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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, November 9, 2000, Vol. 1, No. 131
  

                           Headlines

C Z E C H   R E P U B L I C

ALIACHEM: Agrobohemie Pays Kc815 Million

  
F R A N C E

CAC SYSTEMES: Files for Bankruptcy
INTERCALL: Faces Financial Crisis
LA TETE: Goes into Receivership, EGM Revokes Chairman's Mandate
LES FILATURES: Lays Off Staff


G E R M A N Y

DCI AG:  Posts Net Loss of EUR 6.2 Million in Nine Months
HAITEC: Posts Nine Months EBIT Loss of EUR3.54 Million
TEAMWORK INFORMATION:  Goes for Restructuring


H U N G A R Y

MALEV: Government to Sell Stakes in Loss-making Airline


I R E L A N D

COSMOLINE: German Firms Interested in Troubled Supermarket Chain


I T A L Y

STREAM:  Italian Pay-TV to Inter Losses in 18 Months


N E T H E R L A N D S

PB VERMOGENSBEHEER: Central Bank Intervenes for Insolvency


P O L A N D

AGROS HOLDING:  Reports Q3 Loss Up to PLN 6.67 Million


R U S S I A

GAZ:  EBRD Agrees to Restructure Debts


S P A I N

NH HOTELES: To Restructure Debt
TUBACEX:  Commission Says Debt Agreement Doesn't Establish Aid


S W E D E N

GLOCALNET: Posts a Third Quarter Pretax Loss of SEK21.5 Million


U N I T E D   K I N G D O M

H O SERCK: Liquidation Proceedings
HAVCO LTD: Liquidation Proceedings
HAWKER SIDDELEY: Liquidation Proceedings
I E S CONSULTING: Liquidation Proceedings
IB CLEANING: Liquidation Proceedings

GO: Heavy Losses Raise Doubts over Purchase
JAMESBURY-SERCK: Liquidation Proceedings
KNOWLEDGE ARCHITECTURE: Liquidation Proceedings
MILES REDFERN: Liquidation Proceedings
MULTITEC I T: Liquidation Proceedings

NETWORK SI CENTRAL: Liquidation Proceedings
OPTIMUM VISION: Liquidation Proceedings
PAUL AMUNDSEN: Liquidation Proceedings
PEGASUS POLYMERS: Liquidation Proceedings
POWERLINE (ELECTRICAL WHOLESALERS): Liquidation Proceedings

WELSH WATER: Nomura Bids 1.8 Billion Pounds


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

ALIACHEM: Agrobohemie Pays Kc815 Million
----------------------------------------
The AliaChem share was sold by the bankruptcy administrator of
the chemical concern Chemapol Group, Alexandr Vacek, following a
closed tender that Agrobohemie won with its winning bid of
Kc815m. CTK & Euromoney reported yesterday that Agrobohemie, the
winner of the August tender for the sale of 49.25 pct of AliaChem
-- the healthy core of the bankrupt Chemapol Group -- paid Kc815m
for the stake on Monday this week. The securities transfer will
follow in the upcoming days. The transaction needs yet to be
approved by the anti-monopoly office UOHS.

MfD has argued that at annual general meeting of AliaChem,
Agrobohemie will already be acting as the owner of voting rights
to AliaChem shares. Agrobohemie is a joint venture of the two
largest chemical groups in the Czech Republic, Unipetrol holding
and the private firm Agrofert. AliaChem is the third largest
chemical firm.

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

CAC SYSTEMES: Files for Bankruptcy
----------------------------------
Air vehicles company CAC Systemes, which is listed on the Nouveau
Marche, has filed for bankruptcy, Les Echos & World Reporter
noted last week. The company blamed the situation on "payment
delays and fresh export invoicing delays". CAC Systemes signed a
strategic partnership agreement in May with Aerospatiale Matra,
and the latter was to have taken a stake in it at a later date.


INTERCALL: Faces Financial Crisis
---------------------------------
French telecoms services provider Intercall has had difficulties
with its bills with mobile phone firm Bouygues Telecom. Intercall
said it dropped into payment failure, but expects to avoid
liquidation, Reuters reported yesterday. Intercall, which
specializes in pre-paid phone cards, listed on the Nouveau Marche
market for small firms in high-growth sectors in March 1999.
Stock trading was suspended on October 13 after Bouygues axed a
mobile phone supply contract in a billing row.

"We are in default of payment with all of our suppliers," an
Intercall spokeswoman said. Intercall had declared itself in
default and a hearing on Tuesday this week where a court in
Nanterre, near Paris, may select between liquidation or allowing
the firm perform a business survival plan.

"The court will make a decision and we are hoping it will
announce a continuation plan. We do not envisage liquidation," an
Intercall spokeswoman said. "There is still a possibility of
being bought. We are still talking to several groups, including
Liberty Surf. It could be a sale of Intercall or of part of the
company. Everything is possible."

Intercall's share price slumped to a record low of 14.88 euros on
the day it was suspended after a dizzy high of 143.9 euros at one
stage just after it joined the Nouveau Marche.


LA TETE: Goes into Receivership, EGM Revokes Chairman's Mandate
---------------------------------------------------------------
Les Echos & World Reporter noted this week that La Tete dans les
Nuages is in receivership. The report says that the recent
shareholders EGM have revoked the mandate of the video games
chain's chairman and co-founder, Philippe Gimond. The EGM had
originally been called to vote on a draft plan to rescue the
company by continuing its activity.

In December, the Paris commercial court is to study four
competing plans to save La Tete dans les Nuages. Aside from two
propositions under which the company would continue its business,
there are two plans for its sale. One of these is from a private
individual and the other from the Quantas group, which already
runs games arcades in Switzerland.


LES FILATURES: Lays Off Staff
-----------------------------
Les Filatures des Mondedieres, a subsidiary of failed French
textile group Balsan, has been compelled to cut some of its staff
despite a full order book, La Tribune reports this week. It said
that this measure might have to be extended to all 44 employees
by the end of the week if adequate raw materials are not
available. The company, based in the Correze town of Treignac,
specializes in the production of high-quality thread. Both Balsan
and its Belgian subsidiary Louis de Poortere were recently
declared insolvent.


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

DCI AG:  Posts Net Loss of EUR 6.2 Million in Nine Months
---------------------------------------------------------
Dow Jones noted this week that for the nine months ending
September 30, DCI AG (G.DCI) posted a EUR11.8 million operating
loss and a EUR6.2 million net loss, with startup costs and one-
off expenses for external consulting services results.


HAITEC: Posts Nine Months EBIT Loss of EUR3.54 Million
------------------------------------------------------
Haitec AG (G.HAI) posted a nine-month EBIT loss of EUR3.54
million and doesn't expect to meet its fiscal 2000 forecasts. The
company expects strong sales and to break in the fourth quarter,
Dow Jones Newswires noted this week.


TEAMWORK INFORMATION:  Goes for Restructuring
---------------------------------------------
Dusseldorf-based law firm Piepenburg & Dr Kebekus, receivers for
troubled German service company Teamwork Information Management
AG, is trying to find a way to restructuring the group,
Silicon.com said this week. Teamwork, which specializes in
Internet, intranet, document management and archive solutions,
declared itself bankrupt. Manfred Wurm, chief financial officer
said: "One possibility is to sell activities that aren't central
to our business".


=============
H U N G A R Y
=============

MALEV: Government to Sell Stakes in Loss-making Airline
-------------------------------------------------------
The Hungarian government faces difficulties in its bid to sell a
minority stake in loss-making airline Malev, Reuters noted last
week. Last month the state privatization agency invited
interested parties to submit tenders for a 25 percent stake in
the airline by January 8 of next year. As the airline has
struggled to find a partner, its troubles have mounted. Delta
Airlines had called off its code-sharing agreement because the
U.S. carrier had joined another alliance. Malev's unconsolidated
operating loss more than doubled in 1999 to USD 13.79 million.


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

COSMOLINE: German Firms Interested in Troubled Supermarket Chain
----------------------------------------------------------------
Two German retail chains are said to be among those as possible
buyers of Cosmoline, the troubled supermarket chain in the west
of Ireland. A Doras report said that Aldi and Lidl are interested
in Cosmoline, a chain with eight stores in Galway, Roscommon,
Leitrim, Mayo and Westmeath, which trade under the name Cosmoline
Superstores. The chain is being run by examiner Jim Luby of
accountants McStay Luby. The company is majority owned by
Shamrock Holdings, a company connected to movie mogul Roy Disney.
It was set up in 1997 by a number of former Dunnes Stores
executives.


=========
I T A L Y
=========

STREAM:  Italian Pay-TV to Inter Losses in 18 Months
---------------------------------------------------
Rupert Murdoch's Italian pay-TV joint venture Stream expects to
put its loss-making period behind it within 18 months after
drawing 650,000 subscribers. Stream Chief Executive Lucia
Morselli said: "We will break even 18 months from now when we
have around 1.3 million subscribers. We're half that now and will
break even at a lower number of subscribers than (rival)
Telepiu," Reuters reported.

Stream was launched as a satellite digital pay-TV service in 1998
to rival Telepiu, the 10-year-old broadcaster owned by Europe's
largest pay TV company, Canal Plus. Reuters reports this week
that after a series of shareholder reshuffles, Murdoch took joint
control of the broadcaster last June and conveyed his 50 percent
stake to a new satellite television arm, Sky Global Networks.
Morselli found a company saturated in years of losses when she
arrived last June and set about to throw away costly ventures
such as offering free set-top boxes as a means to draw new
subscribers. Accordingly, the Italian watchdog is due to meet
this week to rule on the issue.


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

PB VERMOGENSBEHEER: Central Bank Intervenes for Insolvency
----------------------------------------------------------
Het Financieele Dagblad & World Reporter noted last week that the
Dutch central bank has asked the district court of Assen to
appoint a receiver for capital manager PB Vermogensbeheer (PBV).
The report said that the central bank has taken this measure as
PBV is doubtful it will meet financial obligations. A large PBV
creditor had asked for six PBV partnerships to be declared
insolvent. The central bank decided to intervene as insolvency
had not been applied.


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

AGROS HOLDING:  Reports Q3 Loss Up to PLN 6.67 Million
------------------------------------------------------
Polish food maker Agros Holding SA reported its unconsolidated
net loss widened nearly 13-fold to 6.67 million zlotys ($1.48
million) in the third quarter of 2000 from 520,000 zlotys a year
earlier, Reuters noted this week. Agros is controlled by French
beverage maker Pernod-Ricard.
  

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

GAZ:  EBRD Agrees to Restructure Debts
--------------------------------------
World News Connection noted last week that the European Bank for
Reconstruction and Development credit committee on October 27
approved the restructuring of debts owed it by Russian auto
company Gaz. The sides have approved the general principles of
restructuring and procedures will be determined later. However,
the EBRD has announced that it does not plan to sell its debt
claims to a third party. The Gaz debt-restructuring scheme seeks
the transfer of an additional share issue to the EBRD and
Avtobank totaling the sum of the debt. Gaz plans to issue 2.5
million common shares priced at $40 each.

The company currently owes the EBRD $65 million and Avtobank -
$15 million, excluding interest. Gaz charter capital totals 5.97
million rubles and is divided among 4.51 million common shares
and 1.45 million preferred shares of 1 ruble par value. Leading
company shareholders are the CSFB bank (over 13 percent), the
company Rossiya (10 percent), Avtobank (10 percent), Russkiye
investors (around 8 percent), investment company EEDF (6 percent)
and the First Voucher Fund (5 percent).

Gaz turned out 199,988 automobiles in the first ten months of
2000, 1 percent more than the same period a year ago, company
presidential advisor Gennady Suvorov reported to Interfax.


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

NH HOTELES: To Restructure Debt
-------------------------------
Spanish hotel chain NH Hoteles is to allocate 150 million euros
(Pta25bn) to restructure its debts, Expansion & World Reporter
reports yesterday. NH Hoteles signed a syndicated loan aimed
mainly at the depreciation of the debt in October of last year,
when the chain launched a takeover bid for 86.6 million euros
(Pta14.421bn) to acquire 62.8 per cent of developers Sotogrande
SA in Cadiz. Meanwhile the acquisition of European hotel chain
Krasnapolsky Hotels & Restaurants NV in June this year raised
NH's debt to 372 million euros and raised its equity to 267
million euros.


TUBACEX:  Commission Says Debt Agreement Doesn't Establish Aid
--------------------------------------------------------------
The European Commission has ruled that the debt restructuring
agreement between the Spanish government and Basque stainless
steel tube manufacturer Tubacex did not constitute state aid,
Expansion & World Reporter noted last week. The report said that
this is in contrast to a 1997 European Union ruling. The
Commission had demanded the return of the aid, which took the
form of a renegotiated repayment period for Tubacex's debt and
considered that the rate of interest applied to the loans was too
low. Spain has appealed the decision.


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

GLOCALNET: Posts a Third Quarter Pretax Loss of SEK21.5 Million
---------------------------------------------------------------
Glocalnet AB, a telecommunications operator, posted a pretax loss
of SEK21.5 million for the three months ended September 30
compared with a SEK11.0 million loss in the same period of 1999,
Dow Jones Newswires reports this week. According to a report as
of September 30, the group's customer base was 100,000. Operating
expenses in the third quarter were SEK28.5 million.


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

H O SERCK: Liquidation Proceedings
-----------------------------------
Company Name: H O Serck Ltd
Company No: 238195
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


HAVCO LTD: Liquidation Proceedings
-----------------------------------
Company Name: Havco Ltd
Company No: 1951745
Com. Business:
Appointed on: 04/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Chris Williams IPno: 8772
Firm Name: McTear Williams & Wood
Address: De Vere House 90 St Faiths Lane
City Postcode: Norwich NR1 1NE


HAWKER SIDDELEY: Liquidation Proceedings
-----------------------------------------
Company Name: Hawker Siddeley (Wolverhampton) Ltd
Previous Name: The Electric Construction Co Ltd
Company No: 39292
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


I E S CONSULTING: Liquidation Proceedings
----------------------------------------
Company Name: I E S Consulting Ltd
Company No: 3264584
Com. Business: IT Consultants
Appointed on: 04/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Richard A Segal IPno: 2685
Firm Name: A Segal & Co
Address: Albert Chambers 221-223 Chingford Mount Road
City Postcode: London E4 8LP


IB CLEANING: Liquidation Proceedings
------------------------------------
Company Name: IB Cleaning Ltd
Previous Name: A S L Ltd
Company No: 3456410
Com. Business: Commercial Cleaning
Appointed on: 04/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Colin A Sefton IPno: 6495
Firm Name: Capital Insolvency
Address: Regents Park House Regent Street
City Postcode: Leeds LS2 7QJ


GO: Heavy Losses Raise Doubts over Purchase
-------------------------------------------
The Times reports yesterday that GO, the low-cost subsidiary of
British Airways, revealed heavy losses on November 8, doubts
whether a buyer would be found for the airline. The carrier,
which is to be sold next year, disclosed operating losses of 21.8
million pounds despite more than doubling its passenger numbers
in its second full year. Barbara Cassani, Go's chief executive,
insisted that the airline would start to be in profit by next
March.

Ryanair, Europe's biggest low-cost carrier, said that it would
take on its rival "only if British Airways paid us," while
Lufthansa, another of Europe's most profitable airlines, remained
doubtful about Go's true value. The Times said that Michael
O'Leary, Ryanair's chief executive, rejected suggestions that his
airline would bid up to ?400 million for go, but added:
"Everything has a price. We will keep watching." He said Go flew
to high-cost airports normally avoided by Ryanair, while some of
his rivals' routes were "madness".


JAMESBURY-SERCK: Liquidation Proceedings
---------------------------------------
Company Name: Jamesbury-Serck Ltd
Company No: 690701
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


KNOWLEDGE ARCHITECTURE: Liquidation Proceedings
----------------------------------------------
Company Name: Knowledge Architecture Ltd
Previous Name: Trafalgar Knowledge Ltd
Company No: 3648740
Com. Business: IT Consultants
Appointed on: 04/10/00
Type: Members
Appointed by: Members
Liquidators: Richard A Segal IPno: 2685
Firm Name: A Segal & Co
Address: Albert Chambers 221-223 Chingford Mount Road
City Postcode: London E4 8LP


MILES REDFERN: Liquidation Proceedings
---------------------------------------
Company Name: Miles Redfern Ltd
Company No: 924866
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


MULTITEC I T: Liquidation Proceedings
---------------------------------------
Company Name: Multitec I T Ltd
Company No: 3580342
Com. Business: Supply Computer Software
Appointed on: 04/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Richard I Williamson IPno: 8013
Firm Name: Campbell Crossley & Davis
Address: 348-350 Lytham Road
City Postcode: Blackpool FY4 1DW


NETWORK SI CENTRAL: Liquidation Proceedings
---------------------------------------
Company Name: Network Si Central Services Ltd
Previous Name: Computer Support (UK) Ltd
Company No: 1483017
Com. Business: IT Specialists
Appointed on: 04/10/00
Type: Members
Appointed by: Members
Liquidators: Richard A Segal IPno: 2685
Firm Name: A Segal & Co
Address: Albert Chambers 221-223 Chingford Mount Road
City Postcode: London E4 8LP


OPTIMUM VISION: Liquidation Proceedings
---------------------------------------
Company Name: Optimum Vision Ltd
Company No: 1863131
Com. Business: Image Acquisition/Processing Prod
Appointed on: 04/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Colin I Vickers IPno: 8953 John W Powell 7888
Firm Name: Levy Gee
Address: Southfield House 11 Liverpool Gardens
City Postcode: Worthing BN11 1RY


PAUL AMUNDSEN: Liquidation Proceedings
---------------------------------------
Company Name: Paul Amundsen Ltd
Company No: 3054465
Com. Business: Motor Dealers
Appointed on: 04/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Arthur C Custance IPno: 1912
Firm Name: Armstrong Watson & Wood
Address: 49 Duke Street
City Postcode: Darlington DL3 7SD


PEGASUS POLYMERS: Liquidation Proceedings
---------------------------------------
Company Name: Pegasus Polymers (UK) Ltd
Company No: 2569237
Com. Business: Polymer Retailer
Appointed on: 04/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Simon Michaels IPno: 8824 Anthony P Supperstone 2703
Firm Name: BDO Stoy Hayward
Address: 8 Baker Street
City Postcode: London W1M 1DA


POWERLINE (ELECTRICAL WHOLESALERS): Liquidation Proceedings
----------------------------------------------------------
Company Name: Powerline (Electrical Wholesalers) Ltd
Company No: 2069309
Com. Business: Electrical Contractors
Appointed on: 04/10/00
Type: Creditors
Appointed by: Creditors
Liquidators: Norman Cowan IPno: 1884
Firm Name: Norman Cowan & Associates
Address: 96 High Street
City Postcode: Barnet EN5 5SN


WELSH WATER: Nomura Bids 1.8 Billion Pounds
-------------------------------------------
The Japanese bank Nomura is reported to have bid in the region of
1.8bn pounds for Welsh Water, BBC News reports this week. The
report comes just days after a group of Welsh investors, Glas
Cymru, agreed to purchase the company, which distributes water in
Wales. Six months ago, Nomura tried to buy Hyder, the multi-
utility group, which includes Welsh Water, but it was beaten out
by a rival bidder, Western Power Distribution (WPD) of the United
States. The US group paid 2.4bn pounds for Hyder and agreed to
sell the water company to the new company Glas Cymru Limited.

The Wales-based company is due to pay a sum of just one pound for
the water business, although they will include debts of 1.8bn
pounds. Nomura's spokesperson in Wales refused to comment on the
report. The Glas Cymru bid is expected to be subject to tough
regulatory scrutiny. Assembly First Minister Rhodri Morgan has
described the proposed sale of Welsh Water to Glas Cymru as a new
and inventive proposal.



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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