/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/010226.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 Monday, February 26, 2001, Vol. 2, No. 39 Headlines B U L G A R I A BALKAN AIRLINES: Court Places Flag Carrier in Receivership C Z E C H R E P U B L I C KONSOLIDACNI BANKA: House Delays Bond Issue F R A N C E AIR LIBERTE: Airline Chief Says Financial Status is at Risk CARREFOUR SA: Agrees to Picard Sale for 920 Million Euros G E R M A N Y COMPUTEC MEDIA: Loss narrows to DM6.94 Million GENESCAN EUROPE: Sees Full-year Loss of 8.7 Million Euros GIGABELL AG: Neuer Markt Delists Gigabell I R E L A N D EIRCOM PLC: Desmond's IIU May Bid for Eircom RIVERDEEP GROUP: Losses Rise to $14 Million L I T H U A N I A MAZEIKIU NAFTA: 2000 Loss Widens to $44.75 Million N E T H E R L A N D S AND INTERNATIONAL: To File for Protection from Creditors DE VRIES: Shareholders Sell Idle Companies P O R T U G A L CIMENTOS DE PORTUGAL: Lisbon to Resolve Shareholder Battle S W E D E N FRAMFAB: Internet Consultant to Show Loss of 250 Million Kronor FRAMFAB: To Cut 400 Jobs U N I T E D K I N G D O M ALTERIAN PLC: Posts 1.05 Million Pounds Pre-tax Loss EASYNET GROUP: Posts Pre-tax Loss of 12 Million Pounds GOOCH & JONES: Notice of Creditors Meeting HAMLEYS PLC: Toy Shop Fails to Find Buyer LASTMINUTE.COM PLC: Shares Drop 14 Percent MILLENNIUM DOME: Auctioneers to Hope Raise 5 Million Pounds MILLENNIUM DOME: Chairman James Attacks Gerbaeau TICKETCIRCLE.COM: Notice of Creditors Meeting TOPGUARD SPORTS: Notice of Creditors Meeting WEBSONLINE.COM LTD: Notice of Creditors Meeting =============== B U L G A R I A =============== BALKAN AIRLINES: Court Places Flag Carrier in Receivership ----------------------------------------------------------- A local court has placed Bulgarian flag carrier Balkan Airlines in receivership after its planes were grounded in a row between the government and majority owner Israel's Zeevi Holding, according to Reuters in its February 21 report. On February 14, Zeevi grounded all Balkan flights until today due to financial difficulties, which included non-payment of over $500,000 for policies to local insurer Bulstrad. Airline spokesman Viktor Melamed said that Balkan is expected to suffer a $1.1 million loss for the time its planes stay grounded. The court also imposed a freeze on the airline's assets and stopped execution of court orders against Balkan's property. =========================== C Z E C H R E P U B L I C =========================== KONSOLIDACNI BANKA: House Delays Bond Issue -------------------------------------------- The Lower House has again postponed a decision on the 36.1 billion Koruna state bond issue that would cover Konsolidacni Banka's 1999 loss, according to a February 22 report in Czech A.M. Meanwhile, Finance Minister Pavel Mertlik criticized the delay of a final decision until March, when the Lower House will also debate the KoB's transformation into the Czech Consolidation Agency (CKA). The TCR-EUR reported Konsolidacni Banka's loss last year was 8.4 billion Koruna. =========== F R A N C E =========== AIR LIBERTE: Airline Chief Says Financial Status is at Risk ------------------------------------------------------------ Newly-appointed head of French airlines Air Liberte, AOM and Air Littoral, Marc Rochet, told union representatives on February 20 that the carriers' financial state was at risk and that he had one month to convince shareholders not to shut down operations, according to Reuters. "We are living only through an artificial injection of 10 million francs ($1.39 million) per day. This situation cannot continue and our shareholders will only continue to support us if we rapidly apply concrete restructuring measures," Rochet said in the statement. A CGT union spokesman told Reuters that Rochet had until March 15 to submit a report to shareholders SAirGroup and Marine-Wendel detailing the plans for the airlines. CARREFOUR SA: Agrees to Picard Sale for 920 Million Euros ---------------------------------------------------------- Retailer Carrefour has agreed to sell Picard Surgeles for 920 million euros ($848 million) including the 600 million euro debt, the Financial Times said in its February 20 edition. Buy-out company Candover and Paris-based Chevrillon would take over the frozen foods subsidiary. They also plan to float the company in three years after expanding its operations within and outside France. Carrefour would not comment on the reasons for divesting Picard, but people close to the negotiations said it had decided to sell the subsidiary because it could not develop sufficient synergies with its other retailing operations. The company has 441 outlets in France and another 62 in Italy. UBS Warburg is underwriting the 573 million euro debt financing. ============= G E R M A N Y ============= COMPUTEC MEDIA: Loss narrows to DM6.94 Million ----------------------------------------------- Computec Media AG's EBIT loss narrowed to DM6.94 million in the first quarter following increased marketing expenditure and the delayed introduction of its publications Playstation 2 and 7, Handelsblatt said in its February 22 edition. Computec Media has reported losses during the last 12 months. GENESCAN EUROPE: Sees Full-year Loss of 8.7 Million Euros ---------------------------------------------------------- Biotechnology group GeneScan Europe AG expects a pretax loss of 8.7 million euros in fiscal 2000 due to expenses related to its structural expansion and preventative risk provisions, according to Handelsblatt's February 21 report. GeneScan also announced that its chief financial officer, Thomas Niethammer, has resigned effective March 1. His successor will be named shortly. At the end of 1999, GeneScan Europe AG had negative working capital, as current liabilities were 6.26 million euros while total current assets were only 2.92 million euros. GIGABELL AG: Neuer Markt Delists Gigabell ------------------------------------------ Internet service provider Gigabell AG will be removed from the Neuer Markt effective February 23, according to exchange operator Deutsche Borse AG. Gigabell, offering business and private customers a variety of services like Internet connection, E-mail, network solutions and E-commerce services, has paid no dividends during the last 12 months and during the previous three fiscal years. The company also reported losses during the previous 12 months. ============= I R E L A N D ============= EIRCOM PLC: Desmond's IIU May Bid for Eircom --------------------------------------------- Dermot Desmond and his investment vehicle International Investment Underwriting (IIU), in association with millionaire businessman Pearse Flynn, are believed to be at a tentative stage on a possible bid for the non-mobile assets of Eircom Plc, according to the February 22 edition of The Irish Times. IIU's possible offer raises the prospect of a bidding battle, where Denis O'Brien's consortium recently valued Eircom at 2.42 billion euros (1.9 billion pounds). It is good news for Eircom investors and will strengthen the company's position in its negotiations with eIsland. Desmond, who has already successfully invested in the Irish telecom industry through a 10 percent stake in Esat Telecom, was one of O'Brien's original backers. RIVERDEEP GROUP: Losses Rise to $14 Million -------------------------------------------- Operating expenses of e-learning company Riverdeep Group plc in the second quarter of 2001 rose to $18.6 million, leading to a widening $14 million loss, according to the Irish Independent on Friday, citing chief executive Barry O'Callaghan. Riverdeep, a leading on-line designer and developer of interactive learning solutions for grades kindergarten through high school, has as of June 2000 a long-term debt of 365,802.65 euros and total liabilities of 12.85 million euros. ================= L I T H U A N I A ================= MAZEIKIU NAFTA: 2000 Loss Widens to $44.75 Million --------------------------------------------------- Mazeikiu Nafta said on Thursday its preliminary 2000 loss widened annually by 12.7 percent, or 179.1 million litas ($44.75 million), according to Reuters. The loss was largely due to increased debt service obligations and amortization. Mazeikiu, a combined refinery, terminal and pipeline, is one- third owned and operated by U.S. Williams International, blamed last year's loss on a high level of debt, interest expenses and increased amortization. Other factors are Mazeikiu's increased interest expenses in 2000 to 186.8 million litas and rocketing crude prices. ===================== N E T H E R L A N D S ===================== AND INTERNATIONAL: To File for Protection from Creditors --------------------------------------------------------- AND International Publishers, a Dutch producer of computerized maps, said on Thursday that it would apply for protection from creditors when it failed to arrange new financing, according to the Financial Times in its February 22 edition. The company also disclosed that its might sell its Data Solutions and Data Publishing division if they are proved unprofitable. DE VRIES: Shareholders Sell Idle Companies ------------------------------------------- De Vries Robbe Groep N.V., a metal processing company that produces industrial equipment, has been put to ill use by its majority shareholder BTG, the Dutch association for bulk users of corporate telecom services, said De Volkskrant & World Reporter in its February 21 report. A number of majority shareholders sold their own unprofitable companies to De Vries Robbe without telling shareholders about the bad condition of these companies. The damage to investors is estimated at Fl 40 million. At the end of 1999, De Vries had negative working capital. Its current liabilities were 6.34 million euros while total current assets were only 4.54 million euros. =============== P O R T U G A L =============== CIMENTOS DE PORTUGAL: Lisbon to Resolve Shareholder Battle ----------------------------------------------------------- The Lisbon government took the responsibility of resolving an international battle for control of cement maker Cimpor-Cimentos de Portugal SA after shareholders voted last week against removing a 10 percent limit on voting rights, the Financial Times said in its February 20 edition. Both Holderbank of Switzerland, who wanted the voting limit abolished so that it could prepare a second takeover bid for Cimpor, and Lafarge of France are struggling for control of Cimpor. Construction company Teixeira Duarte headed the shareholders in voting against lifting the voting limit. Banco Comercial Portugues also voted against. At the end of 1999, Cimpor-Cimentos de Portugal SA had negative working capital. Its current liabilities were 1.09 billion euros while total current assets were only 553.92 million euros. =========== S W E D E N =========== FRAMFAB: Internet Consultant to Show Loss of 250 Million Kronor ---------------------------------------------------------------- Internet consultant Framfab was expected to show a full-year loss of 250 million Swedish kronor, with forecasts ranging between losses of 175 to 298 million kronor, the Financial Times reported. Based on its third quarter report, Framfab said it would not reach profitability for the full year, when the company announced 340 job cuts in Sweden and a 130 million kronor restructuring charge in November of last year. Analysts say that Framfab, short for Framtidsfabriken, has a long way to go before it returns to profitability. The survey predicts a loss of 266 million kronor for 2001 and a 75 million kronor loss in 2002. Framfab added that it has reached a financing agreement with Credit Suisse First Boston for 375 million kronor in the next three years. FRAMFAB: To Cut 400 Jobs ------------------------- Interactive agency Framfab has announced staff cuts of 400, following the 340 cut at the end of last year, according to Net Imperative's February 22 edition. The company is restructuring to focus on its core Internet professional services. It is not yet known if any jobs are to go in the UK, but half are to be cut from operations outside Sweden. As part of the restructure, Framfab will also sell off its Framfab Integration and IT-Consulting divisions for SEK 170 million and its Swedish Web hosting arm Driftbolaget by the end of this quarter. It will also merge its Framfab Software business into Framfab Labs. Framfab's year-end results show that the group has a loss of 2,245.7 million Swedish kronor. =========================== U N I T E D K I N G D O M =========================== ALTERIAN PLC: Posts 1.05 Million Pounds Pre-tax Loss ----------------------------------------------------- Alterian Plc has posted a pre-tax loss of 1.05 million pounds for the nine months to the end of December, according to The Times on Friday. The company is not due to pay a dividend. Alterian, which was incorporated in the United Kingdom and became publicly held in July 2000, provides a platform and series of tools for users to access and analyze rapidly a wide range of data and use the results of this analysis to improve the efficiency and profitability of their organizations. EASYNET GROUP: Posts Pre-tax Loss of 12 Million Pounds ------------------------------------------------------- Easynet Group Plc has announced full-year pre-tax losses of 12 million pounds, according to The Times yesterday. Easynet provides Internet access services in the United Kingdom and continental Europe. It not only has consumer and corporate contracts but also holds a full PTO (Public Telephony Operator) license. At the end of 1999, Easynet Group had a negative working capital, with current liabilities of 15.46 million pounds and total current assets of only 9.87 million pounds. GOOCH & JONES: Notice of Creditors Meeting ------------------------------------------- Company Name: Gooch & Jones Ltd Nature Of Business: Sale of Motor Vehicles IA 1986 Section: 48 Creditors Meeting Time: 10.30 am Meeting date: 20/02/01 Meeting address: The Churchill Hotel & Restaurant Dover Waterfront Meeting City Code: Dover CT17 9BP Authorised by: M J Hore & S Bower Joint Administrative Receivers 6/02/01 Last day for proxy: 19/02/01 Proxy address: 186 City Road London EC1V 2NU Firm Name: RSM Robson Rhodes Address: 186 City Road London EC1V 2NU HAMLEYS PLC: Toy Shop Fails to Find Buyer ------------------------------------------ Hamleys Plc, a retailer of toys, games, gifts and sports products, has failed to find a buyer after a three-month search by its investment banker Close Brothers, according to The Guardian on Friday. Hamleys has endured four profit warnings over the past two years. Then came rumors of a possible sale six months ago, when Charter House Development Capital was interested in buying the business for 170p a share. Hamleys, which has stores throughout the United Kingdom and in Amsterdam, Singapore and Saudi Arabia, plans to convert 12 of its Toystack stores into new Bear Factory soft toyshops in its aim to fix its problems. As of March 2000, the company's long-term debt was 8.97 million pounds and total liabilities were 15.41 million pounds. LASTMINUTE.COM PLC: Shares Drop 14 Percent ------------------------------------------- Shares in online retailer Lastminute.com Plc dropped 14 percent from 9p to 53-1/2p on Wednesday as U.S. Nasdaq losses spooked technology investors, according to Reuters' February 21 report. The British Internet holiday retailer floated in March 2000 at the peak of the tech-stocks boom, but its share price has since suffered a setback from its day-one high of 555 pence. As of September 2000, the company had a long term debt of 6.03 million pounds and total liabilities of 45.74 million pounds. MILLENNIUM DOME: Auctioneers to Hope Raise 5 Million Pounds ------------------------------------------------------------ Auctioneers Henry Butcher hope to raise between 3 million and 5 million pounds from Millennium Dome's four-day auction that will start tomorrow, The Times said in its February 23 edition. The Dome reopened on Friday for the public to view 17,000 items for sale, ranging from the giant heart, the Body Zone to work boots, forklift trucks and dishwashers. Other items for auction are a 6ft-tall hamster from the Work Zone, thousands of pictures of British citizens, props from Learning Zone's school corridor and diamond-studded football boots from the Money Zone. The auction will also include more than 3,000 lots of catering equipment and 5,000 lots of broadcast, sound and lighting equipment. Those unable to attend the auction can still bid in a special Internet site that will offer live bidding and a video transmission of the sale. MILLENNIUM DOME: Chairman James Attacks Gerbaeau ------------------------------------------------- Millennium Dome chairman David James has launched a strong attack on his former colleague Pierre-Yves Gerbeau, according to Irish Independent on Friday. "Anyone wanting to run the Dome along its previous lines would drown in a barrel of red ink. It's time for him (Gerbeau) to put his plan where his mouth is. All we are getting at the moment is puff," James said. TICKETCIRCLE.COM: Notice of Creditors Meeting ---------------------------------------------- Company Name: Ticketcircle.Com Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.15 am Meeting date: 16/02/01 Meeting address: 62 Wilson Street Meeting City Code: London EC2A 2BU Authorised by: C Panayotou Director 30/01/01 Last day for proxy: 15/02/01 Proxy address: 62 Wilson Street London EC2A 2BU Liquidators: Ian D Williams Firm Name: Benedict Mackenzie Address: 62 Wilson Street London EC2A 2BU TOPGUARD SPORTS: Notice of Creditors Meeting --------------------------------------------- Company Name: Topguard Sports & Leisure Ltd Nature Of Business: Investigation & Security IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 16/02/01 Meeting address: 33 St Georges Drive Meeting City Code: London SW1V 4DG Authorised by: A M Camp Director Firm Name: Griffins Address: 33 St Georges Drive London SW1V 4DG WEBSONLINE.COM LTD: Notice of Creditors Meeting ------------------------------------------------ Company Name: Websonline.Com Ltd Other name: Megabyte Cyber Cafe IA 1986 Section: 98 Creditors Meeting Time: 10.15 am Meeting date: 19/02/01 Meeting address: 1 City Square Meeting City Code: Leeds LS1 2ES Authorised by: C Beaumont Director 08/02/01 Last day for proxy: 16/02/01 Proxy address: 1 City Square Leeds LS1 2ES Firm Name: Kroll Buchler Phillips Address: 1 City Square Leeds LS1 2ES 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 * * *