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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

         Monday, November 13, 2000, Vol. 1, No. 133


                         Headlines


F I N L A N D

RAISIO GROUP:  Post Nine Months Loss of 39.2 Million Euros


G E R M A N Y

CYBERNET INTERNET: Posts a Third-Quarter Operating Loss


I R E L A N D

HARVARD PROPERTIES: Goes into Receivership
LEITRIM BOATMAKER: Goes Into Receivership
PURCELL BROTHERS: Bank to Enforce Securities
TRANSAER: Morgan Stanley Wants its Jet Back


I T A L Y

CAMFIN SPA:  Posts Nine Months Operating Loss of ITL2.1 Billion


L A T V I A

LATVIJAS UNIBANKA: SEB Holds Majority Stake


S W E D E N

METRO INTERNATIONAL:  Free-paper Metro Nine Month Losses Widen
SCANDINAVIA ONLINE: Reports Third Quarter Net Loss of SEK 118Mln


S W I T Z E R L A N D

ACTELION AG: Reports Nine Months Net Loss of CHF10.8 Million


U K R A I N E

CHERNOBYL:  EU Sees Fuel Aid for Nuclear Power Plant Closure


U N I T E D   K I N G D O M

AILANTO LTD: Liquidation Proceedings
BACKWOOD PROPERTIES: Liquidation Proceedings
BLUE CRAYON: Liquidation Proceedings
BRITISH ENERGY: Reports Pre-Tax Loss of 56 Million Pounds
BRITISH TELECOM: Asset Sell-Off to Cut Debts of 18.7 Billion

CHOICE SYSTEMS: Liquidation Proceedings
DAEWOO UK:  Union Urges Sale of Daewoo's UK Plant
DAEWOO UK:  Insists on Business as Usual
FOURWAY JOINERS: Liquidation Proceedings
HERINA LTD: Liquidation Proceedings

LDV:  Volkswagen to Buy Half of UK Van Maker
NULEAF COMMUNICATIONS: Liquidation Proceedings
PRECISION MACHINING: Liquidation Proceedings
SKIPTON TOURIST: Liquidation Proceedings
VALIDLOGIC LTD: Liquidation Proceedings


=============
F I N L A N D
=============

RAISIO GROUP:  Post Nine Months Loss of 39.2 Million Euros
----------------------------------------------------------
Finnnish food group Raisio made a loss of 39.2 million euros in
the nine months to September compared with a 14.1 million profit
a year earlier due to 38 million euros in one-off Benecol-related
adjustment expenses, AFX reports this week. Considerin the above-
mentioned adjustment costs and last year's 18.7 million euros
milestone payments deriving from the cooperation agreement with
Johnson & Johnson unit McNeil, the Benecol business's purely
operational result actually exceeded the year-earlier figure.

The Benecol division's nine months operating result was a loss of
44 mln euros, most of which stemmed from the 38 mln euros in non-
recurring items. The adjustment costs include termination of some
sterol procurement agreements and write-downs on inventories to
reflect the lower-than-expected demand for Benecol products.


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

CYBERNET INTERNET: Posts a Third-Quarter Operating Loss
-------------------------------------------------------
Dow Jones Newswires reports this week that Cybernet Internet
Services International Inc. posted a third-quarter operating loss
of EUR952,000, adjusted for exchange rates, which was an
improvement of 89 percent on its operating loss a year earlier.
Third-quarter sales rose 60 percent to EUR9.54 million.


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

HARVARD PROPERTIES: Goes into Receivership
------------------------------------------
The Irish Independent reports this week that last August, ACC
appointed Pearse Farrell of Farrell Grant Sparks as receiver to
Harvard Properties and Simmonscourt Holdings, the two companies
developing the luxury Four Seasons Hotel in Dublin's Ballsbridge,
after the project went over budget by at least GBP14m and
possibly GBP22m.


LEITRIM BOATMAKER: Goes Into Receivership
-----------------------------------------
Irish Independent noted that Brendan Foster has been appointed as
receiver to Leitrim boatmaker Sealion Services. Though the
directors were not well-known names, the scale of the problem
appeared to be large with some sources predicting a deficit of
more than GBP3m. The question of how Leitrim boatmaker Sealion
Services got into difficulties remains unclear, but it is known
the Garda Bureau of Fraud Investigation is looking into the
matter following complaints about missing boats.


PURCELL BROTHERS: Bank to Enforce Securities
--------------------------------------------
Earlier this month meat exporters Purcell Brothers has succeeded
in staving off attempts by the National Irish Bank to appoint
Rory O'Ferrall of Deloitte & Touche as receiver to the 50-year
old company, the Irish Independent reports this week. The bank
wanted to enforce securities relating to an alleged debt of
GBP6.4m. The High Court has allowed its application pending the
outcome of separate legal proceedings between the company and
NIB.

Purcell Brothers got into difficulties after former managing
director Gerry Purcell, son of company founder Seamus Purcell,
incurred heavy losses on foreign currency exchange deals. The
High Court has yet to decide whether Purcell was to blame or
whether he was encouraged by the National Irish Bank to engage in
speculative currency deals.


TRANSAER: Morgan Stanley Wants its Jet Back
-------------------------------------------
Morgan Stanley Aircraft Finance is seeking the return of an
Airbus A320-200 that it leased to TransAer International Airlines
Ltd., an Irish charter flight provider. According to a filing
with the U.S. Securities and Exchange Commission, TransAer
subleased the jet to Libyan Arab Airlines in Tripoli. When
TransAer went bankrupt last month, Morgan Stanley tried to
repossess the plane from Libya, the Dallas Morning News reported
yesterday. Libyan Arab Airlines hesitated, refusing to return the
plane. Morgan Stanley declined to comment on the leased plane.


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

CAMFIN SPA:  Posts Nine Months Operating Loss of ITL2.1 Billion
---------------------------------------------------------------
Dow Jones Newswires noted this week that during the first nine
months of the year, Camfin SpA posted an operating loss of ITL2.1
billion. Earnings before interest, tax, depreciation and
amortization stood at ITL422 million compared with a loss of
ITL1.32 billion.


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

LATVIJAS UNIBANKA: SEB Holds Majority Stake
-------------------------------------------
Sweden's Skandinaviska Enskilda Banken (SEB) currently holds more
than a 75 percent stake in Latvijas Unibanka, Latvijas bank
spokesman Haralds Burkovskis told BNS Tuesday. SEB aims to
purchase Latvijas Unibanka's shares in a cash offer made by
November 13. The report says most of Latvijas Unibanka's
shareholders will accept the cash offer.

BNS & Euromoney noted that SEB wants to turn the attention of the
remaining shareholders to the risk that remaining Latvijas
Unibanka's shares may become illiquid if offers to sell shares
are submitted at the present high rate. SEB confirmed its
intention to take all required steps to present for approval
documents about de-listing Latvijas Unibanka's shares from the
Riga Stock Exchange. Initially several Latvijas Unibanka's
shareholders were dissatisfied with the buy-out price offered by
SEB of 1.90 lats per share. SEB then increased its cash offer to
2.05 lats per share.


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

METRO INTERNATIONAL:  Free-paper Metro Nine Month Losses Widen
--------------------------------------------------------------
Swedish newspaper group Metro International SA said its nine-
month losses after financial items increased to $40.6 million,
Reuters reports this week. Metro's losses in the first nine
months of 1999 were $9.6 million. The company was previously a
unit of Swedish media concern Modern Times Group but has now been
spun off. Turnover increased by 60.8 percent to $63 million.
Metro's revenues are entirely generated by advertising in their
free distribution newspapers. The first paper was established in
Stockholm in 1995, and later in the Swedish cities of Malmo and
Gothenburg.


SCANDINAVIA ONLINE: Reports Third Quarter Net Loss of SEK 118Mln
----------------------------------------------------------------
Dow Jones Newswires noted yesterday that Scandinavia Online AB -
Stockholm has reported a third quarter net loss of SEK 118
million with an earnings per share loss of SEK2.61.


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

ACTELION AG: Reports Nine Months Net Loss of CHF10.8 Million
------------------------------------------------------------
Vascular drug developer Actelion AG has reported net losses of
CHF10.8 million for the period from Jan. 1 to September 30, 2000
compared with CHF12.4 million in the same period of 1999, Dow
Jones Newswires reports this week. In the third quarter of 2000,
net losses widened to CHF11.7 million from CHF3.5 million, the
company said in a press release.

"This result corresponds to the management's expectations,"
Actelion said. It traced the loss to increasing clinical trial
and marketing costs ahead of the launch of its pulmonary
hypertonia drug TRACLEER (Bosentan) and its heart failure drug
Tezosentan.


=============
U K R A I N E
=============

CHERNOBYL:  EU Sees Fuel Aid for Nuclear Power Plant Closure
------------------------------------------------------------
The European Union is expected to announce $25 million in annual
aid to help cover a "fuel gap" when Ukraine completes the closure
of the Chernobyl nuclear power plant this year, an E.U. official
said. E.U. Commission President Romano Prodi plans to make the
announcement after he meets Ukraine's President Leonid Kuchma and
Prime Minister Viktor Yushchenko in Kiev.

Ukraine has said it plans to shut down on December 15 the last of
four reactors at the Chernobyl plant, site of the world's worst
nuclear accident in 1986, Dow Jones Newswires reported last week.
However, Ukraine has said expected delays in completing the
Khmelnitsky replacement reactor will force it to import energy
that would have come from Chernobyl. Ukraine is also seeking
additional international aid to complete two reactors at its
western Rivne and Khmelnytsky nuclear power plants to compensate
for the closure of Chernobyl.

The total value of the project to complete the plants is
estimated at about $1.5 billion, and the E.U., through the
European Atomic Energy Community, is expected to contribute a
loan of about $800 million.


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

AILANTO LTD: Liquidation Proceedings
-------------------------------------
Company Name: Ailanto Ltd
Company No: IR
Appointed on: 06/10/00
Type: Members
Appointed by: Members
Liquidators: James Walsh IPno:
Firm Name: Bradley Walsh & Co
Address: 17 Clyde Road Ballsbridge
City Postcode: Dublin 4


BACKWOOD PROPERTIES: Liquidation Proceedings
---------------------------------------------
Company Name: Backwood Properties Ltd
Company No: IR
Appointed on: 06/10/00
Type: Members
Appointed by: Members
Liquidators: James Walsh IPno:
Firm Name: Bradley Walsh & Co
Address: 17 Clyde Road Ballsbridge
City Postcode: Dublin 4


BLUE CRAYON: Liquidation Proceedings
-------------------------------------
Company Name: Blue Crayon Ltd
Company No: 2482216
Com. Business: Advertising/Marketing Agency
Appointed on: 06/10/00
Type: Creditors
Appointed by: Creditors
Liquidators: H J Sorsky IPno: 5398
Firm Name: Sorskys
Address: Gable House 239 Regents Park Road
City Postcode: London N3 3LF


BRITISH ENERGY: Reports Pre-Tax Loss of 56 Million Pounds
---------------------------------------------------------
Ananova noted last week that the British Energy is blaming its 56
million pounds pre-tax loss on lower electricity prices and
without expecting its nuclear output. Chief executive Peter
Hollins says electricity prices were 15 percent lower than the
same time last year, driven down by competition. British Energy
reported lower nuclear output from the group's power stations,
including its two Scottish stations -- Torness and Hunterston.


BRITISH TELECOM: Asset Sell-Off to Cut Debts of 18.7 Billion
------------------------------------------------------------
British Telecom is selling off parts of its business in a bid to
reduce its massive 18.7 billion pounds debt. The move is part of
a restructuring program that will cut a total of 5,000 jobs by
the end of the year. BT says it has already reduced management by
3,000. An additional 2,000 are expected to leave the business by
the end of this year. The company added that all the redundancies
would be voluntary, Ananova reported last week.


CHOICE SYSTEMS: Liquidation Proceedings
----------------------------------------
Company Name: Choice Systems Ltd
Previous Name: Trinton Ltd
Company No: 2048806
Appointed on: 06/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Andrew J Nichols IPno: 8367
Firm Name: Redman Nichols
Address: Maclaren House Skerne Road
City Postcode: Driffield YO25 6PN


DAEWOO UK:  Union Urges Sale of Daewoo's UK Plant
-------------------------------------------------
Union leaders are pressing for the sale of Daewoo's UK technical
centre now that the Korean car giant is bankrupt, Ananova
reported last week. The Seoul-based conglomerate finally declared
bankruptcy after struggling for months under the weight of
massive debts, with thousands of job losses expected in South
Korea. Unions representing around 800 workers at the company's
site in Worthing, West Sussex, are seeking urgent talks with
managers to push for the sale of the plant.


DAEWOO UK:  Insists on Business as Usual
----------------------------------------
BBC News Online reported last week that Daewoo has assured its
workers and customers in the UK that it will be business as
usual, even though the Seoul-based conglomerate has been declared
bankrupt. Unions pressed the South Korean company to sell its
technical centre in Worthing, West Sussex, where about 800 people
are employed. The high-tech centre is understood to have
attracted interest from at least two potential buyers. Daewoo
says it is involved in complex restructuring but that customers
"can be confident that their warranties and service packages will
be honoured".

UK Prime Minister Tony Blair told MPs the Government would do
everything it could to secure the future of the Worthing factory.
He said Britain's ambassador to Seoul was already talking to the
authorities there about the bankruptcy. The company said: "Daewoo
Cars is a self-sufficient subsidiary that does not rely on funds
from Korea. For both the sales network and the Worthing technical
centre it is business as usual." Daewoo is hoping that the
bankruptcy will remove obstacles in takeover talks with General
Motors. But it said no further details were expected from General
Motors for at least a month.


FOURWAY JOINERS: Liquidation Proceedings
-----------------------------------------
Company Name: Fourway Joiners & Builders Ltd
Company No: SC
Appointed on: 06/10/00
Type: Creditors
Appointed by: Creditors
Liquidators: William D Robb IPno: 5199
Firm Name: W D Robb
Address: Scott House 12/16 South Frederick Street
City Postcode: Glasgow G1 1HJ


HERINA LTD: Liquidation Proceedings
------------------------------------
Company Name: Herina Ltd
Company No: IR
Appointed on: 06/10/00
Type: Members
Appointed by: Members
Liquidators: Kieron Hayes IPno:
Firm Name: Hayes & Co
Address: 118/120 Lower Rathmines Road
City Postcode: Dublin 6


LDV:  Volkswagen to Buy Half of UK Van Maker
--------------------------------------------
Reuters noted this week that German carmaker Volkswagen is to
acquire a 50 percent share in British van manufacturer LDV from
South Korea's bankrupt Daewoo Motor. Analysts said Daewoo's stake
in the company was valued at around 25 million pounds. The deal
with LDV would create 1,000 new jobs at the firm's Birmingham
plant and secure another 1,400 jobs. The deal is expected to be
announced by the end of December. Details of the LDV talks were
revealed after Daewoo creditors decided to place the unlisted
South Korean firm in court receivership.


NULEAF COMMUNICATIONS: Liquidation Proceedings
-----------------------------------------------
Company Name: Nuleaf Communications Ltd
Previous Name: Cloverleaf & Pegasus Ltd
Company No: 3730543
Com. Business: Reprographics
Appointed on: 06/10/00
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


PRECISION MACHINING: Liquidation Proceedings
---------------------------------------------
Company Name: Precision Machining & Repair Ltd
Company No: SC
Appointed on: 06/10/00
Type: Creditors
Appointed by: Creditors
Liquidators: Fraser J Gray IPno:
Firm Name: Kroll Buchler Phillips
Address: Afton House 26 West Nile Street
City Postcode: Glasgow G1 2PF


SKIPTON TOURIST: Liquidation Proceedings
-----------------------------------------
Company Name: Skipton Tourist Info Centre (1999) Ltd
Company No: 3731719
Com. Business: Tourist Information Centre
Appointed on: 06/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Raymond S Claughton IPno: 1726
Firm Name: Rushtons
Address: 36-40 North Parade
City Postcode: Bradford BD1 3JB


VALIDLOGIC LTD: Liquidation Proceedings
----------------------------------------
Company Name: Validlogic Ltd
Company No: 3357529
Com. Business: Engineering Services
Appointed on: 06/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Robert Cooksey IPno: 9040 Jonathan Lord 9041
Firm Name: Casson Beckman & Partners
Address: 8 Tib Lane
City Postcode: Manchester M2 4JB



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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