/raid1/www/Hosts/bankrupt/TCREUR_Public/000711.mbx       T R O U B L E D   C O M P A N Y   R E P O R T E R     

                        E U R O P E

            Tuesday, July 11, 2000, Vol. 1, No. 45


                        Headlines

B U L G A R I A

BTC:  Privatization May Fail


C Z E C H   R E P U B L I C

INVESTICNI A POSTOVNI:  BIS Failed to Report to Deputies
INVESTICNI A POSTOVNI:  The Legacy of Economic Reform
PARAMO:  LUKoil Thinks Twice
WALTER:  Tark To Buy Engine Company
VITKOVICE:  Management Files Criminal Complaint


G E R M A N Y

GIGABELL AG:  Spokesman Confirms Takeover Talks


H U N G A R Y

BABOLNA RT:  State Rejects Capital Increase
MALEV HUNGARIAN:  Airline Moves to Prevent Crash
MATAV RT:  Debt-Ridden Phone Company Raises Ft 10 Billion
MOL RT:  MOL To Split Into Separate Units
TOLNA-HUS RT:  Liquidation Suspended By Court


L I T H U A N I A

LITHUANIAN AIRLINES:  Losing Airline To Loan $ 7.5 Million


P O L A N D

REFINERIA GDANSKA:  Refinery Put Up For Sale


R O M A N I A

RWE ENTSORGUNGROMANIA:  Unit Sold to RRR Remmert


R U S S I A

PIKRA:  50% Share Bought by BBH


S E R B I A   &   M O N T E N E G R O

YUGOSLAV RAILWAYS:  Macedonia Railway to Pay Debt


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

DEVIN BANKA:  Rescue Triggers Criticism
DEVIN BANKA:  2.5 Billion Crown Rescue Frowned On
INVESTICNA A ROZVOJOVA:  Finance Ministry Places "For Sale" Ad
SLK KOMARNO:  Troubled Shipmaker Moves to Stay Afloat
SLOVENSKA SPORITELNA:  Government to Sell Banks
VUB:  Government To Sell Banks


U N I T E D   K I N G D O M

ABCDs LTD:  Liquidation Proceedings
A BARNES:  Liquidation Proceedings
ALCO MECHANICAL:  Liquidation Proceedings
ANDERSONS OF HITCHIN:  Liquidation Proceedings
ASKWITH GLASS:  Liquidation Proceedings

BERYL BUILDERS:  Liquidation Proceedings
BIG J:  Liquidation Proceedings
BONDHOUSE FASHIONS:  Liquidation Proceedings
CLEVEDON MOTORWAYS:  Liquidation Proceedings
CLUB DESTINATION:  Liquidation Proceedings

COVER PUBLISHING:  Liquidation Proceedings
DIEPPE PUBLISHING:  Liquidation Proceedings
EAST BERKSHIRE:  Liquidation Proceedings
EXECUTIVE TRAVEL:  Liquidation Proceedings
GWC CONTRACTORS:  Liquidation Proceedings

JACKIE HARDY:  Liquidation Proceedings
KOSMOTRON LTD:  Liquidation Proceedings
OLD PARK:  Liquidation Proceedings
PBS PLASTICS:  Liquidation Proceedings
PEL ELECTROSTATIC:  Liquidation Proceedings

PLEASE MUM:  Liquidation Proceedings
PRETTY ORIGINALS:  Liquidation Proceedings
PROTO GLAZING:  Liquidation Proceedings
RACEFIND LTD:  Liquidation Proceedings
SPECTATOR SPORTS:  Liquidation Proceedings

SWANEAST LTD:  Liquidation Proceedings
SUMITOMO:  Euro Causes UK Plant to Close
TRACKFARE PLANT:  Liquidation Proceedings
TRADEWEST 2000:  Liquidation Proceedings
UPSTAIRS DOWNSTAIRS:  Liquidation Proceedings

WESTERN & WARWICKSHIRE:  Liquidation Proceedings
WREKIN SAMEDAY:  Liquidation Proceedings


===============
B U L G A R I A
===============

BTC:  Privatization May Fail
------------------------------
REUTERS, July 7, 2000

The privatization of Bulgaria's BTC telecoms monopoly may fail
because the KPN Telecom NV/OTE consortium, which has been
negotiating for a year to take a 51 percent stake, has made new
demands, Transport and Communications Minister Antoni Slavinski
said on Thursday.

"We either agree (the deal) or terminate (it)," Slavinski told
reporters after a cabinet meeting.

The consortium denied it had made new demands said an accord was
in reach.

"It is not true that we have presented new demands," KPN country
manager for Bulgaria Henk Wierenga told Reuters by telephone.

"We agreed 99 percent of the issues and what is left is a matter
of form which is easily achievable. I still believe we can sign
the deal as I said before."

Last week Wierenga said the deal could be signed in July and be
examined by regulators by September.

Slavinski said latest round of talks had ended on Wednesday
night. "New demands (by the consortium) to amend laws appeared in
the last two days...These new demands create problems. We are
thinking over these proposals - most of them are unacceptable. We
will see what we will do," he said.

Slavinski said one of the new demands was for an amendment to
legislation allowing the Bulgarian Telecommunications Company
(BTC) a monopoly over international transmission of voice
telephony.

Another related to awarding the buyer a special operator status
over the communications networks of the government and the
Ministries of Defence and Internal affairs.

BULGARIA MAY SET DEADLINE TO CLOSE THE DEAL

Slavinski said the government had not set a deadline to finalize
the negotiations, but added: "Such a deadline should be set
soon".

"There is little possibility to sign (the deal) with such demands
by the end of July," he said, adding that new talks could be held
with the consortium after a few days as the working group which
he heads would study the new proposals.

Talks on Bulgaria's biggest privatization have been going on
since July 1999 when it was first approved in principle.
Under the deal, KPN and OTE will acquire 51 percent in BTC, a
similar interest in the existing analogue mobile operator Mobikom
and 100 percent of a second national GSM licence.

KPN is to take 60 percent of the GSM licence and 40 percent of
the BTC fixed line business, while OTE will take 40 percent of
the mobile licence and 60 percent of fixed line activities.

According to the latest draft, Bulgaria would get $460 million as
an up front payment with a further $20 million set aside to cover
a possible accounting deficit in BTC for 1999.

The consortium was to pay another $120 million if parliament
amended the privatization and communications laws to enable the
government by July 1 to licence OTE/KPN to run BTC and a second
cell phone operator.


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

INVESTICNI A POSTOVNI:  BIS Failed to Report to Deputies
------------------------------
HOSPODARSKE NOVINY, July 4, 2000

The counter-intelligence Security Information Service (BIS) is
dealing with the Investicni a Postovni banka (IPB) case on the
basis of tasks given to it by the government, chairman of the
Chamber of Deputies committee monitoring BIS activities Jan Klas
said on Monday.

After talks with BIS head Jiri Ruzek Klas (Civic Democratic
Party, ODS) told journalists that Ruzek did not tell deputies
about BIS's steps in this direction. The commission has thus
decided that it will ask Klas to provide it with a written report
concerning the government's tasks.

"The BIS director said that the BIS was fulfilling the
government's task in harmony to the law. However, the commission
has, unfortunately, to state that the BIS director failed to
brief it on the contents of the report designated to the
government, citing the valid law," Klas said. He again pointed to
insufficient powers of his commission.

After the talks with the Chamber of Deputies commission Ruzek
reported about the main tasks which the BIS dealt during the past
two years. Generally it was the protection of economic interests
and counter-intelligence service aimed against foreign secret
services. The report is available on BIS's Internet website
www.bis.cz.


INVESTICNI A POSTOVNI:  The Legacy of Economic Reform
------------------------------
FOX MARKET WIRE, June 29, 2000

It's high noon, and dozens of masked men with guns fill a
downtown Prague bank. Somebody, it seems, must be shooting a
Hollywood movie.

But it wasn't Jesse James and his gang on June 16. It was an
elite anti-terrorist unit -- acting on government orders -- that
seized the financially troubled Investicni a Postovni Banka.

Within days, the bank was sold to a Belgian institution.

The incident is more than a surreal story of a bank takeover. It
offers insights into the troubled nature of banking here and
throughout former communist countries of Eastern Europe, as they
cope with the legacy of economic reforms.

It also is part of a power struggle between President Vaclav
Havel and former Prime Minister Vaclav Klaus, the Czech
opposition leader.

Havel welcomed the IPB takeover as a last-minute way of
"eliminating a festering wound'' in the country's banking system.
Klaus called it a "highway robbery in broad daylight,'' accusing
Havel's friends of orchestrating the move.

At one time, IPB, as it is generally known, was the country's
leader in retail banking and a huge industrial empire with a
finger in every pie.

It once owned such jewels as Czech breweries, soccer clubs and
steel mills. It also had a high-tech mobile phone network as well
as two TV stations.

And like most post-communist banks it was deep in the red.

IPB was among five banks formed from the breakup in 1990 of the
former communist state monopoly. Over the next five years, 54
more banking licenses were issued to international banks as well
as those Czechs who could put up the $30,000 needed for a
license.

Capital was up for grabs at a time of rapid privatization, where
few holds were barred and opportunity was golden.

Banks lent money to debt-ridden state companies in hopes of
stabilizing them. Loans were made to finance other loans. Fraud,
negligence and money laundering were widespread.

Some $7.5 billion in loans from that era are considered high risk
or completely unrecoverable, according to Central Bank estimates.
There was also the political dimension.

"IPB, like many other banks at the peak of privatization in the
1990s, worked like a self-service for money for certain
politicians,'' said Jiri Pehe, Havel's political adviser in an
obvious reference to Klaus, the former prime minister, and his
Civic Democratic Party.

Pehe said politicians pumped money into unprofitable companies to
maintain their hold on power. He believes banks should have been
privatized much earlier to remove them from political influence.

"There was no political will to sell these banks'' in the early
1990s, said Jiri Schwarz, head of the Liberal Institute, an
independent think tank. "There were concerns that foreign
investors would not be willing to finance the reform.''

While East German reform was financed by the German government,
Czechs had no such option and decided to finance their reform
"the Czech way'' -- using the banks and international loans.

As the first round of privatization ended in 1996, four of the
five banks were sold to international investors. Before that,
their debts were paid from the state budget.

At the same time, strict rules and austerity measures were
imposed on the rest of the banking sector, calling for larger
reserves and more security.

Seventeen small banks collapsed, hurting thousands of small
creditors.

Public anger turned against financial institutions. Top managers
seemed to escape punishment in obvious cases of fraud or
negligence.

In late 1999, Havel suggested the Czech banking system's
credibility was in doubt and accused reformers of creating "mafia
capitalism'' instead of a free market.

Without saying so, he had IPB in mind.

On June 16, in a show of power, anti-terrorist squads took over
the IPB bank. It was then sold over the weekend to KBC, a Belgian
financial conglomerate.

The government said it acted in haste to prevent the bank's
downfall and huge economic repercussions. Klaus says the takeover
and sale were prepared well in advance, accusing the Central
Bank, the government and KBC of acting in agreement.

"We are looking at a struggle of two powerful financial groups at
the cost of the taxpayer,'' said Klaus, who has called on
Parliament to investigate.


PARAMO:  LUKoil Thinks Twice
------------------------------
SKRIN ISSUER, July 5, 2000

LUKoil changes its mind to buy a 71% stake in Czech refinery
Paramo, as " according to the terms of the tender, a winner is to
repay Paramo sizeable debts", LUKoil representative said. So,
among current rivals in fight for Paramo are those of the Czech
state-owned Unipetrol, supported by Rosneft, and the Canadian
Norex Petroleum. The par value of the stake is USD 15 mln. Paramo
can refine 1 mln tons of raw materials a year.


WALTER:  Tark To Buy Engine Company
------------------------------
CONCISE AEROSPACE, June 28, 2000

The Czech government has given its final approval to the takeover
of engine producer Walter by Czech company Tark, controlled by
U.S. company Novus Holdings under an agreement signed in October
1999. Novus Holdings is owned by US investor Robert Fessler and
Irish airline owner, Tony Ryan, who were reported to be attracted
to the company's extensive production facility.

The company's major creditor, Czech bank Konsolidacni Banka, will
acquire property from the company in exchange for writing off
with the company's outstanding debts amounting to 1,453m Koruna
($36.3m). The bank will then sell its stake in the company to the
US concern for 1 Koruna.

The majority holding in Walter is currently held by Aero
Holdings, which is majority controlled by the Czech state through
the Czech state property fund and these shares will be sold to
Novus.

Last year, the Prague-based producer made a loss of 102.2m
Korunas ($2.55m) on sales of 511.7m Koruna ($12.78m). The new
owners intend to develop the producer's links with Saab and BAE
Systems who have endorsed the deal.


VITKOVICE:  Management Files Criminal Complaint
------------------------------
CZECH AM, July 4, 2000

Current V¡tkovice management filed a criminal complaint against
some former staff of Rafis Trading, which managed the steelworks
between 1997 and 1999 and is allegedly responsible for suspicious
deals that cost V¡tkovice hundreds of millions of crowns in
damages. One of the four transactions in question concerns
V¡tkovice's sale of the Silver BC tennis club for Kc 5.6 mln, or
only 22% of its value at the time (Mlada Fronta 1).


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

GIGABELL AG:  Spokesman Confirms Takeover Talks
------------------------------
HANDELSBLATT, July 7, 2000

German internet company Gigabell AG is in talks concerning a
partial or entire takeover of the company, a Gigabell spokesman
told Dow Jones Newswires Friday.

"We're in the hot phase of negotiations with strategic partners,"
the spokesman said.

The company will sell some recently acquired and not fully
integrated assets to secure liquidity, he added.

Decisions on a takeover and the sale of assets are likely to be
made next week.

"We will be streamlining by selling off non-integrated recent
acquisitions," and in doing so plan to triple each unit price,
the spokesman said.

A Friday report in business newsletter Platow Brief said Gigabell
was in critical financial trouble.

The spokesman said Gigabell will sell assets to secure liquidity
and to strengthen it in its negotiations.

"We won't be caught with our pants down. We're buying time" to
find a strategic fit for a new partnership, he added.

Gigabell is also talking to a state-owned telecommunications
group but the spokesman didn't specify which one.


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

BABOLNA RT:  State Rejects Capital Increase
------------------------------
BUDAPEST BUSINESS JOURNAL, July 3, 2000

The State Privatization and Holding Co. (APV Rt) approved the
privatization strategy of Malev Hungarian Airlines Rt and will
forward it to the government. The APV Rt rejected a proposed Ft
10.5 billion capital increase in state agriculture company
Babolna Rt, whose debts are expected to grow to Ft 14 billion by
the end of 2000.


MALEV HUNGARIAN:  Airline Moves to Prevent Crash
------------------------------
BUDAPEST BUSINESS JOURNAL, July 3, 2000

Malev Hungarian Airlines said it will launch a two-year
reorganization plan this year to reduce its deficit by Ft 3
billion. It will cut its staff by more than 400 to 3,070 this
year. Malev closed last year with an operational deficit of Ft
3.8 billion.

The government said an exemption from duty for imported airplanes
and their parts, in effect since 1997 and scheduled to end this
year, would be extended indefinitely in accordance with a request
from Malev Hungarian Airlines Rt.


MATAV RT:  Debt-Ridden Phone Company Raises Ft 10 Billion
------------------------------
HUNGARY AM, July 10, 2000

Mat v Rt, Hungary's largest phone company, sold Ft 10 billion of
three-year bonds to help pay off debts denominated in foreign
currency and reduce exposure to currency market fluctuations. The
company, majority owned by Deutsche Telekom AG, plans to sell as
much as Ft 45 billion in bonds to pay off debts, which totaled Ft
182 billion at the end of last year. Mat v sold the bonds
maturing September 2003 at an average yield of 9.76%. The maximum
yield was 9.8% and the minimum yield was 9.65%. The bonds will
pay an annual coupon of 9.25%. Mat v received bids for Ft 13.5
billion. Mat v has a monopoly on long-distance and international
phone calls in Hungary and is the largest of the country's three
mobile phone service providers.


MOL RT:  MOL To Split Into Separate Units
------------------------------
BUDAPEST BUSINESS JOURNAL, July 3, 2000

Oil and gas company MOL Rt said it will split its gas business
(expected to post an operating loss of Ft 100 billion this year)
into separate trading, transmission and storage units. MOL said
it will sue over a government decision to limit gas price rises
to 6% this year, but that it will consider all offers to buy the
gas division, including one from the government.


TOLNA-HUS RT:  Liquidation Suspended By Court
------------------------------
BUDAPEST BUSINESS JOURNAL, July 3, 2000

The Tolna County Court suspended the liquidation of loss-making
meat company Tolna-Hus Rt, initiated by creditors in May. Fazis
Rt, which owns Tolna, said the company is trying to agree on
terms of debt repayment, said to amount to Ft 1.2 billion, in
installments.


=================
L I T H U A N I A
=================

LITHUANIAN AIRLINES:  Losing Airline To Loan $ 7.5 Million
------------------------------
CONCISE AEROSPACE, July 4, 2000

Loss-making state-owned Lithuanian Airlines, which was slated for
privatization in February of this year, is planning to borrow
$7.5m in early July to make up for a significant shortfall in
working capital.

The borrowing follows a loan of $1m granted in 1989 by the
Lithuanian Savings Bank, but is reported to be the first loan the
airlines has taken out to fund working capital. The loan will
come from the Industry Bank, a subsidiary of the Lithuanian bank
Pereks, and will have a seven year term at a rate of 9.8%, almost
285 bps above the interbank rate despite government guarantees
expected to be extended next week.

According to Kestius Auryla, General Director of the airline, the
money is necessary to pay off some of the airline's debts of
$7.5m, including debts to Eurocontrol, which seized an LAL 737-
500 on the ground at London Heathrow earlier this year for ten
days due to non-payment of a debt of ?500,000. There are also
debts to Vilnius Airport, about which the company complained last
year of having high charges resulting in a mounting debt,
existing bank debt and also leases on the airline's Boeing and
Saab fleet.

The airline experienced losses in 1999 after a very difficult
year in which sales fell by a third, and is reported to have lost
$3.5m in the first quarter of 2000, with a further loss expected
for the first half despite a small profit in May, according to
the airline's management.

The airline expects to make a profit for the full year, primarily
as a result of cutting its costs, with 240 employees due to go
out of the 1130 employees by the year end, accompanied by other
cost restructuring and the re-organization of the carrier's
routes.

The privatization process, which is to offer the state's 54% in
the airline 49% to a strategic investor and the balance to
employees, is reported to be continuing and will be implemented
after the restructuring is complete.


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

REFINERIA GDANSKA:  Refinery Put Up For Sale
------------------------------
AGENCE FRANCE PRESSE, July 7, 2000

Polish oil company Polska Nafta said Wednesday it plans to sell
its 75 percent stake in the country's second-largest refinery to
a foreign strategic investor.

Nafta Polska failed to sell a majority stake in indebted
Rafineria Gdanska (RG) to an international oil company in 1998.

The Polish company will send in August invitations to bid for the
stake in RG, spokesman Janusz Kwiatkowski said in statement.
Replies are due in November.

RG refined 3.3 million tonnes of crude oil last year, earning a
profit of 114.7 million zloty (27.64 millon euro, 26.4 million
euros), a drop of 29 percent from the previous year.

The refinery's debt now totals 120 percent of its share capital.  


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

RWE ENTSORGUNGROMANIA:  Unit Sold to RRR Remmert
------------------------------
HANDELSBLATT, July 7, 2000

Dow Jones. Germany's RWE Umwelt AG has completed its withdrawal
from Romania after selling its RER RWE EntsorgungRomania S.R.L.
unit to R.R.R. Remmert Recycling GmbH.

Financial terms weren't disclosed.

The company said that the Romanian units weren't part of its core
operations, and that business was becoming "difficult."

Last year, the company's Romanian units, which offered
residential garbage collection and street cleaning services, had
sales of 31 million euros.


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

PIKRA:  50% Share Bought by BBH
------------------------------
CONCISE CONSUMER, July 7, 2000

Baltic Beverages Holding (BBH), the Finnish-Norwegian owner of
Baltika, has acquired a 50% share of Pikra brewery in
Krasnoyarsk, Siberia. Pikra was badly hit by the 1998 financial
crisis, which occurred not long after it had borrowed 25m rubles
to buy new equipment.

According to BBH, it will invest $34.5m into the brewery over the
next three years and increase capacity by 250% to 20m dal per
year. It will also install $6m of equipment in 2000. Evgenia
Kuznetsova, Director of the Brewery, claims that the brewery
could start breaking even again by 2002. Its local brands,
Kupecheskoe and Sibirskoe, will be retained.

Pikra currently has a 4% share of the Siberian market. It
accounts for 30% of the regional Krasnoyarsk market, compared to
Baltika (28%) and Ochakovo (13%).

The move marks the entry of a second foreign player into the
Siberian market, after the 1998 acquisition by Baltika's main
rival, SUNInterbrew, of the Rosar brewery in Omsk.

In addition to Pikra, BBH owns six Russian breweries, a stake in
a malting operation and is market leader, with a 25% share of the
Russian market, which continues to be highly fragmented. Its
nearest competitor is SUNInterbrew, with a 20% share. It also
owns two breweries in Ukraine, a stake in a malting operation and
has a 15% share of the beer market


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================

YUGOSLAV RAILWAYS:  Macedonia Railway to Pay Debt
------------------------------
HUNGARY A.M., July 7, 2000

A delegation from the Hungarian State Railways MAV recently
concluded an agreement with the Macedonian State Railways on the
payment of Macedonia's portion of a debt accumulated by the
Yugoslav railways between 1992 and 1995. Mrs. Mih ly Benczedi,
MAV's deputy general manager for economic affairs said yesterday
that under the agreement, the Macedonian railways will start
paying installments to MAV on a debt of EUR 8.6 million, as of
March 2001. The total debt that the Yugoslav railways owe MAV for
the time period 1992 to the present is EUR 46.5 million, of which
EUR 25.2 million is the interest. (MTI, Vg 7)


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

DEVIN BANKA:  Rescue Triggers Criticism
------------------------------
THE SLOVAK SPECTATOR, June 25, 2000

Following the near-collapse of Dev¡n banka and a June 8 cabinet
agreement on a 2.5 billion crown government bail-out for the
struggling Slovak-Russian financial house, both the state and the
National Bank of Slovakia (NBS) have come under fire over what
many observers are beginning to see as a banking fiasco.

Deputy Prime Minister for the Economy Ivan Miklos and Finance
Minister Brigita Schm"gnerov  were forced onto the defensive June
11 as they explained that the action had been taken reluctantly,
saying there was little else they could do.

"There was no better solution," Miklos said. Schm"gnerov  added
that the government had been forced into the move to protect
other banks` money, without having to resort to the newly-created
Deposit Protection Fund. "There are periods when we have to spend
some funds in order not to lose more of them," the minister said.

Following the May collapse of Slovensk  kreditn  banka (SKB), the
third bank crash in the space of 12 months, the central bank
declared that commercial banks would contribute a special levy of
0.3% of the average amount of protected deposits in Slovak banks
into the Deposit Protection Fund. The fund has been criticised by
banking chiefs as an unfair sytem which discriminates against
larger successful banks, and has been short of cash after a 1.7
billion crown payoff of protected deposits of another collapsed
bank, AG banka.

Dev¡n banka closed 1999 with a net profit of 36.29 million
crowns, three million less than in 1998. While its total assets
doubled to 13.18 billion crowns over 1999, a large portion of
these assets consisted of various claims and debts.

The bank has been a thorn in the side of the present coalition
for much of its 18 months in government. The bank again won a
controversial tender to unblock Russia`s old debt to Slovakia in
1999, but is now facing a penalty from the Finance Ministry for
not successfully unblocking all the debt it had promised in
previous years.

It has also been accused of being a political lobbying body, with
general director Lubom¡r Kanis openly supporting the coalition
Democratic Left Party (SDL) and its continued advocacy of the
completion of the third and fourth blocks of the Mochovce nuclear
power station in the face of government opposition to the plans.

Dev¡n banka had previously mediated a $150 million Russian loan
for the construction of the blocks, while the SDL nominated
Stefan Kosovan, a former member of Dev¡n banka`s board of
directors who still has an ownership interest in the bank, as
head of Slovensk, elektr rne, the state-owned power monopoly
operating Mochovce. Kosovan was recalled this March, much to the
chagrin of the SDL.

Miklos said that the bank had, from its 1992 establishment, been
giving politically motivated loans and had been poorly managed.
The government has conditioned the bridging loan on the
participation of the state in the management of the bank. Under
the loan terms the Finance Ministry will take one-third of the
posts on Dev¡n banka`s supervisory board and will have one
representative on the board of directors.

Notwithstanding Dev¡n banka`s murky past, banking sector chiefs
and politicians have hit out at the central bank for the near
crash, claiming the Dev¡n banka fiasco highlights what has been a
growing trend towards `soft` banking sector management.

A source in the banking sector, speaking on condition of
anonymity, told The Slovak Spectator: "It was clear that Dev¡n
banka was in huge trouble right from the beginning. It amassed a
huge base of clients by offering high deposit interest rates -
this in itself indicated some large problems. But the central
bank did nothing."

"I really believe that the central bank is doing nothing in terms
of banking supervision. It`s absolutely terrible. The first
example of this was in 1997 when IRB [Investicn  a rozvojov  
banka, one of the country`s largest banks - Ed. note] collapsed.

That was three years ago and they had time to learn from that.

But they haven`t learnt anything.

Banking supervision is a complete disaster. The supervision at
the moment is hopeless," the source said.

Deputy chairman of the opposition Slovak National Party (SNS)
Viliam Oberhauser weighed into the attack on the NBS. He said
that the central bank`s overseeing of the sector had become very
poor and that the state was now being forced to bear the burden
of protecting deposits.

But the central bank rejected the criticism. NBS spokesman J n
Onda told The Slovak Spectator: "The NBS considers any criticism
concerning the case of Dev¡n banka directed against us as
completely unfounded. The NBS has been continuously informed
about negotiations between the Finance Ministry and Dev¡n banka."

Onda added: "The governor of the NBS, Mari n Jusko, also took
part in the recent negotiations with the [Dev¡n] bank management,
representatives of shareholders and the Finance Minister. A
solution, supported by the NBS, has been suggested that seems to
have a good chance of resolving the complicated situation in
Dev¡n banka."

The central bank has also been criticised for its performance on
monetary policy, and specifically the setting of its inflation
targets. NBS officials have openly declared that their priority
concern is maintaining a stable crown, leading to questions over
commitment to inflation targetting.

Last month the bank made more corrections to its monetary
programme for 2000, lowering its headline inflation target to
8.8-9.9%. The move was the third inflation target update in the
last five months, undermining, the banking source said, the
institution`s short and medium-term targets.


DEVIN BANKA:  2.5 Billion Crown Rescue Frowned On
------------------------------
THE SLOVAK SPECTATOR, June 25, 2000

Another bank is in crisis, and a few people are in a huff. Devin
banka, the rock upon which Slovakia was supposed to found its
recovery of debt owed to it by Russia, has turned into a reef
that threatens to tear a large hole out of the state budget.

The bank`s near-collpase has been staved off by the intervention
of the state to the tune of 2.5 billion crowns - a not
inconsiderable sum when the budget deficit is under pressure and
the likes of the IMF and OECD have been sounding the sirens for
expenditure cuts before it is too late. But the government felt
obliged to keep the bank floating and to protect the deposits of
ordinary citizens caught in the near crash. The Deposit
Protection Fund - used to cover accounts of clients in banks
teetering over the edge of illiquidity - was running perilously
low, forcing the government`s hand. Why? Well, after another bank
went down earlier in the year, the pay-outs were a little bit
more than the Fund could handle.

What else could the government do? That was the answer from
Deputy Prime Minister for the Economy Ivan Miklos. Finance
Minister Brigita Schm"gnerov  said that sometimes you have to
spend to not lose even more money. The central bank said that it
had been kept informed of the state of the bank throughout
negotiations between the Finance Ministry and Devin banka.
Obviously it chose not to act on the information it received, and
the bank went down the tubes.

The National Bank of Slovakia has found some allies at the state-
owned Vseobec  £verov  banka (VUB), who have said that any
criticism of the central bank over Dev¡n banka and other similar
cases was unfair. "They just don`t have the tools to do anything
more about it," said Frantisek Szikhart, VUB`s vice-president.

But how many tools does a central bank need to oversee a banking
sector? How many courses of action can a government take when
faced with the dilemma of a bank that Miklos himself said had in
the past extended politically motivated loans and which is
currently engaged in a court case with the Finance Ministry over
its deblocking of Russian debt?

The answer to these questions lies in the fact that these
questions are being asked at all. The situation with Dev¡n banka
should never have been allowed to arise. The government and the
NBS are not naive, and neither lack intelligent, knowledgeable
individuals who know full well which banks are getting themselves
into stormy waters. The role of both is to steady the ship before
it sinks. The NBS could have and should have acted sooner. The
government, through consultation with the NBS, could have headed
off the need for a loan and taken a place on the bank`s board
before it had to plough huge sums into Dev¡n to prop it up, not
afterwards.

Another lesson learned, but at the price of another lump of cash
out of the state`s bare coffers.


INVESTICNA A ROZVOJOVA:  Finance Ministry Places "For Sale" Ad
------------------------------
SLOVAK SPECTATOR, July 7, 2000

Over two years after Investicn  a rozvojov  banka (IRB) became
the first Slovak bank to collapse, the financial house recorded a
distinction of an altogether more positive kind when it became
the first state-owned bank privatisation project to be set in
motion.

Following a June 21 advertisement placed by the government in the
Financial Times newspaper to attract potential IRB buyers, the
Finance Ministry and IRB sale advisor Bank Austria Creditanstalt
said they expected a majority stake in the bank to be privatised
in the second half of this year. Neither specified how much the
sale might yield or what kind of investor might be interested.

But financial analysts were more forthcoming, saying they didn`t
expect significant interest in IRB because the bank was still
struggling even six months after the central bank had lifted a
caretaker administration imposed following the December 1997
crash. What was important, they said, was whether the government
could keep its deadline for IRB - the answer to which would be
crucially important for other state banks waiting in line for
sale, as well as for bringing relief to the credit crunch the
state houses are suffering.

The Finance Ministry has said it will create a short-list of
potential buyers before July 17, who will then be given access to
closer information on the bank and be asked to submit their bids.

Juraj Rencko, a special bank advisor to Finance Minister Brigita
Schm"gnerov , said that the government would try its hardest to
attract the interest of big international banks in IRB despite
the fact that it would be less attractive for investors than
healthier state houses on the block such as VUB and SLSP. "We
definitely do not want to lead any big banks away from IRB,"
Rencko said.

However, according to Matthew Vogel, a senior economist on
emerging markets with Merrill Lynch in London, the IRB would be
lucky to attract the interest of even smaller European banks. "I
think that IRB might be attractive to western European financial
institutions which are not very large themselves, but which
strategically want to build their balance sheet by expanding into
central Europe in a cheap price," Vogel said.

As an example of such a customer, Vogel mentioned the Portuguese
banks involved in Poland and the expansion of Italian and Spanish
banks in eastern Europe. "There are financial institutions which
are willing to look at banks which are considered to be risky,
and I think that the Slovak government will find someone who will
be willing to look at IRB at a certain price," Vogel said.

IRB found itself in financial troubles in December 1997 when,
after being virtually unable to borrow anything on money markets
to cover its obligations for three days, it came crawling to the
central bank for help. The central bank then imposed a caretaker
administration on the bank which was cancelled in December last
year after the restructuring process it forced on IRB ended.

In 1999, gearing up for its bank privatisation programme, the
government transferred 15.2 billion Slovak crowns ($344 million)
in bad loans from IRB into Slovensk  Konsolidacn  and
Konsolidacn  banka Bratislava, state financial institutions
established as repositories for low-interest and classified loans
held by commercial banks.

The transfers brought the share of classified debt on IRB`s total
loan portfolio to 17%, considered acceptable to prospective
buyers. Despite the bad loans, IRB made a 1999 profit of 12
million crowns ($271 000), a result which the bank`s management
said should improve further in 2000. "This year, we have come up
with some new products [such as investing in state bonds] which
will increase the bank`s primary sources," said IRB president
Adam Celus k.

But given that so high a proportion of IRB`s primary sources -
capital obtained from deposits - comes from the generosity of
other state banks, analysts said, any potential investor was
bound to consider buying IRB a risk.

In late 1999, a consortium formed of SLSP, VUB and insurer
Slovensk  poistovna deposited 7.8 billion crowns in IRB for six
months, a term that was recently extended until October this
year. Kamil Katrenic, an analyst with Tatra Banka, explained that
IRB was dependent on these deposits, and that if an investor
bought into the bank the state consortium might well withdraw its
money - leaving the investor to find replacement funds.

"Investors will have to realise that IRB is dependent on the
money of the central bank and the consortium, which is not
standard," Katrenic said.

"The bank`s primary sources are also only a quarter of its
assets, which are not profitable. The bank isn`t very healthy,
and this will undoubtedly influence the price the government is
offered for IRB."


SLK KOMARNO:  Troubled Shipmaker Moves to Stay Afloat
------------------------------
THE SLOVAK SPECTATOR, July 7, 2000

At a special shareholder meeting on June 22, the ailing
shipbuilder SLK Kom rno carried out further steps agreed on with
the government to save the company from ruin. Four members of the
supervisory board resigned, and were replaced by officials
representing the Finance and Economy Ministries as well as the
VUB and Istrobanka financial houses.

Shareholders thus confirmed the decisions taken at a regular
shareholder meeting last month, making changes to management in
return for a government-guaranteed 29.5 million DEM loan. The
loan is to help the shipbuilder to complete three seagoing
vessels, which would revitalise the company`s cash flow.

The meeting also voted to lower SLK`s registered capital from the
current 626 million crowns to 62.6 million, meaning that last
year`s loss will be transferred to coming years and will be
partly covered from special funds. In addition, SLK`s statutes
were changed in preparation for a merger of the firm`s
subsidiaries with the parent company.

SLK Supervisory Board Chairman Marian Jancosek said that
shareholders had met all the conditions set by the coordination
committee of the company`s creditors and the government, and thus
could no longer be accused of intentionally hampering SLK`s
recovery.


SLOVENSKA SPORITELNA:  Government to Sell Banks
------------------------------
REUTERS, July 7, 2000

The Slovak Finance Ministry said on Friday it would offer stakes
of more than 66 percent in the nation's two largest banks, VUB
and Slovenska Sporitelna (SS), in separate international tenders.

Deputy Finance Minister Viliam Vaskovic told a news conference
the state would also offer a more than two-thirds stake in the
smaller Banka Slovakia.

The tenders will be launched next week in an advertisement in the
Financial Times, Vaskovic said.

"Different methods will be used (to sell VUB and SS). For SS, the
investor should enter directly, while in VUB the process will
have two stages," he added.

"In the first stage, investors such as the European Bank for
Reconstruction and Development (EBRD) and the International
Finance Corporation (IFC) will enter the bank, and the second
stage will mean the entry of a strategic investor."

Vaskovic said the government expected to privatize Banka Slovakia
first, SS second, and to complete the VUB sale last.

Savings bank Slovenska Sporitelna is the country's largest bank
with assets of 168.33 billion crowns at the end of 1999. VUB is
the largest Slovak commercial bank with assets of 162 billion
crowns in assets at the end of first quarter, 2000.

Both banks have suffered severely from poor management, a weak
legislative framework, political pressure, and huge amounts of
classified loans resulting from the privatization process in
Slovakia in the 1990s.

The current Slovak government initiated the replacement of the
banks' management in late 1998.

At the end of June of this year, it also completed a 105 billion
crown bailout of non-performing loans from the portfolios of VUB,
SS, Banka Slovakia, and bank IRB, which the government put up for
sale last month.

ADVISER HOPES FOR QUICK SALES

The government adviser to the sale, J.P. Morgan , said it hoped
to receive "expression of interest" from potential buyers in mid-
September and the banks should be sold in the first half of next
year, meeting government forecasts.

"We are confident that we will be able to privatise all three
banks by June, 2001... We should have the strategic investor for
Slovenska Sporitelna by the end of this year," said JP Morgan
Securities Managing Director Walter Schuster.

"We have had a number of discussions with banks from Europe and
overseas... This (speed of privatization) will set a record for
the (Eastern European) region."

Vaskovic added that price will not be the only criterion in
choosing a buyer for the banks: "We want to have, first and
foremost, a good, strong investor."

He said the state will sell between 15 and 20 percent of VUB to
the EBRD and/or the IFC before finding a foreign bank to take
over the rest.

Analysts said foreign banks were likely to express interest in
the tenders, as VUB and SS together held over 40 percent of the
country's banking assets and about half of its deposits in May.
"I'm sure there is likely to be interest. There's been a lot of
attention on the Czech Republic, despite all the problems in
those banks, so Slovakia will probably come under the same
heading," said ING analyst William Vincent.

The state owns 68.58 percent of VUB through the finance ministry
and 15.96 percent through the state privatisation agency. The
rest of the bank's shares are listed on the Bratislava Stock
Exchange.

The Finance Ministry owns 67.46 percent in Slovenska Sporitelna,
and the privatization agency controls 29.72 percent. The state
Restitution and Investment Fund owns the remainder.

Vaskovic would not comment on the price the state expected for
the banks, but said the privatization proceeds would go almost
solely to public finance.


VUB:  Government To Sell Banks
------------------------------
REUTERS, July 7, 2000

The Slovak Finance Ministry said on Friday it would offer stakes
of more than 66 percent in the nation's two largest banks, VUB
and Slovenska Sporitelna (SS), in separate international tenders.
Deputy Finance Minister Viliam Vaskovic told a news conference
the state would also offer a more than two-thirds stake in the
smaller Banka Slovakia.

The tenders will be launched next week in an advertisement in the
Financial Times, Vaskovic said.

"Different methods will be used (to sell VUB and SS). For SS, the
investor should enter directly, while in VUB the process will
have two stages," he added.

"In the first stage, investors such as the European Bank for
Reconstruction and Development (EBRD) and the International
Finance Corporation (IFC) will enter the bank, and the second
stage will mean the entry of a strategic investor."

Vaskovic said the government expected to privatize Banka Slovakia
first, SS second, and to complete the VUB sale last.

Savings bank Slovenska Sporitelna is the country's largest bank
with assets of 168.33 billion crowns at the end of 1999. VUB is
the largest Slovak commercial bank with assets of 162 billion
crowns in assets at the end of first quarter, 2000.

Both banks have suffered severely from poor management, a weak
legislative framework, political pressure, and huge amounts of
classified loans resulting from the privatization process in
Slovakia in the 1990s.

The current Slovak government initiated the replacement of the
banks' management in late 1998.

At the end of June of this year, it also completed a 105 billion
crown bailout of non-performing loans from the portfolios of VUB,
SS, Banka Slovakia, and bank IRB, which the government put up for
sale last month.

ADVISER HOPES FOR QUICK SALES

The government adviser to the sale, J.P. Morgan , said it hoped
to receive "expression of interest" from potential buyers in mid-
September and the banks should be sold in the first half of next
year, meeting government forecasts.

"We are confident that we will be able to privatise all three
banks by June, 2001... We should have the strategic investor for
Slovenska Sporitelna by the end of this year," said JP Morgan
Securities Managing Director Walter Schuster.

"We have had a number of discussions with banks from Europe and
overseas... This (speed of privatization) will set a record for
the (Eastern European) region."

Vaskovic added that price will not be the only criterion in
choosing a buyer for the banks: "We want to have, first and
foremost, a good, strong investor."

He said the state will sell between 15 and 20 percent of VUB to
the EBRD and/or the IFC before finding a foreign bank to take
over the rest.

Analysts said foreign banks were likely to express interest in
the tenders, as VUB and SS together held over 40 percent of the
country's banking assets and about half of its deposits in May.

"I'm sure there is likely to be interest. There's been a lot of
attention on the Czech Republic, despite all the problems in
those banks, so Slovakia will probably come under the same
heading," said ING analyst William Vincent.

The state owns 68.58 percent of VUB through the finance ministry
and 15.96 percent through the state privatisation agency. The
rest of the bank's shares are listed on the Bratislava Stock
Exchange.

The Finance Ministry owns 67.46 percent in Slovenska Sporitelna,
and the privatization agency controls 29.72 percent. The state
Restitution and Investment Fund owns the remainder.

Vaskovic would not comment on the price the state expected for
the banks, but said the privatization proceeds would go almost
solely to public finance.


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

ABCDs LTD:  Liquidation Proceedings
------------------------------
Company Name: A B CDs Ltd
Company No: 3237450
Com. Business: Retailer of CDs
Appointed on: 13/06/00
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


A BARNES:  Liquidation Proceedings
------------------------------
Company Name: A Barnes (Stock Disposal & Pack) Ltd
Company No: 3732742
Com. Business: Stock Disposal
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Robert W Keating
IPno: 7703
Firm Name: R W Keating & Co
Address: 20 Winmarleigh Street
City Postcode: Warrington WA1 1JY


ALCO MECHANICAL:  Liquidation Proceedings
------------------------------
Company Name: Alco Mechanical Services Ltd
Company No: 3195292
Com. Business: Air Conditioning/Ventilation Engine
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: David T Greensill
IPno: 6902
Firm Name: Mayfields
Address: Church Steps House Queensway
City Postcode: Halesowen B63 4AB


ANDERSONS OF HITCHIN:  Liquidation Proceedings
------------------------------
Company Name: Andersons of Hitchin Bespoke Kitch Ltd
Company No: 3796948
Com. Business: Bespoke Kitchen Furniture
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Jeremy Berman
IPno: 5303
Firm Name: Berley & Co
Address: 76 New Cavendish Street
City Postcode: London W1M 7LB


ASKWITH GLASS:  Liquidation Proceedings
------------------------------
Company Name: Askwith Glass & Glazing Ltd
Company No: 3218671
Com. Business: Glaziers
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Jeremy S French
IPno: 3862
Firm Name: Redhead French & Co
Address: 43-45 Butts Green Road City
Postcode: Hornchurch RM11 2JX


BERYL BUILDERS:  Liquidation Proceedings
------------------------------
Company Name: Beryl Builders Ltd
Company No: 1777140
Com. Business: General Construction/Civil Engine
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Colin T Burke
IPno: 8803 Gary Corbett 9018
Firm Name: Milner Boardman & Partners
Address: Century House Ashley Road
City Postcode: Hale WA15 9TG


BIG J:  Liquidation Proceedings
------------------------------
Company Name: Big J Construction Ltd
Company No: 3092655
Com. Business: General Maintenance Contractors
Appointed on: 13/06/00
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


BONDHOUSE FASHIONS:  Liquidation Proceedings
------------------------------
Company Name: Bondhouse Fashions Ltd
Company No: 3215470
Com. Business: Wholesalers
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Jonathan E Avery-Gee
IPno: 1549
Firm Name: Kay Johnson Gee
Address: Griffin Court 201 Chapel Street
City Postcode: Salford M3 5EQ


CLEVEDON MOTORWAYS:  Liquidation Proceedings
------------------------------
Company Name: Clevedon Motorways Ltd
Company No: 3646828
Com. Business: Coach Operator
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Julian C Rendell
IPno: 8007
Firm Name: Rendell Thompson
Address: 125 Portway
City Postcode: Wells BA5 2BR


CLUB DESTINATION:  Liquidation Proceedings
------------------------------
Company Name: Club Destination International Ltd
Company No: 3386184
Com. Business: Club Membership
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Duncan R Beat
IPno: 8161 Surjit K Singla 2521
Firm Name: Morison Stoneham
Address: Moriston House 75 Springfield Road
City Postcode: Chelmsford CM2 6JB


COVER PUBLISHING:  Liquidation Proceedings
------------------------------
Company Name: Cover Publishing Ltd
Company No: 3094931
Com. Business: Produce Compilation Magazine
Appointed on: 13/06/00
Type: Creditors
Appointed by: Members
Liquidators: Lane Bednash
IPno: 8882
Firm Name: David Rubin & Co
Address: Pearl Assurance House 319 Ballards Lane
City Postcode: London N12 8LY


DIEPPE PUBLISHING:  Liquidation Proceedings
------------------------------
Company Name: Dieppe Publishing Ltd
Company No: 3729061
Com. Business: Publishers
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors
Liquidators: Keith Blades
IPno: 6763
Firm Name: Blades
Address: 19b Market Place Bingham
City Postcode: Nottingham NG13 8AP


EAST BERKSHIRE:  Liquidation Proceedings
------------------------------
Company Name: East Berkshire Enterprises Ltd
Company No: 2484042
Com. Business: Training & Employment Services
Appointed on: 13/06/00
Type: Members
Appointed by: Members
Liquidators: Donald P Gendall
IPno: 8615 Richard A Oury 6066
Firm Name: Oury Clark
Address: Cippneham Court Cippneham Lane City
Postcode: Slough SL1 5AT


EXECUTIVE TRAVEL:  Liquidation Proceedings
------------------------------
Company Name: Executive Travel Associates Ltd
Previous Name: Passgreat Ltd
Company No: 3646295
Com. Business: Taxi Operation
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Alan D Kenningham
IPno: 5638 David J Coyne 8876
Firm Name: BKR Haines Watts
Address: 4-8 Tabernacle Street
City Postcode: London EC2A 4UH


GWC CONTRACTORS:  Liquidation Proceedings
------------------------------
Company Name: G W C Contractors Ltd
Previous Name: Company No: 3404480
Com. Business: General Constructions/Engineering
Appointed on: 13/06/00
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


JACKIE HARDY:  Liquidation Proceedings
------------------------------
Company Name: Jackie Hardy Ltd
Previous Name: Brandonview Ltd
Company No: 3633808
Com. Business: Electrical/Plumbing Contractor
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Andrew J Mayberry
IPno: 5373 Christopher Brown 8973
Firm Name: Hart Shaw
Address: 37 Moorgate Road
City Postcode: Rotherham S60 2AE


KOSMOTRON LTD:  Liquidation Proceedings
------------------------------
Company Name: Kosmotron Ltd Previous Name:
Company No: 3672726
Com. Business: Retail Fancy Goods/Sundries
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Robert W Keating
IPno: 7703
Firm Name: R W Keating & Co
Address: 20 Winmarleigh Street
City Postcode: Warrington WA1 1JY


OLD PARK:  Liquidation Proceedings
------------------------------
Company Name: Old Park Project Ltd
Company No: 2765261
Com. Business: Project Management Co
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Kevin A Goldfarb
IPno: 8858
Firm Name: Griffins
Address: 33 St George's Drive
City Postcode: London SW1V 4DG


PBS PLASTICS:  Liquidation Proceedings
------------------------------
Company Name: PBS Plastics Ltd
Company No: 3597377
Com. Business: Wholesale Plastics
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Gerard N Ratcliffe
IPno: 8666
Firm Name: Ratcliffe & Co
Address: 7 Chorley New Road
City Postcode: Bolton BL1 4QR


PEL ELECTROSTATIC:  Liquidation Proceedings
------------------------------
Company Name: Pel Electrostatic Screens Ltd
Previous Name: Drunstel Ltd
Company No: 1561374
Com. Business: Electrostatic Screen Manufacturer
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Adrian D Allen
IPno: 8740
Firm Name: BDO Stoy Hayward
Address: Garrick House 76-80 High Street Old Fletton
City Postcode: Peterborough PE2 8ST


PLEASE MUM:  Liquidation Proceedings
------------------------------
Company Name: Please Mum Ltd
Company No: 0594244
Com. Business: Childrens Retail Clothing
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Malcolm Cohen
IPno: 6825 Raymond Hocking 2322
Firm Name: BDO Stoy Hayward
Address: 8 Baker Street
City Postcode: London W1M 1DA


PRETTY ORIGINALS:  Liquidation Proceedings
------------------------------
Company Name: Pretty Originals Ltd
Company No: 2481542
Com. Business: Distribution of Childrenswear
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors
Liquidators: Anthony Murphy
IPno: 8716
Firm Name: Smith & Williamson
Address: Onslow Bridge Chambers Bridge Street City
Postcode: Guildford GU1 4RA


PROTO GLAZING:  Liquidation Proceedings
------------------------------
Company Name: Proto Glazing Ltd
Previous Name: Floran Services Ltd
Company No: 3358560
Com. Business: Glazing Retailers
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Shirley A Jackson
IPno: 5383
Firm Name: B N Jackson Norton
Address: 1 & 2 Raymond Buildings Grays Inn City
Postcode: London WC1R 5BZ


RACEFIND LTD:  Liquidation Proceedings
------------------------------
Company Name: Racefind Ltd
Company No: 3058183
Com. Business: Computer Consulting
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: T Papanicola
IPno: 5496
Firm Name: Langley & Partners
Address: Langley House Park Road City
Postcode: London N2 8EX


SPECTATOR SPORTS:  Liquidation Proceedings
------------------------------
Company Name: Spectator Sports Ltd
Previous Name: Peter Smith Models Ltd
Company No: 0829688
Com. Business: Sports Clothing Wholesaler
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: David A Rolph
IPno: 5930
Firm Name: Moore Stephens Booth White
Address: 3-5 Rickmansworth Road City
Postcode: Watford WD1 7HG


SWANEAST LTD:  Liquidation Proceedings
------------------------------
Company Name: Swaneast Ltd
Company No: 3437635
Com. Business: Accident Recovery/Repairs
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Alan Simon
IPno: 8635
Firm Name: Langley & Partners
Address: Langley House Park Road City
Postcode: London N2 8EX


SUMITOMO:  Euro Causes UK Plant to Close
------------------------------
HOOVER'S, July 7, 2000

Japanese firm Sumitomo has said it plans to close its electronics
plant in Sunderland, Tyne & Wear, next year.

Sumitomo confirmed that the strength of the pound against the
euro was a "factor" in its decision.

The manufacturer is to transfer production to its existing
factories in Poland and Slovakia where costs are cheaper.

The six-year-old plant employs 500 people making parts for nearby
carmaker Nissan as well as other Japanese car firms Toyota and
Honda.

About 100 employees are expected to be relocated.

Industry trend

The announcement follows a warning last week by Nissan president
Carlos Ghosn that future investment in the UK was under threat
because of the strength of the pound and the UK's self-imposed
exclusion from the euro.

John Edmonds: "The current level of sterling is no longer
sustainable"

Sumitomo spokesman David Breese said: "I think the problems we
have experienced are an industry trend, which was highlighted by
Mr Ghosn last week.

"There are increasingly pressures in the car industry and the
strength of the pound and the euro was certainly a factor in the
decision.

"Like many manufacturers we are responding to industry pricing
pressures, and have taken the step to bring down costs."

The Department of Trade and Industry said it would work to try to
minimise job losses and help redundant employees find new work.

News leaked

The announcement comes after the move was leaked in a
confidential memo to the government.

Officials of Sumitomo Electric Wiring Systems were said to be
angry at the disclosure, in a telegram to the Foreign Office
earlier this week by Sir Stephen Gomersall, the British
ambassador in Tokyo.

The company said it had intended to announce the closure in late
August following consultation with unions.

"It is with regret that the company has not been able to utilise
the usual channels of communication. This is the result of the
press comments following the leak of a government document," a
spokesman said.

Sir Stephen's memo, in which he warned of the threat to jobs if
the UK stayed out of the euro, said Sumitomo was planning to cut
550 jobs in the Midlands and North East.

Shocking

Sir Ken Jackson, general secretary of the Amalgamated Engineering
and Electrical Union said: "This is a shocking decision that will
have a terrible impact on an area of already high unemployment.

"We urge the company to look at alternatives. It cannot just walk
away from its responsibilities."

John Edmonds, general secretary of the GMB said: "Sumitomo is
merely the latest name on the roll call of those companies that
have fallen as a result of the high value of the pound.

"The government must start to make clear that the current level
of sterling is simply no longer sustainable."


TRACKFARE PLANT:  Liquidation Proceedings
------------------------------
Company Name: Trackfare Plant Hire Ltd
Company No: 3458271
Com. Business: Construction & Plant Hire
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors
Liquidators: Ninos Koumettou
IPno: 2240
Firm Name: Alexander Lawson & Co
Address: 641 Green Lanes
City Postcode: London N8 0RE


TRADEWEST 2000:  Liquidation Proceedings
------------------------------
Company Name: Tradewest 2000 Ltd
Company No: 3491958
Com. Business: Manufacture/Distribute Footwear
Appointed on: 13/06/00
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


UPSTAIRS DOWNSTAIRS:  Liquidation Proceedings
------------------------------
Company Name: Upstairs Downstairs Kitch & Bed Co Ltd
Company No: 366003
Com. Business: Kitchen & Bedroom Suppliers
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Alex Kachani
IPno: 5780
Firm Name: Crawfords
Address: Stanton House 41 Blackfriars Road Salford
City Postcode: Manchester M3 7DB


WESTERN & WARWICKSHIRE:  Liquidation Proceedings
------------------------------
Company Name: Western & Warwickshire Engineering Ltd
Company No: 2539398
Com. Business: Steel Fabricators
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Julian C Rendell
IPno: 8007
Firm Name: Rendell Thompson
Address: 125 Portway City
Postcode: Wells BA5 2BR


WREKIN SAMEDAY:  Liquidation Proceedings
------------------------------
Company Name: Wrekin Sameday Ltd
Previous Name:
Company No: 3574543
Com. Business: Couriers
Appointed on: 13/06/00
Type: Creditors
Appointed by: Creditors
Liquidators: John Russell
IPno: 5544 Brian S Creber 1062
Firm Name: Poppleton & Appleby
Address: 93 Queen Street
City Postcode: Sheffield S1 1WF



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
USA, and Beard Group, Inc., Washington, DC USA.  Lexy Mueller and
Joan Florido, Editors.

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

This material is copyrighted and any commercial use, resale or
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