/raid1/www/Hosts/bankrupt/TCREUR_Public/001012.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

        Thursday, October 12, 2000, Vol. 1, No. 111

                         Headlines

B E L G I U M

KBC: Chief Executive Under Investigation


C Z E C H   R E P U B L I C

KOMERCNI BANKA: Committee to Release Shortlist by November


F R A N C E

INFOGRAMES ENTERTAINMENT: Slips Into the Red, Posts Loss of E27.1


G E R M A N Y

BASF: To Contribute About $82 Million of Lawsuit Settlement


H U N G A R Y

KONZUMBANK RT: BSE Delists Shares, Reports First Half Net Loss
POSTABANK RT: Foreign Investors Seek Their Share of the Pie


I R E L A N D

EIRCOM: Places Mobile Phone Company on Sale Block


I T A L Y

INFOSTRADA: Vodafone Moving Closer to an 11bn Euro Sale
INFOSTRADA: Enel Announces Deal to Purchase for E11 Billion


R U S S I A

RUSSIAN ALUMINUM: Alfa-Bank Opens USD 100 Million Credit Line


U N I T E D   K I N G D O M

BOXMAN: CD Retailer Slated for Liquidation
BRITISH TELECOM: Announces Radical Restructuring
CORUS: Announces 200 Job Cuts in Wake of Euro Problems
COULSDON MILLENNIUM: Liquidation Proceedings
DURHAM BRICK:  Liquidation Proceedings

EIDOS: Takeover Talks Fail
E-LOAN UK: CEO Leaves On Heels of Cash Shortage
EQUANT: France Telecom Again in Talks to Acquire Dutch Company
GRASS PRIDE:  Liquidation Proceedings
LEWIS PLANT:  Liquidation Proceedings

LEX AUTOSALES: Lex Service to Dispose of Used-car Network
MG ROVER: Unions Demand Big Pay Increase
MASTERPACK DSK:  Liquidation Proceedings
MARKS & SPENCER: Shares Hit New Low
MOSS BROS: Troubled Clothing Retailer Plans to Restructure

NHP: Southern Cross Set for Reverse Takeover
NEWSWORLD PUBLISHING:  Liquidation Proceedings
NORTHERN EARTHMOVER:  Liquidation Proceedings
PULLMAN REFRIGERATION:  Liquidation Proceedings
RAMANI PROPERTIES:  Liquidation Proceedings

RAYMOND ACCESS:  Liquidation Proceedings
WOLVERHAMPTON & DUDLEY:  Up for Sale
WOLVERHAMPTON & DUDLEY: Open to Offers
WORKLINK LTD:  Liquidation Proceedings


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

KBC: Chief Executive Under Investigation
----------------------------------------
KBC, Belgium's second largest bank and insurance group, suffered
a blow on Tuesday after it emerged that chief executive Remi
Vermeiren had been placed under investigation in a four-year
probe into alleged money laundering at KBC and its sister bank,
Kredietbank Luxembourg, Financial Times reported yesterday. Mr
Vermeiren has played a pivotal role in the bank's recent
expansion into central and eastern Europe and is considered the
"brains" behind its operations. KBC said he and 10 other senior
managers had been placed under suspicion by investigating
magistrate Jean-Claude Leyes, who opened a probe into KB Lux and
KBC four years ago.

KBC said on Tuesday night that it had "complete faith" in Mr
Vermeiren, stressing that he and the other senior managers had
not been charged with any wrongdoing. It said it was outraged at
the way the probe had been conducted, arguing that the rights of
the defense had been violated.

"After four years of KBC -- together with its management --
having been portrayed as a fraudulent institution, because of
leaks via certain media, without it being given any opportunity
to mount a legitimate defense, its president has also been placed
under suspicion. KBC believes the investigation has been
extremely on-sided and biased," it said.

KBC said it had respected all legal and regulatory requirements
in the conduct of its business. The naming of Mr Vermeiren is the
latest setback for the company which was first investigated in
1996 for allegedly devising schemes to facilitate tax fraud from
Belgian residents.

Earlier this summer five KBC employees were named by the
examining magistrate following the indictment in late April of 10
KB Lux officials related to forgery designed to assist tax
evasion and money laundering as part of the same investigation.
The KB Lux employees indicted included the bank's chief executive
Damien Wigny.


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

KOMERCNI BANKA: Committee to Release Shortlist by November
----------------------------------------------------------
The Czech Finance Ministry announced last week that troubled
Czech bank Komercni Banka's steering committee for privatization
will have a shortlist of candidates by the middle of November.
According to Reuters, Ministry spokesman Libor Vacek revealed
that 32 investors were given a privatization memorandum but did
not say how many would be included in the shortlist.

The Finance Ministry had earlier disclosed that there were at
least five European banks that had expressed an interest in
taking over the third-largest Czech bank. A new owner may be
found early next year. Italy-based Unitcredito has announced its
interest in Komercni, as have several German and Austrian banks.


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

INFOGRAMES ENTERTAINMENT: Slips Into the Red, Posts Loss of E27.1
-----------------------------------------------------------------
Financial Times reported yeswterday that Infogrames
Entertainment, the French software company specializing in video
games, posted a loss for the year ended June 30 as its U.S.
business suffered and online competition stiffened. The company
on Tuesday reported a loss of E27.1m ($23.5m) compared with a
profit of E20.3m in the year ended in June 1999.

The company, which is based in a suburb of Lyons, said it had a
difficult fourth quarter amid declining sale prices. Infogrames
also said it was hurt by the popularity among children of
Pokemon, which has reduced sales of rival products such as Game
Boy, and tougher competition from games available on the
internet.

Heavy investment in U.S. operations has also hit the bottom line.
Infogrames has invested a total of E280m in its operations in the
U.S., including the purchase of GTIS at the end of last year.
However, it has yet to see a return on the money. U.S. sales
totaled only E191.6m in 2000 and the operations made a E31.5m
loss. Infogrames shares, which have lost almost about a third of
their value in the last month amid concern about demand for its
main game products, were up 5.3 per cent at E24.75 at midday.


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

BASF: To Contribute About $82 Million of Lawsuit Settlement
-----------------------------------------------------------
Six multi-national vitamin producers have agreed to pay $335m to
settle a price-fixing lawsuit in the U.S. BASF of Germany, one of
the companies named in the suit, said late Tuesday it would
contribute about $82m of the total settlement amount, excluding
legal fees, Financial Times noted yesterday. Other companies
involved were Hoffman-La Roche of Switzerland, Aventis of France,
and Takeda Chemical Industries, Eisai Co and Daiichi
Pharmaceutical Co. of Japan.

The lawsuit alleges the companies met in secret to fix prices of
vitamins from 1989 to 1998. The money will be paid to 22 U.S.
states and charities. BASF said in a statement that the claims
were related to indirect purchases of vitamin products by
consumers and other eligible business and government entities.
The company also said it expected to settle for $80m a similar
suit filed by the state attorney general of California and
private lawyers in that state.


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

KONZUMBANK RT: BSE Delists Shares, Reports First Half Net Loss
--------------------------------------------------------------
The Budapest Stock Exchange (BSE) will remove the registered
ordinary shares of Konzumbank Rt from its listed securities, the
BSE announced last Wednesday. The last trading day for the shares
was Oct. 6. Konzumbank decided to delist its shares at its AGM in
April. Majority owner Hungarian Development Bank Rt (MFB) had
raised its stake to over 92 percent, and the shares had been less
liquid than expected, the bank explained. MFB made a public bid
and purchased 50,809 Konzumbank shares, paying Ft 715 each for
the Ft 1,000 face-value shares, in three stock exchange auctions.
The bid was issued for a maximum of 797,475 shares, Budapest
Business Journal noted earlier this week.

The State Financial Institutions Supervision (PSzAF) had ordered
Konzumbank to draft an exigency strategic plan by the end of
September, and ordered MFB to inject new capital into the bank.
Loss-making in the past two years, Konzumbank reported net losses
of Ft 960 million in H1 2000. As a result, its shareholders'
equity dropped Ft 1.2 billion below its registered capital of Ft
5.231 billion. Konzumbank's strategic plan is being drafted for
five years, and in it the bank expects a capital injection of Ft
7 billion, of which it is assumed it will receive Ft 3 billion
this year.

Konzumbank could be the bank that is assigned the role of
allocating low-rate loans to small and medium-sized companies,
and it could also service subcontractors in current motorway
building projects. Another scenario to end the bank's problems --
closing -- would be rather pricey, sources said, adding that a
merger, perhaps with state-owned Postabank Rt, is also a
possibility. The government is expected to decide the future of
Postabank in the coming months.


POSTABANK RT: Foreign Investors Seek Their Share of the Pie
-----------------------------------------------------------
Three foreign investors may soon start talks with the government
to recover compensation of up to Ft 8 billion ($26.7 million)
plus 20 percent interest per year for former holdings in
Postabank Rt, which is now run by the state. This development
came after 310 former minority shareholders successfully won a
preliminary ruling at the Budapest City Court on October 5, the
Budapest Business Journal said Monday.

"[The foreign institutional investors] didn't dare take the risk
of a lawsuit, but now that the minority shareholders have won the
first case, they may start talking to the state," said Gabor
Hidasi, owner and managing partner of Hidasi & Partners Law
Office, who represented the minority shareholders.

The court agreed that stocks belong to minority shareholders
should have been bought by the state for a price at 106.2 percent
of face value in a 1998 transaction, which means that the state
must now pay over Ft 120 million to the 310 minority
shareholders. There are 6 more minority shareholder lawsuits
which have not yet been resolved, four in which the court is
expected to make a ruling by year end. Hidasi reportedly said the
total compensation claim of shareholders in the six cases amounts
to Ft 3.7 billion, not counting 20 percent annual interest. This
may bring the state's total bill to over Ft 14 billion if its
more than 2,000 minority shareholders seek compensation through
the courts.

The state is allowed 15 days to appeal the preliminary ruling in
favor of minority shareholders. Officials have reportedly said
that the Finance Ministry is prepared to pay if the state loses
on the appeal. The Budapest City Court's decision last week
stated that Postabank is not obliged to pay compensation to its
shareholders.

Postabank shares were sold in a public bid by the government in
1998. The state had taken majority ownership to help the
institution survive its massive debts, but this meant that it
should have bid for all its shares, which had a face value of Ft
10,000 and were then trading with a premium on over-the-counter
(OTC) markets at the time. Institutional investors such as
Austrian company Osterreichische Postsparkasse AG and insurance
company EA Generali, which in April 1997 had stakes of 10 percent
and 5 percent respectively, were taken out of the picture through
convoluted legal means, before the state made a bid at only Ft 5
per share was made on grounds that share value had dived because
of a capital reduction previously carried out in the bank, the
Journal said. The state had also claimed to have a majority
before the bank's general meeting in 1998.


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

EIRCOM: Places Mobile Phone Company on Sale Block
-------------------------------------------------
In Ireland, Eircom, the former state-owned monopoly and the
country's biggest phone company, officially put its Eircell
mobile business up for sale, Independent News reported yesterday.
The move comes on the back of severe investor criticism reflected
at Eircom's annual shareholders meeting in September. It is
thought that Eircom, like its UK counterpart British Telecom, is
trying to respond to institutional criticism about its stock
market performance. Unloading the mobile arm could also see the
remaining fixed-line rump succumb to a takeover from an overseas
operator.


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

INFOSTRADA: Vodafone Moving Closer to an 11bn Euro Sale
--------------------------------------------------------
The Independent said yesterday that Vodafone is moving closer to
an 11bn euro sale of Infostrada, its Italian fixed-line business.
The mobile giant refused comment on either deal, although
analysts said the continued shuffling of its European assets
would ultimately prove beneficial in cutting debt and boosting
the company's mobile network coverage. High debt levels and the
cost of obtaining next generation licenses and building the new
networks has cut a swath through mobile operators' valuations
across Europe. For Vodafone, a successful disposal of Infostrada,
inherited from the UK company's 110bn pounds buyout of Mannesmann
of Germany in February, could help cut its debt.

However, Vodafone is expected to have to accept a combination of
cash and shares for the fixed-line unit. In Italy, sources said
that Enel, the power utility, would buy Infostrada without the
immediate help of France Telecom, its joint venture partner in
the Italian telecoms group Wind. France Telecom is apparently
reluctant to invest heavily in Infostrada, preferring to focus
financial resources on expanding its mobile business, which has
been integrated with Orange following acquisition of the UK
company in May.


INFOSTRADA: Enel Announces Deal to Purchase for E11 Billion
------------------------------------------------------------
The Financial Times noted yesterday that Enel, Italy's state-
owned electricity group, announced full details of its planned
purchase for E11bn ($9.6bn) of the telecommunications company
Infostrada from Vodafone of the UK. Following a board meeting in
Rome on Tuesday night, Enel will unveil details of the purchase
at a press conference in Milan on Wednesday. The announcement is
expected to be made in a joint statement with France Telecom, the
Italian utility's partner in Wind, the fixed and mobile
telecommunications group.

However, France Telecom is not expected to participate directly
in the purchase of Infostrada. Instead, Italian newspapers
reported on Tuesday that the French company was expected to be
given a two-year option on whether to increase its stake in Wind.
France Telecom's stake, currently at 44 percent, will initially
be diluted to between 20 and 25 percent when Wind is merged with
Infostrada. France Telecom will reportedly have an option under
which it will either be able to increase its stake back to its
current level or sell its holding in Wind altogether. At the
time, Jean-Louis Vinciguerra, France Telecom's chief financial
officer, said that the deal was on the basis of an E11bn
valuation for 100 per cent of Wind.


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

RUSSIAN ALUMINUM: Alfa-Bank Opens USD 100 Million Credit Line
-------------------------------------------------------------
Prime Tass News reported yesterday that Alfa-bank has opened a
credit-line to Russian Aluminum company in the amount of USD
100mln for 18 months, the bank's press service announced Monday.
This is the first credit line opened by Alfa-bank to Russian
Aluminum. Additionally, the bank has decided to open a Rur 50mln
line to JSC Aeroflot-Russian Airlines for one year in three-month
tranches, and a six-month Rur 60mln credit line to Ammofos, the
press service said.


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

BOXMAN: CD Retailer Slated for Liquidation
------------------------------------------
Boxman, the online pan-European CD retailer, is facing
liquidation after failing in a last-ditch attempt to raise the
cash it needs to keep trading. Its failure would make it the
highest-profile European e-tailer to cease trading since the
collapse of Boo.com, the sportswear e-tailer, in May. The company
-- which was forced to pull its 300m pound float in April --
suspended its website at midnight on Monday. After a frantic
series of board meetings it decided on Tuesday night to seek
approval from shareholders and creditors to go into voluntary
liquidation. Talks are still in progress with at least one
potential buyer, Financial Times noted yesterday.

Boxman's problems underline how aggressively investors have
turned on business-to-consumer (B2C) Internet groups since the
start of the year, when valuations spun out of control and
investors appeared happy to keep funding heavy start-up losses.
Tony Salter, chief executive, said: "You cannot have a more
negative market sentiment than this towards B2C e-commerce there
is a herd mentality and the herd is stampeding in the wrong
direction. You can't suddenly turn round and say we don't like
the business any more so become profitable next week."  Boxman,
launched in 1997, is one of the most ambitious pan-European
Internet retailers, with operations in eight countries. Its 500
shareholders include well-known pop musician Suggs of the UK
group Madness and Swedish bands Roxette and Ace of Base. Other
investors include French businessman Bernard Arnault, and Alain
Levy, former chief executive of PolyGram and a Boxman director.

Mr Salter said on Tuesday that part of the problem in raising
further money -- after earlier negotiations to sell the business
failed -- was the fragmented shareholder list, with nobody owning
more than 4 per cent of the equity. Institutional investors
include ABN Amro. Boxman has raised 50m pounds in a series of
rounds since 1997, including 12.7m pounds at a valuation of about
100m pounds in March. Last month it launched a last-ditch open
offer to shareholders at a sharply reduced valuation, but it
secured support for less than 5m pounds, compared with the 20m
pounds required. Boxman incurred losses of ?24.1m from turnover
of 5.8m pounds in the six months to June 30 and is understood to
have been burning between 1m pounds and 2m pounds of cash a
month.


BRITISH TELECOM: Announces Radical Restructuring
------------------------------------------------
British Telecom has announced radical restructuring plans in an
effort to counter what directors see as increasingly "hysterical"
press and City speculation over the company's future and the
position of its chairman, Sir Iain Vallance. The outcome of BT's
yearlong strategic review was due to have been announced in
December or early next year, but under growing pressure in the
City, the company is now expected to unveil its grand plan either
with the interim results on 9 November or sooner, The Independent
reported yesterday.

There was dismay in some parts of BT over an apparent attempt by
Lord Marshall, the deputy chairman, to canvass City opinion late
last week on appetite for "a sacrificial change at the top". One
source said; "He must have known it would get out. The man's
either a fool or he's deliberately trying further to destabilize
the situation. He's made it look as if the board is in disarray,
so it is no wonder there is so much speculation". Lord Marshall
is due to be replaced next year by Anthony Greener, a former
chairman of Diageo. Rapidly escalating levels of debt, intense
competition, and a sudden reversal in investment sentiment
towards the telecoms sector, have reinforced the urgency of the
review, which is expected to include an enhanced programme of
spin offs and disposals.

The review will detail proposals to reduce group indebtedness by
at least a third -- or around 10bn pounds -- and could involve
plans for demerging the core regulated network from the rest of
the business. Most of BT's revenue still comes from local and
long distance networks, the part of the business that is under
most pressure. It is thought certain that as part of the review
BT will attempt to float its wireless interests under the Cellnet
name.


CORUS: Announces 200 Job Cuts in Wake of Euro Problems
-------------------------------------------------------
Steel company Corus is expected to announce 200 job losses for
its strip steel works at Port Talbot, Ebbw Vale, Co Durham, and
Teesside and Shotton. The embattled company, which employs 30,000
people in the UK, has wielded the axe on over 4,000 jobs since
June this year. It is expected to put its strip operation on hold
and cut back on working shifts at Port Talbot. It may also close
one of the furnaces at Llanwern, the Times said. Corus was formed
from the merger of British Steel and Dutch company Hoogovens. Its
last results showed a 21 million pound loss for the three months
to July 31 (26 million pound profit). Corus shares fell 1_p to
52_p Tuesday, close to a record low.


COULSDON MILLENNIUM: Liquidation Proceedings
--------------------------------------------
Company Name: Coulsdon Millennium Concert Ltd
Company No: 3951348
Com. Business: Produce/Promote Concerts
Appointed on: 11/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Neville Eckley IPno: 1412
Firm Name: Neville Eckley
Address: 332 Brighton Road
City Postcode: Croydon CR2 6AJ


DURHAM BRICK:  Liquidation Proceedings
--------------------------------------
Company Name: Durham Brick Ltd
Previous Name: Durham Brick & Block Ltd
Company No: 3024325
Com. Business: Manufacturers of Brick Products
Appointed on: 11/09/00
Type: Creditors
Appointed by: Members
Liquidators: Jonathan M Timmis IPno: 8933
Firm Name: J M Marriott & Co
Address: Cameron House White Cross South Road
City Postcode: Lancaster LA1 4XQ


EIDOS: Takeover Talks Fail
--------------------------
Independent News reports that Eidos, the beleaguered maker of
computer games such as Tomb Raider starring Lara Croft, saw its
shares slump yesterday after the company said talks with a
potential buyer had collapsed. The announcement follows the
resignation of Eidos' chief financial officer, Jeremy Lewis, last
Friday.

The all-share indicative offer "wasn't in the ballpark of what
the board thought was best for shareholders," said Eidos chief
operating officer, Mike McGarvey, yesterday, adding that the
company had decided to remain a stand-alone business. Sources
close to Eidos said the offer was "barely a premium" on the
current share price. However, according to insiders yesterday, an
internal memo at Infogrames about a month ago informed staff that
the company was not interested in buying Eidos. Infogrames would
not comment.


E-LOAN UK: CEO Leaves On Heels of Cash Shortage
-----------------------------------------------
E-Loan UK, the online mortgage introducer, has lost its chief
executive in a surprise exit after a cash shortage led to a sale
to its European cousin. Andrew Armishaw, formerly chief executive
of First Direct, the telephone arm of HSBC, left shortly after
the company abandoned its latest round of funding in favor of a
sale, Financial Times said yesterday. He was not available for
comment, but his exit, on Friday, came as a surprise to the
industry. As recently as last Thursday he was giving bullish
interviews.

E-Loan Europe, jointly owned by E-Loan of the US and a venture
capital company run by Softbank and France's Vivendi, will now
take over the entire European operation, paying E-Loan UK
investors in shares. "We have been looking for investment into E-
Loan [UK] and there were a number of opportunities but this is
essentially the best one," said Frank Eve, managing director. The
company was set up in a fanfare of publicity in January but now
faces competition from several rival web sites, which act as
online mortgage brokers. The new European E-Loan will centralize
all computer services in Munich, although it will continue to run
separate web sites for each country. Mirko Siepmann will be chief
executive of the combined operation. There will be "one or two"
job losses at the UK company's Redhill headquarters, Mr Eve said.


EQUANT: France Telecom Again in Talks to Acquire Dutch Company
--------------------------------------------------------------
France Telecom is again in talks to acquire Equant, a Dutch-based
global telecommunications network that started out as an airline
reservation system, Financial Times reported yesterday. The
talks, which have picked up after falling apart over the summer,
are at a preliminary stage and could still fall apart if the
companies fail to agree on details, such as valuation.

The plan under discussion would see the former French telecom
monopoly offer cash to the SITA foundation, a 33.4 per cent owner
of Equant. SITA is a consortium of airlines which set up Equant
in 1995, has indicated that it will not accept shares in exchange
for its Equant stake. Instead, SITA, the Societe Internationale
de Telecommunications Aeronautiques, has insisted potential
buyers offer cash, which some cash-strapped telecoms companies
may have found difficult.

France Telecom has been interested in combining Equant's network
with Global One since it began exploring a takeover during the
summer. Talks repeatedly broke down over price, and whether or
not the French company would make an offer to the public
shareholders. France Telecom at the beginning of the year took
control of Global One, a former venture between it, Sprint of the
U.S., and Germany's Deutsche Telekom. Talks between Equant and
Infonet, a U.S. company with a similar network, broke down last
week because Infonet was not prepared to pay SITA shareholders
cash. Equant this year had also been in takeover talks with
Global Crossing of the U.S., but the two disagreed on price.


GRASS PRIDE:  Liquidation Proceedings
-------------------------------------
Company Name: Grass Pride Associates Ltd
Company No: 2255312
Com. Business: Health Activities
Appointed on: 11/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: D L Platt IPno: 2669
Firm Name: Sorskys
Address: Gable House 239 Regents Park Road
City Postcode: London N3 3LF


LEWIS PLANT:  Liquidation Proceedings
-------------------------------------
Company Name: Lewis Plant & Civil Engineering Ltd
Company No: 3321436
Com. Business: Groundworks/Civil Engineering
Appointed on: 11/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: David Moore IPno: 7510
Firm Name: Huntington Moore
Address: 1 Old Hall Street
City Postcode: Liverpool L3 9HF


LEX AUTOSALES: Lex Service to Dispose of Used-car Network
---------------------------------------------------------
Lex Service, the vehicle and business services group, is reducing
its exposure to the motor retail sector with the closure or sale
of Lex Autosales, its network of seven used car centres. The
company sells about 10,000 cars a year through the centres which
make a "small seven-figure loss" on turnover of 50m-60m pounds.
Lex set up the Autosales chain using large sites and a fixed-
price formula five years ago.

Andy Harrison, chief executive, said: "As we refine our plans for
RAC motoring services [bought in May 1999] we have decided that
the Lex Autosales trading format is not an appropriate
distribution channel. Very difficult conditions in the used car
market mean that the business is making unacceptable losses."  
Lex's decision to dispose of the last remnant of its loss-making
car retailing business makes sense in both brand management and
financial terms, Financial Times reported yesterday.


MG ROVER: Unions Demand Big Pay Increase
----------------------------------------
MG Rover worker unions have made the following demands on behalf
of 5,500 workers at a time when the company is trying to cut
costs in an effort to stay afloat:

1) a "substantial" pay increase
2) increased holidays
3) an extension of holiday bonuses
4) other payments, scheduled to end this year, which were
traditionally made before the summer shutdown
5) paid parental leave
6) various other family-oriented benefits

Unions started talks with management after a claim was submitted
last week, the Times said yesterday. Management has reportedly
kept pay increases down to just 0.7 percent in a tradeoff for a
reduced number of working hours, in an agreement Rover made with
former owner BMW as part of a turnaround plan to cut down losses.
Most pay increases in the car industry last for three years, but
the demand for a pay increase at Rover is reportedly only for a
year as unions want to wait and see how the company is doing
before making more demands.


MASTERPACK DSK:  Liquidation Proceedings
-----------------------------------------
Company Name: Masterpack DSK Ltd
Previous Name: Mailway (Southern) Ltd
Company No: 111115
Com. Business: Packaging Contractors
Appointed on: 11/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Anthony J Harris IPno: 4142
Firm Name: Critchleys
Address: Boswell House 1-5 Broad Street
City Postcode: Oxford OX1 3AW


MARKS & SPENCER: Shares Hit New Low
------------------------------------
The Times reported yesterday that the shares in Marks & Spencer,
the beleaguered high street retailer, crashed to a ten-year low
yesterday, after U.S. investment bank Credit Suisse First Boston
downgraded earnings expectations for the current year to just 460
million pounds. Dealers reported heavier than usual volumes in
the stock, which finished down 7p at 188«p, after the shares
failed to come back above the 200p barrier in early trading.


MOSS BROS: Troubled Clothing Retailer Plans to Restructure
----------------------------------------------------------
The Independent News reports that the financial director of
troubled clothing retailer Moss Bros has shown some confidence in
its plans to restructure by making his maiden purchase as its
shares rest close to the record lows suffered earlier this week.
Tom Singer, who was appointed to the board of the 26 million
pounds company in March 1999, today bought 50,000 shares at 30p
each, a total pay-out of 15,000 pounds, his holding represents
0.05 percent of the company.

Moss Bros has suffered sharply from a change in fashion and
buying habits over recent years. It attempted to redress this by
announcing alongside its disappointing interims on Monday that it
will replace its Savoy Tailors' Guild, Blazer and Hugo Boss
branded stores, with a smaller number of Code outlets. These
stores will offer modern menswear starting at prices in the same
range as those charged by Next and French Connection. Its
interims revealed a pre-tax loss of 16.2 million pounds, with 12
million pounds of provisions for rationalization.

On publication of the results the share price fell by 5p to 26p,
a five-year low. The drastic restructuring was accompanied by the
appointments of Julian Kilmartin, ex-menswear director at Next,
and Duncan Sutherland, ex-retail director of Matalan, to Moss
Bros' board. The company said the appointments would `lay the
foundations of a revitalized business.'


NHP: Southern Cross Set for Reverse Takeover
--------------------------------------------
Talks between NHP, the nursing-home company, and a number of
bidders have collapsed, opening the way for a reverse takeover by
Southern Cross Healthcare, a privately-owned rival, Financial
Times noted yesterday. A deal with Southern Cross is likely to be
accompanied by a 120m pounds refinancing of NHP, which has been
hit by the fall into receivership of some of its tenants.
NHP said on Tuesday that it was no longer in talks to take the
company private.

The group, which owns 390 nursing homes in the UK, is understood
to have been in discussions with at least two venture
capitalists, believed to be Advent International and UBS Capital.
Bill Colvin, Finance Director, said that despite three months of
talks, "none of the potential bidders are prepared to come
forward". He said that some of the bidders were waiting for the
release of a 47m pounds facility linked to a recent
securitisation of some NHP homes. Financial Times said that the
facility is due to be released over the next few months. Mr
Colvin, who is due to move to the rail maintenance group, Jarvis,
once the sale of NHP is completed, said talks with Southern Cross
were at an advanced stage.

The reverse takeover, to be done largely in NHP shares, is
expected to be completed by the end of the month. A deal with
Southern Cross is set to be accompanied by a share issue to raise
about ?10m to fund the merged group. It is also likely to trigger
the renewal of a ?100m credit facility with NHP's banks, which
include Bank of Scotland, Royal Bank of Scotland, JP Morgan and
Dresdner Kleinwort Benson. NHP had a difficult time last year
when a number of its tenants went into receivership and local
authorities cut the fees paid to nursing-home operators.


NEWSWORLD PUBLISHING:  Liquidation Proceedings
----------------------------------------------
Company Name: Newsworld Publishing Ltd
Com. Business: Publishing
Appointed on: 11/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Steven G Taylor IPno: 7953
Firm Name: Poppleton & Appleby
Address: 4 Charterhouse Square
City Postcode: London EC1M 6EN


NORTHERN EARTHMOVER:  Liquidation Proceedings
---------------------------------------------
Company Name: Northern Earthmover Tyre Special Ltd
Previous Name: Alecharm Ltd
Company No: 1619561
Com. Business: Vehicle Repairs
Appointed on: 11/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: Gordon A M Simmonds IPno: 5729
Firm Name: Simmonds & Co
Address: Crown House 217 Higher Hillgate
City Postcode: Stockport SK1 3RB


PULLMAN REFRIGERATION:  Liquidation Proceedings
---------------------------------------------
Company Name: Pullman Refrigeration Sales Ltd
Previous Name: Ableforce Ltd
Company No: 2834166
Appointed on: 11/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Kerry Bailey IPno: 8780
Firm Name: Royce Peeling Green
Address: Hilton Chambers 15 Hilton Street
City Postcode: Manchester M1 1JL


RAMANI PROPERTIES:  Liquidation Proceedings
------------------------------------------
Company Name: Ramani Properties Ltd
Company No: IR
Appointed on: 11/09/00
Type: Members
Appointed by: Members
Liquidators: Patrick O'Donovan IPno:
Firm Name: O'Donovan Stewart & Co
Address: The Mews Pembroke Place
City Postcode: Dublin 2


RAYMOND ACCESS:  Liquidation Proceedings
----------------------------------------
Company Name: Raymond Access Ltd
Company No: 3763536
Com. Business: Access Platform Hire
Appointed on: 11/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Richard A Saville IPno: 7829
Firm Name: Savilles
Address: 1 North Road The Park
City Postcode: Nottingham NG7 1AG


WOLVERHAMPTON & DUDLEY:  Up for Sale
------------------------------------
Robert Breare, the leisure entrepreneur is to resume takeover
talks with Wolverhampton & Dudley, after the UK's biggest
regional brewer yesterday put itself up for sale, signaling the
likely end of 110 years of family management, the Independent
News reported yesterday. David Thompson, W&D's managing director
and the fifth generation of the Thompson clan to preside over the
pubs and brewing group, confirmed yesterday that pressure from
institutional investors had forced the board to "initiate a
strategic review of the options available to maximize shareholder
value".

In a statement, the company said: "This process may or may not
lead to an offer for all or part of the company." Mr Breare,
backed by the private equity firm, Botts & Company, said: "We are
very much looking forward to participating in the [strategic
review] process." W&D, whose assets include the Banks's brewery
and Pitcher & Piano pubs, rejected a 500p-a-share indicative
offer in August from Botts and Mr Breare. Mr Breare yesterday
said any renewed approach would be pitched at 500p "and could be
more, depending on due diligence". It is expected that talks
between W&D and Mr Breare will resume shortly. One analyst said:
"The management seems to have realized the game is up."

Industry experts said a successful bid from Mr Breare would be
likely to lead to a break-up of W&D. One said there was no
obvious trade buyer to launch a rival offer for the whole group,
but a foreign player, such as South African Breweries or
Heineken, could be interested in one or more of W&D's four
breweries. Meanwhile W&D's retail estate, which comprises about
1,700 pubs, could be broken up and sold to a handful of
independent players. A spokesman for SAB declined to comment.


WOLVERHAMPTON & DUDLEY: Open to Offers
--------------------------------------
Financial Times reported yesterday that Wolverhampton & Dudley
Breweries, the UK brewery and pubs business effectively put
itself up for sale on Monday. The board's apparent change of
heart comes two months after it rebuffed an approach from Robert
Breare, the entrepreneur backed by Botts & Company, a private
equity concern. But pressure from shareholders has mounted as bad
news continued to flow from the restaurant and pub sector. Last
month Yates Brothers Wine Lodges, once one of the best regarded
companies in the sector, was forced to abandon its policy of
charging higher prices on Friday and Saturday nights - its key
trading time. Last week James Naylor resigned as chief executive
of City Centre Restaurants less than a month after City analysts
cut forecasts following another disappointing set of results.


WORKLINK LTD:  Liquidation Proceedings
---------------------------------------
Company Name: Worklink Ltd
Company No: 306333
Com. Business: Supply Telecom Equipment
Appointed on: 11/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: D L Platt IPno: 2669
Firm Name: Sorskys
Address: Gable House 239 Regents Park Road
City Postcode: London N3 3LF



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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