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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

            Thursday, February 15, 2001, Vol. 2, No. 33


                            Headlines


B E L G I U M

LERNOUT & HAUSPIE:  Financing Hearing Moved to February 20


I R E L A N D

EIRCOM:  eIsland Enters Formal Talks with Eircom
WORLDSPORT NETWORKS:  Sports Portal in Liquidation


I T A L Y

ALITALIA:  Commission Looks Anew at State Aid
ALITALIA:  KLM Refuses to Restart Talks


P O L A N D

AGROS-HOLDINGS:  French Drinks Group Launches Bid
HUTA STALOWA:  Government to Give Steel Mill Bank Shares


U N I T E D   K I N G D O M

A R W SERVICES LTD:  Notice of Creditors Meeting
ACTIVE AUTO LTD:  Notice of Creditors Meeting
ADVANCED COURIER NETWORK LTD:  Notice of Creditors Meeting
ALBA MACHINERY LTD:  Notice of Creditors Meeting
ASTRA WINDOWS LTD:  Notice of Creditors Meeting

CCD TRANSPORT LTD:  Notice of Creditors Meeting
COASTLANE ENGINEERING LTD:  Notice of Creditors Meeting
DORADO DESIGNS LTD:  Notice of Creditors Meeting
EAST LANCS COATINGS LTD:  Notice of Creditors Meeting
ELECTRICAL INTEGRATED SERVICES LTD:  Notice of Creditors Meeting

EQUITABLE LIFE:  Members Claim Secrecy Surrounding Halifax Bid
HEMSCOTT.NET:  News Portal Drops the Net
HEMSCOTT.NET:  Posts 12 Million Pound Pre-tax Loss
MILLENNIUM DOME:  Gerbeau Gives Ultimatum on Dome
MILLENNIUM DOME:  Grosvenor Withdraws from Legacy Consortium

SEMA:  Schlumberger Casts Takeover as Friendly


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


LERNOUT & HAUSPIE:  Financing Hearing Moved to February 20
----------------------------------------------------------
A U.S. bankruptcy court hearing to consider a proposed $60
million in crucial short-term financing for Lernout & Hauspie
Speech Products NV has been moved to February 20, according to
Reuters on Tuesday.

The company was expected to seek final approval on Tuesday for a
13-month debtor-in-possession (DIP) financing package, necessary
to keep the business operation afloat. Reports say that the
proposed creditor, Cerberus Capital Management LP, may have
caused the delay for it was not able to complete the necessary
due diligence and documentation work on time for a Tuesday
hearing.

Lernout & Hauspie, operating under bankruptcy court protection in
the United States and Belgium, is now facing investigations by
U.S. and European regulators as well as 13 shareholder lawsuits
and strained relations with creditors.


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

EIRCOM:  eIsland Enters Formal Talks with Eircom
------------------------------------------------
Denis O'Brien's eIsland consortium is preparing to make a cash
offer to shareholders of Eircom, following the agreement over the
weekend to receive up to date financial information on the
company, according to Irish Independent in its Tuesday report.

The next stage would be for O'Brien to sign up to a stand-still
document, which would only allow it make one bid for the company
after which it would be prevented from making a fresh offer for a
certain period of time.

Meanwhile, businessman Pearse Flynn, a former chief executive of
telecom group Newbridge Networks, had contacted Eircom several
weeks ago with a bid of euros 2.25 billion.


WORLDSPORT NETWORKS:  Sports Portal in Liquidation
--------------------------------------------------
Worldsport Networks Limited, an Internet-based company for major
sporting events, is currently in liquidation following its
failure last year to secure additional venture funding, according
to the Irish Independent in its February 13 edition.

Last July, some 160 staff lost their jobs after the company
failed to secure funding. Worldsport then negotiated the
broadcast rights to events organized by 53 international sporting
federations under the GAIS umbrella.

Tom Fitzpatrick of chartered accountants Fitzpatrick Morris
Barrett & Co, the firm's appointed liquidator, is now working
with receiver Tom Kavanagh in a bid to sell the company's
remaining assets, principally the rights to the Worldsport
Network name.


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

ALITALIA:  Commission Looks Anew at State Aid
---------------------------------------------
The European Commission may take a look again to determine
whether a cash injection by the Italian government to Alitalia
constitutes state aid, Reuters said on Tuesday.

The new examination, expected to take several months, might still
find the 1997 payment of 2.75 trillion lire to the airline as
state aid, the source said. The result of the finding would make
the payments conditional on Alitalia making satisfactory progress
with commercial restructuring.

The court ruled in December against the Commission, leaving the
EU executive two months to appeal.


ALITALIA:  KLM Refuses to Restart Talks
---------------------------------------
The Italian government has informally signaled an interest in
reviving talks on an alliance between KLM and Italian flag
carrier Alitalia but the Dutch airline has refused to restart
talks, according to Reuters on Tuesday.

"KLM has indicated very strictly that under the current
circumstances, there is no way we would restart negotiating or
talking with Alitalia," KLM Royal Dutch Airlines spokesman Bart
Koster said.

To recall, KLM and Alitalia forged an alliance in 1998 but KLM
pulled out last April.


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

AGROS-HOLDINGS:  French Drinks Group Launches Bid
-------------------------------------------------
Pernod Ricard of France said on Tuesday it has launched a full
cash bid for 63 percent of beverage and fruit company Agros-
Holdings SA at 41.5 zlotys ($10.15) a share, Reuters reported on
February 13.

The move follows an agreement reached on December 19 between
Pernod and U.S. investment funds Emerging Ventures and Highwood
Partners.

Agros not only produces fruit and vegetable juices, preserves,
baby food, confectionery and breakfast cereals, but also owns
export retail rights for Polish vodkas including Wyborowa.


HUTA STALOWA:  Government to Give Steel Mill Bank Shares
--------------------------------------------------------
The Polish government on Tuesday agreed to raise the capital of
troubled state-owned steel mill Huta Stalowa Wola SA by giving it
1.08 million shares in the country's largest listed Bank Pekao,
according to Reuters on Tuesday. The market value of the
transferred stake is 75 million zlotys ($18.42 million).

"The capital increase will allow to continue restructuring of the
mill before its privatization," the statement said.

The cabinet had agreed to hand over 370,103 shares in Pekao to
financial firm TF Silesia to guarantee banking loans for Huta
Katowice and transferred its holdings in Bank Handlowy and KGHM
Polska Miedz to its wholly owned units to boost their capital
ahead of privatization.


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

A R W SERVICES LTD:  Notice of Creditors Meeting
------------------------------------------------
IA 1986 Section: 98 Creditors
Meeting Time: 10.30 am
Meeting date: 16/01/01
Meeting address: Majority House 51 Lodge Lane
Meeting City Code: Derby DE1 3HB
Authorized by: R Wainwright Director 28/12/00
Last day for proxy: 15/01/01
Proxy address: Majority House 51 Lodge Lane Derby DE1 3HB
Firm Name: Smith Cooper
Address: Majority House 51 Lodge Lane Derby DE1 3HB


ACTIVE AUTO LTD:  Notice of Creditors Meeting
---------------------------------------------
IA 1986 Section: 98 Creditors
Meeting Time: 03.00 pm
Meeting date: 16/01/01
Meeting address: 39 Castle Street
Meeting City Code: Leicester LE1 5WN
Authorized by: C Skillen Chairman 18/12/00
Firm Name: Casson Beckman & Partners
Address: 39 Castle Street Leicester LE1 5WN


ADVANCED COURIER NETWORK LTD:  Notice of Creditors Meeting
----------------------------------------------------------
IA 1986 Section: 98 Creditors
Meeting Time: 03.15 pm
Meeting date: 16/01/01
Meeting address: The Old Exchange 234 Southchurch Road
Meeting City Code: Southend-on-Sea SS1 2EG
Authorized by: C Wright Director 20/12/00
Last day for proxy: 15/01/01
Proxy address: The Old Exchange 234 Southchurch Road Southend-on-
Sea SS1 2EG Liquidators: Peter Gotham
Firm Name: Begbies Traynor
Address: The Old Exchange 234 Southchurch Road Southend-on-Sea
SS1 2EG


ALBA MACHINERY LTD:  Notice of Creditors Meeting
------------------------------------------------
IA 1986 Section: 67 Creditors
Meeting Time: 03.00 pm
Meeting date: 16/01/01
Meeting address: 10 Ardoss Street
Meeting City Code: Inverness IV3 5NS
Authorized by: Kenneth R Craig Joint Receiver
Firm Name: Scott Oswald
Address: 33 Albyn Place Aberdeen AB10 1YL


ASTRA WINDOWS LTD:  Notice of Creditors Meeting
-----------------------------------------------
IA 1986 Section: 98
Creditors Meeting Time: 11.15 am
Meeting date: 16/01/01
Meeting address: 76 New Cavendish Street
Meeting City Code: London W1G 9TB
Authorized by: A Seoudy Director 12/12/00
Last day for proxy: 15/01/01
Proxy address: 76 New Cavendish Street London W1G 9TB
Firm Name: Berley
Address: 76 New Cavendish Street London W1G 9TB


CCD TRANSPORT LTD:  Notice of Creditors Meeting
-----------------------------------------------
IA 1986 Section: 98 Creditors
Meeting Time: 02.45 pm
Meeting date: 16/01/01
Meeting address: Moriston House 75 Springfield Road
Meeting City Code: Chelmsford CM2 6JB
Authorized by: R Dickens Director
Last day for proxy: 15/01/01
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


COASTLANE ENGINEERING LTD:  Notice of Creditors Meeting
-------------------------------------------------------
IA 1986 Section: 98 Creditors
Meeting Time: 12.00 pm
Meeting date: 16/01/01
Meeting address: 78 Carlton Place
Meeting City Code: Glasgow G5 9TH
Authorized by: Mrs F McIlwham Director 11/12/00
Firm Name: Pannell Kerr Forster
Address: 78 Carlton Place Glasgow G5 9TH


DORADO DESIGNS LTD:  Notice of Creditors Meeting
------------------------------------------------
IA 1986 Section: 98 Creditors
Meeting Time: 11.15 am
Meeting date: 16/01/01
Meeting address: Brazennose House Lincoln Square
Meeting City Code: Manchester M2 5BL
Authorized by: J Smith Director 19/12/00
Last day for proxy: 15/01/01
Proxy address: Brazennose House Lincoln Square Manchester M2 5BL
Firm Name: Baker Tilly
Address: Brazennose House Lincoln Square Manchester M2 5BL


EAST LANCS COATINGS LTD:  Notice of Creditors Meeting
-----------------------------------------------------
IA 1986 Section: 98 Creditors
Meeting Time: 10.30 am
Meeting date: 16/01/01
Meeting address: 1 Old Hall Street
Meeting City Code: Liverpool L3 9HF
Authorized by: D V Dean Director 29/12/00
Firm Name: Huntington Moore
Address: 1 Old Hall Street Liverpool L3 9HF


ELECTRICAL INTEGRATED SERVICES LTD:  Notice of Creditors Meeting
----------------------------------------------------------------
IA 1986 Section: 98 Creditors
Meeting Time: 11.30 am
Meeting date: 16/01/01
Meeting address: 44 Old Hall Street
Meeting City Code: Liverpool L3 9EB
Authorized by: D Dexter Director 14/12/00
Liquidators: John C Moran
Firm Name: Parkin S Booth & Co
Address: 44 Old Hall Street Liverpool L3 9EB


EQUITABLE LIFE:  Members Claim Secrecy Surrounding Halifax Bid
--------------------------------------------------------------
The Equitable Members Action Group, Equitable Life's ordinary
policyholders, believe they may have been victims of mis-selling
because they were not informed about the benefits of a sale to
Halifax.

EMAG met Financial Services Authority officials last night for
discussions over the guaranteed annuity rate policies.

EMAG is also irritated that a compromise deal is likely to
involve the 80 percent of policyholders with no guarantees of
having to make greater sacrifices than those with guaranteed
annuity rate (GAR) policies.


HEMSCOTT.NET:  News Portal Drops the Net
----------------------------------------
Hemscott.net, the business information provider and financial
news portal operator, is about to drop the ".net" to become
Hemscott plc. The move is aimed at showing that the company's
Internet operations are only one part of the business, The Times
reported yesterday.

The news came as Hemscott reported that the company suffered an
operating loss of just under 12 million pounds during the year,
which it blamed on start-up costs and one-off costs of 2.2
million pounds relating to the Bridgend reversal.

Hemscott's main clients are institutions that license its
information to third parties.


HEMSCOTT.NET:  Posts 12 Million Pound Pre-tax Loss
--------------------------------------------------
Hemscott.net aims to be cash-positive and profitable as soon as
possible, following a company disclosure on Tuesday that the
business information provider has a 12 million pounds pre-tax
loss for the year to December 31, according to This Is London.

The loss figure is before goodwill write-downs and exceptionals
totaling 2.4 million pounds, the biggest whack being the cost of
flotation via a reversal into quoted kitchen fittings distributor
Bridgend Group.

A near-tripling of IT and marketing staff is said to be a factor
in the operating loss for the cash-positive. This will be paid
off with new products, said chief executive Rosalyn Wilton.


MILLENNIUM DOME:  Gerbeau Gives Ultimatum on Dome
-------------------------------------------------
Pierre-Yves Gerbeau, the man hired by ministers to save the
Millennium Dome, has given the Government 48 hours to begin talks
on his rival bid to take over the Greenwich site or he will walk
away from the project, according to The Times yesterday.

Gerbeau accused ministers of astonishing incompetence and
disclosed that he had talks with Guy Hands of Nomura to bankroll
his own 150 million pounds plan to turn the Dome into a visitor
attraction by day and a concert hall and sporting arena at night.

"I understand the Government wants to get rid of the Dome so it
does not interfere in the general election process. But they
could have new bids resubmitted in two weeks and a decision taken
shortly afterwards. It does not have to drag on. I want to make
the Dome work as a visitor attraction for another 20 years. I
think we should be given a chance. But time is running out,"
Gerbeau said.


MILLENNIUM DOME:  Grosvenor Withdraws from Legacy Consortium
------------------------------------------------------------
The troubled 125 million pounds Legacy bid to buy the Millennium
Dome was plunged into further crisis on Tuesday after a
consortium including Grosvenor Estates withdrew plans to join the
project, the Irish Independent said in its February 13 edition.

The formal announcement came an hour before the set deadline for
Legacy to answer major concerns of the British government about
the commercial viability of the proposals. Ministers have put
Legacy chairman Robert Bourne and major backers Treasury Holdings
under intense pressure to attract other major investors.

Legacy's supporters, however, confirmed that property company
Teesland had taken a stake.


SEMA:  Schlumberger Casts Takeover as Friendly
----------------------------------------------
Chief executive Euan Baird of U.S.-based Schlumberger on Tuesday
dismissed doubts over the takeover of Anglo-French information
technology company Sema, but acknowledged it may not be an ideal
acquisition, according to Reuters in its February 13 edition.

"This may not be the best takeover that Schlumberger ever did,
but it is certainly the friendliest," he said. "The information
technology is just beginning and we want to be part of it."

On Monday, Schlumberger has agreed to buy troubled Sema for $5.2
billion in cash. The takeover, described as fast and friendly, is
said to dilute earnings before amortization of intangible assets
in 2001 and 2002, and would become neutral in 2003. It is also
aimed at retaining key Sema personnel.



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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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.

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