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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

       Wednesday, December 6, 2000, Vol. 1, No. 149

                        Headlines


A U S T R I A

LAUDA AIR: Airline Grounds Niki Lauda


B E L G I U M

LERNOUT & HAUSPIE:  L&H-related Trust Slashes Staff
LERNOUT & HAUSPIE: Bankruptcy Spans Two Continents


B U L G A R I A

MINERALBANK: Court Asks Clearance for Rosexim to Acquire Bank


C R O A T I A

PIK VRBOVEC: Ailing Meat Processor Up for Sale


C Z E C H   R E P U B L I C

CKD DOPRAVNI:  Siemens Granted Exclusivity in CKD DS Tender
H-SYSTEM:  CSSD Announces Bankrupt Developer Investigation


F R A N C E

INTERCALL: Posts First Half Net Loss of Ffr115.7 Million


G E R M A N Y

ADTRANZ:  EU to Investigate Deal of Loss-Making Rail
EM.TV & MERCHANDISING: Troubled Media Group Deputy CEO Steps Down
EM.TV & MERCHANDISING:  Reports Nine Month EBITDA Loss
EM.TV AG:  Kirch Buys Blocking Minority in Film Rights Dealer


H U N G A R Y

DELHUS RT: Meat Processor Company Up for Sale


I T A L Y

FREEDOMLAND: Consob Files Complaint Against Internal Auditors


U N I T E D   K I N G D O M

AFFINITY INTERNATIONAL: Posts a Nine Month Pre-Tax Loss
ARCADIA: New Chief Executive Attempts to Revive Retailer's Brands
BRITISH ALCAN: To Cut 220 Jobs in Wales
BRITISH POLYTHENE: Macfarlane Bid Threatens 1,000 Jobs
BRITISH POLYTHENE: In 'White Knight' Talks

COATINGS UK: Liquidation Proceedings
FFW TRANSITION: Liquidation Proceedings
GETZ INTERNATIONAL: Liquidation Proceedings
HSBC SMALLER: Liquidation Proceedings
H MCBRIDE: Liquidation Proceedings

JAMES CAPEL: Liquidation Proceedings
LAB TRANSITION: Liquidation Proceedings
LASTMINUTE.COM:  Reports a Q4 Net Loss of 9.5 Million Pounds
LASTMINUTE.COM:  Posts Full Year Pretax Loss
ME TRANSITION: Liquidation Proceedings

ORCHESTREAM HOLDINGS:  Posts a Nine Month Pretax Loss
SULTMAN FINANCE: Liquidation Proceedings
TRIO TOYS: Liquidation Proceedings
SOFTWARE FOR SPORT:  Reports Pretax Loss of 1.18 Million Pounds
XS LEISURE: Bowling and Pool Bars Operator Sees Shares Suspended


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

LAUDA AIR: Airline Grounds Niki Lauda
-------------------------------------
Former world champion racing driver Niki Lauda, who resigned last
month as chairman of Lauda Air, has been banned from piloting
planes owned by his former airline, Ananova reports this week.
Lauda said the airline's new chairman Ferdinand Schmidt had told
him his piloting contract would not be accepted. The ex-racing
driver, a veteran pilot who occasionally took the controls of
Lauda Air jumbo jets before his resignation, said Schmidt gave no
reason for the decision. "I will certainly no longer fly in
Austria for Lauda Air," said Lauda.

Lauda, 51, resigned after several attempts by the supervisory
board to rehabilitate the ailing company, which is widely
believed to have losses as high as 43 million pounds. Austrian
Air, which currently owns 36 percent of Lauda Air, has expressed
an interest in taking over the company and criticized Lauda for
alleged mismanagement. After his resignation, Lauda reached a
piloting contract with Lauda Air effective from November 22. The
former race ace said that the contract had been signed by two
company officials, including the personnel chief.


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

LERNOUT & HAUSPIE:  L&H-related Trust Slashes Staff
---------------------------------------------------
A foundation established by the founders of speech technology
company Lernout & Hauspie to build a Belgian Silicon Valley said
it would slash staff and scrap expansion plans as L&H seeks
bankruptcy protection, Reuters reports this week.

Paul Behet, chief executive of the SAIL Trust, said the non-
profit foundation established by L&H founders Jo Lernout and Pol
Hauspie would cut its staff to 13 from 43, suspend funding to its
sister technology parks in Norway and Singapore, and suspend
plans to build additional parks. Chief Executive Paul Behets told
Reuters in a telephone interview, "We are going to restructure
and then see which services we can continue to provide in order
to survive." He said SAIL would try and find financing for the
Singapore and Norway parks from other sources. SAIL owns 50
percent of the parks, with S$5 million ($2.87 million) invested
in Singapore and 5 million Norwegian crowns ($547,400) in Norway.

L&H founders Lernout and Hauspie founded SAIL more than two years
ago. L&H shares have been suspended on both the pan-European
Easdaq and U.S. Nasdaq markets since November 9. SAIL, which has
been trying to distance itself from its founders since
allegations arose earlier this year about irregularities in the
company's books, has consistently declined to detail how much
money it has received from its founders. L&H filed for bankruptcy
protection from creditors in Belgium and the United States last
week after missing debt payments, Reuters noted.


LERNOUT & HAUSPIE: Bankruptcy Spans Two Continents
-------------------------------------------------------
Lernout & Hauspie Speech Products NV, the troubled Belgian
speech-software developer, will appear in bankruptcy court Dec. 5
to seek concordat, Belgium's equivalent of Chapter 11. Larren
Nashelsky, a partner in the bankruptcy practice group of Morrison
& Foerster in New York, said that if the Belgian court sees a
viable strategy for L&H to reorganize and continue business
activities, it can award the company protection from creditors.
Otherwise, the court can order that the company be liquidated,
The Deal reports this week.

Luc Despins, lead counsel for L&H from New York law firm Milbank,
Tweed, Hadley & McCloy, said in bankruptcy proceedings in
Delaware that L&H had not yet arranged debtor-in-possession
financing and therefore was "out of cash." According to legal
sources familiar with international bankruptcies, bankruptcy
proceedings can be complicated when multiple jurisdictions from
different countries are involved. Despins said in a conference
call Dec. 1 that, because there are dual proceedings, claims will
have to be negotiated with creditors and agreed upon by both
courts. "Our goal is to harmonize any differences between" any
settlement arising from the proceedings, he said.

Among the lawsuits against L&H is one by Stonington Partners,
private equity investors in Dictaphone Inc., a voice recognition
software company L&H acquired last year. Stonington wants to
rescind the Dictaphone deal, arguing that L&H provided fraudulent
financial statements during sales negotiations. Attorneys
representing Stonington believe that the Belgian courts may rule
differently than the U.S. courts.

"We believe the Belgian courts may not accede to this action,"
said Alan Goudiss of Shearman & Sterling of New York during the
bankruptcy proceedings in Delaware. So far, the U.S. bankruptcy
court has halted any legal action against the company, including
a Belgian court order requiring that L&H deposit its shares of
Dictaphone with a receiver or face fines as a result of the
Stonington lawsuit.

At the request of L&H, Judge Judith Wizmur of the Delaware
bankruptcy court issued an emergency order Dec. 1 affirming the
protection of the company under Chapter 11. The reaffirmation of
the Delaware court effectively halts the Belgian action, said
Nashelsky. "Both courts will most likely refrain from offending
the other until they know what they are dealing with," he said.
"As of now, there is a lot of scrambling around among creditors
and possible buyers of assets because no one knows where L&H
stands, The Deal reported.


===============
B U L G A R I A
===============

MINERALBANK: Court Asks Clearance for Rosexim to Acquire Bank
-------------------------------------------------------------
The Sofia City Court has asked the central bank whether to give a
go-ahead for the purchase of bankrupt Mineralbank by local
private Rosexim Bank. Under Bulgarian legislation the court can
approve such a deal only after a central bank clearance. Rosexim
offered to buy Mineralbank for a token price and repay 19.2
million levs ($8.7 million) of Mineralbank's debt, Reuters
reports this week.


=============
C R O A T I A
=============

PIK VRBOVEC: Ailing Meat Processor Up for Sale
---------------------------------------------
PIK Vrbovec, one of the three Croatian meat companies licensed to
export beef, is troubled by sizeable debts. It has recently seen
a drop in beef export orders due to concerns in Europe over mad
cow disease, although no cases of the disease or its human form
have been recorded in Croatia, Reuters reports this week.

Croatia is offering for sale a majority stake in its largest meat
producer, PIK Vrbovec, and holdings in several other state-owned
firms, a privatization official said. On its website www.hfp.hr
the state privatization fund, HFP llso, invited bids for 25 firms
in sectors ranging from food business and trade to
petrochemicals. The privatization fund said the companies all had
sound market potential but some financial problems.

A 56.76 percent stake in ailing PIK Vrbovec was put to tender at
a starting price of 183.9 million kuna ($21.3 million). The
privatization official said the price might prove too high.
"People will write to express their interest but probably not at
that price," the official told Reuters. The tenders for PIK
Vrbovec runs until December 18.


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

CKD DOPRAVNI:  Siemens Granted Exclusivity in CKD DS Tender
-----------------------------------------------------------
Creditors of bankrupt CKD Dopravni Systemy decided last week to
grant exclusivity during sale negotiations to Siemens until
January 31. Inekon, however, says it remains in the running
should talks with the German giant break down. Siemens reportedly
offered over Kc 400 million for the bankrupt railcar maker and,
unlike Inekon, paid the required Kc 10 mln deposit. DS says it
plans to proceed with a $10 million order for 36 trams for the
Ukraine by mid-2001, Czech AM reports this week.


H-SYSTEM:  CSSD Announces Bankrupt Developer Investigation
----------------------------------------------------------
CSSD announced it would investigate party connections to bankrupt
developer H-System, which had some CSSD members on its payroll in
1996. Majak, one association of disgruntled H-System clients,
says it also contributed to the election campaigns of CSSD, ODS
and other parties at the time. Lawyer Hana Marvanova (US), also
acting on behalf of some clients, called on CSSD to return money
it and members were paid as compensation. Some 1,300 claim H-
System defrauded them out of over Kc 1 billion prior to its 1997
bankruptcy, Czech A.M. reports yesterday.


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

INTERCALL: Posts First Half Net Loss of Ffr115.7 Million
--------------------------------------------------------
French telecommunications operator Intercall saw its shares fall
7.9 percent to 3.5 euros in Paris. Quoted on the new market since
March 1999, Intercall profited from the wave of speculation in
TMT stocks to reach a high of 143.9 euros in March 2000, up from
an introductory price of 18.14 euros. The share price has
continued to fall ever since, La Tribune & World Reporter reports
this week.

Intercall posted a net loss of FFr115.7m in its half year
accounts, and a warning was issued by administrators that the
group, which is currently in involuntary liquidation, could cease
to operate. The group's turnover has remained stable, at
FFr160.4m, for the period under review, and Intercall could yet
attract other telecommunications operators, with Internet Telecom
said to be interested.


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

ADTRANZ:  EU to Investigate Deal of Loss-Making Rail
----------------------------------------------------
European Union regulators are expected to announce the launch of
an in-depth antitrust investigation into the sale of automaker
DaimlerChrysler AG's loss-making Adtranz rail subsidiary to
Canada's Bombardier Inc, The Deal reports this week. Such an
investigation would extend the EU's regulatory review by four
months. The Commission has to decide whether to approve the deal
as it stands or to move into a second phase probe.

Both Stuttgart, Germany-based Daimler and Montreal's Bombardier
said they anticipated the review would move into a second phase.
However, the two companies denied a report that appeared Sunday
in a German magazine, Focus, that the EU intends to block the
sale entirely. Adtranz, which has 22,000 employees and is a big
player in rail coaches, locomotives and mass transit vehicles,
has lost money each year since its 1996 inception.

The EU declined to confirm that the Commission will proceed with
an in-depth inquiry but said Bombardier had offered concessions
early in the antitrust investigation, which automatically
extended by two weeks the one-month examination of the deal,
which was launched October 20. However, Bombardier spokesman Lord
maintained that the company had made no concessions under the
first phase of the investigation, although he noted that
concessions could be offered in the future.

The Deal noted that EU spokeswoman Amelia Torres made it clear
that the Commission cannot block the deal at this stage. "It
would be completely ludicrous to speak of a prohibition, as Focus
appeared to have done," she said. The Commission can veto a deal
only at the end of an in-depth investigation, which entails
intensive consultations between the Commission, the companies and
market players to identify the competition concerns.


EM.TV & MERCHANDISING: Troubled Media Group Deputy CEO Steps Down
-----------------------------------------------------------------
EM.TV & Merchandising, troubled German media group said its
deputy chief executive, Florian Haffa, has resigned effective
immediately. The announcement came after industry sources told
Reuters that Germany's largest media concern, Kirch Group, has
agreed to acquire a minority stake in the troubled media rights
company, taking over several hundred million dollars in debt.  

Haffa said: "I regret the step, but I evidently no longer have
the confidence of investors and shareholders."  EM.TV slashed its
full-year earnings forecasts, just weeks after Haffa, the former
chief financial officer and brother of Chief Executive Officer
Thomas Haffa, said its full year earnings targets were not in
danger, Reuters noted.


EM.TV & MERCHANDISING:  Reports Nine Month EBITDA Loss
------------------------------------------------------
German media firm EM.TV & Merchandising reported its nine-month
earnings before interest, taxes, debt and amortization (EBITDA)
showed a loss of 16.2 million marks for the parent company.
Earnings before interest and taxes (EBIT) for the parent company
in the period was a loss of 82.6 million marks, due primarily to
lower than expected sales. The firm, which slashed its full-year
earnings outlook, said that it recorded an operating loss on
ordinary activities of 135.3 million marks for the nine-month
period, Reuters reports this week.


EM.TV AG:  Kirch Buys Blocking Minority in Film Rights Dealer
-------------------------------------------------------------
Munich-based TV empire Kirch Group has agreed to buy a 16.74
percent stake in struggling film rights dealer EM.TV AG and take
on 25 percent of the voting rights in a rescue deal that will
give Bavarian tycoon Leo Kirch a blocking minority. In an
announcement, EM.TV said the Kirch Group had also paid $550
million for 49 percent of EM.TV-owned Speed Ltd., a company that
holds 50 percent of the rights to Formula One racing. No price
was announced for Kirch's investment in EM.TV. As part of the
deal, EM.TV will take over 100 percent ownership of children's
programming rights library Junior TV, its 50/50 joint venture
with Kirch. Junior TV owns the rights to about 20,000 half-hour
programs, The Deal noted this week.

EM.TV spokesman Michael Birnbaum said the deal would involve a
capital increase by his company. The price would depend in part
on the book value of Junior TV, which was still to be worked out.
If the value was less than expected, Kirch's holding in EM.TV
might be reduced.

Florian Haffa, CEO and vice-chairman of the management board,
fell on his sword, resigning from the company after declaring
that he "obviously no longer enjoyed the trust of investors and
shareholders." His brother, EM.TV founder and chairman Thomas
Haffa will remain the largest shareholder. EM.TV spokesman
Birnbaum declined to disclose any advisers at this stage, The
Deal noted.


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

DELHUS RT: Meat Processor Company Up for Sale
---------------------------------------------
The CEO of meat processor Delhus Rt of Pecs said the company,
83.25 percent owned by the Austrian Pankl-Hoffmann group, is for
sale. The company posted a Ft 600 million loss in 1999 and
employs more than 1,000 people, Hungary AM reports this week.


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

FREEDOMLAND: Consob Files Complaint Against Internal Auditors
-------------------------------------------------------------
Italian stock market regulator Consob said it had filed a civil
complaint against the internal auditors of Internet firm
Freedomland, citing possible irregularities in the way they had
supervised accounts. The bourse regulator said in a statement
that it had made the complaint on the basis of "suspicion of
serious irregularities carried out by them in the exercise of
their supervisory duties". Freedomland was not immediately
available for comment. Shares in Freedomland plunged earlier this
year when Milan tax police announced an investigation into its
then chairman Virgilio Degiovanni for allegedly exaggerating the
number of clients the company had when it went public in April,
Reuters reports this week.

Both Degiovanni and the company have denied any wrongdoing.
Shares in Freedomland, which provides Internet access via set-top
boxes attached to consumers' televisions, were suspended ahead of
Consob's announcement.

Wrights' Investors Service noted that this company has paid no
dividends during the last 12 months. The company also reported
losses during the previous 12 months.


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

AFFINITY INTERNATIONAL: Posts a Nine Month Pre-Tax Loss
-------------------------------------------------------
Affinity International (Internet) said pre-tax losses for the
nine months to September 30 were ?8.08 million, The Times
reported yesterday. The company is not due to pay a dividend.


ARCADIA: New Chief Executive Attempts to Revive Retailer's Brands
-----------------------------------------------------------------
Stuart Rose, the new chief executive of Arcadia, is planning a
major cull of the ailing retailer's brands in an attempt to
revive, The Independent reports this week. Sources close to the
company said that Mr Rose, who is set to receive more than 14m
pounds in share options if he can revive Arcadia, will reveal
which stores are to be axed.

Mr Rose joined Arcadia three weeks ago from frozen food retailer
Iceland. At 51, he replaced John Hoerner who had failed to stem
Arcadia's spectacular decline. In just three years the company's
market value has plummeted almost 80 per cent, and its debt has
ballooned to around ?250m. Before his sudden departure, Mr
Hoerner launched an attempt to refocus the business, announcing a
plan to close 27 percent -- or 450 -- of the group's stores, and
axing the Principles for Men and Richards chains. Arcadia was hit
especially hard at the beginning of the year when it was forced
to sell off excess stock at sale prices.

Arcadia owns 15 high-street chains, including Top Shop, Burtons
and Dorothy Perkins. Retail analysts believe that Mr Rose's
review could lead to the closure or the sale of Racing Green,
Hawkshead or Wade Smith, The Independent noted.


BRITISH ALCAN: To Cut 220 Jobs in Wales
---------------------------------------
British Alcan Aluminium would cut 220 jobs in Wales, following
the closure of one of its plants in the region by the end of June
next year. The aluminium producer, which is a unit of Canadian
firm Alcan Aluminium, cited severe market conditions and the
strength of sterling against European currencies as reasons for
the closure of its Foil plant in Rogerstone south Wales, Reuters
reports this week.

The closure of the plant delivers another body-blow to workers in
the region, following plans by European steel-making giant Corus
Group to cut over 100 jobs at its Welsh plants in Port Talbot and
Shotton due to the strong pound and increasing competition from
European rivals. British Alcan highlighted strong competition
from continental Europe, Russia and China as one of its main
concerns, along with the strong pound.


BRITISH POLYTHENE: Macfarlane Bid Threatens 1,000 Jobs
------------------------------------------------------
At least 1,000 jobs will be axed from British Polythene
Industries (BPI) if a hostile takeover bid by Macfarlane, the
Glasgow-based packaging company, prevails. The cuts would come as
a savage blow to the polythene company's 4,000-strong workforce
which has already been reduced by about 1,200 over the past two
years, The Independent reports this week.

Macfarlane will announce that it has acquired or secured
commitments which represent 25 per cent of BPI, following heavy
trading in the company's shares on Friday. The two sides will
this week focus their attention on the 20 per cent of the
company's shares which are held by small investors. Macfarlane
raised its offer for BPI to 310p, which had the effect of valuing
the firm at around 114 million pounds.

BPI chief executive, Cameron McLatchie said: "We have had a huge
amount of support from the private shareholder base, who were
upset both by the level of the offer and the fact that there was
no loan note alternative. Some of them will have a huge capital
gains tax liability," said Mr McLatchie. "There has already been
a considerable amount of restructuring, and we have shed a lot of
people. "The offer is final now, and we can't revise it.

Last week BPI responded to the hostile bid from Macfarlane by
offering to spend ?35.4m in buying back 30 per cent of its shares
through a tender offer at 320p per share. Macfarlane chairman
John Ward wrote to BPI shareholders on Friday, describing the
buy-back as a distraction, and accusing the company's management
of failing to deliver benefits to shareholders through continual
piecemeal restructuring.


BRITISH POLYTHENE: In 'White Knight' Talks
------------------------------------------
The battle to take over British Polythene Industries has taken
another twist, as the polythene film maker has announced it is in
talks that could lead to a friendly bid, Ananova reports
yesterday. BPI has been fighting off a hostile bid by plastics
and packaging business Macfarlane which increased its offer to
310p-a-share, or ?114 million, from an original bid of 250p-a-
share, or ?92.3 million.

Both those approaches have been rejected by BPI in a battle
that's become increasingly bitter and rancorous. BPI says it's in
discussions with a third party that "may or may not lead to a
recommended cash offer at a premium" to the increased cash offer
of 310p-per-share made by Macfarlane. A further announcement
would be made in due course, Ananova noted.


COATINGS UK: Liquidation Proceedings
-------------------------------------
Company Name: Coatings UK (Scotland) Ltd
Company No: SC
Appointed on: 25/10/00
Type: Creditors
Appointed by: Creditors
Liquidators: T M Burton IPno: 8224
Firm Name: Ernst & Young
Address: George House 50 George Square
City Postcode: Glasgow G2 1RR


FFW TRANSITION: Liquidation Proceedings
----------------------------------------
Company Name: FFW Transition Ltd
Company No: 172567
Com. Business: Dormant
Appointed on: 25/10/00
Type: Members
Appointed by: Members
Liquidators: Trevor N Birch IPno: 8086 William S Martin 5514
Firm Name: Ernst & Young
Address: 100 Barbirolli Square
City Postcode: Manchester M2 3EY


GETZ INTERNATIONAL: Liquidation Proceedings
--------------------------------------------
Company Name: Getz International Travel (UK) Ltd
Company No: 3123039
Com. Business: Dormant
Appointed on: 25/10/00
Type: Members
Appointed by: Members
Liquidators: Trevor N Birch IPno: 8086 William S Martin 5514
Firm Name: Ernst & Young
Address: 100 Barbirolli Square
City Postcode: Manchester M2 3EY


HSBC SMALLER: Liquidation Proceedings
--------------------------------------
Company Name: HSBC Smaller Investment (UK) Ltd
Company No: 1407886
Com. Business: Dormant
Appointed on: 25/10/00
Type: Members
Appointed by: Members
Liquidators: Jeremy S Spratt IPno: 1286
Firm Name: KPMG
Address: PO Box 730 20 Farringdon Street
City Postcode: London EC4A 4PP


H MCBRIDE: Liquidation Proceedings
-----------------------------------
Company Name: J McBride Ltd
Company No: 273114
Com. Business: Property Investment
Appointed on: 25/10/00
Type: Members
Appointed by: Members
Liquidators: Murzban K Mehta IPno: 6224
Firm Name: Citroen Wells
Address: Devonshire House 1 Devonshire Street
City Postcode: London W1N 2DR


JAMES CAPEL: Liquidation Proceedings
-------------------------------------
Company Name: James Capel Pacific Ltd
Company No: 2045966
Com. Business: Dormant
Appointed on: 25/10/00
Type: Members
Appointed by: Members
Liquidators: Jeremy S Spratt IPno: 1286
Firm Name: KPMG
Address: PO Box 730 20 Farringdon Street
City Postcode: London EC4A 4PP


LAB TRANSITION: Liquidation Proceedings
----------------------------------------
Company Name: Lab Transition Ltd
Company No: 2873950
Com. Business: Dormant
Appointed on: 25/10/00
Type: Members
Appointed by: Members
Liquidators: Trevor N Birch IPno: 8086 William S Martin 5514
Firm Name: Ernst & Young
Address: 100 Barbirolli Square
City Postcode: Manchester M2 3EY


LASTMINUTE.COM:  Reports a Q4 Net Loss of 9.5 Million Pounds
------------------------------------------------------------
Lastminute.com Plc, Britain's high-profile online retailer, said
it made a net loss of 9.5 million pounds in the last quarter, but
subscriber numbers rose to 2.85 million, Reuters noted earlier
this week. Transaction values for the quarter were 13.2 million
pounds. "There is still a lot to do," said Chairman Allan
Leighton.


LASTMINUTE.COM:  Posts Full Year Pretax Loss
--------------------------------------------
Lastminute.com (Internet) recorded full-year pre-tax losses of
35.7 million pounds (4.5 million loss). Again there is no
dividend, The Times reports yesterday.


ME TRANSITION: Liquidation Proceedings
---------------------------------------
Company Name: ME Transition Ltd
Company No: 267168
Com. Business: Dormant
Appointed on: 25/10/00
Type: Members
Appointed by: Members
Liquidators: Trevor N Birch IPno: 8086 William S Martin 5514
Firm Name: Ernst & Young
Address: 100 Barbirolli Square
City Postcode: Manchester M2 3EY


ORCHESTREAM HOLDINGS:  Posts a Nine Month Pretax Loss
-----------------------------------------------------
Orchestream Holdings PLC (Internet) announced a pre-tax loss for
the nine months to September 30 of 8.6 million stg compared to
loss 3.72 million stg the same period last year, AFX reports this
week.


SULTMAN FINANCE: Liquidation Proceedings
-----------------------------------------
Company Name: Sultman Finance & Investment Ltd
Company No: 1985040
Com. Business: Life Insurance
Appointed on: 24/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: N H O'Reilly IPno: 8309 S B Ryman 4731
Firm Name: Rothman Pantall & Co
Address: Clareville House 26-27 Oxendon Street
City Postcode: London SW1Y 4EP


TRIO TOYS: Liquidation Proceedings
-----------------------------------
Company Name: Trio Toys Ltd
Company No: 1864490
Appointed on: 24/10/00
Type: Members
Appointed by: Members
Liquidators: Angus M Martin IPno: 8331
Firm Name: Deloitte & Touche
Address: 10-12 East Parade
City Postcode: Leeds LS1 2AJ


SOFTWARE FOR SPORT:  Reports Pretax Loss of 1.18 Million Pounds
---------------------------------------------------------------
Software for Sport reported an interim pre-tax loss of 1.18
million pounds, The Times reported yesterday. Again there is no
dividend.


XS LEISURE: Bowling and Pool Bars Operator Sees Shares Suspended
----------------------------------------------------------------
XS Leisure, an operator of 10-pin bowling and pool bars, has been
put into receivership by the Bank of Scotland, The Daily
Telegraph reports this week. Shares in the Aim-listed group were
suspended earlier this week.



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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