/raid1/www/Hosts/bankrupt/TCREUR_Public/010104.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

          Thursday, January 4, 2001, Vol. 2, No. 3

                        Headlines


C Z E C H   R E P U B L I C

CZECH TELEVISION:  Employees Go On Strike
KOMERCNI BANKA:  State Owned Bank Covers Bad Loans


G E R M A N Y

EM.TV: Chairman Sells Shares Without Bank Approval


N E T H E R L A N D S

LETSBUYIT.COM:  Insolvency Trustees Meet Next Week  
LETSBUYIT.COM:  Spokesman Denies Insolvency Move


P O L A N D

HUTA KATOWICE:  Huta Katowice Pays Loan Interest
STATE RAILWAYS:  Joint Stock Company Emerges


U N I T E D   K I N G D O M

ADVANCED ENERGY: Liquidation Proceedings
BIO-MEDICAL: Liquidation Proceedings
CAMMELL LAIRD:  Shipyard Announces Work Reduction  
CANTAB PHARMACEUTICALS:  Sale Attracts Bidders    
CORUS:  Massive Lay-off and Steel Plant Closure Seen

ECOSSE MEDICAL: Liquidation Proceedings
EQUITABLE LIFE:  Withdrawals Increase as Fears of Penalty Grow
EQUITABLE LIFE:  Salesforce Defection Threatens Sell-off
FOSSO MOLIANO: Liquidation Proceedings
LASTMINUTE.COM: Weak Profit Looms for Internet Sector

LIPA HOLDINGS: Liquidation Proceedings
MILLENIUM DOME:  Government Told Legacy Group Plan Could Fail   
NEW TARGET: Liquidation Proceedings
RYCARE: Liquidation Proceedings
SBBCOLD LTD: Liquidation Proceedings

TAMWORTH NIGHT: Liquidation Proceedings


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

CZECH TELEVISION:  Employees Go On Strike
-----------------------------------------
Czech Television (CT) unionists went on strike protesting the
appointment of CT director Jiri Hodac, citing political bias,
Czech A.M. reported on January 2. Richard Falbr, the leader of
the Czech Association of Unions, is supporting the strikers
despite Hodac's pronouncement that the strike is illegal.

By Hodac's orders, no one is allowed into the newsroom and
employees are receiving food by extending a rope out of the
window. A reported meeting between Hodac and PM Milos Ziman took
place last night but no details were released. A meeting of all
parliamentary parties except the communists has been called to
discuss the ongoing crisis.     


KOMERCNI BANKA:  State Owned Bank Covers Bad Loans
--------------------------------------------------
Konsolidacni Banka (KoB) announced it will cover bad and risky
loans amassed by Komercni Banka (KB), Czech A.M. reports. The
contract will cover up to Kc 20 billion over the next three
years. The move intends to win a higher price for the bank and
speed up its privatization. Four parties have currently expressed
interest in the bank.

In an attempt to raise basic capital and cleanse KB of its Kc 83
billion in non-performing assets, the state has spent a total of
Kc 57 billion despite the negative earnings posted by the bank in
the previous quarter. Wright Investors' Service Profile indicates
that in the most recent quarter, KB posted -15.7 in earnings and
a -357 mark in the last 12 months.   


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

EM.TV: Chairman Sells Shares Without Bank Approval
--------------------------------------------------
Monday's edition of Handelsbatt reports that EM.TV Chairman
Thomas Haffa violated regulations by selling shares during a
lock-up period without approval from Westdeutsche Landesbank
Girozentrale. According to Der Spiegel, Haffa sold EM.TV shares
worth DM40 million in January and February despite a six-month
lock up period following a November 1999 capital increase and an
issued prospectus. A spokesman for EM.TV confirmed that that the
company did sell DM40 million worth of shares early this year but
WesLB spokesman Michael Wilde countered that "we didn't have any
knowledge of that." However he declined to say whether the bank
has talked with EM.TV about the violation and further
developments.

On a related issue, Der Spiegel adds that the state prosecutor is
investigating former Chief Financial Officer Florian Haffa, a
brother of the chairman, for insider trading after he allegedly
sold a stake worth between DM60 million and DM100 million.


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

LETSBUYIT.COM:  Insolvency Trustees Meet Next Week  
--------------------------------------------------
Stephen Cox, investor relations director of Letsbuyit.com, said
that the online retailer plans to meet with its insolvency
trustee in the Netherlands next week. He says "the company is
"essentially in a holding pattern," and the debt repayment
moratorium filed in the Netherlands, where the group's holding
company is registered, is "the equivalent of U.S. Chapter 11
bankruptcy protection."

The Globe and Mail reports the plan to raise US$80 million has
not been completed and that CEO Martin Coles is in talks with
shareholders to close the deal.

Based on its current records, Wright Investors' Service Profile
states that by year-end 1999 the company's long-term debt was
478,855.00 Euro and total liabilities were 14.23 million Euro.


LETSBUYIT.COM:  Spokesman Denies Insolvency Move
------------------------------------------------
LetsBuyIt spokesman Stephen Cox told Reuters the company would
not seek insolvency during talks with trustees appointed by an
Amsterdam court. He says it's "just a fact finding meeting."
However, Cox added that they "would do whatever [is] in the best
interests of [the] shareholders." With slim prospects for new
investors, the company is not ruling out any option until it
reaches break-even status by the end of 2002.

Reuters reports that the company's request for suspension of
trading last Friday on its Neuer Markt shares resulted in a loss
of more than 50 percent of its value when requoted on Tuesday.


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

HUTA KATOWICE:  Huta Katowice pays Loan Interest
------------------------------------------------
Huta Katowice (HK) paid zl.30 million in overdue interest on a
bank loan, thereby extending the life of its loan agreement. HK
sourced the money from Towarzystwo Finansowe Silesia, owned by
ARP, which in turn borrowed the zl.30 million from state-owned
bank PKO BP.

According to Poland A.M., the consortium of six banks -- BPH,
BSK, PBK, Pekao SA, Bank Handlowy and Kredyt Bank -- demanded
interest payment on the zl.400 million loan it granted two years
ago. While searching for a strategic investor, HK hopes that the
consortium will be willing to acquire a 20 percent stake in its
subsidiary, HK Long. Unofficial sources say the banks are not
interested in such an accord.


STATE RAILWAYS:  Joint Stock Company Emerges
--------------------------------------------
Effective January 1, 2001, Polish State Railways PKP becomes a
joint stock company with the state treasury as the sole
shareholder. Called PKP SA, it is tasked to handle PKP's
commercialization, restructuring and privatization. Its share
capital amounts to 10 billion zlotys (ca. 2.4 bn USD) and reserve
capital to 6 bn.

Polish Press reports that by July 2001, the law creating the new
company envisions the formation of three companies to administer
railway lines, passenger traffic, and cargo shipments
respectively. Also, a planned reduction in PKP's workforce by
30,000 is seen in two years.

As of September 30, 2000, PKP's debt reached 6.7 bn zlotys. The
year-end debt is estimated to reach 8.1 bn zlotys.


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

ADVANCED ENERGY: Liquidation Proceedings
-----------------------------------------
Company Name: Advanced Energy Products Ltd
Company No: 2833147
Com. Business: Retail Energy Products
Appointed on: 22/11/00
Type: Creditors
Appointed by: Creditors
Liquidators: Roderick J Weston
IPno: 8730
Firm Name: Deloitte & Touche
Address: 1 Woodborough Road
City Postcode: Nottingham NG1 3FG


BIO-MEDICAL: Liquidation Proceedings
-------------------------------------
Company Name: Bio-Medical Systems Ltd
Company No: SC69118
Com. Business: Dormant
Appointed on: 22/11/00
Type: Members
Appointed by: Members
Liquidators: Ian C Oakley Smith
IPno: 8890 David J Waterhouse 5732
Firm Name: PricewaterhouseCoopers
Address: Plumtree Court
City Postcode: London EC4A 4HT


CAMMELL LAIRD:  Shipyard Announces Work Reduction  
-------------------------------------------------
Merseyside Shipyard is set to cut 189 jobs in addition to the 250
jobs lost in Cammell Laird at Birkenhead just before Christmas.
Annanova said the job losses could be attributed to a contract
uncertainty -- work upgrading the Italian cruise liner Costa
Classica has been put on hold.

Wright Investors' Service Profile states that as of April 2000,
Cammell Laird Holdings' long-term debt stands at 31.64 million
pounds and total liabilities amount to 82.52 million pounds.
  

CANTAB PHARMACEUTICALS:  Sale Attracts Bidders    
----------------------------------------------
Provalis and Powderject have emerged as the top bidders for
Cantab Pharmaceuticals as it goes up for sale.

Cantab's vaccine research proved to be Provalis' main interest
since Provalis CEO Philip Gould renewed the company's focus on
vaccines and diagnostics. However, Provalis is capitalised at
just 40.4 million pounds compared with Cantab's 64.4 million
pounds, so any deal would effectively amount to a reverse
takeover, the Times reports. Analysts say they would be surprised
if Provalis gets the deal. Powderject seems to be a more
realistic option.

With the acquisition of Medeva's vaccine division, Powderject has
developed a considerable franchise in vaccines. Its chief
executive Paul Dryson is credited for the company's growth in the
vaccines franchise and in the research of Powderject's own
needleless syringe.

The Times says that Cantab shares were up 13.5p yesterday at 145p
in anticipation of a deal.

Wright Investors' Service Profile reveals that as December 1999,
the company's long-term debt was 108,000.00 pounds and total
liabilities were 5.30 million pounds. The long-term debt to
equity ratio of the company is very low, at only 0.00.


CORUS:  Massive Lay-off and Steel Plant Closure Seen
----------------------------------------------------
Corus Group Plc plans to close three plants in Britain and cut as
many as 10,000 jobs, the Sunday Times of London said.
Unidentified executives in the company said the action would
likely be announced this February, but Corus spokesman Michael
Hitchcock declined to comment on the report, saying that an
official statement will be made in January or February.    

The Times says that Corus plants in Llanwern, South Wales;
Teesside, northeast England; and Dalzell, Scotland are due to be
closed. Llanwern and Teesside, both crude-steel production
factories, will account for 7,000 job losses. Jobs will also be
cut at three smaller plants, the newspaper said.

According to Bloomberg, the company plans to cut two-thirds of
its 35,000 British workforce and plans to transfer its operation
to Eastern Europe to benefit from lower labor costs and more
relaxed employment laws. Corus Chairman Brian Moffat is
reportedly working on a program to implement these changes.

Since the creation of Corus in October 1999 with the merger of
British Steel and Royal Hoogovens NV of the Netherlands, the
company has seen its stock price fall 44 percent and has lost 93
million pounds in the three months prior to June 30.


ECOSSE MEDICAL: Liquidation Proceedings
----------------------------------------
Company Name: Ecosse Medical Ltd
Company No: SC92691
Com. Business: Dormant
Appointed on: 22/11/00
Type: Members
Appointed by: Members
Liquidators: Ian C Oakley Smith
IPno: 8890 David J Waterhouse 5732
Firm Name: PricewaterhouseCoopers
Address: Plumtree Court
City Postcode: London EC4A 4HT


EQUITABLE LIFE:  Withdrawals Increase as Fears of Penalty Grow
--------------------------------------------------------------
Equitable Life is experiencing withdrawals from members who fear
that the current 10 percent penalty imposed on anyone cashing
their pension scheme early will increase. A company spokesman
said: "There have been more withdrawals than we usually expect,"
but would not reveal an actual figure. He added: "As soon as we
give a number it will be out of date. It is the best way of
creating panic."  

Equitable is being investigated by the office of Fair Trading to
determine if the added 5 percent charge is fair. Equitable argues
that the customer is breaking the contract by attempting to get
hold of the money before the agreed retirement date and that the
company is entitled to impose charges as it sees fit to protect
the interest of customers who remain, the Electronic Telegraph
writes. The insurer said it had "no plans" to increase the 10
percent penalty.
  

EQUITABLE LIFE:  Salesforce Defection Threatens Sell-off
--------------------------------------------------------
A reported defection of Equitable's highly rated salesforce is
threatening plans to sell off profitable parts of the business,
the Times said. With the aim of enticing sales teams to leave en
masse, two firms of independent financial advisers (IFAs) are
negotiating with the company's sales division and counters
Equitable's employee retention package worth 10 million pounds --
an average of 25,000 per person. Bankhall and Inter-Alliance are
in talks over the possible transfer of the sales force in
February, after the guaranteed bonuses have been paid.   

Last month Equitable failed to find a buyer and finally closed
its doors to new business and has since tried to sell profitable
parts of the business. Prudential is reportedly interested in its
salesforce while Bankhall and Inter-Alliance are interested in
converting salesmen working for life insurers into IFAs.


FOSSO MOLIANO: Liquidation Proceedings
---------------------------------------
Company Name: Fosso Moliano Ltd
Previous Name: Blue Star Corporation (EU) Ltd
Company No: 2947540
Appointed on: 22/11/00
Type: Members
Appointed by: Members
Liquidators: David J Pallen
IPno: 5317
Firm Name: Ernst & Young
Address: Rolls House 7 Rolls Building Fetter Lane
City Postcode: London EC4A 1NH


LASTMINUTE.COM: Weak Profit Looms for Internet Sector
-----------------------------------------------------
The UK's Lastminute.com faces bleak profit expectations as it
struggles with a long-term debt of 6.03 million pounds, total
liabilities of 45.74 million pounds, and a weak European Internet
sector.

Germany's Intershop Communications, the group that develops
software for online retailing warns that a global economic
slowdown and lengthening sales cycles are to blame for its
struggle. The Times relates that IS Solutions of the UK also
issued a profit warning, leaving lastminute.com sorely in need of
support.


LIPA HOLDINGS: Liquidation Proceedings
---------------------------------------
Company Name: Lipa Holdings Ltd
Company No: 2711969
Com. Business: Property Developers
Appointed on: 22/11/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Jonathan R Booth
IPno: 7486
Firm Name: Parkin S Booth & Co
Address: 44 Old Hall Street
City Postcode: Liverpool L3 9EB


MILLENIUM DOME:  Government Told Legacy Group Plan Could Fail   
-------------------------------------------------------------
The bid to turn the Millenium Dome into a high-tech business park
will fail, the government has been told. The Legacy group headed
by Robert Bourne is expected to sign the contract with the
government by the end of February. The Times reports that there
is a growing pessimism within the Millennium Commission about the
viability of Legacy's proposal.

BBC News indicated that the contents of the Dome will be
auctioned between 27 February and 2 March and the sale is
expected to bring in 10 million pounds. Other objects not owned
by the Dome will be removed; the list includes sculptures,
artworks and other loaned items.


NEW TARGET: Liquidation Proceedings
------------------------------------
Company Name: New Target Fund Plc
Company No: IR
Appointed on: 22/11/00
Type: Members
Appointed by: Members
Liquidators: Aidan R O'Connell
Firm Name: Deloitte & Touche
Address: Earlsfort Terrace
City Postcode: Dublin 2


RYCARE: Liquidation Proceedings
--------------------------------
Company Name: Rycare Cleaning Machinery Ltd
Company No: 3289009
Com. Business: Manufacture of General Machinery
Appointed on: 22/11/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Philip J Gorman
IPno: 8069
Firm Name: Hazlewoods
Address: Windsor House Barnett Way Barnwood
City Postcode: Gloucester GL4 3RT


SBBCOLD LTD: Liquidation Proceedings
-------------------------------------
Company Name: Sbbcold Ltd
Previous Name: South Bucks Bridge Club Ltd
Company No: 2855505
Com. Business: Dormant
Appointed on: 22/11/00
Type: Members
Appointed by: Members
Liquidators: James P Shaw
IPno: 6084
Firm Name: Myers Clark
Address: Woodford House Woodford Road
City Postcode: Watford WD1 1DL


TAMWORTH NIGHT: Liquidation Proceedings
----------------------------------------
Company Name: Tamworth Night Patrol Ltd
Company No: 3154846
Com. Business: Public Security Law/Order
Appointed on: 22/11/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Myles L Halley
IPno: 6658 Mark J Orton
Firm Name: KPMG
Address: 2 Cornwall Street
City Postcode: Birmingham B3 2DL



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,
Jessie Elumba and Cristina Pernites Editors.

Copyright 2001.  All rights reserved.  ISSN 1529-2754.

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