/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/040916.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, September 16, 2004, Vol. 5, No. 184 Headlines F I N L A N D BENEFON OYJ: Calls for EGM to Approve Amendments to Rights Issue BENEFON OYJ: Revives Share-swap Offer to Ismap F R A N C E LUSTUCRU RIZ: Workers Appeal Redundancy Plan TATI: Brings Action to Secure Release of Stocks Held by Giraud VIVENDI UNIVERSAL: Posts EUR1.9 Bln Net Loss for First Half G E R M A N Y BUSCHMANN & FISCHER: Last Day for Filing Claims October 8 ELDRIVE DEUTSCHLAND: Under Bankruptcy Administration GEORG DAETER: Arnsberg Court Appoints Insolvency Manager KIRSCH GMBH: Administrator's Report Out November 3 STRELHAUS GMBH: Deadline for Filing Claims November 19 STROHSCHNITTER GMBH: Files for Bankruptcy TRUNZIGER LANDSCHAFTSBAU: First Creditors Meeting November 18 WEMAG ENGINEERING: Last Day for Filing Claims October 4 WEMAG MASSEN: Cottbus Court Appoints Insolvency Manager I T A L Y ALITALIA SPA: Reaches Vital Agreement with Pilots ALITALIA SPA: Misses Deadline to Strike Accord with Labor Unions APRILIA: 'It's Not Yet Over,' Says Ducati Chairman INTER AUTO: Long-term Corporate Rating Affirmed; Outlook Stable PARMALAT U.S.A.: Wants to Amend Receivables Purchase Agreement K Y R G Y Z S T A N ARGENTUM: To Review Proofs of Claim November 3 HOMAIUN: Files for Insolvency KAINAR: Sets Claims Review Date SHAFI AND SUNS: To Review Proofs of Claim November 3 N E T H E R L A N D S GETRONICS N.V.: Launches New Portfolio of Solutions, Services ROYAL SHELL: E.U. OKs Sale of Business Interests in Portugal P O L A N D DAEWOO-FSO: Future Depends on Success of Debt Restructuring R O M A N I A S.C. TERMOELECTRICA: S&P Ups Senior Unsecured Rating to 'BB+' R U S S I A AROMASHEVSKIE ELECTRIC: Tyumen Court Appoints Insolvency Manager BALT-FURNITURE: Names D. Kiselev Insolvency Manager ENERGO-SERVICE: Undergoes Bankruptcy Supervision Procedure KIMRSKY MEAT: Insolvency Manager Takes over Helm KIROVSKOYE ENTERPRISE: Court Sets December 10 Hearing MAYKOPSKY MACHINE-TOOL: Bankruptcy Proceedings Begin OMEGA: Sverdlovsk Court Opens Bankruptcy Proceedings RYAZHSK-AGRO-KHIM: Appoints A. Kochetkov Insolvency Manager VODOKANAL: Last Day for Filing Claims September 23 YUGRA-ALCOHOL: Declared Insolvent S W I T Z E R L A N D CONVERIUM AG: Financial Strength Rating Slides to 'BB+' CONVERIUM AG: Rated 'BBB'; CreditWatch Revised to Developing U K R A I N E AERODORBUD-870: Court Brings in Insolvency Manager ALMA: Donetsk Court Opens Bankruptcy Proceedings AUTO 0511: Court Orders Debt Moratorium DNIPROLINK: Court Names Svitlana Babich Liquidator FORWARD: Proofs of Claim Deadline September 26 LASTAR: Temporary Insolvency Manager Takes over Helm LINKOMS-TARA: Insolvent Status Confirmed LUBOTINSKIJ SAD: Bankruptcy Supervision Begins NOMINAL-2000: Under Bankruptcy Supervision ZMIYIVSKA VEGETABLE: Declared Insolvent U N I T E D K I N G D O M 38 CHARTERHOUSE: Extraordinary Winding up Resolutions Passed ABBEY NATIONAL: HBOS Close to Making Bid, Report Says BROADWAY HAULAGE: Hires Joint Liquidator from CBA DANEGROVE LIMITED: Calls in Liquidator from BRI Business DORLAND INVESTMENTS: General Meeting Set October 18 DOUGLAS STAFFORD: Appoints Administrators from Tenon Recovery EICOM PLC: Creditors Okay Voluntary Arrangement GLIXTONE LIMITED: Names PricewaterhouseCoopers Administrator GN INVESTMENTS: Final Members Meeting October 12 HARLEYS LTD.: First Liquidation Meeting Set September 20 HEARTS OF MIDLOTHIAN: Tynecastle Sale Okayed Amidst Opposition HUGH MACKAY: Carpet Business for Sale ION AP: Automotive Hose Manufacturer for Sale J.A.P.P. LIMITED: Sets General Meeting October 25 KENWORTH INDUSTRIES: Names Smith & Williamson Administrator LAURA ASHLEY: Implementing Redundancies at Welsh Plants MG ROVER: In Talks to Save Distribution Deal with Tata MOTOR REPAIR: Hires Ernst & Young as Administrator MYRATECH.NET PLC: Shareholders Okay Capital Reconstruction NORTHWICH VICTORIA: Names Begbies Traynor Administrator PSSU LIMITED: Hires Hurst Morrison Thomson as Administrator SWIMMING NATURE: Calls in Joint Administrators WHYTOCK & REID: Parts with Remaining Properties ********* ============= F I N L A N D ============= BENEFON OYJ: Calls for EGM to Approve Amendments to Rights Issue ---------------------------------------------------------------- Background The extraordinary general meeting of February 26, 2004, among other matters, decided within the significant financing arrangement, being part of the reorganization solution of the company, to offer the 50,290,574 shares left unsubscribed in the share issue offered to the creditors for subscription to the old shareholders registered on February 16, 2004. The subscription price was decided to be EUR0.22649839 per share and the share subscription period was decided to be June 1-30, 2004. The general meeting of February 26, 2004 decided further to offer for subscription by key personnel, nominated by the Board, at the employ of or to be employed by Benefon Oyj or its subsidiaries, option rights corresponding to the amount of shares left unsubscribed by shareholders in the said issue. Each option right entitles to subscribe one new S-share of the company at the subscription price of EUR0.22. Therefore, the total number of the offered option rights is a maximum of 50,290,574. The subscription period for option rights began on July 5, 2004 and it will end on November 30, 2004. The share subscription period with the options will begin on December 1, 2004 and end on January 31, 2008. The Board was authorized to decide the details of offering the options. The annual general meeting of May 28, 2004 decided to postpone the shareholder issue over the vacation period so that the subscription period for the shareholders of a minimum of two weeks will end at the latest on October 29, 2004, and that the shares left unsubscribed in the shareholder issue may with a Board decision be offered for subscription to outside investors after the end of the subscription period to shareholders but otherwise with same terms. The shares subscribed by investors will correspondingly decrease the amount of options reserved for personnel. Situational Assessment by the Board In considering the implementation of the shareholder issue, the Board has concluded that the share subscription price of about EUR0.23 decided in the winter is not appropriate in these times. Therefore, the Board has decided to call an extraordinary general meeting to resolve the proposal of the Board to amend the share subscription price in the issue. The Board Proposals to the General Meeting The Board proposes that the subscription price for the not more than 50,290,574 S-shares offered in the shareholder issue would be amended to be the trading volume weighted average price of the S-share of the company, traded on the I-list of Helsinki Exchanges, in the period of September 22 to October 8, 2004, discounted by 15% and rounded down to the nearest lower full eurocent, but not more than the previously decided EUR0.22649839, however. In addition, the Board proposes to the general meeting that the exercise price with the options reserved for personnel according to the amount of shares left unsubscribed in the shareholder issue and in the possible subsequently offered issue to investors would be amended to be the same as the proposed amended share subscription price in the shareholder issue but not more than the previously decided 0.22 cents per share, however. The Board has not yet decided whether it will use its authority to offer shares left unsubscribed in the shareholder issue to outside investors but will make the decision when the share subscription price has been determined and when there is a fair view about the amount of subscriptions made by the shareholders. Calling a General Meeting The Board has in its meeting on Friday decided to call an extraordinary general meeting to convene on September 30, 2004 at 15:30 hours Finnish time to resolve the proposals of the Board about the arrangement of the shareholders' rights issue outlined above. The meeting will be held at the company's premises in Salo in address Meriniitynkatu 11, 24100 Salo, Finland. Documents on View Copies of the Board proposals will be available for shareholders' view from September 23, 2004 onwards at the company headquarters in Salo, Meriniitynkatu 11, 24100 Salo. The company will send copies of the documents to shareholders upon request. Right to Participate in the Meeting Shareholder who has been registered as a shareholder in the company's shareholder register maintained by the Finnish Central Securities Depository Ltd. at the latest of September 20, 2004 have the right to participate in the general meeting. In addition, a shareholder whose shares have not been transferred to the book-entry system, has the right to participate in the general meeting provided that the shareholder had been registered in the company share register before October 7, 1994, in which case the shareholder must present at the general meeting his share certificate or other documentation indicating that title to the shares has not been transferred to the book- entry system. Should a shareholder, whose shares are in administrative registration, want to use their voting rights in the general meeting, such shareholder needs to establish his ownership and voting rights to the company in writing at the latest of September 20, 2004. Notice of Intention to Participate Shareholders who wish to participate in the general meeting must announce their intention at the latest of September 27, 2004. Any eventual powers of attorney are requested to be delivered into the above-mentioned address within the notice time. Salo, September 10, 2004 Benefon Oyj Tomi Raita, Chief Executive Officer CONTACT: BENEFON OYJ PL 84, 24101 Salo, Finland Minna Suokas Phone: +358-2-77400 Fax: +358-2-7332633 E-mail: minna.suokas@benefon.fi BENEFON OYJ: Revives Share-swap Offer to Ismap ---------------------------------------------- On January 2, 2003, Benefon Oyj made public an offer sent to shareholders of Ismap S.A. of Marseille, France, about a share swap in which Ismap shareholders were offered 400,000 new Benefon S-shares for all Ismap shares. A prerequisite for the offered share swap was that a majority of Ismap shareholders holding a minimum of 95% of all Ismap shares accept the offer. On February 3, 2003, Benefon informed that virtually all Ismap shareholders had accepted the offer so that 99.39% of all Ismap shares would be in the share swap. Benefon had committed to buy the remaining 0.61% of Ismap shares in cash. The share swap was targeted for completion in February 2003, but with the delay of the financing solution under negotiation, the company announced on March 19, 2003 the postponement of the share swap until a realized financing solution, which was received with the reorganization solution in spring 2004. The equity placement making the core of the said financing solution included a term to renew the Ismap acquisition offer. Based on the above, the company on September 14 sent a renewed share swap offer for the entire Ismap stock. The terms of the offer are in broad terms equal to the previous offer except that the required acceptance majority has been amended from previous 95% to 80% of all Ismap stock. The company offers to buy the remaining not more than 20% of Ismap shares at 0.17 euros for each block of Ismap shares entitling to one Benefon share according to the swap offer. Therefore, the purchase price for the not more than 20% of the entire Ismap stock is a maximum of EUR13,600. The submitted offer is valid until October 29, 2004. Provided the required acceptance majority of the offer has been reached by that date, the company will without undue delay arrange to the Ismap shareholders accepting the offer a directed share issue by virtue of the authorization the Board of the company received from the annual general meeting of May 28, 2004, in deviation from the shareholders' first subscription right, and in which share issue Ismap shareholders will pay their subscriptions of Benefon shares with Ismap shares, as contribution in kind. According to the offer, in this case the depicted share swap and the purchase of the remaining Ismap shares in cash shall take place by December 30, 2004. BENEFON OYJ Tomi Raita, Chief Executive Officer CONTACT: BENEFON OYJ P.O. Box 84 Meriniitynkatu 11 FIN-24101 Salo, Finland Phone: +358-2-77 400 Fax: +358-2-733 2633 Web site: http://www.benefon.com =========== F R A N C E =========== LUSTUCRU RIZ: Workers Appeal Redundancy Plan -------------------------------------------- The works council of Arles, France-based rice producer Lustucru Riz plans to appeal the management's redundancy plan, Le Figaro says. The move came after Lustucru's parent, French rice and pasta group Panzani, decided to close the site. The management says the redundancy plan is no longer negotiable. The company's employees have been occupying the site since March, when the closure was announced. The company decided to cease operations after a flood hit the factory in December. CONTACT: LUSTUCRU RIZ 4 Rue Boileau 69006 Lyon 06 Web site: http://lusturizvivra.free.fr TATI: Brings Action to Secure Release of Stocks Held by Giraud -------------------------------------------------------------- The administrators of discount clothing retailer Tati filed Monday a summary action with the Paris regional court against French transport group Giraud Logistique, Les Echos says. The court will hear today Tati's petition to compel Giraud to release its stocks. In February 2000, Tati outsourced its logistics and storage activities to Giraud for a six-year period. For several weeks now, Tati employees demanding reinstatement to their jobs have been blockading Giraud Logistique's warehouses. CONTACT: TATI 4 Boulevard Rochechouart 75018 Paris 18 Phones: 01 55 29 50 00 01 58 22 28 90 01 56 80 06 80 01 53 80 97 70 01 53 01 24 90 E-mail: contact@tati.fr Web site: http://www.tati.fr FABIO LUCCI VETURA 81 Rue Cartier Bresson 93697 Pantin Cedex Phone: 01 48 44 90 90 Fax: 01 48 43 40 34 Web site: http://www.vetura.fr GIRAUD LOGISTIQUE S.A. Rue Charles Voisin BP 42160 Andrezieux Boutheon Phone: 04 77 36 26 40 Fax: 04 77 36 26 49 VIVENDI UNIVERSAL: Posts EUR1.9 Bln Net Loss for First Half ----------------------------------------------------------- Highlights of first-half 2004 results: (a) Operating income of EUR1,818 million, (i) up 8% on an actual basis, (ii) up 39% on a pro forma1 basis, (iii) up 30% on a comparable2 basis (b) Positive Adjusted net income[3] of EUR467 million, versus a loss of EUR14 million. (c) Net loss of EUR1,858 million, mainly negatively impacted by the non-cash foreign currency translation adjustment on the NBC-Universal transaction (EUR2,105 million). This result does not take into account the Consolidated Global Profits tax system. (d) Consolidated cash flow from operations[4] of EUR2,487 million, (i) up 12% on an actual basis, (ii) up 52% on a pro forma basis, (iii) up 24% on a comparable[2] basis (e) Proportionate cash flow from operations5 of EUR1,688 million, (i) up 25% on an actual basis, (ii) up 124% on a pro forma1 basis, (iii) up 60% on a comparable[2] basis (f) Net debt[6] reduced to EUR6.4 billion on June 30, 2004, versus EUR11.6 billion on December 31, 2003. Vivendi Universal raises its full year 2004 guidance: (a) Adjusted net income[3]: above 1 billion. (b) Operating income: strong growth on a pro forma[1] basis, close to 2003 on an actual basis, in spite of VUE's deconsolidation. (c) Cash flow from operations: growth on a pro forma1 basis, slight decline on an actual basis, in spite of a significantly reduced scope. (d) Net debt[6]: below EUR5 billion (when including the proceeds from the sale of Veolia Environnement). And confirms that it will be in a position to pay a dividend in 2005, based on 2004 earnings. Comments by Jean-Rene Fourtou, Chairman and Chief Executive Officer: "Operating results for the first half of 2004 show strong progress, reflecting our focus on the management of our activities. [The] results confirm that Canal+ Group and Universal Music Group's turnarounds are on the right track. SFR Cegetel and Maroc Telecom's operating results improved compared to last year. Concerning Vivendi Universal Games, we appointed a new management team at the beginning of the year in order to reshape the company. Furthermore, I am very pleased with our cooperation with NBC Universal's teams. This year, among all that has been accomplished, I would like to highlight the completion of the NBC-Universal transaction, leading to the creation of one of the most profitable U.S. media companies, in which Vivendi Universal holds a 20% control. Also among the highlights, is the authorization by the French Administration to file under the Consolidated Global Profits tax system. This tax system enables Vivendi Universal to accelerate the use of its past net losses. We estimate a EUR3.8 billion tax savings over the next 6 to 7 years. The Consolidated Global Profits tax system reinforces the group's Media and Telecommunications businesses. [T]he reorganization of Vivendi Universal is almost complete. Its financial position is restored. Vivendi Universal's strategy is to strengthen its position among the European leaders in Media and Telecoms. We continue to pursue organic development in our fields: pay-TV, music, games and Telecom. Our priority is to improve our activities' operating results by focusing on operational management. With this focus on our businesses, we will deliver more value creation to Vivendi Universal shareholders." ----------- [1] The pro forma information illustrates the effect of the divestitures of VUE in May 2004, Telepiu in April 2003 and Comareg in May 2003 as if these transactions had occurred at the beginning of 2003. The pro forma information is calculated as the actual results of Vivendi Universal's businesses less the actual results reported by each of the divested businesses in each period presented. The pro forma results are not necessarily indicative of the combined results that would have occurred had the events actually occurred at the beginning of 2003. [2] Comparable basis essentially illustrates the effect of the divestitures of VUE, at Canal+ Group (Telepiu, Canal+ Nordic, Canal+ Belgium and Flemish, etc.), VUP (Comareg and Atica & Scipione), Vivendi Telecom Hungary, Kencell, Monaco Telecom, the abandonment of Internet operations and includes the full consolidation of Telecom Developpement at SFR Cegetel Group as if those transactions had occurred at the beginning of 2003. Cash flow from operations (consolidated and proportionate) on a comparable basis does not include NBC Universal's dividends in 2004. [3] Adjusted net income is detailed in Appendix II. Adjusted net income mainly does not include goodwill amortization, gains (losses) on businesses sold, net of provision and other, and non-operating, non-recurring items. [4] Net cash provided by operating activities after capital expenditures and before financing costs and taxes. [5] Defined as cash flow from operations excluding minority interests. [6] French-GAAP gross debt less cash and cash equivalents. A full copy of this press release is available free of charge at http://bankrupt.com/misc/results.pdf. CONTACT: VIVENDI UNIVERSAL S.A. Investor Relations, Paris Daniel Scolan Phone: +33 (0) 1 71 71 32 91 Laurence Daniel Phone: +33 (0) 1 71 71 12 33 Or New York Eileen McLaughlin Phone: +(1) 212.572.8961 ============= G E R M A N Y ============= BUSCHMANN & FISCHER: Last Day for Filing Claims October 8 --------------------------------------------------------- The district court of Bielefeld opened bankruptcy proceedings against Buschmann & Fischer Verwaltungs-GmbH on August 31. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 8, 2004 to register their claims with court-appointed provisional administrator Dipl.-Kfm. Klaus Knetter. Creditors and other interested parties are encouraged to attend the meeting on October 29, 2004, 11:15 a.m. at the district court of Bielefeld at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: BUSCHMANN & FISCHER VERWALTUNGS-GMBH Eckendorfer Str. 111 A, 33609 Bielefeld Contact: Carsten Fischer, Managers Lange Str. 37, 32257 Bunde Frank Buschmann Rappoldstr. 42, 33611 Bielefeld Dipl.-Kfm. Klaus Knetter, Insolvency Manager Otto-Brenner-Str. 186, 33604 Bielefeld DISTRICT COURT OF BIELEFELD GerichtstraBe 6, 33602 Bielefeld 4. Ebene, Saal 4065 ELDRIVE DEUTSCHLAND: Under Bankruptcy Administration ---------------------------------------------------- The district court of Arnsberg opened bankruptcy proceedings against Eldrive Deutschland GmbH on August 30. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 5, 2004 to register their claims with court-appointed provisional administrator Wilfried Pohle. Creditors and other interested parties are encouraged to attend the meeting on November 12, 2004, 10:50 a.m. at the district court of Arnsberg at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. Eldrive develops, produces and sells electrical and electronic devices. CONTACT: ELDRIVE DEUTSCHLAND GMBH Am Padbergschen Dorn 5, 59929 Brilon Contact: Uwe Gernhold, Manager Am Hellenteich 15, 59929 Brilon Wilfried Pohle, Insolvency Manager Bahnstr. 1, 34431 Marsberg Phone: 02992/973716 Fax: 02992/973719 DISTRICT COURT OF ARNSBERG EichholzstraBe 4, 59821 Arnsberg, EG, 328 GEORG DAETER: Arnsberg Court Appoints Insolvency Manager -------------------------------------------------------- The district court of Arnsberg opened bankruptcy proceedings against Georg Daeter Gebaude-Sanierungs GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 1, 2004 to register their claims with court-appointed provisional administrator Wilfried Pohle. Creditors and other interested parties are encouraged to attend the meeting on November 12, 2004, 10:30 a.m. at the district court of Arnsberg at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: GEORG DAETER GEBAUDE-SANIERUNGS GMBH Theodor Heuss Str. 14-16, 59581 Warstein Contact: Georg Daeter, Insolvency Manager Theodor-Heuss-Str. 16, 59581 Warstein DISTRICT COURT OF ARNSBERG EichholzstraBe 4, 59821 Arnsberg, EG, 328 KIRSCH GMBH: Administrator's Report Out November 3 -------------------------------------------------- The district court of Cottbus opened bankruptcy proceedings against Kirsch GmbH & Co. KG on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 5, 2004 to register their claims with court-appointed provisional administrator Rolf- Dieter Klein. Creditors and other interested parties are encouraged to attend the meeting on November 3, 2004, 11:30 a.m. at the district court of Cottbus at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: KIRSCH GMBH & CO. KG Contact: Wolfgang Kirsch, Manager Annett Schafer, Manager Bahnhofstr. 74 A, 03058 Kiekebusch Rolf-Dieter Klein, Insolvency Manager SchillerstraBe 58, 03046 Cottbus DISTRICT COURT OF COTTBUS Gerichtsplatz 2, 03046 Cottbus, Saal 210 STRELHAUS GMBH: Deadline for Filing Claims November 19 ------------------------------------------------------ The district court of Charlottenburg opened bankruptcy proceedings against Strelhaus GmbH on August 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 19, 2004 to register their claims with court-appointed provisional administrator Wolfgang Kuhnel. Creditors and other interested parties are encouraged to attend the meeting on October 13, 2004, 9:30 a.m. at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on January 19, 2005, 9:30 a.m. at the district court of Charlottenburg. CONTACT: Wolfgang Kuhnel, Insolvency Manager Paderborner Str. 2, 10709 Berlin DISTRICT COURT OF CHARLOTTENBURG Amtsgerichtsplatz 1, 14057 Berlin II. Stock Saal 218 STROHSCHNITTER GMBH: Files for Bankruptcy ----------------------------------------- The insolvency court of Bonn opened bankruptcy proceedings against Strohschnitter GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 14, 2004 to register their claims with court-appointed provisional administrator Dr. Christian Frystatzki. Creditors and other interested parties are encouraged to attend the meeting on October 18, 2004, 9:30 a.m. at the insolvency court of Bonn WilhelmstraBe 21, 53111 Bonn, 1. Stock, Saal W126 at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on December 8, 2004, 9:00 a.m. at the insolvency court of Bonn WilhelmstraBe 21, 53111 Bonn, Raum Zimmer W 1.24 C. Strohschnitter sells and repairs motor vehicles. CONTACT: STROHSCHNITTER GMBH DrachenburgstraBe 8, 53179 Bonn Contact: Anja Schreiber, Manager DrachenburgstraBe 8, 53179 Bonn Dr. Christian Frystatzki, Insolvency Manager Sankt Augustiner StraBe 94 a, 53225 Bonn Phone: 0228/ 40 09 40 Fax: 40 09 479 TRUNZIGER LANDSCHAFTSBAU: First Creditors Meeting November 18 ------------------------------------------------------------- The district court of Chemnitz opened bankruptcy proceedings against garden and landscape developer Trunziger Landschaftsbau GmbH on August 18. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 29, 2004 to register their claims with court- appointed provisional administrator Andreas Schenk. Creditors and other interested parties are encouraged to attend the meeting on November 18, 2004, 9:30 a.m. at Saal 28, Gerichtsgebaude FurstenstraBe 21, Chemnitz, statt. at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: TRUNZIGER LANDSCHAFTSBAU GESELLSCHAFT MBH (HRB 19615) Katzendorfer StraBe 10, 08428 Langenbernsdorf Contact: Marco Geelhaar, Manager Andreas Schenk, Insolvency Manager Franz-Mehring-Str. 15, 08058 Zwickau WEMAG ENGINEERING: Last Day for Filing Claims October 4 ------------------------------------------------------- The district court of Cottbus opened bankruptcy proceedings against WEMAG Engineering Werkzeug- und Maschinenbau GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 4, 2004 to register their claims with court-appointed provisional administrator Dr. Bruno M. Kubler. Creditors and other interested parties are encouraged to attend the meeting on November 2, 2004, 11:45 a.m. at the district court of Cottbus at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: WEMAG ENGINEERING WERKZEUG- UND MASCHINENBAU GMBH (Registergericht: Cottbus HRB 7129) An der Fimag 4, 03238 Massen, Contact: Andreas Voringer Dr. Bruno M. Kubler, Insolvency Manager Loschwitzer StraBe 3, 01309 Dresden Web site: http://www.kuebler-gbr.de DISTRICT COURT OF COTTBUS Gerichtsplatz 2, 03046 Cottbus, Saal 210 WEMAG MASSEN: Cottbus Court Appoints Insolvency Manager ------------------------------------------------------- The district court of Cottbus opened bankruptcy proceedings against WEMAG Massen Werkzeug- und Maschinenbau GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 4, 2004 to register their claims with court-appointed provisional administrator Dr. Bruno M. Kubler. Creditors and other interested parties are encouraged to attend the meeting on November 2, 2004, 12:00 noon at the district court of Cottbus at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: WEMAG MASSEN WERKZEUG- UND MASCHINENBAU GMBH (Registergericht: Cottbus HR B 1592) An der Fimag 4, 03238 Massen Contact: Andreas Voringer Dr. Bruno M. Kubler, Insolvency Manager Loschwitzer StraBe 3, 01309 Dresden Web site: http://www.kuebler-gbr.de DISTRICT COURT OF COTTBUS Gerichtsplatz 2, 03046 Cottbus, Saal 210 ========= I T A L Y ========= ALITALIA SPA: Reaches Vital Agreement with Pilots ------------------------------------------------- Alitalia pilots struck a deal with management to increase flying hours and cut paychecks, according to Reuters. The agreement came on the eve of the deadline set by CEO Giancarlo Cimoli, who told shareholders last week he will not hesitate to file for insolvency or liquidation. An industry source told Reuters the agreement with the pilots union is a significant breakthrough in the negotiations with workers, who oppose Mr. Cimoli's restructuring plan. "The pilots union is a very important group within Alitalia," Reuters quoted the unidentified source. "If you reach an agreement with them, it creates momentum within the union organizations." The deal is expected to ease negotiations with other Alitalia employees, who oppose the 5,000 job-cuts under the restructuring plan. This number represents one-third of Alitalia's total workforce of 20,700. The company needs unions to approve the plan before it can draw a EUR400 million state-backed bridging loan to keep planes flying. Alitalia's restructuring plan will also break the company into two units, spinning off non-core operations into a service firm. The main unit, AZ Fly, would benefit from a massive capital injection, thought to be at least EUR1 billion, says Reuters. The Italian government, which holds a 62% stake in Alitalia, has given indications it might absorb affected workers in state-run businesses. 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: Misses Deadline to Strike Accord with Labor Unions ---------------------------------------------------------------- Negotiations regarding a crucial cost-cutting plan between Alitalia S.p.A. executives and labor unions continued this morning past the firm's self-imposed Wednesday deadline. The parties were still in the negotiating table in the early hours of Thursday, discussing a roll back of benefits and extension of working hours for thousands of staff, according to Reuters. The main elements of Alitalia's restructuring plan consist of large-scale job-cuts and the spin-off of its non-flying operations. The company needs an agreement to avail of a EUR400 million emergency loan to avert a possible bankruptcy when its cash runs out of by the end of the month. Alitalia made major progress in the talks Tuesday when it got agreement with pilots to increase fly time and reduce salary guarantees. But it still has to strike a deal with ground staff regarding a cut in employee costs in new contracts. The measure is necessary for Alitalia to scale back plans to shed 3,500 ground staff, an industry source said. According to the source, round-the-clock talks, including that over contracts with cabin crew, might continue Thursday. Alitalia's 1,000 maintenance workers under CUB union, meanwhile, are still refusing negotiations, and threatening to blockade runways. Workers are asking the government to offer some cushion for affected employees. Deputy Prime Minister Gianfranco Fini says the government will not provide this without a sealed pact between workers and management. "(The government) is prepared to do what is opportune and necessary only if there is an agreement. If somebody thinks that (government) talks can be called to compensate for the lack of an agreement (at Alitalia), that's not our intention," Mr. Fini said. 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 APRILIA: 'It's Not Yet Over,' Says Ducati Chairman -------------------------------------------------- Negotiations between Italian motorcycle groups Aprilia and Ducati are not yet finished, according to Ducati Chairman Federico Minoli. Mr. Minoli made this declaration at a press conference during the opening of a motorcycle fair in Monaco, Agencia Giornalistica Italiana says. He said Aprilia's creditor banks appear to favor Ducati's offer. Ducati recently renewed its bid for Aprilia and added Moto Guzzi and an off-road vehicle project to its offer sheet. Mr. Minoli said, "The banks are making their evaluation, nothing has been decided yet, but we believe that we will arrive to a conclusion soon, since there is not much time left." * * * Aprilia has been in trouble since posting a net loss of EUR43.1 million in 2003. The company avoided bankruptcy in May after it secured a credit line to pay interest on a EUR100 million bond. In July 18, Ducati and Aprilia entered into a two-week exclusive negotiation, which failed. Aprilia since then held talks with Piaggio and reached an agreement to initially fuse the two firms. Piaggio expects to completely purchase Aprilia at the end of October. CONTACT: APRILIA S.p.A. Web site: http://www.aprilia.com/ DUCATI MOTOR HOLDING S.p.A. 3-40132 Bologna Italy Fabrizio Nardi Investor Relations Phone: +39-051-6413-111 or +39-051-6413-213 E-mail: IR@ducati.com Web site: http://www.ducati.com PIAGGIO S.p.A. 23, Viale Rinaldo Piaggio 56025 Pontedera, Pisa, Italy Phone: +39-587-27-21-11 Fax: +39-587-27-22-74 Web site: http://www.piaggio.com INTER AUTO: Long-term Corporate Rating Affirmed; Outlook Stable --------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B+' long-term corporate credit rating on Italian auto parts distributor Inter Auto Parts Italia S.p.A. (IAP), but lowered its rating on the EUR105 million (US$129 million) 10.75% notes issued by the group's Luxembourg-based subsidiary Rhiag S.A. to 'B-' from 'B+'. The outlook is stable. The rating on the bond, which was previously at the same level as the corporate credit rating on IAP, has been lowered after a reassessment of structural considerations indicated that the bonds rank behind a material level of liabilities in IAP's operating companies. Consequently, the rating action does not reflect an adverse credit development at IAP or its subsidiaries. IAP is the holding company of two main operating subsidiaries: Rhiag Engineering S.p.A. and Rhiag S.p.A., which itself owns non-Italian operating subsidiaries. Rhiag S.A. is also owned and guaranteed by IAP. Rhiag S.A. is not an operating entity and its only material asset is a receivable of EUR105 million representing the loan of the bond proceeds to the parent company. Therefore, bondholders rely on the holding company for repayment of the bond. The main tangible asset in the holding company, IAP, is ownership of the equity in its subsidiaries, and, therefore, it has no direct claim on the assets of its operating subsidiaries. Within the operating subsidiaries is a material level of liabilities, including the group's trade creditors, operating leases, postretirement liabilities, and some external debt. These priority liabilities -- when compared with goodwill- adjusted total assets in the IAP group -- are in excess of 30%, which is Standard & Poor's threshold for a two-notch differential with the corporate credit rating. Ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at Standard & Poor's public Web site at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: London Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail: media_europe@standardandpoors.com. CONTACT: STANDARD AND POOR'S RATING SERVICES Analyst E-mail Addresses bob_ukiah@standardandpoors.com tatiana_kordyukova@standardandpoors.com CorporateFinanceEurope@standardandpoors.com PARMALAT U.S.A.: Wants to Amend Receivables Purchase Agreement -------------------------------------------------------------- On September 2, 2004, Citibank N.A., London Branch, served on Farmland Dairies, LLC, and Milk Products of Alabama, LLC, Parmalat U.S.A. Corporation debtor-affiliates, a letter agreement which purports to amend certain terms and definitions in: (i) the Parmalat Receivables Purchase Agreement dated November 2, 2000, as amended, among Farmland Milk Products, Eureka Securitisation plc, and Citibank, as agent; and (ii) the amendment to the Receivables Purchase Agreement dated February 23, 2004, among the parties, Mother's Cake & Cookie Co. and Archway Cookies, LLC. Concentration Limit Pursuant to the Letter Agreement, "Concentration Limit" will mean at any time, in relation to each Obligor, or the Obligor and, at Farmland's and Milk Products' best knowledge, any of the Obligor's affiliates, US$2,500,000. However, the Concentration Limit for: -- each of Derle Farms, Inc., A&P and Dean Foods/Tuscan will be US$5,000,000; -- for Consolidated Dairies, Inc., will be: (A) US$3,760,000 until the earlier of October 15, 2004, and the date on which the DIP Loan Facility has been extended to December 31, 2004, or a later date; and (B) US$2,500,000 thereafter. Citibank may cancel or reduce any higher concentration limit for Derle Farms, A&P, Dean Foods, Tuscan or Consolidated Dairies in the event of a material adverse change in the payment history or financial condition or creditworthiness of the Obligor or Obligors upon notice by the Agent to Farmland and Milk Products. Discount Reserve "Discount Reserve" for any Receivable Interest: -- at any time before the Termination Date, means: (i) with respect to any time before the effective date of the Letter Agreement, an amount equal to 2% of the Capital associated with the Receivable Interest at that time; and (ii) with respect to any time on or after the September 2004 Amendment Effective Date, an amount equal to that amount -- but not less than zero -- which is: (A) the then effective Applicable Discount Reserve Percentage of the Capital associated with the Receivable Interest at that time less; (B) an amount equal to: (1) the then available undrawn amount under the US$2,248,386 Letter of Credit issued by JPMorgan Chase Bank on July 8, 2004, in favor of the Agent for the account of Archway Cookies and Mother's Cake & Cookie; times (2) a fraction the numerator of which is the Capital associated with the Receivable Interest at that time and the denominator of which is the aggregate Capital associated with all Receivable Interests at that time; and -- at any time from and after the Termination Date, means the Discount Reserve on the day immediately before the Termination Date. The Bakery Letter of Credit Amount will be US$0 at all times on or after the earlier of the cancellation or expiration of the Bakery Letter of Credit and the full drawing of the Bakery Letter of Credit. "Applicable Discount Reserve Percentage" means: 8% for each day during the period commencing on the September 2004 Amendment Effective Date and ending on September 29, 2004; 9% for each day during the period commencing on September 30, 2004, and ending on October 30, 2004; 10% for each day during the period commencing on October 31, 2004, and ending on November 29, 2004; and 12% for each day after November 29, 2004. Termination Date The Receivables Purchase Agreement will terminate on the earlier of: (a) January 14, 2005; and (b) the termination date of the Debtors' DIP Loan Facility with GE Capital Corporation and a consortium of lenders, whether on scheduled maturity, by acceleration or otherwise. Assignment of Security Agreement The Letter Agreement contemplates that Farmland will assign to Citibank, for the benefit of Citibank and the Purchaser, all of Farmland's right, title, interest, benefits, rights and remedies under its Security Agreement dated April 25, 2002, with Consolidated Dairies and Stone Valley Dairies, Inc. The Security Agreement will act as collateral security for Farmland's obligations and liabilities with respect to the Receivables Purchase Agreement and as collateral security for the payment of the Purchaser's interest in any and all Receivables owing by each of Consolidated Dairies and Stone Valley Dairies. Consolidated Dairies Special Concentration Limit Consolidated Dairies' Concentration Limit will become a special Concentration Limit if certain conditions are satisfied. The "Consolidated Dairies Special Concentration Limit" will mean, at any time: -- US$5,000,000 after the latest of: (i) the effectiveness of the assignment and grant of security interest by Farmland to Citibank of Farmland's security interest in certain assets of Consolidated Dairies and Stone Valley Dairies, Inc. (ii) the receipt by Citibank of satisfactory evidence that the security interest in favor of Farmland has been duly perfected under applicable law and that the security interest has the priority represented or agreed to in the security agreement creating the security interest and the related dairy products supply agreement; and (iii) GE Capital having subordinated in a manner satisfactory to Citibank any liens therein GE Capital may have pursuant to the Final DIP Order; or -- US$2,500,000 plus the then undrawn amount of a letter of credit in favor of Farmland issued by a bank reasonably acceptable to Citibank for the account of Consolidated Dairies, provided that in no event will the amount exceed US$5,000,000, but only so long as: (i) the Bankruptcy Court has approved and authorized Farmland to assign, transfer and grant a security interest to Citibank in all of Farmland's right, title and interest in and to the Consolidated Dairies Letter of Credit; (ii) Farmland has delivered the original Consolidated Dairies Letter of Credit to Citibank and has taken all necessary action to permit Citibank to draw under the Consolidated Dairies Letter of Credit or, if requested by Citibank, to transfer the Consolidated Dairies Letter of Credit to Citibank; (iii) Citibank will have a first priority perfected security interest in the Consolidated Dairies Letter of Credit; and (iv) GE Capital will have subordinated in a manner satisfactory to Citibank any liens GE Capital may have pursuant to the Final DIP Order. Debtors' Releases The Letter Agreement provides that Farmland and Milk Products will release Citibank and the Purchaser, and their predecessors- in-interest, from and against all claims, demands, and causes of action with respect to the Receivables Purchase Agreement, other than Citibank's and the Purchaser's express obligations under the Purchase Agreement. Citibank requires the Debtors to confirm that the transfers of interests in the Farmland and Milk Products Receivables under the Receivables Purchase Agreement are true sales and not loans. The Debtors shall not challenge the "true sale" treatment. Citibank confirms that, as of August 27, 2004, the aggregate Capital with respect to the aggregate Receivable Interests sold by Farmland and Milk Products is US$40,239,000. Payment of Fees & Reimbursement of Expenses Citibank requires the Debtors to pay, in addition to a US$100,000 upfront fee and any fees payable under the Receivables Purchase Agreement: US$200,000 on the earlier of October 15, 2004, and the date on which the DIP Loan Facility has been extended to December 31, 2004, or a later date; US$200,000 on December 1, 2004; and US$50,000 as additional fee for each month after January 14, 2005, that the Receivables Purchase Agreement is in effect. All fees are nonrefundable and fully earned when due. A fee, however, will not be due and payable if the Receivables Purchase Agreement is terminated before the due date of that fee. The Debtors' failure to pay any of the fees within one Business Day of the due date will constitute a Trigger Event. The Debtors will also reimburse Citibank promptly upon demand for all reasonable expenses Citibank incurred in connection with the Letter Agreement and other related transactions. Trigger Event Citibank retains the right to terminate the Receivables Purchase Agreement in case: (a) new progress benchmarks for either Debtor's reorganization are added to the Final DIP Order as Termination Events for the DIP Lenders; or (b) progress benchmarks for either Debtor's reorganization existing in the Final DIP Order that are Termination Events for the DIP Lenders are amended, and Citibank will not have the benefit of the new or amended progress benchmarks. Extension of Exclusive Periods So long as both the Receivables Purchase Agreement is in effect and has not been terminated, and no Citibank Absolute Termination Date as defined in the Final DIP Order has occurred, Citibank, on behalf of itself and the Purchaser, agrees to consent to requests by the Debtors to extend their exclusive periods to file and solicit acceptances of plans of reorganization in their Chapter 11 cases. Avoidance Claim Nothing in the Letter Agreement will be deemed or construed to waive or release the Debtors' estates' alleged avoidance power claim arising out of an alleged US$2,000,000 payment made to Citibank in December 2003 in connection with an Uncommitted Line of Credit Facility Agreements between Citibank and Parmalat U.S.A Corporation. Headquartered in Wallington, New Jersey, Parmalat U.S.A. Corporation -- http://www.parmalatusa.com/-- generates more than EUR7 billion in annual revenue. The Parmalat Group's 40- some brand product line includes milk, yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company employs over 36,000 workers in 139 plants located in 31 countries on six continents. The Company filed for chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., of Weil Gotshal & Manges LLP, represent the Debtors in their restructuring efforts. On June 30, 2003, the Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417 in debts. (Parmalat Bankruptcy News, Issue No. 30; Bankruptcy Creditors' Service, Inc., 215/945-7000) CONTACT: PARMALAT USA CORPORATION 520 Main Ave. Wallington, NJ 07057 Phone: 973 777 2500 Fax: 973 777 7648 Toll Free: 888 727 6252 Web site: http://www.parmalatusa.com =================== K Y R G Y Z S T A N =================== ARGENTUM: To Review Proofs of Claim November 3 ---------------------------------------------- LLC Argentum, which recently applied for insolvency proceedings, will review all proofs of claim on November 3, 2004 at Jala- Abad, Toktogul Str. 18. CONTACT: LLC ARGENTUM Jala-Abad Toktogul str., 18 HOMAIUN: Files for Insolvency ----------------------------- LLC Homaiun, which recently applied for insolvency proceedings, will review all proofs of claim on November 3, 2004 at Bishkek, Baitik-Baatyr Str. 37. For more information, call (0-312) 69- 50-27. KAINAR: Sets Claims Review Date ------------------------------- Agricultural Farm Kainar, which succumbed to insolvency recently, will review all proofs of claim on November 3, 2004 at Kainar, Kara-Burinsk region. CONTACT: AGRICULTURAL FARM KAINAR Kara-Burinsk region SHAFI AND SUNS: To Review Proofs of Claim November 3 ---------------------------------------------------- LLC Shafi and Suns, which filed for insolvency recently, will review all proofs of claim on November 3, 2004 at Bishkek, Baitik-Baatyr Str. 37. For more information, call (0-312) 69- 50-27. ===================== N E T H E R L A N D S ===================== GETRONICS N.V.: Launches New Portfolio of Solutions, Services ------------------------------------------------------------- Getronics N.V. CEO Klaas Wagenaar: "This new focused portfolio is at the heart of the Company's strategy and is an essential part of our framework for profitable growth." (a) The portfolio allows Getronics to present a broader and more coherent range of higher value services to clients alongside core Network and Desktop Outsourcing (NDOS) business. (b) New business, both local and international contracts, is now gathering pace. The conversion rate of wins into contracts is beginning to increase. (c) Company sees an increase of recurring revenue contracts in the fields of network and desktop outsourcing and application management. (d) Q3 will be the turning point in declining service revenue trend. The quality of the service revenue continues to improve. (e) Getronics has introduced a special Cost Leadership Program to defend and extend its market share through cost- leadership in its core business NDOS Getronics announces the launch of its portfolio of solutions and services across all major geographies. Getronics CEO Klaas Wagenaar says: "[The] launch marks the start of a new stage of development for Getronics. The Company has moved from its recovery to growth phase. This new focused portfolio is at the heart of the Company's strategy, it allows us to present a broader and more coherent range of higher value services to our clients alongside our core Network and Desktop Outsourcing Business. This new portfolio is an essential part of our framework for profitable growth." The portfolio comprises these seven solutions: (a) Network and Desktop Outsourcing. Addresses every aspect of network- and desktop outsourcing, such as managed services desk, desktop services, network services, asset management, remote systems management, data center services and technology deployment. (b) Application Integration and Management. Covers all aspects of application appraisal and design; accelerated development using "software factories"; consolidation and migration of applications; and long-term applications management. (c) Storage, Server and Network Integration. Assessment and design of an efficient, advanced ICT infrastructure; migration from legacy to new platforms; hardware consolidation and management. (d) Security. Providing a comprehensive and strategic approach to all aspects of security; enabling client companies to gain the full benefit of business enlargement. (e) Converged Communications. Bringing communications, data and video together within a single, integrated network; gaining instant cost savings and enhancing service. (f) Mobility. Bringing the efficiency and service benefits of secure mobility to existing processes; making it possible to develop innovative ways to deliver enhanced service standards. (g) Enterprise Content Management. Efficient management of content; reducing use of paper; and safeguarding clients against the requirements of tougher compliance rules through improved management procedures. The seven solutions are closely integrated and enable Getronics to deliver a comprehensive range of Information and Communication Technology (ICT) solutions that can be flexibly purchased and delivered. Corporate Activities to Support Business Growth In the past few months Getronics has also made good progress with other initiatives designed to fuel and support business growth. A special International Business Support Team (15 FTE's) has been established at the corporate headquarters. This team is responsible for pipeline management and business analysis, bid management, global project management and international billing and invoicing. Other key teams are having a positive impact on business development, such as the Internal ICT-management team (500+ FTE's), the Alliance Teams, (20 FTE's, focusing on the collaboration with Cisco, Dell and Microsoft, a newly established Finance Practice Team (3 FTE's, focusing on service offerings for finance and insurance clients) and the International Strategic Account Team (20 FTE's). In the area of remote services for Network and Desktop Outsourcing (NDOS) the Company now employs over 325 FTE's including the global service centers in Mexico and Budapest (due to open on 4 October 2004). Cost Leadership Program Getronics has introduced a special Cost Leadership Program to defend and extend its market share through cost-leadership in its core business of Network and Desktop Outsourcing (NDOS). Key aspects of this program are: (a) productivity improvement in local on-site services and international remote services (b) benchmark and right size of the ratio between direct and indirect costs, lowering overhead costs (c) optimization of internal- and business processes (d) rationalization of non-core service offerings and/or business units Getronics CEO Klaas Wagenaar comments on business and financial developments: "New business is now gathering pace with both local and international contracts, after 18 months of focusing mainly on strengthening our existing accounts, the conversion rate of wins into contracts is beginning to increase. Our unique selling point is the quality of, and our cost leadership in the area of international remote Network and Desktop Outsourcing, and this is leading to increased business. We see an increase of recurring revenue contracts in the fields of Network and Desktop Outsourcing and application management." "As a result of this, Q3 will be the turning point in declining service revenue trend. The quality of the service revenue continues to improve. The Top 25 accounts have grown over the first half-year. " More Information on Portfolio More information on the portfolio, such as background information, fact sheets per solution and biography's of the solution directors, can be found at http://www.getronics.com. About Getronics With approximately 22,000 employees in over 30 countries and ongoing revenues of EUR 2.6 billion in 2003, Getronics is one of the world's leading providers of vendor independent Information and Communication Technology (ICT) solutions and services. Getronics today combines the capabilities of the original Dutch company with those of Wang Global, acquired in 1999, and of the systems and services division of Olivetti. Getronics designs, integrates and manages ICT infrastructures and business solutions for many of the world's largest global and local companies and organizations, helping them maximize the value of their information technology investments. Getronics' headquarters are in Amsterdam, with regional offices in Boston and Singapore. Getronics' shares are traded on Euronext Amsterdam (GTN). CONTACT: GETRONICS N.V. Investor Relations Phone: +31 20 586 1581 Fax: +31 20 586 1455 E-mail: investor.relations@getronics.com ROYAL SHELL: E.U. OKs Sale of Business Interests in Portugal ------------------------------------------------------------ The European Commission has granted clearance under the Merger Regulation to the proposed acquisition of Shell's oil products businesses in Portugal by Spanish oil company Repsol YPF. The transaction does not raise competition concerns since other large and capable players compete in the market. Repsol is active in the exploration, development, production, refining and marketing of petroleum, natural gas and derived petroleum products such as bitumen. Shell Portugal supplies hydrocarbon products in Portugal, including automotive, aviation, marine and construction fuels, lubricants and bitumen. The Commission examined the impact of the operation on the markets for retail and non-retail sales of motor fuels and for sales of bitumen in the Portuguese mainland, where Repsol and Shell activities overlap. But it concluded that, whilst Repsol will significantly increase its presence in the retail market, it is unlikely that this will adversely affect the competitive conditions in the Portuguese markets. The new entity will continue to face competition from Galp, the Portuguese incumbent oil company, BP, Cepsa, ExxonMobil and a number of independent players. Repsol will also face a number of competitors with higher market shares in the non-retail sales of motor fuels. In addition, the current transaction will not adversely change the competitive conditions in the market as there are no overlaps between the parties' logistic chain infrastructure. With regard to bitumen, the merged entity will become the new market leader, slightly overtaking Galp. But on both a national and regional market definition, the new entity will continue to face competition from Galp, which can supply from its Portuguese refineries, as well as Cepsa and ExxonMobil, both of which are established players and import bitumen into Portugal. The market investigation has also pointed to the spot market, which will continue to exert price discipline over the parties and the established players in the Portuguese bitumen market. For these reasons, the Commission considers that the transaction will not lead to anticompetitive effects. 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 =========== P O L A N D =========== DAEWOO-FSO: Future Depends on Success of Debt Restructuring ----------------------------------------------------------- Warsaw-based car manufacturer FSO is under pressure to restructure debts in order to keep operating, Warsaw Business Journal says. The former Daewoo-FSO has PLN200 million in debts in line for restructuring. The report says the company had initially planned to first pay back all its liabilities to 407 creditors, who are owed not more than PLN15,000 each. It is proposing to repay 20% of the liabilities owed to the remaining creditors in quarterly installments until 2007 with the remaining 80% to be written off. Krystyna Danilczyk, director of the management board office said: "Reaching an agreement with the suppliers, and earlier with the banks, will close the financial restructuring of the company. Financial liquidity will improve and FSO will be able to take loans again. It will also be easier to negotiate with potential investors." FSO management will update shareholders of its progress in sorting out the firm's finances on October 8. CONTACT: DAEWOO-FSO MOTOR 00-992 Warszawa Jagiellonska 88 Web site: http://www.daewoo.com.pl/ ============= R O M A N I A ============= S.C. TERMOELECTRICA: S&P Ups Senior Unsecured Rating to 'BB+' ------------------------------------------------------------- Standard & Poor's Ratings Services raised its senior unsecured rating on the US$200 million and US$120 million notes issued on a fiduciary basis by J.P. Morgan Bank Luxembourg S.A. for S.C. Termoelectrica S.A. to 'BB+' from 'BB'. This follows the upgrade of the foreign currency senior unsecured rating on the Republic of Romania to 'BB+' from 'BB' (see the related release entitled "Republic of Romania Long-Term FC Ratings Raised To 'BB+' on Structural Reforms; Outlook Stable," available on RatingsDirect, Standard & Poor's Web-based credit analysis system). J.P. Morgan issued the notes on a fiduciary basis to fund loans made by it to Termoelectrica and 18 thermal power plants. "The rating on the notes is based on the unconditional and irrevocable guarantee by the Republic of Romania of the due payment of principal and interest on the loans to the fiduciary, with the fiduciary using the proceeds of principal and interest payments from either the borrowers or guarantor to pay the notes' coupons and redemption amounts," said Standard & Poor's credit analyst Konrad Reuss. Termoelectrica is 100%-owned by the Republic of Romania (foreign currency, BB+/Stable/B) and is not slated for full privatization in the near term. Termoelectrica is Romania's main producer of electric power and thermal heating. The company is stepping up its investment spending to boost efficiency and raise its environmental profile to E.U. standards -- a vital objective in the Romanian government's E.U. accession plans. Ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at http://www.ratingsdirect.com. It can also be found at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: London Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176- 3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e- mail: media_europe@standardandpoors.com. CONTACT: STANDARD AND POOR'S RATING SERVICES Analyst E-mail Addresses konrad_reuss@standardandpoors.com kristel_richard@standardandpoors.com SovereignLondon@standardandpoors.com =========== R U S S I A =========== AROMASHEVSKIE ELECTRIC: Tyumen Court Appoints Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Tyumen region has commenced bankruptcy supervision procedure on municipal unitary enterprise Aromashevskie Electric Networks. The case is docketed as A70- 3091/3-2004. Mr. A. Gorbunov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 627754, Russia, Tyumen region, Ishim, Sharonova Str. 15A, Apartment 42. CONTACT: AROMASHEVSKIE ELECTRIC NETWORKS 627350, Russia, Tyumen region, Aromashevsky region, Aromashevo, Kolkhoznaya Str. 103 Mr. A. Gorbunov Temporary Insolvency Manager 627754, Russia, Tyumen region, Ishim, Sharonova Str. 15A, Apartment 42 BALT-FURNITURE: Names D. Kiselev Insolvency Manager --------------------------------------------------- The Arbitration Court of Kaliningrad region has commenced bankruptcy supervision procedure on OJSC Balt-Furniture Sovetsk. The case is docketed as A21-1899/04-S2. Mr. D. Kiselev has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 236000, Russia, Kaliningrad, Dm. Donskogo Str. 7, room 209. CONTACT: BALT-FURNITURE SOVETSK Russia, Kaliningrad region, Sovetsk, Promyshlenny Per. 1 Mr. D. Kiselev Temporary Insolvency Manager 236000, Russia, Kaliningrad, Dm. Donskogo Str. 7, Room 209 ENERGO-SERVICE: Undergoes Bankruptcy Supervision Procedure ---------------------------------------------------------- The Arbitration Court of Perm region has commenced bankruptcy supervision procedure on LLC Energo-Service. The case is docketed as A50-16438/2004-B. Ms. L. Dorogovina has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 618900, Russia, Perm region, Lysva, Pozharskogo Str. 8. A hearing will take place at the Arbitration Court of Perm region on November 16, 2004, 10:00 a.m. CONTACT: ENERGO-SERVICE 618900, Russia, Perm region, Lysva, Pozharskogo Str. 8 Ms. L. Dorogovina Temporary Insolvency Manager 618900, Russia, Perm region, Lysva, Pozharskogo Str. 8 The Arbitration Court of Perm region: Russia, Perm, Lunacharskogo str. 3 (hall 104) KIMRSKY MEAT: Insolvency Manager Takes over Helm ------------------------------------------------ The Arbitration Court of Tver region has commenced bankruptcy supervision procedure on OJSC Kimrsky Meat Combine. The case is docketed as A66-4020-04. Mr. A. Danilenko has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 170008, Russia, Tver, Rostmistrova Str. 28, Office 306. CONTACT: KIMRSKY MEAT COMBINE 171510, Russia, Tver region, Kimry, Skladskaya Str. 8 Mr. A. Danilenko Temporary Insolvency Manager 170008, Russia, Tver, Rostmistrova Str. 28, Office 306 KIROVSKOYE ENTERPRISE: Court Sets December 10 Hearing ----------------------------------------------------- The Arbitration Court of Kaluga region has commenced bankruptcy supervision procedure on CJSC Kirovskoye Enterprise of Grain Products. The case is docketed as A23-1352/04B-7-45. Mr. B. Ulyanov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 248018, Russia, Kaluga, Khrustalnaya Str. 8, Apartment 117. A hearing will take place at the Arbitration Court of Kaluga region on December 10, 2004, 9:30 a.m. CONTACT: KIROVSKOYE ENTERPRISE OF GRAIN PRODUCTS Russia, Kaluga region, Kirov, Kalinina Str. 80 Mr. B. Ulyanov Temporary Insolvency Manager 248018, Russia, Kaluga, Khrustalnaya Str. 8, Apartment 117 MAYKOPSKY MACHINE-TOOL: Bankruptcy Proceedings Begin ---------------------------------------------------- The Arbitration Court of Adygeya republic has commenced bankruptcy supervision procedure on OJSC Maykopsky Machine-Tool Constructing Factory In Name of Frunze. The case is docketed as A01-B-1119-2004-8. Mr. S. Vodyakhin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 385000, Russia, Adygeya republic, Maykop, Nekrasova Str. 293. A hearing will take place on October 6, 2004, 10:00 a.m. CONTACT: MAYKOPSKY MACHINE-TOOL CONSTRUCTING FACTORY IN NAME OF FRUNZE 385000, Russia, Adygeya republic, Maykop, Nekrasova Str. 293 Mr. S. Vodyakhin Temporary Insolvency Manager 385000, Russia, Adygeya republic, Maykop, Nekrasova Str. 293 OMEGA: Sverdlovsk Court Opens Bankruptcy Proceedings ---------------------------------------------------- The Arbitration Court of Sverdlovsk region has declared CJSC industrial financial company Omega insolvent and introduced bankruptcy proceedings. The case is docketed as A60-5687/04-S1. Mr. V. Stepanchenko has been appointed insolvency manager. Creditors have until September 19, 2004 to submit their proofs of claim to 620135, Russia, Ekaterinburg, Post User Box 267. CONTACT: OMEGA 624800, Russia, Sverdlovsk region, Sukhoy Log, Stroiteley Pr. 7 Mr. V. Stepanchenko Insolvency Manager 620135, Russia, Ekaterinburg, Post User Box 267 RYAZHSK-AGRO-KHIM: Appoints A. Kochetkov Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Ryazan region has commenced bankruptcy supervision procedure on OJSC Ryazhsk-Agro-Khim. The case is docketed as A54-2106/04-S6. Mr. A. Kochetkov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 390023, Russia, Ryazan region, Esenina Str. 82/26, office 706. A hearing will take place on November 1, 2004. CONTACT: RYAZHSK-AGRO-KHIM 391960, Russia, Ryazan region, Ryazhsk, Maksima Gorkogo Str. 105A Mr. A. Kochetkov Temporary Insolvency Manager 390023, Russia, Ryazan region, Esenina Str. 82/26, Office 706 VODOKANAL: Last Day for Filing Claims September 23 -------------------------------------------------- The Arbitration Court of Kirov region has declared municipal unitary enterprise Vodokanal insolvent and introduced bankruptcy proceedings. The case is docketed as A28-181/03-352/24. Mr. L. Krinitsyn has been appointed insolvency manager. Creditors have until September 23, 2004 to submit their proofs of claim to 610008, Russia, Kirov, Novovyatskiy region, Ordzhonikidze Str. 16a. CONTACT: VODOKANAL Russia, Kirov, Novovyatsky region, Ordzhonikidze Str. 16a Mr. L. Krinitsyn Insolvency Manager 610008, Russia, Kirov, Novovyatskiy region, Ordzhonikidze Str. 16a YUGRA-ALCOHOL: Declared Insolvent --------------------------------- The Arbitration Court of Khanty-Mansiysky autonomous region has declared state enterprise of Khanty-Mansiysky Autonomous Region Yugra-Alcohol insolvent and introduced bankruptcy proceedings. The case is docketed as A75-176-B/04. Mr. Y. Zholudev has been appointed insolvency manager. Creditors have until September 23, 2004 to submit their proofs of claim to 628012, Russia, Khanty-Mansiysky autonomous region, Khanty-Mansiysk, Mira Str. 51. CONTACT: YUGRA-ALCOHOL 628012, Russia, Khanty-Mansiysky autonomous region, Khanty-Mansiysk, Mira Str. 51 Mr. Y. Zholudev Insolvency Manager 628012, Russia, Khanty-Mansiysky autonomous region, Khanty-Mansiysk, Mira Str. 51 ===================== S W I T Z E R L A N D ===================== CONVERIUM AG: Financial Strength Rating Slides to 'BB+' ------------------------------------------------------- Fitch Ratings downgraded Converium AG's Insurer Financial Strength (IFS) rating to 'BB+' from 'A-' and Converium Holdings AG's Long-Term rating to 'B' from 'BBB-'. In addition, the Long-Term debt rating of Converium Holdings (North America) Inc and the issue rating assigned to the US$200 million unsecured senior notes due in October 2023; issued by Zurich Reinsurance Centre Holdings Inc. and assumed by Converium Holdings (North America) Inc were also downgraded to 'B' from 'BBB-'. Following these rating actions the Rating Watch Negative assigned to the ratings on 20 July 2004 has been changed to Rating Watch Evolving. The rating actions follow Converium's announcement on the 10 September 2004 that it intends to place its U.S. operations into run-off and that it will no longer underwrite business from the United States. Converium does intend to underwrite U.S. exposures from its operations in Zurich and Bermuda. In addition, the company is currently reviewing all options with its banks regarding the proposed rights issue that was announced on 3 September 2004. On 1 September 2004, Fitch maintained Converium's ratings on Rating Watch Negative reflecting execution risk inherent in the group's plans to restructure its U.S. operations and also the successful completion of its proposed rights issue. Fitch highlighted at that time that failure to execute the group's revised business plan would likely result in a downgrade. Fitch views the decision taken by Converium to close its U.S. operations as a deviation from its original business plan and that this action is likely to have a materially negative impact on its franchise, particularly among the group's brokers and cedants. U.S. business is the largest single geographical segment of Converium's business and represented 39.6% of the group's gross premium written during 2003. The decision to lower Converium's IFS rating by four rating notches also reflects the rating sensitivity of reinsurance business, particularly business sourced through the broker distribution channel. Broker produced business is the most significant distribution channel for Converium and represented 58% of the group's gross written premium in 2003. Broker security selection criteria generally require an 'A' range rating to allow reinsurers access to business on an unrestricted basis. Following downgrades from all of the major rating agencies below the 'A' range, Fitch believes that the group's relationship with clients and brokers will negatively impact new sales and adversely affected the group's ability to compete in its markets. The decision to change the Rating Watch from Negative to Evolving reflects a possible positive movement in the ratings if the group successfully concludes its planned rights issue. Depending on the final terms of the rights issue, Fitch would likely upgrade Converium AG's IFS rating to the 'BBB' range. Failure to successfully complete the planned rights issue would result in the affirmation of Converium AG's 'BB+' IFS rating together with the assignment of a Negative Rating Outlook. This Outlook would reflect Fitch's view that the group's financial flexibility would have been impaired and that Converium would find it difficult to access additional funding should the need arise. Fitch will seek clarification of the terms and conditions attaching to the U.S. debt issue, particularly in respect of the decision taken to place Converium's U.S. operations into run- off. Upon completion of this review, Fitch may further revise its ratings on Converium Holdings (North America) Inc. and the US$200 million senior debt issue. CONTACT: FITCH RATINGS Chris Waterman, London Phone: +44 (0) 20 7417 6328 E-mail: chris.waterman@fitchratings.com Damir Bettini, London Phone: +44 (0) 20 7862 4095 E-mail: damir.bettini@fitchratings.com Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 CONVERIUM HOLDING AG Baarerstrasse 8 6300 Zug, Switzerland Phone: +41-1-639-9335 Fax: +41-1-639-9334 Web site: http://www.converium.com CONVERIUM AG: Rated 'BBB'; CreditWatch Revised to Developing ------------------------------------------------------------ Standard & Poor's Ratings Services lowered its long-term counterparty credit and insurer financial strength ratings on Switzerland-based reinsurer Converium AG to 'BBB' from 'A-'. The long-term counterparty credit and insurer financial strength ratings on subsidiaries Converium Rueckversicherung (Deutschland) AG (Converium Deutschland) and Converium (U.K.) Ltd. were lowered to 'BBB-' from 'A-'. At the same time, these ratings remained on CreditWatch where they were placed on the July 20, 2004, and the CreditWatch status was revised to developing from negative. Standard & Poor's Ratings Services also lowered the long-term counterparty credit and insurer financial strength ratings on Converium Reinsurance (North America) Inc. (CRNA) to 'R' from 'BB+'. In addition, Standard & Poor's Ratings Services lowered its long-term counterparty credit and senior unsecured debt ratings on U.S.-based Converium Holdings (North America) Inc. to 'BB' from 'BBB-' and its junior subordinated debt rating on Luxembourg-based Converium Finance S.A. to 'BB+' from 'BBB'. "The rating actions reflect Standard & Poor's view that management credibility has been impaired and concerns regarding the Converium group's ability to retain and attract business," said Standard & Poor's credit analyst Marcus Rivaldi. Standard & Poor's, however, believes that policyholders of the group's non-U.S. operations benefit from secure capitalization and adequate liquidity. The downgrade of subsidiaries Converium Deutschland and Converium U.K. also reflects their reclassification as strategically important operations of the Converium group. The downgrade of CRNA follows the company entering into a Letter of Understanding (dated Sept. 7, 2004) with the Connecticut Insurance Department in which CRNA has agreed to request prior regulatory approval for a number of actions. "Standard & Poor's interpretation of the language of this agreement is that CRNA has experienced a regulatory action with regards, to the Company's management outside the ordinary course of business," said Mr. Rivaldi. "Potential upside exists if the group's rights issue proceeds successfully as planned and the group retains the support of its key cedents and brokers," said Mr. Rivaldi. Should this be the case, Standard & Poor's may raise its long-term ratings on Converium AG to 'BBB+'. "However, potential downside exists if the planned rights issue fails and the group fails to retain the support of its key cedents and brokers," said Mr. Rivaldi. Given secure capitalization, Converium AG is likely to remain in the 'BBB' category. For Converium Deutschland and Converium U.K. potential upside also exists should Converium AG provide an acceptably worded guarantee. Downside exists if the rights issue is not successful, and should stand-alone capitalization prove vulnerable in the absence parental support. Standard & Poor's expects to resolve or update the CreditWatch by October 13, 2004. Ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at http://www.ratingsdirect.com. It can also be found at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: London Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176- 3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e- mail: media_europe@standardandpoors.com. CONTACT: STANDARD AND POOR'S RATING SERVICES Analyst E-mail Addresses: marcus_rivaldi@standardandpoors.com stephen_searby@standardandpoors.com InsuranceInteractive_Europe@standardandpoors.com CONVERIUM HOLDING AG Baarerstrasse 8 6300 Zug, Switzerland Phone: +41-1-639-9335 Fax: +41-1-639-9334 Web site: http://www.converium.com ============= U K R A I N E ============= AERODORBUD-870: Court Brings in Insolvency Manager -------------------------------------------------- The Economic Court of Harkiv region declared OJSC Aerodorbud-870 (code EDRPOU 05272737) insolvent and introduced bankruptcy proceedings on August 5, 2004. The case is docketed as B-39/46- 04. Arbitral manager Mr. A. Katrich (License Number AA 250156 approved on December 10, 2001) has been appointed liquidator/insolvency manager. CONTACT: AERODORBUD-870 Ukraine, Harkiv region, Krasnogradskij district, Nataline ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi square, 5, Derzhprom, 8th entrance ALMA: Donetsk Court Opens Bankruptcy Proceedings ------------------------------------------------ The Economic Court of Donetsk region declared LLC Alma (code EDRPOU 31266327) insolvent and introduced bankruptcy proceedings on June 19, 2004. The case is docketed as 42/96 B. Mrs. Diana Kozlovska (License Number 249634) has been appointed liquidator/insolvency manager. The company holds account number 2600501774118 at OJSC Ukreksimbank, Mariupol branch, MFO 335957. CONTACT: ALMA 87510, Ukraine, Donetsk region, Mariupol, Lunin Str. 24 Mrs. Diana Kozlovska Liquidator/Insolvency Manager Ukraine, Donetsk region, Miru Avenue, 10, office 501 Phone: 381-36-43 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 AUTO 0511: Court Orders Debt Moratorium --------------------------------------- The Economic Court of Donetsk region commenced bankruptcy supervision procedure on OJSC Auto Transport Enterprise 0511 Agrotechservice on June 15, 2004 and ordered a moratorium on satisfaction of creditors' claims. The case is docketed as 15/119 B. Arbitral manager Mr. Andrij Karpenko (License Number AA 719837) has been appointed temporary insolvency manager. The company holds account number 260433009526822 at Prominvestbank, Makiyivka branch, MFO 334516. Creditors have until September 26, 2004 to submit their proofs of claim to: (a) Mr. Andrij Karpenko Temporary Insolvency Manager Ukraine, Donetsk region, Selidove, Dubinin Str. 6 (b) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 DNIPROLINK: Court Names Svitlana Babich Liquidator -------------------------------------------------- The Economic Court of Kyiv declared LLC Commercial House Dniprolink (code EDRPOU 31866808) insolvent and introduced bankruptcy proceedings on August 4, 2004. The case is docketed as 43/535. Mrs. Svitlana Babich has been appointed liquidator/insolvency manager. CONTACT: COMMERCIAL HOUSE DNIPROLINK 01005, Ukraine, Kyiv region, Sichnevogo Povstannya Str. 11a/54 Mrs. Svitlana Babich Liquidator/Insolvency Manager Ukraine, Kyiv region, Melnikov Str. 2/10 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B FORWARD: Proofs of Claim Deadline September 26 ---------------------------------------------- The Economic Court of Lviv region commenced bankruptcy supervision procedure on LLC Forward (code EDRPOU 30918804). The case is docketed as 6/260-29/233. Arbitral manager Mr. O. Vinyarskij (License Number AA 487814) has been appointed temporary insolvency manager. The company holds account numbers 26003005 at OJSC CB Dnister, MFO 325569; 26006301411043810 at Prominvestbank, Lviv central branch, MFO 325633; and 26004011040001 at Bank Universalnij, Lviv branch, MFO 325707. Creditors have until September 26, 2004 to submit their proofs of claim to: (a) FORWARD 79005, Ukraine, Lviv region, Marchenko Str. 1/123 (b) Mr. O. Vinyarskij Temporary Insolvency Manager 79020, Ukraine, Lviv region, Varshavska Str. 66/21 (c) ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 LASTAR: Temporary Insolvency Manager Takes over Helm ---------------------------------------------------- The Economic Court of Kyiv region has commenced bankruptcy supervision procedure on LLC Lastar (code EDRPOU 32311176) The case is docketed as 46/279-B. Arbitral manager Mr. Volodimir Miller (License Number AA 249982) has been appointed temporary insolvency manager. The company holds account number 26003300100977 at JSCB East-European Bank, MFO 322658. Creditors have until September 26, 2004 to submit their proofs of claim to: (a) LASTAR 04215, Ukraine, Kyiv region, Kanivska Str. 41 a (b) Mr. Volodimir Miller Temporary Insolvency Manager 03110, Ukraine, Kyiv region, a/b 180 Phone: 275-01-86 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B LINKOMS-TARA: Insolvent Status Confirmed ---------------------------------------- The Economic Court of Kyiv region declared LLC Linkoms-Tara (code EDRPOU 30150513) insolvent and introduced bankruptcy proceedings on July 22, 2004. The case is docketed as 71/14b- 04. Mr. Valerij Sinelnikov (License Number AA 669658 approved on August 7, 2003) has been appointed liquidator/insolvency manager. CONTACT: LINKOMS-TARA Ukraine, Kyiv region, Obuhiv, Kyivska Str. 132 Mr. Valerij Sinelnikov Liquidator/Insolvency Manager Ukraine, Kyiv region, Chervonotkatska Str. 19/37 ECONOMIC COURT OF KYIV REGION 01033, Ukraine, Kyiv region, Zhelyanska Str. 58 b LUBOTINSKIJ SAD: Bankruptcy Supervision Begins ---------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy supervision procedure on OJSC Lubotinskij Sad (code EDRPOU 00412412) on August 11, 2004. The case is docketed as B-39/105- 04. Arbitral manager Mr. O. Doloshko (License Number AA 315484 approved on August 8, 2002) has been appointed temporary insolvency manager. The company holds account number 2600330120756 at OJSC Real-bank, MFO 351588. Creditors have until September 26, 2004 to submit their proofs of claim to: (a) LUBOTINSKIJ SAD 62433, Ukraine, Harkiv region, Lubotin, Kurortna Str. 1 (b) Mr. O. Doloshko Temporary Insolvency Manager 61024, Ukraine, Harkiv region, Pushkinska Str. 79/12 (c) ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi square, 5, Derzhprom, 8th entrance NOMINAL-2000: Under Bankruptcy Supervision ------------------------------------------ The Economic Court of Donetsk region commenced bankruptcy supervision procedure on LLC Nominal-2000 (code EDRPOU 30962958) and ordered a moratorium on satisfaction of creditors' claims on August 2, 2004. The case is docketed as 42/127-B. Arbitral manager Mr. Pavlo Tkachenko (License Number AA 520125) has been appointed temporary insolvency manager. Creditors have until September 26, 2004 to submit their proofs of claim to: (a) NOMINAL-2000 83017, Ukraine, Donetsk region, Shevchenko Boulevard, 25 (b) Mr. Pavlo Tkachenko Temporary Insolvency Manager 83003, Ukraine, Donetsk region, Lenin Avenue, 89 Phone: 8 (062) 345-20-79 (c) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 ZMIYIVSKA VEGETABLE: Declared Insolvent --------------------------------------- The Economic Court of Harkiv region declared CJSC Zmiyivska Vegetable Factory (code EDRPOU 00850922) insolvent and introduced bankruptcy proceedings on August 16, 2004. The case is docketed as B-39/60-04. Arbitral manager Mr. M. Sorokin (License Number AA 047711 approved on October 2, 2001) has been appointed liquidator/insolvency manager. CONTACT: ZMIYIVSKA VEGETABLE FACTORY Ukraine, Harkiv region, Zmijivskij district, Komsomolske Mr. M. Sorokin Liquidator/Insolvency Manager Phone: 8 (050) 401-21-24 ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi square, 5, Derzhprom, 8th entrance =========================== U N I T E D K I N G D O M =========================== 38 CHARTERHOUSE: Extraordinary Winding up Resolutions Passed ------------------------------------------------------------ At an extraordinary general meeting of the members of the 38 Charterhouse Trading Ltd on August 27, 2004 held at 93 Wavertree Road, London SW2 3SN, the extraordinary resolution to wind up the company was passed. David Lewis of D Lewis & Co, 7 Nunappleton Way, Hurst Green, Oxted, Surrey has been nominated liquidator for the purpose of the winding-up. CONTACT: D LEWIS & CO 7 Nunappleton Way, Hurst Green, Oxted, Surrey Liquidator: David Lewis ABBEY NATIONAL: HBOS Close to Making Bid, Report Says ----------------------------------------------------- HBOS may offer a GBP10 billion hostile bid for Abbey National this week, The Observer says. The company is expected to call a board meeting to approve a 700p a share bid if rival bidder Santander's offer document is sent to Abbey shareholders in the next few days. The offer would value Abbey at GBP10.5 billion, GBP1.5 billion higher than the all-share offer of the Spanish banking giant. Santander, though, is expected to revise its offer to include cash, 'which could be worth several billion' one investment banker said. HBOS shareholders are expected to unanimously support the plan. The bank's chairman, Lord Stevenson, as well as other non- executive directors, are behind Chief Executive James Crosby's plan. A combination of Abbey and HBOS could create a company controlling 34% of the mortgage market and 29% of savings, but cornering just 15% of business banking and current accounts. City sources say HBOS may opt for a bid that would be conditional on its offer not being referred to the Competition Commission by the Office of Fair Trading, according to the report. It the bid is referred to the regulators, it runs of the risk of being blocked by competition grounds. An inquiry into the transaction is potentially long, raising fears Abbey at the Financial Services Authority about the business becoming destabilized. BROADWAY HAULAGE: Hires Joint Liquidator from CBA ------------------------------------------------- At an extraordinary general meeting of the Broadway Haulage & Truck Hire Ltd. on September 2, 2004 held at 435 Lichfield Road, Aston, Birmingham B6 7SS, the ordinary and extraordinary resolutions to wind up the company were passed. Geoff Robbins and Neil Charles Money of CBA, Lichfield Place, 435 Lichfield Road, Aston, Birmingham B6 7SS has been appointed joint liquidators for the purpose of such winding-up. CONTACT: CBA Lichfield Place, 435 Lichfield Road, Aston, Birmingham B6 7SS Joint Liquidators: Geoff Robbins Neil Charles Money DANEGROVE LIMITED: Calls in Liquidator from BRI Business -------------------------------------------------------- At an extraordinary general meeting of the members of the Danegrove Limited on August 31, 2004 held at 3 Woburn Street, Ampthill MK45 2HS, the special resolution to wind up the company was passed. Gavin Geoffrey Bates of BRI Business Recovery and Insolvency, 100-102 St James Road, Northampton NN5 5LF has been appointed liquidator for the purpose of such winding-up. CONTACT: BRI BUSINESS RECOVERY AND INSOLVENCY 100-102 St James Road Northampton NN5 5LF Liquidator: Gavin Geoffrey Bates DORLAND INVESTMENTS: General Meeting Set October 18 --------------------------------------------------- Name of Companies: Dorland Investments Limited Johnson Fry General Partner One Limited Johnson Fry Incap Limited Johnson Fry Property Sales Limited Johnson Fry Reversions Limited Johnson Fry Trustees Limited LIT Futures Limited LIT Europe Limited LIT (Trustees) Limited Rood Securities Limited The general meeting of the contributories of these companies will be on October 18, 2004 commencing at 10:30 a.m. It will be held at Tenon Recovery, Sherlock House, 73 Baker Street, London W1U 6RD. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the companies disposed of, and to hear any explanation that may be given by the liquidator. CONTACT: TENON RECOVERY Sherlock House 73 Baker Street London W1U 6RD Joint Liquidator: S R Thomas Phone: 020 7935 5566 Fax: 020 7935 3512 E-mail: bakerstreet@tenongroup.com Web site: http://www.tenongroup.com DOUGLAS STAFFORD: Appoints Administrators from Tenon Recovery ------------------------------------------------------------- Carl Stuart Jackson and Tina Yearsly have been appointed as administrators for Douglas Stafford UK Limited. The appointment was made September 1, 2004. CONTACT: TENON RECOVERY Highfield Court Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ Administrators: Carl Stuart Jackson Tina Yearsley Phone: 023 8064 6464 Fax: 023 8064 6666 E-mail: southampton@tenongroup.com Web site: http://www.tenongroup.com EICOM PLC: Creditors Okay Voluntary Arrangement ----------------------------------------------- Eicom plc (London: EIC) reached agreement with the last of its major creditors under the terms of the Company Voluntary Arrangement (CVA) and can now complete the CVA. It is expected that the distribution of shares to satisfy the terms of the CVA will be made by 4 October 2004. * * * Eicom (formerly Einstein Group) believes in brainpower. The U.K. media company operates ETV Worldwide, a science and technology television channel in Germany and Switzerland. The firm also produces entertainment television shows, provides consulting services, and holds the exclusive rights to the Classical World Chess Championship. CONTACT: EICOM PLC 1 Clerkenwell Green London EC1R 0DR, United Kingdom Phone: +44-20-7074-3900 Fax: +44-20-7336-8050 Web site: http://www.eicom.co.uk GLIXTONE LIMITED: Names PricewaterhouseCoopers Administrator ------------------------------------------------------------ Derek Anthony Howell and Robert Nicholas Lewis have been appointed joint administrators for Glixton Limited. The appointment was made September 6, 2004. The company manufactures paints, varnishes and similar coatings. Its registered office is located at Blackfriars Road, Nailsea, Bristol, Avon BS38 4DJ. CONTACT: PRICEWATERHOUSECOOPERS LLP One Kingsway, Cardiff CF10 3PW Joint Administrators: Derek Anthony Howell Robert Nicholas Lewis (IP Nos 6604, 9277) Phone: [44] (29) 2023 7000 Fax: [44] (29) 2080 2400 Web site: http://www.pwc.com GN INVESTMENTS: Final Members Meeting October 12 ------------------------------------------------ The final meeting of the members of GN Investments Limited will be on October 12, 2004 commencing at 10:00 a.m. It will be held at 66 Shoe Lane, London EC4A 3WA. 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 Deloitte & Touche LLP, Athene Place, 66 Shoe Lane, London EC4A 3WA not later than 12:00 noon, October 11, 2004 CONTACT: DELOITTE AND TOUCHE LLP Athene Place, 66 Shoe Lane, London EC4A 3WA Joint Liquidator: J R D Smith Phone: 00 44 (0) 207 936 3000 Fax: 00 44 (0) 207 779 4001 Web site: http://www.deloitte.com HARLEYS LTD.: First Liquidation Meeting Set September 20 -------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Harleys Ltd. (in Liquidation) I, of William Duncan & Co 104 Quarry Street Hamilton ML3 7AX hereby give notice that I was appointed Interim Liquidator of Harleys Ltd. on August 11, 2004 by the Interlocutor of the Sheriff at Sheriff at Airdrie. The first meeting in the liquidation called in terms of Section 138(4) of the Insolvency Act 1986 and in accordance with Rule 4.12 of the Insolvency (Scotland) Rules 1986, will be held at 104 Quarry Street Hamilton ML3 7AX on September 20, 2004 at 12:00 p.m. for the purpose of choosing a liquidator, appointing a Liquidation Committee and considering the other Resolutions specified in Rule 4.12(3) of the aforementioned Rules. Creditors are entitled to vote at the meeting only if they have lodged their claim with me at or before the meeting. Creditors may vote either in person or by proxy form, which may be lodged with me at or before the meeting. Cameron K. Russell, Interim Liquidator August 23, 2004 CONTACT: WILLIAM DUNCAN & CO. 104 Quarry Street Hamilton ML3 7AX Phone: 01698 459444 Fax: 01698 425333 Web Site: http://www.williamduncan.co.uk HEARTS OF MIDLOTHIAN: Tynecastle Sale Okayed Amidst Opposition -------------------------------------------------------------- The extraordinary general meeting of Hearts of Midlothian (London: HTM) on Monday was a pandemonium as shareholders condemned a plan to sell the club's Tynecastle property. Police had to station at the meeting to preempt a riot of shareholders who have lost confidence in the board. The EGM was called to agree on the sale of the Tynecastle ground for GBP22 million to house builders Cala Management Limited. The tension among the crowd simmered when Jim Clydesdale, the stadium's designer, suggested Hearts could in fact play their UEFA games in Gorgie this season rather than Murrayfield. It reached its peak when they were told the final voting figures from last night's EGM would not be released to those at the meeting but would only be made public the following morning. On Tuesday, the company announced the resolution was duly passed. The board is pushing for the sale of the property to avert a potential receivership. The firm has current debt of GBP19.1 million, and is in danger of running out of working capital, it said. They called for chief executive Chris Robinson to resign, and verbally attacked financial director Stewart Fraser. Ian McLeod of the Save Our Hearts campaign said: "Hearts supporters and the people of Gorgie deserve to be treated better than this." "[The plan to sell the property] will rip the heart out of the local community in Gorgie and take the heart out of the football club," he added. CONTACT: HEART OF MIDLOTHIAN PLC Tynecastle Stadium, Gorgie Rd. Edinburgh EH11 2NL, United Kingdom Phone: +44-131-200-7200 Fax: +44-131-200-7222 Web site: http://www.heartsfc.co.uk HUGH MACKAY: Carpet Business for Sale ------------------------------------- The Joint Administrators, R.H. Kelly and N. Matthews offer for sale as a going concern the business and assets Hugh Mackay Carpets Limited (in administration). Principal features include: (a) High quality producer of carpets for the commercial and residential market since 1903; (b) Prestigious customer base; (c) One of the largest manufacturers of Axminster, Wilton and Tufted carpets in the U.K. (d) Annual turnover of GBP10 million; (e) Strong order book valued at GBP2.1 million; (f) Purpose-built leasehold factory at Durham, Tyne and Wear; (g) High specification loom equipment; and (h) Skilled workforce. CONTACT: ERNST & YOUNG Cloth Hall Court 14 Kings Street Leeds LS1 2JN Lindsey Hudson Phone: 0113 298 2326 Fax: 0113 298 2206 E-mail: lhudson@uk.ey.com ION AP: Automotive Hose Manufacturer for Sale ---------------------------------------------- The Joint Administrative Receivers, Gordon S. Goldie and Allan D. Kelly of Tait Walker, offer for sale the business and assets of Ion AP Limited. Principal features include: (a) Established trade of over 25 years; (b) Rubber and silicone hose manufacturing facilities in Annfield Plain, Co. Durham; (c) Estimated annual turnover of GBP2 million to GBP3 million; (d) Estimated blue chip international and U.K. customer base; and (e) Skilled workforce of around 40 people. CONTACT: TAIT WALKER Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS Kerry Pearson Phone: 0191 285 0321 Fax: 0191 284 9117 E-mail: kerry.pearson@taitwalker.co.uk J.A.P.P. LIMITED: Sets General Meeting October 25 ------------------------------------------------- The general meeting of the members of J.A.P.P. Limited will be on October 25, 2004 commencing at 11:00 a.m. It will be held at Acre House, 11-15 William Road, London NW1 3ER. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. KENWORTH INDUSTRIES: Names Smith & Williamson Administrator ----------------------------------------------------------- Stephen Cork has been appointed as administrator for Kenworth Industries Limited. The appointment was made September 6, 2004. The company sells hardware and plumbing. CONTACT: SMITH & WILLIAMSON LIMITED Bartlett House 9-12 Basinghall Street, London EC2V 5NS Administrator: Stephen Cork (IP No 8267) Web site: http://www.smith.williamson.co.uk LAURA ASHLEY: Implementing Redundancies at Welsh Plants ------------------------------------------------------- Laura Ashley and subsidiary Texplan Manufacturing Ltd. will cut up to 90 jobs at its two Welsh factories as part of a cost reduction program, just-style reports. The high-street chain said in a statement between 80-90 jobs will be lost at its Newton and Carno factories in the coming four to five weeks. It came up with the decision after reviewing operating costs amidst challenging conditions in the retail marketplace. The job cuts go contrary to the firm's promise in 2003 that employees will not be affected by the shutdown of most of its European branches. In April this year Laura Ashley reported full-year profits of GBP3.1 million against a GBP4.9 million loss in 2003. CONTACT: LAURA ASHLEY Carno Caersws Powys SY17 5LQ United Kingdom Phone: (01686) 624050 Fax: (01686) 420394 Web site: http://www.laura-ashley.com MG ROVER: In Talks to Save Distribution Deal with Tata ------------------------------------------------------ MG Rover and Tata Motors are in talks to rescue a vehicle distribution deal thrown into uncertainty by a slump in U.K. sales, The Telegraph reports. John Edwards, one of the owners of MG Rover, flew to India Monday night to talk with his counterparts at Tata Motors. The negotiations are thought to center on who will shoulder the burden of a marketing strategy aimed at encouraging interests in Tata's Indica cars that MG is distributing. The proposal involves a price cut of up to GBP1,000 a car. A spokesman for the car company said: "Discussions have been on going in India and they are going on [Tuesday] based on the market dynamics in the U.K." MG Rover, which agreed to sell Tata's Indica cars as City Rovers this year, sold only 4,606 units in the first six months. 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 MOTOR REPAIR: Hires Ernst & Young as Administrator -------------------------------------------------- Name of Companies: Motor Repair Management Limited Motor Repair Management (London) Limited C P Dempster and M D Rollings have been appointed joint administrators for these companies. The appointment was made September 2, 2004. Its registered office is located at Raynard House, 5A Castlefield Road, Reigate, Surrey RH2 0SA. CONTACT: ERNST & YOUNG LLP 10 George Street, Edinburgh EH2 2DZ Joint Administrator: C P Dempster (IP No 8908) Web site: http://www.ey.com ERNST & YOUNG LLP 1 More London Place, London SE1 2AF Joint Administrator: M D Rollings (IP No 8107) Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com MYRATECH.NET PLC: Shareholders Okay Capital Reconstruction ---------------------------------------------------------- Myratech.Net plc announced that all of the resolutions put to shareholders at the Sept. 14 Extraordinary General Meeting of the Company were duly passed. The Company expects to make a further announcement shortly regarding the restoration of trading in the ordinary shares of the Company on the AIM market. * * * The extraordinary general meeting has been convened to approve the company's capital reconstruction. Capital Reconstruction The proposed Issue Price of (approximately) 0.221762p for the New Ordinary Shares is below the current nominal or par value of the Existing Ordinary Shares. As the Act prohibits the issue of shares at a price below their nominal value, it is proposed to carry out the Capital Reconstruction. At present the authorized share capital of the Company is GBP450,000 divided into 45,000,000 Existing Ordinary Shares of 1p each, of which 29,595,000 are currently issued and fully paid. It is proposed that each issued Existing Ordinary Share of 1p be sub-divided into one New Ordinary Share of 0.1p and one Deferred Share of 0.9p. It is also proposed that the authorized but unissued Existing Ordinary Shares be re-designated as New Ordinary Shares of 0.1p each by the sub-division of each unissued Existing Ordinary Share of 1p into 10 New Ordinary Shares of 0.1p. Each New Ordinary Share will have the same rights (including voting and dividend rights and rights on a return of capital) as an Existing Ordinary Share. Existing share certificates in respect of Existing Ordinary Shares will remain valid. The rights attaching to Deferred Shares, which will not be admitted to trading on AIM or any other recognized investment exchange, will render them effectively valueless. No share certificates will be issued in respect of Deferred Shares. It is intended that the Deferred Shares will be repurchased by the Company for a nominal amount in due course. Further details of the rights attaching to the Deferred Shares are set out in Resolution 2. The proportionate interests of Shareholders prior to the issue of New Ordinary Shares pursuant to the Loan Conversion and Placing will not be affected by the proposed Capital Reconstruction. The creation of Deferred Shares is simply a mechanism to reduce the nominal value of the Existing Ordinary Shares from 1p to 0.1p. CONTACT: MYRATECH.NET PLC Vittoria House 1-7 Vittoria Street Birmingham B1 3ND Phone: 0871 222 4300 Fax: 0121 212 1573 E-mail: info@myratech.net Web site: http://www.myratech.net NORTHWICH VICTORIA: Names Begbies Traynor Administrator ------------------------------------------------------- Gordon Craig and David Appleby have been appointed as joint administrators for Northwich Victoria Football Club Company Limited. The appointment was made September 1, 2004. The football club's registered office is c/o Begbies Traynor, 1 Winckley Court, Chapel Street, Preston PR1 8BU. CONTACT: BEGBIES TRAYNOR 1 Winckley Court Chapel Street, Preston, Lancashire PR1 8BU Joint Administrators: Gordon Craig David Appleby (IP Nos 0978, 8976) Phone: 01772 202000 Fax: 01772 200099 Web site: http://www.begbies.com PSSU LIMITED: Hires Hurst Morrison Thomson as Administrator ----------------------------------------------------------- Gareth Wyn Roberts and Paul William Ellison have been appointed as joint administrators for PSSU Limited. The appointment was made September 7, 2004. Previously named Proto Sealed Unites Limited it manufactures glass window units. CONTACT: HURST MORRISON THOMSON CORPORATE RECOVERY LLP 5 Fairmile, Henley-on-Thames, Oxfordshire RG9 2JR Joint Administrators: Paul William Ellison Gareth Wyn Roberts (IP Nos 7254, 1162) Phone: 01491 579740 Fax: 01491 575073 SWIMMING NATURE: Calls in Joint Administrators ---------------------------------------------- Joanne Milner, Stephen Cork and Steven Tancock have been appointed as joint administrators for Swimming Nature Limited. The appointment was made September 2, 2004. The company is engaged in provision of swimming lessons to the general public. CONTACT: Joanne Milner Stephen Cork Steven Tancock (IP Nos 8761, 8627 and 9206) Prospect House, 2 Athenaeum Road, London N20 9YU WHYTOCK & REID: Parts with Remaining Properties ----------------------------------------------- The auction of the assets of Whytock & Reid, one of U.K.'s oldest and famous furniture firm, attracted a wide range of interest last week, raising some GBP220,000. More than 600 antique-lovers and collectors came for the sale at Lyon & Turnbull's showroom at Broughton Place. Ordinary citizens also came wanting to get a piece of history. The firm's 166-year old painted oak plaque, awarded by the Queen for its dedication to quality, was sold for GBP2,600, or more than five times its estimated value. The family-owned company went into voluntary liquidation just three years before its 200th anniversary. The properties auctioned were the last of its remaining properties. Whytock & Reid has decorated and furnished some of Scotland's most famous houses and visitor attractions, including Holyrood and, most recently, the Royal Yacht Britannia. CONTACT: WHYTOCK AND REID Sunbury House Belford Mews Edinburgh EH4 3DN Scotland Phone: +44 (0)131 226 4911 Fax: +44 (0)131 226 4595 E-mail: showroom@whytockandreid.com Web site: http://www.whytockandreid.com ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, and Julybien Atadero, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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