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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

          Tuesday, September 19, 2000, Vol. 1, No. 94

                          Headlines

B E L G I U M

DESSEAUX: Files for Liquidation; Cuts 550 Jobs


C Z E C H   R E P U B L I C

CKD PRAHA: Appeals Decision to Impose Preliminary Administrator
CKD PRAHA: Lawyers Relate Repercussions of Bankruptcy
KOMERCNI BANKA: Bad Loans to Double by End of Year
SVIT ZLIN: Shoe Producer Declares Bankruptcy
TV PRIMA: Restructuring Aims to Keep Firm from CSOB's Control


F R A N C E

BASTIDE BLANCHE: Bollore Buys Two Vineyards


G E R M A N Y

GIGABELL AG: Applies for Insolvency Proceedings


H U N G A R Y

SABARIA-SIESTA: Shoe Manufacturer Initiates Liquidation


I R E L A N D

ACC BANK: Set to Close Six of its Nine Dublin City Branches
HARLAND & WOLFF: Job Losses Likely in Spite of Court Victory
HARLAND & WOLFF: Future In Doubt as it Loses ?4m Deal


R U S S I A

JSC VOLZHSK: To Initiate Bankrupt Proceedings
MEDIA MOST: Financially Trouble Up for Sale


S P A I N

IBERIA: For Full Privatization, Consider Cutting Ties With
Aerolineas
SEGURFONDO INMOBILIARIO: Inverseguros Proceeds on Liquidation


U N I T E D   K I N G D O M

EFDEX: Goes for Liquidation; Reports Debt of 42 Million Pounds
F P L LTD:  Liquidation Proceedings
FAIRWAY TRANSPORT:  Liquidation Proceedings
G R E A LEASINGS:  Liquidation Proceedings
MCCONNELL SHIPPING:  Liquidation Proceedings

NUCLEAR FUELS:  Posts Loss 0f 337 Million Pounds
RICHBURY LTD:  Liquidation Proceedings
RIVALS.NET: Chrysalis to Buy Internet Sports Site
RIVERSIDE (SWANSEA):  Liquidation Proceedings
ROYEX FINANCE:  Liquidation Proceedings

TRITON GRANGE:  Liquidation Proceedings
VIRTUAL INTERNET: Posts Pre-tax Loss of 6.24 Million Pounds
WORLDWIDE (UK):  Liquidation Proceedings


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

DESSEAUX: Files for Liquidation; Cuts 550 Jobs
----------------------------------------------
De Financieel Ekonomische Tijd & World Reporter reported earlier
this week that Desseaux-Van der Eecken, the Belgian spinning mill
group, will file for liquidation. The group is a victim of the
liquidation of Belgian carpet group Louis De Poortere, which owes
the spinning mill group BFr267m. The government-owned holding
company Gimvindus, which owns 45 percent of the spinning mill
group, has lost about BFr175m as a result of the liquidation. A
total of 550 of employees of the Desseaux-Van Eecken group will
lose their jobs.

Accordingly, the banks have cut the money supply as a result of
the outstanding debts of Louis De Poortere. Van der Eecken and
fellow subsidiary Courtextyl owed banks BBL, Fortis, and KBC
BFr400m. Desseaux Spinning, a subsidiary, owes Dutch bank ABN
Amro BFr250m.


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

CKD PRAHA: Appeals Decision to Impose Preliminary Administrator
---------------------------------------------------------------
Czech A.M. reported last week that CKD Praha Holding appealed to
the High Court, saying there was no legal reason for the Prague
Regional Commercial Court to impose a preliminary bankruptcy
administrator on the engineering concern. It says the move was
made due to bankruptcy petitions filed based on fake claims.


CKD PRAHA: Lawyers Relate Repercussions of Bankruptcy
-----------------------------------------------------
The potential bankruptcy of CKD Praha Holding would not only
jeopardize an order for high speed trains for Czech Railways, say
CKD lawyers, but also supplies of metro cars for the City of
Prague, as the engineering concern is financing their production
at CKD Dopravn¡ Systemy. They added that if the March
establishment of CKD Vagonka as the successor to CKD Vagonka
Studenka comes into question, U.S.-based Thrall Car would likely
back out of a contract to purchase Vagonka's freight car
production.

CKD claims a group connected with AS Lokomotivka's bankruptcy
administrator, Jir¡ Sehnal, is behind the move and wants to lay
hands on CKD assets and sell them for a profit. Lawyers say
Sehnal sold a 1997 claim to Chipo, a firm that filed for
bankruptcy against CKD in June, even though the claim had been
settled. Its accumulated losses total some Kc 11 bln, Czech A.M.  
reported this week.


KOMERCNI BANKA: Bad Loans to Double by End of Year
--------------------------------------------------
Komercn¡ Banka says the amount of classified loans it carries
will almost double by year's end, as it will add Kc 27 bln into
high-risk categories. Czech National Bank regulations will force
KB to hike reserves by Kc 2 bln to Kc 9.6 bln to cover the extra
volume. Bank sources forecast a Kc 3 bln loss this year, Czech
A.M. reported earlier this week.


SVIT ZLIN: Shoe Producer Declares Bankruptcy
--------------------------------------------
Brno Regional Commercial Court declared Svit Zl¡n bankrupt based
on petitions filed by BCP Praha and Phoboss. Roman Rais was named
as bankruptcy administrator, a post he also held at ZPS Zl¡n.
Rais, who plans no production halt or massive layoffs, estimates
the footwear maker's debts at Kc 4-5 bln. Management plans to
appeal the decision, Czech A.M. reported this week.


TV PRIMA: Restructuring Aims to Keep Firm from CSOB's Control
-------------------------------------------------------------
Czech A.M. reported this week that GES Holding, which claims
ownership of TV Prima, has started a restructuring process in and
around the station in an attempt to keep it out of the hands of
CSOB, which also claims control since taking over Prima's former
owner, IPB, in June. According to Mlada Fronta, the speculation
is that indebted station service providers will follow the lead
of transmitter Premiera TV, which filed for bankruptcy several
weeks ago. GES may be maneuvering to create a new group around
Prima and leave CSOB with a number of worthless, bankrupt
entities. TV Premiera bankruptcy administrator Josef Cupka said
only that the firm owes Kc 1.2 bln and had received loans from
IPB. CSOB refused comment.


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

BASTIDE BLANCHE: Bollore Buys Two Vineyards
-------------------------------------------
French holding company Bollore Investissement SA has acquired two
of the biggest wine estates on the Saint-Tropez peninsula in the
south of France. The Bastide Blanche/Croix Valmer vineyards,
which cover a total of 200ha, went into involuntary liquidation
in 1991 with more than FFr110m worth of debts. They have changed
hands for FFr70.50m, Le Figaro & World Reporter reported earlier
this week.


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

GIGABELL AG: Applies for Insolvency Proceedings
-----------------------------------------------
For the first time ever, a company listed on Frankfurt's Neuer
Markt (New Market) has applied for insolvency proceedings.
Gigabell AG, a German telecommunications services specialist,
announced yesterday that it had applied for insolvency
proceedings due to an inability to pay its debts, according to a
report in Die Welt & World Reporter this week.

A group of British investors led by Costingham attempted to
rescue the company over the summer. During the past few months,
analysts had advised investors to sell shares in the company.
Only a few days ago, Gigabell revealed that it had registered a
deficit of nearly DM 24.2m on sales of DM 22.5m during the first
six months of the year.


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

SABARIA-SIESTA: Shoe Manufacturer Initiates Liquidation
-------------------------------------------------------
Hungary A.M. reported earlier this week that the owners of shoe
manufacturer Sabaria-Siesta Kft initiated the liquidation of the
company, mainly because of its public debts exceeding Ft 100
million, liquidator Apport Kft's managing director Tibor Kov cs
said. The company was established in 1994 with equity capital of
Ft 252.6 million. Talks were started with Austrian and German
investors on the future operation of the factory, which employs
700 people.


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

ACC BANK: Set to Close Six of its Nine Dublin City Branches
-----------------------------------------------------------
Six of the nine ACC Bank branches in Dublin are to close by the
end of next month. Further closures are expected. According to
Irish Independent, ACC branches in Rathmines and Santry will
close before the end of this month and the Fairview outlet will
close next month. Blanchardstown, Bray and Westmoreland St.
branches have already closed. The three remaining Dublin outlets
are in Tallaght, Charlemont Place and Dun Laoghaire. Employees
are being relocated into ACC's head office.


HARLAND & WOLFF: Job Losses Likely in Spite of Court Victory
------------------------------------------------------------
Northern Ireland's struggling Harland & Wolff shipbuilder said it
had won most of a 23 million pound arbitration claim and the firm
was now safe, although big job losses were still likely, Reuters
reported earlier this week. The company said payment of the
money, due from U.S. oil firm Global Marine, would enable it to
restructure with support from its Norwegian parent company, Fred
Olsen Energy ASA. Harland and Wolff and Global Marine had been
involved in a long-running dispute about 23 million pounds of
additional work carried out on an exploration ship.

"The management and Board of Harland & Wolff welcome the ruling
of the arbitration panel which holds that over $31 million (22
million pounds) is presently due from Global Marine and payable
by 28 September 2000," the Belfast firm said in a statement. "The
restructuring will provide an opportunity to establish a
profitable, viable and sustainable offshore and shipbuilding
industry in Belfast, although, as previously advised, this will
necessitate a significant reduction in the number of employees,"
it said.

Harland & Wolff said two weeks ago it was doing everything it
could "to secure the future of the shipyard" and that no decision
on its future would be taken pending the outcome of the
arbitration hearing in London.


HARLAND & WOLFF: Future In Doubt as it Loses ?4m Deal
-----------------------------------------------------
The Times reported yesterday that Harland & Wolff's prospects for
survival deteriorated further yesterday when the Belfast shipyard
lost a 4.4 million-pound contract to build a passenger ferry and
revealed that two crucial orders worth more than one billion
pounds hang in the balance. The revelations came just hours after
the yard, which built the Titanic almost 100 years ago, confirmed
plans to axe hundreds of jobs in a wide scale restructuring.

The new uncertainty threatens the yard, which has teetered on the
brink of extinction for years, with closure and the loss of 1,250
jobs. Gregory Campbell, regional development minister for
Northern Ireland, announced that an order for a 260-seater
passenger ferry for use in the province had been awarded to McTay
Marine, a Liverpool-based company, and is due to be ready in 12
months time.

The company also revealed that a 500 million pound contract to
build up to six roll-on-roll-off ferries for Seamasters, a
Bermuda-based group, had been delayed because of problems with
financing. The depth of Harland's problems came to light as the
yard won a 23 million pound dispute with Global Marine, a U.S.
customer. But Harland was forced to use the cash to pay off part
of a 71 million pound loan. Harland and Wolff still awaits the
outcome of a 133.2 million pound dispute with Global Marine.

A spokesman said: "We have said there will be substantial job
cuts because of the restructuring program we announced. Given the
critical state of the current situation we are leaving no stone
unturned to find work."


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

JSC VOLZHSK: To Initiate Bankrupt Proceedings
---------------------------------------------
On September 8, 2000, the Samara Region Commission of
consolidation payment discipline recommend bankruptcy proceedings
against JSC Volzhsk GES named by V.I. Lenin (AO "VoGES").
Accounts payable AO VoGES by August 11, 2000, amounted to RUR
336,3 mln. Accounts receivable amounted to RUR 853 mln, among it
RUR 388,7 mln is the debt of RAO UES of Russia, Skrin Issuer
reported earlier this week.


MEDIA MOST: Financially Trouble Up for Sale
-------------------------------------------
Financial Times reported yesterday that Gazprom, Russia's biggest
gas group, has offered to buy Vladimir Gusinsky's Russian media
interests, the country's biggest commercial media business, for
$300m. But the acquisition of the financially troubled Media Most
group has stalled over wrangling about which assets should be
included. However, Gazprom has already approached an
international investment bank to seek foreign buyers for Media
Most on the assumption that it will eventually win full control.

"Our idea, which is supported by [Rem] Vyakhirev (Gazprom's chief
executive) and other shareholders, is that we would take this
business and with the help of powerful financial consultants sell
it on to an international investor," said one person close to the
deal.

Gazprom, which already owns 16 per cent of Media Most's equity
and is one of the company's biggest creditors, claims its dispute
is purely commercial and that it wants to recoup money to invest
in its core gas business.

Media Most defaulted on a $211m loan guaranteed by Gazprom and
secured on 20 percent of the media company's equity. Gazprom has
also guaranteed an additional $262m loan, which becomes repayable
next year and is secured against an additional 20 per cent of
Media Most's shares. It is understood that on July 26, Alfred
Kokh, a former minister who now runs Gazprom's media businesses,
signed a confidential agreement with Mr Gusinsky to buy Media
Most's outstanding equity for $300m and assume all its debts.

However, Mr Gusinsky's group has previously denied suggestions
that any deal with Gazprom had been concluded and dismissed
reports to the contrary as manipulations by Gazprom or the
Russian government. Mr Gusinsky has for months been seeking a
foreign strategic investor to help salvage his financially
troubled group, Ft reports.


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

IBERIA: For Full Privatization, Consider Cutting Ties With
Aerolineas
-----------------------------------------------------------------
----
Iberia, Spain's national airline and Sepi, the state holding
company that controls it, are considering severing a decade-long
relationship with Aerolineas Argentinas because of opposition in
Buenos Aires to their restructuring plans. The development
follows pressure from the Argentine company's unions, which have
rejected a radical cost-cutting plan for salvaging the loss-
making carrier. A decision to end the relationship could come as
a move for Iberia, whose links to Aerolineas have become a
mounting source of embarrassment for the Spanish government ahead
of the full privatization of Iberia, which is scheduled for
November.

Iberia now owns 8.5 per cent of Aerolineas, having sold the bulk
of its stake to its Sepi parent as part of its own restructuring
program in the mid-1990s. Aerolineas employees own 10 percent.

The cost-cutting plan for the Argentine airline, unveiled by Sepi
in June and modelled on one that Iberia has undergone, has been
rejected by Aerolineas' unions. The unions have proposed that
Spain write off its losses and hand the airline over to them for
a symbolic sum. The government has a 5 percent stake in
Aerolineas and has promised a refinancing program for the company
and a strategic alliance with an unspecified international
carrier, Financial Times reported yesterday.


SEGURFONDO INMOBILIARIO: Inverseguros Proceeds on Liquidation
-------------------------------------------------------------
Inverseguros Gestion, the Spanish investment fund manager, has
presented the stock market commission with the documentation for
the liquidation of Segurfondo Inmobiliario, one of Spain's five
property investment funds. The product, which achieved a yield of
7.61 per cent in 1999, specialized in investment in assets which
required more complex management, according to Rafael Blanco,
director general of Inverseguros Gestion, Expansion & World
Reporter reported this week.

After considering that the excellent condition of the Spanish
property market offered a good opportunity to sell the fund's
assets at attractive prices, its 129 partners (Spanish and
foreign insurance companies) opted to liquidate the fund.
Inverseguros Gestion still has confidence in the sector and will
continue to manage its other property investment fund, Segurfondo
Inversion, which achieved a yield of 10.26 percent in 1999. This
fund has a less specialized strategy than that being liquidated.
As of the end of June, Segurfondo Inmobiliario's assets were
worth 49.25m euros (Pta8.196bn) compared with 96.1m euros
(Pta16bn) for Segurfondo Inversion.


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

EFDEX: Goes for Liquidation; Reports Debt of 42 Million Pounds
---------------------------------------------------------------
Efdex, the business-to-consumer (B2C) and business-to-business
(B2B) food and drink exchange, is going into liquidation with
reported debts of 42 million pounds ($63 million). Amanda
Smithson of just-food.com, the food news portal, told Newsbytes
that the liquidation comes as Tim Carron-Brown, Efdex's founder,
has taken two employees of Efdex to the U.S. and is looking to
launch a similar venture in North America with funding of between
70 and 90 million pounds ($105 to $135 million).

The VNU newswire, reporting the liquidation of Efdex, quotes
Kroll Buchler Phillips, the insolvency practitioner handling the
firm's affairs, as saying that the company ran out of money and
could not raise the extra $25 million required to keep the
company going, Newsbytes News Network reported yesterday.


F P L LTD:  Liquidation Proceedings
-----------------------------------
Company Name:   F P L Ltd
Company No:   IR
Appointed on:   23/08/00
Type:   Creditors
Appointed by:   Members
Liquidators:   Barry M Forrest  IPno:     
Firm Name:   O'Connor Leddy & Holmes
Address:   Century House  Harolds Cross Road
City Postcode:   Dublin  6


FAIRWAY TRANSPORT:  Liquidation Proceedings
-------------------------------------------
Company Name:   Fairway Transport Ltd
Company No:   2374810
Com. Business:   Transport Co
Appointed on:   23/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   G F Hilton  IPno: 2295    
Firm Name:   HLB Kidsons
Address:   Devonshire House  36 George Street
City Postcode:   Manchester  M1 4HA


G R E A LEASINGS:  Liquidation Proceedings
------------------------------------------
Company Name:   G R E A Leasings Ltd
Company No:   21556
Com. Business:   Dormant
Appointed on:   23/08/00
Type:   Members
Appointed by:   Members
Liquidators:   Colin I Vickers  IPno: 8953  John W Powell  7888
Firm Name:   Levy Gee
Address:   Southfield House  11 Liverpool Gardens
City Postcode:   Worthing  BN11 1RY


MCCONNELL SHIPPING:  Liquidation Proceedings
--------------------------------------------
Company Name:   McConnell Shipping Ltd
Company No:   NI8302
Com. Business:   Shipping & Transport Agents
Appointed on:   23/08/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Sean T Fox  IPno: 6970    
Address:   39 Malone Road
City Postcode:   Belfast  BT9 6RX


NUCLEAR FUELS:  Posts Loss 0f 337 Million Pounds
------------------------------------------------
State-owned British Nuclear Fuels plunged to a loss of 337
million pounds in the wake of the scandal involving falsification
of records and an increase in its de-commissioning bill following
the decision to shut all its nuclear power plants, The Daily
Telegraph reported yesterday. Provisions of pounds 411m have been
made to cover the catalogue of problems that almost brought the
company to its knees and forced the government to delay
privatization until the second-half of 2002.

The headline cost of shutting nuclear installations at the end of
their working life has soared 26 percent to 34.2 billion pounds
following the decision to shut the first generation Magnox power
plants. Falsifying records for reprocessed fuel shipped back to
Japan has resulted in a 113 million pound charge, including 40
million pounds paid to Kansai Electric Power. Another 151 million
pounds has been set aside for revisions to earlier nuclear
liability estimates and the early closures of the Hinkley nuclear
power station, The Telegraph said.


RICHBURY LTD:  Liquidation Proceedings
--------------------------------------
Company Name:   Richbury Ltd
Company No:   3371184
Com. Business:   Takeaway Kebab House
Appointed on:   23/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Christakis M Iacovides  IPno: 5428    
Firm Name:   Jeffreys Henry Jacobs
Address:   Fergusson House  124-128 City Road
City Postcode:   London  EC1V 2NJ


RIVALS.NET: Chrysalis to Buy Internet Sports Site
-------------------------------------------------
Financial Times reports that Chrysalis, the music and media
group, has bought a 65.1 percent stake in Rivals.net, an Internet
sports site for 2.5 million pounds in cash and acquired debt in a
deal that completes its new media investment program. The deal
sees Chrysalis, which earlier this year raised 26 million pounds
to invest over two years, take control of Rivals.net, a fan-based
network of more than 300 sites covering football, rugby, Formula
One motor racing and cricket, to 90.1 percent. Chrysalis invested
about 1 million pounds in the business late last year as it
kicked off its plans to build up a portfolio of web interests.


RIVERSIDE (SWANSEA):  Liquidation Proceedings
---------------------------------------------
Company Name:   Riverside (Swansea) Ltd
Company No:   2660543
Appointed on:   23/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Barry Jones  IPno: 5721  Peter J Rilet  5836
Firm Name:   KPMG
Address:   Marlborough House  Fitzalan Court  Fitzalan Road
City Postcode:   Cardiff  CF24 0TE


ROYEX FINANCE:  Liquidation Proceedings
---------------------------------------
Company Name:   Royex Finance Co Ltd
Company No:   136942
Com. Business:   Dormant
Appointed on:   23/08/00
Type:   Members
Appointed by:   Members
Liquidators:   Colin I Vickers  IPno: 8953  John W Powell  7888
Firm Name:   Levy Gee
Address:   Southfield House  11 Liverpool Gardens
City Postcode:   Worthing  BN11 1RY


TRITON GRANGE:  Liquidation Proceedings
---------------------------------------
Company Name:   Triton Grange Ltd
Company No:   974592
Com. Business:   Dormant
Appointed on:   23/08/00
Type:   Members
Appointed by:   Members
Liquidators:   Colin I Vickers  IPno: 8953  John W Powell  7888
Firm Name:   Levy Gee
Address:   Southfield House  11 Liverpool Gardens
City Postcode:   Worthing  BN11 1RY



VIRTUAL INTERNET: Posts Pre-tax Loss of 6.24 Million Pounds
-----------------------------------------------------------
Citywire reported earlier this week that Virtual Internet posted
sharply increased losses for the nine months to July, after costs
jumped. The company, which provides Internet services to
businesses, reported a pre-tax loss of 6.24 million pounds for
the nine-month period on turnover of 4.16 million pounds.
Comparative figures, which are for a 10-month period to July
1999, show a pre-tax loss of 2.64 million pounds and turnover of
914,241 pounds. Administrative expenses jumped to 8.4 million
pounds from 2.97 million pounds. Following a review of its
international operations, Virtual Internet has appointed new
senior management in Italy and the U.S. and closed its Australian
office.


WORLDWIDE (UK):  Liquidation Proceedings
----------------------------------------
Company Name:   Worldwide (UK) Ltd
Company No:   3546958
Com. Business:   Fish & Chips Restaurant
Appointed on:   23/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Christakis M Iacovides  IPno: 5428    
Firm Name:   Jeffreys Henry Jacobs
Address:   Fergusson House  124-128 City Road
City Postcode:   London  EC1V 2NJ



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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