/raid1/www/Hosts/bankrupt/TCREUR_Public/000918.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

          Monday, September 18, 2000, Vol. 1, No. 93

                          Headlines

B E L G I U M

DESEEAUX: Faces Financial Problems


C Z E C H   R E P U B L I C

CESKE ENERGETICKE: To Dismiss over 200 Employees
TCHECOMALT GROUP: Court Declares Bankruptcy
TCHECOMALT: CSOB Plans to Fight Bankruptcy Petition
TRANSPORTA: Bankrupt Engineering Firm Finds New Owners


G E R M A N Y

PORTAL AG: Files for Insolvency


I R E L A N D

HARLAND & WOLFF: To Make Job Cuts


R O M A N I A

RESITA IRON: Noble Ventures Assume Debt


S L O V A K I A  (S L O V A K   R E P U B L I C)

PRESOV SOLIVARY: Government Delays Salt Mine Privatization


U N I T E D   K I N G D O M

ADTRANZ: Balfour Beatty in Talks to Buy Arm
ANTISOMA: Loss Widens 7.9 Million Pounds
AQUIS INVESTMENTS:  Liquidation Proceedings
ASHBEAM (UK):  Liquidation Proceedings
ASFFORD (MOTORS) :  Liquidation Proceedings

ATLAS NOMINEES:  Liquidation Proceedings
BIOCOMPATIBLES INTERNATIONAL: Operating Loss Narrows
BRITISH NUCLEAR: Posts Pre-Tax Loss of 337 Million Pounds  
CANTON NOMINEES:  Liquidation Proceedings
COURTLAND ENGINEERING:  Liquidation Proceedings

D D EUROPEAN:  Liquidation Proceedings
DANNISFORGE ENGINEERING:  Liquidation Proceedings
EDWIN PHILLIPS:  Liquidation Proceedings
ESPRIT GROUP:  Liquidation Proceedings
ESPRIT MARKETING:  Liquidation Proceedings

ESSEX AND SUFFOLK:  Liquidation Proceedings
INDEPENDENT ENERGY: Innogy Buys Supplier for Paltry 10m Pounds
KS BIOMEDIX: Announces Increase in Losses for the Year
MILLENIUM DOME: Dome Gets Bailout to Stay Open this Year
MILLENIUM DOME: Labor Ready to Demolish Dome

PIC INTERNATIONAL: Posts Full-year Pre-tax Loss
TI AUTOMOTIVE: Engineering Company Auto Unit for Sale


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

DESEEAUX: Faces Financial Problems
---------------------------------------
De Standaard & World Reporter reports that the board of Belgian
spinning mill Desseaux Van der Eecken conducted an emergency
meeting yesterday to discuss the possibility of closing
operations. Desseaux's problems started after the insolvency of
carpet group Louis De Poortere, when the banks decided to stop
credits to Desseaux as well. Desseaux is still waiting for a
BFr253m payment from Louis De Poortere via the latter's parent
company, Balsan. As Balsan has failed to pay, its assets and
stocks have been frozen. An extraordinary works council meeting
will be held. Carl Declercq of union ACV does not understand the
banks' refusal to continue credits. In Mr Declercq's opinion, a
few weeks would probably have sufficed to recover the amount owed
by Balsan. Consulting group KPMG is also carrying out a viability
study on Desseaux, Mr Declercq added.


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

CESKE ENERGETICKE: To Dismiss over 200 Employees
------------------------------------------------
The CEO and board chairman of energy producer Ceske energeticke
zavody (CEZ), Jaroslav Mil, has prepared a reshuffle that will
sweep over the company this week, CTK & Euromoney reported
yesterday. Over 200 employees could be dismissed from the
company's management, which is roughly one-third of CEZ's top
managers. "This isn't any purge," HN cites Mil as saying, and
adds that Mil aims to streamline the firm's management.

Mil said CEZ is organized in a manner that does not enable the
company to concentrate on priorities, such as the completion of
privatization (finding a strategic partner), defending the market
position and maintaining economic stability at the firm. He added
that the sweeping changes should have been made at least five
years ago. Mil wants to transfer greater powers from the top
management directly onto the power stations, which will be part
of another stage of reorganization. The changes should be wound
up by the end of the year.


TCHECOMALT GROUP: Court Declares Bankruptcy
-------------------------------------------
Brno Regional Commerical Court declared Tchecomalt Group bankrupt
yesterday based on a petition filed by the food concern's board
of directors in August. Management says the move was necessary to
ensure the survival of some of its 17 subsidiaries. It blames a
lack of financing following CSOB's takeover of failed bank IPB,
its main source of credit. It owes the bank some Kc 3 bln.
Although a previous owner sold Tchecomalt to Lento Investments, a
Dutch investment vehicle set up by IPB management, CSOB claims
control over the Czech Republic's dominant malt maker, Czech A.M.
reports.


TCHECOMALT: CSOB Plans to Fight Bankruptcy Petition
---------------------------------------------------
The bankruptcy proposal submitted by the board of directors of
the Czech Republic's dominant malt maker Tchecomalt Group at the
end of August outraged the company's supposed owners and
creditors from Ceskoslovenska Obchodni Banka, which said it would
fight any attempt by Tchecomalt to escape its control, Prague
Business Journal reported earlier this week.

However, the company board blames the bank for intentionally
drying up its credit lines after the bank bought the assets of
collapsed Investicni a Postovni Banka. "This was their attempt to
cause problems," said a source close to CSOB, adding that despite
Tchecomalt's debt exposure, which industry sources estimate at
some Kc 3 billion, the bank was willing to work with the group,
which generated some Kc 8 billion of turnover last year.


TRANSPORTA: Bankrupt Engineering Firm Finds New Owners
-------------------------------------------------------
Engineering firm Transporta (Chrudim, Czech Republic) is bankrupt
with debts of CEK 1.5 billion. According to Access Czech Republic
Business Bulletin, the firm's trustee estimates to cover 25
percent of the debts. Currently, the bankruptcy trustee is
selling off Transporta assets.

Half of the firm's production premises have new owners. Tranza
(Breclav, Czech Republic) has bought the firm's belt transport
component production hall. Miwekon (Germany/Czech Republic) has
bought another hall and CKD Kutna Hora (Kutna Hora, Czech
Republic), the firm's foundry. Transporta's forging shop,
machining shop, supply hall, trade mark and know-how are still
for sale.


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

PORTAL AG: Files for Insolvency
-------------------------------
Germany's Portal AG, an operator of Internet industry portals,
has filed for insolvency, people familiar with the situation told
Handelsblatt. The information was confirmed by Portal chairman
Jens Christophers in response to a Handelsblatt inquiry. However,
the insolvency application has so far only been signed by two of
the company's three board members. Co-founder Denis Premiski is
set to be absent for some time owing to illness, Christophers
said.

Portal's current difficulties came with the collapse of a
financing round that was to bring an injection of fresh funds
totaling DM12 million. Some 18 hours before the contracts were
due to be signed, a major investor in Singapore pulled out.

According to Handelsblatt the company's first launched service
was an Internet portal for hospitals. This was followed up by
marketplaces for driving schools, hotels, waste-management
companies and advertising agencies. Now the company is fighting
for survival. "We are talking of just a few weeks here,"
Christophers conceded. "We are feverishly searching for investors
to secure our business and we are confident about getting a grip
on our problems." The idea of Portal AG is likely to live on, but
"whether the complete structure can be saved is not certain",
Christophers said.


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

HARLAND & WOLFF: To Make Job Cuts
---------------------------------
Hundreds of jobs are likely to be axed at Harland and Wolff, the
struggling Belfast shipyard where the Titanic was built, as part
of a restructuring aimed at keeping the business afloat. The
Times noted that Fred Olsen Energy, the yard's Norwegian parent,
declined to say how many jobs would go but admitted that the
restructuring would mean "a significant reduction" in the 1,250-
strong workforce. The news came despite victory for Harland in a
23 million-pound arbitration in the High Court that had
threatened to bankrupt it.


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

RESITA IRON: Noble Ventures Assume Debt
---------------------------------------
The last Shareholders General Assembly of the Resita Iron
Combine, summoned by the State Ownership Fund (SOF), took place
when the new main shareholder, Noble Ventures, came into the
possession of the combine. Noble Ventures reported yesterday that
the new Administration Board is made up of five persons -- three
Romanians and two Americans. The elected chairman of the
Administration Board is a former manager of the combine, Victor
Manolescu, and the new general manager is the representative of
Noble Ventures, Charles Norman Franges.

The Resita Iron Combine will be transformed into a holding, made
up of five distinct and economically independent profit centers.
The main profit center will be that of steel production and basic
processing.

The transaction closed between the Bucharest SOF and Noble
Ventures on June 5 has a total value of 85.2 million dollars,
including investments of 33 million dollars. The new owner also
took over the debts of the combine, which amount to more than
1,100 billion ROL, which is four times the value of the share
capital. Noble Ventures also committed not to make collective
dismissals until 2005, maintaining the jobs of the 3,764
employees of the combine.


================================================
S L O V A K I A  (S L O V A K   R E P U B L I C)
================================================

PRESOV SOLIVARY: Government Delays Salt Mine Privatization
----------------------------------------------------------
The Slovak government will delay the privatization of an 84.4
percent stake in salt producer Presov Solivary after interested
parties asked for more time, daily SME reported. Reuters reported
yesterday that the spokeswoman for the state privatization agency
(FNM) said potential investors asked for the postponement because
the project is complicated and requires approval by investor
companies in several stages.

"The FNM approved the request and moved deadline for the bids to
October 31 from September 18," FNM spokeswoman Tatiana Lesajova
was quoted as saying. "In any case, Solivary should be sold by
the end of this year," she said. After due diligence in Solivary,
three foreign salt producing companies have shown interest. The
company has been heavily in debt since the early 1990s. The FNM
expects a potential buyer to take over state guarantees for
Solivary loans, currently totaling around 1.2 billion crowns
rather than to pay cash for the firm, SME added.


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

ADTRANZ: Balfour Beatty in Talks to Buy Arm
-------------------------------------------
Balfour Beatty, the construction and engineering company, is in
talks to acquire the fixed-equipment activities of Adtranz,
DaimlerChrysler's railway rolling-stock division, Financial Times
reported yesterday. According to participants in Innotrans, the
Berlin trade fair for railway technology, the deal would be worth
about 190 million pounds. Adtranz's electrical systems division
achieved a turnover of about E350m.

Adtranz, which is on course to break even after several years of
losses, is to be sold to Bombardier of Canada for $725m in a deal
agreed last month. However, Bombardier is primarily interested in
the rolling stock and signaling activities of Adtranz and not in
the track equipment business.

According to Financial Times, sources close to the company said
the takeover by Balfour Beatty was as good as done. The deal is
expected to be announced in a week or two. Adtranz has been keen
to spin off its division making trackside electrical systems and
equipment as well as its signaling sector.


ANTISOMA: Loss Widens 7.9 Million Pounds
----------------------------------------
Citywire reports that Antisoma's strategy of finding promising
new potential drugs and licensing them to major partners is
starting to pay off, chief executive Glyn Edwards said. Broker
Charterhouse lent support by rating the shares a buy after
results. However, that has not prevented Antisoma from running up
a 7.9 million-pound loss in the year to June compared with a 6.4
million-pound deficit in the previous 12 months.


AQUIS INVESTMENTS:  Liquidation Proceedings
-------------------------------------------
Company Name:   Aquis Investments Ltd
Company No:   212278
Com. Business:   Dormant
Appointed on:   23/08/00
Type:   Members
Appointed by:   Members
Liquidators:   Colin I Vickers  IPno: 8953  John W Powell  7888
Firm Name:   Levy Gee
Address:   Southfield House  11 Liverpool Gardens
City Postcode:   Worthing  BN11 1RY


ASHBEAM (UK):  Liquidation Proceedings
--------------------------------------
Company Name:   Ashbeam (UK) Ltd
Company No:   3174456
Com. Business:   Steel Fabricators
Appointed on:   23/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Arthur C Custance  IPno: 1912    
Firm Name:   Armstrong Watson & Wood
Address:   49 Duke Street
City Postcode:   Darlington  DL3 7SD


ASFFORD (MOTORS) :  Liquidation Proceedings
-------------------------------------------
Company Name:   Ashford (Motors) Ltd
Company No:   3387504
Com. Business:   Sale of Motor Vehicles
Appointed on:   23/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   F C Satow  IPno: 8326  J A G Alexander  5053
Firm Name:   Pannell Kerr Forster
Address:   New Garden House  78 Hatton Garden
City Postcode:   London  EC1N 8JA


ATLAS NOMINEES:  Liquidation Proceedings
----------------------------------------
Company Name:   Atlas Nominees Ltd
Company No:   830579
Com. Business:   Dormant
Appointed on:   23/08/00
Type:   Members
Appointed by:   Members
Liquidators:   Colin I Vickers  IPno: 8953  John W Powell  7888
Firm Name:   Levy Gee
Address:   Southfield House  11 Liverpool Gardens
City Postcode:   Worthing  BN11 1RY


BIOCOMPATIBLES INTERNATIONAL: Operating Loss Narrows
----------------------------------------------------
Reuters reported this week that medical devices company
Biocompatibles International Plc's results in six months to June
30 were a pre-tax loss of 11.9 million pounds on turnover of 23.2
million pounds, compared to a loss of 9.9 million pounds on
turnover of 10.9 million pounds in the same period of 1999.


BRITISH NUCLEAR: Posts Pre-Tax Loss of 337 Million Pounds  
---------------------------------------------------------
Reuters reported yesterday that the State-owned British Nuclear
Fuels reported a pre-tax loss of 337 million pounds ($477.3
million) for the year ending March 31 against a pre-tax profit of
218 million pounds for the same period last year. Chairman Hugh
Collum told Reuters it had been a "difficult" year but the group
was making a fresh start. Over the period covered by the results
BNFL was at the centre of an international scandal when it was
discovered some of its workers had falsified data on nuclear fuel
shipments to overseas customers. Contracts by the company's major
customers in Japan and Germany were cancelled and an
investigation by Britain's nuclear watchdog concluded the
company's showcase Sellafield nuclear facility suffered from
"systematic management failure".

The chief executive and half the board resigned and the British
government was forced to shelve plans to part privatize the group
by 2002 at the earliest. The troubled nuclear giant made
exceptional charges of 411 million pounds before tax comprising
compensation to customers arising from the fake fuel data
scandal, a provision for foreseeable losses on long-term
contracts and a charge relating to the early closure of one of
its nuclear power stations. Turnover rose by 32 percent to 2.064
billion pounds from 1.565 billion but pre-tax profit from
operations before exceptional items fell 54 percent to 74 million
pounds from 161 million. Total undisclosed nuclear liabilities
jumped 26 percent to 34.2 billion pounds from 27.1 billion,
Reuters report.


CANTON NOMINEES:  Liquidation Proceedings
-----------------------------------------
Company Name:   Canton Nominees Ltd
Company No:   1040792
Com. Business:   Dormant
Appointed on:   23/08/00
Type:   Members
Appointed by:   Members
Liquidators:   Colin I Vickers  IPno: 8953  John W Powell  7888
Firm Name:   Levy Gee
Address:   Southfield House  11 Liverpool Gardens
City Postcode:   Worthing  BN11 1RY


COURTLAND ENGINEERING:  Liquidation Proceedings
-----------------------------------------------
Company Name:   Courtland Engineering Ltd
Company No:   3504327
Com. Business:   Industrial Doors & Shutters
Appointed on:   23/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Peter Gotham  IPno: 4117    
Firm Name:   Begbies Traynor
Address:   The Old Exchange  234 Southchurch Road
City Postcode:   Southend-on-Sea  SS1 2EG


D D EUROPEAN:  Liquidation Proceedings
--------------------------------------
Company Name:   D D European Marketing Ltd
Company No:   3345801
Com. Business:   Sales & Promotion
Appointed on:   23/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Andrew W Thompson  IPno: 5807    
Firm Name:   The Thompson Partnership
Address:   The Old Halsall Arms  2 Summerwood Lane
City Postcode:   Halsall  L39 8RJ


DANNISFORGE ENGINEERING:  Liquidation Proceedings
-------------------------------------------------
Name:   Dannisforge Engineering Ltd
Company No:   1060771
Com. Business:   Injection Moulding
Appointed on:   23/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Mark J Wilson  IPno: 8612  Colin M Haig  7965
Firm Name:   Baker Tilly
Address:   Iveco Ford House  Station Road
City Postcode:   Watford  WD1 1TG


EDWIN PHILLIPS:  Liquidation Proceedings
----------------------------------------
Company Name:   Edwin Phillips & Sons of Stafford Ltd
Company No:   401682
Com. Business:   Plumbing/Heating Engineers
Appointed on:   23/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Michael T McCarthy  IPno: 8942    
Firm Name:   Wallets
Address:   Adventure Place
City Postcode:   Hanley  ST1 3AF


ESPRIT GROUP:  Liquidation Proceedings
--------------------------------------
Company Name:   Esprit Group Ltd
Company No:   3660170
Com. Business:   Promote Mass Participation
Appointed on:   23/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   A Martin-Sklan  IPno: 5815    
Firm Name:   Martin-Sklan & Co
Address:   133 Golders Green Road
City Postcode:   London  NW11 8HJ


ESPRIT MARKETING:  Liquidation Proceedings
------------------------------------------
Company Name:   Esprit Marketing & Management Ltd
Company No:   3801132
Com. Business:   Provide Market/Management Serv
Appointed on:   23/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   A Martin-Sklan  IPno: 5815    
Firm Name:   Martin-Sklan & Co
Address:   133 Golders Green Road
City Postcode:   London  NW11 8HJ


ESSEX AND SUFFOLK:  Liquidation Proceedings
-------------------------------------------
Company Name:   Essex and Suffolk Co Ltd
Company No:   682684
Com. Business:   Dormant
Appointed on:   23/08/00
Type:   Members
Appointed by:   Members
Liquidators:   Colin I Vickers  IPno: 8953  John W Powell  7888
Firm Name:   Levy Gee
Address:   Southfield House  11 Liverpool Gardens
City Postcode:   Worthing  BN11 1RY


INDEPENDENT ENERGY: Innogy Buys Supplier for Paltry 10m Pounds
--------------------------------------------------------------
Innogy yesterday swooped to acquire the 240,000 strong customer
base of Independent Energy, the gas and electricity supplier from
the receivers for just ?10 million. Independent, which was
capitalized at almost ?1.5 billion in March, collapsed into
receivership last week. The sum paid by Innogy, National Power's
UK operation is dwarfed by Independent's ?90 million fund-raising
six months ago in which Burt Keenan, its chairman, sold shares
worth $23.5 million and John Sulley, chief executive sold shares
worth $2.8 million, The Times reports.

A class action has already been filed in New York, accusing
Independent, which was held predominantly by U.S. shareholders,
of concealing the extent of billing problems. The Times noted
Independent collapsed being owed about 119 million pounds by its
customers, and Innogy will seek to recover the money on behalf of
the administrative receivers. Myles Halley, joint administrative
receiver, said: "The big attraction of the sale is that Innogy
has the experience to collect the debts and we are hopeful that
the bulk will be collected." Innogy will receive a percentage of
the debts collected without taking financial responsibility for
them.

Independent collapsed owing ?165 million to a banking syndicate
led by Barclays and including Bank of Scotland, Bank One, Singer
& Friedlander, Royal Bank of Scotland, Donaldson Lufkin &
Jenrette and Industrial Bank of Japan.


KS BIOMEDIX: Announces Increase in Losses for the Year
------------------------------------------------------
Biotechnology company KS Biomedix Holdings Plc said it had
appointed Dr. Sally Waterman as Director of Research and
Development. Warerman joins from Vernalis Group Plc. Reuters
noted this week that the appointment came as KSB announced an
increase in losses for the year to May 31 to 2.2 million pounds
from 1.3 million a year earlier.


MILLENIUM DOME: Dome Gets Bailout to Stay Open this Year
--------------------------------------------------------
Reuters reported yesterday that the Millennium Dome is to stay
open to the end of this year after a commission agreed to pay out
90 million pounds in grants, saying this was cheaper than closing
the failed attraction. The future of the Dome was thrown into
doubt after the Japanese investment bank Nomura abandoned plans
to take over the building at the end of the year. Nomura's
decision prompted the Millennium Commission, the government's
funding body for Year 2000 projects, to look again at a 47
million pound bailout it agreed earlier this month and a 43
million pound grant it made in August.

However, "It is now possible for the Dome to continue as an
excellent visitor attraction until 31 December 2000 and for an
orderly close of business to take place," a commission statement
said. "The bottom line is that it still costs more to close the
Dome straightaway than to keep it open till the end of the year,"
a commission spokeswoman said.


MILLENIUM DOME: Labor Ready to Demolish Dome
--------------------------------------------
Ministers were investigating the possibility of tearing down the
Millennium Dome and selling the land for development, after the
Japanese bank Nomura withdrew its pounds 105 million offer to
take it over. The Daily Telegraph  & World Reporter reported
yesterday that this was the first time that the Government had
formally countenanced the prospect that the Dome, built to last
25 years, might be doomed after just 12 months.

English Partnerships, the public body that owns the 240-acre site
in Greenwich, has been asked by the Government to look at all
options for a sale, including dismantling the building Tony Blair
once said would outlast its critics.

English Partnerships, which will co-ordinate what amounts to an
auction of the site, said that at least one other unnamed company
had expressed interest. The site a disused gasworks on the
Greenwich peninsula in south-east London is potentially worth
millions to property developers eager to cash in on the building
boom in the capital, according to The Daily Telegraph & World
Reporter.


PIC INTERNATIONAL: Posts Full-year Pre-tax Loss
-----------------------------------------------
The Times reported yesterday that PIC International (food
processing) made full-year pre-tax losses of 1.8 million pounds
(19 million pounds). There is no dividend.


TI AUTOMOTIVE: Engineering Company Auto Unit for Sale
-----------------------------------------------------
TI Group, the once acquisitive engineering company, has put its
automotive unit up for auction, hoping to raise more than $1.7bn,
Financial Times reported yesterday. The plan to sell the
company's biggest division could lead to a break-up of TI, which
was built up over 15 years with more than 200 acquisitions by Sir
Christo pher Lewinton, the chairman.

It is understood that final bids for TI Automotive, which
contributes more 40 per cent of group sales of 2.7 billion pounds
last year were submitted. Bidders are thought to include trade
and financial buyers, such as Doughty Hanson, the private equity
group. KKR, the U.S. private equity group which holds a 5 per
cent stake in TI, is not thought to be interested in the
automotive unit.



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