/raid1/www/Hosts/bankrupt/TCREUR_Public/040429.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Thursday, April 29, 2004, Vol. 5, No. 84
Headlines
F R A N C E
ALSTOM SA: Creditor Banks Waive Financial Covenants
G E R M A N Y
MG TECHNOLOGIES: Board Okays Dynamit Nobel Sale to Rockwood
H U N G A R Y
HUNGARIAN TELEVISION: Government Grant Key to Staying On-air
NABI RT: Appoints Daniel Garrett Group Chief Financial Officer
NABI RT: Posts Resolutions Adopted at Annual General Meeting
PANNONPLAST RT: Merging Units Responsible for 25% of Sales
RABA RT: Secures HUF5 Billion Order for Axle Assemblies
I R E L A N D
ELAN CORPORATION: Completes Sale of Zonegran to Eisai
I T A L Y
FIAT SPA: Strike Nearly Grounds Production to a Halt
L U X E M B O U R G
MILLICOM INTERNATIONAL: Redeems 2% Senior Convertible PIK Notes
STOLT-NIELSEN: Posts Positive First-quarter Operating Income
N E T H E R L A N D S
KLM ROYAL: Air France's Share Exchange Offer Hits Snag
N O R W A Y
AKER KVAERNER: Wins GBP10.5 Million Overhaul Project
P O L A N D
HUTA CZESTOCHOWA: Investigation Clouds Future
R U S S I A
8 MARCH: Court Sets July 14 Hearing
BARKOL-INVEST: Insolvent Status Confirmed
KARO: Kemerovo Court Appoints Insolvency Manager
MAXLEVEL-COAL: Bankruptcy Supervision Procedure Begins
MUROM BRICKWORKS: Under External Management Bankruptcy Procedure
OBORON-ENERGO: Court Commences Bankruptcy Procedure
PERM-HYDRO-MECH: Declared Insolvent
SIBERIAN OIL: Downgrade Looms as Owner Struggles to Survive
SIB-NEFTE: Falls into Bankruptcy
VELIKIE LUKI: Deadline for Proofs of Claim July 22
VLAD-NEFTE: Court Sets July 22 Hearing
YUKOS OIL: Notified of Potential Default Event
S W I T Z E R L A N D
ADECCO SA: Creditors Extend Deadline for Audited Results
U K R A I N E
AGROPROMSERVIS: Under Bankruptcy Supervision Procedure
KARNA: Falls into Bankruptcy
NOVOGRAD-VOLINSKIJ: Zhitomir Court Appoints Insolvency Manager
OCHAKIVSK FOOD: Declared Insolvent
OSER: Chernigiv Court Appoints Insolvency Manager
PROMIN: Sets May 22 Deadline for Proofs of Claim
STOLITSYA-BAJLLS: Insolvent Status Confirmed
TEHNION-WINNER: Declared Bankrupt
ULKAN-OPT: Under Bankruptcy Supervision Procedure
YENAKIEVSKE AUTO: Declared Insolvent
U N I T E D K I N G D O M
ACCOUNTANCY FINANCIAL: Shareholders Pass Winding up Resolution
ALDGATE REAL: Calls in Liquidator
A W ENGINEERING: Hires Liquidator
BRAEMAR HOMES: Hires Begbies Traynor Liquidator
BYLINE PUBLIC: Winding up Resolution Passed
CAITHNESS HOLDINGS: Creditors Meeting Set May 12
CORUS GROUP: Sells U.K. Sheet Piling Commercial Operations
CURTIS FINE: Begins Consultation on Closure of Dalmore Mill
DESIGN APPLICATIONS: Hires Administrative Receiver
EMELCO PROPERTIES: Final Meeting Set June 3
FATROE LIMITED: Carey Olsen Appoints Wilkins Kennedy Receiver
FINANCETRACK LIMITED: Meeting of Creditors Set May 14
FIVESOUTH LIMITED: Appoints Liquidator from Unique Business
FLEMING INCOME: Members Meeting Set May 28
FORGE SIGNMAKERS: In Administrative Receivership
GEMINVEST LIMITED: Shareholders General Meeting Set May 28
G E PETHERWICK: Hires Reynolds Liquidator
G F BRIDGMAN: Sets General Meeting May 25
GOODNIGHT BEDS: Calls in Liquidator
HHG PLC: Sells Virgin Money Shareholding for GBP90 Million
IMPERIAL CHEMICALS: To Discuss First-quarter Results Today
INVENSYS PLC: Divests Powerware Business for US$560 Million
I Q DATA: Names Crawfords Liquidator
KINGSWAY PROPERTY: Members General Meeting Set June 3
MARKET HARBOROUGH: Hires Receivers from Springfields
MAVITTA LIMITED: Shareholders Okay Voluntary Winding up
NETTEC PLC: Sale of Trading Subsidiary Results in GBP2 Mln Loss
NETWORK RAIL: To Compensate Potters Bar Rail Crash Victims
NORTHUMBERLAND GROUP: Appoints Ashcrofts Liquidator
PO NA: Barvest Limited Completes Re-financing with Barclays
POSTGED LIMITED: General Meeting Set May 27
ROLLS-ROYCE: Members to Meet June 4
ROYAL MAIL: Proposes Pricing System Dependent on Letter Size
SARENA LIMITED: Appoints Liquidator from Valentine & Co
U.K. COAL: Reports Lower Coal Production in First Three Months
VERSAILLES: Ex-finance Director Fakes Cancer to Hide Anomaly
WM. CLARKE: Names Begbies Traynor Liquidator
*********
===========
F R A N C E
===========
ALSTOM SA: Creditor Banks Waive Financial Covenants
---------------------------------------------------
The Credit Agreements for Alstom's refinancing package signed in
September 2003 required the group to respect certain financial
agreements (covenants) or to reach an agreement with its banks,
of which two-thirds must approve. During the meeting of
Alstom's board of directors on March 9, 2004, the 2003-2004
financial forecasts were reviewed. It was noted that if these
forecasts were confirmed, it would be necessary for Alstom to
review with its banks the agreements relating to the EBITDA and
the group's net situation, noting that the agreements relating
to the reduction of its debt are being respected.
Alstom's banks have formally accepted to suspend the obligation
to respect the financial agreements (covenants) until September
30, 2004 as a new assessment of the group's situation will be
made before this date. This suspension has been achieved
without modification to the financial conditions of the credits
concerned and without cost.
CONTACT: ALSTOM S.A.
Press Relations:
S. Gagneraud
G. Tourvieille
Phone: +33 1 47 55 25 87
E-mail: internet.press@chq.alstom.com
Investor Relations:
E. Chatelain
Phone: +33 1 47 55 25 33
E-mail: investor.relations@chq.alstom.com
=============
G E R M A N Y
=============
MG TECHNOLOGIES: Board Okays Dynamit Nobel Sale to Rockwood
-----------------------------------------------------------
The Supervisory Board of mg technologies ag approved the sale of
mg's participation in Dynamit Nobel to Rockwood Specialties
Group Inc., a U.S.-based specialty chemicals company. The
board, led by Chairman Dr. Jurgen Heraeus, pointed out that
selling the businesses as a package to an industrial buyer was
in the interest of all parties involved.
"With Rockwood, the mg Management Board has selected the
candidate with the highest acceptance by the workforce,"
Reinhold Siegers, chairman of mg's Group Works Council, said.
Closing of the transaction is planned for the third quarter of
2004 and will be subject to approval by the annual general
meeting of mg as well as by the relevant antitrust authorities.
The contract between mg technologies ag and Rockwood on the sale
of Dynamit Nobel AG and its business units CeramTec, Chemetall,
Sachtleben and DNES (Custom Synthesis) at a purchase price of
EUR2.25 billion was notarized on April 19, 2004. The
combination of Dynamit Nobel and Rockwood will create a global
leader in specialty chemicals and advance materials, which
represents combined sales of about EUR2.2 billion and has almost
10,000 employees worldwide. The transaction does not include
Dynamit Nobel's plastics division, since it is predominantly an
automotive supplier and will be divested separately.
mg technologies ag is an international technology group with
core competencies in engineering and chemicals. In the future
the company will concentrate on specialty mechanical engineering
-- focusing on process engineering and components -- and plant
engineering. Excluding discontinued operations mg generated
sales of EUR6.4 billion in fiscal 2003. By the end of 2003 mg
employed around 30,800 people and is one of the world's market
and technology leaders in 90% of its businesses.
CONTACT: MG TECHNOLOGIES AG
Communications
Phone: +49 (69) 7 11 99-241
Web site: http://www.mg-technologies.com
=============
H U N G A R Y
=============
HUNGARIAN TELEVISION: Government Grant Key to Staying On-air
------------------------------------------------------------
MTV Public Foundation warned Hungarian Television (MTV) is
teetering on the brink of insolvency. According to the Budapest
Business Journal, the company could go bust as early as next
month and the only way to avoid this is by gaining access to a
government grant for broadcasters.
The board of MTV Public Foundation plans to bring the station's
plight to the attention of parliament in an effort to tap MTV's
HUF1.3 billion share of a previously allocated grant for public
broadcasters for 2004. The fund, which is currently frozen,
could buy the station a month or two. Meanwhile, MTV Public
Foundation blocked off any contract for MTV's future and current
shows.
NABI RT: Appoints Daniel Garrett Group Chief Financial Officer
--------------------------------------------------------------
NABI Bus Industries Rt. (BSE: NABI) announced the resignation of
Mr. John Horstmann and election of Mr. Martin Adams and Gijsbert
Karel van der Mandele to the board of directors and nomination
of Mr. J. Daniel Garrett to Group Chief Financial Officer,
effective from the AGM.
Messrs. Martin Adams and Gijsbert Karel van der Mandele were
proposed to the board by The First Hungary Fund Ltd. Mr. Adams
is an independent specialist manager of emerging market private
equity investments and the reorganization of investment funds.
Mr. van der Mandele is a senior staff member of the
International Finance Corporation, the private sector
development arm of the World Bank, where he is head of the
Special Operations Office for Central and Eastern Europe,
managing IFC's corporate restructuring activities in the region.
Mr. Adams is the chairman and Mr. van der Mandele is a director
of FHF.
Mr. Roger Fossey resigns as CFO after three years in the
position to concentrate on his role as CFO for Optare Holdings
Ltd. He is replaced by Mr. J. Daniel Garrett, 46, who has been
the chief financial officer at NABI, Inc. since May 2003.
Mr. Horstmann submitted his resignation to NABI from the board
of directors. He had been independent member of the board of
directors of NABI Rt. since 1997 and also chairman of the
remuneration committee.
These changes are effective from the annual general meeting of
shareholders on April 27, 2004.
CONTACT: NABI RT
Andras Bodor, Corporate Affairs Director
Phone: +36-1-401-7100
Fax: +36-1-407-2931
E-mail: andras.bodor@nabi.hu
NABI RT: Posts Resolutions Adopted at Annual General Meeting
------------------------------------------------------------
NABI Rt's Annual General Meeting of Shareholders was held on
April 27, 2004. Shareholders owning 64.184% of all shares
attended the AGM. The AGM adopted these resolutions:
(a) Resolution of the AGM No. 1/2004. (IV.27.)
"The AGM approved the report of the Board of Directors on
the 2003 Business Report of the company, which is attached
to the minutes of the meeting."
(b) Resolution of the AGM No. 2/2004. (IV.27.)
"The AGM acknowledged the report of the Supervisory Board on
the Board of Directors' 2003 business report, the stand-
alone and consolidated financial reports and the accounting
of the loss. The report is attached to the minutes of the
meeting."
(c) Resolution of the AGM No. 3/2004. (IV.27.)
"The General Meeting acknowledges the report of the
independent auditor on the annual statements of the
company."
(d) Resolution of the AGM No. 4/2004. (IV.27.)
"In the knowledge of the report of the Supervisory Board and
the Auditor, the General Meeting approves:
(i) The non-consolidated financial statements according to
Hungarian Accounting Standards with balance sheet total
of HUF23,804,509,000 and after-tax loss of
HUF3,809,972,000.
(ii) The consolidated financial statements according to
Hungarian Accounting Standards with balance sheet total
of HUF55,115,418,000 and after-tax loss of
HUF6,535,996,000, and
(iii) The consolidated financial statements according to U.S.
GAAP with balance sheet total of US$273,556,000 and
after-tax loss of US$16,227,000 for the business year
ending on 31 December 2003."
(e) Resolution of the AGM No. 5/2004. (IV.27.)
"The General Meeting requires that the company's:
(i) After-tax loss of HUF3,809,972,000 according to the
non-consolidated financial statements according to
Hungarian Accounting Standards;
(ii) After-tax loss of HUF6,535,996,000 according to the
consolidated financial statements according to
Hungarian Accounting Standards;
(iii) After-tax loss of US$16,227,000 according to
consolidated financial statements according to U.S.
GAAP for the business year ending on December 31, 2003
be transferred into the profit reserve and to accrue
the losses for tax purposes for 5 years in the
Hungarian standalone report."
(f) Resolution of the AGM No. 6/2004. (IV.27.)
"The General Meeting acknowledges the provision of the
agreement made with the creditors of the company under which
the company is not permitted to pay dividends until the
closing of the business year of 2006."
(g) Resolution of the AGM No. 7/2004. (IV.27.)
"The General Meeting determines that the remuneration of the
Auditor for 2004 is HUF14,900,000 net and authorizes Peter
Horvath, Chief Financial Officer to sign the contract with
the auditor."
(h) Resolution of the AGM No. 8/2004. (IV.27.)
"The General Meeting accepts the resignation of Mr. John F.
Horstmann, the member of the board of directors, effective
immediately."
(i) Resolution of the AGM No. 9/2004. (IV.27.)
"The General Meeting elects Mr. Martin Michael Adams
(mother's maiden name: Burglinde Hulda Deutschmann, address:
Rua das Faias 978, 2750-688 Cascais, Portugal, passport
number: 740217433) and Mr. Gijsbert Karel van der Mandele
(mother's maiden name: Wilhelmine Plate address: Apolinarska
9, 128 00 Praha 2, Czech Republic, passport number:
NF3083271) as new members of the Board of Directors of the
Company with immediate effect and for a term expiring on 30
April 2005. Furthermore the General Meeting resolves that
the date of expiry of the term of all existing Members of
the Board of Directors (Mr. Andras Racz, Mr. Tamas Felsen,
Mr. Russell Richardson and Mr. Mark Pejacsevich) be April
30, 2005."
(j) Resolution of the AGM No. 10/2004. (IV.27.)
"The General Meeting approves the amended Management Share
Option Plan and authorizes the Board of Directors to
implement it."
(k) Resolution of the AGM No. 11/2004. (IV.27.)
The General Meeting resolves to amend Section 17.2 of the
Articles of Association to provide as:
"The Articles of Association authorize the Board of
Directors to increase the Company's share capital to the
extent that such capital increase is required for the
fulfillment of binding contractual obligations undertaken by
the Company prior to April 28, 2004, including obligations
with respect to 1,713,753 share warrants expiring in
December 30, 2006 with a strike price of HUF1,087 which were
granted to certain financial institutions and 330.258 share
warrants expiring in December 30, 2006 with a strike price
of HUF5,446 and the share issuance in the course of existing
and future management share option plans.
"The amount of any increase in the Company's share capital
pursuant to this Section 17.2 shall not exceed a yearly
maximum of 25% of the share capital registered on the first
day of each yearly period calculated from September 16,
2002, excluding the 2.044.011 share issue obligations, by
granted warrants, undertaken by the company before April 27,
2004, that were granted to certain financial institutions.
In case of the exercise of these warrants granted before
April 27, 2004 the yearly maximum of 25% share issue limit
is not applicable but in this yearly period of time issue of
new shares by the management share option plan is not
allowed. The authorization pursuant to this Section 17.2
shall be valid for the period expiring on September 16,
2007. The Board of Directors must approve any resolution to
increase the registered capital by at least a four-fifth
qualified majority. The Board of Directors is not
authorized to issue a new series of shares. The Board of
Directors within its power to increase the share capital is
authorized to bring all necessary resolutions and submit to
the Court of Registration the documents relating to the
increase and to enter into contracts and sign documents
which pertain to such capital increase."
(l) Resolution of the AGM No. 12/2004. (IV.27.)
"Based on the proposal of the Board of Directors, the
General Meeting hereby resolves to exclude the pre-emptive
rights of the shareholders of NABI Rt. in relation to the
capital increases and the subsequent issuance of new shares,
which capital increases will be made and shares will be
issued as a consequence of any or all warrant holder
exercising its respective rights under these warrant
certificates:
(i) Amended and Restated Warrant
Certificate No. WRA-1, dated April 21, 2004 signed by
NABI Rt.
(ii) Amended and Restated Warrant
Certificate No. WRA-2, dated April 21, 2004 signed by
NABI Rt.
(iii) Warrant Certificate No. WRB-1, dated April 21, 2004
signed by NABI Rt.
(iv) Warrant Certificate No. WRB-2; dated April 21, 2004
signed by NABI Rt.
(v) Warrant Certificate No. WRB-3; dated April 21, 2004
signed by NABI Rt.
(vi) Warrant Certificate No. WRB-4; dated April 21, 2004
signed by NABI Rt.
(vii) Warrant Certificate No. WRB-5; dated April 21, 2004
signed by NABI Rt.
(viii) Warrant Certificate No. WRB-6; dated April 21, 2004
signed by NABI Rt.
(ix) Warrant Certificate No. WRB-7; dated April 21, 2004
signed by NABI Rt.
(x) Warrant Certificate No. WRB-8; dated April 21, 2004
signed by NABI Rt.
(xi) Warrant Certificate No. WRB-9; dated April 21, 2004
signed by NABI Rt.
(xii) Warrant Certificate No. WRB-10; dated April 21, 2004
signed by NABI Rt.
"Each Warrant initially entitles the holder of such Warrant
to purchase one fully paid ordinary share of NABI Rt. with a
nominal value of HUF1,000 (one thousand) at any time until
the December 30, 2004 Expiration Date.
"Based on the total number of two million forty-four
thousand and eleven (2,044,011) Class "A" and "B" Warrants
the maximum ordinary shares that may be issued until the
Expiration Date is two million forty-four thousand and
eleven (2,044,011) shares.
"The capital increase and the issuing of shares will be made
by means of private placement to the respective Warrant
holders, upon the exercise of their rights under their
respective Warrant Certificates.
"The new shares under the above mentioned Class "A" Warrant
Certificates shall be issued for a cash consideration of
HUF5,446 and the above mentioned Class "B" Warrant
Certificates for a cash consideration of HUF1,087 or the
equivalent of such cash consideration in both cases for a
debt-to-equity conversion as an in-kind contribution, as
certified by an independent auditor. If the capital
increase will take place for an in-kind contribution, the
shareholders will not have such pre-emptive rights."
(m) Resolution of the AGM No. 13/2004. (IV.27.)
"The Company shall release Mr. Andras Racz, Mr. Martin
Michael Adams, Mr. Gijsbert Karel van der Mandele, Mr. Tamas
Felsen, Mr. Mark Pejacsevich and Mr. Russell Richardson from
any and all liability and shall compensate them for any and
all damages, losses, costs, expenses, penalties, fines,
fees, actions, claims, proceedings and demands (Losses)
which Mr. Andras Racz, Mr. Martin Michael Adams, Mr.
Gijsbert Karel van der Mandele, Mr. Tamas Felsen, Mr. Mark
Pejacsevich and Mr. Russell Richardson may suffer or incur
jointly or severally in connection with the performance of
their duties as members of the Board of Directors of the
Company, except those Losses which arise out of the
Director's own fraud, willful default, bad faith or gross
negligence in the performance or non-performance or reckless
disregard of such duties of a member of the Board of
Director. This indemnity shall not apply with respect to
the performance of their duties as members of the Board of
Directors of the Company prior to 27 April 2004."
(n) Resolution of the AGM No. 14/2004. (IV.27.)
"The Company hereby agrees not to pursue any action, claim
or proceeding against Mr. Andras Racz, Mr. Martin Michael
Adams, Mr. Gijsbert Karel van der Mandele, Mr. Tamas Felsen,
Mr. Mark Pejacsevich and Mr. Russell Richardson whether
individually or jointly in connection with the performance
or non-performance of their duties as members of the Board
of Directors of the Company. This indemnity shall not apply
with respect to the performance of their duties as members
of the Board of Directors of the Company prior to April 27,
2004."
(o) Resolution of the AGM No. 15/2004. (IV.27.)
"The General Meeting hereby approves the Company entering
into Indemnification Agreements between (1) Mr. Martin
Michael Adams, Mr. Andras Racz and the Company, (2) Mr. Mark
Pejacsevich, Mr. Russell Richardson and the Company and (3)
Mr. Gijsbert Karel van der Mandele, Mr. Tamas Felsen and the
Company."
CONTACT: NABI RT
Andras Bodor, Corporate Affairs Director
Phone: +36.1.401.7100
Fax: +36.1.407.2931
E-mail: bodor.andras@nabi.hu
PANNONPLAST RT: Merging Units Responsible for 25% of Sales
----------------------------------------------------------
Pannonplast Rt is merging its 100%-owned subsidiaries Moldin Kft
and Moldin 2000 Kft, according to Budapest Business Journal.
The operations in Szombathely will be moved to Szekesfehervar,
and the new company will be named Pannonplast Muszaki Muanyagok
Kft.
The plastic maker is launching a three-year program aimed at
refocusing on core markets. As part of the strategy it will
sell five subsidiaries this year. The company wants to finish
the year in black after posting a HUF1.84 billion loss in 2003.
Moldin Kft and Moldin 2000 Kft had sales revenue of HUF6.5
billion (EUR25.8 million) last year. The amount is 25% of
Pannonplast's 2003 consolidated net sales.
In a separate development, rival player Karsai Holding Rt sold a
5.3% stake in the company recently, reducing further its
holdings to 4.6%. Earlier this year, Karsai sold 12.84% of its
stake in the company.
RABA RT: Secures HUF5 Billion Order for Axle Assemblies
-------------------------------------------------------
Vehicles and auto parts maker Raba Rt secured a framework deal
that will see it supply axle assemblies to U.S. company Marmon-
Herrington for at least five years, according to Budapest
Business Journal.
The axle assemblies are specially designed for Marmon-Herrington
off-road trucks. The two are yet to negotiate the volume, price
and delivery deadline each year, but the contract will ensure an
annual HUF1 billion sales to Marmon-Herrington for Raba. Raba
Rt is looking for new business after it shifted away from
building buses. Its net loss last year widened to HUF7.26
billion from a restated HUF1.86 billion in 2002. Raba produces
axles, automotive components, commercial vehicles and engines.
It is one of the largest independent manufacturers of axles in
the world.
=============
I R E L A N D
=============
ELAN CORPORATION: Completes Sale of Zonegran to Eisai
-----------------------------------------------------
Elan Corporation, plc completed the sale of its interests in
Zonegran (zonisamide) in North America and Europe to Eisai Co.,
Ltd. and Eisai Inc.
Under the terms of the agreement, which was previously announced
on March 30, 2004, Elan has realized total consideration of
approximately US$130 million from Eisai in exchange for Elan's
interests in Zonegran in North America and Europe. In addition,
Elan may earn future deferred purchase payments of up to US$110
million, primarily contingent on when generic zonisamide is
introduced in the U.S., and including up to US$25 million
contingent on receiving marketing approval for Zonegran in
Europe. Elan will also receive additional deferred purchase
payments on net sales of Zonegran in North America and Europe if
certain additional conditions are met. Elan's interests
comprise U.S., Canadian, Mexican, and European rights to
Zonegran, along with related assets and liabilities, Zonegran
inventory with an estimated value of US$26 million, and the
associated sales team of approximately 110 employees.
Elan will continue to manufacture Zonegran in all three dosage-
strengths of 25 mg, 50 mg, and 100 mg capsules in Athlone,
Ireland.
Elan Corporation, plc is a neuroscience-based biotechnology
company that is focused on discovering, developing,
manufacturing and marketing advanced therapies in neurology,
autoimmune diseases, and severe pain. Elan (NYSE: ELN) shares
trade on the New York, London and Dublin Stock Exchanges.
CONTACT: ELAN CORPORATION PLC
Emer Reynolds
Phone: 353-1-709-4000 or 800-252-3526
Anita Kawatra
Phone: 212-407-5755 or 800-252-3526
=========
I T A L Y
=========
FIAT SPA: Strike Nearly Grounds Production to a Halt
----------------------------------------------------
The 10-day industrial action at Fiat S.p.A. culminated Monday in
a bitter clash with police in Southern Italy, according to The
Telegraph.
The scuffle injured seven demonstrators and two policemen. The
strike halted more than 90% of Fiat's car production across the
country. A Fiat spokesman estimated the demonstration lost
16,300 of its normal output.
"We are trying to do everything to resolve a difficult
situation. Despite an open table (for talks), we are giving
away car sales to the competition," Fiat's chairman, Umberto
Agnelli, said.
The company plunged into the red last year due to poor sales at
key car unit, Fiat Auto. It is hoping to return to profit in
2005 under a plan that involves asset sales and rights issues.
Although disappointed with the latest results, analysts expect
profits to pick up in the fourth quarter.
===================
L U X E M B O U R G
===================
MILLICOM INTERNATIONAL: Redeems 2% Senior Convertible PIK Notes
---------------------------------------------------------------
Millicom International Cellular S.A. (Nasdaq Stock Market: MICC)
(MIC), the global telecommunications investor, has called the
entire outstanding amount of its 2% Senior Convertible PIK Notes
Due 2006 (the 2% Notes) (in an aggregate principal amount of
approximately US$160,000) for redemption in cash in accordance
with the terms of the Indenture covering the 2% Notes.
A total of US$63,371,000 of the 2% Notes was converted into
shares of MIC common stock, with a par value of US$1.50 each,
through April 26, 2004 from the initial amount of US$63,531,000.
Following these conversions there are 89,638,927 shares of MIC
common stock outstanding.
* * *
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of such jurisdiction.
CONTACTS: MILLICOM INTERNATIONAL CELLULAR S.A
Marc Beuls
President and Chief Executive Officer
Phone: +352 27 759 327
SHARED VALUE LTD
Andrew Best
Investor Relations
Phone: +44 20 7321 5022
STOLT-NIELSEN: Posts Positive First-quarter Operating Income
------------------------------------------------------------
Stolt-Nielsen S.A. (NASDAQNM: SNSA; Oslo Stock Exchange: SNI)
reported results for the first quarter ended February 29, 2004.
Net income for the first quarter was US$11.0 million, or US$0.19
per share, on operating revenue of US$668.0 million, compared
with a net loss of US$13.0 million or US$0.24 per share, on
operating revenue of US$780.3 million, for the first quarter of
2003.
Results for the current quarter included a gain of US$21.7
million resulting from a Stolt Offshore private placement of
equity and a gain of US$4.0 million related to Stolt-Nielsen's
first-quarter sale of SOSA shares. The basic weighted average
number of shares outstanding for the quarter was 58.2 million
compared with 54.9 million for the same period in 2003.
Stolt Offshore completed its private placement of 45.5 million
new SOSA Common Shares on February 13, 2004. Additionally,
Stolt-Nielsen converted Stolt Offshore Class B Shares into new
Common Shares, and on February 19, 2004 sold 2 million of its
Stolt Offshore Common Shares.
These transactions reduced Stolt-Nielsen's economic and voting
interest in Stolt Offshore to 41.1% as of the end of the first
quarter and resulted in the deconsolidation of SOSA in February
2004. Consequently, Stolt-Nielsen will account for its
investment in Stolt Offshore applying the equity method of
accounting, as reflected in the consolidated balance sheet of
Stolt-Nielsen as of February 29, 2004.
The consolidated statement of operations of Stolt-Nielsen for
the three months ended February 29, 2004 includes the full first
quarter financial results of Stolt Offshore since
deconsolidation was not applied to the income/(loss) of Stolt
Offshore until the end of the first quarter of 2004.
"In addition to the gains on sales of securities, our first-
quarter earnings reflected strong operating results at Stolt-
Nielsen Transportation Group, substantially improved performance
at Stolt Sea Farm and the continuing turnaround at Stolt
Offshore," said Niels G. Stolt-Nielsen, Chief Executive Officer
of Stolt-Nielsen. "We are encouraged by the current outlook and
our prospects for continued improvement."
"In recent months, Stolt-Nielsen has taken several significant
steps to improve its balance sheet and liquidity position. In
January, Stolt-Nielsen completed a private placement equity
offering raising net proceeds of US$101 million. In late March,
Stolt-Nielsen closed on a new US$130 million revolving credit
facility that replaced an existing credit facility. We believe
Stolt-Nielsen now has sufficient liquidity to meet scheduled
debt maturities through the remainder of this year.
"Stolt-Nielsen Transportation Group had a solid first quarter,
with overall operating income increasing by 26% and improved
operating results at all divisions," said Mr. Stolt-Nielsen.
"Looking ahead, we believe the outlook remains strong for the
foreseeable future."
"Stolt-Nielsen Transportation Group's first-quarter income from
operations rose to US$29.2 million from US$23.2 million a year
ago.
"The parcel tanker division reported income from operations of
US$19.3 million in the first quarter of 2004 compared with
US$16.1 million in the first quarter of 2003. The Stolt Tankers
Joint Service Sailed-in Index in the first quarter of 2004 was
1.02 compared to 1.00 in both the first and fourth quarters of
2003. In recent months we have seen a considerable strengthening
of the spot market and contracts of affreightment have been
renewed at rates on average 5% higher than previous renewals.
The business won a considerable number of new contracts.
Although results have been impacted by high bunker prices and a
weak U.S. dollar, ship management costs continue to be
controlled. Overall, we believe the business is well positioned
for further volume and rate increases, assuming global economic
conditions continue to rebound.
"Stolt-Nielsen Transportation Group's tank container division
reported income from operations of US$3.9 million compared to
US$3.4 million in the first quarter of 2003. First-quarter
shipments were up 8% over the average for 2003, driven by the
improving world economy. Utilization exceeded 80% in the
quarter. Despite strong market conditions, robust competition
continues to put pressure on margins."
"Stolt-Nielsen Transportation Group's terminal division posted
income from operations of US$5.8 million in the first quarter,
up from US$4.5 million a year ago. This is primarily due to
addition of 0.5 million barrels of capacity since the first
quarter of 2003. Utilization remains strong at all locations.
Work recently started on the pilings for the division's Phase
III expansion at the Braithwaite, LA. facility.
"Stolt Sea Farm reported income from operations of US$2.9
million compared to a loss from operations of US$1.7 million in
the first quarter of 2003. Results in the first quarter of 2004
were improved in the Americas, Europe, and Iberia regions. Asia
Pacific was slightly down compared to the first quarter of last
year, but greatly improved compared to the fourth quarter.
Overall farmed salmon sales volumes were up 8% compared to last
year. Prices in the first quarter of 2004 were comparable to
last year as the recent surge in European prices only had an
impact at the very end of the quarter. The main reason for the
better results is lower cost in farming, processing and
marketing areas. Current European spot prices are up some 20%
compared to earlier this year. Going forward for the remainder
of the year, we expect prices in the American market to be
comparable to last year, European prices to be much stronger
than last year and the results from our Asia Pacific trading
operations to be greatly improved.
"Before minority interests, Stolt Offshore S.A. reported a net
loss of US$18.5 million compared with a net loss of US$18.3
million in the first quarter of 2003. The turnaround at SOSA
remains on track. Financial and operating conditions at Stolt
Offshore are improving, and we are encouraged by the number and
quality of recent Stolt Offshore contract awards. Stolt
Offshore's backlog stands at US$1.2 billion of which US$629
million is for execution in 2004. In addition, Stolt Offshore
has received US$863 million in signed letters of intent.
On April 21, 2004, Stolt-Nielsen completed the conversion of
US$50 million of subordinated debt owed by Stolt Offshore to
Stolt Nielsen to 22.7 million Stolt Offshore Common Shares at an
exchange price of US$2.20 per share. This transaction brought
Stolt-Nielsen ownership in Stolt Offshore to 49.4%.
Mr. Stolt-Nielsen concluded, "We fully expect the operational
improvements we saw in the first quarter to continue, given the
strong outlook for Stolt-Nielsen Transporation Group, the
progress at Stolt Sea Farm and the expected benefits from Stolt
Offshore's restructuring."
About Stolt-Nielsen S.A.
Stolt-Nielsen S.A. is one of the world's leading providers of
transportation services for bulk liquid chemicals, edible oils,
acids, and other specialty liquids. The Company, through its
parcel tanker, tank container, terminal, rail and barge
services, provides integrated transportation for its customers.
The Company also owns 49.4% of Stolt Offshore S.A. (NASDAQNM:
SOSA; Oslo Stock Exchange: STO), which is a leading offshore
contractor to the oil and gas industry. Stolt Offshore
specializes in providing technologically sophisticated offshore
and subsea engineering, flowline and pipeline lay, construction,
inspection, and maintenance services. Stolt Sea Farm, wholly-
owned by the Company, produces and markets high quality Atlantic
salmon, salmon trout, turbot, halibut, sturgeon, caviar, bluefin
tuna, and tilapia.
CONTACT: STOLT-NIELSEN S.A.
Registered Office
23, avenue Monterey,
L-2086 Luxembourg
Principal Executive Offices
Stolt-Nielsen Limited
Aldwych House, 71-91 Aldwych,
London WC2B 4HN, England
Phone: 44-207-611-8960
Web site: http://www.stolt-nielsen.com
Richard M. Lemanski
Phone: (U.S.A) 1 203 625 3604
E-mail: rlemanski@stolt.com
Valerie Lyon
Phone: (U.K.) 44 20 7611 8904
E-mail: vlyon@stolt.com
=====================
N E T H E R L A N D S
=====================
KLM ROYAL: Air France's Share Exchange Offer Hits Snag
------------------------------------------------------
Air France and KLM have noted that the VEB has commenced
proceedings to require Air France and KLM to modify the
announced timetable for Air France's exchange offer for KLM
shares, as a result of which the expiration of the exchange
offer would be considerably delayed. Air France and KLM believe
that the VEB position is without any foundation. KLM's
extraordinary meeting of shareholders of April 19 has in
anticipation of the completion of the exchange offer resolved to
amend the KLM articles of association necessary to effect the
combination with an overwhelming majority.
The VEB has unsuccessfully issued a similar request to the AFM.
Air France and KLM do not believe that there is any reason to
delay the completion of the exchange offer. In accordance with
the announced timetable, the exchange offer is scheduled to
expire on May 3, 2004.
===========
N O R W A Y
===========
AKER KVAERNER: Wins GBP10.5 Million Overhaul Project
----------------------------------------------------
Invista (previously DuPont Textiles & Interiors) awarded AK
Engineering Services, part of the Aker Kvaerner group, a
contract to overhaul and upgrade the Ketone Alcohol (KA) Non
Boric section of their Adipic Acid plant at Wilton, Teesside in
the U.K. KA is a mixture of cyclohexanone and cyclohexanol and
is an important nylon intermediate.
Invista has nylon intermediate plants in the USA, Europe and the
Far East, and expertise in a range of nylon intermediates
technologies. The plant upgrade part of this project involves
the boric acid technology being replaced with a high-yield
hydrogenation step within the cyclohexane oxidation process.
This will make the process more environmentally friendly than
the current production method and that of any commercial KA
process.
Drawing on these global resources INVISTA was able to design a
retrofit for the Wilton KA plant, which will create one of the
most competitive sites in the world, whilst at the same time
adopting a technology with the lowest environmental impact of
any commercial KA process. Ultimately, the full contract value
to Aker Kvaerner for this project is expected to be
approximately GBP10.5 million, however initially, Aker
Kvaerner's contract will encompass the front-end works (GBP2.5
million).
This is a multi-discipline project, which includes elements of
civil, structural, mechanical, E/I and piping scope. As well as
the traditional overhaul workscope, the project includes the
removal and replacement of existing piping and mechanical items
and the installation of new process equipment.
In order to reduce the workload during and the length of the
shutdown phase, AK Engineering Services aims to maximize the
pre-shutdown phase of the project by pre-installing as much of
the workscope whilst the plant is live. This will need to be
carefully planned and executed to avoid any disruption to
process operations. Any work executed during this period will
be restricted to 'cold' work permits only.
The project will be managed from the AK Engineering Services
office in Stockton-on-Tees, whilst the pipework fabrication will
be handled from its Wilton workshops.
The initial planning commences immediately, and completion of
the whole project is scheduled for early October 2004.
* * *
Aker Kvaerner ASA, through its subsidiaries and affiliates is a
leading global provider of engineering and construction
services, technology products and integrated solutions. The
business within Aker Kvaerner span a number of industries,
including Oil & Gas production, Refining & Chemicals, Mining &
Metals, Pharmaceuticals & Biotechnology, Power Generation and
Pulp & Paper. Aker Kvaerner has aggregated annual revenues of
approximately USD4.5 billion and employs around 22,000 employees
in more than 30 countries. The Aker Kvaerner group consists of
a number of separate legal entities. Aker Kvaerner is used as
the common brand/trademark for most of these entities. The
parent company in the group is Aker Kvaerner ASA. For more
information, visit http://www.akerkvaerner.com
AK Engineering Services is the trading name of Aker Kvaerner
Engineering Services Ltd., and one of the core businesses of the
Aker Kvaerner group in Europe. It provides total asset life
cycle solutions including conceptual design, engineering,
procurement, project management, construction and commissioning,
through to operation and maintenance services, modifications and
process improvements. Also offered are consultancy services in
reliability, business modeling and environmental, health, safety
and risk management.
Invista, a wholly owned subsidiary of DuPont, is the largest
integrated fiber and intermediates business in the world, with
2002 revenues of USD6.3 billion, operating in 50 countries.
Headquartered in Wilmington, Del., it is comprised of three
businesses: Apparel; Interiors and Industrial; and
Intermediates. INVISTA is committed to its customers' growth
through market insights and technology innovations combined with
a powerful portfolio of the best-known global brands and
trademarks in the industry including: LYCRA, TEFLON,
STAINMASTER, ANTRON, COOLMAX, THERMOLITE, CORDURA, SUPPLEX,
TACTEL and in the specialty chemicals business: CORFREEA,
DYTEKA, ADI-PureA and TERATHANEA.
* * *
Fitch rates Aker Kvaerner AS's EUR260 million second priority
lien notes issue 'BB'. The agency's Senior Unsecured rating for
Aker Kvaerner O&G Group AS is 'BB' with a Stable Outlook.
CONTACT: AKER KVAERNER ASA
Vanessa Mourant, London, U.K
Phone: +44 0) 20 7339 1064
Mobile: +44 (0) 7771 806566
Sarah Weyell, Stockton-on-Tees, U.K.
Phone: +44 (0) 1642 602221
===========
P O L A N D
===========
HUTA CZESTOCHOWA: Investigation Clouds Future
---------------------------------------------
Deputy Treasury Ministry Andrzej Szarawarski said it is likely
the government will push through with the tender offer to
privatize Huta Czestochowa steel mill, according to Budapest
Business Journal.
The statement came as the date for an investigation into the
financial aid granted by Poland to the company approaches. The
European Commission scheduled a probe for May 7 to determine
whether the help violated union regulations.
According to the report, given the scenario, the treasury may
wait several months for the judgment, declare the steel mill
bankrupt, or carry on with the search for a new investor. Mr.
Szarawarski predicted the latter, promising that the situation
in the company will be discussed by the government this week.
The tender got mired in the controversy after Ukraine, which
lost the process to British-Indian concern, LNM Group,
questioned the transparency of the proceedings. This forced
Prime Minister Leszek Miller to call for a government review of
the matter.
===========
R U S S I A
===========
8 MARCH: Court Sets July 14 Hearing
-----------------------------------
The Arbitration Court of Bryansk region commenced bankruptcy
supervision procedure on OJSC Novozybkovskaya textile-knitting
factory, 8 March (3204000477). The case is docketed as A09-
873/04-26. Mr. M. Slanko has been appointed temporary
insolvency manager.
Creditors have until May 22, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 243550, Russia,
Bryansk region, Pogar, Polevaya str.6, Phone: (8-08349) 2-17-34.
A hearing will take place on July 14, 2004, 10:00 a.m. at the
Arbitration Court of Bryansk region.
CONTACT: 8 MARCH
243020, Russia, Bryansk region, Novozybkov,
Chapayeva str.28
Mr. M. Slanko, temporary insolvency manager
243550, Russia, Bryansk region, Pogar, Polevaya str.6,
Phone: (8-08349) 2-17-34
Arbitration Court of Bryansk region
Russia, Bryansk, Trudovoy pereulok 6, Hall 603,
Phone: 72-27-34
BARKOL-INVEST: Insolvent Status Confirmed
-----------------------------------------
The Arbitration Court of Kemerovo region declared investment-
commercial finance company, OJSC Barkol-Invest, insolvent and
introduced bankruptcy proceedings. The case is docketed as A27-
10524/2003-4. Mr. V. Davydov has been appointed insolvency
manager. Creditors have until May 12, 2004 to submit their
proofs of claim to the insolvency manager at: 654029, Russia,
Novokuznezk, Vokzalnaya str.10a.
CONTACT: BARKOL-INVEST
654029, Russia, Novokuznezk, Schors str.13
Mr. V. Davydov, insolvency manager
654029, Russia, Novokuznezk, Vokzalnaya str.10a
KARO: Kemerovo Court Appoints Insolvency Manager
------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
supervision procedure on LLC preparation plant Karo. The case
is docketed as A27-3441/2004-4. Mr. B. Volic has been appointed
temporary insolvency manager.
Creditors have until June 12, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 652506, Russia,
Kemerovo region, Leninsk-Kuznezky, Osinniki str.16. A hearing
will take place on August 04, 2004 at the Arbitration Court of
Kemerovo region.
CONTACT: KARO
Russia, Kemerovo region, Kiselevsk
Mr. B. Volic, temporary insolvency manager
652506, Russia, Kemerovo region,
Leninsk-Kuznezky, Osinniki str.16
MAXLEVEL-COAL: Bankruptcy Supervision Procedure Begins
------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
supervision procedure on LLC Maxlevel-Coal. The case is
docketed as A27-2878/2004-4. Mr. A. Kolmagorov (Moscow) has
been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 650070,Russia, Kemerovo,
Pereulok Scheglovsky 10a-66. A hearing will take place on July
8, 2004, 3:00 p.m. at the Arbitration Court of Kemerovo region.
CONTACT: MAXLEVEL-COAL
654901, Russia, Kemerovo region,
Novokuznezky district, Klychi
Mr. A. Kolmagorov, temporary insolvency manager
650070,Russia, Kemerovo, Pereulok Scheglovsky 10a-66
Arbitration Court of Kemerovo region:
650009, Kemerovo, Krasnaya str.8
MUROM BRICKWORKS: Under External Management Bankruptcy Procedure
----------------------------------------------------------------
The Arbitration Court of Vladimir region has commenced an 18-
month external management bankruptcy procedure on SUE Murom
Brickworks. The case is docketed as A11-6451/2003-K1-20B. Mr.
V. Schelchkov (Moscow) has been appointed external insolvency
manager.
Creditors are asked to submit their proofs of claim to the
insolvency manager at: 601911, Russia, Vladimir region, Kovrov,
Stroiteley str.39/190.
CONTACT: MUROM BRICKWORKS
Russia, Vladimir region, Murom, Melenkovskoye shosse
Mr. V. Schelchkov, insolvency manager
601911, Russia, Vladimir region, Kovrov,
Stroiteley str.39/190
Arbitration Court of Vladimir region
600025, Russia, Vladimir, Oktyabrsky prosp.14
OBORON-ENERGO: Court Commences Bankruptcy Procedure
---------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on defense-power company, CJSC Oboron-
Energo. The case is docketed as A40-7593/04-86-6B. Mr. V.
Karnauh has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to temporary
insolvency manager at: 127323, Russia, Moscow, Post User Box 46.
A hearing will take place on July 22, 2004, 10:00 a.m. at the
Arbitration Court of Moscow: Moscow, Scaterny pereulok 4, Hall
23.
CONTACT: OBORON-ENERGO
117342, Russia, Moscow, Butlerova str.17.
Mr. V. Karnauh, temporary insolvency manager
127323, Russia, Moscow, Post User Box 46
Arbitration Court of Moscow:
Russia, Moscow, Scaterny pereulok 4, Hall 23
PERM-HYDRO-MECH: Declared Insolvent
-----------------------------------
The Arbitration Court of Perm region declared CJSC Perm-Hydro-
Mech insolvent and introduced bankruptcy proceedings. The case
is docketed as A50-10884\2003-B. Mr. N. Kashapov has been
appointed insolvency manager. Creditors have until May 22, 2004
to submit their proofs of claim to the Arbitration Court of Perm
region at: 614068, Russia, Perm, Kommunisticheskaya str.103.
CONTACT: Arbitration Court of Perm region:
614068, Russia, Perm, Komunisticheskaya str.103
SIBERIAN OIL: Downgrade Looms as Owner Struggles to Survive
-----------------------------------------------------------
Moody's Investors Service placed the ratings of OAO Siberian Oil
Company under review for possible downgrade after the freezing
of assets of its majority shareholder, Yukos Oil Company. The
ratings affected are Ba2 senior implied and Ba3 senior unsecured
note ratings.
The Moscow Arbitration Court recently decided to hold Yukos'
assets at the request of the tax authorities who said the firm
had US$3.5 billion in unpaid taxes. The court will hand its
judgment on May 7. Adding pressure to Yukos' liquidity is the
potential event of default in relation to a US$1 billion pre-
export secured loan banking syndicate. Sibneft, which is 92%-
owned by Yukos, faces an uncertain future should Yukos become
insolvent.
Moody's said: "the review for possible downgrade reflects the
potential impact on Sibneft of the rising financial demands
being placed on Yukos." It is not sure, however, how this would
hit Sibneft since its ownership is still in dispute.
SIB-NEFTE: Falls into Bankruptcy
--------------------------------
The Arbitration Court of Khanti-Mansiysky autonomous region
commenced bankruptcy supervision procedure on oil-gas building
company, CJSC Sib-Nefte-Gaz-Story. The case is docketed as A75-
182-B/04. Mr. E. Maratkanov has been appointed temporary
insolvency manager.
Creditors have to submit their proofs of claim to the temporary
insolvency manager at: 628181, Russia, Tyumen region, Khanti-
Mansiysky autonomous region, Nyagan-1, Post User Box 19. A
hearing will take place on June 21, 2004 at the Arbitration
Court of Khanti-Mansiysky autonomous region.
CONTACT: SIB-NEFTE-GAZ-STORY
627780, Russia, Tyumen region, Khanti-Mansiysky
autonomous region, Oktyabrsky district, Unjyugan,
Mir pereulok 3
Mr. E. Maratkanov, temporary insolvency manager
628181, Russia, Tyumen region, Khanti-Mansiysky
autonomous region, Nyagan-1, Post User Box 19
VELIKIE LUKI: Deadline for Proofs of Claim July 22
--------------------------------------------------
The Arbitration Court of Pskov region commenced bankruptcy
supervision procedure on CJSC furniture factory, Velikie Luki.
The case is docketed as A52/4597/2003/4. Mr. E. Babaev has been
appointed temporary insolvency manager.
Creditors have until July 22, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 180000, Russia,
Pskov, Sovetskaya str.52, office 23. A hearing will take place
on May 24, 2004, 10:00 a.m. at the Arbitration Court of Pskov
region.
CONTACT: VELIKIE LUKI
182100, Russia, Pskov region, Velikie Luki, Gagarin
str.127a
Ms. O. Zinina, temporary insolvency manager
302004, Russia, Orel region, 5-August str.54,
Post User Box 56
VLAD-NEFTE: Court Sets July 22 Hearing
--------------------------------------
The Arbitration Court of Vladimir region commenced bankruptcy
supervision procedure on oil-and-gas company, LLC Vlad-Nefte-
Gas-Product. The case is docketed as A11-779/2004-K1-16B. Mr.
A. Sheblov has been appointed insolvency manager.
Creditors are asked to submit their proofs of claim to the
insolvency manager at: 600009, Russia, Vladimir,
Elektozavodskaya str.7/207. A hearing will take place on July
22, 2004, 1:30 p.m. at the Arbitration Court of Vladimir region.
CONTACT: VLAD-NEFTE-GAS-PRODUCT
Mr. A. Sheblov, temporary insolvency manager
600009, Russia, Vladimir, Elektozavodskaya str. 7/207
YUKOS OIL: Notified of Potential Default Event
----------------------------------------------
Yukos Oil Company received a notice (dated April 23, 2004 from
the lenders participating in Yukos' US$1 billion pre-export
facility secured term loan) that the lenders consider that a
Potential Event of Default has occurred.
The Potential Event of Default notice relates primarily to the
tax claim for RUB99,375,538,234 filed against Yukos on April 14,
2004 and the order granted by the Moscow Arbitration Court dated
April 15, 2004 prohibiting Yukos from disposing of or
encumbering its asserts. The notice provides that Yukos and
associated companies may continue their export trading
activities related to the loan without restriction, but that the
lenders may exercise their rights with respect to certain bank
accounts over which security has been granted in favor of the
lenders at their discretion in the future. Yukos has been
meeting repeatedly with its lenders and will continue to
maintain such discussions and take such actions as it deems
appropriate to ensure that all obligations under the financing
agreements are met.
Yukos CFO Bruce Misamore said, "This notice by the lending group
is a direct result of the actions of the Ministry of Taxes in
its attempt to claim taxes, penalty interest, fines and
penalties from Yukos which are not due. The actions of the
Ministry of Taxes have reduced, in the view of Yukos' lenders
and credit rating agencies, Yukos' creditworthiness and have
also caused considerable anxiety to a number of the largest
financial institutions in the world."
Societe Generale S.A. is Coordinating Bank, Facility Agent and a
Mandated Lead Arranger for the facility. Mandated Lead
Arrangers for the facility are Citibank N.A., Commerzbank AG,
Credit Lyonnais S.A., Deutsche Bank AG, HSBC Bank Plc, ING Bank
N.V., KBC Bank N.V., BNP Paribas, and UFJ Bank Nederland N.V.
Passport banks are JSC Bank Societe General Vostok (Moscow),
Commerzbank (Eurasija) SAO ( Moscow) and Credit Lyonnais Rusbank
Societe Anonyme (Moscow).
CONTACT: YUKOS OIL COMPANY
International Information Department:
Hugo Erikssen
Phone: + 7 095 540-63-13
E-mail: inter@yukos.ru
Press Service:
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
Investor Relations
Alexander Gladyshev
Phone: +7095 788-00-33
E-mail: investors@yukos.ru
=====================
S W I T Z E R L A N D
=====================
ADECCO SA: Creditors Extend Deadline for Audited Results
--------------------------------------------------------
The Board of Directors of Adecco S.A. received an initial
extension to May 3, 2004 of its obligation to deliver 2003
audited financial statements under the terms of its Syndicated
Loan Facility. The Company is currently discussing with its
lenders a longer-term extension beyond the 3 May 2004 deadline.
About Adecco
Adecco S.A. is a Forbes 500 company and the global leader in HR
Solutions. The Adecco Group network connects 600,000 associates
with business clients each day through its network of 28,000
employees and more than 5,800 offices in 68 territories around
the world. Registered in Switzerland, and managed by a
multinational team with expertise in markets spanning the globe,
the Adecco Group delivers an unparalleled range of flexible
staffing and career resources to corporate clients and qualified
associates.
The Adecco Group comprises three Divisions, Adecco Staffing,
Ajilon Professional and LHH Career Services. In Adecco
Staffing, the Adecco staffing network focuses on flexible
staffing solutions for global industries in transition,
including automotive, banking, electronics, logistics and
telecommunications; Ajilon Professional offers an unrivalled
range of specialized consulting and project management
businesses and LHH Career Services encompasses our portfolio of
outplacement and coaching.
Adecco S.A. is registered in Switzerland and its shares (ISIN:
CH0012138605) are listed on the Swiss Stock Exchange with
trading on Virt-x (SWX/VIRT-X:ADEN), the New York Stock Exchange
(NYSE:ADO) and Euronext Paris - Premier Marche (EURONEXT: ADE).
Additional information is available at the Company's Web site at
http://www.adecco.com
CONTACT: ADECCO SA
Media Centre
Phone: +41 1 878 8888
=============
U K R A I N E
=============
AGROPROMSERVIS: Under Bankruptcy Supervision Procedure
------------------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
supervision procedure on LLC PCF Agropromservis. The case is
docketed as 2/17-04-1033. Arbitral manager Mr. Darienko V. D.
(license holder AA 250028 approved November 19, 2004) has been
appointed temporary insolvency manager.
Creditors have until May 22, 2004 to submit their proofs of
claim to the ECONOMIC COURT OF ODESA REGION at: 65032, Ukraine,
Odesa, Shevchenko avenue, 4.
Agropromservis holds account number, 260002268 at APPB Aval, MFO
328351.
CONTACT: AGROPROMSERVIS
Ukraine, Odesa, Segedska str., 18
ECONOMIC COURT OF ODESA REGION
65032, Ukraine, Odesa, Shevchenko avenue, 4
KARNA: Falls into Bankruptcy
----------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on joint enterprise Karna (code EDRPOU
21367271) in March. The case is docketed as 14/718. Arbitral
manager Mr. Pshenichnij Sergij (license holder AA 250213
approved December 24, 2001) has been appointed temporary
insolvency manager.
Creditors have until May 22, 2004 to submit their proofs of
claim to the:
(a) Temporary Insolvency Manager: 18000, Ukraine, Cherkassy,
Vernigora str., 16/6
(b) ECONOMIC COURT OF CHERCASSY REGION: 18005, Ukraine,
Cherkassy, Shevchenko str., 307
Karna maintains account number, 26006301785078 at
Prominvestbank, Central branch of Cherkassy, MFO 354091.
CONTACT: KARNA
Ukraine, Cherkassy, Hreshatik str., 200/80
Mr. Pshenichnij Sergij, Temporary Insolvency Manager
18000, Ukraine, Cherkassy, Vernigora str., 16/6
ECONOMIC COURT OF CHERCASSY REGION
18005, Ukraine, Cherkassy, Shevchenko str., 307
NOVOGRAD-VOLINSKIJ: Zhitomir Court Appoints Insolvency Manager
--------------------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on OJSC Novograd-Volinskij Rajagrohim
(code EDRPOU 05488549). Arbitral manager Mr. Mr. Dunayevskij U.
B. (license holder AA 250042 approved November 19, 2001) has
been appointed temporary insolvency manager. Creditors have
until May 22, 2004 to submit their proofs of claim.
Novograd-Volinskij Rajagrohim holds account number,
26009301935472 at Prominvestbank, Novograd-Volinski branch, MFO
311711.
CONTACT: NOVOGRAD-VOLINSKIJ RAJAGROM
Ukraine, Novograd-Volinski, Korostenko str., 160
Mr. Dunayevskij U. B., Temporary Insolvency Manager
Ukraine, Zhitomir, Vitruk str., 47/5
ARBITRATION COURT OF ZTOMIR REGION
10000, Ukraine, Zhitomir, Putyatinski square, 3/65
OCHAKIVSK FOOD: Declared Insolvent
----------------------------------
The Economic Court of Mikolaiv region declared OJSC Ochakivsk
Food-Taste (code EDRPOU 00376805) insolvent and introduced
bankruptcy proceedings on April 1, 2004. The case is docketed
as 14/142. Arbitral manager Mrs. Dudnikova N.G. (license holder
AA 630150 approved January 17, 2004) has been appointed
liquidator/insolvency manager.
CONTACT: OCHAKIVSK FOOD-TASTE
57500, Ukraine, Mikolaiv region,
Ochakiv, Olvijska str., 3
Mrs. Dudnikova N.G., Liquidator/Insolvency Manager
54000, Ukraine, Mikolaiv, Admiralska str., 29/19
Phone: 8 (0512) 35-90-61
ARBITRATION COURT OF MIKOLAIV REGION
54009, Ukraine, Mikolaiv, Admiralska str., 22
OSER: Chernigiv Court Appoints Insolvency Manager
-------------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
supervision procedure on OJSC kozeletsk plant of grocery goods
Oser (code EDRPOU 00381195). The case is docketed as 9/95b.
Arbitral manager Mr. Letskan Vjacheslav (license holder AA
419239 approved October 21, 2002) has been appointed temporary
insolvency manager.
Creditors have until May 22, 2004 to submit their proofs of
claim to the:
(a) Temporary Insolvency Manager at: 03057, Ukraine, Kyiv,
Dovzhenko str., 16/42
(b) ARBITRATION COURT OF CHERNIGIV REGION: 14000, Ukraine,
Chernigiv, Miru avenue, 20
Oser maintains account number, 260002845 at APPB Aval, MFO
353348.
CONTACT: OSER
30455, Hmelnitski region, Shepetivsk district, village
Velika Shkarivka
Mr. Letskan Vjacheslav, Temporary Insolvency Manager
03057, Ukraine, Kyiv, Dovzhenko str., 16/42
ARBITRATION COURT OF CHERNIGIV REGION
14000, Ukraine, Chernigiv, Miru avenue, 20
PROMIN: Sets May 22 Deadline for Proofs of Claim
------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on agricultural LLC Promin (code EDRPOU
21315179) in February. The case is docketed as 2/68-B.
Arbitral manager Mr. Poberezhnij Volodimir (license holder AA
668306 approved October 16, 2003) has been appointed temporary
insolvency manager.
Creditors have until May 22, 2004 to submit their proofs of
claim to the:
(a) Temporary Insolvency Manager: Ukraine, Hmelnitskij,
Starokostyantinivske Shose str., 22/64
(b) ECONOMIC COURT OF HMELNITSKIJ REGION: 29000, Ukraine,
Hmelnitskij, Nezalezhnosti square, 1
Promin maintains account number, 26001301211760 at
Prominvestbank, Central branch of Hmelnitskij.
CONTACT: PROMIN
31200, Hmelnitskij region, Volochisk district,
Petrikivtsi
Mr. Poberezhnij Volodimir,
Temporary Insolvency Manager
Ukraine, Hmelnitskij, Starokostyantinivske Shose str.,
22/64
ECONOMIC COURT OF HMELNITSKIJ REGION
29000, Ukraine, Hmelnitskij, Nezalezhnosti square, 1
STOLITSYA-BAJLLS: Insolvent Status Confirmed
--------------------------------------------
The Economic Court of Kyiv region declared LLC Stolitsya-Bajlls
(code EDRPOU 30272440) insolvent and introduced bankruptcy
proceedings on April 4, 2004. The case is docketed as 50/11b-
04. Arbitral manager Mr. Kitsula Sergij (license holder AA
487782 approved April 23, 2003) has been appointed liquidator/
insolvency manager.
Stolitsya-Bajlls holds account number, 2600731956 at JSB
Pivdennij of Kyiv, MFO 320917.
CONTACT: STOLITSYA-BAJLLS
08200, Ukraine, Kyiv region, Irpin, Shevchenko str., 7
Mr. Kitsula Sergij, Liquidator/Insolvency Manager
03127, Ukraine, Kyiv, Lomonosov str., 11/1
Phone: (044) 257-38-02
Mobile: 8 067 295-08-03
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv, B. Hmelnitskogo, 44-B
TEHNION-WINNER: Declared Bankrupt
---------------------------------
The Economic Court of Odesa region declared LLC Tehnion-Winner-
Ford (code EDRPOU 3103479) insolvent and introduced bankruptcy
proceedings on March 15, 2004. The case is docketed as 21/194-
03-7419. Arbitral manager Mrs. Safronova Svitlana (license
holder AA 250014 approved November 19, 2001) has been appointed
liquidator/insolvency manager.
CONTACT: TEHNION-WINNER-FORD
Ukraine, Odesa, Promislova str., 37
ARBITRATION COURT OF ODESA REGION
65032, Ukraine, Odesa, Shevchenko avenue, 4
ULKAN-OPT: Under Bankruptcy Supervision Procedure
-------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on LLC Ulkan-Opt (code EDRPOU 31325408) in
March. The case is docketed as 5/256-04. Arbitral manager Mr.
Mishishin Mihajlo (license holder AA 047756 approved October 1,
2001) has been appointed temporary insolvency manager.
Creditors have until May 22, 2004 to submit their proofs of
claim to the temporary insolvency manager at: Ukraine,
Vinnitsya, Kozitski str., 36/427.
Ulkan-Opt maintains account number, 26008279748001, at VF CB
Privatbank, MFO 302689.
CONTACT: ULKAN-OPT
Ukraine, Vinnitsya, Vatutin str., 137
Mr. Mr. Mishishin Mihajlo,
Temporary Insolvency Manager
Ukraine, Vinnitsya, Kozitski str., 36/427
Phone: 35-30-58; 32-28-58
ARBITRATION COURT OF VINNITSYA REGION
21036, Ukraine, Vinnitsya, Hmelnitske shoes, 7
YENAKIEVSKE AUTO: Declared Insolvent
------------------------------------
The Economic Court of Donetsk region declared OJSC Yenakievske
Auto Enterprise (code EDRPOU 05517848) insolvent and introduced
bankruptcy proceedings on March 4, 2004. The case is docketed
as 15/152B. Arbitral manager Mr. Menzarenko Yurij (license
holder AA 250217 approved December 24, 2001) has been appointed
liquidator/insolvency manager.
CONTACT: YENAKIEVSKE AUTO ENTERPRISE
Ukraine, Donetsk region, Yenakievo, Revkomivska, 1
Mr. Menzarenko Yurij, Liquidator / Insolvency Manager
86405, Ukraine, Donetsk region, Yenakievo,
Kosmonavti str., 19
Phone: 8 (050) 62-82-712
ARBITRATION COURT OF DONETSK REGION
83048, Ukraine, Donetsk, Artem str., 157
===========================
U N I T E D K I N G D O M
===========================
ACCOUNTANCY FINANCIAL: Shareholders Pass Winding up Resolution
--------------------------------------------------------------
At an Extraordinary General Meeting of the Accountancy Financial
Services Limited Company on April 16, 2004 held at 12 Warwick
Street, Earlsdon, Coventry CV5 6ET, the subjoined Special
Resolution to wind up the Company was passed. M T Coyne of
Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH has been
appointed Liquidator for the purpose of such winding-up.
CONTACT: POPPLETON & APPLEBY
35 Ludgate Hill,
Birmingham B3 1EH
Contact:
M T Coyne, Liquidator
ALDGATE REAL: Calls in Liquidator
---------------------------------
At an Extraordinary General Meeting of the Aldgate Real Estate
Limited Company on April 16, 2004 held at 105-111 Euston Street,
London NW1 2EW, 16 April 2004, the subjoined Special Resolution
to wind up the Company was passed. Salman Saud has been
appointed Liquidator for the purpose of such winding-up.
A W ENGINEERING: Hires Liquidator
---------------------------------
At an Extraordinary General Meeting of the Members of the A W
Engineering (U.K.) Limited Company on April 19, 2004 held at St
Marks House, 3 Gold Tops, Newport, South Wales NP20 4PG, the
Extraordinary Resolution to wind up the Company was passed. Ray
Purnell of Purnells, St Marks House, 3 Gold Tops, Newport, South
Wales NP20 4PG has been nominated Liquidator for the purpose of
the winding-up.
CONTACT: PURNELLS
St Marks House,
3 Gold Tops, Newport,
South Wales NP20 4PG
Contact:
Ray Purnells, Liquidator
BRAEMAR HOMES: Hires Begbies Traynor Liquidator
-----------------------------------------------
At an Extraordinary General Meeting of the Members of the
Braemar Homes Limited Company on April 7, 2004 held at 23-38
Hythe Bridge Street, Oxford OX1 2ET, the Special and Ordinary
Resolutions to wind up the Company were passed. Andrew Howard
Beckingham and Simon Robert Haskew of Begbies Traynor, 58 Queen
Square, Bristol BS1 4LF have been appointed Joint Liquidators
for the purpose of such winding-up.
CONTACT: BEGBIES TRAYNOR
58 Queen Square
Bristol BS1 4LF
Contact:
Andrew Howard Beckingham, Liquidator
Simon Robert Haskew, Liquidator
BYLINE PUBLIC: Winding up Resolution Passed
-------------------------------------------
At an Extraordinary General Meeting of the Members of the Byline
Public Relations Limited Company on April 14, 2004 held at 4
Riverview, Walnut Tree Close, Guildford, Surrey GU1 4UX, the
Extraordinary Resolution to wind up the Company was passed.
Christopher Andrew Britten of 4 Riverview, Walnut Tree Close,
Guildford, Surrey GU1 4UX has been nominated Liquidator for the
purpose of the winding-up.
CONTACT: Christopher Andrew Britten, Liquidator
4 Riverview, Walnut Tree Close,
Guilford, Surrey GU1 4UX
CAITHNESS HOLDINGS: Creditors Meeting Set May 12
------------------------------------------------
In accordance with section 48(2) of the Insolvency Act 1986, a
Creditors Meeting of the Caithness Holdings Ltd Company will be
on May 12, 2004 at 10:15 a.m. It will be held at the Ramada
Jarvis Hotel, West Mill Street, Perth PH1 5QP. This is in
accordance with Rule 3.11(1) of the Insolvency Rules 1986, a
Creditor is entitled to vote only if:
(a) Details of the debt claimed are submitted to the Receivers
in writing no later than 12:00 noon, May 11, 2004 and
(b) Where the Creditor cannot attend in person, a form of proxy
which the Creditor intends to be used on his behalf is
lodged with the Receivers before the Meeting.
Creditors whose claims are fully secured are not entitled to
attend or be represented at the Meeting. Unsecured Creditors
may request a free copy of the Administrative Receivers' report
to be sent to them. Claims, proxies or requests should be sent
to the Administrative Receivers at Deloitte & Touche LLP, Lomond
House, 9 George Square, Glasgow G2 1QQ.
CONTACT: DELOITTE & TOUCHE
Lomond House
9 George Square,
Glasgow G2 1QQ
Contact:
J C Reid, Joint Administrative Receiver
A P Peters, Joint Administrative Receiver
CORUS GROUP: Sells U.K. Sheet Piling Commercial Operations
----------------------------------------------------------
As part of its ongoing U.K. restructuring program and Restoring
Success initiative, Corus has agreed the sale of its U.K. hot
rolled sheet piling commercial operations (sales and technical
sales businesses) to Arcelor. These businesses have a nil net
asset value within Corus.
Sheet piling is not regarded as a core product and therefore the
sale will allow Corus to focus investment and resources on
strategic products and facilities.
* * *
In 2003, Corus' hot rolled sheet piling sales amounted to 48,000
tons to U.K. customers and exports of 106,000 tons.
CURTIS FINE: Begins Consultation on Closure of Dalmore Mill
-----------------------------------------------------------
Curtis Fine Papers has on Monday said following a thorough
review of its business, it is considering the consolidation of
papermaking on a single site. Consultation has begun on
potential redundancies and possible closure of the company's
Dalmore mill, near Edinburgh.
The independent Scottish papermaker has told the workforce of
127 people at the Dalmore paper mill that their jobs are at
risk.
Managing director Alban Denton announced the consultation on
potential redundancies at a company meeting at Dalmore following
talks with GPMU (Graphical, Paper & Media Union) trade union
officials. He later told employees that the company would work
with representatives of the workforce to look at ways of
avoiding redundancies, reducing redundancies or to help minimize
the effect of redundancy at the Dalmore mill.
The managerial, administrative and process jobs at risk
represent 25% of the total workforce at Curtis Fine Papers which
also operates a larger paper mill employing 305 people at
Guardbridge, near St Andrews.
Tough trading conditions in key markets have turned a GBP1.28m
profit in 2002 into a loss of GBP269,000 in 2003 but the company
aims to return to profit in twelve months by focusing on
profitable business, reducing costs and operating from a single
site.
Over the last two years Curtis Fine Papers has invested GBP2
million in advanced process control equipment at both mills and
acquired the specialty papers business of Klippan International.
In common with other fine paper businesses, Curtis has been
affected by the global slump in the advertising sector and the
impact of falling demand for print media.
Confidence in the future of the business is focused on new
product developments coming on stream and expansion in new
geographical areas.
DESIGN APPLICATIONS: Hires Administrative Receiver
--------------------------------------------------
Name of Company: Design Applications International Limited
Nature of Business:
Manufacture of Other Fabricated Metal Products
Registered Office of Company: Unit 12C Bradley Hall Industrial
Estate, Standish, Wigan WN6 0XQ
Trade Classification: 2875
Date of Appointment: April 20, 2004
Administrative Receiver: MILNER BOARDMAN & PARTNERS
Century House,
Ashley Road, Hale,
Cheshire WA15 9TG
Receivers:
Colin Burke
Gary J Corbett
(IP Nos 8803, 9018)
EMELCO PROPERTIES: Final Meeting Set June 3
-------------------------------------------
There will be a Final Meeting of the Emelco Properties Limited
on June 3, 2004 at 10:00 a.m. It will be held at 35 Ballard
Lane, Finchley, London N3 1XW. The purpose of the Meeting is to
lay before the Members the account how the winding up of the
Company has been conducted.
FATROE LIMITED: Carey Olsen Appoints Wilkins Kennedy Receiver
-------------------------------------------------------------
Name of Company: Fatroe Limited
Reg No 2764386
Previous Names of Company:
Job Councellors Limited and ICM Careercare Limited
Nature of Business: Other Business Activities
Trade Classification: 7487
Date of Appointment of Joint Administrative Receivers:
April 15, 2004
Name of Person Appointing the Joint Administrative Receivers:
Carey Olsen Trust Company (Guernsey) Limited as Trustees of the
Malta Trust
Joint Administrative Receivers: WILKINS KENNEDY
Risborough House,
38-40 Sycamore Road, Amersham,
Buckinghamshire HP6 5DZ
Receivers:
Stephen Paul Grant
Keith Aleric Stevens
(Office Holder Nos 008929,
008065)
FINANCETRACK LIMITED: Meeting of Creditors Set May 14
-----------------------------------------------------
There will be a Creditors Meeting of the Financetrack Limited on
May 14, 2004 at 10:00 a.m. It will be held at Albany House, 18
Theydon Road, London E5 9NZ.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy form must be submitted together with written
debt claims to Albany House, 18 Theydon Road, London E5 9NZ not
later than 12:00 noon, May 13, 2004.
CONTACT: S Franklin, Administrative Receiver
Albany House
18 Theydon Road,
London E5 9NZ
FIVESOUTH LIMITED: Appoints Liquidator from Unique Business
-----------------------------------------------------------
At an Extraordinary General Meeting of the Fivesouth Limited
Company on April 15, 2004 held at Buchan Park Kennels & Cattery,
Crawley South West by Passage, Pease, Crawley RH11 9AQ, the
Extraordinary Resolution to wind up the Company was passed.
Mark Prideaux of Unique Business Finance Ltd, Unit 6, Lockside
Office Park, Lockside Road, Preston PR2 2YS has been appointed
Liquidator for the purpose of such winding-up.
CONTACT: UNIQUE BUSINESS FINANCE LTD
Unit 6, Lockside Office Park,
Lockside Road, Preston PR2 2YS
Contact:
Mark Prideaux, Liquidator
FLEMING INCOME: Members Meeting Set May 28
------------------------------------------
Pursuant to section 94 of the Insolvency Act 1986, a Final
Meeting of Members of The Fleming Income & Capital Investment
Trust PLC Company will be on May 28, 2004 at 10:30 a.m. It will
be held at the offices of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT.
The purpose of the Meeting is to lay before the Members the
account how the winding up of the Company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Plumtree Court,
London EC4A 4HT
Contact:
R Setchim, Joint Liquidator
FORGE SIGNMAKERS: In Administrative Receivership
------------------------------------------------
Name of Company: Forge The Signmakers Limited
Nature of Business: Sign Makers
Registered Office of Company: Forge House, Scarborough Business
Park, Scarborough YO11 3UT
Trade Classification: 25240-Manufacture of Other Plastic
Products
Date of Appointment: April 1, 2004
Administrative Receivers: William Duncan
(IP No 06640)
Knowle House,
4 Norfolk Park Road,
Sheffield S2 3QE
Kerry Bailey
(IP No 08780)
Sovereign House,
Queen Street,
Manchester M2 5HR
GEMINVEST LIMITED: Shareholders General Meeting Set May 28
----------------------------------------------------------
There will be a General Meeting of the Geminvest Limited Company
on May 28, 2004 at 11:00 a.m. It will be held at 180 Strand,
London WC2R 1WL.
The purpose of the Meeting is to lay before the Members the
account how the winding up of the Company has been conducted.
Creditors who want to be represented at the Meeting may appoint
proxies.
CONTACT: J R D Smith, Joint Liquidator
180 Strand, London WC2R 1WL
G E PETHERWICK: Hires Reynolds Liquidator
-----------------------------------------
At an Extraordinary General Meeting of the Members of the G E
Petherwick Limited Company on April 15, 2004 held at Novotel,
Knebworth Park, Stevenage, Hertford SG1 2AX, the Extraordinary
and Ordinary Resolutions to wind up the Company were passed.
Mark S Reynolds of 4 Dancaster House, 14 Arcadia Avenue, London
N3 2HS has been appointed Liquidator for the purpose of such
winding-up.
CONTACT: Mark S Reynolds, Liquidator
4 Dancaster House,
14 Arcadia Avenue, London N3 2HS
G F BRIDGMAN: Sets General Meeting May 25
-----------------------------------------
There will be a General Meeting of the Members of the G F
Bridgman Limited Company on May 25, 2004 at 11:30 a.m. It will
be held at the offices of Lake Bushells, 129 New London Road,
Chelmsford, Essex CM2 0QT.
The purpose of the Meeting is to lay before the Members the
account how the winding up of the Company has been conducted.
Creditors who want to be represented at the Meeting may appoint
proxies.
CONTACT: LAKE BUSHELLS
129 New London Road
Chelmsford, Essex CM2 0QT
GOODNIGHT BEDS: Calls in Liquidator
-----------------------------------
At a General Meeting of the Members of the Goodnight Beds
Limited Company on April 13, 2004, the Extraordinary and
Ordinary Resolutions to wind up the Company were passed. John
Kelmanson and Elias Paouron have been appointed Joint Liquidator
for the purpose of such winding-up.
CONTACT: John Kelmanson, Liquidator
Elias Paouron, Liquidator
HHG PLC: Sells Virgin Money Shareholding for GBP90 Million
----------------------------------------------------------
HHG PLC completed the sale of its 50% joint venture holding in
Virgin Money Group to the Virgin Group for a cash consideration
of GBP90 million. Of the consideration, GBP50 million was paid
on completion with two further unconditional installments of
GBP20 million each, payable in 12 and 24 months.
At December 31, 2003, Virgin Money's assets under management
amounted to GBP2.1 billion. It is anticipated that Henderson
Global Investors will continue to manage the assets of Virgin
Money until at least the end of 2005. For the 12 months to
December 31, 2003, HHG reported a profit share from its Virgin
Money investment of GBP2 million.
The sale consideration (cash and the deferred consideration) of
GBP90 million will be used to repay a GBP91 million loan
(including accrued interest) from Pearl Assurance plc
shareholder fund to Virgin Money. The net sale consideration is
GBP75 million, reflecting the discounting (for accounting
purposes) of amounts receivable in future years, provisions in
respect of certain indemnities given under the transaction and
transaction expenses. The Embedded Value for Life Services
within the HHG Group is expected to be increased by this net
sale consideration of GBP75 million.
HHG's interest in Virgin Money was equity accounted at a
consolidated level, thereby taking account of accumulated
losses, and was included in HHG's Group accounts at a net book
value under U.K. GAAP of GBP57 million at December 31, 2003.
Based on this net book value and the net consideration of GBP75
million, an exceptional profit on sale of GBP18 million arises
under U.K. GAAP in 2004.
The transaction will reduce the excess regulatory capital of
Pearl by GBP34 million due to the deferred consideration. It
is, however, expected to benefit the future regulatory capital
position of Pearl by mitigating the potential adverse impact of
proposals outlined in the Financial Services Authority's
Consultation Paper 204 due for implementation in 2005.
Commenting on the disposal, HHG Chief Executive Roger Yates
said: "Before the listing of HHG, we made it clear that we were
exploring the potential sale of our stake in Virgin Money as a
way of maximizing the value of the investment. We believe this
transaction is a good outcome for HHG and Virgin Money."
CONTACT: HHG PLC
4 Broadgate
London EC2M 2DA
Registered in England
No. 2072534
ABN 30 106 988 836
Contact:
Gail Williamson, Director Investor Relations
Phone: +44 20 7818 5310
E-mail: Investor.relations@hhg.com
Media - U.K.
Alex Child-Villiers, Financial Dynamics
Rob Bailhache, Financial Dynamics
Phone: +44 20 7269 7190
HHG Media - Australia
Graham Canning, Cannings
Catherine Frost, Cannings
Phone: +61 2 9252 0622
Virgin Money Media - U.K
Tony Wood
Phone: +44 (0) 7710 586 091
Virgin Money Media - Australia
Kirsty Lamont
Phone: +61 (0) 400 411 148
IMPERIAL CHEMICALS: To Discuss First-quarter Results Today
----------------------------------------------------------
Full details of the announcement plus the usual results
slidecast will be available on this Web site today. Following
the announcement to the London Stock Exchange at approximately
7:00 a.m., an analyst's briefing will be held at the UBS Warburg
Conference Center in London at 9:00 a.m.
Chief Financial Officer Tim Scott will review the company's
performance and will take questions. Please note ...no
information will be displayed before 9:00 a.m. GMT on Thursday.
The slidecast can only be viewed with Windows Media Player.
* * *
After a difficult 2003, Imperical Chemical said at its trading
statement in March: "Now, at the beginning of 2004, we believe
we have made progress on a number of fronts. We also are
cautiously optimistic of an upturn in the business climate but
wary of predicting its timing.
INVENSYS PLC: Divests Powerware Business for US$560 Million
-----------------------------------------------------------
Invensys plc signed an agreement to sell its Powerware business
to Eaton Corporation for a gross cash consideration of US$560
million. Proceeds from this disposal will be used to further
reduce the Group's debt and legacy liabilities.
Powerware is a leading global provider of comprehensive power
quality and power management solutions, primarily serving the
computer, telecoms, institutional and corporate data service
industries. In the year ended March 31, 2003, the business
reported sales of GBP463 million and operating profit1 of GBP23
million. The net operating assets of Powerware, which are the
subject of the disposal, were GBP88 million at March 31, 2003
and goodwill at that date amounted to GBP507 million, of which
GBP363 million had been written off to reserves.
The transaction is expected to complete by the end of June.
The sale of the Powerware business is conditional upon, among
other things, the approval of Invensys Shareholders at an
Extraordinary General Meeting. A circular will be sent to the
Shareholders in due course setting out full details of the
disposal and a notice of the Extraordinary General Meeting to
consider and, if thought fit, to approve the disposal.
Chief Executive Rick Haythornthwaite said:
"Following our successful refinancing, the sale of Powerware is
another step in the turnaround of Invensys and the strengthening
of our balance sheet. Our focus now is very much on driving the
growth and profitability of the businesses that we are
retaining."
CONTACT: INVENSYS
Brunswick
Victoria Scarth
Mike Davies
Phone: + 44 (0) 20 7821 3755
Nick Claydon
Ben Brewerton
Phone: +44 (0) 20 7404 5959
I Q DATA: Names Crawfords Liquidator
------------------------------------
At an Extraordinary General Meeting of the Members of the I Q
Data Limited Company on April 20, 2004 held at Crawfords,
Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB,
the Extraordinary Resolution to wind up the Company was passed.
David Norman Kaye of Crawfords, Stanton House, 41 Blackfriars
Road, Salford, Manchester M3 7DB has been nominated Liquidator
for the purpose of the winding-up.
CONTACT: CRAWFORDS
Stanton House,
41 Blackfriars Road,
Salford, Manchester M3 7DB
Contact:
David Norman Kaye, Liquidator
KINGSWAY PROPERTY: Members General Meeting Set June 3
-----------------------------------------------------
Pursuant of section 94 of the Insolvency Act 1986, there will be
a General Meeting of the Kingsway Property Limited Company on
June 3, 2004 at 10:15 a.m. It will be held at Mountview Court,
1148 High Road, Whetstone, London N20 0RA.
The purpose of the Meeting is to lay before the Members the
account how the winding up of the Company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.
MARKET HARBOROUGH: Hires Receivers from Springfields
----------------------------------------------------
Name of Companies:
Market Harborough Removals & Storage Limited
Market Harborough Removals & Storage (U.K.) Limited
Nature of Business:
Storage and Warehousing
Removals and Storage
Registered Office of Company:
80 Hinckley Road, Leicester LE3 0RD
Trade Classification: 6312 and 6321
Date of Appointment: April 19, 2004
Administrative Receiver: SPRINGFIELDS
80 Hinckley Road,
Leicester LE3 0RD
Receivers:
John Patrick Thomas Redmond
Situl Devji Raithatha
(IP Nos 8998, 8927)
MAVITTA LIMITED: Shareholders Okay Voluntary Winding up
-------------------------------------------------------
At an Extraordinary General Meeting of the Mavitta Limited
Company on April 8, 2004 held at the offices of McGregors, 10
Melbourne Business Court, Millennium Way, Pride Park, Derby DE24
8LZ, the Special and Ordinary Resolutions to wind up the Company
were passed. Paul Finnity and Joanne Marie Wright of Kroll
Limited, Cumberland House, 35 Park Row, Nottingham NG1 6EE have
been appointed Joint Liquidators of the Company for the purpose
of its voluntary winding-up.
CONTACT: KROLL LIMITED
Cumberland House
35 Park Row,
Nottingham NG1 6EE
Contact:
Paul Finnity, Liquidator
Joanne Marie Wright, Liquidator
NETTEC PLC: Sale of Trading Subsidiary Results in GBP2 Mln Loss
---------------------------------------------------------------
Nettec plc announces its preliminary results for the year ended
December 31, 2003.
Chairman's Statement
Your Board's objective in the last year has been to preserve the
Group's remaining capital and exit from its loss making
business. At the interim, losses from its former trading
subsidiary and provisions required to be made had caused a loss
of GBP2.053 million. In the last six months losses and
provisions were restricted to some GBP34,000. The improvement
has been helped by a small reduction in provisions previously
made and the recovery of substantial legal costs.
You will be aware from my predecessor's statement published with
the interim accounts that during 2003:
(a) The Group sold its only trading subsidiary, Nettec Solutions
Limited on 30 May;
(b) The High Court approved the cancellation of the Company's
share premium account and its use to eliminate the deficit
on the Company's profit and loss account;
(c) There were potential contingent liabilities of GBP5.6
million resulting from two litigants, with what your Board
considered were totally unfounded claims, and an onerous
lease at Malt House, Kingston; and
(d) The Group had net assets at June 30 of approximately GBP10.2
million and cash and liquid resources of GBP11.2 million;
The sale of the subsidiary resulted in the office space at Malt
House being surplus to our needs and it also crystallized
liabilities in relation to a number of contracts and commitments
for the supply to the Group of telecommunications and other
services that did not transfer with the former subsidiary
company.
Consequently, since the interim the Group has been involved in:
(a) Negotiating and settling a number of accounts with suppliers
to its former subsidiary;
(b) Marketing the surplus office space at Malt House and
securing the position of the tenants so that a surrender of
the lease to the landlord would become possible;
(c) Surrendering the lease at Malt House to the landlord on 24
November 2003 for a payment by the Group of GBP1.1 million
and moving to a short-term small office;
(d) Defending the patent infringement litigation with Ablaise
and pursuing a counterclaim in the High Court;
(e) Defending the claim in the Paris Commercial Court relating
to the price at which shares were issued to M Boulet, in
connection with the purchase of a subsidiary;
(f) Dealing with a number of matters from the past which
required to be concluded in order that the Group could be
positioned either as a cash shell available for a reverse or
as a company with cash resources that can be repaid to
shareholders at the earliest opportunity.
Property
The lease at Kingston extended to November 2006. The maximum
potential liability was some GBP2 million although rental income
would have reduced that figure. By securing a surrender of the
lease at GBP1.1 million, which was marginally under the
provision made in the interim accounts, your Board believes
it achieved the best possible result in all the circumstances.
Patent litigation
On April 1, 2003 proceedings were served on Nettec plc by
Ablaise Limited alleging patent infringement. Your Board
received advice that there are strong arguments that the Patent
in question owned by Ablaise Limited is invalid. Your Board
vigorously defended the action, seeking to protect its position
on costs by obtaining an order in May 2003 that Ablaise pay
GBP60,000 into court as security for Nettec plc's costs. This
sum was paid into court by Ablaise.
In October 2003, Nettec plc obtained an order that Ablaise pay a
further GBP316,000 into court as security for Nettec plc's
costs, failing which Ablaise's claim would be struck out.
Ablaise failed to make this payment and accordingly Ablaise's
claim was struck out on December 11, 2003.
Nettec plc's costs of defending the action were approximately
GBP210,000. Ablaise was ordered to pay GBP28,500 of Nettec
plc's costs summarily during the course of the proceedings.
Since the year-end, your Board has pursued further costs
recovery from Ablaise. On March 15, 2004 Ablaise was ordered to
make an interim payment on account of costs of GBP110,000. This
sum has been received and included in the 2003 accounts, less
the costs incurred in obtaining it.
As stated above, your Board has received advice that there are
strong arguments that the Patent owned by Ablaise Limited is
invalid, and the claim brought against Nettec plc is concluded.
However, the Patent remains in existence and could be asserted
in the future. Your Board has received legal advice that any
further action by Ablaise impacting on Nettec plc is unlikely,
and that any further proceedings brought by Ablaise would be
unlikely to be successful. Consequently, no provision has been
made for any further claim.
M Boulet litigation
M Boulet, a former employee of Node Venture, had his claim
against Nettec plc heard in the Paris Commercial Court on 23
September 2003. He was seeking a judgment to pay him
EUR1,219,592 in respect of an allegation concerning compensation
for the price of Node Telecom System's shares.
Judgment dismissing M Boulet's claim was given on 28 October
2003 and Nettec plc was awarded costs of 8,000 euros. M Boulet
then appealed on the last possible day, 6 January 2004. Your
Board is advised that the appeal to the Paris Appeal Court may
take between 1 and 2 years to come to Court and the claim
amounts to EUR1,240,000, subject to further documentation which
still has to be filed with the Court, with costs of both parties
being in addition. The current estimate of the maximum
liability if the claim was awarded on appeal is approximately
GBP860,000 including costs (and the fees of the 'avoues') at the
current rate of exchange (EUR1.493 = GBP1.00).
Your Board is advised that the decision of the Paris Appeal
Court may be appealed, only on a legal issue, before the Supreme
Court (Cour de cassation). If the Supreme Court reverses the
decision of the Appeal Court, the case is judged again before
another Appeal Court. If the Supreme Court confirms the
Paris Appeal Court, the Paris Appeal Court's decision becomes
final.
Your Board, and its French legal advisers, remain of the view
that M Boulet's case is without merit and that the Paris Appeal
Court should dismiss it just as it was dismissed in the Paris
Commercial Court.
Summary of contingent liabilities position
The total potential contingent liabilities that the Board were
aware of at the interim were GBP5.6 million less contracted and
expected rental income of approximately GBP0.6 million. Your
Board has been advised that the Ablaise litigation has resulted
in Ablaise's claim being struck out and effectively there is no
liability at the present time for patent infringement. The
contingent liability in relation to leased property has been
extinguished as a result of the surrender of the lease to the
landlord. On the basis that there is no further liability to
Ablaise in respect of the allegations of patent infringement,
the total potential contingent liabilities are now considered to
be approximately GBP860,000 and relate exclusively to the claim
by M Boulet.
Current Trading Outlook
The Company has no full time employees and operates from
serviced premises with a short-term lease. Although it has no
trade there are a number of minor matters arising from the past
trading activities which are being addressed as well as the
legal matters mentioned above. The income from the Company's
investments each month is currently marginally in excess of the
normal monthly running costs before legal costs. The running
costs relate to the minimum regulatory and part-time staff costs
involved in managing a public company and dealing with certain
past issues as they arise.
The Future
The cash resources of the Group remain invested in liquidity
funds managed by asset management subsidiaries of HSBC plc and
Citigroup Inc to achieve the best returns with minimal risk that
we are advised are available. Much progress has been made in
concluding past matters and putting the Company in a position
whereby it can return money to shareholders. I should like to
thank David Shaw, who joined the Board last September, for his
help in concluding these past matters and in managing the
Group's financial and legal affairs since his appointment.
David is not seeking re-election at the AGM.
The Ablaise litigation has only just been settled in the last
few weeks. The settlement is not entirely conclusive. The
Boulet litigation is still outstanding following an appeal.
Your Board has appointed its solicitors, DLA, to advise on the
legal issues of returning money to shareholders in such
circumstances.
I will be writing to all shareholders in the next few weeks with
further information.
A copy of the company's financial statements is available free
of charge at: http://bankrupt.com/misc/Nettec_2003.htm
Jeremy White
JN White
Chairman
CONTACT: BANKSIDE CONSULTANTS
Ian Seaton
Phone: +44 (0) 20 7444 4157
NETWORK RAIL: To Compensate Potters Bar Rail Crash Victims
----------------------------------------------------------
Network Rail and Jarvis plc formally accepted liability on
behalf of the rail industry for all legally justified claims
brought by the bereaved and injured in respect of the Potters
Bar crash that took place in May 2002.
Just a few months after the accident the industry parties
announced that Railtrack (now Network Rail) would take the lead
in settling claims and that all legally justified claims would
be handled as if liability had been accepted. This was to
ensure that the issue of liability did not stand in the way of
settling claims or cause unnecessary distress to those involved
whilst the accident remained under investigation.
Network Rail and Jarvis have now agreed that they should
formally accept liability on behalf of the industry for claims
brought by the bereaved and injured despite the continuing
investigations into the root cause of the accident.
Network Rail and Jarvis hope that by formalizing the liability
issue, those affected by the tragedy will gain some level of
comfort and assistance. In the meantime, the industry parties
will continue to work with the HSE as its investigation
continues.
John Armitt, Network Rail Chief Executive, said: "Immediately
following the Potters Bar crash I publicly apologized on behalf
of the industry to the bereaved and injured for the tragedy. I
restate that apology -- we are truly sorry for the Potters Basr
crash."
Mr. Armitt continued: "The issue of liability has never stood in
the way of settling claims but I hope [this] news provides at
least some comfort and assistance to those affected."
Kevin Hyde, Chief Executive of Jarvis plc, said: "Everyone at
Jarvis was deeply saddened by the tragic event at Potters Bar
and its terrible impact on the lives of the victims, their
families and friends. We are sorry that it happened. We are
also sorry that, nearly two years after the accident and a great
deal of expert examination, final conclusions have not yet been
reached. Jarvis has co-operated fully and will continue to work
with everyone involved to find the answers."
CONTACT: NETWORK RAIL
Press Office
Phone: 020 7557 8292 / 3
Web site: http://www.networkrail.co.uk
JARVIS
Press Office
Phone: 020 7462 4639
NORTHUMBERLAND GROUP: Appoints Ashcrofts Liquidator
---------------------------------------------------
At an Extraordinary General Meeting of the Northumberland Group
Limited Company on April 21, 2004 held at 33-33A Higham Hill
Road, London E17 6EA, the subjoined Extraordinary Resolution to
wind up the Company was passed. Harjinder S Johal and George N
Michael both of Ashcrofts, 33-33A Higham Hill Road, London E17
6EA have been appointed Joint Liquidators for the purpose of
such winding-up.
CONTACT: ASHCROFTS
33-33A Higham Hill Road,
London E17 6EA
Contact:
Harjinder S Johal, Liquidator
PO NA: Barvest Limited Completes Re-financing with Barclays
-----------------------------------------------------------
In August 2003, Avanti Capital provided up to GBP7.0 million of
acquisition and working capital finance to Barvest Limited for
the buyout of up to 28 bars and nightclubs selected from the Po
Na Na portfolio. Po Na Na Group plc went into administration on
1st May 2003 having operated 58 bars and nightclubs at its peak.
The price paid by Barvest was up to GBP6.0 million, depending on
the number of units assigned. To date Barvest has completed 22
assignments and is proceeding with the legal formalities in
relation to the other 6 units.
Avanti invested GBP0.6 million for 60% of the equity, with the
balance of GBP6.4 million being invested by way of a secured
preferred loan. As at 23rd April 2004, Barvest owed Avanti
GBP4.9 million under the note.
Barvest has completed a loan facility with Barclays Bank plc
under which Barvest may draw down a total of GBP4.5 million, of
which GBP4.2 million is to be repaid to Avanti. Barvest has
given notice to draw down GBP3.6 million under the facility and
will repay GBP3.3 million to Avanti under the note.
Avanti expects to receive further repayments totaling GBP0.9
million when certain legal formalities are completed in relation
to the assignment and charging of the leases of certain units.
Furthermore, under the facility, any balance then remaining
under the note, together with any accrued interest can be repaid
to Avanti out of the surplus cash flow of Barvest.
Julian Fellerman, Joint CEO of Avanti Capital Plc, said:
"This re-financing is a key event in validating our investment
in Po Na Na. We are actively seeking further investments where
we can bring our skills to bear as well as providing funding.
We are confident that our approach will serve Avanti well in the
future."
Jeremy Sturgess, Chairman of Barvest Limited, said:
"The progress we have made in the restructuring and turnaround
of the Po Na Na business has been proven by Barclays' financial
commitment to Barvest. The milestones achieved over the past
eight months are a testimony to the hard work put in by the Po
Na Na management and staff and the constructive partnership we
have with Avanti."
CONTACT: AVANTI CAPITAL PLC
Julian Fellerman, Joint CEO
Richard Kleiner, Joint CEO
Phone: 020 7070 7070
COLLEGE LL
Matthew Smallwood
Phone: 020 7457 2020
POSTGED LIMITED: General Meeting Set May 27
-------------------------------------------
There will be a General Meeting of the Postged Limited Company
on May 27 at 10:15 a.m. It will be held at the offices of David
Rubin & Partners, Pearl Assurance House, 319 Ballards Lane,
London N12 8LY.
The purpose of the Meeting is to lay before the Members the
account how the winding up of the Company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Pearl Assurance House, 319 Ballards Lane, London
N12 8LY not later than 12:00 noon, May 26, 2004.
CONTACT: DAVID RUBIN & PARTNERS
Pearl Assurance House,
319 Ballards Lane,
London N12 8LY
Contact:
A Miller, Liquidator
ROLLS-ROYCE: Members to Meet June 4
-----------------------------------
There will be a Final Meeting of the Members of the Rolls-Royce
& Bentley Motor Holdings Limited Company on June 4, 2004 at
10:00 a.m. It will be held at the offices of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP.
The purpose of the Meeting is to lay before the Members the
account how the winding up of the Company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Benson House
33 Wellington Street,
Leeds LS1 4JP
Contact:
T Walsh, Joint Liquidator
ROYAL MAIL: Proposes Pricing System Dependent on Letter Size
------------------------------------------------------------
Royal Mail wants the postal regulator, Postcomm, to allow it to
price mail by size, rather than purely by weight. However, the
price for sending three-quarters of mail would not change under
these proposals.
Royal Mail's proposals would introduce a fairer and simpler
pricing system, which more accurately reflects the costs of
handling mail. This is because the size and shape of most mail
is a more important factor in the cost of mail sorting and
delivery than weight.
The changes are needed so that Royal Mail can continue to
provide a one-price-goes-anywhere universal postal service, and
can compete fairly with competitors in the 21st century.
The proposals should be simpler for customers since there would
be only five stamp prices for First and Second class mail
instead of the current 16 for First class and 13 for Second
class.
David Dale, Royal Mail's Head of Size Based Pricing, explained:
"Most letters and cards wouldn't cost any more to post. In fact
74% of the mail would be totally unaffected. And this isn't an
increase in our prices -- overall the proposals are revenue
neutral for Royal Mail."
He added: "These proposals would bring our prices more in line
with our costs. In the new competitive postal market it is
commercially impossible for Royal Mail to keep its traditional
pricing structure, which gives large cross-subsidies. While
there will always be some cross-subsidies in a business that
provides a one-price-goes anywhere service, it is important to
have a level playing field in the emerging competitive postal
market.
"The current pricing structure has been in place for decades and
is inherited from a time when all mail was hand-sorted, and so
is increasingly out of date. Most other postal administrations
already use size in pricing mail, because this is the key cost
factor in the modern postal industry."
He continued: "These changes would not increase the nation's
total post bill. While most customers wouldn't see any changes,
some would have price cuts and others rises."
Large lightweight and bulky items such as posters in cylindrical
packing would cost more to send since they cost Royal Mail more
to handle -- as they have to be hand-sorted and take up more
space in mailbags and vans. However heavier compact items, such
as books, would cost less to send.
David Dale said: "Since there would be just five prices for
First and Second Class letters, these changes would make it
easier for people to work out what stamps to use as they would
be able to price most of their mail at a glance."
Royal Mail has already done extensive work to ensure these
changes are as fair as possible for customers. It has carried
out a 12-month consultation with business customers to find out
what they think of these changes, and has taken on board any
major concerns where possible. It found that around 80 per cent
of larger companies are in favor or neutral about the proposals.
And a National Opinion Poll survey found that 74 per cent of
ordinary customers and 68% of small businesses were positive or
neutral about the changes.
The aim is to implement these changes from September 2005, and
to give customers as much notice as possible of any change.
SARENA LIMITED: Appoints Liquidator from Valentine & Co
-------------------------------------------------------
At an Extraordinary General Meeting of the Sarena Limited
Company on April 19, 2004 duly convened, and held at the offices
of Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London
N3 2HS, the Extraordinary and Ordinary Resolutions to wind up
the Company were passed. Robert Valentine of 4 Dancastle Court,
14 Arcadia Avenue, London N3 2HS has been appointed Liquidator
for the purpose of such winding-up.
CONTACT: VALENTINE & CO
4 Dancastle Court
14 Arcadia Avenue,
London N3 2HS
Contact:
Robert Valentine, Liquidator
U.K. COAL: Reports Lower Coal Production in First Three Months
------------------------------------------------------------
At the AGM, held Tuesday, the Chairman, David Jones said:
U.K. COAL's production for the first three months was 3.8
million tons, (2003: 5.1 million tons) with 3.2 million tons
from the deep mines (2003: 4.1 million tons) and 0.6 million
tones from surface mines (2003: 1.0 million tons).
The lower production at the deep mines compared to 2003 is a
result of reduced deep mine operational performances and face
changes at Maltby and Kellingley. Production has also been lost
at Kellingley due to a continuing industrial action in respect
of the introduction of flexible working. We are focusing on
programs to improve productivity and to reduce unit costs.
Surface mine production reduced as anticipated due to
difficulties in obtaining planning permissions for new mines.
On 2 April, U.K. COAL announced the sale of its 97% investment
in Gloucester Coal Limited for A$52.1 million (GBP21.5 million)
the Company's mining activity in New South Wales, Australia.
The cash consideration has been received.
We have also recently received an offer of GBP2.2 million of
Investment Aid from the DTI for Ellington Colliery. This,
together with a new agreed two-year contract with Alcan
commencing in October, will allow mining to continue.
VERSAILLES: Ex-finance Director Fakes Cancer to Hide Anomaly
------------------------------------------------------------
Fred Clough, former finance director of Versailles, evaded
questions pertaining to accounts he failed to sign off during
his term by lying he had been diagnosed with prostate cancer,
the jury at Southward Crown Court was told Monday, according to
The Telegraph.
Mr. Clough is facing fraud charges together with Carl Cushnie,
former chairman and chief executive, in relation to money
transfers the firm made to cash shells, which was treated as
actual transactions.
At the latest hearing it was revealed that Mr. Clough told other
directors, including Mr. Cushnie, about a make-believe malady to
keep his secret.
The lawyer of Mr. Cushnie, Alexander Cameron QC, said his alibi
helped him hide his fraud for an extra three years.
Mr. Cushine has since denied collaborating with Mr. Clough in
the fiasco. At the hearing, Mr. Cameron denied Mr. Cushnie
urged Mr. Clough to pretend he had also had a nervous breakdown
to fend off suspicious, according to the report.
WM. CLARKE: Names Begbies Traynor Liquidator
--------------------------------------------
At an Extraordinary General Meeting of the Members of the WM.
Clarke Electrical Contractors Limited Company on April 19, 2004
held at the offices of Begbies Traynor, No 1 Old Hall Street,
Liverpool L3 9HF, the Extraordinary Resolution to wind up the
Company was passed. David Rankin and David Moore of Begbies
Traynor, No 1 Old Hall Street, Liverpool L3 9HF have been
appointed Joint Liquidators for the purpose of such winding-up.
CONTACT: BEGBIES TRAYNOR
No 1 Old Hall Street
Liverpool L3 9HF
Contact:
David Rankin, Liquidator
David Moore, Liquidator
*********
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 * * *