/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/041011.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 Monday, October 11, 2004, Vol. 5, No. 201 Headlines B U L G A R I A NATSIONALNA ELEKTRICHESKA: Long-term Corporate Credit Rated 'BB' F R A N C E ALCATEL: Senior Unsecured Rating Upped to 'BB'; Outlook Positive CMA CGM: Corners Contract to Manage Malta Freeport PERRIER: Nestle Waters Chairman Issues Profit Warning TATI: 5 Stores Excluded in Vetura Takeover Attract Buyers G E R M A N Y ANTON SCHMITTLEIN: Under Bankruptcy Administration CEPTRAPHARM GMBH: Creditors Have Until November to File Claims EDELMANN MIDEST: Clothing Firm Succumbs to Bankruptcy FERDINAND ZIMMERMANN: Meat Processor Files for Bankruptcy HAGE BAUUNTERNEHMUNG: Creditors' Claims Due November IBZ BAU: Hannover Court Appoints Provisional Administrator KARSTADTQUELLE AG: Cerberus Offers Undisclosed Sum for 77 Stores G R E E C E NAOUSSA SPINNING: Closure Displaces 98 Workers I T A L Y CAPITALIA SPA: Launches EUR500 Million Subordinated Bond Issue COMPAGNIA ITALIANA: Unions Want Management to Spill Real Score FIAT AUTO: Appoints New Fleet Management Director PARMALAT FINANZIARIA: Administrator Sues Bank of America PARMALAT FINANZIARIA: African Subsidiaries Complete Refinancing K Y R G Y Z S T A N AITKULU: Under Bankruptcy Supervision AVANGARD: Creditors' Meeting Set Today KAMKOR: Selling KGS2.6 Million Worth of Properties KARA-SUU: Creditors' Meeting Set Later this Week KOY-TASH: Deadline for Bids Expires Today KURULUSH-BANK: Selling Assorted Assets Tomorrow KYRGYZ CHEMICAL: Sets Public Auction of Real Estate Properties TECHNOPOLIS: Holds Public Sale of Assets VOSST: Public Auction of Assets Slated this Week L U X E M B O U R G TEKSID ALUMINUM: Reports EUR0.8 Million Operating Loss R O M A N I A ROMPETROL GROUP: Meets Debt-financing Obligations as Scheduled R U S S I A AIRPORT KEMEROVO: Sets Second Public Auction this Week ENISEYSKAYA: Under Bankruptcy Supervision FRIDRIKHA ENGELSA: Omsk Court Appoints Insolvency Manager GAS-SERVICE: Claims Deadline Set November INTERSVYAZ: Undergoes Bankruptcy Supervision Procedure LARGE PANELS: Insolvency Manager to Temporarily Run Business RYBNO-SLOBODSKOYE BREAD: Names I. Kuchumov Insolvency Manager SELKHOZ-TECHIKA: Selling RUB7.8 Mln Worth of Properties Today SIB-FOREST: Gives Creditors Until Next Month to File Claims VOROTYNSKIY FOOD: Under Bankruptcy Supervision WEB-INVEST BANK: Ups Share Capital to RUB2.1 Billion YUKOS OIL: Authorities Probe Siberian Unit for Tax Evasion YUKOS OIL: Court Rejects Appeal to Unfreeze Bank Accounts YUKOS OIL: Returns Sibneft Stake to Former Owner S L O V A K R E P U B L I C LUDOVA BANKA: Fitch Affirms Individual Rating at 'C/D' S P A I N PREMSA CATALANA: Lenders Approve Bankruptcy Plan S W E D E N LM ERICSSON: Sets Press, Analysts Conference Call October 22 U K R A I N E BAR SUGAR: Sets Deadline for Filing of Claims KRASNOKUTSK' REPAIR: Proofs of Claim Deadline Saturday LAN: Insolvency Manager to Temporarily Run Business PLUZHNE' REPAIR: Court Commences Bankruptcy Supervision PROGRESS: Proofs of Claim Deadline Expires this Week SLAVIYA: Undergoes Bankruptcy Supervision Procedure UKRTRANS-MUKACHEVO: Court Orders Debt Moratorium ZAHIDRESURS: Under Bankruptcy Supervision U N I T E D K I N G D O M ALLARD & SAUNDERS: Members Agree to Liquidate Firm ALLISON & BELL: Members Final Meeting Set Next Month ALTERNATIVE BAR: Owners Take Steps to Liquidate Business BAKER ALMOND: Creditors' Meeting Set Next Week BEARINGS RESTORATIONS: Calls in Liquidator BOMACKS CONTRACTORS: Appoints Begbies Traynor Liquidator BPC COMMERCIAL: Hires Liquidator from Maidment Judd CAMPBELL-LEE CONTRACTS: Sets Creditors Meeting Next Week CHANCERY NO. 3: Liquidator to Deliver Report November COMPASS SECURITIES: Winding up Resolutions Passed CORINIUM HOLDINGS: KPMG Takes over Day-to-day Operation COWAN HILL: Hires Grant Thornton as Administrator CRAVEN BROS: Sets Members Final Meeting November D & P ENGINEERING: Names Poppleton & Appleby Administrator EDISUS LIMITED: Members Agree to Dissolve Company EFFECTIVE IT: Extraordinary Winding up Resolution Passed ENTERPRISE CAPITAL: Hires Ernst & Young as Liquidator FREEDOM SCOTLAND: Members, Creditors to Meet Later this Month HT (UK): Appoints Grant Thornton Administrator HUTT'S FURNISHINGS: Deadline for Filing of Claims Set ISOTECH TECHNOLOGIES: In Administrative Receivership KVAERNER ENVIRONMENTAL: Liquidator's Final Report Out November MOSS BROS: Returns First-half Profit After Five Years PRIMAVISION LIMITED: Liquidator to Give Update Thursday RAMCO ENERGY: Reports GBP1 Mln First-half After-tax Loss RBC DOMINION: Appoints PricewaterhouseCoopers Liquidator REAL TRAVEL: Calls in Liquidator ROYAL MAIL: Deputy Chairman Elmar Toime Resigns SERCO SERVICES: Final Meeting of Creditors Set November SHIMFOIL LIMITED: Bibby Factors Brings in Receiver THRESHOLD FLOORINGS: Special Winding up Resolution Passed TISI (UK): Final General Meeting Set Next Month T J MEADE: Creditors Appoint Liquidator UNIQUE INNS: Hires Administrators from Numerica WHITE CROSS: Liquidators Call Final Members Meeting * FSCS Declares 33 Firms in Default * Research Firm Launches Insolvency, Restructuring Yearbook ********* =============== B U L G A R I A =============== NATSIONALNA ELEKTRICHESKA: Long-term Corporate Credit Rated 'BB' ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB' long-term corporate credit rating to Bulgaria-based electricity transmission grid operator Natsionalna Elektricheska Kompania EAD (NEK). The outlook is stable. "The ratings on NEK reflect its exposure to Bulgaria's still- weak transition-economy environment, the short operating track record of the company and the regulator, as well as the company's significant, partly debt-funded investment needs," said Standard & Poor's credit analyst Magnus Pettersson. "These factors are mitigated by the company's strong business position and strategic importance as the state-owned monopoly electricity transmission grid operator and electricity exporter. The ratings also benefit from a supportive regulatory environment." The ratings on NEK do not factor in any significant government support, and primarily reflect the company's stand-alone credit quality. NEK's new debt is not expected to be covered by government guarantees, although some of its existing debt is. The Republic of Bulgaria (foreign-currency rating BBB-/Stable/A- 3; local-currency BBB/Stable/A-3) owns 100% of NEK, and there are no plans to privatize the company in the near future. This reflects NEK's vital role in the government's ongoing liberalization of the Bulgarian energy market. "We expect a continued stable development of the energy liberalization process and regulations relating to NEK, including tariff increases to balance investments," added Mr. Pettersson. At June 30, 2004, NEK had debt of about BGL182.6 million (EUR94 million). Ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at http://www.ratingsdirect.com. It can also be found at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: London Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176- 3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e- mail: media_europe@standardandpoors.com. CONTACT: STANDARD AND POOR'S RATING SERVICES Group E-mail Address InfrastructureFinance@standardandpoors.com NATSIONALNA ELEKTRICHESKA KOMPANIA EAD 5 Veslets Street; 1040 Sofia, Bulgaria Phone: (+ 359 2) 9263 636 Fax: + (359 2) 980 12 43; (+ 359 2) 987 25 50 E-mail: nek@nek.bg Web site: http://www.nek.bg =========== F R A N C E =========== ALCATEL: Senior Unsecured Rating Upped to 'BB'; Outlook Positive ---------------------------------------------------------------- Fitch Ratings upgraded Alcatel S.A.'s Senior Unsecured rating to 'BB' from 'BB-' and changed its rating Outlook to Positive from Stable. The rating action reflects Alcatel's improving financial profile in recent quarters, the early signs of recovery in a number of Alcatel's markets and the strong liquidity maintained by the company. Alcatel is nearing the completion of its cost base restructuring, and with revenues streams starting to level out, the company is increasingly expected to be profitable both at an operating and net income level. "Alcatel, along with all the equipment manufacturers has been through an extremely tough time over the past couple of years. The company has done well however, coming out of the recession in equipment spending with a much lighter cost base, a strong balance sheet and its technology leading positions in tact," says Stuart Reid, Director in the European TMT group. "We no longer expect revenues to continue to fall and believe the company is in good shape to operate profitably in today's much reduced demand environment." The scale of the crisis in telecom equipment is graphically illustrated by Alcatel's revenues, which fell by 35% and 24% in 2002 and 2003 respectively. Its H104 performance, however, suggests that revenues are beginning to stabilize with Q104 sales roughly flat year-on-year and Q204 sales ahead by 3.7% from a year ago. Company guidance for Q304 is for revenue growth of 10%. While longer-term revenue visibility remains difficult, market conditions are reported to be improving in a number of Alcatel's key markets. Against this background Alcatel has dramatically restructured its cost base, reducing headcount from a high of 119,000 to 59,000 (as at 2Q04) and is achieving operating costs which are now roughly half that reported at the height of the technology boom. The company has skillfully managed its way through the spending crisis, maintaining leadership positions in technologies with good medium-term demand prospects. Alcatel is the world market leader in DSL access equipment, a segment that is currently enjoying good demand. The company is number one in optical networking with 15% market share and a leading supplier of TV and video over DSL. In mobile communications the company maintains a 12% share of the GSM/GPRS/EDGE market and has been improving its position in this segment. Within its private communications division, Alcatel has a long established position as the number one in telecommunications satellites, a business that is being combined with the satellite communications business of Finmeccanica to create the leader in the European satellite industry. Alcatel is the leader in the IP PBX market in Western Europe and through Genesys, remains the world leader in call center solutions. The company has managed its cash flow well, significantly reducing working capital, suspending dividend payments and reducing its own capital expenditures. It has reported a positive net cash position in each of the past seven quarters, and has been profitable at the operating level for each of the past five quarters. It also generated positive funds from operations in Q204, the first time in three years. The biggest uncertainty remains revenue visibility. While the company has provided guidance for H204, prospects for 2005 remain unclear. While the company is positioned well for growth in emerging markets, service providers in developed markets remain committed to capital expenditure reductions. The prospect of a flat to low growth environment in these markets is a real possibility, for the foreseeable future. The Positive Outlook reflects the potential for further ratings upgrades over the next 12-18 months. With close control of both its cost base and cash flow, any improvement in the revenue environment should have a direct impact on profitability. It will be important, however, for Alcatel to maintain the financial discipline that has helped it through the telecom equipment crisis. Of particular importance will be the company's ability to report consistent positive funds from operations. Risks to this prognosis include the potential reversal of working capital gains, a relaxation of vendor finance controls and potential M&A activity. The rating was initiated by Fitch as a service to users of its ratings and is based on public information. CONTACT: FITCH RATINGS Stuart Reid, London Phone: +44 (0) 20 7417 4323 Richard Petit Phone: +44 (0) 20 7862 4103 Media Relations: Alex Clelland, London Phone: +44 20 7862 4084 ALCATEL 54, rue La Boetie 75008 Paris, France Phone: +33 1 40 76 10 10 Fax: +33 1 40 76 14 05 Web site: http://www.alcatel.com CMA CGM: Corners Contract to Manage Malta Freeport -------------------------------------------------- The government of Malta granted CMA CGM Group the 30-year concession to operate the Malta Freeport Terminals Ltd. CMA CGM entrusted Portsynergy (a joint CMA CGM/P&O Ports subsidiary) to manage terminal operations according to the principle of a common user terminal providing equal and fair access to all shipping companies at competitive rates. A major investment program will be deployed by CMA CGM to upgrade the existing port infrastructures and improve the productivity of MFTL. With 812,000 TEUs in 2003, CMA CGM represent more than 60% of the activity of MFTL via 10 mother vessel and over 15 feeder calls per week. During the year, the port handled a total volume of more than 1.3 million TEUs. The acquisition represents a major step forward in CMA CGM's commitment to investing in strategic terminals. * * * In May, Standard & Poor's Ratings Services raised its long-term corporate credit rating on CMA CGM S.A. to 'BB+' from 'BB'. At the same time, Standard & Poor's affirmed its 'BB-' senior unsecured debt rating on CMA CGM's EUR100 million notes due 2013, and removed them from CreditWatch, where they had been placed on October 22, 2003. The Outlook is stable. CONTACT: CMA CGM Communication Phone: (+33 0) 4 88 91 90 35 Fax: (+33 0) 4 88 91 90 39 E-mail: ho.communicationcorporate@cma-cgm.com PERRIER: Nestle Waters Chairman Issues Profit Warning ----------------------------------------------------- Nestle's mineral water subsidiary might post a loss this year due to increased competition from rivals. A Les Echos report quoted Nestle Waters France Chairman Richard Girardot saying Perrier might register a -2% EBITDA margin this year, as customers continue to prefer Danone's Badoit sparkling water brand. Last year, the company posted an EBITDA margin of 0.6%, thanks mainly to the summer heat wave. Perrier earlier threatened to sell the business after trade unions repeatedly rejected its early retirement offer. It shelved the plan after convincing the CGT union recently to accept the package for some 1,000 employees. CONTACT: NESTLE WATERS FRANCE S.A. 9, Rue Maurice Mallet TSA 40001 92793 Issy Les Moulineaux Cedex 9 Phone: 33 (0) 1 41 23 38 00 Fax: 33 (0) 1 41 23 69 00 Web site: http://www.nestle-waters.com TATI: 5 Stores Excluded in Vetura Takeover Attract Buyers --------------------------------------------------------- The works council of discount clothing chain Tati approved Tuesday offers made for the retailer's five remaining outlets, Le Monde says. The Boxer group and record retailer Alicia Media submitted bids to acquire Tati's remaining five outlets, which textile group Vetura did not acquire in August. It is now up to French courts to choose the winning bidder for the outlets. Vetura acquired Tati's other 23 stores in August for EUR14.5 million. The five stores that were excluded in the sale have been allowed to continue operating until a new buyer is found. CONTACT: TATI 4 Boulevard Rochechouart 75018 Paris 18 Phones: 01 55 29 50 00 01 58 22 28 90 01 56 80 06 80 01 53 80 97 70 01 53 01 24 90 E-mail: contact@tati.fr Web site: http://www.tati.fr ============= G E R M A N Y ============= ANTON SCHMITTLEIN: Under Bankruptcy Administration -------------------------------------------------- The district court of Berlin opened bankruptcy proceedings against Anton Schmittlein Bauunternehmung Aktiengesellschaft on September 17. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 22, 2004 to register their claims with court-appointed provisional administrator Dr. Christoph Schulte-Kaubrugger. Creditors and other interested parties are encouraged to attend the meeting on October 27, 2004, 10:50 a.m. at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on February 23, 2005, 10:30 a.m. at the district court of Charlottenburg Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218. CONTACT: ANTON SCHMITTLEIN BAUUNTERNEHMUNG AKTIENGESELLSCHAFT Burggrafenstr. 3,10787 Berlin Phone: 030 / 254 85 - 0 Fax: 030 / 262 95 07 Web site: http://www.anton-schmittlein.de Dr. Christoph Schulte-Kaubrugger Insolvency Manager Genthiner Str. 48, 10785 Berlin CEPTRAPHARM GMBH: Creditors Have Until November to File Claims -------------------------------------------------------------- The district court of Munster opened bankruptcy proceedings against Ceptrapharm GmbH on September 20. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 8, 2004 to register their claims with court-appointed provisional administrator Manfred Vellmer. Creditors and other interested parties are encouraged to attend the meeting on November 29, 11:15 a.m. at the district court of Munster 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. Ceptrapharm is involved in medical research and information. CONTACT: CEPTRAPHARM GMBH Salzstrasse 59, 48143 Munster Contact: Thomas Isensee, Manager Salzstrasse 59, 48143 Munster Manfred Vellmer, Insolvency Manager Rothenburg 20/21, 48143 Munster Phone: 0251/511801 Fax: +492519277785 DISTRICT COURT OF MUNSTER Gebaudeteil Eingang B Gerichtsstrasse 2 - 6, 48149 Munster, EG, Saal 13 B EDELMANN MIDEST: Clothing Firm Succumbs to Bankruptcy ----------------------------------------------------- The district court of Saarbrucken opened bankruptcy proceedings against clothing company Edelmann Midest GmbH on September 15. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 23, 2004 to register their claims with court-appointed provisional administrator Klaus Thiery. Creditors and other interested parties are encouraged to attend the meeting on October 29, 2004, 9:00 a.m. at the district court of Saarbrucken 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 17, 2004, 9:00 a.m. at the same venue. CONTACT: EDELMANN MIDEST GMBH Industriestrasse 3, 66129 Saarbrucken Phone: +49 (0) 6805 - 914-200 Fax: +49 (0) 6805 - 914-240 E-mail: info@ede-mid.com Sales E-mail: sales@ede-mid.com Web site: http://www.ede-mid.com Contact: Dipl.-Kaufmann Bernhard Edelmann, Manager Auf der Schanz 13, 66386 St. Ingbert Klaus Thiery, Insolvency Manager Poststrasse 30, 66687 Wadern Phone: (06871) 90030 Fax: (06871) 900321 DISTRICT COURT OF SAARBRUCKEN Aussenstelle Sulzbach Vopeliusstrasse 2, 66280 Sulzbach, 2. FERDINAND ZIMMERMANN: Meat Processor Files for Bankruptcy --------------------------------------------------------- The district court of Essen opened bankruptcy proceedings against Ferdinand Zimmermann Fleisch- u. Wurstwaren GmbH on September 21. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 2, 2004 to register their claims with court-appointed provisional administrator Georg F. Kreplin. Creditors and other interested parties are encouraged to attend the meeting on November 17, 2004, 9:10 a.m. at the district court of Essen at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. Ferdinand Zimmermann processes and sells meats and sausage products. CONTACT: FERDINAND ZIMMERMANN FLEISCH- U. WURSTWAREN GMBH Im Tal 100, 45529 Hattingen Contact: Ferdinand Zimmermann, Manager Jens Zimmermann Georg F. Kreplin, Insolvency Manager Limbecker Platz 1, 45127 Essen Phone: 0201 220 05 02 Fax: 0201 220 05 40 DISTRICT COURT OF ESSEN Hauptstelle, Zweigertstr. 52 45130 Essen, I.OG, gelber Bereich, Saal 185 HAGE BAUUNTERNEHMUNG: Creditors' Claims Due November ---------------------------------------------------- The district court of Munster opened bankruptcy proceedings against construction firm HAGE Bauunternehmung GmbH on September 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 15, 2004 to register their claims with court-appointed provisional administrator Andreas Sontopski. Creditors and other interested parties are encouraged to attend the meeting on December 9, 2004, 10:00 a.m. at the district court of Munster 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: HAGE BAUUNTERNEHMUNG GMBH Germaniastrasse 15, 48599 Gronau Contact: Heinrich Gehling, Manager Andreas Sontopski, Insolvency Manager Gnoiener Platz 1, 48493 Wettringen Phone: 02557/9384-0 Fax: +492557938450 DISTRICT COURT OF MUNSTER Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149 Munster, EG, Saal 13 B IBZ BAU: Hannover Court Appoints Provisional Administrator ---------------------------------------------------------- The district court of Hannover opened bankruptcy proceedings against IBZ Bau GmbH on September 15, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 5, 2004 to register their claims with court-appointed provisional administrator Nermin Sahin. Creditors and other interested parties are encouraged to attend the meeting on December 7, 2004, 11:10 a.m. at the district court of Hannover Saal 2145, I. Stock -- Altbau --, Volgersweg 1, 30175 Hannover at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: IBZ BAU GMBH Eckener Str. 7, 30179 Hannover (AG Frankfurt/Oder, HRB 3933) Contact: Muharem Kovacevic, Manager Nermin Sahin, Insolvency Manager Theaterstr. 6, 30159 Hannover Phone: 0511/35771030 Fax: 0511/35771059 KARSTADTQUELLE AG: Cerberus Offers Undisclosed Sum for 77 Stores ---------------------------------------------------------------- U.S. fund manager Cerberus is reportedly interested in acquiring ailing department store operator KarstadtQuelle's properties should these be offered for sale, Die Welt says. Cerberus has allegedly approached KarstadtQuelle over its 77 smaller department stores, but on condition that these stores must be separated from the retail giant because they pose potential risk. Other companies that reportedly have expressed interest in the stores are property groups Agiv Real Estate and Corpus. Meanwhile, U.S. investment firm Blackstone denied reports it is planning to acquire KarstadtQuelle. Blackstone said taking over the retail giant would not be a wise decision as KarstadtQuelle is currently restructuring. KarstadtQuelle also denied it is holding talks with Blackstone. KarstadtQuelle plans to raise EUR1.6 billion by selling shares and assets, including 77 of its department stores. WestLB, one of the retail giant's creditor banks, has indicated it intends to support the restructuring process. 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 =========== G R E E C E =========== NAOUSSA SPINNING: Closure Displaces 98 Workers ---------------------------------------------- Textile and apparel maker Fanco S.A. laid off 98 workers at its Trikolan unit in Naoussa, northern Greece, according to just- style.com. Owned by the Klonatex group, Fanco is closing Naoussa Spinning S.A. due to continued losses. In September, the company admitted intense competition in the market has made business difficult. The redundancies form part of the overall effort to keep the business afloat, and will not affect production capacity, it said. Fanco recorded a EUR6.6 million loss in 2003, instead of EUR1.4 million in profits as expected. In August, its creditor banks, including National Bank of Greece, Emporiki Bank, Agricultural Bank of Greece, Alpha Bank and EFG Eurobank Ergasias, agreed to issue a five-year syndicated bond worth EUR23 million to secure the company's future. CONTACT: FANCO S.A. Kifissou & Constantinoupoleos 1 , 121---32 Peristeri Athens Phone: +30-210-5708185 Fax: +30-210-5708200 Web site: http://www.fanco.gr Contact: Lambadariou Catherine, Investor Relations Thomas Lanaras, President-Executive Member Georgios Papaioannou, VP-Independent Non-Executive Member Petrus Silvain Mooij, CEO-Executive Member ========= I T A L Y ========= CAPITALIA SPA: Launches EUR500 Million Subordinated Bond Issue -------------------------------------------------------------- Capitalia has launched a EUR500 million-subordinated Lower Tier II bond with a maturity of 12 years, non-callable for 7 years. Capitalia has named ABN Amro, BNP Paribas, HSBC and MCC as lead managers for the issue. The placement will be directed to institutional investors, mainly European. This transaction is the second subordinated bond Capitalia has issued this year on the international financial markets and is intended to establish a benchmark for the Group. Earlier in July, the Group issued a EUR300 million 10 year bond, callable after the 5th year. The securities are to be issued under the Group's EUR12 billion Euro Medium-Term Notes (EMTN) Program and will be listed on the Luxembourg Bourse. * * * In June, Fitch Ratings upgraded the individual rating for Italy's Capitalia to 'C/D' from 'D'. At the same time the agency has affirmed the bank's Long-term, Short-term and Support ratings at 'BBB+', 'F2' and '2', respectively. The Outlook remains Stable. The upgrade reflects continuing improvement in Capitalia's core profitability, capital adequacy and risk management and Fitch's view that measures taken by management to address the bank's still large exposure to credit risk should over time lead to a gradual improvement in asset quality. Capitalia returned to profitability in 2003 following a net loss in the previous year. In its Q1 2004 results, it reported a return on equity of above 4%, confirming the ongoing improvement in revenue generation and loan loss provisions, which in the past had weighed on the bank's profitability. While current profitability remains weak compared to the bank's domestic peers, Fitch expects further improvements as Capitalia continues to strengthen its distribution capacity and to benefit from its strong franchise among retail and corporate customers. CONTACT: CAPITALIA S.p.A. via Marco Minghetti 17 00187 Rome, Italy Phone: +39-06-54451 Fax: +39-06-5445-2351 Web site: http://www.capitalia.it COMPAGNIA ITALIANA: Unions Want Management to Spill Real Score -------------------------------------------------------------- Unions presenting workers of Compagnia Italiana Turismo (CIT) demanded last week an audience with management and the government to discuss the firm's future, Il Sole 24 Ore says. The demand came as current attempts to rescue the troubled tour operator are proving to be "too slow and too opaque." Sviluppo Italia, the economic development body tasked to help the company recover financially, says the business recovery plan could not be approved until more information on the state of CIT's finances and business are made available. The agency also blamed Bain and Deloitte for submitting the proposed recovery plan only last week. CONTACT: COMPAGNIA ITALIANA TURISMO S.p.A. Via A. Saffi, 12 - Milano C.C.I.A.A. di Milano Web site: http://www.citspa.it FIAT AUTO: Appoints New Fleet Management Director ------------------------------------------------- On October 1, Pier Luigi Zanframundo became Fleet Management Director of Fiat Auto, reporting to CEO Herbert Demel in the company's new organization structure. Additionally, Mr. Zanframundo has been assigned, in close collaboration with Network Development and Coordination Director, Johann Wohlfarter, the project to implement Network Development in the Italian market. Born on February 24, 1947 in Bari, Mr. Zanframundo graduated in mechanical engineering at Turin Polytechnic and began working with the Fiat Group in 1972. Until 1977, he worked in the Planning and Control division of Fiat S.p.A. Central Management, and, in the two subsequent years, was a part of the Fiat Group New Initiatives management division. In 1979, Mr. Zanframundo joined Iveco, where he was assigned positions of increasing responsibility in Industrial Initiatives, After Sales, Iveco Portugal, and the sales division of the Light Commercial Business Unit. In 1998, he was appointed director of the Iveco Light Commercial Operations Business Unit. In August 2002, Mr. Zanframundo became Light Commercial Vehicles division manager for Fiat Auto. Turin, October 1, 2004 CONTACT: FIAT AUTO Web site: http://www.fiat.it PARMALAT FINANZIARIA: Administrator Sues Bank of America -------------------------------------------------------- Parmalat Finanziaria S.p.A., in Extraordinary Administration, communicates that Dr. Enrico Bondi, Parmalat's Extraordinary Commissioner, filed an action in the United States District Court for the Western District of North Carolina to recover damages from Bank of America and certain of its subsidiaries. The action is part of the process through which the Extraordinary Commissioner, following the approval of Parmalat's Industrial and Financial Restructuring Plan, is seeking recovery from third parties believed to have played a central role in Parmalat's collapse. Parmalat's Industrial and Financial Restructuring Plan contemplates the distribution to its future shareholders of an amount equal to 50% of distributable profits arising from the next 15 years' annual results, including any eventual proceeds derived from claw-back actions or actions for damages. * * * The suit seeks compensatory damages of more than US$10 billion paid to Parmalat's creditors. It also seeks punitive damages. CONTACT: PARMALAT FINANZIARIA S.p.A. Sede legale: 43044 Collecchio (Pr) - Via Oreste Grassi, 26 Codice fiscale e iscrizione nel Registro delle Imprese di Parma 00175250471 - Partita I.V.A. 01938950340 - R.E.A. Parma n. 188325 - U.I.C. n. 730 Sede amministrativa: 20122 Milano Piazza Erculea, 9 Phone: (39) 02.8068801 Fax: (39) 02.8693863 E-mail: x_affari_societari_it@parmalat.net PARMALAT FINANZIARIA: African Subsidiaries Complete Refinancing --------------------------------------------------------------- On 30 September 2004, the refinancing by Parmalat Africa Ltd. and Parmalat South Africa (Pty) Ltd. of their indebtedness with Bank of America was completed. The financial exposure of the banks to Bank of America was reimbursed through a refinancing provided by a major international bank located within South Africa. An additional capital increase of US$26,000,000 equivalent for Parmalat South Africa will be finalized shortly by Parmalat Africa Ltd., the parent company. CONTACT: PARMALAT FINANZIARIA Sede legale: 43044 Collecchio (Pr) - Via Oreste Grassi, 26 Codice fiscale e iscrizione nel Registro delle Imprese di Parma 00175250471 - Partita I.V.A. 01938950340 - R.E.A. Parma n. 188325 - U.I.C. n. 730 Sede amministrativa: 20122 Milano Piazza Erculea, 9 Phone: (39) 02.8068801 Fax: (39) 02.8693863 E-mail: x_affari_societari_it@parmalat.net =================== K Y R G Y Z S T A N =================== AITKULU: Under Bankruptcy Supervision ------------------------------------- The Chui Inter-District Court on Economic Issues commenced bankruptcy supervision procedure on Agricultural Farm Aitkulu on August 13, 2004. The case is docketed Y-03-151/M-2004-C3. Mr. Toktosun Sarygulov (License Number 0125) was appointed temporary insolvency manager on September 24, 2004. Creditors will meet on October 14, 2004, 11:00 a.m. at Chym-Korgon, Kazakbaev Str. Reception of proofs of claim are done daily from 9:00 a.m. to 5:00 p.m. at Chym-Korgon, Ayil Okmotu building. For more information, call (0-502) 57-70-55. AVANGARD: Creditors' Meeting Set Today -------------------------------------- The temporary insolvency manager of LLC Avangard will hold a creditors' meeting on October 11, 2004, 10:00 a.m. at Bishkek, Ocmonkul Str. 344. Agenda: (a) Report of the temporary insolvency manager, (b) Confirmation of abandoned balance, and (c) Others For more information, call (0-502) 32-70-64. KAMKOR: Selling KGS2.6 Million Worth of Properties -------------------------------------------------- The bidding organizer and insolvency manager of CJSC Insurance Company Kamkor will sell the company's assets on October 15, 2004, 10:00 a.m. at Bishkek, Abdrahmanov (Soviet) Str. 105. For sale are office buildings carrying a starting price of KGS2,600,047. Bids must be submitted on or before October 14, 2004 from 9:00 a.m. to 4:00 p.m. at Bishkek, Abdrahmanov (Soviet) Str. 105. For more information, call (0-312) 28-46-93, 28-42-86 or 28-93- 74. KARA-SUU: Creditors' Meeting Set Later this Week ------------------------------------------------ The Department of the Bankruptcy Issues under the State Committee of the Kyrgyz Republic on State Property Committee appointed Mr. Abdymanap Sopiev (License Number 0334) temporary insolvency manager on September 27, 2004. Creditors will meet on October 15, 2004, 2:00 p.m. at Talas, Frunze Str. 287. Creditors must submit their proofs of claim and register with the temporary insolvency manager seven days prior to the meeting. Proxies must have authorization to vote. For more information, call (0-312) 62-68-29 or 62-11-97. KOY-TASH: Deadline for Bids Expires Today ----------------------------------------- The bidding organizer and insolvency manager of Association of Agricultural Farms Koy-Tash will sell the company's assets on October 12, 2004, 11:00 a.m. at Kyrgyzstan, Koy-Tash, Tash- Moinok Ayil Okmotu building. For sale are four lots of construction and agricultural equipment, and machines. Bids must be submitted to the accounting department of the company on or before October 11, 2004 from 8:00 a.m. to 5:00 p.m. For more information, call (0-502) 57-70-55. KURULUSH-BANK: Selling Assorted Assets Tomorrow ----------------------------------------------- The bidding organizer and insolvency manager of Joint Stock Commercial Kurulush-Bank will sell the company's assets on October 12, 2004, 10:00 a.m. at Kyrgyzstan, Bishkek, Man Str. 28 corner Toktogul Str. For sale are: (a) Lots 1-4: Furniture and bank equipment, and (b) Lot 5: Osh-3000 jubilee coin. Starting price: KGS3,283. Bids must be submitted to Kyrgyzstan, Bishkek, Man Str. 28. Preliminary examination is also done at the same address. For more information, call 21-16-34 or 21-97-43. KYRGYZ CHEMICAL: Sets Public Auction of Real Estate Properties -------------------------------------------------------------- Chui-Bishkek-Talass Territory Estate Administration of Kyrgyz Republic will sell the holdings and assets of JSC Kyrgyz Chemical-Metallurgical Farm on November 2, 2004, 2:00 p.m. at Bishkek, Moskovskaya Str. 172, 5th floor, Room 5. Information on JSC Kyrgyz Chemical-Metallurgical Farm as of January 1, 2004: (a) Activity: Metal manufacturing (b) Land Area: 253.29 hectares (c) Condition of immovable assets: satisfactory (d) Staff: 456 (e) Authorized capital stock: KGS49,006,000 (f) Debt: KGS65,486,000 (g) Receivables: 6,744,000 (h) Net profit: KGS22,000 (i) Non-registered shares: 6860700 (j) Outstanding shares: 4806642 The company headquarters is located at Kemin district, Orlovka, Kudrashova Str. 18. For sale are: (a) Lot 1: 70.06% of public shares. Staring price is KGS107,551,200; (b) Lot 2: Two-story, sixty-eight-room estate building located at Kemin district, Orlovka. The building, constructed in 1968, is in satisfactory condition. Starting price is KGS832,300; and (c) Lot 3: Estate building with 150 rooms. Starting price is KGS4,335,300. Participants must submit all necessary documents on or before November 2, 2004. The auction winner is required to pay an amount equivalent to 7% of the selling price. For more information, call (0-312) 21-87-24. TECHNOPOLIS: Holds Public Sale of Assets ---------------------------------------- The bidding organizer and insolvency manager of Private Foreign Firm Technopolis will sell the company's assets on October 14, 2004, 12:00 noon at Kyrgyzstan, Bishkek, Manst 303, Exhibition of National Economy Achievements, Free Economic Zone of Bishkek. Occupying a 516 square-meter property complex, Technopolis produces wine and vodka. The list of assets for sale is available for viewing from 9:00 a.m. to 4:00 p.m. at Bishkek, Manst 303, Exhibition of National Economy Achievements, Free Economic Zone of Bishkek. Bids must start at 50% of the starting price. Participants should deposit an amount equivalent to 10% of the starting price. For more information, call (0-312) 62-68-29 VOSST: Public Auction of Assets Slated this Week ------------------------------------------------ The bidding organizer and insolvency manager of LLC Construction Company Transnational Corporation Vosst will sell the company's assets on October 15, 2004, 11:00 a.m. at Sukuluk region, Voenno-Antonovka, Komsomolskaya Str. 1a. For sale are inventory holdings with a total value of KGS89,359. Participants must deposit an amount equivalent to 10% of the starting price to the cashier of the company. Bids must be submitted to the temporary insolvency manager on or before October 14, 2004 from 9:00 a.m. to 2:00 p.m. at Sukuluk region, Voenno-Antonovka, Komsomolskaya Str. 1a. For more information, call (0-502) 50-42-93. =================== L U X E M B O U R G =================== TEKSID ALUMINUM: Reports EUR0.8 Million Operating Loss ------------------------------------------------------ Net revenues for the second quarter, at EUR248.3 million, increased by EUR11.6 million or 4.9% compared to second quarter, 2003. Net revenues for the six-month period, at EUR469.6 million, decreased by EUR3.1 million or 0.6% compared to the six-month period ended June 30, 2003. At constant foreign exchange rate, net revenues would have been for the six-month period EUR492.1 million, EUR19.4 million higher than in the corresponding period of 2003. This increase was primarily due to sales volume increase. Adjusted EBITDA was EUR21.2 million in the second quarter of 2004, or 8.5% of net revenues, compared to EUR20.8 million, or 8.8% of net revenues, in the corresponding period of 2003. Adjusted EBITDA was EUR33.5 million for the six-month period, or 7.1% of net revenues, compared to EUR40.1 million, or 8.5% of net revenues, in the corresponding period of 2003. Adjusted EBITDA has been adjusted for certain expenses which have been reimbursed by Teksid S.p.A. under the terms of the purchase agreement and, in 2003 and 2004 respectively, for certain non- recurring transaction expenses and for certain non-recurring lay-off costs. Reported income from operations equaled EUR2.0 million in the second quarter of 2004 versus an operating income of EUR4.5 million in the corresponding period of 2003. Therefore, reported loss from operations equaled -EUR0.8 million for the six-month period versus an operating income of EUR9.4 million in the corresponding period of 2003. Attached to this release is a reconciliation of reported income (loss) from operations to Adjusted EBITDA. During the first six-month period of 2004 the decrease in Adjusted EBITDA versus 2003 was due to a negative shift in the mix of products sold and the effect of a price dispute, which is now resolved, with a significant customer in North America. The positive impact of increased volumes in the quarter was more than offset by the temporary effect of a sharp increase in North American aluminum prices, which under contract may be passed through to customers, and contracted price decreases which have not been fully offset by cost reductions. Including EUR67.9 million of cash and cash equivalents, net debt at June 30, 2004 amounted to EUR253.0 million, a EUR7.4 million increase from December 31, 2003, primarily due to seasonal increases in working capital, and a EUR12.7 million decrease from June 30, 2003. Total shareholders equity equaled EUR148.0 million. As of June 30, 2004 the Company was in full compliance with all of the covenants of its Senior Credit Agreement. Results are unaudited and have been presented in accordance with accounting principles generally accepted in the United States. About Teksid Aluminum Teksid Aluminum (Bloomberg: 172314Z IM) is a leading independent manufacturer of aluminum engine castings for the automotive industry. Our principal products include cylinder heads, cylinder blocks, transmission cases and suspension components. We operate 15 manufacturing facilities in Europe, North America, South America and Asia. Information about Teksid Aluminum is available at http://www.teksidaluminum.com. Until September 2002, Teksid Aluminum was a division of Teksid S.p.A., which was owned by Fiat. Through a series of transactions completed between September 30, 2002 and November 22, 2002, Teksid S.p.A. sold its aluminum foundry business to a consortium of investment funds led by equity investors that include affiliates of each Questor Management Company, LLC JPMorgan Partners, Private Equity Partners SGR S.p.A. and AIG Global Investment Corporation. As a result of the sale, Teksid Aluminum is owned by its equity investors through TK Aluminum Ltd., a Bermuda holding company. On July 17 2003, Teksid Aluminum Luxembourg S.a.r.l., SCA issued EUR240 million aggregate principal amount of senior notes due in 2011. The notes were sold to qualified institutional buyers in the United States pursuant to Rule 144A of the U.S. securities laws and to persons outside United States pursuant to Regulation S of the U.S. securities laws. The proceeds of the sale were used to repay amounts borrowed to finance the acquisition of Teksid Aluminum and pay certain fees and expenses. Reconciliation of Income from Operations to adjusted EBITDA EBITDA is defined as income (loss) from operations before depreciation and amortization. Compliance with current U.S. SEC requirements and practice would require the modification, reformulation or exclusion of EBITDA. We believe that EBITDA is a relevant measure for assessing performance because it eliminates variances caused by the effects of differences in taxation, the amounts and types of capital employed and amortization policies, and helps investors evaluate the performance of our underlying business. Because companies do not calculate EBITDA identically, our presentation of EBITDA may not be comparable to similarly titled measures of other companies. In addition, EBITDA is not calculated the same as "EBITDA" will be calculated under the indenture for the notes or as "Consolidated EBITDA" is calculated under our senior credit facility. Adjusted EBITDA adjusts EBITDA for certain charges as set forth in the following table. Adjusted EBITDA is not a recognized term under U.S. GAAP and does not purport to be an alternative to operating income as an indicator of operating performance. Compliance with current requirements and practice would require the modification, reformulation or exclusion of Adjusted EBITDA. We believe that Adjusted EBITDA is a relevant measurement for assessing performance, because it eliminates additional variances beyond those addressed by EBITDA, such as costs associated with our separation from Teksid S.p.A. and helps investors evaluate the performance of our underlying business. Because companies do not calculate Adjusted EBITDA identically, our presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. In addition, Adjusted EBITDA is calculated as "Consolidated EBITDA" under our senior credit facility. The following is a reconciliation of income (loss) from operations to EBITDA and to Adjusted EBITDA: Six-month Six-month period ended period ended June 30, 2004 June 30, 2003 (in millions of euro) Income (loss) from operations EUR (0.8) EUR 9.4 Depreciation and amortization 28.5 26.2 EBITDA 27.7 35.6 Adjustments to EBITDA Transaction and separation costs [a] - 2.7 Early retirement expenses [b] 1.0 0.9 Severance employees costs [c] 2.3 - Other expenses [d] 2.5 0.9 Adjusted EBITDA EUR 33.5 EUR 40.1 ---------- [a] Adjustment to eliminate (i) severance costs paid subsequent to the acquisition of the Aluminum Division and (ii) acquisition, financing, and separation costs. Acquisition, financing, and separation costs included professional services costs related to the stand-alone audits of historical periods, implementation of corporate treasury and accounting systems and legal expenses. [b] Adjustment to eliminate expenses associated with early retirement programs partially subsidized by the French government. The voluntary programs have been offered to eligible workers between the ages of 55 and 60. Between 2002 and 2005, we intend to replace workers who elect to participate in the program with lower-wage workers. Teksid S.p.A. has agreed to reimburse us for the first EUR8.5 million of payments made by us under the programs. We expect that this will be sufficient to cover our costs under that plan. [c] Adjustment to eliminate the impact of severance expenses related to terminated executives in Italy and France. [d] Adjustment to eliminate the impact of expenses that are reimbursed by Teksid S.p.A. under the purchase agreement. CONTACT: TEKSID ALUMINUM Domenico Orlandi Senior Vice President and General Counsel Phone: +39-011-979-4875 or Demetrio Mauro Chief Financial Officer Phone: +39-011-979-4784 Massimiliano Chiara Finance Manager Phone: +39-011-979-4889 ============= R O M A N I A ============= ROMPETROL GROUP: Meets Debt-financing Obligations as Scheduled -------------------------------------------------------------- On September 27, 2004, Rompetrol Rafinare (RRC/BSE), the owner of Petromidia refinery, paid US$27 million to the Romanian Ministry of Finance (MoF) representing the annual interest rate to the debt-for-equity swap agreed with the MoF at the end of 2003. Rompetrol made the payment three days prior to the September 30 deadline agreed with the Romanian authorities. This amount is in addition to another US$397.5 million in taxes paid by Rompetrol Rafinare to the state budget from January to September 2004. Currently the company has no outstanding debts towards the government and has met all its financial obligations to governmental agencies. So far this year The Rompetrol Group paid the state budget more than US$440 million representing almost 5% of Romania s budget revenues for 2004. "Rompetrol is a transparent company, which diligently meets its financial obligations," said Dinu Patriciu, CEO and President of The Rompetrol Group. "The developments at Rompetrol Rafinare one year after the debt-to-equity swap agreed with the Romanian government confirmed the expectations of the management, of our investors, and of the financial analysts regarding the growth potential of our business. We succeeded to normalize our relations with financing institutions, an increase in investments and development projects in our core business, which have a direct positive impact on our contributions towards the state and local budgets, as well as on the quality of our products and services." Figures for the first eight months released by Rompetrol Rafinare reveals an operational profit (EBITDA) of US$32 million. The company estimates the operating profit for 2004 at US$67 million. Total turnover for January-August 2004 stands at US$822 representing a year-on-year increase of more than 26%. The company processed more than 2 million tones of crude oil during the first eight months of this year and exported more than US$270 million worth of products, representing a significant portion of Romania s total exports. The Rompetrol Group reports a total turnover for January-August, 2004 of US$933 million and an operational profit of US$41.5 million. This represents a year-on-year increase of 24% and respectively 62% compared to the same period in 2003 when the turnover stood at US$751 million and the operational profit at US$26 million. Corporate Communication & Public Affairs Department The Rompetrol Group * * * In June, Standard & Poor's Ratings Services assigned its 'B-' long-term corporate credit rating to The Rompetrol Group N.V., which has key oil refining and marketing operations in Romania (foreign currency BB/Positive/B; local currency BB+/Positive/B). The outlook is stable. At the same time, Standard & Poor's assigned its 'B-' senior unsecured debt rating to the proposed EUR150 million bond to be issued by Rompetrol under the guarantees of all its key subsidiaries. CONTACT: ROMPETROL GROUP N.V. Rompetrol Building 222 Calea Victoriei 010099 Bucharest Romania Phone: +40 21 30 30 800 Phone: +40 21 30 30 801 Fax: +40 21 31 22 490 E-mail: office@rompetrol.com =========== R U S S I A =========== AIRPORT KEMEROVO: Sets Second Public Auction this Week ------------------------------------------------------ The bidding organizer and insolvency manager of state unitary enterprise Airport Kemerovo will try to sell for the second time the firm's properties on October 14, 2004, 12:00 noon. It will be held at 650099, Russia, Kemerovo, Ostrovskogo Str. 32-502. Up for sale is the right of claim of Airport Kemerovo. Starting price: RUB354,698. Preliminary examination and reception of bids are done from 10:00 a.m. to 4:00 p.m. on or before October 11, 2004. The list of documentary requirements for the participants is available at 650099, Russia, Kemerovo, Ostrovskogo Str. 32-502. CONTACT: AIRPORT KEMEROVO 650099, Russia, Kemerovo, Ostrovskogo Str. 32-502 ENISEYSKAYA: Under Bankruptcy Supervision ----------------------------------------- The Arbitration Court of Altay region has commenced bankruptcy supervision procedure on state-owned poultry farm Eniseyskaya. The case is docketed as A03-8405/04-B. Mr. A. Chuy has been appointed temporary insolvency manager. A hearing will take place on February 9, 2005. CONTACT: ENISEYSKAYA 659420, Russia, Altay region, Maloeniseyskoye, Sovetskaya Str. 102 Mr. A. Chuy Temporary Insolvency Manager 659333, Russia, Altay region, Biysk, Liteyniy Per. Post User Box 47 FRIDRIKHA ENGELSA: Omsk Court Appoints Insolvency Manager --------------------------------------------------------- The Arbitration Court of Omsk region has commenced bankruptcy supervision procedure on CJSC Fridrikha Engelsa. The case is docketed as K/E-104/04. Mr. S. Vinnik has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 644099, Russia, Omsk, Post User Box 2699. A hearing will take place at the Arbitration Court of Omsk region on February 1, 2005, 10:30 a.m. CONTACT: FRIDRIKHA ENGELSA 646152, Russia, Omsk region, Lyubinskiy region, Zameletenovka Mr. S. Vinnik Temporary Insolvency Manager 644099, Russia, Omsk, Post Office, Post User Box 2699 GAS-SERVICE: Claims Deadline Set November ----------------------------------------- The Arbitration Court of Udmurtiya republic has commenced bankruptcy proceedings against Gas-Service (TIN 1821003204) after finding the limited liability company insolvent. The case is docketed as A71-25/2004-G26. Mr. A. Khristyanov has been appointed insolvency manager. Creditors have until November 10, 2004 to submit their proofs of claim to 426054, Russia, Udmurtiya republic, Izhevsk, 30 Let Pobedy Str. 64-81. CONTACT: GAS-SERVICE Russia, Udmurtiya republic, Uva, Moskovskaya Str. 48 Mr. A. Khristyanov Insolvency Manager 426054, Russia, Udmurtiya republic, Izhevsk, 30 Let Pobedy Str. 64-81 INTERSVYAZ: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------------ The Arbitration Court of Tver region has commenced bankruptcy supervision procedure on LLC Intersvyaz. The case is docketed as A66-5923/2004. Mr. S. Cheltsov has been appointed temporary insolvency manager. CONTACT: INTERSVYAZ Russia, Tver, Zinaidy Konoplyannikovoy Str. 4A Mr. S. Cheltsov Temporary Insolvency Manager 170034, Russia, Tver, Chaykovskogo Pr., 9, Office 228 LARGE PANELS: Insolvency Manager to Temporarily Run Business ------------------------------------------------------------ The Arbitration Court of Tula region has commenced bankruptcy proceedings against Factory of Large Panels after finding the limited liability company insolvent. The case is docketed as A68-47/B-03. Mr. V. Kozlov has been appointed insolvency manager. Creditors have until November 10, 2004 to submit their proofs of claim to 300041, Russia, Tula, Soyfera Str. 16. CONTACT: FACTORY OF LARGE PANELS 301760, Russia, Tula region, Donskoy, Novougolniy, Industrialnaya Str. 12 Mr. V. Kozlov Insolvency Manager 300041, Russia, Tula, Soyfera Str. 16 RYBNO-SLOBODSKOYE BREAD: Names I. Kuchumov Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Tatarstan republic has commenced bankruptcy proceedings against Rybno-Slobodskoye Bread Receiving Enterprise after finding the open joint stock company insolvent. The case is docketed as A65-3894/2004-SG4-31. Mr. I. Kuchumov has been appointed insolvency manager. Creditors may submit their proofs of claim to: (a) Rybno-Slobodskoye Bread Receiving Enterprise 422650, Russia, Tatarstan republic, Rybno-Slobodskoy region, Rybnaya Sloboda, Vostochnaya Str. (b) Insolvency Manager 420103, Russia, Tatarstan republic, Kazan, Post User Box 1 (c) The Arbitration Court Of Tatarstan Republic 420014, Russia, Kazan, Building 1, Entrance 2 SELKHOZ-TECHIKA: Selling RUB7.8 Mln Worth of Properties Today ------------------------------------------------------------- The insolvency manager of OJSC Selkhoz-Techika will sell the firm's properties on October 11, 2004, 11:00 a.m. It will be held at 433100, Russia, Ulyanovsk region, Veshkayma, Zheleznodorozhnaya Str. 2. The assets for sale are: Lot 1: Administrative building. Starting price: RUB865,800; Lot 2: Sport Hall Building. Starting price: RUB379,500; Lot 3: Joiner's Shop. Starting price: RUB166,000; Lot 4: Stock-Exchange Building. Starting price: RUB854,200; Lot 5: Animal Building. Starting price: RUB239,300; Lot 6: Silos Trench Building. Starting price: RUB11,000; Lot 7: Warehouse Of Hay. Starting price: RUB332,700; Lot 8: The outhouse for repair of K-700. Starting price: RUB508,900; Lot 9: Machine Workshop. Starting price: RUB2,297,600; Lot 10: Unclassified shop. Starting price: RUB486,500; Lot 11: Mechanized Animal Farm. Starting price: RUB574,800; Lot 12: Technological Equipment Repair Shop. Starting price: RUB385,700; Lot 13: Accumulator shop. Starting price: RUB343,000; Lot 14: Road with asphalt surface. Starting price: RUB402,200. Preliminary examination and reception of bids are done until 5:00 p.m. today. The list of documentary requirements for participants is available at 433100, Russia, Ulyanovsk region, Veshkayma, Zheleznodorozhnaya Str. 2. To participate, bidders must deposit an amount equivalent to 15% of the starting price to the settlement account 40702810669050100016 in Veshkaymskiy OSB # 5852, BIC 047308602, correspondent account 30101810000000000602, TIN 7305000632. CONTACT: SELKHOZ-TECHIKA 433100, Russia, Ulyanovsk region, Veshkayma, Zheleznodorozhnaya Str. 2 Phone: 8 (243) 2-17-70 SIB-FOREST: Gives Creditors Until Next Month to File Claims ----------------------------------------------------------- The Arbitration Court of Tomsk region has commenced bankruptcy proceedings against Sib-Forest (TIN 7006005255) after finding the open joint stock company insolvent. The case is docketed as A67-11196/03. Mr. A. Miftakhov has been appointed insolvency manager. Creditors have until November 10, 2004 to submit their proofs of claim to: (a) Insolvency Manager 634021, Russia, Tomsk-21, Post User Box 1795 (b) The Arbitration Court Of Tomsk Region 634050, Russia, Tomsk, Kirova Pr. 10 (c) Sib-Forest 634009, Russia, Tomsk, Derbyshevskiy Per. 26A VOROTYNSKIY FOOD: Under Bankruptcy Supervision ---------------------------------------------- The Arbitration Court of Kaluga region has commenced bankruptcy supervision procedure on consumer public Vorotynskiy Food Combine. The case is docketed as A23-2237/04B-10-75. Mr. V. Bubenkov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to: (a) Vorotynskiy Food Combine 249200, Russia, Kaluga region, Babyninskiy region, Vorotynsk, Solnechnaya Str. 1 (b) Temporary Insolvency Manager 248601, Russia, Kaluga, Post User Box 155 (c) The Arbitration Court Of Kaluga Region 248600, Russia, Kaluga, Stariy Torg, Square, 4 WEB-INVEST BANK: Ups Share Capital to RUB2.1 Billion ---------------------------------------------------- Web-Invest Bank has issued 195 million common stocks, boosting its share capital fourteenfold to RUB2.1 billion, Gateway to Russia reports. The shares have a par value of RUB10 each. In June, Standard & Poor's assigned its 'CCC' long-term and 'C' short-term counterparty ratings to the bank. Analyst Ekaterina Trofimova, then, said: "The ratings on Web-invest reflect its limited size and track record, highly concentrated assets, and dependence on trading volumes of Russian equities." "These negative factors are somewhat offset by the bank's improving franchise, fairly transparent ownership, and adequate capitalization," she added. Web-Invest Bank was set up in 1992. It forms the Web-Invest Group together with Web-Invest.ru and U.K. KIT. As of March 31, 2004 the company's asset is worth RUB8 billion (about US$270 million). It also manages assets worth RUR2 billion. The management holds 55% of the stocks; Invest Financial Group and Center of Financial Consultations own 19.9% each. CONTACT: WEB-INVEST BANK Web site: http://www.web-invest.ru YUKOS OIL: Authorities Probe Siberian Unit for Tax Evasion ---------------------------------------------------------- Regional police are investigating one Siberian subsidiary of Yukos Oil for alleged tax evasion and hydrocarbons theft, the Associated Press reports. At the center of the probe is Tomskneft general director Nikolai Logachev, who is accused of masterminding a scheme to avoid more than US$34 million in taxes. Yukos officials were not immediately available for comment. The blow is the latest in a series of assaults against Yukos Oil. The firm has just been slapped a US$1 billion tax claim on main production unit Yuganskneftegaz. The amount is in addition to Yukos' back tax bill of US$7.5 billion, of which it has paid only a portion. Yukos' bank accounts and assets have been frozen for months now. The firm has repeatedly warned it could go bankrupt. The uncertainty surrounding its future is driving world oil prices to record-high. The government claims the attack on Yukos and on its former CEO, Mikhail Khodorkovsky, now in jail, is punishment for abusive tax and bookkeeping practices. Critics believe it is punishment for Mr. Khodorkovsky's political ambitions. CONTACT: YUKOS OIL International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru YUKOS OIL: Court Rejects Appeal to Unfreeze Bank Accounts --------------------------------------------------------- The Moscow City Court on Thursday stayed the freeze on the accounts of Yukos Oils' core subsidiaries Yuganskneftegaz and Tomskneft, the Associated Press reports. Russian authorities are holding the assets as collateral for the US$7.5 billion that Yukos owes the government as back taxes. The Yuganskneftegaz unit is currently being evaluated to pay the debt. Critics say the government wants to keep its value up to please shareholders and foreign investors, but not too much so that it could go to a government-friendly company. Yukos is appealing to the government to spread out its tax payments to avoid a collapse, but has not received a positive response. Meanwhile, at the sidelines of the U.S.-Russian Investment Symposium, Chairman Viktor Gerashchenko on Thursday said Yukos is prepared to pay US$8 billion in tax liabilities by July 2006 in order to avoid bankruptcy. CONTACT: YUKOS OIL International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru YUKOS OIL: Returns Sibneft Stake to Former Owner ------------------------------------------------ Russian tycoon Roman Abramovich has recovered his 57% stake in local oil company Sibneft from former merger partner Yukos Oil, the Associated Press reports. Mr. Abramovich's holding company, Millhouse Capital, which received the stake Thursday, said: "The return of a controlling stake in Sibneft to its former owners represents the first step in the implementation of the de-merger agreement reached by shareholders of Yukos and Sibneft earlier this year." Yukos issued shares to acquire a 14.5% stake in Sibneft and US$3 billion in cash for an additional 20% under a merger last year. It offered additional shares to acquire a further 57.5% shareholding, raising its total stake in Sibneft to 92%. In turn Sibneft got 26.01% of Yukos' shares. But Sibneft unilaterally called off the merger saying the additional issue was unlawful since the transaction lacked appropriate notice. In March, Cyprus-registered Nimegan Trading Ltd. and N.P. Gemini Holdings Ltd., which represent the interests of Sibneft shareholders, got a local court to rule in their favor. An arbitration court also upheld the ruling and ordered the Federal Service for Financial Markets to cancel the transaction in the next five days. The order states that Yukos should return its 57.5% stake in Sibneft and Sibneft gives up the 17.2% it holds in Yukos. 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 L O V A K R E P U B L I C ============================= LUDOVA BANKA: Fitch Affirms Individual Rating at 'C/D' ------------------------------------------------------ Fitch Ratings affirmed Slovakia-based Ludova Banka's (LB) ratings at Long-term 'BBB', Short-term 'F3', Individual 'C/D' and Support '2'. The Outlook for the Long-term rating is Stable. The Long-, Short-term and Support ratings are based on the support the bank can expect to receive from its Austrian founder and ultimate owner - Oesterreichische Volksbanken AG. This is due to the strong integration between the two banks and the importance of the Slovakian bank to OV's Central and Eastern European strategy. The Individual rating reflects the bank's conservative approach to risk and its strong track record and good capitalization, but also its rising costs, modest franchise and lack of diversification. OV has traditionally kept its subsidiaries in Eastern Europe on a very tight rein, requiring final approval of large credit exposures and restricting proprietary treasury activities. This may have somewhat constrained LB's growth and self-reliance, but has also kept its credit and market risks low. However, LB is becoming more independent and, in 2003, OV stopped guaranteeing certain large loans. LB is reliant on net interest revenue, and despite pressure on credit spreads, it has managed to improve its net interest margin by increasing the size of its loan book as a percentage of total assets. Profitable lending opportunities are still limited in Slovakia but business conditions continue to improve, particularly as the country has just joined the E.U. Nonetheless, competition is intense as a result of the privatization and restructuring of two major banks and aggressive branch expansion by mid-sized banks. LB aims to focus more on higher margin SME and retail lending but these markets will take time to grow. Credit risk is relatively low -- loans account for just over half of the balance sheet and the largest loans are guaranteed either by OV or the Slovak state. There are some older problem loans, but reserve coverage is conservative and economic conditions in Slovakia are improving. LB's remaining assets, inter-bank placements and fixed income securities, are largely rated at the sovereign ceiling or higher. LB's funding base has historically been stable and more than 50% of customer deposits are retail. Capital is solid for existing activities. Internal capital generation, combined with a 33% capital adequacy ratio, should support current expansion plans. LB was established in 1991 and subsequently developed into a medium-sized bank, with c.3% of total Slovak banking assets. It has a modest corporate franchise of over 18,000 clients, mainly SMEs, although it also services several large corporations. It has built up a small but solid retail franchise, which consists of about 100,000 customers. At end-2003 it had a moderate-sized network of 39 branches. CONTACT: FITCH RATINGS Alexander Giles, London Phone: +44 (0) 20 7417 6330 Claudia Nelson Phone: +44 (0) 20 7417 4269 Media Relations: Alex Clelland, London Phone: +44 20 7862 4084 LUDOVA BANKA A.S. Vysoka 9 Bratislava 810 00 Bratislavsky, Slovak Republic Phone: +421/2/5965 1111 Fax: +421/2/5441 2453 E-mail: market@luba.sk Web site: http://www.luba.sk/ ========= S P A I N ========= PREMSA CATALANA: Lenders Approve Bankruptcy Plan ------------------------------------------------ Creditors of publishing group Premsa Catalana have approved the liquidation of the company and the terms of its planned asset sale, says Europe Intelligence Wire. The publisher wants potential buyers of its newspaper Avui to absorb EUR4 million in debts and invest around EUR11 million to re-launch and consolidate their operations. The newspaper and its building will be sold separately. Parties linked to potential offers are Spanish publishers Planeta and Godo, which plan to table a joint bid, and Catalan media group Mediapro, which plans to bid with a partner, potentially publishing group RBA, the report said. Premsa Catalana declared bankruptcy in June with debts of EUR42 million. The company employs 170 workers. =========== S W E D E N =========== LM ERICSSON: Sets Press, Analysts Conference Call October 22 ------------------------------------------------------------ LM Ericsson's financial report will be released at 7:30 a.m. Central European Time (CET) on October 22, 2004. The press conference will begin at 9:00 a.m. CET at the Ericsson headquarters, Torshamnsgatan 23, Kista, Sweden. Ericsson's President and CEO Carl-Henric Svanberg will comment on the results and take questions. The press conference is open to journalists and analysts. A live audio Web cast of the press conference will be available on the Internet at http://www.ericsson.com/investorsand http://www.ericsson.com/press. The conference call for financial analysts, investors and media will begin at 2:00 p.m. CET (1:00 p.m. U.K. time, 8:00 a.m. Eastern Time U.S. and 9:00 p.m. local time Japan). Ericsson's President and CEO Carl-Henric Svanberg and Executive Vice President and CFO Karl-Henrik Sundstrom will comment on the results and take questions. Please call in at least 15 minutes before the conference call begins. Due to the usual high number of callers, it might take some time before you are connected. A live audio Web cast of the conference call will be available on the Internet at http://www.ericsson.com/investorsand http://www.ericsson.com/press. The call-in numbers for the conference call are: Europe: +44 870 608 1510 European back-up number: +44 1296 317 500 U.S. & International: +1 718 354 1175 Access code: analyst Replay: A replay of the conference call will be available from approximately one hour after the completion of the conference call, and will be available until 11:00 p.m. CET, October 27, 2004. European replay number: +44 1296 618 700 Replay access code: 212632 U.S. replay number: +1 617 801 6888 Replay access code: 36320933 On-demand Web casts of the press conference and the conference call, with visual support, will be available on the Internet at http://www.ericsson.com/investorsand http://www.ericsson.com/pressduring the day. The Q3 report of Sony Ericsson Mobile Communications will publish on October 14, 2004, at 8:30 a.m. CET. The results will be available on Ericsson's, Sony's and Sony Ericsson Mobile Communications' Web sites. Ericsson is shaping the future of Mobile and Broadband Internet communications through its continuous technology leadership. Providing innovative solutions in more than 140 countries, Ericsson is helping to create the most powerful communication companies in the world. Read more at http://www.ericsson.com/press CONTACT: LM ERICSSON Media Ase Lindskog, Ericsson Communications Phone: +46 8 719 9725; +46 8 719 6992 E-mail: press.relations@ericsson.com Investors and analysts Helena Schytt, Ericsson Investor Relations (Sweden) Phone: +46 8 719 7108 E-mail: investor.relations.se@ericsson.com Nathalie Mozdiniewicz Investor Relations, Ericsson Inc. (U.S.) Phone: +1 212 843 8449 E-mail: investor.relations@ericsson.com ============= U K R A I N E ============= BAR SUGAR: Sets Deadline for Filing of Claims --------------------------------------------- The Economic Court of Vinnitsya region commenced bankruptcy supervision on LLC Bar Sugar Plant (code EDRPOU 30774907). The case is docketed as 10/98-04. Mr. S. Severin (License Number AA 630139) has been appointed temporary insolvency manager. The company holds account number 26003000876001 at Ukrinbank, Vinnitsya branch, MFO 302333. Creditors have until October 16, 2004 to submit their proofs of claim to: (a) BAR SUGAR PLANT 23000, Ukraine, Vinnitsya region, Bar, Zavodska Str. 32 (b) Mr. S. Severin Temporary Insolvency Manager Ukraine, Vinnitsya region, Hmelnitske Shose Str. 2A, Room 710 Phone: 52-03-55 (c) ECONOMIC COURT OF VINNITSYA REGION 21100, Ukraine, Vinnitsya region, Hmelnitske Shose, 7 KRASNOKUTSK' REPAIR: Proofs of Claim Deadline Saturday ------------------------------------------------------ The Economic Court of Harkiv region commenced bankruptcy supervision on OJSC Krasnokutsk' Repair-Transport Enterprise (code EDRPOU 03115181) on September 10, 2004. The case is docketed as B-48/81-04. Arbitral manager Mr. O. Babak (License Number AA 719757 approved on January 21, 2004) has been appointed temporary insolvency manager. The company holds account number 26000333219 at Oshadbank, Krasnokutsk branch, MFO 350170. Creditors have until October 16, 2004 to submit their proofs of claim to: (a) KRASNOKUTSK' REPAIR-TRANSPORT ENTERPRISE Ukraine, Harkiv region, Krasnokutsk, Kujbishev Str. 105 (b) Mr. O. Babak Temporary Insolvency Manager Ukraine, Harkiv region, Slinska Str. 20/167 (c) ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi square, 5, Derzhprom, 8th entrance LAN: Insolvency Manager to Temporarily Run Business --------------------------------------------------- The Economic Court of Cherkassy region commenced bankruptcy supervision on LLC Lan (code EDRPOU 03792102) on July 27, 2004. The case is docketed as 14/2226. Mrs. Nataliya Levchenko (License Number AA 250083 approved on December 5, 2001) has been appointed temporary insolvency manager. The company holds account number 26000818 at JSPPB Aval, Smila branch, MFO 354499. Creditors have until October 16, 2004 to submit their proofs of claim to: (a) LLC LAN 20500, Ukraine, Cherkassy region, Katerinopil (b) Mrs. Nataliya Levchenko Temporary Insolvency Manager Ukraine, Cherkassy region, Tobilevich Str. 9/1 (c) ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue, 307 PLUZHNE' REPAIR: Court Commences Bankruptcy Supervision ------------------------------------------------------- The Economic Court of Hmelnitskij region commenced bankruptcy supervision on OJSC Pluzhne' Repair-Transport Enterprise. The case is docketed as 13/193-B. Mr. Sergij Shishkin has been appointed temporary insolvency manager. Creditors have until October 16, 2004 to submit their proofs of claim to: (a) PLUZHNE' REPAIR-TRANSPORT ENTERPRISE Ukraine, Hmelnitskij region, Izyaslavskij district, Pluzhne (b) Mr. Sergij Shishkin Temporary Insolvency Manager Ukraine, Hmelnitskij region, Institutska Str. 17/3-47 (c) ECONOMIC COURT OF HMELNITSKIJ REGION 29000, Ukraine, Hmelnitskij region, Nezalezhnosti square, 1 PROGRESS: Proofs of Claim Deadline Expires this Week --------------------------------------------------- The Economic Court of Vinnitsya region commenced bankruptcy supervision on agricultural LLC Progress (code EDRPOU 04326170). The case is docketed as 5/356-04. Mr. Vasil Glebov (License Number AA 630087 approved on December 4, 2003) has been appointed temporary insolvency manager. The company holds account number 260015673 at JSPPB Aval, Vinnitsya branch, MFO 3022477. Creditors have until October 16, 2004 to submit their proofs of claim to: (a) PROGRESS 22332, Ukraine, Vinnitsya region, Litinskij district, Tribuhi (b) Mr. Vasil Glebov Temporary Insolvency Manager Ukraine, Vinnitsya region, Luka-Meleshkivska, Vinnitska Str. 26 Phone: 32-75-22 (c) ECONOMIC COURT OF VINNITSYA REGION 21036, Ukraine, Vinnitsya region, Hmelnitske Shose, 7 SLAVIYA: Undergoes Bankruptcy Supervision Procedure --------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy supervision on LLC Commercial House Slaviya (code EDRPOU 30437194). The case is docketed as 24/361-B. Arbitral manager Mr. Siran Bekirov (License Number AA 419464 approved on November 25, 2002) has been appointed temporary insolvency manager. The company holds account number 26009001776 at JSC Credit Bank (Ukraine), Kyiv branch, MFO 321897. Creditors have until October 16, 2004 to submit their proofs of claim to: (a) COMMERCIAL HOUSE SLAVIYA 04080, Ukraine, Kyiv region, Novokostyantinivska Str. 8 (b) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B UKRTRANS-MUKACHEVO: Court Orders Debt Moratorium ------------------------------------------------ The Economic Court of Zakarpatska region commenced bankruptcy supervision on CJSC Ukrtrans-Mukachevo (code EDRPOU 05522080) on August 3, 2004. Prior to this, the court ordered a moratorium on satisfaction of creditors' claims on July 30, 2004. The case is docketed as 6/149. Arbitral manager Andrij Rakushinets (License Number AA 669653 approved on August 7, 2003) has been appointed temporary insolvency manager. The company holds account number 26007245041001 at CB Privatbank, Mukachevo branch, MFO 312378. CONTACT: UKRTRANS-MUKACHEVO 89640, Ukraine, Zakarpatska region, Mukachevo district, Chinadiyevo, Sadova Str. 92 Mr. Andrij Rakushinets Temporary Insolvency Manager Ukraine, Uzhgorod region, Lobachevskij Str. 43/67 ECONOMIC COURT OF ZAKARPATSKA REGION 88000, Ukraine, Uzhgorod region, Kotsubinski Str.2a ZAHIDRESURS: Under Bankruptcy Supervision ----------------------------------------- The Economic Court of Lviv region commenced bankruptcy supervision on LLC Zahidresurs (code EDRPOU 30053342) on July 27, 2004. The case is docketed as 6/259-29/232. Arbitral manager Mr. T. Chabanovich has been appointed temporary insolvency manager. The company holds account number 260030012188 at Ukrainian credit bank, Lviv branch, MFO 325871, and account number 26009010046 at JSB Ukrgazbank, Lviv branch, MFO 325967. CONTACT: ZAHIDRESURS 79024, Ukraine, Lviv region, B. Hmelnitskij Str. 106 Mr. T. Chabanovich, Temporary Insolvency Manager Ukraine, Lviv region, Pustomitivskij district, Yampil ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 =========================== U N I T E D K I N G D O M =========================== ALLARD & SAUNDERS: Members Agree to Liquidate Firm -------------------------------------------------- At an extraordinary general meeting of the members of the Allard & Saunders Limited on September 28, 2004 held at 43 Pall Mall, London SW1, the extraordinary and ordinary resolutions to wind up the company were passed. Peter Robin Bacon and Carl Derek Faulds of Portland Business & Financial Solutions Ltd., 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire have been appointed joint liquidators of the company. CONTACT: PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD. 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire ALLISON & BELL: Members Final Meeting Set Next Month ---------------------------------------------------- The final meeting of the members of Allison & Bell Limited will be on November 5, 2004 commencing at 10:00 a.m. It will be held at the offices of Johnson Tidsall, 81 Burton Road, Derby. 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 Johnson Tidsall, 81 Burton Road, Derby not later than 12:00 noon, November 4, 2004. CONTACT: JOHNSON TIDSALL 81 Burton Road, Derby Phone: 01332 363116 Fax: 01332 349984 E-mail: general@johnsontidsall.co.uk Web site: http://www.johnsontidsall.co.uk ALTERNATIVE BAR: Owners Take Steps to Liquidate Business -------------------------------------------------------- At an extraordinary general meeting of the members of the Alternative Bar Ventures Limited on September 28, 2004 held at 43 Pall Mall, London SW1, the extraordinary and ordinary resolutions to wind up the company were passed. Peter Robin Bacon and Carl Derek Faulds of Portland Business & Financial Solutions Ltd., 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire have been appointed joint liquidators of the company. CONTACT: PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD. 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire BAKER ALMOND: Creditors' Meeting Set Next Week ---------------------------------------------- The creditors of Baker Almond Limited will meet on October 15, 2004 commencing at 10:30 a.m. It will be held at Bonnington Hotel, 92 Southampton Row, London WC1B 4BH. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Begbies Traynor, The Old Exchange, 234 Southchurch Road, Southend on Sea, Essex SS1 2EG not later than 12:00 noon, October 14, 2004. CONTACT: BEGBIES TRAYNOR The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG Phone: 01702 467255 Fax: 01702 467201 E-mail: southend@begbies-traynor.com Web site: http://www.begbies.com BEARINGS RESTORATIONS: Calls in Liquidator ------------------------------------------ At an extraordinary general meeting of the members of the Bearings Restorations Limited on September 28, 2004 held at Langley House, Park Road, London N2 8EX, the extraordinary and ordinary resolutions to wind up the company were passed. Alan Simon has been appointed liquidator for the purpose of such winding-up. BOMACKS CONTRACTORS: Appoints Begbies Traynor Liquidator -------------------------------------------------------- At an extraordinary general meeting of the members of the Bomacks Contractors Limited on September 29, 2004 held at the offices of Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF, the extraordinary resolution to wind up the company was passed. David Moore and Donald Bailey of Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF have been appointed joint liquidators for the purpose of such winding-up. CONTACT: BEGBIES TRAYNOR No 1 Old Hall Street, Liverpool L3 9HF Phone: 0151 227 4010 Fax: 0151 227 4009 Web site: http://www.begbies.com BPC COMMERCIAL: Hires Liquidator from Maidment Judd --------------------------------------------------- Name of Companies: BPC Commercial Limited Polestar Services Limited The Delfin Corporation Limited Waterlow & Sons Limited Whitefriars Composertype Limited At the extraordinary general meetings of the members of these companies on September 29, 2004 held at Marlborough Court, Sunrise Parkway, Linford Wood, Milton Keynes, Buckinghamshire MK14 6DY, the special resolutions to wind up the companies were passed. Anthony David Kent of Maidment Judd, 60-62 High Street, Harpenden, Herfortshire AL5 2SP has been appointed liquidator for the purpose of such windings-up. CONTACT: MAIDMENT JUDD 60-62 High Street, Harpenden, Hertfordshire AL5 2SP Toll Free No: 0800 068 7154 Phone: +44 (0) 1582 469 700 Fax: +44 (0) 1582 460 674 Web site: http://www.maidmentjudd.com CAMPBELL-LEE CONTRACTS: Sets Creditors Meeting Next Week -------------------------------------------------------- The creditors of Campbell-Lee Contracts Limited will meet on October 14, 2004 commencing at 10:30 a.m. It will be held at Begbies Traynor, No 1 Old Hall Street. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Begbies Traynor, No 1 Old Hall Street not later than 12:00 noon, October 13, 2004. CONTACT: BEGBIES TRAYNOR No 1 Old Hall Street, Liverpool L3 9HF Phone: 0151 227 4010 Fax: 0151 227 4009 Web site: http://www.begbies.com CHANCERY NO. 3: Liquidator to Deliver Report November ----------------------------------------------------- The final general meeting of the Chancery No. 3 Limited will be on November 5, 2004 commencing at 11:00 a.m. It will be held at 1 More London Place, London SE1 2AF. 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: ERNST & YOUNG LLP 1 More London Place London SE1 2AF Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com COMPASS SECURITIES: Winding up Resolutions Passed ------------------------------------------------- At an extraordinary general meeting of the Compass Securities Limited on September 17, 2004, the special, ordinary and extraordinary resolutions to wind up the company were passed. Blair Carnegie Nimmo of Saltire Court, 20 Castle Terrace, Edinburgh EH1 2EG has been appointed liquidator for the purpose of such winding-up. CONTACT: KPMG Saltire Court, 20 Castle Terrace, Edinburgh EH1 2EG Phone: (0131) 222 2000 Fax: (0131) 527 6666 Web site: http://www.kpmg.co.uk CORINIUM HOLDINGS: KPMG Takes over Day-to-day Operation ------------------------------------------------------- At an extraordinary general meeting of the Corinium Holdings Limited on September 17, 2004, the special, ordinary and extraordinary resolutions to wind up the company were passed. Blair Carnegie Nimmo of Saltire Court, 20 Castle Terrace, Edinburgh EH1 2EG has been appointed liquidator for the purpose of such winding-up. CONTACT: KPMG Saltire Court, 20 Castle Terrace, Edinburgh EH1 2EG Phone: (0131) 222 2000 Fax: (0131) 527 6666 Web site: http://www.kpmg.co.uk COWAN HILL: Hires Grant Thornton as Administrator ------------------------------------------------- Daniel Robert Whiteley Smith and Martin Gilbert Ellis (IP Nos 8373, 8687) have been appointed joint administrators for Cowan Hill Limited. The appointment was made September 30, 2004. The company offers brand consultancy services. CONTACT: GRANT THORNTON Grant Thornton House, Melton Street, Euston Square, London NW1 2EP Phone: 020 7383 5100 Fax: 020 7383 4715 Web site: http://www.grant-thornton.co.uk CRAVEN BROS: Sets Members Final Meeting November ------------------------------------------------ The final meeting of the members of Craven Bros (Monkseaton) Limited will be on November 10, 2004 commencing at 10:00 a.m. It will be held at the offices of Bartfields (UK) Limited, Burley House, 12 Clarendon Road, Leeds LS2 9NF. 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 Bartfields (UK) Limited, Burley House, 12 Clarendon Road, Leeds LS2 9NF not later than 12:00 noon, November 9, 2004. CONTACT: BARTFIELDS (UK) LIMITED Burley House, 12 Clarendon Road, Leeds LS2 9NF D & P ENGINEERING: Names Poppleton & Appleby Administrator ---------------------------------------------------------- M D. Hardy and M T. Coyne (IP Nos 9160 and 6575) have been appointed joint administrators for D & P Engineering Services Limited. The appointment was made September 27, 2004. The company offers engineering services. CONTACT: POPPLETON & APPLEBY 35 Ludgate Hill, Birmingham B3 1EH Phone: 0121 200 2962 Web site: http://www.pandabirmingham.co.uk EDISUS LIMITED: Members Agree to Dissolve Company ------------------------------------------------- At an extraordinary general meeting of the members of the Edisus Limited on September 28, 2004 held at Intec, Fford Y Parc, Parc Menai, Bangor, Gwynedd, the extraordinary and ordinary resolutions to wind up the company were passed. Kerry Bailey and Jonathan D Newall of PKF, 10 Hanover Business Centre, Hanover House, The Roe, St Asaph LL17 0LT have been appointed joint liquidators for the purpose of such winding-up. CONTACT: PKF 10 Hanover Business Centre, Hanover House, The Roe, St Asaph LL17 0LT Phone: 01745 585345 Fax: 01745 582119 Web site: http://www.pkf.co.uk EFFECTIVE IT: Extraordinary Winding up Resolution Passed -------------------------------------------------------- At an extraordinary general meeting of the Effective IT Network Services Limited on September 30, 2004 held at 2 Nelson Street, Southend on Sea, Essex SS1 1EF, the subjoined extraordinary resolution to wind up the company was passed. K B Stout has been appointed liquidator for the purpose of such winding-up. ENTERPRISE CAPITAL: Hires Ernst & Young as Liquidator ----------------------------------------------------- At a meeting of the Enterprise Capital Plc on September 21, 2004 held at the office of Dickson Minto WS, Royal London House, 22- 25 Finsbury Square, London EC2A 1DX, the special resolution to wind up the company was passed. Patrick Joseph Brazzill and Margaret Elizabeth Mills both of Ernst & Young LLP, 1 More London Place, London SE1 2AF have been appointed liquidators for the purpose of such winding-up. CONTACT: ERNST & YOUNG LLP 1 More London Place London SE1 2AF Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com FREEDOM SCOTLAND: Members, Creditors to Meet Later this Month ------------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Freedom Scotland Holidays Limited Notice is hereby given, pursuant to Section 98 of the Insolvency Act 1986, that meetings of the members and creditors of Freedom Scotland Holidays Limited will be held at 7 Glasgow Road, Paisley PA1 3QS, on October 27, 2004 at 3:00 p.m. and 3:15 p.m. respectively for the purposes mentioned in Sections 99, 100 and 101 of the said Act. A list of names and addresses of the company's creditors will be available for inspection free of charge within the offices of Campbell Dallas, Chartered Accountants, Sherwood House, 7 Glasgow Road, Paisley PA1 3QS two business days prior to the meeting. By Order of the Board Alan Whyte, Director CONTACT: CAMPBELL DALLAS Sherwood House 7 Glasgow Road Paisley PA1 3QS Phone: 0141 887 4141 Fax: 0141 887 1103 E-mail: psly@camdal.com Web site: http://www.camdal.com HT (UK): Appoints Grant Thornton Administrator ---------------------------------------------- Paul Melville (IP No 9313) and Andrew Conquest (IP No 5329) have been appointed administrators for HT (UK) Limited. The appointment was made October 1, 2004. The company manufactures window frames. CONTACT: GRANT THORTON UK LLP Enterprise House 115 Edmund Street, Birmingham B3 2HJ Phone: 0121 212 4000 Fax: 0121 212 4014 Web site: http://www.grant-thornton.co.uk GRANT THORNTON Grant Thornton House, Melton Street, Euston Square, London NW1 2EP Phone: 020 7383 5100 Fax: 020 7383 4715 Web site: http://www.grant-thornton.co.uk HUTT'S FURNISHINGS: Deadline for Filing of Claims Set ----------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Hutt's Furnishings Limited (In Liquidation) I, John Michael Hall, Chartered Accountant, Haines Watts BRI, Level 5, City House, Overgate Centre, Dundee, DD1 1UQ, hereby give notice pursuant to Rule 4.19 of the Insolvency (Scotland) Rules 1986 that I was appointed liquidator of Hutt's Furnishings Limited by order of the Sheriff at Kirkcaldy Sheriff Court on September 8, 2004. A liquidation committee was not established at the meeting of creditors held on August 16, 2004. Accordingly, I hereby give notice that I do not intend to summon a further meeting for the purpose of establishing a liquidation committee unless one tenth in value of the creditors require me to do so in terms of Section 142(3) of the Insolvency Act 1986. All creditors who have not already done so are required to lodge their claims with me by October 27, 2004. John Michael Hall, Liquidator 27th September 2004 CONTACT: HAINES WATTS (DUNDEE INSOLVENCY) Level 5, City House Overgate Centre Marketgait Dundee DD1 1UQ Phone: 01382 220663 Fax: 01382 22066 Web site: http://www.hwca.com ISOTECH TECHNOLOGIES: In Administrative Receivership ---------------------------------------------------- Administrators from KPMG Corporate Recovery have been called into Daventry-based Isotech Technologies Limited. The company, which builds specialized cooling equipment for the fresh produce industry, employs 32 people. Joint administrator, Mark Orton from KPMG Corporate Recovery said: "The company has been suffering from cash flow difficulties. Over the next few days we will be having discussions with the company's major customers to establish the possibility of securing a future for the business." Administrators have made 31 redundancies since their appointment on 6 October 2004. CONTACT: KPMG CORPORATE RECOVERY Julie Round, PR Manager Phone: 0121 232 3177 Mobile: 07887 633677 E-mail: Julie.round@kpmg.co.uk KVAERNER ENVIRONMENTAL: Liquidator's Final Report Out November -------------------------------------------------------------- The final meeting of the members of Kvaerner Environmental Limited will be on November 4, 2004 commencing at 10:00 a.m. It will be held at KPMG, Saltire Court, 20 Castle Terrace, Edinburgh EH1. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with KPMG, Saltire Court, 20 Castle Terrace, Edinburgh EH1 not later than 12:00 noon, November 3, 2004. CONTACT: KPMG Saltire Court, 20 Castle Terrace, Edinburgh EH1 Phone: (0131) 222 2000 Fax: (0131) 527 6666 Web site: http://www.kpmg.co.uk MOSS BROS: Returns First-half Profit After Five Years ----------------------------------------------------- Highlights of Interim Results: (a) Pre-tax profit of GBP0.7 million (H1 2003: GBP1.8 million loss), (b) Like-for-like sales up 8% and gross profit up 11%, with growth in all 3 fascia, (c) Gross profit percentage increases from 50.0% to 52.1%, (d) Average cash balance for the half up 50% on last year, (e) Interim dividend of 0.5p (H1 2003: nil), (f) Current trading: LFL sales in first nine weeks of second half up 18% Operational (a) Product led strategy delivering improved performance across Moss, Cecil Gee and Boss; (b) Moss growing market share: strategy of branded merchandise at good prices delivering; (c) Margins benefiting from better overall operational efficiency; (d) Moss refits delivering ahead of expectations, Cecil Gee brand investment underway; (e) Moss Bros Hire continues to grow; GBP1.5 million invested in new stock. Commenting on the results, CEO Philip Mountford said: "I am pleased to report the Company has made a profit in the first half for the first time in five years. Our product led strategy is delivering with improved performance in each of our fascias Moss, Cecil Gee and Boss. "This is encouraging progress but there remains substantial unrealized potential. The Moss store refurbishments have been well received by our customers and we are starting to re-invest in the Cecil Gee brand with the launch of the new concept store at Lakeside next week. Enhanced ranges, more effective promotions, improved merchandising and supply chain initiatives are providing the foundation for medium term growth. The second half has started well with LFL sales for the first nine weeks up 18%. We head towards the key last quarter of the year with confidence." A full copy of the financial report is available free of charge at http://bankrupt.com/misc/results.htm. CONTACT: MOSS BROS GROUP PLC Philip Mountford, Chief Executive Roddy Murray, Finance Director Phone: 020 7353 4200 Tulchan Communications Alexia Latham Phone: 020 7353 4200 PRIMAVISION LIMITED: Liquidator to Give Update Thursday ------------------------------------------------------- The creditors of Primavision Limited will meet on October 14, 2004 commencing at 11:00 a.m. It will be held at 52 Mount Pleasant, Liverpool L3 5UN. 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. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to 52 Mount Pleasant, Liverpool L3 5UN not later than 12:00 noon, October 11, 2004. RAMCO ENERGY: Reports GBP1 Mln First-half After-tax Loss -------------------------------------------------------- Ramco Energy plc, the Aberdeen based oil and gas exploration and production company, announces its interim results for the six months ended 30 June 2004. Summary (a) Technical report, on the Seven Heads field, completed and detailed findings to be announced during the next few weeks (b) Existing waiver from Bankers has been extended to allow the review of the technical report to be completed (c) Turnover for the first half was GBP23.9 million (2003: GBP6 million) (d) After tax loss for the period of GBP1.0 million (2003: loss of GBP1.4 million) (e) Oil and gas division reported half year profit, before interest, of GBP1.2 million (f) Interest in oil potential underlying Seven Heads gas field farmed out (g) Improved results from Oil services division with a profit of GBP0.9 million Chairman's Statement The technical report on the production problems encountered with our Seven Heads gas field was completed recently and is currently with our partners, the Irish regulatory authorities and our bankers for their review. We anticipate announcing the findings of the report, the implications of the revised reservoir model and the agreed way forward for the field during the course of the next few weeks. Our bankers have extended the existing waivers to allow that process to be completed. Financial Results In the first half of 2004 the Group recorded an after tax loss of GBP1.0 million compared with a loss of GBP1.4 million in the first half of 2003. Group turnover for the first half of 2004 was GBP23.9 million, substantially higher than GBP6 million in the first half of last year, reflecting a full six months of revenue under the Gas Sales Agreement (GSA) for the Seven Heads gas field. However, as reported previously, the production problems encountered at Seven Heads have resulted in additional costs. These relate to transportation associated with importing shortfall gas to Ireland to meet our GSA obligations, and the technical studies undertaken to investigate the production problems. The Oil and Gas division reported a half-year profit, before interest, of GBP1.2 million, compared with a loss over the same period of last year of GBP1.5 million. This result also reflects the effect of the gas price hedges put in place as a requirement of our project finance package and a lower than expected depletion charge against the gas production as we significantly wrote down the carrying value of our interest in the gas field in 2003. The Oil Services division produced improved results despite a reduced turnover. This reflects an upturn in the higher margin core tubular cleaning business combined with a reduction in its lower margin storage and logistics activities. Overall the division recorded a profit, before interest, for the first half of GBP0.9 million compared to GBP0.8 million over the same period of last year. Administrative expenses for the first half were GBP0.7 million, compared with GBP0.8 million in the first half of 2003. Net interest payable over the first six months of the year was GBP2.2 million compared with net interest receivable over the corresponding period of last year of GBP0.4 million. The change, from interest receivable to interest payable, reflects the draw down of the Seven Heads project loan, which began in quarter 2 of 2003. At 30 June 2004 Group cash balances were GBP5.3m, of which GBP1.8 million is ring-fenced within the Seven Heads project finance arrangements. The project loans, drawn down and utilized, at 30 June 2004 total GBP68.6 million, of which GBP56.6 million is non-recourse, secured only against the Group's interest in the Seven Heads gas field. The balance of GBP12 million is also secured against the Oil Services business. The Board is not recommending payment of an interim dividend. Oil and Gas The technical review of the Seven Heads gas field and the revised reservoir model have identified a number of possible ways of improving production and a range of production profiling options to maximize gas revenues. These options are being carefully considered by Ramco, its partners and bankers and as soon as agreement has been reached we will be issuing a more detailed update. The poorer than expected performance of the Seven Heads gas field has inevitably had a knock-on effect. We are generating less cash than we had expected and as a consequence have reduced our expenditure on other projects. We have postponed certain activities and are seeking to farm out parts of our exploration portfolio earlier than we had originally planned. In April we announced that we had farmed out our interest in the oil potential underlying the Seven Heads gas field and we are currently considering a number of other offers. Announcements on specific deals will follow once individual agreements have been concluded. Oil Services The Oil Services division has reported improved results driven by an improvement in its core tubulars cleaning business and a move away from some of the lower margin logistics and pipe storage activities. The recommencement of cleaning activities in Japan has been a key factor in the improved results. The pipeline coating joint venture has also produced improved first half results. The improving markets are expected to continue through the second half of the year. Outlook The first half of 2004 has been a challenging period for the company. However the Board and the management team remain committed and are working with our bankers and partners to advance the options available to Ramco. Further announcements will be made as progress is made with the initiatives already described. Peter Everett Chairman A full copy of the financial results is available free of charge at: http://bankrupt.com/misc/Ramco_interim2004.pdf CONTACT: RAMCO ENERGY PLC Aberdeen Steven Bertram, Group Financial Director Phone: 01224 352 200 COLLEGE HILL London Nick Elwes Phone: 020 7457 2020 RBC DOMINION: Appoints PricewaterhouseCoopers Liquidator -------------------------------------------------------- Name of Companies: RBC Dominion Securities (London) Limited RBC DS (UK) Limited At a meeting of the members of these companies on September 30, 2004, the special and ordinary resolutions to wind up the companies were passed. Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have been appointed joint liquidators of the companies for the purpose of such winding-up. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court, London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com REAL TRAVEL: Calls in Liquidator -------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Real Travel Scotland Limited Notice is hereby given, pursuant to Section 109 of the Insolvency Act 1986, that Derek Forsyth of Campbell Dallas, Sherwood House, 7 Glasgow Road Paisley, PA1 3QS was appointed liquidator of Real Travel Scotland Limited on September 29, 2004. Derek Forsyth, Liquidator CONTACT: CAMPBELL DALLAS Sherwood House 7 Glasgow Road Paisley PA1 3QS Phone: 0141 887 4141 Fax: 0141 887 1103 E-mail: psly@camdal.com Web site: http://www.camdal.com ROYAL MAIL: Deputy Chairman Elmar Toime Resigns ----------------------------------------------- Royal Mail Group announced board changes, as it enters the final months of its three-year renewal plan and prepares for intensified competition in the postal market. Executive Deputy Chairman, Elmar Toime, will be standing down to pursue opportunities as a consultant to the international postal sector. Mr. Toime joined the Group in March 2003 and held responsibility for the Royal Mail letters business until May this year, when Chief Executive Adam Crozier took direct control of that part of the business. Royal Mail Chairman, Allan Leighton, thanked Mr. Toime for his contribution to the renewal plan and wished him well in his new venture. Royal Mail also announced that Baroness Margaret Prosser has been appointed to the board as a non-executive Director. Lady Prosser, who was Deputy General Secretary of the Transport and General Workers' Union from 1998 to 2002, brings a wealth of experience in employee relations. She was a member of the Equal Opportunities Commission between 1985 and 1992 and was President of the Trades Union Congress from 1995 to 1996. She is keenly interested in diversity in the workplace and is the current chair of the Women's National Commission. Commenting on Lady Prosser's appointment Allan Leighton said: "We are well through the three year renewal plan we needed to put in place to turn Royal Mail around. But the challenge we face is still immense and the impact of competition on everyone in the company will increase sharply in the near future. "We will benefit hugely from Margaret's experience and scrutiny as we continue to drive the improvements needed to deliver a great place to work to all our people, and a great level of service to all our customers." "We are making a strong and lasting improvement to the level of service we're giving our customers. Quality of service has improved consistently month on month since May. Every measure is improving. We have made real and substantial gains on First and Second Class mail -- some of our current performance levels are among the best in years." Issued by Royal Mail Group plc 148 Old Street LONDON EC1V 9HQ CONTACT: ROYAL MAIL HOLDINGS PLC 148 Old St. London EC1V 9HQ, United Kingdom Phone: +44-20-7250-2888 Fax: +44-20-7250-2244 Web site: http://www.royalmailgroup.com SERCO SERVICES: Final Meeting of Creditors Set November ------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Serco Services Limited (In Liquidation) Notice is hereby given pursuant to section 146 of the Insolvency Act 1986 that a final meeting of the creditors of Serco Services Limited will be held at 1 Royal Terrace, Edinburgh, EH7 5AD on November 11, 2004 at 10:00 a.m. for the purposes of receiving the Liquidator's report on the winding up and to determine whether the Liquidator should be released. T. C. MacLennan, Liquidator CONTACT: TENON RECOVERY One Royal Terrace Edinburgh EH7 5AD Phone: 0131 557 4455 Fax: 0131 556 0662 E-mail: edinburgh@tenongroup.com Web site: http://www.ey.com SHIMFOIL LIMITED: Bibby Factors Brings in Receiver -------------------------------------------------- Bibby Factors Northwest Limited appoints W J. Kelly and James P N. Martin (Office Holder Nos 4857, 8316) joint administrative receivers for Shimfoil Limited (Reg No 00156001, Trade Classification: SIC 2744). The application was filed September 28, 2004. The company produces copper. CONTACT: BEGBIES TRAYNOR Newater House 11 Newhall Street, Birmingham B3 3NY Phone: 0121 200 8150 Fax: 0121 200 8160 Web site: http://www.begbies.com THRESHOLD FLOORINGS: Special Winding up Resolution Passed --------------------------------------------------------- At an extraordinary general meeting of the members of the Threshold Floorings (Vorda) Limited on September 29, 2004 held at 38-42 Newport Street, Swindon, Wiltshire the special resolution to wind up the company was passed. Paul Michael McConnell of 38-42 Newport Street, Swindon, Wiltshire has been appointed liquidator for the purpose of such winding-up. TISI (UK): Final General Meeting Set Next Month ----------------------------------------------- The final general meeting of the members of TISI (UK) Limited will be on November 8, 2004 commencing at 11:30 a.m. It will be held at Farringdon Place, 20 Farringdon Road, London EC1M 3AP. 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 PKF, Farringdon Place, 20 Farringdon Road, London EC1M 3AP not later than 4:00 p.m., November 5, 2004. CONTACT: PKF Farringdon Place, 20 Farringdon Road, London EC1M 3AP Phone: 020 7065 0000 Fax: 020 7065 0650 E-mail: info.london@uk.pkf.com Web site: http://www.pkf.co.uk T J MEADE: Creditors Appoint Liquidator --------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF T J Meade Limited (In Liquidation) I, Blair Carnegie Nimmo, Chartered Accountant, KPMG Corporate Recovery, 191 West George Street, Glasgow, G2 2LJ, United Kingdom, hereby give notice, pursuant to Rule 4.19 of The Insolvency (Scotland) Rules 1986 that on September 21, 2004, I was appointed liquidator of the above named Company by Resolution of the first Meeting of Creditors. No Liquidation Committee was established. All creditors who have not already lodged a statement of their claim are requested to do so on or before March 23, 2005. B. C. Nimmo, Liquidator September 23, 2004 CONTACT: KPMG CORPORATE RECOVERY 191 West George Street Glasgow G2 2LJ Phone: (0141) 226 5511 Fax: (0141) 204 1584 Web site: http://www.kpmg.co.uk UNIQUE INNS: Hires Administrators from Numerica ----------------------------------------------- Simon Edward Jex Girling and Mark Peter Roach (IP Nos 9283, 9231) have been appointed administrators for Unique Inns Limited. The appointment was made September 24, 2004. CONTACT: NUMERICA LLP Crown House, 37-41 Prince Street, Bristol BS1 4PS Phone: 0117 934 2800 Fax: 0117 922 5191 Web site: http://www.numerica.biz WHITE CROSS: Liquidators Call Final Members Meeting --------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF The White Cross Insurance Company Limited Notice is hereby given pursuant to Section 94 of the Insolvency Act 1986, that the final meeting of members of The White Cross Insurance Company Limited will be held at the offices of PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street, Leeds, LS1 4JP on November 10, 2004 at 10:00 a.m. for the purpose of having an account laid before the members showing how the winding-up has been conducted and the property of the Company disposed of, and hearing any explanations that may be given by the Liquidator. A member entitled to attend and vote at the meeting may appoint a proxy, who need not be a member, to attend and vote instead of him/her. Tim Walsh, Joint Liquidator September 27, 2004 CONTACT: PRICEWATERHOUSECOOPERS L.L.P. Kintyre House 209 West George Street Glasgow G2 2LW Phone: [44] (0) 131 5242233 Fax: [44] (0) 131 2604008 Web site: http://www.pwc.com * FSCS Declares 33 Firms in Default ----------------------------------- The Financial Services Compensation Scheme (FSCS) is encouraging consumers to get in touch if they may have lost money as a result of their dealings with any one of 33 firms recently declared in default by the Scheme. Declaring a firm in default opens the way for anyone who has lost money, as a result of dealings with such a firm, to make a claim for compensation to FSCS. The limit for investment compensation is GBP48,000. Consumers who believe they may have a claim, should contact the Scheme on 020 7892 7300. The service is free to consumers. "FSCS' role is to protect customers of financial services firms. It is important for people to know that there is an organization that can help if they have lost money and the firm can't pay," says Ron Devlin, Interim Chief Executive of the FSCS. The declaration of default is the final part of a process whereby a regulated firm (for example, an independent financial adviser) is deemed by FSCS to be unable to pay claims for compensation against it. This is usually because it has insufficient assets, for example, because it has ceased trading or is insolvent. FSCS is the U.K.'s statutory single compensation scheme covering investments, deposits and insurance. It provides a fund of last resort for consumers who have claims against regulated firms that are unable to pay them. Financial services firms are regulated by the U.K.'s independent financial watchdog, the Financial Services Authority (FSA). A list of the 33 investment firms is attached, and a list containing the full address of each of the firms is available from FSCS' Web site at http://www.fscs.org.uk. Consumers can also use the default database on the Web site to check to see if a firm they have dealt with previously has already been declared in default. Protection Extended to Mortgage Advice From October 31, 2004 mortgage advice and arranging will also be protected. This is the date when these types of activities will be regulated by the FSA. FSCS became the single compensation scheme in the financial services sector on December 1, 2001, when the Financial Services and Markets Act came into force. All previous compensation schemes, including the Investors Compensation Scheme, ceased to operate at this time. Default Declarations by FSCS As of October 6, 2004 (a) East (i) Norvic Insurance Brokers Limited (latterly Norvic Insurance Services Limited), Norwich NR3 4PS (ii) Peregrine Overseas Limited, Woodbridge IP12 1TJ (iii) Philip John Howells, formerly trading as Willis Howells Financial Services, Newmarket CB8 8TF (iv) Residential & Commercial Mortgage Services Limited trading as The Mortgage & Pension Shop (In Voluntary Liquidation), Chelmsford CM1 1HL (not connected with Hometouch Mortgages Limited currently trading as The Mortgage & Pension Shop from the same premises) (v) Thomas Derek Mackereth, formerly trading as Derek Mackereth Insurance, Peterborough PE7 1QD (b) Midlands (i) A H Bell & Co. (Financial Planning) Limited, Derby DE1 2GT (ii) Banwern Limited, Ripley DE5 3HR (iii) Daviot Finance Limited, Alcester B49 6HN (iv) LinnCo. Europe Limited (In Administration), Leicester LE3 5DE (v) Matthews Clarke Financial Services Limited, Worcester WR1 2LA (vi) Peter Woodward trading as Woodwards IFA, Ripley DE5 3DJ (c) North Kensington Financial Services Limited, Chadderton OL9 9JX (d) Northern Ireland D Mcclarty & Company Financial Services Limited, Co. Londonderry BT52 1PF (e) Scotland (i) James Stuart Robertson formerly trading as J Stuart Robertson Insurance Services, Bonnyrigg EH19 3NP (ii) Karan Kissoon Singh formerly trading as the Mortgage & Savings Shop, Alexandria G83 9PQ (iii) McKenna Financial Services Limited, Kilmacolm PA13 4NY (iv) Scottway Insurance Services Limited, formerly known as Scott & Wason (Insurance Services) Limited, Glasgow G2 2UE (f) South East (including London) (i) E J Kirk & Company Limited, Reading, RG7 3WF (ii) Independent Insurance Expertise Limited, Edgware HA8 7BJ (iii) Insurite Limited, London E4 9JY (iv) McKenzie & Co. (Insurance Brokers) Limited, London WC1A 2TA (v) Mr. Gordon Searle, formerly trading as Amor Searle & Company, Shepperton, TW17 9AZ (vi) Norman David Mitchell, formerly trading as Planned Investments, Battle TN33 0EA (vii) Paul Anthony Gold & Marguerita Gold, formerly trading as Paul Gold & Associates, Twyford RG10 0LX (viii) Ridgefield Financial Services Limited, London SW14 8LP (ix) Tangent Financial Services Limited, Watford WD1 2JR (g) South West (i) Coombe Insurance Services Ltd., Wotton-Under-Edge GL12 7NR (ii) Mr. Paul Eric Morgan, formerly trading as Paul Morgan Financial Services, Banbury OX16 8LG (h) Yorkshire and Humberside (i) Dale Sharman Investments Limited, Leeds, LS3 1AD (ii) Dormland Limited (In Liquidation), formerly Oughtred & Harrison (Insurance) Limited, Kingston-Upon-Hull HU3 1XA (iii) Freeway Financial Services Limited, Bradford BD13 3EL (iv) Howard Frapwell Insurance & Mortgage Independent Financial Advisers Limited (In Liquidation), South Humberside DN15 6LD (v) James O'Connor formerly trading as Knavesmire Insurance Services, York YO2 4AA CONTACT: FINANCIAL SERVICES COMPENSATION SCHEME 7th Floor Lloyds Chambers 1 Portsoken Street London E1 8BN Phone: +44 (0)20 7892 7300 Fax: + 44 (0)20 7892 7301 Web site: http://www.fscs.org.uk Suzette Browne Phone: 020 7892 7372 E-mail: Suzette.Browne@fscs.org.uk Heather Tilston Phone: 020 7892 7370 E-mail: H.Tilston@fscs.org.uk * Research Firm Launches Insolvency, Restructuring Yearbook ----------------------------------------------------------- The Global Insolvency & Restructuring Yearbook 2004/05 provides a far-reaching discussion and analysis of insolvency & restructuring within the global market, written by leading experts from investment banks, law firms & consultants. With traditional and new economy companies experiencing difficulties in the economic downturn, insolvency and restructuring departments are facing a challenging time. Recent high-profile insolvencies have highlighted the need for all companies to be aware of their liabilities and responsibilities under the law. This book serves as an up-to-date information guide to this sector, reporting on international developments as well as offering domestic and industry specific analysis. The publication contains a series of specialist articles focusing on major cross-border issues, and regional reviews, providing industry professionals with an authoritative guide to the market and its leading practitioners. The publication will discuss progress and developments at an international level and will consider how companies can invest in and profit from best practice in this area. Each chapter is contributed by leading market participants on an exclusive basis. Topics covered include: (a) International corporate recovery, (b) Sales of going concerns under section 363 of the U.S. bankruptcy code, (c) Impact if a us bankruptcy filing on lenders' rights, (d) Cross-border insolvencies, (e) Standards on insolvency and creditor rights, (f) Anti-money laundering laws and their impact on pan European restructurings Country and regional reviews focus on insolvency & restructuring issues in: Australia, Austria, Bahamas, Bermuda, British Virgin Islands, Canada, Cayman Islands, Czech Republic, Europe, France, Germany, Gibraltar, Hong Kong, India, Japan, Korea, Latin America, Malaysia, Netherlands, Poland, Singapore, Sweden, Switzerland, U.S.A. directory listing over 450 leading companies from the insolvency and restructuring industry completes this essential guide. For a complete index of this report click on http://www.researchandmarkets.com/reports/219471 About Research and Markets Ltd. Research and Markets Ltd. are Europe's largest resource for market research. R&M distribute thousands of major research publications from the world's leading publishers, consultants and market analysts. R&M provide you with the latest forecasts on international and regional markets, key industries, the top companies, new products and the latest market trends. For additional information on ResearchandMarkets.com, their range of reports or their value-added services, visit http://www.researchandmarkets.comor mail to: press@researchandmarkets.com. CONTACT: Research and Markets Laura Wood E-mail: press@researchandmarkets.com Fax: +353 1 4100 980 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, and Julybien Atadero, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *