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        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, October 26, 2000, Vol. 1, No. 121

                            Headlines


C Z E C H   R E P U B L I C

CEZ:  Four Parties in Battle for Power Utility Privatization


E S T O N I A

AS EESTI COCA-COLA: Soft Drink Market Leader Posts Serious Loss


G E R M A N Y

GIGABELL:  World Access Shows Interest in Troubled ISP


I R E L A N D

SEALION SERVICES: Victim Vows to Honor 1 Million Pounds Bank Debt
TRANSAER:  Aer Rianta Seizes Plane As Airline Folds
TRANSAER: In Negotiations with a Range of Potential Investors


L A T V I A

NESTE LATVIJA:  Foreign Companies Clash with Railway


P O L A N D

DAEWOO POLAND: Polish Trade Union Demands State Takeover of Plant


R U S S I A

JSC "CHTZ": Starts Frozen Debt Payment in November
JSC "GAZ":  Decree on Debt Rescheduling to Federal Budget Signed
MIR: Due to Financial Crisis, Russia to Deorbit Mir Station
TRANSNEFT: Ordered to Pay Surgut 200 Million Rubles


S W E D E N

BOXMAN:  Goes to Liquidation Process
MEDIALAB: To Post a Wider Pre-Tax Loss of 419 Million Crowns


U N I T E D   K I N G D O M

ANTELOPE NATIONWIDE: Liquidation Proceedings
ASSURED GROUPAGE: Liquidation Proceedings
BROOKCOURT DEVELOPMENTS: Liquidation Proceedings
CARY ANTIQUES: Liquidation Proceedings
COATS VIYELLA: Up for Sale, Cuts Some 2,000 Jobs

DAEWOO UK:  Skilled Staff from Design Plant in Worthing Quit
HALO CONSULTANCY: Liquidation Proceedings
MG ROVER: Denies Break-Up
MG ROVER:  Rover Board Rebels Plot to Take Over
MATSUSHITA ELECTRIC: To Cut 1,400 Jobs

NAP HOLDINGS: Liquidation Proceedings
NISSAN UK:  Goes for Restructuring
PANASONIC:  To Shed 1,300 Jobs in Wales
THE HARRIS (THO): Commission Suspend the Business Operations
TWP (1) LTD: Liquidation Proceedings

TYLER (UK): Liquidation Proceedings
ULTIMATE INSURANCE: DTI Petition to Wind Up
WITLEY COLLECTION: Liquidation Proceedings


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

CEZ:  Four Parties in Battle for Power Utility Privatization
------------------------------------------------------------
Prague Business Journal noted yesterday that the U.S.-based AES
Corporation has expressed interest in the privatization of power
utility CEZ, joining French state-owned Electricite de France
(EdF), U.K.-based National Power and E.ON Energie of Germany.
Industry insiders say the frontrunner is EdF, which supplies
electricity to 30 mln French customers and has extensive
experience in nuclear power.


=============
E S T O N I A
=============

AS EESTI COCA-COLA: Soft Drink Market Leader Posts Serious Loss
---------------------------------------------------------------
BNS & Euromoney noted yesterday that the leader of the Estonian
soft drink market, AS Eesti Coca-Cola Joogid (Estonian Coca-Cola
Drinks), ended last year with a loss of 20.1 million kroons (USD
1.09 mln), a setback of 40 million kroons as compared with 1998.
Public relations manager Kerttu Olmann-Mois declined comment on
the reasons for such a huge loss. "The whole soft drink market
has diminished and we along with it," Olmann-Mois told the
business daily Aripaev.

According to data of the central register of businesses, the
company made a profit of 21.3 million kroons in 1998. Sales
director of Osel Foods Kuldar Leis was surprised at the rival's
loss. "The summer of last year was perfect, with warm weather all
beverages producers' figures climbed," he said.
In this year's second quarter Coca-Cola controlled 42 percent of
the soft drink market, Osel 22 percent and Tartu Olletehas (Tartu
Brewery) -- 17 percent. Whereas in 1997-1998 Coca-Cola's share of
the market was 75 percent, last year was successful for
alternative products. Consumers gave a very warm welcome to kvass
that was launched in 1999. The leader of the kvass market was
Osel Foods with its Linnuse brand.


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

GIGABELL:  World Access Shows Interest in Troubled ISP
------------------------------------------------------
U.S. telecoms service provider World Access has expressed an
interest in buying parts of troubled Internet service provider
Gigabell, the German firm's insolvency administrator said. The
news sent Gigabell's stock soaring 46 percent to 9.49 euros on
Frankfurt's Neuer Markt. But it remains 93 percent below a year-
high of 131.56 euros posted in March after slumping to a low of
3.10 euros in September when the company filed for insolvency.

Reuters noted last week that the Finnish Internet service
provider Saunalahti announced plans to rescue its ailing peer at
the end of September by buying former Gigabell Chief Executive
Daniel David's 56 percent stake, providing an agreement was
reached on the firm's debts. Saunalahti, which has recently
changed its name to Jippii Group, said it was still in talks to
buy the stake despite news of a possible rival bidder.

Insolvency administrator Dirk Pfeil said he could not rule out
the possibility that the Finnish company would back out of the
deal and he would therefore begin talks with World Access to
explore the exact nature of its interest. Gigabell, the first
Neuer Markt company to be threatened with going out of business,
said last week it had secured intermediate financing by selling
three British subsidiaries for about one million marks. The move
was criticized by David who told Reuters last week that the units
were worth between eight and 12 million marks.


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

SEALION SERVICES: Victim Vows to Honor 1 Million Pounds Bank Debt
-----------------------------------------------------------------
Irish Independent reported yesterday that the Dublin insolvency
practitioner Michael Butler has told bankers he will honor a 1m
pounds debt after he emerged as a victim in the collapse of a
Leitrim boat maker where the deficit is now feared to run to
almost 3.3m pounds. Sealion Services of Carrick-on-Shannon's main
business was in boat-building.

Sources said that Mr Butler has been unable to locate up to 20
boats in the Irish Cruiser Hire and Leitrim Cruiser Hire fleets.
It is understood that Irish Cruiser Hire and Leitrim Cruiser Hire
borrowed almost ?1m from Anglo Irish Bank, Equity Bank and ACC
Bank to fund the purchase of 20 cabin cruisers at about 45,000
pounds apiece several years ago. It is believed that Mr Butler
personally guaranteed those loans. Until recently, he was under
the impression that his boats had been successfully hired out and
that he was in receipt of rental income.

However, it is understood that he has complained to Gardai that
he has been unable to trace the boats following the collapse of
Sealion Services. Anglo Irish Bank appointed Brendan Foster of
chartered accountants Foster McAteer as receiver to Sealion
Services last week. Two of the directors of the collapsed Sealion
are also listed as directors of Leitrim Cruiser Hire. They are
Shane Matthews of Carrick-on-Shannon, Co Leitrim and Frank
Farrell of 1, Southland, Athlone, Co Westmeath. They have not
been available for comment.

According to Irish Independent, the Garda Bureau of Fraud
Investigation said yesterday it was investigating complaints
about missing boats following the collapse of Sealion Services. A
spokesman said the bureau was investigating complaints in
association with the Gardai at Carrick-on-Shannon. But he
declined to say how many complaints the Gardai had received.
Other sources said that Mr Foster had received complaints of up
to 40 missing boats from clients of Sealion Services. However, it
is not known if all of the complainants have contacted the
Gardai. The sources said that Mr Foster now feared the deficit at
Sealion Services could reach as much as 3.3m pounds if the
missing boats could not be located.


TRANSAER:  Aer Rianta Seizes Plane As Airline Folds
---------------------------------------------------
Doras News noted last week that Aer Rianta has seized an airliner
worth an estimated $30-40 million at Dublin Airport from the
TransAer charter company, which is going into liquidation. The
airport company is reported to be owed around IR200,000 pounds by
the airline in unpaid landing fees and other charges. Accountants
McStay Luby have been put in to the firm as liquidators by the
High Court. About 298 workers in Ireland will now lose their
jobs, with a further 247 jobs being lost abroad. Alternative
flights have been arranged by tour companies for hundreds of
Irish holiday makers who were due to return on TransAer from
Lanzarote, Malaga, Larnaca and Rome.

The collapse of the airline comes despite a claim by its chief
executive Willie O'Byrne that it has been trading profitably
since the start of this year. However, he says it had been
brought down from the overhang of problems encountered in Kosovo
last year and from an examinership at a major US trading partner.
Last minute efforts to save the company failed to lock in new
investors. TransAer, which is 53pc owned by former Ryanair chief
executive PJ McGoldrick, had been trying to negotiate a merger
with the UK-based HeavyLift Cargo Airlines, but talks on this
broke down last week.


TRANSAER: In Negotiations with a Range of Potential Investors
-------------------------------------------------------------
Transaer, the Irish charter airline 53pc-owned by former Ryanair
chief executive PJ McGoldrick, has gone into liquidation after
incurring significant losses and a failed merger with UK-based
HeavyLift Cargo Airlines, Irish Independent noted last week. The
High Court has appointed McStay Luby as liquidator to the company
which has laid off 298 Irish workers. According to Willie
O'Byrne, chief executive of TransAer, over the last week the
company has also been in negotiations with a range of potential
investors, including airlines, for a limited rescue of TransAer's
fleet of 13 airbus aircraft. "We were unsuccessful in our
negotiations after the merger talks with HeavyLift Cargo Airlines
broke down," he said. "The board had to make a decision very
quickly and it was made within a week." He added that the merger
talks ended when it was estimated that the funding requirement of
$15m to $20m for the newly merged entity was excessive.

Mr O'Byrne said that things started to go wrong as a result of
the Kosovo war which had a strong negative impact on TransAer's
core markets of Greece, Turkey and Germany when the company
incurred serious losses. He would not go into detail on the
amount, but added that the losses were further impacted after
TransAer invested $20m in US airline TransMeredian which in
September filed an application with the US court for protection
under the bankruptcy code.

Mr O'Byrne added that liquidation was the only option open to the
company as a period of examinership requires that the company use
its cash flow to trade for three months after the appointment of
an examiner. "Our business is cyclical and the busiest time is
Summer," he said. "We are now entering a natural negative cash
flow period and would not have been able to trade for the three
months." He added that the company is now faced with a very
difficult job but will do it "with as little damage to people as
possible." Mr O'Byrne would not disclose TransAer's latest
financial results.

Last year TransAer restructured its business and as a result 25
staff were made redundant. At the time the Irish Independent
reported that the company was in negotiations with GE Capital
Aviation Services, which it had a leasing agreement with, on a
multi-million pound investment deal whereby GE would take a
minority stake in the company. If a deal had been signed in the
end it would have given TransAer a much-needed capital injection
from GE Capital Aviation Services, the GBP38bn business providing
leasing, loans and asset management.


===========
L A T V I A
===========

NESTE LATVIJA:  Foreign Companies Clash with Railway
----------------------------------------------------
BNS & Euromoney reported yesterday that fuel company Fortum which
is the owner of Neste fuel filling stations in Latvia has not yet
filed a complaint to the World Trade Organization (WTO) over the
conflicts with state-owned railway company but does not rule it
could turn to some international institution in the future.

The remark was expressed to BNS by Fortum lawyer Tony Huopalainen
commenting on warning to turn to international structures due to
the conflict that has developed between Latvijas Dzelzcels (LDz,
Latvian Railway) and the fuel trader companies Neste and Statoil.  
Huopalainen said Neste and Statoil already have filed a complaint
over LDz to the Latvian Competition Council but so far no
response has been received. Huopalainen said the conflict had
been lasting for several months and caused big losses to the
company therefore it cannot wait any longer for the solution of
the conflict.

If the conflict is not solved Neste will take further steps to
protect its interests. According to BNS & Euromoney a conflict
between LDz and the two fuel trader companies has developed as
LDz refuses to transport export cargo to Neste and Statoil's
terminal in the port of Riga citing technical problems in
Ziemelblazma railway station in Riga through which the cargo
should be transported. The railway technical commission said oil
products for exports in direction to the sea cannot be
transported to the terminal through Ziemelblazma unless the
terminal is reconstructed.

The commission said that while transporting fuel for export to
the terminal through Ziemelblazma the rails are 150 meters short
for all required maneuvers. But Latvija Statoil and Neste Latvija
have said the amounts of cargo to be transported for business
needs of the two companies will be significantly lower than
500,000 tons a year, as envisaged under a previous agreement with
LDz. Therefore the two companies believe the fuel can be
transported to the terminal both for imports and exports. The
Competition Council launched a probe into the conflict at a
request of the two fuel traders. LDz officials, Transport
Minister Anatolijs Gorbunovs and Statoil representatives agreed
in a meeting that Statoil will find out in a month's time what
documentation is needed for Statoil to be able to export fuel.


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

DAEWOO POLAND: Polish Trade Union Demands State Takeover of Plant
-----------------------------------------------------------------
Poland's Solidarity trade union demanded on Tuesday that the
government take control of factories belonging to the ailing
South Korean carmaker Daewoo to stave off massive layoffs, a
union official said. In letters addressed to Prime Minister Jerzy
Buzek, parliament members and several ministries, the labor union
appealed to authorities to "place great importance on Daewoo's
situation" and "save the (national) assets before it is too
late," the head of Solidarity's automobile section, Alfred
Konowracki, told Agence France Presse. Compounding problems in
Seoul, Daewoo's Polish assembly plants have seen sales skid by
one-third in the first nine months of this year compared to the
same period in 1999.

Daewoo officials last week announced they would slash 1,200 jobs
out of 6,200 at the van assembly plant in the southeastern city
of Lublin, but on Tuesday a spokeswoman strongly denied reports
that 2,600 out of 5,500 workers would be sacked at the Warsaw
factory. Two top Polish officials are expected to travel to South
Korea in early November to discuss Daewoo's future in the
country. Daewoo raced into Poland in 1995 and made it a key
center of international operations, betting on rapid growth in
central Europe and Poland quickly joining the European Union.


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

JSC "CHTZ": Starts Frozen Debt Payment in November
--------------------------------------------------
Skrin Issuer noted earlier this week that in November JSC "CHTZ"
will start frozen debt payment before creditors second turn. A
complete debt payment on frozen salary will be realized by the
end of 2001. The works management is supposed to make the debt
payment by shares, based on a newly created JSC "CHTZ-Uraltrak".


JSC "GAZ":  Decree on Debt Rescheduling to Federal Budget Signed
----------------------------------------------------------
The Prime-Ministry RF has signed a Decree on JSC "GAZ" debt
rescheduling to the Federal budget. The negotiation with the
Cabinet of Ministries was held by B.Nemtsov and the president of
"GAZ" N. Pugin. According to B. Nemtsov, the main debt to be
rescheduled amounts to RUR 643 870 mln plus taxes in amount of
RUR 290. 502 mln. According to the preliminary data, the
rescheduling plan is considered debts quarterly payment till
2006. The first payment will be realized in 4Q00 in amount of 2
percent of the total debt, Skrin Issuer said earlier this week.


MIR: Due to Financial Crisis, Russia to Deorbit Mir Station
----------------------------------------------------------
The Hindu & Intelligence Wire noted yesterday that cash-strapped
Russia has abandoned efforts to keep its Soviet-era space station
Mir in orbit, announcing plans to dump it in the ocean early next
year. The Russian Deputy Prime Minister, Mr. Ilya Klebanov, said
on Monday that Mir would be terminated in late February 2001, the
Interfax news agency reported. "We are getting ready for the
operation and the Government has already received all the
necessary papers," Mr. Klebanov said, adding that a formal
decision to deorbit the station would be taken shortly.

Mir's fate has been sealed by financial problems. The Government
shed responsibility for financing the station in January 1999 as
all budget resources were used for the construction of the 16-
nation International Space Station. But Mir's operator, the
Energia Space Corporation, has financed it this year through an
Amsterdam-based joint venture, MirCorp, and a pool of foreign
private investors.

The Russian President, Mr. Vladimir Putin, also came out in
support of Mir, telling space officials in March that he would
like to see the station continue its flight. MirCorp planned to
turn Mir into the world's first commercially-funded manned space
project and open it to rich tourists. It has already found an
American businessman willing to pay $ 20 millions for a flight
aboard Mir and has vowed to raise some $ 117 millions through an
initial public offering next year, but senior Energia officials
admit that it may be too late.

"We are running against time", said Mr. Yury Semyonov, Energia
president. "To keep Mir in orbit we will have to launch towards
the station several spacecraft built for the International Space
Station. Only the Government can take this decision." With Russia
already behind schedule in building the International Space
Station, the Government apparently could not afford to divert any
more resources for the Mir station.

The Russian Space Agency has been under strong pressure from the
U.S. to sink Mir. Launched for an initial period of three years,
Mir has been in orbit for 14 years and Russian space experts
insist it is still strong enough to serve for up to five years
more. The ageing spacecraft will be taken out of orbit and
allowed to burn up in the Earth's atmosphere, the remainder
falling into a remote area of the Pacific.


TRANSNEFT: Ordered to Pay Surgut 200 Million Rubles
---------------------------------------------------
The Moscow Times reported yesterday that a court has awarded 200
million rubles ($7.1 million) to Surgutneftegaz, the nation's
third-largest oil producer, in compensation for 63,000 tons of
oil confiscated by the state-owned pipeline monopoly Transneft.
"This sets a legal precedent for us and for Transneft,"
Surgutneftegaz vice president Nikolai Zakharchenko said after the
hearing. For technical reasons, 26 million tons of crude must be
in the pipeline system at all times. This oil belongs to the
transport monopoly. However, in November 1999 Transneft made an
inventory of its own oil and discovered that between 1992 and
1998, 1 million tons of crude had disappeared. Transneft's oil
reservoirs were found to hold 400,000 tons that Transneft piped
back into the system.

However, Transneft was still short by 500,000 tons of crude, an
amount that would be worth $80 million at today's prices.
Transneft's survey also showed that its subsidiary Sibnefteprovod
had returned 440,000 tons to oil companies. A certain amount of
oil is lost during transport of crude, largely due to leaks.
Therefore, under the agreement between the oil companies and
Transneft, losses due to natural causes are not paid back to the
owners.

The Energy Ministry calculates the level of losses during
transport. However, if actual losses are lower than the norms
established by the ministry, the difference is returned to the
owner of the oil. Transneft insisted that Sibnefteprovod returned
the oil to oil firms without justification and consequently took
it back. After Surgutneftegaz was awarded the money by the court,
other oil companies expect that Transneft will have to soften its
position.

"In our case we are talking about the return of 30,000 tons of
oil. We hope that after the court decision on Surgutneftegaz it
will be easier for us to make Transneft return the oil or pay us
its value in cash," a Rosneft official said. However,
Surgutneftegaz said it is too early to start celebrating. "We are
sure that Transneft will appeal the decision with a higher
court," a Surgutneftegaz representative said.  Transneft itself
acknowledged that it had no plans to fork over the $7.1 million
settlement any time soon. "We are a company with tightly
regulated prices and we cannot allow ourselves such losses," a
Transneft representative said. "We will therefore continue to
fight the issue in court."


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

BOXMAN:  Goes to Liquidation Process
-------------------------------------
Attempts to save parts of boxman.com have failed and the online
retailer of CDs, videos and games is in the process of
liquidating its national companies, Chief Executive Tony Salter
said on Tuesday. "We have been trying very hard to find someone
to buy the different companies but over the weekend we realized
this was not going to happen and we are now going through the
liquidation process," Salter told Reuters by telephone from
Britain. Boxman's demise is the third big-name collapse of
Swedish-founded e-traders this year after boo.com and
dressmart.com.

Boxman said on October 11 it was holding talks with creditors and
shareholders in an effort to realize maximum value for its assets
by this week. Salter said Boxman's companies were being wound up
in accordance with the legal systems in different countries. The
Swedish company will be liquidated on Wednesday, he added.
Callers to Boxman's Stockholm premises on Tuesday heard only a
recorded message stating the office opening times. Boxman, which
had 750,000 customers in several European countries, reported
sales of 12.7 million pounds ($18.47 million) in 1999 but was
forced to abandon a planned bourse listing in April because of
adverse market conditions, Reuters said yesterday.


MEDIALAB: To Post a Wider Pre-Tax Loss of 419 Million Crowns
------------------------------------------------------------
IT consultancy Icon Medialab is expected to post a wider pre-tax
loss of 419 million crowns for the first nine months of 2000
compared to 75 million the previous year, according to a Reuters
poll of seven analysts. Sales were seen rising to 1.2 billion
crowns from 255 million year-on-year, though the pre-tax loss for
the whole year was seen widening to 583 million crowns from 296
million. Icon reports on October 25. Analysts from Alfred Berg,
Aragon, Carnegie, Danske Securities, DMG, Handelsbanken, HSBC and
Ohman contributed to the poll.


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

ANTELOPE NATIONWIDE: Liquidation Proceedings
---------------------------------------------
Company Name: Antelope Nationwide Kouriers Ltd
Company No: 3378144
Com. Business: National Couriers
Appointed on: 25/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: Donald P Gendall IPno: 8615
Firm Name: Sterling Ford
Address: Stanhope House 4-8 Highgate High Street
City Postcode: London N6 5YH


ASSURED GROUPAGE: Liquidation Proceedings
------------------------------------------
Company Name: Assured Groupage Ltd
Previous Name: L J H Anstey & Co Ltd
Company No: 3818937
Com. Business: General Distribution
Appointed on: 25/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: David P Hudson IPno: 8977
Firm Name: Begbies Traynor
Address: The Old Exchange 234 Southchurch Road
City Postcode: Southend-on-Sea SS1 2EG


BROOKCOURT DEVELOPMENTS: Liquidation Proceedings
-------------------------------------------------
Company Name: Brookcourt Developments Ltd
Company No: IR
Appointed on: 25/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: Seamus Laffan IPno:
Address: 90 Upper Georges Street
City Postcode: Dublin


CARY ANTIQUES: Liquidation Proceedings
---------------------------------------
Company Name: Cary Antiques Ltd
Company No: 1345184
Com. Business: Dealers in Antiques
Appointed on: 25/09/00
Type: Members
Appointed by: Members
Liquidators: Robert S Gilderthorp IPno: 2386
Firm Name: Gilderthorp & Partners
Address: 22 Paul Street
City Postcode: Shepton Mallet BA4 5LA


COATS VIYELLA: Up for Sale, Cuts Some 2,000 Jobs
------------------------------------------------
The Times noted yesterday that the failure of Luc Vandevelde,
chairman and chief executive of Marks & Spencer, to return phone
calls is set to put one of the two frontrunners out of the race
to purchase clothing factories from Coats Viyella, the textiles
group. Li & Fung, the Hong Kong trading company, had emerged as
one of the favorites to buy the factories, which are big
suppliers to M&S. However, William Fung, managing director,
wanted to discuss a potential acquisition with Mr Vandevelde
before making a firm offer. The M&S chairman has failed to return
phone calls over the past week and according to sources close to
the deal discussions are now being held with another party.

A spokesman for M&S said that Mr Vandevelde had been in and out
of the office over the past week and had been very busy on a
number of issues. M&S said David Norgrove, director of strategy
and international business was willing to talk to the Hong Kong
entrepreneur, but it is believed this was not acceptable to Mr
Fung. The Coats Viyella factories were put up for sale in early
September as part of a big re-organization. Some 2,000 jobs have
already been lost and if no buyer is found for the remaining
factories, a further 3,000 jobs will be on the line. Mr Fung is a
non-executive director of HSBC Holdings, The Times said.


DAEWOO UK:  Skilled Staff from Design Plant in Worthing Quit
------------------------------------------------------------
Daewoo, the Korean industrial conglomerate, yesterday confirmed
that 23 highly skilled workers out of a total workforce of 480
have resigned from the company's specialist design plant in
Worthing, West Sussex, since it failed to pay wages to staff on
time in September, The Times noted yesterday. The struggling
group was forced to borrow 1.5 million pounds from its European
car sales sister company to foot the bill and is relying on state
handouts for this month's wages.

Daewoo issued a further warning, claiming that salaries for its
Korean workers might be delayed in October. It is understood,
however, that the Worthing plant has received cash for this month
from Kamco, a state-run asset management company that bails out
insolvent groups. A spokeswoman, for Daewoo in Worthing, said:
"We are trying to guarantee that the wages will be paid."


HALO CONSULTANCY: Liquidation Proceedings
------------------------------------------
Company Name: Halo Consultancy Ltd
Company No: 2954498
Com. Business: Computer Consultants
Appointed on: 25/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Kikis Kallis IPno: 4692
Firm Name: Kallis & Co
Address: Mountview Court 1148 High Road Whetstone
City Postcode: London N20 0RA


MG ROVER: Denies Break-Up
------------------------
MG Rover, the former subsidiary of Germany's BMW, on Sunday
dismissed weekend reports of a possible break up of the loss-
making carmaker, Financial Times noted earlier this week. The
Birmingham-based group, jettisoned by BMW earlier this year, took
the unprecedented step of issuing statements from non-executive
board members denying suggestions that they were contemplating a
bid for the MG sports car brand. Such a bid would effectively
signal the end of MG Rover's turnaround strategy and a massive
vote of no-confidence in John Towers, the former Rover chief
executive behind a Midland's-based consortium that now controls
the carmaker.

The speculation over difficulties at the carmaker has mounted
following a sharp fall in sales across Europe last month and an
apparent delay in finalizing the completion accounts with BMW.
Industry experts, nevertheless, believe MG Rover will have to
seek a partnership with a larger carmaker in the long-term to
help fund new vehicle platforms and capital investment. The
company has already made clear that it would contemplate a
limited partnership and is understood to be in collaborative
technology talks with Proton, the Malaysian carmaker that also
owns Lotus, the Norfolk-based sports car company. Rover
executives have insisted, however, that Rover is not for sale.

It has emerged that the company has signed a clause in its
contract with BMW that would force it to repay a large part of a
near-500m pounds dowry from the German carmaker, agreed at the
time of the disposal, if it is sold off within the next three
years.


MG ROVER:  Rover Board Rebels Plot to Take Over
-----------------------------------------------
The non-executive directors' uprising at MG Rover will explode
this week when three board members unveil a plan to break up the
group and attempt to take the famous MG marque away from John
Towers, the group's chairman, The Sunday Times reported earlier
this week. Three non-executive directors have established what is
being called "Consortium II" in an attempt to wrestle the
prestigious MG sporting badge away from Towers, leaving the
group's embattled boss with just the damaged Rover brand.

It is understood that one non-executive director, Brian Parker,
has assured his colleagues that he can raise the ?50m needed to
make the consortium's bid a success. The plan includes buying a
large chunk of land at the Longbridge plant, plus the Powertrain
transmissions and Body & Pressings businesses from BMW, Rover's
former owner. The other non-executives involved are David Bowes,
managing director of sports car group Lola, and Terry Whitmore,
managing director of the Mayflower car-components group. The men
are understood to have alerted Towers to their plans to acquire
Powertrain and Body & Pressings, but their offer to take MG away
will come as a complete shock to Towers.

One member of "Consortium II" said: "We can get the money -
that's no problem. We believe the MG marque would be better
served as a separate company. I am sure John [Towers] will
understand that the MG and Rover brands will work better apart.
This would leave John to realize his ambitions of creating a
successful Rover company. No jobs losses would be needed. We
would physically be working alongside each other, but as
individual companies."

The Sunday Times revealed the boardroom split last week. While
the group tried to deny the split, it was unable to produce a
signed document declaring each of the non-executive's support for
Towers, having said it would do so last Saturday. The three non-
executives are expected to use their plans as a bargaining tool
at this Friday's crisis board meeting. If Towers does not give
in, then they will press ahead with their threat of a no-
confidence motion against him.

Lola and Mayflower formed an alliance to work together earlier
last week. MG Rover claimed this was not going against the
interests of the group, but this may have been because Towers
knew nothing of the groups' and Parker's true intentions. Last
week MG Rover attempted to dampen speculation about a boardroom
rift. A spokesman for the group assured The Sunday Times that all
four non-executives would publicly express their commitment to
both Towers and his plans for the Longbridge plant. But by the
end of the week Towers' public-relations team began to suggest
that Parker might be ejected from the car company's board,
despite the talk of unanimous support for the chairman.


MATSUSHITA ELECTRIC: To Cut 1,400 Jobs
---------------------------------------
Matsushita Electric Industrial said on Wednesday it planned to
cut a total of 1,400 jobs, including 700 part-time staff, at its
UK manufacturing unit. The world's largest consumer electronics
maker, known for its Panasonic, Technics, Quasar and National
brands, has recently shifted most of its television set
production from Britain to the Czech Republic due to the
persistent strength of the pound, which made its products less
competitive in the global market. A spokesman for Matsushita said
the British operation plans to cut 700 employees through early
retirements and to eliminate all of its 700 part-time staff by
not renewing their contracts. The UK unit currently has 1,700
employees, excluding the part-time staff, Reuters noted
yesterday.

In August, Matsushita president Kunio Nakamura attacked the
impact of the strong pound and warned that global companies may
flee Britain unless the government acts quickly to address it.
Citing sterling's strength, Nakamura told Reuters at that time:
"If Britain does nothing to solve the problem, foreign companies,
regardless of whether they are Japanese, American or whatever
nationality, may exit the country."


NAP HOLDINGS: Liquidation Proceedings
--------------------------------------
Company Name: Nap Holdings UK Ltd
Company No: 1501636
Appointed on: 25/09/00
Type: Members
Appointed by: Members
Liquidators: G H Hughes IPno: 6529
Firm Name: Ernst & Young
Address: Rolls House 7 Rolls Building Fetter Lane
City Postcode: London EC4A 1NH


NISSAN UK:  Goes for Restructuring
----------------------------------
Reuters noted yesterday that the future of Nissan's plant in
Sunderland will be discussed next week at top-level meetings at
the Japanese carmaker's Tokyo headquarters. Nissan Motor
Manufacturing (UK) managing director John Cushnaghan is flying to
Japan as part of a campaign to secure the future of Britain's
largest car factory. The issue is whether Nissan will choose to
build the next generation of the Micra small car at Sunderland,
which is undergoing a one trillion yen (6.35 billion pounds)
restructuring. "John Cushnaghan will come back with a clear view
of the mood in Tokyo," the FT quoted an official as saying. "The
Micra project is in the balance. We cannot escape the fact that
the euro is going the wrong way."

Losing the car would relegate Sunderland to secondary status in
Nissan's European activities. It is probably the most important
manufacturer in the north-east, with 5,000 workers on its
payroll, the FT added. Last month, Nissan President Carlos Ghosn
said the unpredictability of the euro's exchange rate against the
pound could lead the company to decide to build the new Micra on
the continent instead of at Sunderland. Nissan builds virtually
all of the cars it sells in Europe in Britain and exports from
Britain to the continent have penalized the company financially
because of the euro's weakness. "Sunderland is our most
productive plant in Europe, but it is not our most cost
competitive," Ghosn said then. Britain's car industry has been
hit a series of blows this year.

Last week, tyre maker Goodyear's UK arm, Goodyear Great Britain,
warned on Wednesday it could make 540 people redundant at its
main plant at Wolverhampton in the West Midlands. Also last week,
French tyre maker Michelin said it would cut 950 jobs at its UK
plant in Stoke-on-Trent, not far from Wolverhampton. Earlier in
the year, Ford has announced net cuts of 1,300 jobs at its
Dagenham plant east of London and Rover cut 1,000 jobs at its
Longbridge factory near Birmingham.


PANASONIC:  To Shed 1,300 Jobs in Wales
---------------------------------------
The Independent noted yesterday that more than half the staff at
the largest British factory of the Japanese electronics giant
Panasonic are to lose their jobs, the company announced
yesterday. Up to 1,300 of the 2,400 workers at the plant in
Pentwyn, Cardiff, will be made redundant in cutbacks blamed by
Panasonic on Britain's hesitation over joining the European
single currency and also on falling prices for electrical goods.
Panasonic's personnel manager, David Fowler, said all 1,800
permanent staff had been offered voluntary redundancy and 1,000
had applied. The company intends to lose 700 permanent workers
and 600 temporary staff at Christmas. The factory will continue
to make televisions, microwave ovens and laptop computers. All
other production will be moved to a Czech plant.


THE HARRIS (THO): Commission Suspend the Business Operations
------------------------------------------------------------
Panama has cracked down on a controversial financial services
group that owns several quoted UK companies. The move is seen as
an attempt by the Central American country to be removed from the
"hit-list" of questionable offshore centres. According to The
Independent-London earlier this week, The Harris Organization
(THO) which also handles some 95 investment trusts
internationally, was suspended last week in an unusually
aggressive move by the Panamanian regulators. La Comisin Nacional
de Valores, which is Panama's equivalent of America's Securities
& Exchange Commission, has suspended the business operations of
THO, which is headquartered in Panama but has its main entities
incorporated in the British Virgin Islands and Nevis.

The Independent-London noted that Marc M Harris, 35, THO's
chairman and chief executive officer, has been notified of the
decision and has said he will appeal. His career has been marked
by a string of controversies in Florida, Monserrat and now
Panama. THO controls three British plcs: Marc M Harris Group plc,
Worldwide Real Estate plc and Cuban Investments plc, which are
based in London and Essex. The first company was intended to be
the ultimate holding company for the group. Each of these
companies is empowered to sell up to pounds 5m of shares to the
public. They were formed with a view to all being listed on Ofex,
the lightly regulated stock exchange.

Mr Harris told his clients some months ago they were about to be
listed, but problems in the Caribbean had set back plans. The
suspension follows complaints made by clients of THO (motto:
"Safe Offshore Business") that they had been unable to redeem
their investments and were ignored by the group when they
complained. Mr Harris said from Panama: "It is quite clear that
La Comisin Nacional de Valores acted well beyond its authority.
My lawyers have requested that I do not comment concerning
specifics of our legal strategy, which will be presented on
Monday."

In further correspondence with the Independent on Sunday, Mr
Harris denied any wrongdoing and claimed he was the subject of
conspiracies to undermine his business. The Panamanian suspension
follows a campaign by the Miami-based Offshore Alert newsletter,
run by British investigative reporter David Marchant. Mr Harris
has tried to counter press criticism by issuing libel writs,
unsuccessfully in the case of Offshore Alert. "Offshore Alert
exposed THO in March 1998 and spent $160,000 [pounds 110,000] in
successfully defending a libel lawsuit in the US, which went to
trial last year, and then on appeal, which we also won," said Mr
Marchant. In his judgment, Judge Michael Moore agreed there was
"persuasive evidence" to support the central allegations of
Offshore Alert that THO was insolvent, stealing clients' funds,
operating as a Ponzi scheme (a complex fraud) and involved in
money laundering.

"Despite this, the regulators in Panama, the British Virgin
Islands and Nevis, where THO's primary operations are either
based or registered, refused to take any action against the
group. In doing so, these jurisdictions sent out a clear and
rather stupid message that they simply don't care about the
security of funds invested by the very people who give them
whatever prosperity they have - foreign investors," said Mr
Marchant. He argued last week's suspension was an attempt by
Panama to improve its financial reputation. The country was
recently identified as a key haven for money laundering.


TWP (1) LTD: Liquidation Proceedings
-------------------------------------
Company Name: TWP (1) Ltd
Company No: 3977786
Com. Business: Investment Co
Appointed on: 25/09/00
Type: Members
Appointed by: Members
Liquidators: Roy Welsby IPno: 6835
Firm Name: Grant Thornton
Address: 1 Westminster Way
City Postcode: Oxford OX2 0PZ


TYLER (UK): Liquidation Proceedings
-------------------------------------
Company Name: Tyler (UK) Ltd
Company No: 1568164
Com. Business: Model Manufacturer
Appointed on: 25/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Neil F Hickling IPno: 5449
Firm Name: Smith & Williamson
Address: No. 1 St Swithin Street
City Postcode: Worcester WR1 2PY


ULTIMATE INSURANCE: DTI Petition to Wind Up
-------------------------------------------
The Secretary of State for Trade and Industry has presented a
petition in the High Court to wind up Ultimate Insurance Services
Limited in the public interest, M2 Presswire reported earlier
this week. The petition presented follows inquiries made by the
Companies Investigation Branch of the DTI under the provisions of
s447 of the Companies Act 1985. On the application of the
Secretary of State the Court appointed the Official Receiver as
the provisional liquidator of Ultimate Insurance Services Limited
pending the hearing of the petition on 6 December.

Ultimate Insurance Services Limited was incorporated on 18 July
2000 and traded as a motor insurance agent selling policies
issued by Maz Vision Insurance plc. Neither Ultimate Insurance
Services Limited nor Maz Vision is authorized to carry on
insurance business. Notes:

1. The registered office of Ultimate Insurance Services Limited
is 635 Old Kent Road, London SE15 1JU.

2. The petition was presented under s124A of the Insolvency Act
1986.

3. All public enquiries concerning the affairs of the two
businesses should be made to the Official Receiver at the
following address: The Official Receiver The Insolvency Service
Public Interest Unit PO Box 203 21 Bloomsbury street London WC1B
3QW


WITLEY COLLECTION: Liquidation Proceedings
-------------------------------------------
Company Name: Witley Collection Ltd - The
Company No: 2689581
Com. Business: Wholesalers
Appointed on: 25/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Neil F Hickling IPno: 5449
Firm Name: Smith & Williamson
Address: No. 1 St Swithin Street
City Postcode: Worcester WR1 2PY



S U B S C R I P T I O N   I N F O R M A T I O N

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