/raid1/www/Hosts/bankrupt/TCREUR_Public/010202.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

             Friday, February 02, 2001, Vol. 2, No. 24


                            Headlines



B E L G I U M

SABENA AIRLINES:  Belgian Airline to Cut More Jobs


G E R M A N Y

BANKHAUS PARTIN:  BAKred Orders Bankhaus Closure
CAA AG:  Posts DM12 Million Loss in 2000
EM.TV:  Kirch Rescue Bid to Continue Past Deadline
INTERSHOP COMM:  Net Loss Balloons to 32.5 Million Euros
MET@BOX AG:  Posts DEM19 Million Loss


N E T H E R L A N D S

LETSBUYIT.COM:  Ex-Hacker Schmitz is Latest Letsbuyit.com Savior
LETSBUYIT.COM:  Mulls 60 Percent Job Cuts; Closes Foreign Units


S P A I N

HILADOS Y TEJIDOS:  Textile Company to Cut 339 Jobs


S W I T Z E R L A N D

LANDIS & GYR:  Ceases Activities in Geneva


U N I T E D   K I N G D O M

ENSIGN MANAGEMENT:  Notice Of Creditors Meeting
EQUITABLE LIFE: Halifax in Talks to Buy Equitable
EQUITABLE LIFE:  Mystery Bidder May be Equitable Rescuer
EUROPEAN RAILING:  Notice Of Creditors Meeting
FASHIONFILE.COM:  Announces Immediate Liquidation

FLIPPA.COM:  Notice Of Creditors Meeting
GTL RESOURCES:  Reports 1.71 Million Pounds Pre-tax Loss
HUNTINGDON LIFE:  Pershing Withdraws Support to HLS
NETCENTRIC SYSTEMS:  Posts 4.16 Million Pounds Pre-tax Loss
PLATINUM SECURITIES:  Notice Of Creditors Meeting

VOCALIS PLC:  Speech Technology Firm Sees Loss on Internet Slump


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

SABENA AIRLINES:  Belgian Airline to Cut More Jobs
--------------------------------------------------
Sabena spokesman Wilfried Remans said on Wednesday the airline's
board of directors has decided to cut 600 to 700 more jobs than
it had originally planned of 400 to 500, as part of a
restructuring to bring Belgium's troubled national airline back
to profitability.

According to a Reuters report dated January 31, the board raised
the number of jobs to be cut due to certain declining activities.
The airline's unions said they wanted to see the results of the
airline's audit before beginning negotiations.

On January 22, Sabena's board of directors recommended that the
loss-making airline remain in service subject to an agreement
with its union on the restructuring.


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

BANKHAUS PARTIN:  BAKred Orders Bankhaus Closure
------------------------------------------------
BAKred federal banking supervisory authority has ordered private
bank Bankhaus Partin to cease trading after a special audit
revealed that the bank was left with liable capital of only
DM167,000 after a value adjustment on issued credit of DM25.2
million and reported liable capital of DM25.3 million.

In a report dated January 30, Handelsblatt said that this is the
second time that Bankhaus Partin received a closure order because
it was found to have insufficient capital to back up non-
performing loans.

The first time was in September 1997, but BAKred lifted its
moratorium on the bank after a month when financial services
group Gottinger Gruppe acquired and provided Bankhaus Partin with
additional capital.


CAA AG:  Posts DM12 Million Loss in 2000
----------------------------------------
CAA AG, which develops integrated information and communications
systems software for cars and trucks, has posted a fiscal 2000
loss before interest and taxes of about DM12 million,
Handelsblatt said in its January 30 edition.

As of December 1999, the company's long-term debt was 867,662.32
Euros, while total liabilities were 3.60 million Euros.


EM.TV:  Kirch Rescue Bid to Continue Past Deadline
--------------------------------------------------
Media group Kirch's chances of reaching a deal on a rescue bid
for EM.TV & Merchandising will still continue even if no
agreement had been reached by the Wednesday deadline, Reuters
said in its January 31 edition.

"The talks will be continued in February," Kirch spokesman
Hartmut Schultz said. He declined to comment on their progress.

EM.TV spokesman Michael Birnbaum, however, told Reuters the
company had not yet decided whether to continue the talks
exclusively with Kirch.


INTERSHOP COMM:  Net Loss Balloons to 32.5 Million Euros
--------------------------------------------------------
Shares in software maker Intershop Communications fell after the
company reversed earlier pledges to post a net profit this year.
In a report dated January 31, Reuters said that the company's net
loss ballooned over four times to 32.5 million euros ($29.93
million) in the fourth quarter.

Intershop said that its fourth quarter loss per share was
disappointing at 0.38 euros or 322 percent higher than in the
year-earlier period.

It said sales this year would grow moderately to 140 to 160
million euros compared to over 200 million forecast earlier, with
a net loss staying at around the 2000 level.


MET@BOX AG:  Posts DEM19 Million Loss
-------------------------------------
Met@box AG, which manufactures JoeCard processor cards for
computers and Broadcast Online Television systems, reported a
DEM19 million (EUR1=DEM1.95583) loss in 2000 and has paid no
dividends during the last 12 months, Dow Jones reported on
January 30.

The two orders worth DEM20 million for two Met@box products were
never realized. The first was from an Austrian company, which has
contravened its contract by not producing a letter of credit. The
second order was realized instead by U.S.-based Ravisent
Technologies Inc., Met@box's partner for the met@box 50 product.


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

LETSBUYIT.COM:  Ex-Hacker Schmitz is Latest Letsbuyit.com Savior
----------------------------------------------------------------
German hacker-turned-Internet-entrepreneur Kim Schmitz is
LetsBuyIt.com NV's latest savior, who promised the troubled e-
tailer as much as 50 million euros to bring it back from near
bankruptcy, The Wall Street Journal said on Wednesday.

Hours before LetsBuyIt's guarantee deadline, Schmitz invested
about one quarter of a 4 million euro guarantee last week and
offered many millions more.

The 27-year-old Schmitz, who met acting CEO John Palmer at a
conference a year earlier, has served three months in a Munich
jail for his computer break-ins. He claims to have hacked 2,006
times, including government computer networks such as the
Pentagon's, as well as those of banks and blue-chip corporations.

Schmitz says he started providing Internet security services for
some of the same companies whose computer systems he had broken
into. "All of the ones that had big damage from me, afterwards
hired me to help them," he said.


LETSBUYIT.COM:  Mulls 60 Percent Job Cuts; Closes Foreign Units
---------------------------------------------------------------
LetsBuyIt.com said it would cut almost two thirds, or 200 out of
total 350, of its workforce, and shut foreign units as it tries
to secure financing to ensure its survival, according to
FTMarketWatch on Wednesday.

The Internet retailer is still in the process of negotiating with
potential investors for the next round of financing, which is
intended to secure the future of the company for the mid- and
long-term.


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

HILADOS Y TEJIDOS:  Textile Company to Cut 339 Jobs
---------------------------------------------------
Hilados y Tejidos Puignero last week presented a labor force
adjustment plan, which affects 339 of the 1,592 workers at its
plants in the Barcelona area, the Expansion & World Reporter said
in its January 26 edition.

The company will negotiate redundancy pay with workers by
offering 20 days' pay for every year worked to the previous
workers who were made redundant. However, unions consider this
offer to be insufficient. They have threatened to call industrial
action, which could be approved this week.

To recall, the textile company suspended payments after
accumulating debts of over 144 million euros.


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

LANDIS & GYR:  Ceases Activities in Geneva
------------------------------------------
Payphone group Landis & Gyr Communication will cease its
activities in Geneva after a judge in charge of the dossier
decided to declare the group bankrupt, L'Agefi Suisse & World
Reporter said on January 30. However, negotiations with the
buyers continued and the large majority of the 169 jobs in Geneva
could be saved.

According to general manager Francois Gabella, seven Swiss and
foreign groups are interested in buying the company's activities
but none wants to acquire all of them.

Talks will now continue under the protection of the bankruptcy
office in Geneva.


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

ENSIGN MANAGEMENT:  Notice Of Creditors Meeting
-----------------------------------------------
Company Name:   Ensign Management Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   10.15 am
Meeting date:   02/01/01
Meeting address:   2 Mountview Court  310 Friern Barnet Lane
Meeting City Code:   London   N20 0YZ
Authorised by:   S Ensign   Director  20/11/00
Last day for proxy:   29/12/00
Proxy address:   2 Mountview Court  310 Friern Barnet Lane  
London  N20 0YZ
Firm Name:   Harris Lipman
Address:   2 Mountview Court  310 Friern Barnet Lane  London  N20
0YZ


EQUITABLE LIFE: Halifax in Talks to Buy Equitable
-------------------------------------------------
Mortgage bank Halifax said that it was in talks to buy Equitable
Life's asset management business, back office systems and life
insurance sales force but will not take on any of the beleaguered
life insurer's liabilities, according to The Times in its
February 1 edition. The Halifax-Equitable deal is likely to be
worth up to 500 million pounds.

City sources say that Halifax's proposals were more attractive
than those offered by the Australian financial services group
AMP, who's believed to have a number of performance-related
conditions. Talks broke down when Equitable refused to enter
exclusive negotiations.

The troubled life insurer was forced to put itself up for sale
after the House of Lords last year ordered the company to
maintain pension bonus obligations to its guaranteed annuity rate
(GAR) policyholders at a cost of at least 1.5 billion pounds.

Halifax already owns Clerical Medical and 60 percent of St.
James's Place Capital.


EQUITABLE LIFE:  Mystery Bidder May be Equitable Rescuer
--------------------------------------------------------
A mystery bidder is said to be in talks to buy Equitable Life's
administration arm, asset management business and work force and
may assist to cap the 1.5 billion pounds-plus liabilities, This
Is London said on Tuesday. The deal would be wrapped up this
month.

The unnamed party is thought to have been involved in the
previous bidding round for Equitable. Until Friday, Australian
finance house AMP was the only publicly known bidder for the
mutual after Dutch giant Aegon withdrew.

Fears remain that the longer Equitable delays the announcement of
a formal sale, the more its workforce and fund managers are
likely to be lured away.


EUROPEAN RAILING:  Notice Of Creditors Meeting
----------------------------------------------
Company Name:   European Railing Systems Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   03.30 pm
Meeting date:   02/01/01
Meeting address:   17 St Anns Square
Meeting City Code:   Manchester   M2 7PW
Authorised by:   D O'Grady   Director  15/12/00
Firm Name:   Stephen Conn & Co
Address:   17 St Anns Square  Manchester  M2 7PW


FASHIONFILE.COM:  Announces Immediate Liquidation
-------------------------------------------------
PR NEWSWIRE, January 31

It is with deep regret that the Board of Fashionfile.com, the
business to business website for the fashion, advertising and
production industries, announces it is to seek creditors
voluntary liquidation with immediate effect.

Fashionfile.com received funding in 2000 from zouk ventures ltd.
The company aimed to become the first global business to business
website of its kind, and to evolve into an integral and efficient
means of communication and distribution, revolutionizing the
fashion business.

Despite some excellent progress, the existing market conditions
made it impossible to raise second round funding leaving the
Board with no choice but to initiate liquidation proceedings.


FLIPPA.COM:  Notice Of Creditors Meeting
----------------------------------------
Company Name:   Flippa.Com Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   03.30 pm
Meeting date:   02/01/01
Meeting address:   No 1 Riding House Street
Meeting City Code:   London   W1A 3AS
Authorised by:   M Stevenson     
Last day for proxy:   02/01/01
Proxy address:   No 1 Riding House Street  London  W1A 3AS
Firm Name:   Smith & Williamson
Address:   No 1 Riding House Street  London  W1A 3AS


GTL RESOURCES:  Reports 1.71 Million Pounds Pre-tax Loss
--------------------------------------------------------
GTL Resources Plc, engaged in oil exploration, has made a first-
half pre-tax loss of 1.71 million pounds ($787,000 loss), with no
dividend, The Times said in its January 31 report.

At the end of 1997, GTL Resources had negative working capital.
Its current liabilities were 8.99 million pounds while total
current assets were only 3.73 million pounds.


HUNTINGDON LIFE:  Pershing Withdraws Support to HLS
---------------------------------------------------
Pershing, a clearing company owned by investment bank Credit
Suisse First Boston, has withdrawn support for Huntingdon Life
Sciences, the Financial Times said in its January 30 report.

The company has decided to drop around 1.5 percent of its stake
on behalf of its clients after protesters attacked its London
office.

Pershing's move will bolster Stop Huntingdon Animal Cruelty
(Shac), the group leading the anti-HLS campaign, before its
planned campaign against US investment bank Stephens Group.

The protesters want to export to the US the militant tactics that
have already persuaded institutions such as brokers WestLB
Panmure and TD Waterhouse, fund manager Phillips & Drew, and HSBC
bank to withdraw their support from HLS.


NETCENTRIC SYSTEMS:  Posts 4.16 Million Pounds Pre-tax Loss
-----------------------------------------------------------
Netcentric Systems Plc, a holding company with investments in
operations including electronic retailing, distribution of
plumbing and heating products, supply of paint and wallcovering
and the distribution of hygiene and catering supplies, has
reported a pre-tax loss of 4.16 million pounds, according to the
January 31 edition of The Times.

As of September 1999, the company's long-term debt was 4.92
million pounds and total liabilities were 7.37 million pounds.


PLATINUM SECURITIES:  Notice Of Creditors Meeting
-------------------------------------------------
Company Name:   Platinum Securities Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   12.00 pm
Meeting date:   02/01/01
Meeting address:   17 St Anns Square
Meeting City Code:   Manchester   M2 7PW
Authorised by:   M Edwards   Director  20/12/00
Firm Name:   Stephen Conn & Co
Address:   17 St Anns Square  Manchester  M2 7PW


VOCALIS PLC:  Speech Technology Firm Sees Loss on Internet Slump
----------------------------------------------------------------
Share in UK speech technology firm Vocalis Plc plunged with a 33
percent close on Wednesday after it said it may make a year loss
because of reduced demand for Internet related products, Reuters
said in its January 31 edition.

The firm is now valued at around 32 million pounds ($46.73
million), after earlier hitting a two-year low of 60-1/2p.

The company said it was in advanced negotiations for a number of
significant contracts, worth around four million pounds. If these
produce negative results, Vocalis would incur a loss of around
2.8 million pounds before tax for this financial year.

As of March 2000, the company's long-term debt was 111,000.00
pounds and total liabilities were 2.46 million pounds.



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,
Salve M. Mordeno and Cristina Pernites, Editors.

Copyright 2001.  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
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