/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/040924.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, September 24, 2004, Vol. 5, No. 190 Headlines A U S T R I A VA TECHNOLOGIE: Shareholders Approve New Share Issue G E R M A N Y AUGUST HETTMANNSPERGER: Creditors Proofs of Claim Due Next Week AUTOHAUS FRANZ: Under Bankruptcy Administration BIFAGO GMBH: Heilbronn Court Appoints Insolvency Manager DRESDNER BANK: Individual Rating Upgraded to 'C/D' HERMANN STAHL: Last Day for Filing Claims December 1 KLAUS TITTEL: Creditors Have Until Next Week to File Claims MIFACO CHEMICALS: Provisional Administrator Takes over Helm NETSHARE SOLUTIONS: Administrator's Report Due November 17 RWE AG: Sale of Waste-management Biz to Cut Debt by EUR400 Mln SMO SCHLOSSEREI: Engineering Firm Files for Bankruptcy SYSTEM-HEIZUNGSBAU: Creditors Claims Due by End of Month THEODOR SCHMIDT: First Creditors Meeting November 17 THOMAS COOK: CEO Predicts Return to Profit Next Year THOMAS COOK: 9-month Operating Loss Down Nearly 50% Year-on-year H U N G A R Y ARVIT HUTOIPARI: To Halt Production in November VALDOR KERESKEDELMI: Frozen Meat Seller Succumbs to Bankruptcy I R E L A N D ELAN CORPORATION: Receives Patents for Immunotherapy Research I T A L Y ALITALIA SPA: Wants Dedicated Terminal at Fiumicino Airport PARMALAT FINANZIARIA: Australian Unit Closing Warwick Site PARMALAT U.S.A.: Has Until September 30 to File Chapter 11 Plan L U X E M B O U R G MILLICOM INTERNATIONAL: S&P Affirms 'B+' Long-term Credit Rating N E T H E R L A N D S ROYAL SHELL: Plots Course to Regain Strength, Return to Profit N O R W A Y DNO ASA: August Oil Production Up Slightly R U S S I A ATKARSKOYE ROAD-BUILDING: Files for Bankruptcy BEARING PLANT #6: Deadline for Proofs of Claim October 16 BELOVSKIY MOTORIST: Kemerovo Court Opens Bankruptcy Proceedings BONAPARTE: Succumbs to Bankruptcy CHERNOBORSKIY: Undergoes Bankruptcy Supervision Procedure EKATERINBURGSKIY: Last Day for Filing Claims October 16 INDUSTRIAL RAILWAY: Names V. Krynin Insolvency Manager INTERGRAD: Saratov Court Appoints Insolvency Manager KOMFOTEKS: Insolvency Manager Takes over Day-to-day Operations KURAGINSKAYA SELKHOZ-MACHINERY: Declared Insolvent MAGNESITE IRKUTSKIY: Succumbs to Bankruptcy MDM BANK: 'C/D' Individual Rating Affirmed; Outlook Stable MSS-SPEKTR: Names E. Zhelnin Insolvency Manager SADKO: Declared Insolvent VENETS-S: Bankruptcy Case Pending in Saratov Court VOLGA-PROM-STORY: Creditors Have Until October 16 to File Claims YUKOS OIL: Power Supplier Pulls Yuganskneftegaz's Plug YUKOS OIL: Loses Bid to Appeal 2000 Back Tax Bill S P A I N ISLA MAGICA: Annual Operating Losses Continue to Drop S W E D E N LM ERICSSON: Buys Systems Integration Company Audilog U K R A I N E AGROBUDREMSERVICE: Court Appoints Temporary Insolvency Manager ECOLOGICAL SYSTEMS: Bankruptcy Supervision Starts KINDRATYEVSKE: Court Orders Debt Moratorium NOVOGRAD-VOLINSKIJ: Last Day for Filing Claims October 2 OKTAVA: Undergoes Bankruptcy Supervision Procedure SPECIALIZED REPAIR: Names Sergij Belik Insolvency Manager SVATIVSKA MTS: Court Orders Debt Moratorium VOLINLYONPROM: Under Bankruptcy Supervision U N I T E D K I N G D O M AD COMPUTER: Extraordinary Winding up Resolution Passed ASSET MANAGEMENT: First Liquidation Meeting September 29 BAS WAGSTAFF: Names BDO Stoy Hayward Administrator BC BUILDING: Hires Begbies Traynor as Liquidator BOW SCAFFOLDING: Creditors Meeting Set Wednesday BRITISH ENERGY: Antitrust Regulator Approves Restructuring Plan CABLE & WIRELESS: Names Grant Thornton Liquidator COLDSAVER PANELS: Hires Liquidator from Grant Thornton COMPASS AIR: Insolvency Service Bans Directors for 15 Years CORUS GROUP: Moody's Gives Proposed Notes (P)B3, Stable Outlook DETECTAPLANT LIMITED: Names Valentine & Co. Liquidator DIGICOM INTERNATIONAL: Appoints Liquidator from Crawfords G & A TECHNICAL: Sets Creditors Meeting October 4 GRASMERE (DIGITAL IMAGING): Names Tenon Recovery Administrator GRAY'S INN: Calls in Liquidator from David Rubin & Partners JERSEYLODGE LTD.: Meeting of Creditors September 28 KLEENKUT INVESTMENTS: Creditors to Consider Proposal Tuesday KLS MOTOR: Members Agree to Wind up Business LINCOLN DIESELS: Spare Parts Supplier for Sale MARKS & SPENCER: Sales Deteriorate Further MEGHRAJ LIMITED: Members Final Meeting October 20 NEVILLE JOHNSON: Sets Members Meeting October 14 OLDBURY CARS: Members Final Meeting October 20 REGAL WINDOWS: Director Receives Six-year Ban SCHOOL BUS: Three-year Disqualification for Top Honcho SINGAPURA PLC: Names PricewaterhouseCoopers Administrator SPT TECHNICAL: Appoints Buchanans Plc Administrator SYBERMAC LIMITED: Hires Haines Watts as Administrator THE OSBORNE: Members General Meeting Set October 8 TUFNOL LIMITED: Tufnol Holdings Appoints Stoy Hayward Receiver UNITED BISCUITS: Closes Jacob's Biscuit Buyout WESTAIR LIMITED: Hires Joint Administrators from Baker Tilly ********* ============= A U S T R I A ============= VA TECHNOLOGIE: Shareholders Approve New Share Issue ---------------------------------------------------- At the Extraordinary General Meeting of Shareholders of VA Technologie AG (VA Tech) on September 21, the proposal for a capital increase in accordance with item one of the agenda was approved with a majority of 94.98%. About 46.4% of the shareholders attended the meeting in Linz. The VA Tech Managing Board is thus authorized to increase the share capital up to 3,830,000 (25% of the share capital) unit shares against cash contributions. The implementation of the capital increase is planned for the current year. Furthermore, in line with item two on the agenda, the election of Ernst & Young as auditors for the annual and consolidated financial statements, taken up at the General Meeting of Shareholders in April 2004, was confirmed by a majority vote. Goldman Sachs Corrects the Size of its Holding by 40,000 Shares Goldman Sachs corrected the published number of purchased shares to 791,122 as per September 21. This only corresponds with a 5.16% investment in VA Tech. * * * The listed VA Technologie AG (VA Tech) is a technology and service-focused company, which provides value to customers over the entire plant life cycle. Leading international positions are held in Metallurgy, Power Generation, Transmission and Distribution and Infrastructure. In 2003, VA Tech achieved sales of EUR3.9 billion using the International Financial Reporting Standard. Its workers number 17,478. CONTACT: VA TECHNOLOGIE AG Lunzerstrasse 64 A-4031 Linz, Austria Phone: +43-732-6986-9222 Fax: +43-732-6980-3416 Web site: http://www.vatech.co.at Bettina Pepek Press Officer Phone: +43 1/89100-3400 Fax: +43 1/89100-4103 E-mail: bettina.pepek@vatech.at Wolfgang Schwaiger Communications and Investor Relations Phone: +43 70/6986-9222 Fax: +43 70/6980-3416 E-mail: wolfgang.schwaiger@vatech.at ============= G E R M A N Y ============= AUGUST HETTMANNSPERGER: Creditors Proofs of Claim Due Next Week --------------------------------------------------------------- The district court of Karlsruhe opened bankruptcy proceedings against August Hettmannsperger GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 29, 2004 to register their claims with court-appointed provisional administrator Peter Depre. Creditors and other interested parties are encouraged to attend the meeting on November 10, 2004, 1:45 a.m. at the district court of Karlsruhe 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: AUGUST HETTMANNSPERGER GMBH Karlsruhe -- HRB 7481 GF Joachim Hettmannsperger Gunter Hettmannsperger Pfannkuchstr. 9, 76185 Karlsruhe Phone: 0721/95573-0 Fax: 0721/95573-11 Peter Depre, Insolvency Manager O 4, 13-16, 68161 Mannheim Phone: (0621) 120780 DISTRICT COURT OF KARLSRUHE Schlossplatz 23, 76131 Karlsruhe, Saal IV/1 AUTOHAUS FRANZ: Under Bankruptcy Administration ----------------------------------------------- The district court of Landshut opened bankruptcy proceedings against Autohaus Franz Lanzinger GmbH 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 Matthias Dieckmann. Creditors and other interested parties are encouraged to attend the meeting on October 28, 2004, 8:15 a.m. at the district court of Landshut Sitzungssaal 9/I 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. Autohaus sells vehicles, spare parts and car accessories. It also does repair works. CONTACT: AUTOHAUS FRANZ LANZINGER GMBH Kreisstr. 8 in 85447 Fraunberg Phone: (08122) 954080 Matthias Dieckmann, Insolvency Manager Gute Anger 11, 85356 Freising Phone: 08161/988110 Fax: 08161/82472 BIFAGO GMBH: Heilbronn Court Appoints Insolvency Manager -------------------------------------------------------- The district court of Heilbronn opened bankruptcy proceedings against BIFAGO GmbH on August 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 29, 2004 to register their claims with court-appointed provisional administrator Dr. Erik G. Silcher. Creditors and other interested parties are encouraged to attend the meeting on November 10, 2004, 10:00 a.m. at the district court of Heilbronn 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: BIFAGO GMBH Huseyin Tiskaya Schottlestr. 2, 74074 Heilbronn Phone: 07191 DISTRICT COURT OF HEILBRONN 74072 Heilbronn, Rollwagstr. 10 A Erdgeschoss, Saal 4 DRESDNER BANK: Individual Rating Upgraded to 'C/D' -------------------------------------------------- Fitch Ratings upgraded Dresdner Bank AG's Individual rating to 'C/D' from 'D' and changed the Outlook on the Long-term rating to Positive from Stable. All other ratings have been affirmed at Long-term 'A-', Short-term 'F1' and Support '1'. The Long- and Short-term ratings of Dresdner Bank are based on potential support from Allianz Holding AG (Allianz, rated 'A' on Positive Outlook), Germany's largest insurance group. Fitch views Allianz as strongly committed to its wholly owned banking subsidiary. The revision of the Outlook on the bank's Long-term rating to Positive from Stable reflects Dresdner's increasing integration into Allianz group. Allianz and Dresdner are progressively merging their distribution channels with the aim of exploiting more efficiently their combined customer base. The upgrade of Dresdner's Individual rating reflects the restructuring the bank has achieved over the past two years, the focused strategy now in place and the potential to boost revenues from the distribution benefits the bank should be able to extract from its bancassurance model. Over the last three years the bank has substantially cut costs reducing its staff and overheads. It has also invested in better training for its sales force. These measures are now starting to show through in the income statement. As part of the restructuring process, Dresdner has also significantly cleaned up its balance sheet. In 2003 it identified EUR20 billion of "non-strategic" risk assets (performing as well as non-performing), which were placed in a separate division with the aim of winding them down. By end- June 2004, these had been reduced to EUR7 billion. The bank also took a substantial write-down in 2003 to recognize hidden losses on its equity investment portfolio. Loan loss provisions, which peaked in 2002 and remained high in 2003, have come down to a more acceptable EUR290 million for the first half of 2004. Despite the improvement in its financial health, Dresdner's profitability remains fragile, largely reflecting the competitive and fragmented domestic banking market. Despite the significant potential for cross selling with Allianz, Fitch expects the recovery in revenues to be slow. The bank also remains vulnerable to deterioration in the German economy. While Dresdner's Tier 1 capital ratio is now at an acceptable level of 6.9%, it remains below those of many other large universal banks in Europe. CONTACT: FITCH RATINGS Thomas v. Luepke, Frankfurt Phone: +49 69 7680 76150 Alison Le Bras, Paris Phone: +33 1 44 29 91 46 Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 Dresdner Bank AG Jurgen-Ponto-Platz 1 60329 Frankfurt, Germany Phone: +49-692-63-12631 Fax: +49-692-63-7234 Web site: http://www.dresdner-bank.de HERMANN STAHL: Last Day for Filing Claims December 1 ---------------------------------------------------- The district court of Heilbronn opened bankruptcy proceedings against Hermann Stahl GmbH on September 1. 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 Harry Kressl. Creditors and other interested parties are encouraged to attend the meeting on October 20, 2004, 10:30 a.m. at the district court of Heilbronn 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 12, 2005, 10:30 a.m. at the same venue. CONTACT: HERMANN STAHL GMBH Hermann Stahl, Dietmar Kraesser und Erhard Grab Bahnhofstr. 25, 71723 Grossbottwar Harry Kressl, Insolvency Manager Uhlandstr. 57-61, 74072 Heilbronn Phone: 07131/965428 DISTRICT COURT OF HEILBRONN 74072 Heilbronn, Rollwagstr. 10 a, Saal 4, EG KLAUS TITTEL: Creditors Have Until Next Week to File Claims ----------------------------------------------------------- The district court of Karlsruhe opened bankruptcy proceedings against Klaus Tittel Bautenschutz-GmbH on September 1 due to its inability to pay debts. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 28, 2004 to register their claims with court-appointed provisional administrator Michael Pluta. Creditors and other interested parties are encouraged to attend the meeting on November 9, 2004, 10:30 a.m. at the district court of Karlsruhe 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: KLAUS TITTEL BAUTENSCHUTZ-GMBH (Amtsgericht Karlsruhe -- HRB 9052) Klaus Vogel Pforzheimer Str. 28, 76327 Pfinztal Michael Pluta, Insolvency Manager Albstr. 14, 70597 Stuttgart Phone: (0711) 7696880 DISTRICT COURT OF KARLSRUHE Schlossplatz 23, 76131 Karlsruhe Saal IV/1. OG MIFACO CHEMICALS: Provisional Administrator Takes over Helm ----------------------------------------------------------- The district court of Heilbronn opened bankruptcy proceedings against Mifaco Chemicals GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 14, 2004 to register their claims with court-appointed provisional administrator Karl-Heinz Branz. Creditors and other interested parties are encouraged to attend the meeting on November 10, 2004, 10:30 a.m. at the district court of 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: MIFACO CHEMICALS GMBH Industriestr. 17, 74420 Oberrot Contact: Lorenzo Scarascia, Manager Phone: ++49 7977 910054 Fax: ++49 7977 910351 Web site: http://www.mifaco.net Karl-Heinz Branz, Insolvency Manager Bismarckstrasse 106, 74074 Heilbronn DISTRICT COURT OF HEILBRONN 74072 Heilbronn, Rollwagstr. 10 A Erdgeschoss, Saal 4 NETSHARE SOLUTIONS: Administrator's Report Due November 17 ---------------------------------------------------------- The district court of Hannover opened bankruptcy proceedings against Netshare Solutions GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 22, 2004 to register their claims with court-appointed provisional administrator Udo Muller. Creditors and other interested parties are encouraged to attend the meeting on November 17, 2004, 9:30 a.m. at the district court of Hannover 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: NETSHARE SOLUTIONS GMBH Helmkestr. 5a, 30165 Hannover (AG Hannover, HRB 61159) Phone: 0511 / 93 78 93 - 0 Fax: 0511 / 93 78 93 - 78 Web site: http://www.netshare.de Contact: Lars Baumann, Insolvency Manager Udo Muller, Insolvency Manager Georgstr. 50, 30159 Hannover Phone: 0511/36698-0 Fax: 0511/36698-33 DISTRICT COURT OF HANNOVER Saal 2170, I. Stock (Altbau) Volgersweg 1, 30175 Hannover RWE AG: Sale of Waste-management Biz to Cut Debt by EUR400 Mln -------------------------------------------------------------- RWE AG in Essen has started its withdrawal from the waste- management business announced in February. In the first step in this process, RETHMANN AG & Co. KG will acquire RWE Umwelt and 70% of RWE Umwelt's total business volume. Selected areas of RWE Umwelt, which constitute 30% of the total revenues of the waste-management business, will remain with RWE AG for the time being due to anti-trust restrictions. These activities are expected to be divested in three years. RWE will sign a purchase agreement with RETHMANN shortly. The transaction will then be contingent upon approval by the German Federal Cartel Office. The transaction is based on an enterprise value for the entire RWE Umwelt Group of about EUR0.8 billion as of January 1, 2005. On the basis of the forecast EBITDA for fiscal year 2004, this would result in a multiple of over 4. About two-thirds of the enterprise value is attributable to the portion to be acquired by RETHMANN. Including RWE Umwelt's international businesses already divested in 2003 and 2004, the pro-forma enterprise value for the entire waste-management division amounts to about EUR1 billion. The sale of RWE's entire waste-management activities will reduce the Group's net debt by some EUR0.4 billion. About EUR0.2 billion will be saved upon closing of the transaction, which is expected to take place at the latest in the first quarter of 2005. Earnings forecast for 2004 remains unchanged for the RWE Group. * * * In January, RWE AG, which is disposing of assets to trim down EUR22.3 billion in debts, said it is ready to sell RWE Umwelt if it fails to perform according to expectations. Dow Jones News cited a report from German weekly Wirtschaftswoche quoting RWE Chief Executive Harry Roels as saying the unit could go before 2005 if it becomes clear that the division won't fulfill its 2005 profitability target. The plan is included in the company's restructuring blueprint. CONTACT: RWE AG Opernplatz 1 45128 Essen Phone: +49 (0) 201/12-00 Web site: http://www.rwe.com SMO SCHLOSSEREI: Engineering Firm Files for Bankruptcy ------------------------------------------------------ The district court of Heilbronn opened bankruptcy proceedings against metal engineering firm SMO Schlosserei u. Metallbau GmbH on September 1 due its inability to pay debts. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 14, 2004 to register their claims with court-appointed provisional administrator Karl-Heinz Branzm. Creditors and other interested parties are encouraged to attend the meeting on November 10, 2004, 10:15 a.m. at the district court of Heilbronn 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: SMO SCHLOSSEREI U. METALLBAU GMBH Am Sportplatz 9, 74420 Oberrot Karl-Heinz Branzm, Insolvency Manager Bismarckstr. 106, 74074 Heilbronn DISTRICT COURT OF HEILBRONN 74072 Heilbronn, Rollwagstr. 10 A Erdgeschoss, Saal 4 SYSTEM-HEIZUNGSBAU: Creditors Claims Due by End of Month -------------------------------------------------------- The district court of Karlsruhe opened bankruptcy proceedings against System-Heizungsbau GmbH on September 1, 2004 due to its inability to pay debts. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 29, 2004 to register their claims with court-appointed provisional administrator Dr. Henrike Maier. Creditors and other interested parties are encouraged to attend the meeting on November 10, 2004, 11:30 a.m. at the district court of Karlsruhe 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: SYSTEM-HEIZUNGSBAU GMBH (Amtsgericht Karlsruhe -- HRB 2671) Contact: Peter Lautersack, Manager Kutschenweg 2, 76287 Rheinstetten Phone: 0721/95157-0 Fax: 0721/95157-18 E-mail: info@system-heizungsbau.de Dr. Henrike Maier, Insolvency Manager O 4, 13-16, 68161 Mannheim Phone: (0621) 120780 DISTRICT COURT OF KARLSRUHE Schlossplatz 23, 76131 Karlsruhe Saal IV/1. OG THEODOR SCHMIDT: First Creditors Meeting November 17 ---------------------------------------------------- The district court of Idar-Oberstein opened bankruptcy proceedings against Theodor Schmidt Schmuck- und Metallwaren Company on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 27, 2004 to register their claims with court- appointed provisional administrator Helmut Konrad. Creditors and other interested parties are encouraged to attend the meeting on November 17, 2004, 2:00 p.m. at the district court of Idar-Oberstein, Saal 201 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: THEODOR SCHMIDT SCHMUCK- UND METALLWAREN COMPANY Contact: Klaus Schmidt, Manager Mainzer Strasse 147 55743 Idar-Oberstein Helmut Konrad, Insolvency Manager Mainzer Str. 161, 55743 Idar-Oberstein THOMAS COOK: CEO Predicts Return to Profit Next Year ---------------------------------------------------- Thomas Cook AG has taken further steps along the road to economic recovery. The results of the first nine months of the 2003/04 financial year are promising. The number of customers has increased, sales are up and the earnings situation has improved significantly. "In the first nine months of the current financial year we almost halved our operating losses," was how Thomas Cook AG's chairman of the board and CEO Wolfgang Beeser's most important message ran. He took over this position at the beginning of the year and is convinced that the company is on the right track: "The compilation of all our various small steps we are taking will bring us back into the profit zone in the next financial year." Market Success Helps in Reducing Losses The success that has already been achieved in the decrease of losses can be attributed to both the group's successful market activities as well as its comprehensive cost-cutting efforts. In contrast to previous years, the current financial year has seen an increase in package holidays sold to the most important leisure travel destinations. The turnaround in the demand for Majorca is particularly pleasing. The popular holiday island that is so important for the leisure travel industry as a whole recorded an increase in customers of 13% for bookings placed with the various Thomas Cook AG tour operators. Cost Cutting Pushed Ahead Rigorously Nevertheless, the success in the marketplace would only have had little impact on the group's financial recovery had the management at Thomas Cook AG not decided on a bundle of cost- cutting measures at the beginning of the year and implemented them rigorously. The aim was to reduce jobs in Germany by 10% by the end of the year. This has already been achieved to an extent of 90%. All other costs have been cut and all the contracts with external partners re-negotiated. Moreover, the savings the company planned to make in its German sales market and at its German based carrier Condor -- worth a considerable total of EUR150 million -- have already been realized to a large degree. Main task -- Making Core Business More Profitable "The management," Wolfgang Beeser remarked, "has been concentrating first and foremost this year on assuring Thomas Cook AG's survival. To this end, hard decisions had to be made and implemented. To get back into the black and stay there, we must now focus on our main task and that involves making our core business more profitable. "All the group's activities were now concentrated on attaining this goal. Its strategy of implementing small, coordinated and sensible individual measures in all parts of the group had given Thomas Cook AG a good chance of again reporting a profit as early as next year. Thomas Cook AG is one of the leading leisure travel groups in the world. Deutsche Lufthansa AG and KarstadtQuelle AG each holds a 50% stake in Thomas Cook AG. CONTACT: THOMAS COOK AG Corporate Communications Phone: +49(0) 61 71 65-1700 Fax: +49(0) 61 71) 65-1060 E-mail: konzernkommunikation@thomascookag.com Web site: http://www.thomascook.info THOMAS COOK: 9-month Operating Loss Down Nearly 50% Year-on-year ---------------------------------------------------------------- The financial situation of Thomas Cook AG continued to show improvement in the third quarter of the current financial year. The company was able to cut its operating losses by almost half. More Customers, Increase in Sales, Stable Prices In the first nine months of the current financial year (November 1, 2003 to July 31, 2004), the group was able to increase sales by 2.5% to EUR4.8 billion. The number of customers carried by the tour operators in this period rose slightly to 7.1 million compared to the previous year. Broken down into the various markets, the group was able to increase the number of customers carried from the German sales market by 5.0% as compared to previous year, whereas the Western Europe sales market (Belgium/France/Netherlands) suffered a slight decline of 0.5%. In the U.K. the number of customers carried fell by 2.7% in a sharply declining market. The average holiday price rose to EUR599 in the first nine months, EUR1 up on the price in the same period of the previous year, while the average holiday duration declined by 2.1% to 9.1 days. Costs Under Control The level of expenses for leisure travel services fell by 0.9%. Rising commission payments and higher engineering costs in the aviation sector were essentially offset by reduced expenses for hotel services. The gross profit margin consequently rose by 2.6 percentage points to 23.5%. Likewise, operating expenses -- with a plus of 1.3% -- rose less sharply than sales. As a result of capacity cuts at German based carrier Condor, the depreciation on fixed assets was down by almost 10%. Personnel expenses remained unchanged at the previous year's level despite a reduction in workforce of 6.4% with savings in wages and salaries being offset by an increase in severance and pension obligations. Operating Losses Almost Halved, But Amortization of Goodwill Shoots up By increasing sales, improving the gross profit margin and controlling costs, the group was able to almost halve its operating losses. The level of earnings before interest, taxes and amortization of goodwill (EBITA) improved by EUR110 million or 47.5%, standing at -EUR121.4 million at the end of the first nine months of the financial year. Net interest expense stood at -EUR51.6 million, an improvement of EUR6.9 million or 11.7%. Nevertheless, these positive developments only impacted partially on earnings before taxes (EBT) as Thomas Cook AG had to amortize goodwill amounting to a total of EUR116.1 million. The predominant share of this impairment can be put down to the unexpectedly difficult financial situation at Thomas Cook Voyages in France. Despite this burden, the company was still able to post an improvement in its earnings before taxes of EUR67.9 million or 19.2% as compared to the previous year to end at -EUR286.7 million. Capital Expenditure Reduced, Cash Flow Improves, Debt Down The first three quarters of the current financial year saw a total of EUR41.6 million invested by the group -- with the main focus on leisure travel infrastructure and EDP systems. In the previous year, capital expenditure had stood at EUR171.5 million, as it had also included the acquisition of aircraft. The operating cash flow recorded an improvement of 39.3% over the previous year due primarily to the reduction in losses, to the decrease in capital expenditure, as well as to an increase in sales-related customer down payments. Accordingly, the Thomas Cook AG was able to reduce its level of net debt by around 56% as compared to the situation as at July 31st of the previous year, with the conversion into equity of a shareholder loan amounting to EUR100 million making a contribution here. Outlook: Operating Result Around Breakeven At the beginning of September 2004, the number of customers booked throughout the group stood 3.9% above previous year. In Germany, bookings were up by 4.3% over the previous year, in Western Europe (Belgium / France / Netherlands) by 3.0%. In the U.K., 3.7% fewer customers booked in a sharply declining market. The fourth quarter encompassing the months of August, September and October typically produces good results in the leisure travel industry. On the basis of the current booking situation, Thomas Cook AG's management expects to achieve an operating result (EBITA) around break-even at the end of the current financial year. Earnings before taxes (EBT) are also expected to show a significant improvement, but will remain negative due to interest obligations and the high amortization of goodwill. Group key figures are available free of charge at http://bankrupt.com/misc/ThomasCook_9Months2004.pdf. CONTACT: THOMAS COOK AG Corporate Communications Phone: +49(0) 61 71 65-1700 Fax: +49(0) 61 71) 65-1060 E-mail: konzernkommunikation@thomascookag.com Web site: http://www.thomascook.info ============= H U N G A R Y ============= ARVIT HUTOIPARI: To Halt Production in November ----------------------------------------------- Frozen foods producer Arvit announced Wednesday the stoppage of its production in mid-November after posting losses for the past two years, MTI-Econews says. The firm, which also produces pasta products, is currently in liquidation with Attila Horvath of Csabaholding acting as liquidator of the company's assets. Mr. Horvath said the Arvit has to shut down because its products are no longer able to compete with cheap frozen goods form Poland and Serbia and Montenegro. Mr. Horvath added, while Arvit's assets at book value covers creditors' claims of around HUF900 million, not all creditors might recover their money because of liquidation costs of around several hundred million Forints. Even before Arvit's liquidation, Erste Bank has acquired the firm's deep freeze facility, which serves as collateral for a loan the bank granted. Arvit, which employs around 209 people, has a registered capital of HUF1.31 billion and posted sales of HUF2.5 billion in 2003. When Arvit went into liquidation it had 209 employees. CONTACT: ARVIT HUTOIPARI RT. H-9027 Gyor, Hutohaz, u.2, Hungary Phone: 0036 96316633 Fax: 0036 96329086 Web site: http://www.arvit.hu VALDOR KERESKEDELMI: Frozen Meat Seller Succumbs to Bankruptcy -------------------------------------------------------------- Bacs-Kiskun municipal court has declared frozen meat company Valdor Kereskedelmi bankrupt, MTI-Econews reports, citing business weekly HVG. The firm's parent company, poultry processor Hadju-Bet, is currently under liquidation. Valdor does not have its own production facility as it processes its products in Hajdu-Bet's Debrecen factory. The factory has been leased to agribusiness Babolna since the start of 2004. Hajdu-Bet and Valdor were supposed to merge in the summer, but the former's liquidation derailed the fusion. The merger would have created a new company under the Valdor name with a registered capital of HUF6.343 billion, net assets of HUF8.57 billion and receivables of HUF18 billion. Valdor closed 2002 with HUF15 billion in revenues and HUF161 million in losses. The company has a registered capital of HUF700 million. CONTACT: VALDOR KERESKEDELMI RT. HUMANPOLITIKA 1103 Budapest Koer u. 3/a Fax: 260-43-22 Web site: http://www.valdor.hu HAJDU-BET PAULTRY PROCESSING AND TRADING LTD. 1-3 Dioszegi Str. Debrecen, Hajdu-Bihar County 4030, Hungary Phone: 52-418-200 Fax: 52-403-802 Web site: http://hajdubet.hu ============= I R E L A N D ============= ELAN CORPORATION: Receives Patents for Immunotherapy Research ------------------------------------------------------------- Elan Corporation, plc and Wyeth Pharmaceuticals, a division of Wyeth, announced that the United States Patent and Trademark Office recently issued Neuralab Limited, a subsidiary of Elan, seven patents for the companies' joint research on immunotherapeutic approaches to the prevention and treatment of Alzheimer's disease. Six of the patents, all entitled "Prevention and treatment of amyloidogenic disease," are directed to the companies' active immunization approaches for treatment of Alzheimer's disease: U.S. Patent Numbers 6,787,140 and 6,787,523 claim methods of prophylactically or therapeutically treating a disease characterized by a beta amyloid deposit in a patient by administering a beta amyloid peptide. U.S. Patent Numbers 6,787,139, 6,787,138; 6,787,143 and 6,787,144 claim compositions comprising a beta amyloid fragment, as well as methods using those compositions to prophylactically or therapeutically treat a disease characterized by a beta amyloid deposit in a patient. The seventh patent is directed to the companies' passive immunization approach: U.S. Patent Number 6,787,637, entitled "N-terminal amyloid-beta antibodies," claims pharmaceutical compositions comprising an antibody that specifically binds to a region within the beta amyloid. This patent is in addition to the previously issued U.S. Patent Numbers 6,750,324, 6,743,427 and 6,761,888 relating to passive immunization. "As we continue to advance our understanding of Alzheimer's disease, it is increasingly important that we examine multiple approaches towards targeting the different parts of the disease. These new patents underscore this commitment and further our goal of developing treatments for this devastating disease," said Lars Ekman, M.D., Executive Vice President and President, Research and Development, Elan. "Elan and Wyeth maintain a strong commitment to leading edge immunotherapy research. These new patents are important additions to the Alliance's already strong patent portfolio," said Robert R. Ruffolo, Jr., Ph.D., President, Wyeth Research and Senior Vice President, Wyeth. Elan and Wyeth, solely or jointly, are the owners or exclusive licensees of more than fifty U.S. patents and/or patent applications along with corresponding foreign patents supporting their Alzheimer's disease immunotherapy approach. In 2000, Elan and Wyeth formed a collaboration to discover, develop and commercialize immunotherapeutic approaches to prevent and treat Alzheimer's disease. The companies are currently pursuing beta amyloid immunotherapy for mild to moderate Alzheimer's disease in a Phase I safety study of a humanized monoclonal antibody, AAB-001. Elan and Wyeth are also developing ACC-001, a novel beta amyloid-related active immunization approach that is in the late preclinical discovery phase. About Elan Elan is focused on the discovery, development, manufacturing, sale and marketing of novel therapeutic products in neurodegenerative diseases, autoimmune diseases and severe pain. Elan (NYSE: ELN) shares trade on the New York, London and Dublin Stock Exchanges. About Wyeth Wyeth Pharmaceuticals, a division of Wyeth (NYSE:WYE), has leading products in the areas of women's health care, cardiovascular disease, central nervous system, inflammation, transplantation, hemophilia, oncology, vaccines and nutritional products. Wyeth is one of the world's largest research-driven pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing, and marketing of pharmaceuticals, vaccines, biotechnology products and nonprescription medicines that improve the quality of life for people worldwide. The Company's major divisions include Wyeth Pharmaceuticals, Wyeth Consumer Healthcare, and Fort Dodge Animal Health. CONTACT: ELAN CORPORATION Anita Kawatra Phone: +1-212 407 5755 +1-800 252 3526 Investors Emer Reynolds Phone: +353 1 709 4000 Fax: +1-800 252 3526 Web site: http://www.elan.com WYETH Justin Victoria Phone: 973-660-5340 or Gerald V. Burr Phone: 484-865-5138 ========= I T A L Y ========= ALITALIA SPA: Wants Dedicated Terminal at Fiumicino Airport ----------------------------------------------------------- Struggling airline Alitalia is talking with airport operator Aeroporti di Roma (ADR) regarding its plan to have a dedicated terminal at Rome's Fiumicino airport, Il Sole 24 Ore says. ADR Chief Executive Francesco Di Giovanni, who made the announcement Tuesday, said the agency is also reviewing proposals from other airlines to use its terminals. Mr. Di Giovanni added Fiumicino gave Alitalia an opportunity to create a hub, as the airport expects to check in around 28 million passengers this year. Should Alitalia and ADR reach an agreement, the carrier would be able to cut further cost by focusing its resources on a single terminal, imitating the system of other national airlines that operates around a main hub. The move may also signal a reversal of Alitalia's little-implemented 1998 plan to increase its operations at Milan's Malpensa airport, which is managed by airport operator SEA. 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 PARMALAT FINANZIARIA: Australian Unit Closing Warwick Site ---------------------------------------------------------- Parmalat Australia will close its troubled Warwick soft cheese and butter factory in the coming months, according to The Age. Parmalat general manager of national operations Gordon Armstrong attributed the decision to high production costs at the factory. It is deemed unjustifiable to continue maintaining the site for the small volume of products it generates. Mr. Armstrong said Parmalat Australia had done everything to make the operation viable since it was bought almost six years ago. It is closing the plan in six month's time. Parmalat Australia is operated by Italian dairy group Parmalat Finanziaria, which collapsed in December at the discovery of massive fraud involving subsidiaries worldwide. It is operating normally while struggling to fight rumors it could be sold to help pay its parent's creditors. CONTACT: PARMALAT FINANZIARIA S.p.A. Legal Seat 43044 Collecchio (Pr) Via Oreste Grassi, 26 Administrative Seat 20122 Milan Piazza Erculea, 9 Phone: +39 02 806 8801 Fax: +39 02 869 3863 Web site: http://www.parmalat.net PARMALAT U.S.A.: Has Until September 30 to File Chapter 11 Plan --------------------------------------------------------------- Parmalat U.S.A. Corporation and its U.S. debtor-affiliates, General Electric Capital Corporation, as agent and lender, Citibank, N.A., and the Official Committee of Unsecured Creditors agree to another round of amendments to the Final DIP Order. As sanctioned by the Court, the parties stipulate that, unless the maintenance of the existing US$35,000,000 availability is authorized by the DIP Lenders, the U.S. Debtors' authority to borrow and re-borrow funds will be reduced dollar for dollar by the amount of any proceeds received by: -- Farmland on account of its equity interest in Milk Products or any inter-company loan made by Milk Products to Farmland; or -- GE Capital on account of the sale of substantially all of the assets of Milk Products. Use of Cash Collateral The U.S. Debtors are authorized to borrow money, use Cash Collateral and spend money solely to pay: -- Farmland's and Milk Products' operating expenses; -- the obligations due to Citibank under the Receivables Purchase Agreement; and -- the Permitted Fee Expenses, excluding: (1) the Permitted Fee Expenses incurred on Parmalat U.S.A.'s behalf in excess of US$25,000; and (2) any Permitted Fee Expenses to investigate or prosecute claims or causes of action on Parmalat U.S.A.'s behalf. The U.S. Debtors will not permit the amount outstanding under the DIP Loans to exceed the amount of the DIP Loans budgeted in the Budget most recently approved by GE Capital by more than 10% on a cumulative basis from September 17, 2004, to the end of each week in the Budget, as measured at the end of each that week. Use of Sale Proceeds GE Capital will apply all proceeds of the sale, collection or other disposition of the Postpetition Collateral -- which neither constitutes Prepetition Collateral nor is subject to the Second Mortgages -- to reduce the DIP Loans. If the proceeds from the sale, collection or other disposition of Postpetition Collateral exceed the DIP Loans, the amount by which the proceeds exceed, will be available for use by the Debtors as Cash Collateral in accordance with the Budget GE Capital approved. GE Capital will hold the Postpetition Commitment Reserve as additional Postpetition Collateral. If, after the commitment to make DIP Loans has been terminated and after application of the proceeds of Postpetition Collateral, there remains Postpetition Collateral or proceeds after repayment of the DIP Loans, and the Prepetition Indebtedness to the extent of the Adequate Protection Liens and the Section 507(b) Claim, the Postpetition Collateral and the proceeds will be retained by the Debtors, subject to further Court order. Restructuring Timeline The Lenders require the U.S. Debtors by: September 30, 2004 to file a plan of reorganization and disclosure statement; October 15, 2004 to close the sale of Milk Products of Alabama; November 15, 2004 to obtain court approval for the Disclosure Statement; and December 31, 2004 to confirm the Plan The Debtors' non-compliance will constitute an event of default under the DIP Financing Facility. The DIP Lenders extend the maturity date of the DIP Facility until October 6, 2004. Professional Fees Budget The U.S. Debtors will provide GE Capital with a detailed budget for professional fees by September 23, 2004. The Professional Fees Budget will cover the period from October 1, 2004, to January 31, 2005. Thereafter, on or before the 25th day of each month, the Debtors will update the Professional Fees Budget, and will consult with GE Capital in good faith with respect the level of professional fees and the projects or activities on which professional fees are being expended. Headquartered in Wallington, New Jersey, Parmalat U.S.A. Corporation -- http://www.parmalatusa.com/-- generates more than EUR7 billion in annual revenue. The Parmalat Group's 40- some brand product line includes milk, yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company employs over 36,000 workers in 139 plants located in 31 countries on six continents. It filed for chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., of Weil Gotshal & Manges LLP, represent the Debtors in their restructuring efforts. On June 30, 2003, the Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417 in debts. (Parmalat Bankruptcy News, Issue No. 31; Bankruptcy Creditors' Service, Inc., 215/945-7000) CONTACT: PARMALAT USA CORPORATION 520 Main Ave. Wallington, NJ 07057 Phone: 973 777 2500 Fax: 973 777 7648 Toll Free: 888 727 6252 Web site: http://www.parmalatusa.com =================== L U X E M B O U R G =================== MILLICOM INTERNATIONAL: S&P Affirms 'B+' Long-term Credit Rating ---------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Luxembourg-headquartered emerging markets wireless operator, Millicom International Cellular S.A., to negative from stable, due to concerns over recent developments in two of its Asian markets. At the same time, Standard & Poor's affirmed its 'B+' long-term corporate credit and 'B-' senior unsecured debt ratings on Millicom. "Standard & Poor's is increasingly concerned about the delay in the commencement of Millicom's GSM services in Pakistan due to a dispute with the Pakistan telecommunications regulatory authority," said Standard & Poor's credit analyst Michael O'Brien. "The delay may affect Millicom's future competitive position and constrain its business and financial targets in the competitive high-growth Pakistan mobile telecoms market." This market is key to Millicom, boasting strong revenue and profit opportunities, and is viewed as an important support to the ratings. In addition, there is uncertainty about the level of payments to be made for the renewal of the GSM license for the 98.9% Millicom-owned operator Paktel Ltd., which expires in April 2005. License payment levels could range from 4% of revenues per year, as in Paktel's existing license agreement, to $291 million, as now claimed by the regulatory authority, and are likely to be contested by Millicom in court. "We are also concerned about the lack of clarity regarding the details of the renewal of Millicom's business cooperation agreement with the Vietnamese government, which expires on June 30, 2005, and the potential costs associated with the renewal," added Mr. O'Brien. This is despite the signing of a memorandum of understanding outlining the intention to cooperate in the future. The agreement is particularly important, given the relative size and importance of the Vietnam-based operations in Millicom's consolidated EBITDA and cash flow generation. As with the company's operations in Pakistan, its operations in Vietnam are an important support to the ratings. The business cooperation renewal entails significant risks, ranging from loss of the license to the substantial payments that may be needed to preserve Millicom's market presence. Standard & Poor's is concerned about both delays in the commencement of Millicom's GSM operations in Pakistan and uncertainties regarding the conditions of renewal of the company's joint-venture agreement in Vietnam, specifically regarding the potential related costs. "Adverse outcomes could materially affect the company's current balance sheet structure and its ability to upstream cash flow from these operations, which would have a negative effect on the ratings," said Mr. O'Brien. 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 michael_obrien@standardandpoors.com simon_redmond@standardandpoors.com CorporateFinanceEurope@standardandpoors.com Millicom International Cellular S.A. 75 Route de Longwy L-8080 Bertrange, Luxembourg Phone: +352-27-759-101 Fax: +352-27-759-359 Web site: http://www.millicom.com ===================== N E T H E R L A N D S ===================== ROYAL SHELL: Plots Course to Regain Strength, Return to Profit -------------------------------------------------------------- At a Strategy Review in London Royal Dutch/Shell outlines its strategic plans for its upstream and downstream activities. Group Strategy and Priorities In his opening remarks, Mr. Van der Veer commented: "We have delivered sound financial results through the first half of this year, through some very tough times for Shell. "Our strategy and priorities for the way forward are: more upstream and profitable downstream, raising the performance bar, and focus on an 'enterprise first' culture. "More upstream and profitable downstream requires: first, the reshaping of our portfolio through a step-up in organic investments to US$15 billion per year; second, the ongoing divestment of non-strategic and underperforming assets; third, looking at focused acquisitions with a clear path forward to create value. "Raising the performance bar means top quartile operational performance in all our businesses; consistently delivering projects on time, specification and budget and providing competitive returns with strong cash generation to fund growing dividends and investments. "An 'enterprise first' culture is essential. We are focusing on a simplified organization and standardized systems and processes. Leadership, accountability and teamwork will be crucial to our success." Delivering Downstream Profits The Downstream businesses generate significant cash and earnings for the Group. To extend this success the Group will: (a) Fully integrate Oil Products and Chemicals under a single leadership team and further implement global standardized processes. (b) Continue to strengthen the portfolio by shedding non- strategic and underperforming assets and to focus operations in selected profitable markets and businesses. In the past year we have divested onshore crude pipeline systems and product pipelines in the U.S.A., retail assets in Peru, a stake in Showa Shell in Japan, and refinery interests in Delaware in the U.S.A., Thailand and Malaysia. Further portfolio actions have been announced for Basell. In addition, as a result of an unsolicited approach from an interested buyer, Shell has decided to explore its strategic options with regard to its Downstream global Liquid Petroleum Gas (LPG) distribution and marketing business. Discussions are at a very preliminary stage and progress will depend on the conclusions of the review, meanwhile work that was already underway to structure LPG into a stand- alone global operation, will be accelerated. (c) Extend operational excellence through top quartile performance and reducing costs. In the U.S.A. in particular, refining performance and retail restructuring are yielding improvements. (c) Deploy capital to markets in Asia where demand is expected to grow. By 2010, Oil Products expects to have roughly 40% of its assets, and Chemicals some 35% in the Asia Pacific/ Middle East region, where the three key markets of China, India and Indonesia are opening up. Regaining Upstream Strength Exploration and Production The Exploration and Production (EP) portfolio today generates significant cash flow from core producing areas. Though the overall resource base remains significant, proved reserve life is relatively low and it is essential to convert existing resources into proved reserves and production. EP will invest in sustaining profitable core areas, in growing integrated gas positions and large-scale oil projects, and in maturing additional unconventional oil production. New investment and business development will target areas with growth potential and exposure to price upside. Resource base Shell confirms the guidance previously given on the findings from the hydrocarbon resource base review completed in April 2004. Proved reserves at the end of 2003 stood at 14.4 billion barrels of oil equivalent (BOE), following the restatement of 4.47 billion BOE of proved reserves relative to the end of 2002. The proved reserve replacement ratio is expected to average at least 100% for the period 2004 to 2008. This includes the previously announced expected re-maturation of some 50% of the restated reserves by the end of 2008. Total expected producible resources are some 60 billion BOE, showing no material change from the end of 2002. It is planned that by the end of 2009, the Group will bring on stream the facilities and infrastructure that allow us to unlock some 13 billion BOE of such resources. Production As previously announced, production in 2004 will be between 3.7 and 3.8 million BOE per day, and between 3.5 and 3.8 million BOE per day in 2005 and 2006. Production is expected to grow to between 3.8 and 4.0 million BOE per day in 2009. Portfolio action Having divested US$2.4 billion from 2001-2003, EP is targeting an additional US$5 billion of divestments, dilutions and swaps from 2004-2006. Exploration Exploration will focus on 'big cat' wells (prospects greater than 100 million BOE, Shell share), with spending levels approaching some US$1.5 billion per year. Since the beginning of 2003, the Group has had six significant discoveries in Nigeria, three in Kazakhstan, one in Egypt, one in the Gulf of Mexico and three in Malaysia. The average unit finding cost of volumes discovered in this period is about US$1.2 per barrel. During the same time period, over 260,000 square kilometers of acreage has been acquired with the potential to deliver some 30 big cat prospects. Looking forward, 15-20 big cat wells per year are planned. Project delivery Project delivery will be enhanced by a simplified organization, stronger leadership, improved controls and contract management. Over the past two years, Athabasca Oil Sands (Canada), Bijupir - Salema (Brazil), Na Kika (Gulf of Mexico) and EA (Nigeria) have all come on stream. Over the next two years, Bonga (Nigeria), Salym (Western Siberia), and Holstein (Gulf of Mexico) will begin producing or be expanded. Operational Excellence and Competitive Costs Upstream operations will target top quartile performance. EP remains committed to reducing structural costs by leveraging the new EP global organization to help offset cost pressures from inflation, exchange rates and incremental expenditure on asset integrity. Gas & Power Shell is the world's largest supplier of LNG and the second largest natural gas producer, with leading positions in the world's three key markets. Shell's LNG business has delivered a 13% annual increase in total sales in the years 1999-2004. Sales are expected to increase to around 10 million tons per annum for 2004. Building on this strength, Gas & Power will create value by accessing and monetizing new natural gas resources across the value chain by: (a) Leveraging its global portfolio, technology and capabilities, (b) Increasing access to major and emerging markets, (c) Delivering complex, integrated gas plays, and actively managing the portfolio Over the last five years, Shell has delivered eight LNG trains in four countries -- responsible for 20% of today's global capacity. All together, these projects have come in under budget and on or ahead of schedule. Major projects going forward include: Nigeria LNG trains 4, 5 and 6; Sakhalin II LNG; LNG import terminals in North America; and the Pearl Gas to Liquids project in Qatar. Group Financial Framework Shell sees an environment where oil prices have shifted structurally higher. Meeting the increasing demand for hydrocarbons will require significantly more upstream investment. With a US$15 billion per year investment program and upward pressures on price and costs, Shell plans for medium term cash neutrality at around US$25 per barrel, including divestments. The Group screens projects around US$20 per barrel and tests for upside at high prices. Funding priorities are to grow the dividend at least in line with inflation over time, to invest in existing and new business growth and to maintain a strong balance sheet with financial flexibility. If additional cash is available, we will balance further high value capital investment opportunities with returns to shareholders. Total debt ratio at the end of 2004 is expected to be around 14-15%. In line with the strategy, capital spending levels will increase to US$15 billion per year for the period 2004-2006, with US$11.5 billion per year dedicated to the Upstream (Exploration and Production and Gas & Power). Divestments of non-strategic and underperforming assets are expected to rise to US$10 to US$12 billion over the period 2004- 2006. In 2004 we expect cash proceeds from divestments to exceed US$4 billion. Urgency and Action Mr. Van der Veer concludes: "We are focused on improving our competitive position, strong cash generation and total shareholder returns. Replacing our reserves is a priority to support future growth. Operationally, we aim to deliver top quartile performance and adhere strictly to project milestones. "Everyone at Shell understands the urgent need for performance and delivery. This requires action and decisiveness in everything we do. We have an invigorated and more open 'enterprise first' culture, and I am confident of our ability to succeed." CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague, The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com =========== N O R W A Y =========== DNO ASA: August Oil Production Up Slightly ------------------------------------------ DNO A.S.A. achieved an oil production of 13.783 BOPD in August. The average production for the eight months of 2004 was 13.533 BOPD. The oil production for Norway and Yemen was(BOPD): August YTD Norway 1.757 1.940 Yemen 12.026 11.593 Total 13.783 13.533 Due to new production wells on both the Tasour- and Sharyoof Fields put on stream during the past two months the Yemen production has increased and been maintained at a level of more than 12.000 BOPD in July and August (net DNO share before tax). Drilling of an appraisal well on the west flank of the Tasour Field (Tasour no. 13) is expected to be finalized within the next two weeks. If the results are in accordance with DNO's expectations, the well can be put on stream during October. A new production well was put on stream on the Glitne Field towards the end of August, which increased the production from the Field to more than 25.000 BOPD (net to DNO 2.500 BOPD). During the hook-up of the new well the production from Glitne was shut down for a shorter period in August. This is the reason why the August production from Glitne is down compared to July. Unfortunately the production from the new well on Glitne was not fully stabilized before the preparations to shut down the Field commenced as a consequence of the lockout situation. The duration of the lockout situation on Glitne is currently uncertain and DNO's oil production for September is therefore expected to lower than in August. * * * On June 18, 2004, TCR-Europe reported that Standard & Poor's Ratings Services withdrew its corporate credit rating on Norway- based oil production and exploration company DNO A.S.A. The rating on DNO was B/Watch Dev/-- at the time of the withdrawal. The rating was withdrawn at DNO's request, since Standard & Poor's does not have a rating on DNO's outstanding debt. The rating on DNO was placed on CreditWatch with developing implications on November 17, 2003, but would likely have remained in the 'B' category if the CreditWatch placement had been resolved. The CreditWatch status reflected uncertainties over the company's medium-term business strategy, growth prospects, and financial policy following an extensive asset sale, which was realized in spring 2004. Standard & Poor's believes that the company is likely to focus on riskier exploration activities on the Norwegian Continental Shelf and production in existing fields in Yemen. DNO has successfully refinanced its Norwegian KRR335 million bond (EUR40 million), which matured on June 1, 2004. CONTACT: DNO A.S.A. Helge Eide Group Managing Director Phone: (+47) 55 22 47 00 Or (+47) 23 23 84 80 Web site: http://www.dno.no =========== R U S S I A =========== ATKARSKOYE ROAD-BUILDING: Files for Bankruptcy ---------------------------------------------- The Arbitration Court of Saratov region has declared municipal enterprise Atkarskoye Road-building insolvent and commenced bankruptcy proceedings. The case is docketed as A-57-972B/02- 31. CONTACT: ATKARSKOYE ROAD-BUILDING Russia, Saratov region, Aktarsk, Telefonnaya Str. 44 BEARING PLANT #6: Deadline for Proofs of Claim October 16 --------------------------------------------------------- The Arbitration Court of Sverdlovsk region has declared LLC plant Bearing Plant #6 (TIN 6665009043) insolvent and commenced bankruptcy proceedings. The case is docketed as A60-27660/2003- S3. Mr. R. Cheskidov has been appointed insolvency manager. Creditors have until October 16, 2004 to submit their proofs of claim to 620075, Russia, Ekaterinburg, Shartashskaya Str. 13. CONTACT: BEARING PLANT #6 620075, Russia, Ekaterinburg, Shartashskaya Str. 13 Mr. R. Cheskidov Insolvency Manager 620075, Russia, Ekaterinburg, Shartashskaya Str. 13 BELOVSKIY MOTORIST: Kemerovo Court Opens Bankruptcy Proceedings --------------------------------------------------------------- The Arbitration Court of Kemerovo region has declared OJSC Belovskiy Motorist insolvent and commenced bankruptcy proceedings. The case is docketed as A27-18292/2003-4. Mr. O. Karamyshev has been appointed insolvency manager. Creditors have until October 16, 2004 to submit their proofs of claim. CONTACT: BELOVSKIY MOTORIST 652611, Russia, Kemerovo region, Belovo, Volodarskogo Str. 1A Mr. O. Karamyshev Insolvency Manager 652611, Russia, Kemerovo region, Belovo, Volodarskogo Str. 1A BONAPARTE: Succumbs to Bankruptcy --------------------------------- The Arbitration Court of Saratov region has declared limited liability partnership Bonaparte insolvent and commenced bankruptcy proceedings. The case is docketed as A-57-136B/02- 31. CONTACT: BONAPARTE Russia, Saratov region, Saratov CHERNOBORSKIY: Undergoes Bankruptcy Supervision Procedure --------------------------------------------------------- The Arbitration Court of Chelyabinsk region has commenced bankruptcy supervision procedure on OJSC Chernoborskiy. The case is docketed as A76-21590/03-48-484. Mr. I. Bulatov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to Russia, Chelyabinsk region, Chesmenskiy region, Chernoborskiy. A hearing will take place on October 12, 2004, 10:00 a.m. CONTACT: CHERNOBORSKIY Russia, Chelyabinsk region, Chesmenskiy region, Chernoborskiy Mr. I. Bulatov Temporary Insolvency Manager: Russia, Chelyabinsk region, Chesmenskiy region, Chernoborskiy EKATERINBURGSKIY: Last Day for Filing Claims October 16 ------------------------------------------------------- The Arbitration Court of Kurgan region has declared OJSC meat combine Ekaterinburgskiy insolvent and commenced bankruptcy proceedings. The case is docketed as A34-883/04-s1. Mr. N. Kiselyev has been appointed insolvency manager. Creditors have until October 16, 2004 to submit their proofs of claim to: (a) Ekaterinburgskiy 641100, Russia, Kurgan region, Shunikha, Lenina Str. 87 (b) Insolvency Manager 620014, Russia, Ekaterinburg, Malysheva Str. 36, Office 701 INDUSTRIAL RAILWAY: Names V. Krynin Insolvency Manager ------------------------------------------------------ The Arbitration Court of Omsk region has declared OJSC Industrial Railway Transport insolvent and commenced bankruptcy proceedings. The case is docketed as K/E-56/00. Mr. V. Krynin has been appointed insolvency manager. Creditors have until October 16, 2004 to submit their proofs of claim to 644040, Russia, Omsk, Kombinatskaya Str. 17. CONTACT: INDUSTRIAL RAILWAY TRANSPORT 644040, Russia, Omsk, Kombinatskaya Str. 17 Mr. V. Krynin Insolvency Manager 644040, Russia, Omsk, Kombinatskaya Str. 17 INTERGRAD: Saratov Court Appoints Insolvency Manager ---------------------------------------------------- The Arbitration Court of Saratov region has declared industrial building combine Intergrad insolvent and commenced bankruptcy proceedings. The case is docketed as A-57-114B/02-31. CONTACT: INTERGRAD Russia, Saratov region, Balakovo KOMFOTEKS: Insolvency Manager Takes over Day-to-day Operations -------------------------------------------------------------- The Arbitration Court of Moscow region has declared LLC production #2 of Komfoteks Company (TIN 7735117640) insolvent and commenced bankruptcy proceedings. The case is docketed as A40-31113/04-66-22B. Mr. V. Shirokov has been appointed insolvency manager. Creditors may submit their proofs of claim to 127422, Russia, Moscow, Post User Box 16. CONTACT: Mr. V. Shirokov Insolvency Manager 127422, Russia, Moscow, Post User Box 16 KURAGINSKAYA SELKHOZ-MACHINERY: Declared Insolvent -------------------------------------------------- The Arbitration Court of Krasnoyarsk region has declared OJSC Kuraginskaya Selkhoz-Machinery insolvent and commenced bankruptcy proceedings. The case is docketed as A33-3692/04-s4. Mr. M. Tersin has been appointed insolvency manager. Creditors have until October 16, 2004 to submit their proofs of claim to 660049, Russia, Krasnoyarsk, Lenina Str. 62 a, office 10. CONTACT: KURAGINSKAYA SELKHOZ-MACHINERY 662910, Russia, Krasnoyarsk region, Kuraginskiy region, Kuragino, Partizanskaya Str. 45 Mr. M. Tersin Insolvency Manager 660049, Russia, Krasnoyarsk, Lenina Str. 62 a, Office 10 MAGNESITE IRKUTSKIY: Succumbs to Bankruptcy ------------------------------------------- The Arbitration Court of Irkutsk region has declared OJSC Magnesite Irkutskiy insolvent and commenced bankruptcy proceedings. The case is docketed as A19-16897/03-37. Mr. V. Pyatakov has been appointed insolvency manager. Creditors have until October 16, 2004 to submit their proofs of claim to 664025, Russia, Irkutsk, Post User Box 3288. CONTACT: MAGNESITE IRKUTSKIY 665435, Russia, Irkutsk region, Cheremkhovskiy region, Talniki Mr. V. Pyatakov Insolvency Manager 664025, Russia, Irkutsk, Post User Box 3288 Phone/Fax: (3952) 24-35-18 MDM BANK: 'C/D' Individual Rating Affirmed; Outlook Stable ---------------------------------------------------------- Fitch Ratings affirmed the ratings of Russia's MDM Bank and MDM Bank Holding GmbH at Long-term 'B+', Short-term 'B' and Individual 'C/D'. The Outlook is Stable. The Support ratings have been affirmed at '4' and '5' respectively. MDM Bank's National rating has also been affirmed at 'A(rus)'. MDM Holding GmbH is the holding company of a group of banks and securities, leasing and real estate etc. companies known as MDM Financial Group, of which MDM Bank with its operating subsidiaries is the most significant component, accounting for 84% of group assets and 69% of operating revenues in 2003. The Long-term, Short-term and Individual ratings of both entities reflect the high, albeit declining, concentration levels on both sides of MDM's balance sheet and the volatility of its revenue streams earnings, arising from its securities trading activity. They also take into account its periodical willingness to take significant exposures to related parties, although this is capped at 10% of assets. However, they also consider MDM's good performance track record and adequate liquidity and capitalization. MDM's performance has always compared well with its peers and, while most profitability indicators have been declining from their exceptionally high levels, the group's performance in Q104 remained sound, despite a sharp reduction in inherently volatile securities trading gains. The quality of MDM's loan book, which is being re-orientated away from top-tier Russian corporates towards the mid-cap sector and consumer finance, is satisfactory and loan loss reserve coverage of non-performing loans (NPLs) is strong. However, concentration levels remain high, such that even a small number of new NPLs could have a material impact on earnings. Market risk has historically been well managed but, at times, the bank's appetite can be moderately high. Although MDM's customer funding is concentrated, the diversity and maturity profile of MDM's funding base has been improved through various capital market issues and the bank has historically managed its liquidity relatively conservatively. MDM has been less aggressive than many other Moscow-based banks in attracting retail deposits, and its net outflow of retail was relatively modest during the mini-crisis of June/July 2004. MDM is well-capitalized. MDM's main activity is commercial (including retail) banking and investment banking. In addition to MDM Bank (one of Russia's 10 largest banks), the group includes the much smaller MDM Bank St. Petersburg, MDM Bank Urals and Latvian Trade Bank. CONTACT: FITCH RATINGS James Longsdon London Phone: +44 (0) 20 7417 4309 Vladlen Kuznetsov Moscow Phone: +7 095 956 9901 Media Relations: Campbell McIlroy London Phone: +44 20 7417 4327 MDM Financial Group 33/1 Kotelnicheskaya nab. Moscow 115172 Russia Phone: +7 (095) 797 95 00 Fax: +7 (095) 797 95 01 E-mail: enquiries@mdmfinancialgroup.com Web site: http://www.mdmbank.com MSS-SPEKTR: Names E. Zhelnin Insolvency Manager ----------------------------------------------- The Arbitration Court of Moscow region has declared CJSC MSS- Spektr (TIN 7705052699) insolvent and commenced bankruptcy proceedings. Mr. E. Zhelnin has been appointed insolvency manager. Creditors have until October 16, 2004 to submit their proofs of claim to the Arbitration Court of Moscow region on 107497, Russia, Moscow, Post User Box 6. CONTACT: MSS-SPEKTR Russia, Moscow, Vorontsovskaya Str. 18/20, Building 6 Mr. E. Zhelnin Insolvency Manager 107497 Russia, Moscow, Post User Box 6 Phone: 741-22-25 SADKO: Declared Insolvent ------------------------- The Arbitration Court of Saratov region has declared Limited Liability Company Sadko insolvent and commenced bankruptcy proceedings. The case is docketed as A-57-438B/02-31. CONTACT: SADKO Russia, Saratov region, Raskovo VENETS-S: Bankruptcy Case Pending in Saratov Court -------------------------------------------------- The Arbitration Court of Saratov region has declared Limited Liability Partnership Venets-S insolvent and commenced bankruptcy proceedings. The case is docketed as A-57-159B/02- 31. CONTACT: VENETS-S Russia, Saratov region, Saratov VOLGA-PROM-STORY: Creditors Have Until October 16 to File Claims ---------------------------------------------------------------- The Arbitration Court of Saratov region has declared Limited Liability Company Volga-Prom-Stroy insolvent and commenced bankruptcy proceedings. The case is docketed as A-57-929B/02- 31. Mr. A. Gurchenko has been appointed insolvency manager. Creditors have until October 16, 2004 to submit their proofs of claim to 410028, Russia, Saratov, Michurina Str. 98/102, office 105. CONTACT: VOLGA-PROM-STROY Russia, Saratov region, Balakovo Mr. A. Gurchenko Insolvency Manager 410028, Russia, Saratov, Michurina Str. 98/102, Office 105 YUKOS OIL: Power Supplier Pulls Yuganskneftegaz's Plug ------------------------------------------------------ Yukos Oil was forced to reduce production at its main Siberian unit Yuganskneftegaz Wednesday after power company Tyumenenergo cut power supply to the refinery for non-payment of bills. The firm reduced its 1 million barrels per day output by 35,000, according to Reuters. The move follows a decision from the oil giant to reduce rail shipments to China by two-thirds and undersupply 1 million tons on this route from September 28 until the end of the year. Yukos has repeatedly warned it might cut production or file for bankruptcy after its bank accounts were frozen in relation to tax investigations against it. It is currently facing a US$7 billion back tax bill. On Wednesday, Chairman Viktor Gerashchenko promised management would try to stave off bankruptcy. He said a declaration of bankruptcy at this time could be challenged by authorities as illegal. "A premature announcement could be considered a false declaration of bankruptcy, which would threaten Yukos employees with new criminal investigations," he said. Meanwhile, pipeline monopoly Transneft, assures oil supply to Europe is safe after it agreed to receive crude oil instead of cash as payment for export shipping fees. CONTACT: YUKOS OIL International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru YUKOS OIL: Loses Bid to Appeal 2000 Back Tax Bill ------------------------------------------------- The Moscow Arbitration Court on Wednesday overthrew Yukos Oil's appeal to void the tax assessment for 2000, reports MosNews. Accordingly, Yukos failed to convince the court that the US$3.4 billion being demanded by the tax ministry is illegal. The ministry issued its order in April, saying the firm reduced its taxes by selling oil through 17 subsidiaries registered offshore and claiming they were independent companies. Yukos denies the accusations, arguing the ministry failed to prove the companies were affiliated to the group. It also disputes the ministry's calculations. The arbitration court previously partially sided with Yukos, marginally reducing the size of its tax bill. But on Wednesday it halted proceedings in the case. Yukos potentially faces a tax bill of around US$10 billion once audits of its subsequent annual accounts are finished. CONTACT: YUKOS OIL International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru ========= S P A I N ========= ISLA MAGICA: Annual Operating Losses Continue to Drop ----------------------------------------------------- Theme park Isla Magica, which is currently under temporary receivership, managed to cut its losses for the second straight year by 8.21% from EUR5.3 million in 2003, Expansion says. Isla Magica attributed this achievement to a cost-cutting program that the theme park implemented in 2002. Isla Magica was also able to reduce its operating losses by 6.22% to EUR4.52 million after it posted an EBITDA of EUR0.15 million. The company registered a gross operating loss of EUR12,000 in 2003. The theme also managed to increase its net sales by 6.53% to EUR13.86 million. The theme park has been in temporary receivership after having a negative working capital of EUR37.1 million, which caused liquidity problems for the company. Spanish power group Endesa, which acquired a 4% stake in Isla Magica for EUR3 million in 1997, sold the shares for EUR54,000 in 2003. Three Andalucian savings banks, El Monte, Unicaja and Caja San Fernando, bought the shares, thus increasing their stake park to 25.5% each. CONTACT: PARQUE ISLA MAGICA S.A. Pabellon de Espana Isla de la Cartuja 41092 Sevilla Phone: 902 16 17 16 Fax: 902 16 00 00 Web site: http://www.islamagica.es =========== S W E D E N =========== LM ERICSSON: Buys Systems Integration Company Audilog ----------------------------------------------------- LM Ericsson acquired French company Audilog, specialized in systems integration in the area of network management. Systems integration, supporting telecom operators in creating competitive consumer service offerings and efficient business processes, is a strategic area in the Ericsson Global Services portfolio. The acquisition of the French company Audilog reinforces Ericsson's focus on growing its services business. Audilog has for two decades worked closely with leading operators in France and on international markets in securing quality of network and consumer service performance. "I am pleased to announce this acquisition that will increase our capacity to support operators in capturing revenue growth while controlling costs," said Hans Vestberg, Senior Vice President, Business Unit Global Services. "Audilog's skills and experience in network management fits perfectly with our competence and our leading telecom management and systems integration offering." "We are proud and excited to be part of the Ericsson group," said Mr. Waksman, CEO Audilog. "Working with systems integration it is a great strength for us to belong to Ericsson, the world's largest telecom services company. The leadership and long-term experience of Ericsson will facilitate new business opportunities and competence development." Ericsson is industry leading in systems integration of new consumer services and operator business processes, creating value for consumers and profitability for operators. As networks, systems and business models become more complex, Ericsson partner with operators to create an environment for efficient business operations and innovative business development. This includes supplying solutions in the service layer and telecom management domains (service provisioning, network management, service assurance and revenue management). Ericsson has worldwide experience from systems integration of more than 500 network management solutions. Ericsson is shaping the future of Mobile and Broadband Internet communications through its continuous technology leadership. Providing innovative solutions in more than 140 countries, Ericsson is helping to create the most powerful communication companies in the world. * * * Fitch Ratings has upgraded Telefonaktiebolaget LM Ericsson's Senior Unsecured rating to 'BB+' from 'BB-' and changed the Outlook to Positive from Stable. The upgrade reflects the significant improvement in Ericsson's financial profile as reported in recent quarters, the completion of its cost base restructuring and signs that revenue conditions have begun to stabilize. CONTACT: LM ERICSSON Josephine Edwall Ericsson Group Function Communications Phone: +46 8 57 91 80 18, +46 8 719 69 92 E-mail: press.relations@ericsson.com ============= U K R A I N E ============= AGROBUDREMSERVICE: Court Appoints Temporary Insolvency Manager -------------------------------------------------------------- The Economic Court of Sumi region commenced bankruptcy supervision procedure on CJSC Agrobudremservice (code EDRPOU 31431041) on July 13, 2004. The case is docketed as 6/78-04. Mr. Sergij Gajdukov (License Number AA 250477 approved on May 8, 2002) has been appointed temporary insolvency manager. The company holds account number 260014301490868 at Prominvestbank, Ohtirka branch, MFO 337319. Creditors have until October 1, 2004 to submit their proofs of claim to: (a) AGROBUDREMSERVICE 42700, Ukraine, Sumi region, Ohtirka, Transportna Str. 2 (b) Mr. Sergij Gajdukov Temporary Insolvency Manager 40030, Ukraine, Sumi region, Psilska Str. 4, room 9 (c) ECONOMIC COURT OF SUMI REGION 40477, Ukraine, Sumi region, Ribalko Str. 2 ECOLOGICAL SYSTEMS: Bankruptcy Supervision Starts ------------------------------------------------- The Economic Court of Kyiv region has commenced bankruptcy supervision procedure on CJSC Ecological Systems and Technologies (code EDRPOU 13672712). The case is docketed as 108/14 b-04. Arbitral manager Mr. Sergij Yegorenkov (License Number AA 668256 approved on January 9, 2004) has been appointed temporary insolvency manager. The company holds account number 26009473 at JSPPB Aval, Obuhiv branch, MFO 321585. CONTACT: ECOLOGICAL SYSTEMS AND TECHNOLOGIES 08700, Ukraine, Kyiv region, Ukrainka, Teplichna Str. 1 Mr. Sergij Yegorenkov Temporary Insolvency Manager 01133, Ukraine, Kyiv region, a/b 149 ECONOMIC COURT OF KYIV REGION 01033, Ukraine, Kyiv region, Zhelyanska Str. 58 b KINDRATYEVSKE: Court Orders Debt Moratorium ------------------------------------------- The Economic Court of Donetsk region commenced bankruptcy supervision procedure on Agricultural LLC Kindratyevske (code EDRPOU 30835330) and ordered a moratorium on satisfaction of creditors' claims on July 12, 2004. The case is docketed as 42/110 B. Arbitral manager Mr. Yevgen Gapich (License Number AA 419219) has been appointed temporary insolvency manager. The company holds account number 26003270024571 at Ukrsocbank, Druzhkovka branch, MFO 334679. Creditors have until October 1, 2004 to submit their proofs of claim to: (a) AGRICULTURAL KINDRATYEVSKE 85100, Ukraine, Donetsk region, Konstantinivskij district, Kindratyevka (b) Mr. Yevgen Gapich Temporary Insolvency Manager 85612, Ukraine, Donetsk region, Kurahove, Lermontov Str. 17/49 (c) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 NOVOGRAD-VOLINSKIJ: Last Day for Filing Claims October 2 -------------------------------------------------------- The Economic Court of Zhitomir region commenced bankruptcy supervision procedure on Novograd-Volinskij Rock Crusher Plant (code EDRPOU 04990873) on August 26, 2004. The case is docketed as 1/36 B. Arbitral manager Mr. Oleg Ribij (License Number AA 630133 approved on January 8, 2004) has been appointed temporary insolvency manager. The company holds account number 260000012527 at JSB Azhio, Novograd-Volinskij branch, MFO 311465. Creditors have until October 2, 2004 to submit their proofs of claim to: (a) NOVOGRAD-VOLINSKIJ ROCK CRUSHER PLANT 11705, Ukraine, Zhitomir region, Novograd-Volinskij, Granitna Str. 24 (b) ECONOMIC COURT OF ZHITOMIR REGION 10002, Ukraine, Zhitomir region, Putyatinski Square, 3/65 OKTAVA: Undergoes Bankruptcy Supervision Procedure -------------------------------------------------- The Economic Court of Kyiv region has commenced bankruptcy supervision procedure on Kyiv' Production Association Oktava (code EDRPOU 14307469). The case is docketed as 15/218-b. Arbitral manager Mr. Mikola Parhatskij (License Number AA 250193 approved on December 18, 2001) has been appointed temporary insolvency manager. The company holds account number 263225811 at Prominvestbank, Livoberezhne branch of Kyiv region, MFO 322119. Creditors have until October 2, 2004 to submit their proofs of claim to: (a) KYIV' PRODUCTION ASSOCIATION OKTAVA 04080, Ukraine, Kyiv region, Novokostyantinivska Str. 18 (b) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B SPECIALIZED REPAIR: Names Sergij Belik Insolvency Manager --------------------------------------------------------- The Economic Court of Dnipropetrovsk region declared OJSC Joint- Stock Specialized Repair-Building Enterprise (code EDRPOU 03329835) insolvent and introduced bankruptcy proceedings on August 2, 2004. The case is docketed as B 26/55/04. Mr. Sergij Belik (License Number AA 719888) has been appointed liquidator/insolvency manager. The company holds account number 26000100506001 at JSCB Ukrsocbank, MFO 305051. Creditors have until October 1, 2004 to submit their proofs of claim to: (a) SPECIALIZED REPAIR-BUILDING ENTERPRISE Ukraine, Dnipropetrovsk region, Dniprodzerzhinsk, Korchevskij Str. 9 (b) Mr. Sergij Belik Liquidator/Insolvency Manager 51914, Ukraine, Dnipropetrovsk region, Dniprodzerzhinsk, a/b 396 Phone: (0569) 53-13-06 (c) ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a SVATIVSKA MTS: Court Orders Debt Moratorium ------------------------------------------- The Economic Court of Lugansk region commenced bankruptcy supervision procedure on LLC Svativska MTS (code EDRPOU 23477118) on August 6, 2004. Prior to this, the court ordered a moratorium on satisfaction of creditors' claims on July 19, 2004. The case is docketed as 22/79 b (11/11 b). Mr. Volodimir Ilyushin (License Number AA 047596) has been appointed temporary insolvency manager. The company holds account number 2600731101 at OJSC State Savings bank of Ukraine, Svatove branch 2842, MFO 364069. Creditors have until October 2, 2004 to submit their proofs of claim to: (a) SVATIVSKA MTS 92600, Ukraine, Lugansk region, Svatove, Novostarobilska Str. 17 (b) Mr. Volodimir Ilyushin Temporary Insolvency Manager 91031, Ukraine, Lugansk region, Mistechko Shorsa, 23/13 (c) ECONOMIC COURT OF LUGANSK REGION 91000, Ukraine, Lugansk region, Geroiv VVV Square, 3a VOLINLYONPROM: Under Bankruptcy Supervision ------------------------------------------- The Economic Court of Volinska region commenced bankruptcy supervision procedure on OJSC Volinlyonprom (code EDRPOU 00305923) on July 19, 2004. The case is docketed as 8/56-B. Arbitral manager Mr. Oleksandr Cherep (License Number AA 520158 approved on July 22, 2003) has been appointed temporary insolvency manager. The company holds account number 26009200196001 at JSB Ukraine, Lutsk branch, MFO 303172. Creditors have until October 2, 2004 to submit their proofs of claim to: (a) VOLINLYONPROM Ukraine, Volinska region, Lutsk, Karpenko-Karij Str. 1 (b) Mr. Oleksandr Cherep Temporary Insolvency Manager 43000, Ukraine, Volinska region, Lutsk, Prezidenta Grushevskogo Str. 30, office 161 Phone: 77-63-59 (c) ECONOMIC COURT OF VOLINSKA REGION 43023, Ukraine, Volinska region, Lutsk, Voli Avenue, 54-a =========================== U N I T E D K I N G D O M =========================== AD COMPUTER: Extraordinary Winding up Resolution Passed ------------------------------------------------------- At an extraordinary general meeting of the Ad Computer Services Limited on September 14, 2004 held at 29-31 Greville Street, London EC1N 8RB, the subjoined extraordinary resolution to wind up, the company was passed. Hasan Imam Mirza of Pridie Brewster, Carolyn House, 29-31 Greville Street, London EC1N 8RB has been appointed liquidator for the purpose of such winding- up. CONTACT: PRIDIE BREWSTER Carolyn House 29-31 Greville Street, London EC1N 8RB Liquidator: Hasan Imam Mirza Phone: 020 7831 8821 Fax: 020 7404 3069 E-mail: london@pridie-brewster.com Web site: http://www.pridie-brewster.com ASSET MANAGEMENT: First Liquidation Meeting September 29 -------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Asset Management Recovery (U.K.) Ltd (in Liquidation) I, of KPMG 191 West George Street Glasgow G2 2LJ hereby give notice that I was appointed Interim Liquidator of Asset Management Recovery (U.K.) Ltd. on August 24, 2004 by the Interlocutor of the Sheriff at Sheriff at Kilmarnoc. The first meeting in the liquidation called in terms of Section 138(4) of the Insolvency Act 1986 and in accordance with Rule 4.12 of the Insolvency (Scotland) Rules 1986, will be held at 191 West George Street Glasgow G2 2LJ on September 29, 2004 at 11:00 a.m. for the purpose of choosing a liquidator, appointing a Liquidation Committee and considering the other Resolutions specified in Rule 4.12(3) of the aforementioned Rules. Creditors are entitled to vote at the meeting only if they have lodged their claim with me at or before the meeting. Creditors may vote either in person or by proxy form, which may be lodged with me at or before the meeting. Blair C. Nimmo, Interim Liquidator September 8, 2004 CONTACT: KPMG LLP 191 West George Street Glasgow G2 2LJ Phone: (0141) 226 5511 Fax: (0141) 204 1584 Web site: http://www.kpmg.co.uk BAS WAGSTAFF: Names BDO Stoy Hayward Administrator -------------------------------------------------- Dermot Justin Power and David Swaden have been appointed as joint administrators for Bas Wagstaff Limited. The appointment was made September 14, 2004. The company is engaged in engineering and fabrication. CONTACT: BDO STOY HAYWARD LLP Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD Joint Administrators: Dermot Justin Power David Swaden (IP Nos 6006/01, 5495/01) Phone: 0161 817 3700 Fax: 0161 817 3711 E-mail: manchester@bdo.co.uk Web site: http://www.bdo.co.uk BC BUILDING: Hires Begbies Traynor as Liquidator ------------------------------------------------ At an extraordinary general meeting of the BC Building Solutions Limited on September 9, 2004 held at the offices of Begbies Traynor, Prospect House, Footscray High Street, Sidcup, Kent DA14 5HN, the subjoined extraordinary resolution to wind up the company was passed. Nedim Patrick Ailyan and David Paul Hudson of Begbies Traynor, The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG have been appointed joint liquidators for the purpose of such winding-up. CONTACT: BEGBIES TRAYNOR The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG Joint Liquidators: Nedim Patrick Ailyan David Paul Hudson Phone: 01702 467255 Fax: 01702 467201 E-mail: southend@begbies-traynor.com Web site: http://www.begbies.com BOW SCAFFOLDING: Creditors Meeting Set Wednesday ------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Bow Scaffolding (North East) Ltd. Bow Scaffolding (Northern) Ltd. Bow Scaffolding (Scotland) Ltd. Bow Scaffolding (Southern) Ltd. Bow Scaffolding Access Ltd. and Bow Scaffolding Group Ltd. Notice is hereby given in accordance with section 48(2) of the Insolvency Act 1986, that a Meeting of the Creditors of above- named companies will be held at Southwark Towers 32 London Bridge Street, London SE1 9SY on September 29, 2004 at 10:00 a.m. In accordance with Rule 3.11 (1) of the Insolvency Rules 1986, a Creditor is entitled to vote only if details of the debt claimed are submitted to the Receivers in writing no later than 12 noon the business day prior to the Meeting and where the Creditors cannot attend in person, a form of proxy which the Creditor intends to be used on his behalf is lodged with the Receivers before the Meeting. Creditors whose claims are fully secured are not entitled to attend or be represented at the Meeting. Unsecured Creditors may request that a free copy of the Administrative Receivers' report be sent to them. Claims, proxies or requests should be sent to the Administrative Receivers' at PricewaterhouseCoopers L.L.P. at the address below. M. D. Gercke & R. W. Birchall, Joint Administrative Receivers September 10, 2004 CONTACT: PRICEWATERHOUSECOOPERS L.L.P. Southwark Towers 32 London Bridge Street London SE1 9SY Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwcglobal.com BRITISH ENERGY: Antitrust Regulator Approves Restructuring Plan --------------------------------------------------------------- The European Union Commission approved British Energy's wide- ranging restructuring plan Wednesday, paving the way for the nuclear group's survival. The Commission is satisfied that the new structure of British Energy will ensure that aid is exclusively used for the decommissioning of nuclear power plants in the future. According to the approval, State aid given for future decommissioning liabilities may not be used to subsidize competitive activities, such as the operation of a fossil fuel power plant and energy trading with large business customers. "[The] decision demonstrates the Commission's ability to apply competition rules in newly liberalized energy markets with great success. The outcome of this case takes full account of the comments made by British Energy's competitors and the need to ensure security of supply at all times," Commissioner Mario Monti said. Under the terms of the restructuring plan, British Energy will ring-fence the nuclear generation capacities, which are the only branch of its activities that are entitled to benefit from State aid. In the current case, ring-fencing means that British Energy will create three separate businesses, each with its own separate accounts. There will be the business dealing with nuclear generation, another unit dealing with non-nuclear generation and a third unit dealing with direct sales to large business customers. The nuclear generation business will run British Energy's eight nuclear power plants located in the U.K. and in Scotland. The non-nuclear generation business will operate the coal-fired plant at Eggborough in the U.K. The sales unit will manage sales to large business customers, also known as "Direct-Supply- to-Business" or "DSB". Apart from the strict rules on ring-fencing, British Energy -- as a condition for gaining E.U. approval for the restructuring plan -- the approval contains other important safeguard measures that intend to maintain competition in U.K. energy markets. British Energy has to cap its production capacity, including its nuclear capacity, for a period of six years. British Energy can also not extend its fossil fuel activities outside the U.K. and is prevented from acquiring large hydro power plants from its competitors in the U.K. However, this ban should not apply to investments in renewable energy sources, as fostering of renewable energy sources is a stated goal of the E.U.'s environmental policy. Furthermore, British Energy will not be allowed to undercut prices that its non-aided competitors are unable to afford in the DSB market. For a period of five years British Energy may not set its DSB prices below the prices that prevail in the wholesale segment. Adherence to this condition will be monitored by an independent entity, which the U.K. Government will designate via a transparent tendering procedure under the auspices of the DTI. Background British Energy is the operator of six nuclear power stations in the U.K. and two nuclear power stations in Scotland. British Energy is the only private operator of nuclear power stations in the U.K. It also supplies electricity on the U.K. wholesale market and is a supplier of large and commercial enterprises. British Energy is not active in supplying retail customers. The need for a State-sponsored restructuring plan arose due to a substantial fall in electricity prices in the U.K. in 2002. This led to a decrease in British Energy's revenues. Neither electricity trading nor the DSB business could offset the significant reduction in revenue. CONTACT: BRITISH ENERGY Andrew Dowler Phone: 020 7831 3113 (Media Enquiries) John Searles Phone: 01355 26 2202 (Investor Relations) Web site: http://www.british-energy.com CABLE & WIRELESS: Names Grant Thornton Liquidator ------------------------------------------------- At a meeting of the Cable & Wireless Global Finance on September 6, 2004, the special resolution to wind up the company was passed. Andrew Conquest of Grant Thornton, Grant Thornton House, Melton Street, Euston Square, London NW1 2EP and Samantha Keen, of Grant Thornton, 31 Carlton Crescent, Southampton SO15 2EW have been appointed joint liquidators of the company for the purpose of the voluntary winding-up. CONTACT: GRANT THORNTON Grant Thornton House, Melton Street, Euston Square, London NW1 2EP Joint Liquidator: Andrew Conquest Phone: 020 7383 5100 Fax: 020 7383 4715 Web site: http://www.grant-thornton.co.uk GRANT THORNTON UK LLP 31 Carlton Crescent, Southampton SO15 2EW Joint Liquidator: Samantha Keen Phone: 023 8022 1231 Fax: 023 8022 4017 Web site: http://www.grant-thornton.co.uk COLDSAVER PANELS: Hires Liquidator from Grant Thornton ------------------------------------------------------ At an extraordinary general meeting of the Coldsaver Panels (UK) Limited on September 10, 2004 held at the offices of Grant Thornton, Heron House, Albert Square, Manchester M60 8GT, the extraordinary and ordinary resolutions to wind up the company were passed. Leslie Ross of Grant Thornton UK LLP, Heron House, Albert Square, Manchester M60 8GT has been appointed liquidator of the company for the purpose of the voluntary winding-up. CONTACT: GRANT THORNTON UK LLP Heron House Albert Square, Manchester M60 8GT Liquidator: Leslie Ross Phone: 0161 834 5414 Fax: 0161 832 6042 Web site: http://www.grant-thornton.co.uk COMPASS AIR: Insolvency Service Bans Directors for 15 Years ----------------------------------------------------------- The directors of two companies specializing in air conditioning installations that failed with total debts estimated at around GBP1.4 million have given Undertakings not to hold directorships or take any part in company management for a combined period of 15 years. The Undertaking for seven years by Arthur John Hudson, 61, of Blendon Road, Bexley, Kent, and the undertaking for eight years by Jonathan Richard Hudson, 31, of Arcadian Avenue, Bexley, Kent, were given in respect of their conduct as directors of Compass Air-Conditioning and Associated Services Limited (CACAS) and Compass Facilities Limited (CF), both of which carried out business from premises at Block G, Unit GO1, Tower Bridge Business Complex, 100 Clements Road, London SE16 4DG. Acceptance of the Undertaking on 19 July 2004 prevents Mr. Arthur Hudson and Mr. Jonathan Hudson from being directors of a company or, in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a company for the above periods. CACAS was placed into voluntary liquidation on April 16, 2002 with estimated debts of GBP1,135,291 owed to creditors. CF was placed into voluntary liquidation on February 24, 2003 with estimated debts of GBP308,539 owed to creditors. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, has responsibility (under Section (6) of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered unfit to be involved in the management of companies in the future. Matters of unfit conduct, not disputed by Mr. Arthur Hudson and Mr. Jonathan Hudson, included that they caused CACAS and CF to: (a) trade to the detriment of the companies' creditors, by continuing to trade at a time when they knew, or ought to have known, that the companies could not pay their liabilities as and when they were due; and (b) breach their obligations with regard to payment of amounts due to Government Departments by not paying VAT owed to HM Customs & Excise when due, and by not paying contributions towards PAYE and NIC on a timely basis, or at all. Both directors also failed to: (a) maintain and/or preserve adequate accounting records, or alternatively failed to deliver up such records to the liquidators of CACAS and CF, severely hampering the liquidators' ability to properly carry out their duties; and (b) cooperate with the liquidators, or respond to the liquidators' enquiries, which further hampered the liquidators in carrying out their duties. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk CORUS GROUP: Moody's Gives Proposed Notes (P)B3, Stable Outlook --------------------------------------------------------------- Moody's Investors Service assigned a (P)B3 rating to Corus Group plc's planned senior unsecured notes offering, and affirmed all its ratings and that of its subsidiaries. The outlook was changed from negative to stable. The notes were worth EUR500 million and mature in 2011. The ratings affected by the outlook change are: (a) the Ba3 rating on the EUR1,000 million secured bank facility of Corus Group plc maturing July 2006, (b) the B1 senior implied rating on Corus Group plc, (c) the B3 rating on the EUR400 million notes due 2006 issued by Corus Finance plc, (d) the B3 rating on the GBP200 million notes due 2008 issued by Corus Finance plc, (e) the B3 issuer rating on Corus Group plc, and (f) the (P)B3 rating on the proposed EUR500 million notes due 2001 issued by Corus Group plc Moody's said it changed the outlook on the ratings due to: (a) the improvement in Corus' operating performance, and the strong market outlook for steelmakers, (b) the strengthening of the firm's alternate liquidity, (c) the positive development of its assets disposal program, (d) the streamlining of its cost base, (e) the return of the U.K. business to operating profitability, and (f) the firm's stronger credit metrics and cash flow generation. Corus reported EBITDA of GBP318 million (compared to GBP250 million for the full year 2003) in the first six months of 2004. CONTACT: CORUS GROUP PLC 30 Millbank London SW1P 4WY Phone: +44 20 7717 4444 Fax: +44 20 7717 4455 Web site: http://www.corusgroup.com DETECTAPLANT LIMITED: Names Valentine & Co. Liquidator ------------------------------------------------------ At an extraordinary general meeting of the Detectaplant Limited on September 14, 2004 held at the offices of Valentine & Co, 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the extraordinary and ordinary resolutions to wind up the company were passed. Robert Valentine of 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS has been appointed liquidator for the purpose of such winding-up. CONTACT: VALENTINE & CO. 4 Dancastle Court 14 Arcadia Avenue Liquidator: Robert Valentine London N3 2HS Phone: 020 8343 3710 Fax: 020 9343 4486 Web site: http://www.valentine-co.com DIGICOM INTERNATIONAL: Appoints Liquidator from Crawfords --------------------------------------------------------- At an extraordinary general meeting of the members of the Digicom International Limited on September 2, 2004 held at Crawfords, Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB, the extraordinary resolution to wind up the company was passed. David Norman Kaye of Crawfords, Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB has been nominated liquidator for the purpose of the winding-up." CONTACT: CRAWFORDS Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB Liquidator: David Norman Kaye G & A TECHNICAL: Sets Creditors Meeting October 4 ------------------------------------------------- The creditors of G & A Technical Services Limited will meet on October 4, 2004 commencing at 12:00 noon. It will be held at Palms Hotel, Southend Arterial Road, Hornchurch, Essex RM11 3UJ. 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, October 1, 2004. CONTACT: DTE LEONARD CURTIS DTE House, Hollins Mount, Bury BL9 8AT Joint Administrators: J M Titley A Poxon Phone: 0161 767 1200 Fax: 0161 767 1201 Web site: http://www.dtegroup.com GRASMERE (DIGITAL IMAGING): Names Tenon Recovery Administrator -------------------------------------------------------------- Derek Oakley and Simon Thomas have been appointed as joint administrators for Grasmere (Digital Imaging) Limited. The appointment was made September 14, 2004. The company is engaged in printing. CONTACT: TENON RECOVERY Arkwright House, Parsonage Gardens, Manchester M3 2LF Joint Administrator: Derek Oakley (IP No 001153) Phone: 0161 834 3313 Fax: 0161 827 8402 E-mail: manchester@tenongroup.com Web site: http://www.tenongroup.com TENON RECOVERY Sherlock House 73 Baker Street London W1U 6RD Joint Administrator: Simon Thomas (IP No 001289) Phone: 020 7935 5566 Fax: 020 7935 3512 E-mail: bakerstreet@tenongroup.com Web site: http://www.tenongroup.com GRAY'S INN: Calls in Liquidator from David Rubin & Partners ----------------------------------------------------------- At an extraordinary meeting of the members of the Gray's Inn Communications Limited on September 10, 2004 held at the offices of David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY, the following extraordinary resolution to wind up the company was passed. Lane Bednash of David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY has been nominated liquidator for the purpose of such winding-up. CONTACT: DAVID RUBIN & PARTNERS Pearl Assurance House, 319 Ballards Lane, London N12 8LY Liquidator: Lane Bednash JERSEYLODGE LTD.: Meeting of Creditors September 28 --------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Jerseylodge Ltd. Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a meeting of Creditors of Jerseylodge Ltd. will be held at St. Alphage House 2 Fore Street London EC2Y 5DH on September 28, 2004 at 11:30 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) 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. J. Patel, Director August 31, 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 KLEENKUT INVESTMENTS: Creditors to Consider Proposal Tuesday ------------------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Kleenkut Investments Ltd. Notice is hereby given that a Meeting of Creditors of Kleenkut Investments Ltd. is to be held at 20-30 Kings Road Reading RG1 3EX on September 28, 2004 at 10:00 a.m. to consider my proposals under section 23(1) of the Insolvency Act 1986, and to consider establishing a Creditors' Committee. A person is entitled to vote at the Meeting only if he has submitted details of his claim to the Administrator at 20-30 Kings Road Reading RG1 3EX not later than 12:00 noon the business day before the meeting. A proxy form should be completed and returned by the date of the Meeting, if you cannot attend the Meeting and wish to be represented. A copy of my proposals is available, on written request, to the Administrator, 20-30 Kings Road Reading RG1 3EX. M. H. Thompson, Joint Administrator September 9, 2004 CONTACT: BDO STOY HAYWARD LLP Kings Wharf 20-30 Kings Road Reading RG1 3EX Phone: 0118 925 4400 Fax: 0118 925 4470 E-mail: reading@bdo.co.uk Web site: http://www.bdostoyhayward.co.uk KLS MOTOR: Members Agree to Wind up Business -------------------------------------------- At an extraordinary general meeting of the members of the KLS Motor Sport Limited on September 15, 2004 held at the offices of UHY Hacker Young, St Alphage House, 2 Fore Street, London EC2Y 5DH, the extraordinary and ordinary resolutions to wind up the company were passed. Andrew Andronikou and Ladislav Hornan have been appointed joint liquidators for the purpose of such winding-up. CONTACT: UHY HACKER YOUNG St Alphage House, 2 Fore Street, London EC2Y 5DH Joint Liquidators: Andrew Andronikou Ladislav Hornan Phone: 020 7216 4600 Fax: 020 7638 2159 Web site: http://www.uhy-uk.com LINCOLN DIESELS: Spare Parts Supplier for Sale ---------------------------------------------- The Joint Administrators offer for sale the business and assets of Lincoln Diesels Plc and LD Group Limited, both of which have specialization in the servicing of diesel engines and the supply of spare parts. Principal features include: (a) A freehold property of 12,500 square feet in an industrial estate near the center of Lincoln; (b) Services a number of blue chip companies; (c) World-wide distribution of spares particularly in Middle and Far East; (d) Annual turnover of around GBP5 million; (e) Skilled engineering workforce; and (f) Extensive stocks of spare parts CONTACT: KPMG Corporate Recovery 1 The Embankment Neville Street Leeds LS1 4DW Andrew Miller Phone: 0113 231 3419 Fax: 0113 231 3183 MARKS & SPENCER: Sales Deteriorate Further ------------------------------------------ High-street clothing chain Marks & Spencer reported a 6.3% drop in like-for-like sales for the 10 weeks to 18 September after a difficult season. U.K.'s largest clothing retailer blamed the underperformance on wet summer and tight shopping budget of clients. Sales were down significantly on women's wear, lingerie and children's wear. The drop contrasts government figures released last week showing retail sales rising in August. Chief Executive Stuart Rose said on a conference call where he unveiled a share buyback plan that revenue at stores open at least a year already declined 2.8% in the first quarter. Analysts have said Marks & Spencer's performance is not a reflection of the skills of the new chief executive. Mr. Rose was hired this year to thwart a GBP9.1 billion takeover offer from entrepreneur Philip Green. The share buyback is part of his strategy to defend the firm from the approach. Marks & Spencer priced its offering at 332-380 pence per share, broadly in line with market expectation but short of the 400p put forward by Mr. Green. CONTACT: MARKS & SPENCER GROUP PLC Michael House, Baker St. London W1U 8EP, United Kingdom Phone: + 44 20 7935 4422 Fax: + 44 20 7487 2679 Web site: http://www.marksandspencer.com MEGHRAJ LIMITED: Members Final Meeting October 20 ------------------------------------------------- The final meeting of the members of Meghraj Limited will be on October 20, 2004 commencing at 10:30 a.m. It will be held at 8 Salisbury Square, London. 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 4:00 p.m., October 19, 2004. CONTACT: KPMG LLP PO Box 695, 8 Salisbury Square, London EC4Y 8BB Joint Liquidators: P W Wallace R Heis Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk NEVILLE JOHNSON: Sets Members Meeting October 14 ------------------------------------------------ The members of Neville Johnson Classic Cars Limited will meet on October 14, 2004 commencing at 10:00 a.m. It will be held at Royce Peeling Green, The Copper Room, Deva Centre, Trinity Way, Manchester M3 7BG. 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 Royce Peeling Green, The Copper Room, Deva Centre, Trinity Way, Manchester M3 7BG not later than 12:00 noon, October 13, 2004. CONTACT: ROYCE PEELING GREEN The Copper Room, Deva Centre, Trinity Way, Manchester M3 7BG Liquidator: R M Withinshaw Phone: 0161 6080000 Fax: 0161 608 0001 E-mail: info@rpg.co.uk Web site: http://www.rpg.co.uk OLDBURY CARS: Members Final Meeting October 20 ---------------------------------------------- The final meeting of the members of Oldbury Cars Limited will be on October 20, 2004 commencing at 10:00 a.m. It will be held at Hazlewoods, Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT. 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 Hazlewoods, Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT not later than 12:00 noon, October 19, 2004. CONTACT: HAZLEWOODS Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT Liquidator: P J Gorman Phone: +44 (0) 1452 634800 Fax: +44 (0) 1452 371900 Web site: http://www.hazlewoods.co.uk REGAL WINDOWS: Director Receives Six-year Ban --------------------------------------------- The director of a window manufacturing and fitting business which failed with debts of more than GBP123,000 has been disqualified in the Medway County Court for six years from acting as a company director. Gary Stephen O'Driscoll, 40, of Maritime Close, Greenhithe, Kent, was a director of Regal Windows, Conservatories & Doors Limited, which carried on business from premises at 28 Standard Road, Bexleyheath, Kent, DA6 8DP. The company was wound up on June 19, 2002 with estimated debts of GBP123,000 owed to its creditors. The Disqualification Order, made on August 16, 2004 prevents Gary Stephen O'Driscoll from being a director of a company or, in any way, whether directly or indirectly, being concerned in or taking part in the promotion, formation or management of a company for the above period. Matters of unfit conduct not disputed by Mr. Gary O'Driscoll: (a) he failed to maintain and / or give records to the Liquidator. The absence of adequate accounting records has hampered the Liquidator in his investigations into the company's affairs; (b) he also failed to cooperate with the Liquidator by not completing and returning a Director's questionnaire, hampering the investigation further; and (c) furthermore he caused Regal to trade to the detriment of creditors from September 30, 2001 when he knew or ought to have known that the company was insolvent. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk SCHOOL BUS: Three-year Disqualification for Top Honcho ------------------------------------------------------ A director of a bus & coach operators business that failed with total debts estimated at GBP345,000 has given an Undertaking not to hold directorships or take any part in company management for three years. The Undertaking by Alexander Kean, 54 of Kyles View, Largs, was given in respect of his conduct as a director of School Bus Scotland Limited which carried out business from premises at Dellingburn Street and Pottery Street, Greenock. Acceptance of the Undertaking on September 10, 2004 prevents Alexander Kean from being a director of a company or, in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a company for the above period. School Bus Scotland Limited was placed into voluntary liquidation on October 8, 2001 with estimated debts of GBP345,000 owed to creditors. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, has responsibility (under Section (6) of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered to be unfit to be involved in the management of companies in the future. Matters of unfit conduct, not disputed by Alexander Kean: (a) Failure to preserve, maintain or deliver adequate accounting records; and (b) Loans to Associated Companies. He caused the company to make loans amounting to GBP97,191 to associated companies when there was little or no likelihood that said loans would be repaid as follows: (i) Argyll B & C Holdings Limited (Argyll). The company's accounts for the year end August 31, 1999 disclose that Argyll were indebted to the company to the sum of GBP77,191. As at the date of liquidation, this sum had not been repaid to the Company; and (ii) Voyager International Limited (Voyager). The company's accounts for the year end August 31, 1999 disclose that Voyager were indebted to the company to the sum of GBP20,000. As at the date of liquidation, this sum had not been repaid to the company. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk SINGAPURA PLC: Names PricewaterhouseCoopers Administrator --------------------------------------------------------- D J Waterhouse and M J A Jervis have been appointed as joint administrators for Singapura Plc. The appointment was made September 13, 2004. The company operates three restaurants. Its registered office is located at 78-79 Leadenhall Street, London EC3A 3DH. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court, London EC4A 4HT Joint Administrators: D J Waterhouse M J A Jervis (IP Nos 458, 1185) Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com SPT TECHNICAL: Appoints Buchanans Plc Administrator --------------------------------------------------- Peter Hall and Kevin Weir have been appointed as joint administrators for SPT Technical Services Limited. The appointment was made September 8, 2004. The company manufactures textile, apparel and leather. Its registered office is located at Latimer House, 5 Cumberland Place, Southampton SO15 2BH. CONTACT: BUCHANANS PLC Latimer House, 5 Cumberland Place, Southampton SO15 2BH Joint Administrators: Peter Hall Kevin Weir (IP Nos 3966 9332) Phone: 023 8022 1222 Web site: http://www.buchanans.com SYBERMAC LIMITED: Hires Haines Watts as Administrator ----------------------------------------------------- Andrew Appleyard has been appointed as administrator for Sybermac Limited. The appointment was made September 3, 2004. The company is engaged in chauffeuring business. CONTACT: HAINES WATTS Canterbury House, 85 Newhall Street, Birmingham B3 1LH Administrator: Andrew Appleyard (IP No 1224) Phone: 0121 212 4477 Fax: 0121 212 4459 Web site: http://www.hwca.com THE OSBORNE: Members General Meeting Set October 8 -------------------------------------------------- The general meeting of the members of The Osborne Corporation Limited will be on October 8, 2004 commencing at 11:00 a.m. It will be held at 14 Park Row, Nottingham NG1 6GR. 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 Cooper Parry LLP, 14 Park Row, Nottingham NG1 6GR not later than 12:00 noon, October 7, 2004. CONTACT: COOPER PARRY LLP 14 Park Row, Nottingham NG1 6GR Liquidator: Evelyn Gabrielle Exley Phone: +44 (0) 1332 295544 Fax: +44 (0) 1332 295600 Web site: http://www.cooperparry.com TUFNOL LIMITED: Tufnol Holdings Appoints Stoy Hayward Receiver -------------------------------------------------------------- Tufnol Holdings Limited called in C K Rayment and A P Supperstone as joint administrative receivers for Tufnol Limited (Reg No 03942227, Trade Classification: 05). The application was filed September 13, 2004. The company manufactures plastics. CONTACT: BDO STOY HAYWARD LLP 125 Colmore Row, Birmingham B3 3SD Joint Administrative Receivers: C K Rayment Anthony Peter Supperstone (Office Holder No 6775, 2703) Phone: 0121 200 4600 Fax: 0121 200 4650 E-mail: birmingham@bdo.co.uk Web site: http://www.bdo.co.uk UNITED BISCUITS: Closes Jacob's Biscuit Buyout ---------------------------------------------- United Biscuits (UB), a leading European manufacturer of biscuits and snacks, completed its acquisition of Jacob's Biscuit Group. The completion follows clearance from the U.K. competition authority, which was received on 10 September 2004. Jacob's is a leading supplier of savory biscuits in the U.K. with a strong portfolio of famous household brands including Jacob's Cream Crackers, Thai Bites and Twiglets. The continued success of these brands will be greatly strengthened by joining the enlarged UB portfolio, which will provide important advantages in terms of scale, innovation and market reach. Commenting on the completion of the acquisition, Malcolm Ritchie, Chief Executive, said: "I am pleased to be able to welcome a very talented group of employees to UB. The combined UB and Jacob's business will enable us to offer customers and consumers a complementary portfolio of leading household brands which will provide an excellent platform for long-term growth." CONTACT: UNITED BISCUITS FINANCE PLC Hayes Park North, Hayes End Road, Hayes London UB4 8EE, United Kingdom Phone: +44-20-8234-5000 Fax: +44-20-8734-5555 Web site: http://www.unitedbiscuits.co.uk WESTAIR LIMITED: Hires Joint Administrators from Baker Tilly ------------------------------------------------------------ Ross David Connock and Robert Henry Barker have been appointed as joint administrators for Westair Limited. The appointment was made September 14, 2004. The company manufactures other electrical equipment. CONTACT: BAKER TILLY Spectrum House, 20-26 Cursitor Street, London EC4A 1HY Joint Administrator: Ross David Connock (IP No 9039) Phone: 020 7405 2088 Fax: 020 7831 2206 Web site: http://www.bakertilly.co.uk BAKER TILLY 2 Whitehall Quay Leeds LS1 4HG Joint Administrator: Robert Henry Barker (IP No 6619) Phone: 0113 285 5000 Fax: 0113 285 5001 Web site: http://www.bakertilly.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. 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