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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

        Wednesday, November 8, 2000, Vol. 1, No. 130

                        Headlines


B E L G I U M

CUSTOM SILICON:  Sees Third Quarter Loss of 5.3 Million Euros


C Z E C H   R E P U B L I C

CHRONOTECHNA:  Goes for Liquidation, Dismisses 300 Staff
MOSTECKA UHELNA: Miner Faces Financial Crisis, Plans Delisting


E S T O N I A

KALEV:  Announces Loss of Over 100 Million Kroons


G E R M A N Y

DEUTSCHE BAHN: Railways Faces Financial Crisis


L I T H U A N I A

VILIJA: Spanish Investor Buys 25 Percent


N E T H E R L A N D S

TAF FASHION:  Goes Into Liquidation, Talks on a Possible Takeover


N O R W A Y

DET SOENDENFJELDS-NORSKE: Posts 9-Months Pretax Loss


P O L A N D

DAEWOO POLAND:  Officials Head for Seoul for Support
DAEWOO POLAND: Hyundai Motor Expresses Interest in Facilities
NETIA: Unit Loss Widens to PLZ 182.2 Million


S P A I N

INVEST IBERICA: Courts Fine Ex-chairman 300,000 Euros


S W E D E N

SECURITAS AB:  Insider Trading Case Goes to Trial


S W I T Z E R L A N D

FELDSCHLOSSCHEN-HURLIMANN: Carlsberg Buys Swiss Brewer


U N I T E D   K I N G D O M

ACTION COMPUTER:  Announces a 6.7 Million Pound Year Loss
ALDEC (SCOTLAND): Liquidation Proceedings
BIRCHWOOD MAIDSTONE: Liquidation Proceedings
BLEU:  Goes Into Voluntary Liquidation
BRITISH SKY: Reports Loss Widens to 123.4 Million Pounds

CROMPTON PARKINSON: Liquidation Proceedings
DUNLOP INDUSTRIAL: Liquidation Proceedings
DUNLOP RUBBER: Liquidation Proceedings
EC ENGINEERING: Liquidation Proceedings
EDWIN J BOWMAN: Liquidation Proceedings

ESTEX LTD: Liquidation Proceedings
ETON PILING: Liquidation Proceedings
GARSITE LTD: Liquidation Proceedings
GO: British Airways' Stansted Airport-based Carrier Up for Sale
INFOBANK INTERNATIONAL: Reports Q3 Loss Widened to 7.8 Million

NETSTORE:  Posts First Quarter Loss of 2.5 Million Pounds
PHARMACY BAR:  Faces Financial Crisis
POWERNET: Forced Into Receivership with Debts of 30 Million
WESCOL GROUP:  Posts Pre-Tax Loss of 7.5 Million Pounds
WETNOSE.COM: Goes Into Liquidation


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

CUSTOM SILICON:  Sees Third Quarter Loss of 5.3 Million Euros
-------------------------------------------------------------
Reuters reported earlier last week that a Belgian provider of
advanced semiconductor packing and test services, Custom Silicon
Configuration Services, expects a third-quarter operating loss of
about 5.3 million euros on revenues of about 8 million euros. The
company reported operating costs for the third quarter were
approximately 13.3 million euros, resulting in an expected
operating loss of approximately 5.3 million euros. Custom Silicon
saw a cashflow deficit of about 4.6 million euros, which is more
than expected.

Accordingly, the company is presently negotiating bridge loans up
to 14.65 million euros with various investors, including IT-
partners, GIMV, VIV and banks. The company said the bridge loans
would allow the negotiation of commercial bank credit facilities
of between 7.5 million and 11.25 million euros. Its third-quarter
results will be announced on November 15.


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

CHRONOTECHNA:  Goes for Liquidation, Dismisses 300 Staff
------------------------------------------------------------
Czech News Agency reported last week that Chronotechna, the
largest European clock manufacturer, was forced to give notice to
300 staff because creditor banks started to draw out funds from
the company. Chronotechna executive Pavel Vingralek told
journalists that, along with the companies Prim Tool and Prim
Clock, Chronotechna guaranteed loans worth Kc178m for parent
company Eutech whose clock production was taken over by
Chronotechna last year.

By this year Eutech's loan burden was reduced from Kc178m to less
than Kc90m, through the sale of idle assets. This year's orders
have been contracted, but the company is unable to produce
because its accounts are empty. "There was nothing left for the
company but to dismiss the staff and make preparations for
liquidation", said Vingralek. Czech News said that owners decided
to narrow its business activity and sold the stake in
Chronotechna, along with the shares in Hanharttrade, Prim Metal
and Hanhartplast, to one individual whose name was not published.


MOSTECKA UHELNA: Miner Faces Financial Crisis, Plans Delisting
--------------------------------------------------------------
Czech brown coal miner Mostecka Uhelna Spolecnost, the country's
third largest mining firm, controlled by U.S. private equity
investment company Appian Group, plans to de-list its shares from
public markets, Reuters noted last week. In a filling with the
Prague Stock Exchange, the firm scheduled on December 8 a
shareholders' general meeting to approve cancellation of the
public trading in Mostecka shares. It said that Mostecka shares,
which have been trading at all-time lows, are illiquid after
Appian Group bought out almost all the shares in a public offer
made last year.


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

KALEV:  Announces Loss of Over 100 Million Kroons
-------------------------------------------------
Estonian News Agency noted last week that Estonia's largest
sweets maker Kalev lost over 100 million kroons with its
investments in Russia and Ukraine. Kalev announced last week it
wrapped up its operations in a logistics centre in Ukraine and a
confectionery plant Charodeyka in Russia. The CEO of Kalev,
Oliver Kruuda said: "Practically we got nothing in return". The
report said that the Ukrainian logistics centre, created for re-
selling Estonian goods was liquidated last year.

The company posted a loss of 43.17 million kroons last year. It
seeks a buyer for its stake in the Bogatyr confectionery plant in
Moscow, where it owns one half.


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

DEUTSCHE BAHN: Railways Faces Financial Crisis
----------------------------------------------
Handelsblatt has learned last week that the financial crisis at
Germany's state-owned railways operator Deutsche Bahn AG runs
deep. Transport Minister Reinhard Klimmt revealed the decision in
an interview with news magazine Der Spiegel. He said the company
would post annual losses of between DM800 million and DM1.2
billion. Klimmt described the Deutsche Bahn results as
"catastrophic", saying they were causing the government to
consider selling off a minority stake in the company to unnamed
foreign entities who had expressed an interest.

Deutsche Bahn chief executive Hartmut Mehdorn told Handelsblatt
the railway's annual needs to finance the maintenance and
upgrading of infrastructure and rolling stock "significantly
exceed" the sums made available to the German government.
According to Handelsblatt information, the German railways'
urgent need for new funds is borne out by a new Transport
Ministry report, which Klimmt is set to present to Cabinet.
Mehdorn said Deutsche Bahn had been drawing up an internal
inventory. The inventory, he said, was close to completion and
its findings would bring a number of unpleasant surprises.


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

VILIJA: Spanish Investor Buys 25 Percent
----------------------------------------
An unidentified Spanish investor has purchased 25.2 percent of
shares in Vilija, a large Lithuanian knitwear producer, for
280,000 litas (USD 70,000), the State Property Fund (SPF) said.

BNS & Euromoney reports this week that the SPF sold the block of
shares through a public auction on Oct. 31, with the initial
selling price set at 111,000 litas. The unnamed Spanish national
was the only bidder at the auction. The sale/purchase agreement
will be signed after the deal is approved by the country's
Privatization Commission, Jolanta Mazyliene, a SPF spokeswoman,
told BNS.


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

TAF FASHION:  Goes Into Liquidation, Talks on a Possible Takeover
-----------------------------------------------------------------
TAF Fashion, the Dutch textiles company based in Susteren, has
gone into liquidation. The company was not able to compete with
low wages in other countries, Het Financieele Dagblad & World
Reporter noted last week. It said that the receiver has been
holding talks about a possible takeover, but acquisition
candidates were mainly interested in the order portfolio and were
not prepared to take over the 70 staff members as well.


===========
N O R W A Y
===========

DET SOENDENFJELDS-NORSKE: Posts 9-Months Pretax Loss
----------------------------------------------------
AFX noted last week that Det Soendenfjelds-Norske DS ASA posted
results for the nine months ending September 30 as a pretax loss
of 532 mln nkr.


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

DAEWOO POLAND:  Officials Head for Seoul for Support
----------------------------------------------------
A Polish government delegation left for Seoul to seek assurances
from South Korean officials that they would support efforts to
prop up the Polish subsidiaries of the ailing automaker Daewoo.
Reuters said last week that the Korean firm, which plans to cut
its worldwide workforce by 18.4 percent, has temporarily shut
down its Warsaw-based passenger car unit Daewoo FSO and its van
unit Daewoo-Lublin plans to dismiss 30 percent of its 4,000-
strong workforce.

Deputy Economy Minister Edward Nowak, who will lead the
delegation, said: "We want to determine the level of involvement
of the Korean government in support of Daewoo's restructuring, so
that the firm fulfills its investment promises". Nowak and other
Polish officials plan to hold talks with Korea's trade minister
and a deputy finance minister, the head of Daewoo and Korea
Development Bank, its largest creditor.

According to a report Daewoo's creditors are in talks with U.S.
giant General Motors and its Italian partner Fiat about buying
the troubled carmaker. The Korean firm controls about 23 percent
of the Polish auto market, with Fiat and GM taking another 37
percent. A sale to GM and Fiat, which both already own car
anufacturing operations in Poland, would likely lead to output
cuts and layoffs, Reuters said.


DAEWOO POLAND: Hyundai Motor Expresses Interest in Facilities
-------------------------------------------------------------
Financial Times reported yesterday that Daewoo Motor could be
placed in court receivership after the South Korean carmaker
defaulted on debt of Won44.5bn ($39m) on Monday. It said that
Daewoo, which is under a debt-restructuring program, is given
little chance of paying the maturing loans. A company is
considered insolvent in Korea after it misses two consecutive
days of debt repayment.

Creditors have said they would not provide new loans to Korea's
number two carmaker unless workers accept job cuts, which the
union has strongly opposed, to restore the company to
profitability in two years. Bankruptcy for Daewoo could mean
selling the carmaker to General Motors and its Italian partner
Fiat.

However, court receivership may give a chance for creditors to
break up Daewoo and sell it piecemeal to different buyers. GM is
particularly interested in some of Daewoo's plants in South
Korea, while Hyundai Motor, South Korea's biggest carmaker, has
expressed interest in buying Daewoo facilities in Europe,
including its plant in Poland, Financial times noted.


NETIA: Unit Loss Widens to PLZ 182.2 Million
--------------------------------------------
Netia, the parent company of Polish phone operator, noted its net
loss for the third quarter widened 5.1 percent to PLZ 182.2
million (USD 40.47 million) from the 173.4 million in the same
period last year, Reuters reported this week. Accordingly, Netia
Holdings, which is controlled by Sweden's biggest operator Telia,
also reported that its initial unconsolidated operating loss for
the July-September period widened to PLZ 168.8 million from 108.1
million during the same period last year. The unconsolidated
results were booked under Polish accounting standards.
Consolidated results for the third quarter, booked in accordance
with International accounting standards (IAS), will be released
on November 21.


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

INVEST IBERICA: Courts Fine Ex-chairman 300,000 Euros
-----------------------------------------------------
Expansion & World Reporter noted last week that the Spanish
courts issued a 300,000 euro fine to James F. Sheenan, the ex-
chairman of Spanish stock market company Invest Iberica. He was
also sent to prison for ten years for fraudulent management. The
company is now in the process of liquidation. Sheenan's lawyers
said they would appeal to the Spanish High Court in the next few
days.


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

SECURITAS AB:  Insider Trading Case Goes to Trial
-------------------------------------------------
Reuters noted last week that eleven people went on trial in
Sweden on Wednesday last week accused of insider trading in the
shares of security services firm Securitas AB in 1999 ahead of
its purchase of U.S. rival Pinkerton's Inc. The U.S. Securities
and Exchange Commission and Sweden's Finance Inspectorate worked
together on the case, the most prevalent to date involving
suspicious insider trading in Sweden.

The defendants are accused of acting on confidential information
about Securitas' bid for Pinkerton's to buy Securitas shares at a
low price and sell when they rose after the bid was made public,
Prosecutor Bo Skarinder said. All deny the charges of severe
insider trading, which on conviction carry penalties of up to
four years' imprisonment.

Skarinder said the average price paid for Securitas shares was
135 Swedish crowns. The shares rose to 230 crowns after the bid
was announced, and the prosecutor said the defendants together
made 6.5 million crowns ($655,000) on the trades. According to a
report, six of the defendants were employed by Swedish brokerage
Matteus AB and were dismissed at the time that the investigation
began.


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

FELDSCHLOSSCHEN-HURLIMANN: Carlsberg Buys Swiss Brewer
------------------------------------------------------
Financial Times noted last week that Feldschlosschen-Hurlimann
put itself up for sale in March after an internal study concluded
it was not big enough to compete in the fast consolidating
European beer industry. The deal price of SFr 870m includes
external debt.

Carlsberg, the Danish Brewer, won the race to acquire
Switzerland's largest brewer, with the SFr870m ($490m)
acquisition of the brewing arm of Feldschlosschen-Hurlimann.
Other bidders for the business were thought to have been
Interbrew, South African Breweries and Scottish & Newcastle.
Heineken, the world's second-largest brewer, said in September it
was in talks to buy the company while Eichof, Switzerland's third
biggest brewer also expressed an interest.

Financial Times said that Feldschlosschen-Hurlimann controls 45
percent of the beer market in Switzerland. The Feldschllosschen
brand accounts for 24 percent of total beer sales in the country.
In September Heineken said it was in talks to buy the business.
However, observers believe the Dutch company, which already owns
Calanda Haldengut, the country's second biggest brewer with 17
percent of the Swiss market, would have run into competition
concerns had the deal gone ahead.


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

ACTION COMPUTER:  Announces a 6.7 Million Pound Year Loss
--------------------------------------------------------
Reuters noted last week that shares in Britain's Action Computer
Supplies Holdings Plc plunged after the company announced a 6.7
million pound year loss and said next year would continue to be
difficult. Shares fell 10-1/2 pence or 18.4 percent to 46-1/2
pence by 0915 GMT, valuing the company at around 15 million
pounds. The stock was trading at highs of around 180 pence in
March of this year.

"The year ahead will continue to be difficult, but we expect to
show improved performance," Chairman Henry Lewis said. "We
continue to be cautious about a recovery in the PC market." The
company said it was restructuring Action's business toward a Web-
centric model and had spent more money on Web marketing and
expended its e-business partners program. Action said it reduced
its staff by 20 percent in June, and cut overhead by 10 percent
in a bid to lower costs.


ALDEC (SCOTLAND): Liquidation Proceedings
------------------------------------------
Company Name: Aldec (Scotland) Ltd
Company No: SC035112
Com. Business: Aluminium Producer/Retailer
Appointed on: 04/10/00
Type: Creditors
Appointed by: Creditors
Liquidators: Richard P Rendle IPno: 5766 Guy E Mander 8845
Firm Name: Baker Tilly
Address: Scottish Life House 154 Great Charles Street
City Postcode: Birmingham B3 3HN


BIRCHWOOD MAIDSTONE: Liquidation Proceedings
---------------------------------------------
Company Name: Birchwood Maidstone Ltd
Company No: 3345450
Com. Business: Dormant
Appointed on: 04/10/00
Type: Members
Appointed by: Members
Liquidators: Paul F Jeffery IPno: 5768
Firm Name: KPMG
Address: Aquis Court 31 Fishpool Street
City Postcode: St Albans AL3 4RF


BLEU:  Goes Into Voluntary Liquidation
--------------------------------------
The Herald reported last week that a second restaurant chain
linked to the entrepreneur who brought cut-price French cuisine
to Scotland has collapsed less than two years after its launch.
Bleu, a group of three restaurants in Edinburgh that rose from
the famous UK-wide Pierre Victoire chain, has gone into voluntary
liquidation.

According to a report obtained by The Herald, the move came as a
leading Edinburgh entrepreneur warned there could be other
casualties as an increasing number of restaurants compete for
customers in both Glasgow and Edinburgh. Andrew Radford, owner of
Edinburgh's Atrium and Blue Bar and who tried in vain to repeat
his success in Glasgow with a Blue Bar at the Lighthouse, also
said councillors in Edinburgh and Glasgow should consider
freezing restaurant license applications to allow existing
businesses to consolidate.

The Herald said that David Forbes Rutherford of Cowan and
Partners, the agents appointed to help wind up the company, last
week said Bleu owner Eddine Gassabi had decided the company was
insolvent. "The shareholders will vote to wind up the company.
This will be followed by a meeting of creditors at which a
liquidator will be appointed," he said, but would not be drawn on
the level of debt facing the company.


BRITISH SKY: Reports Loss Widens to 123.4 Million Pounds
-------------------------------------------------------
Bloomberg noted last week that British Sky Broadcasting Group
Plc, Europe's No. 2 pay-television company, reported its sixth
straight quarterly loss. The company said its loss in the fiscal
first quarter ended Sept. 30 widened to 123.4 million pounds
($178.3 million), or 6.7 pence a share, from 12.1 million pounds,
or 0.7 pence, in the year-ago period.

The Wright Investors noted its financial position as of June
2000, the company's long-term debt was 1.41 billion pounds and
total liabilities (i.e., all monies owed) were 2.39 billion
pounds. The long-term debt to equity ratio of the company is
2.28. As of June 2000, the accounts receivable for the company
were 167.50 million pounds, which is equivalent to 33 days of
sales. This is slightly higher than at the end of 1999, when
British Sky Broadcasting Group Plc had 33 days of sales in
accounts receivable. The accounts receivable have become
increasingly longer during each of the previous four years. At
the end of fiscal 1996, there were only 18 days of sales in
accounts receivable. This has increased every year (and at the
end of 2000 stood at 33 days).


CROMPTON PARKINSON: Liquidation Proceedings
--------------------------------------------
Company Name: Crompton Parkinson Marketing Ltd
Previous Name: Blackburn Electronics Ltd
Company No: 624348
Com. Business: Dormant
Appointed on: 04/10/00
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


DUNLOP INDUSTRIAL: Liquidation Proceedings
-------------------------------------------
Company Name: Dunlop Industrial Ltd
Previous Name: Anconia Leather Ltd
Company No: 342332
Com. Business: Dormant
Appointed on: 04/10/00
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


DUNLOP RUBBER: Liquidation Proceedings
---------------------------------------
Company Name: Dunlop Rubber Co Ltd
Previous Name: Xetal Products Ltd
Company No: 231445
Com. Business: Dormant
Appointed on: 04/10/00
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


EC ENGINEERING: Liquidation Proceedings
----------------------------------------
Company Name: EC Engineering Supplies Ltd
Previous Name: Electrical Conduits Ltd
Company No: 1184212
Com. Business: Dormant
Appointed on: 04/10/00
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


EDWIN J BOWMAN: Liquidation Proceedings
----------------------------------------
Company Name: Edwin J Bowman (Yorks) Ltd
Company No: 261365
Com. Business: Dormant
Appointed on: 04/10/00
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


ESTEX LTD: Liquidation Proceedings
-----------------------------------
Company Name: Estex Ltd
Company No: 1041684
Com. Business: Dormant
Appointed on: 04/10/00
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


ETON PILING: Liquidation Proceedings
-------------------------------------
Company Name: Eton Piling Ltd
Company No: 2976762
Com. Business: Building
Appointed on: 04/10/00
Type: Creditors
Appointed by: Creditors
Liquidators: Jeremy S French IPno: 3862
Firm Name: Redhead French & Co
Address: 43-45 Butts Green Road
City Postcode: Hornchurch RM11 2JX


GARSITE LTD: Liquidation Proceedings
-------------------------------------
Company Name: Garsite Ltd
Previous Name: Longworth Instruments Ltd
Company No: 1100657
Com. Business: Dormant
Appointed on: 04/10/00
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


GO: British Airways' Stansted Airport-based Carrier Up for Sale
---------------------------------------------------------------
Ananova reports yesterday that the British Airways has put its
low-cost carrier, Go, up for sale with a warning that it will act
ruthlessly with poorly-performing parts of its business. It said
that the sale of Stansted Airport-based Go was welcomed by
airline rival easyJet.

Ananova says that Go's chief executive Barbara Cassani, who had
been demanding for independence for the airline, could lead a
management buyout. But Luton-based easyJet, which is attempting a
flotation itself, seemed to scotch suggestions that it could step
in for Go by saying it would "take extreme care before taking a
decision to look at Go and would only do so at the right price".
However, with the drive to make savings and re-organize its
short-haul operations, BA said Go "no longer fitted inside our
strategy".

BA chief executive Rod Eddington added: "We are taking a ruthless
approach towards poorly-performing routes and assets. Those not
adding value are being removed."


INFOBANK INTERNATIONAL: Reports Q3 Loss Widened to 7.8 Million
--------------------------------------------------------------
Bloomberg reports this week that Infobank International Holdings
Plc, which makes software for businesses to trade on the
Internet, has reported a third-quarter loss. Infobank's loss
widened to 7.8 million pounds ($11.3 million), or 13.72 pence a
share from 1.96 million pounds, or 18.22p, in the same period
last year, the company said in a statement released through the
Regulatory News Service. Infobank's software helps customers,
such as British Telecommunications Plc and National Power Plc,
transact with their suppliers online. The company's shares Friday
last week fell 5 pence, or 0.62 percent, to 805p.


NETSTORE:  Posts First Quarter Loss of 2.5 Million Pounds
---------------------------------------------------------
The Times reported yesterday that NetStore (software) posted
first quarter losses of 2.5 million pounds. There is no dividend.


PHARMACY BAR:  Faces Financial Crisis
-------------------------------------
This Is London noted last week that the parent company of
Pharmacy Bar and Restaurant in Notting Hill has admitted it has
shelved plans for a new venture in the West End as its stock
market-quoted and backers are having to personally guarantee bank
loans. The group's auditors said last week that there is
"fundamental uncertainty" over the group's future. The reversal
in fortunes has hit the value of the 12 percent shareholdings of
artist Damien Hirst and Matthew Freud, the publicist. Shares in
parent company Hartford Group soared to 1 pound two years ago but
news of the financial woes sent them crashing to just 6p, valuing
the group at less than 3 million pounds against 30 million pounds
12 months ago. The company revealed that it racked up 1.6 million
pounds of losses in the first half of the year.


POWERNET: Forced Into Receivership with Debts of 30 Million
-----------------------------------------------------------
The Daily Telegraph noted last week that accountancy firm Arthur
Andersen, appointed administrator for Powernet, has received "a
number of offers" for the failed Manchester-based Internet
company. The offers come after a letter sent out by Arthur
Andersen to more than 50 companies at the beginning of the week,
which set a deadline for "indicative offers". A spokesman for
Arthur Andersen declined to comment on the number of indicative
offers. He said: "We wrote to more than 50 people. Some had
already shown interest while others were cold calls."

It is understood that the administrator to Powernet, which was
forced into receivership with debts of pounds 30m last month, had
received several expressions of interest before the letter was
sent out. The collapse of Powernet has called into question the
role of Teather & Greenwood, the City stockbroker that arranged a
pounds 5m private placement for the Internet company in December.

At least eight investors are considering legal action against
Teather & Greenwood after it emerged that Ian Carey, chief
executive of Powernet, had been disqualified as a director last
year. They claim documents provided by Teather & Greenwood to
support the case for investing in Powernet failed to disclose Mr
Carey's disqualification or the history of his involvement with
insolvent companies.


WESCOL GROUP:  Posts Pre-Tax Loss of 7.5 Million Pounds
-------------------------------------------------------
The Times noted yesterday that Wescol Group (engineering) had
final pre-tax losses of 7.5 million pounds. There is no dividend.


WETNOSE.COM: Goes Into Liquidation
-----------------------------------
The Times reported that Lord Rothermere and Lord Daresbury
yesterday joined the growing list of dot-com casualties when
Wetnose.com, an Internet outfit linked with both peers, went into
liquidation. Mazars Neville Russell, the accounting firm, was
appointed liquidator of the Wiltshire company, which sold pet and
equestrian products on the Net. Wetnose last raised money in June
and was believed to owe shareholders and creditors almost 1.7
million pounds.

Lord Rothermere, chairman of Daily Mail and General Trust, was
understood to have held a 10 percent stake in Wetnose. Lord
Daresbury, chairman and former chief executive of De Vere Group,
was chairman but resigned "shortly before" the company stopped
trading last month. About 15 Wetnose.com staff will lose their
jobs. Tim Ball, of Mazars, said shareholders would be unlikely to
recover any funds from the collapsed company. Creditors would be
able to recoup about 350,000 pounds from a small amount of cash
held by the business, and from the sale of assets including PCs,
The Times said.



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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