/raid1/www/Hosts/bankrupt/TCREUR_Public/000706.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, July 6, 2000, Vol. 1, No. 42


                        Headlines

C Z E C H   R E P U B L I C

INVESTICNI A POSTOVNI: CSOB to Sell IPB Stakes
INVESTICNI A POSTOVNI: Fight to Keep Company From CSOB Control
INVESTICNI A POSTOVNI: Finance Minister Submits Report on IPB
INVESTICNI A POSTOVNI: Audit Uncovers Kc 40 Billion Shortfall
UNION GROUP: BNP Exclusivity Offered


F R A N C E

DE DIETRICH: ABN Amro Bids for Equipment Company


N O R W A Y

AKER FONDS: Motion Filed to Declare Bankruptcy


R O M A N I A

AGRICULTURAL BANK: State Ownership Fund to Compensate FIC
COMTIM TIMISOARA: Company Purchased for $ 12.5 Million
COMTIM TIMISOARA: Pork Meat Producer's Rise and Fall
INTEGRATA DE LINA: Activity to Resume in August
INTERNATIONAL BANK: Bankruptcy Procedure Initiated

MASCOMB: Heavily Indebted Company Sold for Over 151 Million ROL
PETROTUB ROMAN: Privatization Process Begun Anew
PETROTUB ROMAN: Competition Council Canceled Tubman Purchase
PETROTUB ROMAN: Council Has No Authority to Reject Privatization
PETROTUB ROMAN: Transfer to SOF Will Mean Liquidation

RAFO ONESTI: Liquidation Looms Ahead
RAFO ONESTI: Inclusion Has No Economical Grounds
RAFO ONESTI: Commission Analyzes Inclusion In SNP Petrom
RAFO ONESTI: Claymore Withdraws on Withdrawal of Privatization
STOFE BUHUSI: Put Up For Auction for the Last Time

STOFE BUHUSI: No Buyers May Result in Liquidation
ZIMBRUL SA: SOF Fails to Privatize Suceava Companies
ZIMBRUL SA: Knitwear Factory Reorganizes to Avoid Bankruptcy


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

DERZHINVEST UKRAINY: SPF Initiates New Agreement
DOPRAVNA BANKA: Central Bank Imposes Administration
SLOVENSKE ELEKTRARNE: Electricity Company in Critical Situation


U K R A I N E

LYSYCHANSKNAFTOORGSYNTEZ JSC: Oil Giant Bids $ 9M for Refinery
LYSYCHANSKNAFTOORGSYNTEZ JSC: SPF Chairman Vows Transparency


U N I T E D   K I N G D O M

ACW FARM: Notice of Creditors Meeting
ACEMARK: Notice of Creditors Meeting
ALPHA POULTRY: Notice of Creditors Meeting
AZTEC COMPUTER: Notice of Creditors Meeting
BMS LTD: Notice of Creditors Meeting

CARLOTTS LTD: Notice of Creditors Meeting
DUSTT LTD: Notice of Creditors Meeting
EMERYS LTD: Notice of Creditors Meeting
ENGINE & GEARBOX: Notice of Creditors Meeting
EQUEMAR LTD: Notice of Creditors Meeting

ESCIAN LTD: Notice of Creditors Meeting
EXECUTIVE & MANAGEMENT: Notice of Creditors Meeting
FM DIGITAL: Notice of Creditors Meeting
FXM SERVICES: Notice of Creditors Meeting
GWS SERVICE LTD: Notice of Creditors Meeting

GEM CUT: Notice of Creditors Meeting
GREATER PHOTOGRAPHIC: Notice of Creditors Meeting
GREENWOOD & SONS: Notice of Creditors Meeting
HAMLEYS: Shares Rise On News of Takeover
HAMLEYS: Talks End with Potential Suitor

HAMLEYS: Shares Fall as Takeover Talks End
HAMLEYS: Charterhouse Walks Away From Takeover Talks
HARLEQUIN PB: Notice of Creditors Meeting
HARRISSONS HK: Notice of Creditors Meeting
HEATHSTONE MANAGEMENT: Notice of Creditors Meeting

HODGKINSON CONSTRUCTION: Notice of Creditors Meeting
MTD SERVICES: Notice of Creditors Meeting
MALMESMEAD LTD: Notice of Creditors Meeting
MALTPACK LTD: Notice of Creditors Meeting
MANCHESTER ENVELOPE: Notice of Creditors Meeting

MAPLE LEAF: Notice of Creditors Meeting
MIDLAND CRANE: Notice of Creditors Meeting
NSIN: Notice of Creditors Meeting
NORTH KENT: Notice of Creditors Meeting
OMNYSYS LTD: Notice of Creditors Meeting

PACKAGE PROFESSIONALS: Notice of Creditors Meeting
PHOENIX INTERNATIONAL: Notice of Creditors Meeting
PRACTICAL SERVICES: Notice of Creditors Meeting
RECON LTD: Notice of Creditors Meeting
SA TRADING: Notice of Creditors Meeting

STEELBEAM LTD: Notice of Creditors Meeting
TACISA UK: Notice of Creditors Meeting
THYATEIRA LTD: Notice of Creditors Meeting
TRITTON WINDOWS: Notice of Creditors Meeting
WARRINGTON ROOFING: Notice of Creditors Meeting

ZED COLLECTION: Notice of Creditors Meeting


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

INVESTICNI A POSTOVNI: CSOB to Sell IPB Stakes
------------------------------
REUTERS, July 3, 2000

Czech bank CSOB a.s. said on Monday it would stay out of non-
financial industries and divest stakes in a number of Czech
companies it had entered through the acquisition of failing bank
IPB last month.

Vice-Chairman Josef Tauber told Reuters in an interview that
CSOB, a unit of Belgium's KBC , would keep and develop IPB's
retail banking business but quit its corporate holdings.

"It is in our interest not to lose energy for a long time by
coping with residuals, which don't fit into our strategy," he
said, adding that "we talking about horizon of months" for the
divestments.

CSOB became the country's - and possibly Central Europe's -
largest bank when it took all IPB's assets in a non-equity deal
completed within two days after the central bank put IPB into
forced administration on June 16 amid a run on deposits.

IPB held stakes in industrial companies, telecoms and media, but
its opaque structure, related-party transactions and murky
network of option rights have led CSOB to admit it knew little
about what it actually bought.

The bank said it would take about half a year to conduct an audit
of IPB's assets. Prime Minister Milos Zeman has said that he had
information that many assets were siphoned away from the bank
prior to the state intervention.

Tauber said CSOB would keep IPB's building society Ceskomoravska
Stavebni Sporitelna, mortgage bank Ceskomoravska Hypotecni Banka
and investment company Prvni Investicni, which manages over 25
billion crowns in investment and mutual funds.

CSOB said it would also keep IPB Pojistovna, the country's second
largest insurer, if it finds it on IPB's books as expected, which
it has not managed to do so far.

This would leave out Allianz which had led talks with IPB's
previous management on taking a majority stake in the insurer.
According to the latest available reports, IPB also held minority
stakes in mobile operator Cesky Mobil, controlled by Canada's
TIW, several glass companies, bankrupt chemical firm Chemapol
Group, pulp maker Biocel or engineering group Skoda.

IPB also controlled television channel Prima, but local media
have reported that it had transferred the station to a third
party before the CSOB took over.

Tauber said CSOB has not yet made up its mind on whether to keep
or sell real estate developer IPB Real.

CSOB said it expected to announce further holdings this week as
its team continues inspecting IPB's assets.

DROP OF DEPOSITS HALTED

Tauber said that by contrast IPB's retail banking arm would
become the flag ship of CSOB, which had been looking for ways to
boost its retail business.

IPB lost more than 50 billion crowns in clients' deposits between
February and June on speculation that it would collapse, but
still has some 180-190 billion in individuals' accounts.

Tauber said that outflow of primary deposits stopped the week
following the acquisition.

"We managed to stop the drop in deposits... Now we have to work
on how to bring the figures back to the level before the forced
administration," he said.

But CSOB will not compete by hiking deposit rates to attract new
clients, Tauber said. "IPB had reasons to go this way but we
don't. It's more a question of a marketing," he said.

Tauber added CSOB would continue cooperating with the Czech Post,
which has roughly 3,000 outlets and serves IPB's clients.
Tauber also said that listing of CSOB shares remained a long-term
plan but was not top priority at the moment. KBC said last summer
that it could float CSOB in two or three years.


INVESTICNI A POSTOVNI: Fight to Keep Company From CSOB Control
------------------------------
CZECH AM, July 3, 2000

A 99.3% stake in Tchecomalt appears to have been moved under the
control of Holland-based Lento Investments, a vehicle established
last year with the help of IPB management. IPB provided the CR's
main malt producer with a hefty Kc 1.4 bln loan in March and was
negotiating for more dubious financing when the bank was put
under forced administration June 16. As with a number of other
major companies, an IPB source says people tied to former bank
management are working to ensure that new IPB owner CSOB does not
gain control of Tchecomalt, which some say is worth as much as
$90 mln. Lento owners failed to turn up at a Tchecomalt
shareholders meeting last week.


INVESTICNI A POSTOVNI: Finance Minister Submits Report on IPB
------------------------------
CZECH AM, July 4, 2000

Finance Minister Pavel Mertl¡k presented MPs yesterday with a
government report on the imposition of forced administration at
IPB. During a two-hour speech in defense of Cabinet actions, he
said there was only Kc 3 bln remaining in the IPB's clearing
account when the state took control. In spite of resistance from
ODS, which said it would not support the use of privatization
revenues or state bonds to cover IPB losses, MPs accepted the
report. All parties are likely to support the establishment of a
parliamentary investigative committee today, although a dispute
over its composition and tasks is expected. It will probe whether
the activities of the state during both the privatization and
recent intervention at IPB were appropriate.


INVESTICNI A POSTOVNI: Audit Uncovers Kc 40 Billion Shortfall
------------------------------
REUTERS, July 4, 2000

The third largest Czech bank IPB a.s., which was put into forced
administration last month, made misleading statements about its
financial position and had a shortfall in its reserves of some 40
billion crowns ($1.06 billion), Finance Minister Pavel Mertlik
said on Monday.

Reading a joint report by his ministry and the central bank
(CNB), Mertlik told the lower house of parliament that the bank
had covered up risk exposure, violated rules on loan quality
reporting, and overvalued collateral and guarantees given to it.

The bank also did not analyse risks from potential market swings
and "was not able to quantify the extent of its risk exposure",
Mertlik quoted a CNB audit as saying.

The shortfalls were discovered in a central bank probe conducted
between August and November 1999 which led to demands for an
equity increase, to which shareholders did not respond.

The 40 billion reserves shortfall significantly exceeded equity
of 15.9 billion in the third quarter last year.

IPB, 46.6 percent controlled by a unit of Nomura Securities , was
put under forced administration on June 16 amid a run on deposits
sparked by media reports that it would post a huge loss for 1999.

The CNB said it did not take action prior to the run on deposits
because it had not completed the probe as it was going through
9,970 pages of objections which the bank had filed against the
audit.

All IPB's assets have been sold to rival bank CSOB.

IPB will likely be liquidated and Nomura may realise none of its
nine billion crown equity stake if further audits confirm it has
a negative net worth.

Mertlik also said that auditors Ernst and Young said after
inspecting the 1999 results that IPB would have had to create at
least 21 billion crowns in new reserves, though the final need
may "significantly exceed 40 billion".

The Ernst and Young report would have led to the withdrawal of
IBP's licence even if the run on the bank last month had not
happened, Mertlik said.

The minister said talks with Nomura on various ways of selling
the bank to a strategic partner had failed.

The central bank has also filed a criminal complaint against IPB
managers.


UNION GROUP: BNP Exclusivity Offered
------------------------------
REUTERS, July 2, 2000

Czech loss-making financial holding company Union Group a.s. has
offered BNP Paribas exclusivity in talks to take a controlling
stake, a spokesman said on Friday.

Union Group, controlled by industrial companies based in eastern
Czech Republic, owns bank Union Banka, pension fund Vojensky
Otevreny Penzijni Fond, small Polish bank Bank Przemyslowy and
insurer Union Pojistovna.

It had consolidated assets of 35.3 billion crowns ($949.1
million) at the end of the last year, and a preliminary loss of
46 million crowns.

Spokesman Josef Rericha said Union picked BNP Paribas over
Austria's Raiffeisenbank on recommendation from advisers Deutsche
Bank AG . BNP declined to comment.

Rericha did not reveal any financial details of BNP's bid, saying
price would be a matter of further negotiations.

Union's main operation, Union Banka, had assets of 23.5 billion
crowns at the end of the first quarter this year, a drop from
28.5 billion at the end of the last year.

Rericha said the BNP would help the group's banking arm to expand
in the retail market.

"After the entry of the strategic partner, Union Banka wants to
become a significant player mainly on the retail market and
services for small and medium-sized businesses. That is also a
part of the bid submitted by the French bank," Rericha said.

Local newspapers have reported that BNP demanded a state bailout
for Union Banka, but government officials said on Friday there
has been no such request, and that the state would not provide
any aid if approached.


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

DE DIETRICH: ABN Amro Bids for Equipment Company
------------------------------
REUTERS, July 3, 2000

French stock market regulator CMF said on Monday Societe
Industrielle du Hanau, a wholly-owned unit of ABN Amro Capital
Investissment France, had made a bid for 100 percent of De
Dietrich at 70 euros per share.

"The project targets all the existing shares, or 6,344,200
shares, as well as shares from the exercise of share subscription
options, or a maximum of 101,700 shares," the CMF said in a
statement.

The bidder, which does not currently have a stake in the heating
and chemical industry equipment maker, reserved the right to
withdraw its offer if it did not obtain at least 50.01 percent of
the company's capital and voting rights, the statement said.

Cogepa and D-F Synergies, which together hold 21.7 percent of De
Dietrich, or 1,375,014 shares, had agreed on June 28 to sell
their stake unless there was a receivable rival offer, it said.

Shares in De Dietrich remained suspended on the Paris stock
market on Monday pending an announcement by the company at 1330
GMT. De Dietrich closed at 67.30 euros on Friday.

The initiators for the bid are ABN Amro Corporate Finance France
and bank Societe Generale, the CMF said.


===========
N O R W A Y
===========

AKER FONDS: Motion Filed to Declare Bankruptcy
------------------------------
The tax office in Oslo has filed a motion in the Oslo court
asking that the Internet funds broker, Aker Fonds be declared
bankrupt.

On Monday, the Oslo district court received notice from the Oslo
tax office that Aker Fonds be declared bankrupt. The case is
scheduled to be heard on July 4. To avoid being shut down, Aker
Fonds will have to pay the Oslo tax office what they owe, which
is reportedly around NOK 1.5m.

Aker Fonds has had a tough time since the beginning of May.
Strong criticism from the credit authorities; demands in the
million class; loss of its trading seat on the Oslo Exchange and
the resignation of its auditor have given Aker's Managing
Director, Henrik Ellefsen more than enough to worry about,
reports Dagens Naeringsliv.

Aker's Managing Director says that the whole affair is a
misunderstanding: "The background is that there is an agreement
between us which has caused problems because they cannot handle
electronic payments, which is what we use. So, our payment
instruction has been returned to us. This is now solved, and it
should no longer be a problem. We discovered this a few days
ago."


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

AGRICULTURAL BANK: State Ownership Fund to Compensate FIC
------------------------------
PRIVATIZATION IN ROMANIA, July 3, 2000

The Administration Board of the State Ownership Fund (SOF) proved
the compensation by the SOF of the capital quotes owned at the
Financial Investment Companies (FIC) at the Agricultural Bank
(AB) with a view to the solving of the trial initiated by the
Oltenia FIC and to the saving from bankruptcy of the bank,
through the continuation of the privatization procedures,
according to the agreement of the government with the
international financial institutions, the SOF informs.

The handing in of the final offers for the privatization of the
AB was postponed at the beginning of August so that the problems
appeared between the SOF and the 5 FIC could be solved.

The SOF representatives and those of the FIC established recently
what companies will be ceded to the FIC from the SOF portfolio,
in exchange of the shares owned by the FIC at the AB.

The Oltenia FIC sued the SOF after the Administration Board of
the AB decided in winter the recovery of the debts of the bank
through the reduction of the share capital from 1,081 billion ROL
to 108 billion ROL. Radu Sirbu stated that the Oltenia FIC used a
"formal pretext", that is the fact that the SOF didn't publish
this decision.

"The decision was published in the Official Monitor and thus they
couldn't be right, but so far the two courts agreed with the FIC,
which made us appeal to the Supreme Court of Justice", Sirbu
added.


COMTIM TIMISOARA: Company Purchased for $ 12.5 Million
------------------------------
PRIVATIZATION ON ROMANIA, July 3, 2000

The Australian company Smorgon & CojoGroup bought Comtim on June
29th. The syndic judge Rodica Marghescu approved the sale contract
for Comtim on June 29th. After the negotiations with the
liquidator, PricewaterhouseCoopers, the Australian company bought
the assets of Comtim for 12.5 million dollars. The buyer
committed to transfer 9 million dollars into the liquidator's
account, and the rest of 3.5 million dollars will be paid after
Comtim presents the property titles for the fields it owns.

The representatives of one of creditors of Comtim was against the
signing of this contract, claiming that the sum thus obtained was
much smaller than the real value of the combine. The syndic judge
rejected this contest. Rodica Marghescu said that the sale price
was the best that could be negotiated at the moment.

The new owner of Comtim announced that it would invest 10 million
dollars for the increase of the number of pigs from 63,000 to
500,000 during a short period, and to 1,000,000 in a longer
period.


COMTIM TIMISOARA: Pork Meat Producer's Rise and Fall
------------------------------
MONITORUL, July 5, 2000

In a period when two ministers succeeded at the leadership of the
Ministry of Food and Agriculture, the greatest producer of pork
meat Comtim Timisoara has tried several times to find another
buyer. The offers were quite numerous but up to the stage of
intention. The means of privatization changed with every attempt
that failed. After three years of various intentions of
privatization for a dollar, by juridical liquidation and
restructuring, the company was bought last week by the Australian
firm Smorgon & Cojo Group for $ 12,5 million.


INTEGRATA DE LINA: Activity to Resume in August
------------------------------
PRIVATIZATION IN ROMANIA, July 3, 2000

It will appear on the market as AKROM AG-AL TEKSTIL, after the
name of the Turkish company that bought it Integrata de Lina will
resume its activity in August. Cengiz Baykal, general manager of
AKROM Romania made this announcement during a press conference.

The Turks bought the company from Suceava in December 1999, when
it was undergoing a legal liquidation process.

According to Cengiz Baykal, the Turks will invest 20 million
dollars in this company in two steps. The first step has already
begun and 5 million dollars were spent to pay the company's debts
and the equipment for the first section that will function
starting from August. The second step will be ended next year and
will comprise 15 million dollars. AKROM Suceava produces threads
and blends of wool, viscose and cotton.

600 employees will finally work in the factory. During the first
stage of the investment, the company will hire 250 people. Cengiz
Baykal says he will interview almost 1,000 people, to make sure
that he hires the best people. He also intends to open a
supermarket to promote the products of the factory, its name and
prestige. Cengiz Baykal mentioned that they had to choose among
Suceava, Botosani and Timisoara for this investment.

"The final decision was made considering important factors. Here
we met friendly people, willing to make things work. Important
facts were the field of activity, the location and the resources
of the factory, as well as the good cooperation between the
management of the company and the local administration", Cengiz
explained. He hopes to get the money invested here in three
years.

AKROM Romania is now a branch of AK-AL, member of the AKKOK
group. AK-AL owns 4 companies producing threads, being one of the
world leaders in the field. The volume of its exports amounted to
45 million dollars in 1999. Its products are exported to the USA,
Canada, Argentina, Brazil, Great Britain, France, Italy, Germany,
Spain, Belgium, Greece and countries from the Middle East.


INTERNATIONAL BANK: Bankruptcy Procedure Initiated
------------------------------
PRIVATIZATION IN ROMANIA, July 1, 2000

The National Bank of Romania (BNR) requested Thursday the court
of justice to begin the bankruptcy procedure at the International
Bank of Religions (BIR), the director of the BNR Communication
Department, Adrian Vasilescu, declared. The reasons that led to
this decision were the blocked accounts of the juridical persons
and BNR's intention to observe the established terms", Vasilescu
declared. Yet, he mentioned that BNR is still open to any
"serious approach" that might solve the situation of BIR.

The first step to be taken, Vasilescu said, is to bring the money
necessary to increase the social capital of BIR. He mentioned
that this would be simpler if the money came from a shareholder,
on condition that it should be "clean money." BIR may contest
BNR's decision within 5 days.

The Jaquila Group, with which BIR was negotiating for some time,
didn't lodge its participation to the rise of the bank's social
capital by the June 26, the deadline established by BNR. The
Director of the Treasury Department of BIR, Florenitn Pirlog,
mentioned that BIR had forwarded Tuesday to BNR the necessary
documentation for the rise of the bank's social capital by
another investor. Pirlog didn't mention his name, but he is most
likely one of the shareholders.


MASCOMB:  Heavily Indebted Company Sold for Over 151 Million ROL
------------------------------
PRIVATIZATION IN ROMANIA, July 1, 2000

Valentin Birjoi bought 99.6 % of the company's shares with
151.992 million ROL. The company produces tools, machines, and
spare parts for agriculture. Two natural entities attended the
auction organized by the State Ownership Fund (SOF) on June 6th.

One of them bought the sock at the third step of the Dutch
auction. "I came to the action with a strong determination to
buy. I will repair the damaged tools I will bring new ones, I
will hire about a hundred people. I already have collaboration
offers for spare parts for big vehicles from companies from
Italy, France and Germany", said the buyer.

Valentin Birjoi is the administrator of Andi-Press, but he
participated to the auction as a natural entity, because "there
are fewer documents to draw up". He appreciated that the
investment for new tools will amount to almost 2 billion. In
addition, the company has debts of 1.5 billion ROL to Bankcoop,
of 200 million ROL to the local budget and of almost 400 million
ROL to the state budget.

"We hope to obtain the spreading out of debts. The big hall is
mortgaged at Bankcoop, and the administrative building and a
production hall have just been taken out of the mortgage from
Bankcoop", Andi-Press administrator explained. The other
investors in Mascomb were small shareholders that got their
shares within the Mass Privatization Program. The share capital
of the company is of 1.524 billion ROL.

The new owner of Mascomb considers the possibility of giving up
the control over Transmixt Moldova Pascani. After an agitated
auction, Andi-Press had obtained 74% of the shares of this
transport company for a price of almost 4.1 billion ROL. "We
didn't get any profit in three months, and the debts kept on
increasing. I was supposed to pay another 3.5 billion to the SOF,
but I don't think I will do it. There is not much to be done
there", Valentin Birjoi added.


PETROTUB ROMAN: Privatization Process Begun Anew
------------------------------
PRIVATIZATION IN ROMANIA, June 28, 2000

The Competition Council approved on June 24th the taking over of
Silcotub Zalau and Laminorul Braila by Tubman International, but
it didn't approve the purchase of Petrotub Roman by the same
company, declared Gheorghe Oprescu, vice-president of the
Competition Council.

"The taking over of Petrotub was not approved since in this way,
Tubman would have got to hold 75% on this market and might have
occupied a dominant position it could abuse of", Oprescu said.
The decision of the Competition Council can be disputed in court
within 15 days.

The manager of Tubman, David Gray showed his dissatisfaction at
the Competition Council's decision. He declared that "he doesn't
understand this measure. It is hard to say what he will do next.
It has been a great opportunity, which was missed owing to the
authorities' refusal to give their approval. This is a negative
signal for potential foreign investors interested in Romania".

If the court reaches the same conclusion as the Competition
Council, the privatization process at Petrotub will have to be
resumed.

The management and the unions of Petrotub discussed for five
hours the consequences derived from the canceling of the contract
with Tubman International. Even though the discussions were quite
tough, both parts appreciate that this meeting has been
constructive for the fate of the company and of its employees.

The manager of the company, Dorel Birsan Romano abstained from
making any comment on the situation, but he declared that Tubman
might dispute in court the decision of the Competition Council.

"So far, we have no information on the official position of the
Competition Council towards the concentration Silcotub-Petrotub-
Tubman, and we cannot decide to be "for" or "against". The
experts of the competition Council are professionals, and they
are extremely qualified in the field. Tubman International might
dispute this decision in court. If Petrotub is put to
privatization again, we will have to consider the offer of the
Swiss concern Duferco. The dismissal decision can be taken only
by the main shareholder, whether this is the state or the
investor, after negotiations with the unions", declared Dorel
Birsan Romano, general manager of Petrotub.

The company cannot be liquidated

"We should unite our forces to cope with the demands of the
market economy. Mention should be made that the results we had -
10 billion ROL profit, which is nevertheless insufficient to run
an investment program and to pay the debts to the state budget -
exclude the possibility of the company's liquidation. We could
add other positive results through the new policy we have
applied. There are still many problems to be solved, but the main
ones concern the human resources, that is the attitude towards
work. In this respect, I count on the support of the unions, with
which we will negotiate the labor agreements. One of the talk
issues will be the technological and administrative discipline.
We agreed with the unions that the wages will be conform to the
quality of our products" Dorel Birsan Romano also mentioned.

Sonocord and Duferco are still interested in Petrotub
The union leaders appreciate that the decision of the Competition
Council is correct and that important investors are still
interested in buying Petrotub.

"We know that Sonocord and Duferco are among the main bidders
that might appear if the privatization process will be resumed.
If Duferco doesn't send a purchase agent and comes itself to the
auction, this would be a greater guarantee for us. For example,
at the Resita Siderurgical Combine, which was bought by an
American company, the jobs are guaranteed for five years though
the sale-purchase contract, and dismissals are done only if
requested by modernization plans. We are not against
privatization, but privatization has to be done so as to lead to
an economical growth and not to social sacrifice", said Marius
Cornenco, leader of the Petrotub Free Union.


PETROTUB ROMAN: Competition Council Canceled Tubman Purchase
------------------------------
PRIVATIZATION IN ROMANIA, July 1, 2000

The competition Council canceled the purchase of the main share
stock by Tubman International.

The Competition Council canceled the privatization process of
Petrotub Roman, whose main share stock of 70% was bought by the
British company Tubman International, announced the union leader
Marius Cornenco. Cornenco declared that the decision was made
with the majority of votes: six members of the Competition
Council were for the canceling of the contract, two were against,
and one member abstained from voting. Tubman International can
dispute the decision, and if it remains available, the 70% stock
gets back to the State Ownership Fund (SOF) portfolio and will be
put to sale again.

"We hope that the privatization process at Petrotub will be a
successful one, since it can't get worse than it was with Tubman
International", Cornenco declared.

When they found out about the decision of the Competition
Council, the employees from Petrotub expressed their content in
various ways, since the British company intended to dismiss 1,500
out of the 3,730 employees without paying any compensatory
benefits.

The Competition Council blocked privatization in this case, since
by the taking over of Petrotub, Tubman International would have
got the monopoly on pipe production in Romania.

Petrotub had debts of 48 million dollars, and the pipe production
this year was of only 18,000 tons, which is a decrease towards
the production of 40,000 tons in the same period in 1999. The
British company Tubman International bought the 70% share stock
from the SOF in November 1999.

The SOF manager, Radu Sirbu said that the responsibility for the
delay in the privatization at Petrotub Roman belonged to the
union leaders, and he stated he was in favor of a quick
privatization process. He also said that if the privatization of
the company was postponed, the company risked to be liquidated.

"They postpone privatization considering that this would lead to
a monopoly in the pipe production in Romania. Yet, in all the big
countries there is only one company producing pipes, that company
holding several plants. This applies to for Italy, France, Spain,
and in Germany there are only two companies of the kind. The
privatization of Petrotub Roman and Silcotub Zalau is much
discussed upon, but they are complementary companies, producing
different types of pipes. I regret that so many politicians
reduce economy to politics", Sirbu said.


PETROTUB ROMAN: Council Has No Authority to Reject Privatization
------------------------------
PRIVATIZATION IN ROMANIA, July 4, 2000

The Competition Council cannot cancel Petrotub's privatization.
The statement was made by manager Dorel Birsan Romano. The
privatization contract between Petrotub and Tubman remains
available.

During the meeting of the Consultative Commission for Social
Dialogue from July 3rd the general manager of Petrotub, Dorel
Birsan Romano stated that the Competition Council (CC) doesn't
have the authority to reject the privatization of a company, so
the privatization contract signed between Petrotub and Tubman
International is still available.

On June 26th the CC approved the taking over of Silcotub Zalau and
Laminorul Braila by Tubman International, but did not approve the
taking over of Petrotub by the same company.

"Even if the CC did not approve the taking over of Petrotub by
Tubman, the sale contract signed between Petrotub and Tubman is
still available. Our resources are not sufficient to run an
efficient investment program and to pay the debts to the budget,
despite the fact that we managed to get some profit", mentioned
the general manager of Petrotub.

The vice-president of the CC, Gheorghe Oprescu, argued that
Petrotub's privatization has not been authorized since Tubman
would thus have got to hold a 75% rate on the Romanian pipe
market. The representatives of Tubman have the possibility to
dispute the decision of the CC. The head of the State Ownership
Fund (SOF), Radu Sirbu, mentioned that Petrotub would be
liquidated if the Court of Appeal did not reject the decision of
the CC.


PETROTUB ROMAN: Transfer to SOF Will Mean Liquidation
------------------------------
PRIVATIZATION IN ROMANIA, July 4, 2000

Petrotub Roman might be liquidated if the Bucharest Appeal Court
does not reject the decision of the Competition Council for the
canceling of the sale & purchase contract of the Petrotub shares
concluded between the State Ownership Fund (SOF) and Tubman
International, the SOF president, Radu Sirbu stated.

He specified that the arguments of the Competition Council were
false, as its members were mainly from PDSR and PD. They say that
thus Tubman would have held the monopoly on the pipe production
in Romania, but there are countries in which an investor owns 2
or several factories of the same type without creating a
monopoly.

Tubman International purchased last year 70% of the Petrotub
shares. The foreign company still holds the main share capitals
at Silcotub Zalau and Laminorul Braila.

"I object to the investigation of the Competition Council that
called the unions and the second company in the auction, Soconor
Belgium and asked it if it maintained its offer, while I was
phoned by the PD president. This is traffic of influence from the
PD members", Sirbu specified.

He showed that Soconor came with an offer better than the initial
one, but the law doesn't allow the SOF to negotiate with the
another company as long as there is a winner.

The Competition Council cancelled on June 15th the privatization
of Petrotub, whose main share stock was purchased by Tubman
International. The winner disputed the decision of the Council at
the Appeal Court.

Petrotub has debts of 48 million dollars and the pipe production
on the trimester of the year was of only 18,000 tones, as
compared to 40,000 in the same period of 1999.


RAFO ONESTI: Liquidation Looms Ahead
------------------------------
PRIVATIZATION IN ROMANIA, July 1, 2000

This seems to be the final solution prepared for Rafo.
The restart of the refinery from Onesti is now more uncertain
than ever. At least, that was the message of the State Ownership
Fund (SOF)'s officials in the Shareholders General Assembly (AGA)
meeting from June 30th. According to the SOF, there are three
options for the restart of the refinery: privatization, taking
over by the National Oil Company (SNP) or liquidation of the
company. The successive attempts to privatize the company failed.

Despite the rumors circulating before each auction, no investor
showed up. The refinery's taking over by SNP, which is the target
of the employees' protest, seems to be impossible to carry out.

The SOF approves the taking over of the company, while Radu
Berceanu cannot accept this option.

Thus, the only solution remained liquidation. The SOF official
added that this seemed to be the most convenient solution, since
the employees would benefit from social protection, that is
unemployment benefits and potential compensatory wages. The SOF
considers liquidation the most convenient decision, since there
are no money left but for the payment of the wages for a couple
of months.

The SOF also considers the possibility of the taking over of the
refinery by Glencore and Mansfield, Rafo's biggest creditors. The
trials initiated by the two companies are getting to an end, and
the solution could be the taking over of the refinery on account
of the unpaid debts.

One of the decisions the AGA took on June 30th seems to prove that
the SOF is not very interested in restarting Rafo. On the
proposal of Costica Ursu, who resigned from the position of
unique administrator of the refinery immediately after the
meeting from June 30th, the representatives of the shareholders
voted the rent of some installations from the refinery of
Darmanesti. "The rent is available only until Rafo restarts
activity", said the former unique administrator. The SOF
officials voted for this alternative. The problem is that no one
dares to sign a contract that supposes a lot of time and money,
knowing that it could be canceled in a few days.

The representative of the Moldova Financial Investment Company
raised another question, that of the legal and financial effects
that might come up if the contract is canceled and Rafo restarts
activity. His vote against had no result whatsoever.

The political decision was long expected at Rafo

Rafo seems to depend more on political rather than on economical
decisions. After the elections from 1996, there was a protocol
that stipulated the distribution of the state companies among the
winning political forces. According to the protocol, Rafo was
allotted to the National Liberal Party (PNL). The liberals
proposed Costica Ursu for unique administrator of the company.

The democrats seem to be against the restart of the refinery. The
statements of Radu Berceanu seem to confirm this idea. Ursu
mentioned that none of the promises from Bucharest was carried
out. Ursu claims that he is not to blame for the hostile
atmosphere that was created against him, which would be the
result of hidden conspirators. If these backstage plays are real
or not, it will be found out on July 18th, when the AGA will
appoint the new unique administrator. Until then, the workers
from Rafo will keep on protesting.

Rafo employees leave for Bucharest on July 3rd

A group of 50 employees from Rafo Onesti are leaving on July 3rd
to Bucharest, to protest in front of the Government's
headquarters. They will be accompanied by a second group of 11
people who received the approval to discuss with the Governments
officials in order to solve the crisis from Rafo. The leader of
the trade union, Ion Marian, declared that the delegation would
be formed of federal union leaders. He mentioned that all they
want is the inclusion of Rafo in SNP and the restart of the
refinery. The workers threatened that if the Government doesn't
solve their problem, they will block all the entrance points in
Onesti and won't let anyone enter the town. The Rafo employees
had participated to several protest actions, including picketing
the headquarters of the Bacau prefecture. The peak was on June
30th, when the employees didn't give up until Costica Ursu
resigned, and the SOF approved it.


RAFO ONESTI: Inclusion Has No Economical Grounds
------------------------------
PRIVATIZATION IN ROMANIA, July 3, 2000

The inclusion of Rafo Onesti refinery in the National Oil Company
(SNP) Petrom has no economical grounds, since SNP doesn't need
another refinery, said Radu Berceanu, the minister of Industry
and Trade, on June 29th.

He mentioned that SNP was not a "charitable company", and its
interest was "to eliminate Rafo Onesti from the market", from
economical reasons.

"Not even from an electoral perspective could I accept the
inclusion of Rafo Onesti in Petrom, since this would burden the
activity of the company. Our role, as ministers, is to render the
national companies profitable and not to harden their situation",
Berceanu said.

He says that SNP analyses the possibility of taking over Rafo
Onesti.

The State Ownership Fund (SOF) organized several auctions for the
selection of an investor to buy the share stock it holds at Rafo
Onesti or of an administrator and financier for the refinery's
activity, but it didn't received any offer.

The refinery has recently lost a contract for the processing of
200,000 ton of crude oil closed with the British company
Claymore, which withdrew as soon as it found out that the SOF
received no offer for the company's privatization.

Rafo Onesti ceased its activity last year and accumulated debts
of 2,420 billion ROL and losses of 603 billion ROL. The main
creditors of the company are Glencore and Mansfield, as well as
the Romanian State.


RAFO ONESTI: Commission Analyzes Inclusion In SNP Petrom
------------------------------
PRIVATIZATION IN ROMANIA, July 4, 2000

Governmental commission studies the possibility of the inclusion
of Rafo Onesti in the National Oil Company (SNP) Petrom, after
the State Ownership Fund (SOF) failed in the privatization and
selection attempts of an administrator and financier for the
Onesti refinery, Radu Sirbu, the SOF president stated.

He specified that such a decision that does not agree to the SNP
because it would delay the privatization belongs to the
government.

The SOF organized in the last year several auctions for the
selection of an investor that purchase the share stock owned at
Rafo or of a unique administrator and financier of the refinery,
but no offer was received.

The refinery has recently lost a processing contract for 200,000
tones of oil per month concluded with the British company,
Claymore that withdrew immediately after it learned that the SOF
received no offer for the privatization of the refinery.

Rafo hasn't been functioning since last year and cumulated debts
of 2,420 billion ROL and losses of 603 billion ROL. The main
creditors of the company are Glencore and Mansfield, as well as
the Romanian State.


RAFO ONESTI: Claymore Withdraws on Withdrawal of Privatization
------------------------------
PRIVATIZATION IN ROMANIA, June 15, 2000

The British company Claymore announced on June 8th that it
withdrew the processing offer of 200,000 tones per month at Rafo
Onesti.

The state minister, Mircea Ciumara, president of the Economical-
Financial Coordination Council promised 2 months ago to Rafo that
at the end of May they would receive the oil quantity necessary
for an efficient activity. After Claymore obtained all
governmental guarantees for the protection of the oil and of the
products obtained, the company gave up the contract when the
management learned that the company had no chance to privatize.

"We were told that the risk was too big, that the refinery had
big losses. The people started to lose their patience. Starting
with June 12th at 7.00 no one will enter the company and we are
expecting a governmental delegation to clear out the situation",
Ion Marian, leader of the Rafinorul union stated.

In the processing contract there were stipulated that at the
beginning of June there started the oil processing, which is why
the installations were prepared, a price that Rafo will have to
pay, too.

The councilor of the Prime Minister, Mihai David is expected.


STOFE BUHUSI: Put Up For Auction for the Last Time
------------------------------
PRIVATIZATION IN ROMANIA, June 30, 2000

The Bacau State Ownership Fund (SOF) intends to organize another
auction for the sale of Stofe Buhusi by the end of June. If no
investor shows any interest in buying the company, the SOF will
liquidate the company. Stofe Buhusi entered the Bacau SOF
portfolio on February 24th, after the failed attempt of the
central SOF to privatize it through direct negotiation. The SOF
considers that Stofe Buhusi is not interesting for investors
because of its debts to the Ministry of Finance, which stopped
all the methods of spreading out the debts at the beginning of
the year. The company has a share capital of 49.9 billion ROL,
51% of it being held by the SOF. Another important shareholder is
the Moldova Financial Investment Company, which holds 16.22% of
the shares. The company, once one of the biggest companies of the
kind in Europe, had almost 10,000 employees before 1989, but now
it has only 500 employees.


STOFE BUHUSI: No Buyers May Result in Liquidation
------------------------------

PRIVATIZATION IN ROMANIA, June 30, 2000

Stofe Buhusi was put out to sale for the 6th time by the Bacau
State Ownership Fund (SOF). Because the share capital of the
company is below 50 billion ROL, the company was transferred to
the Bacau SOF. This is the last chance for the company to be
privatized. If no purchaser is found, the company will be
liquidated. The auction was decided for July 21st, at 11.00, the
last day for receiving offers being July 20th, 10.00.

Stofe Buhusi has a share capital of 49.64 billion ROL, at a
turnover of 37.612 billion ROL. The profit on June 30th 1999 was
of 18.026 billion ROL.

At the moment, Stofe Buhusi has 800 employees from 10,000 as it
had before 1990. The company is owned by the SOF - 51%; other
shareholders are: the Moldova Financial Investment Company (FIC)
- 16.226%, the coupon holders - 3.072% and others - 29.702%.


ZIMBRUL SA: SOF Fails to Privatize Suceava Companies
------------------------------
PRIVATIZATION IN ROMANIA, June 30, 2000

In March 1997, the State Ownership Fund (SOF) signed the first
contract for the privatisation of the Zimbrul SA company of
Suceava with Armand Artinian. In November 1999, the main
shareholder of the company became George Simion who owns 46.2% of
the share capital.

At present, the ready-made clothing factory Zimbrul has run out
of production departments. The building in which there were the
knitting, the finishing, the cutting and ready-made clothing
departments were bought by the Alma Viva company as a result of
an auction organised by the Suceava Court. The assets, which were
put as a guarantee at the Romanian Commercial bank, were sold to
get the money for Zimbrul's debts, which amounted to 2.5 billion
ROL. Alma Viva, which was the only company present at the
auction, offered 3 billion ROL for the production departments.

The management of the ready-made clothing factory challenged the
decision regarding the sale of the assets in court yesterday.

"The initial value of the assets was of 19 billion ROL, and they
were bought for 3 billion ROL. This is a huge loss for the
company. It was normal for us to challenge the decision", Traian
Dominte, the only administrator of the company, stated. The
challenge is to be looked into during the next days. Dominte
stated that he did not know what strategy they would adopt if the
challenge was overruled, and the sale remains final. It should be
specified that Alma Viva is a powerful company in town, being the
owner of Comat and Intercom.

Bogdan Lenuta added that the respective departments should need
investments amounting to 10 to 15 billion ROL. It should also be
said that the court sold the assets of the company, while at the
headquarters of the company the Shareholders General Assembly was
taking place, in the presence of the main shareholder, George
Simion.

As a result of this sale the shareholders of the Suceava company
only have papers now, as the patrimony belongs to other people
now. It might be said that the last shareholder which bought
shares at the company, George Simion, was tricked, even more
considering that he promised to pay the debts of the ready-made
clothing factory, which amount to 48 billion ROL. At present
Zimbrul has no activity for lack of orders, and will probably be
liquidates soon.


ZIMBRUL SA: Knitwear Factory Reorganizes to Avoid Bankruptcy
------------------------------
PRIVATIZATION IN ROMANIA, June 30, 2000

>From June 15th, the knitwear factory enters the reorganization
program that was already approved by the National Agency for
Regional Development.

The knitwear factory, Zimbrul, continues to make efforts for the
avoiding of the bankruptcy. Starting with June 15th the factory
renters the reorganization program, which was already approved by
the National Agency for Regional Development (NARD). According to
the program, which was drafted by the administration and approved
by the Shareholders General Assembly (AGA), 259 employees will be
fired, only 187 following to remain in the factory.

The dismissed staff will benefit form compensatory wages
according to the Ordinance 98/99. The reorganization program was
agreed by the union. The leader, Mihai Stefan was skeptical about
its efficiency, considering the experience of the first
reorganization program from last year.

"We had to support the second reorganization program presented by
the administration. I doubt, though, that Zimbrul will recover
because the company never lacks orders, only liquidities", Stefan
added. Zimbrul has debts of over 40 billion ROL. The main
shareholder, George Simion, who owns 46.2% from the share
capital, paid the counter value of these shares, but he seems to
be unable to support the activity of the company.

On June 2nd there will be carried out discussions between the
management and the union in order to find a solution for the
people to receive their wages for the period when the factory
didn't produce.


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

DERZHINVEST UKRAINY: SPF Initiates New Agreement
------------------------------
KIEV POST, June 30, 2000

The State Property Fund (SPF) Chairman Oleksandr Bondar announced
that the SPF has started talks with the Watford Petroleum company
to conclude a new agreement on sale of a 30 percent stake in the
Naftokhimik Prykarpatya petroleum refinery, Ukrainian News
reported on June 30.

According to an earlier agreement, Watford Petroleum gained
management of a 30 percent stake in Naftokhimik Prykarpatya for
five years as loan collateral from the state-run Derzhinvest
Ukrainy JSC and has right to acquire that stake in the event that
Derzhinvest Ukrainy is liquidated.

Derzhinvest Ukrainy is being currently closed down in keeping
with a presidential decree dated March 25, 2000.

Now, however, the SPF disagrees with the terms of the contract
and Bondar has stated that only the SPF is permitted to sell
state assets.

"According to the Constitution and laws of Ukraine, the sole
authorized seller of state assets is the State Property Fund,"
Bondar said.

The solution proposed by the SPF involves an expert valuation of
the cost of the 30 percent stake that will take into
consideration the amount that Watford Petroleum has already paid
to Derzhinvest. Using this information, a new contract will be
negotiated with Watford.

"We will conduct an expert valuation. If the new price suits
[Watford Petroleum], it will buy the stake. Otherwise, we will
have grounds to protest this deposit through the courts and sell
the stake via open competition," Bondar said.

Ukrainian News has reported that Watford President Michael
Watford does not oppose the SPF plan to conduct an expert
valuation of the 30 percent stake. He believes this assessment
will take up to six weeks and predicts the value to be between
$4.5 to $5.5 million.

Watford has channeled $485,000 to Derzhinvest Ukrainy and granted
Naftokhimik Prykarpattia an interest-free credit of $400,000 for
renovations and upgrades at the plant. Watford also holds around
16 percent of Naftokhimik Prykarpattia's statutory fund.

Naftokhimik Prykarpattia is one of Ukraine's six oil refineries.
Its processing capacity is 2.6 million tons of oil a year.

The refinery increased the volume of its crude oil processing by
32.4 percent to 1,246,100 tons in 1999, compared with 1998.


DOPRAVNA BANKA: Central Bank Imposes Administration
------------------------------
REUTERS, July 3, 2000

The Slovak central bank (NBS) said on Saturday it had imposed an
administration on the small, central-Slovakia-based bank Dopravna
Banka A.S after the bank failed to raise capital on Friday to
cover non-performing loans.

The NBS said in a statement it had halted all transactions except
for those it may give special approval to and had stripped the
powers of the bank's management in order to prevent a worsening
of the situation at Dopravna Banka.

The bank posted a SKK 546 million ($12.26 million) loss in 1999.
"This bank had not managed during its operation to deal with
constantly increasing losses, and in the meantime it did not
create sufficient reserves to cover its classified loans," NBS
spokesman Jan Onda said in a statement.

"The...administrator and the central bank prefer a quick remedy
to the situation so that (Dopravna Banka's) creditors and
depositors will be harmed in the least possible manner.

Dopravna Banka, which has a basic capital of 800 million Slovak
crowns, tried several times unsuccessfully this year to raise its
capital at special shareholders' meetings, Onda told Reuters
after the statement.

The bank is 45 percent owned by bank Slovenska Sporitielna and 15
percent by Investicni a Rozvojova Banka, which are both state-
owned. It is 37.5 percent owned by bus company BBDS Banska
Bystrica.


SLOVENSKE ELEKTRARNE: Electricity Company in Critical Situation
------------------------------
REUTERS, July 4, 2000

A minority stake in Slovak gas monopoly Slovensky Plynarensky
Priemysel (SPP) is likely to be privatized by the end of March,
2001, Deputy Prime Minister for the Economy Jozef Miklos told a
news conference on Monday.

At a regular meeting on Monday, Slovak economic ministers
proposed a schedule to be approved by the government and the
parliament to sell a 49 percent stake in the gas company.

"The privatization advisor should be approved by the end of
September. The privatization project should be prepared during
autumn... and the strategic investor should be chosen by the end
of March (2001)," Miklos said.

Miklos also said that according to a report by the Economy
Ministry, the monopoly electricity producer Slovenske Elektrarne
(SE) was in heavy debt.

"(The situation in SE) is tense and requires active steps on the
part of the government and the management," he said.

He also said that the completion of the third and fourth reactors
of the nuclear power station Mochovce would not be viable.

"(The report) shows not only that it is not possible to build the
third and fourth blocs, but that already building the first and
second... will cost us a lot," he said.

The second of Mochovce's two functioning reactors went on-line in
December of last year. The cost of completing the third and
fourth blocks at Mochovce had been estimated at up to Sk 51
billion($1.14 billion).


=============
U K R A I N E
=============

LYSYCHANSKNAFTOORGSYNTEZ JSC: Oil Giant Bids $ 9M for Refinery
------------------------------
KIEV POST, June 28, 2000

The local subsidiary of Russia's Tyumen Oil Company (TNK) has
offered to pay Hr 50 million ($9.2 million) for 67.41 percent of
Ukraine's largest oil refinery, LysychanskNaftoOrgSyntez (LyNOS),
State Property Fund head Oleksandr Bondar said on June 27.

The SPF named TNK-Ukraine the preliminary winner of a
privatization tender for rights to own the stake. The final
winner will be named within eight days. The starting price for
the stake was set at Hr 48.518 million.

"We think the price may rise during the second stage of the
tender, but not very significantly," Bondar told a news
conference, according to Reuters.

"If they pay over Hr 50 million for it, I think it will be a big
victory for the State Property Fund," he said.

The SPF announcement was expected by many since SPF officials
themselves have repeatedly named TNK as the primary bidder and
likely winner. But Bondar said the fund did not expect to sell
the company at a much higher price due to its massive debts.

Under the conditions set by the SPF, the winner of the LyNOS
tender will have to provide the refinery with at least 4 million
tons of crude a year, or 25 percent of its annual processing
capacity. That's important for LyNOS, where a severe lack of
supplies left the refinery standing idle for most of last year.
LyNOS' capacity is 16 million tons per year but it has been
processing only 2.5-3.5 million tons recently.

The buyer is also required to spend Hr 60 million on upgrading
the plant and channel another Hr 13 million into the company's
working capital.

The investor will also have to sort out the company's heavy
debts. LyNOS owes 18.8 million euros to the Finance Ministry,
which recently undertook to repay the refinery's long-overdue
debt to Germany's Westdeutsche Landesbank, and Hr 10.7 million
owed in unpaid taxes.

The SPF earlier sold 19.04 percent of shares in LyNOS for
privatization certificates. LyNOS employees hold 10 percent of
the refinery's shares.

LyNOS posted a Hr 173 million loss last year and a loss of Hr
182.9 million in 1998 based on Ukrainian accounting standards,
which differ significantly from those in the West..

LyNOS' charter or nominal capital is Hr 9.887 million.


LYSYCHANSKNAFTOORGSYNTEZ JSC: SPF Chairman Vows Transparency
------------------------------
KIEV POST, June 30, 2000

Speaking at a press conference, State Property Fund Chairman
(SPF) Olexandr Bondar has given his assurances that there will be
maximum transparency during the tender for the controlling
interest of the Lysychansknaftoorgsyntez JSC in Luhansk region.
At stake in the sale will be 67.41% of the company's statutory,
Interfax-Ukraine reported.

The agreement on the purchase and sale of the controlling
interest is to be signed in the presence of Ukrainian Premier
Viktor Yuschenko tentatively on July 11.

According to Bondar, the results of all the stages of the tender
were made public and will be made public in the future.

One immediate indication of this is the refusal by the SPF to
allow Siberian-Ural Oil Company, a Gazprom subsidiary, and
Naftoinvest-Ukraina to participate in the tender.

Director of the SPF tender organizing department Ihor
Bilotserkovets noted that the Central Bank of Russia, responding
to a SPF request for information, these companies do not have the
necessary permit to tale out capital.

Bilotserkovets reported that the preliminary winner of the tender
- the Tyumen Oil Company-Ukraine offered the biggest bid for the
shareholding. The company offered Hr 50 million when the starting
price was Hr 48.518 million. This sale took place on April 26.

"We think the price may rise during the second stage of the
tender, but not very significantly," Bondar told a news
conference, according to Reuters.

The winner of the tender is obligated to provide the LyNOS
company's facilities with at least four million tons of raw oil
annually. This will be an important development for LyNOS, which
has stood idle for extended periods due to a lack of raw
materials. In recent year, LyNOS has been processing just 2.3-3.5
millions tons a year, well below its 16 million capacity.

The buyer must also restructure the company's debt to the German
Westdeutsche LB bank and the Finance Ministry and spend Hr 60
million on upgrading the plant and channel another Hr 13 million
into the company's working capital.

As Kyiv Post reported earlier, some controversy surrounds the
sale, as the Ukreximnaftoprodukt petroleum trading company has
announced it is planning to sue the State Property Fund (SPF),
the government's privatization agency, for the 'illegal' sale.

Ukreximnaftoprodukt's chairman, Vitaly Ischenko, said his company
is preparing to file suit with the SPF for Hr 35 million in
damages Ukreximnaftoprodukt claims it will incur following the
fund's sale in LyNOS. Ischenko said conditions of the tender for
a 67 percent stake in LyNOS do not stipulate that the buyer
settles refinery's debts with creditors. He said that as LyNOS'
creditor, his company will lose an estimated Hr 35 million as
soon as the fund sells the refinery.

The SPF has dismissed the allegations and is considering filing a
counter-suit.

There have also been suggestions from analysts that the tender
have been rigged in favor of the Tyumen Oil Company.

The open-end LyNOS JSC is one of Ukraine's largest oil-refining
companies.

The SPF earlier sold 19.04 percent of shares in LyNOS for
privatization. LyNOS employees hold 10 percent of the refinery's
shares.

LyNOS posted a Hr 173 million loss last year and a loss of Hr
182.9 million in 1998 based on Ukrainian accounting standards,
which differ significantly from those in the West.


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

ACW FARM: Notice of Creditors Meeting
------------------------------

Company Name: A C W Farm Produce Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 26/06/00
Meeting address: One Great Cumberland Place
Meeting City Code: London W1H 8LE
Authorised by: J Wyatt Director 14/06/00
Last day for proxy: 23/06/00
Proxy address: One Great Cumberland Place London W1H 8LE
Liquidators: S M Katz
Firm Name: Fisher Curtis
Address: One Great Cumberland Place London W1H 8LE


ACEMARK: Notice of Creditors Meeting
------------------------------
Company Name: Acemark Computers Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.45 am
Meeting date: 26/06/00
Meeting address: Johnston House 8 Johnston Road
Meeting City Code: Woodford Green IG8 0XA
Authorised by: S Johnson Director 06/06/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: Haslers
Address: Johnston House 8 Johnston Road Woodford Green IG8 0XA


ALPHA POULTRY: Notice of Creditors Meeting
------------------------------
Company Name: Alpha Poultry Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.00 am
Meeting date: 26/06/00
Meeting address: Premier Lodge Lower Mosley Street
Meeting City Code: Manchester
Authorised by: M Bretten Director 12/06/00
Last day for proxy: 23/06/00
Proxy address: 18 Oxford Court Bishopsgate Manchester M2 3WQ
Liquidators:
Firm Name: Kroll Buchler Phillips
Address: 18 Oxford Court Bishopsgate Manchester M2 3WQ


AZTEC COMPUTER: Notice of Creditors Meeting
------------------------------
Company Name: Aztec Computer Developments Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 26/06/00
Meeting address: 1 Ribblesdale Place
Meeting City Code: Preston PR1 3NA
Authorised by: S Williams Director 12/06/00
Last day for proxy:
Proxy address:
Liquidators: C V Higson
Firm Name: Rimmer Higson
Address: 22 Ribblesdale Place Preston PR1 3NA


BMS LTD: Notice of Creditors Meeting
------------------------------
Company Name: BMS (London) Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.30 pm
Meeting date: 26/06/00
Meeting address: Mountview Court 1148 High Road Whetstone
Meeting City Code: London N20 0RA
Authorised by: P L Dennis Secretary 09/06/00
Last day for proxy: 23/06/00
Proxy address: Mountview Court 1148 High Road Whetstone London
N20 0RA
Liquidators: Kikis Kallis
Firm Name: Kallis & Co
Address: Mountview Court 1148 High Road Whetstone London N20 0RA


CARLOTTS LTD: Notice of Creditors Meeting
------------------------------
Company Name: Carlotts Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 26/06/00
Meeting address: The Grasshopper Inn
Meeting City Code: Moorhouse
Authorised by: R Halford Secretary 06/06/00
Last day for proxy: 23/06/00
Proxy address: 152 London Road Croydon
Liquidators: D Lewis
Firm Name: D Lewis & Co
Address: 39a Holland Road Hurst Green Surrey


DUSTT LTD: Notice of Creditors Meeting
------------------------------
Company Name: Dustt Ltd - The
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 26/06/00
Meeting address: 6 Raymond Buildings Grays Inn
Meeting City Code: London WC1R 5BP
Authorised by: A Foley Director 14/06/00
Last day for proxy: 23/06/00
Proxy address: The Old Exchange 234 Southchurch Road Southend-on-
Sea SS1 2EG
Liquidators: Peter Gotham
Firm Name: Begbies Traynor
Address: The Old Exchange 234 Southchurch Road Southend-on-Sea
SS1 2EG


EMERYS LTD: Notice of Creditors Meeting
------------------------------
Company Name: Emerys (Family Bakers & Confect) Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 03.30 pm
Meeting date: 26/06/00
Meeting address: Bow Chambers 8 Tib Lane
Meeting City Code: Manchester M2 4JB
Authorised by: G Emery Chairman 08/06/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: Casson Beckman & Partners
Address: Bow Chambers 8 Tib Lane Manchester M2 4JB


ENGINE & GEARBOX: Notice of Creditors Meeting
------------------------------
Company Name: Engine & Gearbox Exchange Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 26/06/00
Meeting address: The New Northumbria Hotel 61-69 Osborne Road
Meeting City Code: Newcastle-u-Tyne NE2 2AN
Authorised by: J Jardine Director
Last day for proxy: 23/06/00
Proxy address: 2 Osborne Terrace Newcastle-u-Tyne NE2 1NE
Liquidators:
Firm Name: Marlor Walls & Co
Address: 2 Osborne Terrace Newcastle-u-Tyne NE2 1NE


EQUEMAR LTD: Notice of Creditors Meeting
------------------------------
Company Name: Equemar Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 26/06/00
Meeting address: Wytherston Farm Powerstock
Meeting City Code: Bridport DT6 3TQ
Authorised by: N G Hamilton Director 05/06/00
Last day for proxy: 23/06/00
Proxy address: Wytherston Farm Powerstock Bridport DT6 3TQ
Liquidators: Christopher Norman
Firm Name:
Address: Wytherston Farm Powerstock Bridport DT6 3TQ


ESCIAN LTD: Notice of Creditors Meeting
------------------------------
Company Name: Escian Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 03.30 pm
Meeting date: 26/06/00
Meeting address: Pannell House 159 Charles Street
Meeting City Code: Leicester LE1 1LD
Authorised by: C Edwards Director
Last day for proxy: 23/06/00
Proxy address: Pannell House 159 Charles Street Leicester LE1 1LD
Liquidators:
Firm Name: Pannell Kerr Forster
Address: Pannell House 159 Charles Street Leicester LE1 1LD


EXECUTIVE & MANAGEMENT: Notice of Creditors Meeting
------------------------------
Company Name: Executive & Management Resources Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 02.30 pm
Meeting date: 26/06/00
Meeting address: Mountview Court 1148 High Road Whetstone
Meeting City Code: London N20 0RA
Authorised by: M J B Gray Secretary 07/06/00
Last day for proxy: 23/06/00
Proxy address: Mountview Court 1148 High Road Whetstone London
N20 0RA
Liquidators: Kikis Kallis
Firm Name: Kallis & Co
Address: Mountview Court 1148 High Road Whetstone London N20 0RA


FM DIGITAL: Notice of Creditors Meeting
------------------------------
Company Name: FM Digital Color Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 26/06/00
Meeting address: Bank House 8 Cherry Street
Meeting City Code: Birmingham B2 5AD
Authorised by: M B Myers Director 07/06/00
Last day for proxy: 23/06/00
Proxy address: Bank House 8 Cherry Street Birmingham B2 5AD
Liquidators:
Firm Name: HLB Kidsons
Address: Bank House 8 Cherry Street Birmingham B2 5AD


FXM SERVICES: Notice of Creditors Meeting
------------------------------
Company Name: FXM Services Ltd
Other name: Faxmaster Systems Ltd IA 1986
Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 26/06/00
Meeting address: 4 Dancastle Court 14 Arcadia Avenue
Meeting City Code: London N3 2HS
Authorised by: L R Highland Director 08/06/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: Valentine & Co
Address: 4 Dancastle Court 14 Arcadia Avenue London N3 2HS


GWS SERVICE LTD: Notice of Creditors Meeting
------------------------------
Company Name: GWS Services Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 26/06/00
Meeting address: 4 Charterhouse Square
Meeting City Code: London EC1M 6EN
Authorised by: V Greenwood Director 05/06/00
Last day for proxy:
Proxy address:
Liquidators: S G Taylor
Firm Name: Poppleton & Appleby
Address: 4 Charterhouse Square London EC1M 6EN


GEM CUT: Notice of Creditors Meeting
------------------------------
Company Name: Gem Cut Products Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 26/06/00
Meeting address: 6 Foyle Street
Meeting City Code: Sunderland SR1 1LA
Authorised by: R C Gathorne Director 13/06/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: Jennings Johnson
Address: 6 Foyle Street Sunderland SR1 1LA


GREATER PHOTOGRAPHIC: Notice of Creditors Meeting
------------------------------
Company Name: Greater Photographic Services Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.00 am
Meeting date: 26/06/00
Meeting address: The Cedar Court Hotel Denby Dale Road
Meeting City Code: Wakefield WF4 3QZ
Authorised by: N Greatrex Director 08/06/00
Last day for proxy: 23/06/00
Proxy address: 35 East Parade Harrogate HG1 5LQ
Liquidators:
Firm Name: Jacksons Jolliffe Cork
Address: 35 East Parade Harrogate HG1 5LQ


GREENWOOD & SONS: Notice of Creditors Meeting
------------------------------
Company Name: Greenwood & Sons (Waste Disposal) Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 26/06/00
Meeting address: 4 Charterhouse Square
Meeting City Code: London EC1M 6EN
Authorised by: V Greenwood Director 05/06/00
Last day for proxy:
Proxy address:
Liquidators: S G Taylor
Firm Name: Poppleton & Appleby
Address: 4 Charterhouse Square London EC1M 6EN


HAMLEYS: Shares Rise On News of Takeover
------------------------------
FTMARKETWATCH, June 30, 2000

LONDON (FTMW) - Shares of Hamleys PLC, the U.K. toy retailer
known for its flagship store in London's Regent Street rose for a
second day, after the company said it's in takeover talks with a
venture capitalist.

On Friday, Reuters reported the venture capitalist Charterhouse
Development Capital is interested in buying the 240-year-old toy
store, citing industry sources. Hamleys was unavailable for
comment.

The shares rose 9.8 percent to 168 pence in London, extending
gains to more than 40 percent in a week. Analysts said the
company could be worth as much as 36 million pounds.

According to Reuters, the talks are still in an early stage. It
also said that Charterhouse was unlikely to make any job cuts and
planned to keep the existing management in place.

Investors have been criticizing the company's chairman Henry Dyer
for not improving the company's profit performance after the
retailer reported its pretax profit slumped to 27,000 pounds in
the 14 months ending March.


HAMLEYS: Talks End with Potential Suitor
------------------------
THE DAILY MAIL, July 4, 2000

Shares in Britain's favourite toy shop Hamleys plummeted 16%
after the company said takeover talks between it and a potential
suitor were off. Hamleys had revealed just days ago that it was
talking to a buyer, and the shares had jumped on hopes a deal
would be struck.

Venture capital group Charterhouse had been widely expected to
snap up the group for between 170p and 200p a share.

Hamley's shares fell 26 1/2p to 141 1/2p.


HAMLEYS: Shares Fall as Takeover Talks End
------------------------------
THE FINANCIAL TIMES, July 4, 2000

Shares in Hamleys, the UK toy retailer, fell by 19 per cent on
Tuesday after the company said that it had ended takeover talks.
The shares fell by 32p to 136p in early morning trade.

Hamleys, which has issued four profits warnings in the past two
years, had been in talks with Charterhouse Development Capital,
the venture capital group, for the past two weeks after it made
an approach of between 170p and 200p per share, valuing the group
at between ?36m and ?42m.

It is understood that the talks - which did not lead to a formal
offer being made - foundered over the price which Charterhouse
was prepared to pay. The Hamleys board was understood to be
looking at a price of more than 200p per share, but sources close
to the deal said that Charterhouse had offered less than that.

Charterhouse, which last year bought Tussauds, the owner of the
London waxworks museum, is understood to have approached Howard
Dyer, Hamleys chairman, two weeks ago.

Hamleys said it was not in talks with any other bidders, although
the approach by Charterhouse is understood to have generated some
interest from other parties.

Founded in 1760, Hamleys is the UK's best known toy shop, with a
flagship store in Regent Street.

However the group has made a number of diversifications including
the acquisition of Toystack and franchises in Debenhams. In
October it reported losses of ?2.56m and cut its interim dividend


HAMLEYS: Charterhouse Walks Away From Takeover Talks
------------------------------
THE GUARDIAN, July 5, 2000

A disagreement over price has aborted takeover talks between
Charterhouse Development Capital and Hamleys, Britain's most
famous toy shop.

Charterhouse walked away after Hamleys' chairman, Howard Dyer,
demanded a price of at least 200p a share, valuing the business
at ?42m.

Insiders say the venture capital firm was prepared to pay little
more than 170p a share. One source said: "It was obvious they
weren't going to come up with anything beginning with a two. The
Hamleys board feel they couldn't get anything lower than that
past the shareholders."

Charterhouse's proposal would have involved Hamleys' chief
executive, Simon Burke, remaining with the company. He was
therefore considered "on board" the takeover and was not involved
in the board's decision to reject it. Hamleys' shares dived 26.5p
to 141.5p.

Analysts said Charterhouse's approach could provoke interest from
alternative bidders. Philip Green, the retail entrepreneur who
recently bought Bhs, was again mentioned as a possible buyer
yesterday but he has denied looking at Hamleys, saying he has
"too many other toys to play with".

Any new bid is likely to come either from another venture capital
firm or from a foreign company. Other high street chains are
likely to be put off by the effort needed to turn around the
business, and the limited scope for expansion; Hamleys' satellite
stores have been generally unsuccessful.

Richard Ratner, an analyst at Seymour Pierce, said: "It's not the
sort of thing that would attract the big retailers. It's just a
trophy."

Mike Godliman of the retail consultancy Verdict said: "They've
got a world renowned brand and their store is considered a big
destination. Those things are worth a hell of a lot of money."

But Hamleys has been hampered in recent years by poor store
design and a shift in demand from traditional toys to electronic
games.


HARLEQUIN PB: Notice of Creditors Meeting
------------------------------
Company Name: Harlequin PB Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 26/06/00
Meeting address: Clareville House 26-27 Oxendon Street
Meeting City Code: London SW1Y 4EP
Authorised by: A Gibbs Director
Last day for proxy: 23/06/00
Proxy address: Clareville House 26-27 Oxendon Street London SW1Y
4EP
Liquidators:
Firm Name: Rothman Pantall
Address: Clareville House 26-27 Oxendon Street London SW1Y 4EP


HARRISSONS HK: Notice of Creditors Meeting
------------------------------
Company Name: Harrisons MK Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.15 am
Meeting date: 26/06/00
Meeting address: Sovereign Court 230 Upper 5th Street
Meeting City Code: Milton Keynes MK1 2HR
Authorised by: B Harrison Director 06/06/00
Last day for proxy: 23/06/00
Proxy address: Prospect House 2 Athenaeum Road London N20 9YU
Liquidators:
Firm Name: Smith & Williamson
Address: Prospect House 2 Athenaeum Road London N20 9YU


HEATHSTONE MANAGEMENT: Notice of Creditors Meeting
------------------------------
Company Name: Heathstone Management Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 26/06/00
Meeting address: 43 Blackstock Road
Meeting City Code: London N4 2JF
Authorised by: Director 12/06/00
Last day for proxy: 23/06/00
Proxy address: 43 Blackstock Road London N4 2JF
Liquidators: A G Kakouris
Firm Name: Kakouris & Michaelides
Address: 43 Blackstock Road London N4 2JF


HODGKINSON CONSTRUCTION: Notice of Creditors Meeting
------------------------------
Company Name: Hodgkinson Construction Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 26/06/00
Meeting address: Pride Park Stadium Pride Park
Meeting City Code: Derby DE24 8XL
Authorised by: I B Hodgkinson Director 14/06/00
Last day for proxy: 23/06/00
Proxy address: Cornwall Court 19 Cornwall Street Birmingham B3
2DT
Liquidators:
Firm Name: PricewaterhouseCoopers
Address: Charnwood Court New Walk Leicester LE1 6TE


MTD SERVICES: Notice of Creditors Meeting
------------------------------
Company Name: MTD Services Ltd
Other name: Kolor-Fast UK Ltd IA 1986
Section: 98
Creditors Meeting Time: 10.15 am
Meeting date: 26/06/00
Meeting address: The Quality Hotel Scotch Corner
Meeting City Code: Darlington DL10 6NR
Authorised by: T Draper Director 14/06/00
Last day for proxy: 23/06/00
Proxy address: Pride House Rectory Lane Edgware HA8 7LG
Liquidators:
Firm Name: B Mistry & Co
Address: Pride House Rectory Lane Edgware HA8 7LG


MALMESMEAD LTD: Notice of Creditors Meeting
------------------------------
Company Name: Malmesmead Ltd
Other name: House of Janice IA 1986
Section: 98
Creditors Meeting Time: 10.00 am
Meeting date: 26/06/00
Meeting address: The White Cottages 19 West Street
Meeting City Code: Epsom KT18 7BS
Authorised by: K Porter Director 31/05/00
Last day for proxy:
Proxy address:
Liquidators: R L H Knight
Firm Name: Morgan
Address: The White Cottages 19 West Street Epsom KT18 7BS


MALTPACK LTD: Notice of Creditors Meeting
------------------------------
Company Name: Maltpack Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 26/06/00
Meeting address: The Railway Hotel Station Lane
Meeting City Code: Hornchurch RM12 6SB
Authorised by: R Gokani Director 14/06/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: Keith Stout & Associates
Address: 138 Park Lane Romford RM11 1BE


MANCHESTER ENVELOPE: Notice of Creditors Meeting
------------------------------
Company Name: Manchester Envelope Co Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 26/06/00
Meeting address: Century House Ashley Road Meeting
City Code: Hale WA15 9TG
Authorised by: S Harrison Director
Last day for proxy: 23/06/00
Proxy address: Century House Ashley Road Hale WA15 9TG
Liquidators:
Firm Name: Milner Boardman & Partners
Address: Century House Ashley Road Hale WA15 9TG


MAPLE LEAF: Notice of Creditors Meeting
------------------------------
Company Name: Maple Leaf Sports Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 26/06/00
Meeting address: The White Hart Inn London Road
Meeting City Code: Basingstoke
Authorised by: P Biffen Director 31/05/00
Last day for proxy: 23/06/00
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


MIDLAND CRANE: Notice of Creditors Meeting
------------------------------
Company Name: Midland Crane Hire Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 26/06/00
Meeting address: Insol House 39 Station Road
Meeting City Code: Lutterworth LE17 4AP
Authorised by: R I Ogilvie Director 07/06/00
Last day for proxy: 23/06/00
Proxy address: Insol House 39 Station Road Lutterworth LE17 4AP
Liquidators:
Firm Name: F A Simms & Partners
Address: Insol House 39 Station Road Lutterworth LE17 4AP


NSIN: Notice of Creditors Meeting
------------------------------
Company Name: N S I N The Alarm People Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 26/06/00
Meeting address: Bow Chambers 8 Tib Lane
Meeting City Code: Manchester M2 4JB
Authorised by: M Bowen Chairman 08/06/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: Casson Beckman & Partners
Address: Bow Chambers 8 Tib Lane Manchester M2 4JB


NORTH KENT: Notice of Creditors Meeting
------------------------------
Company Name: North Kent Moulders Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 26/06/00
Meeting address: 66 Wigmore Street
Meeting City Code: London W1H 0HQ
Authorised by: K Spicer Director 06/06/00
Last day for proxy: 23/06/00
Proxy address: Southfield House 11 Liverpool Gardens Worthing
BN11 1RY
Liquidators:
Firm Name: Levy Gee
Address: Southfield House 11 Liverpool Gardens Worthing BN11 1RY


OMNYSYS LTD: Notice of Creditors Meeting
------------------------------
Company Name: Omnysys Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 03.00 pm
Meeting date: 26/06/00
Meeting address: 20 Cornhill
Meeting City Code: Lincoln LN5 7HB
Authorised by: D D Grant Director
Last day for proxy: 23/06/00
Proxy address: Daisyfield Business Centre Appleby Street
Blackburn
Liquidators:
Firm Name: White & Co
Address: 20 Cornhill Lincoln LN5 7HB


PACKAGE PROFESSIONALS: Notice of Creditors Meeting
------------------------------
Company Name: Package Professionals International Lt
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 26/06/00
Meeting address: Langley House Park Road East Finchley
Meeting City Code: London N2 8EX
Authorised by: S R Detich Director 02/06/00
Last day for proxy: 23/06/00
Proxy address: Langley House Park Road East Finchley London N2
8EX
Liquidators:
Firm Name: Langley & Partners
Address: Langley House Park Road East Finchley London N2 8EX


PHOENIX INTERNATIONAL: Notice of Creditors Meeting
------------------------------
Company Name: Phoenix International Clothing Co Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 26/06/00
Meeting address: The New England Hotel Wide Bargate
Meeting City Code: Boston
Authorised by: J Manning Director 13/06/00
Last day for proxy: 23/06/00
Proxy address: The Old Mill 9 Soar Lane Leicester LE3 5DE
Liquidators:
Firm Name: HKM Harlow Khandhia Mistry
Address: The Old Mill 9 Soar Lane Leicester LE3 5DE


PRACTICAL SERVICES: Notice of Creditors Meeting
------------------------------
Company Name: Practical Services Euromail Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 26/06/00
Meeting address: Gable House 239 Regents Park Road
Meeting City Code: London N3 3LF
Authorised by: S Redfern Director 13/06/00
Last day for proxy:
Proxy address:
Liquidators: H J Sorsky
Firm Name: Sorskys
Address: Gable House 239 Regents Park Road London N3 3LF


RECON LTD: Notice of Creditors Meeting
------------------------------
Company Name: Recon (International) Ltd
Other name: IA 1986
Section: 48
Creditors Meeting Time: 11.00 am
Meeting date: 26/06/00
Meeting address: St George House 40 Great George Street
Meeting City Code: Leeds LS1 3DQ
Authorised by: K Hinds & G C Smith Joint Administrative Receivers
08/06/00
Last day for proxy: 23/06/00
Proxy address: St George House 40 Great George Street Leeds LS1
3DQ
Liquidators: Firm Name: RSM Robson Rhodes
Address: St George House 40 Great George Street Leeds LS1 3DQ


SA TRADING: Notice of Creditors Meeting
------------------------------
Company Name: S A Trading Ltd
Other name: IA 1986
ection: 98
Creditors Meeting Time: 11.00 am
Meeting date: 26/06/00
Meeting address: Gable House 239 Regents Park Road
Meeting City Code: London N3 3LF
Authorised by: P Begum Director 13/06/00
Last day for proxy:
Proxy address:
Liquidators: H J Sorsky
Firm Name: Sorskys
Address: Gable House 239 Regents Park Road London N3 3LF


STEELBEAM LTD: Notice of Creditors Meeting
------------------------------
Company Name: Steelbeam Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 26/06/00
Meeting address: The Cresta Court Hotel Church Street
Meeting City Code: Altrincham WA14 4DP
Authorised by: J Donald Chairman 05/06/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: Walker Till
Address: 6-8 Old Hall Road Oatley Cheadle SK8 4BE


TACISA UK: Notice of Creditors Meeting
------------------------------
Company Name: Tacisa UK Ltd
Other name: IA 1986
Section: 48
Creditors Meeting Time: 10.30 am
Meeting date: 26/06/00
Meeting address: The Forte Posthouse Hotel 500 Saxon Gate West
Meeting City Code: Milton Keynes
Authorised by: G P Bushby Joint Administrative Receiver 12/06/00
Last day for proxy: 27/06/00
Proxy address: Exchange House 482 Midsummer Boulevard Milton
Keynes MK9 2EA
Liquidators:
Firm Name: Baker Tilly
Address: Exchange House 482 Midsummer Boulevard Milton Keynes MK9
2EA


THYATEIRA LTD: Notice of Creditors Meeting
------------------------------
Company Name: Thyateira (UK) Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 26/06/00
Meeting address: Fergusson House 124-128 City Road
Meeting City Code: London EC1V 2NJ
Authorised by: A Speikas Director
Last day for proxy: 23/06/00
Proxy address: Fergusson House 124-128 City Road London EC1V 2NJ
Liquidators: C M Iacovides
Firm Name: Jeffreys Henry Jacobs
Address: Fergusson House 124-128 City Road London EC1V 2NJ


TRITTON WINDOWS: Notice of Creditors Meeting
------------------------------
Company Name: Tritton Windows Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 26/06/00
Meeting address: 20 Cornhill
Meeting City Code: Lincoln LN5 7HB
Authorised by: M A Hines Director
Last day for proxy: 23/06/00
Proxy address: Daisyfield Business Centre Appleby Street
Blackburn
Liquidators:
Firm Name: White & Co
Address: 20 Cornhill Lincoln LN5 7HB


WARRINGTON ROOFING: Notice of Creditors Meeting
------------------------------
Company Name: Warrington Roofing Services Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 26/06/00
Meeting address: Fir Grove Hotel Knutsford Old Road
Meeting City Code: Warrington WA4 2LD
Authorised by: K R Hackett Director 09/06/00
Last day for proxy: 23/06/00
Proxy address: 516 Wilmslow Road Withington Manchester M20 4BS
Liquidators:
Firm Name: Wagstaff & Co
Address: 516 Wilmslow Road Withington Manchester M20 4BS


ZED COLLECTION: Notice of Creditors Meeting
------------------------------
Company Name: Zed Collection Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 26/06/00
Meeting address: The Old Exchange 234 Southchurch Road
Meeting City Code: Southend-on-Sea SS1 2EG
Authorised by: P Lempriere Director 15/06/00
Last day for proxy: 23/06/00
Proxy address: The Old Exchange 234 Southchurch Road Southend-on-
Sea SS1 2EG
Liquidators: Mark R Fry
Firm Name: Begbies Traynor
Address: The Old Exchange 234 Southchurch Road Southend-on-Sea
SS1 2EG



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.

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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