/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/040526.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 26, 2004, Vol. 5, No. 103 Headlines B U L G A R I A PRIMA-M: Buyers Sought for Sunseed Oil Refinery F R A N C E ALSTOM SA: E.U. Orders Engineering Firm to Find Strong Partner BULL SA: Appoints Gervais Pellissier Acting Board Chairman POIRAY FRANCE: Co-owner Applies for Insolvency Proceeding TEXTILE COMPANIES: Three Succumb to Bankruptcy G E R M A N Y BERTELSMANN AG: E.U. Commission Opposes BMG-Sony Joint Venture MEY & EDLICH: Administrators to Sell Branches Individually PROSIEBENSAT.1 MEDIA: EUR150 Mln Bond Given 'BB+' Final Rating I T A L Y BANCA POPOLARE: Fitch Ups Rating, Cites Improving Profitability PARMALAT FINANZIARIA: Hermes, Deminor Named Lead Plaintiffs N E T H E R L A N D S KLM ROYAL: Air France Exchange Offer Receives 96.33% Uptake NUMICO N.V.: Buys Leading Finnish Baby Food Brands for EUR57 Mln ROYAL SHELL: Results Using Revised Accounting Method Out Friday P O L A N D GEMI: Denies Rumored Bankruptcy; Admits Debt Negotiations R U S S I A DIVNOGORSKY CHEESE: Under Bankruptcy Supervision Procedure EXPERIMENTAL MANUFACTURE: Falls into Bankruptcy KOVROVETS: Bankruptcy Proceedings Begin NEVINNOMYSSC CREAMERY: Proofs of Claim Deadline July 21 OBUKHOVSKAYA MINE: Miners Demand RUB12 Mln in Unpaid Wages PERM DEVELOPMENT: Deadline for Proofs of Claim July 19 ROSKHLEB: Rostov Court Appoints Insolvency Manager SHAKHTINSKOYE MINE: Deadline for Proofs of Claim June 14 TAKT: Under Bankruptcy Supervision Procedure VOLZHSKAYA BREWERY: Bankruptcy Supervision Procedure Begins WAY OF RUSSIA: Moscow Court Finds Publishing House Insolvent YENISEISKAYA MINE: Workers' Hunger Strike Enter Second Week YUKOS OIL: Lebedev, Khodorkovsky Cases Under One Judge S W E D E N SKANDIA INSURANCE: Explains Information Gap in Memorandum U K R A I N E ENERGOSPLAV: Declared Insolvent KOMINTERN: Falls into Bankruptcy NORD: Zaporizhya Court Appoints Insolvency Manager OBLAGROPOSTACH: Declared Bankrupt PEREMOGA: Chernigiv Court Appoints Insolvency Manager RAJAGROBUD: Under Bankruptcy Supervision Procedure TITAN: Declared Insolvent VESNA: Insolvent Status Confirmed VISOKA: Zaporizhya Court Commences Bankruptcy Proceedings VOSTOK: Harkiv Court Appoints Insolvency Manager U N I T E D K I N G D O M ACTION FIRST: Calls in Liquidator ANSCLIF LIMITED: Hires Liquidator from Barry Mitchell & Company APV PASILAC: Special Winding up Resolution Passed ARTHOUSE HOTEL: It's Still Business as Usual, Says Receiver ASHTON HOCKNELL: Hires PricewaterhouseCoopers Liquidator BUSINESS LINK: General Meeting Scheduled for June 28 CANARY WHARF: Mix and Match Election to Close June 4 CONOR ENGINEERING: In Administrative Receivership EUROCOM ENTERPRISE: Name Oury Clark Liquidator I P REALISATIONS: UPS Capital Appoints Receivers LOWETH LIMITED: Hires Begbies Traynor Administrator MAWERS HARROGATE: Names Liquidators from PricewaterhouseCoopers MONARCH PLASTERING: Unsecured Creditors Meeting Set June 29 PHILIP QUANTRILL: HSBC Bank Appoints PwC Receivers PINDAR SYSTEMS: Creditors Meeting Set June 2 RDP LIMITED: Calls in Liquidator ROBERT KELLIE: Winding up Resolution Passed ROLTECH LIMITED: Hires Receivers from KPMG STONEYGATE 133: Winding up Resolutions Passed SVM PLC: Appoints Smith & Williamson Limited Administrator TEKANO LIMITED: Meeting of Creditors Set June 2 THREE WOOD: Hires Rothman Pantall Administrator WEMBLEY PLC: BLB Offer Receives 44% Acceptance WILNECOTE CASTINGS: Closes 45-year-old Casting Business ********* =============== B U L G A R I A =============== PRIMA-M: Buyers Sought for Sunseed Oil Refinery ----------------------------------------------- Hebrosbank, the biggest creditor of Polski Trambesh-based Prima- M, has decided to sell the bankrupt sunseed oil refinery, according to Europe Intelligence Wire. The creditor bank rejected Prima-M's rehabilitation program and opted for a sale as a more sensible solution. According to Vassil Metodiev of Hebrosbank, a sale will guarantee a higher price and will allow the future investor to resume production. The enterprise will be sold as a single entity. The mayor of Polski Trambesh, Georgi Chakarov, agrees that the decision is advantageous since it would ensure the immediate restart of the plant. He believes the region's well-established background for sunseed production will greatly help the company recover quickly. Prima-M filed for bankruptcy in August 2002 after the insolvency of its owner Kambana. Receivers say the refinery owes Hebrosbank BGN2.5 million and the Agency for Government Claims more than BGN1 million. In addition, it also has debts to Central Cooperative Bank, the Brazdi cooperative in the town of Pavlikeni, Ardvark of Sofia, the Contingency Reserve, and to its buyer, Helian Grain and Helian Industrial Investment B.V. of Rotterdam. =========== F R A N C E =========== ALSTOM SA: E.U. Orders Engineering Firm to Find Strong Partner -------------------------------------------------------------- The European Commission will only allow France's proposal to extend some form of state aid to Alstom if the engineering firm finds at least one major industry partner. "These commitments to industrial partnerships are essential elements for the Commission's agreement, since they are a necessary condition both to ensure the viability of Alstom and a necessary compensation to remedy competition distortions created by the state aid," the Commission said in a statement, according to Reuters. Should Alstom agree it will be given a fixed period to look for a suitable partner, but with a major condition: it must not be state-owned. Earlier, banks floated Areva, the state-controlled nuclear energy group, as possible industry partner. But with the E.U. restriction, a source close to the company said the nearest alternatives are Germany's Siemens, Japan's Mitsubishi or General Electric Co. Some analysts say Canadian Bombardier may express interest in Alstom's transport business. Sources say the pending EUR2 billion bailout includes a government debt-for-equity swap that would see Paris own about a third of Alstom's share capital. A capital increase backed by banks is also in the offing. BULL SA: Appoints Gervais Pellissier Acting Board Chairman ---------------------------------------------------------- Bull's Board of Directors met on May 24 and acknowledged the resignation of Mr. Didier Pineau-Valencienne and Mr. Gilles Cosson as Directors. The Board of Directors wishes to thank Misters Pineau-Valencienne and Cosson for their active contribution to the success of Bull's recapitalization plan worked out by Pierre Bonelli and Gervais Pellissier. The Board decided to appoint Mr. Henri Conze and Mr. Andre Felix as Directors. The Board also confirmed Mr. Gervais Pellissier in his functions as Acting Chairman of the Board and as Managing Director, with all powers to represent and act in the name of the Company. These measures will allow the Company to finalize the recapitalization process. CONTACT: BULL S.A. Press Marie-Claude Bessis Phone: + 33 1 39 66 70 55 E-mail: marie-claude.bessis@bull.net POIRAY FRANCE: Co-owner Applies for Insolvency Proceeding --------------------------------------------------------- Lac Investissement has asked the Paris commercial court to declare jewelry company Poiray France insolvent, an abstract from Le Monde by Europe Intelligence Wire says. The application brings to two the number of Poiray International subsidiaries that have been declared bankrupt. The court will decide on May 25 whether or not to liquidate Poiray France and Poiray Joaillerie. The Switzerland-based parent company is not affected by these developments, the report notes. Group chairman, William Devine, pledges to put forward a continuation plan. The group is expected to fall EUR0.7 million in the red on turnover of EUR7 million for the fiscal year ending March 2004, the report said. TEXTILE COMPANIES: Three Succumb to Bankruptcy ---------------------------------------------- Three textile-dyeing and printing companies in the Lyons region have filed for insolvency, a report from Les Echos said, according to Europe Intelligence Wire. The companies are Abellard, which has a yearly turnover of EUR5.8 million; Societe de Teinture et d'Ennoblissement, EUR3.9 million; and Innov Design 69. Just this autumn, Innov Design had planned to buy one of the dyehouses of Lyons-based textile company Chaine et Trame. CONTACT: ABELLARD 69550 AMPLEPUIS Phone: (33) 04.74.89.25.25 Fax: (33) 04.74.89.25.20 (S.A au capital de 2 000 000 FF) ============= G E R M A N Y ============= BERTELSMANN AG: E.U. Commission Opposes BMG-Sony Joint Venture -------------------------------------------------------------- Bertelsmann AG confirmed on Monday the company has received the European Commission's Statement of Objections concerning the proposed recorded music joint venture between BMG and Sony Music Entertainment. The Statement of Objections is part of the Phase II investigation process began by the European Commission in February 2004. The Statement of Objections documents the European Commission's remaining concerns about the proposed joint venture. It gives Bertelsmann the opportunity to understand the various issues that have been raised during the course of the European Commission's investigation and those that remain to be addressed in the latter part of the investigation. Bertelsmann welcomes the clarity this step will give to the debate and remains confident about demonstrating, in addressing the remaining concerns, that the merger will not impede competition. In December 2003, the international media company Bertelsmann and Sony Corporation signed a binding agreement to combine their recorded music businesses in a joint venture. It will not include the parent companies' businesses in music publishing, physical distribution and manufacturing. Sony Corporation's recorded music business in Japan, SMEJ, will also be excluded. CONTACT: BERTELSMANN AG Oliver Herrgesell Senior Vice President Media Relations Phone: +49 172 5 23 25 23 E-mail: oliver.herrgesell@bertelsmann.com MEY & EDLICH: Administrators to Sell Branches Individually ---------------------------------------------------------- Administrators of insolvent German clothing retailer Mey & Edlich will try to sell the business in parts after failing to find a buyer for the whole operation, Frankfurter Allgemeine Zeitung reported, according to Europe Intelligence Wire. Mey & Edlich filed for insolvency in mid-February due to lack of investments amid a weak retail market. Administrators have already cut staff and closed its Nurnberg, Stuttgart and Hanover branches. They will try to rescue individual branches, while finding buyer for the company's brand rights. PROSIEBENSAT.1 MEDIA: EUR150 Mln Bond Given 'BB+' Final Rating -------------------------------------------------------------- Fitch Ratings on Monday assigned ProSiebenSat.1 Media AG's EUR150 million 2009 bond issue a 'BB+' rating with a Stable Outlook. This follows a review of final documentation on the basis of which Fitch confirms the expected rating assigned to the bond issue on 10 May 2004. The proceeds will be used to extend the group maturity profile and as part of the wider refinancing detailed in the rating action comment of 10 May 2004, when Fitch upgraded ProSieben's ratings on completion of its refinancing. ProSieben's Senior Unsecured rating was upgraded to 'BB+' from 'BB', with a Stable Outlook. At the same time, the ratings of ProSieben's EUR338 million bonds due 2006 and the EUR200 million bonds due 2009 were upgraded to 'BB+' from 'BB'. CONTACT: FITCH RATING'S Susan Hunter, London Phone: +44 (0) 207 417 6347 Albert Jan Hofman Phone: +44 (0) 207 417 4282 Media Relations: Alex Clelland, London Phone: +44 20 7862 4084 ========= I T A L Y ========= BANCA POPOLARE: Fitch Ups Rating, Cites Improving Profitability --------------------------------------------------------------- Fitch Ratings on Monday upgraded Italy's Banca Popolare di Intra's (BPI) Individual rating to 'C' from 'C/D'. At the same time the bank's Long-term and Short-term ratings are affirmed at 'BBB+' and 'F2', respectively and the Support rating at '3'. The Outlook for the Long-term rating is changed to Stable from Negative. The rating action reflects BPI's improving operating profitability, its satisfactory capital adequacy and strengthening loan loss reserve coverage. BPI's profitability recovered in 2003 and the first quarter of 2004. The bank's revenue generation is improving, despite a sluggish economy, and cost growth improved as the rate at which the bank is opening new branches slowed. Fitch notes that loan loss provisions could remain substantial in 2004 given the difficult economic environment and the bank's prudent policy of building up its loan loss reserves. BPI made large loan loss provisions in 2003, of which around a third were general provisions to bolster loan loss reserve coverage. Fitch considers BPI's stock of impaired loans to be large given its geographical location in the prosperous north of Italy, which partly reflects past rapid loan growth but also some concentration in the book. Under the new strategic plan launched in 2003, BPI intends to reduce the concentration and sharpen its focus on SMEs and individuals, where it has greater expertise. Fitch gains comfort from the bank's strengthened loan loss reserves. In response to the problems encountered with credit-linked notes in 2001 and 2002, BPI has reduced its exposure to market risk and improved market risk management controls, but it does have a limited exposure to equities and funds. Its sensitivity to interest rates remains small. BPI's Tier 1 ratio climbed to a healthy 8.4% by end-2003, following the completion of a large rights issue of EUR102 million in April of that year. The bank also has EUR96 million of convertible subordinated debt outstanding included in its EU Total Capital ratio, which could convert into equity in specified periods during each of the three years between 2004 and 2006. Over the longer term, BPI has indicated that it intends to maintain a Tier 1 ratio above a minimum of 7%. BPI is strongly rooted in its home market of Verbania-Cusio- Ossola and prides itself on its extensive knowledge of the local economy. The bank enjoys a commanding competitive position in its home province with c.45% of the deposit taking market. It aims to expand organically, particularly in the area to the north of Milan, by opening around 4-5 branches per year. CONTACT: FITCH RATING Matthew Hegarty, London Phone: +44 (0) 20 7417 4222 Christian Scarafia, Milan Phone: +39 02 87 90 87 212 Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 PARMALAT FINANZIARIA: Hermes, Deminor Named Lead Plaintiffs ----------------------------------------------------------- A U.S. District Court in Manhattan appointed British pension fund Hermes and European shareholder rights group Deminor to head a class-action lawsuit against former auditors and banks of bankrupt Italian food giant Parmalat Finanziaria. The defendants in the US$10 billion class-action suit are Bank of America, Citigroup Inc., auditors Deloitte & Touche and Grant Thornton, and former Parmalat directors. They are being sued for fraud and issuing misleading information, Umberto Mosetti, a partner at Deminor, told Reuters. The two groups set a record as the first European institutions to be appointed by a U.S. court to represent a class, he added. Brussels-based Deminor is representing bondholders holding EUR10 million (US$12 million) in bonds. Hermes is the largest private shareholder in Parmalat, with a holding exceeding 2% of its shares, according to Mr. Mosetti. ===================== N E T H E R L A N D S ===================== KLM ROYAL: Air France Exchange Offer Receives 96.33% Uptake ----------------------------------------------------------- With reference to the offer and listing documentation made available on 5 April 2004 and further to their earlier press release of 4 May 2004, Air France and KLM announce that holders of KLM Common Shares had tendered a total of 45,093,299 KLM Common Shares, representing approximately 96.33% of all KLM Common Shares, in the exchange offer for all outstanding KLM Common Shares (the Offer), at the expiry of the subsequent offering period of the Offer on 21 May 2004 (3:00 p.m. Amsterdam time and 9:00 a.m. New York City time). During the subsequent offering period, holders of KLM Common Shares had tendered 3,412,427 KLM Common Shares, representing approximately 7.3% of all KLM Common Shares. Air France and KLM have requested that Euronext Amsterdam de- list the KLM Common Shares from Euronext Amsterdam. De-listing of the KLM Common Shares from Euronext Amsterdam is expected to take place shortly. Further announcements on the expected date of de-listing and the last trading day on Euronext Amsterdam for KLM Common Shares will follow in the coming days. Air France and KLM intend to request the de-listing the KLM New York Registry Shares from the New York Stock Exchange as soon as reasonably practicable. In exchange for the tendered KLM Common Shares, Air France has issued a total of 49 602 629 new shares and 45,093,299 warrants, including 8,708,840 shares represented by American Depositary Shares (ADSs) and 7,917,127 warrants represented by American Depositary Warrants (ADWs). Including the issuance of new shares in the Offer, Air France's capital comprises 269,383,516 shares, which are held as follows: French State: 44,07%, Air France employees 10,42%, public float 45,51% of which 18,4% by former holders of KLM Common Shares. The Air France shares and warrants are listed on Euronext Paris, Euronext Amsterdam and the New York Stock Exchange (in the form of ADSs and ADWs). The Air France warrants and ADWs have a maturity of three and a half years from May 6, 2004 and can be exercised starting November 6, 2005. NUMICO N.V.: Buys Leading Finnish Baby Food Brands for EUR57 Mln ---------------------------------------------------------------- Royal Numico N.V. agreed to acquire the leading Finnish baby food brands 'Tutteli' and 'Muksu' from Valio Group, for EUR57 million in cash. The transaction will be earnings accretive from the outset. Through this acquisition, Numico will become the market leader in the infant milk formula and cereals categories in Finland. Numico acquires very strong brands and a solid platform in the Finnish baby food market, which will complement Numico's current position in the Finnish baby food specialties category. This platform, coupled with Numico's strong Research & Development capabilities, will offer Numico ample opportunity to enhance and extend Tutteli's and Muksu's current product offering in the Finnish baby food market. This transaction also reinforces Numico's position in the Baltics. Jan Bennink, CEO of Numico commented: "We are very pleased with 'new' Numico's first acquisition. This is an example of our strategy to create leadership positions in selected markets through add-on acquisitions. We acquire two long-standing, successful brands, which are poised to offer significant growth opportunities through their leading market positions. We are also pleased to announce that Numico will start a Research and Development co-operation with Valio -- a global pioneer in the development of functional dairy products. This reinforces our objective to becoming the leading high-growth, high-margin specialized nutrition company." 'Tutteli' and 'Muksu' are leading baby food brands in Finland. 'Tutteli' is the leading brand name in the infant milk formula category, which primarily consists of liquid formulas, whereas 'Muksu' is a leading brand name in the cereals category. These two brands represent approximately EUR20 million in net sales and operating income of approximately EUR5 million. A fifth of the revenues are generated through export to the Baltics. The acquisition includes the two aforementioned brands and less than 10 FTE but excludes the production facilities. Numico and Valio will jointly cooperate in terms of production, distribution and logistics. The transaction is subject to customary regulatory approvals and is expected to be finalized before the end of the third quarter of 2004. Harry Salonaho, President and CEO of Valio commented: "Numico is one of the leading producers of baby food in Europe. Transferring ownership of the business operations to Numico will secure the development of baby food in the long term. Valio will continue to produce baby food as a contract supplier to Numico and we intend to initiate cooperation together with Numico in the field of research and development." Valio Group comprises of Valio Ltd., the parent company, and its subsidiaries abroad with a net turnover of EUR1.6 billion in 2003. Valio Ltd is the leading producer of dairy products in Finland. The company is owned by 28 co-operative dairy companies and operates 18 production plants in Finland, Estonia and Belgium. Royal Numico is a specialized nutrition company with leading positions in Baby Food and Clinical Nutrition. The company operates in over 100 countries and employs approximately 11,000 people. For more information, visit http://www.numico.com. ROYAL SHELL: Results Using Revised Accounting Method Out Friday --------------------------------------------------------------- The 2003 annual reports and accounts of Royal Dutch Petroleum Company (Royal Dutch) and The Shell Transport and Trading Company, p.l.c. (Shell Transport) are scheduled to be available to shareholders and published on 28 May 2004. The annual reports and accounts will be submitted for approval at the Annual General Meetings on 28 June 2004. Mr. Jeroen van der Veer, Chairman of the Committee of Managing Directors of the Royal Dutch/Shell Group of Companies, commented: "I am pleased that on Friday we will be publishing our annual reports and accounts for Royal Dutch and Shell Transport as previously announced. The external auditors have given unqualified audit opinions. The annual reports and accounts will reflect a restatement of reserves data and related financial impact, and we have implemented a number of accounting policy changes. We have also adopted a stricter application of some specific accounting standards. "The aggregate effect of the reserves restatement, including the previously disclosed recategorizations and an adjustment with respect to royalties paid in cash in Canada, brought the total for 2002 to 4.47 billion barrels of oil equivalent." Discussions with the Division of Corporation Finance of the U.S. Securities and Exchange Commission (SEC), about Shell's Form 20- F filings continue, in particular with regard to financial statements and unaudited supplementary oil and gas data. The Group has implemented these accounting policy changes with effect from 2003: (a) The Group financial statements will be presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP) with a reconciliation to statements presented under Netherlands GAAP. Prospectively the difference with regard to net income is that goodwill is amortized under Netherlands GAAP; whereas under U.S. GAAP goodwill is maintained at the acquisition value and then tested for impairment. (b) All inventories will now be reported on a First-In-First-Out (FIFO) basis. Previously certain inventories in North America were reported on a Last-In-First-Out (LIFO) basis and disclosed in the notes to the financial statements. As a result the Group's accounting policy for inventories is on the same basis globally. The Group will be adopting International Financial Reporting Standards (IFRS) in 2005. Under IFRS, FIFO is the prescribed method for valuing inventories. The finalization of the financial statements also reflects a strict application of the financial accounting standard 'Financial Accounting and Reporting by Oil and Gas Producing Companies' (FAS19), and two additional impairments of long-lived assets. In particular, amendments have been made to the unaudited results reported for 2003 in the earnings release on 5 February 2004 and the 2002 and 2001 financial statements in these areas: (a) FAS19, section 31b: This relates to the capitalization of costs for exploration wells related to unproved properties for which no firm plan for further exploratory drilling or development of the field exists, and for which proved reserves are not booked within 12 months after the date when the exploratory drilling is complete. The Group's previous practice was to keep such cost capitalized where the project was actively under development, though no further exploration drilling was underway or planned. The strict interpretation of FAS19 adopted results in the expensing of exploration cost even though the project is moving towards final investment decision when proved reserves will be booked. (b) In the process of reviewing oil and gas properties in detail as to whether their carrying value was fully covered by future cash flows, two properties were identified, not related to the reserves restatement, which needed impairment at the end of 2003 as per FAS144 'Accounting for the Impairment or Disposal of Long Lived Assets'. (c) FAS133 'Accounting for Derivative Instruments and Hedging Activities': This deals with certain contracts for the sale and delivery of own production natural gas from the North Sea that are now marked-to-market. Previously this was disclosed in the notes to the financial statements. (d) As a result of the later closing of the 2003 financial statements, certain post balance sheet events have been recognized in the 2003 results in line with normal accounting requirements. These together are reported as 'Other' in table 1 below compared to the unaudited results for 2003 reported in the earnings release on 5 February 2004. There is no impact from the restatement on reported Group cash flows. The annual reports will additionally reflect these with respect to the unaudited oil and gas reserves data: (a) For the years ended 1999 to 2002, proved reserves and production included royalties paid in cash on certain properties in Canada (consistent with practice for properties outside North America). These have now been removed from proved reserves (consistent with practice for properties in the United States), resulting in a reduction at 31 December 2003, relative to earlier announcements, of 103 million barrels of oil equivalent (BOE) and a reduction of production of 9 million BOE for the year 2003. This change is specific to the Group and does not affect Shell Canada. (b) The aggregate effect on proved reserves of the reserves restatement is 4.47 billion BOE, of which 4.35 billion BOE was previously announced as reserves recategorizations. The remainder relates to adjustments for royalties paid in cash on certain Canadian properties described above. With a reserve replacement ratio for 2003 of 63%, proved reserves were 14.35 billion BOE at 31 December 2003, or 10.2 years of production (all excluding oil sands). Copies of the tables are available free of charge at http://bankrupt.com/misc/Shell_Tables.htm. =========== P O L A N D =========== GEMI: Denies Rumored Bankruptcy; Admits Debt Negotiations --------------------------------------------------------- Radoslaw Miskiewicz, President of Gemi, denies the Katowice- based firm has been declared bankrupt, according to Europe Intelligence Wire. Puls Biznesu daily earlier reported a court in Katowice declared Gemi bankrupt on April 16, but allowed it to continue negotiations with creditors. Asked about the state of Gemi, Mr. Miskiewicz said: "There is no bankruptcy, there is no official receiver, it is just a matter of an agreement with creditors -- two subsidiary companies." Mr. Miskiewicz is also the Supervisory Board Deputy Chairman of majority-owned Huta Laziska steel mill, Poland's single manufacturer of ferroalloys. Marian Forys, President of Huta Laziska, also denied knowledge of any bankruptcy ruling, saying, "I do not know anything about the court's decision ... The steel work has good results, it is working to its full capacity." Mr. Miskiewicz declined to discuss further the company's financial figures or the details of the debts in question, including the creditors involved. CONTACT: HUTA "LAZISKA" S.A. Ul. Cieszynska 23 43-170 Laziska Gorne Phone: +48 (32) 2241500 do 514 Fax: +48 (32) 2241523 E-mail: firma@hlsili.pl President of the Board General Director Phone: +48 (32) 2241521 Vice-President of the Board Technical Director Phone: +48 (32) 2241524 Board Member Finance Director Phone: +48 (32) 2241522 =========== R U S S I A =========== DIVNOGORSKY CHEESE: Under Bankruptcy Supervision Procedure ---------------------------------------------------------- The Arbitration Court of Krasnoyarsk region commenced bankruptcy supervision procedure on LLC Divnogorsky Cheese. The case is docketed as A33-4084/04-C4. Mr. I. Yudin has been appointed temporary insolvency manager. Creditors have until July 14, 2004 to submit their proofs of claim to the temporary insolvency manager at 660017, Russia, Krasnoyarsk-17, Post User Box 103. CONTACT: Mr. I. Yudin, temporary insolvency manager 660017, Russia, Krasnoyarsk-17, Post User Box 103 EXPERIMENTAL MANUFACTURE: Falls into Bankruptcy ----------------------------------------------- The Arbitration Court of Omsk region has commenced bankruptcy supervision procedure on OJSC Omsk Experimental Manufacture. The case is docketed as K/E-29/04. Mr. V. Belkin has been appointed temporary insolvency manager. Creditors have until May 28, 2004 to submit their proofs of claim to the temporary insolvency manager at 644010, Russia, Omsk, Leningradskaya pl.2A-5. CONTACT: OMSK EXPERIMENTAL MANUFACTURE 644009, Russia, Omsk-9, 10-th of Oktober str.221/1 Mr. V. Belkin, temporary insolvency manager 644010, Russia, Omsk, Leningradskaya pl.2A-5 KOVROVETS: Bankruptcy Proceedings Begin --------------------------------------- The Arbitration Court of Vladimir region declared LLC dredge factory Kovrovets insolvent and introduced bankruptcy proceedings. The case is docketed as A11-7018/2003-K1-25B. Ms. L. Nikitina (Moscow) has been appointed insolvency manager. Creditors have until July 21, 2004 to submit their proofs of claim to the insolvency manager at 601900, Russia, Vladimir region, Kovrov, Lopatin str.5. CONTACT: KOVROVETS 601900, Russia, Vladimir region, Kovrov, Lopatin str.5 Ms. L. Nikitina, insolvency manager 601900, Russia, Vladimir region, Kovrov, Lopatin str.5 NEVINNOMYSSC CREAMERY: Proofs of Claim Deadline July 21 ------------------------------------------------------- The Arbitration Court of Stavropol region declared OJSC Nevinnomyssc Creamery insolvent and bankruptcy proceedings were introduced at the company. The case is docketed as A63- 2958/2002-C5. Mr. D. Eroshkin has been appointed insolvency manager. Creditors have until July 21, 2004 to submit their proofs of claim to the insolvency manager at 355029, Russia, Stavropol, Mir str.460/3, office 7. CONTACT: NEVINNOMYSSC CREAMERY Russia, Stavropol region, Nevinnomyssc Mr. D. Eroshkin, insolvency manager 355029, Russia, Stavropol, Mir str.460/3, office 7 OBUKHOVSKAYA MINE: Miners Demand RUB12 Mln in Unpaid Wages ---------------------------------------------------------- Workers at the Obukhovskaya mine stepped up their protest to demand unpaid wages over the weekend by blocking access road to the company, Europe Intelligence Wire reported citing Interfax. A police source, cited by the newswire, said around 40 miners in the Rostov region town of Zverevo on Saturday parked their cars next to railroad tracks to block passage to the mine. They are demanding RUB12 million in unpaid wages, which date back to 1998, Vasily Karpov, deputy director of the coal miners' trade union said. About 1,000 miners participated in the protest action that lasted Sunday, he said. PERM DEVELOPMENT: Deadline for Proofs of Claim July 19 ------------------------------------------------------ The Arbitration Court of Perm region declared OJSC Perm Development Bank insolvent and introduced bankruptcy proceedings. The case is docketed as A50-7204/2004-B. Mr. V. Koryakin (Moscow) has been appointed insolvency manager. Creditors have until July 19, 2004 to submit their proofs of claim to the insolvency manager at 614000, Russia, Perm, Kommunisticheskaya str.89. CONTACT: PERM DEVELOPMENT BANK 614000, Russia, Perm, Kommunisticheskaya str.89 Mr. V. Koryakin, insolvency manager 614000, Russia, Perm, Kommunisticheskaya str.89 ROSKHLEB: Rostov Court Appoints Insolvency Manager -------------------------------------------------- The Arbitration Court of Rostov region commenced bankruptcy supervision procedure on grain company LLC Roskhleb. The case is docketed as A53-4645/2004-C2-7. Ms. N. Esipenko has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at 347935, Russia, Rostov region, Taganrog, Chehov str.156a. A hearing will take place on August 24, 2004, 3:30 p.m. at the Arbitration Court of Rostov region. CONTACT: ROSKHLEB 347800, Russia, Rostov region, Kamensk-Shakhtinsky, Pridorozhny per.35 Ms. N. Esipenko, temporary insolvency manager 347935, Russia, Rostov region, Taganrog, Chehov str.156a SHAKHTINSKOYE MINE: Deadline for Proofs of Claim June 14 -------------------------------------------------------- The Arbitration Court of Rostov region commenced bankruptcy supervision procedure on LLC Shakhtinskoye Mine-Building Corporation. The case is docketed as A53-3504/2004-C2-7. Mr. N. Stukalov has been appointed temporary insolvency manager. Creditors have until June 14, 2004 to submit their proofs of claim to the temporary insolvency manager at 346720, Russia, Rostov region, Aksay, Lenin str.30, the main post office, Post User Box 113. A hearing will take place on September 9, 2004, 2:00 p.m. at the Arbitration Court of Rostov region. CONTACT: SHAKHTINSKOYE MINE-BUILDING CORPORATION Russia, Rostov region, Shakhty, Yunny Spartak str.122a Mr. N. Stukalov, temporary insolvency manager 346720, Russia, Rostov region, Aksay, Lenin str.30, The main post office, Post User Box 113 TAKT: Under Bankruptcy Supervision Procedure -------------------------------------------- The Arbitration Court of Rostov region commenced bankruptcy supervision procedure on LLC Takt. The case is docketed as A53- 1108/04-C2-21. Mr. V. Mokhov has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at 344082, Russia, Rostov region, Rostov-Don, Budyenovsky prosp.27. Phone: (8632) 468602. A hearing will take place on August 28, 2004, 3:00 p.m. at the Arbitration Court of Rostov region. CONTACT: Mr. V. Mokhov, temporary insolvency manager 344082, Russia, Rostov region, Rostov-Don, Budyenovsky prosp.27. Phone: (8632) 468602 VOLZHSKAYA BREWERY: Bankruptcy Supervision Procedure Begins ----------------------------------------------------------- The Arbitration Court of Astrakchan region commenced bankruptcy supervision procedure on OJSC Volzhskaya Brewery. The case is docketed as A06-982-b/3-18k/04. Mr. D. Savenkov has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at 414040,Russia, Astrakchan, Krasnaya Naberezhnaya 37, office 67, Phone (8512) 22-66-74. A hearing will take place on August 9, 2004, 2:30 p.m. at the Arbitration Court of Astrakchan region. CONTACT: VOLZHSKAYA BREWERY Russia, Astrakchan, Zavodskaya str.48 Mr. D. Savenkov, temporary insolvency manager 414040,Russia, Astrakchan, Krasnaya Naberezhnaya 37, Office 67 Phone: (8512) 22-66-74 WAY OF RUSSIA: Moscow Court Finds Publishing House Insolvent ------------------------------------------------------------ The Arbitration Court of Moscow declared the publishing house of the administrative office of the president of Russia, The Way of Russia, insolvent and introduced bankruptcy proceedings. The case is docketed as A40-4876/04-74-2B. Mr. S. Krasnov has been appointed insolvency manager. Creditors have until June 21, 2004 to submit their proofs of claim to the insolvency manager at 127591, Russia, Moscow, Keramichesky proezd 71-1-463. CONTACT: THE WAY OF RUSSIA 103132, Russia, Moscow, Varvarka str.7-1 Mr. S. Krasnov, temporary insolvency manager 127591, Russia, Moscow, Keramichesky proezd 71-1-463 YENISEISKAYA MINE: Workers' Hunger Strike Enter Second Week ----------------------------------------------------------- Coal miners at Yeniseiskaya in Chernogorsk, Khakassia continued their hunger strike against the bankrupt mine on Sunday, Europe Intelligence Wire reported citing Interfax. The workers, which number more than 60 and include 40 women, started their protest Monday last week. They are demanding RUB6.8 million in unpaid wages dating back to October. The hunger strike follows the one staged by a group of 59 miners on April 15 until April 26. The protesters then agreed to suspend the industrial action after mine owner, Yeniseiugol, paid RUB1 million in back wages. It promised to pay the rest by May 15 but failed to do so. The workers are planning to continue their industrial action until they get their demand. Yeniseiugol officials could not be reached for comment Friday, the report said. Russian news & information agency RIA Novosti said some 260 mine workers, including the hunger strikers, might be sacked by August. YUKOS OIL: Lebedev, Khodorkovsky Cases Under One Judge ------------------------------------------------------ The trials of jailed billionaires Mikhail Khodorkovsky and Platon Lebedev are scheduled this Friday in the same chamber. "The judge will be [Irina] Kolesnikova," according to Mr. Khodorkovsky's lawyer, Anton Drel, who hopes this arrangement will lead to a joint trial of the two. "I don't rule out that the court will approve a defense request and merge the cases of Khodorkovsky and Lebedev." The two are facing charges of fraud and tax evasion. Mr. Lebedev's trial was originally set for Thursday but was moved to May 28, the day set for Mr. Khodorkovsky's hearing. Yukos' appeal against a US$3.4 billion back-tax bill will be heard on the same day as well. =========== S W E D E N =========== SKANDIA INSURANCE: Explains Information Gap in Memorandum --------------------------------------------------------- Questions have been raised about the long-term incentive programs in Skandia during the years 1997 to 2003. On April 14, 2004, the Board therefore published a memorandum concerning these questions on Skandia's Web site. Information about local long-term incentive programs in the divested business of American Skandia was not included in the memorandum. There were several reasons for this: (a) Skandia's business within long term savings was during the period 1990 - 2000 conducted within a separate business unit - AFS (Assurance and Financial Services). The organization of this business was of a federal character. As a consequence thereof, the AFS-business unit enjoyed a large degree of independence. Although the main principles of local long term incentive programs were reported to the board of Skandia, there was no requirement to report detailed information about these programs to the head office. As a consequence thereof, no information has been held centrally about local incentive payments to employees within the then AFS-business unit, including American Skandia. (b) In December 2002, Skandia entered into an agreement with Prudential under which Prudential acquired American Skandia on 1 May 2003. All information concerning the previous incentive programs in American Skandia belongs as a consequence to Prudential. (c) The sale and purchase agreement with Prudential contains an explicit prohibition of disclosing non public information concerning American Skandia's business, unless the information must be disclosed pursuant to applicable law. Against this background, the Board came to the conclusion that it was not in the interest of Skandia and its shareholders to further investigate questions about historical remunerations to employees of American Skandia. At Skandia's annual general meeting on April 15, 2004, the Board undertook, on request from certain shareholders, to reconsider its previous conclusion. Contacts have since been made with Prudential in order to seek their cooperation in collecting the requested information. At Skandia's request, Prudential has provided Skandia with information regarding the aggregate payments and number of participants under American Skandia's long-term incentive program for the years in question. A total amount of $48 million dollars (U.S.) was paid in respect of American Skandia's long-term incentive program during the years 1997 to 2002. The indicated amount includes yearly payments to the most senior officers of American Skandia, as well as all other participants in these programs. During these years an average of 70 key employees received these payments. In light of privacy concerns under U.S. law, no additional information regarding payments to specific individuals will be made available. The above-mentioned amount does not include payments made to employees within America Skandia under the Share Tracker and Wealth Builder Programs. These payments have already been accounted for in the report published by the Board on April 14, 2004. Additionally, a request has also been made to disclose the severance payments in relation to the divestment of American Skandia. This information has already been presented in the annual report of Skandia for 2003 and is included in the amount 696 million SEK referred to in note 44 on page 100 in the annual report. The mentioned amount include all personnel related costs incurred in connection with the sale of American Skandia. These costs concern both severance payments, incentive payments and any other personal related costs. The amount of SEK696 million includes remuneration both to the management and to other employees. Of this amount SEK199 million pertained to senior executives, as defined in the annual report. The severance payments were accepted by the then-board of Skandia, in order to retain key employees of American Skandia through the closing of the sale and ensure a successful completion of the sale of American Skandia. CONTACT: SKANDIA INSURANCE Bjorn Bjornsson, vice Chairman, Skandia Phone: +46-8-788 25 00 Gunilla Svensson, Press Manager Phone: +46-8-788 25 00 ============= U K R A I N E ============= ENERGOSPLAV: Declared Insolvent ------------------------------- The Economic Court of Dnipropetrovsk region declared LLC scientific-production enterprise Energosplav (code EDRPOU 24430691) insolvent on April 20, 2004. The case is docketed as B 40/35/04. Mr. Shmal Volodimir (License Number AA 630010 approved November 5, 2003) has been appointed as a liquidator/insolvency manager. Creditors have until June 14, 2004 to submit their proofs of claim to the liquidator/insolvency manager at 53210, Ukraine, Dnipropetrovsk region, Nikopol, Geroji Chornobilya str., 61/18; Phone: (05662) 2-33-26. CONTACT: ENERGOSPLAV 53200, Ukraine, Dnipropetrovsk region Nikopol, Geroji Chornobilya str., 104-a Mr. Shmal Volodimir, Liquidator/Insolvency Manager 53210, Ukraine, Dnipropetrovsk region Nikopol, Geroji Chornobilya str., 61/18 Phone: (05662) 2-33-26 ECONOMIC COURT OF DNIPROPETROVSK REGION: 49600, Ukraine, Dnipropetrovsk, Kujbishev str., 1a KOMINTERN: Falls into Bankruptcy -------------------------------- The Economic Court of Harkiv region commenced bankruptcy supervision procedure on LLC agricultural enterprise Komintern (code EDRPOU 00851086) in March. The case is docketed as B- 39/38-04. Arbitral manager Mr. Nikin Oleksandr (License Number AA 250281 approved January 29, 2001) has been appointed temporary insolvency manager. Creditors have until June 14, 2004 to submit their proofs of claim to: (a) Temporary Insolvency Manager: 61045, Ukraine, Harkiv, O. Yarosh lane18, office 210a (b) ECONOMIC COURT OF HARKIV REGION: 61022, Ukraine, Harkiv, Svobodi square, 5, Derzhprom, 8-th entrance Komintern holds Account number 26001000217 at JSPPB Aval, Harkiv regional branch, MFO 350589. CONTACT: KOMINTERN Ukraine, Harkiv region, Novovodolazskij district, Komintern, Tsentralna str., 1 Mr. Nikin Oleksandr, Temporary Insolvency Manager 61045, Ukraine, Harkiv, O. Yarosh lane18, office 210a ECONOMIC COURT OF HARKIV REGION: 61022, Ukraine, Harkiv, Svobodi square, 5, Derzhprom, 8th entrance NORD: Zaporizhya Court Appoints Insolvency Manager -------------------------------------------------- The Economic Court of Zaporizhya region declared LLC Nord (code EDRPOU 22162022) insolvent and introduced bankruptcy proceedings on March 30, 2004. The case is docketed as 19/49. Melitopol' United State Tax Inspection has been appointed liquidator/ insolvency manager. Nord maintains Account Number 26004301280588 at Prominvestbank, Melitopol branch, MFO 313043. CONTACT: NORD 72318, Ukraine, Zaporizhya region, Melitopol, Lomonosov str., 132 Melitopol' United State Tax Inspection, Liquidator/Insolvency Manager 72312, Zaporizhya region, Melitopol, Kirov str., 31 ECONOMIC COURT OF ZAPORIZHYA REGION: 69001, Ukraine, Zaporizhya, Shaumyana str., 4 OBLAGROPOSTACH: Declared Bankrupt --------------------------------- The Economic Court of Herson region declared OJSC Oblagropostach (code EDRPOU 00914792) insolvent and introduced bankruptcy proceedings on April 28, 2004. The case is docketed as 6/44-B (2001). Arbitral manager Mr. Shramenko Andrij (License Number AA 783045 approved March 26, 2004) has been appointed liquidator/insolvency manager. CONTACT: OBLAGROPOSTACH 73034, Ukraine, Herson, Senyavin avenue, 27 Mr. Shramenko Andrij, Liquidator / Insolvency Manager 73000, Ukraine, Herson, Vijskovij driveway, 6 Phone: 8 (0552) 22-31-17 ECONOMIC COURT OF HERSON REGION: 73000, Ukraine, Herson, Gorkij str., 18 PEREMOGA: Chernigiv Court Appoints Insolvency Manager ----------------------------------------------------- The Economic Court of Chernigiv region commenced bankruptcy supervision procedure on LLC agrarian-industrial firm Peremoga (code EDRPOU 03798369) in March. The case is docketed as 4/91 B. Mr. Cherevjak Viktor (License Number AA 48782142 approved May 6, 2003) has been appointed temporary insolvency manager. Creditors have until June 14, 2004 to submit their proofs of claim to: (a) Liquidator/Insolvency Manager: 17500, Ukraine, Chernigiv region, Priluki, Peremogi str., 77; Phone: 3-19-99 (b) ECONOMIC COURT OF CHERNIGIV REGION: 14000, Ukraine, Chernigiv, Miru avenue, 20 Peremoga maintains Account Number 26005301715858/980 at Prominvestbank, Priluki branch. CONTACT: PEREMOGA 17533, Chernigiv region, Priluki district, Borshna, Lenin str., 22 Mr. Cherevjak Viktor, Liquidator/Insolvency Manager 17500, Ukraine, Chernigiv region, Priluki, Peremogi str., 77 Phone: 3-19-99 ECONOMIC COURT OF CHERNIGIV REGION: 14000, Ukraine, Chernigiv, Miru avenue, 20 RAJAGROBUD: Under Bankruptcy Supervision Procedure -------------------------------------------------- The Economic Court of Zhitomir region commenced bankruptcy supervision procedure on Rajagrobud (code EDRPOU 03583947) The case is docketed as 7/41 B. Mr. Malishonok Mikola (License Number 565 approved April 12, 2001) has been appointed temporary insolvency manager. Creditors have until June 14, 2004 to submit their proofs of claim to the ECONOMIC COURT OF ZHITOMIR REGION at 10002, Ukraine, Zhitomir, Putyatinski square, 3/65 CONTACT: RAJAGROBUD 13100, Ukraine, Zhitomir region, Lubarskij district, Starij Lubar ECONOMIC COURT OF ZHITOMIR REGION: 10002, Ukraine, Zhitomir, Putyatinski square, 3/65 TITAN: Declared Insolvent ------------------------- The Economic Court of AR Krym region declared LLC Titan insolvent and introduced bankruptcy proceedings on April 29, 2004. The case is docketed as 2-8/690-2004. Mr. Petin Volodimir (License Number AA 047906) has been appointed liquidator/insolvency manager. CONTACT: TITAN AR Krym, Bilogirsk, Lunacharskij str., 56 Mr. Petin Volodimir, Liquidator/Insolvency Manager AR Krym, Bilogirsk district, Tsvetochnoje, Kirov str., 61 Phone: (259) 9-81-57 THE ECONOMIC COURT OF AR KRYM: 95000, Ukraine, AR Krym, Simferopol, Karl Marks str., 18 VESNA: Insolvent Status Confirmed --------------------------------- The Economic Court of Dnipropetrovsk region declared CJSC Vesna (code EDRPOU 21914649) insolvent on April 15, 2004. The case is docketed as B 40/28/04. Mr. Shmal Volodimir (License Number AA 630010 approved November 5, 2003) has been appointed liquidator/insolvency manager. Creditors have until June 14, 2004 to submit their proofs of claim to the liquidator/insolvency manager at 53210, Ukraine, Dnipropetrovsk region, Nikopol, Geroji Chornobilya str., 61/18; Phone: (05662) 2-33-26. CONTACT: VESNA 53300, Ukraine Dnipropetrovsk region Ordzhonikidze Kalinin str., 32 Mr. Shmal Volodimir Liquidator/Insolvency Manager 53210, Ukraine Dnipropetrovsk region Nikopol, Geroji Chornobilya str., 61/18 Phone: (05662) 2-33-26 ECONOMIC COURT OF DNIPROPETROVSK REGION: 49600, Ukraine, Dnipropetrovsk, Kujbishev str., 1a VISOKA: Zaporizhya Court Commences Bankruptcy Proceedings --------------------------------------------------------- The Economic Court of Zaporizhya region declared LLC agricultural firm Visoka (code EDRPOU 31732957) insolvent and introduced bankruptcy proceedings on April 23, 2004. The case is docketed as 21/77. Melitopol' United State Tax Inspection has been appointed liquidator/insolvency manager. Creditors have until June 14, 2004 to submit their proofs of claim to: (a) Melitopol' United State Tax Inspection, Liquidator/Insolvency Manager 72312, Zaporizhya region, Melitopol, Kirov str., 31 (b) ECONOMIC COURT OF ZAPORIZHYA REGION: 69001, Ukraine, Zaporizhya, Shaumyana str., 4 Visoka holds Account Number 26004325102170 at JSCB Ukrsotsbank Melitopol branch. CONTACT: VISOKA 72371, Ukraine, Zaporizhya region, Melitopol district, Visoke, Miru str., 6 Melitopol' United State Tax Inspection, Liquidator/Insolvency Manager 72312, Zaporizhya region, Melitopol, Kirov str., 31 ECONOMIC COURT OF ZAPORIZHYA REGION: 69001, Ukraine, Zaporizhya, Shaumyana str., 4 VOSTOK: Harkiv Court Appoints Insolvency Manager ------------------------------------------------ The Economic Court of Harkiv region declared OJSC Vostok (code EDRPOU 00851040) insolvent and introduced bankruptcy proceedings on April 23, 2004. The case is docketed as B-25/19-03. Arbitral manager Mr. Zadruzhnij Dmitro (License Number AA 249706 approved October 19, 2001) has been appointed liquidator/insolvency manager. Vostok holds Account Number 2600000003173 at JSPPB Aval, Harkiv region branch, MFO 350589. CONTACT: VOSTOK Juridical address: Ukraine, Harkiv region, Chugujiv district, Volohiv Yar Mr. Zadruzhnij Dmitro, Liquidator / Insolvency Manager 61057, Ukraine, Harkiv, Pushkinska str., 5/408 ECONOMIC COURT OF HARKIV REGION: 61022, Ukraine, Harkiv, Svobodi square, 5, Derzhprom, 8th entrance =========================== U N I T E D K I N G D O M =========================== ACTION FIRST: Calls in Liquidator --------------------------------- Name of Companies: Action First JL Limited Action First PG Limited At an Extraordinary General Meeting of these Companies on May 12, 2004 held at 8 Canfield Place, Swiss Cottage, London NW6 3BT, 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 ANSCLIF LIMITED: Hires Liquidator from Barry Mitchell & Company --------------------------------------------------------------- The Members of Ansclif Limited (formerly The Coleford Brick and Tile Company Limited) will have a Meeting on June 25, 2004 at 10:00 a.m. It will be held at Pentre Farm House, Mamhilad, Gwent NP4 0JH. The purpose of the Meting 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. Proxies must be lodged with Barry Mitchell & Company, Pentre Farm House, Mamhilad, Gwent NP4 0JH not later than 12:00 noon, June 24, 2004. CONTACT: BARRY MITCHELL & COMPANY Pentre Farm House, Mamhilad, Gwent NP4 0JH Contact: B G Mitchell, Liquidator APV PASILAC: Special Winding up Resolution Passed ------------------------------------------------- Name of Companies: APV Pasilac Ltd. APV Rosista Ltd. Cape Engineering Co. Ltd. Ceramiclad Ltd. Eurotherm (Japan) Ltd. Schlegel (U.K.) Textiles Ltd. Sorbo Fifteen Ltd. Stewart-Warner Ltd. Transpennine Engineering Distributors Ltd. At an Extraordinary General Meeting of the Members of these Companies on May 11, 2004 held at Invensys House, Carlisle Place, London SW1P 1BX, the Special Resolution to wind up the Companies was passed. Robin Arthur Ellis, 2 The Elms, Church Road, Claygate, Surrey KT10 0JT has been appointed Liquidator for these Companies. CONTACT: Robin Arthur Ellis, Liquidator 2 The Elms, Church Road, Claygate, Surrey KT10 0JT ARTHOUSE HOTEL: It's Still Business as Usual, Says Receiver ----------------------------------------------------------- Blair Nimmo, of KPMG Corporate Recovery, Joint Receiver of the ArtHouse in Glasgow's city center, confirmed Monday that the hotel is trading as normal and that the search for a buyer will now commence. Prior to the receivership, the hotel had been under significant trading pressure compounded by the announcement of a related business going into liquidation. Receiver, Blair Nimmo, head of KPMG Corporate Recovery in Scotland, commented: "We've had many notes of interest in the business and assets of The ArtHouse already but as the hotel has such an excellent reputation in the marketplace, we intend to market the business as fully and widely as possible over the next month or so. There are no plans for any redundancies and trading will continue as normal while we look for a suitable purchaser." The ArtHouse opened in 1999 as a stylish 4 star boutique hotel employing approximately 80 full and part-time staff. It has 63 bedrooms, conference facilities, a hair & beauty salon as well as a bar, grill, Teppanyaki bar and private fine-dining facilities. With many celebrity visitors including rap star Eminem, the hotel was awarded a customer care award from the Scottish Tourist Board in November 2000 and was the only hotel in Scotland to be praised in the Conde Nast Traveller guide to 21st-century hotels. Anyone interested in buying the business should contact the Receivers' selling agent, Creevy LLH, 175 West George Street, Glasgow G2 2LB. CONTACT: KPMG Wilma Littlejohn, KPMG Corporate Communications Phone: 0131 527 6818 Mobile: 07789 922521 E-mail: wilma.littlejohn@kpmg.co.uk ASHTON HOCKNELL: Hires PricewaterhouseCoopers Liquidator -------------------------------------------------------- Name of Companies: Ashton Hocknell Limited Aspinwalls Limited Austerberry Limited Bell Watson Limited Cobbs Property Services Limited Collins Son & Harvey South Limited Dee & Atkinson Limited J M Warwick & Co. Limited Lawson Larg (Norton) Limited Lawson Larg Limited At an Extraordinary General Meeting of these Companies on May 13, 2004, the Special, Ordinary and Extraordinary Resolutions to wind up the Companies were passed. Tim Walsh and Jonathan Sisson of PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP have been appointed Joint Liquidators of the Companies. CONTACT: PRICEWATERHOUSECOOPERS LLP Benson House, 33 Wellington Street, Leeds Ls1 4JP Contact: Tim Walsh, Liquidator Jonathan Wellington, Liquidator BUSINESS LINK: General Meeting Scheduled for June 28 ---------------------------------------------------- There will be a General Meeting of the Business Link Wakefield and District Limited Company on June 28, 2004 at 10:00 a.m. It will be held at Deloitte & Touche LLP, 1 City Square, Leeds LS1 2AL. Members who want to be represented at the Meeting may appoint proxies. CONTACT: DELOITTE & TOUCHE LLP 1 City Square Leeds LS1 2AL Contact: A M Martin, Joint Liquidator CANARY WHARF: Mix and Match Election to Close June 4 ---------------------------------------------------- The Independent Committee of Canary Wharf Group plc is pleased that the recommended offer for the Company by Songbird Acquisition Limited has been declared unconditional in all respects. The offer for the Company by CWG Acquisition Limited (CWGA) has lapsed. The Songbird offer has been extended until 4 June 2004. Even if the offer is further extended, shareholders should note that the Mix and Match Election is due to close on 4 June 2004. Shareholders wishing to receive consideration under the Songbird offer entirely in cash, or who wish to make any alternative election under the Mix and Match Election, should therefore accept the offer, and make the appropriate election, prior to 4 June 2004. Shareholders who accepted the CWGA offer and hold their shares in certificated form should contact CWGA as soon as possible for the return of their share certificates if they wish to accept the Songbird offer. Shareholders who accepted the CWGA offer and hold their shares in CREST are able to accept the Songbird offer now since CWGA is obliged to transfer such shares to their respective CREST accounts. Sir Martin Jacomb, Chairman of the Independent Committee, commented: "I am pleased that the protracted offer process has been concluded successfully for shareholders. I would like to thank all the staff at Canary Wharf for their continued dedication throughout this process." CONTACT: LAZARD William Rucker Maxwell James (Financial adviser to the Independent Committee of Canary Wharf) Phone: 020 7187 2000 CAZENOVE Duncan Hunter Richard Cotton (Financial adviser to the Independent Committee of Canary Wharf and joint broker to Canary Wharf) Phone: 020 7588 2828 CSFB George Maddison Richard Crawley (Joint broker to Canary Wharf) Phone: 020 7888 8888 BRUNSWICK James Bradley Fiona Laffan (Public relations adviser to Canary Wharf) Phone: 020 7404 5959 CONOR ENGINEERING: In Administrative Receivership ------------------------------------------------- National Westminster Bank PLC called in Andrew Philip Wood and Philip Andrew Revill as receivers for Conor Engineering Limited Company (Reg No 01461341). The appointment was made May 14, 2004. CONTACT: Andrew Philip Wood Philip Andrew Revill 93 queen Street, Sheffield S1 1WF (Office Holder Nos 9148, 6421) EUROCOM ENTERPRISE: Name Oury Clark Liquidator ---------------------------------------------- At an Extraordinary General Meeting of the Eurocom Enterprise Limited Company on May 14, 2004 held at Oury Clark Chartered Accountants, Herschel House, 58 Herschel Street, Slough SL1 1PG, the Special, Ordinary and Extraordinary Resolutions to wind up the Company were passed. Elliot Harry Green and Derrick Arthur Smith of Oury Clark, Herschel House, 58 Herschel Street, Slough, Berkshire SL1 1HD have been appointed Joint Liquidators for the purpose of such winding-up. CONTACT: OURY CLARK Herschel House 58 Herschel Street Slough, Berkshire SL1 1HD Contact: Elliott Harry Green, Liquidator Derrick Arthur Smith, Liquidator I P REALISATIONS: UPS Capital Appoints Receivers ------------------------------------------------ UPS Capital Global Trade Finance (U.K.) Limited called in receivers Anthony Murphy, Robert Horton and Roger Tulloch of Smith & Williamson Limited for I P Realizations Limited Company (Reg No 03826963, Trade Classification: 6190/5156). The application was made May 13, 2004. I P Realizations formerly named Ice Paper Limited. The Company is a wholesaler of paper products. CONTACT: SMITH & WILLIAMSON LIMITED No 1 Bishops Wharf, Walnut Tree Close, Guildford GU1 4RA Receivers: Anthony Murphy Robert Horton Roger Tulloch (Office Holder Nos 8716, 8922, 9174) LOWETH LIMITED: Hires Begbies Traynor Administrator --------------------------------------------------- The Loweth Limited Company has appointed N R Hood and P M Davis both of Begbies Traynor as joint administrative receivers. The appointment was made May 13, 2004. Loweth Limited is engaged in general construction and civil engineering. The Company's registered address is located at Chiltern House, 24-30 King Street, Watford WD18 0BP. CONTACT: BEGBIES TRAYNOR 32 Cornhill, London EC3V 3LJ Receivers: N R Hood P M Davis (IP Nos 8350, 7805) MAWERS HARROGATE: Names Liquidators from PricewaterhouseCoopers --------------------------------------------------------------- Name of Companies: Mawers Harrogate Limited Thompsons Of Derby Limited Watsons (East Anglia) Limited Walker Barnett & Hill Limited At the Extraordinary General Meeting of these Companies on May 13, 2004 the Special, Ordinary and Extraordinary Resolutions to wind up these Companies were passed. Tim Walsh and Jonathan Sisson of PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP have been appointed Joint Liquidators of these Companies. CONTACT: PRICEWATERHOUSECOOPERS LLP Benson House 33 Wellington Street, Leeds LS1 4JP Contact: Tim Walsh, Liquidator Jonathan Sisson, Liquidator MONARCH PLASTERING: Unsecured Creditors Meeting Set June 29 ----------------------------------------------------------- There will be a Meeting of the unsecured Creditors of the Monarch Plastering and Dry Lining Ltd Company on June 29, 2004 at 12:00 noon. It will be held at the Thistle City Barbican, 120 Central Street, London EC1V 8DS. Creditors who want to be represented at the Meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Russell Bedford House, City Forum, 250 City Road, London EC1V 2QQ not later than 12:00 noon, June 28, 2004. CONTACT: L J Baehr, Administrative Receiver Russell Bedford House, City Forum, 250 City Road, London EC1V 2QQ PHILIP QUANTRILL: HSBC Bank Appoints PwC Receivers -------------------------------------------------- HSBC Bank Plc called in receivers Stephen Mark Oldfield and Michael David Gercke for Philip Quantrall (Structural Engineers) Limited (Reg No 00996705, Trade Classification: 07). The application was made May 17, 2004. CONTACT: PRICEWATERHOUSECOOPERS Plumtree Court, London EC4A 4HT Receivers: Stephen Mark Oldfield Michael David Gercke (Office Holder Nos 1146, 106) PINDAR SYSTEMS: Creditors Meeting Set June 2 -------------------------------------------- Name of Companies: Pindar Systems Holdings Limited Pindar Systems PLC There will be a Creditors Meeting of these Companies on June 2, 2004 at 10:30 a.m. It will be held at Brazennose House, Lincoln Square, Manchester M2 5BL. Creditors who want be represented at the Meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Baker Tilly, Brazennose House, Lincoln Square, Manchester M2 5BL not later than 12:00 noon, June 1, 2004. CONTACT: BAKER TILLY Brazennose House, Lincoln Square, Manchester M2 5BL Joint Administrators: Stephen M Quinn Lindsey J Cooper RDP LIMITED: Calls in Liquidator -------------------------------- At an Extraordinary General Meeting of the RDP (DM) Limited Company on May 14, 2004 held at Verney House, Hollywood Road, London SW10 9HS, the Special, Ordinary and Extraordinary Resolutions to wind up the Company were duly 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 ROBERT KELLIE: Winding up Resolution Passed ------------------------------------------- At an Extraordinary General Meeting of the Members of the Robert Kellie & Son Ltd Company on May 11, 2004 held at Invensys House, Carlisle Place, London SW1P 1BX, the Special Resolution to wind up the Company was passed. Robin Arthur Ellis of 2 The Elms, Church Road, Claygate, Surrey KT10 0JT has been appointed Liquidator for the purpose of such winding-up. CONTACT: Robin Arthur Ellis 2 The Elms, Church Road, Claygate, Surrey KT10 0JT ROLTECH LIMITED: Hires Receivers from KPMG ------------------------------------------ Richard James Philpott and Mark Jeremy Orton of KPMG have been appointed joint administrative receivers for Roltech Limited Company. The appointment was made May 17, 2004. The Company manufactures paper stationery. CONTACT: KPMG 1 Waterloo Way, Leicester LE1 6LP Receivers: Richard James Philpott Mark Jeremy Orton (IP Nos 9226, 8846) STONEYGATE 133: Winding up Resolutions Passed --------------------------------------------- At an Extraordinary General Meeting of the Stoneygate 133 Limited Company on May 13, 2004 held at Forth House, 42 Kingfisher Court, Hambridge Road, Newbury, Berkshire RG14 5SJ, 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. SVM PLC: Appoints Smith & Williamson Limited Administrator ---------------------------------------------------------- Consulting Engineers of SVM PLC Company has appointed Stephen Cork of Smith & Williamson Limited as joint administrative receiver. The appointment was made May 14, 2004. CONTACT: SMITH & WILLIAMSON LIMITED Prospect House, 2 Athenaeum Road, London N20 9YU Receiver: Stephen Cork (IP No 8627) TEKANO LIMITED: Meeting of Creditors Set June 2 ----------------------------------------------- The Creditors of Tekano Limited will have a Meeting on June 2, 2004 at 10:30 a.m. It will be held at Meeting Room 3, Hilton Hotel Milton Keynes, Timbold Drive, Kents Hill, Milton Keynes MK8 0AD. Creditors who want to be represented at the Meeting may appoint proxies. Proxy forms must be submitted together with written debt claims not later than 12:00 noon, June 1, 2004. CONTACT: NUMERICA Stoughton House, Harborough Road, Oadby, Leicester LE2 4LP Joint Administrators: Lynn Robert Bailey David Michael Riley THREE WOOD: Hires Rothman Pantall Administrator ----------------------------------------------- Manufacturer Three Wood Limited has appointed Robert Smailes and Stephen Ryman of Rothman Pantall as joint administrative receivers. The appointment was made May 13, 2004. CONTACT: ROTHMAN PANTALL 26-27 Oxendon Street, London SW1Y 4EP Receivers: Robert Smailes Stephen Ryman (IP Nos 4731, 8975) WEMBLEY PLC: BLB Offer Receives 44% Acceptance ---------------------------------------------- BLB Investors, L.L.C. announces that, as at 3:00 p.m. (London time) on May 22, 2004, being the first closing date of the recommended cash offer (the Offer) made by J.P. Morgan plc on behalf of BLB Worldwide Acquisition, Inc., an indirect wholly- owned subsidiary of BLB Investors, and in the United States, by BLB Acquisition for itself, for the entire issued and to be issued share capital of Wembley plc (Wembley) as set out in the offer document dated 1st May, 2004 (the Offer Document), valid acceptances of the Offer had been received in respect of 15,411,920 Wembley Shares representing approximately 44.3% of the existing issued share capital of Wembley. Prior to the announcement of the Offer on April 20, 2004, BLB Acquisition had acquired 7,732,500 Wembley Shares from Active Value (representing approximately 22.2% of Wembley's issued share capital), all at a price of 800 pence for each Wembley Share. Accordingly, as at 3:00 p.m. (London time) on May 22, 2004 BLB Acquisition had either acquired or received valid acceptances of the Offer in respect of 23,144,420 Wembley Shares representing approximately 66.6% of the existing issued share capital of Wembley. Save as disclosed in this announcement or in the Offer Document, neither BLB Investors nor any persons acting or deemed to be acting in concert with BLB Investors held any Wembley Shares (or rights over any Wembley Shares) prior to the Offer Period and neither BLB Investors nor any persons acting or deemed to be acting in concert with BLB Investors have acquired or agreed to acquire any Wembley Shares (or rights over any Wembley Shares) since the commencement of the Offer Period. Extension of Offer The Offer has been extended and will remain open for acceptance until 3:00 p.m. (London time) on June 5, 2004. Forms of Acceptance not yet returned should be completed and returned in accordance with the instructions set out in the Offer Document and in the Form of Acceptance so as to be received as soon as possible and, in any event, by not later than 3:00 p.m. (London time) on June 5, 2004. Any further extensions of the Offer will be publicly announced by 8:00 a.m. (London time) on the business day following the day on which the Offer was otherwise due to expire. The Offer remains subject to the terms and conditions set out in the Offer Document. Terms defined in the Offer Document bear the same meanings herein. CONTACT: JPMORGAN Edward Banks Phone: +44 (0) 20 7742 4000 TULCHAN COMMUNICATIONS Andrew Honnor Phone: +44 (0) 20 7353 4200 CAPITA IRG PLC Phone: 0870 162 3100 (or +44 20 8639 2157 if telephoning from outside the UK) WILNECOTE CASTINGS: Closes 45-year-old Casting Business ------------------------------------------------------- Staffordshire firm, Wilnecote Castings, announced its closure on Friday. The shutdown concurrently ends the operation of its Wilnecote Holdings, aluminium castings firm Wilnecote Castings and tool and die manufacturer Warborne Precision Engineering. After 45 years in the market, the company called it quits after a dramatic drop in orders and the loss of their major customer Triumph Motorcycles. The company's closure will render 73 Wilnecote Castings workers jobless. Twelve others from the tool and die plant at Warborne Precision Engineering and three directors from Wilnecote Holdings will similarly get the axe. According to Insolvency Practitioner, Mr. Arnold Galloway of BDO Stoy Hayward, employees are qualified to receive redundancy payouts of up to GBP270 a week based on length of service; but because the company has accumulated substantial debts in recent months, it may not be able to pay any of its workers. Wilnecote Castings supplies tiers to the engineering sector. ********* 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. 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