/raid1/www/Hosts/bankrupt/TCREUR_Public/000927.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

       Wednesday, September 27, 2000, Vol. 1, No. 100

                        Headlines

B E L G I U M

DVW TEXTILES: Financial Group Close to Takeover
SABENA:  Posts FY00 7.0 Billion BEF Operating Loss


F R A N C E

BOURGOIN: Court to Decide on Poultry Group's Fate October 6


P O L A N D

HORTEX: Banks to Takeover Frozen Foods Producer
HUTA KATOWICE:  Money-Strapped Steel Works Waits for Investors
ZM LUCZNIK: Goes Up for Sale; Debts of Zl. 150 Million


R U S S I A

SAMARA AIRLINES: Hopes to Offset Debts


S W I T Z E R L A N D

4M TECHNOLOGIES: Deeply in the Red; to Implement Restructuring


U N I T E D   K I N G D O M

24-7 FREIGHT:  Liquidation Proceedings
AMBLE INNS:  Liquidation Proceedings
BP EXPLORATION:  Liquidation Proceedings
BP KOREA:  Liquidation Proceedings
BP NAMIBIA:  Liquidation Proceedings

BASS ROCK:  Liquidation Proceedings
BIWATER PIPES: Up for Closure; Possible Loss of 700 Jobs
CLS AUTOPARTS: Motor Parts Firm Placed in Receivership
CALLNET:  Faces Financial Crisis; Up for Sale
CORUS:  Warns Euro Weakness Remains 'Major Concern'

DOMINION MOTOR:  Liquidation Proceedings
DUCKHAMS OILS:  Liquidation Proceedings
E Q SOLUTIONS:  Liquidation Proceedings
G TAYLOR:  Liquidation Proceedings
LAPORTE: For Sale in Cash; to Repay Debt of 517 Million Pounds

LORIEN: U.S. Suitor Pulls Out of Deal
MILLENIUM DOME: Finance Director Resigns
MILLENIUM DOME:  Commission Denies Dome Report Claims
QSP GROUP: Posts Interim Pre-Tax Losses Of 1.02 Million Pounds
SERVICEPOWER: First Half Pre-Tax Losses to 2.7 Million Pounds

STURMEY ARCHER: Bike Gear Maker Threatened with Liquidation
TOR INVESTMENT: Announces Restructuring Proposals


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

DVW TEXTILES: Financial Group Close to Takeover
-----------------------------------------------
De Standaard reported earlier this week that a financial group
behind Belgian textile company Annabel has closed an informal
agreement with receivers of insolvent carpet group DVW Textiles
to take over part of the group's activities. Under the terms of
the agreement, 160 staff in Waregem and 120 staff in Mouscron
would be re-employed. Mouscron site Diamond Print would not form
part of the agreement.

The acquisition troubles at equally insolvent carpet group Louis
de Poortere are continuing in the meantime. Unions were surprised
to find Vincent De Poortere, of related company Balsan, re-emerge
as a takeover candidate. Balsan itself has BFr2.1bn in
outstanding debts. Vincent De Poortere's cousin Reginald De
Poortere has made an offer for the woven carpet division.


SABENA:  Posts FY00 7.0 Billion BEF Operating Loss
--------------------------------------------------
Belgian national airline Sabena was expected to post a full-year
2000 operational loss of at least seven billion Belgian francs
($147.5 million), a Belgian financial daily newspaper & Reuters
said earlier this week. De Financieel Economische Tijd quoted
"high placed company sources" as saying investment in a new
fleet, the swap of U.S. partner Delta Airlines for American
Airlines and the merger of SwissAir's and Sabena's marketing
network caused the loss. Sabena is a subsidiary of SAirGroup,
which also owns SwissAir.

Sabena spokesman Wilfried Remans declined to comment on the
report: "We won't comment on our financial situation until the
end of the year," he said. Sabena said in August its outlook for
the 2000 full year remained at an alarmingly low level. The
company, which is still part-owned by the Belgian government,
said its first-half net loss widened to 83.6 million euros from
14.1 million euros a year-ago.


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

BOURGOIN: Court to Decide on Poultry Group's Fate October 6
-----------------------------------------------------------
The Sens court of appeal will rule on the future of French
poultry group Bourgoin on 6 October, after the group was placed
into involuntary liquidation August 22, La Tribune reported
yesterday. A total of five offers have been made for Bourgoin.
Three of offers involve a partial takeover and have been made by
Doux, a leader on the European poultry market, LDC and Verneuil
Finances, already a shareholder in Duc. The two remaining offers,
made by Bourgoin's current managers on the one hand and the
pairing of Sofriproteol/Unigrains on the other, would involve the
complete acquisition of the poultry group.


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

HORTEX: Banks to Takeover Frozen Foods Producer
-----------------------------------------------
Hortex, one of the biggest Polish frozen vegetable and juice
producers will not close down, Poland A.M. reported earlier this
week. Bank of America and Bank Handlowy have just arranged to
purchase 30 percent of the troubled company from Bank Gospodarski
Zywnosciowej (BGZ). Bank of America is also interested in
cooperating with Hortex's small investors to take over their
stake later.

The cooperation is needed to complete the sale of Hortex
divisions producing frozen fruit and vegetables and apple juice
concentrate, a long-term bond issue and layoffs. In addition, BGZ
officials say they are uncomfortable holding Hortex shares and
being its creditor. Last year was one of the worst for Hortex,
leading BGZ to invest less money. Still, its obligations will
exceed zl. 100 million. The bank is also involved in the
company's bond issue that is to bring zl. 200 million and restore
the company's solvency.


HUTA KATOWICE:  Money-Strapped Steel Works Waits for Investors
--------------------------------------------------------------
The money-strapped steel works Huta Katowice may lose tens of
millions of zlotys this year unless the Treasury approves plans
for Italy's Danieli and the Anglo-Dutch Corus concern. The plans,
backed by the European Bank for Reconstruction and Development
(EBRD), would take over shares in two companies to be spun-off
from Huta Katowice (HK), said HK president Miroslaw Wrobel.
Wrobel said HK's privatization should begin this year, with the
Treasury expected to make a relevant decision within a month.

HK has already signed an agreement with Danieli on setting up an
HK Flat company to produce flat rolled products. The Italian
concern, which will build a continuous casting and integrated
rolling line costing $644m, will control 20 percent of HK Flat,
with HK retaining 80 percent, Polish News reported earlier this
week.


ZM LUCZNIK: Goes Up for Sale; Debts of Zl. 150 Million
------------------------------------------------------
The Economy Ministry and the Industrial Development Agency (ARP)
are negotiating the sale of the arms-making subsidiary of metal
goods producer ZM Lucznik from Radom, Poland A.M. reported
earlier this week. The Ministry confirmed holding talks with an
investor for the arms-maker, but would not give any details. ZM
Lucznik has a 50 percent stake in the recently created arms
subsidiary Fabryka Broni Lucznik, with ARP holding the remaining
shares. The subsidiary is expected to take over ZM Lucznik's arms
production and 650 of its 1,800 employees. Four other companies
will be created from Lucznik, while the parent company will file
for receivership.

"The debt noose is tightening around ZM Lucznik's neck. It looks
like the only solution is for the company to go into
receivership, as I cannot really imagine passing a liabilities
reduction law only for our company," said the head of the
Solidarity trade union at Lucznik Zbigniew Cebula. The company
has debts of zl. 150 million, 80 percent of which it owes to the
Treasury.


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

SAMARA AIRLINES: Hopes to Offset Debts
--------------------------------------
Skrin Issuer and AVIA.RU reported earlier this week that Samara
Airlines's board of directors met to discuss possibilities for
offsetting the airline's debts, Director General Kozlov said. The
board of directors also reviewed preliminary results of the
airline performance for the previous seven months. Despite the
fact that Samara Airlines made a profit of 30 mln rubles, the
financial state of the airline remains troubled. The airline's
debts currently amounts to 100 mln rubles.

The board has agreed to develop measures to rehabilitate the poor
financial state of the airline. The program implies possible
offsets of Samara's debts to the federal and local budgets.
According to Kozlov, the program could be presented for review of
the board in a month time.


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

4M TECHNOLOGIES: Deeply in the Red; to Implement Restructuring
--------------------------------------------------------------
Neue Zurcher Zeitung & World Reporter said earlier this week that
4M Technologies, the Swiss manufacturer of equipment for CD and
DVD production, issued a statement after the close of trade
denying that credit lines amounting to SFr35m had been called in.
An analyst at Bank Sarasin said that there was a real possibility
of this happening and indicated that in such an event the company
could go bankrupt. The analyst's comments were accompanied by a
lowering by Sarasin of its share recommendation for 4M, from
"hold" to "sell". The company's management has recently
implemented restructuring and is currently negotiating with
creditor banks to ensure long-term financing. 4M is deeply in the
red this year, forecasting a loss of SFr20m.


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

24-7 FREIGHT:  Liquidation Proceedings
--------------------------------------
Company Name:   24-7 Freight Systems Ltd
Company No:   3029278
Com. Business:   Transport/Freight Forwarding
Appointed on:   30/08/00
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


AMBLE INNS:  Liquidation Proceedings
------------------------------------
Company Name:   Amble Inns Ltd
Company No:   3483923
Com. Business:   Dormant
Appointed on:   30/08/00
Type:   Members
Appointed by:   Members
Liquidators:   Rob Welsby  IPno: 6835    
Firm Name:   Grant Thornton
Address:   Enterprise House  115 Edmund Street
City Postcode:   Birmingham  B3 2HJ


BP EXPLORATION:  Liquidation Proceedings
----------------------------------------
Company Name:   BP Exploration Co (Asso Holdings) Ltd
Company No:   1033759
Com. Business:   Non-Trading
Appointed on:   30/08/00
Type:   Members
Appointed by:   Members
Liquidators:   David J Pallen  IPno: 5317    
Firm Name:   Ernst & Young
Address:   Rolls House  7 Rolls Building  Fetter Lane
City Postcode:   London  EC4A 1NH


BP KOREA:  Liquidation Proceedings
--------------------------------------
Company Name:   BP Korea Ltd
Previous Name:   BP Far East Ltd
Company No:   0660875
Com. Business:   Non-Trading
Appointed on:   30/08/00
Type:   Members
Appointed by:   Members
Liquidators:   David J Pallen  IPno: 5317    
Firm Name:   Ernst & Young
Address:   Rolls House  7 Rolls Building  Fetter Lane
City Postcode:   London  EC4A 1NH


BP NAMIBIA:  Liquidation Proceedings
------------------------------------
Company Name:   BP Namibia Ltd
Previous Name:   BP South West-Namibia Ltd
Company No:   1214292
Com. Business:   Non-Trading
Appointed on:   30/08/00
Type:   Members
Appointed by:   Members
Liquidators:   David J Pallen  IPno: 5317    
Firm Name:   Ernst & Young
Address:   Rolls House  7 Rolls Building  Fetter Lane
City Postcode:   London  EC4A 1NH


BASS ROCK:  Liquidation Proceedings
-----------------------------------
Company Name:   Bass Rock Oil Co Ltd - The
Company No:   SC040414
Com. Business:   Non-Trading
Appointed on:   30/08/00
Type:   Members
Appointed by:   Members
Liquidators:   David J Pallen  IPno: 5317    
Firm Name:   Ernst & Young
Address:   Rolls House  7 Rolls Building  Fetter Lane
City Postcode:   London  EC4A 1NH


BIWATER PIPES: Up for Closure; Possible Loss of 700 Jobs
--------------------------------------------------------
The campaign to save 700 jobs at Clay Cross is gathering pace as
local MPs meet Trade and Industry Secretary Stephen Byers in a
bid to save the Derbyshire town's main employer. The MPs, Dennis
Skinner and Harry Barnes, are trying to halt the closure of
Biwater Pipes after its takeover by the French building materials
giant Saint-Gobain, Ananova reported earlier this week.

The company completed its acquisition of Biwater, which produces
high-pressure pipes for the water industry, early in September
and immediately announced that the centuries-old site was to
close. Officials from the MSF and GMB unions have been trying to
negotiate redundancy terms since then. Saint-Gobain says that
competition in the market is so intense that closing the plant is
the only way to save manufacturing in the UK, which it intends to
switch to its plant at Ilkeston, where it has recently invested
pounds 40 million. The unions and workforce are marching through
the town from the town hall to the factory to protest the planned
closure.


CLS AUTOPARTS: Motor Parts Firm Placed in Receivership
------------------------------------------------------
The re-engineering operation of CLS Autoparts in Moseley Road,
Moseley was snapped up by Carwood Motor Units of Coventry for an
undisclosed sum. Administrative receivers were called by CLS
bosses after they were unable to attract cash. A total of 150
staff out of the 220-strong workforce were made redundant as
receivers became aware of the scale of the firm's problems with
liabilities uncovered of more than pounds 1 million. Thirty jobs
have been saved after part of a crashed Birmingham-based motor
spares business was successfully sold by receivers, according to
a report obtained by Evening Mail earlier this week.

CLS had a dozen branches, selling both retail and trade car
parts. Andy McGill, a Birmingham-based senior manager with
insolvency experts KPMG, which is handling the receivership, said
the sale had saved a number of jobs.

"We are still trying to sell other parts of the business and
while we have closed the branches' doors, we are in talks with
other interested parties to resurrect the motor factors side," he
said. "There is some hope that other parts of the business can be
sold that will ultimately save some further jobs."


CALLNET:  Faces Financial Crisis; Up for Sale
-----------------------------------------------
Internet service provider Callnet has gone into administration
after running up huge telecoms bills from its unmetered Internet
access service, The Daily Telegraph reported earlier this week.
The company is now up for sale as a going concern to raise money
for its creditors, principally telecoms suppliers Cable &
Wireless and Worldcom. Malcom Cohen, partner at BDO Stoy Hayward,
the accountant, who has been appointed as administrator of
Callnet, said: "There are very serious outstanding debts, but the
business has a revenue stream and customer database that could be
attractive to people in the Internet access industry."

Callnet's financial problems can be linked directly to its
Callnet0800 unmetered Internet access service, which it launched
last November and had more than 100,000 subscribers. While the
ISP has to pay its telecoms suppliers for the time users spend
online, it is charging users only a fixed monthly fee for the
service. The ISP, which claims still to have 220,000 subscribers
for its pay-by-the-minute internet service, was cut off by Cable
& Wireless because of outstanding debts.

Gerard Farley, recently appointed chief executive of parent
company World Callnet, admitted this week that the Callnet
operation in the UK had spent approaching $20m (pounds 14m) since
the unmetered access service began last year. He said: "The 0800
debacle nearly crippled the whole company." World Callnet has
consulted its lawyers about "serious concerns" over the actions
of the former directors of Callnet UK, according to Daily
Telegraph.


CORUS:  Warns Euro Weakness Remains 'Major Concern'
--------------------------------------------------
Corus says it has no good news to report regarding the exchange
rate, which remains a "major concern". The comments came just
weeks after the group reported massive losses for the full-year.
Its carbon steel business has taken a pounding from the effect of
the weak euro against the pound. At the group's annual general
meeting, chairman Sir Brian Moffat told shareholders there has
also been an "unusually high incidence of operating problems" in
the iron making areas at four of its five works, which has also
hit results but that these had not recurred since June, Ananova
reported earlier this week.

Against this background, Corus -- the product of last year's
merger between British Steel and Hoogovens of the Netherlands --
says it has accelerated its cost and efficiency improvement
program, which includes the axing of 4,000 staff. Sir Brian
added: "We do not do this lightly but out of sheer necessity and
will be doing everything we can to minimize hardship with the
employees concerned and in the communities affected." He said
that outside the UK, the demand for carbon steel remains strong
despite some price weakness in the U.S. and Asia during the
summer, although in Europe, there is growing concern about
oversupply and resulting price weakness.


DOMINION MOTOR:  Liquidation Proceedings
----------------------------------------
Company Name:   Dominion Motor Spirit Co Ltd - The
Company No:   0188772
Appointed on:   30/08/00
Type:   Members
Appointed by:   Members
Liquidators:   David J Pallen  IPno: 5317    
Firm Name:   Ernst & Young
Address:   Rolls House  7 Rolls Building  Fetter Lane
City Postcode:   London  EC4A 1NH


DUCKHAMS OILS:  Liquidation Proceedings
---------------------------------------
Company Name:   Duckhams Oils Ventures Ltd
Previous Name:   Everygas Ltd
Company No:   0626915
Com. Business:   Management Activities Holding Co
Appointed on:   30/08/00
Type:   Members
Appointed by:   Members
Liquidators:   David J Pallen  IPno: 5317    
Firm Name:   Ernst & Young
Address:   Rolls House  7 Rolls Building  Fetter Lane
City Postcode:   London  EC4A 1NH


E Q SOLUTIONS:  Liquidation Proceedings
---------------------------------------
Company Name:   E Q Solutions Ltd
Company No:   3863507
Com. Business:   Development of Computer Software
Appointed on:   30/08/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Richard A Segal  IPno: 2685    
Firm Name:   A Segal & Co
Address:   Albert Chambers  221-223 Chingford Mount Road
City Postcode:   London  E4 8LP


G TAYLOR:  Liquidation Proceedings
----------------------------------
Company Name:   G Taylor Ltd
Company No:   3376799
Com. Business:   General Builders
Appointed on:   30/08/00
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


LAPORTE: For Sale in Cash; to Repay Debt of 517 Million Pounds
--------------------------------------------------------------
Chemicals group Laporte sold half the company for pounds 810m in
cash, to leave it focused on specialty chemicals for the
pharmaceutical and life sciences industry. Jim Leng, chief
executive, said the move marked the culmination of the
transformation of the group. In his five years at the helm, he
has sold 85 percent of the company that existed in 1995. He said
Laporte had evolved from a diversified business run on regional
lines, to a global company concentrated on three high-growth,
high-margin, divisions, the Independent News reported yesterday.

The deal to sell non-core businesses to Kohlberg Kravis Roberts,
the U.S. private equity house, was worth more than the market
capitalization of the entire Laporte group a week ago. The
Independent said that Laporte would use the disposal proceeds to
return pounds 200m, or about 100p a share, to investors and repay
debt of pounds 517m, leaving it ungeared.


LORIEN: U.S. Suitor Pulls Out of Deal
-------------------------------------
Yorkshire Post reported yesterday that troubled IT company Lorien
received a further blow when its American suitor pulled out of
takeover talks at the eleventh hour on realizing that U.S.
accounting laws meant the deal would cost too much to make it
worthwhile. Lorien, which has operations in Leeds, Manchester and
London, said that the aborted deal had cost it pounds 225,000 in
advisory fees, which will be charged in the second half of the
year. Lorien said that after intensive negotiations, an agreement
had been reached for an offer of 150p a share, which valued
Lorien at just under ?30m. The offer was conditional on the US
company being able to account for the transaction as a pooling of
interests under US accounting practices.

In the final stages of negotiation, the US buyer realized that it
would be unable to account for the transaction in this way.
According to Yorkshire Post the alternative was to incur
significant charges and the US buyer decided to pull out of the
deal. Lorien said that if the deal had gone ahead there would
have been an ?800,000 reduction in earnings per year.

In the six months to May 28 the group reported a loss before tax
of pounds 2.8m, which compares with a loss of pounds 1.6m in the
previous year. The loss includes a pounds 1.8m provision for the
disposal of PDN Limited, which was sold to its management, and a
pounds 200,000 loss on the sale of a long leasehold property in
the Midlands. Spending on IT staff remained depressed and the
uncertainty was made worse by legislation regarding the
employment status of contractors, Yorkshire Post said.


MILLENIUM DOME: Finance Director Resigns
----------------------------------------
National Post reported earlier this week that the finance
director of Britain's cash-strapped Millennium Dome resigned, the
first top executive to go after troubleshooter David James was
brought in to save the attraction from financial collapse. The
Dome's operator, the New Millennium Experience Co., told Reuters
that Neil Spence would continue to work through his notice
period.


MILLENIUM DOME:  Commission Denies Dome Report Claims
------------------------------------------------------
Ananova reported yesterday that the Millennium Commission has
denied claims that it had backed the Dome despite two scathing
reports casting doubts on the attraction's viability. The BBC
claimed that accountancy firm Deloitte and Touche had warned the
Commission that the Dome's target of 12 million visitors would be
difficult to achieve and recommended a lower target of eight
million. It said a second report, by a BDO Stoy Hayward team
headed by Bob Stubbs -- now chief executive of Wembley Stadium --
had described the Dome project as the "riskiest he had ever seen
in the public and private sector". But the Commission insists
Deloitte and Touche had in fact advised them that the 12 million
target was "achievable", while eight million was a "worst-case
scenario" for numbers of visitors.

Former Deputy Prime Minister Michael Heseltine, one of the Dome's
earliest and most enthusiastic backers, said that with hindsight
it was clear that it should never have been built: "If we had
known it was going to cost this much, we wouldn't have done it."
But Mr Heseltine, who is believed to have been present at the
Commission meeting when the two reports were presented, added:
"You have endless reports. If you appoint consultants they will
always give you a gloomy view. They are invariably cautious."


QSP GROUP: Posts Interim Pre-Tax Losses Of 1.02 Million Pounds
--------------------------------------------------------------
The Times noted yesterday that computer software QSP Group posted
interim pre-tax losses of 1.02 million pounds. There is no
dividend.


SERVICEPOWER: First Half Pre-Tax Losses to 2.7 Million Pounds
-------------------------------------------------------------
Servicepower Technologies, the newly listed provider of field
staff management software, reported first half pre-tax losses
widened from pounds 1.28 million to pounds 2.7 million, The Times
said yesterday.


STURMEY ARCHER: Bike Gear Maker Threatened with Liquidation
-----------------------------------------------------------
Mail on Sunday reported yesterday that Sturmey-Archer, one of the
oldest names in the British cycle industry, is threatened with
liquidation, putting 300 jobs at risk. British bicycle history
has been lost with the announcement that the well-known gear
maker is to close. Three hundred workers at Sturmey Archer in
Nottingham were told the news with immediate effect.

The company, once part of the Raleigh group, which has also
suffered big job losses, has been on the same site in Triumph
Road, Radford, for 98 years. Bosses said they were trying to find
a new buyer but blamed the announcement on the failure of the
parent company, Lenark, to relocate them to a new site. A
skeleton staff only will work on a voluntary basis to complete
final orders.


TOR INVESTMENT: Announces Restructuring Proposals
-------------------------------------------------
Extel Company News reported earlier this week that Tor Investment
Trust has provided proposals for the company to be placed in
liquidation. Shareholders will have the option to transfer funds
to BFS UK Dual Return Trust PLC ("BUDR"), a new split-capital
investment trust and/or cash. Shareholders will be able to apply
their final capital entitlements in electing for any combination
of following: income shareholders -- BUDR income shares, valued
at 48.5p each; and/or BUDR geared Ord units, each comprising one
BUDR income share and one BUDR capital share, valued at 96.1p per
unit and/or cash. Capital shareholders -- BUDR zero dividend Pref
shares, valued at 100p each and/or BUDR capital shares, valued at
47.6p each and/or BUDR geared Ord units, valued at 96.1p each
and/or BUDR growth units, each comprising 2 BUDR capital shares
and one BUDR zero dividend Pref share, valued at 195.2p each
and/or cash.

In respect of BUDR capital shares, BUDR geared Ord units and BUDR
growth units, roll-over prices represent discounts of 7.6
percent, 3.9 percent and 3.8 percent to issue prices of 51.5p,
100p and 203p respectively at which these securities are being
offered simultaneously under placing and offer for subscription.
Proposals, if approved, will result in Company being in position
to offer shareholders opportunity to realize their investment for
cash some 12 months earlier than would have been possible under
Articles of Association.



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

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