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         T R O U B L E D   C O M P A N Y   R E P O R T E R     

                            E U R O P E

            Wednesday, September 6, 2000, Vol. 1, No. 85

                             Headlines

B E L G I U M

FIAMM SpA (BELGIUM): Announces Plans to Close Battery Plant
ROTSELAAR CEUTERICK: Declares Insolvency


C Z E C H   R E P U B L I C

METALL BRNO: Workers Threaten Bankruptcy Petition
ALIACHEM:  Orion Deems Unfit to Bid
USTECKE PIVOVARY: Ceska Financni Files Bankruptcy Petition
VOJENSKE STAVBY: Faces Bankruptcy Petition
LET KUNOVICE: Employees File for Bankruptcy of Aircraft Maker


F R A N C E

BOURGOIN:  In Court Proceedings for Receivership  
SENSEMAT OUTILLAGES: Parent Announces Subsidiary's Liquidation


G E R M A N Y

T ONLINE: Posts $159 Million Loss


H U N G A R Y  

KERESKEDEL 2000: APV Puts Company Up For Liquidation
MIZO-BARANYATEJ: Shareholders to Initiate Creditor Agreement
PORT-COM: Up For Liquidation
SZEGED CLOTHING: Factory Faces Liquidation


I R E L A N D

HARLAND & WOLFF: Goes to Arbitration in a Bid to Stay Open


N E T H E R L A N D S

DECHAMPS TEXTIL: Files for Liquidation


S P A I N

MERIDA: Club Liquidates to Play in the Fourth Division


S W I T Z E R L A N D

COMPLETE-E:  Cut Jobs Majority Of 95 Employment


U N I T E D   K I N G D O M

CORUS: Steel Group Likely to Be Booted from FTSE 100
M PATCHETT:  Notice of Creditors Meeting
NMS LTD:  Notice of Creditors Meeting
NORCLARE INSTALLATION:  Notice of Creditors Meeting
PERMACOAT (MIDLANDS):  Notice of Creditors Meeting

PINDER CONTRACTS:  Notice of Creditors Meeting
PULSE GRAPHICS:  Notice of Creditors Meeting
Q & M TECHNOLOGY:  Notice of Creditors Meeting
S C A NICHOLLS:  Notice of Creditors Meeting
SFL REALISATIONS:  Notice of Creditors Meeting

SGH SERVICES:  Notice of Creditors Meeting
SPEED 2746:  Notice of Creditors Meeting
TRIALCHARGE LTD:  Notice of Creditors Meeting
W H WOOTTON:  Notice of Creditors Meeting
WESTERLY GROUP:  Notice of Creditors Meeting


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

FIAMM SpA (BELGIUM): Announces Plans to Close Battery Plant
-----------------------------------------------------------
Italian battery maker Fiamm SpA plans to close a plant in Belgium
and lay off its 189 workers, blaming the plant's inefficiencies
as well as a glut in the European market. Fiamm will close the
plant in the town of Anderlecht and lay off all of its workers by
November 15 at the latest, according to the daily newspaper Le
Soir.

According to Reuters, the plant's workers have vowed to block
shipment of the plant's stock to Italy in protest. Union
representatives admitted, however, that they were not surprised
by Fiamm's decision, the Belga news agency said. "For the past
year management was been taking measures to prepare for this
closure even though they had been denying it," one representative
told the agency.

The plant that Fiamm bought from another company in April 1999
produced about a million car batteries a year. But Fiamm said the
plant was inefficient and the size and quality of its production
did not justify the cost of keeping it open. It also said the
European market already had a surplus of more than 10 million
batteries a year in Europe. Fiamm makes batteries for
telecommunications equipment.


ROTSELAAR CEUTERICK: Declares Insolvency
----------------------------------------
Staff at the Rotselaar Ceuterick printing plant in Belgium
approved the acquisition of the company by SA Orientaliste of
Herent. The purchase agreement is expected to be signed with the
administrator. Of the firm's 31 employees, at least 14 will
remain in service, La Libre Belgique and World Reporter reported
this week. The reports say administrators have received four
offers to buy the plant. The acquisition is for the concern and
not the buildings. Ceuterick's activities will be integrated into
those of Orientaliste and the Ceuterick name will disappear.


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

METALL BRNO: Workers Threaten Bankruptcy Petition
-------------------------------------------------
Czech A.M. reported last week that Unionists at Metall Brno
announced that the majority of employees, owed wages dating back
to June, would likely file a bankruptcy petition against the
machinery firm.


ALIACHEM:  Orion Deems Unfit to Bid
-----------------------------------
Chemapol Group's bankruptcy administration said yesterday that
Orion Capital owner Philip Meisel failed to convince them he
would be a suitable partner. The owner of the U.S.-based
investment company reportedly wanted to buy a 49.25% stake in
AliaChem and claimed he intended to invest Kc 2 bln into the
chemical concern. Agrobohemie will likely end up with the stake,
Czech A.M. reported last week. Meanwhile, the government will
discuss possible state help for AliaChem's revitalization next
week.


USTECKE PIVOVARY: Ceska Financni Files Bankruptcy Petition
----------------------------------------------------------
Czech A.M. reports KonsolidacnĄ Banka subsidiary Ceska Financni
has filed a bankruptcy petition against Ustecke Pivovary after CF
failed to sell the brewery. The sale was intended to cover a Kc
200 mln loan to the brewery that CF took over from Foresbanka
after the latter was placed under forced administration in 1997.


VOJENSKE STAVBY: Faces Bankruptcy Petition
------------------------------------------
Czech News Agency reported yesterday that construction company
Vojenske stavby CZ, facing a bankruptcy petition filed last week
with the Prague Regional Commercial Court, owes over Kc1 billion
to its subcontractors. The fall of the fourth largest building
firm in the country could thus trigger a decline of dozens of
other firms and leave hundreds of people jobless.

Vojenske Stavby CZ carried out 40 percent of its projects by
using sub-supplies. The total volume of projects performed by
subcontractors is estimated at two billion crowns, said
Association of Building Enterpreneurs president Milan Veverka.
According to Czech News Agency, the deputy CEO of building
company Zakladani staveb, Cestmir Matejka has highlighted the
fact that claims on Vojenske are now being offered at 30 to 40
percent of their value. The creditors include WPD Praha, which
has claims amounting to millions of crowns, and Kamen Zbraslav.


LET KUNOVICE: Employees File for Bankruptcy of Aircraft Maker
-------------------------------------------------------------
Czech A.M. reports LET Kunovice employees, who were placed on
forced leave for almost five weeks and owed three month's wages,
are planning to file for bankruptcy against the troubled aircraft
maker early next week. The announcement followed the cancellation
of a shareholders meeting yesterday at which a new board of
directors was to be named. Replacing management was one of the
conditions set out by KonsolidacnĄ Banka, to which LET owes Kc 2
billion.

According to Czech A.M., LET's U.S.-based owner Ayres Corp. said
it failed to find suitable personnel. KoB says it is still
negotiating with British BAE Systems and other parties interested
in keeping LET afloat, but has made no decision. It admitted
bankruptcy was a possibility. LET employs 1,400.


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

BOURGOIN:  In Court Proceedings for Receivership  
------------------------------------------------
Le Point and World Reporter report this week that a court in Sens
France heard proceedings for the receivership of French food
group Bourgoin, involved in the largest bankruptcy ever in the
French food industry. There are already candidates (cereal and
poultry groups) to take over Bourgoin. The reports indicate that
the fall of the Bourgoin empire, with a FFr4.7 billion turnover
and employing 5,200 employees, may be accompanied by trouble with
unions in certain factories.


SENSEMAT OUTILLAGES: Parent Announces Subsidiary's Liquidation
--------------------------------------------------------------
La Tribune and World Reporter report this week that French
industrial tools group Sensemat is preparing itself for a rough
time, following the announcement that its subsidiary Sensemat
Outillages was to be liquidated. The move will have consequences
for the rest of the group as its other two subsidiaries Sensemat
Equipement and Sensemat Industrie will be under a six-month
observation period.


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

T ONLINE: Posts $159 Million Loss
---------------------------------
Dow Jones reported yesterday that T-Online International AG said
it posted a 179 million euro ($159 million) first-half loss.
Deutsche Telecom AG's Internet spin-off posted a 0.15 euro loss
per share and a first-half loss before interest, taxes and
depreciation of 11.7 million euros.


=============
H U N G A R Y  
=============


KERESKEDEL 2000: APV Puts Company Up For Liquidation
----------------------------------------------------
Hungary A.M. reports Kereskedelem 2000 Kft will be liquidated.
The company belongs to Reorg-Apport, a wind-up company owned by
the State Privatization and Holding Co. (APV Rt) that was set up
to sell the company in which Postabank Rt had stakes. The stakes
that Kereskedelem 2000 Kft owned in other firms will be
transferred to Reorg-Apport. According to Kereskedelem 2000 Kft's
general manager Katalin Pov zsay, the decision is in line with
Reorg-Apport's business policy.


MIZO-BARANYATEJ: Shareholders to Initiate Creditor Agreement
-------------------------------------------------------------
Hungary A.M. reports shareholders of dairy products company MiZo-
Baranyatej Rt, currently undergoing liquidation, have agreed that
a proposal for a creditors agreement will be prepared by the end
of this year. This would mean that the company's shareholders,
who anticipate breaking even on sales of Ft 18 billion to Ft 20
billion this year, consider it worth their while to continue
operation. The shareholders meeting was initiated by the Dutch
company Frieseland Europe Holding Beheer BV, which acquired a
32.9 percent stake in the company last year at a time when MiZo
had long been in the red.


PORT-COM: Up For Liquidation
----------------------------
Port-Com Rt will be liquidated, according to Hungary A.M. The
company belongs to Reorg-Apport, a wind-up company owned by the
State Privatization and Holding Co. (APV Rt). The stakes of PORT-
COM in other firms will accordingly be transferred to Reorg-
Apport.


SZEGED CLOTHING: Factory Faces Liquidation
------------------------------------------
Hungary A.M. reports Szeged Clothing Factory Rt will be
liquidated because the company could not come to an agreement on
rescheduling its debts. Inter-Eurąpa Bank decided not to
guarantee the company's debts to Postabank and the National Tax
Office (APEH). Although the company's owners expect Ft 10 million
to Ft 12 million in profit per month, the factory's production
will be stopped because the Szeged Power Plant Kft will not
supply it with steam, Szeged Rt's board member L szlą Farkas
said.


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

HARLAND & WOLFF: Goes to Arbitration in a Bid to Stay Open
----------------------------------------------------------
A meeting crucial to the future of Belfast's troubled Harland &
Wolff shipyard is being held in London. The Newswire reports the
meeting could determine whether the yard has any future at all.
The shipyard is fighting for pounds 23 million (euro 37 million)
it says it is owed as a final payment for two oil drill ships
built for a U.S. company.

Accrding to Newswire, the shipyard's major shareholder, Fred
Olsen Energy, warned last month that the dispute had put the
whole future of the yard at risk. U.S company Global Marine won
the right in the High Court in London in early August to take the
second vessel away from Harland & Wolff without paying the final
installment of pounds 23 million. The court ordered it to pay a
bond of $100 million (euro 111 million) and to enter arbitration
this month to settle the dispute. Global Marine says one of the
vessels was not completed to its satisfaction on time, so it
would not accept delivery. Global Marine went to court and won
the right to take the vessel away from the yard after putting up
the bond.

The arbitration hearing is expected to last several days, but the
yard is hopeful of a resolution by the end of the week, Newswire
said.


=====================
N E T H E R L A N D S
=====================

DECHAMPS TEXTIL: Files for Liquidation
--------------------------------------
Aken-based Dechamps Textil AG has filed for liquidation. The
company was Dechamps' only supplier, producing wool fabrics for
suits. The firm's receiver is studying the possibility of a
restructuring for the company although the market for wool suits
has declined in the last two years. According to De Volkskrant
and World Reporter, while staff had a muted reaction to the news
of the liquidation, the chairman of the employees council accused
the board of mismanagement. There was some turmoil among the 230
staff as Dutch bank Fortis paid out wages without the board's
permission. Since that money is no longer available, Fortis may
decide to reclaim the Fl 0.5m in paid salaries, according to the
reports.


=========
S P A I N
=========

MERIDA: Club Liquidates to Play in the Fourth Division
------------------------------------------------------
Former Spanish First Division club Merida will go into
liquidation because of serious financial difficulties, club
president Manuel Molina said. Molina said that the southwestern
Spanish side, which has debts in the region of 2 billion pesetas
(10.7 million dollars), would dissolve rather than play in the
third division where they now find themselves, Agence France-
Presse reported last week. Accordingly, the liquidation will be
followed by the formation of a new club, Merida Promesas, headed
by Molina, which will play in the fourth division. Founded in
1912, the club had its glory years in the 1990s with two stints
in the first division between 1995-96 and 1997-98.


=====================
S W I T Z E R L A N D
=====================

COMPLETE-E:  Cut Jobs Majority Of 95 Employment
-----------------------------------------------
Complete-E is set to dismiss most of its 95 employees. The
manufacturer of Argovien software decided to restructure after
reporting disappointing semi-annual results. The company plans to
reorganize as a sale and support service for its customers. Board
chairman Hans Ziegler told Edicom that the company could not
survive without taking such drastic measures. Complete-E is
counting on savings of 10 to 12 million per year, but hopes to
feel the effects of the savings in three months, Edicom reported
yesterday.


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

CORUS: Steel Group Likely to Be Booted from FTSE 100
----------------------------------------------------
The Observer reports troubled steel group Corus, formerly known
as British Steel, will slash its dividend in half this week
because of weakened trading conditions worsened by the strength
of sterling. Erik Sardaine of Dresdner Kleinwort Benson says
there is no hope of Corus paying out 6p for the year, with 2p
coming at interims. "That would be far too high," he said. Jeremy
Fletcher of CSFB estimates a further 2,000 UK job losses next
year to add to the 4,000 already announced this year.

Sardaine estimates profits for the first six months to June of
virtually zero, but Fletcher thinks a pounds 65 million loss in
the last three months will take the half-year loss to around
pounds 40m. Corus, the Observer reports, is almost certain to be
ejected from the FTSE 100 this month.


M PATCHETT:  Notice of Creditors Meeting
----------------------------------------
Company Name:   M Patchett
IA 1986 Section:   98  Creditors
Meeting Time:   10.30 am
Meeting date:   17/08/00
Meeting address:   Holiday Inn Garden Court  57-59 Welbeck Street
Meeting City Code:   London   W1M 8HS
Authorised by:   M C Patchett   Director  31/07/00
Liquidators:   Robert M Woolfson
Firm Name:   Lawrence Woolfson Partnership
Address:   1 Bentinck Street  London  W1U 2ED


NMS LTD:  Notice of Creditors Meeting
-------------------------------------
Company Name:   NMS Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   11.30 am
Meeting date:   17/08/00
Meeting address:   44 Old Hall Street
Meeting City Code:   Liverpool   L3 9EB
Authorised by:   E M Boscoe   Director  01/08/00
Liquidators:   Paul J Fleming
Firm Name:   Parkin S Booth & Co
Address:   44 Old Hall Street  Liverpool  L3 9EB


NORCLARE INSTALLATION:  Notice of Creditors Meeting
---------------------------------------------------
Company Name:   Norclare Installations Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   10.30 am
Meeting date:   17/08/00
Meeting address:   19 Vernon Street
Meeting City Code:   Derby   DE1 1FT
Authorised by:   P Norville   Director  28/07/00
Liquidators:   Nigel S Aspdin
Firm Name:   Nigel S Aspdin
Address:   19 Vernon Street  Derby  DE1 1FT


PERMACOAT (MIDLANDS):  Notice of Creditors Meeting
---------------------------------------------------
Company Name:   Permacoat (Midlands) Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   02.30 pm
Meeting date:   17/08/00
Meeting address:   Posthouse Hotel  Chapel Lane
Meeting City Code:   Birmingham   
Authorised by:   R C Palmer   Director  28/07/00
Last day for proxy:   
Proxy address:   
Liquidators:   Carl D Faulds
Firm Name:   Radfords
Address:   12 Portland Street  Southampton  SO14 7EB


PINDER CONTRACTS:  Notice of Creditors Meeting
----------------------------------------------
Company Name:   Pinder Contracts Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   10.15 am
Meeting date:   17/08/00
Meeting address:   1 City Square
Meeting City Code:   Leeds   LS1 2ES
Authorised by:   D Coleman   Director  07/08/00
Last day for proxy:   16/08/00
Proxy address:   1 City Square  Leeds  LS1 2ES
Firm Name:   Kroll Buchler Phillips
Address:   1 City Square  Leeds  LS1 2ES


PULSE GRAPHICS:  Notice of Creditors Meeting
--------------------------------------------
Company Name:   Pulse Graphics Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   11.00 am
Meeting date:   17/08/00
Meeting address:   Victory House  Admiralty Place
Meeting City Code:   Chatham   ME4 4QU
Authorised by:   M P Riley   Director  21/07/00
Last day for proxy:   16/08/00
Proxy address:   Victory House  Admiralty Place  Chatham  ME4 4QU
Liquidators:   Simon G Paterson
Firm Name:   Moore Stephens Booth White
Address:   Victory House  Admiralty Place  Chatham  ME4 4QU


Q & M TECHNOLOGY:  Notice of Creditors Meeting
----------------------------------------------
Company Name:   Q & M Technology Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   02.30 pm
Meeting date:   17/08/00
Meeting address:   42 George Street
Meeting City Code:   Reading   RG1 7NT
Authorised by:   T Quarry   Director  27/07/00
Last day for proxy:   16/08/00
Proxy address:   42 George Street  Reading  RG1 7NT
Firm Name:   Walker & Co
Address:   42 George Street  Reading  RG1 7NT


S C A NICHOLLS:  Notice of Creditors Meeting
--------------------------------------------
Company Name:   S C A Nicholls Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   11.00 am
Meeting date:   17/08/00
Meeting address:   The Imperial  Taw Vale Parade
Meeting City Code:   Barnstaple   EX32 8NB
Authorised by:   S C A Nicholls   Director  21/07/00
Last day for proxy:   16/08/00
Proxy address:   Langley House  Park Road  East Finchley  London  
N2 8EX
Firm Name:   Langley & Partners
Address:   Langley House  Park Road  East Finchley  London  N2
8EX


SFL REALISATIONS:  Notice of Creditors Meeting
----------------------------------------------
Company Name:   SFL Realisations Ltd
Other name:   Samson Furniture Ltd  
IA 1986 Section:   48  Creditors
Meeting Time:   10.30 am
Meeting date:   17/08/00
Meeting address:   8 Baker Street
Meeting City Code:   London   W1M 1DA
Authorised by:   S J Michaels   Joint Administrative Receiver  
Last day for proxy:   16/08/00
Proxy address:   8 Baker Street  London  W1M 1DA
Firm Name:   BDO Stoy Hayward
Address:   8 Baker Street  London  W1M 1DA


SGH SERVICES:  Notice of Creditors Meeting
------------------------------------------
Company Name:   SGH Services Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   11.00 am
Meeting date:   17/08/00
Meeting address:   Connaught House  Alexandra Terrace
Meeting City Code:   Guildford   GU1 3DA
Authorised by:   S Hales   Director  03/08/00
Firm Name:   BDO Stoy Hayward
Address:   Connaught House  Alexandra Terrace  Guildford  GU1 3DA


SPEED 2746:  Notice of Creditors Meeting
----------------------------------------
Company Name:   Speed 2746 Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   10.30 am
Meeting date:   17/08/00
Meeting address:   The Royal National Hotel  Bedford Way  Russell
Square
Meeting City Code:   London   WC1H 0DG
Authorised by:   Y Kocer   Director  03/08/00
Last day for proxy:   16/08/00
Proxy address:   641 Green Lanes  London  N8 0RE
Firm Name:   Alexander Lawson & Co
Address:   641 Green Lanes  London  N8 0RE


TRIALCHARGE LTD:  Notice of Creditors Meeting
---------------------------------------------
Company Name:   Trialcharge Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   11.00 am
Meeting date:   17/08/00
Meeting address:   75 Kingsway
Meeting City Code:   Rochdale   OL16 5HN
Authorised by:   J Leigh   Director  25/07/00
Last day for proxy:   16/08/00
Proxy address:   75 Kingsway  Rochdale  OL16 5HN
Firm Name:   Jacksons
Address:   75 Kingsway  Rochdale  OL16 5HN


W H WOOTTON:  Notice of Creditors Meeting
-----------------------------------------
Company Name:   W H Wootton (Builders) Ltd
IA 1986 Section:   23  Creditors
Meeting Time:   10.00 am
Meeting date:   17/08/00
Meeting address:   The Rutland Square Hotel  St James Street
Meeting City Code:   Nottingham   
Authorised by:   R A B Saville   Administrator  26/07/00
Last day for proxy:   16/08/00
Proxy address:   1 North Road  The Park  Nottingham  NG7 1AG
Firm Name:   Savilles
Address:   1 North Road  The Park  Nottingham  NG7 1AG


WESTERLY GROUP:  Notice of Creditors Meeting
--------------------------------------------
Company Name:   Westerly Group Ltd
IA 1986 Section:   48  Creditors
Meeting Time:   11.00 am
Meeting date:   17/08/00
Meeting address:   Town Hall  Blagrave Street
Meeting City Code:   Reading   RG1 1QH
Authorised by:   A Lovett   Joint Administrative Receiver  
28/07/00
Last day for proxy:   16/08/00
Proxy address:   Apex Plaza  Forbury Road  Reading  RG1 1YE
Firm Name:   Ernst & Young
Address:   Apex Plaza  Forbury Road  Reading  RG1 1YE



S U B S C R I P T I O N   I N F O R M A T I O N

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

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