/raid1/www/Hosts/bankrupt/TCREUR_Public/000802.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

          Wednesday, August 2, 2000, Vol. 1, No. 61


                        Headlines

A U S T R I A

PSK BANK:  Austria closes bidding on final bank privatisation


C Z E C H   R E P U B L I C

CZECH RADIOKOMUNIKACE:  Six bidders shows interest in stake
KONSOLIDACNI BANKA:  Posts H1 net loss of 5.11 billion crowns


F R A N C E

WAVECOM: Announces Loss, Shares Continue Downward


G E R M A N Y

PANDESIC:  SAP Closes Loss-Making Application Software Unit
PFLEIDERER AG:  Restructuring Pushes Supplier Group Into the Red


L I T H U A N I A

LIETUVOS DUJOS: Govt to Look Into Gas Tender Violations


R U S S I A

ONAKO OIL:  Auction to Start
PLASTPOLYMER:  Chemical Firm Hopes Bad Times are Over
SVAYAZINVEST:  State Balks at Proposal for Privatization


U N I T E D   K I N G D O M

ADVOCATS LTD:  Liquidation proceedings
ALERT INVESTIGATIONS LTD:  Liquidation proceedings
APRES LTD:  Liquidation proceedings
BARLANFIN LTD:  Liquidation proceedings
BARLANIN LTD:  Liquidation proceedings

BARLANOLD LTD:  Liquidation proceedings
CLICKMANGO:  Online Natural Health Retailer to Close in September
EGG BANK: Mendoza buys Egg
EIGHTIES POP: Declared Bankrupt
FEATURE LTD:  Liquidation proceedings

FLOODLITE LTD:  Liquidation proceedings
GREENWICH THEATER: Health Remains Fragile
HYDER:  Boardroom Split Over Break-Up Option
HYDER:  UK electricity and water company recommends Nomura
HYDER PLC:  Nomura Bids for $3.6 Billion

JORVIK INVESTMENTS LTD:  Liquidation proceedings
KELDA:  Regulator decision could sour investors
LIMROS LTD:  Liquidation proceedings
MULTISTOCK (UK) LTD:  Liquidation proceedings
PEUGEOT : Strike Suspended

PROFIT SOLUTIONS LTD:  Liquidation proceedings
PROVIDENCE CAPITOL HOME LOANS LTD:  Liquidation proceedings
QUEENSWAY CHINA LTD:  Liquidation proceedings
QUICKSTYLE LTD:  Liquidation proceedings
RANSONS PRESS LTD:  Liquidation proceedings

ROYAL ORDNANCE: Small Arms Manufacturer to Close
ROYAL ORDNANCE : 400 Arms Jobs Set to be Lost
SOMERFIELD: Food Giants may Fall Victim to Foreign Bids
SHOWCOM PRESENTATIONS LTD:  Liquidation proceedings
SPRINGVALE PROPERTY HOLDINGS LTD:  Liquidation proceedings

T F H GROUND WORKS LTD:  Liquidation proceedings
THUS:  Losses Up, Shares Down
THUS: Warning Spurs Review
TORCHCO LTD:  Liquidation proceedings
WELSH WATER:  Hyder bid shows UK water still seeking alternatives

WM MARKETING LTD:  Liquidation proceedings


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

PSK BANK:  Austria closes bidding on final bank privatisation
-------------------
Agefi & AFP  July 31, 2000

Austria expects to sell its last state-owned bank, savings bank
PSK, by the end of August, the director of the national
industrial holding said Monday, the final day of the tender.

"The highest offer has every chance of acquiring it" but
strategic issues also will be considered, said Rudolf Streicher,
director of Oesterreichische Industrieholding (OeIAG).

Privatisation of PSK, a savings bank owned by the Austrian postal
service, includes PSK's 34-percent stake in the national lottery
launched in mid-May.


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

CZECH RADIOKOMUNIKACE:  Six bidders shows interest in stake
-------------------------------
European Investor & Reuters  July 31, 2000

Six investors have showed preliminary interest in the 51 percent
state stake in the Czech telecoms group Ceske Radiokomunikace ,
the privatisation agency National Property Fund (NPF) said on
Monday.

The NPF did not give the names of the bidders but said, without
elaborating, that the number of bidders could increase.

The Czech government invited interested investors to file their
preliminary and non-binding bids by 1600 GMT on Friday.

Deutsche Telekom and Tele Danmark have earlier publicly expressed
their interest in Radiokom's privatisation, which is expected to
be completed by the end of this year.

Tele Danmark already holds a 21 percent stake in Radiokom, which
is expected to compete with fixed-line monopoly Cesky Telecom
when the market is fully deregulated at the beginning of 2003.


KONSOLIDACNI BANKA:  Posts H1 net loss of 5.11 billion crowns
-----------------------------
Central Europe Online & Reuters  July 31, 2000

The Czech state factoring bank Konsolidacni Banka said on Monday
it posted a first-half net loss of 5.11 billion crowns, compared
with a loss of 4.38 billion in the first half of 1999.

For the whole year 2000 the bank expects a loss of between 15.5
and 20 billion crowns. In 1999 the bank posted a loss of 36
billion.

Konsolidacni losses are a burden for the public budgets, but are
not involved in the state budget.


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

WAVECOM: Announces Loss, Shares Continue Downward
-----------------------
EUROPEAN INVESTOR : July 31,2000

Shares of France's mobile telecommunications equipment
manufacturer Wavecom (N07306.PAR) continued to fall on Monday
losing 8.57% at midday.

Wavecom shares have been hit hard since Thursday when the company
announced a loss in second-quarter operations.The company's
shares lost 14% following the announcement sliding to 127 euros.

On the Paris Nouveau Marche Wavecom last traded at 114 euros.


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

PANDESIC:  SAP Closes Loss-Making Application Software Unit
-----------------
Handelsblatt  August 1, 2000

German software giant SAP AG and U.S. chipmaker Intel Corp.
Monday announced they are shutting down their loss-making
Pandesic joint venture.

Pandesic, an e-commerce application software provider, was set up
in 1997. It failed to turn a profit throughout its three-year
history.

Monday's announcement might have been expected to have caused
much chagrin. After all, it marks the failure of an e-business
project - and at a time when SAP's activities in this area are
under intense scrutiny from the financial markets.

But analysts on Monday warned against reading too much into
Pandesic's closure, arguing that it made sense to close down a
loss-making unit and the move would exert only a minimal effect
on SAP's business figures. "Pandesic was one of many experiments
started at the height of the Internet euphoria three years ago,"
Delbr?ck Asset Management analyst Alfred Schoengraf said.

The markets, for their part, clearly welcomed the news. Shares in
SAP closed up 5.98% at 195 euros.

SAP on Monday did not reveal how much the Pandesic venture had
cost it over the past three years. However, in the group's 1999
business report, Pandesic is reported to have generated a loss of
44.1 million euros.

This loss will be divided evenly between SAP and Intel. The
Pandesic closure is not expected to place any real burden on
SAP's results for the third quarter of 2000.

But the failure of the project adds weight to the arguments of
those who are generally skeptical of the profitability of e-
business ventures - and these skeptics exert a not inconsiderable
influence over the development of the share price of the
companies involved.

Pandesic supplied Internet shops with hardware and software. The
company's unique selling proposition was that customers did not
have to pay for the goods until they entered profit. This
ultimately proved unsustainable.

But the group's products were well received by clients, and there
were no technical difficulties, a SAP spokesman said. After
initial difficulties had been overcome, Pandesic sales in 1999
rose significantly to 7 million euros.

Still, it took a 400-strong workforce to generate the group's
sales of 7 million euros, suggesting that overheads were too
high. Factors such as these would appear to have made it plain
over the past few months that the group would not achieve its
goal of entering profit in 2001. The earnings situation had not
improved since the beginning of the year, SAP said on Monday.

The 400 employees are to be offered alternative employment with
SAP and Intel. Meanwhile, Pandesic's customers will be offered a
transfer to another e-commerce platform - in particular
mysap.com.


PFLEIDERER AG:  Restructuring Pushes Supplier Group Into the Red
--------------------
Handelsblatt  August 1, 2000

Germany's Pfleiderer AG said Monday restructuring costs had
pushed pretax profit for its 1999/2000 business year (ended May
31) to below year-earlier levels.

The group - a supplier of products and solutions for the
infrastructure and building industry, including furniture - said
difficult market conditions and one-off provisions for
restructuring had led to a drop in pretax profit from 51.4
million euros in the previous fiscal year to 2.8 million euros,
according to preliminary figures. The group posted an unspecified
loss after tax. Sales rose 17.5% to 1.44 billion euros.

Pfleiderer said the restructuring program, which is now
completed, had helped to increase its flexibility and
competitiveness. Pretax profit included provisioning charges of
37.0 million euros. The exact loss figure is to be announced in
August.

Furthermore, the loss included reserves set aside for pension
provisions and for compensation payments to people who worked as
forced laborers during the National-Socialist era.

Earnings before interest, taxation, depreciations and
amortization rose by 19.7 million euros to 166.0 million euros in
the reporting period. The group said it intended to pay a
dividend of 0.30 euros.

The group's main shareholder, Pfleiderer Unternehmensverwaltung,
said that it would waive its right to a dividend in order to
support the group's restructuring program.

For 2000/2001, Pfleiderer forecast stable sales with pretax
profit set to come in at around 51 million euros, matching the
level obtained in 1998/99.


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

LIETUVOS DUJOS: Govt to Look Into Gas Tender Violations
--------------------------------
BNS July 31,2000

The Lithuanian government has appointed a panel to look into
possible violation of established procedures by a commission
responsible for selecting an adviser on the privatization of the
gas utility Lietuvos Dujos [Lithuanian Gas] through a public
tender, officials said on Friday.

The newly-appointed commission is expected to present its
conclusions early next week, Economy Minister Valentinas Milaknis
said in a news conference.

Prime Minister Andrius Kubilius asked Milaknis to investigate
possible violations following media reports that the tender
commission, headed by Deputy Economy Minister Vytenis Junevicius,
began talks with two potential advisers simultaneously.

A consortium led by PricewaterhouseCoopers (PwC), the runner-up
in the tender, was invited for talks after negotiations with BNP
Paribas, the winning consortium, were cancelled last week. At the
same time, the commission began talks with members of a
consortium led by ABN Amro, which was third on the bidder list.

Milaknis said a new tender might be announced in case no other
solution of the problem was found. "But this option would be
disadvantageous for our economy," the minister said.

In such case, the government will not be able to carry out its
plan to sell Lietuvos Dujos by December 1 this year, he added.
Richard Kent, an ABN Amro representative, has confirmed to BNS
that the consortium held talks with the commission. "We have
completed talks on the deal, and now it is up to the government
to choose (between the two bidders)."

The tender commission, which had been expected to announce its
decision on Friday, has been asked to wait for conclusions by the
newly-appointed panel, Milaknis said. The minister declined to
comment on whether Junevicius was able to continue work at the
commission. "It will be clear next week if there were violations
and to what extent the deputy economy minister himself is
responsible for them," Milaknis said.

On Thursday, the UK embassy in Vilnius asked the Lithuanian
Foreign Ministry to explain the situation. Milaknis said
Junevicius had met with members of the embassy staff.


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

ONAKO OIL:  Auction to Start
---------------
The Moscow Times  August 1, 2000

Chairman of the State Property Fund Vladimir Malin has not ruled
out attempts to disrupt the sale of an 85 percent stake in the
Onako oil company, Interfax reported.

In an interview with Vedomosti newspaper published Monday, Malin
said the company "will be sold no matter what."

It was announced that the property fund would release the results
of the competition for the sale of 85 percent of the shares of
the Onako oil company on September 19. The receipt of bids began
July 21 and will end September 14. The starting price for the 85
percent stake was set at $425.3 million. The winner of the bid
must also cover the 125,000 rubles (about $4,500) cost of the
pre-tender audit.


PLASTPOLYMER:  Chemical Firm Hopes Bad Times are Over
---------------------
The Russia Journal  July 29, 2000

ST. PETERSBURG - After surviving a fierce ownership battle, the
suspected contract killing of its CEO and the maze of current
Russian bankruptcy legislation, the region's biggest chemical
recycling company, PlastPolymer, hopes to start making a profit.

Sergei Kisenko, PlastPolymer's chairman of the board, said the
enterprise hopes to pay off most of its debts by the end of the
year and register a profit for the first time since it was
privatized seven years ago.

The firm is due to move out of bankruptcy by striking an
agreement with 21 creditors that will set out terms for paying
back the 29 million rubles ($1.05 million) that it still owes.

The enterprise was declared bankrupt in April by the city's
Arbitration Court after two firms took action over a combined
debt of $4,720 that they were owed by PlastPolymer.

"They were lucky [in winning the case in court and having
PlastPolymer declared bankrupt] because they managed it before
the Federation Council adopted amendments to the current Federal
Law on Bankruptcy," Kisenko said. Before the amendments were
adopted, he added, a creditor could succeed in getting an
enterprise declared bankrupt for being unable to pay just $1,525
in time.

"It's nonsense. You could make a big company with a staff of
1,300 go bankrupt just because it could not give back some $1,500
in time, or, in our case, $4,700," Kisenko said.

Amendments to the Law on Bankruptcy, in force since April, have
increased the limit for which a creditor can appeal for
bankruptcy to $15,250.

Kisenko said that besides the two creditors who initiated the
bankruptcy proceeding, none of the enterprise's other 19
commercial creditors (most of whom are shareholders) would wish
for PlastPolymer to undergo the tribulations of a bankruptcy
procedure.

Once a firm is declared bankrupt, its executive body is stripped
of power, which is handed to an external manager. In the case of
socially and economically important enterprises, this is usually
an official from the Federal Agency of Bankruptcy and Financial
Recuperation (FABFR).

Earlier this month, the St. Petersburg Arbitration Court named
Roman Protiven, 27, one of FABR's lieutenants, as PlastPolymer's
external manager for one-year. Protiven's candidacy was supported
by majority of PlastPolymer's board of creditors.

Protiven said that his major priorities at the new post would be
doing everything possible to ensure PlastPolymer pays out the
14.4 million rubles ($523,000) that it still owes to the federal
and local budget coffers. He will also strive to ensure that 2.5
million rubles of back wages are paid to employees, while
prolonging payment of the company's huge debt to a dozen federal
and municipal structures and private companies.

The external manager's appointment has effectively ended
PlastPolymer's attempts to solve its own problems,
representatives said.

Once a part of the Soviet defense industry, PlastPolymer, a
complex of two research institutes, a chemical plant and numerous
supporting structures (all occupying some 400 buildings within
the city) long enjoyed lucrative defense orders in Soviet times.
These included manufacturing plastic tubes, pipes, fittings and
other equipment for Soviet missile complexes and submarines.
Funding and cheap oil products were also provided to the firm.

A PlastPolymer shareholders, who asked not to be named, said that
one of the enterprise's major problems since it was privatized in
1993 was its former general director, Saribek Khachatryan, 62,
who stayed at his post from 1993 until December 1999.

"Khachatryan was a 'red director' in the true sense of the
meaning," said the source. "He was probably quite good at
hammering out funds from Moscow federal ministries, as he had
plenty of time to learn all the ins and outs; but he became
absolutely incapable when the [new economic] situation demanded a
new way of thinking, a new way of managing a commercial
enterprise."

He added that PlastPolymer under Khachatryan was too busy trying
to make money on tax-free operations like subletting some of its
buildings and producing tax-free products, to devote time to
examining the best way to survive. "And if there was no money in
the enterprise's financial books, how could they pay all the
taxes and workers' wages?"

Under pressure from new shareholders, who became unsatisfied with
the potentially profitable enterprise's increasingly poor
performance, PlastPolymer's extraordinary shareholder meeting in
December 1999 agreed with Khachatryan's proposal to hand over his
executive functions to a managing company, Ekosskhim.

"That was Khachatryan's last chance to keep his hand on decision
making at PlastPolymer, because Ekosskhim's CEO [Sergei] Krizhan
was [Khachatryan's] representative," said a PlastPolymer
shareholder.

But Krizhan, 44, and his 20-year-old son were killed March 22,
when Krizhan stopped his Mitsubishi jeep for a coming train, and
a hail of bullets hit the vehicle from a nearby truck. Krizhan's
wife and daughter were injured during the attack.

"It is probably quite a terrible thing to say, but [the
assassination] was the only way to root off Khachatryan's
influence from the ailing PlastPolymer," the source said.

Commenting on news that city detectives had arrested two suspects
for the assassination, Kisenko said that, as far as he knows
"besides PlastPolymer, Krizhan was on the board of several other
commercial structures in the city."

"Today, we are trying to implement exactly what Sergei Ivanovich
[Krizhan] was trying to, but the only thing I can say is that he
started the entire process [of PlastPolymer's restructuring] a
bit too enthusiastically," Kisenko added.


SVAYAZINVEST:  State Balks at Proposal for Privatization
---------------------
The St. Petersburg Times  August 1, 2000

Arthur Andersen consultancy has said the government can bring in
$5 billion by privatizing national telecoms holding Svyazinvest
and its subsidiaries - almost twice the current market
capitalization of the holding - but State Property Ministry
officials insist the state is not ready to relinquish industry
control. The ministry also protested a recommendation to
consolidate the industry in line with the borders of President
Vladimir Putin's seven new "super-regions." The ministry said it
might not make sense technologically.

Arthur Andersen presented its recommendations to the ministry on
Monday. The recommendations were commissioned by the ministry and
funded by the World Bank. The recommendations came in two parts -
the first that the unruly holding of 88 regional and national
telecoms operators be consolidated into a more manageable number
and the second that they be partially privatized.

Representatives of the Property Ministry protested proposals on
the subsequent privatization of the newly consolidated
subsidiaries. The ministry has put off confirmation of the Arthur
Andersen plan until mid-August. The government must then issue a
decree to kick off the restructure officially.

Peter Raymond, who headed the Arthur Andersen project, said when
consolidation is completed - a process expected to take about a
year - blocking stakes in each company should be put on the
auction block.

The next step in the Arthur Andersen plan is the sale of a 25
percent-minus-two-shares stake in Svyazinvest itself. The buyers
would not be strategic investors, but rather venture capitalists.
Commerzbank, the financial adviser on the plan, has already
reported about the interest of both groups of investors. The
Svyazinvest stake would cost from $600 million to $1 billion, and
the rest of the $5 billion will come from the sale of stakes of
regional companies. The current market capitalization of
Svyazinvest is estimated to be worth $2.5 billion. If the second
Svyazinvest stake were sold today, the price would likely be less
than $400 million, analysts say.

Alexander Borodin, head of the State Property Ministry's
department for transport and communications, said Arthur
Andersen's proposed scheme would signal the state's exit from the
telecoms industry. "At the present stage this is impossible," he
said, adding that the ministry was satisfied with Arthur
Andersen's work. "The Property Ministry is not aiming for the
quick sale of Svyazinvest," Borodin said.

Borodin said the ministry objected to the holding's loss of
control over regional operators, saying Svyazinvest's raison
d'?tre would be cast in doubt. He also said proceeds from the
sale of stakes in the subsidiaries would go not to the
government, but to Svyazinvest - and its current investor, the
Cyprus-based holding Mustcom Ltd., which owns a fourth of the
holding.

The ministry approved the consultancy's recommendations on
consolidating the 88 companies in the holding. Svyazinvest has
already kicked off the consolidation process in St. Petersburg,
Yekaterinburg, Rostov-on-Don and Novosibirsk. While the plan has
government approval, minority shareholders have objected in
Rostov and St. Petersburg, where a restructuring is going forth
pending the Oct. 12 court hearing of a suit by a lone
shareholder.


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

ADVOCATS LTD:  Liquidation proceedings
-------------------
Company Name:   Advocats Ltd
Company No:   3100049
Com. Business:   Marketing/Information Services
Appointed on:   11/07/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Michael Ioannou  IPno: 6895    
Firm Name:   Gregory Michaels & Co
Address:   6 Southwick Mews  Paddington
City Postcode:   London  W2 1JG


ALERT INVESTIGATIONS LTD:  Liquidation proceedings
-------------------
Company Name:   Alert Investigations Ltd
Company No:   2463659
Com. Business:   Tracing & Enquiry Agents
Appointed on:   11/07/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   G Bell  IPno: 8710  R W Traynor  6730
Firm Name:   Begbies Traynor
Address:   Elliot House  151 Deansgate
City Postcode:   Manchester  M3 3BP


APRES LTD:  Liquidation proceedings
-------------------
Company Name:   Apres Ltd
Company No:   IR
Com. Business:   
Appointed on:   11/07/00
Type:   Members
Appointed by:   Members
Liquidators:   Tim Regan  IPno:     
Firm Name:   Regan & Co
Address:   Abbey House  155 Drimnagh Road
City Postcode:   Dublin  12


BARLANFIN LTD:  Liquidation proceedings
-------------------
Company Name:   Barlanfin Ltd
Previous Name:   Cameron McDonald Ltd
Company No:   1097599
Com. Business:   Financial Services
Appointed on:   11/07/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Stephen L Conn  IPno: 1762    
Firm Name:   Stephen Conn & Co
Address:   17 St Anns Square
City Postcode:   Manchster  M2 7PW


BARLANIN LTD:  Liquidation proceedings
-------------------
Company Name:   Barlanin Ltd
Previous Name:   Seven Stars (Imports) Ltd
Company No:   2401513
Com. Business:   Investment Management
Appointed on:   11/07/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Stephen L Conn  IPno: 1762    
Firm Name:   Stephen Conn & Co
Address:   17 St Anns Square
City Postcode:   Manchster  M2 7PW


BARLANOLD LTD:  Liquidation proceedings
-------------------
Company Name:   Barlanold Ltd
Previous Name:   Cameron McDonald Ltd
Company No:   2107852
Com. Business:   Investment Management
Appointed on:   11/07/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Stephen L Conn  IPno: 1762    
Firm Name:   Stephen Conn & Co
Address:   17 St Anns Square
City Postcode:   Manchster  M2 7PW


CLICKMANGO:  Online Natural Health Retailer to Close in September
-------------------
UK online natural health retailer Clickmango is to cease trading
in September.

The site, which sells vitamin supplements, natural therapies and
beauty products, follows sports and fashion e-tailer Boo.com in
becoming another conspicuous dot.com casualty.

Clickmango failed to raise fresh funding - thought to be in the
region of ?300,000 - after existing backers became concerned that
changing times in the dot.com had reduced its chances for
success.

"We needed a strategic partner, and in the absence of that
partner the investors didn't feel confident," co-founder Robert
Norton told Revolution UK.

The news will come as a blow to the site's celebrity backer and
figurehead Joanna Lumley, whose cartoon-strip avatar has graced
the site since its launch three months ago.


CREATIVE SYSTEMS INTERNATIONAL LTD:  Liquidation proceedings
-------------------
Company Name:   Creative Systems International Ltd
Company No:   3466942
Com. Business:   Manufacture of Computers/Equipment
Appointed on:   11/07/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Timothy F Corfield  IPno: 1071    
Firm Name:   Griffin & King
Address:   26-28 Goodall Street
City Postcode:   Walsall  WS1 1QL


EGG BANK: Mendoza buys Egg
-------------------
Citywire  July 31, 2000

Roberto Mendoza, the chairman of Egg, the Prudential's internet
banking arm, bought 200,000 shares in the company last week.

Mendoza bought the shares, which comprise his total holding, on
Thursday at 118.3p. Since then the price has dropped to 115.5p.

Today actually saw Egg rise by 1.5p on the day but it this
against the trend it has followed since flotation in June at
160p. It did rise slightly towards the end of June but has kept
on rolling downwards since then.

It was rated a Sell by Nomura and Williams de Bro? this month.


EIGHTIES POP: Declared Bankrupt
--------------------------
THE SUNDAY TIMES July 30,2000

MIKE STOCK, one-third of the 1980s' music machine Stock, Aitken
and Waterman  which produced a string of hits for acts including
Kylie Minogue, Rick Astley and Bananarama, pictured right - has
been declared bankrupt, writes Lucinda Kemeny.

Stock, along with Pete Waterman and Matt Aitken, were one of the
most successful pop promotion teams in the 1980s, but the
partnership collapsed and there have been several court battles
over copyright since then. The bankruptcy order against Stock,
made at the end of June, follows months of action by the Inland
Revenue and Coutts bank to secure payment of unspecified debts.
Stock is now awaiting a High Court meeting of creditors in August
to decide who will become his trustee.

Coutts served Stock with a ?211,000 writ in 1998 when Love This
Records, a company of which he was a director, went into
liquidation. A High Court hearing last November confirmed Coutts
could pursue its action against Stock. The news comes less than a
year after Stock and Aitken lost a legal action to recoup
hundreds of thousands of pounds from Waterman. Stock and Aitken
claimed he gave up control of the rights in recordings without
their consent, but they dropped their claim.


FEATURE LTD:  Liquidation proceedings
-------------------
Company Name:   Feature Ltd
Company No:   3653853
Com. Business:   Club/Bar
Appointed on:   11/07/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Martin Pocock  IPno: 8555    
Firm Name:   Martin Davis
Address:   295 Whitechapel Road
City Postcode:   London  E1 1BY


FLOODLITE LTD:  Liquidation proceedings
-------------------
Company Name:   Floodlite Ltd
Company No:   3587379
Com. Business:   Management Leasehold Property
Appointed on:   11/07/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Martin Pocock  IPno: 8555    
Firm Name:   Martin Davis
Address:   295 Whitechapel Road
City Postcode:   London  E1 1BY


GREENWICH THEATER: Health Remains Fragile
------------------------
The Independent July 30, 2000

The Greenwich Theatre, just minutes away from the Millennium Dome
in London, on which hundreds of millions of public money has been
spent, was forced to shut down in 1998 for want of pounds
210,000.

That was the amount of the grant withdrawn by the London Arts
Board, which said that the state of finances, attendances and
some performances had not been satisfactory.

A public appeal for funds failed, and the theatre staggered to
closure on a diet of pantos and touring shows. Its final
production was a poorly received Romeo and Juliet. The Greenwich
has now re-opened, and has a tie-up with the Theatre Royal,
Stratford East, but its health remains fragile.


HYDER:  Boardroom Split Over Break-Up Option
----------------
The Independent  August 1, 2000

Hyder, the Welsh water and electricity company, was last night
still considering an increased ?495m offer from Nomura, the
Japanese investment bank, amid signs of a boardroom split at the
utility.

The Hyder board met yesterday to consider the latest bid in the
takeover saga, which has become a three-way battle. Hyder was
also discussing an unusual alternative break-up proposal,
submitted last week but only made public at the weekend, from a
newly-formed company called Glas Cymru, led by Lord Burns, the
former permanent secretary at the Treasury.

Western Power Distribution, a US joint venture, also has a 300p a
share bid on the table.

Insiders said the Hyder board was split, with chief executive
Graham Hawker favouring Nomura, but other members backing Glas
Cymru. No decision was announced by Hyder.

It is thought that on Friday last week, Nomura told Hyder that it
was willing to raise its offer, from the 260p a share bid in
April, to 320p a share - conditional on a recommendation.

Hyder said on 18 July that it would re-examine the possibility of
breaking up the company - an option looked at before the original
Nomura bid. It appointed investment bank Merrill Lynch to work on
the proposal. Industry sources said that the eleventh-hour Glas
Cymru proposal was the outcome of the Merrill Lynch review.

Lord Burns is heading Glas Cymru, a firm set up specifically for
the bid. It styles itself as a nationalistic offer "by Welsh
people for Welsh people". The rival US and Japanese takeover
plans have aroused strong emotions and fears of job losses in
Wales - Hyder is the biggest company there. Aside from Lord
Burns, the other members of Glas Cymru have not come forward
publicly.

The plan would see Glas Cymru take on the Hyder water business
and its ?1.7bn of debt. Hyder would then be free to sell the
electricity business. Glas Cymru would not be a mutual owned by
its customers - an option already rejected by the regulator in
the case of another utility Kelda - but would be owned and
controlled by 200 "members" who will be "drawn from a wide range
of Welsh life". It would not be run for profit and is backed by
Barclays Capital, the bank originally supposed to finance the WPD
bid but which later withdrew its involvement.

Nomura has been irritated by Hyder reconsidering a break-up,
which it sees as unworkable and likely to further delay the bid.
Waiting for regulatory clearance for the WPD bid has already
prompted several extensions of Nomura's offer, which is now due
to close on Wednesday. WPD is still awaiting a decision on
whether its bid is to be referred to the Competition Commission.


HYDER:  UK electricity and water company recommends Nomura
------------------
Financial Times  July 31, 2000

Hyder, the UK electricity and water company, will on Tuesday seek
to end months of uncertainty over its future by announcing that
it has recommended a bid from Nomura, the Japanese investment
bank.

Nomura is understood to have made an increased offer of 320p a
share for Hyder late on Monday night, valuing the equity at
around ?495m ($744m). Hyder also has ?1.9bn of debts. The bank
had originally tabled a 260p offer for Hyder but was trumped by a
300p bid from Western Power Distribution of the US. The shares
closed at 323p, up 3p, on Monday.

The Hyder board met on Monday to discuss all the group's options
including a so-called "people's" bid from a new, non-profit
company called Glas Cymru.

Chaired by Lord Burns, the former permanent secretary to the
Treasury, Glas Cymru had planned to break Hyder up by selling its
electricity distribution business and transferring its water arm
to non-profit ownership.

It planned to present itself as an alternative to the mutual
model of ownership, proposed by Kelda, owner of Yorkshire Water,
but ruled out last week by the industry regulator.

It is understood that the board of Hyder was keen to recommend
Nomura's increased offer after Western Power's bid became clouded
by regulatory issues.

However, it is believed that Nomura only agreed to increase its
bid for Hyder on the condition that the board recommended the
offer immediately and dropped the third option, according to
people close to the deal.

Stephen Byers, the UK trade secretary, was expected to decide
within the next few days whether to refer Western Power's bid to
the Competition Commission.

Western Power was also waiting to see whether the US Securities
and Exchange Commission would allow it to own a foreign water
company.

Western had planned to outsource the running of Welsh Water to
United Utilities, which also owns North West Water.

The long-running Hyder saga is being closely watched by other
water companies, which have seen their shares underperform the
market by almost 40 per cent this year.


HYDER PLC:  Nomura Bids for $3.6 Billion
----------------
Bloomberg  August 1, 2000

Nomura Securities Co.'s private equity arm agreed to buy Hyder
Plc, a Welsh electricity and water utility, for 2.4 billion
pounds ($3.6 billion), prompting Southern Co. and PPL Corp to
mull raising their bid.

Nomura raised its offer to 320 pence per share, topping the 300
pence per share bid of the two U.S. utilities and exceeding its
original offer of 260p per share. Nomura will also assume 1.9
billion pounds of Hyder's debt.

``We are delighted that the board of Hyder has decided not to
pursue the break-up strategy and has concluded that our new offer
is in the best interests of Hyder shareholders,'' said Guy Hands,
head of Nomura's U.K. private equity arm.

Nomura, which owns a string of U.K. pubs and hotels, has been
searching for a utility to use its cash flow, while Southern and
PPL want to merge Hyder's electricity unit with their own. Hyder
put itself up for sale earlier this year after government-
mandated price cuts drove it to a first-half loss.

Western Power Distribution, the U.K. venture of Southern and PPL,
said it is ``considering making a revised offer'' for Hyder and
``will make a further announcement as soon as is practicable.''


JORVIK INVESTMENTS LTD:  Liquidation proceedings
-------------------
Company Name:   Jorvik Investments Ltd
Company No:   1223105
Com. Business:   Industrial Roof Refurbishment
Appointed on:   11/07/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Gary E Blackburn  IPno: 6334  Paul A Whitwam  8346
Firm Name:   Begbies Traynor
Address:   30 Park Cross Street
City Postcode:   Leeds  LS1 2QH


KELDA:  Regulator decision could sour investors
----------------
Financial News    July 31, 2000

The UK water regulator's decision to deny restructuring proposals
by Kelda threatens to further sour European bond investors' view
of British utilities.

UK water regulator Ofwat last Tuesday rejected proposals by
Kelda, which owns Yorkshire Water, to transfer its assets to a
mutual company owned by its customers. Kelda had argued that the
restructuring would allow it to become an operating company that
could bid for work further afield.

The mutual company would have been wholly debt financed, assuming
Kelda's existing ?1.4bn (?2.2bn) debt stockpile. However, Ofwat
director-general Sir Ian Byatt said the existing equity-based
systems of running water companies had worked well and that
Kelda's plans could not proceed in their present form.

Kelda made the proposals in April in response to price caps
designed to cut the average UK household water bill by 12.3% this
year.

The proposals caused turmoil in the bond markets. The company was
in the process of selling ?150m of bonds due 2031 when it floated
the scheme. Moody's and Standard & Poor's immediately placed the
A1/A company on review for downgrade.

In an unprecedented move, the company increased the deal's coupon
by 25bp to 6.625% to compensate investors for the restructuring
announcement.

Last week's Ofwat decision, although amounting to little more
than 'situation unchanged' for bondholders, sparked a similar
furore. Holders of Kelda's sterling bonds - the repriced deal due
2031 and an older deal due in 2010 - expressed their confusion.

'I'm really not getting any clear sense of the direction this
sector's going in - either from the regulator or from the company
itself,' says the head of corporate bonds at a London-based
investment firm which owns Kelda sterling bonds. 'This is already
a sector that equity investors won't invest in. The regulator is
doing everything it can to make sure that bond investors won't
invest in it either.'

Continental investors' reaction was more extreme. Kelda has ?500m
bonds due to mature in 2006, its only non-sterling debt. The deal
was launched last July at an equivalent spread of around 40bp
over euribor but had been trading around 35bp wider since the
mutuality proposals were announced. The bonds lurched still wider
last week as investors in Germany, Italy and Switzerland tried to
sell their holdings.

'Continental investors' long tradition of running portfolios of
government bonds hasn't prepared them for the dynamic nature of
corporate credits,' says Andrew Carrie, a corporate bond analyst
at Dresdner Kleinwort Benson.

'The fact that the water industry is only beginning to deregulate
across most of Europe makes these sorts of credit event all the
more unsettling,' he adds.

The decision could have profound implications for the UK water
industry. Most other large water companies were understood to be
considering similar proposals to those put forward by Kelda.
Reinventing themselves as operating companies could allow water
utilities to return around ?18bn in capital to shareholders.

'Reasonably constant access to the capital markets is critical
for companies in an industry like this with high levels of
ongoing capital expenditure,' says Chris Melendes, a credit
analyst at Morgan Stanley Dean Witter.

He thinks UK water companies will need to put a floor on their
credit ratings of high Triple B in order to preserve ongoing
access to the debt markets. Access to continental investors is
likely to increase as deregulation gathers pace across Europe; a
development many UK utilities are likely to regard as a buying
opportunity.

Kelda intends to press ahead with restructuring proposals that
are likely to include some element of mutuality. The company is
privately gambling on a softening of Ofwat's hardline stance from
this week, when Philip Fletcher succeeds Byatt as director-
general.

Kelda is being advised on its restructuring by Barclays Capital.


LIMROS LTD:  Liquidation proceedings
-------------------
Company Name:   Limros Ltd
Company No:   3841802
Com. Business:   Supply Nuts & Bolts
Appointed on:   11/07/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   David R Acland  IPno: 8894    
Firm Name:   Begbies Traynor
Address:   1 Winckley Court  Chapel Street
City Postcode:   Preston  PR1 8BU


MULTISTOCK (UK) LTD:  Liquidation proceedings
-------------------
Company Name:   Multistock (UK) Ltd
Company No:   2882271
Com. Business:   Wholesalers of Ironmongery
Appointed on:   11/07/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   William Duncan  IPno: 6440    
Firm Name:   Pannell Kerr Forster
Address:   Knowle House  4 Norfolk Road
City Postcode:   Sheffield  S2 3QE


PEUGEOT : Strike Suspended
-----------------------
BBC NEWS July 31,2000

The threat of an all-out strike by workers at car giant Peugeot
has been suspended.

Unions and management agreed to hold further talks in the
dispute, which is about working hours.

Workers at the French firm's Coventry factory, who have held two
24-hour walk-outs in the past week, had been planning an
indefinite stoppage on their return from the summer shut-down on
21 August.

But union leaders suspended the action after a meeting with the
company, which has agreed not to impose changes to working
practices.
The introduction of new contracts will be deferred for three
weeks, with both sides saying they are hopeful of reaching a deal
and averting further disruption.

Union leaders had recommended acceptance of a deal to cut hours
from 39 to 36.75 a week.

But the proposal was narrowly rejected by workers because it
would mean more Friday evening shifts. 1,270 were against the
offer. 1,239 voted in favour.
Peugeot Director of Personnel Mike Judge said: "In view of the
seriousness of the situation, I am pleased that we have agreed to
continue discussions and at the same time suspend any damaging
strike action."

Duncan Simpson, chief negotiator for the Amalgamated Engineering
and Electrical Union, said: "There are still some tough
negotiations ahead but given the correct spirit from both sides,
we are optimistic that a deal can be done."

Chris Liddell, chief negotiator for the Transport and General
Workers Union, said: "We are obviously pleased that we have won
further time to try to resolve this dispute.

"With some compromise from Peugeot on the key issues of changed
shift patterns, I am confident our negotiations can make
progress."

Peugeot has lost production of its top-selling 206 model worth
more than ?12m because of the strikes.

Workers at the car factory in Coventry staged a 24-hour strike on
Sunday after a similar stoppage on Thursday.

Some analysts have dubbed the dispute a "lifestyle strike", as
opposed to one over a more traditional issue such as pay.

There has been concern that the dispute could jeopardise
Peugeot's future investment in Britain at a time when car
manufacturing is suffering because of the strength of the pound
against the euro.


PROFIT SOLUTIONS LTD:  Liquidation proceedings
-------------------
Name:   Profit Solutions Ltd
Company No:   2937457
Com. Business:   Software Consultancy/Supply
Appointed on:   11/07/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   D Platt  IPno: 7471  Donald Bailey  6739
Firm Name:   Begbies Traynor
Address:   Elliot House  151 Deansgate
City Postcode:   Manchester  M3 3BP


PROVIDENCE CAPITOL HOME LOANS LTD:  Liquidation proceedings
-------------------
Company Name:   Providence Capitol Home Loans Ltd
Company No:   1853553
Com. Business:   
Appointed on:   11/07/00
Type:   Members
Appointed by:   Members
Liquidators:   Thomas A Riddell  IPno: 8969    
Firm Name:   KPMG
Address:   PO Box 730  20 Farringdon Street
City Postcode:   London  EC4A 4PP


QUEENSWAY CHINA LTD:  Liquidation proceedings
-------------------
Company Name:   Queensway China Ltd
Company No:   1501464
Com. Business:   Manufacture Ceramic Products
Appointed on:   11/07/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Michael T McCarthy  IPno: 8942    
Firm Name:   Wallets
Address:   Adventure Place
City Postcode:   Hanley  ST1 3AF


QUICKSTYLE LTD:  Liquidation proceedings
-------------------
Company Name:   Quickstyle Ltd
Company No:   3559216
Com. Business:   Shoe Wholesaler/Retailers
Appointed on:   11/07/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Martin Pocock  IPno: 8555    
Firm Name:   Martin Davis
Address:   295 Whitechapel Road
City Postcode:   London  E1 1BY


RANSONS PRESS LTD:  Liquidation proceedings
-------------------
Company Name:   Ransons Press Ltd
Company No:   1237934
Com. Business:   General Printers
Appointed on:   11/07/00
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


ROYAL ORDNANCE: Small Arms Manufacturer to Close
------------------------
BBC NEWS July 31,2000

The UK's last remaining small arms manufacturer, Royal Ordnance,
is to close by the end of this year, with the loss of up to more
than 400 jobs.

The plant, which is based in Nottingham, was depending on a
contract from the British Army for the upgrade of the SA80 rifle.

But this contract has now gone to Germany.

British Aerospace, which owns the factory, says there has been a
serious shortfall in workload.

Despite predicted annual orders of ?30m, unions are now being
consulted over the closure plans.

About 160 members of staff will be given the chance to relocate
to another factory in Cumbria.

Dai Hudd from the IPMS union which represents staff at the plant
said the closure could have been avoided.

There had been reports of problems with the Army's standard SA80
rifle.
Last month, the Ministry of Defence said it would spend ?80m to
correct faults in the weapon.

Gunmaker Heckler and Koch was expected to win the lucrative work
contract, with 22,000 SA80s scheduled to be modified at the
firm's German plant by the end of next year.


ROYAL ORDNANCE : 400 Arms Jobs Set to be Lost
-----------------------
ANANOVA July 31,2000

More than 400 jobs could be lost at Britain's last small arms
manufacturer.

Royal Ordnance, part of BAE Systems, is to close its factory in
Nottingham at the end of next year.

The move comes after the British Army awarded a contract to
upgrade its standard issue rifle, the SA80, to Germany.

BAE Systems says there is a shortfall in work at the Castle
Meadow plant despite orders of around ?30 million.

The factory currently makes field artillery pieces and also has
60 workers at the Heckler and Koch Small Arms facility.

The factory is also renowned for having one of the most complete
"pattern" rooms in arms manufacturing with versions of thousands
of weapons from around the world - owned by the MOD.

Steve Wells, speaking on behalf of the 410 workers at the site,
said: "Obviously we're not very happy about this at all. The work
on the SA80 could be done here and the factory and all the jobs
could be saved."

It is understood around 200 employees will be offered transfers
to other BAE Systems operations in Cumbria and Leicester and a
range of other packages.

Charlie Miller, of BAE Systems, said: "We very much regret having
to make this decision but believe that it is essential if we are
to ensure the long term success of the RO Defence business and to
realise our goal of creating a world class weapons manufacturing
facility."

He said the manufacturing side of the small arms business would
be moved to Barrow-in-Furness, in Cumbria, while the engineering
side of the work would go to Leicester.


SOMERFIELD: Food Giants may Fall Victim to Foreign Bids
-------------------
The Independent  July 31, 2000

The downward pressure on supermarket prices is likely to trigger
rapid consolidation in the food sector, cutting the number of
major players in the British grocery market from the current five
to three - or even two - within the next five years.

A report published by Verdict, the retail analysts, says that of
the five major UK chains, Somerfield, which is already in a
"desperate situation", and Safeway, which is struggling under the
burden of the KwikSave acquisition, are the ones most likely to
go.

The report, which comes on the day that Stephen Byers, the
Secretary of State for Trade and Industry, is due to receive the
Competition Commission's report on supermarket pricing, will
heighten fears that lower prices and trimmed profit margins will
lead to several of Britain's supermarket chains being swallowed
by European players in the next few years.

The Competition Commission report, the result of an 18-month
inquiry, has led European supermarkets to put possible takeover
plans involving UK rivals on hold. Mr Byers is expected to
publish the report in September. Should the sector be largely
absolved of accusations of overcharging, as Verdict expects, then
an upswing in deal making by such continental retailers as Metro
and Ahold is thought inevitable.

There has been growing speculation that the Competition
Commission will urge the Government to force Britain's biggest
supermarkets to reveal their prices on the internet so shoppers
can find the cheapest offers.

It is also thought that the commission wants to force
supermarkets to provide their prices, and the profits they make
on each item, to competition watchdogs on a semi-annual basis, as
well as making them available to customers on the internet.

Verdict's key conclusion in its examination of likely food and
grocery prices through to 2005 is that the Government's case for
"rip-off-Britain" will remain unproven. Recent lower price rises
in the food sector, and the takeover of Asda by Wal-Mart of the
US, mark the start of a long-term trend that will see increasing
downward pressure on food prices and the disappearance of some
major supermarket chains as they are absorbed through mergers or
acquisitions.

Richard Hyman, a research director at Verdict, said: "Anyone who
thinks last year's price deflation in the food sector was a flash
in the pan had better ready themselves for another five years of
surprises. Lower prices and lower margins will dominate trading
to 2005."

The key aim of the commission's proposals is to ensure price
transparency so that consumers can make easy comparisons between
the prices of the five biggest supermarket chains; Asda, Tesco,
Sainsbury, Safeway and Morrisons. The Commission is also expected
to urge Mr Byers to introduce measures to allow careful
monitoring of profit margins.

Verdict notes, however, that 1999 marked a watershed for the
British food and grocery sector as sales growth slipped below 4
per cent for the first time in over a decade. For the next five
years, Verdict believes that price inflation, excluding tax
increases on tobacco and drink, will be 1 per cent or less, while
the price of core food products is likely to be deflationary.

Price competition in the sector is also to rise further as Asda
and Tesco embrace everyday low pricing. Following the Wal-Mart
example in the US, they will aim to support lower prices through
productivity gains underpinned by better logistics, inventory
control, product availability and increased customer traffic.

"This represents a fundamental strategic challenge to companies
like Sainsbury and Safeway, both of whom are far more focused on
food," Mr Hyman said.


SHOWCOM PRESENTATIONS LTD:  Liquidation proceedings
-------------------
Company Name:   Showcom Presentations Ltd
Company No:   3022568
Com. Business:   Conference Organisers
Appointed on:   11/07/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   S L Smith  IPno: 6424    
Firm Name:   Mercer & Hole
Address:   Silbury Court  420 Silbury Boulevard
City Postcode:   Milton Keynes  MK9 2AF


SPRINGVALE PROPERTY HOLDINGS LTD:  Liquidation proceedings
-------------------
Company Name:   Springvale Property Holdings Ltd
Company No:   1468231
Com. Business:   Holding Co
Appointed on:   11/07/00
Type:   Members
Appointed by:   Members
Liquidators:   Kikis Kallis  IPno: 4692    
Firm Name:   Kallis & Co
Address:   Mountview Court  1148 High Road  Whetstone
City Postcode:   London  N20 0RA


T F H GROUND WORKS LTD:  Liquidation proceedings
-------------------
Company Name:   T F H Ground Works Ltd
Previous Name:   T F H Plant Hire Ltd
Company No:   2891341
Com. Business:   Construction Sub-Contractors
Appointed on:   11/07/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Derek L Woolley  IPno: 6047  Philip A Revill  6421
Firm Name:   Poppleton & Appleby
Address:   93 Queen Street
City Postcode:   Sheffield  S1 1WF


THUS:  Losses Up, Shares Down
----------------------
BBC NEWS July 31,2000

Losses at telecoms company Thus have risen dramatically after its
Demon Internet service was hit by rivals offering "free" access.
The firm unveiled operating losses of ?18m for the first quarter
of the financial year - up from ?4.6m last year.

After Monday's announcement shares in Thus plunged by 27% in
morning trade to a record low of 161p, dragging down shares in
other telecoms firms.
The rapidly-expanding group - formerly known as Scottish Telecom
- blamed current trading conditions and the impact of flat-rate
internet services for the results.

Thus said standard dial-up subscription revenues had fallen 13%
at its Demon internet service provider (ISP) as retail customers
defected to rivals offering "free" net access.

The company singled out British Telecommunication's SurfTime
service, which offers consumers a flat-rate ISP with free calls
at weekends and evenings.
"It is reducing our revenues because basically people are moving
towards SurfTime's pricing structure," said a Thus spokeswoman.

But she declined to elaborate on how Demon might respond.

Thus, which is 50.1% owned by ScottishPower, reported a six per
cent growth in turnover to ?50.6m for the quarter ended on 30
June.

The loss before interest, tax and depreciation was ?8.7m,
compared to a positive figure of ?1.7 m in 1999.

Chief executive Bill Allan said good growth in business revenues
provided a silver lining for the first quarter.
"Despite a disappointing performance in consumer services and
lower than expected headline growth, the business focus of the
company shows good signs of progress with business revenues up by
24%," he said.

During the first quarter Thus increased its operational network
by 210 kilometres to more than 5,400km.

Earlier this month it won a major contract to provide the network
system that supports Sky's telephone offering Skytalk.


THUS: Warning Spurs Review
-----------------------
THE TIMES August 1,2000

BILL ALLAN, chief executive of Thus, is to launch a "major
review" of the Scottish telecoms business after a profits warning
wiped 30 per cent off its share price yesterday.

The company, spun-out of ScottishPower last November, saw its
shares dive 67p to 153p after warning that its premium-rate
telephone service had been hit by fierce competition. This
resulted in higher than expected first-quarter operating losses
of ?18 million and sluggish turnover growth of 6 per cent to
?50.1 million.

The results were also hit by a 13 per cent year-on-year fall in
subscribers to its Demon Internet service. Mr Allan said that
this was partly because of the introduction of British Telecom's
SurfTime Internet offer and partly because Demon was
repositioning itself as a business-only service.

Shares in Thus joined the stock market at 310p and reached a high
of 844«p in March. Analysts expressed surprise at how dependent
Thus was on premium-rate phone services. Its woes hit shares in
its London-listed rivals, with Energis, Colt, Redstone and
Telewest all falling.

Mr Allan, who recently lost his finance director, Gerard McAloon,
to a technology start-up company, said he was "reviewing our
operating costs and our capital programme" as a result of the
warning.

However, he said the company's investment programme would
continue and that funding would be met from a ?220 million loan
from ScottishPower. Thus also has about ?25 million of cash. He
added: "The business services focus of the company shows good
signs of progress, with business revenues up 24 per cent."


TORCHCO LTD:  Liquidation proceedings
-------------------
Company Name:   Torchco Ltd
Company No:   2924769
Com. Business:   Manufacture of Torches
Appointed on:   11/07/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Stephen M Rout  IPno: 6062    
Firm Name:   Stephen M Rout & Co
Address:   12 Signet Court  Swanns Road
City Postcode:   Cambridge  CB5 8LA


WELSH WATER:  Hyder bid shows UK water still seeking alternatives
----------------------
European Investor & Reuters  July 31, 2000

A reported new bid for Hyder Plc which would spin off the
troubled Welsh multi-utility's water assets into a non-profit
entity shows restructuring remains top of the agenda for UK water
firms, analysts said on Monday.

The Financial Times reported on Monday that Glas Cymru, a new
company, had tabled a 1.7 billion pound ($2.54 billion) bid for
Welsh Water, which Hyder owns together with electricity
distributor Swalec. The entirely debt-funded deal would pass
Welsh Water's assets into what was described as a non profit-
making company limited by guarantee and owned by its members.

Hyder is currently the subject of a takeover battle between
Japanese investment bank Nomura Securities , which on Monday
reportedly increased its offer to 320 pence per share, and
English utility Western Power Distribution. WPD, which is owned
by U.S. groups PPL Corp and Southern Company Inc, and is offering
300 pence per share.


WM MARKETING LTD:  Liquidation proceedings
-------------------
Company Name:   WM Marketing Ltd
Company No:   2755968
Com. Business:   Market Industrial Filters/Spares
Appointed on:   11/07/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   David T Greensill  IPno: 6902    
Firm Name:   Mayfields
Address:   Church Steps House  Queensway
City Postcode:   Halesowen  B63 4AB



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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