/raid1/www/Hosts/bankrupt/TCREUR_Public/040929.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Wednesday, September 29, 2004, Vol. 5, No. 193
Headlines
C Z E C H R E P U B L I C
UNION BANKA: Creditors to Receive Partial Payment December
F R A N C E
PERRIER: CGT Drops Objection to Early Retirement Plan
VALIANCE FIDUCIAIRE: Paris Court to Pick Winning Bidder Thursday
G E R M A N Y
CREATIV WARME: Management Loses Control to Insolvency Manager
GARANT SCHUH: Secures New Credit Line to Jumpstart Operations
HEUER AUTOMOBILE: Applies for Bankruptcy Proceedings
KABEL DEUTSCHLAND: 'BB-' Senior Unsecured Rating Affirmed
KARSTADTQUELLE AG: Execs' New Road Map Receives Board Approval
LESSING UND PARTNER: Creditors Claims Due Next Month
MOTOREN STEINDL: Succumbs to Bankruptcy
NIEDERMEYER GMBH: Auctions Laboratory Equipment, Office Fixtures
PHYTIS MEDICAL: Court Appoints Provisional Administrator
RAN TANKSTELLE: First Creditors' Meeting Set November
RET-BAUTRAGERGES.: Real Estate Firm Goes Bankrupt
TRIO IMMOBILIEN: Dortmund Court Commences Bankruptcy Proceedings
TUBES & PIPES: Creditors Have Until Next Month to File Claims
TZ ANLAGENBAU: First Creditors' Meeting Set November
I T A L Y
ALITALIA SPA: Board Meeting to Approve 1st-half Results Moved
PARMALAT FINANZIARIA: Judge Frees Founder Ahead of Trial
PARMALAT FINANZIARIA: Disposing Argentine Unit for US$20 Mln
N E T H E R L A N D S
KPNQWEST N.V.: Judge Extends Creditors' Meeting
ROYAL SHELL: Reviewing Options for Intergen Joint Venture
VICTORIA ACQUISITION: S&P Rates EUR275 Million Sub-notes 'B'
R U S S I A
AGRO-PROM-ENERGO: Tatarstan Court Opens Bankruptcy Proceedings
ARTYEMOVSKIY COMBINE: Declared Insolvent
ATYASHEVSKIY FACTORY: Appoints G. Stepanov Insolvency Manager
BELEBEYEVSKOYE REPAIR-TECHNICAL: Under Bankruptcy Supervision
CHELYAB-KOKSO-KHIM-REMONT: Court Sets November Hearing
MUSLYUMOVSKOYE BREAD: Names I. Kuchumov Insolvency Manager
NEFTEGORSKOYE: Samara Court Appoints Insolvency Manager
PROM-SVYAZ: Insolvent Status Confirmed
TOTEMSKIY MEAT: Undergoes Bankruptcy Supervision Procedure
YUKOS OIL: Investigators Seize Documents from Accounting Unit
YUKOS OIL: Oil Giant Worth US$17 Billion, Says Dresdner
YUKOS OIL: Can't Pay Tax Arrears in Installments, Says Minister
YUZHNO-KURILSKIYE ELECTRIC: Under Bankruptcy Supervision
S W E D E N
LM ERICSSON: Signs US$70 Mln GSM Expansion Deal in Russia
U N I T E D K I N G D O M
ABLE LIVING: Hires Liquidators from David Horner and Tomlinsons
ACE WINDOWS: To Hold Creditors' Meeting Later this Week
ACTIVEQUOTES PLC: Names BN Jackson Norton Liquidator
ANGLO SCANDINAVIAN: Insolvency Service Bans Director
BAE SYSTEMS: Long-term Debt Ratings Cut to Baa2
BASEMENT MANCHESTER: Insolvency Practitioner to Meet Creditors
BRITISH ENERGY: Board Urges Investors to Dump Polygon's Proposal
BRITISH ENERGY: Cancels Ordinary, A Shares Listings
BRITISH ENERGY: Moody's Rates Long-term Debt (P)Ba3
BRITISH ENERGY: Gets Indicative Non-investment Grade Ratings
BRITISH ENERGY: Issues August Power Output
BROOMCO (3470): Special Winding up Resolution Passed
CABLE AND WIRELESS: Names A. Conquest Liquidator
COMMUNICATION & CONTROL: Hires Tenon Recovery as Administrator
COSTAIN GROUP: Ratings Affirmed at 'B'; Outlook Stable
COURTS PLC: Warns of Significant First-half Operating Loss
D C REALISATIONS: Calls in Joint Liquidators from Baker Tilly
DISTINCTIVE FINISHES: Subjoined Winding up Resolutions Passed
DOVE TOURS: Sets Creditors' Meeting
EMERGENCY FLEET: Five-year Ban for Director
EMHART MATERIALS: Final General Meeting Set Next Month
FASTFRAME WINDOWS: Names Tenon Recovery Administrator
FRANK ROWE: Appoints Joint Administrators from Begbies Traynor
G & B SHEETMETAL: Creditors' Meeting Set Next Month
G R G LTD.: Creditors to Convene this Week
HEARD GROUP: Top Honcho Receives Seven-year Ban
J FLACK & SONS: Appoints Jackson Jolliffe Cork Liquidator
J & R MEARS: Statement of Affairs Out this Week
JR SECURITIES: Hires Liquidator from Haines Watts
J & S ENGINEERING: Names Haines Watts Liquidator
MAP 80: Meeting of Creditors Set Next Week
MATTHEWS CONSULTANTS: Calls in Liquidators from Begbies Traynor
MEDINET (UK): Names Begbies Traynor Administrator
MERCURY BUSINESS: Hires Mazars as Liquidator
MOS SPECIALITY: Winding up Resolutions Passed
PBIB LIMITED: Members Agree to Wind up Business
P J GOODISON: Sets Creditors' Meeting Next Week
SILICON IMAGING: Hires Grant Thornton as Liquidator
THE CHAMELEON: Calls in Administrators from Begbies Traynor
UNITED MARKETING: Appoints Liquidator from Stoy Hayward
ZEN WALLCOVERINGS: In Administrative Receivership
ZOBIA LTD.: May Appoint Liquidator at Creditors' Meeting Friday
*********
===========================
C Z E C H R E P U B L I C
===========================
UNION BANKA: Creditors to Receive Partial Payment December
----------------------------------------------------------
Bankrupt Union Banka will make an initial payment of CZK3
billion to creditors in December, Czech News Agency reports.
Bank spokesman Oldrich Babicky says the amount will be sourced
from funds recovered during the course of the bankruptcy
proceedings. So far the bank had been able to recover CZK6
billion. Some 75,000 creditors will benefit from the payout in
December. Union Banka's creditor committee approved Thursday
the first partial payment equivalent to 20% of the value of the
acknowledged claims.
CONTACT: UNION BANKA a.s.
Ul. 30 Dubna c. 35
70200 Ostrava
Phone: 596108111
Fax: 596120134
E-mail: union@union.cz
Web site: http://www.union.cz
===========
F R A N C E
===========
PERRIER: CGT Drops Objection to Early Retirement Plan
-----------------------------------------------------
Perrier's CGT union, which vetoed Nestle's early retirement
program for workers at its French water operations in July,
finally withdrew its opposition to the plan, Le Monde says.
The move came after representatives of CGT met with Nestle
managers and finance ministry officials Thursday. At the
meeting, Nestle promised to invest heavily in Source Perrier in
Vergeze. The Swiss food group had previously threatened to
split Nestle Waters France into four units and sell the Perrier
brand should workers reject its offer.
CONTACT: NESTLE WATERS FRANCE S.A.
9, Rue Maurice
Mallet TSA 40001
92793 Issy Les Moulineaux
Cedex 9
Phone: 33 (0) 1 41 23 38 00
Fax: 33 (0) 1 41 23 69 00
Web site: http://www.nestle-waters.com
VALIANCE FIDUCIAIRE: Paris Court to Pick Winning Bidder Thursday
----------------------------------------------------------------
The Paris commercial court will name its preferred bidder for
security van company Valiance Fiduciaire on Thursday, Les Echos
reports. Parties in the running to acquire the business are
Mory Chairman Alain Breau, Swedish group Securitas, and Anglo-
Dutch company Group 4-Securicor.
Mr. Breau, backed by investment firm Matlin Patterson, and
Securitas are proposing to take over the whole company while
Group 4-Securicor only offered to acquire Valiance's 33 branches
and most of its 1,453-strong workforce. Mr. Breau's offer
includes an injection of around EUR21 million in fresh capital
and 192 job-cuts, while Securitas' bid involves EUR17.5 million
in capital and 230 redundancies. Secafi Alpha, the firm tasked
to review the offers, said both offers have the same value.
Valiance has been in compulsory administration since summer.
CONTACT: MORY GROUP
28, Avenue Jean Lolive
93507 Pantin Cedex - France
Phone: 01 49 15 47 00
Fax: 01 49 15 47 10
E-mail: mory@morygroup.com
Web site: http://www.morygroup.com
MATLIN PATTERSON GLOBAL ADVISERS L.L.C.
9 Park Place
St. James'
London SW1A 1LP
Phone: 44 0207 647 8360
Fax: 44 0207 499 8671
Web site: http://www.matlinpatterson.com
GROUP 4 FALCK A.S.
Polititorvet
DK-1780 Copenhagen V.
Phone: (+ 45) 70 13 43 43
Fax: (+45) 33 91 00 26
E-mail: contact@group4falck.com
Web site: http://www.group4falck.com
SECURITAS A.B.
P.O. Box 12307
SE-102 28 Stockholm,
Sweden
Phone: +46 8 657 74 00
Fax: +46 8 657 70 72
E-mail: info@securitasgroup.com
We site: http://www.securitasgroup.com
=============
G E R M A N Y
=============
CREATIV WARME: Management Loses Control to Insolvency Manager
-------------------------------------------------------------
The insolvency court of Alzey opened bankruptcy proceedings
against Creativ Warme GmbH on September 6. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until November 19, 2004 to register
their claims with court-appointed provisional administrator Dr.
Jurgen Blersch.
Creditors and other interested parties are encouraged to attend
the meeting on December 10, 2004, 10:00 a.m. at the district
court of Alzey, Room 2009 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: CREATIV WARME GMBH
Hofchen 9, 55288 Schornsheim
Wilhelm Warzas, Manager
Hofchen 9, 55288 Schornsheim
Dr. Jurgen Blersch, Insolvency Manager
Taunusstrasse 7a, D-65183 Wiesbaden
Phone: 0611/180890
Fax: 0611/1808989
GARANT SCHUH: Secures New Credit Line to Jumpstart Operations
-------------------------------------------------------------
Footwear and leather goods retailer group Garant Schuh + Mode
has struck a crucial EUR15 million credit agreement with banks,
says Suddeutsche Zeitung.
The fresh capital will allow Garant Schuh to continue its core
operation in the third quarter, when the sector experiences
strong turnover. The group's members currently order goods
directly from suppliers and pay through Garant, which is
Europe's largest grouping of retailers. The firm has 1,910 and
4,850 members in Germany and in the continent respectively.
The company filed for insolvency earlier this month after banks
rejected its refinancing proposal. The group's insolvency
proceeding is expected to commence in December. Garant Schuh
will hold its first creditors' meeting February next year.
CONTACT: GARANT SCHUH + MODE AG
Elisabethstr. 70
D-40217 Dusseldorf
Phone: +49/(0)211/3386-01
Fax: ++49/(0)211/3386-297
E-mail: kontakt@garantschuh.com
Web site: http://www.garantschuh.de
HEUER AUTOMOBILE: Applies for Bankruptcy Proceedings
----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Heuer Automobile GmbH & Co. KG on September
1. Consequently, all pending proceedings against the company
have been automatically stayed. Creditors have until December
3, 2004 to register their claims with court-appointed
provisional administrator Dr. Wolfgang Schroder.
Creditors and other interested parties are encouraged to attend
the meeting on October 20, 2004, 10:40 to hear the
administrator's first report of the insolvency proceedings. The
court will verify the claims set out in the administrator's
report on January 26, 2004, 10:30 a.m. at the district court of
Charlottenburg.
CONTACT: HEUER AUTOMOBILE GMBH & CO. KG
Johannisthaler Chaussee 403,12351 Berlin
Dr. Wolfgang Schroder, Insolvency Manager
Genthiner Str. 48, 10785 Berlin
DISTRICT COURT OF CHARLOTTENBURG
Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218
KABEL DEUTSCHLAND: 'BB-' Senior Unsecured Rating Affirmed
---------------------------------------------------------
Fitch Ratings affirmed Kabel Deutschland GmbH's Senior Unsecured
rating at 'BB-', its Senior Secured rating at 'BB+' and Senior
Subordinated rating at 'B+'. The rating Outlook is Stable.
Fitch notes KDG has funding in place to cover its offer to
repurchase the EUR250 million and US$610 million Senior Notes
due 2014 following withdrawal from the proposed mergers with
regional cable operators ish, iesy and Kabel BW. The repurchase
offer is consistent with the terms of the Notes and is expected
to expire on October 22 2004.
Fitch does not believe that such a repurchase will be required
by bondholders given current high trading levels of the bonds.
However, if it is, then the amounts will be drawn under the
Senior Credit Facilities up to a maximum of EUR475 million and
under the Bridge Facility, subject to the facility's covenants.
In addition, the Senior Credit Facilities will be reduced, with
the term loans reducing from EUR2.6 billion to EUR1.37 billion
and the revolving credit facility reducing from EUR100 million
to EUR50 million.
As defined by the bond documents, a planned distribution may now
take place of the lesser of EUR475 million or such an amount to
ensure net leverage remains equal to or less than 4.75x. Fitch
notes that this measure is more restrictive than the net
leverage covenant in the senior secured facility. Assuming no
repurchase of the Notes but the full planned distribution, the
total debt to EBITDA ratio would be 5.2x (June 2004 LTM EBITDA).
For a fuller explanation please see the credit analysis dated 30
June 2004 at http://www.fitchresearch.com.
KDG is Germany's leading provider of cable television services,
with approximately 15.3 million homes passed and 9.7 million
customers. The company was formed in 2003 when a consortium of
investors acquired six regional operators from Deutsche Telekom
AG.
CONTACT: FITCH RATINGS
Susan Hunter
Phone: +44 (0) 207 417 6347
Roger Coyle
Phone: +44 (0) 207 862 4105
Media Relations:
Alex Clelland, London
Phone: +44 20 7862 4084
KARSTADTQUELLE AG: Execs' New Road Map Receives Board Approval
--------------------------------------------------------------
The Supervisory Board of KarstadtQuelle AG, at its meeting on
September 27, 2004, gave its approval to the program presented
by the Management Board for the restructuring and re-orientation
of the KarstadtQuelle Group. The content of this program is the
refocusing of the group on its strengths and core competencies.
Over-the-counter Retail
In Over-the-counter retailing the focus is on a core portfolio
(EUR4.5 billion of turnover) and the abandonment of the non-core
portfolio (EUR0.7 billion of turnover). The aim here is to
strengthen the identity of the Karstadt brand by full-line
department stores with over 8,000 square-meter of sales space.
These 89 large department stores make up the core portfolio and
are to be further developed in their structure and adapted to
meet changes in customer behavior. It is also planned to
transfer 77 Karstadt department stores with sales space of under
8,000 square meters each to a new company and sell them as soon
as possible to an investor.
Also planned is the abandonment of the specialty store chains.
These include SinnLeffers, Wehmeyer, RunnersPoint and GolfHouse.
By focusing on the core portfolio in the Department store
segment KarstadtQuelle AG will undertake the expansion of
higher-margin Lifestyle segments.
A further priority aim is the lasting reduction of the business
system costs in the department store sector. The planned cost
saving to be achieved by the 2006 calendar year totals EUR210
million. The steps to improve earnings and reduce costs will be
supported by a stronger cash-flow orientation.
Mail Order
The Mail-order segment is being newly re-oriented. The growth
segments Specialty mail order and E-commerce will be further
promoted and the share contributed to mail-order turnover by
foreign business will rise to 28%, from 24%, by 2006.
The traditionally strong Universal mail order business in
Germany will be strategically re-oriented. At the same time the
Quelle and Neckermann brands will be given a stronger identity
and individualized. In Universal mail order, too, the business
system costs will be reduced to a considerable extent, amounting
to EUR150 million by the year 2006.
The focus of management in the Mail-order segment will be on the
growth of Specialty mail order. Here an annual organic increase
of 6.3% in turnover is expected. E-commerce is to be
substantially expanded in the Mail-order segment. In the
opinion of the Chairman of the Management Board Dr. Christoph
Achenbach e-commerce is the growth channel in the Mail-order
segment. In the 2004 financial year already growth by 35% and
online demand of 1.5 billion euros are expected. Online demand
today contributes a share of 19% to mail-order sales. Online
demand of 2 billion euros is planned for the 2006 financial
year. Adjusted EBTA of Mail order is to rise by 2006 to EUR185
million.
Services
In the Services segment a concentration is taking place on
retail-related services, the expansion of which is being
accelerated. The large number of operations is being
drastically cut down. The growth segments include Information
services, Financial services, Customer relations management and
TV commerce.
The commitment at the Thomas Cook tourism group will continue to
belong to the core business. Thomas Cook plans to cut costs
drastically during the current year and already be back in the
black by 2005. Adjusted EBTA of 120 million euros is planned
for the entire Services segment of the KarstadtQuelle Group in
2006.
Real estate
In the Real estate segment the Management Board is examining all
the options for increasing value. In the event of a segregation
of Real estate and Retail business a large stock-exchange-listed
real estate company could be set up. This company would pursue
an independent corporate strategy with a long-term value
orientation.
At the same time the hidden reserves of the Real estate segment
would be increased for the purpose of shareholder value. The
segregation of real estate from retail would also enable
restructuring of group financing. The new real estate company
would, in accordance with capital market potential, have a high
debt capacity.
Re-orientation of the group
The re-orientation of the whole group includes consistent
portfolio streamlining, the abandonment of marginal operations
and outsourcing of subsidiary processes of the retail business.
The portfolio streamlining program is achieving a liquidity
inflow effect of EUR1.1 billion, spread more or less evenly
between 2004 and 2005. Valuation and restructuring measures
will entail extraordinary and non-recurring expenses of EUR1.37
billion. The liquidity outflow effects of these for 2004 and
2005 amount to EUR360 million. EBTA will be offset by EUR1.1
billion as a result of the valuation and restructuring measures.
Including the planned operating loss of EUR160 million to EUR200
million, EBTA for the 2004 financial year will amount to -EUR1.3
billion to -EUR1.34 billion. Thanks to the planned valuation
and restructuring measures the group will profit in the 2004
financial year from a positive cash-flow effect of EUR740
million. With reference to earnings the re-orientation will
already yield a positive effect in 2005. The adjusted earnings
are to increase to EUR110 million.
"We have succeeded in concluding a solidarity pact between the
management, staff, shareholders and banks," said Chairman of the
Management Board Dr. Christoph Achenbach at the press conference
in Essen. This pact, says Dr. Achenbach, also includes a
management salary waiver, a partial holiday waiver and a
reduction in social security payments. "The lending banks,"
continued Dr. Achenbach, "have declared themselves ready to
support the process of restructuring and re-orientation
constructively."
At the same time the Management Board assumes in its plans that
there will be no dividend payments for 2004 and 2005.
Furthermore, the Supervisory Board of KarstadtQuelle AG at its
meeting on Monday (September 27, 2004) resolved to obtain the
authority for a capital increase at an extraordinary general
meeting of shareholders. Plans are for a capital increase with
subscription right in a volume of issues amounting to EUR500
million. The Madeleine Schickedanz Pool and Dresdner Bank, as
major KarstadtQuelle shareholders, have in principle declared
themselves ready to underwrite the capital increase in
proportion to their holdings.
CONTACT: KARSTADTQUELLE AG
Theodor-Althoff-Str. 2
D-45133 Essen
Phone: +49 - 201 - 727 - 1
Fax: +49 - 201 - 727 - 5216
Web site: http://www.karstadtquelle.com
LESSING UND PARTNER: Creditors Claims Due Next Month
----------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Lessing und Partner Unternehmensberatung fur EDV-
Sicherheit GmbH on September 7, 2004. 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 Jorg Zumbaum.
Creditors and other interested parties are encouraged to attend
the meeting on November 29, 2004, 9:15 a.m. at the district
court of Aachenat 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: LESSING UND PARTNER UNTERNEHMENSBERATUNG FUR EDV-
SICHERHEIT GMBH
Schloss Kellenberg, 52428 Julich-Barmen
Contact:
Gunter Lessing, Manager
Schloss Kellenberg, 52428 Julich-Barmen
Jorg Zumbaum, Insolvency Manager
Zulpicher Strasse 117, 52349 Duren
Phone: 02421/52011/12
Fax: 02421/501875
DISTRICT COURT OF AACHEN
Nebenstelle Augustastrasse
Augustastrasse 78/80, 52070 Aachen
I. Etage, Saal 14
MOTOREN STEINDL: Succumbs to Bankruptcy
---------------------------------------
The district court of Amberg opened bankruptcy proceedings
against Motoren Steindl GmbH & Co.KG. on August 31.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until November 8,
2004 to register their claims with court-appointed provisional
administrator Dr. Ulrich Graf.
Creditors and other interested parties are encouraged to attend
the meeting on November 22, 2004, 11:00 a.m. at the district
court of Ambergat 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: MOTOREN STEINDL GMBH & CO.KG.
Mosacherweg 4 in 92224 Amberg
Dr. Ulrich Graf, Insolvency Manager
Rathenaustrasse 7, 95444 Bayreuth
Phone: 0921/759330
Fax: 0921/7593350
DISTRICT COURT OF AMBERG
Baustadelgasse 1, Sitzungssaal V
Zimmer 70, I. Stock
NIEDERMEYER GMBH: Auctions Laboratory Equipment, Office Fixtures
----------------------------------------------------------------
Karner & Co. GmbH will auction the assets of Niedermeyer GmbH &
Co. KG on October 2, 2004, 11:00 a.m. at Hohentrudinger StraBe
11, 91747 Westheim, Germany.
For sale are:
(a) Laboratory equipment:
(i) Laboratory workplaces,
(ii) Duperthal danger good locker,
(iii) Duperthal fire-proof lockers,
(iv) Abzug- u. Einbauschranke divisions,
(v) gas fittings,
(vi) ventilation facilities,
(vii) Grunbeck neutralization unit,
(viii) Seral water recycling unit,
(ix) containers,
(x) fridges,
(xi) ceiling lamps,
(xii) laboratory tools, and
(xiii) air-conditioning unit
(b) Office furniture:
(i) desks,
(ii) chairs,
(iii) several kitchens, and
(iv) art objects
(c) Real estate:
(i) Institute building located at Hohentrudinger StraBe 11;
(ii) Garage estate occupying a total area of 23,187 square
meters; and
(iii) Garage estate occupying a total area of 2,572 square
meters.
Inspection of assets will be on October 1, 2004 from 9:00 a.m.
to 5:00 p.m. and on the auction day from 8:00 a.m. to 10:30 a.m.
Small items can be cleared during and after the auction until
Monday. Clearance of other items will be on October 4 and 5,
2004 from 9:00 a.m. to 5:00 p.m.
CONTACT: KARNER & CO. GMBH
Phone: +49 (0) 6136 75 44 0
Fax: +49 (0) 6136 7544 29
E-mail: frase.karner@goindustry.com
PHYTIS MEDICAL: Court Appoints Provisional Administrator
--------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Phytis Medical Devices GmbH on September 6.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until December 2,
2004 to register their claims with court-appointed provisional
administrator Dr. Dirk Wittkowski.
Creditors and other interested parties are encouraged to attend
the meeting on October 21, 2004, 10:10 a.m. at which time the
administrator will present his first report of the insolvency
proceedings. The court will verify the claims set out in the
administrator's report on January 27, 2005, 10:00 a.m. at the
district court of Charlottenburg.
CONTACT: PHYTIS MEDICAL DEVICES GMBH
Wiesenweg 9,12247 Berlin
Dr. Dirk Wittkowski, Insolvency Manager
Kirchblick 11, 14129 Berlin
DISTRICT COURT OF CHARLOTTENBURG
Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218
RAN TANKSTELLE: First Creditors' Meeting Set November
-----------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against RAN Tankstelle und Autohaus GmbH on September 1.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until October 4, 2004
to register their claims with court-appointed provisional
administrator Dr. Jurgen Wallner.
Creditors and other interested parties are encouraged to attend
the meeting on November 16, 2004, 9:30 a.m. at the district
court of Dresden 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: RAN TANKSTELLE UND AUTOHAUS GMBH
Eiland in 02953 Bad Muskau
Contact:
Ralf Nothelfer, Manager
Heinrich-Heine-Str. 5, 02957 Krauschwitz
Dr. Jurgen Wallner, Insolvency Manager
Unterer Kreuzweg 1, 01097 Dresden
DISTRICT COURT OF DRESDEN
Saal D132, Olbrichtplatz 1, 01099 Dresden
RET-BAUTRAGERGES.: Real Estate Firm Goes Bankrupt
-------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against real estate company RET-Bautragerges. MbH on September
7, 2004. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until
October 18, 2004 to register their claims with court-appointed
provisional administrator Georg F. Kreplin.
Creditors and other interested parties are encouraged to attend
the meeting on November 8, 2004, 9:00 a.m. at the district court
of Essen 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: RET-BAUTRAGERGES. MBH
Altenessener Str. 345, 45326 Essen
Contact:
E. Sackerlotzky, Manager
Altenessener Str. 345, 45326 Essen
Georg F. Kreplin, Insolvency Manager
Limbecker Platz 1, 45127 Essen
Phone: 0201 220 05 02
Fax: 0201 220 05 40
DISTRICT COURT OF ESSEN
Hauptstelle, Zweigertstr. 52, 45130 Essen, 2.
OG, gelber Bereich, Saal 293
TRIO IMMOBILIEN: Dortmund Court Commences Bankruptcy Proceedings
----------------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Trio Immobilien Verwaltungs Gesellschaft mbH on
September 8. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until
November 3, 2004 to register their claims with court-appointed
provisional administrator Dipl.-Kaufmann Helmut Burenkemper.
Creditors and other interested parties are encouraged to attend
the meeting on December 3, 2004, 9:15 a.m. at the district court
of Dortmund 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: TRIO IMMOBILIENVERWALTUNGSGESELLSCHAFT MBH
Gabelsbergerstr. 1 a, 59069 Hamm
Contact:
Dr. Christoph von Carlowitz, Managing Director
Dipl.-Kaufmann Helmut Burenkemper
Insolvency Manager
Lipperoder Strasse 9, 59555 Lippstadt
Phone: 02941/ 97 62-0
Fax: 97 62 20
DISTRICT COURT OF DORTMUND
Nebenstelle, Gerichtsplatz 1
44135 Dortmund, II. Etage, Saal 3.201
TUBES & PIPES: Creditors Have Until Next Month to File Claims
-------------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Tubes & Pipes Rohr- Metall- Handel- GmbH on August 17.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until October 7, 2004
to register their claims with court-appointed provisional
administrator Dr. Winfrid Andres.
Creditors and other interested parties are encouraged to attend
the meeting on November 15, 2004, 9:00 a.m. at the district
court of Dortmund 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.
The company sells seamless and welded pipes of all dimensions.
CONTACT: TUBES & PIPES ROHR- METALL- HANDEL- GMBH
Wachtelten 8, 58730 Frondenberg
Contact:
Susanne Klingberg, Manager
Dr. Winfrid Andres, Insolvency Manager
Neuer Zollhof 3, 40221 Dusseldorf
Phone: 0211/69076969
Fax: 69 07 69-70
DISTRICT COURT OF DORTMUND
Nebenstelle, Gerichtsplatz 1
44135 Dortmund, II. Etage, Saal 3.201
TZ ANLAGENBAU: First Creditors' Meeting Set November
----------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against TZ Anlagenbau GmbH on September 8. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until October 14, 2004 to register their
claims with court-appointed provisional administrator Dr. Frank
Kreuznacht.
Creditors and other interested parties are encouraged to attend
the meeting on November 30, 2004, 9:20 a.m. at the district
court of Dortmund 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: TZ ANLAGENBAU GMBH
Alte Leipziger Str. 50, 99734 Nordhausen
Contact:
Dr. Christian Zentgraf, Manager
Karl-Wagenfeld-Str. 31, 44534 Lunen
Peter Terliesner, Manager
Hegelstr. 24, 48703 Stadtlohn
Dr. Frank Kreuznacht, Insolvency Manager
Wolbecker Windmuhle 15 a, 48167 Munster
Phone: 02506-821 - 0
Fax: 02506-821-100
DISTRICT COURT OF DORTMUND
Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201.
=========
I T A L Y
=========
ALITALIA SPA: Board Meeting to Approve 1st-half Results Moved
-------------------------------------------------------------
Struggling national flag carrier Alitalia S.p.A. rescheduled
today's board meeting to September 30, says Bloomberg News,
citing an airline statement distributed by the local bourse.
The board was supposed to convene today to approve and release
the first-half results. Last week, the airline successfully cut
a vital agreement with all but one of its unions to reduce
around 20% of its workforce. The deal unlocked a EUR400 million
state-guaranteed bridging loan, which Alitalia needs to finance
operations while implementing its restructuring plan.
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: Judge Frees Founder Ahead of Trial
--------------------------------------------------------
A Parma judge on Monday released from house arrest Parmalat
Finanziaria founder, Calisto Tanzi, one of several individuals
blamed for the collapse of the group last year.
Judge Pietro Rogato lifted the house arrest order, as the period
that he could be held under arrest without being formally
charged had expired, according to the International Herald
Tribune.
Mr. Tanzi is accused of market-rigging among others. He was
jailed after the scandal broke out in December and granted house
arrest in April. Prosecutors in Milan are scheduled to grill
him next month together with 28 others in connection with the
investigation into Parmalat's collapse. A preliminary hearing
is set for October 5 at the court of Judge Cesare Tacconi.
CONTACT: PARMALAT FINANZIARIA S.p.A.
Sede legale: 43044 Collecchio (Pr)
- Via Oreste Grassi, 26
Codice fiscale e iscrizione nel Registro delle Imprese
di Parma 00175250471 - Partita I.V.A. 01938950340 -
R.E.A. Parma n. 188325 - U.I.C. n. 730
Sede amministrativa: 20122 Milano
Piazza Erculea, 9
Phone: (39) 02.8068801
Fax: (39) 02.8693863
E-mail: x_affari_societari_it@parmalat.net
PARMALAT FINANZIARIA: Disposing Argentine Unit for US$20 Mln
------------------------------------------------------------
Parmalat Finanziaria is selling its Argentine subsidiary to a
local group of investors, according to La Nacion daily.
Led by businessman Sergio Tasselli, the consortium entered an
agreement to buy the unit for US$20 million last week, the
report says. Under the deal, the new owners will assume the
subsidiary's debt of nearly US$70 million. The liability has
been the stumbling block in negotiations to sell the unit in
recent months.
According to the report, an official announcement could come in
a month. The Italian government has still to approve the sale
as the Argentine firm is under the management of government-
appointed Parmalat administrator Enrico Bondi.
The sale of the company, which has three plants in Argentina, is
part of Mr. Bondi's restructuring plan announced in March. He
is trying to reduce Parmalat's EUR14.8 billion (US$18.2 billion)
debt to less than EUR500 million (US$615 million) by 2008. He
expects the group to return to profit by 2005. Parmalat
Argentina has annual revenues of US$50 million.
CONTACT: PARMALAT FINANZIARIA S.p.A.
Sede legale: 43044 Collecchio (Pr)
- Via Oreste Grassi, 26
Codice fiscale e iscrizione nel Registro delle Imprese
di Parma 00175250471 - Partita I.V.A. 01938950340 -
R.E.A. Parma n. 188325 - U.I.C. n. 730
Sede amministrativa: 20122 Milano
Piazza Erculea, 9
Phone: (39) 02.8068801
Fax: (39) 02.8693863
E-mail: x_affari_societari_it@parmalat.net
=====================
N E T H E R L A N D S
=====================
KPNQWEST N.V.: Judge Extends Creditors' Meeting
-----------------------------------------------
The supervisory judge in the bankruptcy of KPNQWest N.V. in 2132
LR Hoofdorp, The Netherlands, at Scorpius 60, Building F:
(a) Considering:
(i) that a Creditors' Meeting in the bankruptcy of KPNQWest
N.V. took place on June 17, 2004 at 10:00 a.m. as well
as that the supervisory judge ordered that this
Creditors' Meeting will be continued on November 5, 2004
at 10:00 a.m.;
(ii) that the supervisory judge ordered in his decision of
May 25, 2004 that the holders of bonds issued, or
converted respectively, by KPNQWest N.V., regarding
which The Bank of New York acts a trustee and/or
principal paying and transfer agent, after submission of
their claim to the trustees in bankruptcy is authorized
to, whether represented by an authorized representative
or not, make use at the Creditors' Meeting of the rights
granted to creditors by the Dutch Bankruptcy Act, on the
understanding that they will have to notify the trustees
in bankruptcy in writing for that purpose not later than
June 7, 2004; and
(iii) that the supervisory judge considers, in connection with
the constitution of the Creditors' meeting, also hearing
the oral request of the trustees in bankruptcy Mr. Drs.
E.T. Meijer and Mr. J.C. Van Apeldoom for that purpose,
that the voting record date should be extended until a
date yet to be set.
(b) Orders that the holders of bond issued, or converted
respectively, by KPNQWest N.V., regarding which The Bank of
New York acts as trustee and/or principal paying and
transfer agent, after submission of their claim to the
trustees in bankruptcy is authorized to, whether represented
by an authorized representative or not, make use at the
Creditors' Meeting of the rights granted to creditors by the
Dutch Bankruptcy Act, provided that they give written notice
of this to the aforementioned trustees to T.A. Oorschot,
P.O. Box 1507, 3000 BM Rotterdam, no later than October 26,
2004.
District Court of Haarlem, The Netherlands
KPNQWest N.V.
CONTACT: KPNQWEST N.V.
77 Polaris Avenue
2132 JH Hoofddorp
Hoofddorp
Phone: (888) 269-2377
Fax: (212) 571-3050
ROYAL SHELL: Reviewing Options for Intergen Joint Venture
---------------------------------------------------------
Anglo-Dutch oil company Royal Dutch/Shell and U.S. engineering
company Bechtel are in talks regarding the sale of their
Intergen power generation joint venture, according to reports.
A banking source close to the deal says the sale, valued at
approximately US$6 billion, could start in October. The plan is
part of Shell's global divestment program to raise cash needed
for a vital upstream capital expenditure over the next few
years.
"InterGen is not very important to Shell, which very much needs
cash," said Peter Nicol, an analyst at ABN Amro, according to
The Scotsman. "They need [an oil price of] US$30 per barrel
just to fund dividends and capital expenditure."
Royal Shell owns 68% of the U.S.-based company, while Bechtel
owns the rest, the banking source said. Analysts say the
company could be sold off either as a whole or in regional lots,
the latter being most probable due to its size. Intergen has
assets in the U.K., central Europe, Turkey, Australia, China and
the U.S. Centrica is linked as one of potential bidder together
with International Power.
Shell would not confirm the talks, but said that the firm
"continually reviews its portfolio of assets, including its
holding in Intergen," according to the report.
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
VICTORIA ACQUISITION: S&P Rates EUR275 Million Sub-notes 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Victoria Acquisition III B.V., the
parent company of Netherlands-based leading nonfood retailer
Koninklijke Vendex KBB N.V., following completion of the recent
LBO. The outlook is stable.
At the same time, Standard & Poor's assigned its 'B' long-term
debt rating to Victoria Acquisition III B.V.'s proposed EUR275
million senior notes, which are contractually and structurally
subordinated. In addition, the 'BB+' long-term corporate credit
rating on Vendex was removed from CreditWatch and withdrawn,
because, following the group's acquisition by a private equity
consortium, the entity no longer has public financial debt.
"The ratings on Victoria Acquisition III B.V. primarily reflect
the group's highly leveraged financial profile, offset by its
adequate liquidity, leading position in the Dutch nonfood retail
market, and substantial business diversity," said Standard &
Poor's credit analyst Omar Saeed.
With sales and EBITDAR (on a continuing basis) of about EUR4.5
billion and EUR555 million, respectively, for the 12 months
ended July 31, 2004, the group is by far the leading nonfood
retailer in The Netherlands. The group enjoys an 8% market
share of the nonfood retail industry, with leading positions in
particular in do-it-yourself ({DIY} No. 2; 24% market share) and
apparel (No. 1; 11%). The group maintains significant business
diversity; the more stable DIY and general merchandise store
HEMA accounts for 42% and 23%, respectively, of EBITDA. The
group is also present in the more volatile apparel (17% of
EBITDA) and more cyclical up-market department stores (8% of
EBITDA) segments. The group's geographical diversity is
limited, with approximately 82% of sales being derived from The
Netherlands and the majority of the remainder from Belgium,
where the group maintains a leading position in the DIY retail
market. The group's exposure to its international markets is
likely to increase over the medium term.
From a financial risk perspective, the rating on the group is
constrained by its highly leveraged capital structure. Pro
forma for the leveraged buyout, Standard & Poor's estimates the
group's lease-adjusted net debt-to-EBITDAR (after cash operating
costs) and EBITDAR-to-net interest plus full rents ratios in
excess of 4x and about 1.5x, respectively, which are broadly in
line for the current ratings.
"Standard & Poor's expects that the group will improve its
operating performance and free cash flow generation in the next
two years, thus allowing the group to adequately cover its debt
amortization schedule. At the same time, Standard & Poor's
expects the group to improve its financial ratios from current
levels," said Mr. Saeed.
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
omar_saeed@standardandpoors.com
hugues_delapresle@standardandpoors.com
CorporateFinanceEurope@standardandpoors.com
===========
R U S S I A
===========
AGRO-PROM-ENERGO: Tatarstan Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on LLC Agro-Prom-Energo. The
case is docketed as A65-9734/2004-AG4-31. Mr. R. Islamov has
been appointed temporary insolvency manager. Creditors have
until October 20, 2004 to submit their proofs of claim to:
(a) The Arbitration Court of Tatarstan republic
Russia, Kazan, Kreml,
Building 1, Entrance 1,
Entrance 2, 2nd floor, room 22
(b) Agro-Prom-Energo
423630, Russia,
Tatarstan republic, Elabuga,
Chapaeva Str.
(c) Temporary Insolvency Manager
420110, Russia,
Tatarstan republic,
Kazan, Post User Box 269
A hearing will take place on November 18, 2004, 9:00 a.m.
ARTYEMOVSKIY COMBINE: Declared Insolvent
----------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy proceedings against CJSC Artyemovskiy Combine of
Building Constructions after finding the company insolvent. The
case is docketed as A60-4181/2004-S1. Mr. A. Kotelnikov has
been appointed insolvency manager. Creditors have until October
20, 2004 to submit their proofs of claim to 614036, Russia,
Perm, Leonova Str. 23, Office 1.
CONTACT: ARTYEMOVSKIY COMBINE OF BUILDING CONSTRUCTIONS
623753, Russia,
Sverdlovsk region, Artyemovskiy,
Dzerzhinskogo Str. 1
Mr. A. Kotelnikov
Insolvency Manager
614036, Russia, Perm,
Leonova Str. 23, Office 1
ATYASHEVSKIY FACTORY: Appoints G. Stepanov Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Mordoviya republic has commenced
bankruptcy supervision procedure on OJSC Atyashevskiy Factory
Car Spare Parts (TIN/KPP 1303017358/130301001). The case is
docketed as A39-3879/04-270/6. Mr. G. Stepanov has been
appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 430021, Russia,
Mordoviya republic, Saransk, Post User Box 18. A hearing will
take place at Russia, Mordoviya republic, Saransk,
Kommunisticheskaya Str. 32, building 2, room 208 on October 27,
2004, 10:00 a.m.
CONTACT: ATYASHEVSKIY FACTORY CAR SPARE PARTS
Russia, Mordoviya republic,
Atyashevo, Mekhanizatorov Str. 20
Mr. G. Stepanov
Temporary Insolvency Manager
430021, Russia,
Mordoviya republic, Saransk,
Post User Box 18
BELEBEYEVSKOYE REPAIR-TECHNICAL: Under Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on OJSC Belebeyevskoye Repair-
Technical Enterprise (TIN 0209003155). The case is docketed as
#-07/17344/04-5-MOG. Mr. R. Valiyev has been appointed
temporary insolvency manager.
Creditors may submit their proofs of claim to 452002, Russia,
Bashkortostan republic, Belebey, area of Repair-Technical
Enterprise, 3. A hearing will take place at Russia, Ufa,
Oktyabrskoy Revolutsii Str. 63A, Room 119 on October 5, 2004,
10:30 a.m.
CONTACT: BELEBEYEVSKOYE REPAIR-TECHNICAL ENTERPRISE
452002, Russia,
Bashkortostan republic, Belebey,
Area of Repair-Technical Enterprise, 3
Mr. R. Valiyev
Temporary Insolvency Manager
452002, Russia,
Bashkortostan republic, Belebey,
Area of Repair-Technical Enterprise, 3
CHELYAB-KOKSO-KHIM-REMONT: Court Sets November Hearing
------------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on CJSC Chelyab-Kokso-Khim-
Remont. The case is docketed as A76-10852/04-55-15. Mr. S.
Veretennikov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 456320, Russia,
Chelyabinsk region, Miass, Post User Box 569. A hearing will
take place on November 11, 2004.
CONTACT: CHELYAB-KOKSO-KHIM-REMONT
454047, Russia, Chelyabinsk,
Lipetskaya Str. 12a
Mr. S. Veretennikov
Temporary Insolvency Manager
456320, Russia,
Chelyabinsk region, Miass,
Post User Box 569
MUSLYUMOVSKOYE BREAD: Names I. Kuchumov Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on OJSC Muslyumovskoye Bread
Receiving Enterprise. The case is docketed as A65-15152/2004-
SG4-21. Mr. I. Kuchumov has been appointed temporary insolvency
manager.
Creditors may submit their proofs of claim to:
(a) The Arbitration Court of Tatarstan republic
Russia, Tatarstan republic,
Kazan, Kreml, building 1, entrance 2,
2nd floor, room 6
(b) Muslyumovskoye Bread Receiving Enterprise
423330, Russia,
Tatarstan republic, Muslyumovo,
Urozhaynaya Str. 5
(c) Temporary Insolvency Manager
420103, Russia,
Tatarstan republic, Kazan,
Post User Box 1
A hearing will take place on December 23, 2004, 1:00 p.m.
NEFTEGORSKOYE: Samara Court Appoints Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
supervision procedure on OJSC Neftegorskoye. The case is
docketed as A55-8193/2004-13. Mr. R. Shishkin has been
appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 443096, Russia,
Samara, Kommunisticheskaya Str. 10/28, Apartment 64. A hearing
will take place on November 8, 2004, 12:00 noon.
CONTACT: NEFTEGORSKOYE
446600, Russia,
Samara region, Neftegorsk,
Promyshlennosti Str. 10
Mr. R. Shishkin
Temporary Insolvency Manager
443096, Russia,
Samara, Kommunisticheskaya Str. 10/28,
Apartment 64
PROM-SVYAZ: Insolvent Status Confirmed
--------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy proceedings against CJSC Prom-Svyaz insolvent after
finding the company insolvent. The case is docketed as A65-
3033/2004-SG-26. Mr. K. Gaynullin has been appointed insolvency
manager.
Creditors have until October 20, 2004 to submit their proofs of
claim to:
(a) Prom-Svyaz
423802, Russia,
Tatarstan republic,
Naberezhnuye Chelny,
Post User Box 55
(b) Insolvency Manager
420140, Russia,
Tatarstan republic, Kazan,
Post User Box #312
TOTEMSKIY MEAT: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Vologda region has commenced bankruptcy
supervision procedure on LLC trading house Totemskiy Meat
Combine. The case is docketed as A13-7014/04-22. Mr. N.
Kuchumov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 161400, Russia,
Vologda region, Nikolsk, Lenina Str. 12. A hearing will take
place on November 8, 2004, 2:00 p.m.
CONTACT: TOTEMSKIY MEAT COMBINE
161300, Russia,
Vologda region,
Totemskiy region, Myasokombinat
Mr. N. Kuchumov
Temporary Insolvency Manager
161400, Russia,
Vologda region,
Nikolsk, Lenina Str. 12
YUKOS OIL: Investigators Seize Documents from Accounting Unit
-------------------------------------------------------------
Russian prosecutors raided the accounting division of Yukos Oil
in connection to investigations into embezzlement charges
leveled against the company, reports Interfax.
The General Prosecutor's Office seized boxes of bookkeeping
records kept by Yukos and its subsidiaries for 2003 and 2004. A
Yukos spokeswoman confirmed investigators had indeed confiscated
documents and electronic data.
A criminal case against Yukos was opened in July, accusing the
firm of withholding RUB31 billion (US$1.06 billion) in taxes
through Mordovian company Fargoil in 2001. Finance Minister
Alexei Kudrin said in December that Yukos was using Fargoil to
sell oil at a lower tax rate.
Yukos is facing a RUB99.4 billion back-tax bill for 2000, and a
similar claim for 2001. Analysts say the firm could face a
total of US$10 billion in claims for 2000 to 2003.
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: Oil Giant Worth US$17 Billion, Says Dresdner
-------------------------------------------------------
Dresdner Kleinwort Wasserstein, the bank hired to evaluate Yukos
Oil's main production unit, values the oil giant at between
US$15 billion and US$17 billion, Novosti news agency reports.
The assessment was based on Yukos' largest oil producing
affiliate, Yuganskneftegaz, which produces 60% of its total oil
output. Dresdner was hired to appraise Yugansk for a possible
sale to cover Yukos' tax liability.
According to analyst Steven Dashevsky, at Aton Investmen, the
company's value and Yukos' remaining tax arrears will only allow
it to sell 20-25% of Yuganskneftegaz's shares.
The price could go down further if a subsoil license review set
to start this week results to the cancellation of some of its
units' licenses. Natural Resources Minister Yuri Trutnev told
the press Monday that a committee would convene later this week
to review Yuganskneftegaz's licenses at an unspecified date.
Mr. Trutnev said that if the committee finds Yuganskneftegaz in
violation of the license terms, it would have a three-month
period in which to appeal.
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: Can't Pay Tax Arrears in Installments, Says Minister
---------------------------------------------------------------
Yukos Oil is, by law, not allowed to postpone payments or pay
its tax debt by installments due to the size of its liability,
according to Russia's Deputy Finance Minister.
Sergei Shatalov said Monday the Russian Finance Ministry could
not allow the company to do just that since the "postponements
can be allowed only within the framework of the sums recorded in
the federal budget." He was speaking at a conference with the
theme, "Russia: investments in developing economy."
According to him, under the Russian legislation, an agreement on
the payment of a tax debt might be reached prior to court
hearings, using the mechanism of postponements or payment by
installments. But the deferral of tax payments is allowed for
the sums not exceeding RUB2 billion. Yukos' tax debt including
fines on the results of 2000, amounted to RUB99.375 billion.
"The figures recorded in the federal budget did not permit the
Finance Ministry to make such decisions," he continued. Beside,
he added, it is now the tax service and not the Finance
Ministry, which has the right to decide on the matter after an
administrative reform.
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
YUZHNO-KURILSKIYE ELECTRIC: Under Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Sakhalin region has commenced
bankruptcy supervision procedure on municipal unitary enterprise
Yuzhno-Kurilskiye Electric Networks (TIN 6518004598). The case
is docketed as A59-1780/04-S12. Mr. G. Stepanov has been
appointed temporary insolvency manager.
Creditors may submit their proofs of claim to:
(a) Mr. V. Semenyak
Temporary Insolvency Manager
694900, Russia,
Sakhalin region, Uglegorsk,
Krasnoarmeyskaya Str. 9, Apartment 43
(b) The Arbitration Court of Sakhalin region
693000, Russia,
Yuzhno-sakhalinsk,
Kommunisticheskiy Pr. 24
(c) Yuzhno-Kurilskiye Electric Networks
694500, Russia,
Sakhalin region, Yuzhno-Kurilsk,
Sadoviy Per. Str. 1
===========
S W E D E N
===========
LM ERICSSON: Signs US$70 Mln GSM Expansion Deal in Russia
---------------------------------------------------------
LM Ericsson won a US$70 million GSM network expansion frame deal
from MTS, Mobile TeleSystems, the largest cellular operator in
Russia and the Commonwealth of Independent States. The
agreement covers deliveries until the end of 2004.
The equipment supplied under agreement will increase network
capacity and coverage in the Krasnodar region, Tatarstan,
Bashkortostan, Siberia (Novosibirsk and Tomsk regions, as well
as in Irkutsk), and on the Far East (in Vladivistok and Yuzhno-
Sakhalinsk).
Ericsson will deploy the AXE810 switching platform and the GSM
base stations RBS2206 and RBS2307 for network expansion. These
base stations have built-in EDGE functionality and will provide
a smooth migration to this technology when it is licensed in
Russia.
"Signing of such a contract proves MTS trust in the quality of
Ericsson's equipment and the professionalism of our specialists.
We are grateful for this trust and will do our utmost to provide
our partner MTS and its subscribers with top class
communications, which the MTS network built on Ericsson
equipment can offer," said Alexander Andrianov, Vice President
of Ericsson, Eastern Europe and Central Asia.
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.
About MTS
OJSV "Mobile TeleSystems" (MTS) is the largest mobile operator
in Russia and NIS countries. Together with its subsidiaries,
MTS services more than 24.1 million subscribers. The total
population in Russia's 87 regions, as well as Belarus, Ukraine
and Uzbekistan, where MTS and its subsidiaries hold licenses to
render mobile services in GSM, constitutes approximately 225,8
million. Starting from June 2000, MTS shares are quoted at NYSE
under MBT code.
* * *
Fitch Ratings this month 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
Eva Sparr, Director Media Relations
Ericsson Group Function Communications
Phone: +46 8 719 5750, +46 8 719 6992
E-mail: press.relations@ericsson.com
Elena Golikova, PR Manager
Ericsson Eastern Europe and Central Asia
Phone: (+7 095) 247 6211
E-mail: elena.golikova@ericsson.com
===========================
U N I T E D K I N G D O M
===========================
ABLE LIVING: Hires Liquidators from David Horner and Tomlinsons
---------------------------------------------------------------
At an extraordinary general meeting of the members of the Able
Living Centre Prescriptions Limited on September 6, 2004 held at
the offices of David Horner & Co., 11 Clifton Moor Business
Village, James Nicolson Link, York YO30 4XG, the extraordinary
and ordinary resolutions to wind up the company were passed.
David Anthony Horner of David Horner & Co, 2A Pioneer Business
Park, Clifton Moor, York YO30 4TN has been appointed liquidator
for the purpose of such winding-up.
At the subsequent Meeting of Creditors, David Anthony Horner of
David Horner & Co, and Alan H Tomlinson of Tomlinsons were
appointed as Joint Liquidators of the Company.
CONTACT: DAVID HORNER & CO
2A Pioneer Business Park,
Clifton Moor, York YO30 4TN
Joint Liquidator:
David Anthony Horner
Phone: 01904 479801
Fax: 01904 479802
E-mail: davidhornerandco@hotmail.com
Web site: http://www.davidhornerandco.co.uk
TOMLINSONS
2 AC Court
High Street, Thomas Ditton,
Surrey KT7 0SR
Joint Liquidator:
Alan H Tomlinson
Phone: 0870 60 70 170
Fax: 0870 60 70 180
E-mail: advice@tomlinsons.co.uk
Web site: http://www.tomlinsons.co.uk
ACE WINDOWS: To Hold Creditors' Meeting Later this Week
-------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Ace Windows & Conservatories Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Ace Windows &
Conservatories Ltd. will be held at The Old Exchange 234
Southchurch Road Southend-on-Sea SS1 2EG on October 1, 2004 at
10:30 a.m. for the purpose of having a full statement of the
position of the Company's affairs, together with a list of the
Creditors of the Company and the estimated amount of their
claims, laid before them, and for the purpose, if thought fit,
of nominating a Liquidator and of appointing a Liquidation
Committee. (Sections 99-101 of the said Act)
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 The Old Exchange
234 Southchurch Road Southend-on-Sea SS1 2EG 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
The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG
before the Meeting, a statement giving particulars of their
security, the date when it was given, and the value at which it
is assessed.
Mark R. Fry of Begbies Traynor The Old Exchange 234 Southchurch
Road Southend-on-Sea SS1 2EG is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.
By Order of the Board.
C. Luff, Director
September 13, 2004
CONTACT: BEGBIES TRAYNOR
The Old Exchange
234 Southchurch Road
Southend-on-Sea
SS1 2EG
Phone: 01702 467255
Fax: 01702 467201
E-mail: southend@begbies-traynor.com
Web site: http://www.begbies.com
ACTIVEQUOTES PLC: Names BN Jackson Norton Liquidator
----------------------------------------------------
At an extraordinary general meeting of the Activequotes Plc on
September 16, 2004 held at Aztec Hotel & Spa, Aztec West,
Almondsbury, Bristol BS32 4TS, the extraordinary and ordinary
resolutions to wind up the company were passed. Michael Colin
John Sanders of BN Jackson Norton, 1 Gray's Inn Square, Gray's
Inn, London WC1R 5AA has been appointed liquidator of the
company for the purpose of such winding-up.
CONTACT: BN JACKSON NORTON
1 Gray's Inn Square,
Gray's Inn, London WC1R 5AA
Liquidator:
Michael Colin John Sanders
Phone: 02074302321
ANGLO SCANDINAVIAN: Insolvency Service Bans Director
----------------------------------------------------
A director of a property investment business that failed with
debts of more than GBP2.3 million has been disqualified in the
High Court from acting as a company director for eight years.
Carl Johan Algot Robb, 37, of Berkeley Street, London, was a
director of Anglo Scandinavian Investments Plc, which carried
out business from premises at Davies House, 33 Davies Street,
London W1Y.
Anglo was placed into administration on March 20, 2002 with
estimated debts of GBP2,366,034 owed to its creditors.
The Disqualification Order, made on September 20, 2004, prevents
Mr. Robb 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.
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, found by the court, were that Mr. Robb
failed to:
(a) co-operate with the administrator of Anglo; and
(b) ensure that Anglo maintained, preserved or delivered up
adequate accounting records.
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
BAE SYSTEMS: Long-term Debt Ratings Cut to Baa2
-----------------------------------------------
Moody's Investors Service downgraded the long-term debt ratings
of BAE Systems plc to Baa2 from Baa1 due to certain weakness in
the firm's financial health.
Moody's said: "[D]espite recent improvements, BAE's operating
profitability and financial returns remain relatively weak,
particularly in its core Programs segment."
The rating agency also warned that the company's cash flow
generation as a percentage of adjusted debt will remain modest.
This is due to the ongoing cash outlays related to certain
troubled development programs, and expenses on its ongoing
restructuring, among others.
The rating outlook is stable reflecting continued favorable
outlook for the defense industry and BAE's increasing
participation in that market.
Positively, Moody's says the company made significant
improvements in reducing exposures to certain troubled MoD
contracts.
Ratings downgraded are:
(a) BAE Systems plc -- the senior debt rating to Baa2 from Baa1,
and the issuer rating to Baa2 from Baa1;
(b) BAE Systems Finance, Inc. -- the rating on its guaranteed
senior debt to Baa2 from Baa1, and the rating on its
guaranteed MTN program to Baa2 from Baa1; and
(c) BAE Systems Holdings, Inc. -- the rating on its senior debt
to Baa2 from Baa1, guaranteed by BAE Systems plc.
The company's Prime-2 debt rating was unaffected by the rating
action.
BASEMENT MANCHESTER: Insolvency Practitioner to Meet Creditors
--------------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF The Basement Manchester Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of The Basement Manchester
Ltd. will be held at 32 High Street Manchester M4 1QD on October
1, 2004 at 12:00 p.m. for the purpose of having a full statement
of the position of the Company's affairs, together with a list
of the Creditors of the Company and the estimated amount of
their claims, laid before them, and for the purpose, if thought
fit, of nominating a Liquidator and of appointing a Liquidation
Committee. (Sections 99-101 of the said Act)
Stephen J. Wainwright of SPW Poppleton & Appleby 32 High Street
Manchester M4 1QD is a person qualified to act as an Insolvency
Practitioner in relation to the Company who will, during the
period before the day of the Meeting furnish creditors free of
charge with such information concerning the Company's affairs as
they may reasonably require.
By Order of the Board.
K. Doyle, Director
September 10, 2004
CONTACT: SPW POPPLETON & APPLEBY
32 High Street
Manchester M4 1QD
BRITISH ENERGY: Board Urges Investors to Dump Polygon's Proposal
----------------------------------------------------------------
British Energy announced Friday the unanimous recommendation of
the Board to shareholders to vote against the resolutions
proposed by Polygon and Brandes to be heard at an Extraordinary
General Meeting on October 22, 2004. A circular convening the
EGM and setting out the Board's recommendation in full was
posted to shareholders Friday.
The Board has considered the resolutions proposed by Polygon and
Brandes which appear intended to bring about a termination of
the Creditor Restructuring Agreement which binds the Company to
implement the agreed restructuring announced on October 1, 2003.
The Board believes that a termination of the CRA could have
significant adverse consequences for the Company and its
shareholders:
(a) Certain creditors have informed the Company that, in these
circumstances, they would take steps to recover the amounts
due to them including steps to force the Company into
administration;
(b) In these circumstances, the Board believes that other
creditors would also demand payment, leading to the Company
facing a requirement to repay the GBP1.5 billion stood
still. The Company does not have the available resources to
pay that amount; and
(c) The Company may face significant claims for damages from
Creditors for breach of contract.
Because the creditors have said that they would be demanding
immediate repayment of monies that the Company judges, for the
reasons set out above, it would be unable to pay, the Company
believes that it would have no choice but to commence insolvency
proceedings. The Board believes this is not an acceptable risk
for the Company to take. Accordingly, the Board is recommending
shareholders to vote against the resolutions.
Company Takes Steps
Given the Company's obligations under the CRA and the risks if
the Resolutions are passed, the Company is taking what steps it
can, before the Resolutions are put to shareholders, to put the
Company in a position where it can implement the Agreed
Restructuring even if the Resolutions are passed.
(a) The Board announced Thursday that it was giving notice of an
application for the cancellation of its listing to UKLA to
be decided prior to the EGM;
(b) The Board also intends to seek to negotiate and agree a
binding extension to the CRA with creditors, BNFL and
Government before the requisitioned EGM; and
(c) In accordance with the CRA, the Company will execute a
business transfer agreement, whereby the Company's assets
will, conditional on completion of the Agreed Restructuring
becoming effective, be transferred to a new company which
would become an intermediate holding company of the
restructured British Energy group. The Board does not
therefore expect that Resolution 3 will prevent
implementation of the Agreed Restructuring.
These steps are intended to minimize the damage that might be
caused if these resolutions are passed.
Adrian Montague, Chairman of British Energy, said: "The
resolutions put forward by Polygon and Brandes threaten to cause
a breach of the Creditor Restructuring Agreement. If that
agreement is not implemented, British Energy risks being forced
into administration leaving shareholders with nothing. It is
the Board's duty to ensure that British Energy is protected from
this risk and we are therefore doing everything in our powers to
see the restructuring through."
CONTACT: BRITISH ENERGY
Web site: http://www.british-energy.com
Media Inquiries:
Andrew Dowler
Phone: 020 7831 3113
Investor Relations:
John Searles
Phone: 01355 26 2202
BRITISH ENERGY: Cancels Ordinary, A Shares Listings
---------------------------------------------------
British Energy plc posted a circular to shareholders giving
notice of its application to the U.K. Listing Authority for the
cancellation of the listings of its Ordinary and A shares.
Application is also being made to the London Stock Exchange for
the cessation of trading in the Ordinary and A shares.
No application is being made for cancellation of the listings of
British Energy's outstanding bonds due in 2003, 2006 and 2016.
The Chairman of British Energy, Adrian Montague C.B.E said: "We
have taken the decision to seek de-listing with great reluctance
but it is necessary to safeguard the interests of British
Energy. The requisitionists are asking shareholders to gamble
their interests and the Company's future. Major creditors have
made it clear that they will take all steps to protect their
interests. Passing these resolutions puts the Company in real
danger of administration. The Board cannot support this and we
will take what actions we can to protect the Company."
The Agreed Restructuring remains subject to a large number of
significant uncertainties and important conditions. If the
Agreed Restructuring is implemented, the return, if any, to
existing shareholders will represent a very significant dilution
of their existing interests. If for any reason British Energy
is unable to implement the Agreed Restructuring, it may be
unable to meet its financial obligations as they fall due and
may have to take appropriate insolvency proceedings. In this
case, the distributions to the unsecured creditors (including
Bondholders, RBS, the Significant Creditors and BNFL) may
represent only a small fraction of their unsecured liabilities
and there is highly unlikely to be any return to shareholders.
Copies of the circular referred to above have been submitted to
the U.K. Listing Authority and will shortly be available for
inspection at the U.K. Listing Authority's Document Viewing
Facility, which is situated at:
The Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS
Phone: 020 7066 1000
(Documents will normally be available for inspection within six
normal business hours of this notice being given).
CONTACT: BRITISH ENERGY
John Searles
Investor Relations
Phone: 01355 262 202
Andrew Dowler
Media Inquiries
Phone: 020 7831 3113
Web site: http://www.british-energy.com
BRITISH ENERGY: Moody's Rates Long-term Debt (P)Ba3
---------------------------------------------------
Moody's Investors Service assigned a provisional long-term
rating of (P)Ba3 to the senior unsecured bonds to be issued by
British Energy Holdings plc pending a conclusive review.
The nuclear generator is planning to issue GBP550 million of
bonds together with another GBP150 million worth of debts, which
will be used to make bond equivalent payments to the Eggborough
lenders. Moody's plans to withdrew British Energy's existing
bond ratings of Ca once a successful exchange is complete.
The (P)Ba3 debt ratings are one notch lower than the senior
implied rating to reflect the prior ranking upon insolvency of
certain creditors.
Moody's also assigned a provisional senior implied rating of
(P)Ba2 to the company, reflecting the transfer of certain
nuclear liabilities to the U.K. government, the firm's
continuing vulnerability to electricity prices, and poor track
record in terms of power availability and plant reliability.
Moody's said the transfer of the liabilities, and the
restriction coupled with its remaining in non-investment grade
should enable it to focus on core electricity generation and
marketing activities. The outlook on the ratings is stable.
CONTACT: BRITISH ENERGY
John Searles
Investor Relations
Phone: 01355 262 202
Andrew Dowler
Media Inquiries
Phone: 020 7831 3113
Web site: http://www.british-energy.com
BRITISH ENERGY: Gets Indicative Non-investment Grade Ratings
------------------------------------------------------------
British Energy plc has been in discussions with Fitch Ratings,
Moody's Investor Services and Standard & Poor's Rating Services
with regard to obtaining credit ratings for the GBP550 million
of New Bonds that are to be issued to certain of the Company's
creditors and to the Nuclear Liabilities Fund Limited upon
completion of the Agreed Restructuring pursuant to the terms
announced on 1 October 2003.
Preliminary discussions were held with the Rating Agencies last
year in advance of agreement on the terms of the Agreed
Restructuring and it was stated in the announcement made on 1
October 2003 that one rating agency had provided an indicative
rating for the New Bonds of investment grade and two rating
agencies had provided indicative ratings at non-investment
grade.
The rating agencies have updated their analysis and all three
agencies have now provided indicative non-investment grade
ratings for British Energy.
These ratings remain prospective and indicative and are subject
to the restructuring being completed in its proposed form in
accordance with the assumptions that have been provided to the
agencies for the purpose of the indicative prospective rating
assessment. These ratings will only be finalized when the New
Bonds are issued upon completion of the Agreed Restructuring.
A summary of the terms of the New Bonds is included in the
Company's announcement of 1 October 2003.
The Agreed Restructuring and, therefore, the issuance of the New
Bonds remain subject to a large number of significant
uncertainties and important conditions. If the Agreed
Restructuring is implemented, the return, if any, to existing
shareholders will represent a very significant dilution of their
existing interests. If for any reason British Energy is unable
to implement the propose restructuring, it may be unable to meet
its financial obligations as they fall due and may have to take
appropriate insolvency proceedings. In this case, the
distributions to the unsecured creditors (including Bondholders,
RBS, the Significant Creditors and BNFL) may represent only a
small fraction of their unsecured liabilities and there is
highly unlikely to be any return to shareholders.
These ratings do not apply to the additional GBP150 million of
bond-equivalent payments that will be issued to certain lenders
to Eggborough Power Limited through the Amended Credit
Agreement, which will not be rated
CONTACT: BRITISH ENERGY
Media Inquiries:
Andrew Dowler
Phone: 020 7831 3113
Investor Relations:
John Searles
Phone: 01355 26 2202
Web site: http://www.british-energy.com
BRITISH ENERGY: Issues August Power Output
------------------------------------------
A summary of net output from all of British Energy's power
stations in August is given in the table, together with
comparative data for the previous financial year:
2003/04 2004/05
August Year to Date August Year to Date
Output Load Output Load Output Load Output Load
(TWh) Factor (%) (TWh) Factor (TWh) Factor (TWh) Factor
(%) (%) (%)
UK
Nuclear
5.37 75 27.55 78 4.39 62 24.19 69
UK Other
0.41 28 1.88 26 0.55 38 2.52 35
Planned Outages
(a) A statutory outage on one unit at Torness was completed.
(b) Off load re-fuelling was carried out on one unit at
Dungeness B.
(c) Low load re-fuelling was carried out on both units at
Hinkley Point B and on one unit each at Hunterston B and
Torness.
(d) One generating unit at Hunterston B was shut down on 15
August to carry out planned work on the feed system.
Boilers
One unit at Heysham 1 and one unit at Hartlepool remain shut
down pending work to demonstrate the integrity of certain
boilers.
Output Forecast
The expected annual nuclear output for the year-ending 31 March
2005 will be given in the Listing Particulars which the Company
is expecting to publish pursuant to the Agreed Restructuring.
CONTACT: BRITISH ENERGY
Media Enquiries
Andrew Dowler
Phone: 020 7831 3113
Investor Relations
John Searles
Phone: 01355 262202
Web site: http://www.british-energy.com
BROOMCO (3470): Special Winding up Resolution Passed
----------------------------------------------------
At a meeting of the members of Broomco (3470) Limited on
September 15, 2004, the special resolution to wind up the
company was passed. Peter William Engel of Solomon Hare LLP,
Oakfield House, Oakfield Grove, Clifton, Bristol BS8 2BN has
been appointed liquidator for the purpose of the voluntary
winding-up of the company.
CONTACT: SOLOMON HARE LLP
Oakfield House,
Oakfield Grove,
Clifton, Bristol BS8 2BN
Liquidator:
Peter William Engel
Phone: 0117 933 3000
Fax: 0117 933 3001
Web site: http://www.solomonhare.co.uk
CABLE AND WIRELESS: Names A. Conquest Liquidator
------------------------------------------------
At a meeting of the members of Cable And Wireless (China
Properties) Limited, 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 has
been appointed liquidator of the company for the purpose of the
voluntary winding-up.
CONTACT: GRANT THORNTON
Grant Thornton House,
Melton Street, Euston Square,
London NW1 2EP
Liquidator:
Andrew Conquest
Phone: 020 7383 5100
Fax: 020 7383 4715
Web site: http://www.grant-thornton.co.uk
COMMUNICATION & CONTROL: Hires Tenon Recovery as Administrator
--------------------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox have been appointed as
joint administrators for Communication & Control Electronics
Limited. The appointment was made September 13, 2004.
The company manufactures electronic components. Its registered
office is located at Highfield Court, Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ.
CONTACT: TENON RECOVERY
Highfield Court,
Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ
Joint Administrators:
Carl Stuart Jackson
Nigel Ian Fox
(IP Nos 8860, 8891)
Phone: 023 8064 6464
Fax: 023 8064 6666
E-mail: southampton@tenongroup.com
Web site: http://www.tenongroup.com
COSTAIN GROUP: Ratings Affirmed at 'B'; Outlook Stable
------------------------------------------------------
Fitch Ratings affirmed U.K.-based engineering and construction
group Costain Group Plc's ratings at Senior Unsecured 'B' and
Short-term 'B'. The Outlook is Stable.
The ratings reflect Costain's established market position in the
U.K. engineering and construction sector. They also reflect
management's progress in adopting a more risk-averse approach in
its business model and towards meeting previously stated
financial targets of 15% annual sales growth and 3% pre-tax
profit margins by 2006. Furthermore, the group's forward order
book stands at over GBP1 billion, which provides a good platform
for future growth. Nevertheless, Costain remains small in its
peer group and is active in cyclical and competitive markets.
The ratings also reflect Costain's weak financial profile,
evident in low profitability, negative operational cash flow, a
reliance on profits from joint ventures in overseas property
development, together with a continued sizeable net pension
liability. However, an important support factor for the rating
remains a continued net cash position, which as at 30 June 2004
was GBP40.6 million (excluding GBP25.1 million of restricted net
cash included in JVs), which mostly covered the pension deficit
of GBP54.5 million. On a pension-adjusted basis, net debt to
EBITDA was satisfactory at 1.2x in FY03. Gross borrowings were
minimal.
The Stable Outlook assumes a continuation of generally favorable
U.K. market conditions, supported by ongoing public and private
sector infrastructure programs. Key downside risks include
changes in government policy or spending priorities, an economic
downturn in key markets, and potential losses from contract
underperformance.
In March 2004, management announced plans to reconstruct the
group's balance sheet to facilitate the resumption of dividend
payments. This process is expected to be concluded by FYE04.
However, Fitch is concerned that if dividends resume, the
group's financial profile could be weakened. Specifically, a
downward rating action could occur if the group's net cash
position was materially eroded due to dividend payments, or if
improvements seen in margins are not sustained.
A rating upgrade is considered unlikely in the near future, in
view of the group's business mix and weak financial position.
However, this could occur if the EBITDA margin saw a sustained
improvement towards a level of 3% and the group's business mix
showed less reliance upon property development activities.
CONTACT: FITCH RATINGS
Alex Herbert, London
Phone: +44 (0) 20 7417 6334
Monica Klingberg Insoll
Phone: +44 (0) 20 7417 4281
Media Relations:
Alex Clelland, London
Phone: +44 20 7862 4084
COURTS PLC: Warns of Significant First-half Operating Loss
----------------------------------------------------------
At Friday's Annual General Meeting, Leo McKee, Chairman, made
this statement to shareholders:
"The first half of the year has been a very challenging period
as the Company has been implementing a major change program in
the U.K. together with a number of re-financing initiatives
overseas.
"The restructuring of the U.K. business has resulted in a very
substantial loss at the operating profit level in the first half
which will outweigh operating profits overseas. The Group
consequently will record a substantial loss at the operating
level in the period.
Overseas
Underlying trends in our Asia Pacific region for the 24 weeks to
20th September 2004 have been broadly in line with expectations.
Compared with the prior year, margins are slightly improved,
albeit offset by marginally lower sales.
Except for Jamaica the Caribbean/Americas region performed
satisfactorily in the same 24-week period. The end of this
period coincided with Hurricane Ivan, the effect of which I will
refer to later.
U.K.
In the U.K., management has been immersed in the business
turnaround: to tackle serious operational weaknesses, to engage
our key suppliers, and to establish a platform for customer
service. Implementing these initiatives has had a markedly
disruptive effect on first half trading performance.
Substantial improvements are being secured: in building a supply
chain; in stock level reductions; in range rationalization; in
key executive appointments; and, in headcount numbers and
productivity, where the multi-skilling program is well underway.
The U.K. Board is now firmly focused on delivering improvements
in trading, as we approach our peak trading period.
At the time of our interim results announcement later this year,
we shall set out our detailed plans for the return to
profitability and longer term growth of the U.K.
Hurricane Ivan - Human & Economic Effect
Two weeks ago, one of the most powerful and destructive
hurricanes on record hit Grenada. Hurricane Ivan devastated the
island, leaving many homeless and in need of emergency aid.
Jamaica also suffered considerable damage and disruption of
utilities. Fortunately our employees on both islands avoided
personal injury.
Our Caribbean regional management has formed a Crisis Recovery
Team to respond to the humanitarian and business disruption
issues. All our Jamaican stores already have re-opened and we
have re-established a trading presence in Grenada.
The financial impact of Hurricane Ivan is still being assessed.
The Board's current estimate of the potential effect is a
reduction in profitability in the region for the full year of
between GBP4 million and GBP7 million.
Re-financing
The initiatives to localize the financing of the Caribbean
businesses, and to create a regional organization in South East
Asia are progressing. These are incurring substantial
additional costs, the majority of which are one-off. Re-
financing costs are estimated to be at GBP5 million in the year,
and corporate finance and other professional fees are estimated
at a further GBP5 million.
It is our intention to float a Caribbean regional holding
company during the first half of 2005 on a number of local stock
exchanges. The formation of the regional holding company, as
well as the development of a strategic business plan, is well
advanced.
VAT
Earlier this month, a VAT Tribunal announced its interim
decision relating to our appeal against a VAT assessment on the
5-year structural guarantee on offer in the U.K.
The Tribunal has found in our favor with regard to the current
contract wording, and that our selling transaction is two
separate supplies. However, our appeal was unsuccessful on the
earlier wording used. The ruling, which was unfavorable will be
subject to appeal by the company.
The Tribunal has not dealt with quantification of liability.
Nevertheless, HM Customs & Excise has filed an assessment and
statement of account in respect of amounts claimed. This too
will be appealed.
The issue of quantification, and whether or not any time bar
applies to part of the assessment, has yet to be heard.
Outlook
The Board has taken a number of difficult and painful decisions
in the first half of the year with the aim of providing a
platform for profitable growth. As a result, the Board believes
that the Company enters the historically stronger second half of
the year in a position to benefit from an improved trading
performance to mitigate some of the losses from the first half.
CONTACT: COURTS PLC
Phone: +44 (0) 20 7796 4133
Leo McKee, Chairman
Stuart Miller, Group FD
GCG HUDSON SANDLER
Phone: +44 (0) 20 7796 4133
Michael Sandler
Jessica Rouleau
D C REALISATIONS: Calls in Joint Liquidators from Baker Tilly
-------------------------------------------------------------
At an extraordinary general meeting of the members of the D C
Realisations Limited (formerly Dartington Crystal Limited) on
September 17, 2004 held at Jurys Bristol Hotel, Prince Street,
Bristol BS1 4QF, the extraordinary and ordinary resolutions to
wind up the company were passed. Cedric Marsden Clapp and
Andrew Martin Sheridan of Baker Tilly, 1 Georges Square, Bristol
BS1 6BP have been appointed joint liquidators for the purpose of
the winding-up.
CONTACT: BAKER TILLY
1 Georges Square
Bristol BS1 6BP
Phone: 0117 945 2000
Fax: 0117 945 2001
Web site: http://www.bakertilley.co.uk
DISTINCTIVE FINISHES: Subjoined Winding up Resolutions Passed
-------------------------------------------------------------
At an extraordinary general meeting of the Distinctive Finishes
Limited on September 17, 2004 held at The Rhinewood Inn and
Hotel, Glazebrook Lane, Glazebrook, near Warrington WA3 5BB, the
subjoined resolutions to wind up the company were passed.
Richard Ian Williamson of Campbell Crossley and Davis, 348-350
Lytham Road, Blackpool FY4 1DW has been appointed the liquidator
of the company for the purpose of such winding-up.
CONTACT: CAMPBELL CROSSLEY AND DAVIS
348-350 Lytham Road,
Blackpool FY4 1DW
Phone: 01253 349331
Fax: 01253 348434
Web site: http://www.campbell-crossley-davis.co.uk
DOVE TOURS: Sets Creditors' Meeting
-----------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Dove Tours Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Dove Tours Ltd. will be
held at Quality Hotel Scotch Corner Nr Darlington DL10 6NR on
October 1, 2004 at 10:15 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 Airedale House
77 Albion Street Leeds LS1 5AP 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
Airedale House 77 Albion Street Leeds LS1 5AP 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 Kroll, Airedale House 77 Albion Street Leeds
LS1 5AP two business days prior to the meeting.
By Order of the Board.
B. M. Godfrey, Director
September 17, 2004
CONTACT: KROLL LEEDS
Airedale House
77 Albion Street
5th Floor
Leeds LS1 5AP
Phone: 44 (0) 113 386 0800
Fax: 44 (0) 113 244 9305
Web site: http://www.krollworldwide.com
EMERGENCY FLEET: Five-year Ban for Director
-------------------------------------------
A director of a sign writing business for emergency vehicles
that failed with total debts estimated at around GBP168,000 has
given an Undertaking not to hold directorships or take any part
in company management for five years.
The Undertaking by Gavin John Webb, 34, of Church Road, Little
Waldingfield, Suffolk, was given in respect of his conduct as a
director of Emergency Fleet Markings Limited, which carried out
business from premises at Unit 1, Milner Road, Chiltern
Industrial Estate, Sudbury, Suffolk.
Acceptance of the Undertaking on September 20, 2004 prevents Mr.
Webb 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 five years.
Emergency Fleet Markings Limited (Fleet) was placed into
voluntary liquidation on April 24, 2002 with estimated debts of
GBP167,897 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 Mr. Webb, were that:
(a) He caused Fleet to breach the terms of a Company Voluntary
Arrangement (CVA) to the detriment of Fleet's creditors;
(b) He caused or allowed Fleet to trade at the expense and
ultimate detriment of the Crown;
(c) He failed to co-operate with the liquidator and failed to
deliver up Fleet's accounting records despite requests from
the liquidator and reminders of her statutory duties, as a
result of which there is no available accounting information
for post-CVA trading;
(d) He acted in breach of Section 216 of the Insolvency Act 1986
by being and remaining a director of Fleet Markings Group
Limited, a name prohibited to him as a result of the
liquidation of Fleet.
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
EMHART MATERIALS: Final General Meeting Set Next Month
------------------------------------------------------
The final general meeting of the members of Emhart Materials UK
will be on October 26, 2004 commencing at 10:30 a.m. It will be
held at the offices of BDO Stoy Hayward LLP, 125 Colmore Row,
Birmingham B3 3SD.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies. Proxy forms must be lodged
with BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham B3 3SD
not later than 12:00 noon, October 25, 2004.
CONTACT: BDO STOY HAYWARD LLP
125 Colmore Row,
Birmingham B3 3SD
Liquidator:
C K Rayment
Phone: 0121 200 4600
Fax: 0121 200 4650
E-mail: birmingham@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
FASTFRAME WINDOWS: Names Tenon Recovery Administrator
-----------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox have been appointed as
joint administrators for Fastframe Windows Limited. The
appointment was made August 31, 2004.
The company manufactures glazing products. Its registered
office is located at 7A Ilsham Road, Torquay TQ1 2JG.
CONTACT: TENON RECOVERY
Highfield Court,
Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ
Joint Administrators:
Carl Stuart Jackson
Nigel Ian Fox
(IP Nos 8860, 8891)
Phone: 023 8064 6464
Fax: 023 8064 6666
E-mail: southampton@tenongroup.com
Web site: http://www.tenongroup.com
FRANK ROWE: Appoints Joint Administrators from Begbies Traynor
--------------------------------------------------------------
I E Walker and A H Beckingham have been appointed as joint
administrators for Frank Rowe Limited. The appointment was made
September 16, 2004.
The company sells flowers and plants. Its registered office is
located at Greenfields Nurseries, Chelston, Wellington, Somerset
TA1 9HY.
CONTACT: BEGBIES TRAYNOR
Balliol House,
Southernhay Gardens,
Exeter EX1 1NP
Joint Administrators:
I E Walker
A H Beckingham
(IP Nos 6537, 8683)
Phone: 01392 260800
Fax: 01392 260801
Web site: http://www.begbies.com
G & B SHEETMETAL: Creditors' Meeting Set Next Month
---------------------------------------------------
The creditors of G & B Sheetmetal Work And Fabrication Limited
will meet on October 7, 2004 commencing at 2:30 p.m. It will be
held at Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1
3EX.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward, Kings Wharf, 20-30 Kings Road,
Reading, Berkshire RG1 3EX not later than 12:00 noon, October 6,
2004.
CONTACT: BDO STOY HAYWARD
Kings Wharf,
20-30 Kings Road,
Reading, Berkshire RG1 3EX
Joint Administrator:
M H Thompson
Phone: 0118 925 4400
Fax: 0118 925 4470
E-mail: reading@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
G R G LTD.: Creditors to Convene this Week
------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF G R G Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of G R G Ltd. will be held
at The Strathdon Thistle Hotel 44 Derby Road Nottingham, on
October 1, 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 Regency House 21
The Ropewalk Nottingham NG1 5DU 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
Regency House 21 The Ropewalk Nottingham NG1 5DU 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 Begbies Traynor, Regency House 21 The
Ropewalk Nottingham NG1 5DU two business days prior to the
meeting.
By Order of the Board.
G. Dawson, Director
September 16, 2004
CONTACT: BEGBIES TRAYNOR
Regency House
21 The Ropewalk
Nottingham NG1 5DU
Phone: 0115 941 9899
Fax: 0115 945 4845
E-mail: nottingham@begbies-traynor.com
Web site: http://www.begbies.com
HEARD GROUP: Top Honcho Receives Seven-year Ban
-----------------------------------------------
A director of a haulage contracting business that failed with
total debts estimated at around GBP1.3 million has given an
Undertaking not to hold directorships or take any part in
company management for seven years.
The Undertaking by Steven Ronald Heard, 43, of Fife Road,
Canning Town, London, was given in respect of his conduct as a
director of The Heard Group Limited (THG), which carried out
business from premises at 1-3 Manor Road, Chatham, Kent ME4 6AE.
Acceptance of the Undertaking on September 1, 2004 prevents Mr.
Heard 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.
THG was placed into voluntary liquidation on July 23, 2002 with
estimated debts of GBP1,397,309 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. Heard, were that
he:
(a) caused THG to trade to the detriment of Crown departments,
including the Inland Revenue and HMCE;
(b) failed to ensure that THG maintained and/or preserved
adequate accounting records; and
(c) he failed to deliver up all such records to the liquidators.
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
J FLACK & SONS: Appoints Jackson Jolliffe Cork Liquidator
---------------------------------------------------------
At an extraordinary general meeting of the members of J Flack &
Sons Limited on September 17, 2004 held at The Chasley Hotel,
Queens Street, Wakefield WF1 1JU, the extraordinary and ordinary
resolutions to wind up the company were passed. David Antony
Willis and Matthew Colin Bowker of Jacksons Jolliffe Cork, 2A
Low Ousegate, York YO1 9QU have been appointed joint liquidators
of the company for the purpose of such winding-up.
CONTACT: JACKSON JOLLIFFE CORK
2A Low Ousegate,
York YO1 9QU
Phone: 01904 652100
Fax: 01904 635349
Web site: http://www.jjcork.co.uk
J & R MEARS: Statement of Affairs Out this Week
-----------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF J & R Mears Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of J & R Mears Ltd. will
be held at The Old Exchange 234 Southchurch Road Southend-on-Sea
SS1 2EG on October 1, 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 The Old Exchange
234 Southchurch Road Southend-on-Sea SS1 2EG 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
The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG
before the Meeting, a statement giving particulars of their
security, the date when it was given, and the value at which it
is assessed.
Jamie Taylor of Begbies Traynor The Old Exchange 234 Southchurch
Road Southend-on-Sea SS1 2EG is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.
By Order of the Board.
J. Parrott, Director
September 3, 2004
CONTACT: BEGBIES TRAYNOR
The Old Exchange
234 Southchurch Road
Southend-on-Sea
SS1 2EG
Phone: 01702 467255
Fax: 01702 467201
E-mail: southend@begbies-traynor.com
Web site: http://www.begbies.com
JR SECURITIES: Hires Liquidator from Haines Watts
-------------------------------------------------
Name of Companies:
JR Securities Limited
St James' Place Corporate Investments Limited
St James' Place International Assurance Marketing Limited
St James' Place Group Limited
St James' Place Services Limited
The final meetings of the members of these companies will be on
October 28, 2004 commencing at 10:00 a.m. and thereafter at 15-
minute intervals. It will be held at Haines Watts, 6 St
Stephens Court, 15-17 St Stephens Road, Bournemouth BH2 6LA.
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 Haines Watts, 6 St Stephens Court, 15-17 St Stephens Road,
Bournemouth BH2 6LA.
CONTACT: HAINES WATTS
6 St Stephens Court,
15-17 St Stephens Road,
Bournemouth BH2 6LA
Liquidator:
D M Clements
Phone: 01202 292266
Fax: 01202 294107
Web site: http://www.hwca.com
J & S ENGINEERING: Names Haines Watts Liquidator
------------------------------------------------
At an extraordinary general meeting of the members of the J & S
Engineering Limited on September 2, 2004 held at the offices of
Haines Watts, Sterling House, 22 St Cuthberts Way, Darlington,
County Durham DL1 1GB, the extraordinary and ordinary
resolutions to wind up the company were passed. David Michael
Clements and John David Travers of Haines Watts, First Floor,
Park House, Park Square West, Leeds LS1 2PS have been appointed
liquidators for the purpose of such winding-up.
CONTACT: HAINES WATTS
First Floor, Park House,
Park Square West,
Leeds LS1 2PS
Phone: 0113 398 1108
Fax: 0113 398 1107
Web site: http://www.hwca.com
MAP 80: Meeting of Creditors Set Next Week
------------------------------------------
Name of Companies:
Map 80 Systems Limited
Map 80 Systems (East) Limited
Prisym Limited
The creditors of these companies will meet on October 8, 2004
commencing at 10:30 a.m., 11:30 a.m. and 12:30 p.m.
respectively. It will be held at the offices of BDO Stoy
Hayward LLP, Kings Wharf, 20-30 Kings Road, Reading, Berkshire
RG1 3EX.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward, Kings Wharf, 20-30 Kings Road,
Reading, Berkshire RG1 3EX not later than 12:00 noon, October 6,
2004.
CONTACT: BDO STOY HAYWARD
Kings Wharf,
20-30 Kings Road,
Reading, Berkshire RG1 3EX
Joint Administrator:
M H Thompson
Phone: 0118 925 4400
Fax: 0118 925 4470
E-mail: reading@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
MATTHEWS CONSULTANTS: Calls in Liquidators from Begbies Traynor
---------------------------------------------------------------
At an extraordinary general meeting of the members of the
Matthews Consultants UK Limited on September 20, 2004 held at
Exchange House, 494 Midsummer Boulevard, Milton Keynes MK9 2EA,
the extraordinary and ordinary resolutions to wind up the
company were passed. Timothy John Edward Dolder and Paul
Michael Davis, of Begbies Traynor (South) LLP, Exchange House,
494 Midsummer Boulevard, Milton Keynes MK9 2EA have been
appointed joint liquidators of the company for the purpose of
the voluntary winding-up.
CONTACT: BEGBIES TRAYNOR (SOUTH) LLP
4th Floor,
Exchange House,
494 Midsummer Boulevard,
Milton Keynes MK9 2EA
Phone: 01908 255 992
Fax: 01908 255 700
Web site: http://www.begbies.com
MEDINET (UK): Names Begbies Traynor Administrator
-------------------------------------------------
David Hill and John W Davies have been appointed as joint
administrators for Medinet (UK) Limited. The appointment was
made September 14, 2004.
The company is engaged in providing medical services. Its
registered office is located at Goldfields House, 18A Gold Taps,
Newport NP20 4PH.
CONTACT: BEGBIES TRAYNOR
4th Floor,
Riverside House,
31 Cathedral Road,
Cardiff CF11 9HB
Joint Administrators:
David Hill
John W Davies
(IP Nos 6904, 6425)
Phone: 029 2022 5022
Fax: 029 2022 4523
E-mail: cardiff@begbies-traynor.com
Web site: http://www.begbies.com
MERCURY BUSINESS: Hires Mazars as Liquidator
--------------------------------------------
At an extraordinary general meeting of the Mercury Business
(Wallington) Limited on September 16, 2004 held at The Office
Building, Gatwick Road, Crawley RH10 9RZ, the extraordinary and
ordinary resolutions to wind up the company were passed.
Lucinda Ann Field and Timothy Colin Hamilton Ball of Mazars, 37
Frederick Place, Brighton BN1 4EA have been appointed as joint
liquidators of the company for the purpose of the voluntary
winding-up.
CONTACT: MAZARS
37 Frederick Place,
Brighton BN1 4EA
Phone: 01273 206788
Fax: 01273 820901
Web site: http://www.mazars.co.uk
MOS SPECIALITY: Winding up Resolutions Passed
---------------------------------------------
At an extraordinary general meeting of the members of the Mos
Speciality Welds Limited on September 14, 2004 held at The
Chasley Hotel, Queen Street, Wakefield WF1 1JU, the
extraordinary and ordinary resolutions to wind up the company
were passed. Matthew Colin Bowker of Jacksons Jolliffe Cork, 33
George Street, Wakefield WF1 1LX has been appointed liquidator
for the purpose of such winding-up.
CONTACT: JACKSON JOLLIFFE CORK
33 George Street,
Wakefield WF1 1LX
Liquidator:
Matthew Colin Bowker
Phone: 01904 652100
Fax: 01904 635349
Web site: http://www.jjcork.co.uk
PBIB LIMITED: Members Agree to Wind up Business
-----------------------------------------------
At an extraordinary general meeting of the PBIB Limited on
September 16, 2004 held at 9 Devonshire Square, London EC2M 4HP,
the special and ordinary resolutions to wind up the company were
passed. James Robert Drummond Smith and Nicholas James Dargan
of Deloitte & Touche, Athene Place, 66 Shoe Lane, London EC4A
3WA have been appointed joint liquidators of the company.
CONTACT: DELOITTE AND TOUCHE LLP
Athene Place,
66 Shoe Lane,
London EC4A 3WA
Joint Liquidators:
James Robert Drummond Smith
Nicholas James Dargan
Phone: 00 44 (0) 207 936 3000
Fax: 00 44 (0) 207 779 4001
Web site: http://www.deloitte.com
P J GOODISON: Sets Creditors' Meeting Next Week
-----------------------------------------------
The creditors of P J Goodison (Engineering) Limited will meet on
October 6, 2004 commencing at 12:00 noon. It will be held at
Holiday Inn Chester-South, Wrexham Road, Chester, Cheshire CH4
9DL.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to at DTE Leonard Curtis, DTE House, Hollins Mount,
Bury BL9 8AT not later than 12:00 noon, October 5, 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
SILICON IMAGING: Hires Grant Thornton as Liquidator
---------------------------------------------------
The final meeting of the members of Silicon Imaging Limited will
be on October 25, 2004 commencing at 10:30 a.m. It will be held
at the offices of Grant Thornton UK LLP, Byron House, Cambridge
Business Park, Cowley Road, Cambridge CB4 0WZ.
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 Grant Thornton UK LLP, Byron House, Cambridge Business
Park, Cowley Road, Cambridge CB4 0WZ not later than 12:00 noon,
October 22, 2004.
CONTACT: GRANT THORNTON UK LLP
Byron House,
Cambridge Business Park,
Cowley Road, Cambridge CB4 0WZ
Liquidator:
I S Carr
Phone: 01 223 225600
Fax: 01 223 225619
Web site: http://www.grant-thornton.co.uk
THE CHAMELEON: Calls in Administrators from Begbies Traynor
-----------------------------------------------------------
Nicholas Roy Hood and Timothy John Edward Dolder have been
appointed as joint administrators for The Chameleon Press
Limited. The appointment was made September 20, 2004.
The company is engaged in printing. Its registered office is
located at 139 Molesey Avenue, West Molesey, Surrey KT8 2RY.
CONTACT: BEGBIES TRAYNOR (SOUTH) LLP
32 Cornhill,
London EC3V 3BT
Joint Administrators:
Nicholas Roy Hood
Timothy John Edward Dolder
(IP Nos 8350, 9008)
Phone: 020 7398 3800
Fax: 020 7398 3799
Web site: http://www.begbies.com
UNITED MARKETING: Appoints Liquidator from Stoy Hayward
-------------------------------------------------------
The final general meeting of the members of United Marketing
(Leicester) will be on October 26, 2004 commencing at 10:30 a.m.
It will be held at the offices of BDO Stoy Hayward LLP, 125
Colmore Row, Birmingham B3 3SD.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies. Proxy forms must be lodged
with BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham B3 3SD
not later than 12:00 noon, October 25, 2004.
CONTACT: BDO STOY HAYWARD
125 Colmore Row
Birmingham B3 3SD
Liquidator:
C K Rayment
Phone: 0121 200 4600
Fax: 0121 200 4650
E-mail: birmingham@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
ZEN WALLCOVERINGS: In Administrative Receivership
-------------------------------------------------
Davenham Trade Finance Limited called in Kerry Bailey and
Jonathan D Newell as joint administrative receivers for Zen
Wallcoverings Limited (Reg No 4234506). The application was
filed September 17, 2004. The company manufactures wall
coverings.
CONTACT: PKF
Sovereign House,
Queen Street,
Manchester M2 5HR
Joint Administrative Receivers:
Kerry Bailey
Jonathan D Newell
(Office Holder Nos 8780, 6419)
Phone: 0161 8325481
Fax: 0161 8323849
E-mail: info.manchester@uk.pkf.com
Web site: http://www.pkf.co.uk
ZOBIA LTD.: May Appoint Liquidator at Creditors' Meeting Friday
---------------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Zobia Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Zobia Ltd. will be held
at The Bonnington Hotel 92 Southampton Row London WC1B 4BM on
October 1, 2004 at 12:45 p.m. for the purpose of having a full
statement of the position of the Company's affairs, together
with a list of the Creditors of the Company and the estimated
amount of their claims, laid before them, and for the purpose,
if thought fit, of nominating a Liquidator and of appointing a
Liquidation Committee. (Sections 99-101 of the said Act)
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 The Old Exchange
234 Southchurch Road Southend-on-Sea SS1 2EG 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
The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG
before the Meeting, a statement giving particulars of their
security, the date when it was given, and the value at which it
is assessed.
David Hudson of Begbies Traynor The Old Exchange 234 Southchurch
Road Southend-on-Sea SS1 2EG is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.
By Order of the Board.
D. Sekibo, Director
September 8, 2004
CONTACT: BEGBIES TRAYNOR
The Old Exchange
234 Southchurch Road
Southend-on-Sea
SS1 2EG
Phone: 01702 467255
Fax: 01702 467201
E-mail: southend@begbies-traynor.com
Web site: http://www.begbies.com
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, and Julybien Atadero, Editors.
Copyright 2004. All rights reserved. ISSN 1529-2754.
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