/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/040922.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 Wednesday, September 22, 2004, Vol. 5, No. 188 Headlines C Z E C H R E P U B L I C LETECKE ZAVODY: Attracts More than Ten Potential Buyers F R A N C E BSN GLASSPACK: Unimpressed of New Owner, Moody's Cuts Ratings RCI BANQUE: Moody's Retains C+ Financial Strength Rating G E R M A N Y CINEMAXX AG: Investors to Tackle Proposed Rescue Plan October 28 CIP CITY: Charlottenburg Court Appoints Insolvency Administrator DRESDNER BANK: Unit Sells US$90 Mln Private Equity Portfolio ERHARD RONSPIESS: Deadline for Filing Claims November 25 GEORG ROTH: Printing Firm Files for Bankruptcy INTERTAINMENT AG: Books Another Annual Loss JENOPTIK AG: Completes Acquisition of WAHL Optoparts KHS ANLAGENBAU: Creditors Have Until December 1 to File Claims KNORR DACHTECHNIK: Creditors Claims Due October 19 K + S BAUELEMENTE: Last Day for Filing Claims October 8 LOHN HOCHBAU: First Creditors Meeting November 18 MEDIATEC GESELLSCHAFT: Under Bankruptcy Administration POLYMERE CONSULTANT: Administrator's Report Out November 10 TAURUS TV: Axel Springer Waives Rights in Put Option Claim TRIUS AG: Liquidator Returns Cash to Shareholders WGL FOTOLABORE: Creditors Have Until December 15 to File Claims H U N G A R Y BORSODCHEM RT: VCP Capital Pursues Stake Sale BORSODCHEM RT: Applies for Listing on Warsaw Bourse I T A L Y ALITALIA SPA: Board Formally Approves Turnaround Plan ALITALIA SPA: Rival Urges E.U. to Block Further State Aids PROCOMAC SPA: Chairman Wants to Take Firm Private K Y R G Y Z S T A N ALAMUDUN: Sets Creditors Meeting September 24 KLIRINGCENTER: Insolvency Manager Auctions Accounts Receivable METROPOL: Under Bankruptcy Supervision MOLDOSAN: To Evaluate Proofs of Claim November 10 TECHNOPOLIS: Selling Wine, Vodka Production Biz for KGS5 Million L U X E M B O U R G BCP CAYLUX: S&P Affirms 'B+' Corporate Credit Rating N E T H E R L A N D S KONINKLIJKE AHOLD: Earns Upgrade for Improved Liquidity Profile P O L A N D NETIA SA: Subsidiaries Acquire Shares in Netia Mobile R O M A N I A BRD-GROUPE SOCIETE: 'BB/B/3' Ratings Affirmed; Outlook Positive R U S S I A BELGORO-SELKHOZ-ELECTRO: Court Sets October 10 Hearing COLOR STONES: Undergoes Bankruptcy Supervision Procedure KOZHEVNIKOVSKIY FACTORY: Tomsk Court Appoints Insolvency Manager KRASNOKAMENSKOYE MANAGEMENT: Court Sets November 25 Hearing NORTH-OIL-GAS-STROY: Declared Insolvent OAO GAZPROM: First-quarter Net Profit Balloons to RUB66 Million OMSK-TRANS-OIL-PRODUCTS: Appoints S. Rubin Insolvency Manager ORENBURG-AGRO-PROM-KHIMIYA: Under Bankruptcy Supervision REINFORCED CONCRETE: Deadline for Proofs of Claim October 16 REM-ELEKTRO: Insolvent Status Confirmed SCHERBINSKIY FACTORY: Moscow Court Appoints Insolvency Manager YUKOS OIL: Raises Yuganskneftegas Reserves to 74 Bln Barrels S W E D E N CONCORDIA BUS: Ratings Under Review for Possible Downgrade S W I T Z E R L A N D CONVERIUM AG: Moody's Hints Downgrade of Baa1 IFSR U K R A I N E ALGORITM LTD.: Bankruptcy Proceedings Begin BOGORODCHANINAFTOGAZVIDOBUTOK: Under Bankruptcy Supervision HLIBODAR: Court Appoints Insolvency Manager LEBEDIN' TOOL: Proofs of Claim Deadline Set September 30 OBERIG: Kyiv Court Opens Bankruptcy Proceedings OHTIRSILMASH: Names Temporary Insolvency Manager U N I T E D K I N G D O M ACTIVE MANUFACTURING: May Appoint Liquidator Monday ALADDINS DISCOUNT: Creditors Meeting Next Week APPOINTED FLOOR: Brings in Liquidator from Elwell Watchorn AUSTRO TOURS: Creditors to Meet September 27 BANQUE PARIBAS: Members Final Meeting Set October 22 BIBOH LIMITED: Members General Meeting Set October 21 BOOKBUILDER SL: Hires Joint Liquidators from Ernst & Young CAMILLA BUILDING: Names Ensors Administrator CORUS GROUP: EUR500 Mln Senior Unsecured Bond Rated 'B-' E-COMMERCE SYSTEMS: Hires Tomlinsons as Liquidator FUJITSU PERSONAL: Members Final General Meeting Set October 22 GLOBAL MOULDINGS: Creditors to Meet Friday GROUNDFORCE (OXON): Names Mercer & Hole Liquidator H J ROWLEY: Members General Meeting Set October 19 INSIGHT CREATIVE: Members Agree to Wind up Business J H J CONSULTING: Creditors Meeting Set September 30 KICKERS INDOOR: Names Grant Thornton Liquidator MATRIX GODALMING: General Meeting Set October 19 MILLNOTE LIMITED: Names PricewaterhouseCoopers Administrator PDH FREIGHT: Extraordinary Winding up Resolution Passed PINSTONE DEVELOPMENTS: Final General Meeting Set October 25 POLYDEK LIMITED: Members Pass Winding up Resolutions PROVISIONAL LIMITED: Members General Meeting Set October 20 RANK GROUP: Pays GBP18.8 Mln to Settle Dispute with Serena ROTCORP LIMITED: Final General Meeting of Members October 19 R & R PRECISION: Appoints Joint Administrators from Wilson Pitts SHIRLEY STAFF: Hires Liquidator from Moore Stephens SR FASHIONS: Calls in Liquidator from HKM LLP T G I POOL: Members Final Meeting Set October 27 TURNSTILE INVESTMENTS: Sets General Meeting October 19 WATERMILL LIMITED: Creditors Meeting Set September 30 WYMAN FUME: Administrator's Report Out September 24 ********* =========================== C Z E C H R E P U B L I C =========================== LETECKE ZAVODY: Attracts More than Ten Potential Buyers ------------------------------------------------------- Over ten firms have expressed interest in acquiring bankrupt aircraft manufacturer Letecke Zavody Kunovice, Czech News Agency quotes bankruptcy administrator Miroslav Sladek. Mr. Sladek says some are eyeing certain parts of the company, while others are offering to buy the entire business. Letecke Zavody has been in bankruptcy since March. CONTACT: LETECKE ZAVODY a.s. Na Zahonech 1177 686 04 Kunovice Phone: +420 572 816161 Fax: +420 572 816163 E-mail: let@let.cz Web site: http://www.let.cz =========== F R A N C E =========== BSN GLASSPACK: Unimpressed of New Owner, Moody's Cuts Ratings ------------------------------------------------------------- Moody's Investors Service downgraded the ratings on the funded debt of BSN Glasspack S.A. and its subsidiaries after the disposal of the company to Owens-Illinois, Inc. The rating agency placed the ratings under review for possible downgrade in February following the announcement of the acquisition. The deal was closed in late June. The ratings downgraded are: (a) EUR140 million senior subordinated notes, due 2009, at BSN Financing Co. S.A. to B3 from B2; (b) EUR160 million senior subordinated notes (collateralized), due 2009, at BSN Glasspack Obligation S.A. to B2 from B1; (c) Senior implied rating to B1 from Ba3; and (d) Senior unsecured issuer rating to B2 from B1. The outlook of the ratings was changed from negative to stable. The senior secured credit facilities ratings of Ba3 were withdrawn as these facilities are no longer in place. Moody's based its actions on its assessment of the business and financial profile of BSN, the continued operational challenges in the European glass industry, and the drag on ratings from being acquired by a lower-rated company. BSN is a leading European manufacturer of glass containers used primarily for wine, spirits, beer, non-alcoholic beverage, and specialty foods. Its annual revenue is approximately EUR1.3 billion. CONTACT: BSN GLASSPACK S.A. 64, bd du 11 Novembre 1918 BP 1228 69611 Villeurbanne Cedex Phone: 33 (0) 4 26 68 65 00 Fax: 33 (0) 4 26 68 66 08 Web site: http://www.bsnglasspack.com RCI BANQUE: Moody's Retains C+ Financial Strength Rating -------------------------------------------------------- Moody's Investors Service placed on review for possible upgrade the Baa1 long-term deposit and debt ratings of RCI Banque, while maintaining its financial strength rating at C+. The rating agency also placed on review for upgrade the Baa1 long-term debt ratings of DIAC, a 100% subsidiary of RCI Banque; as well as the Baa1 long-term debt ratings of Overlease S.A. and of Renault Autofin S.A. whose debt is guaranteed by RCI Banque. The Prime-2 short-term deposit and debt ratings of RCI Banque, DIAC, Overlease S.A. and Renault Autofin S.A., and the Caa1 long-term issuer rating of RCI Banque Sucursal Argentina remain unchanged. The C+ financial strength rating has a stable outlook. RCI Banque is a 100%-owned subsidiary of Renault s.a.s, which is in turn 100%-owned by Renault S.A. The Noisy-le-Grand-based bank reported consolidated assets of EUR23.3 billion and net profits of EUR255 million at year-end 2003. At H1-2004, RCI Banque reported net income of EUR131 million vs. EUR140 million at H1-2003. CONTACT: DIAC S.A. 14, avenue du Pave Neuf 93168 Noisy-le-Grand Cedex Phone: 01.49.32.80.00 Web site: http://www.rcibanque.com ============= G E R M A N Y ============= CINEMAXX AG: Investors to Tackle Proposed Rescue Plan October 28 ---------------------------------------------------------------- Cinemaxx will hold a general meeting on October 28 to take up a complicated plan to help Germany's No.2 cinema chain avoid insolvency, Suddeutsche Zeitung says. The plan calls for the reduction of the company's share capital from 30.6 million to 11.9 million, followed by a capital increase through non-cash contributions. Tele Munchen Gruppe, which has EUR13 million in outstanding loans to Cinemaxx, will swap the debt for new shares, making its owner Herbert Kloiber the cinema chain's new majority shareholder. Mr. Kloiber, a film rights trader, will end up owning almost 50% of Cinemaxx, while current shareholder will see their shares reduced as they will not be given rights to subscribe to new shares. The stake held by Joachim Flebbe, founder of Cinemaxx, will fall from 34% to 17%. CONTACT: CINEMAXX AG Friedrich-Ebert-Damm 111 22047 Hamburg, Germany Phone: +49-40-450-68-0 Fax: +49-40-450-68-201 Web site: http://www.cinemaxx.com TELE MUNCHEN GRUPPE Kaufingerstr 24 D-80331 Munchen Phone: +49 (0) 89 290 93-0 Fax: +49 (0) 89 290 93-109 Web site: http://www.tmg.de CIP CITY: Charlottenburg Court Appoints Insolvency Administrator ---------------------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against CIP City Personalburo Gerber GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 15, 2004 to register their claims with court-appointed provisional administrator Christian Kohler-Ma. Creditors and other interested parties are encouraged to attend the meeting on November 18, 2004, 9:05 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 13, 2005, 9:05 a.m. at the district court of Charlottenburg. CONTACT: CIP CITY PERSONALBURO GERBER GMBH Nazarethkirchstr. 52,13347 Berlin Christian Kohler-Ma, Insolvency Administrator Kurfurstendamm 212, 10719 Berlin DISTRICT COURT OF CHARLOTTENBURG Amtsgerichtsplatz 1 14057 Berlin, II. Stock Saal 218 DRESDNER BANK: Unit Sells US$90 Mln Private Equity Portfolio ------------------------------------------------------------ The Institutional Restructuring Unit (IRU) of Dresdner Bank agreed with Coller Capital to sell a private equity portfolio consisting of various North American investments across the capital structure of 22 different companies. The companies are mainly based in the United States and operate in a diverse range of business sectors. The sale price of US$90 million was structured to meet both parties' objectives and final closing is expected no later than the end of the year. Coller Capital's fourth fund with commitments of US$2.6 billion is the world's largest private equity secondaries fund. Its advised funds currently own interests in more than 2000 companies worldwide. "The sale is one more successful step in reducing the Bank's exposures to non-strategic assets," says Jan E. Kvarnstrom, CEO of IRU and member of the Dresdner Bank Board of Managing Directors. "We believe that the price achieved is full and fair and in line with our targets. The highly complex transaction structure has been executed in a professional manner by our private equity team and Coller Capital." Jeremy Coller, CEO of Coller Capital, says: "We are delighted that upon closure, this transaction will be the eighth management spin-out that we have completed recently. Our considerable experience of purchasing direct private equity assets and dealing with their related transition issues was essential to the success of this purchase." Since the beginning of 2003, the IRU has reduced the non- strategic loan and private equity exposures of the Bank from EUR35.5 billion to EUR13.5 billion (as of 30 June 2004). The remaining private equity exposures amount to about EUR900 million. CONTACT: DRESDNER BANK Ulrich Porwollik Phone: +49-(0) 69/2 63-5 06 05 Katerina Piro Phone: +49-(0) 69/2 63-8 17 74 COLLER CAPITAL Web site: http://www.collercapital.com Penrose Financial (U.K.) Shona Prendergast Phone: +44 20 7786 4884 Kekst and Company (U.S.) Roy Winnick Phone: +1 212 521 4842 ERHARD RONSPIESS: Deadline for Filing Claims November 25 -------------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Erhard Ronspiess Architektur- und Ingenieurburo GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 25, 2004 to register their claims with court-appointed provisional administrator Dr. Christoph Schulte-Kaubrugger. Creditors and other interested parties are encouraged to attend the meeting on October 14, 2004, 10:00 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 20, 2005, 10:00 a.m. at the district court of Charlottenburg. CONTACT: ERHARD RONSPIESS ARCHITEKTUR-UND INGENIEURBURO GMBH Heilbronner Str. 9-10, 10711 Berlin Dr. Christoph Schulte-Kaubrugger Insolvency Manager Genthiner Str. 48, 10785 Berlin DISTRICT COURT OF CHARLOTTENBURG Amtsgerichtsplatz 1 14057 Berlin, II. Stock Saal 218 GEORG ROTH: Printing Firm Files for Bankruptcy ---------------------------------------------- The district court of Koln opened bankruptcy proceedings against printing firm Georg Roth on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 21, 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 November 11, 2004, 10:30 a.m. at the district court of Koln 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 ROTH Gildenweg 5, 50354 Hurth Contact: Heinz Jurgen Busch In der Fuchshohe 3c, 50226 Frechen Dr. Christian Frystatzki, Insolvency Manager Sankt-Augustiner-Str. 94 a 53225 Bonn Phone: 02 28/40 09 4-90 Fax: +492284009499 DISTRICT COURT OF KOLN Hauptstelle, Luxemburger Strasse 101 50939 Koln, 1. Etage, Saal 142 INTERTAINMENT AG: Books Another Annual Loss ------------------------------------------- Media company Intertainment AG recorded earnings before interest and taxes (EBIT) amounting to -EUR8.9 million for the fiscal year 2003, after -EUR16.2 million in the previous year. The consolidated loss amounts to EUR14.1 million. In 2000, the loss was EUR16.1 million. The burdens of the fraud perpetrated by U.S. film producer Franchise Pictures and other parties, and the resulting consequences, are reflected in the financial statements, as in the previous year. Sales of Intertainment fell by 68% to EUR6 million, after EUR19 million in the previous year. Sales generated by exploitation of the film "Twisted" were not achieved in 2003, they are recorded in the first six months of 2004. Amortization of intangible assets and depreciation of property, plant & equipment amounts to EUR9.3 million (2002: EUR0.5 million), depreciation of current assets amounted to EUR7.3 million (2002: EUR0). The increase in these two items is mainly due to un-scheduled write-downs required as a result of the comprehensive measures implemented for reorganization of American business activities. Earnings from ordinary activities fell in particular due to these expenses to -EUR28.7 million (2003: -EUR13.7 million). Intertainment posted positive unscheduled earnings amounting to EUR19.4 million on December 31, 2003. This is due in part to the valuation of claims for compensation against Franchise Pictures and other parties. The trial for damages won in June 2004 against Franchise improved the prospects of Intertainment obtaining damages for the fraud. At the end of the fiscal year 2003, Intertainment had cash and cash equivalents amounting to EUR2.1 million following on from EUR3.9 million at the close of 2002. In future, Intertainment intends to continue pursuing intensively the assertion of its claims against Franchise and the other parties involved in the fraud. CONTACT: INTERTAINMENT AG Investor Relations Osterfeldstrasse 84 85737 Ismaning, Germany Phone: +49 (0)89 21699-0 Fax: +49 (0)89 21699-11 Web site: http://www.intertainment.de E-mail: investor@intertainment.de JENOPTIK AG: Completes Acquisition of WAHL Optoparts ---------------------------------------------------- The Executive Board of Jenoptik AG (ISIN DE0006229107) decided with the consent of the Supervisory Board to pay the balance of the purchase price for WAHL optoparts GmbH, acquired in December last year, in shares. Issuing new shares in return for an investment in kind will strengthen the shareholders' equity base of the Jenoptik Group. Wahl optoparts specializes in the development, production and distribution of custom-made optical components, as well as plastic optomechanical and optoelectronic component assemblies. The use of plastic lenses in optical equipment and systems will be one of the key growth drivers for optical technologies in the future. The company's know-how in the field of plastics holds the potential for a diverse range of technology-based starting points in Jenoptik's Photonics Division. Using the authorized capital will increase the share capital of Jenoptik AG by EUR8,306,092.60 from EUR126,984,000 to EUR135,290,092.60. The number of JENOPTIK AG shares issued will rise to 52,034,651. The current stock market price will be taken into consideration when issuing the shares. The new shares, which are being excluded from the shareholders' purchase option right, will be entitled to the full dividend for the 2004 business year. * * * The Jenoptik Group recorded increases in sales of 13.2% to EUR752.9 million (EUR665.3 million) in the first half. The Group EBIT came to -EUR8.4 million, a rise, however, of EUR4.8 million from the previous first half (1st half 2003: -EUR13.2 million). This figure, moreover, included planned restructuring costs for the Clean Systems business division, of which EUR9.0 million were social plan costs. Without these costs, the Jenoptik operative result for the first half would have returned to positive figures. In addition to restructuring costs, the Group result for the period was weighed down by EUR12.3 million in interest expense (1st half 2003: EUR7.3 million) due to the bond issued in autumn 2003, and a EUR2.4 million-increase in tax burden from the previous year. The Group result for the period, at -EUR19.3 million, therefore reflected only a slight improvement from the first half of 2003 (-EUR20.1 million). CONTACT: JENOPTIK AG Cornelia Todt, Investor Relations Phone/Fax: ++49-3641-65 2156/2484 E-mail: cornelia.todt@jenoptik.com Sabine Barnekow, Investor Relations Phone/Fax: ++49-3641-65 2290/2484 E-mail: sabine.barnekow@jenoptik.com KHS ANLAGENBAU: Creditors Have Until December 1 to File Claims -------------------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against KHS Anlagenbau GmbH on August 31. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 1, 2004 to register their claims with court-appointed provisional administrator Hartwig Albers. Creditors and other interested parties are encouraged to attend the meeting on October 25, 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 31, 2005, 9:00 a.m. at the district court of Charlottenburg. CONTACT: KHS ANLAGENBAU GMBH Forster Str. 51,10999 Berlin Hartwig Albers, Insolvency Manager Lutzowstr. 100, 10785 Berlin DISTRICT COURT OF CHARLOTTENBURG Amtsgerichtsplatz 1 14057 Berlin, II. Stock Saal 218 KNORR DACHTECHNIK: Creditors Claims Due October 19 -------------------------------------------------- The district court of Chemnitz opened bankruptcy proceedings against Knorr Dachtechnik GmbH on August 30. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 19, 2004 to register their claims with court-appointed provisional administrator Wolfgang Hauser. Creditors and other interested parties are encouraged to attend the meeting on November 9, 2004, 10:30 a.m. at Saal 27, Gerichtsgebaude Furstenstrasse 21, in Chemnitz 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: KNORR DACHTECHNIK GMBH (vormals KNORR SPEZIALBAU GmbH) (HRB 10188), Zum Plom 35, 08541 Neuensalz Wolfgang Hauser, Insolvency Manager Poetenweg 36, 08056 Zwickau K + S BAUELEMENTE: Last Day for Filing Claims October 8 ------------------------------------------------------- The district court of Wuppertal opened bankruptcy proceedings against K + S Bauelemente GmbH on September 3. 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 Michael Schmidt-Modrow. Creditors and other interested parties are encouraged to attend the meeting on October 22, 2004, 9:20 a.m. at the district court of Wuppertal 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: K + S BAUELEMENTE GMBH Wall 3, 42103 Wuppertal Contact: Frank Brussing, Manager Unterer Grifflenberg 42, 42119 Wuppertal Michael Schmidt-Modrow, Insolvency Manager Doppersberg 19, 42103 Wuppertal Phone: 0202/24 50 70 Fax: 0202/24 50 777 DISTRICT COURT OF WUPPERTAL Hauptstelle, Eiland 4 42103 Wuppertal, 3. Etage, Saal 388 - Altbau Amtsgericht LOHN HOCHBAU: First Creditors Meeting November 18 ------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Lohn Hochbau GmbH on September 1, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 15, 2004 to register their claims with court-appointed provisional administrator Wolfgang Kuhnel. Creditors and other interested parties are encouraged to attend the meeting on November 18, 2004, 9:20 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 13, 2005, 9:25 a.m. at the district court of Charlottenburg. CONTACT: LOHN HOCHBAU GmbH Homburgstr. 45,12309 Berlin Wolfgang Kuhnel, Insolvency Manager Paderborner Str. 2, 10709 Berlin DISTRICT COURT OF CHARLOTTENBURG Amtsgerichtsplatz 1 14057 Berlin, II. Stock Saal 218 MEDIATEC GESELLSCHAFT: Under Bankruptcy Administration ------------------------------------------------------ The insolvency court of Bonn opened bankruptcy proceedings against MEDIATEC Gesellschaft fur Veranstaltungstechnik GmbH on September 1. 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 Dirk Obermuller. Creditors and other interested parties are encouraged to attend the meeting on November 29, 2004, 11:30 a.m. at the insolvency court of Bonn 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: MEDIATEC GESELLSCHAFT FUR VERANSTALTUNGSTECHNIK GMBH Pfaffenweg 14 A, 53227 Bonn Contact: Dirk Hagemann, Manager Max Hirsch Strasse 10, 53844 Troisdorf Dirk Obermuller, Insolvency Manager Godesberger Allee 125-127, 53175 Bonn Phone: 81 000 45 Fax: 81 000 820 INSOLVENCY COURT OF BONN Wilhelmstrasse 21, 53111 Bonn, 2. Stock Saal S 2.18 POLYMERE CONSULTANT: Administrator's Report Out November 10 ----------------------------------------------------------- The district court of Koln opened bankruptcy proceedings against Polymere Consultant KG on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 10, 2004 to register their claims with court-appointed provisional administrator Wolfram Jahn. Creditors and other interested parties are encouraged to attend the meeting on November 10, 2004, 11:15 a.m. at the district court of Koln 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: POLYMERE CONSULTANT KG An der Schusterinsel 15, 51379 Leverkusen Contact: Manfred Harasim Julius- Kronenberg- Str. 15, 42799 Leichlingen Wolfram Jahn, Insolvency Manager Durener Str. 270, 50935 Koln Phone: 4308758 Fax: +492214308759 DISTRICT COURT OF KOLN Hauptstelle, Luxemburger Strasse 101 50939 Koln, 13. Etage, Saal 1311 TAURUS TV: Axel Springer Waives Rights in Put Option Claim ---------------------------------------------------------- Within the context of the insolvency scheme process of Taurus TV GmbH i.I., a settlement agreement has been concluded between Axel Springer AG, Taurus TV GmbH i.I., KirchMedia GmbH & Co. KGaA i.I. and other parties. Under the settlement agreement, Axel Springer AG agrees to waive its rights arising from the put option claim, which is in dispute between the parties involved. In return, Axel Springer AG will retain its indirect holding in ProSiebenSat.1 Media AG of 10.2%, will increase this by 1.8% with no financial consideration, and will receive from Taurus TV GmbH i.I. a payment in the amount of EUR60.275 million. In addition, the insolvency administrator of KirchMedia GmbH & Co. KGaA i.I. will recognize a claim in the schedule of debts in an amount of EUR325 million in favor of Axel Springer AG. The claim will be taken into account in the further insolvency proceedings. The payment of the amounts and transfer of the holding are dependent on winding-up steps of other participants involved in the insolvency scheme and of other winding-up mandatories. Berlin, September 2004 Axel Springer Aktiengesellschaft The Management Board TRIUS AG: Liquidator Returns Cash to Shareholders ------------------------------------------------- The liquidator of Trius AG i.L. decided as part of the liquidation process to distribute the part of the liquid asset of the company to shareholders. Each shareholder will receive EUR1.88 per share. The Liquidation is going to be executed with valuta on September 23, 2004 according to the share status as of the evening of September 22, 2004. Starting September 23, 2004 TRIUS-shares are going to be traded and listed as "ex liquidation" accordingly. WGL FOTOLABORE: Creditors Have Until December 15 to File Claims --------------------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against WGL Fotolabore GmbH + Co. KG on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 15, 2004 to register their claims with court-appointed provisional administrator Dr. Petra Hilgers. Creditors and other interested parties are encouraged to attend the meeting on November 18, 2004, 9:10 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 13, 2005, 9:20 a.m. at the district court of Charlottenburg. CONTACT: WGL FOTOLABORE GMBH + CO. KG Alboinstrasse 11, 12103 Berlin Dr. Petra Hilgers, Insolvency Manager Goethestr. 85, 10623 Berlin DISTRICT COURT OF CHARLOTTENBURG Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218 ============= H U N G A R Y ============= BORSODCHEM RT: VCP Capital Pursues Stake Sale --------------------------------------------- BorsodChem Rt announces that VCP Capital Partners Unternehmensberatungs AG through its subsidiaries CE Oil & Gas Beteiligung und Verwaltung AG and VCP Industrie Beteiligungen AG, the majority shareholders of the Company, is proceeding with a sale of a portion of its holding in the Company. An International Secondary Offering was launched Wednesday and, in support of the International Secondary Offering, the Company has published a Preliminary International Offering Circular. HSBC Bank plc is global coordinator and book runner of the International Secondary Offering. Summary of the International Secondary Offering (a) The sale will be structured by way of a private placement of shares and Global Depositary Receipts to international and Hungarian institutional investors. (b) Indicative price range of HUF1,775 to HUF2,075. (c) Up to 47,000,000 shares offered in the International Secondary Offering and an over-allotment option of up to an additional 4,700,000 shares. (d) Total offering size representing up to 67.9% of issued share capital. (e) BorsodChem to seek a secondary listing on the Warsaw Stock Exchange. (f) VCPI, CEOG and the Company have consented to enter into lock-up arrangements extending for 180 days in respect of ordinary shares/GDRs in the Company. (g) International road show commenced in London on September 15. Pricing is expected to be announced and allocations are expected to be made around the end of September 2004. Application has been made for any GDRs issued in the International Secondary Offering to be admitted to the Official List of the U.K. Listing Authority and to trading on the London Stock Exchange plc's market for listed securities and Admission is expected to take place shortly after pricing. This announcement does not contain or constitute an offer or invitation to purchase or subscribe for any securities of BorsodChem and should not be relied upon in connection with any decision to purchase or subscribe for any such securities. * * * BorsodChem Rt is the largest PVC manufacturer in Central and Eastern Europe. It is the only manufacturer of MDI in the region and a leading producer of TDI in the region and one of the largest listed companies in Hungary. In April, Standard & Poor's Ratings Services assigned its 'BB' long-term corporate credit rating to BorsodChem Rt, a chemicals group based in Hungary, reflecting the group's position in various segments of the Central and Eastern European chemicals market. The outlook is stable. THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN, POLAND OR TO U.S. PERSONS. CONTACT: BORSODCHEM RT Gabor Hegyi Capital Communications Phone: +36 1 266 0199 Laszlo F. Kovacs Chief Executive Officer BORSODCHEM RT: Applies for Listing on Warsaw Bourse --------------------------------------------------- BorsodChem Rt informs the participants of the capital market that the Company has filed an application with the Securities and Exchange Commission in Warsaw (in Polish: Komisja Papierow Wartooeciowych i Gield w Warszawie) for the licensing of the introduction of its ordinary shares (ISIN code: HU0000072640) into public trading in the Republic of Poland. Following the grant of the aforementioned license, an application will be made for the listing of the Shares on the Warsaw Stock Exchange (in Polish: Gielda Papierow Wartooeciowych w Warszawie S.A.). Kazincbarcika, 16 September 2004 Laszlo F. Kovacs, CEO * * * In April, Standard & Poor's Ratings Services assigned its 'BB' long-term corporate credit rating to BorsodChem Rt, a chemicals group based in Hungary, reflecting the group's position in various segments of the Central and Eastern European chemicals market. The outlook is stable. CONTACT: BORSODCHEM RT. 3700 Kazincbarcikav Bolyai ter 1 Kazincbarcika, Hungary Phone: +36-48-511-211 Fax: +36-48-511-511 Web site: http://www.borsodchem.hu/english ========= I T A L Y ========= ALITALIA SPA: Board Formally Approves Turnaround Plan ----------------------------------------------------- The board of ailing carrier Alitalia approved Monday Giancarlo Cimoli's restructuring plan after striking vital deals with the carrier's nine unions over the weekend, Bloomberg News says. After weeks of negotiations, unions finally agreed to the plan that will cut 3,689 jobs, equivalent to 19% of the carrier's 19,000 workforce. The board, which met for three hours Monday, refused to bare any details of Mr. Cimoli's plan. In an e- mailed statement, the company said the approval of the plan allows Alitalia to draw the EUR400 million (US$488 million) loan from Dresdner Kleinwort Wasserstein guaranteed by the government. This amount is enough to keep Alitalia flying for another six months. Company insiders say Mr. Cimoli plans to split the carrier to two business units: AZ Fly, responsible for the flying operations; and AZ Service, in-charge of ground operations. Mr. Cimoli also plans to sell shares in the first quarter of 2005 to raise cash for the acquisition of new planes from Boeing and Embraer and add new routes in 2007. The CEO expects Alitalia to recover in 2005 and break even in 2006. During this period, the company expects to save around EUR280 million in personnel costs. He expects the airline to post losses of EUR135 million next year and operating profits of EUR179 million and EUR276 million in 2006 and 2008, respectively. He foresees EUR4.3 billion in sales this year and revenue increases through 2008. Founded in 1947, the carrier has accumulated losses of around EUR2.35 billion since 1989. Alitalia also saw its domestic market share fell by a third to 45% since 2002. According to the International Air Transport Association, Alitalia dropped from its position as the world's seventh largest airline in 1970 to 15th place last year after carrying just 22.3 million passengers. Mr. Cimoli is the carrier's third chief executive, assuming the post four months ago. Prime Minister Silvio Berlusconi sacked his predecessor after unions staged walkouts in protest of plans to cut thousands of jobs. 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: Rival Urges E.U. to Block Further State Aids ---------------------------------------------------------- British Airways (BA) has asked the U.K. government to help block further state aid to ailing Italian carrier Alitalia, the Financial Times says. In his letter to U.K. Transport Secretary Alistair Darling, BA chief executive Rod Eddington urged the secretary to persuade the European Commission to deny additional state aid to Alitalia. Mr. Eddington said, "[I am] particularly concerned that the Italian authorities will 'restructure' Alitalia in a way that attempts to circumvent the rules." Alitalia CEO Giancarlo Cimoli intends to split the carrier to two parts: AZ Fly, which the carrier would retain; and AZ Service, which would be spun off. According to the Financial Times, the intention of the break-up is to burden AZ Service with Alitalia's EUR1.6 billion debts. "This could only be interpreted as a EUR1.6 billion subsidy," Mr. Eddington said. Alitalia's recapitalization would entail further subsidy, which Mr. Eddington said must not be permitted. The BA chief commented any further subsidy to Alitalia would be a major reversal of E.C.'s good record on state aid and "would set a dangerous precedent" that other airlines and governments would follow. Mr. Eddington further said this would affect all British carriers that have Italian operations. He added this would distort competition and prevent the consolidation of the European airline industry. 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 PROCOMAC SPA: Chairman Wants to Take Firm Private ------------------------------------------------- Ermanno Morini, founder and chairman of bottling-machinery maker Procomac S.p.A., has decided to delist the firm after posting a EUR3.6 million loss in the first-half, La Stampa says. Delisting Procomac would enable Mr. Morini to buy back around 23.46% of floating shares and another 2.33% owned by Italian bank Credito Emiliano. Mr. Morini reportedly will offer EUR3.5 per share equivalent to the group's IPO price. Procomac's first-half sales fell from EUR147 million in 2003 to EUR65.5 million this year. The group blames the difficult economic climate and increased competition for its poor performance. CONTACT: PROCOMAC S.p.A. Via Fedolfi 29 43038 Sala Baganza Phone: +39 0521 839411 Fax: +39 0521 833879 Web site: http://www.procomac.it =================== K Y R G Y Z S T A N =================== ALAMUDUN: Sets Creditors Meeting September 24 --------------------------------------------- The temporary insolvency manager of Agricultural Farm Alamudun calls for a creditors meeting on September 24, 2004, 1:00 p.m. at Baitik, administrative building of Agricultural Farm Alamudun. Proxies must have authorization to vote. For more information, call (0-502) 50-37-13. KLIRINGCENTER: Insolvency Manager Auctions Accounts Receivable -------------------------------------------------------------- The bidding organizer and insolvency manager of Kliringcenter Ministry of External Trade and Industry will auction the firm's accounts receivable on September 29, 2004, 10:00 a.m. at Bishkek, Chui Avenue 106, room 134. For sale are: (a) Lot 1: Account receivable from JSC Severnaya PMK. Starting price is KGS2,271,590. (b) Lot 2: Account receivable from JSC Kyrgyzkomur. Starting price is KGS174,344. (c) Lot 3: Account receivable from JSC Kyrgyzstroilesbum. Starting price is KGS248,219. (c) Lot 4: Account receivable from Advertisement Center Beyish. Starting price is KGS293,432. (d) Lot5: Account receivable from Opened JSC Ak-Sui Corn Producing Sugar Plant. Starting price is KGS69,235. (e) Lot 6: Altai Radiophone. Starting price is KGS3,400. (f) Lot 7: P-1 Computers. Starting price is KGS1350. (g) Xerox-5616 Copying machine. Starting price is KGS38,852. To participate, bidders must deposit an amount equivalent to 10% of the staring price. Participants must submit their bids to the temporary insolvency manager on or before September 28, 2004 at Bishkek, Chui Avenue 106, room 134. For more information, contact (0-312) 62-52-31. METROPOL: Under Bankruptcy Supervision -------------------------------------- The Bishkek Inter-District Court on Economic Issues commenced bankruptcy supervision procedure on LLC Joint Kyrgyz-Pakistan Company Metropol and appointed Bolotbek Aralbaev (License 0731) temporary insolvency manager on September 7, 2004. The case is docketed as 03-199/M-04c5. Creditors will meet on September 30, 2004, 10:00 a.m. at Bishkek, Frunze Str. 340. Creditors must submit their proofs of claim and register with the temporary insolvency manager seven days prior to the meeting. Proxies must have authorization to vote. For more information, call (0-502) 23-31-99. MOLDOSAN: To Evaluate Proofs of Claim November 10 ------------------------------------------------- Consumer's Economy Moldosan, which recently succumbed to insolvency, will review all proofs of claim on November 10, 2004 at Kainar, Kara-Burinsk region. CONTACT: CONSUMER'S ECONOMY MOLDOSAN Kainar, Kara-Burinsk district TECHNOPOLIS: Selling Wine, Vodka Production Biz for KGS5 Million ---------------------------------------------------------------- The bidding organizer and insolvency manager of Private Foreign Firm Tehnopolis will auction the firm's assets on September 24, 2004, 12:00 noon at Kyrgyzstan, Bishkek, Manas Str. 303, Exhibition of National Economy Achievements, Free Economic Zone Bishkek. Up for sale is the company's wine-and-vodka production business, including high-wear goods and store goods. Starting price is KGS5,250,000. The company operates from a 516-square-meter facility located at Kyrgyzstan, Bishkek, Manas Str. 303, Exhibition of National Economy Achievements, Free Economic Zone Bishkek. Inspection of assets are done daily from 9:00 p.m. to 4:00 p.m. at Kyrgyzstan, Bishkek, Manas Str. 303, Exhibition of National Economy Achievements, Free Economic Zone Bishkek. Participants must deposit an amount equivalent to 10% of the starting price. For more information, call (0-312) 62-68-29 or (0-502) 28-27-56. =================== L U X E M B O U R G =================== BCP CAYLUX: S&P Affirms 'B+' Corporate Credit Rating ---------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B-' rating to US$513 million of senior discount notes due 2014 issued by Crystal U.S. Holdings 3 L.L.C. and Crystal U.S. Sub 3 Corporation. Standard & Poor's also affirmed its 'B+' corporate credit ratings on BCP Caylux Holdings Luxembourg S.C.A. and its Frankfurt, Germany-based subsidiary, Celanese AG. The outlook is stable. Crystal U.S. Holdings, through its wholly owned subsidiary BCP Caylux, currently owns 84% of the shares of Celanese AG. Proceeds from the issuance of the notes will be used to make a dividend to Blackstone Crystal Holdings Capital Partners (Cayman) IV Ltd., the parent company. "The dividend payment is consistent with the very aggressive financial policies of the equity sponsors. Standard & Poor's factored the risk of dividend payments into the 'B+' ratings, although the size of the proposed transaction is large enough so that very little capacity for operational shortfalls or other negative credit actions remains at the current ratings," said Standard & Poor's credit analyst Wesley E. Chinn. BCP Caylux's credit quality incorporates the increase in debt to fund the planned dividend as well as the already considerable debt burden resulting from a sharp increase in borrowings to fund the Blackstone Group's tender offer for the shares of Celanese -- a transaction valued at about US$3.4 billion -- and very aggressive financial policies of the equity sponsor. The dividend transaction results in credit statistics that are aggressive for the ratings. These weaknesses are only partially offset by the company's solid business profile as an integrated producer of diverse commodity and industrial chemicals, prospects for improving cash flow generation, and reasonable liquidity. Significant product market shares and competitive cost structures support good competitive positions in its major products, and a diverse product portfolio that includes a balance of commodity, intermediate, and more specialized industrial chemical products serving a wide range of end markets. With annual revenue of approximately US$4.9 billion, Celanese ranks among the larger and more diversified global chemical businesses. Complete ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at http://www.ratingsdirect.com. All ratings affected by this rating action can be found at http://www.standardandpoors.com. ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: Earns Upgrade for Improved Liquidity Profile --------------------------------------------------------------- Moody's Investors Service upgraded the debt ratings of Koninklijke Ahold N.V. and its guaranteed obligations to Ba2 on a senior implied basis. The ratings affected are Ahold Finance U.S.A. Inc.'s Guaranteed Senior Unsecured Notes issued under the Euro Medium-Term Note program; Ahold U.S.A. Holdings Inc.'s Guaranteed Eurobonds; Albert Heijn's Guaranteed Eurobonds; and Koninklijke Ahold N.V.'s Euro Medium-Term Notes, Subordinated Eurobonds. The rating agency also raised Ahold's senior unsecured bond rating (and its guaranteed subsidiaries) and issuer rating to Ba3 from B1. The subordinated debt rating has also been raised to B1 from B2. The outlook on all ratings is positive. These actions were based on Ahold's success at pulling out a significant part of its activities from South America and Asia. Moody's estimates the company was able to raise EUR850 million from its disposal program. Basing on Ahold's recent performance, it expects the firm to raise its target EUR2.5 billion proceeds from asset sales. The action also reflects expectation that Ahold's financial profile will undergo further improvements over the intermediate term from the disposal and from recent management initiatives at U.S. Foodservice. It also factors in Ahold's strengthened liquidity profile. Moody's says it "expects Ahold to be capable of meeting known claims on liquidity arising under the ICA Ahold put lodged by Canica, as well as scheduled debt maturities (EUR1.5 billion due June 2005) and other moderately sized contingencies, over the next 12 months, without needing to draw on the EUR300 million and USD650 million revolving credit tranches of its secured committed bank facility." On the negative side, Moody's warned of remaining uncertainty over the outcome of the ongoing investigations by the SEC/DOJ, the class action lawsuit and the potential impact in the event of fines being levied and/or settlements reached. The ratings affected are: (a) Ahold Finance U.S.A. Inc: Guaranteed Senior Unsecured Notes issued under the Euro Medium-Term Note program, comprising EUR1,500 million due June 2005, USD500 million due May 2009, EUR600 million due March 2012, GBP500 million due March 2017, USD500 million due May 2029; (b) Ahold U.S.A. Holdings Inc: Guaranteed Eurobonds NLG500 million due November 2006; (c) Albert Heijn: Guaranteed Eurobonds; NLG300 million due December 2007; and (d) Koninklijke Ahold N.V.: (i) Euro Medium-Term Notes: CZK3 billion due September 2005, EUR66 million due October 2007, EUR200 million due November 2007, EUR1,500 million due May 2008, EUR95 million due December 2008. (ii) Subordinated Eurobonds: NLG 200 million due December 2005. The ratings have positive outlook. CONTACT: ROYAL AHOLD N.V. Albert Heinjneweg 1 1507 EH Zaandam, The Netherlands Phone: +31 75 659 9111 Fax: +31 75 659 8350 Web site: http://www.ahold.com =========== P O L A N D =========== NETIA SA: Subsidiaries Acquire Shares in Netia Mobile ----------------------------------------------------- Netia S.A. (WSE: NET), Poland's largest alternative provider of fixed-line telecommunications services, announced that its subsidiary, Netia Mobile Sp. z o.o., with its seat in Warsaw, has been registered by the relevant Polish court. The shares in Netia Mobile were acquired solely by the existing Netia's wholly owned subsidiaries. The share capital of Netia Mobile equals PLN50,000 and is divided into 100 shares, PLN500 par value per share. Netia Mobile's shares were acquired by Netia Ventures Sp. z o.o. (99 shares constituting 99% of Netia Mobile's share capital) and Netia Globe S.A. (1 share constituting 1% of Netia Mobile's share capital) at the par value price of PLN500 per share. The shares acquired by Netia Ventures Sp. z o.o. and Netia Globe S.A. constitute a right to 99% and 1% of votes at the general meeting of shareholders of Netia Mobile, respectively. Netia Ventures Sp. z o.o. and Netia Globe S.A. financed the transaction from their own capital. The book value of Netia Mobile in the accounts of Netia Ventures Sp. z o.o. and Netia Globe S.A. amount to PLN51,366.02 and PLN500, respectively. The acquisition will be treated as a long-term investment. CONTACT: NETIA S.A. UL. Poleczki 13 02-822 Warsaw, Poland Phone: +48-22-330-2000 Fax: +48-22-330-2323 Web site: http://www.netia.pl ============= R O M A N I A ============= BRD-GROUPE SOCIETE: 'BB/B/3' Ratings Affirmed; Outlook Positive --------------------------------------------------------------- Fitch Ratings revised the rating outlooks on BRD-Groupe Societe Generale and UniCredit Romania (UCR) to Positive from Stable. At the same time, BRD's and UCR's ratings are affirmed at Long- term 'BB', Short-term 'B' and Support '3'. UCR's Individual rating is affirmed at 'D'. The new Outlook follows the recent change in the Outlook on Romania's Long-term foreign currency 'BB' rating to Positive from Stable. The Long-term, Short-term and Support ratings of BRD and UCR are derived from the potential support from their foreign parents in case of need. BRD is 51%-owned by Societe Generale, (rated Long-term 'AA-' and UCR is 99.8%-owned by Unicredito Italiano, (rated Long-term 'AA-'). However, due to the potential transfer risk in Romania, which could constrain the ability of these institutions to support their subsidiaries, BRD's and UCR's Long-term ratings are constrained by Romania's country ceiling of 'BB'. BRD is Romania's second largest bank, accounting for c.16% of total banking assets, and has been majority-owned by Societe Generale since 1999. UCR was a relatively small bank when UniCredito Italiano initially took a stake in it in June 2002. The bank has since undertaken a successful expansion strategy targeting both corporate and retail clients. The press release detailing the sovereign credit rating can be found at http://www.fitchratings.com. CONTACT: FITCH RATINGS Tim Beck, London Phone: +44 (0) 20 7417 3460 Philip Smith Phone: +44 (0) 20 7417 4340 Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 =========== R U S S I A =========== BELGORO-SELKHOZ-ELECTRO: Court Sets October 10 Hearing ------------------------------------------------------ The Arbitration Court of Belgorod region has commenced bankruptcy supervision procedure on LLC Belgoro-Selkhoz-Electro. The case is docketed as A08-68/04-11B. Mr. I. Shteynikov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to Russia, Belgorod, Lugovaya Str. 6A. A hearing will take place on October 10, 2004. CONTACT: BELGORO-SELKHOZ-ELECTRO Russia, Belgorod, Chapaeva Str. 77 Mr. I. Shteynikov Temporary Insolvency Manager Russia, Belgorod, Lugovaya Str. 6A COLOR STONES: Undergoes Bankruptcy Supervision Procedure -------------------------------------------------------- The Arbitration Court of Kareliya republic has commenced bankruptcy supervision procedure on CJSC Color Stones (TIN 1013002215). Ms. T. Mikhalochkina has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to the temporary insolvency manager. A hearing will take place at the Arbitration Court of Kareliya republic on November 24, 2004, 12:00 noon. CONTACT: COLOR STONES Russia, Kareliya republic, Medvezhyegorskiy region, Lavas Guba The Arbitration Court of Kareliya republic Russia, Kareliya republic, Petrozavodsk, Krasnoarmeyskaya Str. 24A, Hall 1 KOZHEVNIKOVSKIY FACTORY: Tomsk Court Appoints Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Tomsk region has commenced bankruptcy supervision procedure on OJSC Kozhevnikovskiy Factory of Dried Milk (TIN 7008000742). The case is docketed as A67-2301/04. Mr. S. Ananin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 634034, Russia, Tomsk, Post User Box 4790. CONTACT: KOZHEVNIKOVSKIY FACTORY OF DRIED MILK 636160, Russia, Tomsk region, Kozhevnikovo, Gagarina Str. 2 Mr. S. Ananin Temporary Insolvency Manager 634034, Russia, Tomsk, Post User Box 4790 KRASNOKAMENSKOYE MANAGEMENT: Court Sets November 25 Hearing ----------------------------------------------------------- The Arbitration Court of Krasnoyarsk region has commenced bankruptcy supervision procedure on OJSC Krasnokamenskoye Management of Mines. The case is docketed as A33-11258/04-S4. Mr. E. Kazyurin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 660131, Russia, Krasnoyarsk, 131, Post User Box 21186. A hearing will take place at Russia, Krasnoyarsk, Lenina Str. 143, Room, 22 on November 25, 2004, 2:00 p.m. CONTACT: KRASNOKAMENSKOYE MANAGEMENT OF MINES 662955, Russia, Krasnoyarsk region, Kuraginskiy region, Krasnokamensk, Promploshadka Mr. E. Kazyurin Temporary Insolvency Manager 660131, Russia, Krasnoyarsk, 131, Post User Box 21186 Phone/Fax: (3912) 65-29-30 NORTH-OIL-GAS-STROY: Declared Insolvent --------------------------------------- The Arbitration Court of Khanty-Mansiyskiy autonomous region has declared LLC North-Oil-Gas-Stroy insolvent and introduced bankruptcy proceedings. The case is docketed as A75-224-B/04. Mr. I. Kazakov has been appointed insolvency manager. Creditors may submit their proofs of claim to 628605, Russia, Khanty- Mansiyskiy autonomous region, Tyumen region, Nizhnevartovsk, Druzhby Narodov Str. 6, Office 1. CONTACT: NORTH-OIL-GAS-STROY Russia, Tyumen region, Kogalym, Geofizikov Str. 8 Mr. I. Kazakov Insolvency Manager 628605, Russia, Khanty-Mansiyskiy autonomous region, Tyumen region, Nizhnevartovsk, Druzhby Narodov Str. 6, Office 1 OAO GAZPROM: First-quarter Net Profit Balloons to RUB66 Million --------------------------------------------------------------- On 20 September 2004 OAO Gazprom issued its unaudited consolidated interim condensed financial information prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' (IAS 34) for the three months ended 31 March 2004. The table below presents the unaudited IFRS consolidated interim condensed statement of operations for the three months ended 31 March 2004 and 2003. All amounts are presented in million Russian Rubles, unless otherwise stated. Three months ended 31 March 2004 2003 Sales (net of excise tax, VAT and custom duties) 255,845 232,250 Operating expenses (175,604) (157,472) Operating profit 80,241 74,778 Net finance income (costs) 6,329 (2,798) Share of net income of associated undertakings 2,033 962 Gains on available-for-sale investments 942 3,117 Profit before profit tax and minority interest 89,545 76,059 Current profit tax expense (15,471) (14,096) Deferred profit tax expense (7,450) (5,799) Profit tax expense (22,921) (19,895) Profit before minority interest 66,624 56,164 Minority interest (582) (192) Net profit 66,042 55,972 Three months ended 31 March RR' millions (unless otherwise stated) 2004 2003 Sale of gas Europe Net sale (net of excise, VAT and customs duties) 110,372 116,194 Volumes in bcm 43.0 39.4 Average price, RR/mcm (including excise and customs duties) 3,559.0 3,956.2 FSU Net sale (net of excise, VAT and customs duties) 12,374 14,626 Volumes in bcm 12.6 13.6 Average price, RR/mcm (including excise and customs duties) 1,441.2 1,371.4 Russia Net sale (net of excise and VAT) 85,505 64,210 Volumes in bcm 105.4 108.1 Average price, RR/mcm (including excise and net of VAT) 824.2 656.5 Total sales of gas Net sale (net of excise, VAT and customs duties) 208,251 195,030 Volumes in bcm 161.0 161.1 Sales of gas condensate and other oil and gas products (net of excise tax, VAT and customs duties) 27,323 19,119 Gas transportation sales (net of excise tax and VAT) 9,528 6,888 Other sales 10,743 11,213 Total sales (net of excise, VAT and customs duties) 255,845 232,250 More detailed information on the IRFS consolidated interim condensed financial information for the three months ended 31 March 2004 can be found at http://www.gazprom.com. CONTACT: OAO GAZPROM (Exchange: Russian) 16 Nametkina 117997 Moscow, V-420, Russia Phone: +7-95-719-3001 Fax: +7-95-719-8333 OMSK-TRANS-OIL-PRODUCTS: Appoints S. Rubin Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Omsk region has commenced bankruptcy supervision procedure on CJSC Omsk-Trans-Oil-Products. The case is docketed as K/E-95/04. Mr. S. Rubin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 655043, Russia, Omsk, Dobrovolskogo Str. 5, Building 1, Apartment 6. A hearing will take place on December 7, 2004, 2:00 p.m. CONTACT: OMSK-TRANS-OIL-PRODUCTS 646440, Russia, Omsk region, Muromtsevo, Nakhimova Str. 13 Mr. S. Rubin Temporary Insolvency Manager 655043, Russia, Omsk, Dobrovolskogo Str. 5, Building 1, Apartment 6 ORENBURG-AGRO-PROM-KHIMIYA: Under Bankruptcy Supervision -------------------------------------------------------- The Arbitration Court of Orenburg region has commenced bankruptcy supervision procedure on OJSC Orenburg-Agro-Prom- Khimiya. The case is docketed as A47-714B/04-14-GK. Mr. D. Taushev has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 460000, Russia, Orenburg, Gaya Str. 23A. A hearing will take place at the Arbitration Court of Orenburg region on November 2, 2004, 11:00 a.m. CONTACT: ORENBURG-AGRO-PROM-KHIMIYA 460037, Russia, Orenburg, Selskokhozyaystvennaya Str. 1A Mr. D. Taushev Temporary Insolvency Manager 460000, Russia, Orenburg, Gaya Str. 23A Phone/Fax: (3532) 78-40-26 REINFORCED CONCRETE: Deadline for Proofs of Claim October 16 ------------------------------------------------------------ The Arbitration Court of Tyumen region has declared LLC Reinforced Concrete insolvent and introduced bankruptcy proceedings. The case is docketed as A70-4034/3-2004. Mr. V. Materov has been appointed insolvency manager. Creditors have until October 16, 2004 to submit their proofs of claim to 625062, Russia, Tyumen, Chaplina Str. 126, Apartment 210. CONTACT: REINFORCED CONCRETE 626150, Russia, Tobolsk, BSI-1 Mr. V. Materov Insolvency Manager 625062, Russia, Tyumen, Chaplina Str. 126, Apartment 210 REM-ELEKTRO: Insolvent Status Confirmed --------------------------------------- The Arbitration Court of Sverdlovsk region has declared OJSC Rem-Elektro insolvent and introduced bankruptcy proceedings. The case is docketed as A60-17622/04-S2. Mr. V. Osakovskiy has been appointed insolvency manager. Creditors may submit their proofs of claim to 625003, Russia, Tyumen, R. Luksemburg Str. 12B. CONTACT: REM-ELEKTRO 624356, Russia, Sverdlovsk region, Kachkanar, Promzona, Post User Box 156 Mr. V. Osakovskiy Insolvency Manager 625003, Russia, Tyumen, R. Luksemburg Str. 12B SCHERBINSKIY FACTORY: Moscow Court Appoints Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Moscow region has declared state unitary enterprise of Moscow Region Scherbinskiy Factory of Art Crafts and Souvenirs (TIN 5051001756) insolvent and introduced bankruptcy proceedings. The case is docketed as A41-K2- 17847/01, A41-K2-17032/01. Ms. E. Pechyonkina has been appointed insolvency manager. Creditors have until October 16, 2004 to submit their proofs of claim to 107078, Russia, Moscow, Post User Box 281. CONTACT: SCHERBINSKIY FACTORY OF ART CRAFTS AND SOUVENIRS 142171, Russia, Moscow region, Scherbinsk, Zheleznodorozhnaya Str. 39 Ms. E. Pechyonkina Insolvency Manager 107078, Russia, Moscow, Post User Box 281 YUKOS OIL: Raises Yuganskneftegas Reserves to 74 Bln Barrels ------------------------------------------------------------ Yukos Oil Company announced the results of multi-year studies of the Achimov producing horizon (located at depths different from those of previously identified producing horizons in properties of Yuganskneftegas) and the Priobskoye Field. The studies have identified recoverable resources well in excess of the Society of Petroleum Engineers (S.P.E.) proven, probable and possible (3P) reserves that Yukos has previously disclosed for its Yuganskneftegas subsidiary. The recoverable resources resulting from the studies are estimated to be 74.3 billion barrels (10.1 billion metric tons) greater than the 19.4 billion barrels (2.7 billion metric tons) of 3P reserves identified as of December 31, 2003, for a total new recoverable resources base of 93.7 billion barrels (12.8 billion metric tons) in Yuganskneftegas. While the amount of incremental resources which may be reflected in Yukos' reserves calculations for year-end 2004 have not yet been subject to an independent reserves audit by Yukos' outside reserves auditor, DeGolyer & MacNaughton (D&M), D&M has informed Yukos that it believes that there are significant potential recoverable resources in Yuganskneftegas beyond those identified in the reserves estimates prepared by D&M as of December 31, 2003. Based upon initial estimates from the results of the studies, Yukos believes that a portion of the incremental recoverable resources which have been identified are expected to be reflected in the year-end 2004 SPE proven, probable and possible reserves calculations for Yuganskneftegas. No determination has been made regarding reserves, which may be reported in accordance with U.S. Securities and Exchange Commission (S.E.C.) requirements. The incremental recoverable resources estimate described herein includes only liquid hydrocarbons and does not currently reflect any calculations of recoverable resources for associated gas. Recoverable resources should not be equated to recoverable reserves. The U.S. Energy Information Administration (EIA) describes "recoverable resources" as "a broader category, encompassing estimates of both proved, and undiscovered volumes that would be economically extractable under specified price- cost relationships and technological conditions. By definition, there is a lower level of certainty attached to resource estimates than to proved reserve estimates." The price-cost relationships and technological conditions assumed by Yukos in determining the amount of recoverable resources do not differ significantly from prevailing market forecasts and conditions. Recoverable resources are different from the SEC defined reporting for reserves used in Yukos' U.S. GAAP financial reporting, and from the SPE definitions of proven, probable and possible reserve categories. The actual amount of reserves, which are ultimately economically recoverable, may differ significantly from the estimate of recoverable resources. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Summary Table of Revised Recoverable Resources - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Current SPE Total New Estimate of Current Reserves Recoverable Production 12/31/2003[*] Resources Rate 8/31/2004 billion billion billion billion barrels tons barrels metric barrels metric per day per day tons tons Priobskoye 7.8 1.1 27.6 3.8 416,000 57,000 Yuganskneftegas Achimov 2.7 0.4 57.2 7.8 90,000 12,000 Remainder of Yuganskneftegas 8.9 1.2 8.9 1.2 553,000 76,000 Total 19.4 2.7 93.7 12.8 1,059,000 145,000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [*] DeGolyer and MacNaughton calculation of Proven, Probable and Possible reserves calculated under S.P.E. definitions, as of December 31, 2003 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - The new recoverable resources estimate is based upon several years of studies. While Yukos personnel participated in all aspects of the studies, D&M provided consulting services with respect to the Achimov studies and PetroTel provided consulting services with respect to the Priobskoye studies. These included 3D seismic, advanced well logs and their interpretation, well test analysis and state of the art modeling. D&M is an independent petroleum consulting firm based in Dallas, Texas. PetroTel is an independent petroleum consulting group based in Plano, Texas. A new resources characterization model completed by PetroTel on its state-of-the-art modeling system GeoPC, with full active participation of Yukos geologists, petrophysicists and engineers, lead to the revision for Priobskoye. The new Priobskoye model is one of the largest geostatistical models ever completed in the world oil industry with over 34 million grid blocks and 80 vertical layers. The model uses data from 958 active wells, and 143 exploration wells, which were upscaled into Yukos' dynamic reservoir model with the help of PetroTel's engineers. Yukos is currently operating about 500 wells at a number of oilfields in its Yuganskneftegas subsidiary producing approximately 90,000 barrels of oil per day from certain limited areas of the Achimov zone. However, the productivity of the Achimov horizon as a whole has been questionable until now. After developing proprietary fracturing technology for more than 18 months, with the goal of making the Achimov zone produce at commercial rates, YUKOS designed and executed Russia's largest ever fracture job using the highest permeability proppant commercially available anywhere in the world. Comprehensive evaluation of well performance was one of the principal aspects of the analysis, which was undertaken to complete the study of the Achimov resources in Yuganskneftegas. The information with respect to the new recoverable resources estimate has been provided to Dresdner Kleinwort Wasserstein for its review in association with its valuation of Yuganskneftegas under contract with the Russian Federation Ministry of Justice and additionally to other entities that are performing valuations for Yukos. Revised development plans for Yuganskneftegas properties, as a result of the new resources estimate, have not been presented to the government of the Russian Federation. Equivalent measurement. Crude oil resources and production information in metric tons has been derived from respective information in barrels using a conversion coefficient of 1 metric ton = 7.3 barrels. CONTACT: YUKOS OIL International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru =========== S W E D E N =========== CONCORDIA BUS: Ratings Under Review for Possible Downgrade ---------------------------------------------------------- Moody's Investors Service is reviewing the ratings of Concordia Bus AB and its subsidiaries following the release of the group's interim results. The firm has warned it is continuing to experience weakness in earnings and cash flow generation. The ratings affected are: (a) the B2 rating on the EUR130 million senior secured notes due 2009 of Concordia Bus Nordic AB, (b) The Caa1 rating on the EUR160 million 11% Senior Subordinated Notes due 2010 issued by Concordia Bus AB, (c) The B2 senior implied rating on Concordia Bus AB, (d) The B3 issuer rating on Concordia Bus AB The rating agency hinted it might downgrade the firm's ratings for lack of any material improvement in the group's contract portfolio returns, below expected operating performance and a weak success rate with current contracts. It raises concern on the group's increasing operating costs, and its ability to service debt interest beyond the next 12 months. Concordia Bus is the largest private bus transportation company in Scandinavia. Its revenue for the 12 months ended February 28, 2004 was SEK4.8 billion. CONTACT: CONCORDIA BUS AB (publ) Solna Strandvag 78 17154 Solna, Sweden Phone: +46-854630000 Web site: http://www.concordiabus.com ===================== S W I T Z E R L A N D ===================== CONVERIUM AG: Moody's Hints Downgrade of Baa1 IFSR -------------------------------------------------- Moody's Investors Service considers downgrading the Baa1 Insurer Financial Strength Rating (IFSR) of Converium AG and Converium Rueckversicherung (Deutschland) AG. It is putting the rating under review on doubts the companies will be able to raise the full amount it expects from its US$420 million equity offering. The rating agency believes the group needed to raise new capital in order to mitigate the difficulties it is facing in writing new business, and to prevent a run-off of the entire group. It assured the current capitalization Converium AG -- the main operating company of Converium Holding AG -- and Converium Rueckversicherung are still at secure levels. Moody's also downgraded the debt issued by Converium Holdings (North America) Inc. from Ba1 to B2 after Converium AG revised its plans to increase the capital of the U.S. firm and placed the entity into run-off. It also downgraded the IFSR of Converium Reinsurance (North America) Inc. (CRNA) from Ba1 to B2. The outlook on the rating is negative. Additional rating actions: (a) US$200 million 7.125% unsubordinated senior notes due October 2023 originally issued by Zurich Reinsurance Centre Holdings, Inc and assumed by Converium Holdings (North America) Inc. -- senior debt rating downgraded from Ba1 to B2, on review for possible downgrade; and (b) US$200 million 8.25% guaranteed subordinated notes due December 2032 (callable in 2007) issued by Converium Finance S.A., a wholly-owned subsidiary of Converium Holding AG -- subordinated debt rating of Ba1 placed on review for possible downgrade. CONTACT: 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 ============= ALGORITM LTD.: Bankruptcy Proceedings Begin ------------------------------------------- The Economic Court of Ivano-Frankivsk region declared LLC Algoritm Ltd. (code EDRPOU 13645649) insolvent and introduced bankruptcy proceedings on July 19, 2004. The case is docketed as B-7/107. Arbitral manager Mr. Mikola Siuhin (License Number AA 249920) has been appointed liquidator/insolvency manager. CONTACT: ALGORITM LTD. Ukraine, Ivano-Frankivsk, B. Hmelnitskij Str. 57a Mr. Mikola Siuhin Liquidator/Insolvency Manager Ukraine, Ivano-Frankivsk region, Stus Str. 9/48 ECONOMIC COURT OF IVANO-FRANKIVSK REGION 76000, Ukraine, Ivano-Frankivsk region, Shevchenko Str. 16a BOGORODCHANINAFTOGAZVIDOBUTOK: Under Bankruptcy Supervision ----------------------------------------------------------- The Economic Court of Ivano-Frankivsk region commenced bankruptcy supervision procedure on LLC Bogorodchaninaftogazvidobutok on May 5, 2004. The case is docketed as B-11/78. Mr. Igor Kovalskij (License Number AA 249769 approved on November 19, 2001) has been appointed temporary insolvency manager. The company holds account numbers 260031335 and 260053753 at JSPPB Aval, Ivano-Frankivsk branch, MFO 336462. Creditors have until September 30, 2004 to submit their proofs of claim to: (a) BOGORODCHANINAFTOGAZVIDOBUTOK 77701, Ukraine, Ivano-Frankivsk region, Bogorodchani, Gagarin Str. 10 (b) Mr. Igor Kovalskij Temporary Insolvency Manager Ukraine, Ivano-Frankivsk region, Kaluskij district, Pijliv (c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION 76000, Ukraine, Ivano-Frankivsk region, Grunvaldska Str. 11 HLIBODAR: Court Appoints Insolvency Manager ------------------------------------------- The Economic Court of Ivano-Frankivsk region declared OJSC Hlibodar (code EDRPOU 00951675) insolvent and introduced bankruptcy proceedings on August 20, 2004. The case is docketed as B-16/336. Arbitral manager Mr. Roman Senik (License Number AA 719876 approved on March 4, 2004) has been appointed liquidator/insolvency manager. The company holds account number 2600530182 at Oshadbank, Rogatin branch 6347, MFO 336582. CONTACT: HLIBODAR 77000, Ukraine, Ivano-Frankivsk region, Rogatin, Galitska Str. 46 Mr. Roman Senik Liquidator/Insolvency Manager 76008 Ukraine, Ivano-Frankivsk region, a/b 26 ECONOMIC COURT OF IVANO-FRANKIVSK REGION 76000, Ukraine, Ivano-Frankivsk region, Grunvaldska Str. 11 LEBEDIN' TOOL: Proofs of Claim Deadline Set September 30 -------------------------------------------------------- The Economic Court of Sumi region has commenced bankruptcy supervision procedure on OJSC Lebedin' Tool Knots Plant (code EDRPOU 00222380). The case is docketed as 6/82-04. Arbitral manager Mr. Oleksandr Shevich (License Number AA 668288 approved on October 9, 2003) has been appointed temporary insolvency manager. Creditors have until September 30, 2004 to submit their proofs of claim to: (a) LEBEDIN' TOOL KNOTS PLANT Ukraine, Sumi region, Lebedin, Sumska Str. 92 (b) Mr. Oleksandr Shevich Temporary Insolvency Manager Ukraine, Sumi region, Nezalezhnosti Square, 1, room 1412, 1418 Phone: (0542) 21-88-69 Fax: (0542) 21-88-69 (c) ECONOMIC COURT OF SUMI REGION Ukraine, Sumi region, Ribalko Str. 2 OBERIG: Kyiv Court Opens Bankruptcy Proceedings ----------------------------------------------- The Economic Court of Kyiv region declared LLC Oberig (code EDRPOU 30546965) insolvent and introduced bankruptcy proceedings on August 10, 2004. The case is docketed as 18/2 b-2004. Arbitral manager Mr. Leonid Sirotenko (License Number AA 630119 approved on November 29, 2003) has been appointed liquidator/insolvency manager. CONTACT: OBERIG Ukraine, Kyiv region, Obuhiv, Zhovtneva Str. 14-a Mr. Leonid Sirotenko Liquidator/Insolvency Manager 01034, Ukraine, Kyiv region, Volodimirska Str. 48/2 Phone: 8 (044) 246-37-05 ECONOMIC COURT OF KYIV REGION 01033, Ukraine, Kyiv region, Zhilyanska Str. 58 b OHTIRSILMASH: Names Temporary Insolvency Manager ------------------------------------------------ The Economic Court of Sumi region has commenced bankruptcy supervision procedure on OJSC Ohtirsilmash (code EDRPOU 00238256). The case is docketed as 6/82-04. Arbitral manager Mr. Oleksandr Shevich (License Number AA 668288 approved on October 9, 2003) has been appointed temporary insolvency manager. The company holds account number 26004301490125 at Prominvestbank, Ohtirka branch, MFO 337319. Creditors have until September 30, 2004 to submit their proofs of claim to: (a) OHTIRSILMASH Ukraine, Sumi region, Ohtirka, Shevchenko Str. 3 (b) Mr. Oleksandr Shevich Temporary Insolvency Manager Ukraine, Sumi region, Nezalezhnosti Square, 1, room 1412, 1418 Phone: (0542) 21-88-69 Fax: (0542) 21-88-69 (c) ECONOMIC COURT OF SUMI REGION Ukraine, Sumi region, Ribalko Str. 2 =========================== U N I T E D K I N G D O M =========================== ACTIVE MANUFACTURING: May Appoint Liquidator Monday --------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Active Manufacturing Ltd. Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a meeting of Creditors of Active Manufacturing Ltd. will be held at Beaufort House 94-96 Newhall Street Birmingham B3 1PB on September 27, 2004 at 11:00 a.m. for the purpose of having a full statement of the position of the Company's affairs, together with a list of the Creditors of the Company and the estimated amount of their claims, laid before them, and for the purpose, if thought fit, of nominating a Liquidator and of appointing a Liquidation Committee. (Sections 99-101 of the said Act) In accordance with section 98 (2) Insolvency Act 1986, a list of Creditors' names and addresses will be available for inspection, free of charge, at Moore Stephens, Beaufort House 94-96 Newhall Street Birmingham B3 1PB two business days prior to the meeting. By Order of the Board. A. Millerchip, Director September 10, 2004 CONTACT: MOORE STEPHENS Beaufort House 94-96 Newhall Street Birmingham, B3 1PB Phone: 0121 233 2557 Fax: 0121 E-mail: nigel.price@moorestephens.com Web site: http://www.moorestephens.co.uk ALADDINS DISCOUNT: Creditors Meeting Next Week ---------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Aladdins Discount Stores Ltd. Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a meeting of Creditors of Aladdins Discount Stores Ltd. will be held at St Alphage House 2 Fore Street London EC2Y 5DH on September 27, 2004 at 11:00 a.m. for the purpose of having a full statement of the position of the Company's affairs, together with a list of the Creditors of the Company and the estimated amount of their claims, laid before them, and for the purpose, if thought fit, of nominating a Liquidator and of appointing a Liquidation Committee. (Sections 99-101 of the said Act) A Form of Proxy, if intended to be used by creditors wishing to vote at the Meeting, must be duly completed and accompanied by their statement of claim, and must be lodged at St Alphage House 2 Fore Street London EC2Y 5DH not later than 12:00 noon on the business day before the Meeting. Notice is also given, for the purpose of voting, that secured Creditors must (unless they surrender their security) lodge at St Alphage House 2 Fore Street London EC2Y 5DH before the Meeting, a statement giving particulars of their security, the date when it was given, and the value at which it is assessed. In accordance with section 98 (2) Insolvency Act 1986, a list of Creditors' names and addresses will be available for inspection, free of charge, at UHY Hacker Young, St Alphage House 2 Fore Street London EC2Y 5DH two business days prior to the meeting. By Order of the Board. W. J. Smallman, Director September 7, 2004 CONTACT: UHY HACKER YOUNG St. Alphage House 2 Fore Street London EC2Y 5DH Phone: 020 7216 4600 Fax: 020 7638 2159 Web site: http://www.uhy-uk.com APPOINTED FLOOR: Brings in Liquidator from Elwell Watchorn ---------------------------------------------------------- At an extraordinary general meeting of the Appointed Floor Systems Limited on September 14, 2004, the resolution to wind up the company was passed. Richard John Elwell and Graham Stuart Wolloff of Elwell Watchorn & Saxton, 2 Axon, Commerce Road, Lynchwood, Peterborough PE2 6LR have been appointed joint liquidators for the purpose of such winding-up. CONTACT: ELWELL WATCHORN & SAXTON 2 Axon, Commerce Road, Lynchwood, Peterborough PE2 6LR Joint Liquidators: Richard John Elwell Graham Stuart Wolloff Phone: (+44) 01733 235253 Fax: (+44) 01733 236391 E-mail: office@ews-insolvency.co.uk Web site: http://www.ews-insolvency.co.uk AUSTRO TOURS: Creditors to Meet September 27 -------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Austro Tours Ltd. Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a meeting of Creditors of Austro Tours Ltd. will be held at Hendon Hall Ashley Lane London NW4 1HF on September 27, 2004 at 10:45 a.m. for the purpose of having a full statement of the position of the Company's affairs, together with a list of the Creditors of the Company and the estimated amount of their claims, laid before them, and for the purpose, if thought fit, of nominating a Liquidator and of appointing a Liquidation Committee. (Sections 99-101 of the said Act) In accordance with section 98 (2) Insolvency Act 1986, a list of Creditors' names and addresses will be available for inspection, free of charge, at SPW Poppleton & Appleby, Gable House 239 Regents Park Road London N3 3LF two business days prior to the meeting. By Order of the Board. J. Monfort, Director September 9, 2004 CONTACT: THE P&A PARTNERSHIP 93 Queen Street Sheffield S1 1WF Phone: (0114) 275 5033 Fax: (0114) 276 8556 E-mail: info@poppletonappleby.co.uk Web site: http://www.thepandapartnership.com BANQUE PARIBAS: Members Final Meeting Set October 22 ---------------------------------------------------- Name of Companies: Banque Paribas Capital Markets Limited BNP Confirming Limited BNP Paribas Harewood Properties Limited Paribas Management Services Limited The final meetings of the members of these companies will be on October 22, 2004 commencing at 10:20 a.m. and thereafter at 5- minute intervals. It will be held at KPMG LLP, 8 Salisbury Square, London EC4Y 8BB. 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. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with KPMG LLP, 8 Salisbury Square, London EC4Y 8BB not later than 12:00 noon, October 21, 2004. CONTACT: KPMG LLP PO Box 695, 8 Salisbury Square, London EC4Y 8BB Joint Liquidator: S Treharne Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk BIBOH LIMITED: Members General Meeting Set October 21 ----------------------------------------------------- A general meeting of the members of Biboh Limited will be on October 21, 2004 commencing at 11:00 a.m. It will be held at Athene Place, 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 Athene Place, 66 Shoe Lane, London EC4A 3WA not later than 12:00 noon, October 20, 2004. CONTACT: DELOITTE AND TOUCHE LLP Athene Place, 66 Shoe Lane, London EC4A 3WA Joint Liquidator: James Robert Drummond Smith Phone: 00 44 (0) 207 936 3000 Fax: 00 44 (0) 207 779 4001 Web site: http://www.deloitte.com BOOKBUILDER SL: Hires Joint Liquidators from Ernst & Young ---------------------------------------------------------- At an extraordinary general meeting of the Bookbuilder SL Limited on September 7, 2004 held at 1 More London Place, London SE1 2AF, the special resolution to wind up the company was passed. Elizabeth A Bingham and Alan Lovett of Ernst & Young LLP, 1 More London Place, London SE1 2AF have been appointed joint liquidators for the purpose of such winding-up. CONTACT: ERNST & YOUNG LLP 1 More London Place, London SE1 2AF Joint Liquidators: Elizabeth A Bingham Alan Lovett Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com CAMILLA BUILDING: Names Ensors Administrator -------------------------------------------- Steven Law has been appointed as administrator for Camilla Building Services Limited. The appointment was made September 10, 2004. The company is engaged in general construction. CONTACT: ENSORS Cardinal House, 46 St Nicholas Street, Ipswich IP1 1TT Administrator: Steven Law (IP No 008727) Phone: 01473 220022 Fax: 01473 220033 Web site: http://www.ensors.co.uk CORUS GROUP: EUR500 Mln Senior Unsecured Bond Rated 'B-' -------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B-' long-term senior unsecured debt rating to the proposed bond of up to EUR500 million to be issued by U.K.-based steelmaker Corus Group PLC (B+/Stable/B). The bond will have a seven-year maturity and will be guaranteed on a senior unsecured basis by Corus U.K. Ltd. "The bond is rated two notches below Corus' corporate credit rating given the significant financial and operating liabilities that rank legally and structurally senior to the bond," said Standard & Poor's credit analyst Tommy Trask. "Corus will use the bond proceeds to tender for an existing bond due 2006 and to pay down borrowings under the senior credit facility, thereby improving its debt maturity profile and liquidity." The bond documentation includes change of ownership and cross- default provisions, and limitation on debt incurrence, dividends, and other distributions subject to a fixed-charge coverage test. 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 tommy_trask@standardandpoors.com olivier_beroud@standardandpoors.com CorporateFinanceEurope@standardandpoors.com E-COMMERCE SYSTEMS: Hires Tomlinsons as Liquidator -------------------------------------------------- At an extraordinary general meeting of the E-Commerce Systems Solutions Consultancy Limited on September 10, 2004 held at Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3 3EL, the resolutions to wind up the company were passed. Alan H Tomlinson of Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3 3EL has been appointed as liquidator for the purpose of such winding-up. CONTACT: TOMLINSONS St John's Court, 72 Gartside Street, Manchester M3 3EL Liquidator: Alan H Tomlinson Phone: 0870 60 70 170 Fax: 0870 60 70 180 E-mail: advice@tomlinsons.co.uk Web site: http://www.tomlinsons.co.uk FUJITSU PERSONAL: Members Final General Meeting Set October 22 -------------------------------------------------------------- The final general meeting of the members of Fujitsu Personal Systems (UK) Limited will be on October 22, 2004 commencing at 10:30 a.m. It will be held at KPMG LLP, 8 Salisbury Square, London EC4Y 8BB. 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 KPMG Corporate Recovery, 8 Salisbury Square, London EC4Y 8BB not later than 12:00 noon, October 21, 2004. CONTACT: KPMG LLP PO Box 695, 8 Salisbury Square, London EC4Y 8BB Joint Liquidator: S Treharne Phone: (020) 7311 1000 Fax: (020) 7311 3311 Or +44 (0)20 7694 3533 Web site: http://www.kpmg.co.uk GLOBAL MOULDINGS: Creditors to Meet Friday ------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Global Mouldings Ltd. Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a meeting of Creditors of Global Mouldings Ltd. will be held at 4 Dancastle Court 14 Arcadia Avenue London N3 2HS on September 24, 2004 at 12:00 p.m. for the purpose of having a full statement of the position of the Company's affairs, together with a list of the Creditors of the Company and the estimated amount of their claims, laid before them, and for the purpose, if thought fit, of nominating a Liquidator and of appointing a Liquidation Committee. (Sections 99-101 of the said Act) In accordance with section 98 (2) Insolvency Act 1986, a list of Creditors' names and addresses will be available for inspection, free of charge, at Valentine & Co. 4 Dancastle Court 14 Arcadia Avenue London N3 2HS two business days prior to the meeting. By Order of the Board. P. Sullivan, Director August 19, 2004 CONTACT: VALENTINE & CO. 4 Dancastle Court 14 Arcadia Avenue London N3 2HS Phone: 020 8343 3710 Fax: 020 9343 4486 Web site: http://www.valentine-co.com GROUNDFORCE (OXON): Names Mercer & Hole Liquidator -------------------------------------------------- At an extraordinary general meeting of the members of the Groundforce (Oxon) Limited on September 14, 2004 held at 420 Silbury Boulevard, Central Milton Keynes MK9 2AF, the extraordinary resolution to wind up the company was passed. Peter John Godfrey-Evans of Mercer & Hole, 420 Silbury Boulevard, Central Milton Keynes MK9 2AF has been appointed liquidator for the purpose of such winding-up. CONTACT: MERCER & HOLE 420 Silbury Boulevard, Central Milton Keynes MK9 2AF Liquidator: Peter John Godfrey-Evans Web site: http://www.mercerhole.co.uk H J ROWLEY: Members General Meeting Set October 19 -------------------------------------------------- The general meeting of the members of H J Rowley Limited will be on October 19, 2004 commencing at 11:00 a.m. It will be held at Moore Stephens Corporate Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB. 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 submitted together with written debt claims to Moore Stephens Corporate Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB not later than 12:00 noon, October 18, 2004. CONTACT: MOORE STEPHENS CORPORATE RECOVERY Beaufort House 94-96 Newhall Street, Birmingham B3 1PB Liquidator: Nigel Price Phone: 0121 233 2557 Web site: http://www.moorestephens.co.uk INSIGHT CREATIVE: Members Agree to Wind up Business --------------------------------------------------- At an extraordinary general meeting of the Insight Creative Communications Limited on September 9, 2004 held at the offices of Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP, the extraordinary and ordinary resolutions to wind up the company were passed. Robert Derek Smailes and Stephen Blandford Ryman of Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP have been appointed joint liquidators of the company for the purpose of such winding-up. CONTACT: ROTHMAN PANTALL & CO Clareville House, 26-27 Oxendon Street, London SW1Y 4EP Joint Administrators: Stephen Blandford Ryman Robert Derek Smailes Tel: +44 (0) 20 7930 7272 Fax: +44 (0) 20 7930 9849 E-mail: london@rothman-pantall.co.uk Web site: http://www.rothman-pantall.co.uk J H J CONSULTING: Creditors Meeting Set September 30 ---------------------------------------------------- The creditors of J H J Consulting Limited will meet on September 30, 2004 commencing at 12:00 noon. It will be held at 1 Great Cumberland Place, London W1H 1LW. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to DTE Leonard Curtis, DTE House, Hollins Mount, Bury BL9 8AT not later than 12:00 noon, September 29, 2004. CONTACT: DTE LEONARD CURTIS DTE House Hollins Mount Bury BL9 8AT Joint Administrators: J M Titley A Poxon (IP Nos 8620, 8617) Phone: 0161 767 1200 Fax: 0161 767 1201 Web site: http://www.dtegroup.com KICKERS INDOOR: Names Grant Thornton Liquidator ----------------------------------------------- At an extraordinary general meeting of the Kickers Indoor Sports Limited on September 8, 2004 held at 31 Carlton Crescent, Southampton SO15 2EW, the extraordinary and ordinary resolutions to wind up the company were passed. Samantha Keen of Grant Thornton UK LLP, 31 Carlton Crescent, Southampton SO15 2EW has been appointed liquidator of the company for the purpose of the voluntary winding-up. CONTACT: GRANT THORNTON UK LLP 31 Carlton Crescent, Southampton SO15 2EW Liquidator: Samantha Keen Phone: 023 8022 1231 Fax: 023 8022 4017 Web site: http://www.grant-thornton.co.uk MATRIX GODALMING: General Meeting Set October 19 ------------------------------------------------ The general meeting of the Matrix Godalming (UK) Limited (formerly Cloudygrey Limited) will be on October 19, 2004 commencing at 11:00 a.m. It will be held at Athene Place, 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 Athene Place, 66 Shoe Lane, London EC4A 3WA not later than 12:00 noon, October 18, 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 MILLNOTE LIMITED: Names PricewaterhouseCoopers Administrator ------------------------------------------------------------ David Thornhill and Michael Horrocks have been appointed as joint administrators for Millnote Limited. The appointment was made September 8, 2004. The company manufactures wood and textiles. Its registered office is located at Benson House, 33 Wellington Street, Leeds LS1 4JP. CONTACT: PRICEWATERHOUSECOOPERS LLP 101 Barbirolli Square Manchester, M2 3PW Joint Administrators: David Thornhill Michael Horrocks (IP Nos 1068, 1017) Phone: 0161 245 2225 Fax: 0161 245 2828 Web site: http://www.pwc.com PDH FREIGHT: Extraordinary Winding up Resolution Passed ------------------------------------------------------- At an extraordinary general meeting of the PDH Freight Services & Trading Company Limited on September 9, 2004 held at The Holiday Inn Hotel, Telford International Centre, St Quentin Gate, Telford TF3 4EH, the subjoined extraordinary resolution to wind up the company was passed. Mark Levy of Berley Chartered Accountants, 76 New Cavendish Street, London W1G 9TB has been appointed as liquidator. CONTACT: BERLEY CHARTERED ACCOUNTANTS 76 New Cavendish Street, London W1G 9TB Liquidator: Mark Levy Phone: 020 7636 9094 Fax: 020 7636 4115 E-mail: info@berley.co.uk Web site: http://www.berley.co.uk PINSTONE DEVELOPMENTS: Final General Meeting Set October 25 ----------------------------------------------------------- The final general meeting of the members of Pinstone Developments Limited will be on October 25, 2004 commencing at 2:30 p.m. It will be held at the offices of BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL. 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 BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL not later than 12:00 noon, October 22, 2004. CONTACT: BDO STOY HAYWARD LLP 8 Baker Street, London W1U 3LL Joint Liquidator: M Cohen Phone: 020 7486 5888 Fax: 020 7487 3686 E-mail: london@bdo.co.uk Web site: http://www.bdo.co.uk POLYDEK LIMITED: Members Pass Winding up Resolutions ---------------------------------------------------- At an extraordinary general meeting of the Polydek Limited on September 13, 2004 held at New Guild House, 45 Great Charles Street, Queensway, Birmingham B3 2LX, the extraordinary and ordinary resolutions to wind up the company were passed. Brian James Hamblin and Ian James Gould of PKF, New Guild House, 45 Great Charles Street, Queensway, Birmingham B3 2LX have been appointed as joint liquidators for the purpose of such winding- up. CONTACT: PKF New Guild House, 45 Great Charles Street, Queensway, Birmingham B3 2LX Joint Liquidators: Ian James Gould Brian James Hamblin Phone: 0121 212 2222 Fax: 0121 212 2300 E-mail: info.birmingham@uk.pkf.com Web site: http://www.pfk.co.uk PROVISIONAL LIMITED: Members General Meeting Set October 20 ----------------------------------------------------------- The general meeting of the members of Provisional Limited will be on October 20, 2004 commencing at 11:00 a.m. It will be held at Athene Place, 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. CONTACT: DELOITTE AND TOUCHE LLP Athene Place, 66 Shoe Lane, London EC4A 3WA Joint Liquidators: James Robert Drummond Smith Phone: 00 44 (0) 207 936 3000 Fax: 00 44 (0) 207 779 4001 Web site: http://www.deloitte.com RANK GROUP: Pays GBP18.8 Mln to Settle Dispute with Serena ---------------------------------------------------------- Since 1993, The Rank Group Plc and its predecessor, The Rank Organization Plc, has been involved in a dispute with Serena Holdings Limited in relation to a contract it inherited when it acquired Mecca Leisure Group plc in 1991. The contract related to the acquisition of minority interests in various businesses, principally Hard Rock, acquired by Mecca following its acquisition of Pleasurama plc in 1988. The dispute centered on the purchase price of the acquisition and, in particular, the parties' contentions in relation to the accounts and profits of the relevant businesses, based upon which an additional purchase consideration might be payable. The dispute was referred to an expert for determination in 1995. The expert has now issued his determination, which requires Rank to pay Serena GBP18,819,000 in full and final settlement of the dispute. The award by the expert comprises GBP10,163,000, representing amounts determined by the expert to be owing to Serena, and GBP8,656,000, representing interest thereon, as provided for in the original agreement between the contracting parties. This matter will be accounted for by way of an adjustment to the purchase price of the earlier acquisition, and accordingly there is no impact on Rank's profit and loss account. * * * Fitch Ratings recently changed Rank Group Plc's rating Outlook to Negative from Stable. At the same time, the agency affirmed Rank's ratings at Senior Unsecured 'BB+' and Short-term 'B', after an announcement of its plan to separate both Deluxe Film and Deluxe Media from the rest of this U.K. leisure group. The Negative Outlook also reflects the recent deterioration in the operating performance of Rank's gaming casino, and the continued weakening performance of its bingo operations in H104. Also of concern are the uncertainties about the timing of the expected U.K. gaming deregulation as well as its impact on the competitive landscape. CONTACT: RANK GROUP PLC Charles Cormick, Company Secretary Peter Reynolds, Director of Investor Relations Phone: 020 7535 8000 Press enquiries THE MAITLAND CONSULTANCY Suzanne Bartch Phone: 020 7379 5151 ROTCORP LIMITED: Final General Meeting of Members October 19 ------------------------------------------------------------ The final general meeting of the members of Rotcorp Limited will be on October 19, 2004 commencing at 10:30 a.m. It will be held at 62 Wilson Street, London EC2A 2BU. 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 Benedict Mackenzie LLP, 62 Wilson Street, London EC2A 2BU not later than 12:00 noon, October 18, 2004. CONTACT: BENEDICT MACKENZIE LLP 62 Wilson Street, London EC2A 2BU Liquidator: I D Williams Phone: 020 7247 1174 Fax: 020 7247 3494 Web site: http://www.benemack.com R & R PRECISION: Appoints Joint Administrators from Wilson Pitts ---------------------------------------------------------------- D F Wilson and J N R Pitts have been appointed joint administrators for R & R Precision Engineers Limited. The appointment was made September 10, 2004. The company manufactures general machinery. Its registered office is c/o Wilson Pitts, Glendevon House, Hawthorn Park, Coal Road, Leeds LS14 1PQ. CONTACT: WILSON PITTS Glendevon House, Hawthorn Park, Coal Road, Leeds LS14 1PQ Joint Administrators: D F Wilson J N R Pitts (IP Nos 703, 7851) Phone: 0113-2375560 Fax: 0113-2375561 Web site: http://www.wilson-pitts.co.uk SHIRLEY STAFF: Hires Liquidator from Moore Stephens --------------------------------------------------- At an extraordinary general meeting of the Shirley Staff Agency Limited on September 10, 2004 held at Moore Stephens Corporate Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB, the extraordinary and ordinary resolutions to wind up the company were passed. Roderick Graham Butcher of Moore Stephens Corporate Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB has been appointed liquidator of the company for the purpose of the voluntary winding-up. CONTACT: MOORE STEPHENS CORPORATE RECOVERY Beaufort House 94-96 Newhall Street, Birmingham B3 1PB Liquidator: Roderick Graham Butcher Phone: 0121 233 2557 Web site: http://www.moorestephens.co.uk SR FASHIONS: Calls in Liquidator from HKM LLP --------------------------------------------- At an extraordinary general meeting of the members of the SR Fashions Limited on September 9, 2004 held at The Old Mill, 9 Soar Lane, Leicester LE3 5DE, the extraordinary and ordinary resolutions to wind up the company were passed. John Phillip Walter Harlow has been appointed liquidator for the purpose of such winding-up. CONTACT: HKM LLP The Old Mill, 9 Soar Lane, Leicester LE3 5DE Liquidator: John Phillip Walter Harlow Phone: +44 (0) 116 242 5100 Fax: +44 (0) 116 242 5200 Insolvency Fax: +44 (0) 116 242 5201 Web site: http://www.hkm.co.uk T G I POOL: Members Final Meeting Set October 27 ------------------------------------------------ The final meeting of the members of T G I Pool Verification Company Limited will be on October 27, 2004 commencing at 10:30 a.m. It will be held at the offices of Moore Stephens, 1-2 Little King Street, Bristol BS1 4HW. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Moore Stephens, 1-2 Little King Street, Bristol BS1 4HW not later than 12:00 noon, October 26, 2004. CONTACT: MOORE STEPHENS 1-2 Little King Street, Bristol BS1 4HW Liquidator: C Prescott Web site: http://www.moorestephens.co.uk TURNSTILE INVESTMENTS: Sets General Meeting October 19 ------------------------------------------------------ The general meeting of the members of Turnstile Investments Limited will be on October 19, 2004 commencing at 11:00 a.m. It will be held at Athene Place, 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. CONTACT: DELOITTE AND TOUCHE LLP Athene Place, 66 Shoe Lane, London EC4A 3WA Joint Liquidators: James Robert Drummond Smith Phone: 00 44 (0) 207 936 3000 Fax: 00 44 (0) 207 779 4001 Web site: http://www.deloitte.com WATERMILL LIMITED: Creditors Meeting Set September 30 ----------------------------------------------------- Creditors of Watermill Limited (t/a The Greek Vine Restaurant) will meet on September 30, 2004 commencing at 10:00 a.m. It will be held at UHY Hacker Young, St Alphage House, 2 Fore Street, London EC2Y 5DH. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to UHY Hacker Young, St Alphage House, 2 Fore Street, London EC2Y 5DH not later than 12:00 noon, September 29, 2004. CONTACT: UHY HACKER YOUNG St Alphage House, 2 Fore Street, London EC2Y 5DH Joint Administrators: Andrew Andronikou Peter Kubik Phone: 020 7216 4600 Fax: 020 7638 2159 Web site: http://www.uhy-uk.com WYMAN FUME: Administrator's Report Out September 24 --------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Wyman Fume Equipment Ltd. Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a meeting of Creditors of Wyman Fume Equipment Ltd. will be held at 125 Colmore Row Birmingham B3 3SD on September 24, 2004 at 10:30 a.m. for the purpose of having a full statement of the position of the Company's affairs, together with a list of the Creditors of the Company and the estimated amount of their claims, laid before them, and for the purpose, if thought fit, of nominating a Liquidator and of appointing a Liquidation Committee. (Sections 99-101 of the said Act) In accordance with section 98 (2) Insolvency Act 1986, a list of Creditors' names and addresses will be available for inspection, free of charge, at BDO Stoy Hayward, 125 Colmore Road Birmingham B3 3SD two business days prior to the meeting. By Order of the Board. T. A. Halford, Director September 7, 2004 CONTACT: BDO STOY HAYWARD LLP 125 Colmore Row Birmingham B3 3SD Phone: 0121 200 4600 Fax: 0121 200 4650 E-mail: birmingham@bdo.co.uk Web site: http://www.bdostoyhayward.co.uk ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, and Julybien Atadero, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *