/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/001226.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 Tuesday, December 26, 2000, Vol. 1, No. 162 Headlines E S T O N I A OPTIVA BANK: EBRD to Open 10 Million Euro Loan F R A N C E AXA: Members 'Have No Rights' to Orphan Assets AXA: Retains Control of 'Orphan Assets' ELF ANTARGAZ: Totalfinaelf Sells Unit to BNP-Led Consortium PERNOD: Disposals to Offset Debt and Pay for Seagram Purchase G R E E C E OLYMPIC AIRWAYS: Cyprus Airways Shows Interest in Stake L A T V I A LATVIJAS KUGNIECIBA: Privatization Terms Accepted R U S S I A MEDIA-MOST: NTV Accord Remains Unsettled NTV: Government to Shut Station U N I T E D K I N G D O M BELFAST ALUMINIUM: Liquidation Proceedings BRISTOL INTERNATIONAL: FirstGroup Sells Airport Stake CANNONS: Fitness Group Puts Up 'For Sale' Sign as Shares Fail CROSSFIELD ACCIDENT: Liquidation Proceedings DARLOWS: Estate Agency Chain Goes into Receivership EQUITABLE LIFE: Eight to Resign in Equitable Fallout FILM COMMISSION: Liquidation Proceedings GLOBAL ENTERTAINMENT: Liquidation Proceedings GUMBUSTER MANUFACTURING: Liquidation Proceedings HEPWORTH: Falls to Germany's Vaillant for 692 Million Pounds JCB: Commission Fines $36 Million for 'Fixing' Sales LASMO: Eni in 2.7 Billion Pounds Cash Deal MODELWAYS LTD: Liquidation Proceedings NISSAN (UK): Possible EC Aid Package for Micra Production SCOTTISH RADIO: Faces Takeover Approaches TOTTENHAM HOTSPUR: Sir Alan Sugar Close to Selling Stake ULSTER ALUMINIUM: Liquidation Proceedings VAUXHALL: Car Workers Plan Europe-Wide Protest Over Closure VAUXHALL: Byers Promises to Help Redundant Workers VOSPER THORNEYCROFT: Shipyard Cuts 650 Jobs and Blames MoD ============= E S T O N I A ============= OPTIVA BANK: EBRD to Open 10 Million Euro Loan ---------------------------------------------- Estonia's Optiva Bank will get a 10 million euro (USD 8.9 mln) loan from the European Bank for Reconstruction and Development (EBRD) for the promotion of small and medium scale enterprise in Estonia, BNS & Euromoney reported last week. The interest on the credit line is 6-month EURIBOR+1.5 percent. In the framework of the Phase program financing is also provided to a one-year technical assistance that will ensure the working out and effective implementation of the loan program for small and medium scale enterprise. The parties will sign the contract of the credit line on Wednesday. =========== F R A N C E =========== AXA: Members 'Have No Rights' to Orphan Assets ---------------------------------------------- The French insurance giant Axa defended plans to give less than half of its orphan assets estate to policyholders, saying that they have no claim on the 1.7bn pounds fund. The company, which has been forced to put its case to the High Court, has proposed to distribute about 400 pounds each to policyholders in return for them surrendering any future rights to the orphan assets, The Independent reported last week. Axa's proposals would give about 30 percent of the surplus fund to policyholders, with the rest going to shareholders. Axa told the court last week that it was under no obligation to hand out any of the fund to policyholders. Company barrister David Richards QC said policyholders did not have a claim because they did not expect to receive a cut of the fund when they took out an Axa policy. He said this view was supported by Michael Arnold, the appointed independent actuary. The case may set a precedent for the distribution of 20bn pounds locked in orphan assets in the UK. Axa has been challenged by the Consumers Association, which says Axa ought to give 90 percent of its orphaned assets to policyholders, in accordance with a 1995 government report. Axa denied that the report was relevant to its proposal. The DTI report deals with a straightforward split of the with- profits fund. In contrast Axa plans to pay some money into policyholders' funds and would additionally hand out about 400 pounds in cash. The insurers said the cash payment meant that the DTI guidance did not apply. Axa policyholders, who will give submissions in court, disagree. One said last night: "I believe that it is a reasonable expectation that policyholders have a claim on the orphan assets fund and that 90 percent of it should go to us." AXA: Retains Control of 'Orphan Assets' --------------------------------------- The High Court has given life assurance firm Axa the right to retain control of 1.7 billion pounds of "orphan assets" for future expansion of its business, rather than distributing the money to its policyholders, Ananova reported last week. At the end of a four-day hearing, Mr Justice Evans-Lombe said he had reached the "clear conclusion" that he should sanction Axa's scheme. Nothing he had heard in argument on behalf of more than 1,400 objecting policyholders had led him to disagree with the views of an independent actuary and the Financial Services Authority, which both backed the proposals. The judge said he would give full reasons for his decision at a later date. ELF ANTARGAZ: Totalfinaelf Sells Unit to BNP-Led Consortium ----------------------------------------------------------- AFX News reported last week that TotalFinaElf said it is to sell its Elf Antargaz unit to a consortium headed by the PAI Europe III mutual fund of BNP Paribas unit Paribas Affaires Industrielles. It said the deal completes the asset disposal commitments required by the European Commission as a condition of its approval of the TotalFinaElf merger. The consortium is 70 percent owned by PAI Europe III, with liquefied petroleum gas distributor UGI Corp holding 20 percent and Italy's Medit 10 percent. PERNOD: Disposals to Offset Debt and Pay for Seagram Purchase ------------------------------------------------------------- Pernod Ricard is preparing to sell at least E1bn ($890m) worth of assets to offset some of the debt it will take on following its joint acquisition of Seagram's drinks business. The French company indicated that Orangina-Pampryl, its soft drinks unit, BWG, an Irish retail distributor, and SIAS, a fruit processing unit, would be sold soon, Financial Times reported last week. At a later stage, Pernod's 1.3 percent stake in Societe Generale, the French bank, is also likely to be sold. The Seagram acquisition will increase Pernod's debt fivefold to about $5billion. However, Patrick Ricard, chairman, said divestments as well as a planned convertible bond issue should offset concerns about the increased debt. He said: "We have the capacity to reduce our debt pretty rapidly. In four or five years' time, we will be totally at ease." Pernod also unveiled a refinancing plan for its debt and said it would shortly issue a convertible bond worth up to E500m. Mr Ricard said Pernod and Diageo planned to sell labels such as Four Roses, a bourbon, and Sandeman port, which were part of the Seagram business, FT noted. =========== G R E E C E =========== OLYMPIC AIRWAYS: Cyprus Airways Shows Interest in Stake -------------------------------------------------------- Cyprus Airways, the national carrier of Cyprus, has indicated that it is interested in acquiring a stake in Olympic Airways, a struggling Greek carrier slated for privatization, M2 Communications reported last week. Cyprus Airways has apparently lodged an expression of interest in conjunction with a group of other investors, but the composition of the group has not been made public. A spokesperson for the carrier denied local media reports that Cyprus Airways had lodged a full bid, stating that the expression of interest did not involve any financial commitment according to The Associated Press. Cyprus Airways will only move forward with a bid if its expression of interest is approved by Credit Suisse First Boston, which is handling Olympic Airways' privatization on behalf of the Greek government. =========== L A T V I A =========== LATVIJAS KUGNIECIBA: Privatization Terms Accepted ------------------------------------------------- The Latvian Privatization Agency (LPA) board accepted terms for privatization of the state-owned Latvijas Kugnieciba (Latvian Shipping Co., LASCO), LPA administrative service head Talis Linkaits reported to BNS. He said that now LASCO privatization terms will be sent out to the LPA council members and the agency's council will review the document at an emergency meeting. The LPA board will adopt the final decision in the matter. According to Linkaits, LASCO privatization terms will be more elaborate that those earlier approved by the government. The document will require companies willing to take part in LASCO privatization to submit their applications by 12:00 a.m. on Jan. 25, 2001. The Cabinet of Ministers will approve the list of bidders, who will be able to continue negotiations about privatizing the shipping company. The selected bidders will be required to sign a confidentiality agreement and deposit 5,000 US dollars in order to receive the package of LASCO privatization documents. Eligible bidders must have a turnover of at least 191 million US dollars in the last fiscal year, which should not be any earlier than 1999. The Latvian government on Dec. 12 supported the LASCO privatization terms under which 68 percent of the company's registered capital or 136 million shares will be sold to a strategic investor. The privatization terms also lay down several main requirements for the shipping company's privatization. Among other things, after the privatization the company has to remain registered in Latvia and its administration also has to be seated in Latvia, BNS noted. =========== R U S S I A =========== MEDIA-MOST: NTV Accord Remains Unsettled ----------------------------------------- An agreement among Gazprom-Media, Media-MOST and Deutsche Bank on selling stock of the NTV television company was not signed on time, Gazprom-Media General Director Alfred Koch has told Itar- Tass. It was planned to sign the tripartite accord by December 18 in compliance with an agreement on settling the Media-MOST debt that was signed on November 17. Itar-Tass noted last week that the draft accord said that 19 or 25 percent plus one share of the NTV television company would be sold to Western investors via Deutsche Bank. Deutsche Bank said it was impossible to entrust Media-MOST with the right to vote NTV stock by proxy, and Media-MOST refused to transfer the stock ownership to Deutsche Bank within two working days as it was stipulated by the agreement. Koch said he "is not prone to dramatize the situation." He noted that Gazprom-Media will abide by the accord and offer Deutsche Bank to sign a bilateral agreement on selling the NTV stock, which will secure the interests of all sides, among them Media- MOST. Meanwhile, Gazprom-Media did not confirm the information that the company was planning to drop the action about Gusinsky's forced implementation of the July 20 accord on moving the Media- Most stock. The Zamoskvoretsky court of Moscow will hold hearings on the lawsuit. NTV: Government to Shut Station ------------------------------- The Moscow government plans to shut down Russia's largest private TV network, owned by jailed media magnate Vladimir Gusinsky, the network's director said. ``This plan exists,'' said Yevgeny Kiselyov, head of NTV television, adding that the shutdown would come on New Year's Eve. ``The only thing that I don't know is if this plan comes directly from President Vladimir Putin or from somebody close to him.'' Gusinsky, head of the struggling Media- Most empire, was arrested in southern Spain last week on a warrant for fraud issued by Moscow. He is being held in a jail outside Madrid awaiting a ruling on a request for bail. Moscow has asked for his extradition, AP News reported last week. NTV, flagship of Media-Most, is the only one of Russia's three major networks not government-owned. Kiselyov, appearing at a press conference with four journalists who work for news outlets owned by Media-Most, urged Spanish authorities to release Gusinsky on bail. The Russian journalists said they sent letters to the Spanish government and the Spanish judge in the case insisting that Gusinksy is a victim of political persecution because of his criticism of the Kremlin. The Russian government denies the accusations, saying it supports media freedom and is trying to enforce financial laws and end impunity enjoyed by business barons when Boris Yeltsin was president. Russian tax authorities filed lawsuits demanding the liquidation and dissolution of Media Most and NTV television for insolvency for alleged tax evasion. Moscow prosecutors allege that Gusinsky overstated Media-Most's assets to win $300 million in loan guarantees in 1996 from the state-owned natural gas monopoly Gazprom. Prosecutors say Media-Most was bankrupt at the time, AP News noted. =========================== U N I T E D K I N G D O M =========================== BELFAST ALUMINIUM: Liquidation Proceedings ------------------------------------------- Company Name: Belfast Aluminium Ltd Company No: NI5320 Com. Business: Dormant Appointed on: 16/11/00 Type: Members Appointed by: Members Liquidators: Gregg Sterritt IPno: Firm Name: McClure Watters Address: Thomas House 14/16 James Street South City Postcode: Belfast BT2 7GA BRISTOL INTERNATIONAL: FirstGroup Sells Airport Stake ----------------------------------------------------- Bristol International Airport is being sold in a deal worth around 234 million pounds. It is currently owned jointly by the transport company FirstGroup, with 51 percent of the shares, and Bristol City Council. FirstGroup said it was selling its holding because it had been unable to build up a portfolio of regional airports, The Independent reported last week. The new owner is a joint venture involving Spanish construction group Ferrovial and Australian investment bank Macquarie. FirstGroup, which paid 41 million pounds for its majority shareholding in December 1997 and invested a further 37 million pounds in a new terminal, will receive 101 million pounds. The council receives 97 million pounds. CANNONS: Fitness Group Puts Up 'For Sale' Sign as Shares Fail ------------------------------------------------------------- Cannons, the fitness operator that owns the upmarket Harbour Club in Chelsea, London, in effect put itself up for sale last week, citing frustration at the under performance of the group's share price. The company said it was conducting a strategic review of all the available options, including discussions with third parties and other corporate initiatives. The board is expected to make public its conclusions in February, when it unveils its preliminary results for the year ended 30 September, The Independent noted last week. Cannons' shares on Thursday closed up 15p at 128.5p. They have fallen as much as 45 percent since hitting their year high of 201.5p in January. Cannons is being advised by Close Brothers Corporate Finance, the team that has also been appointed to find a buyer for Hamley's, the UK's biggest toy shop. The health club group is headed by Harm Tegelaars, its Dutch chief executive. It runs 37 outlets in the UK and one in the Netherlands. Cannons shares have come under the cosh, despite its strong trading record, on disappointment that it did not buy the Esporta chain when it was demerged from Michael Grade's First Leisure last year. The company has also faced criticism for failing to roll out its Harbour Club format. CROSSFIELD ACCIDENT: Liquidation Proceedings --------------------------------------------- Company Name: Crossfield Accident Management Ltd Company No: 3413743 Com. Business: Legal Activities & Consultancy Appointed on: 16/11/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Derek L Woolley IPno: 6047 John Russell 5544 Firm Name: Poppleton & Appleby Address: 93 Queen Street City Postcode: Sheffield S1 1WF DARLOWS: Estate Agency Chain Goes into Receivership --------------------------------------------------- About 280 jobs are hanging in the balance after West Country- based estate agency chain Darlows went into receivership. KPMG Corporate Recovery is seeking buyers for 39 offices, which were closed after the residential and commercial agency collapsed. Ananova reported last week that a further 45 offices have already been sold to the Spicerhaart Group, which will deal with customer queries from the other offices for the time being. The majority of Darlows offices are based in south Wales and the west of England. The company employed a total of 700 full and part-time staff. Richard Hill, of KPMG, said discussions with other estate agents were taking place in an effort to save the closed offices. He added: "We are delighted to have secured a sale to Spicerhaart which has preserved approximately half the jobs. "We continue to seek buyers for the remaining Darlows' branches either on an individual basis or groups, and are in urgent discussions with other agents." EQUITABLE LIFE: Eight to Resign in Equitable Fallout ----------------------------------------------------- The president and seven non-executive directors of insurer Equitable Life are to resign en masse following fierce criticism of the company's actions from policyholders and MPs. The Guardian reported last week that the directors quitting include Jennie Page, the former chief executive of the Millennium Dome, who resigned from that position in February, and several senior City figures. The announcement came as it emerged that the company's directors, City regulators and others who have played a role in the crisis look set to go before a parliamentary committee of MPs. The company said the directors had decided the board should be restructured," and the eight current non-executive directors, including John Sclater, the president, would all step down once suitable replacements had been found. Their departures follow the resignation on December 8 of Alan Nash, Equitable's chief executive, who was replaced by Chris Headdon, the former finance director. Mr Headdon is unaffected by moves, as is the only other executive director, head of investment David Thomas. An Equitable spokesman said the changes came as a result of "listening to what policyholders have said". Those directors leaving in addition to Mr Sclater and Ms Page include Peter Davis, former director general of the National Lottery, and vice-president Peter Sedgwick, deputy chairman of Schroders. The Guardian noted that none of the directors will receive pay-offs. FILM COMMISSION: Liquidation Proceedings ----------------------------------------- Company Name: Film Commission of the UK Ltd - The Company No: 2663119 Com. Business: Promotion of British Film Ind Appointed on: 16/11/00 Type: Members Appointed by: Members Liquidators: Peter J Dickerson IPno: 1277 Peter J Souster 2588 Firm Name: Baker Tilly Address: 2 Bloomsbury Street City Postcode: London WC1B 3ST GLOBAL ENTERTAINMENT: Liquidation Proceedings ---------------------------------------------- Company Name: Global Entertainment Development Ltd Company No: 3561564 Appointed on: 16/11/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Alex Kachani IPno: 5780 Firm Name: Crawfords Address: Stanton House 41 Blackfriars Road Salford City Postcode: Manchester M3 7DB GUMBUSTER MANUFACTURING: Liquidation Proceedings ------------------------------------------------- Company Name: Gumbuster Manufacturing Ltd Company No: IR Appointed on: 16/11/00 Type: Members Appointed by: Members Liquidators: James Stafford IPno: Firm Name: Friel Stafford Address: 13 Fitzwilliam Square City Postcode: Dublin 2 HEPWORTH: Falls to Germany's Vaillant for 692 Million Pounds ------------------------------------------------------------ Hepworth, a UK supplier of boilers and radiators, became the latest British firm to cede its independence to a German rival, as it unveiled a 692m pounds takeover by the privately held Vaillant. Hepworth agreed to the deal, which values the company at 285p a share, after failing in its own attempts at driving consolidation within the European heating sector, including an approach to Vaillant. In November the UK group admitted it had received takeover approaches from more than one party, The Independent reported last week. Jeremy Lancaster, chairman of Hepworth, said: "While it is sad to see the company lose its independence, the board could not ignore the price that Vaillant has offered and the strong commercial fit between the two businesses." Shares in the UK group closed up 27.5p at 280.5p. It is not expected that the deal will result in significant job losses among Hepworth's 5,000-strong staff, although the company's non-core building materials unit is thought to have been earmarked for disposal. The agreement gives Vaillant access to Hepworth's Glow-worm and Saunier-Duval brands, creating one of the biggest European manufacturers of domestic gas heating equipment. Hepworth's chief executive, Jean-Fran?ois Chene, will join the enlarged group as chief executive, while other directors, including Malcolm Heald, the finance director, will leave the company, The Independent noted. JCB: Commission Fines $36 Million for 'Fixing' Sales ---------------------------------------------------- JCB, one of Europe's leading makers of construction equipment, was fined E40m ($36m) by the European Commission for a breach of competition rules, in one of the toughest penalties imposed by Brussels on a single company, Financial Times reported last week. The fine represents an extraordinary nemesis for Sir Anthony Bamford, JCB's chairman and part-owner, who for 20 years has been an implacable critic of what he sees as undue interference by the commission in UK affairs. The commission imposed the fine on the company for restricting sales by its distributors outside their allotted areas in the UK, France, Italy and Ireland. The restrictions had been used to stop customers buying machines at lower prices in other countries. JCB, which had sales of 833m pounds ($1.22bn) in 1999, is a rare UK success story in the world's $80bn-a-year construction machine industry. Its rivals include Caterpillar and CNH of the US and Sweden's Volvo. Although 60 per cent of JCB's sales are in the EU, Sir Anthony has vowed never to open a plant in continental Europe because of what he sees as over-rigid labor regulations, instead opting to put JCB's first non-UK factory in the US. LASMO: Eni in 2.7 Billion Pounds Cash Deal ------------------------------------------ Lasmo, the oil and gas independent which last month agreed to be taken over by Amerada Hess of the United States, announced a better offer from Eni, the Italian energy group. Eni offered 200p a share, or 2.7bn pounds, in cash, easily trumping Amerada's 180p a share cash and shares offer worth 2.4bn pounds. Lasmo, which also comes with net debt of 600m pounds, switched its recommendation to the Eni bid, which has the support of 25 percent of Lasmo shareholders, The Independent reported last week. The American company surrendered. "Amerada Hess does not intend to revise the terms of its cash and stock offer for Lasmo," it announced. Eni moved to take a position, buying 28 percent of Lasmo in the market, as a massive 595 million shares changed hands Thursday last week. Lasmo announced earlier this year that it wanted to sell some assets, kicking off a process that led to the two bids for the entire company, first from Amerada on 8 November. The latest offer came at a 42 per cent premium to the Lasmo share price before the Amerada approach. Amerada's offer has been hit by technical delays and the offer documents only went out on 13 December. Paul Murray, Lasmo's finance director, said: "We first talked to Eni earlier this year about assets disposals. Eni has been seen, for some time, as the most likely bidder for Lasmo or Enterprise Oil, the only other remaining large UK independent. With the high oil price this year, companies in the sector are awash with cash. Eni's chief financial offer, Marco Mangiagalli, said that it was considering a bid for Lasmo before the Amerada deal was announced. MODELWAYS LTD: Liquidation Proceedings --------------------------------------- Company Name: Modelways Ltd Company No: 0805428 Com. Business: Investment Co Appointed on: 16/11/00 Type: Creditors Appointed by: Creditors and Members Liquidators: D F Wilson IPno: 6074 J N Pitts 7851 Firm Name: Wilson Pitts Address: Devonshire House 38 York Place City Postcode: Leeds LS1 2ED NISSAN (UK): Possible EC Aid Package for Micra Production --------------------------------------------------------- Nissan has described as speculation a report that the European Commission is expect to approve an aid package which should help its Sunderland plant win production of the next generation Micra supermini. The Financial Times noted that the commission is expected to approve a 40 million pounds government aid package for the plant, giving a much-needed boost to car making in Britain. Nissan, which produces the current version of the Micra at Sunderland, had been expected to shift production of the next generation Micra to France, but the commission's approval of the aid payment should help Sunderland retain the operation. It adds that the aid approval is set to be rubber-stamped at the EU executive's weekly meeting on January 17 or 24. Ananova noted last week that Andrew Horne, corporate affairs manager for Nissan (UK) said commented: "This is pure speculation. We are not expecting a decision about either the grant or whether the new Micra will be produced in Sunderland until some time in January." SCOTTISH RADIO: Faces Takeover Approaches ----------------------------------------- Scottish Radio Holdings revealed having received unsolicited takeover approaches from several possible bidders. The approaches follow the dawn raid earlier this month that saw SMG, formerly known as Scottish Media Group, begin building a stake in SRH that has now risen to 20.8 percent. The target company said: "The board of SRH confirms that it has received approaches from a number of parties and is in discussions which may or may not lead to an offer for the company." SRH stock jumped 107p to 1,710p. That padded a 24 percent rise on 8 December when SMG entered the market to snap up a 14.9 per cent holding for 70m pounds. The bid battle unfolding over SRH comes as the regulatory landscape for radio ownership is under review. The Government White Paper released last week proposes to consider changing the complicated points system governing radio license ownership. TOTTENHAM HOTSPUR: Sir Alan Sugar Close to Selling Stake -------------------------------------------------------- ENIC is close to finalizing a deal with Sir Alan Sugar to purchase his 27 percent stake in Tottenham Hotspur football club. Market sources say the leisure, sport and media group is likely to make a stock exchange statement, but it could be delayed until Thursday next week. ENIC will pay 80 pence a share for the 27 percent stake, or a total of 22 million pounds, and secure a place on the Tottenham Hotspur board for its Spurs supporting chief executive Daniel Levy, Ananova noted last week. ENIC, which already has a near 3 percent shareholding in Tottenham Hotspur, does not want to acquire Mr Sugar's entire 40 percent stake, as this would trigger an automatic bid for the balance of the shares. Two years ago talks between Mr Sugar and ENIC collapsed when the two parties could not agree on a price. ENIC reportedly offered 80 pence a share, but failed to impress Mr Sugar. Mr Sugar confirmed he is "actively seeking" a buyer for his 40 percent controlling interest in Tottenham Hotspur and is "in negotiation with various parties". ENIC already holds stakes in five football clubs - Glasgow Rangers, Slavia Prague, Vicenza, FC Basel, and AEK Athens. Buying more than 30 percent of Tottenham Hotspur could cause regulatory concerns. ULSTER ALUMINIUM: Liquidation Proceedings ------------------------------------------ Company Name: Ulster Aluminium Stockists Ltd Company No: NI6678 Com. Business: Dormant Appointed on: 16/11/00 Type: Members Appointed by: Members Liquidators: Gregg Sterritt IPno: Firm Name: McClure Watters Address: Thomas House 14/16 James Street South City Postcode: Belfast BT2 7GA VAUXHALL: Car Workers Plan Europe-Wide Protest Over Closure ----------------------------------------------------------- General Motors workers across Europe will stage a day of protest, including industrial action next month, against the decision to end production at Vauxhall's Luton plant. The action was agreed at a meeting in Germany of union officials on the company's European Works Council. They were angry that General Motors did not consult the council or with UK unions before announcing last week that production of the Vectra will end with the loss of 2,000 jobs. Union officials said the day of protest on January 25 would include industrial action, although details are yet to be worked out, Ananova noted last week. VAUXHALL: Byers Promises to Help Redundant Workers -------------------------------------------------- Union officials from the Vauxhall car plant have held a private meeting with Trade and Industry Secretary Stephen Byers to discuss the 2,000 redundancies at the plant, Ananova reported last week. Mr Byers set out the Government's plans to help those affected find new work or retrain for other jobs. Meanwhile national union leaders are finalizing plans to fly to Zurich next month to meet European officials of Vauxhall's parent firm General Motors to urge a rethink of the decision to end car production in Luton. VOSPER THORNEYCROFT: Shipyard Cuts 650 Jobs and Blames MoD ---------------------------------------------------------- A shipyard in Southampton is to axe up to 650 jobs because of further delays to a Ministry of Defense contract, Ananova reported last week. Vosper Thorneycroft said it would be forced to start a redundancy program at its Woolston yard. Chief executive Martin Jay said he deeply regretted having to make highly skilled workers redundant. Up to 150 jobs will go in January and a further 500 will be cut next year unless new work is won. 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 * * *