/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/001228.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 Thursday, December 28, 2000, Vol. 1, No. 164 Headlines C Z E C H R E P U B L I C CESKA POJISTOVNA: Allianz in Talks to Buy 30 Percent Stake F R A N C E EUROPEAN AERONAUTIC: To Cut 950 Jobs DASSAULT SYSTEMES: Government to Sell Stake G E R M A N Y EUROPEAN AERONAUTIC: To Cut 950 Jobs BMW: Expects MG Rover to Repay 500 Million Pounds N O R W A Y KVAERNER ENERGY: Closure Hits 200 Jobs R U S S I A MEDIA-MOST: Gusinsky Freed on Bail Pending Extradition Decision MEDIA-MOST: Russian Court Dismisses Case Against Gusinsky U N I T E D K I N G D O M CI4NET.COM: Struggling Net Tycoon Seeks Cash CHANNEL TUNNEL FREIGHT: Fines Threaten Tunnel Freight Services CLAVERHAM: UTC Acquires Aerospace Group CORUS: 'Cool' About Government Rescue Proposals EQUITABLE LIFE: Sells Subsidiary for 150 Million Pounds FASHION CAF: Owner Accused of Fraud J SAINSBURY'S HOMEBASE: Bought by Schroder Ventures MG ROVER: To Cut Losses MILLENIUM DOME: Rush to Sell the Dome is Political PROFESSIONAL VIDEO: Fraud Blamed for Collapse of Video Supplier ROBAN SERVICE: Liquidation Proceedings ROPROPERTY VENTUAL: Liquidation Proceedings SCOTTISH RADIO: Publisher Express Interest on Radio Stations STAG EUROPEAN: Liquidation Proceedings STAG TRANSPORT: Liquidation Proceedings STONETECH EUROPE: Liquidation Proceedings TAOTALK: TaoTalk Faces Financial Crisis TIMER TERMINAL: Liquidation Proceedings =========================== C Z E C H R E P U B L I C =========================== CESKA POJISTOVNA: Allianz in Talks to Buy 30 Percent Stake ---------------------------------------------------------- Allianz, the German insurer, is in talks with the Czech government on buying the state's 30 percent stake in the country's biggest insurance group, Ceska Pojistovna. The Munich-based group confirmed it had expressed an interest in the state's holding. Talks were continuing, Financial Times noted this week. Pojistovna, which has a 43 percent share of the Czech market, is majority controlled by PPF, a Prague-based investment fund, and Cespo, a Dutch group. Together they hold around 50 percent. This week the Prague government rejected a bid of roughly $77m for its stake from PPF and Cespo and indicated it might consider rival offers. However, sources close to the talks said the government was still negotiating with PPF-Cespo and could yet reach an agreement with them by the end of the year. Allianz has a 6 percent share of the Czech market through its subsidiary Allianz Pojistovna. =========== F R A N C E =========== EUROPEAN AERONAUTIC: To Cut 950 Jobs ------------------------------------- European Aeronautic Defense and Space Company will lay off 1,500 and consider site closures as part of a reorganization intended to stop losses in its defense businesses, Financial Times reported last week. The French/German/Spanish group said it would have to cut about 950 employees in France and 550 in Germany because of stagnant or even shrinking defense expenditures in the German and French markets. The job losses came on top of 1,500 departures over the past 12 months. In addition, it was considering outsourcing up to 700 jobs in the defense electronics arm. The group's defense and civil systems division accounted for E3.8bn ($3.5bn) or 16 percent of EADS' E22.5bn total revenues in 1999, and the group's constituent companies then employed about 87,000 people. The division is to be restructured into four business units which will go across borders: missiles, defense electronics, military services out sources by governments, and telecommunications. Thomas Enders, who heads the division, said it was too dependent on France and Germany. "We need to expand our international business significantly and we will do this through acquisitions, joint ventures and other means." Experts said the restructuring underlined the challenges ahead for EADS in the defense area, where it is a much smaller player than its British rival BAE Systems, as well as the US groups Boeing, Lockheed Martin and Raytheon. All these groups cut thousands of jobs after a wave of mergers of which the creation of EADS was the last, FT noted. DASSAULT SYSTEMES: Government to Sell Stake ------------------------------------------- Dassault Systemes, the French software developer, expects the French government to sell its 16 percent stake in the company in the second half of 2001, Financial Times reported last week. Bernard Charles, chief executive, said in an interview that a government divestment would be a nice evolution for the free float of the company since it would bring it just below majority control, up from 33 per cent at present. Mr Charles said he had regular contact with the finance ministry regarding the stake, but stressed the final decision was in the hands of the government. He said a sale was unlikely before the second part of next year. Dassault creates design software for leading automotive companies such as DaimlerChrysler and for most of the aerospace industry. ============= G E R M A N Y ============= EUROPEAN AERONAUTIC: To Cut 950 Jobs ------------------------------------- European Aeronautic Defense and Space Company will lay off 1,500 and consider site closures as part of a reorganization intended to stop losses in its defense businesses, Financial Times reported last week. The French/German/Spanish group said it would have to cut about 950 employees in France and 550 in Germany because of stagnant or even shrinking defense expenditures in the German and French markets. The job losses came on top of 1,500 departures over the past 12 months. In addition, it was considering outsourcing up to 700 jobs in the defense electronics arm. The group's defense and civil systems division accounted for E3.8bn ($3.5bn) or 16 percent of EADS' E22.5bn total revenues in 1999, and the group's constituent companies then employed about 87,000 people. The division is to be restructured into four business units which will go across borders: missiles, defense electronics, military services out sources by governments, and telecommunications. Thomas Enders, who heads the division, said it was too dependent on France and Germany. "We need to expand our international business significantly and we will do this through acquisitions, joint ventures and other means." Experts said the restructuring underlined the challenges ahead for EADS in the defense area, where it is a much smaller player than its British rival BAE Systems, as well as the US groups Boeing, Lockheed Martin and Raytheon. All these groups cut thousands of jobs after a wave of mergers of which the creation of EADS was the last, FT noted. BMW: Expects MG Rover to Repay 500 Million Pounds ------------------------------------------------- BMW, the German carmaker which jettisoned Rover earlier this year, is expecting its former British subsidiary to repay a 500m pounds ($740m) working capital injection when it moves into profit. The carmaker, renamed MG Rover by its new owners, Financial Times reports this week. Until now, the 500m pounds injection had been regarded as a dowry by Rover executives to help revive the loss-making brand. Pressure from BMW for repayment of the injection money could divert any cash surplus from reinvestment in new products and tooling at its Longbridge plant near Birmingham, central England. Details of the repayment terms emerged as BMW confirmed that Ernst & Young, the professional services firm, had begun acting as arbitrator to finalize Rover's completion accounts. Industry observers said there were about 60 areas to be resolved before signing off the accounts. Analysts believe Rover could be seeking more than 150m pounds from BMW in order to ensure that the British carmaker achieves its 740m pounds net asset valuation, which was agreed at the time of BMW's withdrawal in May. Some supporters of Rover have urged the company to seek a substantially larger payment from BMW to cover liabilities for falling stock values, compensation claims from suppliers and l easing obligations. BMW and Rover declined to comment on the discussions or the arbitration process. Nevertheless, one senior German official said any additional payments to Rover would be fully covered by its E3.15bn ($2.86bn) provision announced earlier this year for the Rover disposal. As part of the deal, the group said Rover had signed a provision entitling BMW to repayment of its dowry. If and when Rover returns to profit, it is thought that repayments could be phased over a number of years, probably beginning in 2004. The company already claims to be generating cash and to have cut 500m pounds from its operating costs. =========== N O R W A Y =========== KVAERNER ENERGY: Closure Hits 200 Jobs -------------------------------------- Kvaerner Energy in Clydebank was to have closed its doors on Friday last week with the loss of 200 jobs, BBC News reported. The Anglo-Norwegian firm announced it was shutting down the plant in November after a buy-out plan by former managers collapsed. Enterprise Minister Wendy Alexander held last ditch talks with the company and unions in a desperate bid to save jobs. Kvaerner announced last year that it was pulling out of shipbuilding because of spiraling costs. Chief executive Kjell Almskog said the company was offloading operations in Clydebank and Govan with others in Norway, Germany and Finland. Immediately after the announcement, the UK Government formed a taskforce to try and find a buyer for the Govan yard. Earlier this year, the 200 manual workers voiced their opposition to any sale by holding a work-in. BBC News noted that tensions eased when Newco, a consortium of former managers, looked to have clinched a buy-out deal. However, the deal collapsed in November after the consortium failed to meet the conditions of the sale set by Kvaerner. =========== R U S S I A =========== MEDIA-MOST: Gusinsky Freed on Bail Pending Extradition Decision ---------------------------------------------------------------- Spokesman of the Media-Most company Dmitry Ostalsky has told Itar-Tass that Judge of the National court of Spain Baltasar Garzon ordered Russian media tycoon Vladimir Gusinsky be freed on 5.5 million U.S. dollar bail until investigators decide whether he should be extradited to Russia to face fraud charges. According to Ostalsky, the decision to free Gusinsky from the Spanish prison was made following his meeting with Judge Baltasar Garzon. Gusinsky is expected to be released as soon as the bail is transferred to an official account in Spain. Ostalsky expressed hope that the Spanish government's decision will be in Gusinsky's favour. Gusinsky, 48, was arrested last week at his villa in southern Spain on a warrant issued by Moscow. At the same time the Spanish judge ruled to place Gusinsky under house arrest pending a decision whether Spain will extradite him, Itar-Tass reported last week. MEDIA-MOST: Russian Court Dismisses Case Against Gusinsky ---------------------------------------------------------- A Moscow court dismissed a fraud case against Vladimir Gusinsky, boosting the vocal Kremlin critic in his battle against extradition from Spain. Russian prosecutors said they would appeal the decision before a 10-day deadline expires on January 3. They want Gusinsky to return from self- imposed exile to face serious fraud charges involving his Media-Most empire. Gusinsky and his supporters say criminal cases against the founder of NTV, Russia's only independent nationwide television network, are part of a Kremlin campaign to muzzle critics, Reuters reports this week. Gusinsky's lawyers welcomed Tuesday's decision but were cautious about its immediate impact. "This is an important decision that shows that the Gusinsky case is unfounded," his lawyer Pavel Astakhov said by telephone. "In fact, the court has recognized that Gusinsky is being investigated under a fabricated case", he said. Domingo Plazas, one of a team of lawyers defending the media magnate said Gusinsky himself was in good spirits, Reuters noted. =========================== U N I T E D K I N G D O M =========================== CI4NET.COM: Struggling Net Tycoon Seeks Cash --------------------------------------------- Kevin Leech's internet investment group is still struggling to secure a financial lifeline. The scale of the problems facing Leech's Ci4net.com has been underlined by the decision to appoint insolvency administrators to Media Ventures, the group's heavily loss-making magazine publishing business, The Sunday Times reports this week. Ci4net has been kept afloat by a loan from Leech and other bridging finance. The shares to slump from $101 (68.41 pounds) to just $1.25 on Friday. Quite apart from the paper loss Leech has suffered, this poses a problem because he used Ci4net shares to settle a 60m pounds debt - but with a guarantee that he would make good any shortfall should the value of the shares fall. Without a recovery in Ci4net's fortunes, Leech may have to raise up to 50m pounds to repay money borrowed from Milner Laboratories. Many of its staff have left since the recent appointment of Langley & Partners, a north London firm of insolvency practitioners, Sunday Times noted. CHANNEL TUNNEL FREIGHT: Fines Threaten Tunnel Freight Services -------------------------------------------------------------- Companies say the future of Channel Tunnel freight services is under threat from Government plans on fines for carrying illegal immigrants. The Home Office has sought consultation on moves to fine UK operators 2,000 pounds each for allowing illegal immigrants into the UK in freight trains, Ananova reports this week. The Rail Freight Group has told the Home Office that Channel Tunnel through-freight services could close if the plan goes through. The group says the problem has to be tackled in France but that French railway company SNCF has not agreed to participate in the scheme. RFG Chairman Lord Berkeley said: "There is a serious risk that the service could close as a result of these new measures. "The Government is pushing forward with plans to fine UK train operators for something over which they have no control. "Checks have to be done in France, and the only land available for rail freight there is controlled by SNCF. For road, the ferry and Tunnel operators do have land where these checks can be done." "The Government, having failed to engage the French authorities and SNCF in meaningful discussions, is seeking to fine UK train operators for its own failure. Lord Berkeley said that if the proposals had been implemented last year, rail freight company EWS would have been fined about 5 million pounds, Ananova noted. CLAVERHAM: UTC Acquires Aerospace Group --------------------------------------- United Technologies of the US, the aerospace and engineering group, has agreed to buy Claverham, a supplier of flight controls and actuation systems based near Bristol. Claverham, formerly known as Fairey Hydraulics, was the subject of a 55m pounds ($81m) management buyout financed by Candover Investments in 1998. The sale price to Hamilton Sundstrand, a subsidiary of United Technologies, was not disclosed, Financial Times reported last week. Claverham's 1999 sales were 41.6m pounds and the company employs 400 people. CORUS: 'Cool' About Government Rescue Proposals ----------------------------------------------- Corus, the Anglo-Dutch steel group, is to reconsider its new year restructuring, the MP heading an inquiry into the steel industry has admitted. Martin O'Neill, chairman of the Commons trade and industry committee, said that Corus had been "cool" towards the government's attempts to put forward a rescue package for two factories in Wales and Teesside that could be closed next year, Financial Times reports this week. The steel company is expected to announce thousands of redundancies in addition to a plant closure, following 4,500 job losses this year. The government's ability to subsidize the steel industry is curtailed by European regulations designed to ensure a level playing field. It can bargain only on side issues such as local business rates and reductions in the climate change levy. Rhodri Morgan, Wales's first minister, believes it is too early to give up discussions on a package of such aid for Corus. Corus is locked in discussions with the environment ministry over the climate change levy, but any concessions are likely to be dwarfed by the 226m pounds loss made in the first half of the year by Corus's UK carbon-steel business. Corus said that the prospect of a politically-led package would not alter its restructuring plans. "We have not said to them, this is what we would like from the government," said the steelmaker. "We have said to them that the UK steel industry is in difficulty because our customers are in difficulty because of the strength of the pound." Corus still employs 27,700 in the UK, but analysts have predicted up to 8,000 redundancies early next year, all of which are expected to be compulsory - in contrast to a series of voluntary lay-offs in recent years. Two unions are already making vague threats of industrial action, the Amalgamated Engineering and Electrical Union and the Iron and Steel Trades Confederation. The remaining 20,000 jobs will be as insecure as ever. Some industry insiders expect Corus in the long term to move production to eastern Europe where cheap labor and low costs are an even more significant factor than currency, FT noted. EQUITABLE LIFE: Sells Subsidiary for 150 Million Pounds ------------------------------------------------------------ Troubled mutual life assurance firm Equitable Life is to sell its Permanent Insurance subsidiary to rival Liverpool Victoria Friendly Society in a 150 million pounds cash deal. Permanent provides income protection, life assurance, critical illness and long-term care products in the UK. Its 225 staff, the majority of them based at its head office in Exeter, will continue in their jobs unchanged, Ananova reported last week. Equitable, the world's oldest insurer, closed its doors to new business earlier this month after Prudential pulled out of bid talks, leaving the London-based group with a potential 1.5 billion pounds liability to honor following its failed legal battle over guaranteed annuity rates. FASHION CAF: Owner Accused of Fraud ------------------------------------ The owner of the Fashion Cafe chain of restaurants, who used Claudia Schiffer, Elle Macpherson and Naomi Campbell to promote the name, has been charged with swindling them and other investors out of 7 million pounds. Tommaso Buti, 33, is awaiting extradition back to the US after fleeing to his native Italy where he has been arrested. He faces 20 years behind bars and a 15 million pounds fine if he is found guilty. Buti and his brother Francesco, 39, allegedly embezzled money from the restaurant chain to finance a champagne lifestyle, This Is London reported last week. They had properties across America and Europe and drove Ferraris and Porsches. The pair - Francesco is still being sought by Interpol - also face 35 charges of wire-tapping, 14 counts of transporting stolen property and one of money laundering. This Is London noted that after three years the popularity of the restaurants dwindled and debts began piling up. Investors and vendors lined up to sue Tommaso as his marriage crumbled. He denies all 51 charges. J SAINSBURY'S HOMEBASE: Bought by Schroder Ventures --------------------------------------------------- The protracted sale of J Sainsbury's Homebase was finally sewn up, in a deal which values the DIY chain at 969m pounds and will see ownership of the business divided between three separate companies, The Independent reported last week. Under the terms of the complex disposal agreement, Schroder Ventures, a private equity firm, will pay 491m pounds for the rump of the Homebase assets. Sainsbury's will then reinvest 31m pounds in Homebase to retain an 18 per cent stake. Kingfisher's B&Q, the UK's biggest home improvement company, will separately take control of 28 large non-trading development sites for a further 219m pounds in cash. In addition, some of Homebase's freehold properties, independently valued at 259m pounds, have been transferred to Sainsbury's and leased back to Schroder. Sainsbury's intends to dispose of these freehold properties over a period of time. The deal finally closes the curtain over sale negotiations which have been rumbling on since the summer. Sainsbury's entered exclusive talks with Schroder seven weeks ago. Sir Peter Davis, Sainsbury's chief executive, described the outcome of the auction as "the best of both worlds". He said: "We've got the bulk of the money out, while there will be further upside if Schroder decides to float the Homebase business." Charles Sherwood, a partner at Schroder Ventures, said Homebase was "a very floatable proposition". But he declined to give a timetable for a possible listing, adding that a future sale of the business to a larger group could also be considered. Schroder needs to find a replacement for Kate Swann, the Homebase managing director, who resigned at the beginning of this week to join Argos, the catalogue and shops business owned by Great Universal Stores. The transaction with Schroder will be satisfied with 416m pounds in cash and 75m pounds in vendor loan notes. MG ROVER: To Cut Losses ----------------------- MG Rover, the carmaker, is set to cut its losses from 824m pounds during 1999 to 120m pounds by the end of 2001, The Guardian reports yesterday. MILLENIUM DOME: Rush to Sell the Dome is Political --------------------------------------------------- Dome chief executive P-Y Gerbeau claims that its proposed sale to a technology park operator is "politically motivated" and being hurried through to serve government expedience, This Is London reported last week. "It is obvious the Government wished to get rid of the Dome as quickly as possible," he said of the 125 million pounds plan to sell it to Legacy Plc. He also hit out at ministers. "When I took on this job I did not anticipate such a level of government interference," he said. Legacy intends to strip out all the Dome's exhibition content and replace it with businesses working in e-commerce, biotechnology and telecommunications. M Gerbeau believes that, given time, the Dome could recover from the problems caused by its flawed business plan and become a profitable, privately-run theme park. He has made no secret of his desire to take it over and continue running it as a visitor attraction after 31 December. But he was warned against pursuing this by Dome chairman David James. M Gerbeau told the Financial Times that he plans to stay in London but will make a point of being out of the country when the exhibition zones are removed, something he could not bear to watch. He said he has worked 15 hours a day to try to turn around the Dome's fortunes and wants to stay in business in the UK because "London is where it is happening in Europe". He said it was difficult to do business in Paris because of stifling taxes and impractical labor laws. "Had the Dome been in Paris I would have achieved 10 percent of what I have done here," he said. M Gerbeau was warned off talks with the Experience Consortium, which wants to turn the Greenwich site into a 55,000-seat concert venue and entertainment centre. Legacy, headed by property developer John Bourne, has "preferred bidder status" from Deputy Prime Minister John Prescott, but has still to sign a deal, This Is London noted. PROFESSIONAL VIDEO: Fraud Blamed for Collapse of Video Supplier ---------------------------------------------------------------- Sunday Business Post reported last week that a GBP100,000 fraud has been blamed as contributing to the collapse of Professional Video, a supplier of broadcast and conference equipment, which was wound up last week with debts of GBP2.2 million. The company, which traded as PVL Fusion Group from Stillorgan in Dublin, leased a digital broadcast camera in July to a British man living in Holland. The man said he was using it to record an advert, but he failed to return the camera the following day. After reporting the theft to gardai, PVL's managing director, Jerry Kochanski, discovered that four broadcast equipment suppliers in Britain had been victims of similar thefts. Garda sources said they had identified the man, but did not expect to bring charges. At a creditors' meeting in Dublin last Tuesday, Kochanski described the theft as "a sophisticated fraud operated out of Amsterdam". He also blamed currency exchange rates for PVL's collapse. PVL's GBP1.3 million worth of assets were estimated to realize GBP327,000, leaving a deficit of GBP1.9 million. PVL installed and constructed broadcast television units and conference presentation systems. It represented leading equipment suppliers NEC, Avid and Panasonic and its clients included RTE, TG4, Microsoft and Intel. PVL had been in business for more than 20 years. The company owed GBP484,000 to Grizedale (PVL's landlord) and Transferry. Kochanski is a director of both companies. Kochanski said he invested about GBP316,000 in PVL in May to repay creditors. The Revenue Commissioners are owed GBP460,000. Other large creditors include NEC UK (GBP105,000), Avid (GBP82,000), Broadcast Elec (GBP73,000), Pharos Communications (GBP32,000) and Christie Digital Systems (GBP26,900). Several large creditors proposed James Stafford of Dublin firm Friel Stafford Chartered Accountants as liquidator, but PVL's nominee, William O'Riordan of PricewaterhouseCoopers, was appointed on proxies held by Kochanski, Sunday Business Post noted. ROBAN SERVICE: Liquidation Proceedings --------------------------------------- Company Name: Roban Services Ltd Company No: 2616687 Com. Business: Architecture Appointed on: 17/11/00 Type: Creditors Appointed by: Creditors and Members Liquidators: John Kelmanson IPno: 4866 Firm Name: Kelmanson Partnership Address: Avco House 6 Albert Road City Postcode: Barnet EN4 9SH ROPROPERTY VENTUAL: Liquidation Proceedings -------------------------------------------- Company Name: Roproperty Ventual Capital Managers Lt Previous Name: Rodamco Venture Capital Ltd Company No: 3573239 Com. Business: Investment Co Appointed on: 17/11/00 Type: Members Appointed by: Members Liquidators: Geoffrey S Kinlan IPno: 8268 Anthony Sanderson 4750 Firm Name: BDO Stoy Hayward Address: Prospect Place 85 Great North Road City Postcode: Hatfield AL9 5BS SCOTTISH RADIO: Publisher Express Interest on Radio Stations ------------------------------------------------------------- The Sunday Times reports this week that DC Thomson, the privately owned Dundee publisher whose titles include the Beano and Sunday Post, may be about to trigger a bidding battle for Scottish Radio Holdings (SRH). Thomson is thought to have up to 2 billion pounds in cash and borrowing power that could be unleashed on acquisitions. Last week it raised its stake in SRH from 6 percent to 8 percent, making it the fourth-biggest shareholder. Unlike other potential bidders for SRH, the Dundee company is not constrained by the cross-ownership rules as it has no radio or television interests. A bid from Thomson or any other source for SRH - which owns 16 radio stations including Radio Clyde and Radio Forth - is thought likely to trigger rival offers. SRH, which also owns an outdoor advertising business, has hired Goldman Sachs to advise it after receiving several unsolicited takeover approaches. Any bid battle could see the price soar above 20 pounds a share, giving SRH a market value of more than 650m pounds. Potential bidders could include Capital Radio and GWR, although both companies are likely to face regulatory difficulties. RTL, a Luxembourg radio group, is the latest name to be mentioned. Companies outside the European Union will not bid as they are prevented from owning more than 30 percent by present regulations. Scottish Media Group (SMG), the Glasgow television and newspaper company, has built up a 20.8 percent stake in SRH but also cannot raise its stake further. It could proceed with a full bid only if it was to dispose of its television interests, The Sunday Times noted. STAG EUROPEAN: Liquidation Proceedings --------------------------------------- Company Name: Stag European Express Ltd Company No: SC Appointed on: 17/11/00 Type: Creditors Appointed by: Creditors Liquidators: Maureen E Leslie IPno: 1186 Firm Name: HLB Kidsons Address: 23 Queen Street City Postcode: Edinburgh EH2 1JX STAG TRANSPORT: Liquidation Proceedings ---------------------------------------- Company Name: Stag Transport Services Ltd Company No: SC Appointed on: 17/11/00 Type: Creditors Appointed by: Creditors Liquidators: Maureen E Leslie IPno: 1186 Firm Name: HLB Kidsons Address: 23 Queen Street City Postcode: Edinburgh EH2 1JX STONETECH EUROPE: Liquidation Proceedings ------------------------------------------ Company Name: Stonetech Europe Ltd Company No: 3607786 Com. Business: Import/Dist Stone Products Appointed on: 17/11/00 Type: Creditors Appointed by: Creditors and Members Liquidators: David N Kaye IPno: 2194 Firm Name: Crawfords Address: Stanton House 41 Blackfriars Road Salford City Postcode: Manchester M3 7DB TAOTALK: TaoTalk Faces Financial Crisis ---------------------------------------- TaoTalk, a Sussex-based voice over IP technology company, has become the latest victim of the dotcom fallout, citing an invalid business plan. The company provided a free b2c online chat service, TaoChat allowed users to voice-message each other having downloaded a 80kb piece of software. However, according to the company, it was trying to move towards a b2b model, but ran out of funds before this move could be completed, Net Imperative reported last week. TaoTalk is 50 percent-owned by Ashpool with the remaining shares owned by Cube8.com plc and Gothem Limited. The TaoTalk directors have said they will try to find a buyer for the business. TIMER TERMINAL: Liquidation Proceedings ---------------------------------------- Company Name: Timber Terminal Ltd Company No: SC Appointed on: 17/11/00 Type: Creditors Appointed by: Creditors Liquidators: William D Robb IPno: 5199 Firm Name: W D Robb Address: Scott House 12/16 South Frederick Street City Postcode: Glasgow G1 1HJ 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 * * *