/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/040616.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, June 16, 2004, Vol. 5, No. 118 Headlines C R O A T I A VIKTOR LENAC: Russian Company Interested in Shipyard F R A N C E RHODIA SA: Sells North American Phosphate Biz for US$550 Million RHODIA SA: Ratings Unaffected by Sale of U.S. Phosphate Business G E R M A N Y AGIV REAL: Warns of Possible Insolvency DEAG AG: Wingolf Mielke Appointed Chief Operating Officer PLAUT AKTIENGESELLSCHAFT: Latest Figures Confirm Turnaround WESTLB AG: Robert Tchenquiz Fails to Pre-empt Auction H U N G A R Y DAM STEEL: Fails to Attract Bids Higher than 50% of Price Tag NABI RT: Market Observers Not Impressed with Latest Bus Orders I R E L A N D LYONS EXCAVATIONS: Files for Receivership I T A L Y ITALTRACTOR ITM: Rating Upped to 'CCC-' from Selective Default PARMALAT SPA: Lunar CDO Notes on S&P's CreditWatch Negative PARMALAT SPA: Ratings of Eirles Serial Notes Affirmed K Y R G Y Z S T A N ALAMUDUN: Meeting of Creditors Set June 25 AZIZ: Batken Court Appoints Insolvency Manager KADAMJAI NAN: Sets Creditors Meeting June 21 KAINDYNSKAYA AVTOBAZA: Succumbs to Bankruptcy KYRGYZAGROPROMBANK: Selling 29 Lots of Equipment June 21 KYRGYZGAZMUNAIZAT: Creditors Meeting Set June 28 SYN-TASH: Creditors to Meet June 25 ZAVOD STROYITELNYH: Appoints New Insolvency Manager L U X E M B O U R G STOLT-NIELSEN: Appoints CEO for Transportation Group N E T H E R L A N D S KONINKLIJKE AHOLD: Divestments Drag First-quarter Results LAURUS N.V.: Reshuffles Managers VENDEX KBB: VDXK Acquisition Offer Expires June 21 P O L A N D POLLENA EWA: Adopts Restructuring Measures as Sales Dip Further R U S S I A AGRO-PROM-KHIMIYA: Succumbs to Bankruptcy BEZENCHUKHSKY MIX-FODDER: Proofs of Claim Deadline July 4 KALYAZINSKY EXPERIMENTAL: Insolvent Status Confirmed KISELEVSK-TRANS-STROY: Court Prescribes Bankruptcy Procedure KLINTSOVSKY COMBINE: Under Bankruptcy Supervision Procedure MASLENNIKOV: Samara Court Commences Bankruptcy Proceedings MOSKOVSKY INSTRUMENT: Selling RUB18 Mln Worth of Equipment PAVLOVSKIYE KOMBIKORMA: Bankruptcy Proceedings Begin REUTOVSKAYA FACTORY: Public Auction of Properties, Debts July 6 TINNED FOOD: Public Auction of Properties July 9 S P A I N LAUREN: In Temporary Receivership S W I T Z E R L A N D ADECCO SA: On CreditWatch Positive Following Financial Review U K R A I N E EKO-2003: Sets Deadline for Proofs of Claim FILEO: Bankruptcy Proceedings Begin KASHTAN LTD.: Insolvent Status Confirmed KONTINENT: Succumbs to Bankruptcy UKRROS: Under Bankruptcy Supervision Procedure ZHITOMIR MARKETING: Declared Insolvent U N I T E D K I N G D O M AAA AA A ADIRECT: Members Final Meeting Set July 16 ABSOLUTE SCREEN: Liquidator to Submit Final Report July 12 ALEXCELL LIMITED: Creditors General Meeting July 16 ASTRA ZENECA: Faces Possible Consumer Suit Over Seroquel Drug BEAR NORTH: Members Final Meeting Set July 15 BIDSTON MARINE: Names PKF Administrator CASTLE CIVIL: Meeting of Members Set July 21 FB ESTATES: Hires Liquidator from Baker Tilly GILLS COMPONENTS: Meeting of Creditors Set June 23 INREON LIMITED: Winding up Resolutions Passed KISKO BUSINESS: Hires Mercer & Hole Administrator MARK CAMPBELL: Appoints The P&A Partnership Administrator MARKS & SPENCER: Loses One More Executive MEDIA 1ST: Names Marchands Associates Administrator NETTEC PLC: Drops Proposed Voluntary Liquidation PARKINS ENGINEERING: Hires Receivers from KPMG PHASE ONE: Appoints Hurst Morrison Thomson Administrator PIPELINE STEEL: Meeting of Creditors Set June 23 SALTCO TRADINGS: Calls in Liquidator SEETOIT LIMITED: Winding up Resolutions Passed TALCO LIMITED: Creditors Meeting Set June 21 TANGO FASHIONS: In Administrative Receivership TAURUS PETROLEUM: Calls in Liquidator TYRE CENTRE: Business and Assets for Sale WH SMITH: Pension Trustees Deny Snag in Takeover Talks ********* ============= C R O A T I A ============= VIKTOR LENAC: Russian Company Interested in Shipyard ---------------------------------------------------- Russia's Obedinennye Mashinostroitelnye Zavody is interested in the assets of bankrupt shipyard Viktor Lenac. The heavy industry and energy giant said it will submit a bid to the Croatian government next week, Europe Intelligence Wire says. According to Obedinennye's representative in Croatia, Marijan Tuskan, the proposal includes an investment of GBP5.4 million in the northern Adriatic shipyard over the next two years. In addition, Obedinennye will employ Viktor Lenac's 650 workers at an average monthly pay of around GBP350, and allow Croatian companies to construct an oil plant in Kazakhstan. Mr. Tuskan refused to reveal the exact amount of the offer, but according to sources of Croatian newspaper Vecernji List, the offer will be most likely GBP3.5 million. Obedinennye is interested in the shipyard as "it would be possible for the Russian fleet to be docked here 12 months a year," according to Mr. Tuskan. It projects revenues of up to GBP38 million a year at the shipyard. The company is aware, though, that there are legal and financial sticking points to a possible deal. The buyout alone could take a year. The yard declared bankruptcy in December last year with reported debts of GBP134 million and more than 1,700 creditors. It is currently mired in bankruptcy proceedings. =========== F R A N C E =========== RHODIA SA: Sells North American Phosphate Biz for US$550 Million ---------------------------------------------------------------- Rhodia S.A. on Monday announced the signing of a definitive agreement with Bain Capital for the sale of Rhodia's North American specialty phosphates business for an enterprise value of US$550 million (approximately EUR460 million), representing an EBITDA multiple greater than seven. The agreement is expected to be finalized in the third quarter of 2004. The business is a leading, diversified producer of phosphoric acid and phosphates for use in a wide variety of industrial applications, including food, pharmaceuticals, water and metal treatment, horticulture, textiles and detergents. It had total net sales of EUR400 million in 2003 and employs 1,075 people. The business will be managed by the existing senior management team and will be renamed upon completion of the transaction. As part of the sale agreement, Rhodia will continue to market phosphates with applications in pharmaceuticals. "With the divestments already announced by the Group since the beginning of the year, this transaction will enable us to achieve around EUR880 million from divestitures in 2004 at an average multiple of 10 times EBITDA," said Rhodia CEO Jean- Pierre Clamadieu. "These divestments also represent an important step in refocusing the Group on a more limited portfolio of strategic businesses. We can now concentrate our resources on managing our businesses and improving their performance." After closing adjustments, divestiture fees and tax impact, the total net proceeds from divestitures in 2004 will be substantially over the EUR700 million objective announced by the Group in October 2003. Rhodia is a global specialty chemicals company recognized for its strong technology positions in applications chemistry, specialty materials & services and fine chemicals. Partnering with major players in the automotive, electronics, fibers, pharmaceuticals, agrochemicals, consumer care, tires and paints & coatings markets, Rhodia offers tailor-made solutions combining original molecules and technologies to respond to customers' needs. Rhodia generated net sales of EUR5.4 billion in 2003 and employs 23,000 people worldwide. Rhodia is listed on the Paris and New York stock exchanges. Bain Capital (http://www.baincapital.com)is a global private investment firm that manages several pools of capital including private equity, high-yield assets, mezzanine capital and public equity with more than $17 billion in assets under management. The firm has strong experience in a variety of industries and with "carve-out" transactions in which non-core businesses or assets of corporations are purchased by private investors. Since its inception in 1984, the firm has made private equity investments and add-on acquisitions in over 225 companies around the world. A global team of investment professionals dedicated to industrial businesses has guided investments in a broadly diversified group of companies including NOVACAP, a leading manufacturer and distributor of chemicals acquired from Rhodia in January 2003. Additional industrial investments include SigmaKalon, Brenntag, Treofan, and Sud-Dekor/Dakor. Headquartered in Boston, Bain Capital has offices in New York, London and Munich. CONTACT: RHODIA S.A. Press Relations Anne-Laurence de Villepin Phone: +33 1 55 38 40 25 BAIN CAPITAL Press Relations Alex Stanton Daniel Piels Phone: (212) 780-1900 RHODIA INVESTOR RELATIONS Nicolas Nerot Phone: +33 1 55 38 43 08 RHODIA SA: Ratings Unaffected by Sale of U.S. Phosphate Business ---------------------------------------------------------------- Standard & Poor's Ratings Services said on Monday that its ratings and outlook on France-based chemicals producer Rhodia S.A. (B/Stable/B) are unaffected by the group's agreement to sell its North American phosphates unit to U.S. investment firm Bain Capital LLC for US$550 million (EUR460 million). This divestiture will enable Rhodia to reach its target of raising EUR700 million from asset disposals in 2004, which is part of a restructuring and refinancing plan designed to address the group's short- and medium-term liquidity requirements. Rhodia had previously raised EUR470 million from an equity rights issue and EUR700 million from high-yield bonds maturing in 2010. Furthermore, two large-scale savings initiatives target about EUR245 million in additional annual cost reductions by the end of 2006. The combined effects of these measures should enable Rhodia to meet its financial and operating cash requirements until the first quarter of 2006. CONTACT: STANDARD AND POOR'S RATING SERVICES Analysts E-mail christine_hoarau@standardandpoors.com ralf_kortuem@standardandpoors.com olivier_beroud@standardandpoors.com CorporateFinanceEurope@standardandpoors.com ============= G E R M A N Y ============= AGIV REAL: Warns of Possible Insolvency --------------------------------------- Agiv Real Estate, the German property company, is running out of time to find investors willing to rescue it from insolvency. The company warned it might have to file for insolvency should it fail to secure an investment deal in the coming weeks, Europe Intelligence Wire reports. The company is continuing to hold negotiations after shareholders ousted its head, Ralf Behne, who holds around 12% of the company. Agiv reported a EUR134 million loss in 2002 on turnover of EUR158 million, largely due to write-downs. Its debt is estimated to be eight-figures and include risks in connection with claims on energy company, EnBW, and group ING BHF-Bank -- two of its shareholders. DEAG AG: Wingolf Mielke Appointed Chief Operating Officer --------------------------------------------------------- Effective June 22, 2004, Mr. Wingolf Mielke, 57, will be DEAG Deutsche Entertainment AG's (SIN 551390) chief financial officer. Mr. Mielke will also take over as chief operating officer to ease the burden on CEO Peter Schwenkow, who will be concentrating on expanding the international concert business and on the activities of DEAG Classics AG. Mr. Mielke, a qualified banker, studied business management, then worked for a number of companies before spending 27 years, 15 of them abroad, in management positions with the Poly-Gram (later Universal) Group, mainly as Executive Vice President/CFO in Hamburg, Toronto, Montreal, London and New York. As Executive Vice President/General Manager, he shared responsibility from 2001 to 2003 for Sony Music's business in Germany, Austria and Switzerland. Mr. Mielke has excellent contacts in and knowledge of the entertainment industry and will play an enduring role in setting up the newly structured and profitable DEAG. Berlin, 14 June 2004 * * * DEAG said in March that due to scheduled repayment of bank loans and settlements of litigation risks, extraordinary expenses were taken into account, leading to a negative consolidated net loss of EUR14.7 million. PLAUT AKTIENGESELLSCHAFT: Latest Figures Confirm Turnaround ----------------------------------------------------------- At the annual general meeting of Plaut AG, Salzburg (SCN 918 703) on June 11, 2004, the shareholders approved by a large majority all agenda items submitted for a vote by the Supervisory and Executive Boards. Around 45.7% of the voting capital was represented at the AGM. Shareholder Equity Boosted by Capital Increase The main item on the agenda was the resolution for creating an authorized capital in the amount of up to EUR6.5 million, authorizing the Executive Board to increase the existing capital of approximately EUR19.9 million up to EUR26.4 million. This step has laid the necessary groundwork for strengthening the company's equity basis. Economic Turnaround Confirmed In the Executive Board report, Chief Financial Officer Johann Zwicklhuber outlined the business development of 2003. The far- reaching restructuring measures, which included the sale of regional companies as well as the group-wide reduction of costs, created the foundations for the economic turnaround and the strategic reorientation by the end of the year 2003. According to Dr. Nico Brunner, Speaker of the Executive Board, the core elements of Plaut's new business strategy comprise the concentration of consulting activities on Europe and a target- oriented consulting portfolio consisting of highly qualified business consulting services in conjunction with efficient implementation solutions. The company's industry focus is on manufacturing, the process industry, retail, as well as the service industry. Successful Strategic Reorientation The optimization and reorientation of the Plaut business model has already reaped successful results: In the first quarter of 2004, the consulting company achieved revenues of approximately EUR16.5 million. Earnings before interest and tax (EBIT) amounted to EUR0.5 million (Q4-2003: -EUR1.8 million). For the second quarter of 2004, the EBIT margin is anticipated to amount to approximately 3.0%, with revenue at about the same levels as in Q1. On the strength of this stable and positive development, the Executive Board holds fast to its guidance for 2004 group revenues of approximately EUR70 million and an EBIT margin of 5.0%. About Plaut Customers in Central Europe benefit from Plaut's comprehensive portfolio based on the integration of business consulting/organizational & IT consulting services with focus on the consulting segments performance management, value chain management, and information technology & IT services, primarily in the SAP environment. Plaut possesses decades of in-depth industry knowledge and hands-on experience in manufacturing and CPG/retail and services. On the basis of the Plaut Methodology(R) in internal and external accounting, in particular in controlling, Plaut has been developing renowned and value-based oriented management standards for the management of successful large corporations as well as small to midsize enterprises since 1946. Plaut AG, Salzburg, has been listed in the General Standard segment of Frankfurt stock exchange since January 2, 2003 (PUT; SCN 918 703, ISIN AT0000954359). For more information, visit http://www.plaut.com. CONTACT: PLAUT AKTIENGESELLSCHAFT Lilli-Lehmann-Gasse 4 A-5020 Salzburg Phone: +43 (662) 4092-58 Fax: +43 (662) 4092-59 E-mail: IR@plaut.com Web site: http://www.plaut.com Heinz-Peter Schneider Manager Communications, IR & Marketing WESTLB AG: Robert Tchenquiz Fails to Pre-empt Auction ----------------------------------------------------- The Odeon cinema chain is now being offered for auction after minority shareholders refused Iranian businessman Robert Tchenquiz's offer to buy the chain. Mr. Tchenguiz's GBP360 million bid lapsed on Friday without Nigel and Entertainment Cinemas taking it, sources said, according to Reuters. Banks Goldman Sachs and Citigroup are now ready to send a memorandum regarding the auction of the business. They expect to receive the first wave of bids by July 9, the sources said. As many as 20 offers are expected. VUE Entertainment, which previously offered GBP380 million for Odeon; private equity firms BC Partners and Terra Firma; Mr. Tchenguiz himself; and bidders for UCI cinemas, including Michael Green, the former boss of Carlton television, are reportedly interested in bidding for Odeon. German bank WestLB owns 45% of Odeon. Mr. Tchenguiz owns about 17.5%. ============= H U N G A R Y ============= DAM STEEL: Fails to Attract Bids Higher than 50% of Price Tag ------------------------------------------------------------- The assets of DAM Steel Rt have attracted four valid bids, but not one has offered a sum near the asking price, HVG reports, according to Budapest Business Journal. Liquidators of the Hungarian steelmaker have searched for a buyer for DAM steel since the company went into liquidation in March 2003. The business was offered for sale for the third time in May and liquidator Matraholding Rt is expected to choose one buyer in a few days. The problem is no one is willing to cough up more than 50% of the HUF5.3 billion (EUR21 million) price tag set by the liquidator. The highest bid, which reports say was from Ukranian company Danko AO, is only HUF2.5 billion. Danko, a member of the Donbass group, want to explore the potential of the company's steel rolling facility. Two of the four bids were made by companies owned by local businessman Kalman Mudra. The last bidder is German firm Max Aicher, which owns Ozd Steelworks Kft. DAM Steel is currently operated by Borsod Steel Manufacturing Kft, with Matraholding as majority owner. The company employs 1,200 workers. NABI RT: Market Observers Not Impressed with Latest Bus Orders -------------------------------------------------------------- Analysts say bus-maker Nabi Rt's result will not show it has turned the corner despite receiving bus orders worth US$10.64 million from local and foreign companies. Broward County Mass Transit of Florida ordered 25 Nabi 40-foot low-floor diesel buses scheduled for delivery by May 2005. The contract is worth US$7.8 million. It has in addition an order worth HUF594 million (EUR2.35 million, US$2.84) for 16 buses of 700 SE model from Volan group member companies Kapos Volan Rt, Gemenc Volan Rt and Pannon Volan Rt. Peter Makray, analyst at Erste Bank Investment Rt, however, believes the volume of order will not significantly affect the company's results. He said: "Total sales in 2003 were US$270 million, and US$345 million is expected for 2004. These deals, which total just over US$10 million, are not going to change the bigger picture." Kornel Sarkadi Szabo, of Raiffeisen Securities Rt, added: "To break even, a 25% increase in sales volume over the company's own targets would be necessary." Analysts expect 2004 to be another loss-making year for the company. Nabi Rt's loss in 2003 was US$16.5 million. For the company to make significant progress, analysts say it must increase sales volume, limit foreign-exchange risks, and cut cost. ============= I R E L A N D ============= LYONS EXCAVATIONS: Files for Receivership ----------------------------------------- Lyons Excavations will ask the High Court to appoint an examiner for the company. Accountant Brian McEnery is currently acting as interim examiner to the Limerick civil engineering firm. According to Europe Intelligence Wire, the Ardagh-based company blames its insolvency to two development companies, which refused to pay a disputed bill of EUR8.4 million. It owes 200 trade creditors that are mostly small- and medium-sized businesses. Lyons Excavations owes its banks, AIB, Bank of Ireland, Bank of Scotland (Ireland) and ACC, EUR3.6 million. Another EUR1 million is owed with the Revenue Commissioners. Its total debts amount to EUR11.7 million, higher than its EUR4.1 million assets. These assets would be valued EUR2.7 million at most once liquidated, the report said. ========= I T A L Y ========= ITALTRACTOR ITM: Rating Upped to 'CCC-' from Selective Default -------------------------------------------------------------- Standard & Poor's Ratings Services on Monday raised its long- term corporate credit rating on Italian machinery component maker Italtractor ITM S.p.A. to 'CCC-' from 'SD', following the completion of the restructuring of the company's EUR100 million ($120 million) bond. At the same time, the rating was placed on CreditWatch with developing implications. In addition, Standard and Poor's assigned its 'CC' rating, also placed on CreditWatch with developing implications, to the EUR100 million notes due January 22, 2008, issued by Italtractor's Luxembourg-based subsidiary Italtractor ITM S.A. The notes are irrevocably and unconditionally guaranteed by Italtractor. The difference with the parent's corporate credit rating reflects subordination of this debt to the group's priority liabilities, secured by the group's assets. "The rating actions reflect the agreement reached by Italtractor with its bondholders to extend the repayment schedule of the EUR100 million bond," said Standard & Poor's credit analyst Tatiana Kordyukova. The group's creditworthiness remains constrained, however, by major uncertainties regarding the future capital structure and trading and financial performance in 2004. Additional pressure on Italtractor's ability to meet its obligations is caused by tight financial flexibility, high financial leverage, and the challenges of cyclical demand patterns and price-driven competition. The CreditWatch status will be resolved when the core banks decide on restructuring options. "If the banks opt for equity conversion and trading performance is satisfactory, the ratings could be raised. They could be lowered, however, in the case of poor operating performance, or if equity conversion is not realized," said Ms. Kordyukova. At the same time, Standard & Poor's needs to receive updated information on the group's operations and financial position in order to assess the overall result of the industrial and financial restructuring on the group's credit quality. Ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system at http://www.ratingsdirect.com. It can also be found on Standard & Poor's public Web site at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: London Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail: media_europe@standardandpoors.com. CONTACT: STANDARD AND POOR'S RATING SERVICES Analysts E-mail bob_ukiah@standardandpoors.com tatiana_kordyukova@standardandpoors.com CorporateFinanceEurope@standardandpoors.com PARMALAT SPA: Lunar CDO Notes on S&P's CreditWatch Negative ----------------------------------------------------------- Standard & Poor's Ratings Services on Monday changed to negative the CreditWatch status of its credit rating on the asset-backed notes issued by Lunar Funding IV Ltd. At the same time, the notes were affirmed. The rating was originally placed on CreditWatch developing on January 20, 2004. Lunar Funding IV is a synthetic CDO transaction referencing a portfolio of 149 corporate entities. The rating action follows the completion of the valuation process in relation to a credit event on Parmalat S.p.A., a reference credit under the credit default swap entered into between Lunar Funding IV and The Royal Bank of Scotland PLC. The exposure to Parmalat represented 0.667% of the total reference portfolio. Following a final valuation of 12.452%, credit enhancement provided to the notes by the swap's first- loss amount was effectively reduced to 3.04% from 3.60%. The expected net loss rate at the 'AA-' rating level is more than the current credit enhancement. However, we expect this loss rate to reduce to a level commensurate with the rating of 'AA-' owing to the transaction's shortening maturity and provided there is no further downward credit migration in the reference portfolio. The CreditWatch negative situation reflects this view, as the rating on the notes could stay the same or be lowered. Related media releases are available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system at http://www.ratingsdirect.com. Alternatively, call one of Standard & Poor's Ratings Desks: London (44) 20-7847-7400; Paris (33) 1-4420-6705; Frankfurt (49) 69-33-999-223; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may contact the Press Office Hotline on (44) 20-7826-3605 or via media_europe@standardandpoors.com. RATINGS LIST Rating To From Lunar Funding IV Ltd. EUR146,160,000 Secured Asset-Backed Fixed-Rate Notes Rating Affirmed and CreditWatch Status Changed AA-/Watch Neg AA-/Watch Dev CONTACT: STANDARD AND POOR'S RATING SERVICES Analysts E-mail simon_chantry@standardandpoors.com birgit_unteregger@standardandpoors.com simon_collingridge@standardandpoors.com StructuredFinanceEurope@standardandpoors.com PARMALAT SPA: Ratings of Eirles Serial Notes Affirmed ----------------------------------------------------- Standard & Poor's Ratings Services on Monday affirmed the credit ratings on the series 62, 70, 73, and 74 notes issued by Eirles Two Ltd. and the series 20 and 21 notes issued by Eirles Four Ltd. At the same time, all of the ratings were removed from CreditWatch, where they had been placed in January 2004. The affirmations follow receipt by Standard & Poor's of valuation notices with respect to Parmalat S.p.A., a reference credit under the credit default swaps associated with these transactions. The six series of notes, all of which were issued in 2003, were originally rated 'AAA'. Eirles Two's series 70 and 74 notes were downgraded to 'AA' in December 2003 as a result of the downgrade of Parmalat to 'CC'. Following the triggering of credit events, all six ratings were placed on CreditWatch in January 2004 while valuation processes under the relevant credit default swaps were undertaken. Standard & Poor's has now received notification of the final valuations and has determined that the effective credit enhancement available remains sufficient for the ratings on each series. The list below shows the rating changes, the Parmalat valuation, the current SROC (synthetic rated overcollateralization), and the rating cushions for each series of notes. RATINGS LIST Series Rating To From Eirles Two Ltd. EUR12 Million Secured Floating-Rate Notes, Series 62 62 AAA AAA/Watch Dev Parmalat Final Price: 8.93% SROC: 100.50% Rating Cushion: EUR55.6 million EUR16 Million Credit-Linked Secured Accrual Notes, Series 70 70 AA AA/Watch Dev Parmalat Final Price: 9.30% SROC: 100.39% Rating Cushion: EUR2.9 million EUR16.522 Million Floating-Rate Secured Notes, Series 73 73 AAA AAA/Watch Dev Parmalat Final Price: 6.68% SROC: 100.10% Rating Cushion: EUR16.3 million EUR11.9 Million Floating-Rate Credit-Linked Secured Notes, Series 74 74 AA AA/Watch Dev Parmalat Final Price: 9.00% SROC: 100.35% Rating Cushion: EUR5.3 million Eirles Four Ltd. EUR11.976 Million Zero-Coupon Credit-Linked Notes, Series 20 20 AAA AAA/Watch Dev Parmalat Final Price: 9.27% SROC: 100.77% Rating Cushion: EUR2.4 million EUR3 Million Floating-Rate Credit-Linked Notes, Series 21 21 AAA AAA/Watch Dev Parmalat Final Price: 9.27% SROC: 101.71% Rating Cushion: EUR9.5 million Related media releases can be found on RatingsDirect, Standard & Poor's Web-based credit analysis system, at http://www.ratingsdirect.com. Alternatively, call one of the following Standard & Poor's numbers: London Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176 3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e- mail: media_europe@standardandpoors.com. CONTACT: STANDARD AND POOR'S RATING SERVICES Analysts E-mail simon_chantry@standardandpoors.com james_gayer@standardandpoors.com StructuredFinanceEurope@standardandpoors.com =================== K Y R G Y Z S T A N =================== ALAMUDUN: Meeting of Creditors Set June 25 ------------------------------------------ Creditors of construction plant Alamudun will meet on June 25, 2004, 10:00 a.m. at Bishbek, Toktogula str. 212, Apartment 3. Creditors who want to be represented at the meeting may appoint proxies. Proxies must have authorization to vote. CONTACT: ALAMUDUN Bishkek, Toktogula str. 212, apart. 3 AZIZ: Batken Court Appoints Insolvency Manager ---------------------------------------------- The Arbitration Court of Batken Region has commenced bankruptcy supervision procedure on enterprise Aziz. The case is docketed as B-08-56/C2-02. Mr. Joroyev Nabi (License No. 0219) has been appointed temporary insolvency manager. Creditors will meet on July 1, 2004, 10:00 a.m. at Batken Region, Kyzyk Kia at the State Tax Inspection building. To attend the meeting, they must register and submit their proofs of claim on or before June 24, 2004. Proxies must have authorization to vote. CONTACT: Mr. Joroyev Nabi Temporary Insolvency Manager KADAMJAI NAN: Sets Creditors Meeting June 21 -------------------------------------------- Creditors of JSC Kadamjai Nan will meet on June 21, 2004, 10:00 a.m. at the Batken region, Kadamjai, State Tax Inspection 212 building. CONTACT: KADAMJAI NAN Batken region, Kadamjai, State Tax Inspection 212 Building KAINDYNSKAYA AVTOBAZA: Succumbs to Bankruptcy --------------------------------------------- The Arbitration Court of Cui region recently declared state JSC Kaindynskaya Avtobaza bankrupt. Creditors have two months to submit their proofs of claim. For more details, call (031-33) 2-13-31. KYRGYZAGROPROMBANK: Selling 29 Lots of Equipment June 21 -------------------------------------------------------- The bidding organizer and insolvency manager of joint-stock commercial bank, Kyrgyzagroprombank, set the public auction of its properties on June 21, 2004, 10:00 a.m. (local time). The auction will take place at Kyrgyzstan, Bishkek, Ave. Chui 114. Up for sale are 29 lots of equipment, fabric and clothes. CONTACT: KYRGYZAGROPROMBANK Kyrgyzstan, Bishkek Avenue Chui, 114 Phone: (0-312) 66-05-82, 25-59-66 KYRGYZGAZMUNAIZAT: Creditors Meeting Set June 28 ------------------------------------------------ Creditors of state JSC Kyrgyzgazmunaizat will meet on June 28, 2004, 10:00 a.m. The purpose of the meeting is to lay before the members the report of the insolvency manager for the last 12 months, among others. For more details call, 65-77-78. SYN-TASH: Creditors to Meet June 25 ----------------------------------- Creditors of Syn-Tash at the Issyk-Ata region will meet on June 25, 2004, 11:00 a.m. at Issyk-Ata region, Telman, Shkolnaya str. 31. The purpose of the meeting is to announce the postponement of the court hearing, among others. CONTACT: SYN-TASH Issyk-Ata region, Telman, Shkolnaya str., 31 ZAVOD STROYITELNYH: Appoints New Insolvency Manager --------------------------------------------------- The State Property Committee of Kyrgyz Republic, on orders of the department on bankruptcy issues, dismissed Omorov K.B (No. 175) as insolvency manager of JSC Zavod Stroyitelnyh Izdeli on June 3, 2004. He was replaced by Mr. Ismailov Almanbek (License No. 0315, No. 176). CONTACT: Mr. Ismailov Almanbek, Insolvency Manager Phone: (0-31-33) 7-24-14 =================== L U X E M B O U R G =================== STOLT-NIELSEN: Appoints CEO for Transportation Group ---------------------------------------------------- The Board of Directors of Stolt-Nielsen S.A. appointed Otto H. Fritzner Chief Executive Officer of Stolt-Nielsen Transportation Group (SNTG). Mr. Fritzner most recently served as Managing Director, Ship Owning at SNTG. He succeeds James B. Hurlock, who was named Interim Chief Executive Officer of SNTG in July 2003. Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen S.A., said: "Otto Fritzner brings extensive parcel trade and general shipping experience and knowledge to this key position. We have the utmost confidence in his ability to take the Company forward." Mr. Fritzner said, "SNTG is an outstanding company and it is our people who make it so. Our strong reputation for innovation, customer service and a relentless dedication to quality is unmatched in the industry. I am happy to have the opportunity to carry this proud tradition forward." Regarding Mr. Hurlock, Mr. Stolt-Nielsen said, "James Hurlock stepped in as CEO of SNTG at a very difficult time. We thank him for his exemplary leadership, firm guidance and superb counsel." Going forward Mr. Hurlock will chair Stolt-Nielsen's board committee that will oversee all legal issues. He has been nominated as a Director of SNSA, pending Stolt-Nielsen's Annual General Meeting on July 7, 2004. Mr. Hurlock also is a Director of Stolt Offshore S.A. Otto H. Fritzner Mr. Fritzner joined Stolt-Nielsen in 1993 as Senior Vice President and General Manager of Stolt Parcel Tankers, Inc. -- Ship-owning, where he was responsible for all ship-owning issues, including ship management and new buildings. He later was named Executive Vice President, before becoming Managing Director, Ship Owning at SNTG. From 1988 to 1993, he was a Director at Columbia Ship Management Ltd., Cyprus, one of the world's largest ship management companies. Before that, he spent two years with Kristian Gerhard Jebsen, where he was General Manager for the Fleet Management Division and Vice President of Gearbulk, the world's largest operator of open-hatch bulk carriers. From 1977 to 1986, he held a number of positions at L. Gill-Johannessen & Co. He began his career in 1967 at Det Norske Veritas, after serving in the Royal Norwegian Navy. Mr. Fritzner serves with a number of industry organizations. He is a Member of the INTERTANKO Council and Executive Committee Vice Chairman of INTERTANKO; Chairman of the Board of the Steamship Mutual Underwriting Association Ltd.; a Director of ITOPF and a Member of the Germanischer Lloyd Committee and the Council of the Norwegian Shipowners Association. He also serves on the Board of SeaSupplier Ltd. Mr. Fritzner holds an M.Sc in Naval Architecture and Marine Engineering from Technical University of Norway, and an MBA from the North European Management Institute. About Stolt-Nielsen S.A. Stolt-Nielsen S.A. is one of the world's leading providers of transportation services for bulk liquid chemicals, edible oils, acids, and other specialty liquids. The Company, through its parcel tanker, tank container, terminal, rail and barge services, provides integrated transportation for its customers. Stolt Sea Farm, wholly-owned by the Company, produces and markets high quality Atlantic salmon, salmon trout, turbot, halibut, sturgeon, caviar, bluefin tuna, and tilapia. The Company also owns 41.7 percent of Stolt Offshore S.A. (NASDAQNM: SOSA; Oslo Stock Exchange: STO), which is a leading offshore contractor to the oil and gas industry. Stolt Offshore specializes in providing technologically sophisticated offshore and subsea engineering, flowline and pipeline lay, construction, inspection, and maintenance services. CONTACT: STOLT-NIELSEN S.A. Reid Gearhart Phone: (U.S.A) 1 212 922 0900 E-mail: rgearhart@dgi-nyc.com Valerie Lyon Phone: (U.K.) 44 20 7611 8904 E-mail: vlyon@stolt.com ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: Divestments Drag First-quarter Results --------------------------------------------------------- Ahold on Monday published its first quarter 2004 results. Commenting on the results, President and CEO Anders Moberg said: "We announced that 2004 will be a year of transition. In March we sold Bompreco and Hipercard in Brazil and we have completed our departure from Asia, all of which were important milestones on our 'Road to Recovery' program. The results were heavily impacted by the exceptional losses that we previously communicated relating to these divestments. Apart from these exceptional losses that have no impact on equity or cash, the main operating companies performed in line with our expectations." Summary Net Sales In the first quarter of 2004, net sales amounted to EUR15.4 billion, a decrease of 11.3% compared to the same period in 2003. Net sales growth was approximately 1.3% excluding currency impact and the impact of divestments. Ahold's retail operations in the United States have experienced ongoing challenging market conditions. In the European retail operations net sales excluding currency impact and the impact of divestments remained unchanged compared to the same quarter of 2003. Net sales at U.S. Foodservice increased in U.S. dollars by 4.6% to USD5.5 billion, mainly driven by food price inflation. Operating loss: mainly due to losses related to divestments The operating loss amounted to EUR145 million (Q1 2003: operating income EUR402 million) and was primarily caused by exceptional losses of EUR450 million (Q1 2003: EUR0 million) related to the divestments of Bompreco, Hipercard and operations in Thailand. These exceptional losses were mainly caused by accumulated foreign currency translation adjustments ("CTA losses") and goodwill reversals. These losses, which were expected, have no impact on equity or cash. Operating income from the U.S. retail operations was heavily impacted by a weaker U.S. dollar. Furthermore, non-recurring costs for the integration of Stop & Shop and Giant-Landover and the U.S. corporate office (USD25 million) impacted operating income negatively. Ahold expects this integration to generate significant benefits in 2005 and beyond. The operating loss at U.S. Foodservice was lower than last year's quarter. Operating income from the European retail operations was impacted by a weaker performance in Spain and higher costs related to pensions in the Netherlands. Both Albert Heijn and Central Europe performed resiliently in the first quarter of this year. Net Loss: Favorable Impact of Lower Interest Expenses The net loss of EUR405 million (Q1 2003: net income EUR84 million) was primarily caused by the exceptional losses on divestments as described above. Net interest declined by 29.2% to EUR223 million with the repayment of debt during 2003, the increase of the cash balance to EUR3.8 billion and much lower bank fees. Further Reduction of Net Debt Net debt was further reduced from EUR7.5 billion at the end of 2003 to EUR7.1 billion at the end of the first quarter of 2004, the result of our ongoing efforts to strengthen our balance sheet. Strong Cash Flow Generation Net cash generated before financing activities was EUR485 million in the first quarter of 2004 (Q1 2003: net cash outflows EUR24 million). This improvement was mainly due to cash inflows from divestments and lower capital expenditure. Full-year 2004: A Year of Transition With regard to the outlook for 2004, Ahold refers to its full- year 2003 financial statements, published on April 19, 2004. As previously announced, exceptional items related to certain divestments, of which a substantial portion was booked in the first quarter, will have a significant impact on net income for 2004. However, this will have no impact on equity or cash. Ahold Q1 2004 Results Ahold prepares its financial statements in accordance with accounting principles generally accepted in the Netherlands ("Dutch GAAP"). Dutch GAAP differs in certain material respects from accounting principles generally accepted in the United States ("U.S. GAAP"). All financial information in this press release is based on Dutch GAAP unless otherwise noted. The quarterly figures reported in this press release are unaudited. In certain instances, results presented in this press release either exclude the impact of fluctuations in currency exchange rates used in the translation of Ahold's foreign subsidiaries' financial results into Euro or are presented in local currencies, which Ahold's management believes provides a better insight into the operating performance of foreign subsidiaries. For more information regarding the non-GAAP financial measure 'excluding currency impact', see "Definitions" below. In addition, in certain instances, operating income for Ahold's business segments is presented excluding the impact of the impairment and amortization of goodwill and exceptional items. Operating income before impairment and amortization of goodwill and exceptional items is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to the Dutch GAAP measure of operating income, as well as management's explanation for the use of this measure, are set forth in Annex B. In this press release net cash flow before financing activities refers to the sum of net cash from operating activities and net cash from investing activities. The results for Q1 2003 presented in this press release have been adjusted to make them comparable to the results for Q1 2004. These adjustments to the Q1 2003 results relate to accounting for vendor allowances, and reflect: (a) In the fourth quarter of 2003 Ahold adopted EITF 02-16 "Accounting by a Customer (including a Reseller) for certain Consideration Received from a Vendor"("EITF 02-16"). As the adoption of EITF 02-16 in the fourth quarter includes the effect of EITF 02-16 from December 30, 2002, Ahold adjusted the results for Q1 2003 for the portion of the effect that related to Q1 2003, which resulted in an increase in net income for Q1 2003 by EUR27 million (as previously announced); and (b) In response to the irregularities announced in February 2003 relating to vendor allowances we conservatively deferred the recognition of certain vendor allowances in Q1 2003 until Q2 2003. After analyzing the accounting of our vendor allowance arrangements Ahold determined that EUR65 million of income from vendor allowances, net of tax effect, could have been recognized in Q1 2003 instead of Q2 2003 in accordance with the current accounting policies. The financial reporting calendar has been amended versus previously announced: the results for Q4 2004 and year 2004 will be published on March 29, 2005. Net Sales In the first quarter of 2004 net sales amounted to EUR15.4 billion, a decrease of 11.3% compared to the same period in 2003. Net sales growth excluding currency impact and impact of divestments was approximately 1.3% in the first quarter. Net sales were significantly impacted by lower currency exchange rates against the Euro, in particular that of the U.S. dollar. In challenging conditions, the U.S. retail operations experienced net sales growth, excluding currency impact and the impact of the divestment of Golden Gallon, of 0.3%. In the European retail operations, net sales excluding currency impact and the impact from divestments, remained unchanged compared to the same quarter last year. U.S. Foodservice showed an increase in net sales in U.S. dollar of 4.6%, mainly driven by food price inflation. Operating Income Operating income before impairment and amortization of goodwill and exceptional items. The operating income before impairment and amortization of goodwill and exceptional items, decreased by 22.9% to EUR351 million, heavily impacted by the weak U.S. dollar against the Euro. In addition there were non-recurring costs in the first quarter of USD25 million relating to the integration process of Stop & Shop, Giant-Landover and the U.S. corporate office. This integration is expected to yield significant benefits in 2005 and beyond. Operating income from the European retail operations was impacted by a weaker performance in Spain and higher costs related to pensions in the Netherlands. Both Albert Heijn and Central Europe performed resiliently in the first quarter of this year. U.S. Foodservice showed an improved operating income before impairment and amortization of goodwill and exceptional items. This improvement was largely due to currency impact and an increased leverage of fixed costs over a higher amount of sales in U.S. dollars. Operating Income The operating loss of EUR145 million (Q1 2003: operating profit EUR402 million) was mainly due to exceptional losses of EUR450 million relating to the divestments of Bompreco and the operations in Thailand. These exceptional losses, which were expected and also discussed in prior press releases, have no impact on equity or cash. Goodwill amortization Goodwill amortization in Q1 2004 amounted to EUR46 million, a decrease of 13.2% compared to Q1 2003. This decrease was primarily due to a lower U.S. dollar exchange rate. Goodwill Impairment No goodwill impairment charges were required in the first quarter of 2004. Loss on Disposal of Tangible Fixed Assets In the first quarter the loss on disposal of tangible fixed assets amounted to EUR6 million compared to a gain of EUR8 million in the same period last year. Exceptional Loss An exceptional losses of EUR450 million was recorded in Q1 2004 compared to no exceptional losses in Q1 2003. The Q1 2004 exceptional losses were related to the divestments of Bompreco, Hipercard and operations in Thailand. Of these exceptional items, EUR322 million related to CTA losses and EUR213 million to the partial reversal of goodwill, both of which had previously been charged to shareholders' equity. These negative impacts were partly offset by a EUR85 million gain representing the difference between the selling price and the book value of certain assets. Net Loss Ahold reported a net loss of EUR405 million in Q1 2004 compared to a net income of EUR84 million in Q1 2003, mainly due to the above-mentioned exceptional losses. The weakening of the U.S. dollar against the Euro also had a negative impact. Net Financial Expense Showed a Significant Decrease Net financial expense was EUR218 million in Q1 2004 compared to EUR292 million in Q1 2003. Net interest amounted to EUR223 million, a decrease of 29.2% compared to Q1 2003. The decrease was primarily caused by lower banking fees, higher interest income and lower interest expenses, related to the substantially decreased net debt and the lower U.S. dollar exchange rate. The gain on foreign exchange in Q1 2004 amounted to EUR5 million, compared to EUR23 million in Q1 2003, both mainly related to the positive impact of the revaluation of the Argentine Peso on U.S. dollar-denominated debt in Argentina. Income Taxes The effective income tax rate, excluding the impact of non-tax- deductible impairment and amortization of goodwill and exceptional items, increased to 48.5% in Q1 2004 compared to 33.1% in Q1 2003, mainly as a result of the impact of a different geographic mix of income and consequences of the divestments. Share in income (loss) of joint ventures and equity investees The share in income of joint ventures and equity investees in the first quarter of 2004 was in line with the same quarter last year. Further Improved Balance Sheet Ahold closed Q1 2004 with an improved balance sheet. Since year-end 2003 Ahold reduced net debt by EUR422 million to EUR7.1 billion mainly due to cash inflows from divestments and lower capital expenditure. Balance Sheet Total Reduced, Reflecting Reduced Capital Expenditure and Divestments The US$ to EUR exchange rate went up to EUR0.83 per U.S. dollar at the end of Q1 2004 compared to EUR0.80 at year-end 2003. Despite the currency impact of the stronger U.S. dollar against the Euro, the company continued to strengthen the balance sheet by decreasing net debt. The balance sheet total decreased by EUR130 million. The cash balance increased to EUR3.8 billion. The balance sheet total as per year-end 2003 of the companies divested in March 2004 amounted to EUR714 million. Net Debt Reduced by Eur0.4 Billion In the first quarter of 2004 Ahold was in compliance with the financial ratios contained in its December 2003 Credit Facility. The main covenants consist of Net Debt / EBITDA and EBITDA / Net Interest Expense Ratios. Net debt decreased due to cash inflows mainly related to divestments and lower capital expenditure. Cash flow Net cash inflow before financing activities improved mainly as a result of the divestment of Bompreco and Hipercard and the operations in Thailand. Lower operating income impacted by integration costs Net sales in the U.S. retail trade operations in Q1 2004 decreased 1.2% in U.S. dollars compared to Q1 2003. Net sales in the first quarter were negatively impacted by the Easter calendar effect by approximately 0.8%; i.e. the first quarter of 2004 included the week after Easter, which in food retail is a slow week, compared to 2003 where the first quarter ended with the week before Easter, which is usually a strong week. Excluding the impact of the divestment of Golden Gallon in 2003 net sales in U.S. dollars increased slightly by 0.3%. Identical sales in U.S. dollars declined by 1.6% and comparable sales in U.S. dollars declined by 1.0% in Q1 2004 compared to Q1 2003, partly caused by the earlier-mentioned Easter calendar effect. During the first quarter of 2004 Ahold began integrating the two largest U.S. retail operating companies, Stop & Shop and Giant- Landover, into one arena. The integration will improve long- term competitiveness and cost-effectiveness of these companies. In addition, Ahold started integrating the U.S. retail corporate functions into this new arena. These steps will generate significant benefits in 2005 and beyond. Operating income before impairment and amortization of goodwill and exceptional items in the U.S. retail trade business in U.S. dollars decreased by 12.6% compared to Q1 2003 impacted heavily by the non-recurring integration costs (USD25 million). Both Stop & Shop and Giant-Carlisle showed a solid performance in the first quarter of 2004. Resilient performance in the Netherlands and Central Europe The net sales decline of 1.1% in the first quarter of 2004 in the European retail operations is partly related to the divestments of De Tuinen and Jamin in 2003. Excluding currency impact in Central Europe and impact from divestments, net sales were unchanged compared to the same quarter of 2003. In the European retail operations, net sales were also negatively impacted by the Easter calendar effect. Sales volume at Albert Heijn increased as a result of the price repositioning campaign. The impact of food price deflation was largely offset by a higher sales volume. The identical sales at Albert Heijn declined by 0.2% compared to the same quarter of 2003. (Note that net sales at Albert Heijn were EUR6 million lower versus previously announced in the Q1 2004 trading statement resulting from a final adjustment.) Operating income before impairment and amortization of goodwill and exceptional items in the European retail operations decreased by 16.7%, primarily due to higher pension costs (EUR15 million) and a weaker performance in Spain. At Albert Heijn the price repositioning in combination with ongoing cost reductions led to a slightly higher operating income. The operations in Central Europe reported a lower operating loss due to increased net sales, improved margins and cost reductions resulting from the integration of the Central European retail operations. U.S. Foodservice U.S. Foodservice showed an increase in net sales excluding currency impact of 4.6%, primarily driven by food price inflation. The operating loss at U.S. Foodservice in the first quarter of 2004 was EUR58 million, compared to a loss of EUR73 million in the first quarter of 2003. This improvement was largely due to currency impact and an increased leverage of fixed costs over a higher amount of sales in U.S. dollars. During the first quarter of 2004, U.S. Foodservice continued the process of improving the effectiveness of its procurement contracts and organization, as well as evaluating the profitability of its largest customer accounts. South America Net sales in the South American retail trade operations in Q1 2004 were EUR336 million, compared to EUR581 million in the same period last year. The decrease was primarily a result of the divestments of Santa Isabel in 2003 and Bompreco in March 2004. CTA loss and reversal of goodwill resulting from the divestment of Bompreco heavily impacted operating income. Operating income before impairment and amortization of goodwill and exceptional items decreased from EUR2 million in Q1 2003 to an operating loss of EUR1 million in Q1 2004. Asia Net sales in the Asian retail trade operations in Q1 2004 amounted to EUR51 million, a decrease of 53.2% compared to Q1 2003. This decrease was primarily due to the divestments of the operations in Malaysia and Indonesia completed in September 2003 and the divestment of the Thai operations in March 2004. The operating loss increased from EUR7 million to EUR18 million due to exceptional losses in the form of CTA loss and reversal of goodwill related to the divestment of the Thai operations. Other Activities Other activities mainly include operations of three real estate companies that acquire, develop and manage store locations in Europe and the U.S. and corporate overhead costs of the Ahold parent company. Definitions ---------- (a) Identical sales compare sales from exactly the same stores. (b) Comparable sales are identical sales plus sales from replacement stores. (c) Net Debt/EBITDA: Net debt includes long- and short-term interest bearing debt as well as capitalized lease commitments, netted with cash and cash investments (excluding cash on hand), divided by EBITDA excluding exceptional items. (d) EBITDA/Net Interest: EBITDA excludes exceptional items. For this ratio net interest excludes financing arrangement fees. (e) Currency impact: the impact using different exchange rates to translate the financial figures of Ahold's subsidiaries to Euros. For comparison reasons the financial figures of the previous year are adjusted using the actual exchange rates in order to eliminate this currency impact. (f) Impact of divestments: the impact on our financial figures of divested operations. The financial figures from divested operations are excluded from prior year's financial figures. (g) Explanation on CTA losses (currency translation adjustments) and reversal of goodwill as a result of divestments: upon the divestment of some of our foreign operations, Ahold is required to recognize accumulated foreign currency translation adjustments and reverse goodwill, both of which were previously charged to shareholders' equity. This loss on divestments has no impact on the overall level of shareholders' equity. Exchange rate differences related to the translation of the financial results of foreign subsidiaries are recorded directly in shareholders' equity. When these exchange rate differences are realized, which occurs upon the sale of the underlying foreign subsidiary, the cumulative foreign currency translation adjustments are recognized in the statement of operations as part of the gain or loss on the sale. Also goodwill previously deducted directly from shareholders' equity upon acquisition has to be reclassified pro rata to the statement of operations if sold within six years of the initial acquisition. A full copy of the financial results is available free of charge at http://bankrupt.com/misc/Ahold_Q12004.pdf. CONTACT: KONINKLIJKE AHOLD P.O. Box 3050 1500 HB Zaandam Netherlands Phone: +31 (0) 75 659 57 20 Fax: +31 (0) 75 659 83 02 Web site: http://www.ahold.com Corporate Communications Phone: +31.75.659.5720 LAURUS N.V.: Reshuffles Managers -------------------------------- Laurus N.V. announces that, in consultation with those directly involved and in the interests of job rotation, Wilfred van Elzakker, Manager Fresh Produce of Laurus Central Purchasing & Category Management department; and Edward Buitelaar, Edah Marketing & Sales Manager, are changing places. Beginning Monday, Wilfred van Elzakker became Edah Marketing & Sales Manager and Edward Buitelaar became Manager Fresh Produce of Laurus Central Purchasing & Category Management department. We wish them both every success in their new posts. Laurus and the Road to Recovery With strong and distinctive retail formats, each with its individual identity and commercial policy and each independently addressing its specific market segment, Laurus aims in the coming years to strengthen significantly its position as the second-largest player in the Dutch food retailing sector. The company is resolutely pursuing its step-by-step recovery plan, which covers the period up to the end of 2007, while closely monitoring its operating costs and back-office processes on a continuous basis. VENDEX KBB: VDXK Acquisition Offer Expires June 21 -------------------------------------------------- This is a joint press release of Koninklijke Vendex KBB N.V. and VDXK Acquisition B.V., a company controlled by a consortium consisting of investment funds affiliated with and/or managed by Kohlberg Kravis Roberts & Co. L.P., Change Capital Partners LLP and AlpInvest Partners N.V., in relation to the recommended cash offer. Not for release, publication or distribution, in whole or in part, in or into Canada, Australia or Japan. VDXK ACQUISITION B.V. CONFIRMS FOR U.S. REGULATORY PURPOSES THAT IT RESERVES THE RIGHT TO WAIVE THE MINIMUM ACCEPTANCE CONDITION TO ITS OFFER FOR KONINKLIJKE VENDEX KBB N.V. SHAREHOLDERS ARE ADVISED THAT VDXK HAS NOT MADE A DETERMINATION AT THIS TIME WHETHER TO WAIVE THE MINIMUM ACCEPTANCE CONDITION As stated in the press release dated 19 May 2004 and the Offer Memorandum dated 21 May 2004, the Offer is subject to the fulfillment of certain Offer Conditions, including, but not limited to, the condition that at least 95% of the Ordinary Shares and at least 95% of the Preference Shares have been tendered under the Offer (the Minimum Acceptance Condition). VDXK confirms for U.S. regulatory purposes that it reserves the right to waive the Minimum Acceptance Condition if tenders have been received at any level at or in excess of 80% of the shares in Vendex KBB, excluding shares held by Vendex KBB (and its subsidiaries). Shareholders are advised that VDXK has not made a determination at this time whether to waive the Minimum Acceptance Condition. As previously announced, the Offer expires at 15:00 hours, Amsterdam time (9:00 hours, New York time), on 21 June 2004, unless extended (Acceptance Closing Date). VDXK will determine within five Business Days following the Acceptance Closing Date, unless the Offer is extended, whether the Offer Conditions have been fulfilled or are to be waived by VDXK and will announce whether (i) the Offer has been declared unconditional, (ii) there is still uncertainty as to the fulfillment of any of the Offer Conditions, or (iii) the Offer is terminated as a result of the Offer Conditions not having been fulfilled or waived by VDXK, as described in the Offer Memorandum. Shareholders are reminded that, as described in the Offer Memorandum, should the Offer be declared unconditional (whether or not the Minimum Acceptance Condition has been waived), (i) it is intended that Vendex KBB's listing on the Official Market of Euronext Amsterdam N.V. will be terminated as soon as possible, (ii) subject to the necessary threshold being reached, VDXK expects to initiate the statutory procedure contemplated by the Dutch Civil Code in order to acquire all Shares and depositary receipts held by minority Shareholders or take such other steps to terminate the listing and/or acquire Shares that have not been tendered, including effecting a legal merger (juridische fusie), (iii) the purchase of Shares pursuant to the Offer, among other things, will reduce the number of Shareholders and the number of Shares that might otherwise trade publicly and could adversely affect the liquidity and market value of the remaining Shares not tendered and not held by Vendex KBB (and its subsidiaries) and (iv) VDXK expects to amend significantly Vendex KBB's dividend policy, which may result in no (cash) dividends being paid to Vendex KBB's Shareholders in the future. Any Shareholders who have already tendered and consider that a waiver of the Minimum Acceptance Condition would impact their willingness to accept the Offer, may wish to consider withdrawing their tender at this time (excluding of course Shareholders who have signed a separate irrevocable undertaking with VDXK). Any such withdrawals of tenders may be made from Monday until the Acceptance Closing Date. Unless defined herein, defined terms used in this announcement shall have the meanings given to them in the Offer Memorandum. This press release appears in Dutch also. In the event of any inconsistency, the English version will prevail above the Dutch version. =========== P O L A N D =========== POLLENA EWA: Adopts Restructuring Measures as Sales Dip Further --------------------------------------------------------------- The supervisory board of Pollena Ewa has identified falling sales as one of the main problems of the cosmetics producer, Warsaw Business Journal reports. The company's average monthly sales decreased from PLN3.8 million in 2002 to PLN2.5 million last year. The board admitted the firm did not benefit from modern distribution channels, and retail networks. They also said that the company just has too many products, making processing of orders difficult. Pollena Ewa reported a PLN13.7 million loss for last year, which the board attributes to falling revenues, costs, and write-off for losses. They admitted that in addition, the company is overwhelmed by a high level of outstanding receivables. It is also overstaffed. The company is solving the problem by laying off workers. It is also reviewing the possibility of cutting some products. =========== R U S S I A =========== AGRO-PROM-KHIMIYA: Succumbs to Bankruptcy ----------------------------------------- The Arbitration Court of Republic of Mordoviya declared LLC Agro-Prom-Khimiya insolvent and subsequently commenced bankruptcy proceedings. The case is docketed as #A39-307/04- 13/6. Mr. N. Smekalin has been appointed insolvency manager. Creditors have until August 4, 2004 to submit their proofs of claim to: 431310, Russia, Republic of Mordoviya, Kovylkinsky region, Kochelaevo, Zarechnaya Str. 46. CONTACT: Mr. N. Smekalin Insolvency Manager 431310, Russia, Republic of Mordoviya, Kovylkinsky region, Kochelaevo, Zarechnaya Str. 46 BEZENCHUKHSKY MIX-FODDER: Proofs of Claim Deadline July 4 --------------------------------------------------------- The Arbitration Court of Samara region has commenced bankruptcy supervision procedure on CJSC Bezenchukhsky Mix-fodder Factory (TIN6362005441). The case is docketed as #A55-4955/04-15. Mr. I. Teleshin has been appointed temporary insolvency manager. Creditors have until July 4, 2004 to submit their proofs of claim to: 446001, Russia, Samara region, Syzran, Post User Box 41. CONTACT: CJSC BEZENCHUKHSKY MIX-FODDER FACTORY: Russia, Samara region, Bezenchuk, Oktyabrskaya Str. 41 Mr. I. Teleshin Temporary Insolvency Manager 446001, Russia, Samara region, Syzran, Post User Box 41 KALYAZINSKY EXPERIMENTAL: Insolvent Status Confirmed ---------------------------------------------------- The Arbitration Court of Kalyazin declared OJSC Kalyazinsky Experimental Factory of Concentrates insolvent and subsequently commenced bankruptcy proceedings. The case is docketed as #A66- 2095-04. Mr. O. Akinshin has been appointed insolvency manager. Creditors have until August 4, 2004 to submit their proofs of claim to: 170037, Russia, Kalyazin, Sadovaya Str. 1. CONTACT: OJSC KALYAZINSKY EXPERIMENTAL FACTORY OF CONCENTRATES 170037, Russia, Kalyazin, Sadovaya Str. 1 Mr. O. Akinshin Insolvency Manager 170037, Russia, Kalyazin, Sadovaya Str. 1 KISELEVSK-TRANS-STROY: Court Prescribes Bankruptcy Procedure ------------------------------------------------------------ The Arbitration Court of Kemerovo region declared LLC Kiselevsk- Trans-Stroy insolvent and subsequently commenced bankruptcy proceedings. The case is docketed as #A27-10521/2004-4. Mr. R. Bikinin has been appointed insolvency manager. Creditors have until August 4, 2004 to submit their proofs of claim to: Russia, Kemerovo region, Leninsk-Kuznetsky, Kirova Pr., 34A-26. The court has set a hearing for April 21, 2005. CONTACT: LLC KISELEVSK-TRANS-STROY 652702, Russia, Kemerovo region, Kiselevsk, Ushakova Str. 1 Mr. R. Bikinin Insolvency Manager Russia, Kemerovo region, Leninsk-Kuznetsky, Kirovo Pr., 34A-26 KLINTSOVSKY COMBINE: Under Bankruptcy Supervision Procedure ----------------------------------------------------------- The Arbitration Court of Bryansk region has commenced bankruptcy supervision procedure on CJSC Klintsovsky Combine of Building Materials (TIN3203007769). The case is docketed as #A09- 2050/04-8. Ms. T. Kraynova has been appointed temporary insolvency manager. Creditors have until July 4, 2004 to submit their proofs of claim to the temporary insolvency manager at: 109029, Russia, Moscow, Nizhegorodskaya Str. 10, Building 1, Apartment 36. A hearing will take place on September 28, 2004 at the Arbitration Court of Bryansk region. CONTACT: CJSC KLINTSOVSKY COMBINE OF BUILDING MATERIALS 243140, Russia, Bryansk region, Klintsy, Skachkovskaya Str. 3 Ms. T. Kraynova Temporary Insolvency Manager 109029, Russia, Moscow, Nizhegorodskaya Str. 10, Building 1, Apartment 36 MASLENNIKOV: Samara Court Commences Bankruptcy Proceedings ---------------------------------------------------------- The Arbitration Court of Samara region declared state enterprise Maslennikov insolvent and subsequently commenced bankruptcy proceedings. The case is docketed as #A55-34/98-10B(39). Mr. M. Kudachkin has been appointed insolvency manager. Creditors have until August 4, 2004 to submit their proofs of claim to: 443068, Russia, Samara, Novo-Sadovaya Str. 106. CONTACT: Mr. M. Kudachkin Insolvency Manager 443068, Russia, Samara, Novo-Sadovaya Str. 106 Phone: (8462) 35-30-01 MOSKOVSKY INSTRUMENT: Selling RUB18 Mln Worth of Equipment ---------------------------------------------------------- Bidding organizer LLC Lokston set the public auction of state unitary enterprise Moskovsky Instrument Factory on July 6, 2004. The auction will take place at Russia, Moscow, Jaroslavskoye Shosse, 19, Building. An assortment of equipment is up for sale at a starting price of RUB18 million (inclusive of VAT). Preliminary examination and reception of bids are ongoing daily from 10 a.m. to 12 p.m. and from 1 p.m. to 4 p.m. at Russia, Moscow, Parkovaya 16th Str. 30. Auction conditions and document list for participants are available in the same address. For more information, call 464-61-90. All transactions will close July 1, 2004. To participate, bidders must deposit RUB3.6 million with the settlement account 40502810600000000003 in CB Evrosojuz (LLC) of Moscow, correspondent account 30101810100000000418, BIC044579418 on or before July 2, 2004. CONTACT: LLC Lokston Bidding Organizer Russia, Moscow, Parkovaya 16th Str. 30 Phone: 464-61-90 PAVLOVSKIYE KOMBIKORMA: Bankruptcy Proceedings Begin ---------------------------------------------------- The Arbitration Court of Nizhniy Novgorod region declared OJSC Pavlovskiye Kombikorma insolvent and subsequently commenced bankruptcy proceedings. The case is docketed as #A43-15136/03- 24-42. Mr. I. Morozov has been appointed insolvency manager. Creditors have until August 4, 2004 to submit their proofs of claim to: 606108, Russia, Nizhniy Novgorod region, Pavlovo, Vokzalnaya Str. 64. CONTACT: Mr. I. Morozov Insolvency Manager 606108, Russia, Nizhniy Novgorod region, Pavlovo, Vokzalnaya Str. 64 REUTOVSKAYA FACTORY: Public Auction of Properties, Debts July 6 --------------------------------------------------------------- Bidding organizer LLC Aljans set the public auction of the properties of CJSC Reutovskaya Factory on July 6, 2004, 10 a.m. (local time). The auction will take place at Russia, Moscow region, Reutov, Pobedy Str. 1. The assets for sale are: Lot 1: A building containing movable properties located at Russia, Moscow region, Reutov, Pobedy Str. 1. Starting price: RUB6,150,000. Lot 2: Textile and auxiliary equipment. Starting price: RUB3,750,000. Lot 3: Debtor's liability. Starting price: RUB8,450,000. Preliminary examination and reception of bids are done daily from 12 p.m. to 3 p.m. at Russia, Moscow region, Reutov, Pobedy Str. 1. until June 30, 2004. For more information, call 8-926- 530-09-84. The complete list of lots and description of properties are available in the same address. To participate, bidders must deposit an amount equivalent to 20% of the starting price of the lot with the settlement account 40702810138090110073, TIN 7703358882, KPP 770301001, correspondent account 30101810100000000418 in SberBank RF #1606, correspondent account 30101810400000000225, BIC 044525225. CONTACT: CJSC REUTOVSKAYA FACTORY Russia, Moscow region, Reutov, Pobedy Str. 1 TINNED FOOD: Public Auction of Properties July 9 ------------------------------------------------ Bidding organizer LLC Attika set the public auction of the properties of OJSC Tinned Food Factory Kropotkinsky on July 9, 2004, 1:00 p.m. (local time). The auction will take place at Russia, Krasnodar region, Kropotkin, Bazarnaya Str. 27. The assets for sale are: Lot 1: A property complex consisting of buildings and equipment sitting on a 2.65-hectare land located at Kropotkin, Bazarnaya Str. 27. Starting price: RUB12,000,000 (inclusive of VAT). Interested bidders only need to deposit RUB1,200. Lot 2: Immovable property located at Kropotkin, Shossejnaja Str. 17. Starting price: RUB400,000 (inclusive of VAT). Interested bidders only need to deposit RUB50,000. Preliminary examination and reception of bids are done daily from 10 a.m. to 4 p.m. at Russia, Krasnodar, Krasnaya Str. 180, Room 422 until July 2, 2004. The list of lots and their description are available in the same address. For more information, call 59-84-94. To participate, bidders must deposit the required amount with the settlement account of the bidding organizer [LLC Trade House ATTIKA (TIN 2308089573)] 407028100110004661 in the Leningrad branch of OJSC JSCB JUGBANK, correspondent account 30101810400000000713, BIC 040349713. CONTACT: OJSC TINNED FOOD FACTORY KROPOTKINSKY Russia, Krasnodar region, Kropotkin, Bazarnaya Str. 27 LLC ATTIKA Bidding Organizer Russia, Krasnodar, Krasnaya Str. 180, Room 422 ========= S P A I N ========= LAUREN: In Temporary Receivership --------------------------------- Lauren, a Catalan cinema group, applied for a temporary receivership with a Barcelona court after failing to sell its cinemas. Lauren has total debts of EUR137 million, of which EUR81 million are owed to lending institutions. The company's revenue projections were proven inaccurate due to restrictions in the television market, causing the company to incur debt. The company had received an offer from cinema group Cinebox but negotiations fell through. Lauren will now prepare an emergency plan to sustain operations. ===================== S W I T Z E R L A N D ===================== ADECCO SA: On CreditWatch Positive Following Financial Review ------------------------------------------------------------- Standard & Poor's Ratings Services on Monday revised the CreditWatch implications on Adecco S.A. to positive from negative. The 'BB+' long-term ratings are unchanged. The CreditWatch revision follows a review of the group's business and financial positions following publication of its 2003 audited detailed accounts and of its unaudited results for the first quarter of 2004. On June 1, 2004, Adecco published its twice-delayed 2003 unqualified audited financial statements with no restatement of previous years' figures. Publication of these audited accounts should allow the group to restore financial flexibility and be in timely compliance with requirements under its bond and bank documents and with various market regulations. The rating will be raised by one notch, to 'BBB-', once the company has satisfied all of these requirements. Switzerland-based Adecco is the world leader in providing temporary staffing. "Adecco's unaudited results for the first quarter of 2004 indicate that there is no evidence of customer or market share losses following the delays in publishing its 2003 audited accounts," said Standard & Poor's credit analyst Melvyn Cooke. The group reported a 4% increase in organic sales at March 31, 2004. Full-year 2003 audited and first-quarter 2004 unaudited figures show that Adecco managed to reduce net debt by about EUR500 million in the 15 months ended March 31, 2004. Lease- adjusted credit measures are expected to remain commensurate with an investment-grade rating in 2004. Adecco remains subject to a number of pending investigations and shareholder class action lawsuits that may have a further material effect on the group's financial profile, the extent of which remains uncertain. Outside investigations by the U.S. Securities and Exchange Commission, the U.S. Attorney, the Swiss Exchange, and the Swiss Federal Banking Commission are ongoing. The group is expected to improve corporate governance and has recently made progress in addressing the material weaknesses identified by the U.S. auditors, but it will need to fully resolve these concerns before undergoing the audit process for its 2004 accounts. Standard & Poor's will resolve the CreditWatch placement and raise Adecco's rating upon full compliance of the covenants in its bonds and bank facility. Adecco will also have to comply in a timely manner with local stock and bond market regulations for the filing of its audited accounts prior to any CreditWatch resolution. Ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system at http://www.ratingsdirect.com. It can also be found on Standard & Poor's public Web site at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: London Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail: media_europe@standardandpoors.com. CONTACT: STANDARD AND POOR'S RATING SERVICES Analysts E-mail melvyn_cooke@standardandpoors.com trevor_pritchard@standardandpoors.com CorporateFinanceEurope@standardandpoors.com ============= U K R A I N E ============= EKO-2003: Sets Deadline for Proofs of Claim ------------------------------------------- The Economic Court of Zhitomir region commenced bankruptcy supervision procedure on LLC EKO-2003 (code EDRPOU 30077266) on May 19, 2004. The case is docketed as 7/71 B. Mr. Shklyar Oleg has been appointed temporary insolvency manager. Creditors have until July 2, 2004 to submit their proofs of claim to: (a) Temporary Insolvency Manager 10002, Ukraine, Zhitomir region, Putyatinskij square, 2/304 Phone: (80412) 34-04-44 (b) ECONOMIC COURT OF ZHITOMIR REGION 10002, Ukraine, Zhitomir region, Putyatinski square, 3/65 EKO-2003 holds Account Number 260053001002608 at JSCB Transbank of Kyiv region, MFO 300089. CONTACT: EKO-2003 12430, Ukraine, Zhitomir region Zhitomir district, Stanishivka Stantsijna str., 1 Mr. Shklyar Oleg Temporary Insolvency Manager 10002, Ukraine, Zhitomir region, Putyatinskij square, 2/304 Phone: (80412) 34-04-44 ECONOMIC COURT OF ZHITOMIR REGION 10002, Ukraine, Zhitomir region, Putyatinski square, 3/65 FILEO: Bankruptcy Proceedings Begin ----------------------------------- The Economic Court of Zhitomir region declared LLC Fileo (code EDRPOU 13569309) insolvent and introduced bankruptcy proceedings on January 22, 2004. The case is docketed as 7/195 B. Zhitomir Regional State Tax Inspection has been appointed liquidator. Fileo holds Account Number 26006033107840 at JSCB Ukrsocbank. CONTACT: FILEO Ukraine, Zhitomir region, Kotsubinskij str., 3 ZHITOMIR REGIONAL STATE TAX INSPECTION Liquidator 10014, Ukraine, Zhitomir region, Peremogi square, 2 Phone: 37-47-76 ECONOMIC COURT OF ZHITOMIR REGION 10014, Ukraine, Zhitomir region, Mala Berdichivska str., 25 KASHTAN LTD.: Insolvent Status Confirmed ---------------------------------------- The Economic Court of Zhitomir region declared LLC Kashtan Ltd. (code EDRPOU 13556124) insolvent and introduced bankruptcy proceedings on January 20, 2004. The case is docketed as 4/170 B. Zhitomir Regional State Tax Inspection has been appointed liquidator. JSCCT Zhitomir Marketing Center holds Account Number 2604308522012 at OJSC State export-import bank of Ukraine, Zhitomir branch. CONTACT: KASHTAN LTD. 10003, Ukraine, Zhitomir region, Peremogi str., 33 ZHITOMIR REGIONAL STATE TAX INSPECTION Liquidator 10014, Ukraine, Zhitomir region, Peremogi square, 2 Phone: 37-47-76 ECONOMIC COURT OF ZHITOMIR REGION 10014, Ukraine, Zhitomir region, Mala Berdichivska str., 25 KONTINENT: Succumbs to Bankruptcy --------------------------------- The Economic Court of Zhitomir region declared LLC Kontinent (code EDRPOU 30356042) insolvent and introduced bankruptcy proceedings on January 27, 2004. The case is docketed as 7/211 B. Zhitomir Regional State Tax Inspection has been appointed liquidator. Kontinent holds Account Number 260013031801 at JSCIB Ukrsibbank, Zhitomir branch. CONTACT: KONTINENT 10014, Ukraine, Zhitomir region, Pushkinska str., 25 ZHITOMIR REGIONAL STATE TAX INSPECTION Liquidator 10014, Ukraine, Zhitomir region, Peremogi square, 2 Phone: 37-47-76 ECONOMIC COURT OF ZHITOMIR REGION: 10014, Ukraine, Zhitomir region, Mala Berdichivska str., 25 UKRROS: Under Bankruptcy Supervision Procedure ---------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy supervision procedure on CJSC Ukrros (code EDRPOU 22971690). The case is docketed as 19/31. Arbitral manager Mr. Shapilov Sergij (License Number 2520166 approved July 24, 2003 due July 23, 2006) has been appointed temporary insolvency manager. Creditors have until July 2, 2004 to submit their proofs of claim to: (a) CJSC UKRROS 03037, Ukraine, Kyiv region Povitroflotskij avenue, 39/1 (b) Temporary Insolvency Manager Ukraine, Harkiv region Academician Pavlov str., 132-D / 27 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region B. Hmelnitskij boulevard, 44-B CJSC Ukrros holds Account Number 2600801281345 at OJSC Ukreksimbank of Kyiv region, MFO 322313. CONTACT: CJSC UKRROS 03037, Ukraine, Kyiv region, Povitroflotskij avenue, 39/1 Mr. Shapilov Sergij Temporary Insolvency Manager Ukraine, Harkiv region, Academician Pavlov str., 132-D / 27 ECONOMIC COURT OF KYIV 01030, Ukraine, Kyiv region, B. Hmelnitskij boulevard, 44-B ZHITOMIR MARKETING: Declared Insolvent -------------------------------------- The Economic Court of Zhitomir region declared JSCCT Zhitomir Marketing Center (code EDRPOU 20422737) insolvent and introduced bankruptcy proceedings on January 16, 2004. The case is docketed as 4/8 B. Zhitomir Regional State Tax Inspection has been appointed liquidator. Zhitomir Marketing Center holds Account Number 2600620012200 at JSPB Ukraina. CONTACT: ZHITOMIR MARKETING CENTER 10000, Ukraine, Zhitomir region, Korolyov str., 158 ZHITOMIR REGIONAL STATE TAX INSPECTION Liquidator 10014, Ukraine, Zhitomir region, Peremogi square, 2 Phone: 37-47-76 ECONOMIC COURT OF ZHITOMIR REGION 10014, Ukraine, Zhitomir region, Mala Berdichivska str., 25 =========================== U N I T E D K I N G D O M =========================== AAA AA A ADIRECT: Members Final Meeting Set July 16 --------------------------------------------------- Members of AAA AA A Adirect Maintenance Services Ltd. will have a Final Meeting on July 16, 2004 at 10:30 a.m. It will be held at the offices of Begbies Traynor (Incorporating Taylor Gotham & Fry), The Old Exchange, 234 Southchurch Road, Southend-on Sea, Essex SS1 2EG. 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. ABSOLUTE SCREEN: Liquidator to Submit Final Report July 12 ---------------------------------------------------------- Members of the Absolute Screen Limited Company will have a Final Meetings on July 12, 2004 at 11:00 a.m. and 11:15 a.m. respectively. It will be held at Prospect House, 2 Athenaeum Road, London N20 9YU. 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. ALEXCELL LIMITED: Creditors General Meeting July 16 --------------------------------------------------- There will be a General Meeting of the Creditors of Alexcell Limited Company on July 16, 2004 at 10:30 a.m. It will be held at 63 Walter Road, Swansea SA1 4PT. The purpose of the Meeting is to lay before the Creditors the account how the winding up of the Company has been conducted. Creditors who want to be represented at the Meeting may appoint proxies. Proxies must be lodge with Stones & Co., 63 Walter Road, Swansea SA1 4PT not later than 12:00 noon, July 15, 2004. CONTACT: STONE & CO 63 Walter Road, Swansea SA1 4PT Contact: G Stones, Liquidator ASTRA ZENECA: Faces Possible Consumer Suit Over Seroquel Drug ------------------------------------------------------------- A major damages case against Astra Zeneca PLC, a U.K.-based pharmaceutical company, is currently being prepared in the U.S., the Asia Intelligence Wire reports. If the company loses at least two million Americans could be demanding compensation because they were not given clear warning that the drug Seroquel increased the risk of diabetes. In August 2003 the company was issued summons by a group of private individuals in a class action lawsuit. Seroquel is one of Astra Zeneca's top selling drugs and one of the world's best selling agents for the treatment of schizophrenia and manic depression. Since Seroquel sales began in 1997 26.5 M prescriptions for the drug have been written in the U.S. Since the summons was issued the FDA has demanded that manufacturers of particular psychotherapeutics should give a clear warning of the diabetes risk. Astra Zeneca therefore changed the labeling on Seroquel in spring 2004, though it rejects the complaints. It claims that available data show no causative connection between Seroquel and diabetes but says that the new FDA ruling should prompt awareness amongst doctors who prescribe drugs that some patients can be particularly susceptible to developing diabetes because of some underlying illness. BEAR NORTH: Members Final Meeting Set July 15 --------------------------------------------- The Final Meetings of Members of the Bear North Limited Company will be held on July 15, 2004 at 10:00 a.m. and 10:30 a.m. respectively. It will be held at the offices of Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP. 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. Proxies must be lodged with Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP not later than 12:00 noon, July 14, 2004. CONTACT: BEGBIES TRAYNOR Elliot House, 151 Deansgate, Manchester M3 3BP Contact: D Bailey, Joint Liquidator BIDSTON MARINE: Names PKF Administrator --------------------------------------- The Bidston Marine Limited Company has appointed Kerry F Bailey and Jonathan D Newell of PKF as joint administrative receivers. The appointment was made June 2, 2004. The company is engaged in building and repair of pleasure and sports boats. CONTACT: PKF 52 Mount Pleasant, Liverpool L3 5UN Receivers: Kerry F Bailey Jonathan D Newell (IP Nos 8780, 6419) CASTLE CIVIL: Meeting of Members Set July 21 -------------------------------------------- The Members of Castle Civil Engineering Ltd Company will have Meetings on July 21, 2004 at 10:00 a.m. and 10:30 a.m. respectively. It will be held at Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP. 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. Proxies must be lodged with Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP not later than 12:00 noon, July 20, 2004. CONTACT: BEGBIES TRAYNOR Elliot House, 151 Deansgate, Manchester M3 3BP Contact: G Bell, Joint Liquidator FB ESTATES: Hires Liquidator from Baker Tilly --------------------------------------------- Name of Companies: FB ESTATES (NO.26) LIMITED FB Estates (No.65) Limited FB Estates (No.67) Limited FB Estates (No.68) Limited FB Estates (No.69) Limited FB Estates (No.70) Limited FB Estates (No.78) Limited FB Estates (No.89) Limited FB Estates (No.93) Limited FB Estates (No.97) Limited FB Estates (No.122) Limited FB Estates (No.114) Limited At an Extraordinary General Meeting of the Members of these companies on June 7, 2004 held at Forrester Boyd, 26 South Saint Mary's Gate, Grimsby DN31 1LW the Special Resolutions to wind up the companies were passed. Alec David Pillmoor of Baker Tilly, 27 Osborne Street, Grimsby, North East Lincolnshire DN31 1NU has been appointed Liquidator for these companies. CONTACT: BAKER TILLY 27 Osborne Street, Grimsby, North East Lincolnshire DN31 1NU Contact: Alec David Pillmoor, Liquidator GILLS COMPONENTS: Meeting of Creditors Set June 23 -------------------------------------------------- Creditors of Gills Components Limited Company will have a Meeting on June 23, 2004 at 11:00 a.m. It will be held at Lichfield Place, 435 Lichfield Road, Aston, Birmingham B6 7SS. Creditors who want to be represented at the Meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to CBA, 435 Lichfield Road, Aston, Birmingham B6 7SS not later than 12:00 noon, June 22, 2004. CONTACT: CBA 435 Lichfield Road, Aston, Birmingham B6 7SS Contact: N Gibson, Joint Administrator INREON LIMITED: Winding up Resolutions Passed --------------------------------------------- At an Extraordinary General Meeting of the Members of the Inreon Limited Company on May 28, 2004, the Special and Ordinary Resolutions to wind up the Company were passed. Graeme Gadsby and Phillip Sykes of Moore Stephens, 1 Snow Hill, London EC1A 2EN have been appointed Joint Liquidators for the purpose of the voluntary winding-up. CONTACT: MOORE STEPHENS 1 Snow Hill London EC1A 2EN Contact: Graeme Gadsby, Liquidator Phillip Sykes, Liquidator KISKO BUSINESS: Hires Mercer & Hole Administrator ------------------------------------------------- Event Management, Kisko Business Services Limited Company has appointed Peter John Godfrey-Evans and Steven Leslie Smith of Mercer & Hole as joint administrative receivers. The appointment was made May 27, 2004. CONTACT: MERCER & HOLE Gloucester House 72 London Road, St Albans, Hertfordshire AL1 1NS Receivers: Peter John Godfrey-Evans Steven Leslie Smith MARK CAMPBELL: Appoints The P&A Partnership Administrator --------------------------------------------------------- The Mark Campbell Limited Company has appointed John Russell and Philip Andrew Revill of The P&A Partnership as joint administrative receivers. The appointment was made June 4, 2004. The company sells new and used motor vehicles. CONTACT: THE P&A PARTNERSHIP 93 Queen Street Sheffield S1 1WF Receivers: John Russell Philip Andrew Revill (IP Nos 5544 and 6421) MARKS & SPENCER: Loses One More Executive ----------------------------------------- The shakeup at clothing retailer Marks & Spencer continues with the resignation of Alice Avis as marketing director on Monday. According to The Telegraph, sources close to Ms. Avis said she did not like the decision of Stuart Rose, the new chief executive, to effectively replace her with Steven Sharp. Though Mr. Stuart wanted her to work side by side with Mr. Sharp, Ms. Alvis decided to resign. She will leave the company on Friday. The resignation follows that of chairman Luc Vandevelde, chief executive Roger Homes, and clothing director Vittorio Radice. The shakeup comes as Mr. Stuart wards off a possible second takeover bid from retail entrepreneur Philip Green. Mr. Green previously offered 290p to 310 p in cash plus a 25% stake, but was almost immediately turned down. He is expected to come back with a bid of between 380p and 390p. Marks & Spencer could thwart another approach by revaluing its portfolio of freehold property, thought to be valued at GBP4 billion, the report said. MEDIA 1ST: Names Marchands Associates Administrator --------------------------------------------------- Advertising Company, Media 1st Limited has appointed Martin Shaw and Charles Beook of Marchands Associates LLP as joint administrative receivers. The appointment was made June 7, 2004. CONTACT: MARCHANDS ASSOCIATES LLP 100 Wakefield Road, Lepton, Huddersfield HD8 0DL Receivers: Martin Shaw Charles Brook NETTEC PLC: Drops Proposed Voluntary Liquidation ------------------------------------------------ The Extraordinary General Meeting of Nettec plc was opened by the Chairman who stated that, as previously announced, he would not be putting the resolutions for a Members Voluntary Liquidation to a vote at the meeting and that the Board will continue a strategy of looking for suitable acquisitions. * * * At an Annual General Meeting, held June 3, 2004, the Chairman, Mr. Jeremy White, issued this statement: "As you are all aware the Company is now a cash shell which has been engaged in clearing up past matters details of which are disclosed in the accounts. Management accounts for the first four months of 2004 show that the Company has achieved a result marginally better than break-even. "All shareholders have received a Circular with a proposal for a Members' Voluntary Liquidation. However, there have been some significant changes to our shareholders in the last month. As a consequence of those shareholder changes, the Board is meeting with its major shareholders." CONTACT: NEETEC PLC Ian Seaton Bankside Consultants Phone: +44 (0) 20 7444 4157 PARKINS ENGINEERING: Hires Receivers from KPMG ---------------------------------------------- The Parkins Engineering Limited Company has appointed Richard John Hill and David John Crawshaw of KPMG as joint administrative receivers. The appointment was made June 7, 2004. The company is engaged in light engineering business. CONTACT: KPMG CORPORATE RECOVERY Plym House, 3 Longbridge Road, Plymouth PL6 8LT Receivers: Richard John Hill David John Crawshaw (IP Nos 8027, 8814) PHASE ONE: Appoints Hurst Morrison Thomson Administrator -------------------------------------------------------- Gareth Wyn Roberts and Paul William Ellison of Hurst Morrison Thomson have been appointed joint administrative receivers for Phase One Building Services Limited Company. The appointment was made May 5, 2004. The company is engaged in building services. CONTACT: HURST MORRISON THOMSON 5 Fairmile, Henley on Thames, Oxfordshire RG9 2JR Receivers: Gareth Wyn Roberts Paul William Ellison (IP Nos 1162, 7254) PIPELINE STEEL: Meeting of Creditors Set June 23 ------------------------------------------------ There will be a Creditors Meeting of the Pipeline Steel Tubes Limited Company on June 23, 2004 at 10:00 a.m. It will be held at Bdo Stoy Hayward LLP, Mander House, Mander Center, Wolverhampton WV1 3NF. Creditors who want to be represented at the Meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to BDO Stoy Hayward LLP, Mander House, Mander Centre, Wolverhampton WV1 3NF not later than 12:00 noon, June 22, 2004. CONTACT: BDO STOY HAYWARD LLP Mander House Mander Centre, Wolverhampton WV1 3NF Contact: C K Rayment, Joint Administrator SALTCO TRADINGS: Calls in Liquidator ------------------------------------ At an Extraordinary General Meeting of the Saltco Tradings Limited Company on June 4, 2004 held at Maher Limited, Edward Street, Sheffield S3 7GD, the subjoined Special, Ordinary and Extraordinary Resolutions to wind up the company were passed. Andrew Philip Wood and John Russell of 93 Queen Street, Sheffield S1 1WF, Insolvency Practitioners duly qualified under the Insolvency Act 1986 have been appointed the Joint Liquidators of the Company for the purpose of such winding-up. SEETOIT LIMITED: Winding up Resolutions Passed ---------------------------------------------- At an Extraordinary General Meeting of the Seetoit Limited Company (formerly John F Salt & Company Limited) on June 4, 2004 held at Maher Limited, Edward Street, Sheffield S3 7GD, the subjoined Special, Ordinary and Extraordinary Resolutions to wind up the Company were passed. Andrew Philip Wood and John Russell of 93 Queen Street, Sheffield S1 1WF, Insolvency Practitioners duly qualified under the Insolvency Act 1986 have been appointed the Joint Liquidators of the Company for the purpose of such winding-up. TALCO LIMITED: Creditors Meeting Set June 21 -------------------------------------------- Creditors of Talco Limited Company will have a Meeting on June 21, 2004 at 11:30 a.m. It will be held at Moore Stephens Corporate Recovery, 94-96 Newhall Street, Birmingham B3 1PB. Creditors who want to be represented at the Meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Moore Stephens Corporate Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB not later than 12:00 noon, June 20, 2004. CONTACT: MOORE STEPHENS CORPORATE RECOVERY Beaufort House 94-96 Newhall Street, Birmingham B3 1PB Joint Administrators: Nigel Price Roderick Graham Butcher TANGO FASHIONS: In Administrative Receivership ---------------------------------------------- Lloyds TSB Bank Plc called in Graham Paul Bushby and Guy Edward Brooke Mander of Baker Tilly as receivers for Tango Fashions Trading Limited Company (Reg No 01504596, Trade Classification: SIC 92). The application was filed June 7, 2004. The company sells clothing and footwear. CONTACT: BAKER TILLY 5th Floor, Exchange House, 446 Midsummer Boulevard, Central Milton Keynes MK9 2EA Receiver: Graham Paul Bushby (Office Holder No 8736) Guy Edward Brooke Mander (Office Holder No 8845) City Plaza, Temple Row, Birmingham B2 5AF TAURUS PETROLEUM: Calls in Liquidator ------------------------------------- At an Extraordinary General Meeting of the Members of the Taurus Petroleum Services Limited Company on June 4, 2004 held at Grove House, 25 Upper Mulgrave Road, Cheam, Surrey SM2 7AY, the Special Resolution to wind up the Company was passed. Robert Stephen Palmer has been appointed Liquidator for the purpose of such winding-up. TYRE CENTRE: Business and Assets for Sale ----------------------------------------- The Joint Administrators, Geoff Rowley and Michael Oldham, offer for sale the companies or business and assets of C A R Organisation Limited (CAR0 and Xtreme Wheel and Tyre Centre Limited (Xtreme) (both in administration). CAR manages and operates 10 retail stores throughout Southeast England from leasehold premises, established 1985. It is a retailer of car performance accessories and car parts. Turnover, year to January 2004 was GBP3.28 million. Xtreme operates a retail store and workshop from leasehold premises in Harlow, Essex and also has a mail order service. It is one of the leading brands in the car performance and styling market. Turnover, year to January 2004 was GBP1.6 million. The company has 52 employees, group head office in Aldershot, Hampshire. Full asset inventory is available on application. CONTACT: XTREME WHEEL AND TYRE CENTRE LIMITED Home Page: http://www.xtrememotorsport.co.uk RSM ROBSON RHODES 186 City Road London EC1V 2NU Contact: Rachael Wilson Phone: 020 7865 2815 E-mail: rachael.wilson@rsmi.co.uk or alternatively Fax: 020 7253 4629 WH SMITH: Pension Trustees Deny Snag in Takeover Talks ------------------------------------------------------ Martin Taylor, the chairman of pension trustees at WH Smith, denied the company's pension fund deficit has become a stumbling block to the company's takeover negotiations with Permira. It was reported previously that the pension trustees had threatened to block the deal if the venture capitalist refuse to cover the approximately GBP215 million shortfall in the firm's pension fund. Yet, according to Europe Intelligence Wire, Mr. Taylor said his negotiations with Permira were "extremely constructive and friendly". Permira is offering a GBP940 million for the high street retailer, and is currently continuing its due diligence. It is understood to have agreed to repair the deficit within 10 years, the way WH Smith would. But the pension trustees is said to want that Permira fill the black hole immediately or guarantee that the fund will be financially supported should the company run into difficulty. The Scotsman quoted a source close to the negotiations saying: "WH Smith is debt free, but if Permira were to buy it that would change. "In the worst case scenario -- that the firm ever goes bust - the banks would be repaid ahead of the pension fund." Fitch Ratings in April downgraded WH Smith plc's Senior Unsecured rating to 'BB+' from 'BBB-' and the short-term rating to 'B' from 'F3' to reflect deterioration in WH Smith's business profile and its debt protections measures. At the time, the rating agency said in the case of a takeover bid from Permira, further rating action is likely to occur. ********* 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, Liv Arcipe, and Julybien Atadero, 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 * * *