/raid1/www/Hosts/bankrupt/TCREUR_Public/000724.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 24, 2000, Vol. 1, No. 54


                        Headlines

C Z E C H   R E P U B L I C

TEPRO IASI:  SOF to Sue Zelezarny Veseli Over Privatization
TEPRO IASI: Zelezarny Veseli Negotiates on Stock Sale


G E R M A N Y

COMMERZBANK:  Bakred remains firm on Cobra


N E T H E R L A N D S

BAAN:  Latest Results Portrayed as Takeover Evidence


R O M A N I A

TEPRO IASI:  SOF to Sue Zelezarny Veseli Over Privatization
TEPRO IASI: Zelezarny Veseli Negotiates on Tepro Stock Sale
TEHNOTON:  Debts-to-Shares Deal Proposed for Tehnoton
RAFO:  Possible Liquidation for Refinery
INDFOREST: Buyer Fails to Pay 28.9 billion ROL

ZAHARUL SASCUT:  Sugar Factory Faces Meltdown
ZAHARUL SASCUT:  Romania's Oldest Sugar Factory for Sale


R U S S I A

ALFA-BANK: Fitch Upgrades Rating from 'CCC-' to 'CCC+'
INTERNATIONAL INDUSTRIAL BANK: Fitch Rates 'CCC-'
NATIONAL RESERVE BANK: Fitch Assesses Long-term Rating of 'CC'
NOMOS BANK:  Fitch Assesses Long-term rating of 'CCC-'
PROBISNESSBANK:  Fitch Gives Long-term rating of 'CCC-'
SBS-AGRO:  ARKO Pushes For Bank Debt Restructuring


U N I T E D   K I N G D O M

ASSURED QUALITY LTD: Liquidation Proceedings
B & S MOULDINGS LTD: Liquidation Proceedings
CDNOW: Bertelsmann buys Financially Troubled Online Music Store
CASHMERE STORE OF SCOTLAND LTD: Liquidation Proceedings
CERTRIGHT LTD: Liquidation Proceedings

COMPUTING RESOURCE CENTRE LTD: Liquidation Proceedings
CORUS:  Expected to Announce 1,300 Layoffs at Welsh Plants
COURTAULDS TEXTILES: Marks & Spencer Turmoil Leads to Job Cuts
DELIVERIES DIRECT (MOSTON) LTD: Liquidation Proceedings
DENTON (R E) LTD: Liquidation Proceedings

E LONGSTADDE & CO (STOCKSFIELD) LTD: Liquidation Proceedings
FORGE BOX LTD: Liquidation Proceedings
GEORGE SMITH & SONS (NORTHWEST) LTD: Liquidation Proceedings
GULF PROPERTIES LTD: Liquidation Proceedings
HOLDINGS OF 1992 (UK) LTD: Liquidation Proceedings

HOME STORE LTD THE: Liquidation Proceedings
HOUSE OF IRON (RETAIL) LTD: Liquidation Proceedings
ICEBERG FROZEN FOODS LTD: Liquidation Proceedings
JSC (TAIN) LTD: Liquidation Proceedings
LA VERIDE LTD: Liquidation Proceedings

EQUITABLE LIFE: On Sale After ?1.5bn Case
LETSBUYIT: Online Retailer Slashes Float Price by 50%
LUTON AIPORT: Forecasts Loss for Current Financial Year
LUTON AIRPORT:  Airport Predicts Losses Up to ?5 million
M D F SERVICES LTD: Liquidation Proceedings

M FENNELLY LTD: Liquidation Proceedings
OMNIWAY LTD: Liquidation Proceedings
P J BRUTNAIL (HINCKLEY) LTD: Liquidation Proceedings
PARKLAND LEISURE LTD: Liquidation Proceedings
PARTNERS IN PROPERTY LEISURE GROUP LTD: Liquidation Proceedings

PARTNERS IN PROPERTY LTD: Liquidation Proceedings
PAUL GRAY CONTRACTS LTD: Liquidation Proceedings
PIONEER COLDSTORE CONSTRUCTION LTD: Liquidation Proceedings
PORTLAND SHEET METAL LTD: Liquidation Proceedings
QUALITY ASSURANCE TESTING SERVICES LTD: Liquidation Proceedings

RUNDELL LTD: Liquidation Proceedings
S T CLADDING & ROFING SERVICES LTD: Liquidation Proceedings
SALTIRE NUMBER FIFTY SIX LTD: Liquidation Proceedings
STRATFORD PRECISION PLASTIC LTD: Liquidation Proceedings
TECHTAPES LTD: Liquidation Proceedings

TOMKINS: Sells Food Division for ?1.14bn to Reduce debt
W P MEYNELL LTD: Liquidation Proceedings
WESTVOGUE LTD: Liquidation Proceedings
WHITE KNUCKLE RIDES LTD: Liquidation Proceedings
WINDOW DRESSING (BRIGHTON) LTD: Liquidation Proceedings


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

TEPRO IASI:  SOF to Sue Zelezarny Veseli Over Privatization
--------------------
Privatization in Romania  July 20, 2000

The State Ownership Fund (SOF) decided to sue Zelezarny Veseli
with a view to the canceling of the privatization contract of
Tepro Iasi; the decision comes after the SOF noticed that the
documents that are to be drawn if the company doesn't meet its
investment objectives do not correspond to the contract
stipulations.

The SOF said that the canceling of the contract, a measure asked
many times by the unions, would have as an effect the liquidation
of the company as a consequence of the disastrous financial
results obtained last year. At the end of 1999, Tepro registered
losses of 66 billion ROL and debts of 187 billion ROL.

The measure would lead to the dismissal of all the employees if
the governments can insure neither the work capital necessary nor
a financial source for the cover of debts and losses.

In this situation, the SOF acted for the insurance of the
production, in parallel with the finding of another investor to
take over the contract.

After the approaches made by the SOF at Sidex Galati for the raw
material supply of Tepro, the siderurgical combine delivered over
7 tones of tin for laminate highway lanes, which led to the
stopping of the work conflict from that time and to the insurance
of the production by the end of 1999, as of the export contracts.

At the SOF intervention, Sidex insured this year, too, the raw
material necessary for the production sections, crediting Tepro
with raw material supplied in advance.

The SOF said that the approaches made in the internal and foreign
business environments for the finding of another strategic
investor for Tepro had positive results, referring to a Dutch
consortium formed of 4 companies with which there carried out
discussions linked to the possibility of the taking over of the
contract or, as the case may be, of the share stock owned by the
Moldova Financial Investment Company (SIF). There is also the
possibility of the taking over of the shares adherent to the
fields that entered in the possession of the company after the
sale, and that, according to the law, would have returned to the
SOF.


TEPRO IASI: Zelezarny Veseli Negotiates on Stock Sale
-------------------
Privatization in Romania  July 20, 2000

Alin Giurgiu, executive general director at the SOF, has
reportedly stated that Czech company Zelezarny Veseli, the owner
of Tepro Iasi, is presently negotiating with two investors over
the cession of the shares owned by the Czech investor from the
State Ownership Fund (SOF).

Giurgiu specified that there is a foreign and a Romanian
investor, without entering in details.

The finding of other investors to take over from the Czech
investor the Tepro privatization contract saves the company,
which registers important losses. At the end of last year, the
losses of the company amounted to 66 billion ROL and the debts,
to 187 billion ROL.

Giurgiu sued Zelezarny with a view to the canceling of the
contract because the guarantees presented by the company were not
validated by Citibank.

The SOF has recently became shareholder at Tepro, but in reduced
proportion, because the court agreed with Zelezarny and the
Moldova Financial Investment Fund (FIC), to include some fields
in the share capital.

"This allows us to take some decisions in the evolution of the
company", Giurgiu specified.

Tepro Iasi was privatized in 1998 when Zelezarny Veseli purchased
the main share stock owned by the SOF, paying 3 million dollars.
After the privatization, the Administration Board of the company
decided the slow decrease of the employees number, which made the
unions ask for the canceling of the contract.


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

COMMERZBANK:  Bakred remains firm on Cobra
----------------------
Financial News  July 20, 2000

According to the German federal banking supervisory office, Cobra
still holds 17% worth of the votes in Commerzbank, despite
reports to the contrary.

The reports suggested that Cobra had returned the voting rights
to the original shareholders, and therefore that Cobra no longer
held them. A spokeswoman for the supervisory body said at the
time of going to press: 'Cobra does still have the votes.'

The German federal banking supervisory office, Bundesaufsichtsamt
f?r das Kreditwesen (Bakred), said that investment group Cobra,
which is owned by Dutch holding company Rebon, can have no
control over the votes, and instead that the shares could be
transferred to a trustee appointed by the courts. Hansgeorg
Hofmann, Cobra's head, is resisting this ruling, and plans to
take the case to court.

Hofmann gave a press conference in Frankfurt where he is reported
to have said that he and his Cobra colleagues visited Bakred when
the Commerzbank stake was bought, and that they got the
provisional go-ahead for the acquisition.

Hofmann is also reported to have said that Bakred used a higher
standard on himself than it has done with others in the past.
However, the Bakred spokeswoman denied his claim.

The problems began for Cobra when Bakred investigated Hofmann's
past dalliances with the tax authorities. He had not paid his
full taxes, and three years ago put himself forward to pay them.
No penalty was incurred and that was believed to be the end of
the saga.

However, Bakred, according to the spokeswoman, is 'of the opinion
that he is not trustworthy'.

This relates to a section of the Banking Act of the Federal
Republic of Germany, which states that Bakred can prohibit the
acquisition of, or increase in, the qualified participating
interest in an institution if 'a partner is not trustworthy or
for any other reason does not meet the demands required in the
interest of ensuring a sound and prudent management of the
institution'.

In addition, Hofmann is reported to have said that Bakred's
ruling is a violation of shareholder rights, but the Bakred
spokeswoman disagrees, and said that such an investigation is
'just the normal way to use the law'.

In response to the suggestion that the investigation took too
long, having begun three months ago, the spokeswoman defended
Bakred's work. She said that it took a while for all of the
information to be gathered. 'We have to do our checking and that
takes time.'

Earlier this year Bakred attempted to remove the voting rights
from Goettinger Gruppe, which had bought shares in Partin Bank.
Goettinger Gruppe took the case to court and the decision was
reversed.

Hofmann was unavailable for comment.


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

BAAN:  Latest Results Portrayed as Takeover Evidence
---------------
Reuters  July 20, 2000

Troubled software firm Baan released preliminary second quarter
results on Thursday, painting a dire picture of its financial
state in order to pressure shareholders to tender their stakes to
a takeover offer by Britain's Invensys Plc.

Baan said it saw a second quarter operating loss of between $85m
and $95m or a negative $0.32 to $0.36 on a per share basis.

It predicted revenues would drop to between $70m and $80m from
$106m in the first quarter of the year.

Baan shares slipped 0.7 per cent to E2.75 at 0800 GMT in heavy
volume.

Baan's early release of its results was designed to pressure
those shareholders still holding out to accept that the company
could not survive on its own without Invensys.

But the leader of a holdout shareholders group told Reuters the
group will still not tender its shares, preferring to make a
decision after a meeting with Invensys.

"We knew already the results would be bad. We won't decide
whether or not to tender our shares until after a meeting with
Invensys," said Ernst Sonneveldt. He said Invensys has agreed to
a meeting with the group, which claims to represent now more than
21 per cent of Baan shareholders.

The group, according to a release posted on its Web site, will
demand that Baan continue to be listed on the Amsterdam bourse.
If Invensys obtains less than 95 per cent, under Dutch stock
market rules Baan could continue to be listed.

Invensys has offered 2.85 per Baan share, but has said it will
only go through with the deal if it gets 95 per cent. About 42
per cent of shareholders had failed to tender their shares by the
original July 19 deadline, as many of them believed Baan might be
sustainable on its own.

Invensys, which was unavailable for comment on Thursday, has now
given shareholders until July 25 to tender shares. The
shareholder group also wants an extension of the July 25
deadline.

One of the major shareholders, Bancassurer ING Groep, on
Wednesday succumbed to public pressure over concerns for loss of
jobs at Baan and tendered its 5.9 per cent stake, giving Invensys
control of at least 64 percent of Baan.

Separately, ING announced on Thursday that it is acquiring U.S.
insurer Aetna for $5bn in cash.

Baan said continued uncertainty over its viability was hampering
revenue. It has said that its customers, worried about the future
of its products, have postponed buying decisions until Baan's
future is sorted out.

"Until we are able to remove concerns that our customers and
prospects have over our viability, and secure financing to pursue
a fundamental restructuring of the business, we expect to remain
in an environment that makes it very difficult to generate
sufficient revenue to support the business," Baan's chief
financial officer Rob Ruiter said in Thursday's statement.

The Invensys bid values Baan -- which once rivalled Europe's
leading maker of business-management software SAP -- at a total
E762m.


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

TEPRO IASI:  SOF to Sue Zelezarny Veseli Over Privatization
--------------------
Privatization in Romania  July 20, 2000

The State Ownership Fund (SOF) decided to sue Zelezarny Veseli
with a view to the canceling of the privatization contract of
Tepro Iasi; the decision comes after the SOF noticed that the
documents that are to be drawn if the company doesn't meet its
investment objectives do not correspond to the contract
stipulations.

The SOF said that the canceling of the contract, a measure asked
many times by the unions, would have as an effect the liquidation
of the company as a consequence of the disastrous financial
results obtained last year. At the end of 1999, Tepro registered
losses of 66 billion ROL and debts of 187 billion ROL.

The measure would lead to the dismissal of all the employees if
the governments can insure neither the work capital necessary nor
a financial source for the cover of debts and losses.

In this situation, the SOF acted for the insurance of the
production, in parallel with the finding of another investor to
take over the contract.

After the approaches made by the SOF at Sidex Galati for the raw
material supply of Tepro, the siderurgical combine delivered over
7 tones of tin for laminate highway lanes, which led to the
stopping of the work conflict from that time and to the insurance
of the production by the end of 1999, as of the export contracts.

At the SOF intervention, Sidex insured this year, too, the raw
material necessary for the production sections, crediting Tepro
with raw material supplied in advance.

The SOF said that the approaches made in the internal and foreign
business environments for the finding of another strategic
investor for Tepro had positive results, referring to a Dutch
consortium formed of 4 companies with which there carried out
discussions linked to the possibility of the taking over of the
contract or, as the case may be, of the share stock owned by the
Moldova Financial Investment Company (SIF). There is also the
possibility of the taking over of the shares adherent to the
fields that entered in the possession of the company after the
sale, and that, according to the law, would have returned to the
SOF.


TEPRO IASI: Zelezarny Veseli Negotiates on Tepro Stock Sale
-------------------
Privatization in Romania  July 20, 2000

Alin Giurgiu, executive general director at the SOF, has
reportedly stated that Czech company Zelezarny Veseli, the owner
of Tepro Iasi, is presently negotiating with two investors over
the cession of the shares owned by the Czech investor from the
State Ownership Fund (SOF).

Giurgiu specified that there is a foreign and a Romanian
investor, without entering in details.

The finding of other investors to take over from the Czech
investor the Tepro privatization contract saves the company,
which registers important losses. At the end of last year, the
losses of the company amounted to 66 billion ROL and the debts,
to 187 billion ROL.

Giurgiu sued Zelezarny with a view to the canceling of the
contract because the guarantees presented by the company were not
validated by Citibank.

The SOF has recently became shareholder at Tepro, but in reduced
proportion, because the court agreed with Zelezarny and the
Moldova Financial Investment Fund (FIC), to include some fields
in the share capital.

"This allows us to take some decisions in the evolution of the
company", Giurgiu specified.

Tepro Iasi was privatized in 1998 when Zelezarny Veseli purchased
the main share stock owned by the SOF, paying 3 million dollars.
After the privatization, the Administration Board of the company
decided the slow decrease of the employees number, which made the
unions ask for the canceling of the contract.



TEHNOTON:  Debts-to-Shares Deal Proposed for Tehnoton
----------------
Privatization in Romania  July 20, 2000

The security dealers company carried out the audit and proposed
an electronic auction, in which the price should grow bigger. The
Ministry of Finance might cancel the penalties.

The company from Iasi, Tehnoton, might be a privatized company in
two months. "Our audit report has been approved by the Ministry
of Finance and we hope that it will make a decision on the
modality the company would be sold on the capital market in two
weeks", explained Gheorghe Plesu, manager of the security dealers
company TGH Investment, the company that drafted the audit report
for Tehnoton. This is the first company from Iasi that adopted
the process of transforming the debts to the budget into shares.
Thus, the Ministry of Finance transformed into privatization
agent. "I think that the best method is the electronic auction on
the capital market, where the price grows bigger. If this method
is accepted, the first price will be smaller than the value of
the debts.

Whoever pays these debts will become the main shareholder and
will have a "clean" company", said the manager of TGH Investment.
The State Ownership Fund (SOF) held 55% of the Tehnoton shares,
meaning that the state held almost 8.5 billion ROL of the share
capital. The company's debts to the state budget amount to more
than 30 billion ROL, but only 15 billion are real debts, the rest
being delay penalties. The proposal handed over to the Ministry
of Finance also stipulates the canceling of the penalties, the
buyer having to pay only the value of the debts. Tehnoton, former
producer of TV sets and radio sets, registered a decline, so in
1992 it changed the filed of activity, starting to produce
cookers and wash-machines. In 1992 it had 3,000 employees, and
now it has only 635. The second company from Iasi that will
undergo the same process will be Comtom. Up to now, the Ministry
of Finance recovered almost 200 billion ROL out of the
privatization of four companies through this method.


RAFO:  Possible Liquidation for Refinery
-------------------------
Privatization in Romania  July 19, 2000

This seems to be the final solution prepared for Rafo.

The restart of the refinery from Onesti is now more uncertain
than ever. At least, that was the message of the State Ownership
Fund (SOF)'s officials in the Shareholders General Assembly (AGA)
meeting from June 30th. According to the SOF, there are three
options for the restart of the refinery: privatization, taking
over by the National Oil Company (SNP) or liquidation of the
company.

The successive attempts to privatize the company failed. Despite
the rumors circulating before each auction, no investor showed
up. The refinery's taking over by SNP, which is the target of the
employees' protest, seems to be impossible to carry out. The SOF
approves the taking over of the company, while Radu Berceanu
cannot accept this option.

Thus, the only solution remained liquidation. The SOF official
added that this seemed to be the most convenient solution, since
the employees would benefit from social protection, that is
unemployment benefits and potential compensatory wages. The SOF
considers liquidation the most convenient decision, since there
are no money left but for the payment of the wages for a couple
of months.

The SOF also considers the possibility of the taking over of the
refinery by Glencore and Mansfield, Rafo's biggest creditors. The
trials initiated by the two companies are getting to an end, and
the solution could be the taking over of the refinery on account
of the unpaid debts.

One of the decisions the AGA took on June 30th seems to prove that
the SOF is not very interested in restarting Rafo. On the
proposal of Costica Ursu, who resigned from the position of
unique administrator of the refinery immediately after the
meeting from June 30th, the representatives of the shareholders
voted the rent of some installations from the refinery of
Darmanesti. "The rent is available only until Rafo restarts
activity", said the former unique administrator. The SOF
officials voted for this alternative. The problem is that no one
dares to sign a contract that supposes a lot of time and money,
knowing that it could be canceled in a few days.

The representative of the Moldova Financial Investment Company
raised another question, that of the legal and financial effects
that might come up if the contract is canceled and Rafo restarts
activity. His vote against had no result whatsoever.


INDFOREST: Buyer Fails to Pay 28.9 billion ROL
-------------------
Privatization in Romania  July 19, 2000

April 10th was the deadline for the payment of the 28.9 billion
ROL that represent the value of the shares bought by Dumitru
Nagit.

That is why the sale-purchase contract will be canceled, so the
company will become available for sale again. "I solicited an
answer concerning the payment of the main share stock of
Indforest from the Budget Finance Direction. When I get this
answer, and if it is negative, the SOF will cancel the sale-
purchase contract closed with Dumitru Nagit on December 27th
1999", said George Arvinte, head of the Vrancea Privatization
Center. All the privatization procedures - drawing up of the
privatization note, its approval by the Managing Committee of the
SOF, publication of the ads in the press- might be resumed, or
the liquidation variant will be resorted to.

If the company is liquidated, there will be a consideration of
the debts older than 60 days and of the investors' interest.
George Arvinte says that liquidation is a possibility, if the
situation of the company at the end of the first semester proves
to be disastrous. "We are expecting the financial data of
Indforest and then we will make a decision. If there is any
letter of intent from some investor, we might start the
privatization procedures", said the head of the Privatization
Center. If the sale-purchase contract is canceled, the re-
organization program becomes useless, since it represented a
condition of privatization. That is the reason why the 100
employees registered in the re-organization program will no
longer receive compensatory benefits.


ZAHARUL SASCUT:  Sugar Factory Faces Meltdown
-----------------------
Privatization in Romania  July 20, 2000

The oldest sugar factory in the country is near the end of the
administrative liquidation process.

The judicial liquidator appointed by the Bacau Court announced
that the company is to be put out to sale in the first part of
the month of September this year. At the auction, the first price
of which was established a 50 billion ROL, they would be trying
to sell the assets of the company, so that a potential buyer be
able to start the production without many problems. If the
company cannot be sold entirely, they will sell it asset by
asset. For now, up to the date of the auction, the products from
the stock were put out to sale: spare parts for plant of the
sugar industry, auto spare parts, bearings, tools, fittings,
raffia bags, protection and working equipment which can be bought
through direct negotiation. One can also buy tractor and
agricultural machinery at the headquarters of the company.
Although there aren't any bids as of yet, there were people who
asked about the conditions for the sale.

Before the election campaign one of the candidates to the
position of mayor in Sascut said he would like to buy the factory
to create jobs. The factory is the oldest in the country, its
construction beginning in 1876. The SOF tried to privatise it
twice, but no one showed interest. The debts of the factory are
now higher than the double of the share capital of the company,
the main creditors being the Agricultural bank and the power
suppliers.

Since October 1998, when there was technological damage, the
factory did not produce sugar anymore.


ZAHARUL SASCUT:  Romania's Oldest Sugar Factory for Sale
---------------------------
Privatization in Romania  July 19, 2000

The oldest sugar factory in the country is near the end of the
administrative liquidation process.

The judicial liquidator appointed by the Bacau Court reportedly
announced that the company is to be put out to sale in the first
part of the month of September this year. The auction reportedly
established a first price of 50 billion ROL.  The court would be
trying to sell the assets of the company, so that a potential
buyer be able to start the production without many problems. If
the company cannot be sold entirely, they will sell it asset by
asset.

>From now until the date of the auction, the products from the
stock are being  put out to sale: spare parts for plant of the
sugar industry, auto spare parts, bearings, tools, fittings,
raffia bags, protection and working equipment which can be bought
through direct negotiation. One can also buy tractor and
agricultural machinery at the headquarters of the company.
Although there aren't any bids as of yet, there were people who
asked about the conditions for the sale.

Before the election campaign one of the candidates to the
position of mayor in Sascut said he would like to buy the factory
to create jobs. The factory is the oldest in the country, its
construction beginning in 1876. The SOF tried to privatise it
twice, but no one showed interest. The debts of the factory are
now higher than the double of the share capital of the company,
the main creditors being the Agricultural bank and the power
suppliers.

Since October 1998, when there was technological damage, the
factory did not produce sugar anymore.


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

ALFA-BANK: Fitch Upgrades Rating from 'CCC-' to 'CCC+'
------------------------------
International rating agency Fitch has upgraded the Long-term
rating of Alfa-Bank (Alfa) to 'CCC+' from 'CCC-' (CCC minus) and
placed the bank's Individual rating of 'D/E' on Rating Watch
Positive. The outlook for the Long-term rating is positive. Alfa-
Russia Finance BV's senior unsecured debt issue of USD 175
million guaranteed by Alfa and due on 28 July 2000 has also been
upgraded, to 'CCC+' from 'CCC-' (CCC minus).

The rating upgrade of Alfa is based on the agency's expectation
of Alfa's full repayment of its Eurobond next week. Additionally,
the bank's recently announced IAS results show positive
developments in its profitability, asset quality and
capitalisation. A full review of Alfa is expected in the next few
months.

The agency recognises the positive trends in Alfa's asset
quality, capitalisation, liquidity and performance in the past
year largely achieved on the back of the economic recovery in
Russia. However, positive outlooks may be altered as a result of
Fitch's visit or of any changes in its
Circumstances.


INTERNATIONAL INDUSTRIAL BANK: Fitch Rates 'CCC-'
-------------------------------------
The rating action on IIB is the reflection of Fitch's assessment
of its present overall financial condition and of the improvement
in its operating environment in 1999 and 2000. Fitch recognises
the positive trends in asset quality, capitalisation, liquidity
and performance in the past year largely achieved on the back of
the economic recovery in Russia. Long-term rating is based on the
review of its operations by Fitch, which is expected to be
finalised in the course of the next two to three months.


NATIONAL RESERVE BANK: Fitch Assesses Long-term Rating of 'CC'
------------------------
National Reserve Bank's (NRB) Long-term rating of 'CC' is
positive. The rating action is the reflection of Fitch's
assessment of the bank's present overall financial condition and
of the improvement in its operating environment in 1999 and 2000.
The agency recognises the positive trends in asset quality,
capitalisation, liquidity and performance in the past year
largely achieved on the back of the economic recovery in Russia.
The positive outlook for NRB, where no formal rating review has
yet been undertaken, signifies better prospects for ratings in an
improved economic environment. However, positive outlooks may be
altered as a result of Fitch's visit or of any changes in
circumstances.


NOMOS BANK:  Fitch Assesses Long-term rating of 'CCC-'
----------------------
Fitch noted that the outlook for NOMOS Bank's (NOMOS) Long-term
rating of 'CCC-' (CCC minus) is positive.

The rating action is the reflection of Fitch's assessment of the
bank's present overall financial condition and of the improvement
in its operating environment in 1999 and 2000. The agency
recognises the positive trends in the bank's asset quality,
capitalisation, liquidity and performance in the past year
largely achieved on the back of the economic recovery in Russia.

The positive outlook for NOMOS, where no formal rating review has
yet been undertaken, signifies better prospects for the bank's
rating in an improved economic environment. However, positive
outlooks may be altered as a result of Fitch's visit or of any
changes in its circumstances.


PROBISNESSBANK:  Fitch Gives Long-term rating of 'CCC-'
--------------------------------
The rating action is the reflection of Fitch's assessment of the
bank's present overall financial condition and of the improvement
in its operating environment in 1999 and 2000. The agency
recognises the positive trends in its asset quality,
capitalisation, liquidity and performance in the past year
largely achieved on the back of the economic recovery in Russia.

Rating Watch Positive on PBB Long-term rating is based on the
review of their operations by Fitch, which is expected to be
finalised in the course of the next two to three months. However,
positive outlooks may be altered as a result of Fitch's visit or
of any changes in its circumstances.


SBS-AGRO:  ARKO Pushes For Bank Debt Restructuring
---------------------
The Moscow Times  July 21, 2000

The agency charged with restructuring the banking sector, or
ARKO, is going to push for creditors to agree to a restructuring
of the debts of long-dead banking giant SBS-Agro, said Finance
Minister Alexei Kudrin on Thursday.

Kudrin said members of the ARKO board had rejected an outright
liquidation of the bank. He said a restructuring agreement would
free up more funds to pay off SBS-Agro's private depositors, who
are still owed more than 5.5 billion rubles ($198 million) held
in 25,000 accounts that were frozen almost two years ago in the
August 1998 financial crisis.

However, he conceded that doubts remained over the willingness of
corporate creditors, who hold over 50 billion rubles of the
bank's debts, to agree to a restructuring deal. He said corporate
creditors could only get a 1 percent return on original
investment under the restructuring conditions.

Only 50 percent of the bank's debts to the federal government
would be covered under the deal, said ARKO chairman Alexander
Turbanov, Interfax reported.

"The chances that creditors will sign a restructuring deal are
slim, but we should try," he said in remarks reported by Prime-
Tass.

He said the terms of the restructuring agreement would allow 75
percent of the bank's debts to depositors to be paid off.

A World Bank-supervised probe concluded its capital deficit is as
much as 31.25 billion rubles ($1.25 billion).

Kudrin said creditors have 45 days to examine the terms of the
restructuring agreement. If the deal is rejected, then the bank
will be liquidated, he said.


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

ASSURED QUALITY LTD: Liquidation Proceedings
-----------------------------
Company Name:   Assured Quality Ltd
Company No:   3106463
Com. Business:   Retail Aids to Handicapped
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   L Harris  IPno: 5437    
Firm Name:   Leonard Harris
Address:   75 Mosley Street
City Postcode:   Manchester  M2 3HR


B & S MOULDINGS LTD: Liquidation Proceedings
-----------------------------
Company Name:   B & S Mouldings Ltd
Company No:   3059050
Com. Business:   Manuf Fibre Glass Moulded Products
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   The Court
Liquidators:   Joseph P McLean  IPno: 8903    
Firm Name:   Grant Thornton
Address:   Higham House  Higham Place
City Postcode:   Newcastle-u-Tyne  NE1 8EE


CDNOW: Bertelsmann buys Financially Troubled Online Music Store
------------------------------------------
BBC July 20,2000

German entertainment group Bertelsmann is to buy the financially
troubled online music store CDNow, one of the online world's best
known retail brands for $117m, BBC reports.

The company, once valued at more than $1bn, has seen its
valuation plummet, with its shares now worth about 10% of their
peak value of $22.6.
Bertelsmann has reportedly offered to acquire the company by
paying $3 per CDNow share. It will give CDNow $42m to pay off
loans and fund ongoing operations until the deal closes. The
price being paid is at a very small premium to CDNow's current
stock market value.

CDNow shares closed on Wednesday at $2.90, just up from a year
low of $2.
It will continue to operate under its current brand name and
become a subsidiary of Bertelsmann's e-commerce group,
established earlier this year.
The merger agreement has been approved by CDNow's board who are
recommending it to shareholders.

Co-founders Jason and Matthew Olim will sell their 17% holdings
for about $17.4m.
Many analysts are predicting that a number of e-tailers may run
out of money before they ever manage to become profitable .
CDNow had not expected to achieve profitability until the fourth
quarter of 2002.


CASHMERE STORE OF SCOTLAND LTD: Liquidation Proceedings
-----------------------------
Company Name:   Cashmere Store of Scotland Ltd - The
Company No:   SC96756
Com. Business:   Retail Cashmere Goods
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Douglas B Jackson  IPno: 5201    
Firm Name:   Moore Stephens Booth White
Address:   Allan House  25 Bothwell Street
City Postcode:   Glasgow  G2 6NL


CERTRIGHT LTD: Liquidation Proceedings
-----------------------------
Company Name:   Certright Ltd
Company No:   1625889
Com. Business:   Labour Recruitment
Appointed on:   22/06/00
Type:   Members
Appointed by:   Members
Liquidators:   Robert Valentine  IPno: 3569    
Firm Name:   Valentine & Co
Address:   4 Dancastle Court  14 Arcadia Avenue
City Postcode:   London  N3 2HS


COMPUTING RESOURCE CENTRE LTD: Liquidation Proceedings
-----------------------------
Company Name:   Computing Resource Centre Ltd
Company No:   3072831
Com. Business:   Recruitment Agency
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Alan R Price  IPno: 6846    
Firm Name:   Marshman Price
Address:   PO Box 5895
City Postcode:   Wellingborough  NN8 5ZD


CORUS:  Expected to Announce 1,300 Layoffs at Welsh Plants
------------------
Yahoo Finance UK  July 21, 2000

Up to 1300 redundancies are expected to be announced at steel
plants in Wales on Friday.

The job losses will be split between the Corus plants at Port
Talbot, Llanwern and Ebbw Vale.

But unions say the news could have been worse as at one point
Corus was contemplating closing the Llanwern factory altogether.

Corus, the group formed with the merger of British Steel and the
Dutch company Hoogovens, has instead decided to split the
redundancies between its British factories.

Union officials representing Welsh steelworkers were called to a
meeting on Thursday night where details of the job losses were
spelt out.

Corus has announced more than 2,500 job cuts across the UK over
the last month.

Last week it confirmed 1200 jobs were to go at its plants in the
north-east of England and Scotland.

That news followed 1400 redundancies announced in June.

Most of these were at sites at Rotherham and Sheffield in South
Yorkshire but they included some 200 at Port Talbot with the
closure of the research and development centre.

The company has blamed the strong pound, cheaper steel overseas
and a decline in steel demand by UK manufacturers like Ford for
the cutbacks.


COURTAULDS TEXTILES: Marks & Spencer Turmoil Leads to Job Cuts
---------------------------
Reuters  July 21, 2000

LONDON - Courtaulds Textiles, one of Marks & Spencer Plc main
suppliers, will close a clothing factory near Nottingham at the
cost of about 630 jobs as M&S continues to struggle, the Times
said on Friday.

The closure of the Worksop knitwear site and a fashion buyers
operation in Derbyshire which will cost 28 jobs was the result of
customers looking for cheaper wool products overseas, the chief
executive of Courtaulds Knitwear said in the Times.

"The highly competitive nature of the knitwear market leaves us
with no alternative but to make this proposal to close the UK
manufacturing operation," Steve Llewellyn said in the Times.

The news follows a disappointing annual shareholders' meeting for
M&S where it revealed it was still struggling to get back on
track as current sales deteriorated from an uplift at the start
of the year.


DELIVERIES DIRECT (MOSTON) LTD: Liquidation Proceedings
-----------------------------
Company Name:   Deliveries Direct (Moston) Ltd
Previous Name:   Delivery Drivers (Moston) Ltd
Company No:   3155377
Com. Business:   
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Andrew J Nichols  IPno: 8367    
Firm Name:   Redman Nichols
Address:   Maclaren House  Skerne Road
City Postcode:   Driffield  YO25 6PN


DENTON (R E) LTD: Liquidation Proceedings
-----------------------------
Company Name:   Denton (R E) Ltd
Previous Name:   Denton & Co (Rubber Engineers) Ltd
Company No:   715810
Com. Business:   Manufacturers of Rubber
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   The Court
Liquidators:   Joseph P McLean  IPno: 8903    
Firm Name:   Grant Thornton
Address:   Higham House  Higham Place
City Postcode:   Newcastle-u-Tyne  NE1 8EE


E LONGSTADDE & CO (STOCKSFIELD) LTD: Liquidation Proceedings
-----------------------------
Company Name:   E Longstadde & Co (Stocksfield) Ltd
Previous Name:   Camsis Foods Ltd
Company No:   1210706
Com. Business:   Wholesale/Retail Bakers/Confection
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   The Court
Liquidators:   Joseph P McLean  IPno: 8903    
Firm Name:   Grant Thornton
Address:   Higham House  Higham Place
City Postcode:   Newcastle-u-Tyne  NE1 8EE


FORGE BOX LTD: Liquidation Proceedings
-----------------------------
Company Name:   Forge Box Ltd
Company No:   3417306
Com. Business:   Sale of Animal Feed & Accessories
Appointed on:   22/06/00
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


GEORGE SMITH & SONS (NORTHWEST) LTD: Liquidation Proceedings
-----------------------------
Company Name:   George Smith & Sons (Northwest) Ltd
Company No:   1445874
Com. Business:   Printers
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Neil Henry  IPno: 8622  Nola Barber  8000
Firm Name:   Lines Henry
Address:   27 The Downs
City Postcode:   Altrincham  WA14 2QD


GULF PROPERTIES LTD: Liquidation Proceedings
-----------------------------
Company Name:   Gulf Properties Ltd
Previous Name:   Burginhall 399 Ltd
Company No:   2426317
Com. Business:   Develop & Sell Real Estate
Appointed on:   22/06/00
Type:   Members
Appointed by:   Members
Liquidators:   Peter R Copp  IPno: 1788  David H Gilbert  2376
Firm Name:   BDO Stoy Hayward
Address:   8 Baker Street
City Postcode:   London  W1M 1DA


HOLDINGS OF 1992 (UK) LTD: Liquidation Proceedings
-----------------------------
DCompany Name:   Holdings of 1992 (UK) Ltd
Previous Name:   Hafnia Holdings (UK) Ltd
Company No:   1800460
Com. Business:   Investment Holding
Appointed on:   22/06/00
Type:   Members
Appointed by:   Members
Liquidators:   Stephen Treharne  IPno: 6777    
Firm Name:   KPMG
Address:   PO Box 730  20 Farringdon Street
City Postcode:   London  EC4A 4PP


HOME STORE LTD THE: Liquidation Proceedings
-----------------------------
Company Name:   Home Store Ltd - The
Company No:   3565851
Com. Business:   Retail Sales of Textiles
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Simon G Paterson  IPno: 6856    
Firm Name:   Moore Stephens Booth White
Address:   Victory House  Admiralty Place
City Postcode:   Chatham  ME4 4QU


HOUSE OF IRON (RETAIL) LTD: Liquidation Proceedings
-----------------------------
Company Name:   House of Iron (Retail) Ltd
Company No:   2964931
Com. Business:   Retail Furniture
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Timothy A Close  IPno: 8023    
Firm Name:   Milsted Langdon
Address:   Winchester House  Deane Gate Avenue
City Postcode:   Taunton  TA1 2UH


ICEBERG FROZEN FOODS LTD: Liquidation Proceedings
-----------------------------
Company Name:   Iceberg Frozen Foods Ltd
Previous Name:   Midnight Sun Frozen Foods Ltd
Company No:   1230151
Com. Business:   Whole/Retail Frozen/Non Frozen Food
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   The Court
Liquidators:   Joseph P McLean  IPno: 8903    
Firm Name:   Grant Thornton
Address:   Higham House  Higham Place
City Postcode:   Newcastle-u-Tyne  NE1 8EE


JSC (TAIN) LTD: Liquidation Proceedings
-----------------------------
Company Name:   JSC (Tain) Ltd
Company No:   SC
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Blair C Nimmo  IPno: 8208    
Firm Name:   KPMG
Address:   37 Albyn Place
City Postcode:   Aberdeen  AB10 1JB


LA VERIDE LTD: Liquidation Proceedings
-----------------------------
Company Name:   La Veride Ltd
Company No:   2795732
Com. Business:   Dress Makers
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Martin Pocock  IPno: 8555    
Firm Name:   Martin Davis
Address:   295 Whitechapel Road
City Postcode:   London  E1 1BY


EQUITABLE LIFE: On Sale After ?1.5bn Case
-----------------------

NEWS NOW July 20,2000

The world's oldest mutual is up for sale after losing a ?1.5bn
House of Lords ruling this morning.

Equitable Life, which has more than 600,000 policyholders and
?33bn under management, was forced by the Law Lords to stand by
guarantees made to 90,000 policyholders which will see their
pensions increased by around 25%.

The News Now reports that Equitable Life says the cost will force
it to sell the company. Equitable spokesman Nigel Webb said: "As
a result of the ruling and in order to redress the balance to
those policyholders without guarantees, we are going to seek a
business partner to sell the business to and redress than
balance. We have no choice."

After a three-year legal battle, the Law Lords ruled 5-0 against
Equitable, forcing it to stand by promises made in policies sold
in the 1970s and 1980s. These policies promised a guaranteed
minimum income in retirement.

Equitable policyholder Michael Simmons said that the ruling will
boost his pension payout from ?90,000 to ?115,000. "It's a great
pleasure and relief, but sadness that the directors of Equitable
Life have made such a pig's ear of the whole thing. I trusted
them but was betrayed by them."
But the victory could spell lower payouts for the 500,000
Equitable policyholders without the disputed guarantees.
Independent life insurance analyst Ned Cazalet said: "Santa Claus
has not pitched up five months early. The guaranteed
policyholders will receive higher annuities, but terminal bonuses
will have to come down. There has to be an impact in terms of
lower bonuses."

The court battle focused on 'guaranteed annuities' which were
sold as part of pension plans between 1957 and 1988. The plans
promised annuity rates of 11% a year, compared to the 8-9% common
today.  Equitable Life also cut the valuable final bonuses of the
policyholders instead, a move that the Law Lords ruled was
illegal, arguing that Equitable could not pay out differential
final bonuses. It also refused to allow Equitable to ringfence
the guaranteed policyholders from the rest of its customers.

The ruling may force Equitable, which has ?33bn under management,
into a demutualisation and takeover by a white knight.


LETSBUYIT: Online Retailer Slashes Float Price by 50%
------------------------------
BBC July 20,2000

Letsbuyit.com has priced its shares for stock market flotation on
Friday at 3.50 euros, half the price it had originally hoped for.
The BBC reports that the UK-based company plans to float on
Germany's technology dominated Neuer Markt on Friday after twice
postponing its offering due to volatile market conditions.

Letsbuyit.com delayed the offering last week after deciding to
slash the price of its shares to between 3 and 4 euros from
between 6 and 7 euros because of poor demand from investors
It had already been forced to postpone its flotation in May amid
a sell-off in technology stocks.

It operates in 14 countries and 12 languages in Western Europe.
According to the BBC the company is burning cash at 5m euros a
month and has only 15m euros left in funds.
But Letsbuyit said the money raised would be enough to keep it
afloat until the middle of next year.

The flotation will give the company an extra 62.5m euros in cash
and values Letsbuyit at 320m euros.
Brokerage Robertson Stephens, the flotation's lead manager,
reportedly said the offering was oversubscribed, with 90% of
demand coming from institutional investors.
"The 3.50 euros price is a favourable outcome given the difficult
market environment," said Stephen Schweich, managing director at
Robertson Stephens.

Analysts predict that Letsbuyit will remain heavily in the red
until 2003.

Its operating losses are expected to be more than 200m euros
before it turns around to post a profit.

Sales are expected to rise to 734.4m euros by 2003 from a planned
48.8m in 2000. But in the first quarter of this year, its
revenues were only 2.2m.


LUTON AIPORT: Forecasts Loss for Current Financial Year
---------------------
REUTERS JULY 20,2000

LONDON (Reuters) - Luton Airport reported a sharp fall in annual
profits on Wednesday and forecast a loss in the current financial
year, giving budget airline easyJet another opportunity to
criticise the airport and its major shareholder, Barclays Plc.

Reuters said that the privately-owned London airport's profits
for the year to March 31 fell to 330,000 pounds from the 1.3
million pounds it made in the seven months from August 1998, when
the current owners took over running the airport from the local
council. It said it was likely to make a loss this financial year
but expected to be back in profit within three years.

An airport spokeswoman  reportedly said the fall in profits was
due to low charges to easyJet -- a major airline customer --
higher fees to the local council, the loss of duty-free sales
within the European Union and the loss of baggage-handling
income.

Loss this year would reflect interest charges from major
investment including its new 40 million- pounds terminal.
EasyJet said in a statement that "Luton Airport's finances are
tumbling because it built an over- sized, hugely expensive
terminal that is completely inappropriate for the traffic at
Luton".

EasyJet Chairman Stelios Haji-Ioannou is reported to have said
only 30 percent of the check-ins at Luton -- easyJet's home-base
airport -- were used and that it was "absurd and greedy" to
expect a 30-year investment like a new airport terminal to make
money from year one.

The Luton Airport spokeswoman said the terminal was cost-
effective and had been necessary, according to Reuters.
She said easyJet's objection to proposed new landing fee charges
was nothing to do with Barclays, as fees were negotiated by the
executive board of the airport.

The spokeswoman said easyJet had had "extremely beneficial start-
up rates" under a five-year agreement struck when it was a
fledgling low-cost carrier. It is due to end in October.
The airport was now asking the airline to pay a fair rate and no
more than other airlines, she said.


LUTON AIRPORT:  Airport Predicts Losses Up to ?5 million
------------------------
Yahoo Finance UK  July 21, 2000

Luton Airport has warned that it will make a loss of up to ?5
million this year and blamed its biggest customer, budget airline
easyJet, for the sudden plunge into the red.

The airport said it was being squeezed by rising charges from
landlord Luton Borough Council, the low level of landing fees
paid by easyJet and the cost of a new ?40 million Lord Rogers-
designed terminal. The airport and easyJet are locked in a bitter
dispute over proposals to raise the airline's landing charges
from about ?1.60 per passenger to about ?7 to cover the losses.

Luton's chief executive, Graham Roberts, said the projected
losses showed that easyJet founder Stelios Haji-Ioannou's claims
that the airline was being ripped off by the airport were
'completely ludicrous'. Easyjet respond-ed by saying the deficit
revealed how badly the airport had been mismanaged.

The airport said profits last year fell from ?1.3 million to
?330,000 and projected the loss in the current year to be between
?4 million and ?5 million. Passenger numbers rose 25% to 5.5
million last year and are forecast to increase to about six
million this year. The charge it has to pay Luton Borough Council
will rise from ?8.2 million to about ?9 million. The airport's
financial performance has also been hit by last year's abolition
of duty-free in Europe.

EasyJet accounts for al-most two thirds of passengers passing
through Luton and has helped lead the renaissance of the airport.
Haji-Iaonnou said: 'Luton Airport was in a prolonged period of
decline before easyJet started operations in late 1995. The fact
that it is capable of turning a profit of ?1.34 million profit
last year into a profit of only ?330,000 this year endorses
everything we have ever said about the company.' He blames
Luton's controlling shareholder Barclays Bank and profligate
spending on new passenger facilities for the charge in-crease.

Roberts said that, with increasing passenger numbers and the new
easyJet charges, 'profitable growth is planned for within three
years'. The Civil Aviation Agency has backed Luton's proposals in
a preliminary ruling on the row.


M D F SERVICES LTD: Liquidation Proceedings
-----------------------------
Company Name:   M D F Services Ltd
Company No:   3671334
Com. Business:   Builders
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Simon G Paterson  IPno: 6856    
Firm Name:   Moore Stephens Booth White
Address:   Victory House  Admiralty Place
City Postcode:   Chatham  ME4 4QU


M FENNELLY LTD: Liquidation Proceedings
-----------------------------
Company Name:   M Fennelly Ltd
Company No:   IR
Com. Business:   
Appointed on:   22/06/00
Type:   Members
Appointed by:   Members
Liquidators:   Charles J Sheil  IPno:     
Firm Name:   Sheil & Co
Address:   33 Sundrive Road
City Postcode:   Dublin  12


OMNIWAY LTD: Liquidation Proceedings
-----------------------------
Company Name:   Omniway Ltd
Company No:   2185742
Com. Business:   Independent Financial Advisors
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Philip A Revill  IPno: 6421  Allan Cooper  5546
Firm Name:   Poppleton & Appleby
Address:   93 Queen Street
City Postcode:   Sheffield  S1 1WF


P J BRUTNAIL (HINCKLEY) LTD: Liquidation Proceedings
-----------------------------
Company Name:   P J Brutnall (Hinckley) Ltd
Company No:   1321504
Com. Business:   Electrical Engineers/Contractors
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   John M Munn  IPno: 7859  Gavin G Bates  8983
Firm Name:   F A Simms & Partners
Address:   Insol House  39 Station Road
City Postcode:   Lutterworth  LE17 4AP


PARKLAND LEISURE LTD: Liquidation Proceedings
-----------------------------
Company Name:   Parkland Leisure Ltd
Previous Name:   Kirklees Calor Gas Centre Ltd
Company No:   3105776
Com. Business:   Cylinder Gas Dealers
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Raymond S Claughton  IPno: 1726    
Firm Name:   Rushtons
Address:   36-40 North Parade
City Postcode:   Bradford  BD1 3JB


PARTNERS IN PROPERTY LEISURE GROUP LTD: Liquidation Proceedings
-----------------------------
Company Name:   Partners in Property Leisure Group Ltd
Company No:   1285196
Com. Business:   Sellers of Timeshares
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   The Court
Liquidators:   Joseph P McLean  IPno: 8903    
Firm Name:   Grant Thornton
Address:   Higham House  Higham Place
City Postcode:   Newcastle-u-Tyne  NE1 8EE


PARTNERS IN PROPERTY LTD: Liquidation Proceedings
-----------------------------
Company Name:   Partners in Property Ltd
Company No:   1994544
Com. Business:   Sellers of Timeshares
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   The Court
Liquidators:   Joseph P McLean  IPno: 8903    
Firm Name:   Grant Thornton
Address:   Higham House  Higham Place
City Postcode:   Newcastle-u-Tyne  NE1 8EE


PAUL GRAY CONTRACTS LTD: Liquidation Proceedings
-----------------------------
Company Name:   Paul Gray Contracts Ltd
Previous Name:   Organport Ltd
Company No:   2500054
Com. Business:   Earthmoving Contractors
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   The Court
Liquidators:   Joseph P McLean  IPno: 8903    
Firm Name:   Grant Thornton
Address:   Higham House  Higham Place
City Postcode:   Newcastle-u-Tyne  NE1 8EE


PIONEER COLDSTORE CONSTRUCTION LTD: Liquidation Proceedings
-----------------------------
Company Name:   Pioneer Coldstore Construction Ltd
Company No:   2998589
Com. Business:   Installation of Cold Rooms
Appointed on:   22/06/00
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


PORTLAND SHEET METAL LTD: Liquidation Proceedings
-----------------------------
Company Name:   Portland Sheet Metal Ltd
Company No:   2652328
Com. Business:   Sheet Metal Producers
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Colin A Sefton  IPno: 6495  L Harris  5437
Firm Name:   Capital Insolvency
Address:   Regents Park House  Regent Street
City Postcode:   Leeds  LS2 7QJ


QUALITY ASSURANCE TESTING SERVICES LTD: Liquidation Proceedings
-----------------------------
Company Name:   Quality Assurance Testing Services Ltd
Company No:   1705519
Com. Business:   Metal Testing Specialists
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   I D Holland  IPno: 2346    
Firm Name:   Ian Holland & Co
Address:   Parkville House  Bridge Street
City Postcode:   Pinner  HA5 3JD


RUNDELL LTD: Liquidation Proceedings
-----------------------------
Company Name:   Rundell Ltd
Company No:   3680162
Com. Business:   Clothing (CMT)
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Martin Pocock  IPno: 8555    
Firm Name:   Martin Davis
Address:   295 Whitechapel Road
City Postcode:   London  E1 1BY


S T CLADDING & ROFING SERVICES LTD: Liquidation Proceedings
-----------------------------
Company Name:   S T Cladding & Roofing Services Ltd
Company No:   3437828
Com. Business:   Steel Fabricators/Erectors
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Ian W Kings  IPno: 7232    
Firm Name:   Jennings Johnson
Address:   19 Borough Road
City Postcode:   Sunderland  SR1 1LA


SALTIRE NUMBER FIFTY SIX LTD: Liquidation Proceedings
-----------------------------
Company Name:   Saltire Number Fifty Six Ltd
Company No:   SC
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   G Ian Rankin  IPno: 5184    
Firm Name:   PricewaterhouseCoopers
Address:   Argyll House  Marketgait
City Postcode:   Dundee  DD1 1QP


STRATFORD PRECISION PLASTIC LTD: Liquidation Proceedings
-----------------------------
Company Name:   Stratford Precision Plastics Ltd
Company No:   1449766
Com. Business:   Plastic Components Processing
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Andrew P Peters  IPno: 1060    
Firm Name:   Deloitte & Touche
Address:   Colmore Gate  Colmore Row
City Postcode:   Birmingham  B3 2BN


TECHTAPES LTD: Liquidation Proceedings
-----------------------------
Company Name:   Techtapes Ltd
Company No:   3292746
Com. Business:   Suppliers of Stationery
Appointed on:   22/06/00
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


TOMKINS: Sells Food Division for ?1.14bn to Reduce debt
-------------------------
FINANCIAL TIMES July 20, 2000

Tomkins, the UK engineering company, said it planned to sell
Ranks Hovis McDougall, its foods division, to Doughty Hanson, the
private equity firm, for ?1.14bn. The company said it would use
profits from the sale to reduce debt while ?700m would be
distributed to shareholders. The arrangement was one of the
largest buyout deals a private equity firm had been involved in.


W P MEYNELL LTD: Liquidation Proceedings
-----------------------------
Company Name:   W P Meynell Ltd
Previous Name:   Pitcomp 148 Ltd
Company No:   3297013
Com. Business:   Wholesale/Dist Pet/Horse Feeds
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   The Court
Liquidators:   Joseph P McLean  IPno: 8903    
Firm Name:   Grant Thornton
Address:   Higham House  Higham Place
City Postcode:   Newcastle-u-Tyne  NE1 8EE


WESTVOGUE LTD: Liquidation Proceedings
-----------------------------
Company Name:   Westvogue Ltd
Company No:   2977998
Com. Business:   Ladies Fashion Wholesaler
Appointed on:   22/06/00
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


WHITE KNUCKLE RIDES LTD: Liquidation Proceedings
-----------------------------
Company Name:   White Knuckle Rides Ltd
Company No:   2721101
Com. Business:   Provide Corporate Events
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Peter Whalley  IPno: 6588    
Firm Name:   Peter Whalley
Address:   Latimer House  5 Cumberland Place
City Postcode:   Southampton  SO15 2BH


WINDOW DRESSING (BRIGHTON) LTD: Liquidation Proceedings
-----------------------------
Company Name:   Window Dressing (Brighton) Ltd
Company No:   2880901
Com. Business:   Sellers of Drapery & Curtains
Appointed on:   22/06/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Henry Lan  IPno: 8188    
Firm Name:   David Rubin & Co
Address:   Pearl Assurance House  319 Ballards Lane
City Postcode:   London  N12 8LY



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,
Mercy Villacastin and Cristina Pernites Editors.

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

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