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/raid1/www/Hosts/bankrupt/TCREUR_Public/040412.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 Monday, April 12, 2004, Vol. 5, No. 71 Headlines B E L G I U M REAL SOFTWARE: Gores Technology Buys 83% Controlling Stake F R A N C E RHODIA SA: S&P Retains 'CCC+' Unsecured Rating, Negative Outlook G E R M A N Y EM.TV & MERCHANDISING: Klatten's Contract Extended Until 2007 EM.TV & MERCHANDISING: Full-year Loss Down to EUR129.9 Million I T A L Y ALITALIA: E.U. Commission Clears Alliance with Air France N E T H E R L A N D S GETRONICS N.V.: Accenture Acquires Nomos Sistema R U S S I A AGIDELSKY ELECTRODE: Under Bankruptcy Supervision ENGELS-LIFT: Under Bankruptcy Supervision KLETINSKY FACTORY: Under Bankruptcy Supervision Procedure SALAVAT-HYDRO-MASH: Under Bankruptcy Supervision SIBFIN: Under Bankruptcy Supervision Procedure TRANSNERUD: Declared Insolvent ULAN-UDE: Under Bankruptcy Supervision Procedure S W E D E N EIC ELECTRICITY: Swedish Appeals Court Affirms Unit's Bankruptcy U N I T E D K I N G D O M BATTERY ROLLED: Belgrove Holdings Appoints Receivers BRAINTREE FOUNDRIES: Hires Liquidator from KPMG CHILTERN STREET: Names Liquidators from Deloitte & Touche ESSEX CAREERS: Calls in Liquidators EXCEL CLEANING: Appoints Ernst & Young Administrator FOCUSGLOW LIMITED: Appoints Administrative Receiver FREIGHTMASTER SERVICES: Royal Bank of Scotland Appoints Receiver GEMINI PLASTIC: HSBC Bank Appoints Receivers from PKF G.H. MEAKIN: Appoints Cooper Parry Liquidator EAVY DUTY: Cattles Invoice Appoints Tenon Recovery Receiver HOLLINGER INTERNATIONAL: Denies Favoring Wholesale Divestment HUBRON LIMITED: Hires Ernst & Young Administrator HUMBER COMMUNITY: Creditors Meeting Set April 15 INTERLINK PREMIER: Appoints Grant Thornton Administrator J SAINSBURY: Scales Down Interest in TM Retail Chain LIFEBOON LIMITED: Hires Liquidator MCSI LIMITED: Appoints Liquidator from Grant Thornton OFFICE CORP: Bibby Factors Appoints Receivers ONLINE INTEGRAL: Close Invoice Appoints Receivers R H PLASTIC: HSBC Bank Appoints Receivers from PKF R.S.J. LIFTING: Calls in Liquidator RUFFORD MOTOR: Hires Administrative Receivers from CBA STARWAND COMPUTERS: Meeting of Creditors Set April 19 STUART LAWRENCE: Creditors Session Set April 23 TABUCHI ELECTRIC: Hires Ernst & Young Liquidator WILLIS-DAWSON: Calls in Liquidator ******** ============= B E L G I U M ============= REAL SOFTWARE: Gores Technology Buys 83% Controlling Stake ---------------------------------------------------------- Gores Technology Group LLC (Gores), through an affiliate, announced on April 7 that it has acquired Real Software's (Real) bank debt and that Real's shareholders approved the conversion of the majority of the acquired debt into equity. Real's shareholders, during an extraordinary meeting, approved the conversion of EUR157,036,633.13 of debt into 150,996,763 new shares. Further, Gores has agreed to make available to Real up to EUR10 million for working capital. The remaining debt of EUR45 million is restructured such that the first interest and capital reimbursement payments are due in June 2006. Gores now controls 83 percent of Real Software. "The significant investment by Gores will enable Real Software to continue moving forward positively and to accomplish its strategic mission of providing world-class product and service to our customers and the market," said Theo Dilissen, Chief Executive Officer of Real Software. Ashley Abdo, Group President of Gores, added, "We are excited to have Real Software join the Gores portfolio of companies. Real Software is another strategic acquisition that furthers our mission of providing critical IT services and software in Belgium, the Netherlands, Luxembourg, France and other European countries." About Gores Technology Group, LLC Gores Technology Group, LLC is a private investment firm focused on the technology and telecommunications sectors. The firm combines the seasoned M & A team of a traditional financial buyer with the operational expertise and detailed due diligence capabilities of a strategic buyer. Gores has a long standing record of creating sustainable value in its portfolio companies by focusing on customers and employees, supporting management with operational expertise and providing the capital required for growth. Headquartered in Los Angeles, California, Gores maintains offices in Boulder, Colorado; New York; London; and Zurich. For more information, visit http://www.gores.com About Real Software N.V. Real Software was established in 1986. In 2002, a group turnover of euro 179.6 million was generated, with an operating profit (EBIT) of euro 14 million, representing an EBIT margin of 7.8%. The Real Software Group currently has 1,533 employees. Since 2002, the group's organization has been based around four divisions: Banking & Insurance, Industry (formerly Manufacturing & Maintenance), Business & Government and Retail. It offers a comprehensive range of software services, from the development and implementation of in house products, tailor-made projects and outsourcing through to advice, implementation and sales of products produced by other companies such as SAP, JD Edwards, Oracle, Microsoft Navision and Microsoft Axapta. The company exports Belgian technology to a number of countries, including Luxembourg, the Netherlands and France. Its customer portfolio includes companies such as Du Pont de Nemours, Carrefour, Johnson & Johnson, Merck Sharp & Post, NedCar, Philips, Bandag, Goodyear, KBC Bank and Fortis Bank. You can find more information at http://www.realsoftwaregroup.com CONTACT: REAL SOFTWARE N.V. Dina Boschmans Corporate & Marketing Communications Manager Prins Boudewijnlaan 26, 2550 Kontich Phone: +32.3.290.23.11 Fax: +32.3.290.23.00 Direct : +32.3.290.25.30 GSM: +32.477.619.682 E-mail: Dina.Boschmans@realsoftware.be Home Page: http://www.realsoftwaregroup.com =========== F R A N C E =========== RHODIA SA: S&P Retains 'CCC+' Unsecured Rating, Negative Outlook ---------------------------------------------------------------- Standard & Poor's Ratings Services on April 7 said its long-term 'B' corporate credit ratings and its 'CCC+' senior unsecured and subordinated debt ratings on France-based chemicals producer Rhodia S.A. remain on CreditWatch with negative implications, where they were placed on December 24, 2003. The 'B' short-term rating remains unchanged. "Standard & Poor's expects to assign a stable outlook on all ratings, however, once the group's proposed recapitalization has been successfully completed (expected at the beginning of May 2004) and the remaining prerequisites for the availability of the group's EUR758 million (US$915 million) syndicated loan facility have been met," said Standard & Poor's credit analyst Ralf Kortuem. Rhodia has just announced the details of a significant refinancing and corporate restructuring program. The measures include: a EUR470 million equity capital increase; the issuance of at least EUR600 million in long-term bonds; a EUR758 million syndicated bank facility (before any mandatory repayments); an asset-disposal program with expected proceeds of at least EUR700 million over the next few months (including about EUR320 million from already agreed transactions); and two new cost-saving initiatives that target about EUR245 million in additional annual cost reductions by the end of 2006. The recapitalization will solve Rhodia's near-term liquidity problems, as the proposed measures should allow the group to meet its financial and operating cash requirements during the two-year implementation phase of the group's restructuring program. In addition, the rights issue will reduce the group's substantial financial leverage. Through the recapitalization, Rhodia's net financial debt (adjusted for off-balance-sheet obligations but before disposals) will fall to about EUR2.9 billion, which represents a reduction to 5.2x the group's 2003 recurring EBITDA (adjusted for restructuring expense and one- time items) from 5.9x at year-end 2003. In addition, Rhodia has a sizable pension deficit (about EUR1.1 billion pretax at Dec. 31, 2003). In fiscal 2004, Rhodia's free cash flow generation will likely remain negative, in view of the still difficult trading environment, high cash restructuring expense, and possibly additional cash outflows from working capital requirements. Despite this, a further reduction of the group's net debt is expected by the end of 2004 as a result of disposals. CONTACT: Standard & Poor's Analysts ralf_kortuem@standardandpoors.com christine_hoarau@standardandpoors.com olivier_beroud@standardandpoors.com CorporateFinanceEurope@standardandpoors.com ============= G E R M A N Y ============= EM.TV & MERCHANDISING: Klatten's Contract Extended Until 2007 ------------------------------------------------------------- At its meeting on April 7, the Supervisory Board of EM.TV Vermogensverwaltungs AG, into which the EM.TV & Merchandising AG will soon be merged, extended the contract of CEO Werner E. Klatten by three years until December 31, 2007. Mr. Klatten took over the post at EM.TV & Merchandising AG on September 15, 2001, and was, through Werner Klatten Beteiligungs mbH (WKB), the company's largest single shareholder from January 31, 2002 until March 16, 2004. CONTACT: EM.TV Vermogensverwaltungs AG Sabine Lais Phone: +49 (0) 89 - 99 500 461 Fax: +49 (0) 89 - 99 500 466 Frank Elsner Kommunikation fur Unternehmen GmbH Phone: +49 (0) 5404 - 91 92 0 Fax: +49 (0) 5404 - 91 92 29 INVESTOR RELATIONS EM.TV Vermogensverwaltungs AG Olaf Seidel Phone: +49 (0) 89 - 99 500 436 Fax: +49 (0) 89 - 99 500 466 EM.TV & MERCHANDISING: Full-year Loss Down to EUR129.9 Million -------------------------------------------------------------- The EM.TV & Merchandising AG reports a group turnover for 2003 of EUR270 million. The increase of 8% against the previous year (EUR249.9 million) is largely attributable to the sales contribution from the sports segment acquisitions made during the financial year (DSF, Sport1, PLAZAMEDIA), which more than compensates for the reduction of turnover resulting from the sale of The Jim Henson Company. As in previous years, the media company's earnings were -- aside from ongoing weak market conditions -- influenced by special effects. These involved extraordinary write-downs of film assets as a result of impairment tests, as well as one-time charges in connection with restructuring measures (mainly, the sale of The Jim Henson Company and the restructuring of the 400 million Euro 4% convertible bond of 2000/2005). Group earnings for 2003 before interest, tax, depreciation and amortization (EBITDA), calculated in accordance with IFRS, totaled minus EUR11.7 million (2002: plus EUR8.4 million). Earnings before tax (EBT) amounted to minus EUR135.2 million (2002: minus EUR340.2 million). Group loss for the year after shareholder interests stood at EUR129.9 million (2002: loss of EUR310.2 million). As expected, individual parent company accounts (in accordance with HGB) show a loss for the year of EUR171.6 million (previous year: loss of EUR324.3 million), which is largely attributable to ongoing expenditure related to the convertible bond, and a partial write-down in the value of the shareholding in Junior.TV GmbH & Co. KG. Following finalization at the end of March 2004 of the virtually complete waiver of the convertible bond and the associated far- reaching restructuring of the EM-TV group, EM.TV & Merchandising AG will, within a few weeks, be merged into EM.TV Vermogensverwaltungs AG, to be renamed EM.TV AG. As a fully restructured company, excluding the 45% TMG shareholding from an economic point of view, EM.TV AG (new) will continue to develop the current group segmentation of entertainment and sport. CONTACT: Kommunikation fur Unternehmen GmbH Frank Elsner Phone: +49 (0) 54 04 - 91 92 0 +49 (0) 89 - 99 500 450 EM.TV & Merchandising AG - Investor Relations Olaf Seidel Phone: +49 (0) 89 - 99 500 436 ========= I T A L Y ========= ALITALIA: E.U. Commission Clears Alliance with Air France --------------------------------------------------------- Three years after giving notice of their proposed alliance, Air France and Alitalia finally received the go-ahead of the European Competition Commission. The clearance is valid for six years, counting from the date of notification in November 2001, according to ATWonline.com. For the cooperation to take effect, both airlines must concede 42 pairs of slots per day, 19 of which will come from Paris Charles de Gaulle and Orly airports on routes between France and Italy. The report notes, however, that the two may not need to surrender all of the 42 slots because several competitors have emerged on the Paris-Milan, Paris-Rome, Paris-Naples and Paris- Venice routes since the alliance. "The decision ensures that travelers between France and Italy will continue to have choice of services and will enjoy competition on prices. It also shows, once more, that the European competition rules do not stand in the way of consolidation, provided that the competition concerns, when they exist, are addressed in a satisfactory way," ATWonline.com quoted Competition Commissioner Mario Monti on Thursday. "The alliance will give Alitalia customers access to more than 100 new destinations while Air France customers will be offered about 20 new routes. The agreement enables the two carriers to cooperate across their respective networks in terms of pricing, scheduling and capacity," ATWonline.com said. ===================== N E T H E R L A N D S ===================== GETRONICS N.V.: Accenture Acquires Nomos Sistema ------------------------------------------------ Accenture has signed an agreement to acquire Nomos Sistema, a leading provider of life insurance administration and product management software systems in Italy. Terms of the deal were not disclosed. Accenture is buying the company from Getronics Italia - a leading information and communications technology provider that holds the majority of the company's equity (75%) - and a group of private investors. The acquisition is part of Accenture's strategy to further enhance its market penetration and business process outsourcing capability in insurance in key markets including Italy. Conditional upon the approval of the Italian Antitrust commission, Accenture will acquire all of Nomos Sistema's assets, and all of Nomos Sistema's approximately 130 employees will transfer to Accenture. Nomos Sistema had revenues of EUR14.7 million in 2003 "With the acquisition of Nomos Sistema, we continue to grow our market presence and insurance capability in Italy," said Gianfranco Casati, Accenture's country managing director for Italy. "Our clients continue to demand high-value solutions and services and it is our strategy to continue to grow our business to fit their diverse needs. The addition of Nomos Sistema's technology platform and software services to our existing insurance solutions and services provides leading life and general insurance companies with an expanded portfolio of options, including application service provider and business process outsourcing services." "We have decided to divest Nomos as a consequence of the focus on our service offering portfolio" said Roberto Schisano, President of Getronics Italia. "This agreement with Accenture is consistent with our intention to streamline our operation and to better serve clients, permitting us a greater focus on this market of our core offerings within the infrastructure management and managed services arena. About Nomos Sistema Established in Milan in 1974, Nomos Sistema is a market leader in Italy in the field of life insurance management software, and is active on the banking software markets. Nomos Sistema's offices are based both in Milan and Rome with approximately 130 employees. About Getronics With approximately 22,000 employees in over 30 countries and ongoing revenues of EUR 2.6 billion in 2003, Getronics is one of the world's leading providers of vendor independent Information and Communication Technology (ICT) solutions and services. Getronics today combines the capabilities of the original Dutch company with those of Wang Global, acquired in 1999, and of the systems and services division of Olivetti. Getronics is ranked second worldwide in network and desktop outsourcing and fourth worldwide in network consulting and integration (Source: IDC 2002-2003). Getronics designs, integrates and manages ICT infrastructures and business solutions for many of the world's largest global and local companies and organizations, helping them maximize the value of their information technology investments. Getronics headquarters are in Amsterdam, with regional offices in Boston, Madrid and Singapore. Getronics' shares are traded on Euronext Amsterdam ("GTN"). For further information about Getronics, visit http://www.getronics.com About Accenture Accenture is a global management consulting, technology services and outsourcing company. Committed to delivering innovation, Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills, and technologies to help clients improve their performance. With approximately 90,000 people in 48 countries, the company generated net revenues of US$ 11.8 billion for the fiscal year ended Aug. 31, 2003. Its home page is http://www.accenture.com CONTRACT: Getronics Media Relations Phone: +31 20 586 1581 Getronics Investor Relations Phone: +31 20 586 1982 Janet A. Sparre, Accenture Media Relations (New York) Phone: ++ 1 917 452 0710 Elisabetta Parida, Accenture Media Relations (Italy) Phone: 39 03 7775 8627 =========== R U S S I A =========== AGIDELSKY ELECTRODE: Under Bankruptcy Supervision ------------------------------------------------- The Arbitration Court of Republic of Bashkortostan commenced bankruptcy supervision procedure on LLC Agidelsky Electrode Factory. The case is docketed as A07-19457/03-A-PAV. Mr. Ilnur Gaysin has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: Russia, Republic of Bashkortostan, Neftekamsk, Sozialisticheskaya str.65B-77. CONTACT: Mr. Ilnur Gaysin, temporary insolvency manager Russia, Republic of Bashkortostan, Neftekamsk, Sozialisticheskaya str.65B-77 ENGELS-LIFT: Under Bankruptcy Supervision ----------------------------------------- The Arbitration Court of Saratov region commenced bankruptcy supervision procedure on State Unitary Enterprise Electro- Machine-Building Corporation Engels-Lift Factory. The case is docketed as A57-27B/04-23. Mr. B. Fridman has been appointed temporary insolvency manager. Creditors have until May 1, 2004 to submit their proofs of claim to the: (a) Arbitration Court of Saratov region: 410031, Russia, Saratov, Pervomayskaya str.74, otd.31; (b) Temporary insolvency manager at: 413100, Russia, Saratov region, Engels, Lev Kassil str.14 CONTACT: ENGELS-LIFT FACTORY 413113, Russia, Saratov region, Engels, Komsomolskaya str.187 Mr. B. Fridman, temporary insolvency manager 413100, Russia, Saratov region, Engels, Lev Kassil str.14 Arbitration Court of Saratov region 410031, Russia, Saratov, Pervomayskaya str.74, otd.31 KLETINSKY FACTORY: Under Bankruptcy Supervision Procedure --------------------------------------------------------- The Arbitration Court of Ryazan region commenced bankruptcy supervision procedure on OJSC Kletinsky Machine-Building Factory. The case is docketed as A54-606/04-C6. Mr. Sergey Mordvinov (Moscow) has been appointed temporary insolvency manager. Creditors have until May 1, 2004 to submit their proofs of claim to the temporary insolvency manager at: 390035, Russia, Ryazan, Post User Box 75. A hearing will take place on August 5, 2004, 10:00 p.m. at the Arbitration Court of Ryazan region. CONTACT: KLETINSKY MACHINE-BUILDING FACTORY 391361, Russia, Ryazan region, Kasimovsky Area, Kletino Mr. Sergey Mordvinov, temporary insolvency manager 390035, Russia, Ryazan, Post User Box 75 SALAVAT-HYDRO-MASH: Under Bankruptcy Supervision ------------------------------------------------ The Arbitration Court of Republic of Buryatiya commenced bankruptcy supervision procedure on OJSC Hydro-Machine-Building Factory Salavat-Hydro-Mash. The case is docketed as A07- 4843/04-G-RSA. Mr. I. Satyuev has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 453253, Russia, Republic of Buryatiya, Salavat, Yuzhnaya Promzona. CONTACT: SALAVAT-HYDRO-MASH 453253, Russia, Republic of Buryatiya, Salavat, Yuzhnaya Promzona Mr. I. Satyuev, temporary insolvency manager 453253, Russia, Republic of Buryatiya, Salavat, Yuzhnaya Promzona SIBFIN: Under Bankruptcy Supervision Procedure ---------------------------------------------- The Arbitration Court of Tymen region commenced bankruptcy supervision procedure on closed JSC Sibfin (Tin 7203067564). The case is docketed as A70-289/3-2004. Mr. Alexandr Pschenichnikov has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 625048, Russia, Tymen, Kcharkovskaya str.57/2-68. A hearing will take place on April 29, 2004 at the Arbitration Court of Tymen region. CONTACT: SIBFIN Russia, Tymen region, Tymen, Velizhansky trakt, 6-km Mr. Alexandr Pschenichnikov, temporary insolvency manager 625048, Russia, Tymen, Kcharkovskaya str.57/2-68 TRANSNERUD: Declared Insolvent ------------------------------ The Arbitration Court of Republic of Kareliya declared LLC The Shipping Company Transnerud insolvent and introduced bankruptcy proceedings on the company. The case is docketed as A26-192/04- 18. Mr. Andrey Pirogov (Moscow) has been appointed insolvency manager. Creditors have until May 1, 2004 to submit their proofs of claim to the insolvency manager at: 185007, Russia, Petrozavodsk, Post User Box 27. CONTACT: TRANSNERUD 185034, Russia, Republic of Kareliya, Petrozavodsk, Yuzhnaya Promzona Mr. Andrey Pirogov, insolvency manager 185007, Russia, Petrozavodsk, Post User Box 27 ULAN-UDE: Under Bankruptcy Supervision Procedure ------------------------------------------------ The Arbitration Court of Republic of Buryatiya commenced bankruptcy supervision procedure on State Unitary Enterprise Ulan-Ude City Television Company. The case is docketed as A10- 170/04. Mr. Sergey Naryugin has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 670010, Russia, Ulan-Ude, Udinskaya str.28. A hearing will take place on May 17, 2004, 2:00 p.m. at the Arbitration Court of Republic of Buryatiya. CONTACT: ULAN-UDE CITY TELEVISION COMPANY Russia, Buryatiya, Ulan-Ude, Borsoyeva str. 13 Mr. Sergey Naryugin, temporary insolvency manager 670010, Russia, Ulan-Ude, Udinskaya str.28 Phone/Fax: (8-3012) 22-29-10 =========== S W E D E N =========== EIC ELECTRICITY: Swedish Appeals Court Affirms Unit's Bankruptcy ---------------------------------------------------------------- The bankruptcy of ESS, a 63%-owned affiliate of EIC Electricity, was confirmed Wednesday by the Court of Appeals in Stockholm. According to pressportal.com, the court found the company liable to pay its former owner SEK6.5 million. This amount represents the conditional purchase price being claimed by the owner, which the report did not identify. ESS, which plans to appeal the decision to the Supreme Court, insists the conditions leading to such payment have not been met and therefore the conditional purchase price is not due. EIC holds the ESS stake through Scandinavian Energy Finance Ltd. (SEFL). "The economic implications of the decision by the Court of Appeal are currently under review by the EIC Board of Directors," according to pressportal.com. "The review might result in a revaluation of EIC's investment in SEFL. EIC's total exposure amounts to CHF10.6 million, or approximately 39% of the company's net asset value." =========================== U N I T E D K I N G D O M =========================== BATTERY ROLLED: Belgrove Holdings Appoints Receivers ---------------------------------------------------- Name of Company: Battery Rolled Metals Limited Reg No 2751243 Nature of Business: Manufacturer of Non-Ferrous Metals Trade Classification: 2744 Date of Appointment of Joint Administrative Receivers: March 25, 2004 Name of Person Appointing the Joint Administrative Receivers: Belgrove Holdings Limited Joint Administrative Receivers: BEGBIES TRAYNOR Elliot House, 151 Deansgate, Manchester M3 3BP Receivers: M D Bailey W J Kelly (Office Holder Nos 6739, 4857) BRAINTREE FOUNDRIES: Hires Liquidator from KPMG ----------------------------------------------- Name of Companies: Braintree Foundries Ltd E Jopling & Sons Ltd Holbrook Steel Castings Ltd Lloyds Burton Alloys Ltd Mech Cast Ltd Metakal Foundries Ltd Steel Castings Research Ltd Wilco Investments Ltd William Cook Stanhope Ltd At the Extraordinary General Meetings of these Companies on March 23, 2004 held at Parkway Avenue, Sheffield S9 4UL, the Special, Ordinary and Extraordinary Resolutions to wind up the Companies were passed. Brian Green and John Paul Bateman, of KPMG Corporate Recovery, St James' Square, Manchester M2 6DS have been appointed Joint Liquidators for the purpose of such winding-up. Contact: KPMG CORPORATE RECOVERY St James' Square, Manchester M2 6DS Contact: Brian Green, Liquidator John Paul Bateman, Liquidator CHILTERN STREET: Names Liquidators from Deloitte & Touche --------------------------------------------------------- Name of Companies: Chiltern Street Investments Limited Marathon Properties Limited Starway Property Investments Limited Whympeas Investments Limited At a General Meetings of these Companies the Ordinary and Special Resolutions to wind up the Companies were passed. J R D Smith and N J Dargan, of Deloitte & Touche, 180 Strand, London WC2R 1WL have been appointed Joint Liquidators of the Companies. CONTACT: DELOITTE & TOUCHE 180 Strand, London WC2R 1WL Contact: J R D Smith, Liquidator N J Dargan, Liquidator ESSEX CAREERS: Calls in Liquidators ----------------------------------- At an Extraordinary General Meeting of the Essex Careers and Business Partnership Limited Company on March 23, 2004 held at County Hall, Chelmsford, the subjoined Special Resolution to wind up the Company was passed. Peter George Byatt, Lake Bushells, 129 New London Road, Chelmsford, Essex CM2 0QT, and Gary Squires, 10 Fleet Place, London EC4M 7RB have been appointed Joint Liquidators for the purposes of such winding-up. EXCEL CLEANING: Appoints Ernst & Young Administrator ---------------------------------------------------- Name of Companies: Excel Cleaning & Support Services (London) Limited G & J Spencer Group PLC NIC Building Care Limited NIC Franchising Limited NIC Support Services Limited Nature of Businesses: Cleaning Services Trade Classification: 9230 Date of Appointments: March 26, 2004 Administrative Receiver: ERNST & YOUNG LLP PO Box 61, Cloth Hall Court, 14 King Street, Leeds LS1 2JN Receivers: G Wilson R H Kelly (IP Nos 9062, 8582) FOCUSGLOW LIMITED: Appoints Administrative Receiver --------------------------------------------------- Name of Company: Focusglow Limited (t/a Centresport) Nature of Business: Other Retail Specialised Stores. Trade Classification: 5248. Date of Appointment: 30 March 2004. Administrative Receiver: GEOFFREY MARTIN & CO St James's House, 28 Park Place, Leeds LS1 2SP Receivers: G Martin J Twizell (IP Nos 0/002207/01, 0/007822/01) FREIGHTMASTER SERVICES: Royal Bank of Scotland Appoints Receiver ---------------------------------------------------------------- Name of Company: Freightmaster Services Limited Reg No 02711951 Nature of Business: Distribution and Storage Trade Classification: 6024 Date of Appointment of Joint Administrative Receivers: April 1, 2004 Name of Person Appointing the Administrative Receivers: Royal Bank of Scotland Commercial Services Limited Joint Administrative Receivers: SMITH & WILLIAMSON LIMITED 1 Riding House Street, London W1A 3AS Receiver: Anthony Spicer (Office Holder No 9071) SMITH & WILLIAMSON LIMITED The Meeting House, Little Mount Sion, Tunbridge Wells, Kent TN1 IYS Receiver: Mark Newman (Office Holder No 8723) GEMINI PLASTIC: HSBC Bank Appoints Receivers from PKF ----------------------------------------------------- Name of Company: Gemini Plastics Mouldings Limited Reg No 02395160 Nature of Business: Manufacturer of Plastic Products Trade Classification: 11 Date of Appointment of Joint Administrative Receivers: March 29, 2004 Name of Person Appointing the Administrative Receivers: HSBC Bank Plc Joint Administrative Receivers: PKF New Guild House, 45 Great Charles Street, Queensway, Birmingham B3 2LX Receivers: Ian J Gould Brian J Hamblin (Office Holder Nos 7866, 2085) G.H. MEAKIN: Appoints Cooper Parry Liquidator --------------------------------------------- At an Extraordinary General Meeting of the Members of the G.H. Meakin & Company on March 29, 2004 held at 14 Park Row, Nottingham NG1 6GR, the Special Resolution to wind up the Company was passed. Shaun Neil Adams and Evelyn Gabrielle Exley, of Cooper Parry LLP, 14 Park Row, Nottingham NG1 6GR have been appointed Joint Liquidators of the Company for the purposes of such winding-up. CONTACT: COOPER PARRY LLP 14 Park Row, Nottingham NG1 6GR Contact: Shaun Neil Adams, Liquidator Evelyn Gabrielle Exley, Liquidator HEAVY DUTY: Cattles Invoice Appoints Tenon Recovery Receiver ------------------------------------------------------------ Name of Company: Heavy Duty Covers Limited Reg No 4133641 Nature of Business: Sale of Motor Vehicle Parts etc Trade Classification: 5030 Date of Appointment of Joint Administrative Receivers: March 26, 2004 Name of Person Appointing the Joint Administrative Receivers: Cattles Invoice Finance (Oxford) Limited Joint Administrative Receivers: TENON RECOVERY Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ Receivers: Carl Stuart Jackson Michael Ralph Eastwood Matthews (Office Holder No 8860, 2228) HOLLINGER INTERNATIONAL: Denies Favoring Wholesale Divestment ------------------------------------------------------------- Hollinger International, which is selling its U.K. assets including No.1 British daily, The Telegraph; denies it now favors a wholesale divestment, The Scotsman said Thursday. "All options remain open, as we have always said. That could be either the sale of the entire company, certain assets, or no sale at all," The Scotsman quoted an unidentified Hollinger spokesman. Rumors have been circulating that Lazards, the lead manager of the sale, has been encouraging parties who are only interested in the U.K. assets to band with other bidders and gobble up Hollinger's assets as a whole. "Lazards is still trying to get the people who only bid... for the U.K. [assets] and saying, 'Why don't you get together with people who only bid for the U.S. [assets]?" a Reuters source said, according to The Scotsman. "It's more than likely that the business will be sold off in one piece. That's the guidance that everybody's been given," another source told Reuters. The Scotsman says about seven bidders have qualified for the second round of the auction process, although Hollinger has refused to admit this. They are understood to include Sir David and Sir Frederick Barclay, owners of Scotsman Publications and the Business; Daily Mail and General Trust; U.S. private equity giant Kohlberg, Kravis Roberts & Co; and a joint bid from the media entrepreneur Haim Saban and Axel Springer, the German media group. These bidders have more than likely seen the detailed data on Hollinger's finances. Sources say the winner will be known by June 1. HUBRON LIMITED: Hires Ernst & Young Administrator ------------------------------------------------- Name of Companies: Hubron Limited Hubron Manufacturing Division Limited Hubron Specialty Products Limited Nature of Business: Manufacture of Plastic Pellets Trade Classification: 11, Other Manufacture Date of Appointment: March 31, 2004 Joint Administrative Receiver: ERNST & YOUNG LLP 100 Barbirolli Square, Manchester M2 3EY Receivers: Simon Allport Garry Wilson (IP Nos 8763, 9062) HUMBER COMMUNITY: Creditors Meeting Set April 15 ------------------------------------------------ There will be a Creditors Meeting of the Humber Community Partnership Limited Company on April 15, 2004 at 11:00 a.m. It will be held at Baker Tilly, 27 Osborne street, Brimsby, North East Lincolnshire DN31 1NU. Creditors who want to be represented at the Meeting may appoint a proxy on his behalf. Proxy to be used at the Meeting should be lodged at 27 Osborne Street, Brimsby, North East Lincolnshire DN31 1NU not later than 12:00 April 14, 2004. CONTACT: BAKER TILLY 27 Osborne street, Brimsby, North East Lincolnshire DN31 1NU Contact: Alec David Pillmoor, Liquidator Robert Henry Barker, Liquidator INTERLINK PREMIER: Appoints Grant Thornton Administrator -------------------------------------------------------- Name of Company: Interlink Premier Network Ltd Nature of Business: Financial Services Trade Classification: 33 Date of Appointment: March 30, 2004 Administrative Receiver: GRANT THORNTON 11-13 Penhill Road, Cardiff CF11 9UP Receivers: Richard Hawes Nigel Morrison (IP Nos 8954, 8938) J SAINSBURY: Scales Down Interest in TM Retail Chain ---------------------------------------------------- UK supermarket group, J Sainsbury has declined its interest in buying the TM Retail convenience store chain, according to just- food.com. Since February, Sainsbury management has been talking with TM's owners, Montagu Private Finance and Electra Partners about the deal but the supermarket group only needs to purchase a small part of the 1,200-store chain of TM Retail. TM Retail really wanted a buyer for the whole chain but the offer of Sainsbury undervalues their best stores. TM Retail also operates the following stores like Martin's, McColl's and Forbouys. LIFEBOON LIMITED: Hires Liquidator ---------------------------------- At an Extraordinary General Meeting of the Lifeboon Limited Company on March 26, 2004 held at 21 Bentinck Street, London W1U 2EX, on 26 March 2004, the Special, Ordinary and Extraordinary Resolutions to wind up the Company were passed. Alan Clifton, of DTE Leonard Curtis has been appointed as Liquidator for the purpose of such winding-up. MCSI LIMITED: Appoints Liquidator from Grant Thornton ----------------------------------------------------- At an Extraordinary General Meeting of the MCSI Limited Company on March 31, 2004 held at Mid City Place, 71 High Holborn, London WC1V 6BA, the Special Resolution to wind up the Company was passed. Ian Stewart Carr, of Grant Thornton, Byron House, Cambridge Business Park, Cowley Road, Cambridge CB4 0WZ has been appointed Liquidator of the Company for the purposes of the voluntary winding-up. CONTACT: GRANT THORNTON Byron House, Cambridge Business Park, Cowley Road, Cambridge CB4 0WZ OFFICE CORP: Bibby Factors Appoints Receivers --------------------------------------------- Name of Company: Office Corp Furniture Limited Reg No 3161791 Nature of Business: Manufacturer of Office Furniture Trade Classification: 3612 Date of Appointment of Joint Administrative Receivers: March 30, 2004 Name of Person Appointing the Joint Administrative Receivers: Bibby Factors Sussex Limited Joint Administrative Receivers: SMITH & WILLIAMSON LIMITED 1 Riding House Street, London W1A 3AS Receivers: Iain John Allan William Damian Joseph (Office Holder Nos 7310, 9247) ONLINE INTEGRAL: Close Invoice Appoints Receivers ------------------------------------------------- Name of Company: Online Integral Solutions Ltd Reg No 2776237 Nature of Business: Supplier of Computer Peripherals Date of Appointment of Joint Administrative Receivers: March 25, 2004 Name of Person Appointing the Joint Administrative Receivers: Close Invoice Finance Ltd. Joint Administrative Receivers: Peter John Bridger John Arthur Kirkpatrick (Office Holder Nos 7827, 002230) 47 London Street, Reading, Berkshire RG1 4PS R H PLASTIC: HSBC Bank Appoints Receivers from PKF -------------------------------------------------- Name of Company: R H Plastic Solutions Limited Reg No 04497307 Nature of Business: Manufacturer of Plastic Products Trade Classification: 11 Date of Appointment of Joint Administrative Receivers: March 29, 2004 Name of Person Appointing the Joint Administrative Receivers: HSBC Bank Plc Joint Administrative Receivers: PKF New Guild House, 45 Great Charles Street, Queensway, Birmingham B3 2LX Receivers: Ian J Gould Brian J Hamblin (Office Holder Nos 7866, 2085) R.S.J. LIFTING: Calls in Liquidator ----------------------------------- At an Extraordinary General Meeting of the Members of the R.S.J. Lifting Services Limited Company on March 29, 2004 held at 100- 104 St James Road, Northampton NN5 5LF, the Special Resolution to wind up the Company was passed. Gavin Geoffrey Bates, of BRI Business Recovery and Insolvency, 100-104 St James Road, Northampton NN5 5LF has been appointed Liquidator for the purposes of such winding-up. RUFFORD MOTOR: Hires Administrative Receivers from CBA ------------------------------------------------------ Name of Company: Rufford Motor Company Limited Reg No 395253 Registered Office: 1 Telford Way, Luton, Bedfordshire LU1 1HT Nature of Business: Sale of Real Estate Trade Classification: 7011, Development and Sell Real Estate Administration Order made: March 22, 2004 Joint Administrative Receiver: CBA Lichfield Place, 435 Lichfield Place, Aston, Birmingham B6 7SS Receivers: Geoff Robbins Neil Richard Gibson (Office Holder Nos 6622, 9213) STARWAND COMPUTERS: Meeting of Creditors Set April 19 ----------------------------------------------------- There will be a Creditors Meeting of the Starwand Computers Limited on April 19, 2004 at 11:00 a.m. It will be held at RSM Robson Rhodes LLP, 186 City Road, London EC1V 2NU. Creditors who wish to be represented at the Meeting may appoint a proxy on his behalf. Proxies to be used must be lodged at 186 City Road, London EC1V 2NU not later than 12:00 noon April 18, 2004. CONTACT: RSM ROBSON RHODES LLP 186 City Road, London EC1V 2NU Contact: Geoffrey Paul Rowley Simon Peter Bower STUART LAWRENCE: Creditors Session Set April 23 ----------------------------------------------- There will be a Creditors Meeting of the Stuart Lawrence Marketing Communications Ltd Company on April 23, 2004 at 3:00 p.m. It will be held at PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP. Creditors who want the represented at the Meeting may appoint a proxy on his behalf. Proxy forms should be submitted at Benson House, 33 Wellington Street, Leeds LS1 4JP not later than 12:00 noon April 22, 2004. CONTACT: PRICEWATERHOUSECOOPERS LLP Benson House, 33 Wellington Street, Leeds LS1 4JP Contact: R S Cash, Joint Administrator M Horrocks, Joint Administrator TABUCHI ELECTRIC: Hires Ernst & Young Liquidator ------------------------------------------------ At an Extraordinary General Meeting of the Tabuchi Electric U.K. Limited Company on March 31, 2004 held at Ernst & Young LLP, Citygate, St James' Boulevard, Newcastle upon Tyne NE1 4JD, the Special Resolutions to wind up the Company were passed. Neil Matthews and Robert Hunter Kelly, of Ernst & Young LLP, Citygate, St James' Boulevard, Newcastle upon Tyne NE1 4JD have been appointed Joint Liquidators for the purposes of such winding-up. CONTACT: ERNST & YOUNG LLP Citygate, St James' Boulevard, Newcastle upon Tyne NE1 4JD Contact: Neil Matthews, Liquidator Robert Hunter Kelly, Liquidator WILLIS-DAWSON: Calls in Liquidator ---------------------------------- Name of Companies: Willis-Dawson Limited Willis Dawson Investments Limited Willis Dawson Properties Limited At an Extraordinary General Meeting of the Members of these Companies on March 24, 2004 held at Tempus, 249 Midsummer Boulevard, Central Milton Keynes MK9 1EU, the Special Resolution to wind up the Company was passed. Gavin Geoffrey Bates, of BRI Business Recovery & Insolvency, 102-104 St James Road, Northampton NN5 5LF has been appointed Liquidator for the purposes of such winding-ups. ********* 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. 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. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *