/raid1/www/Hosts/bankrupt/TCREUR_Public/040730.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
Friday, July 30, 2004, Vol. 5, No. 150
Headlines
F I N L A N D
METSO CORPORATION: 1st-half Operating Profit Up; Sales 4.9% Down
F R A N C E
ALCATEL: To Supply BT Group SIP-based Multimedia Applications
NESTLE FRANCE: Ordered to Suspend Plant Closure
VALIANCE FIDUCIAIRE: Court Grants Six-month Observation Period
G E R M A N Y
DEUTZ AG: Expects Double-digit 2004 Loss
THOMAS COOK: Staff Okay Two-year Suspension of Annual Wage Hike
I T A L Y
EUROFOOD IFSC: Supreme Court Refers Italian Judgment to ECJ
PARMALAT FINANZIARIA: Agrees to Adopt U.S. SEC Recommendations
P O L A N D
DAEWOO-FSO: Pursues China's Brilliance for Possible Investment
R U S S I A
ARZAMASSKAYA REALBAZA: Court Appoints Insolvency Manager
FGUDGP GEO: Proofs of Claim Deadline August 18
GAS-STROY: Nizhniy Novgorod Court Commences Bankruptcy Procedure
RUS-LAND: Deadline for Proofs of Claim August 17
RUSSIAN STANDARD: Cetelem Acquisition Makes Positive Rating
SUZEMSKY LES-PROM-KHOZ: Names E. Levchenko Insolvency Manager
VESSAN: Deadline for Proofs of Claim Expires August 18
YUKOS OIL: Bailiff Order Sends Oil Price Skyrocketing
YUKOS OIL: Can Pay Salaries, Says Minister
YUZHNOURALSKOYE: Orenburg Court Confirms Insolvent Status
YUZH-URAL-VOD-PROEKT: Bankruptcy Proceedings Ongoing
S P A I N
APLICACIONES TECNICAS: SSG Capital Advisors Completes Sale
RADIOTELEVISION ESPANOLA: To End 2004 With EUR6.8 Bln Debt
S W I T Z E R L A N D
ABB LTD.: Wins US$85 Million Power Contracts in Algeria
U K R A I N E
AGROFIRM VIKTORIYA: Bankruptcy Supervision Begins
ECO-PRODUCT: Proofs of Claim Deadline August 6
LOZOVA' AUTO 16347: Under Bankruptcy Supervision
MELITOPOLGAZ: Court Grants Debt Moratorium
NATIONAL INVESTMENTS: Undergoes Bankruptcy Supervision Procedure
PEREYASLAV-HMELNITSKIJ: Proofs of Claim Deadline August 9
SKIF: Court Starts Bankruptcy Supervision
STIL LTD.: Temporary Insolvency Manager Appointed
VALENTINA: Court Orders Debt Moratorium
ZELENBUD: Declared Insolvent
U N I T E D K I N G D O M
ABBEY NATIONAL: Big Four Banks Not Challenging Santander's Bid
ALPHAMAGIC LIMITED: Royal Bank of Scotland Brings in Receivers
ANSELL JONES: HSBC Bank Appoints Receivers from PwC
ASPIRE INDUSTRIES: Bibby Factors Calls in Receivers
BESTMORE TOOLS: Members Final Meeting August 27
BIRMINGHAM WOLVERHAMPTON: Special Winding up Resolution Passed
BRITISH ENERGY: Polygon's Belligerence Triggers Brisk Trading
BRUMAC ENGINEERING: Hires Receivers from KPMG
CASERO PROPERTIES: Appoints Joint Receivers
CELETTE LIMITED: Hires Cranfield Recovery Administrator
CIM UNIT: Final General Meeting Set August 30
CORK INTERNATIONAL: Hires Liquidator from Ernst & Young
DIAMOND GRANGE: Creditors Meeting Wednesday Next Week
DREVNOR LIMITED: Hires Liquidator from Heathcote House
EFFORSENRAB (14): Members Pass Winding up Resolutions
EVER 2287: Appoints Deloitte & Touche Liquidator
GOVETT EUROPEAN: Winding up Resolutions Passed
GRANDSTART LIMITED: Appoints Ensors Administrator
HALFTECK ASSOCIATES: Sets Members Final Meeting August 31
HAMPSON (DUDLEY): Calls in Liquidator
INTERSTAT LIMITED: Names Crawfords Administrator
ISM PARTNERSHIP: Final Members Meeting Today
ITELICA LIMITED: General Meeting Set August 20
JETMASTER LEISURE: Meeting of Creditors August 4
K17 LIMITED: Sets Creditors Meeting August 9
L A B DRIVEWAYS: Creditors May Appoint Liquidator August 4
LSCIT CASHCO: Sets Final General Meeting August 30
MCQUEEN GROUP: Appoints Liquidator from Grant Thornton
MILHURST CATERING: Hires Joint Administrators from Chantrey
NORLAND DACS: Members Pass Winding up Resolutions
RECORD MANAGEMENT: Members Final Meetings August 27
RETAIL PROFILE: In Administrative Receivership
SUFFOLK STREET: Appoints Joint Administrators from Mazars
TATE & LYLE: U.S. Unit Settles Class Action for US$100 Million
VINYL MAGIC: Royal Bank of Scotland Appoints Receivers
WH SMITH: 'BB+/B' Ratings on Fitch's Watch Negative
*********
=============
F I N L A N D
=============
METSO CORPORATION: 1st-half Operating Profit Up; Sales 4.9% Down
----------------------------------------------------------------
In January-June 2004, Metso Corporation's net sales totaled
EUR1.953 million (1-6/2003: EUR2.055 million). Metso's
operating profit before nonrecurring items and amortization of
goodwill was EUR51.6 million (EUR46.7 million). From continuing
operations the operating profit before nonrecurring items and
amortization of goodwill was EUR40.9 million (EUR27.6 million).
The operating profit was EUR20.5 million (EUR18.8 million).
Earnings per share were negative EUR0.14 (negative EUR0.13).
New orders worth EUR2,539 million (EUR2,309 million) were
received. The Corporation's order backlog totaled EUR1,974
million at the end of June (EUR1,505 million at the end of
2003). Gearing was 70.9 percent at the end of June (101.7% on
March 31, 2004).
In April-June, Metso's order intake was significantly up on both
the first quarter of 2004 and the corresponding period of 2003.
The Corporation's order backlog also strengthened further in
April-June compared with both the first quarter of this year and
April-June of last year. Aftermarket operations accounted for
39 percent of net sales.
Metso's operating result before nonrecurring items and
amortization of goodwill showed a clear improvement in April-
June. Metso's operating profit before nonrecurring items and
amortization of goodwill from continuing operations improved
significantly due to the positive development in April-June.
According to Jorma Eloranta, President and CEO, Metso's
operating profit development supports the chosen strategic
direction. The achieved profitability can be regarded to be in
line with expectations, but is still insufficient. The work to
achieve the financial targets and improve profitability
continues as planned.
"Metso Minerals and Metso Automation improved their
profitability especially due to the efficiency improvement
measures. Our challenge in Metso Paper is to reduce fixed costs
further, especially in the Nordic countries and North America,
as announced earlier. Now that Metso's balance sheet has
strengthened considerably, we can turn our full attention to
serving our customers and improving operational profitability,"
says Mr. Eloranta.
Short-term outlook
The market for Metso Paper's products is estimated to remain at
its present level. The demand for new paper and board making
lines is expected to continue in China, while the European and
North American demand is expected to focus on modernizations and
rebuilds. Metso Paper's net sales and operating profit before
nonrecurring items for 2004 are not estimated to reach the level
of the previous year.
The demand for Metso Minerals' products is expected to remain
good in North America and in the mining industry. In Europe,
civil engineering industry demand is expected to remain at its
current level. Metso Minerals' favorable profit performance of
the first half of the year is estimated to continue. In Metso
Automation's markets, economic growth in North America is not
expected to increase the short-term demand for automation.
European markets are expected to recover with a delay. However,
the favorable profitability development of the first half of the
year is estimated to continue in Metso Automation.
Overall, Metso Corporation's operating profit before
nonrecurring items for 2004 is estimated to be slightly better
than that of the previous year. Income before taxes is
estimated to be significantly better than in the previous year.
A news conference will be held (Wednesday), July 28, 2004 at
3:00 p.m. at Metso Corporation's Corporate Office, Fabianinkatu
9 A, Helsinki.
The news conference can be followed live on the Internet at
http://www.metso.com.
CONTACT: METSO CORPORATION
Jorma Eloranta
President and CEO
Phone: +358 204 84 3000
Olli Vaartimo
Executive Vice President and CFO
Phone: +358 204 84 3010
Eeva Makela
Vice President, Investor Relations
Phone: +358 204 84 3253
===========
F R A N C E
===========
ALCATEL: To Supply BT Group SIP-based Multimedia Applications
-------------------------------------------------------------
Alcatel (Paris: CGEP.PA and NYSE: ALA) on Wednesday announced
that it has secured a multi-million-euro contract to supply BT
Group PLC with a suite of Session Initiation Protocol (SIP)-
based multimedia applications. The Alcatel solution will help
BT generate additional revenue from its narrowband and broadband
customer base with an enriched Voice over IP (VoIP) retail
service offering called BT Communicator with Yahoo! Messenger.
SIP is being viewed by the industry as the benchmark protocol
for creating high-quality and reliable VoIP services.
BT Communicator with Yahoo! Messenger allows consumers to use
their PC to initiate and manage home communications services,
including phone calls, Web cams, e-mails, texts and instant
messaging. BT Communicator leverages the Alcatel SIP solution
to enable online telephone calls between the PC and existing
narrowband phone lines and mobile phones. BT Communicator with
Yahoo! Messenger is a free to download software package that is
available now from http://www.bt.com/btcommunicatorand will
also be integrated into the Yahoo! Messenger client in the U.K.
"BT is embracing VoIP as an integral part of a complete
communications package aimed at increasing our addressable
market with an enhanced service offering," said Andrew Burke,
director value added services, BT Retail. "BT envisions two
distinct VoIP offerings: that of emulating normal telephony; and
that of delivering a converged true multimedia communication
experience. The Alcatel solution gives us the network
convergence, VoIP capability, and building block approach we
require to selectively and flexibly roll out this offering."
The Alcatel solution (part of its OPEN portfolio) is based on
SIP, a real time communication protocol for establishing and
managing multi-party, mixed-media sessions over converged
networks. Alcatel has been at the forefront of SIP and has been
instrumental in its interworking with legacy protocols, which is
vital for service providers.
"Many service providers are recognizing that VoIP presents a
very real opportunity to increase their revenues and therefore
are looking for vendors that embody that same visionary
thinking," said Alan Mottram, President of Alcatel's fixed
solutions activities. "Given our broadband experience we
recognized this need very early and invested in products that
meet market demand from such respected industry leaders as BT."
This contract includes the Alcatel 8690 Open Services Platform
(OSP) - which allows the customization and rapid roll-out of
high-value services and hosts the Alcatel 8605 multimedia
application suite - and the Alcatel 5020 Softswitch, which
provides the necessary bridge between the voice and data worlds.
The selection of Alcatel follows BT's recent decision to employ
the Alcatel 8690 OSP as the cornerstone of its common
intelligence services layer (CISL) project and reaffirms
Alcatel's pedigree as a leader in delivering innovative VoIP-
based applications over broadband networks.
About BT
British Telecommunications plc (BT) is a wholly owned
subsidiary of BT Group plc, the holding company for the BT Group
of companies. BT is one of the world's leading providers of
telecommunications services and one of the largest private
sector companies in Europe. Its principal activities include
local, long distance and international telecommunications
services; mobile communications; Internet services; and IT
solutions. In the UK, BT serves more than 28 million exchange
lines and more than 7 million mobile customers, as well as
providing network services to other licensed operators. BT
operates in more than 30 countries worldwide.
About BT Communicator with Yahoo! Messenger BT Communicator with
Yahoo! Messenger gives customers a truly converged multi-media
communication experience, driven by innovative VoIP technology.
For the first time, customers can manage all their home
communications from their PC, allowing them to make phone calls,
Web cam calls and use instant messaging. Downloadable for free
via the Internet, the software package combines voice services
with Yahoo!'s instant messaging platform, enabling users to
manage all their communications - phone calls, e-mails, instant
messaging and text messages - together in one place. BT
Communicator with Yahoo! Messenger is available now and can be
downloaded from http://www.bt.com/btcommunicator.
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.
NESTLE FRANCE: Ordered to Suspend Plant Closure
-----------------------------------------------
A court in Marseille directed Nestle France to defer the closure
of its Saint-Menet factory until it provides clear and
comprehensive information on Legal group's bid, Le Figaro says.
The court gave Nestle a month to relay the ruling to the firm's
central works council, after which, a consultation procedure
could commence. The magistrate also told Nestle to compensate
the works council and its Saint-Menet works committee with
EUR1,000. The Saint-Menet factory employs around 427 people.
VALIANCE FIDUCIAIRE: Court Grants Six-month Observation Period
--------------------------------------------------------------
The Paris Commercial Court commenced Tuesday the composition
proceedings for French security van operator Valiance
Fiduciaire, says Les Echos.
The court also granted a six-month observation period for
Valiance Fiduciaire, which filed for insolvency Monday. Danish
company Groupe 4 Securicor, a merger of U.K. group Securicor and
Group 4 Falck, and Swedish company Securitas are said to have
taken interest in acquiring Fiduciaire. Interested parties are
to submit their bids starting September to administrator Regis
Valliod.
Securitas refused to comment Tuesday, but asked Fiduciaire's
central works council for a meeting over its takeover plan. The
management of Group 4 Securicor's French unit, on the other
hand, said it is still willing to take over all activities of
Fiduciaire. Group 4 had earlier attempted to find a way to save
Fiduciaire from insolvency.
The management of Fiduciaire had planned to reduce around 1,000
for a period of three years, after it failed to generate EUR35
million for the implementation of its job protection plan.
=============
G E R M A N Y
=============
DEUTZ AG: Expects Double-digit 2004 Loss
----------------------------------------
German engine manufacturer Deutz AG expects to book a loss for
2004 due to a EUR40 million extraordinary charge for the
restructuring of its Mannheim site, Financial Times Deutschland
says.
The restructuring cost is expected to offset the anticipated 16%
rise in the company's operating profit and is expected to give
the company a double-digit loss for 2004. According to the
company, its large and medium-sized engine activities in
Mannheim are the last to undergo restructuring. The company
plans to double its investments to around EUR55 million this
year by setting up a new factory in Cologne-Porz. The factory,
which would manufacture engines for commercial vehicles, will
start production in 2006.
Deutz posted a EUR44 million operating profit in 2003. It
expects turnover to increase 5-6% to EUR1.2 billion this year.
THOMAS COOK: Staff Okay Two-year Suspension of Annual Wage Hike
---------------------------------------------------------------
The management and plenary staff council of Thomas Cook AG have
successfully ended intensive negotiations on a reduction of
staff costs within the scope of the DRV (Association of German
Travel Agents and Tour Operators) collective pay agreement
(Thomas Cook Deutschland, not including Condor). The parties
agreed a package of individual pay and operating measures. The
pay measures have been approved by the parties to the agreement,
DRV-Tarifgemeinschaft and ver.di.
Three important goals were reached through the agreement:
(a) Increase of staff productivity;
(b) Substantial reduction of staff costs below the level of the
2002/2003 financial year;
(c) Avoidance of cost increases in the next two financial years.
These are the main points of the agreement, which is valid for a
period of 24 months from August 1, 2004:
(a) Non-interest-bearing working time credit through increase of
weekly working time from 38.5 to 40 hours. Settlement of
the working time account is subject to the condition that a
specified earnings target is achieved in the 2006/2007 and
2007/2008 financial years. The weekly working time of 40
hours will be valid for one year and may be extended for a
further year.
(b) Introduction of annual working time for more flexible
control of working time in months with an especially high
workload. A ruling of this kind on working time accounts
particularly suits the requirements of a seasonally
dependent tourism company.
(c) The pay rise scheduled under the DRV pay agreement for July
1 of this year will be suspended until January 1, 2006.
Further future pay rises will likewise become effective on
January 1, 2006. The incremental pay increases in
accordance with the salary table will be suspended for two
years.
(d) Every employee will be allowed one week's unpaid holiday in
the current (2003/2004) and the next financial year
(2004/2005).
An employer/staff council agreement and already largely
implemented job reductions will enable the cost-cutting targets
to be achieved. The reduction of 400 jobs in the areas group
head office, travel operator and sales has mostly already been
implemented.
"The package of measures just agreed, combined with the staff
reductions, will suffice for us to achieve our necessary cost-
cutting target of 25 percent," says Ludger Heuberg, the member
of the Thomas Cook AG Management Board responsible for
personnel. "A further milestone has thus been passed on our way
back to profitability and to saving the remaining jobs. Our
respect is due to the plenary staff council and the tariff
partners. By this agreement they have all shown themselves
worthy of their responsibility for the turn-around and retention
of jobs at Thomas Cook."
CONTACT: THOMAS COOK AG
Media
Corporate Communications
Phone: +49(0) 6171/ 65 -1700
Fax: +49(0) 6171/ 65 -1060
E-mail: konzernkommunikation@thomascookag.com
Web site: http://www.thomascook.info
=========
I T A L Y
=========
EUROFOOD IFSC: Supreme Court Refers Italian Judgment to ECJ
-----------------------------------------------------------
A number of legal issues raised by an Italian court ruling,
placing insolvent Irish company Eurofood IFSC into extraordinary
administration, has been referred by Ireland's Supreme Court to
the European Court of Justice, reports Europe Intelligence Wire.
The questions relate to whether insolvency proceedings regarding
Eurofood, a wholly owned subsidiary of Italian food giant
Parmalat S.p.A., first opened in Ireland or in Italy and where
the company's center of main interests lies.
The ECJ has also been asked to decide whether Ireland -- in
circumstances where the Irish courts have found that procedures
at the Parma court hearing were unfair and that recognition of
the Parma court's decision "is manifestly contrary" to the
public policy of the Irish state -- is bound to recognize the
Italian court's decision.
According to Mr. Justice Nial Fennelly on Wednesday, it will be
impossible in practice to administer Eurofood's assets until the
ECJ addresses these legal issues. Calling the referral "a
matter of great urgency", the five-judge Supreme Court on
Wednesday unanimously agreed with a High Court judge that the
Parma court that issued the ruling in February breached fair
procedures and therefore should not, "as a matter of Irish
public policy," be recognized by the Irish courts.
The Supreme Court pointed out the failure of Signor Enrico
Bondi, the Italian-court appointed extraordinary administrator,
to hand over to Irish provisional liquidator Pearse Farrell the
legal documents grounding the application to the Italian court
until that court hearing was over. Eurofood's largest creditors
also complained they were given no notice of the Parma hearing.
PARMALAT FINANZIARIA: Agrees to Adopt U.S. SEC Recommendations
--------------------------------------------------------------
The U.S. Securities and Exchange Commission on July 28, 2004
filed an amended complaint in its lawsuit against Parmalat
Finanziaria S.p.A. in U.S. District Court in the Southern
District of New York. The amended complaint alleges that the
company engaged in one of the largest financial frauds in
history and defrauded U.S. institutional investors when it sold
them more than US$1 billion in debt securities in a series of
private placements between 1997 and 2002. Simultaneously with
the filing of the amended complaint, Parmalat Finanziaria
consented to the entry of a final judgment settling the
Commission's action against it. The settlement is subject to
the Court's entry of the proposed judgment.
The complaint the Commission filed alleges, among other things:
(a) Parmalat Finanziaria consistently overstated its level of
cash and marketable securities. For example, at year-end
2002, Parmalat Finanziaria overstated its cash and
marketable securities by at least EUR2.4 billion as of year-
end 2003, Parmalat Finanziaria had overstated its assets by
at least EUR3.95 billion (approximately US$4.9 billion).
(b) As of September 30, 2003, Parmalat Finanziaria had
understated its reported debt of EUR6.4 billion by at least
EUR7.9 billion. Parmalat Finanziaria used various tactics
to understate its debt, including: (i) eliminating
approximately EUR3.3 billion of debt held by one of its
nominee entities; (ii) recording approximately EUR1 billion
of debt as equity through fictitious loan participation
agreements; (iii) removing approximately EUR500 million of
liabilities by falsely describing the sale of certain
receivables as non-recourse, when in fact the company
retained an obligation to ensure that the receivables were
ultimately paid; (iv) improperly eliminating approximately
EUR300 million of debt associated with a Brazilian
subsidiary during the sale of the subsidiary; (v)
mischaracterizing approximately EUR300 million of bank debt
as intercompany debt, thereby inappropriately eliminating it
in consolidation; (vi) eliminating approximately EUR200
million of Parmalat S.p.A. payables as though they had been
paid when, in fact, they had not; and (vii) not recording a
liability of approximately EUR400 million associated with a
put option.
(c) Between 1997 and 2003, Parmalat S.p.A. transferred
approximately EUR350 million to various businesses owned and
operated by Tanzi family members.
(d) Parmalat Finanziaria transferred uncollectible and impaired
receivables to "nominee" entities, where their diminished or
nonexistent value was hidden. As a result, Parmalat
Finanziaria carried assets at inflated values and avoided
the negative impact on its income statement that would have
been associated with a proper reserve or write-off of bad
debt.
(e) Parmalat Finanziaria used these same nominee entities to
fabricate non-existent financial operations intended to
offset losses of its operating subsidiaries. For example,
if a subsidiary experienced losses due to exchange rate
fluctuations, the nominee entity would fabricate foreign
exchange contracts to offset the losses. Similarly, if a
subsidiary had exposure due to interest rate fluctuations,
the nominee entity would fabricate interest rate swaps to
curb the exposure.
(f) Parmalat Finanziaria used the nominee entities to disguise
intercompany loans from one subsidiary to another subsidiary
that was experiencing operating losses. Specifically, a
loan from one subsidiary would be made to another subsidiary
operating at a loss. The recipient then improperly applied
the loan proceeds to offset its expenses and thereby
increase the appearance of profitability. As a result,
rather than have a neutral effect on the consolidated
financials, the loan transaction served to inflate both
assets and net income.
(g) Parmalat Finanziaria recorded fictional revenue through
sales by its subsidiaries to controlled nominee entities at
inflated or entirely fictitious amounts. In order to avoid
unwanted scrutiny due to the aging of the receivables
associated with these fictitious or overstated sales, the
related receivables would be transferred or sold to nominee
entities.
In its consent, Parmalat Finanziaria has agreed, without
admitting or denying the allegations of the amended complaint,
to be permanently enjoined from violating Section 10(b) of the
Securities Exchange Act of 1934 and Exchange Act Rule 10b-5, as
well as Section 17(a) of the Securities Act of 1993. In
addition, Parmalat Finanziaria has agreed to adopt changes to
its corporate governance to promote future compliance with the
federal securities laws, including adopting by-laws providing
for governance by a shareholder-elected board of directors, the
majority of whom will be independent and serve finite terms;
specifically delineating in the by-laws the duties of the board
of directors; adopting a Code of Conduct governing the duties
and activities of the board of directors; adopting an Insider
Dealing Code of Conduct; and adopting a Code of Ethics. The by-
laws will also require that the positions of chairman of the
board of directors and managing director be held by two separate
individuals. Parmalat Finanziaria's consent also provides for
the continuing jurisdiction of the U.S. District Court to
enforce its provisions.
The Commission's investigation into federal securities law
violations related to the fraud at Parmalat Finanziaria is
continuing.
===========
P O L A N D
===========
DAEWOO-FSO: Pursues China's Brilliance for Possible Investment
--------------------------------------------------------------
Daewoo-FSO has invited Brilliance China Automotive to invest in
the company, Warsaw Business Journal says.
"The management has sent documents concerning FSO to the China-
based company Brilliance China Automotive (BCA)," a company
insider, who refused to be named, told the Journal.
One of China's largest car manufacturers, Brilliance is the same
company approached by British MG Rover two years ago for an
alliance that failed to materialize. MG Rover also initiated
talks with the Polish carmaker, but dropped the idea after
finding another Chinese partner. The British carmaker remains
interested in Daewoo, the Journal says. Puls Biznesu's, in a
separate report, says Brilliance is seriously studying the
proposal.
Daewoo-FSO was one of the most profitable carmakers in Poland
before its South Korean parent went bankrupt in 2002. General
Motors eventually rescued the core business in Korea, but
refused to absorb its foreign subsidiaries. Daewoo Motor
officially severed its ties with Daewoo-FSO at the end of last
year.
===========
R U S S I A
===========
ARZAMASSKAYA REALBAZA: Court Appoints Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region declared OJSC
Arzamasskaya Realbaza insolvent and introduced bankruptcy
proceedings. The case is docketed as A43-17063/03-24-78. Mr.
V. Ershov has been appointed insolvency manager.
Creditors are asked to submit their proofs of claim to:
(a) Insolvency Manager
607220, Russia,
Nizhniy Novgorod region,
Arzamass, Kalinina Str. 18
Apartment 28
(b) The Arbitration Court of Nizhniy Novgorod region
603082, Russia,
Nizhniy Novgorod,
Kreml, Building 9
(c) Arzamasskaya Realbaza
607220, Russia,
Nizhniy Novgorod,
Arzamass, Zagotzerno, 6
Phone/ Fax: (83147) 4-08-41
FGUDGP GEO: Proofs of Claim Deadline August 18
----------------------------------------------
The Arbitration Court of Moscow region declared federal state
unitary enterprise FGUDGP Geo Synthesis Centre insolvent and
introduced bankruptcy proceedings. The case is docketed as A40-
40266/03-74-29B. Mr. E. Kirilov has been appointed insolvency
manager. Creditors have until August 18, 2004 to submit their
proofs of claim to 107065, Russia, Moscow.
CONTACT: FGUDGP GEO SYNTHESIS CENTRE
117105, Russia, Moscow,
Varshavskoye Shosse, 39A
Mr. E. Kirilov
Insolvency Manager
107065, Russia,
Moscow
GAS-STROY: Nizhniy Novgorod Court Commences Bankruptcy Procedure
----------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region declared OJSC
GAS-STROY insolvent and introduced bankruptcy proceedings. The
case is docketed as A43-7738/04-33-186. Mr. I. Zolin has been
appointed insolvency manager. Creditors had until July 17, 2004
to submit their proofs of claim to:
(a) Insolvency Manager
603043, Russia,
Nizhniy Novgorod,
Post User Box 166
640000, Russia,
Kurgan, Omskaya Str. 179
(b) The Arbitration Court of Nizhniy Novgorod Region
Russia, Nizhniy Novgorod,
Kreml, Building 9
RUS-LAND: Deadline for Proofs of Claim August 17
------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region declared LLC
Rus-Land insolvent and introduced bankruptcy proceedings. The
case is docketed as A43-2541/0424-67. Mr. V. Veselov has been
appointed insolvency manager. Creditors have until August 17,
2004 to submit their proofs of claim to 607100, Russia, Nizhniy
Novgorod, Navashino, Novaya Str. 55.
CONTACT: RUS-LAND
607100, Russia,
Nizhniy Novgorod, Navashino,
Novaya Str. 55
Mr. V. Veselov
Insolvency Manager
Russia, Nizhniy Novgorod Region,
Gorkogo Square 4/2,
Post User Box 115
RUSSIAN STANDARD: Cetelem Acquisition Makes Positive Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said on Wednesday that it had
placed its 'B' long-term and 'C' short-term counterparty credit
ratings on Russia-based Russian Standard Bank ZAO (Russian
Standard) on CreditWatch with positive implications following
the announcement that Cetelem (AA/Stable/A-1+), a key consumer
finance subsidiary of BNP Paribas (AA/Stable/A-1+), had reached
a shareholders' agreement to acquire a 50% stake in the
financial holding arm that controls more than 90% of Russian
Standard.
Expected to close by the end of 2004, the transaction is subject
to the approval of the Russian banking and competition
authorities.
"The extent of the positive impact on the ratings will depend on
the approval and completion of the transaction, as well as on
the development of Russian Standard's financial profile and
strategy," said Standard & Poor's credit analyst Ekaterina
Trofimova. Depending on the outcome of the transaction and the
extent of Cetelem's future strategic involvement in Russian
Standard, the 'ruBBB+' national scale credit rating on Russian
Standard could also be positively affected.
"We will meet with both Cetelem and Russian Standard to
determine the extent of Cetelem's strategic plans with respect
to Russian Standard and the ensuing governance structure of the
bank and its holding company pursuant to Cetelem's investment,"
added Ms. Trofimova. "However, with less than a majority stake
in the bank, Cetelem's incentive and ability to provide support
to Russian Standard in case of need could be limited."
The current ratings on Russian Standard reflect its leading
position in the nascent Russian consumer finance market,
successful business model, and strengthening financial profile,
including improving profitability, geographically diversified
business, and improved funding resources.
Nevertheless, the ratings are constrained by the high risks of
operating in the fast-growing and untested Russian consumer
finance market, the bank's relatively short operating history,
and its high dependence on wholesale funding.
Consumer finance is booming in Russia, and Russian Standard is a
leader in the sector. The bank's retail loans tripled to Russian
ruble RUB14 billion (US$477 million) at December 31, 2003, on a
year-on-year basis and grew by further 40% to RUB18.7 billion at
June 30, 2004. Russian consumers, both in Moscow and throughout
the Russian Federation, have started to embrace the purchase of
white and brown goods on credit. Seventy percent of Russian
Standard's new loans are to individuals outside Moscow.
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
ekaterina_trofimova@standardandpoors.com
irina_penkina@standardandpoors.com
FIG_Europe@standardandpoors.com
SUZEMSKY LES-PROM-KHOZ: Names E. Levchenko Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Bryansk region declared OJSC Suzemsky
Les-Prom-Khoz insolvent and introduced bankruptcy proceedings.
The case is docketed as A-09-3930/04-27. Ms. E. Levchenko has
been appointed insolvency manager. Creditors have until August
17, 2004 to submit their proofs of claim to 242130, Russia,
Bryansk region, Navlya, Kievskaya Str. 18a.
CONTACT: SUZEMSKY LES-PROM-KHOZ
242190, Russia,
Bryansk Region, Suzemka,
Internatsionalnaya Str. 46
Ms. E. Levchenko
Insolvency Manager
242130, Russia,
Bryansk Region, Navlya,
Kievskaya Str. 18a
VESSAN: Deadline for Proofs of Claim Expires August 18
------------------------------------------------------
The Arbitration Court of Primorsky region declared OJSC Vessan
insolvent and introduced bankruptcy proceedings. Mr. Y. Lizenko
has been appointed insolvency manager. Creditors have until
August 18, 2004 to submit their proofs of claim to 690014,
Russia, Vladivostok, Post User Box 202.
CONTACT: VESSAN
Russia, Primorsky Region,
Krasnoarmeysky Region,
Vostok
Mr. Y. Lizenko
Insolvency Manager
690014, Russia,
Vladivostok,
Post User Box 202
YUKOS OIL: Bailiff Order Sends Oil Price Skyrocketing
-----------------------------------------------------
In a development that intensified existing fears over high
demand and a lack of spare production capacity, bailiffs have
ordered Russian oil giant Yukos to stop sales, effectively
sending oil prices near their highest level in 21 years,
reported The Telegraph on Thursday.
Crude in New York rose 41 cents to US$42.25 a barrel, just a 20-
cent difference from the 21-year high registered in June.
The embattled Russian oil firm said that with the bailiff order,
it may have to cease production within a few days. Should this
happen, according to Investec oil expert Bruce Evers, "all hell
is going to break loose".
"The markets are so nervous about supply at the moment that any
bad news from Yukos is going to send the markets into a panic,"
Mr. Evers said.
Yukos officials have repeatedly warned that the company, which
has been slapped with a massive overdue back taxes bill by the
Russian government, is being driven toward bankruptcy.
Yukos, which accounts for 2% of the world's total oil output,
annually exports to China some 55 million barrels of oil. The
company's other exports go primarily to Hungary, Poland,
Slovakia and the ex-Soviet Baltic countries.
YUKOS OIL: Can Pay Salaries, Says Minister
------------------------------------------
Despite an accounts freeze, beleaguered Russian oil giant Yukos
can still pay its employees' salaries, The Financial Times
reports, quoting Russia's Justice Minister Yuri Chaika.
According to Mr. Chaika on Wednesday, they have already proposed
to Yukos management to give them pay dates, and that the money
will be paid from the accounts. "I declare officially that there
will be no problems," he said.
The Minister also said that they have collected RUB15 billion
(US$516 million), RUB12.5 billion of which have gone straight to
the state budget.
However, the Minister's proposal only covers the payment of
salaries. The company is still not free to draw on the accounts
to make debt service payments and pay bills.
Yukos Chief Executive Steven Theede said earlier on Wednesday
that the firm had requested access to its frozen bank accounts
to head off a production halt.
"We've paid pipeline tariffs through August, rail through the
first week of August. If we don't get access to the accounts the
rail shipments will be affected," Mr. Theede said.
YUZHNOURALSKOYE: Orenburg Court Confirms Insolvent Status
---------------------------------------------------------
The Arbitration Court of Orenburg region declared CJSC
Yuzhnouralskoye insolvent and introduced bankruptcy proceedings.
The case is docketed as A47-10238/2003-14GK. Mr. S. Smagin has
been appointed insolvency manager. Creditors have until August
18, 2004 to submit their proofs of claim to 460000, Russia,
Orenburg region, Privokzalnaya Str. 1A, Post User Box 63.
CONTACT: YUZHNOURALSKOYE
461270, Russia,
Orenburg Region,
Perevolotsky Region, Syrt
Mr. S. Smagin
Insolvency Manager
460000, Russia,
Orenburg Region,
Privokzalnaya Str. 1A,
Post User Box 63
Phone: (3532) 78-38-44
Fax: (3532) 78-40-26
YUZH-URAL-VOD-PROEKT: Bankruptcy Proceedings Ongoing
----------------------------------------------------
The Arbitration Court of Chelyabinsk region declared OJSC Yuzh-
Ural-Vod-Proekt insolvent and introduced bankruptcy proceedings.
The case is docketed as A76-21268/03-52-519. Mr. V. Yusov has
been appointed insolvency manager. Creditors have until August
18, 2004 to submit their proofs of claim to 454112, Russia,
Chelyabinsk, Post User Box 9883.
CONTACT: YUZH-URAL-VOD-PROEKT
454092, Russia,
Chelyabinsk Region,
Elkina Str. 85
Mr. V. Yusov
Insolvency Manager
454112, Russia,
Chelyabinsk,
Post User Box 9883
=========
S P A I N
=========
APLICACIONES TECNICAS: SSG Capital Advisors Completes Sale
----------------------------------------------------------
Middle market advisers SSG Capital Advisors L.P. sold the
Spanish solar-module manufacturer Aplicaciones Tecnicas de la
Energia S.L. (Atersa) to Elecnor S.A. on July 14, 2004.
The sell-off, which took place in Madrid, Spain, came after
Atersa became substantially affected by the operational and
financial fix hounding its parent company, Astropower, Inc. SSG
sold Astropower to GE Energy in March, and thereafter looked for
prospective buyers for it subsidiary Artersa. The tender
attracted a group of financial and strategic buyers both in
Europe and the U.S.
SSG Managing Director J. Scott Victor said, "The Atersa sale to
Elecnor was another successful sale of a European company by
SSG. Atersa was a strong solar company in Europe with a long
and successful history that ran into problems when its parent,
AstroPower, had financial and operational difficulties. The
stock sale to Elecnor preserved Atersa as a going concern so it
can reemerge as a leading solar company in Europe."
Valencia-based Atersa is a primary maker of solar electric power
modules and balance-of-systems components. The company also
offers system design, engineering, and integration services.
The company manufactures an array of equipment for solar power
electricity system configuration. Atersa markets its system in
Europe, Central and South America, and Africa.
RADIOTELEVISION ESPANOLA: To End 2004 With EUR6.8 Bln Debt
----------------------------------------------------------
State-owned national Spanish broadcaster Radiotelevision
Espanola (RTVE) is expected to post a total debt of EUR6.8
billion at the end of 2004, Expansion says.
Spain's state-controlled broadcasters are also expected to
register accumulated debt of EUR2 billion. These broadcasters
are located in Catalonia, Valencia, Madrid, Basque Country and
Andalusia. Catalonia's regional broadcaster incurred around
EUR875 million of debts at the end of 2003, however, it is said
the firm's liabilities amounted to around EUR1 billion. Spain's
current regional channels have noted the increase of their
debts, subsidies and advertising revenue.
Meanwhile, the Spanish government is set to launch new regional
TV channels in the autonomous regions of Asturias, Extremadura
and the Belearics, and is expected to give a go signal for a
regional channel in Aragon.
=====================
S W I T Z E R L A N D
=====================
ABB LTD.: Wins US$85 Million Power Contracts in Algeria
-------------------------------------------------------
ABB Ltd., the leading power and automation technology group, has
won contracts worth US$85 million for three projects to upgrade
Algeria's power grid.
Algeria's state-owned utility, Sonelgaz, is banking on ABB
technology to meet fast-growing demand for power in the capital
city of Algiers, with its three million residents, as well as
the heavily industrialized coastal region.
"Algeria's solid economic growth must be supported by a swift
upgrade of its electrical infrastructure," said Peter Smits,
head of ABB's Power Technologies division. "We are pleased
Sonelgaz has once again chosen ABB's speedy delivery and
installation of high-quality products and systems."
The three projects will be fast tracked and are scheduled for
completion within 15 months. The first will improve power
distribution in greater Algiers with the installation of 60-
kilovolt substations, corresponding automation technology and 15
kilometers of overhead transmission lines in the suburban
centers of Meftah and Mazafran.
The second project, called "Ravin Blanc," will increase the
capacity of the existing power grid in northwestern Algeria, and
includes installing four turnkey 60-kilovolt substations near
the coastal city of Oran. The third, called "Touggourt/Biskra,"
is an urgently needed expansion of two existing 220-kilovolt
substations to improve power distribution to Algeria's
northeastern region.
A number of high-end power components will be supplied by ABB in
Germany, as well as project planning and management. Equipment
includes gas-insulated switchgear, substation protection and
control systems, and a SCADA network management system. ABB has
also opened a project office in Algiers to manage local
activities like transportation, construction and assembly. In
2003, ABB received orders from Sonelgaz worth more than $50
million for substations and cable connections.
ABB (http://www.abb.com)is a leader in power and automation
technologies that enable utility and industry customers to
improve performance while lowering environmental impact. The
ABB Group of companies operates in around 100 countries and
employs about 113,000 people.
=============
U K R A I N E
=============
AGROFIRM VIKTORIYA: Bankruptcy Supervision Begins
-------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Production-Commercial Agricultural
Agrofirm Viktoriya (code EDRPOU 23412142). The case is docketed
as 15/106 B. Arbitral manager Mrs. Svitlana Atamanenko (License
Number 419436) has been appointed temporary insolvency manager.
Production-Commercial Agricultural Agrofirm Viktoriya holds
account number 26009301625706 at JSC Prominvestbank, Artemivsk
branch, MFO 334583.
Creditors have until August 9, 2004 to submit their proofs of
claim to:
(a) PRODUCTION-COMMERCIAL AGRICULTURAL AGROFIRM VIKTORIYA
84652, Ukraine, Donetsk region,
Artemivsk district,
Kodemo, Radyanska Str. 9
(b) Mrs. Svitlana Atamanenko
Temporary Insolvency Manager
84500, Ukraine, Donetsk region,
Artemivsk, Lenin Str. 14/22
(c) ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
ECO-PRODUCT: Proofs of Claim Deadline August 6
----------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Eco-Product (code EDRPOU 24001168).
The case is docketed as 7/76-04. Mrs. Galina Shevchenko has
been appointed temporary insolvency manager. Eco-Product holds
account number 26002301701473 at Prominvestbank, Sumi central
branch, MFO 337278.
Creditors have until August 9, 2004 to submit their proofs of
claim to:
(a) ECO-PRODUCT
40030, Ukraine, Sumi region,
Sumi district, Ivolzhanske,
Zavodska Str. 4
(b) Mrs. Galina Shevchenko
Temporary Insolvency Manager
40024, Ukraine, Sumi region,
Harkivska Str. 4/172
Phone: (0542) 34-00-05
ECONOMIC COURT OF SUMI REGION
40011, Ukraine, Sumi region,
Ribalka Str. 2
LOZOVA' AUTO 16347: Under Bankruptcy Supervision
------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Lozova' Auto Transport Enterprise
16347 (code EDRPOU 03115198) on June 14, 2004. The case is
docketed as B-39/68-04. Mr. Dmitro Zadruzhnij (License Number
AA 249706 approved on October 19, 2001) has been appointed
temporary insolvency manager. Lozova' Auto Transport Enterprise
16347 holds account number 26002301770044 at JSC Prominvestbank,
Lozova branch, MFO 351522.
Creditors have until August 9, 2004 to submit their proofs of
claim to:
(a) LOZOVA' AUTO TRANSPORT ENTERPRISE 16347
64600, Ukraine, Harkiv region,
Lozova, Sevastopolskij lane, 2 b
(b) Mr. Dmitro Zadruzhnij
Temporary Insolvency Manager
Ukraine, Harkiv region,
Harkiv district, Visoke,
Druzhbi Str. 68
Phone: 8 (245) 5-11-83, 8 (067) 573-02-11
(c) ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi square, 5,
Derzhprom, 8th entrance
MELITOPOLGAZ: Court Grants Debt Moratorium
------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on OJSC Melitopolgaz (code EDRPOU
00553549) on June 30, 2004 and ordered a moratorium on
satisfaction of creditors' claims. The case is docketed as
25/55. Mrs. Natalya Chursina (License Number 783018) has been
appointed temporary insolvency manager. Melitopolgaz holds
account number 26007301280853 at Prominvestbank, Melitopol
branch, MFO 313043.
Creditors have until August 9, 2004 to submit their proofs of
claim to:
(a) MELITOPOLGAZ
Ukraine, Zaporizhya region,
Melitopol, Chkalov Str. 47a
(b) Mrs. Natalya Chursina
Temporary Insolvency Manager
72319, Ukraine, Zaporizhya region,
Melitopol
Phone: (0619) 42-08-72
(c) ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya region,
Shaumyana Str. 4
NATIONAL INVESTMENTS: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on CJSC National Investments (code EDRPOU
23388001). The case is docketed as 15/199-B. Mr. V. Sunitsya
(License Number AA 668343 approved on October 31, 2003) has been
appointed temporary insolvency manager.
Creditors have until August 9, 2004 to submit their proofs of
claim to:
(a) NATIONAL INVESTMENTS
03055, Ukraine, Kyiv region,
Peremogi Avenue, 15 a
(b) Mr. V. Sunitsya
Temporary Insolvency Manager
Ukraine, Kyiv region,
Golosiyiovskij Avenue, 8
Phone: 265-29-12
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
PEREYASLAV-HMELNITSKIJ: Proofs of Claim Deadline August 9
---------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on Pereyaslav-Hmelnitskij Processing-Store
Up Enterprise (code EDRPOU 01731378). The case is docketed as
48/14 B-04. Arbitral manager Mr. S. Krupenko (License Number
668345 approved on October 28, 2003) has been appointed
temporary insolvency manager.
Creditors have until August 9, 2004 to submit their proofs of
claim to:
(a) PEREYASLAV-HMELNITSKIJ PROCESSING-STORE UP ENTERPRISE
Ukraine, Kyiv region,
Pereyaslav-Hmelnitskij,
Geroyiv Dnipra Str. 33
(b) Mr. S. Krupenko
Temporary Insolvency Manager
01030, 02183 Ukraine, Kyiv region,
a/b 93
Phone: 8 (050) 595-99-97
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
SKIF: Court Starts Bankruptcy Supervision
-----------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on Commercial Enterprise Skif (code EDRPOU
19433575). The case is docketed as B 29/1/02. Mr. U.
Tsibulskij (License Number AA 047623) has been appointed
temporary insolvency manager. Commercial Enterprise Skif holds
account number 26008100283001 at JSCB Ukrsocbank, Krivij Rig
branch, MFO 305619.
Creditors have until August 9, 2004 to submit their proofs of
claim to:
(a) COMMERCIAL ENTERPRISE SKIF
50005, Ukraine, Dnipropetrovsk region,
Krivij Rig, Domobudivelna Str. 25
(b) Mr. U. Tsibulskij
Temporary Insolvency Manager
50027, Ukraine, Dnipropetrovsk region,
Krivij Rig, Yesenin Str. 1
(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk region,
Kujbishev Str. 1a
STIL LTD.: Temporary Insolvency Manager Appointed
-------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Stil Ltd. (code EDRPOU 30474236).
The case is docketed as B 15/55/04. Mr. O. Solntsev (License
Number AA 719850) has been appointed temporary insolvency
manager. Stil Ltd. holds account number 2600130149301 at JSB
Credit Dnipro.
CONTACT: STIL LTD.
49000, Ukraine, Dnipropetrovsk region,
Mironov Str. 15/226
Mr. O. Solntsev
Temporary Insolvency Manager
49000, Ukraine, Dnipropetrovsk region,
Novokrimska Str. 3/118
ECONOMIC COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk region,
Kujbishev Str. 1a
VALENTINA: Court Orders Debt Moratorium
---------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on CJSC Valentina (code EDRPOU 00376219)
and ordered a moratorium on satisfaction of creditors' claims on
June 1, 2004. The case is docketed as 27/27 B. Mr. Miroslav
Fomin (License Number AA 783177) has been appointed temporary
insolvency manager. Valentina holds account number
26005193795001 at Privatbank, Krasnoarmijsk branch, MFO 335236.
Creditors have until August 9, 2004 to submit their proofs of
claim to:
(a) VALENTINA
85300, Ukraine, Donetsk region,
Krasnoarmijsk, Lunacharskij Str. 126
(b) Mr. Miroslav Fomin
Temporary Insolvency Manager
85400, Ukraine, Donetsk region,
Seledove, Zhovtnevoyi revolutsiyi Str. 4/14
Phone: 8 (06237) 74-88-6
(c) ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
ZELENBUD: Declared Insolvent
----------------------------
The Economic Court of Donetsk region declared OJSC Zelenbud
(code EDRPOU 03361891) insolvent and introduced bankruptcy
proceedings on June 9, 2004. The case is docketed as 15/17 B.
Arbitral manager Mr. Illya Maksimov (License Number 668258
approved September 23, 2003) has been appointed
liquidator/insolvency manager. The company holds account number
26003980988 at JSCB Ukrsocbank, Kramatorsk branch, MFO 334486.
CONTACT: ZELENBUD
84300, Ukraine, Donetsk region,
Kramatorsk, Gorkij Str. 2 a
Mr. Illya Maksimov
Liquidator/Insolvency Manager
84318, Ukraine, Donetsk region,
Kramatorsk, Habarovska Str. 163
ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
===========================
U N I T E D K I N G D O M
===========================
ABBEY NATIONAL: Big Four Banks Not Challenging Santander's Bid
--------------------------------------------------------------
Local banks do not intend to match the GBP8.3 billion takeover
offer of Banco Santander Central Hispano for Abbey National, The
Telegraph says.
HBOS CEO James Crosby says competition regulations in the U.K.
make it difficult for the so-called Big Four banks to join the
fray. He recalled Lloyds TSB's failed takeover of Abbey in
2001, which competition authorities blocked.
"The idea that the big four banks will dive in to ensure some
kind of competition enquiry without any realistic expectation
that they can get through -- that does not seem appealing to
us," Mr. Crosby told the Telegraph Wednesday.
The Spanish bank's lower-than-expected bid and its tiny cash
component fueled speculations that British banks might try to
lure Abbey with a better offer.
ALPHAMAGIC LIMITED: Royal Bank of Scotland Brings in Receivers
--------------------------------------------------------------
The Royal Bank of Scotland Commercial Services Limited called in
Paul D Williams and Paul J Clark as joint administrative
receivers for Alphamagic Limited (Reg No 02986871, Trade
Classification: 15-Other Wholesale). The application was filed
July 19, 2004. The company distributes vinyl records.
CONTACT: MENZIES CORPORATE RESTRUCTURING
17-19 Foley Street,
London W1W 6DW
Joint Administrative Receivers:
Paul D Williams
Paul J Clark
(Office Holder Nos 9294, 8570)
Phone: 020 7291 9750
Fax: 020 7291 9777
E-mail: mcr@menzies.co.uk
Web site: http://www.menzies.co.uk
ANSELL JONES: HSBC Bank Appoints Receivers from PwC
---------------------------------------------------
HSBC Bank Plc called in Robert Hunt and Ian Green of
PricewaterhouseCoopers as joint administrative receivers for
Ansell Jones Holdings Limited Company (Reg No 04116286, Trade
Classification: 46). The application was filed July 16, 2004.
The company provides management and strategic advice to its
subsidiary.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Cornwall Court
19 Cornwall Street,
Birmingham B3 2DT
Joint Administrative Receiver:
Robert Hunt
Phone: [44] (121) 200 3000
Fax: [44] (121) 200 2464
Web site: http://www.pwc.com
PRICEWATERHOUSECOOPERS LLP
Benson House
33 Wellington Street,
Leeds LS1 4JP
Joint Administrative Receiver:
Ian Green
Phone: [44] (113) 289 4000
Fax: [44] (113) 289 4460
Web site: http://www.pwc.com
ASPIRE INDUSTRIES: Bibby Factors Calls in Receivers
---------------------------------------------------
Bibby Factors North East Limited called in A Murphy, R W L
Horton and W D Joseph as joint administrative receivers for
Aspire Industries Limited Company (Reg NO 043142216, Trade
Classification: 3720). The application was filed July 21, 2004.
The company recycles photographic developing chemicals.
CONTACT: SMITH & WILLIAMSON LIMITED
1 Riding House Street,
London W1A 3AS
Joint Administrative Receivers:
A Murphy
R W L Horton
W D Joseph
(Office Holder Nos 8716, 8922, 9247)
Phone: 020 7637 5377
Fax: 020 7631 0741
Web site: http://www.smith.williamson.co.uk
BESTMORE TOOLS: Members Final Meeting August 27
-----------------------------------------------
Name of Companies:
Bestmore Tools Limited
Burgess Tools Limited
Coronet Lathe & Tool Company Limited
Hardypick Limited
Imco (1997) Limited
Jenks & Cattell Limited
Matthews Brothers (Woodworkers) Limited
Mitre 10 Limited
Power Woodworking Limited
Record Holdings Limited
The final meetings of the members of these companies will be on
August 27, 2004 commencing at 10:05 a.m. and at five-minute
interval thereafter. It will be held at the offices of
Marchands Associates, 100 Wakefield Road, Lepton, Huddersfield
HD8 0DL.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator. Members who want to be represented at
the meeting may appoint proxies. Proxy forms must be lodged
with Marchands Associates, 100 Wakefield Road, Lepton,
Huddersfield HD8 0DL not later than August 26, 2004.
CONTACT: MARCHANDS ASSOCIATES
100 Wakefield Road,
Lepton, Huddersfield HD8 0DL
Joint Liquidator:
M Shaw
Phone: 01484 607 444
BIRMINGHAM WOLVERHAMPTON: Special Winding up Resolution Passed
--------------------------------------------------------------
At an Extraordinary General Meeting of the Birmingham
Wolverhampton Airport Limited Company on July 16, 2004 held at
Old Well Cottage, Broome, West Midlands DY9 0EZ, the Special
Resolution to wind up the company was passed. Gerald Frederick
Davis of Heathcote House, 136 Hagley Road, Edgbaston, Birmingham
B16 9PN has been appointed the Liquidator for the purpose of
such winding-up.
CONTACT: HEATHCOTE HOUSE
136 Hagley Road,
Edgbaston, Birmingham B16 9PN
Liquidator:
Gerald Frederick Davis
BRITISH ENERGY: Polygon's Belligerence Triggers Brisk Trading
-------------------------------------------------------------
Shares of British Energy soared Wednesday as Polygon Investments
promised to secure investors a deal better than the board's
proposed restructuring package.
More than 76 million shares changed hands Wednesday, according
to the Telegraph, five times more than the typical daily trading
volume of 13.5 million shares. Polygon, which has a 5.6 percent
stake in British Energy, plans to vote against the rescue
package that the board agreed to in October last year. Polygon
is backed by Invesco Perpetual, which has a 6 percent stake.
British Energy Chairman Adrian Montague has warned he will have
the company de-listed should shareholders block the plan.
"We had to sign an agreement in October, without which the
company would have been forced into administration. As part of
that agreement, British Energy agreed to use its best endeavors
to implement the restructuring," a company statement on
Wednesday reads.
According to British Energy, the wholesale electricity price
crash in 2002 that resulted in a weekly loss of GBR5 million
made it absolutely necessary for the company to agree to the
terms of the rescue package.
The state-sponsored restructuring plan will hand over the bulk
of British Energy to bondholders and senior creditors in a debt-
for-equity swap, while shareholders will be left with just 2.5
percent of the company, with warrants entitling them to a
further 5 percent.
BRUMAC ENGINEERING: Hires Receivers from KPMG
---------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Brumac Engineering Limited (In Receivership)
I, Neil A. Armour, Chartered Accountant, of KPMG, Unit 2, Delta
House, Gemini Crescent, Dundee, DD2 1SW, hereby give notice that
my colleague Blair C. Nimmo and I were appointed Joint Receivers
of the whole property and assets of the Company in terms of
Section 51 of the Insolvency Act 1986 on June 22, 2004.
In terms of Section 59 of the said Act, Preferential Creditors
are required to lodge their formal claims with me within six
months of this date.
Neil A. Armour, Joint Receiver
June 24, 2004
CONTACT: KPMG LLP
Unit 2 Delta House
Gemini Crescent
Dundee DD2 1SW
CASERO PROPERTIES: Appoints Joint Receivers
-------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Casero Properties Limited (In Receivership)
I, Derek Forsyth, and David K Hunter, Chartered Accountants of
Campbell Dallas, Sherwood House, 7 Glasgow Road, Paisley, PA1
3QS hereby give notice that we were appointed Joint Receivers on
June 23, 2004 of the whole property and assets of Casero
Properties Limited in terms of Section 51 of the Insolvency Act
1986.
In terms of Section 59 of the said Act, preferential creditors
are required to lodge their formal claims with us within six
months of the date of this Notice.
Derek Forsyth, Joint Receiver
June 24, 2004
CONTACT: CAMPBELL DALLAS
Sherwood House
7 Glasgow Road
Paisley
PA1 3QS
Phone: 0141 887 4141
Fax: 0141 887 1103
E-mail: psly@camdal.com
Web site: http://www.camdal.com
CELETTE LIMITED: Hires Cranfield Recovery Administrator
-------------------------------------------------------
Tony Mitchell has been appointed administrator for Celette U.K.
Limited Company. The appointment was made July 22, 2004. The
company hires and sells crash damage repair equipment.
CONTACT: CRANFIELD RECOVERY LIMITED
4 Castle Street,
Warwick CV34 4BP
Administrator:
Tony Mitchell
(IP No 8203)
CIM UNIT: Final General Meeting Set August 30
---------------------------------------------
The final general meeting of the members of CIM Unit Trust
Managers Limited Company will be on August 30, 2004 commencing
at 10:45 a.m. It will be held at Ten George Street, Edinburgh
EH2 2DZ.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator. Members who want to be represented at
the meeting may appoint proxies.
CORK INTERNATIONAL: Hires Liquidator from Ernst & Young
-------------------------------------------------------
At an Extraordinary General Meeting of the Cork International
Holdings Limited Company on July 19, 2004 held at 5 Dunlop Road,
Mulgrave VIC 3170, Australia, the Special Resolutions to wind up
the company were passed. Delma Lynne Thompson of Ernst & Young,
Level 16, 321 Kent Street, Sydney NSW 2000 Australia has been
appointed Liquidator for the purpose of such winding-up.
CONTACT: ERNST & YOUNG
Level 16
321 Kent Street,
Sydney NSW 2000 Australia
Liquidator:
Delma Lynne Thompson
Phone: +61 2 9248 5555
Fax: +61 2 9262 6565
Web site: http://www.ey.com
DIAMOND GRANGE: Creditors Meeting Wednesday Next Week
-----------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Diamond Grange Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Diamond Grange Ltd.
will be held at Kingsley House Church Lane Cheltenham GL51 4TQ
on August 4, 2004 at 10:00 a.m. for the purpose of having a full
statement of the position of the Company's affairs, together
with a list of the Creditors of the Company and the estimated
amount of their claims, laid before them, and for the purpose,
if thought fit, of nominating a Liquidator and of appointing a
Liquidation Committee. (Sections 99-101 of the said Act)
A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at Kinsley House
Church Lane Cheltenham GL51 4TQ not later that 12:00 noon on the
business day before the Meeting.
Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
Kinsley House Church Lane Cheltenham GL51 4TQ before the
Meeting, a statement giving particulars of their security, the
date when it was given, and the value at which it is assessed.
In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at, Kinsley House Church Lane Cheltenham GL51
4TQ two business days prior to the meeting.
By Order of the Board.
G. Joines, Director
CONTACT: KINGSLEY HOUSE
Church Lane
Cheltenham GL51 4TQ
DREVNOR LIMITED: Hires Liquidator from Heathcote House
------------------------------------------------------
At an Extraordinary General Meeting of the Drevnor Limited
Company on July 16, 2004 held at Old Well Cottage, Broome, West
Midlands DY9 0EZ, the Special Resolution to wind up the company
was passed. Gerald Frederick Davis of Heathcote House, 136
Hagley Road, Edgbaston, Birmingham B16 9PN has been appointed
the Liquidator for the purpose of such winding-up.
CONTACT: HEATHCOTE HOUSE
136 Hagley Road
Edgbaston,
Birmingham B16 9PN
Liquidator:
Gerald Frederick Davis
EFFORSENRAB (14): Members Pass Winding up Resolutions
-----------------------------------------------------
At an Extraordinary General Meeting of the Efforsenrab (14)
Limited Company on July 19, 2004 held at 43-45 Butts Green Road,
Hornchurch, Essex RM11 2JX, the Special and Ordinary Resolutions
to wind up 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
EVER 2287: Appoints Deloitte & Touche Liquidator
------------------------------------------------
At the general meetings of the members of Ever 2287 Limited
Company, the Special Resolution to wind up the company was
passed. Christopher James Farrington and Andrew Philip Peters,
of Deloitte & Touche LLP, 1 Woodborough Road, Nottingham NG1 3FG
have been appointed Liquidators for the purpose of such winding-
up.
CONTACT: DELOITTE &T TOUCHE LLP
1 Woodborough Road,
Nottingham NG1 3FG
Liquidator:
Christopher James Farrington
Andrew Philip Peters
Phone: +44 (0) 115 950 0511
Fax: +44 (0) 115 959 0060
Web site: http://www.deloitte.com
GOVETT EUROPEAN: Winding up Resolutions Passed
----------------------------------------------
At the Extraordinary General Meetings of Govett European
Enhanced Investment Trust PLC (the Company) and Govett European
Securities PLC (the Subsidiary) held on Wednesday, the special
resolutions and extraordinary resolution to wind up the
Company and the Subsidiary respectively, to appoint Liquidators,
and to authorize the Liquidators to exercise their powers, all
as set out in the circular to shareholders dated 28 June 2004,
were duly passed.
CONTACT: LANSONS
Ian Williams
Phone: 07939 543 587
CAZENOVE & CO. LTD.
Julian Cazalet
Phone: 0207 588 2828
GRANDSTART LIMITED: Appoints Ensors Administrator
-------------------------------------------------
Steven Law of Ensors has been appointed administrator for
Grandstart Limited Company. The appointment was made July 14,
2004.
CONTACT: ENSORS
Cardinal House,
46 St Nicholas Street,
Ipswich IP1 1TT
Administrator:
Steven Law
(IP No 008727)
Phone: 01473 220022
Fax: 01473 220033
Web site: http://www.ensors.co.uk
HALFTECK ASSOCIATES: Sets Members Final Meeting August 31
---------------------------------------------------------
The final meeting of the members of Halfteck Associates Limited
Company will be on August 31, 2004 commencing at 10:30 a.m. It
will be held at Avco House, 6 Albert Road, Barnet, Hertfordshire
EN4 9SH.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator. Members who want to be represented at
the meeting may appoint proxies. Proxy forms must be lodged
with Avco House, 6 Albert Road, Barnet, Hertfordshire EN4 9SH
not later than 12:00 noon, August 30, 2004.
CONTACT: AVCO HOUSE
6 Albert Road, Barnet,
Hertfordshire EN4 9SH
Liquidator:
J Kelmanson
HAMPSON (DUDLEY): Calls in Liquidator
-------------------------------------
At an Extraordinary General Meeting of the Hampson (Dudley)
Limited Company on July 16, 2004 held at Old Well Cottage,
Broome, West Midlands DY9 0EZ, the Special Resolution to wind up
the company was passed. Gerald Frederick Davis of Heathcote
House, 136 Hagley Road, Edgbaston, Birmingham B16 9PN has been
appointed Liquidator for the purpose of such winding-up.
CONTACT: HEATHCOTE HOUSE
136 Hagley Road,
Edgbaston, Birmingham B16 9PN
Liquidator:
Gerald Frederick Davis
INTERSTAT LIMITED: Names Crawfords Administrator
------------------------------------------------
The Interstat (U.K.) Limited Company has appointed David N Kaye
of Crawfords as administrator. The appointment was made July
19, 2004. The company installs interior walling.
CONTACT: CRAWFORDS
Stanton House,
41 Blackfriars Road,
Salford, Manchester M3 7DB
Administrator:
David N Kaye
(IP No 2194)
ISM PARTNERSHIP: Final Members Meeting Today
--------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF The ISM Partnership Limited (In Members'
Voluntary Liquidation)
Notice is hereby given, pursuant to Section 94 of the Insolvency
Act 1986, that a final general meeting of the ISM Partnership
Limited will be held at Haines Watts, 9 Coates Crescent,
Edinburgh, EH3 7AL today at 11:00 a.m. for the purpose of laying
out a final account showing how the winding up of the company
has been conducted and the property of the company disposed of,
and of hearing any explanations that may be given by the
liquidator.
Members are entitled to attend in person or alternatively by
proxy. A member may vote according to the rights attaching to
his shares as set out in the company's Articles of Association.
A resolution will be passed only if a majority in value of those
voting in person or by proxy vote in favor. Proxies must be
lodged with me on or before the meeting.
J. M. Hall, Liquidator
9 Coates Crescent, Edinburgh EH3 7AL
June 25, 2004
CONTACT: HAINES WATTS
9 Coates Crescent
Edinburgh
EH3 7AL
Phone: 0131 225 4661
Fax: 0131 225 4663
Web site: http://www.hwca.com
ITELICA LIMITED: General Meeting Set August 20
----------------------------------------------
The general meeting of the members of Itelica Limited Company
will be on August 20, 2004 commencing 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 receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator. Members who want to be represented at
the meeting may appoint proxies.
JETMASTER LEISURE: Meeting of Creditors August 4
------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Jetmaster (Leisure) Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Jetmaster (Leisure)
Ltd. will be held at 4 Dancastle Court 14 Arcadia Avenue London
N3 2HS on August 4, 2004 at 12:00 noon for the purpose of having
a full statement of the position of the Company's affairs,
together with a list of the Creditors of the Company and the
estimated amount of their claims, laid before them, and for the
purpose, if thought fit, of nominating a Liquidator and of
appointing a Liquidation Committee. (Sections 99-101 of the
said Act)
In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Valentine & Co., 4 Dancastle Court 14 Arcadia
Avenue London N3 2HS two business days prior to the meeting.
By Order of the Board.
T Hyatt, Director
July 2, 2004
CONTACT: VALENTINE & CO.
4 Dancastle Court
14 Arcadia Avenue
London N3 2HS
Phone: 020 8343 3710
Fax: 020 9343 4486
Web site: http://www.valentine-co.com
K17 LIMITED: Sets Creditors Meeting August 9
--------------------------------------------
Creditors of K17 Limited Company will meet on August 9, 2004 at
11:00 a.m. It will be held at 39 Castle Street, Leicester LE1
5WN. Creditors who want to be represented at the meeting may
appoint proxies. Proxy forms must be submitted together with
written debt claims to CBA, 435 Lichfield Road, Aston,
Birmingham B6 7SS not later than 12:00 noon, August 6, 2004.
CONTACT: CBA
435 Lichfield Road,
Aston, Birmingham B6 7SS
Joint Administrator:
N C Money
L A B DRIVEWAYS: Creditors May Appoint Liquidator August 4
----------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF L A B Driveways & Construction Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the L A B Driveways &
Construction Ltd. will be held at 4 Dancastle Court 14 Arcadia
Avenue London N3 2HS on August 4, 2004 at 11:00 a.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)
In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Valentine & Co, 4 Dancastle Court 14 Arcadia
Avenue London N3 2HS on two business days next before the
meeting.
By Order of the Board.
T. Hyatt, Director
July 2, 2004
CONTACT: VALENTINE & CO.
4 Dancastle Court
14 Arcadia Avenue
London N3 2HS
Phone: 020 8343 3710
Fax: 020 9343 4486
Web site: http://www.valentine-co.com
LSCIT CASHCO: Sets Final General Meeting August 30
--------------------------------------------------
The final general meeting of the members of LSCIT Cashco Limited
Company will be on August 30, 2004 commencing at 11:00 a.m. It
will be held at Ten George Street, Edinburgh EH2 2DZ.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator. Members who want to be represented at
the meeting may appoint proxies.
MCQUEEN GROUP: Appoints Liquidator from Grant Thornton
------------------------------------------------------
At an Extraordinary General Meeting of the McQueen Group Limited
Company on July 21, 2004 held at Deep Purple, Hangersley,
Ringwood, Hampshire BH24 3JS, the Special Resolution to wind up
the company was passed. Samantha Keen of Grant Thornton, 31
Carlton Crescent, Southampton, Hampshire SO15 2EW has been
appointed Liquidator of the Company for the purpose of such
winding-up.
CONTACT: GRANT THORNTON
31 Carlton Crescent,
Southampton,
Hampshire SO15 2EW
Liquidator:
Samantha Keen
Phone: 023 8022 1231
Fax: 023 8022 4017
Web site: http://www.grant-thornton.co.uk
MILHURST CATERING: Hires Joint Administrators from Chantrey
-----------------------------------------------------------
Kevin Anthony Murphy and William John Turner of Chantrey
Vellacott DKF have been appointed joint administrators for
Milhurst Catering Co Limited. The appointment was made July 13,
2004.
CONTACT: CHANTREY VELLACOTT DFK
Russell Square House,
10-12 Russell Square,
London WC1B 5LF
Joint Administrators:
Kevin Anthony Murphy
William John Turner
(IP Nos 8349, 9049)
Phone: 020 7509 9000
Fax: 020 7436 8884
Web site: http://www.cvdfk.com
NORLAND DACS: Members Pass Winding up Resolutions
-------------------------------------------------
Name of Companies:
Norland Dacs Limited
Norland Dacs 2 Limited
Norland Dacs 3 Limited
Norland Dacs 4 Limited
Norland Dacs 5 Limited
At an Extraordinary General Meeting of these Companies on July
21, 2004 held at 1 Sheldon Square, London W2 6PU, the Special,
Ordinary and Extraordinary Resolutions to wind up the companies
were passed. Colin Ian Vickers and Nicholas Hugh O'Reilly both
of Numerica, 4th Floor, Southfield House, 11 Liverpool Gardens,
Worthing, West Sussex BN11 1RY and 66 Wigmore Street, London W1U
2HQ have been appointed Joint Liquidators for the purpose of the
voluntary winding-up.
CONTACT: NUMERICA
4th Floor, Southfield House,
11 Liverpool Gardens, Worthing,
West Sussex BN11 1RY
Liquidators:
Colin Ian Vickers
Nicholas Hugh O'Reilly
Phone: 01903 222500
Fax: 01903 207009
Web site: http://www.numerica.biz
RECORD MANAGEMENT: Members Final Meetings August 27
---------------------------------------------------
Name of Companies:
Record Management Services Limited
Record Marples (Export) Limited
Record Marples (Woodworking Tools) Limited
Record Marples Limited
Record Q&S Drillmaster Limited
Record Ridgeway Forgings Limited
Record Ridgeway Limited
Record Ridgeway Tools Limited
Record Tool Company Limited
Record Wilkinsons Tools Limited
The final meetings of the members of these companies will be on
August 27, 2004 commencing at 10:55 a.m. and at five-minute
interval thereafter. It will be held at the offices of
Marchands Associates, 100 Wakefield Road, Lepton, Huddersfield
HD8 0DL.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator. Members who want to be represented at
the meeting may appoint proxies. Proxy forms must be lodged
with Marchands Associates, 100 Wakefield Road, Lepton,
Huddersfield HD8 0DL not later than 12:00 noon, August 26, 2004.
CONTACT: MARCHANDS ASSOCIATES
100 Wakefield Road, Lepton,
Huddersfield HD8 0DL
Joint Liquidator
M Shaw
RETAIL PROFILE: In Administrative Receivership
----------------------------------------------
Lloyds TSB Bank plc called in M J C Oldham and S P Bower as
joint administrative receivers for Retail Profile Limited
Company (Reg No 04180887, Trade Classification: 7487). The
application was filed July 17, 2004. The company is engaged in
other business activities.
CONTACT: M J C Oldham, Joint Administrative Receivers
S P Bower, Joint Administrative Receivers
(Office Holder Nos 7817, 8338)
SUFFOLK STREET: Appoints Joint Administrators from Mazars
---------------------------------------------------------
The Suffolk Street Mortgage Management Limited Company has
appointed A S Wood and Philip Michael Lyon as joint
administrators. The appointment was made July 15, 2004. The
company's registered office address is c/o Imperial Consolidated
Limited, The Headquarters Building, Binbrook Business Centre,
Market Rasen, Lincolnshire LN8 6HF.
CONTACT: MAZARS
Lancaster House,
67 Newhall Street,
Birmingham B3 1NG
Joint Administrator:
A S Wood
(IP No 7929)
Phone: (44) 20 73 77 10 00
Fax: (44) 20 73 77 89 31
Web site: http://www.mazars.com
MAZARS
Cartwright House,
Tottle Road,
Nottingham NG2 1RT
Joint Administrator:
Philip Michael Lyon
(IP No 2108)
TATE & LYLE: U.S. Unit Settles Class Action for US$100 Million
--------------------------------------------------------------
Tate & Lyle PLC announced on July 28, 2004 that its subsidiary
A.E. Staley Manufacturing Company (Staley) has reached agreement
to end the long running high fructose corn syrup (HFCS) civil
antitrust legal case.
Under the terms of the settlement, Staley will pay total damages
of US$100 million (GBP55 million). This will result in an
exceptional charge to the profit and loss account of this
amount. As the payment is expected to be tax deductible in the
U.S., this equates to a charge of US$60 million (GBP33 million)
on an after tax basis. The settlement funds will be paid into
escrow by Staley during the next week. The settlement needs to
be formally approved by the United States District Court for the
Central District of Illinois.
Staley continues to deny emphatically involvement in any
wrongdoing, but has settled with great reluctance to ensure an
end to this lengthy action and to avoid the risk and uncertainty
that a U.S. jury trial would involve.
Staley was one of a number of manufacturers of HFCS, including
Archer Daniels Midland (ADM) and Cargill, targeted by
plaintiffs' lawyers in a class action that alleged violations of
certain anti-trust laws during the period 1988 to 1995. The
action was brought on behalf of purchasers of HFCS during that
period, primarily U.S. food and beverage manufacturers. Damages
claimed in the case amounted to US$1.4 billion, subject to
automatic tripling and the addition of attorneys' fees. Under
U.S. civil anti-trust laws, defendants in trials of this type
are jointly and severally liable for any damages awarded to the
plaintiff.
The case was filed with the United States District Court for the
Central District of Illinois in Peoria in July 1995, but
dismissed by that Court in August 2001. That dismissal was
overturned by the United States Court of Appeals for the Seventh
Circuit in June 2002. The case was proceeding to a full jury
trial in early September 2004. On March 15, 2004, the District
Court approved Cargill's (and American Maize Product Company's)
settlement with the Plaintiffs in the amount of US$24 million.
On June 17, 2004, ADM announced that it had agreed to settle for
US$400 million. The settlement announced on July 28, 2004
brings the action to a complete end.
Robert Gibber, Tate & Lyle PLC General Counsel, commented, "In
1995, a Grand Jury reviewed millions of pages of evidence yet
brought no charges against any manufacturer of HFCS. However,
as is typical in the U.S., this was followed by a civil class
action alleging violations of federal anti-trust laws.
"We deny emphatically involvement in any wrongdoing and believe
we were in a position to demonstrate this at trial. However,
particularly in light of the recent settlements by the other
defendants, a jury trial would have exposed Staley to a degree
of risk, itself magnified by automatic tripling of damages and
the addition of attorneys' fees, which could not be justified.
For this reason we reluctantly decided to settle on the best
terms available from the plaintiffs as announced on July 28,
2004. This agreement does not involve any admission of
liability but does remove the uncertainties hanging over Staley
from these proceedings."
* * *
Tate & Lyle is a world leader in ingredients. Its core
competence is to take corn, wheat or sugar, and add value to
these raw materials through technology. As a result of
continuous innovation, it offers an ever-wider product portfolio
of versatile and functional ingredients. These products include
Cereal Sweeteners, Starches, Sugars, Citric Acid and SPLENDA(R)
Sucralose. Tate & Lyle products have wide applications in the
food, beverage, pharmaceutical, cosmetic, paper, packaging and
building industries. With headquarters in London, Tate & Lyle
operates more than 41 plants and 20 additional production
facilities in 28 countries, almost all in Europe and the
Americas. It employs 6,700 people in its subsidiaries with a
further 4,800 employed in joint ventures. Sales in the year to
March 31, 2004 totaled GBP3,167 million. More details are
available at http://www.tateandlyle.com.
CONTACT: Mark Robinson
Head of Investor Relations
Phone: 020 7626 6525, 07793 515861
E-mail: investorrelations@tateandlyle.com
Chris Fox
Director of Corporate Relations (Press)
Phone: 020 7626 6525, 07801 808553
VINYL MAGIC: Royal Bank of Scotland Appoints Receivers
------------------------------------------------------
The Royal Bank of Scotland Commercial Services Limited called on
Paul D Williams and Paul J Clark as joint administrative
receivers for Vinyl Magic Limited Company (Reg No 04516790,
Trade Classification: 11-Other Manufacture). The application
was filed July 19, 2004. The company manufactures vinyl
records.
CONTACT: MENZIES CORPORATE RESTRUCTURING
17-19 Foley Street,
London W1W 6DW
Joint Administrative Receivers:
Paul D Williams
Paul J Clark
(Office Holder Nos 9294, 8570)
Phone: 020 7291 9750
Fax: 020 7291 9777
E-mail: mcr@menzies.co.uk
Web site: http://www.menzies.co.uk
WH SMITH: 'BB+/B' Ratings on Fitch's Watch Negative
---------------------------------------------------
Fitch Ratings has on Wednesday placed WH Smith plc's Senior
Unsecured 'BB+' and Short-term 'B' ratings on Rating Watch
Negative.
The Rating Watch Negative follows WH Smith's announcement that
it plans to sell or de-merge its publishing business Hodder
Headline and return all net cash proceeds to shareholders. As a
result, the company's FY03 pro-forma sales and operating profit
decreased by c.GBP150 million and GBP20 million respectively,
leaving debt protection measures very weak for a 'BB+' rating.
Once the fate of Hodder has been finalized the Rating Watch
Negative will be resolved. The resultant rating downgrade may
exceed one notch.
WH Smith's announcement that it plans a partly debt-financed
GBP120 million upfront payment to the Pension Trust, after the
disposal of Hodder Headline, has only limited implications for
its credit ratings, as Fitch already adjusts for pension
deficits in calculating key ratios. WH Smith's net pension
deficit (after related deferred tax assets) amounted to GBP133
million at 29 February 2004. Due to the upfront payment, in
FY05 WH Smith's pension contributions will be reduced to c.
GBP21 million (down from GBP42 million in FY04) to pay off the
total remaining deficit over nine years.
The group's financial profile has deteriorated continuously over
the past three years and the medium- to long-term strategy to
improve core U.K. retail operations, which accounted for 85% of
FY03's GBP106 million operating profit before exceptional and
goodwill amortization, carries significant execution risk. The
strategy consists mainly of cost control measures, the
improvement of stock availability as well as that of the store
offer, and the improvement in the product range planning. WH
Smith has said total store and central overhead cost savings
should reach GBP30 million per annum by FYE07.
WH Smith's ratings are supported by the company's strong brand
recognition in the U.K. market and its considerable market
positions in the retail of books, newspapers, magazines and
stationery, as well as its number one market position in U.K.
news distribution. It is constrained by an increasingly
competitive market in its core U.K. retail business, the
seasonality of its business, the company's heavy reliance on
operating leases in its business model and the execution risk
related to the U.K. retail strategy.
Aside from the GBP120 million pension fund injection, WH Smith's
on-balance sheet debt is limited. However, substantial debt-
like commitments exist in the form of property-related annual
operating lease payments, which amounted to GBP206 million of
gross rental commitments at FYE03.
The group's pension adjusted net debt/EBITDAR ratio of 4.6x at
FYE03 and pension-adjusted EBITDAR/interest+rent of 1.7x are
expected to deteriorate in FY05, due to the planned disposal or
de-merger of Hodder and the costs involved in the company's
strategy to improve its U.K. retail operations.
CONTACT: FITCH RATINGS
Britta Holt, London
Phone: + 44 (0) 20 7862 4022
Jonathan Pitkanen, London
Phone: + 44 (0) 20 7417 4201
Media Relations:
Alex Clelland, London
Phone: +44 20 7862 4084
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, and Julybien Atadero, Editors.
Copyright 2004. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *