/raid1/www/Hosts/bankrupt/TCREUR_Public/001227.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 27, 2000, Vol. 1, No. 163

                          Headlines
  

B E L G I U M

BOELWERF: Insolvent Shipyard Sold for Bfr750 Million
CUSTOM SILICON: To Seek Protection from Creditors
RC ALEUROPE:  Remi Claeys Acquires 25 Percent Stake


C Z E C H   R E P U B L I C

AERO HOLDING: Shareholders Approve Liquidation as of Jan. 1
MORAVSKA SLADOVNA: Directors Files Bankruptcy Proposal


F R A N C E

MOULINEX: Posts H1 Net Loss of 261 Million Francs
EM.TV:  Prosecutors Visit Offices, Remove Documents
EM.TV: Faces Insider Dealing Probe


L I T H U A N I A

LITHUANIAN SHIPPING: Government to Resume Talks with Buyer


N E T H E R L A N D S

CRUCELL: Reports Q3 Net Loss of EUR 20.7 Million


S P A I N

BANCO SANTANDER:  TSE to Delist Stock on March 23


U K R A I N E

WOOD & COMPANY: Czech-Based Investment House Closes Branch


U N I T E D   K I N G D O M

1000 GWR: Liquidation Proceedings
ADDERMEEN LTD: Liquidation Proceedings
ADVANCHAT LTD: Liquidation Proceedings
ANGLIAN LAND: Liquidation Proceedings
BC MANAGEMENT: Liquidation Proceedings

BRITISH AIRWAYS:  Iberia Withdraws from Bidding for Go Subsidiary
DOLPHIN TELECOM: TIW to Finance British Struggling Unit
EQUITABLE LIFE: Members Urged to Sue Ernst & Young
EQUITABLE LIFE:  Aegon in Lead to Win Investment Management Arm
FOREIGN & COLONIAL: Up for Sale to Eureko for 414 Million Pounds

FORUM INVESTORS: Liquidation Proceedings
FRIENDLY HOTELS:  Hotels Group in Shake-Up
HASLEMERE ESTATES: Liquidation Proceedings
M C CONSTRUCTION: Liquidation Proceedings
MSG CONSTRUCTION: Liquidation Proceedings

MANCHESTER TOBACCO: Japan Tobacco to Close UK Plant Subsidiary
MARKS & SPENCER: December Sales Poor-Report
MILLENIUM DOME: Finally Closes to the Public on New Year's Eve
MILLENIUM DOME:  Dome Staff Face Dole
SCOTIA HOLDINGS: Debt-Ridden Biotech Group in Assets Sell-Off

POWER TRAIN: Liquidation Proceedings


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

BOELWERF: Insolvent Shipyard Sold for Bfr750 Million
-----------------------------------------------------
Insolvent Belgian shipyard Boelwerf has been sold for BFr750m to
family-run building contractor nv Cordeel. De Standaard & World
Reporter reported last week that the bulk of the sum would be used
to pay the claims of the former Boelwerf staff.

Chief executive Dirk Cordeel says the area will be subdivided into
plots after a major clean-up operation. Half of the land will be
used for the construction of office blocks and housing and the
other half will be destined for small and medium-sized
enterprises.


CUSTOM SILICON: To Seek Protection from Creditors
--------------------------------------------------
Custom Silicon Configuration, a Belgian semiconducter packager
that went public earlier this year, said it would seek court
protection from creditors. The company, which had issued two
profit warnings since going public in March, said it had provided
the court with a confidential business plan which would provide
for the payment of all recurring liabilities and allow the company
to gradually restore financial feasibility, Reuters noted last
week.

Custom Silicon Configuration (CS2), whose stock on the pan-
European Easdaq exchange had been halted before the open of trade,
said Steve Lerner would step down as chief executive officer and
managing director. Yves De Poorter, an accountant, has been named
as interim CEO.

In November the company issued a second profit warning on its
third-quarter results and forecast a cash flow deficit. CS2 had
secured 14.6 million euros in bridge financing from investors late
last month and had been in talks with its banks for further
financing, Reuters noted.


RC ALEUROPE:  Remi Claeys Acquires 25 Percent Stake
---------------------------------------------------
Remi Claeys Aluminium (RCA), the West Flanders aluminium producer,
is taking over the remaining 25 percent stake in RC Aleurope from
the Walloon government, De Standaard & World Reporter reported
last week. RCA has reached an agreement on the acquisition with
Sogepa, the investment company of the Walloon government. The
price of the acquisition has not been disclosed.

RC Aleurope originated from the takeover of insolvent Aleurope by
Remi Claeys Aluminium in 1997. The company, based at Ghlin near
Mons, will generate a turnover of more than 50m euros this year,
De Standaard & World Reporter noted.


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

AERO HOLDING: Shareholders Approve Liquidation as of Jan. 1
-----------------------------------------------------------
CTK & Euromoney noted last week that the general meeting of Aero
Holding aircraft producer approved the company's liquidation,
which will start on Jan 1, 2001, and should be completed by the
end of 2005. Current CEO Frantisek Petrasek has been named
liquidator.

"Gross liquidation remainder after deducting all expenses on the
liquidation and covering all debts registered can be estimated at
between Kc230m and Kc300m," board member Miroslav Simsa told CTK.
The liquidation's budget expects a Kc234m remainder.


MORAVSKA SLADOVNA: Directors Files Bankruptcy Proposal
------------------------------------------------------
French trade company Malteire Soufflet Republique Tcheque (MSRT)
has offered Kcs 850m for Czech company Moravska Sladovna Kromeriz
(MSK). MSK, the best equipped malt-house in the Czech Republic,
went bankrupt in November 1999 over conflicts surrounding
shareholder rights between Obchodni Sladovny Prostejov (OS) and
Hanacka Sladovna Kromeriz (HSK).

The board of directors of MSK filed the bankruptcy proposal
itself. As part of the bankruptcy, the company has been sold as a
whole, Hospodarske Noviny & World Reporter reported last week.


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

MOULINEX: Posts H1 Net Loss of 261 Million Francs
--------------------------------------------------
Reuters reported last week that French household appliance maker
Moulinex has reported six months results for the period to
September 30, 2000. The net attributable loss was 261 million
francs, compared to a loss for the same period in 1999 of 213
million francs. Sales were 3,547 million francs in the six months
of 2000, up from 3,297 francs in 1999.

The group said it suffered from an increase in the price of raw
materials and unfavorable exchange rates in the first half of the
year, while restructuring measures initially planned for the group
were not implemented, Reuters reported.


EM.TV:  Prosecutors Visit Offices, Remove Documents
---------------------------------------------------
Reuters reported last week that officials from the Munich
prosecutor's office have visited and removed documents from the
offices of troubled media group EM.TV & Merchandising, a company
spokesman said. The spokesman said prosecutors visited EM.TV
offices on Thursday and spoke to staff members including Chief
Executive Thomas Haffa but he denied the officials had carried out
a search and said the company had co-operated fully with the
investigation.

The state prosecutor's office is investigating possible breaches
of share trading laws by top EM.TV managers including Thomas Haffa
and his brother Florian, the group's former chief financial
officer.

EM.TV, owner of the rights to the Muppets characters and part of
Germany's high growth Neuer Markt segment, shocked markets at the
start of the month by slashing full year profit forecasts
drastically only weeks after saying it was on track to meet its
targets.


EM.TV: Faces Insider Dealing Probe
----------------------------------
Germany's bourse regulator said officials had completed initial
checks into movements in the EM.TV & Merchandising share price and
had recommended a formal insider dealing investigation. While a
decision on whether to begin a formal investigation had not yet
been taken, such a decision would normally be expected following a
recommendation and a probe could begin in the new year.

The investigation comes after the Munich state prosecutor's office
launched an investigation earlier this month into possible
breaches of share trading law by the company, whose stock has
plunged about 95 percent from its high for the year.


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

LITHUANIAN SHIPPING: Government to Resume Talks with Buyer
----------------------------------------------------------
After weeks of uncertainty and controversy, the Lithuanian
government decided to resume talks with Dutch company B.B. Bredo
B.V., the buyer of Lithuanian Shipping Company (LISCO) in order to
negotiate better terms for Lithuania, BNS & Euromoney reported
last week.

The government agreed to extend the payment deadline for Bredo,
with a definite date to be set later, said Ona Jukneviciene, the
prime minister's advisor on privatization matters.

Danny Johananoff, Bredo's owner, told BNS he appreciated the
government's decision and confirmed that he was ready to further
negotiate for the acquisition of LISCO. The government will sign
an additional agreement with Bredo to bring the terms into line
with the Lithuanian State Audit Office's conclusions, Jukneviciene
said.

The government will seek to renegotiate the price of 75 percent of
shares in LISCO. The decision followed the announcement of
lawyers' conclusions that Lithuania would not face any negative
legal consequences if it cancelled the deal, signed on Oct. 19
this year. Under the agreement, Bredo was due to pay 47.6 million
U.S. dollars for the 75 percent stake in LISCO by Dec. 1,  but it
missed the deadline, BNS noted.


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

CRUCELL: Reports Q3 Net Loss of EUR 20.7 Million
------------------------------------------------
Dutch biotech firm Crucell, which listed shares on the Amsterdam
bourse and the Nasdaq National Market on October 27, was formed
through merger of IntroGene BV and U-BiSys. Reuters noted that the
company reported a net loss of euros 20.7 million for the three
months ended September 30, 2000.


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

BANCO SANTANDER:  TSE to Delist Stock on March 23
-------------------------------------------------
The Tokyo Stock Exchange said it would delist Banco Santander
Central Hispano SA of Spain from its foreign section on March 23
of next year, Jiji Press English News Service reported last week.
The stock will be moved to the liquidation post through March 21
prior to the delisting, TSE officials said.


=============
U K R A I N E
=============

WOOD & COMPANY: Czech-Based Investment House Closes Branch
----------------------------------------------------------
Czech-based investment house Wood & Company plans to close down
its branch in Ukraine due to unfavorable market conditions, Ivan
Kompan, head of the Ukrainian unit said. Wood and Company opened
its office in Kiev in 1996. Kompan said the local market suffered
from lack of interest by foreign investors and low liquidity.

Reuters reported Ukraine's PFTS index has never topped its October
1997 launch level of 100. The index, which covers trade on the
main over-the-counter market, is now fluctuating at around 54.
Market capitalization of 432 listed companies was around $2.3
billion in 1999, Reuters noted.



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

1000 GWR: Liquidation Proceedings
----------------------------------
Company Name: 1000 GWR Ltd
Company No: 3591051
Com. Business: Investment Co
Appointed on: 17/11/00
Type: Members
Appointed by: Members
Liquidators: Geoffrey S Kinlan IPno: 8268 Anthony Sanderson 4750
Firm Name: BDO Stoy Hayward
Address: Prospect Place 85 Great North Road
City Postcode: Hatfield AL9 5BS


ADDERMEEN LTD: Liquidation Proceedings
---------------------------------------
Company Name: Addermeen Ltd
Company No: IR
Appointed on: 17/11/00
Type: Members
Appointed by: Creditors
Liquidators: Michael Butler IPno:
Firm Name: Butler & Co
Address: 49 Fitzwilliam Square
City Postcode: Dublin 2


ADVANCHAT LTD: Liquidation Proceedings
---------------------------------------
Company Name: Advanchat Ltd
Company No: 2501774
Com. Business: Publishers
Appointed on: 17/11/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: P Jones IPno: 4163
Firm Name: HLB Kidsons
Address: Devonshire House 36 George Street
City Postcode: Manchester M1 4HA


ANGLIAN LAND: Liquidation Proceedings
--------------------------------------
Company Name: Anglian Land Development Co Ltd
Company No: 3362362
Com. Business: Property Development
Appointed on: 17/11/00
Type: Members
Appointed by: Members
Liquidators: Tracey E Callaghan IPno: 8317 Peter J Souster 2588
Firm Name: Baker Tilly
Address: 2 Bloomsbury Street
City Postcode: London WC1B 3ST


BC MANAGEMENT: Liquidation Proceedings
---------------------------------------
Company Name: BC Management Services Ltd
Company No: 1445998
Com. Business: Property Management
Appointed on: 17/11/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Gary Stones IPno: 6609
Firm Name: Stones Jones
Address: 63 Walter Road
City Postcode: Swansea SA1 4PT


BRITISH AIRWAYS:  Iberia Withdraws from Bidding for Go Subsidiary
-----------------------------------------------------------------
Spanish national airline Iberia has pulled out of the running to
buy British Airways Plc's cut-price subsidiary Go, an Iberia
source said. "They've decided to drop Go because of Air Europa.
There will be enough complications about market shares without
that," the source said.

Iberia is finalizing the purchase of its domestic rival Air Europa
and wants to avoid complex negotiations with multiple competition
authorities. Go was put up for sale in November and analysts
expect it to fetch up to 350 million pounds ($514.4 million),
Reuters reported last week.

Wright Investors' Service, noted that as of December 22, 2000,
British Airways Plc had negative working capital, as current
liabilities were 3.29 billion pounds while total current assets
were only 2.59 billion pounds.


DOLPHIN TELECOM: TIW to Finance British Struggling Unit
-------------------------------------------------------
The Globe and Mail reported last week that Quebec entrepreneur
Charles Sirois's Telesystem International Wireless Inc. (TIW)
plans to pump as much as $300-million (U.S.) in additional
financing into its struggling British-based European unit, Dolphin
Telecom PLC, next year.

The companies said they are looking at a variety of potential
investors, including some of Dolphin's major customers. If this
move is successful, Montreal-based TIW's 81.5 percent stake in the
British company, currently its major investment, would be reduced,
TIW spokesman Mark Boutet said.

Cash-strapped Dolphin, based in Basingstoke, England, operates
radio networks for delivery fleets and emergency vehicles and has
a total of about 260,000 subscribers in Britain, France, Spain,
Germany and Belgium. It is trapped between a $2.3-billion (U.S.)
network expansion project and the tightening credit crunch in
telecommunications, which recently led its banks to put a hold on
further loans.

TIW has already lent $165-million to Dolphin during the current
quarter, after the British company's banks put the brakes on
further credit and other shareholders declined to ante up. Dolphin
lost $486-million on revenue of $64-million in the first nine
months of this year, The Globe and Mail noted.


EQUITABLE LIFE: Members Urged to Sue Ernst & Young
--------------------------------------------------
Equitable Life policyholders are being urged to sue the insurer's
auditors, Ernst & Young, and the Government for compensation over
the company's disastrous financial difficulties. Despite Ernst &
Young's protestations that it is quite happy with its decision to
sign off the accounts last year, policyholders want to know why
the insurer's troubles weren't spotted earlier by those with
access to the relevant information. After the decision to close
Equitable to new business earlier this month, the life firm has to
take a more conservative investment stance, meaning that
policyholders could lose up to 1 percent a year in returns, The
Independent reports earlier this week.

In particular they are questioning how a reinsurance contract,
taken out to mitigate the costs of losing the court action on
guaranteed annuities, was included as a 1 billion pounds asset on
the group's balance sheet, but ultimately proved to be worthless.
Vincent Nolan, spokesman for the Equitable Life Members Action
Group, agreed that the role of the Equitable's auditors needed to
be assessed. "The auditors do have a responsibility to the
policyholders," he said. "They fall into the same category as the
Treasury and the Financial Services Authority [FSA]. Auditors are
supposed to draw attention to [a company's] liabilities." Vincent
Cable, Treasury spokesman for the Liberal Democrats, said: "The
auditor should have the capacity to conduct its own independent
review  so this should be a promising line of inquiry for
policyholders seeking compensation."

However, Rob Holman, head of insurance practice at Ernst & Young,
argued the accountancy firm had done all it could with the
information available to it at the time. "We are quite happy with
the work that we did," he said. "We were happy with Equitable's
1999 accounts because they were drawn up in accordance with what
we knew at the time. The House of Lords' decision changed
everything." The Lords ruled in July that the Equitable's decision
to cut pension plan bonuses for 90,000 holders of guaranteed
annuity rate (GAR) policies was illegal. This forced the insurer
to put itself up for sale because it did not have the œ1.5bn in
reserves needed to meet the shortfall.
John Quarrell, a pensions expert at solicitors Nabarro Nathanson,
said he felt that the Government should be pursued to pay
compensation.


EQUITABLE LIFE:  Aegon in Lead to Win Investment Management Arm
---------------------------------------------------------------
Aegon NV, the Dutch financial services firm is leading the bidding
for the investment management business of troubled British insurer
Equitable Life. Aegon is prepared to pay as much as 300 million
pounds ($444 million) for the business. GE Capital, an arm of U.S.
conglomerate General Electric, is also thought to be a bidder. The
Dutch firm had been interested in bidding for the whole of
Equitable, but had pulled out amid concerns over the British
group's finances, Reuters reported earlier this week.

Equitable, Europe's oldest mutual, is trying to sell its
businesses after a House of Lords ruling earlier this year found
it had acted unlawfully by cutting bonuses to holders of
guaranteed annuities. The judgment left the group with a 1.5
billion pound hole in its capital. Equitable tried to find a buyer
to rebuild its finances, but talks with rival UK insurer
Prudential collapsed, forcing Equitable to close its doors to new
business, Reuters noted.


FOREIGN & COLONIAL: Up for Sale to Eureko for 414 Million Pounds
----------------------------------------------------------------
Foreign & Colonial, one of Britain's oldest fund management
groups, is to be sold to Eureko, the umbrella grouping of European
insurers, in a 414m pounds deal which ends the uncertainty over
F&C's future, The Independent reported last week. HypoVereinsbank,
Germany's second-biggest bank, put its 90 percent stake up for
sale in September, after it decided to end its exclusive
arrangement with F&C and set up a funds supermarket offering a
broad spread of managed funds to its German customer base. The
other 10 percent is owned by F&C, Britain's largest quoted
investment trust, which has been under attack by Sierra Trading
Partners, a New Jersey-based group of arbitrageurs.

F&C was founded in 1868 to raise money from private investors to
invest in far flung parts of the British empire. Although it still
retains a strong emerging markets bias, more than 80 percent of
its assets are now based in the UK, while 20 percent of its
clients are continental European.

Robert Jenkins, F&C's chief executive said the deal will allow F&C
access to a pan-European distribution base while leaving its
management structure and investment policy intact. "There is no
disruption to staff, no change in investment policy," he said.
"Eureko clearly has expansion plans. This is a very good fit." As
part of the deal, Eureko will inject its asset management business
into F&C boosting its total funds under management by a third to
120bn euros (75bn pounds), The Independent noted.


FORUM INVESTORS: Liquidation Proceedings
-----------------------------------------
Company Name: Forum Investors Plc
Company No: 3228043
Com. Business: Holding Co
Appointed on: 17/11/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: James R Smith IPno: 8031
Firm Name: Deloitte & Touche
Address: Stonecutter Court 1 Stonecutter Street
City Postcode: London EC4A 4TR


FRIENDLY HOTELS:  Hotels Group in Shake-Up
------------------------------------------
Friendly Hotels warned shareholders it would have to undergo a
massive restructuring program, adding that, if they did not
support the proposals, the company may then become the subject of
formal insolvency procedures. After the market closed, the company
said trading in 1999 and 2000 had been below budget, and that it
would have to sell one third of its property and focus on
franchising hotels to ease its cash crisis, The Daily Telegraph
reported last week.


HASLEMERE ESTATES: Liquidation Proceedings
-------------------------------------------
Company Name: Haslemere Estates (Developments) Ltd
Previous Name: Clavercrown Ltd
Company No: 1502904
Com. Business: Investment Co
Appointed on: 17/11/00
Type: Members
Appointed by: Members
Liquidators: Geoffrey S Kinlan IPno: 8268 Anthony Sanderson 4750
Firm Name: BDO Stoy Hayward
Address: Prospect Place 85 Great North Road
City Postcode: Hatfield AL9 5BS


M C CONSTRUCTION: Liquidation Proceedings
------------------------------------------
Company Name: M C Construction Glasgow Ltd
Company No: SC
Appointed on: 17/11/00
Type: Creditors
Appointed by: Creditors
Liquidators: Robert M Dallas IPno: 5163
Firm Name: Campbell Dallas
Address: Sherwood House 7 Glasgow Road
City Postcode: Paisley PA1 3QS


MSG CONSTRUCTION: Liquidation Proceedings
------------------------------------------
Company Name: MSG Construction Ltd
Company No: SC
Appointed on: 17/11/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Douglas B Jackson IPno: 5201
Firm Name: Moore Stephens Booth White
Address: Allan House 25 Bothwell Street
City Postcode: Glasgow G2 6NL


MANCHESTER TOBACCO: Japan Tobacco to Close UK Plant Subsidiary
--------------------------------------------------------------
Japan Tobacco Inc, the world's third-largest tobacco group, said
it will close the plant at its UK subsidiary at the end of this
month, Reuters reports this week. The planned closure, announced
in April by its unit Manchester Tobacco Co Ltd, was finalized
after consultation with representatives of the unit's 302
employees, JT said.

The Japanese company plans to liquidate Manchester Tobacco, which
it purchased in 1992, in 2001 or 2002, a JT spokesman said. The
move reflects JT's acquisition last year of the international
business of RJR Nabisco Holdings Corp known for its Camel and
Winston brands to reinforce its overseas expansion, the company
said.

"Manchester Tobacco became less attractive as an overseas
production base after RJR International brought us global
facilities with higher efficiency," the spokesman said. JT
declined to disclose the cost of the plant closure.

JT, a former state monopoly still 66.7 percent government-owned,
unveiled in February a business plan which aimed to eliminate a
total of 4,500 jobs, or 13 percent of its global tobacco-related
workforce, and streamline its global tobacco operations, Reuters
noted.


MARKS & SPENCER: December Sales Poor-Report
---------------------------------------------
Clothing sales at struggling British retailer for the six weeks
ended December 16 are believed to be poor even when compared with
last year's weak performance, Reuters reports this week. In the
week ended December 16, childrenswear sales remained flat, while
womenswear dipped nine percent, menswear fell 14 percent and
lingerie nine percent.

Two of M&S's newer areas bucked the trend, with home furnishings
up 19 percent and beauty products up nine percent. Both of these
sectors are small in comparison with clothing, M&S's core. A
spokesman for M&S said he cannot comment on the sales figures
before it announces official Christmas figures at the end of
January. Christmas is vitally important to retailers. The British
Retail Consortium estimates that about 16 percent of the sector's
annual sales go through the tills in the four weeks leading up to
December 25.


MILLENIUM DOME: Finally Closes to the Public on New Year's Eve
---------------------------------------------------------------
The troubleshooter who was brought in to save the Millennium Dome
has described how he was given just 20 minutes to save the
attraction when he agreed to take control, The Independent -
London reported last week. David James was drafted in as the Dome
was nearing bankruptcy and the New Millennium Experience Company
faced closing it if the Millennium Commission refused any more
hand-outs.

The board of the NMEC was told it would have to close at 2.30pm
when they met to discuss its future if more money was not found.
Twenty minutes before the meeting, the Commission said it would
provide the money on condition Mr James, who was then negotiating
terms to join the company, became NMEC chairman. "They were
prepared to put the pounds 47m up but it was absolutely inter-
conditional upon me accepting the job of chairman. I had 20
minutes to digest that and get to the board of NMEC, which was
waiting in a different place," he told a documentary to be shown.

Mr James had discussed taking on the role but the speed with which
he was forced to do so meant his pay and other terms had to be
renegotiated. "The NMEC board had been given very strong advice by
a license and solvency practitioner, that if the Commission did
not put the money up they had to close that night, and it was as
dramatic as that," he said.

The company has already announced that Christmas Eve - when all
tickets cost just pounds 1 - is a sell out. With the Christmas
school holidays beginning, numbers are expected to swell before
the Dome finally closes to the public on New Year's Eve. After the
doors of the Dome finally shut at 6pm on 31 December, a 12- hour
club night run by the Ministry of Sound, will be staged in the
surrounding buildings. All 15,000 tickets for the New Year's Eve
party have been sold. The dismantling of the Dome's zones will
start in January and the Legacy company which is the preferred
bidder for the Dome is expected to officially take over the site
by the end of February.


MILLENIUM DOME:  Dome Staff Face Dole
-------------------------------------
BBC News noted last week that a union is urging employers not to
forget the 2,000 Millennium Dome workers who will lose their jobs
when the attraction closes at the end of the year. John Edmonds,
general secretary of general union the GMB, said Dome employees
were highly-skilled and motivated. GMB has worked closely with
managers at the Dome in setting up several initiatives to help
staff find new jobs. "The service sector will be missing a trick
if it doesn't go and scoop these people up," said Mr Edmonds.

"These are the forgotten 2,000. "Throughout the Dome difficulties
the staff worked professionally and tirelessly to ensure than
every visitor had one fantastic day. "They are highly-skilled and
motivated people." A job centre is already in place inside the
grounds of the Dome in Greenwich, south London. This will continue
operating for the next three months.


SCOTIA HOLDINGS: Debt-Ridden Biotech Group in Assets Sell-Off
-------------------------------------------------------------
Scotia Holdings, the debt-ridden biotechnology group, undertook a
sale of assets to raise cash following the rejection of its lead
drug by regulators in September. Scotia said it had sold rights to
its drug reformulation technology to the Karolinska Institute, a
medical school in Sweden. It has also disposed of its lipid
production facilities to a new Swedish venture capital group in
which it will take a stake. Terms of the deals were not disclosed,
although Scotia said they would generate $2m (1.3m pounds) of
near-term cashflow. The group aims to sell all its Swedish
business by April 2001. Previously, analysts had estimated Scotia
could run out of cash in March.

Scotia also said it had enjoyed a "constructive" meeting with an
advisory panel to European drugs regulators about Foscan, its lead
drug. The panel is to issue its opinion on the treatment in
January. U.S. regulators denied approval to Foscan in September,
sending Scotia's shares down more than 70 per cent in one day. ABN
Amro, the investment bank, yesterday said: "Even with the asset
sales Scotia is unlikely to be able to extend its cash life to see
Foscan through to approval." The shares closed unchanged at 13.5p.


POWER TRAIN: Liquidation Proceedings
-------------------------------------
Company Name: Power Train Engineering Co Ltd
Company No: SC
Appointed on: 17/11/00
Type: Creditors
Appointed by: Creditors
Liquidators: Maureen E Leslie IPno: 1186
Firm Name: HLB Kidsons
Address: 23 Queen Street
City Postcode: Edinburgh EH2 1JX



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