/raid1/www/Hosts/bankrupt/TCREUR_Public/010503.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, May 03, 2001, Vol. 2, No. 87


                            Headlines



A U S T R I A

AIR ALPS: Director Confident Bankruptcy Avoidable


C Z E C H   R E P U B L I C

KOZELUZNY OTROKOVICE: Creditors to Sell Company in Parts


F R A N C E

CHEMUNEX SA: AES Launches Share Swap Bid
EXPAND SANTE: Ghosn Acquires Expand Unit
OCEANE: Up for Sale


G E R M A N Y

ADVA OPTICAL: Appoints Protiva as New CEO
ADVA OPTICAL: Widens Net Loss to 95.6 Million Euro
EM.TV: Passes F1 Control to Kirch
EM.TV: Submits Annual Accounts for 2000
MET@BOX AG: Corrects False Statement of N-tv
MICROLOGICA AG: Commences Bankruptcy Proceedings


G R E E C E

ENTERPRISE SHIPHOLDING: Retains Financial Advisor


I R E L A N D

ARCON INTERNATIONAL: Widens Loss to 8.25 Million Pounds
LAMONT: Posts 33 Million Sterling Pound Net Debt


N E T H E R L A N D S

KPN NV: Stake Sale Appears Stalled
LETSBUYIT.COM: Restructures Company to Improve Operation


P O R T U G A L

JERONIMO MARTINS: Will Post Loss of Up to 15 Million Euros


S W I T Z E R L A N D

ISMM GROUP: Court Grants Bankruptcy Stay


U N I T E D   K I N G D O M

CAMMELL LAIRD: Attracts Interest From 30 Bidders
GAMEPLAY PLC: Receives Buy-out Offers
MARKS & SPENCER: Prepares 700 Million Pounds Bond Issue
MONEY CHANNEL: Calls in Accountant
MONEY CHANNEL: Suspends Shares
NTL INCORPORATED: In Talks With AOL on Online Deal



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


AIR ALPS: Director Confident Bankruptcy Avoidable
-------------------------------------------------

Managing director Helmut Wurm of regional carrier Air Alps
remains optimistic that the company will succeed in averting
bankruptcy, according to the April 28 edition of Die Presse.

Austria's Tyrolean provincial governor Wendelin Weingartner has
pledged financial aid of Sch6 million for Air Alps on condition
that the Innsbruck municipal authorities and the Alto Adige
region of Italy also support the rescue package.



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


KOZELUZNY OTROKOVICE: Creditors to Sell Company in Parts
--------------------------------------------------------

Creditors of Kozeluzny of Otrokovice have decided to sell the
company in parts following the unsuccessful second round public
auction for the property, Hospodarske Noviny said in its April 30
report.

At the calling price of Kcs65 million, there was no bidder
willing to take part in the auction.

Last week, Kozeluzny's bankruptcy manager said the Italian
company Arbapelli and the Czech IMOS were interested in the
bankrupt leather-producing factory.



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


CHEMUNEX SA: AES Launches Share Swap Bid
----------------------------------------

Laboratory materials and equipment firm AES has launched a public
share swap offer for medical equipment testing maker Chemunex,
the April 28 edition of Le Figaro said.

Chemunex shareholders will receive one AES share for every 2,000
tendered, or 0.05 euro per share. Chemunex' closing price on
April 23 was 0.36 euro.

Chemunex, which had turnover of FFr50 million last year, posted a
loss of FFr36.74 million.


EXPAND SANTE: Ghosn Acquires Expand Unit
----------------------------------------

Former France-Soir chairman Georges Ghosn has bought health
communications firm Expand Sante, Le Monde reported April 28. Its
workforce will be reduced to 605 from 800.

Expand Sante is a former subsidiary of Expand that filed for
bankruptcy on January 24.


OCEANE: Up for Sale
-------------------

Textile company Oceane is now officially up for sale after it was
placed in receivership in October, La Tribune & World Reporter
said in its April 30 edition.

The troubled company, which specializes in piecework for fashion
houses Yves Saint Laurent, Agnes B and Sonia Rykiel, closed its
Challans factory in February and cut 130 of its 326 jobs.

Potential buyers have until May 11 to submit their bids.



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


ADVA OPTICAL: Appoints Protiva as New CEO
-----------------------------------------

ADVA Optical Networking, a leading global provider of optical
networking solutions, announced that Chief Strategy Officer Brian
Protiva has been appointed to the newly-created position of Chief
Executive Officer by the company's Supervisory Board, the April
30 edition of Business Wire said.

ADVA's change in corporate structure is the result of the
company's efforts to focus its vision and unify leadership
through clearer accountability, and follows the reporting of the
company's 2000 financial results earlier today.

Brian Protiva co-founded ADVA in 1994 and has been highly
instrumental in driving the company's growth to more than 398
employees at year-end 2000 and sales of 60.7 million euro in
2000. He initially focused on creating ADVA's marketing, sales
and growth strategy, but since April 2000 assumed responsibility
for the areas of research and development, product marketing, and
strategy.

In the new company structure, Chief Sales & Marketing Officer
Brian McCann, Chief Operating Officer Stephan Offermanns and
Chief Financial Officer Andreas Rutsch will report directly to
Brian Protiva and maintain the same areas of responsibility.


ADVA OPTICAL: Widens Net Loss to 95.6 Million Euro
--------------------------------------------------

Adva Optical Networking AG's net loss for 2000 was 95.6 million
euro, compared to a loss of 4.6 million in 1999, the April 30
edition of AFX News said.

The pro forma net loss was 11.8 million, compared to a net profit
of 1.1 million in 1999.

First quarter results will be released on May 29.


EM.TV: Passes F1 Control to Kirch
---------------------------------

EM.TV chief executive Thomas Haffa said Monday his company will
pass control of Formula One racing to broadcaster Kirch as part
of a deal to repay its debts, the Associated Press reported in
its April 30 edition.

Kirch's stake in the circuit will, therefore, rise to 57.5% by
September, while its own share will fall to 17.5%.

EM.TV has struggled since shelling out $1.6 billion last year for
a 50% stake in Formula One holding company, SLEC. Its shares have
since dropped by more than 90% in the wake of profit warnings, an
investigation into possible fraud and insider trading by Haffa
and the departure of top executives.


EM.TV: Submits Annual Accounts for 2000
---------------------------------------

Media company EM.TV & Merchandising AG has prepared its
provisional annual accounts for the fiscal year 2000, the April
30 Frankfurt Stock Exchange Press Release said.

Set against the background that the entire debit items have been
incorporated, the EM.TV's result was minus DM2.8 billion, for the
parent company minus DM2.7 billion. The group's turnover will
probably amount to DM1.3 billion, of the parent company's 180
million. The write-offs and reserves needed for the restructuring
are thereby taken into consideration in the result.

"The figures reflect our serious commitment of making a clean
break and at the same time giving a clear signal of a fresh
start. We've sorted everything out," says EM.TV Board Chairman
Thomas Haffa.

Despite the negative result, EM.TV continues to have a Group net
worth of ca. DM1.5 billion. On March 30, the parent company's
bank liabilities had fallen from nearly DM1.5 billion to around
DM234 million.

EM.TV expects the final certification of the annual accounts by
May 21.


MET@BOX AG: Corrects False Statement of N-tv
--------------------------------------------

The German TV-Station n-tv (Berlin) on April 30 published an
untrue statement about Met@box AG in it's current TV-program and
internet page, according to a press release from the Frankfurt
Stock Exchange.

The untrue statement says, "Metabox has announced (it will) sell
financial assets and release staff. Last week a liquidator was
appointed. Metabox staff has enforced this proceeding due to
unpaid salaries."

According to Met@box, the n-tv statement is false, there is no
appointment of a liquidator and no staff has enforced such a
proceeding. Metabox did not fail to pay salaries. The sale of
assets and a cut of headcount had been announced as a part of a
restructuring program, which has been run by the management since  
March of this year.

Several times in the past, n-tv has made false and untrue
statements about Met@box AG. The board and some shareholders  
will now decide to file legal cases against the responsible
persons at n-tv.


MICROLOGICA AG: Commences Bankruptcy Proceedings
------------------------------------------------

On April 30 the district court in Reinbek opened the bankruptcy
proceedings for Micrologica AG and appointed the Hamburg-based
lawyer and tax accountant Berthold Brinkmann as administrator of
the proceedings, the Frankfurt Stock Exchange reported in its
press release.

A preliminary creditors committee was established consisting of
representatives from the employees, the employment office, the
suppliers and other creditors.

The preliminary creditors committee will approve the preliminary
draft of the contract with Tenovis GmbH & Co KG, which covers the
transfer of the product MCC Micrologica Communication Center,
with the associated departments Development, Support, Training
and Distribution, to Tenovis. Tenovis will then assume
approximately 75 employees, which represents almost all of the
jobs at the Bargteheide location.

Micrologica AG, which will continue to be listed on the Neuer
Markt, will thus maintain the profitable pharmaceuticals
wholesale services business as well as the other activities of
the company and 12 employees from the original Micrologica group.

The management board and the administrator are reviewing the
possibility of establishing an insolvency-flat, in order to meet
all prerequisites for the lasting survival of the company.



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


ENTERPRISE SHIPHOLDING: Retains Financial Advisor
-------------------------------------------------

Enterprises Shipholding Corporation (ESC) has retained Credit
Suisse First Boston as its financial advisor to assist the
company in its consideration of certain restructuring
alternatives, the April 26 edition of Business Wire said.

ESC and its advisors are reviewing strategic alternatives,
including possible exit from the refrigerated cargo vessel
industry.

ESC also announced that it does not intend to pay the interest
payment on its 8 7/8% Senior Notes due 2008 that is due in May
2001. The company has paid and will continue to pay its trade
obligations and service its senior secured commercial bank debt.

The company is one of the world's leading independent owners and
operators of oceangoing reefer vessels, which transport deciduous
fruits, bananas, frozen poultry and citrus fruits worldwide,
primarily between Central America, the Caribbean, West Africa and
Europe.



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


ARCON INTERNATIONAL: Widens Loss to 8.25 Million Pounds
-------------------------------------------------------

Arcon International Resources has reported an increased net loss
of 8.25 million pounds for last year due to low zinc prices, poor
production levels at the mine, one-off charges for repair and
maintenance at the mine, and various adjustments including a
provision of 1 million pounds against foreign exploration
investments, the Irish Independent said in its Tuesday edition.

The lower production levels at its zinc mine in Galmoy are being
addressed according to the company statement, through the
introduction of a third mining shift.

Chairman Tony O'Reilly said the results were disappointing and
mainly due to failure to achieve mine production levels.


LAMONT: Posts 33 Million Sterling Pound Net Debt
------------------------------------------------

Lamont, in the April 30 edition of Estockex, said the textiles
group had a 33 million sterling pounds net debt at the end of
2000 and is only able to continue trading with the support of the
banks.

The group reported operating losses of 2.7 million sterling
pounds last year but due to a series of changes, the total loss
for 2000 was 19.4 million sterling pounds.

Lamont is restructuring its business, which involves the closure
of its carpet and carpet yarns division as well as the sale of
its Moygashel carpets division.



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


KPN NV: Stake Sale Appears Stalled
----------------------------------

KPN NV is making little progress in talks with the Czech
government on the sale of its stakes in telecom operators in the
Czech Republic and Hungary, the Wall Street Journal reported
yesterday.

The Dutch telecommunication firm said in March it expected to
raise 5 billion euros from the sale of noncore assets in a bid to
reduce debt of 21.9 billion euros. Analysts said prospects were
dim that the company would execute its plan of raising one-third
of that amount by selling its Eastern European holdings, which
include 20.3% stake in Cesky Telecom AS, a 44.7% stake in
Hungarian mobile operator Pannon GSM and a 75.2% stake in
Hungarian telecom PanTel Rt.

According to KPN spokeswoman Carla van Lomvel, the sale of Cesky
Telecom was likely to be delayed because of changes in the Czech
cabinet. She said that KPN is confident about the sale of PanTel
because it continues to believe that data is the wave of the
future.

Van Lomvel added KPN would sell its Eastern European assets only
if it could get a reasonably good price.


LETSBUYIT.COM: Restructures Company to Improve Operation
--------------------------------------------------------

Letsbuyit.com has closed seven out of 13 offices and reduced its
workforce from over 350 to approximately 130 employees to drive
economies of scale and reduce time to profitability, the April 30
press release of the Frankfurt Stock Exchange said.

In order to improve operating results, LetsBuyIt.com intends to
focus its business activities on key markets, to build a more
selective and higher margin product offering and to raise
efficiencies in the area of logistics and member services.

Following the significant reduction of General- and
Administrative-Costs achieved by the restructuring, the company
is looking to increase margins and save additional costs by
reducing its supplier base, and implementing improved costs
control systems.

Furthermore, the company is actively pursuing projects to improve
its position through strategic alliances and partnerships with
major European internet- and bricks&mortar- companies.

In spite of significant marketing cutbacks and a limited product
assortment at start, LetsBuyIt.com recorded orders with a value
in excess of 2 million euro within just a few weeks after
resuming business operations. The company intends to expand its
product offering and resume full-scale marketing activities
during the coming weeks.

LetsBuyIt.com has announced plans to reach profitability during
the fourth quarter of 2002, with the successful completion of its
restructuring program and its new strategy and additional funds
in place.



===============
P O R T U G A L
===============


JERONIMO MARTINS: Will Post Loss of Up to 15 Million Euros
----------------------------------------------------------

Jeronimo Martins may post a loss of between 10 million and 14.9
million euros for the first quarter due to hefty financial losses
arising from higher debt, foreign exchange hedging and rising
interest rates, the April 27 edition of Namnews said.

Analysts predicted that the retailer would make an operating
profit, but this suffered due to holdings in Poland recording
operating losses and lower profitability in Brazil compared with
Portugal.



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


ISMM GROUP: Court Grants Bankruptcy Stay
----------------------------------------

The justice commission of the supreme court of the canton (state)
of Zug granted sports marketing company International Sports
Media and Marketing (ISMM) Group a one-month stay from bankruptcy
proceedings, the May 1 edition of Wall Street Journal reported.

The court order will allow ISMM to complete its sale to French
media company Group Canal Plus SA to carry out financial
restructuring.

ISMM filed for bankruptcy in March, but asked the court to stay
the order. The court refused and ISMM immediately appealed. The
company is also facing legal action from the auto racing
association CART after it broke its contract alleging numerous
breaches by CART.



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


CAMMELL LAIRD: Attracts Interest From 30 Bidders
------------------------------------------------

Cammell Laird PLC receiver PricewaterhouseCoopers said that it is
currently in discussion with about 30 companies who have
expressed an interest in bidding for ailing shipbuilder, AFX News
said in its April 30 edition. The companies' identities were
withheld.

A PwC spokeswoman said she would not specify any minimum criteria
for the bidding and that she was not familiar with the details of
the interested parties' offers at this stage.

Venture capital firm Alchemy Partners, Royal Bank of Scotland PLC
unit A&P Group and shipbuilder Swan Hunter, have been reported to
be interested in buying Cammell Laird out of receivership.


GAMEPLAY PLC: Receives Buy-out Offers
-------------------------------------

Troubled online games retailer Gameplay has received offers to
buy all or parts of the company from unidentified parties, the
April 30 edition of the Financial Times said.

The company added it had appointed Commerzbank Securities to
undertake a strategic review of its activities, particularly
options for the Boxed Games and Technology divisions.

Analyst Robin Bunting at Gameplay house broker Peel Hunt said he
thought the sale of various divisions of the company was more
likely than one of the whole company.


MARKS & SPENCER: Prepares 700 Million Pounds Bond Issue
-------------------------------------------------------

Marks & Spencer is preparing a 700 million-pound securitization
of part of its property portfolio in order to raise funds for a 2
billion-pound giveaway to investors, the April 30 edition of
Namnews said.

The company is currently examining its property assets and
stores, in a bid to work out how best to exploit the value of its
property portfolio.


MONEY CHANNEL: Calls in Accountant
----------------------------------

The Money Channel, the television venture specializing in
personal finance advice, called in an independent accountant from
PricewaterhouseCoopers to assess its financial position amid
concerns that it is about to run out of money, according to The
Times yesterday.

Company founder former pop star Adam Faith said revenues are
currently insufficient for the projected working requirements of
the company.

Money Channel is also thought to be losing about 1 million pounds
a month and is believed to be down to its last 250,000 pounds.


MONEY CHANNEL: Suspends Shares
------------------------------

The Money Channel, a provider of news and information on
investments and consumer finance, requested the stock exchange to
suspend trading in its shares pending clarification of its
financial position, BBC News reported.

In a statement on Tuesday, the Money Channel said revenues were
currently insufficient for the company's working capital
requirements. It did not say how much cash the company had but
analysts said, the indications were that the 6 million pound the
Money Channel said it had in February had now run out.

The Money Channel is the latest in a number of personal finance
and online news businesses to run into financial trouble in
recent months. Others are financial news service TheStreet and
ECountries.


NTL INCORPORATED: In Talks With AOL on Online Deal
--------------------------------------------------

Cable television company NTL Inc. is negotiating with AOL Time
Warner to offer certain AOL services over NTL's high speed cable
service, according to Wall Street Journal's May 1 report.

The negotiations do not include other aspects of AOL Time Warner,
though CNN is currently available through NTL. AOL is currently
available in England and it has been casually seeking an entrance
into the broadband market there.

The May 1 edition of TCR-EUR reported that NTL is the most likely
telecom-related company to face potential bankruptcy, when
investment bank HSBC rated the cable company "not viable." HSBC
added that the combination of high losses, huge debt burdens and
unstoppable spending plans spells disaster down the line for
equity holders.









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. Lyndsey Resnick,
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
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Information contained herein is obtained from sources believed to
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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
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