/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/040324.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, March 24, 2004, Vol. 5, No. 59 Headlines D E N M A R K CARLSBERG ASA: Secondary Rights Issue to Fetch EUR443 Million F R A N C E ALCATEL: Enters Alliance with Airnet Communications ALCATEL: Multimedia Messaging Services Gets Nod of U.S. Firm EURO DISNEY: Waiver Agreement with Lenders Extended to May 31 G E R M A N Y BAYER AG: Joint Venture with Lyondell Finally Materializes BAYER AG: Strengthens Cooperation with Tanex Plasty I T A L Y ALITALIA: To Delay Release of 2003 Results, Says Source PARMALAT FINANZIARIA: BoA Knew About Ghost Account Much Earlier PARMALAT FINANZIARIA: To Meet Creditors Friday in Milan N E T H E R L A N D S KLM ROYAL: Share Swap with Air France Almost Ready N O R W A Y STOLT OFFSHORE: Wins 2006 Workscope for Langeled Pipelay R U S S I A DERBENT BREWERY: Insolvency Manager Sets Asset Auction April 20 FERROCONCRETE STRUCTURES: Declared Insolvent INDUSTRIAL-EXPERIMENTAL: Assets for Sale OSETROVY: Moscow Court Appoints Insolvency Manager SIGNAL: Declared Insolvent TISSUE FACTORY: Under Bankruptcy Supervision Procedure TRANSCOM: Undergoes Bankruptcy Supervision VODOKANAL: Under Bankruptcy Supervision Procedure VTOR-METAL: Court Appoints Insolvency Manager ZARYA: Under Bankruptcy Supervision Procedure S W E D E N VOLVO AERO: Inks Supply Deal with British Airways U N I T E D K I N G D O M ACTIVE MEDIA: Names Grant Thornton Administrator AHA ARCHITECTURE: Appoints Begbies Traynor Administrator ALLEN-BRADLEY: Names PricewaterhouseCoopers Liquidator ARCHER BOXER: Names Begbies Traynor Administrator AUSTIN HINKLEY: Winding up Resolution Passed BERKSHIRE CHINA: Appoints KPMG Administrator BRITISH AIRWAYS: Top Sales Executive Quits CARNROSE LIMITED: Hires Receivers from Begbies Traynor CONDITION MONITORING: Hires Liquidators from PwC DIRK EUROPEAN: Meeting of Creditors Set March 31 FINANCIAL RECEIVABLES: Shareholders Pass Winding up Resolutions HALLAMSHIRE CONSTRUCTION: Hires PwC Administrator JOHNSON WATSON: Names Krasner Administrator K.D. MANAGEMENT: Brings in Receiver from Valentine & Co MERLIN FORKLIFT: Creditors Meeting Set March 30 MILLS & SON: In Administrative Receivership MINSTER NOMINEES: Hires Liquidator from PricewaterhouseCoopers MYTRAVEL GROUP: Doubles Boardroom Pay Despite Share Slump OLEOLINE.COM: Appoints Liquidator from Hart Shaw PKL TOPCO: Hires Liquidator from Hazlewoods PLANET RAPIDO: Creditors Meeting Set March 30 PRIMARY COLOUR: Appoints RSM Robson Rhodes Administrator RUSSELL BOWLER: Voluntary Winding up Resolution Passed WESTFRAME CONSTRUCTION: Hires Receivers from Begbies Traynor ********* ============= D E N M A R K ============= CARLSBERG ASA: Secondary Rights Issue to Fetch EUR443 Million ------------------------------------------------------------- If everything goes according to plan, Danish brewing giant, Carlsberg ASA, could get as much as DKK3.3 billion (EUR443 million) in cash injection, reports breakingnews.ie. With its buyout of Norwegian partner, Orkla, last month and German brewer Holsten-Braueri in January; Carlsberg has increased its share capital by 15,215,680 series B shares of DKK20 nominal value. These will be offered on a preemptive basis to existing shareholders, who will have first refusal on the new issue of series A shares and series B shares in Carlsberg. Existing class-A and class-B shares will be offered 1 share for each 4 existing shares and a subscription price of DKK225 per offered share. The subscription period for the offered shares begins April 2 and closes April 20. If fully subscribed, the number of Carlsberg shares will increase from 63.9 million to 76.2 million. Carlsberg's shares slipped 1.4% to DKR290 (EUR39) in early trading on the Copenhagen stock exchange. =========== F R A N C E =========== ALCATEL: Enters Alliance with Airnet Communications --------------------------------------------------- Alcatel and Airnet Communications Corporation, the technology leader in broadband software defined base station products for wireless communications, announced on Monday they have signed an Original Equipment Manufacturer (OEM) agreement whereby Alcatel will be able to purchase GSM Base Station Subsystem (BSS) radio products from Airnet for resale to Alcatel's customers. Alcatel has already received purchase orders following this agreement from Oklahoma-based MBO Wireless, Inc. for GSM Wireless network infrastructure equipment, software and related services to be deployed in North America over the next four quarters. Airnet's GSM base station product line, which serves all GSM frequency ranges with both voice and data technology, complements Alcatel's Evolium product capabilities for 2.5G network solutions for the North American mobile market. The five-year agreement permits Alcatel to sell Airnet's products including the Adaptacell base station, the Supercapacity base station incorporating adaptive array technology. Airnet's adaptive array technology allows the use of the same frequency in two adjacent cells, which significantly improves the frequency usage, thus reducing the amount of spectrum, and cell sites required. The agreement also includes the Airsite Backhaul Free TM base station enabling them use of GSM frequencies to link several base stations together. "Alcatel continues to break new ground by offering operators our integrated SuperCapacity adaptive array solution," said Glenn Ehley, President & Chief Executive Officer for AirNet Communications. "This cooperation will leverage Alcatel's sales in North America in both new and established accounts. Thanks to Alcatel, we anticipate unprecedented market access and acceptance of AirNet products. This OEM Agreement is a strong endorsement of our technology vision for GSM voice and high- speed data wireless infrastructure." "Our strategy is to strengthen Alcatel's presence in the North American GSM market with both voice and high-speed data applications that can be accelerated with the AirNet SuperCapacity base stations including adaptive array technology," said David Owen, President of Alcatel mobile activities in North America. "AirNet's unique product solution will be integrated into our global mobile portfolio to provide mobile operators with end-to-end revenue generating solutions. The AirSite Backhaul Free base station also enhances the existing Alcatel product range offering by providing cost- effective coverage for both rural and highway applications." The Alcatel Evolium solution comprises a Wireless Media Gateway, a radio access network (Base Stations and Base Station Controllers), Mobile Switching Centers, Home Location Registers, an Intelligent Network Platform for value-added services, as well as a GPRS core network infrastructure. Alcatel Evolium end-to-end solutions support GSM, High Speed Data, GPRS, EDGE and UMTS for 3G technologies. About MBO Wireless MBO Wireless is a subsidiary of MBO Corporation, a privately held firm that owns and operates seven telephone, cable television, video and wireless communications companies. MBO provides bandwidth services to wholesale and business clients with voice, video, data, Internet, wireless and cable TV requirements. The Company owns more than 940 miles of fiber optics which link its subsidiaries and affiliates on SONET rings throughout Oklahoma, and carries traffic for most of the nation's major service providers. About Airnet Airnet Communications is a leader in wireless base stations and other telecommunications equipment that allow service operators to cost effectively and simultaneously offer high-speed data and voice services to mobile subscribers. Airnet's patented broadband, software-defined Adaptacelle base station solution provides a high capacity base station with a software upgrade path to high-speed data. The Company's Digital AirSite Backhaul Free base station carries wireless voice and data signals back to the wireline network, eliminating the need for a physical backhaul link, thus reducing operating costs. AirNet has 69 patents issued or pending. About Alcatel Alcatel provides communications solutions to telecommunication carriers, Internet service providers and enterprises for delivery of voice, data and video applications to their customers or to their employees. Alcatel leverages its leading position in fixed and mobile broadband networks, applications and services to bring value to its customers in the framework of a broadband world. With sales of EUR12.5 billion in 2003, Alcatel operates in more than 130 countries. ALCATEL: Multimedia Messaging Services Gets Nod of U.S. Firm ------------------------------------------------------------ Alcatel announced the introduction of its Multimedia Messaging Services (MMS) to North American service provider First Cellular of Southern Illinois. Alcatel's MMS Proxy Relay, Wireless Application Protocol (WAP) Gateway, and Push Proxy Platform products have been installed in First Cellular's network. These will enable First Cellular customers to send and receive more personal and dynamic messages including animation, color photos, video and audio clips. "As the only locally owned and operated wireless provider in the region, First Cellular offers superior digital coverage and a level of customer care unmatched in Southern Illinois," declared Terry Addington, Chief Executive Officer of First Cellular of Southern Illinois. "The advanced multimedia service offerings available through the Alcatel platform will provide our customers with the high level of service that they have grown to expect from us. With just a minimal amount of equipment and effort, we have a very efficient and scalable MMS offering. Alcatel's MMS technology was the best choice for our company, and our customers." Alcatel has deployed a fully integrated Alcatel MMS suite into First Cellular's acclaimed network. The MMS Proxy Relay, one of the main elements of an MMS-enabled network, ensures that registered mobile communication device users can exchange multimedia messages. The Alcatel WAP Gateway enables a huge throughput in the range of several hundred requests per second on just one central processor, bringing a very rapid response time to users accessing services from their mobile phones. "First Cellular of Southern Illinois and other service providers recently have installed Alcatel's MMS suite because they want an advantage over their competition and they want to provide the best multimedia messaging services to their customers," said Matthieu Cornillault, vice president of Alcatel's Mobile Solutions activities for North America. "Our increasing share in the MMS wireless market in North America is paying off in terms of many more satisfied subscribers for our customers." The unique Proxy Platform software architecture used by the Alcatel MMS suite guarantees high performance, ease of installation and maximum scalability, which reduces the total cost of ownership for mobile service providers. Recently, during the 3GSM World Congress in France, the powerful Alcatel MMS platform set a new industry record with 150 MMS per second at a sustained rate with the complete MMS cycle processed on a Linux-powered Intel configuration, which represents more than half a million MMS processed per hour. With the ability to deliver MMS at such a high rate, First Cellular can achieve new revenue generation opportunities, while providing new and exciting services for customers. About First Cellular of Southern Illinois First Cellular of Southern Illinois markets advanced wireless voice and data communications to 485,000 pops in Southern Illinois. First Cellular's mission focuses on doing business with its neighbors and taking special pride in providing the best quality of service and technology available to its customers. EURO DISNEY: Waiver Agreement with Lenders Extended to May 31 ------------------------------------------------------------- Euro Disney S.C.A. has reached an agreement with lenders and The Walt Disney Company (TWDC) to extend until May 31, 2004 the previous waiver agreement, whereby its lenders agreed to forego until March 31, 2004 their rights with respect to certain financial covenants and other obligations, including certain security deposit requirements. The purpose of this extension is to allow the various stakeholders more time to reach a mutually acceptable resolution to the company's financial situation. Absent a resolution prior to the expiration of the extension period, the Company would be unable to meet all of its debt obligations. In connection with this extension, Euro Disney has agreed to put on deposit for the benefit of its senior lenders an additional EUR40 million by April 20, 2004, bringing its total security deposit to EUR100 million. The company has also agreed not to allow the outstanding balance of its EUR168 million standby facilities with TWDC to fall below the current outstanding amount of EUR110 million during the extension period. TWDC has agreed to replace its supplemental EUR45 million subordinated credit facility expiring on March 31, 2004 with a EUR25 million subordinated credit facility, which will expire on May 31, 2004. No amounts have been drawn on the current supplemental line. Chairman and Chief Executive Officer Andre Lacroix said, "We are pleased with having obtained the two-month extension as it demonstrates the parties' willingness to allow more time to reach a long-term resolution to Euro Disney's financial situation. In the meantime, the Company has a healthy reserve of available liquidity for the extension period. As you know, we initiated a 're-launch' strategy designed to seize new growth opportunities in the European market by leveraging our core products. The launch of this strategy was followed by solid first-quarter revenues, reflecting our innovative product offering and pan-European marketing initiatives. We will continue to focus on driving growth through the innovation, quality and creativity that makes Disneyland Resort Paris the premiere resort destination in Europe." Additional Financial Information can be found on the Internet at http://www.eurodisney.com. Code ISIN: FR0000125874 - Code Reuters: EDL.PA Sicovam: 12 587 - Code Bloomberg: EDL FP Euro Disney S.C.A. and its subsidiaries operate the Disneyland Resort Paris which includes: Disneyland Park, Walt Disney Studios Park, seven themed hotels with approximately 5,800 rooms, two convention centers, Disney Village, a dining, shopping and entertainment center, and a 27-hole golf facility. The Group's operating activities also include the management and development of the 2,000-hectare site, which currently includes approximately 1,000 hectares of undeveloped land. Euro Disney trades in Paris (SRD), London and Bruxelles. ============= G E R M A N Y ============= BAYER AG: Joint Venture with Lyondell Finally Materializes ---------------------------------------------------------- After two and a half years of negotiations, management of both Lyondell Chemical Company and Bayer MaterialScience AG announced on Friday they would be inaugurating a World Scale Production Plant for propylene oxide/styrene monomer (PO/SM) in Maasvlakte, close to Rotterdam. The manufacturing plant is one of the world's largest and is a 50/50 joint venture between Bayer and Lyondell. Approximately 250 persons will be employed at the plant. The PO/SM technology of Lyondell is at present the most economical in the world. "This World Scale plant presents us both with state-of-the-art technology as well as its proximity to Rotterdam, a port with optimal production and distributor platform, from which we can distribute our products not only to within Europe but the rest of the world as well," said Dan Smith, President and Chief Executive Officer of Lyondell. He stressed that Lyondell is a prominent propylene oxide producer, manufacturing about five percent of the total global capacity. Lyondell is also an important styrene producer in Europe. "This is an important step for Bayer," said Dr. Tony Van Osselaer, member of the Executive Committee of Bayer AG, "Bayer MaterialScience AG holds a prominent position in the PU and ABS plastic market. This plant ensures a steady access to raw materials for us. The advantage for our customers then is that they too are assured of steady delivery of products." The new plant has a yearly capacity of 285,000 tons propylene oxide and 635,000 tons styrene. Lyondell estimates the worldwide consumption of PO in 2003 to be around 5.1 million tons. About ninety percent of this was used for the production of Polyolen, propylene glycols (PG) and Propylenglykolethern (PGE). The rest was used for the production of special products like Butandion and its derivatives. Propylene oxide is very versatile and is used in the production of thousands of articles needed for daily life- from antifreeze to cosmetics. Expanded polystyrene is used for thermal insulation in the building industry, a component of soft foam in mattresses, in the pad furniture industry and as seat material in the automobile industry. PO is also used as a component for the production of intermediate products. Styrene monomer is used as a raw material in the production of different plastics, from foam products to high-quality thermoplastics. Final products for example are food packages, electronics packing, CD containers, paper coatings, bottom structures as well as automobile interior equipment. In the building industry, styrene is inserted in plastic pipelines, tanks, lamps, and corrosion protection and in India rubber products. BAYER AG: Strengthens Cooperation with Tanex Plasty --------------------------------------------------- Bayer MaterialScience AG announced on Monday that it is consistently developing a network of PU system houses. The company had recently signed an agreement with Tanex Plasty of Prague for PU raw materials and technical cooperation. PU system houses offer ready to use PU raw material systems, which are used for the production of heat insulating raw materials in buildings, as well as many other special applications. Tanex Plasty develops, produces and markets under the name Brahe, raw material systems for the production of polyurethane- foam materials. The manufacturing plants of the enterprise are located in Jaromer at the Elbe, close to the Polish border. Cooperation between Bayer and Tanex plasty began in the 1960's. In 1991, the development and production of PUR-expanded polystyrene systems were expanded. Bayer MaterialScience particularly sees strong growth markets in the Czech Republic, Poland, and in the extension of the European Union. Bayer welcomes the commitment of Tanex Plasty and Brahe in these markets. ========= I T A L Y ========= ALITALIA: To Delay Release of 2003 Results, Says Source ------------------------------------------------------- A source close to Italian airline Alitalia said the board might decide to defer approval of the 2003 balance sheet and approve only the fourth quarter figures, Reuters reports. The delay is reportedly meant to afford Alitalia more time to wait for factors that could improve its 2003 balance sheet, such as long-overdue government funds for the airline sector. Under E.U. rules the government is not allowed to directly intervene in the bailout of individual companies with cash, but can help the sector as a whole. Alitalia's board, which is set to meet on March 29, may set another date for the approval of the 2003 figures, perhaps in May, the source added. Earlier this month the airline asked market regulator Consob to postpone the approval of its full- year accounts because changes to its industrial plan could affect results. The airline, which is planning to join the merged Air France and KLM, has previously forecasted an operating loss of EUR400 million (US$493.4 million) for 2003. Alitalia, 62% owned by The Treasury, has been hit by a shrinking European airlines market and competition from low-cost airlines. The government has pledged support measures for the airline sector in the aftermath of the September 11 attacks in the United States. PARMALAT FINANZIARIA: BoA Knew About Ghost Account Much Earlier --------------------------------------------------------------- A judicial source said Monday that Bank of America was already privy to the huge hole in Parmalat's accounts a week before the scandal broke out, Reuters reports. According to the unidentified source, as early as December 12, the bank's representative in Italy, Eros Francini, already knew from the New York office that the EUR3.95 billion account supposedly under the name of a Parmalat unit in the Cayman Islands was non-existent. On December 19, Parmalat confirmed that the account did not exist and subsequently filed for bankruptcy protection days later. The new revelation undermines Parmalat's December 19 statement, which said the Bank of America only alerted auditing firm Grant Thornton about the missing money on December 17. Grant Thornton, one of the three institutions and 29 individuals recommended for trial by prosecutors, certified the accounts of the Cayman Islands unit, Bonlat Financing. Mr. Francini, the source said, asked an employee on December 12 to call their New York office and check on the Bonlat account, and was told that very same day that the account did not exist. "We have seized e-mails and included them in the investigation and we have testimony from a member of staff, the person who was asked to make the check," the source said. Though Mr. Francini is not on the list of 29 people recommended for trial drawn up by the prosecutors, the source said he would still be questioned in the next few days about why he did not disclose the information about the false Bonlat bank account while Parmalat shares and bonds continued to trade on the markets. Mr. Francini is also under investigation on suspicion of breaking Italy's bankruptcy laws after BoA's Italy unit received funds from Parmalat between December 23 and 24, shortly before it was placed under protection from creditors. PARMALAT FINANZIARIA: To Meet Creditors Friday in Milan ------------------------------------------------------- The first formal meeting between collapsed Italian dairy group Parmalat Finanziaria and its creditors is set to take place Friday in Milan, a lawyer for the biggest creditor group said Monday, Reuters reports. Evan Flaschen, a Bingham McCutchen bankruptcy lawyer, said the meeting would be held on March 26 in Milan at 8:30 a.m. (1:30 p.m. GMT). Mr. Flaschen, who represents holders of some US$6 billion in Parmalat PRFI.MI bank and bond debt, also said he expects representatives of some 30 to 40 creditor groups to attend the meet. Parmalat's creditors have been complaining about what they call "a lack of consultation" on the Parmalat restructuring plan drawn up by Enrico Bondi, the company's bankruptcy administrator. The creditors group, which includes Citigroup and 19 other international banks, last week sent a letter to Mr. Bondi saying it planned to hold a meeting in Milan at the end of March to "discuss the situation." Under Italian bankruptcy law, unsecured creditors have little say in any restructuring plan, in contrast to U.S. bankruptcy law which gives creditors a broad say in reorganizational plan. ===================== N E T H E R L A N D S ===================== KLM ROYAL: Share Swap with Air France Almost Ready -------------------------------------------------- KLM Royal Dutch Airlines said Monday the share exchange that will merge it with Air France is nearly ready to roll, reports The Associated Press. Both airlines are expected to announce this week the opening of the share swap, which is part of their upcoming merger, KLM said. For weeks, the offer's opening had been widely reported as set for Monday, but the two airlines dispelled the reports in a joint statement Friday that the offer would not open as generally expected. "We're not in a hurry -- we're going for care instead of speed," said KLM Spokesman Bart Koster, adding, "It's nothing that KLM has ever said or confirmed." =========== N O R W A Y =========== STOLT OFFSHORE: Wins 2006 Workscope for Langeled Pipelay -------------------------------------------------------- Stolt Offshore S.A. (NasdaqNM: SOSA; Oslo Stock Exchange: STO, STON), announced on Tuesday that further to the 2005 Langeled pipe lay workscope awarded to Stolt Offshore in November 2003, the Langeled Group, with Norsk Hydro as operator, has in addition exercised its option to award Stolt Offshore the 2006 workscope for the Langeled pipeline, which on completion, will be the longest offshore pipeline in the world. Stolt Offshore will be responsible for the installation of 362 kilometers of 42-inch diameter pipeline starting outside Nyhamna, through the Norwegian Trench towards the Sleipner Platform. The two-year program is valued at approximately $250 million and will keep the LB200 laybarge occupied throughout 2005 and 2006. Tom Ehret, Chief Executive Officer said, "The award of the second part of the Langeled pipelay confirms our position as a leading contractor in this region where we are recognized both for our engineering and project management expertise as well as our ability to deliver complicated projects on time and within budget." Stolt Offshore is a leading offshore contractor to the oil and gas industry, specializing in technologically sophisticated deepwater engineering, flow line and pipeline lay, construction, inspection and maintenance services. The Company operates in Europe, the Middle East, West Africa, Asia Pacific, and the Americas CONTACT: STOLT OFFSHORE S.A. Julian Thomson Phone: (U.K.) +44 1224 718436 Phone: (U.S.) +1 877 603 0267 (toll free) E-mail: julian.thomson@stoltoffshore.com =========== R U S S I A =========== DERBENT BREWERY: Insolvency Manager Sets Asset Auction April 20 --------------------------------------------------------------- Ms. Kerem Kazichanov, the bidding organizer, insolvency manager of Derbent Brewery set the public auction of Derbent Brewery 's properties on April 20, 2004 at 11:00 a.m. The auction will be held at 368607, Russia, Republic of Dagestan, Derbent, Primorskaya str.42. The assets for sale are the brewery's buildings and structures used in manufacturing beer, soft drinks, mayonnaise, etc. Start price is RUB8,570,000 with VAT. Preliminary examination with auction conditions, document list for participants, description of lots and reception of biddings are done from 9:00 a.m. until 3:00 p.m. until April 15, 2004 at 368607, Russia, Republic of Dagestan, Derbent, Primorskaya str.42. Phone: 87240-44232. Reception of biddings and documents for participation in the auction will be done until April 15, 2004, 12:00 noon. In order to participate in the auction the bidder should transfer deposit (RUB857,000) to the bidding organizer settlement account on or before April 15, 2004. The bidding organizer will launch a partial sale of the company's assets on April 20, 2004 at 11:00 a.m. CONTACT: DERBENT BREWERY 368607, Russia, Republic of Dagestan, Derbent, Primorskaya str.42 Mrs. Kerem Kazichanov, the bidding organizer, Insolvency manager 368607, Russia, Republic of Dagestan, Derbent, Primorskaya str.42 Phone: 87240-44232 FERROCONCRETE STRUCTURES: Declared Insolvent -------------------------------------------- The Arbitration Court of Republic of Bashkortostan declared LLC Ferroconcrete Structures and Wall Materials Plant, a subsidiary of OJSC Ferroconcrete Structures and Wall Materials Plant, insolvent and subsequently introduced bankruptcy proceedings on the company. The case is docketed as A07-18659/03-PAV. Mr. A. Gadelshin has been appointed insolvency manager. Creditors have until April 20, 2004 to submit their proofs of claim to the insolvency manager at: 453830, Russia, Republic of Bashkortostan, Sibay, Industrialnoye shosse 2. CONTACT: LLC FERROCONCRETE STRUCTURES AND WALL MATERIALS PLANT 453830, Russia, Republic of Bashkortostan, Sibay, Industrialnoye shosse 2 Mr. A. Gadelshin, insolvency manager: 453830, Russia, Republic of Bashkortostan, Sibay, Industrialnoye shosse 2 INDUSTRIAL-EXPERIMENTAL: Assets for Sale ---------------------------------------- The bidding organizer and insolvency manager of State Unitary Enterprise Industrial-Experimental Meat-Packing Plant will auction the company's assets, consisting of 15 buildings and 103 units of movable property, equipment, technics, etc. The assets are located at: Russia, Yaroslavl region, Uglich, Rybinskoye shosse 36. Preliminary examination with auction conditions, document list for participants, description of lots and reception of biddings are done at: 152930, Russia, Yaroslavl region, Rybinsk, Post User Box 13, for E. Ryndenko. Phone: (0855) 28-90-34, 8910 6658548, 8910 9728186. CONTACT: INDUSTRIAL-EXPERIMENTAL MEAT-PACKING PLANT Russia, Yaroslavl region, Uglich, Rybinskoye shosse 36 E. Ryndenko, the bidding organizer, insolvency manager 152930, Russia, Yaroslavl region, Rybinsk, Post User Box 13 Phone: (0855) 28-90-34, 8910 6658548, 8910 9728186 OSETROVY: Moscow Court Appoints Insolvency Manager -------------------------------------------------- The Arbitration Court of Moscow region declared Fishing Farm Osetrovy (Sturgeon) insolvent and introduced bankruptcy proceedings on the company. The case is docketed as A41-k2- 13935/03-4. Mr. Viktor Isaychenkov, a member of TP Interregional self-regulated organization of arbitral managers in Central Federal District, has been appointed insolvency manager. Creditors have until May 20, 2004 to submit their proofs of claim to insolvency manager at: 111250, Russia, Moscow, Krasnokazarmennaya str.9, office NP ROSAU. CONTACT: OSETROVY Russia, Moscow region, Serebryannuye Prudi Mr. Viktor Isaychenkov, insolvency manager 111250, Russia, Moscow, Krasnokazarmennaya str.9, office NP ROSAU SIGNAL: Declared Insolvent -------------------------- The Arbitration Court of Kaluga region declared LLC Instrument/Gears Factory Signal insolvent and subsequently introduced bankruptcy proceedings on the company. The case is docketed as A23-2425/03B-17-76. Mr. Gennady Petrov, a member of TP Moscow Self-regulated organization of arbitral managers, has been appointed insolvency manager. Creditors have until May 20, 2004 to submit their proofs of claim to insolvency manager at: 249270, Russia, Kaluga region, Suchinichi, Pobedy str.25-39. CONTACT: SIGNAL Russia, Kaluga region, Obninsk, Lenin str.121 Mr. Gennady Petrov, insolvency manager 249270, Russia, Kaluga region, Suchinichi, Pobedy str.25-39 TISSUE FACTORY: Under Bankruptcy Supervision Procedure ------------------------------------------------------ The Arbitration Court of Kurgan region commenced bankruptcy supervision procedure on LLC Tissue Factory. The case is docketed as A34-8268/03-C11. Mr. Alexandr Bogdanov, a member of TP Uralskaya self-regulated organization of arbitral managers, has been appointed temporary insolvency manager. Creditors have until April 20, 2004 to submit their proofs of claim to temporary insolvency manager at: 641800, Russia, Kurgan region, Shadrinsk, Lomonosova str.30. A hearing will take place on May 26, 2004, 11:00 a.m. at the Arbitration Court of Kurgan region. CONTACT: TISSUE FACTORY 641800, Russia, Kurgan region, Shadrinsk, Lomonosova str.30 Mr. Alexandr Bogdanov, temporary insolvency manager 641800, Russia, Kurgan region, Shadrinsk, Lomonosova str.30 TRANSCOM: Undergoes Bankruptcy Supervision ------------------------------------------ The Arbitration Court of Republic of Bashkortostan commenced bankruptcy supervision procedure on LLC Transcom. The case is docketed as A07-18867/03-A-RSA. Mr. R. Shashrutdinov has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to: (1) Debtor - LLC Transcom (2) Arbitration Court of Republic of Bashkortostan on or before April 20, 2004. CONTACT: LLC TRANSCOM 452554, Russia, Republic of Bashkortostan, Ufa, Bessonova str.21/209. Arbitration Court of Republic of Tatarstan 450057, Russia, Republic of Bashkortostan, Ufa, Oktyabrskaya Revolyuzia str.63a VODOKANAL: Under Bankruptcy Supervision Procedure ------------------------------------------------- The Arbitration Court of Chelyabinsk region commenced bankruptcy supervision procedure on unitary enterprise, Vodokanal. The case is docketed as A76-2255/04-32-4. Mr. Sergey Vasilyev has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 456217, Russia, Chelyabinsk region, Zlatoust, Post User Box 1431 on or before April 20, 2004. CONTACT: VODOKANAL 456320, Russia, Chelyabinsk region, Miass, Ilmen-Tau str.22 Mr. Sergey Vasilyev, temporary insolvency manager 456217, Russia, Chelyabinsk region, Zlatoust, Post User Box 1431 VTOR-METAL: Court Appoints Insolvency Manager --------------------------------------------- The Arbitration Court of Chelyabinsk region commenced bankruptcy supervision procedure on Closed JSC Vtor-Metal-Complekt. The case is docketed as A76-19373/03-36-490. Ms. Anna Marinina has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager: 455045, Russia, Chelyabinsk region, Magnitigorsk, Karl Marks prosp.184/2-11 on or before April 20, 2004. CONTACT: VTOR-METAL-COMPLEKT Russia, Chelyabinsk region, Agapovka Mrs. Anna Marinina, temporary insolvency manager 455045, Russia, Chelyabinsk region, Magnitigorsk, Karl Marks prosp.184/2-11 ZARYA: Under Bankruptcy Supervision Procedure --------------------------------------------- The Arbitration Court of Belgorod region commenced bankruptcy supervision procedure on Closed JSC Zarya. The case is docketed as A08-1662/04-2B. Mr. Yuri Yakovlev has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 308002, Russia, Belgorod, Post User Box 32, Phone: (0722) 313894. CONTACT: CJSC ZARYA Russia, Belgorod region, Schebekinsky area, Pionerskaya Street Mr. Yuri Yakovlev, temporary insolvency manager 308002, Russia, Belgorod, Post User Box 32, Phone: (0722) 313894 =========== S W E D E N =========== VOLVO AERO: Inks Supply Deal with British Airways ------------------------------------------------- Swedish company Volvo Aero said Monday it has an agreement with British Airways to sell its surplus spare parts to the British carrier, The Associated Press reports. Volvo Aero will also supply the carrier with replacement inventory under the multiyear contract, which the company said would provide British Airways with current and future requirements at a reduced cost. The inventory in the agreement is a mix of used and new parts from both aircraft and aircraft engines from new generation equipment. A unit of Swedish truck and bus maker Volvo, Volvo Aero said it will act as British Airways' authorized outlet to market and sell its designated surplus material valued in excess of US$100 million. Aside from the British Airways contract, Volvo Aero also said it had inked a five-year deal with Fiji-based carrier Air Pacific Ltd. Under the terms of the agreement, Volvo will provide Air Pacific with US$8 million of leased spare inventory for its Boeing 737 aircraft and support from U.S. aircraft manufacturer Boeing's component exchange program, inventory logistics and program management services. =========================== U N I T E D K I N G D O M =========================== ACTIVE MEDIA: Names Grant Thornton Administrator ------------------------------------------------ Name of Company: Active Media Limited Nature of Business: Software Consultancy and Supply Trade Classification: 36 Date of Appointment: March 4, 2004 Administrative Receiver: GRANT THORNTON House Melton Street, Euston Square, London NW1 2EP Receivers: Andrew L Hosking Malcolm B Shierson (IP Nos 9009, 5330) AHA ARCHITECTURE: Appoints Begbies Traynor Administrator -------------------------------------------------------- Name of Company: AHA Architecture Limited Nature of Business: Architect Trade Classification: Division 7 No 38 Date of Appointment: March 10, 2004 Administrative Receiver: BEGBIES TRAYNOR 1 and 2 Raymond Buildings, Gray's Inn, London WC1R 5NR Receivers: Vivian Murray Bairstow Paul Michael Davis (IP Nos 5316, 7805) ALLEN-BRADLEY: Names PricewaterhouseCoopers Liquidator ------------------------------------------------------ Name of Companies: Allen-Bradley (Overseas) Limited Rockwell Automation U.K. Limited At the Extraordinary General Meeting of these Companies on March 3, 2004, the subjoined Special Resolutions to wind up these Companies were passed. Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers LLP have been appointed Joint Liquidators of the Companies. ARCHER BOXER: Names Begbies Traynor Administrator ------------------------------------------------- Names of Company: Archer Boxer Partners (International) Limited Nature of Business: Architect Trade Classification: Division 7 No 38 Date of Appointment: March 10, 2004 Administrative Receiver: BEGBIES TRAYNOR 1 and 2 Raymond Buildings, Gray's Inn, London WC1R 5NR Receivers: Vivian Murray Bairstow Paul Michael Davis (IP Nos 5316, 7805) AUSTIN HINKLEY: Winding up Resolution Passed -------------------------------------------- Name of Companies: Austin Hinkley Furniture Limited Deltakraft Limited Jenner Davey Limited Kallikraft Limited Q A Furniture Limited Ready-To-Assemble Furniture Limited R G Painter Limited Sonnet Furniture Limited At the Extraordinary General Meetings of these Companies on March 11, 2004 held at the Meristern House, Wells Road, Glastonbury, Somerset BA6 9AG, the subjoined Special Resolutions to wind up these Companies were passed. David William Tann of The Norton Practice (Insolvency Services) Limited, 1 Wesley Gate, 70 Queens Road, Reading RG1 4AP, has been appointed Liquidator for the purposes of such winding-up. BERKSHIRE CHINA: Appoints KPMG Administrator -------------------------------------------- Mark Orton and Allan Graham from KPMG Corporate Recovery have been appointed Joint Administrators to Berkshire China Company Limited, based in Fenton, Stoke on Trent. The company, which manufactures high quality bone china and porcelain products to souvenir, mail order and corporate promotions businesses, employs 45 people. It was put into administration following a period of sustained trading difficulties. Mark Orton, KPMG Corporate Recovery partner and joint administrator, comments, "We are currently in the process of contacting parties that may be interested in purchasing the business and as such, any parties who may be interested should contact us as soon as possible." CONTACT: KPMG CORPORATE COMMUNICATIONS Katy Broomhead Phone: 0161 246 4623 / 07775 708917 E-mail: katy.broomhead@kpmg.co.uk BRITISH AIRWAYS: Top Sales Executive Quits ------------------------------------------ Dale Moss, director of worldwide sales for British Airways, has resigned from his post, reports the Tribune Business News. "He leaves with our best wishes and gratitude for a huge contribution to BA," the British carrier said. Mr. Moss regarded as personable and highly able, stunned colleagues with his decision to quit. His resignation, the reason for which is still a mystery, is expected to be formally announced to the Stock Exchange this week. A key member of chief executive Rod Eddington's leadership team, Mr. Moss worked with BA for 30 years. CARNROSE LIMITED: Hires Receivers from Begbies Traynor ------------------------------------------------------ Name of Company: Carnrose Limited Nature of Business: Casting of Light Metals Trade Classification: 11 Date of Appointment: March 1, 2004 Administrative Receiver: BEGBIES TRAYNOR Regency House, 21 The Ropewalk, Nottingham NG1 5DU Receivers: Peter A Blair Richard A B Saville (IP Nos 8886, 7829) CONDITION MONITORING: Hires Liquidators from PwC ------------------------------------------------ Name of Companies: Condition Monitoring Limited Entek IRD International Limited IRD Condition Monitoring Limited At the Extraordinary General Meeting of these Companies on March 8, 2004, the subjoined Special Resolutions to wind up these Companies were passed. Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers LLP have been appointed Joint Liquidators of the Companies. DIRK EUROPEAN: Meeting of Creditors Set March 31 ------------------------------------------------ There will be a Creditors Meeting of the Dirk European Holdings Limited Company on March 31, 2004 at 11:00 a.m. It will be held at the offices of Grant Thornton, 1st Floor, Royal Liver Building, Liverpool L3 1PS. Creditors who wish to vote at the Meeting must submit written details of the debt claim the Company due them at Grant Thornton, 1st Floor, Royal Liver Building, Liverpool L3 1PS not later than 12:00 noon March 30, 2004. FINANCIAL RECEIVABLES: Shareholders Pass Winding up Resolutions --------------------------------------------------------------- Name of Companies: Financial Receivables For Securitized Transactions No.4 Plc First 3 PLC First National Insurance Services Plc First National Management Limited First National Retail Finance Limited FN 3 LIMITED FN 5 Limited FN 6 LIMITED FN 11 Limited FN 12 LIMITED MAES Funding No.1 Plc MAES Funding No.2 Plc MAES Private Funding No.1 Plc Private Funding No.2 Plc At the Extraordinary General Meetings of these Companies on March 4, 2004 held at the First National House, College Road, Harrow, Middlesex HA1 1FB, the Special and Ordinary Resolutions to wind up these Companies were passed. James Robert Drummond Smith and Nicholas James Dargan, of 180 Strand, London WC2R 1WL, have been appointed Joint Liquidators of the Companies. HALLAMSHIRE CONSTRUCTION: Hires PwC Administrator ------------------------------------------------- Name of Company: Hallamshire Construction PLC Nature of Business: General Construction and Civil Engineering Trade Classification: 23 Date of Appointment: March 4, 2004 Administrative Receiver: PRICEWATERHOUSECOOPERS LLP Benson House, 33 Wellington Street, Leeds LS1 4JP Receivers: Edward Klempka Toby Scott Underwood (IP Nos 5791, 9270) Phone: [44] (113) 289 4000 Fax: [44] (113) 289 4460 Web site: http://www.pwcglobal.com JOHNSON WATSON: Names Krasner Administrator ------------------------------------------- Name of Company: Johnson Watson Limited Nature of Business: Meat Processor Trade Classification: 04 Date of Appointment: March 11, 2004 Administrative Receiver: BARTFIELDS (U.K.) LIMITED Burley House, 12 Clarendon Road, Leeds LS2 9NF Receiver: Gerald Maurice Krasner (IP No 005532) K.D. MANAGEMENT: Brings in Receiver from Valentine & Co ------------------------------------------------------- Name of Company: K.D. Management And Productions Ltd Nature of Business: Theatre Producers Date of Appointment: March 9, 2004 Administrative Receiver: VALENTINE & CO 4 Dancastle Court, 4 Arcadia Avenue, London N3 2HS Receiver: Robert Valentine (IP No 003569) MERLIN FORKLIFT: Creditors Meeting Set March 30 ----------------------------------------------- There will be a Creditors Meeting of the Merlin Forklift Services Limited Company on March 30, 2004 at 11:00 a.m. It will be held at the Wheatfield Way, Hinckley Fields, Hinckley, Leicestershire LE10 1YG. Members who wish to vote at the Meeting must submit written details of their debt claims the Company due them not later than 12:00 noon March 29, 2004 at Saxon House, Saxon Way, Cletenham GL52 6QX. Alisdair James Findlay of Findlay James, Saxon House, Saxon Way, Cletenham GL52 6QX has been appointed Administrator for the Company. MILLS & SON: In Administrative Receivership ------------------------------------------- Name of Company: A Mills & Son Co Limited Nature of Business: Fruit and Vegetable Wholesalers Trade Classification: 12 Date of Appointment: March 9, 2004 Administrative Receiver: NUMERICA 66 Wigmore Street, London W1A 3RT Receivers: Christopher Laughton Jonathan Mark Birch (IP Nos 6531, 5328) MINSTER NOMINEES: Hires Liquidator from PricewaterhouseCoopers -------------------------------------------------------------- Name of Companies: Minster Nominees Limited Minster Fund Managers Limited At the Extraordinary General Meeting of Minster Nominees Limited and Minster Fund Managers Limited on March 3, 2004, the Special and Ordinary Resolutions to wind up these Companies were passed. Jonathan Sisson and Richard Setchim of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, have been appointed Joint Liquidators of the Companies. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court, London EC4A 4HT Contact: Jonathan Sisson, Liquidator Richard Setchim, Liquidator Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwcglobal.com MYTRAVEL GROUP: Doubles Boardroom Pay Despite Share Slump --------------------------------------------------------- The shares of U.K. holiday group MyTravel crashed 37% to 9.5p, but its boardroom pay was doubled last year to GBP8.6 million, The Independent reports. In its annual meeting Monday, MyTravel further agitated its beleaguered shareholders by warning that a fresh financial restructuring could virtually wipe out their shareholdings. "We have to recognize that any restructuring may result in very significant dilution of the interests of shareholders," chief executive Peter McHugh told the 200 investors who attended the meet. Mr. McHugh added that having net liabilities of GBP673 million "severely restricts the group's room for maneuver," even though its financial future is secured until mid-2006, courtesy of a deal made with its banks and bondholders last year. MyTravel also highlighted the fragile state of the holiday market, warning that the U.K. summer market remained "challenging" and margins "under pressure." As for the company's doubled remuneration pay, Arthur Kilmartin, from Bramhall, Greater Manchester, said: "Is it right, is it appropriate, is it even half decent, that the current package for the chief executive should resemble that of somebody running a successful company rather than one riding dangerously close to the knacker's yard?" The company racked up pre-tax losses of almost GBP1 billion last year. The annual meeting saw the resignation of Eric Sanderson, the former chairman. He is the ninth board director to resign in the past 17 months. Michael Beckett, the Ashanti Goldfields chairman, is set to replace him. OLEOLINE.COM: Appoints Liquidator from Hart Shaw ------------------------------------------------ At the Extraordinary General Meeting of the Odeoline.Com Limited Company on March 9, 2004 held at Unit 11, Bypass Park, Sherburn- in-Elmet, Leeds, the Special and Ordinary Resolutions to wind up the Company were passed. Andrew J Maybery and Christopher J Brown of the firm of Hart Shaw have been appointed Joint Liquidators of the Company. PKL TOPCO: Hires Liquidator from Hazlewoods ------------------------------------------- At an Extraordinary General Meeting of the PKL Topco Limited Company on March 3, 2004 held at Stella Way, Store Orchard Road, Bishops Cleeve, Cheltenham, the subjoined Special Resolutions to wind up the Company were passed. Philip John Gorman of Hazlewoods, Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT, has been appointed Liquidator of the Company. The Liquidator's remuneration shall be fixed with reference to the time costs of the Liquidator and his staff attending to matters arising in the winding-up of the Company plus disbursements properly incurred, and that in accordance with the articles of association, the Liquidator be authorized to: distribute to the Members of the Company pursuant to section 110(4) of the Insolvency Act 1986, the whole or any parts of the Company; value any assets and determine how the distribution shall be carried out as to the Members; vest the whole or any part of the assets in Trustees upon such trust for the benefit of the Members as the Liquidator so determines, but the Members shall not be compelled to accept any assets upon which there is a liability; and pursuant to section 165(2) of the Insolvency Act 1986, exercise and of the powers specified in Part 1 of Schedule 4 to the said Act. PLANET RAPIDO: Creditors Meeting Set March 30 --------------------------------------------- There will be a Creditors Meeting of the Planet Rapido.Com Limited Company on March 30, 2004 at 10:00 a.m. It will be held at BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL. A person authorized under section 375 of the Companies Act 1985 to represent a corporation must produce to the Chairman of the Meeting a copy of the Resolution from which their authority is derived. The copy Resolution must be under seal of the corporation, or certified by the Secretary or Director of the corporation as a true copy. Creditors are entitled to vote at the Meeting if he/she has submitted written details of debt claims the Company due them to A P Supperstone, the Company's Administrator not later than 12:00 noon March 29, 2004. PRIMARY COLOUR: Appoints RSM Robson Rhodes Administrator -------------------------------------------------------- Name of Company: Primary Colour Limited Nature of Business: Photography and Film Processing Trade Classification: 7481 Date of Appointment: March 8, 2004 Administrative Receiver: RSM ROBSON RHODES LLP 186 City Road, London EC1V 2NU Receivers: Michael Johnathan Christopher Oldham Geoffrey Paul Rowley (IP Nos 7817, 8919) RUSSELL BOWLER: Voluntary Winding up Resolution Passed ------------------------------------------------------ At the Extraordinary General Meeting of the Members of the Russell Bowler Environmental Ltd Company on March 10, 2004 held at 25 Hart Street, Henley on Thames, Oxfordshire RG9 2AR, the Special and Ordinary Resolutions to wind up the Company were passed. J A Kirkpatrick has been appointed Liquidator for the Company. WESTFRAME CONSTRUCTION: Hires Receivers from Begbies Traynor ------------------------------------------------------------ Name of Company: Westframe Construction Limited Nature of Business: Construction Trade Classification: 23-Construction Date of Appointment: March 8, 2004 Administrative Receiver: BEGBIES TRAYNOR 58 Queen Square, Bristol BS1 4LF Receivers: Andrew Howard Beckingham Simon Robert Haskew (IP Nos 8683, 8988) ********* 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., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, and Liv Arcipe, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. 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