/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/000829.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, August 29, 2000, Vol. 1, No. 80 Headlines B E L G I U M SABENA NATIONAL: Losses Jump Sixfold as New Chief Offers Plan C Z E C H R E P U B L I C ALIACHEM: Govt. Rejects Financing of Struggling Chemical Group ALIACHEM: Finance Minister Dislikes Agrofert as Potential Buyer INVESTICNI A POSTOVNI: Cetus Denies Links G E R M A N Y I G FARBENINDUSTRIE: Insolvent Chemical Company Trust Delays I R E L A N D HARLAND & WOLFF: Expects to Cut Jobs HARLAND & WOLFF: Belfast Shipyard Admits Crisis Cuts 1,000 Jobs P O L A N D KAMA FOODS: Creditor Files Bankruptcy Motion LUCZNIK: Unions to Stage Five-Day March to Save 700 Jobs POLISH STATE RAILWAYS: Call PKP Restructuring Law Illegal U N I T E D K I N G D O M EQUITABLE LIFE: Announces 15 Possible Bidders HYDER PLC: Lawsuit Set for September ITALMACHINERY LTD: Notice of Creditors Meeting JUPITER ASSET: Wins Right to Manage Trust's Assets KWE LTD: Notice of Creditors Meeting MXP SYSTEMS: Notice of Creditors Meeting MARKS & SPENCER: Austrian Franchisee Closes M&K Stores METE LTD: Notice of Creditors Meeting MIKE KELLET: Notice of Creditors Meeting PARKERS UPHOLSTERY: Notice of Creditors Meeting R & C MUIRHEAD: Notice of Creditors Meeting OXFORD MOLECULAR: Seeks Buyer to Avoid Liquidation RB ENGINEERING: Notice of Creditors Meeting RADIALEXCELLENCE LTD: Notice of Creditors Meeting REGENERATION 2000: Notice of Creditors Meeting REV & RIPP: Notice of Creditors Meeting RICHMOND ENTERTAINMENTS: Notice of Creditors Meeting RUSHWORTHS OF LIVERPOOL: Notice of Creditors Meeting SIGHT & SOUND: Notice of Creditors Meeting SILVERDEAL MARKETING: Notice of Creditors Meeting STAG FURNITURE: Sale Fails to Save 700 Jobs ============= B E L G I U M ============= SABENA NATIONAL: Losses Jump Sixfold as New Chief Offers Plan ------------------------------------------------------------- Sabena, Belgium's national airline, is in trouble after its six- month results showed a sixfold rise in net losses to E83.6m ($75.6m), despite an 11 percent rise in passenger numbers, the Financial Times reports. Christoph Muller, Sabena's new chief executive, told Financial Times Deutschland: "If we are not making significant progress by the end of this winter, one has to wonder whether this company has a right to exist." He said that if the company is neither in the position to reach an agreement with employees nor to undergo structural changes the situation could become "life threatening". Last year, the airline posted net losses of E14.1m. Under Paul Reutlinger, a former Swissair executive, Sabena made a profit in 1998, but by last year the airline was back in the red. Accordingly, Mr. Muller is planning to restructure Sabena in order to achieve net profits of E100m within three years. The restructuring plan calls for an immediate stop to capacity expansions and the sale of two Airbuses. Investments have been frozen since August and negotiations on pay are planned to take place in the fall. Mr. Muller is also keen to accelerate the integration with the SAir Group in order to "use all possible synergies". Sales, marketing and route planning have already been put together within the Airline Management Partnership (AMP). Muller is planning to sell parts of the airline's 90 subsidiaries and concentrate on the core business. The most difficult process will be restructuring business procedures, according to the report obtained by the Financial Times. =========================== C Z E C H R E P U B L I C =========================== ALIACHEM: Govt. Rejects Financing of Struggling Chemical Group --------------------------------------------------------------- The Czech government has rejected a plan to finance a CZK 1.4 billion bid by state bank Konsolidacni Banka s.p.u. to buy a 49.25 percent stake in the struggling chemicals group Aliachem a.s., Central Europe Online reports. Spokesman Libor Roucek said in a news conference that the government would consider a separate plan by the Industry and Trade Ministry next week, which backs the sale of the company to Agrobohemia a.s., a company 50 percent owned by oil group Unipetrol a.s. The receiver of bankrupt Chemapol Group a.s put up the Aliachem stake for sale. The decision on the buyer lies with the administrator, Chemapol's creditors and the courts. Industry and Trade Minister Miroslav Gregr was quoted as saying that he would like to see the chemicals group sold to a company active in the sector. Aliachem group includes paints, plastics and explosives maker Synthesia a.s. and plastics maker Fatra a.s. Konsolidacni Banka plans to find a strategic investor for the company, according to reports obtained by Central Europe Online. ALIACHEM: Finance Minister Dislikes Agrofert as Potential Buyer --------------------------------------------------------------- The CTK & Euromoney reports that Finance Minister Pavel Mertlik is not pleased by the fact that Agrobohemie has remained the only party interested in the 49.25 percent stake in AliaChem. Agrobohemie is controlled by state-owned company Unipetrol and private company Agrofert. "I do not think that Agrofert is able to finance the investment in AliaChem in the long term. It has also become clear that the company in its present form cannot be privatised because no other buyer turned up," Mertlik told the paper adding that as chairman of the FNM presidium he will nevertheless ask the Unipetrol management for an explanation of Agrobohemie's offer. Agrofert, which last year netted Kc1bn, claims that it has enough funds for the purchase of AliaChem. "We even have a plan for the restructuring of the company's debts," Agrofert head Andrej Babis was quoted as saying. AliaChem has debts worth Kc3.8bn. Accordingly the government decided that Konsolidacni banka will not be allowed to bid for the AliaChem stake. AliaChem is being sold by the bankruptcy assets administrator of AliaChem's owner, Chemapol. The administrator had contact with 91 potential buyers. However only Konsolidacni banka, AliaChem's biggest creditor, and Agrobohemie eventually submitted their bids. INVESTICNI A POSTOVNI: Cetus Denies Links ----------------------------------------- Czech AM reports that Cetus, which owns 35 percent of IPB Pojistovna, denied that CSOB had secured a purchase that would give it a 100 percent stake in the insurer, saying no contract was signed. Cetus says that while it did ink a deal with IPB Group Holding, it withdrew from the contract after 27 days when the latter failed to meet payment deadlines. CSOB is currently embroiled in a battle for control of the remaining 65 percent with GES Holding subsidiary Domeana. It says a 1995 contract between IPB and Domeana is the key to taking control of the CR's number three insurer, TV Prima and pension fund Ceskomoravsky PF, which administers assets exceeding Kc 10 bln. CSOB recently received a court injunction banning it from handling IPB Pojistovna shares, according to a report obtained by Czech AM. ============= G E R M A N Y ============= I G FARBENINDUSTRIE: Insolvent Chemical Company Trust Delays ------------------------------------------------------------ The Frankfurter Allgemeine Zeitung & World Reporter reports that I.G. Farbenindustrie AG has been officially declared insolvent fifty years after the fact. The legal successor of former German chemicals giant I.G. Farben plans to start a trust to compensate forced laborers used by the company during the Nazi era. Plans for the trust, which will be awarded an initial capital stock of DM500,000, have been delayed by legal setbacks. The company's general meeting late this week was greeted by hundreds of demonstrators, some of whom are small shareholders. The demonstrators have accused the company's liquidators of hindering the dissolution of I.G. Farbenindustrie. Liquidators retorted they had helped speed up the process, which they say should be completed by 2003. ============= I R E L A N D ============= HARLAND & WOLFF: Expects to Cut Jobs ----------------------------------- Harland & Wolff, the shipyard that became the industrial landmark of Belfast, expects to suffer massive job cuts or even closure. A decision on the future of the shipyard, which has no money or firm orders, will be made shortly by its Norwegian owner, Fred Olsen. The shipyard meanwhile has reported a new problem in a contract dispute, The Times reports. Harland & Wolff has not been paid a ?23 million final installment by Global Marine for an oil drilling ships contract. The shipyard and Global Marine are already in dispute over a ?133 million payment. The shipyard claims that extra work required by Global Marine cost this amount, while Global Marine maintains that the work was part of the original contract. Earlier this year Harland & Wolff suffered a big blow when it lost the chance to build the new Queen Mary cruise ship. At its peak, Harland & Wolff had 30,000 workers and was a major force in the UK shipbuilding industry, which once served 57 percent of the world market, The Times says. HARLAND & WOLFF: Belfast Shipyard Admits Crisis Cuts 1,000 Jobs --------------------------------------------------------------- The future of Belfast's troubled Harland & Wolff shipyard could be sealed at an emergency meeting. Trade unions fear hundreds of redundancies could follow the meeting of the board of the shipyard's Norwegian parent company in Oslo. Harland & Wolff has admitted it is in crisis, with no cash, little or no work and no firm orders, Yahoo Finance UK reports. The core shipbuilding workforce was cut to 1,000 through the redundancy of hundreds of workers early in the summer. Those remaining are now on a two or three-day week, Yahoo Finance UK says. =========== P O L A N D =========== KAMA FOODS: Creditor Files Bankruptcy Motion -------------------------------------------- Poland A.M. reports that bankruptcy office Cash Flow has filed a bankruptcy motion against Kama Foods in a Warsaw regional court. Kama is a producer of margarine and edible oils. A spokesperson from Kama's marketing department refused to comment on Cash Flow's decision, saying only that Kama's problems are temporary. Kama wants to change its strategy to augment the production of edible oils and withdraw from the retail sale of margarine. Kama is currently in talks with Unilever Polska concerning the sale of its brands Kama and Znakomita. Other creditors include Siebert Head, IQS & Quant Group and the Union of Agriculture Producers in Glubczyce. Cash Flow accuses Kama of cheating its creditors and drawing money from debts. LUCZNIK: Unions to Stage Five-Day March to Save 700 Jobs ------------------------------------------------------- Trade unions from state-owned arms manufacturer Lucznik plan to stage a five-day march from Radom to Warsaw to protest the planned receivership of the company, Poland A.M. reports. The government intends to put Lucznik into receivership and create in its place a new company employing just 600 of the current 1,592 employees. Labor Minister Longin Komolowski said this is the only way to save Lucznik, as there is no way to repay its zl. 150 million in debts, according to a report obtained by Poland A.M. Trade unions are demanding that 1,300 people stay with the company, saying that it could win new civil contracts. The revenue from current contracts is not enough to pay employees who have not seen a check since May, Poland A.M. reports. POLISH STATE RAILWAYS: Call PKP Restructuring Law Illegal --------------------------------------------------------- Private rail carriers are appealing to President Aleksander Kwasniewski to reject the draft legislation on the restructuring and privatization of Polish State Railways (PKP), saying it does not comply with the Constitution and European Union (EU) law, Poland A.M. reports. Specifically, the Railway Business Forum says the law is unconstitutional because it would strip 21 licensed private rail carriers of licenses they obtained in 1997. PKP has suffered losses mainly due to unprofitable passenger operations and a large workforce. A recently approved PKP overhaul scheme would relieve the firm of some debt, trim operations and privatize most of its assets. The company's total debt at the end of 1999 came to zl. 6.3 billion ($1.47 billion), according to the Transportation Ministry. Two weeks ago, power plants cut off PKP's electricity supply in the Lodzkie, Wielkopolskie and Warminsko-Mazurskie voivodships, as well as in the city of Elblag in northern Poland because of non-payment of bills, The Warsaw Business Journal says. =========================== U N I T E D K I N G D O M =========================== EQUITABLE LIFE: Announces 15 Possible Bidders ----------------------------------- Mutual life assurer Equitable Life says it has sent copies of sale documentation to 15 interested parties, the Financial Times reports. Equitable, the world's oldest mutual life assurer, put itself up for sale last month after losing a legal battle over its decision to reduce final bonus payments to 90,000 holders of guaranteed annuity policies. The estimated ?1.5bn in obligations forced Equitable to seek additional capital to be able to meet its obligations to policyholders. Prudential and CGNU are seen as the most likely buyers, although Abbey National and GE Capital, the finance arm of General Electric, the U.S. conglomerate, are also interested. Other possible bidders include Aegon, the Dutch insurer, and Axa of France. However, Aegon said it was "not a great player" when it came to auctions, while Axa also told analysts it disliked such an open bidding process. Equitable and its advisers said they hope to draw up a shortlist by the end of next month and to have identified the prospective buyer by the beginning of December. Any deal will have to be approved by 75 percent of voting members, who will also be given details of losing bids. The sale will have to be ratified by the courts, according to a report obtained by the Financial Times. HYDER PLC: Lawsuit Set for September ------------------------------------ Yahoo Finance UK and Reuters report that water company Severn Trent has said a court would hear its lawsuit against Hyder Plc September 21, which might delay the 565 million pound ($837 million) takeover of the Welsh utility. Severn, Britain's second biggest water company, said in a statement a full court hearing was scheduled for September 21 for its suit against Hyder over Western Power Distribution's (WPD) bid for the Welsh firm. WPD, jointly owned by U.S. utilities PPL Corp and Southern Company Inc. beat out Japanese investment bank Nomura in a four- month bidding battle for Hyder. WPD plans to contract out some services of Hyder's Dwr Cymru (Welsh Water) unit to United Utilities. Severn has said this arrangement violates European and UK procurement regulations and said the contract should have been put out to competitive tender. WPD officials were not immediately available for comment. Law firm Clifford Chance is advising Severn Trent, while Slaughter & May is acting for Hyder. In the meantime The Times says Dwr Cymru has undertaken not to enter into the proposed contract with United Utilities through a subsidiary called UU Co. ITALMACHINERY LTD: Notice of Creditors Meeting ---------------------------------------------- Company Name: Italmachinery Ltd IA 1986 Section: 98 Creditors Meeting Time: 02.30 pm Meeting date: 11/08/00 Meeting address: Russell Square House 10-12 Russell Square Meeting City Code: London WC1B 5LF Authorised by: F Valsecchi Director 28/07/00 Last day for proxy: 10/08/00 Proxy address: 81 Station Road Marlow SL7 1NS Firm Name: Morley & Scott Address: 81 Station Road Marlow SL7 1NS JUPITER ASSET: Wins Right to Manage Trust's Assets -------------------------------------------------- The Financial Times reports that Jupiter Asset Management, which had been threatened with the loss of its ?170m Jupiter European Investment Trust, emerge as one of the victors in the battle to manage the assets of the trust. The trust's directors announced they had selected Aberdeen Asset Managers as well as Jupiter as the two fund managers to provide rollover vehicles for shareholders. Jupiter has been losing business as some financial advisers expressed concern that recent upheavals at Jupiter could pose a risk to performance, according to the Financial Times report. Edward Bonham Carter, joint chief executive of Jupiter, said the company was still experiencing net outflows of business but insisted these were now "very small and slowing down". Ravi Anand of HSBC, adviser to Jupiter European, said the trust had decided to offer existing shareholders the option to rollover into the fund of another management group, partly because some shareholders had expressed concern over recent turmoil at Jupiter, the Financial Times reports. KWE LTD: Notice of Creditors Meeting ------------------------------------ Company Name: KWE Ltd Other name: BPR Precision Toolmakers IA 1986 Section: 98 Creditors Meeting Time: 12.30 pm Meeting date: 11/08/00 Meeting address: The Parrot Forest Green Meeting City Code: Dorking RH5 5RZ Authorised by: V P Bootes Director Last day for proxy: 10/08/00 Proxy address: Regents Park House Regent Street Leeds LS2 7QJ Liquidators: Colin A Sefton Firm Name: Capital Insolvency Services Address: Regents Park House Regent Street Leeds LS2 7QJ MXP SYSTEMS: Notice of Creditors Meeting ----------------------------------------- Company Name: MXP Systems Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 11/08/00 Meeting address: 180 High Street Meeting City Code: Egham TW20 9DN Authorised by: A Battern Director 28/07/00 Firm Name: Wilkins Kennedy Address: 180 High Street Egham TW20 9DN MARKS & SPENCER: Austrian Franchisee Closes M&K Stores ------------------------------------------------------ The European Investor and Reuters reports struggling British retailer Marks and Spencer Plc has said the owner of its franchise in Austria has decided to close two more stores due to continuing under performance. The franchise owner has already shut one Vienna location. MS Kaufhausbetriebs, the operator of the franchise, has worked with M&S over the last two years. It plans to close two of its three remaining stores in Vienna by September. M&S said the decision was part of the company's ongoing restructuring. However, "difficult market conditions prevailing in Austria today have prevented the success of this exercise," M&S said. "The consequences of a sustained period of below expectations trading, exacerbated by the continuing strength of sterling against the euro, has led MSK to the prudent decision to restructure its current store operations." METE LTD: Notice of Creditors Meeting -------------------------------------- Company Name: Mete Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.15 pm Meeting date: 11/08/00 Meeting address: Tudor Cottages Footscray High Street Meeting City Code: Sidcup DA14 5NH Authorised by: N P Ailyan Director 02/08/00 Last day for proxy: 10/08/00 Proxy address: Tudor Cottages Footscray High Street Sidcup DA14 5NH Liquidators: David Hudson Firm Name: Begbies Traynor Address: The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG MIKE KELLET: Notice of Creditors Meeting ----------------------------------------- Company Name: Mike Kellett Produce Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 11/08/00 Meeting address: 1 Ribblesdale Place Meeting City Code: Preston PR1 3NA Authorised by: M Kellett Director 28/07/00 Liquidators: C V Higson Firm Name: Rimmer Higson Address: 22 Ribblesdale Place Preston PR1 3NA PARKERS UPHOLSTERY: Notice of Creditors Meeting ------------------------------------------------ Company Name: Parkers Upholstery Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 11/08/00 Meeting address: Empire House 8-10 Piccadilly Meeting City Code: Bradford BD1 3LW Authorised by: C L Parker Director 11/07/00 Liquidators: Leonard Harris Firm Name: Leonard Harris Partnership Address: 75 Mosley Street Manchester M2 3HR R & C MUIRHEAD: Notice of Creditors Meeting -------------------------------------------- Company Name: R & C Muirhead Ltd IA 1986 Section: 23 Creditors Meeting Time: 12.00 pm Meeting date: 11/08/00 Meeting address: 84 Grosvenor Street Meeting City Code: London W1X 9DF Authorised by: Simon V Freakley Joint Administrator 26/07/00 Last day for proxy: 10/08/00 Proxy address: 84 Grosvenor Street London W1X 9DF Firm Name: Kroll Buchler Phillips Address: 84 Grosvenor Street London W1X 9DF OXFORD MOLECULAR: Seeks Buyer to Avoid Liquidation -------------------------------------------------- Pharmaceuticals group Oxford Molecular reports it might be taken over, although its board is not in any discussions on a possible bid. The last remaining business will be sold next week, City Wire reports. The sale of the software solutions division and the company will be liquidated and the proceeds returned to shareholders. The discovery solutions division was sold last month. Oxford Molecular said that it would consider any offers for the company as an alternative to selling off the businesses. Trading in the shares, currently standing at 35.5p, will continue until the market closes on 22 September, City Wire says. RB ENGINEERING: Notice of Creditors Meeting -------------------------------------------- Company Name: RB Engineering (Bath) Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 11/08/00 Meeting address: The Globe Inn Newton St Loe Meeting City Code: Bath BS2 9BB Authorised by: R Brooks Director 28/07/00 Last day for proxy: 10/08/00 Proxy address: Charter House The Square Lower Bristol Road Bath BA2 3BH Firm Name: Begbies Traynor Address: Charter House The Square Lower Bristol Road Bath BA2 3BH RADIALEXCELLENCE LTD: Notice of Creditors Meeting -------------------------------------------------- Company Name: Radialexcellence Ltd Other name: Barbarellas IA 1986 Section: 98 Creditors Meeting Time: 10.30 am Meeting date: 11/08/00 Meeting address: 4 Wards End Meeting City Code: Halifax HX1 1BX Authorised by: D G Yeardley Director 18/07/00 Last day for proxy: 10/08/00 Proxy address: 4 Wards End Halifax HX1 1BX Firm Name: Sargent & Co Address: 4 Wards End Halifax HX1 1BX REGENERATION 2000: Notice of Creditors Meeting ----------------------------------------------- Company Name: Regeneration 2000 Ltd IA 1986 Section: 98 Creditors Meeting Time: 10.15 am Meeting date: 11/08/00 Meeting address: Pearl Assurance House 319 Ballards Lane Meeting City Code: London N12 8LY Authorised by: G Moolenaar Director 25/07/00 Last day for proxy: 10/08/00 Proxy address: Pearl Assurance House 319 Ballards Lane London N12 8LY Liquidators: Paul Appleton Firm Name: David Rubin & Co Address: Pearl Assurance House 319 Ballards Lane London N12 8LY REV & RIPP: Notice of Creditors Meeting ---------------------------------------- Company Name: Rev & Ripp Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 11/08/00 Meeting address: South Central 11 Peter Street Meeting City Code: Manchester M2 5LG Authorised by: S Baines Director 21/07/00 Last day for proxy: 10/08/00 Proxy address: South Central 11 Peter Street Manchester M2 5LG Firm Name: Levy Gee Address: South Central 11 Peter Street Manchester M2 5LG RICHMOND ENTERTAINMENTS: Notice of Creditors Meeting ----------------------------------------------------- Company Name: Richmond Entertainments Ltd IA 1986 Section: 98 Creditors Meeting Time: 10.30 am Meeting date: 11/08/00 Meeting address: 1 Bentinck Street Meeting City Code: London W1U 2ED Authorised by: M H Conn Director 25/07/00 Liquidators: Robert M Woolfson Firm Name: Lawrence Woolfson Partnership Address: 1 Bentinck Street London W1U 2ED RUSHWORTHS OF LIVERPOOL: Notice of Creditors Meeting ----------------------------------------------------- Company Name: Rushworths of Liverpool Ltd IA 1986 Section: 98 Creditors Meeting Time: 02.30 pm Meeting date: 11/08/00 Meeting address: 1 Old Hall Street Meeting City Code: Liverpool L3 9SX Authorised by: W D C Rushworth Director 31/07/00 Firm Name: HLB Kidsons Address: Devonshire House 36 George Street Manchester M1 4HA SIGHT & SOUND: Notice of Creditors Meeting ------------------------------------------- Company Name: Sight & Sound Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 11/08/00 Meeting address: The Hilton Birmingham Metropole NEC Meeting City Code: Birmingham B40 1PP Authorised by: N M Smith Director 28/07/00 Liquidators: Tracy A Taylor Firm Name: BDO Stoy Hayward Address: The Manor House 260 Eccleshall Road South Sheffield S11 9AT SILVERDEAL MARKETING: Notice of Creditors Meeting -------------------------------------------------- Company Name: Silverdeal Marketing Ltd IA 1986 Section: 98 Creditors Meeting Time: 02.30 pm Meeting date: 11/08/00 Meeting address: 105-111 Euston Street Meeting City Code: London NW1 2EW Authorised by: Z Hussain Chairman 14/07/00 Firm Name: Rifsons Saud Address: 105-111 Euston Street London NW1 2EW STAG FURNITURE: Sale Fails to Save 700 Jobs ------------------------------------------- The administrators of Stag Furniture, the former Spring Ram subsidiary that collapsed earlier this month, have sold its main brand names to Cornwell Parker, the parent company of armchair- maker Parker Knoll, the Independent News reports. The brands involved are Stag Minstrel, Stag Upholstery, Aspect and Sandringham. The deal did not save the group's manufacturing plants in Scunthorpe and Bradford where 275 employees have been laid off. The most recent round of layoffs mean that nearly 700 people will have lost their jobs as a result of Stag's disastrous decision to move the bulk of its manufacturing from two factories in Nottingham to one facility in Scunthorpe. Most of the 400 employees at Nottingham were laid off, though few have received payments. As much as ?1.1m may still be owed. A minimal workforce in Scunthorpe and Bradford is finishing existing work and winding down operations, but there now seems little chance that either factory can be saved, according to the report obtained by Independent News. 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 * * *