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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 21, 2000, Vol. 1, No. 139


                         Headlines

B E L G I U M

CUSTOM SILICON: Posts Q3 Net Loss of 6.44 Million Euros
LERNOUT & HAUSPIE: Deminor to Acquire Speech Technology Company
KEYWARE: Posts Third Quarter Net Loss of 2.8 Million Dollars


C Z E C H   R E P U B L I C

KRALOVOPOLSKA:  UOHS Gives Go Ahead to Debt Clearance
ZELEZARNY CHOMUTOV: Foreign Investor Set to Take over Steelworks


F R A N C E

CREDIT MARTINIQUAIS: To Liquidate; Debts Amount to FFr1.1 Billion
SEAGRAM: Vivendi to Scrap its 5 Billion Pounds Auction
SAIRGROUP AG: French Affiliates to Post Losses of 500 Million Sfr


G E R M A N Y

GIGABELL: Faces Bankruptcy Proceedings
TEAMWORK INFORMATION: Plans for Reorganization; Seeks Partner


I R E L A N D

DEEP SEA (DSL): Ailing Leisure Company Goes for Restructuring
E-EXCHANGE:  Goes for Liquidation


I T A L Y

WIND: Reports a Nine Month Pre-Tax Loss of 601 Million Euros


L A T V I A

LIVANI GLASS: Court Declares Glassware Producer Insolvent


L I T H U A N I A

AGRICULTURAL BANK: Investors Break Off Talks to Acquire Bank


N E T H E R L A N D S

RING!ROSA: Reports a Q3 Losses Widen To 1.8 Million Euros


U N I T E D   K I N G D O M

BALMORAL PROPERTIES: Liquidation Proceedings
CT99 LTD: Liquidation Proceedings
CREATIVE PRACTICE: Liquidation Proceedings
DEBONAIR AIRWAYS: Liquidation Proceedings
DOWNS ROW: Liquidation Proceedings

EMPEROR CLOCK: Clock Maker Collapses with 2 Million Pounds Debt
JOHN LAING: Puts 100 Million Pounds Price Tag on Construction Arm
ING BARINGS: Bank Set for Shake-Up
MILLENIUM DOME:  Dome Cost Pounds 46m More Than has Been Admitted
MILLENIUM DOME:  Treasury Holdings's Bid

POOLE (MS): Liquidation Proceedings
POOLFIELD ESTATES: Liquidation Proceedings
SANDRINGHAM PROPERTIES: Liquidation Proceedings
SPRE MANAGEMENT: Liquidation Proceedings
TOBY RESTAURANTS: Liquidation Proceedings


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

CUSTOM SILICON: Posts Q3 Net Loss of 6.44 Million Euros
-------------------------------------------------------
Reuters noted last week that Custom Silicon Configurations
Services, a Belgian semiconductor packager, posted a third
quarter net loss of 6.44 million euros. The company went public
last March. The company said that the third-quarter loss was
higher than planned, due to one-time costs. Negotiations for
bridge loans are still ongoing.


LERNOUT & HAUSPIE: Deminor to Acquire Speech Technology Company
---------------------------------------------------------------
Deminor, the Belgian bureau that defends minority shareholders,
is being inundated with requests by shareholders of Belgian
speech technology company Lernout & Hauspie (L&H). De Standaard &
World Reporter reported last week that Deminor wants to acquire
L&H's franchising system, which is a web of 30 language
development companies.

Deminor wants to start legal procedures against L&H, but aims to
avoid a liquidation of the company. Deminor says it has no faith
in the audit report by auditors firm KPMG. L&H last week stated
that there are mistakes and irregularities in the books of the
past two years. Deminor has almost 7,000 registered L&H
shareholders.


KEYWARE: Posts Third Quarter Net Loss of 2.8 Million Dollars
------------------------------------------------------------
Keyware Technologies NV, Belgian software developer, has posted a
third quarter net loss of 2.8 million dollars, Reuters noted last
week. It went initial public on the pan-European Easdaq exchange
on June 22.


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

KRALOVOPOLSKA:  UOHS Gives Go Ahead to Debt Clearance
-----------------------------------------------------
Czech News Agency noted last week that the anti-monopoly office
(UOHS) has provided an exception from the ban on public support
for the Brno-based engineering firm Kralovopolska, UOHS chairman
Josef Bednar told journalists. As part of its restructuring,
Kralovopolska will be cleared of over Kc2.616bn worth of debts to
Konsolidacni banka and Kras through a debt-for-equity swap,
Bednar said. The UOHS decision also enables a guarantee by the
National Property Fund (FNM) for a court settlement with
creditors up to Kc550m and the company will be exempt from the
payment of fines to the Labor Ministry, health insurers and other
institutions.

"The restructuring plan, submitted by reps of Kralovopolska a
week ago, must be carried out by 2003 at the latest," said
Bednar. The Finance Ministry must submit in 6 months from the
UOHS decision coming into force a report on the fulfillment of
the restructuring plan and a final report after the restructuring
is over.

The Kralovopolska group will be transfer of movable and immovable
assets from the parent company onto its subsidiaries which use
the assets for their operation. The parent company will then be
sent into liquidation or will merge with its subsidiary
Kralovopolska strojirna Brno. The FNM guarantees for the court
settlement with creditors were approved by the cabinet on
November 1. The ministers also agreed with swapping Kc363.225m
worth of Konsolidacni banka's claims for equity.

In Oct of the year Kralovopolska shareholders approved to
transfer last year's profit of over Kc302m onto account of
uncovered losses of previous years which stand at Kc4.259bn, up
from Kc1.523bn in 1998. Kralovopolska board chairman and CEO
Milan Rada welcomed the UOHS decision, saying the move is crucial
for the company's restructuring that now can continue.


ZELEZARNY CHOMUTOV: Foreign Investor Set to Take over Steelworks
----------------------------------------------------------------
Foreign investors are still interested in the purchase of
steelworks Zelezarny Chomutov, which is facing a bankruptcy
petition filed by CSOB bank, the mayor of Chomutov, Alexandr
Novak said. On the Czech side, however, there is no partner for
further talks, Novak complained.

"The court should make a quick decision and if it declares the
company bankrupt, it should appoint an administrator who could
negotiate specific conditions of the takeover," said Novak. He
added that a multinational concern based in Western Germany was a
serious bidder for the steelworks, although it wished to remain
anonymous for the time being.

"With respect to the multinational company's position on European
markets, a contract on a takeover would secure outlets for
Zelezarny's products and hence stability for the company," said
Novak. Czech News Agency noted last week that Zelezarny ended the
first half of the year with losses of Kc75.923 million on sales
of Kc708.771 million.


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

CREDIT MARTINIQUAIS: To Liquidate; Debts Amount to FFr1.1 Billion
-----------------------------------------------------------------
The French bank insurance fund (FGD) is said to be relieved that
the liquidation of the Martinique bank Credit Martiniquais is
going smoothly. La Tribune & World Reporter noted last week that
after a call for tenders launched with the help of the French
banking group Lazard, the FGD gave asset management company Acofi
the task of recovering the trading debts of the failed bank. The
debts, which amount to FFr1.1bn (168 million euros), are to be
placed in a mutual fund. The FGD estimates that there is a total
of FFr330m gross to be recovered.


SEAGRAM: Vivendi to Scrap its 5 Billion Pounds Auction
------------------------------------------------------
Vivendi chairman Jean-Marie Messier has drawn up plans to scrap
the 5 billion pounds auction of Seagram's drinks business, The
Sunday Times noted last week. Instead the media group's French
boss plans to engineer a sale to Pernod Ricard of France and its
British partner, Diageo. Messier is already merging Vivendi with
Seagram's entertainment operation and wants a speedy sale of the
drinks arm. Messier said the sale might be concluded before the
end of the year but gave no hint that the auction might be over.
But advisers close to the talks say he has already decided on his
preferred end to the sale.

Vivendi would buy Seagram whole with its drinks arm intact,
instead of having an auction. The process has been marked by
controversy since it was announced after the Vivendi/Seagram
merger in June. Bidders were told they could not discuss details
of the presentations they were shown with industry rivals. Doubt
has also been cast over Seagram's right to sell the distribution
rights of two if its biggest assets -- Captain Morgan Rum and
Absolut Vodka.

Allied Domecq has reached a strategic alliance with Destileria
Serralles, a Puerto Rican supplier of Captain Morgan, which
claims it has pre-emptive rights over the brand if Seagram
changes ownership. Vin & Sprit, the Swedish state-owned producer
of Absolut, has said a change of ownership from Seagram could
cancel its distribution agreement for the drink, so it is not
guaranteed as part of the deal, The Sunday Times said.


SAIRGROUP AG: French Affiliates to Post Losses of 500 Million Sfr
-----------------------------------------------------------------
SAirGroup AG's French affiliates Air Littoral, Air Liberte and
AOM are expected to report losses of around 500 mln sfr in 2000,
up from a loss of 180 mln sfr in 1999. SAirGroup top manager Paul
Reutlinger confirmed that the company's loss in France will widen
this year due to higher fuel prices and the strong dollar, but
declined to disclose specific numbers, AFX reported earlier this
week. There has been speculation that SAirGroup could sell its
ailing Swissair unit at a board meeting next Wednesday.


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

GIGABELL: Faces Bankruptcy Proceedings
--------------------------------------
FT MarketWatch reported yesterday that Gigabell, the German
telecommunications services provider that started bankruptcy
proceedings this month, has found another broker to act as a
designated sponsor as it tries to remain listed on the Neuer
Markt. Future Securities became its sponsor, effectively a market
maker, as of November 17. HSBC Trinkaus withdrew its sponsorship
of Gigabell as of November 13. A company needs two sponsors to
fulfil Neuer Markt listing requirements.


TEAMWORK INFORMATION: Plans for Reorganization; Seeks Partner
-------------------------------------------------------------
German software maker Teamwork Information Management is the
second Neuer Markt company to run out of cash. FT MarketWatch
reported yesterday that it has won support from its creditor
banks for a reorganization plan. Westdeutsche Landesbank, or
WestLB, and the Paderborn savings bank have agreed to provide the
company with cash to continue operations. The revamp would
involve the sale of Teamwork's domestic and foreign holdings and
the inclusion of a strategic partner.

"Talks with interested parties are going well," Teamwork said. It
hopes to get a decision before the end of the year. The
operational business of the company is being continued; customers
have not canceled orders.


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

DEEP SEA (DSL): Ailing Leisure Company Goes for Restructuring
-------------------------------------------------------------
Norman Yarrow, a director of Northern Venture Managers, is
leaving the board of Deep Sea Leisure (DSL). Yarrow said he
expected an announcement on DSL's future in two to three days,
when the details of a restructuring of the ailing leisure company
will be made public. When DSL was launched in 1992, a raft of
private and public funds was raised. This included Northern
Ventures taking a 38 percent holding and then putting in an
additional 500,000 pounds when DSL floated on the Alternative
Investment Market (AIM) in 1996.

The Sunday Times noted last week that Yarrow became DSL's finance
director and later non-executive director. Northern's stake was
subsequently reduced to 30 percent. Earlier this year, Northern
Venture Managers was taken over by Edinburgh Fund Managers. In
August DSL announced plans to raise 2.5m pounds in a rights issue
of shares at 3p each to support a refinancing agreement with the
Bank of Scotland. Last month, DSL switched from Williams de Broe
to KPMG corporate finance as its nominated adviser.


E-EXCHANGE:  Goes for Liquidation
---------------------------------
A provisional liquidator was appointed by the High Court last
week to Dublin-based e-Exchange, a holding company for trading
subsidiaries across the world. Irish Times noted last week that
the company has liabilities of more than dollars 3 million (E3.53
million) and assets of dollars 125,000. E-Exchange operates a
global trading exchange for products, commodities and services.
The firm's managing director, Justice McCracken, appointed Rory
O'Farrell as provisional liquidator with power to negotiate and
complete a sale of its assets.


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

WIND: Reports a Nine Month Pre-Tax Loss of 601 Million Euros
------------------------------------------------------------
Italian mobile operator Wind reported it has more than doubled
its revenues for the first nine months of 2000 over the whole of
1999 to 888 million euros, but remained in the red. Reuters noted
last week that the group, the country's third-largest mobile
operator, recorded a pre-tax loss of 601 million euros for the
nine-month period, against a 569 million euro loss over the whole
of 1999.

Wind said the results were in line with its expectations given
that it is still in a start-up phase having begun operations less
than two years ago. Italian electricity utility Enel owns 56
percent of Wind and French telecoms giant France Telecom owns 44
percent.


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

LIVANI GLASS: Court Declares Glassware Producer Insolvent
---------------------------------------------------------
BNS & Euromoney reported last week that the Latgale regional
court examined the insolvency claim filed by Dati company against
glassware producer Livanu Stikls (Livani Glass) and declared
Livani Glass as insolvent. Livani Glass, based in the eastern
Latvian town of Livani, owes Dati some 19,000 lats (USD 31,000)
under a software supply agreement signed between the companies
two years ago.

The glassware company's creditors will convene within three
months to decide whether to rehabilitate the company or to
institute bankruptcy proceedings. After the court sitting Livani
Glass president Imants Buss told BNS he hoped that the company
would not stop production. By the end of the year Livani Glass
will have over 600,000 lats in accounts payable while its monthly
sales under the supply agreements constitute some 50,000 lats.

Creditor Latvijas Gaze (Latvian Gas, LG) last week threatened to
cut gas supply to Livani Glass, thus stopping production in the
plant unless the company pays its overdue gas bills. The
glassware plant employs a staff of 290 people, who also have not
been paid salaries and social taxes on time. The crisis was
partly due also to fluctuations of euro and German mark exchange
rates which had adverse effect on the value of part of Livani
Glass export products.


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

AGRICULTURAL BANK: Investors Break Off Talks to Acquire Bank
------------------------------------------------------------
A consortium comprising Poland's Pekao SA and Italy's UniCredito
Italiano have broken off negotiations to acquire the Lithuanian
state-owned bank Zemes Ukio Bankas (Agricultural Bank, or LZUB),
the Lithuanian State Property Fund said. The consortium informed
the SPF about their withdrawal in a letter on Wednesday last
week.

BNS & Euromoney noted last week that the potential buyers did not
give any reasons for their move in the letter. The SPF decided to
annul the results of the public tender to privatize 76.01 percent
of shares in LZUB, in which the Polish-Italian consortium was
named the winner. Aldona Dzeniene, acting head of the SPF, told
BNS decisions about further steps regarding LZUB's privatization
rested with the Finance Ministry, the Privatization Commission
and the government.

The Polish-Italian consortium was the sole bidder to acquire LZUB
in the privatization tender announced in March this year.
Poland's Pekao SA and Italy's UniCredito Italiano were
subsequently invited to negotiate a sale/purchase agreement. The
former Conservative government, led by Prime Minister Andrius
Kubilius, had planned to complete the sale of LZUB in the third
quarter of 2000.


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

RING!ROSA: Reports a Q3 Losses Widen To 1.8 Million Euros
---------------------------------------------------
Dutch telephone software company Ring!Rosa Products NV said its
third quarter losses had widened, partly because of costs related
to the sale of part of its Online Transaction Systems (OTS).
Reuters reported last week that the company's loss before
interest, tax, depreciation and amortization in the third quarter
widened to 1.8 million euros from 1.6 million euros in the second
quarter. Ring expected LBITDA to narrow in the last quarter of
2000, but operational costs to rise because the company expects
to increase staff. As of November 16, Ring sold 86 percent of its
stake in OTS to NMDO and Four Seasons Europe and will later sell
its remaining share, the company said.


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

BALMORAL PROPERTIES: Liquidation Proceedings
---------------------------------------------
Company Name: Balmoral Properties & Investments Ltd
Company No: 2569069
Com. Business: Development/Sell Real Estate
Appointed on: 16/10/00
Type: Members
Appointed by: Members
Liquidators: Michael B Davis IPno: 3416
Firm Name: Fisher Curtis
Address: Acre House
City Postcode: London NW1 3ER


CT99 LTD: Liquidation Proceedings
----------------------------------
Company Name: CT99 Ltd
Company No: 1489917
Com. Business: Dormant
Appointed on: 16/10/00
Type: Members
Appointed by: Members
Liquidators: P Sargent IPno: 8636
Firm Name: Sargent & Co
Address: 36 Clare Road
City Postcode: Halifax HX1 2HX


CREATIVE PRACTICE: Liquidation Proceedings
-------------------------------------------
Company Name: Creative Practice Ltd - The
Company No: 2612825
Appointed on: 16/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Keith R Cottam IPno: 9046
Firm Name: Cottam Bell Partnership
Address: Barclay House Hospital Hill
City Postcode: Dawlish EX7 9NS


DEBONAIR AIRWAYS: Liquidation Proceedings
------------------------------------------
Company Name: Debonair Airways Ltd
Company No: 3096944
Com. Business: Airline
Appointed on: 16/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Colin J Wiseman IPno: 6712 N J Dargan 8024
Firm Name: Deloitte & Touche
Address: Stonecutter Court 1 Stonecutter Street
City Postcode: London EC4A 4TR


DOWNS ROW: Liquidation Proceedings
-----------------------------------
Company Name: Downs Row Motor Co Ltd
Company No: 1156805
Com. Business: Proprietor of Filing Station
Appointed on: 16/10/00
Type: Creditors
Appointed by: Creditors
Liquidators: Michael Chamberlain IPno: 8735
Firm Name: Chamberlain & Co
Address: Aireside House 24-26 Aire Street
City Postcode: Leeds LS1 4HT


EMPEROR CLOCK: Clock Maker Collapses with 2 Million Pounds Debt
---------------------------------------------------------------
A Birmingham businessman whose clock firm collapsed leaving debts
of almost pounds 2 million has been banned from being a company
director. Martin Darke, of Clavedon Close, Northfield, was
disqualified for six years by Walsall County Court following a
case brought by the Department of Trade and Industry's Insolvency
Service, Evening Mail reported last week.

Mr Darke's firm, the Emperor Clock Company plc of Kings Court in
Streetly Road, Erdington, was compulsorily wound up on February
19, 1996 with estimated debts of at least pounds 1,942,909. The
court heard the company failed to supply goods to at least seven
customers who had paid more than pounds 3,000 and that he allowed
shares in Emperor Clock to be offered for sale to existing
shareholders while the company was insolvent.


JOHN LAING: Puts 100 Million Pounds Price Tag on Construction Arm
-----------------------------------------------------------------
The Independent reported last week that John Laing, the 150-year-
old building firm, put its loss making construction arm up for
sale with a 100m pounds price tag, marking a change of direction
for the group. The construction business has been hit by a series
of poorly performing projects in recent years, including the
troubled Millennium Stadium in Cardiff, which ran over cost.
Laing lost 26m pounds on the high-profile stadium, which opened
last year.

Last October, Laing announced a reorganization of the division,
one of the best-known construction businesses in the country,
which involved the loss of 850 of its 2,800 employees. Having
restructured the business, Laing said it was now in a condition
for sale. After the disposal, Laing will concentrate on higher-
margin housebuilding and infrastructure work, under the
Government's Private Finance Initiative, and its railway
business.

Sir Martin Laing, the chairman, said: "The Laing Group strategy
is moving in a different direction and as the focus on Laing
Homes, Laing Property and Laing Investments intensifies, it is
possible that the Construction Division will become frustrated
over their business' development." The construction division made
a loss of 19m pounds in the first half of this year. Laing said
that it was not yet in negotiations with potential buyers.


ING BARINGS: Bank Set for Shake-Up
----------------------------------
Ananova reported this week that Dutch bankers ING have announced
a shake-up of ING Barings, the investment bank they saved from
collapse five years ago, but refused to give details on the
future for its 9,500 staff. The Dutch parent said it had
appointed banking giant Goldman Sachs to explore the options for
its US investment banking arm, while it was planning to integrate
ING Barings' European operations into its main European
businesses.

Amsterdam-based ING's statement followed a report in the Sunday
Times that the group was considering breaking up and selling off
ING Barings. It had also been suggested that the City operation
could be run down, while the New York division could be sold. The
statement is likely to be seen as a precursor to a possible sale
of the US arm, while news it is reviewing the "global
infrastructure" of ING Barings and will integrate the European
activities could cause job worries. ING Barings employs 9,500
staff worldwide, 1,700 of whom are in London and 1,800 on New
York's Wall Street, Ananova reported.


MILLENIUM DOME:  Dome Cost Pounds 46m More Than has Been Admitted
-----------------------------------------------------------------
The total cost of the Millennium Dome is Pounds 46million more
than the Government has admitted, City troubleshooter David James
told the Times Newspapers last week. Cross-examined by the
Commons Public Accounts Committee, Mr James, who was hired to
rescue the tourist attraction this summer, conceded that the
total cost, including sponsorship money was Pounds 839million
rather than the Pounds 793million figure used till now.

Mr James revealed that the decision by BT and Ford to fund two
extra zones, boosted the final figure by Pounds 46 million. Mr
James, chairman of the New Millennium Experience Company, argued
that the higher figure had not been used before because the Dome
had originally planned 12 zones rather than 14, so the money
would not have been spent if the two firms had not offered their
cash.

MPs last night said that the number of zones could have been left
at 12, with sponsorship money used for existing plans. "The Dome
has cost even more than we expected as a whole," said David
Rendel, Liberal Democrat MP. "Nobody could conceivably believe
that this was good value for money." It also emerged that
ministers should have informed Parliament about the financial
chaos surrounding the Dome before committing taxpayers' money to
rescuing the scheme. The board of NMEC was assured last May that
the Government would meet the cost of any lawsuits if the Dome
became insolvent.


MILLENIUM DOME:  Treasury Holdings's Bid
----------------------------------------
Doras News noted last week that Ireland's Treasury Holdings will
learn if its E208m bid as part of the Legacy consortium for the
UK's troubled Millennium Dome has been successful. UK ministers,
led by Deputy Prime Minister John Prescott, met to consider
whether or not to confer preferred bidder status on Legacy, which
has pledged to regretfully withdraw if it fails to secure such
support. It is understood Legacy intends to turn the cultural
flop into a high-tech business park, with a job target of 14,000
over three years.


POOLE (MS): Liquidation Proceedings
-------------------------------------
Company Name: Poole (MS) Ltd
Previous Name: Julycourt Ltd
Company No: 3639995
Com. Business: Metal Spinning
Appointed on: 16/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: David M Clements IPno: 8765
Firm Name: BKR Haines Watts
Address: Stephens Court 15-17 Stephens Road
City Postcode: Bournemouth BH2 6LA


POOLFIELD ESTATES: Liquidation Proceedings
-------------------------------------------
Company Name: Poolfield Estates Ltd
Previous Name: WM Smith & Co (Accrington) Ltd
Company No: 381759
Com. Business: Investment Co
Appointed on: 16/10/00
Type: Members
Appointed by: Members
Liquidators: John H C Lee IPno: 2261
Firm Name: Horsfields
Address: 8 Manchester Road
City Postcode: Bury BL9 0ED


SANDRINGHAM PROPERTIES: Liquidation Proceedings
------------------------------------------------
Company Name: Sandringham Properties & Invest Ltd
Company No: 2631719
Com. Business: Development/Sell Real Estate
Appointed on: 16/10/00
Type: Members
Appointed by: Members
Liquidators: Michael B Davis IPno: 3416
Firm Name: Fisher Curtis
Address: Acre House
City Postcode: London NW1 3ER


SPRE MANAGEMENT: Liquidation Proceedings
-----------------------------------------
Company Name: Spre Management Ltd
Company No: IR
Appointed on: 16/10/00
Type: Members
Appointed by: Members
Liquidators: Sean O'Sullivan IPno:
Firm Name: Sean O'Sullivan & Co
Address: The Mall Dingle
City Postcode: Co Kerry


TOBY RESTAURANTS: Liquidation Proceedings
------------------------------------------
Company Name: Toby Restaurants Ireland Ltd
Company No: IR
Appointed on: 16/10/00
Type: Members
Appointed by: Members
Liquidators: Barry Caldwell IPno:
Firm Name: Caldwell & Co
Address: 135 Hillside
City Postcode: Greystones



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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