/raid1/www/Hosts/bankrupt/TCREUR_Public/001116.mbx      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 16, 2000, Vol. 1, No. 136


                        Headlines

B E L G I U M

OPTION INTERNATIONAL: Reports Pre-tax Loss of 59.88 Million


E S T O N I A

PARNU SOOJUS: Government to Pick Heating Utility Buyer


F R A N C E

TOTAL FINA SA: Defaults on Debt Payments
KOOBUYCITY.COM: Files for Bankruptcy


G E R M A N Y

EHLEBRACHT AG:  Posts Nine Month Loss of DM4.4 Million
PIXELPARK AG: Posts a Net Loss of 3.88 Million Euros
TELEGATE AG:  Posts Nine-Month Net Loss of DM9.8 Million


H U N G A R Y

PRIMAGAZ HUNGARIA: Post Nine Months Loss of 1.981 Billion Forints


N E T H E R L A N D S

KPN: Burdens of Debt, to Stay Ahead of Interest Rise
PAN-EUROPE COMMUNICATIONS: Third Quarter Loss Widens


N O R W A Y

TELENOR: Issues Shares to Repay up to NOK18 Billion Debts


P O L A N D

LUCZNIK: Court Declares Bankruptcy


R U S S I A

KAMAZ: To Restructure $141 Million of Debt


S P A I N

TERRA NETWORKS:  Nine Months Net Loss Widens to 47.5 Bln Ptas


S W I T Z E R L A N D

MIRACLE:  On Takeover Talks


U N I T E D   K I N G D O M

B K CONSTRUCTION: Liquidation Proceedings
CUDDLY BEAT: Liquidation Proceedings
ENERGIS:  Posts Pre-Tax Loss for the First-Half of 45.27 Million
EQUITABLE LIFE: Needs to be Saved
GB RAILWAYS: Faces Cash Problems

GOLDINA FINANCE: Liquidation Proceedings
J C M WOODRAFTS: Liquidation Proceedings
KINGS LYNN: Liquidation Proceedings
KINGS LYNN: Liquidation Proceedings
MILLENIUM DOME: Note Shows Ministers May Have Objected to Project

MOYER SECURITIES: Liquidation Proceedings
PEL RETAIL: Liquidation Proceedings
ROSSLEE DEVELOPMENTS: Liquidation Proceedings


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

OPTION INTERNATIONAL: Reports Pre-tax Loss of 59.88 Million
-----------------------------------------------------------
Reuters noted this week that Option International, the Belgian
mobile data communications company, reported a pre-tax loss of
59.88 millions Belgian francs for the three months to September
30.


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

PARNU SOOJUS: Government to Pick Heating Utility Buyer
------------------------------------------------------
The city government will choose the buyer of Parnu's heating
utility Parnu Soojus (Parnu Heat) and the city council will
discuss transfer of the shares this week. City government
spokesman Romek Kosenkranius told BNS that after confirming the
bidding results this week the municipality will submit documents
to the economics committee of the city council. The final
decision on the sale of 99.95 percent of the shares in the
heating utility will be made by the city council. The city
government has held talks with five bidders: SCA Dalkia, Fortum
Energia, Vattenfall Estonia, Vantaa Energy Ltd. and Kotka Energy
Ltd.

BNS & Euromoney noted this week that the first attempt to sell
the shares in September fell through as the winning bidder,
Vattenfall, withdrew its offer before finalization of the sale,
citing insufficient documentation. Vattenfall, whom the city
government Aug. 31 declared the winner of the privatization bid
for Parnu Heat, offered to pay 55 million kroons (USD 3.03 mln)
for the shares. The Swedish Vattenfall AB last year acquired a 96
percent stake in Parnu's other heating plant, Ulejoe Soojusvork.
Parnu Heat is Estonia's fifth largest thermal power producer.


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

TOTAL FINA SA: Defaults on Debt Payments
----------------------------------------
Extel Company News noted last month that the French trade
tribunal has ruled that Total Fina SA must pay FFr2 million to
subcontractor Copamar. Copamar was suing company for default of
debt payment, and for not respecting contract.


KOOBUYCITY.COM: Files for Bankruptcy
------------------------------------
E-commerce site KoobuyCity.com filed for bankruptcy on November
7. It has been unable to attract the FFr 20 million needed to
continue trading, Le Monde & World Reporter noted this week.
Koobuycity.com employs 50 staff.


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

EHLEBRACHT AG:  Posts Nine Month Loss of DM4.4 Million
------------------------------------------------------
Handelsblatt reported this week that Ehlebracht AG posted a nine
month loss on ordinary activities of DM4.4 million compared with
a profit of DM2.6 million last year. Nine month sales rose 7.6
percent to DM192.8 million from a year ago and expects fiscal
2000 sales of about DM250 million. Ehlebracht manufactures
plastic products and components for several industries.


PIXELPARK AG: Posts a Net Loss of 3.88 Million Euros
------------------------------------------------------
Shares in IT consultancy Pixelpark AG fell 5 percent Tuesday
after the Internet agency posted a first-quarter loss. Its net
loss of 3.88 million euros was in line with most forecasts and
slightly higher than the year-earlier loss of 3.2 million euros,
Handelsblatt reported this week. However, they were surprised by
costs of 1.89 million euros due to losses at Venturepark,
Pixelpark's venture capital arm. The first quarter is typically
weak due to seasonal factors, Pixelpark said.


TELEGATE AG:  Posts Nine-Month Net Loss of DM9.8 Million
--------------------------------------------------------
Handelsblatt noted this week that Telegate AG posted a nine-month
net loss of DM9.8 million, due to its large foreign investment
and establishment costs of its Internet portal. No comparative
figures were given. Nine-month sales rose 68 percent to DM192.6
million from DM114.7 million a year ago.


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


PRIMAGAZ HUNGARIA: Post Nine Months Loss of 1.981 Billion Forints
-----------------------------------------------------------------
Primagaz Hungaria Rt, the Hungarian liquefied petroleum gas
distributor, said on Tuesday it swung to a nine-month loss of
1.981 billion forints ($6.45 million) as its cost of sales grew
sharply, Reuters reports this week. The company posted an after-
tax profit of 878 million forints in the same period of 1999.

"The costs of sales rose 55 percent, mainly due to a
strengthening of the dollar compared to the forint and due to a
significant rise in the purchase price of the gas on world
markets," Primagaz said. Primagaz said that harsher competition
made it unable to fully pass on the purchase price increase to
consumers.


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

KPN: Burdens of Debt, to Stay Ahead of Interest Rise
----------------------------------------------------
Dutch telecom company KPN, one of the largest debtors in the
Netherlands is trying to limit its interest payments, NRC
Handelsblad & World Reporter reports this week. KPN's financial
experts will find out whether the European Central Bank is
raising the interest rates. Interest is a fast rising cost item
for KPN in the first eight months of this year, KPN borrowed over
Fl 44bn extra with international investors and banks. As a
result, the interest-bearing burden of debt rose fourfold to
nearly Fl 65bn in late August.

KPN used the borrowed capital to acquire German mobile telecom
company E-Plus and new frequencies for mobile telephony among
other things. The burden of debt is one of the financial details
in the prospectus of the forthcoming Fl 12bn issue of shares and
bond loans. The company wants to use the proceeds to decrease the
burden of debt.


PAN-EUROPE COMMUNICATIONS: Third Quarter Loss Widens
----------------------------------------------------
Investors in cable network operator United Pan-Europe
Communications will see widening third quarter losses. Analysts
see UPC's adjusted EBITDA (earnings before interest, tax,
depreciation and amortization) losses quadrupling to 100.5
million euros, compared to a loss of 24.9 million euros last
year, Reuters reports this week. The company is already heavily
leveraged, and without the acquisition currency of a strong share
price is under pressure to bring in new equity for its balance
sheet. UPC's share price, which hit a high of 83.32 euros on
March 8, was trading at 17.13 euros, or 5.9 percent lower at 1540
GMT on Monday, in line with sector peers.


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

TELENOR: Issues Shares to Repay up to NOK18 Billion Debts
---------------------------------------------------------
State telecom firm Telenor, due for partial privatization and
bourse listing next month, is planning to spend up to 18 billion
crowns ($1.94 billion) of the capital raised in a new share issue
to repay part of its huge debts, Reuters reported earlier this
week. It said in a prospectus ahead of its planned stock market
listing in Oslo and on the U.S. Nasdaq on December 4 that the
rest of the extra cash would be invested in future growth.

Reuters noted that it would issue 372 million new shares. "We
will spend up to 18 billion crowns of the net new capital to
repay short- and long-term debts," Telenor said. Telenor urgently
needs cash to help fund a foreign spending spree in recent
months, in countries ranging from Thailand to Denmark. Its net
interest-bearing debts totaled 51.7 billion crowns at the end of
September.

Norway announced that the state would cut its stake to about 79
percent in Telenor through an expansion of Telenor's share issue,
the biggest share sale ever in Norway, with shares costing 50-68
crowns each.


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

LUCZNIK: Court Declares Bankruptcy
----------------------------------
Polish News Bulletin & Euromoney reported this week that an
Economic Court in Radom declared that local metal factory
Lucznik, Poland's largest arms producer, has gone bankrupt. The
factory's debts amount to ZL168 million, and exceed by far its
assets, which constituted the grounds for the court's decision.

The court has also appointed a receiver who will supervise the
administration of remaining property. Trade unions operating
within Lucznik protested the closure, but the Industrial
Development Agency (ARP) claims that bankruptcy was inevitable if
the factory is to have a chance to restructure. Production of
arms will be taken over by Fabryka Broni Radom, which has already
signed agreements with the Ministry of the Interior on the
delivery of ZL8m worth of handguns.


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

KAMAZ: To Restructure $141 Million of Debt
------------------------------------------
The State Duma will consider an issue on providing state
guaranties under KamAZ's restructured debts due to EBRD until the
end of November. The state may issue USD 70.5 mln guarantees,
under EBRD's credit to KamAZ in order to restructure KamAZ's
debts. In November 1995, EBRD signed a credit agreement on
providing USD 100 mln to KamAZ. However, KamAZ failed to repay
its debts, Skrin Issuer reports this week. In April 2000,
representatives of KamAZ, EBRD and RF Government signed a
memorandum on understanding. EBRD agreed to convert 50 percent of
KamAZ's debts into the company's shares provided the rest of the
debts (USD 70.5 mln) is backed by the state and to be repaid
within 12 years. KamAZ's restructured debts due to EBRD total USD
141 mln.


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

TERRA NETWORKS:  Nine Months Net Loss Widens to 47.5 Bln Ptas
-------------------------------------------------------------
Reuters reports this week that Spanish Internet company Terra
Networks, which merged with U.S. search engine Lycos in October,
said on Tuesday its nine-month net loss widened to 47.50 billion
pesetas ($245.6 million). The loss in the nine months compares
with a loss of 5.68 billion pesetas ($29.37 million) in the same
period last year. On a proforma basis, taking into account
Terra's acquisitions since the start of the year, the company's
loss totaled 289.7 million euros, up from 107.9 million euros in
the first nine months of 1999.


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

MIRACLE:  On Takeover Talks
---------------------------
Le Temps & World Reporter reported earlier last week that
negotiations on the creation of a new company to take-over Swiss
software producer, Miracle are in progress. The company's board
of directors indicated last week that it was examining the
possibility of calling for the company's liquidation. This would
be done in the interests of the company's creditors.


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

B K CONSTRUCTION: Liquidation Proceedings
------------------------------------------
Company Name: B K Construction Ltd
Company No: 3757309
Com. Business: General Builders
Appointed on: 11/10/00
Type: Creditors
Appointed by: Creditors
Liquidators: Kian Seng Tan IPno: 8032
Firm Name: K S Tan & Co
Address: 10-12 New College Parade Finchley Road
City Postcode: London NW3 5EP


CUDDLY BEAT: Liquidation Proceedings
-------------------------------------
Company Name: Cuddly Beat Ltd
Company No: IR
Appointed on: 11/10/00
Type: Members
Appointed by: Members
Liquidators: Barry Caldwell IPno:
Firm Name: Caldwell & Co
Address: 135 Hillside
City Postcode: Greystones


ENERGIS:  Posts Pre-Tax Loss for the First-Half of 45.27 Million
----------------------------------------------------------------
The Times noted this week that Energis telecom posted pre-tax
losses for the first-half of ?45.27 million. There is no
dividend.


EQUITABLE LIFE: Needs to be Saved
---------------------------------
The Guardian reported yesterday that Prudential is the only
company still interested in bidding for mutual insurer Equitable
Life. Three months ago lost a prolonged legal battle over pension
guarantees. With a reported deadline for final offers just around
the corner, companies such as CGNU, GE Capital, and Barclays Bank
have withdrawn their names from consideration. It is not certain
whether pan-European insurer Eureko will follow through on a last
minute bid for Equitable.


GB RAILWAYS: Faces Cash Problems
--------------------------------
Ananova noted this week that the train operator running Anglia
Railways could face a cash crisis because of the disruption
caused in the wake of the Hatfield crash. The group operates in
the United Kingdom through its wholly owned subsidiaries Anglia
Railways Train Services Limited and GB Railfreight Limited. GB
Railways Group says its revenues are substantially below budget
due to the speed and time tabling restrictions it has faced since
the rail accident. It has already started talks with the Shadow
Strategic Rail Authority about the future of its Anglia
Franchise.

The company expects to receive compensation from insurers and
Rail track. The company also says it could run out of cash in the
New Year as a result of the current continuing losses. GB
Railways said it is making a full claim under its track access
contracts with Railtrack Group and is processing a business
interruption claim with its insurers.


GOLDINA FINANCE: Liquidation Proceedings
-----------------------------------------
Company Name: Goldina Finance Ltd
Company No: 1140595
Com. Business: Dormant
Appointed on: 11/10/00
Type: Members
Appointed by: Members
Liquidators: Lynn M Houghton IPno: 6528
Firm Name: Lynn M Houghton
Address: 6 Belverdere Court Alwoodley
City Postcode: Leeds LS17 8NF


J C M WOODRAFTS: Liquidation Proceedings
-----------------------------------------
Company Name: J C M Woodrafts Ltd
Company No: 878615
Com. Business: Dormant
Appointed on: 11/10/00
Type: Members
Appointed by: Members
Liquidators: Lynn M Houghton IPno: 6528
Firm Name: Lynn M Houghton
Address: 6 Belverdere Court Alwoodley
City Postcode: Leeds LS17 8NF


KINGS LYNN: Liquidation Proceedings
------------------------------------
Company Name: Kings Lynn Steel (Holdings) Ltd
Company No: 1957751
Com. Business: Holding Co
Appointed on: 11/10/00
Type: Members
Appointed by: Members
Liquidators: David G Platt IPno: 7471
Firm Name: David Platt Associates
Address: Prince of Wales House 2 Bleasby Street
City Postcode: Oldham OL4 2AJ


KINGS LYNN: Liquidation Proceedings
------------------------------------
Company Name: Kings Lynn Steel Co Ltd
Company No: 0944147
Com. Business: Steel Fabricator
Appointed on: 11/10/00
Type: Members
Appointed by: Members
Liquidators: David G Platt IPno: 7471
Firm Name: David Platt Associates
Address: Prince of Wales House 2 Bleasby Street
City Postcode: Oldham OL4 2AJ


MILLENIUM DOME: Note Shows Ministers May Have Objected to Project
-----------------------------------------------------------------
An investigation this week blames the Millennium Dome fiasco on
Prime Minister Tony Blair. Government papers show the Prime
Minister was opposed by no fewer than 12 cabinet ministers when
he decided the Government should go ahead with the project.
Independent News reports that may have been obtained by a
computer hacker showing dissent within the cabinet.

Chancellor Gordon Brown said in a television interview that the
newspaper did not describe the meeting as he remembered it. "This
has never been circulated to me, but there are two things I think
matter about the Dome. One is that ministers accept collective
responsibility, the second is that no money has gone from the
Treasury that could have gone to health, education, pensions or
child benefit," he said.


MOYER SECURITIES: Liquidation Proceedings
------------------------------------------
Company Name: Moyer Securities Ltd
Company No: IR
Appointed on: 11/10/00
Type: Members
Appointed by: Members
Liquidators: Stephen Murphy IPno:
Firm Name: O'Hare & Associates
Address: Merchants House 27-30 Merchants Quat
City Postcode: Dublin 8


PEL RETAIL: Liquidation Proceedings
------------------------------------
Company Name: Pel Retail & Office Supplies Ltd
Company No: IR
Appointed on: 11/10/00
Type: Members
Appointed by: Creditors
Liquidators: Michael Butler IPno:
Firm Name: Butler & Co
Address: 49 Fitzwilliam Square
City Postcode: Dublin 2


ROSSLEE DEVELOPMENTS: Liquidation Proceedings
----------------------------------------------
Company Name: Rosslee Developments Ltd
Company No: IR
Appointed on: 11/10/00
Type: Creditors
Appointed by: Members
Liquidators: Peter Cunningham IPno:
Firm Name: Cunningham & Co
Address: 15 Sandyford Office Park Foxrock
City Postcode: Dublin 18



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-
published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA.  Lexy Mueller,
Mercy Villacastin and Cristina Pernites Editors.

Copyright 2000.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing  and photocopying) is strictly prohibited without
prior written permission of the publishers.  

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is $575 per half-year, delivered
via e-mail.  Additional e-mail subscriptions for members of the
same firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 301/951-6400.


             * * * End of Transmission * * *