/raid1/www/Hosts/bankrupt/TCREUR_Public/000818.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

            Friday, August 18, 2000, Vol. 1, No. 73

                        Headlines

A U S T R I A

PSK: Sells for Sch17.6bn


B E L G I U M

MOBISTAR: Considers Debt, Equity to Fund Units


B U L G A R I A

VARNA SHIPYARD:  Lord Mayor's Lifeline for Debt-Hit Shipyard


G E R M A N Y

BARMAG AG:  Posts $8.4 Million After-Tax Loss
DEGUSSA-H?LS: Subsidiaries Slow Growth
IXOS SOFTWARE AG:  Posts 27.1 Million Euros Net Loss in FY2000
TELEGATE AG:  Posts DM4.5 million H1 net loss
THYSSENKRUPP: Cancels IPO on Weak Steel Sector Outlook


H U N G A R Y

MALEV AIRLINES:  Hungary Sets Partial Privatization in October


L I T H U A N I A

LIETUVOS AVIALINIJOS: Lithuanian Air Poised for Restructuring


N E T H E R L A N D S

ROPAPIN INTERPAPIER: Dutch Buhrmann Buys Packaging Wholesaler


R U S S I A

ALTAIENERGO:  Posts RUR 160 million H1 Loss


S W E D E N

DRESSMART:  Clothing Group New Wave to Takeover


U N I T E D   K I N G D O M

ACC BANK:  Shows ?9.3 Million H1 Loss after DIRT Payment
BRITISH AIR: Concorde Suspension May Cut into Operating Profits
CRESTPLAZA LTD:  Liquidation Proceedings
EIDOS PLC: Still in Takeover Talks
FISHER:  Ailing Fisher Sends Out Profit Alert

GUILDPARK LTD:  Notice of Creditors Meeting
H C CONSTRUCTION LTD:  Liquidation Proceedings
HENLY PARTNERSHIP LTD:  Notice of Creditors Meeting
HUNTINGDON: Drug Testing Firm to Refinance Debt in U.S.
HYDER: Western Power Poised to Win Takeover Battle

HYDER:  WPD Wins Bitter Battle
HYDER:  Nomura Refuses to Admit Defeat
INTELLIGENT DIRECT MAIL LTD:  Notice of Creditors Meeting
IOMART:  Posts ?1.6 million interim pretax loss
JEZZ LTD:  Notice of Creditors Meeting

KELDA: Revamps its Board
LLANWERN: Corus to Save 2,500 Jobs at Welsh Subsidiary Plant
LASERGLIDE LTD:  Notice of Creditors Meeting
LATCHINN LTD:  Notice of Creditors Meeting
LEVY BLUNDEN LTD:  Notice of Creditors Meeting

LOCKHEAD ENGINEERING LTD:  Liquidation Proceedings
METPOWER LTD:  Liquidation Proceedings
ONLINE VEHICLE CONTRACTS PLC:  Notice of Creditors Meeting
OXFORD BIOMEDICA:  Posts ?2.7 Million Interim Pretax Loss
OXFORD BIOMEDICA:  Posts ?2.69m Million H1 Pretax Loss

PPL THERAPEUTICS:  Posts ?5.8 Million Interim Pretax Loss
PATSYSTEMS:  Posts ?3.8 Million Interim Pretax Loss
PENNY KENNEDY DESIGN LTD:  Notice of Creditors Meeting
PRIZECREW LTD:  Notice of Creditors Meeting
SHORE CAPITAL:  Posts ?2.4 Million Interim Pretax Loss

SURFCONTROL:  Posts $24 Million Full-Year Pretax Loss
SWYCOS LTD:  Notice of Creditors Meeting
QXL : Falls from Grace
ROVER : Faces Fight for Survival
SMITH SOUTHALL SOLUTIONS LTD:  Liquidation Proceedings

TRINITY CAR CO LTD:  Liquidation Proceedings
VALLEYMOOR LTD:  Notice of Creditors Meeting
WWL INTERNET AG:  Posts 1.5 million euros Q2 net loss
WESCOT HIDES LTD:  Liquidation Proceedings
WOLVERHAMPTON & DUDLEY: Board to Look at Noble Bid Proposal

WOLVERHAMPTON & DUDLEY: In Tentative Talks with Botts
ZINCWAY DEVELOPMENTS LTD:  Liquidation Proceedings


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

PSK: Sells for Sch17.6bn
-------------------------
August 16 2000

Bawag, Austria's fourth largest bank, has won the battle for
control of the Oesterreichischen Postsparkasse (PSK), Austria's
fifth biggest bank, with a Sch17.6bn ($1.2bn) bid. The deal will
create Austria's third biggest banking group and hasten the
consolidation in one of Europe's most over-banked markets, the
Financial Times reports.

The new group, which will have more than 1 million customers,
will be a pure Austrian retail bank, unlike its main competitors
that have been investing heavily in building up their operations
in the neighbouring countries.

The sale of the PSK to a bank with close ties to Bavaria comes
less than a month after HypoVereinsbank, Bavaria's biggest bank,
agreed to buy Bank Austria, Austria's biggest bank, for Sch107bn.
The latest deal is a sign of the way national banking markets are
being replaced by the emergence of regional European banks, the
report says.

The sale of the PSK, which has a net worth of Sch11.2bn and a
return on equity of 8.2 per cent, is the first privatisation
since the new centre-right government led by Wolfgang Schussel
took power in February. Past Austrian bank privatisations have
become political minefields with the Austrian government
coalition partners vying to have an influence on the outcome,
accordingly.


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

MOBISTAR: Considers Debt, Equity to Fund Units
---------------------
August 16,2000

Reuters & Financial Times report, Belgian mobile phone operator
Mobistar said on Wednesday it was considering various financing
options to fund its bid for a next generation mobile phone
licence.

"We are a candidate for the UMTS licence and it's evident we have
to find money for that," spokesman Terry Bouckaert told Reuters.
"Two different (financing) possibilities include debt or a
capital increase, but it's too early to say."

Mobistar was still waiting for conditions for the UMTS licence to
be laid down by the Belgian government, he said. Bouckaert also
said Mobistar was considering options for its Mobistar Corporate
Solutions division, including a possible sale to Global One, the
corporate communications network acquired earlier this year by
France Telecom, the report says.

France Telecom is the majority owner of Mobistar.

"Selling MSC to Global One is not the only scenario," Bouckaert
said. "There could be a commercial agreement without a financial
agreement."


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

VARNA SHIPYARD:  Lord Mayor's Lifeline for Debt-Hit Shipyard
-----------------------
August 16, 2000

A rescue package for Bulgaria's largest shipyard by Britain's
Cammell Laird is on the verge of being finalised thanks to
intervention by the Lord Mayor of the City of London Alderman
Clive Martin, according to This is London.

The deal will safeguard the future of the world's 18th-largest
shipyard on Bulgaria's northern Black Sea coast and will involve
a cash injection of between ?3 million and ?6 million, report
says.

Cash-strapped Bulgaria was prepared to close down the Varna yard,
which had debts of ?51 million, until the visit by Martin to the
capital Sofia in summer, accordingly.

Both sides are remaining tight-lipped about details of the deal
until it is finalised with creditors on 30 August, but a
Bulgarian government insider said the mayor's visit had been the
turning point.

He said: 'They were expecting to close it down and had written it
off, but when the mayor of London came in summer he pushed the
government to act and after he left they had changed their
minds.', as per reports.

Bulgarian vice economics minister Levon Hampartsumian, who is
responsible for the deal for the shipyard, said that the firm
would be sold to the British company for 30p but it would also
have to come to an arrangement with creditors that would cost
between ?3 million and ?6 million to cancel the debts.

He said as far as he was concerned the deal would now certainly
go through, and added that Cammell's plans were 'satisfactory
both for the government and the creditors of the shipyard'. He
added: 'The British company had serious recommendations. I expect
the purchase to be approved at the creditors meeting on 30
August.'

The management of the Varna shipyard as well as the two major
trade unions will be at the meeting along with creditors, who
will be offered between 4% and 25% of their debt depending on
their status. The government will get 96% repayment, report says.

The move will safeguard between 1000 and 2500 jobs and work under
the British firm will start in November if the deal is approved.

Varna is involved mainly in design and construction of new
vessels as well as the manufacture of a wide range of marine
equipment and ship furnishing, per This is London.


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

BARMAG AG:  Posts $8.4 Million After-Tax Loss
------------------
August 16, 2000  

European Investor and Reuters reports Swiss-based Saurer Group's
separately listed German unit Barmag AG posted a first-half
after-tax loss of 18 million marks ($8.4 million) and a pre-tax
loss of 29 million, Saurer said on Wednesday.

No comparative figures, for the first time under International
Accounting Standards. Barmag, which is being consolidated in
Saurer group accounts from May 1, 2000, expected to break even in
the second half thanks to higher sales, report says.


DEGUSSA-H?LS: Subsidiaries Slow Growth
--------------------------
August 15 2000

Weak performance in health and nutrition slowed first half growth
at Degussa-H?ls, according to the Financial Times.

The German specialty chemicals company reported a 32 per cent
rise in operating profit, but this was at the lower end of
analysts estimates, largely due to the poor results from Asta
Medica and Stockhausen, the skincare unit, the report says.

Degussa said Asta's problems were due to difficult trading
conditions in Germany, but analysts blamed a lack of focus during
the abortive disposals negotiation for the performance. Degussa
broke off talks to sell Asta Medica in May after failing to find
a buyer prepared to take the entire unit.

Degussa is believed to be close to selling the Arzneimittelwerk
Dresden pharmaceuticals plant to the management, but plans to
sell the consumer medication and prescription drugs businesses
will take longer due to problems separating the tightly
integrated operations.

Degussa is merging with SKW as part of the merger of their
parents Viag and Veba, the German utilities. The two chemicals
groups plan to dispose of operations with sales of about E5bn.

Degussa will sell Asta Medica, the dental division, Phenolchemie
and Degussa Bank. SKW plans to divest SKW Piesteritz and its
salt, gelatines, metal chemicals and industrial chemicals units,
the Financial Times reports.


IXOS SOFTWARE AG:  Posts 27.1 Million Euros Net Loss in FY2000
------------------
August 16, 2000

HANDELSBLATT & DOW JONES reports, German software house Ixos Software
AG said Tuesday it posted a net loss of 27.1 million euros in its
1999/2000 business year, ended June 30. In the previous business
year, it reported a net profit of 10.2 million euros.

The Neuer Markt-listed company said in a press statement it
posted a 1.40 euros diluted loss-per-share in fiscal 2000,
compared with earnings-per-share of 0.52 euros a year ago, per
report.

Sales, however, rose 13% in the period to 107.7 euros million
from 95.7 million euros last year. But fourth-quarter sales fell
4% to 29 million euros.

Ixos said sales in 1999's fourth quarter had been "particularly
strong."

The company said that its fourth-quarter 21.7 million euros net
loss, down from a 4.7 million euros net profit a year ago, was
due to extraordinary items related to tax credits under U.S.
accounting system GAAP, or Generally Accepted Accounting
Principles, the report says.


TELEGATE AG:  Posts DM4.5 million H1 net loss
----------------------
HANDELSBLATT  August 16, 2000

Telegate AG said Wednesday that its first-half net loss deepened
to DM4.5 million from a net loss of DM2.3 million a year earlier.

The Munich-based telecommunications-service provider said the
loss resulted from start-up costs for its Internet Information
Services Business Unit and subsidiaries in Italy, Spain, the U.K.
and the U.S.

Telegate said its core telephone services business in Germany,
which caused the loss in the first half of 1999, "moved clearly
into the black" in the first half of 2000.

Telegate said first-half sales rose 80% on the year to DM122
million. The company posted first-half earnings before interest,
taxes, depreciation and amortization of DM500,000, down from
DM1.26 million in the first half of 1999.

Telegate said it will open its tenth and eleventh call centers in
Germany "in the coming months" to cope with growing demand for
directory-inquiry services.

The company also said it will "intensify its activities" with
Yellow-Pages and business-directory publisher Seat Pagine Gialle
SpA of Italy.


THYSSENKRUPP: Cancels IPO on Weak Steel Sector Outlook
------------------
August 16, 2000

Shares in ThyssenKrupp, the German steel and engineering group,
fell nearly 7 per cent on Wednesday morning following the
announcement it would cancel the September flotation of its steel
business, Financial Times reports.

The company said it scrapped the IPO, which was expected to raise
DM3bn ($1.43bn), in view of the weak stock market valuation of
the steel sector.
"The strategic advantages of the IPO for ThyssenKrupp do not
justify accepting the disadvantages currently associated with
it."

In July, ThyssenKrupp said it would proceed with the flotation,
despite doubts that had surfaced about the plan to list 25-32 per
cent of the business, accordingly.

Investors were concerned about the merits of an IPO after the
company's shares fell 50 per cent from their January high
following the release of disappointing figures in May.

There have been worries about an imminent downturn in the steel
business and the flotation would have provided ThyssenKrupp with
the cash to fund potential acquisitions. There has also been
speculation that the unit could be merged with Usinor of France
to create the world's biggest steel producer with a 40m tonne
annual output.


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

MALEV AIRLINES:  Hungary Sets Partial Privatization in October
-------------------------
AGENCE FRANCE PRESSE  August 16, 2000

Hungary's state privatization agency (APV Rt) said Wednesday it
would offer a partial privatization of national Malev Airlines in
October.

The tender, jointly prepared with the ING Barings Bank group,
will have several rounds. In the first one, a 10-percent stake
would be on offer, APV said, but the state would retain 50
percent plus one vote after privatization is completed.

Under Hungarian privatization legislation, majority interests in
national airlines must remain in state ownership.

APV holds nearly 97 percent of the airline after it had
repurchased last year a 35-percent share package from two
Hungarian banks which had acquired the stake from foreign
investors in 1997.

Hungary has been seeking a strategic partner for the national
airlines since 1997, when the European Union called on former
investor Alitalia to sell its foreign interests.

Alitalia bough a 30-percent share in Malev and the Italian Simest
investor group a five-percent stake for a combined price of USD
76 million (EUR) in 1992. Hungary bought back these stakes in
1997.


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

LIETUVOS AVIALINIJOS: Lithuanian Air Poised for Restructuring
--------------------------------
August 16,2000

BNS & Euromoney report that with the government financially
unable to support the modernization of Lietuvos Avialinijos
(Lithuanian Airlines, or LAL), heads of the national air carrier
are planning drastic restructuring measures, which experts say
will hardly raise the value of the company when it is put up for
privatization.

Verslo Zinios, the LAL administration have decided to liquidate
the company's branch in the Lithuanian resort of Palanga, close
four foreign representative offices and lay off 241 employees,
including 52 pilots. The economic effect of these measures is
estimated to be 786,500 litas (USD 196,625), around five million
litas and just over 1.5 million litas respectively, the report
says.

The restructuring also includes the sale and lease of part of the
company's property. LAL's aircraft fleet, however, will not be
upgraded until the end of the year because the state is not in a
position to either lend the money or provide a loan guarantee.

But experts warn that the restructuring may have grave
consequences, saying that mistakes have been made in the
privatization strategy already. Investors pay for the market,
rather than planes or buildings, but LAL risks losing its
existing foreign markets by closing representative offices in
Germany, France, Sweden and Poland, experts say according to the
reports.


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

ROPAPIN INTERPAPIER: Dutch Buhrmann Buys Packaging Wholesaler
----------------------------
August 16,2000

Reuters reports Dutch business supplies firm Buhrmann NV said on
Wednesday it would take over packaging wholesaler Ropapin
Interpapier in the Netherlands and its Antwerp-based unit Ropapin
Belgie.

Ropapin posts annual turnover of 10 million euros and employs 50
people. Buhrmann said the acquisition, of which no financial
details were disclosed, fitted its strategy to step up its
packaging distribution activities.

Earlier this month, Buhrmann said it was looking at various large
and smaller acquisition prospects in Europe and the U.S.,
according to the reports.


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

ALTAIENERGO:  Posts RUR 160 million H1 Loss
-----------------------
SKRIN "ISSUER"  August 16, 2000

There is a hard energy crisis in the energy system of Altai
Region. For 1H00 Altaienergo has a loss in amount of RUR 160
million. None of the large stations were supplied by coal, caused
by coal-miners demand for payment by cash.


===========
S W E D E N
===========

DRESSMART:  Clothing Group New Wave to Takeover
-------------------
NET IMPERATIVE  August 14, 2000

After announcing that it had gone into receivership in July,
Dressmart has been sold to the New Wave clothing group for one
Swedish kroner.

It was previously expected to be worth at least SKr12m
(?900,000), but New Wave will be taking on debts of ?750,000 and
will provide initial funding of ?375,000.

The consumer-facing operations of the company will be wound down.
Its London office with 20 staff has already been closed. New
Wave's interest is in the company's technology platform, which it
will integrate with its Cyberwave business-to-business operation.

Dressmart was launched in April 1999 by Mathias Plank and Marcus
Larsson, who raised a total of Eu20m (?12m) and then expanded
into eight European cities in 12 months. In its seed round the
company raised Eu200,000.


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

ACC BANK:  Shows ?9.3 Million H1 Loss after DIRT Payment
------------------
YAHOO FINANCE UK  August 16, 2000

ACC Bank today released its interims to June 30 2000, showing it
has settled its DIRT liability at ?17.9m. The amount has been
agreed with the Revenue, and comprises ?7.5m DIRT, and ?10.4 in
interest and penalties. The bank's results showed a half-year
loss of ?9.3m compared with pretax profits of ?11.5m for the same
period last year.

Chief executive Colm Darling said, "We fully accept that, in the
past, we failed in our obligations to ensure full compliance with
DIRT legislation."

Commenting on the DIRT settlement, chief executive Colm Darling
said, "We fully accept that, in the past, we failed in our
obligations to ensure full compliance with DIRT legislation. We
very much regret these failures. We are determined that no such
situation will ever arise again and we have taken the necessary
measures to ensure this."


BRITISH AIR: Concorde Suspension May Cut into Operating Profits
----------------------
August 15 2000

British Airways had hoped the lifespan of its fleet of seven
Concordes would end in 2015. But yesterday's suspension brought
with it the possibility of early retirement, the Financial Times
reports.

Concorde represents about 4 per cent of BA's total operating
earnings in an average year but the implications for the airline
go beyond a financial shortfall, ft notes.

All eyes on Tuesday turned to whether the fate of its flagship
product would prove the latest in a list of recent dents in BA's
public image.

Although BA does not split out the figures, analysts reckon the
supersonic operation contributes ?150m-?200m to annual revenues
and about ?20m to operating profits. However, this rose to nearly
a quarter of total operating earnings last year - BA's worst
since privatisation in 1987.

One analyst yesterday said any financial losses would be limited
by substitution. "Passengers who have travelled on Concorde will
probably just move across to subsonic." He said BA's loss of its
speed advantage should make it relatively easy for other airlines
to mop up Concorde's 400 daily transatlantic passengers in
theory. "However, BA has a good first class product and has now
fully implemented its business class bed so they probably have a
product advantage over competitors." In this sense, BA should be
able to survive any loss of Concorde by falling back on its image
as a prestige airline, accordingly.

Rita Clifton, chief executive of the Interbrand brand consultancy
which has worked with BA over the years, agrees. "Concorde has
brought some very important values to BA: speed, prestige and
leading edge innovation."

She said the airline's prestige can be replaced by the first
class and business class experience and the airline's
associations with quality. It will be harder to make up for lost
speed as there is no immediate supersonic replacement.

"However, speed is not one of the intrinsic qualities and core
values," she said. "But the loss of product advantage will
encourage BA to innovate in other areas to compensate."

Nevertheless, safety and security are regarded as fundamental
aspects of BA's image.

"As long as there's a question mark over Concorde - whether real
or imagined - BA have to act on it," she said.

It has done.

Since the crash, BA has diverted a Concorde after passengers
complained of a smell of fuel in the cabin and used two
replacement aircraft at the last minute. Experts have pointed out
that heavy media scrutiny of these events ignores the airline's
excellent safety record, the report says.


CRESTPLAZA LTD:  Liquidation Proceedings
-------------------------
Company Name:   Crestplaza Ltd
Company No:   3066794
Com. Business:   Manuf/Supply UPVC Products
Appointed on:   03/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Gary Stones  IPno: 6609    
Firm Name:   Stones Jones
Address:   63 Walter Road
City Postcode:   Swansea  SA1 4PT


EIDOS PLC: Still in Takeover Talks
------------------
August 15, 2000

LONDON (FTMW) reports, Shares in Eidos PLC rose 3.2 percent to
425 pence after the U.K. electronic games maker confirmed it's
still in talks about a possible takeover of the company.

Eidos, which makes the "Tomb Raider" game starring cyber heroine
Lara Croft, declined to name its potential suitor. For the past
two months, French rival Infogrames Entertainment has been named
in press reports as the most likely buyer of Eidos.

No Infogrames officials were available for comment, but shares in
the Lyons-based company fell 2.5 percent to 26.2 euros on the
Paris Bourse. The company's share price also fell at the start of
July on reports it had made a bid for Eidos.

Infogrames said then it was interested in buying the U.K.
company, but stated that formal talks hadn't taken place,
accordingly.


FISHER:  Ailing Fisher Sends Out Profit Alert
----------------------
THIS IS LONDON  August 15, 2000

Reports of Albert Fisher's recovery appear to have been premature
as the ever-struggling food retailer unleashed a surprise profit
warning.

The shares sank 15%, or 114p, to 7 1/4p, an annual low.

A statement ahead of the full-year results expected in October,
said: 'As a result of the shortfall of Fisher Foods' UK profits
against plan, and the higher group interest charges, year-end
profits of the continuing operations are expected to be somewhat
below market expectations.'

Analysts had been looking for about ?5.4 million at the operating
level. However, the shares remained comfortably above the 412p
five-year low hit in 1999.

Under new chief executive Terry Robinson the company has embarked
on a radical restructuring, selling off many of the assets bought
in the 1980s that left it riddled with debt.


GUILDPARK LTD:  Notice of Creditors Meeting
-----------------------
Company Name:   Guildpark Ltd
Other name:     Power Construction
IA 1986 Section:   98  
Creditors Meeting Time:   11.00 am
Meeting date:   08/08/00
Meeting address:   Elliot House  151 Deansgate
Meeting City Code:   Manchester   M3 3BP
Authorised by:   P Power   Director  25/07/00
Last day for proxy:   07/08/00
Proxy address:   Eliott House  151 Deansgate  Manchester  M3 3BP
Firm Name:   Begbies Traynor
Address:   Eliott House  151 Deansgate  Manchester  M3 3BP


H C CONSTRUCTION LTD:  Liquidation Proceedings
-------------------------
Company Name:   H C Construction Ltd
Company No:   3278082
Com. Business:   Concrete Contractors
Appointed on:   03/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   William J Knight  IPno: 2236    
Firm Name:   Jeremy Knight & Co
Address:   68 Ship Street
City Postcode:   Brighton  BN1 1AE


HENLY PARTNERSHIP LTD:  Notice of Creditors Meeting
-----------------------
Company Name:   Henly Partnership Ltd - The
IA 1986 Section:   98  
Creditors Meeting Time:   11.00 am
Meeting date:   08/08/00
Meeting address:   Forte Posthouse Hotel  Braunstone Lane East
Meeting City Code:   Leicester   LE3 2FW
Authorised by:   M Bains   Director  13/07/00
Firm Name:   Panos Eliades Franklin & Co
Address:   6 Bloomsbury Square  London  WC1A 2LP


HUNTINGDON: Drug Testing Firm to Refinance Debt in U.S.
---------------------
August 15,2000

The Financial Times reports Huntingdon Life Sciences, the drug
testing group targeted by animal rights protesters, has been
forced to turn to its US lenders to secure a ?34m ($51.1m)
financial lifeline.

The company, which tests drugs on animals, announced on Tuesday
that it had agreed a refinancing of its debt with two US-based
financial groups.
One of the groups, FHP Realty, is backed by Andrew Baker,
Huntingdon's executive chairman, and some of the company's
existing investors.

The new financing package will enable the company to repay its
?22.6m debt to National Westminster and two unnamed US banks.
Brian Cass, Huntingdon's managing director, said that a series of
attacks by anti-vivisection protesters on NatWest branches over
the past few months had prompted the company to look abroad.
"We felt that it was inappropriate to continue our relationship
with a UK high street bank," Mr Cass said.

"It is disappointing but we have to go to appropriate lengths to
protect [our backers].", according to the report.

An existing debt facility with Royal Bank of Scotland, due to
expire at the end of the month, has been extended until the end
of October, in order to finalise the new arrangements.

Under the planned refinancing, the company will enter into a sale
and leaseback agreement with FHP Realty for its laboratories in
Huntingdon, Cambridgeshire, and Princeton, US.

The company has also a agreed a $15m (?9.3m) asset-backed
facility with an unnamed US financial lender, which will be used
as working capital.

The refinancing comes after a months-long campaign against
Huntingdon by activists who accuse the company of cruelty against
animals. The protests, which have included death threats against
the company's shareholders, directors and staff, were believed to
have caused WestLB Panmure's resignation as Huntingdon's broker
in June, according to FT.

In February, Phillips & Drew, Huntingdon's largest shareholder,
sold its 11 per cent stake partly because of bomb threats from
animal rights groups.

A representative of the Stop Huntingdon Animal Cruelty group said
that the company's decision to receive US funding would not stop
the campaign.

"If they think we can't get to them in America, they are in for a
big shock. We have teamed up with American groups and are
planning protests in the US over the next six months."

Separately, Huntingdon reported pre-tax losses narrowed to ?3.9m
in the six months to June 30 against a deficit of ?5m last time.
Revenues rose 14 per cent to ?31.4m. Loss per share were 1.3p
(1.7p), per reports.


HYDER: Western Power Poised to Win Takeover Battle
---------------------------
August 16 2000

Financial Times reports Western Power Distribution on Wednesday
night looked poised to win the four-month battle for Hyder, the
struggling Welsh utility, after the Takeover Panel dismissed an
appeal by rival bidder Nomura.

The Japanese bank has not yet decided whether to seek leave to
appeal against the judgment to the panel's appeals committee.
Nomura said it was still considering its options.

The panel ruled that a sealed bid from the US energy joint
venture - worth 365p a share, or ?565m ($848m) - should not be
disqualified. Nomura had complained that WPD had not followed the
proper timetable.

It had opposed the imposition of sealed bids and stuck with its
previous offer of 360p a share.

The panel is understood to have accepted that the failure to
announce the winner by 4.30pm on Friday technically breached
rules, but that the result should stand as Nomura had not
submitted a sealed bid.

Copies of the panel's written judgment, due to be published on
Friday, were distributed to investment bank advisers of WPD,
Nomura and Hyder.

The panel took the unusual step of disclosing its findings ahead
of publication to give Nomura time to study the outcome and make
an appeal if it wanted.

Bankers on Wednesday refuted suggestions that David Challen's
role as a takeover panel member conflicted with his post as co-
chairman of Schroder Salomon Smith Barney, which is advising WPD.

Nomura, although frustrated by the panel's handling of the bid,
has not complained to the regulatory body about Mr Challen's
position.

Advisers pointed out that leading investment banks were likely to
have representatives on the panel and there were well established
procedures for dealing with potential conflicts of interest.

WPD plans to link Hyder's south Wales electricity distribution
network with its existing power distribution interests in south-
west England.

United Utilities, owner of North West Water, would operate
Hyder's water interests under contract to WPD.


HYDER:  WPD Wins Bitter Battle
----------------
THE TIMES  August 17, 2000

America's Western Power Distribution yesterday appeared to have
snatched victory in the bitter battle for control of Hyder, the
Welsh utility, after the Takeover Panel dismissed an attempt by
Nomura, the Japanese bank, to thwart the deal.

The panel failed to close the door entirely on Nomura, by
confirming that the bank could take its grievance to the panel's
appeal committee.

Nomura, which triggered the takeover battle four months ago, said
yesterday that it was reviewing its options. If no appeal is
lodged, the Takeover Panel will publish a full statement on the
Hyder affair, giving the reasons for its decision, tomorrow.

The final date for the posting of WPD's successful bid of 365p a
share is being reconsidered, a panel spokesman said. The winning
offer values Hyder at ?565 million, although the winner will also
assume debts of ?1.9 billion.

It beats Nomura's best offer for the company by 5p a share as
Nomura's bid vehicle, St David Capital, decided not to submit a
sealed bid. Hyder shares fell 3p to 363p yesterday. The shares
traded at 585p less than one year ago. Should Nomura decide to
make a further appeal, it will not be able to present new
evidence at the hearing, which will be presided over by a judge
and two panel members who have not yet heard the case.

A leading City lawyer said that he expected Nomura's team to
proceed with a vigorous appeal. However, he thought the bank
would stop short of seeking a judicial review should its appeal
be unsuccessful. "They would have to prove the panel's decision
was irrational, which would be very hard to do," he said.

A spokesman for WPD declined to comment, but the management is
thought to be frustrated that the possibility, however slight, of
a further appeal continues to prevent the formal publication of
its new offer for Hyder.

Hyder's management said that it had noted the panel's
announcement, but refused to comment until the full statement was
published.

The panel's reasons for opting for sealed bids in the first place
are expected to be set out in its full statement, alongside a
robust defence of its decision to overturn Nomura's appeal.
Sources close to the panel said that despite the criticism that
its actions had attracted, the panel did not believe that it had
overstepped its remit.

News of WPD's apparent success was greeted with some dismay in
Wales, where there are still concerns over the impact of WPD's
proposal to contract out its water business to the rival United
Utilities.

Brian Wallis, head of utilities for Unison, one of three unions
represented in Hyder, said: "Under the deal the vast majority of
Hyder's 5,000 employees in Wales would become employees of United
Utilities.'' Unison, the GMB and the T&GWU are understood to be
meeting Robert Symons, WPD's chief executive, and other members
of WPD's management on September 1.

Michael German, leader of the Liberal Democrats in Wales, has
threatened to give WPD a rough ride in negotiations for its new
water licence. The powers devolved to Wales under the 1991 Water
Industry Act allow the Welsh Assembly to set tough conditions on
any new owner of Welsh Water.

WPD said yesterday that it had already received valid acceptances
representing 7.83 per cent of Hyder shares.


HYDER:  Nomura Refuses to Admit Defeat
-----------------
THE GUARDIAN  August 17, 2000

Japanese investment bank Nomura yesterday refused to concede
defeat in its four-month battle for control of Hyder, the Welsh
utility group, despite a takeover panel ruling in favour of rival
bidders Western Power Distribution.

The panel yesterday rejected Nomura's appeal against the panel
executive's decision to allow a 365p a share offer made by WPD in
a sealed bid last Friday. The WPD offer topped Nomura's existing
offer by 5p a share.

A Nomura spokesman said the bank was still considering its
options. Executives from its London-based principal finance
group, which has led its bid for Hyder, spent the day closeted
with their financial and legal advisers.

The panel, which held a day-long meeting at its office in the
London stock exchange building on Wednesday, said it would
publish the reasons for its decision tomorrow.

Hyder, which has been the subject of competing bids from Nomura
and US-owned WPD, said it would respond to the panel's
announcement "in due course". A spokesman said it was waiting for
clarification from the panel.

WPD said it was not prepared to comment, while Nomura's future
intentions were still unclear.

City sources said Nomura's first option would be to seek leave to
appeal to the takeover panel's appeals committee, which is
chaired by Sir Michael Kerr, a former lord justice of appeal.

The committee is usually made up of its chairman or deputy
chairman, and two other members of the panel who have not been
previously involved in the issue at stake.

Nomura is thought unlikely to consider seeking a judicial review
of the panel's handling of the Hyder bids until it has explored
all the panel's appeal procedures.

There is an outside possibility that Nomura could still put its
lower 360p offer to shareholders in the hope that it can persuade
sufficient local shareholders that its plans will best solve
Hyder's problems. Nomura already owns 16.2% of the group. Nomura
has said it intends to retain Hyder's water and electricity
operations and bring in new top management to run them.

WPD abandoned an earlier plan to sell the assets of Hyder's
regulated water business to a non-profit making trust after
opposition from the water industry regulator.

But it still intends to contract out the running of the business
to United Utilities, the multi-utility group based in the north
west of England.

Both bidders have said that they do not intend to implement job
cuts beyond the 1,000 already announced by Hyder's existing
management.

Hyder is heavily indebted and faces the loss of up to ?70m in
profits this year as a result of regulatory price cuts.

City bankers and investment managers, concerned about the
takeover panel's handling of the Hyder bid, want to see the
detailed reasoning behind yesterday's decision.

The main points at issue will be the justification of the panel
executive's decision to impose a sealed bid procedure in the
first place and the reasons why it felt it could allow WPD's
sealed bid, even though it was not announced by the executive's
deadline of 4.30pm on Friday.

WPD's delay in announcing its winning bid by Friday's deadline
has been put down to a technicality which required its bid to be
resubmitted. None of those involved has revealed what the
technicality was.


INTELLIGENT DIRECT MAIL LTD:  Notice of Creditors Meeting
-----------------------
Company Name:   Intelligent Direct Mail Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   03.00 pm
Meeting date:   08/08/00
Meeting address:   138 Park Lane
Meeting City Code:   Romford   RM11 1BE
Authorised by:   L J Byrne   Director  28/07/00
Firm Name:   Keith Stout & Associates
Address:   138 Park Lane  Romford  RM11 1BE


IOMART:  Posts ?1.6 million interim pretax loss
-------------------
THE TIMES  August 17, 2000

Telecoms company Iomart reported an interim pre-tax loss of ?1.6
million (?712,000 loss). There is no dividend.


JEZZ LTD:  Notice of Creditors Meeting
-----------------------
Company Name:   Jezz Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   02.30 pm
Meeting date:   08/08/00
Meeting address:   Fergusson House  124-128 City Road
Meeting City Code:   London   EC1V 2NJ
Authorised by:   N Sophianos   Director  
Last day for proxy:   07/08/00
Proxy address:   Fergusson House  124-128 City Road  London  EC1V
2NJ
Liquidators:   C M Iacovides
Firm Name:   Jeffreys Henry Jacobs
Address:   Fergusson House  124-128 City Road  London  EC1V 2NJ


KELDA: Revamps its Board
------------------
August 16,2000

ANANOVA reports Kelda, the utilities group, has changed its board
with a set of appointments that underline its determination to
radically change the business.

James Newman steps up from being finance director to become
deputy chief executive, a promotion that sees him not only in
charge of selling off Kelda's non-core businesses but also
finding a new structure for Yorkshire Water.

Just three weeks ago the watchdog Ofwat rejected Kelda's plan to
set up Yorkshire Water as a separate mutual company, a move that
would have returned billions to shareholders and hived off a
business that is highly regulated and offers low profits.

Sir Ian Byatt, the director general of Water Services had said
Kelda's proposals failed to set out clearly how customers would
benefit.

In June Kelda said it would focus on its water and waste
businesses and Mr Newman's task is to find buyers for its
chemical waste business, its environmental and food testing
company and its renewable energy business.

John Napier, executive chairman, said: "James has played an
important role in the company and has a major part to play in
taking forward the future strategy of the group."

Other changes include the appointment of John O'Kane, who has
been finance director of Yorkshire Water, as finance director of
the group.

Kevin Whiteman, managing director of Yorkshire Water, will join
the board of Kelda as an executive director.


LLANWERN: Corus to Save 2,500 Jobs at Welsh Subsidiary Plant
-----------------------------
August 16 2000

Financial Times reports Corus, the Anglo-Dutch steel group, is to
safeguard more than 2,500 jobs at its Llanwern steelworks in
South Wales by going ahead with an overhaul of one of the plant's
two blast furnaces.

The decision to maintain Llanwern's iron-making capacity follows
a review of the plant's future in the wake of nearly 4,500 job
losses since October at steel plants and distribution facilities
in Wales, Teesside, Scunthorpe, Scotland and the Netherlands.

It will be welcomed by Welsh MPs and steel union leaders as
evidence of a continued commitment to UK steelmaking. Some feared
Corus was planning to shift production to eastern Europe.

By contrast, ThyssenKrupp, the German industrial group, was
embarrassed on Wednesday by the failure of a planned flotation of
its steel division. The group, which recently insisted the
flotation would go ahead, blamed market conditions.

John Bryant, Corus chief executive, is expected to signal the
reprieve at a meeting with leaders of the ISTC steel union on
Thursday, although the group is unlikely to confirm the decision
before a board meeting on Wednesday.

People close to the company said the board was almost certain to
back the management's decision.

The reprieve means Corus will remain a large integrated
steelmaker in the UK, with annual crude steelmaking capacity of
about 23m tonnes in addition to its output of stainless steel and
its Dutch aluminium interests.

The company is understood to have taken a strategic decision
against permanent cuts in capacity, in spite of a downturn in
European steel prices that began in April.


LASERGLIDE LTD:  Notice of Creditors Meeting
-----------------------
Company Name:   Laserglide Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   12.00 pm
Meeting date:   08/08/00
Meeting address:   Sovereign House  212-224 Shaftesbury Avenue
Meeting City Code:   London   WC2H 8HQ
Authorised by:   P H Johnson   Director  14/07/00
Last day for proxy:   07/08/00
Proxy address:    Insol House  39 Station Road  Lutterworth  LE17
4AP
Liquidators:   
Firm Name:   F A Simms & Partners
Address:   Insol House  39 Station Road  Lutterworth  LE17 4AP


LATCHINN LTD:  Notice of Creditors Meeting
-----------------------
Company Name:   Latchinn Ltd
Other name:     Leicester Transport Services
IA 1986 Section:   98  
Creditors Meeting Time:   11.30 am
Meeting date:   08/08/00
Meeting address:   109 Swan Street
Meeting City Code:   Leicester   LE12 7NN
Authorised by:   D O Cooper   Director  21/07/00
Last day for proxy:   07/08/00
Proxy address:   109 Swan Street  Leicester  LE12 7NN
Liquidators:   
Firm Name:   Elwell Watchorn & Saxton
Address:   109 Swan Street  Leicester  LE12 7NN


LEVY BLUNDEN LTD:  Notice of Creditors Meeting
-----------------------
Company Name:   Levy Blunden Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.00 am
Meeting date:   08/08/00
Meeting address:   Lynstan House  64A Bolton Street
Meeting City Code:   Brixham   TQ5 9DH
Authorised by:   A Lvey   Director  21/07/00
Last day for proxy:   07/08/00
Proxy address:   Lynstan House  64A Bolton Street  Brixham  TQ5
9DH
Firm Name:   C Mackenzie-Thorpe
Address:   Lynstan House  64A Bolton Street  Brixham  TQ5 9DH


LOCKHEAD ENGINEERING LTD:  Liquidation Proceedings
-------------------------
Company Name:   Lockhead Engineering Ltd
Company No:   SC157487
Com. Business:   Mechanical Design/Engineering Serv
Appointed on:   03/08/00
Type:   Members
Appointed by:   Members
Liquidators:   Charles H Sands  IPno: 6445    
Firm Name:   CS Corporate Solutions
Address:   67 St Ternans Road
City Postcode:   Newtonhill  AB39 3PF


METPOWER LTD:  Liquidation Proceedings
-------------------------
Company Name:   Metpower Ltd
Company No:   SC
Appointed on:   03/08/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Douglas B Jackson  IPno: 5201    
Firm Name:   Moore Stephens Booth White
Address:   Allan House  25 Bothwell Street
City Postcode:   Glasgow  G2 6NL


ONLINE VEHICLE CONTRACTS PLC:  Notice of Creditors Meeting
-----------------------
Company Name:   Online Vehicle Contracts Plc
IA 1986 Section:   98  
Creditors Meeting Time:   11.30 am
Meeting date:   08/08/00
Meeting address:   Insol House  39 Station Road
Meeting City Code:   Lutterworth   LE17 4AP
Authorised by:   R E Gristwood   Director  06/07/00
Last day for proxy:   07/08/00
Proxy address:    Insol House  39 Station Road  Lutterworth  LE17
4AP
Firm Name:   F A Simms & Partners
Address:   Insol House  39 Station Road  Lutterworth  LE17 4AP


OXFORD BIOMEDICA:  Posts ?2.7 Million Interim Pretax Loss
-------------------------
THE TIMES  August 17, 2000

Oxford BioMedica (pharmaceuticals) reported an interim pre-tax
loss of ?2.7 million (?2.1 million loss). There is no dividend.


OXFORD BIOMEDICA:  Posts ?2.69m Million H1 Pretax Loss
--------------------------
THE GUARDIAN  August 17, 2000

Oxford Biomedica, which earlier this week discovered 23 new human
genes, said yesterday that it expects its gene discovery division
to be fully up and running by the end of the year.

The group's comments that it had discovered genes linked to
cancer, cardiovascular diseases and arthritis, came as it
revealed that it had slipped further into the red in the half-
year to June, posting pre-tax losses of ?2.69m, compared to
losses of ?2.1m a year ago. Turnover rose to ?344,000 from
?194,000.


PPL THERAPEUTICS:  Posts ?5.8 Million Interim Pretax Loss
-------------------------
THE TIMES  August 17, 2000

Pharmaceutical company PPL Therapeutics reported an interim pre-
tax loss of ?5.8 million (?7 million loss). There is no dividend.


PATSYSTEMS:  Posts ?3.8 Million Interim Pretax Loss
---------------------
THE TIMES  August 17, 2000


Computer Services firm Patsystems reported an interim pre-tax
loss of ?3.8 million (?585,000 loss). There is no dividend.


PENNY KENNEDY DESIGN LTD:  Notice of Creditors Meeting
-----------------------
Company Name:   Penny Kennedy Design Ltd
IA 1986 Section:   138  
Creditors Meeting Time:   11.00 am
Meeting date:   08/08/00
Meeting address:   Ballantine House  168 West George Street
Meeting City Code:   Glasgow   G2 2PT
Authorised by:   David J Hill   Interim Liquidator  19/07/00
Last day for proxy:   07/08/00
Proxy address:   Ballantine House  168 West George Street  
Glasgow  G2 2PT
Liquidators:   
Firm Name:   BDO Stoy Hayward
Address:   Ballantine House  168 West George Street  Glasgow  G2
2PT


PRIZECREW LTD:  Notice of Creditors Meeting
-----------------------
Company Name:   Prizecrew Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   10.15 am
Meeting date:   08/08/00
Meeting address:   Wesley House  Huddersfield Road  Birstall
Meeting City Code:   Bately   WF17 9EJ
Authorised by:   G Bull   Director  24/07/00
Firm Name:   O'Hara & Co
Address:   Wesley House  Huddersfield Road  Birstall  Bately  
WF17 9EJ


SHORE CAPITAL:  Posts ?2.4 Million Interim Pretax Loss
---------------------
THE TIMES  August 17, 2000

Shore Capital reported an interim pre-tax loss of ?2.4 million
(?560,000 loss). There is no dividend.


SURFCONTROL:  Posts $24 Million Full-Year Pretax Loss
---------------------------
THE TIMES  August 17, 2000

Software company SurfControl reported a full-year pre-tax loss of
$24 million or ?16 million ($2.1 million loss). There is no
dividend


SWYCOS LTD:  Notice of Creditors Meeting
-----------------------
Company Name:   Swycos Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   01.00 pm
Meeting date:   08/08/00
Meeting address:   7 Chorley New Road
Meeting City Code:   Bolton   BL1 4QR
Authorised by:   R A Underwood   Director  12/07/00
Liquidators:   G N Ratcliffe
Firm Name:   Ratcliffe & Co
Address:   7 Chorley New Road  Bolton  BL1 4QR


QXL : Falls from Grace
---------------
August 16 2000

Financial Times reports for a fleeting moment in April traders
could not buy enough of QXL. In a single day, the shares more
than doubled when an analyst from SG Cowen, the investment bank,
set an ambitious target for the online auctioneer of ?44 - more
than 10 times the prevailing price.

In a sign of the shift in sentiment towards QXL, SG Cowen on
Wednesday conceded the forecast may have been over-exuberant,
downgrading its stance on the company from a "strong buy" to
"hold".

The shares have slumped steadily from a close of 606p on the day
of the original recommendation to 59«p on Wednesday amid the
downturn in sentiments towards dotcom stocks. But one of the
factors behind SG Cowen's change of heart was the "status" of
QXL's planned acquisition of Ricardo, its German rival that ran
into problems last week.

Other research houses have also become cautious. Donaldson,
Lufkin & Jenrette, the investment bank, downgraded the stock from
"buy" to "market perform" this week because of uncertainty over
the negotiations.

The outcome could be pivotal to QXL's future. The two sides have
been locked in talks this week looking for a way to salvage the
deal after QXL became alarmed by worse-than-expected trading at
Ricardo since the deal was announced in May.

Both margins and turnover are believed to have been below
expectations.

QXL is thought to be looking for a price cut of 15 to 25 per
cent.

Ricardo has resisted. A decision on whether the deal will go
ahead and at what price is expected on Thursday or Friday.

Investors are likely to be concerned that if the deal collapses
it may be difficult for QXL to build a credible position in the
German market, leaving a hole in its pan-European ambitions.

It is number four in Germany, but the acquisition of Ricardo
would put it in a position to take on eBay, the leading US online
auctioneer, head-to-head.

Peter Misek, an analyst at Chase H&Q, says: "If the deal does not
happen, it hands Germany to eBay. I think the Ricardo deal is
make or break."

But there are also concerns that QXL might over-extend itself if
there are serious problems at Ricardo and it goes ahead with the
acquisition, even on modified terms.

Nick Gregg, from Donaldson Lufkin & Jenrette, says: "If things
are going wrong at Ricardo, QXL does not have the necessary
management bandwidth or cash to deal with it, it might just be
better to walk away."

The issue is the trading problems at Ricardo are and whether QXL
is posturing to gain better terms.

A source close to QXL says: "We feel Ricardo has underperformed,
so the valuation agreed in May cannot be recommended to
shareholders. It does not have the right momentum to justify the
price."

A source close to Ricardo counters that: "Of course every board
has always got other possibilities. We did not talk only with
QXL."

Ditching the deal looks unattractive for both. QXL would be
likely to look for another partner in Germany, but would have to
go for a smaller company, making it an uphill struggle to reach
the scale of eBay or Ricardo.

It would be unlikely to improve sentiment towards QXL, already
suffering the backlash against dotcoms.

The deal still retains its logic. The next few days will decide
whether QXL and Ricardo can bury their differences to create the
European auction champion they promised in May.


ROVER : Faces Fight for Survival
--------------------
August 17,2000

Financial Times reports, the Rover Cars group, bought from BMW
for a token ?10 by the Phoenix consortium of central England-
based business people earlier this year, will be facing financial
crisis and fighting for its survival by March at the latest, the
head of Alchemy Partners, the venture capital group, warned on
Wednesday night.

Jon Moulton, managing partner of Alchemy, also blamed
intervention by Stephen Byers, chief trade minister, for being
largely responsible for the 11th hour collapse of Alchemy's own
agreement with BMW to take over Rover's loss- making UK car
operations.

The consequence of Mr Byers' apparent support for - and possible
initiation of - the rival Phoenix bid could mean the closure of
Rover's only car production facility at Longbridge near
Birmingham, added Mr Moulton.

In a speech to the Marketing Society entitled "Rover and the coal
industry", Mr Moulton compared the Department of Trade and
Industry's efforts to provide ?150m financial support for
Phoenix-controlled Rover to its unsuccessful efforts to save deep
coal mining jobs in the UK despite pumping in ?75m aid.

With the Rover aid plan having already run foul of Mario Monti,
European Union competition commissioner, "it is not an option for
the government to bail Rover out in the future", he added.

Expressing doubts over the claims of the Phoenix group - led by
John Towers, former Rover chief executive - that it will become a
viable producer of a family of Rover and MG models in volumes of
up to 200,000 units a year, Mr Moulton claimed that "what has
been done gives Rover very little chance of being viable".


SMITH SOUTHALL SOLUTIONS LTD:  Liquidation Proceedings
-------------------------
Company Name:   Smith Southall Solutions Ltd
Company No:   3421456
Com. Business:   Sales Agency
Appointed on:   03/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Timothy C Ball  IPno: 8081    
Firm Name:   Mazars Neville Russell
Address:   Clifton Down House  Beaufort Buildings
City Postcode:   Bristol  BS8 4AN


TRINITY CAR CO LTD:  Liquidation Proceedings
-------------------------
Company Name:   Trinity Car Co Ltd
Company No:   3369383
Com. Business:   Used Motor Dealers & Mechanics
Appointed on:   03/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Andreas G Kakouris  IPno: 4691    
Firm Name:   Kakouris & Michaelides
Address:   43 Blackstock Road
City Postcode:   London  N4 2JF


VALLEYMOOR LTD:  Notice of Creditors Meeting
-----------------------
Company Name:   Valleymoor Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.15 am
Meeting date:   08/08/00
Meeting address:   Crown House  Armley Road
Meeting City Code:   Leeds   LS12 2EJ
Authorised by:      Director  26/07/00
Liquidators:   Philip Lee
Firm Name:   Lee & Co


WWL INTERNET AG:  Posts 1.5 million euros Q2 net loss
------------------------
HANDELSBLATT  August 17, 2000

WWL Internet AG's consolidated net loss widened to 1.5 million
euros in the second quarter from a loss of 439,000 euros a year
earlier. The company said the larger loss was expected and was
due to high start-up costs of new locations. Still, the group
expects to break even in 2001.


WESCOT HIDES LTD:  Liquidation Proceedings
-------------------------
Company Name:   Wescot Hides Ltd
Company No:   SC70986
Com. Business:   Independent Hire/Skin Merchants
Appointed on:   03/08/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Kenneth A Ross  IPno: 5210    
Firm Name:   Kenneth A Ross & Sharkey
Address:   375 West George Street
City Postcode:   Glasgow  G2 4LH


WOLVERHAMPTON & DUDLEY: Board to Look at Noble Bid Proposal
-------------------------------------
THE TIMES  August 17, 2000

Wolverhampton & Dudley Breweries is to convene a board meeting in
the next few days to consider an outline bid proposal from Noble
House Leisure that could be worth close to ?500 million.

Noble House, which is backed by Botts & Company, the venture
capitalist, had a meeting yesterday with Wolves's senior
directors at which an indication of the price it would be
prepared to offer was given.

Noble House is understood to have secured funding of well over ?1
billion, including the refinancing of Wolves's debts of ?600
million.


WOLVERHAMPTON & DUDLEY: In Tentative Talks with Botts
------------------------------------------
THE GUARDIAN  August 17, 2000

Directors of Wolverhampton & Dudley Breweries yesterday met
senior executives from Botts & Co, the private equity group
threatening a takeover bid, for "tentative discussions".

The two sides came face to face in City amid speculation from
analysts that Wolves will go private, either by succumbing to a
bid or through a management buyout. Insiders said Wolves'
managing director, David Thompson, came to London for the
meeting. Among those on the other side of the table was Robert
Breare, chairman of the acquisition vehicle Noble House Leisure,
which is working with Botts & Co.

Wolves has three breweries and 1,700 pubs. Its shares rose 4p to
459p, valuing the business at ?430m. Some analysts doubt whether
Botts has the resources to take on Wolves - the brewer has debts
of ?630m, having borrowed to fund recent acquisitions.

Nigel Popham, of Teather & Greenwood, said: "There's a limit to
how much these people can really afford - you're looking at north
of ?1bn, including debt, to take on this company."


ZINCWAY DEVELOPMENTS LTD:  Liquidation Proceedings
-------------------------
Company Name:   Zincway Developments Ltd
Company No:   3659691
Com. Business:   Property Developers
Appointed on:   03/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Robert Valentine  IPno: 3569    
Firm Name:   Valentine & Co
Address:   4 Dancastle Court  14 Arcadia Avenue
City Postcode:   London  N3 2HS



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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