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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

          Thursday, June 8, 2000, Vol. 1, No. 23

                       Headlines

G R E E C E

OLYMPIC AIRWAYS: Govt. Hires Adviser to Sell Ailing Airline


N E T H E R L A N D S

BAAN: Reveals Negative Equity as Invensys Prepares Bid


R O M A N I A

POPULAR BANK: Closes Under Cash Withdrawal Pressure


S L O V A K    R E P U B L I C

SLOVENSKA SPORITELNA: Government Outlines Sale Options for Bank


U N I T E D   K I N G D O M

ALCO MECHANICAL: Notice of Creditors' Meeting
ANDERSONS OF HITCHIN: Notice of Creditors' Meeting
CHERRY INTERNATIONAL: Notice of Liquidation Proceedings
CLEVEDON MOTORWAYS: Notice of Creditors' Meeting
CORPORATE DESIGNS:  Notice of Liquidation Proceedings

COVER PUBLISHING: Notice of Creditors' Meeting
DIVIMIDDLE LTD: Notice of Receivership Proceedings
DOLPHIN TELECOM: Moody's Cuts Senior Unsecured Debt
DOUGLAS FRASER:  Notice of Liquidation Proceedings
EXPRESS WHOLESALE: Notice of Receivership Proceedings

OAKWOOD MANUFACTURING: Notice of Liquidation Proceedings
QUEENSBOROUGH: To Go Private After Loss of ?4.8 Million
REGENCY PRODUCTS: Notice of Liquidation Proceedings
TALLI-GOLD LTD: Notice of Receivership Proceedings
VENDING SOLUTIONS: Notice of Liquidation Proceedings
YORKSHIRE BOILER: Notice of Liquidation Proceedings


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

OLYMPIC AIRWAYS: Govt. Hires Adviser for the Sale of Ailing Airline
-------------------------------------------------------------------
Associated Press  June 6, 2000

ATHENS, Greece -- Greece has hired Credit Suisse First Boston Corp.
to be its financial adviser for the sale of a minority stake in
Olympic Airways, the ailing state-owned airline.

The decision, announced today by Finance Minister Yannos
Papantoniou, comes less than a week after British Airways opted out
of buying a 20% stake in Olympic, dealing a major blow to the
carrier.

Cash-strapped Olympic has a history of frequent strikes and
complaints of poor service.

Britain's largest airline also terminated a management agreement
for Olympic, which was being carried out by its Speedwing
subsidiary.

Papantoniou said his government plans to take bids for the sale of
a minority stake in the first phase. A larger stake will be up for
sale in the future. He said the sale process of Olympic Airways
would be completed within a year.

Dimitris Reppas, a government spokesman, denied there were plans to
sell the entire airline to a strategic investor. Some members of
the Socialist government have said the airline should be sold.


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N E T H E R L A N D S
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BAAN: Reveals Negative Equity as Invensys Prepares Bid
------------------------------------------------------
Financial Times   June 6, 2000

Baan, the Dutch software group that is the subject of a E762m
($716m) cash bid from Invensys, the controls and automations group,
on Tuesday provided further evidence of its deteriorating financial
position.

In an update required by the Amsterdam stock exchange, Baan said
that based on preliminary financial figures, it had negative equity
and was unlikely to improve its financial position by the end of
June when the current fiscal quarter closes. In April, it announced
a $26m first quarter loss, its seventh in succession, reducing
shareholders' equity to $8.75m.

Invensys said it "was fully aware of the financial condition of
Baan when it made its offer. Nothing that has subsequently happened
is surprising." Invensys said the rationale for the acquisition was
Baan's technology and software engineers.

Allen Yurko, chief executive, last week told a press conference
that it had carried out "the most exhaustive due diligence we've
done on any company."

Companies with negative equity are normally placed on a special
list of troubled stocks by Amsterdam Exchanges (AEX), effectively
forcing it to reapply for its blue chip status. However, AEX said
it had waived a decision on imposing sanctions, providing the
Invensys offer goes unconditional within eight weeks.

The tender period for the offer is expected to begin in two weeks.
It plans to buy Baan's share capital at a price of E2.85 a share.

It is permitted to buy Baan stock in Amsterdam at a lower price. On
Friday it purchased about 1m shares and on Monday a further 5.5m -
representing some 2.4 per cent of Baan - for E2.18 a share.

Invensys has received commitments from three leading shareholders
controlling 11.1 per cent of Baan that they will tender their
shares. They are General Atlantic Partners and Fletcher
International, two US investment funds, and Vanenburg, an
investment vehicle controlled by Baan founders Jan and Paul Baan.

The deal is dependent on Invensys securing 95 per cent of Baan
stock. ING, the Dutch financial group that owns 5 per cent of Baan,
has yet to decide whether to tender its stake.


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

POPULAR BANK: Closes Under Cash Withdrawal Pressure
---------------------------------------------------
BUCHAREST, Jun 6, 2000 -- (Agence France Presse) The Romanian
Popular Bank (BPR) announced Monday it was suspending its
activities for six months after it was overwhelmed with money
withdrawal requests.

Recent crises at three other Romanian banks have made investors
lose confidence and start withdrawing more money, a BPR spokesman
said.

"We urge you to stay calm and we assure you that in the next 12
months we will repay your initial investments and the interest,"
the bank's managers said.

The International Bank of Religions, the National Investment Trust
and the Romanian Commercial Bank have all run into trouble in the
past few weeks.


==============================
S L O V A K    R E P U B L I C
==============================

SLOVENSKA SPORITELNA: Government Outlines Sale Options for Bank
---------------------------------------------------------------
Daily Deal  June 6, 2000

PRAGUE - A memorandum detailing sale conditions for Slovakia's
biggest bank, Slovenska sporitelna, will be released mid-June, the
government's adviser, J.P. Morgan & Co., said Monday.

The Slovak government has outlined two options. The first would
allow a strategic investor to buy 63.85% with the right of first
refusal to a further 23.33%. The second would offer the immediate
opportunity for a 87.18% stake.

The Slovak Finance Ministry and the Slovak government's national
holding company, the National Property Fund, are 100% owners of
Sporitelna.

Several foreign banks have already shown informal interest,
according to Sporitelna's press official. Only Austria's Erste
Bank, however, has said publicly it would probably make an offer.

Analysts are wary of putting a value on the Slovak bank before
details are released about of a second round of bad-debt transfers
to the state cleanup banks Slovenska konsolidacna and Konsolidacna
banka. A first round of transfers at the end of December 1999 moved
about Kcs22.8 billion ($505 million) of bad debt to Konsolidacna,
said Bratislava-based Tatra banka analyst Michal Kustra. A second
operation should transfer an additional Kcs10 billion of bad debt,
he said.

Sporitelna expects to make money this year after cutting first
quarter losses to Kcs36 million Slovak crowns from Kcs400 million
Slovak crowns in the same period a year earlier. Losses for 1999
totaled Kcs5.68 billion, according to Slovak accounting standards.

Slovenska Sporitelna ranks as the country's top bank by loan and
credit market share. According to its figures, it was responsible
for 17.34% of all loans in 1999 and took 28.57% of all deposits.

The law firm White & Case is advising Sporitelna and the Slovak
government.


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

ALCO MECHANICAL: Notice of Creditors' Meeting
-------------------------------------------
Insolvency UK   

Company Name: Alco Mechanical Services Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 02.00 pm
Meeting date: 13/06/00
Meeting address: Church Steps House Queensway
Meeting City Code: Halesowen B63 4AB
Authorised by: A Latchford 16/05/00
Liquidators: David T Greensill
Firm Name: Mayfields
Address: Church Steps House Queensway Halesowen B63 4AB


ANDERSONS OF HITCHIN: Notice of Creditors' Meeting
-------------------------------------------
Insolvency UK

Company Name: Andersons of Hitchin (Bespoke Kitch) L
IA 1986 Section: 98 Creditors
Meeting Time: 11.45 am
Meeting date: 13/06/00
Meeting address: 76 New Cavendish Street
Meeting City Code: London W1M 7LB
Authorised by: J Anderson Director 15/05/00
Last day for proxy: 09/06/00
Proxy address: 76 New Cavendish Street London W1M 7LB
Liquidators:
Firm Name: Berley
Address: 76 New Cavendish Street London W1M 7LB


CHERRY INTERNATIONAL: Notice of Liquidation Proceedings
-------------------------------------------
Insolvency UK

Company Name: Cherry International Ltd
Company No: 3453574
Com. Business: Sell Beauty Machines/Cosmetic Serv
Appointed on: 22/05/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Tony J Thompson IPno: 5280
Firm Name: Piper Thompson
Address: Mulberry House 53 Church Street
City Postcode: Weybridge KT13 8DJ


CLEVEDON MOTORWAYS: Notice of Creditors' Meeting
-------------------------------------------
Insolvency UK

Company Name: Clevedon Motorways Ltd
Other name: Transcontinental Travel
IA 1986 Section: 98 Creditors
Meeting Time: 11.00 am
Meeting date: 13/06/00
Meeting address: The Swan Hotel Sadler Street
Meeting City Code: Wells
Authorised by: R Langson Director 05/05/00
Proxy address:
Liquidators: Julian Rendell
Firm Name: Rendell Thompson
Address: 125 Portway Wells BA5 2BR


CORPORATE DESIGNS:  Notice of Liquidation Proceedings
-------------------------------------------
Insolvency UK

Company Name: Corporate Designs & Interiors Ltd
Company No: 3794450
Com. Business: Interior Designers
Appointed on: 22/05/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: John Kelmanson IPno: 4866
Firm Name: Kelmanson Partnership
Address: Avco House 6 Albert Road
City Postcode: Barnet EN4 9SH


COVER PUBLISHING: Notice of Creditors' Meeting
-------------------------------------------
Insolvency UK

Company Name: Cover Publishing Ltd
IA 1986 Section: 98 Creditors
Meeting Time: 11.00 am
Meeting date: 13/06/00
Meeting address: Pearl Assurance House 319 Ballards Lane
Meeting City Code: London N12 8LY
Authorised by: L Sullivan Director 22/05/00
Last day for proxy: 12/06/00
Proxy address: Pearl Assurance House 319 Ballards Lane London N12
8LY Liquidators: Lane Bednash
Firm Name: David Rubin & Co
Address: Pearl Assurance House 319 Ballards Lane London N12 8LY


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

Company Name: Divimiddle Ltd
Company No: 1953506
Com. Business: Nursing/Residential Home
Trading Name: Woodgates Residential Home
Trade clasif.: 40
Appointed on: 24/05/00
Appointed by: HSBC Bank Plc
Type: Administrative
Receivers: K Hinds IPno: 6745, G C Smith 6335
Firm Name: RSM Robson Rhodes
Address: St George House 40 Great George Street
City Postcode: Leeds LS1 3DQ


DOLPHIN TELECOM: Moody's Cuts Senior Unsecured Debt
-------------------------------------------
Moody's Investors Service today lowered the senior unsecured debt
and senior unsecured issuer ratings of Dolphin Telecom plc
(Dolphin) to Caa2 from Caa1, including the $263 million and Euro
238 million senior discount notes due 2008 and the $295 million
senior discount notes due 2009. In addition, Dolphin's senior
implied rating was downgraded to Caa1 from B3. The ratings remain
under review for possible further downgrade.

The ratings had originally been placed on review for possible
downgrade on March 8, 2000. The review stemmed from Moody's
concerns with respect to operational difficulties and the resulting
impact as to Dolphin's ability to fund its business plan going
forward.

The rating downgrade reflects Dolphin's current inability to
demonstrate a fully-funded business plan beyond 2000. The ratings
also reflect uncertainty with respect to the company's ability to
successfully meet operational targets allowing it to gain access to
additional financing, as well as uncertainty as to whether
Dolphin's parent, TIW, will be able to provide additional equity
financing to the company in a timely manner beyond its existing
commitments in the current year.

Moody's will continue its review of Dolphin to ascertain further
clarity and progress with respect to the following:

-improvement in operating performance of the company, in particular
strong subscriber growth
- securing additional funding, including potential equity financing
from a strategic investor; and
- TIW's commitment and ability to provide additional equity
financing to Dolphin

Dolphin has significant funding requirements to meet capital
expenditures and operating losses over the next three years.

Management has the ability to re-schedule capital expenditures in
the short term, but the longer-term viability of the company will
be uncertain if Dolphin does not meet the subscriber levels
required to satisfy lenders' expectations.

If Dolphin is unable to demonstrate significant progress towards
achieving satisfactory results with respect to the items being
reviewed, Moody's is likely to take further downward rating
actions.

On the positive side, the ratings recognize the continued support
of Dolphin's major vendors, as well as the company's current
leading position as an ESMR provider, a product which Moody's
believes has a niche potential to drive and sustain future cash
flows as an alternative to GSM. In addition, Moody's believes that
Steve Evans, Dolphin's recently appointed CEO, provides new impetus
and vision to the company.

Dolphin is the largest European provider of specialized mobile
radio services to mobile workforces, and intends to build a Pan-
European digital-enhanced specialized mobile radio network. For the
first quarter of 2000, Dolphin generated revenues of $21.6 million,
an EBITDA loss of ($38.1) million, with total debt of $611.8
million at March 31, 2000. The company is based in Basingstoke,
England.


DOUGLAS FRASER:  Notice of Liquidation Proceedings
-------------------------------------------
Insolvency UK

Company Name: Douglas Fraser & Sons (Manuf) Ltd
Company No: SC36641
Com. Business: Clothing Manufacturers
Appointed on: 22/05/00
Type: Members
Appointed by: Members
Liquidators: Ian D Mitchell IPno: 5123
Firm Name: Henderson Loggie
Address: Royal Exchange Panmure Street
City Postcode: Dundee DD1 1DZ


EXPRESS WHOLESALE: Notice of Receivership Proceedings
-------------------------------------------
Insolvency Uk

Company Name: Express Wholesale (DIY) Ltd
Company No: 1078494
Com. Business: Wholesale/Dist DIY Products
Trade clasif.: 15
Appointed on: 24/05/00
Appointed by: National Westminster
Type: Administrative
Receivers: Simon Allport IPno: 8763, Richard D Fleming 8370
Firm Name: Arthur Andersen
Address: Bank House 9 Charlotte Street
City Postcode: Manchester M1 4EU


OAKWOOD MANUFACTURING: Notice of Liquidation Proceedings
-------------------------------------------
Insolvency UK

Company Name: Oakwood Manufacturing Ltd
Company No: 2871602
Com. Business: Manufacturing
Appointed on: 22/05/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: N Money IPno: 8900 G Robbins 6622
Firm Name: Casson Beckman & Partners
Address: 8 Tib Lane
City Postcode: Manchester M2 4JB


QUEENSBOROUGH: To Go Private After Loss of ?4.8 Million
-------------------------------------------
Citywire  June 6, 2000

The directors at Queensborough, the restaurant to caravan park
group, are to take the company private in deal worth about ?23
million.

Kevin Leech and David Kirch, who own 59.7% of the shares, along
with Stuart Sim, are offering 20p cash per share. The shares closed
unchanged at 17.5p today.

Queensborough said it lost ?4.8 million before tax in the year to
January, after taking a ?6 million provision on asset sales.


REGENCY PRODUCTS: Notice of Liquidation Proceedings
-------------------------------------------
Insolvency UK

Company Name: Regency Products Ltd
Company No: 2961461
Com. Business: manufacture Plastic Packaging Goods
Appointed on: 22/05/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Paul W Ellison IPno: 7254
Firm Name: Hurst Morrison Thompson
Address: 5 Fairmile
City Postcode: Henley-on-Thames RG9 2JR


TALLI-GOLD LTD: Notice of Receivership Proceedings
-------------------------------------------
Insolvency UK

Company Name: Talli-Gold Ltd
Company No: 3312181
Com. Business: Medical Services
Trade clasif.: 40
Appointed on: 23/05/00
Appointed by: Care Home Properties Ltd
Type: Administrative
Receivers: Paul M David IPno: 7805, Nicholas R Hood 8350
Firm Name: Begbies Traynor
Address: 6 Raymond Buildings Grays Inn
City Postcode: London WC1R 5BP


VENDING SOLUTIONS: Notice of Liquidation Proceedings
-------------------------------------------
Insolvency UK

Company Name: Vending Solutions Ltd
Company No: 2605432
Com. Business: Vending Machine Dealers
Appointed on: 22/05/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Robert Valentine IPno: 3569
Firm Name: Valentine & Co
Address: 4 Dancastle Court 14 Arcadia Avenue
City Postcode: London N3 2HS


YORKSHIRE BOILER: Notice of Liquidation Proceedings
-------------------------------------------
Insolvency UK

Company Name: Yorkshire Boiler & Radiator Supp Ltd
Company No: 3844612
Com. Business: Supply/Fit Central Heating
Appointed on: 22/05/00
Type: Creditors
Appointed by: Creditors
Liquidators: Peter O'Hara IPno: 6371
Firm Name: O'Hara & Co
Address: Wesley House Huddersfield Road
City Postcode: Birstall WF17 9EJ



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