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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

           Monday, June 5, 2000, Vol. 1, No. 20
  
                        Headlines


G E R M A N Y

CPU AG:  In Crisis After Heavier-Than-Expected Q1 Losses


R O M A N I A

FONDUL NATIONAL: CNVM Blamed for Collapse of Investment Fund


U N I T E D   K I N G D O M

ACTIONLEISURE: Mountcashel is in for Ride at Ailing Company
ALL IN ONE ENVIRONMENT: Notice of Liquidation Proceedings
BILLAM:  Creditors and Shareholders Approve Voluntary Agreement
BLW DEVELOPMENTS:  Notice of Liquidation Proceeding
CALEDONIA GOLF:  Notice of Creditors' Meeting

EURO ACCESS:  Notice of Receivership Proceedings
HYDER UTILITIES:  Takeover Battle for the Troubled Utility Group
INTOTO KITCHENS: Notice of Liquidation Proceedings
J SAINSBURY: Shares Slide After Analysts' Downgrades
KENNEDY & JESSIMAN:  Notice of Liquidation Proceedings

MEPC PLC: Property Company Agrees to Privatisation
NHH LTD: Notice of Liquidation Proceedings
NORTH END OIL:  Notice of Creditors' Meeting
RUSHMOOR LTD:  Notice of Receivership Proceedings
SYNCHROMATIC LTD: Notice of Receivership Proceedings

TAILON LTD:  Notice of Receivership Proceeding
WAKEFIELD GROUP: Notice of Creditors Meeting
WORLD SPORTS:  Notice of Creditors Meeting


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

CPU AG:  In Crisis After Heavier-Than-Expected Q1 Losses
--------------------------------------------------------
HANDELSBLATT ENGLISH SUMMARY, Friday, 2 June 2000

Software group CPU AG appears to be slipping deeper into crisis.
The group on Wednesday reported higher-than-expected first-
quarter losses and also announced the resignation of its founder
and majority shareholder Jochen Furch as chief executive. CPU's
shares dropped almost 20% to 12.60 euros on the news, having
reached a 52-week high of 75 euros. As recently as the end of
March, Furch had pledged that CPU would enter profit this year,
with sales expected to grow to 35.8m euros.

A spokesman for the group said that the situation was being
examined and that the forecast had not yet officially been
revised. However, in the light of the group's first-quarter
figures, it appears doubtful that CPU will achieve a turnaround
this year. The group generated sales of 2.15m euros in the first
three months of this year, but incurred a loss after tax of 5.1m
euros - the same level of losses it incurred for the whole of the
previous year. CPU attributed the losses to investments in the
development of standard products.


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

FONDUL NATIONAL: CNVM Blamed for Collapse of Investment Fund
------------------------------------------------------------
Associated Press       June 1, 2000

The government suspended the board of the country's capital
market regulatory agency Thursday and pledged tighter control of
investment funds and banks in a bid to end the turmoil sweeping
Romania's financial sector.
  
The board of the agency, known by its initials CNVM, has been
blamed for failing to prevent the collapse of the country's
largest investment fund, Fondul National de Investitii, or FNI.

The regulatory board will be replaced by an interim commission
that will oversee markets until Parliament names a new board.  

The government will also investigate how FNI came to report
artificially increased net assets and why CNVM didn't intervene,
said spokeswoman Gabriela Vranceanu-Firea.

According to media reports Thursday, the regulatory board was
well aware that 86 percent of the shares of the investment fund's
net assets were not listed, as compared with a maximum of 10
percent as the law requires.

Also, the fund had liquid funds of around four percent, while the
required amount is at least 30 percent of assets.

All FNI's documents will be seized and all assets belonging to
those involved in the administration of the fund, both
individuals or companies, will be frozen, the government decided.

The International Monetary Fund has given the government until
June 7 to solve its problems in the banking sector and capital
markets in order to receive a dlrs 528 million loan to help shore
up Romania's flagging economy.

Problems in the financial sector began last week after FNI, a
mutual fund with over 300,000 investors and with reported assets
of 3.41 trillion lei (dlrs 164 million), ceased payments for lack
of funds.

Thousands of worried investors have demonstrated in Bucharest and
other cities ever since, seeking to withdraw their cash.

The panic heightened when rumors of difficulties at the country's
biggest state-owned bank Banca Comerciala Romana, or BCR, made
the bank's customers rush to withdraw cash. A number of other
banks have also been affected. Prime Minister Mugur Isarescu has
given assurances that BCR is financially sound.

The run on the state-owned bank ended Thursday, and the exchange
rate to the dollar came back to its normal pre-crisis value,
staying at 20,729 lei for one U.S. dollar.


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

ACTIONLEISURE: Mountcashel is in for Ride at Ailing Company
-----------------------------------------------------------
Citywire   June 1, 2000

Actionleisure, an ailing smaller company previously known as
Caverdale, has attracted interest from Mountcashel and is held by
a number of other prominent investors.

Unexpected restructuring costs, operational problems and a
warehouse fire contributed to a disappointing year for
Actionleisure, whose full year results were published today.

Actionleisure announced a pre-tax loss of ?650,000 compared to a
more healthy ?6 million profit in 1998. The mail order motorcycle
accessories and marine chandlery company also announced that
there would be no final dividend for 1999.

Formerly Caverdale, Actionleisure announced in March its
intention to partly de-merge its Internet subsidiary with an AIM
flotation, which barely impacted on a steadily declining share
price.

But it is are remaining upbeat about the rapidly growing internet
venture. The share price fell from a peak of 144.5p in June of
last year to a low of 23p at the end of February.


ALL IN ONE ENVIRONMENT: Notice of Liquidation Proceedings
-------------------------------------------
Insolvency UK

Company Name: All in One Environmental Services Ltd
Company No: 3558145
Com. Business: Air Conditioning Suppliers
Appointed on: 17/05/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Andrew J Whelan IPno: 8726
Firm Name: Marks Bloom
Address: 60-62 London Road
City Postcode: Kingston-u-Thames KT2 6QZ

  
BILLAM:  Creditors and Shareholders Approve Voluntary Agreement
-------------------------------------------
AFP-Extel News Limited        June 1, 2000

Billam PLC said creditors and shareholders have approved a
company voluntary arrangement.

It said outgoing directors signed accounts statutory accounts of
the period to Dec 31 1999, which included substantial write-downs
and write-offs relating specifically to the period of
receivership and cessation of trade of all the subsidiaries.  

The company said it raised 1.4 mln stg through a private placing
of 505.4 mln new ordinary shares and expects to issue
approximately a further 29.1 mln new shares to creditors pursuant
to the company voluntary arrangement.

It said new directors have been appointed to run Billam as a pan-
European venture capital company focusing on business-to-business
technology based companies. It intends to make its first
investment a pre-flotation funding in June.

Billam said the new directors are encouraged by the prospects of
high quality business opportunities for the company over the next
12 months.

Trading in Billam shares was restored at 8.00 am this morning.


BLW DEVELOPMENTS:  Notice of Liquidation Proceeding
-------------------------------------------
Insolvency UK

Company Name: BLW Developments Ltd
Previous Name: Wells Mortgage & Insurance Brokers
Company No: 947208
Com. Business: Insurance Brokers
Appointed on: 17/05/00
Type: Members
Appointed by: Members
Liquidators: Robert S Gilderthorp IPno: 2386
Firm Name: Gilderthorp & Partners
Address: 22 Paul Street
City Postcode: Shepton Mallet BA4 5LA


CALEDONIA GOLF:  Notice of Creditors' Meeting
-------------------------------------------
Insolvency UK

Company Name: Caledonia Golf & Leisure Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 10.00 am
Meeting date: 06/06/00
Meeting address: Crown Hotel 25 Bridge Street
Meeting City Code: East Linton EH40 3AG
Authorised by: J M Anderson Director 08/05/00
Liquidators:
Firm Name: Dickson & Co
Address: 34 High Street East Linton EH40 3AB


EURO ACCESS:  Notice of Receivership Proceedings
-------------------------------------------
Insolvency UK

Company Name: Euro Access Platforms Ltd
Company No: 2825655
Com. Business: Manuf Mobile Elevating Work Platfor
Trade clasif.: 2852
Appointed on: 17/05/00
Appointed by: Lombard Natwest Discount
Type: Administrative
Receivers: Michael J Scott IPno: 2653, Andrew D Conquest 5329
Firm Name: Grant Thornton
Address: Crown House Crown Street
City Postcode: Ipswich IP1 3HS


HYDER UTILITIES:  Takeover Battle for the Troubled Utility Group
----------------------------------------------------------------
Financial Times  June 1, 2000

The takeover battle for Hyder, the troubled Welsh water and
electricity utility, intensified yesterday when Western Power
Distribution launched a ?464m(?743m) counter offer.

The 300p a share cash bid topped an earlier agreed offer of 260p
a share, worth ?402m(?644m) from Nomura, the Japanese investment
bank.

The total value of each bid is more than ?2.3bn(?3.7bn) including
?1.9bn(?3.1bn) of Hyder debt.

WPD is being advised by Schroder Salomon Smith Barney, Nomura by
UBS Warburg and Hyder by Dresdner Kleinwort Benson and JP Morgan.


INTOTO KITCHENS: Notice of Liquidation Proceedings
--------------------------------------------------
Insolvency UK

Company Name: Intoto Kitchens (Stourbridge) Ltd
Company No: 3170681
Com. Business: Suppliers of Fitted Kitchens
Appointed on: 17/05/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Peter J Bridger IPno: 7827
Firm Name: Bridgers
Address: 47 London Street
City Postcode: Reading RG1 4PS


J SAINSBURY: Shares Slide After Analysts' Downgrades
----------------------------------------------------
The Independent  2 June 2000

Shares in J Sainsbury lost a further 11 per cent of their value
yesterday as analysts downgraded their profit forecasts for the
United Kingdom's second-biggest supermarket group following its
admission on Wednesday that a full recovery was some years off.

The shares, which had fallen 36.75p to 305p on Wednesday, dropped
a further 33p to end at 272p yesterday, hitting their lowest
levels since March.

The disappointment centred on comments made by Sir Peter Davis,
the group's new chief executive, who warned that a recovery could
take at least three years.

Investors were also upset that Sir Peter failed to outline a
clearly defined strategy for growth.

Profits last year dropped 23 per cent to ?580m.

Schroder Salomon Smith Barney downgraded its rating on the stock
to "underperform" from "neutral" and cut its price target to 280p
from 340p.

Pre-tax profit estimates also came down by 10 per cent to ?540m
and the bank advised investors to switch to Tesco or Safeway.

An analyst at CCF Charterhouse, who downgraded his forecasts from
?595m to ?550m on the back of the announcement, said: "It's not
entirely unexpected that the downward momentum in the share price
has continued.... But the shares may well start finding support
at these levels. There are still some fans of Sir Peter out
there."

Goldman Sachs downgraded its earnings-per-share estimates for the
current year by 10 per cent to 18p and reduced its estimates for
the following year by 9 per cent to 20.6p. Underlying earnings
per share last year came in at 20.5p.


KENNEDY & JESSIMAN:  Notice of Liquidation Proceedings
-------------------------------------------
Insolvency UK

Company Name: Kennedy & Jessiman Builders Ltd
Company No: 3563238
Com. Business: Builders
Appointed on: 17/05/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Andrew J Whelan IPno: 8726
Firm Name: Marks Bloom
Address: 60-62 London Road
City Postcode: Kingston-u-Thames KT2 6QZ


MEPC PLC: Property Company Agrees to Privatisation
--------------------------------------------------
Financial Times   June 1, 2000

MEPC, one of the UK's leading property companies, has bowed to
the long running disaffection of investors with property shares
and agreed to be taken private in a ?3.49bn ($5.23bn) cash deal.

The announcement prompted brisk trading in the shares of UK
property companies on hopes that others in the sector might also
go private. Trading volume in the shares of the five largest
companies, including MEPC, totalled nearly 30m, about five times
the average daily volume.

Property shares have until recently been among the worst
performing on the London market. This year they were trading at
discounts of up to 50 per cent to net asset value, the largest
discount since the recession of the early 1990s.

Institutional shareholders have become impatient with the
traditional management style of property companies in which
estates are viewed as collections of assets rather than coherent
businesses.

"The model being abandoned is one in which you buy property and
demand more rent every five years," said Mr Alistair Ross Goobey,
chief executive of Hermes, a pension fund.

The deal offers 550p a share. Net asset value was 665p on March
31.

Mr Ross Goobey said the deal signalled a rethink by shareholders
about the merits of investing in quoted real estate companies,
and a rethink by companies about the merits of public ownership.

"Public ownership is only sensible if you need the capital," he
said. "And the question for companies is what do you do in order
to satisfy the reasonable expectations of shareholders?"

However, Jamie Dundas, chief executive, said the effect of
marking MEPC's debts to market prices would knock 48p per share
off NAV, while capital gains tax incurred on the planned ?2bn of
asset sales would reduce NAV by a further 48p, leaving the
company with a "real" NAV of 569p per share.

The offer is actually at a 3.3 per cent discount to NAV, Mr
Dundas said. MEPC is advised by NM Rothschild while Leconport
Estates is advised by Lazard.

MEPC recently announced plans to sell all non-core assets,
disposing of its retail properties, nursing homes and marginal
office assets to concentrate on its business and office parks
estate.

Mr Dundas said he believed investors wanted the focused strategy
that MEPC was offering.

Separately, it emerged that Prestbury, the Aim-traded property
company formed two years ago by two entrepreneurs, Nick Leslau
and Nigel Wray, will shortly announce a liquidation of the
company and distribution of cash to shareholders. It is expected
that cash payments to investors will be roughly a 10 per cent
premium to the company's latest 64p per share net asset value.


NHH LTD: Notice of Liquidation Proceedings
-------------------------------------------
Insolvency UK

Company Name: N H H Ltd
Previous Name: Northern Hospital Hotels Ltd
Company No: 2827185
Com. Business: Construction
Appointed on: 17/05/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Andrew J Nichols IPno: 8367
Firm Name: Redman Nichols
Address: Maclaren House Skerne Road
City Postcode: Driffield YO25 6PN


NORTH END OIL:  Notice of Creditors' Meeting
-------------------------------------------
Insolvency UK

Company Name: North End Oil Ltd
IA 1986 Section: 48 Creditors
Meeting Time: 11.00 am
Meeting date: 06/06/00
Meeting address: Onslow Bridge Chambers Bridge Street
Meeting City Code: Guildford Gu1 4RA
Authorised by: A Murphy Joint Administrative Receiver 16/05/00
Last day for proxy: 05/06/00
Proxy address: Onslow Bridges Chambers Bridge Street Guildford
GU1 4RA Liquidators:
Firm Name: Smith & Williamson
Address: Onslow Bridges Chambers Bridge Street Guildford GU1 4RA


RUSHMOOR LTD:  Notice of Receivership Proceedings
-------------------------------------------
Insolvency UK

Company Name: Rushmoor Ltd
Com. Business: Investment Property
Trade clasif.: 46
Appointed on: 16/05/00
Appointed by: UCB Corporate Services
Type: Administrative
Receivers: James Earp IPno: 8554, Andrew Conquest 5329
Firm Name: Grant Thornton
Address: Grant Thornton House Melton Street Euston Square
City Postcode: London NW1 2EP


SYNCHROMATIC LTD: Notice of Receivership Proceedings
-------------------------------------------
Insolvency UK

Company Name: Synchromatic Ltd
Previous Name: Paradigm UK Ltd
Company No: 2416238
Com. Business: Software Consultancy/Supply
Trade clasif.: 36
Appointed on: 17/05/00
Appointed by: Euro Sales Finance Plc
Type: Administrative
Receivers: Myles A Halley IPno: 6658, Allan W Graham 8719
Firm Name: KPMG
Address: 1 Waterloo Way
City Postcode: Leicester LE1 6LG


TAILON LTD:  Notice of Receivership Proceeding
-------------------------------------------
Insolvency UK

Company Name: Tailon Ltd
Company No: 2810129
Com. Business: Nursing/Residential Care Home
Trading Name: Abbey Place Nursing Home
Trade clasif.: 47
Appointed on: 16/05/00
Appointed by: National Westminster
Type: Administrative
Receivers: Allan W Graham IPno: 8791, Brian Green 8709
Firm Name: KPMG
Address: 1 Waterloo Way
City Postcode: Leicester LE1 6LP


WAKEFIELD GROUP: Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: Wakefield Group Ltd - The
IA 1986 Section: 98 Creditors
Meeting Time: 10.30 am
Meeting date: 06/06/00
Meeting address: The Cedar Court Hotel Denby Dale Road
Meeting City Code: Wakefield WF4 3QZ
Authorised by: J A McKalroy Director 15/05/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: Poppleton & Appleby
Address: 93 Queen Street Sheffield S1 1WF


WORLD SPORTS:  Notice of Creditors Meeting
-------------------------------------------
Insolvency UK

Company Name: World Sports Agency Ltd - The
IA 1986 Section: 98 Creditors
Meeting Time: 10.30 am
Meeting date: 06/06/00
Meeting address: St Andrews House Hotel Worcester Road
Meeting City Code: Droitwich Spa WR9 8AL
Authorised by: A Shaw Director 16/05/00
Liquidators:
Firm Name: Haden
Address: George House 2 Worcester Road Bromsgrove B61 7AB



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,
and Beard Group, Inc., Washington, DC.  Peter A. Chapman and
Sharon Cuarto, Editors.

Copyright 2000.  All rights reserved.  ISSN 1529-2754.

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