/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/030220.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 Thursday, February 20, 2003, Vol. 4 No. 36 Headlines * G E R M A N Y * DEUTSCHE TELEKOM: Launches 3-Year Mandatory Convertible Bond EM.TV & MERCHANDISING: Reaches Deal to Sell Interest in Speed * I T A L Y * TELECOM ITALIA: Hopes to Raise EUR600 MM From Stake Sale * L U X E M B O U R G * LIBERTY NEWPORT: Shareholders to Decide on Dissolution MILLICOM INTERNATIONAL: Shareholders Approve Reverse Stock Split * P O L A N D * BRE BANK: To Register Changes in Bank Czestochowa Merger Deal * R U S S I A * SBS-AGRO: Fitch Withdraws Rating Following Bankruptcy * N E T H E R L A N D S * JOMED N.V.: Divests Mitral Valve Repair System for US$20 MM * P O L A N D * BRE BANK: To Register Changes in Bank Czestochowa Merger Deal * R U S S I A * SBS-AGRO: Fitch Withdraws Rating Following Bankruptcy * S W I T Z E R A N D * CREDIT SUISSE: Credit Suisse Privilege Has New Investment Vehicle SWISSAIR: Calls Creditors to Meet Concerning Debt Restructuring UBS: Creates Holding Company for Independent Private Banks and GAM * U N I T E D K I N G D O M * BAE SYSTEMS: Obtains State Agreement on Astute and Nimrod Contracts CALEDONIAN GOLF: In Receivership DYER LIMITED: Sells Steel Fabricators and Erectors ELECTRONIC PACKAGING: In Receivership GLOYSTARNE & CO: Administrators Sell Business as a Going Concern HOME-PAC LIMITED: Administrators Offer Business for Sale L. GARDNER: Enters Exclusivity Agreement for Sale of Subsidiary PROQUIP LIMITED: Under Receivership TWR GROUP: In Administrative Receivership UNIT SUPPLY: Issues Notice of Creditors' Meeting WIDE RANGE: Administrators Offer Business for Sale ============= G E R M A N Y ============= DEUTSCHE TELEKOM: Launches 3-Year Mandatory Convertible Bond ------------------------------------------------------------ Deutsche Telekom AG is launching a mandatory convertible bond issued through its Dutch subsidiary Deutsche Telekom International Finance B.V. The transaction will raise approximately EUR 2.3 billion (representing approximately 178 million underlying Deutsche Telekom common shares at the current share price). The final amount raised will be subject to Deutsche Telekom's share price at pricing and could be further increased by 10%. The Security is mandatorily convertible at maturity into common shares of Deutsche Telekom. The Security has a maturity of 3 years. The coupon and conversion premium will be set at pricing. A further announcement on the pricing of the transaction will be made in due course. This transaction is based on the approval obtained for transactions of this type at the annual shareholders' meeting on May 29, 2001. The Security will be placed exclusively with institutional investors outside the US in reliance on Regulation S. Deutsche Telekom is fully committed to the successful execution of its announced deleveraging program. The issuance of this mandatory convertible is complementary to this program. The instrument also allows Deutsche Telekom to access a broader investor base through the convertible market and does not increase net debt. This transaction further strengthens Deutsche Telekom's balance sheet: - Deutsche Telekom expects to receive significant equity credit from the rating agencies and strengthen its investment grade rating position - Upon issuance, under German GAAP, the instrument will be treated as debt until maturity. However, the mandatory conversion feature reduces Deutsche Telekom's accounting net debt at maturity and increases its equity. This transaction also complements Deutsche Telekom's on-going financing activity and the anticipated proceeds from this transaction further support its liquidity position. EM.TV & MERCHANDISING: Reaches Deal to Sell Interest in Speed ------------------------------------------------------------- EM.TV & Merchandising AG and the Bayerische Landesbank (BayernLB) reached an agreement in the dispute over the pledge of EM.TV's shares in the Formula One racing series. This means that EM.TV sells its shares in Speed Investments Ltd. amounting to 22.3% to a subsidiary of the BayernLB with approval of the BayernLB in its capacity as security trustee. The agreement is subject to the approval of the European cartel authority as well as the consent of the board and shareholders of Speed. In both bodies, the US banks, J.P. Morgan Chase and Lehman Brothers yet to be integrated, are represented, and constitute together with the BayernLB the Formula One banks. For the transfer of the Speed shares, EM.TV will receive in addition to a payment of EUR 8.5 m, in particular the right to a partial interest in eventual surplus proceeds exceeding the loan amount and BayernLB's investments derived from a resale of the Speed shares. The right of lien that is subject matter of the legal dispute in Jersey will be assumed by the subsidiary of BayernLB as an encumbrance. The agreement also provides that the legal proceedings in Jersey be terminated. Based on this agreement, EM.TV shall assign all eventual rights of recourse with regard a.o. to the Formel 1 Beteiligungs GmbH (FEB) to the subsidiary of BayernLB. Due to the sale, EM.TV will write down the book value of the Speed shares completely (EUR 204 m on the group and the parent company balance sheets). EM.TV is able to consummate such a measure in the balance sheet. Per September 30, 2002, the equity amounting to EUR 485 m was considerably above the subscribed capital of EUR 145.9 m. In view of the forthcoming talks with the other Formula One banks, the BayernLB has reserved the right, to limit the agreement to its allotted share in the interest held by EM.TV in Speed. In this case, EM.TV would retain 8.4% interest in Speed. This stake would then continue to be the subject matter for the ongoing legal dispute in Jersey. In this respect, EM.TV would also retain the rights of recourse with regard a.o. to the FEB. In this case, the amount of the write-down would have to be reconsidered. CONTACT: Frank Elsner Kommunikation fur Unternehmen GmbH Phone: +49 - 5404 - 91 92 0, Fax: +49 - 5404 - 91 92 29 E-mail: info@elsner-kommunikation.de ========= I T A L Y ========= TELECOM ITALIA: Hopes to Raise EUR600 MM From Stake Sale -------------------------------------------------------- Telecom Italia managing director Carlo Buora said the company hopes to raise EUR600 million from the sale of its 14.8% stake in Telekom Austria. The company has earlier sold a stake worth EUR484 million. The sell-off, though, might not happen before 2004, according to Telecom Italia Group Marco Tronchetti Provera. Telecom Italia further plans to divest its minority stake in Serbian Telekom for EUR1 billion as part of a plan to sell minor assets further to trim down debts. Telecom Austria was able to unload assets worth EUR5.2 billion earlier. Chairman Marco Tronchetti Provera predicted the company's debt to fall to EUR 18.3 billion last year from the EUR22 billion at the end of 2001. Telecom Italia shares fell 21% in 2002, reducing the value of the company to EUR50.2 billion. CONTACT: TELECOM ITALIA Corso d'Italia 41 00198 Rome, Italy Phone: +39-06-368-81 Fax: +39-06-368-83388 Home Page: http://www.telecomitalia.it Contact: Investor Relations: Phone: +39 06 36882119 +39 06 36883378 +39 06 36882634 =================== L U X E M B O U R G =================== LIBERTY NEWPORT: Shareholders to Decide on Dissolution ------------------------------------------------------ Notice to the Shareholders of the Stein Roe Global Opportunity sub- fund, Newport Tiger Sub-fund and Colonial High Yield Securities: A notice is hereby given with regards to the Extraordinary Shareholders of Libery NewPort World Portfolio to be held before noon at17 rue des Bains, L-1212 Luxembourg on March4, 2003at 10h30, in order to deliberate on the following agenda: -decision on the dissolution of the corporation -appointment of a liquidation and determination of powers -miscellaneous The quorum required by law in respect of all items of the agenda is at least 50% of the issued capital of the corporation and the resolution on each item of the agenda must be passed by the affirmative vote of at least two thirds of the votes cast at the meeting. Furthermore, shareholders are informed that: the calculation of the net asset value per share of the sub-funds will be suspended as of February 26, 2003 and that as a consequence thereof no more subscription, or conversion of redemption requests will be accepted in the sub-funds as of such date; the expenses to be borne by the corporation in connection with the liquidation of the corporation should not exceed US$125,000 and have been funded. If you are unable to attend the meeting in person, a proxy form giving authority to another named individual can be obtained from and returned to the company secretary, Cogent Investment Operations (Luxembourg) S.A. 1A Parc d'activite'Syrdall, L-5365 Munsbsach-Luxembourg. By order of the directors. MILLICOM INTERNATIONAL: Shareholders Approve Reverse Stock Split ---------------------------------------------------------------- An Extraordinary General Meeting was held on Monday, February 17, 2003, at the registered office of Millicom International Cellular S.A. in Bertrange, Grand- Duchy of Luxembourg. All of the resolutions on the agenda proposed to shareholders were approved including the resolution for a reverse stock split of the issued shares of the Company, exchanging three existing shares of a par value of USD 2 each for one new share with a par value of USD 6. This came into effect on Monday, February 17, 2003. Millicom International Cellular S.A. is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has a total of 16 cellular operations and licenses in 15 countries. Millicom's cellular operations have a combined population under license (excluding Tele2) of approximately 360 million people. In addition, Millicom provides highspeed wireless data services in seven countries. Millicom also has a 6.8% interest in Tele2 AB, the leading alternative pan-European telecommunications company offering fixed and mobile telephony, data network and Internet services to over 16 million customers in 21 countries. Millicom's shares are traded on the Nasdaq Stock Market under the symbol MICC. CONTACTS: MILLICOM INTERNATIONAL CELLULAR Marc Beuls, President and Chief Executive Officer Phone: +352 27 759 101 Jim Millstein Phone: +1 212 632 6000 LAZARD, New York Peter Warner Phone: +44 20 7588 2721 Daniel Bordessa Cyrus Kapadia LAZARD, LONDON Andrew Best Phone: +44 20 7321 5022 Investor Relations Shared Value Ltd, London Home Page: http://www.millicom.com ===================== N E T H E R L A N D S ====================== JOMED N.V.: Divests Mitral Valve Repair System for US$20 MM ----------------------------------------------------------- JOMED N.V., a medical technology company incorporated in the Netherlands and listed on the SWX Swiss Exchange, will sell its Mitral Valve Repair System project to Edwards Lifesciences for USD 20 million. Edwards had been given the option to purchase this R&D project in connection with a short-term loan extended to JOMED on February 3, 2003; Edwards has on February 14, 2003, exercised this option. The Mitral Valve transaction is a major milestone for JOMED's restructuring efforts, both operationally and financially. Nevertheless, further negotiations with strategic and financial investors are continuing in order to secure long-term financing. Terms of the transaction Edwards will take over all Mitral Valve Repair System intellectual property, know how and tooling from JOMED, who will support the transition of the project. In return JOMED receives USD 20 million, part of which will be set off against the short-term loan. The transaction will be closed immediately. Continuing negotiations with investors The transaction constitutes a major step towards a recovery of JOMED. Still, further restructuring measures are being implemented. Negotiations with strategic and financial investors are continuing. JOMED's management does not intend to merge the company as a first option, but is evaluating further divestiture of non-core activities as well as new credit facilities from banks. The objective is to secure the long-term-financing of JOMED within two months. The stand-still- agreement with the commercial banks remains in force. Promising business development Sales development in January was positive. JOMED's sales force keeps on serving its clients and so far no client defections have been reported. This is good news and underlines the high quality of JOMED products and services. The internal restructuring, which is intended to adjust the cost level to current sales run rate is ongoing at a fast pace. Positive operating cash flow short term as well as mid term is a key component in the internal work and measures to improve the operational cash flow have been initiated and are followed up on a weekly basis. Forensic investigation, appointment of auditor and FY 2002 results Late last week, KPMG delivered the final draft of the forensic investigation report to the Supervisory Board of JOMED. As a summary of the financial review, the FY2001 Net sales have to be adjusted by EUR - 18.8 million, and net income has been overstated by EUR 10.3 million. For the first nine months of FY 2002, net sales have to be adjusted by EUR -24.8 million, and reported net income has been overstated by EUR 15.9 million. Further explanations will be given at the financial year 2002 result press and analysts conference. The JOMED Supervisory Board is evaluating measures to be implemented as a consequence of the accounting irregularities. JOMED is currently in negotiations with two new auditors and expect to appoint a new auditor before end of this week. JOMED will specify when financial year 2002 results are going to be communicated as soon as the new auditor is appointed. JOMED in brief JOMED is the leading European developer and manufacturer of products for minimally invasive vascular intervention. It currently provides a range of over 2,000 products in over 70 countries. At the end of Q3 2002 JOMED had 1,400 employees. JOMED's shares are listed on the main segment of the SWX Swiss Exchange (SWX: JOM). About Edwards Lifesciences Corp. Edwards Lifesciences (NYSE: EW) is a leader in advanced cardiovascular disease treatments and the number-one heart valve company in the world. Headquartered in Irvine, Calif., Edwards focuses on four main cardiovascular disease states: heart valve disease, coronary artery disease, peripheral vascular disease and congestive heart failure. The company's global brands, which are sold in over 80 countries, include Carpentier-Edwards, Cosgrove-Edwards, Swan-Ganz and Fogarty. Additional company information can be found at http://www.edwards.com. CONTACT: JOMED N.V. Jorgen Peterson, Acting CEO Phone: +46 42 490 6014 Lars-Johan Cederbrant, Acting CFO Phone: +46 42 490 6048 =========== P O L A N D =========== BRE BANK: To Register Changes in Bank Czestochowa Merger Deal ------------------------------------------------------------- The Board of Management of BRE Bank SA informs that a motion was made to the Registering Court to register changes that followed from agreement reached on the Extraordinary General Meeting of Shareholders of Bank Czestochowa held on January 27, 2003 and the Extraordinary General Meeting of Shareholders of BRE Bank held on January 29, 2003 about merger of BRE Bank SA with Bank Czestochowa SA by Acquiring Bank Czestochwa by BRE Bank. =========== R U S S I A =========== SBS-AGRO: Fitch Withdraws Rating Following Bankruptcy ----------------------------------------------------- Fitch Ratings withdrew SBS-Agro Group's long-term, short-term, individual, and support ratings following the Moscow Arbitration Court's declaration of bankruptcy for the Russian company on Monday. SBS-Agro's ratings are: Long-term 'D', Short-term 'D', Individual 'E' and Support '5T'. The Court appointed the Agency for Restructuring Credit Organizations (ARCO) as SBS-Agro's receiver in response to a petition filed on January 17 to declare the bank insolvent. SBS-Agro, owned by former oligarch Alexander Smolensky before the crisis of 1998, was one of the largest multi-divisional and socially significant banks in Russia. In terms of the value of assets SBS-AGRO Bank was ranked second in Russia, besides, its position as one of the top 1000 banks of the world. According to Fitch, while ARCO estimates that 99.5% of retail depositors were repaid, recoveries for other creditors are expected to be minimal. CONTACT: SBS-AGRO BANK 59A, Stroyeniye 1 Aviamotornaya Str. 111024 Moscow Phone: (095) 745-52-44 =================== S W I T Z E R A N D =================== CREDIT SUISSE: Credit Suisse Privilege Has New Investment Vehicle ----------------------------------------------------------------- Credit Suisse Privilege launched the Privilege Personal Portfolio, an innovative investment opportunity offering individuals a comprehensive financial program providing access to a professional investment planning service. Privilege Personal Portfolio has been conceived by Credit Suisse Privilege with a unique fund advisory feature performed and monitored in conjunction with one of the leading institutional investment consultants, Watson Wyatt, which aims to reduce risk while offering the opportunity of achieving significant returns. "Consultants at Credit Suisse Privilege will utilise the Watson Wyatt risk analysis software Personal Portfolio Allocator to analyse clients' investment risk tolerance in order to devise an appropriate asset mix for their consideration," explained Credit Suisse Privilege Managing Director Dallas Reid. Assets will then be invested in a Personal Discretionary Account which may comprise of a range of special Winterthur Life (Hong Kong Branch) portfolio funds representing different asset classes and risk levels such as: - Global Equity - Global Bond - Global Equity Small Cap - Money Market, in US and HK dollars Watson Wyatt, as a portfolio funds management consultant, selects successful retail and institutional fund advisors from around the world to advise Winterthur Life (Hong Kong Branch) on investment decisions and investment strategies. "They will also monitor the performance of fund advisors and changes in the management of underlying funds, as well as recommend fund advisors replacement when necessary to achieve investment objectives," said Mr Reid. "In addition, once an optimal investment mix is agreed for each individual, the portfolio will automatically be re-balanced every six months back to the original mix", he added. This highly professional approach offers a disciplined method of investing, removing the "emotional" tendency to chase "last year's winners". Regardless of the amount of selling and buying required to rebalance each portfolio, no fees are charged to clients for such trades. For clients who prefer to manage their own fund selection, the Privilege Personal Portfolio is supplemented by the Self Managed Portfolio, which provides access to a pool of existing Winterthur Life (Hong Kong Branch) funds for clients to fine-tune their overall investment portfolio. At the same time, we also provide SwissPlusAccount II, a liquidity option offering wholesale rates, giving the client the ability to decide when he wishes to allocate funds to the investment markets or cash out. "Investors can readily review their overall portfolio and switch funds by using the Credit Suisse Privilege on-line facility," explained Mr Reid. "They also have access to a personal credit line at a highly competitive interest rate. "The Privilege Personal Portfolio is a sophisticated investment vehicle for those who want more out of life and further reinforces Credit Suisse Privilege's prime position as a one-stop financial planning partner for affluent individuals," he added. As an added incentive, Credit Suisse Privilege is offering the first 100 Privilege Personal Portfolio investors free membership to the Central Golf indoor driving range in Hong Kong, in line with its policy of offering attractive opportunities to enhance the lifestyle of its members. Credit Suisse Privilege specialises in providing innovative personal financial services and products, tailored to meet the ever-changing needs of individual professionals. Privilege Personal Portfolio and SwissPlusAccount II are investment- linked assurance schemes issued by Winterthur Life (Hong Kong Branch), which is part of Credit Suisse Group. Past performance is not necessarily a guide to future performance and unit prices and rates of investment return may fall as well as rise. This press release is intended as a general summary only. For charges and full detail, please refer to the Principal Brochure of Privilege Personal Portfolio and SwissPlusAccount II. Credit Suisse Life & Pensions Credit Suisse Life & Pensions (Winterthur Life and subsidiaries), a Credit Suisse Group division, is one of the leading European life insurers. It offers individual and corporate clients tailor-made, local and international life insurance and pension solutions. Credit Suisse Life & Pensions achieved a premium volume of CHF 14.8 billion as of September 30, 2002, and reported assets under management of CHF 113.0 billion as of September 30, 2002. There are more than 7,000 people working for Credit Suisse Life & Pensions all over the world (around 15,000 including sales agents). Credit Suisse Group Credit Suisse Group is a leading global financial services company headquartered in Zurich. The business unit Credit Suisse Financial Services provides private clients and small and medium-sized companies with private banking and financial advisory services, banking products, and pension and insurance solutions from Winterthur. The business unit Credit Suisse First Boston, an investment bank, serves global institutional, corporate, government and individual clients in its role as a financial intermediary. Credit Suisse Group's registered shares (CSGN) are listed in Switzerland and Frankfurt, and in the form of American Depositary Shares (CSR) in New York. The Group employs around 80,000 staff worldwide. As of September 30, 2002, it reported assets under management of CHF 1,221.8 billion. SWISSAIR: Calls Creditors to Meet Concerning Debt Restructuring --------------------------------------------------------------- The meeting of creditors in the debt-restructuring moratorium proceedings concerning Swissair SchweizerischeLuftverkenhr- Aktiengesselschaft, a public limited company with registered office at Balz Zimmermann-Strasse, 8302 Kloten, will be held on Wednesday, March 6, 2003, at 3 p.m. (doors open at 1:00 pm)at the Eulachhalle, Wartstrasse 73, 8400 Winterthur. Creditors known to the Administrator will receive a separate invitation with relevant information and documents. At the meeting, the debtor under debt-restructuring moratorium will propose a debt-restructuring agreement with assignment of assets. From February 11 to March 4, 2003, the records will be available for inspection by the creditors concerned at the office of the Administrator, Mr. Karl Wuthrich, attorneyatlaw, c/o Wenger Plattner, Goldbach-Center, Seestrasse 39, 8700 Kusnacht-Zurich. Interested creditors may inspect these on weekdays between 8:00 a.m. and half past noon as well as between 1:45 p.m. to 5p.m., upon prior arrangement of an appointment by telephone (phone number: +41-1-914-27- 50). A valid personal identification document must be shown. In addition representative must also prove their status by presenting a written proxy. CONTACT: SWISSAIR Home Page: http://www.sachwalter-swissair.ch UBS: Creates Holding Company for Independent Private Banks and GAM ------------------------------------------------------------------ UBS announces a new management and corporate structure for its five independent private banking subsidiaries, and for GAM, its specialist portfolio and asset manager. UBS announces that during the first half of this year it will create a new holding company to incorporate its five independent private banks Armand von Ernst, Banco di Lugano, Bank Ehinger, Cantrade and Ferrier Lullin, as well as GAM. Based on this common platform, all of the firms will be equipped and encouraged to grow faster, and deliver their full value creation potential. The new structure will ease the path to integration where it makes sense, targeting economies of scale not achievable by each organization on its own. In addition, GAM will be encouraged to further build up its own private client base and to become the investment management center of excellence for the new company, as well as remaining a key supplier of award-winning investment products to UBS's clients. The new company may also be able to grow further by playing a future role in the consolidation of the private banking industry. The new company will be chaired by Hans De Gier, currently UBS Executive Vice-chairman, who will as a result leave UBS's Chairman's Office. He will be joined on the board as Deputy Chairman by Georges Gagnebin, Chairman of UBS Wealth Management & Business Banking, and Peter Kurer, UBS General Counsel. Hans De Gier will lead the strategic reorganization and integration efforts, supported by the six current Chief Executives of the subsidiaries. The new company will be held as an investment at the Corporate Center. Risk and compliance management will remain fully integrated within UBS'S control structure. The companies involved employ approximately 1750 staff globally, and their clients have invested assets of approximately CHF70 bn. ========================== U N I T E D K I N G D O M ========================== BAE SYSTEMS: Obtains State Agreement on Astute and Nimrod Contracts ------------------------------------------------------------------- The British government finally agreed to help defense group BAE Systems cap the risk of future cost overruns and to accept a delay in the delivery of the troubled Astute attack submarine contract, the Financial Times reported without naming a source. The cost overruns and delays are expected to cause the British group to take a charge of GBP800 million in its final results to be submitted on Thursday. Yet BAE has still to face another hurdle in connection with the upgrade of Nimrod maritime patrol aircraft--the second of the two government contracts it has been trying to renegotiate. According to the report, BAE Systems failed to persuade the Ministry of Defense to soften its stand on the issue. CALEDONIAN GOLF: In Receivership -------------------------------- The Joint Receivers, J.C. Reid and A.M. Martin, offer for sale the business and assets of the Companies: - Designs and markets quality weatherwear for golf and outdoor markets - A well established brand name, ProQuip - Official supplier to numerous prestigious sporting teams and organizations, including Ryder Cup Ltd. And BBC Sports Freehold warehouse premises in North Berwick, of approximately 30,000 square feet floor space - Gore-Tex license holder - Customer base of over 1,200 in UK and Ireland, with developing export markets - Annual sales in excess of GBP3.5 million in the year ended July 31, 2002, including approximately GBP1 million of export sales CONTACT: DELLOITE & TOUCHE Saltire Court 20 Castle Terrace Edinburgh EH1 2EN Phone: 0131 535 7426 Fax: 0131 535 7777 E-mail: dboydell@deloitte.co.uk DYER LIMITED: Sells Steel Fabricators and Erectors -------------------------------------------------- The Joint Administrators Allan Graham and Mark Orton, offer for sale the business and assets of both Dyer (Structural Steelworks) Limited and Dyer Securities Limited, steel fabricators and erectors for the construction industry. Principal features include: - New 80,000 square feet long leasehold factory and offices in Wolverhampton - Modern design and manufacturing facilities, capacity 10,000 tons p.a. - Annual turnover GBP12 million - Skilled workforce CONTACT: KPMG CORPORATE RECOVERY 1 Waterloo Way, Leicester LE1 6LP. Phone: 0116 256 6028 Fax: 01160 256 6033 E-mail: Helen.Mansfield@kpmg.co.uk Homepage: http://www.kpmg.co.uk ELECTRONIC PACKAGING: In Receivership ------------------------------------- The Joint Administrative Receivers, Tracey Callaghan and Colin Haig offer for sale either as a whole or in part, the business and assets of Electronic Packaging Systems Limited, trading from premises in Braintree, Essex. The business operates two trading divisions; 1. The manufacture of Integrated Sheet Metal Enclosures for the Telecommunications Industry and Precision Contract Sheet Metalwork for OEMs 2. The manufacture of Quality Conference Furniture With annual turnover of approximately GBP6 million, the principle details comprise: - Plant, machinery and equipment - Stock and work in progress - Leasehold premises - Goodwill and order book - 150 employees CONTACT: BAKER TILLY 1st Floor, 46 Clarendon Road Watford, Herts WD17 1HE Contact: Karen Spears Phone: 01923 816400 Fax: 01923 253402 E-mail: Karen.spears@bakertilly.co.uk GLOYSTARNE & CO: Administrators Sell Business as a Going Concern ---------------------------------------------------------------- The Joint Administrators, Garry Wilson, S Allport and W Tacon, offer for sale as a going concern the business and assets of Gloystarne & Co. Limited (in Administration). Principal features shared-user distributor, delivering ambient and frozen food products and other consumer products nationally; prestigious customer base; 5 storage locations totaling 568,000 sq. ft. in South Yorkshire, including 53,000 sq.ft. controlled temperature facility; fleet of 84tractor units and 61 rigid units operating on an established national distribution network delivering to retailers as well as appoint haulier; annual turnover of approximately GBP25 million; and 450 employees. CONTACT: ERNST & YOUNG, Cloth Hall Court, 14 King Street, Leeds LS1 2JN Contact: Kirstan Butler Phone: (01709)374508 Fax: (01709)835712 E-mail: kbutler@uk.ey.com HOME-PAC LIMITED: Administrators Offer Business for Sale -------------------------------------------------------- The Joint Administrators, Mike Jervis and Robert Rirchall, offer for sale the business and assets of this Hertfordshire-based home assembly furniture manufacturer and seller. Principal features of the business include: establishment in 1983, UK turnover of GBP35 million for 11 months ended December 31, 2002, blue chip customer base of well known high street retailers and catalogue companies, well respected for the latest in-house innovative designs, workforce of c300 highly skilled employees CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court, London, EC4A4Ht Contact: Mike Jervis or Zelf Hussain Phone: 020 7212 6256 Fax:020 7804 5566 E-mail: Pamela.a.moore@uk.pwglobal.com L. GARDNER: Enters Exclusivity Agreement for Sale of Subsidiary --------------------------------------------------------------- L. Gardner Group Plc announces that on February 17, 2003, following discussions with a number of interested parties, it entered into an exclusivity agreement with ABN Amro Capital (ABN) under which ABN has been given the exclusive right until March 7, 2003 to negotiate for the acquisition of a number of the Company's subsidiaries which together comprise the whole of the group's aerospace division. The ABN proposal is to acquire the aerospace division via a newly-incorporated acquisition vehicle and the proposal envisages the participation of the Company's former management, Simon Frost, Steve Hollis and Ian Whybrow should an acceptable proposal be agreed. All of the group's investments in subsidiary companies are charged to its syndicate of bankers as security for the group's borrowings and the proceeds of any disposals will therefore be applied in reduction of those outstanding borrowings. However, the likely terms of any such acquisition would not realize a sum sufficient to repay the whole of the group's indebtedness to its bankers and it is therefore most unlikely that this process would result in any funds being available to ordinary shareholders. PROQUIP LIMITED: Under Receivership ----------------------------------- The Joint Receivers, J.C. Reid and A.M. Martin, offer for sale the business and assets of the Companies: - Designs and markets quality weatherwear for golf and outdoor markets - A well established brand name, ProQuip - Official supplier to numerous prestigious sporting teams and organizations, including Ryder Cup Ltd. And BBC Sports Freehold warehouse premises in North Berwick, of approximately 30,000 square feet floor space - Gore-Tex license holder - Customer base of over 1,200 in UK and Ireland, with developing export markets - Annual sales in excess of GBP3.5 million in the year ended July 31, 2002, including approximately GBP1 million of export sales CONTACT: DELLOITE & TOUCHE Saltire Court 20 Castle Terrace Edinburgh EH1 2EN Phone: 0131 535 7426 Fax: 0131 535 7777 E-mail: dboydell@deloitte.co.uk TWR GROUP: In Administrative Receivership ----------------------------------------- The Joint Administrative Receivers, Rob Hunt, Mike Jervis and Rob Birchall, offer for sale the business and assets of this world-renowned vehicle engineering consultancy. Principally based in the U.K., the company has a strong reputation in engineering, design and manufacture of vehicles, through to the building of specialist racing vehicles and engines. Principal features of the business include: - Supplier to the world's leading OEMs - Technical centers based in Oxford and Sussex - State-of-the-art Virtual Reality Center - OEM design, development and test capability - Europe's only commercially available 18-channel rig test facility - R&D function specializing in fuel cell application, telematics, advanced material and high-performance track replay - Specialists in accelerated development programs - Highly successful racing division with 11 championship titles - Leading edge application of digital development techniques - 470 dedicated, flexible and highly motivated employees CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court, London EC4A 4HT Contacts: Alison Campbell-Smith Steven Wilson Phone: 202 7804 4087 Fax: 020 7804 5566 E-mail: michelle.rice@uk.pwcglobal.com UNIT SUPPLY: Issues Notice of Creditors' Meeting ------------------------------------------------ In the matter Unit Supply Limited and in the matter of the Insolvency Act 1986 Notice is hereby given that a Meeting of Creditors of the above matter is to be held at RSM Robson Rhodes, Centre City Tower, 7 Hill Street, Birmingham B5 4UU on March 5, 2003 at 11:30AM to consider our proposals under Section 23(1) of the Insolvency Act 1986 and to consider establishing a creditors' committee. Proxy Forms should be completed and returned to us at RSM Robson Rhodes, Centre City Tower, 7 Hill Street, Birmingham B5 4UU by the date of the meeting if you cannot attend the Meeting and wish to be represented. In order to be entitled to a vote at the Meeting, you must give to use, not later than 12.00 hours on the business day before the day fixed for the meeting, details in writing of your claim. CONTACT: John Neville Whitfield Gerald Clifford Smith RSM Robson Rhodes, Centre City Tower 7 Hill Street, Birmingham B5 4UU WIDE RANGE: Administrators Offer Business for Sale -------------------------------------------------- The Joint Administrators, Stephen Ellis and Stuart Maddison, offer for sale the business and assets of this Leicestershire based distributor of bearings, power transmission products, powertools and associated products. Principal features of the business include: turnover of GBP3.6million pa, three branches including a 3,000sq. ft. trade center, power tool distributor for all major brands, 19 employees. CONTACT: PRICEWATERHOUSECOOPERS LLP Cornwall Court, 19 Cornwall Street Birmingham B3 2DT Contact: Karen Wilkins Phone: 0121 265 5631 Fax:0121265 5651 E-mail: Karen.t.wilkins@uk.pwglobal.com ************* 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- published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Washington, DC USA. Kimberly MacAdam, Larri-Nil Veloso, Ma. Cristina Canson, and Laedevee Gonzales, Editors. Copyright 2003. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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