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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

         Monday, December 11, 2000, Vol. 1, No. 152

                         Headlines


A U S T R I A

LAUDA AIR: Take-off for New Management Team


B E L G I U M

LERNOUT & HAUSPIE:  Goes for Restructuring


C Z E C H   R E P U B L I C

CKD BLANSKO: Engineering Firm Finds a Buyer
CKD PRAHA:  Faces Two More Charges
PRAZSKE PIVOVARY: Replaces CEO as of December 1
TRUCK INTERNATIONAL:  Sipox Shows Interest in Truck Maker


I T A L Y

FREEDOMLAND:  Netfraternity May Bid on Internet Services Company


N E T H E R L A N D S

P. BOURMAN:  Aegon Insurance Partner to Restart After Insolvency


S P A I N

ECUALITY: Suspends Payments, Debts of Pta2.4 Billion


S W E D E N

BOTNIA LINK: Shipping Company Faces Financial Crisis


U N I T E D   K I N G D O M

ASHWELL CORPORATION: Liquidation Proceedings
BOXMAN UK: Liquidation Proceedings
BRITISH POLYTHENE: Loses White Knight
BUSINESS LINK: Liquidation Proceedings
COATS VIYELLA: Ailing Textiles Firm Faces Board Shake-Up

COMMUNITY HOSPITALS: Byers Blocks Bupa's Takeover Bid
CORUS: Jobs Threatened as Steel Maker Ousts Chief Executives
EQUITABLE LIFE: Pru Presses FSA to Agree to Orphan Asset Deal
FREESERVE: Falls to French Rival
FYFFES: Banana Fraud Forces Plant Closures

GAWNE AVANTE: Liquidation Proceedings
GENESIS STEEL: Liquidation Proceedings
HUTCHISON: European Mobile Operators Hit Loan Trouble
ICL: Outlines Restructuring
INTERNATIONAL POWER:  Posts Interim Pre-Tax Loss

JIM CURTIN: Liquidation Proceedings
MILLENIUM DOME:  'Defiant' Gerbeau Still in Dome Talks
MOBILCOM: European Mobile Operators Hit Loan Trouble
RMC: Focus Acquires Great Mills Chain for 285 Million Pounds
SCOTTISH POWER: Hit for 100 Million Pounds by US Station Shutdown

SEAGRAM: Diageo and Pernod Bid to Take Over Rum Firm
SHANKS CONTRUCTION: Liquidation Proceedings
VALE PARONE: Liquidation Proceedings
VINTAGEGREEN LTD: Liquidation Proceedings
WHINSTANES QUARRY: Liquidation Proceedings

YEOMAN GROUP:  Posts Pretax Loss Of 4.3 Million Pounds


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

LAUDA AIR: Take-off for New Management Team
-------------------------------------------
The top priorities of the new Lauda Air management team, which
moved in to the Lauda Air headquarters in the World Trade Centre
at Vienna International Airport on November 27, M2 Communications
reported last week. The new management team, appointed by the
Supervisory Board of Lauda Air Luftfahrt AG at its extraordinary
meeting will be making an all-out effort to tackle the problems
which face the company and find solutions to ease the current
difficult situation.

Lauda Air's new management team has been tasked with providing an
early assessment of the company's current economic situation,
preparing a budget for the financial year 2000/2001 and restoring
profitability, thus securing the long-term future of Lauda Air.

The newly-appointed Chairman of the Executive Board is Ferdinand
Schmidt,49, with Mag. Klaus Stoger, 40, as Financial Director.
Registered manager Flight Captain Mag. Christian Fitz, 41, will
head the Flight Operations and Technical Services divisions. Mag.
Ronald Kraftner, 36, Lauda Air's former Head of Legal and
International Affairs, has also been appointed as a registered
manager. His area of responsibility will cover Legal and
International Affairs, Aircraft Financing and IT.

The new Lauda Air management team has thus declared its intention
to set to work immediately in an all-out effort to exploit the
company's traditional strengths and secure its long-term future,
M2 Communications noted.


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

LERNOUT & HAUSPIE:  Goes for Restructuring
-------------------------------------------
The future of Belgian voice technology group Lernout & Hauspie
remains uncertain. On Thursday last week, the group asked for
protection from its creditors in order to implement a
restructuring plan, Le Soir & World Reporter noted last week. One
thing that has been revealed is that the $108m missing from Korea
was used to pay clients in the country, thus proving that the
group's figures were fabricated.

The group's crediting banks are not entirely opposed to the
winding up agreement, but are still concerned as to the chances
of the group recovering financially. They have set a time limit
of two months for the presentation of a restructuring plan, as
the group is losing $20m per month.


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

CKD BLANSKO: Engineering Firm Finds a Buyer
-------------------------------------------
Engineering firm CKD Blansko is preparing to bring in a new
owner, Cash and Capital. The firm won a tender, which was
declared by the trustee in bankruptcy of CKD Blansko in June
2000. CKD Blansko has been under bankruptcy proceedings since
1997. If the winner of the tender does not arrange a contract by
29 December 2000, the second participant, Co-Ver Srl (Italy),
will be invited, Access Czech Republic Business Bulletin reported
last week. The new owner should help about 800 employees get back
their finances, which were deposited at CKD's company bank.


CKD PRAHA:  Faces Two More Charges
----------------------------------
Czech AM reported last week that Inpro Deputy Chair Frantisek
Horak and Josef B., a CKD Praha Holding board of directors
member, were charged with fraud in a scandal involving
transactions with CKD shares that allegedly cost the National
Property Fund Kc 276 million. Former CKD CEO Jiri Marousek and
Inpro Board of Directors member Petr Formanek are already in
custody for fraud relating to the same deals.

As many as ten others could also face charges, according to an
unnamed source. Inpro, founded by former CKD management, is also
suspected of purchasing CKD shares with IPB loans obtained using
CKD assets as collateral.


PRAZSKE PIVOVARY: Replaces CEO as of December 1
-----------------------------------------------
Tony Desmet replaced Graham Staley as the chief executive of beer
producer Prazske pivovary as of December 1, Vladka Korcova of
Prazske's PR department has told CTK. Staley became the financial
vice-president of Interbrew company in the USA, she said.
Belgium's Interbrew announced in June that it had agreed with
Britain's Bass on a takeover of its breweries, including Prazske.
In this way, Interbrew gained 13 percent of the Czech market.

Prazske pivovary has been in the red for a long time, although
Staley denied information carried by the press, which said the
company was close to bankruptcy. Prazske ended last year with
losses of Kc370.330 million, while operating losses amounted to a
mere Kc18.597 million, Czech News Agency noted last week.


TRUCK INTERNATIONAL:  Sipox Shows Interest in Truck Maker
---------------------------------------------------------
Slovak Sipox Holding has signed a letter of intent with Skoda
Plzen to purchase a 60 percent stake in Truck International (to
be renamed Liaz Sipox) for an undisclosed price, Source: Czech
A.M. noted last week. The truck maker lost Kc 682 mln last year
and sold only 133 units in the first ten months of 2000 after
producing 18,000 vehicles annually in the 1980s. Sipox was
allegedly offered Tatra technology by Lubomir Soudek, an ex-Tatra
board chair, in exchange for an 11 percent stake in the former.


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

FREEDOMLAND:  Netfraternity May Bid on Internet Services Company
----------------------------------------------------------------
Netfraternity, an Italian Internet services company, is
considering making a bid for Italian Internet-via-TV provider
Freedomland. Reuters noted last week that Freedomland, recently
investigated for allegedly falsifying the number of its clients,
denied the talk. "We categorically deny this gossip," a company
spokesman said.

Netfraternity declined specific comment on the speculation apart
from saying the company was studying the possible acquisition of
an Italian company in the Internet sector. Freedomland's board
said it had mandated Piero Gnudi, a senior Italian state industry
official appointed in October to act as an independent third
party, to ensure financial transparency on behalf of investors to
explore possible interest in taking a stake in the company,
Reuters reported.


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

P. BOURMAN:  Aegon Insurance Partner to Restart After Insolvency
----------------------------------------------------------------
P. Bouwman Consultancy, the Dutch capital manager and Aegon
insurance agent, will be restarted and part of its activities
sold, receiver J. Hemmes said. P. Bouwman had a debt of some Fl
10m with Aegon, which is expecting to lose Fl 5 million. Two
offices and the insurance portfolio will be sold to consultancy
company Drie Heer Adviesgroep. Thirty-three of the 40 staff will
be taking part in the restart.

Het Financieele Dagblad & World Reporter reported last week that
Bouwman began its struggle last summer and turned out to be
involved in capital management, unbeknown to Aegon. The capital
management division was loss making and was not licensed by the
Dutch central bank. An application of insolvency was requested by
Aegon.


=========
S P A I N
=========

ECUALITY: Suspends Payments, Debts of Pta2.4 Billion
----------------------------------------------------
Ecuality, one of Spain's leading e-commerce ventures, has applied
to suspend payments following debts of Pta2.4bn. Spanish
construction group Acciona SA holds a majority stake of around 30
percent in the troubled e-commerce company, whose other
shareholders include Spanish businesswoman Alicia Koplowitz and
Spanish bank BBVA. Ecuality had been regarded as one of Spain's
strongest dotcoms, ABC (Madrid)& World Reporter reported last
week.

Ecuality, which operates virtual supermarkets Alcosto and
Diversia and had also extended its interests in Latin America,
was unable to withstand the current disillusionment with new
technology stocks on the part of investors. Creditors, which
include Spanish bank Bankinter and multinational consultants
PricewaterhouseCoopers, have forced the company to apply for the
suspension of payments, ABC (Madrid)& World Reporter noted. The
measure will enable Ecuality to restructure its operations
without pressure from creditors. However Acciona will be required
to increase its investment.


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

BOTNIA LINK: Shipping Company Faces Financial Crisis
----------------------------------------------------
Botnia Link, the Swedish shipping company, has decided to
continue to run its lines between Harnosand and Vasa, which have
only recorded losses since its establishment in February 2000,
Dagens Nyheter & World Reporter reports this week. The management
of Botnia Link is currently in talks with different parties, in
an effort to raise external lending capital. Shareholders will
inject more capital if the talks are successful. The only other
alternative is liquidation.


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

ASHWELL CORPORATION: Liquidation Proceedings
---------------------------------------------
Company Name: Ashwell Corporation Ltd
Company No: 3551405
Com. Business: Engineering
Appointed on: 30/10/00
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


BOXMAN UK: Liquidation Proceedings
-----------------------------------
Company Name: Boxman UK Ltd
Previous Name: IMVS Ltd
Company No: 3080399
Com. Business: On Line Retailer of CDs/Music Video
Appointed on: 30/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Peter N Spratt IPno: 6278 David J Waterhouse 5732
Firm Name: PricewaterhouseCoopers
Address: Hill House Richmond Hill
City Postcode: Bournemouth BH2 6HR


BRITISH POLYTHENE: Loses White Knight
-------------------------------------
British Polythene Industries, Europe's largest polythene firm,
suffered a serious setback in its defense against a hostile
takeover by Macfarlane, its smaller rival, after friendly talks
with a competing bidder collapsed, The Independent reported last
week. BPI said talks with an unnamed "white knight" bidder,
believed to be a U.S. polythene firm, had ended, but urged
shareholders to reject Macfarlane's 310p-a-share cash offer.

BPI revealed the white knight's approach on Monday December 11.
Macfarlane urged BPI's private shareholders to accept its offer
as soon as possible, saying that the Christmas post and train
delays could mean last-minute acceptances might miss the deadline
of 1pm on 16 December. While Marfarlane's bid is final, it could
raise its offer if another bidder emerged. As part of its
defense, BPI is offering to buy 30 percent of investors' stakes
for 320p a share, The Independent noted.


BUSINESS LINK: Liquidation Proceedings
---------------------------------------
Company Name: Business Link Vale Royal Ltd
Company No: 3197145
Appointed on: 30/10/00
Type: Members
Appointed by: Members
Liquidators: Trevor N Birch IPno: 8086 William S Martin 5514
Firm Name: Ernst & Young
Address: 100 Barbirolli Square
City Postcode: Manchester M2 3EY


COATS VIYELLA: Ailing Textiles Firm Faces Board Shake-Up
--------------------------------------------------------
A group of dissident shareholders in Coats Viyella, the ailing
textiles firm, has convened an extraordinary meeting aimed at
forcing a boardroom restructuring, The Independent reported last
week. The team of investors together represents about 35 percent
of Coats' share capital, well over the 10 percent needed to
requisition an egm. It is led by Guinness Peat Group, a listed
investment firm, and includes RIT Capital Partners, a vehicle
backed by Lord Jacob Rothschild. Lord Rothschild made a non-
specific offer to take the business private in July, but his
approach was rejected.

Blake Nixon, UK executive director of Guinness Peat, said: "We
are increasingly concerned about Coats Viyella's continuing under
performance and strategic direction. We are convinced that a
restructured board is necessary to preserve and rebuild the
company's value." GPG, together with the Finance Trading Group,
which includes Lord Rothschild's 9 percent interest, and the
South African-based Chapman Consortium, is proposing a resolution
to appoint four additional non-executive directors to the Coats
board. Mr Nixon himself is standing alongside Noel Goutard and
Eduardo Malone, representatives of FTG, and Albert Alhadeff, the
Chapman nominee. Mr Nixon said: "We want to take a look inside
the business. It is the only way to be confident about the way
things are done."

The comments follow the sale of Coats's contract clothing
division, which chiefly supplied Marks & Spencer, to a management
buy-out team. The debt-free disposal raised just 12m pounds,
leaving Mr Dixon and the other shareholders at the way the Coats
board handled the negotiations.

According to Stock Exchange rules, the company will have 21 days
to call an egm, which must then be scheduled for within 28 days
of that date.

In addition to the board appointments, Mr Nixon and his
supporters are also calling for a strategic review "to establish
which, if any, businesses should be disposed of". Coats shares
closed up 0.25p at 45.5p.


COMMUNITY HOSPITALS: Byers Blocks Bupa's Takeover Bid
-----------------------------------------------------
The Government blocked the ?230m takeover of Community Hospitals
Group by the private medical insurer Bupa, saying it would have
led to higher prices and less competition in the private health
sector, The Independent noted last week. The decision by Stephen
Byers, Secretary of State for Trade and Industry, was taken in
accordance with the views of the Competition Commission and could
open the way for rival offers for CHG. Mr Byers also ordered
Schroder Salomon Smith Barney to dispose of a 27 percent stake in
CHG bought on behalf of Bupa.

The Competition Commission ruled that a merger of Bupa and CHG
would have operated against the public interest by increasing the
costs of private medical insurance and medical services. Bupa,
the country's biggest provider of private medical insurance with
40 percent of the market, would have emerged with 58 private
hospitals, cutting the number of private operators to three and
using its vertical linkages to reduce competition. The
Competition Commission suggested separating the ownership of
Bupa's medical insurance and medical services but Bupa rejected
this. Its chief executive Val Gooding said there was no evidence
that prices would have risen, The Independent reported.


CORUS: Jobs Threatened as Steel Maker Ousts Chief Executives
------------------------------------------------------------
The Anglo-Dutch steel maker Corus ousted its two joint chief
executives in a shock move which paves the way for further plant
closures and thousands more job losses in the UK, The Independent
noted last week. The move alarmed steel unions which now fear
that one of the group's four UK integrated steel plants will
close with the loss of 3,000 to 4,000 jobs. Llanwern, near
Newport in South Wales, is most at risk although the Teesside
plant on the North-east coast could be a casualty.

The Corus chairman, Sir Brian Moffat, who has taken over
temporarily as chief executive, said he would make an
announcement about "major restructuring" in the UK early in the
New Year. John Bryant and Fokko van Duyne, who were appointed as
joint chief executives when British Steel and Hoogovens merged 14
months ago to create Corus, left their posts. Their pay-offs are
expected to exceed 1m pounds in total.

In the current year, Corus' UK carbon steels operations are
expected to lose around 450m pounds because of over capacity,
price competition and the weakness of the euro against the pound.
In the first six months of the year, UK losses reached 226m
pounds.

Corus has already axed 4,500 jobs in the UK this year, taking its
workforce below 30,000 for the first time, as part of a strategy
to achieve cost savings of 300m pounds by the end of 2002. But
analysts have warned of further significant losses next year
unless the restructuring goes much further.

Steel industry sources said that of the two plants, Llanwern was
the more vulnerable to closure because all supplies of coal and
iron ore came in through Port Talbot, The Independent reported.


EQUITABLE LIFE: Pru Presses FSA to Agree to Orphan Asset Deal
-------------------------------------------------------------
The Prudential, the life insurance group, is stepping up pressure
on the Financial Services Authority, the City watchdog, to unlock
up to 7bn pounds of orphan assets in return for its mounting a
rescue bid for Equitable Life, the mutual life insurer, The
Independent reported last week. The Pru has yet to table a formal
offer for Equitable, despite having been the favorite to buy the
group ever since it was forced to put itself up for sale in
summer after losing a landmark judgment over pensioners rights in
the House of Lords.

With Eureko, the European mutual insurers alliance, having
stormed out of negotiations earlier last week, the Pru is now
left as the only credible bidder for Equitable. It is determined
to make the most of its strong bargaining position to extract a
good deal from both Equitable and the FSA, before making a formal
offer.

Jonathan Bloomer, the Pru chief executive, is gambling that the
FSA cannot afford to see Equitable having to be closed to new
business. This would be the only option if a buyer fails to
emerge within the next few weeks. Mr Bloomer has repeatedly
insisted that a deal be structured to make sense for the Pru
shareholders.

Actuaries believe that the Pru has insisted on the Equitable's
guarantee annuity liabilities being capped by the FSA at 3bn
pounds, with the shortfall being funded from the Pru's life fund.
The FSA would then need to allow the remaining orphan assets not
used to prop up Equitable's life fund to be split equally between
the Pru policyholders and shareholders.

The Independent noted that the distribution of orphan assets,
which are the result of investment surpluses built up over
decades is highly controversial. Axa which struck a deal with the
FSA earlier this year over the Equity & Law orphan estate is due
to go to court on 18 December following a court action launched
by the Consumers' Association which claims that the deal is
unfair to policyholders.

The prospect of a major pensions firm being in difficulty in the
run-up to the launch of stakeholder pensions next March is
something the regulator will find hard to contemplate. But the
deadline for bids has now slipped so many times as to be
virtually meaningless. Equitable said it wanted to name an
exclusive bidder in December.


FREESERVE: Falls to French Rival
--------------------------------
Freeserve, the Internet service provider owned by Dixons, will be
taken over by Wanadoo, France Telecom's Internet service
provider, in a 1.65 billion pounds deal, The Times reports this
week. The takeover brings to a close months of speculation about
the future of Freeserve since talks with Deutsche Telekom's T-
Online broke down in June. Freeserve, which is 80 percent owned
by Dixons, the high street electrical retailer.

Last month, Freeserve, which is 80 percent owned by the
electrical retailer Dixons, said it was in talks that could lead
to a takeover of the business. In June, Freeserve's shares fell
by 20 percent after the collapse of merger talks with its German
rival T-Online that could have led to a 6 billion pounds deal for
the company.

At its most recent results announcement in September, Freeserve
said that it had passed the two-millionth customer mark but
showed losses for the first quarter of the year had doubled to
17.8 million pounds. The shares had been suspended earlier at the
request of Freeserve. When trading resumed Freeserve shares fell
to 135p, down from 141.25p before the suspension. Investors
reacted with some disappointment at the deal.

Wrights' Investors Service noted that this company has paid no
dividends during the last 12 months. The company also reported
losses during the previous 12 months. The company has not paid
any dividends during the previous 2 fiscal years.


FYFFES: Banana Fraud Forces Plant Closures
------------------------------------------
Fyffes, which sells fruit under brands including Cape, Carmel and
Outspan, ordered the closure of three UK sites and the axing of
200 jobs, BBC News reported last week. The closures, at
operations run by Fyffes and its part-owned daughter company
Geest Bananas, are part of a restructuring of banana operations
prompted by falling profits. The Dublin-based company has blamed
the division's poor performance on the weakness of the euro, and
a banana smuggling scam initiated by fraudsters who have been
selling fake import certificates.

About one-in-17 bananas sold in the EU has been imported under a
fraudulent license, Fyffes believes. Company secretary Philip
Halpenny told BBC News Online that it suffered because there were
more bananas on the European market as a result of fraudsters
manufacturing counterfeit licenses. "This has depressed the price
we get for our bananas," he said. Most of the imports have come
from Ecuador, the world's biggest banana producers, via Italy, Mr
Halpenny said. "But it is not necessarily the shippers who are at
fault, because they may have bought the licences in good faith,"
he said. Arrests EU trade investigators are thought to have
ordered arrests in Spain and France in connection with the fraud.

As the firm generally buys bananas in dollars, from Central
American and Caribbean countries, producers' bills have become
increasingly difficult to pay. UK closures Geest ripening centres
in Lanarkshire and Chippenham, and a Fyffes site in
Leicestershire, are to close. Geest Bananas, which Geest plc sold
in 1996, is jointly owned by Fyffes and Windward Island Banana
Development Company. Fyffes, which employs 800 staff in the UK,
traces its history back more to operations started in London in
1888, and Ireland in the 1890s, BBC News noted.


GAWNE AVANTE: Liquidation Proceedings
--------------------------------------
Company Name: Gawne Avanti Ltd
Company No: 3132160
Com. Business: Advertising Agency
Appointed on: 30/10/00
Type: Creditors
Appointed by: Creditors
Liquidators: Tim A Askham IPno: 7905
Firm Name: Mazars Neville Russell
Address: Regent House Heaton Lane
City Postcode: Stockport SK4 1BS


GENESIS STEEL: Liquidation Proceedings
---------------------------------------
Company Name: Genesis Steel Structures Ltd
Company No: 3736563
Com. Business: Steel Fabricators
Appointed on: 30/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: David W Darrell IPno: 8987
Firm Name: Sochalls
Address: 9 Wimpole Street
City Postcode: London W1M 8LB


HUTCHISON: European Mobile Operators Hit Loan Trouble
-----------------------------------------------------
Hutchison and Mobilcom, two of Europe's biggest new mobile phone
operators, are struggling to finalize 6bn pounds ($8.7bn) of bank
loans needed to build third generation networks in the UK and
Germany. Bankers involved in the deals say they are taking longer
than expected because of renewed fears over the likely
profitability of 3G businesses and over-exposure to the sector
among lenders.

Both companies are confident of completing the loans, but signs
of difficulties in the debt market are fuelling nervousness in a
telecommunications industry reeling from the cost of acquiring 3G
licenses, Financial Times reported last week.

The Financial Times noted that the difficulty syndicating
telecoms loans is also hitting Hutchison 3G, the UK consortium
owned by Hutchison Whampoa of Hong Kong, NTT DoCoMo of Japan and
KPN of the Netherlands. Seven banks that agreed in November to
underwrite a 3bn pounds loan are so far believed to have
persuaded just one additional lender to accept a small fraction
of the total debt.

The underwriters - ABN Amro, Chase Manhattan, Citibank, HSBC,
Merrill Lynch, Royal Bank of Scotland and West LB - all have
exposure of 375m pounds, which they want to reduce to 200m-250m
pounds. "This initial phase will be completed in mid to late
January," said a banker involved in the deal. There will then be
a second phase that can last another six to eight weeks.
Financial Times noted that the initial expectations had been for
banks to make commitments to the Hutchison loan by the end of
this week, and the company was still insisting the process would
be concluded before Christmas.


ICL: Outlines Restructuring
---------------------------
ICL, the computer services company that cancelled plans for an
autumn flotation after a disappointing financial performance, has
appointed a new chief executive and outlined plans for
restructuring, Financial Times reports yesterday. The company has
promoted Richard Christou, acting chief executive for the past
four months, to run the company. He is a former commercial and
legal director of ICL, where he has worked since 1987.

ICL is no longer planning a flotation of its main business but it
still hopes to float ICL Invia, its Scandinavian IT business
after it has had time to expand it. However, the company was not
able to give a timetable for the flotation of ICL Invia, which
was cancelled earlier this year.

Some ICL operations will be transferred into Fujitsu's control
including ICL's North American business Fujitsu-ICL Systems,
which has 1,300 staff, and its interests in Fujitsu operations in
Singapore, Malaysia and Australia. The new ICL will focus on
Europe, the Middle East and Africa.


INTERNATIONAL POWER:  Posts Interim Pre-Tax Loss
------------------------------------------------
The Times noted last week that the International Power
(electricity) reported interim pre-tax losses of 183 million
pounds and there is no dividend.


JIM CURTIN: Liquidation Proceedings
------------------------------------
Company Name: Jim Curtin Builders Ltd
Company No: IR
Appointed on: 28/10/00
Type: Members
Appointed by: Creditors
Liquidators: Finbarr Donohue IPno:
Firm Name: 3R Associates
Address: Bishop St Carrignafoy
City Postcode: Cobh


MILLENIUM DOME:  'Defiant' Gerbeau Still in Dome Talks
------------------------------------------------------
Dome chief executive Pierre Yves Gerbeau is still negotiating to
take it over despite a slap-down by his Government bosses. He is
in talks with the Experience Consortium, which wants to turn the
Greenwich site into a 55,000-seat concert venue and entertainment
centre. M Gerbeau's hope that the Dome will remain a major
attraction come as an embarrassment to the Government because it
suggests he has no faith in the plan to sell it to Legacy for
125million pounds in order to be turned into a hi-tech business
park, This Is London reported last week. It also suggests he
believes the deal can still collapse, as did the previous attempt
to sell to Japanese bank Nomura.

Legacy, headed by millionaire property developer John Bourne, has
been given "preferred bidder status" by Deputy Prime Minister
John Prescott. But the deal will not be signed for two months and
some City insiders have expressed doubts over Legacy's ability to
deliver. M Gerbeau has made clear that, once the Dome has cast
aside its Government ties, it has a commercial future as a
visitor attraction. The Evening Standard has discovered that he
has had a meeting with Experience since the Legacy deal was
approved. This is despite a warning by Dome chairman David James
that he must abandon his plan and concentrate on working
alongside Legacy.


MOBILCOM: European Mobile Operators Hit Loan Trouble
----------------------------------------------------
Hutchison and Mobilcom, two of Europe's biggest new mobile phone
operators, are struggling to finalize 6bn pounds ($8.7bn) of bank
loans needed to build third generation networks in the UK and
Germany, Financial Times reported last week. Bankers involved in
the deals say they are taking longer than expected because of
renewed fears over the likely profitability of 3G businesses and
over-exposure to the sector among lenders. Both companies are
confident of completing the loans, but signs of difficulties in
the debt market are fuelling nervousness in a telecommunications
industry reeling from the cost of acquiring 3G licenses.

Financial Times noted that Mobilcom shares fell 15 percent after
reports that it would fail to raise the money it needed to
exploit its license in Germany. Torsten Kollande, spokesman for
Mobilcom, dismissed the rumor, which appeared in a German
investor newsletter, pointing out that it had already secured the
required credit line from a consortium of banks.

However, underwriters of the E5bn ($4.5bn) loan - ABN Amro,
Deutsche Bank, Merrill Lynch and SG Investment Banking - are now
said to be facing big problems reducing their exposure. The
underwriters were not available for comment, but banks approached
to help share the burden say they have failed to find support
from other lenders which could still jeopardize Mobilcom's credit
line, FT said.


RMC: Focus Acquires Great Mills Chain for 285 Million Pounds
------------------------------------------------------------
RMC, the UK cement and ready mix concrete supplier, confirmed on
Wednesday it had sold the Great Mills chain to Focus Do It All
for 285m pounds. The deal is expected to be completed on December
29 and is not conditional on financing or regulatory approval.
Financial Times noted last week that RMC will use the proceeds to
reduce group borrowings.

RMC has been under pressure to make cost savings. It put Great
Mills up for sale in July with hopes of achieving a price of more
than 300m pounds. Duke Street Capital, the venture capital group
that owns Focus Do It All, concentrated its attention on Great
Mills after it was excluded from bidding for Homebase, J
Sainsbury's DIY chain. Home Depot of the US and Kingfisher were
also believed to be interested in acquiring Great Mills.

Last month, RMC stepped up its restructuring program to make
greater savings in a shorter time than was first envisaged. It is
expected to save 50m pounds by January 1, compared with 40m
pounds as originally expected, FT reported.


SCOTTISH POWER: Hit for 100 Million Pounds by US Station Shutdown
-----------------------------------------------------------------
ScottishPower is facing losses of more than 100m pounds after the
unexpected shutdown of a coal-fired station operated by its US
subsidiary, PacifiCorp. The company disclosed that one of the
three units at its Hunter station in Utah would be out of service
for four to six months after a short-circuit in the generator's
core.

ScottishPower said the shutdown would cost $1m a day by forcing
PacifiCorp to enter the wholesale market and buy high-priced
power supplies to meet customer demand over the winter. If the
unit is closed for six months then the cost to ScottishPower will
be $180m (124m pounds), The Independent reported last week.
Analysts estimate the closure will reduce ScottishPower's
earnings by around 10 percent in the current year.

A spokesman stressed that the problem which had affected the Utah
plant was a "very rare occurrence". The plant was subjected to a
full maintenance inspection last year. ScottishPower said it
would seek to recover the extra costs through the price controls
agreed with regulators.

However, ScottishPower is not guaranteed to recover all its
costs, and it could take several years to recoup the money
allowed through customer bills. The setback comes on the first
anniversary of ScottishPower's $7.6bn acquisition of PacifiCorp.
The timing is made worse by the fact that wholesale electricity
prices are particularly high at present in the West Coast states
where Pacificorp operates.

The company has sold off PacifiCorp's corporate jets and
helicopters and slashed head-office costs by slimming down
management layers. The problems at the Hunter unit appear to have
been caused by a breakdown of the insulation between the
laminations in the core, said ScottishPower. However, it was not
aware of any similar problem affecting the two other units at the
1,200 megawatt station.


SEAGRAM: Diageo and Pernod Bid to Take Over Rum Firm
----------------------------------------------------
UK-based drinks giant Diageo has signed an agreement with French
drinks company Pernod covering the pair's bidding arrangements
for Seagram's wine and spirits business, Ananova reported last
week. Diageo said the agreement covered those brands each company
would own in event of a successful bid, which comes six days
before the December 11 deadline set by Seagram, and increases the
pressure on Diageo's rivals for the business.

Ananova noted that Seagram is being forced to sell its wine and
spirits business as a result of its merger with French utility
giant Vivendi. The brands for sale include whisky brand Chivas
Regal and Martell cognac, though there is still uncertainty as to
whether Captain Morgan Rum is still up for grabs. Others who are
interested in the business are UK group Allied Domecq, as well as
Bacardi and US group Brown Forman, owner of Jack Daniels, who are
bidding as a pair.


SHANKS CONTRUCTION: Liquidation Proceedings
--------------------------------------------
Company Name: Shanks Construction Ltd
Company No: 3239490
Appointed on: 27/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: John B Taylor IPno: 2766
Firm Name: John B Taylor & Co
Address: 8 High Street Yarm
City Postcode: Stockton-on-Tees TS15 9AE


VALE PARONE: Liquidation Proceedings
-------------------------------------
Company Name: Vale Parone Express Ltd
Company No: 1608583
Com. Business: Express Parcel Carriers
Appointed on: 27/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Peter J Windatt IPno: 8611 Ian Q Taylor 5423
Firm Name: Smith Dove
Address: Glenroyd House 96-98 St James Road
City Postcode: Northampton NN5 5LG


VINTAGEGREEN LTD: Liquidation Proceedings
------------------------------------------
Company Name: Vintagegreen Ltd
Company No: 1949779
Com. Business: Property Co
Appointed on: 27/10/00
Type: Members
Appointed by: Members
Liquidators: Peter J Bridger IPno: 7827
Firm Name: Bridgers
Address: 47 London Street
City Postcode: Reading RG1 4PS


WHINSTANES QUARRY: Liquidation Proceedings
-------------------------------------------
Company Name: Whinstanes Quarry Ltd
Company No: SC16892
Appointed on: 27/10/00
Type: Members
Appointed by: Members
Liquidators: Gerald I Rankin IPno: 5184
Firm Name: PricewaterhouseCoopers
Address: 1 Blythswood Square
City Postcode: Glasgow G2 4AD


YEOMAN GROUP:  Posts Pretax Loss Of 4.3 Million Pounds
------------------------------------------------------
Yeoman Group (telecoms) reported final pre-tax losses of 4.3
million pounds, The Times noted last week. Again there is no
dividend.



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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