/raid1/www/Hosts/bankrupt/TCREUR_Public/001213.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

       Wednesday, December 13, 2000, Vol. 1, No. 154

                        Headlines



B E L G I U M

GTS BUSINESS:  U.S. Telecom Tries to Sell Subsidiary


B U L G A R I A

MINERALBANK:  Municipal Bank Shows Interest


C Z E C H   R E P U B L I C

INVESTICNI A POSTOVNI: Fake Bills of Exchange are in the Market


F R A N C E

LE NIGEN:  Quadrimex Acquires Cosmetics Activities


G E R M A N Y

EM.TV: Faces Six Lawsuits from Investor Groups


I R E L A N D

SEALION SERVICES: Boat Builder to Wind Up


L A T V I A

SAULES BANKA: Bank of Latvia Acquiring Considerable Stake


N E T H E R L A N D S

WORLD ONLINE:  Tiscali Wins, Struggle Seen Ahead


P O L A N D

RAFINERIA GDANSKA: Lithuania's Mazeikiu Nafta Eyes Oil Giant
KGHM: Treasury Shakes Up Board


S W I T Z E R L A N D

BANQUE CANTONALE: To Liquidate the Assets of its Foundation


U K R A I N E

CHERNOBYL:  Chernobyl Plant Awaits Shutdown


U N I T E D   K I N G D O M

ALLFREIGHT INTERNATIONAL: Liquidation Proceedings
BSOFTB:  Posts Pre-Tax Loss of 1.68 Million Pounds
BRITISH BIOTECH:  Posts first-half pre-tax
CABLE & WIRELESS: Shake-Up to Cost 1,400 Jobs
COATS VIYELLA:  Loses more than Half of its Workforce

CONTROLP:  Posts First-Half Pre-Tax Loss of 1.5 Million Pounds
CORUS: Investigation into Insider Dealing at Troubled Steel Maker
DATA SCIENCES: Liquidation Proceedings
EQUITABLE LIFE: Board Faces Action Group Rebellion
EQUITABLE LIFE: To Close After Pru Withdraws its Rescue Bid

FUTURE CHANCES: Liquidation Proceedings
GREENWOOD COMMERCIAL: Liquidation Proceedings
H C ELECTRICAL: Liquidation Proceedings
IBM SERVICES: Liquidation Proceedings
ISL INTEGRATED: Liquidation Proceedings

KUNICK: Troubled Leisure Group Ends French Link
LLOYDS TSB: Abbey National Propose 19.5 Billion Takeover Deal
MEDISYS PLC: Operating Loss Deepens to 4.3 Million Pounds
POWERJECT PHARMACEUTICALS:  Posts Pre-Tax Loss
PROMOPHOS LTD: Liquidation Proceedings

PROPERTY MERCHANT: Liquidation Proceedings
TRANSAER INTERNATIONAL: Liquidation Proceedings
VIANET GROUP:  Posts Full-Year Pre-Tax Loss


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

GTS BUSINESS:  U.S. Telecom Tries to Sell Subsidiary
----------------------------------------------------
U.S. telecoms operator Global TeleSystems Inc (GTS) announced
that it would sell GTS Business Services, its Belgian subsidiary.
A receiver was appointed by the Brussels commercial court to wind
up the company, and the group's directors were anxious to stress
to their employees in Belgium that they would oppose the court's
decision, Le Soir & World Reporter reported last week.

Since September 1999, GTS Business Services has been in decline
and has eroded the group's profits. GTS is keen to sell the
company, it will be hard to find a buyer. If negotiations
currently under way with U.S. telecoms services group World
Access Inc reach a dead end, failure will be almost inevitable,
Le Soir & World Reporter noted.


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

MINERALBANK:  Municipal Bank Shows Interest
-------------------------------------------
The Municipal Bank is interested in acquiring bankrupt state
owned Mineralbank and the Sofia City Court is now to decide
whether to allow Municipal to bid, Reuters reports this week.
Local private Rosexim Bank has been the only bidder for
Mineralbank so far and the court asked the central bank whether
to give a go-ahead for the purchase earlier this month but no
reply has been in yet.


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

INVESTICNI A POSTOVNI: Fake Bills of Exchange are in the Market
---------------------------------------------------------------
There have been fake bills of exchange of Investicni a postovni
banka (IPB) worth dozens of billion of crowns in the market for
at least three years and several firms recently tried to use them
for payments to Ceskoslovenska obchodni banka (CSOB), CTK &
Euromoney report this week.

Jan Stolar, spokesman for CSOB, which took over IPB in June said:
"I can confirm that roughly since 1997 in the market there have
been fake bills of exchange issued by IPB. Naturally, we're not
glad that fake securities of ours are circulating but they have
no impact on our performance because we do not accept nor
discharge them."

Stolar refused to say which companies present the fake bills and
of what origin the bills are. "It's a quite complicated case and
these matters are being investigated." Stolar said. There are
allegedly 52 fake bills of exchange, nominally worth a total of
Kc65bn. CSOB has already filed several charges and the police is
being investigating the cases.


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

LE NIGEN:  Quadrimex Acquires Cosmetics Activities
--------------------------------------------------
French chemical products distributor Quadrimex is to acquire the
hygiene and cosmetics activities currently controlled by Le Nigen
N Industries, which was placed in involuntary liquidation in
March 1999, La Tribune & World Reporter reported last week.

Quadrimex's most notable acquisitions will be an aerosol
production unit at Saint-Benoit, close to Poitiers, and a
research centre. The group will also gain control of all of Le
Nigen's brands. The activities acquired by Quadrimex are set to
make an annual contribution to turnover in the region of FFr80m
(12.2m euros).


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

EM.TV: Faces Six Lawsuits from Investor Groups
----------------------------------------------
German media group EM.TV & Merchandising said its Chief Executive
Thomas Haffa was not about to resign, following media reports
suggesting he could step down. "There is currently no discussion
of Thomas Haffa resigning," an EM.TV spokesman said. Haffa said
in an interview he had made mistakes managing the troubled media
company and that he might draw "personal consequences" if he
failed to gain investor trust, Reuters noted this week.

Haffa's brother Florian resigned as deputy chief executive on
December 3 after the company slashed profit forecasts for the
year, just weeks after it said earnings targets were not under
threat. EM.TV currently faces six lawsuits from investor groups
who accuse management of concealing its financial problems and
the German securities regulator is studying moves in its share
price which could lead to a formal investigation into possible
insider dealing.


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

SEALION SERVICES: Boat Builder to Wind Up
-----------------------------------------
Sealion Services, a Leitrim boat builder with debts of 3m pounds,
was wound up by the High Court after the Revenue Commissioners
said it had very serious concerns about the company. Aoife
Goodman, BL for the Revenue, said the Garda Fraud Squad was
involved in investigating missing cruise boats. Sealion, which
traded as Rosebank Marine, was based at Main Street, Carrick-on-
Shannon. Anglo Irish Bank appointed Brendan Foster as receiver to
the company last October. Mr Justice O'Neill has appointed Fergus
Ahern as official liquidator, Irish Independent reports
yesterday.

Several creditors, with debts totaling 1.9m pounds, proposed the
appointment of liquidator Julian Caplin, but the Revenue,
supported by several creditors with debts of more than 400,000
pounds, proposed Mr Ahern. Ms Goodman said the Revenue was owed
40,000 pounds. Mr Mark Sanfey BL said he was appearing for seven
creditors, all of whom supported Mr Caplin's appointment. Mr
Sanfey said one creditor, Leitrim Cruiser Hire, had eight boats
missing, valued at about 480,000 pounds. Another creditor, Irish
Cruiser Hire, had some 14 cruisers missing. It was owed about
653,000 pounds. She said Leitrim Cruiser Hire was owed 552,000
pounds. A director of that company and other creditor companies,
Michael Butler, is owed 500,000 pounds personally, Irish
Independent noted.


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

SAULES BANKA: Bank of Latvia Acquiring Considerable Stake
---------------------------------------------------------
The Bank of Latvia has received documents about acquiring a
considerable stake in Saules Banka which belongs to Estonia's
Uhispank from Sweden's Skandinaviska Enskilda Banken (SEB) group,
BNS & Euromoney noted this week. According to unofficial sources,
Rietumu banka had displayed interest in Saules Banka.

The Bank of Latvia press service confirmed that the central bank
had received an application for acquiring a considerable stake in
Saules Banka. The Bank of Latvia would not disclose any details
about the potential buyer and the possible amount of the deal. It
said only that a considerable stake meant purchase of more than
10 percent of shares.

The central bank has to reply to the application about acquiring
a considerable stake within a month. Saules Banka's spokesman
Aleksandrs Aleksejevs said he had no information about the
alleged deal and any questions about the respective application
should be addressed to the central bank. He said that Saules
Banka had earlier announced its intention to obtain a strategic
partner but so far the bank had nothing specific to report about.

When asked whether Rietumu Banka had filed an application about
acquiring a considerable stake in Saules Banka, Rietumu Banka's
vice-president Aleksandrs Kalinovskis said his bank cannot give
any comments because any negotiations are confidential and
parties usually agree not to disclose any information without
each other's consent.

Rietumu Banka's president Michael Bourke nether denied nor
confirmed unofficial reports about Rietumu Banka's intention to
acquire a considerable stake in Saules Banka, his spokeswoman
Ilona Fedosejeva told BNS.


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

WORLD ONLINE:  Tiscali Wins, Struggle Seen Ahead
------------------------------------------------
Italian telecoms company Tiscali said it had won its bid for
World Online. The all-stock 3.4 billion euro ($3.04 billion) bid
garnered 96.1 percent of World Online shares and will create a
combine with services in 16 countries and a cash war-chest of
about 1.5 billion euros, Reuters reported last week. Tiscali
shares closed 4.1 percent lower at 25.56 euros, while World
Online shares soared 15.1 percent to a 12.20 euro close. Analysts
were divided on the benefits of ISPs being affiliated with a
major incumbent. They felt Tiscali would face an uphill struggle
to create a profitable pan-European player, given competition
from market leader T-Online of Germany and Spain's Terra Lycos,
plus a new rival formed by French Wanadoo's takeover of Britain's
Freeserve.

The exchange offer was for 0.4891 new Tiscali shares for each
World Online share tendered. At current prices, the deal values
World Online at 3.6 billion euros, compared with a target of 5.9
billion when the merger was unveiled in September. The premium
was about 100 percent when the deal was first announced, but has
tumbled to about 12 percent as Tiscali's share price has
plummeted from 45.87 euros on September 7. The takeover had not
been in doubt since World Online's major shareholders, with 62
percent of shares, had backed the offer, and Tiscali is closely
held by its Chairman Renato Soru.

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 3 fiscal years and has reported
losses before extraordinary items for each of the past 3 years.


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

RAFINERIA GDANSKA: Lithuania's Mazeikiu Nafta Eyes Oil Giant
------------------------------------------------------------
The Lithuanian oil concern Mazeikiu Nafta (Mazeikiai Oil) intends
to participate in a tender for the privatization of the Polish
oil company Rafineria Gdanska. Mazeikiu Nafta's plans to bid for
the acquisition of Rafineria Gdanska are still subject to
approval by the Lithuanian government, the majority shareholder
of the Lithuanian oil concern, BNS & Euromoney reports this week.

Williams International, the US company that holds one-third of
shares and operational control of Mazeikiu Nafta, has already
submitted a proposal to participate in the Polish company's
privatization to the head of the government.

Eduardas Vilkas, chairman of the Lithuanian Privatization
Commission said: "We have to make sure that it is not too big a
chunk, but I see no obstacles in principle or in patriotic
terms." The government should not hinder Mazeikiu Nafta from
carrying out the project as long as it is a viable one, Vilkas
said. The head of the privatization commission said that Williams
apparently was trying to hedge its bets while making investments
through Mazeikiu Nafta, which is still majority owned by the
state, rather than directly. The Polish government is looking for
a strategic investor in Rafineria Gdanska, which operates an oil
refinery and a chain of service stations. The Gdansk-based
company has a 25 percent share of the Polish fuel market and a 35
percent share of the lubricant market.


KGHM: Treasury Shakes Up Board
------------------------------
Polish News Bulletin reports this week that the Treasury Minister
Andrzej Chronowski dismissed Jerzy Zdrzalka from the post of the
supervisory board chairman of KGHM, the world's second largest
copper mining company, after Zdrzalka lost the minister's
confidence by failing, as chairman of the insurer PZU, to follow
his instructions concerning the appointment of Treasury-
recommended candidates to the board of PZU.

The minister has also replaced the Treasury's other five
representatives on the KGHM board, including Jaroslaw Paga, the
political office chief of the former Treasury minister Emil
Wasacz. Although the ministry gave no reasons for the shake-up,
several KGHM board members called the decision "clearly
political," with some even saying that the new members "knew
nothing about copper mining, and loyalty was their only virtue,"
according to board member Wiktor Bladek.

The board is now to elect its chairman, and it is expected that
the post will be given to Wojciech Kwiatkowski, vice chairman of
the bank PKO BP and former chief of the PTPB pension fund
company, which manages the Pocztylion open pension fund, Polish
News Bulletin noted.


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

BANQUE CANTONALE: To Liquidate the Assets of its Foundation
-----------------------------------------------------------
Swiss regional bank Banque Cantonale de Geneve has launched a new
strategy as the basis for its recovery, L'Agefi Suisse & World
Reporter reported last week. From now on BCGe will focus on its
core activities and abandon diversification efforts.

The bank's debt stands at SFr15bn, too large a sum in proportion
to its cash-flow: so much so that it barely broke even this year.
Its priority now is to liquidate the assets of its foundation,
which it finances to the tune of FFr30m a year. Since this
operation does not depend directly on BCGe itself, it will
concentrate for now on cleaning up its profit and loss account,
which is affected by the diversity of its activities in that its
gains are outweighed by costs.


=============
U K R A I N E
=============

CHERNOBYL:  Chernobyl Plant Awaits Shutdown
-------------------------------------------
AP News noted last week that the Chernobyl nuclear power plant is
to be shut down for good within days, but workers struggled to
repair broken machinery to bring the reactor online one last
time. The repairs on a steam generator were to be completed,
three days before the permanent shutdown, plant officials said.
The reactor was switched off because of a steam leak. Not
unusual, the glitch resembled scores of other temporary shutdowns
during Chernobyl's day-to-day operation, and officials said it
posed no threat. Workers were repairing the equipment because
Ukraine's electricity grid is already stretched, and it will need
the input from Chernobyl, if only for a few days, said Stanislav
Shekstelo, the plant's spokesman.

The reactor will be connected to the country's power grid and
will reach its full capacity, a day before officials shut it down
in a solemn ceremony with top government officials and foreign
guests. Chernobyl was the site of world's worst nuclear disaster
in April 1986. A reactor caught fire and exploded, sending a
radioactive cloud over much of Europe. After years of
international pressure, Ukraine promised to close down the site
on Dec. 15. The European Bank for Reconstruction and Development
approved a $215 million loan to help Ukraine build two new
nuclear reactors to compensate for energy lost after the
Chernobyl closure, AP noted.


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

ALLFREIGHT INTERNATIONAL: Liquidation Proceedings
--------------------------------------------------
Company Name: Allfreight International Cargo Ltd
Company No: 3309487
Com. Business: International Cargo
Appointed on: 02/11/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Jeremy Berman IPno: 5303
Firm Name: Berley & Co
Address: 76 New Cavendish Street
City Postcode: London W1G 9TB


BSOFTB:  Posts Pre-Tax Loss of 1.68 Million Pounds
--------------------------------------------------
BSoftB (software) announced pre-tax losses for the 15 months to
September 30 of ?1.68 million. Again there is no dividend, The
Times reports this week.


BRITISH BIOTECH:  Posts first-half pre-tax
------------------------------------------
The Times reports this week that the British Biotech
(pharmaceuticals) said first-half pre-tax losses were 13.44
million pounds. Again there is no dividend.

Wright Investors' Service noted that British Biotech Plc is a
pharmaceutical company which researches and develops
pharmaceutical products for cancer, AIDS, bacterial sepsis,
pancreatitis, cardiac ischaemia, bone marrow dysfunction, chronic
asthma, arthritis and multiple sclerosis. As of April 2000, the
company's long term debt was 2.53 million pounds and total
liabilities were 9.94 million pounds.


CABLE & WIRELESS: Shake-Up to Cost 1,400 Jobs
---------------------------------------------
Cable & Wireless is cutting 1,400 jobs, including 500 in the UK,
as it restructures its data and internet services business around
the world, The Independent reported this week. The cuts will take
place over the next six months in the Cable & Wireless Global
business. Staff were told but the company has not yet made an
external announcement. The cuts represent almost 10 per cent of
C&W Global's workforce. There will be compulsory redundancies
although the company has not detailed how these will fall. Not
all staff who have applied for voluntary redundancy yet know
whether or not their applications will be accepted.

The cuts come as a result of the merger of several C&W businesses
including companies in Ireland and Japan. Many of the cuts will
fall in middle management positions. C&W said the cuts were
necessary to "rebase the skills" in the group and enable it to
compete effectively in internet protocol and data markets. Graham
Wallace, Cable & Wireless's chief executive since 1999, has been
looking to restructure the group.

It has already gathered a cash pile of over 4bn pounds from the
sale of its residential cable business in the UK and the disposal
of Hongkong Telecom to Pacific Century CyberWorks. Last month it
unveiled plans to sell the mobile and consumer divisions of its
Australian business Optus, which could add another 1.9bn pounds
to the company's cash pile, The Independent noted.


COATS VIYELLA:  Loses more than Half of its Workforce
-----------------------------------------------------
The new owners of the Coats Viyella contract clothing business
have cut their British workforce by more than half and closed two
factories just one week after completing the purchase, The Times
reports yesterday. The loss of 1,200 jobs takes total job losses
at Coats, which is trying to turn itself from a clothing
manufacturer into a threads company, to more than 3,000 since
September. Mike Shotton and Richard Tongue, the former Coats
directors who last week paid 12 million pounds for ten UK and
overseas Coats factories.

The clothing manufacturer, renamed Marplace, will continue to
supply Marks & Spencer with coats and Agent Provocateur-designed
Salon Rose lingerie, which is manufactured mainly in Sri Lanka.
The loss of the Marks & Spencer contracts was confirmed last
Wednesday. M&S said that knitwear production had been reallocated
to three existing suppliers, but said that it was reviewing its
hosiery needs. Mr Tongue said that Marplace, which has been
slimmed down to about 800 employees.


CONTROLP:  Posts First-Half Pre-Tax Loss of 1.5 Million Pounds
--------------------------------------------------------------
Controlp (Internet) the online print services posted first-half
pre-tax losses of 1.5 million pounds. Again there is no dividend,
The Times reports yesterday.


CORUS: Investigation into Insider Dealing at Troubled Steel Maker
-----------------------------------------------------------------
The Stock Exchange is understood to have launched an
investigation into suspected insider dealing at the troubled
steel maker Corus. The probe centres on frantic trading, the day
before the resignations of joint chief executives John Bryant and
Fokko van Duyne.

Advisers to Corus, including stockbroker Cazenove and investment
banks CSFB and UBS Warburg, are to be quizzed about who may have
known about the impending resignations. Well-placed sources say
the crucial meeting between the two chief executives and chairman
Sir Brian Moffatt, leading to their departure, did not happen
till Tuesday lunchtime. But Sir Brian is understood to have
discussed the problems in the management structure of Corus with
other non-executives and advisers and over the previous weekend.

The two chief executives are expected to receive pay-offs
exceeding 1million pounds. Sir Brian's actions were prompted by
concerns about the lack of progress in improving the
profitability of the group's core carbon steel business, which
employs most of Corus's 33,000 UK staff but loses money.
Unions and MPs fear thousands more job losses - on top of the
4,500 announced already - with Wales and Teesside hardest hit.


DATA SCIENCES: Liquidation Proceedings
---------------------------------------
Company Name: Data Sciences Holdings Ltd
Company No: 2597084
Com. Business: Dormant
Appointed on: 02/11/00
Type: Members
Appointed by: Members
Liquidators: Ian C Oakley Smith IPno: 8890 David J Waterhouse
5732
Firm Name: PricewaterhouseCoopers
Address: Hill House Richmond Hill
City Postcode: Bournemouth BH2 6HR


EQUITABLE LIFE: Board Faces Action Group Rebellion
--------------------------------------------------
Equitable Life faces an attempt to unseat its board in the wake
of the company's disastrous financial problems. Two
policyholders' action groups have indicated they are to seek to
the removal of the current directors. The company was due to meet
the Equitable Life Policyholders Action Group and the Equitable
Life Members Action Group today but postponed the meeting,
blaming workload pressures. Equitable admitted that it was likely
to review the board soon, although it insisted there are
currently no plans for changes. The move follows growing
criticism of the non-executive directors. Policyholders and the
life assurance industry have criticized the board for its
perceived lack of action over the financial difficulties, The
Times reports yesterday.

The company faces a bill of at least 1.5 billion pounds after the
House of Lords ruled its decision to cut pension plan bonuses for
holders of guaranteed annuity rate (GAR) policies was illegal.
Yesterday The Times revealed that lawyers will this week seek to
force the company to pay guaranteed annuity rates - which are
considerably higher than those available on the open market on
joint life annuity policies. A requisition for an emergency
general meeting requires the support of 10 per cent of the
company's qualifying members, currently about 45,000 people.
About 16,000 holders of income draw down plans - an alternative
to an annuity are unable to transfer the plans because of
regulations.



EQUITABLE LIFE: To Close After Pru Withdraws its Rescue Bid
-----------------------------------------------------------
Equitable Life is facing the prospect of a mass exodus of
policyholders after it closed its doors to new business after 238
years. The decision by Britain's oldest mutual life insurance
society came after the Prudential, the life insurance giant,
pulled out of the bidding, leaving Equitable with no choice but
to put itself into run-off, The Independent reports this week.

The Pru had been struggling to find some way of capping the
firm's liabilities to pensioners who had bought policies
guaranteeing their annuity payouts, but was ultimately convinced
that there was no solution that would not have immediately been
open to challenge in the courts. Alan Nash, Equitable's managing
director, who has faced a barrage of criticism for his handling
of the guaranteed annuity issue, resigned with immediate effect
after 30 years at the firm. He will receive ?200,000, or one-
year's salary.

Mr Nash, 52, has been replaced by Chris Headdon, the finance
director, who faces an uphill battle to prevent Equitable Life's
650,000 policyholders transferring their policies en masse.

One of the first acts of the new management will be to adopt a
radically more conservative investment policy. Mr Headdon
admitted that this would hit investment returns but was
unavoidable given the need to safeguard the integrity of the fund
in the future.

The Financial Services Authority appealed for calm. Michael Foot,
managing director and head of supervision, insisted that the
Equitable was fully solvent even after putting in place the full
1.5bn pounds provision required to cover the guaranteed annuity
hole.

The news that Equitable is closing for new business will come as
a shock to its largely well-heeled clientele who were attracted
to the company by its low costs and generous pay-outs. They will
now be wondering whether now to cut their losses and bale out.
Equitable has also put its sales and marketing operations up for
sale in an attempt to salvage something from the wreckage. GE,
the US group has been circling in the hope of being able to pick
up parts of the business. Mr Headdon said that the group said
that he would also be seeking to resume contacts with Eureko, the
pan-European insurers alliance who pulled out earlier this week,
after Equitable refused to give it exclusive negotiating rights,
The Independent noted.


FUTURE CHANCES: Liquidation Proceedings
----------------------------------------
Company Name: Future Chances Ltd
Previous Name: Hillside Care Group Ltd
Company No: 3867213
Com. Business: General Commercial Co
Appointed on: 02/11/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: David J Pallen IPno: 5317 Michael D Rollings 8107
Firm Name: Ernst & Young
Address: Rolls House 7 Rolls Building Fetter Lane
City Postcode: London EC4A 1NH


GREENWOOD COMMERCIAL: Liquidation Proceedings
----------------------------------------------
Company Name: Greenwood Commercial Services Ltd
Company No: 3831937
Com. Business: General Commercial Co
Appointed on: 02/11/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Martin D Pickard IPno: 6833
Firm Name: Mazars Neville Russell
Address: 1 Telford Way
City Postcode: Luton LU1 1HT


H C ELECTRICAL: Liquidation Proceedings
----------------------------------------
Company Name: H C Electrical Ltd
Company No: SC
Appointed on: 02/11/00
Type: Creditors
Appointed by: Creditors
Liquidators: James D Macintyre IPno: 5894
Firm Name: James Macintyre & Co
Address: Dundas Business Centre 38/40 New City Road
City Postcode: Glasgow G4 9JT


IBM SERVICES: Liquidation Proceedings
--------------------------------------
Company Name: IBM Services Plus Ltd
Company No: 1188718
Com. Business: Dormant
Appointed on: 02/11/00
Type: Members
Appointed by: Members
Liquidators: Ian C Oakley Smith IPno: 8890 David J Waterhouse
5732
Firm Name: PricewaterhouseCoopers
Address: Hill House Richmond Hill
City Postcode: Bournemouth BH2 6HR


ISL INTEGRATED: Liquidation Proceedings
----------------------------------------
Company Name: ISL Integrated Services Ltd
Previous Name: Matahari 445 Ltd
Company No: 2675240
Com. Business: Dormant
Appointed on: 02/11/00
Type: Members
Appointed by: Members
Liquidators: Ian C Oakley Smith IPno: 8890 David J Waterhouse
5732
Firm Name: PricewaterhouseCoopers
Address: Hill House Richmond Hill
City Postcode: Bournemouth BH2 6HR


KUNICK: Troubled Leisure Group Ends French Link
-----------------------------------------------
Kunick, the troubled leisure group that issued two profit
warnings in September, is to end its overseas activities by
selling or closing its French amusement machines business, The
Times reports yesterday. The group, which last week sold its
French nursing homes business for 11.4 million pounds, will take
an exceptional charge of 8.8 million pounds against the move,
including previously written-off goodwill of 5.8 million pounds.
The exceptional bill was inflated by a 341,000 pounds pay-off to
Russell Smith, who resigned abruptly after the second profit
warning, in the wake of problems in its leisure centre
operations. Colin Daniels, Mr Smith's successor, is looking for
someone to head the leisure centre division, but he denied that
this meant plans for an eventual demerger.

Wright Investors' Service noted that at the end of 1999, Kunick
Plc had negative working capital, as current liabilities were
65.30 million pounds while total current assets were only 41.51
million pounds.


LLOYDS TSB: Abbey National Propose 19.5 Billion Takeover Deal
-------------------------------------------------------------
The Independent reports this week that Abbey National will come
under mounting pressure this week to agree to full-scale talks
with Lloyds TSB over its proposed 19.5bn pounds takeover deal.
Peter Ellwood, Lloyds chief executive will write to Ian Harley,
his opposite number, in a renewed effort to persuade Abbey to
agree. Abbey last week rejected an attempt by Mr Ellwood to
gatecrash its on-off merger talks with Bank of Scotland.

Mr Ellwood will seek to persuade Mr Harley reports that a
takeover by Lloyds would lead to 15,000 job cuts are wide of the
mark. Lloyds believes the real number is likely to be closer to
8-10,000 jobs spread over four to five years. Pressure is also
mounting on the Takeover Panel to force Lloyds to clarify the
terms of the offer it made to Abbey last week.


MEDISYS PLC: Operating Loss Deepens to 4.3 Million Pounds
---------------------------------------------------------
Britain's Medisys Plc said it recorded an operating loss of 4.3
million pounds for the year to end September, compared with an
operating loss of 1.1 million pounds last time, Reuters reports
this week.

Wright Investors' Service noted that Medisys Plc manufactures and
sells healthcare products and conducts pharmaceutical research.
The company transferred to the Alternative Investment Market of
the London Stock Exchange in April 1997. At the end of 1999, the
company had negative common shareholder's equity of -3.35 million
pounds. This means that at the present time, the common
shareholders have essentially no equity in the company.


POWERJECT PHARMACEUTICALS:  Posts Pre-Tax Loss
----------------------------------------------
PowderJect Pharmaceuticals (pharmaceuticals) announced first-half
pre-tax losses of 10.97 million pounds, The Times reports
yesterday. Again there is no dividend.

Wright Investors' noted that Powderject Pharmaceuticals Plc's
principal activity is the needleless powder injection of drugs,
biopharmaceuticals, vaccines and gene therapies. As of March
2000, the company's long term debt was 54,000 pounds and total
liabilities were 7.17 million pounds. The long term debt to
equity ratio of the company is very low, at only 0.00.


PROMOPHOS LTD: Liquidation Proceedings
---------------------------------------
Company Name: Promophos Ltd
Company No: IR
Appointed on: 02/11/00
Type: Members
Appointed by: Members
Liquidators: Nicholas F Walker IPno: Gordon P Angus
Firm Name: Jackson Fox
Address: Union House Union Street
City Postcode: St Helier Jersey


PROPERTY MERCHANT: Liquidation Proceedings
-------------------------------------------
Company Name: Property Merchant Developers Ltd
Company No: 2921662
Com. Business: Property Development
Appointed on: 02/11/00
Type: Members
Appointed by: Members
Liquidators: Michael B Davis IPno: 3416
Firm Name: Fisher Curtis
Address: Acre House
City Postcode: London NW1 3ER


TRANSAER INTERNATIONAL: Liquidation Proceedings
------------------------------------------------
Company Name: Transaer International Airlines Ltd
Company No: IR
Appointed on: 02/11/00
Type: Members
Appointed by: Members
Liquidators: John McStay IPno:
Firm Name: McStay & Co
Address: Clancourt House 12 Merrion Square
City Postcode: Dublin 2


VIANET GROUP:  Posts Full-Year Pre-Tax Loss
-------------------------------------------
Vianet Group (technology) reported full-year pre-tax losses of
1.12 million pounds. Again there is no dividend, The Times
reported yesterday.

Hemmington Scott Profile noted that the company's activities were
computer hardware and software. The company posted a loss per
share of 6.70p.



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

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

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

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

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

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


             * * * End of Transmission * * *