/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/041001.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, October 1, 2004, Vol. 5, No. 195 Headlines F R A N C E ELECTRICITE DE FRANCE: Selling Total Shares to Pay Down Debt VIVENDI UNIVERSAL: Board Approves First-half Results G E R M A N Y ADMIRAL'S TOURISTIK: Under Bankruptcy Administration BITBURGER MASCHINENFABRIK: Bitburg Court Appoints Administrator CAMPANELLA BAUUNTERNEHMUNG: Insolvency Manager Takes over Helm ESTLER GMBH: Metalworks Firm Under Bankruptcy Administration FELDER WOHNBAU: Court Appoints Schultze & Braun Administrator GEORG KUMMER: Applies for Bankruptcy Proceedings INTERTAINMENT AG: Reverses Last Year's First-half Loss KABEL DEUTSCHLAND: Senior Unsecured Issuer Rating Raised to B3 KARSTADTQUELLE AG: Union Opposes Job-cuts in Restructuring Plan PROSIEBENSAT.1 MEDIA: Moody's Lifts Ratings to Ba1 from Ba2 SCHARLAU & SCHARLAU: Creditors' Claims Due Next Month WICH & CO.: Administrator's Report Out November WOHNQUADRAT GMBH: Gives Creditors Two Weeks to File Claims H U N G A R Y HUMET P.L.C.: Creditors Agree to Accept Shares as Payment I R E L A N D ELAN CORPORATION: Seeks Approval for Antegren in Europe I T A L Y ALITALIA SPA: Board Meeting Postponed Indefinitely CIRIO FINANZIARIA: Sells Cirio-De Rica Brand to Conserve Italia VOLARE GROUP: Not Selling Charter Flight Operations VOLARE GROUP: Eurofly Eyeing Charter Flight Business K A Z A H K S T A N HALYK BANK: Upcoming Eurobond Rated 'BB-'; Outlook Positive N E T H E R L A N D S NUMICO N.V.: Reorganizing Clinical Nutrition Production Platform R U S S I A ADAMOVKA-AGRO-PROM-ENERGO: Proofs of Claim Due Later this Month BRATSK-POULTRY: Next Hearing Before Irkutsk Court Set December DIAMOND: Kareliya Court Appoints Insolvency Manager FERRO-CONCRETE GOODS: Declared Insolvent GIDRO-TEPLO-STROY: Insolvency Manager Takes over Operations METALLURG-REMONT: Undergoes Bankruptcy Supervision Procedure OREL-STROY: Appoints S. Romanchin Insolvency Manager SECOND RESOURCES: Gives Creditors Three Weeks to File Claims TOBOLSKIY CITY: Under Bankruptcy Supervision UST-ILIMSK-ENERGO-MECHANIZATION: Files for Bankruptcy YUKOS OIL: Appeals Seizure of Yuganskneftegaz Shares S W I T Z E R L A N D CONVERIUM AG: Unveils Rights Issue Timetable CONVERIUM AG: Financial Strength Rating Affirmed; Outlook Stable CONVERIUM AG: A.M. Best Lowers Ratings on North American Unit U K R A I N E DONETSKNAFTOPRODUCT: Declared Insolvent GALOL: Lviv Court Brings in Temporary Insolvency Manager GERAT: Vinnitsya Court Appoints Liquidator SITRON-SOUTH: Bankruptcy Proceedings Begin STEPANIVSKE: Proofs of Claim Deadline Expires Next Week TRIADA PRIVAT: Under Bankruptcy Supervision UKRPARFUMFARM: Temporary Insolvency Manager Takes over Helm U N I T E D K I N G D O M ABSOLUTE INTERNET: Names Joint Liquidators from Begbies Traynor AJS CONTRACTORS: Hires David Rubin & Partners as Liquidator AMAZON (CONSTRUCTION): In Administrative Receivership ARGYLE VENDING: Extraordinary Winding up Resolution Passed ARTERY STARK: Calls in Liquidators from Geoffrey Martin & Co. B A R ENTERPRISES: Creditors May Form Committee Next Week BULLIMORE UNDERWRITING: Hires Carter Backer Winter Administrator CENTURY 21: Calls in Liquidator from Begbies Traynor CIAO TRAVEL: Subjoined Winding up Resolution Passed COMPACT DISPLAYS: Calls in Liquidator COUNTRY HOTELS: Joint Administrator to Meet Creditors Next Week CRUSADER FOAM: Appoints Tenon Recovery Liquidator DALMAR PROPERTIES: Calls in Liquidator DAVE O'KEEFE & CO: Names Joint Administrators from Stoy Hayward EWINGTON HOTEL: Creditors to Vote on Administrator's Proposals EXCITE UK: Sets General Meeting November FABRICS NORTH: Creditors May Appoint Liquidator Next Week GALVINS LIMITED: Members Final Meeting Later this Month GKS CATERING: Meeting of Members November G & P SCAFFOLDING: Sets Creditors' Meeting Next Week INDUSTRIAL CLAIMS: Calls for Meeting of Creditors KANE HOTEL: Joint Receivers to Present Report Next Week KSC PROPERTY: Winding up Resolutions Passed LION COMMODITIES: Creditors to Meet Next Week NEWGATE AIR: Members' Final Meeting Set Later this Month NEWMANS PRODUCE: May Appoint Liquidation Committee Next Week OKTAVA LIMITED: Names Chantrey Vellacott Administrator PROCOM ELECTRONICS: Hires Joint Administrators from Kingston REDMOUNT PROPERTIES: Interim Liquidator Holds Creditors' Meeting RICHARDSON & PATTINSON: Names Wilson Pitts Liquidator R L RUGGLES & SONS: Sets Creditors Meeting Mid-October SKYEPHARMA PLC: First-half Retained Losses Down to GBP10 Mln STRATEGIC FINANCIAL: Winding up Resolutions Passed THE INSTRUMENT: Names Grant Thornton Administrator WALJOHN VEHICLE: Members Meeting Set Next Month WOOD MORRIS: Special Winding up Resolution Passed ********* =========== F R A N C E =========== ELECTRICITE DE FRANCE: Selling Total Shares to Pay Down Debt ------------------------------------------------------------ State-owned power utility Electricite de France is planning to sell its 2.3% stake in oil company Total ahead of a mooted partial privatization next year. Some 15.265 million shares in the world's fourth largest oil group will be offered through an accelerated book-building process to qualified institutional investors, according to the Financial Times. The offering is expected to raise EUR2.6 billion (US$3.2 billion). Chairman Pierre Gadonneix, who was appointed only this month, is selling the stake to raise cash to trim down EdF's debt currently amounting to EUR24.4 billion. The decision is his first significant strategic move since his appointment. He is also tasked to find solution to the firm's large pension obligations, and avoid potentially costly put options at Edison in Italy. Electricite de France is being prepared for partial privatization through a capital increase by the end of 2005. The transaction will open as much as 30% of its capital to private investors, and provide funds to reinforce its balance sheet. CONTACT: ELECTRICITE DE FRANCE Edmond Alphandery, Chairman Phone: (33)1 40 42 22 22 Fax: (33)1 40 42 79 40 Web site: http://www.edf.fr/ VIVENDI UNIVERSAL: Board Approves First-half Results ---------------------------------------------------- The Board of Directors of Vivendi Universal (Paris Bourse: EX FP; NYSE: V), which met Wednesday, approved the financial statements for the first half of 2004 exactly as they were published on September 14, 2004. Following a presentation of the 2004 full year positive outlook, the Board indicated that it may, at the appropriate time, propose a dividend which should not be lower than EUR0.50 per share to be paid in 2005 based on 2004 earnings. * * * During the first half of 2004, Vivendi Universal reported operating income of EUR1,818 million; positive Adjusted net income of EUR467 million, versus a loss of EUR14 million; and net loss of EUR1,858 million, mainly negatively impacted by the non-cash foreign currency translation adjustment on the NBC-Universal transaction (EUR2,105 million). CONTACT: VIVENDI UNIVERSAL Media, Paris Antoine Lefort Phone: +33 (0) 1 71 71 11 80 Agnes Vetillart Phone: +33 (0) 1 71 71 30 82 Alain Delrieu Phone: +33 (0) 1 71 71 10 86 or New York Flavie Lemarchand Phone: +1-212-572-1118 or Investor Relations, Paris Daniel Scolan Phone: +33 (0) 1 71 71 32 91 Laurence Daniel Phone: +33 (0) 1 71 71 12 33 or New York Eileen McLaughlin Phone: +1-212-572-8961 ============= G E R M A N Y ============= ADMIRAL'S TOURISTIK: Under Bankruptcy Administration ---------------------------------------------------- The district court of Bremen opened bankruptcy proceedings against Admiral's Touristik Verwaltungsgesellschaft mbH on September 3. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 19, 2004 to register their claims with court-appointed provisional administrator Dipl.-Kaufmann Walter Spotter. Creditors and other interested parties are encouraged to attend the meeting on October 14, 2004, 10:35 a.m. at Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen (Berichtstermin) 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 November 11, 2004, 10:05 a.m. at Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen (Prufungstermin). CONTACT: ADMIRAL'S TOURISTIK VERWALTUNGSGESELLSCHAFT MBH Am Wall 116, 28195 Bremen (AG Bremen, HRB 9686) Contact: Hans-Detlef Wiese, Manager Muhlenweg 1, 28270 Schwanewede-Leuchtenburg Dipl.-Kaufmann Walter Spotter, Insolvency Manager Martinistr. 3, 28195 Bremen Phone: 0421/360800 Fax: 0421/321050 BITBURGER MASCHINENFABRIK: Bitburg Court Appoints Administrator --------------------------------------------------------------- The district court of Bitburg opened bankruptcy proceedings against Bitburger Maschinenfabrik Verwaltungsgesellschaft mbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 10, 2004 to register their claims with court-appointed provisional administrator Dr. Dr. Thomas B. Schmidt. Creditors and other interested parties are encouraged to attend the meeting on November 17, 2004, 10:30 a.m. at the district court of Bitburg at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on December 13, 2004, 10:30 a.m. at the same venue. CONTACT: BITBURGER MASCHINENFABRIK VERWALTUNGSGESELLSCHAFT MBH 54636 Messerich Contact: Wolfgang Kaldensky, Manager Bergstr. 18, 54636 Messerich Dr. Dr. Thomas B. Schmidt, Insolvency Manager Kalenfelsstr. 5a, 54290 Trier. DISTRICT COURT OF BITBURG Gerichtsstrasse 2/4, 54634 Bitburg CAMPANELLA BAUUNTERNEHMUNG: Insolvency Manager Takes over Helm -------------------------------------------------------------- The district court of Koln opened bankruptcy proceedings against construction firm Campanella Bauunternehmung GmbH on September 6. 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 Dr. Ralf Sinz. Creditors and other interested parties are encouraged to attend the meeting on November 23, 2004, 10:00 a.m. at the district court of Koln at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: CAMPANELLA BAUUNTERNEHMUNG GMBH Holzgasse 32, 50189 Elsdorf Contact: Giuseppe Campanella, Manager Dr. Ralf Sinz, Insolvency Manager Zeughausstr. 28 - 38, 50667 Koln Phone: 9 21 22 23 Fax: +492219212221 DISTRICT COURT OF KOLN Hauptstelle, Luxemburger Strasse 101 50939 Koln, 1. Etage, Saal 142 ESTLER GMBH: Metalworks Firm Under Bankruptcy Administration ------------------------------------------------------------ The district court of Dresden opened bankruptcy proceedings against metalworks company Estler GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 13, 2004 to register their claims with court-appointed provisional administrator Frank Rudiger Scheffler. Creditors and other interested parties are encouraged to attend the meeting on November 26, 2004, 10:30 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: ESTLER GMBH Adolphstrasse 50 in 01900 Grossrohrsdorf Frank Rudiger Scheffler, Insolvency Manager C.-D.-Friedrich-Str. 6, 01219 Dresden Web site: http://www.tiefenbacher.de DISTRICT COURT OF DRESDEN Saal D132, Olbrichtplatz 1, 01099 Dresden FELDER WOHNBAU: Court Appoints Schultze & Braun Administrator ------------------------------------------------------------- The district court of Dresden opened bankruptcy proceedings against Felder -- Ihr okologischer Bautrager -- 3. Wohnbau GmbH on August 30. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 11, 2004 to register their claims with court-appointed provisional administrator Harald Busshardt of Schultze & Braun. Creditors and other interested parties are encouraged to attend the meeting on November 29, 2004, 10:30 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: FELDER -- IHR OKOLOGISCHER BAUTRAGER -- 3. WOHNBAU GMBH Judeichstr. 6 in 01099 Dresden Contact: Hans Felder, Manager SCHULTZE & BRAUN Harald Busshardt, Insolvency Manager Boltenhagener Platz 9, 01109 Dresden Web site: http://www.schubra.de DISTRICT COURT OF DRESDEN Saal D 132 Olbrichtplatz 1, 01099 Dresden GEORG KUMMER: Applies for Bankruptcy Proceedings ------------------------------------------------ The district court of Erfurt opened bankruptcy proceedings against Georg Kummer Kofferfabrik GmbH on September 3. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 19, 2004 to register their claims with court-appointed provisional administrator Thomas Alter. Creditors and other interested parties are encouraged to attend the meeting on November 2, 2004, 1:30 a.m. at the district court of Erfurt at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: GEORG KUMMER KOFFERFABRIK GMBH Contact: Georg Kummer, Karl-Liebknecht-Str. 10, 98716 Geschwenda/Thur. Thomas Alter, Insolvency Manager Schillerstr. 2, 99096 Erfurt DISTRICT COURT OF ERFURT Saal 12, im Justizzentrum, Rudolfstr. 46, 99092 Erfurt INTERTAINMENT AG: Reverses Last Year's First-half Loss ------------------------------------------------------ Intertainment AG significantly improved its figures during the first quarter and, in the first half of 2004, the Group returned to profitability. Nevertheless, the consequences of the fraud perpetrated on Intertainment by U.S. film producer Franchise Pictures and others continue to impact negatively on the figures. During the first half of 2004, the Group posted net income for the first six months amounting to EUR2.3 million, following a loss of EUR4.8 million for the equivalent year-earlier period. Earnings before interest and taxes (EBIT) increased to EUR3.2 million (1st half year 2003: -EUR4.1 million). Earnings from ordinary activities were also positive during the first six months of 2004, rising to EUR1.9 million following on from -EUR4.3 million in the first half of 2003. Intertainment also achieved extraordinary earnings amounting to EUR1.3 million due to exchange-rate effects. During the first quarter of 2004, Intertainment recorded net income for the quarter amounting to EUR1.6 million after a loss of EUR2.8 million in the first quarter of 2003. EBIT was EUR2.5 million (year-earlier quarter: -EUR2.3 million) and earnings from ordinary activities amounted to EUR0.9 million (year-earlier quarter: -EUR2.5 million). Sales at Intertainment for the first six months rose to EUR17.3 million as revenues from exploitation of the thriller "Twisted" came onstream, after EUR2.0 million in the first six months of 2003. EUR16.3 million of the sales in the first half of 2004 were attributable to the second quarter of 2004. The financial burdens arising from the fraud perpetrated by Franchise Pictures exerted a particularly negative effect on the liquidity situation at Intertainment. On June 30, 2004, the Group had cash and cash equivalents amounting to EUR1 million, following on from EUR2.1 million on December 31, 2003. On August 31, 2004, cash and cash equivalents amounted to EUR1.6 million. CONTACT: INTERTAINMENT AG Investor Relations Osterfeldstrasse 84, 85737 Ismaning Germany Phone: +49 (0)89 21699-0 Fax: +49 (0)89 21699-11 Web site: http://www.intertainment.de E-mail: investor@intertainment.de KABEL DEUTSCHLAND: Senior Unsecured Issuer Rating Raised to B3 -------------------------------------------------------------- Moody's Investors Service has upgraded Kabel Deutschland GmbH's senior unsecured issuer rating to B3 from Caa1. It also raised the company's senior implied rating to Ba3 from B1, the US$610 million 10.625% senior notes due 2014 to B2 from B3, and the EUR250 million 10.750% senior notes due 2014 to B2 from B3. The outlook for all ratings is stable. The rating action follows Kabel's agreement to terminate its share purchase agreements to acquire the three remaining network Level 3 (NL3) German cable regions. The acquisition would have made the company highly leveraged. According to the rating agency, pro forma for the dividend payment allowed as a result of the termination of the purchase agreements, the firm's leverage will be approximately 4.7x net debt/EBITDA (last quarter annualized) relative to 5.3x as incorporated in Moody's original rating scenario for no acquisitions (5.4x for the acquisitions scenario). The upgrade also positively reflects Kabel's stable operating and financial progress through 30 June 2004. For the twelve months to June, the company reported revenues of approximately EUR1,050 million. CONTACT: KABEL DEUTSCHLAND GMBH Marco Gassen Phone: +49 (0)89 / 96 010 - 156 Fax: +49 (0)89 / 96 010 - 888 E-mail: marco.gassen@kabeldeutschland.de Web site: http://www.kabeldeutschland.de/ KARSTADTQUELLE AG: Union Opposes Job-cuts in Restructuring Plan --------------------------------------------------------------- Department store and mail order group KarstadtQuelle AG faces strong opposition from its works council and trade union Ver.di regarding its latest restructuring plan, Die Welt says. The plan entails job-cuts and a capital increase involving major shareholders Dresdner bank and Madeliene Schickedanz. KarstadtQuelle Chairman Christoph Achenbach announced Tuesday that management, creditor banks, employees and owners have struck a "solidarity" deal regarding the group's rescue plan. The company's supervisory board did not vote unanimously in favor of the plan. Mr. Achenbach said KarstadtQuelle's management is willing to accept a reduction in pay and in holiday benefits in order to show its solidarity with the workforce. 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 PROSIEBENSAT.1 MEDIA: Moody's Lifts Ratings to Ba1 from Ba2 ----------------------------------------------------------- Moody's Investors Service upgraded ProSiebenSat.1 Media AG's senior unsecured bond and senior implied ratings to Ba1 from Ba2. The rating action reflects ProSiebenSat.1's continuous progress in improving operational performance since its recapitalization in April. Moody's already factored in expectations that management will continue to diversify and strengthen the group's within the German TV market in the short-term. It, however, warned of potential risks associated with possible future investments. The Ba1 rating also factors in uncertainty about the medium to longer-term intentions of ProSiebenSat.1's principal financial shareholders with regard to their stakes, and the capital structure of the group. The ratings have a stable outlook as ProSiebenSat.1's ongoing upward momentum in operating performance balances residual uncertainty surrounding how the group's growing financial flexibility might be applied in future. CONTACT: PROSIEBENSAT.1 MEDIA AG Katja Pichler, Company Spokesperson Phone: +49 (89) 95 07-11 81 Fax: +49 (89) 95 07-11 84 E-mail: Katja.Pichler@ProSiebenSat1.com Web site: www.prosiebensat1.com/ SCHARLAU & SCHARLAU: Creditors' Claims Due Next Month ----------------------------------------------------- The district court of Leipzig opened bankruptcy proceedings against Scharlau & Scharlau Planungsgesellschaft mbH & Co. KG on September 9. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 6, 2004 to register their claims with court-appointed provisional administrator Michael C. Frege. Creditors and other interested parties are encouraged to attend the meeting on November 10, 2004, 2:45 p.m. at the district court of Leipzig 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. Scharlau & Scharlau trades as I-Plan-DESIGN GmbH & Co. KG. CONTACT: SCHARLAU & SCHARLAU PLANUNGSGESELLSCHAFT MBH & CO. KG Frickestr. 2, 04105 Leipzig SCHARLAU & SCHARLAU GMBH Contact: Dieter Scharlau, Manager (AG Leipzig, HRA 12530) Michael C. Frege, Insolvency Manager Augustusplatz 9, 04109 Leipzig DISTRICT COURT OF LEIPZIG Saal 101, Amtsgericht Leipzig WICH & CO.: Administrator's Report Out November ----------------------------------------------- The insolvency court of Hamburg opened bankruptcy proceedings against Wich & Co. GmbH on September 2. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 25, 2004 to register their claims with court-appointed provisional administrator. Creditors and other interested parties are encouraged to attend the meeting on November 25, 2004, 10:40 a.m. at the district court of Hamburg at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on December 9, 2004, 9:30 a.m. at the same venue. Wich sells electronic articles and spare parts particularly for marine vehicles. CONTACT: WICH & CO. GMBH Porgesring 41, 22113 Hamburg Reinhard Titz, Insolvency Manager Speersort 4/6, 20095 Hamburg Phone: 303010 Fax: 30301226 INSOLVENCY COURT OF HAMBURG Weidestrasse 122d, 22083 Hamburg Saal 1, 2. Ebene (Zi. 2.18) WOHNQUADRAT GMBH: Gives Creditors Two Weeks to File Claims ---------------------------------------------------------- The district court of Dresden opened bankruptcy proceedings against Wohnquadrat GmbH on August 30. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 11, 2004 to register their claims with court-appointed provisional administrator Harald Busshardt of Schultze & Braun. Creditors and other interested parties are encouraged to attend the meeting on November 29, 2004, 10:00 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: WOHNQUADRAT GMBH Judeichstr. 6 in 01099 Dresden Contact: Hans Felder, Manager SCHULTZE & BRAUN Harald Busshardt, Insolvency Manager Boltenhagener Platz 9, 01109 Dresden Web site: http://www.schubra.de DISTRICT COURT OF DRESDEN Saal D132, Olbrichtplatz 1, 01099 Dresden ============= H U N G A R Y ============= HUMET P.L.C.: Creditors Agree to Accept Shares as Payment --------------------------------------------------------- The board of dietary supplement maker, Humet, approved Tuesday a HUF7.2 million share issuance to be privately placed with creditors, MTI-Econews says. Creditors will purchase the shares, currently valued at HUF6 apiece, at HUF29 each. A key component of its restructuring plan, this capital increase will allow Humet to pay 15% of its debt in monthly or quarterly installments spread over two years. Elek Csuska Foundation, the company's largest creditor, has agreed to accept shares in 2005 as payment, the report says. Humet has been under bankruptcy protection since May and has prepared a new business plan, which the board will take up on October 12. Humet may still fall into liquidation as the biotech company has HUF265 million in tax debt and fines, according to a September 21 announcement by Ado-es Penzugyi Ellenorzesi Hivatal (APEH), the country's tax and financial agency. Humet booked first-half losses of HUF63 million and net revenues of HUF36 million. CONTACT: HUMET P.L.C. Phone: (+36 1) 39 22 61 Fax: (+36 1) 39 22 65 E-mail: humet@humet.hu Web site: http://www.humet.hu ============= I R E L A N D ============= ELAN CORPORATION: Seeks Approval for Antegren in Europe ------------------------------------------------------- Elan Corporation, plc and Biogen Idec submitted a Marketing Authorization Application to the European Medicines Agency for the approval of ANTEGREN(R) (natalizumab) as a treatment for Crohn's disease. Additionally, the companies presented new 12-month data from the Phase III maintenance trial, ENACT-2 (Evaluation of Natalizumab As Continuous Therapy-2), at the United European Gastroenterology Week meeting in Prague, Czech Republic, and these data were included in the filing. Data from ENACT-2 showed a sustained and clinically significant response throughout 12 months of extended natalizumab infusion therapy, confirming findings in patients who had previously shown a sustained response throughout six months (data presented at Digestive Disease Week in May, 2004). Maintenance of response was defined by a Crohn's Disease Activity Index (CDAI) score of less than 220, and less than 70-point increase from baseline, in the absence of rescue intervention throughout the study. Response was maintained by 54 percent (90/168) of patients treated with natalizumab compared to 20% (34/170) of those treated with placebo. In addition, 39 percent (51/130) of patients on natalizumab maintained clinical remission during the study period, versus 15 percent (18/120) of those on placebo. By the end of month 12, 49 percent (33/67) of natalizumab-treated patients who had previously been treated with corticosteroids were able to withdraw from steroid therapy compared to 20% (15/76) of placebo-treated patients. No notable difference in the overall rates of side effects between natalizumab and placebo treatment groups was observed through month 12. The safety profile seen in this trial was similar to that seen in previous natalizumab trials. The most frequently reported adverse events were headache, nasopharyngitis, nausea and abdominal pain. "This filing and the presentation of 12-month data from the ENACT-2 study represent important milestones in our development of natalizumab as a treatment for Crohn's disease, and we are committed to working closely with the European regulators to facilitate a thorough review of our submission and the supporting data," said Lars Ekman, MD, executive vice president and president, Research and Development, Elan. "We believe natalizumab can be an important therapy in this underserved patient population." "These findings suggest that natalizumab may sustain a significant level of efficacy and safety in the treatment of Crohn's disease," said Burt Adelman, MD, executive vice president, Development, Biogen Idec. "These data also reinforce natalizumab's potential across a range of immune-mediated diseases." ENACT-2 Study Findings This Phase III, double-blind, placebo-controlled, international maintenance trial of natalizumab in Crohn's disease enrolled responders from ENACT-1 (a three-month double-blind, placebo-controlled study in patients with moderately to severely active Crohn's disease). Natalizumab responders from ENACT-1 (339 patients) were re-randomized after the three-month study to one of two double-blind treatment groups: natalizumab (300 mg) or placebo, both administered monthly for a total of 12 months. The primary endpoint of ENACT-2 was sustained maintenance of response throughout the first six months of treatment. Findings from the initial six-months of ENACT-2 showed: (a) 61% (103/168) of natalizumab-treated patients exhibited sustained significant clinical response versus 28% (48/170) of patients re-randomized to receive placebo. (b) Clinical remission at six months was maintained by 44% (57/130) of patients receiving natalizumab versus 26% (31/120) of placebo patients. About ANTEGREN (natalizumab) Natalizumab, a humanized monoclonal antibody, is the first alpha-4 antagonist in the new selective adhesion molecule (SAM) inhibitor class. The drug is designed to inhibit the migration of immune cells into tissues where they may cause or maintain inflammation. To date, approximately 2,800 patients have received natalizumab in clinical trials. In placebo-controlled trials to date, in both Crohn's disease and MS, the most commonly reported adverse events in either group were headache, fatigue and nasopharyngitis. Elan and Biogen Idec are collaborating equally on the development of natalizumab in multiple sclerosis, Crohn's disease, and rheumatoid arthritis. Based on one-year Phase III data in MS, the companies have submitted applications for drug approval in the U.S. and Europe. The FDA has designated natalizumab for Priority Review and Accelerated Approval for the treatment of multiple sclerosis. In addition, a Phase II trial for rheumatoid arthritis is underway. About Crohn's Disease Approximately one million people worldwide have Crohn's disease, a chronic and progressive inflammatory disease of the gastrointestinal tract, which commonly affects both men and women. The disease usually causes diarrhea, crampy abdominal pain, often fever, and at times rectal bleeding. Loss of appetite and subsequent weight loss also may occur. Complications include narrowing of the intestine, obstruction, abscesses, and fistulas (abnormal channels connecting the intestine and other organs, including the skin), malnutrition and decreased growth rate in children. About Elan Elan is a neuroscience-based biotechnology company that is focused on discovering, developing, manufacturing, selling and marketing advanced therapies in neurodegenerative diseases, autoimmune diseases and severe pain. Elan's (NYSE: ELN) shares trade on the New York, London and Dublin Stock Exchanges. For additional information, about the company, please visit http://www.elan.com. About Biogen Idec Biogen Idec (NASDAQ: BIIB) creates new standards of care in oncology and immunology. As a global leader in the development, manufacturing, and commercialization of novel therapies, Biogen Idec transforms scientific discoveries into advances in human healthcare. For product labeling, press releases and additional information about the company, please visit http://www.biogenidec.com. CONTACT: ELAN CORPORATION Media Contacts Anita Kawatra Phone: 212-407-5740 or 800-252-3526 Investor Contacts: Emer Reynolds Phone: 353-1-709-4000 or 800-252-3526 BIOGEN IDEC Media Contacts: Amy Brockelman Phone: 617-914-6524 Investor Contacts: Elizabeth Woo Phone: 617-679-2812 ========= I T A L Y ========= ALITALIA SPA: Board Meeting Postponed Indefinitely -------------------------------------------------- The board of struggling national flag carrier Alitalia postponed its meeting today, says Agencia Giornalistica Italiana citing a note from the airline. The board is supposed to approve the company's first-half result, among others. Alitalia said the new date for the board meeting will be made known as soon as it becomes official. 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 CIRIO FINANZIARIA: Sells Cirio-De Rica Brand to Conserve Italia --------------------------------------------------------------- Cooperative Group Conserve Italia has agreed to buy The Cirio-De Rica-Sopragol Group for EUR168 million, according to Agenzia Giornalistica Italia. The sale price includes EUR155 million for the Cirio-De Rica branch, and EUR12.7 million enterprise value of Sopragol shares, the report said. The sale is still subject to the approval of the Italian government. The new owner plans to take the company public. Conserve Italia advisor Piero Gnudi, at a press conference announcing the deal, said: "In future, the new company, Conserve Mediterraneo may go public, since the banks' participation is 49%, and nor permanent." Cirio-De Rica includes the main asset of Italian food group Cirio Finanziaria, which was declared insolvent in 2003 after defaulting on its EUR1.1 billion bonds. VOLARE GROUP: Not Selling Charter Flight Operations --------------------------------------------------- Airline operator Volare group, owner of Volare Airlines and Air Europe, has ensured it will not sell its charter sector to Eurofly or other airlines, Agencia Giornalistica Italiana says. Volare president Mauro Gambaro said in a statement, "The charter segment represents a strategic asset of the group and its activities are an integrated part of the new industrial plan, whose guidelines were approved on September 17 by the board." Volare's new industrial plan entails developing two brands. These brands are Volareweb, which would take care of low-cost flights in Italy and Europe, and Air Europe, which would be in charge of long-haul flights. CONTACT: VOLARE GROUP S.p.A. Via Pirelli, 20 20124 Milan Phone: (+39) 02 673 631 Fax: (+39) 02 673 630 90 Web site: http://www.volare-group.it VOLARE GROUP: Eurofly Eyeing Charter Flight Business ---------------------------------------------------- Charter airline Eurofly has expressed interest in acquiring the charter flight business of troubled airline group Volare, Il Sole 24 Ore says. Eurofly also indicated that it is also interested in acquiring the whole Volare group, which includes its low-cost scheduled airline. Eurofly had reportedly broached the topic to Volare recently. Volare Group has hired the services of auditors KPMG to review its 2001, 2002 and 2003 accounts for possible irregularities. Currently under restructuring, the group is planning to execute a EUR60 million recapitalization and seek a EUR30 million bridging loan. Shareholders, who were supposed to approve the recapitalization Monday, opted to consider the matter later. CONTACT: VOLARE GROUP S.p.A. Via Pirelli, 20 20124 Milan Phone: (+39) 02 673 631 Fax: (+39) 02 673 630 90 Web site: http://www.volare-group.it =================== K A Z A H K S T A N =================== HALYK BANK: Upcoming Eurobond Rated 'BB-'; Outlook Positive ----------------------------------------------------------- Fitch Ratings assigned an expected long-term rating of 'BB-' to the upcoming Eurobond to be issued by Kazakhstan-based Halyk Bank, rated long-term 'BB-' (Positive Outlook), Short-term 'B', Individual 'D', and Support '3'. The rating is contingent upon receipt of final documentation conforming materially to information already received and the final rating will be confirmed at that time. Halyk is the third largest bank in Kazakhstan by assets and, in keeping with its roots as the former state savings bank, has the largest branch network in the country. The bank is now ultimately majority-owned by one politically well-connected individual. CONTACT: FITCH RATINGS Alexander Giles Phone: +44 20 7417 6330 Philip Smith, London Phone: +44 (0) 20 7417 4340 Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 ===================== N E T H E R L A N D S ===================== NUMICO N.V.: Reorganizing Clinical Nutrition Production Platform ---------------------------------------------------------------- Royal Numico N.V. plans to implement an optimization plan that will achieve economies of scale and enhance the focus and quality of the Clinical Nutrition manufacturing platform. The plan will lead to a reduction in the workforce of 125 FTE and will generate annualized net cost savings of EUR5 million by 2007. Numico's Clinical Nutrition products and related Clinical Application Systems (CAS) are currently manufactured at 9 different sites with multiple technologies. One of the objectives of [the] announced plan is to focus each plant on a limited number of technologies. As a result, the factory in Zoetermeer (the Netherlands) will solely focus on the manufacturing of liquid nutrition. The factory in Liverpool (U.K.) will focus on the manufacturing of disease specific powder products and gluten-free breads. Numico accordingly intends to close two gluten-free bakeries in the U.K. in the second half of 2005. In line with Numico's objective to focus on specialized nutrition, the manufacturing of generic and specialty CAS will be centralized in Wuxi (China) and Chatel (Switzerland). As a consequence, Numico intends to sell the CAS facility in Kampen (The Netherlands) before the end of 2005. A restructuring provision of EUR2.5 million will be taken in the third quarter 2004. The required capital is included in the previously indicated capital expenditure targets for 2004 and 2005. The optimization plan will reduce the workforce by 125 FTE and will generate net cost savings of EUR5 million by 2007. These cost savings will be used to finance various renovation and innovation initiatives. The improved efficiencies and enhanced focus on nutrition are in line with Numico's objective to becoming a high-growth, high-margin specialized nutrition company. Royal Numico is a specialized nutrition company with leading positions in Baby Food and Clinical Nutrition. The company operates in over 100 countries and employs approximately 10,500 people (http://www.numico.com). CONTACT: ROYAL NUMICO N.V. Corporate Communications Phone: +31 79 353 9931 Investor Relations Phone: +31 79 353 9003 =========== R U S S I A =========== ADAMOVKA-AGRO-PROM-ENERGO: Proofs of Claim Due Later this Month --------------------------------------------------------------- The Arbitration Court of Orenburg region has commenced bankruptcy proceedings against Adamovka-Agro-Prom-Energo after finding the limited liability company insolvent. The case is docketed as A47-177B/2001. Mr. A. Vorobyev has been appointed insolvency manager. Creditors have until October 20, 2004 to submit their proofs of claim to 462403, Russia, Orsk, Shkolnaya Str. 18-41. CONTACT: ADAMOVKA-AGRO-PROM-ENERGO Russia, Orenburg region, Adamovka, Energetikov Str. 1 Mr. A. Vorobyev Insolvency Manager 462403, Russia, Orsk, Shkolnaya Str. 18-41 BRATSK-POULTRY: Next Hearing Before Irkutsk Court Set December -------------------------------------------------------------- The Arbitration Court of Irkutsk region has commenced bankruptcy supervision procedure on LLC Bratsk-Poultry. The case is docketed as A19-7773/04-37. Mr. N. Kuzakov has been appointed temporary insolvency manager. Creditors have until October 20, 2004 to submit their proofs of claim to 664025, Russia, Irkutsk, Post User Box 3262. A hearing will take place at the Arbitration Court of Irkutsk region on December 12, 2004, 10:30 a.m. CONTACT: BRATSK-POULTRY 665709, Russia, Irkutsk region, Bratskiy region, Energetik, Gindina Str. 14, Apartment 70 Mr. N. Kuzakov Temporary Insolvency Manager 664025, Russia, Irkutsk, Post User Box 3262 The Arbitration Court of Irkutsk region 664025, Russia, Irkutsk, Gagarina Avenue, 70 DIAMOND: Kareliya Court Appoints Insolvency Manager --------------------------------------------------- The Arbitration Court of Kareliya republic has commenced bankruptcy supervision procedure on municipal unitary enterprise Diamond. The case is docketed as A26-4036/04-18. Mr. N. Mikhaylov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 185005, Russia, Kareliya republic, Petrozavodsk, Lunacharskogo, p/o 5, Post User Box 52. A hearing will take place at the Arbitration Court of Kareliya republic on November 5, 2004, 2:00 p.m. CONTACT: DIAMOND 186930, Russia, Kareliya republic, Kostromuksha, Kontoki Mr. N. Mikhaylov Temporary Insolvency Manager 185005, Russia, Kareliya republic, Petrozavodsk, Lunacharskogo, p/o 5, Post User Box 52 The Arbitration Court of Kareliya republic Russia, Kareliya republic, Petrozavodsk, Krasnoarmeyskaya Str. 24a, Hall 1 FERRO-CONCRETE GOODS: Declared Insolvent ---------------------------------------- The Arbitration Court of Kursk region has commenced bankruptcy proceedings against OJSC Ferro-Concrete Goods after finding the firm insolvent. The case is docketed as A35-401/04. Mr. Y. Akulshin has been appointed insolvency manager. Creditors may submit their proofs of claim to 455000, Russia, Chelyabinsk region, Magnitogorsk, 9th May Str. 12. CONTACT: Mr. Y. Akulshin Insolvency Manager Russia, Kursk, Institutskaya Str. 32E GIDRO-TEPLO-STROY: Insolvency Manager Takes over Operations ----------------------------------------------------------- The Arbitration Court of Orenburg region has commenced bankruptcy proceedings against CJSC Gidro-Teplo-Stroy after finding the firm insolvent. The case is docketed as A47-2953/2004-14GK. Mr. V. Dvornik has been appointed insolvency manager. Creditors have until October 20, 2004 to submit their proofs of claim to 460024, Russia, Orenburg, Turkestanskaya Str. 10A. CONTACT: GIDRO-TEPLO-STROY Russia, Orenburg, Promyshlennaya Str. 5/1 Mr. V. Dvornik Insolvency Manager 460024, Russia, Orenburg, Turkestanskaya Str. 10A METALLURG-REMONT: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------------------ The Arbitration Court of Orel region has commenced bankruptcy supervision procedure on OJSC Metallurg-Remont. The case is docketed as A48-4554/04-20B. Mr. A. Dezhin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 302010, Russia, Orel, Aviatsionnaya Str. 5. A hearing will take place on October 20, 2004, 10:30 a.m. CONTACT: METALLURG-REMONT Russia, Orel, Razdolnaya Str. 99 Mr. A. Dezhin Temporary Insolvency Manager 302010, Russia, Orel, Aviatsionnaya Str. 5 OREL-STROY: Appoints S. Romanchin Insolvency Manager ---------------------------------------------------- The Arbitration Court of Orel region has commenced bankruptcy proceedings against OJSC Orel-Stroy after finding the limited liability company insolvent. The case is docketed as A48-876/04-17B. Mr. S. Romanchin has been appointed insolvency manager. Creditors have until October 20, 2004 to submit their proofs of claim to: (a) Orel-Story Russia, Orel region, Orel region, Platonovskaya (b) Insolvency Manager 302004, Russia, Orel, 3rd Kurskaya Str. 15 (c) The Arbitration Court Of Orel Region 302021, Russia, Orel, S-Schedrina Str. 22 SECOND RESOURCES: Gives Creditors Three Weeks to File Claims ------------------------------------------------------------ The Arbitration Court of Arkhangelsk region has commenced bankruptcy proceedings against OJSC Second Resources after finding the firm insolvent. The case is docketed as A05-814/04-8. Mr. S. Matyugin has been appointed insolvency manager. Creditors have until October 20, 2004 to submit their proofs of claim to Russia, Arkhangelsk, K. Marksa Str., building 1, office 56. CONTACT: SECOND RESOURCES 164500, Russia, Arkhangelsk region, Severodvinsk, Gruzovoy Passage, 9 Mr. S. Matyugin Insolvency Manager Russia, Arkhangelsk, K. Marksa Str., building 1, office 56. The Arbitration Court of Arkhangelsk region Russia, Arkhangelsk, Loginova Str. 17 TOBOLSKIY CITY: Under Bankruptcy Supervision -------------------------------------------- The Arbitration Court of Tyumen region has commenced bankruptcy supervision procedure on CJSC Tobolskiy City Food Combine. The case is docketed as A70-5239/3-04. Mr. V. Tatarkin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to Russia, Tyumen, Chervishevskiy trakt, 94-81. CONTACT: TOBOLSKIY CITY FOOD COMBINE Russia, Tyumen region, Tobolsk, Bolshaya Sibirskaya Str. 50 Mr. V. Tatarkin Temporary Insolvency Manager Russia, Tyumen, Chervishevskiy trakt, 94-81 The Arbitration Court of Chelyabinsk region 454000, Russia, Chelyabinsk, Vorovskogo Str. 2 UST-ILIMSK-ENERGO-MECHANIZATION: Files for Bankruptcy ----------------------------------------------------- The Arbitration Court of Irkutsk region commenced bankruptcy proceedings against OJSC Ust-Ilimsk-Energo-Mechanization after finding the firm insolvent. The case is docketed as A19-4934/04-29. Mr. N. Sorokopud has been appointed insolvency manager. Creditors have until October 20, 2004 to submit their proofs of claim to 664023, Russia, Irkutsk region, Deputatskaya Str. 39, office 1. CONTACT: MAGNITOGORSKIY AUTO-CENTRE KAMAZ 666683, Russia, Irkutsk region, Ust-Ilimsk, Ust-Ilimskoye Shosse, 14, Post User Box 517 Mr. N. Sorokopud Insolvency Manager 664023, Russia, Irkutsk region, Deputatskaya Str. 39, Office 1 YUKOS OIL: Appeals Seizure of Yuganskneftegaz Shares ---------------------------------------------------- Yukos Oil is appealing the seizure of Yuganskneftegaz's shares in the cessation court. Moscow's Federal Court of Arbitration will hear the case October 18, according to MosNews. Shares in Yuganskneftegaz, the company's main production unit, were confiscated by the tax ministry in July as collateral for Yukos' RUB99.342 billion (US$3.4 billion) arrears. Yukos challenged the arrest and the Moscow Arbitration Court cancelled the order on August 6. Two week later, the court reversed its ruling. Yuganskneftegaz, which produces 60% of the company's total output, runs the risk of losing its license because of Yukos' non-payment of taxes. Deputy Minister of Natural Resources said Yukos' default on certain taxes is sufficient reason to withdraw Yuganskneftegaz's licenses. Authorities are examining the matter this week. Yuganskneftegaz has three months to comply once its licenses are revoked. Yukos previously appealed to the Moscow Arbitration Court to refer the tax ministry's case to the Arbitration Court of Khanty-Mansi autonomous district. A court spokeswoman said Yukos' executive unit is in Moscow so the case falls within Moscow's jurisdiction. CONTACT: YUKOS OIL International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru ===================== S W I T Z E R L A N D ===================== CONVERIUM AG: Unveils Rights Issue Timetable -------------------------------------------- Following the company's Extraordinary General Meeting capital increase approval, Converium announces its rights issue timetable: Rights issue timetable (a) October 1 Last trading day of shares "cum-rights" (b) October 4 (i) Beginning of purchase rights trading period; (ii) Beginning of purchase rights exercise period; and (iii) Shares trade "ex-rights" (c) October 11 End of purchase rights trading period (d) October 12 12:00 noon End of purchase rights exercise period (e) October 13 (i) First trading day of existing shares with new nominal value of CHF5 (ii) Listing and trading of new shares commences (f) October 15 Closing and settlement * * * Converium is an independent international multi-line reinsurer known for its innovation, professionalism and service. Today, Converium employs approximately 850 people in 23 offices around the globe and is organized into three business segments: Standard Property & Casualty Reinsurance, Specialty Lines and Life & Health Reinsurance. Converium Ltd. has a "BBB" rating (watch positive) from Standard & Poor's. Converium Holding Ltd has a "B++" (outlook negative) rating from A.M. Best Company. CONTACT: Michael Schiendorfer Media Relations Manager Phone: +41 1 639 9657 Fax: +41 1 639 7657 Zuzana Drozd Head of Investor Relations Phone: +41 1 639 9120 Fax: +41 1 639 7120 CONVERIUM AG: Financial Strength Rating Affirmed; Outlook Stable ---------------------------------------------------------------- A.M. Best Co. has affirmed the financial strength rating of B++ (Very Good) and upgraded the issuer credit rating (ICR) to "bbb+" from "bbb" of Converium AG (Switzerland) and certain rated subsidiaries. The under review status has been removed, and the outlook is stable for all ratings affected. This rating action follows shareholders' approval of Converium's fully underwritten CHF533 million (US$420 million) rights issue and reflects A.M. Best's evaluation of the company's latest business plan, which incorporates an estimated reduction in net premium written of over 50% in 2005. An offsetting factor in the rating is continuing risk from the company's reserves. The financial strength rating of B++ (Very Good) has been affirmed and the ICR upgraded to "bbb+" from "bbb" for these companies: (a) Converium AG (b) Converium Rueckversicherung (Deutschland) AG (c) Converium Insurance (U.K.) Ltd. The ICR of "bb+" of Converium Finance S.A. has been affirmed. Converium Finance S.A.'s US$200 million 8.25% guaranteed subordinated notes, due December 2032 (guaranteed by Converium Holding AG and Converium AG) has been upgraded to "bbb-" from "bb+". For a list of A.M. Best's debt ratings, please visit http://www.ambest.com/debt. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit http://www.ambest.com. CONTACT: A.M. BEST Public Relations: Jim Peavy Phone: 908-439-2200, ext. 5644 E-mail: james.peavy@ambest.com or Rachelle Striegel Phone: 908-439-2200, ext. 5378 E-mail: rachelle.striegel@ambest.com or Analysts: Miles Trotter Phone: +(44) 20 7626 6264 E-mail: miles.trotter@ambest.com or Philippe Picagne Phone: +(44) 20 7626 6264 E-mail: philippe.picagne@ambest.com or Jose Sanchez-Crespo Phone: +(44) 20 7626 6264 E-mail: jose.sanchez-crespo@ambest.com CONVERIUM AG: A.M. Best Lowers Ratings on North American Unit ------------------------------------------------------------- A.M. Best Co. has downgraded the financial strength rating to B (Fair) from B++ (Very Good) of Converium Insurance (North America) Inc. (CINA) (Fort Lee, NJ) following the latest announced business plan by its parent company, Converium AG (Switzerland). Concurrently, A.M. Best has downgraded the issuer credit rating to "b-" from "bb-" of Converium Holdings (North America) Inc. (CHNA) (Stamford, CT) and the issuer credit rating to "bb" from "bbb" of CINA. A.M. Best has also downgraded the debt rating to "b-" from "bb-"on CHNA's US$200 million 7.125% senior notes, due 2023 and originally issued by Zurich Reinsurance Center Holdings Inc. The ratings have been removed from under review and assigned a negative outlook. The financial strength rating of B- (Fair) and the issuer credit rating of "bb-"of Converium Reinsurance (North America) Inc. (CRNA) (Stamford, CT) remain unaffected. The rating downgrades are based on Converium management's plan to cease underwriting at CINA. Converium has indicated that CINA operations will be dormant for the foreseeable future, with no immediate plans of business activity. Earlier, Converium announced that additional capital would not be contributed to CINA as was originally planned. The additional capital injection was intended to support previously planned ongoing U.S. business written through CINA. However, Converium's current plan is to write all future ongoing U.S. business through Converium and its Bermuda branch. The downgrading of CHNA's debt rating is based on Converium's decision to make CINA's operations dormant and place CRNA's operations into runoff. These actions leave CHNA without an actively operating subsidiary to support required interest payments. A.M. Best anticipates that Converium will continue to service CHNA's debt. A.M. Best's financial strength rating for Converium is B++ (Very Good). The negative outlook reflects A.M. Best's opinion that Converium's North American franchise has been dramatically weakened and any possible future efforts to re-establish a viable business plan for the U.S. subsidiaries will deplete capital and operational focus from the European parent. For current Best's ratings, independent data and analysis on more than 3,000 individual property/casualty companies, groups and industry composites, please visit http://www.ambest.com/pc. For current Best's Ratings, independent data and analysis on more than 470 reinsurance companies, please visit http://www.ambest.com/reinsurance/. For a list of A.M. Best's debt ratings, please visit http://www.ambest.com/debtratings/. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit http://www.ambest.com. CONTACT: A.M. BEST CO. Public Relations Jim Peavy Phone: (908) 439-2200, ext. 5644 E-mail: james.peavy@ambest.com or Rachelle Striegel Phone: (908) 439-2200, ext. 5378 E-mail: rachelle.striegel@ambest.com or Analysts Peter Dickey Phone: (908) 439-2200, ext. 5053 E-mail: peter.dickey@ambest.com or Robert DeRose Phone: (908) 439-2200, ext 5453 E-mail: robert.derose@ambest.com ============= U K R A I N E ============= DONETSKNAFTOPRODUCT: Declared Insolvent --------------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against OJSC Donetsknaftoproduct (code EDRPOU 01236609) on June 30, 2004 after finding the enterprise insolvent. The case is docketed as 33/107 B. Mr. E. Pertsov (License Number AA 047749) has been appointed liquidator/insolvency manager. Creditors have until October 7, 2004 to submit their proofs of c laim to: (a) DONETSKNAFTOPRODUCT Ukraine, Donetsk region, Ovnatonyan Str. 3 (b) Mr. E. Pertsov Liquidator/Insolvency Manager Ukraine, Donetsk region, Komsomolskij Avenue, 28/94 (c) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 GALOL: Lviv Court Brings in Temporary Insolvency Manager -------------------------------------------------------- The Economic Court of Lviv region has commenced bankruptcy supervision procedure on OJSC Galol (code EDRPOU 00151650). The case is docketed as 7/6-7/7. Arbitral manager Mrs. Galina Kovalko (License Number AA 250455 approved on May 16, 2002) has been appointed temporary insolvency manager. The company holds account number 26007301480004 at JSCB National credit, Drogobich branch. Creditors have until October 7, 2004 to submit their proofs of claim to: (a) GALOL 82100, Ukraine, Lviv region, Drogobich, Trusha Str. 15 (b) Mrs. Galina Kovalko Temporary Insolvency Manager Ukraine, Lviv region, Chervonograd, Klusivska Str. 18/29 (c) ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 GERAT: Vinnitsya Court Appoints Liquidator ------------------------------------------ The Economic Court of Vinnitsya region commenced bankruptcy proceedings against Gerat (code EDRPOU 32100788) on August 19, 2004 after finding the limited liability company insolvent. The case is docketed as 5/428-04. Arbitral manager Mr. O. Kubryak (License Number AA 315402 approved on July 18, 2002) has been appointed liquidator/insolvency manager. The company holds account number 26005349801 at JSB Energobank, MFO 302731. CONTACT: Mr. O. Kubryak Liquidator/Insolvency Manager Ukraine, Vinnitsya region, Hmilnik, Kotlyarevskij Str. 84/65 ECONOMIC COURT OF VINNITSYA REGION 21000, Ukraine, Vinnitsya region, Hmelnitske Shose, 7 SITRON-SOUTH: Bankruptcy Proceedings Begin ------------------------------------------ The Economic Court of Mikolaiv region commenced bankruptcy proceedings against Sitron-South (code EDRPOU 32391272) on August 26, 2004 after finding the limited liability company insolvent. The case is docketed as 2/208. Mrs. I. Zhivotovska (License Number AA 419488 approved on December 10, 2002) has been appointed liquidator/insolvency manager. The company holds account number 26002054200405 at CB Privatbank, Mikolaiv branch. Creditors have until October 7, 2004 to submit their proofs of claim to: (a) SITRON-SOUTH 54001, Ukraine, Mikolaiv region, Lenin Avenue, 107 (b) ECONOMIC COURT OF MIKOLAIV REGION 54009, Ukraine, Mikolaiv region, Admiralska Str. 22 STEPANIVSKE: Proofs of Claim Deadline Expires Next Week ------------------------------------------------------- The Economic Court of Sumi region commenced bankruptcy supervision procedure on LLC Stepanivske (code EDRPOU 30621523) on July 30, 2004. The case is docketed as 6/92-04. Arbitral manager Mr. Mikola Kaluzhnij (License Number AA 630148 approved on May 24, 2004) has been appointed temporary insolvency manager. The company holds account number 26002319077001 at CB Privatbank, Sumi branch, MFO 337546. Creditors have until October 7, 2004 to submit their proofs of claim to: (a) STEPANIVSKE Ukraine, Sumi region, Sumi district, Stepanivka, Centralna Str. 23A (b) Mr. Mikola Kaluzhnij Temporary Insolvency Manager 41800, Ukraine, Sumi region, Bilopillya, K. Libkneht Str. 43 (c) ECONOMIC COURT OF SUMI REGION 40030, Ukraine, Sumi region, Ribalko Str. 2 TRIADA PRIVAT: Under Bankruptcy Supervision ------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy supervision procedure on LLC Triada Privat (code EDRPOU 31169855) on July 16, 2004. The case is docketed as 24/360-b. Arbitral manager Mrs. Alla Dudarenko (License Number AA 668337 approved on October 27, 2003) has been appointed temporary insolvency manager. The company holds account number 260063011168 at JSB National investments, MFO 300498. CONTACT: TRIADA PRIVAT Ukraine, Kyiv region, Tolstij Str. 25 Mrs. Alla Dudarenko Temporary Insolvency Manager Ukraine, Kyiv region, Rudnyeva Str. 49/20-77 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B UKRPARFUMFARM: Temporary Insolvency Manager Takes over Helm ----------------------------------------------------------- The Economic Court of Cherkassy region has commenced bankruptcy supervision procedure on LLC Ukrparfumfarm (code EDRPOU 30769326). The case is docketed as 01/2589. Arbitral manager Mr. Volodimir Rekun has been appointed temporary insolvency manager. The company holds account number 26001020259 at JSC Credit Bank Ukraine, Cherkassy branch, MFO 354466. CONTACT: UKRPARFUMFARM Ukraine, Cherkassy region, Cherkassy district, Verguni, Z. Kosmodemyanska Str. 45 Mr. Volodimir Rekun Temporary Insolvency Manager Ukraine, Cherkassy region, Ilyin Str. 330/16 Phone: 35-00-92 ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue, 307 =========================== U N I T E D K I N G D O M =========================== ABSOLUTE INTERNET: Names Joint Liquidators from Begbies Traynor --------------------------------------------------------------- At an extraordinary general meeting of the members of the Absolute Internet Limited on September 17, 2004 held at The Croydon Park Hotel, 7 Altyre Road, Croydon CR9 5AA, the extraordinary and ordinary resolutions to wind up the company were passed. Nicholas Roy Hood and Paul Michael Davis of Begbies Traynor (South) LLP, 32 Cornhill, London EC3V 3LJ have been appointed joint liquidators of the company for the purpose of the voluntary winding-up. CONTACT: BEGBIES TRAYNOR (SOUTH) LLP 32 Cornhill, London EC3V 3BT Joint Liquidators: Nicholas Roy Hood Paul Michael Davis Phone: 020 7398 3800 Fax: 020 7398 3799 Web site: http://www.begbies.com AJS CONTRACTORS: Hires David Rubin & Partners as Liquidator ----------------------------------------------------------- At an extraordinary meeting of the members of the AJS Contractors (Norfolk) Limited on September 22, 2004 held at the offices of David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY, the extraordinary resolution to wind up the company was passed. Lane Bednash of David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY has been nominated liquidator for the purposes of such winding-up. CONTACT: DAVID RUBIN & PARTNERS Pearl Assurance House, 319 Ballards Lane, London N12 8LY AMAZON (CONSTRUCTION): In Administrative Receivership ----------------------------------------------------- RDM Factors Limited called in Geoffrey Paul Rowley and Kevin John Hellard as joint administrative receivers for Amazon (Construction) Limited (Reg No 04059296, Trade Classification: 7450). The application was filed September 17, 2004. Formerly named Amazon Personnel Ltd. the company is engaged in labor recruitment. CONTACT: RSM ROBSON RHODES LLP 186 City Road, London EC1V 2NU Joint Administrative Receivers: Geoffrey Paul Rowley Kevin John Hellard (Office Holder Nos 8919, 8833) Phone: +44 (0) 20 7251 1644 Fax: +44 (0) 20 7250 0801 Web site: http://www.robsonrhodes.co.uk ARGYLE VENDING: Extraordinary Winding up Resolution Passed ---------------------------------------------------------- At an extraordinary general meeting of the Argyle Vending Services Limited on September 16, 2004 held at the offices of Ideal Corporate Solutions Limited, Tarleton House, 112A-116 Chorley New Road, Bolton BL1 4DH, the extraordinary resolution to wind up the company was passed. Andrew David Rosler of Ideal Corporate Solutions Limited, Tarleton House, 112A-116 Chorley New Road, Bolton BL1 4DH has been appointed liquidator for the purpose of such winding-up. CONTACT: IDEAL CORPORATE SOLUTIONS LIMITED Tarleton House, 112A-116 Chorley New Road, Bolton BL1 4DH ARTERY STARK: Calls in Liquidators from Geoffrey Martin & Co. ------------------------------------------------------------- At an extraordinary general meeting of the Artery Stark Limited on September 22, 2004 held at 8-12 Brook Street, London W1K 5BU, the extraordinary and ordinary resolutions to wind up the company were passed. Stephen Goderski of the firm of Geoffrey Martin & Co, 8-12 Brook Street, London W1K 5BU has been appointed as liquidator of the company. CONTACT: GEOFFREY MARTIN & CO 8-12 Brook Street, London W1K 5BU B A R ENTERPRISES: Creditors May Form Committee Next Week --------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF B A R Enterprises Ltd. Notice is hereby given that a Meeting of Creditors of B A R Enterprises Ltd. is to be held at Tenon House Ferryboat Lane Sunderland SR5 3JN on October 5, 2004 at 11:00 a.m. to consider my proposals under section 23(1) of the Insolvency Act 1986, and to consider establishing a Creditors' Committee. A person is entitled to vote at the Meeting only if he has submitted details of his claim to the Administrator at Tenon House Ferryboat Lane Sunderland SR5 3JN not later than 12 noon the business day before the meeting. A proxy form should be completed and returned by the date of the Meeting, if you cannot attend the Meeting and wish to be represented. A copy of my proposals is available, on written request, to the Administrator Tenon House Ferryboat Lane Sunderland SR5 3JN. I. W. Kings, Administrator September 17, 2004 CONTACT: TENON RECOVERY Tenon House Ferryboat Lane Sunderland SR5 3JN Phone: 0191 511 5000 Fax: 0191 511 5001 E-mail: sunderland@tenongroup.com Web site: http://www.tenongroup.com BULLIMORE UNDERWRITING: Hires Carter Backer Winter Administrator ---------------------------------------------------------------- John Alfred George Alexander and Melvyn Julian Carter have been appointed as joint administrators for Bullimore Underwriting Agency Limited. The appointment was made September 20, 2004. The insurance broker's registered office is located at Enterprise House, 21 Buckle Street, London E1 8NN. CONTACT: CARTER BACKER WINTER Enterprise House, 21 Buckle Street, London E1 8NN Joint Administrators: John Alfred George Alexander Melvyn Julian Carter (IP Nos 5053, 5775) Phone: + 44 (0) 20 7309 3800 Fax: + 44 (0) 20 7309 3801 E-mail: info@cbw.co.uk Web site: http://www.cbw.co.uk CENTURY 21: Calls in Liquidator from Begbies Traynor ---------------------------------------------------- At an extraordinary general meeting of the Century 21 Security Services Limited on September 17, 2004 held at the offices of Begbies Traynor, The Old Exchange, 234 Southchurch Road, Southend on Sea, Essex SS1 2EG, the subjoined extraordinary resolution to wind up the company was passed. Lloyd Biscoe of Begbies Traynor, The Old Exchange, 234 Southchurch Road, Southend on Sea, Essex SS1 2EG has been appointed liquidator for the purpose of such winding-up. CONTACT: BEGBIES TRAYNOR The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG Phone: 01702 467255 Fax: 01702 467201 E-mail: southend@begbies-traynor.com Web site: http://www.begbies.com CIAO TRAVEL: Subjoined Winding up Resolution Passed --------------------------------------------------- At an extraordinary general meeting of the Ciao Travel Limited on September 21, 2004 held at 641 Green Lanes, London N8 0RE, the subjoined extraordinary resolution to wind up the company was passed. Ninos Koumettou of Alexander Lawson & Co, 641 Green Lanes, London N8 0RE has been appointed liquidator for the purpose of such winding-up. CONTACT: ALEXANDER LAWSON & CO 641 Green Lanes, London N8 0RE Phone: 020 8348 0183 COMPACT DISPLAYS: Calls in Liquidator ------------------------------------- At an extraordinary general meeting of the members of the Compact Displays Limited on September 20, 2004 held at Station House, Midland Drive, Sutton Coldfield, West Midlands B72 1TU, the extraordinary and ordinary resolutions to wind up the company were passed. Gerald Irwin has been appointed liquidator for the purpose of such winding-up. COUNTRY HOTELS: Joint Administrator to Meet Creditors Next Week --------------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Country Hotels of Scotland Ltd. Notice is hereby given that a Meeting of Creditors of Country Hotels of Scotland Ltd. is to be held at Merchants House of Glasgow 7 West George Street Glasgow G2 1BA on October 5, 2004 at 11:00 a.m. to consider my proposals under section 23(1) of the Insolvency Act 1986, and to consider establishing a Creditors' Committee. A person is entitled to vote at the Meeting only if he has submitted details of his claim to the Administrator at Lomond House 9 George Square Glasgow G2 1QQ not later than 12:00 noon the business day before the meeting. A proxy form should be completed and returned by the date of the Meeting, if you cannot attend the Meeting and wish to be represented. A copy of my proposals is available, on written request, to the Administrator Lomond House 9 George Square Glasgow G2 1QQ. James B. Stephen, Joint Administrator September 15, 2004 CONTACT: DELOITTE & TOUCHE L.L.P. Lomond House 9 George Square Glasgow G2 1QQ Phone: +44 (0)141 204 2800 Fax: +44 (0)141 314 5893 Web site: http://www.deloitte.com CRUSADER FOAM: Appoints Tenon Recovery Liquidator ------------------------------------------------- At an extraordinary general meeting of the Crusader Foam Limited on September 17, 2004 held at Tenon House, Ferryboat Lane, Sunderland SR5 3JN, the subjoined extraordinary resolution to wind up the company was passed. Ian William Kings of Tenon Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN has been appointed liquidator for the purpose of such winding-up. CONTACT: TENON RECOVERY Tenon House Ferryboat Lane, Sunderland SR5 3JN Liquidator: Ian William Kings Phone: 0191 511 5000 Fax: 0191 511 5001 Web site: http://www.tenongroup.com DALMAR PROPERTIES: Calls in Liquidator -------------------------------------- At an extraordinary general meeting of the Dalmar Properties Limited on September 10, 2004 held at 12 Devereux Court, London WC2R 3JL, the special, ordinary and extraordinary resolutions to wind up the company were passed. David Norman Kaye of Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB has been appointed liquidator for the purpose of such winding-up. CONTACT: David Norman Kaye Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB DAVE O'KEEFE & CO: Names Joint Administrators from Stoy Hayward --------------------------------------------------------------- Name of Companies: Dave O'Keeffe & Co (Builders Merchants) Limited Dave O'Keefe & Co Limited Dave O'Keeffe & Co (Plant Hire) Limited W.R. Contracts Limited W R Site Services Limited Martha H Thompson and Shay Bannon have been appointed as joint administrators for these companies. The appointment was made September 17, 2004. The companies are engaged in general construction and civil engineering. Its registered office (for all companies) is located at Beacon House, 1 Greenlea Park Industrial Estate, Prince George's Road, London SW19 2JD. CONTACT: BDO STOY HAYWARD LLP Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX Joint Administrators: Martha H Thompson Shay Bannon (IP Nos 8678/01, 5694/01) Phone: 0118 925 4400 Fax: 0118 925 4470 E-mail: reading@bdo.co.uk Web site: http://www.bdostoyhayward.co.uk EWINGTON HOTEL: Creditors to Vote on Administrator's Proposals -------------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF The Ewington Hotel Co Ltd. Notice is hereby given that a Meeting of Creditors of The Ewington Hotel Co Ltd. is to be held at Merchants House of Glasgow 7 West George Street Glasgow G2 1BA on October 5, 2004 at 10:30 a.m. to consider my proposals under section 23(1) of the Insolvency Act 1986, and to consider establishing a Creditors' Committee. A person is entitled to vote at the Meeting only if he has submitted details of his claim to the Administrator at Lomond House 9 George Square Glasgow G2 1QQ not later than 12:00 noon the business day before the meeting. A proxy form should be completed and returned by the date of the Meeting, if you cannot attend the Meeting and wish to be represented. A copy of my proposals is available, on written request, to the Administrator Lomond House 9 George Square Glasgow G2 1QQ. James B. Stephen, Joint Administrator September 15, 2004 CONTACT: DELOITTE & TOUCHE L.L.P. Lomond House 9 George Square Glasgow G2 1QQ Phone: +44 (0)141 204 2800 Fax: +44 (0)141 314 5893 Web site: http://www.deloitte.com EXCITE UK: Sets General Meeting November ---------------------------------------- The general meeting of the contributories of Excite UK Limited will be on November 1, 2004 commencing at 11:00 a.m. It will be held at the offices of Tenon Recovery, Sherlock House, 73 Baker Street, London W1U 6RD. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. CONTACT: TENON RECOVERY Sherlock House 73 Baker Street London W1U 6RD Phone: 020 7935 5566 Fax: 020 7935 3512 E-mail: bakerstreet@tenongroup.com Web site: http://www.tenongroup.com FABRICS NORTH: Creditors May Appoint Liquidator Next Week -------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Fabrics (North East) Ltd. Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a meeting of Creditors of Fabrics (North East) Ltd. will be held at Tenon House Ferryboat Lane Sunderland SR5 3JN on October 5, 2004 at 11:00 a.m. for the purpose of having a full statement of the position of the Company's affairs, together with a list of the Creditors of the Company and the estimated amount of their claims, laid before them, and for the purpose, if thought fit, of nominating a Liquidator and of appointing a Liquidation Committee. (Sections 99-101 of the said Act) In accordance with section 98 (2) Insolvency Act 1986, a list of Creditors' names and addresses will be available for inspection, free of charge, at Tenon Recovery, Tenon House Ferryboat Lane Sunderland SR5 3JN two business days prior to the meeting. By Order of the Board. D. K. Peel, Director September 16, 2004 CONTACT: TENON RECOVERY Tenon House Ferryboat Lane Sunderland SR5 3JN Phone: 0191 511 5000 Fax: 0191 511 5001 E-mail: sunderland@tenongroup.com Web site: http://www.tenongroup.com GALVINS LIMITED: Members Final Meeting Later this Month ------------------------------------------------------- Name of Companies: Galvins Limited Glidemace Limited J Hunt (Butchers) Limited J Hunt (Wholesale Butchers) Limited The final meeting of the members of these companies will be on October 29, 2004 commencing at 3:00 p.m. It will be held at Herschel House, Herschel Street, Slough, Berkshire SL1 1PG. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the companies disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Oury Clark, Herschel House, Herschel Street, Slough, Berkshire SL1 1PG not later than 12:00 noon, October 28, 2004. CONTACT: OURY CLARK Herschel House, Herschel Street, Slough, Berkshire SL1 1PG Joint Liquidator: R A Oury Web site: http://www.ouryclark.com GKS CATERING: Meeting of Members November ----------------------------------------- The general meeting of the members of GKS Catering Group Limited will be on November 5, 2004 commencing at 10:00 a.m. It will be held at Baker Tilly, Spectrum House, 20-26 Cursitor Street, London EC4A 1HY. 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 Baker Tilly, Spectrum House, 20-26 Cursitor Street, London EC4A 1HY not later than 12:00 noon, November 4, 2004. CONTACT: BAKER TILLY Spectrum House, 20-26 Cursitor Street, London EC4A 1HY Liquidator: S P J Wadsted Phone: 020 7405 2088 Fax: 020 7831 2206 Web site: http://www.bakertilly.co.uk G & P SCAFFOLDING: Sets Creditors' Meeting Next Week ---------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF G & P Scaffolding Ltd. Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a meeting of Creditors of G & P Scaffolding Ltd. will be held at Beaufort House 94-96 Newhall Street Birmingham B3 1PB on October 5, 2004 at 11:00 a.m. for the purpose of having a full statement of the position of the Company's affairs, together with a list of the Creditors of the Company and the estimated amount of their claims, laid before them, and for the purpose, if thought fit, of nominating a Liquidator and of appointing a Liquidation Committee. (Sections 99-101 of the said Act) In accordance with section 98 (2) Insolvency Act 1986, a list of Creditors' names and addresses will be available for inspection, free of charge, at Moore Stephens, Beaufort House 94-96 Newhall Street Birmingham B3 1PB two business days prior to the meeting. By Order of the Board. G. Foster, Director September 17, 2004 CONTACT: MOORE STEPHENS Beaufort House 94-96 Newhall Street Birmingham, B3 1PB Phone: 0121 233 2557 E-mail: nigel.price@moorestephens.com Web site: http://www.moorestephens.co.uk INDUSTRIAL CLAIMS: Calls for Meeting of Creditors ------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Industrial Claims Consultants Ltd. Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a meeting of Creditors of Industrial Claims Consultants Ltd. will be held at 24 Wellington Street St. Johns Blackburn BB1 8AF on October 5, 2004 at 11:15 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 24 Wellington Street St. Johns Blackburn BB1 8AF 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 24 Wellington Street St. Johns Blackburn BB1 8AF 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 DTE Leonard Curtis, 24 Wellington Street St. Johns Blackburn BB1 8AF two business days prior to the meeting. By Order of the Board. G. Ahmed, Director September 15, 2004 CONTACT: DTE LEONARD CURTIS 24 Wellington Street St. Johns Blackburn BB1 8AF Tel: 01254 699799 Fax: 01254 699130 Web site: http://www.dtegroup.com KANE HOTEL: Joint Receivers to Present Report Next Week ------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Kane Hotel Ltd. (in Receivership) Notice is hereby given, pursuant to Section 67 of the Insolvency Act 1986, that a meeting of creditors of Kane Hotel Ltd. will be held at Merchants House of Glasgow 7 West George Street, Glasgow G2 1BA on October 5, 2004 at 10:00 a.m. for the purposes of presenting the Report of the Joint Receivers and, should the meeting think fit, of determining whether or not to establish a Committee of Creditors and who are to be the Members of that Committee, if established. Creditors whose claims are unsecured, in whole or in part, are entitled to attend and vote in person or by proxy providing that their claims (and proxies) have been submitted and accepted at the Meeting or lodged beforehand at the address below. A resolution will be passed when a majority of those voting have voted in favor of it. Notice is hereby given, pursuant to the section 67(2)(b) of the Insolvency Act 1986 that any unsecured creditor wishing to obtain a copy of the Report prepared by the Receiver, free of charge, should write to the address below. Ian A. Brown & James B. Stephen, Joint Receivers September 15, 2004 CONTACT: DELOITTE & TOUCHE L.L.P. Lomond House 9 George Square Glasgow G2 1QQ Phone: +44 (0)141 204 2800 Fax: +44 (0)141 314 5893 Web site: http://www.deloitte.com KSC PROPERTY: Winding up Resolutions Passed ------------------------------------------- At an extraordinary general meeting of the KSC Property Management Limited on September 15, 2004 held at 43-45 Butts Green Road, Hornchurch, Essex RM11 2JX, the special and ordinary resolutions to wind up the company were passed. Jeremy Stuart French of Vantis Redhead French, 43-45 Butts Green Road, Hornchurch, Essex RM11 2JX has been appointed liquidator for the purpose of such winding-up. CONTACT: VANTIS REDHEAD FRENCH 43-45 Butts Green Road, Hornchurch, Essex RM11 2JX Liquidator: Jeremy Stuart French LION COMMODITIES: Creditors to Meet Next Week --------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Lion Commodities Ltd. Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a meeting of Creditors of Lion Commodities Ltd. will be held at 101 Barbirolli Square Lower Mosley Street Manchester M2 3PW on October 5, 2004 at 3:15 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 101 Barbirolli Square Lower Mosley Street Manchester M2 3PW 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 101 Barbirolli Square Lower Mosley Street Manchester M2 3PW 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 PricewaterhouseCoopers L.L.P., 101 Barbirolli Square Lower Mosley Street Manchester M2 3PW two business days prior to the meeting. By Order of the Board. Mr. Wrong, Director September 17, 2004 CONTACT: PRICEWATERHOUSECOOPERS L.L.P. 101 Barbirolli Square Lower Mosley Street Manchester M2 3PW Phone: [44] (161) 236 9191 Fax: [44] (161) 247 4000 (ABAS) 245 2902/3/6/7 (TLS) 245 2910(MCS) 245 2905 (FAS) Web site: http://www.pwcglobal.com NEWGATE AIR: Members' Final Meeting Set Later this Month -------------------------------------------------------- The final meeting of the members of Newgate Air Systems Limited will be on October 29, 2004 commencing at 10:00 a.m. It will be held at the offices of Robson Laidler LLP, Fernwood House, Fernwood Road, Jesmond, Newcastle upon Tyne. 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 Robson Laidler LLP, Fernwood House, Fernwood Road, Jesmond, Newcastle upon Tyne not later than 12:00 noon, October 28, 2004. CONTACT: ROBSON LAIDLER LLP Fernwood House, Fernwood Road, Jesmond, Newcastle upon Tyne Liquidator: W Paxton Phone: 0191 281 8191 NEWMANS PRODUCE: May Appoint Liquidation Committee Next Week ------------------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Newmans Produce Ltd. Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a meeting of Creditors of Newmans Produce Ltd. will be held at Ascension House Crown Square First Avenue Burton-on-Trent on October 5, 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 City Plaza Temple Row Birmingham B2 5AF 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 City Plaza Temple Row Birmingham B2 5AF 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 Baker Tilly, City Plaza Temple Row Birmingham B2 5AF two business days prior to the meeting. By Order of the Board. E. J. Newman, Director September 16, 2004 CONTACT: BAKER TILLY City Plaza Temple Row Birmingham B2 5AF Phone: 0121 214 3100 Fax: 0121 214 3101 E-mail: gary.moreton@bakertilly.co.uk Web site: http://www.bakertilly.co.uk OKTAVA LIMITED: Names Chantrey Vellacott Administrator ------------------------------------------------------ Kenneth W Touhey and David J Oprey have been appointed joint administrators for Oktava Limited. The date of appointment was made September 21, 2004. The company imports and distributes sound equipment. CONTACT: CHANTREY VELLACOTT DFK 16-17 Boundary Road, Hove, East Sussex BN3 4AN Joint Administrators: Kenneth W Touhey David J Oprey (IP Nos 8369, 5814) Phone: 01273 421200 E-mail: info_hove@chantrey-vellacott.com Web site: http://www.cvdfk.com PROCOM ELECTRONICS: Hires Joint Administrators from Kingston ------------------------------------------------------------ Ian Robert and Nicholas John Miller have been appointed as joint administrators for Procom Electronics Limited. The appointment was made September 21, 2004. The company retails electrical goods. CONTACT: KINGSTON SMITH AND PARTNERS LLP Devonshire House, 60 Goswell Road, London EC1M 7AD Joint Administrators: Ian Robert Nicholas John Miller (IP Nos 008706, 007899) Phone: 020 7566 4000 Fax: 020 7566 4010 Web site: http://www.kingstonsmith.co.uk REDMOUNT PROPERTIES: Interim Liquidator Holds Creditors' Meeting ---------------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Redmount Properties Ltd. (in Liquidation) I, of Grant Thornton 95 Bothwell Street Glasgow G2 7JZ hereby give notice that I was appointed Interim Liquidator of Redmount Properties Ltd. on August 31, 2004 by the Interlocutor of the Sheriff at Sheriff of Lothian. The first meeting in the liquidation called in terms of Section 138(4) of the Insolvency Act 1986 and in accordance with Rule 4.12 of the Insolvency (Scotland) Rules 1986, will be held at 1/4 Atholl Crescent Edinburgh EH3 8LQ on October 5, 2004 at 11:00 a.m. for the purpose of choosing a liquidator, appointing a Liquidation Committee and considering the other Resolutions specified in Rule 4.12(3) of the aforementioned Rules. Creditors are entitled to vote at the meeting only if they have lodged their claim with me at or before the meeting. Creditors may vote either in person or by proxy form, which may be lodged with me at or before the meeting. Robert Caven, Interim Liquidator September 10, 2004 CONTACT: GRANT THORNTON U.K. LLP 1/4 Atholl Crescent Edinburgh EH3 8LQ Phone: 0131 229 9181 Fax: 0131 229 4560 Web site: http://www.grant-thornton.co.uk RICHARDSON & PATTINSON: Names Wilson Pitts Liquidator ----------------------------------------------------- At an extraordinary general meeting of the members of the Richardson & Pattinson Limited on September 17, 2004 held at Sagars, Elizabeth House, Queen Street, Leeds LS1 2TW, the special resolution to wind up the company was passed. D F Wilson and J N R Pitts have been appointed joint liquidators for the purpose of such winding-up. CONTACT: WILSON PITTS Phone: 0113-2375560 Fax: 0113-2375561 Web site: http://www.wilson-pitts.co.uk R L RUGGLES & SONS: Sets Creditors Meeting Mid-October ------------------------------------------------------ The creditors of R L Ruggles & Sons Limited will meet on October 11, 2004 commencing at 2:00 p.m. It will be held at Numerica, 66 Wigmore Street, London W1A 3RT. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Numerica, 66 Wigmore Street, London W1A 3RT not later than 12:00 noon, October 8, 2004. CONTACT: NUMERICA 66 Wigmore Street, London W1A 3RT Joint Administrator: N H O'Reilly Phone: 020 7467 4000 Fax: 020 7284 4995 Web site: http://www.numerica.biz SKYEPHARMA PLC: First-half Retained Losses Down to GBP10 Mln ------------------------------------------------------------ Highlights of Interim Report 2004: (a) Marketed products (i) Paxil CR(TM) (GlaxoSmithKline) holds U.S. market share despite generic competition for Paxil(R) (ii) Paxil CR(TM) approved in Canada (iii) Uroxatral(R)(Sanofi-Aventis) launched to primary care physicians in U.S.A. (iv) Xatral(R) OD approved in Europe for second indication, Acute Urinary Retention (v) DepoCyte(R) (Mundipharma) launched in Europe (vi) Solaraze(R) U.S. marketing rights transferred to Bradley Pharmaceuticals (after period-end) (b) Pipeline progress (i) FDA approves DepoDur(TM) (ii) Foradil(R) Certihaler(R) approved in Switzerland and certain other European countries (iii) Depocyt(R)completes enrolment for Phase IV trial (iv) Pulmicort(R) HFA (AstraZeneca) completes Phase III trials (v) Requip(R) OD (GlaxoSmithKline) completes enrolment for Phase III trial (vi) FDA completes review of Phase II trials of Propofol IDD-D(TM)(SkyePharma/Endo) (vii) Astralis initiates Phase II trial for Psoraxine(TM) (c) New corporate agreements (i) DepoDur(TM) licensed to Medeus Pharma for Europe (ii) Collaboration with Critical Therapeutics to develop zileuton for asthma and COPD (iii) First Horizon acquires U.S. license for cardiovascular product (iv) Trigenesis licenses dermatology products, pipeline and topical delivery technologies (v) Strategic alliance with Vectura for pulmonary delivery technologies (vi) Discussions with potential partners for pulmonary package ongoing 2004 2004 2003 2003 Financial highlights presented under U.K. GAAP GBP'000 US$'000 GBP'000 US$'000 Turnover 28,523 51,915 22,586 41,109 Gross profit 15,016 27,331 9,884 17,990 Operating loss (9,598) (17,469) (16,994) (30,931) Retained loss (10,194) (18,554) (18,689) (34,016) Earnings per Ordinary Share (1.7p) (3.1c) (3.1p) (5.6c) ---------- U.S. dollar value equivalents are shown for convenience and have been calculated for both periods using the current period average rate of US $1.8201 to the pound sterling. A reconciliation to U.S. GAAP is included on pages 24 and 25 for the convenience of U.S. readers. Chairman's Statement The most important event in the first half of 2004 was the U.S. Food & Drug Administration's approval of DepoDur(TM) [the new name for DepoMorphine(TM)] on 18 May. After taking the decision in 2001 to undertake full clinical development and completing the clinical studies and regulatory filings for DepoDur(TM) on time, it is highly gratifying to see this crowned by approval by the FDA. Importantly this was the first possible date on which the product could be approved. Few new drugs are approved by the FDA at the first opportunity so this achievement is a real tribute to both the quality of the product and the skill of our clinical and regulatory teams. DepoDur(TM) is the first product for which we have undertaken full development ourselves and we expect it to be a major contributor to the company's future. Apart from the exciting news about DepoDur(TM), I am also pleased to report that Foradil(R) Certihaler(R) has received its first approvals in Europe. Following the FDA "approvable" letter issued in October last year, a response has been filed. Our royalty income continues to grow rapidly, driven by continuing progress by Paxil CR(TM) and Xatral(R) OD/Uroxatral(R). Our new partner Mundipharma launched DepoCyte(R) in Europe and U.S. sales of Solaraze(R) are expected to benefit from an expanded sales force following the recent acquisition of Quintiles' Bioglan unit by Bradley Pharmaceuticals. In our pipeline, the HFA-MDI version of Pulmicort(R) we are developing for AstraZeneca has now completed its Phase III trials. We have also completed some important new agreements. We appointed Medeus Pharma as our European licensee for DepoDur(TM), on excellent terms, and also licensed to First Horizon a cardiovascular product currently under review by the FDA. Approval this year would bring us a substantial milestone payment and a very attractive royalty rate. We entered a collaboration with Critical Therapeutics to develop a controlled release version of zileuton for asthma. This is a near-term opportunity, with filing expected in 2005. We also licensed our entire dermatology portfolio to Trigenesis Therapeutics following a strategic review that concluded that we could obtain a greater return from this technology if we licensed the portfolio to a company focused on this therapeutic area. For our package of pulmonary products, we are seeking to appoint a partner with proven marketing ability in the respiratory field. We have a short-list of partners (including our preferred candidate) who are completing their enquiries in this complex area. Although this has taken longer than we had hoped, potential partners have required very extensive due diligence investigations to satisfy themselves fully before committing to the project given the development cost and timescale involved. We remain confident of completing a satisfactory agreement. Our revenues in the first half were 26% above the 2003 level even though, as in previous years, we expect the majority of our revenues to arise in the second half of the year. However I must point out that whether we make a profit for the second half, and for the year as a whole, will depend on the structure and timing of the signature of the above pulmonary deal and the timing of FDA approval of the cardiovascular pipeline product. Finally we are pleased to report that we have recently completed an exchange offer for our 2005 convertible bonds. Over 80% of holders accepted the offer to exchange their bonds for new bonds with a higher conversion price of GBP1.00 and first conversion in 2009. The remaining GBP10 million of 2005 bonds will either be redeemed next year or converted into ordinary shares. We also raised GBP20 million of new money in May, also at a conversion price of GBP1.00. These successful issues demonstrate belief in the value of SkyePharma and greatly enhance our financial flexibility. Ian Gowrie-Smith Non-executive Chairman Ian Gowrie-Smith Non-executive Chairman A full copy of the interim result is available free of charge at http://bankrupt.com/misc/SkyePharma_H12004Interim.pdf. CONTACT: SKYEPHARMA PLC Phone: +44 207 491 1777 Michael Ashton, Chief Executive Officer Peter Laing, Director of Corporate Communications Sandra Haughton, U.S. Investor Relations Phone: +1 212 753 5780 BUCHANAN COMMUNICATIONS Phone:+44 207 466 5000 Tim Anderson/Mark Court STRATEGIC FINANCIAL: Winding up Resolutions Passed -------------------------------------------------- At an extraordinary general meeting of the members of the Strategic Financial Services (International) Limited on September 16, 2004 held at Knights & Company, 2nd Floor, 15A Nelson Road, Greenwich, London SE10 9JB, the special and ordinary resolutions to wind up the company were passed. Barry P Knights of Knights & Company, Milford House, 43-55 Milford Street, Salisbury, Wiltshire SP1 2BP has been appointed as liquidator of the company for the purpose of the voluntary winding-up. CONTACT: KNIGHTS & COMPANY Milford House 43-55 Milford Street Salisbury, Wiltshire SP1 2BP THE INSTRUMENT: Names Grant Thornton Administrator -------------------------------------------------- Richard Hawes and Nigel Morrison have been appointed as joint administrators for The Instrument Centre Limited. The appointment was made September 15, 2004. The company is engaged in calibrating electrical equipment. CONTACT: GRANT THORNTON UK LLP 11-13 Penhill Road, Cardiff CF11 9UP Joint Administrators: Richard Hawes Nigel Morrison (IP Nos 8954, 8938) Phone: 029 2023 5591 Fax: 029 2038 3803 Web site: http://www.grant-thornton.co.uk WALJOHN VEHICLE: Members Meeting Set Next Month ----------------------------------------------- The final meeting of the members of Waljohn Vehicle Services Limited will be on November 5, 2004 commencing at 10:00 a.m. It will be held at the offices of Begbies Traynor (Incorporating Taylor Gotham & Fry), The Old Exchange, 234 Southchurch Road, Southend on Sea, Essex SS1 2EG. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Begbies Traynor (Incorporating Taylor Gotham & Fry), The Old Exchange, 234 Southchurch Road, Southend on Sea, Essex SS1 2EG not later than 12:00 noon, November 4, 2004. CONTACT: BEGBIES TRAYNOR (Incorporating Taylor Gotham & Fry) The Old Exchange, 234 Southchurch Road, Southend on Sea, Essex SS1 2EG Liquidator: J Taylor Phone: 01702 467255 Fax: 01702 467201 E-mail: southend@begbies-traynor.com Web site: http://www.begbies.com WOOD MORRIS: Special Winding up Resolution Passed ------------------------------------------------- At an extraordinary general meeting of the members of the Wood Morris And Company Limited on September 17, 2004 held at Sagars, Elizabeth House, Queen Street, Leeds LS1 2TW, the special resolution to wind up the company was passed. D F Wilson and J N R Pitts have been appointed joint liquidators for the purpose of such winding-up. CONTACT: WILSON PITTS Phone: 0113-2375560 Fax: 0113-2375561 Web site: http://www.wilson-pitts.co.uk ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, and Julybien Atadero, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. 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