/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/041015.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, October 15, 2004, Vol. 5, No. 205 Headlines F R A N C E ALCATEL: Automatic Train Operation in Tube Lines Successful CARREFOUR: Price Investments to Retard Earnings Growth G E R M A N Y BAAR + KLAS: Bochum Court Appoints Administrator "DER GRAUE": Creditors Meeting Set Next Month HEGRA GMBH: Creditors Have Until Next Week to File Claims HOGA UMWELTTECHNIK: Falls into Bankruptcy JENOPTIK AG: On Watch Negative After Merger News KREMEIKE INDUSTRIE: Under Bankruptcy Proceedings KTD BAU: Creditors Claims Due November MATTHEUER BAU: Engineering Firm Under Bankruptcy Proceedings SANFLEX SERVICE: Creditors Claims Due Next Week ULLERSDORFER MUHLE: Creditors Meeting Set Next Month VERSICHERUNGS-MANAGEMENT: Creditors Claims Due in Weeks H U N G A R Y BORSODCHEM RT: Abandons Interest in Tiszai Vegyi BORSODCHEM RT: VCP Industrie Reduces Stake to 28.67% I T A L Y IT HOLDING: Proposed EUR185 Million Notes Rated 'B+' PARMALAT FINANZIARIA: Auditors Okay Nextra Settlement PARMALAT U.S.A.: November Appeal Deadline Extended K A Z A K H S T A N KAZKOMMERTSBANK: Individual Rating Affirmed at 'C/D' L U X E M B O U R G STOLT-NIELSEN: Results Improve in Third Quarter N E T H E R L A N D S KONINKLIJKE AHOLD: U.S. Securities Watchdog Ends Investigation P O L A N D DAEWOO-FSO: Rescue Possible with Avto ZAZ's Debt Buyout R U S S I A ILISHEVSKOYE SELKHOZ-ENERGO: Declared Insolvent KILMEZSKIY WOOD-PROM-KHOZ: Kirov Court Names Insolvency Manager NIZHNEGOROD-AGRO-PROM-TEKH-SNAB: Names Insolvency Manager NORTH OIL-GAS-EXPLORING: Declared Insolvent OAO GAZPROM: Issues RUB5 Billion Bonds PROMYSHLENNOVSKAYA: Kemerovo Court Appoints Insolvency Manager RADIO-INSTRUMENT FACTORY: Under Bankruptcy External Procedure SEMENOVSKIY DAIRY: Sets Deadline for Proofs of Claim SHAKHUNYA-SELKHOZ-KHIMIYA: Sets Deadline for Proofs of Claim TATYSHLINSKOYE SEL-ENERGO: Under Bankruptcy Supervision TOMNA: Undergoes Bankruptcy Supervision Procedure YUKOS OIL: Main Asset to be Sold at Discounted Value YUKOS OIL: Authorities File Case Against Top Official S W I T Z E R L A N D CONVERIUM HOLDING: Zwerling Schachter Files Class Action U K R A I N E AVENTA: Court Appoints Liquidator BANKOMZVYAZOK: Under Bankruptcy Supervision DNIPROSPETCBUD: Public Asset Auction Set Next Week MIR: Temporary Insolvency Manager Takes over SEMENIVSKE: Declared Insolvent SHLYAHMASH: Auction of Assets Set Next Week S.K. TRANS: Kyiv Court Appoints Insolvency Manager VIKTORIYA: I. Gusar Named Insolvency Manager U N I T E D K I N G D O M ABBEY NATIONAL: City Watchdog Gives Approval for Santander Bid ALIZE TOURS: Sets Creditors Meeting Next Week BELL FRAMPTON: National Westminster Bank Appoints Receiver BRITISH ENERGY: Meets Preliminary Restructuring Conditions BROWNE BROS: Names Joint Liquidators from Begbies Traynor CLOVER HOUSE: Appoints Smith & Williamson Liquidator CRITERION STRATFORD: Sets Creditors Meeting Next Week CROMWELLS MADHOUSE: Hires Deloitte & Touche as Administrator DOVE TOURS: Calls in Liquidator DRAGON MANAGEMENT: Names K. Kallis Liquidator DRYLINING DEPOT: HSBC Bank Appoints Kroll Limited Receiver ELECTRIC TRACE: Creditors Meeting Set Next Month FISCAL TECHNOLOGY: Extraordinary Winding up Resolution Passed FRESH JUICE: Names Elwell Watchorn & Saxton Administrator G.R.G. LIMITED: Names Begbies Traynor Liquidator HARVEY WHITE: Calls in Liquidator HAZERENT LIMITED: Names Valentine & Co. Liquidator HORWICH CASTINGS: In Administrative Receivership JANCHEM LIMITED: Insolvency Service Disqualifies Directors JARVIS PLC: Disposes of PFI Bidding Operation JEMCA HOLDINGS: Final Meeting Set End of October MOTOPART & MOTOTUNE: Top Honcho Receives Four-year Ban MERLIN DISTRIBUTION: Creditors Meeting Set by Month-end MICRO CHEMICAL: Creditors Meeting Set Next Week MIMAR INSURANCE: Calls in Liquidator from Moore Stephens MYTRAVEL GROUP: Converting GBP800 Mln Debt Under Restructuring NETWORK RAIL: Deputy Chairman to Leave ORTHOPAEDIC MANUFACTURING: Names UHY Hacker Young Administrator RETURN TO STONE: Director Receives Five-year Ban ROUTLEY & CO: Special Winding up Resolution Passed R & S WARNER: Hires Joint Administrators from PKF SHIMFOLL LIMITED: Bibby Factors Names Begbies Traynor Receiver STYLES RAPID: Members Final Meeting Set Next Month ********** =========== F R A N C E =========== ALCATEL: Automatic Train Operation in Tube Lines Successful ----------------------------------------------------------- Alcatel completed first stage testing and a successful demonstration of its transmission-based automatic train control system it is supplying to Tube Lines, the company responsible for upgrading and maintaining track, trains, signaling and stations on London Underground's Jubilee Line and Northern Line. Equipped trains performed for a select guest list of local politicians and stakeholders by shuttling at varying speeds up to 50km/h on a dedicated test track at Highgate, North London. Tube Lines has a 30 year private-public partnership (PPP) with London Underground and as part of this arrangement is managing a GBP1 billion investment program to upgrade the Jubilee, Northern and Piccadilly lines -- one of the largest upgrades of an existing metro system anywhere in the world. Each of the lines will have a new signaling system and Alcatel's SelTrac(R), proven in use around the world for two decades, has been chosen for the Jubilee and Northern Lines. The Alcatel contract, which was announced in October 2003, is valued at EUR450 million and lasts for seven and a half years. Alcatel's signaling system will be implemented completely by 2009 on the Jubilee Line and by 2011 on the Northern Line when the new systems are to go into full revenue service. New equipment on both lines, comprising 63 trains, 27 stations on 37 km. of Jubilee Line and 106 trains, 50 stations on 58 km. of Northern Line, will be installed and commissioned in sections before the old signaling system is disabled, minimizing disruption in passenger service. Commenting on the successful test, Tube Lines Chief Executive, Terry Morgan said: "Effective, modern signaling systems make a huge difference to passengers' journeys by improving services and reliability, which is why it's our priority to install the best signals on our lines. When the new system is installed, more trains will be able to run each hour and passengers will reach their destinations more quickly. We chose Alcatel's system because it is tried and tested on light railways around the world, although none present such a challenging environment as the London Underground. By reaching this milestone in our rigorous testing, we're a step closer to introducing a robust, reliable signaling system on the Northern and Jubilee Lines." Mark Halinaty, General Manager of Alcatel's transport automation activities in the U.K., added, "[We] have seen implemented, albeit in a test scenario, prototype automatic train operation and protection. This completes our initial system design phase of the project. We're on schedule and now we can move ahead with physical design followed by section-by-section installation, testing and commissioning of our train control system. SelTrac technology gives our customer, Tube Lines, the ability to improve customer throughput safely and reliably using an existing infrastructure." Alcatel's advanced SelTrac S40, recognized as the leading signaling and train control system, provides safe, reliable short headway between trains for improved throughput and passenger service. The technology is upgradeable and provides for greater operating and maintenance efficiency. As a reference, SelTrac has been chosen by more than 20 metro operators worldwide, such as Docklands Light Railway (London); RATP (Paris); KCRC and MTRC (Hong Kong), Guangzhou and Wuhan (China), Vancouver and Toronto (Canada) and KNR (Seoul, Korea). About Tube Lines Tube Lines is responsible for the maintenance and upgrade of the infrastructure on the Jubilee, Northern and Piccadilly Lines. London Underground is responsible for operating the Underground, for employing drivers and station staff, for ticketing and fares, and for the Tube's safety regime. The Tube Lines consortium consists of Amey, Bechtel and Jarvis, and brings together some of the most experienced providers of business services with specialist skills in the rail industry, including track and signal renewals, plus project and operational management. They are providing some of the best project and operational managers from around the world to work on the modernization of the Tube system. About Alcatel Alcatel (Paris: CGEP.PA and NYSE: ALA) provides communications solutions to telecommunication carriers, Internet service providers and enterprises for delivery of voice, data and video applications to their customers or employees. Alcatel brings its leading position in fixed and mobile broadband networks, applications and services, to help its partners and customers build a user-centric broadband world. With sales of EUR12.5 billion in 2003, Alcatel operates in more than 130 countries. About Alcatel Transport Automation Solutions To meet the challenge of increased mobility, Alcatel offers a host of advanced urban rail transit solutions to move people safely through the network in a comfortable, reliable and cost- effective way. Drawing on broad international experience in all aspects of transport automation, Alcatel is a leading worldwide supplier of train control, signaling, train routing, control center and integrated rail communications technologies. For urban line operators, Alcatel's offering includes proven SelTrac(R) communications-based train control, NetTrac MT network management, and LockTrac electronic interlocking system solutions. * * * Fitch Ratings this month upgraded Alcatel S.A.'s Senior Unsecured rating to 'BB' from 'BB-' and changed its rating Outlook to Positive from Stable. The rating agency said the 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. CONTACT: 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 CARREFOUR: Price Investments to Retard Earnings Growth ------------------------------------------------------ Retailer Carrefour warned full-year profits will likely miss guidance despite a 2.9% rise in third-quarter sales, according to just-food.com. The firm reported sales of EUR20.3 billion in the third quarter. Excluding currency effects, sales rose 4.2%, with like-for-like sales up 0.6%. Looking forward, it warned of industry-wide deflation in food as well as non-food sectors. Food markets in most European countries are deteriorating since its report at the beginning of Sept. Carrefour has invested EUR229 million in its French hypermarket as part of a worldwide thrust to strengthen pricing position. It has more than 10,400 stores in 29 countries. France accounts for half the group's sales and two-thirds of profits. The Company plans to accelerate investments in price for the rest of the year. The expenses could hamper its target earnings growth, the company said. "[T]he deflationary consequences of these extra price investments, at the same time as a worsening macro economic environment, mean that we will fall short of our target of around 5% sales growth ex currency and thus fall short of our target of double digit growth in earnings per share," Carrefour said. Carrefour ranks second to Wal-Mart Stores worldwide. Lately, however, the chain is losing local customers to discount chains such as Germany's Aldi and Lidl. Abroad, the company is facing tough competition with the U.S. rival. It recently signaled to pull out of some countries where it has struggled to concentrate on key markets in Asia and Latin America. Rumors now run that CEO Daniel Bernard could be replaced, and that Wal-Mart might bid for the company in the long term. Mr. Bernard is under pressure after the family shareholders who control 30% of the voting rights named former Marks & Spencer CEO Luc Vandevelde to Carrefour's board. Observers say Mr. Vandevelde could be a CEO-in-waiting. Mr. Bernard sought to gain back confidence last month by announcing plans to buy back up to 5% of shares over the next two years and boost dividends. He also promised to sell off US$1.2 billion in poorly performing assets. The company's share has lost half its value since 1999. ============= G E R M A N Y ============= BAAR + KLAS: Bochum Court Appoints Administrator ------------------------------------------------ The district court of Bochum opened bankruptcy proceedings against hardware Baar + Klas Gesellschaft on Sept. 24. Consequently, all pending proceedings against the Company have been automatically stayed. Creditors have until Nov. 9, 2004 to register their claims with court-appointed provisional administrator Frank Imberger. Creditors and other interested parties are encouraged to attend the meeting on Dec. 16, 2004, 9:00 a.m. at the district court of Bochum Hauptstelle, Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29v 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: BAAR + KLAS GESELLSCHAFT Hansastr. 88, 44866 Bochum Contact: Reinhard Baar, Manager Birkenpfad 3, 44869 Bochum Gerhard Klas, Manager Honnebecke 34, 44869 Bochum Frank Imberger, Insolvency Manager Huestrasse 34, 44787 Bochum Phone: 964 91-0 Fax: 964 91-33 "DER GRAUE": Creditors Meeting Set Next Month --------------------------------------------- The district court of Berlin-Charlottenburg opened bankruptcy proceedings against "Der Graue" Handelsgesellschaft fur Damen- und Herrenbekleidung mbH on Sept. 21. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 3, 2004 to register their claims with court-appointed provisional administrator Dr. Dirk Wittkowski. Creditors and other interested parties are encouraged to attend the meeting on Nov. 4, 2004, 10:10 a.m. at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on Feb. 3, 2005, 10:25 a.m. at the district court of Charlottenburg Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218. CONTACT: "DER GRAUE" HANDELSGESELLSCHAFT FUR DAMEN- UND HERRENBEKLEIDUNG MBH Geisbergstr. 28, 10777 Berlin Dr. Dirk Wittkowski, Insolvency Manager Kirchblick 11, 14129 Berlin Charlottenburg HEGRA GMBH: Creditors Have Until Next Week to File Claims --------------------------------------------------------- The district court of Stuttgart opened bankruptcy proceedings against HEGRA GmbH Digitale Medien on Sept. 20. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Oct. 25, 2004 to register their claims with court-appointed provisional administrator Wolfgang Hauser. Creditors and other interested parties are encouraged to attend the meeting on Nov. 25, 2004, 9:00 a.m. at AG Stuttgart, Hauffstr. 5, EG, Zimmer 13 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: HEGRA GMBH DIGITALE MEDIEN Voithstr. 16, 70736 Fellbach Phone: 0711 / 519069 E-mail: info@hegra-gmbh.de Web site: http://www.hegra-gmbh.de Contact: Reinhard Graf, Manager Wolfgang Hauser, Insolvency Manager Mohringer Landstr. 5, 70563 Stuttgart Phone: 0711/9013420 Fax: 0711/9013449 HOGA UMWELTTECHNIK: Falls into Bankruptcy ----------------------------------------- The district court of Frankfurt began bankruptcy proceedings against HOGA Umwelttechnik GmbH on Sept. 14. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 16, 2004 to register their claims with court-appointed provisional administrator Dr. Hans P. Runkel. Creditors and other interested parties are encouraged to attend the meeting on Dec. 7, 2004, 11:30 a.m. at the district court of Koln Hauptstelle, Luxemburger Strasse 101, 50939 Koln, Erdgeschoss, Saal 14 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. Hoga is involved in environmental technology solutions and development. CONTACT: HOGA UMWELTTECHNIK GMBH Friedrichstrasse 81, 42929 Wermelskirchen Phone: 0 21 96/ 9 19 25 Fax: 0 21 96/ 18 33 Contact: Clemens Holzki, Manager Friedrichstrasse 81, 42929 Wermelskirchen und Klaus-Reinhard Gassen Hans-Gravener-Strasse 40, 40764 Langenfeld Hans P. Runkel, Insolvency Manager Friedrich-Ebert-Str. 146, 42117 Wuppertal Phone: 0202/302071 Fax: +49202314708 JENOPTIK AG: On Watch Negative After Merger News ------------------------------------------------ Fitch Ratings placed Jenoptik AG's Senior Unsecured 'B+' and Short-term 'B' ratings on Rating Watch Negative. This follows a statement from German software and IT services provider Caatoosee AG that it plans to merge with Jenoptik's subsidiary, M&W Zander. Fitch intends to resolve the Negative Watch status within the next few weeks, following a meeting with Jenoptik's management. In the statement to the stock exchange, Caatoosee also noted a loss exceeding 50% of the paid-in-capital (gezeichnetes Kapital). Jenoptik controls over 70% of M&W Zander, with the remainder being held by the Zander family. It is envisaged that Jenoptik will contribute its shares in its IT subsidiary Teraport GmbH for M&W Zander's participation in the merger with Caatoosee. Following such transfer, M&W Zander will hold approximately 70% in Caatoosee. Jenoptik confirmed in a press release that it is reviewing the merger and advised Fitch that it is carrying out due diligence on the deal. Fitch has already in its report (dated 2 July 2004) challenged Jenoptik's earnings quality. It pointed out that under what has been reported as "other operating income," a large part of it was considered as non-recurring and had to be reclassified. Caatoosee in July this year had to request a deadline extension for its annual report 2003/2004 disclosure, as negotiations on its financing arrangements were in progress and hence auditors were unable to form an opinion. [The] statement by Caatoosee also outlined a sharp drop in FY03/04 sales to EUR25.8 million from EUR40.2 million a year ago. EBITDA before re-structuring expenses was at negative EUR3.9 million. Including depreciation/impairments of goodwill the operating result was a loss of EUR23.9 million versus EUR22.8 million loss in the previous year. Fitch believes that the possible merger, should it come to pass, will further dilute the earnings of Jenoptik and add another problematic business unless the merged entity undergoes a major restructuring exercise. If Caatoosee continues its poor financial performance, Jenoptik's equity base is likely to see further erosion in 2005, when the merged entity is full consolidated under the new accounting standard IFRS (see Fitch's analysis dated 2nd July 2004). Caatoosee has had significant liquidity issues in the past, which may pose a further drain on Jenoptik's cashflow. Given that there is some overlap between the company boards at Jenoptik and Caatoosee, Fitch will be evaluating the group's corporate governance practices and the level of protection that they offer to the interests of Jenoptik's investors. CONTACT: FITCH RATINGS Karsten Frankfurth, Frankurt Phone: +49 69 7680 76170 Raymond Hill, London Phone: +44-207 417 4314 Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 KREMEIKE INDUSTRIE: Begins Bankruptcy Proceedings ------------------------------------------------- The district court of Magdeburg opened bankruptcy proceedings against Kremeike Industrie Montage Dienstleistungs GmbH on Sept. 21. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 1, 2004 to register their claims with court-appointed provisional administrator Rudiger Bauch. Creditors and other interested parties are encouraged to attend the meeting on Dec. 1, 2004, 10:00 a.m. at Saal E, Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg 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: KREMEIKE INDUSTRIE MONTAGE DIENSTLEISTUNGS GMBH Breiter Weg 228, 39104 Magdeburg (HRB 12336) Contact: Helmut Kremeike, Managing Director Steinweg 10, 38539 M�den/Aller Dr. Winzer und Kollegen 38503 Gifhorn Rudiger Bauch, Insolvency Manager Hegelstr. 39, 39104 Magdeburg Phone: 0391/5354-0 Fax: 0391/5354-100 KTD BAU: Creditors Claims Due November -------------------------------------- The district court of Leipzig opened bankruptcy proceedings against KTD Bau-GmbH on Sept. 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 2, 2004 to register their claims with court-appointed provisional administrator Gorge Scheid. Creditors and other interested parties are encouraged to attend the meeting on Dec. 7, 2004, 8:30 a.m. at the district court of Leipzig Saal 101 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: KTD BAU-GMBH (AG Leipzig, HRB) 16314) Torgauer Str. 231-233, 04347 Leipzig Contact: Thomas Tokarski, Manager Funkenburgstr. 7a, 04105 Leipzig Gorge Scheid, Insolvency Manager Jacobstrasse 25, 04105 Leipzig MATTHEUER BAU: Engineering Firm Under Bankruptcy Proceedings ------------------------------------------------------------ The district court of Dortmund opened bankruptcy proceedings against engineering company Mattheuer Bau- und Planungsges. MbH on Sept. 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 30, 2004 to register their claims with court-appointed provisional administrator Stephan Heinrichsmeyer. Creditors and other interested parties are encouraged to attend the meeting on Nov. 25, 2004, 9:10 a.m. at the district court of Dortmund Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II. Etage, Saal 3.201 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 Jan. 13, 2005, 9:00 a.m. at the same venue. CONTACT: MATTHEUER BAU- UND PLANUNGSGES. MBH Westholz 32, 44328 Dortmund Contact: Thomas Mattheuer, Manager Stephan Heinrichsmeyer, Insolvency Manager Spiekergasse 6-8, 33330 Gutersloh Phone: 05241/92 02-0 Fax: 92 02 22 SANFLEX SERVICE: Creditors Claims Due Next Week ----------------------------------------------- The district court of Hannover opened bankruptcy proceedings against Sanflex Service GmbH on Sept. 16. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Oct. 26, 2004 to register their claims with court-appointed provisional administrator Dipl.-oec. Knut Thomas Hofheinz. Creditors and other interested parties are encouraged to attend the meeting on Nov. 23, 2004, 8:10 a.m. at Saal 2145, I. Stock, Amtsgericht Hannover -- 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: SANFLEX SERVICE GMBH Zollners Garten 10, 30900 Wedemark (AG Burgwedel, HRB 3435) Contact: Matthias Lohmann, Manager Dipl.-oec. Knut Thomas Hofheinz, Administrator Am Markte 13, 30159 Hannover Phone: 0511/357721-0 Fax: 0511/357721-40 ULLERSDORFER MUHLE: Creditors Meeting Set Next Month ---------------------------------------------------- Creditors and other interested parties in Ullersdorfer Muhle, Hotel- und Gaststatten GmbH are encouraged to attend a meeting on Nov. 18, 2004, 11:15 a.m. at the district court of Dresden Saal D131 Olbrichtplatz 1, 01099 Dresden for the administrator's first insolvency proceedings report. Ullersdorfer Muhle has been under bankruptcy proceedings since Aug. 20. 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: ULLERSDORFER MUHLE, HOTEL- UND GASTSTATTEN GMBH 01454 Ullersdorf Dr. Jurgen Wallner, Insolvency Manager Unterer Kreuzweg 1, 01097 Dresden VERSICHERUNGS-MANAGEMENT: Creditors Claims Due in Weeks ------------------------------------------------------- The district court of Leipzig opened bankruptcy proceedings against Versicherungs-Management fur Arbeitgeber Dienstleistungsgesellschaft mbH on Sept. 21. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Oct. 29, 2004 to register their claims with court-appointed provisional administrator Rudiger Bauch. Creditors and other interested parties are encouraged to attend the meeting on Nov. 29, 2004, 11:20 a.m. at the district court of Leipzig Saal 056 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. ============= H U N G A R Y ============= BORSODCHEM RT: Abandons Interest in Tiszai Vegyi ------------------------------------------------ BorsodChem Rt. announced that as a result of the completion of the share sale and purchase agreement dated 3 September 2004 and concluded with CE Oil & Gas Beteiligung und Verwaltung AG, BorsodChem Rt. sold on 7 October 2004 3,760,979 ordinary shares in Tiszai Vegyi Kombinat Reszvenytarsasag to CEOG. As a result of the completion of the Agreement, the 15.52% direct influence of BorsodChem Rt. in TVK ceased to exist as of 7 October 2004. * * * In April, Standard & Poor's Ratings Services assigned its 'BB' long-term corporate credit rating to BorsodChem Rt, a chemicals group based in Hungary, reflecting the group's position in various segments of the Central and Eastern European chemicals market. The outlook is stable. CONTACT: BORSODCHEM RT Gabor Hegyi Capital Communications Phone: +36 1 266 0199 Laszlo F. Kovacs Chief Executive Officer CE OIL & GAS BETEILIGUNG UND VERWALTUNG AG A-1010 Vienna, Annagasse 6., Austria TISZAI VEGYI KOMBINAT RESZVENYTARSASAG 3581 Tiszaujvaros, TVK-Ipartelep, Gyari ut BORSODCHEM RT: VCP Industrie Reduces Stake to 28.67% ---------------------------------------------------- BorsodChem Rt hereby informs its shareholders and participants of the capital market that as a result of the successful closing on 6 October 2004 of the international private placement of the shares and GDRs issued by the Company, the current 31.79% direct influence of VCP Industrie Beteiligungen AG in BorsodChem Rt. decreased to 28.67%. The current 59.38% direct influence of CE Oil & Gas Beteiligung und Verwaltung AG ceased to exist. Based on the underwriting agreement concluded between BorsodChem Rt., CE Oil & Gas Beteiligung und Verwaltung AG, VCP Industrie Beteiligungen AG and HSBC Bank plc (8 Canada Square, London E14 5HQ, United Kingdom; registration number: 14259), HSBC Bank plc has acquired a 5.25% direct influence in BorsodChem Rt. * * * In April, Standard & Poor's Ratings Services assigned its 'BB' long-term corporate credit rating to BorsodChem Rt, a chemicals group based in Hungary, reflecting the group's position in various segments of the Central and Eastern European chemicals market. The outlook is stable. CONTACT: BORSODCHEM RT Gabor Hegyi Capital Communications Phone: +36 1 266 0199 Laszlo F. Kovacs Chief Executive Officer ========= I T A L Y ========= IT HOLDING: Proposed EUR185 Million Notes Rated 'B+' ---------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B+' senior secured debt rating to the proposed EUR185 million (US$228 million) notes maturing in 2012 to be issued by IT Holding Finance S.A., a wholly owned subsidiary of Italian fashion company IT Holding S.p.A. (ITH). The notes are guaranteed by ITH and certain of its subsidiaries (Ittierre S.p.A., Malo S.p.A., and Ittierre Accessories S.p.A., which, together with ITH, account for about 89% of total EBITDA and 91% of total assets), and are callable from 2008. At the same time, Standard & Poor's affirmed its 'B+' long-term corporate credit rating on ITH. The outlook remains negative. "The rating on the notes is the same as ITH's corporate credit rating, reflecting the fact that priority obligations are not material enough to warrant notching down for structural subordination," said Standard & Poor's Milan-based credit analyst Benedetta Rospigliosi. The corporate credit rating reflects the company's leveraged financial profile, limited financial flexibility, and exposure to both license renewal risk and changing consumer preferences in the mid-price segment of the fashion apparel industry. These constraints are only partially mitigated by the wide recognition of ITH's diverse owned- and licensed-brand portfolio and the company's flexible manufacturing and supply chain. At June 30, 2004, ITH's on-balance-sheet net debt (in accordance with International Financial Reporting Standards) totaled EUR402 million. The negative outlook reflects ITH's refinancing risk, which is being addressed by the proposed bond issue, as well as its substantial leverage. To sustain the current ratings, Standard & Poor's expects ITH to complete the refinancing of its 2005 debt maturities and gradually reduce its leverage. The company needs to generate at least EUR20 million of free operating cash flow on a recurring basis to cover its mandatory bank debt repayments in the coming years. "ITH's refocusing on its core and profitable wholesale license apparel business, as evidenced by the recent disposals of the perfume and eyewear divisions, should have a positive impact on operating efficiency and cash flow generation. However, the ratings would come under pressure if the refinancing were not completed or if the company were unable to deliver on its de- leveraging plan," added Ms. Rospigliosi. 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 CorporateFinanceEurope@standardandpoors.com PARMALAT FINANZIARIA: Auditors Okay Nextra Settlement ----------------------------------------------------- Parmalat Finanziaria's board of auditors has approved a EUR160 million-settlement from asset management firm Nextra for a controversial bond deal last year, Il Sole 24 Ore says. The agreement settles all civil claims the food group has against the management arm of Italian bank Banca Intesa over a EUR300 million bond transaction in 2003. Nextra acquired the bonds and quickly sold them months before the firm collapsed in December. Parmalat is reportedly in talks for a settlement with Morgan Stanley, the intermediary of the 2003 transaction. Parmalat's lawyers are also reviewing possible claims against Dutch bank, ABN Amro and Banca Popolare di Lodi. The banks bought the bond after the food group repurchased it from Nextra. CONTACT: PARMALAT FINANZIARIA Legal Seat 43044 Collecchio (Pr) Via Oreste Grassi, 26 Administrative Seat 20122 Milan Piazza Erculea, 9 Phone: +39 02 806 8801 Fax: +39 02 869 3863 Web site: http://www.parmalat.net PARMALAT U.S.A.: November Appeal Deadline Extended -------------------------------------------------- Citibank, N.A., London Branch, and Citibank, N.A., agree to extend until Nov. 15, 2004, the Official Committee of Unsecured Creditors' deadline to: (i) file an adversary proceeding or contested matter challenging the amount, validity, enforceability, perfection or priority of Citibank London's rights under and in connection with the Parmalat Receivables Purchase Agreement dated Nov. 2, 2000; or (ii) otherwise assert any claims or causes of action or other rights and defenses against Citibank London. Headquartered in Wallington, New Jersey, Parmalat U.S.A. Corporation -- http://www.parmalatusa.com/-- generates more than EUR7 billion in annual revenue. The Parmalat Group's 40- some brand product line includes milk, yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices and employs over 36,000 workers in 139 plants located in 31 countries on six continents. The Company filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04- 11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP represent the Debtors in their restructuring efforts. On June 30, 2003, the Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417 in debts. (Parmalat Bankruptcy News, Issue No. 33; Bankruptcy Creditors' Service, Inc., 215/945-7000) CONTACT: PARMALAT U.S.A. CORPORATION 520 Main Ave. Wallington, NJ 07057 Phone: 973 777 2500 Fax: 973 777 7648 Toll Free: 888 727 6252 Web site: http://www.parmalatusa.com =================== K A Z A K H S T A N =================== KAZKOMMERTSBANK: Individual Rating Affirmed at 'C/D' ---------------------------------------------------- Fitch Ratings assigned Kazkommerts International B.V.'s upcoming issue of senior notes an expected Long-term 'BB' rating. The notes are to be guaranteed by Kazakhstan-based Kazkommertsbank (KKB). At the same time, Fitch has affirmed KKB's ratings at Long-term 'BB', Short-term 'B', Individual 'C/D' and Support '3'. The Outlook on the Long-term rating is Stable. The rating on the notes is in line with KKB's Long-term 'BB' rating. The noteholder's claims will rank at least pari passu with the claims of all other unsecured and unsubordinated creditors of KKB, except as otherwise provided for by law. In addition there is a cross default clause and a negative pledge clause, although securitisation of loans up to a total of 15% of KKB's gross loans is permitted. Were such a deal to be undertaken, Fitch comments that the nature and the extent of any over-collateralisation would be assessed by the agency for any potential impact on unsecured creditors. Fitch notes that KKB's ratings reflect its track record of good profitability and risk management, and strong franchise in Kazakhstan. However, they also take into account the difficult, albeit improving, operating environment, the potential credit risk associated with rapid loan growth, and the relatively high level of concentration in customer lending and funding. KKB's profitability is solid. Although lending margins have fallen due to competition, particularly in the large corporate market, they have been helped by increased lending to SMEs and individuals. In addition, although fee and commission income grew, performance for most of 2003 was negatively affected by a greater percentage of lower-earning, liquid assets on the balance sheet following the large eurobond issued in H103, and a higher tax charge. The cost/income ratio remained satisfactory. Margins are likely to remain under pressure from competition, and as a greater proportion of funding is obtained from relatively more expensive retail deposits. In addition, future tax charges are more likely to be at the higher levels seen in 2003 than in previous years. Rapid loan growth in 2003 and H104 came from existing large corporate clients and new SME and individual clients. The maturity of the loan portfolio is relatively long-term, but concentration by customer, while considerable by international standards, is not particularly high for a CIS bank. KKB's loan loss reserves (LLR)/gross loans ratio is not strong, in view of its rapid loan growth, focus on SMEs and the difficult operating environment. Customer funding remains short-term, but the issue of the eurobond extended the maturity profile of its funding book. Liquidity is reasonable. Capitalization has traditionally been adequate at KKB, helped by good internal capital generation. However, rapid balance sheet growth, coupled with an increased reliance on retained earnings to grow capital, may see capital ratios falling in 2004 and 2005. KKB is the largest Kazakhstani commercial bank by assets and equity. It has historically focused on large corporates, but SME and retail banking now accounts for a significant part of its balance sheet. The principal shareholders of KKB together hold a 52% stake. Some of these shareholders also have substantial industrial interests. The European Bank for Reconstruction and Development acquired a 15% stake in KKB through a share issue in H103. CONTACT: FITCH RATINGS Alexander Giles, London Phone: + 44 20 7417 6330 Philip Smith Phone: + 44 20 7417 4340 Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 =================== L U X E M B O U R G =================== STOLT-NIELSEN: Results Improve in Third Quarter ----------------------------------------------- Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) reported results for the third quarter ended August 31, 2004. Net income for the latest quarter was US$17.5 million, or US$0.28 per basic share, on operating revenue of US$407.9 million, compared with a net loss of US$36.2 million, or US$0.66 per basic share, on operating revenue of US$792.4 million for the third quarter of 2003. The basic weighted average number of shares outstanding for the quarter was 61.8 million compared with 54.9 million for the same period in 2003. SNSA's reported results reflect the deconsolidation of Stolt Offshore S.A. (SOSA) in February 2004. Net income for the nine-month period ended August 31, 2004 was US$32.4 million, or US$0.53 per basic share, on operating revenue of US$1,524.3 million, compared with a net loss of US$99.6 million, or US$1.81 per basic share, on operating revenue of US$2,333.4 million for the same period in 2003. The decline in operating revenue is because of the deconsolidation of SOSA. For the nine-month periods of 2004 and 2003, the basic weighted average number of shares outstanding was US61.2 million and US54.9 million, respectively. Results for the third quarter of 2004 included costs related to SNSA's financial restructuring of US$1.6 million, as well as SNTG legal expenses of US$4.6 million, compared to US$1.1 million and US$4.1 million in the third quarter of 2003. Results for the first nine months of 2004 included costs related to SNSA's financial restructuring of US$21.5 million and SNTG legal expenses of US$13.8 million, compared with US$1.1 million and US$9.6 million in the first nine months of 2003. Niels G. Stolt-Nielsen, Chief Executive Officer of SNSA, said: "SNSA's results for the quarter reflected a continuation of the strong market for Stolt-Nielsen Transportation Group (SNTG) and Stolt Offshore's (SOSA) first profitable quarter in over two years. This was partially offset by another poor quarter from Stolt Sea Farm (SSF). "SNTG reported income from operations of US$45.9 million in the third quarter of 2004, compared with US$21.8 million in the third quarter of 2003 and US$40.7 million reported in the second quarter of this year. "SNTG's parcel tanker division reported income from operations of US$31.2 million in the third quarter of 2004, up from US$17.8 million in the third quarter of 2003 and US$30.0 million in the second quarter of 2004. On a year-to-date basis, the Stolt Tankers Joint Service (STJS) Sailed-in Time-Charter Index for the Joint Service in 2004 increased by 10% from the same period of 2003. STJS deep-sea results continue to be strong despite higher bunker fuel prices. The European inland river barge fleet was impacted by a slower clean petroleum market, while the European regional fleet had higher than normal off-hire days due to an unexpected drydocking. Both European fleets were also affected by higher bunker prices. Parcel tanker operations continue to see progressively stronger volumes and higher rates in most major trade lanes. "During the quarter, we took delivery of the 25,000 deadweight ton (dwt) M/T Stolt Vanguard and the 32,000 dwt M/T Stolt Endurance and M/T Stolt Courage. These ships are the third, fourth and fifth ships out of a total of nine new ships which we have taken on long-term time charter from Japanese owners. In the short-term these ships will add much needed capacity and in the longer-term will replace tonnage that we expect to scrap over the next several years. We entered into these agreements in 2002 before the fall of the U.S. dollar and the increase in steel prices that caused new building prices to rise appreciably. Under the time charter agreements, SNTG has multiple extension and purchase options. "At SNTG's tank container division, income from operations was US$6.2 million in the third quarter of 2004, compared with US$4.1 million a year ago and US$4.5 million in the second quarter of this year. Utilization remains at a high level and shipments are up 12 percent on a year-to-date basis. Despite continued high ocean freight costs, the business saw some margin improvement. "SNTG's terminal division reported income from operations of US$6.9 million in the third quarter of 2004, compared with US$5.4 million in the third quarter of 2003 and US$6.1 million in the second quarter of 2004. All locations reported strong results. Results for the quarter were enhanced by higher utilization at our New Orleans terminal; strong seasonal activity for the alcohol trade at Santos, Brazil; and continued strong results from our JSTT joint venture in Ulsan, Korea. Utilization remains high and we have commenced expansion programs at all locations. "Regarding governmental antitrust investigations and related civil suits, there have been no material developments since our announcement on August 20, 2004, that the European Commission's Competition Directorate has informed SNTG that the Competition Directorate has closed its investigation into possible collusive behavior in the intra-European inland barge industry. "SSF reported a loss from operations of US$11.6 million in the third quarter of 2004, compared with a loss from operations of US$18.7 million in the third quarter of 2003 and income from operations of US$5.9 million in the second quarter of 2004. The increased loss in the third quarter is the result of low salmon prices globally caused by overproduction and farming related disease problems in Norway and Canada. The lower prices resulted in SSF taking an NRV provision (lower of cost or market) of US$1.5 million in the third quarter of 2004 related to its halibut and U.K. salmon operations. SSF has also made provisions in the current quarter totaling US$1.1 million for hatchery closures and reorganization of its Maine farming assets. "On September 13, 2004, SNSA and Nutreco Holding N.V. announced the signing of a Memorandum of Understanding to merge their worldwide fish farming, processing and marketing-sales operations into a stand-alone, independently financed new business entity. It is the intention that after the merger Nutreco will hold a 75% stake and SNSA 25% in the world's largest aquaculture company. SNSA will retain SSF's turbot and bluefin tuna operations. The new company will be named Marine Harvest. Following the merger the company will be well capitalized and have a strong balance sheet enabling Marine Harvest to have its own independent financing. Due diligence on the transaction is progressing according to plan and it is expected that the definitive agreements will be signed before the end of the year. The transaction closing, which is subject among other things to the approval of an Extraordinary General Meeting of Shareholders of Nutreco Holding N.V., applicable regulatory and competition authorities' requirements and other transaction agreements, is expected in the first half of 2005. "SOSA reported a net profit of US$12.7 million in the third quarter of 2004 compared with a net loss of US$22.5 million in the third quarter of 2003. SNSA recorded its proportionate share of the profit, amounting to US$5.3 million in the third quarter, in accordance with the equity method of accounting. SOSA's results for the current quarter reflect improved worldwide operating performance, a strong contribution from the NEC region, and a stabilization of performance on the Sanha and Bonga projects. SOSA has also surpassed its US$100 million target for disposal of non-core assets. At quarter end SOSA's backlog stood at US$1,750 million, of which US$331 million is for execution in 2004. SOSA also has signed letters of intent for future contracts with a total value of US$115 million. "In August we closed on a new five-year $150 million credit facility, which was fully underwritten and funded by DnB NOR Bank ASA, Deutsche Bank AG and KfW. The facility is secured by a pledge of SNTG's Stolthaven Houston and Stolthaven New Orleans terminal-storage assets. The facility was used to prepay an existing $64 million credit facility on Stolthaven Houston. "We are very pleased with the further strengthening of SNTG's parcel tanker market and look for this trend to continue in the foreseeable future. With a strong backlog and record oil prices, we expect to see continued improvements from SOSA going forward. The announcement of the signing of the MOU with Nutreco is a significant step toward the consolidation of the salmon industry, which we believe is needed to improve our position in the value chain. We look forward to working with Nutreco in creating a true market leader in the industry." Mr. Stolt-Nielsen concluded. About Stolt-Nielsen S.A. Stolt-Nielsen S.A. is one of the world's leading providers of transportation services for bulk liquid chemicals, edible oils, acids, and other specialty liquids. The Company, through the parcel tanker, tank container, terminal, rail and barge services of its wholly owned subsidiary Stolt-Nielsen Transportation Group, provides integrated transportation for its customers. Stolt Sea Farm, wholly-owned by the Company, produces and markets high quality Atlantic salmon, salmon trout, turbot, halibut, sturgeon, caviar, bluefin tuna, and tilapia. The Company also owns 41.7% of Stolt Offshore (NASDAQNM: SOSA; Oslo Stock Exchange: STO), which is a leading offshore contractor to the oil and gas industry. Stolt Offshore specializes in providing technologically sophisticated offshore and subsea engineering, flowline and pipeline lay, construction, inspection, and maintenance services. CONTACT: STOLT-NIELSEN S.A. Richard M. Lemanski Phone: U.S. 1 203 625 3604 E-mail: rlemanski@stolt.com Valerie Lyon Phone: UK 44 20 7611 8904 E-mail: vlyon@stolt.com ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: U.S. Securities Watchdog Ends Investigation -------------------------------------------------------------- The United States Securities and Exchange Commission reached a final settlement with Koninklijke Ahold. As reflected in the S.E.C.'s Complaint and Litigation Release, Ahold cooperated fully with the S.E.C. in its investigation and has undertaken significant remedial actions in connection with the issues that were investigated. Ahold will continue to cooperate fully with the S.E.C. and other authorities. This settlement completely resolves the S.E.C.'s investigation of Ahold and its various operating companies, including its U.S. Foodservice subsidiary. Peter Wakkie, Ahold's Chief Corporate Governance Counsel and member of the Executive Board, commented in relation to the S.E.C. announcement: "Ahold has worked very hard over the past two years to improve its systems and controls and implement other remedial measures to prevent any recurrence of these unfortunate events. Ahold has taken these matters very seriously and has cooperated fully with the regulatory authorities. The conclusion of the S.E.C.'s investigation into Ahold represents another significant step for Ahold's "Road to Recovery" and continuing our efforts to regain and maintain the confidence and trust of our shareholders, customers and employees." CONTACT: KONINKLIJKE AHOLD N.V. P.O. Box 3050 1500 HB Zaandam Netherlands Corporate Communications Phone: +31 (0)75 659 57 20 Fax: +31 (0)75 659 83 02 =========== P O L A N D =========== DAEWOO-FSO: Rescue Possible with Avto ZAZ's Debt Buyout ------------------------------------------------------- Ukrainian carmaker Avto ZAZ has started buying Daewoo-FSO's debts from creditor banks, raising hopes the firm could escape imminent bankruptcy, Interfax-Europe reports. Millennium Bank said Avto has already bought US$8 million in debts. The step could bring it close to buying the whole company, although the Polish government, which holds 80% voting rights in Daewoo-FSO, still has to approve the sale. Daewoo-FSO's other banks, Bank Pekao, BPH PBK, Bank Handlowy, ING Bank Slaski and Kredyt Bank, are in separate talks to sell debts. Daewoo's debt to the banks was PLN591 million as of 2003. The loans are secured by assets. Daewoo-FSO's troubles started after Daewoo Motor went bust in 2001, and worsened during the Polish car market slump in 2003. =========== R U S S I A =========== ILISHEVSKOYE SELKHOZ-ENERGO: Declared Insolvent ----------------------------------------------- The Arbitration Court of Bashkortostan republic has commenced bankruptcy proceedings against Ilishevskoye Selkhoz-Energo after finding the limited liability company insolvent. The case is docketed as A07-2693/03-A-RSA. Ms. O. Naumova has been appointed insolvency manager. Creditors have until November 10, 2004 to submit their proofs of claim to 450027, Russia, Bashkortostan republic, Ufa, Post User Box 3. CONTACT: ILISHEVSKOYE SELKHOZ-ENERGO Russia, Bashkortostan republic, V. Yarkeyevo, Khudayberina Str. 11/1 Ms. O. Naumova Insolvency Manager 450027, Russia, Bashkortostan republic, Ufa, Post User Box 3 KILMEZSKIY WOOD-PROM-KHOZ: Kirov Court Names Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Kirov region has commenced bankruptcy proceedings against Kilmezskiy Wood-Prom-Khoz after finding the open joint stock Company insolvent. The case is docketed as A28-29/04-25/3. Mr. V. Ryabov has been appointed insolvency manager. Creditors have until November 10, 2004 to submit their proofs of claim to 613570, Russia, Kirov region, Kilmezskiy region, Kilmez, Naberezhnaya Str. 26. CONTACT: KILMEZSKIY WOOD-PROM-KHOZ 613570, Russia, Kirov region, Kilmezskiy region, Kilmez, Naberezhnaya Str. 26 Mr. V. Ryabov Insolvency Manager 613570, Russia, Kirov region, Kilmezskiy region, Kilmez, Naberezhnaya Str. 26 NIZHNEGOROD-AGRO-PROM-TEKH-SNAB: Names Insolvency Manager --------------------------------------------------------- The Arbitration Court of Nizhniy Novgorod region has commenced bankruptcy proceedings against Nizhnegorod-Agro-Prom-Tekh-Snab after finding the open joint stock company insolvent. The case is docketed as A43-3003/04-33-74. Ms. M. Lukina has been appointed insolvency manager. Creditors have until November 10, 2004 to submit their proofs of claim to 603132, Russia, Nizhniy Novgorod. CONTACT: NIZHNEGOROD-AGRO-PROM-TEKH-SNAB Russia, Nizhniy Novgorod region, Kstovskiy region, Zaletsino, Industrial Zone Ms. M. Lukina Insolvency Manager 603132, Russia, Nizhniy Novgorod NORTH OIL-GAS-EXPLORING: Declared Insolvent ------------------------------------------- The Arbitration Court of Novosibirsk region has commenced bankruptcy proceedings against North Oil-Gas-Exploring Expedition after finding the open joint stock Company insolvent. The case is docketed as A45-5438/98-SB/92. Mr. A. Zaykov has been appointed insolvency manager. Creditors have until November 10, 2004 to submit their proofs of claim to 630099, Russia, Novosibirsk, Nikitina Str. 20, Room 303. CONTACT: NORTH OIL-GAS-EXPLORING EXPEDITION Russia, Novosibirsk region, Kyshtovskiy region, Mezhovka Mr. A. Zaykov Insolvency Manager 630099, Russia, Novosibirsk, Nikitina Str. 20, Room 303 OAO GAZPROM: Issues RUB5 Billion Bonds -------------------------------------- On October 12, 2004 OAO Gazprom issued ruble bonds of A5 series. The bonds are issued for the amount of RUB5 billion with 3 years maturity, nominal value -- RUB1,000 each. At the Moscow International Currency Exchange an auction was held with the aim to determine the coupon rate, which was set at 7.58% to be paid every 182 days. There were 120 orders filed by the investors for the amount exceeding RUB9 billion of which 73 orders were satisfied. The bond issue was arranged by Renaissance Capital Investment Group and OAO 'Rosbank'. IC Horizon and UFG were the co- arrangers and OAO 'Federal Fund Corporation' acted as the financial consultant of the bond issue. Raised financial resources will be used to finance capital expenditures for the reconstruction of existing production capacities and to realize new prospective projects. The proceeds from the bond issue will be also allocated to refinance the portion of the current debt and for optimization of the company's debt profile. * * * In Sept., Fitch Ratings placed OAO Gazprom's 'BB' Senior Unsecured foreign currency and local currency ratings on Rating Watch Evolving, following the government's approval of Gazprom's acquisition of state-owned oil company Rosneft. The Rating Watch reflects the uncertainty of the rating impact for Gazprom, with a likely significant increase in leverage balanced by synergies to be gained from the acquisition and an increase of state ownership. Fitch said Gazprom's rating may come under pressure if the acquisition leads to a significant increase in consolidated leverage, especially short-term debt, as a result of the transaction. Additionally, Rosneft has approximately US$2.0 billion in net debt that will need to be serviced or refinanced by Gazprom upon formation of the new corporate entity. CONTACT: OAO Gazprom (Exchange: Russian) 16 Nametkina 117997 Moscow, V-420, Russia Phone: +7-95-719-3001 Fax: +7-95-719-8333 Web site: http://www.gazprom.ru PROMYSHLENNOVSKAYA: Kemerovo Court Appoints Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Kemerovo region has commenced bankruptcy proceedings against Promyshlennovskaya Agricultural Machinery after finding the subsidiary federal state unitary enterprise insolvent. The case is docketed as A27-3883/04-4. Mr. K. Andrusik has been appointed insolvency manager. Creditors have until November 10, 2004 to submit their proofs of claim to 650055, Russia, Kemerovo, Post User Box 5228. CONTACT: PROMYSHLENNOVSKAYA AGRICULTURAL MACHINERY 652380, Russia, Kemerovo region, Promyshlennaya, Mekhanicheskaya Str. 4 Mr. K. Andrusik Insolvency Manager 650055, Russia, Kemerovo, Post User Box 5228 RADIO-INSTRUMENT FACTORY: Under Bankruptcy External Procedure ------------------------------------------------------------- The Arbitration Court of Saratov region has commenced bankruptcy external management procedure on LLC state unitary enterprise Radio-Instrument Factory. The case is docketed as A57-574B/02- 32. Mr. I. Ilyanov has been appointed external insolvency manager. Creditors may submit their proofs of claim to 410076, Russia, Saratov, Post User Box 2492. CONTACT: RADIO-INSTRUMENT FACTORY Russia, Saratov, 50 Let Oktyabrya Str. 108 Mr. I. Ilyanov External Insolvency Manager 410076, Russia, Saratov, Post User Box 2492 SEMENOVSKIY DAIRY: Sets Deadline for Proofs of Claim ---------------------------------------------------- The Arbitration Court of Nizhniy Novgorod region has commenced bankruptcy proceedings against Semenovskiy Dairy after finding the open joint stock Company insolvent. The case is docketed as A43-2638/04-33-70. Mr. O. Ershov has been appointed insolvency manager. Creditors have until November 10, 2004 to submit their proofs of claim to 603106, Russia, Nizhniy Novgorod, B. Kornilova Str. 7, Building 1, Apartment 4. CONTACT: SEMENOVSKIY DAIRY Russia, Nizhniy Novgorod region, Semenov, Promyshlennaya Str. 9b Mr. O. Ershov Insolvency Manager 603106, Russia, Nizhniy Novgorod, B. Kornilova Str. 7, Building 1, Apartment 4 SHAKHUNYA-SELKHOZ-KHIMIYA: Sets Deadline for Proofs of Claim ------------------------------------------------------------ The Arbitration Court of Nizhniy Novgorod region has commenced bankruptcy proceedings against Shakhunya-Selkhoz-Khimiya after finding the agricultural chemical company insolvent. The case is docketed as A43-50251/04-21-113. Ms. L. Ponomaryeva has been appointed insolvency manager. Creditors have until November 10, 2004 to submit their proofs of claim to 603115, Russia, Nizhniy Novgorod, Post User Box 69. CONTACT: Ms. L. Ponomaryeva Insolvency Manager 603115, Russia, Nizhniy Novgorod, Post User Box 69 TATYSHLINSKOYE SEL-ENERGO: Under Bankruptcy Supervision ------------------------------------------------------- The Arbitration Court of Bashkortostan republic has commenced bankruptcy supervision procedure on LLC Tatyshlinskoye Sel- Energo. The case is docketed as A07-8089/04-G-ADM. Mr. I. Gaysin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 450000, Russia, Bashkortostan republic, Neftekamsk, Sotsialisticheskaya Str. 64B, Apartment 77. CONTACT: TATYSHLINSKOYE SEL-ENERGO 450000, Russia, Bashkortostan republic, Tatyshly, Mekhanizatorov Str, 39 Mr. I. Gaysin Temporary Insolvency Manager 450000, Russia, Bashkortostan republic, Neftekamsk, Sotsialisticheskaya Str. 64B, Apartment 77 TOMNA: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------- The Arbitration Court of Ivanovo region has commenced bankruptcy supervision procedure on OJSC Kineshemskiy textile combine Tomna. The case is docketed as A1209/14-B. Mr. S. Savrasov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 155810, Russia, Ivanovo region, Kineshma, A. Makarova Str. 51. A hearing will take place on February 24, 2005, 9:30 a.m. CONTACT: TOMNA 155810, Russia, Ivanovo region, Kineshma, A. Makarova Str. 51 Mr. S. Savrasov Temporary Insolvency Manager 155810, Russia, Ivanovo region, Kineshma, A. Makarova Str. 51 YUKOS OIL: Main Asset to be Sold at Discounted Value ---------------------------------------------------- The government is planning to sell a part of Yukos Oil's main production unit, Yuganskneftegaz, as early as next month. The Justice Ministry's Moscow directorate in a statement said it is not pleased with the rate at which Yukos is paying its more than US$8 billion debt, and is thus selling the asset. Reports say investment bank Dresdner Kleinwort Wasserstein has valuated the division at between US$10.4 billion and US$18 billion. The ministry's Moscow directorate, Alexander Buksman, said the US$10.4 billion valuation was 60% discounted for "high risks." Dresdner is refusing to comment further than confirming it had submitted its work to the Justice Ministry. Yukos also declined to comment saying it had not received a copy of the report. Yugansk, which accounts for 60% of Yukos' oil production, is the government's target in what is widely seen as President Vladimir Putin's punishment for the political ambitions of Yukos founder Mikhail Khodorkovsky. Mr. Khodorkovsky is currently in jail for charges of tax evasion, fraud and leading an organized criminal group. Observers fear the unit, controlled by Group Menatep, could be sold at discount prices to Kremlin-friendly companies. The ensuing battle could be tough as the group is threatening to sue companies seeking to buy Yukos assets for less than fair value. Some say the government is increasing its tax claim against the company to bring Yugansk value close to Dresdner valuation. Yukos may soon be faced with additional claims for the 2000 and 2001 bills it already has. 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: Authorities File Case Against Top Official ----------------------------------------------------- A senior executive at Yukos production subsidiary Tomskneft is facing criminal prosecution for tax evasion, according to MosNews. The report said the suspect was not named officially, but that earlier investigations into the unit accused of embezzlement and withholding taxes for 1999 and 2000 had involved director general Nikolai Logachev. Interfax news, citing a source in the regional police, reported earlier that Mr. Logachev was charged with masterminding a RUB1 billion (US$44 million) scheme, and of stealing hydrocarbons. He stands to face two to seven years imprisonment if proven guilty. CONTACT: YUKOS OIL International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru ===================== S W I T Z E R L A N D ===================== CONVERIUM HOLDING: Zwerling Schachter Files Class Action -------------------------------------------------------- Zwerling, Schachter & Zwerling, LLP filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased securities (ADSs) of Converium Holding AG (Converium) (NYSE: CHR) between December 11, 2001 and July 20, 2004, inclusive (Class Period). The deadline to file a motion seeking to be appointed lead plaintiff is December 3, 2004. If you wish to discuss this action or have any questions concerning your rights and interests with respect to these matters, please contact Zwerling Schachter (Shaye J. Fuchs, Esq. or Jayne Nykolyn) at 1-800-721-3900 or by e-mail at sfuchs@zsz.com or jnykolyn@zsz.com. The complaint charges that Converium and two of its officers, Dirk Lohmann, and Martin Kauer, violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, it alleges that the defendants failed to disclose and misrepresented the following material adverse facts, which were known to defendants or recklessly disregarded by them: (a) that Converium maintained inadequate loss reserves in its Converium North America subsidiary; (b) that the Company did not, as it had announced, establish adequate loss reserves to cover claims by Converium North America policyholders; (c) that reserve increases announced by the Company during the Class Period were materially insufficient; and (d) as a consequence of the understatement of loss reserves, Converium's earnings and assets were materially overstated during the Class Period. On July 20, 2004, the Company announced that its second quarter results would be impacted by a reserve strengthening for U.S. casualty business and subsequent asset impairments on the balance sheet of Converium North America. On this disclosure, shares of Converium collapsed US$11.12 per share, or approximately 44%, on July 20, 2004, to close at US$13.90 per share. If you purchased Converium's securities (ADSs) between December 11, 2001 and July 20, 2004, you may apply to serve as lead plaintiff. The lead plaintiff is responsible for overseeing the prosecution of the action and ensuring that the interests of the class are protected. You may apply to be appointed lead plaintiff through Zwerling Schachter. Zwerling Schachter concentrates in prosecuting class actions nationwide on behalf of investors. The firm currently plays a leading role in numerous major securities and complex commercial litigations pending in federal and state courts and has offices in New York City, Uniondale, New York, and Seattle, Washington. The firm has been recognized by courts throughout the country as highly experienced and skilled in complex litigation, particularly with respect to federal securities class action litigation. CONTACT: ZWERLING SCHACHTER & ZWERLING LLP 845 Third Avenue New York, NY 10022 Phone: 800-721-3900 212-223-3900 Fax: 212-371-5969 E-mail: sfuchs@zsz.com Web site: http://www.zsz.com ============= U K R A I N E ============= AVENTA: Court Appoints Liquidator --------------------------------- The Economic Court of Odesa region commenced bankruptcy proceedings against LLC Aventa (code EDRPOU 30942800) on July 20, 2004 after finding the limited liability company insolvent. The case is docketed as 21/80-04-4886. Mrs. Svitlana Safronova (License Number AA 783026 approved on March 22, 2004) has been appointed liquidator/insolvency manager. CONTACT: AVENTA Ukraine, Zhitomir region, Lubarskij district, Semenivka ECONOMIC COURT OF ODESA REGION 65032, Ukraine, Odesa region, Shevchenko Avenue, 4 BANKOMZVYAZOK: Under Bankruptcy Supervision ------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy supervision procedure on LLC Bankomzvyazok (code EDRPOU 24336165) on September 28, 2004. The case is docketed as B- 48/82-04. Arbitral Manager Mr. V. Lyaluk (License Number AA 779233 approved on August 31, 2004) has been appointed temporary insolvency manager. Creditors have until October 22, 2004 to submit their proofs of claim to: (a) BANKOMZVYAZOK Ukraine, Harkiv region, Moskovskij Avenue, 254 V-185 (b) Mr. V. Lyaluk Temporary Insolvency Manager Ukraine, Harkiv region, Maryinska Str. 7/1 (b) ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square, 5, Derzhprom, 8th entrance DNIPROSPETCBUD: Public Asset Auction Set Next Week -------------------------------------------------- Branch of Agency of Bankruptcy Questions in Dnipropetrovsk region will the company's properties on October 21, 2004, 11:00 a.m. at Ukraine, Dnipropetrovsk, Komsomolska Str. 48, Room 2. For sale are: (a) Lot 1: Building and constructions located at Ukraine, Dnipropetrovsk, Geroiv Stalingradu Str. 151 A. Starting price is UAH630,000 (inclusive of VAT); (2) Lot 2: Distribution building located at Ukraine, Dnipropetrovsk, Geroiv Stalingradu Str. 151 D. Starting price is UAH15,460 (inclusive of VAT). To participate, bidders must deposit an amount equivalent to 5% of the starting price of the property being sold and pay a registration fee of UAH17 on or before October 18, 2004. The amount must be deposited to account number 26006351680200 at JSPPB Aval, MFO 305653, EDRPOU 26252710. Participants must submit competitive propositions on or before October 18, 2004 at 49000, Ukraine, Dnipropetrovsk, Komsomolska Str. 48, Room 3. For more information, call 8 (056) 744-19-31. CONTACT: AUCTION COMMITTEE 49000, Ukraine, Dnipropetrovsk region, Komsomolska Str. 48, Room 3 Phone: 8 (056) 744-19-31 MIR: Temporary Insolvency Manager Takes over -------------------------------------------- The Economic Court of Vinnitsya region commenced bankruptcy supervision procedure on Agricultural LLC Mir (code EDRPOU 01195342). The case is docketed as 5/411-04. A. Leshenko (License Number AA 484190 approved on December 25, 2002) has been appointed temporary insolvency manager. The company holds account number 26001015502 at OJSC Bank Universalnij, MFO 338459. Creditors have until October 22, 2004 to submit their proofs of claim to: (a) AGRICULTURAL MIR 22534, Ukraine, Vinnitsya region, Lipovetskij district, Berestivka (b) A. Leshenko Temporary Insolvency Manager 22513, Ukraine, Vinnitsya region, Lipovetskij district, Turbiv, Chervona Girka Str. 43 (c) ECONOMIC COURT OF VINNITSYA REGION 21036, Ukraine, Vinnitsya region, Hmelnitske shose, 7 SEMENIVSKE: Declared Insolvent -------------------------------- The Economic Court of Zhitomir region commenced bankruptcy proceedings against Agricultural LLC Semenivske (code EDRPOU 20415105) on August 20, 2004 after finding the limited liability company insolvent. The case is docketed as 7/31 B. Arbitral manager Mr. Mikola Malishonok has been appointed liquidator/insolvency manager. CONTACT: AGRICULTURAL SEMENIVSKE Ukraine, Zhitomir region, Lubarskij district, Semenivka Mr. Mikola Malishonok Liquidator/Insolvency Manager Ukraine, Zhitomir region, Lubarskij district, Semenivka ECONOMIC COURT OF ZHITOMIR REGION 10002, Ukraine, Zhitomir region, Putyatinski Square, 3/65 SHLYAHMASH: Auction of Assets Set Next Week ------------------------------------------- Branch of Agency of Bankruptcy Questions in Zaporizhya Region and sanction manager of OJSC Shlyahmash will sell the firm's properties on October 22, 2004, 12:00 noon at 69002, Ukraine, Zaporizhya, Lenin Avenue, 77, office 95. For sale are: (a) Buildings and constructions occupying an area of 620 square meters. Starting price is UAH55,570 (inclusive of VAT); (b) Buildings and constructions occupying an area of 1,065.4 square meters. Starting price is UAH61,919 (inclusive of VAT). The properties are located at Ukraine, Zaporizhya region, Berdyansk, Gagarina/Rudnevoyi Str. 1/2. To participate, bidders must deposit an amount equivalent to 5% of the starting price of the property being sold and pay a registration fee of UAH17 on or before October 19, 2004. The deposit should be paid to account number 2600827020 at JSPPB Aval, Zaporizhya regional branch, MFO 313827, EDRPOU 26252756. The registration fee must be deposited to account number 260082431 at JSPPB Aval, Zaporizhya regional branch, MFO 313827, EDRPOU 26252756. Participants must submit competitive propositions on or before October 19, 2004 at 69002, Ukraine, Zaporizhya, Lenin Avenue, 77, office 95. For more information, call (0612) 64-39-01 or 64-36-22. CONTACT: AUCTION COMMITTEE 69002, Ukraine, Zaporizhya region, Lenin Avenue, 77, office 95 Phone: (0612) 64-39-01, 64-36-22 S.K. TRANS: Kyiv Court Appoints Insolvency Manager -------------------------------------------------- The Economic Court of Kyiv region commenced insolvency proceedings against S.K. Trans-Service (code EDRPOU 31483849) on August 30, 2004 after finding the limited liability company insolvent. The case is docketed as 23/823-b. Arbitral manager Mr. I. Gusar (License Number 719858 approved on March 4, 2004) has been appointed liquidator/insolvency manager. The company holds account number 26002337182001 at CB Privatbank, MFO 320649. CONTACT: S.K. TRANS-SERVICE Ukraine, Kyiv region, Kreisera Avrori Str. 1 Mr. I. Gusar Liquidator/Insolvency Manager 01030, Ukraine, Kyiv region, a/b 29 Phone: (044) 236-11-17 Fax: (044) 236-11-17 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B VIKTORIYA: I. Gusar Named Insolvency Manager -------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against LLC Viktoriya (code EDRPOU 30743596) on August 20, 2004 after finding the limited liability company insolvent. The case is docketed as 53/11b-2004. Arbitral Manager Mr. I. Gusar (License Number 719858 approved on March 4, 2004) has been appointed liquidator/insolvency manager. The company holds account number 260091938 at JSPPB Aval, Bila Tserkva branch, MFO 321121. CONTACT: VIKTORIYA Ukraine, Kyiv region, Volodarskij district, Matviyiha Mr. I. Gusar Liquidator/Insolvency Manager 01030, Ukraine, Kyiv region, a/b 29 Phone: (044) 236-11-17 Fax: (044) 236-11-17 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B =========================== U N I T E D K I N G D O M =========================== ABBEY NATIONAL: City Watchdog Gives Approval for Santander Bid -------------------------------------------------------------- The Financial Services Authority (FSA) on Wednesday gave stockholders of Abbey National the go signal to vote on Santander Central Hispano's takeover bid, Reuters says. Santander is offering more than GBP8 billion for Abbey. FSA, which is currently reviewing the bid, said in a statement it found no material barriers for the approval of the GBP8 billion offer. FSA plans to notify Abbey's stockholders of its decision a day before they meet to vote on the matter. The European Commission last month also gave its clearance to the proposed acquisition. CONTACT: ABBEY NATIONAL Media Contacts: Jane Reynolds Phone: 020 7756 4189 07753 811 001 Vicky Allard, TBWA/London Phone: 020 7573 7113 07769 937 062 ALIZE TOURS: Sets Creditors Meeting Next Week --------------------------------------------- The creditors of Alize Tours Limited will meet on October 19, 2004 commencing at 11:00 a.m. It will be held at MLS Business Centre, Tower Court, Oakdale Road, Clifton Moor, York YO30 4XL. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to David Horner & Co, 11 Clifton Moor Business Village, James Nicolson Way, Clifton Moor, York YO30 4XG not later than 12:00 noon, October 18, 2004. CONTACT: DAVID HORNER & CO. 11 Clifton Moor Business Village James Nicolson Link, York YO30 4XG Phone: 01904 479801 Web site: http://www.davidhornerandco.co.uk BELL FRAMPTON: National Westminster Bank Appoints Receiver ---------------------------------------------------------- National Westminster Bank plc called in Mandy Jane Smart (Office Holder No 001063) and Bruce Alexander Mackay (Office Holder No 008296) joint administrative receivers for construction company Bell Frampton Limited (Reg No 02904186, Trade Classification: 4521). The application was file October 6, 2004. CONTACT: BAKER TILLY Marlborough House, Victoria Road South, Chelmsford, Essex CM1 1LN Phone: 01245 354 402 Fax: 01245 490 243 Web site: http://www.bakertilly.co.uk BAKER TILLY 20-26 Cursitor Street, London EC4A 1HY Phone: 020 7405 2088 Fax: 020 7831 2206 Web site: http://www.bakertilly.co.uk BRITISH ENERGY: Meets Preliminary Restructuring Conditions ---------------------------------------------------------- British Energy announces that the initial conditions to the Creditor Restructuring Agreement entered into in October 2003 between the Company and certain creditors have been satisfied. In particular: (a) as announced on 22 September, the European Commission has decided to approve the Government's state aid to the Company in connection with the restructuring, subject to certain compensatory measures; (b) the Company's new contracts with BNFL relating to back-end and front-end fuel services have become unconditional (save only for conditions relating to completion of the Agreed Restructuring); (c) the new arrangements for the financing of Eggborough Power Limited and the banks' options to acquire the Eggborough Power Station either through a share or asset purchase in 2010 have been exchanged with the relevant banks and have become unconditional (again save only for conditions relating to completion of the Agreed Restructuring); (d) all material Inland Revenue clearances have been obtained; (e) all material unsettled documents have been agreed with creditors; (f) the Financial Services Authority has consented to the Agreed Restructuring for the purposes of British Energy Trading Services Limited's F.S.A. authorization. Consequently the Company has in accordance with the Creditor Restructuring Agreement exchanged the Business Transfer Agreement whereby, if the proposed scheme of arrangement with members lapses but the Agreed Restructuring nonetheless becomes effective, the Company's assets will be transferred to British Energy Holdings plc, which would become an intermediate holding company of the restructured British Energy group. Further steps The Company is now obliged, among other things, to publish Circulars to shareholders and bondholders and a prospectus for British Energy Group plc (the proposed holding company of the restructured group) and British Energy Holdings plc as soon as reasonably practicable. The Company is working hard to finalise these documents and satisfy the remaining requirements for publication and expects to publish these documents in due course with a view to seeking the approval of shareholders and bondholders at meetings which are expected to be held later this year. The Creditor Restructuring Agreement will terminate automatically if the Agreed Restructuring does not become wholly unconditional by 12 noon on 31 January 2005 (or such later date as the Company, the Secretary of State and requisite majorities of creditors may agree in accordance with the Creditor Restructuring Agreement) (the Long Stop Date). The board does not believe it would be responsible for the board to allow the Company to be in a situation where it may be forced into an insolvency process because it cannot extend those long- stop dates. As announced on 23 September 2004 the Company therefore intends to seek to negotiate and agree a binding extension of the Creditor Restructuring Agreement prior to the requisitioned EGM convened to be held at 3.00 p.m. on 22 October 2004. At present the Company intends that the extension should be conditional on the resolutions being passed at the requisitioned EGM. The board is recommending that shareholders vote against these resolutions. Risk factors The Agreed Restructuring remains subject to a large number of further important conditions and significant uncertainties, including: (a) the Secretary of State's entitlement not to proceed with the Agreed Restructuring if, in her opinion, the group will not be viable in all reasonably foreseeable conditions without access to additional financing beyond that which is committed and will continue to be available when required; (b) the restructured group having sufficient working capital for its present requirements in connection with the listing of the New Shares and New Bonds; (c) there being no material adverse change in the current or future business or operations, the financial or trading position, profits or prospects of the group as a whole or of Eggborough Power Limited or which is likely to have a material adverse effect on the value of the New Bonds, the New Shares, the CTA Bonds or the new Eggborough arrangements; (d) continuation of the standstill arrangements; (e) Scottish Court approval and the filing of the order for the scheme of arrangement with bondholders and The Royal Bank of Scotland plc with the registrar of companies in Scotland; and (f) cancellation of the listings of the Ordinary Shares and A Shares by the U.K. Listing Authority (which is required if the proposed scheme of arrangement with shareholders lapses and the disposal pursuant to the Business Transfer Agreement is not approved by shareholders); (g) listing of the New Shares and New Bonds. If for any reason the Company is unable to implement the Agreed Restructuring prior to the Long Stop Date, it may be unable to meet its financial obligations as they fall due, in which case it may have to take appropriate insolvency proceedings. If the Company were to commence insolvency proceedings, distributions, if any, to unsecured creditors may represent only a small fraction of their unsecured liabilities and it is highly unlikely there would be any return to shareholders. CONTACT: BRITISH ENERGY (Media Enquiries) Andrew Dowler Phone: 020 7831 3113 John Searles (Investor Relations) Phone: 01355 26 2202 Web site: http://www.british-energy.com BROWNE BROS: Names Joint Liquidators from Begbies Traynor --------------------------------------------------------- At an extraordinary general meeting of the Browne Bros (New Romney) Limited on September 30, 2004 held at 19 North Street, Ashford, Kent TN24 8LF, the special and ordinary resolutions to wind up the company were passed. Susan Agnes Maund and Andrew White, of Baker Tilly, International House, Queens Road, Brighton BN1 3XE have been appointed joint liquidators for the purpose of such winding-up. CONTACT: BAKER TILLY International House, Queens Road, Brighton BN1 3XE Phone: 01273 223400 Fax: 01273 223401 Web site: http://www.bakertilly.co.uk CLOVER HOUSE: Appoints Smith & Williamson Liquidator ---------------------------------------------------- At an extraordinary general meeting of the Clover House Interiors Limited on September 30, 2004 held at Ramada Hotel and Resort Maidstone, Hollingborne, near Maidstone, Kent ME17 1RE, the extraordinary and ordinary resolutions to wind up the company were passed. Stephen John Tancock of Smith & Williamson Ltd, First Floor, Holbrook House, 72 Bank Street, Maidstone, Kent ME14 1SN has been appointed liquidator for the purpose of such winding-up. CONTACT: SMITH & WILLIAMSON LTD. First Floor, Holbrook House, 72 Bank Street, Maidstone, Kent ME14 1SN Web site: http://www.smith.williamson.co.uk CRITERION STRATFORD: Sets Creditors Meeting Next Week ----------------------------------------------------- Name of Companies: Criterion Stratford (Basingstoke) Limited Criterion Stratford (Basingstoke) Nominee 3 Limited The unsecured creditors of these companies will meet on October 22, 2004 commencing at 10:30 a.m. It will be held at 1-2 Dorset Rise, London EC4Y 8EN. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to KPMG LLP, PO Box 695, 8 Salisbury Square, London EC4Y 8BB not later than 12:00 noon, October 21, 2004. CONTACT: KPMG LLP PO Box 695, 8 Salisbury Square, London EC4Y 8BB Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk CROMWELLS MADHOUSE: Hires Deloitte & Touche as Administrator ------------------------------------------------------------ Lee Manning (IP No 006477) and Adrian Berry (IP No 008601) have been appointed joint administrators for Cromwells Madhouse Plc. The appointment was made October 4, 2004. The Company retails clothing. CONTACT: DELOITTE & TOUCHE LLP 180 Strand, London WC2R 1WL Phone: +44 (0) 20 7936 3000 Fax: +44 (0) 20 7583 1198 Web site: http://www.deloitte.com DOVE TOURS: Calls in Liquidator ------------------------------- At an extraordinary general meeting of the Dove Tours Limited on October 1, 2004 held at Scotch Corner Hotel, Scotch Corner, Richmond, the extraordinary and ordinary resolutions to wind up the company were passed. N. A. Brackenbury and M. J. Moore of Kroll, 5th Floor Airedale House, 77 Albion Street, Leeds LS1 5AP have been appointed joint liquidators of the company for the purpose of the voluntary winding-up. CONTACT: KROLL LIMITED 5th Floor Airedale House, 77 Albion Street, Leeds LS1 5AP DRAGON MANAGEMENT: Names K. Kallis Liquidator --------------------------------------------- At an extraordinary general meeting of the members of the Dragon Management GB Limited on September 30, 2004 held at Mountview Court, 1148 High Road, Whetstone, London N20 0RA, the extraordinary and ordinary resolutions to wind up the company were passed. Kikis Kallis has been appointed liquidator for the purpose of such winding-up. DRYLINING DEPOT: HSBC Bank Appoints Kroll Limited Receiver ---------------------------------------------------------- HSBC Bank plc called in Alastair Paul Beveridge and Peter Mark Saville (Office Holder Nos 008991 009029) joint administrative receivers for Drylining Depot Limited (Reg No 04557160, Trade Classification: 23). The application was filed October 6, 2004. The company distributes plasterboard and drylining products. CONTACT: KROLL LIMITED 10 Fleet Place, London EC4M 7RB ELECTRIC TRACE: Creditors Meeting Set Next Month ------------------------------------------------ The creditors of Electric Trace Heating Limited will meet on November 10, 2004 commencing at 11:00 a.m. It will be held at Lewis Alexander & Collins, 103 Portland Street, Manchester M1 6DF. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Lewis Alexander & Collins, 103 Portland Street, Manchester M1 6DF not later than 12:00 noon, November 9, 2004. CONTACT: LEWIS ALEXANDER & COLLINS 103 Portland Street, Manchester M1 6DF FISCAL TECHNOLOGY: Extraordinary Winding up Resolution Passed ------------------------------------------------------------- At an extraordinary general meeting of the Fiscal Technology Limited on September 28, 2004 held at Bosworths, Slaugham, West Sussex RH17 6AQ, the subjoined extraordinary resolution to wind up the company was passed. Mark Levy of Berley Chartered Accountants, 76 New Cavendish Street, London W1G 9TB has been appointed liquidator. CONTACT: BERLEY CHARTERED ACCOUNTANTS 76 New Cavendish Street, London W1G 9TB FRESH JUICE: Names Elwell Watchorn & Saxton Administrator --------------------------------------------------------- John Michael Munn and Richard John Elwell (IP Nos 7859, 6057) have been appointed joint administrators for Fresh Juice Bar Limited. The appointment was made October 4, 2004. CONTACT: ELWELL WATCHORN & SAXTON 109 Swan Street, Sileby, Leicestershire, LE12 7NN Phone: (+44) 01509 815150 Fax: (+44) 01509 815121 E-mail: office@ews-insolvency.co.uk Web site: http://www.ews-insolvency.co.uk G.R.G. LIMITED: Names Begbies Traynor Liquidator ------------------------------------------------ At an extraordinary general meeting of the members of the G.R.G. Limited on October 1, 2004 held at The Strathdon Thistle Hotel, 44 Derby Road, Nottingham, the extraordinary and ordinary resolutions to wind up the Company were passed. Richard Albert Brock Saville and Peter Andrew Blair of Begbies Traynor, Regency House, 21 The Ropewalk, Nottingham NG1 5DU have been appointed joint liquidators of the company for the purpose of the voluntary winding-up. CONTACT: BEGBIES TRAYNOR Regency House, 21 The Ropewalk, Nottingham NG1 5DU Phone: 0115 941 9899 Fax: 0115 945 4845 Web site: http://www.begbies.com HARVEY WHITE: Calls in Liquidator --------------------------------- At an extraordinary general meeting of the members of the Harvey White Engineering Ltd. on October 1, 2004 held at Janes, 33 Rodney Road, Cheltenham GL50 1HX, the extraordinary and ordinary resolutions to wind up the company were passed. David N Hughes has been appointed liquidator for the purpose of such winding- up. HAZERENT LIMITED: Names Valentine & Co. Liquidator -------------------------------------------------- At an extraordinary general meeting of the Hazerent Limited on September 29, 2004 held at the offices of Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the extraordinary and ordinary resolutions to wind up the company. Robert Valentine of 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS has been appointed liquidator for the purpose of such winding-up. CONTACT: VALENTINE & CO. 4 Dancastle Court 14 Arcadia Avenue London N3 2HS Phone: 020 8343 3710 Fax: 020 9343 4486 Web site: http://www.valentine-co.com HORWICH CASTINGS: In Administrative Receivership ------------------------------------------------ HSBC Bank plc called in David Swaden and Dermot Justin Power (Office Holder Nos 5495/01, 6006/01) joint administrative receivers for Horwich Castings Limited (Reg No 2576400, Trade Classification: 11). The application was filed October 5, 2004. The company manufactures iron castings and the Supply of a Range of Permanent Way Products to the U.K. Railway Industry. CONTACT: BDO STOY HAYWARD LLP Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD Phone: 0161 817 3700 Fax: 0161 817 3711 E-mail: manchester@bdo.co.uk Web site: http://www.bdo.co.uk JANCHEM LIMITED: Insolvency Service Disqualifies Directors ---------------------------------------------------------- The directors of a janitorial chemical supplies business that failed with total debts estimated at over GBP237,000 have each given an Undertaking not to hold directorships or take any part in company management. The Undertakings by John Michael Prescott, 56, of Hobb Lane, Moore, Warrington, and Heather Alison McClachan Hart, 52, of Park Road, Timperley, in Altrincham, were given in respect of their conduct as a directors of Janchem Limited, which carried out business from premises at Centre 21, on Manchester Road, Warrington. Mr. Prescott is disqualified for five years and Ms. McClachan Hart for four years. Acceptance of the Undertakings on September 21, 2004 and September 27, 2004 respectively prevents both Mr. Prescott and Ms. McClachan Hart from being directors of a company or, in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a company for the above periods. Janchem Limited was placed into voluntary liquidation on October 4, 2002 with estimated debts of GBP237,922 owed to creditors. Matters of unfit conduct, not disputed by John Michael Prescott and Heather Alison McClachan Hart, were that: (a) They caused or allowed Janchem to operate a policy of retention of monies due to the Crown Departments totaling at least GBP57,361, in respect of VAT for PAYE / National Insurance contributions; and (b) Mr. Prescott transferred money from the company account in to his own account for personal use and to the detriment of creditors. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, has responsibility (under Section (6) of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered to be unfit to be involved in the management of companies in the future. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk JARVIS PLC: Disposes of PFI Bidding Operation --------------------------------------------- Jarvis plc announced that, in line with its restructuring strategy, it has signed heads of terms for the sale of its Private Finance Initiative (PFI) bidding operations to Vinci Investments Limited, a wholly-owned subsidiary of Vinci S.A.. Such terms anticipate the appointment of the Jarvis facilities management team to carry out the facilities management stage of the relevant projects. The proposed transaction is conditional on due diligence and completion of documentation and is not expected to be material in the context of the Jarvis Group. * * * Jarvis said in August that after the audit of its report for the year ended March 31, 2004, there will be a reversal of exceptional income of GBP3.5 million and a loss on disposal of GBP0.9 million. In addition, the application of accounting standards recommended by auditor requires that an impairment provision of GBP6.0 million be made in respect of certain of the joint ventures held at the balance sheet date, whilst profits of GBP5.1 million on other joint ventures will be recognized in the current financial year. Having accounted for other reductions to turnover of GBP0.4 million, the net effect is to increase the reported loss before tax in respect of the UPP and PFI joint venture transactions by GBP9.0 million in the year ended 31 March 2004. The income arising will now be recognized in the current financial year. CONTACT: TULCHAN COMMUNICATIONS Jonathan Haslam Phone: 020 7017 8147 Andrew Honnor David Trenchard Phone: + 44 20 7353 4200 JEMCA HOLDINGS: Final Meeting Set End of October ------------------------------------------------ The final meeting of the members of the Jemca Holdings Limited will be on October 28, 2004 commencing at 10:00 a.m. It will be held at Prospect House, 2 Athenaeum Road, London N20 9YU. 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. MOTOPART & MOTOTUNE: Top Honcho Receives Four-year Ban ------------------------------------------------------ A director of a vehicle repair and vehicle parts supplier business that failed with total debts estimated at around GBP181,000 has given an Undertaking not to hold directorships or take any part in company management for four years. The Undertaking by William Orr, 52, of Easter Oathlaw, By Forfar, Angus, was given in respect of his conduct as a director of Motopart & Mototune Limited, which carried out business from premises at Units 3-5 Ballinggall Autocentre, Brewery Lane, Dundee. Acceptance of the Undertaking on September 30, 2004 prevents William Orr from being a director of a company or, in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a company for the above period. Motopart & Mototune Limited was placed into liquidation on September 9, 2002 with estimated debts of GBP181,000 owed to creditors. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, is responsible (under Section (6) of the Company Directors Disqualification Act 1986) for the investigation into the conduct of directors of failed companies and for the disqualification of those who are considered to be unfit to be involved in the management of companies in the future. Matters of unfit conduct, not disputed by William Orr, were that: (a) he allowed the Company to pay the sum of GBP16,000 to him and his co-director at a time when he knew that the Company was insolvent and unable to pay its creditors; and (b) he acted to the detriment of the creditors of the Company and in breach of his fiduciary duties. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk MERLIN DISTRIBUTION: Creditors Meeting Set by Month-end ------------------------------------------------------- The unsecured creditors of Merlin Distribution (Holdings) Ltd. will meet on October 22, 2004 commencing at 11:00 a.m. It will be held at KPMG, 8 Salisbury Square, London EC4Y 8BB. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to KPMG, Arlington Business Park, Theale, Reading, Berkshire not later than 12:00 noon, October 21, 2004. CONTACT: KPMG Corporate Recovery, Arlington Business Park, Theale, Reading RG7 4SD Phone: (0118) 9642000 Fax: (0118) 9642222 Web site: http://www.kpmg.co.uk MICRO CHEMICAL: Creditors Meeting Set Next Week ----------------------------------------------- The creditors of Micro Chemical Systems Limited will meet on October 20, 2004 commencing at 11:00 a.m. It will be held at Baker Tilly, Wilberforce Court, Alfred Gelder Street, Hull HU1 1YH. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Baker Tilly, Wilberforce Court, Alfred Gelder Street, Hull HU1 1YH not later than 12:00 noon, October 19, 2004. CONTACT: BAKER TILLY Wilberforce Court, Alfred Gelder Street, Hull HU1 1YH Phone: 01482 327406 Fax: 01482 326957 Web site: http://www.bakertilly.co.uk MIMAR INSURANCE: Calls in Liquidator from Moore Stephens -------------------------------------------------------- At an extraordinary general meeting of the Mimar Insurance Services Limited on September 27, 2004 held at 3-5 Rickmansworth Road, Watford, Hertfordshire WD18 0GX, the resolutions to wind up the company were passed. Steven Draine and David Rolph of Moore Stephens Corporate Recovery have been appointed as joint liquidators of the company for the purpose of the voluntary winding-up. MYTRAVEL GROUP: Converting GBP800 Mln Debt Under Restructuring -------------------------------------------------------------- MyTravel on Wednesday meeting with representatives of its major lending banks and bonding facility providers to provide details of its proposed balance sheet restructuring. MyTravel also confirms that its operating result for the 12-month period to 30 September 2004 will be approximately break-even. The key points of the proposed restructuring are: (a) The conversion into MyTravel equity of approximately GBP800 million of unsecured debt and facilities, including: (i) GBP250 million revolving credit facility, (ii) US$100 million U.S. private placement, (iii) GBP210 million minority interest preference shares, (iv) certain elements of aircraft lease financing arrangements, (v) GBP216 million of convertible bonds (b) On completion of the restructuring: (i) Converting creditors (other than bondholders) would be issued new shares representing 88% of the company's enlarged share capital; (ii) Converting bondholders would be issued new shares representing 8% of the company's enlarged share capital. This allocation has been made on a similar basis to the other converting creditors; (iii) Shareholders would retain 4% of the enlarged share capital. (c) The provision at no material cost to the company of new 5- year committed facilities by the parties to the company's GBP400 million bonding facility and providers of bilateral guarantee and letters of credit facilities (amounting in aggregate to approximately GBP167 million). (d) The company has proposed a timetable for the restructuring that would see it completed by the end of 2004. (e) On completion of the restructuring, the company's debt will be approximately GBP140 million of aircraft finance leases. In order to satisfy E.U. rules as to airline ownership, the Board proposes to issue Ordinary Shares to converting creditors and bondholders who are EEA nationals and non-voting Preference Shares, convertible into Ordinary Shares, to those who are non- EEA nationals. The Board will also propose changes to the company's Articles to ensure compliance with the rules. It is the Board's intention to approach this restructuring on a consensual basis. It plans to seek the agreement of the company's lending banks and facility providers and the approval of the company's convertible bondholders and ordinary shareholders. The proposals are being recommended to lenders and facility providers by the company's lead bankers. CONTACT: BRUNSWICK GROUP Phone: 020 7404 5959 Fiona Antcliffe Sophie Fitton William Cullum NETWORK RAIL: Deputy Chairman to Leave -------------------------------------- Network Rail announced that Adrian Montague CBE, Deputy Chairman, has informed the Board of his intention to resign from the Board in order to take up the position of Chairman of CrossRail. Adrian Montague, 56, formally took up the non-executive post of Deputy Chairman upon Network Rail's acquisition of Railtrack plc in October 2002. In addition he was appointed Chairman of the Network Rail Property Board in March 2003 where he provided valuable advice and expertise. Ian McAllister, Chairman said: "Adrian's contribution to Network Rail has been enormous. He has been involved in Network Rail from its very inception in December 2001. He helped to establish the bid team and played a central role in the complex acquisition of Railtrack. He has made a unique contribution to Network Rail and the Board has benefited greatly from his advice and experience. "On behalf of the Company and the Board, I would like to offer my warmest thanks and best wishes as Adrian takes on this new and fresh challenge." The timing of Adrian Montague's departure from Network Rail is to be determined and will be announced in due course. * * * Railtrack collapsed two years ago after the government withdrew funding to the company. CONTACT: NETWORK RAIL LIMITED 40 Melton St. London NW1 2EE, United Kingdom Phone: +44 20 7557 8000 Fax: +44 20 7557 9000 Web site: http://www.networkrail.com ORTHOPAEDIC MANUFACTURING: Names UHY Hacker Young Administrator --------------------------------------------------------------- Andrew Andronikou and Ladislav Hornan (IP Nos 1253, 2059) have been appointed joint administrators for Orthopaedic Manufacturing Company Limited. The appointment was made September 30, 2004. The Company manufactures orthopaedic implants. Its registered office is located at UHY Hacker Young, St Alphage House, 2 Fore Street, London EC2Y 5DH. CONTACT: UHY HACKER YOUNG St Alphage House, 2 Fore Street, London EC2Y 5DH Phone: 020 7216 4600 Fax: 020 7638 2159 Web site: http://www.uhy-uk.com RETURN TO STONE: Director Receives Five-year Ban ------------------------------------------------ The director of a stone cleaning business that failed with total debts estimated at around GBP110,000 has given an Undertaking not to hold directorships or take any part in company management for five years. The Undertaking by Simon Alexander Vaughan Essex, age 49 of Marston Beacon View Road, Elstead, Godalming, Surrey, was given in respect of his conduct as a director of Return To Stone Limited, which carried out business from premises at Roke Lane, Witley, Godalming, Surrey. Acceptance of the Undertaking on September 10, 2004 prevents Mr. Essex from being a director of a company or, in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a company for the above period. Return To Stone Limited was placed into liquidation on January 31, 2001 with estimated debts of GBP109,413 owed to creditors. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, has responsibility (under Section (6) of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered to be unfit to be involved in the management of companies in the future. Matters of unfit conduct, not disputed by Simon Essex, were that: * he failed to ensure that Return to Stone maintained, preserved or delivered up adequate accounting records. The Liquidator was therefore unable to ensure that all funds, to which the company was entitled, had been received, and that those funds had been used for the company's benefit; * he caused Return to Stone to trade while insolvent to the detriment of his creditors, his decision to continue trading with the knowledge of insolvency resulted in increased liabilities to creditors totalling GBP15,459.48. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk ROUTLEY & CO: Special Winding up Resolution Passed -------------------------------------------------- At an extraordinary general meeting of the members of the Routley & Co. Limited held at The Old School House, 51 Priory Road, Weybridge KT13 9DA, the special resolution to wind up the company was passed. Peter Bridger has been appointed liquidator for the purpose of such winding-up. R & S WARNER: Hires Joint Administrators from PKF ------------------------------------------------- Edward T. Kerr (IP No 9020) and Ian J Gould (IP No 7866) have been appointed joint administrators for R & S Warner Engineers Limited. The appointment was made October 1, 2004. The company manufactures machines for mining etc. CONTACT: PKF Pannell House, 159 Charles Street, Leicester LE1 1LD Phone: 0117 906 4000 Fax: 0117 974 1238 E-mail: info.bristol@uk.pkf.com Web site: http://www.pkf.co.uk PKF New Guild House, 45 Great Charles Street, Queensway, Birmingham B3 2LX Phone: 0121 212 2222 Fax: 0121 212 2300 E-mail: info.birmingham@uk.pkf.com Web site: http://www.pfk.co.uk SHIMFOLL LIMITED: Bibby Factors Names Begbies Traynor Receiver -------------------------------------------------------------- Bibby Factors Northwest Limited called in W. J. Kelly and James P. N. Martin (Office Holder Nos 4857 and 8316) joint administrative receivers for Shimfoll Limited (Reg No 02208674, Trade Classification: SIC 2744). The company produces copper. CONTACT: BEGBIES TRAYNOR 4th Floor Newater House 11 Newhall Street Birmingham B3 3NY Phone: 0121 200 8150 Fax: 0121 200 8160 E-mail: birmingham@begbies-traynor.com Web site: http://www.begbies.com STYLES RAPID: Members Final Meeting Set Next Month -------------------------------------------------- The final meeting of the members of Styles Rapid Product Development Limited will be on November 15, 2004 commencing at 11:00 a.m. It will be held at the offices of Benedict Mackenzie, CityPoint, Temple Gate, Bristol BS1 6PL. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Benedict Mackenzie, CityPoint, Temple Gate, Bristol BS1 6PL not later than 12:00 noon, November 12, 2004. CONTACT: BENEDICT MACKENZIE CityPoint, Temple Gate, Bristol BS1 6PL Phone: 01173 736 222 Fax: 01173 736 223 Web site: http://www.benemack.com ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, and Julybien Atadero, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. 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