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       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, September 8, 2000, Vol. 1, No. 87


                           Headlines

B E L G I U M

DVW: Announces Three Candidates to Take Over
LOUIS DE POORTERE: Domo Proposes to Restart Weaving Mill
LEISURE PLANET: E-Commerce Company Declares Insolvency


C Z E C H   R E P U B L I C

LET KUNOVICE: BAE Keeps Trying to Save Troubled Aircraft Maker


G E R M A N Y

JAGENBERG AG: Posts 25.6 Million First-Half Loss
LYCOS EUROPE: Internet Portal Operator Losses Widen
SURF1: Internet Services Provider Declares Insolvency


H U N G A R Y

HTC KFT: Tour Operator Goes into Bankruptcy


I R E L A N D

HARLAND & WOLFF: Embattled Shipyard Faces Closure


U N I T E D   K I N G D O M

A C R (UK):  Notice Of Creditors Meeting
CLICKMANGO: Last-minute Talks Fail to Save Troubled E-tailer
CORUS: Posts Third-Quarter Loss of More 40 Million Pounds
CORUS: Steel Maker Job Cuts Cost 84 Million Pounds
DAWSON INTERNATIONAL: Posts Interim Pre-Tax Loss

DIARYDATES (EUROPE):  Notice Of Creditors Meeting
FORGE MARKETING:  Notice Of Creditors Meeting
G & J ENTERPRISES:  Notice Of Creditors Meeting
IAXIS LTD: Placed under Administration
INTERNATIONAL CTRE:  Notice Of Creditors Meeting

J TOMPSETT:  Notice Of Creditors Meeting
JESMONITE (EUROPE) :  Notice Of Creditors Meeting
JESMONITE TECHNOLOGIES:  Notice Of Creditors Meeting
LOADERS LOGISTICS:  Notice Of Creditors Meeting
MILLENIUM DOME: Dome Gets 47 Mln Stg Cash and New Chairman

MICROGEN:  Posts Interim Loss of 2.46 Million Pounds
NORTHUMBRIA SCAFFOLDING:  Notice Of Creditors Meeting
NUGEN MEDIA:  Notice Of Creditors Meeting
SOFTERFIT LTD:  Notice Of Creditors Meeting
STAMCROSS LTD:  Notice Of Creditors Meeting


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

DVW: Announces Three Candidates to Take Over
--------------------------------------------
Le Soir & World Reporter reported earlier this week that six
directors supported by consultant Bert Wolters gave a press
conference to announce that Catelpa Textiles is taking over all
of the activities of Belgian textile group DVW in Mouscron and
Waregem. They suggested that KBC, the main creditor of DVW, had
added its support and that the region of Wallonia, via Sogepa,
was prepared to inject BFr300 million into the operation.

However, the trustees announced that two other candidates had
handed in an offer before the deadline expired. The other
candidates are Tony Gram, an entrepreneur from Antwerp who is
acting in association with a group called Empire Carpets, and
Flemish group Sioen, in association with Pascal Dryon, former
head of Louis de Poortere.


LOUIS DE POORTERE: Domo Proposes to Restart Weaving Mill
--------------------------------------------------------
Belgian textiles group Domo will continue the weaving mill
activities of liquidated carpet company Louis de Poortere (LDP),
which has gone into receivership. The receivers are favorable to
the proposition and are studying its possibilities. Domo hopes to
restart the weaving mill by next week, and wants to run the
division for a period of six months, De Financieel Ekonomische
Tijd & World Reporter reported this week. Domo would be expected
to carry the costs of the transaction.

While the company awaits the court's permission to go ahead with
the transaction, it is not clear yet how many of the weaving
mill's 260 staff can be employed again. The Belgian group is not
interested in LDP's knotted carpet division, which employed 167,
as there is over capacity in this sector of the market and LDP's
machinery is out-of-date, the Reporter said.


LEISURE PLANET: E-Commerce Company Declares Insolvency
------------------------------------------------------
De Financieel Ekonomische Tijd & World Reporter reported this
week that Belgian e-commerce company Leisure Planet was declared
insolvent by the Leuven court. The court, which appointed two
receivers to handle the liquidation, made its decision only a few
hours after a liquidator presented the company's books. A court
spokesperson stated that 110 employees would be made redundant
with the liquidation. Leisure Planet is an Internet-based travel
agency that saw very fast growth, with the number of employees
increasing from 40 to 110 in 12 months.


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

LET KUNOVICE: BAE Keeps Trying to Save Troubled Aircraft Maker
--------------------------------------------------------------
UK-based BAE Systems is continuing to negotiate with LET Kunovice
creditors and customers to help save the troubled aircraft
producer despite bankruptcy petitions recently filed against the
firm. LET employees filed a petition yesterday following one
filed by U.S.-based Pan Pacific Airways last week. LET owes some
Kc 2 bln to Konsolidacn¡ Banka, which announced yesterday it has
decided to file a bankruptcy petition against LET as well, Czech
AM reported yesterday.


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

JAGENBERG AG: Posts 25.6 Million First-Half Loss
------------------------------------------------
Jagenberg AG reported a first-half loss of 25.6 million euros, an
improvement from a first-half loss in 1999 of 31.6 million euros.
It reported a first-half operating loss of 28.1 million euros,
Handelsblatt said yesterday.


LYCOS EUROPE: Internet Portal Operator Losses Widen
---------------------------------------------------
Shares in Internet portal operator Lycos Europe tumbled as much
as 20 percent after the company reported a large widening in
losses in its 1999/2000 fiscal year. Reuters reported yesterday
that Lycos Europe, a joint venture between Bertelsmann and U.S.
portal Lycos, said net losses in the year to June 30 grew to 99.7
million euros (60.9 million pounds) from 8.7 million in the
previous year. Operating losses widened to 105.33 million euros
from 8.35 million on sales of 40.2 million euros, up from 10.8
million in the previous year.

"We are currently looking at possible companies that we think
would fit to our strategy to get to the number one position in
the portal business in Europe," CEO Christoph Mohn said. He
declined to name specific acquisition targets, according to a
report in Reuters.


SURF1: Internet Services Provider Declares Insolvency
-----------------------------------------------------
Suddeutsche Zeitung & World Reporter reported yesterday that
German Internet services provider Surf1 has become insolvent. The
company has been offering customers a flat rate without time
limits for using the Internet since 1999. However, 80 percent of
users stayed on the Internet for longer periods of time than
expected, which caused massive losses for the company. The
company achieved turnover of DM4.4m in 1999, and it reached DM11m
in the first quarter of this year. Surf1 was planning to float on
the stock market in 2001.


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

HTC KFT: Tour Operator Goes into Bankruptcy
-------------------------------------------
Hungarian airline Malev Rt said it had to bring home about 950
tourists stranded in Greece, Turkey and Spain due to a bankruptcy
of HTC Kft, one of Hungary's largest tour operators. However,
according to local press reports the return of about 1,400
Hungarian tourists by air or by coach was still uncertain due to
a lack of financing, Reuters reports.

"Negotiations continue about individual charter flights, one by
one," said Margit Kocsi, Malev's spokesperson. She said Malev had
to arrange eight extraordinary charter flights so far and was
ready to help remaining stranded tourists as long as HTC's
insurer or other tour agents gave financing.

Hungary's Economics Ministry said it was ready to provide funds
to help the return of Hungarian tourists. "The ministry is ready
to give financing to bring home Hungarians stranded abroad due to
HTC's bankruptcy," said Anna Daniel, a press official. Hungarian
daily newspaper Nepszabadsag said HTC, which has a nearly 50
percent share in Hungary's charter tourism market, announced that
it intended to initiate liquidation proceedings, Reuters said.


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

HARLAND & WOLFF: Embattled Shipyard Faces Closure
-------------------------------------------------
Yahoo Finance UK reported yesterday that Belfast's struggling
Harland & Wolff shipyard went to arbitration to try to recover
pounds 23 million from former customer Global Marine, a U.S.
company. As it did so the company's major shareholder, Fred Olsen
Energy, warned the yard could close with the loss of 1,000 jobs.
The dispute with Global Marine centers on the final payment for
the second of two oil drill ships and whether it was delivered on
time.

The shipyard claims it offered the vessel to Global several times
before the July 31 deadline and that the American company refused
to accept it. Global says it was not completed to its
satisfaction on time. Once the deadline had passed Global went to
the High Court in London and won the right to remove the vessel
from the shipyard without paying the final pounds 23 million
installment. It was however, ordered to put up a bond pending the
outcome of arbitration, Yahoo said.

Fred Olsen Energy said in a statement that non-receipt of the
disputed money, or at least a substantial part of it, "will leave
Harland & Wolff in a situation without the necessary funding for
a continuation of its operations. In these circumstances one
alternative would be a controlled close down of the yard, the
cost of which would be in the order of pounds 15 million." The
arbitration hearing is scheduled to last for up to three days and
Olsen Energy said it was hopeful of a resolution by the end of
the week, according to Yahoo.


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

A C R (UK):  Notice Of Creditors Meeting
----------------------------------------
Company Name:   A C R (UK) Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   12.00 pm
Meeting date:   21/08/00
Meeting address:   10-12 New College Parade  Finchley Road
Meeting City Code:   London   NW3 5EP
Authorised by:   D A O'Connor   Director  31/07/00
Last day for proxy:   18/08/00
Proxy address:   10-12 New College Parade  Finchley Road  London  
NW3 5EP
Liquidators:   Kian Seng Tan
Firm Name:   K S Tan & Co
Address:   10-12 New College Parade  Finchley Road  London  NW3
5EP


CLICKMANGO: Last-minute Talks Fail to Save Troubled E-tailer
------------------------------------------------------------
Online health and beauty site Clickmango has confirmed that it is
definitely closing down on Monday, September 11, after the
failure of last-minute attempts to find a backer. The firm was
founded a year ago by Toby Rowland, son of the late tycoon Tiny
Rowland, and Robert Norton. It quickly raised the three million
pounds it needed for its April launch but has since been unable
to raise funds to keep going. The company, which is fronted by
actress Joanna Lumley, had hoped to find a white knight to
provide investment, Yahoo Finance UK reported yesterday.

Clickmango says all creditors and the 18 staff members will be
paid off. Robert Norton said: "We have spoken to all of those who
have shown interest in acquiring or investing in the business.
However, time is the biggest issue. Rather than risk insolvency,
we must now close the business to meet our contractual
obligations to our creditors and to our staff. We have had a
great deal of support over recent months and it is extremely
important that we honor our agreements." Clickmango says its Web
site will be taken down on Tuesday, September 12, and its office
will close at the end of the month, Yahoo reports.


CORUS: Posts Third-Quarter Loss of More 40 Million Pounds
---------------------------------------------------------
Reuters reported yesterday that Anglo-Dutch steel giant Corus
posted a surprise third quarter loss on after-operational
problems at its steel mills, with a strong pound and heavy
provisions taking a big bite out of the bottom line. Corus, which
has announced some 4,000 job cuts over the last few months as it
struggles to stay competitive, said operating losses in the three
months to July 1 totaled 21 million pounds.

Corus, formed last year by the merger of British Steel and
smaller Dutch rival Hoogovens, said that in addition to
provisions of 44 million pounds and the effect of the strong
pound, it was also hit by several operational problems at some
carbon steel plants.

The problems resulted in output being one million tons lower than
expected, costing the company some 60 million pounds over the
last nine months. "The results were disappointing, to be blunt,"
said Alan Coates, European steel analyst at Merrill Lynch. He
told Reuters he had forecast a third-quarter pre-tax profit of
about 20 million pounds after provisions but that, including
interest and tax, the company's results showed it had made a loss
of more 40 million.


CORUS: Steel Maker Job Cuts Cost 84 Million Pounds
--------------------------------------------------
The Times reported yesterday that recent job cuts at Corus have
cost 84 million pounds, the company revealed. Corus spent 44
million pounds restructuring its labor force in the three months
to the start of July. It will spend a further 40 million pounds
to fund the 4,000 redundancies in the UK that have been announced
over the past few months.

The provisions contributed to the company's loss of 21 million
pounds for the quarter. Corus had a 113 million pounds in pre-tax
loss for the six months to the beginning of April. For the nine
months to July, Corus lost 165 million pounds, compared with a
loss of 342 million pounds for the same period last year.

Chairman Sir Brian Moffat said that as well as the provisions,
the strength of sterling and operational problems at some
integrated steel making operations had contributed to the losses.
Those problems resulted in production falling one million tons
below expectations, costing the company 60 million pounds,
according to the Times.


DAWSON INTERNATIONAL: Posts Interim Pre-Tax Loss
------------------------------------------------
The Times reported yesterday that clothing and footwear company
Dawson International reported interim pre-tax losses of 9.7
million pounds (a loss of 19.5 million pounds). There is no
dividend.


DIARYDATES (EUROPE):  Notice Of Creditors Meeting
-------------------------------------------------
Company Name:   Diarydates (Europe) Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   11.00 am
Meeting date:   21/08/00
Meeting address:   New Garden House  78 Hatton Garden
Meeting City Code:   London   EC1N 8JA
Authorised by:   R P Barclay   Director  
Last day for proxy:   18/08/00
Proxy address:   New Garden House  78 Hatton Garden  London  EC1N
8JA
Firm Name:   Pannell Kerr Forster
Address:   New Garden House  78 Hatton Garden  London  EC1N 8JA


FORGE MARKETING:  Notice Of Creditors Meeting
---------------------------------------------
Company Name:   Forge Marketing Communications Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   03.00 pm
Meeting date:   21/08/00
Meeting address:   47-49 Green Lane
Meeting City Code:   Northwood   HA6 3AE
Authorised by:   S Edwards     02/08/00
Last day for proxy:   18/08/00
Proxy address:   47-49 Green Lane  Northwood  HA6 3AE
Firm Name:   Bhardwaj
Address:   47-49 Green Lane  Northwood  HA6 3AE


G & J ENTERPRISES:  Notice Of Creditors Meeting
-----------------------------------------------
Company Name:   G & J Enterprises Group Plc
IA 1986 Section:   23  Creditors
Meeting Time:   10.00 am
Meeting date:   21/08/00
Meeting address:   The Clarendon Suites  2 Stirling Road
Meeting City Code:   Birmingham   B16 9SB
Authorised by:   J M Birch   Joint Administrator  28/07/00
Last day for proxy:   18/08/00
Proxy address:   9 Portland Road  Birmingham  B16 9HN
Firm Name:   Levy Gee
Address:   9 Portland Road  Birmingham  B16 9HN


IAXIS LTD: Placed under Administration
--------------------------------------
Iaxis, the telecommunications company has been put in
administration with debts estimated at up to $200 million (138
million pounds). Iaxis had planned a one-billion-pound float, but
could not proceed after investors refused to inject more money,
the Times reported yesterday.


INTERNATIONAL CTRE:  Notice Of Creditors Meeting
------------------------------------------------
Company Name:   International Ctre for Digital Comm Lt
IA 1986 Section:   98  Creditors
Meeting Time:   12.15 pm
Meeting date:   21/08/00
Meeting address:   Novotel Hotel  Union Street
Meeting City Code:   Wolverhampton   
Authorised by:   D Mills   Director  28/07/00
Firm Name:   Elliots
Address:   289 Abbeydale Road South  Sheffield  S17 3LB


J TOMPSETT:  Notice Of Creditors Meeting
----------------------------------------
Company Name:   J Tompsett & Son Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   11.00 am
Meeting date:   21/08/00
Meeting address:   Nile House  Nile Street
Meeting City Code:   Brighton   BN1 1JB
Authorised by:   J W Tompsett   Director  28/07/00
Liquidators:   Andrew White
Firm Name:   BDO Stoy Hayward
Address:   Nile House  Nile Street  Brighton  BN1 1JB


JESMONITE (EUROPE) :  Notice Of Creditors Meeting
-------------------------------------------------
Company Name:   Jesmonite (Europe) Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   12.00 pm
Meeting date:   21/08/00
Meeting address:   The Clarendon Suite  2 Stirling Road
Meeting City Code:   Birmingham   B16 9PN
Authorised by:   W Stone   Director  03/08/00
Last day for proxy:   18/08/00
Proxy address:   Heathcote House  136 Hagley Road  Birmingham  
B16 9PN
Liquidators:   Frederick Davis
Firm Name:   Heathcote & Coleman
Address:   Heathcote House  136 Hagley Road  Birmingham  B16 9PN


JESMONITE TECHNOLOGIES:  Notice Of Creditors Meeting
----------------------------------------------------
Company Name:   Jesmonite Technologies Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   10.30 am
Meeting date:   21/08/00
Meeting address:   The Clarendon Suite  2 Stirling Road
Meeting City Code:   Birmingham   B16 9PN
Authorised by:   W Stone   Director  03/08/00
Last day for proxy:   18/08/00
Proxy address:   Heathcote House  136 Hagley Road  Birmingham  
B16 9PN
Liquidators:   Frederick Davis
Firm Name:   Heathcote & Coleman
Address:   Heathcote House  136 Hagley Road  Birmingham  B16 9PN


LOADERS LOGISTICS:  Notice Of Creditors Meeting
-----------------------------------------------
Company Name:   Loaders Logistics Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   02.30 pm
Meeting date:   21/08/00
Meeting address:   The Norfolk Plaza Hotel  29-33 Norfolk Square
Meeting City Code:   London   W2
Authorised by:   T Bird   Director  03/08/00
Last day for proxy:   18/08/00
Proxy address:   6 Southwick Mews  Paddington  London  W2 1JG
Liquidators:   Michael Ioannou
Firm Name:   Gregory Michaels & Co
Address:   6 Southwick Mews  Paddington  London  W2 1JG


MILLENIUM DOME: Dome Gets 47 Mln Stg Cash and New Chairman
----------------------------------------------------------
Reuters reported yesterday that the cash-strapped Millennium Dome
received 47 million pounds from Britain's Millennium Commission,
funded by the national lottery. The Dome was also forced to
replace its top management for the second time in four months.  
Earlier this week the Millennium Commission said that to make
that deal viable, the Dome would need more cash. "It is now
estimated that in order to remain open until the end of the year,
to facilitate the agreed deal with Dome Europe and achieve a
solvent liquidation, a further 47 million pounds is required," it
said in a statement.

The Commission also said David Quarmby, the chairman of the
Dome's operating company, will be replaced by David James, a
company director with a reputation as a trouble-shooter for firms
in difficulty. Quarmby took over as chairman of the New
Millennium Experience Company (NMEC) when the previous chairman
was forced to quit in May, Reuters said.

The Dome has repeatedly failed to meet visitor targets. The
latest subsidy will come as an embarrassment to the government
and the Dome's chief executive, Frenchman Pierre-Yves Gerbeau,
who said after a previous bailout this year it would be
"absolutely the last time" he would seek help. The Millennium
Commission agreed to a grant of 60 million pounds to the Dome at
the start of the year then followed that up with another 29
million pounds in May and a further advance of 43 million pounds
only last month, according to Reuters.


MICROGEN:  Posts Interim Loss of 2.46 Million Pounds
----------------------------------------------------
Shares in Microgen, an e-services company run by former Dell
executive Martin Ratcliffe, slumped 12 percent yesterday after
the group fell into the red for the six months to June 30.  
Microgen, which provides billing and database management services
to more than 70 companies, reported an interim loss of 2.46
million pounds, compared to a profit of 707,000 pounds
previously. There is no dividend, the Times reported yesterday.


NORTHUMBRIA SCAFFOLDING:  Notice Of Creditors Meeting
-----------------------------------------------------
Company Name:   Northumbria Scaffolding Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   03.00 pm
Meeting date:   21/08/00
Meeting address:   Bulman House  Regent Centre
Meeting City Code:   Gosforth   NE3 3LS
Authorised by:   A Turnbull   Director  02/08/00
Firm Name:   Tait Walker
Address:   Bulman House  Regent Centre  Gosforth  NE3 3LS


NUGEN MEDIA:  Notice Of Creditors Meeting
-----------------------------------------
Company Name:   Nugen Media Distributions Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   11.00 am
Meeting date:   21/08/00
Meeting address:   Russell Square House  10-12 Russell Square
Meeting City Code:   London   WC1B 5LF
Authorised by:   K Sharma   Director  27/07/00
Firm Name:   Chantrey Vellacott DFK
Address:   Russell Square House  10-12 Russell Square  London  
WC1B 5LF


SOFTERFIT LTD:  Notice Of Creditors Meeting
-------------------------------------------
Company Name:   Softerfit Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   10.30 am
Meeting date:   21/08/00
Meeting address:   The Hotel Metropole  King Street
Meeting City Code:   Leeds   LS1 2HQ
Authorised by:   R Worsnop   Director  31/07/00
Last day for proxy:   18/08/00
Proxy address:   33 George Street  Wakefield  WF1 1LX
Firm Name:   Jacksons Jolliffe Cork
Address:   33 George Street  Wakefield  WF1 1LX


STAMCROSS LTD:  Notice Of Creditors Meeting
-------------------------------------------
Company Name:   Stamcross Ltd
Other name:     Kings Cross Cab Centre
IA 1986 Section:   98  Creditors
Meeting Time:   10.30 am
Meeting date:   21/08/00
Meeting address:   133 Golders Green Road
Meeting City Code:   London   NW11 8HJ
Authorised by:   A Conroy     20/07/00
Last day for proxy:   18/08/00
Proxy address:   133 Golders Green Road  London  NW11 8HJ
Liquidators:   A Martin-Sklan
Firm Name:   Martin Sklan & Co
Address:   133 Golders Green Road  London  NW11 8HJ



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
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