/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/040525.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, May 25, 2004, Vol. 5, No. 102 Headlines C R O A T I A BINA-ISTRA: 'BB+' Long-term Rating Affirmed; Outlook Stable F I N L A N D BENEFON OYJ: Future Remains Uncertain, Says Ernst & Young F R A N C E ALSTOM SA: Rescue Plan Expected this Week G E R M A N Y DEUTSCHE BAHN: Early IPO Ill-advised, Says Morgan Stanley MESSER GRIESHEIM: Refinancing Complete; Ratings Withdrawn I R E L A N D AIREAGAL TEORANTA: Blames U.S. Dollar Fall for Liquidation I T A L Y PARMALAT CAPITAL: Preliminary Injunction Hearing Set June 4 PARMALAT FINANZIARIA: Austrian Unit Sells NOM AG Shares PARMALAT FINANZIARIA: French Firms Question Bondi's Appointment TECNODIFFUSIONE ITALIA: CMS Calls in Administrator R U S S I A IBERIA TELEVISION: Applies for Liquidation SODBIZNESBANK: Shareholders Demand Audit S P A I N MATSUSHITA ELECTRIC: To Close Vacuum Cleaner Company in Spain U K R A I N E DANAJ: Kirovograd Court Appoints Insolvency Manager DOBROBUT: Deadline for Proofs of Claim June 14 KUPJANSK CAST: Under Bankruptcy Supervision Procedure TARASHA' AGRARIAN: Bankruptcy Supervision Procedure Begins ZALISHIKI' TIN: Falls into Bankruptcy U N I T E D K I N G D O M ADVANCED ALUMINIUM: Hires Begbies Traynor Administrator A.G.B. DRIVING: Appoints Rothman Pantall Liquidator AINSWORTH & PARKINSON: Names Begbies Traynor Administrator ALIS SERVICES: Winding up Resolutions Passed ARES FINANCE: Fitch Downgrades Classes E, F Notes ARNOLD WRAGG: To Shutdown Operation Next Month A.S. FOODS: Calls in Liquidator BUSY BUILDING: Hires Liquidator from Sussex House CANARY WHARF: CWG's Revised Offer Lapses with 19.4% Acceptance CANARY WHARF: Songbird Offer Declared Unconditional CANARY WHARF: Acceptance Period for Songbird Offer Extended CANARY WHARF: B Shares in Songbird Estates Suspended Temporarily CARBON LIMITED: In Administrative Receivership EASY INTERNATIONAL: Names Ian Franses Associates Liquidator ELEMENTZ ENVIRONMENTAL: Hires Receivers from Rothman Pantall EVERSTREET LIMITED: Names Valentine & Co Administrator GLUSTAGE INVESTMENTS: Final Meeting Set June 22 HHG PLC: Non-executive Director Pat Handley Resigns INTELLIGENT MODULAR: Names Receivers from Chantrey INVESTEC INVESTMENT: Hires Liquidator from Critchleys KEMTECH INTERNATIONAL: In Administrative Receivership LLOYDS TSB: To Step up Efforts to Win New Customers' Business MARTINEAU JOHNSON: Members Final Meeting June 30 MCCABE CONSTRUCTION: Appoints Receivers from DTE Leonard Curtis NETWORK RAIL: Calls RMT Strike Ballot Result 'Damaging Blow' OBADATION NOMINEES: Members Meeting June 23 PINCO LTD.: Hires KPMG Administrator QUEENS MOAT: Considers Disposal of Divisions RADAR MEDIA: Appoints Ernst & Young Administrator SSL INTERNATIONAL: Sells Infection Control Biz for GBP173 Mln STADIA INVESTMENT: Scarborough Development Buys 56% Stake TELEWEST COMMUNICATIONS: Transfer of Assets to Subsidiary Okayed VIRGIN ENTERTAINMENT: To Close Underperforming Megastores WB LEE: Brings in Receivers from KPMG Corporate Recovery * Large Companies with Insolvent Balance Sheets ********* ============= C R O A T I A ============= BINA-ISTRA: 'BB+' Long-term Rating Affirmed; Outlook Stable ----------------------------------------------------------- Standard & Poor's Ratings Services on Friday affirmed its 'BB+' long-term rating on the EUR210 million senior secured bonds due 2022 issued by Croatia-based road construction and operation company Bina-Istra, d.d., following a review. The outlook is stable. "The rating affirmation reflects our opinion that the project fundamentals have remained unchanged over the past year, despite delays to the start of sub-phases 1B1 and 1B2-1 and a challenge to Bina-Istra's tax-exemption status," said Standard & Poor's credit analyst Maria Lemos. "Construction is now progressing according to schedule and the tax challenge is unlikely to be successful. Even if it is, we do not expect it to have any impact on the rating," Ms. Lemos added. Financial performance has been better than the base case due to higher-than-forecast traffic revenues and cost savings. The 'BB+' rating on Bina-Istra's bonds reflects: potential pressure on financial support from the government, on which the project largely depends, in times of national budget constraints; an aggressive financial structure; a back-ended debt repayment structure; and a limited track record of security enforcement in Croatia. Other risks include the challenge of constructing a 1.3-kilometer viaduct in soft soils and the low level of liquidated damages and performance security. These risks are, however, mitigated by the project's reliance on a stable, tested government financial contribution mechanism; a supportive contractual framework; the strategic importance of the project to Croatia; and an adequate liquidity cushion. Furthermore, government support has been constant under different administrations and there is strong project management and sponsorship through the indirect majority shareholder, Bouygues S.A. (A-/Stable/A-2). The first phase of the project was completed on time and within budget. The stable outlook reflects the expectation of ongoing political support and receipt of timely payments from the Croatian government. If Bina-Istra lost its tax exemption status, Standard & Poor's would expect any tax-related cash shortfall to be covered by the financial contribution mechanism. The prospect of an upgrade in the medium term is limited, although a downgrade could occur if Croatia's foreign currency rating deteriorates or government support changes. CONTACT: STANDARD AND POOR'S RATING SERVICES Analyst E-mail Addresses maria_lemos@standardandpoors.com robert_bain@standardandpoors.com jan_plantagie@standardandpoors.com InfrastructureEurope@standardandpoors.com ============= F I N L A N D ============= BENEFON OYJ: Future Remains Uncertain, Says Ernst & Young --------------------------------------------------------- To the shareholders of Benefon Oyj: We have audited the accounting, the financial statements and the corporate governance of Benefon Oyj for the period January 1, 2003 to December 31, 2003. The financial statements, which include the report of the Board of Directors, consolidated and parent company income statements, balance sheets and notes to the financial statements, have been prepared by the Board of Directors and the Managing Director. Based on our audit we express an opinion on these financial statements and on corporate governance of the parent company. We have conducted the audit in accordance with Finnish Standards on Auditing. Those standards require that we perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by the management as well as evaluating the overall financial statement presentation. The purpose of our audit of corporate governance is to examine that the members of the Board of Directors and the Managing Director have legally complied with the rules of the Companies Act. The financial statements as at December 31, 2003 as well as the Interim Financial Statements that have been issued during the financial year 2003 have been prepared on the going concern principle. The reorganization program of Benefon Oyj that was confirmed by the District Court of Turku on March 19, 2004 has strengthened significantly the balance sheet structure of the parent company and at the same time improved its operational preconditions. However, due to continued loss-making operations there are still uncertainties relating to continuation of the company. Significant improvements in profitability and cash flows as well as possible additional funding are the prerequisites for continued operations of Benefon Oyj. Inventories in the financial statements consist mainly of electronic components. The book keeping value of these components is based on their estimated consumption in production, which again is based on sales estimates of terminals. Inventories that are in excess of estimated consumption have been charged to income as costs in the financial statements. Realized sales have repeatedly fallen short of estimated sales in the past. Therefore we consider that valuation of inventories in the financial statements carries significant risk. In our opinion the financial statements have been prepared in accordance with the Accounting Act and other rules and regulations governing the preparation of financial statements. The financial statements give a true and fair view, as defined in the Accounting Act, of both the consolidated and parent company's result of operations as well as of the financial position. The financial statements with the consolidated financial statements can be adopted and the members of the Board of Directors and the Managing Director of the parent company can be discharged from liability for the period audited by us. The proposal by the Board of Directors regarding handling of the loss is in compliance with the Companies Act. Ernst & Young Oy Authorized Public Accounting Firm Tapio Ali-Tolppa Authorized Public Accountant BENEFON OYJ Juha Kiikeri CEO CONTACT: BENEFON OYJ Head Office/Factory P.O. Box 84 Meriniitynkatu 11 FIN-24101 Salo, Finland Phone: +358-2-77 400 Fax: +358-2-733 2633 Web site: http://www.benefon.com =========== F R A N C E =========== ALSTOM SA: Rescue Plan Expected this Week ----------------------------------------- The rescue plan forged by the French government and the European Union Commission for engineering giant Alstom will be unveiled within the week, according to Reuters. French Finance Minister Nicolas Sarkozy, who had several meetings with European Competition Commissioner Mario Monti to discuss the plan, told G7 finance officials on Sunday that only one issue has kept the plan from being made public. He refused to say what this issue was. Rumors have it that the bailout plan being favored by the government will see France converting EUR800 million of Alstom debt into stock in exchange for a 31.5% stake and the launching of a share issue or debt-for-equity swap. The plan will give Alstom up to EUR2 billion in new capital. Asset sales may be necessary to satisfy regulatory requirements. Alstom, maker of France's TGV trains, will release its full-year results tomorrow. ============= G E R M A N Y ============= DEUTSCHE BAHN: Early IPO Ill-advised, Says Morgan Stanley --------------------------------------------------------- State-owned railway Deutsche Bahn needs to boosts its profit outlook before embarking on a public offering, Bloomberg News says, citing a Morgan Stanley report. Morgan Stanley, hired last year to review prospects of a share sale, submitted its 1,500-page report over the weekend in Berlin. A summary of the document says the group's financial plan for 2004 through 2008 sets targets that "don't match the main financial preconditions" of an initial share sale. Morgan Stanley advised the company to step up cost reductions to boost cash flow and potential dividend payments, and to improve productivity and increase sales on all of its routes. The report means German Chancellor Gerhard Schroeder may not be able to push his plans for an early public offering of Deutsche Bahn shares. He had earlier demanded for the IPO to take place in 2006, a year before his second four-year term in office expires. Morgan Stanley says a decision on whether to hold an IPO should be based on the company's profit outlook by the fall of 2005. Meanwhile, banks urged Mr. Schroeder to guarantee rail subsidies over the next decade. The transport ministry had recently said it is planning to cut Deutsche Bahn's yearly subsidies, which runs through 2008. The government will offer interest-free loans, instead. Deutsche Bahn aims to make a profit this year after reporting losses since 2001. Early in the month, it reported operating loss after interest payments of EUR82 million, down from EUR120 million in 2002. MESSER GRIESHEIM: Refinancing Complete; Ratings Withdrawn --------------------------------------------------------- Standard & Poor's Ratings Services on Friday withdrew its 'BB' corporate credit rating and 'B+' senior unsecured debt rating on Germany-based industrial gases manufacturer Messer Griesheim Holding AG (Messer) at the company's request. At the same time, the 'BB' corporate credit rating on Messer Griesheim GmbH, Messer's main operating subsidiary, was also withdrawn. The rating action follows the completion of a EUR400 million ($480 million) refinancing transaction, during which Messer successfully tendered for essentially all of its public debt. Simultaneously, the company raised EUR2.7 billion from the divestiture of its industrial gases activities in Germany, the U.K., and the U.S. Proceeds were used to buy out its private equity sponsors, refinance the group's senior bank debt, and tender for EUR550 million of Messer's high-yield bonds. Following the expiration of the tender offer on May 19, 2004, only a fraction of these bonds is still outstanding, so that Messer no longer has any public reporting requirements. In the fiscal year 2003, the remaining Messer group had sales of about EUR470 million. CONTACT: STANDARD AND POOR'S RATING SERVICES Analyst E-mail Addresses eve_greb@standardandpoors.com ralf_kortuem@standardandpoors.com CorporateFinanceEurope@standardandpoors.com ============= I R E L A N D ============= AIREAGAL TEORANTA: Blames U.S. Dollar Fall for Liquidation ---------------------------------------------------------- Mail catalogue firm, Aireagal Teoranta, filed for voluntary liquidation last Friday, according to Businessworld. The Donegal-based company, which sells Irish goods to the U.S., wrapped up its business due to the recent weakness of the dollar against the euro. Adding to its problem is the high cost of goods in Ireland compared to readily available imported products. In a statement, Aireagal said it had no choice but to file for liquidation after failing to abate its financial difficulties. The closure of the firm will lay off around 34 skilled workers who have been dependent on the company for years. ========= I T A L Y ========= PARMALAT CAPITAL: Preliminary Injunction Hearing Set June 4 ----------------------------------------------------------- Judge Drain adjourns the hearing to consider the Liquidators request for preliminary injunction to June 4, 2004 at 10:00 a.m. In the interim, all persons subject to the jurisdiction of the United States Bankruptcy Court are enjoined and restrained from commencing or continuing any action to collect a pre-petition debt against Parmalat Capital Finance without obtaining relief from the Court. Any objections to the further continuation of the Preliminary Injunction must be in writing, filed with the U.S. Bankruptcy Court for the Southern District of New York and served by June 3, 2004. Parmalat Finanziaria S.p.A.'s time to answer the Section 304 Petitions is extended until June 21, 2004. (Parmalat Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Service, Inc., 215/945-7000) PARMALAT FINANZIARIA: Austrian Unit Sells NOM AG Shares ------------------------------------------------------- Parmalat Finanziaria S.p.A., in | Parmalat Finanziaria S.p.A., Extraordinary Administration, | in Amministrazione communicates that its | Straordinaria, comunica che la subsidiary company Parmalat | societa controllata Parmalat Austria GmbH has signed, with | Austria GmbH ha firmato con la Raiffeisen-Holding | societa Raiffeisen-Holding Niederosterreich-Wien | Niederosterreich-Wien reg.Gen.m.b.H., an agreement | reg.Gen.m.b.H., un accordo per for the sale of its holding, | la cessione della equal to 25% + 1 share in the | partecipazione, pari al 25% share capital of the Austrian | piu una azione, del capitale company NOM AG. | sociale della societa | austriaca NOM AG. | The sale will become effective: | La cessione diventera | effettiva con: | (i) with the lifting of the | (i) la revoca dell'ordine sequestration order | di sequestro emesso issued by the Vienna | dal Tribunale di Court with regard to NOM | Vienna sulle azioni NOM; shares; | | (ii) with the conclusion of | (ii) la conclusione di un an agreement relating to | accordo circa il the supposed right of | presunto diritto reale collateral claimed by | di garanzia vantato da Raiffeisen Zentralbank | Raiffeisen Zentralbank Osterreich AG over NOM | Osterreich AG sulle shares; | azioni NOM; | (iii) the waiver by NOM of all | (iii) la rinuncia da parte claims for damages | di NOM ad ogni pretesa against Parmalat S.p.A. | di risarcimento danno in Extraordinary | nei confronti di Administration; and | Parmalat S.p.A. in | Amministrazione | Straordinaria; e | (iv) the non-exercise by | (iv) il mancato esercizio Parmalat Austria GmbH or | da parte di Parmalat Parmalat S.p.A. in | Austria GmbH o Extraordinary | Parmalat S.p.A. in Administration of the | Amministrazione option right over 50% of | Straordinaria, del the share capital of | diritto di opzione sul NOM. | 50% del capitale di | NOM. | The closing of the transaction | Il closing previsto non place is expected to take later | no than oltre il 15 dicembre Dec. 15, 2004. The sale | 2004. Il prezzo di cessione consideration is equal to | e pari a 37.6 milioni di euro. EUR37.6 million. The | Il corrispettivo e stato consideration has been | depositato presso un notaio, deposited with a notary who | che liberera i fondi a favore will free the funds to one of | di una delle parti, a seconda the parties depending on | dell'avvenuta esecuzione del whether closing takes place or | closing oppure della no agreement is reached. | risoluzione dell'accordo. (Parmalat Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Service, Inc., 215/945-7000) PARMALAT FINANZIARIA: French Firms Question Bondi's Appointment --------------------------------------------------------------- Parmalat special commissioner Enrico Bondi is facing a case that may question his sale of a stake in Italian investment bank Mediocreditor Centrale. According to Europe Intelligence Wire, two French companies have filed a case to have Parmalat's extraordinary administration under Enrico Bondi annulled. Solotrat and Societe Moderne des Terrassements, which invested millions of euros in bonds issued by Italian food group Parmalat, lodged their case at an Italian administrative court. Mr. Bondi had sold back a 1.5% stake in Mediocredito Centrale to raise funds to cover the repayment of a EUR150 million bond. This could be revoked as it is thought that negotiations to sell the stake have been made even before Parmalat was declared insolvent. TECNODIFFUSIONE ITALIA: CMS Calls in Administrator -------------------------------------------------- The assembly unit of Tecnodiffusione Italia, CMS, has applied for a "special management procedure," according to Europe Intelligence Wire. The application if approved means a court-appointed administrator will manage the division, including the retail, corporate resell and distribution subsidiaries of Tecnodiffusione, for a period of time. The administrator may sell non-core operations, although one analyst warned it would be difficult since the company has no goodwill. Rejection of the 'special management procedure' means the liquidation of the units. Tecnodiffusione is a retailer of Digital Technology in Italy. =========== R U S S I A =========== IBERIA TELEVISION: Applies for Liquidation ------------------------------------------ The Iberia Television Company is closing, Iberia Information Service Director Lyuba Eliashvili said, according to Interfax. Mr. Eliashvili was quoted in the report saying: "The decision to liquidate the television company derives from financial problems of the company owners from Omega Group." The broadcasting company is known to oppose the new Georgian authorities, and questions linger whether the decision was also related to pressure from authorities. When asked if conflict had something to do with the closure, Mr. Elishvili refused to comment. In February, Omega Group's production facilities were closed in relation to alleged illegal activities. Its management was accused of smuggling cigarettes and printing excise stamps. However, no criminal proceedings have yet been opened against any of its executives. SODBIZNESBANK: Shareholders Demand Audit ---------------------------------------- Sodbiznesbank shareholders asked the central bank last week to audit the bank's assets, Interfax says. Boris Ponomaryov, the liquidator, said the proposal was a step to find a solution that is agreeable to both parties. Shareholders tried to initiate liquidation proceedings on the bank after the central bank cancelled its license Thursday. Deputy Central Bank Chairman Andrei Kozlov said the move was illegal as it was against the courts order for administration. The Central Bank placed the bank under temporary administration for a host of violations ranging from inflating capital to processing ransom money. Sodbiznesbank has 45,000 depositors, who hold a total of RUB2.225 billion rubles (US$78 million). ========= S P A I N ========= MATSUSHITA ELECTRIC: To Close Vacuum Cleaner Company in Spain ------------------------------------------------------------- Matsushita Electric Industrial Co., Ltd. (NYSE symbol: MC), best known for its "Panasonic" brand products, announced plans to discontinue operations at its subsidiary Matsushita Electric Espana, S.A. (MAES) at the end of December 2004, after which it will begin closing/liquidation procedures. MAES, which is responsible for production of vacuum cleaners for the European market, recorded decreased profitability due to intensified competition and price declines in its market. To further expand sales of vacuum cleaners in the European market, Matsushita will shift production to factories in China. MAES was established in Barcelona in September 1973 through the purchase of shares of Anglo Espanola, a Spanish manufacturer of TVs and other electric appliances. MAES has supplied approximately 13.5 million vacuum cleaners over the past 28 years, since its start of production in 1975. Company Overview (a) Basic Information (as of March 31, 2004) Company name: Matsushita Electric Espana, S.A. Representative: Norikazu Yamada, Managing Director Location of head office: Poligono Industrial de Celra, 17460, Celra (Girona), Espana Date of incorporation: September 7, 1973 Principal business: Manufacture and sales of vacuum cleaner Share capital: Euros 3,000,000 Financial closing date: March 31 Number of employees: 216 Total number of outstanding shares: 1,000,000 shares Shareholder's equity: EUR29,328,654 Total assets: EUR60,032,934 Shareholders (% ownership): Matsushita Electric Industrial Co., Ltd. (99.99%) Matsushita Electric Europe (Headquarters) Ltd. (0.01%) Principal customers: Panasonic sales companies in Europe Bank references: Bankinter. Girona (b) Financial Results (for the most recent three fiscal years) (thousands of Euros, except per share amounts, which are in EUR) Fiscal year ended: March 2002 March 2003 March 2004 --------------------------------------------------------------- Sales * 73,513 54,663 28,484 --------------------------------------------------------------- Income (loss) before taxes * 1,131 (3,097) (3,359) --------------------------------------------------------------- Net income (loss) * 1,090 (2,545) (3,948) --------------------------------------------------------------- Net income (loss) per share 1.09 (2.54) (3.95) --------------------------------------------------------------- Cash dividends per share 0.22 21.88 0.00 --------------------------------------------------------------- Share holders' equity per share 57.92 55.16 29.33 --------------------------------------------------------------- (Note) * Amounts less than 1,000 Euros have been omitted. This matter will have no material effect on MEI's consolidated, or parent-alone financial position or performance. CONTACT: MATSUSHITA ELECTRIC INDUSTRIAL CO., LTD. Media: Yoshihiro Kitadeya (Japan) Phone: 06-6949-2293 Investor Relations: Ryuichi Tsuruta Investor Relations Phone: 06-6908-1121 PANASONIC FINANCE (AMERICA), INC. Akihiro Takei Phone: +1-212-698-1365 PANASONIC FINANCE (EUROPE) PLC Norio Iino Phone: +44-20-7562-4400 ============= U K R A I N E ============= DANAJ: Kirovograd Court Appoints Insolvency Manager --------------------------------------------------- The Economic Court of Kirovograd region commenced bankruptcy supervision procedure on LLC Danaj (code EDRPOU 31334098). The case is docketed as 10/33. Mrs. Savonina O. (License Number AA 484212 approved January 31, 2003) has been appointed temporary insolvency manager. Danaj holds Account Number 26004420025561 at JSCB Ukrsocbank, Kirovograd regional branch, MFO 323293. CONTACT: DANAJ Ukraine, Kirovograd, Moskovska str., 192 Mrs. Savonina O., Temporary Insolvency Manager 25006, Ukraine, Kirovograd, Lenin str., 23 THE ECONOMIC COURT OF KIROVOGRAD REGION: 25022, Ukraine, Kirovograd, Lunacharski str. 29 DOBROBUT: Deadline for Proofs of Claim June 14 ---------------------------------------------- The Economic Court of Zakarpatska region commenced bankruptcy supervision procedure on agricultural limited liability company Dobrobut (code EDRPOU 30854327). The case is docketed as 16/26. Arbitral manager Mr. Bahtin V. (License Number AA 419493 approved December 10, 2002) has been appointed temporary insolvency manager. Creditors have until June 14, 2004 to submit their proofs of claim to: (a) Temporary Insolvency Manager: Ukraine, Uzhgorod, Hmelnitskij square, 2/205 (b) ECONOMIC COURT OF ZAKARPATSKA REGION: 88000, Ukraine, Zakarpatska region, Uzhgorod, Kotsubinski str.,2a Dobrobut maintains Account Number 2600063113 at JSAPPB Aval of Uzhgorod, Zakarpatska regional branch, MFO 312345. CONTACT: DOBROBUT Ukraine, Zakarpatska region, Mukachiv district, Puznyakivtsi, 62 a Mr. Bahtin V., Temporary Insolvency Manager Ukraine, Uzhgorod, Hmelnitskij square, 2/205 ECONOMIC COURT OF ZAKARPATSKA REGION: 88000, Ukraine, Zakarpatska region, Uzhgorod, Kotsubinski str.,2a KUPJANSK CAST: Under Bankruptcy Supervision Procedure ----------------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy supervision procedure on LLC Kupjansk Cast Iron Casting Plant (code EDRPOU 30136420) in March. The case is docketed as B- 39/30-04. Mr. Kardash Sergij (License Number AA 140479 approved July 02, 2002) has been appointed temporary insolvency manager. Creditors have until June 14, 2004 to submit their proofs of claim to 63705, Ukraine, Harkiv region, Kupjansk, Zhovtneva str., 7/95. Kupjansk Cast Iron Casting Plant maintains Account Number 26005301760265 at Prominvestbank, Kupjansk branch of Harkiv region. CONTACT: KUPJANSK CAST IRON CASTING PLANT 63700, Ukraine, Harkiv region, Kupjansk, Lermontivska str., 57 ECONOMIC COURT OF HARKIV REGION: 61022, Ukraine, Harkiv, Svobodi square, 5, Derzhprom, 8th entrance TARASHA' AGRARIAN: Bankruptcy Supervision Procedure Begins ---------------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy supervision procedure on Tarasha' Agrarian Road Building Enterprise (code EDRPOU 03580759). The case is docketed as 32/14b-04. Arbitral manager Mr. Palshin Oleksandr (License Number AA 047847 approved October 19, 2001) has been appointed temporary insolvency manager. Creditors have until June 14, 2004 to submit their proofs of claim. Tarasha' Agrarian Road Building Enterprise maintains Account Number 260082976 at JSPPB Aval, Bilocerkivska branch, MFO 321121. CONTACT: TARASHA' AGRARIAN ROAD BUILDING ENTERPRISE Ukraine, Kyiv region, Tarasha, Sverdlov str., 26 ZALISHIKI' TIN: Falls into Bankruptcy ------------------------------------- The Economic Court of Ternopil region commenced bankruptcy supervision procedure on OJSC Zalishiki' Tin Plant (code EDRPOU 05529461). The case is docketed as 11/B396. Mr. Monastirskij Frants (License Number AA 783011 approved March 16, 2004) has been appointed temporary insolvency manager. Zalishiki' Tin Plant holds Account Number 260081728 at JSPPB Aval, Ternopil regional branch, MFO 338501. CONTACT: ZALISHIKI' TIN PLANT 48600, Ukraine, Ternopil region, Zalishiki, Bandera str., 4 Mr. Monastirskij Frants, Temporary Insolvency Manager: Ukraine, Ternopil, Korolyov str., 2/144 Phone: 28-18-00 ECONOMIC COURT OF TERNOPIL REGION: 46000, Ukraine, Ternopil, Ostrozski str., 14a =========================== U N I T E D K I N G D O M =========================== ADVANCED ALUMINIUM: Hires Begbies Traynor Administrator ------------------------------------------------------- The Advanced Aluminum Fabricators Ltd. has appointed Gordon Craig and David Appleby of Begbies Traynor as joint administrative receivers. The appointment was made May 10, 2004. The company produces aluminum. CONTACT: BEGBIES TRAYNOR 1 Winckley Court, Chapel Street, Preston, Lancashire PR1 8BU Receivers: Gordon Craig David Appleby (IP Nos 0978, 8976) A.G.B. DRIVING: Appoints Rothman Pantall Liquidator --------------------------------------------------- At an Extraordinary General Meeting of the A.G.B. Driving Services Limited Company on May 10, 2004 held at the Talbot Hotel, High Street, Ripley, Woking, Surrey GU23 6BB the Ordinary and Extraordinary Resolutions to wind up the Company were passed. Robert Derek Smailes and Stephen Blandford Ryman of Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP have been appointed Joint Liquidators of the Company for the purpose of such winding-up. CONTACT: ROTHMAN PANTALL & CO Clareville House 26-27 Oxendon Street, London SW1Y 4EP Contact: Robert Derek Smailes, Liquidator Stephen Blandford Ryman, Liquidator AINSWORTH & PARKINSON: Names Begbies Traynor Administrator ---------------------------------------------------------- The Ainsworth & Parkinson (Southern) Limited Company has appointed Andrew Dick and David Acland of Begbies Traynor as joint administrative receivers. The appointment was made May 14, 2004. The company supplies promotional products. CONTACT: BEGBIES TRAYNOR 1 Winckley Court, Chapel Street, Preston, Lancashire PR1 9BU Receivers: Andrew Dick David Acland (IP Nos 8688, 8894) ALIS SERVICES: Winding up Resolutions Passed -------------------------------------------- At an Extraordinary General Meeting of the Alis Services Limited Company on April 23, 2004 held at The Old School House, St Quivox, Ayr, the Ordinary and Extraordinary Resolutions to wind up the Company were passed. Robert M Dallas of Campbell Dallas, Sherwood House, 7 Glasgow Road, Paisley PA1 3QS has been appointed Liquidator for the purpose of the winding-up. CONTACT: Robert M Dallas, Liquidator Campbell Dallas Sherwood House, 7 Glasgow Road, Paisley PA1 3QS ARES FINANCE: Fitch Downgrades Classes E, F Notes ------------------------------------------------- Fitch Ratings on Friday downgraded the ARES Finance S.r.l.'s (Ares 1) Classes of notes and removed them from Rating Watch Negative as follows: (a) EUR30.0 million Class E notes due 2011 ISIN XS0134905388: to 'BB' from 'BBB-' (b) EUR15.0 million Class F notes due 2011 ISIN XS0134905545: to 'B+' from 'BB'. These Classes of notes issued by Ares 1 have been affirmed: EUR142.2 million Class A notes due 2011 ISIN XS0134904498: 'AAA' EUR57.0 million Class B notes due 2011 ISIN XS0134904654: 'AA' EUR49.0 million Class C notes due 2011 ISIN XS0134905032: 'A' EUR45.0 million Class D notes due 2011 ISIN XS0134905206: 'BBB+' [The] action reflects (1) Fitch's loan-by-loan credit analysis of the outstanding collateral; (2) the deal's performance to date; 3) the additional information clarifying the legal assessment of the outstanding claims and their expected recoveries; and 4) the EUR34.1 million cash payment received in May 2004 by Ares 1 as result of the completion of the dispute with the seller Banca Nazionale del Lavoro (BNL) on certain payments due under the Representations and Warranties (R&W) granted at closing (September 2001). Following this cash settlement, the R&W agreement is terminated and any future economic benefits of the outstanding claims will be retained by Ares 1 instead of being returned to BNL as per the original terms of the R&W agreement. Fitch has revised the stress assumptions to take into account the updated legal assessment of the remaining unresolved claims. Fitch's credit analysis of the outstanding collateral indicates that the net present value of the recovery proceeds from the portfolio, the EUR34.1 million cash settlement from BNL, the effect of subordination and the availability of the liquidity facility are sufficient to achieve full and timely interest payment and full principal repayment on the Class E and F notes by their final legal maturity. This is consistent with their new ratings and stress assumptions. Historical evidence shows that out of 1,024 claims resolved to date with a total gross book value (GBV) of EUR398.7 million, 177 claims (or 39% of total resolved GBV) were either in breach of certain eligibility criteria or not in compliance with the R&W granted by BNL at closing. Fitch notes that the recovery rate achieved on this sample of resolved loans (excluding the cash payments previously received from BNL under the R&W agreement) is historically below the 62% recovery rate achieved on the eligible resolved loans. This creates concerns regarding the future recoverability of certain outstanding claims. As of March 2004, on the basis of the historical performance to date and further due diligence carried out by the servicer, it is estimated that 19.2% of the EUR1,141.8 million pool's outstanding GBV may or may not result in a breach of eligibility or R&W in the future, therefore, the recoveries on these are more uncertain or may be simply lower than expected. Fitch reflected this into its revised analysis, which resulted in a downgrade of the Class E and F notes. Moreover, since closing, the deal has continuously experienced delays against the servicer's original business plan (BP): current cumulative gross collections as of March 2004 totaling EUR347.0 million are well below the servicer's BP of EUR528.7 million. The actual cumulative recovery rate on fully resolved loans, calculated as actual collections of EUR228.4 million on resolved loans over the resolved pool GBV of EUR398.7 million, has declined to the current 57.3% from 72.7% in September 2002. Although this was already factored into the servicer's BP, the delay in timing, together with the decreasing recovery rate, will still have an impact on the transaction due to fixed senior expenses and the cost of servicing the notes. This rating action is specific to the Ares1 transaction. Ares 1 was the first publicly-rated issue of notes backed by a pool of Italian non-performing loans with a GBV of EUR1,540.5 million originated by BNL and principaled by Whitehall 2001 and Goldman Sachs International. Fitch recognizes the efforts made by the servicer Archon Group Italian S.r.l., rated 'RSS2IT'/'CSS2IT', in promptly providing the updated pool cut for its credit analysis review. Fitch will continue to monitor this transaction closely. Deal information and historical performance data are available on Fitch's subscription Web site, http://www.fitchresearch.com. CONTACT: FITCH RATINGS Alessandro Gustapane, London Phone: +44(0) 20 7862 4036 E-mail: alessandro.gustapane@fitchratings.com Marina Paoletti Phone: +44 (0) 20 7417 4322 E-mail: marina.paoletti@fitchratings.com Andy Brewer Phone: +44 (0) 20 7417 3481 E-mail: andy.brewer@fitchratings.com Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 ARNOLD WRAGG: To Shutdown Operation Next Month ---------------------------------------------- The Board of Infast Group plc announces that its non-core subsidiary Arnold Wragg Ltd. will close on 30 June 2004. Arnold Wragg, which manufactures turned metal fasteners in small batches at two sites in Sheffield, has suffered from falling sales. In the year ended 31 December 2003, Arnold Wragg had turnover of GBP2.4 million, trading losses of GBP0.3 million and net assets of GBP0.9 million. The closure is ultimately expected to be cash positive following realization of the assets, the value of which is expected to exceed the redundancy and other closure costs. CONTACT: INFAST GROUP PLC Robert Sternick, Chief Executive Phone: 01452 880 500 RAWLINGS FINANCIAL PR LIMITED Catriona Valentine Phone: 01756 770 376 A.S. FOODS: Calls in Liquidator ------------------------------- At an Extraordinary General Meeting of the Members of the A.S. Foods Limited Company on May 17, 2004 held at Kay Johnson Gee, Griffin Court, 201 Chapel Street, Salford, Manchester M3 5EQ, the Ordinary and Extraordinary Resolutions to wind up the Company were passed. Jonathan Elman Avery-Gee has been appointed Liquidator for the purpose of such winding-up. BUSY BUILDING: Hires Liquidator from Sussex House ------------------------------------------------- At an Extraordinary General Meeting of the Busy Building Company Limited on May 14, 2004 held at Sussex House, 8-10 Homesdale Road, Bromley, Kent BR2 9LZ, the subjoined Extraordinary Resolution to wind up the Company was passed. Guy Charles David Harrison, of Sussex House, 8-10 Homesdale Road, Bromley, Kent BR2 9LZ has been appointed Liquidator for the purpose of such winding-up. CONTACT: Guy Charles David Harrison, Liquidator Sussex House 8-10 Homesdale Road, Bromley Kent BR2 9LZ CANARY WHARF: CWG's Revised Offer Lapses with 19.4% Acceptance -------------------------------------------------------------- CWG Acquisition announces that, as at 1:00 p.m. on May 21, 2004, being the latest time and date by which the Revised Offer could become or be declared unconditional as to acceptances, valid acceptances had been received in respect of a total of 113,493,311 Canary Wharf Shares, representing approximately 19.4% of the issued share capital of Canary Wharf. Therefore, as at 1:00 p.m. on May 21, 2004, the 50% Acceptance Condition to the Revised Offer had not been satisfied and the Revised Offer has, accordingly, lapsed. The total of valid acceptances received as at 1.00 p.m. on May 21, 2004 referred to above includes acceptances received in respect of 105,843,338 Canary Wharf Shares held by concert parties of CWG Acquisition (or by persons who may be deemed by the Panel to be acting in concert with CWG Acquisition). Acceptances relating to 105,713,539 of such Canary Wharf Shares are pursuant to irrevocable undertakings given by Trilon and RF Holdings described in the Original Offer Document. At the start of the Offer Period (which began on June 6, 2003): (i) CWG Acquisition did not hold or have any rights over any Canary Wharf Shares; (ii) Concert parties of CWG Acquisition held or had rights over 52,864,899 Canary Wharf Shares representing approximately 9.0% of the issued share capital of Canary Wharf; and (iii) Mr. Paul Reichmann and the Reichmann Interests, who may be deemed by the Panel to be acting in concert with CWG Acquisition, held or had rights over 51,915,085 Canary Wharf Shares representing approximately 8.9% of the issued share capital of Canary Wharf. Between June 6, 2003 and May 20, 2004 (being the latest practicable date prior to the date of this announcement): (i) CWG Acquisition has not directly acquired any Canary Wharf Shares but has, pursuant to the irrevocable undertakings described in the Offer Document, acquired rights over 145,677,257 Canary Wharf Shares, representing approximately 24.9% of the issued share capital of Canary Wharf. The irrevocable undertaking given by Franklin Mutual representing 39,963,718 Canary Wharf Shares has now lapsed and, therefore, CWG Acquisition has, at the date of this announcement, rights over 105,713,539 Canary Wharf Shares, representing approximately 18.1% of the issued share capital of Canary Wharf; (ii) Trilon has acquired 1,048,454 Canary Wharf Shares representing approximately 0.18% of the issued share capital of Canary Wharf; (iii) Other concert parties of CWG Acquisition have acquired 1,036,516 Canary Wharf Shares representing approximately 0.18% of the issued share capital of Canary Wharf and disposed of 877,757 Canary Wharf Shares representing approximately 0.15% of the issued share capital of Canary Wharf, none of such acquisitions and disposals being connected with the Offer; and (iv) Mr. Paul Reichmann and the Reichmann Interests, who may be deemed by the Panel to be acting in concert with CWG Acquisition, have reorganized certain of their arrangements in relation to the 51,915,085 Canary Wharf Shares referred to above (as more particularly described in the Offer Document). The shareholdings and dealings of Lehman, financial adviser to Mr. Paul Reichmann and the Reichmann Interests, remain as stated in the Offer Document. Save as disclosed above, neither CWG Acquisition, nor any person who was or may have been deemed to be acting in concert with CWG Acquisition, held any Canary Wharf Shares or rights over Canary Wharf Shares before the start of the Offer Period, nor have they acquired or agreed to acquire any Canary Wharf Shares or rights over Canary Wharf Shares since that date. Terms defined in the Revised Offer Document have the same meaning in this announcement. CONTACT: BRASCAN Katherine Vyse Phone: +1 (416) 363 9491 DEUTSCHE BANK Debbie Robertson-Bond David Church James Agnew Phone: +44 (0) 20 7545 8000 MERRILL LYNCH INTERNATIONAL Kevin J. Smith Simon Fraser Paul Golding Phone: +44 (0) 20 7628 1000 THE MAITLAND CONSULTANCY Angus Maitland Philip Gawith Martin Leeburn Phone: +44 (0) 20 7379 5151 CANARY WHARF: Songbird Offer Declared Unconditional --------------------------------------------------- On 16 April 2004, Songbird announced the terms of a recommended cash offer for the entire issued share capital of Canary Wharf. The Offer Document, together with the AIM Document, was subsequently posted to Canary Wharf Shareholders on 23 April 2004. Songbird declares that the Offer has become unconditional in all respects. As at 1:00 p.m. (London time) on 21 May 2004, Songbird had received valid acceptances, or Songbird Estates plc (Songbird Estates) had contracted to acquire, a total of 356,401,744 Canary Wharf Shares, representing approximately 60.9% of the existing issued share capital of Canary Wharf. Included in this total are the 85,004,663 Canary Wharf Shares held by the Glick Entities, representing approximately 14.5% of the issued share capital of Canary Wharf, which have been acquired by Songbird Estates. Included within the acceptances are those acceptances received pursuant to the irrevocable undertaking to accept the Offer given by companies held by a trust for the benefit of HRH Prince Alwaleed Bin Talal Abdulaziz Al Saud and his family prior to the announcement of the Offer, in respect of 13,288,000 Canary Wharf Shares, representing approximately 2.3% of the issued share capital of Canary Wharf. Also included in these acceptances are those received from the Canary Wharf Directors comprising the Independent Committee, George Iacobescu and Peter Anderson, who stated in the Offer Document their intention to accept the Offer in respect of their beneficial holdings of 3,955,001 Canary Wharf Shares, representing approximately 0.7% of the issued share capital of Canary Wharf. As at the close of business on 20 May 2004, the Morgan Stanley Group was the beneficial owner of 732,418 Canary Wharf Shares and held 2,099,635 Canary Wharf Shares on behalf of clients. Valid acceptances have been received by Songbird in respect of 212,700 of these Canary Wharf Shares. As at the close of business on 20 May 2004, Goldman Sachs International was the beneficial owner of 206,485 Canary Wharf Shares and was also the discretionary manager of 25,000 Canary Wharf Shares. Valid acceptances have yet to be received by Songbird in respect of any of these Canary Wharf Shares. Save as disclosed above, neither Songbird nor any person acting, or deemed to be acting, in concert with Songbird held any Canary Wharf Shares or rights over Canary Wharf Shares prior to the Offer Period and neither Songbird nor any person acting, or deemed to be acting, in concert with Songbird has acquired or agreed to acquire any Canary Wharf Shares or rights over Canary Wharf Shares during the Offer Period. CANARY WHARF: Acceptance Period for Songbird Offer Extended ----------------------------------------------------------- The [Songbird] Offer, including the Mix and Match Election, will remain open for acceptances until 4 June 2004. Settlement of the consideration due to Canary Wharf Shareholders under the Offer will be made as: (a) In the case of acceptances received complete in all respects on or before 21 May 2004, on 11 June 2004; or (b) In the case of acceptances received complete in all respects after 21 May 2004 but while the Offer remains open for acceptance, within 14 days of such receipt or, if later, on 11 June 2004. Canary Wharf Shareholders who wish to accept the Offer, and who have not done so, should complete their Form(s) of Acceptance in accordance with the instructions printed thereon, whether or not their Canary Wharf Shares are held in certificated or uncertificated form, and return them by post or (during normal business hours) by hand to Capita IRG Plc, Corporate Actions, P.O. Box 166, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TH as soon as possible and, in any event, so as to be received by no later than 1:00 p.m. (London time)/8:00 a.m. (New York time) on 4 June 2004. Additional copies of the Offer Document, Forms of Acceptance and the AIM Document can be obtained by telephoning Capita on 0870 162 3100 (or, if calling from outside the United Kingdom, +44 20 8639 2157). CANARY WHARF: B Shares in Songbird Estates Suspended Temporarily ---------------------------------------------------------------- Songbird notes the dealing notice issued by the London Stock Exchange at 4:50 p.m. Friday, which admitted the Class B Shares of Songbird Estates to trading on AIM. At the request of Songbird Estates, a suspension notice was issued by the London Stock Exchange shortly thereafter. Trading in the Class B Shares of Songbird Estates has been temporarily suspended pending admission to trading on AIM of further Class B Shares which will be allotted and issued following the close of the Mix and Match Election facility available to Canary Wharf Shareholders under the Offer. A further announcement will be made in this regard and it is expected that trading in the Class B Shares will be restored by the London Stock Exchange on or about 11 June 2004. Further Notices Songbird stated in the Offer Document that, if the Offer was declared unconditional in all respects, it would take steps to procure the making of an application by Canary Wharf for cancellation of the trading in Canary Wharf Shares on the London Stock Exchange's market for listed securities, and the cancellation of the listing of Canary Wharf Shares on the Official List. The notice period for such cancellation has now commenced and the anticipated date of cancellation is 22 June 2004. Notice is also given that if Songbird receives acceptances under the Offer in respect of, and/or otherwise acquires, 90 percent or more of the Canary Wharf Shares to which the Offer relates, Songbird intends to exercise its rights pursuant to the provisions of sections 428 to 430F (inclusive) of the Act to acquire compulsorily the remaining Canary Wharf Shares. Commenting on the Offer, Stephane Theuriau, a Director of Songbird and Songbird Estates, said: "We are delighted that this saga is finally over and that the highest offer has prevailed. We look forward to managing the estate and optimizing value." Terms used in this announcement shall have the meaning given to them in the Offer Document, save where the context otherwise requires. CONTACT: CANARY WHARF Press Inquiries: MORGAN STANLEY Mark Warham Brian Magnus Phone: +44 20 7425 5000 ROTHSCHILD Alex Midgen Ben Davey Phone: +44 20 7280 5000 KPMG CORPORATE FINANCE Michael Higgins Richard Brown Phone: +44 20 7311 1000 HOARE GOVETT Nigel Mills Ranald McGregor-Smith Phone: +44 20 7678 8000 TULCHAN COMMUNICATIONS Andrew Grant Katie Macdonald-Smith Phone: +44 20 7353 4200 SMITHFIELD FINANCIAL John Antcliffe Phone: +44 20 7353 4200 FINSBURY LIMITED Faeth Birch Phone: +44 20 7251 3801 CARBON LIMITED: In Administrative Receivership ---------------------------------------------- The Carbon Limited Company has appointed Ross David Connock and Geoffrey Lambert Carton-Kelly of Baker Tilly as joint administrative receivers. The appointment was made May 11, 2004. The company sells compact discs. CONTACT: BAKER TILLY Spectrum House, 20-26 Cursitor Street, London EC4A 1HY Receivers: Ross David Connock Geoffrey Lambert Carton-Kelly (IP Nos 9039, 8602) EASY INTERNATIONAL: Names Ian Franses Associates Liquidator ----------------------------------------------------------- At an Extraordinary General Meeting of the Easy International Brands PLC Company on May 14, 2004 held at 24 Conduit Place, London W2 1EP, the Extraordinary Resolution to wind up the Company was passed. Ian Franses of Ian Franses Associates, 24 Conduit Place, London W2 1EP has been appointed Liquidator for the purpose of such winding-up. CONTACT: IAN FRANSES ASSOCIATES 24 Conduit Place London W2 1EP Contact: Ian Franses, Liquidator ELEMENTZ ENVIRONMENTAL: Hires Receivers from Rothman Pantall ------------------------------------------------------------ Robert Derek Smailes and Stephen Blandford Ryman of Rothman Pantall & Co has been appointed joint administrative receivers. The appointment was made May 12, 2004. The company is engaged on general construction and demolition. CONTACT: ROTHMAN PANTALL & CO Clareville House, 26-27 Oxendon Street, London SW1Y 4EP Receivers: Robert Derek Smailes Stephen Blandford Ryman (IP Nos 8975, 4731) EVERSTREET LIMITED: Names Valentine & Co Administrator ------------------------------------------------------ The Everstreet Limited has appointed Robert Valentine as joint administrative receiver. The appointment was made May 10, 2004. CONTACT: VALENTINE & CO. 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS Receiver: Robert Valentine (IP No 003569) GLUSTAGE INVESTMENTS: Final Meeting Set June 22 ----------------------------------------------- Name of Companies: Glustage Investments Limited Ledgerstyle Limited Lethill Limited Mayfair and City Holdings Limited Mega Properties Limited There will be a Final Winding up Meetings of these Companies on June 22, 2004 at 11:00 a.m. and 12:15 p.m. respectively. It will be held at 180 Strand, London WC2R 1WL. The purpose of the Meeting is to lay before the Members the accounts how the winding up of the Companies had been conducted. Shareholders who want to be represented at the Meeting may appoint proxies. HHG PLC: Non-executive Director Pat Handley Resigns --------------------------------------------------- HHG PLC on Friday announced the resignation of Pat Handley, a non-executive director and the nominated AMP Limited representative director, from the Board of HHG PLC, with immediate effect, in line with his retirement from the AMP Board at the AMP AGM on 20 May 2004. * * * (a) Mr. Handley was standing for re-election at HHG's Annual General Meeting on 10 June 2004. However, he will not seek to be re-appointed to the Board and the resolution for his re-election will not be put to the Meeting. (b) AMP has announced that at this stage it does not need a Director representative on the HHG Board, the role Mr. Handley filled. CONTACT: HHG PLC 4 Broadgate London EC2M 2DA Registered in England No. 2072534 ABN 30 106 988 836 HHG INVESTOR RELATIONS Gail Williamson Director of Investor Relations Phone: +44 20 7818 5310 E-mail: investor.relations@hhg.com HHG MEDIA - U.K. Alex Child-Villiers, Financial Dynamics Phone: +44 20 7269 7190 HHG MEDIA - Australia Graham Canning, Cannings Catherine Frost, Cannings Phone: +61 2 9252 0622 INTELLIGENT MODULAR: Names Receivers from Chantrey -------------------------------------------------- Construction Company, Intelligent Modular Solutions Ltd. has appointed William John Turner and Kenneth William Touchey of Chantrey Vellacott DKF as joint administrative receivers. The appointment was made May 11, 2004. The company is involved in joinery installations. CONTACT: CHANTREY VELLACOTT DFK Russell Square House 10-12 Russell Square London WC1B 5LF Receivers: William John Turner Kenneth William Touhey (IP Nos 9049, 8369) INVESTEC INVESTMENT: Hires Liquidator from Critchleys ----------------------------------------------------- At an Extraordinary General Meeting of The Investec Investment Managers International Limited Company on May 4, 2004 held at 2 Gresham Street, London EC2V 7QP, the Special, Ordinary and Extraordinary Resolutions to wind up the Company were passed. Susan Margaret Roscoe of Critchleys, Greyfriars Court, Paradise Square, Oxford OX1 1BB has been appointed Liquidator of the Company for the purpose of the voluntary winding-up. CONTACT: CRITCHLEYS Greyfriars Court, Paradise Square, Oxford OX1 1BB Contact: Susan Margaret Roscoe, Liquidator KEMTECH INTERNATIONAL: In Administrative Receivership ----------------------------------------------------- HSBC Bank Plc called in M D Pickard and P M Lyon of Mazars as receivers for Kemtech International Limited (Reg No 03407172 Trade Classification: 2852). The appointment was made May 11, 2004. The Company is engaged in general mechanical engineering. CONTACT: MAZARS The Atrium, Park Street West, Luton LU1 3BE Receiver: M D Pickard (Office Holder No 6833) MAZARS Cartwright House, Tottle Road, Nottingham NG2 1RT Receiver: P M Lyon (Office Holder No 2108) LLOYDS TSB: To Step up Efforts to Win New Customers' Business ------------------------------------------------------------- This is an extract from the statements made by Maarten van den Bergh, Chairman and Eric Daniels, Group Chief Executive of Lloyds TSB Group at the company's annual general meeting in Glasgow on May 21, 2004: "2003 was a year of considerable change for the Lloyds TSB Group as we refocused our strategic direction to concentrate on maintaining and building the profitability of our core businesses. We disposed of a number of overseas businesses and our residual emerging markets debt portfolio. We also put in place the building blocks to deliver growth in 2004 and beyond, based on three key themes: (a) To reduce earnings volatility and enhance the quality of earnings; (b) To maintain and build profitability; (c) To position the Group to deliver profitable growth in the future. One of the keys to our future success is to win a greater share of new and existing customers' business. To do this we are placing much greater emphasis on developing our relationship management skills in each of the Group's businesses. Good progress is being made across the Group and we expect to deliver a satisfactory trading performance for the half-year. Asset quality remains good and the Group remains strongly capitalized. CONTACT: LLOYDS TSB Investor Relations Michael Oliver Director of Investor Relations Phone: +44 (0) 20 7356 2167 E-mail: michael.oliver@ltsb-finance.co.uk Ian Gordon Senior Manager, Investor Relations Phone: +44 (0) 20 7356 1264 E-mail: ian.gordon@ltsb-finance.co.uk Media Terrence Collis Director of Group Corporate Communications Phone: +44 (0) 20 7356 2078 E-mail: terrence.collis@lloydstsb.co.uk Mary Walsh Head of Media Relations Phone: +44 (0) 20 7356 2121 E-mail: mary.walsh@lloydstsb.co.uk MARTINEAU JOHNSON: Members Final Meeting June 30 ------------------------------------------------ Members of the Martineau Johnson Services Company will have a Final Meeting in June 30, 2004 at 10:00 a.m. It will be held at the offices of PricewaterhouseCoopers LLP, Cornwall Court, 19 Cornwall Street, Birmingham B3 3DT. 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 Cornwall Court, 19 Cornwall Street, Birmingham B3 3DT Contact: T Walsh, Joint Liquidator MCCABE CONSTRUCTION: Appoints Receivers from DTE Leonard Curtis --------------------------------------------------------------- The McCabe Construction Limited has appointed J M Titley and A Poxon of DTE Leonard Curtis as joint administrative receivers. The appointment was made May 11, 2004. The company is engaged in general constructions and civil engineering. CONTACT: DTE LEONARD CURTIS DTE House, Hollins Mount, Bury BL9 8AT Receivers: J M Titley A Poxon (IP Nos 8617, 8620) NETWORK RAIL: Calls RMT Strike Ballot Result 'Damaging Blow' ------------------------------------------------------------ Network Rail on Friday expressed its disappointment at the result of the RMT strike ballots. Any potential strike would be deeply damaging to both passengers and the country as a whole. The Company warned that any strike would put at risk the recent improvements in performance, which sees punctuality at a four- year high. With less than half of Network Rail's operations and maintenance employees in the RMT union, and only 38% of RMT members voting for strike action, this means that less than one-in-five of Network Rail's operations and maintenance employees have supported this strike action. The RMT union carried out five separate ballots amongst different groups of Network Rail employees. The Company awaits confirmation of the detailed breakdown of the five results. During the pay negotiations, Network Rail increased its offer twice and believed it had addressed the unions concerns over pensions: (a) Offered three inflation-busting pay rises (b) Ensured the company's final salary pension scheme is fully protected for all existing employees (c) Opened a new company pension to new starters - the best\ defined contributions scheme in the industry, and one of the best in the market A public opinion survey published by Network Rail earlier this week has shown overwhelming public opposition to the strike. 85% said that RMT was putting its own interests before the needs of passengers whilst less than one-in-seven supported the strike. The Company will endeavor to run as many train services as possible during any strike, although plans cannot be finalized or released until closer to the day of any potential strike action in order to gauge the numbers of key staff available. John Armitt, Chief Executive said: "The result should come as no surprise as the RMT has failed to fully inform its members of the facts about the offers we have made. This news is a damaging blow to passengers and the country as a whole. This is a pointless and unnecessary dispute. Despite our best efforts to communicate the true facts to our employees the RMT's campaign of misinformation has proved successful. "Contingency planning is underway, in close co-operation with the train operators, to lessen the impact of a potential strike to rail passengers involving special timetables and re-training of employees with past signaling experience. "We will do all we can to avert strike action and I am relieved no strike dates have yet been set. I sincerely hope that a deeply damaging strike, a strike that targets and penalizes passengers, can yet be averted. We have secured and guaranteed pension rights for present employees and created a new pension scheme for new employees that is the best in the industry. We have done, and will continue to do all we can to avert a strike and lessen the impact of any action on rail passengers." * * * One year deal: Yr 1 = 3.0% (original offer was 2.8%) Two year deal: Yr 1 = 3.5% (original offer was 3.0%) Yr 2 = RPI +0.75% (original offer RPI+0.5%) Three year deal: Yr 1 = 3.2% (not originally offered) Yr 2 = RPI Yr 3 = RPI + 35 hr week (a) In the last four years, signalers have had increases of 10% in 2000, 12% in '01, 11% in '02 and 4% in '03 AND a decrease in the number of hours worked per week (b) Since 1994 the basic pay of signalers has risen by 72% (RPI average 2.6% per annum) (c) Signalers average earnings are now = GBP32,500 (d) RMT have already accepted pay offers from Silverlink at 2.8%, Alstom at 3%, South Eastern Trains at 3.3%, Balfour Beatty at 3%, AMEC Spie at 3% and Bombardier at 3%. CONTACT: NETWORK RAIL Phone: 020 7557 8292 / 3 OBADATION NOMINEES: Members Meeting June 23 ------------------------------------------- Name of Companies: Obadation Nominees Limited Sime Darby Commodities Limited Sime Health (U.K.) Limited Southside Services Limited Tradewinds Limited There will be the Final Meetings of the Members of these Companies on June 23, 2004 at 11:00 a.m. and thereafter at 15- minute intervals. It will be held at the offices of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT. The purpose of the Meetings is to lay before the Members the accounts how the winding up of the Companies had 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 PINCO LTD.: Hires KPMG Administrator ------------------------------------ The Pinco (Bradford) Ltd. Company has appointed Richard Dixon Fleming and Julian Richard Whale of KPMG as joint administrative receivers. The appointment was made May 12, 2004. The Company manufactures textile equipment. CONTACT: KPMG CORPORATE RECOVERY 1 The Embankment, Neville Street, Leeds LS1 4DW Receivers: Richard Dixon Fleming Julian Richard Whale (IP Nos 8370, 7252) QUEENS MOAT: Considers Disposal of Divisions -------------------------------------------- The Board of Queens Moat Houses plc has been informed by Trefick Ltd. that it has disposed of a 19.0% stake in the ordinary shares of the Company. The Board has also noted the announcement on Friday by W2001 Britannia LLC that it has acquired a 19.0% stake in the ordinary shares of the Company, taking the shareholding of W2001 and persons acting in concert with it to 29.62%. Queens Moat Houses plc has had a preliminary discussion with representatives of W2001 and is awaiting more detail of its intentions with respect to its shareholding. The Board's strategic review continues and a wide range of options for the business has been thoroughly explored, involving extensive discussions with key lending groups. This has led to the recently announced proposals relating to U.K. mortgage debenture holders. The latter will be voted upon at a Stockholders' meeting to be held on 2 June 2004. The Board has now determined that the group's complex capital structure, characterized by high gearing and onerous coupon rates, is not sustainable in its current form. The Board will continue to discuss alternative strategies for the group with its key stakeholders, including the possible disposal of each of its three separate divisions. The Board's initial assessment is that, whatever the outcome of the strategic review, it is unlikely that it will generate any return for holders of the Company's Junior Convertible Debt or its shareholders. A further announcement will be made as appropriate. CONTACT: QUEENS MOAT HOUSES PLC Steve Marshall Phone: 01708 456 839 COLLEGE HILL Mark Garraway Crawford Burden Phone: 020 7457 2020 RADAR MEDIA: Appoints Ernst & Young Administrator ------------------------------------------------- G Wilson and R H Kelly of Ernst & Young LLP have been appointed joint administrative receivers for Radar Media Limited. The appointment was made May 17, 2004. The Company is engaged in communications. CONTACT: ERNST & YOUNG LLP PO Box 61, Cloth Hall Court, 14 King Street, Leeds LS1 2JN Receivers: G Wilson R H Kelly (IP Nos 9062, 8582) SSL INTERNATIONAL: Sells Infection Control Biz for GBP173 Mln ------------------------------------------------------------- SSL International plc has exchanged conditional contracts with Regent Medical Limited and other related companies, which are principally owned by funds advised by Apax Partners, who are backing an MBO team, for the disposal of the Regent Infection Control business comprising Biogel surgical gloves and Hibi antiseptics. The transaction remains conditional, inter alia, upon the approval of SSL's shareholders, the relevant regulatory authorities in Malaysia and competition authorities in the U.S. Completion of the transaction is expected on 26th June. The transaction values the Regent business at GBP173 million of which approximately GBP163 million will be paid in cash or cash equivalents and approximately GBP10 million in debt assumed by Regent Medical. The net cash proceeds after the payment of tax, specific transaction expenses and other related costs and license fees will be used to reduce group borrowings. Unaudited sales of Regent in the year to 31st March 2004 were approximately GBP120 million, which generated a pre-exceptional operating profit of GBP28 million. Profit before tax and exceptional items, but after allocating interest was approximately GBP24 million. The unaudited net book value of the assets being sold to Regent Medical as at 31st March 2004 is approximately GBP80 million, which includes the surgical glove manufacturing and packing facilities in Malaysia. 2,081 employees will transfer to Regent Medical on completion of the transaction, of which approximately 1,900 are based in Malaysia. After taking account of net assets transferred and other provisions, the transaction will generate a pre-tax profit in the region of GBP50 million. Transitional service arrangements have been agreed such that SSL will provide services such as warehousing, carriage, invoicing and cash collection for a period of up to ten months following completion of the transaction. In addition, SSL will continue to contract manufacture Hibi for Regent Medical for a minimum period of 2 years. SSL will be announcing its preliminary results for the year ended 31st March 2004 on Thursday 27th May. At the same time further information will also be given regarding the disposal, its effect on SSL and the business structure going forward. A circular to shareholders containing further details of the transaction and notice of an Extraordinary General Meeting, at which their approval will be sought, will be posted shortly thereafter. Ian Martin, Chairman said: "This is the third and most significant step towards achieving our stated strategy of divesting the medical and industrial glove divisions to focus on our consumer healthcare brands. On completion, it will bring gross proceeds realized to date to GBP250 million. Whilst we now expect to realize some GBP40 million less than our initial expectations of GBP300 million from the whole disposal program, due in part to the devaluation of the U.S. Dollar, we are pleased that our strategic repositioning will then be largely complete." Garry Watts, Chief Executive added: "As a focused consumer business, we can now concentrate all our resources on driving the potential that exists in our global brands, Durex and Scholl as well as the key local brands such as Syndol, Meltus and Sauber. We will do this by continuing to invest in innovative, consumer-focused product development supported by effective advertising. "All our people have shown great commitment throughout this period of significant change and, together, we look forward to building the new SSL." CONTACT: SSL INTERNATIONAL PLC Garry Watts, Chief Executive Jan Young, Head of Investor Relations Phone: 020 7367 5773 THE MAITLAND CONSULTANCY William Clutterbuck Brian Hudspith Phone: 07785 292617 STADIA INVESTMENT: Scarborough Development Buys 56% Stake --------------------------------------------------------- Receiver Ernst & Young confirmed it has sold the 56% stake of Scotland director Gavin Masterton in failed football development business Stadia Investment Group to Scarborough Development Group (SDG), according to the Scotsman. Colin Dempster, a partner at Ernst & Young said: "SDG has bought substantially all the assets of Stadia Properties and Stadia Management." SDG, which is chaired by Kevin McCabe, who is known for his prowess in reviving struggling businesses, also previously bought a 38% stake in Stadia from venture capitalist 3i. Stadia received a GBP5 million investment from 3i in June last year. Mr. Masterton is also believed to have put in a "six- figure sum" of personal cash into the company. Still, the company went into receivership in February. The sale left the receivers with the task of finding buyers for Stadia's Dunfermline Athletic's East End stadium. The property is valued at GBP6.6 million and is thought to be Stadia's biggest asset. TELEWEST COMMUNICATIONS: Transfer of Assets to Subsidiary Okayed ---------------------------------------------------------------- Telewest Communications plc announces that the resolution regarding the transfer of substantially all of its assets to a subsidiary of Telewest Global, Inc., Telewest's Delaware incorporated subsidiary that will become the holding company of the restructured Telewest group, was passed on Friday at an Extraordinary General Meeting. The passing of the shareholder resolution is one of a number of steps being taken to implement Telewest's financial restructuring. The next important step to the financial restructuring will be creditors' meetings, which are scheduled for 1 June 2004. Successful completion of the financial restructuring remains subject to a number of conditions. Cob Stenham, chairman of Telewest said: "We thank our shareholders for [the] vote. It is a key step toward the completion of Telewest's financial restructuring." CONTACT: TELEWEST Jane Hardman, director of corporate communications Phone: 020 7299 5888 CITIGATE DEWE ROGERSON Phone: 020 7638 9571 Anthony Carlisle Phone: 07973 611888 VIRGIN ENTERTAINMENT: To Close Underperforming Megastores --------------------------------------------------------- Virgin Entertainment is planning to close a string of troubled Megastores, property sources close to the high-street giant said, according to The Scotsman. The sources said up to 60 or more than a third of the company's 170 shops could close within the coming months. Most of these will be smaller Megastore Xpress shops. Thirteen of the company's Megastores are scattered across Scotland, but it was not specified whether they will be among those to be axed. The decision, which is part of a GBP90 million investment plan to turnaround the business, was aimed at saving costs to better compete with rival Internet retailers and supermarkets. Competition has prompted even U.K.'s largest electrical goods retailer, Dixon, to reformat. The company said last month it would close 106 of its underperforming outlets in favor of larger-format stores. The retail arm of the Virgin group lost GBP10.9 million in the year to February 1, 2003, according to accounts filed at Companies House in February, according to the report. WB LEE: Brings in Receivers from KPMG Corporate Recovery -------------------------------------------------------- The WB Lee & Company Ltd. has appointed Richard Dixon Fleming and Julian Richard Whale both of KPMG as joint administrative receivers. The appointment was made May 12, 2004. CONTACT: KPMG CORPORATE RECOVERY 1 The Embankment, Neville Street, Leeds LS1 4DW Receivers: Richard Dixon Fleming Julian Richard Whale (IP Nos 8370, 7252) * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro A.G. (111) 174 (182) BELGIUM ------- Carestel 178 (68) Real Software 216 10 CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Charbo de France 4,738 2,868 Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Cofidur S.A. (5) 102 19 Dollfus-Mieg 187 28 European Computer System (110) 682 377 Grande Paroisse S.A. (927) 629 330 Immobiliere Hoteliere (68) 233 29 Pneumatiques Kleber S.A. (34) 480 139 SDR Picardie (135) 413 N.A. Soderag 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Trouvay Cauvin TRCN (0) 134 10 Usines Chauson (23) 249 35 GERMANY ------- Dortmunder Actien-Brauerei DABG (13) 118 (29) F.A. Guenther & Sohn A.G. GUSG (8) 111 N.A. Kaufring A.G. KAUG (19) 151 (51) Mania Technologi MNI (11) 101 (46) Nordsee A.G. (8) 195 (31) Primacom AG 1,264 (50) Schaltbau A.G. SLTG (16) 163 20 Vereinigter Baubeschlag-Handel Holding A.G. VBHG (24) 307 (63) ITALY ----- Binda S.p.A. BND (11) 129 (20) Credito Fondiario e Industriale S.p.A. CRF (200) 4,218 N.A. NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 Numico N.V. 2,030 83 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Pan Fish ASA 807 (259) Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Animex S.A. ANX (1) 108 (86) Exbud Skanska S.A. EXBUF (9) 315 (330) Media Capital 399 (85) Mostostal Zabrze (6) 227 (366) Stalexport S.A. (57) 229 (51) RUSSIA ------ Kamchatskenergo 273 (7,870) Zil Auto 333 (10,769) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Santana Motor S.A. (46) 223 41 Sniace S.A. (11) 137 (34) Tableros de Fibr 2,107 (125) SWITZERLAND ----------- Kaba Holding A.G. KABZN (47) 572 278 UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Nuclear Fuels Plc (2,627) 40,326 (977) British Sky PLC 3,347 (144) Center Parcs (UK) Group Plc (77) 423 (227) Compass Group CPG (668) 2,972 (298) Costain Group 396 4 Dawson Holdings DWSN (29) 142 (29) Dignity PLC 485 (76) Easynet Group 323 38 Electrical and Music EMI Industries Group (885) 3,053 (435) Gallaher Group GLH (543) 6,304 116 Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Heath Lambert Fenchurch Group PLC (10) 4,109 (10) HMV Group PLC HMV (211) 762 (66) Intertek Testing Services ITRK (134) 508 77 IPC Media Ltd. (685) 254 16 Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United 144 (29) Manchester City (17) 154 (21) Misys PLC MSY (161) 949 41 Mytravel Group 2,551 (533) Orange PLC ORNGF (594) 2,902 7 Rentokil Initial Plc RTO (1,130) 3,245 (68) Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 Yell Group PLC (196) 3,964 289 Each Tuesday edition of the TCR-Europe contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, and Liv Arcipe, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. 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 * * *