/raid1/www/Hosts/bankrupt/TCREUR_Public/000601.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, June 1, 2000, Vol. 1, No. 18

                       Headlines

C Z E C H   R E P U B L I C

ZPS ZLIN: Italians to Purchase Bankrupt Engineering Firm


E S T O N I A

MAAPANK: Central Bank Largely Responsible for the Collapse


I T A L Y

TECHNOST SPA: Moody's Downgrades Debt Rating


N E T H E R L A N D S

BAAN: Invensys to Buy Ailing Dutch Software Company


R O M A N I A

ROMANIAN COMMERCEBANK: Insolvency Rumors Spark Run on Bank


U N I T E D    K I N G D O M

21ST CENTURY: Notice of Creditors' Meeting
AMBASSADOR DATA: Notice of Creditors' Meeting
BILLAM: Restructured Firm Has No Money to Distribute
BOO.COM: Bright Station Buys Failed e-tailer
CBS BUILDING: Notice of Creditor' Meeting

ELITE APPOINTMENTS: Notice of Creditors' Meeting
M&J POST: Notice of Creditors' Meeting
NET IMPERATIVE: Consortium Bid Follows Liquidation
NOAHS LTD: Notice of Creditors' Meeting
OLIVER GROUP: In a Spiral of Decline Including Increase in Debt

PRECISION DEVELOPMENTS: Notice of Creditors' Meeting
PRISTINE PRODUCTS: Notice of Creditors' Meeting
TGI DIGITAL: Notice of Creditors' Meeting


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

ZPS ZLIN: Italians to Purchase Bankrupt Engineering Firm
--------------------------------------------------------
Tajmac won the tender to purchase bankrupt engineering firm ZPS
Zl­n, according to bankruptcy administrator Roman Rais, and has
20 days to sign a sale contract. According to Czech dailies, the
Italian firm, which is obliged to maintain production at ZPS,
says it believes in the company and called Czech technicians
Europe's best in the engineering field. It beat out Gital, also
Italian, and U.S.-based fund Winslow-Partners. Another U.S. fund,
Riverside, and German Gildemeister were also short-listed for the
final round, but failed to submit their bids. Tajmac has
cooperated with ZPS for a decade and distributes its products in
Italy. No price was disclosed.


=============
E S T O N I A
=============

MAAPANK: Central Bank Largely Responsible for the Collapse
-------------------------------------------
Baltic News Service     May 30, 2000

Head of the Maapank bankruptcy committee Madis Uurike said the
Bank of Estonia's banking supervision was poor and the losses
caused as its result should have been paid up by the central
bank.
In case of strong banking supervision, Maapank's bankruptcy would
have been declared earlier, Uurike told the parliament's special
committee in his report on the bankruptcy.  
"In case of losses caused by poor supervision, the payer should
have been the Bank of Estonia," Uurike said. He said it is not
normal for the superviser to be stripped of responsibility and a
third party paying for the loses.
Uurike also referred to insufficient responsibility of the
Maapank board, but added that it was the result of deficient
legislation. Uurike, who has long lived in Sweden, said that in
that country the company director answers with all his property
unless he admits his insolvency.

As Maapank was actually bankrupt already since early 1996, then
from that time onward the board should have been personally
resposible for all possible defalcation of the bank's assets,
Uurike said.
The special parliamentary committee probing into the bankruptcy
of Maapank completed on Monday an interim report in which it
found that the Bank of Estonia could have declared a moratorium
of the bank in 1997 and regarded the central bank largely
repsonsible for Maapank's collapse.
Trustee in bankruptcy Maire Arm has forecast that together with
legal action, the duration of the bankruptcy proceedings could be
up to ten years.
Maapank was declared bankrupt in summer 1998 at an application by
the Bank of Estonia.  


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

TECHNOST SPA: Moody's Downgrades Debt Rating
-------------------------------------------
Moody's Investors Service has today downgraded from A3 to Baa2
the senior unsecured debt ratings of the Euro 9.4 billion
floating rate notes issued by Tecnost International N.V.
guaranteed by Tecnost S.p.A. (100% owner of Tecnost International
N.V.) and by Olivetti S.p.A. (73% owner of Tecnost S.p.A.) and
the Euro 10 billion MTN program of Tecnost International Finance
N.V.guaranteed by Tecnost S.p.A.

The rating downgrades conclude the review process started on May
16, 2000.

The rating outlook is stable based on our expectation that
management will, in the medium term, strengthen the debt
protection ratios at the holding company level and that Telecom
Italia and Telecom Italia Mobile will not incur in any
significant debt financed investment.

The rating downgrades respond to the recent announcement that the
Boards of Tecnost S.p.A. (Tecnost) and Olivetti S.p.A. (Olivetti)
has decided to proceed with the upstream merger of Tecnost into
and with Olivetti.

The Boards of the two companies have approved a timetable for the
operations and procedures necessary to complete the merger by the
end of the current financial year.

The merger is subject to both Boards holding meetings at the
beginning of July to approve the merger project document.

In addition, the merger is also subject to approval by an
Extraordinary Shareholders' Meeting which will be held at the
beginning of October, and by bondholders' approval expected by
the end of September.

The downgrades reflect the negative financial implications of the
merger between Tecnost and Olivetti and therefore the increased
financial risk of Tecnost's bondholders.

Olivetti has approximately Euro 2.5 billion of debt, which is
currently structurally subordinated to the approximately Euro
16.5 billion of debt of Tecnost.

The merger will put Olivetti's debt pari-passu along with
Tecnost's debt and lead to a deterioration in the dividend to
interest coverage ratio at the merged entity.

Tecnost's bondholders rely on TI dividends as the main cash-flow
source to pay their coupon.

In addition, the downgrades also reflect the financial impact of
the Euro 2.4 billion SEAT share purchase by Telecom Italia S.p.A.
(TI), the possible impact on TI of an additional deferred Euro 3
billion SEAT purchase put option by some institutional investors
until after the Tin.it /SEAT merger is completed later this year,
the possible TI Euro 4.5 billion savings share buy back, as well
as the limited financial flexibility that TI and/or Telecom
Italia Mobile (TIM) have, given the constraints imposed by the
need to upstream cash to Olivetti.

Tecnost International N.V., is 100% owned and guaranteed by
Tecnost S.p.A., headquartered in Ivrea, Italy. Telecom Italia
S.pA. is headquartered in Rome, Italy. It services 26 million
access lines and is the dominant provider of public fixed-line
voice telephony in Italy.

In addition, TI through its 60% owned (voting shares) subsidiary
Telecom Italia Mobile (TIM) operates Italy's largest mobile
telecom network.  


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

BAAN: Invensys to Buy Ailing Dutch Software Company
---------------------------------------------------
Financial Times   May 30, 2000

Invensys, the UK automation and controls group, is expected to
announce on Wednesday that it has agreed to buy Baan, the ailing
Dutch software company.

Analysts on Tuesday greeted the deal with caution. "There is some
strategic rationale to it but it's quite a big mouthful in that
it's a company that's in a very poor financial shape," said one.
Baan's shares have plummeted from a high of E48.92 in 1998 to a
low of E1.26 this year. Two chief executives have resigned in the
last six months.

Other potential suitors are understood to have been put off by
deferred revenue reported in the first quarter related to
unfinished projects for which a buyer could become liable.
Baan incurred losses of o180m last year.

Analysts said a $2-1/2 per share would be a fair price. This
would value Baan at around E700m.

"What Baan needs is sales people and Invensys doesn't have sales
people," said an analyst.

The UK group, created from the merger of BTR and Siebe 18 months
ago, has been eager to get back on the acquisition trail now that
the o8bn disposal programme that followed the merger is largely
complete.

However, Wednesday's deal will make a larger acquisition less
likely. Investors have been looking for major consolidation in
the industry after Allen Yurko, chief executive, told analysts in
February that any combination of the top 10 global automation and
controls industry would be plausible and that Invensys could
spend up to o4bn on deals.

Mr Yurko, who will also announce Invensys's full-year results on
Wednesday, has also prioritised small to medium-sized companies
to expand its presence in software systems.

Other analysts said it was too soon for Invensys to be doing
large deals. Andrew Carter, an analyst at Deutsche Bank, said:
"There's a way to go before BTR has been proven to be a
successful acquisition and this just muddies the picture."

Invensys would not comment on Tuesday evening and Baan could not
be contacted.


=============
R O M A N I A
=============

ROMANIAN COMMERCEBANK: Insolvency Rumors Spark Run on Bank
----------------------------------------------------------
Agence France Presse      May 30, 2000

Romania's top state bank, Romanian Commerce Bank, was hit with
massive cash withdrawals Monday as panicked customers reacted to
rumors of the bank's insolvency, several local bank branches
said.

A thousand savers gathered in the morning at the RCB branch in
the northeastern city of Iasi to withdraw their deposits. By mid-
afternoon, about 500 people were still awaiting their turn, after
the branch ran short of cash.

Hundreds of clients withdrew money from RCB branches in other
cities, such as Sibiu in central Romania and Zalau in the
central-west.

RCB authorities tried to reassure the frightened savers, saying
the bank "is solvent and has sufficient means to satisfy all the
requests for withdrawals."

RCB director Marian Miclea warned that the bank run could
endanger the ongoing privatization of the bank.

"The bank is in the process of privatization and we are afraid
that this wave of panic, sparked by baseless rumors, would
endanger the process, which is very important to Romania," Miclea
said.

An advisor to Prime Minister Mugur Isarescu, Adrin Vasilescu,
stressed the "strength" of the RCB and said that "those who want
to crush the bank will not succeed."

The insolvency rumors began circulating several days after
setbacks with the International Monetary Fund and the
International Bank of Religions, which were forced to suspend
their operations in Romania due to serious financial
difficulties.


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

21ST CENTURY: Notice of Creditors' Meeting
------------------------------------------
Insolvency UK

Company Name: 21st Century (UK) Ltd
Other name: Shipton & Leighton
IA 1986 Section: 98 Creditors
Meeting Time: 10.30 am
Meeting date: 05/06/00
Meeting address: 84 Grosvenor Street
Meeting City Code: London W1X 9DF
Authorised by: P Leighton Director
Last day for proxy: 02/06/00
Proxy address: 84 Grosvenor Street London W1X 9DF
Liquidators
Firm Name: Kroll Buchler Phillips
Address: 84 Grosvenor Street London W1X 9DF


AMBASSADOR DATA: Notice of Creditors' Meeting
---------------------------------------------
Insolvency UK

Company Name: Ambassador Data Products Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 05/06/00
Meeting address: White Hart Inn London Road
Meeting City Code: Basingstoke
Authorised by: D Price Director 15/05/00
Last day for proxy: 02/06/00
Proxy address: 10 St Marys Court Eastrop Lane Basingstoke RG21
4AT
Liquidators
Firm Name: Collings & Co
Address: 10 St Marys Court Eastrop Lane Basingstoke RG21 4AT


BILLAM: Restructured Firm Has No Money to Distribute
----------------------------------------------------
Citywire   May 30, 2000

Billam, the failed Sheffield engineering group which returns to
the boards on Thursday as a technology venture capital company,
says it is unlikely to have any reserves to dish out to unsecured
creditors or shareholders.

The shares were suspended last October at 37p after bankers
pulled the plug on Billam. All the directors have now resigned
and the company will be led by Angus Forrest and Juliet Hoskins.

Billam, which has raised o1.4 million and will be listed on AIM,
said Forrest has been the director of five companies which went
into liquidation or receivership.


BOO.COM: Bright Station Buys Failed e-tailer
--------------------------------------------
Citywire   May 30, 2000

Proving that one man's loss is another's gain, Dan Wagner's
Bright Station is buying the e-commerce technology from
liquidated sports e-tailer boo, for `a fraction of its
development cost'.

Bright Station also said it is in advanced negotiation to hire
key boo.com technology and programming staff.

Boo.com, which went into liquidation two weeks ago, was known to
have spent much time and money developing its system, and
suffered, among other woes, with prolonged teething problems.
However the core of the technology was generally acknowledged to
have been state of the art.

Bright Station, formerly Dialog, will acquire boo's e-commerce
engine and the associated software that formed the core
infrastructure of boo.com's site. The company did not reveal what
it will pay for the technology assets, but Andy Dancer, Bright
Station chief technology officer, said `We have been able to pick
it up for a fraction of its development cost'.

Bright Station said it will integrate boo's technology with its
own Sparza e-commerce business, which currently specialises in
business-to- business technology. The boo.com engine will add a
business-to-consumer element to Sparza.

Bright Station also hopes to boost Sparza's technical staff head
count with the addition of the former boo employees.

`This technology will greatly enhance the number of potential
customers for our e-commerce business as we can now offer
solutions to the whole supply chain, from manufacturers, through
to wholesales, distributors, and now, as a result of this
transaction, to consumer retailers', said Dan Wagner, Bright
Station chief executive.

Bright Station's shares were up 4p at 69.5p, although this is
still not too far off an all-time low, and way off March's high
of around 227p.


CBS BUILDING: Notice of Creditor' Meeting
-----------------------------------------
Insolvency UK

Company Name: CBS Building & Maintenance Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 11.30 am
Meeting date: 05/06/00
Meeting address: Downs Court Business Centre 29 The Downs
Meeting City Code: Altrincham
Authorised by: C Dunne Director 09/05/00
Liquidators: Nola Barber
Firm Name: Lines Henry
Address: 27 The Downs Altrincham WA14 2QD


ELITE APPOINTMENTS: Notice of Creditors' Meeting
------------------------------------------------
Insolvency  UK

Company Name: Elite Appointments (UK) Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 12.00 pm
Meeting date: 05/06/00
Meeting address: Sterling House 20 Station Road
Meeting City Code: Gerrards Cross SL9 8EL
Authorised by: W Lewis Director 11/05/00
Last day for proxy: 02/06/00
Proxy address: Rycote Place 30-38 Cambridge Street Aylesbury HP20
1RS Liquidators: David A Butler
Firm Name: Nunn Hayward
Address: Rycote Place 30-38 Cambridge Street Aylesbury HP20 1RS


M&J POST: Notice of Creditors' Meeting
--------------------------------------
Insolvency  UK

Company Name: M & J Post Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 10.15 am
Meeting date: 05/06/00
Meeting address: Pride House Rectory Lane
Meeting City Code: Edgware HA8 7LG
Authorised by: J Bronitt Director 17/05/00
Last day for proxy: 02/06/00
Proxy address: Pride House Rectory Lane Edgware HA8 7LG
Liquidators
Firm Name: B Mistry & Co
Address: Pride House Rectory Lane Edgware HA8 7LG


NET IMPERATIVE: Consortium Bid Follows Liquidation
-------------------------------------------
Financial Times        May 30, 2000

The consortium providing Pounds 1m to rescue Netimperative.com,
the internet company that called in liquidators last week,
yesterday admitted it had taken on a "hot potato".

But Maziar Darvish, one of the leaders of the investor group,
said he believed Durlacher, the stockbroker that invested Pounds
560,000 in Netimperative, had been wrong to refuse to provide
more money.

"It's not a dotcom full of hot air and no substance that will
never generate revenues," Mr Darvish said. "Their financial
difficulties arise out of what we think are exceptional items
rather than any specific structural problems."

The troubles at Netimperative, which provides technology news
online, came the week after the collapse of Boo.com, the online
sportswear retailer being liquidated by KPMG. It is understood
KPMG is likely to announce today the sale of Boo's technology
assets to Bright Station, the software and e-business company
headed by Dan Wagner, the internet entrepreneur.

The consortium to save Netimperative is co-led by Internet
Business Group, a professional services provider and strategic
investor headed by Mr Darvish. The other co-leader is
StockHouse.com, a Canadian financial news company decribed by Mr
Darvish as "a very credible bunch of bunnies". Also included is
Bright Station.

Mr Darvish said the investor group had a diversity of expertise,
with IBG offering consulting skills, StockHouse a global network
of contacts and Bright Station an array of technology. "It really
is a very interesting coming together of quite different people,"
Mr Darvish said.

He said StockHouse had become involved after its chief executive
had heard about Netimperative at an exhibition at Earl's Court.
StockHouse approached IBG.

Mr Darvish said many of the problems at Netimperative, which is
understood to need about Pounds 800,000 of funding, were the
result of an overambitious expansion plan. This had led the
company to run up large bills for office refurbishments and
consultancy work.

"We are aware of hard realities," he said. "(But) we are
confident the company is not going to end up back in
liquidation."


NOAHS LTD: Notice of Creditors' Meeting
---------------------------------------
Insolvency UK

Company Name: Noahs Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 11.30 am
Meeting date: 05/06/00
Meeting address: Century House 30-31 Jewry Street
Meeting City Code: Winchester SO23 8RY
Authorised by: J Mutton Director 19/05/00
Liquidators
Firm Name: Wilks & Associates
Address: 19 Church Lane West Tytherley SP5 1JY


OLIVER GROUP: In a Spiral of Decline Including Increase in Debt
---------------------------------------------------------------
Citywire   May 30, 2000

The twist gets tighter for Oliver. At today's annual general
meeting, chairman of Oliver Group, Doug Rogers, told shareholders
that trading conditions are tough and are likely to remain so but
tight control of costs and working capital should help maintain
margins.

Oliver has been in a spiral of decline for a little while now as
the management lost focus during abortive merger talks.

In April the footwear chain operator reported full year pre-tax
losses of o2.9 million, falling sales, increasing debt and little
in the way of cash for its refurbishment plans.

Total sales for the first 16 weeks of the current financial year
overall were 1.9% below the year before, trading from an average
number of 274 stores against 278 stores. Like-for-like sales were
down 3.1%.

So far this year one further store has been converted, bringing
the total number of Olivers Timpson stores to 83 at today's date.
Up to 10 further low-cost conversions will be undertaken in the
remainder of the year.

The board is exploring the benefits of different possible courses
of action for the company, including the possibility of unlocking
the significant imbalance between the relative values of surplus
in Oliver's pension fund (some o10 million) and the market
capitalisation of the company (o4.8 million). The cash cannot be
distributed to shareholders.

Debt stood at o8.3 million at the end of January, some 50% of
shareholders funds. Net assets work out at 36p per share based on
shareholders funds of o18 million, which compares to a share
price of 9p. The ability to realise these assets is a different
issue, not least given the group's weak financial position.

Oliver shares are down 0.5p to 9p. A little miracle, such as an
opportunistic bid, is needed.


PRECISION DEVELOPMENTS: Notice of Creditors' Meeting
----------------------------------------------------
Insolvency  UK

Company Name: Precision Developments Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 12.00 pm
Meeting date: 05/06/00
Meeting address: Holiday Inn Aberford Road
Meeting City Code: Woodlesford LS26 8EJ
Authorised by: C C Brookes Director 12/05/00
Last day for proxy: 02/06/00
Proxy address: 47 London Street Reading RG1 4PS
Liquidators
Firm Name: Bridgers
Address: 47 London Street Reading RG1 4PS


PRISTINE PRODUCTS: Notice of Creditors' Meeting
-----------------------------------------------
Insolvency  UK

Company Name: Pristine Products Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 02.30 pm
Meeting date: 05/06/00
Meeting address: 23 Turnpike Lane
Meeting City Code: London N8 0EP
Authorised by: R Shukri Director 11/05/00
Liquidators: E Arkin
Firm Name: Arkin & Co
Address: 23 Turnpike Lane London N8 0EP


TGI DIGITAL: Notice of Creditors' Meeting
-----------------------------------------
Insolvency UK

Company Name: TGI Digital Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 10.30 am
Meeting date: 05/06/00
Meeting address: 3-5 Rickmansworth Road
Meeting City Code: Watford WD1 7HG
Authorised by: M Llewellyn Director 10/05/00
Last day for proxy: 02/06/00
Proxy address: 3-5 Rickmansworth Road Watford WD1 7HG
Liquidators: David A Rolph
Firm Name: Moore Stephens Booth White
Address: 3-5 Rickmansworth Road Watford WD1 7HG



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