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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, March 02, 2001, Vol. 2, No. 43


                            Headlines


B E L G I U M

LERNOUT & HAUSPIE: Shows Technology Solutions at Cebit 2001


C Z E C H   R E P U B L I C

PRAZSKE PIVOVARY: Posts Loss of 789 Million Crowns for 2000


F R A N C E

BULL SA: Shares Drop 7 Percent


G E R M A N Y

BIOTISSUE TECHNOLOGIES: Loss Widens at 6.76 Million Marks
DAIMLERCHRYSLER AG: Schrempp Puts Confidence on Turnaround
DAIMLERCHRYSLER AG: Unveils Restructuring Plan
SCM MICROSYSTEMS: Posts $6.2 Million Loss in 2000


I T A L Y

FILA HOLDINGS: Posts 138 Billion Lire Loss


N E T H E R L A N D S

LAURUS NV: Posts 55 Million Euros Loss
TBI HOLDING:  To Lose Fl 27 Million Due to Bulgarian Adventure


R U S S I A

MIL HELICOPTER: Ends Bankruptcy Struggle


S P A I N

TERRA LYCOS: Fourth Quarter Loss Widens to $95.8 Million


U N I T E D   K I N G D O M

BRIGHT STATION:  Posts 128.9 Million Pounds Pre-tax Loss
COMPLETE ACCESS:  Liquidation Proceedings
EIDOS PLC: Posts 13.9 Million Pounds Pre-tax Loss
ORANGETREE CONSULTING:  Liquidation Proceedings
TOYZONE.CO.UK: Online Retailer Stops Trading

W H BRIGGS:  Liquidation Proceedings
WILLIAM BAIRD: Faces 1.5 Million Pound Legal Bill


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

LERNOUT & HAUSPIE: Shows Technology Solutions at Cebit 2001
-----------------------------------------------------------
Lernout & Hauspie Speech Products N.V. will showcase its latest
leading-edge speech and language technology solutions at CeBIT
2001, according to a February 26 press release.

CeBIT will take place between March 22nd and 28th in Hannover,
Germany. Those wishing to observe product demonstrations and test
the Company's newest technologies are invited to visit L&H in
Hall 6, Booth G48.


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

PRAZSKE PIVOVARY: Posts Loss of 789 Million Crowns for 2000
-----------------------------------------------------------
Prazske Pivovary posted a large loss of 789 million crowns ($21.1
million) for 2000 and called for an injection of up to three
billion crowns in new capital, according to Reuters on Wednesday.

The company will hold a general meeting on April 6 to propose
slashing capital by 75 percent to 429 million by cutting the
nominal value of shares to 25 crowns from 100.

Shareholders will be offered seven new 25-crown shares for each
one they hold, bringing share capital up to 3.4 billion crowns,
while shares left over from the first round will be offered
publicly. The equity increase is to allow the company to cut its
external debt and provide operating capital.


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

BULL SA: Shares Drop 7 Percent
------------------------------
Shares of Bull SA plummeted 7.3 percent on Tuesday after Les
Echos newspaper reported the IT group could lose about 200
million euros for the 2000 financial year, according to the
Financial Times.

The French group is implementing a stringent cost-cutting program
including a plan to sell its CP8 smart card division to
Schlumberger for 350 million euros.

Bull, which reported a net loss of 96 million euros last July,
said last month that provisional full-year sales for 2000 had
fallen 2.3 percent to 3.24 billion euros. The company has paid no
dividends during the previous six fiscal years.

Bull produces and distributes a wide range of electronic data
processing systems and provides related services such as
personal, professional, customer and systems integration
services.


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

BIOTISSUE TECHNOLOGIES: Loss Widens at 6.76 Million Marks
---------------------------------------------------------
Loss of BioTissue Technologies AG, the company that engineers
human tissue samples, widened by 4.9 percent in 2000 at 6.76
million marks, prompting a fall in its shares for as much as 9.4
percent to 24 euros on the Neuer Markt, Reuters said in its
February 28 report.

BioTissue told Reuters that it expects sales of 3.3 million marks
in 2001 to grow to 15.5 million in 2002. It also expects to post
a loss of 11.7 million marks this year and to break even in 2003.


DAIMLERCHRYSLER AG: Schrempp Puts Confidence on Turnaround
----------------------------------------------------------
DaimlerChrysler AG Chairman Juergen Schrempp says he is confident
about the firm's prospects despite difficulties that the Chrysler
unit is currently facing, according to The Wall Street Journal on
Wednesday.

Shareholder Kirk Kerkorian is apparently not impressed by the
firm's prospects. He allegedly continues to sell off his shares
in the company.


DAIMLERCHRYSLER AG: Unveils Restructuring Plan
----------------------------------------------
The restructuring of DaimlerChrysler AG's ailing U.S. Chrysler
unit would cost some $3.64 billion but should drive back to
profits in 2002, the St. Petersburg Times said in its February 27
edition.

To put the Chrysler crisis behind it, the company said it would
book charges of up to $2.76 billion already in the first quarter,
pushing the whole group into the red.

The rescue package includes 26,000 job cuts at Chrysler, closing
or idling six plants, cost reductions and greater component
sharing among the group's extended family.

Adjusted group operating profit for the full year would fall to
between $1.1 and $1.55 billion in 2001 as losses at Chrysler are
expected to reach between $2 and $2.4 billion.

If the revamp goes according to plan, Chrysler will make a profit
of over $1.84 billion in 2003, helping to drive up the overall
group result, the Times added.


SCM MICROSYSTEMS: Posts $6.2 Million Loss in 2000
-------------------------------------------------
Smart card company SCM Microsystems, Inc. posted a fourth-quarter
net loss of $6.2 million in 2000, according to Reuters on
Wednesday.

The loss was due to a $9.4 million charge related to the
depreciation of redundant research and development projects, its
employee stock option plan and the December acquisition of Dazzle
Inc., an American digital video editing company.

SCM Microsystems designs, develops and sells products used to
control access the computers, networks and digital television
broadcasts, conduct electronic commerce and exchange digital
information.


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

FILA HOLDINGS: Posts 138 Billion Lire Loss
------------------------------------------
Sportswear company Fila Holdings SpA blames its 2000 net loss of
138.6 billion lire ($65.5 million) on a restructuring plan,
according to Reuters in its February 27 report.

While revenues have grown to 1,943 billion lire from 1,756.9
billion, losses of 33.4 billion lire from restructuring and other
non-recurring costs in 2000 helped push the company into the red.

Fourth quarter losses totaled 99.37 billion lire.

Last month, Fila announced that it was consolidating its outlet
stores network for 14 billion lire in an effort to restructure
and return to profitability.


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

LAURUS NV: Posts 55 Million Euros Loss
--------------------------------------
Laurus NV has reported a 2000 provisional net loss of 55 million
euros ($50.5 million) because of poor performance in Spain, where
the food retailer owns 700 Arbol supermarkets in four provinces
and employs 8,000 people, according to Reuters on Wednesday.

Losses in Spain were due to high levels of theft and bad
inventory management.

In November, Laurus unveiled a 900 million euro restructuring
plan, which includes the sale of non-core assets and cutting 700
jobs. It will combine its Dutch supermarket formats into 800 one-
brand shops named Konmar.


TBI HOLDING:  To Lose Fl 27 Million Due to Bulgarian Adventure
--------------------------------------------------------------
Construction group TBI Holding is threatening to lose Fl 27
million due to the failed privatization of Bulgaria's flag
carrier Balkan Airlines, according to De Telegraaf & World
Reporter in its February 27 report.

The losses consist of unpaid insurance premiums by the airline,
which TBI's Bulgarian subsidiary Bulstrad tried to collect in
vain. Balkan Airlines has filed for liquidation at the request of
Bulstrad.

According to Bulgarian law, the amount the airline owes Bulstrad
is enough to request suspension of payment.


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

MIL HELICOPTER: Ends Bankruptcy Struggle
----------------------------------------
A Moscow court officially ended bankruptcy proceedings on Friday
against the Mil Helicopter Plant, clearing the way for the
aviation company to get back to business as a joint-stock
company, the St. Petersburg Times said in its Tuesday edition.

External manager Leonid Zapolsky is planning a new share issue
for Mil that would increase the government's stake in the plant
to just over 50 percent and give a blocking stake to creditor
Mezhregionalny Investitsionny Bank in exchange for debts.

The court, creditors and external manager Vladimir Bogocharov at
six months have all put Mil's total debt at 315 million rubles
($11.25 million), TCR-EUR's December 21, 2000 edition reported.


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

TERRA LYCOS: Fourth Quarter Loss Widens to $95.8 Million
--------------------------------------------------------
Internet group Terra Lycos, S.A. said on Monday its fourth
quarter pro-forma loss before interest, tax, depreciation,
amortization and one-time charges widened to $95.8 million as it
undertook a spate of acquisitions.

Terra Lycos has paid no dividends during the last 12 months, with
earnings before extraordinary items in 2000 of -555.00 million
euros. The company has reported losses before extraordinary items
for each of the past three years.

On October, Terra Networks created Terra Lycos through a $5.8
billion all-share acquisition of U.S. portal Lycos. The company's
main activity is to provide services through the Internet such as
access (ISP), portal e-commerce, interactive services and
advertising.


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

BRIGHT STATION:  Posts 128.9 Million Pounds Pre-tax Loss
--------------------------------------------------------
Bright Station Plc, which provides an indexed online business
information service sourced principally in the United Kingdom and
North America, has reported a final pre-tax loss of 128.9 million
pounds, The Times said in its March 1 edition.

Bright Station's current liabilities stood at 71.57 million
pounds at the end of 1999 while total current assets were only
47.27 million pounds.


COMPLETE ACCESS:  Liquidation Proceedings
-----------------------------------------
Company Name:   Complete Access (UK) Ltd
Com. Business:   Mobile Communications
Appointed on:   07/02/01
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Steven G Taylor  IPno: 7953    
Firm Name:   Poppleton & Appleby
Address:   4 Charterhouse Square
City Postcode:   London  EC1M 6EN


EIDOS PLC: Posts 13.9 Million Pounds Pre-tax Loss
-------------------------------------------------
Computer games publisher Eidos Plc has reported a pre-tax loss of
13.9 million pounds before exceptional items for the nine months
to December 31, according to The Times yesterday. Exceptional
losses totaled 54.1 million pounds while sales fell to 137.8
million pounds.

Chief executive Mike McGarvey, however, dismissed speculation
that Eidos, with gross debt of 28.8 million pounds, would need to
raise additional funds.

The company's total liabilities as of March 2000 were 142.23
million pounds.


ORANGETREE CONSULTING:  Liquidation Proceedings
-----------------------------------------------
Company Name:   Orangetree Consulting Ltd
Company No:   2921028
Com. Business:   Telecommunications
Appointed on:   06/02/01
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


TOYZONE.CO.UK: Online Retailer Stops Trading
--------------------------------------------
A failure to raise funds needed to keep operating propelled
online retailer toyzone.co.uk to cease trading, according to
Reuters on February 27.

Toyzone.co.uk said it was taking advice on winding up and that a
lack of confidence in the e-commerce sector had undermined its
efforts to raise cash.

Toyzone factory outlet shops in southeast England were unaffected
by the closure of the e-commerce business, the news agency added.


W H BRIGGS:  Liquidation Proceedings
------------------------------------
Company Name:   W H Briggs Ltd
Company No:   2028456
Com. Business:   Develop & Sell Real Estate
Appointed on:   06/02/01
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Richard J Long  IPno: 6059    
Firm Name:   Richard J Long & Co
Address:   381-383 City Road
City Postcode:   London  EC1V 1NW


WILLIAM BAIRD: Faces 1.5 Million Pound Legal Bill
-------------------------------------------------
William Baird Plc, the largest concession retailer of clothing in
United Kingdom, faces a 1.5 million-pound legal bill following a
Court of Appeal ruling that the clothing manufacturer could not
sue Marks & Spencer for 53 million pounds in damages, according
to The Times yesterday.

In 1999, Baird attempted to sue M&S for breach of contract. The
clothing manufacturer was forced to close about 15 factories and
lay off some 4,000 workers for 113 million pounds.

William Baird designs, manufactures and sells clothing
principally in the United Kingdom, Europe and Asia.



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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