/raid1/www/Hosts/bankrupt/TCREUR_Public/000807.mbx      T R O U B L E D   C O M P A N Y   R E P O R T E R     

                        E U R O P E

            Monday, August 7, 2000, Vol. 1, No. 64


                        Headlines

A L B A N I A

ALBKROM: TO Close After Disastrous Performance


B E L G I U M

LABOUCHERE: Dexia Acquires Dutch Investor Bank


C Z E C H   R E P U B L I C

CKD HOLDING:  Engineering Firm OKs Debt-Equity Swap
IPB POJISTOVNA:  Domeana To Sell A 65% Stake
KONSOLIDACNI BANKA: Set To Take Possible Privatization
PARAMO PARDUBICE:  71 Percent Stake to go to Highest Bidder
PRAZSKY VODOVODY(PVK): FNM Seeks to Sell 66-pct Stake


I R E L A N D

RIVERDEEP:  Posts Euro 39 Million in Annual Loss
RIVERDEEP:  Posts $7.2 Million Net Q4 Loss


L I T H U A N I A

LIETUVOS DUJOS: Commission in Talks With BNP Paribas


P O L A N D

BUD-BANK: Won't Be a Mortgage Bank


R O M A N I A

DACIA:  Posts ROL 420.6 Billion H1 Net Loss
HARD EQUIPMENT:  Delays Liquidation Due to Exceeding Debts


S W I T Z E R L A N D

UBS AND CREDIT SUISSE: Swiss Banks to Offer $1.25bn Settlement


U N I T E D   K I N G D O M

ACSIS DIRECT MAINTENANCE LTD:  Notice of creditors meeting
AQUA 1 LTD:  Notice of creditors meeting
BALTIMORE: Posts UK ?20m Pretax Loss
COLLYER ENSIGN LTD:  Notice of creditors meeting
FOCUS MANUFACTURING CO LTD:  Notice of creditors meeting

GREENTECH SERVICES INDUSTRIAL LTD:  Notice of creditors meeting
HOLBEY LTD:  Notice of creditors meeting
HYDER: Nomura Says It's Considering Options in Bidding
PANDESIC:  Business Shutdown, Latest Victims Of B2C Slump
JONES: Shoes Chain Up For Sale

KIDS-STUFF (EUROPE) LTD:  Notice of creditors meeting
KINGDOM BUSINESS SYSTEMS:  Notice of creditors meeting
LASTMINUTE.COM: Third Quarter Loss Before Tax 9.27 Million Pounds
LASTMINUTE.COM:  Posts ?26.3 Million Pretax Loss
LEYMAR ORGANISATION LTD:  Notice of creditors meeting

MALI DESIGNS LTD:  Notice of creditors meeting
MARROME LTD:  Notice of creditors meeting
N W P EXPRESS LTD:  Notice of creditors meeting
NORWEB ENERGI: TXU Buys For ?310m ($464m) Cash
PRIVILEDGE PROPERTIES LTD:  Notice of creditors meeting

PROCESS DESIGN & MANAGEMENT LTD:  Notice of creditors meeting
QUALSTONE LTD:  Notice of creditors meeting
RTR LEISURE LTD:  Notice of creditors meeting
ROADRUNNERS (PERSONNEL) LTD:  Notice of creditors meeting
SCM CORRUGATOR ROLLS LTD:  Notice of creditors meeting

SHELANA (FASHIONS)LTD:  Notice of creditors meeting
SIMON JEFFREY PLC:  Notice of creditors meeting
SYNCHROMATIC LTD:  Notice of creditors meeting
TELEWEST COMMUNICATIONS: Announces Widening Interim Losses
TELEWEST COMMUNICATIONS:  Cuts Expansion Plans as Losses Widen

TYRE TECHNOLOGY ENGINEERING LTD:  Notice of creditors meeting
VENTURE PROJECTS (UK)LTD:  Notice of creditors meeting
WPP: Faces $1bn US Newspaper Lawsuit


==============  
A L B A N I A
==============  

ALBKROM: TO Close After Disastrous Performance
-------------------------
Albanian Daily News  August 4, 2000

The government was urged this week to try and scrap all its
mining industry, but there are no buyers interested in a market
depressed by low prices.

The government was urged by officials at the Ministry of Public
Economy and Privatization to order the closure of the chrome
corporation, after catastrophic economic performance.

The company recorded a net loss this semester, but aggregate debt
could reach more than $50m.

The proposal of the ministry was to close the company, and pay
unemployment salaries to its workers for eighteen months.

"Many of the mining enterprises can not be subsidized by the
government anymore," a representative of the Ministry of Public
Economy said. "They should be given away in long leases or even
sold out."

Albkrom, the state-run giant chrome producer lost Lek2.6bn
($18.4m) last semester, and the government does not promise
anymore to find funds to pay for the salaries of the company's
employees.

The company has not paid Lek1.7bn in electricity bills to the
Albanian electricity utility, KESH, and has not also paid the
social insurance funds for its workers, about Lek0.5bn.

Lek1bn more are demanded from loan interests by banks, but the
company recalls other debts to the customs and private companies.

The government instilled only Lek98m this year for the company.

The closure of the company would cause the closure of mines in
Kalimash and in Bulqiza, Albania's richest chrome ore mines.

It will also include the ferro-chromium works in Burrel and other
objects.



=============
B E L G I U M
=============

LABOUCHERE: Dexia Acquires Dutch Investor Bank
---------------------------------
REUTERS & FINANCIAL TIMES August 3,2000

Belgian-French bank group Dexia said on Thursday it had finalised
its 896 million euro acquisition of Dutch investor bank
Labouchere from Aegon NV , announced in March.

"The acquisition of Labouchere will enhance the Dexia group's
international coverage of private banking services, so that it
now has a strong presence in the whole of the Benelux region, one
of Europe's strongest growing private client markets," Dexia said
in a statement.
Dexia is Europe's largest municipal lender.


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

CKD HOLDING:  Engineering Firm OKs Debt-Equity Swap
--------------------
Reuters & Prague Business Journal  August 3, 2000

Shareholders of the Czech engineering group CKD Holding voted on
Thursday to allow all the firm's creditors to capitalise their
multi-billion crown liabilities, CKD's spokesman Richard Pazout
told Reuters.

The shareholders also agreed to first cut the company's capital
to 10 percent of the current 4.74 billion crowns to cover
accumulated losses. The nominal value of CKD shares will
therefore fall to 100 crowns, Pazout said.

The Czech government and bank IPB - recently sold to Belgian KBC
Bank's Czech unit CSOB - were among the largest CKD creditors.

All creditors will be allowed to subscribe to the new CKD shares
that are to be issued later this year, increasing the company's
capital by at least five billion crowns.

The state is expected to acquire a significant majority in the
company after the transaction is completed.

CKD failed to issue new shares in 1997, which would have helped
it to lower debts and finance key projects. This, along with the
recession of Czech economy, forced the company to downsize its
widespread business and led to massive losses.

The stock plummeted from 1,350 crowns in March 1998 to only 27
crowns on Wednesday.

CKD was privatised in 1994 to its management, which has since
been completely replaced over the past two years.

Currently the firm is involved mainly in power and environment
engineering and in the production of diesel engines. The Czech
state is seeking a new strategic owner for the company.


IPB POJISTOVNA:  Domeana To Sell A 65% Stake
----------------------
Czech AM  August 2, 2000

The firm Domeana is negotiating with Wiener St?dtische Allgemeine
Versicherung Aktiengesellshaft to sell a 65% stake in insurer IPB
Pojistovna, according to Domeana owner GES Holding.

Wiener St?dtische owns Kooperativa, the second largest insurer in
the Czech market. CSOB is crying foul as it claims to be the
rightful owner of the majority stake in IPB Pojistovna, adding it
will soon hold 100%.


KONSOLIDACNI BANKA: Set To Take Possible Privatization
---------------------------------
The Prague Post Online  August 2, 2000

The largest administrator of risk claims in the Czech Republic --
will become a non-banking institution next year and could even be
privatized in the near future.

Finance Ministry spokesman Libor Vacek said that the three
transformation institutions set up to manage overdue debts and
aid in the transformation from communism to a free market economy
-- Konsolidacni, Ceska financni and Ceska inkasni -- will be
merged, then split into two new organizations.

Vacek said that the consolidation office will manage overdue
debts while the other office will administer development
programs.

"While development programs would remain in the hands of the
state, it's quite possible that managing overdue debts could be
placed in private hands," Vacek said.

Konsolidacni CEO Kamil Ziegler said that the company best-suited
to purchasing the consolidation division would be a strong
investor with a substantial financial base, a good reputation and
a good knowledge of Czech business.

Konsolidacni was established in 1991 to administer bad loans
granted under the communist regime. The consolidation bank later
also contributed to the restructuring of large state-owned
companies. Since 1991, the bank has assumed 230 billion Kc ($6.1
billion) of bad debt.

The banking sector recently has become the focus of
Konsolidacni's support, as banks reportedly have lost more than
300 billion Kc of the state's money in the last 10 years.

Konsolidacni has supported Czech banking through Ceska sporitelna
(CS) and Komercni banka. In an agreement on a transfer of assets
between Konsolidacni and CS -- part of the sale agreement of
Austrian Erste Bank Sparkassen's purchase of CS -- Konsolidacni
is scheduled to purchase CS's 23 billion Kc of bad debt for as
much as 14.9 billion Kc five years from now.

Last year Konsolidacni bought 33.3 billion Kc worth of CS's bad
debt for 20 billion Kc. Also last year, Konsolidacni purchased

23.1 billion Kc of bad loans at Komercni for only 13.6 billion
Kc.

The transactions between Komercni and CS were the main reasons
for Konsolidacni's 36 billion Kc loss last year.

According to Konsolidacni's financial manager Dagmar Polanska,
the bank is expected to sustain a 35 billion Kc to 50 billion Kc
loss this year.

Last year Konsolidacni sold 14 lost claims worth a nominal 3.2
billion Kc for 500 million Kc. This year it hopes to sell assets
worth 8 billion Kc with an expected yield of 2 billion Kc to 4
billion Kc.


PARAMO PARDUBICE:  71 Percent Stake to go to Highest Bidder
--------------------------------
The Prague Post  August 2, 2000

Three suitors are vying to take over one of the Czech Republic's
main oil refineries, though the wooing isn't nearly as
enthusiastic as the government hoped.

Nevertheless, the state is moving forward with plans to choose a
new owner for its 71 percent stake in the Paramo Pardubice
refinery by the end of the month.

The winner will be chosen not just by the price it offers, but by
its proposals to breathe new life into the 800-employee company.
Paramo is one of the largest employers in the east Bohemian town
-- after Aliachem -- and controls about 40 percent of the
country's oil products market.

The finalists include a partnership between Czech-based Cepramo
and Russia's Rosneft; Norex Petroleum of Canada; and an unusual
choice for a privatization bid: Unipetrol, a state-owned
refining-petrochemical holding group.

Already, one potential suitor has thrown in the towel. Lukoil,
Russia's largest refiner, withdrew its bid this month, saying a
detailed analysis led it to believe it would have to take on too
much of Paramo's debt and environmental clean-up costs.

Things aren't quite going as planned with the privatization. At
best, an August decision will put it three months behind
schedule, and the prices bidders are willing to pay are falling
well below the government's asking price.

A minimum bid of 1,000 Kc ($26.32) a share -- which translates
into roughly $23 million at today's exchange rate -- was listed
on the January call for bids.

Though officials wouldn't confirm the figures, Norex reportedly
offered 403 Kc per share (about $10 million); Unipetrol 150 Kc
per share (about $3.7 million), and Cepramo, just 1 Kc per share
(about $25,000).

Jan Slaby, an industry analyst with Wood & Co., said the prices
likely are low because of concerns about environmental cleanups,
even though the National Property Fund (NFM) says the state has
pledged to cover clean-up costs before a new owner comes on
board.

"The government thought it would be easy to sell Paramo, but
there are many liabilities," he said. "Looking at the prices,
there must be some doubt about the validity of the agreement."


PRAZSKY VODOVODY(PVK): FNM Seeks to Sell 66-pct Stake
--------------------------------
CTK August 3,2000

The National Property Fund (FNM) is proposing to sell a 66-pct
state-held stake in water and sewage company Prazske vodovody a
kanalizace (PVK) in one block in order to increase the expected
income from the sale and make the tender more attractive, FNM
spokeswoman Jana Viskova told CTK.

The original privatisation decision called for the sale in two
phases: half of the securities should have been obtained by the
purchasing party immediately and the remaining 33 pct after five
years provided that contractual conditions had been met.

The FNM has selected members of a commission to assess the bids.
It is made up of FNM representatives, Prague Mayor Jan Kasl and
the reps of the Ministries of Agriculture, Environment and
Finance.

The FNM called the tender on the sale of the 66-pct stake in PVK
on July 13. The minimum price was set at Kc721.082m.

British firm Anglian Water and 3 French companies - Vivendi
Water, Lyonnaise des Eaux and Saur - are unofficial bidders.

PVK's share capital stands at Kc792.276m. It is 100-pct owned by
the state


=============
I R E L A N D
=============

RIVERDEEP:  Posts Euro 39 Million in Annual Loss
----------------
Newswire & The Irish Times  August 4, 2000

Riverdeep, the Irish educational software firm, has announced
annual losses of $35.2 million (euro 38.92 million).

Losses at the firm, in which IBM took a 14 per cent stake worth
$85 million earlier this week, have increased 322 per cent from
$7.1 million in the year ended June, 1999. However, the company
has been expanding and has spent around $35 million on
acquisitions in the last year.

The results, in line with analysts' expectations, had little
effect on Riverdeep's share price. It closed unchanged at euro
3.50.

According to Mr John Coolican, head of technology research at
Merrion Capital: "At its present level Riverdeep is trading at
nine times projected sales for 2001. Many of its peers are
trading at three to four times sales. The stock is at a premium,
and the question is how much of that premium does it deserve."

The value of Riverdeep contracts increased over the quarter by 33
per cent to $5.2 million compared with $3.9 million in the last
quarter.

In a conference call to analysts, Riverdeep chief executive, Mr
Barry O'Callaghan, said the company had set itself an aggressive
target of 30 per cent quarter on quarter contract value growth.

This may not affect Riverdeep's revenue figures for another
couple of quarters, because new contract wins are spread over
four quarters.

Sales at Riverdeep rose sharply over the period, from $360,000 in
June 1999 to $8.3 million in the year to June 2000.

The average revenue per new subscriber increased to $9.32, a 47
per cent increase over the previous quarter. By comparison with
its last quarter, Riverdeep did not reveal the number of
subscriptions at higher value levels for this quarter.

While the figure indicates Riverdeep is reaching a higher price
point per subscriber, industry sources estimate it should be
hitting at least $10 at this stage if it is to achieve its target
of an average of $20 per subscriber.

Revenues for the quarter increased to $1.7 million compared with
$238,000 in the same quarter a year ago.

On Tuesday Riverdeep acquired the educational assets of Edmark
Corporation from IBM in a stock-for-assets deal valued at $85
million.

The value of Riverdeep founder and chairman, Mr Pat McDonagh's 38
per cent stake in the company is now estimated at around $258
million, while Mr O'Callaghan's 6 per cent holding is worth about
$40 million.


RIVERDEEP:  Posts $7.2 Million Net Q4 Loss
-------------------------
Bloomberg and The Sunday Business Post Online  August 3, 2000

Educational software company Riverdeep reported net fourth-
quarter losses of $7.2 million as spending on sales and marketing
increased.

Riverdeep's loss for the year ended June 30 widened to $35.2
million from $7.1 million in 1999 but sales increased to $8.3
million from $363,000.

Total revenue for the fourth-quarter rose to $1.7 million from
$238,400 the previous year from sales of its children's
educational software.

The company announced earlier this week that it had agreed to buy
Edmark Corp. a wholly owned subsidiary of IBM for $85 million
which gave the US computer giant a 14 per cent stake in
Riverdeep.


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

LIETUVOS DUJOS: Commission in Talks With BNP Paribas
-------------------------------

BNS & EUROMONEY August 3,2000

The commission responsible for selecting an adviser on the
privatization of the gas utility Lietuvos Dujos [Lithuanian Gas]
is expected to complete negotiations with a consortium led by the
French bank BNP Paribas within one week, officials said.

Arturas Baublys, a spokesman for the Economy Ministry, told BNS
on Tuesday the commission discussed conclusions made by a special
panel set up by Economy Minister Valentinas Milaknis to look into
possible violation of procedures in the gas company's
privatization adviser tender.

Following the panel's recommendation, the tender commission
reconfirmed the order in which bids would be considered. If no
agreement is reached with BNP Paribas, the commission will invite
for talks a consortium led by the British auditors' firm
PricewaterhouseCoopers (PwC. A consortium led by the Dutch bank
ABN Amro is next on the list. As a result, letters in which
Deputy Economy Minister Vytenis Junevicius, head of the tender
commission, invited PwC and ABN Amro to begin talks became void.

The tender commission cancelled negotiations with BNP Paribas,
named winner in the tender on July 19, saying that they had
failed to agree. On Tuesday, the investigating panel announced
their conclusion that negotiations with the BNP Paribas
consortium had not been completed and recommended that they
should be continued. "The investigating commission believes that
negotiations with BNP Paribas should be continued until details
of a purchase agreement are finalized," the Economy Ministry said
in a statement.

The panel concluded that there was no violation of established
procedures in the process of selecting the winners of the tender
as the commission chose the lowest qualified bidder, but pointed
out that Junevicius acted without proper authorization when he
invited for talks the consortia led by PwC and ABN Amro.
Lithuania wants to complete the sale of a stake in the natural
gas importer and distributor Lietuvos Dujos by December this
year. The state intends to retain at least 34 percent of shares
in the company.


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

BUD-BANK: Won't Be a Mortgage Bank
-------------------
POLISH NEWS BULLETIN & EUROMONEY AUGUST 3,2000

The Housing Development Bank will most definitely not be
transformed into a mortgage bank.

The project has been abandoned due to negative macroeconomic
conditions, such as the growing prime rates of the central bank
and the high cost of creating a new institution.

Bud-Bank is perfecting its credit offer and may obtain new funds
through a fixed-interest bond issue.

Other banks were considering setting up mortgage banks, but also
gave up on the idea. Pekao SA had already obtained a license to
establish a specialised bank with offices in Szczecin.

The macroeconomic calculations indicated, however, that this
investment would not be a profitable one.


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

DACIA:  Posts ROL 420.6 Billion H1 Net Loss
-------------------
Central Europe Online Investor & Reuters  August 3, 2000

Declines in car sales amid lower domestic demand combined with
higher operating costs have widened Romanian carmaker Dacia's
six-month losses, the company said on Thursday.

Dacia's balance sheet, made available by the Bucharest bourse,
showed its net loss deepened to ROL 420.6 Billion ($19.11
Million) over January-June 2000 from 18.3 Billion in the same
1999 period.

Data showed six-month sales declined to ROL 1.3 Trillion from 1.7
Trillion the previous year, with turnover falling to ROL 1.7
Trillion from 1.9 Trillion in the year-ago period.

Local car producers' and importers association APIA previously
said Dacia, in which France's Renault has a majority stake,
produced 17,695 units, including cars and utility vans, down 54
percent from the first half of 1999.

Dacia's six month operating expenditures climbed to ROL 2.3
Trillion from 1.9 Trillion over January-June 1999, with
expendables goods spending rising to around ROL 78 Billion from
41.9 Billion in the year-ago period.

Company officials were not immediately available to comment the
results. Dacia previously said it would halt operations for three
weeks starting August 4 for annual maintenance.

Dacia has a share capital of some ROL 1.9 Trillion, in shares
each worth ROL 1,000 at par. Significant holders include Renault
with 73.290 percent, Cyprus-based Broadhurst Investments Ltd.
with 8.221 percent, the Romanian Investments Company with 6.011
percent.

Dacia, which trades on the second tier of the exchange, closed on
Wednesday flat at ROL 500.


HARD EQUIPMENT:  Delays Liquidation Due to Exceeding Debts
-----------------------------------------------------------
Privatization In Romania  August 3, 2000

The management of the Cluj State Ownership Fund (SOF) announced
that the liquidation of the Hard Equipment Combine (CUG) in Cluj
would be delayed because of the debts.

The debts registered by CUG by the end of the first semester of
2000 amount to 193 billion ROL and the share capital of the
company amounts to 151 billion ROL. According to the new
stipulations of the law in the privatization field, the
liquidation process cannot start if the debts exceed 50% of the
share capital. The representatives of the Cluj company said that
most of the debts come from penalties.

The new CUG Cluj management, appointed at the end of June,
drafted a short and medium program that stipulates the sale of 15
assets, among which there are the steel foundry, the workers'
restaurant, the dwellings and a chalet from Marisel.


=====================
S W I T Z E R L A N D
=====================

UBS AND CREDIT SUISSE: Swiss Banks to Offer $1.25bn Settlement
---------------------------------
FINANCIAL TIMES August 3,2000

Switzerland's big two banks, will on Friday approve a $1.25bn
(?837m) settlement designed to end the long-running dispute with
victims of the Holocaust and Nazi oppression who left their money
in Swiss banks during the second world war.

The settlement should be a cause for satisfaction on both sides,
but any celebration on the Swiss side has been soured by the
comments of US Judge Edward Korman, the US judge who oversaw the
final agreement.
He has displayed an unusual degree of irritation at the way some
Swiss banks, cantons and regulators continue to delay the
process.

Judge Korman is particularly annoyed by the Swiss Federal Banking
Commission's (SFBC) refusal to support all of the recommendations
of a committee headed by Paul Volcker, the former US Federal
Reserve chairman, which had been charged with assessing the scale
of Holocaust-era accounts remaining in Swiss banks.

Mr Volcker's committee called for the creation of a central
database of the 4.1m accounts in Swiss banks prior to 1945 to
help assess the claims.
The SFBC said this was "neither necessary nor meaningful" and
that it threatened to undermine Swiss bank secrecy laws.

Judge Korman says the SFBC's decision is "inexplicable" and the
failure of private and cantonal banks to co-operate in permitting
the publication of account information has created "substantial
impediments" to the administration of the claims.

"It is disturbing to say the least that, having participated in
creating the problem that the Volcker committee was attempting to
address, the Swiss private and cantonal banks do not feel a moral
obligation to the victims of Nazi persecution," Judge Korman
says.

At first sight the final agreement differs little from the
preliminary agreement signed on August 12 1998, although lawyers
were tinkering with unpublished final amendments this week.

There is a provision for speeding up payments by the banks to
cover the costs of the claims resolution tribunal and more than
100 Swiss companies will probably have to reveal whether they
benefited from slave labour during the war if they want to avoid
the risk of further litigation.

Four Swiss insurance companies - Swiss Re, Basler Group, Swiss
Life and Helvetia Patria - have been included in the settlement
in return for agreeing to add an extra $50m to the $1.25bn
figure.

Finally, private Swiss museums and art collectors have been left
out of the settlement, which means they could still be sued for
the return of looted art work left in Switzerland.

In return for agreeing to these amendments, UBS and Credit Suisse
had hoped to rule out any further Holocaust-related legal claims
against themselves or the Swiss state, Swiss cantons, the Swiss
National Bank and Swiss companies.
However, the final settlement appears to leave the way open for
further legal action against the more recalcitrant Swiss banks
and the cantons.
If the private and cantonal banks refuse to co-operate and
disclose the account information required by the settlement
process they may not be released from all future claims under the
terms of the 1998 settlement.
The same threat also hangs over the Swiss cantons which have so
far failed to disclose the names of all refugees either expelled
or turned back at the border during the war.

The US government, which has taken the lead in resolving the
vexed issue of reparations for victims of the Holocaust, has
hailed the settlement as an "excellent example of how co-
operation and the will to fulfil a moral obligation can lead to
voluntary resolution of disputes over Holocaust-era claims".

However, Judge Korman is less enthusiastic about the Swiss
contribution.
He says the behaviour of some Swiss banks and regulators over the
past two years "amounts to nothing less than a replay of the
conduct that created the problems addressed in this case".


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

ACSIS DIRECT MAINTENANCE LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   Acsis Direct Maintenance Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.00 am
Meeting date:   01/08/00
Meeting address:   7 Chorley New Road
Meeting City Code:   Bolton   BL1 4QR
Authorised by:   A Simpson   Director  03/07/00
Liquidators:   G N Ratcliffe
Firm Name:   Ratcliffe & Co
Address:   7 Chorley New Road  Bolton  BL1 4QR


AQUA 1 LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   Aqua 1 Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   10.15 am
Meeting date:   01/08/00
Meeting address:   DTE House  Hollins Mount
Meeting City Code:   Bury   BL9 8AT
Authorised by:   A Oliver   Director  14/07/00
Last day for proxy:   31/07/00
Proxy address:   DTE House  Hollins Mount  Bury  BL9 8AT
Liquidators:   
Firm Name:   Downham Train Epstein
Address:   DTE House  Hollins Mount  Bury  BL9 8AT


BALTIMORE: Posts UK ?20m Pretax Loss
------------------
Yahoo Finance UK  August 1,2000

Analysts predict Irish encryption company Baltimore will show
pretax losses of UK?18.4 to ?21.0m losses for its first reporting
period that includes new acquisitions Cybertrust and NSJ Corp. In
a poll conducted by AFX News, the company is expected to report
revenues of between ?12.9m and ?14.5m.

The company's US rival Entrust issued a profits warning recently
because of slow sales closures, Baltimore has reacted by saying
it is performing "in line with management's expectations."

In spite of the poll, Baltimore is up 2.3pc on the London Stock
Exchange at 651.5p at 1530GMT, after hitting a peak of 3.1pc up
an hour before.


COLLYER ENSIGN LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   Collyer Ensign Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   10.30 am
Meeting date:   01/08/00
Meeting address:   5-6 The Courtyard  East Park
Meeting City Code:   Crawley   RH10 6AG
Authorised by:   A Eyers   Director  17/07/00
Last day for proxy:   31/07/00
Proxy address:   5-6 The Courtyard  East Park  Crawley  RH10 6AG
Liquidators:   Graham P Petersen
Firm Name:   Benedict Mackenzie
Address:   5-6 The Courtyard  East Park  Crawley  RH10 6AG


FOCUS MANUFACTURING CO LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   Focus Manufacturing Co Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   03.00 pm
Meeting date:   01/08/00
Meeting address:   The Old Mill  9 Soar Lane
Meeting City Code:   Leicester   LE3 5DE
Authorised by:   M A Khan   Director  17/07/00
Last day for proxy:   31/07/00
Proxy address:   The Old Mill  9 Soar Lane  Leicester  LE3 5DE
Liquidators:   
Firm Name:   HKM Harlow Khandhia Mistry
Address:   The Old Mill  9 Soar Lane  Leicester  LE3 5DE


GREENTECH SERVICES INDUSTRIAL LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   Greentech Services Industrial Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   03.00 pm
Meeting date:   01/08/00
Meeting address:   1 Beaufort Gardens
Meeting City Code:   London   NW4 3QN
Authorised by:   H H Hui   Director  17/07/00
Last day for proxy:   31/07/00
Proxy address:   21-23 Station Road  Gerrards Cross  SL9 8ES
Liquidators:   
Firm Name:   Phillips & Co
Address:   21-23 Station Road  Gerrards Cross  SL9 8ES


HOLBEY LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   Holbey Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   10.30 am
Meeting date:   01/08/00
Meeting address:   9 Kingsway
Meeting City Code:   London   WC2B 6XF
Authorised by:   D Sedley   Director  14/07/00
Last day for proxy:   
Proxy address:   
Liquidators:   Gerald M Krasner
Firm Name:   Bartfield & Co
Address:   Burley House  12 Clarendon Road  Leeds  LS2 9NF


HYDER: Nomura Says It's Considering Options in Bidding
--------------------------------
BLOOMBERG & FINANCIL NEWS August 3,2000

Nomura Securities Co. said it's considering its options after
Southern Co. and PPL Corp. offered 2.4 billion pounds ($3.7
billion) for Hyder Plc, topping Nomura's bid for the Welsh
electric and water utility.

Nomura is ready to increase its offer for Hyder, the Guardian
newspaper reported, citing unidentified people close to the
company. The takeover group of the Japanese securities firm had
increased its offer to 320 pence per share, before the two U.S.
utilities responded with a 340 pence-per-share bid.

Guy Hands, head of Nomura's takeover unit, is interested in Hyder
for the steady flow of cash, which can be used to back bonds and
other securities. Southern and PPL want to combine its
electricity business with their own in southern England.

``Nomura has a taste for running a utility and is likely to come
in with a revised offer,'' said Verity Mitchell, an analyst at
HSBC, in a note to investors. She rates Hyder a ``buy.''

Hyder's shares rose 24 pence, or 7.4 percent, to 347 yesterday.
The stock has risen 83 percent since March 27, the day before the
company said it was in talks with a potential buyer.

Southern's shares rose 5/8, or 2.6 percent, to 25 1/16 yesterday
on the New York Stock Exchange, while PPL fell 1/16, or 0.23
percent, to 26 15/16.


JONES: Shoes Chain Up For Sale
----------------------
FINANCIAL TIMES August 3,2000

Jones, the UK middle market shoes chain, is up for sale less than
a year after Prada bought it. The Italian fashion house seems to
have decided the brand was not classy enough.

Italians have long been attracted to classic English dressing,
with a fondness for Church's shoes, which can sell for more than
?200 a pair, Burberry raincoats and Barbour jackets.

But the Jones brand - prices range from ?50 to ?140 - appears to
fail the exclusivity test.

The company, with 83 outlets in the UK, is a subsidiary of Church
& Co, acquired by Prada after a takeover battle.

The new Italian owners have decided to concentrate on the
upmarket Church's brand, famous for its brogues, while abandoning
the "upper-middle class professionals" who are Jones's target
customers.

A price tag of about ?20m has been put on Jones, which sells its
own brand as well as shoes from Church's and Timberland. The sale
does not include the 13 Church's outlets in the UK or branches in
Canada, the US, Belgium, France, Italy and Hong Kong.

The auction is being run by Cazenove and is expected to attract
interest from both retail groups and venture capitalists. Jones
made profits of about ?2m from turnover of ?35m last year.

Prada bought Church's last year after a battle with Tod's, the
trendy footwear group founded by Italian businessman Diego Della
Valle, which walked away after deciding the price had risen too
high.

Prada paid ?106m for the Northampton-based company which was
founded 126 years ago by three Church brothers.


KIDS-STUFF (EUROPE) LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   Kids-Stuff (Europe) Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   12.00 pm
Meeting date:   01/08/00
Meeting address:   311 Ballards Lane
Meeting City Code:   London   N12 8LY
Authorised by:   D Spencer     07/07/00
Liquidators:   
Firm Name:   BBK
Address:   311 Ballards Lane  London  N12 8LY


KINGDOM BUSINESS SYSTEMS:  Notice of creditors meeting
-------------------------------------
Company Name:   Kingdom Business Systems (Midlands) Lt
IA 1986 Section:   98  
Creditors Meeting Time:   11.00 am
Meeting date:   01/08/00
Meeting address:   Beaufort House  94-96 Newhall Street
Meeting City Code:   Birmingham   B3 1PB
Authorised by:   B Ella   Director  13/07/00
Liquidators:   
Firm Name:   Moore Stephens Booth White
Address:   Beaufort House  94-96 Newhall Street  Birmingham  B3
1PB


LASTMINUTE.COM: Third Quarter Loss Before Tax 9.27 Million Pounds
--------------------------------
FINANCIAL TIMES August 3,2000

Britain's high-profile online travel site Lastminute.com Plc said
its losses before tax in the third quarter were 9.27 million
pounds, down from 11 million the quarter before.

By the end of the quarter, it had 2.1 million registered users
across Europe, 30 percent of them outside Britain.

The company which faced hefty criticism for the high price tag of
its flotation in March just before the downturn in Internet
stocks, made a gross profit of 950,000 pounds in the quarter,
from 1.05 million pounds in the
second quarter, on transactions worth 9.6 million pounds.


LASTMINUTE.COM:  Posts ?26.3 Million Pretax Loss
---------------------
The Times  August 4, 2000

Internet shopping service Lastminute.com recorded a pre-tax loss
for the nine months to June 30 of ?26.3 million (?1.6 million
loss). There is no dividend.


LEYMAR ORGANISATION LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   Leymar Organisation Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.30 am
Meeting date:   01/08/00
Meeting address:   St James Building  79 Oxford Street
Meeting City Code:   Manchester   M1 6HT
Authorised by:   A R Marley   Director  10/07/00
Last day for proxy:   
Proxy address:   
Liquidators:   R E Cook
Firm Name:   Hacker Young
Address:   St James Building  79 Oxford Street  Manchester  M1
6HT


MALI DESIGNS LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   Mali Designs Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.00 am
Meeting date:   01/08/00
Meeting address:   221-223 Chingford Mount Road
Meeting City Code:   London   E4 8LP
Authorised by:   M Hilton   Director  18/07/00
Liquidators:   
Firm Name:   A Segal & Co
Address:   221-223 Chingford Mount Road  London  E4 8LP


MARROME LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   Marrome Ltd
Other name:     Ballpark
IA 1986 Section:   98  
Creditors Meeting Time:   11.30 am
Meeting date:   01/08/00
Meeting address:   Downs Court Business Centre  29 The Downs
Meeting City Code:   Altrincham   
Authorised by:   I Collins   Director  05/07/00
Liquidators:   Nola Barber
Firm Name:   Lines Henry
Address:   27 The Downs  Altrincham  WA14 2QD


N W P EXPRESS LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   N W P Express Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   10.30 am
Meeting date:   01/08/00
Meeting address:   Regent House  Heaton Lane
Meeting City Code:   Stockport   SK4 1BS
Authorised by:   G Hardman   Director  07/07/00
Last day for proxy:   31/07/00
Proxy address:   Regent House  Heaton Lane  Stockport  SK4 1BS
Liquidators:   Tim Askham
Firm Name:   Mazars Neville Russell
Address:   Regent House  Heaton Lane  Stockport  SK4 1BS


NORWEB ENERGI: TXU Buys For ?310m ($464m) Cash
-------------------------------
FINANCIAL TIMES August 3,2000

TXU Europe, the US-owned energy company, on Thursday became the
UK's largest electricity supplier after buying Norweb Energi, the
retail energy supply business of United Utilities, for ?310m
($464m) cash.

Norweb Energi, which has 2.3m UK customers, was put up for sale
in March after struggling to attract the "critical" 4-5m
customers needed to compete in the UK's energy supply market. The
price gained by United Utilities was at the bottom end of
analysts' estimates, which ranged from ?300m-?400m.

United said TXU, which owns Eastern Energy in the South-East of
England, had assumed responsibility for its power purchase
agreements, against which it made an accounting provision of
?176m in March. The transaction was unconditional as TXU had
assumed all of the risk of obtaining the necessary regulatory
approvals.

United added that it had also been awarded ?650m worth of
contracts over the next seven years by TXU for its business
outsourcing arm, Vertex. Under the contracts Vertex will provide
Eastern Energy and Norweb Energi with customer services including
billing, call centre service and income management.

In a third strand to the deal, TXU and North West Water, United's
water utility business, have entered into an alliance under which
electricity and gas will be marketed to North West Water
customers, and water and wastewater services will be marketed to
the enlarged TXU customer base.

Analysts said the deal appeared to be a good one for both
companies. Nick Pink, utilities analyst at UBS Warburgs, said:
"Norweb Energi has gone for slightly less than we thought it was
worth but that is offset by the commitment to take on United's
power purchasing agreement and the Vertex contract."

He added that the deal could pave the way for a flotation of
Vertex as more than half of the group's sales would now be
outside of United Utilities. This was one of the criteria
stipulated by United as a condition of a flotation.
TXU said it was pleased with the price it had paid for Norweb
Energi and was confident it could deal with the power purchase
agreements it had taken on.
"TXU Europe's power trading business should be able to sell
energy from these agreements into the marketplace," it said.

The acquisition will boost TXU's UK electricity customers to 4.9m
and its gas customers to 1.1m.

John Roberts, chief executive of United Utilities, said the sale
of Norweb Energi would allow it to focus on its core skills of
asset management and customer relationship management.

"The sale proceeds will help us in the development of all our
businesses," he said.

The sale initially drew interest from a number of power
distribution companies including Scottish Power, Scottish and
Southern and British Energy, National Power, RWE of Germany and
Electricit, de France, which already owns London Electricity.

Earlier this week Scottish Power said it had decided not to make
a bid because it could not see enough value in the deal for its
shareholders.


PANDESIC:  Business Shutdown, Latest Victims Of B2C Slump
--------------------------
FINANCIAL TIMES August 3,2000

Intel and SAP shut down their business-to-consumer (B2C) joint
venture, Pandesic, yesterday, claiming there was no prospect of
making any profits in the near future.

The announcement came just one day after health site Clickmango
was wound-up.

Pandesic said in a statement: "We do not see a timely road to
profitability due to slower than anticipated market acceptability
of business-to-consumer ecommerce solutions."

The company's 400 staff will be offered a severance package, and
help finding new jobs. A skeleton operation will be retained to
support Pandesic's 50 existing customers while they look for an
alternative supplier.

An interim CEO has been appointed to cover this period, following
the resignation of the president and the incumbent CEO.

Pandesic sold a range of software and hardware packages aimed at
getting companies online, and had been in operation since August
1997.

Although the news comes as a further blow for companies operating
in the B2C space, analysts have been quick to claim this does not
signal the end of the boom.

Matthew Nordan, research director at Forrester Research, said
there was still money to be made in the B2C market, but added it
was becoming harder to find a winning formula.

He said: "The problem was that the entire business was based on
offering a cookie cutter set of applications to help regional
retailers get to the market and online first. Pandesic's
customers found that setting up the technology was not as big a
barrier to ecommerce as they first thought. They needed more help
with the marketing but Pandesic did not deliver or fulfil
customer service and getting into that would have been a whole
new market for them."

Mikael Arnbjerg, program manager at IDC's European internet and
ecommerce strategies service, agreed - but was keen to stress
that the business-to-business (B2B) market will ultimately prove
more lucrative.

He said: "The majority of revenue in the future for ecommerce
will come from B2B. There will still be a niche B2C market but it
will have to become even more targeted. People will now have to
consider what they are doing before they dot-com their business."


PRIVILEDGE PROPERTIES LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   Priviledge Properties Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.30 am
Meeting date:   01/08/00
Meeting address:   1 Winckley Court  Chapel Street
Meeting City Code:   Preston   PR1 8BU
Authorised by:   C Ainscow   Director  14/07/00
Last day for proxy:   31/07/00
Proxy address:   1 Winckley Court  Chapel Street  Preston  PR1
8BU
Liquidators:   
Firm Name:   Begbies Traynor
Address:   1 Winckley Court  Chapel Street  Preston  PR1 8BU


PROCESS DESIGN & MANAGEMENT LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   Process Design & Management Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.00 am
Meeting date:   01/08/00
Meeting address:   The Quality Hotel  Witney Way
Meeting City Code:   Tyne & Wear   NE35 9PE
Authorised by:   M Mallaby   Director  
Last day for proxy:   31/07/00
Proxy address:   2 Osborne Terrace  Newcastle-u-Tyne  NE2 1NE
Liquidators:   
Firm Name:   Marlor Walls & Co
Address:   2 Osborne Terrace  Newcastle-u-Tyne  NE2 1NE


QUALSTONE LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   Qualstone Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   12.00 pm
Meeting date:   01/08/00
Meeting address:   4 Dancastle Court  14 Arcadia Avenue
Meeting City Code:   London   N3 2HS
Authorised by:   P J Arnett   Director  11/07/00
Liquidators:   
Firm Name:   Valentine & Co
Address:   4 Dancastle Court  14 Arcadia Avenue  London  N3 2HS


RTR LEISURE LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   RTR Leisure Ltd
Other name:     Fatty Arbuckles
IA 1986 Section:   98  
Creditors Meeting Time:   11.00 am
Meeting date:   01/08/00
Meeting address:   141 Great Charles Street
Meeting City Code:   Birmingham   B3 3LG
Authorised by:   R J Taylor   Director  30/06/00
Last day for proxy:   31/07/00
Proxy address:   141 Great Charles Street  Birmingham  B3 3LG
Liquidators:   Martin T Coyne
Firm Name:   Poppleton & Appleby
Address:   141 Great Charles Street  Birmingham  B3 3LG


ROADRUNNERS (PERSONNEL) LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   Roadrunners (Personnel) Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   02.00 pm
Meeting date:   01/08/00
Meeting address:   Church Steps House  Queensway
Meeting City Code:   Halesowen   B63 4AB
Authorised by:   J Fuller     07/07/00
Liquidators:   David T Greensill
Firm Name:   Mayfields
Address:   Church Steps House  Queensway  Halesowen  B63 4AB


SCM CORRUGATOR ROLLS LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   SCM Corrugator Rolls Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   10.30 am
Meeting date:   01/08/00
Meeting address:   Elliot House  151 Deansgate
Meeting City Code:   Manchester   M3 3BP
Authorised by:        14/07/00
Last day for proxy:   31/07/00
Proxy address:   Eliott House  151 Deansgate  Manchester  M3 3BP
Liquidators:   
Firm Name:   Begbies Traynor
Address:   Eliott House  151 Deansgate  Manchester  M3 3BP


SHELANA (FASHIONS)LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   Shelana (Fashions) Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.30 am
Meeting date:   01/08/00
Meeting address:   Kensington Gardens Hotel  104 Bayswater Road
Meeting City Code:   London   W2 3HL
Authorised by:   J Kaye   Director  
Last day for proxy:   
Proxy address:   
Liquidators:   
Firm Name:   Ian Francis Associates
Address:   24 Conduit Place  London  W2 1EP


SIMON JEFFREY PLC:  Notice of creditors meeting
-------------------------------------
Company Name:   Simon Jeffrey Plc
IA 1986 Section:   98  
Creditors Meeting Time:   12.30 pm
Meeting date:   01/08/00
Meeting address:   Kensington Gardens Hotel  104 Bayswater Road
Meeting City Code:   London   W2 3HL
Authorised by:   J Kaye   Director  
Liquidators:   
Firm Name:   Ian Francis Associates
Address:   24 Conduit Place  London  W2 1EP


SYNCHROMATIC LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   Synchromatic Ltd
IA 1986 Section:   48  
Creditors Meeting Time:   01.00 pm
Meeting date:   01/08/00
Meeting address:   1 Waterloo Way
Meeting City Code:   Leicester   LE1 6LP
Authorised by:   A W Graham   Joint Administrative Receiver  
22/06/00
Last day for proxy:   31/07/00
Proxy address:   1 Waterloo Way  Leicester  LE1 6LP
Liquidators:   
Firm Name:   KPMG
Address:   1 Waterloo Way  Leicester  LE1 6LP


TELEWEST COMMUNICATIONS: Announces Widening Interim Losses
-------------------------------------------------
FINANCIAL TIMES August 3,2000

Shares in Telewest Communications, the UK cable operator, fell 11
per cent on Thursday after it warned that the roll-out of its
digital television service could be delayed by up to three
months.

The 19-1/4p fall to a 20-month low of 155-3/4p means the shares
have dropped by more than a third in the past fortnight since it
emerged Telewest had been hit by a shortage of digital set-top
boxes.

The manufacturer, Pace Micro Technology, has been unable to keep
up with demand because of a dearth of flash memory chips.
Telewest said on Thursday the original year-end target of 500,000
digital subscribers would now be met in the first quarter of 2001
and digital sales would resume in October.

Adam Singer, who took over as chief executive following the
acquisition in April of Flextech, the content provider, said
digital sales to date were 223,000, of which 80 per cent were
connected. Existing analogue customers are still being moved to
digital services while customers are being offered analogue boxes
with the option of a free digital upgrade.

"We have been connecting digital TV subscribers as fast as we can
get the boxes," he said.

Telewest also announced widening interim losses of ?296m (?264m),
prompting further broker downgrades.

Stephen Scruton, an analyst at HSBC, who disclosed the set-top
box delay recently in a sell note, said: "Every year break-even
drifts one year further away." He now forecasts Telewest will not
break even until 2010.

Sales for the six months rose 35 per cent to ?514m (?380m)
excluding a share of joint ventures but including revenues from
Flextech and the remaining 50 per cent interest in Cable London,
bought in November.

Earnings before interest, tax, depreciation and amortisation
(ebitda) rose 12 per cent to ?119.2m (?106.9m). There was a loss
per share of 11.6p (12p).
The churn rate, which measures the rate at which customers
disconnect from the service, was 14.5 per cent, excluding Cable
London.


TELEWEST COMMUNICATIONS:  Cuts Expansion Plans as Losses Widen
-------------------------------
Bloomberg & The Sunday Business Post Online  August 3, 2000

Telewest Communications said it expects to cut prices and sales
forecasts for both high-speed Internet and digital TV services as
second-quarter losses increased.

The company said its loss widened to stg ?162.9 million pounds
from stg ? 119.6 million from a year ago, because of costs for
acquisitions and new digital-TV and Internet services.

Britain's No. 2 cable-television company now expects a three-
month delay in reaching its sales targets for digital TV, and
expects only a quarter of the customers it originally forecast by
year-end.

Telewest shares, which have dropped 51 per cent this year, fell
as much as stg 19 pence, or 11 per cent, to stg 156p after the
announcement.


TYRE TECHNOLOGY ENGINEERING LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   Tyre Technology Engineering Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.15 am
Meeting date:   01/08/00
Meeting address:   Posthouse Stoke-on-Trent  Clayton Road
Meeting City Code:   Newcastle-u-Lyme   
Authorised by:   A Guy   Director  10/07/00
Liquidators:   
Firm Name:   Poppleton & Appleby
Address:   93 Queen Street  Sheffield  S1 1WF


VENTURE PROJECTS (UK)LTD:  Notice of creditors meeting
-------------------------------------
Company Name:   Venture Projects (UK) Ltd
IA 1986 Section:   48  
Creditors Meeting Time:   11.00 am
Meeting date:   01/08/00
Meeting address:   Victory House  Admiralty Place
Meeting City Code:   Chatham   ME4 4QU
Authorised by:   Simon G Paterson   Joint Administrative Receiver  
11/07/00
Last day for proxy:   31/07/00
Proxy address:   Victory House  Admiralty Place  Chatham  ME4 4QU
Liquidators:   
Firm Name:   Moore Stephens Booth White
Address:  Victory House  Admiralty Place  Chatham  ME4 4QU


WPP: Faces $1bn US Newspaper Lawsuit
------------------------------
NEWS NOW August 4,2000

WPP, the London-based advertising group, is being sued for $1
billion (?670 million) by a group of Hispanic newspapers who
allege they were frozen out of work it was doing for the US
Government.

J Walter Thompson and Ogilvy & Mather, two WPP subsidiaries, had
government contracts that included promoting a White House anti-
drug campaign.

Such federal contracts normally include stipulations that some of
this advertising spend must go to minority-owned publications.
The Hispanic Newspaper Network, a group that says it represents
"major audited minority-owned newspapers", claims that its
members were not given enough of the money.

It is suing WPP, J Walter Thompson and Ogilvy & Mather - as well
as Young & Rubicam. Phil Reiss, a lawyer for WPP in New York,
said: "We feel that it is truly a frivolous complaint.''



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.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing  and photocopying) is strictly prohibited without
prior written permission of the publishers.  

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is $575 per half-year, delivered
via e-mail.  Additional e-mail subscriptions for members of the
same firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 301/951-6400.


             * * * End of Transmission * * *