/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/010130.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, January 30, 2001, Vol. 2, No. 21 Headlines C Z E C H R E P U B L I C GLOBOPOLIS: Internet Portal Seeks Buyer as Funding Collapses KRALOVOPOLSKA: Engineering Group Files Settlement Proposal MILPA: Receiver Sells Bankrupt Dairy Assets ZELEZARNY A DRATOVNY: Creditors Vote on ZDB Settlement N E T H E R L A N D S LETSBUYIT.COM: Manages 31 Million Pounds Extra Funding N O R W A Y STEPSTONE ASA: Posts Losses of 91 Million Pounds P O L A N D DAEWOO-FSO: Government to Support Daewoo Factories Buyer HUTA LAZISKA: Energy Cost Causes Alloy Production Shutdown S P A I N ARESBANK: Future Depends on Size of Bail on Disputed Property U N I T E D K I N G D O M DRAGON COAL: Liquidation Proceedings EQUITABLE LIFE: Aussie Firm Pulls Out of Equitable Talks FASTRACK PARCELS: Receivers Post a Threat to Jobs HUNTINGDON LIFE: Stephens Group is Huntingdon Backer LANDIS AND GYR: Phone Manufacturer Shuts Down MAIN ASPECTS: Liquidation Proceedings MORLEY MEATS: Liquidation Proceedings NORTH DOWN: Liquidation Proceedings R & C PLANT: Liquidation Proceedings SCOTIA HOLDINGS: Rescue Financiers Fail to Contact Bondholders =========================== C Z E C H R E P U B L I C ============================ GLOBOPOLIS: Internet Portal Seeks Buyer as Funding Collapses ------------------------------------------------------------- Globopolis Inc., an online city guide to destinations throughout Central and Eastern Europe, may close this month unless a buyer can be found, The Wall Street Journal Europe reported in its January 26 edition. In June the Internet portal received half of a $6 million investment (6.5 million euros) from lead investor Advent International Corp. along with Kistler Associates and Czech firm Genesis Capital Ltd. Later in December, Advent refused to put up the rest of the funding. According to the firm's chief executive officer, there was no hint of it coming since there were no harsh phone calls. Advent told Globopolis to simply find a buyer. KRALOVOPOLSKA: Engineering Group Files Settlement Proposal ----------------------------------------------------------- Engineering group Kralovopolska has filed a new court settlement proposal with its creditors for its accumulated debt of Kc 4.2 billion, Czech A.M. said in its January 26 report. A February 2000 declaration of bankruptcy against Kralovopolska was overturned in September. MILPA: Receiver Sells Bankrupt Dairy Assets -------------------------------------------- The receiver of Milpa has signed a letter of intent to sell assets of the bankrupt dairy to fuel and lubricant producer Pavex Pardubice, Czech A.M. reported in its January 26 edition. The selling cost is estimated at Kc 35 to 60 million. ZELEZARNY A DRATOVNY: Creditors Vote on ZDB Settlement ------------------------------------------------------- The creditors of Zelezarny a Dratovny Bohumin voted on a court settlement with the metallurgy concern on Thursday, according to Czech A.M. The result was not yet disclosed but ZDB will face bankruptcy proceedings if the settlement is rejected. The company has a total debt of Kc 2.65 billion. ===================== N E T H E R L A N D S ===================== LETSBUYIT.COM: Manages 31 Million Pounds Extra Funding ------------------------------------------------------- Online retail portal Letsbuyit.com managed to secure on Wednesday around 31.6 million pounds in funding from existing investors including a German venture capital company, Kimvestor, according to Training Zone's January 26 edition. To recall, Letsbuyit.com announced in December that they needed to find around 50m pounds to survive, then a Dutch court granted the company a reprieve until January 24 to find 2.5 million pounds, which is required to pay off their debts. Kimvestor has committed to invest by the end of February. =========== N O R W A Y =========== STEPSTONE ASA: Posts Losses of 91 Million Pounds ------------------------------------------------- Online recruitment firm StepStone ASA saw losses jump last year to 91 million pounds, according to the January 27 edition of The Guardian. Chief executive Giles Clarke blamed the losses on a rapid expansion. He added that the costs of running the business in the last three months had declined significantly, where revenues rose to 19.8 million in the fourth quarter from 14.1 million in the third. As of December 1999, the company's long-term debt was NOK 2.10 million and total liabilities were NOK 161.98 million. =========== P O L A N D =========== DAEWOO-FSO: Government to Support Daewoo Factories Buyer --------------------------------------------------------- According to Deputy Economics Minister Edward Nowak, the Polish government is ready to assist a future investor, probably another South Korean carmaker, for the Polish factories of troubled Daweoo Motor, Agence France-Presse reported on January 25. "We appreciate General Motors very much, but it already enjoys tax privileges in Poland. Its purchase of Daewoo-FSO would create a monopoly on the local market," Nowak said. South Korean carmaker Hyundai has been seen as a possible buyer for Daewoo's Polish operations. In October of last year, Daewoo's Polish factories began a restructuring program to slash costs to keep plants operating. It announced the liquidation of a loss-making engine parts factory in southern Poland earlier this month. HUTA LAZISKA: Energy Cost Causes Alloy Production Shutdown ----------------------------------------------------------- According to Huta Laziska president Wladyslaw Presak, the ferro- alloy producer stopped production last week due to high energy costs. Poland A.M. said in its January 24 edition that HL should pay no more than DM35 per one-megawatt hour to remain profitable. However, it is currently paying twice that amount. HL is Poland's sole domestic producer of ferro-alloys, a vital supplement needed to produce cast iron and steel. ========= S P A I N ========= ARESBANK: Future Depends on Size of Bail on Disputed Property -------------------------------------------------------------- The Arab shareholders of Aresbank, particularly Kuwait Investment Company and Libyan Arab Bank, want the Hispano-Arab bank to remain in business and are prepared to subscribe to a Pta7 billion capital increase in order to increase its assets. However, the Spanish shareholders (BBVA, BSCH and Banco Atlantico) want Aresbank to be liquidated, the Expansion & World Reporter said in its January 26 edition. Chairman Luis Vano of Aresbank said that the bank's future is dependent on the value of bail that a Marbella judge will set for its dispute over property with Daylong Island. The bail is believed to be less than Pta13.3 billion. =========================== U N I T E D K I N G D O M =========================== DRAGON COAL: Liquidation Proceedings ------------------------------------- Company Name: Dragon Coal Corporation Ltd Company No: 3365574 Com. Business: Mining/Agglomeration of Hard Coal Appointed on: 05/01/01 Type: Creditors Appointed by: Creditors and Members Liquidators: Carl S Jackson IPno: 8860 Michael R Matthews 2228 Firm Name: BKL Weeks Green Address: Highfield Court Tollgate City Postcode: Chandlers Ford SO53 3TZ EQUITABLE LIFE: Aussie Firm Pulls Out of Equitable Talks --------------------------------------------------------- Giant Australian insurer AMP has withdrawn from negotiations to buy Equitable Life after it failed to agree on a selling price, ending hopes that it would provide a rescue package for its 450,000 policyholders, The Times said yesterday. The firm remains in negotiations over the sale but declined to give details. The withdrawal of AMP will come as a blow to Equitable's policyholders because funds from the sale are desperately needed to shore up its badly weakened life fund. Equitable first put itself up for sale last year when the High Court ordered the company to honor its pledges to guaranteed annuity rate (GAR) policyholders. However, a buyer only emerged earlier this month. Aegon, the Dutch owner of Scottish Equitable, also pulled out of talks last week. FASTRACK PARCELS: Receivers Post a Threat to Jobs -------------------------------------------------- The appointment of KPMG as administrative receivers to Fastrack Group Plc poses a threat to as many as 280 jobs, according to the Evening Mail in its January 24 edition. With the appointment, shares in the company were suspended at 41/1p, with a possibility that cost-cutting measures will have to be implemented. Fastrack also has issued a statement warning of short-term financial pressures caused by tough trading conditions and problems integrating the Ontime delivery business it took over in November. Fastrack is estimated to have a turnover of 44 million pounds. HUNTINGDON LIFE: Stephens Group is Huntingdon Backer ----------------------------------------------------- Stephens Group, an Arkansas-based investment firm, is the anonymous backer who last week rescued Huntingdon Life Sciences from closure, The Times said in its January 29 edition. Stephens agreed to lend more than 20 million pounds to the animal testing laboratory that has been under siege from animal rights protesters. LANDIS AND GYR: Phone Manufacturer Shuts Down ---------------------------------------------- Telephone manufacturing company Landis and Gyr is shutting down and has called in the receivers, according to a report in the January 25 edition of The Evening Standard. Last year, the bulk of its production line was switched to China, along with most of the company's 200 jobs. Twenty of the workers left almost immediately with full redundancy money, but the remaining 40 staff will receive just the state minimum payouts when they leave in two months. MAIN ASPECTS: Liquidation Proceedings -------------------------------------- Company Name: Main Aspects Ltd Company No: 2730397 Com. Business: Transport Co Appointed on: 08/01/01 Type: Creditors Appointed by: Creditors and Members Liquidators: Henry E Hayes IPno: 5450 Firm Name: Poppleton & Appleby Address: 141 Great Charles Street City Postcode: Birmingham B3 3LG MORLEY MEATS: Liquidation Proceedings -------------------------------------- Company Name: Morley Meats Ltd Company No: 2033362 Com. Business: Meat Suppliers Appointed on: 08/01/01 Type: Creditors Appointed by: Creditors and Members Liquidators: A H Tomlinson IPno: 6585 Firm Name: A H Tomlinson & Co Address: St Johns Court 72 Gartside Street City Postcode: Manchester M3 3EL NORTH DOWN: Liquidation Proceedings ------------------------------------ Company Name: North Down Supplies Ltd Previous Name: Primacare Services Ltd Company No: 2770613 Com. Business: Healthcare/Medical Suppliers Appointed on: 05/01/01 Type: Creditors Appointed by: Creditors Liquidators: Murzban K Mehta IPno: 6224 Firm Name: Citroen Wells Address: Devonshire House 1 Devonshire Street City Postcode: London W1N 2DR R & C PLANT: Liquidation Proceedings ------------------------------------- Company Name: R & C Plant Sales (Scotland) Ltd Previous Name: Basicfollow Ltd Company No: SC134634 Com. Business: Wholesale Wood/Construction Appointed on: 08/01/01 Type: Creditors Appointed by: Members Liquidators: Ian D Mitchell IPno: 5123 Firm Name: Henderson Loggie Address: Royal Exchange Panmure Street City Postcode: Dundee DD1 1DZ SCOTIA HOLDINGS: Rescue Financiers Fail to Contact Bondholders --------------------------------------------------------------- Scotia Holdings bondholders have not been contacted by financial advisers seeking to rescue the biotechnology group, according to The Times yesterday. Scotia has only enough cash to last ten weeks but a 50 million pounds convertible bond is hampering a rescue fundraising. Analysts expected an attempt to reschedule the terms of the bond or to seek bondholders' consent to convert the bond into equity. However, one leading bondholder revealed that he had not been approached and was even very surprised that Scotia's financial advisers had not contacted him. 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, Salve M. Mordeno and Cristina Pernites, Editors. Copyright 2001. 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 * * *