---

         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

            Tuesday, September 5, 2000, Vol. 1, No. 84

                            Headlines

G E R M A N Y

PHILIPP HOLZMANN: Commission Asks Germany to Shed Light on Loans
TURBODYNE TECHNOLOGIES: EASDAQ Maintains Turbodyne's Suspension


R O M A N I A

FONDUL NATIONAL: Troubled Fund Investors Stage Protest


R U S S I A

AKRILAT: Akrilat Pays Part of Debt to Sberbank, Sarovbusinessbank
URALAZ: Creditors Seek Extension of External Management Term


U N I T E D   K I N G D O M

BRD CONTRACTS:  Notice of Creditors Meeting
BEECHWOOD JOIN:  Notice of Creditors Meeting
COLOUR BOX: Collapses with Debts of 1 Million Pounds
CPK TRANSMISSION:  Notice of Creditors Meeting
CAMBER INTERNATIONAL:  Notice of Creditors Meeting

CAXTON GIBBET:  Notice of Creditors Meeting
CINDERFORD ENGINEERING:  Notice of Creditors Meeting
COEPEL LTD:  Notice of Creditors Meeting
COMMERCIAL COACHBUILDERS:  Notice of Creditors Meeting
COMPUFLO SYSTEMS:  Notice of Creditors Meeting

DELAMERE FINISHING:  Notice of Creditors Meeting
DELKA LTD:  Notice of Creditors Meeting
EDWIN PRESTON:  Notice of Creditors Meeting
FRISK LTD:  Notice of Creditors Meeting
HARLAND & WOLFF: Fred Olsen Board Ponders Job Cuts

LONDONERS LTD:  Notice of Creditors Meeting
LPK UPHOLSTERY: Furniture Group Axes 17 Jobs
UNIVERSAL PROMOTIONS: Firm Winds Up Following DTI Investigation


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

PHILIPP HOLZMANN: Commission Asks Germany to Shed Light on Loans
----------------------------------------------------------------
A loan to troubled construction group Philipp Holzmann AG is
under scrutiny by the German government since the European Union
Commission requested details about the DM125 loan by
Kreditanstalt f?r Wiederaufbau, a state-owned development agency.
The E.U. reportedly suspects the loan may have been made at a
preferential rate, which should have received prior approval from
the Commission. A DM250 million rescue package made by the German
government to Holzmann is already being investigated by the
Commission. Holzmann's chief executive Konrad Hinrichs told
Handelsblatt the company has so far laid off 3,800 of its 16,000-
strong workforce in Germany.


TURBODYNE TECHNOLOGIES: EASDAQ Maintains Turbodyne's Suspension
---------------------------------------------------------------
Turbodyne Technologies, Inc. reports that on August 2 EASDAQ
suspended trading of the shares of Turbodyne Technologies, Inc.,
pending clarification of the facts underlying Turbodyne's press
release dated August 1.

On August 17, the EASDAQ Market Authority reviewed the decision
to suspend and decided to maintain the suspension pending further
investigation. The suspension will remain in effect until October
3 unless otherwise determined by the Market Authority.

Turbodyne Technologies, Inc., a California-based high technology
company, specializes in the development of charging technology
for internal combustion engines plus the development and
manufacturing of high-tech assemblies for electrically assisted
turbochargers and superchargers.  Turbodyne Technologies, Inc.'s
is located in Carpinteria, CA; the European business location is
Frankfurt, Germany.


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

FONDUL NATIONAL: Troubled Fund Investors Stage Protest
------------------------------------------------------
Reuters has reported that hundreds of investors in a collapsed
Romanian unit trust protested outside a Bucharest court that is
expected to rule on a request by commercial bank CEC to annul its
guarantee of payments for 300,000 trust investors. Violence and
arrests marred previous protests by FNI investors since the fund
collapsed. The court has debated the appeal by state-owned CEC,
owner of 20 percent of FNI, against a ruling last month that CEC
must fulfil its contract guaranteeing money invested in the
largest of the country's 20 unit trusts.

The CEC challenged the Court of Appeals panel of judges with a
file rejecting the Bucharest court due to reach the Supreme
Court. "If the CEC challenge proves incorrect, the Supreme Court
will return the file to the Bucharest court," Ana Diculescu Sova,
lawyer for the FNI investors' association told Reuters. "If it's
correct, another court will take charge. Such procedures normally
take a rather short time."

Around 220,000 people, who put the equivalent of USD204 million
into the FNI, are seeking return of lost investments, plus an
extra USD110 million in promised interest payments. The
government suspended the FNI after a run by investors on the
trust left its coffers empty. Romanian prosecutors have since
placed several FNI senior managers under preventive arrest.


===========
R U S S I A
===========

AKRILAT: Akrilat Pays Part of Debt to Sberbank, Sarovbusinessbank
-----------------------------------------------------------------
Akrilat, a Dzerzhinsk chemical company in receivership, has
partially paid its debt of 100 million rubles and 138 million
rubles, respectively, to Sberbank and Sarovbusinessbank.
Vyacheslav Grigoryev, general director of Akrilat said the funds
used to pay off the debt were raised by selling shares in the
company. World News Connection reports all of Akrilat's shares
(240 million common shares with a par value of 1 ruble) were sold
August 18 at par value 240 million rubles.

Grigoryev confirmed that 42 percent of shares were acquired by
Nizhny Novgorod Sberbank, with the remainder distributed among
six or seven companies, the majority of whom are affiliated to
Sarovbusinessbank. Grigoryev expects the company will pay another
500 million rubles (plus interest) to creditors by the end of
receivership in February 2001. He said Akrilat will be liquidated
once receivership ends. The company was declared bankrupt on
February 15, 2000.


URALAZ: Creditors Seek Extension of External Management Term
------------------------------------------------------------
Creditors of automobile maker Uralaz are seeking permission from
the Chelyabinsk region arbitration court to extend the term of
external management at the plant for another year. A court ruling
on whether to extend the term of external management is expected
in September. Creditors also approved the report of external
manager Valery Panov. The report outlines plans to develop a new
line of Ural automobiles at the Ural Automobile Plant, a new
company set up in June to which all Uralaz buildings, equipment
and technology, worth 1.2 billion rubles, were transferred.

External management was imposed at Uralaz, which makes heavy
trucks, military vehicles and special-purpose vehicles, on
September 14, 1998 and then extended for another year. The
company's debts stood at 3.9 billion rubles when external
management was imposed. World News Connection reports debts have
now been reduced to 1.37 billion rubles.


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

BRD CONTRACTS:  Notice of Creditors Meeting
-------------------------------------------
Company Name:   BRD Contracts Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   10.30 am
Meeting date:   17/08/00
Meeting address:   485 Birmingham Road
Meeting City Code:   Bromsgrove   B61 0HZ
Authorised by:   M Lammas   Director  01/08/00
Firm Name:   Haden
Address:   485 Birmingham Road  Bromsgrove  B61 0HZ


BEECHWOOD JOIN:  Notice of Creditors Meeting
--------------------------------------------
Company Name:   Beechwood Join & Build (Scotland) Ltd
IA 1986 Section:   138  Creditors
Meeting Time:   02.00 am
Meeting date:   17/08/00
Meeting address:   George House  50 George Square
Meeting City Code:   Glasgow   G2 1RR
Authorised by:   T M Burton   Interim Liquidator  25/07/00
Last day for proxy:   16/08/00
Proxy address:   George House  50 George Square  Glasgow  G2 1RR
Firm Name:   Ernst & Young
Address:   George House  50 George Square  Glasgow  G2 1RR


COLOUR BOX: Collapses with Debts of 1 Million Pounds
----------------------------------------------------
The Scotsman & World Reporter reports liquidators have taken
control of Colour Box after it collapsed with debts of at least
pounds 1 million. The company became famous for the miniature
ceramic bears and cats it manufactures in the Borders and East
Lothian. Colour Box employs 26 workers at Lauder while an
additional 75 and 100 out workers paint figurines. The company
markets its products to its global collectors' club, members of
which once numbered about 36,000 worldwide and many of whom have
bought every single item the company produced for 17 years.

Colour Box owner Peter Fagan and 26 workers reportedly showed up
for work at the Lauder factory but were locked out by
liquidators. Fagan said, "It's been simply a case of lack of
business in recent times. The company has been struggling with
large debt and despite discussions with the bank which continued
right up to the end of last week, we could not assemble a rescue
package," the Reporter said.

Fagan reportedly launched a Web site three months ago to allow
members of its global collectors club to stay in touch. The
Reporter quoted one unidentified staff member as saying, "We've
suspected the company was in serious trouble for some time. There
seem to have been numerous crisis meetings about the factory's
financial position and we are still owed five weeks' wages.
Everyone feels gutted."

The source disclosed that principal creditors were government
departments and the company's bank, the Reporter said.


CPK TRANSMISSION:  Notice of Creditors Meeting
----------------------------------------------
Company Name:   CPK Transmissions Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   02.00 pm
Meeting date:   17/08/00
Meeting address:   Church Steps House  Queensway
Meeting City Code:   Halesowen   B63 4AB
Authorised by:   C P Keaney   Director  28/07/00
Liquidators:   David T Greensill
Firm Name:   Mayfields
Address:   Church Steps House  Queensway  Halesowen  B63 4AB


CAMBER INTERNATIONAL:  Notice of Creditors Meeting
--------------------------------------------------
Company Name:   Camber International Ltd
IA 1986 Section:   23  Creditors
Meeting Time:   11.00 am
Meeting date:   17/08/00
Meeting address:   The Jarvis Grand Hotel  Granby Street
Meeting City Code:   Leicester   LE1 6ES
Authorised by:   E T Kerr   Joint Administrator  
Last day for proxy:   16/08/00
Proxy address:   New Guild House  45 Great Charles Street  
Birmingham  B3 2LX
Firm Name:   Pannell Kerr Forster
Address:   New Guild House  45 Great Charles Street  Birmingham  
B3 2LX


CAXTON GIBBET:  Notice of Creditors Meeting
-------------------------------------------
Company Name:   Caxton Gibbet Rescue Serv (Camb) Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   10.30 am
Meeting date:   17/08/00
Meeting address:   Forte Posthouse  High Road
Meeting City Code:   Bell Common   CM16 4DG
Authorised by:   G Boyd   Director  03/08/00
Last day for proxy:   16/08/00
Proxy address:   Meridien House  62 Station Road  London  E4 7BA
Firm Name:   Carter Clark
Address:   Meridien House  62 Station Road  London  E4 7BA


CINDERFORD ENGINEERING:  Notice of Creditors Meeting
----------------------------------------------------
Company Name:   Cinderford Engineering Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   11.00 am
Meeting date:   17/08/00
Meeting address:   221-223 Chingford Mount Road
Meeting City Code:   London   E4 8LP
Authorised by:   W H Phelps   Director  01/08/00
Firm Name:   A Segal & Co
Address:   221-223 Chingford Mount Road  London  E4 8LP


COEPEL LTD:  Notice of Creditors Meeting
----------------------------------------
Company Name:   Coepel Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   12.30 pm
Meeting date:   17/08/00
Meeting address:   105-111 Euston Street
Meeting City Code:   London   NW1 2EW
Authorised by:   S A Sam   Chairman  20/07/00
Firm Name:   Rifsons Saud
Address:   105-111 Euston Street  London  NW1 2EW


COMMERCIAL COACHBUILDERS:  Notice of Creditors Meeting
------------------------------------------------------
Company Name:   Commercial Coachbuilders (Scotland) Lt
IA 1986 Section:   98  Creditors
Meeting Time:   12.00 pm
Meeting date:   17/08/00
Meeting address:   7 West George Street
Meeting City Code:   Glasgow   G2
Authorised by:   Tim Brown   Director  12/07/00
Firm Name:   Wylie & Bisset
Address:   135 Wellington Street  Glasgow  G2 2XE


COMPUFLO SYSTEMS:  Notice of Creditors Meeting
----------------------------------------------
Company Name:   Compuflo Systems Ltd
Other name:     Diesels Direct
IA 1986 Section:   98  Creditors
Meeting Time:   11.30 am
Meeting date:   17/08/00
Meeting address:   76 New Cavendish Street
Meeting City Code:   London   W1G 9TB
Authorised by:   D Shaw   Director  26/07/00
Last day for proxy:   16/08/00
Proxy address:   76 New Cavendish Street  London  W1G 9TB
Firm Name:   Berley
Address:   76 New Cavendish Street  London  W1G 9TB


DELAMERE FINISHING:  Notice of Creditors Meeting
------------------------------------------------
Company Name:   Delamere Finishing Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   11.00 am
Meeting date:   17/08/00
Meeting address:   The Scarisbrick Hotel  Lord Street
Meeting City Code:   Southport   
Authorised by:   G A Reid   Director  27/07/00
Firm Name:   Crawfords
Address:   Stanton House  41 Blackfriars Road  Manchester  M3 7DB


DELKA LTD:  Notice of Creditors Meeting
---------------------------------------
Company Name:   Delka Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   02.30 pm
Meeting date:   17/08/00
Meeting address:   105-111 Euston Street
Meeting City Code:   London   NW1 2EW
Authorised by:   U Jaweed   Chairman  07/07/00
Firm Name:   Rifsons Saud
Address:   105-111 Euston Street  London  NW1 2EW


EDWIN PRESTON:  Notice of Creditors Meeting
-------------------------------------------
Company Name:   Edwin Preston Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   12.00 pm
Meeting date:   17/08/00
Meeting address:   26-28 Goodall Street
Meeting City Code:   Walsall   WS1 1QL
Authorised by:   D Grosvenor     05/07/00
Last day for proxy:   16/08/00
Proxy address:   26-28 Goodall Street  Walsall  WS1 1QL
Firm Name:   Griffin & King
Address:   26-28 Goodall Street  Walsall  WS1 1QL


FRISK LTD:  Notice of Creditors Meeting
---------------------------------------
Company Name:   Frisk Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   03.30 pm
Meeting date:   17/08/00
Meeting address:   295 Whitechapel Road
Meeting City Code:   London   E1 1BY
Authorised by:   O Adak   Director  
Last day for proxy:   16/08/00
Proxy address:   295 Whitechapel Road  London  E1 1BY
Liquidators:   M Pocock
Firm Name:   Pococks
Address:   295 Whitechapel Road  London  E1 1BY


HARLAND & WOLFF: Fred Olsen Board Ponders Job Cuts
--------------------------------------------------
The board of Fred Olsen Energy, Harland & Wolff's Norwegian
parent company, met in London yesterday to decide how many
workers the company must lay off to keep the Belfast shipyard
running. Belfast News Letter reports UUP councillor Jim Rogers
predicted the job losses could be as high as 600, which is half
of the workforce. Economy Minister Sir Reg Empey said the
shipyard's problems have been magnified by legal problems with
Global Marine, the U.S. company that has refused to finish paying
for its second drillship.

"The crisis with Global Marine has been the catalyst for the
latest difficulties," said Sir Reg. "The dispute with the company
which has been reaching a crescendo since last Autumn has dogged
Harland ever since. The recent court action was the last straw."


LONDONERS LTD:  Notice of Creditors Meeting
-------------------------------------------
Company Name:   Londoners Ltd - The
IA 1986 Section:   98  Creditors
Meeting Time:   11.30 am
Meeting date:   17/08/00
Meeting address:   Radisson Pastoria  3-6 St Martins Street
Meeting City Code:   London   WC2H 7HL
Authorised by:   M McCausland   Director  
Last day for proxy:   16/08/00
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


LPK UPHOLSTERY: Furniture Group Axes 17 Jobs
--------------------------------------------
Seventeen jobs have been cut at a West Midlands furniture group
that collapsed last week after sustaining trading losses of about
pounds 500,000. Administrative receivers brought in to run the
firm cut the 180-strong workforce at LPK Upholstery's base in
Pedmore road, Brierley Hill, as they sought to find a rescuer for
the fallen business, the Evening Mail reported.

However, production is still continuing on existing orders and
hopes are focused on finding a buyer before the work dries up.
Laid off Birmingham-based joint receiver Andy Peters, of
insolvency experts Deloitte & Touche, said the job losses had
been among administrative staff. He said the workforce had also
been laid off for three days because of a delay in upholstery
supplies. According to the Evening Mail, Peters said he was still
in talks with a number of interested parties who were considering
taking on the business.


UNIVERSAL PROMOTIONS: Firm Winds Up Following DTI Investigation
---------------------------------------------------------------
Embattled advertising group Universal Promotions has been shut
down by the government following claims that the company
deliberately defrauded clients by collecting fees for non-
existent advertisements or placing ads in the wrong publications.
The company was run by Karen and Mark Taylor, formerly of Port
Sunlight, Merseyside.

The Sunday Times reports the Department of Trade and Industry
investigated the complaints and reported that "the company said
it produced diaries, yearbooks and sports programmes on behalf of
the emergency services and charities, and the money paid to place
adverts in the publications would go to charity. We found the
money was not going to the charity or certainly not as great a
percentage as they said."

Creditors British Gas, British Telecommunications and Parcelforce
have reportedly made claims against Universal Promotions. A
creditors' meeting will be held next month to appoint a
liquidator, which will likely be Baker Tilly. The insolvency firm
has already invited likely claimants to come to the meeting.
Neither Karen nor Mark Taylor were available for comment, and
their whereabouts are currently unknown.



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
USA, and Beard Group, Inc., Washington, DC USA.  Lexy Mueller,
Mercy Villacastin and Cristina Pernites, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing  and photocopying) is strictly prohibited without
prior written permission of the publishers.  

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is $575 per half-year, delivered
via e-mail.  Additional e-mail subscriptions for members of the
same firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 301/951-6400.


             * * * End of Transmission * * *