/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/040413.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 Tuesday, April 13, 2004, Vol. 5, No. 72 Headlines I T A L Y PARMALAT FINANZIARIA: House Arrest for Three Ex-Parmalat Execs PARMALAT FINANZIARIA: Deloitte Accused of Abetting Anomalies N O R W A Y STOLT-NIELSEN: To Hold Conference Call April 27 R U S S I A BUILDING MATERIALS: Under Bankruptcy Supervision Procedure MEZH-REGION-ENERGO: Declared Insolvent MINERAL WATERS: State of Insolvency Confirmed POKROVO-SHISHKINSKY: Proofs of Claim Deadline June 1 PROVIDENSKY: Under Bankruptcy Supervision Procedure SARANSKINSTRUMENT: Declared Insolvent SELCHOZCHIMIYA: Tymen Court Appoints Insolvency Manager SEMIKARAKORSKY PRESERVING: Declared Insolvent SPEZ-TRANS-NEFTE: Court Sets Next Hearing June 9 VOLGOGRAD MECHANICAL: Under Bankruptcy Supervision Procedure VOLOKOLAMSK FOOD: Declared Insolvent YUGANSK-INZH: Court Declares Contractor Bankrupt U N I T E D K I N G D O M A W PLUME: Hires Administrative Receiver BAE SYSTEMS: Axing 1,000 More Jobs BARKER SHEPLEY: In Liquidation CAFFRO CONSTRUCTION: Appoints Stoy Hayward Administrator CIRCATEX LIMITED: Appoints Tenon Recovery Administrator DPF SALES: Hires Administrators from Thompson Partnership DP FURNISHINGS: Names Thompson Partnership Administrator EUROTUNNEL SA: U.K., France Want Creditors to Run Eurotunnel G.E. HYDRAFAB: Appoints Tenon Recovery Administrator IAS LIMITED: Appoints Administrators MAYFLOWER CORPORATION: Suffers Another Black Eye MAYFLOWER MANAGEMENT: Hires Receivers from Deloitte & Touche MAYFLOWER VEHICLE: Names Deloitte & Touche Administrator MCCOURT LIMITED: Appoints Robson Rhodes Administrator TEKANO LIMITED: Hires Administrator from Numerica THOMAS ANDERSON: Names Administrative Receivers TRANSBUS INTERNATIONAL: Hires Receivers from Deloitte & Touche UNIFI DYED: Radcliffe Plant Closure to Affect 105 Jobs WOODEN CRAFT: Appoints Thompson Partnership Administrator * Large Companies with Insolvent Balance Sheets ********* ========= I T A L Y ========= PARMALAT FINANZIARIA: House Arrest for Three Ex-Parmalat Execs -------------------------------------------------------------- Three former executives of collapsed Italian dairy giant, Parmalat Finanziaria S.p.A., who have been jailed since December for allegedly masterminding the fraud that led to the company's downfall, were finally granted house arrest by a judge Friday, Starnewsonline.com reports. According to reports, Parmalat founder Calisto Tanzi and former chief financial officers Fausto Tonna and Luciano del Soldato were driven to their homes Friday night. Maurizio Raponi of the Bologna tax police squad, which took part in the investigation, said the house arrest was granted by Judge Pietro Rogato in Parma, the Northern Italian city near Parmalat's headquarters. Authorities have determined that the men are not 'flight risks.' "They have been interrogated several times. They've said what they are going to say," Mr. Raponi said. Mr. Tanzi and other executives reportedly admitted during questioning to taking part in the fraud that stretched back more than a decade. The house arrests come after months of requests by Mr. Tanzi's lawyers that their client should be released from jail because of chronic heart problems. Misters Tanzi, Tonna and Del Soldato were arrested in late December, shortly after Parmalat acknowledged that a US$5 billion account at Bank of America did not exist. Parmalat then went into bankruptcy protection. An audit has since put the company's debt at eight times more than Parmalat had claimed in September, about US$18 billion. PARMALAT FINANZIARIA: Deloitte Accused of Abetting Anomalies ------------------------------------------------------------ Quoting Milan prosecution documents, the Financial Times reports the world's No.2 accounting firm may have disregarded and hid indications of accounting anomalies at collapsed Italian dairy giant, Parmalat Finanziaria S.p.A. The Financial Times, citing a document by Stefania Chiaruttini, an auditing expert hired by Milan prosecutors, said the Italian arm of Deloitte & Touche S.p.A., Deloitte Italy, appears to have often ignored -- in the course of its audit of Parmalat's international business -- unusual entries, transactions and one- time gains its sister offices in Argentina, Brazil, Canada, Mexico, Portugal and the U.S. have alerted it to. Deloitte Italy and Parmalat management also seems to have successfully lobbied with Deloitte's U.S. global headquarters for the removal of a Brazilian auditor who asked too many awkward questions, the newspaper said, citing two sources familiar with the incident. A Deloitte spokeswoman based in London, Oriana Pound, said the firm "won't comment on speculation based on leaked parts of prosecutors' records." She told Bloomberg News, "From our side, we believe that the proper place for full facts is in the courtroom, not selectively in the press." "Deloitte Italy believes it behaved properly throughout, and in accordance with standards enforced at the time, and it will defend its people vigorously against these allegations," she added. When asked about the inquisitive Brazilian auditor, Ms. Pound said, "there was a partner change in Brazil but rotation of partners takes place for numerous reasons and we wouldn't comment on specific circumstances relating to any one individual or client." Milan-based Parmalat, Italy's biggest dairy, filed for bankruptcy in December after admitting the non-existence of a US$5 billion bank account. =========== N O R W A Y =========== STOLT-NIELSEN: To Hold Conference Call April 27 ----------------------------------------------- Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) will hold a conference call to discuss the first quarter 2004 results on Tuesday, April 27, 2004 at 10:00 a.m. EDT (3:00pm BST). Participating in the conference are: (a) Mr. Niels G. Stolt-Nielsen -- Chief Executive Officer, Stolt-Nielsen S.A. (b) Mr. Jan Chr. Engelhardtsen -- Chief Financial Officer, Stolt-Nielsen S.A. (c) Mr. James B. Hurlock -- Interim Chief Executive Officer, Stolt-Nielsen Transportation Group (d) Mr. Hans Feringa -- Managing Director of Tanker Chartering, Stolt-Nielsen Transportation Group (e) Mr. James Stove Lorentzen -- Chief Executive Officer, Stolt Sea Farm Anyone wishing to participate in the call should dial +1 888- 202-2422 (in U.S.) or +1 913-981-5592 (outside U.S.). Phone lines will open 10 minutes before the call. If you cannot participate in this call, there is a Postview facility (a taped recording of the conference call) available directly after the conference call until 5:00 p.m. EDT on Wednesday, April 28, 2004. For access dial +1 888-203-1112 (in U.S.) or +1 719-457- 0820 (outside U.S.) and quote the call reservation number: 419011. Alternatively, a Live Web cast conference call is available via the company's Internet site http://www.stolt-nielsen.com commencing on Tuesday, April 27, 2004 at 10:00 a.m. EDT (3:00 p.m. BST). A playback of the conference call will commence on Tuesday, April 27, 2004 after 12:00 noon EDT (5:00 p.m. BST). CONTACT: STOLT NIELSEN SA Richard M. Lemanski 8 Sound Shore Drive Greenwich, CT 06830 U.S.A. Phone: +1 203 625 3604 Fax: +1 203 625 3525 E-mail: rlemanski@stolt.com =========== R U S S I A =========== BUILDING MATERIALS: Under Bankruptcy Supervision Procedure ---------------------------------------------------------- The Arbitration Court of Republic of Kchakasiya commenced bankruptcy supervision procedure on LLC Building Materials factory. The case is docketed as A74-890/04-K1. Mr. Evgeny Sablin has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 655160, Russia, Chernogorez, Sovetskaya Armiya str.32. CONTACT: BUILDING MATERIALS FACTORY Russia, Republic of Kchakasiya, Sorsk, Kirpichnaya str.1 Mr. Evgeny Sablin, temporary insolvency manager 655160, Russia, Chernogorez, Sovetskaya Armiya str.32, Phone: 8(39031) 2-84-10 E-mail: 19se@mail.ru MEZH-REGION-ENERGO: Declared Insolvent -------------------------------------- The Arbitration Court of Republic of Kalmykiya declared LLC power company, Mezh-Region-Energo, insolvent and introduced bankruptcy proceedings on the factory. The case is docketed as A22-543/04/4-50. Mrs. L. Kchasykova has been appointed insolvency manager. Creditors have until May 1, 2004 to submit their proofs of claim to the insolvency manager at: 358000, Russia, Republic of Kalmykiya, Elista, Lenina str.249, office 505. CONTACT: Mrs. L. Kchasykova, insolvency manager 358000, Russia, Republic of Kalmykiya, Elista, Lenina str.249, office 505 MINERAL WATERS: State of Insolvency Confirmed --------------------------------------------- The Arbitration Court of Chelyabinsk region declared LLC Mineral Waters factory insolvent and introduced bankruptcy proceedings on the company. The case is docketed as A76-11540/03-52-383. Mrs. Mariya Mozhayzeva has been appointed insolvency manager. Creditors have until June 1, 2004 to submit their proofs of claim to the insolvency manager at: 454080, Russia, Chelyabinsk- 80, Post User Box 12730. CONTACT: MINERAL WATERS FACTORY 454090, Russia, Chelyabinsk, Svobody str.139/7, Mrs. Mariya Mozhayzeva, insolvency manager 454080, Russia, Chelyabinsk-80, Post User Box 12730 POKROVO-SHISHKINSKY: Proofs of Claim Deadline June 1 ---------------------------------------------------- The Arbitration Court of Ryazan region declared OJSC Pokrovo- Shishkinsky Distillery insolvent and introduced bankruptcy proceedings on the factory. The case is docketed as A54- 3660/01-c7-c6. Mrs. Galina Bogdanova, a member of TP Self- regulated organization of arbitral managers in Central Federal District, has been appointed insolvency manager. Creditors have until June 1, 2004 to submit their proofs of claim to the insolvency manager at: 390013, Russia, Ryazan, Pervomaysky prospect 27, office 212. CONTACT: POKROVO-SHISHKINSKY DISTILLERY 391770, Russia, Ryazan region, Miloslavskoye Mrs. Galina Bogdanova, insolvency manager 390013, Russia, Ryazan, Pervomaysky prospect 27, Office 212 PROVIDENSKY: Under Bankruptcy Supervision Procedure --------------------------------------------------- The Arbitration Court of Chukotka autonomous region commenced bankruptcy supervision procedure on state enterprise meat and milk food factory, Providensky. The case is docketed as A8004/2004-B. Mr. Vyacheslav Skrepnyuk has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 689000, Russia, Chukotka autonomous region, Anadyr, Post User Box 167. A hearing will take place on August 18, 2004, 10:00 a.m. at the Arbitration Court of Chukotka autonomous region. CONTACT: PROVIDENSKY 689000, Russia, Chukotka autonomous region, Provideniya, Naberezhnaya Dezhnyeva str.2 Mr. Vyacheslav Skrepnyuk Temporary insolvency manager 689000, Russia, Chukotka autonomous region, Anadyr, Post User Box 167 Arbitration Court of Chukotka autonomous region 689000, Russia, Chukotka autonomous region, Anadyr, Lenin str.9 SARANSKINSTRUMENT: Declared Insolvent ------------------------------------- The Arbitration Court of Republic of Mordoviya declared OJSC Tool Factory Saranskinstrument insolvent and introduced bankruptcy proceedings on the factory. The case is docketed as A39-2534/03-139/12. Mr. G. Pankov, a member of TP Privolzhskaya' self-regulated organization of arbitral managers, has been appointed insolvency manager. Creditors have until June 1, 2004 to submit their proofs of claim to the insolvency manager at: 430001, Russia, Republic of Mordoviya, Saransk, Stroitelnaya str.1. CONTACT: SARANSKINSTRUMENT 430001, Russia, Republic of Mordoviya, Saransk, Stroitelnaya str.1 Mr. G. Pankov, insolvency manager 430001, Russia, Republic of Mordoviya, Saransk, Stroitelnaya str.1 SELCHOZCHIMIYA: Tymen Court Appoints Insolvency Manager ------------------------------------------------------- The Arbitration Court of Tymen region declared agriculture chemical company, OJSC SELHOZCHIMIYA (TIN 7218000266), insolvent and introduced bankruptcy proceedings on the factory. The case is docketed as A70-6723/3-03. Mr. Y. Vasilyev-Chebotaryev, a member of TP Siberian' self-regulated organization of arbitral managers, has been appointed insolvency manager. Creditors have until June 1, 2004 to submit their proofs of claim to the insolvency manager at: 625048, Russia, Tymen region, 50 let Octyabrya str.60/64. CONTACT: SELCHOZCHIMIYA 627423, Russia, Tymen region, Kazansky Area, Novoseleznyevo, Kalinina str.21 Mr. Y. Vasilyev-Chebotaryev, insolvency manager 625048, Russia, Tymen region, 50 let Octyabrya str.60/64 SEMIKARAKORSKY PRESERVING: Declared Insolvent --------------------------------------------- The Arbitration Court of Ryazan region declared OJSC Semikarakorsky Preserving Plant insolvent and introduced bankruptcy proceedings on the factory. The case is docketed as A53-13705/03-c2-8. Mr. Grigory Syemin, a member of TP Moscow self-regulated organization of arbitral managers, has been appointed insolvency manager. Creditors have until June 1, 2004 to submit their proofs of claim to the insolvency manager at: 346060, Russia, Ryazan region, Semikarakorsk, Promyshlennaya str.1. CONTACT: SEMIKARAKORSKY PRESERVING PLANT 346060, Russia, Ryazan region, Semikarakorsk, Promyshlennaya str.1. Mr. Grigory Syemin, insolvency manager 346060, Russia, Ryazan region, Semikarakorsk, Promyshlennaya str.1 SPEZ-TRANS-NEFTE: Court Sets Next Hearing June 9 ------------------------------------------------ The Arbitration Court of Volgograd region commenced bankruptcy supervision procedure on CJSC Spez-Trans-Nefte-Stroy-Service. The case is docketed as A12-3704/04/c58. Mr. P. Alexeev has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 400005, Russia, Volgograd, 7- Gvardeyskaya str.2A, office 400. A hearing will take place on June 9, 2004, 9:00 a.m. at the Arbitration Court of Volgograd region. CONTACT: SPEZ-TRANS-NEFTE-STROY-SERVICE Russia, Volgograd region, Gorodischensky Area, Gorodische, Avtomobilistov str.6 Mr. P. Alexeev, temporary insolvency manager 400005, Russia, Volgograd, 7-Gvardeyskaya str.2A, Office 400 VOLGOGRAD MECHANICAL: Under Bankruptcy Supervision Procedure ------------------------------------------------------------ The Arbitration Court of Volgograd region commenced bankruptcy supervision procedure on OJSC Volgograd Mechanical-Repair Factory. The case is docketed as A12-4691/04-c50. Mr. Yury Demenkov (Moscow) has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 400005, Russia, Volgograd, 7th Gvardeyskaya str.2a, office 400. CONTACT: VOLGOGRAD MECHANICAL-REPAIR FACTORY 400006, Russia, Volgograd, Dzerzhinsky str.1 Mr. Yury Demenkov, temporary insolvency manager 400005, Russia, Volgograd, 7th Gvardeyskaya str.2a, Office 400 VOLOKOLAMSK FOOD: Declared Insolvent ------------------------------------ The Arbitration Court of Moscow region declared OJSC Volokolamsk Food Integrated Works insolvent and introduced bankruptcy proceedings on the factory. The case is docketed as A41-K2- 15491/03. Mr. Felix Leyn has been appointed insolvency manager. Creditors have until June 1, 2004 to submit their proofs of claim to the insolvency manager at: 121059, Russia, Moscow, Dorogomilovskaya str.10-158. CONTACT: VOLOKOLAMSK FOOD INTEGRATED WORKS 143600, Russia, Volokolamsk, Novo-Soldatskaya str.23 Mr. Felix Leyn, insolvency manager 121059, Russia, Moscow, Dorogomilovskaya str.10-158 Phone/Fax: 243-22-59 YUGANSK-INZH: Court Declares Contractor Bankrupt ------------------------------------------------ The Arbitration Court of Tymen region commenced bankruptcy supervision procedure on oil-gas-object building company, OJSC Yugansk-Inzh-Nefte-Gaz-Stroy. The case is docketed as A75-163- B/04. Mr. Ayrat Zubairov has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 628307, Russia, Tymen region, Nefteyugansk-7, Post User Box 433. A hearing will take place on June 21, 2004 at the Arbitration Court of Tymen region. CONTACT: YUGANSK-INZH-NEFTE-GAZ-STROY 628309, Russia, Tymen region, Nefteyugansk, 2 micr. 3 Mr. Ayrat Zubairov, temporary insolvency manager 628307, Russia, Tymen region, Nefteyugansk-7, Post User Box 433 =========================== U N I T E D K I N G D O M =========================== A W PLUME: Hires Administrative Receiver ---------------------------------------- Name of Company: A W Plume Limited Nature of Business: Architect Trade Classification: Division 2 No 07 Date of Appointment: April 2, 2004 Joint Administrative Receiver: BEGBIES TRAYNOR 1 & 2 Raymond Buildings, Gray's Inn, London WC1R 5NR Receivers: Vivian Murray Bairstow Paul Michael Davis (IP No 5316, 7805) BAE SYSTEMS: Axing 1,000 More Jobs ---------------------------------- Europe's largest defense firm, BAE Systems, announced on Thursday 1,000 job-cuts at its air systems division, according to BizWorld. The employees affected by the cut are those involved in making these aircrafts: Eurofighter Typhoon, Hawk trainer jet, Nimrod maritime patrol planes and the Joint Strike Fighter. The retrenchment is the second in a week, following last Saturday's axing of 760 at BAE's Warton plant. BARKER SHEPLEY: In Liquidation ------------------------------ Maryport-based steel and architectural structures specialist Barker Shepley, which has won prestigious contracts worldwide, is now formally in voluntary liquidation after folding up last month, reports the Times & Star. For the winding up of Barker Shepley, Jeanette Brown of insolvency firm Dodd & Co., has been chosen to act as the company's liquidator, who will be responsible for the sale of the company's assets to repay creditors. Last month, it was decided that Barker Shepley could no longer continue its operations because of its outstanding liabilities. CAFFRO CONSTRUCTION: Appoints Stoy Hayward Administrator -------------------------------------------------------- Name of Company: Caffro Construction Co. Ltd Nature of Business: Construction Trade Classification: 23 Date of Appointment: April 1, 2004 Joint Administrative Receiver: BDO STOY HAYWARD LLP Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD Receivers: Dermot J Power David Swaden (IP Nos 6006, 9495) CIRCATEX LIMITED: Appoints Tenon Recovery Administrator ------------------------------------------------------- Name of Company: Circatex Limited Nature of Business: Manufacturing of printed circuit boards for the electronic industry Trade Classification: 11 (Other Manufacture) Date of Appointment: March 29, 2004 Joint Administrative Receiver: TENON RECOVERY Tenon House, Ferryboat Lane, Sunderland SR5 3JN Receiver: Ian William Kings (IP No 7232) TENON RECOVERY Sherlock House, 73 Baker Street, London W1U 6RD Receiver: Simon Thomas (IP No 8920-3) DPF SALES: Hires Administrators from Thompson Partnership --------------------------------------------------------- Name of Company: DPF Sales Limited Nature of Business: None Registered Date of Appointment: March 24, 2004 Joint Administrative Receiver: THE THOMPSON PARTNERSHIP The Old Halsall Arms, 2 Summerwood Lane, Halsall L39 8RJ Receiver: Andrew W Thompson (IP No 5807) THE THOMPSON PARTNERSHIP Square Root Business Centre, 102 Windmill Road, Croydon CR0 2XQ Receiver: Jeremy C Frost (IP No 9091) DP FURNISHINGS: Names Thompson Partnership Administrator -------------------------------------------------------- Name of Company: DP Furnishings Limited Nature of Business: Holding Companies including Head Office Trade Classification: 7415 Date of Appointment: March 24, 2004 Joint Administrative Receiver: THE THOMPSON PARTNERSHIP The Old Halsall Arms, 2 Summerwood Lane, Halsall L39 8RJ Receiver: Andrew Thompson (IP No 5807) THE THOMPSON PARTNERSHIP Square Root Business Centre, 102 Windmill Road, Croydon CR0 2XQ Receiver: Jeremy C Frost (IP No 9091) EUROTUNNEL SA: U.K., France Want Creditors to Run Eurotunnel ------------------------------------------------------------ The governments of France and the U.K. are urging the creditors of Eurotunnel S.A., the operator of the tunnel linking the two countries, to take over the company, says Bloomberg, citing The Observer. The newspaper says the governments want creditors to take control of the tunnel operator, which ousted top management last week, because the shakeup may lead to resignations among security and technical personnel at a time when the U.K. is on alert for a possible terrorist attack. Mounting losses and a 90% fall in the company's shares since 1987 have prompted the shareholders of Eurotunnel to vote Wednesday for the replacement of managers including Chief Executive Officer Richard Shirrefs. Eurotunnel needs an agreement with creditors by 2007, when debt comes due and guaranteed fees from railways using the 50-kilometer (30-mile) tunnel expire. Eurotunnel shares fell 13% in Paris on Thursday. According to a U.K. Department for Transport spokeswoman, who asked not to be named, the management reshuffle should make no difference as long as Eurotunnel continues to observe the security requirements of the two governments. The department has previously stated that no public money will be spent on Eurotunnel and that the government is carefully monitoring the situation, the spokeswoman said. "The board has been in place something like two days; I don't think there's anything ready to report," Eurotunnel spokeswoman Camille Newall said. In 2003, Eurotunnel suffered a net loss of US$2.4 billion and issued new debt to cover interest payments. By end-2003, the company's net debt reached GBP6.4 billion (US$11.7 billion). Eurotunnel's new board members include Jacques Maillot, 55, the founder of travel agency Nouvelles Frontieres, who was named chairman; Jean-Louis Raymond, 60, a former executive at sugar company Eridania Beghin-Say, now called Tereos, who was named Eurotunnel's new CEO; and Herve Huas, 50, a former J.P. Morgan banker, who is in charge of financial strategy. At a meeting in London Thursday, Mr. Huas told U.K. investors that the new management will "take the necessary time to really get well briefed" on the previous management's so-called Galaxie reorganization plan, which was presented in February by then-CEO Shirrefs which aims to reduce tunnel-use fees by train operators and reduce Eurotunnel's debt. "There are ideas in the Galaxie plan which are may be worth taking forward," and the managers must "make sure that we take the best" elements from the program, said Mr. Huas. He also told the investors that he and his wife own 80,000 shares. Chief Financial Officer Roger Burge also told investors the company is also required to hand over to creditor banks a business plan covering 2005 through 2007 by the end of October. Bankers, according to a Sunday Telegraph report, have given new management three months to come up with a new business plan and prove their competence, or creditors will take over the business. G.E. HYDRAFAB: Appoints Tenon Recovery Administrator ---------------------------------------------------- Name of Company: G.E. Hydrafab Limited Nature of Business: 2875-Manufacture of Other Fabricated Materials, and 2922- Manufacture of Lift and Other Handling Equipment Trade Classification: Division 2 (07) Date of Appointment: April 1, 2004 Joint Administrative Receiver: TENON RECOVERY Sherlock House, 73 Baker Street, London W1U 6RD Receivers: Simon R Thomas Steven J Parker (IP Nos 8920, 8989) IAS LIMITED: Appoints Administrators ------------------------------------ Richard Philpott and Peter Rilett from KPMG Corporate Recovery were named last week administrators for IAS (1999) Limited & Independent Access Supplies Limited, the second largest suppliers of aerial work platforms in the U.K. with a turnover of GBP14 million. Mr. Philpott, who is also a KPMG Corporate Recovery partner, said, "Unfortunately, current overcapacity in the market has led to depressed prices and the company have found themselves under increasing trading and cash pressures. KPMG is currently working towards the financial restructuring of the business to secure all of the jobs, and pursue a survival of the company in the true spirit of the Enterprise Act." Norwich-based IAS (1999) Limited & Independent Access Supplies Limited, which employs some 100 personnel, has seven other depots around the U.K. based in Manchester, Birmingham, Bristol, Gatwick, Glasgow, Leeds and Northampton. Contact: KPMG Emma Murray, PR Executive Phone: 020 7311 3512 / 020 7694 2681 E-mail: emma.murray@kpmg.co.uk MAYFLOWER CORPORATION: Suffers Another Black Eye ------------------------------------------------ Revelations that the GBP17 million black hole in the accounts of troubled bus company, Mayflower, was created through the persistent misuse of an invoicing system have put the former management of the company under intense pressure, reports The Scotsman. The company, according to probes by Nick Dargan who is heading the administration for Deloitte & Touche, had set up a payment system through a third party to ease its cash flow problems. However, Mayflower failed consistently to pay back the full amount due to the third party, which was effectively providing short-term capital for the bus firm while it waited for payment from creditors. Whether the invoicing system was set up to deliberately mask the company's financial state or just a simple case of poor management is still unclear. But either way, this most recent revelation will bear more pressure on past directors, who are increasingly facing the harsh choice between being labeled duplicitous or simply incompetent, the paper said. "What happened was that over four years Mayflower was struggling and an invoice-discounter was buying specific invoices, but the company did not repay the full amount. Over a period of time, it built up to about GBP17 million," Mr. Dargan said. The invoice-discounting system at the center of the Mayflower crisis is based on a common business practice involving a discounter, such as a bank, buying a customer's invoice from a company. This practice allows the company to get the money up- front rather than having to wait for payment from the customer. The discounter would receive repayment directly from the creditors. However, in the case of Mayflower, it appears that the third party was supplying Mayflower an advance of cash due from creditors, but it was up to the bus-maker to channel the funds back to the third party. According to Deloitte, Mayflower's perilous financial position meant that it consistently failed to make the repayments, either through abuse of the system or administrative inadequacy. MAYFLOWER MANAGEMENT: Hires Receivers from Deloitte & Touche ------------------------------------------------------------ Name of Company: Mayflower Management Services Limited Nature of Business: Other Business Activities Trade Classification: 7487 Date of Appointment: March 31, 2004 Joint Administrative Receiver: DELOITTE & TOUCHE LLP 180 Strand, London WC2R 1WL Receivers: Nicholas James Dargan Nicholas Guy Edwards (Office Holder Nos 008024, 008811) MAYFLOWER VEHICLE: Names Deloitte & Touche Administrator -------------------------------------------------------- Name of Company: Mayflower Vehicle Systems Plc Nature of Business: General Mechanical Engineering Trade Classification: 2852 Date of Appointment: March 31, 2004 Joint Administrative Receiver: DELOITTE & TOUCHE LLP 180 Strand, London WC2R 1WL Receiver: Nicholas J Dargan (Office Holder No 008024) DELOITTE & TOUCHE LLP 201 Deansgate, Manchester M60 2AT Receiver: William K Dawson (Office Holder No 008266) DELOITTE & TOUCHE LLP Four Brindleyplace, Birmingham B1 2HZ Receiver: Andrew P Peters (Office Holder No 004468) MCCOURT LIMITED: Appoints Robson Rhodes Administrator ----------------------------------------------------- Name of Company: McCourt Fine Meats Limited Nature of Business: Production of Meat and Poultry Products Trade Classification: SIC(92) 1513 Date of Appointment: March 24, 2004 Joint Administrative Receiver: RSM ROBSON RHODES LLP 186 City Road, London EC1V 2NU Receiver: Geoffrey Paul Rowley (IP No 8919) RSM ROBSON RHODES LLP Centre City Tower, 7 Hill Street, Birmingham B5 4UU Receiver: John Neville Whitfield (IP No 9131) TEKANO LIMITED: Hires Administrator from Numerica ------------------------------------------------- Name of Company: Tekano Limited (t/a Prontaprint) Nature of Business: Digital Design, Copy and Print Services Trade Classification: 10 Date of Appointment: March 24, 2004 Joint Administrative Receiver: NUMERICA Stoughton House, Harborough Road, Oadby, Leicester LE2 4LP Receivers: Lynn Robert Bailey David Michael Riley (IP Nos 006496, 008959) THOMAS ANDERSON: Names Administrative Receivers ----------------------------------------------- Name of Company: Thomas Anderson Limited Nature of Business: Manufacturer of Other Kitchen Furniture Trade Classification: 3613 Date of Appointment: March 24, 2004 Joint Administrative Receiver: THE THOMPSON PARTNERSHIP The Old Halsall Arms, 2 Summerwood Lane, Halsall L39 8RJ Receiver: Andrew W Thompson (IP No 5807) THE THOMPSON PARTNERSHIP Square Root Business Centre, 102 Windmill Road, Croydon CR0 2XQ Receiver: Jeremy C Frost (IP No 9091) TRANSBUS INTERNATIONAL: Hires Receivers from Deloitte & Touche -------------------------------------------------------------- Name of Company: Transbus International Limited Nature of Business: Manufacturer of Motor Vehicles Trade Classification: 3410 Date of Appointment: March 31, 2004 Joint Administrative Receivers: DELOITTE & TOUCHE LLP 180 Strand, London WC2R 1WL Receiver: Nicholas James Dargan (Office Holder No 008024) DELOITTE & TOUCHE Saltire Court, 20 Castle Terrace, Edinburgh EH1 2DB Receiver: John Charles Reid (Office Holder No 001124) UNIFI DYED: Radcliffe Plant Closure to Affect 105 Jobs ------------------------------------------------------ With the ongoing economic difficulty experienced by the textile industry, yarn maker, Unifi Dyed Yarns, has decided to shut down its Radcliffe plant this June, according to just-style.com. The closure will render 150 employees jobless. The Radcliffe factory, which was formerly known as Intex Yarns, manufactures custom-dyed synthetic yarns. U.S.-based Unifi took over the firm in March 2000. WOODEN CRAFT: Appoints Thompson Partnership Administrator --------------------------------------------------------- Name of Company: Wooden Craft Design Limited Nature of Business: Manufacturer of Lime Trade Classification: 2652 Date of Appointment: March 24, 2004 Joint Administrative Receivers: THE THOMPSON PARTNERSHIP The Old Halsall Arms, 2 Summerwood Lane, Halsall L39 8RJ Receiver: Andrew W Thompson (IP No 5807) THE THOMPSON PARTNERSHIP Square Root Business Centre, 102 Windmill Road, Croydon CR0 2XQ Receiver: Jeremy C Frost (IP No 9091) * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------ -------- AUSTRIA ------- Libro A.G. (111) 174 (182) BELGIUM ------- Carestel 178 (68) Real Software 216 10 CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Charbo de France 4,738 2,868 Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Cofidur S.A. (5) 102 19 Dollfus-Mieg 187 28 European Computer System (110) 682 377 Grande Paroisse S.A. (927) 629 330 Immobiliere Hoteliere (68) 233 29 Pneumatiques Kleber S.A. (34) 480 139 SDR Picardie (135) 413 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Trouvay Cauvin TRCN (0) 134 10 Usines Chauson (23) 249 35 GERMANY ------- Dortmunder Actien-Brauerei DABG (13) 118 (29) F.A. Guenther & Sohn A.G. GUSG (8) 111 N.A. Kaufring A.G. KAUG (19) 151 (51) Mania Technologi MNI (11) 101 (46) Nordsee A.G. (8) 195 (31) Schaltbau A.G. SLTG (16) 163 20 Vereinigter Baubeschlag-Handel Holding A.G. VBHG (24) 307 (63) ITALY ----- Binda S.p.A. BND (11) 129 (20) Credito Fondiario e Industriale S.p.A. CRF (200) 4,218 N.A. NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 Numico N.V. 2,030 454 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Pan Fish ASA 806 (258) Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Animex S.A. ANX (1) 108 (86) Exbud Skanska S.A. EXBUF (9) 315 (330) Media Capital 399 (85) Mostostal Zabrze (6) 227 (366) Stalexport S.A. (57) 229 (51) RUSSIA ------ Kamchatskenergo 273 (7,870) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Santana Motor S.A. (46) 223 41 Sniace S.A. (11) 137 (34) Tableros de Fibr 2,107 (125) SWITZERLAND ----------- Kaba Holding A.G. KABZN (47) 572 278 UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Nuclear Fuels Plc (2,627) 36,359 (1,948) British Sky PLC 3,347 (144) Center Parcs (UK) Group Plc (77) 423 (227) Compass Group CPG (668) 2,972 (298) Costain Group 329 12 Dawson Holdings DWSN (29) 142 (29) Dignity PLC 485 (76) Easynet Group 332 53 Electrical and Music EMI Industries Group (885) 3,053 (435) Euromoney 167 2 Gallaher Group GLH (543) 6,304 116 Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Heath Lambert Fenchurch Group PLC (10) 4,109 (10) HMV Group PLC HMV (211) 762 (66) Intertek Testing Services ITRK (134) 508 77 IPC Media Ltd. (685) 254 16 Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Manchester City (17) 154 (21) Misys PLC MSY (161) 949 41 Mytravel Group 2,551 (533) Orange PLC ORNGF (594) 2,902 7 Rentokil Initial Plc RTO (1,130) 3,245 (68) Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 Yell Group PLC (196) 3,964 289 Each Tuesday edition of the TCR-Europe contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* 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. 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