated so far, BNS & Euromoney reports this week. The former government had announced its plans to sell a 49 percent stake in LAL to the strategic investor. Control of LAL shares was handed over to the Lithuanian State Property Fund (SPF) while preparing for the privatization. Currently the company is undergoing privatization. Striaukas said that when forming a strategic alliance, the new share issue or state-owned shares might be transferred to the future partner. However, it could happen that only an alliance agreement could be signed providing for the joint sale of tickets or other actions. The transport minister said that the state should maintain its control of LAL. In recent years LAL has been working at a loss. The company posted an operating loss of 7.6 million litas (USD 1.9 mln) in the first nine months of 2000. =========== P O L A N D =========== PZU: Citigroup Seeks to Buy into Troubled Polish Insurer --------------------------------------------------------- Reuters noted last week that U.S. giant Citigroup wants to buy employee held shares in crisis-torn Polish insurer PZU, the Polish firm's strategic investor. The state treasury and Eureko, which bought 30 percent of PZU in a consortium with Polish BIG Bank last year, remain locked in a tense battle for control of the insurer. Under last year's privatization agreement, PZU employees were to receive 15 percent stake in PZU, but the treasury has asked a court to annul the sale because if feels it has been misled by Eureko and BIG. "The bank asked us if we were ready to accept the risk in Citibank purchasing these shares and Eureko said yes," Eureko assistant director Michal Nastula said. Citibank and Eureko were not immediately available for comment on the issue. The state wants to annul the deal to regain control over the insurer. But before the court heard the case Treasury Minister Andrezej Chronowski effectively wrested control of PZU from its investors in a preemptive coup. It is unclear if the employee shares would be handed back to the state if the court annulled the PZU sale to Eureko. The state seeks to annul only the control-sharing part of the privatization, without having to pay back the PLZ 3 billion the investors had paid for the stake. The treasury sacked all Eureko- backed members of PZU's supervisory board, replacing them with its own candidates. The new board then changed PZU's management. Eureko, angered by what it called a blatant breach of agreement, vowed to explore every legal avenue available to secure redress. ========= S P A I N ========= FESA-ENFERSA: Goes for Restructuring ------------------------------------- Spicers & World Reporter reported last week that a Commission has requested information concerning the alleged aid granted to the Fesa-Enfersa group (Fertiberia), a fertilizer conglomerate in which Ercros had a majority stake until 1995. Fesa-Enfersa was declared insolvent in December 1992, following which, a restructuring plan was submitted and subsequently implemented between 1992 and 1997. Three short-term loans were granted by the State-owned Instituto de Credito Oficial, two further loans were granted by ICO in 1994 and a participating loan was granted by them in 1995 to Immobiliaria Espacio. In the context of the composition procedure, the creditors waived a percentage of their credits. The Commission considers that a state aid element exists in the waiver of 18,631 million ESP made by the Treasury and Social Security, as well as in the part of ICO's waiver that is above the waiver accepted by the private creditors. Spicers & World Reporter noted that the Commission concluded that given the unclear restoration of viability and the open questions concerning the type of significant contribution from the own resources made by the aid beneficiary to the restructuring plan, the aid measures do not fulfil the minimum elements required by the relevant Community guidelines for restructuring aid. GRUPO PICKING: Posts Nine Months Net Loss of 18.9 Million Euros ---------------------------------------------------------------- Spanish reprographics and office supplies company Grupo Picking Pack posted a nine-month net loss of 18.9 Million Euros. GPP attributed its loss in the nine-month period to the acquistion of Internet telephony firm Ola Internet and a one-off cost of 1.6 million euros resulting from its five-percent stake in e-commerce firm Ecuality, Reuters reported last week. Wright Investors' Service noted that the company has paid no dividends during the last 12 months. The company reported losses during the previous 12 months and has not paid any dividends during the previous 6 fiscal years. ===================== S W I T Z E R L A N D ===================== MIRACLE HOLDING: Troubled Software Company Shares to Be Suspended ----------------------------------------------------------------- Shares in troubled Swiss software company Miracle Holding AG will be suspended from trading on the SWX stock market, receivers Transliq AG said. The indefinite suspension almost a year to the day after the stock began trading on the SWX New market comes after the maker of business management software halted operations in October faced with flagging sales and a halt to bank credits, Reuters reports this week. "It is possible that Miracle will in due course request a delisting of the shares. Investors should therefore not necessarily count on a resumption of trade," Transliq said. SWX spokesman Leo Hug noted that there was no pre-defined maximum period during which a share could be suspended from trade before a de-listing became mandatory. But the timing of the suspension from stock market trade at Transliq's request coincides with the end of the lock-up period for management. The company was founded in 1986. After the listing in November 1999 at 240 Swiss francs per share, management held 28.1 percent of the capital, financial investors 19.6 and the public at large more than 52 percent. Miracle shares were down 3.40 francs at 13 on volume of more than 145,900 shares at 1110 GMT, having set a year low at five francs on October 30. At 13 francs per share, Miracle's market capitalization amounts to 14.3 million Swiss francs ($7.9 million), or less than half the company's 1999 sales of 33 million francs. A privately held successor company, New Miracle AG, has taken on key employees and bought core software rights from the defunct Miracle Holding. ============= U K R A I N E ============= DAEWOO UKRAINE: Ukraine Venture Suspends Operations ---------------------------------------------------- Asia Pulse reported yesterday that operations at Avtozaz, Daewoo Motor's joint venture car firm with Ukraine, will be suspended pending the settlement of its parent company's insolvency, the Korea Investment and Trade Promotion Agency's (Kotra) Moscow Branch says. Set up in 1998, over US$300 million has been poured into the company, of which Daewoo Motor holds 50 percent. =========================== U N I T E D K I N G D O M =========================== B F AUTOPARTS: Liquidation Proceedings --------------------------------------- Company Name: B F Autoparts Ltd Company No: IR Appointed on: 17/10/00 Type: Members Appointed by: Creditors Liquidators: Finbarr Donohue IPno: Firm Name: 3R Associates Address: Bishop St Carrignafoy City Postcode: Cobh BARNTON INVESTMENTS: Liquidation Proceedings --------------------------------------------- Company Name: Barnton Investments Ltd Company No: 727236 Com. Business: Property Developers/Builders Appointed on: 17/10/00 Type: Creditors Appointed by: Creditors Liquidators: Paul J Fleming IPno: 6828 Firm Name: Parkin S Booth & Co Address: 44 Old Hall Street City Postcode: Liverpool L3 9EB BRITISH TELECOM: Cash-Strapped Company Seeks Bond Aid in America ---------------------------------------------------------------- Senior officials of British Telecom are preparing to meet investors in the US to lay the basis for what could be one of the largest bond deals launched by a UK company, The Times of London reports this week. The cash-strapped company plans to raise between $6 billion and $8 billion (Pounds 4 billion and Pounds 5.5 billion) through a sale of dollar denominated bonds in about ten days. The move follows news that Sir Peter Bonfield, BT chief executive, is to face questions from MPs over the former monopoly's slow progress in opening its telephone exchanges to competitors. The company, which says that its debts will rise to Pounds 30 billion next year, is in a worse financial state than at any time since its privatization in 1984. One bond expert said that BT would struggle to raise cash in European bond markets, given its current standing with fixed-income investors. CARADON: Faces Investor Push to Return Cash ------------------------------------------- The Sunday Times reports this week that corporate activists Brian Myerson and Julian Treger are to put pressure on Caradon, the building-materials group, to return more cash to investors. Myerson and Treger wrote a private letter to Sir Graham Hearne, Caradon's chairman. They said that at present the company was unable to demonstrate that any further acquisition could add value. Instead they wanted the board to return cash to investors. The duo, through their fund UK Active Value, have built a big holding in the firm and are the second-largest investor, with 10 percent, behind Franklin Resources, which owns 12.9 percent. The pressure being put on Caradon comes at a time when the group is poised to complete the 442m pounds sale of its plumbing business, which includes Mira Showers and Twyford Bathrooms, to the private-equity arm of HSBC. The sale will leave it with minimal borrowings. Jurgen Hintz, the group's chief executive has already indicated that he intends to buy companies in the fast-growing intelligent building market. He has sold more than a dozen businesses during that period, including Caradon's windows-and-doors operations. The firm still has a low stock-market rating. Hintz stressed this weekend that he had an open mind. "We have demonstrated in the past that we are perfectly willing to return funds to shareholders and in the last three years we have handed almost 300m pounds back." But just this month he was reported as saying: "We don't want to be in a position where we have no debt, as that's not efficient. We're looking at other acquisitions." If Hintz refuses to listen, Active Value may call an extraordinary meeting. In the letter to Hearne, the duo make it clear their views should be sought and taken into account before any acquisition is made. When the plumbing sale is completed later this month the group will change its name to Nova, the name of its American electronic-controls subsidiary. Caradon is only the latest target of Active Value. Myerson and Treger have also recently made a presentation to Pilkington, the flat-glass giant, to restructure its balance sheet and return cash. Their other corporate scalps include Greycoat, the property company, and Shandwick, the media firm. A number of old-economy firms have come under pressure to return cash to shareholders. Companies such as Caradon that own diverse interests are seen as lacking focus. EMERALD AVIATION: Liquidation Proceedings ------------------------------------------ Company Name: Emerald Aviation Ltd Company No: IR Appointed on: 17/10/00 Type: Members Appointed by: Members Liquidators: Paul Murray IPno: Firm Name: Paul Murray & Co Address: 26 Marlboro Street City Postcode: Cork EQUITABLE LIFE: To Choose Bidder in December -------------------------------------------- Reuters reports this week that Britain's troubled life assurer Equitable Life is expected to announce a preferred buyer in December, after it completes a bidding process at the end of November. An Equitable spokesman said the company has a number of bidders in second stage negotiations. Insurance industry sources say Prudential, Britain's second largest insurance group, remains the front-runner in the Equitable auction. Pan-European insurance consortium Eureko also emerged as a potential bidder last week. However, industry sources said Eureko did not appear to be a serious contender and might be put off by Equitable's huge liabilities. Britain's largest insurance group CGNU, meanwhile, is said to have withdrawn from the auction. CGNU and other potential buyers such as the Dutch group Aegon are thought to have baulked at the 1.5 million pounds ($2.14 million) bill they would be left with after a UK court ruled Equitable had acted unlawfully by cutting bonuses to holders of guaranteed annuities. HI-TEC FABRICATIONS: Liquidation Proceedings --------------------------------------------- Company Name: Hi-Tec Fabrications Ltd Company No: SC Appointed on: 17/10/00 Type: Creditors Appointed by: Creditors Liquidators: T M Burton IPno: 8224 Firm Name: Ernst & Young Address: George House 50 George Square City Postcode: Glasgow G2 1RR ING BARINGS: Bank Faces Uncertain Future ---------------------------------------- Goldman Sachs, appointed to explore the 237-year-old bank for its US investment arm, and parent company ING said it plans to integrate the European operations of the bank into its main business. ING's announcement follows reports in the Sunday Times that the group was planning to sell-off ING Barings. The announcement is likely to cause job worries among the bank's 9,500 staff, including 1,700 in London, Sky News reports yesterday. A spokeswoman for ING in Holland said: "I cannot say anything about jobs. It is too early to say." She also refused to say whether or not the bank's name would survive after the review, which began last year. An update on the progress of the review is promised next year, but the bank said it would "not communicate about this process until a decision has been reached". A sell-off would mark another chapter for Barings, which City wonder boy Nick Leeson took to the brink of bankruptcy five years ago when he ran up 860 million pounds of losses in Singapore. The Dutch company stepped in to buy it for 1 pound, renamed it ING Barings and promised to pay off its debts. For ING, selling the investment banking business would end ambitions to be a major force in takeovers and equity trading. ING would not comment on the speculation. INTERIOR WALL: Liquidation Proceedings ---------------------------------------- Company Name: Interior Wall Systems Ltd Company No: SC Appointed on: 17/10/00 Type: Creditors Appointed by: Creditors and Members Liquidators: James R Dickson IPno: 8222 Firm Name: Dickson & Co Address: 34 High Street City Postcode: East Lothian EH40 3AB MG ROVER: In Talks with Motor Manufacturers ------------------------------------------- John Towers, chairman of struggling carmaker MG Rover, is still attempting to re-launch talks with Proton, the Malaysian group, to share the platform. Two other groups are now understood to have entered talks. Executives at MG Rover are talking to at least three motor manufacturers over sharing a new medium-sized car-production platform at their Longbridge site, The Sunday Times reports this week. One of the new groups believed that Towers is in talks with Skoda, the Czech manufacturer owned by Volkswagen. The other is Hyundai of Korea. Under VW's influence Skoda has become a quality group. If Towers can persuade Skoda to share the cost of a new platform, then MG Rover may end up in German hands again in two or three years. Skoda would be required to invest at least half the new platform cost. The total investment would be about 500m pounds. Skoda would be offered a stake in the group with an option to buy the remaining interest. However, Towers cannot sell until July 2002, the date when he can sell without paying back any of the 550m pounds loan from BMW, the previous owner. If his negotiations with Skoda collapse, Towers may have the option of talking to Hyundai. But Proton, which was initially linked with the group is believed to have cooled. MILLENNIUM DOME: Legacy Plans High-Tech Dome -------------------------------------------- Legacy is the only potential buyer remaining for the Millennium Dome following a bidding process scarred by scandal, BBC News noted last week. Legacy, a company founded by a Labor party donor and property developer Robert Bourne, to re-enter the bidding. Its aim is to build London's very own silicon valley in the Millennium Dome park. But the amount it is prepared to bid -- around 100m pounds -- is far less than the government originally expected to get from the sale of the Dome, whose total costs came close to 1bn pounds, including nearly 600m pounds in lottery funding. Under Legacy's plans, the Dome will be a hothouse for start up and high-technology companies. Legacy hopes to create a "predominantly workspace scheme, comprising offices and workshops, supported by leisure and retail uses to create a high tech industrial campus". Under the proposal submitted earlier this year, the consortium proposes a phased transition from the Millennium Experience, to flexible workspace/business centre over two years. The deal is yet far from sealed. The consortium is understood to be unhappy that it has not yet been awarded preferred bidder status. Robert Bourne's partners include Richard Ellis St Quintain, the land agents, and Lifschuz Davidson, the architects. BBC reported that for the past two years, Mr Bourne's business focus has been Legacy, the company he set up with the aim of buying the Dome. While some doubt existed as how Legacy was pulling together the finance for the deal, it is confident it can pull together a deal. The government received 70 proposals, which were eventually whittled down to six. Other plans included a sports complex, a leisure and entertainment centre, and a business centre. If all bids fail, the Dome could be demolished. MILLENIUM DOME: Frenchman Pierre-Yves Ready to Buy Dome ------------------------------------------------------- The Daily Telegraph noted last week that Pierre-Yves Gerbeau, the Frenchman who runs the Millennium Dome, said last week that he would buy the ailing attraction if no one else could be found to take it on. He was ready to step in with a consortium of businessmen if the Government failed to secure a deal with the company bidding to take over the Dome after it closes on New Year's Eve. His surprise offer, made during a radio interview, came on the Cabinet meeting which will decide the fate of the pounds 125 million offer from the Legacy group to turn the Dome into a high-tech business park. Mr Gerbeau, the former Disney executive brought in to rescue the attraction at Greenwich after its shaky start earlier this year, said: "I am telling you that, if it is not bought, I am going to buy it myself." The offer was seen by some as an emotional response from a man with a reputation for un-scripted pronouncements who has battled to keep the Dome going despite political opposition. But he said he was serious and that he had received telephone calls from businessmen who shared his enthusiasm for the Dome as a popular theme park. John Prescott, the Deputy Prime Minister, will chair a meeting of the ministerial committee put together to decide the Dome's future. Along with Lord Falconer, the Dome Minister, and Andrew Smith, Chief Secretary to the Treasury, they will consider if the Legacy offer is worth pursuing. Mr Blair had said no extra public cash would be offered to the Dome, the board of the New Millennium Experience Company feared that they would be held personally liable if the company went bankrupt and sought assurances in May that they would be protected. The powerful public accounts committee heard how Robin Young, the Permanent Secretary of the Department of Media, Culture and Sport, wrote to assure the company that the Government would meet their legal costs. PETSPYJAMAS.COM: Goes for Liquidation Proceedings; Seeks Buyer -------------------------------------------------------------- Pan-European pet portal PetsPyjamas.com has entered into liquidation proceedings and is seeking a buyer, administrators Ernst & Young confirmed. A spokesperson for the firm said PetsPyjamas was about finding an interested party. Although the site is still live, the company's telephones are disconnected and a recorded message on order lines state that it is "no longer able to take any more orders". Customers with existing orders are asked to call a different number. PetsPyjamas.com aimed to become Europe's first pet portal, launching in the UK, France and Germany in October 1999. It provides pet owners with shopping, information, travel services and entertainment, Net Imperative reported last week. TARDIS TRANSCOMMUNICATIONS: Reports Losses of 4.2 Million Pounds ----------------------------------------------------------------- Net Imperative noted last week that Tardis Transcommunications, the wireless data network and transport telematics group, reporting for the year ended 30 September 2000, has revealed growing losses of 4.2m pounds, but also a major restructuring that reflects the company's diversification over the last year. Tardis will be made up of four operating divisions, networks, mobile data solutions, products, and customer services. Loss before interest, tax, depreciation and amortization was 3.12m pounds. Amortization of goodwill was 393,000 pounds. Loss from discontinued operations was 255,000 pounds. Diluted loss per share was 6.51p. The company has 5.5m pounds in the bank. THESTREET.COM: To Shuts UK Operation, to Cut 20 Percent Jobs ------------------------------------------------------------ Ananova reported last week that TheStreet.com, a weekly television show on Fox News Channel, has announced a cost cutting scheme that includes slashing 20 percent of its work force, which will save about $3 million a year. About half of the expected annual cost savings of $18 million would come from the closure of U.K. operations. Thomas Clarke, the chief executive, told investors that the measures would provide a huge step toward the company's goal of becoming profitable by the second half of next year. The company has 253 employees. Wright Investor's Service noted that during the 12 months ending 9/30/00, the company has experienced losses totaling $1.95 per share. These 12 month earnings are lower than the earnings per share achieved during the calendar year ending last December, when the company reported earnings of -1.73 per share. The company has paid no dividends during the last 12 months. During the third quarter of 2000, the company reported a loss per share of $0.37 compared to a loss of $0.32 per share on the third quarter of 1999. The company has reported losses before extraordinary items for each of the past three years. According to a report obtained by Ananova, theStreet.com owns 63 percent share of the business and plans to acquire the other investors for $3 million in cash and 1.25 million shares in stock. Mr Clarke said: "In today's environment, companies have two clear choices: chart a direct path to profitability or shut down. "We're in this for the long haul. And to go the distance, we must operate at peak efficiency." He added that TheStreet.com had also reached an agreement with The New York Times to shut down their 18-month old joint newsroom, which employed seven journalists and provided news stories to both TheStreet.com and the Times' Web site. TOROTRAK: Posts First Half Pre-Tax Loss of 4.2 Million Stg ---------------------------------------------------------- Britain's Torotrak, designer of an innovative automobile gear box, posted a first-half pre-tax loss of 4.18 million pounds, compared to 4.9 million in the same period last year, Reuters reports this week. Turnover in the six months to end-September was 82,000 pounds, down from 400,000 pounds. "We remain focused and on track to achieve our key objectives and we have both the right team of talented professionals and the funding in place to deliver them," Chairman David Wallis said in the results statement. TRAFALGAR ASSET: Liquidation Proceedings ----------------------------------------- Company Name: Trafalgar Asset Management Ltd Previous Name: Trafalgar Fund Management Ltd Company No: 3538982 Com. Business: Investment Fund Management Appointed on: 16/10/00 Type: Creditors Appointed by: Creditors Liquidators: Kian Seng Tan IPno: 8032 Firm Name: K S Tan & Co Address: 10-12 New College Parade Finchley Road City Postcode: London NW3 5EP TRANSIAN HAULAGE: Liquidation Proceedings ------------------------------------------ Company Name: Transian Haulage Contractors Ltd Previous Name: Ipsofactual Ltd Company No: 2957732 Com. Business: Haulier Appointed on: 16/10/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Donald P Gendall IPno: 8615 Derrick A Smith 5022 Firm Name: Oury Clark Address: Cippneham Court Cippneham Lane City Postcode: Slough SL1 5AT WENTVALE LTD: Liquidation Proceedings -------------------------------------- Company Name: Wentvale Ltd Company No: IR Appointed on: 16/10/00 Type: Members Appointed by: Creditors Liquidators: Derry Russell IPno: Firm Name: Russell McCann & Co Address: Merchants Court 24 Merchants Quay City Postcode: Dublin 8 WORLD TRADE: Liquidation Proceedings ------------------------------------- Company Name: World Trade Services Ltd Company No: 2716519 Com. Business: Provision of Administration Serv Appointed on: 16/10/00 Type: Members Appointed by: Members Liquidators: Alan Lovett IPno: 6476 Firm Name: Ernst & Young Address: Apex Plaza Forbury Road City Postcode: Reading RG1 1YE 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 * * *