/raid1/www/Hosts/bankrupt/TCREUR_Public/040826.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Thursday, August 26, 2004, Vol. 5, No. 169
Headlines
D E N M A R K
MAERSK AIR: Adds Another Flight to Frankfurt
F R A N C E
EMTEC S.A.S.: Court Orders Liquidation
LITTLE MARY: Ships Operation to Portugal; Axes 57
G E R M A N Y
ALLBECON AG: Consolidated H1 Operating Loss Down to EUR300,000
H U N G A R Y
DUNAFERR RT: Donbass-Duferco Group Clinches Deal with Creditors
I R E L A N D
AN POST: Seeking as much as 55-cent Price Hike on Stamps
BASS IRELAND: Closing Down After 107 Years in Business
I T A L Y
ALITALIA SPA: Has Less than 20 Days to Cut Deal with Workers
ALITALIA SPA: Sales Fall Short of Expectations
K Y R G Y Z S T A N
OIL-GAS: Public Auction of Assets August 27
N E T H E R L A N D S
ROYAL SHELL: Pays US$120 Million to Settle U.S. SEC Fraud Case
ROYAL SHELL: Fined GBP17 Million for Breaching Listing Rules
ROYAL SHELL: Settles U.S. Storage Tank Case for US$91.7 Million
N O R W A Y
PETROLEUM GEO-SERVICES: Expects to Book US$15 Mln Extra Revenue
R U S S I A
ALMET: Undergoes Bankruptcy Supervision Procedure
ARZAMAS-STROY-MECHANIZATION: Court Sets October 26 Hearing
BOLSHEVIK: Bashkortostan Court Appoints Insolvency Manager
CENTRE-GAS-NADYM: Deadline for Proofs of Claim September 16
CHIKANSKY: Bashkortostan Court Opens Bankruptcy Proceedings
CREDITTRUST BANK: Bosses Suspected of Fraud
DAWN: Bankruptcy Proceedings Begin
FLAX-COMBINE: Under Bankruptcy Supervision
MEGAKOM: Insolvency Manager Takes over Operations
METROMEDIA INTERNATIONAL: Second-quarter Results Improve
METROMEDIA INTERNATIONAL: Warns of Liquidity Crunch Next Year
POLIEKS: Under Bankruptcy Supervision
PONOMAREVSKY: Insolvent Status Confirmed
SUOYARVSKIYE POWER: Bankruptcy Proceedings Ongoing
TURGUZHANSKOYE: Undergoes Bankruptcy Supervision Procedure
YUKOS OIL: Hearing on Back-tax Appeal Postponed
YUKOS OIL: Suffers Another Blow in Legal Battle to Free Assets
U K R A I N E
AGROMASH: Vinnitsya Court Opens Bankruptcy Proceedings
ANTIK: Proofs of Claim Deadline Expires August 31
DRUZHBA: Brings in Liquidator
HARKIVNAFTOPRODUKT: Harkiv Court Affirms Insolvency
SUMI-AGROZAPCHASTINI: Public Sale of Assets August 30
SVALYAVA-GLASS: Bankruptcy Proceedings Ongoing
VOSTOK: Appoints Sergij Krasuk Insolvency Manager
ZORYA: Undergoes Bankruptcy Supervision Procedure
U N I T E D K I N G D O M
ABBEY NATIONAL: Adopts Multi-manager Platform for SMOUT
AC & DC: Sets Final Meeting of Members, Creditors September 21
ACTIONRANGE LIMITED: Liquidator to Present Report September 28
AIR TECH: Hires Smith & Williamson Liquidator
AM PM: Members Pass Winding up Resolution
BEASLEYS COMMERCIALS: Hires Liquidators from P&A Partnership
COVERHAUL LIMITED: Brings in Liquidators from Wilson Field
CREATIVE AUDIO: Final Members, Creditors Meeting September 30
DARLINGTON MAGNETIC: Appoints Liquidator from Marks Bloom
EMI GROUP: French Subsidiary Fined for Anti-piracy Device on CDs
ENTERTAINMENT NORTH: Director of Failed Touring Circus Banned
EXTRACHOICE LIMITED: Extraordinary Winding up Resolution Passed
FAST TRACK: In Administrative Receivership
G & L CONSTRUCTION: Winding up Resolutions Passed
HEART OF MIDLOTHIAN: Sells Tynecastle to Cala for GBP22 Mln
ICLC LIMITED: Sets Both Members, Creditors Meetings September 21
INDEPENDENT ABRASIVES: Winding up Resolutions Passed
LINNEL LIMITED: Members, Creditors Meeting September 23
LOCATION WORKS: Members OK Extraordinary Winding up Resolution
MG ROVER: Belies Rumored Takeover by Chinese Partner
MIKTO LIMITED: Sets Final Meetings September 30
NEW CARLTON: Calls in Liquidator
OAKLAND MACHINE: Names Haines Watts Liquidator
ORPINGTON GLASS: Hires Liquidator from Pridie Brewster
OSKA MOORE: Final Meeting of Members, Creditors September 28
PERTH SECURITY: Names PricewaterhouseCoopers Liquidator
PICO ESTIL: Hires Liquidator from Ernst & Young
RADIO EDINBURGH: Liquidator to Present Final Report August 31
SGR TECHNOLOGY: General Members Meeting Tuesday Next Week
SPEED 8722: Former Boss Gets 3-year Ban from Holding Office
TAMOQUEST LIMITED: Final Creditors Meeting Set August 31
TEMPLERIDGE LIMITED: Appoints Moore Stephens Liquidator
TOAD MARKETING: Hires Liquidators from Poppleton & Appleby
UNIVERSAL SECURITIES: Members Final Meeting Set September 23
*********
=============
D E N M A R K
=============
MAERSK AIR: Adds Another Flight to Frankfurt
--------------------------------------------
Commencing Monday, 1 November 2004, Maersk Air will offer daily
flights between Copenhagen and Frankfurt. Thereafter Maersk Air
can offer the customers to travel to Frankfurt from both Billund
and Copenhagen.
Maersk Air's president Finn Oelund: "Many of our customers have
requested a route between Frankfurt and Copenhagen under the
'Fly as you like' concept and it is a pleasure that we already
from this winter can add Frankfurt to our route map. It has not
been an easy process to establish the route, because it was not
possible to obtain a landing permission (slot) in Frankfurt.
Therefore, we had to change the Billund-Frankfurt flights to
accommodate this."
In the future, Maersk Air will offer these daily departures
between Denmark and Frankfurt:
Copenhagen-Frankfurt 17.15 - 18.35 Monday to Friday
Frankfurt-Copenhagen 14.10 - 15.30 Monday to Friday
Frankfurt-Copenhagen 19.55 - 21.15 Daily except Saturday
Billund-Frankfurt 07.40 - 09.00 Daily
Frankfurt-Billund 09.55 - 11.10 Daily
Billund-Frankfurt 11.20 - 12.40 Monday to Friday
Billund-Frankfurt 17.15 - 18.35 Sunday
Frankfurt-Billund 19.55 - 22.10 Daily except
Saturday (With a short stop in Copenhagen)
The winter program starts early with the routes from Copenhagen
to Rome (Fiumicino Airport) 17 September and to Gran Canaria 2
October. With these two routes Maersk Air offers the travelers
28 routes out of Copenhagen in the 2004/2005 flight program
(Alicante, Athens, Barcelona, Berlin, Bordeaux (summer),
Brussels, Cairo, Catania on Sicily (summer), Frankfurt, Geneva,
Gran Canaria (winter), Istanbul (summer), Lisbon, London,
Madrid, Malaga, Mallorca, Malta, Marseille (summer), Munich,
Nice, Paris, Rome, Tenerife (winter), Toulouse (summer), Venice,
Warsaw and Zurich).
From Billund Maersk Air offers eight routes (Alicante (summer),
Amsterdam, Frankfurt, London, Malaga (summer), Mallorca
(summer), Nice (summer) and Paris).
All flights will be operated with modern Boeing 737 under the
"Fly as you like" concept with competitive one-way tickets, free
choice of legroom, fine selection of food, flexibility on all
tickets, where customers choose for themselves, and they only
pay for what they select.
CONTACT: MAERSK AIR A/S
Copenhagen Airport South
2791 Dragor, Denmark
Phone: +45 3231 4444
Fax: +45 3231 4490
Web site: http://www.maersk-air.com
===========
F R A N C E
===========
EMTEC S.A.S.: Court Orders Liquidation
--------------------------------------
A Strasbourg court has placed French precision component
manufacturer Emtec Consumer Production S.A.S in compulsory
liquidation, Les Echos says.
The court's liquidation order came after Emtec's major customer,
Moulage Plastique de l'Ouest, pulled out its order, forcing the
company to lower its production to unsustainable level. Emtec
director Jacques Brue, together with other managers, had tried
but failed to draw a continuation program for the troubled
company. The plan would have saved around 36 of 107 jobs.
Emtec, which is part of the Germany-based Emtec Group, was
placed into compulsory administration in May 2003.
CONTACT: EMTEC CONSUMER PRODUCTION S.A.S.
Route de Daubensand
67230 Obenheim
France
Phone: +33 (3) 88644400
Fax: +33 (3) 88984408
E-mail: sylvie_vilfride@emtec-group.com
LITTLE MARY: Ships Operation to Portugal; Axes 57
-------------------------------------------------
Kid shoes manufacturer Barbault Little Mary intends to lay off
57 of its 77 employees as part of a plan to transfer most of its
production to Portugal, according to Les Echos. Half of the
staff who will be retained will work as sales agent.
Barbault Little Mary went into receivership in April but was
acquired in July by the group of Hubert Merand, Jean-Rene
Rousseau and Manuel Sylva-Taveres. The company's former parent
company, Pindiere, is still in receivership and is searching for
a bidder.
CONTACT: MADAME MARCEL BARBAULT ET COMPAGNIE LITTLE MARY
Rue de l'Industrie
F-49280 La Tessoualle
France
Phone: +33 2 41 63 93 10
Fax: +33 2 41 63 93 00
GROUP PINDIERE
Avenue de l'Europe
49450 Saint Macaire en Mauges
France
Phone: + 33 (0) 2 41 49 77 00
Fax: + 33 (0) 2 41 49 77 12
E-mail: contact@pindiere.fr
Web site: http://www.pindiere.fr
=============
G E R M A N Y
=============
ALLBECON AG: Consolidated H1 Operating Loss Down to EUR300,000
--------------------------------------------------------------
With consolidated group turnover in the first half of this year
reaching EUR62.8 million the personnel management and temporary
employment company, Allbecon AG, achieved a slight increase over
the comparable figure of last year (EUR62.5 million). The
foreign subsidiaries continued to increase their sales by 10.2%
to EUR39.7 million (previous year EUR36.0 million) and expanded
their share in the group turnover to around 63%. Compared to
the previous year, domestic sales fell by 12.5% to EUR23.1
million (previous year: EUR26.5 million); however, this figure
includes the costs of streamlining the network of branches at
EUR3.8 million. Comparison of the domestic sales during the
first six months with the adjusted figure of the previous year
at EUR22.7 million reveals an improvement for the domestic
branches of around 2%.
The consolidated operating group loss (EBITDA) at -EUR0.3
million (previous year: -EUR2.9 million) year-on-year has
improved by 90.7%. The improvement at the profit level is
attributable to the repeated positive contributions to the tune
of EUR0.6 million (previous year: EUR0.05 million) by the
foreign branches. At the half-year mark, the domestic EBITDA
was still slightly negative at -EUR0.9 million, however, in
terms of the annual comparison, this represented an improvement
of 71.4% (previous year: -EUR3.0 million). Compared to the
adjusted EBITDA of the previous year, amounting to -EUR1.9
million, domestic EBITDA improved around 53%.
Sales broken down by countries, change in sales compared to the
previous year and EBITDA as well as changes in the EBITDA
compared to the first half of the previous year during the first
six months of 2004 were (in accordance with IFRS):
Country Sales (EUR %Change Sales (EUR %Change
million) (03-04) million) (03-04)
Germany 23.1 -12.9% -0.9 +71.4%
Spain 29.4 +16.0% 1.3 +8.6%
Italy 3.8 -24.6% -0.3 +27.9%
Switzerland 6.2 +10.5% -0.4 +40.6%
Poland 0.3 +741.1% -0.04 +47.7%
Group 62.8 +0.4% -0.3 +90.7%
On the basis of the present development of the business, we
continue to expect group sales to reach the level of the
previous year and a positive operating result and thus continue
to adhere to our forecast.
CONTACT: ALLBECON A.G.
Public Relations
Zollhof 4
40221 Dusseldorf
Phone: +49 (0) 211 86 29 86-0
Fax: +49 (0) 211 86 29 86-99
E-mail: presse@allbecon.de
Web site: http://www.allbecon.de
Jutta Hubener
Phone: +49 (0) 211 / 86 29 86-19
Mobile: +49 (0) 173 / 70 82 544
E-mail: j.huebener@allbecon.de
Ulrike Poos
Phone: +49 (0) 211 / 86 29 86-21
E-mail: u.poos@allbecon.de
=============
H U N G A R Y
=============
DUNAFERR RT: Donbass-Duferco Group Clinches Deal with Creditors
---------------------------------------------------------------
The creditors of troubled steel-maker Dunaferr Rt have finally
reached an agreement with the consortium of Ukraine's Donbass
and Switzerland's Duferco, Budapest Business Journal says.
The agreement was announced through a joint statement of the
consortium and the State Privatization and Holding Company. The
deal would cut HUF60 million off Dunaferr's debt. It would also
see the consortium injecting fresh capital worth HUF17.3 billion
into Dunaferr for a period of five years. No further financial
details were disclosed. The consortium acquired Dunaferr in a
public tender in 2003.
CONTACT: ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT.
H-1133 Budapest, Pozsonyi ut 56.
Mailing address:
H-1399 Budapest, P.O. Box 708
Phone:(36 1) 237 4400
Fax:(36 1) 237 4100
E-mail: apvrt@apvrt.hu
Web site: http://www.apvrt.hu
DUFERCO S.A
Via Bagutti 9
6900 Lugano
Switzerland
Phone: +41/91/911.56.00
Fax: +41/91/911.57.00
E-mail: info@duferco.com
Web site: http://www.duferco.com
=============
I R E L A N D
=============
AN POST: Seeking as much as 55-cent Price Hike on Stamps
--------------------------------------------------------
An Post confirmed it is seeking regulatory approval for a plan
to increase postage prices in an effort to stay afloat. The
postal company said over the RTE radio it already asked Comreg
to allow it to increase postage prices. It is not reported how
much it is asking from the communication regulator, but it is
understood the company wants the price of a stamp to rise from
48 to 55 cents.
Director of Corporate and Regulatory Affairs Larry Donald said
increases were necessary as An Post had serious financial
problems. The company is currently at odds with unions over
plans to close its SDS parcel and courier service. The
Communications Workers' Union said the decision is a "most
serious breach" of the Sustaining Progress partnership
agreement, which binds the government to actively participate in
securing the future of commercial semi-State companies.
An Post said SDS lost EUR20 million over the past two years.
The company is seeking 270 voluntary redundancies among its 450
staff with a plan of transferring the remaining employees to
other positions within the firm. The union argues that up to
400 additional staff could be affected by the closure.
CONTACT: An Post
Phone: 1850 262 362
E-mail: pressoffice@anpost.ie
Web site: http://www.anpost.ie
BASS IRELAND: Closing Down After 107 Years in Business
------------------------------------------------------
Interbrew, the Belgian owner of Bass Ireland Ulster Brewery,
said Tuesday it is now leaning towards closing the company after
failing to find a buyer.
The future of Bass Ireland Ulster Brewery, the only brewery in
Northern Ireland, has been in doubt since it lost a profitable
bottling contract with Lucozase sports drink late last year.
Interbrew U.K. supply chain director David Randall said the loss
of the contract in December 2004 increased the cost of
maintaining the remaining brewery and kegging operations. The
general overcapacity in the market aggravated the situation.
Bass Ireland is based in Andersonstown in west Belfast. The
107-year-old company makes Bass ale and Tennent's lager and kegs
Stella Artois. It is the largest private employer in west
Belfast. Its closure will result to the loss of up to 85 jobs.
CONTACT: BASS IRELAND ULSTER BREWERY
Glen Road
Belfast, Northern Ireland
E-mail: Consumer.Helpline@interbrew.co.uk
Web site: http://www.interbrew.com/index2b.html
=========
I T A L Y
=========
ALITALIA SPA: Has Less than 20 Days to Cut Deal with Workers
------------------------------------------------------------
Troubled Italian carrier Alitalia S.p.A. could collapse within
20 days if the company's restructuring plan is not approved, the
airline's top boss warned, according to the Associated Press.
The company is required by the European Union to present a
rescue plan for it to avail of the GBP400 million state-
guaranteed loan that was approved last month. Alitalia CEO
Giancarlo Cimoli is holding negotiations with unions this week
regarding cost-cutting measures under the plan. It is hoped a
deal could be reached by September 15.
Italian newspaper Corriere della Sera cited Mr. Cimoli as saying
that "Alitalia has 20 days of life left" unless the
restructuring plan pushes through. The company's stock fell
Tuesday by 4.7% on the Milan market and its EUR750 million
convertible bond went down by 3.7% following Mr. Cimoli's
pronouncement. The struggling airline has been trying to stay
alive despite fierce competition from other European carriers.
It last achieved an operating profit in 1998.
CONTACT: ALITALIA S.P.A
Viale A. Marchetti 111
00148 Rome, Italy
Phone: +39 06 6562 2151
Fax: +39 06 6562 4733
Web site: http://www.alitalia.it
ALITALIA SPA: Sales Fall Short of Expectations
----------------------------------------------
Troubled Italian carrier Alitalia S.p.A. missed its July and
August sales targets as performance on domestic flights slumped,
Il Sole 24 Ore reports. The company was expecting sales of
EUR17 million for the period.
According to the carrier, profit yield per passenger declined by
2.5% in the first five months of the year, as the number of
passengers dropped by 11%. The airline's cost per passenger was
40% higher than that of U.K. no-frills liner Easyjet or Ireland-
based Ryanair.
Meanwhile, Alitalia's chairman and chief executive Giancarlo
Cimoli resumed negotiations with trade unions over his proposed
restructuring plan. Mr. Cimoli earlier declared a September 15
deadline for the company and the unions to reach an agreement,
or else the carrier will be forced to go into liquidation. Mr.
Cimoli is expected to discuss the key aspects of the plan that
entails redundancies and the separation of the ground service
business units this week.
CONTACT: ALITALIA -LINEE AEREE ITALIANE S.p.A.
Viale A. Merchetti 111
00148 Rome, Italy
Phone: +39 06 6562 2151
Fax: +39 06 6562 4733
Web site: http://www.alitalia.it
===================
K Y R G Y Z S T A N
===================
OIL-GAS: Public Auction of Assets August 27
-------------------------------------------
The bidding organizer and the insolvency manager of Joint
Enterprise Oil-Gas Company have set for public auction the
company's properties on August 27, 2004, 10:00 a.m. at
Kyrgyzstan, Bishkek, Moskovskaya Str. 41 a, apartment 8. Up for
sale are three lots of assorted office equipment.
Participants must deposit an amount equivalent to 10% of the
starting price to the cashier of the company. Bidders must
submit all necessary documents to Kyrgyzstan, Bishkek,
Moskovskaya Str. 41 a, apartment 8. Preliminary examination
will also be done at the said address. For more information,
call (0-502) 50-36-85.
=====================
N E T H E R L A N D S
=====================
ROYAL SHELL: Pays US$120 Million to Settle U.S. SEC Fraud Case
--------------------------------------------------------------
The U.S. Securities and Exchange Commission announced settlement
of an enforcement action against foreign-based oil companies
Royal Dutch Petroleum Company and The "Shell" Transport and
Trading Company, p.l.c. (together, Shell), in connection with
their overstatement of 4.47 billion barrels of previously
reported proved hydrocarbon reserves. Royal Dutch is a Dutch
corporation headquartered in The Hague, while Shell Transport is
an English corporation headquartered in London.
Shell agreed to settle these proceedings by consenting to a
cease-and-desist order finding violations of the antifraud and
other provisions of the federal securities laws, and by paying
US$1 disgorgement and a US$120 million penalty in a related
civil action the Commission filed in U.S. District Court. Shell
also has undertaken to commit an additional US$5 million to
develop and implement a comprehensive internal compliance
program under the direction and oversight of the Group's legal
director. The companies settled without admitting or denying
the Commission's substantive findings.
Shell simultaneously agreed to pay GBP17 million to settle a
market abuse enforcement action initiated by the Financial
Services Authority (F.S.A.), the primary financial market
regulator in the United Kingdom.
Commenting on the Commission's enforcement action, Harold F.
Degenhardt, Administrator of the Commission's Fort Worth Office,
said: "Shell's overstatements of its oil reserves, which
occurred over an extended period, mandate a strong enforcement
response, including imposition of significant civil penalties,
to deter Shell and others from engaging in similar misconduct.
As our investigation continues, we intend to focus on, among
other things, the people responsible for Shell's failures."
Added Spencer C. Barasch, Associate Administrator of the
Commission's Fort Worth Office, "Accurate disclosures about
proved reserves and reserve replacement are critical to
investors in oil and gas companies. [The] enforcement action
reinforces that public companies in this industry must ensure
that their proved reserves disclosures are reliable and comport
with Commission requirements."
The Commission's staff has coordinated its investigation closely
with the FSA and the Autoriteit Financiele Markten, the primary
financial market regulator in the Netherlands.
"The degree of international and interagency cooperation in this
case has been extraordinary and sets an important precedent for
investors that regulatory efforts to police the financial
markets will transcend national borders," said Stephen M.
Cutler, Director of the Commission's Division of Enforcement.
According to the Commission's order, Shell overstated proved
reserves reported in its 2002 Form 20-F by 4.47 billion barrels
of oil equivalent (boe), or approximately 23%. The order
further concludes that Shell also overstated the standardized
measure of future cash flows reported in this filing by
approximately US$6.6 billion. Shell corrected these
overstatements in an amended filing on July 2, 2004, which
reflected the degree of Shell's overstatements for the years
1997 to 2002.
Year Overstatement Overstatement
Proved Reserves % Standardized Measure %
1997 3.13 boe 16% N/A N/A
1998 3.78 boe 18% N/A N/A
1999 4.58 boe 23% $7.0 billion 11%
2000 4.84 boe 25% $7.2 billion 10%
2001 4.53 boe 24% $6.5 billion 13%
2002 4.47 boe 23% $6.6 billion 9%
The Commission's order also finds that, during this period,
Shell materially misstated its reserves replacement ratio (RRR),
a key performance indicator in the oil and gas industry. Had
Shell properly reported proved reserves, its RRR for the five-
year period 1998 through 2002 would have been 80%, rather than
the 100% Shell originally reported, and its annual and three-
year RRR over this span would have been:.
Year 1-Year RRR 3-Year RRR
Original Restated Original Restated
1998 182% 134% n/a n/a
1999 56% -5% n/a n/a
2000 69% 50% 102% 60%
2001 74% 97% 66% 48%
2002 117% 121% 87% 90%
2003 n/a 63% n/a 94%
As the Commission's order outlines, Shell's overstatement of
proved reserves, and its delay in correcting the overstatement,
resulted from its desire to create and maintain the appearance
of a strong RRR, the failure of its internal reserves estimation
and reporting guidelines to conform to S.E.C. requirements, and
the lack of effective internal controls over the reserves
estimation and reporting process. These failures led Shell to
record and maintain proved reserves it knew or was reckless in
not knowing did not satisfy SEC requirements, and to report for
certain years a stronger RRR than it actually had achieved.
Indeed, Shell was warned on several occasions prior to the fall
of 2003 that reported proved reserves potentially were
overstated and, in such critical operating areas as Nigeria and
Oman, depended upon unrealistic production forecasts. In each
case, Shell either rejected the warnings as immaterial or unduly
pessimistic, or attempted to "manage" the potential exposure by,
for example, delaying de-booking of improperly recorded proved
reserves until new, offsetting proved reserves bookings
materialized.
In accepting Shell's settlement offer, the Commission took into
account Shell's cooperation with the staff's investigation and
the remedial actions Shell has undertaken, as outlined in the
order.
The Commission's investigation continues as to other individuals
and entities.
CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES
Carel van Bylandtlaan 30
2596 HR The Hague,
The Netherlands
Phone: +31 70 377 9111
Fax: +31 70 377 3115
Web site: http://www.shell.com
SECURITIES AND EXCHANGE COMMISSION
Harold F. Degenhardt
Phone: (817) 900-2607
Spencer C. Barasch
Phone: (817) 978-6425
David Peavler
Phone: (817) 978-1417
ROYAL SHELL: Fined GBP17 Million for Breaching Listing Rules
------------------------------------------------------------
To: The "Shell" Transport and Trading Company, p.l.c. (STT)
The Royal Dutch Petroleum Company NV ("RDP")
Care of: Richard Butler
Beaufort House
15 St Botolph Street
London EC3A 7EE
Date: August 24, 2004
TAKE NOTICE: The Financial Services Authority of 25 The North
Colonnade, Canary Wharf, London E14 5HS (the F.S.A.) gives you
final notice of its decision to tale these actions:
The F.S.A. gave STT, RDP and the Royal Dutch/Shell Group of
Companies (together Shell) a Decision Notice dated August 13,
2004 which notified it that, for the reasons set out below, the
FSA has decided to impose a financial penalty of GBP17 million:
(i) pursuant to section 123 of the Financial Services and
Markets Act 2000 for market abuse by Shell
arising as a result of announcements or statements made
prior to April 19, 2004 by or on behalf of Shell; and
(ii) pursuant to section 91 of the Act for breaches of the
F.S.A.'s Listing Rules by STT and RDP regarding Shell's
hydrocarbon reserves.
Shell's misconduct amounting to market abuse and, by STT and
RDP, breaches of the Listing Rules is based on substantially the
same facts. The penalty for that misconduct is based on the
FSA's finding of market abuse by Shell; in the particular
circumstances of this case, no additional penalty is imposed for
breaches of the Listing Rules by STT and RDP.
The F.S.A. considers that Shell's action were particularly
serious and merit a substantial financial penalty in that:
(a) Shell announced false or misleading proved reserves and
reserves replacement ratios to the market throughout the
period 1998 to 2003 inclusive;
(b) The false or misleading reserves information was not
corrected until a series of announcements between January 9
and May 24, 2004 in which Shell announced the
re-categorization of 4,470 million barrels of oil
equivalent, being approximately 25% of Shell's proved
reserves;
(c) Shell's false or misleading announcements of proved reserved
were made despite indications and warnings from 2000 to 2003
that its proved reserves as announced to the market were
false or misleading;
(d) Shell failed to put in place or maintain adequate systems or
controls over its reserves estimation and reporting
processes; and
(e) Following the first announcement of its re-categorization of
proved reserves on January 9, 2004, STT's share price fell
from 401 pence to 371 pence (7.5%) reducing STT's market
capitalization on that day by approximately GBP2.9 billion.
On January 9, 2004 trading of shares traded on the FTSE 100,
of which STT was the seventh largest constituent by market
capitalization.
The level of the financial penalty reflects the high degree of
cooperation which Shell has shown to the F.S.A. during the
conduct of this investigation. But for that cooperation the
F.S.A. would not have been able to conclude its investigation
into Shell in relation to the complex factual issues and
extensive documentary and oral evidence in such a short time.
Were it not for Shell's cooperation the level of the financial
penalty would have been significantly higher.
A full copy of this press release is available free of charge at
http://bankrupt.com/misc/FSA_on_Shell.pdf.
CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES
Carel van Bylandtlaan 30
2596 HR The Hague,
The Netherlands
Phone: +31 70 377 9111
Fax: +31 70 377 3115
Web site: http://www.shell.com
ROYAL SHELL: Settles U.S. Storage Tank Case for US$91.7 Million
---------------------------------------------------------------
Units of Royal/Dutch Shell Group and other oil companies
operating in California agreed to shoulder clean-up costs to
settle a case lodged against it by a pro-environment group,
according to Bloomberg News.
Shell, BP Plc's Atlantic Richfield, and other oil companies
agreed to pay US$91.7 million to end a five-year-old case
brought by the Communities for a Better Environment. The group
is suing the company under California's Safe Drinking Water and
Toxic Enforcement Act, known as Proposition 65. It alleges that
leaks from gasoline storage tanks in California may contaminate
drinking water suppliers. It is demanding that companies clean
up 1,000 storage tanks around the state.
"While Shell disagrees with the plaintiffs' claims, the company
still willingly entered into a voluntary settlement," said
Cameron Smyth, a spokeswoman for Shell. "The fact is Shell is
becoming more pro-active by performing additional work and
upgrades beyond the regulatory requirements."
The agreement is still subject to court approval. A hearing is
set for September 22, 2004.
The deal will see the companies spending US$45 million to
install double-walled tanks and pipelines at service stations,
US$46 million to install double bottoms on other tanks and
US$700,000 on projects to treat groundwater contamination,
documents filed in San Francisco Superior Court reveals,
according to the report.
This is the second time Europe's second-largest oil company
settled an environmental case in California. In 2002, it paid
cleanup costs for leaking storage tanks in South Lake Tahoe.
CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES
Carel van Bylandtlaan 30
2596 HR The Hague,
The Netherlands
Phone: +31 70 377 9111
Fax: +31 70 377 3115
Web site: http://www.shell.com
===========
N O R W A Y
===========
PETROLEUM GEO-SERVICES: Expects to Book US$15 Mln Extra Revenue
---------------------------------------------------------------
Petroleum Geo-Services A.S.A. (OSE: PGS; OTC: PGEOY) said
Tuesday that based on preliminary acreage awards to its
customers in the Brazil Licensing Round 6 held on August 17 and
18, 2004, it currently expects to realize multi-client late sale
uplifts of approximately US$15 million.
The uplift revenue expected to be received in this licensing
round is in line with the Company's expectations. Such late
sales are expected to be recognized in the fourth quarter 2004
when the Company's customers are formally awarded an economic
interest in the acreage. Such formal awards normally occur
approximately 90 days subsequent to the preliminary awards.
As was previously reported, PGS' total Brazilian multi-client
sales in the first half of 2004 amounted to US$7.5 million.
Furthermore, the Company has realized additional late sales in
the third quarter 2004. This additional revenue coupled with
the first half revenues and expected uplift revenues would
result in total late sales from the Brazilian library in excess
of US$24 million in 2004. Furthermore, based on the preliminary
acreage awards it is possible that the Company may realize late
sales in addition to those discussed above.
As previously disclosed, the percentage of PGS data covered by
the 6th licensing round was relatively small. Therefore, future
sales for other significant parts of the Company's Brazilian
library will depend on subsequent licensing rounds.
Petroleum Geo-Services is a technologically focused oilfield
service company principally involved in geophysical and floating
production services. PGS provides a broad range of seismic- and
reservoir services, including acquisition, processing,
interpretation, and field evaluation. PGS owns and operates
four floating production, storage and offloading units (FPSOs)
and owns a small oil and gas company. PGS operates on a
worldwide basis with headquarters in Oslo, Norway. For more
information on Petroleum Geo-Services visit http://www.pgs.com.
* * *
The company's second-quarter net loss was US$28.1 million, down
from a net loss of US$51.8 million in the same period last year.
CONTACT: PETROLEUM GEO-SERVICES ASA
Ola Bosterud
Sam R. Morrow
Svein T. Knudsen
Phone: +47 6752 6400
Suzanne M. McLeod
Phone: +1 281-589-7935
===========
R U S S I A
===========
ALMET: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
supervision procedure on LLC Almet. The case is docketed as
A64-3125/02-2. Mr. S. Utkin has been appointed temporary
insolvency manager.
Creditors are asked to submit their proofs of claim to 450077,
Russia, Bashkortostan republic, Ufa, Sotsialisticheskaya Str.
45, Office 19-22. A hearing will take place on October 11,
2004.
CONTACT: ALMET
392000, Russia,
Tambov region,
Kavaleriyskaya Str. 7A
Mr. S. Utkin
Temporary Insolvency Manager
392000, Russia,
Tambov, Kavaleriyskaya Str. 7A
ARZAMAS-STROY-MECHANIZATION: Court Sets October 26 Hearing
----------------------------------------------------------
The Arbitration Court of Nizhny Novgorod region has commenced
bankruptcy supervision procedure on OJSC Arzamas-Stroy-
Mechanization. The case is docketed as A43-6768/04-33-148. Ms.
Y. Gerasimova has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 603155,
Russia, Nizhny Novgorod, Trudovaya Str. 8, Apartment 37. A
hearing will take place on October 26, 2004.
CONTACT: ARZAMAS-STROY-MECHANIZATION
Russia, Nizhny Novgorod region,
Arzamas, Kalinina Str. 60
Ms. Y. Gerasimova
Temporary Insolvency Manager
603155, Russia,
Nizhny Novgorod,
Trudovaya Str. 8,
Apartment 37
BOLSHEVIK: Bashkortostan Court Appoints Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Bashkortostan republic has declared
collective farm Bolshevik insolvent and introduced bankruptcy
proceedings. The case is docketed as A19-15806/03-8. A hearing
will take place on April 25, 2005, 10:00 a.m.
CONTACT: BOLSHEVIK
666418, Russia,
Irkutsk region,
Zhigalovsky region,
Dalnaya Zakora
CENTRE-GAS-NADYM: Deadline for Proofs of Claim September 16
-----------------------------------------------------------
The Arbitration Court of Yamalo-Nenetsky autonomous region has
declared CJSC Centre-Gas-Nadym (TIN 8903019511) insolvent and
introduced bankruptcy proceedings. The case is docketed as A81-
3625/76 B-04. Ms. A. Ivanova has been appointed insolvency
manager. Creditors have until September 16, 2004 to submit
their proofs of claim to 625027, Russia, Tyumen region, Tyumen,
Kholodilnaya Str. 56/1.
CONTACT: CENTRE-GAS-NADYM
629763, Russia,
Yamalo-Nenetsky autonomous region,
Nadym, 8th passage
Ms. A. Ivanova
Insolvency Manager
625027, Russia,
Tyumen region, Tyumen,
Kholodilnaya Str. 56/1
CHIKANSKY: Bashkortostan Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Bashkortostan republic has declared
industrial agricultural complex Chikansky insolvent and
introduced bankruptcy proceedings. The case is docketed as A19-
15808/03-49. A hearing will take place on March 30, 2005, 10:00
a.m.
CONTACT: CHIKANSKY
666417, Russia,
Irkutsk region,
Zhigalovsky region, Chikan
CREDITTRUST BANK: Bosses Suspected of Fraud
-------------------------------------------
Authorities are investigating top officials of Moscow-based
CreditTrust Bank on suspicions of fraudulent bankruptcy,
Russia's RIA Novosti reports.
The Federal Interior Ministry and Central Bank of Russia doubts
the bank's executive may have entered into illegal transactions
days prior to the collapse of the bank.
CreditTrust was declared bankrupt by Moscow Arbitration Court
August 11. It lost its license June 24. Days before that, it
exchanged high-liquidity bills of the Gazprom, the Alfa Bank,
the Bank of Moscow, and other high-profile financial
institutions for questionable securities. On June 15 it was
found out that the bank has debts of RUB4.5 billion (US$150
million). Its assets exceeded RUB6.8 billion, but RUB5.6
billion of that are securities. As a result, the bank was
unable to pay bills. Suspicions then arose that the assets
might have been acquired through fraudulent means.
The bank blamed the current tension upsetting the Russian
banking industry for its collapse, but it is thought its
troubles are more of its managers' doing. Top bosses many spend
up to five years in prison if proven guilty.
Gennadi Melnik from the Interior Ministry said the investigation
is based on the file the central bank forwarded to law enforcers
a day after the bank was declared bankrupt. He said he can't
say how long the probe will take.
Analysts assured the outcome of the inquiry will not affect the
terms of deposits restored to bank clients.
DAWN: Bankruptcy Proceedings Begin
----------------------------------
The Arbitration Court of Bashkortostan republic has declared
OJSC Dawn insolvent and introduced bankruptcy proceedings. The
case is docketed as A19-17219/03-34. A hearing will take place
on October 19, 2004, 9:55 a.m.
CONTACT: DAWN
666418, Russia,
Irkutsk region,
Zhigalovsky region,
Dalnaya Zakora
FLAX-COMBINE: Under Bankruptcy Supervision
------------------------------------------
The Arbitration Court of Pskov region has commenced bankruptcy
supervision procedure on CJSC Flax-Combine (TIN 602501003). The
case is docketed as A52/1849/2004/4. Ms. T. Gudkova has been
appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 182100,
Russia, Pskov region, Velikiye Luki, Oktyabrsky Pr. 138.
MEGAKOM: Insolvency Manager Takes over Operations
-------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on LLC Megakom. The case is
docketed as A63-92/04-S5. Mr. M. Baronov has been appointed
temporary insolvency manager. Creditors are asked to submit
their proofs of claim to 355029, Russia, Stavropol region,
Stavropol, Przhevalskogo Str. 5, Apartment 1.
CONTACT: MEGAKOM
Russia,
Stavropol Region, Stavropol
Mr. M. Baronov
Temporary Insolvency Manager
355029, Russia,
Stavropol Region, Stavropol,
Przhevalskogo Str. 5,
Apartment 1
Phone: (8652) 37-07-75
METROMEDIA INTERNATIONAL: Second-quarter Results Improve
--------------------------------------------------------
Metromedia International Group, Inc., the owner of interests in
various communications and media businesses in Russia and the
Republic of Georgia, reported financial results for the second
quarter ended June 30, 2004.
Highlights for the three months ended June 30, 2004 vs. the
three months ended June 30, 2003:
(a) Consolidated revenues of US$19.3 million vs. US$17.8 million
-- improvement of 8%
(b) Consolidated gross margin as a percentage of revenues of
70.3% vs. 67.5%
(c) Consolidated operating loss of -US$0.8 million vs. -US$4.3
million - improvement of US$3.5 million
(i) Corporate overhead of US$3.2 million vs. US$7.5 million
-- improvement of US$4.3 million
(d) Consolidated adjusted EBITDA(1) of US$9.4 million vs. US$3.5
million -- improvement of US$5.9 million
Highlights for the six months ended June 30, 2004 vs. the six
months ended June 30, 2003:
(a) Consolidated revenues of US$37.9 million vs. US$34.5 million
-- improvement of 10%
(b) Consolidated gross margin as a percentage of revenues of
69.0% vs. 68.8%
(c) Consolidated operating loss of -US$1.2 million vs.
-US$11.8 million - improvement of US$10.6 million
(i) Corporate overhead of US$6.3 million vs. US$17.4
million -- improvement of US$11.1 million
(d) Consolidated adjusted EBITDA(1) of US$16.2 million vs.
US$0.9 million -- improvement of US$15.3 million
The improvement in both consolidated revenues and gross margins,
on a year-over-year basis, is primarily attributable to the
financial performance of our PeterStar business venture.
The improvement in consolidated adjusted EBITDA(1), on a year-
over-year basis, principally reflects the significant reduction
in corporate overhead expenses that the Company has realized in
2004 along with the favorable financial performance of our
Magticom business venture and to a lesser extent the financial
performance of our PeterStar business venture.
Financial Performance of Principal Core Businesses
Joint Stock Company PeterStar - Consolidated Business Venture:
PeterStar, the leading competitive local exchange carrier in St.
Petersburg, Russia, in which the Company presently has a 71%
ownership interest, provides telecommunications services in the
northwest region of Russia. PeterStar operates a digital, fiber
optic telecommunication network that is interconnected with
incumbent St. Petersburg and Moscow public telephony operators
and with various mobile telephone, long distance and domestic
and international IP-Service operators. PeterStar also offers
business and residential end users a suite of voice telephony,
data communications and IP-based services, in addition to
providing traffic termination and transport services for other
carriers.
(In millions, Three Months Ended Six Months Ended Six
Months
except subscriber June 30, June 30, Percent
data Change
------------------ ----------------
2004 2003 2004 2003 2004 to 2003
-------- -------- -------- ------- --------------
Revenues US$18.6 US$17.2 US$36.5 US$33.1 10.3%
Gross margin 12.9 11.4 24.8 22.4 10.7%
% of Revenues 69.4% 66.3% 67.9% 67.7% --
Selling,
General and
administrative 4.4 3.3 8.1 6.9 17.4%
Depreciation and
amortization 5.9 4.9 11.4 9.8 16.3%
Capital
expenditures 4.1 4.0 6.7 6.0 11.7%
Active numbers -
Business Fixed
62,307 56,236 62,307 56,236 10.8%
Active numbers -
Regulated (Pskov
and Vasilievsky
Island) 94,807 36,684 94,807 36,684 158.4%
Number of leased
lines 3,604 2,200 3,604 2,200 63.8%
Number of dial-up
customers 42,204 13,163 42,204 13,163 220.6%
PeterStar's revenues increased by 8% and 10% for the three and
six months ended June 30, 2004, respectively, as compared to the
same periods in 2003, due principally to revenue growth in the
Data and Internet, Business Fixed and Regulated (Pskov and
Vasilievsky Island) service products, partially offset by a
reduction in transit carrier revenues. PeterStar's 2004 focus
on the fast-growing Data and Internet services market is
reflected in the significant increases in both revenues and
subscribers for these promising new services. The growth in
Regulated services revenues was principally attributable to the
inclusion of Pskov City Telephone Network ("PGTS") revenues, as
PeterStar acquired PGTS in April 2004.
The increase in gross margin as a percent of revenues in both
the three and six month periods ended June 30, 2004, as compared
to the same periods in 2003, is primarily due to better
utilization of the PeterStar telecommunications network and the
reduction of lower margin transit carrier revenues on a year-
over-year basis. In addition, Regulated services gross margins
increased as PGTS gross margins are higher than those
historically recognized at PeterStar. The growth in operating
expenses is principally due to the overall growth in the
business and the acquisitions during the quarter.
Magticom GSM - Equity Method Business Venture:
Magticom, in which the Company presently owns a 34.5% ownership
interest, operates a wireless communications network and markets
mobile voice communication services to private and commercial
users nationwide in the Republic of Georgia. Magticom's network
offers services using GSM standards in both the 900 MHz and 1800
MHz spectrum range.
(In millions, Three Months Ended Six Months Ended Six
Months
except subscriber June 30, June 30, Percent Change
data) ------------------ ----------------
2004 2003 2004 2003 2004 to 2003
-------- -------- -------- ------- --------------
Revenues US$23.1 US$16.9 US$43.9 US$31.3 40.3%
Gross margin 20.2 14.3 38.3 26.5 44.5%
% of Revenues 87.4% 84.6% 87.2% 84.7% --
Selling, general &
administrative 2.5 2.2 5.0 3.7 35.1%
Depreciation and
amortization 3.2 3.1 7.1 6.3 12.7%
Capital
expenditures 3.4 9.3 5.9 12.2 (51.6%)
Subscribers 361,720 283,650 361,720 283,650 27.5%
Magticom revenues grew by 37% and 40% for the three and six
months ended June 30, 2004, respectively, as compared to the
same periods in 2003, due principally to strong customer demand.
Magticom presently enjoys a significant lead in subscribers over
its nearest competitor in the Republic of Georgia and Magticom
anticipates further increases in its subscriber base as it
continues to penetrate a market that currently has low telephone
density rates. Furthermore, positively contributing to Magticom
revenue growth on a year-over-year basis is the effect of a
favorable movement in the exchange rate between the Lari and
U.S. dollar.
The increase in the gross margin as a percentage of revenues, in
2004 as compared to 2003, is attributable to higher network
utilization and as a result Magticom's overall fixed costs of
services as a percentage of revenue has decreased. The
reduction in capital expenditures in 2004 as compared to 2003 is
principally due to the extensive expansion of the network in
2003 and the build out of Magticom's administrative facilities
in 2003.
CONTACT: METROMEDIA INTERNATIONAL
Headquarters: Charlotte, North Carolina
Web site: http://www.metromedia-group.com
Contact:
Mark Hauf, Chief Executive Officer
Ernie Pyle
Phone: 704-321-7383
E-mail: investorrelations@mmgroup.com
METROMEDIA INTERNATIONAL: Warns of Liquidity Crunch Next Year
-------------------------------------------------------------
Liquidity Issues and Recent Developments
Corporate Liquidity
As of June 30, 2004 and July 31, 2004, the Company had
approximately US$31.4 million and US$29.8 million, respectively,
of unrestricted corporate cash on hand. In addition, as of June
30, 2004, the Company's consolidated business ventures held
US$0.9 million of cash. Furthermore, as of June 30, 2004, the
Company's unconsolidated business ventures had US$13.6 million
of cash on hand which is held in banks in the Republic of
Georgia.
The Company projects that its current corporate cash reserves,
anticipated cash proceeds of non-core media business sales and
anticipated continuing dividends from core business operations
will be sufficient for the Company to meet, on a timely basis,
its future corporate overhead requirements and debt service
obligations. However, the Company cannot assure that dividends
from core businesses will be declared and paid nor can it assure
that it will be successful in completing the sale of its
remaining non-core media businesses or that the realized cash
proceeds, if any, will be sufficient to meet short-term
liquidity requirements. The Company also is subject to legal
and contractual restrictions, including those under the
indenture for the Senior Notes, on its use of any cash proceeds
from the sale of its assets or those of its business ventures.
Separately, the Company projects that it has sufficient
corporate cash on hand to support the Company's planned
operating, investing and financing cash flows through the end of
2004, including the Company's US$8.0 million semi-annual
interest payment obligation due on September 30, 2004,
associated with its US$152.0 million aggregate principal amount
(fully accreted) 10 1/2% Senior Discount Notes, due 2007 (the
Senior Notes). This projection does not include cash inflows
that might reasonably arise from cash proceeds realized from the
sale of the Company's non-core media businesses or operating
business venture dividend distributions which would further
strengthen our current liquidity position.
However, the Company does not believe that it has sufficient
corporate cash on hand today to support the Company's planned
operating, investing and financing cash flows through March 31,
2005, including the Company's US$8.0 million semi-annual
interest payment that is due on March 31, 2005 associated with
its Senior Notes.
If the Company is not able to satisfactorily address the
liquidity issues described above, the Company may have to resort
to certain other measures, including ultimately seeking the
protection afforded under the U.S. Bankruptcy Code. The Company
cannot provide assurances at this time that it will be
successful in avoiding such measures. Additionally, the Company
has a stockholders deficit and has suffered recurring operating
losses and net operating cash deficiencies.
Asset Sales
The Company currently anticipates that the pending sale, as
previously announced on July 9, 2004, of seventeen of the
Company's remaining eighteen Radio businesses will close in
early September 2004, and as such, the Company anticipates the
receipt of additional cash proceeds of US$13.04 million on the
date of closing.
Capital Restructuring and Other Strategic Alternatives
Opportunities to restructure the Company's balance sheet as well
as other strategic alternatives are being pursued and evaluated,
but present Company plans presume the continued service of the
Senior Notes on current terms and the continued deferral of the
payment of dividends on the Company's outstanding preferred
stock. The Company cannot provide assurances at this time that
a capital restructuring or other strategic alternative will be
consummated or, if consummated, that such effort would produce a
material improvement in short-run cash flows or equity
valuations.
Activities related to Equity Securities
On September 24, 2003, the Company's equity securities were
removed from quotation on the OTC Bulletin Board trading system
("OTCBB") because the Company was not then in compliance with
NASD Rule 6530. As a result, the Company's Common Stock and
Preferred Stock were then quoted on the Pink Sheets. The
Company filed its March 31, 2004 Form 10-Q on June 18, 2004,
thus regaining compliance with OTCBB trading eligibility
requirements.
On August 6, 2004, the Company's Common Stock (OTCBB:MTRM.OB)
began trading on the OTC Bulletin Board. The Company's Preferred
Stock (OTCPK:MTRMP) remains quoted on the Pink Sheets.
About Metromedia International Group
Through its wholly owned subsidiaries, the Company (currently
traded as: OTCBB:MTRM.OB - Common Stock and OTCPK:MTRMP -
Preferred Stock), owns interests in communications and media
businesses in Russia and the Republic of Georgia. These include
mobile and fixed line telephony businesses and wireless and
wired cable television networks. The Company has focused its
principal attentions on continued development of its core
telephony businesses in Northwest Russia and the Republic of
Georgia, and has substantially completed a program of gradual
divestiture of its non-core media businesses. The Company's
core telephony businesses include PeterStar, the leading
competitive local exchange carrier in St. Petersburg, Russia,
and Magticom, the leading mobile telephony operator in the
Republic of Georgia.
Financial statements are available free of charge at:
http://bankrupt.com/misc/Metromedia_2Q2004.htm
CONTACT: METROMEDIA INTERNATIONAL
Headquarters: Charlotte, North Carolina
Web site: http://www.metromedia-group.com
Contact:
Mark Hauf, Chief Executive Officer
Ernie Pyle
Phone: 704-321-7383
E-mail: investorrelations@mmgroup.com
POLIEKS: Under Bankruptcy Supervision
-------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision procedure on OJSC Polieks. The case is docketed as
A03-189/02-B. Ms. N. Grinyeva has been appointed temporary
insolvency manager. Creditors are asked to submit their proofs
of claim to 656015, Russia, Altay region, Barnaul, Lenina Pr.,
69, Post User Box 3077.
CONTACT: POLIEKS
659300, Russia,
Altay region, Biysk,
Promzona
Ms. N. Grinyeva
Temporary Insolvency Manager
656015, Russia,
Altay region, Barnaul,
Lenina Pr. 69,
Post User Box 3077
PONOMAREVSKY: Insolvent Status Confirmed
----------------------------------------
The Arbitration Court of Bashkortostan republic has declared
agricultural industrial complex Ponomarevsky insolvent and
introduced bankruptcy proceedings. The case is docketed as A19-
17610/03-37. A hearing will take place on May 18, 2005, 10:00
a.m. Mr. N. Kazakov has been appointed insolvency manager.
Creditors are asked to submit their proofs of claim to 664003,
Russia, Irkutsk, Uritskogo Str. 8, Apartment 506.
CONTACT: PONOMAREVSKY
666419, Russia,
Irkutsk region,
Zhigalovsky region, Ponomarevo
Mr. N. Kazakov
Insolvency Manager
664003, Russia,
Irkutsk, Uritskogo Str. 8,
Apartment 506
SUOYARVSKIYE POWER: Bankruptcy Proceedings Ongoing
--------------------------------------------------
The Arbitration Court of Kareliya republic has declared
municipal unitary enterprise Suoyarvskiye Power Grid Nets
insolvent and introduced bankruptcy proceedings. The case is
docketed as A07/126/03-A-ADM. Mr. E. Mashtaler has been
appointed insolvency manager.
Creditors are asked to submit their proofs of claim to 186870,
Russia, Kareliya republic, Suoyarvsky region, Suoyarvi, Pobedy
Str. 18A. A hearing will take place on November 3, 2004, 3:20
p.m.
CONTACT: SUOYARVSKIYE POWER GRID NETS
186870, Russia,
Kareliya republic, Suoyarvsky region,
Suoyarvi, Pobedy Str. 18A
Mr. E. Mashtaler
Insolvency Manager
186870, Russia,
Kareliya republic,
Suoyarvsky region, Suoyarvi,
Pobedy Str. 18A
TURGUZHANSKOYE: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on CJSC Turguzhanskoye. The
case is docketed as A33-8210/04-s4. Mr. I. Nozdrin has been
appointed temporary insolvency manager. Creditors are asked to
submit their proofs of claim to 660020, Russia, Krasnoyarsk,
Diksona Str. 1, Post User Box 15854.
CONTACT: TURGUZHANSKOYE
Russia,
Krasnoyarsk Region,
Priluzhye, Uzhuyskiy
Mr. I. Nozdrin
Temporary Insolvency Manager
660020, Russia,
Krasnoyarsk,
Diksona Str. 1,
Post User Box 15854
YUKOS OIL: Hearing on Back-tax Appeal Postponed
-----------------------------------------------
The Moscow Arbitration Court has delayed the hearing on Yukos
Oil's appeal of the back-taxes imposed on it by tax officials to
next month, Interfax news agency reported.
The court ordered the schedule of the hearing moved to September
7 at the request of the Tax Ministry which said it wasn't ready
yet for the trial as it is still occupied with other matters.
Bailiffs are already trying to collect the US$3.4 billion in
taxes it said Yukos owes the government for 2000 in accordance
with the ruling of a local court. Bailiffs have also frozen
Yukos' bank accounts and seized shares in the company's
subsidiaries. The oil giant's main production unit,
Yuganskneftegaz, is currently being evaluated for a possible
sale so that Yukos can pay its bill.
CONTACT: YUKOS OIL
International Information Department
Hugo Erikssen
Phone: +7 095 540 6313
E-mail: inter@yukos.ru
Press Service:
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
Investor Relations Contact
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
Web site: http://www.yukos.ru
YUKOS OIL: Suffers Another Blow in Legal Battle to Free Assets
--------------------------------------------------------------
The Moscow Arbitration Court on Monday upheld the arrest of
shares of Yukos Oil's four subsidiaries as collateral for the
company's standing back-tax bill.
The shares belong to Geofit, Tomskneftegeofizika,
Khantymansknefteprodukt and Novosibirsknefteprodukt VNK,
according to Interfax. The stocks were arrested July 5 and 8.
The decision is one of a series of similar judgments the court
made this month. On August 6, the court declared the arrest of
another Yukos subsidiary, Tomskneft, legal. On August 18, it
ruled the freezing of the shares of Yuganskneftegaz, Yukos' main
production unit, legitimate, canceling an August 6 decision to
release the shares. The court also considered the arrest of the
register of Yuganskneftegaz shareholders in July lawful.
CONTACT: YUKOS OIL
International Information Department
Hugo Erikssen
Phone: +7 095 540 6313
E-mail: inter@yukos.ru
Press Service:
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
Investor Relations Contact
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
Web site: http://www.yukos.ru
=============
U K R A I N E
=============
AGROMASH: Vinnitsya Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Economic Court of Vinnitsya region declared OJSC Agromash
(code EDRPOU 3567322) insolvent and introduced bankruptcy
proceedings on February 26, 2004. The case is docketed as
10/235-03. Mr. U. Tushevskij (License Number AA 250425 approved
on March 29, 2002) has been appointed liquidator/insolvency
manager.
CONTACT: AGROMASH
Ukraine, Vinnitsya region, Krizhopil
Mr. U. Tushevskij
Liquidator/Insolvency Manager
21016, Ukraine, Vinnitsya region,
40-richya Peremogi Str. 27a, room 57
Phone: 8 (0432) 35-63-09
ECONOMIC COURT OF VINNITSYA REGION
21036, Ukraine, Vinnitsya region,
Hmelnitske shose, 7
ANTIK: Proofs of Claim Deadline Expires August 31
-------------------------------------------------
The Economic Court of Donetsk region has commenced bankruptcy
supervision procedure on CJSC Antik (code EDRPOU 23979156).
The case is docketed as 5/129 B. Antik holds account number
26009270037291 at Ukrsocbank, Kramatorsk branch, MFO 334486.
Creditors have until August 31, 2004 to submit their proofs of
claim to:
(a) ANTIK
84200, Ukraine, Donetsk region,
Druzhkivka, Chajkovskij Str. 12
(b) ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
DRUZHBA: Brings in Liquidator
-----------------------------
The Economic Court of Vinnitsya region declared Agricultural LLC
Druzhba (code EDRPOU 3732175) insolvent and introduced
bankruptcy proceedings on May 5, 2004. The case is docketed as
10/12-04. Mr. U. Tushevskij (License Number AA 250425 approved
on March 29, 2002) has been appointed liquidator/insolvency
manager.
CONTACT: AGRICULTURAL DRUZHBA
Ukraine, Vinnitsya region,
Kalinivskij district, Bajkivka
Mr. U. Tushevskij
Liquidator/Insolvency Manager
21016, Ukraine, Vinnitsya region,
40-richya Peremogi Str. 27a, room 57
Phone: 8 (0432) 35-63-09
ECONOMIC COURT OF VINNITSYA REGION
21036, Ukraine, Vinnitsya region,
Hmelnitske shose, 7
HARKIVNAFTOPRODUKT: Harkiv Court Affirms Insolvency
---------------------------------------------------
The Economic Court of Harkiv region declared OJSC
Harkivnaftoprodukt (code EDRPOU 03482880) insolvent and
introduced bankruptcy proceedings on July 14, 2004. The case is
docketed as B 48/45-04. Arbitral manager Mr. O. Kotovenko
(License Number AA 047647 approved on August 9, 2001) has been
appointed liquidator/insolvency manager. Harkivnaftoprodukt
holds account number 26004093610000 at JSCIB Ukrsibbank, Harkiv
branch, MFO 351641.
CONTACT: HARKIVNAFTOPRODUKT
61022, Ukraine, Harkiv region,
Svobodi square, 5, Derzhprom,
4th entrance, 5th floor
ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi square, 5,
Derzhprom, 8th entrance
SUMI-AGROZAPCHASTINI: Public Sale of Assets August 30
-----------------------------------------------------
The Agency of Bankruptcy Questions in Sumi region and the
liquidator of LLC Sumi-Agrozapchastini (code EDRPOU 31208794)
have set the public auction of the firm's assets on August 30,
2004, 12:00 noon.
To participate, bidders must deposit an amount equivalent to 5%
of the value of the property being sold and pay a registration
fee of UAH17 on or before August 27, 2004. The amount must be
deposited to account number 260016742 at JSPPB Aval, MFO 337483,
EDRPOU 26254873.
CONTACT: AUCTION COMMITTEE
Ukraine, Sumi region,
Nezalezhnosti square, 1, office 1403
Phone: 8 (0542) 34-04-95
SVALYAVA-GLASS: Bankruptcy Proceedings Ongoing
----------------------------------------------
The Economic Court of Zakarpatska region declared LLC
Production-Commercial Firm Svalyava-Glass (code EDRPOU 31055374)
insolvent and introduced bankruptcy proceedings on April 21,
2004. The case is docketed as 6/209. Mr. M. Volovik. (License
Number AA 419220) has been appointed liquidator/insolvency
manager. The company holds account number 2600500224 at JSB
Azhio, Svalyava branch, MFO 312293.
CONTACT: PRODUCTION-COMMERCIAL FIRM SVALYAVA-GLASS
Ukraine, Zakarpatska region,
Svalyava, Kondratuk Str. 10
Mr. M. Volovik
Liquidator/Insolvency Manager
25002, Ukraine, Kirovograd region, a/b61
Phone: (0522) 22-51-38
ECONOMIC COURT OF ZAKARPATSKA REGION
88000, Ukraine, Uzhgorod,
Kotsubinski Str.2a
VOSTOK: Appoints Sergij Krasuk Insolvency Manager
-------------------------------------------------
The Economic Court of Poltava region declared Joint Enterprise
Commercial House Vostok (code EDRPOU 30068644) insolvent and
introduced bankruptcy proceedings on June 1, 2004. The case is
docketed as 7/298. Arbitral manager Mr. Sergij Krasuk (License
Number AA 249751 approved on October 19, 2001) has been
appointed liquidator/insolvency manager. The company holds
account number 26002100117715 at JSPPB Aval, MFO 331605.
CONTACT: JOINT ENTERPRISE COMMERCIAL HOUSE VOSTOK
37600, Ukraine, Poltava region,
Mirgorod, Gogol Str. 47/2
Mr. Sergij Krasuk
Liquidator/Insolvency Manager
36009, Ukraine, Poltava region,
S. Kondratenko, 6
ECONOMIC COURT OF POLTAVA REGION
36000, Ukraine, Poltava region,
Zigina Str. 1
ZORYA: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on Agricultural LLC Zorya (code EDRPOU
00697366) on July 12, 2004 and ordered a moratorium on
satisfaction of creditors' claims. The case is docketed as
5/130 B. Arbitral manager Mr. Vyacheslav Solovyov (License
Number AA 249689) has been appointed temporary insolvency
manager. Agricultural Zorya holds account number 260099801005
at Ukrsocbank, Slovyansk branch, MFO 334226.
CONTACT: AGRICULTURAL ZORYA
84187, Ukraine, Donetsk region,
Slovyanskij district, Malinivka, Lenin Str. 1
Mr. Vyacheslav Solovyov
Temporary Insolvency Manager
84333, Ukraine, Donetsk region,
Kramatorsk, a/b 1618
ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
===========================
U N I T E D K I N G D O M
===========================
ABBEY NATIONAL: Adopts Multi-manager Platform for SMOUT
-------------------------------------------------------
Abbey National has taken a further step in its program of moving
funds to a multi-manager platform with the announcement that,
from 1 September 2004, the management of the GBP160 million
Scottish Mutual Opportunity Unit Trust (SMOUT) will be split
equally between Goldman Sachs Asset Management and Invesco Asset
Management, on a sub-advisory basis.
The Scottish Mutual Opportunity Unit Trust is an aggressive fund
designed to provide investors with exposure to worldwide
securities markets. The fund has been managed by State Street
Global Advisors since January 2004 when Abbey moved to a third
party fund management model. At that time Abbey announced that
it was introducing a multi-manager approach to its bond and
equity-based Unit Linked Life & Pensions and Unit Trusts.
John Kelly Head of Client Investment at Abbey said: "After a
rigorous selection process, we are happy that in Goldman Sachs
Asset Management and Invesco we have found exceptional fund
managers with the ability to truly add value across the wide
range of asset opportunities available to this fund.
"The mandate we have given to them allows active stock
selection, active asset allocation and active currency overlay
to give the widest possible opportunity set to generate strong
longer term returns."
Goldman Sachs Asset Management and Invesco join eleven other
fund managers who are already managing multi-manager funds on
behalf of Abbeys retail customers. In March, Abbey appointed JP
Morgan Fleming, BGI and State Street as multi-managers for the
Abbey National U.K. Growth, one of the most important funds in
the portfolio. Further progress on the move to a multi-manager
is expected by the end of the year.
CONTACT: ABBEY NATIONAL
Christine McAllister, Media Relations
Phone: 0141 275 9411
Ian Villiers, Media Relations
Phone: 0207 756 4221
AC & DC: Sets Final Meeting of Members, Creditors September 21
--------------------------------------------------------------
The final meetings of the members and creditors of AC & DC
Technical Services Limited will be on September 21, 2004
commencing at 10:00 a.m. and 10:30 a.m. respectively. It will
be held at the offices of 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 or creditors 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 September 20, 2004.
CONTACT: HURST MORRISON THOMSON CORPORATE RECOVERY LLP
5 Fairmile, Henley on Thames,
Oxfordshire RG9 2JR
Liquidator:
P W Ellison
Phone: +44 (0) 1491 579866
Fax: +44 (0) 1491 573397
E-mail: hmt@hmtgroup.co.uk
ACTIONRANGE LIMITED: Liquidator to Present Report September 28
--------------------------------------------------------------
The final meetings of the members and creditors of Actionrange
Limited will be on September 28, 2004 commencing at 11:00 a.m.
and 11:15 a.m. respectively. It will be held at Allen House, 1
Westmead Road, Sutton, Surrey SM1 4LA.
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 or creditors who want to be
represented at the meeting may appoint proxies. Proxy forms
must be lodged with Turpin Barker Armstrong, Allen House, 1
Westmead Road, Sutton, Surrey SM1 4LA not later than 12:00 noon,
September 27, 2004.
CONTACT: TURPIN BARKER ARMSTRONG
Allen House
1 Westmead Road, Sutton,
Surrey SM1 4LA
Liquidator:
M C Armstrong
Phone: +44 (0) 20 8661 7878
Fax: +44 (0) 20 8661 0598
E-mail: tba@turpinba.co.uk
Web site: http://www.turpinba.co.uk
AIR TECH: Hires Smith & Williamson Liquidator
---------------------------------------------
At an Extraordinary General Meeting of the Air Tech
Environmental (Midlands) Limited Company on August 17, 2004 held
at No. 1 St Swithin Street, Worcester WR1 2PY, the subjoined
Extraordinary Resolution to wind up the company was passed.
Neil Francis Hickling of Smith & Williamson Limited, No. 1 St
Swithin Street, Worcester WR1 2PY has been appointed Liquidator
for the purpose of such winding-up.
CONTACT: SMITH & WILLIAMSON
No. 1 St. Swithin Street
Worcester WR1 2PY
Liquidator:
Neil Francis Hickling
Phone: 01905 730100
Fax: 01905 723502
Web site: http://www.smith.williamson.co.uk
AM PM: Members Pass Winding up Resolution
-----------------------------------------
At an Extraordinary General Meeting of the AM PM Services
Limited Company on August 13, 2004 held at 29-31 Greville
Street, London EC1N 8RB, the subjoined Extraordinary Resolution
to wind up the company was passed. Hasan Imam Mirza of Pridie
Brewster, Carolyn House, 29-31 Greville Street, London EC1N 8RB
has been appointed Liquidator for the purpose of such winding-
up.
CONTACT: PRIDIE BREWSTER
Carolyn House
29-31 Greville Street,
London EC1N 8RB
Liquidator:
Hasan Imam Mirza
Phone: 020 7831 8821
Fax: 020 7404 3069
E-mail: london@pridie-brewster.com
Web site: http://www.pridie-brewster.com
BEASLEYS COMMERCIALS: Hires Liquidators from P&A Partnership
------------------------------------------------------------
At an Extraordinary General Meeting of the Beasleys Commercials
Limited on August 13, 2004 held at Holiday Inn Nottingham/Derby,
Bostocks Lane, Sandiacre, Nottingham NG10 5NJ, the Extraordinary
Resolutions to wind up the company were passed. Allan Cooper
and Philip Andrew Revill of The P&A Partnership, 93 Queen
Street, Sheffield S1 1WF have been appointed as joint
liquidators of the company for the purpose of such winding-up.
CONTACT: THE P&A PARTNERSHIP
93 Queen Street
Sheffield S1 1WF
Liquidators:
Allan Cooper
Philip Andrew Revill
Phone: (0114) 275 5033
Fax: (0114) 276 8556
E-mail: info@poppletonappleby.co.uk
Web site: http://www.thepandapartnership.com
COVERHAUL LIMITED: Brings in Liquidators from Wilson Field
----------------------------------------------------------
At an Extraordinary General Meeting of the members of the
Coverhaul Limited on August 17, 2004 held at The Novotel,
Roysdale Way, Euroway Industrial Estate, Bradford BD4 6SA, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed. Lisa Hogg and David Field of Wilson Field, The
Annexe, The Manor House, 260 Ecclesall Road South, Sheffield S11
9UZ have been appointed Joint Liquidators for the purpose of
such winding-up.
CONTACT: WILSON FIELD
The Annexe
The Manor House
206 Ecclesall Road South,
Sheffield S11 9UZ
Liquidators:
Lisa Hogg
David Field
Web site: http://www.wilsonfield.co.uk
CREATIVE AUDIO: Final Members, Creditors Meeting September 30
-------------------------------------------------------------
The final meetings of the members and creditors of Creative
Audio Limited will be on September 30, 2004 commencing at 10:00
a.m. and 10:15 a.m. respectively. 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 or creditors 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 29, 2004.
CONTACT: BEGBIES TRAYNOR
The Old Exchange
234 Southchurch Road
Southend-on-Sea,
Essex SS1 2EG
Liquidator:
L D Baxter
Phone: 01702 467255
Fax: 01702 467201
Web site: http://www.begbies.com
DARLINGTON MAGNETIC: Appoints Liquidator from Marks Bloom
---------------------------------------------------------
Name of Companies:
Darlington Magnetic Imaging Limited
Guildford Magnetic Imaging Limited
Hertfordshire Magnetic Imaging Limited
Somerset MRI Centre Limited
York And North Yorkshire MRI Centre Limited
At an Extraordinary General Meeting of these Companies on July
30, 2004 held at St George's House, 3-5 Pepys Road, Raynes Park,
London SW20 8NG, the Special Resolutions to wind up the
companies were passed. Andrew John Whelan of Marks Bloom, 60-
62 Old London Road, Kingston upon Thames, Surrey KT2 6QZ has
been appointed Liquidator.
CONTACT: MARKS BLOOM
60-62 Old London Road,
Kingston upon Thames,
Surrey KT2 6QZ
Liquidator:
Andrew John Whelan
Phone: +44 (0) 20 85499951
Fax: +44 (0) 20 85496218
Web site: http://www.marksbloom.co.uk
EMI GROUP: French Subsidiary Fined for Anti-piracy Device on CDs
----------------------------------------------------------------
EMI France and Fnac, one of France's biggest music retailers,
stand to pay penalties after its effort to prevent CDs from
being pirated backfired.
Magistrate Alain Philibeaux on July 31 brought formal charges
against the firms after consumers complained CDs brought from
the companies could not be played on some car stereos and
computers, the Financial Times reports citing French sister
publication Les Echos.
The CDs are equipped with an anti-piracy device, created by a
company called Macrovision, which is designed to prevent them
being copied. But while preventing illegal mass distribution,
the measure also breaches the French 1985 "Loi Lang" named after
the then culture minister Jack Lang that authorizes the copying
of CDs for personal use.
The French competition and fraud office confirmed the CDs do not
work, and failed to meet technical regulations. If found
guilty, the two could pay a total of EUR187,000 (US$226,000) in
fines and interest payments, and be obliged to withdraw the CDs
from sale.
CONTACT: EMI GROUP PLC
27 Wright Ln.
London W8 5SW
United Kingdom
Phone: +44 20 7795 7000
Fax: +44 20 7795 7296
Web site: http://www.emigroup.com
ENTERTAINMENT NORTH: Director of Failed Touring Circus Banned
-------------------------------------------------------------
The director of a touring circus business, which failed with
total debts estimated at around GBP183,000, has given an
Undertaking not to hold directorships or take any part in
company management for 4 years.
The Undertaking by Anthony John Hopkins, 50, of Church Lane,
Crossgates, Leeds, was given in respect of his conduct as a
director of Entertainment North Limited, which carried on
business from premises at Arndale House, Station Road, Leeds,
LS15 8EY.
Acceptance of the Undertaking on July 21, 2004 prevents Anthony
John Hopkins from being a director of a company or, in any way,
whether directly or indirectly, being concerned in or taking
part in the promotion, formation or management of a company for
the above period.
Entertainment North Limited was placed into compulsory
liquidation by Order of the Leeds County Court on September 3,
2003 on the petition of the directors of the company. The
company has an estimated total deficiency of GBP182,884.
The Official Receiver at Leeds conducted the investigation and
disqualification procedure. The Insolvency Service, on behalf
of the Secretary of State for Trade & Industry, has
responsibility (under Section (6) of the Company Directors
Disqualification Act 1986) for the investigation of the conduct
of directors of failed companies and for the disqualification of
those who are considered to be unfit to be involved in the
management of companies in the future.
The matter of unfit conduct, not disputed by Anthony John
Hopkins solely for the purposes of the undertaking were, was
that he caused Entertainment to fail to comply with its
statutory obligations to H. M. Customs and Excise in that:
(a) He failed to ensure correct VAT returns were submitted for
the period from May 2001 to May 2002;
(b) He failed to submit VAT returns for the period June 2002 to
cessation of trading on 6 April 2003;
(c) He caused Entertainment to make payments amounting to
GBP455,777 during the period June 5, 2002 to June 18, 2003
of which only GBP10,498 was paid to H. M. Customs and Excise
in respect of VAT.
Note: Notwithstanding the Disqualification Undertaking, which
was accepted on July 21, 2004, Anthony John Hopkins has obtained
permission from Leeds District Registry to act as a director of
Fiesta Entertainments Limited (subject to conditions) until
October 5, 2004. The permission was granted pursuant to Section
17 of the Company Directors Disqualification Act 1986.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
Web site: criminal.allegations@insolvency.gsi.gov.uk
EXTRACHOICE LIMITED: Extraordinary Winding up Resolution Passed
---------------------------------------------------------------
At an Extraordinary General Meeting of the Extrachoice Limited
on August 13, 2004 held at 29-31 Greville Street, London EC1N
8RB, the subjoined Extraordinary Resolution to wind up the
company was passed. Hasan Imam Mirza of Pridie Brewster,
Carolyn House, 29-31 Greville Street, London EC1N 8RB has been
appointed Liquidator for the purpose of such winding-up.
CONTACT: PRIDIE BREWSTER
Carolyn House
29-31 Greville Street,
London EC1N 8RB
Liquidator:
Hasan Imam Mirza
Phone: 020 7831 8821
Fax: 020 7404 3069
E-mail: london@pridie-brewster.com
Web site: http://www.pridie-brewster.com
FAST TRACK: In Administrative Receivership
------------------------------------------
Bibby Factors Yorkshire Limited called in Carl Stuart Jackson
and Tina Yearsley as joint administrative receivers for Fast
Track Constructions Resourcing Limited (Reg No 4432538, Trade
Classification: 7450-Labor Recruitment). The application was
filed August 16, 2004.
CONTACT: TENON RECOVERY
Highfield Court
Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ
Joint Administrative Receivers:
Carl Stuart Jackson
Tina Yearsley
Phone: 023 8064 6464
Fax: 023 8064 6666
E-mail: southampton@tenongroup.com
Web site: http://www.tenongroup.com
G & L CONSTRUCTION: Winding up Resolutions Passed
-------------------------------------------------
At an Extraordinary General Meeting of the Members of the G & L
Construction (Southern) Limited Company on July 27, 2004 held at
La Fage, 12390, Anglars St Felix, France, the subjoined Special
and Ordinary Resolutions to wind up the company were passed.
Michael Robert Fortune of Fortune Peat, Abacus House, Acorn
Business Park, Tower Park, Poole, Dorset has been appointed
Liquidator of the Company.
CONTACT: FORTUNE PEAT
Abacus House
Acorn Business Park
Tower Park, Poole, Dorset
Liquidator:
Michael Robert Fortune
Phone: 01202 380300
Fax: 01202 380400
E-mail: mikefortune@fortunepeat.co.uk
Web site: http://www.fortunepeat.co.uk
HEART OF MIDLOTHIAN: Sells Tynecastle to Cala for GBP22 Mln
-----------------------------------------------------------
Hearts of Midlothian enters into a conditional agreement to sell
Tynecastle to Cala Management Limited (subject to the granting
of residential consents) for GBP22 million in cash, subject to
possible adjustment (up or down) based on the ultimate terms of
the planning permission (subject to a minimum price of GBP20.5
million).
Tynecastle was valued by property consultants at GBP16 million
based on market value at 30 July 2004. Proceeds from the
Disposal will be used to reduce the Company's outstanding debts
due to the Bank and SMG under the terms of its Loan Stock.
The Clubs unaudited borrowings at 18 August 2004 stand at
GBP13.7 million together with SMG's Loan Stock of GBP5.4
million. The Club retains the right to withdraw from the
Disposal Agreement on or before 31 January 2005. If the Board
exercise this right it must reimburse to Cala its reasonably
incurred costs (capped at GBP75,000).
Agreement has been reached with the SRU for the use of
Murrayfield Stadium.
A Revised Bank Facility (conditional upon Shareholder approval
of the Disposal) is provided which should provide the Group
prior to Settlement and thereafter the Continuing Group with
sufficient working capital for its present requirements.
Without the provision of the Revised Bank Facility, the existing
bank facilities will expire on 13 September 2004. In this case,
the Company would not have sufficient working capital for its
present requirements.
Voting commitments in respect of 5,859,890 Ordinary Shares
(46.3% of the total issued share capital) to vote in favor of
the Disposal and the Murrayfield Agreement have been received.
Commenting on the transaction, George Foulkes, Chairman of
Hearts, stated that: "In the current circumstances, I believe
that the proposals we publish are in the best interests of
Hearts, its shareholders and supporters. The proposals have the
unanimous support of the Board.
"These are prudent and sensible actions which address two
unavoidable truths -- that Tynecastle is not presently
commercially viable and that Hearts must agree the sale of the
stadium now to ensure we have sufficient working capital to
continue to trade.
"Our proposals include a condition which allows us to withdraw
from the sale of Tynecastle before January 31, 2005 if a
financially viable alternative is acceptable to us.
"If no preferred alternative is found by January 31 -- and no-
one should give supporters false hope that this is possible --
the sale of Tynecastle on these terms and the ground share at
Murrayfield offers Hearts the resources and further time to
search for and develop a home which meets the expectations of
our supporters.
"Murrayfield offers exceptional facilities for both players and
spectators and its extended suite of corporate hospitality rooms
will benefit the club."
CONTACT: HEARTS OF MIDLOTHIAN
George Foulkes/Chris Robinson
Phone: 0131 200 7245
Naill Scott
Beattie Media
Phone: 07711 223062
ICLC LIMITED: Sets Both Members, Creditors Meetings September 21
----------------------------------------------------------------
The meetings of the members and creditors of ICLC Limited will
be on September 21, 2004 commencing at 11:00 a.m. and 11:15 a.m.
respectively. It will be held at the offices of Vantis Business
Recovery, Torrington House, 47 Holywell Hill, St Albans,
Hertfordshire AL1 1HD.
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 or creditors who want to be
represented at the meeting may appoint proxies. Proxy forms
must be lodged with Vantis Business Recovery, Torrington House,
47 Holywell Hill, St Albans, Hertfordshire AL1 1HD not later
than 12:00 noon, September 20, 2004.
CONTACT: VANTIS BUSINESS RECOVERY
Torrington House
47 Holywell Hill, St Albans,
Hertfordshire AL1 1HD
Liquidator:
M W Young
Phone: 01727 811111
Fax: 01727 810057
E-mail: mike.young@vantisplc.com
Web site: http://www.vantismt.com
INDEPENDENT ABRASIVES: Winding up Resolutions Passed
----------------------------------------------------
At an Extraordinary General Meeting of the Independent Abrasives
Warehouse Limited on August 16, 2004 held at Mazars, Sovereign
Court, Witan Gate, Central Milton Keynes MK9 2HP, the Ordinary
and Extraordinary Resolutions to wind up the company were
passed. Martin Dominic Pickard of Mazars, The Atrium, Park
Street West, Luton, Bedfordshire LU1 3BE has been appointed
Liquidator of the Company for the purpose of the voluntary
winding-up.
CONTACT: MAZARS
The Atrium
Park Street West,
Luton, Bedfordshire LU1 3BE
Liquidator:
Martin Dominic Pickard
Phone: 01582 700700
Fax: 01582 700701
Web site: http://www.mazars.co.uk
LINNEL LIMITED: Members, Creditors Meeting September 23
-------------------------------------------------------
The final meetings of the members and creditors of Linnel
Limited will be on September 23, 2004 commencing at 10:00 a.m.
and 10:30 a.m. respectively. It will be held at Wilson Pitts,
Glendevon House, Hawthorn Park, Coal Road, Leeds LS14 1PQ.
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 or creditors who want to be
represented at the meeting may appoint proxies. Proxy forms
must be lodged with Wilson Pitts, Glendevon House, Hawthorn
Park, Coal Road, Leeds LS14 1PQ not later than 12:00 noon,
September 22, 2004.
CONTACT: WILSON PITTS
Glandevon House
Hawthorn Park,
Coal Road,
Leeds LS14 1PQ
Joint Liquidator:
J N R Pitts
Phone: 0113-2375560
Fax: 0113-2375561
Web site: http://www.wilson-pitts.co.uk
LOCATION WORKS: Members OK Extraordinary Winding up Resolution
--------------------------------------------------------------
At an Extraordinary General Meeting of the Location Works
Limited Company on August 12, 2004 held at The Bonnington Hotel,
92 Southampton Row, London WC1B 4BH, the subjoined Extraordinary
Resolution to wind up the company was passed. Lloyd Biscoe of
Begbies Traynor, The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG has been appointed Liquidator for
the purpose of such winding-up.
CONTACT: BEGBIES TRAYNOR
The Old Exchange
234 Southchurch Road
Southend-on-Sea,
Essex SS1 2EG
Liquidator:
Lloyd Biscoe
Phone: 01702 467255
Fax: 01702 467201
Web site: http://www.begbies.com
MG ROVER: Belies Rumored Takeover by Chinese Partner
----------------------------------------------------
Birmingham-based MG Rover denied reports it is to be gradually
taken over by Chinese business partner Shanghai Automotive
Industry Corporation, according to icBirmingham.co.uk.
Reports in a European automotive trade publication previously
quoted a source saying he sees China's biggest vehicle maker
building stakes in MG Rover in the coming years. MG Rover
Chairman John Towers rejected the report saying it has no basis.
According to him, the subject of Shanghai Automotive taking a
minority or controlling stake in the company has never come up
in his discussions with executives at the other firm.
The two signed cooperation agreement two months ago to develop
new models. They are both waiting for the Chinese government to
give its final approval of the partnership. Executives from the
two companies are scheduled to visit Poland to assess
manufacturing potential of Daewoo FSO in Warsaw.
CONTACT: MG Rover Group Limited
Longbridge, Bickenhill
Birmingham B31 2TB
United Kingdom
Phone: +44 121 475 2101
Fax: +44 121 482 2403
Web site: http://www1.mg-rover.com
MIKTO LIMITED: Sets Final Meetings September 30
-----------------------------------------------
The final meetings of Mikto Limited and its creditors will be on
September 30, 2004 commencing at 10:00 a.m. and 10:15 a.m.
respectively. It will be held at Southfield House, 11 Liverpool
Gardens, Worthing, West Sussex BN11 1RY.
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. Creditors who want to be represented
at the meeting may appoint proxies. Proxy forms must be lodged
with Numerica, 4th Floor, Southfield House, 11 Liverpool
Gardens, Worthing, West Sussex BN11 1RY not later than 12:00
noon, September 29, 2004.
CONTACT: NUMERICA
4th Floor, Southfield House,
11 Liverpool Gardens, Worthing,
West Sussex BN11 1RY
Liquidator:
Colin Ian Vickers
Phone: 01903 222500
Fax: 01903 207009
Web site: http://www.numerica.biz
NEW CARLTON: Calls in Liquidator
--------------------------------
At an Extraordinary General Meeting of The New Carlton Ballroom
Limited Company on August 10, 2004 held at Lewis Alexander &
Collins, 103 Portland Street, Manchester M1 6DF, the Special
Resolution to wind up the company was passed. Michael David
Alexander and Stephen Hoffman of Lewis Alexander & Collins, 103
Portland Street, Manchester M1 6DF have been appointed
Liquidators for the purpose of such winding-up.
CONTACT: LEWIS ALEXANDER & COLLINS
103 Portland Street,
Manchester M1 6DF
Liquidators:
Michael David Alexander
Stephen Hoffman
Phone: 0161 2365175
OAKLAND MACHINE: Names Haines Watts Liquidator
----------------------------------------------
At an Extraordinary General Meeting of the Oakland Machine Tools
(Yorkshire) Limited on August 12, 2004 held at Haines Watts,
First Floor, Park House, Park Square West, Leeds LS1 2PS, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed. David Michael Clements and John David Travers have
been appointed Joint Liquidators for the purpose of such
winding-up.
CONTACT: HAINES WATTS
First Floor,
Park House,
Park Square West,
Leeds LS1 2PS
Phone: 0113 398 1100
Fax: 0113 398 1101
Web site: http://www.hwca.com
ORPINGTON GLASS: Hires Liquidator from Pridie Brewster
------------------------------------------------------
At an Extraordinary General Meeting of the Orpington Glass Works
Limited on August 12, 2004 held at 29-31 Greville Street, London
EC1N 8RB, the subjoined Extraordinary Resolutions to wind up the
company was passed. Hasan Imam Mirza of Pridie Brewster,
Carolyn House, 29-31 Greville Street, London EC1N 8RB has been
appointed Liquidator for the purpose of such winding-up.
CONTACT: PRIDIE BREWSTER
Carolyn House
29-31 Greville Street,
London EC1N 8RB
Liquidator:
Hasan Imam Mirza
Phone: 020 7831 8821
Fax: 020 7404 3069
E-mail: london@pridie-brewster.com
Web site: http://www.pridie-brewster.com
OSKA MOORE: Final Meeting of Members, Creditors September 28
------------------------------------------------------------
The final meetings of the members and creditors of Oska Moore
Limited will be on September 28, 2004 commencing at 10:00 a.m.
and 10:30 a.m. respectively. It will be held at the offices of
Mazars, The Atrium, Park Street West, Luton LU1 3BE.
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 or creditors who want to be
represented at the meeting may appoint proxies. Proxy forms
must be lodged with Mazars, The Atrium, Park Street West, Luton
LU1 3BE not later than 12:00 noon, September 27, 2004.
CONTACT: MAZARS
The Altrium,
Park Street West,
Luton LU1 3BE
Liquidator:
M D Pickard
Phone: 01582 700700
Fax: 01582 700701
Web site: http://www.mazars.co.uk
PERTH SECURITY: Names PricewaterhouseCoopers Liquidator
-------------------------------------------------------
At an Extraordinary General Meeting of the Perth Security
Solutions Limited on August 16, 2004 held at 101 Barbirolli
Square, Lower Mosley Street, Manchester M2 3PW, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
David Thornhill and Michael Horrocks, of PricewaterhouseCoopers
LLP have been appointed Joint Liquidators of the Company for the
purpose of its voluntary winding-up.
CONTACT: PRICEWATERHOUSECOOPERS LLP
101 Barbirolli Square
Manchester, M2 3 PW
Joint Liquidators:
David Thornhill
Michael Horrocks
Phone: 0161 245 2225
Fax: 0161 245 2828
Web site: http://www.pwc.com
PICO ESTIL: Hires Liquidator from Ernst & Young
-----------------------------------------------
At a meeting of the Pico Estil Control Systems, the Special,
Ordinary and Extraordinary Resolutions to wind up the company
were passed. Martin Fishman and Elizabeth Anne Bingham of Ernst
& Young LLP, 1 More London Place, London SE1 2AF have been
appointed Liquidators for the purpose of such winding-up.
CONTACT: ERNST & YOUNG LLP
1 More London Place
London SE1 2AF
Liquidators:
Elizabeth A Bingham
Martin Fishman
Phone: +44 [0] 20 7951 2000
Fax: +44 [0] 20 7951 1345
Web site: http://www.ey.com
RADIO EDINBURGH: Liquidator to Present Final Report August 31
-------------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Radio Edinburgh Limited
Notice is hereby given, pursuant to Section 146 of the
Insolvency Act 1986, that the Final Meeting of Creditors of
Radio Edinburgh Limited will be held within the offices of PKF,
Chartered Accountants, 17 Rothesay Place, Edinburgh, EH3 7SQ on
August 31, 2004 at 12:00 noon for the purposes of receiving the
Liquidator's Report on the conduct of the winding-up, to
determine the manner in which the books, accounts and documents
of the Company should be disposed, and determining whether, in
terms of Section 174 of the Insolvency Act 1986, the Liquidator
should receive his release.
Any creditor entitled to attend and vote at the meeting is
entitled to appoint a proxy to attend and vote in their stead,
and such proxy need not be a creditor. Proxies at the Meeting
must be lodged with me at PKF, Chartered Accountants, PKF, 17
Rothesay Place, Edinburgh, EH3 7SQ, before or at the Meeting.
Robert W. Barclay
July 13, 2004
CONTACT: PKF
17 Rothesay Place
Edinburgh EH3 7SQ
Phone: 0131 2253688
Fax: 0131 2256017
E-mail: info.edinburgh@uk.pkf.com
Web site: http://www.pkf.co.uk
SGR TECHNOLOGY: General Members Meeting Tuesday Next Week
---------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF SGR Technology Limited
(In Creditors' Voluntary Liquidation)
Notice is hereby given pursuant to Section 106 of the Insolvency
Act 1986, that a general meeting of the members of SGR
Technology Limited will be held at Bruntsfield House, 6
Bruntsfield Terrace, Edinburgh, EH10 4EX on August 31, 2004 at
10:30 a.m. to be followed at 10:45 a.m. by the final meeting of
creditors for the purposes of having an account laid before
them, showing how the winding up of the company has been
conducted and the property of the company has been disposed of
and of hearing any explanations that may be given by the
liquidator.
K. V. Anderson, Liquidator
July 14, 2004
CONTACT: SCOTT & PATERSON
Conference House
152 Morrison Street
The Exchange
Edinburgh EH3 8EB
Phone: 0131 248 2638
Fax: 0131 248 2608
E-mail: mail@scottandpaterson.co.uk
Web site: http://www.scottandpaterson.co.uk
SPEED 8722: Former Boss Gets 3-year Ban from Holding Office
-----------------------------------------------------------
The director of a recruitment agency business that failed with
total debts estimated at around GBP160,000 has given an
Undertaking not to hold a directorship or take any part in
company management for 3-1/2 years.
The Undertaking by Paul Brian Westwood, 36, of Yale Drive,
Wednesfield, West Midlands, was given in respect of his conduct
as a director of Speed 8722 Limited (Speed), which carried out
business from premises at 22 New Road, Willenhall, West
Midlands.
Acceptance of the Undertaking on August 16, 2004 prevents Paul
Brian Westwood from being a director of a company or, in any
way, whether directly or indirectly, being concerned or taking
part in the promotion, formation or management of a company for
the above period.
Speed 8722 Limited was placed into voluntary liquidation on
August 22, 2002 with estimated debts of GBP160,000 owed to
creditors.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.
The matter of unfit conduct, not disputed by Paul Brian
Westwood, was that he caused Speed to trade at the risk, and to
the detriment, of the Crown departments.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
Web site: criminal.allegations@insolvency.gsi.gov.uk
TAMOQUEST LIMITED: Final Creditors Meeting Set August 31
--------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Tamoquest Limited
Notice is hereby given, pursuant to Section 146 of the
Insolvency Act 1986, that the Final Meeting of Creditors of
Tamoquest Limited will be held within the offices of PKF,
Chartered Accountants, 17 Rothesay Place, Edinburgh, EH3 7SQ on
August 31, 2004 at 11:30 a.m. for the purposes of receiving the
Liquidator's Report on the conduct of the winding-up, to
determine the manner in which the books, accounts and documents
of the Company should be disposed, and determining whether, in
terms of Section 174 of the Insolvency Act 1986, the liquidator
should receive his release.
Any creditor entitled to attend and vote at the meeting is
entitled to appoint a proxy to attend and vote in their stead,
and such proxy need not be a creditor. Proxies at the Meeting
must be lodged with me at PKF, Chartered Accountants, PKF, 17
Rothesay Place, Edinburgh, EH3 7SQ, before or at the Meeting at
which it is to be used.
Robert W. Barclay
July 13, 2004
CONTACT: PKF
17 Rothesay Place
Edinburgh EH3 7SQ
Phone: 0131 2253688
Fax: 0131 2256017
E-mail: info.edinburgh@uk.pkf.com
Web site: http://www.pkf.co.uk
TEMPLERIDGE LIMITED: Appoints Moore Stephens Liquidator
-------------------------------------------------------
At an Extraordinary General Meeting of the Templeridge Limited
Company on July 26, 2004 held at Moore Stephens Corporate
Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3
1PB, the Ordinary and Extraordinary Resolutions to wind up the
company were passed. Roderick Graham Butcher, of Moore Stephens
Corporate Recovery, Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB has been appointed liquidator of the company
for the purpose of the voluntary winding-up.
CONTACT: MOORE STEPHENS CORPORATE RECOVERY
Beaufort House
94-96 Newhall Street,
Birmingham B3 1PB
Liquidator:
Roderick Graham Butcher
Phone: 0121 233 2557
Web site: http://www.moorestephens.co.uk
TOAD MARKETING: Hires Liquidators from Poppleton & Appleby
----------------------------------------------------------
At an Extraordinary General Meeting of the Toad Marketing
Limited on August 16, 2004 held at Poppleton & Appleby, Brampton
House Mews, 10 Queen Street, Newcastle under Lyme, Staffordshire
ST5 1ED, the Extraordinary Resolution to wind up the company was
passed. Ian Michael Rose and Robert Michael Young of Poppleton
& Appleby, Brampton House Mews, 10 Queen Street, Newcastle under
Lyme, Staffordshire ST5 1ED have been appointed Joint
Liquidators for the purpose of such winding-up.
CONTACT: POPPLETON & APPLEBY
Brampton House Mews
10 Queen Street,
Newcastle under Lyme
Staffordshire ST5 1ED
Liquidators:
Ian Michael Rose
Robert Michael Young
Phone: (01782) 382930
Fax: (01782) 382931
E-mail: info@pandapotteries.co.uk
Web sites: http://www.pandbirmingham.co.uk
http://www.thepotterieshasit.co.uk/poppleton/index.asp
UNIVERSAL SECURITIES: Members Final Meeting Set September 23
------------------------------------------------------------
The final meeting of the members of Universal Securities
Services Group Limited will be on September 23, 2004 commencing
at 2:30 p.m. It will be held at the offices of Moore Stephens
Corporate Recovery, Victory House, Admiralty Place, Chatham
Maritime, Kent ME4 4QU.
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 Moore Stephens Corporate Recovery, Victory House, Admiralty
Place, Chatham Maritime, Kent ME4 4QU not later than 12:00 noon,
September 22, 2004.
CONTACT: MOORE STEPHENS
Corporate Recovery
Victory House
Admiralty Place,
Chatham Maritime,
Kent ME4 4QU
Liquidator:
S G Paterson
Web site: http://www.moorestephens.co.uk
*********
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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