ROTTERDAM, 27/03/01 - Two subsidiaries of the electronic publisher AND, earlier granted protection from creditors, have been declared bankrupt, receiver J. Princen confirmed yesterday. The two are AND Data Solutions and AND Software. Their activities may be taken over by Roosland Beheer.

Roosland wants to rescue the teetering AND via a refinancing plan. The investor has set the condition that the present holders of convertible bonds agree to exchange their bonds with a total value of 50 million guilders for 510,000 shares with nominal value of 2.25 million. Alongside activities in the Netherlands, AND also has production facilities in India and Ireland. These will remain intact under Roosland's plan.

If the bondholders vote in favor of the plan, creditors will be paid off. But if they do not give it the green light, shareholders will lose all their money, all the staff will be redundant and it will take another two years before it becomes clear what creditors and bond-holders can salvage from the ending of all activities, according to Princen.

Princen also presented AND's provisional annual results for 2000 yesterday. Consolidated sales totaled 51.8 million guilders, half of which was generated by Biblion, which has meanwhile been sold.

The company chalked up a loss from ordinary operations of 22.7 million guilders. The pretax result nonetheless turned out at a profit of 2 million guilders, mainly due to the sale of shares in AND Identification for 55 million guilders.