/raid1/www/Hosts/bankrupt/TCREUR_Public/001010.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, October 10, 2000, Vol. 1, No. 109

                          Headlines

B E L G I U M

LOUIS DE POORTERE: Gets Two Takeover Offers
LOUIS DE POORTERE: Duo Dryon-Lano Buys Carpet Company


C Z E C H   R E P U B L I C

BANKOVNI HOLDING: Goes for Liquidation


F R A N C E

BOURGOIN: Court Accepts Sofiproteol's Offer


G E R M A N Y

ROLAND ERNST:  Property Mogul Has Debts of DM450 Million


N E T H E R L A N D S

INTERPHARM: Alliance UniChem Assumes E20.7 Million Debt


R U S S I A

INKOMBANK: Pays Part of Debt to 125,000 Depositors
NORILSK NICKEL: Duma Gives 51 Percent Stake to Russian State
NORILSK NICKEL:  Norilsk Shares Transfer


S P A I N

SOLAC: Cegasa Takes Charge of Troubled White Goods Group


U N I T E D   K I N G D O M

APEX ACCESS:  Liquidation Proceedings
BARCLAYS INTERNATIONAL:  Liquidation Proceedings
BARINGS: Koh Beng Seng Testifies in Billion-Dollaw Lawsuit
B I P J (PROPERTIES):  Liquidation Proceedings
CHANNELVOX LTD:  Liquidation Proceedings

EIDOS:  Financial Officer Abandons Troubled Computer Game Company
GB EXPRESS:  Liquidation Proceedings
FINELIST:  Goes into Receivership
J ARTHUR:  Liquidation Proceedings
JFM PRECISION:  Liquidation Proceedings

MARKS & SPENCER:  Panmure Downgrades M&S to "Underperform"
MERANT:   CEO Gets 103,000 Performance Bonus
MG ROVER: Malaysia's Proton Doesn't Want Rover Stake
MG ROVER:  A Muddy Future for Rover
POWERNET TELECOM: Powernet Crashes Under 30 Million-Pound Debt

R V MCNEILLY:  Liquidation Proceedings
UNITED SHOE: 210 Workers Face Loss of Jobs
WAKEFIELD TRINITY:  Creditors Agree to Wait for Debt Payments
WAS GROUP:  Liquidation Proceedings
WESTWARD ASSOCIATES:  Liquidation Proceedings


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

LOUIS DE POORTERE: Gets Two Takeover Offers
-------------------------------------------
Le Soir & World Reporter reported earlier last week that the
caretaker management of insolvent Belgian textile group Louis de
Poortere (LDP) will present the two takeover offers received to
the Tournai tribunal. The offers have come from the Domo group
and the Dryon-Lano partnership, both having obtained guarantees
from their respective banks.

The offer from Dryon-Lano is substantially higher than that of
Domo's, BFr725m compared to BFr483m, and has the backing of LDP's
creditors. Dryon-Lano holds the advantage as it has promised to
spend BFr30m on helping those employees who have lost their jobs
to find work elsewhere.


LOUIS DE POORTERE: Duo Dryon-Lano Buys Carpet Company
-----------------------------------------------------
Liquidated Belgian carpet company Louis De Poortere (LDP) is to
be acquired by Pascal Dryon and Pierre Lano on the provision that
the transaction will be confirmed by the trading court of the
Belgian town of Doornik, De Standaard & World Reporter said
yesterday.  

An agreement has reportedly been reached with receivers, which
Belgian textiles and chemicals group Domo charges has not kept to
a set deadline, allowing others to enter the bid at a late stage.  
The group also says the transaction would have been managed
within two weeks if banks had been more receptive to its efforts
to acquire LDP. Domo intended to make LDP the center of its
carpet division. Unions point out that the offer by Pascal Dryon
and Pierre Lano will save more jobs, De Standaard says.


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

BANKOVNI HOLDING: Goes for Liquidation
--------------------------------------
Bankovni holding (BH) has elected a new supervisory board and
board of directors at a general meeting, Czech News Agency said
earlier last week. The liquidation planned by the former board of
directors headed headed by Ivan Matejovsky has not yet been made,
casting doubt on BH's fate. The new three-member board reportedly
consists of people from or close to Ceskoslovenska obchodni banka
(CSOB). BH's losses last year were over Kc468 million. A general
meeting was scheduled then to decide on the dissolution and
liquidation of the company, but did not take place because some
of the planned items on the agenda failed to gain the approval of
the board of directors.

BH was established in 1996 through a transformation of Bankovni
investicni fond controlled by Prvni investicni. Prvni investicni
was a subsidiary of Investicni a postovni banka (IPB), which is
now held by CSOB. Since 1996 BH has ended in the black just once,
in 1997 when it reported a profit over Kc133m. In 1998 its loss
exceeded Kc1.5bn. CSOB spokesman Jan Stolar said that BH's losses
were apparently due to its investment in IPB shares.


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

BOURGOIN: Court Accepts Sofiproteol's Offer
-------------------------------------------
Sofiproteol announced that a court has accepted its offer for a
major slice of bankrupt poultry group Bourgoin SA, the National
Post reported yesterday. At least seven candidates had made full
or partial offers for Bourgoin, but Sofiproteol said the court
had picked the bid it made for the poultry company, which filed
for bankruptcy in August, in conjunction with the Uncaa,
Unigrains and Agro Plus cooperatives.


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

ROLAND ERNST:  Property Mogul Has Debts of DM450 Million
--------------------------------------------------------
Insolvency proceedings began last Monday against German property
mogul Roland Ernst and his property company, also called Roland
Ernst, the Die Welt & World Reporter reported on October 5. Ernst
had debts amounting to DM450 million, which insolvency
administrator Gerhard Walter said were uncovered after an
investigation was made into the 170 companies in which Ernst had
invested. Ernst reportedly claimed a few months ago that his
debts amounted to only MD213 million.


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

INTERPHARM: Alliance UniChem Assumes E20.7 Million Debt
-------------------------------------------------------
European pharmaceutical distribution group Alliance UniChem is to
acquire Internatio-Muller's pharmaceutical and healthcare
distribution division Interpharm for $177.5 million, or E203
million, the Financial Times reported Thursday. The deal will be
paid for with cash reserves and E187 million from the sale of up
to 22 million new Alliance UniChem ordinary shares at 507p per
share. UniChem has also agreed to assume E20.7 million of debt.

Alliance CEP Jeff Harris said in a statement, "This acquisition
clearly fits into our strategy of building a leading position in
European healthcare markets and gives us a significant presence
in the Dutch pharmaceutical wholesaling market." Interpharm is
the second largest pharmaceutical wholesaler in the Netherlands
with a 22 percent share of the wholesale market. It recorded
sales of E811 million and an operating profit of E24.6 million
last year.   

Alliance, which bought a chain of 14 pharmacies earlier this
year, reportedly hopes the acquisition will boost development of
its retail pharmacy business in Holland. Shares in Alliance were
off 1p at 514.5p in early trading in London.


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

INKOMBANK: Pays Part of Debt to 125,000 Depositors
--------------------------------------------------
The Moscow Times reported October 7 that bankrupt Inkombank is
going to repay part of its 6 million-ruble debt to about 125,000
depositors. Unidentified sources reportedly said payments to
depositors, for whom accounts will be opened automatically at
Sberbank branches, are to begin by end of November.

Inkombank will be able to pay 52 percent of its debt to
depositors after paying a 6 percent commission to Sberbank, and
the remaining debt is to be paid after liquidatino proceedings
are completed. The bank's assets reportedly have a combined value
that exceeds the amount of money owed to depositors. Creditors
previously intended for payments to begin November 1, but have
since agreed to the arrangement.


NORILSK NICKEL: Duma Gives 51 Percent Stake to Russian State
------------------------------------------------------------
The State Duma has cancelled the results of Norilsk Nickel's
privatization by drafting a bill that gives a 51 percent stake in
Norilsk Nickel to the state. The Skrin Issuer said October 6 that
a 31 percent stake was supposed to be handed over to subjects of
the Federation, while a 25 percent stake may be owned by foreign
states, international organizations, or foreign legal entities.   
The bill provides criminal or management responsibility for its
violation.


NORILSK NICKEL:  Norilsk Shares Transfer
----------------------------------------
Metals giant Norilsk Nickel's management announced last week that
37.6 percent of its shares in subsidiary Norilsk Mining Co. (NGK)
would be transferred to Deutsche Bank. The move is intended to
give investors a double guarantee that their shares will not be
used in any other operations during restructuring plans, which
call for company assets to be transferred to NGK, the Moscow
Times said. According to Norilsk representatives, the share
transfer is not required by law and is intended to reassure
investors who worry that the restructuring process might dilute
their holdings.


=========
S P A I N
=========

SOLAC: Cegasa Takes Charge of Troubled White Goods Group
--------------------------------------------------------
Spanish battery manufacturer Cegasa will take over white goods
group Solac through Azpillaga 2000, the Expansion and World
Reporter said last week. Solac went into receivership last year,
with debts amounting to E54 million. Cegasa has agreed to
shoulder 80 percent of the debt and plans to reduce the
workforce.


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

APEX ACCESS:  Liquidation Proceedings
-------------------------------------
Company Name:   Apex Access Sales Ltd
Company No:   3582067
Com. Business:   Capital Sales Co
Appointed on:   11/09/00
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


BARCLAYS INTERNATIONAL:  Liquidation Proceedings
------------------------------------------------
Company Name:   Barclays International Korea Fund Plc
Company No:   IR
Appointed on:   11/09/00
Type:   Members
Appointed by:   Members
Liquidators:   David Hargaden  IPno:     
Firm Name:   Hargaden Moor
Address:   Grand Canal House  1 Upper Grand Canal Street
City Postcode:   Dublin  4


BARINGS: Koh Beng Seng Testifies in Billion-Dollaw Lawsuit
----------------------------------------------------------
Former top banking regulator Koh Beng Seng is expected to give
evidence in Singapore's High Court after the English courts
issued a letter of request for assistance from the Singapore
courts. The evidence is to be used in an imminent billion-dollar
British lawsuit taken up by liquidators of some of the companies
of the now-liquidated Barings Group against former auditors
Coopers & Lybrand, and Deloitte & Touche, the Straits Times said
last week.  

The case is expected to start in London next year. Others who are
expected to testify are Ho Tian Yee, Dennis Seet, Ng Kwai Keong
and Soo Yu Chuan, all of who were in senior management positions
in either the Monetary Authority of Singapore (MAS) or the
Singapore International Monetary Exchange in 1995. All five
witnesses are expected to testify before Justice Lai Kew Chai in
a 10-day hearing in Singapore on measures taken during the
collapse.  

The liquidators charged in the suit that the two accounting firms
failed to warn Barings about fraudulent trading by trader Nick
Leeson, resulting in losses of more than $2.4 billion. Leeson was
sentenced to six years jail for fraud but was released July last
year after serving 4 1/2 years.  

Representing the parties are four Queen's Counsel and at least 12
lawyers from England as well as from local law-firms Allen and
Gledhill; Drew & Napier; Haridass Ho and Partners; Khattar Wong
and Partners; Rajah and Tann and Wong Partnership, the Times
said.


B I P J (PROPERTIES):  Liquidation Proceedings
----------------------------------------------
Company Name:   B I P J (Properties) Ltd
Company No:   SC
Appointed on:   11/09/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Cameron K Russell  IPno: 5213    
Firm Name:   Wm Duncan & Co
Address:   114 Cadzow Street
City Postcode:   Hamilton  ML3 6HP


CHANNELVOX LTD:  Liquidation Proceedings
----------------------------------------
Company Name:   Channelvox Ltd
Company No:   2755563
Appointed on:   11/09/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Philip Weinberg  IPno: 5325    
Firm Name:   Marks Bloom
Address:   60-62 London Road
City Postcode:   Kingston-u-Thames  KT2 6QZ


EIDOS:  Financial Officer Abandons Troubled Computer Game Company
-----------------------------------------------------------------
Computer game maker Eidos, which produced the popular "Tomb
Raider" game starring Lara Croft, saw shares plunging after chief
financial officer Jeremy Lewis quit Friday, the Independent News
said. Lewis' resignation, which took effect immediately to allow
him "to pursue a range of other interests," sent shares falling
16 percent, finally closing down 22.25p at 288.5p. Eidos has
announced that it was looking outside the firm for a replacement.

Eidos said in June it was in talks with a potential buyer, later
revealed to be Europe's biggest video-game maker Infogrames
Entertainment.  Eidos CEO Mike McGarvey said Lewis, who joined
Eidos in October 1998 from Robert Fleming where he was director
of corporate finance, resigned due to frustrations that the
company's mid-December share slump from 1,290p meant it could not
make acquisitions.  

Sales at Eidos have slowed because consumers have not been buying
games until Sony releases PlayStation 2. The company posted a
15.3 million loss this year.


GB EXPRESS:  Liquidation Proceedings
------------------------------------
Company Name:   GB Express Ltd
Appointed on:   08/09/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Andrew Conquest  IPno: 5329  Edward E Klempka  
Firm Name:   Grant Thornton
Address:   Grant Thornton House  Melton Street
City Postcode:   London  NW1 2EP


FINELIST:  Goes into Receivership
---------------------------------
Car parts distributor Finelist went into receivership October 6,
The Times said, seven months after a 159 million pound
acquisition by Europe Auto Distribution (EAD), a consortium of
French venture capitalists. Europe Auto said it believed there
had been financial problems with Finelist, which employs 5,500
people in the UK and reportedly has debts of several hundred
million pounds.  

Finelist receiver Alan Bloom disclosed that Finelist has a 500
million-pounds annual turnover with employees in more than 600
locations in the UK. "We have already received a number of
expressions of interest for the business which we are trading as
a going concern. We are very confident of finding a buyer. We are
currently looking at the most effective way of packaging it up
for a sale," he said. Bloom has also been appointed receiver to
the operating subsidiaries, including Motorworld.

Many of Finelist's creditors are small businesses that supply
components. EAD, whose owners Axa Private Equity, Butler Capital,
CDc Equity Capital and Finauto had planned to merge Finelist with
their French auto parts business Autodis, took over Finelist in a
cash deal last February. EAD said Autodis was not affected by the
receivership.  

Finelist's accounts for the year to June 30, 1999, showed the
company had bank debt of more than 160 million pounds and pre-tax
profit was 26.3 million pounds. Finelist shares reached a peak at
399p in 1998 but dived 90«p when it failed to acquire Birmingham-
based rival Partco. Finelist was floated in February 1994, with
sales of about 24 million pounds and embarked on a massive
acquisition spree that involved 60 deals. Finelist's other
divisions include Edmunds Walker, which was established in 1906
and serves the commercial vehicle and engine after-market, and
Lucas Service, an electrical and fuelling specialist.


J ARTHUR:  Liquidation Proceedings
----------------------------------
Company Name:   J Arthur Holdings Ltd
Company No:   2827283
Com. Business:   Holding/Investment Co
Appointed on:   08/09/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Richard Kravetz  IPno: 7994    
Firm Name:   BBK
Address:   311 Ballards Lane
City Postcode:   London  N12 8LY


JFM PRECISION:  Liquidation Proceedings
---------------------------------------
Company Name:   JFM Precision Fabrications Ltd
Com. Business:   Engineering and Allied Industries
Appointed on:   08/09/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   C C MacMillan  IPno: 6000    
Firm Name:   BDO Stoy Hayward
Address:   3rd Floor  Peter House  St Peter's Square
City Postcode:   Manchester  M1 5AB


MARKS & SPENCER:  Panmure Downgrades M&S to "Underperform"
----------------------------------------------------------
Reuters reports Marks & Spencer Plc was downgraded this week by
Emily Shamma of WestLB Panmure, who cut her recommendation to
"underperform". "The recovery timescale has shifted further back,
to the extent that we believe the earnings crutch for the shares
has been removed," said Shamma. The report says few bidders are
seen as interested in the company, although small investors might
wait to see what new boss Luc Vandevelde can do with the ailing
stores. Long-term investor Brandes is the company's biggest
shareholder. In the last six months Brandes has increased its
holding by one percent to 242 million shares or 8.4 percent of
the issued share capital. Another large holder, U.S.-based
Franklin Templeton Investments, has a 100 million-share stake, or
3.5 percent.  


MERANT:   CEO Gets 103,000 Performance Bonus
--------------------------------------------
Troubled software group Merant says it paid its chief executive a
103,000 pounds performance bonus last year despite a profits
warning from the company and poor results in the period. The
Independent reports Gary Greenfield received the bonus on top of
his basic salary of 248,000 pounds. Merant said Greenfield met
earnings per share targets set for the first half of the year,
and Merant had not run into difficulties until the third quarter.

"The bonus reflects the fact that Mr Greenfield's basic salary is
relatively low, as is the norm in the US," said a spokesman.
Merant was formed from the merger of Intersolv, a U.S. software
group, and Micro Focus, a UK rival. However, 89 per cent of its
investors are British.

One leading institutional investor said: "It's appalling. This
doesn't stand up for the creation of shareholder value."


MG ROVER: Malaysia's Proton Doesn't Want Rover Stake
----------------------------------------------------
Malaysian carmaker Proton will not invest in MG Rover but might
consider working with the troubled British company on engines,
Malaysian Prime Minister Mahathir Mohamad said in a Reuters
report on Friday. "They (MG Rover) are looking at an engine....
There is no truth in reports that we are going to buy Rover,"
Mahathir told reporters at the factory of Proton's Lotus unit in
Norwich, eastern England. Asked if Perusahaan Otomobil Nasional
Bhd (Proton) planned to invest in Rover, Mahathir said: "There is
no discussion about investing in Rover... We thought about it but
we don't have that capacity." Proton is seen as Mahathir's
brainchild and a symbol of his efforts to make Malaysia a
manufacturing economy.


MG ROVER:  A Muddy Future for Rover
-----------------------------------
Rover Chairman John Towers has given few details of his business
plans since buying the troubled carmaker from BMW. He had pledged
to turn the firm around in three years by cutting staff at
Longbridge and keeping production at around 200,000 units per
year. The firm also planned to focus on three platforms: a sports
car, the Rover 75 and a new medium-sized vehicle. But Reuters
reports industry watchers are wary of the future prospects for
Rover, which lost some 1.2 billion euros ($1.05 billion) last
year. They say it would need up to some 600 million pounds to
develop a new car.


POWERNET TELECOM: Powernet Crashes Under 30 Million-Pound Debt
--------------------------------------------------------------
Powernet Telecom was yesterday was placed into receivership with
debts of up to 30 million pounds. The High Court in Manchester
appointed Arthur Andersen official receiver after Powernet failed
to pay its wages bill. The Internet company is chaired by the
Marquess of Huntly, chieftain of the Gordon Clan.

The Times of London reports Chief executive Ian Carey was
disqualified as a director after the collapse of Call Free
Directories in March 1995. The Times reports documents show Carey
has acted as a director of at least eight companies that have
collapsed into receivership or voluntary liquidation owing more
than 3.8 million pounds to creditors.

The Times reports Powernet last month tried to raise 20 million
pounds more through a private placing with Brown Shipley, another
firm of brokers and advisers. Brown Shipley refused to sign off
the placing because it was unhappy with the company's trading
performance. The failure of the placing was key to Powernet's
collapse.


R V MCNEILLY:  Liquidation Proceedings
--------------------------------------
Company Name:   R V McNeilly & Co Ltd
Company No:   SC
Appointed on:   08/09/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   David K Hunter  IPno: 5186    
Firm Name:   Campbell Dallas
Address:   Sherwood House  7 Glasgow Road
City Postcode:   Paisley  PA1 3QS


UNITED SHOE: 210 Workers Face Loss of Jobs
------------------------------------------
British United Shoe Machinery expects to lay off several of its
210 workers as the company announced it was placed in
receivership. The Leicester Mercury reports BUSM is part of the
USM Group, which has subsidiaries in the United States, Germany
and Austria, employing an additional 300 staff. The whole group
is in receivership.

Receivers Arthur Andersen expects to sell the business as a going
concern. A spokesman for the receivers said: "USM Group has been
recognised for many years for its high-quality machines which
have been used by leading footwear manufacturers all over the
world. "Unfortunately the market is oversupplied and the high
pound has not helped the company in these circumstances."


WAKEFIELD TRINITY:  Creditors Agree to Wait for Debt Payments
-------------------------------------------------------------
The Independent reports Wakefield Trinity's immediate future is
assured after their major creditors agreed to wait for the money
they are owed. Trinity, who have debts of around pounds 4m and
sacked half their squad as a cost-cutting measure, have persuaded
SCG Rovacabin, who built a hospitality stand at Belle Vue, and
the local council to enter into a Creditors' Voluntary Agreement
that will give them breathing space.

"It's excellent news," said the club's chief executive, Stuart
Farrar. "The creditors accepting the CVA proposals will enable
the club to continue to operate."


WAS GROUP:  Liquidation Proceedings
-----------------------------------
Company Name:   WAS Group Ltd
Company No:   2998951
Com. Business:   Property Owners
Appointed on:   08/09/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Neil Henry  IPno: 8622  Nola Barber  8000
Firm Name:   Lines Henry
Address:   27 The Downs
City Postcode:   Altrincham  WA14 2QD


WESTWARD ASSOCIATES:  Liquidation Proceedings
---------------------------------------------
Company Name:   Westward Associates Ltd
Company No:   2222751
Com. Business:   Steel Stockbrokers
Appointed on:   08/09/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   David G Kirk  IPno: 8830    
Firm Name:   David Kirk
Address:   Southernhay Lodge  Barnfield Crescent
City Postcode:   Exeter  EX1 1QZ



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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USA, and Beard Group, Inc., Washington, DC USA.  Lexy Mueller,
Mercy Villacastin and Cristina Pernites, Editors.

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

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