/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/040512.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, May 12, 2004, Vol. 5, No. 93 Headlines F R A N C E ALCATEL: First-quarter Profit Triggers Outlook Upgrade G E R M A N Y COMMERZBANK AG: Individual Rating Raised One Notch Higher COMMERZBANK AG: Earnings of Major Operative Departments Up INFINEON TECHNOLOGIES: Dr. Wolfgang Ziebart Becomes New Chief PSB AG: Irregularities in 2002 Books Exposed; Internal Probe On L U X E M B O U R G MILLICOM INTERNATIONAL: Subscriber Base Breaches 6 Million Mark N E T H E R L A N D S GETRONICS N.V.: Promotes Japanese CEO to Concurrent Chairman LAURUS N.V.: Seeks New Organizational Structure for Stores N O R W A Y RIEBER & SON: Axes More Jobs as Strike Continues R U S S I A BIOCOMBINE: Omsk Court Appoints Insolvency Manager FREZER: Insolvent Status Confirmed GORSVET: Deadline for Proofs of Claim May 28 IMPULS: Declared Bankrupt IZMET: Under Bankruptcy Supervision Procedure JOINT STOCK: Falls into Bankruptcy OBORON-ENERGO: Under Bankruptcy Supervision Procedure SIBERIAN SHPON: Proofs of Claim Deadline June 16 TEPLOVYE SETI: Bankruptcy Supervision Procedure Begins TUYMAZINSKY PORCELAIN: Declared Insolvent S W E D E N SAS GROUP: Traffic Figure Continues to Improve U K R A I N E AGROTSUKOR: Chernigiv Court Appoints Insolvency Manager AUTO-STOP 2: Under Bankruptcy Supervision Procedure DRUGSTORE KADM: Deadline for Proofs of Claim May 30 PRESSUZEL: Insolvent Status Confirmed PRILUKI CORN: Declared Bankrupt SPETSAVTOSERVIS: Donetsk Court Commences Bankruptcy Proceedings STEP: Declared Insolvent SYAJVO: Insolvent Status Confirmed U N I T E D K I N G D O M 3I GROUP: Attracting Interests from Potential Buyers ANSELL GLOVE: Annual and Final Meeting Set June 3 ARTHUR ANDERSEN: To Pay GBP1 Mln in Relation to Wickes Fraud AZULI RECORDS: In Administrative Receivership BI-LINES MIDLANDS: Final Meeting Set June 7 BLACKSHAWS LIMITED: General Meeting June 2 CANEFLEET LIMITED: Hires Hacker Young & Partners Administrator CARLSON DEVELOPMENT: Brings in Liquidator from Grant Thornton CHRYSALIS GROUP: To Dispose Book-publishing Arm COALITE LIMITED: Ever 1813 Limited Appoints PKF Receiver EVER 2283: Special Winding up Resolutions Passed GOODMANS LOUDSPEAKERS: Creditors Meeting Set May 14 INDEPENDENT ACCESS: Business for Sale INTERNET ADVERTISING: Highbury House Appoints Receiver JOHN SLATER: Calls in Liquidator LABGEAR LIMITED: Administrators Invite Bidders for Assets MCL ENGINEERING: Business for Sale MIDTRANS LIMITED: Appoints Receivers from Poppleton & Appleby MONARCH PLASTERING: Crownlea Hire Appoints Lubbock Receiver MSSQUARE LIMITED: Winding up Resolutions Passed NETTEC PLC: Shareholders to Decide on Liquidation June 14 NORTHERN FOODS: Uniq Buys Minsterley Business for GBP16.5 Mln SCOLOCATE: Shows First Signs of Recovery Since Dotcom Failure S & D SUPERMARKETS: Calls in Liquidator SHAPETOWER LIMITED: Names Liquidator from Smith & Williamson SHIRE PLANT: Names Receivers from CBA STONEYGATE 131: Calls in Liquidator STREATHAM ICE: Appoints Moriston House Liquidator TRI-MED LIMITED: P Smith Appoints Langley & Partners Receiver VALLEYHILL PUB: Joint Administrative Receivers Appointed VIVID FOODS: Business for Sale ********* =========== F R A N C E =========== ALCATEL: First-quarter Profit Triggers Outlook Upgrade ------------------------------------------------------ Moody's Investors Service affirmed the B1 ratings of Alcatel and changed its outlook from stable to positive. The rating action acknowledges the company's return to operating profitability and cash burn break-even. It also notes the company's ability to maintain healthy liquidity and adequate financial flexibility to meet maturing debt obligations. Alcatel's cash burn is only EUR26 million in the first quarter of 2004 (CFO before restructuring cost minus capex). Moody's expects ongoing cost-cutting and divestments will stabilize performance and underpin a gradual improvement in profitability through 2004. "If these trends were to be sustained through seasonally stronger periods and Alcatel were to continue implementing its planned cost savings, then the company would have the potential for generating a reasonable operating profit in 2004," said Moody's in explaining the positive rating outlook. ============= G E R M A N Y ============= COMMERZBANK AG: Individual Rating Raised One Notch Higher --------------------------------------------------------- Fitch Ratings upgraded Commerzbank AG's (Commerzbank's) Individual rating to 'C' from 'D'. At the same time the agency changed the Outlook on the Long-term rating to Positive from Stable. The 'A-' (A minus) Long-term, 'F2' Short-term and '1' Support ratings are affirmed. The rating actions follow Monday's announcement by Commerzbank of good Q1 2004 results and reflect the agency's view that the recent strategic repositioning and restructuring have enabled the bank to improve its underlying financial performance and real capitalization. The Long-term rating Outlook has been revised to Positive from Stable based on the expectation that overall profitability will improve as a result of a renewed focus on earnings generation. The profitability of retail banking operations is benefiting from the streamlining of the branch network, investment banking has been scaled down to focus on distributing products to Commerzbank's domestic core mid-cap and private customers and asset management has now started to contribute positively to the bank's profit following two years of restructuring. Real capitalization has benefited from the accounting clean out of autumn 2003, recognizing impairment in values of the bank's asset management operations and equity holdings through the profit and loss account, as well as from a reduction of non-core risk-weighted assets. Commerzbank's Tier 1 ratio stood at 7.1% at end-March 2004, a good level in light of expected further improvements in profitability and considering the bank has no hybrid Tier 1 capital. The bank expects to report a return of equity (ROE) for 2004 of at least 6%, a still modest level by international comparison. However, the restructuring program is bearing fruit on the cost side, and good credit risk management, combined with the slow recovery of the economy, should result in lower loan loss provision in 2004. The bank is now concentrating on revenue growth and on strengthening its domestic franchise. Management's main focus in 2004 is to build up a stronger 'sales' culture in its retail branch network and improve the profitability of its corporate banking operations, primarily its Mittelstand portfolio, by leveraging off its good franchise in the German mid-cap market. This should help to achieve satisfactory level of profitability within the next two to three years, hence the Positive Outlook on the Long-term rating, although this relies to some extent on external economic factors and market conditions. CONTACT: FITCH RATINGS Olivia Perney, Paris Phone: +33 (0) 1 44 29 91 80 Bridget Gandy, London Phone: +44 (0) 20 7417 4346 Thomas von Luepcke, Frankfurt Phone: +49 (0) 69 76 80 76 15 Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 COMMERZBANK AG: Earnings of Major Operative Departments Up ---------------------------------------------------------- The Commerzbank Group started off 2004 with a jump in earnings. As previously announced, Group profits increased from EUR3 million in the first quarter 2003 to EUR254 million in the first quarter of this year. This was the best result since the autumn of 2000. The results for the operative departments demonstrate that the Bank has made great progress, not only in general, but also in each separate business area. In the retail banking department, the positive development evident during the last year continued. The operative result increased to EUR122 million after EUR33 million in the same period 2003. For the year as a whole, retail banking profits plan to be around 25 percent higher than last year. Asset management successfully completed the adjustment process. On the basis of clearly higher commission income and a continued decrease in costs, the operating result improved to EUR52 million. For all of 2004, operating results are expected to increase a good 40 percent. In a difficult economic environment, the Corporate Banking and Institutions department earnings were lower than a year ago. But at the same time loan-loss provisions and operating costs decreased, producing an operative result of EUR118 million versus EUR152 million in the first quarter of 2003. For all of 2004, Corporate Banking plans to earn more than EUR500 million, reflecting a strong increase compared to the previous year. The securities unit did extremely well during the quarter. With continuing lower operating costs, the operating result improved to EUR120 million. This was almost three times higher than for the same time last year. For 2004 as a whole, profits should also show a strong increase, and not solely from trading. All in all, the Commerzbank Group made great progress in the first quarter to achieve its medium-term goals of more than 10 percent after-tax return on equity and a 60 percent cost/income ratio. "The figures for the income statement in the first quarter of 2004 demonstrate that the tough and, in some cases, drastic measures in the past - the cost-cutting offensives, the concentration on core business activities and not least September's revaluation operation - are bearing their first fruit" concluded Klaus-Peter Muller, chairman of the Board of Managing Directors. The complete interim report is available free of charge at http://bankrupt.com/misc/Commerzbank_Q42004.pdf CONTACT: COMMERZBANK AG Corporate Communications-Press Relations Phone: +49 69 136-22830 Fax: +49 69 136-22008 E-mail: pressestelle@commerzbank.com INFINEON TECHNOLOGIES: Dr. Wolfgang Ziebart Becomes New Chief ------------------------------------------------------------- The Supervisory Board appointed Dr. Wolfgang Ziebart (54) as new President and CEO of Infineon Technologies AG Monday. Dr. Ziebart will assume his new responsibilities at Infineon not later than September 1, 2004. "Thanks to his experience with turnarounds, his knowledge of the industry and his technical expertise, Dr. Ziebart displays all the outstanding qualifications required of a CEO at Infineon," said Max Dietrich Kley, current Chief Executive Officer at Infineon. "Together with him, the Management Board will work as a team to drive the strategic goals of Infineon, which will remain unchanged in their basic form, to motivate the employees and to further reinforce the company's profit orientation." After completing a degree in engineering and his doctorate in Munich, Dr. Wolfgang Ziebart began his professional career in 1977 at automobile manufacturer BMW. There he held a number of different positions, responsible for the development of electronics and appointed to the Management Board in 1999. In 2000, Dr. Ziebart moved to Hannover to Continental AG, the automotive supplier, to head the Automotive Systems Division there with the focus on automotive electronics and electronic brake systems. One year later, he was appointed Deputy Chairman of the Executive Board at Continental AG. Until Dr. Ziebart assumes his new duties at Infineon, Max Dietrich Kley will continue to act as CEO at the semiconductor manufacturing company. After he steps down as CEO, Kley will resume his currently resting function as Chairman of the Supervisory Board of Infineon. PSB AG: Irregularities in 2002 Books Exposed; Internal Probe On --------------------------------------------------------------- The newly appointed Board of PSB AG has established reason to suspect some irregularities in previous declarations of company assets. According to current information, the shortfall in the adjusted valuation amounts to a maximum of EUR1 million. The investigation into the circumstances and verification as to the extent to which these transactions have affected the annual financial results and the company's consolidated accounts for the 2002 financial year and previous years has not been completed. CONTACT: PSB AG Anja Nosinger Phone: +49 (0) 6002/9131-135 E-mail: anja.noesinger@psb.de Web site: http://www.psb.de =================== L U X E M B O U R G =================== MILLICOM INTERNATIONAL: Subscriber Base Breaches 6 Million Mark --------------------------------------------------------------- Millicom International Cellular S.A. (Nasdaq:MICC) (Stockholmsborsen:MIC), the global telecommunications investor, on Monday announced that it passed the 6 million gross subscriber mark in April 2004. Marc Beuls, President and CEO of Millicom International Cellular commented: "Since the end of the first quarter we have seen strong subscriber growth in all clusters and especially in our operations in Vietnam, Cambodia, Paraguay, Guatemala and Senegal." Millicom International Cellular S.A. is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has a total of 16 cellular operations and licenses in 15 countries. The Group's cellular operations have a combined population under license of approximately 387 million people. CONTACT: MILLICOM INTERNATIONAL S.A. Marc Beuls President and Chief Executive Officer Phone: +352 27 759 327 Web site: http://www.millicom.com SHARED VALUE LTD Andrew Best Investor Relations Phone: +44 20 7321 5022 ===================== N E T H E R L A N D S ===================== GETRONICS N.V.: Promotes Japanese CEO to Concurrent Chairman ------------------------------------------------------------ Getronics Japan has renewed its management team. As of Monday Mr. Masayuki Hosono (age 64), current president and chief executive officer, has been appointed to the post of chairman and chief executive officer, and Mr. Susumu Kagayama (age 51), to the post of president and chief operating officer (COO). Mr. Susumu Kagayama is the former chairman and CEO of People Soft Japan. The renewal of the leadership, with an executive invited from the outside, reflects Getronics Japan's determination to strengthen the organization. Getronics Japan is embarking on a series of medium-term programs aimed at boosting sales and profitability. Through these programs the company will establish itself as a total ICT solutions and services company providing end-to-end ICT solutions and services that are precisely tailored to meet each customer's needs. Chairman Masayuki Hosono has served the company as president and chief executive officer since 1996 (then Olivetti Corporation of Japan), building a strong financial standing, and steering the organization through the past years. The new President, Susumu Kagayama, started his career in financial marketing at IBM Japan and has been active in various fields as well as marketing and leasing. In addition to Japan, he has also worked at IBM Headquarters in the U.S. and in the Asia Pacific region for 5 years. Until recently he was the chairman and chief executive officer of People Soft Japan. About Getronics With approximately 22,000 employees in over 30 countries and ongoing revenues of EUR2.6 billion in 2003, Getronics is one of the world's leading providers of vendor independent Information and Communication Technology (ICT) solutions and services. Getronics today combines the capabilities of the original Dutch company with those of Wang Global, acquired in 1999, and of the systems and services division of Olivetti. Getronics is ranked second worldwide in network and desktop outsourcing and fourth worldwide in network consulting and integration (Source: IDC 2002-2003). Getronics designs, integrates and manages ICT infrastructures and business solutions for many of the world's largest global and local companies and organizations, helping them maximize the value of their information technology investments. Getronics headquarters are in Amsterdam, with regional head offices in Boston, Madrid and Singapore. Getronics' shares are traded on Euronext Amsterdam (GTN). For further information about Getronics, visit http://www.getronics.com CONTACT: GETRONICS NV Press Inquiries: Getronics Media Relations Phone: +31 20 586 1581 E-mail: media@getronics.com Investor Inquiries: Getronics Investor Relations Phone: +31 20 586 1982 E-mail: investor.relations@getronics.com LAURUS N.V.: Seeks New Organizational Structure for Stores ---------------------------------------------------------- Laurus proposes to change the store organization structure of its three formats -- Edah, Konmar Superstores and Super De Boer -- as part of the previously announced package of measures to make the formats more competitive. With margins under pressure from the economic downturn and the continuing supermarket price war, action has to be taken to cut costs. Edah Tests have been in progress at Edah since the end of 2003 with a flatter store organizational structure, which is more consistent with its chosen positioning as a discount format. Several management posts will disappear and an optimum staffing plan has been devised. The aim is to improve in-store efficiency by deploying staff more flexibly in a broader range of jobs: turning specialists into all-rounders. The proposed organizational changes will also help to reduce wage costs to a more competitive level appropriate for a discount format. The organizational changes are expected to result in the loss of 750 jobs (FTEs) at the Edah stores, which will reduce wage costs by around 14 million a year. It is planned to implement the new organizational structure directly after completion of the consultation procedures with the trade unions and central works council. Super De Boer Since mid-2003, Super De Boer has been testing a new store organizational structure better suited to a format that places the emphasis on fresh produce. The introduction of the new structure will mean a reduction in the number of department managers per store and the loss of at least 300 jobs (FTEs) at store level. These changes are expected to save around 7 million a year in wage costs. The Superfit efficiency project at Super De Boer, which has been initiated by Laurus with the support of management consultants McKinsey International, is still in progress. Laurus intends to implement these changes, both those relating to the organizational structure and those arising out of the Superfit project, during the summer. Konmar Superstores Konmar Superstores started its search for a new store organizational structure that fitted with the format's current strategy in 2003. Measures are also in preparation to reduce contractual hours and implement an optimized staffing plan. These changes, which are expected to result in a loss of at least 240 jobs (FTEs), will reduce wage costs by an estimated 6 million a year. Because Laurus intends to apply the experience gained with the Superfit project at Super De Boer to Konmar Superstores, these changes, both those relating to the organizational structure and those arising out of the Superfit project, will not be implemented until after the summer. Phasing-out of allowances As part of the drive to cut labor costs, measures are in preparation to phase out allowances which are unrelated to the duties performed, i.e. remuneration over and above the rate for the job. Laurus will consult with the trade unions on how these allowances are to be dismantled. Provisions A provision of approximately 25 million will be formed for this reorganization in the second half of 2004. The trade unions have been informed and will be consulted, starting from the premise that the existing Laurus Total Social Plan will be applicable. The central works council has been asked to give its recommendation. Number of employees (FTEs) as at week 16/2004 Employees FTEs Edah 8,662 3,483 Konmar Superstores 4,457 1,969 Super De Boer 9,058 3,525 =========== N O R W A Y =========== RIEBER & SON: Axes More Jobs as Strike Continues ------------------------------------------------ Due to the strike and extended lockout in grocery transport sector, Rieber & Son has been forced to make additional lay- offs. About 32 people at Toro's plant at Arna outside Bergen and 15 people at the plant at Elverum (formerly Nopal) will be laid-off. A total of 230 people have now been laid-off in Rieber & Son. These include: Denja in Larvik (31), the sales organization (147), the Toro plant (37), Elverum, formerly Nopal (15). The situation is being assessed day-by-day, and if the strike and lockout continue or are intensified, further lay-offs may be necessary. About Rieber & Son ASA Rieber & Son is one of Norway's leading food companies. The main markets are Western Europe and Central and Eastern Europe, where the company has strong market positions. The company's ambition is to be the "local taste champion," the leader in taste, in its main markets. Attractive food products based on consumer requirements are developed by applying the company's expertise in established eating habits. Rieber & Son also introduces ethnic dishes to national markets and makes them easier for the consumers to prepare. Through systematic product maintenance and product development, as well as an aggressive launching policy, Rieber & Son ASA has succeeded in creating continuous consumer growth in its main groups. Rieber & Son has leading brands such as TORO, Denja, Mr. Lee, King Oscar, Vossafar, Sopps, Black Boy, Geisha, Ming, Trondhjems, Delecta, Vitana and Chaka. Rieber & Son has businesses in six countries and is represented through sales and market offices in further six countries. The Group has a workforce of 3,650, of whom 1,100 are employed in Norway. CONTACT: RIEBER & SON ASA Stein Klakegg CEO Phone: 91101500 =========== R U S S I A =========== BIOCOMBINE: Omsk Court Appoints Insolvency Manager -------------------------------------------------- The Arbitration Court of Omsk region commenced bankruptcy supervision procedure on OJSC OMSK Biocombine. The case is docketed as AK/E-45/04. Mr. I. Katyrov (Moscow) has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 644076, Russia, Omsk, Kosmichesky prosp.97B-116. A hearing will take place on August 3, 2004 at the Arbitration Court of Omsk region. CONTACT: BIOCOMBINE Russia, Omsk-19, BIOCOMBINE Mr. I. Katyrov, temporary insolvency manager 644076, Russia, Omsk, Kosmichesky prosp.97B-116 FREZER: Insolvent Status Confirmed ---------------------------------- The Arbitration Court of Moscow declared OJSC Frezer (Milling Cutter) insolvent and introduced bankruptcy proceedings. The case is docketed as A40-46064/01-86-103B. Ms. M. Ivanova has been appointed insolvency manager. Creditors are asked to submit their proofs of claim to the insolvency manager at: 117628, Russia, Moscow, Post User Box 35. CONTACT: Ms. M. Ivanova, temporary insolvency manager 117628, Russia, Moscow, Post User Box 35 GORSVET: Deadline for Proofs of Claim May 28 -------------------------------------------- The Arbitration Court of Kirov region commenced bankruptcy supervision procedure on city light state unitary enterprise Gorsvet. The case is docketed as A28-30/04-26/3. Mr. G. Devyatykh has been appointed temporary insolvency manager. Creditors have until May 28, 2004 to submit their proofs of claim to the temporary insolvency manager at: 610014, Russia, Kirov, Nekrasov str.69. CONTACT: Mr. G. Devyatykh, temporary insolvency manager 610014, Russia, Kirov, Nekrasov str.69 IMPULS: Declared Bankrupt ------------------------- The Arbitration Court of Voronezh region declared Voronezh federal state unitary enterprise Impuls insolvent and introduced bankruptcy proceedings. The case is docketed as A14-4871- 03/12/7b. Mr. A. Melyakov has been appointed insolvency manager. Creditors have until June 16, 2004 to submit their proofs of claim to the insolvency manager at: Russia, Voronezh, Srednemoscowskaya str.12. CONTACT: IMPULS Russia, Voronezh region, Liski, 40th of October str.3 Mr. A. Melyakov, insolvency manager 394000, Russia, Voronezh, Post User Box 96 IZMET: Under Bankruptcy Supervision Procedure --------------------------------------------- The Arbitration Court of Kirov region commenced bankruptcy supervision procedure on OJSC Izmet. The case is docketed as A28-25/04-20/24. Mr. S. Belorybkin has been appointed temporary insolvency manager. Creditors have until May 28, 2004 to submit their proofs of claim to the temporary insolvency manager at: 610000, Russia, Kirov, Khalturina str.2, office 10. CONTACT: IZMET 613470, Russia, Kirov region, Nema, Vostochnaya str.1 Mr. S. Belorybkin, temporary insolvency manager 610000, Russia, Kirov, Khalturina str.2, office 10 JOINT STOCK: Falls into Bankruptcy ---------------------------------- The Arbitration Court of Perm region commenced bankruptcy supervision procedure on OJSC Joint Stock Factory of Building Materials. The case is docketed as A50-3669/2004-B. Mr. N. Ibragimov has been appointed temporary insolvency manager. Creditors have until May 28, 2004 to submit their proofs of claim to the temporary insolvency manager at: 618540, Russia, Perm region, Solikamsk, R. Lyuksemburg str.19. A hearing will take place on August 17, 2004 at the Arbitration Court of Perm region. CONTACT: JOINT STOCK FACTORY OF BUILDING MATERIALS Russia, Perm region, Berzniki Mr. N. Ibragimov, temporary insolvency manager 618540, Russia, Perm region, Solikamsk, R. Lyuksemburg str.19 OBORON-ENERGO: Under Bankruptcy Supervision Procedure ----------------------------------------------------- The Arbitration Court of Moscow region commenced bankruptcy supervision procedure on defense-power company CJSC Oboron- Energo. The case is docketed as A40-7593/04-86-6B. Mr. V. Karnauchov has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 127322, 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, Skaterny pereulok 4, Hall 23. CONTACT: OBORON-ENERGO 117342, Russia, Moscow, Butlerova str.17 Mr. V. Karnauchov, temporary insolvency manager 127322, Russia, Moscow, Post User Box 46 SIBERIAN SHPON: Proofs of Claim Deadline June 16 ------------------------------------------------ The Arbitration Court of Krasnodar region declared CJSC The Siberian Shpon (Veneer) insolvent and introduced bankruptcy proceedings. The case is docketed as A32-18759/2002-27/882B. Mr. A. Karabaza has been appointed insolvency manager. Creditors have until June 16, 2004 to submit their proofs of claim to the insolvency manager at: Russia, Krasnodar region, Sochi-68, Post User Box 280. CONTACT: THE SIBERIAN SHPON (VENEER) 352690, Russia, Krasnodar region, Apsheronsk, Partizanskaya str.5a Mr. A. Karabaza, insolvency manager Russia, Krasnodar region, Sochi-68, Post User Box 280 TEPLOVYE SETI: Bankruptcy Supervision Procedure Begins ------------------------------------------------------ The Arbitration Court of Volgograd region commenced bankruptcy supervision procedure on municipal heat-power enterprise of thermic networks Teplovye Seti. The case is docketed as A12- 5071/04-c24. Mr. S. Gorbunov has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 400007, Russia, Volgograd, Post User Box 3. CONTACT: TEPLOVYE SETI 400123, Russia, Volgograd, Pelshe str.9a Mr. S. Gorbunov, temporary insolvency manager 400007, Russia, Volgograd, Post User Box 3 TUYMAZINSKY PORCELAIN: Declared Insolvent ----------------------------------------- The Arbitration Court of Republic of Bashkortostan declared OJSC Tuymazinsky Porcelain insolvent and introduced bankruptcy proceedings. The case is docketed as A07-1294/02-A-PAV. Mr. V. Anisimov has been appointed insolvency manager. Creditors have until June 28, 2004 to submit their proofs of claim to the insolvency manager at: Russia, Republic of Bashkortostan, Tuymazy, Gorky str.39. CONTACT: IRKUTSK FEED COMPOUND FACTORY Russia, Republic of Bashkortostan, Tuymazy, Gorky str.39 Mr. V. Anisimov, temporary insolvency manager Russia, Republic of Bashkortostan, Tuymazy, Gorky str.39 =========== S W E D E N =========== SAS GROUP: Traffic Figure Continues to Improve ---------------------------------------------- Market trends and yield development April group total traffic volumes developed positively with a traffic growth of 16,1% and improved passenger load factor. It must be noted that last years numbers were weak due to SARS and the Iraq situation, but even adjusted for this the traffic volumes for the group developed well. On the contrary, yields are still weak and yields for Scandinavian Airlines for March was down 12.1%. Yields for April will be reported next month, but indications show continued pressure also due to a large one-off effect from weak intercontinental traffic for the reason mentioned above. In general, growth has improved significantly on European and intercontinental routes. In April even Intrascandinavian traffic improved in a market characterized by weak demand and increased competition. Scandinavian Airlines was Scandinavia's largest provider of low fare tickets in 2003 and this will continue further in 2004 as Turnaround 2005 forms a platform for profitable growth. Spanair's traffic increased in April by 17.4%, but with reduced load factor. Braathens' traffic increased 2.6% in April. As previously reported, yields in January and February were very weak and March showed some stabilization. Yield indications for Scandinavian Airlines in April show increased pressure compared with March, but the percentage decrease compared with 2003 is expected to be less than February adjusted for one off effects. The restructuring plan "Turnaround 2005", is proceeding according to plan in order to secure a sustained profitability level in a lower yield environment. Improvements in general demand and good traffic growth can be noted but due to the situation with continued yield pressure, the outlook remains cautious. ============= U K R A I N E ============= AGROTSUKOR: Chernigiv Court Appoints Insolvency Manager ------------------------------------------------------- The Economic Court of Chernigiv region commenced bankruptcy supervision procedure on agricultural LLC Agrotsukor. The case is docketed as 5/143B/53B. Arbitral manager Mr. Kurovskij V. (License Number AA # 250377 approved March 5, 2002) has been appointed temporary insolvency manager. CONTACT: AGROTSUKOR Ukraine, Chernigiv region, Bobrovitskij district, Novij Bikiv, 30 Rokiv Peremogi str., 15 ECONOMIC COURT OF CHERNIGIV REGION 14000, Ukraine, Chernigiv, Miru avenue, 20 AUTO-STOP 2: Under Bankruptcy Supervision Procedure --------------------------------------------------- The Economic Court of Herson region commenced bankruptcy supervision procedure on LLC Auto-Stop 2 (code EDRPOU 24120536). The case is docketed as 5/30-b. Arbitral manager Mr. Galka Leonid (License Number AA 669624) has been appointed temporary insolvency manager. Creditors have until May 30, 2004 to submit their proofs of claim to the ECONOMIC COURT OF HERSON REGION: 73000, Ukraine, Herson, Gorkij str., 18. Auto-Stop 2 holds Account Number 26002322313001 at CB Privatbank, Herson branch, MFO 352639. CONTACT: AUTO-STOP 2 30455, Hmelnitski region, Shepetivsk district, village Velika Shkarivka ECONOMIC COURT OF HERSON REGION 73000, Ukraine, Herson, Gorkij str., 18 DRUGSTORE KADM: Deadline for Proofs of Claim May 30 --------------------------------------------------- The Economic Court of Dnipropetrovsk region declared LLC DRUGSTORE KADM (code EDRPOU 24599622) insolvent and introduced bankruptcy proceedings on April 8, 2004. The case is docketed as B 29/37/04. Arbitral manager Mr. Ryabchij S. (License Number 047446) has been appointed liquidator/insolvency manager. Creditors have until May 30, 2004 to submit their proofs of claim to: (a) Liquidator/Insolvency Manager at: 49700, Ukraine, Dnipropetrovsk, Panikaha str., 2. (b) ECONOMIC COURT OF DNIPROPETROVSK REGION: 49600, Ukraine, Dnipropetrovsk, Kujbishev str., 1a CONTACT: DRUGSTORE KADM Ukraine, Dnipropetrovsk, Revolutsijna str., 28 Mr. Ryabchij S., Liquidator/Insolvency Manager 49700, Ukraine, Dnipropetrovsk, Panikaha str., 2 ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk, Kujbishev str., 1a PRESSUZEL: Insolvent Status Confirmed ------------------------------------- The Economic Court of Dnipropetrovsk region declared OJSC Pressuzel (code EDRPOU 00223778) insolvent and introduced bankruptcy proceedings on April 13, 2004. The case is docketed as B 24/2/01. Arbitral manager Mr. Talan Leonid has been appointed liquidator/insolvency manager. CONTACT: PRESSUZEL 52663, Ukraine, Dnipropetrovsk region, Vasilkivski district, Chaplino, Shevchenko str Mr. Talan Leonid, Liquidator/Insolvency Manager 49000, Ukraine, Dnipropetrovsk, a/b 158 Phone: (0562) 92-53-18 ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk, Kujbishev str., 1a PRILUKI CORN: Declared Bankrupt ------------------------------- The Economic Court of Chernigiv region declared LLC Priluki Corn Company & Co insolvent and introduced bankruptcy proceedings on April 13, 2004. The case is docketed as 9/94-b. Arbitral manager Mrs. Tanska Tetyana (License Number AA 669671 approved March 8, 2003) has been appointed liquidator/insolvency manager. Creditors have until May 30, 2004 to submit their proofs of claim to the liquidator/insolvency manager at: 14033, Ukraine, Chernigiv, Miru avenue, 139. CONTACT: PRILUKI CORN COMPANY & CO Ukraine, Chernigiv region, Priluki district, Yablunivka Mrs. Tanska Tetyana, Liquidator/Insolvency Manager 14033, Ukraine, Chernigiv, Miru Avenue, 139 SPETSAVTOSERVIS: Donetsk Court Commences Bankruptcy Proceedings --------------------------------------------------------------- The Economic Court of Donetsk region declared LLC Spetsavtoservis (code EDRPOU 25579113) insolvent and introduced bankruptcy proceedings on March 25, 2004. The case is docketed as 15/188B. Mr. Karpachyov L. (License Number AA 668300) has been appointed liquidator/insolvency manager. CONTACT: SPETSAVTOSERVIS 83016, Ukraine, Donetsk, Prodolna str., 7 Mr. Karpachyov L., Liquidator/Insolvency Manager 83015, Ukraine, Donetsk, Cheluskintsi str., 197/70 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk, Artema str., 157 STEP: Declared Insolvent ------------------------ The Economic Court of Hmelnitski region declared agricultural LLC Step (code EDRPOU 03788684) insolvent and introduced bankruptcy proceedings on March 25, 2004. The case is docketed as 4/248-B. Arbitral manager Mr. Rudnichenko L. has been appointed liquidator/insolvency manager. Step holds Account Number 260061691 at JSPPB Aval, MFO 315966. CONTACT: STEP 31351, Ukraine, Hmelnitski region, Hmelnitski district, Geletintsi Mr. Rudnichenko L., Liquidator/Insolvency Manager 29017, Ukraine, Hmelnitski, Svobodi str., 2a/77 Phone: 71-21-62 ECONOMIC COURT OF HMELNITSKIJ REGION 29000, Ukraine, Hmelnitskij, Nezalezhnosti square, 1 SYAJVO: Insolvent Status Confirmed ---------------------------------- The Economic Court of Kirovograd region declared LLC food combine Syajvo (code EDRPOU 31046600) insolvent and introduced bankruptcy proceedings on April 8, 2004. The case is docketed as 10/86. Arbitral manager Mrs. Suhorukova Natalie (License Number AA 485219) has been appointed liquidator/insolvency manager. CONTACT: SYAJVO Ukraine, Kirovograd region, Kirovograd district, Berezhinka Mrs. Suhorukova Natalie, Liquidator/Insolvency Manager 25006, Ukraine, Kirovograd, Timiryazev str., 62/2, 7 Phone/Fax: 8 0522 24-35-67 THE ECONOMIC COURT OF KIROVOGRAD REGION 25022, Ukraine, Kirovograd, Lunacharski str. 29 =========================== U N I T E D K I N G D O M =========================== 3I GROUP: Attracting Interests from Potential Buyers ---------------------------------------------------- Rumors are circulating regarding a possible takeover or sale of part of private equity group 3i after a slowdown in third-party investment and growing concern over future management in the company. The company's share price has fallen to 602p from more than 1700p during the dotcom boom in 2000, rebounding nearly 50% only last year. In March, 3i group, whose Chief Executive Brian Larcombe is due to retire in July, said it was optimistic for the future due to a stronger level of business confidence across Europe. It is due to announce results this week, which will likely include an update on its latest GBP3 billion-fund raising program. But a cold response to the exercise is causing alarm regarding its future. American banks Goldman Sachs and Credit Suisse First Boston and U.S. venture capitalist firms Kohlberg Kravis Roberts and Blackstone Group, are considering bidding for the private equity group, reports say. 3i invests throughout Europe in buy-outs, growth capital and technology deals worth up to GBP500 million. A takeover could be worth GBP5 billion. ANSELL GLOVE: Annual and Final Meeting Set June 3 ------------------------------------------------- Name of Companies: Ansell Glove Company Limited Golden Needles Knitting And Glove Company Limited Mates Vending Limited There will be an Annual and Final Meeting of these Companies on June 3, 2004 at 10:00 a.m. It will be held at Kingston Smith & Partners LLP, Devonshire House, 60 Goswell Road, London EC1M 7AD. The purpose of the Meeting is to lay before the Members how the winding-up of the Company has been conducted. Creditors who want to be represented at the Meeting may appoint proxies. Proxy forms must be submitted to Kingston Smith & Partners LLP, Devonshire House, 60 Goswell Road, London EC1M 7AD not later than 12:00 noon, June 2, 2004. CONTACT: KINGSTON & PARTNERS LLP Devonshire House 60 Goswell Road, London EC1M 7AD Contact: N J Miller, Joint Liquidator ARTHUR ANDERSEN: To Pay GBP1 Mln in Relation to Wickes Fraud ------------------------------------------------------------ The Joint Disciplinary Service has ordered Andersen to pay fines and investigation costs on its failure to properly audit defunct DIY firm Wickes almost ten years ago. Wickes was discovered in 1996 to have overstated profits by more than GBP50 million between 1992 and 1995. The fraud was done by posting unrealistic rebates with suppliers and booking them in advance. Eindhoven-based Andersen found out about the accounting irregularity at Wickes' continental subsidiary, but failed to undertake a thorough investigation despite the discovery of further evidences. Chris Dickson, executive counsel at the Joint Disciplinary Service, said: "The quality of evidence that Andersen based its audit opinion on was wrong. They didn't look properly at the underlying documents but simply relied on letters and representations from the company." The watchdog ruled that Andersen must pay more than GBP1 million for the lapse. The amount includes a fine of GBP400,00 and investigation costs of GBP700,000. Two former Andersen partners, Richard Simmons and David Whitmor, who led the audit of Wickes were fined an additional GBP25,000 each. Wickes is now part of Focus Wickes Group after the scandal that nearly brought it to bankruptcy. Andersen was wound up after its U.S. counterpart became embroiled in the Enron scandal. The penalties imposed on Andersen will be taken from the money set aside to cover liabilities after its demise. AZULI RECORDS: In Administrative Receivership --------------------------------------------- Name of Company: Azuli Records Limited Nature of Business: Artistic and Literary Creation Date of Appointment: April 30, 2004 Administrative Receiver: PEARL ASSURANCE HOUSE 319 Ballards Lane, London N12 8LY Receivers: Asher Miller David Rubin (IP Nos 9251, 2591) BI-LINES MIDLANDS: Final Meeting Set June 7 ------------------------------------------- There will be a Final Meeting of the Members of the Bi-Lines Midlands Limited (formerly Bi-Lines Scenery Limited) Company on June 7, 2004 at 11:00 a.m. It will be held at the offices of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH. The purpose of the Meeting is to lay before the Members how the winding-up of the Company has been conducted. CONTACT: POPPLETON & APPLEBY 35 Ludgate Hill, Birmingham B3 1EH Contact: M T Coyne, Liquidator BLACKSHAWS LIMITED: General Meeting June 2 ------------------------------------------ There will be a General Meeting of the Members of the Blackshaws (Derby) Limited Company on June 2, 2004 at 10:00 a.m. It will be held at the offices of Bates Weston, The Mills, Canal Street, Derby. The purpose of the Meeting is to lay before the Members how the winding up of the Company has been conducted. Members who want to be represented at the Meeting may appoint proxies. CONTACT: BATES WESTON The Mills, Canal Street, Derby Contact: R J Carman, Liquidator CANEFLEET LIMITED: Hires Hacker Young & Partners Administrator -------------------------------------------------------------- Name of Company: Canefleet Limited Registered Office: St. Alphage House, 2 Fore Street, London EC2Y 5DB Nature of Business: Golf Club Trade Classification: 39 Date of Appointment: April 29, 2004 Administrative Receiver: HACKER YOUNG & PARTNERS St Alphage House, 2 Fore Street, London EC2Y 5DH Receivers: Andrew Andronikou Ladislav Hornan (IP Nos 1253, 2059) CARLSON DEVELOPMENT: Brings in Liquidator from Grant Thornton ------------------------------------------------------------- At an Extraordinary General of the Carlson Development Limited Company on April 21, 2004 held at Glan Yr Afon, Candy, Oswestry, Shropshire SY10 9AZ, the Special Resolution to wind up the Company was passed. Samantha Keen of Grant Thornton, 31 Carlton Crescent, Southampton SO15 2EW has been appointed Liquidator of the Company for the purpose of the voluntary winding-up. CONTACT: GRANT THORNTON 31 Carlton Crescent, Southampton SO15 2EW Contact: Samantha Keen, Liquidator CHRYSALIS GROUP: To Dispose Book-publishing Arm ----------------------------------------------- Chrysalis is understood to be looking forward to selling its unprofitable book-publishing division, according to The Scotsman. The move could be patterned to the company's disposal of its TV arm last year, the report said. The media conglomerate sold its TV arm for GBP50 million in August, and now wants to focus purely on radio and music interests -- the book-publishing division is not included among its future core interests. According to the report, Chief executive Richard Huntingford, said he first wanted to return the firm into profit. He is, however, understood to be trying to replicate the TV arm sale. Chrysalis' book publishing sales during the half-year were down 16% to GBP12.5 million, while overall turnover was near flat at GBP84.6 million. COALITE LIMITED: Ever 1813 Limited Appoints PKF Receiver -------------------------------------------------------- Name of Company: Coalite Limited Reg No 04460064 Previous Name of Company: Alchemy Environmental Limited Trading Name: Coalite Limited trading as Coalite Smokeless Fuels and Coalite Chemicals Nature of Business: Smokeless Fuels and Chemicals Trade Classification: 05 Date of Appointment of Joint Administrative Receivers: May 4, 2004 Name of Person Appointing the Joint Administrative Receivers: Ever 1813 Limited Joint Administrative Receivers: PKF Regent House, Clinton Avenue, Nottingham NG5 1AZ Receivers: Edward T Kerr Brian James Hamblin (Office Holder Nos 9020, 2085) EVER 2283: Special Winding up Resolutions Passed ------------------------------------------------ At an Extraordinary General Meeting of the Members of the Ever 2283 Limited Company on April 27, 2004 held at 1 Callaghan Square, Cardiff CF10 5BT, the Special Resolutions to wind up the Company were passed. Richard Ivor Bartlett Jones of JonesGiles, The Maltings, Cardiff Bay CF24 5EA has been appointed Liquidator for the purpose of the winding-up. CONTACT: JONESGILES The Maltings, Cardiff Bay CF24 5EA Contact: Richard Ivor Bartlett, Liquidator GOODMANS LOUDSPEAKERS: Creditors Meeting Set May 14 --------------------------------------------------- There will be a Creditors Meeting of the Goodmans Loudspeakers Limited Company on May 14, 2004 at 11:00 a.m. It will be held at The Marriott Hotel, North Harbour, Portsmouth, Hampshire. Creditors who want to vote at the Meeting must bring with them written debt claims to be submitted to Portland Business and Financial Solutions, 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire PO15 7AH not later than 12:00 noon, May 13, 2004. CONTACT: PORTLAND BUSINESS AND FINANCIAL SOLUTIONS 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire PO15 7AH Contact: James Richard Tickell, Joint Administrator Carl Derek Faulds, Joint Administrator INDEPENDENT ACCESS: Business for Sale ------------------------------------- The Joint Administrators [of Independent Access Supplies Limited] offer for sale the business and assets of this aerial work platform hire company. Principal features include: (a)Total fleet size cirxa 1,850 aerial work platforms (b) Norwich head office supported by five depots providing strong national coverage (c) Formed in 1994 with circa 80% of the U.K. aerial work platform hire market (d) An established blue chip customer base (e) Turnover per annum of circa GBP13 million Skilled workforce of circa 100 employees. CONTACT: KPMG LLP Ian Corfield Douglas NacBean Aquis Court 31 Fishpool Street St Albans AL3 4RF Phone: 0121 232 3000 Fax: 0121 335 2501 E-mail: douglas.macbean@kpmg.co.uk INTERNET ADVERTISING: Highbury House Appoints Receiver ------------------------------------------------------ Name of Company: Internet Advertising Limited Reg No 3675429 Trading Name: Easypress Technologies Nature of Business: Software Development Trade Classification: 2215 Date of Appointment of Joint Administrative Receivers: April 29, 2004 Name of Person Appointing the Joint Administrative Receivers: Highbury House Communications PLC Joint Administrative Receivers: GRANT THORNTON Grant Thornton House, Melton Street, Euston Square, London NW1 2EP Receivers: Nicholas Stewart Wood Daniel Robert Whitely Smith (Office Holder Nos 9064, 8373) JOHN SLATER: Calls in Liquidator -------------------------------- At an Extraordinary General Meeting of the Members of the John Slater Profiles Limited Company on April 27, 2004 held at Emerald House, 20 Anchor Road, Aldridge, Walsall WS9 8PH, the Special Resolution to wind up the Company was passed. K J Watkin has been appointed Liquidator for the purpose of such winding-up. LABGEAR LIMITED: Administrators Invite Bidders for Assets --------------------------------------------------------- The Joint Administrators, Tim Dolder and Nick Hood, offer for sale the business and assets of Labgear Limited, a long established TV aerial, signal booster, distribution systems, accessories designer and manufacturer. The principal features are: (a) Supplier to the retail and wholesale trade (b) Business established for over 70 years (c) Occupying 29,000 sq ft. leasehold premises on 2 sites in Ely, Cambs Approximately GBP6.5 million turnover per annum. CONTACT: BEGBIES TRAYNOR Joint Administrators 4th Floor Exchange House 494 Midsummer Boulevard Milton Keynes MK9 2EA Phone: 01908 255992 Fax: 01908 255700 E-mail: christopher.jones@begbies-traynor.com MCL ENGINEERING: Business for Sale ---------------------------------- The opportunity arises to acquire the business and assets of MCL Engineering Limited following the administration of the Company. Key features: (a) Manufacturer of Aluminium and Zinc die cast and fully machined components. (b) Wide ranging customer base including a number of blue chip customers. (c) Turnover in 2003 circa GBP2.3 million. (d) Skilled workforce circa 50 employees. CONTACT: DEWEY & CO 17 St Andrews Crescent Cardiff CF10 3DB Phone: 02920 222244 Fax: 02920 222223 MIDTRANS LIMITED: Appoints Receivers from Poppleton & Appleby ------------------------------------------------------------- Name of Company: Midtrans Limited Nature of Business: Freight Transport by Road Trade Classification: 28 Date of Appointment: April 27, 2004 Administrative Receiver: POPPLETON & APPLEBY 35 Ludgate Hill, Birmingham B3 1EH Receivers: M T Coyne M D Hardy (IP Nos 6575, 9160) MONARCH PLASTERING: Crownlea Hire Appoints Lubbock Receiver ----------------------------------------------------------- Name of Company: Monarch Plastering and Dry Lining Ltd Reg No 3233173 Nature of Business: Building Contractors Trade Classification: 4541 Date of Appointment of Joint Administrative Receivers: May 4, 2004 Name of Person Appointing the Administrative Receiver: Crownlea Hire & Sales Ltd. Security: Fixed and Floating Charge over the assets of the company dated 17 March 2000 Administrative Receiver: BAEHR LUBBOCK FINE Russell Bedford House, City Forum, 250 City Road, London EC1V 2QQ Receiver: Laurence Baehr (Office Holder No 5740) MSSQUARE LIMITED: Winding up Resolutions Passed ----------------------------------------------- At an Extraordinary General Meeting of the MSSquare Limited Company on April 22, 2004 held at Dewey & Co, 17 St. Andrews Crescent, Cardiff CF10 3DB, the Special, Ordinary and Extraordinary Resolutions to wind up the Company were passed. Peter Richard Dewey of Dewey & Co, 17 St Andrews Crescent, Cardiff has been appointed as Liquidator of the Company for the purpose of the voluntary winding-up. CONTACT: DEWEY & CO 17 St Andrews Crescent, Cardiff Contact: Peter Richard Dewey, Liquidator NETTEC PLC: Shareholders to Decide on Liquidation June 14 --------------------------------------------------------- Nettec plc announces that, a Circular is being sent to shareholders concerning a proposal to place the Company in Members Voluntary Liquidation. The Circular contains a Notice of an Extraordinary General Meeting, which has been arranged for 2:00 p.m. on Monday 14 June 2004 at the offices of DLA LLP, 3 Noble Street, London EC2V 7EE. Two copies of the Circular in respect of the proposed Members Voluntary Liquidation have been lodged with the U.K. Listing Authority and are available for inspection at the Document Viewing Facility of the Financial Services Authority, 25 The North Colonnade, London E14 5HS. CONTACT: BANKSIDE CONSULTANTS Ian Seaton Phone: +44 (0) 20 7444 4157 NORTHERN FOODS: Uniq Buys Minsterley Business for GBP16.5 Mln ------------------------------------------------------------- Northern's subsidiary Convenience Foods Limited agreed to sell its Minsterley fresh chilled dairy products business to Uniq Prepared Foods Limited, a subsidiary of Uniq plc (Uniq), for a cash consideration of GBP16.5 million, which will be used to reduce Group debt. The net assets to be disposed of are GBP19.8 million plus GBP24.0 million of goodwill previously written off to reserves. During the financial year ended 31 March 2004 Minsterley made an operating loss of GBP3.8 million on sales of GBP58.6 million. Minsterley is a manufacturer of dairy desserts, yogurt, fromage frais and cottage cheese, which are sold principally under the Marks & Spencer and Asda retailer brands. It also manufactures a range of branded dairy desserts under license. The large, modern Minsterley factory in Shropshire employs some 520 people who will transfer to Uniq under TUPE*. It is expected that the sale will be completed later this month. Northern Finance Director Sean Christie commented: 'Minsterley has an excellent facility, great products and customers, and a first class team of people. Its losses arise from the reduction in turnover that followed our sale of the Ski and Munch Bunch brands to Nestle U.K. in 2002. Although we have been successfully rebuilding sales in new areas, it would clearly be a long haul under our ownership to return the business to satisfactory levels of profitability. It makes sense for us to sell to a company that is focused on these areas and can realize synergies with its other operations. This is consistent with our well-established strategy of increasing the focus of the Group, and taking firm action on underperforming assets. The sale follows the disposals of Fox's Confectionery in 2003, and of the Batchelors and Beck Smith grocery operations and the Emile Tissot frozen ready meals business earlier this year.' * Transfer of Undertakings (Protection of Employment) Regulations 1981. CONTACT: NORTHERN FOODS Hudson Sandler Sean Christie, Finance Director Phone: 07831 521870 Keith Hann Phone: 01482 325432 Jessica Rouleau Michael Sandler Phone: 020 7796 4133 SCOLOCATE: Shows First Signs of Recovery Since Dotcom Failure ------------------------------------------------------------- Scolocate, the so-called "internet hotel," may turn in its first profit in years this 2004, according to The Scotsman The provider of outsourced computing services nearly closed after the dotcom bubble collapsed in 2000 leading to the resignation of its founder and managing director, Justin Farrelly in 2001. Malcolm Watson, former vice-president of Computer Associates, took over the company from Mr. Farrelly in 2002. Under his management, Scolocate ventured from hosting high-speed telecommunications equipment into selling managed computer services. As a result, turnover rose more than 400% from GBP600,000 to GBP2.4 million. Royal Bank of Scotland, which set up the company in the 1990s, is understood to have invested GBP4 million setting up Scolocate and GBP7 million in a share-based funding deal last year. S & D SUPERMARKETS: Calls in Liquidator --------------------------------------- At an Extraordinary General Meeting of the S & D Supermarkets Limited Company on April 28, 2004 held at 435 Lichfield Road, Aston, Birmingham B6 7SS, the Resolutions to wind up the Company were passed. Geoff Robbins has been appointed Liquidator for the purpose of such winding-up. SHAPETOWER LIMITED: Names Liquidator from Smith & Williamson ------------------------------------------------------------ At an Extraordinary General Meeting of the Shapetower Limited Company on April 28, 2004 held at Smith & Williamson Limited, No 1 Riding House Street, London W1A 3AS, the subjoined Resolution to wind up the Company was passed. Anthony Cliff Spicer of Smith & Williamson Limited has been appointed Liquidator of the Company for the purpose of such winding-up. SHIRE PLANT: Names Receivers from CBA ------------------------------------- Name of Company: Shire Plant Limited Registered Office: Midland Transport House Whiteacre Road Industrial Estate Nuneaton, Warwickshire CV11 6BY Nature of Business: Plant Hire Trade Classification: 4550 Date of Appointment: April 27, 2004 Administrative Receiver: CBA 39 Castle Street, Leicester LE1 5WN Receivers: Mark Grahame Tallby Geoff Robbins (IP Nos 9115, 6622) STONEYGATE 131: Calls in Liquidator ----------------------------------- Name of Companies: Stoneygate 131 Limited Stoneygate 132 Limited At an Extraordinary General Meeting of these Companies on April 29, 2004 held at First Floor Suite, Darlington Garage, Coppice Row, Theydon Bois, Essex, the Special, Ordinary and Extraordinary Resolutions to wind up the Company were passed. Jane Lindsay Gandon of 2 Preston Park Avenue, Brighton BN1 6HJ has been appointed Liquidator for the purpose of such winding- up. CONTACT: Jane Lindsay Gandon, Liquidator 2 Preston Park Avenue, Brighton BN1 6HJ STREATHAM ICE: Appoints Moriston House Liquidator ------------------------------------------------- At an Extraordinary General Meeting of the Streatham Ice Arena Limited Company on April 26, 2004 held at 56 Buckingham Gate, London SW1E 6AE, the Special, Ordinary and Extraordinary Resolutions to wind up the Company were passed. Duncan R Beat of Moriston House, 75 Springfield Road, Chelmsford, Essex CM2 6JB has been appointed Liquidator for the purpose of such winding-up. CONTACT: MORISTON HOUSE 75 Springfield Road, Chelmsford, Essex CM2 6JB Contact: Duncan R Beat, Liquidator TRI-MED LIMITED: P Smith Appoints Langley & Partners Receiver ------------------------------------------------------------- Name of Company: Tri-Med Limited Reg No 02139345 Trading Name: Tri-Med Nature of Business: Medical Supply Company Trade Classification: Unknown Date of Appointment of Joint Administrative Receivers: April 29, 2004 Name of Person Appointing the Joint Administrative Receivers: P Smith, P Nopper and P Jodoin trading as Hanson Properties Joint Administrative Receivers: LANGLEY & PARTNERS Langley House, Park Road, London N2 8EX Receivers: Philip Simons Alan Simon (Office Holder Nos 009289, 008635) VALLEYHILL PUB: Joint Administrative Receivers Appointed -------------------------------------------------------- Jane Moriarty and Blair Nimmo of KPMG Corporate Recovery have been appointed as joint administrative receivers to Valleyhill Ltd., Valleyhill Bars Ltd. and Valleyhill Pubs Ltd., which operate 46 pubs and bars throughout England and Scotland. The three businesses, employ approximately 600 people, and have their headquarters in central London. Jane Moriarty, KPMG Corporate Recovery Partner said: "These are all well-established pubs or bars that have been acquired over the last year. Unfortunately, the Valleyhill businesses have faced the slow-down that has affected the whole of the leisure industry. "We are trading these businesses as going concerns and are hopeful of bringing about a sale of individual or groups of pubs. We are urging interested parties to contact us as soon as possible." CONTACT: KPMG Judith Dow, Corporate Communications Phone: 0207 694 8584 Mobile: 07786 197718 E-mail: judith.dow@kpmg.co.uk KPMG Press Office: 0207 694 8773 VIVID FOODS: Business for Sale ------------------------------ The Joint Administrators, Paul Davis and Tim Dolder offer for sale the business and assets of this manufacturer of desserts which supplies to the food services and retail markets. The principal features are: (a) Customers are predominantly blue chip, well known companies (b) Experienced and skilled workforce (c) Occupying purpose built, high care premises of c19,500 sq. ft. (d) GBP2.5 million Turnover with significant growth prospects CONTACT: BEGBIES TRAYNOR 24-30 King Street Watford Herts WD18 0BP Phone: 01923 812900 Fax: 01923 812999 E-mail: nick.simmonds@begbies-traynor.com ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., 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 * * *