/raid1/www/Hosts/bankrupt/TCREUR_Public/000725.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 25, 2000, Vol. 1, No. 56


                        Headlines

C Z E C H   R E P U B L I C

BENZINA: Fuel Distributor Gov't Propose to Liquidate or Privatize
BIOCEL PASKOV:  Pulp Producer To Sale Before 2001
CZECH RAILWAYS(CD):  TransMin Provides Help to Pay Overdue Debts
KREDITAL:  Shares Nearly Worthless
KOVOPETROL:  Petition For Bankruptcy

LACHEMA: Cuts Workforce by 68
LACHEMA:  Cuts 70 staff After Parent Undergoes Reorganization
MASOKOMBINAT KLATOVY:  Facing Bankruptcy Petition
NATIONAL PROPERTY FUND: Needs KoB Loan to Cover Bonds
NES: Files for Bankruptcy

NOVA HUT:  Duferco to Submit Bid
TATRA:  Sales Down 40%
VITKOVICE:  Bankruptcy Option Will Hurt Creditors
ZVVZ MILEVSKO: Air Conditioner Producer For Sale
ZELEZARNY HRADEK: Ferromet Bailout Ends Bankruptcy Process


F R A N C E

DRUMMOND: Needs French Shareholders


H U N G A R Y

ICN HUNGARY RT:  APV Rt. Sell off Stake With Ailing Drug Maker
ZALAKERAMIA RT:  Reschedule Payments on a $50 million loan  


I T A L Y

PERTUSOLA SUD ZINC:  Talks to Buy Closed Italy Zinc Smelter  


L I T H U A N I A

LIETUVOS DUJOS: Gas Firm Registers Eur 40 Mln Bond Issue


P O L A N D

OPTIMUS S.A.:  Posts zl. 7.9 mln In Net Loss


R U S S I A

ONAKO OIL: Tenders 85 Percent Stake
SBS-AGRO: ARKO Advices on Debt Restructuring


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

SLOVNAFT AS: MOL's Purchase of Stake Delays   


U N I T E D   K I N G D O M

ACCELERATED SOLUTIONS LTD:  Notice of Creditors meeting
ADAM WINDOW CENTRE:  Notice of Creditors meeting
ASYS LTD:  Notice of Creditors meeting
ANGLO-WELSH: Runs Up ?1.5m Loss
BEATTIES OF LONDON LTD:  Notice of Creditors meeting

CUSTOMFLOW LTD:  Notice of Creditors meeting
CORUS: Union Summit Aims to Save Steel Jobs  
DEBUG HOLDINGS PLC:  Receivership proceedings
DIRECT ACCOUNTANCY (NORTHERN) LTD:  Notice of Creditors meeting
DIRECT ACCOUNTANCY LTD:  Notice of Creditors meeting

DORLING KINDERSLEY : Pearson Axes 13,000 Warns Business Closure
EQUITABLE: UK's Insurer Races to Buy
F J THORNTHON & CO LTD:  Notice of Creditors meeting
GREAVES OF SHEFFIELD LTD:  Notice of Creditors meeting
HANDILAND LTD:  Notice of Creditors meeting

HARPLIST INVESTMENTS LTD:  Notice of Creditors meeting
INTERTEX TRADING LTD:  Receivership proceedings
JASTEC SOLUTIONS LTD:  Notice of Creditors meeting
LETSBUYIT: Flotation Postponed Due to Weak Demands
M & P LIGHTING LTD:  Notice of Creditors meeting

MOORES MARR BRADLEY LTD:  Notice of Creditors meeting
ONGAR INDUSTRIAL FLOORING:  Notice of Creditors meeting
OSICOM LTD:  Notice of Creditors meeting
OTEK LTD:  Notice of Creditors meeting
P B C INSTALLATIONS LTD:  Notice of Creditors meeting

PHOTRON LTD:  Notice of Creditors meeting
PROFESSIONAL DEVELOPMENT:  Notice of Creditors meeting
RED BALL EXPRESS LTD:  Notice of Creditors meeting
RETAILING SOLUTIONS LTD:  Notice of Creditors meeting
ROCOCO RESTAURANT LTD:  Notice of Creditors meeting

SPARK ENTERTAINMENT LTD:  Notice of Creditors meeting
SYNCHRA LTD:  Notice of Creditors meeting
TECH-AER NETWORK LTD:  Receivership proceedings
TOMKINS: Doughty Purchases RHM In Securitisation
UCT (UK) LTD:  Notice of Creditors meeting

WHITE BOX TECHNOLOGY LTD:  Notice of Creditors meeting
WICKHAM BUILDING SERVICES LTD:  Notice of Creditors meeting


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

BENZINA: Fuel Distributor Gov't Propose to Liquidate or Privatize
-----------------
Czech A.M.  July 18, 2000

The Cabinet is expected to decide on the future of Benzina this
month. The Finance Ministry is proposing to liquidate the fuel
distributor while the Industry Ministry would like to see it
privatized.

Benzina believes a sale could bring the state as much as Kc 1
bln, Kc 700 mln of which would go to pay penalties for unpaid
consumption taxes with the remainder going to the National
Property Fund. Benzina posted a 1999 profit of Kc 28 mln on sales
of Kc 3.4 bln, up about Kc 200 mln y/y.


BIOCEL PASKOV:  Pulp Producer To Sale Before 2001
----------------------
Czech A.M.  July 21, 2000

Biocel Paskov says its shareholders will likely discuss the sale
of the pulp producer at an August meeting, adding that it could
by completed by year's end. No potential buyers were named.
  
          
CZECH RAILWAYS(CD):  TransMin Provides Help to Pay Overdue Debts
------------------------------
Czech A.M.  July 20, 2000

The Transport Ministry will provide Czech Railways (CD) with Kc
374 mln from its own budget to help CD pay part of its Kc 2.4 bln
in overdue debts to suppliers. Separately, some CD passenger
train timetables will change as of Sunday.


KREDITAL:  Shares Nearly Worthless
---------------------
Czech A.M.  July 19, 2000

Some Kc 1 bln is missing from Kredital IF, according to a Czech
Television news report, leaving around 50,000 investors with
virtually worthless shares.

The Ostrava-based investment fund acquired most of its assets (Kc
1.3 bln) in the second wave of coupon privatization. They were
appraised yesterday at only Kc 42 mln in securities and Kc 150
mln in claims on companies, two-thirds of which are bankrupt.

The Securities Commission imposed forced administration on
Kredital a few weeks ago for evaluating its assets at over ten
times their actual value


KOVOPETROL:  Petition For Bankruptcy
------------------
Czech A.M.  July 21, 2000

Plzen Commercial Court has appointed Vladim¡r Liska preliminary
administrator of Kovopetrol after a bankruptcy petition was filed
against the trade and finance group firm by creditors owed at
least Kc 100 mln. It now can handle assets only with Liska's
consent.


LACHEMA: Cuts Workforce by 68
---------------------
Czech A.M.  July 21, 2000

Pharmaceutical concern Lachema will cut its workforce by a
further 68 this year, within the downsizing plan of its Croatian
owner Pliva, following a 10% reduction to 1,066 employees last
year. Lachema posted a 1999 loss of Kc 62.3 mln


LACHEMA:  Cuts 70 staff After Parent Undergoes Reorganization
-------------------
Czech A.M.  July 20, 2000

Lachema will likely dismiss around 70 employees, reflecting
actions taken by the pharmaceutical firm's Croatian parent,
Pliva, which is undergoing reorganization and planning hundreds
of layoffs itself


MASOKOMBINAT KLATOVY:  Facing Bankruptcy Petition
--------------------------
Czech A.M.  July 18, 2000

A court in Plzen has placed Masokombinat Klatovy under
preliminary forced administration. The troubled meat processor is
facing a bankruptcy petition filed by one of its creditors.


NATIONAL PROPERTY FUND: Needs KoB Loan to Cover Bonds
----------------------------
Czech A.M.  July 21, 2000

The National Property Fund (FNM) may get a short-term Kc 15 bln
loan from Konsoldacn¡ Banka in the near future, as it lacks the
funds to make a bond payment due Aug. 1.

The FNM had expected to have already received an initial Kc 10
bln payment from Austrian Erste Bank for the 52% stake in Ceska
Sporitelna it purchased from the state.

Meanwhile, Erste says it expects to pay the installment this
month, and thus receive the shares of the bank, even though the
cabinet will not discuss Erste's plan to transfer almost half of
the shares to CS-EB Holding until next week (Hospodarske Noviny
3, Lidove Noviny 5).


NES: Files for Bankruptcy
----------
Czech A.M.  July 18, 2000

NES, the largest travel agency in Cheb, shut its doors and filed
a bankruptcy petition against itself yesterday. Roughly 2,000
clients who had booked with NES now have their vacations
cancelled while more than 200 abroad have to cut their holidays
short and return to the CR.


NOVA HUT:  Duferco to Submit Bid
-------------
Czech A.M.  July 21, 2000

Swiss steel concern Duferco is expected to submit a business plan
and specific offer to enter Nova Hut, said Industry Minister
Miroslav Gregr, without mentioning when. He added that other
firms are also interested in the steelworks.


TATRA:  Sales Down 40%
---------------
Czech A.M.  July 21, 2000

Tatra, without its 11 subsidiaries, posted an audited 1999 loss
of Kc 2.6, Kc 2.2 bln worse y/y, on sales of Kc 3 bln, down 40%.
It blames the result mainly on the creation of reserves and
accounting adjustments stemming from its accumulated debts. The
truck maker grossed Kc 164 mln in the first half on sales of
nearly Kc 2 bln.


VITKOVICE:  Bankruptcy Option Will Hurt Creditors
----------------------
Czech A.M.  July 18, 2000

V¡tkovice says two unnamed creditors, to which V¡tkovice owes
roughly Kc 5 mln, have filed a bankruptcy petition against the
ironworks. V¡tkovice says creditors stand to gain no more than 6%
of their claims if it is declared bankrupt instead of the 15-65%
within the state's restructuring plan put together by the
Revitalization Agency and Ceska Financn¡


ZVVZ MILEVSKO: Air Conditioner Producer For Sale
----------------------
CTK : July 21,2000

ZVVZ Milevsko, the producer of air conditioners connected with
the controversial contract for the Bushehr Iranian nuclear plant,
is for sale, and according to an unnamed source its owners are
looking for a strategic investor, writes Hospodarske noviny (HN)
business daily today.

According to Jana Adamcikova, the spokeswoman for GES Holding,
the majority owner of ZVVZ, the search for a strategic partner is
a "long-term matter". The sale of ZVVZ had been discussed already
at the beginning of the year, when the Czech government offered a
buyout to the current owners as one possible solution.

However, the sale did not go through, as the price worked out for
the state's representative, Konsolidacni banka, was 50 pct below
the real value, said Adamcikova.

The ZVVZ owners then allegedly offered the firm back to the
government for the same price a few months later; but after the
resolution of the Bushehr issue the government did not see a
reason for solving the problems of a private company, writes HN.

"Currently, there are no negotiations underway about a sale," HN
cites Finance Ministry spokesman Libor Vacek as saying. ZVVZ is
thus looking for a strategic partner abroad. The company is also
attempting to expand its activities in the Czech Republic.

According to the paper, one of the interested investors is Tatra
Koprivnice.


ZELEZARNY HRADEK: Ferromet Bailout Ends Bankruptcy Process
---------------------
Czech A.M.  July 21, 2000

Z-Group subsidiary Ferromet bought a Kc 220 mln debt from
Zelezarny Hradek to stabilize the ironworks. Z-Group says
creditors that filed a bankruptcy petition against ZH will
withdraw their petitions tomorrow, thereby terminating bankruptcy
proceedings.


===========
F R A N C E
===========

DRUMMOND: Needs French Shareholders
-------------------------
CITY WIRE July 21,2000

Desperate Drummond looks to French shareholder Bradford-based
textile manufacturer Drummond is urgently seeking to avoid
receivership through a cash injection from its largest external
shareholder, French textile group Chargeurs, after posting a
disastrous year-end performance.

Chargeurs, which currently controls 23.13% of Drummond, will
control a majority of the voting rights after a proposed rights
issue that the French group will fully underwrite. The rights
issue is designed to raise ?2 million and convert all Chargeur's
preference shares into ordinary shares at a price of 7p per
share.

`Without this equity fund raising and restructuring, the company
would face severe financial difficulties and so would be unable
to continue to trade and would have to seek the appointment of a
receiver,' Drummond said in a statement. `The company's banks
were not likely to increase borrowing facilities'.

Chargeur's, a long-term shareholder since 1989, will demand the
closure of loss-making internal manufacturing division Crowther
Woollen, and a substantial reorganisation of the board.

Chargeurs' Sergio Coimbra will become executive chairman, and
Philippe Bayet and Roland Bellande, also of the French group,
will become non-executive directors. Stefan Simmonds, who
currently owns 25.1% of the company, will quit as executive
chairman, though he will remain as a non-executive director.
Simmonds was unavailable for comment.

`As we're going to be a subsidiary of Chargeurs, they want a
controlling interest on the board,' finance director Neil Kirkby
told citywire.co.uk. `It's more of a rescue operation than a
takeover.

`We've been performing in line with other textile companies,'
added Kirkby, who is leaving the board on 7 August after being
appointed as finance director of healthcare group Provalis. `Our
cash position is under constant pressure, and we've been affected
by the strength of sterling'.

The company's results bear this out. Pre-tax losses for the year
ended 31 March collapsed to ?5.65 million, compared to a profit
of ?1.04 million a year ago. Turnover was 11% down at ?39.64
million.


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

ICN HUNGARY RT:  APV Rt. Sell off Stake With Ailing Drug Maker
-----------------------------
Budapest Business Journal  July 17, 2000

The State Privatization & Holding Co. (APV Rt) will dispose of
its minority stake in ailing drug maker ICN Hungary Rt, APV Rt
Chairman and CEO Gyula Gansperger announced last Wednesday.

At the same time, the APV Rt is locked in a dispute with majority
owner ICN Pharmaceuticals, Inc, Gansperger said.

"The APV Rt is demanding a significant sum from ICN Hungary's
majority owner because it thinks the company has violated its
privatization contract," he said.

The state asset agency holds a 25% plus one vote in the local
firm, and has no day-to-day management role. APV Rt officials
declined to specify the nature of the alleged violation.

At stake in the skirmish is the fate of a planned Ft 7.1 billion
($25.9 million) capital injection for ICN Hungary, which had been
slated for approval at its recent annual general meeting. The
company intended to first lower its Ft 2 billion registered
capital and subsequently raise it. But the APV Rt vetoed the
move, arguing the company's balance sheet did not justify a
transaction of this size.

The agency now says its consent to the capital hike hinges on
ICN's paying of the fine.

"Until our demand is met, our position on this issue remains
unchanged," Gansperger said.

Local ICN officials referred all inquiries to ICN's Costa Mesa,
California headquarters, where executives did not respond to
inquiries by press time.

In spite of the dispute, ICN Pharmaceuticals remains at the top
of the APV Rt's list of potential buyers for the stake.

According to the 1995 Privatization Law, the state was to retain
a 25% plus one vote share in Alkaloida Chemicals Rt, the
predecessor to ICN Hungary. Last December, however, the law was
modified, and changes included taking ICN Hungary off the list of
companies to remain under long-term state ownership.

"The APV Rt now has the opportunity to sell the whole of its 25%
plus one vote stake in the company, not even retaining a so-
called golden share," said Jane Petrie, the APV Rt's
international communications manager. "There is no deadline for
the sale, no decisions have been made on the terms and conditions
of the sale. We are still at the preliminary negotiating stage."

While the two sides are in talks, Gansperger said ICN did not
offer a price substantial enough for the stake in its Hungarian
subsidiary.

"There are negotiations between ICN and the APV, but not on the
Hungarian level," said Balazs Keck of ICN Hungary's press
department.

The APV Rt started auctioning the minority stakes in its
portfolio in the first half of this year.

Tiszavasvari-based ICN Hungary has been bleeding from numerous
wounds, including losses amounting to $21 million in 1999, and
reports that staff salaries and suppliers' bills have gone
unpaid.

After recent management reshuffles, executives promised a $1.5
million
marketing campaign to boost sales.

The parent company is also reportedly poised to restructure its
worldwide operations, with the company's European operations
being transferred into a new ICN firm headquartered in Moscow.
Reports also said the new Moscow-based firm is planning an IPO on
the Budapest Stock Exchange.


ZALAKERAMIA RT:  Reschedule Payments on a $50 million loan  
--------------------
Hungary A.M.  July 19, 2000

Zalaker mia Rt shares extended gains on speculation the Hungarian
maker of ceramic tiles has rescheduled payments on a $50 million
loan, cutting debt servicing costs and boosting earnings.
Zalaker mia has gained 12.5% since Monday, boosting its market
value to $43 million. The shares rose 4.6%, or 115 forint, to
2,615 forint.

Zalaker mia used the loan to buy stakes in the Czech Republic's
Keramia Horni Briza, Croatia's Inker and Romania's Cesarom and is
in talks with Credit Suisse First Boston (CSFB) to reschedule
repayments. The company said it has agreed to terms with CSFB,
though it's still working on the wording of the new contract.


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

PERTUSOLA SUD ZINC:  Talks to Buy Closed Italy Zinc Smelter  
-------------------------------
Reuters  July 21, 2000

The Cogefin consortium, comprising Italian businessman Felice
Colombo and German group Berzelius Umwelt Service, is in talks
with the liquidators of a closed Italian zinc smelter to buy the
plant, an official close to the talks said.

However, the official denied on Friday a news report that the
consortium expected to buy the Pertusola Sud zinc smelter in
Crotone in southern Italy by the end of the month.

"The talks are continuing. The consortium is interested in the
possibility of reopening the zinc plant, but the timetable is
unclear," the official, who asked not to be identified, told
Reuters.

The smelter had a production capacity of 100,000 tonnes a year.


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

LIETUVOS DUJOS: Gas Firm Registers Eur 40 Mln Bond Issue
--------------------
BNS July 21,2000

The state-run gas utility Lietuvos Dujos [Lithuanian Gas]
registered a three-year 40-million-euro bond issue with the
Lithuanian Securities Commission on Thursday.

Antanas Bielskis, head of Lietuvos Dujos' financial department,
said the company was issuing 400 bonds valued at 100,000 litas at
par each, at an annual interest rate amounting to six-month
EURIBOR plus 3.5 percent.

According to information available to BNS, the bond issue will be
handled by the US bank CS First Boston. Bielskis neither
confirmed nor denied the information. Also Lietuvos Dujos
registered a 50-million-litas (USD 12.5 mln) financing program
for a period of up to one year with the commission.

The program allows Lietuvos Dujos to raise up to 50 million litas
trough short-term bond issues at interest rates that will be set
by the company's board separately. Lietuvos Dujos is planning to
take a one-year loan of 10 million US dollars from Vereinsbank as
well. Bielskis said they hoped to reach an agreement with the
German bank in two weeks' time.

The cash-strapped gas company will use all the funds it will
raise for working capital needs.


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

OPTIMUS S.A.:  Posts zl. 7.9 mln In Net Loss
----------------------
Poland A.M.  July 21, 2000

According to preliminary assessments computer manufacturer
Optimus S.A. registered zl. 7.895 million in net loss in the
first half of the year. Yesterday the company posted its sales
figures for the first half of 2000, which rose by 4.5% compared
to the same period last year to zl. 275.598 million. However, the
company also lost zl. 11.144 million in operation revenues from a
zl. 7.5 million operating profit last year.

The company maintains the loss is due to ongoing restructuring
within the capital group, internet and capacity investments.
Optimus executives believe computer sales are still profitable.
The company sold 39,489 computers up 3.9% from last year. "We
believe the figures in the second half will improve. We are
signing serious contracts, and expect the costs to drop. We will
continue looking for business partners for Onet [portal]," said
Optimus president Dariusz Debski.


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

ONAKO OIL: Tenders 85 Percent Stake
--------------
The Moscow Times  July 22, 2000

A tender for an 85 percent stake in Onako, the nation's 12th-
largest oil producer, opened Friday.

The starting price for the stake is $425.25 million, with the
winner required to pay an additional 125,000 rubles ($4,500).
Applications will be received until Sept. 5 and the results will
be announced Sept. 8.

No restrictions have been put on bids by nonresidents.

One of the likely bidders, Yukos, the nation's 2nd-largest oil
producer, this week received permission from the Anti-Monopoly
Ministry to acquire up to 100 percent of Onako.


SBS-AGRO: ARKO Advices on Debt Restructuring
------------------------
The Moscow Times  July 22, 2000

A restructuring proposal has been forwarded for SBS-Agro bank in
a deal that will pay just one cent on the dollar to corporate
creditors - including the Central Bank - officials from the
Agency for Restructuring Credit Organizations, or ARKO, said
Friday.

"The restructuring scheme is not exactly good for creditors, but
this is the best we can offer at the moment," said Alexander
Turbanov, chairman of ARKO, at a news conference Friday.

Once one of the nation's biggest retail banks, SBS-Agro was the
first to topple in the disastrous financial collapse of August
1998. A World Bank probe into 18 of Russia's largest banks last
year singled it out as one of the biggest blots on Russia's
ramshackle banking landscape with a capital deficit of 31.25
billion rubles ($1.25 billion).

The Central Bank poured more than 7 billion rubles of
stabilization loans into its coffers last year, to little avail.
The Central Bank will now also receive just 1 percent of those
funds back.

However, by restructuring the bank instead of moving to liquidate
it immediately, ARKO will be able to pay greater returns than
would have been possible to private depositors and other
creditors whose funds have now been locked in the bank for almost
two years, ARKO officials said.

The agency has given creditors 45 days to decide whether to sign
off on the deal. Turbanov said there was a 50:50 chance they
would agree. If they reject it, the bank will be liquidated.

"There are ardent supporters, there are ardent opponents. There
are people who have not yet decided," he said.

But if the deal is accepted, the once-mighty SBS-Agro bank could
again be a solvent, living financial institution - a result some
creditors are none too pleased with.

SBS-Agro's former management, headed by former oligarch Alexander
Smolensky, stands accused by a group of private depositors of
illegally siphoning off the bank's assets into sister structures.

The Prosecutor General's Office launched criminal investigations
into those claims just under two months ago. And a group of
foreign creditors have hired accounting firm KPMG to trace
possible asset stripping to accounts abroad.

SBS-Agro has denied all charges of asset stripping.

Analysts slammed the deal as yet another step backward in
regulating the financial sector.

"This certainly looks like a prime example of the total filth
that has become banking restructuring," said Kim Iskyan, a
banking analyst at Renaissance Capital. "If there were tax police
in ski-mask-style raids on SBS-Agro, this would be a great step
forward.

"In spite of all the government's recent noises about wanting to
be fair and open to foreign investors, this is pretty much a step
in the opposite direction," he said.

SBS-Agro - which was struggling even before the Aug. 17, 1998,
crash - was perhaps the biggest of the so-called zombie banks
that continued to function for months after the crash, despite
being swamped by debts well in excess of their performing assets.

International financial institutions repeatedly called for the
bank to be liquidated, but the Central Bank instead chose to
extend stabilization credits to SBS-Agro in a vain attempt to
keep the politically connected bank afloat. That policy was
slammed by the World Bank, which likened it to "pouring water
into a black hole."

The Central Bank also continued to extend agricultural credits to
the regions that were managed by the bank.

It has taken some eight months of ARKO management for the agency
to decide on a way forward for restructuring the bank.

After a board meeting held late Thursday, agency officials
rejected an immediate liquidation of the bank, Turbanov said
Friday.

Under ARKO's proposed restructuring deal, the bank's private
depositors will get back 75 percent of their life savings.
However, those accounts held in rubles had already lost more than
75 percent of their value since they were frozen in August 1998.

In all, private depositors are owed around 5.5 billion rubles
($198 million) held in more than 25,000 frozen accounts, Turbanov
said.

If the bank's remaining assets, which are calculated as having a
value of just 7.7 billion rubles, were sold off immediately under
liquidation, they would rake in a return of just 3.3 billion
rubles on current market prices, he said. That would mean private
depositors would only see a 40 percent return on their lost
savings.

"If we began immediately selling off assets under liquidation, we
would lose over half the value of the portfolio," Turbanov said.

The creditor that receives the next-best deal is the federal
government, which will get back some 50 percent of the debts that
SBS-Agro owes it.

Under banking legislation, restructuring deals are supposed to
give preferential treatment to private depositors and then to
government bodies.

Corporate creditors face the roughest edge of the deal and will
be offered a 1 percent return on original investment, instead of
absolutely nothing at all if the bank should be liquidated,
Turbanov said. Foreign creditors are owed 24.2 billion rubles in
frozen debt and approximately 10.9 billion rubles in forward
contracts, according to ARKO figures.

ARKO spokesman Alexander Voznesensky said after the news
conference that restructuring the bank's debts would mean agency
investigators would have more time to trace suspicious transfers
of funds into daughter structures and possibly increase the
amount of assets up for grabs under restructuring. The
restructuring process is scheduled to take three years, after
which ARKO will once again decide whether to liquidate the bank.

So far, however, ARKO has not been able to nail down many
suspicious transfers, officials said. The agency has filed suits
with the arbitration courts over just two instances of alleged
illegal transfers of funds from the bank's balance sheets for
$6.5 million and $2 million in 1996 and 1998.

However, some private depositors and foreign creditors have
accused ARKO of failing to thoroughly monitor SBS-Agro's
operations.

"It's clear that asset stripping has been going on on a massive
scale," said Sergei Trukachyov, vice president of KONFOP, an
organization that defends the rights of private depositors hit by
the 1998 crisis.

"ARKO must know about this."

"Asset stripping has not been properly investigated," said one
foreign creditor, who declined to be named.

The creditor said a request filed with ARKO asking for documents
regarding the bank's finances had been turned down at a recent
meeting.

ARKO officials said they were unable to provide the document
because Smolensky would not allow the transfer, the creditor
said.

Voznesensky said it would be nearly impossible to pin any
criminal case on Smolensky because the businessman's name was not
listed in any document regarding the activity of the bank with
which everyone had associated him.

"It will be impossible to bring criminal proceedings against
him," he said. "The bank had a very good legal department that
very seriously covered all questions. It is very difficult to put
together a strong, legally watertight case. Concrete evidence is
needed, not just emotional feelings."


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

SLOVNAFT AS: MOL's Purchase of Stake Delays   
---------------------
Hungary A.M.  July 20, 2000

Slovnaft AS, Slovakia's oil refiner, may have to close or sell
gasoline stations before antitrust regulators approve Hungarian
oil and gas monopoly MOL Rt's purchase of a stake in the company.
The Anti-Monopoly Office said it expects to make a ruling on the
transaction, disclosed in April, within a month. Slovnaft
operates 316 gasoline stations, about half the stations in
Slovakia, while MOL owns 17 in the country.

MOL agreed to buy 36.2% of Slovnaft for $262 million, and has an
option to boost its holding to majority in two years. The
Budapest-based company, Hungary's largest by sales, said it
planned to use the Slovak market as a springboard into southern
Poland and the Czech Republic.



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

ACCELERATED SOLUTIONS LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   Accelerated Solutions Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   10.30 am
Meeting date:   03/07/00
Meeting address:   32 Brook Street
Meeting City Code:   Warwick   CV34 4BL
Authorised by:   N Beasant   Director  15/06/00
Liquidators:   
Firm Name:   Till Morris Partnership
Address:   32 Brook Street  Warwick  CV34 4BL


ADAM WINDOW CENTRE:  Notice of Creditors meeting
-----------------------------
Company Name:   Adam Window Centre (Lincolnshire) Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.15 am
Meeting date:   03/07/00
Meeting address:   1 City Square
Meeting City Code:   Leeds   LS1 2ES
Authorised by:   G Wilson   Director  21/06/00
Last day for proxy:   30/06/00
Proxy address:   1 City Square  Leeds  LS1 2ES
Liquidators:   
Firm Name:   Kroll Buchler Phillips
Address:   1 City Square  Leeds  LS1 2ES


ASYS LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   Asys Ltd
IA 1986 Section:   48  
Creditors Meeting Time:   10.00 am
Meeting date:   03/07/00
Meeting address:   8 Baker Street
Meeting City Code:   London   W1M 1DA
Authorised by:   S J Michaels   Joint Administrative Receiver  
16/06/00
Last day for proxy:   30/06/00
Proxy address:   8 Baker Street  London  W1M 1DA
Liquidators:   
Firm Name:   BDO Stoy Hayward
Address:   8 Baker Street  London  W1M 1DA


ANGLO-WELSH: Runs Up ?1.5m Loss
-----------------
City Wire July 21,2000

Anglo-Welsh, the holiday company that issued a profits warning
earlier this week, ran up a loss of ?1.5 million in the six
months to 30 April, it said this morning.

Last year's loss in what is normally the weaker half was
?894,154.

There is no interim dividend.

Chairman Stephen Thomson said that despite substantial
improvement in sales of canal boat holidays overall sales were
below budget and costs significantly above budget.

A review of operations has led to writeoffs.

Thompson commented: 'While the business has a seasonal nature,
these are unacceptable results and the company is selling a
number of non-core assets.'


BEATTIES OF LONDON LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   Beatties of London Ltd
IA 1986 Section:   23  
Creditors Meeting Time:   10.00 am
Meeting date:   03/07/00
Meeting address:   New Connaught Rooms  61-65 Great Queen Street
Meeting City Code:   London   WC1B 5DA
Authorised by:   L A Manning   Administrator  
Last day for proxy:   30/06/00
Proxy address:   84 Grosvenor Street  London  W1X 9DF
Liquidators:   
Firm Name:   Kroll Buchler Phillips
Address:   84 Grosvenor Street  London  W1X 9DF


CUSTOMFLOW LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   Customflow Ltd
Other name:     The New White Lion
IA 1986 Section:   98  
Creditors Meeting Time:   12.00 pm
Meeting date:   03/07/00
Meeting address:   Century House  Ashley Road
Meeting City Code:   Hale   WA15 9TG
Authorised by:   A Black   Director  
Last day for proxy:   30/06/00
Proxy address:   Century House  Ashley Road  Hale  WA15 9TG
Liquidators:   
Firm Name:   Milner Boardman & Partners
Address:   Century House  Ashley Road  Hale  WA15 9TG


CORUS: Union Summit Aims to Save Steel Jobs  
-----------------
ANANOVA July 23,2000

Union leaders are holding a special summit to try to save
thousands of steelworkers' jobs in the wake of the country's
biggest steel producer, Corus, recently announcing more than
3,700 redundancies.

The Iron and Steel Trades Confederation is meeting local
officials and steel community leaders in Cardiff in response to
last Friday's confirmation of 1,300 job losses in Wales.

The union has already held meetings to discuss threatened job
cuts in Yorkshire and the North East.

ISTC general secretary Mick Leahy said: "We shall strive to co-
ordinate with the Government and local authorities a coherent
national response to the industrial and community crises caused
by the Corus job cuts around the country.

"We are calling on the Chancellor to act to accelerate the
restoration of a realistic and sustainable exchange rate with the
euro, before the heart is torn out of the steel communities in
the industrial heartlands."


Unions have warned that Britain could soon depend on imports of
steel because of the Corus cuts.


DEBUG HOLDINGS PLC:  Receivership proceedings
---------------------
Company Name:   Debug Holdings Plc
Company No:   1511640
Com. Business:   Hardware Consultancy
Trade clasif.:   7240
Appointed on:   22/06/00
Appointed by:   Lloyds TSB Bank Plc
Type:   Administrative
Receivers:   John B Dare  IPno: 3290, Peter J Rilett  5386
Firm Name:   KPMG
Address:   Arlington Business Park
City Postcode:   Theale  RG7 4SD


DIRECT ACCOUNTANCY (NORTHERN) LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   Direct Accountancy (Northern) Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   12.00 pm
Meeting date:   03/07/00
Meeting address:   St Silas House  18 Moore Street
Meeting City Code:   Sheffield   S3 7UW
Authorised by:   J Cooke   Director  09/06/00
Liquidators:   
Firm Name:   BDO Stoy Hayward
Address:   Foxhall Lodge  Gregory Boulevard  Nottingham  NG7 6LH


DIRECT ACCOUNTANCY LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   Direct Accountancy Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   10.30 am
Meeting date:   03/07/00
Meeting address:   St Silas House  18 Moore Street
Meeting City Code:   Sheffield   S3 7UW
Authorised by:   J Cooke   Director  09/06/00
Liquidators:   
Firm Name:   BDO Stoy Hayward
Address:   Foxhall Lodge  Gregory Boulevard  Nottingham  NG7 6LH


DORLING KINDERSLEY : Pearson Axes 13,000 Warns Business Closure
---------------------------
Hoovers July 21,2000

PEARSON, owner of Penguin books and the Financial Times, has left
13,000 people "angry and distraught" after dismissing them from
Dorling Kindersley, the family-run business it bought for ?311
million in April.

The media group made the announcement on Tuesday when it closed
down Dorling Kindersley's Family Learning division, which sold
children's books via a network of full-time and part-time
"advisers". They earned anything between a few hundred pounds and
more than ?100,000.

Former advisers at Family Learning are upset because they say
that Pearson gave them little warning of the business's closure
and no compensation. The Rev Alex Welby, a Devon clergyman who
worked as an adviser for Family Learning with his wife, said: "I
think it's outrageous what they're doing.

You would have thought they'd have some ethical responsibility."
He added that he would probably now have to cancel his summer
holiday. The Welby family's business generated about ?5,000
turnover and took a 29 per cent profit margin. Mr Welby had hoped
to double turnover this year.

Pearson has also closed down Family Learning's international
operations, which provided work for a further 41,000 people. A
spokeswoman for Pearson said the business had lost ?14 million
globally last year, which could not be sustained. She added that
Pearson had given Family Learning's employees 30 days' notice
instead of the 14 days that it was legally obliged to give.
Pearson is under no obligation to pay compensation.

John Bazlinton, a former architect, who also lost his job at
Family Learning on Tuesday, said: "Obviously, when Pearson took
over Dorling Kindersley we expected them to make changes. But I
don't think anybody thought they would absolutely axe it. It
means my income suddenly stops. There are people on high incomes
[at Family Learning] who are angry and distraught."

Dorling Kindersley was founded by Peter Kindersley, a former gas
stoker, in 1974. The company's sale was provoked after a fiasco
which saw Mr Kindersley burdened with ten million unsold Star
Wars books. Mr Kindersley made ?105 million from the sale.


EQUITABLE: UK's Insurer Races to Buy
---------------------
BBC July 23,2000

The Pru is the UK's biggest insurer. The race to buy Equitable
Life is gathering pace, with the UK's Prudential vying with
Continental rivals to purchase one of the last remaining mutual
insurers left.

The Equitable put itself up for sale last week after losing a
House of Lords ruling that will force it to honour ?1.5bn in
guarantees to its personal pension customers, which the company
says it cannot afford to pay.

The UK's leading insurance company, the Prudential, is believed
to be leading the race to take over the Equitable in a deal which
could be worth ?5bn ($8bn).

The Pru is reported to have instructed the City merchant bank UBS
Warburg to prepare a merger plan, according to the Sunday Times
newspaper.

The Prudential has already been on the acquisition trail, buying
up Scottish Amicable for ?1.5bn, and unit trust specialist M&G
last year.

Equitable is believed to have already received more than 10
approaches, with Continental giants Axa and Allianz also in the
running. UK banks Halifax and Abbey National could also be
considering a bid.

The Equitable's problems began when it attempted to cut the
payments to some 90,000 policyholders who had purchased savings
plans with the company in the l970s and l980s, when annuity rates
and government bond yields were far higher than they are today.

Equitable, which has ?33bn worth of assets under management, will
now have to transfer the extra money it needs from policies owned
by other policyholders, who will receive lower payouts, because
it has no other way to pay.

But it wants to find a buyer quickly in order to prevent its
other customers from deserting the company, and will send out a
sales prospectus to potential purchasers by August.

The sale of the Equitable is just the latest blow to the once-
proud world of mutual insurance companies and building societies.
The Equitable, founded in 1762, is the world's oldest mutual
insurance company.

But now, among fellow insurers Friends Provident and Scottish
Provident are demutualising, Norwich Union has joined forces with
Commercial Union, and Standard Life narrowly fought off a vote by
its members to force it to list on the stock market.

The situation is even more dramatic in the world of building
societies, where the Nationwide - which also won a narrow ballot
victory - is one of the few remaining societies after Bradford
and Bingley overwhelmingly voted to end its mutual status last
week.


F J THORNTHON & CO LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   F J Thornton & Co Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   12.00 pm
Meeting date:   03/07/00
Meeting address:   The Boundary Hotel  Birmingham Road
Meeting City Code:   Walsall   WS5 3AB
Authorised by:   D Grosvenor     19/06/00
Last day for proxy:   30/06/00
Proxy address:   26-28 Goodall Street  Walsall  WS1 1QL
Liquidators:   
Firm Name:   Griffin & King
Address:   26-28 Goodall Street  Walsall  WS1 1QL


GREAVES OF SHEFFIELD LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   Greaves of Sheffield Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   10.30 am
Meeting date:   03/07/00
Meeting address:   Rutland Square Hotel  St James Street
Meeting City Code:   Nottingham   NG1 6FJ
Authorised by:   A Evans   Director  09/06/00
Liquidators:   
Firm Name:   Savilles
Address:   1 North Road  The Park  Nottingham  NG7 1AG


HANDILAND LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   Handiland Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   02.00 pm
Meeting date:   03/07/00
Meeting address:   Norwich House  1-2 Gold Tops
Meeting City Code:   Newport   NP20 4PG
Authorised by:   W J Richards     26/05/00
Last day for proxy:   30/06/00
Proxy address:   Norwich House  1-2 Gold Tops  Newport  NP20 4PG
Liquidators:   
Firm Name:   Ray Purnell & Co
Address:   Norwich House  1-2 Gold Tops  Newport  NP20 4PG


HARPLIST INVESTMENTS LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   Harplist Investments Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   10.30 am
Meeting date:   03/07/00
Meeting address:   Highfield Court  Tollgate
Meeting City Code:   Chandlers Ford   SO53 3TZ
Authorised by:   B L Mead   Director  19/06/00
Last day for proxy:   30/06/00
Proxy address:   Highfield Court  Tollgate  Chandlers Ford  SO53
3TZ
Liquidators:   
Firm Name:   Brooking Knowles & Lawrence
Address:   Highfield Court  Tollgate  Chandlers Ford  SO53 3TZ


INTERTEX TRADING LTD:  Receivership proceedings
------------------------
Company Name:   Intertex Trading Ltd
Company No:   2824686
Com. Business:   Wholesale of Textiles
Trade clasif.:   5141
Appointed on:   22/06/00
Appointed by:   Whiteaway Laidlaw Bank
Type:   Administrative
Receivers:   Gordon A Simmonds  IPno: 5729,   
Firm Name:   Simmonds & Co
Address:   Crown House  217 Higher Hillgate
City Postcode:   Stockport  SK1 3RB


JASTEC SOLUTIONS LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   Jastec Solutions Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   10.15 am
Meeting date:   03/07/00
Meeting address:   12 Victoria Road
Meeting City Code:   Barnsley   S70 2BB
Authorised by:   D Charlton   Director  19/06/00
Liquidators:   
Firm Name:   Gibson Booth
Address:   12 Victoria Road  Barnsley  S70 2BB


LETSBUYIT: Flotation Postponed Due to Weak Demands
----------------------
BBC July 21,2000

Letsbuyit.com shares soared 84% in the first hours of trading on
the e-tailer's stock market debut.

The flotation of the UK-based bulk-buying operation was postponed
because of concern over weak demand for internet stocks.

But the decision to delay and drop the price of the shares
appears to have whetted the market's appetite.

Strong interest from big institutional investors
was behind the surge in the share price from 3.50 euros to 6.45
euros at its highest.

But by the close, the stock had fallen back slightly to 5 euros -
but was still up 43% on the day.

"The amount of speculators buying the stock is high - it's a very
innovative firm and was very cheaply priced," said Steffen
Krautwald, a trader at M.M. Warburg in Hamburg.

He said the company's shares should stabilise around their
current price.
Letsbuyit is listed on the Neuer Markt in Frankfurt and is one of
the first British companies to opt for a listing in euros.

When Letsbuyit priced its shares at 3.50 euros, it was in effect
admitting that it could charge only half what it had originally
hoped.

Last week, it delayed the offering, having already been forced to
postpone the flotation in May amid widespread selling of
technology stocks.

The apparent success of the float will cheer staff at the firm
after such a troubled time.

The company has been burning cash at a rate of 5m euros a month
and had only about 15m euros left in funds.

It could not afford to put off floating any longer. The listing
at 3.50 euros a share gives the company an extra 62.3m euros in
cash and values it conservatively at about 312m euros.

Letsbuyit invites consumers to bargain on its website for lower
prices from suppliers. Using the principles of demand and supply,
it says the more buyers there are for an item, the lower the
price.

It operates in 14 countries and 12 languages in Western Europe.
Online retailers have been hit particularly hard by the slump in
technology stocks.

The prevailing view was not helped by the high-profile collapse
of sportswear and fashion retailer Boo.com in May.

Analysts predict that Letsbuyit will remain heavily in the red
until 2003.
Its operating losses are expected to exceed 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.

In the first quarter of this year, revenues were only 2.2m euros.


M & P LIGHTING LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   M & P Lighting Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.00 am
Meeting date:   03/07/00
Meeting address:   Jarvis Hotel  18 Tinsley Lane South  Three
Bridges
Meeting City Code:   Crawley   RH10 2XH
Authorised by:   C M Barry   Director  14/06/00
Last day for proxy:   30/06/00
Proxy address:   Allen House  1 Westmead Road  Sutton  SM1 4LA
Liquidators:   
Firm Name:   Turpin Barker Armstrong
Address:   Allen House  1 Westmead Road  Sutton  SM1 4LA


MOORES MARR BRADLEY LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   Moores Marr Bradley Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   10.30 am
Meeting date:   03/07/00
Meeting address:   Exchange House  482 Midsummer Boulevard
Meeting City Code:   Milton Keynes   MK9 2EA
Authorised by:   C Weeks   Director  14/06/00
Last day for proxy:   30/06/00
Proxy address:   Exchange House  482 Midsummer Boulevard  Milton
Keynes  MK9 2EA
Liquidators:   
Firm Name:   Baker Tilly
Address:   Exchange House  482 Midsummer Boulevard  Milton Keynes  
MK9 2EA


ONGAR INDUSTRIAL FLOORING:  Notice of Creditors meeting
-----------------------------
Company Name:   Ongar Industrial Flooring Services Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.30 am
Meeting date:   03/07/00
Meeting address:   Fergusson House  124-128 City Road
Meeting City Code:   London   EC1V 2NJ
Authorised by:   P A Jackson   Director  
Last day for proxy:   30/06/00
Proxy address:   Fergusson House  124-128 City Road  London  EC1V
2NJ
Liquidators:   C M Iacovides
Firm Name:   Jeffreys Henry Jacobs
Address:   Fergusson House  124-128 City Road  London  EC1V 2NJ


OSICOM LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   Osicom Ltd
IA 1986 Section:   48  
Creditors Meeting Time:   10.00 am
Meeting date:   03/07/00
Meeting address:   8 Baker Street
Meeting City Code:   London   W1M 1DA
Authorised by:   S J Michaels   Joint Administrative Receiver  
16/06/00
Last day for proxy:   30/06/00
Proxy address:   8 Baker Street  London  W1M 1DA
Liquidators:   
Firm Name:   BDO Stoy Hayward
Address:   8 Baker Street  London  W1M 1DA


OTEK LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   Otek Ltd
IA 1986 Section:   48  
Creditors Meeting Time:   10.00 am
Meeting date:   03/07/00
Meeting address:   8 Baker Street
Meeting City Code:   London   W1M 1DA
Authorised by:   S J Michaels   Joint Administrative Receiver  
16/06/00
Last day for proxy:   30/06/00
Proxy address:   8 Baker Street  London  W1M 1DA
Liquidators:   
Firm Name:   BDO Stoy Hayward
Address:   8 Baker Street  London  W1M 1DA


P B C INSTALLATIONS LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   P B C Installations Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   10.30 am
Meeting date:   03/07/00
Meeting address:   The Old Exchange  234 Southchurch Road
Meeting City Code:   Southend-on-Sea   SS1 2EG
Authorised by:   R Jarvis   Director  13/06/00
Last day for proxy:   30/06/00
Proxy address:   The Old Exchange  234 Southchurch Road  
Southend-on-Sea  SS1 2EG
Liquidators:   Mark R Fry
Firm Name:   Begbies Traynor
Address:   The Old Exchange  234 Southchurch Road  Southend-on-
Sea  SS1 2EG


PHOTRON LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   Photron Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   02.00 pm
Meeting date:   03/07/00
Meeting address:   The Ship Hotel  Russell Road
Meeting City Code:   Shepperton   TW17 9HX
Authorised by:   B Childs   Director  05/06/00
Last day for proxy:   
Liquidators:   S Cohen
Firm Name:   Pitman Cohen
Address:   Great Central House  Great Central Avenue  South
Ruislip  HA4 6TS


PROFESSIONAL DEVELOPMENT:  Notice of Creditors meeting
-----------------------------
Company Name:   Professional Development & Training Lt
IA 1986 Section:   98  
Creditors Meeting Time:   12.00 pm
Meeting date:   03/07/00
Meeting address:   8 Baker Street
Meeting City Code:   London   W1M 1DA
Authorised by:   A Clarke   Director  15/06/00
Liquidators:   
Firm Name:   BDO Stoy Hayward
Address:   8 Baker Street  London  W1M 1DA


RED BALL EXPRESS LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   Red Ball Express Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.30 am
Meeting date:   03/07/00
Meeting address:   32 Brook Street
Meeting City Code:   Warwick   CV34 4BL
Authorised by:   M McGreal   Director  15/06/00
Last day for proxy:   
Proxy address:   
Liquidators:   
Firm Name:   Till Morris Partnership
Address:   32 Brook Street  Warwick  CV34 4BL


RETAILING SOLUTIONS LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   Retailing Solutions Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   03.00 pm
Meeting date:   03/07/00
Meeting address:   Adventure Place
Meeting City Code:   Hanley   ST1 3AF
Authorised by:   L Wood   Director  16/06/00
Last day for proxy:   30/06/00
Proxy address:   Adventure Place  Hanley  ST1 3AF
Liquidators:   
Firm Name:   Walletts
Address:   Adventure Place  Hanley  ST1 3AF


ROCOCO RESTAURANT LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   Rococo Restaurant Ltd - The
IA 1986 Section:   98  
Creditors Meeting Time:   11.30 am
Meeting date:   03/07/00
Meeting address:   42 Chapel Street
Meeting City Code:   Kings Lynn   
Authorised by:   N Anderson   Director  08/06/00
Address:   42 Chapel Street  Kings Lynn


SPARK ENTERTAINMENT LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   Spark Entertainment Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.00 am
Meeting date:   03/07/00
Meeting address:   Gable House  239 Regents Park Road
Meeting City Code:   London   N3 3LF
Authorised by:   A Chabria   Director  16/06/00
Liquidators:   H J Sorsky
Firm Name:   Sorskys
Address:   Gable House  239 Regents Park Road  London  N3 3LF


SYNCHRA LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   Synchra Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   02.30 pm
Meeting date:   03/07/00
Meeting address:   Quality Hotel  Scotch Corner
Meeting City Code:   Darlington   
Authorised by:   E Bentley   Director  19/06/00
Liquidators:   
Firm Name:   BKR Haines Watts
Address:   Park Ho


TECH-AER NETWORK LTD:  Receivership proceedings
-------------------------
Company Name:   Tech-Aer Network Ltd
Previous Name:   Vitalclause Ltd
Company No:   3773545
Com. Business:   Staffing Agency
Trade clasif.:   38
Appointed on:   22/06/00
Appointed by:   Pertemps Group Ltd
Type:   Administrative
Receivers:   Myles A Halley  IPno: 6658, Allan W Graham  8791
Firm Name:   KPMG
Address:   1 Waterloo Way
City Postcode:   Leicester  LE1 6LP


TOMKINS: Doughty Purchases RHM In Securitisation
-------------------------------
City Wire July 21,2000

LONDON July 21 (LPC) - Private equity firm Doughty Hanson has
opted for an unusual debt package to pay for its 1.139 billion
pound purchase of foods division Rank Hovis McDougall (RHM) from
Tomkins Plc, banking sources said on Friday.

The bulk of the transaction, which is Europe's largest buyout
since the over-leveraged, over-heated buyout market of the late-
1980s, will be financed by a securitisation, banking sources
said.

In a surprise move, Doughty Hanson has ousted its house bank Fuji
from the group of banks which are arranging the 1.075 billion
debt package.
Arranger and co-ordinator J.P. Morgan and co-lead arrangers
Lehman Brothers and Royal Bank of Scotland will now be partnered
by Bank of Scotland, which has replaced Fuji as a co-lead
arranger.

"The arrangers will hold the debt on their books until November,
when it will be refinanced by the proceeds of a 750-850 million
pounds securitisation, which will be led by J.P. Morgan"

Until then, the deal will be structured as a traditional
leveraged buyout, with 830 million pounds of senior loans and a
245 million pounds subordinated mezzanine bridge loan.
The securitisation is expected to refinance the bulk of these
loans, leaving around 2-300 million pounds to syndicate in the
leveraged loan market early in 2000, according to banking
sources.

The senior facility contains term loans of 680 million pounds,
sources said. The remaining 150 million pounds is a revolving
credit.

BREAKING NEW GROUND

The only other large British buyouts to have attempted a
securitisation, which are rarely seen on leveraged acquisitions,
are Investcorp's 476 million pounds buyout of the Welcome Break
chain of service stations in April 1997, and the 352 million
pounds management buyout of Tussauds Group in January 1999.

The deal was eligible for securitisation as RHM, which has a
dominant share of the U.K. bread market, has extremely stable
cashflows, according to its bankers.

"This business can almost be looked at like a utility as bread is
such an essential purchase," a banker close to the deal said.

Securitisations in the food sector are extremely rare - Nomura
brought a 396 million euro securitisation for Marne et Champagne,
Lanson Pere et Fils in February this year, which was backed by
receivables from around 56 million bottles of champagne currently
in production.

The buyout is also backed by RHM assets, particularly its
property portfolio and delivery infrastructure, and a strong
portfolio of trade marks.

Through securitisation, Doughty Hanson will be able to extend the
tenor of its debt to up to 20 years, bankers say with no
restrictions, such as onerous repayment schedules.

Bankers say that the deal will bring RHM's gearing up to around
four times total debt to EBITDA.


UCT (UK) LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   UCT (UK) Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.00 am
Meeting date:   03/07/00
Meeting address:   New Connaught Rooms  Great Queen Street
Meeting City Code:   London   WC2
Authorised by:   P George   Director  19/06/00
Last day for proxy:   30/06/00
Proxy address:   Stonecutter Court  1 Stonecutter Street  London  
EC4A 4TR
Liquidators:   Colin G Wiseman
Firm Name:   Deloitte & Touche
Address:   Stonecutter Court  1 Stonecutter Street  London  EC4A
4TR


WHITE BOX TECHNOLOGY LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   White Box Technology Ltd
IA 1986 Section:   48  Creditors
Meeting Time:   10.00 am
Meeting date:   03/07/00
Meeting address:   8 Baker Street
Meeting City Code:   London   W1M 1DA
Authorised by:   S J Michaels   Joint Administrative Receiver  
16/06/00
Last day for proxy:   30/06/00
Proxy address:   8 Baker Street  London  W1M 1DA
Liquidators:   
Firm Name:   BDO Stoy Hayward
Address:   8 Baker Street  London  W1M 1DA


WICKHAM BUILDING SERVICES LTD:  Notice of Creditors meeting
-----------------------------
Company Name:   Wickham Building Services Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.30 am
Meeting date:   03/07/00
Meeting address:   Highfield Court  Tollgate
Meeting City Code:   Chandlers Ford   SO53 3TZ
Authorised by:   B L Mead   Director  19/06/00
Last day for proxy:   30/06/00
Proxy address:  Highfield Court  Tollgate  Chandlers Ford  SO53
3TZ
Liquidators:   
Firm Name:   Brooking Knowles & Lawrence
Address:   Highfield Court  Tollgate  Chandlers Ford  SO53 3TZ



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-
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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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