  We propose an su(2) WZNW model with a non-rational level and a continuous
spectrum based on the non-unitary hermitian representations of the chiral
algebra su(2)_k. It is conjectured that for this model the continuous spectra
counterpart of the Goddard-Kent-Olive (GKO) coset construction yields the
Liouville and the imaginary Liouville field theories. We support the conjecture
by a number of nontrivial tests based on analytic calculations.
