/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/041019.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 Tuesday, October 19, 2004, Vol. 5, No. 207 Headlines C Z E C H R E P U B L I C ROSTROJ ROUSINOV: Administrator Acknowledges CZK32 Mln in Claims G E R M A N Y ALFRED DAMMANN: Hamburg Court Appoints Administrator ARTE IMMOBILIEN: Creditors' Claims Due Next Month BAUCON AG: Construction Firm Applies for Bankruptcy Proceedings BLUE JEANS: Creditors' Meeting Set Next Month DIRK SCHOTT: Insolvency Manager Takes over Operations DISCOTHEK NANU: Bielefeld Court Appoints Insolvency Manager GLANDER OBJEKTMOBEL: Furniture Company Succumbs to Bankruptcy MG TECHNOLOGIES: Elevates Peter Schenk to Executive Board TIMECREW PERSONALSERVICE: Administrator Takes over Helm TK PROJEKT: Gives Creditors Until this Week to File Claims W. HUNGER: Administrator Sets First Creditors' Meeting November I T A L Y ALITALIA SPA: First-half Net Loss Doubles ALITALIA SPA: Latest Guidance Sees Annual Losses Similar to 2003 GIANNI VERSACE: Puts New York Property on Sale PARMALAT FINANZIARIA: Nextra Offers EUR160 Million Settlement K A Z A K H S T A N KAZKOMMERTSBANK: Proposed Denominated Eurobond Rated 'BB-' K Y R G Y Z S T A N AGHA & CO: Public Auction of Assets Slated Next Week AINEK: Deadline for Submission of Bids Expires November EDELVEIS-JERCEY: Sets Creditors' Meeting ISSYK-KUL: Puts Properties on Sale KARA-BALTA: Almazbek Adranov Named Insolvency Manager KYRGYZAGROPROMBANK: Selling Assorted Assets Later this Month LAMPE AND RODIGER: Evaluation of Proofs of Claim Set December SYN-TASH: Sets Auction of Assets First Week of November N E T H E R L A N D S ROYAL AHOLD: Wins appeal; Rejects Claims of Amstel Capital R U S S I A ARDON-MEZH-RAY-GAS: Appoints S. Tsygoyev Insolvency Manager DIGITAL NETWORKS: Undergoes Bankruptcy Supervision Procedure HENDE-SHANS: Deadline for Proofs of Claims Expires Next Month KORAL: Declared Insolvent MASLO-SYRO-DEL: Undergoes Bankruptcy Supervision Procedure ROAD BUILDING: Moscow Court Appoints Insolvency Manager SOSNOVOBORSKOYE: Insolvency Manager Takes over Operations SOYUZ: Gives Creditors Until Next Month to File Claims UNI-FRESH-CONSTRUCTIVE: Declared Insolvent VIKHR: Under Bankruptcy Supervision S L O V A K R E P U B L I C PODPOLIANSKE STROJARNE: Expected to Exit Bankruptcy Next Year U N I T E D K I N G D O M ABBEY NATIONAL: Shareholders Accept Santander's Takeover Offer ARCHLINE BENDING: Hires Milner Boardman as Administrator BARRINGTON FLEMING: Director Receives Eleven-year Ban BIRCHGILL LIMITED: Creditors' Meeting Set Weekend BONNINGTON RESTAURANTS: Sets Deadline for Filing of Claims BOWTREE LIMITED: Creditors Appoint PwC Liquidator BRITISH NUCLEAR: MPs Call Mox Plant A Scandal; Demand Inquiry CARRIG EQUIPMENT: Appoints KPMG Administrator CDMA CASHMERE: Calls Final Meetings of Members, Creditors CLAREMONT AUDIO: Hires Joint Liquidators from PwC CLAY CROSS: Director Earns 4-year Ban for Part in Firm's Failure CLOSE COMMUNICATIONS: In Administrative Receivership EBOOKERS PLC: Third-quarter Sales Jumps More than 20% EBOOKERS PLC: Management Not Dropping Plan to Sell Company EWB (2004): Names Numerica Administrator EXTRICITY LIMITED: Sets Members' Meeting November FUND RESEARCH: Liquidator to Update Members Next Month GEOFF TILL: Hires Joint Administrator from Poppleton & Appleby GLOBE WORSTED: Sets Creditors' Meeting Friday ISOTECH TECHNOLOGY: Hires Joint Administrators from KPMG JARVIS PLC: Close to Inking Deal with Star Capital JORDISON LIMITED: Names Administrator from Tenon Recovery J SAINSBURY: Hiring 3,000 Workers as Part of 'Radical' Revamp J SAINSBURY: Wants Bonds Replaced with Shares as Pension Payment LEVERSPRINT LIMITED: Liquidator's Final Report Out November MCRITHER KIRK: Calls Final General Meeting MUSIC MOUNTAIN: Liquidator to Present Report Next Month PCG: Hires Benedict Mackenzie as Administrator R G MEATS: Creditors Meeting Set Next Week SOVEREIGN ROTATING: Names Grant Thornton Administrator SPECTRUM RETAIL: Creditors' Meeting Next Week SUSSEX VALVES: Hires Hacker Young as Administrator TANGENT SOLUTIONS: Creditors' Meeting Tomorrow TELDEX LIMITED: Hires Administrators from Gerald- Edelman THE GIFT: Appoints Begbies Traynor Administrator THORNTONS PLC: Finance Chief Leaves for Undisclosed Reasons TURNER & NEWALL: Federal-Mogul Creditors Blink; Revise Offer WAVELENGTH SOLUTIONS: Management Buys Firm out of Receivership * Large Companies with Insolvent Balance Sheets ********* =========================== C Z E C H R E P U B L I C =========================== ROSTROJ ROUSINOV: Administrator Acknowledges CZK32 Mln in Claims ---------------------------------------------------------------- Frantisek Mozga, the bankruptcy administrator of engineering company Rostroj Rousinov, recognized Wednesday around CZK32 million in creditors' claims, Czech News Agency says. The administrator, who received claims from 180 creditors, also rejected CZK27 million in payables. The administrator gave creditors who have not yet lodged their claims until December 13, 2004 to do so. Rostroj Rousinov filed for bankruptcy on August 11, 2004. Some 80 other bankruptcy petitions are pending against it, mostly filed by employees whose wages have not been paid since March, the TCR-Europe said in July. The company employs about 90 workers and is considered an important employer in the Vyskov region. CONTACT: ROSTROJ ROUSINOV A.S. Mlekarska 1 683 01 Rousinov Phone: 517 305 111 517 305 118 517 305 152 Fax: 517 305 119 517 305 153 E-mail: info@rostroj.cz obchod@rostroj.cz Web site: http://www.rostroj.cz ============= G E R M A N Y ============= ALFRED DAMMANN: Hamburg Court Appoints Administrator ---------------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against Alfred Dammann (GmbH & Co.) on Sept. 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 17, 2004 to register their claims with court-appointed provisional administrator Burckhardt Reimer. Creditors and other interested parties are encouraged to attend the meeting on Dec. 15, 2004, 9:40 a.m. at the insolvency court of Hamburg Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18) 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. Alfred Dammann sells tools and machineries. CONTACT: DAMMANN VERWALTUNGSGESELLSCHAFT MBH Billhorner Kanalstrasse 56, 20539 Hamburg Contact: Sonja Dammann Burckhardt Reimer, Insolvency Manager Domstrasse 15, 20095 Hamburg Phone: 41522416 Fax: 41522-411 ARTE IMMOBILIEN: Creditors' Claims Due Next Month ------------------------------------------------- The district court of Rostock opened bankruptcy proceedings against Arte Immobilien & Handels GmbH on Sept. 20. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 12, 2004 to register their claims with court-appointed provisional administrator Bjorn Junge. Creditors and other interested parties are encouraged to attend the meeting on Dec. 8, 2004, 10:00 a.m. at the district court of Rostock Zochstrasse, 18057 Rostock, Saal 330 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: ARTE IMMOBILIEN & HANDELS GMBH Contact: Heiko Buttner, Manager Lohgerberstrasse 13, 18055 Rostock Bjorn Junge, Insolvency Manager Graf-Schack-Strasse 14, 18055 Rostock BAUCON AG: Construction Firm Applies for Bankruptcy Proceedings --------------------------------------------------------------- The district court of Potsdam opened bankruptcy proceedings against construction firm Baucon AG on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 12, 2004 to register their claims with court-appointed provisional administrator Horst Piepenburg. Creditors and other interested parties are encouraged to attend the meeting on Dec. 15, 2004, 3:00 p.m. at the district court of Potsdam Nebenstelle Lindenstrasse 6, 14467 Potsdam, Saal 004 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: BAUCON AG Former address: Kanada-Allee 03, 14513 Teltow Present address: Leipziger Strasse 41 - 44, 04425 Taucha Web site: http://www.bauconag.de Horst Piepenburg, Insolvency Manager Berliner Strasse 32, 14467 Potsdam BLUE JEANS: Creditors' Meeting Set Next Month --------------------------------------------- The district court of Berlin-Charlottenburg opened bankruptcy proceedings against textile company Blue Jeans GmbH on Sept. 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 31, 2004 to register their claims with court-appointed provisional administrator Dr. Bjorn Gehde. Creditors and other interested parties are encouraged to attend the meeting on Nov. 2, 2004, 9:35 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. 15, 2005, 9:40 a.m. at the district court of Charlottenburg Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218. CONTACT: BLUE JEANS GMBH Marzahner Promenade 35,12679 Berlin Dr. Bjorn Gehde, Insolvency Manager Goethestr. 85, 10623 Berlin DIRK SCHOTT: Insolvency Manager Takes over Operations ----------------------------------------------------- The district court of Dortmund opened bankruptcy proceedings against Dirk Schott GmbH on Sept. 28. 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. Sabine Aldermann. Creditors and other interested parties are encouraged to attend the meeting on Dec. 9, 2004, 8:40 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 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: DIRK SCHOTT GMBH Heerener Str. 64, 59174 Kamen Contact Dirk Schott Dr. Sabine Aldermann, Insolvency Manager Landgrafenstr. 2 a, 44139 Dortmund Phone: 0231-8808390 Fax: 0231-88083922 DISCOTHEK NANU: Bielefeld Court Appoints Insolvency Manager ----------------------------------------------------------- The district court of Bielefeld opened bankruptcy proceedings against Discothek Nanu Versmold GmbH on Sept. 28. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 11, 2004 to register their claims with court-appointed provisional administrator Jochen Schnake. Creditors and other interested parties are encouraged to attend the meeting on Dec. 1, 2004, 9:30 a.m. at the district court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal 4065 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: DISCOTHEK NANU VERSMOLD GMBH Gutersloher Str. 24, 33803 Steinhagen Contact: Michael Schmidt, Manager Jochen Schnake, Insolvency Manager Ravensberger Str. 12, 33824 Werther GLANDER OBJEKTMOBEL: Furniture Company Succumbs to Bankruptcy ------------------------------------------------------------- The district court of Bremen opened bankruptcy proceedings against furniture firm Glander Objektmobel GmbH on Sept. 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 4, 2005 to register their claims with court-appointed provisional administrator Klaus Jonek. Creditors and other interested parties are encouraged to attend the meeting on Dec. 2, 2004, 9:50 a.m. at Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen 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. 27, 2005, 10:30 a.m. at the same venue. CONTACT: GLANDER OBJEKTMOBEL GMBH Am Speicher XI Abt. 6, 28217 Bremen (AG Bremen, HRB 21590) Contact: Kay-Uwe Glander, Insolvency Manager Schwachhauser Heerstr. 297, 28211 Bremen Klaus Jonek, Insolvency Manager Schwachhauser Heerstr. 48, 28209 Bremen Phone: 348585 Fax: 3478582 MG TECHNOLOGIES: Elevates Peter Schenk to Executive Board --------------------------------------------------------- Peter Schenk (46) has been appointed with immediate effect to the Executive Board of mg technologies ag by the company's Supervisory Board. He will continue to chair the Executive Board of mg's Bochum-based subsidiary GEA AG until the merger of GEA AG and mg technologies ag has been completed. After studying mechanical engineering at the University of Essen, Germany, Mr. Schenk started his professional career in 1984 as a process engineer at Westfalia Separator in Oelde, which is now a subsidiary of GEA AG. Here he worked in various management positions before being appointed to the company's Executive Board in 1997, at the same time assuming responsibility for the Mechanical Separation division within the GEA Group. One year later he became CEO of Westfalia Separator AG. Mr. Schenk has sat on GEA's Executive Board since April 1999, becoming its chairman in June 2000. Since March 2004 he has also held the position of Personnel Director at this company. As an executive director at GEA he is responsible for the Refrigeration, Mechanical Separation, and Process Equipment divisions. He also sits on the Supervisory Board of RWE Solutions AG. CONTACT: MG TECHNOLOGIES Bokenheimer Landstrasse 73-77 60325 Frankfurt am Main Phone: ++49-(0) 69-7 11 99-0 Fax: ++49-(0) 69-7 11 99-100 E-mail: info.mg@mg-technologies.com TIMECREW PERSONALSERVICE: Administrator Takes over Helm ------------------------------------------------------- The district court of Berlin-Charlottenburg opened bankruptcy proceedings against Timecrew Personalservice GmbH on Sept. 20. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 10, 2004 to register their claims with court-appointed provisional administrator Dr. Christoph Schulte-Kaubrugger. Creditors and other interested parties are encouraged to attend the meeting on Nov. 3, 2004, 9:45 a.m. at the district court of Charlottenburg Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218 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: TIMECREW PERSONALSERVICE GMBH Boxhagener Strasse 119, 10245 Berlin Phone: +49 (30) - 80939666 Fax: +49 (30) - 80939677 Dr. Christoph Schulte-Kaubrugger Insolvency Manager Genthiner Str. 48, 10785 Berlin TK PROJEKT: Gives Creditors Until this Week to File Claims ---------------------------------------------------------- The district court of Chemnitz opened bankruptcy proceedings against construction company TK Projekt- und Management GmbH on Sept. 14. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Oct. 21, 2004 to register their claims with court-appointed provisional administrator Dr. Christoph Junker. Creditors and other interested parties are encouraged to attend the meeting on Dec. 2, 2004, 8:15 a.m. at Saal 28, Gerichtsgebaude, Furstenstrasse 21, Chemnitz 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: TK PROJEKT- UND MANAGEMENT GMBH (HRB 16170) Former address: Hauptstrasse 150, 09661 Rossau Current address: Freiberger Str. 14, 09669 Frankenberg Contact: Gunter Scheffczyk, Manager DR. JUNKER & KOLLEGEN Dr. Christoph Junker Insolvency Manager Karcherallee 25a, 01277 Dresden Web site: http://www.junker-kollegen.de W. HUNGER: Administrator Sets First Creditors' Meeting November --------------------------------------------------------------- The district court of Leipzig opened bankruptcy proceedings against W. Hunger & Co. GmbH on Sept. 20. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Oct. 22, 2004 to register their claims with court-appointed provisional administrator Gorge Scheid. Creditors and other interested parties are encouraged to attend the meeting on Nov. 26, 2004, 11:20 a.m. at Saal 056, Amtsgericht Leipzig at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: W. HUNGER & CO. GMBH (AG Leipzig, HRB 2786) Oertgering 12, 04319 Leipzig Contact: Anett Hunger, Manager Waltraut Hunger, Manager Gorge Scheid, Insolvency Manager Jacobstrasse 25, 04105 Leipzig ========= I T A L Y ========= ALITALIA SPA: First-half Net Loss Doubles ----------------------------------------- Ailing Alitalia S.p.A. booked a first-half net loss of EUR620 million after allocating around EUR289 million to cover cost of job cuts, Bloomberg News Service says. In a statement released through the local exchange, Alitalia revealed it readjusted net loss to EUR620 million from EUR330 million to account for losses caused by strikes in the first quarter. The carrier's auditors, Deloitte & Touche S.p.A., have yet to approved the restated first-half results. Neither Alitalia's board nor its auditor has approved the original first-half results. The new figure is more than double the previous amount. Alitalia, which plans to raise around EUR1.32 billion via a share sale, will meet shareholders on December 15. The carrier will also convene its board on November 15 to approve its third- quarter results. Alitalia was able to strike a deal with unions to cut 3,700 jobs or 20% of the workforce recently. The job cuts will cost the company around EUR167 million. CONTACT: ALITALIA S.p.A. Viale A. Marchetti 111 00148 Rome, Italy Phone: +39 06 6562 2151 Fax: +39 06 6562 4733 Web site: http://www.alitalia.it ALITALIA SPA: Latest Guidance Sees Annual Losses Similar to 2003 ---------------------------------------------------------------- Alitalia S.p.A. expects to post EUR515 million in losses for 2004, Bloomberg News Service says. The loss is similar to the airline's 2003 figure, which is around EUR520 million, Alitalia said in a statement. Both figures exclude taxes and extraordinary items. Alitalia will receive the first chunk of the EUR400 million state-backed bridging loan at the end of the month. The loss- making carrier, which would be split into two different business units, is also allocating around EUR289 million to compensate around 3,700 employees who will be axed. Giancarlo Cimoli, the carrier's chief executive, aims to reduce costs by around EUR1 billion in the next four years. Mr. Cimoli also intends to acquire new planes to cover new routes in 2007 and hopes to break even in 2006 and return to profit in 2007. CONTACT: ALITALIA S.p.A. Viale A. Marchetti 111 00148 Rome, Italy Phone: +39 06 6562 2151 Fax: +39 06 6562 4733 Web site: http://www.alitalia.it GIANNI VERSACE: Puts New York Property on Sale ---------------------------------------------- Fashion house Gianni Versace S.p.A. is selling a property in New York in an effort to dispose of non-strategic assets, Il Sole 24 Ore says. The building is located at the Upper East Side. The fashion firm has been selling non-strategic properties as part of its restructuring. Meanwhile, Versace named Laura Manelli new head of its world retail operations. Ms. Manelli's previous stints were with fashion company Armani and French luxury goods group LVMH. Versace, which expects to book a loss this year, anticipates a rise in sales in 2005 after orders poured in for its spring 2005 collection, recently presented in Milan. The orders are also expected to reduce group debts. CONTACT: GIANNI VERSACE S.p.A. Via Manzoni 38 20121 Milan Phone: +39-02-760-93-1 Fax: +39-02-760-04122 Web site: http://www.versace.it PARMALAT FINANZIARIA: Nextra Offers EUR160 Million Settlement ------------------------------------------------------------- The Extraordinary Commissioner communicated Thursday, with the approval of the Minister of Production Activities and with a favorable opinion received from the Surveillance Committee of the Administration, he has accepted the settlement proposal made on October 6, 2004 by Nextra Investment Management - societa di gestione del risparmio S.p.A. The consideration of EUR160 million has been received Thursday and will be divided between the relevant companies, once the Surveillance Committee's views have been received and in agreement with the Ministry of Production Activities. 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 =================== K A Z A K H S T A N =================== KAZKOMMERTSBANK: Proposed Denominated Eurobond Rated 'BB-' ---------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB-' debt rating to a U.S. dollar-denominated fixed-rate bond to be issued in October 2004 by Kazkommerts International B.V., a Netherlands-based special purpose vehicle. The amount of the issue will be about $300 million. The bond issue is guaranteed by Kazakhstan-based Kazkommertsbank (JSC) (KKB; BB-/Positive/B). The ratings on KKB reflect the improving Kazakh economic environment, the bank's strong domestic franchise, more diversified funding profile, and rapid loan growth. KKB has been using Kazakhstan's improved economic prospects to its advantage, attracting primary funds as well as longer-term international debt and growing its profitable lending business. The decision of the European Bank for Reconstruction and Development (AAA/Stable/A-1+) to invest into the equity of KKB has improved KKB's credit profile. Although the Kazakh economy has been showing positive trends since 2000, the bank retains significant, but decreasing concentrations in loans and funding in a high-risk economic and banking environment. Its prudent practice of taking significant loan-loss provisions and collateral for potential problems stemming from the high loan growth mitigates against these risks. 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 on Standard & Poor's public Web site at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: London Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail: media_europe@standardandpoors.com. CONTACT: STANDARD AND POOR'S RATING SERVICES Analyst E-mail Addresses FIG_Europe@standardandpoors.com =================== K Y R G Y Z S T A N =================== AGHA & CO: Public Auction of Assets Slated Next Week ---------------------------------------------------- The bidding organizer and insolvency manager of Agha & Co will sell the properties of the limited liability company on October 25, 2004, 10:00 a.m. at Kyrgyzstan, Bishkek, Gorkiy Str. 1, Room 302. For sale is a machine-washing station located at Kyrgyzstan, Bishkek, Bakaev Str. 2/1. For more information, call (0-502) 35 79 88, 35 79 11, or (0-312) 53-18-95. AINEK: Deadline for Submission of Bids Expires November ------------------------------------------------------- The bidding organizer and insolvency manager of Ainek will sell the properties of the joint stock company on November 2, 2004, 10:00 a.m. at Kyrgyzstan, Bishkek, Fatyanov Str. 1. For sale are eleven lots of glass equipment, computers, mobile phones, pagers and furniture. The assets can be examined at Tokmok, Industrial Zone, Ainek. To participate, bidders should deposit an amount equivalent to 10% of the starting price and submit their bids to the insolvency manager on or before November 1, 2004 at Bishkek, Fatyanov Str. 1. For more information, call (0-312) 42-38-45 or 42-39-68. EDELVEIS-JERCEY: Sets Creditors' Meeting ---------------------------------------- The temporary insolvency manager of Edelveis-Jercey will meet the creditors of the joint stock company on October 26, 2004, 10:00 a.m. at Alamudun region, Oktabrskoe, Fabrichnaya Str. 1. Agenda: (a) Report of the temporary insolvency manager, (b) Approval of outstanding balance, (c) Completion of the bankruptcy procedure, and (d) Others Proxies must have authorization to vote. For more information, call (0-502) 32-70-64. ISSYK-KUL: Puts Properties on Sale ---------------------------------- Issyk-Kul Regional State Administration will sell its properties on November 1, 2004, 10:00 a.m. at Kyrgyzstan, Issyk-Kul region, Karakol, Abdrajmanov Str. 105, Regional State Administration Building. For sale are: (a) Lot 1: Building (1 hectare) and lot (1.85 hectares) located at Issyk-Kul region, Choktal. Starting price is KGS471,000; (b) Lots 3-4: Building (1.5 hectare) and lot (1.5 hectare) located at Issyk-Kul region, Resort Kara-Oi. Starting price is KGS684,900; and (c) Lot 4: Building (0.25 hectare) and lot (0.25 hectare) located at Issyk- Kul region, Bosteri. Starting price is KGS162,900. For more information, call (0-312) 62-52-75, (0-3922) 5-25-00 or 2-25-00. KARA-BALTA: Almazbek Adranov Named Insolvency Manager ----------------------------------------------------- The Department of the Bankruptcy Issues under the State Committee of the Kyrgyz Republic appointed Mr. Almazbek Adranov (License No. 0310) temporary insolvency manager of Association Kara-Balta on April 1, 2004. For more information, call (0- 3134) 4-86-55. KYRGYZAGROPROMBANK: Selling Assorted Assets Later this Month ------------------------------------------------------------ The Liquidator of Joint Stock Commercial Bank Kyrgyzagroprombank will sell its properties on October 28, 2004, 10:00 a.m. at Kyrgyzstan, Bishkek, Chui Avenue 114. The liquidator will hold three separate auctions: (a) Auction 1 involves 36 lots of office equipment; (b) Auction 2 will sell a VAZ 2107 car worth KGS80,353.5. (c) Auction 3 involves 34 lots of suits and fabrics. To participate, bidders should deposit an amount equivalent to 10% of the starting price and submit their bids to the insolvency manager on or before October 27, 2004 at Kyrgyzstan, Bishkek, Chui Avenue 114. For more information, call (0-312) 62-44-57 or 66-38-00. LAMPE AND RODIGER: Evaluation of Proofs of Claim Set December ------------------------------------------------------------- LLC Lampe and Rodiger, which recently filed for insolvency, will review all proofs of claim on December 12, 2004. For more information, call (0-312) 90-13-38. SYN-TASH: Sets Auction of Assets First Week of November ------------------------------------------------------- The bidding organizer and insolvency manager of Agricultural Producer's Co-operative Syn-Tash will sell its properties on November 2, 2004, 10:00 a.m. at Kyrgyzstan, Issyk-Ata, Telman, Canteen Building. For sale are ten lots of repair shop equipment, spare storehouse, agricultural machines and metallic equipment. To participate, bidders should deposit an amount equivalent to 10% of the starting price and submit their bids to the insolvency manager on or before October 28, 2004 at Kyrgyzstan, Issyk-Ata, Telman, Canteen Building. For more information, call (0-312) 59-10-45. ===================== N E T H E R L A N D S ===================== ROYAL AHOLD: Wins appeal; Rejects Claims of Amstel Capital ---------------------------------------------------------- Ahold announced Friday that, in an appeal, the Amsterdam Court of Appeals dismissed on October 14, 2004 claims made by Amstel Capital Management B.V. against the previous judgment by the Remedial Injunctions Section of the Amsterdam District Court. Acting on behalf of several holders of bonds issued by Albert Heijn, ACM had argued that the terms and conditions of the bond issuance conferred upon them the right to inspect certain financial statements relating to Albert Heijn and had therefore demanded these be placed at their disposal. The Amsterdam District Court had already dismissed the entire ACM filing. The Court of Appeals has now confirmed that judgment. CONTACT: ROYAL AHOLD Corporate Communications Phone: +31.75.659.5720 =========== R U S S I A =========== ARDON-MEZH-RAY-GAS: Appoints S. Tsygoyev Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Severnaya Osetiya republic - Alaniya has commenced bankruptcy supervision procedure on OJSC Ardon- Mezh-Ray-Gas. The case is docketed as A61-863/04-12. Mr. S. Tsygoyev has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 362002, Russia, Vladikavkaz, Avgustovskikh Sobytiy Str. 10. CONTACT: ARDON-MEZH-RAY-GAS Russia, Ardon, Lenina Str. 101 Mr. S. Tsygoyev Temporary Insolvency Manager 362002, Russia, Vladikavkaz, Avgustovskikh Sobytiy Str. 10 DIGITAL NETWORKS: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------------------ The Arbitration Court of Moscow region has commenced bankruptcy supervision procedure on LLC Digital Networks. The case is docketed as A41-K2-4226/04. Mr. A. Kostyunin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 127550, Russia, Moscow, Dmitrovskoye Shosse, 33, Building 4, Apartment 10. A hearing will take place at the Arbitration Court of Moscow region on December 6, 2004 at 2:15 p.m. CONTACT: DIGITAL NETWORKS 141090, Russia, Moscow region, Yubileyniy, A. I. Nesterenko Str. 17 Mr. A. Kostyunin Temporary Insolvency Manager 127550, Russia, Moscow, Dmitrovskoye Shosse, 33, Building 4, Apartment 10 The Arbitration Court of Moscow region Russia, Moscow, Akademika Sakharova Pr. 18, Hall 440 HENDE-SHANS: Deadline for Proofs of Claims Expires Next Month ------------------------------------------------------------- The Arbitration Court of Moscow has commenced bankruptcy proceedings against Hende-Shans after finding the open joint stock company insolvent. The case is docketed as A40-2125/04- 66-2B. Mr. P. Novikov has been appointed insolvency manager. Creditors have until November 10, 2004 to submit their proofs of claim to: (a) Insolvency Manager 109439, Russia, Moscow, Post User Box 10 (b) The Arbitration Court of Moscow 107078, Russia, Moscow, Novaya Basmannaya Str. 10 (c) Hende-Shans Russia, Moscow, Vozdvizhenka Str. 11 Post-address: 107005, Russia, Moscow, Baumanskaya Str. 43/1,building 1 KORAL: Declared Insolvent ------------------------- The Arbitration Court of Samara region has commenced bankruptcy proceedings against after finding the municipal unitary enterprise insolvent. The case is docketed as A55-9047/04-33. Mr. D. Korobkov has been appointed insolvency manager. Creditors may submit their proofs of claim to 443112, Russia Samara, Kraynyaya Str. 3-15. CONTACT: KORAL 443096, Russia, Samara, Polevaya Str. 84 Mr. D. Korobkov Insolvency Manager 443112, Russia Samara, Kraynyaya Str. 3-15 MASLO-SYRO-DEL: Undergoes Bankruptcy Supervision Procedure ---------------------------------------------------------- The Arbitration Court of Altay region has commenced bankruptcy supervision procedure on OJSC Maslo-Syro-Del. The case is docketed as A03-1622/04-B. Ms. L. Ostanina has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 656002, Russia, Barnaul, Sovetskaya Str., 14. CONTACT: MASLO-SYRO-DEL 659430, Russia, Altay region, Tselinniy region, Tselinnoye, Severnaya Str. 1 Ms. L. Ostanina Temporary Insolvency Manager 656002, Russia, Barnaul, Sovetskaya Str. 14 ROAD BUILDING: Moscow Court Appoints Insolvency Manager ------------------------------------------------------- The Arbitration Court of Moscow region has commenced bankruptcy proceedings against Road Building Corporation #5 (TIN 5002003214) after finding the insolvent and bankruptcy proceedings were introduced at the company. The case is docketed as A-41-K-2-8440/04. Mr. T. Samatoyev has been appointed insolvency manager. Creditors have until November 10, 2004 to submit their proofs of claim to 140170, Russia, Moscow region, Bronnitsy, Kashirskoye Shosse. CONTACT: ROAD BUILDING CORPORATION #5 140170, Russia, Moscow region, Bronnitsy, Kashirskoye Shosse Mr. T. Samatoyev Insolvency Manager 140170, Russia, Moscow region, Bronnitsy, Kashirskoye Shosse SOSNOVOBORSKOYE: Insolvency Manager Takes over Operations --------------------------------------------------------- The Arbitration Court of Amur region has commenced bankruptcy supervision procedure on LLC Sosnovoborskoye (TIN 2815000503). The case is docketed as A04-3087/04-6/143 B. Ms. A. Shilova has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to temporary insolvency manager. A hearing will take place at the Arbitration Court of Amur region on October 26, 2004, 3:00 p.m. CONTACT: SOSNOVOBORSKOYE 676246, Russia, Amur region, Zeyskiy region, Zeya, B. Khmelnitskogo Str. 45 SOYUZ: Gives Creditors Until Next Month to File Claims ------------------------------------------------------ The Arbitration Court of Saint-Petersburg and Leningrad region has commenced bankruptcy proceedings against Soyuz (TIN 7816180311) after finding the factory of plastic goods insolvent. The case is docketed as A56-4077/04. Mr. I. Trubin has been appointed insolvency manager. Creditors have until November 10, 2004 to submit their proofs of claim to 192007, Russia, Saint-Petersburg, Kurskaya Str. 21. CONTACT: SOYUZ Russia, Saint-Petersburg, Kurskaya Str. 21 Mr. I. Trubin Insolvency Manager 192007, Russia, Saint-Petersburg, Kurskaya Str. 21a UNI-FRESH-CONSTRUCTIVE: Declared Insolvent ------------------------------------------ The Arbitration Court of Moscow has commenced bankruptcy proceedings against Uni-Fresh-Constructive after finding the close joint stock company insolvent. The case is docketed as A40-38240/03-73-21B. Mr. P. Novikov has been appointed insolvency manager . Creditors have until November 10, 2004 to submit their proofs of claim to: (a) Insolvency Manager 109439, Russia, Moscow, Post User Box 10 (b) The Arbitration Court of Moscow 107078, Russia, Moscow, Novaya Basmannaya Str. 10 (c) Uni-Fresh-Constructive 125315, Russia, Moscow, Chasovaya Str. 16, Building 6 VIKHR: Under Bankruptcy Supervision ----------------------------------- The Arbitration Court of Khanty-Mansiyskiy autonomous region has commenced bankruptcy supervision procedure on LLC Vikhr. The case is docketed as A75-274-B/04. Mr. V. Belonogov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 628310, Russia, Nefteyugansk-10, Post User Box 57. A hearing will take place on December 27, 2004. CONTACT: VIKHR 628300, Russia, Tyumen region, Nefteyugansk, Prom.Zone Pionernaya, Stroiteley Str Mr. V. Belonogov Temporary Insolvency Manager 628310, Russia, Nefteyugansk-10, Post User Box 57 ============================= S L O V A K R E P U B L I C ============================= PODPOLIANSKE STROJARNE: Expected to Exit Bankruptcy Next Year ------------------------------------------------------------- Bankruptcy proceedings against engineering firm Podpolianske Strojarne Detva A.S. (PPS Detva) will continue until the first quarter of 2005, says Czech News Agency. The company's receiver, Karol Rajnoha, said Wednesday the completion of the proceedings would depend on the court's speed in settling disputes. Mr. Rajnoha also announced the second round of a non-auction tender of PPS Detva's assets. CONTACT: PODPOLIANSKE STROJARNE DETVA A.S. SK-96212 Delva 3 Slovakia Phone: +42 1 8 55 35 51 11 Fax: +42 1 8 55 35 62 15 Web site: http://www.way-industry.sk =========================== U N I T E D K I N G D O M =========================== ABBEY NATIONAL: Shareholders Accept Santander's Takeover Offer -------------------------------------------------------------- The Board of Abbey announces that Abbey Shareholders have voted to approve the Scheme to implement the recommended Acquisition of Abbey by Banco Santander at the Court Meeting and the Abbey EGM held on 14 October 2004. The results of the votes, which were conducted by poll, are set out below. Completion of the Acquisition will result in Abbey Shareholders receiving 1 New Banco Santander Share as well as a special cash dividend of 25 pence plus 6 pence for dividend differential, totaling 31 pence, for each Abbey Share held at the Scheme Record Time. The Court hearings of Abbey's petitions to sanction the Scheme and to confirm the reduction of Abbey's share capital are expected to take place on 8 November 2004 and 11 November 2004, respectively. Subject to the Court sanctioning the Scheme and confirming the associated reduction of capital, and the satisfaction of certain other outstanding conditions, the Effective Date of the Scheme is expected to be 12 November 2004. Listing and dealings in Abbey Shares on the London Stock Exchange are expected to be suspended and Abbey Shares are expected to cease to settle in CREST as of 4.30 p.m. (London time) on 12 November 2004. The Abbey ADS register is also expected to close at that time. Settlement of New Banco Santander Shares to be issued through Iberclear is expected to occur on 15 November 2004, with dealings in New Banco Santander Shares on the market of Bolsas de Valores and of New Banco Santander ADSs on the NYSE expected to commence on 16 November 2004. Abbey's special dividend of 25 pence plus 6 pence for dividend differential is expected to be paid on 14 December 2004. Copies of the special resolution passed at the Abbey EGM have been submitted to the U.K. Listing Authority and are available for inspection by the public at the U.K. Listing Authority's Document Viewing Facility situated at: Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS (Phone: +44 (0)20 7676 1000) during normal business hours on any weekday (except public holidays) until the completion of the Acquisition. Capitalized terms in this announcement have the same meaning as in the Scheme document sent to Abbey Shareholders on 17 September 2004. Voting Results The voting results in relation to the meetings were as follows: Court Meeting ------------- To approve the Scheme: No. of % of Abbey Shares % of issued Abbey shares voted Abbey Shares Voted For 754,039,177 94.4% 50.8% Against 44,473,833 5.6% 3.0% No. of % of Abbey Abbey Shareholders Shareholder's Voting For 185,915 64.8% Against 100,809 35.2% Abbey EGM --------- To approve a special resolution to implement the Scheme: No. of % of Abbey Shares % of issued Abbey shares voted Abbey Shares Voted For 780,362,921 94.2% 52.6% Against 47,917,465 5.8% 3.2% An adjournment resolution proposed at the meeting was defeated on a poll. Commenting on the result of the meetings, Lord Burns, Abbey's Chairman, said: "Approval of the Scheme at the Court Meeting and the EGM is a very positive step towards completion of Abbey's recommended Acquisition by Banco Santander. We look forward to seeing the remaining conditions being satisfied and completion of the transaction, which we expect to take place on 12 November 2004." * * * NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR FROM CANADA, AUSTRALIA, JAPAN, MALAYSIA OR ITALY CONTACT: ABBEY NATIONAL PLC Thomas Coops, Communications Phone: +44 207 756 5536 Investors and Analysts Jonathan Burgess Phone: +44 207 756 4182 Media Relations Christina Mills Phone: +44 207 756 4212 Matthew Young Phone: +44 207 756 4232 BRUNSWICK Susan Gilchrist Phone: +44 20 7396 5301 MORGAN STANLEY Simon Robey Phone: +44 207 425 5555 Caroline Silver Phone: +44 207 425 5555 William Chalmers Phone: +44 207 425 5555 Joint Brokers to Abbey LEHMAN BROTHERS INTERNATIONAL Stephen Pull Phone: +44 207 102 1000 Charles King Phone: +44 207 102 1000 UBS INVESTMENT BANK Tim Waddell Phone: +44 207 567 8000 Christopher Smith Phone: +44 207 567 8000 ARCHLINE BENDING: Hires Milner Boardman as Administrator -------------------------------------------------------- Gary Corbett and Darren Brookes (IP Nos 9018,9297) have been appointed joint administrators for Archline Bending Limited. The appointment was made October 8, 2004. The company manufactures plastic products. Its registered office is located at Unit 1, Lowercroft Business Park, Lowercroft, Bury BL8 3PA. CONTACT: MILNER BOARDMAN & PARTNERS Century House, Ashley Road, Hale, Cheshire Phone: 0161 927 7788 Fax: 0161 927 7733 E-mail: info@milnerb.co.uk Web site: http://www.milnerboardman.co.uk BARRINGTON FLEMING: Director Receives Eleven-year Ban ----------------------------------------------------- A director of a business that dealt with works of art, which failed with total debts estimated at GBP900,000, has given an Undertaking not to hold directorships or take any part in company management for 11 years. The Undertaking by Philip Raymond Lynk, 44, of La Adelfilla, Estacion de Jimena, Cadiz, 11339, Spain, was given in respect of his conduct as a director of Barrington Fleming Art Limited, which carried out business from premises at 134 Lots Road, London, SW10. Acceptance of the Undertaking on September 22, 2004 prevents Mr. Lynk 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. Barrington Fleming Art Limited was placed into liquidation on April 25, 2001 with estimated debts of GBP900,000 owed to creditors. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, has responsibility (under Section (6) of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered to be unfit to be involved in the management of companies in the future. Matters of unfit conduct, not disputed by Mr. Lynk, were that: He caused the company to trade to the detriment of its customers as he falsified claims in the company's promotional materials: (i) He claimed that the investment in limited edition art prints would enable the investor to receive guaranteed investment income of 10% per annum, that the prints purchased would physically exist, and then would be signed and numbered by the artists in each case; and (ii) He claimed they would have a real and increasing market value at least equal to, or more than, the price paid for the print by the investor, and that the prints would be leased out through Worldwide Leasing Limited to commercial concerns to make profits for the investors. 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 BIRCHGILL LIMITED: Creditors' Meeting Set Weekend ------------------------------------------------- The creditors of Birchgill Limited will meet on October 22, 2004 at 10:15 a.m. It will be held at The Merrion Hotel, Wade Lane, Leeds LS2 8NH. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Bartfields (UK) Limited, Burley House, 12 Clarendon Road, Leeds LS2 9NF not later than 12:00 noon, October 21, 2004. CONTACT: BARTFIELDS (UK) LIMITED Burley House, 12 Clarendon Road, Leeds LS2 9NF Phone: 0113-244 9051 Fax: 0113-242 0098 BONNINGTON RESTAURANTS: Sets Deadline for Filing of Claims ---------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Bonnington Restaurants Limited (In Liquidation) I, Maureen Elizabeth Leslie, Insolvency Practitioner, 23 Queen Street, Edinburgh, hereby give notice pursuant to Rule 4.19 of the Insolvency (Scotland) Rules 1986 that I was appointed Liquidator of Bonnington Restaurants Limited by resolution of the First Meeting of Creditors held on September 22, 2004. A liquidation committee was not established. Accordingly, I hereby give notice that I do not intend to summon a further meeting for the purpose of establishing a Liquidation Committee unless one-tenth in value of the creditors require me to do so in terms of Section 142(3) of the Insolvency Act 1986. All creditors who have not already done so are required to lodge their claims with me by December 22, 2004. Maureen Elizabeth Leslie, Liquidator September 22, 2004 CONTACT: BAKER TILLY 23 Queen Street Edinburgh EH2 1JX Phone: 0131 225 6424 Fax: 0131 220 1282 E-mail: janet.hamblin@bakertilly.co.uk Web site: http://www.bakertilly.co.uk BOWTREE LIMITED: Creditors Appoint PwC Liquidator ------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Bowtree Limited (In Liquidation) I, Graham H Martin, of PricewaterhouseCoopers LLP, Kintyre House, 209 West George Street, Glasgow, G2 2LW, hereby give notice that I was appointed Liquidator of Bowtree Limited on September 15, 2004, by resolution of the first meeting of creditors convened in terms of Section 138 of the Insolvency Act 1986. The meeting declined to establish a Liquidation Committee. It is not my intention to summon a further meeting of the creditors to establish a Liquidation Committee unless requested to do so by one-tenth in value of the company's creditors. Creditors who have not already done so are required to lodge their claims on or before December 15, 2004. Graham H. Martin, Liquidator CONTACT: PRICEWATERHOUSECOOPERS LLP Kintyre House 209 West George Street Glasgow G2 2LW Phone: [44] (0) 131 5242233 Fax: [44] (0) 131 2604008 Web site: http://www.pwc.com BRITISH NUCLEAR: MPs Call Mox Plant A Scandal; Demand Inquiry ------------------------------------------------------------- A parliamentary inquiry is being sought for the Mox plant of British Nuclear Fuels Limited, which has been labeled by two former environment ministers as a multi-million-pound "scandal." Both Michael Meacher and John Gummer, who oversaw the building of the plant and gave the permission to start up in 2001, want the House of Commons' Public Accounts Committee to find out why the controversial plant has remained inoperable. Their call was triggered by a recent report that BNFL has had to call in its chief competitor, the French company Cogema, to try to get the GBP473 million plant to operate properly. Ironically, BNFL while lobbying for the plant's construction refused to disclose how it could become viable on the grounds that this could give an advantage to Cogema. According to Mr. Meacher, he was forced to allow the project after Prime Minister Tony Blair personally backed it. Since its construction, however, the plant that is supposed to produce nuclear fuel of mixed uranium and plutonium at the Sellafield nuclear complex has repeatedly broken down and has yet to produce a single finished product. "Environmentalists always opposed it as a waste of money and a terrorist threat as it could cause plutonium, which could be made into nuclear bombs, to be shipped around the world," according to the Independent. "This is a public scandal of enormous proportions. How many schools and hospitals could we have built with the hundreds of millions of pounds that has been wasted?," the Independent quotes Mr. Meacher. Mr. Gummer, for his part, adds: "I was told that the Mox plant was safe and that Britain was the best place in the world to operate it because we knew most about it. Ministers have to rely on such advice, but we were clearly misinformed." CONTACT: BRITISH NUCLEAR FUELS PLC 65 Buckingham Gate, Off Victoria Street, London SW1E 6AP Phone: +44 (0) 20 7222 9717 Fax: +44 (0) 20 7222 1935 Web site: http://www.bnfl.com CARRIG EQUIPMENT: Appoints KPMG Administrator --------------------------------------------- Allan Watson Graham and Finbarr Thomas O'Connell (IP Nos 8719, 7931) have been appointed joint administrators for Carrig Equipment (UK) Limited. The appointment was made October 6, 2004. CONTACT: KPMG Aquis Court, 31 Fishpool Street, St Albans, AL3 4RF Phone: 0500 644665 Web site: http://www.kpmg.co.uk CDMA CASHMERE: Calls Final Meetings of Members, Creditors --------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF CDMA Cashmere Ltd. (In Creditors Voluntary Liquidation) Notice is hereby given, pursuant to Section 106 of the Insolvency Act 1986, that a final meeting of the members of CDMA Cashmere Ltd. will be held at Sherwood House, 7 Glasgow Road, Paisley PA1 3QS on 26th November, 2004 at 12:30 p.m. to be followed at 12:45 p.m. by a final meeting of creditors for the purpose of having an account laid before them by the liquidator showing the manner in which the winding up has been conducted and the property of the company disposed of, and of hearing any explanation that may be given by the Liquidator, and also of determining the manner in which the books, accounts and documents of the company and of the Liquidator shall be disposed of and for the Liquidator to seek sanction for his release from office. A resolution at the meeting will be passed if a majority of those voting have voted in favor of it. A member or creditor will be entitled to attend and vote at the meeting only if a claim has been lodged with me at or before the meeting and it has been accepted for voting purposes in whole or in part. Proxies may also be lodged with me at the meeting or before the meeting at my office. Derek Forsyth, Liquidator October 1, 2004 CONTACT: CAMPBELL DALLAS Sherwood House 7 Glasgow Road Paisley PA1 3QS Phone: 0141 887 4141 Fax: 0141 887 1103 E-mail: psly@camdal.com Web site: http://www.camdal.com CLAREMONT AUDIO: Hires Joint Liquidators from PwC ------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Claremont Audio Visual Environments Limited (In Liquidation) I, J. Bruce Cartwright, and my colleague Laurie K. Manson, of PricewaterhouseCoopers LLP, Kintyre House, 209 West George Street, Glasgow, G2 2LW, hereby give notice that we were appointed Joint Liquidators of Claremont Audio Visual Environments Limited (In Liquidation) on September 28, 2004 by resolution of the first meeting of creditors convened in terms of Section 138 of the Insolvency Act 1986. The meeting declined to establish a Liquidation Committee. It is not our intention to summon a further meeting of the creditors to establish a Liquidation Committee unless requested to do so by one tenth in value of the company's creditors. All creditors who have not already done so are required on or before December 28, 2004 to lodge their claims with me. J. B. Cartwright, Joint Liquidator CONTACT: PRICEWATERHOUSECOOPERS LLP Kintyre House 209 West George Street Glasgow G2 2LW Phone: [44] (0) 131 5242233 Fax: [44] (0) 131 2604008 Web site: http://www.pwc.com CLAY CROSS: Director Earns 4-year Ban for Part in Firm's Failure ---------------------------------------------------------------- The director of a construction business that failed with total debts estimated at around GBP395,000 has given an Undertaking not to hold directorships or take any part in company management for four years. The Undertaking by Martin Murtagh, 43, of Beechway, Danesmoor, Chesterfield, was given in respect of his conduct as a director of Clay Cross Construction Limited, which carried out business from premises at Bestwood Drive, Clay Cross, Chesterfield. The acceptance of the Undertaking on October 6, 2004 prevents Mr. Murtagh 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. Clay Cross Construction Limited was placed into voluntary liquidation on August 14, 2002 with estimated debts of GBP395,000 owed to creditors. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, has responsibility (under Section 6 of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered to be unfit to be involved in the management of companies in the future. The matter of unfit conduct, not disputed by Mr. Murtagh, was that he caused the company to trade to the detriment of creditors, in particular by allowing the company to fail to make payments to HM Customs & Excuse and the Inland Revenue when they were due, with the result that on liquidation the liabilities owed were GBP196,556 and GBP189,850 respectively. CLOSE COMMUNICATIONS: In Administrative Receivership ---------------------------------------------------- Commercial Finance Limited called in Jason James Godefroy and Paul John Clark (Office Holder Nos 9097, 8570) joint administrative receivers for the recruitment placement firm Close Communications Limited (Reg No 03661618, Trade Classification: SIC 92). The application was filed October 6, 2004. CONTACT: MENZIES CORPORATE RESTRUCTURING 17-19 Foley Street, London W1W 6DW Phone: 020 7291 9750 Fax: 020 7291 9777 E-mail: mcr@menzies.co.uk Web site: http://www.menzies.co.uk EBOOKERS PLC: Third-quarter Sales Jumps More than 20% ----------------------------------------------------- Ebookers plc (NASDAQ: EBKR, LSE: EBR), the pan-European online travel company, makes a statement on trading for the Quarter ended September 30, 2004. In line with comments made at the time of the company's results for the second quarter of 2004, trading for Quarter 3 (July- September) has been encouraging with gross sales in the range of GBP155 million - GBP157 million (U.K. GAAP) (Q3 2003, GBP145 million; Q2 2004, GBP136 million). Taking into account the closure of offline retail outlets, this represents a like-for- like, year-on-year increase for the quarter of over 20%. Growth continues to be driven by high online sales, with offline sales decreasing in both relative and absolute terms as business continues to shift to the Web. Gross sales growth (%) Actual growth Like-for-like growth Q3 04 vs Q3 03 See Note 2 rate rate (after shop closures) Online 61.2% 61.2% Web-enabled 28.9% 28.9% Offline -22.0% -3.0% Sales by channel was as follows: (For the quarter online and Web-enabled sales accounted for 65% of total sales.) Gross sales mix (%) Q3 03 Q3 04 Online 23.7% 38.3% Web-enabled 20.8% 26.4% Offline 55.5% 35.3% Gross margins remain at a similar level to Quarter 3, 2003 (12.6%). Cost savings from the recent restructuring programme are being realised with manpower-related costs reducing by 10% compared to Quarter 2 2004, principally related to a European headcount reduction of approximately 400 since January. Further positive financial effect of this headcount reduction is expected in the final quarter and next year. Discussions are continuing regarding the possible sale of the company. These discussions may or may not lead to an offer being made for the Company and the Board will make a further announcement as appropriate. ebookers will announce its full financial results for Quarter 3 on 15 November and will also provide a current trading statement for Quarter 4. Dinesh Dhamija, CEO ebookers plc commented: "Online and Web- enabled sales are now 65% of our business and are growing strongly. We have also taken significant manpower-related costs out of our business and are better positioned for future profitability." ebookers will hold an analyst presentation this afternoon and will give operational updates on the business. Presentations will be made available on the ebookers investor relations Web site or can be obtained by request from oliver.strong@ebookers.com. --------- (a) Definitions ebookers categorizes its gross sales in three ways: (1) Online sales. These are fully automated Web bookings. (2) Web-enabled sales. These are Web-originated bookings or Internet bookings involving a phone call or Web-chat. (b) Offline bookings. Bookings made via shops or telephone. Gross margin is defined as turnover as a percentage of gross sales after adjusting for the effect of exceptional items. (c) ebookers plc at a glance (i) Leading pan-European online travel company. (ii) Specializing in high margin, high value, long and mid haul travel. (iii) Umbrella brand http://www.ebookers.com. (d) Other Web sites include http://www.travelbag.co.uk, http://www.bridgetheworld.comand http://www.mrjet.com. (e) Full service including hotels, cars, flights, hotels, cruise, holidays, travel insurance. (f) Web sites in 13 countries and 9 languages: France, UK, Ireland, Germany, Netherlands, Sweden, Denmark, Finland, Norway, Belgium, Austria, Spain, Switzerland. (i) 900 European staff; (ii) Head office in UK, offices in 9 other European countries (iii) 700 seat low cost India Business Process Outsourcing facility, New Delhi; (iv) High growth - 5 year CAGR of 147%; (v) Total transaction value of goods sold: 2003-GBP521 million; 2002-GBP274 million; 2001-GBP180 million; 2000-GBP102 million; 1999-GBP15 million CONTACT: EBOOKERS PLC (NASDAQ: EBKR [ADR]) 25 Farrington St. London EC4A 4AB, United Kingdom Phone: +44-20-7489-2222 Fax: +44-20-7489-2200 Web site: http://www.ebookers.com EBOOKERS PLC: Management Not Dropping Plan to Sell Company ---------------------------------------------------------- Ebookers plc failed to reduce confusion about the direction of takeover talks last week, but it finished higher on Thursday at 191.5p, valuing the business at GBP125 million. According to The Guardian, management has remained mum about the status of the plan to sell the company after InterActiveCorp abandoned its bid for the online travel group two weeks ago. On Thursday, ebookers confirmed that "discussions are continuing regarding the possible sale of the company." Ebookers has not made a profit since floating in April 2001 and in July it issued a dire profit warning. Things are expected to get worse after rival, Lastminute.com, admitted early this month that the summer months had been "challenging" and earnings would be towards the lower end of the range it predicted in August. Observers say mergers and takeovers in the online travel sector have become in vogue lately. Three weeks ago Cendant, owner of Avis car rental, paid US$1.25 billion (GBP694 million) for the U.S. operator Orbitz. On Thursday, ebookers said its performance over the crucial three months to end September was "encouraging" with gross sales in the range of GBP155 million to GBP157 million, higher than last year's GBP145 million for the same period. Gross margins remained at a similar level to the third quarter of 2003 at about 12.6%. Ebookers also told City analysts last week about its plans to enter the hotels market. As part of this move, it recently recruited Ranjan Singh, who used to head the European hotels operation of archrival Expedia, to lead its push into that sector. "Like many online travel agents, ebookers is looking to higher- margin business from areas such as hotels to offset the intense pricing pressure it is experiencing in its core flight-selling business," The Guardian says. "Ebookers' foray into the hotels sector is unlikely, to have any positive impact on profits until next year." "Online and Web-enabled sales are now 65% of our business, and are growing strongly. We have also taken significant manpower- related costs out of our business," ebookers CEO Dinesh Dhamija told analysts. He owns a 41.5% stake in the firm. CONTACT: EBOOKERS PLC Web site: http://www.ebookers.co.uk EWB (2004): Names Numerica Administrator ---------------------------------------- Frank Wessely and Peter Hughes-Holland (IP Nos 7788, 1700) have been appointed joint administrators for EWB (2004) Plc. The appointment was made October 4, 2004. The company manages wine bar and restaurants. CONTACT: NUMERICA 81 Station Road, Marlow, Buckinghamshire SL7 1SX Phone: 01628 478100 Fax: 01628 472629 Web site: http://www.numerica.biz EXTRICITY LIMITED: Sets Members' Meeting November ------------------------------------------------- The general meeting of the members of Extricity Limited will be on November 12, 2004 commencing at 10:00 a.m. It will be held at No 1 Riding House Street, London W1A 3AS. 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 Smith and Williamson Limited at No 1 Riding House Street, London W1A 3AS not later than 12:00 noon, November 11, 2004. CONTACT: SMITH AND WILLIAMSON LIMITED No 1 Riding House Street, London W1A 3AS Web site: http://www.smith.williamson.co.uk FUND RESEARCH: Liquidator to Update Members Next Month ------------------------------------------------------ Name of Companies: Fund Research Limited Instructional Fair Group Limited ISDS Limited The final general meetings of these companies will be on November 15, 2004 commencing at 10:30 a.m., 10:40 a.m. and 10:50 a.m. respectively. It will be held at 1 More London Place, London SE1 2AF. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. CONTACT: ERNST & YOUNG LLP 1 More London Place London SE1 2AF Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com GEOFF TILL: Hires Joint Administrator from Poppleton & Appleby -------------------------------------------------------------- M. T. Coyne and M. D. Hardy (IP Nos 6575, 9160) have been appointed joint administrators for Geoff Till Access Limited. The appointment was made September 30, 2004. Its registered office is located at Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH. CONTACT: POPPLETON & APPLEBY 35 Ludgate Hill, Birmingham B3 1EH Phone: 0121 200 2962 Web site: http://www.pandabirmingham.co.uk GLOBE WORSTED: Sets Creditors' Meeting Friday --------------------------------------------- The creditors of Globe Worsted Company Limited will meet on October 22, 2004 commencing at 11:15 a.m. It will be held at The Merrion Hotel, Wade Lane, Leeds LS2 8NH. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Bartfields (UK) Limited, Burley House, 12 Clarendon Road, Leeds LS2 9NF not later than 12:00 noon, October 21, 2004. CONTACT: BARTFIELDS (UK) LIMITED Burley House, 12 Clarendon Road, Leeds LS2 9NF Phone: 0113-244 9051 Fax: 0113-242 0098 ISOTECH TECHNOLOGY: Hires Joint Administrators from KPMG -------------------------------------------------------- Mark Jeremy Orton and Allan Watson Graham (IP Nos 8846, 8719) have been appointed joint administrators for Isotech Technology Limited. The appointment was made October 6, 2004. The company belongs to the engineering and allied industry sector. CONTACT: KPMG LLP 2 Cornwall Street Birmingham B3 2RT Phone: (0121) 232 3000 Fax: (0121) 232 3500 Or +44 (0) 121 335 2501 Web site: http://www.kpmg.co.uk JARVIS PLC: Close to Inking Deal with Star Capital -------------------------------------------------- The sale of Jarvis' stake in Tube Lines, the private sector consortium running a third of the London Underground network, could be announced later this month, according to the Telegraph. The paper says talks between Jarvis and Star Capital Partners have entered the homestretch. The stake could fetch as much as GBP150 million, a windfall the troubled civil engineering group could use right now. In July, the company announced that it had booked losses of GBP246 million and that it had liabilities totaling GBP653 million. It earlier sought a waiver from banks on debt covenants worth GBP218 million and negotiated with auditors over whether the company was even a going concern. Last week, it appointed its third chief executive in just over a year. "Just two years ago the company was worth more than GBP1 billion," according to the Telegraph. "By Friday, however -- following a series of setbacks, including its connection with the Potters Bar rail crash in which seven people died and problems such as the failure to complete university and school accommodation by the start of term -- its market value had fallen to just GBP50 million." The report says details of the transaction are still being negotiated and will require the approval of Transport for London, the London Mayor's transport authority, as well as the other two shareholders in Tube Lines -- Amey, now part of Spain's Ferrovial, and Bechtel, the U.S. engineering firm. Star is a private equity group that specializes in investments in capital-intensive sectors such as infrastructure, transport and energy. It is backed by Royal Bank of Scotland, Banco Santander Central Hispano, and Bank One. Tube Lines is a consortium that owns a 30-year contract to run the Jubilee, Northern and Piccadilly lines. Earlier this month, it revealed profits of GBP41.6 million for the year to March after receiving GBP360 million in public money to maintain and renew the lines. It has raised GBP3.6 billion of debt to pay for upgrades to the network, according to the Telegraph. CONTACT: JARVIS PLC 24 Britton St. London EC1M 5UA Phone: +44-20-7017-8000 Fax: +44-20-7017-0083 Web site: http://www.jarvisplc.com Jonathan Haslam Phone: 020 7017 8147 E-mail: jonathan.haslam@jarvis-uk.com JORDISON LIMITED: Names Administrator from Tenon Recovery --------------------------------------------------------- Ian William Kings (IP No 7232) have been appointed administrator for Jordison Limited. The appointment was made October 4, 2004. The company is engaged in printing. Its registered office is located at Tenon House, Ferryboat Lane, Sunderland SR5 3JN. CONTACT: TENON RECOVERY Tenon House Ferryboat Lane, Sunderland SR5 3JN Phone: 0191 511 5000 Fax: 0191 511 5001 Web site: http://www.tenongroup.com J SAINSBURY: Hiring 3,000 Workers as Part of 'Radical' Revamp ------------------------------------------------------------- Chief Executive Justin King is expected to announce radical reforms, including the creation of 3,000 new jobs, as he presents the results of the business review today. According to The Observer and The Sunday Telegraph, the hiring of more workers is part of efforts to revamp the company's operations and meant to improve customer service and increase the availability of stock on its shelves. Other reforms will be implemented in the retailer's supply chain, according to a separate report by Reuters. The company may also reduce emphasis on non-food, even though this segment has the best growth potential. Last week, Sainsbury was forced to cut its profit guidance for the first half to between GBP125 million and GBP135 million -- almost two-thirds below last year. * * * As reported by TCR-Europe on October 14, 2004, Merrill Lynch & Co. cut further its full-year profit estimate for J Sainsbury plc. Broker Andrew Fowler took another GBP54 million from his projection, expecting pre-tax profits to likely come at GBP263 million for the year ending March 2005. The third in eight days, the Merrill Lynch downgrade came after the retail chain announced its third profit warning since March. CONTACT: J Sainsbury plc 33 Holborn London EC1N 2HT Switchboard: 020 7695 6000 Fax: 020 7695 7610 Web site: http://www.j-sainsbury.co.uk J SAINSBURY: Wants Bonds Replaced with Shares as Pension Payment ---------------------------------------------------------------- Instead of paying retired employees low-risk bonds or cash, J Sainsbury will soon use equities to pay a large chunk of the pension, the Telegraph said Monday. The shift is part of Justin King's radical plan to resuscitate the supermarket chain, a move that could save the company some GBP30 million in annual pension fund contributions. In a research note for RBC Capital Markets, John Ralfe, independent pension consultant, said the switch is highly unusual for a final salary pension scheme. "This riskier investment strategy reduces the value of actuarial liabilities, reduces the actuarial deficit, and reduces the size of the company's deficit contribution. It replaces the certain cash flows of bonds with the uncertain cash flows of equities. It relies on equity capital growth to pay pensions," the Telegraph quotes Mr. Ralfe. "That means that instead of being forced to pay GBP53 million a year to plug the gap, Sainsbury's annual contributions -- to reduce the deficit -- will fall to GBP20.4 million," he adds. Sainsbury currently holds 100% of its assets backing pensions in low-risk bonds. The trustees of the pension scheme have agreed to retain the scheme's existing 60pc equity/40pc bond split going forward. A spokesman for J Sainsbury declined to comment on the figures but told the Telegraph: "Pensions assets are invested in the ratio of equities to bonds which enables us to keep the contributions at an acceptable level for trustees and the company while safeguarding the scheme in the long-term." Some 18,000 of the 86,000 members of the Sainsbury's closed final salary scheme have retired so far. Mr. King also plans to cut around 700 head office jobs to help pay for 3,000 extra staff in stores. CONTACT: J Sainsbury plc 33 Holborn London EC1N 2HT Switchboard: 020 7695 6000 Fax: 020 7695 7610 Web site: http://www.j-sainsbury.co.uk LEVERSPRINT LIMITED: Liquidator's Final Report Out November ----------------------------------------------------------- The final general meeting of the members of Leversprint Limited will be on November 19, 2004 commencing at 11:00 a.m. It will be held at the offices of Baker Tilly, Friars Courtyard, 30 Princes Street, Ipswich IP1 1RJ. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Baker Tilly, Friars Courtyard, 30 Princes Street, Ipswich IP1 1RJ not later than 12:00 noon, November 18, 2004. CONTACT: BAKER TILLY Friars Courtyard, 30 Princes Street, Ipswich IP1 1RJ Phone: 01473 344300 Fax: 01473 231586 Web site: http://www.bakertilly.co.uk MCRITHER KIRK: Calls Final General Meeting ------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF McRither Kirk & Coutts Limited (In Liquidation) Notice is hereby given, pursuant to Section 105(1) of the Insolvency Act 1986 that the Final General Meeting of the Creditors and Members of McRither Kirk & Coutts Limited will be held within the offices of Haines Watts, 403 Holburn Street, Aberdeen, AB10 7GS on October 28, 2004 at 12:00 noon to receive my report on the winding up and determine whether or not the Liquidator should be released in terms of Section 173 of the Insolvency Act 1986. Creditors and members are entitled to attend in person or alternatively by proxy. A creditor or member may vote only if his claim has been submitted to me and that claim has been accepted in whole or in part. A resolution will be passed only if a majority in those voting in person or by proxy vote in favor. Proxies and claims must be lodged with me at or before the meeting. John M. Hall, Liquidator September 21, 2004 CONTACT: HAINES WATTS (ABERDEEN INSOLVENCY) 403 Holburn Street Aberdeen AB10 7GS Phone: 01224 252850 Fax: 01224 595659 Web site: http://www.hwca.com MUSIC MOUNTAIN: Liquidator to Present Report Next Month ------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Music Mountain Music Ltd. (In Creditors Voluntary Liquidation) Notice is hereby given, pursuant to Section 106 of the Insolvency Act 1986, that a final meeting of the members of Music Mountain Music Ltd. will be held at Sherwood House, 7 Glasgow Road, Paisley PA1 3QS on November 25, 2004 at 12:00 noon, to be followed at 12:15 p.m. by a final meeting of creditors for the purpose of having an account laid before them by the liquidator showing the manner in which the winding up has been conducted and the property of the company disposed of, and of hearing any explanation that may be given by the Liquidator, and also of determining the manner in which the books, accounts and documents of the company and of the Liquidator shall be disposed of and for the Liquidator to seek sanction for his release from office. A resolution at the meeting will be passed if majority of those voting have voted in favor of it. A member or creditor will be entitled to attend and vote at the meeting only if a claim has been lodged with me at or before the meeting and it has been accepted for voting purposes in whole or in part. Proxies may also be lodged with me at the meeting or before the meeting at my office. David K. Hunter, Liquidator October 1, 2004 CONTACT: CAMPBELL DALLAS Sherwood House 7 Glasgow Road Paisley PA1 3QS Phone: 0141 887 4141 Fax: 0141 887 1103 E-mail: psly@camdal.com Web site: http://www.camdal.com PCG: Hires Benedict Mackenzie as Administrator ---------------------------------------------- Malcolm Peter Fillmore and Ranjit Bajjon (IP Nos 6525, 8756) have been appointed joint administrators for PCG (Pragmatic Corporate Governance) Worldwide Limited. The appointment was made October 5, 2004. The company is engaged in software licensing. CONTACT: BENEDICT MACKENZIE LLP 3-4 The Courtyard, East Park, Crawley, West Sussex RH10 6AG Phone: 01293 447 799 / 410 333 Fax: 01293 447 800 / 428 530 Web site: http://www.benemack.com R G MEATS: Creditors Meeting Set Next Week ------------------------------------------ The creditors of R G Meats (Wholesale) Limited will meet on October 27, 2004 commencing at 12:00 noon. It will be held at Express Holiday Inn, Eastlake Park, Tongwell Street, Milton Keynes MK15 0YA. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to BN Jackson Norton, 1 Gray's Inn Square, Gray's Inn, London WC1R 5AA not later than 12:00 noon, October 26, 2004. CONTACT: BN JACKSON NORTON 1 Gray's Inn Square, Gray's Inn, London WC1R 5AA Phone: 02074302321 SOVEREIGN ROTATING: Names Grant Thornton Administrator ------------------------------------------------------ Duncan Swift and Paul Melville (IP Nos 8093, 9313) have been appointed joint administrators for Sovereign Rotating Electrics Limited. The appointment was made October 4, 2004. The company is engaged in automotive rotating systems. CONTACT: GRANT THORNTON UK LLP 31 Carlton Crescent, Southampton SO15 2EW Phone: 023 8022 1231 Fax: 023 8022 4017 Web site: http://www.grant-thornton.co.uk SPECTRUM RETAIL: Creditors' Meeting Next Week --------------------------------------------- The creditors of Spectrum Retail Projects Limited will meet on October 26, 2004 commencing at 11:00 a.m. It will be held at New Connaught Rooms, 61-65 Great Queen Street, London WC2B 5DA. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP not later than 12:00 noon, October 25, 2004. CONTACT: ROTHMAN PANTALL & CO Clareville House, 26-27 Oxendon Street, London SW1Y 4EP Phone: +44 (0) 20 7930 7272 Fax: +44 (0) 20 7930 9849 E-mail: london@rothman-pantall.co.uk Web site: http://www.rothman-pantall.co.uk SUSSEX VALVES: Hires Hacker Young as Administrator -------------------------------------------------- Andrew Andronikou and Ladislav Hornan (IP Nos 1253, 2059) have been appointed joint administrators for Sussex Valves & Conversions Limited. The appointment was made October 1, 2004. The company is engaged in general mechanical engineering. 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 TANGENT SOLUTIONS: Creditors' Meeting Tomorrow ---------------------------------------------- The creditors of Tangent Solutions Limited will meet on October 21, 2004 commencing at 11:00 a.m. It will be held at UHY Hacker Young, St Alphage House, 2 Fore Street, London EC2Y 5DH. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to UHY Hacker Young, St Alphage House, 2 Fore Street, London EC2Y 5DH not later than 12:00 noon, October 20, 2004. CONTACT: UHY HACKER YOUNG St Alphage House, 2 Fore Street, London EC2Y 5DH Phone: 020 7216 4600 Fax: 020 7638 2159 Web site: http://www.uhy-uk.com TELDEX LIMITED: Hires Administrators from Gerald- Edelman --------------------------------------------------------- Ian Douglas Yerrill and Bernard Hoffman (IP Nos 8924, 1593) have been appointed joint administrators for Teldex Limited. The appointment was made October 7, 2004. The company is engaged in other service activities. Its registered office is located at Kent House, Station Road, Ashford, Kent TN23 1PP. CONTACT: GERALD-EDELMAN BUSINESS RECOVERY 25 Harley Street, London W1G 9BR Phone: 020 7299 1400 Fax: 020 7299 1401 E-mail: gemail@geraldedelman.com Web site: http://www.geraldedelman.com THE GIFT: Appoints Begbies Traynor Administrator ------------------------------------------------ Christopher Herron and Paul Michael Davis (IP Nos 8755, 7805) have been appointed joint administrators for The Gift Registry Ltd. The appointment was made October 8, 2004. The company is engaged in mail order. CONTACT: BEGBIES TRAYNOR (SOUTH) LLP The Lansdowne Building, 2 Lansdowne Road, Croydon CR9 2ER Phone: 020 8686 4040 Fax: 020 8686 5152 Web site: http://www.begbies.com THORNTONS PLC: Finance Chief Leaves for Undisclosed Reasons ----------------------------------------------------------- Thorntons plc announces that Martin Allen, Finance Director has left the Company and the Board. A search has already begun for his replacement. At the moment trading continues to be in line with management's expectations. Chris Burnett, Chairman of Thorntons commented: "The Board would like to thank Martin for his contribution to the development of Thorntons and wish him well for the future." * * * Thorntons PLC is manufacturer, retailer and distributor of high quality confectionery and other sweet foods. CONTACT: Thorntons Plc c/o Belfast Registry Registrar of Companies First Floor Waterfront Plaza 8 Laganbank Road Belfast BT1 3BS Phone: 08456048888 TURNER & NEWALL: Federal-Mogul Creditors Blink; Revise Offer ------------------------------------------------------------ Federal-Mogul creditors, who want to take the firm out of Chapter 11 bankruptcy and take over U.K. assets, are dangling a new offer for members of Turner & Newall's pension scheme. According to the Telegraph, the new offer is a huge improvement from the previous one-off offer of US$130 million, which Alexander Forbes, the independent trustee appointed to manage scheme, rejected as too low. The U.S. creditors, led by businessman Carl Icahn, are now offering US$25 million (GBP14 million) a year for the first three years, beginning next year. They also promise to keep the scheme fully funded within a decade. As it stands right now, Turner & Newall's pension scheme is under-funded by GBP875 million. If wound down, it will leave 20,000 workers with 70% cuts to the pensions they were expecting to receive at retirement. In addition, it will also trigger the sale of T&N's U.K. assets to plug the hole, a scenario U.S. creditors don't want to happen. The new offer comes as Mr. Forbes was preparing to block the creditors' plan to assume control of Federal-Mogul assets, including those in the U.K. Mr. Forbes promised to study the revised offer to ensure it's in the best interest of pension members. "We welcome the offer, but we want to make sure it will work in the long term. We also want to ensure that there will be legally binding insurances attached to it," the Telegraph quoted his spokesman. Asbestos-related class actions in the U.S. forced Federal-Mogul to seek bankruptcy protection on October 1, 2001. CONTACT: TURNER & NEWALL LIMITED T&N Limited Manchester international office Centre Styal road Manchester M22 5TN FEDERAL-MOGUL CORPORATION (OTC: FDMLQ) 26555 Northwestern Hwy. Southfield, MI 48034 (Map) Phone: 248-354-7700 Fax: 248-354-8950 Web site: http://www.Federal-Mogul.com WAVELENGTH SOLUTIONS: Management Buys Firm out of Receivership -------------------------------------------------------------- Global Emerging Market Group helped redeem Wavelength Solutions Ltd. (WSL) from administrative receivership by funding a management buy-out, reports Computer Reseller News. The two bought WSL from its parent, Scipher plc, on October 9, three days after falling into receivership. Scipher, which remains in administration, called in receivers on September 27. "This doesn't affect our relationship with WSL," Mark Eley, engineering manager at Wavelength reseller Switchnet Systems, told Computer Reseller. "My WSL account manager has kept us up to date with developments. With the new funding, things should move more quickly in terms of new technologies." No jobs were lost as a result of the buyout, according to the paper, citing unidentified sources. GEM has, in the past, invested in reseller Peapod and Defcom Information Security. CONTACT: WAVELENGTH SOLUTIONS LIMITED 12 Gleneagles Court Brighton Road Crawley West Sussex RH10 6AD * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro A.G. (111) 174 (182) Rhi A.G. (531) 1,471 129 BELGIUM ------- Carestel N.V. CSTL.BR (3) 178 (68) City Hotels CITY.BR (7) 210 (15) Real Software REAL.BR (202) 176 (17) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Arbel PA.ARB (50) 213 (47) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Bull S.A. BULP.PA (912) 902 (38) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Compagnies de Machines Bull (139) 137 (6) Charbo De France (3,872) 4,738 (2,868) Euro Computer System (110) 682 377 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (68) 233 29 LVL Medical Group LVLM.PA (8) 149 (6) Pneumatiques Kleber S.A. (34) 480 139 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Agor A.G. DOOG.BE (8) 392 (126) Dortmunder Actien-Brauerei DABG (13) 118 (29) F.A. Guenther & Son A.G. GUSG (8) 111 N.A. Glunz A.G. GLUG 428 (17) Kamps A.G. KMPSF.PK (93) 1,075 (61) Kaufring A.G. KAUG (19) 151 (51) Marbert A.G. MTBG (13) 144 (50) Nordsee A.G. (8) 195 (31) Primacom A.G. PRIG (106) 1,264 (50) Rinol A.G. RLIG (25) 178 (53) Schaltbau Hold SLTG (38) 150 (26) Sinn Leffers A.G. WHGG (4) 454 (145) Spar Handels- A.G. SPAG (442) 1,433 (234) VBH Holding A.G. VBHG (54) 337 (80) GREECE ------ Delta Ice Cream (3) 183 (14) ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (31) 793 (248) Gruppo Coin S.p.A. GC (111) 974 (97) Lazio S.p.A. LAZI (57) 495 (330) Olcese S.p.A. OLCI.MI (13) 180 (64) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) LUXEMBOURG ---------- Millicom International Cellular S.A. MICC (59) 1,523 4 Oriflame Cosmetics S.A. ORI.ST (44) 378 97 NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 Numico N.V. NUMC (558) 2,030 83 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Pan Fish ASA (24) 514 327 Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Animex S.A. ANX (1) 108 (86) Exbud Skanska S.A. EXBUF (9) 315 (330) Gruppo Media Capital SGPS S.A. GMPTF.PK (21) 399 (85) Mostostal Zabrze MECOF.PK (6) 227 366 RUSSIA ------ Kamchatskenergo (107) 291 7,319 Zil Auto (88) 333 (10,769) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Avanzit S.A. AVZ.MC (117) 457 (247) Santana Motor S.A. (46) 223 41 Sniace S.A. (11) 137 (34) SWITZERLAND ----------- Kaba Holding A.G. KABZN (19) 569 372 Swisslog Holding-R SLOG (98) 354 151 UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,342) 3,438 229 British Nuclear Fuels Plc (4,248) 40,326 (977) Center Parcs (UK) Group Plc CQY (77) 423 (227) Compass Group CPG (668) 2,972 (298) Costain Group COST (60) 396 (4) Dawson Holdings DWN.L (29) 142 (29) Dignity Plc DTY.L (148) 485 (89) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,318) 3,472 (293) Euromoney Institutional Investor Plc ERM.L (122) 167 (2) Gallaher Group GLH (492) 6,304 116 Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (130) 997 (56) Intertek Testing Services ITRK (64) 508 77 Invensys PLC (559) 5,885 882 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (26) 1,176 (182) Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Misys Plc MSY (334) 934 44 Mytravel Group MT.L (1,118) 2,551 (533) Orange Plc ORNGF (594) 2,902 7 PD Ports Plc PDP.L (282) 361 0 Premier Foods Plc PFD.L (565) 1,105 34 Probus Estates Plc PBE.L (28) 113 (35) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,092) 3,245 (68) Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,361) Virgin Mobile Holdings Plc VMOB.L (101) 278 (80) Each Tuesday edition of the TCR-Europe contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, and Julybien Atadero, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *