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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

          Wednesday, October 25, 2000, Vol. 1, No. 120

                            Headlines

A U S T R I A

LAUDA AIRLINES: Niki Lauda to Save Airline


B E L G I U M

SABENA:  SAirgroup Threatens Job Cuts


C Z E C H   R E P U B L I C

ZZN SVITAVY: Opes Policka Buys Out Agricultural Wholesalers
ZZN VYSOKE: Opes Policka Buys Out Agricultural Wholesalers


F R A N C E

BSLT: Merceron Acquires; in Receivership
BOURGOIN: Bankruptcy Affects French Co-operative
EXEL FROID: Loss-Making French Food Distributor Up for Sale


I R E L A N D

TRANSAER:  Charter Airline Up for Liquidation


L I T H U A N I A

LITHUANIAN SHIPPING: 75 Percent Stake Sale Deal Signed


N E T H E R L A N D S

KPNQWEST:  Reports Widening Loss to 34.4 Million Euros


P O L A N D

BANK CZESTOCHOWA:  Bank Ochrony Srodowiska Declines to Buy
DAEWOO MOTOR:  In the Red as Lublin Sales Tumble
STATE RAILWAY: Set for First Round of Restructuring Plans


R U S S I A

NORILSK NICKEL:  Prosecutor Rules Out Any Bid to Re-nationalize


S W I T Z E R L A N D

CROSSAIR: Posts Six Million Swiss Franc Loss for First Quarter
CROSSAIR:  Sairgroup Threatens Job Cuts


U N I T E D   K I N G D O M

ASCOT: Sells Four Engineering Units to Reduce Debt
ATLAS PROPERTIES: Liquidation Proceedings
BOUSTEAD:  Posts Pre-Tax Loss of 2.7 Million Pounds
BRITISH TELECOM:  Looking at Asian Sell-Off to Pay Mounting Debts
CMA GROUP: Liquidation Proceedings

CHARTER: Shares Fall 53 percent as Takeover Collapses
CROSSNEEN LTD: Liquidation Proceedings
EQUITICORP INTERNATIONAL: Liquidation Proceedings
FORD: Job-Losses Study Rejects Unions' Claims
GENIUS MARKETING: Liquidation Proceedings

HAWTAL WHITING:  Calls in the Receivers
MG ROVER: Unions Back Rover Chairman
MILLENNIUM DOME:  Sponsors Still Owe Cash to Dome
PETALFORD PROPERTIES: Liquidation Proceedings
SYLVESTER INVESTMENTS: Liquidation Proceedings

VANTRUNK ENGINEERING: Liquidation Proceedings
WHITBREAD PUBS: Alchemy Lines Up 1.5 Billion Pounds Bid


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

LAUDA AIRLINES: Niki Lauda to Save Airline
------------------------------------------
The Times noted yesterday that Niki Lauda is pressing through a
rescue package for Lauda Air, his beleaguered airline. Herr Lauda
and Austrian Airlines (AUA), his biggest shareholder, had been at
odds over how to keep the airline in the air after mounting
losses risked bankrupting the country's number two carrier.
However, after another marathon meeting yesterday, the
supervisory board of Lauda Air tacitly accepted a recommendation
from Herr Lauda in which he plans to free up hidden reserves of
1.1billion schillings (46.2 million pounds) through a sale-and-
leaseback deal on five aircraft.

AUA, which holds 36 percent of Lauda Air, had argued that the
sale-and-leaseback deal failed to secure Lauda Air's long-term
survival. AUA, which, like Lauda Air, is feeling the pinch
because of the big rise in fuel prices and the stronger dollar,
disagrees with Herr Lauda on the likely extent of Lauda Air's
losses in the current year. Herr Lauda says that the airline will
have a loss of 558 million schillings in the year to October 31.
However, AUA, which commissioned Deloitte & Touche, the auditor
to examine the books, says that the figure is more like one
billion schillings in the red. Interim pre-tax losses were 277
million schillings, The Times said.


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

SABENA:  SAirgroup Threatens Job Cuts
-------------------------------------
SAirGroup shares touched an all-time low of 225.25 Swiss francs
last week, in part because of concerns about its Belgian
affiliate Sabena, in which SAir holds a 49 percent stake. Reuters
said yesterday that Sabena announced last week that net losses
widened to 83.6 million euros in the first half of 2000 from 14.1
million euros last year. It is expected to post a 2000 operating
loss of 5.9 billion Belgian francs ($123.1 million) and is
planning a variety of cost cutting measures worth 357 million
euros in 2001, which could lead to the loss of 500 jobs.


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

ZZN SVITAVY: Opes Policka Buys Out Agricultural Wholesalers
----------------------------------------------------------
Opes Policka last week offered to buy out shares of agricultural
products wholesalers ZZN Svitavy and ZZN Vysoke Myto (formerly
ZZN Usti nad Orlici) at Kc30.10 and Kc34.50 apiece, respectively,
according to a proposal made available to CTK.

CTK & Euromoney noted yesterday that the offer is valid until
mid-December. OPES has a 77 percent share of voting rights in the
former company and nearly 62 percent in the latter. ZZN Svitavy
last year sustained a loss of over Kc19m from sales of Kc198m,
and a year earlier it lost Kc10m and sales equaled Kc242m.


ZZN VYSOKE: Opes Policka Buys Out Agricultural Wholesalers
-----------------------------------------------------------
Opes Policka last week offered to buy out shares of agricultural
products wholesalers ZZN Svitavy and ZZN Vysoke Myto (formerly
ZZN Usti nad Orlici) at Kc30.10 and Kc34.50 apiece, respectively,
according to a proposal made available to CTK.

The offer is valid until mid-December. OPES has a 77 percent
share of voting rights in the former company and nearly 62
percent in the latter. ZZN Vysoke Myto lost nearly Kc23m in 1999
on sales of Kc167m, while in 1998 its loss was down at Kc6m and
sales higher, standing at Kc294m, CTK & Euromoney reported
yesterday.


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

BSLT: Merceron Acquires; in Receivership
----------------------------------------
BSLT, the failed French containers company, has been bought by
the Merceron group, La Tribune & World Reporter noted earlier
this week. Some 76 of its 118 jobs will be saved in the process.
BSLT, which was once Europe's leading designer and manufacturer
of stainless steel containers for lorries, has been in
receivership since 22 May. In 1999, it achieved a turnover of
FFr106m and around FFr40m worth of liabilities.


BOURGOIN: Bankruptcy Affects French Co-operative
------------------------------------------------
La Tribune & World Reporter reported last week that the French
co-operative Le Gouessant, which is based in Lamballe (Cotes-
d'Armor), announced that when assessing its performance for this
year it had taken into account FFr145 in loans to Bourgoin as
well as the 4 percent stake it holds in the failed poultry group.
Bourgoin's bankruptcy will nevertheless affect the group's
accounts: its equity capital has plummeted from FFr260m in 1998
to FFr175m.


EXEL FROID: Loss-Making French Food Distributor Up for Sale
-----------------------------------------------------------
The Times noted yesterday that Exel, the UK logistics firm, and
the European arm of UPS, its US rival, have set up a joint supply
network for Ford. The alliance between Exel and UPS Logistics
Group Europe will consider an overhaul of Ford's supply chain
needs in Europe. Exel also has sold Exel Froid, its loss-making
French chilled food distribution business, to a consortium of
managers and employees for an undisclosed sum. The sale will give
rise to an estimated loss of 25 million pounds on assets and 31
million pounds of goodwill.


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

TRANSAER:  Charter Airline Up for Liquidation
---------------------------------------------
Early estimates in the liquidation of Irish charter airline
TransAer show that the company could owe creditors over $4.5m
based on a combination on rental charges on its fleet of 13
airbus aircraft, Irish Independent noted yesterday. Liquidator
McStay Luby said it was too early to comment on the state of the
company. However, sources said creditors could be owed more once
maintenance charges are included. They added that unsecured
creditors would be out of pocket but there could be a dividend
for preferential creditors.

TransAer creditors include leasing companies like GE Capital
Aviation Services, ILFC and Orix and it is thought that all of
the leasing companies have had their aircraft accounted for,
except for one plane in Tripoli. Sources added that the company
has losses of about $30m, comprising a failed $20m investment in
US airline TransMeredian and $10m trading losses incurred by the
negative impact of the Kosovo war on TransAer's core markets of
Turkey, Germany and Greece. Last Friday TransAer applied to the
High Court to have a liquidator appointed to the company after
failed merger plans with UK-based HeavyLift, Irish Independent
said.


=================
L I T H U A N I A
=================

LITHUANIAN SHIPPING: 75 Percent Stake Sale Deal Signed
------------------------------------------------------
BNS & Euromoney reported yesterday that the Lithuanian State
Property Fund (SPF) and the Dutch company B.B.Bredo B.V. have
signed a sale-purchase agreement of the 75 percent stake in the
Lithuanian Shipping Company (LISCO). B.B.Bredo B.V. which
shareholders are the Dutch companies Sprinter Gadot-Yam Ltd. and
Eurochem Shipping B.V., together with the Danish company DFDS Tor
Line is to pay 47.6 million US dollars (LTL 190.4 million) for 40
mln 73,644 thousand ordinary registered shares with a nominal
value of 10 litas. Some 1.187 dollars will be paid per share.

The buyer will have to pay in full for the stake no later than
within 30 business days from the date of signing the agreement.
Bredo pledges itself to invest no less than 76 million dollars
(LTL 304 mln) till 2003. During the first year the investments
are to reach 55 million dollars (LTL 220 mln). It is also obliged
to keep 75 percent of work places. Bredo intends to reorganize
LISCO so that the operations of ro-ro type ships and ferries are
separated and handed over to the company Naujoji LISCO (The New
LISCO).

BNS said that the agreement stipulates that the unprofitable
exploitation of operations of shipping lines in the port of
Klaipeda can be stopped only if an international auditing company
Arthur Andersen and neutral as well as independent first class
shipping expert the Institute of Shipping Analysis in Sweden
draws conclusions that the line is unprofitable. The Lithuanian
government sold LISCO after several unsuccessful attempts last
year it organized a tender twice, however, it failed to sell the
company because of the low price offered by the buyer. According
to information that has not been confirmed 140 million litas was
offered for the shipping company.


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

KPNQWEST:  Reports Widening Loss to 34.4 Million Euros
------------------------------------------------------
Dutch-based KPNQwest is seen posting wider third quarter losses
due to investments in the roll-out of its fibre optic network,
although sales should increase with a rise of data services, a
Reuters poll of analysts showed. The average forecast of eight
analysts saw the pan-European datacoms firm reporting an LBITDA
(loss before interest, taxes, depreciation and amortization)
widening to 34.4 million euros ($29.0 million) from a loss of
26.6 million in the second quarter. Sales are expected to have
increased to 118.7 million euros from 105.7 million euros.

Reuters noted earlier this week that KPNQwest shares have slumped
in recent months in line with those of other telecom and datacom
firms. They were at a record high of 94.80 euros on February 9
and touched a low of 18.90 euros on October 13. Despite a six
percent rise to 22.50 euros, a number of analysts see the share
price as undervalued. "Everything they've said they've delivered
and that's exactly what a new company should do," Arjan
Dorrestijn, an analyst at Rabo Securities said.


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

BANK CZESTOCHOWA:  Bank Ochrony Srodowiska Declines to Buy
----------------------------------------------------------
Poland A.M. noted earlier last week that the Bank Ochrony
Srodowiska (BOS) has decided it will not buy Bank Czestochowa
(BCz,) despite its strategic investor's approval of the deal.
After a due diligence conducted by BOS in BCz, the potential
buyer withdrew from the transaction. BCz is also no longer
attractive to another investor, BRE Bank. In the failed deal both
investors were to have purchased 1 to 1.5 million shares that
would have given them 30.5 percent to 39.6 percent of votes at
BCz general shareholders' meetings. BOS authorities say they were
unhappy with the BCz assets' structure, namely a large number of
irregular credits.

It has also been reported that BCz demanded that the purchase
price initially agreed upon would remain unchanged after the
books has been examined. In spite of the unsuccessful conclusion
of the deal, BCz has officially submitted its emission prospect
to the Securities and Stock Exchange Commission (KPWiG). The
bank, whose financial condition has been deteriorating, is
threatened with intervention by the General Banking Inspector's
office (GINB).


DAEWOO MOTOR:  In the Red as Lublin Sales Tumble
------------------------------------------------
The Lublin plant of Daewoo Motor Polska (DMP) could retrench up
to 1,200 of its 6,200 employees due to diminishing demand for its
Lublin delivery vans, Poland A.M. reported earlier last week. In
the first nine months of this year, Lublin sales slumped to 7,000
units or 10 percent less than in the  corresponding period last
year.

According to DMP press secretary Andrzej Binkowski, the drop in
sales is due to the increase of imported second-hand cars on the
market. Imports of vans and trucks last year reached 20,000, but
as many as 15,000 of these vehicles were imported in the first
six months of this year alone. Worse yet, half these vehicles are
vans of the Lublin type. The drop in sales of the Lublin has also
caused a slump in demand for spare parts manufactured at the
plant. The factory's financial troubles are nothing new, however,
since it incurred losses of zl. 44 million from sales revenues of
zl. 800 million last financial year.


STATE RAILWAY: Set for First Round of Restructuring Plans
---------------------------------------------------------
Polish State Railways (PKP) is set to start its first round of
commercial restructuring at the end of the month as part of
government plans to eventually fully privatize the state-run
monopoly, Warsaw Business Journal reported earlier this week. A
legal statute laying out plans for the company's complete
restructuring and privatization is set for Oct. 27. The company
then has three months to become a commercial entity, the first
stage of plans to sell off the loss-making state firm to a number
of private commercial companies. "Commercializing means the
transformation of PKP into a share company, in which the state
treasury is the only shareholder," said Roman Hajdrowski, press
spokesman for PKP. He said commercial restructuring would be the
first step of the process, followed later by privatization.

On Oct. 13, the PKP council accepted a statute for the future
restructured role of the company. From January, the firm will
also operate as a holding company for independent entities,
Hajdrowski said. Immediate plans are to split PKP into three
companies, but there are also moves to create more, industry
sources said. Plans are already underway to create a separate
company dealing with express or intercity trains. Also, small
companies such as Warszawska Kolej Dojazdowa (WKD) will be
created within the PKP holding group. "They will be privatized
first," Hajdrowski said. He said PKP had been working intensively
for some time to meet the deadlines on restructuring.

The commercial restructuring program follows recent negotiations
with the European Bank for Reconstruction and Development (EBRD)
for a e100 million loan. The company is also in talks with the
World Bank for an extra $150 million loan. A preliminary draft of
the contract with the EBRD has already been prepared, Hajdrowski
said. But he added that talks with the World Bank were still some
way off before a loan could be secured.

"The loans will be used to finance the processes connected with
restructuring employment," Hajdrowski said. With the
privatization of PKP, it's estimated that within two years 30,000
staff out of the current 175,000 workforce will be made
redundant, he said. He added that PKP would need zl. 1.1 billion
($241 million) for the restructuring of its employee network.
PKP, which had debts amounting to zl. 6.3 billion ($1.4 billion)
at the end of July, said it would repay the loans with bonds it's
expecting to issue within the next two years. According to the
Oct. 27 law, bonds worth up to zl. 3.9 billion ($848 million)
will be issued to repay the loans, Warsaw Business Journal said.


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

NORILSK NICKEL:  Prosecutor Rules Out Any Bid to Re-nationalize
---------------------------------------------------------------
The Associated Press noted earlier this week that a top
prosecutor says an investigation into the legality of some of the
largest privatization deals of the past decade is continuing, but
made it clear that his office wouldn't try to re-nationalize
property. First Deputy Prosecutor General Yury Biryukov told
lawmakers in the State Duma that a probe into alleged foul play
in the 1997 privatization of the Norilsk Nickel smelting and
mining company was still under way, with prosecutors seeking to
reimburse the state for the lost revenue.

Biryukov acknowledged that it would now be impossible to cancel
the results of privatization without hurting the interests of
honest shareholders. "The situation has changed and it's hard to
do anything now without infringing upon shareholders' rights,"
Biryukov said in a speech before the State Duma. The Associated
Press said that earlier this year, prosecutors filed a lawsuit to
cancel the privatization of the nickel giant, but the Moscow
Arbitration Court turned it down in June saying the motion had
been poorly prepared.

The prosecutors have charged that companies affiliated with
tycoon Vladimir Potanin bought a stake in Norilsk Nickel for
about $620 million in a flawed auction procedure. Business rivals
claimed that Potanin, a former deputy prime minister, had used
government connections to win the auction. Biryukov said that
prosecutors were also looking into other privatization deals,
including that of the Tyumen Oil Co.


=====================
S W I T Z E R L A N D
=====================

CROSSAIR: Posts Six Million Swiss Franc Loss for First Quarter
--------------------------------------------------------------
SAirGroup may discontinue some of subsidiary Crossair's flight
routes and cut jobs if pilots continue to reject a new contract,
the group's chairman has warned. "If the (Crossair) pilots do not
agree to the solutions that emerged from negotiations, and ask
for even more, a major restructuring will become necessary,"
SAirGroup chairman Philippe Bruggisser told the German weekly
SonntagsZeitung. Pilots from the Swiss regional airline voted
against measures which would see a salary increase spread over
three years, at a cost to the company of 20 million to 40 million
Swiss francs (11 million to 22 million dollars). "Crossair is not
in a position to absorb any further costs," said a company
spokesman, Beatrice Tschanz, confirming the director's stance.

Agence France-Presse noted earlier this week that Crossair posted
a six million Swiss franc (3.4 million dollar) loss during the
first quarter of this year, citing rising oil prices and the
strength of the dollar. Meanwhile another SAirGroup unit, Sabena
Belgian World Airlines, faces bankruptcy with expected losses of
280 million Swiss francs (157 million dollars), said Sabena
spokesman Wilfried Remans. Only a renewed cash injection from
SAirGroup would save it from that fate, said Remans, adding that
a major restructuring was needed to prevent further losses.


CROSSAIR:  Sairgroup Threatens Job Cuts
---------------------------------------
SairGroup Chief Executive Philippe Bruggisser has threatened to
cut jobs in a major restructuring at regional airline Crossair
unless its pilots reverse course and endorse a proposed wage
deal, Reuters noted earlier this week. Pilots at the separately
listed SAirGroup unit voted last week to reject the contract that
had been negotiated by their union and company management. "There
is no chance of improving the offer. Crossair cannot bear this,"
Bruggisser said in an interview published on Sunday in the
SonntagsZeitung newspaper. Crossair posted a loss of 6.1 million
Swiss francs ($3.52 million) in the first half, its first loss
since 1992, hit like many airlines by surging fuel prices and the
strong dollar.

"If the pilots force more wage concessions, then there will be a
hard restructuring. That means five to 10 aircraft will be
grounded or sold, routes will be cancelled and jobs, will be
cut," Bruggisser said. "In addition no new aircraft will be
purchased," the newspaper quoted him as saying. It said this
would include Brazilian Embraer aircraft already ordered as well
as jets to replace Crossair's MD-80 fleet. The SonntagsZeitung
said it had learned Crossair had drawn up plans to cut several
hundred jobs and eliminate unprofitable routes.

SAirGroup shares touched an all-time low of 225.25 Swiss francs
last week, in part because of concerns about its Belgian
affiliate Sabena [SAB.UL], in which SAir holds a 49 percent
stake. Reuters said that Sabena announced last week that net
losses widened to 83.6 million euros in the first half of 2000
from 14.1 million euros last year. It is expected to post a 2000
operating loss of 5.9 billion Belgian francs ($123.1 million) and
is planning a variety of cost cutting measures worth 357 million
euros in 2001, which could lead to the loss of 500 jobs.


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

ASCOT: Sells Four Engineering Units to Reduce Debt
--------------------------------------------------
The Times noted yesterday that Ascot, the specialty chemicals
company, has sold its four small engineering businesses for 45.6
million pounds, and will use the money to reduce debt. Two
management buyout companies headed by John Grant, Ascot's former
chief executive, bought the businesses.


ATLAS PROPERTIES: Liquidation Proceedings
------------------------------------------
Company Name: Atlas Properties Ltd
Company No: 3159333
Com. Business: Property Development
Appointed on: 22/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Jonathan D Newell IPno: 6419
Firm Name: Pannell Kerr Forster
Address: Sovereign House Queen Street
City Postcode: Manchester M2 5HR


BOUSTEAD:  Posts Pre-Tax Loss of 2.7 Million Pounds
---------------------------------------------------
The Times noted yesterday that Boustead (construction) reported
final pre-tax losses of 2.7 million pounds. There is no dividend.


BRITISH TELECOM:  Looking at Asian Sell-Off to Pay Mounting Debts
-----------------------------------------------------------------
British Telecommunications (BT) is looking at a multi-billion
pound sale of its interests in Asia to raise cash to offset its
mounting debt problems, South China Morning Post reported
yesterday. The beleaguered company, recently torn apart by rumors
of a feud among its senior executives, is in the middle of a
strategic review expected next month.

According to South China Morning Post the review is looking to
offload minority stakes in SmarTone and LG Telecom, the Hong Kong
and South Korean mobile phone companies. BT is also considering
what to do with its stakes in its Indian satellite, mobile and
Internet operations as well a 50 percent joint venture in MBT,
one of the country's leading software groups. Potential bidders
for the interests find it difficult to value them. But BT is
considering making each of its interests' accounting procedures
more transparent. A sell-off of some of its minority stakes or
joint ventures would be warmly greeted by the City.

BT's share price stood at more than 15 pounds at the start of the
year. Analysts have issued predictions the massive costs of the
licenses will mean that BT will have debts of about 30 billion
pounds (about H$338.5 billion) by the end of this year.


CMA GROUP: Liquidation Proceedings
-----------------------------------
Company Name: CMA Group Ltd
Company No: 3688934
Com. Business: Management Consultants
Appointed on: 22/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Adrian Graham IPno: 8980
Firm Name: Hamiltons
Address: 368 Omega Court
City Postcode: Sheffield S11 8FT


CHARTER: Shares Fall 53 percent as Takeover Collapses
-----------------------------------------------------
Engineering group Charter has seen its shares dive 53 percent
following the surprise collapse of a takeover offer from US
company Lincoln Electric, Ananova noted yesterday. The news
emerged before the weekend that Lincoln's 386 million pounds
offer had lapsed and shares in Charter dived when they started
trading. The announcement comes a month after Lincoln had reduced
its 500p offer to 410p following demands from the US regarding
disposals.

Charter's chairman Jeffrey Herbert said: "We are dismayed that
Lincoln has lapsed the offer without any explanation." He added:
"We will be urgently seeking clarification on behalf of the
company and our shareholders from Lincoln and are reserving our
position in respect of our right to seek legal redress. "The
unusually long period of the offer led to great uncertainty,
which has impacted our business." Lincoln issued a brief
statement saying: "Lincoln Electric Global was entitled to lapse
the offer and Charter and its advisers were made fully aware of
its reasons for doing so."


CROSSNEEN LTD: Liquidation Proceedings
---------------------------------------
Company Name: Crossneen Ltd
Company No: IR
Appointed on: 22/09/00
Type: Members
Appointed by: Members
Liquidators: Mary Quinlan IPno:
Address: Navron Inniscara
City Postcode: Co Cork


EQUITICORP INTERNATIONAL: Liquidation Proceedings
--------------------------------------------------
Company Name: Equiticorp International Plc
Company No: 1705917
Com. Business: Holding Co
Appointed on: 22/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: P W Wallace IPno: 6281 Richard Heis 8618
Firm Name: KPMG
Address: PO Box 730 20 Farringdon Street
City Postcode: London EC4A 4PP


FORD: Job-Losses Study Rejects Unions' Claims
---------------------------------------------
A confidential report prepared for the Mayor of London, Ken
Livingstone, has contradicted trade union claims that the ending
of car assembly at Dagenham will lead to tens of thousands of job
losses, putting the actual figure at just 8,000. The report,
prepared by Professor Garel Rhys at Cardiff University Business
School for the new London Assembly, will undermine union attempts
to keep car production going at the Essex plant. The Independent
noted yesterday that the Union officials are still proposing to
ballot members on strike action early next month but there are
signs that the threat of industrial action is crumbling.

Professor Rhys estimates that there will be 4,000 direct job
losses at Dagenham with the ending of Fiesta production in the
first quarter of 2002, and a further 4,000 indirect job losses in
the local area and among component suppliers. The relatively
small number of indirect job losses arises from the fact that
less than 50 percent of the Fiesta's components are supplied by
UK component manufacturers. The report due to be made public
contradicts union claims that as many as 58,000 jobs will be put
at risk by Ford's decision to end car assembly at Dagenham.


GENIUS MARKETING: Liquidation Proceedings
------------------------------------------
Company Name: Genius Marketing Ltd
Company No: 2780281
Com. Business: Entertainment Media Marketing
Appointed on: 22/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Shay Bannon IPno: 8777 Ian Vickers 8953
Firm Name: Levy Gee
Address: 66 Wigmore Street
City Postcode: London W1A 3RT


HAWTAL WHITING:  Calls in the Receivers
---------------------------------------
British automotive design and engineering group Hawtal Whiting
Plc said it asked its bankers, the Royal Bank of Scotland Plc, to
appoint accountants Arthur Andersen as administrative receivers,
Reuters noted yesterday. Hawtal had been in talks with several
parties over a possible takeover offer, but the company said in a
statement on Monday it had "become clear that it would not be
possible to agree terms on a sale or refinancing of the company".
The company's share price has declined by about 46 percent so far
this year. Its shares have been suspended since September 28,
when they closed at 19 pence.

Hawtal restated its 1999 profits figure at the end of June, when
it said some long-term contracts were likely to incur extra costs
and be less profitable than expected. "The administrative
receivers intend to continue trading with a view to the sale of
the business and its assets as a going concern," said a spokesman
for Arthur Andersen in an interview. Hawtal Whiting employs about
350 people in Britain, and a source familiar with the situation
said there were no plans to lay off workers in the immediate
future. Arthur Andersen added that Hawtal Whiting Inc, the
group's U.S. subsidiary, is not involved in any insolvency
procedures, Reuters said.


MG ROVER: Unions Back Rover Chairman
------------------------------------
Unions are to hold a demonstration in support of John Towers, the
chairman of MG Rover, amid increasing pressure for him to sack
one of his Non-executive Directors at a board meeting, The Times
noted yesterday. Mr Towers is expected to face mounting pressure
to axe Brian Parker, the West Midlands financier, whom many
believe to be behind negative briefings about MG Rover. Mr
Parker, a property developer, is thought to want to scale down
car production in order to develop land.

The maintenance of mass production at Longbridge was a key pledge
in the Phoenix consortium's rescue of Rover. Although Mr Parker
has denied such plans, few with close connections to MG Rover are
convinced. One insider said yesterday: "Everyone knows that Brian
has seen the potential to make some money. He has tried to set up
different plans but has not got the support he needs. It is up to
John Towers how he kicks him into touch but we need to stop the
damage being done to Rover. His going would end it." Mr Parker is
said to have made contact with the Richardson brothers, who are
involved in property development in the West Midlands. Mr Parker
was unavailable for comment.


MILLENNIUM DOME:  Sponsors Still Owe Cash to Dome
-------------------------------------------------
Ananova reported earlier this week that the Supermarket chain
Tesco still owes 500,000 pounds to the Millennium Dome and
another sponsor, L'Oreal, has yet to pay its promised 365,322
pounds, Cabinet Office minister Lord Falconer of Thoroton has
reported in a written reply. Lord Falconer, the Government's sole
shareholder in the New Millennium Experience Company, said
Tesco's 500,000 pounds - due on March 1 - had been "withheld
whilst issues raised by Tesco were being resolved in discussion
with NMEC". He added: "NMEC considers that these issues have now
been resolved."

Lord Falconer said L'Oreal's payment had been due "on contract
signature". He added: "Advised by NMEC to be imminent with no
outstanding issues." A 500,000 pounds payment from BskyB is due
this month, with a further 500,000 pounds instalment due in
December. Three more payments are due in December: Mars (250,000
pounds), Coca Cola (250,000 pounds), and British Airways (100,000
pounds). Culture department spokesman Lord McIntosh of Haringey
added, in a separate written reply: "The (NMEC) Board is
confident that the company can operate the Dome until the end of
the year and achieve solvent liquidation thereafter, within the
level of lottery grant available."


PETALFORD PROPERTIES: Liquidation Proceedings
----------------------------------------------
Company Name: Petalford Properties Ltd
Company No: 3204061
Com. Business: Property Developer/Real Estate Sell
Appointed on: 22/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Michael C Saunders IPno: 8698
Firm Name: B N Jackson Norton
Address: 1 & 2 Raymond Buildings Grays Inn
City Postcode: London WC1R 5BZ


SYLVESTER INVESTMENTS: Liquidation Proceedings
-----------------------------------------------
Company Name: Sylvester Investments Ltd
Previous Name: Alnery No 1301 Ltd
Company No: 2830126
Com. Business: Holding Co
Appointed on: 22/09/00
Type: Members
Appointed by: Members
Liquidators: Colin G Bird IPno: 1257 Adrian R Stanway 2665
Firm Name: PricewaterhouseCoopers
Address: Plumtree Court
City Postcode: London EC4A 4HT


VANTRUNK ENGINEERING: Liquidation Proceedings
----------------------------------------------
Company Name: Vantrunk Engineering Ltd
Company No: 2120071
Com. Business: Manufacture Fabricated Metal
Appointed on: 22/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Gordon Craig IPno: 7983 William Dawson 8266
Firm Name: Begbies Traynor
Address: 1 Winckley Court Chapel Street
City Postcode: Preston PR1 8BU


WHITBREAD PUBS: Alchemy Lines Up 1.5 Billion Pounds Bid
-------------------------------------------------------
Alchemy, the venture capital firm that abandoned talks to buy
Rover from BMW earlier this year, has emerged as an early
contender in the battle to buy Whitbread's 3,000 pub estate,
which was put up for sale last Thursday. Jon Moulton, chief
executive of Alchemy is thought to be considering making a bid of
about 1.5bn pounds for the pubs, The Independent noted yesterday.
However, Alchemy is expected to face heavy competition for the
estate, which includes the Hogshead and Dome brands, as Whitbread
is believed to have already attracted interest from possible
bidders running into "double digits".

A spokesman for Whitbread said yesterday: "Since the announcement
of the sale last week we have received approval from the City and
we expect there to be considerable interest from bidders." The
spokesman refused to confirm that Alchemy was among the initial
approaches and said that Whitbread and its advisers Dresdner
Kleinwort Benson have not yet entered into formal discussions
with any parties.

Mr Moulton declined to comment. However, sources said Alchemy was
a particularly strong contender because of the strategic fit of
the two businesses. Alchemy already owns the Innspired Group of
1,000 pubs. Mr Moulton has long made it known he wishes to expand
Alchemy's leisure interests. Of the 3,000 pubs on sale, 1,710 are
leasehold and 1,095 are managed. The leasehold ones would give
Alchemy low-cost access to capital as two-thirds of income from
leased pubs comes from rent, which could be used to finance other
projects. Alchemy would not have to buy Whitbread's entire pubs
division as the company has said it is happy to carve it up,
depending on what offers it receives. Whitbread is also expected
to announce further intentions to sell off parts of its business
when it publishes the results of a strategic review at its half-
year results on 31 October.



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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