/raid1/www/Hosts/bankrupt/TCREUR_Public/040623.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Wednesday, June 23, 2004, Vol. 5, No. 123
Headlines
F R A N C E
ALCATEL: TCL Joint Venture Aims to Become Leading Handset Maker
BSN GLASSPACK: Owens-Illinois Seals EUR1.16 Bln Acquisition
CRISTALLERIE ROYALE: Sale to Swiss Buyer to Save 55 Jobs
LYONS EXCAVATIONS: Horwath Bastow Charleton Appointed Examiner
RHODIA SA: Buys back 90% of EUR500 Mln EMTN Notes Due Next Year
VIVENDI UNIVERSAL: Wins Favorable Ruling in APPAC Suit
G E R M A N Y
WESTLB AG: Names General Manager of Structured Business Units
H U N G A R Y
PANNONPLAST PLC: Creditors Finally Agree to Renew Club Loan
I R E L A N D
ELAN CORPORATION: Issuing Bonds to Repay Debt, Launch New Drugs
JSG FUNDING: In Talks to Sell Munksjo Speciality Business
I T A L Y
PARMALAT FINANZIARIA: Reneges on Promise to Detail Recovery Plan
K Y R G Y Z S T A N
AZEM: Public Auction Set June 25
KAMKOR: Under Bankruptcy Supervision Procedure
KANAI: Declared Insolvent
KOI-TASH: Sets Public Auction June 29
KYRGYZSERVISKOMPLEKT: Sets Creditors General Meeting July 9
KYRGYZSHAMPAN: Schedules Public Auction July 5
TORGMASH: To Auction Factory June 28
ZVEZDA: Court Commences Bankruptcy Procedure
L U X E M B O U R G
MILLICOM INTERNATIONAL: Kinnevik Raises Shareholding to 33.5%
NOMA LUXEMBOURG: EUR160 Million Senior Notes Get 'B-' Rating
N E T H E R L A N D S
BUHRMANN N.V.: To Issue US$150 Mln Senior Subordinated Notes
R O M A N I A
ROMPETROL GROUP: Gets 'B-'; Fitch Cites High Financial Leverage
R U S S I A
AGRO-PROM-SERVIS: Declared Insolvent
ARKHANGELSKY HOUSE: Public Auction of Assets Set June 30
AROMA-SINTEZ: Sets Public Auction July 1
BAYKALO-MUYSKOYE: Public Auction of Assets June 30
BEK-OIL: Gorno-Altaysk Court Commences Bankruptcy Procedure
BETAO: Court Sets August 20 Hearing
BREAD-BAKING COMPLEX: Under Bankruptcy Supervision Procedure
MACHINE-BUILDING: Court Sets July 29 Hearing
MICHURINSKY: Deadline for Proofs of Claim Expires Sunday
NVP-NEFTE-REM-SERVIS: Deadline for Proofs of Claim June 27
PC RODINA: Proofs of Claim Deadline June 27
PETUKHOVSKY FOOD: Kurgan Court Appoints Insolvency Manager
SHAKHTO-STOITEL-2000: Kemerovo Court Sets July 5 Hearing
STROITEL: Bankruptcy Supervision Procedure Begins
UKSYANSKAYA POULTRY: Insolvent Status Confirmed
UVATSKY MILK: Sets Public Auction June 30
VOLGOGRADSKY AGRO-COMPLEX: Court Sets July 20 Hearing
YUKOS OIL: Hearing on US$3.4 Billion Tax Bill Continues
ZVEREVSKOYE SHAKHTO: Under Bankruptcy Supervision Procedure
S P A I N
AHOLD ESPANA: Closing 65 Stores as Part of Recovery Plan
S W E D E N
SEMCON AB: Strengthens Presence in France and Sweden
SKANDIA INSURANCE: Appoints New Corporate Communications Head
SKANDIA INSURANCE: Prepares for Trial of Profit-sharing Dispute
S W I T Z E R L A N D
ADECCO SA: Long-term Debt Confirmed at Ba1, Outlook Positive
ASCOM: Wrongly Assigned CHF44 Million Goodwill Depreciation
SWISS INTERNATIONAL: To Remain in Red at Operational Level
U K R A I N E
ALFA-SERVICE: Declared Insolvent
CORPORATION AMP: Now Insolvent
KOLOMIYA' BREAD: Court Introduces Bankruptcy Proceedings
KOSTOPIL' FURNITURE: Rivne Court Confirms Insolvency
KOVYAGINSKE HPP: Succumbs to Insolvency
OLMA: Kyiv Court Commences Bankruptcy Proceedings
PLAZMA-SIT: Kyiv Court Affirms Insolvency
VIDRODZHENNYA: Officially Declared Insolvent
VLASIVSKE BREAD: Court Appoints Liquidator
YEVROSTON: Bankruptcy Proceedings Begin
U N I T E D K I N G D O M
AVECIA GROUP: Names Adams to Lead North American Biotech Sales
BURGESS CONSTRUCTION: Hires Tomlinsons Administrator
CARLOW RADIO: Names Liquidator from BRI Business Recovery
CHARNWOOD BRICK: Members Final Meeting Set July 21
GWECO 197: Calls in Liquidator
HEART ENGLAND: In Administrative Receivership
IPD SOUTH: Calls in Liquidator from Haines Watts
KAWASAKI LIMITED: Appoints Ernst & Young Liquidator
L & J MECHANICAL: Names Haines Watts Administrator
LLOYDS TSB: Expects Half-year Trading to be Satisfactory
MODUS RAIL: Creditors Meeting Set June 25
ORION CLOTHING: Hires Receivers from Begbies Traynor
POCKET STUDIOS: Names Rothman Pantall & Co Administrator
PROPERTY ASSURANCE: Appoints Baker Tilly Administrator
REGUS GROUP: Confirms Discussion to Acquire HQ Global
R.G.S.S. LIMITED: Hires Receivers from Parkin S. Booth & Co
SJL PACKAGING: Names Receiver from Price & Co
TELEWEST COMMUNICATIONS: Court Sanctions Restructuring Scheme
WEMBLEY PLC: 77.8% of Shareholders Accept BLB Investors Offer
WREXHAM: Bleeding at Rate of GBP1,000 Daily
ZORBIT BABYCARE: Appoints KPMG Administrator
*********
===========
F R A N C E
===========
ALCATEL: TCL Joint Venture Aims to Become Leading Handset Maker
---------------------------------------------------------------
TCL Communication Technology Holdings Limited, the intended
holding company of Horizon TCL Mobile Communication Co., Ltd., a
leading mobile handsets manufacturer in China, and Alcatel
(Paris: CGEP.PA and NYSE: ALA), a worldwide leader in
telecommunications network equipment, applications and services,
on Monday signed a Subscription Agreement in connection with the
establishment of a joint venture company engaging in the
research and development, subcontracting of manufacturing, sales
and distribution of mobile handsets and peripheral devices.
Significant progress has been made since the signature of the
Memorandum of Understanding was announced on April 26, 2004.
The signature of the Subscription Agreement brings TCL Mobile
and Alcatel closer to the creation of the joint venture company.
The Joint Venture will be established in Hong Kong.
As contemplated under the Subscription Agreement, TCL
Communication will contribute cash of EUR55 million for an
equity stake of 55% in the joint venture and Alcatel will
contribute cash and its mobile handset business to a value of
EUR45 million for the remaining 45% stake. Alcatel's mobile
handset business comprises among other things, leased real
properties, fixtures and equipment, raw materials and finished
goods, accounts receivables, certain intellectual properties
owned or licensed by Alcatel, contracts, liabilities and
employees all primarily or exclusively related to the MPD
Business.
The estimated net asset value of the joint venture company
immediately after closing is expected to be EUR100 million.
It is expected that closing will take place in July or August
2004, subject to approval of shareholders of TCL Corporation,
receipt of all required governmental approvals and execution of
various shareholder and operational agreements.
Key Attributes of the Joint Venture Company
TCL Mobile and Alcatel believe that the joint venture company
will enable them to join together their respective strengths in
the competitive mobile handset market and potentially deliver a
fast growing and profitable handset business in the global
market. TCL Mobile and Alcatel believe that some of the main
potential benefits are:
(a) Diverse market coverage: TCL Mobile and Alcatel have
complementary handset sales and distribution markets with
little or no overlap. The joint venture and TCL Mobile
combined are expected to have an extensive sales network
offering coverage in China, Latin America, Europe and the
rest of the world addressing major operators and
distributors. It is further envisaged that JVCo will
benefit from ownership of all Alcatel mobile handset patents
and from licenses of other patents -- together allowing JVCo
to compete effectively in the international markets.
(b) Strong Brand and International Profile: Alcatel intends to
grant to the joint venture company a license to use the
Alcatel brand name for handsets sales and distribution,
building on the brand's strength in the telecommunications
industry globally.
(c) Manufacturing and Cost Synergies: Existing relationships
between Alcatel and key suppliers are expected to continue
to benefit the joint venture. In the future, TCL Mobile
intends to enter into manufacturing agreements with the
joint venture to capture production synergies by leveraging
its low-cost production base, as well as creating greater
manufacturing and supply chain management economies of scale
as volumes increase.
(d) Technology upgrade and Best Practices: The joint venture
company can gain access to low-cost engineering talent in
China, while TCL Mobile can gain access to the GSM handset
technical know-how. The testing and validation methods
contributed by Alcatel to the joint venture company are
expected to enhance quality control and in turn, increase
product competitiveness.
(e) Combined R&D: the joint venture is expected to build upon
the strong R&D platform that currently exists under Alcatel,
with a focus on high-end products. R&D co-operation between
TCL Mobile and the joint venture company is expected to
deliver R&D cost synergies and increase the pace of product
rollouts.
About TCL Corporation
TCL Corporation is a major PRC conglomerate that designs,
develops, manufactures and markets a wide range of the
electronic, telecommunications, information technology and
electrical products. For further information on TCL Corp, visit
http://www.tcl.com.
About TCL Communication Technology Holdings Limited
TCL Communication Technology Holdings Limited is a subsidiary of
TCL Corporation and the intended holding company of Huizhou TCL
Mobile Communication Co., Ltd. (TCL Mobile) after corporate
restructuring. TCL Mobile is a hi-tech company committed to the
R&D, manufacturing and sales of mobile terminal products. In
2003, TCL Mobile reported mobile handset sales of 9.84 million
units, with RMB9.4 billion in revenue. For further information
on TCL Mobile, visit http://www.tclmobile.com.cn.
About Alcatel
Alcatel S.A. (Paris :CGEP.PA and 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. For more information, visit http://www.alcatel.com/.
* * *
THIS ANNOUNCEMENT IS NOT, AND IS NOT INTENDED TO BE, AN OFFER OF
SECURITIES OF TCL COMMUNICATION TECHNOLOGY HOLDINGS LIMITED FOR
SALE IN THE UNITED STATES. SECURITIES OF TCL COMMUNICATION HAVE
NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE SECURITIES ACT) AND MAY NOT BE OFFERED OR
SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT.
BSN GLASSPACK: Owens-Illinois Seals EUR1.16 Bln Acquisition
-----------------------------------------------------------
Owens-Illinois, Inc. (NYSE: OI) completed the acquisition of BSN
Glasspack, S.A., the second largest glass container manufacturer
in Europe, from Glasspack Participations, a company controlled
by investment funds advised by CVC Capital Partners.
As announced on June 10, Owens-Illinois received its final
regulatory approval from the European Commission after
committing to divest two plants (located in Barcelona, Spain,
and Corsico, Italy) as part of the transaction. Until these
plants are sold, they will be held separately from O-I's assets
and will be managed under the supervision of an independent
trustee.
Total consideration for the acquisition was approximately
EUR1.16 million (US$1.40 million), including the assumption of
debt. The Company expects the transaction to be accretive to
earnings and cash flow in the first year without synergy
savings. The Company expects synergy savings of more than EUR60
million (US$72 million) annually, to be achieved by the end of
the third full year.
"We are proud to officially welcome BSN to the Owens-Illinois
family as we combine to create the largest glass container
manufacturer on four continents," said Steve McCracken, Owens-
Illinois Chairman and Chief Executive Officer. "We are
determined to execute our integration plan swiftly and
efficiently in leveraging these valuable added capabilities."
In 2003, BSN had net sales of approximately US$1.5 billion,
which compares to the Company's North American glass sales in
2003 of approximately US$1.8 billion. The acquisition increases
O-I's European presence by adding 18 glass container plants for
a total of 39 facilities with 84 furnaces and 248 production
lines and approximately 9,000 employees.
O-I Subsidiary Sells Plastics Assets
Owens-Illinois also announced that ACI Packaging, a subsidiary
of the Company, has completed the sale of a substantive part of
its plastics packaging business in Australia and New Zealand to
Visy Industrial Plastics, a wholly owned subsidiary of Visy
Industrial Packaging, for approximately US$50 million. Cash
proceeds will be used to repay bank debt.
About O-I
Owens-Illinois is the largest manufacturer of glass containers
in North America, South America, Australia and New Zealand --
and now Europe. Owens-Illinois also is a worldwide manufacturer
of plastics packaging with operations in North America, South
America, Europe and Australia. O-I reported 2003 net sales of
US$6.0 billion.
CONTACT: BSN GLASSPACK S.A.
South-East
ZAC Fontvert
84130 Le Pontet
Phone: 33 (0) 4 90 03 81 80
Fax: 33 (0) 4 90 31 97 17
Web site: http://www.bsnglasspack.com
CRISTALLERIE ROYALE: Sale to Swiss Buyer to Save 55 Jobs
--------------------------------------------------------
The commercial court in Troyes, France has approved the sale of
crystalware maker Cristallerie Royale de Champagne to a Swiss
businessman on behalf of a group of investors, Les Echos says.
The 338-year-old company has been in receivership since May and
has been in the hands of the Italian-Luxembourg holding company
Realux Investment. Based in the Champagne region, the company
has been recording falling sales for its tableware. Its
workforce has fallen from 130 two years ago to 69. The sale of
the company will salvage 55 jobs.
LYONS EXCAVATIONS: Horwath Bastow Charleton Appointed Examiner
--------------------------------------------------------------
High Court Judge Finlay Geoghegan has appointed Brian McEnery,
of accountants Horwath Bastow Charleton, examiner to Lyons
Excavations of Ardagh, Co. Limerick, according to Europe
Intelligence Wire.
The directors of the company told the court in its request for
the appointment of an examiner that the future prospects of the
company in the construction industry are positive subject to the
successful implementation of a scheme of arrangement with its
creditors.
The company's woes stem from a failed contract in relation to
Pelletstown West Infrastructure Development, Western Section.
The contract of partnership was entered into by Castlethorn
Construction and Ashtown Partnership, with whom Lyons had
disagreements pertaining to additional costs when the project
encountered delays. Lyons claim Ashtown owed the company
EUR13.84 million. Ashtown had made payments totaling EUR5.44
million but an engineer had refused to certify the balance of
EUR8.40 million which, Lyons said, was due.
Instead of going into lengthy arbitration process, both parties
agreed to a confidential agreement. The settlement to Lyons is
substantially reduced, but it will enable the company to survive
under an examiner. Lyons booked a turnover of GBP28.3 million
last year.
RHODIA SA: Buys back 90% of EUR500 Mln EMTN Notes Due Next Year
---------------------------------------------------------------
Rhodia closed the public offer for its notes (EUR500,000,000
6.25% EMTN due May 2005). At the closing of the offer, the
principal value of the notes repurchased by Rhodia amounted to
EUR451,305,000, representing more than 90% of the total
principal amount of outstanding notes at the time of the offer.
The settlement and delivery for the offer occurred June 15,
2004, in accordance with the terms of the offer described in the
Note d'information, which received visa number 04-534 dated June
3, 2004 from the Autorite des marches financiers.
Rhodia is a global specialty chemicals company recognized for
its strong technology positions in applications chemistry,
specialty materials & services and fine chemicals. Partnering
with major players in the automotive, electronics, fibers,
pharmaceuticals, agrochemicals, consumer care, tires and paints
& coatings markets, Rhodia offers tailor-made solutions
combining original molecules and technologies to respond to
customers' needs. Rhodia generated net sales of EUR5.4 billion
in 2003 and employs 23,000 people worldwide. Rhodia is listed
on the Paris and New York stock exchanges.
CONTACT: RHODIA S.A.
Investor relations:
Nicolas Nerot
Phone: +33 1 55 38 43 08
Press:
Anne-Laurence de Villepin
Phone: +33 1 55 38 40 25
VIVENDI UNIVERSAL: Wins Favorable Ruling in APPAC Suit
------------------------------------------------------
The Paris Commercial Court on Monday found the case filed by
APPAC, the individual shareholders' association, and its
president Didier Cornardeau early this year inadmissible. The
lawsuit, filed on January 16, 2004, had aimed to have Vivendi
Chairman Jean-Rene Fourtou sentenced to pay the company the sum
of EUR60 million in damages. The Paris Commercial Court also
rejected APPAC's and Mr. Cornardeau's request to delay the
ruling.
Vivendi Universal (Paris Bourse: EX FP; NYSE: V) is pleased with
this decision, which dismisses a request that is plainly without
foundation since former Chairman Jean-Marie Messier had to
renounce his Termination Agreement in December 2003 following
the intervention of the U.S. SEC. That renunciation brought to
an end a series of legal actions brought by Vivendi Universal at
the instigation of Mr. Fourtou, with a view of achieving this
outcome.
CONTACT: VIVENDI UNIVERSAL S.A.
Media
Paris
Antoine Lefort
Phone: +33 (0) 1 71 71 11 80
Agnes Vetillart
Phone: +33 (0) 1 71 71 30 82
Alain Delrieu
Phone: +33 (0) 1 71 71 10 86
New York
Flavie Lemarchand
Phone: 212-572-1118
Investor Relations
Paris
Daniel Scolan
Phone: +33 (0) 1 71 71 32 91
Laurence Daniel
Phone: +33 (0) 1 71 71 12 33
New York
Eileen McLaughlin
Phone: 212-572-8961
=============
G E R M A N Y
=============
WESTLB AG: Names General Manager of Structured Business Units
-------------------------------------------------------------
Karl-August Trawny (46), who holds a degree equivalent to a
Master of Business Administration and is a board member at
Sparkasse Munsterland Ost, will be reinforcing the WestLB's
management team as general manager beginning September 1, 2004.
He will take over as head of the two newly structured business
units, Mid Caps and Large Caps. These two business units belong
to the Sparkassen and Corporate Banking business group, for
which Board Member Dr. Norbert Emmerich is responsible.
Since 1988 Karl-August Trawny has been a member of the Managing
Board of Sparkasse Munsterland Ost, where he is responsible,
among other things, for the strategic business segments
corporate clients, the self-employed, property development
companies and for the equity investment business. He was
previously Board Member of Stadtsparkasse Rheine, where he was
CEO from 1995 to 1997.
=============
H U N G A R Y
=============
PANNONPLAST PLC: Creditors Finally Agree to Renew Club Loan
-----------------------------------------------------------
There have been intensive negotiations in the last three months
between Pannonplast and its creditors on the restructuring and
refinancing of the originally EUR17.1 million three-year loan
that matured on October 9, 2003 and was prolonged several times
since. As a result of these negotiations, the Company signed
the new medium-term club loan with CIB Bank, K&H Bank and OTP
Bank on June 21, 2004. The total amount of the tranches of the
club loan expiring mainly between 2006 and 2008 is nearly HUF8.5
billion, which can be used in HUF or partly in EUR.
"Our Company's new strategy and business plan, which is
supported by the banks, contributed significantly to the present
agreement. Our new club loan ensures that, with the help of a
stable financing background, the management will concentrate on
the realization of the strategy published in March and that the
results of it will become visible for our shareholders as soon
as possible," Csaba Zoltan, chairman and CEO of Pannonplast,
says.
"The agreement on refinancing of our club loan took place during
the rationalization of Pannonplast's activities that
unambiguously proves the confidence of the commercial banks.
The bi-currency club loan provides certain flexibility to manage
the exchange rate risks resulting from the base activities," CFO
Denes Gyimothy adds.
=============
I R E L A N D
=============
ELAN CORPORATION: Issuing Bonds to Repay Debt, Launch New Drugs
---------------------------------------------------------------
Elan Corporation plans to refinance about US$850 million of debt
by issuing bonds later this year, the Financial Times says.
President and CEO Kelly Martin says these bonds will be issued
sometime in the second half. The proceeds will be used to
refinance two tranches of debt due within the next 12 months.
Some of the money will be used to launch three new drugs
expected to return the company to profitability.
The Irish biotechnology company is banking on the release of
Antegren, a multiple sclerois treatment it is developing with
Biogen Idec, and Prialt, a painkiller, to return the firm to
profit by the end of next year. It has about US$1.1 billion of
liquid assets, but needs additional flexibility to finance sales
and marketing of the drugs.
"We are very focused on the commercial rollout of the pipeline
and we are determined to keep delivering," Mr. Martin said.
Elan reported a 29% decline in first-quarter revenues in the
first half after selling off products to pay down debt last
year. Losses were down from US$136.8 million to US$66.2
million. An accounting scandal two years ago shaved 90% of the
company's market capitalization. Since Mr. Martin took over the
reigns, the company's value has rise more than threefold in the
last 12 months.
JSG FUNDING: In Talks to Sell Munksjo Speciality Business
---------------------------------------------------------
JSG Funding plc on Monday commenced a process that may or may
not lead to a sale of its Munksjo Speciality business. UBS
Investment Bank has been appointed to lead the process. JSG may
make a further announcement as appropriate.
* * *
Jefferson Smurfit Group reported a EUR19 million loss before tax
in the fourth quarter compared to a profit of EUR20 million in
2002. Subsidiaries accounted for a loss of EUR21 million while
associates contributed a profit of EUR2 million, against profits
of EUR15 million and EUR5 million in 2002 respectively. Full
year 2003 profit before tax of EUR12 million declined from
EUR236 million in 2002. This decline mainly reflects the net
interest charges associated with the group's leveraged capital
structure.
COPNTACT: JEFFERSON SMURFIT GROUP
Michael O'Riordan
Corporate Secretary
Phone: +353-1-202-7000
UBS INVESTMENT BANK
Peter Thompson
Phone: +44-207-567-8000
Hakan Ericsson
Phone: +44-207-567-8000
K CAPITAL SOURCE
Mark Kenny
Phone: +353-1-631-5500
E-mail: smurfit@kcapitalsource.com
=========
I T A L Y
=========
PARMALAT FINANZIARIA: Reneges on Promise to Detail Recovery Plan
----------------------------------------------------------------
Creditors who waited for six months to see Parmalat
Finanziaria's restructuring plan were disappointed Monday after
the company refused to disclose details of the rescue package.
In a brief statement, the company only said Extraordinary
Commissioner Dr. Enrico Bondi has filed the plan with Dr.
Antonio Marzano, the Minister for Production Activities. The
proposal would have revealed the ratios of its debt-for-equity
plan.
According to the Financial Times, Mr. Marzano has promised to
outline the plan to Parmalat employees at the group's
headquarters on June 29. He added he does not need to approve
the ratio. According to him, the approval and the disclosure of
its contents was the responsibility of the supervisory
creditors' committee or Parmalat. The paper later learned that
the document cannot be made public without his approval.
Parmalat's total debt is believed to be EUR14 billion (US$17
million).
===================
K Y R G Y Z S T A N
===================
AZEM: Public Auction Set June 25
--------------------------------
The Organization of Bank's Reorganization and Restructuring of
Debts set the public auction of JSC Azem's properties on June
25, 2004, 10:00 a.m. (local time). It will be held at
Kyrgyzstan, Bishkek, Avenue Chui, 114. Up for sale is an
administrative building. Starting price: KGS1,534,390 (US$1 =
KGS42.7513). For more details, call (0-312) 62-69-91.
KAMKOR: Under Bankruptcy Supervision Procedure
----------------------------------------------
The Bishkek City Court commenced bankruptcy supervision
procedure on closed joint stock insurance company Kamkor on June
8, 2004. The case is docketed as 03-70/-2004. Mr. Sanjar
Niyazaliev (License No 0266) has been appointed temporary
insolvency manager.
Creditors who want to be represented at the meeting may appoint
proxies, who must bear authorization to vote. Creditors or
their proxies must register and submit their proofs of claim to
the temporary insolvency manager.
CONTACT: Mr. Sanjar Niyazaliev
Temporary Insolvency Manager
Phone: (0-312) 28-42-86, 28-46-90
KANAI: Declared Insolvent
-------------------------
The Bishkek Inter-District Court declared JSC KANAI insolvent on
June 9, 2004. The deadline for proofs of claim expires in two
months. For more information, call (0-312) 62-15-49.
KOI-TASH: Sets Public Auction June 29
-------------------------------------
The bidding organizer and insolvency manager of Koi-Tash set the
public auction of the farm's properties on June 29, 2004, 11:00
a.m. (local time). It will be held at Kyrgyzstan, Chui region,
Koi-Tash, in the building of Tash-Moinok local government. Up
for sale are seven lots of properties such as cars, weighing
equipment and fence.
Preliminary examination and reception of bids are done daily
from 8:00 a.m. to 5:00 p.m. until June 29, 2004. Documents for
participants are available at Koi-Tash, in the accounting
department of the Tash-Moinok local government. For more
details, call (0-502) 57-70-55.
KYRGYZSERVISKOMPLEKT: Sets Creditors General Meeting July 9
-----------------------------------------------------------
The Bishkek Inter-District Court commenced bankruptcy
supervision procedure on JSC Kyrgyzserviskomplekt on May 31,
2004. The case is docketed as 03-127/M-04C1. Mr. Djumabek
Chotonov (License Number 0324) has been appointed temporary
insolvency manager.
Creditors will have a general meeting on July 9, 2004 at 2:00
p.m. It will be held at Bishkek, str. Tolstogo, 210. Those who
wish to attend the meeting must register and submit their proofs
of claim on or before July 2, 2004. Proxies must have
authorization to vote.
CONTACT: Mr. Djumabek Chotonov
Temporary Insolvency Manager
Phone: (0-312) 64-80-84, 64-82-51
KYRGYZSHAMPAN: Schedules Public Auction July 5
----------------------------------------------
The bidding organizer and insolvency manager of JSC
Kyrgyzshampan set the public auction of the firm's properties on
July 5, 2004, 10:00 a.m. (local time). It will be held at
Kyrgyzstan, Bishkek, Avenue Mira, 48. The assets for sale are
13 lots of properties like cars, dishes, refrigerator and
systems.
Preliminary examination and reception of bids are done daily
from 10:00 a.m. to 5:00 p.m. Documents for participants are
available at Bishkek, avenue Mira, 48. To participate, bidders
should deposit an amount equivalent to 10% of the starting price
to the cashier of JSC Kyrgyzshampan. For more details, call (0-
312) 54-15-78, 54-15-22.
TORGMASH: To Auction Factory June 28
------------------------------------
The Organization of Bank's Reorganization and Restructuring of
Debts set the public auction of the properties of Sokuluk
Factory, Torgmash on June 28, 2004. It will be held at
Kyrgyzstan, Chui region, Shopokov, str. Mashinostroitelnaya. Up
for sale is an administrative building. Starting price:
KGS432,030 (US$1 = KGS42.7513). For more details, call (0-312)
66-05-82, 62-69-91.
ZVEZDA: Court Commences Bankruptcy Procedure
--------------------------------------------
The Bishkek Inter-District Court commenced bankruptcy
supervision procedure on Zvezda, December 30, 2003. The case is
docketed as 03-152/M03-c5. Mr. Kulgeldy Isayev (License No
0316) has been appointed temporary insolvency manager.
Creditors will have a general meeting on June 28, 2004 at 2:00
p.m. It will be held at Bishkek, Avenue Erkindik 57, Room
105/1. Those who want to attend the meeting must register and
submit their proofs of claim. Proxies must bear authorization
to vote.
CONTACT: Mr. Kulgeldy Isayev
Temporary Insolvency Manager
Phone: (0-502) 36-68-48
===================
L U X E M B O U R G
===================
MILLICOM INTERNATIONAL: Kinnevik Raises Shareholding to 33.5%
-------------------------------------------------------------
Industriforvaltnings AB Kinnevik (Kinnevik) and its subsidiaries
have bought 1,550,000 shares in Millicom International Cellular
S.A. After the transaction, Kinnevik will hold 29,838,648
shares in Millicom, representing 33.5% economic and voting
interest.
Industriforvaltnings AB Kinnevik was established in 1936 as an
investment holding company. The Company's objective is to
increase shareholder value, primarily through net asset value
growth. Its business consists of operating companies such as
farming company MSLA and cartonboard and paper producer Korsnas
AB, and a portfolio of long-term investments in a select number
of listed companies such as Tele2 AB, Modern Times Group MTG AB,
Millicom International Cellular S.A., Metro International S.A.,
Transcom WorldWide S.A. and Invik & Co. AB. Kinnevik plays an
active role on the Boards of its subsidiaries and associated
companies. Kinnevik's 'A' and 'B' shares are traded on the
Stockholmsborsen 'A-list'. For further information, visit
http://www.kinnevik.se.
CONTACT: INDUSTRIFORVALTNINGS AB KINNEVIK
Vigo Carlund, CEO
Phone: +46 8 5620 0000
Henrik Persson, Investor & Press Relations
Phone: +44 77 47 822 406
Web site: http://www.kinnevik.se
NOMA LUXEMBOURG: EUR160 Million Senior Notes Get 'B-' Rating
------------------------------------------------------------
Standard & Poor's Ratings Services on Monday assigned its 'B-'
long-term senior unsecured debt rating to the proposed EUR160
million senior notes issued by Noma Luxembourg S.A., a financial
vehicle for Switzerland-based ink manufacturer SICPA Holding
S.A., reflecting the 'B+' long-term corporate credit rating,
with stable outlook, which Standard & Poor's would assign to
SICPA upon the successful placement of the bonds. The debt
rating is two notches lower than the anticipated corporate
credit rating due to structural subordination issues.
"The rating on the notes reflects the anticipated credit quality
of SICPA upon the successful placement of the bond issue," said
Standard & Poor's credit analyst Christine Hoarau. "If the bond
is unsuccessful, we would view the credit quality of SICPA as
weaker, as the group's short-and medium-term refinancing risk
would be heightened and its debt maturity structure less
balanced."
SICPA enjoys a very strong position worldwide in the profitable
market for bank notes inks: With sales of about Swiss franc
(SFr) 1 billion in 2003, SICPA is by far the leading provider of
bank notes inks worldwide with a 90% share in the non-government
owned market, as well one of the top three packaging inks
producers worldwide.
The ratings on SICPA will be primarily constrained by the
group's weak profitability of the packaging inks division;
strategy of continuing to further develop and invest in its low-
performing packaging inks business; and leveraged financial
ratios and poor track record of free cash flow generation.
Factors supporting the ratings include the industry's high
barriers to entry and strong profitability in the bank notes
market; SICPA's relatively large size as a packaging ink
manufacturer and a global geographical coverage in packaging;
and the stability of the end-markets for the group's packaging
inks (food, health care, tobacco), and the group's
diversification in terms of sales by customers and geographical
countries in this business.
SICPA's financial profile is very aggressive. Pro forma for the
refinancing, EBITDA for the twelve months ending March 31, 2004
covered pro forma net cash interest expenses by about 3.1x (3.6x
if restructuring expenses and consulting fees are stripped out),
and funds from operations-to-net debt is expected to be below
15% at year-end 2004. Both ratios are weak in Standard & Poor's
opinion, but in line with a 'B+' rating.
Ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. It can also be found
on Standard & Poor's public Web site at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: London Ratings Desk (44)
20-7176-7400; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com.
CONTACT: STANDARD AND POOR'S RATING SERVICES
Analyst E-mail Addresses
christine_hoarau@standardandpoors.com
ralf_kortuem@standardandpoors.com
olivier_beroud@standardandpoors.com
CorporateFinanceEurope@standardandpoors.com
=====================
N E T H E R L A N D S
=====================
BUHRMANN N.V.: To Issue US$150 Mln Senior Subordinated Notes
------------------------------------------------------------
In view of the refinancing and further optimization of its
capital structure Buhrmann N.V. announced that, through its
subsidiary Buhrmann U.S. Inc., it proposes to launch US$150
million of 10-year Senior Subordinated Notes (the New Notes)
through a private placement pursuant to Regulation S and Rule
144A of the US Securities Act as set forth in an Offering
Memorandum.
The introduction of the New Notes follows a favorable response
from investors to the tender offer commenced on 3 June 2004 by
Buhrmann U.S. Inc. for all of its US$350 million of outstanding
121/4% Senior Subordinated Notes due 2009 (the 2009 Notes).
Bondholders representing more than 87% of these 2009 Notes have
tendered their Notes in the offer and have given their consents
to the proposed amendments. As a result, the indenture
amendments have become effective, which fulfils one of the major
preconditions for repurchasing these previously issued
securities.
Floris Waller, Chief Financial Officer and member of the
Executive Board of Buhrmann, commented: "We are pleased that a
majority of the current holders of our 2009 Notes have accepted
our conditional tender offer. This paves the way for the next
steps towards lowering our financing costs going forward and to
further optimizing our capital structure. The proposed issuance
of the New Notes due in 2014 aims to be instrumental in
achieving lower financing costs and in extending the maturity of
our debt profile."
Background information
The tender offer for the 2009 Notes as announced on 3 June 2004
is subject to a number of preconditions, including the company's
ability to obtain financing on terms and conditions acceptable
to Buhrmann to enable it to purchase these Notes in the offer.
Tenders of these 2009 Notes may be withdrawn, and related
consents may still be revoked if the tender offer is terminated.
Buhrmann expects to obtain the funds necessary to consummate the
tender offer through the offer and sale of New Notes (or other
debt securities), borrowings under its credit facility and cash
on hand. It is anticipated that the sale of New Notes or other
debt securities, if any, will be consummated on or prior to the
Expiration Date of the tender offer (set at 12:00 midnight, New
York time, on Wednesday 30 June 2004).
* * *
This news release is neither an offer to sell nor a solicitation
of an offer to buy, nor shall there be any sale of, these
securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful. Because the Senior Subordinated
Notes referred to in this press release are being offered
through a private placement, they have not been registered under
the Securities Act of 1933, as amended, and may not be offered
or sold in the United States absent registration or an
applicable exemption from the registration requirements.
=============
R O M A N I A
=============
ROMPETROL GROUP: Gets 'B-'; Fitch Cites High Financial Leverage
---------------------------------------------------------------
Fitch Ratings on Monday assigned The Rompetrol Group N.V. (TRG),
the second largest oil company in Romania, a Senior Unsecured
'B-' rating with a Stable Outlook. At the same time, the agency
has assigned TRG's proposed EUR150 million senior unsecured
notes a 'B-' rating with Stable Outlook. The notes are to be
unconditionally and irrevocably guaranteed by all TRG's material
operating subsidiary companies.
The rating reflects TRG's high financial leverage, very limited
track record of profitability as well as the challenges of the
Romanian market, including low fuel prices and margins, which
are indirectly controlled by the state through fuel market
leader, state-owned SNP Petrom (rated 'BB-'), Rating Watch
Positive). The rating also takes into account favorable
location of the Petromidia refinery, and the strategic advantage
it provides both in terms of crude oil supplies as well as easy
access to export markets. TRG managed to successfully
restructure the Petromidia refinery's operations since its
privatization in 2001, which is to some extent seen in improved,
albeit still weak, FY03 results. Fitch will monitor closely the
situation surrounding the recently announced investigation by
PNA (Anticorruption Prosecution Department) concerning
Petromidia privatization. Although TRG has a straightforward
and disclosed ownership structure, Fitch notes that it also has
a complex structure of interlocking ownership of group companies
below the level of TRG.
Fitch notes that TRG remains highly leveraged with net
debt/EBITDA of 10.4x at FYE03, due to Petromidia refinery's
inherited weak financial position (including historic state
budget liabilities), its operating losses in 2001-2002, capital
expenditure (capex) incurred since the Petromidia acquisition as
well as payments of the acquisition price to the state. During
2003 the company managed to resolve all the outstanding
accounting issues that had led to Deloitte & Touche's 'no
opinion' statement in its FY02 audits. With the issues
resolved, TRG was able to obtain an unqualified audit opinion
for FY03.
TRG is a privately owned company of which 74.9% is jointly held
by the Romanian CEO and the American Deputy CEO. The remaining
25.1% stake is owned by Austrian oil and gas company OMV A.G.,
which has retail operations in Romania and neighboring
countries. OMV has been recently invited by Romanian Ministry
of Economy and Commerce to begin direct exclusive negotiations
on the purchase of a 51% stake in Petrom in a privatization
tender and owing to the antimonopoly regulations in Romania, is
likely to be required to divest, dilute or restructure its stake
in TRG in case of a successful bid for Petrom. While
privatization of Petrom will be positive for the market as a
whole, including TRG, OMV's possible departure from TRG may
create uncertainties for its future. TRG management noted that
OMV's investment in TRG has been relatively passive; OMV
acquired the stake in 2002 from departing shareholders and has
provided no financial support to TRG since it took its equity
share.
In December 2003, Rompetrol Rafinare S.A. (RRC), the TRG group
company owning the Petromidia refinery, issued seven-year
unsecured convertible bonds of US$719 million to the Romanian
state, converting the entire historic state budget liabilities,
including interest and penalties, of this company into
convertible bonds. RRC will make annual payments of
approximately US$25 million until maturity in September 2010
when the government will convert the bonds into RRC's equity.
Fitch treats the liability component of this hybrid instrument
(US$132 million at FYE03) as debt in its credit analysis.
As a part of financial restructuring, TRG is issuing a EUR150
million senior unsecured Eurobond, in addition to recently
signed new trade finance loan facilities totaling US$130
million. The proceeds of the issue will be partly used to
refinance current secured bank loans at various operating
companies with the majority to be spent on planned capital
expenditure between 2004 and 2008 (US$117 million in average
compared to USD64m in 2002/3). Fitch notes that the unsecured
bondholders will be also structurally subordinated to the
secured working capital facilities raised at operating level.
However, notes' terms and conditions limit secured obligations
to a level of 20% of TRG's total tangible assets (US$725 million
at YE03). Proposed Eurobonds will rank pari passu with all
other present and future unsecured obligations of TRG and the
guarantors. Notes will have a put option in the event that
current shareholders cease to control at least 50% of TRG (i.e.
put option is not triggered by the potential exit of OMV only).
Significant de-leveraging, improvement in the operational cost
base and liberalization of the Romanian fuel market would be
viewed positively for TRG's credit profile, while large debt-
financed acquisitions and a PNA investigation outcome materially
affecting the company's operations may create negative pressure
on the rating.
CONTACT: FITCH RATINGS
Arkadiusz Wicik, Warsaw
Phone: +48 22 433 66 00
Josef Pospisil, London
Phone: +44 (0) 20 7417 4266
Graeme Marks, London
Phone: +44 (0) 20 7417 4086
Media Relations:
Alex Clelland, London
Phone: +44 20 7862 4084
===========
R U S S I A
===========
AGRO-PROM-SERVIS: Declared Insolvent
------------------------------------
The Arbitration Court of Kursk region declared agricultural
industrial company CJSC Agro-Prom-Servis insolvent and
introduced bankruptcy proceedings. The case is docketed as A35-
7598/03 g. Mr. E. Popov has been appointed insolvency manager.
Creditors have until July 27, 2004 to submit their proofs of
claim to the temporary insolvency manager at 305029, Russia,
Kursk, Khutorskaya Str., 55, apartment 55.
CONTACT: AGRO-PROM-SERVIS
307830, Russia, Kursk region,
Bolshesoldatsky region,
Bolshesoldatskoye, Grigoryeva Str. 7
Mr. E. Popov
Insolvency Manager
305029, Russia, Kursk,
Khutorskaya Str. 55, apartment 55
ARKHANGELSKY HOUSE: Public Auction of Assets Set June 30
--------------------------------------------------------
The bidding organizer and insolvency manager of OJSC
Arkhangelsky House Building Combine (TIN/KPP
2901010311/292701001) set the public auction of the firm's
properties on June 30, 2004, 3:00 p.m. It will be held at
Russia, Arkhangelsk, Leningradsky Pr., 40.
The assets for sale are:
(a) Lot 1: The right of claim (debtor's liabilities) to LLC Les-
Invest-Produkt amounting to RUB1,183,025. Starting
price: RUB895,000.
(b) Lot 2: Buildings, equipment and tractors. Starting
price: RUB950,000.
Reception of bids is done daily from 9:00 a.m. to 5:00 p.m.
Documents for participants are available at Russia, Arkhangelsk,
Leningradsky Pr., 40. To participate, bidders should deposit an
amount equivalent to 20% of the starting price to the settlement
account 40702810600000000084 in IKB Story-Sev-Zap-Bank branch of
Arkhangelsk, correspondent account 30101810800000000707 in GRCTs
of Arkhangelsk BIC 041117707.
CONTACT: ARKHANGELSKY HOUSE BUILDING COMBINE
Russia, Arkhangelsk region, Shenkursky region,
Rovdinskaya s/a, Konstantinovskaya
Phone: (8182) 657741, 657742
AROMA-SINTEZ: Sets Public Auction July 1
----------------------------------------
The OJSC Aroma-Sintez has set its properties for public auction
on July 1, 2004, 2:00 p.m. (local time). It will be held at
Russia, Kaluga, Komsomolskaya Rosha Str., 39. Up for sale are
11 shops with a starting price of RUB1,400,000 and an industrial
building, which carries a starting price of RUB91,000.
Preliminary examination and reception of bids are done daily
from 9:00 a.m. to 1:00 p.m. Document list for participants and
description of lots are available at Russia, Kaluga,
Komsomolskaya Rosha Str., 39. To participate, bidders should
deposit an amount equivalent to 20% of the starting price to the
settlement account 40702810122240101497 in Kaluzhsky OSB 8608 of
Kaluga.
CONTACT: AROMA-SINTEZ
Russia, Kaluga,
Komsomolskaya Rosha Str. 39
Phone: (0842) 76-63-87
BAYKALO-MUYSKOYE: Public Auction of Assets June 30
--------------------------------------------------
Mr. V. Romanov, the bidding organizer and insolvency manager of
LLC Baykalo-Muyskoye Mining Geological Enterprise (TIN
0317002600), set the public auction of the firm's properties on
June 30, 2004, 10:00 a.m. It will be held at Russia, Republic
of Buryatiya, Nizhneangarsk, Kooperativnaya Str., 57. The
assets for sale are buildings, warehouses, garages and shops.
Starting price: RUB1,760,000.
Preliminary examination and reception of bids are done daily
until June 25, 2004. Document list for participants and
description of lots are available at Russia, Republic of
Buryatiya, Nizhneangarsk, Kooperativnaya Str. 57.
To participate, bidders should deposit an amount equivalent to
10% of the starting price to the settlement account
40702810681330000033 in KB Sibirskoye OVK (OJSC) Ulan-Ude,
correspondent account 30101810100000000797, BIC 048142797 on or
before June 25, 2004.
CONTACT: BAYKALO-MUYSKOYE MINING GEOLOGICAL ENTERPRISE
Russia, Republic of Buryatiya,
Nizhneangarsk, Kooperativnaya Str. 57
Mr. V. Romanov
Bidding Organizer/Insolvency Manager
Russia, Republic of Buryatiya,
Nizhneangarsk, Kooperativnaya Str. 57
Phone: (3012) 435-968, 643-504
BEK-OIL: Gorno-Altaysk Court Commences Bankruptcy Procedure
-----------------------------------------------------------
The Arbitration Court of Gorno-Altaysk commenced bankruptcy
supervision procedure on LLC Bek-Oil. The case is docketed as
A02-3175/2003. Mr. D. Berezovsky has been appointed temporary
insolvency manager. Creditors are asked to submit their proofs
of claim to 630075, Russia, Novosibirsk-75, Post User Box 34.
CONTACT: RODINA
Russia, Gorno-Altaysk,
Komsomolskaya Str. 9
Mr. D. Berezovsky
Temporary Insolvency Manager
630075, Russia, Novosibirsk-75,
Post User Box 34
BETAO: Court Sets August 20 Hearing
-----------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
supervision procedure on OJSC Betao (TIN 3102002549). The case
is docketed as A08-2588/04-11. Mr. V. Kashirin has been
appointed temporary insolvency manager.
Creditors have until June 29, 2004 to submit their proofs of
claim to 308025, Russia, Belgorod, Post Office 25, Post User Box
1. A hearing will take place on August 20, 2004.
CONTACT: BETAO
Russia, Belgorod region,
Komsomolets, Stroitelnaya Str. 18
Mr. V. Kashirin
Temporary Insolvency Manager
308025, Russia, Belgorod, Post Office 25,
Post User Box 1
Phone/Fax: (0722) 36-94-46
The Arbitration Court of Belgorod region:
308600, Russia, Belgorod,
Narodnaya Str. 135
BREAD-BAKING COMPLEX: Under Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Republic of Mordoviya commenced
bankruptcy supervision procedure on municipal industrial
enterprise Bread-Baking Complex. The case is docketed as A39-
1878/04-86/6. Mr. A. Lopatin has been appointed temporary
insolvency manager. Creditors have until June 27, 2004 to
submit their proofs of claim to 430000, Republic of Mordoviya,
Russia, Saransk, Gagarina Str. 99-404.
CONTACT: BREAD-BAKING COMPLEX
Republic of Mordoviya, Russia,
Ruzaevka, Kutuzova Str. 91
Mr. A. Lopatin
Temporary Insolvency Manager
430000, Republic of Mordoviya,
Russia, Saransk, Gagarina Str. 99-404
MACHINE-BUILDING: Court Sets July 29 Hearing
--------------------------------------------
The Arbitration Court of Gorno-Altaysk commenced bankruptcy
supervision procedure on Machine-Building Factories. The case
is docketed as A02-3162/2003. Mr. D. Berezovsky has been
appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 630075,
Russia, Novosibirsk-75, Post User Box 34. A hearing will take
place on July 29, 2004.
CONTACT: MACHINE-BUILDING FACTORIES
Russia, Gorno-Altaysk,
Kommunistichesky pr. 109
Mr. D. Berezovsky
Temporary Insolvency Manager
630075, Russia, Novosibirsk-75,
Post User Box 34
MICHURINSKY: Deadline for Proofs of Claim Expires Sunday
--------------------------------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
supervision procedure on meat packing combine Michurinsky. The
case is docketed as A64-1244/04-18. Mr. L. Vasilyev has been
appointed temporary insolvency manager. Creditors have until
June 27, 2004 to submit their proofs of claim to 392000, Russia,
Tambov region, K. Marksa Str., 258g, apartment 47.
CONTACT: MICHURINSKY
Russia, Tambov region, Michutinsky region,
Sadostroy, Parkovaya Str
Mr. L. Vasilyev
Temporary Insolvency Manager
392000, Russia, Tambov region,
K. Marksa Str. 258g, apartment 47
NVP-NEFTE-REM-SERVIS: Deadline for Proofs of Claim June 27
----------------------------------------------------------
The Arbitration Court of Khanty-Mansiysky autonomous region
declared LLC NVP-Nefte-Rem-Servis insolvent and introduced
bankruptcy proceedings. The case is docketed as A75-194-B/04.
Ms. I. Kravchenko has been appointed insolvency manager.
Creditors have until June 27, 2004 to submit their proofs of
claim to the temporary insolvency manager at 628007, Russia,
Khanty-Mansijsk, Ostrovskogo Str., 32, LLC Legal firm Sever-
Leks.
CONTACT: NVP-NEFTE-REM-SERVIS
Russia, Nizhnevartovsk,
Marshala Zhukova Str. 16
Mr. I. Kravchenko
Insolvency Manager
628007, Russia, Khanty-Mansijsk,
Ostrovskogo Str. 32,
LLC Legal firm Sever-Leks
PC RODINA: Proofs of Claim Deadline June 27
-------------------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
supervision procedure on PC Rodina. The case is docketed as
A64-11614/04-2. Mr. L. Vasilyev has been appointed temporary
insolvency manager. Creditors have until June 27, 2004 to
submit their proofs of claim to 392000, Russia, Tambov region,
K. Marksa Str. 258g, apartment 47.
CONTACT: RODINA
Russia, Tambov region,
Morshansky region, Kershinskye Borki
Mr. L. Vasilyev
Temporary Insolvency Manager
392000, Russia, Tambov region,
K. Marksa Str., 258g, apartment 47
PETUKHOVSKY FOOD: Kurgan Court Appoints Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Kurgan region commenced bankruptcy
supervision procedure on LLC Petukhovsky Food Combine. The case
is docketed as A34-8169/03-s27. Mr. S. Baranovsky has been
appointed temporary insolvency manager. Creditors are asked to
submit their proofs of claim to 640018, Russia, Kurgan, Post
User Box 3843.
CONTACT: PETUKHOVSKY FOOD COMBINE
641640, Russia, Kurgan region,
Petukhovo, R.Luksemburg Str. 2
Mr. S. Baranovsky
Temporary Insolvency Manager
640018, Russia, Kurgan,
Post User Box 3843
SHAKHTO-STOITEL-2000: Kemerovo Court Sets July 5 Hearing
--------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
supervision procedure on LLC Shakhto-Stoitel-2000. The case is
docketed as A27-5041/2004-4. Mr. E. Bgatov has been appointed
temporary insolvency manager. A hearing will take place on
July 5, 2004.
CONTACT: SHAKHTO-STOITEL-2000
653000, Russia,
Prokopjevsk, Gorodskoy per. 1
Mr. E. Bgatov
Temporary Insolvency Manager
653052, Russia, Prokopjevsk,
Esenina Str. 84-6
STROITEL: Bankruptcy Supervision Procedure Begins
-------------------------------------------------
The Arbitration Court of Gorno-Altaysk commenced bankruptcy
supervision procedure on OJSC corporation Stroitel. The case is
docketed as A02-3842/2003. Mr. D. Berezovsky has been appointed
temporary insolvency manager. Creditors are asked to submit
their proofs of claim to 630075, Russia, Novosibirsk-75, Post
User Box 34.
CONTACT: STROITEL
Russia, Gorno-Altaysk,
Kommunistichesky pr. 95
Mr. D. Berezovsky
Temporary Insolvency Manager
630075, Russia, Novosibirsk-75,
Post User Box 34
UKSYANSKAYA POULTRY: Insolvent Status Confirmed
-----------------------------------------------
The Arbitration Court of Kurgan region declared municipal
enterprise Uksyanskaya Poultry farm insolvent and introduced
bankruptcy proceedings. The case is docketed as A34-246/02-s20.
Mr. G. Mekshun has been appointed insolvency manager.
Creditors are asked to submit their proofs of claim to 640027,
Russia, Kurgan, Khimmashevskaya Str. 6a.
CONTACT: UKSYANSKAYA PAULTRY FARM
641750, Russia, Kurgan region,
Dalmatovsky region, Uksyanskoye
Mr. G. Mekshun
Insolvency Manager
640027, Russia, Kurgan,
Khimmashevskaya Str. 6a
UVATSKY MILK: Sets Public Auction June 30
-----------------------------------------
The bidding organizer and insolvency manager of municipal
enterprise Uvatsky Milk Producing Factory set the public auction
of the firm's properties on June 30, 2004, 10:00 a.m. (local
time).
The assets for sale are: Milk shop with equipment, building with
boiler equipment, building with compressor equipment and
outhouse. Starting price is RUB4,500,000; price will be
increased by increments of RUB100,000.
Document list for participants and description of lots are
available at 625026, Russia, Tyumen region, Tyumen, Respubliki
Str., 144. To participate, bidders should deposit an amount
equivalent to 10% of the starting price to the settlement
account 4070281086748100046, TIN 72259002560, correspondent
account 30101810800000000651, BIC 047102651 - Zapadno-Sibirsky
Bank SB RF Uvatskogo OSB 1792.
CONTACT: UVATSKY MILK PRODUCING FACTORY
Russia, Tyumen region, Uvat,
Molodezhnaya Str. 17
Phone/Fax: (3452) 45-22-83
Insolvency manager
625026, Russia, Tyumen region,
Tyumen, Respubliki Str. 144
VOLGOGRADSKY AGRO-COMPLEX: Court Sets July 20 Hearing
-----------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
supervision procedure on agricultural company LLC Volgogradsky
Agro-Complex (TIN 3426002411). The case is docketed as A12-
4198/04-s55. Mr. V. Kashirin has been appointed temporary
insolvency manager.
Creditors have until June 28-29, 2004 to submit their proofs of
claim to 308025, Russia, Belgorod, Post Office #25, Post User
Box 1. A hearing will take place at 10:00 a.m., July 20, 2004.
CONTACT: VOLGOGRADSKY AGRO-COMPLEX
404181, Russia, Volgograd region,
Svetloyarsky region, Kirova
Mr. V. Kashirin
Temporary Insolvency Manager
308025, Russia, Belgorod, Post Office 25,
Post User Box 1
Phone/Fax: (0722) 36-94-46
The Arbitration Court of Volgograd region
400005, Russia, Volgograd, im.
7th Gvardeyskoy Divizii Str. 2.
YUKOS OIL: Hearing on US$3.4 Billion Tax Bill Continues
-------------------------------------------------------
The Moscow Arbitration Court on Tuesday continued to consider
the appeal lodged by Russian oil giant Yukos against a US$3.4
billion claim filed by tax authorities. Yukos lawyers, seeking
to delay hearings so they could study the case and delay
payments on the tax bill, failed to stop the trial Friday.
The appellate court did not rule on the tax's service appeal to
overturn its May decision to cut the original tax claim by an
equivalent of about US$14,000. While the disputed amount is
small, Yukos lawyers said the ruling will be key because it will
determine Yukos' ability to appeal the case. A final decision
would bar Yukos from appealing further.
Meanwhile, if the tax authority succeeds in demanding the
immediate payment of the bill, they still could not claim the
amount as Yukos assets have been frozen in relation to
investigations launched against the company's former head,
Mikhail Khodorkovsky. In line with this, the service plans to
ask for the order to be lifted at a hearing Wednesday.
Russia's President, Vladimir Putin, recently assured he does not
want to see the company bankrupt. Observers believe he is only
using the tax claim to force a deal that would take the control
of the company from its current owners. Yukos is asking for
more time and chance to sell assets to come up with the amount
to pay the tax claims.
ZVEREVSKOYE SHAKHTO: Under Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
supervision procedure on LLC Zverevskoye Shakhto-Prokhodcheskoye
Management. The case is docketed as A53-4254/2004-s2-7. Mr. S.
Baludin has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 344002,
Russia, Rostov-na-Donu, Gazetny Per., 34, office 323. A hearing
will take place at 2:20 p.m., August 06, 2004.
CONTACT: ZVEREVSKOYE SHAKHTO-PROKHODCHESKOYE MANAGEMENT
346000, Russia, Rostov region,
Zverevo, Obukhova Str. 7
Mr. S. Baludin
Temporary Insolvency Manager
344002, Russia, Rostov-na-Donu,
Gazetny Per. 34, office 323
=========
S P A I N
=========
AHOLD ESPANA: Closing 65 Stores as Part of Recovery Plan
--------------------------------------------------------
Dutch retail giant Ahold plans to close 65 stores in Spain as
part of its strategy to return to profitability over the next
four years.
Aside from this, the company will also sell 625 stores in Spain
this year. It will be giving details of the plan shortly,
according to just-food.com.
Ahold is selling assets to raise money to pay debts and recover
from an accounting scandal just last year.
===========
S W E D E N
===========
SEMCON AB: Strengthens Presence in France and Sweden
----------------------------------------------------
Semcon AB and Assystem Etudes have reached a partnership
agreement. The two leading R&D and design service suppliers
will be integrating their skills and expertise in a cooperation
effort to better serve the needs of AB Volvo/Renault Trucks in
France and in Sweden, as well as other companies in the
automotive industry.
The partnership with Assystem Etudes is part of Semcon's
strategy to establish a stronger international presence. "We
see the clients working with more international R&D projects.
It is a natural step for us to have a partner equally strong on
the French market for the benefit of the customer," says Hans
Johansson, CEO Semcon AB.
"Renault Trucks and Volvo Truck Corporation move R&D and other
processes closer together. Assystem as a preferred supplier to
VOLVO AB needs to meet the demands to establish a presence in
Sweden. We see this as a base for a pan European cooperation,"
says Mohamed Bouighamedane, CEO Assystem Etudes.
Assystem Etudes* is the leading supplier of R&D and design
services to the French vehicle industry and a close partner to
Renault and Peugeot. Semcon AB is the leading supplier of R&D
and design services to the Swedish car industry and a close
partner to Saab Automobile, Volvo Car Corporation and Volvo AB.
The partnership includes several customer benefits:
(a) Added value of both parties' best practices and technology
(b) Integrated set of consulting and service skills for projects
in Sweden, France and our customers' global locations.
(c) Fast access to large and complex teams with capacity of
managing large scale, enterprise wide projects
(d) Ability to respond rapidly to our customers turnkey program
requirements with our combined resources.
CONTACT: SEMCON AB
Reine Lindquist
Phone: +46 (0) 31 721 10 00
E-mail: reine.lindquist@semcon.se
ASSYSTEM ETUDE
Philippe Vermet
Phone: +33 (0) 4 37 54 16 00
E-mail: pvermet@assystem.com
SKANDIA INSURANCE: Appoints New Corporate Communications Head
-------------------------------------------------------------
Hans G. Svensson has been named as new head of Corporate
Communications at Skandia. Svensson joined Skandia in August
2000 and served most recently as head of Public Affairs on the
corporate and Sweden levels. He is a former Undersecretary of
State for the Swedish Ministry of Health and Social Affairs and
former President of Forsakringskasseforbundet.
"Hans G. Svensson has a long record of experience in both social
insurance and pension systems in Sweden and internationally. We
are very happy to have him take on the job as head of Corporate
Communications at Skandia," comments Hans-Erik Andersson,
President and CEO of Skandia.
Hans G. Svensson will be a member of Skandia's executive
management and assumes his position with immediate effect.
CONTACT: SKANDIA INSURANCE
Hans G. Svensson
Head Of Corporate Communications
Phone: +46-8-788 25 00
Gunilla Svensson
Press Manager
Phone: +46-8-788 42 97
Corporate Communications
S-103 50 Stockholm, Sweden
Phone: +46-8-788 10 00
Fax: +46-8-788 23 80
Web site: http://www.skandia.com
Office:
Sveavagen 44
SKANDIA INSURANCE: Prepares for Trial of Profit-sharing Dispute
---------------------------------------------------------------
On 5 April 2004 it was announced that Skandia and Skandia Liv
had reached an agreement in principle that the matter of
alleged, prohibited profit distribution in connection with
Skandia's sale of its asset management business to Den norske
Bank would be resolved between Skandia and Skandia Liv by an
arbitration board.
In respect of this, Skandia and Skandia Liv have now reached a
special agreement to refer the resolution of the above-mentioned
issue to an arbitration board.
Arbitration will take place in Stockholm, and the arbitration
ruling -- consisting of legal opinions as well as judicial
decisions -- will be made public, with exception for such
matters that are classified as confidential for commercial
reasons.
Skandia will be represented in the arbitration process by
Gernandt & Danielsson Advokatbyra, and as special adviser
Skandia has hired the services of Erneholm & Haskel. Skandia
Liv will be represented by Advokatfirman Cederquist. In
addition, Skandia Liv has commissioned attorney Stefan Lindskog
to look after the policyholders' interests of insight into the
process, and has hired the services of Lenner & Partners as
special adviser.
The arbitration process will begin promptly with the appointment
of arbitrators and is expected to be concluded within twelve
months at the earliest. As mentioned above, it is the intention
of the parties that the arbitration ruling will be made public
as soon as it has been issued.
Skandia Insurance Company Ltd.
Livforsakringsaktiebolaget Skandia
CONTACT: SKANDIA INSURANCE
Gunilla Svensson
Press Manager
Phone: +46-8-788 42 97
Corporate Communications
S-103 50 Stockholm, Sweden
Phone: +46-8-788 10 00
Fax: +46-8-788 23 80
Web site: http://www.skandia.com
Office:
Sveavagen 44
=====================
S W I T Z E R L A N D
=====================
ADECCO SA: Long-term Debt Confirmed at Ba1, Outlook Positive
------------------------------------------------------------
Moody's Investors Service confirmed the senior unsecured ratings
for long-term debt of personnel services company Adecco S.A. and
its guaranteed subsidiaries at Ba1.
The action was taken after Adecco published unqualified accounts
for the 2003 financial year, and restored access to its
syndicated bank facility.
The company earlier threw investors in turmoil by warning about
internal control weaknesses in its North American business.
This resulted to delays in the filing of its audited accounts as
the company takes vigorous steps to address internal control
weaknesses.
The controversy lead to class action litigations in connection
with the firm's public disclosures its between March 2000 and
January 2004 regarding its earnings and operating results. The
U.S. Securities and Exchange Commission, the U.S. Department of
Justice, the SWX Swiss Stock Exchange and the Swiss Federal
Banking Commission then commenced investigations into matters
related to the audit delay and trading in the Adecco Group's
securities.
But Adecco was able to assure shareholders its business
performance has not been affected by the delays in the filing of
audited accounts. The company's results for the first quarter
of 2004 show constant rate growth of 4%, although gross margins
shows signs of weakening.
The rating has a positive outlook reflecting Moody's expectation
that the company's rating may be buoyed up by its record strong
business performance in the absence of negative developments
turning up in the probe into its accounting. But Moody's notes
that Adecco remains subject to class action litigation the
regulatory investigations.
ASCOM: Wrongly Assigned CHF44 Million Goodwill Depreciation
-----------------------------------------------------------
Ascom acknowledges the ruling of the Swiss Exchange (SWX) on its
2002 Annual Report. SWX found that a goodwill depreciation of
CHF44 million should have been declared in the "Energy Systems"
sector instead of "Co-operation". It should be noted that the
Group income for 2002 is in no way altered by this.
It was Ascom's view that the form chosen for the 2002 Annual
Report conformed to the International Financial Reporting
Standards and most accurately reflected the interests of the
company and its stakeholders. The "Energy Systems" sector was
sold on 30 April 2003. The objections raised by the SWX were
accommodated in the 2003 Annual Report. Ascom has always taken
every effort to adhere to the IFRS accounting rules, and
continues to do so.
About Ascom
Ascom is an international solution supplier with a comprehensive
technology know-how. In the areas Transport Revenue (revenue
collection, toll collection and parking systems), Security
Solutions (applications for security, communications, automation
and control systems for infrastructure operators, public
security institutions and the army), Network Integration
(network solutions in the data/voice convergence market) and
Wireless Solutions (high quality on-site communications
solutions) with many years of experience in the execution of
complex projects for demanding customers the company has
established itself in important key markets. Ascom's offering
covers analysis and consulting, system design and system
integration, project management, engineering and implementation,
and goes right through to maintenance and support. The company
has subsidiaries in 23 countries and has a staff of about 5,000
employees worldwide. The Ascom registered shares (ASCN) are
quoted on the SWX Swiss Exchange in Zurich.
CONTACT: ASCOM
Corporate Media Office
CH-3000 Bern 14
Belpstrasse 37
Daniel Lack
General Secretary and Press Officer
Web site: http://www.ascom.com
E-mail: media@ascom.com
Phone: +41 31 999 20 22
Fax +41 31 999 45 27
Ascom Corporate Finance and Investor Relations
Belpstrasse 37
CH-3000 Bern 14
Rudolf Hadorn
CEO
Phone: +41 31 999 43 44
Fax: +41 31 999 21 17
E-mail: investor@ascom.com
Web site: http://www.ascom.com
SWISS INTERNATIONAL: To Remain in Red at Operational Level
----------------------------------------------------------
Swiss International Air Lines Ltd. on Tuesday warned of a
potential operating loss for 2004 due to "steep" rise in fuel
prices. The company already had more than CHF1.3 billion in
losses since its creation two years ago.
"Current projections suggest that the company's business
performance for the year could fall short of a breakeven
operating result," the Basel-based company said in an e-mailed
statement on Monday, according to Bloomberg News.
The carrier was created in a government-led bailout in March
2002. It has since last year axed 3,000 jobs in an effort to
reduce costs and increase passenger uptake through by lowering
fares. It attempted to join Oneworld alliance but break off
talks with British Airways earlier this month. Board member
Andre Kudelski left the board on Monday due to disagreements
about the alliance strategy.
=============
U K R A I N E
=============
ALFA-SERVICE: Declared Insolvent
--------------------------------
The Economic Court of Kyiv region declared LLC Alfa-Service Plus
(code EDRPOU 30675647) insolvent and introduced bankruptcy
proceedings. The case is docketed as 43/143. Arbitral manager
Mr. Krikun V. (License Number AA 669678 approved on September 2,
2003) has been appointed liquidator/insolvency manager. Alfa-
Service Plus holds account number 26003000424001/980 at OJSC CB
Nadra, MFO 320564.
CONTACT: LLC ALFA-SERVICE PLUS
01042, Ukraine, Kyiv region,
I. Kudri Str. 26
Mr. Krikun V.
Liquidator/Insolvency Manager
Phone: 234-47-55
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij boulevard, 44-B
CORPORATION AMP: Now Insolvent
------------------------------
The Economic Court of Kyiv region declared Corporation AMP (code
EDRPOU 30574730) insolvent and introduced bankruptcy
proceedings. The case is docketed as 24/178-B. Arbitral
manager Mr. Krikun V. (License Number AA 669678 approved on
September 2, 2003) has been appointed liquidator/insolvency
manager.
Corporation AMP holds account numbers:
(a) 26000301790/980 and 26009302790/810/840 at JSCB ALYANS,
MFO 300119;
(b) 260030030010/810/840/978/980 at CJSC Bank NRB-Ukraine,
MFO 320627;
(c) 26004301260751/980 at Prominvestbank, Podilska branch,
MFO 322197;
(d) 26005300100339/980 at JSCB East-European bank, Kyiv region,
MFO 322658; and
(e) 26008301511886/980 at Prominvestbank, Donetsk region,
Kramators branch, MFO 334141.
CONTACT: CORPORATION AMP
01011, Ukraine, Kyiv region,
Kopilenko Str. 3/7
Mr. Krikun V.
Liquidator/Insolvency Manager
Phone: 234-47-55
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij boulevard, 44-B
KOLOMIYA' BREAD: Court Introduces Bankruptcy Proceedings
--------------------------------------------------------
The Economic Court of Ivano-Frankivsk region declared OJSC
Kolomiya' Combine of Bread Products (code EDRPOU 00951681)
insolvent and introduced bankruptcy proceedings on May 11, 2004.
The case is docketed as B-11/140. Mrs. Sayevich Nataliya
(License Number AA 249547) has been appointed
liquidator/insolvency manager.
CONTACT: KOLOMIYA' COMBINE OF BREAD PRODUCTS
Ukraine, Ivano-Frankivsk region,
Kolomiya, Nalivajko Str. 3
Mrs. Sayevich Nataliya
Liquidator/Insolvency Manager
Ukraine, Ivano-Frankivsk region,
Kolomiya, Kostomarov Str. 4/108
ECONOMIC COURT OF IVANO-FRANKIVSK REGION
76000, Ukraine, Ivano-Frankivsk region,
Grunvaldska Str. 11
KOSTOPIL' FURNITURE: Rivne Court Confirms Insolvency
----------------------------------------------------
The Economic Court of Rivne region declared OJSC Kostopil'
Furniture Factory insolvent and introduced bankruptcy
proceedings on December 26, 2003. The case is docketed as 8/1.
Mr. Semenyuk Viktor (License Number AA 249665 approved on
December 18, 2001) has been appointed liquidator/insolvency
manager.
CONTACT: KOSTOPIL' FURNITURE FACTORY
35000, Ukraine, Rivne region,
Kostopil, Fabrichna Str. 2
Mr. Semenyuk Viktor
Liquidator/Insolvency Manager
33028, Ukraine, Rivne region,
Dragomanov Str. 27
ECONOMIC COURT OF RIVNE REGION
33001, Ukraine, Rivne region,
Yavornitski Str. 59
KOVYAGINSKE HPP: Succumbs to Insolvency
---------------------------------------
The Economic Court of Harkiv region declared OJSC Kovyaginske
HPP (code EDRPOU 00952290) insolvent and introduced bankruptcy
proceedings on May 25, 2004. The case is docketed as B-19/05-
04. Arbitral manager Mrs. Chekshturina T. (License Number AA
630039 approved on November 18, 2003) has been appointed
liquidator/insolvency manager. Kovyaginske HPP holds account
number 260092726 at JSPPB Aval, Harkiv regional branch, MFO
350589.
CONTACT: KOVYAGINSKE HPP
63021, Ukraine, Harkiv region,
Kovyagi, Privokzalna Str. 5
ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi square, 5,
Derzhprom, 8th entrance
OLMA: Kyiv Court Commences Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Kyiv declared LLC scientific-production
firm Olma (code EDRPOU 21458559) insolvent and introduced
bankruptcy proceedings on May 18, 2004. The case is docketed as
24/193-B. Initiating creditor OJSC APK Niva Ukraina has been
appointed liquidator/insolvency manager.
CONTACT: SCIENTIFIC-PRODUCTION FIRM OLMA
Ukraine, Kyiv region,
Kolektorna Str. 17
APK Niva Ukraina
Liquidator/Insolvency Manager
Phone: (044) 451-48-60 and 451-48-61
Fax: (044) 451-48-60 and 451-48-61
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij boulevard, 44-B
PLAZMA-SIT: Kyiv Court Affirms Insolvency
-----------------------------------------
The Economic Court of Kyiv region declared JSCCT Industrial
Company Plazma-Sit (code EDRPOU 24081227) insolvent and
introduced bankruptcy proceedings. The case is docketed as
15/101-B. Arbitral manager Mr. Kalitayev P. (License Number AA
669656 approved on August 1, 2003) has been appointed
liquidator/insolvency manager.
Industrial Company Plazma-Sit holds account numbers
26004000706501/840 and 26009000706001/980 at OJSC CB Nadra, Kyiv
region, Shevchenkivska branch, MFO 320973, and account number
260025229/980 at JSPPB Aval, Central office, MFO 300335.
CONTACT: INDUSTRIAL COMPANY PLAZMA-SIT
01010, Ukraine, Kyiv region,
Arsenalna square, 1B
Mr. Kalitayev P.
Liquidator/Insolvency Manager
Phone: 416-58-86
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij boulevard, 44-B
VIDRODZHENNYA: Officially Declared Insolvent
--------------------------------------------
The Economic Court of Ivano-Frankivsk region declared
agricultural limited liability company Vidrodzhennya insolvent
and introduced bankruptcy proceedings. The case is docketed as
B-7/225. Arbitral manager Mr. Martinuk Vasil (License Number AA
250333) has been appointed liquidator/insolvency manager.
CONTACT: VIDRODZHENNYA
Ukraine, Ivano-Frankivsk region,
Bolehiv, Konovaltsya Str. 101
Mr. Martinuk Vasil
Liquidator/Insolvency Manager
Ukraine, Ivano-Frankivsk region,
Pivdennij bulvar Str. 42/9
ECONOMIC COURT OF IVANO-FRANKIVSK REGION
76000, Ukraine, Ivano-Frankivsk region,
Grunvaldska Str. 11
VLASIVSKE BREAD: Court Appoints Liquidator
------------------------------------------
The Economic Court of Harkiv region declared CJSC Vlasivske
Bread Receiving Enterprise (code EDRPOU 32031621) insolvent and
introduced bankruptcy proceedings on May 25, 2004. The case is
docketed as B-19/03-04. Arbitral manager Mrs. Chekshturina T.
(License Number AA 630039 approved on November 18, 2003) has
been appointed liquidator/insolvency manager. Vlasivske Bread
Receiving Enterprise holds account number 2600701500 at JSB
Faktorial-Bank, MFO 351715.
CONTACT: VLASIVSKE BREAD RECEIVING ENTERPRISE
Ukraine, Harkiv region,
Plehanivska Str. 92-a
ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi square, 5,
Derzhprom, 8-th entrance
YEVROSTON: Bankruptcy Proceedings Begin
---------------------------------------
The Economic Court of Kyiv region declared LLC Yevroston (code
EDRPOU 31751943) insolvent and introduced bankruptcy
proceedings. The case is docketed as 43/145. Arbitral manager
Mr. Krikun V. (License Number AA 669678 approved on September 2,
2003) has been appointed liquidator/insolvency manager.
Yevroston holds account number 2600300274201/980 at JSCB Kyiv,
Minska branch, MFO 320605, and account number 26007010349/980 at
JSB Ukrkomunbank, Kyiv branch, MFO 322354.
CONTACT: LLC YEVROSTON
01010, Ukraine, Kyiv region,
Moskovska Str. 7
Mr. Krikun V.
Liquidator/Insolvency Manager
Phone: 234-47-55
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
===========================
U N I T E D K I N G D O M
===========================
AVECIA GROUP: Names Adams to Lead North American Biotech Sales
--------------------------------------------------------------
Avecia has appointed Ms. Shelly Adams to the new role of
Director of North American Sales - Biotechnology. Alongside
continuing customer responsibilities, she will lead the further
development of the Avecia Biotechnology team in the U.S.
Focusing equally on the biologics and DNA medicines business
sectors, Shelly will report through Biologics General Manager
Dr. Steve Taylor. She is based in Olivenhain, near San Diego
CA.
Avecia Biotechnology Vice President Dr. Kevin Cox commented:
"This reflects our continuing growth in the important North
American biotech sectors. With her strong track record, Shelly
was a natural choice to lead continuing expansion of our US
sales organization."
Shelly joined Avecia in April 2001 and was most recently U.S.
director commercial development for Avecia's healthcare
businesses. With a background in the biotech and healthcare
sectors, she formerly served as sales director for the San
Francisco-based Internet hub BioSpace Inc.
CONTACT: AVECIA PUBLIC AFFAIRS GROUP
Phone: +44 (0) 161 721 2942 / 2441
Fax: +44 (0) 161 721 5319
BURGESS CONSTRUCTION: Hires Tomlinsons Administrator
----------------------------------------------------
The Burgess Construction Limited Company has appointed A H
Tomlinson as joint administrative receivers. The appointment
was made June 11, 2004.
The company is engaged on construction. Its registered office
address is located at Carrington Business Park, Manchester road,
Carrington, Manchester M31 4YR.
CONTACT: TOMLINSONS
St John's Court,
72 Gartside Street,
Manchester M3 3EL
Receiver:
A H Tomlinson
(IP No 006585)
CARLOW RADIO: Names Liquidator from BRI Business Recovery
---------------------------------------------------------
At an Extraordinary General Meeting of the Members of the Carlow
Radio Limited Company on June 4, 2004 held at 100-102 St James
Road, Northampton NN5 5LF, the Special Resolution to wind up the
company was passed. Gavin Geoffrey Bates of BRI Business
Recovery and Insolvency, 100-102 St James Road, Northampton NN5
5LF has been appointed Liquidator for the purpose of such
winding-up.
CONTACT: BRI BUSINESS RECOVERY AND INSOLVENCY
100-102 St James Road
Northampton NN5 5LF
Contact:
Gavin Geoffrey Bates, Liquidator
CHARNWOOD BRICK: Members Final Meeting Set July 21
--------------------------------------------------
Members of Charnwood Brick Group Limited Company will have a
Final Meeting on July 21, 2004 at 2:00 p.m. It will be held at
Pentre Farm House, Mamhilad, Gwent NP4 0JH.
The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies. Proxies must be lodged with Barry Mitchell & Company,
Pentre Farm House, Mamhilad, Gwent NP4 0JH not later than 12:00
noon, July 20, 2004.
GWECO 197: Calls in Liquidator
------------------------------
There will be a General Meeting of the Members of Gweco 197
Limited Company on July 20, 2004 at 10:30 a.m. It will be held
at the offices of Brown Butler & Co, Yorkshire Bank Chambers,
Infirmary Street, Leeds LS1 2JT.
The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.
HEART ENGLAND: In Administrative Receivership
---------------------------------------------
The Secretary of State for Education and Skills called in John
Twizell and Geoffrey Martin as receivers for Heart of England
Training and Enterprise Council Limited (Reg No 02481337, Trade
Classification: 8042). The application was filed June 15, 2004.
The company is engaged in adult and other forms of education.
CONTACT: GEOFFREY MARTIN & CO
St James's House,
28 Park Place,
Leeds LS1 2SP
Receivers:
John Twizell
Geoffrey Martin
(Office Holder Nos 0/007822/01, 0/002207/01)
IPD SOUTH: Calls in Liquidator from Haines Watts
------------------------------------------------
At an Extraordinary General Meeting of the IPD South Midlands
Limited Company on June 11, 2004 held at 23 Monellan Crescent,
Caldecotte, Milton Keynes MK7 8NA, the subjoined Special
Resolution to wind up the company was passed. John Travers and
Andrew Appleyard of Haines Watts have been appointed Joint
Liquidators of the Company for the purpose of such winding-up.
KAWASAKI LIMITED: Appoints Ernst & Young Liquidator
---------------------------------------------------
At an Extraordinary General Meeting of the Kawasaki (London)
Limited Company on June 11, 2004 held at 5th Floor, River Plate
House, 7-11 Finsbury Circus, London EC2M 7EA, the Special
Resolution to wind up the company was passed. Patrick Joseph
Brazzill and Alan Lovett of Ernst & Young LLP, 1 More London
Place, London SE1 2AF have been appointed Joint Liquidators for
the purpose of such winding-up.
CONTACT: ERNST & YOUNG LLP
1 More London Place
London SE1 2AF
Contact:
Patrick Joseph Brazzill, Liquidator
Alan Lovett, Liquidator
L & J MECHANICAL: Names Haines Watts Administrator
--------------------------------------------------
Andrew Appleyard of Haines Watts has been appointed joint
administrative receiver for L & J Mechanical Services Limited
Company. The appointment was made May 28, 2004. The company is
engaged in general mechanical engineering.
CONTACT: HAINES WATTS
Canterbury House,
85 Newhall Street,
Birmingham B3 1LH
Receiver:
Andrew Appleyard
(IP No 1224)
LLOYDS TSB: Expects Half-year Trading to be Satisfactory
--------------------------------------------------------
Lloyds TSB Group plc will shortly be meeting analysts ahead of
its close period for the half-year ending 30 June 2004. This
announcement details the information that will be provided at
those meetings.
Good progress continues to be made in repositioning the Group
for growth and Lloyds TSB expects to deliver a satisfactory
trading performance for the half-year.
The Group has continued to deliver good levels of balance sheet
growth. At 31 March 2004 total Group loans and advances to
customers were GBP137.8 billion, an increase of 9%, on a
continuing businesses basis, over the last 12 months. On the
same basis, customer deposits increased by 3 percent to GBP116.7
billion. The Group net interest margin for the first three
months of 2004 was 2.97% compared with a Group net interest
margin, on a continuing operations basis, of 2.92% in the first
half of 2003, and 3.03% in the second half of 2003. Total Group
risk-weighted assets at 31 March 2004 were GBP119.3 billion, an
increase of 1% during the quarter, as growth in customer loans
and advances, particularly in mortgages, was partly offset by a
reduction in debt securities.
Retail Banking and Mortgages has continued to make progress in
profitable franchise development, notwithstanding some slowdown
in the demand for consumer credit. The retail bank has
continued to maintain and grow market share in its core markets,
particularly in mortgage and credit card lending, albeit with
some expected margin erosion. Mortgage balances outstanding at
31 March 2004 totaled GBP73.4 billion, an increase of 13 percent
over the last 12 months. Net new mortgage lending in the first
quarter of 2004 was GBP2.6 billion, compared with GBP2.2 billion
in the first quarter of 2003. Personal loan and credit card
lending increased by 12% compared to the first quarter of 2003,
excluding the impact of the Goldfish acquisition, and by 3
percent since 31 December 2003. Balances on current accounts
and savings and investment accounts grew by 9% compared to the
first quarter of 2003.
Scottish Widows has continued to change its product mix to focus
on more profitable and capital efficient products. Overall
weighted sales of life and pension products in the first quarter
of 2004, at GBP136.5 million, were broadly in line with the
first quarter of 2003. Unit trust sales fell to GBP21.9
million, compared to GBP33.5 million in the first quarter of
2003, as the market for regular premium equity based savings
products continues to be subdued. Scottish Widows is strongly
capitalized and remains on track to pay a 2004 dividend to
Lloyds TSB.
In Wholesale Banking very good progress continues to be made in
developing the overall franchise by extending and deepening
relationships with our existing corporate customers. As a
result, all businesses within the division have performed well
and we have achieved a good increase in new business volumes.
Overall balance sheet efficiency continues to improve with a 6
percent reduction in fine margin debt securities during the
first quarter of 2004 whilst risk-weighted assets were broadly
unchanged.
Total Group asset quality remains satisfactory, with no material
increase in the level of non-performing lending. The annualized
charge for bad and doubtful debts in the first quarter of 2004,
as a percentage of average lending, was broadly similar to the
0.66% reported for the full year 2003.
In the first five months of 2004 there was a negative investment
variance totaling GBP97 million, largely as a result of lower
gilt values and the slight fall in the FTSE All Share Index
during the period.
Eric Daniels, Group Chief Executive, said: "We are continuing to
make good progress in our key priority to reposition the Group
for sustainable growth and we remain well positioned to deliver
our planned improved performance in the second half of 2004 and
beyond."
The Group's results for the half-year ending 30 June 2004 will
be announced on 30 July 2004. No changes in accounting policies
are expected in the first half of 2004. The attached appendix
provides detailed half-year comparative figures for 2003, which
reflect changes in the Group's segmental analysis to reflect the
introduction, in 2004, of the management of the Group's
distribution channels as profit centers, and other changes in
internal pricing arrangements.
The segmental analysis of Lloyd's performance is available free
of charge at
http://bankrupt.com/misc/Lloyds_SegmentalAnalysis.htm.
CONTACT: LLOYDS TSB
Investor Relations
Michael Oliver
Director of Investor Relations
Phone: +44 (0) 20 7356 2167
E-mail: michael.oliver@ltsb-finance.co.uk
Ian Gordon
Senior Manager, Investor Relations
Phone: +44 (0) 20 7356 1264
E-mail: ian.gordon@ltsb-finance.co.uk
Media
Terrence Collis
Director of Group Corporate Communications
Phone: +44 (0) 20 7626 1500
E-mail: terrence.collis@lloydstsb.co.uk
Mary Walsh
Head of Media Relations
Phone: +44 (0) 20 7626 1500
E-mail: mary.walsh@lloydstsb.co.uk
MODUS RAIL: Creditors Meeting Set June 25
-----------------------------------------
The Creditors of Modus Rail Limited will have an adjourned
meeting on June 25, 2004 at 11:30 a.m. It will be held at the
offices of Rothman Pantall & Co., Clareville House, 26-27
Oxendon Street, London SW1Y 4EP.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Rothman Pantall & Co, Clareville House, 26-27
Oxendon Street, London SW1Y 4EP not later than 12:00 noon, June
24, 2004.
CONTACT: ROTHMAN PANTALL & CO
Clareville House,
26-27 Oxendon Street,
London SW1Y 4EP
Joint Administrators:
Robert Derek Smailes
Stephen Blandford Ryman
ORION CLOTHING: Hires Receivers from Begbies Traynor
----------------------------------------------------
The Orion Clothing Company Limited has appointed David Paul
Hudson and Mark Robert Fry pf Begbies Traynor as joint
administrative receivers. The appointment was made June 10,
2004.
The company supplies clothing. Its registered office address is
located at Anne House, Charflets Close, Charfleets, Industrial
Estate, Canvey Island, Essex SS8 0PW.
CONTACT: BEGBIES TRAYNOR
The Old Exchange,
234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG
Receivers:
David Paul Hudson
Mark Robert Fry
(IP Nos 008977, 008588)
POCKET STUDIOS: Names Rothman Pantall & Co Administrator
--------------------------------------------------------
The Pocket Studios Limited Company has appointed Robert Derek
Smailes of Rothman Pantall & Co as joint administrative
receiver. The appointment was made June 9, 2004. The company
is engaged in computer related activities.
CONTACT: ROTHMAN PANTALL & CO
Clareville House,
26-27 Oxendon Street,
London SW1Y 4EP
Receiver:
Robert Derek Smailes
(IP No 8975)
PROPERTY ASSURANCE: Appoints Baker Tilly Administrator
------------------------------------------------------
General Construction Company, Property Assurance Services
Limited has appointed Richard Paul Rendle and Guy Edward Brooke
Mander of Baker Tilly as joint administrative receivers. The
appointment was made June 14, 2004.
CONTACT: BAKER TILLY
City Plaza,
Temple Row,
Birmingham B2 5AF
Receivers:
Richard Paul Rendle
Guy Edward Brooke Mander
(IP Nos 5576, 8845)
REGUS GROUP: Confirms Discussion to Acquire HQ Global
-----------------------------------------------------
Regus Group plc notes the recent press speculation regarding a
potential acquisition of HQ Global Workplaces, Inc.
The Board of Regus continues to explore options for future
growth and, in this context, confirms that it has entered into
discussions with HQ regarding a possible acquisition at a cost,
including expenses, of up to GBP190 million. The Board believes
that a transaction with HQ offers Regus compelling strategic
benefits, particularly now that both companies have successfully
rationalized their U.S. operations and reorganized their
complementary U.S. portfolios. If a transaction is pursued, it
will only be entered into on a basis that will add value for
Regus shareholders. The Board is considering a range of
proposals in respect of financing for the potential acquisition.
The Board notes that no definitive agreement has been reached
and there can be no certainty that agreement will be reached.
On 18 May 2004 the Company reported that trading was slightly
ahead of expectations for the year to date. The Company's
progress remains firmly on track.
A further announcement will be made in due course.
* * *
Regus is a leading provider of high quality outsourced offices
and operates a network of almost 400 business centers across
more than 50 countries, including approximately 90 centers in
the United States.
HQ is also a leading provider of outsourced offices principally
in the United States. It operates a network of over 200 centers
across the country.
CONTACT: REGUS GROUP
Stephen Jolly
Phone: +44 (0) 1932 895135
David Yates or Richard Mountain (Financial Dynamics):
Phone: +44 (0) 20 7269 7291
R.G.S.S. LIMITED: Hires Receivers from Parkin S. Booth & Co
-----------------------------------------------------------
Builders and Civil Engineers, R.G.S.S. Limited Company has
appointed Robert Martin Rutherford and Ian Cathrell Brown of
Parkin S. Booth & Co. as joint administrative receivers. The
appointment was made June 11, 2004. Its registered company
address is located at Valley Mill, Valley, Anglesey.
CONTACT: PARKIN S. BOOTH & CO.
24 Trinity Square,
Llandudno LL30 2RH
Receivers:
Robert Martin Rutherford
Ian Cathrell Brown
(IP Nos 6852, 8621)
SJL PACKAGING: Names Receiver from Price & Co
---------------------------------------------
The SJL Packaging Limited Company has appointed Alan R Price of
Price & Co as joint administrative receiver. The appointment
was made June 9, 2004.
The company manufactures packaging materials. Its registered
office address is located at Bramble Cottage, London Street,
Whissonsett, Dereham, Norfolk NR20 5ST.
CONTACT: PRICE & CO
PO Box 5895,
Wellingborough,
Northamptonshire NN8 5ZD
Receiver:
Alan R Price
(IP No 6846)
TELEWEST COMMUNICATIONS: Court Sanctions Restructuring Scheme
-------------------------------------------------------------
Telewest Communications plc announces on Monday the High Court
of England and Wales granted orders sanctioning the schemes of
arrangement of Telewest and Telewest Finance (Jersey) Limited.
On 18 June 2004 the Royal Court of Jersey also granted an order
sanctioning the scheme of arrangement of Telewest Finance
(Jersey) Limited.
The schemes of arrangement each include a 'bar date' which is
5:00 p.m. (London time) on 16 July 2004, or such later date as
shall be notified to scheme creditors by announcement on a
Regulatory Information Service or on the Company's Web site at
http://www.telewest.co.uk. Only scheme claims that are notified
to Telewest and Telewest Jersey before the bar date or of which
Telewest or Telewest Jersey are already aware will be capable of
being admitted in the schemes of arrangement.
The sanction of the schemes of arrangement is one of a number of
steps being taken to implement Telewest's financial
restructuring and successful completion of the financial
restructuring remains subject to a number of conditions. It is
expected that the schemes of arrangement will become effective
on 15 July 2004 and that the financial restructuring will be
completed on 19 July 2004 when shares in Telewest Global, Inc.,
Telewest's Delaware incorporated subsidiary that will become the
holding company of the restructured Telewest group, are expected
to commence trading on the Nasdaq National Market.
CONTACT: TELEWEST COMMUNICATIONS
Jane Hardman, Director Of Corporate Communications
Phone: 0207 299 5888
Vani Gupta, Investor Relations Manager
Phone: 0207 299 5353
CITIGATE DEWE ROGERSON
Phone: 020 7638 9571
Anthony Carlisle
Phone: 07973 611888
WEMBLEY PLC: 77.8% of Shareholders Accept BLB Investors Offer
-------------------------------------------------------------
BLB Investors, L.L.C. announces that, in relation to the
recommended cash offer made by J.P. Morgan plc on behalf of BLB
Worldwide Acquisition, Inc., an indirect wholly-owned subsidiary
of BLB Investors, and, in the United States, by BLB Acquisition
itself, for the entire issued and to be issued share capital of
Wembley plc as set out in the offer document dated 1st May, 2004
(the Offer Document), as at 3:00 p.m. (London time) on 19th
June, 2004, valid acceptances of the Offer had been received in
respect of 19,318,199 Wembley Shares representing approximately
55.6% of the existing issued share capital of Wembley.
Prior to the announcement of the Offer on 20th April, 2004, BLB
Acquisition had acquired 7,732,500 Wembley Shares from Active
Value (representing approximately 22.2% of Wembley's issued
share capital), all at a price of 800 pence for each Wembley
Share.
Accordingly, as at 3:00 p.m. (London time) on 19th June, 2004,
BLB Acquisition had acquired, or received valid acceptances of
the Offer in respect of, 27,050,699 Wembley Shares representing
approximately 77.8% of the existing issued share capital of
Wembley.
Save as disclosed in this announcement or in the Offer Document,
neither BLB Investors nor any persons acting or deemed to be
acting in concert with BLB Investors held any Wembley Shares (or
rights over any Wembley Shares) prior to the Offer Period and
neither BLB Investors nor any persons acting or deemed to be
acting in concert with BLB Investors have acquired or agreed to
acquire any Wembley Shares (or rights over any Wembley Shares)
since the commencement of the Offer Period.
Offer timetable extended
Under the rules of the City Code on Takeovers and Mergers (the
City Code), save with the consent of the Panel on Takeovers and
Mergers (the Panel), the Offer may not become or be declared
unconditional as to acceptances after midnight on the 60th day
following posting of the offer document. 'Day 60' of the Offer
is 30th June, 2004.
The Offer is conditional on, inter alia, the receipt of
confirmations from the Rhode Island Lottery Commission, the
Rhode Island Department of Business Regulation and all other
relevant state and federal regulators, on terms reasonably
satisfactory to BLB Acquisition and Wembley that, upon the Offer
becoming or being declared unconditional in all respects, all
material licenses and other operating authorities (however
denominated) necessary for the operation of the Lincoln Park
Business will have and will continue to have full force and
effect on terms and conditions (including tax) which are no less
favorable in any material respect than those currently enjoyed
by Wembley (the U.S. Regulatory Condition).
BLB Acquisition has not yet received the necessary confirmations
to fulfill the U.S. Regulatory Condition. It is anticipated
that these confirmations will be obtained by early to mid-
August. The Wembley Board has agreed, and the Panel Executive
has consented, to an extension of Day 60 of the Offer timetable
until such time as the US Regulatory Condition is satisfied. In
these circumstances, the Panel Executive has ruled that 'Day 52'
of the Offer (which, under the current Takeover Code timetable,
would be 22nd June, 2004) will instead be deemed to be the day
after the announcement by BLB Acquisition that it has satisfied
the US Regulatory Condition. The Panel Executive has confirmed
that subsequent closing dates of the Offer will not be affected
by this extension of the Offer timetable.
The Panel has also confirmed that BLB Acquisition will be
entitled to invoke the U.S. Regulatory Condition and lapse the
Offer if the U.S. Regulatory Condition has not been satisfied by
midnight (EST) on 18th August, 2004 (or such later date, not
being later than 31st August, 2004, as BLB and Wembley, with the
consent of the Panel, may agree).
Extension of the Offer
The Offer has been further extended and will remain open for
acceptance until 3:00 p.m. (London time) on 3rd July, 2004.
Forms of Acceptance not yet returned should be completed and
returned in accordance with the instructions set out in the
Offer Document and in the Form of Acceptance so as to be
received as soon as possible and, in any event, by not later
than 3:00 p.m. (London time) on 3rd July, 2004. Any further
extensions of the Offer will be publicly announced by 8:00 a.m.
(London time) on the business day following the day on which the
Offer was otherwise due to expire.
The Offer remains subject to the terms and conditions set out in
the Offer Document (other than as amended by this announcement).
Terms defined in the Offer Document bear the same meanings
herein.
* * *
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM
AUSTRALIA, CANADA OR JAPAN.
CONTACT: WEMBLEY PLC
JPMorgan
Edward Banks
Phone: +44 (0) 20 7742 4000
TULCHAN COMMUNICATIONS
Andrew Honnor
Phone: +44 (0) 20 7353 4200
CAPITA IRG PLC
Phone: 0870 162 3100 (or +44 20 8639 2157 if
telephoning from outside the UK)
WREXHAM: Bleeding at Rate of GBP1,000 Daily
-------------------------------------------
Cash-strapped Wrexham football club is losing around GBP1,000 a
day as fine for not filing its accounts on time. The club's
financial statements have been due since March.
The accounts are expected to disclose the losses of the club,
which amounted to more than GBP500,000 in the financial year
2002-03. The 2003-04 accounts, which will soon be prepared, are
also expected to reveal the same amount of losses, bringing the
accumulated loss to over GBP1 million in a span of two years.
Clubs officials are to present the figures on its general
stockholders meeting set to occur in August or in September, by
which time, the accounts would have been completed.
In the annual general meeting, it is also anticipated that
shareholders will be informed of the GBP700,000 debt to the
Inland Revenue and of the GBP400,000 debt to HSBC bank.
Director Bill Wingrove confessed that chairman Alex Hamilton's
personal guarantees, amounting to GBP1 million, saved the club
from being insolvent. This brings the total debt of Wrexham to
over GBP2 million.
Mr. Wingrove had a meeting with Mr. Hamilton Friday. During the
meeting, the Mr. Hamilton promised to meet with fans'
representatives to discuss their mutual plans.
ZORBIT BABYCARE: Appoints KPMG Administrator
--------------------------------------------
The Zorbit Babycare Limited Company has appointed Paul Andrew
Flint and Richard Dixon of KPMG as joint administrative
receiver. The appointment was made June 9, 2004. The company
designs and sells nursery beddings.
CONTACT: KPMG
St James Square,
Manchester M2 6DS
Receiver:
Paul Andrew Flint
(IP No 9075)
KPMG
1 The Embankment,
Neville Street,
Leeds LS1 4DW
Receiver:
Richard Dixon Fleming
(IP No 8370)
*********
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.
This material is copyrighted and any commercial use, resale or
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