/raid1/www/Hosts/bankrupt/TCREUR_Public/000831.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 31, 2000, Vol. 1, No. 81

                                   Headlines


G E R M A N Y

BUCHER.DE: Posts DM4.7 Million H1 Net Loss, Still in Red


N O R W A Y

OLSEN ENERGY: Struggles to Stay Afloat Amid Job Loss Fears  

  
R O M A N I A

HIDROPNEUMATICA: SOF Organizes Auction for Failed Company
RAFO ONESTI: Rafo Onesti Continues Negotiation


U N I T E D   K I N G D O M

ALPHA TELECOM: Notice of Creditors Meeting
ASHCROFT & WILLIAMSON: Notice of Creditors Meeting
BISHOPS PHARMACEUTICALS: Notice of Creditors Meeting
CORUS: Analysts Predict Lower Earnings for Steelmaker  
D & R HOLDINGS: Notice of Creditors Meeting

DANIEL PETERS: Notice of Creditors Meeting
ELMBRIDGE CONSTRUCTION: Notice of Creditors Meeting
EQUITABLE LIFE: Policyholder Asks DTI to Probe Insurer
ESSEX CONNECT: Notice of Creditors Meeting
EVEERGE LTD: Notice of Creditors Meeting

FIBREPLY LTD: Notice of Creditors Meeting
FOOTSIE INTERNATIONAL: Notice of Creditors Meeting
GAL LTD: Notice of Creditors Meeting
HYDER: Water Industry Probe Threatens WPD Takeover
JNGC WATFORD: Notice of Creditors Meeting

MONATEE GROUP: Notice of Creditors Meeting
PJ DESIGN: Notice of Creditors Meeting
RELLING SAILS: Notice of Creditors Meeting
SKYPLUS LTD: Notice of Creditors Meeting
TBS CYGMA: Notice of Creditors Meeting


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

BUCHER.DE: Posts DM4.7 Million H1 Net Loss, Still in Red
---------------------------------------------------------
Handelsblatt said yesterday that online bookseller bcher.de
AG/Mediantis AG reported a first-half net loss of DM4.7 million
and an operating loss of DM12.2 million.

The group reported a fivefold increase in sales to DM17.1
million, exceeding full-year 1999 sales of DM16.4 million. It is
remaining optimistic and is maintaining its forecast for sales of
DM45 million in 2000, expecting to break even in the fourth
quarter of 2001, Handelsblatt said.


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

OLSEN ENERGY: Struggles to Stay Afloat Amid Job Loss Fears  
----------------------------------------------------------
Fears of further job losses resulting from redundancies at
crisis-battered Olsen Energy has triggered the parent company's
decision to hold a board meeting in Norway. A Yahoo Finance-UK
report said a company statement issued by subsidiary Harland and
Wolff disclosed that any plan the company undertakes to save the
ailing Belfast shipyard would still result in the inevitable:
substantial job losses. H&W is in the midst of a cash crisis and
has no major contracts on its order books, the report says.

H&W has been struggling to stay afloat for months. The statement
said the company's decision on "the way forward" would be
finalized next week, and that the "absence of money on completed
orders" coupled with the "uncertain outlook position" has placed
the company in a precarious position, according to Yahoo.
  
Norwegian shipping magnate Fred Olsen has reportedly discussed
the shipyard's future with union officials, Yahoo said. H&W
employs about 1,250 workers and is spending about 2.5 million
pounds a month on wages. The company issued 280 redundancy
notices two months ago.
  

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

HIDROPNEUMATICA: SOF Organizes Auction for Failed Company
---------------------------------------------------------
The Romanian State Ownership Fund (SOF) has organized six
auctions to sell two Botosani companies that have not yet been
privatized. The announcement by the SOF on the liquidation of
Hidropneumatica and Carpidarfil has not stirred any interest, and
it is expected that the companies' tools will be sold in detail
before their names are erased from the Commerce Register,
according to a report in Privatization in Romania.
  
Hidropneumatica has a share capital of almost ROL8 billion and
debts of more than 15 billion ROL to the Ministry of Finance, the
report said. The two other Botosani companies are Carpidarfil,
which has a share capital of ROL7 billion and debts of more than
ROL 5 billion, and Panimor Leorda, which was sold at the
beginning of the year but whose buyer Employees Association
defaulted on installments.
  
Panimor has a share capital of ROL100 million, but reportedly has
accrued debts of more than a billion to the state budget.  
Botosani SOF head Emilian Popa estimated that the SOF will have
to survey the activity of the privatized companies, since it is
possible that not all the buyers could pay for the shares they
bought. Popa is convinced that several companies that have been
sold will get back to the state property, the report said.  


RAFO ONESTI: Rafo Onesti Continues Negotiation
-----------------------------------------------
Although the equipment of failed refinery Rafo Onesti stands
ready for the restart of operations, the Romanian administration
has not completed negotiations with financers and oil suppliers,
a report from Privatization in Romania said Monday.  
  
Rafo general director Toader Gaureanu disclosed, "We have signed
all the agreements with Glencore and Mansfield, but between
September 5 to 9 we are expecting the representatives of the
financing bank. The bank gave us its approval in the main, but
the problem with the oil suppliers remains to be solved."  

The company expects to receive 100,000 tonnes of oil from the
National Oil Company Petrom and from Petromexportimport until
promised quantities from creditors Glencore and Mansfield arrive.  
Rafo had signed an agreement in August with British company
Mansfield for the processing of 140,000 tonnes a month, the
report said.
  
The refinery was able to function for a short period last year to
process 50,000 tonnes of oil from Petrom, but was eventually
closed down due to lack of funds for the oil imports. According
to Privatization in Romania's report, Rafo recently lost a
processing contract of 200,000 tones of oil per month with
British company Claymore, which withdrew after it had found out
that the State Ownership Fund (SOF) hadn't received any offer for
the privatization of the refinery.

Rafo reportedly registered a turnover of ROL93.918 billion and
losses of ROL 592.6 billion during the first five months of last
year. As of August 24, no offers for the privatization of Rafo
were received by the State Ownership Fund (SOF).


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

ALPHA TELECOM: Notice of Creditors Meeting
------------------------------------------
Company Name:   Alpha Telecom Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   02.00 pm
Meeting date:   15/08/00
Meeting address:   De Vere Grand Hotel  The Esplanade
Meeting City Code:   St Helier   JE4 8WB
Authorised by:        28/07/00
Liquidators:   Nicholas Dargan
Firm Name:   Deloitte & Touche
Address:   Stonecutter Court  1 Stonecutter Street  London  EC4A
4TR


ASHCROFT & WILLIAMSON: Notice of Creditors Meeting
--------------------------------------------------
Company Name:   Ashcroft & Williamson Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.00 am
Meeting date:   15/08/00
Meeting address:   Osborne Place  30 The Downs
Meeting City Code:   Altrincham   WA14 2PU
Authorised by:      Director  02/08/00
Firm Name:   Harrison Peak
Address:   Osborne Place  30 The Downs  Altrincham  WA14 2PU


BISHOPS PHARMACEUTICALS: Notice of Creditors Meeting
----------------------------------------------------
Company Name:   Bishops Pharmaceuticals Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.00 am
Meeting date:   14/08/00
Meeting address:   The Royal County Hotel
Meeting City Code:   Old Elvet   DH1 3JN
Authorised by:   S A Ross   Director  02/08/00
Firm Name:   Deloitte & Touche
Address:   Gainsborough House  34-40 Grey Street  Newcastle-u-
Tyne  NE1 6AE


CORUS: Analysts Predict Lower Earnings for Steelmaker  
-----------------------------------------------------
Analysts are reportedly ready to reduce earnings forecasts for
Corus Group, which will release third quarter results next week.
The Times reports Corus is expected to post a 100 million net
loss for the quarter, or three times the second quarter loss. The
forecast comes after Corus announced plans last week to cut its
workforce of 34,000 by 5,000 employees. Analyst Jeremy Fletcher
of CSFB said U.S. steel market overproduction has caused dumping
of steel in the European market, resulting in lower prices,
further aggravating Corus' problems.

Analysts also expressed doubts on how well Corus could manage its
recent merger with Dutch steelmaker Hoogovens, which has itself
posted unsatisfactory results. Hoogovens' results caused an
analyst to speculate: "We are getting close to the peak of the
cycle so if they can't make money now they won't make it in the
trough."  

A spokesman for Corus said the company might try to pay its
suppliers in euros, but that "the majority of suppliers to our UK
plants are British companies and I should not think they would
want to price it in euros."


D & R HOLDINGS: Notice of Creditors Meeting
-------------------------------------------
Company Name:   D & R Holdings Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.00 am
Meeting date:   15/08/00
Meeting address:   The Post House Hotel  Marborough Road
Meeting City Code:   Swindon   SN3 6AQ
Authorised by:   R Gegg   Director  
Firm Name:   Kelmanson Partnership
Address:   Avco House  6 Albert Road  Barnet  EN4 9SH


DANIEL PETERS: Notice of Creditors Meeting
------------------------------------------
Company Name:   Daniel Peters Ltd
Other name:     Daniel Peters Interiors
IA 1986 Section:   98  
Creditors Meeting Time:   11.00 am
Meeting date:   14/08/00
Meeting address:   Beaufort House  94-96 Newhall Street
Meeting City Code:   Birmingham   B3 1PB
Authorised by:   D Gethins   Director  28/07/00
Firm Name:   Moore Stephens Booth White
Address:   Beaufort House  94-96 Newhall Street  Birmingham  B3
1PB


ELMBRIDGE CONSTRUCTION: Notice of Creditors Meeting
---------------------------------------------------
Company Name:   Elmbridge Construction Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.45 am
Meeting date:   15/08/00
Meeting address:   76 New Cavendish Street
Meeting City Code:   London   W1G 9TB
Authorised by:   S R Brown   Director  21/07/00
Last day for proxy:   14/08/00
Proxy address:   76 New Cavendish Street  London  W1G 9TB
Firm Name:   Berley
Address:   76 New Cavendish Street  London  W1G 9TB


EQUITABLE LIFE: Policyholder Asks DTI to Probe Insurer
------------------------------------------------------
The Times reports that a legally qualified policyholder who
declined to be named has called on the Department of Trade and
Industry to investigate troubled mutual insurer Equitable Life's
management and auditing. The petitioner reportedly made
allegations about the company's handing of a recent court case
over policy bonuses and raised doubts over whether members were
fully informed about the potential cost of the court defeat.

The company may have to pay an estimated 1.5 billion pounds after
the House of Lords ruled that its decision to cut bonuses to
90,000 holders of guaranteed annuity rate (GAR) was illegal. Non-
GAR policyholders were reportedly told that growth in their
pension policies was suspended for the first seven months of the
year to fund the bill.

News about the complaint surfaced as sale documents were being
distributed to 15 potential buyers. Equitable managing director
Alan Nash is running the sale on an auction basis to get the
highest price, and potential bidders have reportedly been forced
by the company to sign confidentiality clauses.
  
According to the Times, funds generated from the sale will be
used to pay with-profits pension policyholders who may be
affected by the court ruling. Allianz has reportedly expressed
interest in acquiring Equitable.


ESSEX CONNECT: Notice of Creditors Meeting
------------------------------------------
Company Name:   Essex Connect Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.30 am
Meeting date:   15/08/00
Meeting address:   Clareville House  26-27 Oxendon Street
Meeting City Code:   London   SW1Y 4EP
Authorised by:   P Smith   Director  
Last day for proxy:   14/08/00
Proxy address:   Clareville House  26-27 Oxendon Street  London  
SW1Y 4EP
Liquidators:   Stephen Blandford
Firm Name:   Rothman Pantall
Address:   Clareville House  26-27 Oxendon Street  London  SW1Y
4EP


EVEERGE LTD: Notice of Creditors Meeting
----------------------------------------
Company Name:   Eveerge Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.00 am
Meeting date:   15/08/00
Meeting address:   King Street House  15 Upper King Street
Meeting City Code:   Norwich   NR3 1RB
Authorised by:   A Brooks   Director  31/07/00
Last day for proxy:   14/08/00
Proxy address:   King Street House  15 Upper King Street  Norwich  
NR3 1RB
Firm Name:   Larking Gowen
Address:   King Street House  15 Upper King Street  Norwich  NR3
1RB


FIBREPLY LTD: Notice of Creditors Meeting
-----------------------------------------
Company Name:   Fibreply Ltd
Other name:     
IA 1986 Section:   98  
Creditors Meeting Time:   11.30 am
Meeting date:   15/08/00
Meeting address:   103 Portland Street
Meeting City Code:   Manchester   M1 6DF
Authorised by:   S Oliver   Director  19/07/00
Last day for proxy:   
Proxy address:   
Liquidators:   
Firm Name:   Lewis Alexander & Collins
Address:   103 Portland Street  Manchester  M1 6DF


FOOTSIE INTERNATIONAL: Notice of Creditors Meeting
--------------------------------------------------
Company Name:   Footsie International Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   02.30 pm
Meeting date:   14/08/00
Meeting address:   Peter House  St Peters Square
Meeting City Code:   Manchester   M1 5AB
Authorised by:   S Creagh   Director  01/08/00
Firm Name:   BDO Stoy Hayward
Address:   Peter House  St Peters Square  Manchester  M1 5AB


GAL LTD: Notice of Creditors Meeting
------------------------------------
Company Name:   Gal Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.00 am
Meeting date:   15/08/00
Meeting address:   6 Bloomsbury Square
Meeting City Code:   London   WC1A 2LP
Authorised by:   A Basith   Director  17/07/00
Firm Name:   Panos Eliades Franklin & Co
Address:   6 Bloomsbury Square  London  WC1A 2LP


HYDER: Water Industry Probe Threatens WPD Takeover
--------------------------------------------------
Water industry regulator head Philip Fletcher has launched an
investigation into whether Western Power Distribution's plans to
hand management of troubled Welsh utility Hyder's water business
over to United Utilities violates license rules. The Sunday Times
said on August 27 that utilities are required by the industry
regulator to act as if they were public and make their own
business decisions even when part of a group, and there has been
speculation that Hyder subsidiary Welsh Water has been unable to
operate independently from its parent after being told to accept
United as the manager.

The Times quoted an Ofwat spokesman as saying, "We are in
discussions with WPD following its bid being accepted by Hyder,"
and confirmed that the license agreement did form part of the
talks. Severn Trent is scheduled to meet Hyder in court on
September 21, after alleging that WPD's deal with United flouts
procurement regulations.


JNGC WATFORD: Notice of Creditors Meeting
-----------------------------------------
Company Name:   JNGC Watford Ltd
Other name:     Jack Nicklaus Golf Centre
IA 1986 Section:   98  
Creditors Meeting Time:   02.30 pm
Meeting date:   14/08/00
Meeting address:   The Norfolk Plaza Hotel  29-33 Norfolk Square
Meeting City Code:   London   W2
Authorised by:   M G Baker   Director  19/07/00
Liquidators:   Michael Ioannou
Firm Name:   Gregory Michaels & Co
Address:   6 Southwick Mews  Paddington  London  W2 1JG


MONATEE GROUP: Notice of Creditors Meeting
------------------------------------------
Company Name:   Monatee Group Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   02.30 pm
Meeting date:   14/08/00
Meeting address:   Devonshire House  38 York Place
Meeting City Code:   Leeds   LS1 2ED
Authorised by:   D Milne   Director  27/07/00
Liquidators:   J N R Pitts
Firm Name:   Wilson Pitts
Address:   Devonshire House  38 York Place  Leeds  LS1 2ED


PJ DESIGN: Notice of Creditors Meeting
--------------------------------------
Company Name:   PJ Design Consultants Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.30 am
Meeting date:   14/08/00
Meeting address:   7 Chorley New Road
Meeting City Code:   Bolton   BL1 4QR
Authorised by:   T Walton   Director  14/07/00
Liquidators:   G N Ratcliffe
Firm Name:   Ratcliffe & Co
Address:   7 Chorley New Road  Bolton  BL1 4QR


RELLING SAILS: Notice of Creditors Meeting
------------------------------------------
Company Name:   Relling Sails Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   11.00 am
Meeting date:   14/08/00
Meeting address:   The Southampton Park Hotel  Cumberland Place
Meeting City Code:   Southampton   SO15 2WY
Authorised by:   M T Relling   Director  24/07/00
Firm Name:   Grant Thornton
Address:   31 Carlton Crescent  Southampton  SO15 2EW


SKYPLUS LTD: Notice of Creditors Meeting
----------------------------------------
Company Name:   Skyplus Ltd
IA 1986 Section:   98  
Creditors Meeting Time:   10.00 am
Meeting date:   14/08/00
Meeting address:   24 Glencoe Avenue
Meeting City Code:   Darwen   
Authorised by:   A Robinson   Director  18/07/00
Last day for proxy:   11/08/00
Proxy address:   12 Barnhill Road  Prestwich  Manchester
Firm Name:   Tony Freeman & Co
Address:   12 Barnhill Road  Prestwich  Manchester


TBS CYGMA: Notice of Creditors Meeting
--------------------------------------
Company Name:   TBS Cygma Plc
IA 1986 Section:   48  
Creditors Meeting Time:   11.00 am
Meeting date:   14/08/00
Meeting address:   Arkwright House  Parsonage Gardens
Meeting City Code:   Manchester   M3 2LF
Authorised by:   D Oakley   Joint Administrative Receiver  
Last day for proxy:   11/08/00
Proxy address:   Arkwright House  Parsonage Gardens  Manchester  
M3 2LF
Firm Name:   Lathams
Address:   Arkwright House  Parsonage Gardens  Manchester  M3 2LF



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-
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USA, and Beard Group, Inc., Washington, DC USA.  Lexy Mueller,
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