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     T R O U B L E D   C O M P A N Y   R E P O R T E R     

                        E U R O P E

         Friday, November 6, 2000, Vol. 1, No.128


                        Headlines

B U L G A R I A

BSR: Debt-Ridden State Railway Expect USD 39 Million Loss in 2000


C Z E C H   R E P U B L I C

BONATRANS: All Venture Investment Fund Buys Railway Axles Firm


F R A N C E

DELTA ENTERPRISES: Management Company Goes into Receivership
FRANCE EBAUCHES: Insolvent Firm Lays Off Half of its Workforce


G E R M A N Y

GIGABELL: Finland's Jippii to Take Stake in ISP
GIGABELL: Goes Bankrupt with Debts of DM50 Million
TEAMWORK INFORMATION: Unable to Meet Financial Obligations


I R E L A N D

KILDARE:  Grain Merchant Owe Banks Up to 18m Pounds
KAVANAGHS: Goes for Liquidation


R O M A N I A

PETROMIDIA: Rompetrol Buys Crude Refinery for USD 50 Million Cash


S W E D E N

FRAMFAB: Posts a Loss of 83.9 Million Kronor for Nine Months


S W I T Z E R L A N D

MARTIGNY SA: Aluminum Factory Up for Closure


U N I T E D   K I N G D O M

ACTIUM LTD: Liquidation Proceedings
BIGTOP LTD: Liquidation Proceedings
C & C BUSINESS: Liquidation Proceedings
CHIMERIC ADVERTISING: Liquidation Proceedings
DAIWA EUROPE: Liquidation Proceedings

FORANA LTD: Liquidation Proceedings
KCM SITE: Liquidation Proceedings
MG ROVER: Workers Accept 4 Percent Pay Offer
PARKVIEW HOMES: Liquidation Proceedings
SILVERDALE INDUSTRIAL: Liquidation Proceedings

THORSMAN & CO: Liquidation Proceedings
YAMAICHI-MURRAY: Liquidation Proceedings
WELSH WATER:  Welsh Firm in Deal to Buy Hyder Unit


===============
B U L G A R I A
===============

BSR: Debt-Ridden State Railway Expect USD 39 Million Loss in 2000
-----------------------------------------------------------------
Reuters noted last week that Bulgaria's debt-ridden state railway
system (BSR) expects to make a loss of BGL 90 million (USD 39.1
million) this year compared with a loss of BGL 97 million last
year, BSR's director general said on Tuesday last week. It said
that BSR's performance affected by high world fuel prices and an
increase in the dollar against the euro. BSR's expenditure for
the first nine months is BGL 16.6 million higher because of the
fuel prices increased.

This year BSR expects to pay USD 27 million on loans extended by
international lenders to back a restructuring program agreed with
the International Monetary Fund. According to the report BSR made
its financial plans on the basis of an estimated lev/dollar
exchange rate of 1.7, but the rate has recently been around
2.31/2.35. It said that railway trade unions threatened on
Tuesday last week to begin protests to demand a 12 percent pay
rise.


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

BONATRANS: All Venture Investment Fund Buys Railway Axles Firm
--------------------------------------------------------------
All Venture Investment Fund is to acquire 100 percent of
Bonatrans, a leading European railway axles producer, which was
set up last year through a spin-off from ZDB. BNS & Euromoney
reports this week that Ernst and Young said they had been asked
to assist in the acquisition of all Bonatrans shares by All
Venture Investment Fund at the UBS Asset Management France and it
said that the acquisition may be completed within a few days.

Bonatrans is currently owned by Moravia Trade Systems (MTS),
which bought it in March 2000 from Navigata Holding. Navigata in
turn had bought it from ZDB in February 2000. ZDB last year
transformed its Zeleznicni dvojkoli division into an independent
company, Bonatrans aim to find a strategic investor. ZDB's
principal owner is MTS, which transferred the exercise of
shareholder rights to Protax in September this year. It is the
latter's chief aim to try to achieve a court settlement with ZDB
creditors. Some of them, including the Trinecke zelezarny -
Moravia Steel group and Nova hut had already filed for ZDB's
bankruptcy at the Regional Commercial Court in Ostrava.


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

DELTA ENTERPRISES: Management Company Goes into Receivership
------------------------------------------------------------
La Tribune & World Reporter reported last week that Delta
Enterprises, the French business development consulting and
management company, said that 17 shareholders decided last month
that it should go into receivership. This decision, which comes
into effect at the end of this year, will put an end to Delta's
loss-making consulting activities. The company handles around
eight cases per year, but would need at least 15 in order to make
a profit.


FRANCE EBAUCHES: Insolvent Firm Lays Off Half of its Workforce
--------------------------------------------------------------
Insolvent watch parts manufacturer France Ebauches is laying off
half of its 128 employees in Valdahon, France. La Tribune & World
Reporter reports this week that twelve employees have already
left, nine of which due to early retirement this summer after it
was declared insolvent. The company's managing director, Noel
Meylan, hopes that activity can recover thanks to the
restructuring, which has involved the disappearance of its bottom
of the range products.


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

GIGABELL: Finland's Jippii to Take Stake in ISP
-----------------------------------------------
Finland's Jippii is to take over parts of Gigabell, the ailing
German Internet service provider. Frankfurter Rundschau & World
Reporter noted last week that the move includes over 200 jobs at
Gigabell and will be transferred to Jippii. Gigabell approved the
deal and said it will now inform customers and suppliers that
operations will continue. Jippii will not take over the majority
as it was originally planned. Gigabell's insolvency proceedings
began November 1. Trading of Gigabell shares was suspended last
week Oct 30 at 7.70 euros.


GIGABELL: Goes Bankrupt with Debts of DM50 Million
--------------------------------------------------
A Frankfurt court has opened liquidation proceedings against
Gigabell. Suddeutsche Zeitung & World Reporter reported last week
that the start of the liquidation process means that the company
can now be wound up. Dirk Pfeil, as official receiver said he
would make use of the DM10m paid by the Finnish group Jippii for
the transfer of part of Gigabell's assets and business. Gigabell
went bankrupt with debts of DM50m.


TEAMWORK INFORMATION: Unable to Meet Financial Obligations
----------------------------------------------------------
German software company Teamwork Information Management AG said
last week that it couldn't meet its financial obligations as
expected for the third quarter.

"Following a third fiscal quarter 2000 performing below plan and
after insufficient cash flow into the company, Teamwork
Information Management AG announces its inability to pay," the
firm said in a statement.

Reuters said that the company shares, listed on Frankfurt's tech-
rich Neuer Markt index, were suspended after last trading at 3.55
euros, down 17.82 percent.


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

KILDARE:  Grain Merchant Owe Banks Up to 18m Pounds
---------------------------------------------------
The Irish Independent reported last week that Edward Kavanagh,
the Kildare grain merchant, owes about 18m pounds to ten banks. A
provisional liquidator has been appointed for the firm, known as
Kanavaghs. The report said that AIB is owed about 3m pounds by
Edward Kavanagh, while nine other banks were owed sums of between
1m pounds and 1.5m pounds. Sources said the other banks include
ACC Bank, Anglo Irish Bank, Bank of Scotland, Ulster Bank, ABN
AMRO, Irish Intercontinental Bank and ICC. They added that the
bulk of the banks' lending to Edward Kavanagh was unsecured.

It is also understood that AIB is owed between 3m pounds and 5m
pounds by Dardis and Dunn's, the feeds business where members of
the Kavanagh family are also directors. AIB has appointed
chartered accountants Deloitte & Touche as receivers to Dardis
and Dunn's at the request of the company.


KAVANAGHS: Goes for Liquidation
-------------------------------
David Hughes of Ernst & Young was appointed provisional
liquidator to Edward Kavanagh by the High Court last week at the
request of about 30 disgruntled creditors including Quinns of
Baltinglass, which is owed 1m pounds. Meanwhile, chartered
accountant and insolvency expert John McStay is working for the
Kavanagh group in an attempt to organize a scheme of arrangement
acceptable to creditors. If the Kavanagh Group fails to come up
with an acceptable scheme, the High Court will be asked to
confirm Mr Hughes' appointment as liquidator next month.

The Irish Independent noted last week that the collapse of
Kavanaghs as the bank was traditionally a big lender to pig and
poultry farmers. Kavanaghs has cited a recession in the pig and
poultry business as one of the main factors contributing to its
difficulties.

Edward Kavanagh is a long-established business with a history
dating back to the nineteenth century. It is feared the large
exposure of the banks to a company with such an impeccable
pedigree could dent their appetite for lending to the sector. It
is unclear how Kavanaghs got into such large-scale difficulties.
The company, which is an unlimited one, does not have to file
full financial accounts in the Companies Office. However, it is
likely that if the High Court confirms Mr Hughes' appointment as
liquidator that he will investigate the trading activity at the
company.


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

PETROMIDIA: Rompetrol Buys Crude Refinery for USD 50 Million Cash
-----------------------------------------------------------------
Rompetrol Group BV, a Dutch-based company, signed a deal with
Romania's State Ownership Fund to buy a majority stake in crude
refinery Petromidia. To upgrade the plant, Petromidia plans to
invest USD 205 million. The agreement calls for a payment of USD
50 million cash and assumes Petromidia's debts worth some USD 340
million, Dinu Patriciu, a Rompetrol executive, told Reuters last
week. The package also includes USD 20 million earmarked for
environment protection.

According to a report obtained by Reuters, Petromidia's debts
include unpaid credits, the purchases of crude oil and penalties
in previous years. Patriciu said: "We will discuss with the banks
the possibility to reschedule the debts. The principal is USD 270
million and we hope to persuade the banks to write off
penalties". He said immediate plans include upgrading of
facilities to bring petrol to Western-quality standards. The
Rompetrol oil and gas company, founded in Romania under the
former communist regime, was privatized in 1994 and moved to an
international management last year. It said that the company
performs oil exploration and production, drilling, oilfield
services, retailing and production of industrial equipment for
the oil and gas sector.


===========
S W E D E N
===========

FRAMFAB: Posts a Loss of 83.9 Million Kronor for Nine Months
------------------------------------------------------------
Agence France-Presse noted last week that Swedish IT consultancy
group Framfab plunged into a loss in the first nine months of the
year. Framfab president Jonas Birgersson refused to comment on
when he expects the company to turn a profit. Framfab posted a
loss after financial items of 83.9 million kronor (8.36 million
dollars, 9.88 million euros) for the first nine months.

Accordingly, the group's 179.4 million kronor loss in the third
quarter alone was more than expected, though the company made a
profit in the first half. The dotcom industry is currently
undergoing a reappraisal. As a result, many start-ups are either
declaring bankruptcy, consolidating or merging, a trend which has
shaken the confidence of Framfab's customer base.

The Framfab share has lost 95 percent of its value this year,
after reaching a high of 325 kronor. On Tuesday, the share was
down 16.72 percent after the nine-month results were announced to
24.9 kronor. Framfab said it would take measures to improve
profit in its Swedish consultancy operations. In addition to the
hiring freeze, it planned to set up a new Swedish management
team, produce solutions in Sweden to be sold outside the country,
and implement a program to reduce working capital. While nine-
month sales soared from 206.9 million kronor to 1.15 billion
kronor, the group saw an operating loss of 104.2 million kronor,
compared to a profit of 26.9 million kronor, Agence France-Presse
said.


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

MARTIGNY SA: Aluminum Factory Up for Closure
--------------------------------------------
Le Temps & World Reporter reported last week that the Martigny SA
factory in Valais, Switzerland, would be closing. It employs 67
people in the region and last year registered a turnover of SFr54
million. According to Philippe Simonetta, chairman of the
management board, closing the plant has become inevitable. It
said that last year the group lost a large client, German
aluminum company Aluminium Munchenstein AG, and lost several
million Swiss francs from debtors.

Results also suffered from a fall in margins over the last few
years and continuing unfavorable exchange rates for exports,
which represent 70 percent of sales. After having looked in vain
for a buyer, directors have decided to put an end to aluminum
activities and concentrate on the property business.


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

ACTIUM LTD: Liquidation Proceedings
------------------------------------
Company Name: Actium Ltd
Company No: 1162452
Com. Business: Life/Non-Life Insurance
Appointed on: 02/10/00
Type: Members
Appointed by: Members
Liquidators: Duncan K Swift IPno: 8093
Firm Name: Grant Thornton
Address: 31 Carlton Crescent
City Postcode: Southampton SO15 2EW


BIGTOP LTD: Liquidation Proceedings
------------------------------------
Company Name: Bigtop Ltd
Company No: 3864929
Com. Business: CMT
Appointed on: 02/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Kikis Kallis IPno: 4692
Firm Name: Kallis & Co
Address: Mountview Court 1148 High Road Whetstone
City Postcode: London N20 0RA


C & C BUSINESS: Liquidation Proceedings
----------------------------------------
Company Name: C & C Business Systems Ltd
Company No: IR
Appointed on: 02/10/00
Type: Members
Appointed by: Creditors
Liquidators: James Stafford IPno:
Firm Name: Friel Stafford
Address: 13 Fitzwilliam Square
City Postcode: Dublin 2


CHIMERIC ADVERTISING: Liquidation Proceedings
----------------------------------------------
Company Name: Chimeric Advertising & Marketing Ltd
Company No: 3349704
Com. Business: Advertising/Marketing Services
Appointed on: 02/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: David G Richardson IPno: 2485
Firm Name: Muras Baker Jones & Co
Address: Regent House Bath Avenue
City Postcode: Wolverhampton WV1 4EG


DAIWA EUROPE: Liquidation Proceedings
--------------------------------------
Company Name: Daiwa Europe Trategic Advisors Ltd
Previous Name: Daiwa Europe (Corporate Serv) Ltd
Company No: 2381994
Com. Business: Property
Appointed on: 02/10/00
Type: Members
Appointed by: Members
Liquidators: Martin Fishman IPno: 6470 Roy Bailey 8357
Firm Name: Arthur Andersen
Address: 1 Surrey Street
City Postcode: London WC2R 2NT


FORANA LTD: Liquidation Proceedings
------------------------------------
Company Name: Forana Ltd
Company No: 3841230
Com. Business: CMT
Appointed on: 02/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Kikis Kallis IPno: 4692
Firm Name: Kallis & Co
Address: Mountview Court 1148 High Road Whetstone
City Postcode: London N20 0RA


KCM SITE: Liquidation Proceedings
----------------------------------
Company Name: KCM Site Analysis/Property Const Ltd
Company No: IR
Appointed on: 02/10/00
Type: Members
Appointed by: Creditors
Liquidators: Joseph McCall IPno:
Firm Name: Byrne & McCall
Address: 232 Harolds Cross Road
City Postcode: Dublin 6


MG ROVER: Workers Accept 4 Percent Pay Offer
--------------------------------------------
Workers of MG Rover, the struggling British car group, have
accepted a pay offer worth almost 4 percent. Ananova noted last
week that employees voted 1,718 to 1,640 for the deal. Under the
deal, the average weekly pay of a dayshift worker at the firm's
factory in Longbridge, Birmingham, will rise by more than 12
pounds to 333 pounds and by a further 8 pounds from January.

A company spokesman said: "We are very pleased with the result.
It shows that our employees have taken a responsible view on the
deal and it recognizes their contribution by providing an
immediate increase in earnings." Employees' hours were to have
been cut from the present 36 to 35 but the working week will
revert to 37 hours under the deal.


PARKVIEW HOMES: Liquidation Proceedings
----------------------------------------
Company Name: Parkview Homes Ltd
Company No: 1818930
Com. Business: Property Co
Appointed on: 02/10/00
Type: Members
Appointed by: Members
Liquidators: Eric J Frederick IPno: 6556
Firm Name: Brightwell
Address: Grenville Court
City Postcode: Burnham SL1 8DF


SILVERDALE INDUSTRIAL: Liquidation Proceedings
-----------------------------------------------
Company Name: Silverdale Industrial Services Ltd
Company No: 2559883
Appointed on: 02/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: John Russell IPno: 5544 John M Titley 8617
Firm Name: Poppleton & Appleby
Address: 93 Queen Street
City Postcode: Sheffield S1 1WF


THORSMAN & CO: Liquidation Proceedings
---------------------------------------
Company Name: Thorsman & Co (UK) Ltd
Company No: 1362786
Com. Business: Manufacture/Installation
Appointed on: 02/10/00
Type: Members
Appointed by: Members
Liquidators: D Thornhill IPno: 8840 Gerald I Rankin 5184
Firm Name: PricewaterhouseCoopers
Address: Abacus Court 6 Minshull Street
City Postcode: Manchester M1 3ED


YAMAICHI-MURRAY: Liquidation Proceedings
-----------------------------------------
Company Name: Yamaichi-Murray Johnstone Ltd
Previous Name: Pacific Shelf (Thirty-Two) Ltd
Company No: SC098567
Com. Business: Investment Management
Appointed on: 02/10/00
Type: Members
Appointed by: Members
Liquidators: Gerald I Rankin IPno: 5184
Firm Name: PricewaterhouseCoopers
Address: 1 Blythswood Square
City Postcode: Glasgow G2 4AD


WELSH WATER:  Welsh Firm in Deal to Buy Hyder Unit
---------------------------------------------------
Reuters reported last week that Welsh firm Glas Cymru Cyfyngedig
will purchase Welsh Water from U.S.-owned utility Western Power
Distribution (WPD) for 1.8 billion pounds including debt. Glas is
chaired by Lord Burns, former Treasury permanent secretary. It
was formed this year for the sole purpose of acquiring Welsh
Water, a unit of Hyder Plc, which in turn was bought by WPD in
August for 565 million pounds, excluding debt.



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