/raid1/www/Hosts/bankrupt/TCREUR_Public/040802.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, August 2, 2004, Vol. 5, No. 151
Headlines
C Z E C H R E P U B L I C
MASNA STUDENA: EGM to Discuss Proposed Liquidation Set August 11
F R A N C E
ALCATEL: Reports EUR3 Billion Second-quarter Sales
BSN GLASSPACK: New Owner's 'BB-' Rating Upheld; Off CreditWatch
TATI: Bidders Demand More Information
G E R M A N Y
BERENTZEN A.G.: Expects to Record Loss This Year
SPAR: Registers Lower First-half Losses
UFA THEATER: Insolvency Administrator Rescinds Neue Contract
I T A L Y
PARMALAT FINANZIARIA: Bondi Sues Citigroup in New Jersey
PARMALAT FINANZIARIA: May Return to Stock Market End of 2004
ZUCCHI: Books Bigger First-half Loss
N E T H E R L A N D S
KONINKLIJKE AHOLD: Second-quarter Net Sales Drop 4.8%
N O R W A Y
PETROLEUM GEO-SERVICES: Bares Unaudited Second-quarter Results
R U S S I A
AK BARS: Fitch Downgrades Individual Rating to D/E
CENTRE APK: Deadline for Proofs of Claim August 19
GLAZUNOVSK-AGRO-PROM-SNAB: Under Bankruptcy Supervision
KUZBASS-UGLE-SNAB: Declared Insolvent
METALLURG: Undergoes Bankruptcy Supervision Procedure
NELIDOVSKY FACTORY: Court Sets September 20 Hearing
PROMYSHLENNAYA: Insolvent Status Confirmed
SIBERIAN WOOD: Krasnoyarsk Court Appoints Insolvency Manager
TEPLO-VODO-KANAL: Under External Bankruptcy Management
VEL-MEBEL-PROM: Insolvent Status Confirmed
YUKOS OIL: Oil Prices Down as Oil Firm Gets Break
ZAP-SIB-ZOLOTO-STROY: Declared Insolvent
S L O V A K R E P U B L I C
ZSR: Remains in Red, But 1st-half Losses Slip 33%
T U R K E Y
ANADOLUBANK A.S.: Fitch Upgrades Rating to 'B'
U K R A I N E
DNIPRO: Declared Insolvent
ETMA: Proofs of Claim Deadline August 9
LANA: Insolvent Status Confirmed
MAGNEZIT: Kyiv Court Appoints Insolvency Manager
MICROMAX: Bankruptcy Proceedings Still Ongoing
PEREMOGA: Court Affirms Insolvency
PRODAGRO: Proofs of Claim Deadline Expires Next Week
ROBOTICS SERVICE: Bankruptcy Proceedings Begin
SERVICE: Proofs of Claim Deadline August 9
UMTS-INVEST: Court Names Liquidator
U N I T E D K I N G D O M
5 STAR HEALTHCARE: Hires Liquidator from Fergusson & Co Ltd.
ABBEY NATIONAL: Santander Hopes to Keep Key Managers
ABRIDGE MOTOR: Winding up Resolutions Passed
A.N.C. CHELTENHAM: Brings in Liquidators from Harrisons
ARC EXHIBITIONS: Members Pass Winding up Resolutions
ASHGROVE TRADING: Names Liquidators from Blades Insolvency
BARCLAYS ANGEL: Sets Members Final Meetings September 1
BARRACUDA MEDIA: Hires David Rubin & Partners Liquidator
BEEMAC PROPERTY: Calls in Liquidator
BELWOOD TREES: Creditors Meeting Set August 5
CONOCK UNLIMITED: Sets Members Final Meeting September 3
CROSTON SHEET: Hires Joint Administrators from Leonard Curtis
DARTINGTON CRYSTAL: Bank of Scotland Appoints Receivers
DYNAMIC PROCESSING: Hires Begbies Traynor Administrator
EASTERN PHARMACEUTICALS: In Administrative Receivership
FARNELL SCOTLAND: Creditors Meeting Set August 5
FEELFINE LIMITED: Creditors to Meet August 5
FITZWILLIAM INTERNATIONAL: Calls in Liquidator
FLY FINANCE: Appoints Liquidators from KPMG
GECKO LIMITED: Sets Members Final Meeting August 27
GLENSHEE CHAIRLIFT: Creditors Meeting Wednesday
G MILES: In Administrative Receivership
HOLLINGER INTERNATIONAL: Barclays Clinch Telegraph Takeover
LEMA DEVELOPMENTS: Hires Liquidator from Weston Kay
LYMBURN CONTRACTORS: Creditors Meeting Thursday
MANSFIELD SHOE: Appoints Joint Administrators from PKF
MCP PENSION: Hires Begbies Traynor Liquidator
NEWVILLE DEVELOPMENTS: Members Pass Winding up Resolutions
NORDEA FINANCE: Appoints KPMG Liquidator
PARKCROSS LIMITED: Hires Receivers from Kroll
PLH LIMITED: Special Winding up Resolution Passed
REGUS GROUP: Gets 'B-' Preliminary Rating; Outlook Stable
TECNI-BUILD LIMITED: Sets Creditors Meeting August 6
UNITED BISCUITS: Senior Subordinated Rating on Watch Negative
WHITE CORRIES: Receivers' Report Out Wednesday
WILSON TS: Appoints BWC Business Solutions Administrators
*********
===========================
C Z E C H R E P U B L I C
===========================
MASNA STUDENA: EGM to Discuss Proposed Liquidation Set August 11
----------------------------------------------------------------
Ales Hodina, a key shareholder of Masna Studena, has called for
an extraordinary general meeting. Slated on August 11, the
meeting will take up the proposed dissolution and liquidation of
the company, according to Czech Happenings. Masna is one of the
country's major meat processing companies.
===========
F R A N C E
===========
ALCATEL: Reports EUR3 Billion Second-quarter Sales
--------------------------------------------------
Alcatel (Paris: CGEP.PA and NYSE: ALA)
(a) Sales at EUR3,078 million, up y-o-y by 3.7%, and by 7.2% at
constant Euro/US$
(b) Gross margin at 38.3% of sales
(c) Income from operations at EUR190 million at 6.2% of sales
(d) EPS pre-goodwill at EUR0.09 (EUR0.02 after goodwill)
(e) Net cash sequentially stable at EUR634 million
Note: All historical results are restated for optical fiber,
optical components, and battery activities, which are accounted
for as "discontinued operations."
Alcatel's Board of Directors (Paris: CGEP.PA and NYSE: ALA)
reviewed and approved second quarter 2004 results. Sales were
registered at EUR3,078 million compared with EUR2,967 million in
the second quarter 2003, up 3.7% and 7.2% at constant EUR/US$
(with an average EUR/US$ rate of 1.20 in Q2). The gross margin
was 38.3% of sales compared to 31.8% in the second quarter last
year. On a comparable basis (in accordance with the new R&D
accounting presentation as of Q1), the gross margin increased by
5.5 points year-on-year. Income from operations amounted to
EUR190 million, a 6.2% return on sales, with all business
segments positive, compared with EUR12 million in the same
period last year. Net income pre-goodwill for the quarter was
registered at EUR125 million or diluted EUR0.09 per share (US$
0.11 per ADS) and net income after goodwill at EUR23 million or
diluted EUR0.02 per share (US$ 0.02 per ADS).
Serge Tchuruk, Chairman and CEO summarized the Board's
observations: "Current trends clearly signal a confirmation of
our growth potential for the year, whether materializing in
revenues (up over 7% year-on-year in the second quarter at
constant Euro/US$), or in order intake, pointing to an
acceleration of growth in the second part of the year. In
addition to the good underlying performance in cellular
infrastructure, which should result in a substantial increase in
revenues in the second half, and also to the continued strength
in private communications, the second quarter highlighted the
validity of two other key strategic directions.
"First of all, we are pleased with the recovery of the fixed
communications business, which stopped its decline and turned in
a double-digit profitability. Our strategy to maintain
significant R&D in optics and to step up the development in IP
with a novel approach to edge service routing is now paying off
through important wins in both product lines as well as in
innovative solutions combining the two technologies. Coupled
with the continuing advances in our world leadership in access,
with revenues up 20% year-on-year in Q2, we can now count on
significant growth in fixed communications for the rest of the
year. Our U.S. operations performed particularly well with a
30% revenue increase in US$.
"Similarly, our strategic directions to develop a diversified
portfolio, spanning most key technologies, gives Alcatel a clear
competitive advantage at a time where many carriers promote
seamless, user centric broadband services. We are gaining
momentum in our business through convergence solutions from
fixed to mobile and from carrier to enterprise. In addition,
our video expertise positions us well for the increasing call
for bids from customers both in Europe as well as in North
America, in both triple play markets in fixed networks and
multimedia applications in mobile networks.
"All in all, with the restructuring of our portfolio nearing an
end after partnerships launched in fiber optics and handsets, we
see now significant growth potential for over 90% of our
business. To better support this momentum we have selectively
increased our development and marketing expenses in key product
areas, making sure, however, that our continuing year-on-year
gains in G&A and fixed operations costs more than offset those
increases. We clearly keep the objective of leveraging our more
cost efficient base with increasing revenues in order to expand
our income."
Outlook for Third Quarter and Full Year 2004
At a current structure, for the third quarter, we anticipate
sales to grow by over 10% year-on-year, at constant EUR/US$,
with a positive EPS pre-goodwill close to that of Q2. For the
full year we are comfortable with our previous guidance wherein
we stated that sales would be up in the high single digit range,
at constant EUR/US$, with EPS pre-goodwill being substantial.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Key Figures Second Second Second First
In EURmillion Quarter Quarter Quarter Quarter
except for EPS 2004 2003 2003 2004
restated as restated
published
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Profit & Loss
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Net Sales 3,078 2,967 3,149 2,710
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Income from Operations 190 12 21 86
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Net Income pre-Goodwill 147 (578) (568) 234
& MI
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Net Income 23 (675) (675) 134
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
EPS diluted 0.02 (0.51) (0.51) 0.10
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
E/ADS(1) 0.02 (0.59) (0.59) 0.12
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Number of shares 1.36 1.33 1.33 1.36
(billions)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Note: All historical results are restated for optical fiber,
optical components, and battery activities, which are accounted
for as "discontinued operations."
(1) E/ADS has been calculated using the U.S. Federal Reserve
Bank of New York noon euro/dollar buying rate of US$
1.22 as of June 30, 2004.
Second Quarter Business Update
- - - - - - - - - - - - - - - - - - - - - - - - -
Segment Breakdown Second Second First
In EURmillion Quarter Quarter Quarter
2004 2003(1) 2004(1)
- - - - - - - - - - - - - - - - - - - - - - - - -
Sales
- - - - - - - - - - - - - - - - - - - - - - - - -
Fixed Communications 1,353 1,360 1,133
- - - - - - - - - - - - - - - - - - - - - - - - -
Mobile Communications 842 834 757
- - - - - - - - - - - - - - - - - - - - - - - - -
Private Communications 929 868 865
- - - - - - - - - - - - - - - - - - - - - - - - -
Other & Eliminations (46) (95) (45)
- - - - - - - - - - - - - - - - - - - - - - - - -
Total 3,078 2,967 2,710
- - - - - - - - - - - - - - - - - - - - - - - - -
Income from Operations
- - - - - - - - - - - - - - - - - - - - - - - - -
Fixed Communications 136 7 28
- - - - - - - - - - - - - - - - - - - - - - - - -
Mobile Communications 48 10 70
- - - - - - - - - - - - - - - - - - - - - - - - -
Private Communications 35 21 35
- - - - - - - - - - - - - - - - - - - - - - - - -
Other & Eliminations (29) (26) (47)
- - - - - - - - - - - - - - - - - - - - - - - - -
Total 190 12 86
- - - - - - - - - - - - - - - - - - - - - - - - -
(1) All historical results are restated for optical fiber,
optical components, and battery activities, which are accounted
for as "discontinued operations."
In order to provide a more accurate view of business trends
compared to the same period last year, the following comments
are based on year-on-year comparisons.
Fixed Communications
Second-quarter revenue was stable at EUR1,353 million from
EUR1,360 million in Q2 2003. Significant growth was registered
in broadband access, data networking, and solutions. In
broadband access, growth was seen both in Western Europe and in
North America, with new business ramping up in emerging markets
such as Turkey and Egypt. A total of 4.8 million DSL lines were
delivered during the quarter, up 50% over the same period last
year, bringing the year to date cumulative deliveries to 10.3
million. The IP business also made a significant contribution
for the quarter, adding 10 new customers for the edge service
routing activity, which included customers in the U.S., China,
and Belgium. A total of 30 customers exist to date in addition
to 40 on-going trials, including a new one added in the UK this
quarter. MSWAN sales also continued to be strong, with the
capability to offer IP/MPLS functionality being the key growth
driver. In addition, a new metro Ethernet aggregation product,
launched during the quarter, was well received by the market
with two customers already. The solutions activity continued to
be strong, driven by NGN rollouts. Five new customers were
added during the quarter for various softswitch solutions,
resulting in a cumulative total of 26 customers for the
softswitch and over 50 customers for NGN/VoIP solutions to date.
Initial deployment of commercial video over DSL solutions has
begun in Europe, with a growing demand seen in North America.
Optical networks, with the exception of submarine, which remains
depressed, grew during the quarter. A growing momentum was seen
in North America with deployment of cross connects, in
particular for metro applications for both fixed and wireless
networks, and in Western Europe where the complete optical
portfolio has been deployed as service providers focus on
building out their metro networks. The decline of voice
networks continued, though slowing down by shifting the focus to
revenue generating maintenance service of the installed base.
Income from operations amounted to EUR136 million compared with
EUR7 million in the comparable period last year, with a
significant contribution coming from broadband access, voice
network, and the IP activity with optical networks returning to
profitability.
Mobile Communications
Second-quarter revenue increased slightly to EUR842 million from
EUR834 million in Q2 2003, impacted by the transitioning to a
new product in wireless transmission and some slippage in
revenue recognition in mobile networks. The orders for cellular
infrastructure strengthened with wins in new emerging markets in
the Indian sub-continent, Africa, and Latin America and a
further expansion of market positions in China and Russia, which
more than compensated for a certain slackening in Southeast
Asia. Alcatel's technology focus remains EDGE and 3G/UMTS which
are growing often as combined networks in Western Europe as well
as now spreading in high growth emerging markets, as illustrated
by recent wins in the Middle East and North Africa. In core
networks the pace of migration to new IP or NGN architecture is
now gaining momentum, with key contracts won in those areas in
Western Europe and the U.S. A strong performance also continued
in the mobile solutions activity with an increased number of
customers in mobile video as well as next generation
applications with convergent payment solutions.
Income from operations amounted to EUR48 million compared to
EUR10 million in Q2 2003. Mobile networks made a very
significant contribution, with its significant double-digit
margins maintained. The handset business, which is reflected in
the consolidated financial statements for the quarter,
negatively impacted income from operations.
Private Communications
Second quarter revenue increased by 7.0% to EUR929 million
compared with EUR868 million in Q2 2003. The IP/PBX business
registered a solid quarter with the activity continuing to grow,
particularly in Europe, once again solidifying its leadership
position. Genesys also continued to increase its business,
confirming its traction in North America where some significant
wins were registered. The enterprise data business was soft
during the quarter, partly due to IT spending being under
scrutiny in the U.S. The signaling and associated communication
networks in the transport vertical business showed significant
growth both in main line as well as metro rail, particularly in
Western Europe. The space activity also registered an increase,
benefiting from a good 2003 order backlog, with the commercial
business registering significant wins in the U.S. and China.
Integration and Services maintained its push into the growing
private sector and its performance confirmed the growing market
for outsourcing activity.
Income from operations amounted to EUR35 million compared to
EUR21 million in Q2 2003, with all businesses profitable.
Alcatel's analyst conference call will begin at 1:00 p.m. Paris
time (CET). A live audio Web cast accompanied by a slide
presentation will be available at http://www.alcatel.com/2q2004
or at http://www.alcatel.fr/2q2004. Media representatives and
analysts wishing to ask questions during the Q&A session may
dial in and request the "Alcatel teleconference."
From the US: 888 428 4480
International: +1 612 326 1011
Second-quarter 2004 results (unaudited)
PROFIT AND LOSS STATEMENT (Figures for Second Quarter 03 have
been restated to reflect the disposal of the Optronics, Battery,
and Optical Fiber divisions)
(a) Net Sales: EUR3,078 million vs. EUR2,967 million in Q2
03, up 3.7%
(b) Geographical distribution of sales:
W. Europe: 43%
Other Europe: 7%
North America: 17%
Asia: 16%
RoW: 17%
(c) Gross margin: 38.3% (31.8% for Q2 2003)
(d) Selling, general and administration ("SG&A") costs: EUR557
million (18.1% of sales)
(e) Research and development (R&D) expenses: EUR433 million
(14.1% of sales)
(f) Income (loss) from operations: EUR190 million
(g) Earnings before tax and amortization of goodwill: EUR139
million and included:
(i) Interest paid on convertible bonds EUR11 million
(ii) Net financial loss of EUR4 million
(iii) Restructuring costs of EUR68million
(iv) Net other revenue/(expenses) of EUR32 million
(h) Net Income Pre-Goodwill and Minority Interest: EUR147
million
(i) Net Income: EUR23 million and included a related tax
income of EUR28 million, share in net income /(loss) of
equity affiliates and discontinued activities of EUR20
million, goodwill amortization of EUR102 million, and
minority interests of EUR22 million.
(j) Diluted EPS: EUR0.02 per share (US$ 0.02 per ADS), pre-
goodwill EUR0.09 per share (US$ 0.11 per ADS) based on an
average of 1.36 billion diluted shares.
BALANCE SHEET ITEMS:
(a) Operating working capital: EUR383 million (3.1% of last 12
months sales)
(b) Cash and equivalents: EUR5,384 million
(c) Net Cash: EUR634 million
(d) Gearing: (17%)
(e) Operating Cash Flow (net cash provided (used) by operating
activities before changes in other receivables and debts):
EUR71 million
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
E-mail: press@alcatel.com
Web site: http://www.alcatel.com
BSN GLASSPACK: New Owner's 'BB-' Rating Upheld; Off CreditWatch
---------------------------------------------------------------
Standard & Poor's Ratings Services said on Thursday that it
affirmed its 'BB-' corporate credit rating on Owens-Illinois
Inc. and removed it from CreditWatch where it was placed on
February 19, 2004. The outlook is negative.
Toledo, Ohio-based Owens-Illinois' total debt was US$6.7 billion
at June 30, 2004. Concurrently, following the completion of
Owens-Illinois' acquisition of France-based BSN Glasspack S.A.
in June 2004, the corporate credit rating on BSN Glasspack is
raised to 'BB-' from 'B+' and the ratings on BSN's EUR180
million 10.25% notes due 2009 and EUR160 million 9.25%
subordinated notes due 2009 are raised to 'B' from 'B-'.
"Today's rating actions follow the completion of the company's
debt-financed acquisition of BSN Glasspack, and the company's
announcement that it has signed a definitive agreement to sell
its blow-molded plastic container operations to Graham Packaging
Co. for $1.2 billion," said Standard & Poor's credit analyst
Liley Mehta.
The blow-molded plastic container operations being sold had 2003
sales of $1.1 billion across North America, Europe and South
America serving the food, beverage, household, chemical, and
personal care markets. The proposed transaction is subject to
regulatory approval and is expected to close in the fourth
quarter of 2004. The announced sale removes considerable
uncertainty regarding the timing and valuation of these assets,
and the higher than previously expected sale proceeds would
substantially offset the BSN acquisition-related debt increase.
Moreover, the recent appointment of a Chief Executive Officer
has also been an important development with regard to the
establishment of long-term business goals and financial policy
objectives. Actions to curtail capital spending and improve
working capital management are expected to result in higher than
previously expected free cash generation in 2004 and beyond.
The ratings on Owens-Illinois and its related entities reflect
its aggressive financial profile, subpar credit measures, and
meaningful concerns regarding its asbestos liability. These
factors are offset by an above-average business position and
attractive profitability. Owens-Illinois' business risk profile
reflects the company's preeminent market position, which is
bolstered by advanced production technology, operating
efficiency, and the relatively recession-resistant nature of
many of its packaging products. Owens-Illinois' financial
results reflect exposure to changing conditions in regional
economies and the vagaries of currency swings, but the breadth
of operations tends to provide more stability during the
business cycle than that of many other industrial companies.
Owens-Illinois is the largest manufacturer of glass containers
in North America, South America, Australia, and New Zealand, and
the largest in Europe, following the recently completed BSN
acquisition. The company is publicly held and Kohlberg Kravis
Roberts & Co. owns about 25% of the stock.
TATI: Bidders Demand More Information
-------------------------------------
A prospective buyer for clothing retailer Tati complained
Wednesday about difficulties getting information on the company
from the retailer's owners, reports Le Figaro.
Lyon-based Asiatex claimed it needs information from the Quaki
family, to be able to improve its offer for Tati. The deadline
for submission of proposals to the commercial court lapsed
Thursday.
=============
G E R M A N Y
=============
BERENTZEN A.G.: Expects to Record Loss This Year
------------------------------------------------
German wine-maker Berentzen A.G. expects to post a loss at the
end of the year after incurring a first-half loss of EUR760,000,
compared with a loss of EUR600,000 for the same period in 2003,
Suddeutsche Zeitung says. The loss is attributed to the
company's change of strategy, which included trading in
international premium brands. The company aims to return to
profit as early as 2006.
SPAR: Registers Lower First-half Losses
---------------------------------------
The ailing German food group, Spar, reduced its operating losses
in the first half by almost 52% to EUR32.1 million, Die Welt
reports.
Spar attributed the results to the restructuring being done at
the company. It axed around 3,663 employees between June 2003
and June 2004. The company's retail operations also had its
turnover drop by almost EUR300 million to EUR197 million, while
its wholesale activities posted a stagnant turnover of EUR1.06
billion. However, Spar's discount supermarket chain, Netto, saw
its turnover rise by 7.5% to EUR1.53 billion.
The company's restructuring entails the selling or closure of
all of its remaining fully owned food retail outlets, except
those of Netto, at the end of 2004. Spar currently has 81 fully
owned outlets.
UFA THEATER: Insolvency Administrator Rescinds Neue Contract
------------------------------------------------------------
The insolvency administrator of Ufa Theater, the German cinema
chain, has reportedly cancelled its tenancy agreement with the
Neue Filmpalast due to unpaid rentals, the Financial Times says.
Neue Filmpalast, half of which is owned by the German Kieft &
Kieft group, has not paid its two-month rent to Ufa. A Kieft
insider said Neue and Ufa's insolvency administrator have agreed
to defer the rent payments. Kieft is reportedly in talks with
the administrator concerning rent reductions for the Ufa cinemas
it operates. The Kieft group rescued Ufa cinemas from the
threat of collapse in April 2003.
=========
I T A L Y
=========
PARMALAT FINANZIARIA: Bondi Sues Citigroup in New Jersey
--------------------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
communicates that Dr. Enrico Bondi, Parmalat's Extraordinary
Commissioner, on Thursday filed an action in the Superior Court
of New Jersey (the action) to recover damages from Citigroup and
certain of its subsidiaries.
The action is part of a process through which the Extraordinary
Commissioner, following the approval of Parmalat's Industrial
and Financial Restructuring Plan, will seek recovery from third
parties believed to have played a role in Parmalat's collapse.
Parmalat's Industrial and Financial Restructuring Plan
contemplates the distribution to its future shareholders of at
least 50% of Parmalat's distributable profits arising from the
next 15 years' annual results, including any eventual proceeds
derived from revocatory actions or actions for damages.
Milan, Italy, 29 July 2004
Parmalat Finanziaria S.p.A.
in Extraordinary Administration
PARMALAT FINANZIARIA: May Return to Stock Market End of 2004
------------------------------------------------------------
The top management of troubled Italian food group Parmalat said
Wednesday the company could relist on the stock market at the
end of 2004, La Stampa says.
Administrator Enrico Bondi told the Italian senate's industry
commission that Parmalat could return to profit in 2006 with a
turnover of EUR4 billion. Mr. Bondi added the group's operating
margin could reach 11% in 2006 and 12% in 2007. The
administrator also told the commission the Parmalat newco's debt
could drop from EUR1.2 billion to EUR0.9 billion after
disposals, and further to EUR.06 billion in 2006-2007. He also
confirmed the group is set to dispose its travel division
Parmatour and reduce its workforce by 50% through disposals.
Parmalat is currently undergoing a major restructuring that
entails the formation of a newco comprised of 16 of the group's
former operating subsidiaries.
ZUCCHI: Books Bigger First-half Loss
------------------------------------
Zucchi, the Italian textile group, posted a higher pre-tax loss
of EUR15 million for the first half of 2004 as compared to a
loss of EUR3.7 million for the same period in 2003, Il Sole 24
Ore says.
The company also saw its sales for the first six months of 2004
dropped by 7% to EUR165 million. According to Zuchi, it expects
improved results at the end of 2004 financial year.
=====================
N E T H E R L A N D S
=====================
KONINKLIJKE AHOLD: Second-quarter Net Sales Drop 4.8%
-----------------------------------------------------
Ahold on Thursday announced consolidated net sales (excluding
VAT) for the second quarter of the year (12 weeks: April 19,
2004 - July 11, 2004) of EUR12.3 billion, a decline of 4.8%
compared to the same period last year (2003: EUR13.0 billion).
Net sales were significantly impacted by lower currency exchange
rates, in particular that of the U.S. dollar. Net sales
excluding currency impact decreased by 1.4%. Additionally, net
sales were impacted by divestments. Net sales growth excluding
currency impact and impact of divestments was approximately 3.1%
in the second quarter.
Consolidated net sales in the first half of 2004 amounted to
EUR27.7 billion, a decline of 8.5% compared to the same period
last year (2003: EUR30.3 billion). Net sales excluding currency
impact declined by 1.4%. Net sales growth excluding currency
impact and impact of divestments was approximately 2.1% in the
first half year. The net sales numbers are preliminary and
unaudited.
USA - Retail
In the United States, net sales in the second quarter of 2004
increased in U.S. dollars by 0.5% to US$6.3 billion (2003:
US$6.2 billion). Net sales growth excluding the impact of the
divestment of Golden Gallon in 2003 was approximately 2.0%.
Identical sales growth was 0.3% and comparable sales growth was
0.9%, in U.S. dollars. Identical sales in the second quarter
were positively impacted by the Easter calendar effect by
approximately 1.0%. Food price inflation remained stable in the
second quarter of 2004 compared to the first quarter of 2004.
At Stop & Shop and Giant Landover, increased competitive
promotional activity and selling square footage, as well as the
ongoing integration initiatives, have had an impact on sales
during the second quarter of 2004.
In the first half of 2004, net sales amounted to US$14.4
billion, a decline of 0.5% compared to the same period last year
(2003: US$14.5 billion). Net sales excluding the impact of the
divestment of Golden Gallon in 2003 showed a growth of
approximately 1.0%. Identical sales decline was 0.8%.
Comparable sales decline was 0.2%.
Europe - Retail
In Europe, net sales in the second quarter of 2004 amounted to
EUR3.1 billion (2003: EUR3.1 billion). Net sales growth
excluding currency impact amounted to 0.8%. Identical sales
growth at Albert Heijn was 1.4%; the increase in transactions
was partly offset by a lower average basket size, which was
partly caused by modest food price deflation. Net sales growth
in Central Europe from store openings was largely offset by
lower currency exchange rates. Net sales in Spain decreased as
a consequence of a lower store count, declining tourism in the
Canary Islands and increased competition.
In the first half of 2004, net sales amounted to EUR6.8 billion
(2003: EUR6.8 billion). Net sales growth excluding currency
impact amounted to 0.1%. Identical sales growth at Albert Heijn
was 0.4%.
Foodservice
Net sales in the second quarter of 2004 at U.S. Foodservice
increased in U.S. dollars by 7.5% to US$4.4 billion (2003:
US$4.1 billion). The increase was primarily attributable to
higher pricing and improved volumes.
In the first half of 2004, net sales in U.S. dollars increased
by 5.9% to US$10.0 billion (2003: US$9.4 billion).
South America
In South America, net sales in the second quarter of 2004
amounted to EUR215 million (2003: EUR609 million), down 64.7%
from the same period last year, mainly due to the divestment of
Bompreco in Brazil in the first quarter of 2004 and Santa Isabel
in the second half of 2003.
Net sales in the first half of 2004 decreased by 53.7% to EUR551
million (2003: EUR1.2 billion).
Unconsolidated Joint Ventures
The net sales of unconsolidated joint ventures decreased by 2.5%
to EUR2.7 billion in the second quarter of 2004 (2003: EUR2.8
billion). Net sales at ICA were impacted primarily by the
transportation strike in Norway. Net sales at Jeronimo Martins
Retail remained flat compared to the same period last year. In
Central America, net sales were significantly impacted by lower
currency exchange rates. Net sales growth excluding currency
impact in Central America was 12.1% in the second quarter.
In the first half of 2004, net sales of unconsolidated joint
ventures amounted to EUR5.3 billion (2003: EUR5.4 billion).
Segment Reporting Changes
During the second quarter of 2004, Ahold changed the
organizational and managerial responsibilities of the companies
reported in the Other Business Segment (including the separately
managed Real Estate companies and Ahold Coffee Company).
Beginning in the second quarter of 2004, the managerial
responsibilities of these companies have been transferred to the
management of the relevant retail companies.
The reported net sales figures for the first half year of 2003
therefore have been adjusted as follows: a total of EUR27
million of net sales from the Other Business Segment have been
included in Other Europe Retail (EUR26 million) and Other USA
Retail (EUR1 million).
The reported net sales figures for the first quarter of 2004
have been adjusted as follows: a total of EUR16 million net
sales from the Other Business Segment have been included in
Other Europe Retail (EUR15 million) and Other USA Retail (EUR1
million).
Definitions
(a) Identical sales compare sales from exactly the same stores.
(b) Comparable sales are identical sales plus sales from
replacement stores.
(c) Currency impact: the impact of using different exchange
rates to translate the financial figures of our subsidiaries
to Euros. The financial figures of the previous year are
restated using the actual exchange rates in order to
eliminate this currency impact.
(d) Impact of divestments: the impact on net sales of divested
operations. Net sales of the divested operations are
excluded from prior year net sales.
CONTACT: KONINKLIJKE AHOLD
Corporate Communications
Phone: +31.75.659.5720
===========
N O R W A Y
===========
PETROLEUM GEO-SERVICES: Bares Unaudited Second-quarter Results
--------------------------------------------------------------
Petroleum Geo-Services ASA (OSE: PGS; OTC: PGEOY) announced
Thursday its unaudited second quarter 2004 results under
Norwegian generally accepted accounting principles (Norwegian
GAAP).
Quarter Six months Year
ended June 30, ended June 30, ended
(In millions 2004 2003 2004 2003 Dec 31,
of dollars)Unaudited Unaudited Unaudited Unaudited 2003
Audited
Revenue $ 279.2 $ 295.1 $ 529.9 $ 592.4 $1,120.7
Operating
profit
(loss) 21.0 10.4 60.1 (169.3) (645.3)
Net
income
(loss) (28.1) (51.8) (29.2) (289.4) (818.2)
Adjusted
EBITDA (A) 100.6 124.8 198.6 261.2 479.1
Cash
investment
in multi-
client (B) (10.6) (20.9) (25.8) (59.9) (91.5)
Capital
expenditures
(C) (38.8) (16.3) (62.4) (26.5) (57.7)
Cash Flow
Post
Investment
(Defined
as A+B+C) $51.2 $87.6 $110.4 $174.7 $329.9
Svein Rennemo, PGS Chief Executive Officer, commented, "A mixed
quarter. Clearly we did not meet our expectations for revenues
and cash flow. A net loss is not acceptable to us, even if
geophysical contract market prices were soft and operational
disturbances were unusually high. Still, strong multi-client
late sales, increase in geophysical order backlog at improved
prices, and Pertra's successes were points of strength. And for
2004 we expect Cash Flow Post Investment to meet the $231
million forecasted in our Business Plan disclosed last year.
Corrections and improvements for the coming quarters will build
on repeating our record of high regularity and uptime,
underlying cost improvements, capturing the upside in the Varg
field and benefiting from improvement in geophysical order
backlog and prices."
Q2 Highlights
Consolidated
(a) Q2 Revenues of $279.2 million, down $15.9 million (5%)
compared to Q2 2003
(b) Q2 Adjusted EBITDA of $100.6 million, down $24.2
million (19%) from Q2 2003
(c) Q2 2004 Net loss of $28.1 million, reduced from a Net
loss of $51.8 million in Q2 2003
(d) Decline in revenues and Adjusted EBITDA largely driven
by:
(i) $35.9 million decrease in Marine Geophysical
contract sales, partially offset by $30.3 million
increase in multi-client late sales
(ii) Shut down of the ocean bottom 2C crew in late 2003
(contract revenues of $11.6 million included in Q2
2003 numbers),
(iii) $20.0 million increase in Pertra revenues for Q2
2004
(iv) Lower multi-client investments, which reduced the
Adjusted EBITDA as $10.3 million less cash
operating costs were capitalized
(d) Cash Flow Post Investment, down $36.4 million (42%)
from Q2 2003 primarily related to:
(i) Decline in Adjusted EBITDA, discussed above
(ii) Increase in Q2 2004 capital expenditures of $22.5
million from Q2 2003 due to:
(a) Pertra drilling program
(b) Marine Geophysical streamer replacement program
(c) Upgrade of data processing equipment
Marine Geophysical
(a) Aggressive industry bidding for contract work through
first part of Q2 2004 negatively affected pricing
(b) Improved order backlog going into second half of 2004
(i) Improved prices and contract terms
(ii) Order backlog of $115 million compared to $65
million at the end of Q1
(c) Abnormal operational disturbances negatively affected
contract revenues
(d) Multi-client sales improved despite less than expected
sales from Brazilian library
(e) Positive cash flow from multi-client library of $55
million in Q2 2004 versus $25 million in Q2 2003
Onshore
(a) Continued stable performance
(b) Increased activity in the U.S. market with full crew
schedule for most of 2004
(c) Significant new opportunities in Eastern Hemisphere
(d) Order backlog going into second half of 2004 - $98
million
Production
(a) Lower production on Petrojarl Foinaven and Petrojarl I
due to well and compressor maintenance and expected
natural field production decline
(b) Improved average daily production expected for reminder
of 2004, except for Petrojarl Foinaven 16 day planned
maintenance shut down during Q3 2004
(c) Petrojarl Varg contract under mediation to reinstate
tariff structure
Pertra
(a) Increased oil production at favorable prices
(b) Successful enhanced oil recovery drilling program on
schedule
(c) Favorable outcome in Norwegian 18th Licensing Round
Outlook
(a) Marine Geophysical contract prices and terms are
improving going into second half of 2004
(b) Continuation of contract market focus in geophysical
(c) Generally increased production for FPSO's, except
Petrojarl Foinaven 16 day scheduled maintenance shut
down in Q3 2004
(d) Expected to meet $231 million Cash Flow Post Investment
forecasted in previously disclosed Business Plan due to
numerous offsetting factors, including:
(i) Lower than expected Marine Geophysical results in
first half of 2004
(ii) Declining production on certain fields
(iii) Pertra improvements
(iv) Reduced Production capital expenditure, resulting
from Varg contract prolongation
Web cast and Conference Call
Petroleum Geo-Services has scheduled a Web cast and conference
call for Thursday, July 29, 2004, at 3:30 p.m. Central European
Time (9:30 a.m. Eastern Time) to review its second quarter 2004
financial results. Interested parties can listen to
management's remarks while viewing a corresponding slide
presentation, posted at PGS' web site, over the Internet.
Participants can listen to the conference call over the Internet
by accessing PGS' web site, http://www.pgs.com,and logging on
at least fifteen minutes early to register, download and install
any necessary audio software. For those who cannot listen to
the live web cast, an archive will be available shortly after
the call.
Alternatively, to access the live broadcast of the conference
call by telephone, please dial-in at the number provided below,
corresponding to your location, and reference "PGS":
Location
Dial-In Number
Norway (Toll-Free): +47 8008 0119
U.S. (Toll-Free): +1 888-428-4474
Canada: +1 651-291-0900
U.K. and Other: +47 2300 0400
A replay of the conference call will be available through
Thursday, August 5, 2004 at +47 2276 9121. After dialing in,
enter account number 1270, followed by the pound key (#); press
1, enter conference number 270, followed by the pound key (#);
then press 1 to play.
CONTACT: PETROLEUM GEO-SERVICES
Sam R. Morrow
Phone: +47 6752 6400
Suzanne M. McLeod
Phone: +1 281-589-7935
===========
R U S S I A
===========
AK BARS: Fitch Downgrades Individual Rating to D/E
--------------------------------------------------
Fitch Ratings on Thursday downgraded Ak Bars Bank's Individual
rating to 'D/E' from 'D', thereby resolving the Negative Rating
Watch on the Individual rating that has been in place since
January 2004. Ak Bars' other ratings are affirmed as follows:
Long-term 'B-', Short-term 'B' and Support '5'. The outlook for
the Long-term rating is Stable.
The Individual rating was placed on Negative Rating Watch in
January 2004 due to Fitch's concerns over the bank's much-
weakened capitalization. Fitch noted at the time that the
resolution of the Negative Rating Watch was dependent on a large
potential capital injection, which the bank expected to receive
in the subsequent months. However, the agency warned that "a
decision by the bank's shareholders not to go ahead with the
capital injection, or their subsequent failure to provide the
capital by end-1H04, would likely result in a downgrade of the
bank's Individual rating."
The downgrade of the Individual rating reflects Fitch's concerns
over continued delays to the new capital, which, should it
proceed, is not now expected to be received until end-October
2004 at the earliest. Moreover, Fitch notes that AK Bars has
continued to grow rapidly in H104, and that balance sheet growth
is set to continue for the foreseeable future even in the
absence of fresh capital, which would likely place its capital
under further strain.
The planned RUB6 billion capital injection would be regarded as
a positive step for the bank. Fitch will review AK Bars'
Individual rating as and when the bank receives new capital, but
also in light of its growth ambitions and other performance
indicators.
Ak bank's Long-term and Short-term ratings take into account Ak
Bars' strong niche in the Republic of Tatarstan (RT) and its
close ties to the government of the RT. However, Fitch comments
that Ak Bars' profitability remains weak and reported earnings
in 2003 were among the weakest of the Russian banks rated by
Fitch. Additionally, market risk has increased with the
expansion of Ak Bars' securities operations.
Ak Bars is a relatively small bank (total assets of c. US$728
million at end-2003). It was founded in 1993 by the government
of the RT. Its main shareholders are currently Ak Bars Holding
(79%-owned by the government of the RT), which has interests in
trade, agriculture, fertilizers, bread-making, etc.,
Svyazinvestneftekhim, a holding company 100% owned by the RT
Ministry of Property with interests in a variety of sectors,
Tatneft, an RT oil company, as well as other RT companies, some
of which are owned, in full or in part, by the government of the
RT, and local government organizations. Ak Bars is the largest
local bank in the RT by assets, where most of its business is
concentrated.
CONTACT: FITCH RATINGS
Lindsey Liddell, London
Phone: +44 (0) 20 7417 3495
James Longsdon, London
Phone: +44 (0) 20 7417 4309
Media Relations:
Campbell McIlroy, London
Phone: +44 20 7417 4327
CENTRE APK: Deadline for Proofs of Claim August 19
--------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
supervision procedure on state unitary enterprise information
Centre Apk (TIN 5610062737). Mr. A. Lakomov has been appointed
temporary insolvency manager. Creditors have until August 19,
2004 to submit their proofs of claim to 460052, Russia,
Orenburg, Post User Box 991.
CONTACT: CENTRE APK
460046, Russia,
Orenburg, 9th of January, 64
Mr. A. Lakomov
Temporary Insolvency Manager
460052, Russia,
Orenburg,
Post User Box 991
GLAZUNOVSK-AGRO-PROM-SNAB: Under Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Orel region commenced bankruptcy
supervision procedure on agricultural industrial supply OJSC
Glazunovsk-Agro-Prom-Snab. The case is docketed as A48-1681/04-
22b. Mr. V. Sinegubkin has been appointed temporary insolvency
manager. Creditors are asked to submit their proofs of claim to
302028, Russia, Orel region, Gorkogo Str. 45, office 29. A
hearing took place at the Arbitration Court of Orel region on
July 26, 2004.
CONTACT: Mr. V. Sinegubkin
Temporary Insolvency Manager
302028, Russia,
Orel Region, Gorkogo Str. 45,
Office 29
Phone: (086-2) 47-49-08
Fax: (086-22) 9-50-76
KUZBASS-UGLE-SNAB: Declared Insolvent
-------------------------------------
The Arbitration Court of Kemerovo region declared LLC trading
house Kuzbass-Ugle-Snab (TIN 4208014271) insolvent and
introduced bankruptcy proceedings. The case is docketed as A27-
16205/2003-4. Mr. A. Turkin has been appointed insolvency
manager. Creditors had until July 18, 2004 to submit their
proofs of claim.
CONTACT: KUZBASS-UGLE-SNAB
650002, Russia,
Kemerovo, Shakhterov Pr. 14A
Mr. A. Turkin
Insolvency Manager
650099, Russia,
Kemerovo,
Nikolaya Ostrovskogo Str. 32-336
METALLURG: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
supervision procedure on LLC Metallurg (TIN 7444006649). The
case is docketed as A76-6886/04-32-14. Mr. I. Fedurin has been
appointed temporary insolvency manager.
Creditors had until July 18, 2004 to submit their proofs of
claim to 455044, Russia, Chelyabinsk region, Magnitogorsk, Post
User Box 121. A hearing will take place on August 10, 2004.
CONTACT: METALLURG
455000, Russia,
Chelyabinsk Region,
Magnitogorsk, Metallurgov Pr. 5
Mr. I. Fedurin
Temporary Insolvency Manager
455044, Russia,
Chelyabinsk Region, Magnitogorsk,
Post User Box 121
Phone: (3519) 24-70-52
NELIDOVSKY FACTORY: Court Sets September 20 Hearing
---------------------------------------------------
The Arbitration Court of Tver region commenced bankruptcy
supervision procedure on OJSC Nelidovsky Factory of Hydraulic
Press. The case is docketed as A66-3288-04. Mr. A. Danilenko
has been appointed temporary insolvency manager.
Creditors had until July 19, 2004 to submit their proofs of
claim to 170000, Russia, Tver, Post User Box 333. A hearing
will take place at the Arbitration Court of Tver region on
September 20, 2004, 10:30 a.m.
CONTACT: NELIDOVSKY FACTORY OF HYDRAULIC PRESS
172500, Russia,
Tver region, Nelidovo,
Mashinostroiteley Str. 13
Mr. A. Danilenko
Temporary Insolvency Manager
170000, Russia,
Tver, Post User Box 333
The arbitration Court of Tver Region:
Russia, Tver region,
Sovetskaya Str. 23B
PROMYSHLENNAYA: Insolvent Status Confirmed
------------------------------------------
The Arbitration Court of Komi republic declared state enterprise
mine Promyshlennaya proceedings insolvent and introduced
bankruptcy proceedings. The case is docketed as A29-6781/03-
3bB. Mr. A. Bakulin has been appointed insolvency manager.
Creditors are asked to submit their proofs of claim to 169840,
Russia, Komi republic, Inta, Kirova Str. 29 - 113. A hearing
will take place on May 5, 2005 at Russia, Syktyvkar,
Ordzhonikidze Str. 49A.
CONTACT: PROMYSHLENNAYA
169906, Russia,
Komi Republic,
Vorkuta
Mr. A. Bakulin
Insolvency Manager
169840, Russia,
Komi Republic, Inta,
Kirova Str. 29-113
Phone: 8 (2145)2-26-63
SIBERIAN WOOD: Krasnoyarsk Court Appoints Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Krasnoyarsk region declared LLC
Siberian Wood Processing Company insolvent and introduced
bankruptcy proceedings. The case is docketed as A33-16454/03-
s4. Mr. I. Nozdrin has been appointed insolvency manager.
Creditors had until July 18, 2004 to submit their proofs of
claim to 660020, Russia, Krasnoyarsk, Diksona Str. 1, Post User
Box 15854.
CONTACT: SIBERIAN WOOD PROCESSING COMPANY
Russia, Krasnoyarsk Region,
Emelyanovsk region, Peschanka.
Mr. I. Nozdrin
Insolvency Manager
660020, Russia,
Krasnoyarsk, Diksona Str. 1,
Post User Box 15854
TEPLO-VODO-KANAL: Under External Bankruptcy Management
------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
external management procedure on municipal unitary enterprise
Teplo-Vodo-Kanal. The case is docketed as A19-17285/03-34. Mr.
S. Maksimov has been appointed external insolvency manager.
Creditors are asked to submit their proofs of claim to 664029,
Russia, Irkutsk-29, Post User Box 66. A hearing will take place
at 664000, Russia, Irkutsk, Gagarina Avenue, 70 on May 10, 2005,
9:30 a.m.
CONTACT: TEPLO-VODO-KANAL
Russia, Irkutsk region,
Chunsky region,
Lenina Str. 58
Mr. S. Maksimov
External Insolvency Manager
664029, Russia,
Irkutsk-29,
Post User Box 66
VEL-MEBEL-PROM: Insolvent Status Confirmed
------------------------------------------
The Arbitration Court of Pskov region declared CJSC Vel-Mebel-
Prom (TIN 6025013845, OGRN 1026000906271) insolvent and
introduced bankruptcy proceedings. The case is docketed as
A52/1112/2003/4. Mr. I. Polyakov has been appointed insolvency
manager. Creditors have until August 18, 2004 to submit their
proofs of claim to 180020, Russia, Pskov, Almaznaya Str. 10,
reception.
CONTACT: VEL-MEBEL-PROM
Russia, Velikiye Luki,
Gagarina Pr. 127a
Mr. I. Polyakov
Insolvency Manager
180020, Russia,
Pskov, Almaznaya Str. 10, reception
YUKOS OIL: Oil Prices Down as Oil Firm Gets Break
-------------------------------------------------
After reaching record highs Wednesday, oil prices have since
dropped following the Russian justice ministry's decision to
allow three Yukos units to continue production.
The Yuganskneftegaz, Samarneftegaz and Tomskneftegaz
subsidiaries, which account for 1.6 million of Yukos' daily
output of 1.7 million barrels of oil, can continue production
according to justice ministry statements obtained by the AFP
news agency. However, the company's property and other assets
remained frozen.
With the release of official orders bearing the signature of a
Russian justice ministry bailiff, prices eased back below US$39
a barrel on Thursday. Oil prices worldwide soared on Wednesday
following news that bailiffs have ordered Yukos, which pumps 2
percent of the world's oil, to stop sales. The company, which
is facing a huge US$3.4 billion tax bill, has warned it could be
bankrupt within days.
ZAP-SIB-ZOLOTO-STROY: Declared Insolvent
----------------------------------------
The Arbitration Court of Kemerovo region declared federal
municipal unitary enterprise Zap-Sib-Zoloto-Stroy insolvent and
introduced bankruptcy proceedings. The case is docketed as A27-
9559/2003-4. Mr. O. Ermolaev has been appointed insolvency
manager. Creditors have until August 18, 2004 to submit their
proofs of claim to 650025, Russia, Kemerovo, Chkalovo Str. 10.
CONTACT: ZAP-SIB-ZOLOTO-STROY
652231, Russia,
Kemerovo Region, Tisulsky Region,
Komsomolsk, Taezhnaya Str.
Mr. O. Ermolaev
Insolvency Manager
650025, Russia,
Kemerovo, Chkalovo Str. 10
=============================
S L O V A K R E P U B L I C
=============================
ZSR: Remains in Red, But 1st-half Losses Slip 33%
-------------------------------------------------
Slovakian railway network operator ZSR posted a SKK852.4 million
loss for the first six months of 2004, down by SKK424.1 million
from the same period last year, Hospodasrske Noviny reports.
ZSR Spokeswoman Nela Blaskova said, "Year-to-year improvement in
the company's economic performance is the result of ongoing
reforms and transformation processes aimed at making the company
a modern manager of the infrastructure."
ZSR's first-half loss is SKK841 million lower than had been
forecasted.
===========
T U R K E Y
===========
ANADOLUBANK A.S.: Fitch Upgrades Rating to 'B'
----------------------------------------------
Fitch Ratings on Thursday upgraded Anadolubank A.S.'s Long-term
foreign and local currency ratings to 'B' from 'B-' and changed
the Support rating to '4' from '5'. At the same time, the
agency has affirmed the bank's Short-term foreign and local
currency, Individual and National ratings at 'B', 'D' and 'BBB
(tur)', respectively. The Outlook on all Long-term ratings is
Stable.
The rating action reflects Anadolubank's improved efficiency,
better liquidity, sound asset quality and continuing display of
support from the strong and committed shareholders. These are
balanced by still lackluster, albeit improved, profits in a
potentially volatile operating environment.
Gross lending grew rapidly by 54% during 2003 and 6% in 1Q04 to
reach 45% of assets (2002: 30%). NPLs declined to 1.49% of
loans at end-1Q04 from2.88% in 2002 through collections and
strong loan growth. Reserve coverage improved to 145% at end-
1Q04 from 73% in 2002. Liquid assets increased by 61% in 2003
to equate to 23% of assets (2002: 18%) and covered 32% of
customer deposits (2002: 22%). Coverage increased to a high 57%
when assets and liabilities maturing within three months were
included (2002: 46%).
Net income totaled US$3.9 million in 2003, marginally lower than
the USD4.4m in 2002 as additional provisions were set aside to
raise reserve coverage of non-performing loans (NPLs) and taxes
were higher. The latest year excludes US$7.6 million in income
that was utilized to increase share capital. In 1Q04 net income
totaled US$2.3 million. Net fee and commission income accounted
for 19% of total operating income in 1Q04. This provides a
relatively stable source of income, the bulk of which is from
cash management services and trade finance activities. The
bank's cost/income ratio improved to 60.5% in 1Q04 from 71.93%
in 2002; this remains weak by international standards but is
comparable to similar-sized Turkish banks. At end-2003,
Anadolubank's capital adequacy ratio declined to 13.37% under
IAS from 16.65% in 2002 with an increase in risk weighted
assets, which is not considered comfortable by Fitch in a
potentially volatile operating environment. At end-1Q04, equity
increased to 7.65% of assets from 6.24% in 2003 and free capital
rose to 6% of assets from 5% in 2003.
Anadolubank is majority-owned by Habas Sinai ve Tibbi Gazlar
Istihsal Endustri A.S. (Habas), a major producer and exporter
of long steel and Turkey's dominant industrial and medical gas
manufacturer. Habas is rated Long-term foreign and local
currency 'B+' and National 'A+(tur)'. Anadolubank focuses on
corporate and commercial banking and foreign trade finance
services to medium-sized companies. Anadolubank had a network
of 49 branches at end-2003 and owns a securities brokerage firm
and an offshore bank in Northern Cyprus.
CONTACT: FITCH RATINGS
Botan Berker
Gulcin Orgun, Istanbul
Phone: +90 212 279 10 65
Banu Saracci
London
Phone: +44 20 7417 4222
Ed Thompson
New York
Phone: +1 212 908 0364
Media Relations:
Campbell McIlroy
London
Phone: +44 20 7417 4327
=============
U K R A I N E
=============
DNIPRO: Declared Insolvent
--------------------------
The Economic Court of Zaporizhya region declared OJSC
Commercial-Industrial Complex Dnipro (code EDRPOU 24511389)
insolvent and introduced bankruptcy proceedings on June 30,
2004. The case is docketed as 25/56. Arbitral manager Mr.
Radion Kravchenko (License Number AA 783025) has been appointed
liquidator/insolvency manager. The company holds account number
2600900113 at OJSC Bank Big Energy, Energodar branch, MFO
313764.
CONTACT: COMMERCIAL-INDUSTRIAL COMPLEX DNIPRO
71500, Ukraine, Zaporizhya region,
Energodar, a/b 112
Mr. Radion Kravchenko
Liquidator/Insolvency Manager
71500, Ukraine, Zaporizhya region,
Energodar, a/b 42,
Skifska Str. 18/17
Phone: (06139) 3-83-07
ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya region,
Shaumyana Str. 4
ETMA: Proofs of Claim Deadline August 9
---------------------------------------
The Economic Court of Kyiv region declared OJSC Etma (code
EDRPOU 14309793) insolvent and introduced bankruptcy proceedings
on June 17, 2004. Mr. S. Gritsaj (License Number 719865
approved on February 23, 2004) has been appointed
liquidator/insolvency manager. Etma holds account number
26005048601 at JSCB Integral-Bank, Kyiv branch, MFO 320732.
Creditors have until August 9, 2004 to submit their proofs of
claim to:
(a) ETMA
Ukraine, Kyiv region,
Peremogi Avenue, 92/2
(b) Mr. S. Gritsaj
Liquidator/Insolvency Manager
Phone: (044) 236-11-17
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
LANA: Insolvent Status Confirmed
--------------------------------
The Economic Court of Kyiv region declared LLC Lana (code EDRPOU
31281057) insolvent and introduced bankruptcy proceedings on
June 25, 2004. The case is docketed as 43/283. Arbitral
manager Mr. Igor Mihno (License Number 668302 approved on
October 16, 2003) has been appointed liquidator/insolvency
manager.
Lana holds account number 26001010210001 at JSC Ukrinbank, Kyiv
branch, MFO 300142.
CONTACT: LANA
03049, Ukraine, Kyiv region,
Brulov Str. 6 a
Mr. Igor Mihno
Liquidator/Insolvency Manager
Ukraine, Kyiv region,
Umanska Str. 35
Phone: 243-32-58
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
MAGNEZIT: Kyiv Court Appoints Insolvency Manager
------------------------------------------------
The Economic Court of Kyiv region declared LLC Commercial
Enterprise Magnezit (code EDRPOU 31751765) insolvent and
introduced bankruptcy proceedings on June 30, 2004.
The case is docketed as 15/75-B. Arbitral manager Mr. E.
Dunayevskij has been appointed liquidator/insolvency manager.
CONTACT: COMMERCIAL ENTERPRISE MAGNEZIT
01103, Ukraine, Kyiv region,
Nemanska Str. 10
Mr. E. Dunayevskij
Liquidator/Insolvency Manager
03164, Ukraine, Kyiv region, a/b 185
Phone: 8 (067) 955-96-16
E-mail: choise@land.ru
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
MICROMAX: Bankruptcy Proceedings Still Ongoing
----------------------------------------------
The Economic Court of Rivne region declared LLC Micromax (code
EDRPOU 24173076) insolvent and introduced bankruptcy proceedings
on December 11, 2003. The case is docketed as 8/63. Arbitral
manager Mr. Y. Onushkanich (License Number AA 484703) has been
appointed liquidator/insolvency manager.
CONTACT: MICROMAX
Ukraine, Rivne region,
Soborna Str. 89
Mr. Y. Onushkanich
Liquidator/Insolvency Manager
70031, Ukraine, Lviv region,
Strijska Str. 71b/3
ECONOMIC COURT OF RIVNE REGION
33001, Ukraine, Rivne region,
Yavornitski Str. 59
PEREMOGA: Court Affirms Insolvency
----------------------------------
The Economic Court of Cherkassy region declared LLC Peremoga
(code EDRPOU 03791226) insolvent and introduced bankruptcy
proceedings on July 1, 2004. The case is docketed as 08/41/48.
Arbitral manager Mr. Igor Gusachenko (License Number AA 520147)
has been appointed liquidator/insolvency manager. The company
holds account number 26003300171 at OJSC Oshadbank, Lisyanskij
branch, MFO 354626.
CONTACT: PEREMOGA
19300, Ukraine, Cherkassy region,
Lisyanskij district, Pogiblyak
Mr. Igor Gusachenko
Liquidator/Insolvency Manager
18000, Ukraine, Cherkassy region, a/b 308
Phone: (0472) 63-08-46, 8 (050) 592-01-70
Fax: (0472) 63-08-46
ECONOMIC COURT OF CHERKASSY REGION
18005, Ukraine, Cherkassy region,
Shevchenko Avenue, 307
PRODAGRO: Proofs of Claim Deadline Expires Next Week
----------------------------------------------------
The Economic Court of Chernigiv region declared LLC Processing
Enterprise Prodagro (code EDRPOU 30005390) insolvent and
introduced bankruptcy proceedings. The case is docketed as
9/115 B. Mr. Grigorij Voloshin has been appointed
liquidator/insolvency manager.
Creditors have until August 9, 2004 to submit their proofs of
claim to:
(a) PROCESSING ENTERPRISE PRODAGRO
17100, Ukraine, Chernigiv region,
Nosivka Str. B. Hmelnitskij Str. 50
(b) Mr. Grigorij Voloshin
Liquidator/Insolvency Manager
17100, Ukraine, Chernigiv region,
Nosivka, B. Hmelnitskij Str. 50
(c) ECONOMIC COURT OF CHERNIGIV REGION
14000, Ukraine, Chernigiv region,
Miru Avenue, 20
ROBOTICS SERVICE: Bankruptcy Proceedings Begin
----------------------------------------------
The Economic Court of Kyiv region declared LLC Industrial
Company Industrial Robotics-Engineering-Service Ltd. (code
EDRPOU 19478448) insolvent and introduced bankruptcy proceedings
on June 24, 2004. Mr. Yevgen Solovyov (License Number AA 419482
approved on December 5, 2002) has been appointed
liquidator/insolvency manager.
CONTACT: INDUSTRIAL COMPANY INDUSTRIAL ROBOTICS-ENGINEERING-
SERVICE LTD.
04128, Ukraine, Kyiv region,
Tupolev Str. 20 b/1
Mr. Yevgen Solovyov
Liquidator/Insolvency Manager
01030, Ukraine, Kyiv region,
Chapayev Str. 4, office 7
Phone: 246-56-90
Fax: 246-56-90
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
SERVICE: Proofs of Claim Deadline August 9
------------------------------------------
The Economic Court of Mikolaiv region declared CJSC Service
(code EDRPOU 03055912) insolvent and introduced bankruptcy
proceedings on April 20, 2004. The case is docketed as 2/53.
Mr. V. Cherepenko (License Number AA 140411 approved on June 12,
2002) has been appointed liquidator/insolvency manager. Service
holds account number 000389106 at JSPPB Ukraine, Bashtanka
branch, MFO 326029.
Creditors have until August 9, 2004 to submit their proofs of
claim to:
(a) SERVICE
56100, Ukraine, Mikolaiv region,
Bashtanka, Voroshilov Str. 8
(b) Mr. V. Cherepenko
Liquidator/Insolvency Manager
54017, Ukraine, Mikolaiv region,
Moskovska Str. 54a
Phone: 8 (0512) 47-34-64
(c) ECONOMIC COURT OF MIKOLAIV REGION
54009, Ukraine, Mikolaiv region,
Admiralska Str. 22
UMTS-INVEST: Court Names Liquidator
-----------------------------------
The Economic Court of Donetsk region declared LLC Umts-Invest
(code EDRPOU 25121147) insolvent and introduced bankruptcy
proceedings on June 22, 2004. The case is docketed as 33/6 B.
Arbitral manager Mrs. Irina Sholohova (License Number AA 047997
approved on October 19, 2001) has been appointed
liquidator/insolvency manager.
Umts-Invest holds account number 31116057836300 at Branch of
State Treasury in Donetsk region, MFO 834016.
CONTACT: UMTS-INVEST
83003, Ukraine, Donetsk region,
Illich Avenue, 91
Mrs. Irina Sholohova
Liquidator/Insolvency Manager
83003, Ukraine, Donetsk region,
Universitetska Str. 6/27
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
===========================
5 STAR HEALTHCARE: Hires Liquidator from Fergusson & Co Ltd.
------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the 5 Star
Healthcare Limited Company on July 20, 2004 held at 1st Floor,
5-7 Northgate, Cleckheaton, West Yorkshire BD19 3HH, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed. Malcolm Edward Fergusson of Fergusson & Co Ltd,
1st Floor, 5-7 Northgate, Cleckheaton, West Yorkshire BD19 3HH
has been appointed Liquidator for the purpose of such winding-
up.
CONTACT: FERGUSSON & CO LTD
1st Floor, 5-7 Northgate,
Cleckheaton,
West Yorkshire BD19 3HH
Liquidator:
Malcolm Edward Fergusson
ABBEY NATIONAL: Santander Hopes to Keep Key Managers
----------------------------------------------------
Banco Santander Central Hispano is setting aside "a pool of
money" for the retention of key middle managers of Abbey
National, The Financial Times said Thursday.
The Spanish bank, which has gotten the nod for its GBP8.155
billion bid for Abbey National, hopes the money will lure middle
managers with vital expertise to stay. Santander will file this
Wednesday a notification of its bid to the European Commission.
Santander hopes to complete the acquisition of Abbey National by
year's end.
ABRIDGE MOTOR: Winding up Resolutions Passed
--------------------------------------------
At an Extraordinary General Meeting of the Abridge Motor Group
Limited Company on July 21, 2004 held at Woodhatch, Green Dene,
East Horsley, Leatherhead, Surrey KT24 5RG, the Special and
Ordinary Resolutions to wind up the company were passed.
Richard A J Hooper of Haslers, Johnston House, 8 Johnston Road,
Woodford Green, Essex IG8 0XA has been appointed Liquidator of
the Company.
CONTACT: HASLERS
Johnston House
8 Johnston Road,
Woodford Green, Essex IG8 0XA
Liquidator:
Richard A J Hooper
Phone: 020 8504 3344
Fax: 020 8506 5100
E-mail: enquiry@haslers.com
Web site: http://www.haslers.com
A.N.C. CHELTENHAM: Brings in Liquidators from Harrisons
-------------------------------------------------------
At an Extraordinary General Meeting of the Members of the A.N.C.
(Cheltenham) Limited Company on July 22, 2004 held at St
Brandon's House, 29 Great George Street, Bristol BS1 6BD, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed. P R Boyle and P Walker of Harrisons, 4 St Giles
Court, Southampton Street, Reading RG1 2QL have been appointed
Joint Liquidators for the purpose of such winding-up.
CONTACT: HARRISONS
4 St Giles Court
Southampton Street,
Reading RG1 2QL
Liquidators:
P R Boyle
P Walker
Phone: 0118 951 0798
Fax: 0118 939 4409
E-mail: info@harrisons.uk.com
Web site: http://www.harrisons.uk.com
ARC EXHIBITIONS: Members Pass Winding up Resolutions
----------------------------------------------------
At an Extraordinary General Meeting of the Arc Exhibitions
Limited Company on July 13, 2004 held at 5-7 Grosvenor Court,
Foregate Street, Chester CH1 1HG, the Ordinary and Extraordinary
Resolutions to wind up the company were passed. David Simon
Matthew Edwards of Aaron & Partners LLP has been appointed
Liquidator of the Company for the purpose of such winding-up.
CONTACT: AARON & PARTNERS LLP
Grosvenor Court
Foregate Street
Chester CH1 1HG
Phone: 01244 405555
Fax: 01244 405566
E-mail: enquiries@aaronandpartners.com
Web site: http://www.aaronandpartners.com
ASHGROVE TRADING: Names Liquidators from Blades Insolvency
----------------------------------------------------------
At an Extraordinary General Meeting of the Ashgrove trading
Company Limited Company on July 23, 2004 held at Charlotte
House, 19B Market Place, Bingham, Nottingham, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Philip Anthony Brooks and Julie Willetts of Blades Insolvency
Services, Charlotte House, 19B Market Place, Bingham, Nottingham
have been appointed Joint Liquidators for the purpose of such
winding-up.
CONTACT: BLADES INSOLVENCY SERVICES
Charlotte House
19B Market Place,
Birmingham, Nottingham
Liquidators:
Philip Anthony Brooks
Julie Willetts
BARCLAYS ANGEL: Sets Members Final Meetings September 1
-------------------------------------------------------
Name of Companies:
Barclays Angel Investments Limited
Barclays Barbican Investments
Barclays Equity Investments (BB&T) Company
Barshelfco (no. 1) plc
Barshelfco (no. 2) plc
The Ideal Bank Limited
Stepconcept Property Management Limited
The final meetings of the members of these companies will be on
September 1, 2004 commencing at 10:00 a.m. and thereafter at 15-
minute intervals. It will be held at the offices of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.
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 PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
not later than 12:00 noon, August 31, 2004.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Plumtree Court,
London EC4A 4HT
Joint Liquidator:
R Setchim
Phone: [44] (20) 7583 5000
Fax: [44] (20) 7822 4652
Web site: http://www.pwc.com
BARRACUDA MEDIA: Hires David Rubin & Partners Liquidator
--------------------------------------------------------
At an Extraordinary Meeting of the Members of the Barracuda
Media Limited Company on July 19, 2004 held at the offices of
David Rubin & Partners, 1st Floor, 26-28 Bedford Row, London
WC1R 4HE, the Extraordinary Resolution to wind up the company
was passed. Asher Miller of David Rubin & Partners, 1st Floor,
26-28 Bedford Row, London WC1R 4HE has been appointed Liquidator
for the purpose of such winding-up.
CONTACT: DAVID RUBIN & PARTNERS
1st Floor,
26-28 Bedford Row,
London WC1R 4HE
Liquidator:
Asher Miller
Phone: 020 7400 7900
Fax: 020 7242 3233
Web site: http://www.drpartners.com
BEEMAC PROPERTY: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of the Members of the Beemac
Property Services Limited Company on July 23, 2004 held at C12
Marquis Court, Marquis Way, Team Valley, Gateshead NE11 0RU, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed. E Walls has been appointed Liquidator for the
purpose of such winding-up.
BELWOOD TREES: Creditors Meeting Set August 5
---------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Belwood Trees Limited (In Receivership)
Notice is hereby given pursuant to Section 67(2) of the
Insolvency Act 1986, that a meeting of the Creditors of Belwood
Trees Limited will be held at Ten George Street, Edinburgh, EH2
2DZ on August 5, 2004 at 11:00 a.m. for the purpose of
presenting the Joint Receivers' Report. Pursuant to Section
68(1) of the said Act, the meeting may, if it thinks fit,
establish a Creditors' Committee to exercise the functions
conferred on creditors' committees by or under the Act.
Creditors are entitled to attend in person or alternatively by
proxy. A creditor may vote if his claim has been submitted to
me and that claim has been accepted in whole or in part. A
resolution will be passed only if a majority in value of those
voting in person or by proxy vote in favor. Proxies and claims
must be lodged with me at or before the meeting.
C. P. Dempster and T. M. Burton, Joint Receivers
July 12, 2004
CONTACT: ERNST & YOUNG
Ten George Street
Edinburgh EH2 2DZ
Phone: +44 [0] 131 777 2261
Web site: http://www.ey.com
CONOCK UNLIMITED: Sets Members Final Meeting September 3
--------------------------------------------------------
The final meeting of the members of Conock Unlimited will be on
September 3, 2004 commencing at 12:00 noon. It will be held at
the offices of Begbies Traynor (Incorporating Taylor Gotham &
Fry), The Old Exchange, 234 Southchurch Road, Southend-on-Sea,
Essex SS1 2EG.
The purpose of the meeting is to 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 Begbies Traynor (Incorporating Taylor Gotham & Fry), The
Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1
2EG not later than 12:00 noon, September 2, 2004.
CONTACT: BEGBIES TRAYNOR
(Incorporating Taylor Gotham & Fry)
The Old Exchange,
234 Southchurch Road,
Southend-on-Sea,
Essex SS1 2EG
Liquidator:
M R Fry
Phone: 01702 467255
Fax: 01702 467201
Web site: http://www.begbies.com
CROSTON SHEET: Hires Joint Administrators from Leonard Curtis
-------------------------------------------------------------
A Poxon and J M Titley have been appointed joint administrators
for Croston Sheet Metal Limited. The appointment was made July
16, 2004. The company fabricates sheet metal.
CONTACT: DTE LEONARD CURTIS
DTE House,
Hollins Mount,
Bury BL9 8AT
Joint Administrators:
A Poxon
J M Titley
(IP Nos 8620, 8617)
Phone: 0161 767 1200
Fax: 0161 767 1201
Web site: http://www.dtegroup.com
DARTINGTON CRYSTAL: Bank of Scotland Appoints Receivers
-------------------------------------------------------
Bank of Scotland Plc called in Nigel Morrison and Richard Hawes
of Grant Thornton as joint administrative receivers for
Dartington Crystal Group Limited (Reg No 02914080, Trade
Classification: 7415). The application was filed July 21, 2004.
CONTACT: GRANT THORNTON
43 Queen Square,
Bristol BS1 4QR
Joint Administrative Receivers:
Nigel Morrison
Richard Hawes
(Office Holder Nos 8938, 8954)
Phone: 0117 926 8901
Fax: 0117 926 5458
Web site: http://www.grant-thornton.co.uk
DYNAMIC PROCESSING: Hires Begbies Traynor Administrator
-------------------------------------------------------
The Dynamic Processing Solutions Limited Company has appointed
Andrew Howard Beckingham and Simon Robert Haskew as joint
administrators. The appointment was made July 13, 2004. The
company is engaged in design and engineering. Its registered
office is located at 58 Queen Square, Bristol BS1 4LF.
CONTACT: BEGBIES TRAYNOR
58 Queen Square,
Bristol BS1 4LF
Joint Administrators:
Andrew Howard Beckingham
Simon Robert Haskew
(IP Nos 8683, 8988)
Phone: 0117 929 4800
Fax: 0117 922 0114
Web site: http://www.begbies.com
EASTERN PHARMACEUTICALS: In Administrative Receivership
-------------------------------------------------------
HBOS Plc called in Robert William Birchall and Stephen Mark
Oldfield of PricewaterhouseCoopers as joint administrative
receivers for Eastern Pharmaceuticals Ltd. (Reg No 0230651,
Trade Classification: 2441). The application was filed July 21,
2004. The company distributes pharmaceutical products.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Plumtree Court,
London EC4A 4HT
Joint Administrative Receivers:
Robert William Birchall
Stephen Mark Oldfield
(Office Holder Nos 778, 1146)
Phone: [44] (20) 7583 5000
Fax: [44] (20) 7822 4652
Web site: http://www.pwc.com
FARNELL SCOTLAND: Creditors Meeting Set August 5
------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Farnell (Scotland) Limited
Notice is hereby given pursuant to Section 98 of the Insolvency
Act 1986 that a Meeting of Creditors of the Farnell (Scotland)
Limited will be held at Clark Boyle & Co., 33a Gordon Street,
Glasgow G1 3PF on August 5, 2004 at 11:00 a.m. for the purposes
mentioned in Sections 99 to 101 of the said Act.
In accordance with the provisions of the said Act, a list of the
names and addresses of the company's creditors will be available
for inspection free of charge at Moore & Co, 40 New City Road,
Glasgow G4 9JT during normal business hours, two business days
prior to the meeting.
By Order of the Board.
J. McCormack, Director
July 5, 2004
CONTACT: CLARK BOYLE & COMPANY SOLICITORS
33A Gordon Street
Glasgow
G1 3PF
Phone: 0141 226 4146
Fax: 0141 227 2222
E-mail: dwb@clarkboyle.co.uk
Web site: http://www.clarkboyle.co.uk
FEELFINE LIMITED: Creditors to Meet August 5
--------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Feelfine (UK) Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Feelfine (UK) Ltd.
will be held at Rifsons House 63-64 Charles Lane London NW8 7SB
on August 5, 2004 at 12:30 p.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 Rifsons, Rifsons House 63-64 Charles Lane
London NW8 7SB two business days prior to the meeting.
By Order of the Board.
C. Bowen, Director
July 1, 2004
CONTACT: RIFSONS
Rifsons House
63-64 Charles Lane
St. Johns Wood
London NW8 7SB
Phone: +0207+586+7032 (2 lines)
+0207+586+9831 (3 lines)
Fax: +0207+586+9834
E-mail: rifsons@wol.net.pk
faisal_at_rifsons@hotmail.com
Web site: http://www.rifsons.com
FITZWILLIAM INTERNATIONAL: Calls in Liquidator
----------------------------------------------
At an Extraordinary General Meeting of the Fitzwilliam
International Resources (UK) Limited Company on July 5, 2004
held at 24 Conduit Place, London W2 1EP, the subjoined Special
Resolution to wind up the company was passed. Ian Franses of
Ian Franses Associates, 24 Conduit Place, London W2 1EP has been
appointed Liquidator for the purpose of such winding-up.
CONTACT: IAN FRANSES ASSOCIATES
24 Conduit Place
London W2 1EP
Liquidator:
Ian Franses
Phone: 02072621199
FLY FINANCE: Appoints Liquidators from KPMG
-------------------------------------------
At an Extraordinary General Meeting of the Fly Finance 1 Limited
Company on July 15, 2004 held at 8th Floor, City Place House, 55
Basinghall Street, London EC4Y 8BB, the Special and Ordinary
Resolutions to wind up the company were passed. Jeremy Simon
Spratt and Stephen Treharne of KPMG LLP, 8 Salisbury Square,
London EC4Y 8BB have been appointed Joint Liquidators for the
purpose of such winding-up.
CONTACT: KPMG LLP
8 Salisbury Square
London EC4Y 8BB
Liquidators:
Jeremy Simon Spratt
Stephen Treharne
Phone: (020) 7311 1000
Fax: (020) 7311 3311
Web site: http://www.kpmg.co.uk
GECKO LIMITED: Sets Members Final Meeting August 27
---------------------------------------------------
The final meeting of the members of Gecko Limited will be on
August 27, 2004 commencing at 10:00 a.m. It will be held at
Hurst Morrison Thomson Corporate Recovery LLP, 5 Fairmile,
Henley on Thames, Oxfordshire RG9 2JR.
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 Hurst Morrison Thomson Corporate Recovery LLP, 5 Fairmile,
Henley on Thames, Oxfordshire RG9 2JR not later than 12:00 noon,
August 26, 2004.
CONTACT: HURST MORRISON THOMSON CORPORATE RECOVERY LLP
5 Fairmile,
Henley on Thames,
Oxfordshire RG9 2JR
Liquidator:
P W Ellison
Phone: +44 01491 579740
Fax: +44 01491 575073
Web site: http://www.hmtgroup.com
GLENSHEE CHAIRLIFT: Creditors Meeting Wednesday
-----------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF The Glenshee Chairlift Company Limited
(In Receivership)
Notice is hereby given, pursuant to Section 67 of the Insolvency
Act 1986, that a meeting of creditors of The Glenshee Chairlift
Company Limited will be held at The Swallow Hotel, Invergowrie,
Dundee, DD2 5JT on August 4, 2004 at 2:30 p.m. for the purposes
of presenting the Report of the Joint Receivers and, should the
meeting think fit, of determining whether or not to establish a
Committee of Creditors and who are to be the Members of that
committee, if established.
Creditors whose claims are unsecured, in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims (and proxies) have been submitted and accepted at
the Meeting or lodged beforehand at the address below.
A resolution will be passed when a majority of those voting have
voted in favor of it.
Neil A. Armour, Joint Receiver
July 12, 2004
CONTACT: KPMG CORPORATE RECOVERY
Unit 2 Delta House
Dundee Technology Park
Dundee DD2 1SW
Web site: http://www.kpmg.co.uk
G MILES: In Administrative Receivership
---------------------------------------
RB Orford and RM Orford called in Andrew McTear and Chris
Williams as joint administrative receivers for G Miles & Son
Limited (Reg No 00531570). The application was filed July 20,
2004.
CONTACT: MCTEAR WILLIAMS & WOOD
90 St Faiths Lane,
Norwich NR1 1NE
Joint Administrative Receivers:
Andrew McTear
Chris Williams
Phone: 01473 218191
Fax: 01473 218081
Web site: http://www.mw-w.com
HOLLINGER INTERNATIONAL: Barclays Clinch Telegraph Takeover
-----------------------------------------------------------
The Barclay brothers finally got the nod of a Delaware judge on
their US$1.33 billion takeover offer for Hollinger
International's Telegraph group.
According to Chicago Sun-Times, a sister publication of the
Telegraph, David and Frederick Barclay takes over a newspaper
with a daily circulation of 865,014 copies. The purchase also
includes the Sunday Telegraph and the Spectator magazine.
"Their purchase gives them US$117.3 million in cash held by the
Telegraph, bringing the actual price down to US$1.2 billion,"
the Sun-Times says. "The sale closed . . . just hours after the
Supreme Court of Delaware rejected [Conrad] Black's bid for an
appeal Thursday night."
"The sale price reflects the appreciation of the high-quality
papers that comprise the Telegraph Group," said Hollinger
International Chairman and CEO Gordon Paris.
He said the company will use some of the proceeds to pay off
debt, including US$300 million in senior notes due in 2010. The
remaining money could be used as a special dividend to
shareholders or to buy back Hollinger International stock.
The completion of the sale marks the end of the legal struggle
for the Telegraph group. The Barclay brothers had earlier
offered to buy Lord Black's stake in Hollinger International,
which owns the majority of the Telegraph group, including the
Chicago Sun-Times. Vice Chancellor Leo Strine of the Delaware
Chancery Court blocked this maneuver, forcing the brothers to
bid for the Telegraph directly from Hollinger. Lord Black tried
to thwart this attempt as well, but Judge Strine on Thursday
finally gave the brothers the go-ahead.
Lord Black's Toronto-based holding company Hollinger Inc., which
owns about 68 percent of Hollinger International's voting
rights, said it was disappointed by the decision.
"We regret Vice Chancellor Strine's decision not to uphold the
rights of Hollinger International's shareholders," Hollinger
Inc. said in a statement.
Lord Black, who was ousted as chief executive in November in a
dispute over payments he collected from the company, had argued
that the Telegraph deal should be held up so that shareholders
could vote on it. The deal leaves Hollinger International with
the Chicago Group -- over 100 area newspapers including the Sun-
Times -- as its principal asset.
LEMA DEVELOPMENTS: Hires Liquidator from Weston Kay
---------------------------------------------------
At an Extraordinary General Meeting of the Lema Developments
Limited Company on July 19, 2004 held at Brinkletts House, 15
Winchester Road, Basingstoke, Hampshire RG21 8UE, the Special
and Ordinary Resolutions to wind up the company were passed. J
H L Weston of Weston Kay, 73-75 Mortimer Street, London W1W 7SQ
has been appointed Liquidator for the purpose of such winding-
up.
CONTACT: WESTON KAY
73-75 Mortimer Street,
London W1W 7SQ
Liquidator:
J H L Weston
LYMBURN CONTRACTORS: Creditors Meeting Thursday
-----------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Lymburn Contractors Ltd. (in Receivership)
Notice is hereby given, pursuant to Section 67 of the Insolvency
Act 1986, that a meeting of creditors of Lymburn Contractors Ltd
will be held at Merchants Hall 7 West George Street, Glasgow G2
1BA on August 5, 2004 at 11:00 a.m. for the purposes of
presenting the Report of the Joint Receivers and, should the
meeting think fit, of determining whether or not to establish a
Committee of Creditors and who are to be the Members of that
Committee, if established.
Creditors whose claims are unsecured, in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims (and proxies) have been submitted and accepted at
the Meeting or lodged beforehand at the address below.
A resolution will be passed when a majority in value of those
voting has voted in favor of it.
Notice is hereby given, pursuant to the section 67(2)(b) of the
Insolvency Act 1986 that any unsecured creditor wishing to
obtain a copy of the Report prepared by the Receiver, free of
charge, should write to the address below.
Graham H Martin, Joint Receiver
June 24, 2004
CONTACT: PRICEWATERHOUSECOOPERS LLP
Kintyre House
209 West George Street
Glasgow G2 2LW
Phone: [44] (0) 131 5242233
Fax: [44] (0) 131 2604008
Web site: http://www.pwc.com
MANSFIELD SHOE: Appoints Joint Administrators from PKF
------------------------------------------------------
Ian Christopher Schofield and William Duncan have been appointed
join administrators for Mansfield Shoe Company Limited. The
appointment was made July 6, 2004. The company manufactures
ladies shoes.
CONTACT: PKF
Pannell House,
6 Queen Street,
Leeds LS1 2TW
Joint Administrators:
Ian Christopher Schofield
William Duncan
(IP Nos 002647, 006440)
Phone: 0113 2280000
Fax: 0113 2284242
E-mail: info.leeds@uk.pkf.com
Web site: http://www.pkf.co.uk
MCP PENSION: Hires Begbies Traynor Liquidator
---------------------------------------------
At an Extraordinary General Meeting of the Members of MCP
Pension Trustees Limited on July 21, 2004 held at Lacon House,
Theobald's Road, London WC1X 8RW, the Special and Ordinary
Resolutions to wind up the company were passed. Vivian Murray
Bairstow and Paul Michael Davis, both of Begbies Traynor, 32
Cornhill, London EC3V 3LJ have been appointed Joint Liquidators
for the purpose of winding-up.
CONTACT: BEGBIES TRAYNOR
32 Cornhill,
London EC3V 3LJ
Liquidators:
Vivian Murray Bairstow
Paul Michael Davis
Phone: 020 7398 3800
Fax: 020 7398 3799
Web site: http://www.begbies.com
NEWVILLE DEVELOPMENTS: Members Pass Winding up Resolutions
----------------------------------------------------------
At an Extraordinary General Meeting of the Shareholders of the
Newville Developments Limited on July 15, 2004 held at the
offices of UHY Hacker Young, St Alphage House, 2 Fore Street,
London EC2Y 5DH, the Special, Ordinary and Extraordinary
Resolutions to wind up the company were passed. Peter Alan
Kubik and Ladislav Hornan of UHY Hacker Young, St Alphage House,
2 Fore Street, London EC2Y 5DH have been appointed Joint
Liquidators for the purpose of such winding-up.
CONTACT: UHY HACKER YOUNG
St Alphage House
2 Fore Street,
London EC2Y 5DH
Liquidators:
Peter Alan Kubik
Ladislav Hornan
Phone: 020 7216 4600
Fax: 020 7638 2159
E-mail: london@uhy-uk.com
Web site: http://www.uhy-uk.com
NORDEA FINANCE: Appoints KPMG Liquidator
----------------------------------------
At an Extraordinary General Meeting of the Nordea Finance (U.K.)
Limited Company on July 15, 2004 held on 15 July 2004, at 8th
Floor, City Place House, 55 Basinghall Street, London EC4Y 8BB,
the Special and Ordinary Resolutions to wind up the company were
passed. Jeremy Simon Spratt and Stephen Treharne of KPMG LLP, 8
Salisbury Square, London EC4Y 8BB have been appointed Joint
Liquidators for the purpose of such winding-up.
CONTACT: KPMG LLP
8 Salisbury Square
London EC4Y 8BB
Liquidators:
Jeremy Simon Spratt
Stephen Treharne
Phone: (020) 7311 1000
Fax: (020) 7311 3311
Web site: http://www.kpmg.co.uk
PARKCROSS LIMITED: Hires Receivers from Kroll
---------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Parkcross Limited (In Receivership)
I, Fraser J Gray, and David J Whitehouse, Chartered Accountants
of Kroll Limited, Afton House, 26 West Nile Street, Glasgow, G1
2PF, hereby give notice that we were appointed Joint Receivers
on June 30, 2004 of the whole property and assets of Parkcross
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.
Fraser J Gray, Joint Receiver
June 30, 2004
CONTACT: KROLL GLASGOW
Afton House
26 West Nile Street
Glasgow G1 2PF
Phone: 44 (0) 141 248 1250
Fax: 44 (0) 141 248 1262
PLH LIMITED: Special Winding up Resolution Passed
-------------------------------------------------
At an Extraordinary General Meeting of the PLH Limited Company
on July 23, 2004 held at The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG, the subjoined Special 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
Phone: 01702 467255
Fax: 01702 467201
Web site: http://www.begbies.com
REGUS GROUP: Gets 'B-' Preliminary Rating; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services said on Thursday it assigned
its preliminary 'B-' long-term corporate credit rating to the
U.K.-based serviced-offices provider Regus Group PLC (Regus),
subject to a successful rights issue of $218 million, the
placing of proposed $155 million senior secured facilities, and
the successful acquisition of U.S.-based HQ Global Holding Inc.
(HQ). The outlook is stable. The ratings will be withdrawn,
however, if the acquisition of HQ fails to occur.
At the same time, Standard & Poor's assigned a preliminary 'B-'
long-term rating to the $155 million senior secured credit
facilities, with final maturity in 2010, issued by Regus Corp.,
the U.S. holding company. A recovery rating of '4' was also
assigned to the loan, indicating Standard & Poor's expectations
of marginal recoveries (in the range of 25%-50%) for senior
lenders in the event of default. The credit facilities are
guaranteed by Regus and several other group companies. All
ratings are subject to final documentation.
"The preliminary ratings on Regus reflect the group's high
operating leverage, mismatch in the duration of headleases and
subleases, relatively short visibility, a fragmented and
cyclical serviced-office industry, integration risk, and a very
weak EBITDAR-to-interest and rent coverage ratio," said Standard
& Poor's credit analyst Kenneth Mak. "Positive rating factors
include Regus' strong brand identity, good market position, and
moderate working capital needs."
Regus offers a global network of serviced offices available to
rent on a short-term basis. Regus has entered into an agreement
to acquire HQ, subject to various factors including a rights
issue and the sale of credit facilities. After the acquisition
of HQ, Regus would operate 508 centers in 52 countries offering
fully equipped office spaces. The combined group is expected to
generate GBP416 million ($756 million) sales in 2004 on a pro
forma basis. The group will have GBP779 million of total
adjusted debt, including GBP697 million of operating lease
adjustment (4.2x the pro forma annual lease payment of GBP166
million).
Regus has an improved cost structure after significant
restructuring in the past three years and emergence from Chapter
11 bankruptcy protection in the U.S. The group will have a
strong market position and adequate liquidity once the proposed
refinancing and acquisition have been completed. To maintain the
ratings, Regus is expected to achieve earnings before interest,
taxes, depreciation, amortization, and rents (EBITDAR) to
interest plus rents of more than 1.2x. The group's debt levels
are not expected to rise significantly after the refinancing.
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
kenneth_mak@standardandpoors.com
tommy_trask@standardandpoors.com
peter_tuving@standardandpoors.com
CorporateFinanceEurope@standardandpoors.com
TECNI-BUILD LIMITED: Sets Creditors Meeting August 6
----------------------------------------------------
The creditors of Tecni-Build Limited will meet on August 6, 2004
commencing at 10:00 a.m. It will be held at Sargent & Company,
36 Clare Road, Halifax HX1 2HX.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Sargent & Company, 36 Clare Road, Halifax HX1 2HX
not later than 12:00 noon, August 5, 2004.
CONTACT: SARGENT & COMPANY
36 Clare Road,
Halifax HX1 2HX
Administrator:
P Sargent
UNITED BISCUITS: Senior Subordinated Rating on Watch Negative
-------------------------------------------------------------
Fitch Ratings on Thursday placed the ratings on United Biscuits
Group's (UB) senior subordinated debt on Rating Watch Negative
(RWN), following its announcement that it is to acquire Jacob's
Biscuits Group. All other ratings of the group (listed below),
have been affirmed.
Fitch aims to resolve the RWN status once it has obtained
further information on the acquisition and details of the bank
financing, in order to assess the implications for the company's
cash flows, restructuring costs and interest charges.
The acquisition was announced by UB on 23 July 2004 and includes
the savoury biscuit and snacks businesses of Groupe Danone. In
2003 Jacob's reported sales of over GBP184 million. This
acquisition comes on the back of the acquisition in February
2004 of the Portuguese biscuit manufacturer, Triunfo Productos
Alimentares, S.A. for EUR40 million. Both acquisitions are
subject to regulatory approval
Fitch anticipates the transaction cost for the above acquisition
to be in the range of GBP190 million - GBP210 million, which UB
intends to fund the through increasing its bank debt. The
agency has therefore placed the rating of the notes on RWN,
given the increased amount of senior secured debt that would
rank ahead of the notes. The notes are both contractually and
structurally subordinated to the senior secured facilities and
trade creditors at the group's operating companies and do not
benefit from any upstream guarantees or support from operating
companies. With additional debt in the structure ranking ahead
of the notes, Fitch's view is that in a distress scenario,
recovery for the noteholders would be weaker than previously
indicated.
At the same time, Fitch has affirmed the senior secured and
senior unsecured ratings, based on its analysis of proposed
acquisition. Despite the acquisition being funded through debt,
Fitch believes that the proposed increase in leverage is still
supported by the current ratings. The agency downgraded all of
the company's ratings on 7 July 2004 by one notch.
The ratings placed on Watch Negative:
United Biscuits Finance plc's GBP165 million 10.75% senior
subordinated notes due 2011 and EUR192.8m 10.625% senior
subordinated notes due 2011 - rated 'B+';
The following ratings have been affirmed:
Regentrealm Limited's GBP435m senior secured facilities - rated
'BB+' and its senior unsecured rating of 'B+'.
CONTACT: FITCH RATINGS
Junaid Jafar, London
Phone: +44 (0) 20 7417 3499
Giulio Lombardi
Phone: +44 (0) 20 7417 6314
Stefano Podesta
Phone: +44 (0) 20 7417 4316
Media Relations:
Alex Clelland, London
Phone: +44 20 7862 4084
WHITE CORRIES: Receivers' Report Out Wednesday
----------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF White Corries Limited (In Receivership)
Notice is hereby given, pursuant to Section 67 of the Insolvency
Act 1986, that a meeting of creditors of White Corries Limited
will be held at The Swallow Hotel, Invergowrie, Dundee, DD2 5JT
on August 4, 2004 at 2:00 p.m. for the purposes of presenting
the Report of the Joint Receivers and, should the meeting think
fit, of determining whether or not to establish a Committee of
Creditors and who are to be the Members of that committee, if
established.
Creditors whose claims are unsecured, in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims (and proxies) have been submitted and accepted at
the Meeting or lodged beforehand at the address below.
A resolution will be passed when a majority of those voting have
voted in favor of it.
Neil A. Armour, Joint Receiver
12th July 2004
CONTACT: KPMG CORPORATE RECOVERY
Unit 2, Delta House
Dundee Technology Park,
Dundee DD2 1SW
Web site: http://www.kpmg.co.uk
WILSON TS: Appoints BWC Business Solutions Administrators
---------------------------------------------------------
David Leighton Cockshott and Paul Andrew Whitwam have been
appointed joint administrators for Wilson TS Limited. The
appointment was made July 20, 2004. The company manufactures
trailers. Its registered office is c/o BWC Business Solutions,
8 Park Place, Leeds LS1 2RU.
CONTACT: BWC BUSINESS SOLUTIONS
8 Park Place,
Leeds LS1 2RU
Joint Administrators:
David Leighton Cockshott
Paul Andrew Whitwam
(IP Nos 8974 and 8346)
Phone: +44 1483 281154
Web site: http://bwc.8k.com
*********
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
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Information contained herein is obtained from sources believed
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