/raid1/www/Hosts/bankrupt/TCREUR_Public/040621.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
Monday, June 21, 2004, Vol. 5, No. 121
Headlines
C Z E C H R E P U B L I C
SEVEROMORAVSKA ARMATURKA: Faces Involuntary Bankruptcy Petition
F R A N C E
ALCATEL: Sells Nextream Stake to Joint Venture Partner
PERRIER: Strikes Cause Severe Production Losses
TATI: In Last-minute Attempt to Find New Investor
G E R M A N Y
AGIV REAL: Pursues Talks to Cut off Problematic Rent Guarantees
FAIRCHILD DORNIER: New Investor Files for Insolvency
HEIDELBERGER DRUCKMASCHINEN: Sells Web Systems Unit to Goss
H U N G A R Y
ZALATOUR LTD.: Downsizing Operations to Survive
I R E L A N D
ELAN CORPORATION: Discloses New Appointments
ELAN CORPORATION: Chairman Formally Announces Resignation at AGM
I T A L Y
PARMALAT FINANZIARIA: German Units File for Insolvency
SAFILO CAPITAL: 'CCC+' Senior Notes Rating Affirmed
N E T H E R L A N D S
PETROPLUS INTERNATIONAL: Buying back 2010 Senior Notes
ROYAL SHELL: Promises to Bare Review Results November
R U S S I A
ASINO-MEBEL: Furniture Factory Sets Public Auction June 29
BOLSHEMALINSKY FLAX: Public Auction of Assets June 29
CREDITTRUST BANK: Goes Down Along with Sodbiznesbank
IMPERIAL: Starts Distribution of Assets to First-order Creditors
KLIMOVSKY PRESSING: Public Auction Set July 2
MUROM-SPETS-STROY: Deadline for Reception of Bids June 24
RUS-KHIM-PLAST: Reorganization Shifts Ownership to Federal Govt
URALSKY DSK: Shares for Sale June 30
URAL-TYAZH-TRUB: Industrial Buildings up for Sale
U K R A I N E
AERODORBUD-870: Names Temporary Insolvency Manager
IMEKS: Insolvent Status Confirmed
LOGRUS: Declared Insolvent
PROMEKSPORT: Bankruptcy Supervision Begins
S.A.: Under Bankruptcy Supervision Procedure
SLOVYANI-PLUS: Ordered to Undergo Bankruptcy Supervision
SUGAR FINANCIAL: Under Bankruptcy Supervision Procedure
SUMI' TSUKROVIK: Sumi Court Names Temporary Insolvency Manager
TERNIVKA: Under Bankruptcy Supervision Procedure
UKRAINIAN INDUSTRIAL: Bankruptcy Supervision Starts
VIZHNITSKE REPAIR: Under Bankruptcy Supervision Procedure
VOSKRESENKA: Sumi Court Commences Bankruptcy Supervision
U N I T E D K I N G D O M
ABBEY NATIONAL: Sells GBP863 Million Asset Finance, Leasing Biz
ABSOLUTE MORTGAGES: Hires Receiver from B & C Associates
APEX DYERS: Hires PricewaterhouseCoopers Administrator
ATMOSPHERIC LIMITED: Meeting of Creditors Set June 25
BCSL LIMITED: Appoints Insol House Administrator
CEROANNI LIMITED: Hires Receiver from Milsted Langdon
CPC FOODS: Creditors Meeting Set June 22
CRANFORD DEVELOPMENTS: Special Winding up Resolution Passed
DATUM PRECISION: In Administrative Receivership
DOUBLE ACTION: Eurofactor Limited Appoints Harrisons Receiver
ELECTRO MAGNETIC: Appoints KPMG Liquidator
E.M. TOOL: Hires Receivers from Numerica
ENBY LIMITED: Appoints Gibson Booth Administrator
EQUITABLE LIFE: Lowers Claims Against Ex-directors by Almost 50%
EXCEL PRINT: Eurofactor Limited Names Grant Thornton Receiver
FARAGO LIMITED: Appoints Receivers from PricewaterhouseCoopers
GLENSHEE CHAIRLIFT: Receivers to Accept Bids Until June 25 Only
HERA RECRUITMENT: Close Invoice Appoints Receivers
HOLLINGER INC.: Daily Mail Quits Race for Telegraph Asset
INTER AIR: Sets Creditors Meeting June 30
INTRINSIC VALUE: Names PricewaterhouseCoopers Liquidator
INVARO: Quells Rumors of Potential Collapse
LONG EATON: Names PwC Administrator
MACHINERY SPECIALISTS: Calls in Liquidator
MEADBRIDGE PLC: Winding up Resolutions Passed
MG ROVER: Teams with Shanghai Automotive to Develop New Models
MYTRAVEL GROUP: Chief Operating Officer Leaves for Sodexho
NBC LIMITED: Appoints Haines Watts Administrator
PARAGON PRINTS: Names PricewaterhouseCoopers Administrator
PST LIMITED: Meeting of Creditors Set June 30
RESONA HD: Dissolves Consolidated U.K. Subsidiary
ST. DAVID'S: Calls in Administrative Receivers
SVENSKA PALMER: Sets Creditors Meeting June 29
WATERFORD WEDGWOOD: Scraps Dividend After EUR44.9 Mln Loss
WILSON PUBLICATIONS: In Administrative Receivership
YORKSHIRE GROUP: Disposes Freehold Property for EUR3.6 Million
*********
===========================
C Z E C H R E P U B L I C
===========================
SEVEROMORAVSKA ARMATURKA: Faces Involuntary Bankruptcy Petition
---------------------------------------------------------------
Bankruptcy proceedings have been introduced on Severomoravska
Armaturka. The fittings manufacturer, which opposes the
petition, incurred CZK350 million in losses from 2000 to 2002.
It returned to black last year with CZK2 million in net profit,
but this was not enough to keep it solvent.
===========
F R A N C E
===========
ALCATEL: Sells Nextream Stake to Joint Venture Partner
------------------------------------------------------
Alcatel has exercised its put option on a 25% stake in Nextream,
a joint venture with Thomson. This put option was part of the
initial contract signed in 2001 with Thomson. Alcatel and
Nextream will maintain their commercial cooperation. Nextream
develops and manufactures video compression and networking
products. Financial terms of this transaction are not
disclosed.
Thomson (Euronext Paris: 18453; NYSE: TMS) is the leading
provider of technology and service solutions for integrated
media and entertainment companies. By capitalizing on and
expanding its leadership positions at the intersection of
entertainment, media and technology, Thomson provides end-to-end
solutions to content creators, video network operators,
manufacturers and retailers through its Technicolor, Grass
Valley, THOMSON and RCA brands.
For more information, visit http://www.thomson.net. Additional
information on Nextream products is available at
http://www.thomsongrassvalley.com/products_transmission.
About Alcatel
Alcatel (Paris: CGEP.PA et NYSE: ALA) provides communications
solutions to telecommunication carriers, Internet service
providers and enterprises for delivery of voice, data and video
applications to their customers or to their employees. Alcatel
leverages its leading position in fixed and mobile broadband
networks, applications and services to bring value to its
customers in the framework of a broadband world. With sales of
EUR12.5 billion in 2003, Alcatel operates in more than 130
countries. Alcatel booked a consolidated net loss of EUR1.94
billion in 2003.
PERRIER: Strikes Cause Severe Production Losses
-----------------------------------------------
Bottled water manufacturer Perrier lost 35 million bottles in
April as workers nearly succeeded halting production at the
Vergeze-based plant, just-drink.com says.
In a letter to workers, plant manager Christian Nesmes warned of
the seriousness of the losses: "We are currently in the peak
season and are already unable to deliver to certain markets."
Union members protest the company's plan to cut 365 jobs.
Announced in November, the plan includes an offer for older
employees to opt for early retirement. The company reiterated
the need to layoff workers early in the year, claiming it's the
only way to improve profitability.
TATI: In Last-minute Attempt to Find New Investor
-------------------------------------------------
Tati has asked a commercial court in Paris to extend the
deadline for its restructuring plan, according to Europe
Intelligence Wire.
The company is actively seeking a new business associate, a move
that has gained the backing of CGT, a trade union that has vowed
to oppose a restructuring. The company, which has been in
receivership since September, had previously asked the court to
extend the deadline for the plan beyond July 2. The court will
decide the matter tomorrow.
The company has so far accumulated EUR60 million of debt in the
first nine months of its 2003 fiscal year, with sales of EUR150
million.
=============
G E R M A N Y
=============
AGIV REAL: Pursues Talks to Cut off Problematic Rent Guarantees
---------------------------------------------------------------
Agiv Real Estate, the German property company, is determined to
talk itself out of rent guarantees acquired from former
subsidiary Wayss & Freytag, Europe Intelligence Wires says.
The company, which absorbed the rent guarantees after selling
Wayss & Freytag, admits it doesn't have the capacity to fulfill
the obligation. Talks last week failed to resolve the issue.
Agiv had previously warned it may fall into insolvency after
failing to secure an investment deal. HSH Nordbank, which
represents creditors, said they have already prepared recovery
measures. They just need to smoothen a few more rough edges.
Resigned chief Rainer Behne had said the company needs between
GBP15 million and GBP20 million to be liquid. Agiv reported a
EUR134 million loss in 2002 on turnover of EUR158 million,
largely due to write-downs.
FAIRCHILD DORNIER: New Investor Files for Insolvency
----------------------------------------------------
Fairchild Dornier Aeroindustries, a German aerospace company,
filed for insolvency proceedings at a court in Weilheim, Die
Welt reports.
Chinese group D'Long acquired Fairchild Dornier's 728 aircraft
project in June 2003. The new investor had intended to sell the
new planes in 2006 and to increase the workforce from 40 to 600.
The project, however, got hampered by financing problems as
development cost reached more than US$1 billion.
HEIDELBERGER DRUCKMASCHINEN: Sells Web Systems Unit to Goss
-----------------------------------------------------------
Goss International Corporation and Heidelberger Druckmaschinen
AG (Heidelberg) have signed and executed a contract for Goss to
acquire Heidelberg's Web Systems business. Included in the
transaction are substantially all assets associated with the
newspaper and commercial Web press business, as well as the high
volume post press activities. It is expected that the
transaction will close in the next several weeks, after
completion of the remaining regulatory procedures.
This acquisition approximately doubles the revenue base of Goss
International and creates one of the largest web offset printing
press suppliers in the world. The combined entity will have
operations in North America, Europe and the Asia/Pacific region
and will have approximately four thousand employees focused on
web offset.
As part of the transaction MatlinPatterson Global Opportunities
Partners, Goss International's major shareholder, will commit
approximately one hundred million dollars of new capital to
facilitate the integration of the two companies. In addition,
Heidelberg will become a shareholder in the new company with an
equity stake of approximately 15%.
Goss International CEO Bob Brown said, "We at Goss are very
excited about the acquisition. The combined product platforms,
technology portfolio, global operations and team of
professionals around the world provide us a great opportunity to
create value for our customers. This is an exciting day for
Goss International. The acquisition gives us the opportunity to
integrate two of the best teams in the industry and build a
company focused on the web offset sector."
David Matlin, CEO of MatlinPatterson, reaffirmed the benefits of
the new acquisition, "MatlinPatterson takes a long term view of
all investments and this major acquisition creates a strong
platform for future growth. The combination of the two
complementary businesses will enhance the continued growth of
Goss International in the future. MatlinPatterson is excited to
have the opportunity to expand Goss' business and to continue
the effort to build this strong industry brand."
Concludes Bob Brown, "Our success will be determined by our
customers and the value we can bring to their overall
businesses. Customers determine our future and I believe the
combination of Goss and Heidelberg Web can give them solid
benefit today and over the long term. We look forward to
closing the transaction and focusing on delivering value for our
customers, employees and shareholders."
Credit Suisse First Boston and Latham & Watkins LLP advised Goss
International on this transaction.
=============
H U N G A R Y
=============
ZALATOUR LTD.: Downsizing Operations to Survive
-----------------------------------------------
Zalatour Ltd. will reorganize and scale down operations to
mitigate severe financial problems. Owned by Zala country
municipality, the company will shut down all tourist bureaus and
lay off some of its staff. It will also sell a sizeable real
estate portfolio situated around lake Balaton. Zalatour has
been operating hotels, campsites, and holiday homes in the
Western part of Hungary for 40 years now.
CONTACT: ZALATOUR LTD.
H-8900 Zalaegerszeg
Kaszahazi ut 2.
Phone: (0036)92/549-920
Fax: (0036)92/311-469
E-mail: centrum@zalatour.hu
=============
I R E L A N D
=============
ELAN CORPORATION: Discloses New Appointments
--------------------------------------------
Elan Corporation, plc on Thursday announced a number of key
strategic hires supporting priority areas of the global
organization. Kelly Martin, president and chief executive
officer said, "We announced to the market that we would add
significant talent across the organization, and the following
appointments demonstrate our successful execution in building a
superior organization."
A number of recruits join executive vice president Allison Hulme
in the global Antegren business to work with and support our
colleagues in Biogen Idec as we prepare for the successful
launch of Antegren(TM). Gordon S. Francis, M.D. has joined Elan
as vice president, Neurology, to provide scientific, medical,
and market expertise in multiple sclerosis (MS). Most recently
at Serono, where he was responsible for strategic direction and
clinical development in neurology, one of Dr. Francis' many
achievements was leadership in the successful U.S. approval of
Rebif(TM) for MS. He brings twenty years of experience in
academia and the pharmaceutical industry in the area of MS.
Tom Kissinger joins Elan as vice president, Health Care Systems
for Antegren. Tom will be focused on Antegren's infusion
network and reimbursement strategies. He was previously vice
president, Pharmacy Network Management at Medco Health
Solutions. Paul Logue, hired as vice president, Biologics
Supply, is responsible for the oversight of the new Athlone,
Ireland-based Biologics group and Antegren supply and
distribution. He was most recently at Pfizer, where he was vice
president and general manager for that company's Dublin sterile
manufacturing facility. Alan Frost, senior director, Sales and
Marketing MS, will provide support to Biogen Idec in setting the
global MS launch strategy for Antegren. He previously held
sales and marketing positions at Novartis Pharmaceuticals and
Biogen Idec.
Richard Chin, M.D. will be joining Elan as senior vice
president, Medical Affairs, working with executive vice
president and head of Therapeutics Markets Juan Carlos Aguilera.
Dr. Chin will oversee medical preparations for commercializing
new and current products globally. He was formerly Group
Director and Director of Clinical Research, Biotherapeutics
Unit, Genentech, and is uniquely positioned to help Elan sustain
and expand relationships with the medical community and
patients.
Working with executive vice president, Global Services &
Operations, Paul Breen, Seamus O'Loan has joined Elan as vice
president, Business Development. Most recently at General
Electric, Mr. O'Loan is now focusing on Elan's drug optimization
and manufacturing opportunities, particularly with Elan's
proprietary NanoCrystal technology.
About Elan
Elan is focused on the discovery, development, manufacturing,
sale and marketing of novel therapeutic products in neurology,
severe pain and autoimmune diseases. Elan (NYSE: ELN) shares
trade on the New York, London and Dublin Stock Exchanges.
CONTACT: ELAN CORPORATION PLC
Investors:
Emer Reynolds
Phone: 353-1-709-4000 / 800-252-3526
Media:
Anita Kawatra
Phone: 212-407-5755 / 800-252-3526
ELAN CORPORATION: Chairman Formally Announces Resignation at AGM
----------------------------------------------------------------
Elan Corporation, plc held its annual general meeting Thursday
last week. All sixteen shareholder resolutions proposed to the
meeting, which covered both corporate resolutions and the
establishment of employee equity plans, were passed by the
shareholders.
During the meeting, it was officially announced that Garo Armen,
Ph.D. intends to transition from his role as chairman of the
board. He had previously informed the board of his desire to do
so. The board's nominating committee, chaired by Governor Dick
Thornburgh, has recently begun the process of identifying the
new chairman. The process is expected to be completed at some
point during the second half of 2004.
Dr. Armen, who is chairman and chief executive officer of
Antigenics Inc., has been a director of Elan since February,
1994. He served as Elan's chairman since July 2002, launching
and leading the Company's recovery plan, which was successfully
completed having exceeded targets in February, 2004.
Kelly Martin, president and chief executive officer, Elan,
commended Dr. Armen's significant contribution to Elan since
joining the board and in particular to his contribution as
chairman from July 2002 and since.
About Elan
Elan Corporation, plc is a neuroscience-based biotechnology
company that is focused on discovering, developing,
manufacturing and marketing advanced therapies in neurology,
autoimmune diseases, and severe pain. Elan (NYSE:ELN) shares
trade on the New York, London and Dublin Stock Exchanges.
CONTACT: ELAN CORPORATION
Investors:
Emer Reynolds
Phone: 353-1-709-4000
800-252-3526
Media:
Anita Kawatra
Phone: 212-407-5755
800-252-3526
=========
I T A L Y
=========
PARMALAT FINANZIARIA: German Units File for Insolvency
------------------------------------------------------
Parmalat Finanziaria S.p.A., in Extraordinary Administration,
communicates that its German subsidiaries Deutsche Parmalat GmbH
and Parmalat Molkerei GmbH, indirectly controlled through
Parmalat S.p.A., requested insolvency status with the Civil
Court in Parma on 7 June 2004. The Court accepted the request
on 15 June 2004 and declared said companies insolvent.
Deutsche Parmalat GmbH and Parmalat Molkerei GmbH, according to
article 3, comma 3, of Legislative Decree no. 347 of 23 December
2003 passed with modifications under law no. 39 of 18 February
2004, were admitted by decree of the Minister of Production
Activities on 3 June 2004 to the Extraordinary Administration
procedure and Dr. Enrico Bondi was appointed Extraordinary
Commissioner of these companies.
Collecchio (Parma), 16 June 2004
Parmalat Finanziaria S.p.A.
in Extraordinary Administration
CONTACT: PARMALAT FINANZIARIA S.P.A.
Sede legale:
43044 Collecchio (Pr) - Via Oreste Grassi, 26
Codice fiscale e iscrizione nel Registro delle
Imprese di Parma 00175250471 - Partita I.V.A.
01938950340 - R.E.A.
Parma n. 188325 - U.I.C. n. 730
Sede amministrativa:
20122 Milano - Piazza Erculea, 9
Phone: (39) 02.8068801 -
Fax: (39) 02.8693863
E-mail x_affari_societari_it@parmalat.net
SAFILO CAPITAL: 'CCC+' Senior Notes Rating Affirmed
---------------------------------------------------
Fitch Ratings affirmed the 'CCC+' rating for Safilo Capital
International S.A.'s EUR300 million Senior Notes due 2013. At
the same time the agency affirmed parent company Safilo S.p.A.'s
Senior Unsecured rating at 'B' and its Senior Secured rating at
'B+'. The Short-term rating is 'B'. The Rating Outlook remains
Negative.
Safilo's performance in 2003, albeit admittedly very poor, was
in line with Fitch's expectations. Sales for the year to
December 2003 were marginally up on 2002, EBITDA at EUR132
million decreased by approximately 25% y-o-y. As of Q104,
EBITDA for the last twelve months fell to a low of EUR124
million. Nevertheless the company has shown some signs that a
recovery in profitability is underway, driven particularly by
improving sales in the USA and continuously strong demand in
Europe, with the only notable exception being Italy. If figures
for Q2 and Q3 2003 confirm this trend, the pressure on the
ratings should gradually ease.
"Although execution risks remain, particularly in areas of cost
control and market share, the company appears to have started a
gradual recovery which should accelerate in the second half of
the year. The results of the next two to three quarters will
provide an indication as to whether the company will return to a
more stable financial profile," said Stefano Podesta, Director
in Fitch's Leveraged Finance Group. "However, should we
perceive that a return to positive free cash flows will fail to
materialize within a reasonable time horizon, the company
ratings are likely to be revised downward."
The recently agreed equity injection of EUR25 million, with the
additional commitment from the sponsors to inject up to a
further EUR50 million to cure future breaches of financial
covenants, should these occur, provides Safilo with substantial
headroom to its short-term liquidity, allowing the company
precious time to support the expected recovery.
Safilo is the world's second largest manufacturer and wholesaler
of eyewear products with a strong portfolio of licensing
agreements with major fashion brands. Headquartered in Padua,
Italy, the Company generated net revenue of EUR900 million and
EBITDA of EUR132 million in FY03.
These ratings were initiated by Fitch as a service to users of
its ratings and are based on public information.
CONTACT: FITCH RATINGS
Stefano Podesta, London
Phone: +44 (0) 20 7417 4316
Daragh Murphy
Phone: +44 (0) 20 7417 6344
Media Relations:
Alex Clelland, London
Phone: +44 20 7862 4084
=====================
N E T H E R L A N D S
=====================
PETROPLUS INTERNATIONAL: Buying back 2010 Senior Notes
------------------------------------------------------
Petroplus International N.V. and RIVR Acquisition B.V. report
that good progress is being made according to plan with the
Offeror's preparations for the intended recommended cash offer
of EUR8.00 per ordinary share of Petroplus (the Equity Offer).
The intended Equity Offer would be preceded by a consent
solicitation of holders of a majority of the 10.5% Senior Notes
due 2010 for proposed amendments to (or deletions of) certain
provisions set out in the trust deed. The intended Equity Offer
will be accompanied by a public offer for the Senior Notes at
101% of the par value, consisting of an offer of 100% of the par
value for the Senior Notes and a 1% fee payable if the consent
is given (the Senior Notes Offer).
The Offeror has substantially completed its confirmatory due
diligence and is making good progress with the preparations for
the Equity Offer and Senior Notes Offer (the Offers), including,
inter alia, the preparations for the execution of definitive
financing agreements, reaching agreement with and obtaining
consents from certain third parties in respect of certain
material contracts, and the satisfaction of other conditions as
indicated in the press release of 18 May 2004.
In view of the expected timing of finalization of these
preparations, the Offeror expects to be able to provide more
details, including the timing of the intended Offers, by no
later than the second half of July 2004. Also given the
impending holiday period, it is possible that the intended
Offers will not be made before the end of August holiday period.
The Offeror is a holding company controlled by a consortium
comprising funds affiliated with The Carlyle Group. Two members
of the Executive Board, also being founders of Petroplus, intend
to participate in the Consortium as per settlement of the Equity
Offer.
For further details and background to the Offers, reference is
made to the joint press release issued by Petroplus and the
Offeror on 18 May 2004.
This announcement is a public announcement as meant within
section 9g paragraph 1 sub c of the Dutch Securities Supervision
Decree (Besluit toezicht effectenverkeer 1995). This press
release also appears in Dutch. In the event of any
inconsistency, the English version will prevail over the Dutch
version.
Profile of Petroplus
Petroplus was established 10 years ago and has since developed
into a leading player in the European midstream oil market. The
midstream sector encompasses refining, marketing and logistics
(predominantly tank storage).
Petroplus is the owner of refineries in Antwerp (Belgium),
Cressier (Switzerland) and Teesside (United Kingdom) with a
total capacity of 240,000 barrels per day including its Antwerp
desulphurisation capacity. Petroplus has a sales volume in
excess of 23 million tons a year of oil products and a storage
capacity of almost 5 million m(3) throughout Western Europe.
Petroplus, with its head office in Rotterdam and regional head
offices in Zug and Hamburg, has branch offices in more than 20
countries and employs approximately 1000 employees. Petroplus
is publicly listed in the NextPrime segment of the Official
Segment of Euronext Amsterdam N.V.
The Carlyle Group and Riverstone Holdings
The Carlyle Group is a global private equity firm with more than
USD18.3 billion under management. The Carlyle Group employs a
conservative, proven, and disciplined investment approach. The
Carlyle Group invests in buyouts, venture, real estate, and
leveraged finance, in North America, Europe, and Asia, focusing
on aerospace, automotive & transportation, consumer, defense,
energy & power, healthcare, industrial, technology & business
services, and telecommunications & media. Since 1987, the firm
has invested USD10.5 billion of equity in 300 transactions. The
Carlyle Group employs more than 540 people in 14 countries. The
Carlyle Group will participate in the transaction through the
combined equity investments from its European buyout fund and
its dedicated energy and power fund.
The Carlyle Group manages two buyout funds in Europe: (i)
Carlyle Europe Partners I, a EUR1 billion fund launched in 1998
which has completed 16 investments, and is now fully invested
and (ii) Carlyle Europe Partners II, which has completed three
transactions worth over EUR2 billion. A team of 40 investment
professionals located in five offices across Europe manages
Carlyle Europe Partners I and Carlyle Europe Partners II.
Riverstone Holdings LLC and The Carlyle Group are the co-general
partners of the Carlyle/Riverstone Global Energy and Power Fund
II, a USD1.1 billion private equity fund established to make
investments in the energy and power industry globally.
Riverstone, a New York-based energy and power focused private
equity firm founded in 2000, has approximately USD1.5 billion
under management with Carlyle. Riverstone conducts buyout and
growth capital investments in the midstream, upstream, power,
and oilfield service sectors of the energy industry. To date,
the firm has committed approximately USD875 million to 10
investments across these four sectors.
* * *
This is a joint press release of Petroplus International N.V.
and RIVR Acquisition B.V. This is not for release, publication
or distribution, in whole or in part, in or into the United
States, Canada, Australia or Japan. This announcement and
related materials do not constitute an offer for either the
ordinary shares in Petroplus International N.V. or the 10.5%
Senior Notes due 2010, but the expectation is justified that an
offer will be made in due course as set out in this press
release and in the press release issued on 18 May 2004.
This announcement is made pursuant to section 9g of the Dutch
Securities Supervision Decree (Besluit toezicht effectenverkeer
1995), which requires RIVR Acquisition B.V. (the "Offeror") to
make a public announcement within thirty days after the initial
press release of 18 May 2004.
CONTACT: PETROPLUS INTERNATIONAL N.V.
P.O. Box 85002 3009 MA
Rotterdam The Netherlands
Phone: +31 (0) 10 242 5900
Fax: +31 (0) 10 242 6052
E-mail: IR@petroplus.nl
Web site: http://www.petroplusinternational.com
Contact:
Martijn L.D. Schuttevaer
Investor Relations Manager
Phone: + 31 10 242 6046
Mobile: + 31 65 208 3014
E-mail: M.L.Schuttevaer@Petroplus.nl
CARLYLE:
Katherine Elmore-Jones
Director of European Communications
Phone: +44 20 78 94 1200
E-mail: Katherine.ElmoreJones@Carlyle.com
ROYAL SHELL: Promises to Bare Review Results November
-----------------------------------------------------
On March 5, 2004, Royal Dutch/Shell Group of Companies announced
that it wishes to consider the views of shareholders and various
advisory bodies in respect of the structure and overall
governance of the Group.
A consultative review is being carried out by a Steering Group,
drawn from the Boards of the two parent companies (the members
being: Maarten van den Bergh, Sir Peter Job, Sir John Kerr
(Chairman), Jonkheer Aarnout Loudon and Jeroen van der Veer).
The Steering Group is assisted by a Working Group of senior
Group executives, which include the Legal Director, the Head of
Group Taxation, the Group Treasurer and the Corporate
Secretaries. Outside advisors, such as law and tax firms and
investment bankers, are and will be consulted as appropriate.
The terms of reference are:
(a) Review possible simplification of Board/Group management
structures;
(b) Improve the decision making processes and accountability;
(c) Enhance effective leadership for the Group as a whole.
It is the intention that results emerging from this review will
be made public by the Boards in November 2004, after which a
round of further and more focused consultation with shareholders
will be undertaken, so that the entire process is concluded in
the shareholders meeting of 2005, for implementation immediately
thereafter.
A number of possible structures, and improvements to decision-
making, accountability and enhancement of effective leadership,
are under active consideration. Amongst other alternatives,
forms of unified Boards, to which a CEO would report, are being
studied. Nothing is ruled out at this stage.
The Board of Royal Dutch will propose to its Annual General
Meeting of Shareholders in 2005 to abolish the priority shares.
At the upcoming Annual General Meetings of Royal Dutch and Shell
Transport and Trading on June 28, 2004, both Chairmen will give
an update based on the information provided above.
CONTACT: ROYAL SHELL
David Lawrence
Phone: +44-207-934-3855
Harold Hatchett
Phone: +1-212-218-3112
Gerard Paulides
Phone: +44-207-934-6287
Bart Van Der Steenstraten
Phone: +31-70-377-3996
===========
R U S S I A
===========
ASINO-MEBEL: Furniture Factory Sets Public Auction June 29
----------------------------------------------------------
The bidding organizer has set the public auction of the
properties of OJSC Asino-Mebel on June 29, 3:00 p.m. (local
time). It will take place at Russia, Tomsk, Kirova Pr., 51.
The furniture company will sell buildings, equipment, vehicles,
plots and other properties. Starting price is RUB4,900,000.
The reception of bids is currently done at Russia, Tomsk, Kirova
Pr., 51, Room 16 from 9:00 a.m. until 6:00 p.m. daily except on
weekends until July 28, 2004. To participate, bidders must
deposit an amount equivalent to 10% of the starting price to the
settlement account 40309810500000000002 in State Russian
Commercial Bank GU Bank of Russia in Tomsk region, Tomsk, TIN
7019009874, BIC 046902001, KPP 701901001.
CONTACT: ASINO-MEBEL
636840, Russia, Tomsk region,
Asino, Stadionnaya Str. 1
Phone: (3822) 55-44-39
BOLSHEMALINSKY FLAX: Public Auction of Assets June 29
-----------------------------------------------------
The bidding organizer and insolvency manager of OJSC
Bolshemalinsky Flax Factory set the public auction of the firm's
properties on June 29, 2004, 11:00 a.m. (local time). It will
be held at 171761, Russia, Tver region, Nelidovo, Zavodskaya
Str. 7. Up for sale are immovable properties, equipment and
tractors. Starting price is RUB450,000.
Preliminary examination and reception of bids are done daily
(except on weekends) from 9:00 a.m. to 5:00 p.m. until June 25,
2004. To participate, bidders must deposit an amount equivalent
to 10% of the starting price not later than 5:00 p.m. on June
25, 2004. For more information, call (0822) 47-55-45.
CONTACT: Mr. I. Peshekhonov
Insolvency Manager
170000, Russia, Tver, Glavpochtamt,
Post User Box 39 A
Phone: (0822) 47-55-45
CREDITTRUST BANK: Goes Down Along with Sodbiznesbank
----------------------------------------------------
CreditTrust bank filed for voluntary liquidation after reports
linking it to Sodbiznesbank triggered a RUB200 million bank run.
Sodbiznesbank lost its license late last month after the central
bank acted on complaints that the bank was engaging in money
laundering. The run caused CreditTrust to default on a bond
repayment worth RUB500 million. Both CreditTrust and
Sodbiznesbank have unclear ownership structure, although
unconfirmed reports tag businessman Alexander Slesarev as their
controlling shareholder.
IMPERIAL: Starts Distribution of Assets to First-order Creditors
----------------------------------------------------------------
The preliminary payment to the first-order creditors of Imperial
company started on June 9, 2004 and will last until September 9,
2004. These payments are transferred immediately to the
specified bank named by the creditors. For more details, call
280-41-96, 631-45-33.
CONTACT: Mr. A. Sergeev
Insolvency Manager
KLIMOVSKY PRESSING: Public Auction Set July 2
---------------------------------------------
The bidding organizer of OJSC Klimovsky Pressing Work set the
public auction of the firm's properties on July 2, 2004, 11:00
a.m. (local time). It will be held at 117420, Russia, Moscow,
Nametkina Str., 14 B, Office 703. Up for sale are buildings,
equipment, laboratories and stations.
Reception of bids is done daily except on weekends from 9:00
a.m. until 5:00 p.m. on or before July 1, 2004 at 142181,
Russia, Moscow region, Zavodskaya Str., 2, OJSC Klimovsky
Pressing Work. To participate, bidders should transfer deposits
amounting to 20% of the starting price to the settlement account
40702810200000000520 in the branch of Commercial Moscow Bank
Evrazija-Tsentr (CJSC) in Orel, TIN 5754002672 with
correspondent account 30101810300000000711, BIC 045402711.
CONTACT: KLIMOVSKY PRESSING WORK
142181, Russia, Moscow region,
Klimovsk, Zavodskaya Str. 2
Phone: (095) 502-78-01
TSPP ALTERNATIVA
Bidding Organizer
142181, Russia, Moscow region,
Klimovsk, Zavodskaya Str. 2
MUROM-SPETS-STROY: Deadline for Reception of Bids June 24
---------------------------------------------------------
The bidding organizer of CJSC Murom-Spets-Stroy set the public
auction of the company's credit to IGOOI Jurkos on June 30,
2004, 10:00 a.m. (local time). It will be held at Russia,
Murom, Mekhanizatorov Str. 38B. Jurkos' liabilities amount to
RUB3,100,000. Starting price is RUB103,570 inclusive of VAT.
The reception of bids is done at Russia, Murom, Vladimir region,
Mekhanizatorov Str., 38B from 9:00 a.m. until 3:00 p.m. until
June 24, 2004. To participate, bidders must transfer deposits
amounting to RUB20,000 to the settlement account of CJSC Murom-
Spets-Story- 40702810000300000904, in the branch of BRU OJSC
MInB of Murom, BIC 044705615, correspondent account
30101810200000000716, BIC 041708716, TIN/KPP
3307001810/333401001.
CONTACT: MUROM-SPETS-STORY
Russia, Vladimir region,
Murom, Malenkovsky pr. 8
AUKTSION-RIELT-TORG
The Bidding Organizer
Russia, Murom, Vladimir region,
Mekhanizatorov Str., 38B
Phone: (09234) 5-11-39, 3-04-61
RUS-KHIM-PLAST: Reorganization Shifts Ownership to Federal Govt
---------------------------------------------------------------
Rus-Khim-Plast GPO ZMZ, a state-owned enterprise, is now a
subsidiary of Zlatoustovsky Machine-Building Factory (TIN
7721138248), a company operated by the federal government. As a
result of this reorganization, the company has assigned all its
liabilities to Zlatoustovsky.
URALSKY DSK: Shares for Sale June 30
------------------------------------
The bidding organizer and insolvency manager of CJSC Uralsky DSK
set the public auction of the company's shares on June 30, 2004,
11:00 a.m. (local time). It will be held at Russia,
Ekaterinburg, Chistopolskya Str., 6, room 813.
The reception of bids is done at 620138, Russia, Ekaterinburg,
Chistopolskya Str., 6, room 813 from 9:00 a.m. to 4:00 p.m.
until June 28, 2004. To participate, bidders should transfer
deposits amounting to 20% of the starting price to the
settlement account of CJSC Uralsky DSK - 40702810800000006157,
OJSC Uralsky Bank of Reconstruction and Development", BIC
044705615, correspondent account 30101810900000000795, BIC
6608002771.
CONTACT: URALSKY DSK
Russia, Ekaterinburg,
Chistopolskya Str., 6
The bidding organizer
Russia, Ekaterinburg,
Chistopolskya Str., 6
URAL-TYAZH-TRUB: Industrial Buildings up for Sale
-------------------------------------------------
D. Lazarev, the bidding organizer and insolvency manager of OJSC
Trust Ural-Tyazh-Trub-Story, has set the firm's properties for
public auction. The case is docketed as A60-13608/03-S4.
The assets for sale are:
(a) Warehouse SU-2 (administrative and industrial buildings and
constructions) located at Russia, Sverdlovsk region,
Pervouralsk, Gagarina Str. region of SPTU 7.
(b) Warehouse SU-3 (industrial buildings and constructions)
located at Russia, Sverdlovsk region, Pervouralsk, 3rd km of
Moscow Shosse.
(c) Warehouse SU-5 (industrial buildings and constructions,
equipment)located at Russia, Sverdlovsk region, Revda,
Ugolnaya Baza.
Preliminary examination and reception of bids are done daily
(except on weekends) from 9:00 a.m. to 4:00 p.m. until July 6,
2004 at Russia, Sverdlovsk region, Pervouralsk, Iljicha Str.
13a. The auction conditions and document list are also
available at said address.
CONTACT: Mr. D. Lazarev
Bidding Organizer/Insolvency Manager
Russia, Sverdlovsk region,
Pervouralsk, Iljicha Str. 13a
=============
U K R A I N E
=============
AERODORBUD-870: Names Temporary Insolvency Manager
--------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC AERODORBUD-870 (code EDRPOU
01384439) on April 26, 2004. The case is docketed as B-39/46-
04. Arbitral manager Mr. Katrich A. (License Number AA 250156
approved December 10, 2001) has been appointed temporary
insolvency manager.
Creditors have until June 4, 2004 to submit their proofs of
claim to:
(a) AERODORBUD-870
Ukraine, Harkiv region,
Krasnograd district,
Nataline, Radyanska str. 39
(b) Temporary Insolvency Manager
61000, Ukraine, Harkiv region,
Gromadska str. 11/13
(c) ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi square, 5,
Derzhprom, 8th entrance
CONTACT: AERODORBUD-870
Ukraine, Harkiv region,
Krasnograd district,
Nataline, Radyanska str., 39
Mr. Katrich A.
Temporary Insolvency Manager
61000, Ukraine, Harkiv region,
Gromadska str., 11/13
ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi square, 5,
Derzhprom, 8-th entrance
IMEKS: Insolvent Status Confirmed
---------------------------------
The Economic Court of Zaporizhya region declared CJSC Imeks
(code EDRPOU 05468216) insolvent and introduced bankruptcy
proceedings on May 17, 2004. The case is docketed as 25/101.
Mr. Verashak Mikola (License Number AA 669674 approved on
September 4, 2003) has been appointed liquidator/insolvency
manager. Creditors have until July 4, 2004 to submit proofs of
claim to 69002, Ukraine, Zaporizhya region, Konstyantin Velikij
str. 16/16.
CONTACT: Mr. Verashak Mikola
Liquidator/Insolvency Manager
69002, Ukraine, Zaporizhya region,
Konstyantin Velikij str. 16/16
ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya region,
Shaumyana str. 4
LOGRUS: Declared Insolvent
--------------------------
The Economic Court of Kyiv region declared LLC Logrus (code
EDRPOU 24384927) insolvent and introduced bankruptcy
proceedings. The case is docketed as 43/151. Arbitral manager
Mr. Krikun V. (License Number AA 669678 approved September 2,
2003) has been appointed liquidator/insolvency manager. Logrus
holds Account Number 2600200468/840980 at OJSC JSB Ukrgazbank,
Third Kyiv branch, MFO 300090.
CONTACT: LOGRUS
01001, Ukraine, Barbyus str. 5a
Mr. Krikun V.
Liquidator/Insolvency Manager
Phone: 234-47-55
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij boulevard, 44-B
PROMEKSPORT: Bankruptcy Supervision Begins
------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Promeksport (code EDRPOU 31057738).
The case is docketed as 23/206-B. Arbitral manager Mr. Krikun
V. (License Number AA 669678 approved on September 2, 2003) has
been appointed temporary insolvency manager.
Creditors have until July 4, 2004 to submit their proofs of
claim to:
(a) PROMEKSPORT
03150, Ukraine, Kyiv region
Predslavinska str., 28
(b) Temporary Insolvency Manager
Phone: 234-47-55
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij boulevard, 44-B
Promeksport holds account numbers:
(a) 26001102900/980 and 26002102900/840 at CJSC Dongorbank of
Donetsk, MFO 334970;
(b) 260017520840/840, 260047520810/810, 260067520/980 at OJSC
Ukrainian Professional Bank of Kyiv, MFO 300205;
(c) 2600310412001/980 at CJSC Alfa-Bank of Kyiv, MFO 300346;
(d) 26008676/980 at OJSC Kreditprombank of Kyiv, MFO 300863;
(e) 26001010514741/980 at JSCB Ukrsocbank, Kyiv city branch, MFO
322012; and
(f) 37126029200371/980 at Governing of State Treasury, Kyiv, MFO
820019.
CONTACT: PROMEKSPORT
03150, Ukraine, Kyiv region,
Predslavinska str., 28
Mr. Krikun V.
Temporary Insolvency Manager
Phone: 234-47-55
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij boulevard, 44-B
S.A.: Under Bankruptcy Supervision Procedure
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC S.A. (code EDRPOU 30305312).
The case is docketed as 43/146. Arbitral manager Mr. Krikun V.
(License Number AA 669678 approved on September 2, 2003) has
been appointed temporary insolvency manager.
Creditors have until July 4, 2004 to submit their proofs of
claim to:
(a) S.A.
01023, Ukraine, Kyiv region,
Pervomajskij str. 11
(b) Temporary Insolvency Manager
Phone: 234-47-55
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij boulevard, 44-B
S.A. holds account number 260053042701/980 at CJSC Bank
Petrokommerts-Ukraina, Kyiv branch, MFO 300120, and account
numbers 2600303294801/980 and 26006300220902/810/840/980 at JSCB
TAS-Komertsbank of Kyiv region, MFO 300164.
CONTACT: S.A.
01023, Ukraine, Kyiv region,
Pervomajskij str., 11
Mr. Krikun V.
Temporary Insolvency Manager
Phone: 234-47-55
ECONOMIC COURT OF KYIV
01030, Ukraine, Kyiv region,
B. Hmelnitskij boulevard, 44-B
SLOVYANI-PLUS: Ordered to Undergo Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on LLC Slovyani-Plus (code EDRPOU
23224151) on April 29, 2004. Arbitral manager Mr. Konyakin
Vasil (License Number AA 719800 approved on February 11, 2004)
has been appointed temporary insolvency manager.
Creditors have until July 4, 2004 to submit their proofs of
claim to:
(a) SLOVYANI-PLUS
Ukraine, Kirovograd region,
Gajvoronskij district, Moshene
(b) Temporary Insolvency Manager
Ukraine, Kirovograd region,
Golovanivsk, Kolgospna str.
CONTACT: SLOVYANI-PLUS
Ukraine, Kirovograd region,
Gajvoronskij district, Moshene
Mr. Konyakin Vasil
Temporary Insolvency Manager
Ukraine, Kirovograd region,
Golovanivsk, Kolgospna str.
SUGAR FINANCIAL: Under Bankruptcy Supervision Procedure
-------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Sugar Financial-Industrial Company
(code EDRPOU 31456197) on May 6, 2004. The case is docketed as
15/174-B. Arbitral manager Mr. Dashko Oleksandr (License Number
AA 487828 approved on May 26, 2003) has been appointed temporary
insolvency manager.
Creditors have until July 4, 2004 to submit their proofs of
claim to:
(a) SUGAR FINANCIAL-INDUSTRIAL COMPANY
02192, Ukraine, Kyiv, Malishko str. 1
(b) Temporary Insolvency Manager
00001, Ukraine, Kyiv region,
Geroyiv Stalingradu avenue, 59/174
Phone: (044) 484-22-61
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij boulevard, 44-B
Sugar Financial-Industrial Company holds account number
260081818 at JSPPB Aval, Smilyanskij branch, MFO 354499.
CONTACT: SUGAR FINANCIAL-INDUSTRIAL COMPANY
02192, Ukraine, Kyiv region,
Malishko str., 1
Mr. Dashko Oleksandr
Temporary Insolvency Manager
00001, Ukraine, Kyiv region,
Geroyiv Stalingradu avenue, 59/174
Phone: (044) 484-22-61
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij boulevard, 44-B
SUMI' TSUKROVIK: Sumi Court Names Temporary Insolvency Manager
--------------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on OJSC Sumi' Base Of Material-Technical
Supplying Tsukrovik (code EDRPOU 00388688) on April 26, 2004.
The case is docketed as 6/51-04. Mr. Sisoyev Oleksij (License
Number AA 315441) has been appointed temporary insolvency
manager.
CONTACT: OJSC SUMI' BASE OF MATERIAL-TECHNICAL SUPPLYING
TSUKROVIK
Ukraine, Sumi region,
Rubizhna str. 10
Mr. Sisoyev Oleksij
Temporary Insolvency Manager
Ukraine, Sumi region,
Petropavlovska str. 74, room 49A
ECONOMIC COURT OF SUMI REGION
40477, Ukraine, Sumi region,
Ribalko str. 2
TERNIVKA: Under Bankruptcy Supervision Procedure
------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on LLC Ternivka (code EDRPOU 30803419).
The case is docketed as 5/308-04. Arbitral manager Mr. Glebov
V. (License Number AA 630087 approved December 4, 2004) has been
appointed temporary insolvency manager.
Creditors have until July 4, 2004 to submit their proofs of
claim to:
(a) TERNIVKA
24605, Ukraine, Vinnitsya region,
Krizhopil district, Ternivka
(b) ECONOMIC COURT OF VINNITSYA REGION
21036, Ukraine, Vinnitsya region,
Hmelnitske shose, 7
Ternivka holds Account Number 260074766 at JSPPB Aval, Krizhopil
branch, MFO 302247.
CONTACT: TERNIVKA
24605, Ukraine, Vinnitsya region,
Krizhopil district, Ternivka
ECONOMIC COURT OF VINNITSYA REGION
21036, Ukraine, Vinnitsya region,
Hmelnitske shose, 7
UKRAINIAN INDUSTRIAL: Bankruptcy Supervision Starts
---------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Ukrainian Industrial Complex (code
EDRPOU 31407600). The case is docketed as 23/205-B. Arbitral
manager Mr. Krikun V. (License Number AA 669678 approved on
September 2, 2003) has been appointed temporary insolvency
manager.
Creditors have until July 4, 2004 to submit their proofs of
claim to:
(a) UKRAINIAN INDUSTRIAL COMPLEX
01103, Ukraine, Kyiv region,
Druzhbi Narodiv boulevard, 8/9
(b) Temporary Insolvency Manager
Phone: 234-47-55
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij boulevard, 44-B
Ukrainian Industrial Complex holds account numbers
260080171910/978/840/810, 260090171900 at JSB Brokbiznesbank,
Kyiv region, MFO 300249, and account number 600900560073/840/980
at JSCB Praveks Bank, Kyiv region, MFO 321983.
CONTACT: UKRAINIAN INDUSTRIAL COMPLEX
01103, Ukraine, Kyiv region,
Druzhbi Narodiv boulevard, 8/9
Mr. Krikun V.
Temporary Insolvency Manager
Phone: 234-47-55
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij boulevard, 44-B
VIZHNITSKE REPAIR: Under Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Chernivtsi region commenced bankruptcy
supervision procedure on OJSC VIZHNITSKE REPAIR-TRANSPORT
ENTERPRISE (code EDRPOU 03767096) on April 15, 2004. The case
is docketed as 10/55/B. Arbitral manager Mrs. Dutchak Tetyana
(License Number AA 520126 approved on July 2, 2003) has been
appointed temporary insolvency manager.
Creditors have until July 4, 2004 to submit their proofs of
claim to:
(a) VIZHNITSKE REPAIR-TRANSPORT ENTERPRISE
59222, Ukraine, Chernivtsi region,
Vizhnitskij district, Ispas
(b) Temporary Insolvency Manager
58001, Ukraine, Chernivtsi region,
Chervonoarmijska str. 52/2
Phone: 8-050-6612290
(c) ECONOMIC COURT OF CHERNIVTSI REGION
58000, Ukraine, Chernivtsi region,
O. Kobilyanska str. 14
Vizhnitske Repair-Transport Enterprise holds account number
260082812 at JSPPB Aval, Chernivtsi regional branch, MFO 356464;
26000359518001 at Privatbank, Chernivtsi branch, MFO 356282; and
260043013172 at OJSC Oshadnij bank, Vizhnitska branch.
CONTACT: VIZHNITSKE REPAIR-TRANSPORT ENTERPRISE
59222, Ukraine, Chernivtsi region,
Vizhnitskij district, Ispas
Mrs. Dutchak Tetyana
Temporary Insolvency Manager
58001, Ukraine, Chernivtsi region,
Chervonoarmijska str., 52/2
Phone: 8-050-6612290
ECONOMIC COURT OF CHERNIVTSI REGION
58000, Ukraine, Chernivtsi region,
O. Kobilyanska str., 14
VOSKRESENKA: Sumi Court Commences Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Voskresenka (code EDRPOU 30880472).
The case is docketed as 7/34-04. Mr. Ponomarenko Grigorij
(License Number AA 485427 approved on March 31, 2003) has been
appointed temporary insolvency manager. Voskresenka holds
Account Number 260013311007 at Oshadbank, Burin branch, MFO
337632.
CONTACT: VOSKRESENKA
41700, Ukraine, Sumi region,
Burinskij district, Voskresenka
Mr. Ponomarenko Grigorij
Temporary Insolvency Manager
40011, Ukraine, Sumi region,
Privokzalna square, 9, office 5
Phone: 25-13-11
ECONOMIC COURT OF SUMI REGION
40477, Ukraine, Sumi, Ribalko str., 2
===========================
U N I T E D K I N G D O M
===========================
ABBEY NATIONAL: Sells GBP863 Million Asset Finance, Leasing Biz
---------------------------------------------------------------
In another disposal of non-core assets, Abbey entered into an
agreement to sell its asset finance and leasing businesses to
ING Lease (U.K.) Ltd (ING). These businesses are Asset Finance,
Country Finance and Vendor Finance and predominantly provide
specialist finance to the SME sector.
Within the SME sector, going forward, Abbey will focus on
business banking and commercial mortgages -- areas that are more
closely linked to Abbey's core personal financial services
business.
ING will pay a cash consideration for the businesses, which have
a combined portfolio of approximately GBP863 million. It is
anticipated that 243 Abbey employees will transfer to ING upon
completion of the deal by month's end.
ABSOLUTE MORTGAGES: Hires Receiver from B & C Associates
--------------------------------------------------------
The Absolute Mortgages Direct Limited Company has appointed at
Jeffrey Mark Brenner of B & C Associates as joint administrative
receivers. The appointment was made June 3, 2004.
Absolute Mortgages' is a mortgage broker company. Its
registered office address is located at Trafalgar House,
Grenville Place, Mill Hill, London NW7 3SA
CONTACT: B & C ASSOCIATES
Trafalgar House, Grenville Place,
Mill Hill, London NW7 3SA
Receiver:
Jeffrey Mark Brenner
(IP No 9301)
APEX DYERS: Hires PricewaterhouseCoopers Administrator
------------------------------------------------------
Stuart Maddison and Robert J Hunt of PricewaterhouseCoopers have
been appointed joint administrative receivers for Apex Dyers and
Finishers Ltd Company. The appointment was made June 8, 2004.
The company is under trade classification 08, manufacturer of
clothing and textiles. Its registered office address is located
at Unit 21-23, 12 Nansen Road, Leicester, Leicestershire LE5
5FY.
CONTACT: PRICEWATERHOUSECOOPERS
Cornwall Court,
19 Cornwall Street,
Birmingham B3 2DT
Receivers:
Stuart Maddison
Robert J Hunt
(IP Nos 1338, 8597)
ATMOSPHERIC LIMITED: Meeting of Creditors Set June 25
-----------------------------------------------------
The unsecured Creditors of Atmospheric Limited Company will have
a General Meeting on June 25, 2004 at 11:00 a.m. It will be
held at the offices of BDO Stoy Hayward, 8 Baker Street, London
W1U 3LL.
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, 8 Baker Street, London W1U 3LL
not later than 12:00 noon, June 24, 2004.
CONTACT: BDO STOY HAYWARD
8 Baker Street
London W1U 3LL
Contact:
D H Gilbert, Joint Administrative Receiver
BCSL LIMITED: Appoints Insol House Administrator
------------------------------------------------
The BSCL Limited Company has appointed R F Simms and A R Limb of
Insol House as joint administrative receivers. The appointment
was made May 28, 2004.
The company supplies computer equipment. Its registered office
address is located at Insol House, 39 Station Road, Lutterworth,
Leicestershire LE17 4AP.
CONTACT: INSOL HOUSE
39 Station Road, Lutterworth,
Leicestershire LE17 4AP
Receivers:
R F Simms
A R Limb
(IP Nos 9252, 8955)
CEROANNI LIMITED: Hires Receiver from Milsted Langdon
-----------------------------------------------------
The Ceroanni Limited Company has appointed Roger Anthony
Stanford Isaacs of Milsted Langdon as joint administrative
receiver. The appointment was made June 11, 2004.
The company sells wedding clothing. Its registered office
address is located at One Redcliff Street, Bristol BS1 6NP.
CONTACT: MILSTED LANGDON
Winchester House,
Deane Gate Avenue, Taunton,
Somerset TA1 2UH
Receiver:
Roger Anthony Stanford Isaacs
(IP No 8966)
CPC FOODS: Creditors Meeting Set June 22
----------------------------------------
Creditors of CPC Foods U.K. Limited will have a meeting on June
22, 2004 at 2:00 p.m. It will be held at David Rubin &
Partners, Pearl Assurance House, 319 Ballards Lane, London N12
8LY.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to David Rubin & Partners, Pearl Assurance House,
319 Ballards Lane, London N12 8LY not later than 12:00 noon,
June 21, 2004.
CONTACT: DAVID RUBIN & PARTNERS
Pearl Assurance House,
319 Ballards Lane,
London N12 8LY
Contact:
D Rubin, Joint Administrator
CRANFORD DEVELOPMENTS: Special Winding up Resolution Passed
-----------------------------------------------------------
At an Extraordinary General Meeting of the Cranford Developments
(Long Eaton) Limited Company on June 9, 2004 held at Charnwood
House, Gregory Boulevard, Nottingham NG7 6NX, the subjoined
Special Resolution to wind up the company was passed.
DATUM PRECISION: In Administrative Receivership
-----------------------------------------------
Close Invoice Finance Limited called in John Arthur Kirkpatrick
and Peter Bridger of Bridgers as receivers for Datum Precision
Tooling Limited Company (Reg No 2688019). The application was
filed June 11, 2004. Precision engineers run the company.
CONTACT: BRIDGERS
47 London Street,
Reading RG1 4PS
Receivers:
John Arthur Kirkpatrick
Peter Bridger
(Office Holder Nos 002230, 009876)
DOUBLE ACTION: Eurofactor Limited Appoints Harrisons Receiver
-------------------------------------------------------------
Eurofactor (U.K.) Limited called in P R Boyle and D P G Walker
of Harrisons as receivers for holding company, Double Action
(Holdings) Limited (Reg No 04809774). The application was filed
June 9, 2004.
CONTACT: HARRISONS
4 St Giles Court,
Southampton Street,
Reading RG1 2QL
Receivers:
P R Boyle
D P G Walker
(Office Holder Nos 008897, 002649)
ELECTRO MAGNETIC: Appoints KPMG Liquidator
------------------------------------------
At an Extraordinary General Meeting of the Electro Magnetic
Technology Limited Company on June 8, 2004 held at KPMG,
Marlborough House, Fitzalan Court, Fitzalan Road, Cardiff CF24
0TE, the Ordinary and Extraordinary Resolutions to wind up the
company were passed. Richard John Hill of KPMG has been
appointed Liquidator for the purpose of such winding-up.
CONTACT: KPMG
Marlborough House
Fitzalan Court, Fitzalan Road,
Cardiff CF24 0TE
Contact:
Richard John Hill, Liquidator
E.M. TOOL: Hires Receivers from Numerica
----------------------------------------
Nicholas Hugh O'Reilly and Jonathan Mark birch of Numerica have
been appointed joint administrative receiver for E.M. Tool
Company Limited. The appointment was made June 8, 2004. The
company designs and manufactures specialist machines.
CONTACT: NUMERICA
PO Box 2653,
66 Wigmore Street,
London W1A 3RT
Receivers:
Nicholas Hugh O'Reilly
Jonathan Mark Birch
(IP Nos 8309, 5328)
ENBY LIMITED: Appoints Gibson Booth Administrator
-------------------------------------------------
The ENBY U.K. Limited Company has appointed Edward Christopher
Wetton of Gibson Booth as joint administrative receiver. The
appointment was made June 10, 2004. The company sells hardware
and plumbing. Its registered office address is c/o Gibson
Booth, 12 Victoria Road, Barnsley S70 2BB.
CONTACT: GIBSON BOOTH
15 Victoria Road, Barnsley,
South Yorkshire S70 2BB
Receiver:
Edward Christopher Wetton
(IP No 6229)
EQUITABLE LIFE: Lowers Claims Against Ex-directors by Almost 50%
----------------------------------------------------------------
Equitable Life is lowering its demand for damages from former
directors and auditor allegedly responsible for its near
collapse.
The company trimmed down its claim from GBP3.3 billion to
GBP1.76 billion. It plans to also reduce its claim against
former auditor Ernst & Young, though the exact amount is yet to
be determined, according to The Telegraph. A spokesman for the
company refused to comment on the matter.
The trial against the firm's former directors and auditor is set
to begin in April 2005 at the High Court of Mr. Justice Langley.
They are accused of failing to save the company by selling it
when it was yet an option in 1998. Experts, however, opine a
sale of the entire business then was improbable.
Equitable was brought down to its knees in 2000 when the House
of Lords ordered the company to honor guaranteed pensions to
clients. The ruling drained the company of some GBP1.5 billion.
EXCEL PRINT: Eurofactor Limited Names Grant Thornton Receiver
-------------------------------------------------------------
Eurofactor (U.K.) Limited called in Andrew Hosking and Anthony
Flynn of Grant Thornton as receivers for Excel Print Investment
Limited Company (Reg No 03371258, Trade Classification: 35).
The application was filed June 3, 2004. The company buys and
sells real estates.
CONTACT: GRANT THORNTON HOUSE
Melton Street,
Euston Square,
London NW1 2EP
Receivers:
Andrew Hosking
Anthony Flynn
(Office Holder Nos 5329, 8619)
FARAGO LIMITED: Appoints Receivers from PricewaterhouseCoopers
--------------------------------------------------------------
Textile Weaving Company, Farago Limited has appointed Stuart
Maddison and Robert J Hunt of PricewaterhouseCoopers as joint
administrative receivers. The appointment was made June 8,
2004. The company's registered office address is located at 333
Humberstone Lane, Leicester LE4 9JR.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Cornwall Court,
19 Cornwall Street,
Birmingham B3 2DT
Receivers:
Stuart Maddison
Robert J Hunt
(IP Nos 1338, 8597)
GLENSHEE CHAIRLIFT: Receivers to Accept Bids Until June 25 Only
---------------------------------------------------------------
The Joint Receivers of Glenshee Chairlift Company Ltd., Blair
Nimmo and Neil Armour, on Thursday announced a closing date for
offers for both the Glenshee Ski Resort and the Glenisla golf
course, near Alyth.
The closing date is 4:00 p.m. on Friday 25 June 2004. Offers
are invited for both businesses, separately or together.
Joint Receiver Blair Nimmo, head of KPMG Corporate Recovery in
Scotland, said: "This is a positive development for the
stakeholders, including the employees, in both of these
businesses. We are confident of achieving a sale of each
business as a going concern, and we would ask any interested
party who has not already advised us of their interest to
contact us at KPMG, 37 Albyn Place, Aberdeen (Phone: 01224
591000) as a matter of urgency."
* * *
The Glenshee Chairlift Company Ltd -- comprising the Glenshee
and Glencoe ski resorts, as well as the Glenisla golf course,
near Alyth -- went into receivership on Thursday 6th May. A
preferred bidder, Glencoe Mountain Resort Ltd., was announced
for the Glencoe Ski Resort, and that sale is expected to be
formally completed imminently.
CONTACT: KPMG
Wilma Littlejohn
Corporate Communications
Phone: 0131 527 6818
Mobile: 07789 922521
E-mail: wilma.littlejohn@kpmg.co.uk
Web site: http://www.kpmg.co.uk
HERA RECRUITMENT: Close Invoice Appoints Receivers
--------------------------------------------------
Close Invoice Finance Limited called in David Harry Gilbert and
Simon James Michaels receivers for Hera Recruitment Limited
Company (Reg No 02321620, Trade Classification: 38). The
application was filed June 9, 2004. The company is a
recruitment agency.
CONTACT: David Harry Gilbert
Simon James Michaels
(Office Holder Nos 2376/01, 8824/01)
8 Baker Street,
London W1U 3LL
HOLLINGER INC.: Daily Mail Quits Race for Telegraph Asset
---------------------------------------------------------
Daily Mail & General Trust confirmed it has dropped out of the
race for Britain's Telegraph, the flagship newspaper asset of
Hollinger International.
The Daily Mail bid in the last minute with CVC Capital, but
sources say the tandem broke down after the buyout firm balked
at the price tag. The contest is now left between billionaire
Barclay brothers and a consortium of buyout firms consisting of
venture capital firm 3i III.L and U.S. buyout shop Veronis
Suhler Stevenson. Bids as high as GBP700 million are predicted
likely to turn up.
The inspection of the bids by Hollinger's interim chief
executive, which has been expected these days, was delayed
because of a breakout of yet another scandal in the company,
sources told Reuters. Hollinger recently admitted it overstated
circulation figures at its Chicago Sun-Times newspaper.
The Telegraph group, which comprises the Daily Telegraph, was
offered for sale after Hollinger's board and its former chief
executive, Conrad Black, had a falling out after it was
discovered that Lord Black received management payments without
the knowledge of the body.
INTER AIR: Sets Creditors Meeting June 30
-----------------------------------------
The Inter Air Limited Company will have a Creditors Meeting on
June 30, 2004 at 10:30 a.m. It will be held at Southampton Park
Hotel, Cumberland Place, Southampton, Hampshire SO15 2WY.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to hjs Recovery, 12-14 Carlton Place, Southampton,
Hampshire SO15 2EA not later than 12:00 noon, June 29, 2004.
CONTACT: HJS RECOVERY
12-14 Carlton Place,
Southampton,
Hampshire SO15 2EA
Contact:
G Johnston, Administrative Receiver
INTRINSIC VALUE: Names PricewaterhouseCoopers Liquidator
--------------------------------------------------------
At an Extraordinary General Meeting of Intrinsic Value PLC on
June 10, 2004 the Special Resolution to wind up the company was
passed. Richard Setchim and Jonathan Sisson of
PricewaterhouseCoopers LLP have been appointed Liquidators for
the purpose of winding up.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Plumtree Court
London EC4A 4HT
United Kingdom
Phone: [44] (20) 7583 5000
Fax: [44] (20) 7822 4652
Web site: http://www.pwcglobal.com
Contact:
Richard Setchim, Liquidator
Jonathan Sisson, Liquidator
INVARO: Quells Rumors of Potential Collapse
-------------------------------------------
Personal injury specialist Invaro may have ceased trading but it
will not go under, the firm it hired to oversee its
restructuring, Smith and Williamson, said.
According to partner Tony Murphy: "The company has not
collapsed. Restructuring of the business is under way and
should be completed shortly. Some of its business it won't
keep, but the majority, it will." Mr. Murphy is responding to
widespread speculations that the firm will follow the fate of
most of its peers, including Claims Direct, and The Accident
Group.
Smith and Williamson is to be formally appointed as liquidator
of the firm at a creditor meeting on Tuesday.
LONG EATON: Names PwC Administrator
-----------------------------------
The Long Eaton Textile Services Limited Company has appointed
Stuart Maddison and Robert J Hunt of PricewaterhouseCoopers as
joint administrative receivers. The appointment was made June
10, 2004.
The company manufactures clothing and textile. Its registered
office address is located at Byepass Road, Chilwell, Beeston,
Nottingham NG9 5HP.
CONTACT: PRICEWATERHOUSECOOPERS
Cornwall Court,
19 Cornwall Street,
Birmingham B3 2DT
Receivers:
Stuart Maddison
Robert J Hunt
(IP Nos 1338, 8597)
MACHINERY SPECIALISTS: Calls in Liquidator
------------------------------------------
At an Extraordinary General Meeting of the Machinery Specialists
Limited Company on June 11, 2004 held at 82B Ashley Gardens,
Thirleby Road, London SW1P 1HG, the Special Resolution to wind
up the company was passed. Stephen Robert Cork, Insolvency
Practitioner, licensed by the Insolvency Practitioners'
Association of Smith & Williamson Limited has been appointed
Liquidator of the Company for the purpose of such winding-up.
MEADBRIDGE PLC: Winding up Resolutions Passed
---------------------------------------------
At an Extraordinary General Meeting of the Meadbridge PLC
Company on June 2, 2004 held at Moore Stephens Corporate
Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3
1PB, the Special and Ordinary Resolutions to wind up the company
were passed. Roderick Graham Butcher of Moore Stephens
Corporate Recovery, Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB has been appointed Liquidator for the purpose
of such winding-up.
CONTACT: MOORE STEPHENS CORPORATE RECOVERY
Beaufort House
94-96 Newhall Street,
Birmingham B3 1PB
Contact:
Roderick Graham Butcher, Liquidator
MG ROVER: Teams with Shanghai Automotive to Develop New Models
--------------------------------------------------------------
MG Rover Group with parent company Phoenix Venture Holdings
(PVH) and Shanghai Automotive Industry Corporation (SAIC)
announce that following the signing of an agreement, they have
now entered into an exclusivity arrangement in order that the
companies can develop a far-reaching strategic relationship.
This co-operation will fund the development of new model
programs and will facilitate the exploitation of the global car
market for the MG and Rover brands. This will, of course,
include the very important Chinese car market.
The signing of the agreement took place on Thursday, June 16, at
SAIC headquarters in Shanghai. Attending the ceremony was a
senior delegation from both organizations, including Nick
Stephenson (Vice-Chairman - PVH), Mr. Chen Xianglin (Chairman -
SAIC) and Mr. Hu Maoyuan (President - SAIC).
Kevin Howe, Group Chief Executive of PVH said "Recently we have
had discussions with several companies in China. We are
delighted at the prospect of entering into a relationship with
such a successful and respected partner, which will see a
significant expansion in volumes of current and future
products."
Both companies are looking forward to announcing further details
after obtaining the necessary regulatory approvals.
SAIC is the largest passenger car manufacturer in China,
producing 600,000 passenger cars in 2003 with major joint
venture partners General Motors and Volkswagen. SAIC supplies
up to 30% of the total car market in China. In 2003, SAIC's
annual turnover was $11.7 billion from an asset base of $9.1
billion.
MYTRAVEL GROUP: Chief Operating Officer Leaves for Sodexho
----------------------------------------------------------
MyTravel Group plc on Thursday announced that Philip Jansen has
resigned as Group Chief Operating Officer, to take up a position
as CEO of U.K. and Ireland for Sodexho Alliance, the
international food service company. He will leave the Board
with immediate effect and will leave the Group on 30 September
2004, following an orderly hand-over of his current
responsibilities.
MyTravel Group Chairman Michael Beckett said: "Philip became
Group Chief Operating Officer in October 2002, having joined
MyTravel only a month before as European Chief Executive. We
are very grateful to him for his valuable contribution during
this difficult time for the group, and we wish him well in his
new job."
MyTravel has changed significantly with the disposal of its
business in Germany and most of its U.S. businesses. The
structure of the company is now three divisions based on
geographical markets, the U.K., Northern Europe and North
America. Northern Europe and North America are headed
respectively by Sam Weihagen and Michael Friisdahl. We intend
to appoint a chief executive for the U.K. division and until
then Peter McHugh, Group Chief Executive, will take direct
responsibility for the U.K.
[T]he company also announced the appointment of John Bloodworth,
former head of MyTravel U.S.A, as Managing Director, Tour
Operations and Retail in the U.K. core business.
CONTACT: BRUNSWICK
Fiona Antclife
Sophie Fitton
William Cullum
Phone: 020 7404 5959
NBC LIMITED: Appoints Haines Watts Administrator
------------------------------------------------
Cleaning Services Company, NBC (U.K.) Limited has appointed
Andrew Appleyard and David Michael Clements as joint
administrative receivers. The appointment was made May 26,
2004.
CONTACT: HAINES WATTS
Canterbury House,
85 Newhall Street,
Birmingham B3 1LH
Receivers:
Andrew Appleyard
(IP No 1224)
HAINES WATTS
3rd Floor,
70-74 City Road,
London EC1Y 2BJ
Receiver:
David Michael Clements
(IP No 8765)
PARAGON PRINTS: Names PricewaterhouseCoopers Administrator
----------------------------------------------------------
The Paragon Prints Limited Company has appointed Stuart Maddison
and Robery J Hunt of PricewaterhouseCoopers as joint
administrative receivers. The appointment was made June 8,
2004.
The company manufactures clothing and textiles. Its registered
office address is located at 167 London Road, Leicester LE2 1EG.
CONTACT: PRICEWATERHOUSECOOPERS
Cornwall Court,
19 Cornwall Street,
Birmingham B3 2DT
Receivers:
Stuart Maddison
Robert J Hunt
(IP Nos 1338, 8597)
PST LIMITED: Meeting of Creditors Set June 30
---------------------------------------------
There will be a Creditors Meeting of the PST (International)
Limited Company on June 30, 2004 at 11:00 a.m. It will be held
at The Wesbury Hotel, Bond Street, London W1S 2YF.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Tenon Recovery, Sherlock House, 73 Baker Street,
London W1U 6RD not later than 12:00 noon, June 29, 2004.
CONTACT: TENON RECOVERY
Sherlock House
73 Baker Street,
London W1U 6RD
Joint Administrators:
Simon Robert Thomas
Steven John Parker
RESONA HD: Dissolves Consolidated U.K. Subsidiary
-------------------------------------------------
Resona Holdings, Inc. (Resona HD, hereafter) hereby announces
that it passed a resolution to dissolute one of its consolidated
subsidiaries, Resona Bank (Capital Management) Plc (the Company
hereafter), contingent on the approvals from competent
authorities.
(a) Reason for the Dissolution
The Company was established in December 1980, as an overseas
affiliated company of the former Daiwa Bank. Resona Bank
decided to dissolute the Company to rationalize its overseas
offices.
Resona Bank will concentrate its overseas offices in the Asian
region, and step up efforts to provide high quality services to
its customers.
(b) Outline of the Company
(i) Corporate name Resona Bank (Capital Management) Plc.
(ii) Address Level 18, City Tower, 40 Basinghall Street,
London EC2V 5DE, United Kingdom
(iii) Representative Hiroyuki Nishida
(iv) Amount of capital GBP 33,600 thousands (100% owned by
Resona Bank, Ltd.)
(v) Line of business Securities business, investment
advisory business
(c) Schedule
Corporate resolution for dissolution of the Company will duly be
made around the end of September 2004.
(d) Impact of This Development on the Forecasted Earnings
The previous earnings forecasts of Resona HD for the fiscal year
ending March 31, 2005, which were announced on May 24, 2004,
remain the same.
ST. DAVID'S: Calls in Administrative Receivers
----------------------------------------------
On 14 April 2004 St. David's Investment Trust PLC announced that
the Shareholder meetings convened in respect of the proposals to
restructure the Company's share capital and amend the Articles
of Association of the Company had been adjourned. The
adjournments resulted from the Company receiving objections from
a minority of Shareholders advised by Class Law LLP, claiming
that the Proposals were unfairly prejudicial to some
Shareholders including their clients. Class Law threatened to
petition the court under section 459 of the Companies Act 1985
to prevent the Proposals being implemented.
Since 14 April 2004 the Board and its advisers have attempted to
resolve the objections of Class Law and their clients to the
Proposals whilst also maintaining the continuing support of the
Company's lending bank, The Royal Bank of Scotland.
Unfortunately, despite negotiations with Class Law, their
clients have refused to withdraw their threat to petition the
court under section 459 if the Board were to proceed with the
Proposals. Legal counsel has advised the Board that the Company
should not seek to implement the Proposals without an
undertaking from Class Law and their clients not to proceed
under section 459.
The Board stressed, in the circular dated 19 March 2004 setting
out the Proposals, that if they were "not implemented the Board
believes it may seriously jeopardize its efforts to realize
value for Shareholders. At the very least, failure to implement
the Proposals is likely to hamper the Board's ability to realize
the optimal market value for the Company's investment losses."
It was further emphasized to Class Law and their clients that in
frustrating the implementation of the Proposals they were
greatly increasing the risk of the Company not surviving. In
addition, the Bank was unfortunately not prepared to contemplate
the proposed means of addressing the concerns of Class
Law arising from the restructuring.
As a result of these circumstances, the Board has invited RBS to
appoint administrative receivers. Accordingly, Tom Burton and
Patrick Brazzill of Ernst & Young LLP have been appointed joint
administrative receivers of the Company.
From Thursday therefore all classes of the Company's securities
(including its Combination Preference Packages) have been
suspended from trading on The London Stock Exchange and from the
Official List of the U.K. Listing Authority.
The Board is extremely disappointed that after more than two
years of trying to re-establish the long-term financial survival
of the Company, its efforts to recover at least some value for
Shareholders have been frustrated.
All Shareholder enquiries should now be made directly to the
administrative receivers, the contact details for whom are set
out below.
A copy of this announcement will be sent to all Shareholders.
17 June 2004
CONTACT: ERNST & YOUNG LLP
Ten George Street
Edinburgh EH2 2DZ
Phone: 0131 777 2000
Fax: 0131 777 2213
SVENSKA PALMER: Sets Creditors Meeting June 29
----------------------------------------------
Svenska Palmer Construction Limited Company will have a
Creditors Meeting on June 29, 2004 at 10:00 a.m. It will be
held at the Holiday Inn Express, Emerson Road, Washington, Tyne
and Wear NE37 1LB.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP not later than 12:00 noon, June
28, 2004.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Benson House,
33 Wellington Street,
Leeds LS1 4JP
Joint Administrators:
I D Green
D M Walker
WATERFORD WEDGWOOD: Scraps Dividend After EUR44.9 Mln Loss
----------------------------------------------------------
Highlights of preliminary results for the year ended 31 March
2004:
Year to Year to
31 March 2004 31 March 2003
EUR millions EUR millions
Sales
- at prevailing exchange rates 831.9 951.3
- at constant exchange rates 831.9 860.7
Operating profit/(loss)
- pre goodwill amortization
and exceptional items 28.4 64.2
- post goodwill amortization
and exceptional items (14.8) 21.6
EBITDA 68.1 114.9
Pre-tax (loss)/profit (44.9) 7.2
Year end debt 382.9 356.7
Net interest expense (32.4) (25.3)
(Loss)/earnings per share - cents
- pre goodwill amortization and
exceptional items (0.96)c 4.23c
- post goodwill amortization
and exceptional items (5.63)c 0.22c
Dividend per share - 1.9c
(a) Sales at EUR831.9 million were 3.3% down at constant
exchange rates and 12.6% down at prevailing rates (2003:
EUR951.3 million)
(b) Operating profit before goodwill and restructuring charge of
EUR28.4 million, down from EUR64.2 million due in large part
to adverse exchange
(c) EBITDA (earnings before interest, tax, depreciation,
amortization and restructuring charge) of EUR68.1 million
(2003: EUR114.9 million)
(d) Operating margin of 3.4% (2003: 6.7%), due mainly to adverse
exchange
(e) Net debt was EUR382.9 million
(f) Post balance sheet date agreement to sell All-Clad for $250
million (about EUR205 million) in cash (cost of All-Clad in
1999: $110 million)
"The All-Clad disposal is a significant milestone. Our balance
sheet will be substantially improved when we receive the
proceeds. As our debt falls, interest cost will reduce
significantly. That will allow us to re-invest in marketing, to
drive our top line and to enhance our margin. It is the
essential first step of our Plan for Growth. We remain
committed to this fine company and its great brands."
Sir Anthony O'Reilly
Chairman
17 June 2004
Chief Executive's Statement
Results
"It was another challenging year for your group and for others
in our industry. Although there was some improvement in the
second half, the full year results did not meet our standards.
Earnings before interest, taxation, depreciation, amortization
and restructuring charges were EUR68.1 million, compared to
EUR114.9 million in fiscal 2003. The first six months were
especially tough due to the war in Iraq and the SARs epidemic.
"The continuing weakness of the U.S. dollar has been unhelpful
to us. About half of our business is denominated in dollars.
Consider the rates at which we did business over the past two
years. In the three months to March 2002, the exchange rate was
EUR1 = $0.88. In the financial year to March 2003, we
translated at EUR1 = $1. In the year to March 2004, the rate
was EUR1 = $1.18. This deterioration in the dollar makes our
costs, whether in Ireland or the U.K., higher in dollar terms.
It makes the revenues from the U.S. lower when translated into
euro.
"As a result, our operating profit was EUR28.4 million compared
with EUR64.2 million in 2003. Unfortunately, the significant
benefits from the restructuring of recent years were not
sufficient to overcome the impact of a weaker dollar and lower
volumes. It is important to note that the adverse effect of
exchange rates was EUR30 million, principally due to the U.S.
Dollar.
"Our sales for the year were EUR831.9 million, EUR119.4 million
lower than in 2003. At constant currency, the fall was EUR28.8
million or 3.3%. We lost EUR49.3 million after tax and minority
interests compared to a net profit of EUR1.8 million the
previous year. We do not propose to pay a dividend.
"Although the numbers set out in these results provide evidence
of the challenging conditions we faced, there was some good
news. Core sales of Rosenthal increased in a very difficult
retail environment. Cash's Mail Order, which we purchased in
2002, experienced strong demand. Vera Wang, our very successful
bridal range at Wedgwood, more than doubled. Our licensed sales
in Japan continued to be enormously successful. Other brand
extensions and designer alliances also did well.
Plan for Growth
"We all recognize that these results are not satisfactory. We
also recognize that our long-term success cannot be contingent
on exchange rates or other external factors. We will chart our
own destiny. We are now positioning the Group to be profitable,
even at a weak Euro-Dollar exchange rate. We cannot wait for
the dollar to strengthen.
"Accordingly, in recent months, we have begun to implement a
Plan for Growth. The proposed sale of All-Clad is the essential
first step in this plan. Subject to necessary approvals, the
proceeds (about EUR205 million, before expenses of approximately
EUR8 million) are scheduled to be received at the end of July.
These proceeds will be used to reduce our debt, which at
EUR382.9 million on March 31, is too high. Most of this debt
was incurred in making substantial capital investment in our key
plants, closing non-core plants and on acquisitions. There will
be a significant reduction in the cost of servicing our debt
going forward.
"In parallel, our plan encompasses a root-and-branch review of
our business to reduce required working capital. Too much of
our money is used to finance inventory. By changing the way we
do business, we will free up cash. We have engaged consultants
to help with this project. We expect that, over the next 18
months, our team will release a significant amount of cash from
the business. There may be a once-off adverse effect on the
profit-and-loss account but this would be offset against our
much greater capital gain on the disposal of All-Clad.
"Next, we will apply some of the freed-up working capital to
supporting our great core brands. In the second half of the
current year, we will begin to increase marketing spend, growing
in 2006/7 to at least EUR20 million more than previously
allocated to marketing.
"There is much more to marketing than just spending. We have
begun to implement new marketing plans. We will also broaden
our design alliances to support a new crystal range for the U.S.
We are confident that we can replicate the success of our many
brand extensions and designer alliances: Vera Wang, Jasper
Conran, Andy Warhol, Emeril Lagasse, to name just a few. In
addition, we will target significant sales at the casual
segment.
"The appointments of Peter Cameron, currently Chief Executive of
All-Clad, as Chief Operating Officer and Paul D'Alton as Chief
Financial Officer are an integral part of our Plan for Growth.
"Your management team is confident that, with increased sales,
the substantial investment in plant and restructuring completed
over recent years will bear fruit. Between 1997 and 2004, we
spent over EUR300 million on technology and restructuring with
the result that, on an incremental cost basis, while maintaining
the highest quality in the world, our European-based production
unit costs are close to those achieved in the People's Republic
of China. This means that as we drive increased volume through
our state-of-the-art plants, we will achieve substantially
improved margins and profits."
Financial
Balance sheet
On the financial front, the Group has totally restructured its
debt profile, putting balanced facilities in place with an
average life of five years including a seven-year high yield
bond of EUR166 million. The new structure was completed in
December 2003 by a rights issue of EUR38.5 million. At year-end,
the Group had net assets of EUR198 million (2003: EUR204
million). This will increase substantially with the All-Clad
proceeds.
Operating profit before goodwill amortization and exceptional
charges
Group operating profit was EUR28.4 million (2003: EUR64.2
million). Margin erosion and pension costs, translation and
transaction exchange rate impacts, primarily in the U.S. dollar,
account for most of the year-over-year changes.
EBITDA
During 2004, the Group earned EUR68.1 million EBITDA, before
restructuring charges (2003: EUR114.9 million). The impact of
the U.S. dollar, weaker sales, competitive pressure on margins,
particularly in the latter part of the year, all combined to
produce this less-than-satisfactory performance.
Market expectations were in the region of EUR80 million after
the third quarter. The shortfall was due to tighter margins
particularly in Germany and the U.S. and higher than anticipated
pension costs at Rosenthal.
Cash Flow and Debt
Net debt at 31st March 2004, was EUR382.9 million, broadly in
line with market expectations. Before rights issue proceeds of
a gross EUR38.5 million, cash outflow during the year was
EUR109.5 million primarily related to a major restructuring at
Wedgwood including the closure of two U.K. based factories and
consolidation of facilities into a single U.K. production
location and the rationalization of over 1,100 jobs, and
financing fees.
Sector Overview
Crystal
Crystal sales declined from EUR314.3 million to EUR263.2 million
(-16.3%). At constant exchange rates, the decline was 7%.
Operating profit was EUR3.1 million, down from EUR28 million.
Our brands maintained their market share in the United
States, Ireland and the U.K.
Ceramics
Ceramics sales fell from EUR414.2 million to EUR365.6 million
(-11.7%). At constant exchange rate, the decline was 5.5%.
There was an operating loss of EUR0.4 million compared to an
operating profit of EUR3 million in 2003. Consumer demand was
weak in Britain, Germany and the rest of Europe. On the other
hand, Japanese sales were up by 7.5% and U.S. sales -- boosted
by the highly successful Vera Wang bridal range -- were up 4.2%.
Other Products
Our other products sector grew from EUR101 million to EUR103
million (+2%). At constant exchange rates, sales were up 18%.
There was an operating profit of EUR12.8 million, up from
EUR11.7 million. Cash's Mail Order and Waterford's Holiday
Heirloom range of Christmas products were the main contributors.
Cookware
Sales of cookware were down from EUR121.8 million to EUR100.1
million (-17.8%) or by 3.3% at constant exchange rates.
Operating profit was EUR12.9 million, down from EUR21.5 million.
In January 2004, following several unsolicited approaches, we
appointed advisers to evaluate the possibility of the sale of
All-Clad, our U.S. luxury cookware company. On June 2, we
agreed a sale price of $250 million, about $50 million above
market expectations. The sale to Groupe SEB is scheduled to
close by 1 August.
All-Clad contributed EUR18.3 million of EBITDA, EUR17 million of
operating profit before goodwill amortization. Although it made
a significant contribution to EBITDA, the after tax impact of
the disposal is small compared with the interest reducing effect
of the EUR205 million all cash consideration.
With the sale of All-Clad, we are retaining Spring, our Swiss
cookware brand, one of the industry's great luxury names in fine
cookware. We will therefore retain a presence in this market
segment.
Restructuring
Last year, the Group announced restructuring actions at both
Wedgwood and Waterford, which were designed to reduce
manufacturing headcount by about 1,000 people. Implementation
of these plans is now largely complete. The related outsourcing
of Johnson Brothers Earthenware Products to the Peoples Republic
of China has been successful.
Board/Management Changes
Paul D'Alton who took over as Chief Financial Officer on 4 May,
2004 has been appointed to the Board effective 17 June 2004.
Peter Cameron, Chief Executive of All-Clad, will become Group
Chief Operating Officer. Bob Niehaus, a non-executive Director
since 1990, has retired from the Board as has Brian Patterson, a
Board member since 1992. Richard Barnes, a Director since 1993
and former Finance Director has also retired from the Board.
Current trading
Trading in June is a little ahead of last year. At constant
exchange, we expect that volumes in the first quarter will be 2%
ahead of the same period last year.
Redmond O'Donoghue
Group Chief Executive Officer
Financial statements are available free of charge at:
http://bankrupt.com/misc/Waterford_2004.htm.
CONTACT: WATERFORD WEDGWOOD PLC
Redmond O'Donoghue
Group Chief Executive Officer
Paul D'Alton
Chief Financial Officer
Phone: +353 1 478 1855
POWERSCOURT (U.K. and International Media)
Phone: +44 207 236 5615
Rory Godson
Phone: +44 7909 926 020
John Murray
Phone: +44 7831 314 672
COLLEGE HILL (Analysts)
Phone: +44 207 457 2020
James Henderson
Phone: +44 7774 444 163
Kate Pope
Phone: +44 7798 843 276
DENNEHY ASSOCIATES (Ireland)
Phone: +353 1 676 4733
Michael Dennehy
Phone: +353 87 2556923
WILSON PUBLICATIONS: In Administrative Receivership
---------------------------------------------------
Bibby Factors Sussex Limited called in Nicholas John Miller and
Ian Robert of Kingston Smith & Partners LLP as receivers for
Wilson Publications Limited Company (Reg No 03446488, Trade
Classification: 46). The application was filed June 9, 2004.
The company publishes journals and periodicals.
CONTACT: KINGSTON SMITH & PARTNERS LLP
Devonshire House,
60 Goswell Road,
London EC1M 7AD
Receivers:
Nicholas John Miller
Ian Robert
(Office Holder Nos 007899, 008706)
YORKSHIRE GROUP: Disposes Freehold Property for EUR3.6 Million
--------------------------------------------------------------
Yorkshire announces that its subsidiary, Yorkshire Hellas SA has
entered into an initial contract in respect of the sale (the
Disposal) of its freehold property at 3 Eleftheriou Venizelou
Avenue, Aegaleo, Greece (the Property). The Disposal forms part
of the Company's ongoing strategy of reducing debt through the
pursuit of asset disposals.
Yorkshire Hellas has entered into the Initial Contract with the
Athens municipality in which the Property is located (the
Purchaser) for an initial gross cash consideration of EUR1
million (approximately EUR600,000 net of costs), which was
received Wednesday. This payment obliges Yorkshire Hellas and
the Purchaser to enter into a final contract in respect of the
Disposal on 20 September 2004, for which Yorkshire Hellas will
receive an additional cash payment of EUR3.57 million. A
further EUR1.3 million will be payable on completion, which is
expected to take place on 16 May 2005. The net cash
consideration from the Disposal is expected to be approximately
EUR3.6 million following anticipated tax payments and demolition
and clearance costs, which Yorkshire Hellas has agreed to bear.
This compares with a net book valuation of approximately EUR2.0
million at 30 June 2003. A valuation report dated 29 March 2004
commissioned by the directors of Yorkshire (the Board) valued
the Property at EUR2.9 million on the basis of its existing
planning consents.
Having ceased manufacturing at the Property in 2001, Yorkshire
currently uses part of the premises for sales and distribution
purposes, as well as for a limited amount of technical and
laboratory support. The Property is considered to be surplus to
Yorkshire's requirements.
In view of the size of the consideration relating to the
Disposal, the transaction would normally be subject to
shareholder approval. However, in view of the financial
position of the Company set out below, the directors have sought
and obtained a dispensation from the usual requirement to obtain
shareholder approval. Nevertheless, the Board is firmly of the
opinion that the terms of the Disposal are attractive in
themselves and that the sale is in the best interests of the
Company and its shareholders as a whole.
Financial Position
In a circular to shareholders dated 3 February 2004, Yorkshire
indicated that it did not have sufficient working capital for
the present requirements of the Company and its subsidiaries
(the Group). Since then the Board has been taking steps to
improve the Group's working capital position and the Disposal
represents a key element in the Board's strategy to enhance the
working capital. However, the working capital position of the
Group has deteriorated since the beginning of February. On 26
May 2004, the Company met its principal lending banks (the
Banks) and explained that without further support from the Banks
the Company would not be able to continue to trade. The Banks
agreed to make US$400,000 of cash available to the Group
immediately and a further amount of approximately US$400,000
conditional on the Disposal taking place. The US$800,000 of
additional funds will be treated as Group indebtedness. Despite
banking covenants requiring the proceeds of disposals to be paid
to the Banks, the Banks have also agreed that EUR600,000 of the
proceeds from the Disposal may be retained by the Group for
working capital purposes. The remaining EUR3 million of net
proceeds will be used to reduce Yorkshire's indebtedness.
Following the Disposal the Group will still not have sufficient
working capital for its present requirements, that is for at
least the twelve-month period commencing from the present date,
in view of the need for adequate headroom over forecasts to
consider the working capital position to be sufficient.
However, the working capital position will have significantly
improved as a result of the Disposal and the Board is of the
view that the Group will have sufficient funds to continue
trading until at least 20 September 2004, the date on which the
Purchaser would be expected to enter into a final contract in
respect of the Disposal, under the terms of the Initial
Contract. The Board is in discussions in relation to other
asset disposals with a number of other parties with a view to
improving the working capital position of the Company further.
The Board believes that there is a reasonable prospect of the
Group reaching a position where it would be in a position to
make an unqualified working capital statement in due course.
The length of time it will take to reach this position would
depend on the progress of these discussions.
Trading conditions, particularly in the Asia Pacific region,
remain difficult with Group turnover running marginally behind
forecast. Cash constraints continue to limit the ability of the
Group to trade as effectively as the Board had originally
intended. However, the Board believes that the Disposal will
alleviate these cash constraints and continues to believe that
the Group is capable of returning to profitability at the
operating level in the medium term.
In view of the circumstances highlighted above, the Board was of
the view that agreeing to the Disposal was necessary to enable
the Group to continue to trade. The Board believes that the
terms of the Disposal represent an attractive price for the
Property given its circumstances and would have welcomed the
opportunity to present the Disposal to shareholders. However,
due to the financial position of the Group, the Board was not
able to delay entering into binding contractual terms in
relation to the Disposal until shareholder approval could be
secured as in the interim the Group would no longer have been
able to pay its financial commitments as they fell due and the
Board would have been forced to file for insolvency, in which
circumstances any recovery for shareholders would have been
extremely unlikely.
APPENDIX
The following confirmations have been provided to the U.K.
Listing Authority in respect of the Disposal:
(a) The Board has confirmed that (i) the Company's financial
position is such that it does not have sufficient time to
seek shareholder approval in respect of the Disposal; (ii)
all alternative methods of financing have been exhausted and
the only option remaining is to proceed with the Disposal;
(iii) it believes that the Disposal is in the best interests
of the Company and of its shareholders as a whole; and (iv)
it believes that the Disposal is a step that it must take in
order to avoid being forced to file for insolvency within
the next two weeks;
(b) The Banks have confirmed that they would withdraw
Yorkshire's current facilities in the event that they are
requested by the Board to appoint an insolvency
practitioner; and
(c) Hawkpoint has confirmed that Yorkshire is in severe
financial difficulty and that it will not be possible to
meet its obligations as they fall due unless the Disposal
takes place within the timetable proposed by the Company.
CONTACT: YORKSHIRE GROUP
Andrew J Dick, Chief Executive
Phone: 0113 244 3111
*********
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-
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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.
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