/raid1/www/Hosts/bankrupt/TCREUR_Public/000616.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

          Friday, June 16, 2000, Vol. 1, No. 29


                       Headlines

C Z E C H    R E P U B L I C

KONSOLIDACNI BANKA: Struggling at its Own Weight
INVESTICNI A POSTOVNI: Gov't To Discuss Future of Troubled Lender


N E T H E R L A N D S

BAAN: Investors Seeking to Rescue Company Call Off Talks
FOKKER AVIATION: Bankrupt Company Won't Pay Corporate Tax


R U S S I A

RAYCHIKHINSKY GLASS: Creditors Begin Bankruptcy Proceedings


U N I T E D   K I N G D O M

A RICHARDSON: Notice of Creditors Meeting
ALET 5188: Notice of Creditors Meeting
ALLIANCE M & E: Notice of Creditors Meeting
AUSSIE LEISURE: Notice of Creditors Meeting
CAMBER INTERNATIONAL: Notice of Administration Proceedings

C & A: Struggling Fashion Chain to Close Stores
FIRST POINT MGT: Notice of Receivership Proceedings
HIGHFIELD GROUP: Notice of Administration Proceedings
HHO LICENSING: Notice of Receivership Proceedings
INDEPENDENT ENERGY: Shares Slumps 18 Percent

INNOVATIVE MANAGEMENT: Notice of Creditors Meeting
KELDA GROUP: Water Company Heads for Mutualisation
KNIGHTSTEAD LTD: Notice of Creditors Meeting
M & J POST: Notice of Liquidation Proceedings
PENINSULA KILLATRAVE: Notice of Receivership Proceedings

RANK GROUP: Film Division Loses Key Contract
SMS BUSINESS: Notice of Creditors Meeting
SALTIRE NUMBER: Notice of Creditors Meeting
SOMERFIELD PLC: To End Home Shopping Business
STAGECOACH PLC: Transport Restructuring for Troubled Coach

TECHNICAL AIR: Notice of Creditors Meeting
TECHSET SYSTEMS: Notice of Creditors Meeting
TOWER EDUCATION: Notice of Creditors Meeting
TRANSMASE HAULAGE: Notice of Creditors Meeting
VSUALMOTION LTD: Notice of Creditors Meeting


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

KONSOLIDACNI BANKA: Struggling at its Own Weight
-------------------------------------------
Prague Post  June 14, 2000

After years of having bad debt from every corner of the Czech
Republic dumped on it, Konsolidacni banka (KoB) is looking to do
a little bad-debt dumping of its own.

The state-owned bank, which was created as a receptacle for the
country's bad business loans, is struggling under its own weight.
Questionable loans now make up close to half of its portfolio.
This year's losses are expected to exceed 1999's, climbing as
high as 48 billion Kc ($1.26 billion).

To help relieve the strain, Konsolidacni is making its first
large-scale attempt to clean up its balance sheet by selling off
a chunk of its problem loans.

If successful, experts say it could mean a significant boost to
the Czech economy, not to mention a crucial cut in administration
costs and increase in revenues for Konsolidacni.

The bank is hoping to sell claims with a nominal value of 20
billion Kc, deputy director Ladislav Reznicek told Czech news
agency CTK this month. The bank stuck its toes into the world of
debt-selling last year, unloading 3.2 billion Kc in bad loans for
510 million Kc.

This is the most ambitious sale to date, and the latest step in a
plan launched earlier this year to gradually begin reducing the
problematic assets in Konsolidacni's portfolio.

"We're already above our capacities," Kamil Ziegler, the bank's
head, told the Financial Times this month.

If Konsolidacni is successful, it will give a shot in the arm to
the Czech economy. That's because a successful sale of the debt
could mean long-waiting creditors finally get paid, which frees
up their capital to lend to others, said Jiri Stanik, a banking-
industry analyst with Raiffeisen Capital Investments.

"Selling loan collateral, whether it's Konsolidacni or any other
bank, is positive for the market," Stanik said.

He said that it could even positively impact interest rates,
which are based on the risk of loans being repaid. And getting
rid of bad debt means that lending becomes less risky.

Whether Konsolidacni will find buyers for its debt remains to be
seen. Even bank officials acknowledge it's an ambitious goal.

Investors may offer very low prices for claims because they may
consider the offering too risky, Reznicek said.

If that's the case, he said Konsolidacni may opt not to take any
of the offers, and instead try to make a higher profit on its
own.

Konsolidacni's plan to substantially reduce its portfolio began
in March, when it started auctioning off smaller loans on its Web
site.

"So far, claims with a total worth of 4.1 billion Kc have been
put on the Web," said KoB spokesman Jiri Pekarek.

It also started looking to form joint ventures with foreign banks
and financial institutions to manage receivables. This may be one
scenario for the latest debt-sale target.

Reznicek told CTK that interest has been expressed by seven
companies in this arena. Such deals could allow Konsolidacni to
sell differing levels of risk and profit.

"All this means Konsolidacni's capacity will expand," Reznicek
said. "The claims are being sold by a special company not subject
to banking secrecy. It is faster and the claim's recovery is
easier."

The bank was set up to take on the commercial bad debt that
plagued the Czech Republic at the end of the planned economy. It
soon was also given the task of overseeing the Revitalization
Agency. That makes Konsolidacni often the largest creditor in
many of the country's largest and most struggling companies, such
as ZPS, Skoda Holding and CKD.

But Konsolidacni was given an even bigger, unexpected increase in
its bad-debt load when the Czech government finally decided to
privatize its banking sector.

It was shipped hundreds of millions in bad loans from Ceska
sporitelna and Komercni banka in an effort to help both banks
find private companies willing to take over.


INVESTICNI A POSTOVNI: Gov't To Discuss Future of Troubled Lender
-------------------------------------------  
PRAGUE, Jun 14, 2000 -- (Reuters) The Czech government will on
Wednesday discuss the future of troubled lender IPB a.s.
following heavy withdrawals from the bank, a government press
official said.

IPB, the country's third largest bank, 46-percent owned by a unit
of Japan's Nomura , has suffered hefty withdrawals following
unconfirmed newspaper reports that a 1999 audit, due out on June
26, will reveal a lack of reserves.

Depositors took out 1.35 billion crowns ($36 million) in deposits
on Monday alone, and queues at some branches prompted the cabinet
and the central bank to pledge on Tuesday to stabilize IPB should
shareholders fail to do so.

The stock fell to an all-time low of 72 crowns on Wednesday, from
Tuesday's close at 81.

No details about the government's discussion on IPB were
available. The cabinet is due to hold a regular news conference
at 1500 GMT.

The central bank, which performed a separate audit of the bank's
selected loan portfolio transactions, has called for an increase
in equity capital, but has so far taken no regulatory action.

Under Czech law, the central bank may put a bank under forced
administration and suspend shareholders' voting rights if the
owners fail to keep capital adequacy at required levels. Nomura
has pledged to boost capital by up to 20 billion crowns. IPB
plans a rights issue of up to 13.4 billion crowns, but that has
been held up by a minority shareholder suit.

Nomura has been trying to bring onboard other partners through
the sale of its stake or by increasing equity. IPB has said
Allianz was close to taking a small stake, and that it was also
in talks with Italy's Unicredito.

Ceskoslovenska Obchodni Banka a.s. (CSOB), a unit of Belgium's
KBC, is also rumored to be interested.

CSOB spokesman Jan Stolar said on Wednesday that CSOB was
planning to expand on the Czech market if "a suitable acquisition
opportunity" appears.

Nomura bought a 36 percent stake in IPB from the government in
1998, and later raised it to 46 percent.

Daily newspaper Mlada Fronta Dnes reported on Saturday that the
government had offered to take Nomura's shares back for one
crown, but the finance ministry said earlier this week that no
such offer had been made "yet".

The paper reported IPB lacked at least 21 billion crowns in
reserves, but the figure could not be confirmed by Reuters.
Analysts say IPB's burden of non-performing loans is likely
comparable to those of Ceska Sporitelna and Komercni Banka ,
which both received tens of billions of crowns in state aid in
1999 and 2000 ahead of privatization.


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

BAAN: Investors Seeking to Rescue Company Call Off Talks
-------------------------------------------
Financial Times   June 14, 2000

A group of investors seeking to rescue Baan, the ailing Dutch
software company, called off a meeting with trade unions on
Wednesday, casting doubt on the feasibility of their plan.

A group of 22 shareholders is seeking to block a E762m ($732m)
cash offer for Baan from Invensys, the UK controls and automation
group. They believe Baan is worth more than double the E2.85 per
share that Invensys has offered.

However, Ernst Sonneveldt, an Amsterdam consultant who claimed to
represent the 22 shareholders, on Wednesday cancelled a meeting
at which he was due to explain the plan.

He has refused to identify the shareholders or the investment
banks that he said backed a proposal to refinance Baan. This
would be achieved through a global offering of 250m new shares
raising E625m.

Mr Sonneveldt has said the proponents of this plan include US,
Dutch and Belgian shareholders who hold 19.6 per cent of Baan's
stock. Neither Baan nor its staff representatives have met Mr
Sonneveldt.

De Volkskrant, a leading Dutch daily newspaper, on Wednesday
listed his activities as musical entertainment, sailing and
politics.

Robert Goudie, a senior vice-president at Baan, said yesterday:
"There have been no discussions with Mr Sonneveldt and we don't
know much about him. He called our offices last week saying that
he was going to submit a big proposal but to date we have heard
nothing."

He added: "The Invensys tender offer has the full support of the
management and supervisory boards. It is fair for all Baan
shareholders."

Baan's works council - which represents employees and management
- issued a statement on Wednesday unanimously backing the
Invensys offer. Cor van Dijk, chairman, said: "The acquisition by
Invensys is the best solution for the employees and opens up new
perspectives for the future."

Mr Sonneveldt on Wednesday cancelled a meeting with RMU, Baan's
biggest trades union, at which he had been due to explain the
proposal. He said he was flying to the US to discuss the plan
further with shareholders.

Chris Baggerman of RMU, whose members back the Invensys bid, said
he doubted the rival offer would materialise.

Invensys said on Wednesday the offer document would be posted
imminently. "Once shareholders have a chance to read it, they
will recognise that the best future for Baan is with Invensys."

The UK group has 17.7 per cent of Baan's shares, of which 6.6 per
cent have been bought in the market and the rest committed by
shareholders.


FOKKER AVIATION: Bankrupt Company Won't Pay Corporate Tax
-------------------------------------------
AFX European Focus     June 14, 2000

Bankrupt Fokker Aviation B.V. said the tax division of the Dutch
High Court ruled that Fokker will not have to pay 140 mln nfl to
the Dutch tax authorities, saying a corporate tax assessment
for 1998 was unfounded. The High Court has yet to rule on similar
corporate tax assessments for 1999 and 2000.


===========
R U S S I A
===========

RAYCHIKHINSKY GLASS: Creditors Begin Bankruptcy Proceedings
-------------------------------------------
Economic News
June 14, 2000 Wednesday

As it was reported to our correspondent at the press-service of
the Amursk regional administration, the decision to introduce
bankruptcy proceedings was made at the session of the company's
creditors.

Introduction of bankruptcy  proceedings will give a possibility
to put the factory up for sale. Railway Ministry of Russia is
interested in the  factory as well as RAO "UESR", "Gazprom",
"LUKoil". The glass factory will cost about 60-70 mln roubles.  
The profit will be considerable - the factory is the only one in
the area - from Baikal to Kamchatka.

At present the factory produces glass bottles. The daily plan is  
60,000 bottles, but the plant produces 70-85 thousand of them.


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

A RICHARDSON: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: A Richardson & Son (Roofers) Ltd
IA 1986 Section: 138 Creditors
Meeting Time: 12.00 pm
Meeting date: 20/06/00 Meeting address: 1 Blythswood Square
Meeting City Code: Glasgow G2 4AD Authorised by: G Ian Rankin
Interim Liquidator Last day for proxy: 19/06/00 Proxy address: 1
Blythswood Square Glasgow G2 4AD Liquidators: Firm Name:
PricewaterhouseCoopers Address: 1 Blythswood Square Glasgow G2
4AD


ALET 5188: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Alet 5188 Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 12.00 pm
Meeting date: 20/06/00
Meeting address: The Old Hall Hotel Newcastle Road
Meeting City Code: Sandbach
Authorised by: S J Sebire Director 31/05/00
Last day for proxy: 19/06/00
Proxy address: The Gables Goostrey Lane Twemlow Green CW4 8BH
Liquidators:
Firm Name: Chris Haworth & Co
Address: The Gables Goostrey Lane Twemlow Green CW4 8BH


ALLIANCE M & E: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Alliance M & E Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 11.00 am
Meeting date: 20/06/00
Meeting address: The Old Hall Hotel Newcastle Road
Meeting City Code: Sandbach
Authorised by: S J Sebire Director 31/05/00
Last day for proxy: 19/06/00
Proxy address: The Gables Goostrey Lane Twemlow Green CW4 8BH
Liquidators:
Firm Name: Chris Haworth & Co
Address: The Gables Goostrey Lane Twemlow Green CW4 8BH


AUSSIE LEISURE: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Aussie Leisure Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 10.30 am
Meeting date: 20/06/00
Meeting address: St Andrews House Hotel Worcester Road
Meeting City Code: Droitwich
Authorised by: C Pinches Director 01/06/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: Haden
Address: 485 Birmingham Road Bromsgrove B61 0HZ


CAMBER INTERNATIONAL: Notice of Administration Proceedings
-------------------------------------------
Insolvency UK

Company Name: Camber International Ltd
Company No: 2338368
Com. Business: Manuf Circular Knitting Machines
Trading Name:
Trade clasif.:
Appointed on: 25/05/00
Type: Administration Order
Administrators: Edward T Kerr IPno: Christopher K Rayment 6775
Firm Name: Pannell Kerr Forster
Address: Pannell House 159 Charles Street
City Postcode: Leicester LE1 1LD


C & A: Struggling Fashion Chain to Close Stores
-------------------------------------------
The Time  June 15, 2000

C&A, the struggling fashion chain, will today announce a radical
restructuring programme that is expected to result in the closure
of up to 40 of its 109 UK stores.

The Brenninkmeyer family, which has controlled C&A since its
inception, is also understood to have demanded discounts of 10
per cent from all its suppliers, enabling it to cut prices in
remaining stores.

The changes will be announced to store managers this morning.
Some sources in the retail industry believe that C&A has found a
buyer for several stores.

C&A last week said that it would close its Bluewater store. The
retailer blamed crippling rents on its decision to pull out of
the retail park owned by Lend Lease, the Australian company.


FIRST POINT MGT: Notice of Receivership Proceedings
-------------------------------------------
Insolvency UK

Company Name: First Point Management Inc
Com. Business: Holding Co
Trade clasif.: 38
Appointed on: 01/06/00
Appointed by: National Westminster
Type: Administrative
Receivers: James Earp IPno: 8554, Scott Barnes 6323
Firm Name: Grant Thornton
Address: Grant Thornton House Melton Street Euston Square City
Postcode: London NW1 2EP


HIGHFIELD GROUP: Notice of Administration Proceedings
-------------------------------------------
Insolvency UK

Company Name: Highfield Group Ltd
Company No: 2013600
Com. Business: Nursing Home Operator
Trade clasif.: 46
Appointed on: 24/05/00
Type: Administration Order
Administrators: John C Reid IPno: 8556 Ian Brown 7236
Firm Name: Deloitte & Touche
Address: 39 St Vincents Place
City Postcode: Glasgow G1 2QQ


HHO LICENSING: Notice of Receivership Proceedings
-------------------------------------------
Insolvency UK

Company Name: HHO Licensing Ltd
Company No: 3623764
Trade clasif.:
Appointed on: 01/06/00
Appointed by: Barclays Bank PLC
Type: Administrative Receivers: Michael J Jarvis IPno: 1185,
Scott Barnes 6323
Firm Name: Grant Thornton
Address: Grant Thornton House Melton Street Euston Square
City Postcode: London NW1 2EP


INDEPENDENT ENERGY: Shares Slumps 18 Percent
-------------------------------------------
Financial Times   June 14, 2000

Shares in Independent Energy, the UK electricity and gas
supplier, slumped 18 per cent in early London trading on
Wednesday following news that its billing problems were taking
longer than expected to resolve.

The shares have fallen from a year high of ?37.50 in March to
close at ?12.83 a share on Tuesday as investors have continued to
show concerns about the scale of the problem. By 0830 GMT in
London the shares had shed a further 222.5p to stand at a new
year low of ?10.60.

Independent Energy first confirmed it was having trouble billing
small business and domestic customers, which represent about 40
per cent of the group's sales, in mid February. Since then it has
made repeated assurances that the problem was close to
resolution.

In a statement aimed at clarifying the company's position, John
Sulley, chief executive, said: "Progress towards the resolution
of this issue continues, but has been slower than anticipated.
The level of billings delayed is ?119m (against ?112m at 17 May),
albeit against the background of the continued growth of the
business."

Last month the UK energy regulator barred the company from
recruiting any new domestic or small business companies until it
had rectified the problem. Mr Sulley said that the company had
since expanded its in-house billing capabilities to transfer
small customer accounts from an outside billing service provider,
but that the benefits of this had not yet taken hold.

He added that the group was in active discussions to secure a
longer term working capital facility but that he believed the
company had sufficient funds available to last until the expiry
of its revolving credit facility on 29 september.


INNOVATIVE MANAGEMENT: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Innovative Management Services Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 02.00 pm
Meeting date: 20/06/00
Meeting address: Church Steps House Queensway
Meeting City Code: Halesowen B63 4AB
Authorised by: M Walker 26/05/00
Liquidators: David T Greensill
Firm Name: Mayfields
Address: Church Steps House Queensway Halesowen B63 4AB


KELDA GROUP: Water Company Heads for Mutualisation
------------------------------------------
This is London   June 14, 2000

The biggest upheaval in Britain's water industry since
privatisation more than a decade ago was signalled today when
Yorkshire's supplier Kelda said it was breaking itself up and
selling its pipelines, reservoirs and sewage works to a new
mutual society.

The proposals come after a disastrous period of underperformance
by Kelda. It is almost certain to be followed by other water
companies.

Under the mutual plan, Kelda's regulated assets will be
effectively owned by its customers, aiming to end the criticism
that water companies operate more for the shareholders than the
people they serve.

The assets will be sold to the debt-funded mutual by Kelda for
around their net asset value of about ?2.4 billion, minus the
borrowings needed to fund Yorkshire Water's capital investment
programme.

Analysts said this could mean windfalls for Kelda shareholders of
around ?2.75 a share. Sale of the regulated assets will then
leave Kelda as a non-regulated water and sewage services provider
free to bid for contracts anywhere in Britain as the expected
deregulation of the industry accelerates.

Kelda today announced almost unchanged pre-tax profits of ?222.1
million for the year to end March. The annual dividend is raised
8% to 24.15p.


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

Company Name: Knightstead Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 02.30 pm
Meeting date: 20/06/00
Meeting address: Lynton House 7-12 Tavistock Square
Meeting City Code: London WC1H 9LT
Authorised by: B Uncle Director 02/06/00
Last day for proxy: 19/06/00
Proxy address: 81 Station Road Marlow SL7 1NS
Liquidators: P J Hughes-Holland
Firm Name: Morley & Scott
Address: 81 Station Road Marlow SL7 1NS


M & J POST: Notice of Liquidation Proceedings
-------------------------------------------
Insolvency UK

Company Name: M & J Post Ltd
Company No: 3193796
Com. Business: Video Editing Services
Appointed on: 05/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Bhagu Mistry IPno: 5762
Firm Name: B Mistry & Co Address: Pride House Rectory Lanr
City Postcode: Edgware HA8 7LG


PENINSULA KILLATRAVE: Notice of Receivership Proceedings
-------------------------------------------
Insolvency UK

Company Name: Peninsula Killatrave Ltd
Company No: IR
Appointed on: 01/06/00
Appointed by: Bord Failte Eireann
Type: Administrative
Receivers: Richard Trehy IPno: ,
Firm Name: Richard Trehy & Co
Address: 18 Gardner Place
City Postcode: Dublin 1


RANK GROUP: Film Division Loses Key Contract
-------------------------------------------
The Times  June 15, 2000

Rank Group, the shrinking leisure operator, confirmed that its
Deluxe film services division has lost its US video duplication
contract with Twentieth Century Fox Home Entertainment. The loss,
and a restructuring of the business, will result in a ?35 million
exceptional charge.


SMS BUSINESS: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: SMS Business Solutions Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 11.00 am
Meeting date: 20/06/00
Meeting address: 141 Great Charles Street
Meeting City Code: Birmingham B3 3LG
Authorised by: R Thompson Director 23/05/00
Last day for proxy: 19/06/00
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


SALTIRE NUMBER: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Saltire Number Fifty Six Ltd
IA 1986 Section: 138 Creditors
Meeting Time: 03.00 pm
Meeting date: 20/06/00
Meeting address: Discovery Point Discovery Way Riverside Drive
Meeting City Code: Dundee
Authorised by: Gerald I Rankin Interim
Liquidator 02/06/00 Last day for proxy: 19/06/00
Proxy address: Argyll House Marketgait Dundee DD1 1AP
Liquidators:
Firm Name: PricewaterhouseCoopers
Address: Argyll House Marketgait Dundee DD1 1AP


SOMERFIELD PLC: To End Home Shopping Business
-------------------------------------------
LONDON, June 15 (Reuters) - British supermarket group Somerfield
Plc will announce plans on Thursday to end its home shopping
business in an attempt to stem heavy losses, the Financial Times
reported.

The newspaper said the news, set to highlight the large costs of
developing remote shopping services through interactive
television and the Internet, would reverse the strategy of ousted
Somerfield boss David Simons.

The group is expected to announce that severe trading problems in
its core business make it unfeasible to invest enough money to
make the venture work.

"We are all taking a much more realistic view of what is required
to build a long-term business. And the Somerfield business has
much higher short-term priorities," the newspaper quoted one
executive as saying.

According to the Financial Times, analysts think the decision
could lead smaller, financially weaker retailers to rethink
rushing to jump aboard the e-commerce bandwagon.

It said most of the country's larger food retailers offer home
shopping services, but few are yet realising profits.

Somerfield, which last month announced a 9.8 percent fall in
fourth quarter sales, is understood to be losing up to one
million pounds ($1.51 million) a month from the 24-7 home
shopping division.


STAGECOACH PLC: Transport Restructuring for Troubled Coach
-------------------------------------------
Financial Times     June 15, 2000

Stagecoach, the battered UK transport group, has again denied it
was considering going private as it attempted to put a difficult
past year behind it.

After speculation was renewed this week that Brian Souter, the
high-profile chairman, was planning to buy out other
shareholders, Stagecoach said there no such plans. "We are
looking to the future of Stagecoach as a public company," said
Keith Cochrane, chief executive.  

He said the priority for Stagecoach was to control costs at its
US acquisition, Coach USA, and to beef up management.

Stagecoach also hopes to raise passenger numbers and revenues in
the UK bus market by a series of initiatives, including
computerised route management and the "smart" bus and train
tickets.

The company is attempting to recover from a year that included a
profits warning and the resignation of Mike Kinski, the chief
executive.

Despite these problems, underlying profits rose 11 per cent to
Pounds 244m in the year to April 30, on turnover up 41 per cent
at Pounds 2.18bn. Exceptional costs of Pounds 60.9m pushed the
pre-tax line below last year's Pounds 210.4m, however.

Mr Cochrane said Stagecoach had underestimated the difficulties
of the US market and was six months behind with a restructuring
programme.

The UK rail division, comprising South West Trains and a 49 per
cent stake in Virgin Rail, increased operating profit by 16 per
cent to Pounds 39.3m on turnover up 8 per cent at Pounds 376m.
Stagecoach plans to buy back a further 12.5 per cent of its
shares after earlier purchases of 248m.
It proposes a final dividend of 2.4p for a total 3.6p, up 20 per
cent. Earnings per share fell 22 per cent to 9.4p. The shares
fell 7p to 63p.


TECHNICAL AIR: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Technical Air Services Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 12.00 pm
Meeting date: 20/06/00
Meeting address: DTE House Hollins Mount
Meeting City Code: Bury BL9 8AT
Authorised by: Brian Doleman Director 31/05/00
Last day for proxy: 19/06/00
Proxy address: DTE House Hollins Mount Bury BL9 8AT
Liquidators:
Firm Name: Downham Train Epstein
Address: DTE House Hollins Mount Bury BL9 8AT


TECHSET SYSTEMS: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Techset Systems Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 11.00 am
Meeting date: 20/06/00
Meeting address: South Centrak 11 Peter Street
Meeting City Code: Manchester M2 5LG
Authorised by: C Butler Director 30/05/00
Last day for proxy: 19/06/00
Proxy address: South Central 11 Peter Street Manchester M2 5LG
Liquidators:
Firm Name: Levy Gee
Address: South Central 11 Peter Street Manchester M2 5LG


TOWER EDUCATION: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Tower Education Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 10.30 am
Meeting date: 20/06/00
Meeting address: 42 George Street
Meeting City Code: Reading RG1 7NT
Authorised by: I E Turner Director 30/05/00
Last day for proxy: 19/06/00
Proxy address: 42 George Street Reading RG1 7NT
Liquidators:
Firm Name: Walker & Co
Address: 42 George Street Reading RG1 7NT


TRANSMASE HAULAGE: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Transmase Haulage Contractors Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 11.00 am
Meeting date: 20/06/00
Meeting address: Post House Hotel The Eastergate
Meeting City Code: Lincoln LN2 1PN
Authorised by: N J Jaines Director 24/05/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: Poppleton & Appleby
Address: 93 Queen Street Sheffield S1 1WF


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

Company Name: Vsualmotion Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 12.00 pm
Meeting date: 20/06/00
Meeting address: St Johns Court 72 Gartside Street
Meeting City Code: Manchester M3 3EL
Authorised by: D Sweeney Director 26/05/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: A H Tomlinson & Co
Address: St Johns Court 72 Gartside Street Manchester M3 3EL



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,
and Beard Group, Inc., Washington, DC.  Peter A. Chapman and
Sharon Cuarto, Editors.

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

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