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     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 30, 2000, Vol. 1, No. 39


                        Headlines

C Z E C H   R E P U B L I C

INTERKONTAKT GROUP: Retailing Giant Goes Bankrupt
INVESTICNI A POSTOVNI: Shares Held as Collateral are Finally Sold
INVESTICNI A POSTOVNI: Czech Government Sifts Through the Ashes
KOMERCNI BANKA: Bank To Sue Managers
KOMERCNI BANKA: Eleven Former Managers Indicted


E S T O N I A

OPTIVA: Central Bank Announces Talks Outcome


H U N G A R Y

LET KUNOVICE: Troubled Company Signs Agreement with Creditor
MOL: Oil and Gas Company Could Lose Up To Ft100bn ($360m)


I T A L Y

INSTITUTO PER LA RICOSTRUZIONE: Government Liquidates Company
INSTITUTO PER LA RICOSTRUZIONE: Liquidation Marks End of Era
INSTITUTO PER LA RICOSTRUZIONE: Privatization Catches Up with IRI


N E T H E R L A N D S

WORLD ONLINE: Tina Turner Not Paid for ISP's Losses


R O M A N I A

SOMES SA: Austrian Company Signs Purchase Contract Worth $18.8M


R U S S I A

UNEXIMBANK: Creditors Criticizing Restructuring Deal


U K R A I N E

NAFTOKHIMIK PRYKARPATYA:  30% Stake Acquired by Watford Petroleum


U N I T E D   K I N G D O M

APPEALS TO INDUSTRY: Liquidation Proceedings
ARRINA LTD: Liquidation Proceedings
BETTERDASH LTD: Liquidation Proceedings
CAPITAL & EASTER: Liquidation Proceedings
CAPITAL & REGIONAL: Liquidation Proceedings

CAPITAL & REGIONAL: Liquidation Proceedings
CAPITAL AND REGIONAL: Liquidation Proceedings
CAPITAL & REGIONAL: Liquidation Proceedings
CAPITAL LANHAM: Liquidation Proceedings
CAPITAL LANHAM: Liquidation Proceedings

CAPITAL LANHAM: Liquidation Proceedings
CAPITAL LANHAM: Liquidation Proceedings
CARDMASTER MARKETING: Liquidation Proceedings
CARDPHONE INTERNATIONAL: Liquidation Proceedings
CHURCHWICK INVESTMENTS: Liquidation Proceedings

CLOVERBROOK DEVELOPMENTS: Liquidation Proceedings
CONSULTANCY SHOP: Liquidation Proceedings
COUNTY CATERERS: Liquidation Proceedings
DEESIDE TECHNOLOGY: Liquidation Proceedings
DIRECT RECRUITMENT: Liquidation Proceedings

DONINGMORE LTD: Liquidation Proceedings
ELITE EXTERIORS: Liquidation Proceedings
EVERYCARE LTD: Liquidation Proceedings
EVITECH LTD: Liquidation Proceedings
FERRUM GROUP: Losing Company Sold for 2 Million Pounds

HDP LTD: Liquidation Proceedings
HARLEY CONTINENTAL: Liquidation Proceedings
JEMSA TECHNICAL: Liquidation Proceedings
JEWELBREE: Liquidation Proceedings
LANCAP ONE: Liquidation Proceedings

LANCAP TWO: Liquidation Proceedings
LINWEST TRADING: Liquidation Proceedings
MCG PUBS: Liquidation Proceedings
MARGINSUIT LTD: Liquidation Proceedings
MARINCO LTD: Liquidation Proceedings

METAL ART: Liquidation Proceedings
OLIVER NATHAM: Liquidation Proceedings
PW FOOD: Liquidation Proceedings
PREMIER COLLECTABLES: Liquidation Proceedings
R GREEN: Liquidation Proceedings

SHARROWVALE LTD: Liquidation Proceedings
SLOANE PUBLICITY: Liquidation Proceedings
STEVETONE SERVICE: Liquidation Proceedings
STYLISH ENTERTAINMENTS: Liquidation Proceedings
TEMACOM LTD: Liquidation Proceedings

TRADE FRAMES: Liquidation Proceedings
XENOFILE LTD: Liquidation Proceedings


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

INTERKONTAKT GROUP: Retailing Giant Goes Bankrupt
------------------------------
THE PRAGUE POST, June 28, 2000

A nail was hammered in the coffin of Czech retail chains May 31
after the Regional Business Court in Prague declared bankruptcy
for the Interkontakt Group -- which until recently was the
biggest retail company in the Czech Republic.

Following previous bankruptcies of food retailers Vit-Potraviny
in March 1999 and Pronto Plus in February 2000, Interkon-takt
became the last major Czech retailer to go bankrupt.

High ambitions end in failure

Zdenek Somr, president of the Czech Republic's Business Chamber,
said that the lack of funds, price wars and unreasonably high
expectations for the future of the country's economic development
have brought about the failures of big Czech retailers.

"Expectations some three or four years ago were that Czech
economy would go through further boom, but it turned to be
wrong," Somr said. "Local retailers were unable to realize
immediate profits and were struggling with insufficient funding."

Interkontakt was ranked first among Czech retail companies in
1998. That year, Interkontakt reported 13.1 billion Kc ($345
million) in revenues and its network encompassed 330 shops in the
Czech Republic, as well as more than 500 in Poland and more than
40 in Slovakia.

But the massive expansion brought about an increase in debt, and
Interkontakt was forced to gradually sell its stores when it no
longer had sufficient income to service its debt.

Vitezslav Vaumund, who was named the official receiver by the
court following the bankruptcy order, said that only by selling
stores would there be a chance to return money to creditors. He
also said that the bankruptcy proceedings could last up to four
years.

Interkontakt board Chairman Jan Tlacbaba said that according to
an officially audited annual business report, the company's
assets exceeded liabilities. He said Interkontakt was ready to
lodge an appeal against the court's bankruptcy order.

"Personally, I consider the bankruptcy a tragedy," Tlacbaba said,
"It actually ruins 10 years of work."

Interkontakt had climbed to the top of Czech retailers by 1994.

In 1997, the U.S.-based Credit Suisse First Boston Private Equity
gained about 45 percent of Interkontakt's shares with a $46
million investment, and Interkontakt planned to become a leading
company in Central Europe.

Trying to hold on

In cooperation with the Norwegian firm Reiangruppen, Interkontakt
began building a network of discount shops called Rema 1000 and
also merged with rival M-Holding. In addition, Interkontakt
acquired food retailer AZ Potraviny, as well as Vit and Pronto.

Lack of funds forced the company to undergo a substantial
restructuring. Interkontakt sold 50 supermarkets to Delvita in
1998.

Then tough competition forced Interkontakt to give up retail and
focus on renting its remaining enterprises to other companies in
1999. As a result, Prior currently is the only chain managed by
Interkontakt.

Many Czech enterprises were established after the Velvet
Revolution in 1989. These enterprises were later unable to keep
their market position and ended up selling out to richer foreign
investors.

Somr said that he was not aware of any Czech business people
willing to invest in building up a retail chain these days.

He also said that it is essential that small and mid-size Czech
firms receive more support from the state.

"The sector of mid-size firms determines the overall stability of
the whole economy as well as its independence," Somr said. "We
know that there's some overproduction in Western Europe and that
we could easily only import the goods ... but it would lead to a
situation where there would be no Czech producers and 10 million
customers."


INVESTICNI A POSTOVNI: Shares Held as Collateral are Finally Sold
--------------------------------------------------------------
PRAGUE BUSINESS JOURNAL, June 29, 2000

June 29 - Swedish construction giant Skanska bought a 56.3% stake
in IPS, the CR's largest builder, from CSOB for roughly Kc 2.2
bln. The shares were held by the bank as collateral for a
defaulted loan provided by IPB to Sekyra Group subsidiary
Stredoevropska Stavebn¡ to purchase IPS in February after it beat
out Skanska in a tender. The deal was almost completed on June
19. A transfer of shares, however, was interrupted when forced
administration was imposed on IPB the same day. IPS netted Kc
244.2 mln last year on revenues of Kc 10.6 bln. Skanska also
bought Acred Group, specializing in designing and contracting
residential housing projects (Mlada Fronta 13).


INVESTICNI A POSTOVNI: Czech Government Sifts Through the Ashes
------------------------------
THE PRAGUE POST, June 28, 2000

As the Czech Republic sifts through the aftermath of the largest
banking meltdown in its history, it's clear the repercussions
will reverberate for months, if not years.

First, there's the staggering price tag. This month's collapse of
Investicni a postovni banka (IPB) will cost the Czech government
-- and in turn taxpayers -- at least 50 billion Kc ($1.32
billion), according to initial estimates. Some say the amount
could double.

Then there's the criminal investigation that's been launched into
the bank's former owners, Nomura Securities.

Politicians are cashing in on the turmoil to attack each other
and scramble for power. Prime Minister Milos Zeman says it's not
unrealistic to expect death threats over the ordeal, and has
assigned bodyguards to the finance minister and IPB's new forced
administrator.

Both Nomura and IPB's new owners, Ceskoslovenska obchodni banka
(CSOB), are preparing to battle out the details in court.

Some are even questioning whether the bank's collapse will impact
the country's efforts to get into the European Union.

A silver lining

But once the dust has cleared -- and there will be a lot of it --
the dramatic demise of the Czech Republic's third largest bank
could actually have a bright side, said Jiri Stanik, a banking
industry analyst at Raiffeisen Capital & Investments.

It will likely stimulate investment.

IPB has long been thought to be struggling with deep losses and
suspicions of corruption, he said. Though it took a painful
crisis to do it, he added that getting Nomura out of its
prominent place in the Czech economy is like cutting a cancer out
of an otherwise healthy body.

"IPB is kind of like an octopus, with its tentacles in lots of
different companies," Stanik said. "If this octopus is destroyed,
it raises hopes that the economy will move closer to that of
other western countries."

President Vaclav Havel agreed, saying IPB on the one hand was
"active and dynamic," but on the other, using practices that were
"very strange, suspicious and introduced bad standards into our
economic environment."

IPB was the first Czech bank to privatize. A 46 percent stake was
taken over by Nomura in 1996, through an investment firm called
Saluka Investments. Nomura never agreed to stay with IPB for the
long run, and quickly sold off two IPB gems -- major breweries --
for a healthy $629 million. Meanwhile, the bank itself spiraled
deeper into red ink.

It hit bottom in June after rumors of insolvency sparked a 23
billion Kc run on the bank. Czech National Bank (CNB) regulators
put the bank under forced administration June 16. One day later,
they pulled the bank's license and announced its assets would be
sold to CSOB, creating the largest bank in Eastern Europe.

Already, CSOB has fired 11 top IPB managers and has plunged into
due diligence aimed at untangling IPB's confusing structure and
holding companies. They hope to negotiate a final sale price in
six to nine months.

Dirty laundry

But some say the IPB crisis, rather than helping heal a deep
wound in the Czech banking sector, merely sheds light on a
corrupt system where political influence taints what is supposed
to be a free market.

Many believe IPB has heavy ties, through its board members and
donations, to powerful Czech political parties. This is why its
problems were allowed to fester for so long, and losses allowed
to grow so deep, before regulators stepped in.

Deputy Finance Minister Jan Mladek didn't deny the "strong
political pressure surrounding the situation."

"Probably the whole thing should have happened earlier," he told
The Prague Post. He agreed that CNB regulators played a part in
the crisis -- by not stepping as soon as they became aware of
IPB's problems.

Vaclav Klaus, chairman of the Civic Democratic party (ODS), went
a step farther, calling the sale a "bank robbery that has
happened in broad daylight with direct assistance from the
state." He's demanding that the sale -- which he called a "well-
orchestrated step that enabled a group of financiers and
politicians get a grip over one-third of the economy" -- be
cancelled. A political committee has been set up to investigate.

He and others raised questions as to how the transaction moved so
quickly from forced administration to a sale, and went as far as
suggesting the deal had been in the works for months.

Nomura, which will likely get nothing for its equity in IPB, is
not surprisingly joining in the criticism, calling the whole deal
politically motivated. It's lining up lawyers, looking for ways
to get its money back and "save its good reputation," according
to wire service CTK.

As accusations swirled from all sides -- particularly from Klaus
-- CSOB officials publicly bristled.

The company's spokesman said the Czech Republic should be
thankful someone was willing to help them out of the crisis.

But CSOB is also bracing for a number of lawsuits over the
transaction. It is already budgeting as much as 1.9 Kc billion on
law- suits and expert opinions, according to Czech Television,
which claims to have obtained a copy of a CSOB contract involved
in the sale.

As part of the deal, CSOB will not have to take on the risks of
IPB.

Instead, the estimated 50 billion to 100 billion Kc in losses --
which increased during the crisis -- will be transferred to
state-owned Konsolidacni banka and paid for with the CNB budget.


KOMERCNI BANKA: Bank To Sue Managers
------------------------------
REUTERS, June 26, 2000

Komercni Banka said last week it would sue its former top
managers over an Kc 8 billion ($213 million) loss incurred
through transactions with an Austrian company.

Chief Executive Radovan Vavra, appointed in April, told reporters
lawyers had advised launching the civil action against the former
board of directors, which was replaced after the losses were
revealed.

"We decided at today's board meeting to initiate steps leading to
exacting compensation from former board members," Vavra said.
The state-controlled Komercni, already hit by a poor loan
portfolio, revealed late last year that an increasing volume of
letters of credit issued in favor of Austrian B.C.L. Trading had
led to the huge loss, which was nearly equivalent to its basic
capital.

Komercni said internal regulations were violated, and police have
charged 11 former managers in connection with the case.
Komercni, for years the country's largest commercial bank was led
by Jan Kollert until he was forced to resign in February
following the revelations.

The bank, bailed out by the government this year to smooth the
road to full privatization, has set aside full provisions against
the loss.

Vavra said the suit would likely also include some other former
employees.

The bank was led by now-Senator Richard Salzmann (ODS) until
Kollert took over in mid-1998, by which time the bank's own
limits had been exceeded.


KOMERCNI BANKA: Eleven Former Managers Indicted
------------------------------
Wednesday, June 28, 2000

The Komercni banka board of directors has decided to sue the
bank's former managers over losses stemming from controversial
transactions conducted under their leadership.

The lawsuit will be the first in which a major company's current
management attempts to bring their predecessors to justice and
make them materially responsible for mismanagement.

Komercni banka (KB) lost more than 8 billion Kc ($211 million)
through controversial transactions with Austrian firm B.C.L.
Trading between 1996 and 1998. The police have been investigating
the case and have indicted 11 former KB managers.

Komercni CEO Radovan Vavra said KB's goal in the lawsuit is to
give as much money back to the bank's shareholders as possible.
He said the bank's June 6 decision to take legal action was
related to the outcome of expert analyses worked out by two
unspecified law firms.

"We've been given a recommendation to go ahead [with legal
proceedings] because we've been told we have a good chance of
success," he said.

Vavra wouldn't name particular managers, but said he would not
rule out anyone, including Civic Democratic party (ODS) Senator
Richard Salzmann, who was the bank's general director during the
B.C.L. Trading scandal. Salzmann was not one of the 11 indicted.

Police indicted nine former KB top managers in early May --
including former CEO Jan Kollert -- on charges of property
mismanagement. The managers now face up to five years in prison
if convicted.

The accused managers are suspected of enabling B.L.C. Trading to
steal from the bank by failing to assess the risk of issuing an
irrevocable letter of credit, providing insufficient supervision
of the company, intentionally misreporting about B.L.C Trading or
exceeding limits set for financing one company.

B.L.C. received multimillion crown loans from KB for alleged
export and import operations.

Eventually, the deals turned out to be fictive and B.L.C. Trading
was unable to pay off the loans, causing a Kc 8.4 billion loss
for KB.


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

OPTIVA: Central Bank Announces Talks Outcome
------------------------------
REUTERS, June 28, 2000

TALLINN, June 28 (Reuters) - The Estonian central bank said on
Wednesday it will hold a news conference on June 29 at 1300 GMT
to announce the outcome of talks with Finnish Sampo Finance for
the sale of its 57.9 percent stake in Optiva Pank.

The bank added in a statement that Central Bank Governor Vahur
Kraft, Deputy governor Helo Meigas and Sampo Finance's First
deputy chairman, Martti Porkka will take part.

The central bank announced in April it had opened talks with
Sampo Finance - jointly owned by Finnish Sampo Insurance and
Kaleva Mutual Inusurance - over the sale of its holding in
Optiva, Estonia's third largest bank.

The central bank took its stake in Optiva in 1998 to help
troubled Forekspank merge with the smaller Estonian Investment
Bank. The merged bank became Optiva. The central bank always
intended to sell its stake to a strategic investor.

Sampo Finance is also in talks with Estonia's second-largest
bank, Uhispank , to buy its 18.8 percent stake in Optiva. Sampo
Finance has said it intends to follow the sales with a buyout
offer to minority shareholders.


=============
H U N G A R Y
=============

LET KUNOVICE: Troubled Company Signs Agreement with Creditor
------------------------------
PRAGUE BUSINESS JOURNAL, June 26, 2000

LET Kunovice and Konsolidacni Banka (KoB), the aircraft maker's
largest creditor, have signed a settlement agreement to give the
company some time to prepare a new business plan, KoB spokesman
Jiri Pekarek said on Friday.

"The bank has come to a conclusion that it was necessary to give
LET some time to draw up a new business plan, which consists of
the Loadmaster plan project, acquiring new funds for its
operation, management strengthening and outlining the company's
restructuring," said Pekarek, adding that the agreement was
signed on Wednesday and will be in force till the end of the
year.

A reliable source from LET said that the agreement suspended the
carrying out of an instruction to promptly ship Loadmaster parts,
produced in LET, to the USA. "The instruction for an immediate
shipment to the USA was most likely given by the director, as no
one else is entitled to do this, and after the signing of the
agreement it was called off," said the source.

Union leader at LET Zdenek Zajicek told CTK earlier that the
staff was working on the new plane Loadmaster whose production
was introduced after Ayres Corporation bought the company in
1998.

LET has been on the verge of bankruptcy. The first talks on the
issue, held on May 16, were put off by Hana Hrstkova of the
Regional Commercial Court in Brno until June 29


MOL: Oil and Gas Company Could Lose Up To Ft100bn ($360m)
------------------------------
THE FINANCIAL TIMES, June 28, 2000

Shares in Mol, Hungary's largest integrated oil company, were
expected to come under further pressure on Wednesday following
comments from the Hungarian government that it would limit
natural gas price increases again next year.

Viktor Orban, prime minister, said on Tuesday that gas prices
would be allowed to rise by only 5 per cent in 2001 - the same as
the targeted level of inflation.

The announcement followed a decision last week to limit gas price
rises to an effective 6 per cent this year, prompting Janos Csak,
Mol chairman, to resign.

Mol said last week it could lose up to Ft100bn ($360m) this year
as a result of the price caps because the high cost of natural
gas imports did not allow it to cover its costs. It claimed that
the controls breach Hungarian laws and the company is understood
to have commenced legal action to recover damages and protect its
shareholders.

Mr Orban said the price caps were necessary to control inflation
and would protect consumers from having to spend an increasing
amount of their income on essentials.

"Mol must face a similar conflict again next year," he said.
Mol shares slid by 10 per cent last week following Mr Csak's
resignation. In mid-afternoon trading on the Budapest stock
exchange they fell by a further 4 per cent from Tuesday's close
of Ft4030 to Ft3870.


=========
I T A L Y
=========

INSTITUTO PER LA RICOSTRUZIONE: Government Liquidates Company
---------------------------
INTERNATIONAL HERALD TRIBUNE, June 29, 2000

ROME - The government on Wednesday put the industrial holding
company IRI into liquidation, ending an era of state involvement
in the economy.

After selling most of its businesses during the past eight years,
Italy is closing IRI, or Istituto per la Ricostruzione
Industriale, to comply with European Union competition rules and
an EU order to dispose of most of its assets by Friday.

''IRI's mission is over,'' the company's chairman, Piero Gnudi,
said recently in IRI's headquarters, a multistory Fascist-style
palazzo on the fashionable Via Veneto in Rome.

Thanks to an accelerated schedule of asset sales - including the
disposal this month of a 45 percent stake in Finmeccanica SpA,
the aerospace and defense company - IRI will pay the Treasury a
dividend for 1999 of 6.9 trillion lire ($3.36 billion). That is
more than double the 3 trillion lire payout for 1998. IRI posted
a 1999 consolidated profit of 6.6 trillion lire, almost double
the 3.4 trillion it made in 1998.

Created by Mussolini in 1933 to bail out the country's banks, IRI
built much of Italy's infrastructure, from roads and bridges to
power plants and telephone wires. It rebuilt the nation after the
devastation of World War II and rescued bankrupt private
companies. It produced Alfa Romeos and heart valves, made the
traditional Christmas cake panettone and assembled airplanes.

But in 1990-93, IRI's losses spiraled out of control. In 1993
they exceeded 10 trillion lire, and its debts reached about 70
trillion lire. EU concern that the state guarantee given to IRI
companies gave them easier access to debt financing than their
private competitors prompted the accord between Brussels and Rome
that was the key step leading to years of asset sales, and to
IRI's extinction.

IRI's imprint on the economy will still be visible for a while.

About 40 percent of the Italian stock market's capitalization is
made up of former IRI companies. It still owns controlling stakes
in Alitalia, the national carrier; Fincantieri, a shipbuilder;
RAI, the state television and radio broadcaster, and Tirrenia di
Navigzione SpA, a ferry operator. IRI's holdings in those
companies will be transferred to the Treasury. It will be at
least two years before they are all sold to private investors.


INSTITUTO PER LA RICOSTRUZIONE: Liquidation Marks End of Era
------------------------------
FOX MARKET WIRE, June 28, 2000

FN ARTICLEROME - Italy on Wednesday liquidated its once-vast
state holding corporation, the nation's largest employer in the
1960s.

The Institute for Industrial Reconstruction, or IRI, owned stakes
in virtually every sector, from airlines to Christmas cakes.

Set up by fascist dictator Benito Mussolini in 1933 to try to
revive Italy's economy after the Depression, IRI came into its
own during Italy's postwar economic boom.

IRI's liquidation ends an era that began with postwar
reconstruction and ended with the privatization of most state-
owned companies.

At its peak in the 1960s, IRI was Italy's largest employer, with
600,000 workers.

"This is a day to remember in Italian history,'' Premier Giuliano
Amato said after the liquidation.

Even though IRI has sold off most of its assets since 1992, it
still has a significant stake in several companies, including 100
percent of the state broadcasting company and 53 percent of the
national airline Alitalia.

The state has made $51 billion selling off IRI assets since 1992
and stands to bring in another $9 billion, according to Treasury
Minister Vincenzo Visco.

IRI's remaining shares will be transferred by the end of the year
to the Treasury Ministry, which will sell them.

The conglomerate's liquidation comes five days after the death of
another giant of the postwar economy, the secretive merchant
banker Enrico Cuccia, who got his start at IRI.

IRI companies built roads and telephone networks, invested in
banks, steel and engineering, and financed research.

"What would Italy be without the infrastructure built by the
Institute?'' said the firm's manager Pietro Ciucci.

IRI's decline began in the 1970s and the 1980s when political
interference grew and the corporation became embroiled in huge,
failed projects in southern Italy.

By 1992, it was $12.7 billion in debt and had a $4.8 billion
deficit. No longer a model of state capitalism, it became a
paradigm of mismanagement under political pressure.

"IRI had a huge task and accomplished it,'' said the group's
chairman, Piero Gnudi. "I think it's only right that it shuts
down now.''

INSTITUTO PER LA RICOSTRUZIONE: Privatization Catches Up with IRI
------------------------------
THE GUARDIAN, June 29, 2000

Europe's privatisation bandwagon finally caught up yesterday with
IRI, the Italian state holding company set up by the fascist
dictator Benito Mussolini to bolster the industrial and banking
sectors during the 1930s depression years.

IRI, the Instituto per la Ricostruzione Industriale to give it
its full title, was formally placed in liquidation and its
remaining assets transferred to the Italian treasury ministry
where they are expected to be sold within the next two years.

Although IRI was set up as a crisis management vehicle with a
limited lifespan, it survived to become a powerful driver behind
the build-up of the Italian economy in the 1950s and 1960s.

Through an array of subsidiaries it was instrumental in
infrastructure projects such as construction of the country's
motorway network and development of the telecommunications
network. At its height the company employed more than 600,000
people.

In the 1970s, however, IRI's image as a model of state
intervention became increasingly tarnished. It was a huge source
of political patronage and was used to rescue bankrupt
enterprises in order to avoid unpopular job losses, especially in
the southern half of the country.

By the beginning of the 1990s it had debts of nearly ?23.5bn and
was coming under increasing pressure from the European
commission's competition arm, concerned at the extent of state
aid.

At a press conference yesterday to mark the obsequies of the 67-
year-old organisation, Italian prime minister Guiliano Amato paid
tribute to its work.

"This will be a day to remember in the history of Italy. A long
chapter is closing, and it is closing with the greatest dignity.
It [IRI] is going because times have changed but it has been a
great protagonist in Italian economic history. It is an ending
that is a success."

IRI is certainly going out on a high note. Last year it made a
net profit of more than ?2bn - the highest ever recorded by an
Italian limited company.

All that remains in the portfolio are stakes in the airline
Alitalia, the broadcaster Rai, a shipbuilding and a ferry
company, an investment bank and a holding company for a number of
manufacturing operations.

According to treasury minister Vincenzo Visco, all will be gone
within two years. "Then there will be no more public shares."
IRI, he promised, will not rise from the ashes. It will be the
job of another Italian, EC competition commissioner Mario Monti,
to make sure it doesn't.

Welcoming the liquidation of IRI, Mr Monti said: "It is a
decision I fought hard for because it affected the quality of the
relationship between Italy and the European Union."


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

WORLD ONLINE: Tina Turner Not Paid for ISP's Losses
------------------------------
REUTERS, June 28, 2000

AMSTERDAM, June 28 (Reuters) - Dutch-based Internet service
provider World Online on Wednesday denied a media report that it
had compensated singer Tina Turner for losses on her 250,000
euros investment in the embattled company's IPO.

Turner, who was hired for a World Online commercial and whose
European tour is being sponsored by the firm, was given the right
to buy the shares in addition to a flat fee for her services.

A World Online spokeswoman said Turner had subscribed to 250,000
euros worth of shares in the March 17 initial public offering,
but a report in Dutch daily De Telegraaf that she had been
compensated for resulting losses was untrue.

"There's no threat (of legal action) from (Tina Turner's) side,
nor has there been any compensation. She bought shares. She took
the risk. There is no reason for compensation," World Online's
Margaret van Kempen told Reuters.

Thousands of Dutch investors have launched legal action against
the company because its share price plunged from its 43 euros
($40.53) issue price after it became apparent that founder and
chairwoman Nina Brink had sold the majority of her stake prior to
the IPO at just $6 per share.

Shares were trading at 13.55 euros at 0912 GMT, a decline of 0.7
percent on the day.


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R O M A N I A
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SOMES SA: Austrian Company Signs Purchase Contract Worth $18.8M
------------------------------
REUTERS, June 26, 2000

BUCHAREST, Jun 26, 2000 -- (Reuters) Austrian trading company
Hovis GmbH signed on Monday a contract to acquire a majority
stake in Romanian pulp and paper manufacturer Somes SA in a deal
worth $18.8 million.

A statement from the State Ownership Fund (FPS), seller of 69.99
percent in Somes, said the deal included the price the stake,
investments, as well as company debts assumed by Hovis, which
stood at 293.9 billion lei at end-1999.

Somes, based in the central Transylvanian town of Dej, has a
share capital of 90.8 billion lei. Local investment company SIF1
owns 21.15 percent and other shareholders have 8.86 percent. It
employs 1,193 people.

With the acquisition of Somes, Vienna-based Hovis, which owns a
secondary aluminum smelter in Poland and a pulp and paper company
in Yugoslavia, expands its operations in Central and Eastern
Europe, a Hovis statement said.


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

UNEXIMBANK: Creditors Criticizing Restructuring Deal
-------------------------
ST. PETERSBURG TIMES, June 27, 2000

MOSCOW - With less than two weeks to go before a court is to
decide the fate of the defunct Uneximbank - either sending it to
bankruptcy or approving a debt restructuring - a minority group
of the bank's creditors is attacking the restructuring deal.

The Moscow Arbitration Court is to consider Uneximbank's
situation July 3. To avoid bankruptcy, Uneximbank's managers must
show that the claims of all registered creditors have been
satisfied.

But a clause in the Eurobond agreement states that if 75 percent
of bondholders accept a restructuring, the bank can proceed over
other objections.

Uneximbank went under after the August 1998 financial crash with
debts of about $2 billion on board, including about $800 million
owed to foreign creditors, $400 million to domestic lenders and
$600 million on forward contracts.

The bank's Eurobond holders, in a May 4 vote of 85.95 percent,
accepted a proposal - a mix of cash and new securities - that
Flemings UCB, Uneximbank's financial adviser for the
restructuring, estimated returned about 20 percent of their
original investments.

Creditors met and voted again May 22 and again approved the deal,
this time with 89.4 percent of the vote.

But Shimoda Capital Advisers, acting as coordinator of a group of
nonconsenting creditors holding about 10 percent of the bonds,
worth about $25 million, remains dissatisfied, said Andreas
Rialas, senior investment officer with Shimoda.

Rialas has been leading the charge against the restructuring
deal. He says he was hired in February to oppose it on grounds
that it would return not 20 percent, but 10 to 14 percent, and
also because minority shareholders were not sufficiently included
in the negotiations.

Rialas also said that Eurobond holders were given the text of
restructuring proposals just days before the May vote and were
not able to study it properly.

Rialas also argued creditors would not be worse off by
bankrupting Uneximbank and being reimbursed from the sale of its
assets.

As evidence, he cited a March interview published in the
newspaper Vedomosti with Vladimir Potanin, who founded Uneximbank
as part of his Interros financial-industrial holding. Potanin
said then his holding controlled the equivalent of 3 percent of
the nation's gross domestic product of $190 billion, or about
$5.7 billion.

"We are not some obscure economic agent: Interros group makes up
3 percent of the GDP," Potanin was quoted as saying. "And these 3
percent will, I assume, develop comfortably under Putin's rule."

A May 4 article in The Financial Times describes a report on
Uneximbank and its debts assembled by the KPMG consulting
company.

The Financial Times did not report how it obtained the report,
but said it made "frequent references to information which the
bank's managers refused to release to KPMG or to allow the
accountants to circulate to creditors."

"[The report] indicates that a high proportion of Unexim's loans
were with 'related parties,'" the FT wrote. "The report also
shows that a number of loans were made on terms which it suggests
were below market rates."

Uneximbank noted that the report in question was only an interim
one and had been superceded in the past year by further work by
KPMG.


=============
U K R A I N E
=============

NAFTOKHIMIK PRYKARPATYA:  30% Stake Acquired by Watford Petroleum
---------------------------
UKRAINIAN NEWS, June 26, 2000

KYIV, June 26 - British national Watford Petroleum strives to
acquire a 30 percent stake in petroleum refinery Naftokhimik
Prykarpatya, Michael Watford, the company's president said at a
press conference.

In compliance with an agreement concluded with Derzhinvest
Ukrainy last year, Watford Petroleum gained management of a 30
percent stake in Naftokhimik Prykarpatya for five years as
collateral for a loan obtained from the company.

Watford Petroleum has the right to acquire the stake that it
presently runs if Derzhinvest Ukrainy is liquidated, Ukrainian
News reported.

The value of a 30 percent stake in the refinery needs to be
established within 1.5 months before its sale and range between
$4.5 million and $ 5.5 million, Watford said.


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

APPEALS TO INDUSTRY: Liquidation Proceedings
------------------------------
Company Name: Appeals to Industry Ltd
Company No: 2432356 Com.
Business: Charity Fundraising
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: David A Ingram
IPno: 8015
Firm Name: Chantrey Vellacott DFK
Address: Russell Square House 10-12 Russell Square City
Postcode: London WC1B 5LF


ARRINA LTD: Liquidation Proceedings
------------------------------
Company Name: Arrina (Caledonia) Ltd
Company No: SC Com.
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Michael J Reid
IPno: 7327
Firm Name: Meston Reid & Co
Address: 12 Carden Place City
Postcode: Aberdeen AB10 1UR


BETTERDASH LTD: Liquidation Proceedings
------------------------------
Company Name: Betterdash Ltd
Company No: 2564334 Com.
Business: Property Developers
Appointed on: 08/06/00
Type: Members
Appointed by: Members
Liquidators: Martin Freeman
IPno: 3844
Firm Name: Griffins
Address: 33 St George's Drive City
Postcode: London SW1V 4DG


CAPITAL & EASTER: Liquidation Proceedings
------------------------------
Company Name: Capital & Easter (Argyle) Ltd
Company No: 2877277 Com.
Business: Property Developers
Appointed on: 08/06/00
Type: Members
Appointed by: Members
Liquidators: Martin Freeman
IPno: 3844
Firm Name: Griffins
Address: 33 St George's Drive City
Postcode: London SW1V 4DG


CAPITAL & REGIONAL: Liquidation Proceedings
------------------------------
Company Name: Capital & Regional (Kingston) Ltd
Company No: 2855199 Com.
Business: Property Developers
Appointed on: 08/06/00
Type: Members
Appointed by: Members
Liquidators: Martin Freeman
IPno: 3844
Firm Name: Griffins
Address: 33 St George's Drive City
Postcode: London SW1V 4DG


CAPITAL & REGIONAL: Liquidation Proceedings
------------------------------
Company Name: Capital & Regional (Leicester) Ltd
Company No: 2902260 Com.
Business: Property Developers
Appointed on: 08/06/00
Type: Members
Appointed by: Members
Liquidators: Martin Freeman
IPno: 3844
Firm Name: Griffins
Address: 33 St George's Drive City
Postcode: London SW1V 4DG


CAPITAL AND REGIONAL: Liquidation Proceedings
------------------------------
Company Name: Capital & Regional (Salford) Ltd
Company No: 2788454 Com.
Business: Property Developers
Appointed on: 08/06/00
Type: Members
Appointed by: Members
Liquidators: Martin Freeman
IPno: 3844
Firm Name: Griffins
Address: 33 St George's Drive City
Postcode: London SW1V 4DG


CAPITAL & REGIONAL: Liquidation Proceedings
------------------------------
Company Name: Capital & Regional (Swindon) Ltd
Company No: 2721605 Com.
Business: Property Developers
Appointed on: 08/06/00
Type: Members
Appointed by: Members
Liquidators: Martin Freeman
IPno: 3844
Firm Name: Griffins
Address: 33 St George's Drive City
Postcode: London SW1V 4DG


CAPITAL LANHAM: Liquidation Proceedings
------------------------------
Company Name: Capital Lanham Dev (Bebtley Bridge) Lt
Company No: 3336284 Com.
Business: Property Developers
Appointed on: 08/06/00
Type: Members
Appointed by: Members
Liquidators: Martin Freeman
IPno: 3844 Firm
Name: Griffins
Address: 33 St George's Drive City
Postcode: London SW1V 4DG


CAPITAL LANHAM: Liquidation Proceedings
------------------------------
Company Name: Capital Lanham Dev Intown Leaming Ltd
Company No: 3027525 Com.
Business: Property Developers
Appointed on: 08/06/00
Type: Members
Appointed by: Members
Liquidators: Martin Freeman
IPno: 3844
Firm Name: Griffins
Address: 33 St George's Drive City
Postcode: London SW1V 4DG


CAPITAL LANHAM: Liquidation Proceedings
------------------------------
Company Name: Capital Lanham Develop (Midlands) Ltd
Company No: 2919812 Com.
Business: Property Developers
Appointed on: 08/06/00
Type: Members
Appointed by: Members
Liquidators: Martin Freeman
IPno: 3844
Firm Name: Griffins
Address: 33 St George's Drive City
Postcode: London SW1V 4DG


CAPITAL LANHAM: Liquidation Proceedings
------------------------------
Company Name: Capital Lanham Retail Parks (South) Lt
Company No: 2870446 Com.
Business: Property Developers
Appointed on: 08/06/00
Type: Members
Appointed by: Members
Liquidators: Martin Freeman
IPno: 3844
Firm Name: Griffins
Address: 33 St George's Drive City
Postcode: London SW1V 4DG


CARDMASTER MARKETING: Liquidation Proceedings
------------------------------
Company Name: Cardmaster Marketing Co Ltd - The
Company No: 3651659 Com.
Business: Advertising Agents
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Sudhir Rishi
IPno: 6357
Firm Name: S Rishi & Co
Address: 314 Regents Park Road City
Postcode: London N3 2JX


CARDPHONE INTERNATIONAL: Liquidation Proceedings
------------------------------
Company Name: Cardphone International Ltd
Company No: 3343099 Com.
Business: Telephone Card Supplies
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Robert Valentine
IPno: 3569
Firm Name: Valentine & Co
Address: 4 Dancastle Court 14 Arcadia Avenue City
Postcode: London N3 2HS


CHURCHWICK INVESTMENTS: Liquidation Proceedings
------------------------------
Company Name: Churchwick Investments Ltd
Company No: 1143001 Com.
Business: Property Developers
Appointed on: 08/06/00
Type: Members
Appointed by: Members
Liquidators: Martin Freeman
IPno: 3844
Firm Name: Griffins
Address: 33 St George's Drive City
Postcode: London SW1V 4DG


CLOVERBROOK DEVELOPMENTS: Liquidation Proceedings
------------------------------
Company Name: Cloverbrook Developments Ltd
Company No: 2742048 Com.
Business: General Construction/Civil Engine
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Bernard Hoffman
IPno: 1593 Ian D Yerrill 8924
Firm Name: Gerald Edelman
Address: 25 Harley Street City
Postcode: London W1N 2BR


CONSULTANCY SHOP: Liquidation Proceedings
------------------------------
Company Name: Consultancy Shop Ltd - The
Company No: 3425020 Com.
Business: Web Site Host/Support
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: P S Dunn
IPno: 2368 S R Thomas 1289
Firm Name: Horwath Clark Whitehill & Co
Address: Sherlock House 7 Kenrick Place City
Postcode: London W1H 3FF


COUNTY CATERERS: Liquidation Proceedings
------------------------------
Company Name: County Caterers (St Helens) Ltd
Company No: 398428 Com.
Business: Property Owners/Investors
Appointed on: 08/06/00
Type: Members
Appointed by: Members
Liquidators: Paul Fleming
IPno: 6828
Firm Name: Parkin S Booth & Co
Address: 44 Old Hall Street City
Postcode: Liverpool L3 9EB


DEESIDE TECHNOLOGY: Liquidation Proceedings
------------------------------
Company Name: Deeside Technology Ltd
Company No: 3344245 Com.
Business: Software Consultants
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: David Moore
IPno: 7510
Firm Name: Huntington Moore
Address: 1 Old Hall Street City
Postcode: Liverpool L3 9HF


DIRECT RECRUITMENT: Liquidation Proceedings
------------------------------
Company Name: Direct Recruitment Solutions Ltd
Previous Name: Kambrook Ltd
Company No: 3536686 Com.
Business: Provision of Temporary Staff
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: R L H Knight
IPno: 2231
Firm Name: Morgan
Address: The White Cottage 19 West Street City
Postcode: Epsom KT18 7BS


DONINGMORE LTD: Liquidation Proceedings
------------------------------
Company Name: Doningmore Ltd
Company No: 3129077 Com.
Business: Frozen Foods Processors
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Robert M Young
IPno: 7875
Firm Name: PricewaterhouseCoopers
Address: Brampton House Mews 10 Queen Street City
Postcode: Newcastle-u-Lyme ST5 1ED


ELITE EXTERIORS: Liquidation Proceedings
------------------------------
Company Name: Elite Exteriors Roofing Services Ltd
Company No: 1859083 Com.
Business: Other Building Completion
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Geoff Robbins
IPno: 6622 Neil C Money 8900
Firm Name: Casson Beckman & Partners
Address: Lichfield Place 435 Lichfield Road City
Postcode: Birmingham B6 7SS


EVERYCARE LTD: Liquidation Proceedings
------------------------------
Company Name: Everycare (South West Wales) Ltd
Company No: 3743309 Com.
Business: Provision Nursing Staff To Resident
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Brendan E Doyle
IPno: 6343
Firm Name: Doyle Davies
Address: 21 St Andrews Crescent City
Postcode: Cardiff CF1 3DB


EVITECH LTD: Liquidation Proceedings
------------------------------
Company Name: Evitech Ltd
Company No: 3307022 Com.
Business: Manufacture Other Electrical Equip
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors
Liquidators: Jacqueline S Barber
IPno: 8718
Firm Name: J S Barber
Address: Blenheim House 6 Union Place City
Postcode: Truro TR1 1EP


FERRUM GROUP: Losing Company Sold for 2 Million Pounds
------------------------------
LONDON, June 28 (Reuters) - UK engineering company Ferrum
Holdings Plc said on Wednesday it would sell Ferrum Group Ltd,
which includes all the firm's operating subsidiaries, to a
company owned by Ferrum's chairman for two million pounds.

Ferrum reported pre-tax losses of 4.17 million pounds in the year
to December 31, which included a goodwill write off of 2.96
million pounds, compared to a profit of 414,000 pounds
previously. Turnover remained largely flat at 15 million pounds.

The company said in February it would sell its engineering
businesses with a view to turning Ferrum into a clean, fully
quoted shell company.

The shares stood unchanged at 2-3/4p at 0915 GMT.


HDP LTD: Liquidation Proceedings
------------------------------
Company Name: H D F (North West) Ltd
Previous Name: Caramont Ltd
Company No: 2310176 Com.
Business: Supply Engineering/Indust Fastners
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: John C Moran
IPno: 5425
Firm Name: Parkin S Booth & Co
Address: 44 Old Hall Street City
Postcode: Liverpool L3 9EB


HARLEY CONTINENTAL: Liquidation Proceedings
------------------------------
Company Name: Harley Continental Cars Ltd
Company No: 0970579 Com.
Business: Motor Engineers
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: A J Findlay
IPno: 8744
Firm Name: Findlay James
Address: Kensington House 33 Imperial Square City
Postcode: Cheltenham GL50 1QZ


JEMSA TECHNICAL: Liquidation Proceedings
------------------------------
Company Name: Jemsa Technical Services Ltd
Company No: 2822043 Com.
Business: Fire/Security/CCTV Installation
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors
Liquidators: Keith R Morgan
IPno: 6831 Firm Name: Pannell Kerr Forster
Address: 18 Park Place City
Postcode: Cardiff CF10 3PD


JEWELBREE: Liquidation Proceedings
------------------------------
Company Name: Jewelbree Ltd
Company No: 1811648 Com.
Business: Pawn Broker/Retail Jeweller
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: J Simon Westhead
IPno: 3735
Firm Name: Waterworths
Address: Central Buildings Richmond Terrace City
Postcode: Blackburn BB1 7AP


LANCAP ONE: Liquidation Proceedings
------------------------------
Company Name: Lancap One Ltd
Company No: 2937443 Com.
Business: Property Developers
Appointed on: 08/06/00
Type: Members
Appointed by: Members
Liquidators: Martin Freeman
IPno: 3844
Firm Name: Griffins
Address: 33 St George's Drive City
Postcode: London SW1V 4DG


LANCAP TWO: Liquidation Proceedings
------------------------------
Company Name: Lancap Two Ltd
Company No: 2967114 Com.
Business: Property Developers
Appointed on: 08/06/00
Type: Members
Appointed by: Members
Liquidators: Martin Freeman
IPno: 3844
Firm Name: Griffins
Address: 33 St George's Drive City
Postcode: London SW1V 4DG


LINWEST TRADING: Liquidation Proceedings
------------------------------
Company Name: Linwest Trading Ltd
Company No: 3271847 Com.
Business: Hauliers
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Richard I Williamson
IPno: 8013
Firm Name: Campbell Crossley & Davis
Address: 348-350 Lytham Road City
Postcode: Blackpool FY4 1DW


MCG PUBS: Liquidation Proceedings
------------------------------
Company Name: MCG Pubs Ltd
Company No: NI27748 Com.
Business: Pub
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Kikis Kallis
IPno: 4692
Firm Name: Kallis & Co
Address: Mountview Court 1148 High Road Whetstone City
Postcode: London N20 0RA


MARGINSUIT LTD: Liquidation Proceedings
------------------------------
Company Name: Marginsuit Ltd
Company No: 2108413 Com.
Business: Mini Cab Firm
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Martin C Armstrong
IPno: 6212
Firm Name: Turpin Barker & Armstrong
Address: Allen House 1 Westmead Road City
Postcode: Sutton SM1 4LA


MARINCO LTD: Liquidation Proceedings
------------------------------
Company Name: Marinco Ltd
Company No: IR Com.
Appointed on: 08/06/00
Type: Members
Appointed by: Members
Liquidators: Kevin G Moynihan
Address: 47 New Street City
Postcode: Killarney


METAL ART: Liquidation Proceedings
------------------------------
Company Name: Metal Art Ltd
Company No: 1780244 Com.
Business: Manufacture of Metal Parts
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Paul A Saxton
IPno: 6680
Firm Name: Elwell Watchorn & Saxton
Address: 109 Swan Street City
Postcode: Sileby LE12 7NN


OLIVER NATHAM: Liquidation Proceedings
------------------------------
Company Name: Oliver Natham Precision Engine Co Ltd
Company No: 2832569 Com.
Business: Engineers
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Alan G Haden
IPno: 8823
Firm Name: Haden
Address: Haden House 485 Birmingham Road City
Postcode: Bromsgrove B61 0HZ


PW FOOD: Liquidation Proceedings
------------------------------
Company Name: P W Food Services Ltd
Company No: 3598001 Com.
Business: Mobile Event Caterers
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Barry D Lewis
IPno: 2048
Firm Name: Harris Lipman
Address: 2 Mountview Court 310 Friern Barnet Lane City
Postcode: London N20 0YZ


PREMIER COLLECTABLES: Liquidation Proceedings
------------------------------
Company Name: Premier Collectables Ltd
Company No: 3200819 Com.
Business: Replica Football Stadia Developers
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: J D Newell
IPno: 6419
Firm Name: Pannell Kerr Forster
Address: 52 Mount Pleasant City
Postcode: Liverpool L3 5UN


R GREEN: Liquidation Proceedings
------------------------------
Company Name: R Green Developments (No 18) Ltd
Company No: 2272461 Com.
Business: Property Developers
Appointed on: 08/06/00
Type: Members
Appointed by: Members
Liquidators: Martin Freeman
IPno: 3844
Firm Name: Griffins
Address: 33 St George's Drive City
Postcode: London SW1V 4DG


SHARROWVALE LTD: Liquidation Proceedings
------------------------------
Company Name: Sharrowvale Ltd
Company No: 3594799 Com.
Business: Specialist Brickwork Contractors
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors
Liquidators: Kian Seng Tan
IPno: 8032
Firm Name: K S Tan & Co
Address: 10-12 New College Parade Finchley Road City
Postcode: London NW3 5EP

SLOANE PUBLICITY: Liquidation Proceedings
------------------------------
Company Name: Sloane Publicity Ltd
Company No: 2447851 Com.
Business: Charity Fundraising
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: David A Ingram
IPno: 8015
Firm Name: Chantrey Vellacott DFK
Address: Russell Square House 10-12 Russell Square City
Postcode: London WC1B 5LF


STEVETONE SERVICE: Liquidation Proceedings
------------------------------
Company Name: Stevetone Service & Supply Co Ltd
Company No: 1239231 Com.
Business: Engineering
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Frank A Hatch
IPno: 8056 Thomas C Lammas 5555
Firm Name: Castle & Co
Address: Priory Chambers Priory Street City
Postcode: Dudley DY1 1HD


STYLISH ENTERTAINMENTS: Liquidation Proceedings
------------------------------
Company Name: Stylish Entertainments Ltd
Company No: SC Com.
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors
Liquidators: William D Robb
IPno: 5199
Firm Name: W D Robb
Address: Scott House 12/16 South Frederick Street City
Postcode: Glasgow G1 1HJ


TEMACOM LTD: Liquidation Proceedings
------------------------------
Company Name: Temacom Ltd
Company No: 3149678 Com.
Business: Manufacture Portable Buildings
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Alan S Bradstock
IPno: 5956
Firm Name: Langley & Partners
Address: Langley House Park Road City
Postcode: London N2 8EX


TRADE FRAMES: Liquidation Proceedings
------------------------------
Company Name: Trade Frames Direct (Merseyside) Ltd
Company No: 3366587 Com.
Business: Retail Hardware Paints/Gloss
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Colin T Burke
IPno: 8803
Firm Name: Milner Boardman & Partners
Address: Century House Ashley Road City
Postcode: Hale WA15 9TG


XENOFILE LTD: Liquidation Proceedings
------------------------------
Company Name: Xenofile Ltd
Company No: 2276692 Com.
Appointed on: 08/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: K D Goodman
IPno: 2407
Firm Name: Fisher Curtis
Address: 1 Great Cumberland Place City
Postcode: London W1H 8LE



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.

This material is copyrighted and any commercial use, resale or
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