/raid1/www/Hosts/bankrupt/TCREUR_Public/001107.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

        Tuesday, November 7, 2000, Vol. 1, No. 129

                        Headlines


C Z E C H   R E P U B L I C

AERO HOLDING (VZLU): FNM Acquires Aero's subsidiary
CKD DUKLA:  CKD Subsidiary Faces Bankruptcy
IPB: House Committee Questions Bank's Sale
KONSOLIDACNI BANKA: Reports a Kc 8.4 Billion Loss for Nine Months
PRAZSKE PIVOVARY:  Interbrew Czech Unit Posts 9-Month Loss
VITKOVICE: Creditors Approve Settlement


F R A N C E

EQUANT NV:  Third Quarter Shows Net Loss Widens


G E R M A N Y

T-ONLINE: Reports First Half Loss of 11.7 Million Euros
TEAMWORK INFORMATION: Insolvency Filing Opens Financial Crisis


H U N G A R Y

BKG:  Oil Machinery Maker Enters Liquidation
CASHLINE SECURITIES:  Broker Company Fined Ft 3 Million


I T A L Y

EPLANET: Suffers 9-Month Loss of 35.627 Billion Lire
STREAM: Posts a Net Loss of 302 Billion Lire in the First Half


N E T H E R L A N D S

VERSATEL:  Third Quarter Loss Seen Wider on ISP Charge


N O R W A Y

CHRISTIANIA BANK: NBH 91 Percent Takeover


R U S S I A

KNOS: Tax Police Chief Wins Auction


S W E D E N

BOXMAN: Liquidators Blocked from Selling Customer List


U N I T E D   K I N G D O M

ANC (CHILTERN): Liquidation Proceedings
BRITISH ACTION: Reports 6.7 Million Pounds Loss
BROWNOAK THIRD: Liquidation Proceedings
CITRON PRESS: Liquidation Proceedings
CORUS: Struggling Company Hopes for Rail Replacement Program

DENNIS & GEMMILL: Liquidation Proceedings
FIRST CALL: Liquidation Proceedings
FORD MOTOR: Heads Faces Confrontation with UK Unions
JXIT LTD: Liquidation Proceedings
LLOYD'S: Court Order to Set Up Panel for Fraud Settlement

MONEY CHANNEL:  Posts Interim Pre-Tax Loss of 4.88 Million Pounds
PARADIGM CONSULTANTS: Liquidation Proceedings
PROMINENCE COMMUNICATIONS: Liquidation Proceedings
STRATAGEM GROUP: Sees Deeper Full-Year Losses
WEXFORD INSTITUTIONAL: Liquidation Proceedings


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

AERO HOLDING (VZLU): FNM Acquires Aero's subsidiary
---------------------------------------------------
Czech A.M. noted last week that the National Property Fund (FNM)
will buy a 44.6 percent stake in Aero's Holding, the Aviation
Research and Testing Institute (VZLU), Aero's last subsidiary. It
said that the FNM will then liquidate the holding that controls
the majority stake.


CKD DUKLA:  CKD Subsidiary Faces Bankruptcy
-------------------------------------------
CKD Dukla, CKD Holding's subsidiary, confirmed last week that an
unnamed creditor has filed a bankruptcy petition. It said that
the heating equipment producer, which owes Kc 200 mln (mostly to
Konsolidacni Banka), is now suing service company Prazske Sluzby
for a Kc 80 million receivable and selling a Slovak production
facility for SKK 150 million. It hopes to be granted a multi-
billion crown order for the Elbistan power plant in Turkey, Czech
A.M. reported last week.


IPB: House Committee Questions Bank's Sale
------------------------------------------
Czech A.M. reported last week that the Czech National Bank
Director and council member Pavel Stepanik and former National
Property Fund Chair Roman Ceska were questioned last week by the
lower house committee investigating the June sale of IPB to CSOB
and its previous privatization to Japanese investment bank
Nomura.


KONSOLIDACNI BANKA: Reports a Kc 8.4 Billion Loss for Nine Months
-----------------------------------------------------------------
Czech A.M. noted last week that State bank Konsolidacni Banka
reported a Kc 8.4 bln loss for the first nine months, which was
reduced compared to a year-to-year loss of Kc 19.3 billion.


PRAZSKE PIVOVARY:  Interbrew Czech Unit Posts 9-Month Loss
----------------------------------------------------------
Czech brewer Prazske Pivovary, a unit of Belgian beer giant
Interbrew, released results on Thursday of last week showing
nine-month results as a 0.21 billion crowns pretax loss, Reuters
noted last week.


VITKOVICE: Creditors Approve Settlement
---------------------------------------
Czech A.M. reported last week that two of 687 Vitkovice creditors
(claiming some Ke 7.6 bln) voted in favor of an out-of-court
settlement with the metallurgy concern. The decision compels
Vitkovice to pay 30 percent of their claims in the form of bills
of exchange due in one year and guaranteed by Konsolidacni Banka.

The report said that Vitkovice plans to acquire the funds from
its own operations and through asset sales. The EU represents the
last possible impediment, as it is currently investigating the
legality of the guarantees. Accordingly, as part of its
revitalization, Vitkovice will be divided into four main
divisions within two years.


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

EQUANT NV:  Third Quarter Shows Net Loss Widens
-----------------------------------------------
AFX News reported that Equant NV's third quarter results are
expected to show a net loss of 11.3-18.3 million usd compared
with a net loss, including share plan costs, of 10.4 million a
year earlier, analysts said. Sales are forecast at 343-394
million usd compared with 278.9 million last year.

The report said that Deutsche Bank is forecasting sales of 343.8
million usd and a loss before interest and tax of 5.5 million usd
for Equant. Credit Agricole Indosuez Cheuvreux is forecasting
EBITDA before exceptional costs of 53 million usd and after
exceptional costs of 33 million, on sales of 392 million usd.
Credit Agricole also sees gross margins of 28 percent. Steve
Malcolm of Deutsche Bank said in a note that the company's
problems with quarterly reporting and the performance of the
stock over the last nine months are likely to make investors
cautious.


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

T-ONLINE: Reports First Half Loss of 11.7 Million Euros
-------------------------------------------------------
Deutsche Telekom AG's Internet unit T-Online is expected to
report this week a EBITDA loss of between 28-50 million euros, on
sales of between 170-211 million, AFX News reported last week. In
the first half of 2000, T-Online reported an EBITDA loss of 11.7
million euros on sales of 353 million. Deutsche Telekom is
unclear on when exactly the figures will be published, but most
analysts expect them this week.

AFX said that T-Online has been without a chairman since Wolfgang
Keutje resigned on August 25, followed by three other board
members, amid rumors that parent company Deutsche Telekom has not
given the T-Online board enough say on the unit's direction,
analysts said. The company has been lacking in direction since,
and this has caused the company's share price to tumble, they
said.

AFX reports customer acquisition and portal set-up costs have
been high, according to Ralf Hallmann of Bank Gesellschaft
Berlin, but he expects them to fall in the first half of next
year. Hallman said he will also be looking for signs that falling
advertising revenues have hit margins, he said. There are also
concerns that the number of minutes that subscribers are spending
on line is falling, said Merck Finck analyst Theo Kitz. Martin
Andersen of Deutsche Bank Equity Research predicted an EBITDA
loss of 27.6 mln eur on sales of 211.3 mln.


TEAMWORK INFORMATION: Insolvency Filing Opens Financial Crisis
--------------------------------------------------------------
German software group Teamwork Information Management AG on
Friday of last week became the latest Neuer Markt start-up to
arrive at financial crisis after it filed for insolvency. The
company said that following preliminary talks, a crisis
management consultant advised Teamwork that the insolvency filing
was the only way to save the company. The stock remained
suspended from trading until further notice after the company had
said on Thursday of last week it was unable to meet its financial
obligations, Reuters reported last week.

Teamwork said in a statement, "The arising need for liquidity was
only insufficiently covered by the banks. Despite great efforts
in the last weeks it was impossible to find investors because all
parties saw the potential risks in the light of a possible
insolvency". The company added that if it manages to keep its
staff and secure major orders already received, proceedings could
be ended by the end of January or February at the latest.

A spokesman for Germany's Federal Supervisory Office for
Securities Trading (BAWe) told Reuters the authority would look
into the development of Teamwork's share price ahead of the
announcement in what he called a routine investigation.


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

BKG:  Oil Machinery Maker Enters Liquidation
--------------------------------------------
The Budapest Petroleum Industry Machine Producer Rt (BKG) is
being liquidated by Cash & Limes Rt. The CEO of Cash & Limes said
BKG has cashflow problems, but a halt in production is not on the
agenda right now. BKG has assets worth Ft 1 billion, employs 320
people and has orders totaling several million forints. The
company said that it has a framework agreement worth a total of
Ft 2 billion with oil and gas company MOL Rt., Hungary A.M. noted
last week.


CASHLINE SECURITIES:  Broker Company Fined Ft 3 Million
-------------------------------------------------------
The State Financial Institutions Supervision (PSzAF) fined
Cashline Securities Rt Ft 3 million, PSzAF announced on Thursday
of last week. It said that the brokerage company was fined due to
deficiencies in covering its clients' assets, Hungary A.M.
reported last week. In other news, the Supervision withdrew the
investment license of Wellington Broker Rt, which went bankrupt
earlier.


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

EPLANET: Suffers 9-Month Loss of 35.627 Billion Lire
----------------------------------------------------
Reuters reported last week that Italian multimedia company
ePlanet reported a loss of 35.627 billion lire before interest,
tax, depreciation and amortization in the first nine months of
2000. The company said in a statement that "due to lower
acquisition costs, EBITDA is expected to be slightly higher than
forecasted for the full year 2000". It said the nine months' loss
was partially a result of high staff and marketing costs.

As of September 30 advertising costs were 4.18 billion lire and
there were provisions in the period of 2.966 billion lire which
impacted the figure, ePlanet said. The loss in the third quarter
was 18.763 million lire.


STREAM: Posts a Net Loss of 302 Billion Lire in the First Half
--------------------------------------------------------------
Stream, the TV joint venture of Telecom Italia SpA and News Corp
Ltd, posted a net loss of 302 bln lire in the first half of the
year compared to a loss of 152 bln a year earlier, Il Sole 24 Ore
reported citing a document from Telecom Italia. It said Stream
had first half sales of 104 bln lire compared to 23 bln in the
same period a year earlier. Stream's clients reached 489,000 in
the first half, up 27 percent. According to the Telecom Italia
document Stream's first half loss doubled compared to 1999, AFX
noted last week.


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

VERSATEL:  Third Quarter Loss Seen Wider on ISP Charge
------------------------------------------------------
Internet company Versatel reported its third quarter loss widened
compared to the previous quarter because of an 18-million euro
one-off charge related to the closing down of its German Internet
service provider (ISP), analysts said. Ten analysts polled by
Reuters forecast third quarter LBITDA (loss before interest, tax,
depreciation and amortization) to widen to 58.2 million euros
from 39.6 million in the second quarter.

Reuters said last week that Versatel, together with other
companies offering Internet access at a fixed fee to German
customers, withdrew its German flat-rate consumer ISP Sonne
because the country's former monopoly Deutsche Telekom charged
Versatel per telephone tick, boosting Versatel's costs. Even
though the unit is showing earnings growth, some analysts
expected Versatel to either sell it or find a partner.


===========
N O R W A Y
===========

CHRISTIANIA BANK: NBH 91 Percent Takeover
-----------------------------------------
Financial Times said last week that Nordic Baltic Holding (NBH),
the Scandinavian bank, its bid for Christiania Bank, Norway's
second-largest. NBH said its offer was approved by 91 percent of
Christiania's shareholders, above the 90 percent hedge set by
Norway's takeover rules. NBH agreed in late October to pay
NKr27bn ($2.95bn) for the bank, after a 13-month pursuit, to
complete its goal of securing a major presence in each of the
four Scandinavian markets. This followed the acceptance of the
NKr49 a share offer from the state-controlled Norwegian Bank
Investment Fund, which had initially opposed NBH.

NBH, which plans to change its name to Nordea, bought Denmark's
Unidanmark earlier this year. The Christiania deal will increase
total assets to around E225bn ($196bn). NBH, also known as
MeitaNordbanken after its two founder members, said that it had
called a special shareholders' meeting for later this month to
propose the re-branding of the bank as Nordea.


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

KNOS: Tax Police Chief Wins Auction
-----------------------------------
The Moscow Times reports former federal tax police head Sergei
Almazov has moved into the gas-refining business. His firm,
Profit-4, won an auction for the assets of bankrupt Rosneft-
Krasnodarnefteorgsintez, or KNOS, located in the Black Sea region
of Krasnodar. KNOS previously consisted of two companies -- the
Krasnodar oil refinery, with a capacity of 1.6 million tons per
year and the Afipsky gas-condensate refining factory. However, in
1991 the Krasnodar plant was transferred to a Russian-Austrian
joint venture that in turn gradually passed into the ownership of
local trading company Atlas.

According to media reports, Atlas represents the business
interests of singer and State Duma Deputy Iosif Kobzon. Profit-4
was founded by Almazov, his son Alexei and Oleg Kurmoyarov,
former president of Atlas. KNOS was declared bankrupt in 1996.
State oil firm Rosneft tried to dispute its subsidiary's
insolvency through the courts, but was unsuccessful. Its assets
were unsuccessfully put up for sale. Accordingly, the auction
took place last week and attracted the attention of three
companies -- Rosneft itself, the Frezer trading house and Profit-
4. The latter was declared the winner after offering $10.8
million for the assets -- twice the official starting price, The
Moscow Times reported.


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

BOXMAN: Liquidators Blocked from Selling Customer List
------------------------------------------------------
The Daily Telegraph noted last week that the liquidators of
Boxman have hit a major impediment after the new Data Protection
Act thwarted the failed online retailer's plans to sell its
lucrative list of 750,000 customers. A 10-minute meeting, which
was attended by just one shareholder and three board directors,
formally put the company into liquidation. James Tickell, the
liquidator from accountants PricewaterhouseCoopers, said: "The
Data Protection Act would seem to suggest that we need to wipe
all the customer records so that they can't be sold to other
people. He is hoping that legal advisers will be able to find a
way around the problem.

The report said that it is not just Boxman that has encountered
problems with the sale of its list of customers, largely due to
privacy issues. For Boxman shareholders, only around pounds
250,000 in cash remains, which represents "a small residue of
what investors put in". The original founders of Boxman, led by
music shop entrepreneur Bill Odqvist, are still hoping to buy
back the name to launch Boxman 2.


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

ANC (CHILTERN): Liquidation Proceedings
----------------------------------------
Company Name: ANC (Chiltern) Ltd
Company No: 2073625
Com. Business: Freight Transport by Road
Appointed on: 03/10/00
Type: Members
Appointed by: Members
Liquidators: Graham P Bushby IPno: 8736 Mark J Wilson 8612
Firm Name: Baker Tilly
Address: Exchange House 382 Midsummer House
City Postcode: Milton Keynes MK9 2EA


BRITISH ACTION: Reports 6.7 Million Pounds Loss
-----------------------------------------------
British Action Computer Supplies Holdings Plc said it made a 6.7
million pounds loss for the year and said that next year would
continue to be difficult for the company, Reuters reported last
week.

"The year ahead will continue to be difficult, but we expect to
show improved performance," Chairman Henry Lewis said in a
statement. "We continue to be cautious about a recovery in the PC
market." The 6.7 million pound loss after exceptionals in the
year ending August 31 compares to a 1.4 million pound profit in
1999. Before exceptionals and one-off costs the company made a
loss of 0.3 million pounds on a turnover of 276.3 million pounds;
the board had not declared a final dividend. Accordingly, the
company said it was restructuring Action's business toward a Web-
centric model and had spent more money on Web marketing and
expended its e-business partners program.


BROWNOAK THIRD: Liquidation Proceedings
----------------------------------------
Company Name: Brownoak Third Assured Tenancies Ltd
Company No: 2665569
Com. Business: Development/Sell Real Estate
Appointed on: 03/10/00
Type: Members
Appointed by: Members
Liquidators: C R Ashe IPno: 1056
Firm Name: Lovewell Blake
Address: 89 Bridge Road Oulton Broad
City Postcode: Lowestoft NR32 3LN


CITRON PRESS: Liquidation Proceedings
--------------------------------------
Company Name: Citron Press Publishing Ltd
Previous Name: Connors Corp Ltd
Company No: 3467585
Com. Business: Publishing
Appointed on: 03/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Richard J Rones IPno: 8807
Firm Name: ThorntonRones
Address: 418-420 Cranbrook Road Gants Hill
City Postcode: Ilford IG2 6HW


CORUS: Struggling Company Hopes for Rail Replacement Program
------------------------------------------------------------
Struggling steel company Corus expects Railtrack's huge rail
replacement program to provide an incentive, The Times reported
last week. The report said Corus manufactures more than 60
percent of rails at its factories in Workington and Hayange in
France, since Corus is no longer Railtrack's sole rail supplier.
However, a spokesman for the loss-making firm said that the
strength of sterling had hit Corus hard, adding that there would
be "no difficulties" in meeting extra demand from Railtrack.

"There is a lot to discuss about the amount of work that
Railtrack needs, but we certainly won't do any worse and hope to
do better." Partial results after last month's Hatfield crash
showed problems with rails. Shares of Corus have fallen from
174«p to 63p this year, The Times reported.


DENNIS & GEMMILL: Liquidation Proceedings
------------------------------------------
Company Name: Dennis & Gemmill International Ltd
Company No: 1403297
Com. Business: Dormant
Appointed on: 03/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Paul Barrett IPno: 5459
Firm Name: Radford Sons & Co
Address: 12 Portland Street
City Postcode: Southampton SO14 7EB


FIRST CALL: Liquidation Proceedings
------------------------------------
Company Name: First Call Removals Ltd
Company No: 3340232
Com. Business: General Commercial
Appointed on: 03/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: David Hill IPno: 6904 Peter W Engel 8103
Firm Name: BDO Stoy Hayward
Address: Riverside House 31 Cathedral Road
City Postcode: Cardiff CF11 9HB


FORD MOTOR: Heads Faces Confrontation with UK Unions
---------------------------------------------------
Reuters reported last week that U.S. carmaker Ford Motor Company
said its largest UK plant will oppose British unions regarding
plans for restructuring in the coming weeks. Ford said that the
unions plan to hold a strike ballot on November 15 over Ford's
plan to end car assembly at the Dagenham factory, which affects
some 7,000 workers.

Accordingly, Ford plans to build a brand new diesel engine and
has committed to invest 600 million pounds. Reuters said that
1,300 jobs would be cut in the assembly line in 2002 as part of
Ford's try to boost profits at its struggling European division.
The union has accused Ford of violating a 1997 deal over Ford's
Fiesta models.

"Clearly, Ford intends to push ahead and end car production at
Dagenham. In spite of the sound case we have argued, they intend
to break the agreements they made," the Transport and General
Workers Union said in a statement. A strike could be held around
mid-December, T&G spokesman Andrew Dodgshon added. The report
also said that the unions representing workers at Ford's luxury
carmaker Jaguar rejected a 4.25 percent pay increase offered by
the company.


JXIT LTD: Liquidation Proceedings
----------------------------------
Company Name: JXIT Ltd
Company No: 4028528
Com. Business: Investment Co
Appointed on: 03/10/00
Type: Members
Appointed by: Members
Liquidators: James R Smith IPno: 8031 S J Akers 6460
Firm Name: Deloitte & Touche
Address: Stonecutter Court 1 Stonecutter Street
City Postcode: London EC4A 4TR


LLOYD'S: Court Order to Set Up Panel for Fraud Settlement
---------------------------------------------------------
Lloyd's of London's 1,600 individual investors still have
outstanding debts of 50m pounds ($73m), The Financial Times
reported last week. The London's High Court encourage the world's
oldest insurer to place an independent panel to obtain final
settlement with the Names who did not agree to the 1996
"reconstruction and renewal" plan that was accepted by 30,000
individual investors.

Following what he described as the largest and most complex piece
of civil litigation ever seen in the UK, Mr Justice Cresswell
said: "It is high time that the Lloyd's litigation and related
litigation here and overseas came to an end." Lloyd's seemed
hesitant to agree to the judge's suggestion of an independent
panel.

According to the Financial Times report, the case, which opened
in February, considered a declaration by 230 Names that a
systematic fraud was mounted by 33 members of Lloyd's committee.
They claimed the committee members with day-to-day charge of the
market concealed the extent of asbestos-related losses totaling
more than 4bn pounds. The Names accused the 33 executives of
purposely recruiting new members to help block a financial hole.
All these claims were rejected by the High Court.

Lloyd's, which rejected any suggestions of settling with the
Names, spent about 20m pounds on legal fees in its defense. Max
Taylor, Lloyd's chairman, said there was now "absolutely no
reason" why Names should not settle their debts. Sir William
Jaffray, one of the leading Names, said he was surprised by the
outcome.


MONEY CHANNEL:  Posts Interim Pre-Tax Loss of 4.88 Million Pounds
-----------------------------------------------------------------
The Times noted last week that the Money Channel (media) posted
an interim pretax loss of 4.88 million pounds. There is no
dividend.


PARADIGM CONSULTANTS: Liquidation Proceedings
----------------------------------------------
Company Name: Paradigm Consultants Ltd
Company No: SC
Appointed on: 03/10/00
Type: Creditors
Appointed by: Creditors
Liquidators: Ian Franses IPno: 2294
Firm Name: Ian Franses Associates
Address: Conduit House 24 Conduit Place
City Postcode: London W2 1EP


PROMINENCE COMMUNICATIONS: Liquidation Proceedings
---------------------------------------------------
Company Name: Prominence Communications Ltd
Company No: 3578002
Com. Business: Telecommunications
Appointed on: 03/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: John S Bennett IPno: 5393 Neil C Money 8570
Firm Name: Casson Beckman & Partners
Address: 3 Dyers Buildings Holborn
City Postcode: London EC1N 2JT


STRATAGEM GROUP: Sees Deeper Full-Year Losses
---------------------------------------------
Reuters noted that Stratagem Group Plc on Friday of last week
said it would be posting a larger-than-expected loss for the year
ending August 31. Stratagem expects the loss after tax of 8 to
9.5 million pounds compared to a previous estimate of 6 million.
The company said that shares of the manufacturing and service
group were plunged 43 percent. "The additional losses principally
arise from a shortfall on the Minimum Funding Requirement for a
subsidiary's pension scheme," Strategem said in a statement.


WEXFORD INSTITUTIONAL: Liquidation Proceedings
-----------------------------------------------
Company Name: Wexford Institutional Investments Ltd
Company No: IR
Appointed on: 03/10/00
Type: Members
Appointed by: Members
Liquidators: James Walsh IPno:
Firm Name: Bradley Walsh & Co
Address: 17 Clyde Road Ballsbridge
City Postcode: Dublin 4



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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