/raid1/www/Hosts/bankrupt/TCREUR_Public/010208.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, February 08, 2001, Vol. 2, No. 28


                            Headlines


B E L G I U M

SABENA AIRLINES:  Concern as Pilots Threaten Action


C Z E C H   R E P U B L I C

INVESTICNI A POSTOVNI:  Managers Charged with Credit Fraud
KOMERCNI BANKA:  Bank Directors' Trial Nears Completion


F R A N C E

GRIMAUD:  Transport Company to Cut Jobs
SOCIETE FRANCAISE:  Workers Call on France TV to Take Over


G E R M A N Y

EM.TV:  CEO May Sell Formula One for $600 Million
ERNST BRINKMANN:  German Retailer Applies for Insolvency


G R E E C E

OLYMPIC AIRWAYS:  Privatization Goes on Schedule


I R E L A N D

HARLAND & WOLFF:  Posts 26 Million Pounds Sterling Loss


I T A L Y

SEAT PAGINE:  Posts End-2000 Net Debt of 427 Million Euro


N E T H E R L A N D S

BAAN COMPANY:  Foundation Claims F1 32 Million in Damages
LETSBUYIT.COM:  Web Purchaser Secures Funding


P O L A N D

AGROS-HOLDING:  Posts 10.4 Million Zlotys Net Loss in 2000


S W I T Z E R L A N D

NEXTROM HOLDING:  Sees Operating Loss in Second Half of 2000


U N I T E D   K I N G D O M

BUY.COM UK:  John Lewis Buys Ailing Online Retailer
CHESTER STREET:  Asbestos Sufferers Hit By Firm's Sell-off
CW CHENEY:  Buckle Company to Rescue Lockmaker
EQUITABLE LIFE:  FSA Welcomes Rescue Plan from Halifax
FASTRACK:  Receivers Sell Part of Parcels Company

MACSTAT LTD:  Notice Of Creditors Meeting
PHOENIX HEMMING:  Notice Of Creditors Meeting
PORTMAN PRESS:  Notice Of Creditors Meeting
RAVEN ELECTRICAL:  Notice Of Creditors Meeting
SEMA:  In a 3.5-Billion Pound Takeover Talks

SHIPDESK LTD:  Notice Of Creditors Meeting


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

SABENA AIRLINES:  Concern as Pilots Threaten Action
---------------------------------------------------
Sabena is concerned about the lack of progress in talks with its
pilots, who have threatened industrial action over major
restructuring plans at the loss-making national carrier, Reuters
reported Tuesday.

Sabena's pilots have threatened industrial action if management
does not agree to their list of demands, which includes
guarantees on the number of future Sabena flights, shares for
staff and the inclusion of an employee-representative on both the
company's supervisory and management boards.

The pilots have also proposed revising some of their rest and
work practices, which they said would result in savings of at
least one billion Belgian francs ($23.12 million) annually.

The airline's shareholders -- the Belgian state, which holds a 51
percent stake, and Swiss SAirGroup -- must decide whether to keep
the airline going. They repeated that they would only do so if
the unions and management agreed on the cost-cutting measures
under the recovery plan, which includes axing up to 700 jobs.


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

INVESTICNI A POSTOVNI:  Managers Charged with Credit Fraud
----------------------------------------------------------
Six senior executives of the former management of failed
Investicni a Postovni Banka and companies that cooperated with
the bank were charged last week with credit fraud, mismanagement
of property and abuse of inside information, according to Prague
Business in its February 5 edition.

The charges are connected with the $629 million sale of IPB-owned
shares in two major breweries, Plzensky Prazdroj and Pivovar
Radegest, to South African Breweries, where IPB lost more than Kc
7 billion in the transaction.

The list of those charged includes Libor Prochazka, a former IPB
deputy general director, and Aladar Blaas, a former member of IPB
management. Others are from companies that were involved in the
beer sale: Hana Benesova, a member of the board of directors of
Ceske Pivo; chairman Michal Kudej of the Czech Trade board of
directors; Ivan Matejovsky and Michal Musil, the chairman and
deputy chairman of Bankovni Holding; and Jitka Rutrlova from the
board of directors of Prosper International.


KOMERCNI BANKA:  Bank Directors' Trial Nears Completion
-------------------------------------------------------
The investigation of nine ex-members of the Komercni banka (KB)
board of directors who are charged with violation of trust and
business relations may be finished in two months at the latest,
the daily Pravo said on Tuesday.

The probe concerns a transaction with B.C.L. Trading that
resulted in KB losing nearly Kc8 billion. During a meeting where
the deal with B.C.L. was discussed, nine former members of KB's
board of directors voted for the financial operation, which later
turned out to be loss-making.

The former head of the bank's dealing center and her subordinate,
the head of the documentary letter of credit department,
reportedly violated duties of a trustee by ordering their
subordinates to finance B.C.L.'s letters of credit.


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

GRIMAUD:  Transport Company to Cut Jobs
---------------------------------------
Transport company Grimaud, which was placed in receivership on
January 9 by a Bressuire (Deux-Sevres) court, has received six
offers that include plans to cut jobs, the February 3 edition of
Le Figaro said.

The court will announce its choice of candidate on February 24.


SOCIETE FRANCAISE:  Workers Call on France TV to Take Over
----------------------------------------------------------
Employees of the film production company Societe Francaise de
Production (SFP) have been on the picket line since January 18
calling public broadcaster France Television to take over SFP,
according to Le Point & World Reporter in its February 2 edition.

The strikers, who are against management's proposals for the
future of the troubled company, have rejected all of the other
options put forward by SFP chairman Roland Fiszel including
receivership and a management buy-out.

SFP is faced with a FFr80 million deficit.


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

EM.TV:  CEO May Sell Formula One for $600 Million
-------------------------------------------------
Chief executive officer Thomas Haffa of EM.TV & Merchandising AG
may sell Formula One to an American investment firm for $600
million to rid the company of debt, The Wall Street Journal
reported Tuesday. Half of EM.TV's share in Formula One will be
sold to Deutsche Morgan Grenfell.

Haffa is charged with getting the company back on sound financial
footing, after running up a $2 billion tab when he bought Jim
Henson Co., the producer of the Muppets.


ERNST BRINKMANN:  German Retailer Applies for Insolvency
--------------------------------------------------------
Retailer of electronic and other technological goods Ernst
Brinkmann KG has applied for insolvency procedures following the
failure of a first rescue attempt, Suddeutsche Zeitung & World
Reporter said in its February 3 edition.

Management has been meeting with the works council to decide on
procedures to rescue the company. The expansion over the past
years is reported to have heavily burdened its liquidity.

Ernst Brinkmann, which has a staff of over 3,000, operates over
40 stores with a wide-ranging selection of largely technical
products, such as entertainment electronics, household
appliances, photographic equipment and IT.


===========
G R E E C E
===========

OLYMPIC AIRWAYS:  Privatization Goes on Schedule
------------------------------------------------
Greek and foreign investors are reported to have submitted bids
for a majority stake in Olympic Airways, M2 Communications said
in its February 2 edition. Offers of a 51 to 65 percent stake are
expected by the end of March 2001.

Bidders are international airline Cyprus Airways, smaller Greek
airline Axon, Japan's Sanwa Bank, Australia's Capital Integrated
Airline Solutions, America's Chrysler Aviation and Greek ship
owner Stamatis Restis.

The deadline for submission of initial bids closed on January 31,
but the Greek government might extend the timeframe in order to
give local companies who had expressed an interest in Olympic
Airways time to form partnerships and lodge a bid.


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

HARLAND & WOLFF:  Posts 26 Million Pounds Sterling Loss
-------------------------------------------------------
According to parent Fred Olsen Group, troubled shipyard Harland &
Wolff has lost over 26 million pounds sterling last year, the
Irish Independent reported in its February 6 edition. The losses
were associated with job cuts at the Belfast yard last year.

The group also warned of further job losses if there are delays
in the start date for a UK Defence Ministry project of two roll-
on roll-off ferries, which is considered as a lifeline for the
company. It allowed 500 jobs to be saved when the yard was on the
brink of closure.

Olsen also said that the company should sustain itself after
investing 90 million pounds into it.


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

SEAT PAGINE:  Posts End-2000 Net Debt of 427 Million Euro
---------------------------------------------------------
Internet service provider Seat Pagine Gialle SPA said on Tuesday
that its net debt at the end of 2000 was 427 million euros
($402.1 million), according to Reuters. Seat CEO Lorenzo
Pellicioli provided the figures.

As of December 1999, the company's long-term debt was 447.29
million euros, while total liabilities were 987.66 million euros.

Seat is also the publisher and printer of the Italian Yellow
Pages and of other business directories.


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

BAAN COMPANY:  Foundation Claims F1 32 Million in Damages
---------------------------------------------------------
The De Keursteen foundation has claimed damages worth Fl 32
million from Jan and Paul Baan, Baan Company NV and Dutch
investment group Vanenburg Group, as reported in the February 3
edition of De Volkskrant & World Reporter.

The Baan brothers, founders of Baan Company, were accused of
financial manipulation in 1997 and the first half of 1998, fraud
and insider trading, in order to maintain high profit forecasts.
The legal proceedings have been going on for two years in the US.

Baan Company, a provider of open systems and client/server based
enterprise resource planning software, was taken over by UK
counterpart Invensys last year after a pending liquidation.

At the end of 1999, the company had negative common shareholder's
equity of -7.70 million Euro.


LETSBUYIT.COM:  Web Purchaser Secures Funding
---------------------------------------------
LetsBuyIt.com said it has secured enough financing to continue
operations, according to FTMarketWatch on Tuesday, and plans to
withdraw its debt moratorium after gaining commitments from
investors for more than 52 million euros.

Kim Schmitz, the ex-hacker turned venture capitalist, won't be
providing the 50 million pounds as originally planned. Acting
chief executive and founder John Palmer have also pulled off to
rescue the embattled Internet company. The cash came from current
and new investors who didn't want to be named.

LetsBuyIt.com plans to start operations again as soon as possible
and aims to make a profit in November 2002. It has immediate
access to 20 million euros and will get the remaining funds over
a period of 12 months, beginning in March 2001, after the
completion of a planned restructuring.

The firm will cut almost 60 percent of its workforce and close
foreign units in a bid to turn a profit. In return for the raised
funds, the company plans to issue a maximum of 125 million
shares.


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

AGROS-HOLDING:  Posts 10.4 Million Zlotys Net Loss in 2000
----------------------------------------------------------
Beverage and food maker Agros-Holdings S.A. has suffered an
unconsolidated net loss of 10.4 million zlotys in 2000, Reuters
reported Tuesday.

As of December 1999, Agros' long-term debt was 24.34 million
Polish New Zlotys and total liabilities of 343.00 million Polish
New Zlotys.

The company produces fruit and vegetable juices and drinks, jams
and preserves, baby food, frozen food, fruit and vegetable
concentrates, tinned meats and vegetable preserves,
confectionery, breakfast cereals and alcoholic beverages.


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

NEXTROM HOLDING:  Sees Operating Loss in Second Half of 2000
------------------------------------------------------------
Nextrom Holding SA has revealed an operating loss in the second
half of 2000 caused by additional difficulties in its Toronto
unit, Reuters said Tuesday.

The company, which is in the process of reorganizing, plans to
divest its metallic cable, pipe and film equipment businesses.

As of December 1999, Nextrom's long-term debt was 115.62 million
Swiss Francs and total liabilities of 309.61 million Swiss
Francs.


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

BUY.COM UK:  John Lewis Buys Ailing Online Retailer
---------------------------------------------------
John Lewis on Tuesday paid an undisclosed amount for the ailing
Internet company Buy.com, which lost 19 million pounds between
October and December, according to The Times yesterday.

Last year, John Lewis paid 35 million pounds for a 40 percent
stake in Internet company Last Mile Solutions to develop an
online food retailing service with Waitrose.

The group said it hoped that Buy.com, which had 70 staff and
claimed to have 80,000 UK customers, would break even within
three years.


CHESTER STREET:  Asbestos Sufferers Hit By Firm's Sell-off
----------------------------------------------------------
Insurance firm Chester Street Insurance Ltd, which is facing a
probe over missing millions, has gone into provisional
liquidation, the Scottish Daily Record said in its February 5
edition. This could mean that thousands of asbestos-related
sufferers would again miss out on billions of pounds of
compensation.

Last year, the firm sold Iron Trades Insurance, with which they
had no profits to pay out asbestos claims. It has emerged that
the 175 million-pound purchase price was 50 million-pounds less
than the value of the company. The Australian buyer, QBE Ltd,
held back 27 million pounds of the purchase price as part of the
deal.

Campaigners for the asbestos victims will bring up the missing
money at a creditors' meeting in London. At the meeting, Chester
Street will propose a scheme where victims will get as little as
a tenth of what they are entitled to.


CW CHENEY:  Buckle Company to Rescue Lockmaker
----------------------------------------------
Employees of CW Cheney & Son have been offered new hope after
potential buyer FH Tomkins Buckle Company made a last-minute
attempt to buy the beleaguered company, following a 2.9 million
pound pension fund fraud, according to Birmingham Post on Monday.

It was unclear how many jobs will be saved by the deal, but it is
thought that a majority of those currently working at Cheney's
and the staff that was recently retrenched by the firm will be
offered work.

FH Tomkins has revealed it will transfer Cheney's business to its
factories in Walsall and West Bromwich.


EQUITABLE LIFE:  FSA Welcomes Rescue Plan from Halifax
------------------------------------------------------
The FSA has welcomed the rescue plan of mutual Equitable Life by
Halifax, which they believe is in the interests of policyholders,
according to FSA Chairman Howard Davies.

An important element of the transaction is the plan to offer to
buy out the rights of guaranteed annuity rate (GAR) holders. If
the offer were accepted, it would further strengthen the fund and
improve investment freedom and the likely future returns for
policyholders. The offer to buy out the rights will need to be
made on a basis that secures by vote the agreement of the
different policyholder classes. Court approval will also be
required.

The FSA will continue to work with Equitable to ensure that the
terms of the deal are communicated clearly to policyholders and
that policyholders understand the choices they will have to make
as part of the Court process, Insurance News Net said in its
February 6 edition.


FASTRACK:  Receivers Sell Part of Parcels Company
-------------------------------------------------
Parcels company Fastrack is getting back on the rails after its
receivers sold its domestic arm in January to another logistics
business, according to Birmingham Post on Monday.

Captain Cargo 21 director Malcolm Burge, who disposed of the
domestic business to Fastrack in 1994, is reportedly re-
establishing a small network of franchised parcel delivery
operations across the country. Receivers are clearing the logjam
of undelivered parcels caught up in the Fastrack network since
the company's collapse.

Joint administrative receiver Allan Graham of KPMG said that the
international arm of Fastrack remains in receivership and is
still in discussion with potential buyers.


MACSTAT LTD:  Notice Of Creditors Meeting
-----------------------------------------
Company Name:   Macstat Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   10.30 am
Meeting date:   05/01/01
Meeting address:   Salisbury House  31 Finsbury Circus
Meeting City Code:   London   EC2M 5SQ
Authorised by:   T E C Marshall   Director  19/12/00
Last day for proxy:   04/01/01
Proxy address:   Moriston House  75 Springfield Road  Chelmsford  
CM2 6JB
Liquidators:   Duncan R Beat
Firm Name:   Morison Stoneham
Address:   Moriston House  75 Springfield Road  Chelmsford  CM2
6JB


PHOENIX HEMMING:  Notice Of Creditors Meeting
---------------------------------------------
Company Name:   Phoenix Hemming Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   11.00 am
Meeting date:   05/01/01
Meeting address:   30 Hounds Gate
Meeting City Code:   Nottingham   NG1 7DH
Authorised by:   S J Corby   Director  18/12/00
Firm Name:   Grant Thornton
Address:   30 Hounds Gate  Nottingham  NG1 7DH


PORTMAN PRESS:  Notice Of Creditors Meeting
-------------------------------------------
Company Name:   Portman Press Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   11.30 am
Meeting date:   05/01/01
Meeting address:   Novotel Hotel  Greyfriars
Meeting City Code:   Ipswich   
Authorised by:   R N Paine   Director  12/12/00
Liquidators:   David J Dawson
Firm Name:   BDO Stoy Hayward
Address:   Knapton House  12 Lower Brook Street  Ipswich  IP4 1AT


RAVEN ELECTRICAL:  Notice Of Creditors Meeting
----------------------------------------------
Company Name:   Raven Electrical Ltd
IA 1986 Section:   98  Creditors
Meeting date:   05/01/01
Meeting address:   20 Aldermanbury
Meeting City Code:   London   EC2V 7HY
Authorised by:   N E Raven   Director  08/12/00
Last day for proxy:   04/01/01
Proxy address:   3-4 Mulgrave Court  Mulgrave Road  Sutton  SM2
6LF
Firm Name:   Benedict Mackenzie
Address:   3-4 Mulgrave Court  Mulgrave Road  Sutton  SM2 6LF


SEMA:  In a 3.5-Billion Pound Takeover Talks
--------------------------------------------
Sema, the troubled Anglo-French information technology services
group, confirmed on Monday that discussions are under way with
diverse suitors about a possible 3.5 billion pounds takeover,
according to a Tuesday report in The Guardian.

US-based oilfield and electronics group Schlumberger is seen as
the frontrunner. French computer and management services company
Cap Gemini, Ernst & Young and Logica, the British IT consultancy,
are also deemed potential bidders.

The American group, which is reportedly lining up for a $3
billion loan ahead of a formal cash bid for Sema, is around nine
times larger than Sema by market capitalization. It reported a 61
percent rise in income of $735 million from continuing operations
in 2000.


SHIPDESK LTD:  Notice Of Creditors Meeting
------------------------------------------
Company Name:   Shipdesk Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   11.30 am
Meeting date:   05/01/01
Meeting address:   3 Dyers Buildings
Meeting City Code:   London   EC1N 2JT
Authorised by:   T K Roach     19/12/00
Firm Name:   Casson Beckman & Partners
Address:   3 Dyers Buildings  London  EC1N 2JT



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
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.


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