/raid1/www/Hosts/bankrupt/TCREUR_Public/000912.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

           Tuesday, September 12, 2000, Vol. 1, No. 89

                            Headlines


C Y P R U S

AMER REEFER: Moody's Downgrades Senior Rating To Caa3 Rating


C Z E C H   R E P U B L I C

ALIACHEM:  Czech State Takes over CSOB Loans
CKD PRAHA: Court Appoints Preliminary Bankruptcy Administrator
INVESTICNI A POSTOVNI: Central Bank to Sue Former Senior Managers
JIHOCESE MLEKARNY: Dairy Says It Can't Pay Fine
KOVOSVIT HOLOUBKOV: Three Firms Bid for Machinery Producer

TCHECOMALT GROUP: Board to Files Bankruptcy
SVIT ZLIN: Faces Bankruptcy Proposal
ZELEZARNY: Komercnˇ Banka Considers Bankruptcy Petition


G E R M A N Y

GOEDDE GROUP:  Berendsen Buys 53 Percent of German Textile Firm


H U N G A R Y

PECSI GRAIN: Agricultural Firm Faces Wind Up
TROSCH-PRIMA: Austrians Close Canning Plant in Hungary


N E T H E R L A N D S

ISP WORLD ONLINE: Tiscali to Takeover 3.6 Billion Pounds


P O L A N D

URSUS: Tractor Maker Up for Sale Following Restructuring  


R U S S I A

BALTIC PIPELINE: Goes to Liquidation


U N I T E D   K I N G D O M

2020 GROUP:  Liquidation Proceedings
AFFINITY INTERNET: Posts Pre-Tax Losses of 3.4 Million Pounds
BENAVIC PRECISION:  Liquidation Proceedings
COATS VIYELLA: Troubled Clothing Business Up for Sale or Closure
DIGIT ENGINEERING:  Liquidation Proceedings

E-PHOENIX:  Liquidation Proceedings
EMKIRK ENGINEERING:  Liquidation Proceedings
GTSL MILLENIUM:  Liquidation Proceedings
GORDON & INNES: Higgins Group to Takeover; Saves 40 Jobs  
HARDCASTLE FIVE:  Liquidation Proceedings

INDEPENDENT ENERGY: Goes Into Receivership
MILLENNIUM DOME: Financial Chaos Chief Stunned
NETFIELD LTD:  Liquidation Proceedings
ORCHESTREAM HOLDINGS: Posts Interim Pre-Tax Loss
PERIOD DEVELOPMENTS:  Liquidation Proceedings

POWER TRANSFORMERS:  Liquidation Proceedings
PREMIERSHIP PROMOTIONS:  Liquidation Proceedings
R M L LTD:  Liquidation Proceedings
SCOTIA HOLDINGS: Posts Interim Pre-Tax Loss
STEWART JOINERY:  Liquidation Proceedings


===========
C Y P R U S
===========

AMER REEFER: Moody's Downgrades Senior Rating To Caa3 Rating
------------------------------------------------------------
Moody's Investors Service last week downgraded the ratings of
Amer Reefer Co. Ltd. first priority ship mortgage notes to Caa3
from B3 since the company missed its interest payment on
September 1, 2000. The senior implied rating has also been
downgraded to Caa3 and the issuer rating was lowered to Ca from
Caa2. Moody's will continue to monitor the company's discussions
with note holders with respect to the level of debt recovery to
be expected and closely watch potential debt restructuring
negotiations.

The missed interest payment in Moody's view constitutes a default
on the company's debt. While Amer Reefer has asked for a 30-day
grace period to make the required interest payment, Moody's sees
very little likelihood that the company will be able to meet its
obligations even if late, also in view of the continuing
depressed condition of the reefer market. The Caa3 rating for the
senior notes reflects Moody's view that a restructuring of the
outstanding debt -- subject to bondholder consent -- is likely to
involve concessions with regard to cash payments on debt or
eventually less than 100 percent recovery of the face amount.

Amer Reefer is a Cypriot company, with principal offices located
in Nicosia, Cyprus. The operational management offices under the
Foresight shipping group, are located in London, Bombay and
Cyprus.


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

ALIACHEM:  Czech State Takes over CSOB Loans
--------------------------------------------
Reuters reported last week that Czech state-run factoring bank
Konsolidacni Banka will take over the loans of chemical company
Aliachem currently held by bank CSOB, Industry and Trade Minister
Miroslav Gregr said. CSOB, majority-held by Belgium's KBC,
acquired the loans when it swallowed failed rival IPB bank in
June. The amount of the Aliachem's debts to be transferred to
Konsolidacni was not released.

Aliachem, a part of the bankrupt chemical group Chemapol, is
scheduled to be sold by the end of September. Agrobohemie, a
joint venture between two other chemical firms, Unipetrol and
Agrofert, is seen as a top candidate for the 49 percent stake.
Gregr added that Konsolidacni Banka would prolong a standstill
agreement that keeps other creditors from initiating bankruptcy
procedures against Aliachem until at least the end of the year,
Reuters said.


CKD PRAHA: Court Appoints Preliminary Bankruptcy Administrator
--------------------------------------------------------------
The Prague Regional Commercial Court has appointed Alexandr Vacek
as preliminary bankruptcy administrator at indebted CKD Praha
Holding after a bankruptcy petition was filed against it. The
engineering concern was surprised by the move, saying a single
creditor with a "made-up claim" filed the petition. It added that
the measure is slowing steps approved by its shareholders and
largest creditors, including Konsolidacnˇ Banka and the National
Property Fund towards solving its problems. The court is expected
to rule on bankruptcy in October. Accumulated losses at CKD
totaled some Kc 11 bln as of August, Czech A.M. reported earlier
this week.


INVESTICNI A POSTOVNI: Central Bank to Sue Former Senior Managers
-----------------------------------------------------------------
The Financial Times reported yesterday that Japanese investment
bank Nomura Securities faces legal action over claims arising
from the $3bn collapse of Investicni a Postovni Banka its former
Czech affiliate. IPB failed in June after Nomura, controlling 46
percent, declined to support the insolvent Czech bank. IPB was
rescued by the Czech government and its assets transferred to
CSOB, another leading Czech bank controlled by KBC of Belgium.
The government estimates it will have to cover bad loans at IPB
totaling at least Kc100bn ($2.56bn).

CSOB and the Czech National Bank have been examining IPB's books.
Their inquiries have focused on the disposal of the bank's
biggest assets: controlling stakes in the country's two largest
breweries, Radegast and Pilsner Urquell. Shortly before buying
IPB from the state in 1998 for Kc3bn, Nomura gained control of
the brewers from IPB-related companies for about Kc9bn and sold
them last year to South African Breweries for Kc22bn.

CSOB launched legal action in Prague against Nomura-linked
companies, alleging that the Kc9bn purchase price was never paid.
Jan Kavanek, CSOB chief executive, told the Financial Times that
Nomura had not paid for the breweries in cash but through
transactions backed by IPB securities, now worthless. Meanwhile,
the central bank is preparing a suit against IPB's former senior
managers alleging they did not file appropriate information to
banking regulators. The central bank says IPB's regular reports
did not disclose the problems that emerged this year.


JIHOCESE MLEKARNY: Dairy Says It Can't Pay Fine
-----------------------------------------------
Czech A.M. reported last week that financially strapped dairy
Jihoceske Mlekarny (JCM) is unable to pay a Kc 95 mln-plus fine
levied on it by the State Fund for Market Regulation for breaking
milk market regulations last year, says JCM CEO Milan Teply.


KOVOSVIT HOLOUBKOV: Three Firms Bid for Machinery Producer
----------------------------------------------------------
Three concerns are interested in cutting machinery producer
Kovosvit Holoubkov, declared bankrupt in January. The bidders are
two unnamed domestic firms and a consortium of Spain's Mancisidor
Larranaga and Germany's Weiler and Weirauch. The tender winner
should be announced by Oct. 15, Czech A.M. reported earlier this
month.


TCHECOMALT GROUP: Board to Files Bankruptcy
--------------------------------------------
Czech A.M. reported earlier this month that the board of
directors of Tchecomalt Group, made up of 17 food firms, has
filed a bankruptcy petition. Management blames problems arising
from the takeover of IPB, its main source of financing by CSOB.
The latter has been reportedly less enthusiastic than its
predecessor regarding credit for the CR's main malt producer.


SVIT ZLIN: Faces Bankruptcy Proposal
------------------------------------
BCP and Phoboss CZ have filed bankruptcy petitions against shoe
producer Svit Zlˇn due to delays in debt payment. Svit reportedly
owes BCP Kc 150 mln and plans to dismiss 2000 staff by year's
end, Czech A.M. reported earlier this month.


ZELEZARNY: Komercnˇ Banka Considers Bankruptcy Petition
-------------------------------------------------------
Czech A.M. reported last week that Unions at Zelezarny a Dratovny
Bohumˇn say they are prepared for every form of protest,
including an occupational strike if major shareholders do not
arrive at an agreement to resolve the current crisis faced by the
steel concern. Unions are also planning to file a criminal
complaint against those who led the firm to a Kc 2.5 bln 1999
loss. Komercnˇ Banka is now considering filing a bankruptcy
proposal against ZDB, joining two smaller creditors. Other major
creditors include Moravia Steel, IPB and Citibank.


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

GOEDDE GROUP:  Berendsen Buys 53 Percent of German Textile Firm
---------------------------------------------------------------
Reuters reported this week that Danish textile services company
Sophus Berendsen said it bought 53 percent of Germany's Goedde
Group for 132 million crowns ($15.8 million) with an option to
buy the remaining shares in 2001. The annual consolidated sales
of Goedde, also a textile services company, was put at 220
million crowns. According to Reuters the acquisition gives
Berendsen use of Goedde's Rentex brand name in Germany, Austria,
Switzerland and Slovenia. Goedde Group carries a debt of 5.7
million crowns.


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

PECSI GRAIN: Agricultural Firm Faces Wind Up
--------------------------------------------
Hungary A.M. reported earlier this month that Agricultural
company P,csi Grain Trade (PG) Rt would be liquidated. The
company was established in 1993 with registered capital of Ft
1.16 billion. According to liquidator Factor Trade Service and
Management Kft's general manager Gy"rgy Filip, PG had serious
liquidity problems and could not pay its debts.


TROSCH-PRIMA: Austrians Close Canning Plant in Hungary
------------------------------------------------------
Hungary A.M. reported last week that Austrian Tr"sch-Prima Canned
Food Industry Kft, based in Mosonmagyar˘v r in west Hungary, is
to be liquidated. Several transporting companies have initiated
the process because the company has debts of about Ft 1 billion,
said J˘zsef Schiller, representative of Pk-Econo Financial
Consulting Kft, the company that was assigned to oversee the
liquidation.


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

ISP WORLD ONLINE: Tiscali to Takeover 3.6 Billion Pounds
--------------------------------------------------------
The Independent reported earlier this week that the consolidation
of Europe's online sector gained pace when Italian Internet
service provider Tiscali sealed a 5.9bn euro (3.6bn pounds) all-
share takeover of troubled Dutch ISP World Online. The new group
will have a market capitalization of 12.5bn euros and cash of
1.6bn euros inherited from World Online's unsuccessful March
flotation. James Kinsella, chairman of World Online, will be
chief executive of the new company. Kinsella said the enlarged
group would have more network interconnect points than any
European telecom operator or ISP.

Tiscali gains a much-needed cash injection at a time when Net
companies are finding it difficult to tap public markets for new
funds. Tiscali shareholders will own between 53.8 and 58.5
percent of the company. Investors controlling 63 percent of World
Online have already approved the deal. Renato Soru, the Italian
group's chief executive and chairman-designate of the new group
will emerge with a stake of about 35 percent. The enlarged group
had pro forma sales of around 165m euros for the six months to
June. Operating losses for the period were 196m euros, according
to the Independent.


===========
P O L A N D
===========

URSUS: Tractor Maker Up for Sale Following Restructuring  
--------------------------------------------------------
Reuters reported last week that Poland's ailing tractor maker
Ursus will probably be sold next year after restructuring. The
Industrial Development Agency (ARP) said that Ursus debt was
partly cancelled by its creditors during an ongoing restructuring
process. The company will be privatized after slashing its
workforce by nearly 80 percent to 2,800 workers. "By the end of
2001, we would like to introduce a strategic investor into the
Ursus assembly plant which will crown our efforts in the firm's
restructuring," said Arkadiusz Krezel, head of the ARP agency
which owns 24 percent in Ursus.

According to Reuters, the Warsaw-based tractor maker was on the
verge of collapse after generous communist-era subsidies were cut
off in the 1990s, plunging it deep into the red and angering
workers who protested against restructuring. But after years of
talks with creditors a restructuring plan was reached that
divided the company into more than a dozen units and cut
employment along with debt levels.

Through its debt reduction plan Ursus wrote off some 700 million
(USD 160 million) of its debt. Its remaining debt as well as
other financial results are unknown. "What is left of Ursus after
restructuring is its well-known brand name, products, markets,
distribution network and good future perspectives," said Ursus
CEO Stanislaw Bortkiewicz. The Treasury owns 44 percent of Ursus,
while 15 percent was given to employees and 17 percent belongs to
creditors, Reuters reported.


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

BALTIC PIPELINE: Goes to Liquidation
------------------------------------
The Baltic Pipeline Co., which was to own the pipeline carrying
oil from Western Siberia and northern Russia's Komi republic to
the new Baltic Sea port of Primorsk near St. Petersburg, is to be
liquidated. Major oil companies had expected a stake in the $460
million pipeline in exchange for $46 million, which they paid
state pipeline monopoly Transneft in 1999 in the form of an
investment tariff. Oil companies have continued to pay for the
pipeline this year through export tariffs, which have gone up
twice since June, The Moscow Times reported earlier this week.

Accordingly, LUKoil and Surgutneftegaz had expressed interest in
participating in the Baltic Pipeline Company. Previously
Transneft management had said it was prepared to expand the
pipeline's shareholders with oil companies that could guarantee
the volumes that would make the pipeline system economical.

However, Prime Minister Mikhail Kasyanov finally signed a
government resolution in July that said Transneft would remain
the sole owner of the system. The Baltic Pipeline Co. was
registered with the Leningrad region in August 1999 as a fully
owned subsidiary of the Upper Volga Pipelines, which in turn
belongs entirely to Transneft.

The Moscow Times said that the property and employees of the
liquidated company would become part of Upper Volga Pipelines,
which will be reregistered in the Leningrad region Interfax.


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

2020 GROUP:  Liquidation Proceedings
-------------------------------------
Company Name:   2020 Group Ltd
Company No:   2109642
Com. Business:   Sale/Maintenance Computers
Appointed on:   18/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Gerald M Krasner  IPno: 5532  Michael J Oldham  
7817
Firm Name:   Bartfield & Co
Address:   Burley House  12 Clarendon Road
City Postcode:   Leeds  LS2 9NF


AFFINITY INTERNET: Posts Pre-Tax Losses of 3.4 Million Pounds
-------------------------------------------------------------
Internet company Affinity Internet reported interim pre-tax
losses of 3.4 million pounds (1.75 million-pound loss). There is
no dividend, The Times reported earlier this week.


BENAVIC PRECISION:  Liquidation Proceedings
-------------------------------------------
Company Name:   Benavic Precision Engineering Co Ltd
Company No:   3011708
Com. Business:   Engineers
Appointed on:   18/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Alan G Haden  IPno: 8823    
Firm Name:   Haden
Address:   Haden House  485 Birmingham Road
City Postcode:   Bromsgrove  B61 0HZ


COATS VIYELLA: Troubled Clothing Business Up for Sale or Closure
----------------------------------------------------------------
Troubled clothing business Coats Viyella is up for sale. The move
follows the decision by Coats, which is heavily reliant on Marks
& Spencer's business, to quit clothing. The company said it was
closing four factories and putting its remaining clothing
factories up for sale or closure. Accountancy firm Deloitte &
Touche will handle the sales. Nearly 2,000 jobs will go with the
closures and 3,000 depend on the factories for which buyers are
being sought, the Times reported earlier this week.

The job losses at Coats are the latest of a series of blows to
hit the textile industry. Earlier this year the Government
announced a 15 million-pound aid package for textiles with
measures to help exporters, support UK design and promote new
technical developments.

The DTI and the Department for Education and Employment is
working with representatives of the industry to implement the
measures. The Employment Service is sending a rapid response unit
to the Coats factories that are to close to help those who are to
lose their jobs to find other work, retrain or improve their
skills. Closures are planned at Ollerton, Worksop and Shepshed in
the East Midlands.


DIGIT ENGINEERING:  Liquidation Proceedings
-------------------------------------------
Company Name:   Digit Engineering Ltd
Company No:   2518389
Com. Business:   Engineers
Appointed on:   18/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   David J Stringer  IPno: 6535    
Firm Name:   Stringer & Co
Address:   5 Bassett Wood Drive
City Postcode:   Southampton  SO16 3PT


E-PHOENIX:  Liquidation Proceedings
-----------------------------------
Company Name:   E-Phoenix Ltd
Company No:   3871929
Com. Business:   E-Commerce
Appointed on:   18/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Robert Valentine  IPno: 3569    
Firm Name:   Valentine & Co
Address:   4 Dancastle Court  14 Arcadia Avenue
City Postcode:   London  N3 2HS


EMKIRK ENGINEERING:  Liquidation Proceedings
--------------------------------------------
Company Name:   Emkirk Engineering Ltd
Company No:   3368273
Com. Business:   Engineers
Appointed on:   18/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Alan G Haden  IPno: 8823    
Firm Name:   Haden
Address:   Haden House  485 Birmingham Road
City Postcode:   Bromsgrove  B61 0HZ


GTSL MILLENIUM:  Liquidation Proceedings
----------------------------------------
Company Name:   GTSL Millennium Co Ltd
Previous Name:   Granger Telecommunication Systems
Company No:   759200
Com. Business:   Manufacture Telecom Systems
Appointed on:   18/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   A G Stoneham  IPno: 8728    
Firm Name:   Kroll Buchler Phillips
Address:   84 Grosvenor Street
City Postcode:   London  W1X 9DF


GORDON & INNES: Higgins Group to Takeover; Saves 40 Jobs  
--------------------------------------------------------
Aberdeen Press & Journal (UK) reported last week that a takeover
of a collapsed North-east seed potato firm has secured the future
of 40 jobs. But ordinary creditors of Fochabers-based Gordon &
Innes will receive nothing. Doncaster-based Higgins Group,
Britain's biggest family-owned potato marketing firm, is buying
G&I's core seed potato business. Legal formalities on the Higgins
deal are expected to be finalized earlier this month, according
to receiver Laurie Manson of PricewaterhouseCoopers.

G&I collapsed on August 4, owing an estimated 7 million pounds.
Among the creditors are Banff-based farmers' co-operative Deveron
Potato Growers. Chairman John French said the deal meant nothing
to its 12 members who are still owed 500,000 pounds for last
year's seed potato crop.

Financial details of the deal haven't been revealed. But it
includes G&I's Ardgye-based grading unit and hydroponic facility.
Accordingly, Higgins has agreed to continue all staff contracts.
It will also take over all the crops currently being grown for
G&I on contract by its farmer growers.


HARDCASTLE FIVE:  Liquidation Proceedings
-----------------------------------------
Company Name:   Hardcastle Five Plc
Company No:   NI29119
Com. Business:   Property Investment
Appointed on:   18/08/00
Type:   Members
Appointed by:   Members
Liquidators:   David W Maclean  IPno: 7825    
Firm Name:   Moore Stephens Booth White
Address:   Scottish Provident Building Donegal Square West
City Postcode:   Belfast  BT1 6JH


INDEPENDENT ENERGY: Goes Into Receivership
------------------------------------------
Independent Energy, the cut-price gas and electricity supplier,
has collapsed into receivership after losing the support of its
bankers and failing to control its billing system. The company, a
former stock market star that enthralled investors with its rapid
rise to a capitalization of 1.4 billion pounds, owes about 165
million pounds to a banking syndicate led by Barclays. The
collapse comes six months after the company raised 90 million
pounds in a share offering that saw directors cash in shares
worth nearly 20 million pounds, the Times reported earlier this
week.

The Times said that administrative receivers from KPMG were
appointed to Independent. They are seeking a buyer for the
company, the problems of which stem from its inadequate billing
and cash collection system. The company is owed at least 119
million pounds by its residential and small business customers,
but Barclays and its banking syndicate appear to have given up
hope of the cash being recouped.

Independent, with 242,000 business and residential customers, was
brought down by inadequate collection from its 100,000
residential customers. The bills were sent out by Vertex, the
outsourcing arm of United Utilities, and customers would then
send payments direct to Independent. Vertex said that its billing
backlog is negligible, suggesting inadequate controls at
Independent, according to the Times.


MILLENNIUM DOME: Financial Chaos Chief Stunned
----------------------------------------------
The Financial Times reported earlier this week that the company
doctor brought in to save the UK's Millennium Dome attacked its
management, claiming it lacked business experience and had left
the attraction with a gaping financial hole. David James
expressed amazement at the state of the Dome's finances and
revealed that managers had not even compiled a register of
assets. The financial chaos fueled demands from the Conservative
opposition party for the resignation of Lord Falconer, the
minister responsible for the Dome. William Hague, party leader
said the "pointless tent" should be closed immediately and
demanded a public inquiry.

Meanwhile Nomura International, the group that agreed to buy the
attraction for 105 million pounds, is considering whether to
press ahead, renegotiate terms or pull out of the deal. It has
asked the New Millennium Experience Company for a copy of the
report by accountancy firm PriceWaterhouseCoopers that discovered
a financial "black hole".

As the political row raged, Mr James gave a calm assessment of
the financial mess that required a further 47 million-pound
injection of lottery cash into the attraction to stop it sliding
into insolvency. He criticized management for failing to provide
adequate funds to cover closure costs, which he estimated would
total 19m pounds against a forecast of 4.5m pounds. Within three
days of PwC beginning its investigation, an anomaly of 12m pounds
between the balance sheet and cash flow projections was
discovered.

James reserved his fiercest criticism for the failure to draw up
a register of the Dome's assets, describing it as the "biggest
single omission". He said: "There was no immediate point of
reference as to what exactly was being sold to Nomura." He added
that too many of the board directors lacked commercial
experience. John Darlington, an accountant, has been drafted on
to the board alongside Mr James, who will assume full control of
financial affairs. Neil Spence, NMEC's finance director, will
remain on the board but his future looks uncertain.

James said it would be wrong to close the Dome, a move that would
add 30 to 40m pounds in costs to cover redundancies and breaches
of contracts.


NETFIELD LTD:  Liquidation Proceedings
--------------------------------------
Company Name:   Netfield Ltd
Company No:   2364665
Com. Business:   Engineering Design Services
Appointed on:   18/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Steven N Walker  IPno: 7927    
Firm Name:   Walker Till
Address:   6-8 Old Hall Road  Gatley
City Postcode:   Cheadle  SK8 4BE


ORCHESTREAM HOLDINGS: Posts Interim Pre-Tax Loss
------------------------------------------------
The Times reported earlier this week that Software company
Orchestream Holdings made a 5.4 million-pound interim pre-tax
loss (2.3 million-pound loss). There is no dividend.


PERIOD DEVELOPMENTS:  Liquidation Proceedings
---------------------------------------------
Company Name:   Period Developments Elswick Ltd
Company No:   3521678
Com. Business:   Property Development
Appointed on:   18/08/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Gregory J Mullarkey  IPno: 6544    
Firm Name:   Leo B Wallwork & Co
Address:   14-16 St Thomas Road
City Postcode:   Chorley  PR7 1HR


POWER TRANSFORMERS:  Liquidation Proceedings
--------------------------------------------
Company Name:   Power Transformers (Birmingham) Ltd
Company No:   1258201
Com. Business:   Manufacture Electrical Transformers
Appointed on:   18/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Neil Tombs  IPno: 7830  Andrew M Menzies  6053
Firm Name:   Grant Thornton
Address:   Enterprise House  115 Edmund Street
City Postcode:   Birmingham  B3 2HJ


PREMIERSHIP PROMOTIONS:  Liquidation Proceedings
------------------------------------------------
Company Name:   Premiership Promotions Ltd
Company No:   3700756
Com. Business:   Corporate Hospitality Services
Appointed on:   18/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Shay Bannon  IPno: 8777  John Powell  7888
Firm Name:   Levy Gee
Address:   66 Wigmore Street
City Postcode:   London  W1A 3RT


R M L LTD:  Liquidation Proceedings
-----------------------------------
Company Name:   R M L Ltd
Previous Name:   Rothley Manufacturing Ltd
Company No:   3453598
Com. Business:   Manufacture Welding Equipment
Appointed on:   18/08/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Kian Seng Tan  IPno: 8032    
Firm Name:   K S Tan & Co
Address:   10-12 New College Parade  Finchley Road
City Postcode:   London  NW3 5EP


SCOTIA HOLDINGS: Posts Interim Pre-Tax Loss
-------------------------------------------
The Times reported earlier this week that Pharmaceuticals company
Scotia Holdings made a 13.8 million-pound interim pre-tax loss
(14.6 million-pound loss). There is no dividend.

UK biotech company Scotia reported a slight fall in pre-tax
losses for the first six months. The Times said that the company
is awaiting U.S. regulatory approval for Foscan, a laser-
activated treatment for head and neck cancer, reported a pre-
marketing costs increased. Scotia expects to sign a marketing
agreement with a pharmaceutical company once it knows how broad
U.S. Food and Drug Administration approval for the drug will be.


STEWART JOINERY:  Liquidation Proceedings
-----------------------------------------
Company Name:   Stewart Joinery Ltd
Company No:   SC160815
Com. Business:   General Construction/Civil Engine
Appointed on:   18/08/00
Type:   Creditors
Appointed by:   Members
Liquidators:   Ian D Mitchell  IPno: 5123    
Firm Name:   Henderson Loggie
Address:   Royal Exchange  Panmure Street
City Postcode:   Dundee  DD1 1DZ



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 * * *