/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/010305.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, March 05, 2001, Vol. 2, No. 44 Headlines B E L G I U M LE MATIN: Board Requests Liquidation G E R M A N Y INTRAWARE AG: Posts 13.1 Million Euros Loss in 2000 MICROLOGICA AG: Faces Insolvency I T A L Y ALITALIA-LINEE: Air France to Ink Deal with Flag Carrier FREEDOMLAND-ITN: Posts 64.7 Billion Lire Loss N E T H E R L A N D S DELTA LLOYD: Insurance Group Announces Reorganization LETSBUYIT.COM: Reopens Site with Great Deals S P A I N TELEFONICA MEDIA: Losses Rise to Pta104 Billion S W E D E N ICON MEDIALAB: Axes 325 Staff to Cut Cost U N I T E D K I N G D O M C & A: Closes Shop After 79 Years DURLACHER CORPORATION: 13.97 Million-Pound Loss Hits Durlacher EQUITABLE LIFE: Committee Questions Brown Over Equitable EQUITABLE LIFE: Thomson Takes Over as New Chief GABBIES LTD: Liquidation Proceedings GOVETT EMERGING: Trust Board Proposes Liquidation L R INSULATIONS: Liquidation Proceedings MORGAN PLATTS: Goes into Administration, Risks Jobs SALCO TELECOM: Liquidation Proceedings TOTALISE: CEO Gregory Lends 1.2 Million Pounds ============= B E L G I U M ============= LE MATIN: Board Requests Liquidation ------------------------------------ The management board of newspaper Le Matin has decided to request the liquidation of the company and has called for a shareholders general assembly on March 19, Le Soir & World Reporter said in its February 27 edition. If shareholders back the decision of a majority of directors, the socialist daily may cease to exist. Italy's Poligrafici Editoriale, which has acquired a 39.9 percent stake in Le Matin, does not want to further invest into the Belgian daily. ============= G E R M A N Y ============= INTRAWARE AG: Posts 13.1 Million Euros Loss in 2000 --------------------------------------------------- IntraWare AG has disclosed a pre-tax loss of 13.1 million euros in 2000, according to Handelsblatt in its February 28 report. The company has forecast a loss before interest and taxes of 6 million euros in 2001 and expects to break even in the fourth quarter of 2002. MICROLOGICA AG: Faces Insolvency -------------------------------- Software company Micrologica AG is faced with imminent insolvency after an investor canceled a two million euro ($1.84 million) credit line agreed last week, Reuters said in its February 28 report. According to Micrologica, foreseeable liabilities could probably not be covered by cash reserves. They are considering what steps to undertake to limit the damage to shareholders and the company. Accounts receivable for the company as of December 1999 were 6.43 million euros, which is equivalent to 130 days of sales. Micrologica develops, produces and markets software and hardware for all communications media. The company designs call centers and data transfer technology for industrial customers. ========= I T A L Y ========= ALITALIA-LINEE: Air France to Ink Deal with Flag Carrier -------------------------------------------------------- Air France will soon seal a commercial accord with Italian flag carrier Alitalia in the near-term, Reuters said in its February 28 report. "We'd like to resume talks with Alitalia's (new management) with a view to finalizing a deal quickly," said director of international business, Patrick Alexandre, adding that it would only be a commercial deal with the airline. The company's long-term debt as of December 1999 was 315.89 million euros and total liabilities were 2.27 billion euros. FREEDOMLAND-ITN: Posts 64.7 Billion Lire Loss --------------------------------------------- Internet-via-TV company Freedomland-ITN SPA reported a 64.7 billion lire ($30.9 million) loss in the first half of its financial year to end-December, Reuters said in its February 28 edition. Freedomland, which has a turnover of 5.1 billion lire, is seeking buyers for a 65 percent stake belonging to founder and former chairman Virgilio Degiovanni. The company said that it may in the coming months complete a revision of the company's strategic plan, including a change in the firm's controlling set-up. Freedomland provides Internet-related services to private users without owning a PC. ===================== N E T H E R L A N D S ===================== DELTA LLOYD: Insurance Group Announces Reorganization ----------------------------------------------------- Insurance group Delta Lloyd Nuts Ohra has announced a drastic reorganization at three of its own insurance offices due to slumped sales of single premium policies in combination with high costs, Het Financieele Dagblad & World Reporter said on February 28. At the Noorderkroon office in Almere, Delta Lloyd appointed an interim manager. The second office, Hijloo & Molkenboer, was granted a suspension of payment, while the third office, Breggeman Assurantien, has filed for liquidation. LETSBUYIT.COM: Reopens Site with Great Deals -------------------------------------------- LetsBuyIt.com has reopened its UK site, along with its sites in Germany, France and Sweden, following a 53 million-euro investment, according to a company release dated February 26. The site has gone live with High Street-beating co-buys on a great selection of brand-name products and with a renewed commitment to the company's million-plus members to provide the kind of deals, service and satisfaction they expect from this top European shopping site. LetsBuyIt.com has refocused its product selection on best-selling items in computers and IT, sound & vision, white goods, household appliances, telecommunications and leisure. ========= S P A I N ========= TELEFONICA MEDIA: Losses Rise to Pta104 Billion ----------------------------------------------- Telefonica Media made a Pta104.340 billion net loss last year, 508 percent higher than the figure for 1999, according to El Mundo (Spain) & World Reporter in their February 28 report. The Atco acquisition in 2000 and debts of Pta60.4 billion, the high cost of a financial restructuring of its Latin American investments, and the costs associated with football broadcast rights, have affected its balance sheet. =========== S W E D E N =========== ICON MEDIALAB: Axes 325 Staff to Cut Cost ----------------------------------------- Icon Medialab will cut 325 jobs in a restructuring program to lower costs by 20 percent for the second quarter of 2001, Reuters said in its February 28 edition. Posting a heavy fourth-quarter loss, Icon said it would charge a 75 million-crown write-down in the first quarter of 2001 for the restructuring. To balance it, the Internet consultant secured 225 million Swedish crowns ($22.88 million) in funding through a convertible bond and equity credit line from Credit Suisse First Boston. Icon said it would divest its BrandLab brand consultancy network units in London, Stockholm and Berlin, to its largest shareholder FutureBrand as part of the restructuring. The company also plans a new stock option scheme to attract and retain quality staff. The company's long-term debt as of December 1999 was SEK 70.04 million and total liabilities were SEK 377.86 million. =========================== U N I T E D K I N G D O M =========================== C & A: Closes Shop After 79 Years --------------------------------- C & A stores across the country have closed their doors after 79 years of trading in the UK, following years of losses, The Express said in its January 28 edition. Shoppers grabbed last-minute bargains of 50 to 75 percent off for clothing and accessories before staff shut up shop permanently at midday. DURLACHER CORPORATION: 13.97 Million-Pound Loss Hits Durlacher -------------------------------------------------------------- Durlacher Corporation Plc plunged into the red with a 13.97 million-pound first-half loss, according to The Times on Friday. The loss had been foreshadowed in a December statement. Executive chairman Geoffrey Chamberlain said that Durlacher was also looking to reduce exposure to the technology sector. The investment company, involved in stockbroking, corporate financing, research and consultancy, has three subsidiaries in England and Wales. EQUITABLE LIFE: Committee Questions Brown Over Equitable -------------------------------------------------------- Members of the Treasury select committee will question British Chancellor of the Exchequer Gordon Brown over the extent of his department's involvement in the problems at mutual life assurer Equitable Life, the Financial Times said in its March 1 report. The Times said that the issue of when Treasury ministers and officials first knew of Equitable's financial state could be crucial to any efforts by pension policyholders to secure government compensation. Last July, the world's oldest mutual insurance company was forced to seek a buyer after the High Court ruled that about 90,000 Equitable policyholders have a right to a guaranteed rate of return on their retirement annuity plans. The decision left the mutual with a 1.5 billion-pound liability in its capital. EQUITABLE LIFE: Thomson Takes Over as New Chief ----------------------------------------------- Charles Thomson has replaced Chris Headdon as chief executive of troubled Equitable Life on February 28, following the resignations of the president and non-executive directors in December, The Evening News said. Headdon will now help finalize talks with Halifax bank over the 1 billion-pound purchase of Equitable's offices, sales team and fund management operations. Equitable suspended bonus payments from May and put assets up for sale in July after being forced by a House of Lords ruling to meet the bonus commitments. GABBIES LTD: Liquidation Proceedings ------------------------------------- Company Name: Gabbies Ltd Company No: 2920799 Com. Business: Chain of Discount Stores Appointed on: 08/02/01 Type: Creditors Appointed by: Creditors and Members Liquidators: R E Cook IPno: 5647 Firm Name: Hacker Young & Partners Address: St James Building 79 Oxford Street City Postcode: Manchester M1 6HT GOVETT EMERGING: Trust Board Proposes Liquidation ------------------------------------------------- Govett Emerging Markets Investment Trust plans to wind itself up in April this year, according to Reuters' February 28 report. In an extraordinary general meeting on March 25, shareholders will be offered a chance to take a cash exit from the trust. Shareholders who do not want to exit from the fund will be able to roll over all or part of their investments into a Guernsey registered closed-ended fund run by Govett Investment Management. L R INSULATIONS: Liquidation Proceedings ----------------------------------------- Company Name: L R Insulations Ltd Company No: 1361683 Com. Business: Manufacture/Install Insulation Appointed on: 09/02/01 Type: Creditors Appointed by: Creditors Liquidators: Julie A Heggarty IPno: 8835 John P Sugden 8064 Firm Name: Smith & Williamson Address: Old Library Chambers 21 Chipper Lane City Postcode: Salisbury SP1 1BG MORGAN PLATTS: Goes into Administration, Risks Jobs --------------------------------------------------- Automotive forging company Morgan Platts has gone into administration after being hit by a general malaise in the automotive sector and by insolvencies at several other firms in the industry, risking 150 jobs, the Birmingham Post said in its February 28 edition. The company, which has turnover of 7.5 million pounds, was badly hit by price pressures arising from the strength of the pound and production problems over the past six months. Miles Halley of KPMG Corporate Recovery in Birmingham has been appointed administrator. SALCO TELECOM: Liquidation Proceedings --------------------------------------- Company Name: Salco Telecom Ltd Company No: 3849380 Com. Business: Telecommunication Suppliers Appointed on: 09/02/01 Type: Creditors Appointed by: Creditors and Members Liquidators: Gerald M Krasner IPno: 5532 Neil A Brackenbury 7418 Firm Name: Bartfield & Co Address: Burley House 12 Clarendon Road City Postcode: Leeds LS2 9NF TOTALISE: CEO Gregory Lends 1.2 Million Pounds ---------------------------------------------- Totalise chief executive Dr. Peter Gregory has injected a loan facility of 1.2 million pounds for the company, which in October had just 456 pounds in cash, according to Net Imperative's February 28 report. Losses for the six months stood at 3.28 million pounds, while revenues climbed to 1.33 million pounds during the half year, compared to 0.87 million pounds for the 12 months to April 30, 2000. E-commerce subsidiaries of Totalise consist of Totalise E- trading, which trades as Totalise Eureka, and imports right-hand drive cars from dealers in Europe, and Totalise Telecommunications, the company's discounted telephone and free Internet dial-up service. 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 * * *