/raid1/www/Hosts/bankrupt/TCREUR_Public/000921.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

        Thursday, September 21, 2000, Vol. 1, No. 96

                          Headlines

B E L G I U M

LOUIS DE POORTERE: Domo Persevering P. Dryon Going Solo
REAL SOFTWARE: Goes to Restructures its Debt
SPECTOR PHOTO: Reports Six Months Net Loss


C Z E C H   R E P U B L I C

DOMEANA: CSOB Insists on Repayment of Loans


F R A N C E

VIA BANQUE: Speeds Up Sell-Off


G E R M A N Y

BADEN AIRPORT: Up for Sale; Three Parties Express Interest
GIGABELL: First Insolvency blights Frankfurt's Neuer Markt
GIGABELL AG: Loses Designate Sponsor DG Bank
INFOMATEC: E-Commerce Software Currently in Difficulty
KELLER:  Faces Insolvency
TRANSTEC: Faces Liquidation


L I T H U A N I A

ZEMES UKIO: Govt Still Hopes to Sell Bank this Year


R U S S I A

NORSI: Overdue Debts in the Amount of RUR 60 Million


S W E D E N

NETNET:  Goes for Liquidation; All Activities Stop by SIF


S W I T Z E R L A N D

SYNGENTA:  Parents Look to Stabilize with $1bn Buyback


U N I T E D   K I N G D O M

CLS AUTOPARTS:  Up For Sale; Axe 150 Jobs
CORUS:  Posts Third Quarter Operating Loss of 21 Million Pounds
FORD:  Workers Stage Two-Hour Walk-Out
INVERESK:  Paper Firm to Cut 70 Jobs
INTERVALS LTD:  Liquidation Proceedings

JOHN GIBSON:  Liquidation Proceedings
KILLORAN AGGREGATES:  Liquidation Proceedings
ORAC INFORMATION:  Liquidation Proceedings
OXFORD GLYCOSCIENCES: Posts H1 Pre-Tax Losses
PAGEN LTD:  Liquidation Proceedings

POLYTRAD LTD:  Liquidation Proceedings
PORTLAND CARE:  Liquidation Proceedings
RAPIDE PRODUCTS:  Liquidation Proceedings
RENTACLEAN LTD:  Liquidation Proceedings
SAVILLE HOTELS:  Liquidation Proceedings

SOVEREIGN COMMUNICATIONS:  Liquidation Proceedings
TAMAGOLD LTD:  Liquidation Proceedings
TOR INVESTMENT: Plans To Wind Up
TRISPEC LTD:  Liquidation Proceedings


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

LOUIS DE POORTERE: Domo Persevering P. Dryon Going Solo
-------------------------------------------------------
Belgian textile company Domo continues to work towards a relaunch
of Belgian textile company Louis De Poortere Ltd/LDP. The company
is to launch a general offer to between 200 and 300 people
through intermediary Pascal Dryon. Administrators are to carry
out sales of separate divisions at Belgian textile company DVW,
which has also failed, L'Echo & World Reporter reported earlier
this week.


REAL SOFTWARE: Goes to Restructures its Debt
--------------------------------------------
L'Echo & World Reporter reported yesterday that Belgian computer
services company Real Software NV has announced that it has
started discussions with its creditors about restructuring its
debt of some 200 million euros. The group's creditors are Belgo-
Dutch bank-assurance group Fortis and Belgian banking group KBC.
Last year's takeover of U.S. company TAVA by Real Software was 75
percent financed by a seven year loan. At the end of 1998 the
company took a controlling stake in Airial, something it may now
sell to reduce debt levels.


SPECTOR PHOTO: Reports Six Months Net Loss
------------------------------------------
Reuters reported yesterday that Belgian photo finishing company
Spector Photo reports six months to June 30, 2000 a net loss of
10.96 millions euros. Spector blamed the wider EBIT loss on low
volumes in April, late Easter holidays, a slower photo taking
season and margin pressure in photo finishing. It said market
conditions that hurt results in the first half of the year would
persist into the second half.


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

DOMEANA: CSOB Insists on Repayment of Loans
-------------------------------------------
Ceskoslovenska obchodni banka (CSOB) gave Domeana company, which
controls the Prima television company, until September 20 to
settle its liabilities to the bank, the daily Lidove noviny (LN)&
CTK reported yesterday. LN reported that a letter sent by CSOB
board member Jan Lamser to the Council for Radio and Television
Broadcasting. Domeana owns the FTV Premiera company, which holds
Prima's broadcasting license. When Domeana was buying stakes in
FTV Premiera in the past, it drew a loan from Investicni a
Postovni banka (IPB). After IPB was put under forced
administration, CSOB took over IPB's claims. Thus Domeana owns
Premiera but only in exchange for its liabilities to CSOB, the
daily writes.

"By virtue of the effective contract which had been earlier
signed between IPB and Domeana, the latter was ordered to enter
into talks with CSOB on concrete aspects of the transfer of the
stake in the company FTV Premiera," LN quotes Lamser's letter.

The transfer should be made within 20 days from the delivery of
the order. CSOB, as IPB's legal successor, decided to terminate
the current formal ownership of the stakes without delay, the
letter writes. The Council for Radio and Television Broadcasting
is now processing its reply to CSOB, acting chairwoman Zdena
Hulova told LN. Some information published in the press indicates
that the structure of the acquired assets is not quite
transparent. Therefore the Council had turned to the Czech anti-
monopoly competition office and on questions related to the
banking law also to the Czech National Bank, Hulova told LN.


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

VIA BANQUE: Speeds Up Sell-Off
------------------------------
La Tribune & World Reporter reported earlier this week that
French bank BNP Paribas is liquidating the portfolio of holdings
controlled by Paribas Affaires Industrielles in order to
concentrate on third-party fund management under the BNP Paribas
Capital brand. Following the sale of Fichet-Bauche, GTI,
Saupiquet and the launch of a public offer for Belgian asset
manager Cobepa, the French bank has announced the sale of its
59.98 percent holding in Via Banque to Portuguese group Espirito
Santo, in addition to the sale of its 58 percent holding in Hurel
Dubois to Snecma for 106.27m euros.


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


BADEN AIRPORT: Up for Sale; Three Parties Express Interest
----------------------------------------------------------
Interest in the acquisition of Baden airport, the only private
airport in Germany, has dwindled down to three parties.
Frankfurter Allgemeine Zeitung & World Reporter reported earlier
this week that the airport has been for sale since its owner,
Germany's Flowtex became insolvent. ABB, the Swiss-Swedish
technology group, and the Frankfurt and Stuttgart airports are
interested in Baden airport, but other companies for example
German construction group Hochtief, have lost interest.


GIGABELL: First Insolvency blights Frankfurt's Neuer Markt
----------------------------------------------------------
Agence France-Presse reported earlier this week that the shares
in Internet and telecommunications services provider Gigabell
plunged nearly 70 percent on the Frankfurt Neuer Markt for
innovative and growth stocks after the company announced last
week that it had filed for insolvency. Gigabell shares plunged to
an intraday low of 3.50 euros, a decline of 69.62 percent from
the closing price. They subsequently came back off their lows to
show a loss of 62.24 percent at 4.35 euros. The company announced
that it had been forced to file for insolvency as a precaution
because payments related to a key contract had not been
forthcoming. After being listed on the Neuer Markt at an issue
price of 38 euros last August, it is the first company on the
Neuer Markt to have filed for insolvency.


GIGABELL AG: Loses Designate Sponsor DG Bank
--------------------------------------------
Gigabell AG announced that its designated sponsor DG Bank has
cancelled its sponsorship of Gigabell stocks on the Neuer Markt.
The Deutsche Boerse stopped the company's shares trading at
midday Friday (September 15) after it filed for bankruptcy,
according to a report of European Investor yesterday. The company
began running into trouble last quarter when it was listed on the
German financial media's list of companies burning through its
initial public offering cash.

According to European Investor, after admitting that they were
having liquidity problems and have been in discussions with
potential buyers of the company or some of its assets for the
past few months, Gigabell CEO David Daniel entered into an
agreement last month with a group of UK investors who were to
invest 48 million Deutsch marks immediately followed by more
money later.

After being notified of the bankruptcy filing Gigabell's
designated sponsor DG Bank cancelled its guarantee of liquidity
of the company's stock market shares effective September 22.

DG telecommunications analyst Rainer Raschdorf told EIC News;
"Gigabell spent a lot of money on ineffective advertising and
acquisitions and expansions we questioned how they were using its
cash from the stock market. The changes in the Internet provider
market in Germany are partly to blame, but the leadership made a
lot of strategic mistakes that got them into this unfortunate
position."


INFOMATEC: E-Commerce Software Currently in Difficulty
------------------------------------------------------
Last week the banks of e-commerce software maker Infomatec said
they were laying down their mandates because the company had
issued misleading press statements regarding its current
situation. Agence France-Presse reported that under Neuer Markt
rules, companies listed on the market must have at least two bank
guarantors. Threatened with eviction from the Neuer Markt,
Infomatec announced that it had managed to find three new
guarantor banks, Lang und Schwarz Financial Services, Future
Securities and the private German bank, MM Warburg.


KELLER:  Faces Insolvency
-------------------------
Keller, the German mechanical engineering company, is on the
brink of insolvency. According to Suddeutsche Zeitung & World
Reporter the company's management has filed an insolvency
petition at the district court of Munster. Keller's financial
problems were attributed to managerial errors.


TRANSTEC: Faces Liquidation
---------------------------
The Lawyer News reported that DLA has been appointed to act for
KPMG in the liquidation of international engineering group
TransTec. The company has 28 subsidiaries, 16 of which are still
active, but so far only the holding company, TransTec, is going
into liquidation. Partners Myles Halley and Richard Hassall are
acting on behalf of KPMG and Jeremy Bowden is leading the team at
DLA.


=================
L I T H U A N I A
=================

ZEMES UKIO: Govt Still Hopes to Sell Bank this Year
---------------------------------------------------
BNS & Euromoney reported yesterday that the Lithuanian government
hopes to sell a majority stake in the state-owned Zemes Ukio
Bankas [Agricultural Bank, or LZUB] by the end of this year,
although potential foreign investors have laid down new
conditions, a senior official said. Lithuanian Deputy Finance
Minister Dalia Grybauskaite was speaking after meeting with a
consortium of Poland`s Pekao SA and Italy`s UniCredito Italiano.

The Polish and Italian banks have been in talks with the
Lithuanian State Property Fund (SPF) on the sale of a 76.01
percent stake in LZUB. "Among other things, they want that losses
which the (Lithuanian) bank allegedly has suffered over the past
three years due to certain tax policy changes should be reflected
in the price," the deputy minister told BNS.

Negotiators have earlier mentioned disagreements over LZUB`s
specific provisions, which the potential buyers called too low.
The talks now center on the price  to what extent it should be
influenced by the above-mentioned factors, Grybauskaite said. The
government hoped to receive at least 100 million litas (USD 25
mln) for the 76.01 percent stake in LZUB.


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

NORSI: Overdue Debts in the Amount of RUR 60 Million
----------------------------------------------------
The Moscow Times reports that Oil refinery "NORSI" to fully
recover the energy debt against Nizhnovenergo. The current debt
of "NORSI" against the major regional energy supplier amounts to
RUR 20 million. In present the oil refinery has recovered RUR 8
million, including RUR 4 million repaid by oil products. "NORSI"
still has overdue debts for heat energy in the amount of RUR 60
million. A representative of Nizhnovenergo noted, that a part of
the debt would be recovered with "real money". Recently a
possibility to pass over a 220 kV transformer station to the
property of Nizhnovenergo is being under discussion.


===========
S W E D E N
===========

NETNET:  Goes for Liquidation; All Activities Stop by SIF
---------------------------------------------------------
SIF, the Swedish trade union, decided to stop all activities in
Netnet, the Swedish telecommunications company, last week. The
company was taken over by World Access, the US telecoms company,
which intended to integrate the Netnet activities while the
office in Karlstad (Sweden) was wound up on 1 September 2000.
However, the office remained open while employees received little
or no information. Bertil Nilsson, region manager of SIF, said
the situation for the employees was unbearable. Business resumed
after the Swedish occupational safety and health administration
was contacted. On 4 October, there will be a new effort to
liquidate the company. The management hopes the final activities
will be completed by November, Dagens Industri & World Reporter
reported yesterday.


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

SYNGENTA:  Parents Look to Stabilize with $1bn Buyback
------------------------------------------------------
Novartis, the Swiss life sciences company, and AstraZeneca, the
Anglo- Swedish pharmaceuticals group, have earmarked up to $1bn
to buy back up to 10 per cent of Syngenta, the agrochemicals
company they are forming, to stabilize its share price in its
early days of trading, Financial Times reported yesterday. The
10-day buy-back operation is intended to cushion the shares as
institutions take a view on the valuation of the first large
stand-alone agrochemicals group. Syngenta is the latest in a
series of recent corporate spin-offs in Switzerland, including
Ciba Speciality Chemicals, Lonza and Givaudan. All three
companies are trading below their initial prices as big
shareholders have dumped their shares.

According to Financial Times, Syngenta will be spun out at a
difficult time for the $40bn agrochemicals industry. Michael
Pragnell, Syngenta's new chief executive, said that it was "no
secret that agriculture has been through a difficult two to three
years and those difficulties are still there today". He said that
next year was likely to be "no better than this year".


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

CLS AUTOPARTS:  Up For Sale; Axe 150 Jobs
-----------------------------------------
Receivers axed 150 jobs at a Birmingham-based motor spares group
as it ceased trading to staunch losses. Workers at Moseley-based
CLS Autoparts were told at midday that they were out of job as
efforts continued to find a buyer for the stricken business.
Birmingham-based insolvency experts from accountants KPMG were
called in by the company's directors as they found they had
insufficient cash to carry on, Evening Mail reported earlier this
week.

The company had been battered by fierce competition and had been
unable to get more funding from the banks. CLS had a dozen
branches across the UK but the bulk were in the Midlands such as
Walsall, Wolverhampton and Tipton, selling both retail and trade
car parts. Andy McGill, senior KPMG manager, said 70 staff had
been retained while efforts to sell the business went on. He
said: 'We are still talking to interested parties but we could
not continue to trade in its previous form.'


CORUS:  Posts Third Quarter Operating Loss of 21 Million Pounds
---------------------------------------------------------------
Shares in Anglo-Dutch steel and aluminium group Corus hit fresh
all-time lows as the euro continued to struggle and after a
profit warning from a U.S. peer, Reuters reported yesterday.
Corus shares in Amsterdam hit a new low of 0.95 euros, a drop of
7.8 percent. Their London-listed counterparts, which were removed
from the FTSE 100 this week, also plummeted to new depths,
falling 7.7 percent to 56-3/4 pence. The shares are down over 60
percent in the year to date. Corus, formed in October 1999 from
the merger of Dutch group Hoogovens and British Steel Plc in a
deal worth 2.9 billion pounds, posted a surprise third quarter
operating loss of 21 million pounds.

Operational problems at its steel mills, the strong pound and
heavy provisions all combined to hit the bottom line. Part of the
reason for the fresh losses was attributed in the market to a
profit warning from the world's largest aluminium producer Alcoa.

The U.S. firm warned on Monday that its third quarter results
would be well below analysts' expectations due to higher energy
costs and a softening in demand from some of its big industrial
markets. Corus's European peers mostly fared badly. The group,
however, is considering the sale of its steel unit after an
aborted separate exchange listing last month. Corus's problems,
said analysts, were compounded by a further weakening of the euro
against the pound this week. "If you look at the Corus share
price and that of the euro to the pound, you will notice there is
a close correlation. It has seemed to have more influence than
the steel price," said Luc Pez, metal sector analysts at ING
Barings in Paris, Reuters report.


FORD:  Workers Stage Two-Hour Walk-Out
--------------------------------------
Ananova reported yesterday that the car workers at Ford's biggest
UK plant staged a two-hour unofficial walk-out ahead of a union
meeting to discuss opposition to the planned ending of vehicle
production at the factory. Ford said it was unlikely the action
by assembly workers at the Dagenham plant in Essex would have
affected production.

Shop stewards from the plant are due to meet national union
officials to discuss their next move in a campaign aimed at
persuading Ford to reverse its decision to end production of the
Fiesta in early 2002.Some union officials have been reporting
increased anger at the factory in recent months over Ford's
decision to stop producing cars.


INVERESK:  Paper Firm to Cut 70 Jobs
------------------------------------
Scottish company Papermaker Inveresk is to cut 70 jobs after
suffering extremely difficult conditions. The group, based in
Alloa in Clackmannanshire, is to mothballone of its smaller paper
machines at Caldwells Mill in Inverkeithing. By the end of
October the machine will stop producing uncoated paper, while
further products it makes will be transferred to the group's
other machines, resulting in around 70 redundancies. Inveresk
added it had been hit by pulp prices rising by 55% over the last
12 to 15 months, while exchange rates had also had a negative
effect, Ananova reported yesterday.


INTERVALS LTD:  Liquidation Proceedings
---------------------------------------
Company Name:   Intervalve Ltd
Company No:   2470204
Com. Business:   Engineering
Appointed on:   24/08/00
Type:   Members
Appointed by:   Members
Liquidators:   Michael F Stevenson  IPno: 8154    
Firm Name:   Smith & Williamson
Address:   Old Library Chambers  21 Chipper Lane
City Postcode:   Salisbury  SP1 1BG


JOHN GIBSON:  Liquidation Proceedings
-------------------------------------
Company Name:   John Gibson & Son Build (Banbarroch) L
Company No:   SC33896
Com. Business:   Building Contractors
Appointed on:   24/08/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Thomas S Bryson  IPno: 5108    
Firm Name:   Bryson & Co
Address:   4 Wellington Square
City Postcode:   Ayr  KA7 1EN


KILLORAN AGGREGATES:  Liquidation Proceedings
---------------------------------------------
Company Name:   Killoran Aggregates Ltd
Company No:   3190664
Com. Business:   Purchase/Wholesale Aggregates
Appointed on:   24/08/00
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


ORAC INFORMATION:  Liquidation Proceedings
------------------------------------------
Company Name:   Orac Information Technology Ltd
Company No:   3508671
Com. Business:   
Appointed on:   24/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Antony Batty  IPno: 8111    
Firm Name:   Antony Batty & Co
Address:   30 City Road
City Postcode:   London  EC1Y 2AY


OXFORD GLYCOSCIENCES: Posts H1 Pre-Tax Losses
---------------------------------------------
The Times reports that Pharmaceuticals company Oxford
Glycosciences recorded first-half pre-tax losses of ?7.27 million
(?4.53 million loss). There is no dividend.


PAGEN LTD:  Liquidation Proceedings
-----------------------------------
Company Name:   Pagen Ltd
Company No:   3785950
Com. Business:   Security Services
Appointed on:   24/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Andreas G Kakouris  IPno: 4691    
Firm Name:   Kakouris & Michaelides
Address:   43 Blackstock Road
City Postcode:   London  N4 2JF


POLYTRAD LTD:  Liquidation Proceedings
--------------------------------------
Company Name:   Polytrad Ltd
Company No:   2585797
Com. Business:   Import/Export Goods to Middle East
Appointed on:   24/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Andreas G Kakouris  IPno: 4691    
Firm Name:   Kakouris & Michaelides
Address:   43 Blackstock Road
City Postcode:   London  N4 2JF


PORTLAND CARE:  Liquidation Proceedings
---------------------------------------
Company Name:   Portland Care (Oswestry) Ltd
Company No:   3432666
Com. Business:   Nursing Home Operator
Appointed on:   24/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Joseph B Atkinson  IPno: 1060    
Firm Name:   Deloitte & Touche
Address:   Colmore Gate  Colmore Row
City Postcode:   Birmingham  B3 2BN


RAPIDE PRODUCTS:  Liquidation Proceedings
-----------------------------------------
Company Name:   Rapide Products Ltd
Company No:   3560667
Com. Business:   General Commercial Co
Appointed on:   24/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   John Russell  IPno: 5544  Brian S Creber  1062
Firm Name:   Poppleton & Appleby
Address:   93 Queen Street
City Postcode:   Sheffield  S1 1WF


RENTACLEAN LTD:  Liquidation Proceedings
---------------------------------------
Company Name:   Rentaclean Ltd
Company No:   1870130
Com. Business:   
Appointed on:   24/08/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Clive Morris  IPno: 8734    
Firm Name:   Jacksons
Address:   Norwest Court  Guildhall Street
City Postcode:   Preston  PR1 3NU


SAVILLE HOTELS:  Liquidation Proceedings
---------------------------------------
Company Name:   Saville Hotels (Southsea) Ltd
Company No:   801593
Com. Business:   Hoteliers
Appointed on:   24/08/00
Type:   Members
Appointed by:   Members
Liquidators:   Paul Barrett  IPno: 5459    
Firm Name:   Radford Sons & Co
Address:   12 Portland Street
City Postcode:   Southampton  SO14 7EB


SOVEREIGN COMMUNICATIONS:  Liquidation Proceedings
--------------------------------------------------
Company Name:   Sovereign Communications UK Ltd
Company No:   2807738
Com. Business:   Computer Cabling
Appointed on:   24/08/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Clive R Purdy  IPno: 8725    
Firm Name:   A W Mudd & Co
Address:   Audit House  151 High Street
City Postcode:   Billericay  CM12 9AB


TAMAGOLD LTD:  Liquidation Proceedings
--------------------------------------
Company Name:   Tamagold Ltd
Company No:   3003201
Com. Business:   Carpet Suppliers/Fitters
Appointed on:   24/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Richard A Saville  IPno: 7829    
Firm Name:   Savilles
Address:   1 North Road  The Park
City Postcode:   Nottingham  NG7 1AG


TOR INVESTMENT: Plans To Wind Up
--------------------------------
Citywire reported yesterday that the Tor investment trust has
announced plans to wind up next month but will offer shareholders
the option to transfer their investments into the new BFS UK Dual
Return Trust. Tor's directors said the proposals were designed to
give Tor's income shareholders the chance to continue to receive
a high level of income beyond autumn 2001, when the income shares
were due to be repaid. The proposals also give both income and
capital shareholders the option to cash out of the trust at close
to net asset value.

Shareholders who control over 65 percent of the income shares and
61% of the capital shares have already indicated they intend to
vote in favor of the proposals. The trust's wind up date has been
set for 19 October. Tor's capital shareholders will have the
option to swap their stakes for BUDR zero dividend preference
shares at a 100p each, capital shares at 47.6p, and geared
ordinary units or growth units at 195.2p.

BUDR, to be managed by Alan Brunsden at BFS Investments, is to be
launched through a placing and offer for subscription. It will
start trading on 20 October and is expected to have a fund size
of up to ?200 million. Bank borrowings will represent some 45% of
the new fund's assets. David McFadyen, an investment trust
analyst at ABN Amro, told citywire.co.uk the proposals gave Tor
shareholders the chance to create a BFS shareholding to reflect
their particular requirements for ongoing returns. The market has
welcomed Tor's reconstruction proposals.


TRISPEC LTD:  Liquidation Proceedings
-------------------------------------
Company Name:   Trispec Ltd
Previous Name:   Tridex (Specialists) Ltd
Company No:   3198552
Com. Business:   General Construction/Civil Engineer
Appointed on:   24/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Stephen L Conn  IPno: 1762    
Firm Name:   Stephen Conn & Co
Address:   17 St Anns Square
City Postcode:   Manchster  M2 7PW



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 * * *