/raid1/www/Hosts/bankrupt/TCREUR_Public/001023.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

            Monday, October 23, 2000, Vol. 1, No. 118

                         Headlines

A U S T R I A

LIBRO: Reports a 20.3 Million Euro Loss

B E L G I U M

BEAULIEU: To Repay Bfr 725m State Subsidies in Fabelta Takeover
NEW EUROPTUBES: Board Votes for Liquidation
SABENA AIRLINES:  Announces Major Restructuring; Operating Loss


C Z E C H   R E P U B L I C

CEZ: Czech Energy Sector to be Sold to Consortia
CEZ: Mertlik Worried that Rival Ministry May Manipulate Sale
TESLAMP: Under Bankruptcy Proceedings


F R A N C E

INFOSOURCES: First Half Loss 9.8 Million Euros


G E R M A N Y

PHILIPP HOLZMANN: Overseas Business Up for Sale


H U N G A R Y

MALEV RT:  APV to Invite 20 Airlines to Bid


I R E L A N D

MS FRECKLES: Internet Retailer Goes into Liquidation


L A T V I A

LATVIJAS BALZAMS: LPA to Offer State-Owned Shares Again


R U S S I A

NOVOKUZNETSK ALUMINUM:  Unified Energy Objects to Bankruptcy


U N I T E D   K I N G D O M

ALBERT FISHER:  Posts Full Year Pretax Loss of 15 Million Pounds
ANGLIA TELECOM: Liquidation Proceedings
ARCADIA: Dives Into the Red; 257 Million Pounds in Debt
DELKAM LTD: Liquidation Proceedings
ENVIRONMENT INSTALL: Liquidation Proceedings

EXPRESS NEWSPAPERS: Name Change for 'Express' Group
FINELIST: Accountants Facing Scrutiny
GORDON & INNES: Creditors to Meet to Discuss Growing Debt
HG LOGISTICS: Liquidation Proceedings
HUGHES TRANSPORT: Liquidation Proceedings

J & P WALLACE: Liquidation Proceedings
MG ROVER: Deal Ends Ties with Unipart
NORTHERN EASTERN: Liquidation Proceedings
OLDUKUS LTD: Liquidation Proceedings
TORNADO: Posts First Half Pretax Loss of 1.9 Million Pounds

TURBO GENSET:  Posts Full-Year Pretax Loss of 2.64 Million Pounds
WHITBREAD: To Sell Pubs to Repay Debts


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

LIBRO: Reports a 20.3 Million Euro Loss
---------------------------------------
Last week Austrian media retailer Libro announced higher-than-
expected first half losses. Reuters reports Libro posted a 20.3
million euro ($17.10 million) loss before interest, tax,
depreciation and amortization, more than the 14.5 million-euro
loss analysts had predicted. The company, which holds bookstore,
online retail and entertainment divisions, made a 1.7 million
euro loss for the same period in 1999. Libro said 16.3 million
euros of the losses came from heavy investing in its online
retail business, lion.cc.

Shares in Libro have fallen as much as 25 percent less than last
year's issue price, as investors have expressed concern about the
delays in the company's plans with Germany's Westdeutsche
Allgemeine Zeitung. WAZ has not given final approval to its offer
to take a 10 percent stake in Libro and 25.01 percent in lion.cc,
as announced in the summer. Libro officials, while staying
hopeful about the deal, remarked that they would consider other
offers. "We are also holding talks with other parties with a view
to entering additional strategic partnerships," Chief Executive
Andre Rettberg told a news conference.


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

BEAULIEU: To Repay Bfr 725m State Subsidies in Fabelta Takeover
---------------------------------------------------------------
Textile company Beaulieu has been ordered to repay the BFr 725m
of state subsidies that it was granted in 1983/84 for the
takeover of bankrupt company Fabelta Zwijnaarde, De Financieel
Ekonomische Tijd & World Reporter reported earlier this week. The
EU Commission investigated the acquisition and ruled that Belgian
authorities should not have supported it. In 1988, a court order
was issued ordering the repayment of the subsidies. Now, Datex,
one of seven companies in the former Beaulieu empire, has been
ordered to pay back the subsidies.


NEW EUROPTUBES: Board Votes for Liquidation
-------------------------------------------
During an extraordinary board meeting the management of New
Europtubes, the Belgian tube manufacturer, announced that it was
going into liquidation. A general assembly of workers confirmed
the news, Le Soir & World Reporter noted earlier this week. A
trustee is yet to be appointed by the Mons commercial court. The
company was founded in the early seventies and at present employs
180 staff on the Boussu and Frameries sites. The first site is
active in the industrial tube sector for gas, steam and chemical
products. The second specialises in boilermaking, and is
preparing to absorb the activities of Gardinal, following the
acquisition of the latter.


SABENA AIRLINES:  Announces Major Restructuring; Operating Loss
---------------------------------------------------------------
Sabena Airlines president Christoph Muller on Thursday announced
"drastic and urgent" restructuring plans resulting in job cuts
and reduced services as the company tries to come back to
profitability, Associated Press reported earlier this week.
Sabena said it expects to post an operating loss of 5.9 billion
francs ($123 million) for this year and said the forecasts for
2001 look bleak. As a result, Sabena said it would seek to cut
between 400 and 500 jobs and end service on long-haul routes from
Brussels to Johannesburg, South Africa, and Newark, N.J. It said
the two routes were running at heavy losses, Associated Press
noted yesterday.

The airline, which is controlled by Switzerland's SAir Group,
parent company of Swissair, already has grounded several Airbus
A340 aircraft to try to stem the losses. Despite the poor
financial situation at the Brussels-based airline, SAir Group
announced earlier this year that it was increasing its stake in
Sabena to 85 percent from its current 49.5 percent, subject to
regulatory approval. "In the last months, the financial situation
of the Sabena Group has rapidly deteriorated due to both internal
and external reasons," said Sabena. The airline blames high fuel
prices, the strong U.S. dollar and competition as well as rising
labor costs and the high costs of renewing and updating its
fleet. Sabena posted a first-half operating loss of 2.4 billion
francs ($50 million).


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

CEZ: Czech Energy Sector to be Sold to Consortia
------------------------------------------------
The Czech government's decision to privatize CEZ and the power
distributing companies in a large single block has forced
potential buyers to hold talks with their rivals on forming
consortiums to submit joint bids, CTK & Euromoney reported
yesterday. Jan Slaby, analyst at Wood & Co., said there will not
be a strict division into distributors and producers. Members of
a successful consortium will divide the privatized assets into
parts corresponding with the type of their business. Companies
selling electricity or gas to end users will acquire the
distributors while the producers will control the generation of
electricity and purchases of gas, Slaby told HN.

"At the moment everyone is talking with everyone," HN was told by
Miroslav Pise of the Bayernwerk company, which is one of the
potential buyers of Czech energy companies. Pise added, however,
that concrete joint bids are still to be negotiated.
Representatives of other potential buyers responded similarly.


CEZ: Mertlik Worried that Rival Ministry May Manipulate Sale
------------------------------------------------------------
Prague Business Journal reported yesterday that Finance Minister
Pavel Mertlik would resign, according to unnamed sources, if he
sees any signs of manipulation of the proposed CEZ privatization
plan. The cabinet will decide about selection criteria for a sale
advisor and choose the advisor selection committee Oct. 31.
Mertlik is reportedly concerned that Industry Minister Miroslav
Gregr may attempt to influence the committee's composition.

Meanwhile, analysts believe the decision to privatize the power
utility in one package together with distributors will force
prospective buyers to form consortiums and submit joint offers.
German Bayernwerk already confirmed that it is talking with other
parties. Electricite de France is considered the current
frontrunner.


TESLAMP: Under Bankruptcy Proceedings
--------------------------------------
Teslamp, a lighting source manufacturer, has been under
bankruptcy proceedings since Aug 2000. The firm will probably
become a part of a foreign manufacturer, either Sylvanie (US) or
Osram (Germany), Access Czech Republic Business Bulletin noted
last week. Osram has bought the former plant of Tesla Holesovice
(Prague, Czech Republic) in Nove Zamky, Slovakia. It is now
extending production at the plant. Teslamp has a 15 percent share
on the Czech market and exports 70 percent of its production.


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

INFOSOURCES: First Half Loss 9.8 Million Euros
----------------------------------------------
Reuters noted that the Internet multimedia group Infosources,
listed on the small-cap Nouveau Marche, is in the process of
being bought by Belgian telecoms operator Belgacom, which will
merge it with its own Internet service provider (ISP) activities.
Infosources posted a first half loss of 9.8 million euros.
Shareholders are due to vote on the merger, which will leave
Infosources with 25 percent and Belgacom with 75 percent in the
new group, at an October 26 shareholder meeting.


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

PHILIPP HOLZMANN: Overseas Business Up for Sale
-----------------------------------------------
Agence France-Presse reported yesterday that the banks holding
the majority stake in German construction group Philipp Holzmann
plan to break up the group by selling off its overseas business,
the business weekly WirtschaftsWoche reported in its latest
edition. In article to appear on Thursday, the magazine says that
bank representatives had held a crisis meeting on Tuesday at
which they discussed plans to sell the overseas business, notably
the U.S. unit Jones, for three billion marks (1.53 billion euros,
1.3 billion dollars). The banks hold a combined 64 percent in
Holzmann, which narrowly escaped bankruptcy late last year.
Holzmann strongly rejected the report. "There was no 'crisis
meeting', simply a perfectly normal bankers' meeting."

"The name 'Jones' was not mentioned and our shareholders would
not be being very reasonable if they really planned to sell our
most profitable activities, since we generate 70 percent of our
business outside Germany," Holzmann spokeswoman Petra Rob told
AFP. Holzmann only just escaped bankruptcy last November when
German Chancellor Gerhard Schroeder intervened personally to
broker a rescue package. Earlier this week, Holzmann chairman
Konrad Hinrichs said in a newspaper interview that the group
still hoped to post a small profit this year, but that it would
be more difficult than previously anticipated owing to the
current situation in the German construction sector.


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

MALEV RT:  APV to Invite 20 Airlines to Bid
-------------------------------------------
The board of the State Privatization and Holding Co. (APV Rt)
decided to invite bids from some 20 airlines for acquiring a
minority stake in national airlines Malev Rt through an equity
raise, APV announced last week. The deadline for submitting bids
to the one-round closed tender is Jan. 8, 2001. Air France, KLM,
Swissair and SAS have already signed a pledge of confidentiality,
which is required from all bidders. APV said it compiled the list
of 20 together with ING Baring Rt, which acts as an advisor in
the deal.

At present, APV holds 96 percent of Malev's registered capital of
Ft 7.6 billion. APV is offering the potential strategic buyer 10
percent of existing shares, and also new shares provided that
APV's stake remains at least 50 percent plus one vote. In a
second phase of privatization, APV will sell a further 25 percent
stake to Hungarian investors, keeping 25 percent plus one vote,
which would secure Hungarian majority ownership, Budapest
Business Journal noted yesterday.


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

MS FRECKLES: Internet Retailer Goes into Liquidation
----------------------------------------------------
Ms Freckles, the Swedish Internet company, handed in its
application for liquidation to the Stockholm district court after
it failed to raise more capital, Dagens Nyheter & World Reporter
reported earlier this week. The company has raised SKr22m since
the summer of 1999. Ms Freckles was a company aimed at working
women, and hoped that companies who wanted to test products and
services would use the site. However, the idea has not been
welcomed by investors. Charlotta Alsen, managing director of Ms
Freckles, still believes strongly in the idea, and has signed co-
operative agreements with several major customers.


===========
L A T V I A
===========

LATVIJAS BALZAMS: LPA to Offer State-Owned Shares Again
-------------------------------------------------------
Anadolu Agency & Euromoney noted last week that the Latvian
Privatization Agency (LPA) board has decided to offer again
state-owned 401,691 shares in Latvijas Balzams liquor maker
company as of Oct. 23 on the Riga Stock Exchange, LPA external
relations office reported to BNS. The LPA will offer the shares
for sale on the Riga bourse for two months through Dec. 23 for
the minimum sales price of 0.36 lats per share. The shares will
be sold by filing a selling order to Latvijas Krajbanka (Latvian
savings Bank) brokerage section to be sold accordingly to the
market demand at daily trading session's on the RSE.

The LPA previously had on several occasions attempted to sell
state-owned shares in Latvijas Balzams but so far only a
relatively small amount of the stock has been sold. The company's
shares are traded on the second list of the RSE. The Latvian
Central Depository of Securities lists 5.792 million shares in
the company. Latvijas Balzams is a company of New Technology and
Business Development Corporation (former Ave Lat Grupa food
concern).


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

NOVOKUZNETSK ALUMINUM:  Unified Energy Objects to Bankruptcy
------------------------------------------------------------
Unified Energy Systems, Russia's electricity monopoly, believes
bankruptcy proceedings against the Novokuznetsk Aluminum Works
(NkAZ), one of the country's biggest producers of primary
aluminum, were opened in "gross violation of the law." Current
management at NkAZ "does not appreciate that it must acknowledge
and pay debts of 1.5 billion rubles to the Kuzbassenergo power
utility," Mikhail Abyzov, deputy CEO at UES, said during a visit
to Kemerovo, Daily Business Report said earlier this week.

Abyzov said that he thought NkAZ was "preparing to sell assets
off under the hammer to avoid paying the debt." The Kemerovo
regional arbitration court opened the bankruptcy proceedings
against NkAZ on January 19 this year on the grounds that the
smelter owed Kuzbassenergo two amounts, 738.9 million rubles and
666.6 million rubles. Sergei Chernyshov, the court trustee at
NkAZ, in May this year secured the reversal of court rulings and
got Kuzbassenergo struck off the claims register. But Abyzov said
UES was counting on the court to reinstate the debts. Then the
company would ensure that the bankruptcy proceedings and the
claims register are adjudged to have been unlawful. NkAZ went
under court trusteeship in March this year for a period of 12
months. The court put Sergei Chernyshov, who is loyal to the
Siberian Aluminum group, in charge. Siberian Aluminum effectively
runs the smelter.

NkAZ creditors in June accepted the outside manager's plant,
which calls for the sale of some of the smelter's assets and the
subsequent creation of daughter firms. At present, Kuzbassenergo
and the Kemerovo regional prosecutor are trying to have the court
recognize the smelter's debts. The smelter is Russia's fifth
biggest. In 1999, it produced 273,500 tons of aluminum, 1.8
percent more than in 1998. In the first nine months of this year,
NkAZ produced 209,379 tons of aluminum, 2.6 percent more than in
the same period of 1999.


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

ALBERT FISHER:  Posts Full Year Pretax Loss of 15 Million Pounds
----------------------------------------------------------------
The Times reported yesterday that food processor Albert Fisher
reported a full-year pre-tax loss of 15.0 million pounds. There
is no dividend.


ANGLIA TELECOM: Liquidation Proceedings
----------------------------------------
Company Name: Anglia Telecomm (Peterborough) Ltd
Company No: 1736625
Com. Business: Telecommunications
Appointed on: 20/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Neil Henry IPno: 8622 Nola Barber 8000
Firm Name: Lines Henry
Address: 27 The Downs
City Postcode: Altrincham WA14 2QD


ARCADIA: Dives Into the Red; 257 Million Pounds in Debt
-------------------------------------------------------
The Independent News reported yesterday that Arcadia Group, the
Dorothy Perkins to Top Man retailer, increased its store closure
program as it reported losses for last year. The company, which
has been one of the worst performing European retail stocks over
the past year, said: "This has been a difficult year and we are
not satisfied with the results." It declared a loss, before a
hefty ?144m restructuring charge, of ?8.5m, for the year ended 26
August, down from a profit of ?41.8m last time. There was no
interim dividend and there will be no full-year pay-out. While
sales were up 28 per cent to ?2.0bn, retail margins slipped from
3.7 per cent to 1.2 per cent in the period.

As part of a restructuring program announced in April, known as
BrandMax, Arcadia added 55 stores to those earmarked for sale,
taking its outlet reduction target to 455. So far, 204 shops have
been sold, with the rest due to go by February 2002. The sales
will leave the company with its 12 brands operating from 1,200
stores. Rowan Morgan, of Teather & Greenwood, said: "The amount
of downsizing shows the scale of the problems. The middle market
that they're in is taking a real beating. Arcadia will limp on.
But, this performance has come when the economy is up - what
happens if there's a downturn?" The company's current market
value, at ?79m, is less than a third of its ?257m debt.


DELKAM LTD: Liquidation Proceedings
------------------------------------
Company Name: Delkam Ltd
Previous Name: Joden International Ltd
Company No: 2098624
Com. Business: Manufacture/Retail Jewellery
Appointed on: 20/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: Andrew White IPno: 8066 Susan A Maund 8923
Firm Name: BDO Stoy Hayward
Address: Nile House Nile Street
City Postcode: Brighton BN1 1JB


ENVIRONMENT INSTALL: Liquidation Proceedings
---------------------------------------------
Company Name: Environment Install (Scotland) Ltd
Company No: SC
Com. Business:
Appointed on: 20/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: William D Robb IPno: 5199
Firm Name: W D Robb
Address: Scott House 12/16 South Frederick Street
City Postcode: Glasgow G1 1HJ


EXPRESS NEWSPAPERS: Name Change for 'Express' Group
---------------------------------------------------
Labour peer Lord Clive Hollick unveiled plans to change the name
of media group Express Newspapers to United Business Media
yesterday. The move would seem to confirm that Lord Hollick,
United's chief executive, is serious about selling the titles.
Potential suitors include the Barclay brothers, owners of The
Scotsman, the billionaire Hinduja brothers, as well as David
Montgomery, the former Mirror Group chief executive, who is
leading a buyout team, The Independent reported yesterday.

A City analyst, commenting on the proposed renaming of United
News & Media, said: "The change of the name tells you everything
you need to know. It would be rather embarrassing if they didn't
sell the Express now. It's as if Clive Hollick is saying: 'Who
will rid me of this troubling newspaper?'" The name change was
divulged in a briefing for City analysts. In a trading update,
United said the strong first-half performance in two key business
areas, CMP Media and PR Newswire, was continuing. United shares
rose 31p to 783p.


FINELIST: Accountants Facing Scrutiny
--------------------------------------
The Times noted yesterday that Arthur Andersen and
PricewaterhouseCoopers are facing more questions about their work
with Finelist, the troubled auto parts group, amid fresh evidence
that they failed to detect the group's use of a range of
questionable accounting practices. It emerged last night that
Finelist, which fell into receivership earlier this month, staved
off its bankers and inflated its worth by using a series of poor
accounting measures. PricewaterhouseCoopers was Finelist's
auditor and Arthur Andersen conducted two programs of due
diligence on the company when it was taken over in February for
159 million pounds by a consortium of French venture capitalists.

Both firms failed to uncover some of the practices used by
Finelist. Sources close to the company have revealed that some of
the interest incurred by Finelist's debt mountain was booked as
wage expenses. This was done to prevent the company's interest
cover falling below the levels required by its banking covenants
when the car parts market slumped last year. Finelist adopted a
series of dubious accounting practices in respect to working
capital, including overstating the value of stock and excluding
some liabilities attached to it. Finelist's bankers appointed
Alan Bloom, a partner at Ernst & Young, as receiver a fortnight
ago. Mr Bloom, who is hoping to sell Finelist as a going concern,
said that the company had debts of "several hundred million
pounds".

Chris Swan, Finelist's founder and executive chairman, remained
with the company after the takeover. But he resigned in August,
citing differences between his management style and that of the
new French owners. Mr Swan said yesterday he was not aware of
financial irregularity at Finelist in his time with the company.
"That would have been picked up by the auditors and due diligence
teams and they didn't because there wasn't any," he said. Asked
why Finelist had been placed in receivership so soon after being
bought by the French consortium, Mr Swan said: "I don't want to
get into the speculation that is going around at the moment." But
he claimed that there had been a downturn in the auto parts
business and that "a big volume of people" had left the company.
Many of the questions relate to Finelist's accounts for the year
to June 30, 1999. PricewaterhouseCoopers, Finelist's auditor, has
declined to comment.


GORDON & INNES: Creditors to Meet to Discuss Growing Debt
---------------------------------------------------------
Aberdeen Press & Journal (UK) reported last week that the
creditors of the collapsed Gordon & Innes seed potato empire,
which crashed in August with debts in excess of 7 million pounds,
are to meet in Aberdeen next month. They will scrutinize a report
by receivers Pricewaterhouse Coopers on the receivership at the
special creditors' meeting on November 1. The collapse affected
G&I and four of its trading subsidiaries -G&I Transport,
Interseed, Ardgye Farms and G&I Sprayers. G&I, the 1998 Queen's
Award for Export winner, had employees in Elgin, Fochabers,
Huntly, the Borders, England and overseas.

The firm's demise was blamed on a crash in the potato market and
the strength of sterling, which hit export sales. G&I's core seed
potato business was recently sold to the Doncaster-based Higgins
Group. The Royal Bank of Scotland called in the receivers at the
beginning of August. The move hit seed potato growers throughout
Scotland. Following the collapse, the firm's managing director,
Alistair Roy, left the country to take a holiday with his family
at his luxury villa in the South of France. Most of G&I's
specialist growers are still awaiting payment for last year's
crop and creditors will be invited to appoint a committee at the
meeting at the Britannia Hotel in Bucksburn.

Creditors whose claims are not wholly secured will not be
entitled to attend or be represented at the meeting. Banff-based
growers' co-operative Deveron Potato Growers (DPG) is thought to
be the largest unsecured creditor and owed about 500,000 pounds.
G&I stopped payments to the group in March. Creditors will have
to submit a statement of claim to PricewaterhouseCoopers before
the meeting. Those who wish to attend the 10.30am meeting should
call Glen Johnstone at the receivers' office on 0141 245 2222.


HG LOGISTICS: Liquidation Proceedings
--------------------------------------
Company Name: HG Logistics Ltd
Company No: SC195418
Com. Business: Haulage Contractor
Appointed on: 20/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: Blair C Nimmo IPno: 8208
Firm Name: KPMG
Address: 24 Blythswood Square
City Postcode: Glasgow G2 4QS


HUGHES TRANSPORT: Liquidation Proceedings
------------------------------------------
Company Name: Hughes Transport Services Ltd
Company No: SC153333
Com. Business: Haulage Contractor
Appointed on: 20/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: Blair C Nimmo IPno: 8208
Firm Name: KPMG
Address: 24 Blythswood Square
City Postcode: Glasgow G2 4QS


J & P WALLACE: Liquidation Proceedings
---------------------------------------
Company Name: J & P Wallace Ltd
Company No: SC33884
Com. Business: Building Contractors
Appointed on: 20/09/00
Type: Members
Appointed by: Members
Liquidators: Keith V Anderson IPno: 6885
Firm Name: T Hunter Thomson & Co
Address: 28 Alva Street
City Postcode: Edinburgh EH2 4QF


MG ROVER: Deal Ends Ties with Unipart
-------------------------------------
MG Rover, the loss making carmaker, announced a global
partnership with the logistics arm of Caterpillar, the U.S.
industrial group, to cover distribution of car parts, Financial
Times said yesterday. Over 10 years, the agreement could generate
revenues of 2.5bn pounds. The move represents a blow for Unipart,
the privately-owned UK parts distributor, which has been Rover's
logistics partner since the mid-1980s. BMW, Rover's former German
parent, had already served notice to Unipart that its contract
would not be renewed in February 2002. Unipart, however, had
tendered to win back the contract. The decision to award the
business to Caterpillar follows BMW's abrupt decision to break up
Rover Group earlier this year.

Caterpillar Logistics Services, known as Cat Logisitics, will
take over parts distribution, marketing, purchasing and customer
services. Unlike the Unipart deal, MG Rover will enjoy most of
the profits from the sale and distribution of after market parts.
Keith Howe, chief executive of MG Rover, said: "With a turnover
of around ?250m a year, parts represent a key additional revenue
stream which we intend to develop fully." It is thought that
profit margins in after market parts are almost 10 percent,
compared with about 2 percent in car manufacturing. Unipart said
the Rover business had been a beneficial partnership for both
companies, but claimed that it was expanding its operations in
other areas. "The company is still growing and we're still
winning significant contracts," Unipart said. In spite of the new
deal, Unipart said it still expected to supply Rover dealers with
non-branded parts from other component manufacturers. The company
declined to specify what proportion of its revenues or profit
depended on the Rover contract.


NORTHERN EASTERN: Liquidation Proceedings
------------------------------------------
Company Name: Northern Eastern Civils Ltd
Company No: 3426647
Com. Business: Construction Co
Appointed on: 20/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: Peter O'Hara IPno: 6371
Firm Name: O'Hara & Co
Address: Wesley House Huddersfield Road
City Postcode: Birstall WF17 9EJ


OLDUKUS LTD: Liquidation Proceedings
-------------------------------------
Company Name: Oldukus Ltd
Company No: 2723645
Com. Business: Insurance Services
Appointed on: 20/09/00
Type: Members
Appointed by: Members
Liquidators: Anthony Murphy IPno: 8716
Firm Name: Smith & Williamson
Address: Onslow Bridge Chambers Bridge Street
City Postcode: Guildford GU1 4RA


TORNADO: Posts First Half Pretax Loss of 1.9 Million Pounds
------------------------------------------------------------
The Times noted yesterday that Internet firm Tornado recorded a
debut first-half pre-tax loss of 1.9 million pounds. There is no
dividend.


TURBO GENSET:  Posts Full-Year Pretax Loss of 2.64 Million Pounds
-----------------------------------------------------------------
The Times reported yesterday that engineering firm Turbo Genset
announced a full-year pre-tax loss of 2.64 million pounds. There
is no dividend.


WHITBREAD: To Sell Pubs to Repay Debts
--------------------------------------
Leisure group Whitbread has announced a shift away from pubs and
bars to focus its on food, hotel and leisure divisions. The
company is planning to sell its 3,000 pubs, with 75 percent of
the proceeds going to shareholders and the rest being used to
repay debts, The Independent reported yesterday.

The restructuring creates the opportunity and the momentum to
manage Whitbread's brands and property assets more aggressively
and to take full advantage of Whitbread's leading positions in
growth segments of the UK leisure market. Sales in the company,
which includes the Marriott amd Travel Inn brands, shot up after
the news was announced. Whitbread bought Swallow Hotels in
January and the company has also been linked in the press to the
hotel business of Granada Compass. David Thomas, chief executive,
said: "As far as this is concerned, we aim to get the best price
for what is a great business. "It has some tremendous brands -
for example, Hogsheads is the envy of many of our competitors. It
is a very desirable package."



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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA.  Lexy Mueller,
Mercy Villacastin and Cristina Pernites Editors.

Copyright 2000.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing  and photocopying) is strictly prohibited without
prior written permission of the publishers.  

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is $575 per half-year, delivered
via e-mail.  Additional e-mail subscriptions for members of the
same firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 301/951-6400.


             * * * End of Transmission * * *