/raid1/www/Hosts/bankrupt/TCREUR_Public/000613.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, June 13, 2000, Vol. 1, No. 26


                       Headlines

C Z E C H    R E P U B L I C

KOMERCNI BANKA: Shares Remained Under Pressure
NOVA HUT: Czech Gov't. to Sell Troubled Biggest Steel Company


E S T O N I A

OOKEAN:  Biggest Debt Posted by Bankrupt Shipping Firm


F R A N C E

NORSK HYDRO: To Close Three French Fertilizer Plants


N E T H E R L A N D S

WORLD ONLINE: Investors Lost E1.6Billion


P O L A N D

PZL BIELSKO: Aviontech to Buy Bankrupt Largest Glider Plant


U N I T E D   K I N G D O M

ALUGRAPHICS LTD: Notice of Liquidation Proceedings
ANGELIC CANDLES: Notice of Creditors' Meeting
ARGONVALE LTD: Notice of Creditors' Meeting
BORBORYGM LTD: Notice of Creditors Meeting
BRITISH BIOTECH: Fallen Angel of the Drug Industry

BRITISH NUCLEAR: Additional Pressure to Financial Performance
CAMPSIE CHOCOLATES: Notice of Liquidation Proceedings
CARD SHOP: Notice of Creditors Meeting
CHALECREST LTD: Notice of Creditors Meeting
CHRIS MORGAN: Notice of Creditors Meeting

COMPSYSTEMS LTD: Notice of Creditors Meeting
RESORT HOTELS: Coopers Faces Fines on Alleged Role in Collapse
CURBISHLEY BUILDING: Notice of Creditors Meeting
EMB ENTERPRISES: Notice of Creditors Meeting
EXPERT COACH: Notice of Creditors Meeting

1ST CLASS SERVICES: Notice of Creditors Meeting
GB RAILWAYS: Runs at a Loss of ?1 Million
HARLEQUIN GROUP: Notice of Creditors Meeting
HOMEPLACE SUPERSTORES: Succumbs to Administrative Option
J&M ENERGY: Notice of Creditors Meeting

KENSINGTON TELECOMM: Notice of Creditors Meeting
LEWIS RADIO: Notice of Liquidation Proceedings
LIGHTFOOT INTERNATIONAL: Notice of Liquidation Proceedings
LINELL ENGINEERING: Notice of Creditors Meeting
MITECS LTD: Notice of Creditors Meeting

SEMPLE COCHRANE: Misrepresented Profits Prompt Plunge
SOUTHPORT LIFE: Notice of Creditors Meeting
STAFFORDSHIRE COMM: Notice of Liquidation Proceedings
WALDING TRANSPORT: Notice of Creditors Meeting


============================
C Z E C H    R E P U B L I C
============================

KOMERCNI BANKA: Shares Remained Under Pressure
-------------------------------------------
PRAGUE, Jun 9, 2000 -- (Reuters)

Shares in the largest Czech bank, Komercni Banka remained under
pressure on worries of delayed privatization. "The market is
eager to hear anything about privatization (of the blue chips)
but unfortunately this week it was all about delays," Pavel Sudek
at Erste Bank said.

Komercni closed 0.7 percent at 771 but it broke Kc750 level
during the session, the level not seen since January.
On Wednesday Finance Minister deputy Jan Mladek said that a
supplementary audit in the bank is holding back the issue of an
information memorandum to potential strategic partners.


NOVA HUT: Czech Gov't. to Sell Troubled Biggest Steel Company
-------------------------------------------
Financial Times     June 9, 2000

The Czech government is to sell the country's troubled steel
industry to foreign strategic buyers, abandoning the previous
policy of using management buy-outs to keep it in domestic hands.
The decision should improve the chances of saving the industry,
the second biggest in central Europe, but this will also require
a massive shake-out of jobs in the depressed, north Moravia
region.  

The Social Democrat cabinet agreed on Wednesday to sell a
majority stake in Nova Hut, the country's biggest steel company,
rather than the 18.25 per cent put on sale by the centre-right
government in 1997.

The cabinet also announced a Kc3.1bn (Dollars 82m) rescue plan
for Nova Hut, comprising a Kc750m operating loan and Kc820m of
export financing plus a further Kc1.55bn in loans if creditors
accept a standstill agreement and do not ask the courts to
declare the steel mill insolvent.

Last month, the government agreed a Kc8.3bn rescue plan for
Vitkovice, the second biggest steel company, after a Kc2.8bn
package last year.

The state's 67 per cent stake is also due to be privatised,
though Vitkovice will first need to be broken up into steelmaking
and engineering units.

Under the 1996 privatisation plan, Nova Hut and Vitkovice
managements were sold 1 per cent stakes and options for a further
15 per cent. Duferco, a Swiss metal trader, has already expressed
interest in Nova Hut, but Pavel Mertlik, finance minister, said
after the cabinet meeting that it did not have the financial
strength to be the plant's strategic partner. Ispat, the Indian-
owned steel group, has also expressed interest in the past.  


=============
E S T O N I A
=============

OOKEAN:  Biggest Debt Posted by Bankrupt Shipping Firm
-------------------------------------------
BBC Summary of World Broadcasts     June 09, 2000

The total tax debt of Estonian companies forms 4.36bn kroons and
debtors number 10,437, the 'Aripaev' business daily said on
Tuesday [30th May].

Interest formed 2.2bn kroons of the total debt.  The current
interest of 0.07 per cent a day makes for an annual interest rate
of 25.55 per cent. After bankruptcy proceedings are started,
interest is no longer calculated.

The Taxation Department said that the state could not write off
hopeless debts and therefore these are deleted only once
bankruptcy proceedings are completed.

The biggest debt of 342m kroons is posted for the bankrupt
shipping firm Ookean and the state still hopes to recoup some of
the money.


===========
F R A N C E
===========

NORSK HYDRO: To Close Three French Fertilizer Plants
-------------------------------------------
Chemical Online  June 9, 2000

The slowdown in world fertilizer markets continues to take its
toll in plant shutdowns. Norsk Hydro ASA (Oslo, Norway) says it
plans to close three fertilizer plants in France by the end of
the year. The company cited European nitrogen fertilizer
oversupply as well as its own high production costs and poor
profits.

The three units slated for closure are nitrogen-phosphorous-
potassium (NPK) compounding facilities in Aunay, La Pallice, and
Tarnos France. They have combined capacity of 500,000 mt/yr and
employ 170 workers. The company will take a $19.6 million (170
million kroner) charge to cover the closure.

Norsk Hydro previously closed fertilizer plants in Immingham, UK;
Landskrona, Sweden; and Montoir, France. Other producers have
also reacted to the depressed demand. This week, Mississippi
Chemical Corp. (Yazoo City, MS) said it would reduce nitrogen
production in response to high natural gas prices and a drought
in the southeast United States.


=====================
N E T H E R L A N D S
=====================

WORLD ONLINE: Investors Lost E1.6Billion
-------------------------------------------
Financial Times  June 9, 2000

World Online, the Dutch internet provider, has offered to
reimburse staff who bought shares in its flopped March flotation
but will not extend that offer to outside investors who are also
out of pocket, it said on Friday.

That is despite protests from lawyers representing some of the
estimated 15,000 domestic and foreign institutional and retail
investors who are said to have lost E1.6bn when World Online
shares shed two-thirds of their value in the aftermath of its
controversial Amsterdam debut.

They claim the offer is illegal unless it includes all those who
bought shares before the float. Bob van der Goen, a Dutch lawyer
representing some investors, said: "World Online is not allowed
to differentiate between creditors under Dutch law. I represent a
great number of foreign investors and certainly my clients will
protest."

World Online said the offer was an alternative to a new share
option plan. All employees are entitled to options on shares in
the company - the amount being dependent on their salary and
position - at the market rate on a given date every six months.
The first such date was June 1, when World Online shares were
worth E12.85. Staff can exercise those options in three
instalments over a three-year period.

If they chose they can forego that benefit and be reimbursed for
the shares they bought in the IPO, at the E43 offer price. World
Online said it believed staff had spent as much as E22m on
shares, much of it funded by loans from the company.

Koen Slobbe, World Online vice president of legal and tax
affairs, said: "I understand that others are not happy with this
but it is the right thing for World Online." He said the scheme
had been devised to bind employees to the company and motivate
them.

The move coincides with the arrival of James Kinsella, to take up
the chairman's role vacated by World Online founder Nina Brink.

She quit when it emerged she had sold the bulk of her stake in
the company several months ahead of the flotation and for a
fraction of the price ordinary shareholders paid.

Mr Kinsella now faces a potentially stormy meeting on June 19
when shareholders will be asked to approve his appointment.


===========
P O L A N D
===========

PZL BIELSKO: Aviontech to Buy Bankrupt Largest Glider Plant
-------------------------------------------
Polish News Bulletin      09 June 2000

Germany's Aviontech will probably sign an agreement by the end of
June to purchase most of the bankrupt PZL Bielsko, Poland's
largest glider plant. Immediately afterwards, the foreign company
will apply to the Ministry of Internal Affairs and Administration
for a permit to purchase the plant. The investor would then
acquire PZL Bielsko's facilities and glider manufacturing
technology. In March, the plant's board of liquidators decided
that Aviontech's offer was the most attractive among the three
bids from German firms, Poland's Drogbud and Austria's Diamond
Aircraft Industries GmbH. The amount of planned investments in
the company was not revealed.


===========================
U N I T E D   K I N G D O M
===========================

ALUGRAPHICS LTD: Notice of Liquidation Proceedings
-------------------------------------------
Insolvency UK

Company Name: Alugraphics Ltd
Previous Name: Signprior Ltd
Company No: 2225433
Com. Business: Printers
Appointed on: 01/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Neville Eckley IPno: 1412
Firm Name: Neville Eckley
Address: 332 Brighton Road
City Postcode: Croydon CR2 6AJ


ANGELIC CANDLES: Notice of Creditors' Meeting
-------------------------------------------
Insolvency UK

Company Name: Angelic Candles Ltd
IA 1986 Section: 23 Creditors
Meeting Time: 10.00 am
Meeting date: 16/06/00
Meeting address: 8 Baker Street
Meeting City Code: London W1M 1DA
Authorised by: D H Gilbert Joint Administrator 31/05/00
Last day for proxy: 15/06/00
Proxy address: 8 Baker Street London W1M 1DA
Liquidators:
Firm Name: BDO Stoy Hayward
Address: 8 Baker Street London W1M 1DA


ARGONVALE LTD: Notice of Creditors' Meeting
-------------------------------------------
Insolvency UK

Company Name: Argonvale Ltd
Other name: P & A Developments Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 12.00 pm
Meeting date: 16/06/00
Meeting address: Century House Ashley Road
Meeting City Code: Hale WA15 9TG
Authorised by: A Stables Director
Last day for proxy: 15/06/00
Proxy address: Century House Ashley Road Hale WA15 9TG
Liquidators:
Firm Name: Milner Boardman & Partners
Address: Century House Ashley Road Hale WA15 9TG


BORBORYGM LTD: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Borborygm Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 11.00 am
Meeting date: 16/06/00
Meeting address: 33 St Georges Drive
Meeting City Code: London SW1V 4DG
Authorised by: A A Shipton Director
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: Griffins
Address: 33 St Georges Drive London SW1V 4DG


BRITISH BIOTECH: Fallen Angel of the Drug Industry
-------------------------------------------
The Guardian  June 10, 2000

British Biotech, fallen angel of the drug industry, is cutting
its workforce by 40% and withdrawing from several areas of "blue
sky" research.

Chief executive Elliot Goldstein wants to concentrate on
developing products in clinical trials, retaining just a small
research team to find new treatments for infectious diseases.

The latest pruning comes after a turbulent year for the company.

Its cancer drug Marimastat, once considered a potential
blockbuster, has performed poorly in a series of large-scale
studies. It has struggled to recover from the turmoil of 1998,
when Andrew Millar, former head of clinical research, exposed
flaws in the management strategy.

Staff numbers will fall from 230 to 140 over the next six months,
with 51 to leave immediately. Three years ago, there were 450 on
the payroll.

Dr Goldstein announced the redundancies at a meeting in the staff
canteen yesterday. He said later: "Obviously there were some
emotional reactions and disappointment from some people."

Most of those leaving are scientists, with the rest in support
functions such as engineering, computing and finance.

Among those to go will be the research team which came up with
marimastat. Dr Goldstein said: "It's painful for people, but it's
got nothing to do with their quality."

The company had set a target of taking one new drug into trials a
year. Last year, the research team exceeded expectations by
coming up with two, and with a total of five products in
development, Dr Goldstein said, the pipeline was sufficiently
full.

The changes will cost ?1.5m but yield annual savings of ?8m.
British Biotech will house its staff in one block and several
neighbouring buildings will be sold or leased out.

Analysts greeted the reorganisation cautiously. Eva Haas, of Old
Mutual Securities, said: "From a business point of view it makes
a certain amount of sense but some people would probably argue
that they should have done it earlier."

The group's shares rose 2p to 24.75p. They peaked at more than
300p three years ago, valuing the business at more than ?1bn.
British Biotech's lead product remains Marimastat, which has been
shown in some circumstances to reduce the size of cancer tumours.

Analysts believe its best chance is in a trial for small cell
lung cancer, where the size of tumours is much smaller. It has
proved inconsistent so far and causes painful side effects.
A follow-up drug, BB-3644, is tipped to be more promising but is
only in early trials.

Dr Goldstein said the company was withdrawing entirely from "very
early, blue sky research areas" in which scientists look for
entirely new technology.


BRITISH NUCLEAR: Additional Pressure to Financial Performance
-------------------------------------------
Financial Times  June 9, 2000

Germany's biggest power companies could deal a fresh blow to
British Nuclear Fuels next week by pledging to seek the earliest
possible ending of reprocessing contracts with the beleaguered UK
group.

The deal would stop short of forcing the energy companies to
renege on contracts with BNFL, but Berlin officials argue the
relative high cost of reprocessing could mean it makes economic
sense to incur penalties by breaking contractual arrangements.

A decision to terminate reprocessing contracts would put added
pressure on BNFL to improve its financial performance. Since
admitting to falsifying quality checks on batches of nuclear fuel
in September it has had a number of important orders put on hold
by foreign customers including the US Department of Energy and
Japanese utilities.

The German commitment would form part of a deal to shut 19 atomic
power stations likely to be finalised by Gerhard Schr"der,
chancellor, at a meeting with energy industry chiefs on
Wednesday.

Although significant parts of the overall deal have still to be
approved, both the government and the energy companies have
agreed the reprocessing of nuclear waste should end by July 1,
2005. The transport of waste to the UK or France for reprocessing
would only be allowed until that date.

In addition, drafts of the agreement circulating in Berlin reveal
the government has secured a commitment by the energy companies
"to use all reasonable contractual possibilities to achieve the
earliest possible ending of reprocessing".

Plans to sell up to 49 per cent of BNFL to the private sector
have already been delayed until after the next general election
because the company is failing to meet commercial, safety and
environmental targets.

Around a quarter of BNFL's annual ?1.5bn ($2.26m) turnover comes
from reprocessing spent fuel at its Thorp plant in Sellafield,
West Cumbria. Around 15 per cent of the base load contracts
currently in place there are with German utilities.

British Energy, the UK nuclear generator has also said that it
wants to renegotiate its reprocessing contracts in favour of
cheaper spent fuel storage, potentially removing another large
chunk of BNFL's revenue.

Despite the signals that German utilities could break their
contractual arrangements, the British Department of Trade and
Industry said it was confident the contracts would be honoured.

"The decision of the German government to end reprocessing is a
matter for itself but we have had assurances that the contracts
will be paid for in full," it said.

BNFL said it would be prepared to take legal action against any
company which broke a contract, but that an early end to German
reprocessing would not be a disaster for the group. "We are a
commercial organisation and we will seek new markets," it said.

Mr Schr"der's government has been seeking a deal with the energy
companies on exiting nuclear power for nearly two years. As an
alternative to reprocessing, waste would be stored at
intermediate facilities on the sites of, or nearby, nuclear power
stations.

But the German companies argue it is still unclear how quickly
they will be able to build sufficient alternative storage
capacity.


CAMPSIE CHOCOLATES: Notice of Liquidation Proceedings
-------------------------------------------
Insolvency UK

Company Name: Campsie Chocolates Ltd
Previous Name: Clearbuild Ltd
Company No: SC194811
Appointed on: 01/06/00
Type: Creditors
Appointed by: Creditors
Liquidators: Ian S McGregor IPno: 8210
Firm Name: Grainger & Co
Address: 10 Somerset Place City Postcode: Glasgow G3 7JT


CARD SHOP: Notice of Creditors Meeting
-------------------------------------------
Insolvency Uk

Company Name: Card Shop (Leicester) Ltd - The
IA 1986 Section: 98 Creditors
Meeting Time: 11.30 am
Meeting date: 16/06/00
Meeting address: Insol House 39 Station Road
Meeting City Code: Lutterworth LE17 4AP
Authorised by: P Zara Director 30/05/00
Last day for proxy: 15/06/00
Proxy address: Insol House 39 Station Road Lutterworth LE17 4AP
Liquidators:
Firm Name: F A Simms & Partners
Address: Insol House 39 Station Road Lutterworth LE17 4AP


CHALECREST LTD: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Chalecrest Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 11.00 am
Meeting date: 16/06/00
Meeting address: Langley House Park Road East Finchley
Meeting City Code: London N2 8EX
Authorised by: P Wilson Director 31/05/00
Last day for proxy: 15/06/00
Proxy address: Langley House Park Road East Finchley London N2
8EX
Liquidators:
Firm Name: Langley & Partners
Address: Langley House Park Road East Finchley London N2 8EX


CHRIS MORGAN: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Chris Morgan Transport Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 12.00 pm
Meeting date: 16/06/00
Meeting address: BDO Stayward 4th floor Riverside House 31
Cathedral Road Meeting City Code: Cardiff CF1 9HB
Authorised by: C A Morgan Director 05/06/00
Last day for proxy: 15/06/00
Proxy address: Riverside House 31 Cathedral Road Cardiff CF1 9HB
Liquidators:
Firm Name: BDO Stoy Hayward
Address: Riverside House 31 Cathedral Road Cardiff CF1 9HB


COMPSYSTEMS LTD: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Compsystems Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 03.00 pm
Meeting date: 16/06/00
Meeting address: 6 Main Avenue Moor Park
Meeting City Code: Northwood HA6 2HJ
Authorised by: C Brown Director 02/06/00
Last day for proxy: 15/06/00
Proxy address: 6 Main Avenue Moor Park Northwood HA6 2HJ
Liquidators: Michael G Beattie
Firm Name: M G Beattie & Co
Address: 6 Main Avenue Moor Park Northwood HA6 2HJ


RESORT HOTELS: Coopers Faces Fines on Alleged Role in Collapse
-------------------------------------------
This is London  June 9, 2000

Accountancy firm Coopers & Lybrand faces unlimited fines for its
alleged part in the collapse of Resort Hotels in 1994 after the
Joint Disciplinary Scheme, the professional watchdog, demanded it
face an independent tribunal.

The tribunal follows a preliminary investigation by the JDS's
executive council which today also laid complaints against former
partner Alun Thomas, two Coopers employees and the finance
director of Resort Hotels, Roland Peter Lewis.

Resort Hotels collapsed owing ?140 million after its managing
director, Robert Feld, was found to have misled investors in a
?20 million rights issue. Coopers, now part of
PricewaterhouseCoopers, also faces a multi-million-pound legal
action by 14 insurance companies and a legion of small
shareholders, who claim it was Coopers' responsibility as auditor
to check the listing particulars.

However, the fine levied on the firm should it be found guilty is
likely to disappoint. The maximum fine recorded was against
Coopers for its role in the Maxwell affair, when it was asked to
stump up ?3.5 million.


CURBISHLEY BUILDING: Notice of Creditors Meeting
-------------------------------------------
Insolvency Uk

Company Name: Curbishley Building Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 10.15 am
Meeting date: 16/06/00
Meeting address: DTE House Hollins Mount
Meeting City Code: Bury BL9 8AT
Authorised by: K Eckert Director 31/05/00
Last day for proxy: 15/06/00
Proxy address: DTE House Hollins Mount Bury BL9 8AT
Liquidators:
Firm Name: Downham Train Epstein
Address: DTE House Hollins Mount Bury BL9 8AT


EMB ENTERPRISES: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: EMB Enterprises Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 04.00 pm
Meeting date: 16/06/00
Meeting address: Mountview Court 1148 High Road Whetstone
Meeting City Code: London N20 0RA
Authorised by: M A Boland Director 02/06/00
Last day for proxy: 15/06/00
Proxy address: Mountview Court 1148 High Road Whetstone London
N20 0RA Liquidators: Kikis Kallis
Firm Name: Kallis & Co
Address: Mountview Court 1148 High Road Whetstone London N20 0RA


EXPERT COACH: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Expert Coach Travel Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 10.30 am
Meeting date: 16/06/00
Meeting address: 36 Victoria Avenue
Meeting City Code: Harrogate HG1 5PR
Authorised by: K Elsworth Director 30/05/00
Last day for proxy: 15/06/00
Proxy address: 35 East Parade Harrogate HG1 5LQ
Liquidators:
Firm Name: Jacksons Jolliffe Cork
Address: 35 East Parade Harrogate HG1 5LQ


1ST CLASS SERVICES: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: First Class Services Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 11.00 am
Meeting date: 16/06/00
Meeting address: Glenroyd House 96-98 St James Road
Meeting City Code: Northampton NN5 5LG
Authorised by: D Brook Director 30/05/00
Last day for proxy:
Proxy address:
Liquidators: Peter J Windatt
Firm Name: Smith Dove
Address: Glenroyd House 96-98 St James Road Northampton NN5 5LG


GB RAILWAYS: Runs at a Loss of ?1 Million
-------------------------------------------
Citywire  June 9, 2000

GB runs at a loss GB Railways is passing the final dividend after
reporting a ?1 million loss in the year to March. The train
operator earned ?1.8 million pre-tax in the previous 12 months.

The loss was blamed on difficulties at Anglia Railways as a
result of the late deliver of new trains plus a ?2.6 million
reduction in the government subsidy. The results included a ?1.4
million profit on the disposal of a 19.7% interest in Great
Southern Railway.


HARLEQUIN GROUP: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Harlequin Group Plc
IA 1986 Section: 98 Creditors
Meeting Time: 10.30 am
Meeting date: 16/06/00
Meeting address: Hill House 1 Little New Street
Meeting City Code: London EC3A 3TR
Authorised by: A M McCarthy Director 20/05/00
Last day for proxy: 15/06/00
Proxy address: Stonecutter Court 1 Stonecutter Street London EC4A
4TR Liquidators:
Firm Name: Deloitte & Touche
Address: Stonecutter Court 1 Stonecutter Street London EC4A 4TR


HOMEPLACE SUPERSTORES: Succumbs to Administrative Option
-------------------------------------------
The Times   June 10, 2000

MERVYN FOGEL, the millionaire founder of Texas Homecare, has
called the administrators into Home Place Superstores - ending
his hopes of making a third fortune.

The Ofex-listed company, which billed itself as "Ikea for grown-
ups", was preparing only two months ago to raise ?5 million by
joining the AIM.

Accountants at Fisher Curtis have been appointed administrators.

The company's financial troubles stem from its recent acquisition
of Inventory, a former subsidiary of Sears.

It paid in part for the deal by borrowing ?1.5 million from
Gordon Brothers, the US finance house that often lends to
retailers using their stock as a security.

Home Place intended to recoup the cash with a placing of shares
on the AIM through Peel Hunt, the broker, but failed to secure
City backing.

Mr Fogel, now 60, left Britain in 1980 after making Texas
Homecare into Britain's first nationwide DIY chain and selling it
to Ladbroke for ?70 million. It was then sold to J Sainsbury.

After amassing a second fortune running businesses in San
Francisco, he returned in 1997 in hope of introducing Britain to
the one-stop home furnishings superstore format popular in the
US.

Mr Fogel said at the time: "Home furnishing stores could be the
next big trend in Britain."

Sir Harry Djanogly, chairman of Coats Viyella, is understood to
be one of Mr Fogel's financial backers and a shareholder in Home
Place.


J&M ENERGY: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: J & M Energy Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 10.00 am
Meeting date: 16/06/00
Meeting address: 18 Viewfield Terrace
Meeting City Code: Dunfermline KY12 7JU
Authorised by: Alan C Thompson Interim
Liquidator 17/05/00
Last day for proxy: 15/06/00
Proxy address: 18 Viewfield Terrace Dunfermline KY12 7JU
Liquidators:
Firm Name: Thomson Cooper & Co
Address: 18 Viewfield Terrace Dunfermline KY12 7JU


KENSINGTON TELECOMM: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Kensington Telecomm Services Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 11.00 am
Meeting date: 16/06/00
Meeting address: Brentmead House Britannia Road
Meeting City Code: London N12 9RU
Authorised by: S Parvizi Director 24/05/00
Last day for proxy: 15/06/00
Proxy address: Brentmead House Britannia Road London N12 9RU
Liquidators:
Firm Name: Leigh & Co
Address: Brentmead House Britannia Road London N12 9RU


LEWIS RADIO: Notice of Liquidation Proceedings
-------------------------------------------
Insolvency UK

Company Name: Lewis Radio (Southgate) Ltd
Company No: 0635706
Com. Business:
Appointed on: 01/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: A Martin-Sklan IPno: 5815
Firm Name: Martin-Sklan & Co
Address: 133 Golders Green Road
City Postcode: London NW11 8HJ


LIGHTFOOT INTERNATIONAL: Notice of Liquidation Proceedings
-------------------------------------------
Insolvency UK  

Company Name: Lightfoot International Ltd
Previous Name: Speed 7124 Ltd
Company No: 3562793
Com. Business: Manufacture Specialised Flooring
Appointed on: 01/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Frank A Simms IPno: 2773 Gavin G Bates 8983
Firm Name: F A Simms & Partners
Address: Insol House 39 Station Road
City Postcode: Lutterworth LE17 4AP


LINELL ENGINEERING: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Linell Engineering Co (Johnstone) Ltd
IA 1986 Section: 138 Creditors
Meeting Time: 10.00 am
Meeting date: 16/06/00
Meeting address: Merchants House 7 West George Street
Meeting City Code: Glasgow
Authorised by: A S Murray Interim Liquidator
Last day for proxy: 15/06/00
Proxy address: 6 Rowan Road Glasgow
Liquidators:
Firm Name: Kapoor & Murray
Address: 6 Rowan Road Glasgow


MITECS LTD: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Mitecs Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 11.00 am
Meeting date: 16/06/00
Meeting address: Elliot House 151 Deansgate
Meeting City Code: Manchester M3 3BP
Authorised by: Director 30/05/00
Last day for proxy: 15/06/00
Proxy address: Eliott House 151 Deansgate Manchester M3 3BP
Liquidators:
Firm Name: Begbies Traynor
Address: Eliott House 151 Deansgate Manchester M3 3BP


SEMPLE COCHRANE: Misrepresented Profits Prompt Plunge
-------------------------------------------
The Independent  10 June 2000

Semple Cochrane, the engineering services company, yesterday said
its accounting methods had overstated its assets and
misrepresented profits.

It also said trading performance for the second half of this year
would be be hit by exceptional losses on some contracts,
compensation to former directors, costs from an aborted
acquisition and other costs. The news knocked 19 per cent off
itsshares, which closed at 64.5p.

The company's chairman, Tom Clark, and chief executive; William
Evans, resigned in March at the time of the interim results and a
profits warning. The interim dividend will not now be paid.

Bob Lundy, managing director, asked accountants Ernst & Young to
conduct an independent financial review. This will be completed
later this month. Yesterday the company said the review had found
the group's net assets were overstated by ?10m "as a result of
fundamental accounting errors". Total assets stated with the
interim results were ?14.9m.

Semple said also it had treated short-term contracts on the same
basis as long-term, meaning the profit booked "has not been
calculated on a prudent basis". But it added it had adequate cash
reserves, a strong order book, and a profitable underlying
current contract base.


SOUTHPORT LIFE: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Southport Life & Pensions Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 10.30 am
Meeting date: 16/06/00
Meeting address: 1 Old Hall Street
Meeting City Code: Liverpool L3 9HF
Authorised by: L C Foster Director 01/06/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: Huntington Moore
Address: 1 Old Hall Street Liverpool L3 9HF


STAFFORDSHIRE COMM: Notice of Liquidation Proceedings
-------------------------------------------
Insolvency UK

Company Name: Staffordshire Comm Warerhousing Ltd
Company No: 3398363
Com. Business: Warehousing & Distribution
Appointed on: 01/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Neil Henry IPno: 8622 Nola Barber 8000
Firm Name: Lines Henry
Address: 27 The Downs
City Postcode: Altrincham WA14 2QD


WALDING TRANSPORT: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Walding Transport Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 11.00 am
Meeting date: 16/06/00
Meeting address: 141 Great Charles Street
Meeting City Code: Birmingham B3 3LG
Authorised by: A Hubbard Director 22/05/00
Last day for proxy: 15/06/00
Proxy address: 141 Great Charles Street Birmingham B3 3LG
Liquidators: Martin T Coyne
Firm Name: Poppleton & Appleby
Address: 141 Great Charles Street Birmingham B3 3LG



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-
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Copyright 2000.  All rights reserved.  ISSN 1529-2754.

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