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

                         E U R O P E

           Friday, January 19, 2001, Vol. 2, No. 14

                         Headlines


B E L G I U M

LERNOUT & HAUSPIE:  Administrators Request a Deadline Extension
LERNOUT & HAUSPIE:  Bodson Accepts CEO Nomination


C Z E C H   R E P U B L I C

ZELEZARNY A DRATOVNY:  Creditors Discuss Debt Clearance Plan


F R A N C E

LA TETE:  New Owner Pledges Capital Increase


G E R M A N Y

ADAM OPEL:  Operating Losses in 2000 Reach DM982 Million
EM.TV:  CEO Violates Lock-up Agreement with Bank
DEUTSCHE BAHN:  Report Predicts Losses Until 2005


N E T H E R L A N D S

LETSBUYIT.COM:  Trustees File for Bankruptcy


R U S S I A

MEDIA-MOST: Gazprom Media Sues for 19 Percent Stake in NTV
NTV:  Liquidation Ruling Set for February 2


S W E D E N

SPORTUS.COM:  Closure of Foreign Units


U N I T E D   K I N G D O M

AQUACRAFT LTD: Liquidation Proceedings
EXPRESS DIGITAL:  Dismissed Staff Seek Redundancy Payments
FIZZ SOFT: Liquidation Proceedings
H M PUBLISHER: Liquidation Proceedings
HUNTINGDON LIFE:  Citibank Withdraws Support

MILLENIUM DOME:  Government Angles for Greater Share of Profits
VAN GINNEKEN: Liquidation Proceedings
YOUNG & WATSON: Liquidation Proceedings


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

LERNOUT & HAUSPIE:  Administrators Request a Deadline Extension
---------------------------------------------------------------
The court-appointed administrators of Lernout & Hauspie Speech
Products NV requested on Wednesday an extension of the March 1
deadline for an extraordinary shareholders' meeting, citing
logistical and legal difficulties. The Ieper commercial court,
which set the deadline as a condition for its approval of
bankruptcy protection, will hear the request on Friday at 0800
GMT.


LERNOUT & HAUSPIE:  Bodson Accepts CEO Nomination
-------------------------------------------------
Mr. Philippe Bodson today accepted the nomination of the board of
Directors of Lernout & Hauspie as the new CEO of the company, a
position that will be confirmed by the Extraordinary General
Meeting of Shareholders to be held in March 2001.

The following is Mr. Bodson's statement made available to
Businesswire:

I have been contacted by different parties involved with the
management of Lernout & Hauspie, including representatives of the
shareholders, who all believe that my professional experience at
Tractebel and Glaverbel, where I lead two major restructuring
processes in previous years, makes me the best candidate to lead
Lernout & Hauspie through its worldwide recovery. In addition, I
have a well-known reputation for independence, and I have had
absolutely no link with the company and its management, which
gives me the necessary credibility to correctly evaluate the past
of the company and define its future.

I accepted this assignment because I believe that Lernout &
Hauspie is an important company with unsurpassed technology and
products. It provides jobs to thousands of people around the
globe and is highly significant to the Belgian economy.

For the time being, I am not in a position to make a statement
regarding the future of Lernout & Hauspie, nor to make promises.
I put some conditions on my acceptance of this assignment,
amongst which was the backing of the banking community. Today
different funding possibilities exist, and they will be further
negotiated in the coming days.

My sole objective as the CEO of Lernout & Hauspie will be to
develop the value for the shareholders. In this perspective, all
means are possible, and I will do everything that is appropriate
to reach this objective. In the course of this process, I
guarantee absolute transparency regarding the management of the
company, the decisions taken, and the strategies chosen for the
future. I will fully collaborate with all stakeholders of the
company.

I will also intensively collaborate with the managers and
employees at Lernout & Hauspie, in Belgium as well as in the
United States and in other countries where the group operates.
They are major assets of the company and I hope they will stay
and take this challenge together with me.


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

ZELEZARNY A DRATOVNY:  Creditors Discuss Debt Clearance Plan
------------------------------------------------------------
The creditors of the Czech metallurgy company Zelezarny a
Dratovny Bohumin (ZDB) are discussing the company's debt
clearance plan, Pravo & World Reporter said. In the second round
of negotiations, company officials and 70 or so creditors tackled
ZDB's juridical debts clearance, previously approved by the
County Commerce Court in Ostrava at the end of the last year.

If the creditors accept the plan, Belgian company Bekaert could
take over part of ZDB's production. The Ostrava court has given
the creditors until January 25 to register their claims.


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

LA TETE:  New Owner Pledges Capital Increase
--------------------------------------------
Verneuil Participations, which has acquired the French gaming
group La Tete dans les Nuages, will subscribe to a reserved
capital increase of Euros4.16 million before June 30, 2001. Newly
appointed chairman Frederic Doulcet said, this will allow La Tete
dans les Nuages to reduce its debts and reimburse its creditors
by up to 60 percent of the value of their loans.

La Tribune & World Reporter said shares of la Tete are scheduled
to resume trading on Wednesday after being suspended since
November 3, 2000. Also, the holding company Verneuil has asked
stock market regulator CMF for dispensation from its obligation
to launch a public acquisition offer.


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

ADAM OPEL:  Operating Losses in 2000 Reach DM982 Million
--------------------------------------------------------
Adam Opel, the European subsidiary of General Motors, has posted
an operating loss of DM982 million for 2000, the worst in the
firm's 100-year history. The company has not recovered since it
suffered a loss of DM282m in 1999 and sales fell from DM34
billion to DM33.5 billion.

"I must and will take personal responsibility for these short-
term results," said Opel chairman Robert Hendry, alluding to his
forthcoming resignation. He plans to ask the supervisory board to
relieve him of his duties at its next meeting on March 28.

Hendry was quoted by Financial Times as saying he is hopeful that
Opel will get a change to improve its image with the launching of
a new model series later this year.


EM.TV:  CEO Violates Lock-up Agreement with Bank
------------------------------------------------
EM.TV chief executive Thomas Haffa admitted on Tuesday he sold
200,000 EM.TV shares in February 2000 in direct violation of a
lock-up agreement with Westdeutsche Landesbank, the bank that
helped EM.TV with a secondary share offering. According to
FTMarketWatch, Hoffa and his brother Florian, EM.TV's former
finance officer, carried out the sale worth DM40 million. The
deal however was not coursed through the stock market.  

Deutsche Borse is investigating whether the sale infringed on the
lock-up agreement detailed in the share prospectus. If this is
the case, EM.TV could face penalties ranging from a warning to a
delisting for breaking stock market regulations. WestLB said it
is not planning to take legal action against Haffa.

Handelsblatt said the DSW association for the protection of small
shareholders' rights is also examining whether investors will be
entitled to take legal action against EM.TV and the consortium
banks.


DEUTSCHE BAHN:  Report Predicts Losses Until 2005
-------------------------------------------------
A McKinsey report presented to Deutsche Bahn AG chairman Hartmut
Mehdorn on November 1, 2000, predicts a DM17 billion loss for the
railway operator between 2001 to 2005. AFX says the company aimed
to break even by 2005 but the report anticipates a DM2.2 billion
loss for that period. The company's capital of DM17 billion would
have been depleted by that time, the report said, and debts will
reach an all-time high of DM60 billion.      


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

LETSBUYIT.COM:  Trustees File for Bankruptcy
--------------------------------------------
The trustees of Letsbuyit.com NV are proceeding with the Internet
firm's bankruptcy process by asking a district court in Amsterdam
on Wednesday to convert the suspension of payments into
bankruptcy. The legal offices of Van Doorne, which was appointed
to deal with the company's insolvency proceedings, did not give a
reason for the move -- it merely said the motion is necessary.

Letsbuyit was granted temporary protection from its creditors in
the Netherlands after the company filed on Dec. 29 for the Dutch
equivalent of U.S. Chapter 11 bankruptcy protection.

Dow Jones reports the court will hear the petition Friday.


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

MEDIA-MOST: Gazprom Media Sues for 19 Percent Stake in NTV
----------------------------------------------------------
Gazprom-Media, the media branch of gas giant Gazprom, is suing
Media-MOST holding over a 19 percent stake in NTV. Gazprom-Media
wants control of the additional 19 percent as collateral for the
US$262 million loan it extended to Media-MOST.

Gazprom-Media is claiming rights over the shares after accusing
Media-MOST of not fulfilling the November 17 agreement. The pact
calls for the transfer of 19 percent of NTV shares from parent
company Media-MOST to Gazprom-Media. Gazprom, anticipating the
transfer, then signed an agreement with Deutsche Bank to find an
international investor.

However, Media-MOST has repeatedly refused to turn over the
shares, saying Gazprom does not have the right to sign the
Deutsche Bank agreement on its behalf. It has since filed a suit
in a London high court against Gazprom-Media and Deutsche Bank.   

Allnews reports Deutsche Bank has not issued an official
statement regarding the lawsuit.  


NTV:  Liquidation Ruling Set for February 2
-------------------------------------------
The Moscow Arbitration Court will decide on February 2 the suit
filed by tax authorities concerning the liquidation of NTV
television and NTV Plus satellite network. The court postponed
the ruling upon granting a petition by Media-MOST lawyers asking
for a tribunal of three judges.

According to the lawyers, the case should be heard by three
judges instead of one due to the gravity of the charges. Ria
Novosti news agency reports tax authorities are protesting the
postponement, saying there is no reason why it should be so.

NTV and NTV Plus are part of Vladimir Gusinsky's Media-MOST
holding. Tax authorities are seeking the liquidation of four
companies under Media-MOST for violations in their financial
reports for 1998 and 1999.


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

SPORTUS.COM:  Closure of Foreign Units
--------------------------------------
Online sporting goods retailer Sportus.com is embarking on a
restructuring plan involving the closure of its foreign units in
Finland, Norway, Denmark, the U.K. and the Netherlands. According
to Helsingin Sanomat, the online retailer will retain operations
only in Sweden.  

Meanwhile, a report in the paper Markkinointi & Mainonta said the
Finnish branch of Sportus.com has already filed for bankruptcy.
No further information was supplied by the daily.


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

AQUACRAFT LTD: Liquidation Proceedings
---------------------------------------
Company Name: Aquacraft Ltd
Company No: 3897444
Com. Business: Wholesale of Soft Drinks
Appointed on: 18/12/00
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


EXPRESS DIGITAL:  Dismissed Staff Seek Redundancy Payments
----------------------------------------------------------
Dismissed employees of Express Digital Media Web sites are
planning to sue their former employer over redundancy payments,
the Net Imperative reports. The 46 workers are consulting with
legal firm Thompsons and their lawyer Michael Streeter says they
have a case in some areas.

Publishing group Northern & Shell recently acquired EDM after it
took over Express Newspapers. Then Northern & Shell's owner
Richard Desmond sold EDM to a company set up by Seymour Pierce,
which put the Web site in liquidation. The result is that none of
the workers' former employers have paid redundancy.

Streeter said Seymour Pierce or Express Newspapers could be named
in the lawsuit.


FIZZ SOFT: Liquidation Proceedings
-----------------------------------
Company Name: Fizz Soft Drinks Ltd
Company No: SC
Appointed on: 18/12/00
Type: Creditors
Appointed by: Creditors
Liquidators: Maureen E Leslie
IPno: 1186
Firm Name: HLB Kidsons
Address: 23 Queen Street
City Postcode: Edinburgh EH2 1JX


H M PUBLISHER: Liquidation Proceedings
---------------------------------------
Company Name: H M Publishers Ltd
Company No: 3068368
Com. Business: Publishers
Appointed on: 18/12/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Alan Simon
IPno: 8635
Firm Name: Langley & Partners
Address: Langley House Park Road
City Postcode: London N2 8EX


HUNTINGDON LIFE:  Citibank Withdraws Support
--------------------------------------------
Citibank is cutting off ties with research firm Huntingdon Life
Sciences Group Plc. Citibank told BBC News any connection with
Huntingdon has ceased and assured the Pressure group Stop
Huntingdon Animal Cruelty (SHAC) that it is not participating in
a rescue deal for Huntingdon.

Earlier reports say Huntingdon pleaded to the Royal Bank of
Scotland and two other banks for an extension on its current bank
facility of 22.5 million pounds, which expires January 19.
Huntingdon is reportedly pinning its hopes on the deal but
Citibank's refusal could spell disaster for the animal research
lab.  


MILLENIUM DOME:  Government Angles for Greater Share of Profits
---------------------------------------------------------------
Senior executives of Treasury Holdings, the Dublin-based property
company that is financing the Millenium Dome sale bid, are
accusing ministers of maneuvering to get a bigger share of the
profits from the sale. Treasury Holdings co-owner Richard Barrett
said this is a violation of the terms of the original sale.

According to The Independent, the ministers are concerned over
allegations that Legacy is poised to make windfall profits from
extra property deals at the Dome site. The ministers may now be
demanding a share of the extra profits, or a more generous
"clawback" arrangement if the project changes.
  
Observers say the Dome's 125 million pounds price tag is a
bargain. Lattice Properties, which owned the Greenwich peninsula
site, is fighting for the best deal.

Legacy Plc still remains the preferred bidder. Robert Bourne, the
firm's owner, has expressed optimism the crisis will be resolved
in time to meet the February deadline set by the government.


VAN GINNEKEN: Liquidation Proceedings
--------------------------------------
Company Name: Van Ginneken & Mostaard London Ltd
Previous Name: Lazabal Ltd
Company No: 3510957
Com. Business: Pre-Media Services
Appointed on: 18/12/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Bernard Hoffman
IPno: 1593 Ian D Yerrill 8924
Firm Name: Gerald Edelman
Address: 25 Harley Street
City Postcode: London W1G 9BR


YOUNG & WATSON: Liquidation Proceedings
----------------------------------------
Company Name: Young & Watson Ltd
Company No: 3522237
Com. Business: General Construction
Appointed on: 18/12/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Alan R Clifton
IPno: 8766
Firm Name: Downham Train Epstein
Address: Apex House Grand Arcade Tally Ho Corner
City Postcode: London N12 0EH



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

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