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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

         Tuesday, November 14, 2000, Vol. 1, No. 134


                         Headlines

B E L G I U M

NORDIFA: Faces Bankruptcy


C Z E C H   R E P U B L I C

JIHOCESKE PIVOVARY: Decrease its Stock to Cover Losses  


F R A N C E

DURAND-ALLIZE: Court Places Troubled Group in Receivership


G E R M A N Y

NHM ROHRWERK: Austrian Group Acquires Insolvent Tubing Technology


I R E L A N D

TRANSAER INTERNATIONAL: Liabilities to Exceed GBP30 Million


I T A L Y

IRI: Transfers 99.5 Percent Stake to RAI Holding
IRI: Receives 50 percent More for Cofiri


N E T H E R L A N D S

ATAG HOME: Sells German Kitchen Subsidiary to Reduce Debts


S P A I N

HILADOA Y TEJIDOS: Spain's Largest Textile Faces Financial Crisis
HILADOS Y TEJIDOS: Files for Temporary Receivership
MECANICA DE LA PENA: Faces Bankruptcy; Crisis Continues in Court


S W I T Z E R L A N D

E-CENTIVES: Reports Net Loss Widen
MODEX THERAPEUTICS: Posts 3Q Loss of CHF1.4 Million


U N I T E D   K I N G D O M

BERTAINE LTD: Liquidation Proceedings
BEZIGN LTD: Liquidation Proceedings
BRITISH TELECOM:  Goes into Restructuring to Reduce Debt
BROOKDALE HOTEL: Liquidation Proceedings
CAMERON CLOTHING: Liquidation Proceedings

GALLOPER LTD: Liquidation Proceedings
GANNON HILLIS: Liquidation Proceedings
HORIZON INTERACTIVE: Liquidation Proceedings
INFO4PC.COM:  DTI Presents Wind Up Petition
RICHWOOD CONSTRUCTION: Liquidation Proceedings

RICMIC CONSTRUCTION: Liquidation Proceedings
ROYAL BRIERLEY:  Famous Glass Firm Loses Survival Fight
SUPERSCAPE:  Posts Pre-Tax Loss of 6.81 Million Pounds
WETNOSE.COM: Goes Into Liquidation


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

NORDIFA: Faces Bankruptcy
-------------------------
Filter manufacturing group Nordifa, which is listed on the O-
section of the bourse, faces bankruptcy, Dagens Industri & World
Reporter reported last week. A week ago Belgian banks froze
lending to the group and all incoming payments to the company
were retained by the banks. If a settlement can be reached within
14 days with the Belgian banks that have acted as the company's
financiers, Nordifa will be unable to avoid declaring its Belgian
operations bankrupt, said managing director Lars Axelson.

The negotiations will have an effect on the company's
negotiations with its Swedish banks and thus its chances of
launching a new share issue. Nordifa was forced to cancel a share
issue recently as it became clear that the group's Belgian unit
was not performing as well as expected. The majority of the
Swedish banks have also closed the company's credit facilities.


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

JIHOCESKE PIVOVARY: Decrease its Stock to Cover Losses  
------------------------------------------------------
Loss-making brewing company Jihoceske pivovary (JCP) believes
that new foreign markets will help during its financial crisis.
Having sold two breweries, the firm owns only the brewery Samson,
which should produce about 230,000 hl of beer in 2000. JCP blames
its problems and the threat of bankruptcy on the firm's previous
management, Access Czech Republic Business Bulletin noted last
week. The firm saw a loss of CEK 285.206 million in 1999, nearly
CEK 75 million more compared to 1998. Its cumulative loss is CEK
490 million. To cover the loss, JCP decreased its stock by CEK
469.954 million to only CEK 4.747 million.


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

DURAND-ALLIZE: Court Places Troubled Group in Receivership
----------------------------------------------------------
La Tribune & World Reporter noted that the French leisure group
Durand-Allize, which has been placed in receivership by the Paris
commercial court, announced that it has been granted an
observation period of six months. The court has also appointed an
administrator and a creditors' representative for the troubled
group.


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

NHM ROHRWERK: Austrian Group Acquires Insolvent Tubing Technology
-----------------------------------------------------------------
NHM Rohrwerk, the insolvent tubing technology subsidiary of
German group Neue Maxhutte, has been sold to ARI Baustahl, an
Austrian group based in Parndorf, Suddeutsche Zeitung & World
Reporter reported last week. The bidding process for NHM
Rohrwerk, which became insolvent 23 months ago, ended on November
6, 2000. Insolvency trustee Jobst Wellensiek did not comment on
the acquisition price. Management of the Austrian group stressed
that it would retain all of the German company's 520 members of
staff.


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

TRANSAER INTERNATIONAL: Liabilities to Exceed GBP30 Million
-----------------------------------------------------------
The Sunday Business Post learned last week that the liabilities
of Transaer International Airlines, which was wound up by the
High Court, have exceeded GBP30 million. It was previously
estimated that the airline's debts would total about GBP20
million, but the liabilities are continuing to mount up as
financial details are finalized.

The airline's debts could also increase if ILFC, the U.S.
airplane leasing company and a division of U.S. group AIG, cannot
retrieve two Airbus A320 aircraft leased to Libyan Arab Airlines
by Transaer. ILFC's planes were leased to Transaer, which in turn
leased them to the African airline for GBP1 million a month. ILFC
agreed to recover the planes from Libya. But if the U.S. company
is unsuccessful, Transaer's liquidator John McStay, of Dublin
chartered accountants McStay Luby, could be forced to retrieve
them.

According to the Sunday Business Post, the planes are estimated
to be worth GBP35 million each. Negotiations concerning a
possible sale of Transaer's core business as a going concern had
broken down before the airline's liquidation was confirmed by the
court. A failed $18 million investment in American airline
TransMeridian and losses of $14 million incurred by Transaer's
German and Greek charter airline were blamed for the collapse of
the company.


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

IRI: Transfers 99.5 Percent Stake to RAI Holding
------------------------------------------------
Corriere della Sera & World Reporter noted last week that the
State holding company IRI, which is in liquidation, has
transferred its 99.5 percent stake in public broadcaster RAI to a
new company, RAI Holding. The move was decided at the IRI
shareholders' meeting, which approved a plan for a partial spin-
off of the company prepared by the IRI liquidation committee.


IRI: Receives 50 percent More for Cofiri
----------------------------------------
La Repubblica & World Reporter reports that IRI, the Italian
holding company in liquidation, last week sold Italian investment
bank Cofiri for L975.1 billion to the consortium formed by the
Italian holding companies Tosinvest and Fineldo, Faber Factor,
the Italian company which specializes in factoring for the
Merloni group, and Senlado BV. The price paid by the consortium
is 50 percent more than the asking price in May 1999 (L650bn).


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

ATAG HOME: Sells German Kitchen Subsidiary to Reduce Debts
----------------------------------------------------------
Atag Home Products Deutschland, a division of Dutch durable
consumer goods manufacturer Atag Groep, is selling Wamsler Haus-
und Kuchentechniek to Hungarian company Rona MBO. Het Financieele
Dagblad & World Reporter noted that the proceeds from the sale
would be used to pay down Atag's debts. Wamsler mainly sells
traditional furnaces and wood/coal burning stoves and generates
an annual turnover of about DM50m with 50 employees. In late
September, two German subsidiaries of Atag filed for liquidation.
Earlier, Atag's Dutch kitchen subsidiaries filed for liquidation
and were later sold.


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

HILADOA Y TEJIDOS: Spain's Largest Textile Faces Financial Crisis
-----------------------------------------------------------------
Hilados y Tejidos Puignero, Spain's largest textile group with
1,600 staff, last week filed for cessation of payments in a
Barcelona court, after amassing debts of 147 million euros.
Expansion & World Reporter noted that the case represents the
biggest cessation of payments of any Spanish textile company.
Sources from Spanish law firm Roca Junyent affirmed that a large
part of the debt, 124.41 million euros related to payments due to
public bodies. This includes a loan of 900,000 euros (Pta150m)
owned to the Catalan credit institute, controlled by the regional
government of Catalonia.

Expansion & World Reporter noted that the company owes a further
222.4 million euros (Pta3.7bn) to suppliers and 400,000 euros
(Pta67m) to its employees. Puignero, which also suspended
payments in 1983 with debts totalling 60 million euros (Pta10bn),
has suffered from the effects of competition from Asia. Josep
Puignero de Sargatal, chairman and majority shareholder of the
Spanish company, was the first Spanish businessman to be
imprisoned for an environmental violations for polluting the
river Ter with toxic waste. The Supreme Court also fined Puignero
220,000 euros (Pta36.5m) for contracting 73 immigrants without
residence or work permits.


HILADOS Y TEJIDOS: Files for Temporary Receivership
----------------------------------------------------
El Mundo & World noted last week that Spain's largest textile
group, Hilados y Tejidos Puignero, is to go into temporary
receivership with debts of Pta26bn. Puignero employs 1,600
workers and posts a turnover of Pta16bn. Founded in 1956, it went
into temporary receivership in 1983. Job cuts totaling 500
positions feature in the restructuring plan.


MECANICA DE LA PENA: Faces Bankruptcy; Crisis Continues in Court
----------------------------------------------------------------
Expansion & World Reporter said last week that Basque capital
goods manufacturer Mecanica de la Pena (Mecapena) is to file for
bankruptcy, once the Bilbao court that is handling the suspension
of payments concludes the process. Mecapena, controlled by
Norwegian multinational Kvaerner and Basque company Hi Tec, has
total debts of 120 million euros.

Filing for bankruptcy will enable Mecapena to improve its
position in respect of negotiations to enable U.S. group
McDermott International Inc. to re-establish the Basque company.
Mecapena employees have scheduled a demonstration to take place
in Bilbao in protest against the current situation.


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

E-CENTIVES: Reports Net Loss Widen
----------------------------------
Online direct marketing company e-centives Inc. reported a third
quarter net loss of $9.1 million as compared to the $4.3 million
loss posted last year, Dow Jones Newswires noted last week.


MODEX THERAPEUTICS: Posts 3Q Loss of CHF1.4 Million
---------------------------------------------------
Dow Jones Newswires noted last week that Modex Therapeutics Ltd
reported a net loss of CHF1.4 million in the third quarter of
2000, as compared to the CHF1.2 million loss posted last year.
The company attributed the loss to higher operating expenses due
to increased development costs of Epidex, a wound healing
product, and the company's BioDelivery technology.


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

BERTAINE LTD: Liquidation Proceedings
--------------------------------------
Company Name: Bertaine Ltd
Company No: IR
Appointed on: 09/10/00
Type: Members
Appointed by: Members
Liquidators: Brendan P Foster IPno: 8670
Firm Name: Foster McAteer
Address: 32 Upper Mount Street
City Postcode: Dublin 2


BEZIGN LTD: Liquidation Proceedings
------------------------------------
Company Name: Bezign Ltd
Company No: 3769163
Com. Business: dot com Retailers
Appointed on: 09/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: David W Darrell IPno: 8987
Firm Name: Sochalls
Address: 9 Wimpole Street
City Postcode: London W1M 8LB


BRITISH TELECOM:  Goes into Restructuring to Reduce Debt
--------------------------------------------------------
Lethbridge Herald & World Reporter last week noted that British
Telecom plans to sell stock in its phone business and other
assets. Joining an industry trend, British Telecommunications PLC
announced an aggressive restructuring plan to cut its debt by $14
billion by selling stock in its mobile phone business, network
operations and other assets.

BT plans to create at least three new publicly traded companies:
BT Wireless, NetCo. and a phone directory business and sell about
25 percent of the stock in each. According to Lethbridge Herald &
World Reporter, the company's battered stock fell $6.25 per share
to $108.50 on the New York Stock Exchange, a loss of five
percent. By selling stock in its various operations, BT hopes to
reduce its debt load by about a third from an estimated $42.75
billion by the end of next March to about $28.5 billion by the
end of 2001. Meanwhile, to lower operating costs, BT also said it
will cut 2,000 more jobs by the end of the year in addition to
the 3,000 already planned.


BROOKDALE HOTEL: Liquidation Proceedings
-----------------------------------------
Company Name: Brookdale Hotel (Truro) Ltd - The
Company No: 715679
Com. Business: Hotel
Appointed on: 09/10/00
Type: Members
Appointed by: Members
Liquidators: Timothy C Ball IPno: 8081
Firm Name: Mazars Neville Russell
Address: Clifton Down House Beaufort Buildings
City Postcode: Bristol BS8 4AN


CAMERON CLOTHING: Liquidation Proceedings
------------------------------------------
Company Name: Cameron Clothing Ltd
Company No: SC
Appointed on: 09/10/00
Type: Creditors
Appointed by: Creditors
Liquidators: Gerald I Rankin IPno: 5184
Firm Name: PricewaterhouseCoopers
Address: 1 Blythswood Square
City Postcode: Glasgow G2 4AD


GALLOPER LTD: Liquidation Proceedings
--------------------------------------
Company Name: Galloper Ltd
Company No: IR
Appointed on: 09/10/00
Type: Members
Appointed by: Members
Liquidators: Patrick Maguire IPno:
Address: 6 South Lotts Road
City Postcode: Dublin 4


GANNON HILLIS: Liquidation Proceedings
--------------------------------------
Company Name: Gannon Hillis Machine Tools Ltd
Company No: IR
Appointed on: 09/10/00
Type: Members
Appointed by: Members
Liquidators: Thomas Kavanagh IPno:
Firm Name: Kavanagh
Address: 14 Pembroke Road Ballsbridge
City Postcode: Dublin 4


HORIZON INTERACTIVE: Liquidation Proceedings
---------------------------------------------
Company Name: Horizon Interactive Technologies Ltd
Company No: 3707661
Com. Business: Install Satellite Systems
Appointed on: 09/10/00
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


INFO4PC.COM:  DTI Presents Wind Up Petition
-------------------------------------------
The Secretary of State for Trade and Industry yesterday presented
a petition in the High Court of Justice in London to wind up
Info4pc.com Limited in the public interest, M2 Presswire reported
last week. The petition follows enquiries made by the Companies
Investigation Branch of the DTI under the provisions of Section
447 of the Companies Act 1985. On the application of the
Secretary of State the Court appointed the Official Receiver as
provisional liquidator of Info4pc.com Limited pending the hearing
of the petition on 13 December 2000.

Info4pc.com Limited was incorporated on 28 June 2000 and trades
from Leyland, Lancashire, continuing the business previously
operated by Smartalk Limited, in respect of which the Official
Receiver was appointed provisional liquidator on 6 October 2000.
Both companies operate a scheme selling computers, costing
approximately GBP535 each, to the public for GBP150 each and a
commitment by the purchaser to complete a monthly "lifestyle"
questionnaire for a period of two years.

All public inquiries concerning the business affairs of the
company 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
Telephone: 020 7637 6425
Fax: 020 7637 6390

The registered office of Info4pc.com Limited is at Lifestyle
House, Marathon Place, Leyland, Lancashire, PR5 7GH.


RICHWOOD CONSTRUCTION: Liquidation Proceedings
-----------------------------------------------
Company Name: Richwood Construction Co Ltd
Company No: 3000294
Com. Business: General Construction/Civil Engineer
Appointed on: 09/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Philip J Gorman IPno: 8069
Firm Name: Hazlewoods
Address: Windsor House Barnett Way Barnwood
City Postcode: Gloucester GL4 3RT


RICMIC CONSTRUCTION: Liquidation Proceedings
---------------------------------------------
Company Name: Ricmic Construction Ltd
Company No: IR
Appointed on: 09/10/00
Type: Members
Appointed by: Members
Liquidators: Michael McAteer IPno:
Firm Name: Foster McAteer
Address: 32 Upper Mount Street
City Postcode: Dublin 2


ROYAL BRIERLEY:  Famous Glass Firm Loses Survival Fight
-------------------------------------------------------
Sixty of the remaining 75 employees at the Royal Brierley Crystal
factory in Brierley Hill last week were told they were redundant
after attempts to sell the business failed. The Evening Mail
reports the 15 who were left will stay on while Birmingham-based
receivers from insolvency experts KPMG try to sell off the firm's
assets as the site is wound down. Receivers were called in just
under a month ago to Royal Brierley, England's only large-scale
manufacturer of mouth-blown hand-cut crystal.

Joint administrative receiver Myles Halley said: 'While there
were several expressions of interest from potential buyers, the
inherent loss-making nature of the factory meant that no party
was prepared to conclude a purchase.

In addition to the factory staff, there were 50 other employees
working in 20 retail concession shops. But the receivers said no
decision had been made on what would happen to the outlets.


SUPERSCAPE:  Posts Pre-Tax Loss of 6.81 Million Pounds
------------------------------------------------------
The Times noted last week that Superscape (software) made a pre-
tax loss of 6.81 million pounds for the full year. There is no
dividend.


WETNOSE.COM: Goes Into Liquidation
----------------------------------
The Times of London reported last week that Internet firm
Wetnose.com has joined the growing list of dot-com failures by
filing for liquidation. 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 before the company
stopped trading last month. About 15 staff will lose their jobs.



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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