/raid1/www/Hosts/bankrupt/TCREUR_Public/000824.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, August 24, 2000, 2000, Vol. 1, No. 77
  

                                Headlines

* B E L G I U M *

VIRGIN EXPRESS: Posts œ3m Loss in Second Quarter As Fuel Costs Soar

* C Z E C H   R E P U B L I C *

RADEGAST: Nomura Puts Brewing Company Up for Sale
VITKOVICE: Still Losing Money, Steelmaker Proposes Debt Repayment Plan

* G E R M A N Y *

LTU: Rewe Confirms it Will Take Stake in & Rescue Ailing Charter Airline
MEDIGENE AG: Posts 5.68 Million Euros First Half Loss
PIRONET AG: Posts DM2.7 Million First Half Loss
RWE: Utility Giant Speeds Up Restructuring Efforts

* I R E L A N D *

COLORMAN: Liquidator Indicates Multiple Bidders Eyeing Printing Concern
FOUR SEASONS: Bankers Unaware About Offshore Link, But Don't Care, Either
HARLAND AND WOLFF: Cash Crisis Leads to More Shipyard Layoffs

* L I T H U A N I A *

TAUPOMASIS BANKAS: Privatization Will Deliver Heaviest Blow to Banking Sector

* U N I T E D   K I N G D O M *

3P VIKING: Notice Of Creditors Meeting
ALPHA CONSTRUCTION: Notice Of Creditors Meeting
ASTRO CORPORATION: Notice Of Creditors Meeting
BELLVADE LTD: Notice Of Creditors Meeting
BOO.COM: Report Reveals True Scale Of Internet Retailer's Debts
BRITISH TELECOM: Bond Flotation Delayed As Rating Agencies Mull Credit Risk
BRITISH TELECOM: Investors Losing Faith As Debts Rise & Shares Sink
C & A IMPORTS: Notice Of Creditors Meeting
CABTEC LTD: Notice Of Creditors Meeting
CANTEK LTD: Notice Of Creditors Meeting
DRESSMART UK: Notice Of Creditors Meeting
DURASEAL HOMEWARMTH: Notice Of Creditors Meeting
ELECTRONIC PRODUCT: Notice Of Creditors Meeting
EQUITABLE LIFE: Warns Bidders that Highest Offer may not Win
EURO ENGINES: Notice Of Creditors Meeting
EURO PROCESS: Notice Of Creditors Meeting
EXPRESS NET: Notice Of Creditors Meeting
FINANCIAL OBJECTS: Shares Slide 20% in One Day on News of œ1.6m H1 Loss
HIH INSURANCE: Puts Sale Sign On Divisions & Retains Deutsche Bank for Advice
KKC LTD: Notice Of Creditors Meeting
MELSTOCK HOMES: Notice Of Creditors Meeting
MERANT: Losses Deepen as Software Company Explores Strategic Alternatives
STAG FURNITURE: Administrator KPMG Can Only Do So Much -- Axes 275 Jobs


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


VIRGIN EXPRESS: Posts œ3m Loss in Second Quarter As Fuel Costs Soar
-------------------------------------------------------------------
The Financial Times reports that VIRGIN Express, the low-cost airline,
nosedived into the red in the second quarter of this year because of soaring
fuel prices and the weak euro.

The Brussels-based company, which is 51pc-owned by Sir Richard Branson's
Virgin Group, yesterday posted a Eu6.4m (œ3.8m) loss before tax for the three
months to the end of June, compared with a Eu3.3m profit a year earlier.
The shares, which are quoted in Brussels and on Nasdaq, closed down Eu2.05 at
Eu9.3 on the Brussels exchange as the airline warned that "the continued high
price of fuel and the strong US dollar will weaken our results".
David Hoare, chairman, said the fuel bill had almost doubled over the period,
while total costs rose by 18pc to Eu87m, mainly as a result of the euro's
falls against the dollar, the report says.

The airline is in talks with operators of computerised reservation systems,
including Galileo and Amadeus, to widen its sales and marketing network by the
fourth quarter. Yves Panneels, spokesman, said: "We cannot do much about fuel
prices and the dollar but we are trying to fix and simplify our business where
we have control."

In May it cut two unprofitable routes - Madrid-Rome and Barcelona-Rome - and
may stop flights to Stansted in the winter to focus on Heathrow and Gatwick,
accordingly.



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


RADEGAST: Nomura Puts Brewing Company Up for Sale
-------------------------------------------------
The Securities Commission (KCP) has launched an inquiry into the sale of the
Czech brewing company Radegast to be conducted by the Japanese bank of Nomura,
CTK & Euromoney reports.

Unsettled transactions associated with the sale of Radegast, which originally
owned by Investicni a Postovni banka (IPB) and PIAS, are also being
investigated by the Czech National Bank and Ceskoslovenska obchodni banka,
which bought IPB from the forced administrator, the report says.

Katerina Palkova of the KCP press department told MfD that judging by the
available information individual transactions do not appear unusual, but as a
whole they may be considered problematic.

MfD sources claim that Saluka, which is controlled by Nomura, is trying to use
an option contract in order to swap 46 pct of worthless IPB stock for bills of
exchange, which are being kept in tax havens by funds managed by the Fortis
firm. The bills were to be used to pay off a Kc9bn loan from IPB, which had
been granted to firms linked to Nomura for the purchase of the brewing company
shares.

Central bank vice-governor Zdenek Tuma confirmed on Aug 17 that the CNB is
thoroughly investigating the Nomura transaction, according to the report
obtained by CTK & Euromoney.


VITKOVICE: Still Losing Money, Steelmaker Proposes Debt Repayment Plan
----------------------------------------------------------------------
According to the Prague Business Journal, steelmaker Vitkovice is being shaped
in an Ostrava commercial court, where a judge will decide in September whether
the company can cover its debts and continue efforts to become a successful
industrial enterprise.

Vitkovice submitted its proposal June 20 for a method of paying its 3,000
creditors. It has to be able to demonstrate that during and after its
reconstruction it will be able to pay its way.  Vitkovice has been unable to
cover its payroll several times in the past few months, it's reported, after
posting operating losses of Kc 724 million in the first half.  

Vaclav Novak, CEO of the 172-year-old firm, said he was confident that he
could deliver the goods to the judge, the creditors and the shareholders of
the huge steel and engineering firm, which collapsed late last year under
debts of Kc 15 billion ($415 million). Its audited loss for 1999 was Kc 10.4
billion on sales of Kc 11.75 billion. This is expected to drop to Kc 1.1
billion this year, with operating profits of Kc 10.9 million. Even if the
court approves the plan, the company will still need to win the confidence of
creditors. The government has described Vitkovice as a strategic company and
is unwilling to let it go bankrupt without a fight, the report says.


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


LTU: Rewe Confirms it Will Take Stake in & Rescue Ailing Charter Airline
------------------------------------------------------------------------
Switzerland's SAir-Group, HANDELSBLATT reports, at last found a partner for
its ailing German charter airline and tourism group LTU.  German retail and
tourism group Rewe Handelsgruppe is to take a stake in Dsseldorf-based LTU.
The deal will create Europe's fourth-largest travel group with sales of around
3.7 billion euros.  A spokesman said SAir will disclose further details about
the deal at its half-year earnings conference this week.
  
Rewe's chain of travel agents will help resolve LTU's fundamental problem of
not having its own distribution network for its brands Jahn Reisen, Marlboro
Reisen, Meier's Weltreisen, THR Tours, Tjaereborg, and smile&fly.

Experts interviewed by HANDELSBLATT expect Rewe to take a minority stake in
LTU International Airways.  Although the group has in the past dismissed the
idea of operating its own airline, it will find it difficult to ignore
competition from an ever growing number of integrated travel groups that offer
the full range of travel services, HANDELSBLATT says.


MEDIGENE AG: Posts 5.68 Million Euros First Half Loss
-----------------------------------------------------
HANDELSBLATT reports that the MediGene AG first half sales rose 122% from last
year to 2.31 million euros. The company recorded a loss for the first half of
5.68 million euros, in line with its expectations. Total research and
development expenses were 5.36 million euros.  The company plans to break even
in 2003.  MediGene develops therapeutics heart and tumor diseases.  


PIRONET AG: Posts DM2.7 Million First Half Loss
-----------------------------------------------
Software company Pironet AG said its losses widened in the first half of this
year to DM2.7 million from DM1.275 in the year-ago period, though the losses
were in line with expectations.  The group said it lifted sales to DM13.6
million from DM5.8 million a year ago.  For the full year, the group said it
expects to incur losses of only DM4.5 million, compared with an earlier
forecast of DM6 million, a report from HANDELSBLATT relates.


RWE: Utility Giant Speeds Up Restructuring Efforts
--------------------------------------------------
The Financial Times reports that RWE the German utility, will announce on
Tuesday an accelerated restructuring to streamline the group's activities in
electricity, gas, oil, water and waste following its recent merger with local
rival VEW.

RWE's new organisation reflects the pressure on utility companies to increase
transparency and boost their performance. Its move follows sharp price
declines and margin pressures in the wake of the liberalisation of the
electricity and gas markets in Europe, the report says.

The changes will take effect on October 1 - instead of the end of November as
originally expected. The new structure highlights the pace of change among
German utilities as they begin to compare different units' performances and
take account of the varying growth opportunities within the value chain,
according to a report appearing in the Financial Times.


=============
I R E L A N D
=============


COLORMAN: Liquidator Indicates Multiple Bidders Eyeing Printing Concern
-----------------------------------------------------------------------
The liquidator for Colorman tells reports for the IRISH INDEPENDENT that a
number of parties are interested in acquiring the Dublin printer which was
wound up voluntarily earlier this month.  Rory O'Ferrell of chartered
accountants Deloitte & Touche won't reveal who the interested parties are, but
says he hopes to conclude a sale in a matter of weeks.

Colorman, established by the late Robert Burke, had annual sales as high as
œ19 million, but revenues fell after a significant downturn in the computer
manual printing business.  Colorman employed about 120 people, down from 180
two years ago.   


FOUR SEASONS: Bankers Unaware About Offshore Link, But Don't Care, Either
-------------------------------------------------------------------------
Sources close to the banking syndicate behind the troubled Four Seasons Hotel
venture in Dublin said they're unaware of the involvement of any offshore
company in the project, THE IRISH TIMES reports.  

One source tells the TIMES that when banks lent œ50 million (euro 63.49
million) to the hotel scheme over the last year, through the Irish registered
Harvard Properties Ltd, they were not informed that a British Virgin Island
(BVI) entity also had a claim on the assets of Harvard.  "We did not know
anything about it," the source said.

The banks, which appointed Mr Pearse Farrell to serve as a receiver for the
project last week, are supposedly satisfied with the way their funds were
applied to the project.   Their claims, of course, rank ahead of the BVI
company's claims.

Harvard was a funding vehicle for the project which in turn funded the
construction of the hotel by Simmonscourt Holdings, which is also in
receivership, the report says.

The banking syndicate sources stress that although Marlast was not connected
to bank funding of the projects they had no reason to believe that it was
anything other than a legitimate arrangement. The four banks behind the
project, ACC, Anglo Irish, Scotia Bank and Bank of Scotland will now have to
put up additional funds to complete the project which has broken its original
œ53 million budget, accordingly.

Up to another œ20 million may be required to complete the project. The banks'
loans were due to be repaid on completion of the hotel when a group of Dublin
businessmen was to buy the hotel for œ50 million and lease it on the Four
Seasons chain. The consortium would be able to claim tax relief on the
investment. Mr Farrell is working on brokering an agreement under which the
investors bear some of the pain of the cost overrun, even though they may not
be legally obliged to do so, the report says.


HARLAND AND WOLFF: Cash Crisis Leads to More Shipyard Layoffs
-------------------------------------------------------------
BBC News reports that ailing Belfast shipyard Harland and Wolff is bracing
itself for another major round of layoffs.  The BBC understands that several
hundred job losses will be announced in the next few days as a result of a
cash crisis at the yard which has no significant work on its order books.

The news comes just two months after 280 redundancy notices were issued
because of the unhealthy state of the order book.  Following months of serious
difficulties, the situation is now critical. Union officials and the company's
major shareholder, Norwegian shipping magnate Fred Olsen, discussed the crisis
at meetings early this week, BBC News noted.  


=================
L I T H U A N I A
=================


TAUPOMASIS BANKAS: Privatization Will Deliver Heaviest Blow to Banking Sector
-----------------------------------------------------------------------------
According to BNS & Euromoney, the upcoming privatization of state-owned banks
in Lithuania will lead to large numbers of lay-offs in the banking sector,
with up to 2,000 people likely to join the ranks of the unemployed within a
short period of time.  

Following the collapse of Litimpeks, a commercial bank, and the takeover of
Hermis by Vilniaus Bankas, lay-offs in state-owned banks began as part of the
restructuring process, according to the daily Lietuvos Rytas. The start of the
privatization in Taupomasis Bankas [Savings Bank, or LTB], the largest state-
owned bank, will deliver the heaviest blow to the country's banking sector.

A large number of employees of Zemes Ukio Bankas [Agricultural Bank, or LZUB]
will be given the sack too. The Lithuanian labor exchange is concerned over
the expected lay-offs, but banks' managers do not think that hundreds of
jobless banking specialists will cause turmoil in the market. According to
preliminary estimates, LTB, which currently employs nearly 4,000 people, will
sack around 1,000 employees immediately after the sale is completed, with
another 1,000 likely to be laid off in a year. LZUB now employs almost 2,000
people, the report says.

However, under privatization programs, investors should commit to maintaining
70 percent of jobs in both banks. LTB has already started cutting jobs --
nearly 100 people will be dismissed by September. The number of lay-offs in
LTB is expected to reach 200 by the end of this year. Experts predict that the
wave of lay-offs will weigh on the state budget and have an impact on the
general domestic consumption level. It may also lead to cuts in salaries to
accountants and book-keepers. Some bankers say  there is still a lack of
higher-level banking specialists in Lithuania, according to Lietuvos Rytas.

The UK group West Midlands Global Partners, chosen earlier this week to advise
Lithuania's Taupomasis Bankas [Savings Bank, or LTB] on the implementation of
its restructuring plan, with the aim of raising the state-owned bank's market
value ahead of privatization, clearly, has its work cut out.


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


3P VIKING: Notice Of Creditors Meeting
--------------------------------------
Company Name:   3P Viking Contracts Ltd
Other name:     
IA 1986 Section:   98  
Creditors Meeting Time:   10.30 am
Meeting date:   10/08/00
Meeting address:   Maclaren House  Skerne Road
Meeting City Code:   Driffield   YO25 6PN
Authorised by:   W C Skelton   Director  20/07/00
Last day for proxy:   
Proxy address:   
Liquidators:   A J Nichols
Firm Name:   Redman Nichols
Address:   Maclaren House  Skerne Road  Driffield  YO25 6PN


ALPHA CONSTRUCTION: Notice Of Creditors Meeting
-----------------------------------------------
Company Name:   Alpha Construction (Winchester) Ltd
Other name:     
IA 1986 Section:   98  
Creditors Meeting Time:   11.30 am
Meeting date:   10/08/00
Meeting address:   Moat House Hotel  Worthy Lane
Meeting City Code:   Winchester   SO23 7AB
Authorised by:   M Lyon   Director  31/07/00
Last day for proxy:   
Proxy address:   
Liquidators:   
Firm Name:   Wilks & Associates
Address:   19 Church Lane  Salisbury  SP5 1JY


ASTRO CORPORATION: Notice Of Creditors Meeting
----------------------------------------------
Company Name:   Astro Corporation Ltd
Other name:     
IA 1986 Section:   98  
Creditors Meeting Time:   10.30 am
Meeting date:   10/08/00
Meeting address:   Norwich Union House  26 High Street
Meeting City Code:   Huddersfield   HD1 2LN
Authorised by:   G Hague   Director  24/07/00
Last day for proxy:   09/08/00
Proxy address:   Norwich Union House  26 High Street  Huddersfield  HD1 2LN
Liquidators:   
Firm Name:   Revell Ward Horton
Address:   Norwich Union House  26 High Street  Huddersfield  HD1 2LN


BELLVADE LTD: Notice Of Creditors Meeting
-----------------------------------------
Company Name:   Bellvale Ltd
Other name:     
IA 1986 Section:   23  
Creditors Meeting Time:   11.00 am
Meeting date:   10/08/00
Meeting address:   93 Queen Street
Meeting City Code:   Sheffield   S1 1WF
Authorised by:   P A Revill   Joint Administrator  24/07/00
Last day for proxy:   09/08/00
Proxy address:   93 Queen Street  Sheffield  S1 1WF
Liquidators:   
Firm Name:   Poppleton & Appleby
Address:   93 Queen Street  Sheffield  S1 1WF


BOO.COM: Report Reveals True Scale Of Internet Retailer's Debts
---------------------------------------------------------------
According round-the-globe reports appearing in newspapers from The Sunday
Telegraph to the Sydney Morning Herald, British Internet retailer, boo.com,
had amassed debts of Stg178 million, it was revealed on 20 August 2000.  This
was almost double the amount estimated when boo.com collapsed in May,
according to a report by Britain's Official Receiver.  The report, which was
sent to creditors, reveals for the first time the true scale of one of the
most spectacular and high-profile collapses of an Internet business.  The
Official Receiver says that boo.com had assets of just Stg1.4 million, but the
company owed trade creditors and suppliers Stg49.5 million, a figure far
higher than the Stg30 million estimated when the company collapsed.  Most
creditors, obviously, are likely to receive nothing.  


BRITISH TELECOM: Bond Flotation Delayed As Rating Agencies Mull Credit Risk
---------------------------------------------------------------------------
THE TIMES reports that British Telecom has delayed marketing its $10 billion
(œ6.6 billion) bond issue.  Sir Peter Bonfield, BT's beleaguered chief
executive, is today expected to hold discussions with Standard & Poor's and
Moody's, the credit rating agencies, over what he is going to do to reduce the
company's looming œ30 billion debt burden.  The delay of the BT's bond issue
caused shares in the company to crash to a new 20-month low of 810p, compared
with œ15.13 in December. Nearly œ50 billion has been wiped off the company's
stock market value since then, the report says.


BRITISH TELECOM: Investors Losing Faith As Debts Rise & Shares Sink
-------------------------------------------------------------------
Institutional investors said yesterday they were losing faith in British
Telecommunications Plc's ability to boost its share price and renewed calls
for the company to accelerate its restructuring and replace its finance
director or surrender to a takeover, a report appearing in the ATHENS NEWS
relates.  

Three of BT's top 15 British shareholders told Reuters the former state
monopoly's sinking share price and rising debt were making investors impatient
for major changes at the company, the report says.

BT is floating its business directory business Yell and considering spin-offs
of other divisions in an attempt to unlock hidden value in the business.
Analysts agree the shares, which fell to a 20-month low last Thursday, do not
reflect the true worth of the company. But some fund managers are skeptical
about whether BT can deliver on the plan, ATHENS NEWS says.


C & A IMPORTS: Notice Of Creditors Meeting
------------------------------------------
Company Name:   C & A Imports (Nottingham) Ltd
Other name:     
IA 1986 Section:   98  
Creditors Meeting Time:   11.30 am
Meeting date:   10/08/00
Meeting address:   Strathdon Hotel  Derby Road
Meeting City Code:   Nottingham   NG1 5FT
Authorised by:   A Kyrris   Director  01/08/00
Last day for proxy:   09/08/00
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


CABTEC LTD: Notice Of Creditors Meeting
---------------------------------------
Company Name:   Cabtec Ltd
Other name:     
IA 1986 Section:   98  
Creditors Meeting Time:   02.00 pm
Meeting date:   10/08/00
Meeting address:   Church Steps House  Queensway
Meeting City Code:   Halesowen   B63 4AB
Authorised by:   N Hickin     14/07/00
Last day for proxy:   
Proxy address:   
Liquidators:   David T Greensill
Firm Name:   Mayfields
Address:   Church Steps House  Queensway  Halesowen  B63 4AB


CANTEK LTD: Notice Of Creditors Meeting
---------------------------------------
Company Name:   Cantek Ltd
Other name:     
IA 1986 Section:   98  
Creditors Meeting Time:   11.30 am
Meeting date:   10/08/00
Meeting address:   12 Portland Street
Meeting City Code:   Southampton   SO14 7EB
Authorised by:   P Farnum   Director  20/07/00
Last day for proxy:   
Proxy address:   
Liquidators:   Paul Barrett
Firm Name:   Radfords
Address:   12 Portland Street  Southampton  SO14 7EB


DRESSMART UK: Notice Of Creditors Meeting
-----------------------------------------
Company Name:   Dressmart UK Ltd
Other name:     
IA 1986 Section:   98  
Creditors Meeting Time:   03.30 pm
Meeting date:   10/08/00
Meeting address:   Stonecutter Court  1 Stonecutter Street
Meeting City Code:   London   EC4A 4TR
Authorised by:   M Plank   Director  01/08/00
Last day for proxy:   
Proxy address:   
Liquidators:   Colin G Wiseman
Firm Name:   Deloitte & Touche
Address:   Stonecutter Court  1 Stonecutter Street  London  EC4A 4TR


DURASEAL HOMEWARMTH: Notice Of Creditors Meeting
------------------------------------------------
Company Name:   Duraseal Homewarmth Midlands Ltd
Other name:     
IA 1986 Section:   98  
Creditors Meeting Time:   12.00 pm
Meeting date:   10/08/00
Meeting address:   Sherlock House  7 Kenrick Place
Meeting City Code:   London   W1U 6HE
Authorised by:   D Tyrrell   Director  13/07/00
Last day for proxy:   09/08/00
Proxy address:   Sherlock House  7 Kenrick Place  London  W1U 6HE
Liquidators:   
Firm Name:   Horwath Clark Whitehill & Co
Address:   Sherlock House  7 Kenrick Place  London  W1U 6HE


ELECTRONIC PRODUCT: Notice Of Creditors Meeting
-----------------------------------------------
Company Name:   Electronic Product Services Ltd
Other name:     
IA 1986 Section:   98  
Creditors Meeting Time:   10.30 am
Meeting date:   10/08/00
Meeting address:   Mazars House  Gelderd Road
Meeting City Code:   Leeds   LS27 7JN
Authorised by:   A Lawrie   Director  01/08/00
Last day for proxy:   09/08/00
Proxy address:   Mazars House  Gelderd Road  Leeds  LS27 7JN
Liquidators:   
Firm Name:   Mazars Neville Russell
Address:   Mazars House  Gelderd Road  Leeds  LS27 7JN


EQUITABLE LIFE: Warns Bidders that Highest Offer may not Win
------------------------------------------------------------
Equitable Life, the beleaguered life company forced to put itself up for sale
following a œ1.5bn defeat in the House of Lords, warned bidders that the
highest offer for its business will not necessarily win, the Financial Times
reports.  The news came as Equitable said the number of approaches for the
business, which is valued at about œ5bn, has been in "double figures", with
strong interest from American and European as well as UK companies.

According to weekend reports, GE Capital, the financial services arm of the US
conglomerate General Electric, has joined the Dutch insurer Aegon, as well as
Axa, Zurich and Allianz as interested foreign bidders. In Britain, Abbey
National and Prudential have registered an interest. The bidders will receive
a memorandum of sale this week, sent out by Schroder Salomon Barney, the
investment bank handling the sale.

However, an Equitable insider said yesterday that the board would not
necessarily back the highest headline amount for its business when it
recommends an offer, ahead of a vote by members on the proposed deal next
year.

Equitable was forced to surrender its independence after the House of Lords
ruled that it must find œ1.5bn to increase payouts to its guaranteed annuity
holders. The company, which keeps very little of its œ33bn of capital in
reserve, decided to put itself up for sale to generate the extra funds, the
report says.


EURO ENGINES: Notice Of Creditors Meeting
-----------------------------------------
Company Name:   Euro Engines Ltd
Other name:     
IA 1986 Section:   98  
Creditors Meeting Time:   10.45 am
Meeting date:   10/08/00
Meeting address:   60-62 London Road
Meeting City Code:   Kingston-u-Thames   KT2 6QZ
Authorised by:   J Evans   Director  18/07/00
Last day for proxy:   09/08/00
Proxy address:   60-62 London Road  Kingston-u-Thames  KT2 6QZ
Liquidators:   Andrew J Whelan
Firm Name:   Marks Bloom
Address:   60-62 London Road  Kingston-u-Thames  KT2 6QZ


EURO PROCESS: Notice Of Creditors Meeting
-----------------------------------------
SCompany Name:   Euro Process & Controls Ltd
Other name:     
IA 1986 Section:   98  
Creditors Meeting Time:   11.00 am
Meeting date:   10/08/00
Meeting address:   South Central  11 Peter Street
Meeting City Code:   Manchester   M2 5LG
Authorised by:   G Hopkinson   Director  19/07/00
Last day for proxy:   09/08/00
Proxy address:   South Central  11 Peter Street  Manchester  M2 5LG
Liquidators:   
Firm Name:   Levy Gee
Address:   South Central  11 Peter Street  Manchester  M2 5LG


EXPRESS NET: Notice Of Creditors Meeting
----------------------------------------
Company Name:   Express Net Solutions Com Ltd
Other name:     
IA 1986 Section:   98  
Creditors Meeting Time:   12.00 pm
Meeting date:   10/08/00
Meeting address:   17 St Annes Square
Meeting City Code:   Manchester   M2 7PW
Authorised by:   M Grogan   Director  28/07/00
Last day for proxy:   
Proxy address:   
Liquidators:   
Firm Name:   Stephen Conn & Co
Address:   17 St Annes Square  Manchester  M2 7PW


FINANCIAL OBJECTS: Shares Slide 20% in One Day on News of œ1.6m H1 Loss
-----------------------------------------------------------------------
Financial Objects, a developer of software for banks, saw its share price fall
20pc yesterday as the company surprised the markets with a drop in sales and
tumble into the red, the NEWS NOW reports.

The company, reporting interim results, said it had been hit by a quicker-
than-expected shift in the buying patterns of its banking customers this year.
Sales of the company's traditional banking software have collapsed, and its
newer internet-based software has not grown fast enough to plug the resulting
gap, the report says.

However, finance director David Gutteridge said: "It has been a frustrating
half-year for us. But we haven't been static. We sold jobs worth just over œ3m
on our new advanced product set in the half, although most of the revenue will
fall in the next half."

Losses for the six months ending June 30 totalled œ1.6m, compared with a
profit of œ2.6m in the same period a year earlier. The loss includes a
œ300,000 restructuring charge, with 20 of 240 staff laid off as the company
tried to deal with the change in market conditions, according to News Now.


HIH INSURANCE: Puts Sale Sign On Divisions & Retains Deutsche Bank for Advice
-----------------------------------------------------------------------------
Financial Times reports that the HIH Insurance is preparing to sell a large
part of its retail operations, including parts of the former FAI business
which it bought just 18 months ago.

The struggling insurer has engaged Deutsche Bank to help with the process and
sources close to the deal said several businesses could be sold, including
compulsory third-party insurance in Queensland and some motor and home
insurance operations.

The sale could realise "hundreds of millions of dollars", one source said,
although it is unclear how the company will use the money. HIH has a market
capitalisation of $542 million.

HIH's equity structure may be a reason for the sale. The maturing of a large
number of converting notes over the next 15 months may dilute the share price
and raising cash might be a way to halt any slide. Over the longer term, HIH
will have to restructure its capital base to meet new Australian Prudential
and Regulation Authority guidelines and some sharemarket analysts suggested a
sale may be part of that effort, the report says.

HIH faces several hurdles before doing any deal, not the least finding a
buyer.

NRMA is an obvious candidate, given its chief executive officer, Mr Eric Dodd,
has said that the recently listed company had up to $2billion to spend on an
acquisition. While NRMA wants to build its general insurance business, an NRMA
insider said the company had not considered any proposal from HIH.
AMP is unlikely to buy the business. Its chief financial officer, Mr Mark de
Cure, said earlier this year that the group did not want to significantly
expand its general insurance business.QBE is another potential buyer, but a
QBE source said it had not considered buying the HIH business.
A spokesman for HIH declined to be drawn into speculation about selling parts
of the HIH business, the report says.


KKC LTD: Notice Of Creditors Meeting
------------------------------------
Company Name:   KKC Ltd
Other name:     
IA 1986 Section:   98  
Creditors Meeting Time:   10.30 am
Meeting date:   10/08/00
Meeting address:   Meridien House  62 Station Road
Meeting City Code:   London   E4 7BA
Authorised by:   D Green   Director  24/07/00
Last day for proxy:   09/08/00
Proxy address:   Meridien House  62 Station Road  London  E4 7BA
Liquidators:   
Firm Name:   Carter Clark
Address:   Meridien House  62 Station Road  London  E4 7BA


MELSTOCK HOMES: Notice Of Creditors Meeting
-------------------------------------------
Company Name:   Melstock Homes Ltd
Other name:     
IA 1986 Section:   98  
Creditors Meeting Time:   11.00 am
Meeting date:   10/08/00
Meeting address:   63 Walter Road
Meeting City Code:   Swansea   SA1 4PT
Authorised by:   A L Thomas   Director  20/07/00
Last day for proxy:   09/08/00
Proxy address:   63 Walter Road  Swansea  SA1 4PT
Liquidators:   
Firm Name:   Stones & Co
Address:   63 Walter Road  Swansea  SA1 4PT


MERANT: Losses Deepen as Software Company Explores Strategic Alternatives
-------------------------------------------------------------------------
Merant, the Anglo-American software company, is to start a share buy-back
programme after reporting a deepening of first-quarter losses, Financial Times
reports.

The company, which has permission to buy back 10 per cent of its shares, said
it was considering a number of strategic alternatives to maximise shareholder
value. But Gary Greenfield, chief executive, said: "This is not a 'For Sale'
sign being put up-front." We are in constant conversations with our bankers
but the only alternative we're in progress on is a share buy-back."

Merant signalled earlier this month first-quarter results would be below
expectations because of a shortfall in revenue. Revenues fell 13 per cent to
œ47.6m ($71m) in the three months to July 31. Pre-tax losses widened to œ15.9m
(œ7.33m). The loss per share was 10.9p (5.7p), accordingly.


STAG FURNITURE: Administrator KPMG Can Only Do So Much -- Axes 275 Jobs
-----------------------------------------------------------------------
Ailing Scunthorpe furniture maker Stag Furniture has laid off 275 workers as
rival group Cornwell Parker bought four of the company's brands, ANANOVA
reports.

Cornwell Parker, maker of the Parker Knoll brand, has bought Stag's Minstrel,
Aspects, Sandringham and Upholstery brands for œ870,000. Stag, which was the
subject of a management buy-out last year, called in administrators at the
start of this month after high borrowing and the cost of building a new
factory plunged the company into difficulties, the report says.

Accordingly, it will retain a further 35 staff for the time being, although
these will eventually go once Stag is wound up and its remaining brands sold
off, according to administrator KPMG. Cornwell described the deal as bringing
together two of the "strongest upholstery and cabinet furniture brands in the
UK".


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
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Washington, DC USA.  Lexy Mueller, Mercy Villacastin and Cristina Pernites
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Copyright 2000.  All rights reserved.  ISSN 1529-2754.

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