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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 15, 2000, Vol. 1, No. 92
  
                            Headlines

B E L G I U M

LOUIS DE POORTERE: Domo Gives Up on a Restart Takeover
LOUIS DE POORTERE: Lano Plans to Take Over Tuft Division


C Z E C H   R E P U B L I C

INVESTICNI A POSTOVNI: Further Losses Uncovered in 'Black Holes'


I R E L A N D

HARLAND & WOLFF: Unions to Lobby Chancellor on Crisis
RTE: Plans to Restructure


I T A L Y

ALITALIA:  Makes H1 Net Loss of 352.3 Billion Lire
IMPREGLIO:  Slips into Red; First Half Loss of 10.6 Million Euros


N E T H E R L A N D S

FLAIR: Garden Furniture Manufacturer Goes Insolvent  


P O L A N D

HOLLAND CHEMICAL: Brenntag German Chemical Giant to Take Over


R O M A N I A

COMTIM TIMISOARA: Receives No Offer for Privatization


R U S S I A

BELOVSKIY ZINC: To Start Bankruptcy Proceedings


S P A I N

HILATURAS AMAT: Thread Manufacturer Files for Bankruptcy
QUICKTRANS: Transport Group in Receivership
ZACARIAS ROSIQUE: Files for Temporary Receivership


U N I T E D   K I N G D O M

ARMSTRONG OILER:  Liquidation Proceedings
ANTISOMA: Posts Pre-Tax Loss 7.9 Million Pounds
CELLTECH: Pre-Tax Loss Grew to 382 Million Pounds
COLLYER ENSIGN:  Liquidation Proceedings
FIRST INTERSTATE:  Liquidation Proceedings

FOX CONTROLS:  Liquidation Proceedings
INDEPENDENT ENERGY: Calls in the Receiver
JMA SIGNS:  Liquidation Proceedings
LORENDALE LTD:  Liquidation Proceedings
MG ROVER: To Reduce Platforms as Part of Restructuring

MILLENIUM DOME:  Bulldozers Loom over Dome
MILLENIUM DOME: Nomura Might Rebid for Dome
RATEAGENT LTD:  Liquidation Proceedings
SPQR LTD:  Liquidation Proceedings
SCOT-DANSK PINE:  Liquidation Proceedings

TAYLOR MANSELL:  Liquidation Proceedings
WELD FABRICATIONS:  Liquidation Proceedings


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

LOUIS DE POORTERE: Domo Gives Up on a Restart Takeover
------------------------------------------------------
Chances are slim that insolvent Belgian carpet company LDP will
be taken over by the Domo-Dryon combination of sector rivals.
Domo spokesman Eric Coplo said the company has given up on a
restart of LDP and is looking into other options. Meanwhile,
Pierre Lano, owner of Belgian carpet manufacturer Lano Carpets,
is waiting for receivers to reply to his proposed takeover of
part of the tuft division, De Financieel Ekonomische Tijd & World
Reporter reports.


LOUIS DE POORTERE: Lano Plans to Take Over Tuft Division
--------------------------------------------------------
Pierre Lano, the owner of Belgian carpet company Lano Carpets,
wants to take over the tuft division of insolvent competitor
Louis de Poortere and transfer part of the machinery to his tuft
division in Stasegem. De Financieel Ekonomische Tijd & World
Reporter noted earlier this week that Lano is planning to present
his plan to the receivers. The major hurdle is expected to be the
stock, which has been blocked due to LDP's BFr2.6bn debt.

Negotiations with the banks will be required to try and release
the stock. Lano is also prepared to join social talks conducted
with two other acquirers, Domo and Dryon, who are only interested
in the weaving section. Lano hopes to restart the tuft division
in two weeks.


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

INVESTICNI A POSTOVNI: Further Losses Uncovered in 'Black Holes'
----------------------------------------------------------------
The impact of the June takeover of IPB on its bottom line is
negligible although its Kc 617 bln balance sum at the end of the
period makes it the largest domestic financial institution.
Meanwhile, CSOB says it has uncovered IPB's "black holes," a
system existing outside of the bank that reportedly was the cause
of its huge losses. According to CSOB, over 500 entities with
complicated relations to the collapsed bank were involved, some
through a number of IPB shareholders. CSOB says the system is
hiding assets worth tens of billions of crowns, but did not
reveal any names. A survey of assets gained in the IPB takeover
should be available in October. A decision on whether or not to
sell IPB subsidiaries will follow, Czech A.M. reports.


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

HARLAND & WOLFF: Unions to Lobby Chancellor on Crisis
-----------------------------------------------------
Yahoo UK Finance reported earlier this week that the Union
leaders representing staff at the troubled Belfast shipyard
Harland & Wolff are set to lobby Chancellor Gordon Brown for
Government backing. The planned meeting comes ahead of an outcome
this week on an arbitration process, which could decide the
future of the yard. The east Belfast shipbuilding firm claims it
faces closure, with the loss of hundreds of jobs, unless it gets
a substantial portion of a disputed 23 million-pound bill with
United States company Global Marine.

Bobby Carson, president of the Confederation of Shipbuilding and
Engineering Unions, said "The Chancellor needs to ask, 'does it
cost more to continue to build ships or to put quite a large
number of people into unemployment?'" The unions want the
Government to award Ministry of Defense contracts to UK
shipbuilders including Harland & Wolff.

The Northern Ireland Executive has also been under pressure over
the fate of the yard, where the Titanic was built. Jane Morrice,
a member of the Assembly's Enterprise Committee, last night
called on Stormont Enterprise Minister Sir Reg Empey to intervene
to secure the future of the firm.


RTE:  Plans to Restructure
--------------------------
Radio Telefˇs ?ireann (RTE), the Irish National Public Service
broadcasting organisation, will lose 12 million pounds this year
with further losses predicted for 2001. The radio and television
broadcaster already announced a deficit of 16.6m for 1999.
According to Yahoo Finance UK, RTE agreed on a restructuring plan
last November in order to start making some savings in the face
of increasing losses. Its surplus in 1998 was 2.4 million pounds
and it produced a deficit of 16.6 million pounds.

This year it is thought the state broadcaster will seek an
increase in its license fee, from 70 to 120 pounds. The station
also plans to let go of 330 members of staff by 2002. Next year
RTE chiefs plan to sell the broadcasting network under a new
Broadcasting Bill expected to be approved by the end of the year.
RTE is thought to be seeking 60 to 70 million despite AIB valuing
the enterprise at 30 million.


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

ALITALIA:  Makes H1 Net Loss of 352.3 Billion Lire
--------------------------------------------------
Italian national flag carrier Alitalia said on Tuesday it posted
a net loss of 352.3 billion lire ($157.4 million) in the first
half of this year, against a profit of 29 billion lire in the
same period of 1999. Reuters noted earlier this week that the
company expected to break even at the operating level over the
full year, despite exceptional costs from high international
crude oil prices and the euro's weakening exchange rate against
the dollar.

"Against this rather confused and problematic background,
Alitalia took a number of practical steps towards containing
short-term losses (during the period)," the company said in a
statement. But the statement went on to say that the second half
of the year could present its own problems.


IMPREGLIO:  Slips into Red; First Half Loss of 10.6 Million Euros
-----------------------------------------------------------------
Italian construction firm Impreglio said that it recorded a loss
of 10.6 million euros in the first half, compared to a 13 million
euro net profit the year before, as investments soared and
creditors were late with payments. Impreglio had an operating
result of 30 million euros, down from 35 billion the year before.  
Net financial debt nearly doubled to 831 million euros, from 485
million euros last year, Reuters reported earlier this week.


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

FLAIR: Garden Furniture Manufacturer Goes Insolvent  
---------------------------------------------------
Flair, the Dutch manufacturer of plastic garden furniture, has
been declared insolvent. F. Gulickx of the works council claims
that the company failed due to sheer mismanagement. A
restructuring process and rock-bottom prices did not save the
company. De Volkskrant & World Reporter noted that the owner has
already lost Fl 32m and the company's bank, NMB Heller, has lost
Fl 19m. NMB Heller finally decided on Flair's future by refusing
to extend any further credit.


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

HOLLAND CHEMICAL: Brenntag German Chemical Giant to Take Over
------------------------------------------------------------
Poland A.M. reported yesterday that German chemical producer
Brenntag will most likely takeover Holland Chemical International
(HCI), the second largest chemical distributor in Poland. Puls
Biznesu reports that after the transaction Brenntag will control
nearly 50 percent of the Polish chemicals market. Brenntag has
already submitted an offer to purchase the shares of HCI worth
euro 545 million. All that remains is for the shareholders to
approve the deal.

Earlier this year the company bought Neuber, an Austrian
chemicals distributor, which is already has a presence in Poland
under the name IXO Neuber. Along with HCI the company is the
biggest firm in the sector. HCI says it is not afraid of losing
part of the market after it becomes a partner of IXO Neuber.

"The sort of components we distribute rather complement each
other than exclude. IXO Neuber deals in rubber, solvents and
paints, whereas we sell chemicals for the food industry,
cosmetics and household chemicals," said HCI head Bogdan
Banaszczyk.


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

COMTIM TIMISOARA: Receives No Offer for Privatization
-----------------------------------------------------
Privatization in Romania reported yesterday that Comtim Timisoara
received no offer for the privatization of SmogoronCojo Group.
The Shareholders General Assembly (AGA) will follow up with the
union judge and the liquidator of the company,
PricewaterhouseCoopers, in order to decide on a new sale option
to attract investors, sources close to company management stated.

The Comtim liquidator announced the deadline for handing in
letters of intent earlier this week. The investment would assure
the new investor has 50 percent of Comtim International.

The transaction for the acquisition of the combine was approved
by the union judge. The purchaser will pay liquidators $9
million, with an additional $3.5 million to be paid after Comtim
presents the deed of property for the fields it owns. The new
Comtim owner announced that it would invest $10 million in the
short term to increase the number of swine from 63,000 to
500,000, with a long-term projection of 1 million swine.


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

BELOVSKIY ZINC: To Start Bankruptcy Proceedings
-----------------------------------------------
The Moscow Times reported that an 18-month period of external
management for Belovskiy Zinc recently ended, prompting creditors
to start bankruptcy proceedings. The first non-ferrous plant
launched in Siberia will be sold off for debts totaling RUR 150
million, not counting current debts. While the debts mainly
involve overdue taxes, the sale of the factory will reportedly be
fully supported by the government. Euromin, which owns a large-
scale Russian zinc producer, has been mentioned as a possible
buyer.


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

HILATURAS AMAT: Thread Manufacturer Files for Bankruptcy
--------------------------------------------------------
La Vanguardia & World Reporter noted yesterday that and thread
manufacturer Hilaturas Amat have filed for bankruptcy in a court
in in Terrassa, Catalonia.


QUICKTRANS: Transport Group in Receivership
-------------------------------------------
La Vanguardia & World Reporter noted yesterday that Transport
group Quicktrans has been placed in receivership by a courts in
Terrassa, Catalonia.


ZACARIAS ROSIQUE: Files for Temporary Receivership
--------------------------------------------------
La Vanguardia & World Reporter noted yesterday that textile
machinery producer Zacarias Rosique filed for temporary
receivership in a court in Terrassa, Catalonia.


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

ARMSTRONG OILER:  Liquidation Proceedings
-----------------------------------------
Company Name:   Armstrong Oiler Co Ltd
Company No:   079292
Com. Business:   Engineering
Appointed on:   22/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Malcolm E Fergusson  IPno: 6766  David M Walker  
3606
Firm Name:   BKR Haines Watts
Address:   Park House  Park Square West
City Postcode:   Leeds  LS1 2PS


ANTISOMA: Posts Pre-Tax Loss 7.9 Million Pounds
-----------------------------------------------
The Times reported yesterday that pharmaceutical company Antisoma
made 7.9 million pounds in pre-tax losses for the full year (6.4
million-pound loss). There is no dividend.


CELLTECH: Pre-Tax Loss Grew to 382 Million Pounds
-------------------------------------------------
Biotech company Celltech saw its shares tumble more than 1 pound
after it announced that exceptional items caused a heavy loss in
the results for the six months to June. The pre-tax loss grew
from 5.8 million to 382 million pounds, Citywire reported
yesterday.


COLLYER ENSIGN:  Liquidation Proceedings
----------------------------------------
Company Name:   Collyer Ensign Ltd
Company No:   3198644
Com. Business:   Printing/Promotional Material
Appointed on:   22/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Graham P Petersen  IPno: 8325    
Firm Name:   Benedict Mackenzie
Address:   5-6 The Courtyard  East Park
City Postcode:   Crawley  RH10 6AG


FIRST INTERSTATE:  Liquidation Proceedings
------------------------------------------
Company Name:   First Interstate Services Co (UK) Ltd
Previous Name:   Kemphold Ltd
Company No:   1911964
Com. Business:   Investment Holding Co
Appointed on:   22/08/00
Type:   Members
Appointed by:   Members
Liquidators:   David J Pallen  IPno: 5317    
Firm Name:   Ernst & Young
Address:   Rolls House  7 Rolls Building  Fetter Lane
City Postcode:   London  EC4A 1NH


FOX CONTROLS:  Liquidation Proceedings
--------------------------------------
Company Name:   Fox Controls Ltd
Company No:   2523787
Com. Business:   Repairers of Wheelchairs
Appointed on:   22/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Andrew White  IPno: 8066  Susan A Maund  8923
Firm Name:   BDO Stoy Hayward
Address:   Nile House  Nile Street
City Postcode:   Brighton  BN1 1JB


INDEPENDENT ENERGY: Calls in the Receiver
-----------------------------------------
Independent Energy, the UK gas and electricity retailer, said it
had been forced to call in a receiver and suspend trading of its
shares after failing to resolve its funding problems. BBC News
noted that the company has issued a number of profit warnings
this year following problems with processing customer bills.

Independent Energy said it would consider a takeover offer as a
way of resolving its cash flow difficulties, but admitted it had
failed to find a buyer. Independent said in June that it would
run out of working capital if it could not replace a 165m pound
($237m) revolving credit facility that was due to expire on
September 29. Under British law companies are required to cease
trading unless there is a reasonable prospect of being able to
meet their obligations as they fall due.

John Sulley, Independent's chief executive, had blamed the
problems in billing up to 160,000 customers on getting meter
readings from previous suppliers. The value of delayed bills was
put at 119m pounds last month. Ofgem, the UK industry regulator,
ordered Independent Energy not to take on any more customers
until it had resolved its billing problems.


JMA SIGNS:  Liquidation Proceedings
-----------------------------------
Company Name:   JMA Signs (Southern) Ltd
Com. Business:   Signmakers
Appointed on:   22/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   T C Evans  IPno: 6416    
Firm Name:   Rogers Evans
Address:   19 Brunswick Place
City Postcode:   Southampton  SO15 2AQ


LORENDALE LTD:  Liquidation Proceedings
---------------------------------------
Company Name:   Lorendale Ltd
Company No:   4017349
Com. Business:   Holding Co
Appointed on:   22/08/00
Type:   Members
Appointed by:   Members
Liquidators:   James Earp  IPno: 8554  Richard G White  8937
Firm Name:   Grant Thornton
Address:   Grant Thornton House  Melton Street
City Postcode:   London  NW1 2EP


MG ROVER: To Reduce Platforms as Part of Restructuring
------------------------------------------------------
The Rover Cars group, bought from BMW for a token GBP10 by the
Phoenix consortium of central England-based businesses earlier
this year, continues to fight for survival. MG Rover, the loss-
making carmaker jettisoned by BMW, is to reduce its platforms
from five to three as part of a wide-ranging restructuring, The
Financial Times reported yesterday.

Kevin Howe, Rover's chief executive, said the car company would
focus on one sports car platform, a large car based on its Rover
75 model and a new medium-sized platform, possibly developed in
partnership with another carmaker. In a Financial Times
interview, Howe predicted Rover's losses would be several hundred
million pounds less than the E1.2bn (720m-pound) deficit reported
last year by BMW. He confirmed that changes in accounting
policies and inventory levels would help improve the figures,
along with a sharp reduction in operating costs.

As part of a cost-cutting plan, Howe said a lay-off program
involving about 1,000 workers would be completed by the end of
this month. That would leave Rover, based around the Longbridge
car plant in Birmingham, with a workforce of less than 5,500.


MILLENIUM DOME:  Bulldozers Loom over Dome
------------------------------------------
If the commission overseeing the Millenium Dome decides to
withdraw its emergency aid, the Dome will have to shut before the
end of the year with the prospect of bulldozers being sent in
soon, This is London reported yesterday. The commission, chaired
by Culture Secretary Chris Smith, is deciding on its response
after Japanese bank Nomura withdrew its 105 million-pound offer
to buy the site.

Two recent rescue packages from Lottery funds were dependent on
the sale going ahead. The Dome's operator, the New Millennium
Exhibition Company, has already received 13 million pounds of a
43 million-pound grant, supposedly an advance payment on the
Nomura cash. A further 47 million-pound bail-out agreed to last
week has not yet been handed over. It was intended to enable
NMEC, under new executive chairman David James, to pay for the
Dome's closure and hand over to Nomura.

Talks are under way with an alternative would-be buyer, the
Legacy consortium chaired by Labor-supporting millionaire Robert
Bourne, which wants to turn the site into a science park.


MILLENIUM DOME: Nomura Might Rebid for Dome
-------------------------------------------
Yahoo UK Finance reports that Japanese bank Nomura International
says it might bid again for the Millennium Dome. The bank pulled
out of its 105 m-pound offer for the leisure attraction in
Greenwich, saying it was unhappy about uncertainty over who owned
some of the assets and also the full extent of liabilities.

Peter Middleton of Nomura, who is in charge of its Dome venture,
told BBC Radio 4's Today programme earlier this week that he
would be interested in talking again if the uncertainties were
resolved. Referring to the Government and the New Millennium
Experience Company, he said: "We will certainly listen to them
and if there is a deal to be done we will do it."


RATEAGENT LTD:  Liquidation Proceedings
---------------------------------------
Company Name:   Rateagent Ltd
Company No:   2614536
Com. Business:   Engineering/Sheet Metal Work
Appointed on:   22/08/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Geoffrey L Carton-Kelly  IPno: 8602  Andrew J Tate  
8960
Firm Name:   Baker Tilly
Address:   The Clock House  London Road
City Postcode:   Guildford  GU1 1UW


SPQR LTD:  Liquidation Proceedings
----------------------------------
Company Name:   SPQR Ltd
Company No:   3148391
Com. Business:   Design Consultants
Appointed on:   22/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   David Wald  IPno: 3598    
Firm Name:   D Wald & Co
Address:   18 Sapcote Trading Centre  Dudden Hill Lane
City Postcode:   London  NW10 2DH


SCOT-DANSK PINE:  Liquidation Proceedings
-----------------------------------------
Company Name:   Scot-Dansk Pine Co Ltd
Company No:   SC153513
Com. Business:   Pine Furniture Retailers
Appointed on:   22/08/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Neil J McNeill  IPno: 1509    
Firm Name:   BDO Stoy Hayward
Address:   ballantine House  168 West George Street
City Postcode:   Glasgow  G2 2PT


TAYLOR MANSELL:  Liquidation Proceedings
----------------------------------------
Company Name:   Taylor Mansell Landscapes Ltd
Company No:   3762167
Com. Business:   Landscape Gardening Contractor
Appointed on:   22/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   William C Swindell  IPno: 8100    
Firm Name:   Rogers & Co
Address:   Yorkshire House  7 South Lane
City Postcode:   Holmfirth  HD7 1HN


WELD FABRICATIONS:  Liquidation Proceedings
-------------------------------------------
Company Name:   Weld Fabrications Ltd
Company No:   2818209
Com. Business:   Metalwork Fabrications
Appointed on:   22/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   T Papanicola  IPno: 5496    
Firm Name:   Langley & Partners
Address:   Langley House  Park Road
City Postcode:   London  N2 8EX



S U B S C R I P T I O N   I N F O R M A T I O N

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