/raid1/www/Hosts/bankrupt/TCREUR_Public/010522.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

                    Tuesday, May 22, 2001, Vol. 2, No. 100


                                          Headlines

* A U S T R I A *

STEINER INDUSTRIES: To File for Bankruptcy

* B E L G I U M *

LERNOUT & HAUSPIE: Delists From Nasdaq Europe
UBIZEN NV: Widens Net Loss to 4.52 Million Euro

* C Z E C H   R E P U B L I C *

CKD DOPRAVNI: Siemens to Slash 500 Staffers at CKD

* F R A N C E *

INTERCALL: Liberty Surf Finalizes Acquisition Bid

* G E R M A N Y *

EM.TV: Deutsche Boerse to Fine EM.TV
PIXELPARK AG: First Quarter Loss Widens to 3.5 Million Euro

* H U N G A R Y *

SIOFOK PRINTING: To Be Liquidated

* I T A L Y *

E.PLANET: Seeks Financial Partner

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

MANAGEMENT SHARE: Files for Payment Protection
RING!ROSA PRODUCTS: Court Declares Ring!Rosa Bankrupt

* P O L A N D *

ELEKTRIM SA: To Compare Rival Offers for PTC
NETIA HOLDINGS: Net Loss Widens to 169.2 Million Zlotys

* S P A I N *

SINTEL: Telefonica Rules Out Sintel Negotiations

* S W E D E N *

BOLIDEN LIMITED: Plans Rights Offering to Raise $114 Million

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

SAIRGROUP: Air Liberte Works on Restructuring Plan

* U N I T E D   K I N G D O M *

BRITISH TELECOM: Ignite Chief May Get Paid 14 Million Pounds
DOLPHIN TELECOM: Posts Larger First Quarter Net Loss
MARKS & SPENCER: Appoints New Design Heads
MARKS & SPENCER: PPR May Buy M&S Stores
NTL INCORPORTED: Aims to Sell Media Assets
RAILTRACK GROUP: Directors Waive 100,000 Pounds in Bonuses
RAILTRACK GROUP: Poised to Report Huge Losses This Week
WILLIAM BAIRD: Faces Pressure to Accept Alchemy Bid


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


STEINER INDUSTRIES: To File for Bankruptcy
------------------------------------------

The leisure furniture and plastic packaging manufacturer, Steiner
group, whose liabilities are estimated at 4 billion Schilling,
plans to lodge a formal application for bankruptcy this week, the
May 19 edition of Die Presse reported.

The bankruptcy involves the group's parent company Steiner
Industries AG plus its wholly-owned subsidiaries Steiner
Freizeitmoebel GmbH and Steco International Plastic Logistic
System AG.

Steiner Industries originally forecasted a consolidated turnover
of 2 billion Schilling in 2001, compared with 1.1 billion
Schilling in 2000.


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


LERNOUT & HAUSPIE: Delists From Nasdaq Europe
---------------------------------------------

Lernout & Hauspie Speech Products N.V., a world leader in speech
and language technology, products, and services, requested on May
14 a voluntary de-listing of its shares from trading on NASDAQ
Europe, Friday's company release said. On May 16, the Market
Authority of NASDAQ Europe accepted the voluntary de-listing.
(see http://www.nasdaqeurope.com/)

According to President and CEO Philippe Bodson, Lernout & Hauspie
seek voluntary delisting of their shares for they did not meet
NASDAQ Europe continuing listing requirements.

Lernout & Hauspie continues to trade in the United States on the
Over The Counter (OTC) 'Pink Sheets' market, under the symbol
LHSPQ. To keep investors informed, L&H intends to issue press
releases through BusinessWire and the company's web site,
www.lhsl.com. L&H also intends to resume its filings with the US
Securities and Exchange Commission (SEC), which are available to
shareholders.

Furthermore, the Company intends to distribute to shareholders
Proxy material and Annual Reports, following applicable approvals
and audits. These information materials will keep investors
informed of the company's activities and will enable them to vote
on corporate issues.


UBIZEN NV: Widens Net Loss to 4.52 Million Euro
-----------------------------------------------

Internet engineering company Ubizen NV posted a net loss of 4.52
million euro in the second quarter, compared with a 1.14 million
euro a year earlier, the May 18 edition of the Wall Street
Journal said.

The result included an exceptional charge in 2001 linked to the
shedding of non-core activities, while a one-time charge of 4.1
million euro was linked to the closing of a unit of its software
business.

In 2000, earnings before extraordinary items at Ubizen were -5.88
million euro, or -7.7% of sales. The company has a long term debt
of 3.06 million euro and total liabilities of 23.29 million euro.

The company has reported losses before extraordinary items for
each of the past three years.


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


CKD DOPRAVNI: Siemens to Slash 500 Staffers at CKD
--------------------------------------------------

German-based Siemens plans to lay off 500 of the 1,000 employees
of bankrupt tram maker CKD Dopravni Systemy, Czech A.M. in its
May 18 edition said.

Labor unions say the dismissal will delay supplies of new
carriages for the Prague metro.


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


INTERCALL: Liberty Surf Finalizes Acquisition Bid
-------------------------------------------------

Liberty Surf has finalized its acquisition of pre-pay phone card
specialist Intercall, the May 18 edition of AFX News said.

Under the terms of the deal, Liberty Surf will proceed first with
a reserved capital share increase of 8.5 million euro,
representing about 5.4 million shares.

Once Liberty Surf has gained control of 95% of Intercall's share
capital, it will make an offer for the remaining shares with a
view to delisting them.

Liberty Surf also considers carrying out a reduction followed by
an increase in Intercall's share capital in order to reduce the
company's losses.


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


EM.TV: Deutsche Boerse to Fine EM.TV
------------------------------------

Deutsche Boerse AG has initiated penalty proceedings against
EM.TV & Merchandising AG for failure to report their annual
results in time, the Wall Street Journal in its May 20 edition
said.

According to Deutsche Boerse spokeswoman Ursula Schneider,
proceedings are under way against the company, but no fines have
been levied yet. Fines can reach 100,000 marks ($45,034 or 51,129
euros).

EM.TV spokeswoman Stefanie Schuesser said the company could not
meet the April 28 deadline because it is still trying to
consolidate figures from several different accounting standards.

Sunburst Merchandising AG, which entered into insolvency
proceeding last month, and logistics software maker Softmatic AG
also face penalties.


PIXELPARK AG: First Quarter Loss Widens to 3.5 Million Euro
-----------------------------------------------------------

Pixelpark AG, the company that develops, designs and configures
business strategies, marketing solutions, Internet and Intranet
connections for industrial customers, is expected to post a
widened EBITDA loss today, amounting to 3.5 to 8.21 million euro
for the first quarter to March 31, against a loss of 1.2 million
a year ago, AFX News reported in its May 17 edition.

The loss was based on sales of 24.4 to 26.6 million euro, up from
18.6 million.

Darren Cohen of Goldman Sachs forecasted an EBITDA loss of 7
million euro for Pixelpark on sales of 26.6 million. Cohen added
that the web consulting firm needs to prove that it is
progressing successfully.

Krista Kepler of Merck Finck & Co, who estimated EBITDA loss of
3.5 million euro on sales of 25.3 million euro, also forecast a
net loss of 8.5 million euro.

Moreover, Stefan Monz of Bank Vontobel forecast an EBITDA loss of
8.21 million euro on sales of 24.4 million, as well as a net loss
of 12.41 million and an EBIT loss of 11.71 million. He expects
restructuring costs to affect figures and forecasts a 1 million
euro restructuring charge in the first quarter and another 1
million in the second quarter.


=============
H U N G A R Y
=============

SIOFOK PRINTING: To Be Liquidated
---------------------------------

Siofok Printing Kft, which has not operated since the beginning
of 2001, will be liquidated due to increasing losses and debts,
according to Hungary A.M.'s May 17 edition.

The company, 43.65%-owned by the Somogy County municipality, owes
Ft7 million to the National Tax Office alone.

Kaposvar Printing Kft initiated the liquidation in September as
Siofok failed to repay its Ft5 million debt.


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


E.PLANET: Seeks Financial Partner
---------------------------------

Cash-strapped telecom company e.Planet is looking for a financial
partner willing to inject up to 100 million euros, and no less
than 60 million euros, for it to stay afloat, Il Sole 24 Ore in
its May 18 edition said.

e.Planet, whose shares dropped 7% on the bourse on Thursday, must
resolve its serious liquidity problems by May 23, the news agency
added.


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


MANAGEMENT SHARE: Files for Payment Protection
----------------------------------------------

Information and communications technology services provider
Management Share NV has filed for protection of payment in the
Amsterdam court, Wall Street Journal in its May 18 edition said.

The company, which has seen talks with potential investors
collapse, has not paid any dividends during the previous 4 fiscal
years. During the second quarter of 2000, Management Share
reported a loss per share of 0.36 euro.


RING!ROSA PRODUCTS: Court Declares Ring!Rosa Bankrupt
-----------------------------------------------------

The Amsterdam court on Friday declared telephony software company
Ring!Rosa Products NV bankrupt, the Wall Street Journal reported.

Ring!Rosa, which already has protection from payments, has
reported losses before extraordinary items for each of the past 4
years. In 1999, earnings before extraordinary items were -12.43
million euro, or -281.4% of sales.

At the end of 1999, Ring!Rosa's current liabilities were 3.92
million euro, while total current assets were only 2.86 million
euro.


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


ELEKTRIM SA: To Compare Rival Offers for PTC
--------------------------------------------

The Elektrim SA supervisory board will today begin comparing
rival offers from Vivendi Universal SA and Deutsche Telekom AG
for the control of mobile operator Polska Telefonia Cyfrowa, the
Wall Street Journal in its May 18 edition said.

Vivendi's proposal to swap its $1.2 billion investment in
Elektrim's telecommunications subsidiary Elektrim Telekomunikacja
was countered by Telekom's proposal to pay $400 million for 3.45%
of PTC, and float the mobile operator on the market.

PTC, valued by analysts at $5 billion, is 51%-owned by Elektrim,
45% by Deutsche Telekom and the remaining 4% by Holdco, a holding
company with financial ties to Deutsche Telekom.


NETIA HOLDINGS: Net Loss Widens to 169.2 Million Zlotys
-------------------------------------------------------

The Netia group posted 169.2 million zlotys net loss in the first
quarter, up from 102.9 million zlotys in the same period of last
year, Poland A.M. in its May 17 edition said.

The losses were linked to Netia's lack of agreement with
Telekomunikacja Polska (TPSA) that would allow it to provide
long-distance telephone services.

Furthermore, three members of Netia's supervisory board have been
removed, including chairman Kaj Juul-Pedersen. Jan Jonansson, a
member of Telia AB, main shareholder of Netia, will replace Juul-
Pedersen.


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


SINTEL: Telefonica Rules Out Sintel Negotiations
------------------------------------------------

Telecom operator Telefonica SA will not take part in its
participation to discuss the future of the troubled telecom
equipment manufacturer Sintel, El Mundo & World Reporter in its
May 18 edition said.

Sintel workers, who face an uncertain future as the company heads
towards bankruptcy, have agreed to enter negotiations after a
110-day protest in Madrid's Paseo de la Castellana.

In 1995, Telefonica ceased to be a shareholder in Sintel, cannot
be held responsible for the company's financial difficulties.


===========
S W E D E N
===========


BOLIDEN LIMITED: Plans Rights Offering to Raise $114 Million
------------------------------------------------------------

Mining group Boliden Limited announced financing initiatives,
including a rights offering, a share offering, a plan to
refinance its remaining bank debt under a new credit facility and
its decision to retain its Chilean assets to restore its
financial strength and operating flexibility, PR Newswire on May
18 reported.

Boliden will launch a common share rights offering of 1.14
billion Swedish krona ($114 million), at 2 Swedish krona per
common share, to its existing shareholders. Proceeds will be used
to finance the company's operations.

A common share offering of 1.5 billion Swedish krona ($150
million), at 2 Swedish krona per common share, secured, as to 0.5
billion Swedish krona ($50 million), by purchase commitments
provided by certain members of the Standby Consortium and certain
Swedish financial institutions and funds and directed, as to the
balance, to certain of the company's lenders. The proceeds will
be used to reduce the company's bank debt, including losses that
will be incurred on the closing out of the company's foreign
currency.

Shareholders who exercise all their rights under the rights
offering will be entitled to purchase additional common shares at
2 Swedish krona per common share.

The committed shareholders, the standby consortium and the
guarantee consortium include Aktiespararna, Alecta, Andra AP-
fonden, Apotekets Pensionsstiftelse, Banco Fonder, Carl Bennet
AB, Catella Capital, ForeningsSparbanken, Handelsbanken Fonder,
LKAB, Ostersjostiftelsen, Peab, SEB Fonder, Sjunde AP-fonden,
Skandia, Skelleftea Kraft, Sparbanken Nord, Stena Metall, Svenska
Metallindustriarbetareforbundet and Trelleborg.

Following the completion of its initiatives, Boliden will
restructure its board of directors to include members of the
Swedish business and investment communities and to take steps to
redomicile the company back to Sweden since majority of its
shares are held in Sweden.

The company's board of directors also intends to appoint an
advisory board composed of members of the Swedish business and
investment communities. The Advisory Board will include Carl
Bennet of Elanders AB, Goran Collert of ForeningsSparbanken AB,
Goran Lindahl of Ericsson, Sony, DuPont and ABB, Kjell Nilsson of
Munksjo Trelleborg and Boliden, Anders Sundstrom of Sparbanken
Nord, and Bengt Lofkvist of Boliden Mineral. It is anticipated
that members of the Advisory Board will become directors of the
Company.

Boliden also announced that it was not able to reach agreement
with Noranda Inc. and Falconbridge Limited with respect to the
sale of its Chilean assets. As a result, the company will retain
the Chilean assets and will now implement a plan to refinance the
Lomas Bayas project debt.


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


SAIRGROUP: Air Liberte Works on Restructuring Plan
--------------------------------------------------

SAirGroup AG unit Air Liberte is working on a restructuring
plan that will deal with AOM and Air Liberte together, AFX
News on Sunday reported.

According to Air Liberte chairman Marc Rochet, the move aims to
minimize the impact in terms of job losses. He is prepared to
look at the problems of each company separately.


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


BRITISH TELECOM: Ignite Chief May Get Paid 14 Million Pounds
------------------------------------------------------------

Chief executive Alfred Mockett of BT Ignite is British
Telecommunications best-paid manager with a package that could
pay him up to 14 million pounds, according to The Sunday Times'
report.

While his base salary is less than one million pounds, senior BT
sources said that Mockett's contract entitles him to other huge
payments, including the pay package, if his division, worth as
much as 15 billion pounds, is restructured or sold. Insiders said
Mockett also benefit from a side deal struck during an earlier
restructuring.

The revelation could further rattle investors, who are being
asked to support a 5.9 billion-pound rights issue to bring down
debts.

Apart from Ignite, British Telecom is considering selling its
stake in Concert to AT&T.


DOLPHIN TELECOM: Posts Larger First Quarter Net Loss
----------------------------------------------------

Dolphin Telecom Plc posted a wider first-quarter net loss of $325
million, versus a loss of $81 million a year ago, due to higher
financing costs, the May 16 edition of Reuters reported.

It further warned that its ability to meet financial obligations
over the next year might be uncertain if it is unable to secure
external financing. The company started seeking external
financing but said it does not expect to see an outcome until the
third quarter.

Dolphin Telecom borrowed $154.4 million from its principal
shareholder, Telesystem International, during the quarter.


MARKS & SPENCER: Appoints New Design Heads
------------------------------------------

Marks & Spencer in its May 18 press release said it has appointed
Jeremy Armstrong as Head of Menswear Design and Barbara
Calderwood as Head of Childrenswear Design. Calderwood joins the
company immediately, while Armstrong will be starting in the
autumn.

As Head of Creative Trends at Debenhams plc, Jeremy Armstrong was
responsible for the identification of trend information, the
research and development of new business opportunities and the
management of internal brands. Prior to joining Debenhams,
Armstrong worked as a freelance menswear designer, and for Design
Intelligence and Daniel Hechter.

Armstrong will join another recent recruit, Sherri Fried, who
started her career with Ralph Lauren and Calvin Klein. She was
Design Director for Blanc Bleu in Paris and Creative Director for
label Joseph Abboud.

Barbara Calderwood is from Hasbro where she was Head of Research
and Development. She has extensive knowledge of and experience in
the children's market and has a proven track record in
translating concepts into successful, best-selling brands. Before
she joined Hasbro, Calderwood was a senior designer for Fitch and
Co and Sebastian Conran.


MARKS & SPENCER: PPR May Buy M&S Stores
---------------------------------------

Pinault-Printemps-Redoute is interested in acquiring some of the
French and European stores that Marks & Spencer PLC is planning
to close, the May 18 edition of AFX News said.

PPR chairman Serge Weinberg, however, said that no talks are
currently underway between the two companies.


NTL INCORPORTED: Aims to Sell Media Assets
------------------------------------------

Cable television network NTL Incorporated is trying to sell its
stakes in British Eurosport, ITN's 24-hour news service, and film
channel The Studio in an effort to stem heavy losses from its
media operations, according to Electronic Telegraph in its May 20
report.

It is also considering selling its stakes in football clubs Aston
Villa, Middlesbrough, Newcastle, Leicester and Glasgow Rangers.

This month, NTL raised money through a recent investment of
around 100 million pounds from investment bank JP Morgan and a
bond issue that raised around 700 million pounds. However, the
group is still burdened with 10 billion pounds in long-term debt.


RAILTRACK GROUP: Directors Waive 100,000 Pounds in Bonuses
----------------------------------------------------------

Five Railtrack directors will waive the right to nearly 100,000
pounds in bonuses for the year to March 31, in light of last
year's Hatfield tragedy and an expected loss of almost 500
million pounds since privatization, according to a report in the
Sunday Times.

New chief executive Steve Marshall is entitled to a payout of
100,000 pounds, about 25% of his near-400,000 pounds salary. He
believed the reward is inappropriate following the deaths at
Hatfield and the subsequent chaos on Britain's decrepit rail
network.

The other four directors entitled to about 50,000 pounds bonuses
each are technical director Richard Middleton, major project and
investments director Simon Murray, safety director Chris Leah,
and chief operating officer Jonson Cox.


RAILTRACK GROUP: Poised to Report Huge Losses This Week
-------------------------------------------------------

Troubled rail network operator Railtrack Group Plc is set to
report huge losses in its full year results this week, Reuters
said  in its May 18 edition.

Transport analysts forecast annual losses, including exceptional
items, ranging from 343 million pounds ($490 million) to 460
million pounds. The bulk of the exceptional charges, estimated at
600 million pounds, will have been incurred after the October
train crash at Hatfield, which disrupted Railtrack services.

If exceptional charges are excluded, analysts expect Railtrack to
report full year pre-tax profits from 215 to 257 million pounds.


WILLIAM BAIRD: Faces Pressure to Accept Alchemy Bid
---------------------------------------------------

Textile manufacturer William Baird is under renewed pressure to
accept a standing bid from private equity group Alchemy Partners,
the Independent on Sunday reported.

However, under City rules, Alchemy is only allowed to launch a
bid with the support of all the management.

Although last year's 88 million sterling management buy-out was
eventually rejected after a dispute over the levels of debt in
the company, non-executive directors may now be more receptive.
Alchemy said it would be willing to pay 65p, but the management
rejected the offer.

Unnamed insiders say that an agreed offer may come within the
next few weeks.

                              ***************

       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. Kimberly MacAdam,
Salve M. Mordeno and Ma. Cristina D. 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
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Information contained herein is obtained from sources believed to
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