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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

            Monday, September 11, 2000, Vol. 1, No. 88

                            Headlines

B E L G I U M

REGINALD DE POORTERE: Belgian Carpet Group to Takeover


C Z E C H   R E P U B L I C

DIESEL INTERNATIONAL: Year-end Accumulated Loss of Kc96m
SKODA A.S.: Government to Discuss Further Restructuring


G E R M A N Y

WANKEL ROTARY: Files a Preliminary Insolvency Petition


I R E L A N D

COREL: To Close Dublin Plant with 139 Job Losses


L A T V I A

VENTSPILS PORT: Seeks Potential Lenders


R U S S I A

JSC: Baltic Pipeline System Up for Liquidation


U N I T E D   K I N G D O M

A C R (UK):  Notice Of Creditors Meeting
ATTO ELECTRICAL:  Notice Of Creditors Meeting
BIZ CONSULTANCY:  Notice Of Creditors Meeting
CANTAB PHARMACEUTICAL: Posts ?4.9 Million Interim Pre-Tax Loss
CLICKMANGO: Late Rescue Bid Fails to Save E-commerce Site

COATS VIYELLA: Crisis Puts 7,600 Jobs At Risk
CORUS: Posts an Operating Loss of 96 million pounds  
CYBER ENTERPRISES:  Notice Of Creditors Meeting
DIARYDATES (EUROPE):  Notice Of Creditors Meeting
FORGE MARKETING:  Notice Of Creditors Meeting

GYRUS:  Posts Full-Year Pre-Tax Loss
IAXIS:  Up to $200m of Debt; Administrators Confirm Job Cuts
INTERNATIONAL CTRE:  Notice Of Creditors Meeting
J TOMPSETT:  Notice Of Creditors Meeting
JESMONITE (EUROPE) :  Notice Of Creditors Meeting

JESMONITE TECHNOLOGIES:  Notice Of Creditors Meeting
LOADERS LOGISTICS:  Notice Of Creditors Meeting
MARCO MANUFACTURING:  Notice Of Creditors Meeting
MILLENNIUM DOME: Chairman Says Nomura Deal Is Still On
MILLENNIUM DOME: Heseltine Rejects Calls for Dome Closure

MONEYEXTRA: A Six-Fold Increase in First-Half Pre-Tax Losses
RJB MINING: Reports a First-Half Loss


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

REGINALD DE POORTERE: Belgian Carpet Group to Takeover
------------------------------------------------------
De Standaard & World Reporter reported yesterday that Domo, the
Belgian carpet group, has closed an agreement with receivers to
restart Belgian liquidated carpet company Louis de Poortere
(LDP). The group is awaiting permission from banks and the
signing of an agreement with unions. In the meantime, other
bidders still have an opportunity to make their offers.

The agreement involves a restart under Domo management that gives
receivers the advantage that trading stock will be preserved,
while Domo can prepare for a real offer on LDP from a much
stronger position. Domo will work according to this formula for
three months, securing about 300 jobs in the weaving mill
division. LPD salary levels (the highest in its sector) will be
maintained, De Standaard & World Reporter said.


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

DIESEL INTERNATIONAL: Year-end Accumulated Loss of Kc96m
--------------------------------------------------------
Czech News Agency reported earlier this week that Diesel
international (DI), which was on the brink of bankruptcy last
year due to an accumulated loss of Kc96m, intends to raise its
sales by 15 percent to Kc230m. DI has a chance to get more orders
for a new power station in Liberia. The first power station,
which DI equipped with diesel units worth nearly $2m, is in trial
operation now, said Jaromir Ruzicka, DI economic director.

Ruzicka said that DI's loss for the first half was just slightly
over Kc700,000. "This year we should break even, compared to a
loss of Kc9m."

DI manufactures locomotive engines. The company runs its business
on premises leased from its parent company Diesel, which was
declared bankrupt in 1997. DI's staff is nearly 200, according to
Czech News Agency.


SKODA A.S.: Government to Discuss Further Restructuring
-------------------------------------------------------
The Czech government will discuss a project for the second round
of restructuring of Plzen-based Skoda A.S. next week. Company
spokesman David Vandrovec said the delay was caused by issues
left unresolved by Skoda's former management. Bills of exchange
signed by former director Lubomir Soudek that appeared in August
are the latest example, CTK reports.

"Thus far we know about one such bill of exchange but we got
official information from Agrobanka that at least eight such
bills of exchange exist. In our accounting there are none," Skoda
A.S. General Director Otakar Filipec said. The Kc1.16m bill was
issued by Soudek's private firm Nero as a guarantee for a loan
from Agrobanka. Nero failed to pay the debt, so the bank lodged a
complaint with a court.

The second round of Skoda's restructuring includes sales of
assets left in Skoda A.S. after the transfer of the 19 most
important subsidiaries of the former Skoda Group to the newly
established Skoda Holding. Skoda A.S. still owns production
facilities that are being used by these subsidiaries and
possesses dozens of other companies. One of the solutions, CTK
reports, would be a sale of these facilities to the subsidiaries
that are part of Skoda Holding in exchange for bills of exchange
that a future strategic partner could swap for equity.


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

WANKEL ROTARY: Files a Preliminary Insolvency Petition
------------------------------------------------------
Wankel Rotary, the German Wankel engine maker, is on the brink of
folding and has filed a preliminary insolvency petition. This
follows a government ban on the company's supply of engines to
Israel. The company is now selling off 85 patents and trademarks,
Frankfurter Allgemeine Zeitung & World Reporter reported last
week.


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

COREL: To Close Dublin Plant with 139 Job Losses
------------------------------------------------
The Irish Times reports Canadian software company Corel Corp. is
closing its Dublin-based engineering operation with a loss of 139
jobs. Some 90 percent of staff who worked at translating Corel's
software products into European languages will be laid off by
November as part of a $4 million (euro4.6 million) to $6 million
cost savings plan for the company. Corel, which is well known for
developing WordPerfect and Corel DRAW software, is in the middle
of a restructuring process designed to save some $40 million
following a slump in sales.

The Irish Times reports Corel recently revealed a second quarter
operating loss of $23.3 million on sales of $36.6 million. Each
staff member in Dublin will be offered a redundancy package that
includes statutory redundancy payments plus four weeks pay for
every year of service. The redundancy package will cost the
company $1.4 million.

However, Corel has set aside $18 million to cover the
restructuring costs generated by closure of the engineering arm
of the Dublin office. A small number of staff will be retained in
Dublin in the services, manufacturing and distribution sectors to
support Corel's international customers. The company said none of
Corel's outsourcing contracts with third party firms or customers
in the Republic would be affected by the relocation to Canada.

Derek Bierney, interim chief executive at Corel, said the
decision to move the engineering operation to Canada was a
strategic decision that would bring efficiencies.


===========
L A T V I A
===========

VENTSPILS PORT: Seeks Potential Lenders
---------------------------------------
BNS reported yesterday that the administration of the Ventspils
port in western Latvia has announced a tender for potential
lenders. The announcement published in the Latvijas Vestnesis
official newspaper said that the Ventspils port wants to take a
loan in the amount of 3.1 million lats or its equivalent in U.S.
dollars.

The tender was opened for the granting of a loan maturing in up
to eight years with re-payment starting on the third year after
the disbursement of the loan. The loan will be secured by a state
guarantee. According to BNS, the written applications for
participation in the tender should be submitted to the Ventspils
port administration by Sept. 15.


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

JSC: Baltic Pipeline System Up for Liquidation
------------------------------------------
This week AK Transneft began liquidating the JSC Baltic pipeline
system. The Skrin Issuer reports that Baltic pipeline
construction will then continue once the liquidation is complete.
The pipeline will connect the Timan-Pechora oil and gas field
with the terminal at the port in Primorsk (Leningrad Region). The
pipeline spread amounts to 2/7 thous. km. The first phase of
construction (of USD 460/2 mln, capacity volume - 12 mln tons
yearly) should be complete by 2000-2001. Verkhnevolzsk arterial
oil pipeline (VMN) has a 100 percent ownership in the JSC Baltic
pipeline, which is wholly owned by Transneft.


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

A C R (UK):  Notice Of Creditors Meeting
----------------------------------------
Company Name:   A C R (UK) Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   12.00 pm
Meeting date:   21/08/00
Meeting address:   10-12 New College Parade  Finchley Road
Meeting City Code:   London   NW3 5EP
Authorised by:   D A O'Connor   Director  31/07/00
Last day for proxy:   18/08/00
Proxy address:   10-12 New College Parade  Finchley Road  London  
NW3 5EP
Liquidators:   Kian Seng Tan
Firm Name:   K S Tan & Co
Address:   10-12 New College Parade  Finchley Road  London  NW3
5EP


ATTO ELECTRICAL:  Notice Of Creditors Meeting
---------------------------------------------
Company Name:   Atto Electrical Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   11.30 am
Meeting date:   21/08/00
Meeting address:   Fergusson House  124-128 City Road
Meeting City Code:   London   EC1V 2NJ
Authorised by:   Z Shlaimonoun   Director  
Last day for proxy:   18/08/00
Proxy address:   Fergusson House  124-128 City Road  London  EC1V
2NJ
Liquidators:   C M Iacovides
Firm Name:   Jeffreys Henry Jacobs
Address:   Fergusson House  124-128 City Road  London  EC1V 2NJ


BIZ CONSULTANCY:  Notice Of Creditors Meeting
---------------------------------------------
Company Name:   Biz Consultancy Ltd - The
IA 1986 Section:   98  Creditors
Meeting Time:   12.00 pm
Meeting date:   21/08/00
Meeting address:   One Great Cumberland Place
Meeting City Code:   London   W1H 7LW
Authorised by:   A G Crisp   Director  28/07/00
Last day for proxy:   18/08/00
Proxy address:   One Great Cumberland Place  London  W1H 7LW
Liquidators:   S D Swaden
Firm Name:   Fisher Curtis
Address:   One Great Cumberland Place  London W1H 7LW


CANTAB PHARMACEUTICAL: Posts ?4.9 Million Interim Pre-Tax Loss
--------------------------------------------------------------
The Times reported yesterday that Cantab Pharmaceutical incurred
a 4.9 million-pound interim pre-tax loss (?3.3 million loss).
There is no dividend.


CLICKMANGO: Late Rescue Bid Fails to Save E-commerce Site
---------------------------------------------------------
Reuters reported yesterday that Health products Web site
Clickmango.com said it had failed to secure a last-minute rescue
package and would close. The Web site said it had received a
number of approaches from potential investors since announcing
plans to wind down.

"Rather than risk insolvency, we must now close the business to
meet our contractual obligations to our creditors and to our
staff," said Founder Robert Norton. The site was launched April
11, backed by three million pounds from Atlas Venture and the
Rothschild Family. Sales were running at 2,000 pounds a week.
Clickmango, which sells vitamins and natural health products, has
20 employees, according to the Reuters report.


COATS VIYELLA: Crisis Puts 7,600 Jobs At Risk
---------------------------------------------
Coats Viyella, the textile company that supplies Marks & Spencer,
earlier this week cut 2,000 jobs in the UK and said a further
3,000 were at risk as part of a decision to quit the clothing
industry. The restructuring plan might also include cutting an
additional 2,600 jobs from its overseas operations as the company
moved either to sell or close eight clothing and home furnishings
businesses. Coats said it would concentrate on its thread
business, although it will keep the Jaeger and Viyella retail
operations, the Times reported yesterday.

"The whole team has done everything conceivable to create a
viable business but the scale and pace of change required levels
of investment which in the face of downward pressure on volumes
and prices do not make financial sense," said clothing and
textiles division chief Mike Hartley.

The 2,000 UK jobs will affect Coats' plants in the West Midlands.
The remaining 3,000 jobs under threat, which are also in this
region, will depend on whether Coats can sell the plants or is
forced to close them. Closure of these divisions, which account
for about 35 percent of Coats' turnover, is expected to generate
a 150 million-pound charge, the Times said.


CORUS: Posts an Operating Loss of 96 million pounds  
---------------------------------------------------
Anglo-Dutch steel maker Corus unveiled nine-month results savaged
by the strength of sterling and a series of costly production
glitches, while also raising the target for benefits expected to
flow from its recent merger. Corus said that in the nine months
to July 1, it posted an operating loss of 96 million pounds. The
figures were worse than most analysts' forecasts, which had
looked for modest profits in the just-completed quarter, when
Corus lost 26 million pounds. The losses stemmed from Corus'
carbon steel operations, which lost 301 million pounds during the
nine-month period, the Independent reported yesterday.

According to the Independent, Corus executives were unable to
give assurances that there would not be further job cuts, but
suggested that no further reductions were imminent, either in
Britain or the Netherlands. Corus said the problems at the carbon
steel division were compounded by a run of breakdowns, including
a serious fault at its Teeside plant that lowered overall
production by 1 million tons.


CYBER ENTERPRISES:  Notice Of Creditors Meeting
-----------------------------------------------
Company Name:   Cyber Enterprises Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   11.30 am
Meeting date:   21/08/00
Meeting address:   Insol House  39 Station Road
Meeting City Code:   Lutterworth   LE17 4AP
Authorised by:   D Taylor   Director  27/07/00
Last day for proxy:   18/08/00
Proxy address:    Insol House  39 Station Road  Lutterworth  LE17
4AP
Firm Name:   F A Simms & Partners
Address:   Insol House  39 Station Road  Lutterworth  LE17 4AP


DIARYDATES (EUROPE):  Notice Of Creditors Meeting
--------------------------------------------------
Company Name:   Diarydates (Europe) Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   11.00 am
Meeting date:   21/08/00
Meeting address:   New Garden House  78 Hatton Garden
Meeting City Code:   London   EC1N 8JA
Authorised by:   R P Barclay   Director  
Last day for proxy:   18/08/00
Proxy address:   New Garden House  78 Hatton Garden  London  EC1N
8JA
Firm Name:   Pannell Kerr Forster
Address:   New Garden House  78 Hatton Garden  London  EC1N 8JA


FORGE MARKETING:  Notice Of Creditors Meeting
---------------------------------------------
Company Name:   Forge Marketing Communications Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   03.00 pm
Meeting date:   21/08/00
Meeting address:   47-49 Green Lane
Meeting City Code:   Northwood   HA6 3AE
Authorised by:   S Edwards     02/08/00
Last day for proxy:   18/08/00
Proxy address:   47-49 Green Lane  Northwood  HA6 3AE
Firm Name:   Bhardwaj
Address:   47-49 Green Lane  Northwood  HA6 3AE


GYRUS:  Posts Full-Year Pre-Tax Loss
------------------------------------
The Times reported yesterday that medical equipment company Gyrus
saw a 2.5 million-pound full-year pre-tax loss (2.4 million-pound
loss). There is no dividend.


IAXIS:  Up to $200m of Debt; Administrators Confirm Job Cuts
------------------------------------------------------
Accountancy Age reported this week that Iaxis, which has debts of
up to $200 million, has hired PricewaterhouseCoopers after
investors refused to provide further funding. PwC partner Steven
Pearson said he would continue to search for a buyer while
maintaining the business as a going concern. He expressed
confidence that a buyer would be found. "Together with the
support of the company's staff, customers and suppliers we are
looking to continue to trade and maintain the business," Pearson
said.

Of Iaxis's 130 staff in London and across Europe, 90 have now
been told they will no longer be required.

Following the completion of the first phase of its communications
network, Iaxis fell victim to falling prices in the telecom
sector, although it had been planning a one billion-pound
floatation. But the company, which sells wholesale capacity on
its 14,000 km fiber-optic network, could not raise funds for the
second phase of its development, according to Accountancy Age.

Iaxis had been in talks about selling the business up until late
last week, but after the discussions were unsuccessful the board
chose to move the company into administration. The company was
spun out last year from Telemonde, another troubled telecom
company now chaired by Kevin Maxwell. The Financial Times today
reported that Iaxis owes $40 million to its main equipment
suppliers, Ciena and Nortel.


INTERNATIONAL CTRE:  Notice Of Creditors Meeting
------------------------------------------------
Company Name:   International Ctre for Digital Comm Lt
IA 1986 Section:   98  Creditors
Meeting Time:   12.15 pm
Meeting date:   21/08/00
Meeting address:   Novotel Hotel  Union Street
Meeting City Code:   Wolverhampton   
Authorised by:   D Mills   Director  28/07/00
Firm Name:   Elliots
Address:   289 Abbeydale Road South  Sheffield  S17 3LB


J TOMPSETT:  Notice Of Creditors Meeting
----------------------------------------
Company Name:   J Tompsett & Son Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   11.00 am
Meeting date:   21/08/00
Meeting address:   Nile House  Nile Street
Meeting City Code:   Brighton   BN1 1JB
Authorised by:   J W Tompsett   Director  28/07/00
Liquidators:   Andrew White
Firm Name:   BDO Stoy Hayward
Address:   Nile House  Nile Street  Brighton  BN1 1JB


JESMONITE (EUROPE) :  Notice Of Creditors Meeting
-------------------------------------------------
Company Name:   Jesmonite (Europe) Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   12.00 pm
Meeting date:   21/08/00
Meeting address:   The Clarendon Suite  2 Stirling Road
Meeting City Code:   Birmingham   B16 9PN
Authorised by:   W Stone   Director  03/08/00
Last day for proxy:   18/08/00
Proxy address:   Heathcote House  136 Hagley Road  Birmingham  
B16 9PN
Liquidators:   Frederick Davis
Firm Name:   Heathcote & Coleman
Address:   Heathcote House  136 Hagley Road  Birmingham  B16 9PN


JESMONITE TECHNOLOGIES:  Notice Of Creditors Meeting
----------------------------------------------------
Company Name:   Jesmonite Technologies Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   10.30 am
Meeting date:   21/08/00
Meeting address:   The Clarendon Suite  2 Stirling Road
Meeting City Code:   Birmingham   B16 9PN
Authorised by:   W Stone   Director  03/08/00
Last day for proxy:   18/08/00
Proxy address:   Heathcote House  136 Hagley Road  Birmingham  
B16 9PN
Liquidators:   Frederick Davis
Firm Name:   Heathcote & Coleman
Address:   Heathcote House  136 Hagley Road  Birmingham  B16 9PN


LOADERS LOGISTICS:  Notice Of Creditors Meeting
-----------------------------------------------
Company Name:   Loaders Logistics Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   02.30 pm
Meeting date:   21/08/00
Meeting address:   The Norfolk Plaza Hotel  29-33 Norfolk Square
Meeting City Code:   London   W2
Authorised by:   T Bird   Director  03/08/00
Last day for proxy:   18/08/00
Proxy address:   6 Southwick Mews  Paddington  London  W2 1JG
Liquidators:   Michael Ioannou
Firm Name:   Gregory Michaels & Co
Address:   6 Southwick Mews  Paddington  London  W2 1JG


MARCO MANUFACTURING:  Notice Of Creditors Meeting
-------------------------------------------------
Company Name:   Marco Manufacturing Ltd
IA 1986 Section:   98  Creditors
Meeting Time:   11.00 am
Meeting date:   21/08/00
Meeting address:   Sherlock Holmes Hotel  108 Baker Street
Meeting City Code:   London   W1M 2LJ
Authorised by:   H Jorgensen   Director  08/08/00
Last day for proxy:   18/08/00
Proxy address:   66 Wigmore Street  London  W1A 3RT
Firm Name:   Levy Gee
Address:   66 Wigmore Street  London  W1A 3RT


MILLENNIUM DOME: Chairman Says Nomura Deal Is Still On
------------------------------------------------------
The deal to sell the Millennium Dome to Japanese finance group
Nomura is still on despite the group's concerns over the
attraction's finances. The Dome's new executive chairman, David
James, confirmed that Nomura is continuing discussions on the
sale. He said Nomura would acquire the Dome and its surrounding
land for 105 million pounds. Earlier Nomura had said it had not
been officially told about the latest 47 million-pound bailout
for the Dome from National Lottery funds, Yahoo Finance UK
reported this week.

Nomura says it does not understand why the additional money is
needed. It was also concerned that Dome organizers, the New
Millennium Experience Company (NMEC), had revised the expected
number of admission-paying visitors down to 4.5 million. James
says that Nomura has been kept informed of all the relevant
figures. Furthermore, he said NMEC had failed to make a register
of assets and should have asked not for 43 million pounds as an
advance from the sale of the Dome last month, but 90 million
pounds, according to the Yahoo Finance UK report.


MILLENNIUM DOME: Heseltine Rejects Calls for Dome Closure
---------------------------------------------------------
Yahoo Finance UK reported earlier this week that Tory ex-deputy
Prime Minister Michael Heseltine has discounted William Hague's
calls to close the Dome and warned the party leader that he may
not have been fully apprised of the facts. Heseltine, one of the
Millennium commissioners who backed the decision to throw the
Dome a 47 million-pound lifeline, said shutting down the
attraction now would force small businesses and employees to
shoulder the costs. The Henley MP was speaking after Hague
demanded the immediate closure of the Dome and the dismissal of
Lord Falconer, the minister responsible for running it.

Heseltine would not comment on whether closing the Dome now would
jeopardize its deal with Japanese finance group Nomura, which
plans to buy the site and its surrounding area for 105 million
pounds. The commissioners' responsibility was to provide a smooth
hand over to Nomura, said Heseltine.


MONEYEXTRA: A Six-Fold Increase in First-Half Pre-Tax Losses
------------------------------------------------------------
News Now reported earlier this week that Moneyextra, a financial
services Web site, reported a six-fold increase in first-half
pre-tax losses. This places further pressure on the company's
board, which is already in the process of conducting a strategic
review. For the first six months of the year, Moneyextra reported
pre-tax losses of 17.9 million pounds on sales of 9.9 million
pounds, up 11 percent from the same period last year.

"The market for pensions and endowments has fallen off quite
dramatically following concerns on returns. In the main we are
very pleased with these results. This is a different scale of
business from the first half of last year," said chief financial
officer David Chislett. He refused to be drawn on possible
outcomes of the strategic review, except to say the company was
not focusing on a sale, according to News Now.


RJB MINING: Reports a First-Half Loss
-------------------------------------
Reuters reported earlier this week that Britain's largest coal
mining concern, RJB Mining Plc, reported a first-half loss
reflecting the cost of keeping two loss-making collieries in
operation and a larger than usual number of coal-face changes. A
poor performance had been expected but the fall into the red will
do little to strengthen RJB's hand in negotiations with U.S.
conglomerate Renco, which has made an approach to buy it.

Despite firmer coal prices, RJB lost 10.2 million pounds ($14.77
million) before tax in the six months to June 30. That compares
with a profit of 6.6 million pounds a year earlier, before
charges. Chief Executive Richard Budge said he was looking to
become profitable in the second half of the year. "The first half
has been very difficult because of geology and a number of face
changes. We see an improving position in the second half and we
would hope to claw back the losses," he told Reuters.

Investors expect Renco, the 49th-largest privately owned company
in the United States, to announce a deal within the next few
weeks to buy RJB. Much of the value of RJB lies in its land
portfolio of just under 50,000 acres (20,240 hectares), which the
company is currently having revalued.



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.

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