/raid1/www/Hosts/bankrupt/TCREUR_Public/000710.mbx       T R O U B L E D   C O M P A N Y   R E P O R T E R     


                        E U R O P E

            Monday, July 10, 2000, Vol. 1, No. 44


                        Headlines

C Z E C H   R E P U B L I C

INVESTICNI A POSTOVNI: Swedish Giant Takes Majority in IPS


G E R M A N Y

EXXON MOBIL: Petrol Business Fails to Make Profit


H U N G A R Y

MOL: Deutsche Bank Reiterates Recommendation


R O M A N I A

DACIA FELIX: BNR Requests Declaration of Bankruptcy


S L O V A K I A  (S L O V A K   R E P U B L I C)

LODENICE KOMARNO: Troubled Shipmaker Asks for Guarantee


U N I T E D   K I N G D O M

1ST LINE: Notice of Creditors Meeting
ADVANCED PLASMA: Notice of Creditors Meeting
BALTIC EQUIPMENT: Notice of Creditors Meeting
BETAWORLD 2000: Notice of Creditors Meeting
BRANDON: Company in Takeover Talks

CALWAY SERVICES: Notice of Creditors Meeting
CARTECH LTD: Notice of Creditors Meeting
CIGARETTE MACHINERY: Notice of Creditors Meeting
DSFX LTD: Notice of Creditors Meeting
DIRECT FOAM: Notice of Creditors Meeting

EAB LTD: Notice of Creditors Meeting
ELMORE PROJECTS: Notice of Creditors Meeting
FOLLY HOUSE: Notice of Creditors Meeting
GB DESIGN: Notice of Creditors Meeting
G2E LTD: Notice of Creditors Meeting

HAIR & BEAUTY: Notice of Creditors Meeting
HERITAGE ELECTRICAL: Notice of Creditors Meeting
HICKSON INTERNATIONAL: Arch to Pay 97 Million for Takeover
HICKSON INTERNATIONAL: Chemicals Company Yields to Arch
ICE FM: Notice of Creditors Meeting

JM&G CONSTRUCTION: Notice of Creditors Meeting
KEMTECH CONSTRUCTION: Notice of Creditors Meeting
KEY BUSINESS: Notice of Creditors Meeting
LABOUR HIRE: Notice of Creditors Meeting
LEISURE PHOTOGRAPHY: Notice of Creditors Meeting

LOW FELL: Notice of Creditors Meeting
MARANDAKE LTD: Notice of Creditors Meeting
MICHAEL RINES: Notice of Creditors Meeting
NOVATRADE LTD: Notice of Creditors Meeting
OLDROYD & HUDSON: Notice of Creditors Meeting

PERKINS MACKINTOSH: Notice of Creditors Meeting
PINKNEY & ALLMAN: Notice of Creditors Meeting
PROFILE ENTERPRISES: Notice of Creditors Meeting
R&D SLEIGHTHOLME: Notice of Creditors Meeting
SG RAY: Notice of Creditors Meeting

SAABCOMP LTD: Notice of Creditors Meeting
SIGN HERE: Notice of Creditors Meeting
STYLE PUBLISHING: Notice of Creditors Meeting
TURNSERVE LTD: Notice of Creditors Meeting
WINDOW DEPOT: Notice of Creditors Meeting

WORCESTERSHIRE KITCHEN: Notice of Creditors Meeting
WORCESTERSHIRE WINDOW: Notice of Creditors Meeting


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

INVESTICNI A POSTOVNI: Swedish Giant Takes Majority in IPS
------------------------------
PRAGUE BUSINESS JOURNAL, July 3, 2000

After a lot of questions and an unexpected two-week delay,
Swedish construction giant Skanska last week acquired a majority
stake in the largest Czech contractor, IPS.

When the Prague Stock Exchange last Wednesday settled the roughly
Kc 2.45 billion ($64 million) trade, it put an end to Skanska's
nearly year-long quest to conquer the Czech construction market.

The Swedish company said it had purchased a 66.1% stake in the
company at Kc 258 per share, which would value IPS at Kc 3.71
billion.

"IPS is well positioned on the Czech market. Therefore it suits
well with our strategy and complements our existing operations in
Central and Eastern Europe," Anders C Karlsson, head of Skanska
Europe, said in a statement. "As important is [the fact] that the
company is profitable and well-managed. We look forward to giving
our support to the IPS management in the continuing development
of the company," he added.

IPS CEO Zdenek Burda also expressed satisfaction with the deal:
"We share the strategic direction when it comes to project
development and construction related services and I am convinced
that IPS will have a great advantage from being a part of an
international company such as Skanska."

Skanska signed a final purchase document two weeks ago, but that
deal was stopped short before being executed when the seller,
Investicni a Postovni Banka (IPB), was put under forced
administration on June 16 (see PBJ June 19-25, 2000). Skanska was
reportedly only hours away from having the IPS shares transferred
to its account when the bank was seized by regulators and the
state.

IPB was sold to Ceskoslovenska Obchodni Banka (CSOB) the
following week, so the sale of IPS had to be completed by the new
owner, which completed the transaction through CA IB Securities.
A source close to the deal said that IPB's new owner had "mostly"
respected the conditions agreed earlier between Skanska and IPB
including the price.

Skanska was purchasing stakes owned by the bank itself and by
IPB's fund manager, Prvni Investicni (PIAS).

Stredoevropska Stavebni, an investment vehicle controlled by the
Sekyra Group, defaulted on its Kc 2.1 billion acquisition loan as
its manager, Ludek Sekyra, was unable to turn a 30-day loan from
IPB into nine-year financing, as originally agreed.

"We consider the transaction [with Skanska] to be beneficial and
satisfactory to us," Sekyra said ahead of the announcement last
week.

With IPS, Skanska acquired more than 10% share of the Czech
building market. IPS is the third-largest construction firm in
the region by market capitalization with sales of Kc 18.2 billion
($480 million) last year.

Skanska immediately said it would take on the offer made by the
Sekyra Group on May 10 to buy out the rest of the shares at a
share price of Kc 158. Payment would be made immediately, not in
installments as stipulated in the previous offer. Another offer
would come after July 19, when the current offer ends, Skanska
representatives added, with the terms dependent on market
conditions.

Skanska, the biggest Nordic construction company with 1999 sales
of 79.13 billion Swedish crowns ($8.87 billion), has aggressively
pursued expansion in Eastern Europe and confirmed on Thursday it
had increased its stake in Poland's largest construction company,
Exbud, to 94% of voting rights. It is also planning expansion in
Hungary.

While the spotlight was on IPS last week, four bidders were
short-listed for the Czech Republic's second-largest construction
company, Metrostav, which is seeking a new owner. Metrostav's
tender had to be re-launched this spring as the bidders brought
in by the last tender failed to pay the purchase price of roughly
Kc 800 million for a 61.86% stake.

The tender's manager, CA IB Securities, has selected four out of
the nine bidders interested in acquiring Metrostav and invited
them to begin due diligence. CA IB's head of corporate finance,
Veslav Michalik, would not disclose the names of the companies,
but said that all of them were European companies active on the
construction market.

A source close to the tender said that one of the bidders was
Czech construction company Subterra, which submitted a
bid with Slovak contractor Doprastav and another was Austrian
contractor Alpine Bau. French contractor Bouygues was also
interested in Metrostav, but had not submitted a bid even though
it had picked up the tender memorandum along with 20 other
companies, the source said.

Swedish venture capital fund PCTC and an association of Czech
entrepreneurs Kamil Bahboun and Pavel Wurst, who failed the pay
the purchase price after winning the first Metrostav tender, are
not on the short list, said a source close to CA IB.

IPS, the country's largest contractor, showed a Kc 255 million
profit last year while Metrostav reported a Kc 120.5 million
profit on sales of Kc 6.6 billion.


=============
G E R M A N Y
=============

EXXON MOBIL: Petrol Business Fails to Make Profit
------------------------------
HANDELSBLATT, July 6, 2000

Exxon Mobil Corp. said Thursday that its German petroleum
business failed to make a profit in the first half of the year,
owing to the petrol-price war raging on the German market.

Exxon Mobil was created from the merger of Exxon Corp. and Mobil
Corp. in November 1999. Speaking at the first post-merger results
conference of the group's German arm, chief executive Jobs Siemer
said that profit generated by the refinery business hadn't been
sufficient to offset the losses incurred by the petrol-station
business.

Siemer declined to reveal the extent of petrol-station losses.

"We are more efficient than Shell," was all he was prepared to
say. Shell reported a loss of 50 million German marks for the
first five months of this year.

Siemer conceded that the group's Esso petrol stations had lost -
and were continuing to lose - market share. Esso currently claims
a market share of around 10%.

Overall, Siemer appeared relatively unconcerned by the petrol-
price war in Germany. Of the operating profit generated by Esso
Deutschland in 1999, petroleum accounted for less than 5%. Gas
accounted for 75%, financial investments for 15%, and chemicals
for 5%. This year, the balance had tipped still further towards
gas, he said.

The Exxon/Mobil merger has created Germany's largest petroleum
group, which now trades under the name Exxonmobil Central Europe
Holding GmbH and is based in Hamburg. It has net sales of 10.78
billion marks and net profit of around 1 billion marks, employing
2,800 people. The holding company incorporates Esso subsidiaries
in Austria and - from the second half of the year - also those in
Switzerland.

In 1999, the last fiscal year for Esso and Mobil as separate
entities, Esso Deutschland GmbH posted net sales of 8.5 billion
marks, with the petroleum business accounting for 5.6 billion
marks. Nearly 1 billion marks of this sum is generated by the
shops at its 1,408 petrol stations. Net profit rose from 752
million marks to 930 million marks, though the figure includes
liquidated reserves worth 300 million marks.

Mobil Oil GmbH, with 418 million marks, posted its best-ever
post-war result. Because of the spin-off of Mobil's shareholding
in petroleum group Aral AG, net sales declined from 5.1 billion
marks to 2.2 billion marks.


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

MOL: Deutsche Bank Reiterates Recommendation
------------------------------
REUTERS, July 6, 2000

Deutsche Bank AG reiterated its "buy" recommendation on shares in
Hungarian oil group MOL , saying its low price is unjustified
even amid market worries over its expected losses in the gas
business.

"We appreciate the market's concerns regarding MOL's gas
distribution business, but believe that the current share price
reflects a deeper discount that even a worst case scenario would
warrant," Deutsche's London-based analyst Krisztina Kovacs said
in a report dated July 4.

The bank's revised 12-month price target is $21. On Wednesday MOL
ended at 3,750 forints, up 10, and on the SEAQ in London at
$13.75.

MOL hit 18-month lows after the government announced it would
stick to its original target and would allow gas prices to rise
by only 12 percent as of July 1 - an effective six percent rise
for the year, sparking the resignation of Chairman Janos Csak.

The government offered to buy the gas business under undisclosed
conditions. MOL's board is to discuss the proposal later this
week.


=============
R O M A N I A
=============

DACIA FELIX: BNR Requests Declaration of Bankruptcy
------------------------------
MONITORUL, July 7, 2000

The National bank has to recover 1,464 billion lei from the Dacia
Felix Bank.

The National Bank of Romania (BNR) forwarded yesterday at the
Court of Cluj a request for starting the bankruptcy procedure at
the Dacia Felix Bank (BDF), Adrian Vasilescu, director of the BNR
Communication Department declared. This decision was determined
by the fact that BDF didn't pay its 128 billion lei debts to BNR
and CEC, Vasilescu added.

The Dacia Felix Bank had to return about 2,200 billion lei to BNR
and CEC, but paid only 375,4 billion lei to BNR and 62,4 billion
lei to CEC.

BDF still has to pay back 1,464 billion lei to BNR and 278
billion lei to CEC. Vasilescu showed that according to the law,
the Dacia Felix Bank has the right to make an appeal within 5
days.

BDF has recently won the right to continue its activity according
to the juridical reorganization plan elaborated by the bank on
July 4, 1996.

The president of the bank said that there are discussions with
the bank's leadership for renegotiating the restructuring program
so that it should be expressed in dollars and not in lei.

Adrian Vasilescu said that BNR has a double role - of creditor
for the bank and body that regulates the market, which supposes a
high responsibility for the central bank. "BNR is responsible for
the health of the banking system. The concern of the central bank
this year is to eliminate any source of contamination for the
banking system ", the BNR official said.


================================================
S L O V A K I A  (S L O V A K   R E P U B L I C)
================================================

LODENICE KOMARNO: Troubled Shipmaker Asks for Guarantee
------------------------------
REUTERS, July 6, 2000

Troubled Slovak shipmaker Lodenice Komarno a.s.(SLK) has asked
for a state loan-guarantee to overcome difficulties caused by the
NATO-led bombing of Yugoslavia, an Economy Ministry official said
on Thursday.

"SLK is asking the state to grant a guarantee for loans worth
29.5 million German marks," ministry spokesman Peter Bencurik
told Reuters.

Bencurik did not say when the government would decide on granting
the guarantee, but said SLK's creditor banks would first have to
agree with the plan.

SLK fell into serious trouble last year, as the company managed
to deliver only two ships out of a planned 14, due to the
blockage of transport on the Danube river.

NATO air strikes in April, 1999 destroyed key bridges in the
north of Yugoslavia, splitting Europe's longest waterway in half
and stranding barges on both sides. All of SLK's deliveries were
to be made on the Danube in Romania.

SLK officials were not available for comment, but the firm's
general director, Milan Kopcok, was quoted on Thursday by the
daily Pravda as saying the funds would be used to finish the
production of three ships.

"According to a rough estimate, SLK needs some 30 to 40 million
marks this year, but apart from this, we need the state guarantee
for loans on another three ships, which we have already started
to build," Kopcok told Pravda.

"After this, the client payments should start to come in."
Pravda reported that SLK posted a loss of 289.91 million crowns
in the first four months of this year, almost a third of its full
1999-loss of 775 million crowns.

In 1998 SLK delivered 14 ships worth some four billion crowns.
The SLK's shares are registered on the Bratislava Stock Exchange.
It last traded on June 13 at 130 crowns, between its year-low of
105 and year-high of 233.


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

1ST LINE: Notice of Creditors Meeting
------------------------------
Company Name: 1st Line Mobile Communications Plx
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 27/06/00
Meeting address: The Village Hotel 29 Pendwyallt Road
Meeting City Code: Cardiff CF14 9EF
Authorised by: H Davies Director 08/06/00
Liquidators:
Firm Name: Grant Thornton
Address: 11-13 Penhill Road Cardiff CF11 9UP


ADVANCED PLASMA: Notice of Creditors Meeting
------------------------------
Company Name: Advanced Plasma Vision Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 27/06/00
Meeting address: 73-75 Mortimer Street
Meeting City Code: London W1N 7TB
Authorised by: J S Carpenter Director 07/06/00
Last day for proxy: 26/06/00
Proxy address: 73-75 Mortimer Street London W1N 7TB
Liquidators:
Firm Name: Weston Kay
Address: 73-75 Mortimer Street London W1N 7TB


BALTIC EQUIPMENT: Notice of Creditors Meeting
------------------------------
Company Name: Baltic Equipment UK Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 27/06/00
Meeting address: Gun Wharf 124 Wapping High Street
Meeting City Code: London E1 9NH
Authorised by: N H Johnston Director 16/06/00
Last day for proxy: 26/06/00
Proxy address: Gun Wharf 124 Wapping High Street London E1 9NH
Liquidators:
Firm Name: Norman Tree
Address: Gun Wharf 124 Wapping High Street London E1 9NH


BETAWORLD 2000: Notice of Creditors Meeting
------------------------------
Company Name: Betaworld 2000 Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 02.00 pm
Meeting date: 27/06/00
Meeting address: Brampton House Mews 10 Queen Street
Meeting City Code: Newcastle-u-Lyme ST5 1ED
Authorised by: H P Brazier Director 13/06/00
Last day for proxy: 26/06/00
Proxy address: Brampton House Mews 10 Queen Street Newcastle-u-
Lyme ST5 1ED
Liquidators: R M Young
Firm Name: Poppleton & Appleby
Address: Brampton House Mews 10 Queen Street Newcastle-u-Lyme ST5
1ED


BRANDON: Company in Takeover Talks
------------------------------
CITYWIRE, July 7, 2000

Bid talks for battered Brandon Good and bad news for Brandon Hire
shareholders: turnover is down but the company has received a
takeover approach.

Brandon said in an announcement before the market opened that it
had noted the recent increase in its share price and it was in
talks with a third party which, if successful, would lead to an
offer for the company.

It also admitted that owing to increased competitiveness in the
tool hire market levels of turnover so far this year 'are
materially below budget'.

Brandon added: 'Although the company expects trading in the
second half to improve in line with historic patterns, increasing
competitiveness may continue to hamper the business.'

The shares peaked at 68p two years ago before sliding sharply to
90p at the start of last year. A rally petered out and at 129p 12
months ago and the shares were languishing at only 63.50p on
Wednesday last week before they started to pick up.

Last night they closed at 71.5p.


CALWAY SERVICES: Notice of Creditors Meeting
------------------------------
Company Name: Calway Services Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 27/06/00
Meeting address: 47 London Street
Meeting City Code: Reading RG1 4PS
Authorised by: G Spence Director 06/06/00
Last day for proxy: 26/06/00
Proxy address: 47 London Street Reading RG1 4PS
Liquidators:
Firm Name: Bridgers
Address: 47 London Street Reading RG1 4PS


CARTECH LTD: Notice of Creditors Meeting
------------------------------
Company Name: Cartech Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 27/06/00
Meeting address: The Isle of Skye Hotel Queens Bridge Dundee Road
Meeting City Code: Perth
Authorised by: Janet A Hughes Director
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: A B Pringle
Address: Tayfletts Isla Road Perth PH2 7HG


CIGARETTE MACHINERY: Notice of Creditors Meeting
------------------------------
Company Name: Cigarette Machinery International Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 27/06/00
Meeting address: The Stage Hotel Gregory Boulevard
Meeting City Code: Nottingham NG7 6LB
Authorised by: J W Limb Director 16/06/00
Liquidators: Nola Barber
Firm Name: Lines Henry
Address: 27 The Downs Altrincham WA14 2QD


DSFX LTD: Notice of Creditors Meeting
------------------------------
Company Name: DSFX Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.00 am
Meeting date: 27/06/00
Meeting address: Duxford Lodge Hotel Ickleton Road
Meeting City Code: Duxford CB2 4RU
Authorised by: Director 14/06/00
Last day for proxy: 26/06/00
Proxy address: One Great Cumberland Place London W1H 8LE
Liquidators: S M Katz
Firm Name: Fisher Curtis
Address: One Great Cumberland Place London W1H 8LE


DIRECT FOAM: Notice of Creditors Meeting
------------------------------
Company Name: Direct Foam Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 03.00 pm
Meeting date: 27/06/00
Meeting address: 21-23 Station Road
Meeting City Code: Gerrards Cross SL9 8ES
Authorised by: J Craig Director 09/06/00
Last day for proxy: 26/06/00
Proxy address: 21-23 Station Road Gerrards Cross SL9 8ES
Liquidators:
Firm Name: Phillips & Co
Address: 21-23 Station Road Gerrards Cross SL9 8ES


EAB LTD: Notice of Creditors Meeting
------------------------------
Company Name: EAB (Southern) Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 27/06/00
Meeting address: 4 Dancastle Court 14 Arcadia Avenue
Meeting City Code: London N3 2HS
Authorised by: P J Berridge Director 26/05/00
Liquidators:
Firm Name: Valentine & Co
Address: 4 Dancastle Court 14 Arcadia Avenue London N3 2HS


ELMORE PROJECTS: Notice of Creditors Meeting
------------------------------
Company Name: Elmore Projects Holdings Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 27/06/00
Meeting address: 19 Goldington Road
Meeting City Code: Bedford MK40 3JY
Authorised by: G R Ilott Director 09/06/00
Liquidators:
Firm Name: Mazars Neville Russell
Address: Beaufort Buildings Clifton Down Bristol BS8 4AN


FOLLY HOUSE: Notice of Creditors Meeting
------------------------------
Company Name: Folly House Food Group Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 27/06/00
Meeting address: 3 Signet Court Swanns Road
Meeting City Code: Cambridge CB5 8LA
Authorised by: R T C Lower Director
Last day for proxy: 26/06/00
Proxy address: 12 Signet Court Swanns Road Cambridge CB5 8LA
Liquidators: Stephen M Rout
Firm Name: Stephen M Rout & Co
Address: 12 Signet Court Swanns Road Cambridge CB5 8LA


GB DESIGN: Notice of Creditors Meeting
------------------------------
Company Name: G B Design Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 03.45 pm
Meeting date: 27/06/00
Meeting address: 18 Sapcote Trading Centre Dudden Hill Lane
Meeting City Code: London NW10 2DH
Authorised by: G Bhandari Director 06/06/00
Last day for proxy: 26/06/00
Proxy address: 18 Sapcote Trading Centre Dudden Hill Lane London
NW10 2DH
Liquidators:
Firm Name: D Wald & Co
Address: 18 Sapcote Trading Centre Dudden Hill Lane London NW10
2DH


G2E LTD: Notice of Creditors Meeting
------------------------------
Company Name: G2E Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 27/06/00
Meeting address: 43 South Street
Meeting City Code: Reading RG1 4QU
Authorised by: S J Cross Director
Last day for proxy: 26/06/00
Proxy address: 43 South Street Reading RG1 4QU
Liquidators:
Firm Name: Harrisons
Address: 43 South Street Reading RG1 4QU


HAIR & BEAUTY: Notice of Creditors Meeting
------------------------------
Company Name: Hair & Beauty Magazine Ltd
Other name: IA 1986
Section: 48
Creditors Meeting Time: 10.00 am
Meeting date: 27/06/00
Meeting address: 8 Baker Street
Meeting City Code: London W1M 1DA
Authorised by: R Hocking Joint Administrative Receiver
Last day for proxy: 26/06/00
Proxy address: 8 Baker Street London W1M 1DA
Liquidators:
Firm Name: BDO Stoy Hayward
Address: 8 Baker Street London W1M 1DA


HERITAGE ELECTRICAL: Notice of Creditors Meeting
------------------------------
Company Name: Heritage Electrical Services Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.15 am
Meeting date: 27/06/00
Meeting address: The Alicia Hotel 3 Aigburth Drive
Meeting City Code: Liverpool L17 3AA
Authorised by: M Leatt Director 02/06/00
Liquidators:
Firm Name: Crawfords
Address: Stanton House 41 Blackfriars Road Manchester M3 7DB


HICKSON INTERNATIONAL: Arch to Pay 97 Million for Takeover
------------------------------
THE FINANCIAL TIMES, June 29, 2000

Hickson International, the UK chemicals group, has agreed a 96.8m
($145.2m) takeover by US rival Arch.

Arch's offer for Hickson, which supplies and makes speciality
chemical products, will be 55p in cash for each Hickson share.
The US group said that the deal gives it an increased foothold in
Europe although it plans to sell off Hickson's organic chemicals
business, which represents 30 per cent of turnover.

It plans to integrate Hickson's other division, protective
coatings which accounted for 70 per cent of the UK chemicals
group's sales.

Hickson, whose history has been characterised by high
indebtedness, profit warnings and falling turnover, said last
month it was in talks that might lead to an offer.

Hickson makes intermediary products for agrochemical makers such
as DuPont, but has suffered from volatility in demand. The strong
pound has further hurt the group since it mostly manufactures in
the UK.

Analysts said that Hickson had been a takeover target for some
time as its shares, which had reached 93.5p in 1998, fell to
23.5p earlier this year. The sale price represents about round 27
times historic earnings, and a premium of 33 per cent over
Wednesday's closing share price. Its shares rose 13-1/2p to close
at 54p on Thursday.

Martin Evans, global head of chemicals research at CCF
Charterhouse, said that Arch had paid a fairly full price for
Hickson.

"Arch is buying some good manufacturing assets and Hickson has
had its own problems in recent years. It supplies into the
agrochemicals market which has been deep in recession.

"I don't think this will herald a wave of consolidation like the
deals which happened a few years ago. I think it is more likely
to be stock specific. The management are fairly new and have done
a good job in unlocking value but Hickson did look vulnerable."

Arch, which reported sales of $879.8m in the last financial year,
supplies and makes chemical products including performance
chemicals.

Michael Campbell, chief executive and chairman of Arch, said:
"This acquisition strengthens our already significant position in
the high growth and performance urethanes marketplaces and is the
right opportunity to expand our international operations."

Arch said it had received undertakings to accept the offer from
institutions holding 44.1 per cent of Hickson's share capital.

The US company said that it planned to develop Hickson's biocide
related activities and help Hickson go into the North American
industrial furniture coatings market.

Hickson said that it had set out to improve shareholder value by
exploiting identified opportunities for growth, but that success
has been offset by poor performance in the organic chemicals
division which has been caused by continued destocking in the
agrochemical supply chain and ongoing competitive market
conditions affecting Hickson's Castleford-based business.

Hickson has agreed to pay a break fee of 950,000 if a competing
offer is successful.

Chase Manhattan was advising Arch and Lazrd advised Hickson.


HICKSON INTERNATIONAL: Chemicals Company Yields to Arch
------------------------------
BUSINESS DAY, July 6, 2000

Troubled specialty chemicals group Hickson International today
agreed to a 55p-a-share cash bid from rival US manufacturer Arch
Chemicals that valued it at o96.8 million.

Arch is listed on the New York Stock Exchange and was spun off in
February last year from the giant American-owned Olin
Corporation.

Hickson has been hit by the strength of sterling and
international price competition on the world's specialty chemical
markets.

As a result it has endured falling turnover and high debt and
issued a series of profit warnings.

The acquisition by Arch will give it access to more European
markets as well as its agrochemical products, which it supplies
to US-owned DuPont.


ICE FM: Notice of Creditors Meeting
------------------------------
Company Name: Ice FM (North East) Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 03.30 pm
Meeting date: 27/06/00
Meeting address: Avco House 6 Albert Road
Meeting City Code: Barnet EN4 9SH
Authorised by: D Leach Director
Liquidators:
Firm Name: Kelmanson Partnership
Address: Avco House 6 Albert Road Barnet EN4 9SH


JM&G CONSTRUCTION: Notice of Creditors Meeting
------------------------------
Company Name: J M & G Construction Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 27/06/00
Meeting address: Aspect Court 4 Temple Row
Meeting City Code: Birmingham B2 5HG
Authorised by: G Gibson Director 14/06/00
Liquidators:
Firm Name: HKM Harlow Khandhia Mistry
Address: Aspect Court 4 Temple Row Birmingham B2 5HG


KEMTECH CONSTRUCTION: Notice of Creditors Meeting
------------------------------
Company Name: Kemtech Construction Chemicals Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 27/06/00
Meeting address: Devonshire House 36 George Street
Meeting City Code: Manchester M1 4HA
Authorised by: J Collinson Director 05/06/00
Liquidators:
Firm Name: HLB Kidsons
Address: Devonshire House 36 George Street Manchester M1 4HA


KEY BUSINESS: Notice of Creditors Meeting
------------------------------
Company Name: Key Business Interiors Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 27/06/00
Meeting address: The Guildhall
Meeting City Code: Abingdon OX13 3JE
Authorised by: I Nicholson Director 05/06/00
Last day for proxy: 26/06/00
Proxy address: 5 The Chambers Vineyard Abingdon OX14 3PX
Liquidators:
Firm Name: Peter Edwards & Co
Address: 5 The Chambers Vineyard Abingdon OX14 3PX


LABOUR HIRE: Notice of Creditors Meeting
------------------------------
Company Name: Labour Hire Group Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.30 pm
Meeting date: 27/06/00
Meeting address: The Posthouse Rugby
Meeting City Code: Crick NN6 7XR
Authorised by: R Naeli Director 08/06/00
Last day for proxy: 26/06/00
Proxy address: Buckstone Hall Leeds LS19 6LL
Liquidators:
Firm Name: McCann Taylor
Address: Buckstone Hall Leeds LS19 6LL


LEISURE PHOTOGRAPHY: Notice of Creditors Meeting
------------------------------
Company Name: Leisure Photography Services Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 27/06/00
Meeting address: 4 Wards End
Meeting City Code: Halifax HX1 1BX
Authorised by: J W Seymour Director 09/06/00
Last day for proxy: 26/06/00
Proxy address: 4 Wards End Halifax HX1 1BX
Liquidators:
Firm Name: Sargent & Co
Address: 4 Wards End Halifax HX1 1BX


LOW FELL: Notice of Creditors Meeting
------------------------------
Company Name: Low Fell Leisure Club Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 27/06/00
Meeting address: 6 Foyle Street
Meeting City Code: Sunderland SR1 1LA
Authorised by: J Citrone Director 09/06/00
Liquidators:
Firm Name: Jennings Johnson
Address: 6 Foyle Street Sunderland SR1 1LA


MARANDAKE LTD: Notice of Creditors Meeting
------------------------------
Company Name: Marandale Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.15 pm
Meeting date: 27/06/00
Meeting address: 1 City Square
Meeting City Code: Leeds LS1 2ES
Authorised by: D Cuffe Director 16/06/00
Last day for proxy: 26/06/00
Proxy address: 1 City Square Leeds LS1 2ES
Liquidators:
Firm Name: Kroll Buchler Phillips
Address: 1 City Square Leeds LS1 2ES


MICHAEL RINES: Notice of Creditors Meeting
------------------------------
Company Name: Michael Rines Communications Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 27/06/00
Meeting address: 49 London Road
Meeting City Code: St Albans AL1 1LJ
Authorised by: M Rines Director 07/06/00
Last day for proxy: 26/06/00
Proxy address: Torrington House 47 Holywell Hill St Albans AL1
1HD
Liquidators:
Firm Name: Morton Thornton & Co
Address: Torrington House 47 Holywell Hill St Albans AL1 1HD


NOVATRADE LTD: Notice of Creditors Meeting
------------------------------
Company Name: Novatrade Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 02.00 pm
Meeting date: 27/06/00
Meeting address: 43 Blackstock Road
Meeting City Code: London N4 2JF
Authorised by: J Yiannacov Director 16/06/00
Last day for proxy: 26/06/00
Proxy address: 43 Blackstock Road London N4 2JF
Liquidators: A G Kakouris
Firm Name: Kakouris & Michaelides
Address: 43 Blackstock Road London N4 2JF


OLDROYD & HUDSON: Notice of Creditors Meeting
------------------------------
Company Name: Oldroyd & Hudson Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 27/06/00
Meeting address: 8 High Street
Meeting City Code: Yarm TS15 9AE
Authorised by: T Oldroyd Director 31/05/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: John B Taylor & Co
Address: 8 High Street Yarm TS15 9AE


PERKINS MACKINTOSH: Notice of Creditors Meeting
------------------------------
Company Name: Perkins Mackintosh Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 27/06/00
Meeting address: 93 Queen Street
Meeting City Code: Sheffield S1 1WF
Authorised by: S A Hunter Director 06/06/00
Liquidators:
Firm Name: Poppleton & Appleby
Address: 93 Queen Street Sheffield S1 1WF


PINKNEY & ALLMAN: Notice of Creditors Meeting
------------------------------
Company Name: Pinkney & Allman Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 27/06/00
Meeting address: Eastgate House Humberstone Road
Meeting City Code: Leicester LE5 3GJ
Authorised by: J Coulson Director 02/06/00
Liquidators: Dilip K Dattani
Firm Name: BDO Stoy Hayward
Address: Eastgate House Humberstone Road Leicester LE5 3GJ


PROFILE ENTERPRISES: Notice of Creditors Meeting
------------------------------
Company Name: Profile Enterprises Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 03.30 pm
Meeting date: 27/06/00
Meeting address: Parkville House 16 Bridge Street
Meeting City Code: Pinner HA5 3JD
Authorised by: A Bennett Director 14/06/00
Liquidators: I D Holland
Firm Name: Ian Holland & Co
Address: Parkville House 16 Bridge Street Pinner HA5 3JD


R&D SLEIGHTHOLME: Notice of Creditors Meeting
------------------------------
Company Name: R&D Sleightholme Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 27/06/00
Meeting address: 75 Harborne Road
Meeting City Code: Birmingham
Authorised by: M J Brewster Director 12/06/00
Last day for proxy: 26/06/00
Proxy address: Kensington House 33 Imperial Square Cheltenham
GL50 1QZ
Liquidators:
Firm Name: Findlay James
Address: Kensington House 33 Imperial Square Cheltenham GL50 1QZ


SG RAY: Notice of Creditors Meeting
------------------------------
Company Name: S G Ray & Co (Reading) Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 27/06/00
Meeting address: Plumtree Court
Meeting City Code: London EC4A 4HT
Authorised by: K Ray Director 14/06/00
Last day for proxy: 26/06/00
Proxy address: Plumtree Court London EC4A 4HT
Liquidators:
Firm Name: PricewaterhouseCoopers
Address: Plumtree Court London EC4A 4HT


SAABCOMP LTD: Notice of Creditors Meeting
------------------------------
Company Name: Saabcomp Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 27/06/00
Meeting address: One Great Cumberland Place
Meeting City Code: London W1H 8LE
Authorised by: N B Monti Director 13/06/00
Last day for proxy: 26/06/00
Proxy address: One Great Cumberland Place London W1H 8LE
Liquidators: S D Swaden
Firm Name: Fisher Curtis
Address: One Great Cumberland Place London W1H 8LE


SIGN HERE: Notice of Creditors Meeting
------------------------------
Company Name: Sign Here Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.15 pm
Meeting date: 27/06/00
Meeting address: Chamber of Commerce 30 George Square
Meeting City Code: Glasgow G2 1EQ
Authorised by: Gary A Feingold Director 15/06/00
Last day for proxy: 26/06/00
Proxy address: 90 St Vincent Street Glasgow G2 5UB
Liquidators: Firm Name: Mazars Neville Russell
Address: 90 St Vincent Street Glasgow G2 5UB


STYLE PUBLISHING: Notice of Creditors Meeting
------------------------------
Company Name: Style Publishing Ltd
Other name: IA 1986
Section: 48
Creditors Meeting Time: 10.00 am
Meeting date: 27/06/00
Meeting address: 8 Baker Street
Meeting City Code: London W1M 1DA
Authorised by: R Hocking Joint Administrative Receiver
Last day for proxy: 26/06/00
Proxy address: 8 Baker Street London W1M 1DA
Liquidators:
Firm Name: BDO Stoy Hayward
Address: 8 Baker Street London W1M 1DA


TURNSERVE LTD: Notice of Creditors Meeting
------------------------------
Company Name: Turnserve Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 27/06/00
Meeting address: Bulman House Regent Centre
Meeting City Code: Gosforth NE3 3LS
Authorised by: P Rose Director 02/06/00
Liquidators:
Firm Name: Tait Walker
Address: Bulman House Regent Centre Gosforth NE3 3LS


WINDOW DEPOT: Notice of Creditors Meeting
------------------------------
Company Name: Window Depot (Staffs) Ltd - The
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 27/06/00
Meeting address: Brampton House Mews 10 Queen Street
Meeting City Code: Newcastle-u-Lyme ST5 1ED
Authorised by: J Melling Director 06/06/00
Last day for proxy: 26/06/00
Proxy address: Brampton House Mews 10 Queen Street Newcastle-u-
Lyme ST5 1ED
Liquidators: R M Young
Firm Name: Poppleton & Appleby
Address: Brampton House Mews 10 Queen Street Newcastle-u-Lyme ST5
1ED


WORCESTERSHIRE KITCHEN: Notice of Creditors Meeting
------------------------------
Company Name: Worcestershire Kitchen Co Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 27/06/00
Meeting address: Jarvis George Hotel Bird Street
Meeting City Code: Lichfield WS13 6PR
Authorised by: K Walsh Director 08/06/00
Last day for proxy: 26/06/00
Proxy address: St Johns Court Wiltell Road Lichfield WS14 9DS
Liquidators:
Firm Name: Dains
Address: St Johns Court Wiltell Road Lichfield WS14 9DS


WORCESTERSHIRE WINDOW: Notice of Creditors Meeting
------------------------------
Company Name: Worcestershire Window Co Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 27/06/00
Meeting address: Jarvis George Hotel Bird Street
Meeting City Code: Lichfield WS13 6PR
Authorised by: K Walsh Director 08/06/00
Last day for proxy: 26/06/00
Proxy address: St Johns Court Wiltell Road Lichfield WS14 9DS
Liquidators:
Firm Name: Dains
Address: St Johns Court Wiltell Road Lichfield WS14 9DS



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
publication in any form (including e-mail forwarding, electronic
re-mailing  and photocopying) is strictly prohibited without
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Information contained herein is obtained from sources believed to
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via e-mail.  Additional e-mail subscriptions for members of the
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             * * * End of Transmission * * *