/raid1/www/Hosts/bankrupt/TCREUR_Public/000913.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R     

                          E U R O P E

         Wednesday, September 13, 2000, Vol. 1, No. 90

                           Headlines

B E L G I U M

DVW: Bidders Ask to Revise Bids
LEISUREPLANET: Three Candidates to Take over Travel Site
LOUIS DE POORTERE: New Candidates Step in to Takeover Carpet Firm


C Z E C H   R E P U B L I C

CKD DOPRAVNI: Administrators Find Discrepancies in Books
INVESTICNI A POSTOVNI: Czechs Probe Auditors Ernst & Young
METALL BRNO: Staff Files Bankruptcy Petition
VOJEN-SKE STAVBY: Files for Bankruptcy


F R A N C E

BOURGOIN: Placed Into Receivership


G E R M A N Y

DECHAMPS:  Dutch Finish' Parent Company Now Into Liquidation


H U N G A R Y

HTC: Travel Agencies Go Bankrupt


I T A L Y

ALMARE: Puts Up For Sale


N E T H E R L A N D S

ROBERT PINO: Berenschot Files for Liquidation


S P A I N

BABCOCK & WILCOX: Reduces Capital to Absorb Losses
FRESCARN: To Suspend Debt Payment of 6.01Million Euros


U N I T E D   K I N G D O M

AVT COMMUNICATION:  Liquidation Proceedings
AXIS-SHIELD: Posts Interim Pre-Tax Losses Of 3.75 Million Pounds
BIZ CONSULTANCY:  Liquidation Proceedings
BRITISH AMERICAN:  Liquidation Proceedings
CARNEGIE ESTATE:  Liquidation Proceedings

EAST HAM:  Liquidation Proceedings
FORGE MARKETING:  Liquidation Proceedings
FUTURE NETWORK: Posts Interim Pre-Tax Losses
IAXIS: Administrators in Talks with a Number of Possible Buyers
JESMONITE (EUROPE):  Liquidation Proceedings

JESMONITE TECHNOLOGIES:  Liquidation Proceedings
MILLENNIUM DOME: Minister Lord Falconer Admits Mistakes
STARKIE & PALMER:  Liquidation Proceedings


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

DVW: Bidders Ask to Revise Bids
-------------------------------
Le Soir & World Reporter reported earlier this week that the
receivers of failed Belgian textile company DVW have asked the
three bidders for the company to revise their offers. They have
been asked, in particular, to take into account claims by DVW's
leading creditor, Belgian bank KBC, that each of the bids is
inadequate. KBC has argued that the candidates are offering less
than the sum which would be generated by stripping DVW's assets.
At the same time, one candidate has apparently omitted to mention
how many jobs it intends saving, while the other two have offered
to retain between 200 and 250 employees.


LEISUREPLANET: Three Candidates to Take over Travel Site
--------------------------------------------------------
Three e-commerce companies are candidates for the takeover of
insolvent Belgian competitor Leisureplanet Services Belgium. They
came forward before the latter's insolvency had been pronounced
by the court. The two receivers have not been in contact with the
candidate acquirers so far. Leisureplanet specialises in offering
holidays on the Internet. The Haasrode-based company employed 110
staff at the time of its insolvency, although receivers have
rehired ten of them, according to De Financieel Ekonomische Tijd
& World Reporter.


LOUIS DE POORTERE: New Candidates Step in to Takeover Carpet Firm
-----------------------------------------------------------------
The trustees of bankrupt Belgian carpet company Louis De Poortere
Ltd will submit a request to the Tournai commercial court that
the company be allowed to resume its weaving activity. Swiss
textiles companies Domo and Dryon-Callens have stepped in to
offer financial support for the company, and are also prepared to
take over its management, according to La Libre Belgique & World
Reporter.

If the court approves the request, activity at Louis De Poortere
could be resumed. However, another group headed by Reginald and
Vincent De Poortere, comprising a number of former employees of
the company, will submit its own offer. Reginald De Poortere
proposes to act as majority shareholder and Vincent as minority
shareholder. Vincent De Poortere, however, is reportedly
unpopular with the company's unions and workers.


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

CKD DOPRAVNI: Administrators Find Discrepancies in Books
--------------------------------------------------------
The creditors committee of CKD Dopravni systemy (DS), headed by
state-owned Konsolidacni banka (KoB) was informed by the
company's bankruptcy administrators that there are a number of
discrepancies in the DS books, bankruptcy administrator Petr
Dostal, Czech News Agency reported earlier this week.

"The bankruptcy administrators are now disentangling and setting
right the ownership relations so that investors can be asked to
submit their final bids," Dostal said. Companies seeking the
takeover of DS are Germany's Siemens and Czech firms Skoda Plzen
and Inekon.

According to Czech News Agency, bankruptcy administrator Jan
Knoflicek said that DS failed to hand over a lot of documents to
the administrators, but added that this year DS is doing very
well economically. The creditors committee had approved ongoing
production at DS, possibly in the long-term, according to a
member of the executive union board of DS.

The committee approved the payment of deferred wages as a top
priority in the settlement of claims. Another meeting of the
creditors committee is scheduled for the start of October.


INVESTICNI A POSTOVNI: Czechs Probe Auditors Ernst & Young
----------------------------------------------------------
The Financial Times reported yesterday that Czech authorities are
looking into the role of auditors Ernst & Young as part of their
investigation into the $3bn collapse of Investicni a Postovni
Banka (IPB), the country's third biggest bank. "Fundamentally
speaking, the auditors are responsible for what happened in the
bank because their verdict every year was that the bank was
healthy and in good shape," said Josef Tosovsky, governor of the
central bank, the banking regulator.

"It will be necessary to make an assessment of their activity.
The principal responsibility was with the IPB management but the
auditors share responsibility," Mr Tosovsky said. If the central
bank or the government takes legal action it will be the first
time in the Czech Republic an auditor has been sued over the
performance of its duties.

Ernst & Young said it had nothing to answer for and had told the
central bank of its concerns over the complex financial group's
control processes. "We feel we did sufficient based on the
information presented to us," said Nick Davies, partner. "As has
become apparent, the information was not all it should have
been." Ernst & Young took on IPB in 1997 after the bank sacked
Coopers & Lybrand for demanding heavy provisioning.

In May, just before the IPB collapse, the three Czech partners of
E&Y's practice sold it to the German branch and left the firm. Mr
Davies said expatriate auditors had always supervised local staff
and the sale of the practice had been long planned.


METALL BRNO: Staff Files Bankruptcy Petition
--------------------------------------------
Czech News Agency reported earlier this week that some 150 of 180
employees of the Metall Brno company gave a notice because of
unpaid wages and that some of them have filed a petition for the
firm's bankruptcy, former trade union leader in the company,
Vaclav Salat, told CTK. "We wanted to have an interim bankruptcy
assets administrator appointed but neither the court nor the
employment office, which may appoint one, have met our demands so
far," Salat said. Brno-based company Lavimont, which claims it is
Metall's largest creditor, intends to resume production in one of
Metall's facilities and employ 30 people.

Metall Brno was owned by PBS Brno DIZ, which sold it to Slevarna
Liberec Trade. According to Slevarna's Roman Fridrich, the
Liberec-based company sold Metall to Milan Hruby. After a two-
week holiday in early July Metall staff did not return to work.
By the end of August workers had not received part of June's and
all of July's wages. Zdenek Navratil of the KOVO trade union in
Brno said he has been monitoring the situation at Metall for some
time now and believes that the company's assets have been
mishandled since the beginning of the year.


VOJEN-SKE STAVBY: Files for Bankruptcy
--------------------------------------
The Prague Post reported earlier this week that the bankruptcy of
the country's fourth-largest building company could start a
string of business failures. Vojen-ske stavby's bankruptcy
petition was filed in August. The company reportedly owes more
than 1 billion Kc to its subcontractors. The head of the
Association of Building Entrepreneurs said 40 percent of the
company's business involved subcontractors whose projects are now
in jeopardy.


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

BOURGOIN: Placed Into Receivership
----------------------------------
French food group Bourgoin was placed into receivership August
21. Only potential buyers have been allowed into the factories.
Meanwhile, the fate of 5,000 Bourgoin employees will be played
out behind closed doors. The entire region of Brittany is
threatened by the outcome, because hundreds of poultry farmers in
the area supply the group, according to Liberation & World
Reporter.


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

DECHAMPS:  Dutch Finish' Parent Company Now Into Liquidation
------------------------------------------------------------
Dechamps, the German parent company to ailing Dutch textiles
company Dutch Finish, has filed for liquidation. Dutch Finish
filed for liquidation itself on Friday and its 230 workers have
been given notice. Het Financieele Dagblad & World Reporter noted
the receiver is trying to set up a restart. The Dutch
subsidiary's receiver now can do business directly with customers
without depending on Dechamps. A union spokesperson said unrest
and uncertainty among the staff of Dutch Finish has increased,
with many of them seeking other employment.


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

HTC: Travel Agencies Go Bankrupt
--------------------------------
The HTC travel office has declared itself bankrupt and asked for
a liquidation procedure, Hungarian News Agency reported earlier
this week. The professional chamber immediately erased the
company from its registry. The immediate concern, however, is how
to bring home Hungarian tourists who traveled abroad with HTC.
HTC's insurer last weekend paid HUF 20m out of the firm's deposit
of HUF 35m to return 731 passengers stranded in Greece, Spain and
Turkey, but it is not yet certain how to finance the return of
1,410 others.

Hungarian airline Malev said it would take part in the rescue
operation only if paid in cash in advance. According to the
Hungarian News Agency, the company is starting another flight to
Greece on Tuesday after reaching agreement with HTC following
prolonged wrangling.

HTC's bankruptcy seems to have serious implications for Jorgos
Travel, one of Hungary's best-known agencies, which is unable to
pay back to its customers the amount of travel contracts
concluded on behalf of HTC.


=========
I T A L Y
=========

ALMARE: Puts Up For Sale
-----------------------
Premuda, the Italian commercial and industrial ship operator, has
presented the best offer for Almare, the Italian company that was
put up for sale by Finmare. Finmare, an Italian holding company
with interests in ship operators, is being liquidated. Premuda
has offered L129bn for control of 100 per cent of Almare,
according to reports in Il Sole 24 Ore & World Reporter earlier
this month.


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

ROBERT PINO: Berenschot Files for Liquidation
---------------------------------------------
Berenschot Groep, the Dutch management consultancy company has
filed for the liquidation of Robert Pino & Company, a consultant
specialized in strategic advice. Het Financieele Dagblad & World
Reporter reported earlier this month that Berenschot acquired
Robert Pino & Company a year ago. Berenschot has not revealed how
much it has lost with the acquisition, but claims it concerns a
seven figure sum.

Founder Robert Pino has filed a complaint against liquidation
with the shareholders, claiming that a press report about the
liquidation was issued without his knowledge. Berenschot chairman
Leo Markensteyn says the decision was made after extensive
negotiations and acknowledges that the company made an error of
judgement in acquiring Robert Pino & Co. Berenschot guarantees
projects that are currently running.


=========
S P A I N
=========

BABCOCK & WILCOX: Reduces Capital to Absorb Losses
--------------------------------------------------
The board of directors of Spanish capital goods manufacturer
Babcock & Wilcox has approved an operation to reduce capital by
112.4 million euros (Pta18.7bn), with the aim of absorbing losses
and preventing the company's liquidation. As a result, the
company's share capital will be reduced from 246.4 million euros
to Pta134 million euros, Expansion & World Reporter said earlier
this week.

Babcock & Wilcox is controlled by Sepi, the Spanish industry
ministry holding company, pending the completion of its sale to
Babcock Borsig of Germany. Babcock & Wilcox has accumulated
losses in the last ten years of almost 600 million euros
(Pta100bn). Losses for 1999 alone reached 74.52 million euros,
according to World Reporter.


FRESCARN: To Suspend Debt Payment of 6.01Million Euros
------------------------------------------------------
Spanish meat company Frescarn has applied to a Valencia court to
suspend payment of around 6.01m euros (Pta1bn) in debt. The
company, which is part of the Frescarn group, is made up of the
Mataderos Frescarn and Comercial Frescarn companies, according to
Expansion & World Reporter.


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

AVT COMMUNICATION:  Liquidation Proceedings
-------------------------------------------
Company Name:   AVT Communications Ltd
Company No:   2349458
Com. Business:   Communications
Appointed on:   21/08/00
Type:   Members
Appointed by:   Members
Liquidators:   Simon P Bower  IPno: 8338  Daniel R Smith  8373
Firm Name:   RSM Robson Rhodes
Address:   186 City Road
City Postcode:   London  EC1V 2NU


AXIS-SHIELD: Posts Interim Pre-Tax Losses Of 3.75 Million Pounds
----------------------------------------------------------------
The Times reported yesterday that medical equipment company Axis-
Shield reported interim pre-tax losses of 3.75 million pounds (7
million-pound loss). There is no dividend.


BIZ CONSULTANCY:  Liquidation Proceedings
-----------------------------------------
Company Name:   Biz Consultancy Ltd - The
Previous Name:   Yardwood Ltd
Company No:   3583270
Com. Business:   Other Business Services
Appointed on:   21/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   S D Swaden  IPno: 2719    
Firm Name:   Fisher Curtis
Address:   1 Great Cumberland Place
City Postcode:   London  W1H 7LW


BRITISH AMERICAN:  Liquidation Proceedings
------------------------------------------
Company Name:   British American Securities Ltd
Company No:   SC20041
Com. Business:   Dormant
Appointed on:   21/08/00
Type:   Members
Appointed by:   Members
Liquidators:   John W Powell  IPno: 7888  Colin I Vickers  8953
Firm Name:   Levy Gee
Address:   Southfield House  11 Liverpool Gardens
City Postcode:   Worthing  BN11 1RY


CARNEGIE ESTATE:  Liquidation Proceedings
-----------------------------------------
Company Name:   Carnegie Estate Ltd
Company No:   SC163779
Com. Business:   Property Development/Dealings
Appointed on:   21/08/00
Type:   Members
Appointed by:   Members
Liquidators:   Salman Saud  IPno: 6042    
Firm Name:   Rifsons Saud
Address:   105-111 Euston Street
City Postcode:   London  NW1 2EW


EAST HAM:  Liquidation Proceedings
----------------------------------
Company Name:   East Ham United F C (1989) Ltd
Company No:   2385079
Com. Business:   Football Club
Appointed on:   21/08/00
Type:   Members
Appointed by:   Members
Liquidators:   Richard A Hopper  IPno: 8028    
Firm Name:   Haslers
Address:   Johnston House  Johnston Road
City Postcode:   Woodford Green  IG8 0XA


FORGE MARKETING:  Liquidation Proceedings
-----------------------------------------
Company Name:   Forge Marketing Communications Ltd
Company No:   3472306
Com. Business:   Marketing Agency
Appointed on:   21/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Ashok Kumar  IPno: 4640    
Firm Name:   Bhardwaj
Address:   47-49 Green Lane
City Postcode:   Northwood  HA6 3AE


FUTURE NETWORK: Posts Interim Pre-Tax Losses
--------------------------------------------
Publishing company Future Network reported interim pre-tax losses
of 13.5 million pounds (6.4 million-pound loss). There is no
dividend, the Times reported yesterday.


IAXIS: Administrators in Talks with a Number of Possible Buyers
---------------------------------------------------------------
A failure to communicate with creditors was being blamed for
Iaxis being placed in administration. Iaxis, the provider of
telecoms network infrastructure on the European Continent, which
once had plans for a one billion-pound-plus flotation, has net
debts of $200m (138m pounds). Iaxis founder Ray Dutton, who left
the company in December, said company management had refused to
meet with creditors when requested to do so. Faced with court
petitions from at least two creditors, Iaxis management sought
administrative protection. The court petitions followed attempts
to raise funding from existing as well as new investors, on top
of an earlier investment of 200m pounds, the Independent-London
reported earlier this week.

Steven Pearson, a partner with PricewaterhouseCoopers, who has
taken control of the London-based company, said: "At the moment
we're trying to sell the business to a number of possible buyers.
We would hope it would be done in a matter of weeks." Dutch
parent Iaxis NV, in which Dutton owns 20 percent, is owed about
81m pounds. Other creditors include suppliers such as Nortel
Networks and Ciena, a Nasdaq listed firm, which has taken a
19.4m-pound charge. Investors include private equity firm
Chiltern Group, GE Capital and Donaldson Lufkin & Jenrette.


JESMONITE (EUROPE):  Liquidation Proceedings
---------------------------------------------
Company Name:   Jesmonite (Europe) Ltd
Company No:   3158130
Com. Business:   Sales/Marketing of Jesmonite
Appointed on:   21/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Gerald F Davis  IPno: 1195    
Firm Name:   Heathcote & Coleman
Address:   Heathcote House  136 Hagley Road
City Postcode:   Birmingham  B16 9PN


JESMONITE TECHNOLOGIES:  Liquidation Proceedings
------------------------------------------------
Company Name:   Jesmonite Technologies Ltd
Company No:   2730098
Com. Business:   Development/Sales of Jesmonite
Appointed on:   21/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Gerald F Davis  IPno: 1195    
Firm Name:   Heathcote & Coleman
Address:   Heathcote House  136 Hagley Road
City Postcode:   Birmingham  B16 9PN


MILLENNIUM DOME: Minister Lord Falconer Admits Mistakes
-------------------------------------------------------
Lord Falconer, the minister responsible for the Millennium Dome,
has admitted for the first time that "mistakes were made" in the
construction and running of the project. In an interview with the
Daily Telegraph, he said the finances handled by the New
Millennium Experience Company had been "extremely disappointing."
Meanwhile, the 105 million-pound sell-off of the Dome is under
renewed threat after Nomura, the prospective buyer, was refused
access to a report on its finances.

The Japanese finance house had demanded to see the confidential
study by the accountants PricewaterhouseCoopers on the New
Millennium Experience Company, which runs the Dome. According to
the Daily Telegraph, Nomura is understood to be reluctant to
proceed with the deal without seeing the report setting out
exactly what NMEC owns and owes.

James, who was brought in to prevent immediate insolvency,
studied the accountants' report. He assured the Dome's 2,000
staff that their jobs were safe, despite the controversy
surrounding the latest 47 million-pound handout of National
Lottery money.

Meanwhile, an exclusive poll for the Daily Express shows a
majority of people in Britain. More than half the country wants
to see the failed Government flagship, which has already consumed
GBP585million in lottery money, shut down as quickly as possible.


STARKIE & PALMER:  Liquidation Proceedings
------------------------------------------
Company Name:   Starkie & Palmer Ltd
Company No:   363091
Com. Business:   
Appointed on:   21/08/00
Type:   Members
Appointed by:   Members
Liquidators:   Allan W Graham  IPno: 8719  Mark J Orton  
Firm Name:   KPMG
Address:   2 Cornwall Street
City Postcode:   Birmingham  B3 2DL


TOWOT LTD:  Liquidation Proceedings
-----------------------------------
Company Name:   Towot Ltd
Company No:   1210848
Com. Business:   Development/Sale Real Estate
Appointed on:   21/08/00
Type:   Members
Appointed by:   Members
Liquidators:   James Earp  IPno: 8554    
Firm Name:   Grant Thornton
Address:   Grant Thornton House  Melton Street
City Postcode:   London  NW1 2EP



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-
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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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