/raid1/www/Hosts/bankrupt/TCREUR_Public/040624.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
Thursday, June 24, 2004, Vol. 5, No. 124
Headlines
C Z E C H R E P U B L I C
CZECH AIRLINES: First-half Passenger Uptake up 33% Year-on-year
F R A N C E
ALCATEL: Creditor Banks Renew EUR1.3 Bln Multi-currency Facility
ALSTOM SA: Recovery Hinges on Sustained Demand for Core Products
VIVENDI UNIVERSAL: Former Chairman Detained for Questioning
I R E L A N D
BIRR MEAT: Court Orders Liquidation
PITCAIRN CUISINE: Latest Dublin Restaurant to Collapse
I T A L Y
PARMALAT FINANZIARIA: Posts Copy of Corporate Governance Codes
PARMALAT FINANZIARIA: Asks Court to Keep U.S. Assets Off-limits
N E T H E R L A N D S
VENDEX KBB: 89.9% of Shareholders Accept VDXK Acquisition Offer
VERSATEL N.V.: Wins Contract to Link Mercedes-Benz Dealers
N O R W A Y
AKER KVAERNER: Bids for Decommissioning Contract in Shetland
P O L A N D
COLLOSEUM: Creditors Won't Get Even a Cent from Liquidation
DAEWOO-FSO: Dealers Mirror Carmaker's Woes
PROCHNIK: Books PLN2.24 Million Annual Net Loss
STOCZNIA SZCZECINSKA: Capitalization Plan Hurts Jelfa Shares
R U S S I A
AGRICULTURAL INDUSTRIAL: Under Bankruptcy Supervision Procedure
CHERMETIMPEKS: Deadline for Proofs of Claim July 10
LES-PROM-INVEST: Declared Insolvent
MEKH-ENERGO-SERVIS: Under Bankruptcy Supervision Procedure
METROMEDIA INTERNATIONAL: Avoids Default with Form 10-Q Filing
SEL-KHOZ-ENERGO: Deadline for Proofs of Claim July 10
SHEKINSKY FIRE: Tula Court Appoints Insolvency Manager
TRANSFORMER: Samara Court Appoints Insolvency Manager
VTOR-METR-RESURS: Deadline for Proofs of Claim August 10
WATER CANAL: Insolvent Status Confirmed
WOOD PROCESSING: Sets Deadline for Proofs of Claim
S W I T Z E R L A N D
SCANDINAVIAN AIRLINES: Competition Authority Makes Routine Visit
U K R A I N E
AGROFIRMA IMENI: Court Begins Bankruptcy Supervision Procedure
ALKONT: Donetsk Court Names Insolvency Manager
ANDRIJIVSKE: Mikolaiv Court Starts Bankruptcy Proceedings
BERSHADSKIJ CORN: Declared Insolvent
BORSHIVSKIJ RAJPOSTACH: Under Bankruptcy Supervision Procedure
DNIPRO: Bankruptcy Proceedings Begin
DONETSKVTORRESURSI: Deadline for Proofs of Claim July 4
GORODNITSYA: Ternopil Court Commences Bankruptcy Proceedings
HARKIV' HOUSE 1: Insolvency Manager Appointed
HLIBOROB: Proofs of Claim Deadline July 4
KOPICHINTSI' KNITTING: Succumbs to Insolvency
KRONOS: Insolvent Status Confirmed
MALINSKE BREAD: Bankruptcy Supervision Starts
U N I T E D K I N G D O M
4AM DISTRIBUTION: Names Stoy Hayward Administrator
A BRISCOE: Winding up Resolutions Passed
APEX DRYERS: Fabric Knitting Business for Sale
ARMITAGE ENGINEERING: Hires Receiver from Robson Laidler
BACUS SCAFFOLDING: Winding up Resolutions Passed
BALMORAL PUBLISHING: Hires Begbies Traynor Liquidator
BRITISH ENERGY: Stephen Billingham to Join Management Team
BROCHURE RECYCLING: Hires Liquidator from Robert Day and Company
CABLE & WIRELESS: Files Latest Annual Report with U.S. SEC
CALDER ALUMINIUM: Granville Guardian Appoints Receiver
CANEFLEET LIMITED: Creditors Meeting Set July 6
COOPERS & LYBRAND: Members Final Meeting July 26
CRAINTERN LIMITED: Hires Liquidator from Redhead French
CYBERES PLC: Shares Temporarily Suspended
DARWEN 2066: Calls in Liquidator
DAWSON INTERNATIONAL: Loan Stock Placing Uptake Less than 50%
EXCALIBUR WORLDWIDE: Extraordinary Winding up Resolution Passed
FIBREWORLD LIMITED: Hires Liquidator from Harrisons
FIRST DIGITAL: Hires Liquidator from Benedict Mackenzie
FRESHBAKE FOODS: Receivers Look for Buyer to Save Healthy Parts
GALLOWAYS PACKAGING: Appoints BDO Stoy Hayward LLP Liquidator
HOLLINGER INC.: Decides to Involve Shareholders in Sale Process
JESTER FASHIONS: Calls in Liquidator
KAM FUNG: Winding up Resolutions Passed
OHMEGA FIRE: Names Liquidator from Knights & Company
PAREMA HOLDINGS: Special Winding up Resolution Passed
PAYROLL SYSTEMS: Sets Creditors Meeting June 28
P & M MORRIS: Sets Final General Meeting July 23
PROCESS SYSTEMS: Appoints Tait Walker Administrator
QUEENS MOAT: Whitehall Offers to Acquire Business
RUBBER STAMPEDE: General Meeting Set July 16
SANDWELL CASTINGS: In Administrative Receivership
SMSM LIMITED: Appoints Mazars Liquidator
WH SMITH: Suspends Takeover Discussions with Permira
*********
===========================
C Z E C H R E P U B L I C
===========================
CZECH AIRLINES: First-half Passenger Uptake up 33% Year-on-year
---------------------------------------------------------------
Passenger uptake for January to May increased 33% year-on-year,
according to Czech Airlines spokeswoman Dana Dvorakova.
The carrier, which recorded a 70% seat occupancy, transported
1.54 million passengers during the period. Take-off and
landings totaled 11,856 or an increase of more than 16%, Ms.
Dvorakova said.
The increase in passengers was due in part to the opening of new
flights to Baku, Krakow, Yekaterinburg, and Samara in May, she
said. In May alone, the number of passengers grew 25% year-on-
year. President Jaroslav Tvrdik took the figures to mean the
national carrier is successfully competing with domestic low-
cost airlines.
Czech Airlines, according to Interfax, targets 4.9 million
passengers this year, up from 3.6 million in 2003. The carrier
expects to cover CZK1.2 billion in accumulated losses from
profits in the next two years.
===========
F R A N C E
===========
ALCATEL: Creditor Banks Renew EUR1.3 Bln Multi-currency Facility
----------------------------------------------------------------
Alcatel (Paris: CGEP.PA et NYSE: ALA) successfully completed the
signing of a EUR1.3 billion-syndicated 3-year multi-currency
revolving credit facility, which will replace the existing
undrawn EUR1.375 billion syndicated facility maturing in April
2005.
This early renewal of its revolving credit facility enables
Alcatel to benefit from attractive market conditions and to
further strengthen its financial position following the bond
exchange transaction closed in April 2004, which lengthened the
average debt maturity profile of the company.
The Facility, which was originally launched at EUR1.0 billion,
was largely oversubscribed. Alcatel received more than EUR1.7
billion commitments from 24 banks and has consequently decided
to fix the amount of the facility at EUR1.3 billion. The
syndicated facility is available at any time on a fully
revolving basis subject to Alcatel meeting certain financial
covenants. Availability is not linked to the company's ratings
performance.
Standard and Poor's recently upgraded Alcatel to 'BB-' from
'B+.' Rating with Moody's is B1 outlook positive.
The participants are:
(a) Mandated Lead Arrangers:
ABN AMRO Bank N.V.
BNP Paribas
JPMorgan Chase Bank
SG Corporate & Investment Banking
(b) Arrangers:
Bank of America, NA
HSBC CCF
CDC Ixis
Calyon Corporate and Investment Bank
Citigroup
Deutsche Bank
Natexis Banques Populaires
WestLB
(c) Co-arrangers:
Banco Bilbao Vizcaya Argentaria, S.A.
Commerzbank AG
Credit Industriel et Commercial
Credit Suisse First Boston International
Fortis Banque France
HVB Group
ING
Merrill Lynch Capital Markets Bank Limited
Morgan Stanley
The Bank of Tokyo-Mitsubishi, Ltd.
The Royal Bank of Scotland Plc
Sumitomo Mitsui Banking Corporation Paris Branch
About Alcatel
Alcatel 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.
CONTACT: Alcatel
54, rue La Boetie
75008 Paris, France
Phone: +33-1-40-76-10-10
Fax: +33-1-40-76-14-05
Web site: http://www.alcatel.com
ALSTOM SA: Recovery Hinges on Sustained Demand for Core Products
----------------------------------------------------------------
French engineering group Alstom S.A. warned in its annual report
for 2003-2004 that results this year would be negatively
affected if the increase in orders felt earlier does not
continue in the coming months.
"If the recovery in some of our markets and a return of client
confidence, which was noted in the second half of 2003-2004, are
not confirmed in a lasting manner it could have an unfavorable
impact on our results," the report said.
Granting the upsurge in demand for the company's high-speed
trains, ocean liners and power stations materializes, Alstom
faces another challenge: it has to find cash to fund the uptake.
It already exhausted the EUR3.5 billion (US$4.2 billion) line of
credit it secured in August 2003 after an initial upturn.
According to Agence France-Presse, the group wants to negotiate
new guarantees to cover its needs for next two years, with its
principal banks so far agreeing to cover three quarters of such
requirements. But it warned that it could not guarantee that
negotiations to secure the remaining credit would succeed. The
company found it difficult last year to obtain bank guarantees
owing to its poor financial results.
"Difficulties in arranging sufficient guarantees could
compromise our ability to win new orders and to receive advances
and scheduled payments from our clients," the company warned.
In spite of this, Alstom reiterates its forecast of a positive
cash flow and an operating margin of 6% for 2005-2006.
CONTACT: ALSTOM S.A.
Press Relations:
S. Gagneraud
G. Tourvieille
Phone: +33 1 47 55 25 87
E-mail: internet.press@chq.alstom.com
Investor Relations:
E. Chatelain
Phone: +33 1 47 55 25 33
E-mail: investor.relations@chq.alstom.com
VIVENDI UNIVERSAL: Former Chairman Detained for Questioning
-----------------------------------------------------------
Former Vivendi Universal Chairman Jean-Marie Messier remained in
jail on Tuesday following his arrest Monday on suspicion of
stock manipulation, according to Reuters.
Mr. Messier was ousted from the media conglomerate in July 22,
2002 after nearly bringing the company to its knees. On Monday,
police took him for questioning over alleged violations of
securities laws in relation to the company's repurchase of 21
million shares in the wake of the September 11, 2001 attacks in
the United States.
Mr. Messier had to remain in jail because only the police had
the chance to question him on Monday, according an unidentified
spokeswoman for the prosecutor's office. She did not say how
long prosecutors will grill Mr. Messier. Investigators are
looking as far back as October 2002 when an association of small
shareholders sued Vivendi for allegedly lying to the public
about its financial status. To recall, the U.S. SEC had also
launched a probe into the affair and in December 2003 levied
Vivendi a US$50 million (EUR41.2 million) fine.
=============
I R E L A N D
=============
BIRR MEAT: Court Orders Liquidation
-----------------------------------
The High Court has appointed Ken Fennell official liquidator for
Birr Meat Processors Ltd. and related company Prue and David
Rudd and Family Ltd., according to the Irish Examiner.
Ms. Justice Carroll made the appointment after clearing Mr.
Fennell of accusations related to his conduct as former
provisional liquidator. Major creditors Peter O'Connor of
O'Connor Meats and Joe Hayes of Garbally Manufacturing Ltd. had
accused Mr. Fennell of keeping the company trading while
insolvent. They were understood to want a different liquidator
so that the company could be sold as a going concern. Mr.
Fennell was made provisional liquidator in April.
Birr Meat has debts of more than EUR700,000, while Prue has
EUR328,000. In 2002, an examiner was appointed to Rudd, which
employed 25 people then.
CONTACT: KAVANAGH FENNELL
14 Pembroke Road,
Dublin 4
Phone: +353 1 6680288
Fax: +353 1 6689009
E-mail: epost@kavanagh.ie
Contact: Ken Fennell
PITCAIRN CUISINE: Latest Dublin Restaurant to Collapse
------------------------------------------------------
Pitcairn Cuisine, Bruno's high-society restaurant on Kildare
Street in Dublin, succumbed to liquidation last week.
The restaurant is a favorite haven of politicians and socialites
because of its close proximity to Dail Eireann. It will
continue to operate until a potential buyer is found. Its
liquidator, Ken Fennell of Kavanagh Fennell, is trying to sell
the business as a going concern.
Bruno incurred more than EUR840,000 of debt, EUR140,000 of which
is owed to the Revenue Commissioners, EUR70,000 to Ulster Bank,
EUR100,000 to trade creditors, and over EUR500,000 to a number
of private investors. According to Pitcairn's statement of
affairs, the leasehold on the restaurant's premises is valued at
EUR200,000. The value is expected to rise in the open market.
Its directors, chef Bruno Berta and Evelyn Marcelin, state the
firm owns assets worth EUR340,000.
The Marcelins also own Miso Restaurant located in Temple Bar,
Dublin. A company named Ralfleet, which is not in liquidation,
operates the restaurant. Berta, Marcelin and Cyril Byrne of
Shankill, Co. Dublin, are listed as directors of Ralfleet. Miso
formerly operated as Bruno's, but was changed into a Thai noodle
bar to draw more casual diners.
Pitcairn is the latest in a growing list of high-profile Dublin
restaurants and cafes to shutdown.
=========
I T A L Y
=========
PARMALAT FINANZIARIA: Posts Copy of Corporate Governance Codes
--------------------------------------------------------------
Extraordinary Commissioner Dr. Enrico Bondi communicates that
the draft text (in both English and Italian) detailing
Parmalat's Corporate Governance practices are now available at
http://www.parmalat.com. These documents can be found under the
title 'Corporate Governance of the new Parmalat' in the Investor
Relations section of the site.
The available documents are:
(a) Draft by-laws,
(b) Draft Code of Self-Discipline,
(c) Draft rules governing internal dealing, and
(d) Draft Code of Conduct.
Any written comments on the text can be sent to the e-mail
address shown in the relevant area of the site.
CONTACT: PARMALAT FINANZIARIA S.P.A.
43044 Collecchio (Pr)
Via Oreste Grassi, 26
Codice fiscale e iscrizione nel Registro delle
Imprese di Parma 00175250471 - Partita I.V.A.
01938950340 - R.E.A. Parma n. 188325 -
U.I.C. n. 730
20122 Milano - Piazza Erculea, 9
Phone: (39) 02.8068801
Fax: (39) 02.8693863
E-mail: x_affari_societari_it@parmalat.net
PARMALAT FINANZIARIA: Asks Court to Keep U.S. Assets Off-limits
---------------------------------------------------------------
Parmalat Finanziaria S.p.A. on Tuesday sought to correlate
bankruptcy proceedings in the entire group by asking a U.S.
bankruptcy judge to prevent creditors from seizing U.S. assets,
according to Reuters.
The filing, which was made in agreement with the Italian dairy
group's affiliate, was lodged in the bankruptcy court in
Manhattan. The request was made under Section 304 of the U.S.
Bankruptcy Code. Bill Rochelle, a bankruptcy partner at
Fulbright & Jaworski LLP in New York, said "the practical
effect" of filing "is to force U.S. creditors to participate in
the proceeding in Italy, whether they like it or not."
Parmalat, which filed for insolvency in December, is undergoing
restructuring in Italy. It wants to prevent movements of assets
outside the country to avoid potential conflicts while it
reorganizes units around the world. The company's U.S. dairy
units filed for Chapter 11 bankruptcy protection just four
months after the parent company's insolvency filing. On Monday,
Parmalat submitted its turnaround plan. The industry ministry
is expected to approve the plan next month.
CONTACT: PARMALAT FINANZIARIA S.P.A.
Via Oreste Grassi, 26
PR 43044 COLLECCHIO
Phone: 39-05218081
Fax: 39-0521808327
Contact:
Enrico Bondi, Administrator
=====================
N E T H E R L A N D S
=====================
VENDEX KBB: 89.9% of Shareholders Accept VDXK Acquisition Offer
---------------------------------------------------------------
With reference to the public announcements of 26 April, 19 May,
11 June and 15 June 2004 and the offer memorandum of 21 May
2004, VDXK Acquisition B.V. announces that:
Per the expiration of the acceptance period on 21 June 2004 at
3:00 p.m. (Amsterdam time), 85.2% of all outstanding (depositary
receipts of) ordinary shares in the share capital of Vendex KBB
and 100% of the outstanding depositary receipts of preference
shares B in the share capital of Vendex KBB have been tendered
under the public offer by VDXK. The Shares tendered under the
Offer represent 89.9% of the total issued and outstanding share
capital of Vendex KBB. These percentages do not take into
account Shares held by Vendex KBB and its subsidiaries.
VDXK will make a further public announcement regarding the Offer
by Monday 28 June 2004 at the latest. This press release
appears in Dutch as well. In the event of any inconsistency,
the English version will prevail.
* * *
This is a press release of VDXK Acquisition B.V. a company
controlled by a consortium consisting of investment funds
affiliated with and/or managed by Kohlberg Kravis Roberts & Co.
L.P., Change Capital Partners LLP and AlpInvest Partners N.V.,
in relation to the recommended cash offer for the shares in
Koninklijke Vendex KBB N.V. Not for release, publication or
distribution, in whole or in part, in or into the Canada,
Australia or Japan.
CONTACT: VENDEX KBB
Investor Relations
De Klencke 6
1083 HH Amsterdam
The Netherlands
P.O. Box 7997
KONINKLIJKE VENDEX KBB N.V.
1008 AD Amsterdam
The Netherlands
Phone: + 31 (0) 20 549 0509
Fax: + 31 (0) 20 646 1099
E-mail: prospectus@vendexkbb.nl
VERSATEL N.V.: Wins Contract to Link Mercedes-Benz Dealers
----------------------------------------------------------
Versatel Nederland B.V. signed long-term contracts with Chemelot
B.V., which is the service organization of DSM N.V., with Sanoma
Uitgevers B.V. and with Mercedes-Benz Business Associatie. The
total value of the contracts amounts to at least EUR5.7 million.
Versatel and Chemelot B.V. signed a contract for DSM regarding
the handling of their fixed telephony traffic for all 21 Dutch
DSM offices in the group. Versatel will provide DSM with 18
ISDN-30 lines and will connect certain telephony exchanges to
its carrier preselect service Business Telephony. DSM is active
worldwide in the field of life science industry products, high-
quality materials and industrial chemicals. The company
develops innovative products and services that contribute to the
quality of life. Worldwide approximately 26,000 people work for
DSM.
For Mercedes-Benz Business Associatie Versatel will provision
the dealer network. Versatel will connect 125 offices of
dealers, providing every Mercedes-Benz (and smart) dealer a
connection between its branches and the importer,
DaimlerChrysler Nederland. Versatel will build an IP VPN data
network with Quality-of-Service and upon completion the network
will consist of 167 locations. Versatel will supply and control
the entire network, including the customer premise equipment and
provide extensive end-user reporting packages. MBBA is a dealer
association that looks after the interests of all Mercedes-Benz
dealers. Following the Mercedes-Benz dealers, the dealers of
other car brands of DaimlerChrysler Nederland will also be added
to the network. DaimlerChrysler Nederland is the Dutch import
association of DaimlerChrysler AG, one of the world's largest
car manufacturers.
In cooperation with Mtel Versatel will provide a solution for
the routing of all incoming customer service calls of Sanoma
Uitgevers B.V. In total, Sanoma Uitgevers composes, produces and
exploits more than 50 magazines for the residential market, such
as Libelle, Margriet and Donald Duck. The project contains more
than one hundred 0800/0900-service numbers. In a second phase,
all Voice Response order activities will also be added to the
service of Versatel. Upon completion, Versatel will handle the
entire telephony infrastructure of the contact center of Sanoma
Uitgevers B.V. During the implementation, Versatel will work
closely together with Sitel Netherlands, which is the facility
management contact center partner of Sanoma Uitgevers B.V.
Versatel Telecom International N.V. (Euronext: VRSA). Versatel,
based in Amsterdam, is a competitive communications network
operator and a leading alternative to the former monopoly
telecommunications carriers in its target market of the
Netherlands, Belgium and Germany. Founded in October 1995, the
Company holds full telecommunication licenses in The
Netherlands, Belgium and Germany and has over 1 million
customers and approximately 1,600 employees. Versatel operates
a facilities-based local access broadband network that uses the
latest network technologies to provide business customers with
high bandwidth voice, data and Internet services. Versatel is a
publicly traded company on Euronext Amsterdam under the symbol
VRSA. News and information are available at
http://www.versatel.com.
The Versatel logo is a registered trademark in The Netherlands,
Belgium, Luxembourg, Germany and several other European
countries.
CONTACT: VERSATEL N.V.
AJ Sauer
Corporate Finance & Investor Relations Manager
Phone: +31-20-750-1231
E-mail: aj.sauer@versatel.nl
Anoeska van Leeuwen
Director Corporate Communications
Phone: +31-20-750-1322
E-mail: anoeska.vanleeuwen@versatel.nl
===========
N O R W A Y
===========
AKER KVAERNER: Bids for Decommissioning Contract in Shetland
------------------------------------------------------------
Aker Kvaerner entered into a Pre-bid Agreement for onshore
disposal of the Total-operated Frigg field with the Shetland
Decommissioning Company Limited, SBS Logistics Limited and Onyx
U.K. Ltd. for development and exclusive use of the Greenhead
base, Lerwick.
The agreement, signed Tuesday in Aberdeen, also includes a
commitment by the parties for the development of a long-term
agreement. The agreement commits Aker Kvaerner Offshore Partner
and SBS to developing the Greenhead base into a full-fledged
decommissioning facility, similar to the Eldoyane site in
Norway. It also secures Aker Kvaerner Offshore Partner's access
to important facilities in connection with the demolition and
recycling of platforms from the North Sea.
"We very much appreciate the way we have been received in
Shetland, and we believe this agreement will be to the benefit
of all parties, but especially the Shetland Islands," says Tore
Sjursen, President of Aker Kvaerner Offshore Partner, Stavanger.
"The Greenhead base will be very important to us in our further
efforts in the decommissioning and recycling of platforms that
have reached the end of their useful life."
Allan Wishart, Chairman of Shetland Decommissioning Company and
Chief Executive of Lerwick Port Authority, comments: "This
agreement with the leader in platform decommissioning is a
significant step forward in the development of Shetland's role
in an evolving, long-term market with its potential for
employment and other gains for the islands. The participation
of Onyx reflects the emphasis placed on ensuring environmental
standards are met."
Decommissioning is seen as a natural extension of Shetland's
involvement with the offshore industry since the 1960s and
Lerwick already has a track record of providing services and
facilities for this market. The Greenhead facility will
supplement the specially constructed demolition plant, which
Aker Kvaerner has at Eldoyane, Stord on the west coast of
Norway. Under the cooperation agreement, Aker Kvaerner's
contribution will include knowledge and experience of this
special branch of the oil industry. Aker Kvaerner Offshore
Partner and their sister company Aker Stord have earlier removed
and demolished the Odin platform on behalf of the Esso oil
company from the Norwegian sector -- and the 110,000 tons
Maureen A-platform (Phillips U.K.) from the British sector. The
recycling rate for the two platforms reached 98 and 99 %
respectively. Some of the equipment and steel constructions
were reused, but the majority was shipped to smelters for
recycling.
The extensive Greenhead base is situated in sheltered waters on
the east coast of Shetland where facilities include a modern
concrete quay, offices, workshops and large open spaces suitable
for this type of work.
There is also an established, environmentally friendly facility
that converts general, non-hydrocarbon waste into energy, which
in turn supplies hot water to the heating of both the base and
large parts of Lerwick. The base is strategically located in
relation to numerous mature fields on the Norwegian and British
continental shelves.
AKER KVAERNER ASA, through its subsidiaries and affiliates, is a
leading global provider of engineering and construction
services, technology products and integrated solutions. The
business within Aker Kvaerner span a number of industries,
including Oil & Gas production, Refining & Chemicals, Mining &
Metals, Pharmaceuticals & Biotechnology, Power Generation and
Pulp & Paper. Aker Kvaerner has aggregated annual revenues of
approximately US$4.5 billion and employs around 21,000 employees
in more than 30 countries. The Aker Kvaerner group consists of
a number of separate legal entities. Aker Kvaerner is used as
the common brand/trademark for most of these entities. The
parent company in the group is Aker Kvaerner ASA.
MMO Europe (Maintenance, Modifications and Operations) is
responsible for the Aker Kvaerner's MMO competencies and
capacities, serving the Norwegian and U.K. Continental Shelf,
and supporting selected international initiatives. The core
competencies are turn-key deliveries offshore modifications,
long term on- and offshore modification and maintenance
contracts, inspection, operation and operations support,
offshore removal and de-construction and subsurface advisory.
MMO Europe has approximately 6,000 employees, including 2,600
engineers.
Aker Kvaerner Offshore Partner AS is a turnkey contractor for
the oil and gas industry. The company is engaged in front end
studies, field development with new platforms and modifications
to existing platforms, maintenance, modifications and operations
contracts, field decommissioning and removal. Aker Kvaerner
Offshore Partner covers all engineering disciplines,
procurement, material administration and project management.
The company has some 2,500 employees, including two subsidiary
companies. Its head office is located in Stavanger, Norway.
Lerwick Port Authority and SBS are partners in Shetland
Decommissioning Limited, established in 2000 with the support of
Shetland Islands Council and Shetland Enterprise. Established
in the 1970s to provide facilities and services to the oil and
gas industry, SBS has bases in Lerwick and in North-east
Scotland, at Aberdeen and Edzell.
Onyx U.K. is one of the U.K.'s leading waste management
companies operating in all of the industry sectors. Onyx U.K.
is the regional subsidiary of the Onyx Group, Number 2 in the
world for waste management and one of the leaders in industrial
hazardous waste. With activities in 33 countries, Onyx employs
68,000 people worldwide, servicing 280,000 industrial customers
who represent 66% of income from a global revenue of EUR5.9
billion in 2003. Onyx is the waste management arm of Veolia
Environnement.
Further information may be obtained by visiting:
http://www.onyxgroup.co.uk
http://www.veoliaenvironnnement.com
CONTACT: AKER KVAERNER ASA
Tore Sjursen
President, Aker Kvaerner Offshore Partner, Stavanger
Phone: +47 971 72 851
Alf Terje Myklebust
Business Partner
Phone: +47 917 53 442
Alan Wishart
Chairman, Shetland Decommissioning Company
Phone: +44 (0) 1595 692991
Dick Mutch
Barker Mearns
Gill Public Relations
Phone: +44 (0) 1224 646311
(For SDC, SBS.)
===========
P O L A N D
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COLLOSEUM: Creditors Won't Get Even a Cent from Liquidation
-----------------------------------------------------------
Creditors of Colloseum learned they will get nothing from the
company after a court ordered receivers to use the firm's assets
solely to cover liquidation costs. The firm owns a mansion
situated near Gliwice and 114 hectares of agricultural land in
Lower Silesia.
The company incurred around PLN260 million worth of debt from 40
creditors, including the revenue office in Mikolow, which is
owed PLN195 million in taxes. Colloseum is the investment group
of Jozef Jedruch, who is currently detained for allegedly
extorting PLN340 million from Bedzinski Zaklad
Elektroenergetyczny. The charge was filed against him in
February 2002. Prosecutors will investigate the company and Mr.
Jedruch's activities after the insolvency proceedings.
DAEWOO-FSO: Dealers Mirror Carmaker's Woes
------------------------------------------
Daewoo domestic branded cars have been struggling in the market
for sometime now, causing major problem to its dealer network.
This year, the 61 dealers of the automobile company have only
sold 1,866 cars. In 1999, 187 dealers sold approximately
179,000 cars, according to Warsaw Business Journal.
Daewoo's alternative is to work with other car producers to sell
different cars under one roof just like Gala Car, a Katowice-
based automobile company, which at the same time sells Suzuki
automobiles. Such a plan still needs to be approved by dealers.
Earlier this year, Daewoo signed a contract with Hyundai hoping
to gain profit but still did poorly in the market.
PROCHNIK: Books PLN2.24 Million Annual Net Loss
-----------------------------------------------
The 2003 net loss of coating manufacturer Prochnik turned out
higher than previously reported after adjustments in reserved
were considered. The actual figure was PLN2.24 million and not
PLN1.48 million because the accounts should have reflected an
increased reserve of PLN0.7 million, Europe Intelligence Wire
reports.
In 2003, Prochnik's liabilities exceeded the value of its assets
by PLN4.33 million, as its turnover only reached PLN6.35
million. According to the accountant who certified the
company's annual report, the company should be considered
insolvent.
President Jacek Pudlo remains optimistic. In a statement, he
said, "even though the company's financial results are not very
good, the management is convinced that the currently implemented
strategy will enable (Prochnik) to curb losses and ensure stable
growth in the longer term."
CONTACT: PROCHNIK S.A.
93-124 Lodz
ul. Kilinskiego 228
Phone: (0-42) 683-66-05
E-mail: sprzedaz@prochnik.com.pl
STOCZNIA SZCZECINSKA: Capitalization Plan Hurts Jelfa Shares
------------------------------------------------------------
Pharmaceutical firm Jelfa S.A. saw its shares suffer after it
emerged that its shares will be used to fund the troubled
Stocznia Szcecinska Nowa shipyard.
The Treasury Ministry intends to channel a package of 1.76
million shares into the Agency for Industrial Development. The
shares will then be transferred to support the shipyard. The
plan involves almost 26% of Jelfa shares, which is valued at
PLN118 million. The transfer of shares has already been agreed
by the council of Ministers; however, it will only occur after
Stockznia's appeal against its insolvency shall have been
resolved.
Jelfa shares lost about 4%, valuing the company at PLN5 million.
According to analysts, the Ministry's decision may cause a delay
in getting a strategic investor for the company.
===========
R U S S I A
===========
AGRICULTURAL INDUSTRIAL: Under Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
supervision procedure on LLC Agricultural Industrial Group (DU).
The case is docketed as A12-2480/04-C47. Mr. A. Shlyakhov has
been appointed temporary insolvency manager.
CONTACT: AGRICULTURAL INDUSTRIAL GROUP (DU)
404120, Russia, Volgograd region,
Volzhsky, Kujbysheva Str. 76,
Office 704
CHERMETIMPEKS: Deadline for Proofs of Claim July 10
---------------------------------------------------
The Arbitration Court of Tula region commenced bankruptcy
supervision procedure on OJSC Chermetimpeks. The case is
docketed as A68-52/B-04. Mr. Y. Kutlin has been appointed
temporary insolvency manager.
Creditors have until July 10, 2004 to submit their proofs of
claim to the temporary insolvency manager at 300002, Russia,
Tula, Arsenalnaya Str. 1D. A hearing will take place at 10:00
a.m., September 2, 2004 at the Arbitration Court of Tula region.
CONTACT: CHERMETIMPEKS
300027, Russia, Tula,
Fabrichnaya Str. 23
Mr. Y. Kutlin
Temporary Insolvency Manager
300002, Russia, Tula,
Arsenalnaya Str. 1D
The Arbitration Court of Tula region
Russia, Tula,
Sovetskaya Str. 112, Hall 36
LES-PROM-INVEST: Declared Insolvent
-----------------------------------
The Arbitration Court of Komi republic declared LLC Les-Prom-
Invest (TIN 1118003657) insolvent and introduced bankruptcy
proceedings. The case is docketed as A29-6637/03-3B. Mr. S.
Balas has been appointed insolvency manager. Creditors are
asked to submit their proofs of claim to the temporary
insolvency manager at 167002, Russia, Syktyvkar, Babushkina Str.
19, Room 411.
CONTACT: LES-PROM-INVEST
Russia, Komi republic, Udorsky region,
Usogorsk, Imeni 60-letiya Oktyabrya, 1
Mr. S. Balas
Insolvency Manager
167002, Russia, Syktyvkar,
Babushkina Str. 19, Room 411
Phone: 21-64-52
MEKH-ENERGO-SERVIS: Under Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
supervision procedure on LLC Mekh-Energo-Servis. The case is
docketed as A72-2635/04-26/5-B. Mr. A. Pavlov has been
appointed temporary insolvency manager. Creditors are asked to
submit their proofs of claim to the temporary insolvency manager
at 432071, Russia, Ulyanovsk, Krymova Str. 47.
CONTACT: MEKH-ENERGO-SERVIS
Russia, Ulyanovsk region,
Sengiley, Kirova Str. 53
Mr. A. Pavlov
Temporary Insolvency Manager
432071, Russia, Ulyanovsk,
Krymova Str. 47
The Arbitration Court of Ulyanovsk region
Russia, Ulyanovsk,
Zheleznodordzhnaya Str. 14
METROMEDIA INTERNATIONAL: Avoids Default with Form 10-Q Filing
--------------------------------------------------------------
Metromedia International Group, Inc. (the Company or MIG)
(currently traded as: OTCPK:MTRM - Common Stock and OTCPK:MTRMP
- Preferred Stock), the owner of interests in various
communications and media businesses in Russia and the Republic
of Georgia, on Tuesday announced that it filed with the
Securities and Exchange Commission (SEC) its 2004 First Quarter
Form 10-Q (the Current Quarterly Report). Simultaneously with
the filing of the Current Quarterly Report with the SEC, the
Company delivered a copy thereof to the Trustee of its 10 1/2 %
Senior Discount Notes due 2007 and thereby cured a default
condition within the specified cure period provided for under
the Indenture governing the Senior Notes. As previously
reported, the Trustee had advised the Company on May 18, 2004
that it must provide the Trustee with its Current Quarterly
Report by July 16, 2004 or the Trustee would be forced to
declare an Event of Default under the Indenture. Accordingly,
the Company is currently in compliance with its SEC reporting
requirements and the OTCBB trading eligibility requirements.
The Company also announced that it elected not to declare a
dividend on its 7 1/4% cumulative convertible preferred stock
for the quarterly dividend period ending on June 15, 2004. As
of the May 31, 2004, aggregated dividends in arrears are $53.5
million.
With respect to the resumption of quotation of the Company's
equity securities on the OTCBB trading system, Ernie Pyle,
Executive Vice President and Chief Financial Officer of the
Company commented: "Since the Company is currently in compliance
with both its SEC filing requirements and the OTCBB trading
eligibility requirements, the resumption of quotation of the
Company's equity securities is dependent upon a OTCBB market
maker filing a petition with the OTCBB (Form 211) and the OTCBB
then determining that the Company's equity securities can be
quoted on the OTCBB trading system."
Mr. Pyle further commented, "The decision to not declare a
dividend on the Company's 7 1/4% cumulative convertible
preferred stock for the quarterly dividend period ending on June
15, 2004, is attributable to corporate cash conservation
measures. The Company desires to maintain sufficient cash
liquidity reserves to enable further business development of our
core businesses and provide opportunities for a potential
restructuring of the Company's balance sheet."
About Metromedia International Group
Through its wholly owned subsidiaries, the Company owns
communications and media businesses in Russia, Europe and the
Republic of Georgia. These include mobile and fixed line
telephony businesses wireless and wired cable television
networks and radio broadcast stations. The Company has focused
its principal attentions on continued development of its core
telephony businesses in Russia and the Republic of Georgia,
while undertaking a program of gradual divestiture of its non-
core media businesses. The Company's core telephony businesses
include PeterStar, the leading competitive local exchange
carrier in St. Petersburg, Russia, and Magticom, the leading
mobile telephony operator in the Republic of Georgia. The
Company's remaining non-core media businesses consist of
eighteen radio businesses operating in Finland, Hungary,
Bulgaria, Estonia, and the Czech Republic and one cable
television network in Lithuania.
CONTACT: METROMEDIA INTERNATIONAL GROUP, INC.
Web site: http://www.metromedia-group.com
Ernie Pyle
Phone: 704-321-7383
E-mail: investorrelations@mmgroup.com
SEL-KHOZ-ENERGO: Deadline for Proofs of Claim July 10
-----------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
supervision procedure on CJSC Sel-Khoz-Energo (TIN 5640002301).
Mr. A. Lakomov has been appointed temporary insolvency manager.
Creditors have until July 10, 2004 to submit their proofs of
claim to 460052, Russia, Orenburg, Post User Box 991.
CONTACT: CJSC SEL-KHOZ-ENERGO
461270, Russia, Orenburg region,
Perevolotsky, Industrialnaya Str. 1A
Mr. A. Lakomov
Temporary Insolvency Manager
460052, Russia, Orenburg,
Post User Box 991
SHEKINSKY FIRE: Tula Court Appoints Insolvency Manager
------------------------------------------------------
The Arbitration Court of Tula region declared OJSC Shekinsky
Fire-Resistant Factory (TIN 7118008409) insolvent and introduced
bankruptcy proceedings. The case is docketed as A68-1/B-04.
Mr. V. Mirny has been appointed insolvency manager. Creditors
have until August 10, 2004 to submit their proofs of claim to
the temporary insolvency manager at 300026, Russia, Tula, Lenina
Pr. 119, Post User Box 120.
CONTACT: Mr. V. Mirny
Insolvency Manager
300026, Russia, Tula, Lenina Pr. 119
Post User Box 120
TRANSFORMER: Samara Court Appoints Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
supervision procedure on OJSC Transformer. The case is docketed
as A55-4183/04-33. Ms. N. Ovchinnikova has been appointed
temporary insolvency manager. Creditors are asked to submit
their proofs of claim to 445009, Russia, Tolyatti, Komsomolskaya
Str. 84A, office 301.
CONTACT: TRANSFORMER
445601, Russia, Samara region,
Tolyatti, Industrialnaya Str. 1
Ms. N. Ovchinnikova
Temporary Insolvency Manager
445009, Russia, Tolyatti,
Komsomolskaya Str. 84A, office 301
The Arbitration Court of Samara region
Russia, Samara, Avrory Str. 148, room 409
VTOR-METR-RESURS: Deadline for Proofs of Claim August 10
--------------------------------------------------------
The Arbitration Court of Moscow region declared OJSC VPK Vtor-
Metr-Resurs insolvent and introduced bankruptcy proceedings.
The case is docketed as A40-33720/03-86-23B. Mr. P. Tumbasov
has been appointed insolvency manager. Creditors have until
August 10, 2004 to submit their proofs of claim to the temporary
insolvency manager at 455026, Russia, Chelyabisk region,
Magnitogorsk, Post User Box 33.
CONTACT: VTOR-METR-RESURS
Russia, Moscow,
Altufyevskoye Shosse, 60-43
Mr. P. Tumbasov
Insolvency Manager
455026, Russia, Chelyabisk region,
Magnitogorsk, Post User Box 33
WATER CANAL: Insolvent Status Confirmed
---------------------------------------
The Arbitration Court of Tver region declared municipal unitary
enterprise Water Canal insolvent and introduced bankruptcy
proceedings. The case is docketed as A66-7454-03. Ms. O.
Lyudskaya has been appointed insolvency manager. Creditors have
until August 10, 2004 to submit their proofs of claim to the
temporary insolvency manager at 170000, Russia, Tver,
Glavpochamt, Post User Box 0567.
CONTACT: WATER CANAL
172350, Russia, Rzhev,
Parkhomenko Str. 5A
Ms. O. Lyudskaya
Insolvency Manager
170000, Russia, Tver,
Glavpochamt, Post User Box 0567
WOOD PROCESSING: Sets Deadline for Proofs of Claim
--------------------------------------------------
The Arbitration Court of Kemerovo region declared LLC Wood
Processing Factory insolvent and introduced bankruptcy
proceedings. The case is docketed as A27-6175/2004-4. Mr. A.
Tarasov has been appointed insolvency manager.
Creditors have until July 10, 2004 to submit their proofs of
claim to the temporary insolvency manager at 650099, Russia,
Kemerovo, Vesennyaya Str. 24A, Office 204. A hearing will take
place at 10:30 a.m., November 21, 2004.
CONTACT: WOOD PROCESSING FACTORY
650021, Russia,
Kemerovo, Predzavodskoy
Mr. A. Tarasov
Insolvency Manager
650099, Russia, Kemerovo,
Vesennyaya Str. 24A, Office 204
=====================
S W I T Z E R L A N D
=====================
SCANDINAVIAN AIRLINES: Competition Authority Makes Routine Visit
----------------------------------------------------------------
A delegation from the Norwegian Competition Authority paid a
visit to SAS Braathens' offices at Fornebu, in Baerum Tuesday
morning.
The visit is related to an ongoing probe into the airline
industry's pricing strategy in the Norwegian market and, in
particular, SAS Braathens' alleged abuse of its dominant
position. The Competition Authority says that, while the visit
was meant to secure evidence, it should not be construed that
SAS Braathens' actions are in contravention of competition
regulations. Aside from SAS Braathens, the Authority has
already made several visits to other Norwegian companies.
CONTACT: SCANDINAVIAN AIRLINES
Cathrine Foss Stene
Communications Director
Phone: +47 9571 5516
Siv Meisingseth
Communications Manager
Phone: +47 9571 6145
Knut Lovstuhagen
Senior Communications Advisor
Phone: +47 4821 5005
=============
U K R A I N E
=============
AGROFIRMA IMENI: Court Begins Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Agrofirma Imeni Illicha (code
EDRPOU 03749738). The case is docketed as 25/55. Mr.
Kirichenko Viktor (License Number AA 047730) has been appointed
temporary insolvency manager.
Creditors have until July 5, 2004 to submit their proofs of
claim to:
(a) Temporary Insolvency Manager
Ukraine, Zaporizhya region,
Lenin avenue, 156/41
(b) ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya region,
Shaumyana str. 4
Agrofirma Imeni Illicha holds account numbers 26005220931098,
26047220931067 and 26043220931061 at CB Privatbank, Tokmak
branch, MFO 313399.
CONTACT: AGROFIRMA IMENI ILLICHA
71721, Ukraine, Zaporizhya region,
Tokmak district, Novoprokopivka,
Komsomolska str. 38
Mr. Kirichenko Viktor
Temporary Insolvency Manager
Ukraine, Zaporizhya region,
Lenin avenue, 156/41
ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya region,
Shaumyana str., 4
ALKONT: Donetsk Court Names Insolvency Manager
----------------------------------------------
The Economic Court of Donetsk region declared LLC Alkont (code
EDRPOU 23353882) insolvent and introduced bankruptcy proceedings
on April 6, 2004. The case is docketed as 33/96B. Mr. Kmitto
S. has been appointed liquidator/insolvency manager.
Creditors have until July 4, 2004 to submit their proofs of
claim to:
(a) ALKONT
83027, Ukraine,
Donetsk region,
Tsiolkovskij str. 18A
(b) ECONOMIC COURT OF DONETSK REGION
83048, Ukraine,
Donetsk region,
Artema str. 153
CONTACT: ALKONT
83027, Ukraine,
Donetsk region,
Tsiolkovskij str., 18A
ECONOMIC COURT OF DONETSK REGION
83048, Ukraine,
Donetsk region,
Artema str., 153
ANDRIJIVSKE: Mikolaiv Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Economic Court of Mikolaiv region declared CJSC Andrijivske
(code EDRPOU 19296569) insolvent and introduced bankruptcy
proceedings on May 17, 2004. The case is docketed as 2/78.
Mrs. Cherepenko Viktoriya (License Number AA 140411 approved on
June 12, 2002) has been appointed liquidator/insolvency manager.
Creditors have until July 4, 2004 to submit their proofs of
claim to:
(a) ANDRIJIVSKE
57104, Ukraine, Mikolaiv region,
Mikolaiv district, Yasna Polyana
(b) Liquidator/Insolvency Manager
Ukraine, Mikolaiv region,
Shevchenko str. 67/10
(c) ECONOMIC COURT OF MIKOLAIV REGION
54009, Ukraine, Mikolaiv region,
Admiralska str. 22
Andrijivske holds account number 26005360025001 at JSC JSPPB
Aval, Mikolaiv branch, MFO 326148.
CONTACT: ANDRIJIVSKE
57104, Ukraine,
Mikolaiv region,
Mikolaiv district,
Yasna Polyana
Mrs. Cherepenko Viktoriya
Liquidator/Insolvency Manager
Ukraine, Mikolaiv region,
Shevchenko str., 67/10
ECONOMIC COURT OF MIKOLAIV REGION
54009, Ukraine,
Mikolaiv region,
Admiralska str., 22
BERSHADSKIJ CORN: Declared Insolvent
------------------------------------
The Economic Court of Vinnitsya region declared LLC Bershadskij
Corn-Calibrating Plant (code EDRPOU 00953183) insolvent on April
29, 2004. Mr. Sherbanyuk O. (License Number AA 315464 approved
July 18, 2002) has been appointed liquidator/insolvency manager.
CONTACT: BERSHADSKIJ CORN-CALIBRATING PLANT
Ukraine, Vinnitsya region,
Bershadskij district, Florino,
Kolgospna str. 1
BORSHIVSKIJ RAJPOSTACH: Under Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Economic Court of Ternopil region commenced bankruptcy
supervision procedure on OJSC Borshivskij Rajpostach (code
EDRPOU 00907361). The case is docketed as 11/B-225. Arbitral
manager Mr. Taras Vasil (License Number AA 047966) has been
appointed temporary insolvency manager.
Creditors have until July 5, 2004 to submit their proofs of
claim to:
(a) BORSHIVSKIJ RAJPOSTACH
48720, Ukraine, Ternopil region,
Borshivskij district, Skala-Podilska
(b) Temporary Insolvency Manager
Ukraine, Ternopil region,
Rodini Barvinskih str. 7
(c) ECONOMIC COURT OF TERNOPIL REGION
46000, Ukraine, Ternopil region,
Ostrozski str. 14a
Borshivskij Rajpostach holds account number 2600930046 at OJSC
State Saving Bank, Borshivska branch, MFO 398068.
CONTACT: BORSHIVSKIJ RAJPOSTACH
48720, Ukraine, Ternopil region,
Borshivskij district, Skala-Podilska
Mr. Taras Vasil
Temporary Insolvency Manager
Ukraine, Ternopil region,
Rodini Barvinskih str., 7
ECONOMIC COURT OF TERNOPIL REGION
46000, Ukraine, Ternopil region,
Ostrozski str., 14a
DNIPRO: Bankruptcy Proceedings Begin
------------------------------------
The Economic Court of Ternopil region declared LLC Agricultural
Firm Dnipro (code EDRPOU 30865035) insolvent and introduced
bankruptcy proceedings on May 20, 2004. The case is docketed as
10/B-352. Mr. Stepanov Volodimir (License Number AA 520149 of
July 7, 2003) has been appointed liquidator/insolvency manager.
CONTACT: AGRICULTURAL FIRM DNIPRO
Ukraine, Ternopil region,
Gusyatinskij district,
Mali Birki
ECONOMIC COURT OF TERNOPIL REGION
46000, Ukraine, Ternopil region,
Ostrozski str., 14a
DONETSKVTORRESURSI: Deadline for Proofs of Claim July 4
-------------------------------------------------------
The Economic Court of Donetsk region declared JSCCT
Donetskvtorresursi (code EDRPOU 01885696) insolvent and
introduced bankruptcy proceedings on May 5, 2004. Mr. Voronin
Valerij has been appointed liquidator/insolvency manager.
Creditors have until July 4, 2004 to submit their proofs of
claim to:
(a) DONETSKVTORRESURSI
83017, Ukraine, Donetsk region,
Ovkatanyan str. 22A
(b) ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema str., 153
Donetskvtorresursi holds account number 26006187540001 at CB
Privatbank, Donetsk regional branch, MFO 335496.
CONTACT: DONETSKVTORRESURSI
83017, Ukraine, Donetsk region,
Ovkatanyan str., 22A
ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema str., 153
GORODNITSYA: Ternopil Court Commences Bankruptcy Proceedings
------------------------------------------------------------
The Economic Court of Ternopil region declared LLC Gorodnitsya
(code EDRPOU 30787591) insolvent and introduced bankruptcy
proceedings on May 20, 2004. The case is docketed as 10/B-351.
Mr. Stepanov Volodimir (License Number AA 520149 approved on
July 7, 2003) has been appointed liquidator/insolvency manager.
CONTACT: GORODNITSYA
Ukraine, Ternopil region,
Gusyatinskij district,
Gorodnitsya
ECONOMIC COURT OF TERNOPIL REGION:
46000, Ukraine, Ternopil region,
Ostrozski str. 14a
HARKIV' HOUSE 1: Insolvency Manager Appointed
---------------------------------------------
The Economic Court of Harkiv region declared OJSC Harkiv' House
Boulding Combine Number 1 (code EDRPOU 01270478) insolvent and
introduced bankruptcy proceedings on May 11, 2004. The case is
docketed as B-8547/2-31. Arbitral manager Mr. Panasyuk Ivan
(License AA 047594 approved on July 3, 2001) has been appointed
liquidator/insolvency manager.
CONTACT: HARKIV' HOUSE BOULDING COMBINE NUMBER 1
61106, Ukraine, Harkiv region,
Plitkova str. 12
Mr. Panasyuk Ivan
Liquidator/Insolvency Manager
61098, Ukraine, Harkiv region,
Poltavskij shlyah str. 154/84
Phone: (057) 757-59-72
ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi square, 5,
Derzhprom, 8th entrance
HLIBOROB: Proofs of Claim Deadline July 4
-----------------------------------------
The Economic Court of Lugansk region declared Agricultural LLC
Hliborob (code EDRPOU 05527829) insolvent and introduced
bankruptcy proceedings on February 25, 2004. The case is
docketed as 10/6 B. Mrs. Chugunova Vira (License Number AA
487830 approved on May 22, 2003) has been appointed
liquidator/insolvency manager.
Creditors have until July 4, 2004 to submit their proofs of
claim to:
(a) HLIBOROB
Ukraine, Lugansk region,
Lutuginskij district,
Georgijivka, K. Marks str., 89
(b) Liquidator/Insolvency Manager
Ukraine, Lugansk region,
Lutuginska str., 123/6
(c) ECONOMIC COURT OF LUGANSK REGION
91000, Ukraine, Lugansk region,
Geroi VVV square., 3a
Hliborob holds account number 260054346 at JSPPB Aval, Lugansk
regional branch, MFO 304007.
CONTACT: HLIBOROB
Ukraine, Lugansk region,
Lutuginskij district,
Georgijivka, K. Marks str., 89
Mrs. Chugunova Vira
Liquidator/Insolvency Manager
Ukraine, Lugansk region,
Lutuginska str., 123/6
ECONOMIC COURT OF LUGANSK REGION
91000, Ukraine, Lugansk region,
Geroi VVV square., 3a
KOPICHINTSI' KNITTING: Succumbs to Insolvency
---------------------------------------------
The Economic Court of Ternopil region declared LLC Kopichintsi'
Knitting Factory (code EDRPOU 05306270) insolvent and introduced
bankruptcy proceedings on May 20, 2004. The case is docketed as
10/B-353. Mr. Stepanov Volodimir (License Number AA 520149 of
July 7, 2003) has been appointed liquidator/insolvency manager.
CONTACT: KOPICHINTSI' KNITTING FACTORY
Ukraine, Ternopil region,
Gusyatinskij district,
Kopichintsi
ECONOMIC COURT OF TERNOPIL REGION
46000, Ukraine, Ternopil region,
Ostrozski str., 14a
KRONOS: Insolvent Status Confirmed
-----------------------------------
The Economic Court of Donetsk region declared LLC Kronos
(code EDRPOU 32389174) insolvent and introduced bankruptcy
proceedings on June 1, 2004. The case is docketed as 42/19B.
Arbitral manager Mr. Rozhenko Ruslan (License Number AA 668330
approved on October 23, 2004) has been appointed
liquidator/insolvency manager. Kronos holds account number
2600630014879 at JSC Va-Bank, MFO 321637.
CONTACT: KRONOS
83003, Ukraine,
Donetsk region,
Illich avenue, 89
Mr. Rozhenko Ruslan
Liquidator/Insolvency Manager
83000, Ukraine, Donetsk region,
Artema str., 72, a/b 184
Phone: (0622) 66-14-94
ECONOMIC COURT OF DONETSK REGION:
83048, Ukraine, Donetsk region,
Artema str., 157
MALINSKE BREAD: Bankruptcy Supervision Starts
---------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on OJSC Malinske Bread Receiving
Enterprise (code EDRPOU 00953964). The case is docketed as 4/18
B. Mr. Shklyar Oleg (License Number AA 630142 approved on
January 27, 2004) has been appointed temporary insolvency
manager.
Creditors have until July 5, 2004 to submit their proofs of
claim to:
(a) MALINSKE BREAD RECEIVING ENTERPRISE
11603, Ukraine, Zhitomir region,
Malin, T. Kantemirivtsiv str., 1
(b) Mr. Shklyar Oleg
Temporary Insolvency Manager
11002, Ukraine, Zhitomir region,
Putyatinskij square, 2/304
Phone: (0412) 34-04-44
(c) COURT OF ZHITOMIR REGION
10002, Ukraine, Zhitomir region,
Putyatinski square, 3/65
Malinske Bread Receiving Enterprise holds account 26004320398001
at JSB Mriya, MFO 311346.
CONTACT: MALINSKE BREAD RECEIVING ENTERPRISE
11603, Ukraine, Zhitomir region,
Malin, T. Kantemirivtsiv str., 1
Mr. Shklyar Oleg
Temporary Insolvency Manager
11002, Ukraine, Zhitomir region,
Putyatinskij square, 2/304
Phone: (0412) 34-04-44
ECONOMIC COURT OF ZHITOMIR REGION
10002, Ukraine, Zhitomir region,
Putyatinski square, 3/65
===========================
U N I T E D K I N G D O M
===========================
4AM DISTRIBUTION: Names Stoy Hayward Administrator
--------------------------------------------------
Name of Companies:
4AM Distribution Limited
Beechwood Music Limited
Beechwood Music Publishing Limited
Flute Worldwide Limited
Planet Multimedia Limited
These companies have appointed Martha H Thompson and Anthony
Nygate of BDO Stoy Hayward as joint administrative receivers.
The appointment was made June 11, 2004. They are engaged in
publishing and distributing sound recordings.
CONTACT: BDO STOY HAYWARD LLP
Kings Wharf,
20-30 Kings Road,
Reading, Berkshire RG1 3EX
Receivers:
Martha H Thompson
Anthony Nygate
(IP Nos 8678/01, 9237)
A BRISCOE: Winding up Resolutions Passed
----------------------------------------
At an Extraordinary General Meeting of the Members of the A
Briscoe Building Ltd Company on June 10, 2004 held at 48 Langham
Street, London W1W 7AY, the Ordinary and Extraordinary
Resolutions to wind up the company were passed. Stephen Patrick
Jens Wadsted has been appointed Liquidator for the purpose of
such winding-up.
APEX DRYERS: Fabric Knitting Business for Sale
----------------------------------------------
The joint administrators, Stuart Maddison and Robert Hunt, offer
for sale the businesses and assets (either separately or
combined) of Apex Dryers and Finishers Limited, Farago Limited,
and Long Eaton Textile Services Limited (all in administration).
Apex Dryers and Finishers Limited operates a leasehold fabric
dye house with a fully automated plant including color kitchen.
The company has up-to-date HT machines including MCS machine,
and a laboratory fully accredited by major blue chip retailers.
Apex Dryers and Finishers employs 65 skilled and experienced
personnel, and its annual turnover is GBP3.5 million.
Farago Limited has an established fabric knitter for wide-
ranging domestic and international client base with high street
presence. Its highly flexible modern production facility can
generate 80 tons of output per week. It has a leasehold factory
and office premises. The company has a workforce of 50 highly
skilled and experienced employees and generates an annual
turnover of GBP12 million.
Long Eaton Textile Services Limited operates a fully self-
contained leasehold dye house with capacity to dye 60 tons per
week. Its testing laboratory is accredited by UKAS and the
company is an approved supplier to major chain stores. Its
annual turnover is GBP12 million. The company has 108 skilled
and experienced employees.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Donington Court
Pegasus Business Park
Castle Donington
East Midlands DE74 2UZ
Contact:
Claire Cole
Phone: 01509 604323
Fax: 01509 604035
E-mail: claire.l.cole@uk.pwc.com
ARMITAGE ENGINEERING: Hires Receiver from Robson Laidler
--------------------------------------------------------
The Armitage Engineering Limited Company has appointed William
Paxton of Robson Laidler LLP as joint administrative receiver.
The appointment was made June 9, 2004.
The company is engaged in subcontract engineering. Its
registered office address is located at 23-24 Brindley Road,
Hertburn Industrial Estate, District 11, Washington, Tyne and
Wear NE37 2SF.
CONTACT: ROBSON LAIDLER LLP
Fernwood House, Fernwood Road,
Jesmond, Newcastle upon Tyne NE2 1TJ
Receiver:
William Paxton
(IP No 00825)
BACUS SCAFFOLDING: Winding up Resolutions Passed
------------------------------------------------
At an Extraordinary General Meeting of the Bacus Scaffolding
Limited Company on June 11, 2004 held at St James Building, 79
Oxford Street, Manchester M1 6HT, the Ordinary and Extraordinary
Resolutions to wind up the company were passed. R E C Cook of
UHY Hacker Young, St James Building, 79 Oxford Street,
Manchester M1 6HT and Gordon Craig, of Begbies Traynor, 1
Winckley Court, Chapel Street, Preston, Lancashire PR1 8BU has
been jointly appointed Liquidators of the Company for the
purpose of the voluntary winding-up.
CONTACT: UHY HACKER YOUNG
St James Building
79 Oxford Street,
Manchester M1 6HT
Liquidator:
R E C Cook
BEGBIES TRAYNOR
1 Winckley Court
Chapel Street, Preston,
Lancashire PR1 8BU
Liquidator:
Gordon Craig
BALMORAL PUBLISHING: Hires Begbies Traynor Liquidator
-----------------------------------------------------
At an Extraordinary General Meeting of the Balmoral Publishing
Limited Company on June 14, 2004 held at The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG, the subjoined
Extraordinary Resolution to wind up the company was passed.
Lloyd Biscoe of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG has been
appointed Liquidator for the purpose of such winding-up.
CONTACT: BEGBIES TRAYNOR
The Old Exchange
234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG
Liquidator:
Lloyd Biscoe
BRITISH ENERGY: Stephen Billingham to Join Management Team
----------------------------------------------------------
British Energy announces the appointment of Stephen Billingham
as Finance Director Designate.
Dr. Billingham will join the company in the summer. After a
handover period, it is intended that he takes over as Finance
Director from Martin Gatto, the current interim Finance Director
and that he will be appointed to the Board.
Dr. Billingham joins British Energy from WS Atkins plc, the
engineering consultancy and support service group, where he has
been Group Finance Director during its successful financial
recovery. Prior to his current role at WS Atkins plc, he led
the finance team that successfully closed the Metronet, London
Underground Public Private Partnership, the largest and most
complex PFI/PPP to date. Dr Billingham has over 20 years
experience in senior finance positions with companies including
BICC plc, Severn Trent plc and the Burmah Oil plc.
Mike Alexander, Chief Executive of British Energy, said: "I am
delighted to welcome Stephen Billingham to British Energy. He
has an excellent track record with major international
companies. His experience of corporate recovery in Atkins and
involvement in delivering complex financial solutions will bring
real value to the management team as we execute our financial
restructuring."
Commenting on his appointment, Stephen Billingham said: "I join
British Energy at a crucial time as it re-establishes itself as
a major player in the U.K. energy market. I look forward to
playing a full part in the restoration of the company."
CONTACT: BRITISH ENERGY
Andrew Dowler
Financial Dynamics
Phone: 020 7831 3113
BROCHURE RECYCLING: Hires Liquidator from Robert Day and Company
----------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Brochure Recycling Limited Company on June 15, 2004 held at
Regus, Lakeside House, 1 Furzeground Way, Stockley Park East,
Uxbridge, Middlesex UB11 1BD, the Ordinary and Extraordinary
Resolutions to wind up the company were passed. Robert Day of
Robert Day and Company, Garfield, Church Lane, Oving, Aylesbury,
Buckinghamshire HP22 4HL has been appointed Liquidator of the
Company for the purpose of the voluntary winding-up.
CONTACT: ROBERT DAY AND COMPANY
Garfield, Church Lane,
Oving, Aylesbury,
Buckinghamshire HP22 4HL
Liquidator:
Robert Day
CABLE & WIRELESS: Files Latest Annual Report with U.S. SEC
----------------------------------------------------------
Cable and Wireless plc filed a copy of Form 20-F with the U.S.
Securities and Exchange Commission and submitted copies of these
documents to the U.K. Listing Authority:
Annual Report and Accounts for the year ended 31 March 2004;
Annual Review; Chairman's Letter and Notice of Annual General
Meeting; Form of Proxy; and Scrip Dividend Brochure and Mandate
Form.
These documents will shortly be available for inspection at the
U.K. Listing Authority's Document Viewing Facility situated at:
Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Tel: 020 7066 1000
The Annual Report or Annual Review, together with the Chairman's
Letter, Notice of AGM, Scrip Dividend Brochure and Mandate Form
were posted to shareholders Tuesday (22 June 2004) and are
available at http://www.cw.com/AGM.
CONTACT: CABLE & WIRELESS
Investor Relations:
Virginia Porter
Acting Director, Investor Relations
Phone: +44 20 7315 4460
Craig Thornton
Manager, Investor Relations
Phone: +44 20 7315 6225
Glenn Wight
Manager, Investor Relations
Phone: +44 20 7315 4468
Media:
Lesley Smith
Group Director of Corporate & Public
Phone: +44 20 7315 4410
Affairs
Peter Eustace
Head of Media Relations
Phone: +44 20 7315 4495
Rollo Head
Alice Finsbury
Phone: +44 20 7251 3801
CALDER ALUMINIUM: Granville Guardian Appoints Receiver
------------------------------------------------------
Granville Guardian Unquoted Trust called in Gary N Lee and P
Stanley of Begbies Traynor of Begbies Traynor as receivers for
Calder Aluminum Limited Company (Reg No 1562272, Trade
Classification: 06). The application was filed June 14, 2004.
The company produces aluminum.
CONTACT: BEGBIES TRAYNOR
Elliot House,
151 Deansgate,
Manchester M3 3BP
Receivers:
Gary N Lee
P Stanley
(Authorizing bodies IPA and ICAEW)
CANEFLEET LIMITED: Creditors Meeting Set July 6
-----------------------------------------------
Creditors of Canefleet Limited Company (t/a Horam Park Golf
Club) will have a Meeting on July 6, 2004 at 11:00 a.m. It will
be held at the office of UHY Hacker Young, St Alphage House, 2
Fore Street, London EC2Y 5DH.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to UHY Hacker Young, St Alphage House, 2 Fore
Street, London EC2Y 5DH not later than 12:00 noon, July 5, 2004.
CONTACT: UHY HACKER YOUNG
St Alphage House,
2 Fore Street,
London EC2Y 5DH
Contact:
A Andronikou, Joint Administrator
COOPERS & LYBRAND: Members Final Meeting July 26
------------------------------------------------
Members of the Coopers & Lybrand (EA) Limited Company will have
a Final Meeting on July 26, 2004 at 10:00 a.m. It will be held
at the offices of PricewaterhouseCoopers LLP, Plumtree Court,
London EC4A 4HT.
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.
CRAINTERN LIMITED: Hires Liquidator from Redhead French
-------------------------------------------------------
At an Extraordinary General Meeting of the Craintern Limited
Company on June 7, 2004 held at 67 Butts Green Road, Hornchurch,
Essex RM11 2JS, the Special and Ordinary Resolutions to wind u
the company were passed. Jeremy Stuart French of Redhead
French, 43-45 Butts Green Road, Hornchurch, Essex RM11 2JX has
been appointed Liquidator for the purpose of such winding-up.
CONTACT: REDHEAD FRENCH
43-45 Butts Green Road,
Hornchurch, Essex RM11 2JX
Liquidator:
Jeremy Stuart French
CYBERES PLC: Shares Temporarily Suspended
-----------------------------------------
The board of Cyberes on Tuesday requested for suspension of
trading on the AIM pending clarification of the company's
financial position.
According to the Financial Times, the concern is believed
related to the firm's ability to post the required bond with
Iata, the airline industry association. Cyberes is a free
online travel reservation system.
The request follows the immediate resignation of Chief Executive
Mark Cant last week. Ian White succeeded him in the post.
Cyberes had pre-tax losses of GBP1.16 million in the 12 months
to September 30.
CONTACT: CYBERES PLC
Mitre House, North Park Rd.
Harrogate
North Yorkshire HG1 5RX
United Kingdom
Phone: +44-01423-857-400
Fax: +44-01423-857-405
Web site: http://www.cyberes.co.uk
Contact:
Ian McNeill, Chairman
Phone: 01423-857420
DARWEN 2066: Calls in Liquidator
--------------------------------
Members of Darwen 2066 Limited Company will have a Final General
Meeting on July 30, 2004 at 10:00 a.m. It will be held at 100
Barbirolli Square, Manchester M2 3EY.
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.
DAWSON INTERNATIONAL: Loan Stock Placing Uptake Less than 50%
-------------------------------------------------------------
Further to the announcement of 28 May 2004, Dawson International
plc announces that by the closing time and date under the Open
Offer of 3:00 p.m. on 21 June 2004, applications had been
received from Qualifying Shareholders in respect of GBP4,789,430
of the GBP10,000,000 nominal of Zero Coupon, Convertible,
Secured, Redeemable Loan Stock 2009. The aforementioned figure
includes the pro rata subscription of GBP3,006,859 of GPG (U.K.)
Holdings plc, a wholly-owned subsidiary of Guinness Peat Group
plc, under the terms of the Underwriting Agreement in relation
to the Loan Stock offer. The balance of the GBP10,000,000 Loan
Stock issue will be taken up by GPG also pursuant to the terms
of the Underwriting Agreement. Dealings are expected to
commence in the Loan Stock on 25 June 2004.
The Company also announces the passing of all of the resolutions
proposed, inter alia, to permit the implementation of the
Placing and Open Offer, at the Extraordinary General Meeting of
the Company held earlier Tuesday.
CONTACT: DAWSON INTERNATIONAL
Michael G. Hartley, Chairman
Phone: 01629 55098
David G. Cooper, Finance Director
Phone: 01577 867000
EXCALIBUR WORLDWIDE: Extraordinary Winding up Resolution Passed
---------------------------------------------------------------
At an Extraordinary General Meeting of the Excalibur Worldwide
Logistics Limited Company on June 16, 2004 held at 109 Swan
Street, Sileby, Leicestershire LE12 7NN, the subjoined
Extraordinary Resolution to wind up the company was passed.
Paul Anthony Saxton of Elwell Watchorn & Saxton, 109 Swan
Street, Sileby, Leicestershire LE12 7NN has been appointed
Liquidator for the purpose of such winding-up.
CONTACT: ELWELL WATCHORN & SAXTON
109 Swan Street, Sileby,
Leicestershire LE12 7NN
Liquidator:
Paul Anthony Saxton
FIBREWORLD LIMITED: Hires Liquidator from Harrisons
---------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Fibreworld Limited Company on June 15, 2004 held at 4 St Giles
Court, Southampton Street, Reading, Berkshire RG1 2QL, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed. P R Boyle and J C Sallabank of Harrisons, 4 St
Giles Court, Southampton Street, Reading, Berkshire RG1 2QL have
been appointed Joint Liquidators for the purpose of such
winding-up.
CONTACT: HARRISONS
4 St Giles Court
Southampton Street, Reading,
Berkshire RG1 2QL
Liquidators:
P R Boyle
J C Sallabank
FIRST DIGITAL: Hires Liquidator from Benedict Mackenzie
-------------------------------------------------------
At an Extraordinary General Meeting of the first Digital Group
Limited Company on June 14, 2004 held at 62 Wilson Street,
London EC2A 2BU, the Special Resolution to wind up the company
was passed. Ian Donald Williams of Benedict Mackenzie LLP, of
62 Wilson Street, London EC2A 2BU has been appointed Liquidator
for the purpose of such winding-up.
CONTACT: BENEDICT MACKENZIE LLP
62 Wilson Street,
London EC2A 2BU
Liquidator:
Ian Donald Williams
FRESHBAKE FOODS: Receivers Look for Buyer to Save Healthy Parts
---------------------------------------------------------------
Freshbake Foods Limited and Freshbake Trading Limited have gone
into administrative receivership, and buyers are currently being
sought for its profitable Glasgow operation, the Herald reports.
Iain Bennet, one of the joint administrators, said: "The Glasgow
operation employs 218 staff at its factory in Old Shettleston
Road."
"This part of the business has been profitable and should be
attractive to potential purchasers."
The firms have their headquarters in Salford, Greater
Manchester. Three divisions are in Salford, Hartlepool, and
Glasgow. Mr. Bennet said jobs may be affected in Salford and
Hartlepool, but not in Glasgow at the moment.
The group was established in 2001 through a management buy-out
by its former U.S. parent, Vlastic Foods International. It
employs a total of 990 employees, and has an annual turnover of
about GBP65 million.
The divisions supplies frozen products -- mainly sausages -- for
the retail and food service industries. Its main customer is
Tesco.
CONTACT: FRESHBAKE FOODS
E-mail: mail@freshbake.co.uk
GALLOWAYS PACKAGING: Appoints BDO Stoy Hayward LLP Liquidator
-------------------------------------------------------------
At an Extraordinary General Meeting of the Galloways Packaging
Limited Company on June 11, 2004 held at Commercial Buildings,
11-15 Cross Street, Manchester M2 1BD, the subjoined
Extraordinary Resolution to wind up the company was passed.
Dermot Justin Power and David Swaden, of BDO Stoy Hayward LLP,
Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD have
been appointed Joint Liquidators for the purpose of such
winding-up.
CONTACT: BDO STOY HAYWARD LLP
Commercial Buildings
11-15 Cross Street,
Manchester M2 1BD
Liquidators:
Dermot Justin Power
David Swaden
HOLLINGER INC.: Decides to Involve Shareholders in Sale Process
---------------------------------------------------------------
Hollinger Inc. (TSX: HLG.C) (TSX:HLG.PR.B) on Tuesday provided
this statement regarding the potential sale of Hollinger
International's U.K. assets:
"We are pleased at this confirmation of the hundreds of millions
of dollars that our management added to the value of the
Telegraph titles. However, in January, when Hollinger
International rebuffed Sir Frederick Barclay's interest in
buying all of the stock of the company at US$18 a share,
Hollinger International and its financial advisers assumed an
obligation to deliver greater value to shareholders. Their
faltering strategic process has failed to do so. Allowing for
currency fluctuations, this is essentially the same valuation
that the Barclays put on these assets back in January.
"We always have held the Barclays in the highest regard both as
businessmen and newspaper proprietors, even when they were
unfairly attacked earlier this year by Hollinger International.
However, a sale of the Telegraph and Hollinger International's
other U.K. businesses involves the bulk of the company's assets
and therefore clearly requires approval of the company's
shareholders. So that we can determine whether or not to
support such a sale, Hollinger International must provide its
shareholders with sufficient information to evaluate properly
this transaction in light of alternative opportunities available
to the company. This information must include the tax treatment
of the proposed transaction, plans for distributing the proceeds
to shareholders, and the feasibility of operating the remaining
assets as a successful ongoing concern. These issues are
critical to determining whether or not this transaction
represents the best value for shareholders."
Hollinger's principal asset is its approximately 72.3% voting
and 29.7% equity interest in Hollinger International Inc.
Hollinger International is a global newspaper publisher with
English-language newspapers in the United States, Great Britain
and Israel. Its assets include The Daily Telegraph, The Sunday
Telegraph and The Spectator and Apollo magazines in Great
Britain, the Chicago Sun-Times and a large number of community
newspapers in the Chicago area, The Jerusalem Post and The
International Jerusalem Post in Israel, a portfolio of new media
investments and a variety of other assets.
CONTACT: HOLLINGER INC.
Media Contact:
Jim Badenhausen
Phone: (646) 805-2006
Web site: http://www.hollingerinc.com
JESTER FASHIONS: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of the Members of the Jester
Fashions Limited Company on June 16, 2004 held at Mountview
Court, 1148 High Road, Whetstone, London N20 0RA, the Ordinary
and Extraordinary Resolutions to wind up the company were
passed. Kikis Kallis has been appointed Liquidator for the
purpose of such winding-up.
KAM FUNG: Winding up Resolutions Passed
---------------------------------------
At an Extraordinary General Meeting of the Members of the Kam
Fung Limited Company on June 15, 2004 held at Mountview Court,
1148 High Road, Whetstone, London N20 0RA, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Kikis Kallis has been appointed Liquidator for the purpose of
such winding-up.
OHMEGA FIRE: Names Liquidator from Knights & Company
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the Ohmega
Fire Limited Company on June 15, 2004 held at The Coach House, 7
Mill Road, Sturry, Canterbury, Kent CT2 0AJ, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Barry P Knights of Knights & Company, Cecil House, Norwood
Street, Ashford, Kent TN23 1QU has been appointed Liquidator for
the purpose of the voluntary winding-up.
CONTACT: KNIGHTS & COMPANY
Cecil House
Norwood Street, Ashford,
Kent TN23 1QU
Liquidator:
Barry P Knights
PAREMA HOLDINGS: Special Winding up Resolution Passed
-----------------------------------------------------
At an Extraordinary General Meeting of the Members of the Parema
Holdings Limited Company on June 9, 2004 held at Sullington
Road, Shepshed, Loughborough, Leicestershire LE12 9JJ, the
Special and Ordinary Resolutions to wind up the company were
passed. Mandy Jane Smart of Baker Tilly, Marlborough House,
Victoria Road South, Chelmsford, Essex CM1 1LN and Nigel Millar
of Baker Tilly, Friars Courtyard, 30 Princes Street, Ipswich,
Suffolk IP1 1RJ have been appointed as Joint Liquidators for the
purpose of such winding-up.
CONTACT: BAKER TILLY
Marlborough House,
Victoria Road South, Chelmsford,
Essex CM1 1LN
Liquidator:
Mandy Jane Smart
BAKER TILLY
Friars Courtyard
30 Princes Street, Ipswich,
Suffolk SP1 1RJ
Liquidator:
Nigel Millar
PAYROLL SYSTEMS: Sets Creditors Meeting June 28
-----------------------------------------------
The Payroll Systems International Limited Company will have a
Creditors Meeting on June 28, 2004 at 10:00 a.m. It will be
held at The Forest Hotel, Station Road, Dorridge, Solihul, West
Midlands.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Sanderlings LLP, Sanderling House, Springbrook
Lane, Earlswood, Solihull B94 5SG not later than 12:00 noon,
June 25, 2004.
CONTACT: SANDERLINGS LLP
Sanderling House,
Springbrook Lane, Earlswood,
Solihull B94 5SG
Contact:
A Fender, Administrator
P & M MORRIS: Sets Final General Meeting July 23
------------------------------------------------
Members of P & M Morris Holdings Limited Company will have a
Final General Meeting on July 23, 2004 at 10:00 a.m. It will be
held at the offices of BDO Stoy Hayward LLP, Kings Wharf, 20-30
Kings Road, Reading, Berkshire RG1 3EX.
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.
PROCESS SYSTEMS: Appoints Tait Walker Administrator
---------------------------------------------------
Gordon S Goldie and Allan David Kelly of Tait Walker have been
appointed joint administrative receivers for Process Systems
(2000) Limited Company. The appointment was made June 14, 2004.
The company engineers pipework fabrication and installation.
CONTACT: TAIT WALKER
Bulman House, Regent Centre,
Gosforth, Newcastle upon Tyne NE3 3LS
Receivers:
Gordon S Goldie
Allan David Kelly
(IP Nos 5799, 9156)
QUEENS MOAT: Whitehall Offers to Acquire Business
-------------------------------------------------
Queens Moat Houses confirmed on Tuesday that Goldman Sachs'
property unit has approached it regarding an offer to buy the
entire business. Whitehall Street Real Estate Fund already
acquired 19% of the company from Jack Petchey's Trefick
investment vehicle last month.
The proposal, which values the remaining stake at around GBP580
million, is considered more attractive than an alternative
break-up proposal from the hotelier's board. But just the same,
it would leave shareholders with only 1p per share.
Queens Moat did not disclose further details of the approach,
but according to the report, Whitehall envisages paying 1p per
ordinary and convertible share. It also promises to honor the
company's agreement to redeem its GBP215 million senior debt
early. The loan has fixed interest of 12%, at 110 p for every
GBP1. Holders of the GBP228 million junior debt, which has
interest of 8.25pc and is due for repayment by the end of 2005,
would get around 85p in the pound.
Meanwhile, several buyers are already waiting to snatch up
separate parts of the business. Pedersen Group, controlled by
investor Maurice Gourgey; Soros Private Equity; and Bridgepoint
Capital are wanting to buy the company's U.K., German, and Dutch
divisions, respectively. Queens Moat has already warned that
such a break-up is likely to wipe out the value of its shares
and convertible debt.
Queen's Moat has GBP618 million in debt. Its shares had a total
value of GBP33.3 million when it stopped trading in September
after the company revealed it was in talks with lenders.
CONTACT: QUEENS MOAT HOUSES PLC
Steve Marshall
Phone: 01708 456 839
COLLEGE HILL
Mark Garraway
Crawford Burden
Phone: 020 7457 2020
RUBBER STAMPEDE: General Meeting Set July 16
--------------------------------------------
A General Meeting of the Members of Rubber Stampede Limited
Company on July 16, 2004 at 10:30 a.m. It will be held at Acre
House, 11-15 William Road, London NW1 3ER.
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.
SANDWELL CASTINGS: In Administrative Receivership
-------------------------------------------------
Lloyds TSB Commercial Finance called in Allan Watson Graham and
Myles Antony Halley of KPMG as receivers for Sandwell Castings
Limited Company (Reg No 04253363, Trade Classification: 2742
Aluminium Production and 2744 Copper Production). The
application was filed June 14, 2004.
CONTACT: KPMG
2 Cornwall Street,
Birmingham B3 2DL
Receivers:
Allan Watson Graham
Myles Antony Halley
(Office Holder Nos 8719, 6658)
SMSM LIMITED: Appoints Mazars Liquidator
----------------------------------------
At an Extraordinary General Meeting of the SMSM Limited Company
on June 16, 2004 held at 24 Bevis Marks, London EC3A 7NR, the
subjoined Special Resolution to wind up the company was passed.
David Richard Thorniley and Roderick John Weston of Mazars, 24
Bevis Marks, London EC3A 7NR have been appointed Joint
Liquidators for the purpose of such winding-up.
CONTACT: MAZARS
24 Bevis Marks,
London EC3A 7NR
Liquidators:
David Richard Thorniley
Roderick John Weston
WH SMITH: Suspends Takeover Discussions with Permira
----------------------------------------------------
Further to the announcements made on 18 April and 22 April 2004,
the Board of WH Smith PLC announces that Permira has advised the
Company that it is highly unlikely that it will make an offer
for WH Smith at 371p per share.
Permira has informed the Company that it has been advised by the
Chairman of the Trustees of the WH Smith Pension Trust that a
substantial cash contribution to the pension fund would be
required in the context of an offer for the Company financed by
a significant level of borrowings with security over the
Company's assets. In light of these developments, the Company
has suspended discussions with Permira pending clarification of
the level of any possible offer for the Company.
This statement is not being made with the agreement or approval
of Permira.
The Board also announces its intention to sell or demerge its
publishing business, Hodder Headline, before the end of 2004.
Hodder Headline has performed strongly under WH Smith ownership
and this performance continues in the current financial year.
The Board believes that a separation of Hodder Headline from
WH Smith will create value for WH Smith shareholders and will
accelerate opportunities for Hodder Headline itself.
The Company is in discussions with a number of parties who have
expressed an interest in purchasing Hodder Headline. If Hodder
Headline is sold, it is the Company's intention to return cash
to shareholders. As an alternative to a sale, a demerger would
provide existing WH Smith shareholders with a direct interest in
an excellent business and the opportunity to participate in any
further value gains arising from growth opportunities. Upon any
divestment of Hodder Headline, it is expected that the Trustees
of the WH Smith Pension Trust will require a cash contribution
to be made to the WH Smith Pension Trust.
The Company confirms that it is currently trading in line with
its expectations.
Commenting, Kate Swann, Group Chief Executive, said:
"Hodder Headline is a premier publisher which has performed well
for the past five years under Tim Hely Hutchinson's management.
The Board believes that a sale or demerger of Hodder Headline
will not only realize value for WH Smith's shareholders but will
also allow Hodder Headline to fulfill its ambitions more
effectively within the global publishing arena.
"With the exit from the USA, the sale of our ASPAC businesses
and the demerger or sale of Hodder Headline, the Group structure
is being radically sharpened. These strategic actions enable a
greater focus on our core retail and news businesses."
* * *
WH Smith Pension Trust
(1) The WH Smith Pension Trust is separate to the Company and
the Trustees have a fiduciary duty to protect the interests
of the fund members.
(2) Under the terms of the WH Smith Pension Trust, the Trustees
determine the level of Company contributions to the fund.
Agreement between the Company and the WH Smith Pension Trustees
(1) On 16 October 2003 WH Smith announced that it had reached
agreement with the Trustees of the WH Smith Pension Trust to
increase substantially the contributions to fund the pension
fund deficit.
(2) Annual cash contributions of GBP42m were approved for the
year ending 31 August 2004 with future contributions subject
to annual review.
WH Smith Pension Deficit
In the WH Smith PLC Interim Results press release, published on
22 April 2004, the total deficit in the Company's pension
schemes was GBP190 million (GBP133 million net of deferred tax)
as at 29 February 2004.
Hodder Headline
Hodder Headline is one of the U.K.'s largest and most diverse
book publishers, with strong positions in both consumer and
educational publishing. It has operations in the U.K.,
Australia and New Zealand and employs 833 people worldwide. In
the year to August 2003 it generated sales of GBP144 million and
operating profits of GBP19 million. Authors published by Hodder
Headline include James Patterson, Martina Cole, Pete McCarthy
and Stephen King.
Releases scheduled for the second half of 2004 include London
Bridges by James Patterson, Volume 4 and 5 of Stephen King's
masterwork The Dark Tower, Winning! By Clive Woodward, So Me by
Graham Norton, Gazza - My Story by Paul Gascoigne and My World
by England rugby hero Jonny Wilkinson. This month, Hodder
Headline author Angela Levy has been awarded the prestigious
Orange prize for her novel, Small Island.
CONTACT: WH SMITH PLC
Mark Boyle
Investor Relations
Phone: 020 7514 9630
Louise Evans
Media Relations
Phone: 020 7514 9624
Brunswick
Louise Charlton
Tom Buchanan
Phone: 020 7404 5959
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, and Julybien Atadero, Editors.
Copyright 2004. All rights reserved. ISSN 1529-2754.
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