/raid1/www/Hosts/bankrupt/TCREUR_Public/001220.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

       Wednesday, December 20, 2000, Vol. 1, No. 159

                         Headlines

G E R M A N Y

EM.TV:  Banks Pledge Support for Media Rights Group
ISION INTERNET: Energis to Buy 70 Percent Stake


I R E L A N D

NORTHERN IRELAND JEANS:  Textile Industry Woes Hit Factories


L I T H U A N I A

LIETUVOS ENERGIJA: Announces Tender to Sell Belarus Energy Debt


N E T H E R L A N D S

CETECO HOLDING: To Sell Last Operating Unit


P O L A N D

ANIMEX:  U.S. Smithfield Foods Slashes Staff at Polish Subsidiary
CENTERTEL: Posts First Half Net Loss of 330 Million Zlotys


R U S S I A

MEDIA-MOST:  Court to Consider Liquidation Suit in January
MEDIA-MOST:  Gazprom Withdraws Case Against Media-Most


U N I T E D   K I N G D O M

ACEWELL UNITS: Liquidation Proceedings
A R M STOKVIS: Liquidation Proceedings
AXIOM PUBLISHING: Liquidation Proceedings
BREATHE.COM: Dot.com Searching for Buyer
EDGECLIFFE COURIERS: Liquidation Proceedings

ELFINZONE LTD: Liquidation Proceedings
EQUITABLE LIFE:  Government Under Pressure to Intervene
ESPRIT TELECOM: TeleSystems to Restructure Esprit Debt
FORD EUROPE: Denies Jobs Cut Report
FREESERVE:  Posts Interim Pre-Tax Loss of 38.27 Million Pounds

GB RAILWAYS: Reports a Six-Month Loss of 2.1 Million Pounds
ID DATA:  Posts Interim Pre-Tax Loss of 1.56 Million Pounds
LAND CHARTER: Liquidation Proceedings
LANDMARK HOME:  Goes into Receivership
MILLENIUM DOME:  Blair to Pay Last Visit to Ill-Fated Dome

POWERGEN: Goes for Debt Restructuring
QUAYPARK LTD: Liquidation Proceedings
SEAGRAM: Race for Seagram's Drinks Business in Closing Stages
VAUXHALL:  'Planned Trip for Sales Staff' Despite Job Losses
WHATLEY MANOR: Liquidation Proceedings


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

EM.TV:  Banks Pledge Support for Media Rights Group
---------------------------------------------------
Beleaguered media rights group EM.TV & Merchandising AG told
Handelsblatt that a number of Germany's largest banks have
pledged to provide it with controlled support regardless of
whether an investment by media giant Kirch goes ahead as planned.
EM.TV's long-term financial prospects came under close scrutiny
from some of Germany's largest banks at the weekend, including
HypoVereinsbank, WestLB and Deutsche Bank. Sector experts
welcomed the banks' continued support.

Handelsblatt reports this week that Kirch plans to acquire a
16.74 percent stake in EM.TV, as well as 8 percent of voting
rights in the group from its chairman Thomas Haffa. The media
giant will also acquire a 49 percent stake in EM.TV-owned Formula
One group for $550 million. In return, EM.TV will receive the
remaining 50 percent sake in Junior TV GmbH & Co. KG, its joint
venture with Kirch in children's television. EM.TV shares have
lost 95 percent of their value since hitting a high of 120 euros
earlier this year.

Munich's state prosecutors have initiated investigations into
Thomas Haffa and his brother, former EM.TV chief financial
officer Florian Haffa. According to a group spokesman the state
prosecutors will carry out investigations at the group's
headquarters this week.


ISION INTERNET: Energis to Buy 70 Percent Stake
-----------------------------------------------
Energis Plc, the British telecommunications group, will pay more
than 800 million euros for a stake of over 70 percent in German
e-commerce services firm Ision Internet AG. According to 3000
data, Ision has a market cap of roughly 760 million euros.

Hamburg-based Ision, which is listed on Frankfurt's Neuer Markt
for growth stocks, had a nine-month loss before interest, tax,
depreciation and amortization of 11.6 million euros on sales of
66.74 million euros, Reuters reports this week.

Wright Investors' Service noted that at the end of 1999, Ision
Internet AG had negative working capital, as current liabilities
were 79.84 million Euros while total current assets were only
24.90 million Euros.


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

NORTHERN IRELAND JEANS:  Textile Industry Woes Hit Factories
------------------------------------------------------------
More than 200 workers in the Northern Ireland textile industry
are to lose their jobs, Ananova reports this week. The pre-
Christmas blow hits workers at the Northern Ireland Jeans Company
plants in Londonderry and Newtownards, Co Down. It had been hoped
the former Hawesbay Company would be thrown a lifeline by London-
based PKG, but an administrator appointed to deal with the
disposal of assets said there was no alternative but to close the
factories.

In Londonderry, some 130 jobs are to go with the remainder in
Newtownards. The job losses are the latest in a growing list in
the textile industry to hit Northern Ireland this year,
particularly in the Londonderry and Newtownards areas, Ananova
noted.


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

LIETUVOS ENERGIJA: Announces Tender to Sell Belarus Energy Debt
---------------------------------------------------------------
Lietuvos Energija (Lithuanian Energy), the majority state owned
power utility, announced a new tender to sell Belarus debt owed
to the energy company for electricity. The debt amounts to 200
million litas (USD 50 mln), BNS & Euromoney reports this week.

Shareholders of Lietuvos Energija decided to announce the tender
to sell the debt owed by the neighbouring country. Dangiras
Mikalajunas, director of the Commercial Department at Lietuvos
Energija, said that the company would have to present results of
the tender to the government, which will make a final decision.

Participants of the tender should submit their proposals by
February 5, 2001. The payment for the debt, which has decreased
by 24 million litas since spring, would be accepted in money,
fuel oil or gas.

The company Inter RAO JES is owned by the Russian energy giant
Jedinaja Energeticheskaja Sistema Rosiji, which wants to export 5
million kWh of Lithuanian electricity annually to Belarus. RAO
JES has offered to buy the Belarus debt for 60 percent of its
value. The Polish company Baltron would like to buy the debt as
well, BNS noted.


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

CETECO HOLDING: To Sell Last Operating Unit
-------------------------------------------
The receivers of ailing Dutch durable consumer goods retailer
Ceteco Holding NV said it expected to finalize the sale of its
Surinam unit CMH in the beginning of 2001. The receivers said:
"This transaction will finalize the sale of all Ceteco units." No
financial details of the deal were disclosed.

Recently, other subsidiaries in Miami, Florida, Costa Rica and
Mexico were sold and units in Curacao, El Salvador, Guatemala,
Honduras and Nicaragua were hive off earlier this year. Ceteco
was mainly active in Latin America and is 66.4 percent owned by
Dutch trading company Hagemeyer NV, which wrote off the entire
value of its stake in 1999, Reuters reports this week.


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

ANIMEX:  U.S. Smithfield Foods Slashes Staff at Polish Subsidiary
-----------------------------------------------------------------
U.S. meat processor Smithfield Foods is to slash staff at its
Polish subsidiary Animex by more than one-third before the end of
next year. Some 2,500 of 7,000 jobs at the loss-making Polish
unit were to be slashed. Smithfield Foods, which owns 79.73
percent of Animex, intended to shut down two of its unprofitable
facilities, Agence France Presse reported last week.

Agence France Presse noted that Animex posted a loss of 29.5
million zlotys (7.7 million euros, 6.9 million dollars) in the
first nine months of this year on a turnover of 432.2 million
zlotys. The company posted a loss of 126.1 million zlotys on a
turnover of 563.8 million zlotys in 1999.


CENTERTEL: Posts First Half Net Loss of 330 Million Zlotys
----------------------------------------------------------
Centertel, the Polish cellphone firm owned by local operator TPSA
and its strategic partner France Telecom, said it expected its
net loss to rise to as much as one billion zlotys ($231.4
million) in 2000. The company posted a net loss of 330 million
zlotys in the first half of this year and expects an EBITDA loss
of about 100 million zlotys for the whole of this year, Reuters
reports this week.


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

MEDIA-MOST:  Court to Consider Liquidation Suit in January
----------------------------------------------------------
Moscow's arbitration court will meet on January 17, 2001, to
consider tax authorities' suit against the company Media-Most.
The suit, filed on December 9, demands the liquidation of this
company for insolvency. The Prime-Tass news agency said the court
plans to consider a similar suit against NTV Plus television
company, which is part of Media-Most.


MEDIA-MOST:  Gazprom Withdraws Case Against Media-Most
------------------------------------------------------
A&G Information Services reports this week that OAO "Gazprom" and
"Gazprom-Media" withdrew its suit against "Media-Most" because of
the fact that the later is living up to its obligations according
to the agreement signed on November 17. According to this
agreement "Media-Most" handed over 16 percent of the shares of TV
Company "NTV" and the block shareholdings of the other companies
of Media holding to "Gazprom".


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

ACEWELL UNITS: Liquidation Proceedings
---------------------------------------
Company Name: Acewell Units (Install & Hire) Ltd
Company No: 1632514
Com. Business: Industrial Heating/Gas Filing
Appointed on: 14/11/00
Type: Members
Appointed by: Members
Liquidators: Stephen L Conn IPno: 1762
Firm Name: Stephen Conn & Co
Address: 17 St Anns Square
City Postcode: Manchster M2 7PW


A R M STOKVIS: Liquidation Proceedings
---------------------------------------
Company Name: A R M Stokvis Ireland Ltd
Company No: IR
Appointed on: 15/11/00
Type: Members
Appointed by: Members
Liquidators: Michael T Mohan IPno:
Address: 4 Knocklyon Road Templeogue
City Postcode: Dublin 16


AXIOM PUBLISHING: Liquidation Proceedings
------------------------------------------
Company Name: Axiom Publishing Ltd
Previous Name: Hivaids Publishing Ltd
Company No: 3335851
Com. Business: Publishers
Appointed on: 15/11/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Laurence J Baehr IPno: 5740
Firm Name: Baehr Lubbock Fine
Address: Russell Bedford House 250 City Road
City Postcode: London EC1V 2QQ


BREATHE.COM: Dot.com Searching for Buyer
----------------------------------------
Breathe.com will begin search for a buyer after its collapse with
debts of pounds 50 million at the end of last week, The Guardian
reports this week. Administrator PricewaterhouseCoopers said it
was confident the company could be sold as a going concern. No
redundancies among its 140-strong staff were planned at present.
'We are actively looking for interested parties to maximize
realizations and secure the future for Breathe.com,' the company
said. PwC was appointed administrator to the company at a High
Court hearing in Manchester.

Breathe's collapse is the biggest dot.com failure since Boo.com
combusted in the spring and comes a fortnight after Freeserve,
Britain's leading internet service provider, was sold to a French
rival for a fraction of its former value.

First evidence of Breathe's trading difficulties emerged two
weeks ago when it joined the growing band of Internet access
providers to have withdrawn unmetered surfing. A band of
investors, led by venture capital group Chase Capital Partners,
then started searching for a buyer for the company. Emergency
fundraising attempts failed, forcing Breathe to call in
Pricewaterhouse-Coopers at the end of last week, The Guardian
noted.


EDGECLIFFE COURIERS: Liquidation Proceedings
---------------------------------------------
Company Name: Edgecliffe Couriers Ltd
Company No: IR
Appointed on: 15/11/00
Type: Members
Appointed by: Creditors
Liquidators: Michael Butler
Firm Name: Butler & Co
Address: 49 Fitzwilliam Square
City Postcode: Dublin 2


ELFINZONE LTD: Liquidation Proceedings
---------------------------------------
Company Name: Elfinzone Ltd
Company No: 3401707
Appointed on: 14/11/00
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


EQUITABLE LIFE:  Government Under Pressure to Intervene
-------------------------------------------------------
The government will come under pressure this week to intervene
over the fate of troubled mutual insurance group Equitable Life,
the Observer newspaper said on Sunday. Equitable was forced to
close its doors to new business just over a week ago after the
country's second-biggest insurer Prudential pulled out of talks
to buy the ailing group. The Liberal Democrat MP Vincent Cable
would pose a parliamentary question asking Chancellor of the
Exchequer Gordon Brown for a statement on the role of the
Financial Services Authority in the Equitable debacle.

The FSA, which oversees the British financial services industry,
has been criticized for allowing Equitable's situation to
deteriorate to a point where it was unable to find a buyer.
Policyholders are considering taking legal action, including
possibly against the FSA. MPs will debate the Equitable affair on
Monday.


ESPRIT TELECOM: TeleSystems to Restructure Esprit Debt
------------------------------------------------------
US-listed Global TeleSystems said it would miss a $12m interest
payment due on debt it assumed when it acquired the UK-based
Esprit Telecom and announced that it was seeking talks with
bondholders about restructuring Esprit debt, The Independent
noted last week. The default comes a day after the Bank of
England warned about banks' exposures to telecoms debt. Esprit
owes around $500m in high-yield bonds and is in debt to its
parent company to the tune of a further $104m.

"Esprit Telecom's election not to pay interest on its senior
notes due 2008 is consistent with GTS' plans to restructure the
debt and operations of Esprit Telecom as we prepare this entity
and the rest of our business for sale, the company said. GTS,
which acquired Esprit last year for $757m in stock, has seen 98
per cent of its value wiped out this year. At its peak, it was
valued at $9bn. The Independent noted that the company is typical
of the debt-funded alternative telecoms carriers which sprang up
in such large numbers during the TMT (telecoms, media,
technology) boom but which are struggling now.


FORD EUROPE: Denies Jobs Cut Report
-----------------------------------
The European unit of Ford denied on Monday that it was planning
to cut jobs by about 10 percent per year, Reuters reports this
week. A spokesman for Ford Europe reiterated that it planned to
cut costs by 10 percent per year in coming years. "There are no
plans to cut the workforce, but we do aim to reduce costs by 10
percent," said a spokesman for Ford Europe. Car makers on both
sides of the Atlantic are struggling to cut costs amid over
capacity and sagging demand.

A second spokesman said Ford Europe had outlined measures to cut
costs "aimed at sustainable profitability" in May. "We have made
no announcement about job cuts and we haven't any plans to
announce a (further) restructuring in Europe," said the
spokesman. Ford Europe lost $221 million (150 million pounds) in
the third quarter compared with a loss of $156 million in the
same period last year. In 1999, it lost $55 million. The
spokesman said the company's wave of cost-saving measures
announced last May included a reduction of distribution and
supply costs. He also noted that natural attrition had accounted
for a six percent annual fall in the company's headcount.

Last week, the European Automobile Manufacturers Association
showed that the western European market shrank for the sixth
successive month in November. It is down 1.7 percent in the first
11 months. A spokesman for Ford in the U.S. declined to comment
and referred questions to Ford Europe, Reuters noted.


FREESERVE:  Posts Interim Pre-Tax Loss of 38.27 Million Pounds
--------------------------------------------------------------
The Times reports this week that Freeserve (Internet) reported
interim pre-tax losses of 38.27 million pounds. Again there is no
dividend.

Wright Investors' Service noted last week that Freeserve Plc
(formerly Freeserve Holdings Plc) is an Internet user base
offering Internet connection, tools, services & access software.
This company has paid no dividends during the last 12 months. The
company also reported losses during the previous 12 months. The
company has not paid any dividends during the previous two fiscal
years.


GB RAILWAYS: Reports a Six Month Loss of 2.1 Million Pounds
-----------------------------------------------------------
GB Railways, the train operator, has come under further pressure
after admitting it made a 2.1 million pounds loss in the six
months before the recent rail chaos started, Ananova reported
last week. The company, which runs Anglia Railways services
between Ipswich and London's Liverpool Street, says the cost of
introducing new services, including between King's Cross and
Hull, caused the drop. GB has already revealed it faces a cash
shortfall next year because of speed restrictions and engineering
works taking place on its lines.


ID DATA:  Posts Interim Pre-Tax Loss of 1.56 Million Pounds
-----------------------------------------------------------
ID Data (software) reported interim pre-tax losses of 1.56
million pounds (2.99 million pounds loss). Again there is no
dividend, The Times reports this week.

Hemmington Scott Profile noted that ID Data (software) is a
supplier of secure transaction systems and services to the
international telphony, banking and retail industries.


LAND CHARTER: Liquidation Proceedings
--------------------------------------
Company Name: Land Charter Ltd
Previous Name: Chartermade Ltd
Company No: 2496630
Com. Business: General Construction/Civil Engineer
Appointed on: 14/11/00
Type: Members
Appointed by: Members
Liquidators: Graham Henderson IPno: 8276
Firm Name: Henderson & Co
Address: 12 Tumblewood Road
City Postcode: Banstead SM7 1DX


LANDMARK HOME:  Goes into Receivership
--------------------------------------
The Times of London reported last week that Landmark Home
Furnishing, the furniture retailer, has gone into receivership.
BDO Stoy Hayward has been appointed joint receiver of the
business, which employs 200 staff from 23 sites. Discussions to
sell both businesses had broken down, resulting in the
receivership, BDO said.


MILLENIUM DOME:  Blair to Pay Last Visit to Ill-Fated Dome
----------------------------------------------------------
Prime Minister Tony Blair will say farewell on Tuesday to
London's Millennium Dome, the costly and disappointing project
which has embarrassed his Labor government since its doors opened
a year ago, Reuters reports this week. Blair will talk to staff
at the Dome to congratulate them on a job well done, his official
spokesman said, despite the fact that only about half its target
audience of 12 million visitors turned up over the year. "He is
going to thank the people who work there and to underline the
government's commitment to the regeneration of east London," the
spokesman said.

The Dome has caused red faces around the government, even though
the scheme was started by its predecessor. As visitors failed to
turn up, the upturned white saucer in London's Greenwich
peninsular has gobbled up the best part of a billion pounds.
Without a series of state handouts, it would have gone bust. The
Conservatives have demanded the head of Lord Falconer, the
minister in charge, and Blair has laid very low. Legacy, a
company set up by entrepreneur Robert Bourne to bid for the Dome
site, offered 125 million pounds for the attraction but has since
dropped its bid to 100 million. The government is anxious to
avoid having it stand empty, or worse still watch it bulldozed,
with an election likely in five months.


POWERGEN: Goes for Debt Restructuring
-------------------------------------
Powergen took its debt and interest reduction program a stage by
using the bills paid by 3m electricity, gas and telephone
customers in Britain as security. It will enable PowerGen to
raise finance against the money it receives from future bill
payments. The securitisation program will not affect the size of
customer bills but around pounds 200m will be used to reduce
debt, The Daily Telegraph reported last week.

PowerGen, facing an interest bill of around pounds 360m a year
after the acquisition of LG&E Energy, the American electricity
group, is searching extensively for savings. The takeover
increases group debt to around pounds 5 billion but pounds 1
billion will come off the total as money feeds through over the
next six months from asset disposals. PowerGen is looking to a
commercial paper program to help restructure debt and produce
further interest cost savings. Peter Hickson, the finance
director, said: "We are looking at innovative ways to reduce
debt.


QUAYPARK LTD: Liquidation Proceedings
--------------------------------------
Company Name: Quaypark Ltd
Company No: IR
Appointed on: 14/11/00
Type: Members
Appointed by: Creditors
Liquidators: James Clancy IPno:
Firm Name: James Clancy & Associates
Address: Larch House 44 Northumberland Avenue
City Postcode: Dum Laoghaire


SEAGRAM: Race for Seagram's Drinks Business in Closing Stages
-------------------------------------------------------------
Seagram's 5.4 billion pounds spirits and wine business is drawing
close to conclusion, following a weekend of talks, Ananova noted
this week. The portfolio up for sale includes Captain Morgan dark
rum, Scotch whisky Chivas Regal and Martell cognac. Seagram is
expected to soon choose between two joint bidders -- UK group
Diageo and Pernod Ricard of France, against rivals Barcardi, the
rum maker and Brown-Forman, the group behind Jack Daniel's.

The Diageo/Pernod alliance is thought to have offered a higher
price, although it is thought the Barcardi/Brown deal is close
financially, the Financial Times said. Both bidders are
understood to be planning to carve up Seagram's portfolio. It is
thought a Diageo/Pernod win would see Diageo take over Seagram's
Captain Morgan rum and the Crown Royal and VO Canadian whiskies,
and its 7 Crowns American blended whiskey. And Pernod is thought
to be interested in Seagram's Scotch whisky, including Chivas
Regal, Passport and Glenlivet single malt, as well as Seagram's
Gin. Rival Allied Domecq pulled out of the bidding last week and
instead bought two leading French champagne houses GH Mumm & Cie
and Champagne Perrier-Jouet.


VAUXHALL:  'Planned Trip for Sales Staff' Despite Job Losses
------------------------------------------------------------
The Mirror newspaper claims yesterday that car company Vauxhall
was planning to pay for sales bosses to go away on a 2,000-
pounds-a-head luxury trip, despite axing 2,000 workers. Some 132
sales staff and their partners were due to jet off but the
holiday was cancelled amid news that the jaunt would be leaked.
Job losses at the car firm's Luton plant were announced last
week. A spokesman for Vauxhall confirmed that the trip for sales
staff had been cancelled.

Vauxhall said one reason for the job losses was poor sales of the
Vectra model. But according to reports, days later bosses gave
the go-ahead for the incentive holiday for the sales staff. Car
production will stop at Luton from the first quarter of 2002, but
the plant will continue producing vans and off-road vehicles.


WHATLEY MANOR: Liquidation Proceedings
---------------------------------------
Company Name: Whatley Manor Ltd
Company No: 1708863
Com. Business: Hotel
Appointed on: 14/11/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: David J Exell IPno: 5796
Firm Name: Bishop Fleming
Address: 19 Portland Square
City Postcode: Bristol BS2 8SJ



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