/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/041028.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 Thursday, October 28, 2004, Vol. 5, No. 214 Headlines B U L G A R I A CHIMCO: Preparations for Reopening Underway C Z E C H R E P U B L I C SKODA KLATOVY: Creditors Extend Cut-off Time for Bids F R A N C E ALAIN MANOUKIAN: Third-quarter Net Loss Widens G E R M A N Y ADIDAS-SALOMON: May Close Part of Unprofitable Operation AFBS ARBEIT: First Creditors' Meeting Set Next Month AUTHOHAUS GEHL: Creditors Have Until Next Month to File Claims C:1 SECURE: Administrator's Report Known December C + C CASH: Administrator Takes over Operations HBP GRUNDSTUCKSVERWALTUNG: Real Estate Firm Under Administration H.I.B. BAUGESELLSCHAFT: Creditors' Meeting Set November LEICA CAMERA: Books First-half Loss; Recalls Breakeven Forecast MEIERS BUROORGANIZATION: Creditors' Claims Due November MG TECHNOLOGIES: Jurg Oleas Replaces Outgoing Chairman Udo Stark MICHAEL KNUPP: Wuppertal Court Appoints Administrator NELBACH ANHANGER: Under Bankruptcy Administration TEAM RENT: Dusseldorf Court Appoints Insolvency Manager I T A L Y CIT SPA: Auditor Doubts Going Concern Status K Y R G Y Z S T A N AK-BULA: Under Bankruptcy Supervision IMANTAI: Calls General Creditors' Meeting KALEM: Insolvency Manager to Present Report Next Month KAMKOR: Holds Public Auction KARA-BALTA: Sets Creditors' Meetings First Week of November KONDOR: Sets Public Auction of Assets Next Week SHAMPAIN AND VINE: Selling 90 Lots of Equipment Friday TOKMOK FARM: Government Selling 5% Stake for KGS2 Million VOSST: Public Auction of Assets Set Next Week N O R W A Y PETROLEUM GEO-SERVICES: Arbitration Proposed for Labor Conflict R U S S I A ASPHALT-STROY: Undergoes Bankruptcy Supervision Procedure ASTRAKHANSKAYA BASE: Astrakhan Court Appoints Insolvency Manager DAVLEKANOVSKIY AUTO-REPAIR: Hires Insolvency Manager JOINT-STOCK FACTORY: Declared Insolvent KAMA-STROY-KONSTRUKTSIYA: Deadline for Proofs of Claim Set KAREL-NERUD: Declared Insolvent PSKOV-ELEKTRO-ENGINE: Under Bankruptcy Supervision VECHERNIY NOVOCHERKASSK: Names N. Tyutyunik Insolvency Manager VOLGOGRADSKAYA: Creditors Have Until November to File Claims VOSKHOD: Deadline for Proofs of Claim Set Next Month YUKOS OIL: Yuganskneftegaz May be Sold to Gazprom, E.ON YUKOS OIL: Chinese Firm Demands Payment for Breach of Contract S P A I N IZAR: UGT Union Urges Banks to Pour in Investment S W I T Z E R L A N D CELANESE AG: Acetate Division to Integrate Operations CONVERIUM HOLDING: US$96 Mln Reserve Hits 3rd-quarter Results KABA HOLDING: Distributing Dividends this Year U N I T E D K I N G D O M ALCAN AUTOMOTIVE: Members Final Meeting Set ALUDEL LIMITED: Creditors' Meeting Set Next Week ARGONAUT GAMES: Subsidiaries Fall into Administration AXIOM DESIGN: Names Wilson Field Administrator BEATDRAW LIMITED: Club Director Receives Four-year Ban C3 DESIGN: Hires Joint Administrators from Wilson Field COVELINK MARINE: Names Robson Laidler Administrator COURIER ECOSSE: Liquidator Enters Firm DECKMASTERS LIMITED: Insolvency Service Bans Director DIAMOND INSURANCE: Hires Joint Liquidators from PwC EDENWEST LIMITED: Unsecured Creditors to Meet Mid-November EVESHAM ELECTRICAL: In Administrative Receivership FAMILY SUPPORT: Allied Irish Bank Appoints PwC Receiver FI PACKAGING: Appoints Joint Administrators from Moore Stephens FLEATHAM ESTATES: Liquidator's Final Report Out November FOOD NATION: Hires Begbies Traynor as Administrator FUTURE SYSTEM: Owners Agree to Liquidate Business GERARD BLUM: Calls in Liquidator from Kingston Smith & Partners HENDERSON EUROPEAN: Files for Voluntary Liquidation HENLYS FINANCE: Names Robson Rhodes Liquidator IDEALTIME LIMITED: Brings in Administration from Baker Tilly NEMESIS CT: Calls First Creditors' Meeting NHPC LIMITED: Bank of Scotland Appoints KPMG Receiver POGO NORTH: Members Appoint Deloitte & Touche Liquidator QUALITY EMPLOYMENT: Sets Creditors' Meeting Next Month QUEENS MOAT: Scheme Now Effective; Shares De-listed ROTHERHAM RUGBY: Receiver Sets Creditors' Meeting Next Week SEASTREAM INTERNATIONAL: Names Buchanans Administrator SG ASSET: Joint Liquidators from KPMG Called In SWEET DEPOT: Creditors Appoint Liquidator TOP VALUE: First Creditors' Meeting Set Third Week of November TRADE SECRET: Sets Creditors' Meeting Next Week TRILOGY CDP: Hires Joint Administrators from Wilson Field WHITES UK: Calls in Joint Administrators ********* =============== B U L G A R I A =============== CHIMCO: Preparations for Reopening Underway ------------------------------------------- The new owner of nitric fertilizer maker Chimco Vratsa will hire at least 250 employees by December to restart production at the plant, Sofia News Agency reports. U.S. Investment Fund for Development of Chemical Industrialization and Energetics Executive Director Andrey Semerdzhiev said several economic analyses have already been launched into the work of the plant. The plan is to utilize 25% of the plant's capacity to produce ammonia and carbide. The new owners promised to invest more than US$40 million for the technical upgrade of the facility. The fund acquired 71% of Chimco in December, more than a year after being shut down due to lack of orders and high prices of natural gas. At the time of the closure, Chimco had outstanding debt of BGN160 million to creditors National Electricity Transmission Company and Bulgargaz. CONTACT: CHIMCO Chimco, 3037 Vratza, Bulgaria Phone: +359 92 2 22 71; +359 92 2 23 81 Fax: +359 92 3 31 18 E-mail: info@chimco.bg Web site: http://www.chimco.bg =========================== C Z E C H R E P U B L I C =========================== SKODA KLATOVY: Creditors Extend Cut-off Time for Bids ----------------------------------------------------- The creditors' committee of bankrupt engineering firm Skoda Klatovy has moved the deadline for submission of bids to November 18, 2004, Czech News Agency says. Bankruptcy administrator Jan Klima said the committee will announce the winning bidder the following day. Skoda Katovy s.r.o. was founded in 1854 by Leopold Schifauer. The company manufactures filters, furnaces, agricultural, and industrial machines for the Swedish, Italian, and French markets, among others. It has 280 employees. CONTACT: SKODA KLATOVY s.r.o. Domazlicka 15 339 01 Klatovy Phone: +420 376 707 111 Fax: +420 376 707 707 Web site: http://www.skodakt.cz =========== F R A N C E =========== ALAIN MANOUKIAN: Third-quarter Net Loss Widens ---------------------------------------------- The third-quarter net loss of ready-to-wear clothing chain Alain Manoukian increased from EUR5.9 million in 2003 to EUR6.2 million this year, Les Echos reports. Weighing down the result is a EUR1.9 million exceptional cost for asset depreciation. In contrast, Manoukian benefited from EUR3.2 million in tax credit last year. On the positive side, the firm was able to cut its third-quarter interim operating loss of EUR8.3 million by EUR4.6 million this year. But interim turnover decreased 6.7% to EUR66.1 million after a 0.8% growth in the second quarter. CONTACT: GROUPE ALAIN MANOUKIAN Domaine de Blanchelaine BP 29 Mercurol 26 600 Tain l'Hermitage Phone: +33 (0) 4 75 07 50 50 Fax: +33 (0) 4 75 07 44 71 E-mail: contact@groupe-alain-manoukian.com Web site: http://www.groupe-alain-manoukian.com ============= G E R M A N Y ============= ADIDAS-SALOMON: May Close Part of Unprofitable Operation -------------------------------------------------------- Sporting goods group Adidas-Salomon AG is mulling partial closure of its troubled production plant in Scheinfeld, southern Germany, AFX News says. AFX cites a company spokeswoman saying production at the site, which employs 100 staff, is becoming more and more unprofitable. Adidas' other shoe-making facilities in the area are considered safe. These plants employ a further 100 people. Adidas manufactures football boots for the mass market. It competes with production sites in Asia where costs are significantly lower. Earlier, analysts from JP Morgan said the company is targeting double-digit growth in Asia in the next four years. AFBS ARBEIT: First Creditors' Meeting Set Next Month ---------------------------------------------------- The district court of Berlin-Charlottenburg opened bankruptcy proceedings against AfBS Arbeit fur Blinde und Sehbehinderte gemeinnutzige GmbH on Oct. 1. 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 Udo Feser. Creditors and other interested parties are encouraged to attend the meeting on Nov. 17, 2004, 10:55 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. 23, 2005, 10:50 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218. CONTACT: AFBS ARBEIT FUR BLINDE UND SEHBEHINDERTE GEMEINNUTZIGE Auerbacher Str. 7,14193 Berlin Udo Feser, Insolvency Manager Uhlandstr. 165/166, 10719 Berlin AUTHOHAUS GEHL: Creditors Have Until Next Month to File Claims -------------------------------------------------------------- The district court of Mannheim opened bankruptcy proceedings against Authohaus Gehl GmbH & Co. KG on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 4, 2004 to register their claims with court-appointed provisional administrator Markus Ernestus. Creditors and other interested parties are encouraged to attend the meeting on Dec. 13, 2004, 8:30 a.m. at the district court of Mannheim Schloss, Westflugel, 1. Stockwerk/Raum 232 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: AUTHOHAUS GEHL GMBH & CO. KG Contact: Gunter Brehmer, Manager Gleisstr. 2, 68766 Hockenheim Markus Ernestus, Insolvency Manager O 3, 11+12, 68161 Mannheim C:1 SECURE: Administrator's Report Known December ------------------------------------------------- The district court of Berlin-Charlottenburg opened bankruptcy proceedings against C:1 Secure eBusiness GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 16, 2005 to register their claims with court-appointed provisional administrator Rudiger Wienberg. Creditors and other interested parties are encouraged to attend the meeting on Dec. 16, 2004, 9:45 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. 17, 2005, 9:25 a.m., at the district court of Charlottenburg Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218. CONTACT: C:1 SECURE EBUSINESS GMBH Landsberger Allee 117,10407 Berlin Phone: +49(0) 30/5900-300-36 Fax: +49(0) 30/5900-300-99 E-mail: sales@c1-sec.com Web site: http://www.c1-sec.com Rudiger Wienberg, Insolvency Manager Markgrafenstrasse 25, 10117 Berlin C + C CASH: Administrator Takes over Operations ----------------------------------------------- The district court of Berlin-Charlottenburg opened bankruptcy proceedings against C + C Cash-Cooperation GmbH on Sept. 28. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 28, 2004 to register their claims with court-appointed provisional administrator Stephan Mitlehner. Creditors and other interested parties are encouraged to attend the meeting on Dec. 2, 2004, 9:10 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 Jan. 27, 2005, 9:15 a.m. at the district court of Charlottenburg Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218. CONTACT: C + C CASH-COOPERATION GMBH Offenbachstr. 1 d,15831 Mahlow Stephan Mitlehner, Insolvency Manager Bleibtreustr. 51 A, 10623 Berlin HBP GRUNDSTUCKSVERWALTUNG: Real Estate Firm Under Administration ---------------------------------------------------------------- The district court of Dortmund opened bankruptcy proceedings against real estate company HBP Grundstucksverwaltung beschrankt haftende Grundstucksgesellschaft burgerlichen Rechts on Oct. 7. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 5, 2004 to register their claims with court-appointed provisional administrator Dr. Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting on Dec. 10, 2004, 10:40 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: HBP GRUNDSTUCKSVERWALTUNG Olpe 39, 44135 Dortmund Contact: Sophia Hockmann Am Stuckenberg 2b, 59427 Unna, Werner Bauer Nelkenstr. 79, 44289 Dortmund Ralf Petersen William-Zipperer-Str. 117, 04179 Leipzig Dr. Sebastian Henneke, Insolvency Manager Mulheimer Str. 100, 47057 Duisburg Phone: 0203/34840 Fax: 0203/3484510 H.I.B. BAUGESELLSCHAFT: Creditors' Meeting Set November ------------------------------------------------------- Creditors and other interested parties in H.I.B. Baugesellschaft mbH Hoch- und Tiefbau are encouraged to attend a meeting on Nov. 25, 2004, 9:50 a.m. at Saal 1, Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, statt for the administrator's first insolvency proceedings report. H.I.B. has been under bankruptcy proceedings since September 27. 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: H.I.B. BAUGESELLSCHAFT MBH HOCH- UND TIEFBAU Habsburgerallee 16, 60385 Frankfurt am Main Contact: Bjorn Wege, Manager Ottmar Hermann, Insolvency Manager Bleichstrasse 2-4, D-60313 Frankfurt am Main Phone: 069/9130920 Fax: 069/91309230 LEICA CAMERA: Books First-half Loss; Recalls Breakeven Forecast --------------------------------------------------------------- The Leica Camera Group closed the first half of its fiscal year 2004/2005 (FY end March 31) with sales of EUR45 million. This is 15.0% below the sales figure for the first half of the Group's previous fiscal year. Sales fell short of the Company's expectations. The reasons for the sales development were the trade's reluctance to order before the photokina trade fair, the delayed introduction of new products, especially in Leica sports optics, as well as selective reductions of inventory at sales partners to prepare future changes in the Company's distribution structure in Asia and Europe. At -EUR4.2 million, the operating result for the months April to September was EUR1.9 million below the comparable prior year figure. Including extraordinary expenses of EUR2.4 million for the restructuring measures currently implemented, the after-tax result for the half-year comes to a net loss of EUR7.5 million [from EUR2.9 million at the first half of 2003/2004, according to Die Welt]. Due to the sales and earnings situation becoming visible in the second quarter, the Company on October 7, 2004 had taken back its forecast of a break-even operating result for fiscal year 2004/2005. The new products presented at the photokina trade fair at the end of September, among them the LEICA DIGITAL-MODUL-R for the existing analogue SLR cameras LEICA R8 and R9 and the "Leica a la carte" program, which offers individualization of rangefinder cameras according to customers' wishes, received positive customer response. Orders on hand at the beginning of the third quarter are on last year's level. The important Christmas business will be decisive for the degree to which the Company can mitigate the second quarter impact on sales and earnings. CONTACT: LEICA CAMERA AG Oskar-Barnack-Strasse 11 D-35606 Solms, Germany Phone: +49-6442-208 Fax: +49-6442-208-333 Web site: http://www.leica-camera.com MEIERS BUROORGANIZATION: Creditors' Claims Due November ------------------------------------------------------- The district court of Wuppertal opened bankruptcy proceedings against Meiers Buroorganization GmbH on Oct. 8. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 5, 2004 to register their claims with court-appointed provisional administrator Stephan Ries. Creditors and other interested parties are encouraged to attend the meeting on Nov. 29, 2004, 9:00 a.m. at the district court of Wuppertal Hauptstelle, Eiland 4, 42103 Wuppertal, 3. Etage, Saal 388 - Altbau Amtsgericht 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. Meiers sells office machines. CONTACT: MEIERS BUROORGANISATION GMBH Neuenteich 54, 42107 Wuppertal Contact: Heinz-Hermann Scholl, Manager Tannenweg 17, 46348 Raesfeld Stephan Ries, Insolvency Manager Friedrichstr. 51, 42105 Wuppertal Phone: 0202/493 93370 Fax: 0202/4939329 MG TECHNOLOGIES: Jurg Oleas Replaces Outgoing Chairman Udo Stark ---------------------------------------------------------------- The Supervisory Board of mg technologies AG appointed Jurg Oleas (46) the new chairman of the company's Executive Board with effect from Nov. 1, and extended his appointment to the Executive Board until December 31, 2007. The Supervisory Board had already agreed to terminate the Executive Board appointment of Udo Stark, chairman of the Executive Board of mg technologies AG. He will be leaving the company with effect from Oct. 31 this year, prior to the expiry of his contract. "Now that key stages of mg's strategic reorganization have been initiated, the task is to move its operational business forward. Jurg Oleas has a proven track record as an engineering expert and, as a member of the Executive Board, possesses in-depth knowledge of the mg Group", stressed Dr. Jurgen Heraeus, chairman of the Supervisory Board of mg technologies AG. "Having discussed the matter at length in a meeting on Oct. 15, the Supervisory Board had already decided unanimously that it saw no justification for the motion demanded by members of the Executive Board to remove Dr. Otto Happel from the Supervisory Board. "I am sure that in the future we will once again see a continuation of the very close working relationship between the Executive Board and all members of the Supervisory Board", said Mr. Oleas. Mr. Oleas, a Swiss national, has been an executive director at mg since May 2001, where he has been responsible for the Chemicals business. From January 2003 through July 2004 he also chaired the Executive Board of Dynamit Nobel AG, most of which was sold with effect from July 31 this year. Mr. Oleas, who grew up in South America, was born in Quito, Ecuador, in December 1957. In 1976, he began to study mechanical engineering at the Swiss Federal Institute of Technology in Zurich, graduating in 1981. In the same year he started his career with the ABB Group. From 1982 through 1996 he worked as a development engineer in the field of steam turbines and plant engineering at ABB Switzerland. He subsequently assumed overall responsibility for global sales of steam power plants. During this period he underwent ongoing training and professional development in France, Hong Kong, Korea, India, the U.K., and U.S. In 1996, Oleas moved to ABB Germany as divisional head of turnkey steam power plants. From 1999 through 2001 he was President of Alstom Power Switzerland and Managing Director, Business Combined Cycle Gas Turbine Segment, at Alstom Power with global responsibility. Mg technologies AG is an international technology group that focuses on specialty mechanical engineering -- especially process engineering and equipment -- and plant engineering. The company generated sales of roughly EUR4.1 billion -- excluding Dynamit Nobel and other discontinued operations -- in 2003. At June 30, 2004, the company employed around 17,000 people and is one of the world's market and technology leaders in 90 percent of its businesses. CONTACT: MG TECHNOLOGIES AG Communications Phone: +49 (0)69 71199 241 Fax: +49 (0)69 71199 112 Web site: http://www.mg-technologies.com MICHAEL KNUPP: Wuppertal Court Appoints Administrator ----------------------------------------------------- The district court of Wuppertal opened bankruptcy proceedings against Michael Knupp Wohnbau GmbH on Oct. 8. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 5, 2004 to register their claims with court-appointed provisional administrator Rolf Weidmann. Creditors and other interested parties are encouraged to attend the meeting on Nov. 19, 2004, 10:15 a.m. at the district court of Wuppertal 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: MICHAEL KNUPP WOHNBAU GMBH Palmbuschweg 110, 45326 Essen Contact: Michael Knupp, Manager Buscher Feld 14 d, 42653 Solingen Rolf Weidmann, Insolvency Manager Einigkeitstrasse 9, 45133 Essen Phone: 0201/437760 Fax: 4377620 NELBACH ANHANGER: Under Bankruptcy Administration ------------------------------------------------- The district court of Cologne opened bankruptcy proceedings against Nelbach Anhanger GmbH on Sept. 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 10, 2004 to register their claims with court-appointed provisional administrator Andreas Muller-Stein. Creditors and other interested parties are encouraged to attend the meeting on Nov. 25, 2004, 8:35 a.m. at the district court of Cologne 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. Nelbach sells trailers and motor vehicle accessories. CONTACT: NELBACH ANHANGER GMBH Am Gewerbehof 11, 50170 Kerpen Contact: Manuela Nelbach, Manager Am Gewerbehof 11, 50170 Kerpen Andreas Muller-Stein, Insolvency Manager Schutzenstr. 5, 50126 Bergheim Phone: 02271-7691-0 Fax: +492271769110 TEAM RENT: Dusseldorf Court Appoints Insolvency Manager ------------------------------------------------------- The district court of Dusseldorf opened bankruptcy proceedings against Team Rent Autovermietung GmbH on Oct. 7. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 10, 2004 to register their claims with court-appointed provisional administrator Dr. Jorg Nerlich. Creditors and other interested parties are encouraged to attend the meeting on Dec. 1, 2004, 10:00 a.m. at the district court of Dusseldorf Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 3. OG Altbau, A 341 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: TEAM RENT AUTOVERMIETUNG GMBH Julicher Landstrasse 115, 41464 Neuss Dr. Jorg Nerlich, Insolvency Manager Louise-Dumont-Str. 25, 40211 Dusseldorf ========= I T A L Y ========= CIT SPA: Auditor Doubts Going Concern Status -------------------------------------------- Shares in tour operator Compagnia Italiana del Turismo (CIT) were suspended from trading Monday after auditors refused to certify its first-half accounts, Il Sole 24 Ore reports. CIT's board of directors approved the accounts on October 18. Ernst & Young said it declined to give an opinion on the results due to doubts on the company's financial prospects. Ernst & Young is also disputing CIT's first-half balance sheet that includes a capital gain of EUR2.2 million from an unfinished transaction. CONTACT: COMPAGNIA ITALIANA TURISMO S.p.A. Via A. Saffi, 12 - Milano C.C.I.A.A. di Milano Web site: http://www.citspa.it =================== K Y R G Y Z S T A N =================== AK-BULA: Under Bankruptcy Supervision ------------------------------------- The Chui Inter-District Court on Economic Issues commenced bankruptcy supervision procedure on JSC Ak-Bula on October 6, 2004. The case is docketed as Y-03-259/M-2004-C3. Mr. Esenbek Alymkulov (License Number 0297) was appointed temporary insolvency manager on October 14, 2004. Creditors will meet on November 3, 2004 at 10:00 a.m. Creditors must submit their proofs of claim and register with the insolvency manager seven days prior to the meeting. Proxies must have authorization to vote. For more information, call (0- 3138) 5-17-05 or 5-16-99. IMANTAI: Calls General Creditors' Meeting ----------------------------------------- The temporary insolvency manager of Agricultural Farm Imantai set the creditors' meeting on November 2, 2004, 10:00 a.m. at Kara-Balta, Tsentralnaya Str. 79. For more information, call (0-3134) 4-86-55. KALEM: Insolvency Manager to Present Report Next Month ------------------------------------------------------ The temporary insolvency manager of JSC Kalem set the creditors' meeting on November 3, 2004, 1:00 p.m. at Balykchy, Narynskoye Shosse Str. 17 Agenda: (a) Final report of the temporary insolvency manager; and (b) Others. Proxies must have authorization to vote. For more information, call (0-3944) 2-49-73 or 2-04-85. KAMKOR: Holds Public Auction ---------------------------- The bidding organizer and insolvency manager of Closed JSC Insurent Company Kamkor will sell the company's assets on November 5, 2004, 10:00 at Bishkek, Abdrahmanov Str. 105 For sale are: (a) Lot 1: Vacant office located at Bishkek, Bokombaev Str. 104. Starting price is KGS2,340,043. (b) Lot 2: Mercedes-Benz 230. Starting price is KGS148,881. (c) Lot 3: VAZ 21310 (1984). Starting price is KGS207 583. (d) Lot 4: Daivo Espero 5965. Starting price is KGS229,905. Bids must be submitted on or before November 4, 2004 to Bishkek, Abdrahmanov Str. 105. For more information, call (0-312) 28-46- 93, 28-42-86 or 28-93-74. KARA-BALTA: Sets Creditors' Meetings First Week of November ----------------------------------------------------------- The temporary insolvency manager of Association Kara-Balta set the creditors' meeting on November 2, 2004, 11:00 a.m. at Kara- Balta, Tsentralnaya Str. 79. For more information, call (0- 3134) 4-86-55. KONDOR: Sets Public Auction of Assets Next Week ----------------------------------------------- The bidding organizer and insolvency manager of LLC Kondor will sell its properties on November 2, 2004, 10:00 a.m. at Bishkek, Fuchik Str. 9. For sale is an unfinished construction located at Bishkek, Djal- 23, 28. Starting price is KGS2,018,000. To participate, bidders must present all necessary documents and deposit an amount equivalent to five percent of the starting price in account number 712417200020100 at Opened JSC Energobank. Bids must be submitted on or before November 1, 2004 to Bishkek, Fuchik Str. 9. SHAMPAIN AND VINE: Selling 90 Lots of Equipment Friday ------------------------------------------------------ The Department of the Officers of the Court Service of Pervomay District of Bishkek will sell the properties of Shampain and Vine Farms on October 29, 2004, 10:00 a.m. at Bishkek, Mir Avenue, 48. Up for sale are 90 lots of equipment and spares. For more information, call (0-312) 66-02-42. TOKMOK FARM: Government Selling 5% Stake for KGS2 Million --------------------------------------------------------- Fund of State Property by the State Committee of the Kyrgyz Republic on State Property will sell its 5% stake in JSC Tokmok Farm of Break and Construction Materials on November 24, 2004, 2:00 p.m. at Bishkek, Moskovskaya Str. 151. Starting price is KGS2,307,400. Information on JSC Tokmok Farm of Break and Construction Materials as of January 1, 2004. (a) Location: 722200, Tokmok, East Industrial Zone (b) Company's activity: brick production (c) Capital: KGS55,935,000 (d) Authorized capital stock: KGS8,732,000 (e) Assets: KGS46,148,800 (f) Liabilities: KGS19,303,000 (g) Receivables: KGS1,514,000 (h) Revenue: KGS406,000 Participants must submit all necessary documents on or before November 23, 2004 at Bishkek, Moskovskaya Str. 151. Winning bidder must pay commission equivalent to seven percent of the final price. For more information, call (0-312) 21-65-38. VOSST: Public Auction of Assets Set Next Week --------------------------------------------- The bidding organizer and insolvency manager of LLC Construction Company Transnational Corporation Vosst will sell its assets on November 4, 2004, 11:00 a.m. at Sukuluk, Voenno-Antonovka, Komsomolskaya Str. 1a. For sale are inventory holdings worth KGS59,573. To participate, bidders should deposit an amount equivalent to of the starting price to the cashier of LLC Construction Company Transnational Corporation Vosst. Bids must be submitted on or before November 3, 2004 to the temporary insolvency manager, Sukuluk region, Voenno-Antonovka, Komsomolskaya Str. 1a. For more information, call 0-502) 50-42-93. =========== N O R W A Y =========== PETROLEUM GEO-SERVICES: Arbitration Proposed for Labor Conflict --------------------------------------------------------------- Petroleum Geo-Services A.S.A. (OSE: PGS; OTC: PGEOY) announced that the previously disclosed strike relating to the Floating, Production, Storage and Offloading Vessel (FPSO) Petrojarl Varg effective from Oct. 8, and the lockout relating to FPSO Petrojarl I effective from Sept. 3, are to be resolved by compulsory arbitration. The Norwegian Minister of Labour and Social Affairs will put forward a bill to the Storting (Parliament) proposing compulsory arbitration to end the dispute between the Federation of Oil Workers' Trade Unions and the Norwegian Shipowners Association. Such proposal is expected to be approved by the Parliament. Accordingly it is expected that both Petrojarl 1, which is producing the Glitne field and Petrojarl Varg, which is producing the Varg field, will be back in production this week. Petroleum Geo-Services is a technologically focused oilfield service company principally involved in geophysical and floating production services. PGS provides a broad range of seismic- and reservoir services, including acquisition, processing, interpretation, and field evaluation. PGS owns and operates four floating production, storage and offloading units and owns a small oil and gas company. PGS operates on a worldwide basis with headquarters in Oslo, Norway. For more information on Petroleum Geo-Services visit http://www.pgs.com. CONTACT: PETROLEUM GEO-SERVICES ASA Ola Bosterud Sam R. Morrow Svein T. Knudsen Phone: +47 6752 6400 Suzanne M. McLeod Phone: +1 281-589-7935 =========== R U S S I A =========== ASPHALT-STROY: Undergoes Bankruptcy Supervision Procedure --------------------------------------------------------- The Arbitration Court of Moscow has commenced bankruptcy supervision procedure on open joint stock company Asphalt-Stroy (TIN 7736002384). The case is docketed as A40-22595/04-74/15B. Mr. Sh. Fazailov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 117049, Russia, Moscow, Shabolovka Str. 26, Building 4. CONTACT: ASPHALT-STROY 117296, Russia, Moscow, Universitetskiy Pr. 9 Mr. Sh. Fazailov Temporary Insolvency Manager 117049, Russia, Moscow, Shabolovka Str. 26, Building 4 Phone: 785-69-55 ASTRAKHANSKAYA BASE: Astrakhan Court Appoints Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Astrakhan region has commenced bankruptcy proceedings against Astrakhanskaya Base of Sea Catch (TIN 3004000141) after finding the open joint stock company insolvent. The case is docketed as A06-839 b/3-18k/2004. Mr. A. Kungurtsev has been appointed insolvency manager. Creditors have until November 17, 2004 to submit their proofs of claim to 414040, Russia, Astrakhan region, Krasnaya Naberezhnaya Str., 37, office 67. CONTACT: ASTRAKHANSKAYA BASE OF SEA CATCH Russia, Astrakhan region, Ikryaninskiy region, Trudfront, Lenina Str. 6 Mr. A. Kungurtsev Insolvency Manager 414040, Russia, Astrakhan region, Krasnaya Naberezhnaya Str. 37, Office 67 Phone/Fax: (8512) 22-71-25 DAVLEKANOVSKIY AUTO-REPAIR: Hires Insolvency Manager ---------------------------------------------------- The Arbitration Court of Bashkortostan republic has commenced bankruptcy proceedings against Davlekanovskiy Auto-Repair Factory after finding the municipal unitary enterprise insolvent. The case is docketed as A07-11437/G-RSA. Mr. V. Tukhvatullin has been appointed insolvency manager. Creditors have until November 24, 2004 to submit their proofs of claim to 453405, Russia, Bashkortostan republic, Davlekanovskiy, Davlekanovo, Komsomolskaya Str. 48. CONTACT: DAVLEKANOVSKIY AUTO-REPAIR FACTORY 453405, Russia, Bashkortostan republic, Davlekanovskiy, Davlekanovo, Komsomolskaya Str. 48 Mr. V. Tukhvatullin Insolvency Manager 453405, Russia, Bashkortostan republic, Davlekanovskiy, Davlekanovo, Komsomolskaya Str. 48 JOINT-STOCK FACTORY: Declared Insolvent --------------------------------------- The Arbitration Court of Perm region has commenced bankruptcy proceedings against Joint-Stock Factory of Building Materials after finding the limited liability company insolvent. The case is docketed as A50-3669/2004-B. Mr. M. Trushnikov has been appointed insolvency manager. Creditors have until November 17, 2004 to submit their proofs of claim to 614990, Russia, Perm, G. Khasana Str. 7a, Office 323. CONTACT: JOINT-STOCK FACTORY OF BUILDING MATERIALS 618403, Russia, Perm region, Berezniki, Zayachya Gorka, Post User Box 1670 Mr. M. Trushnikov Insolvency Manager 614990, Russia, Perm, G. Khasana Str. 7a, Office 323 KAMA-STROY-KONSTRUKTSIYA: Deadline for Proofs of Claim Set ---------------------------------------------------------- The Arbitration Court of Perm region has commenced bankruptcy proceedings against Kama-Stroy-Konstruktsiya (TIN 5902133826) after finding the close joint stock company insolvent. The case is docketed as A50-6969/2004-B. Mr. V. Mozhayev has been appointed insolvency manager. Creditors have until November 17, 2004 to submit their proofs of claim to 614064, Russia, Perm, Usolskaya Str. 15, 3rd floor. CONTACT: KAMA-STROY-KONSTRUKTSIYA 614064, Russia, Perm, Usolskaya Str. 15, 3rd floor Mr. V. Mozhayev Insolvency Manager 614064, Russia, Perm, Usolskaya Str. 15, 3rd floor KAREL-NERUD: Declared Insolvent ------------------------------- The Arbitration Court of Kareliya republic has commenced bankruptcy proceedings against Karel-Nerud after finding the open joint stock company insolvent. The case is docketed as A26-7368/04-18. Mr. S. Gromov has been appointed insolvency manager. Creditors may submit their proofs of claim to 185035, Russia, Kareliya republic, Petrozavodsk, Post User Box 318. CONTACT: KAREL-NERUD 185034, Russia, Kareliya republic, Petrozavodsk, Yuzhnaya Prom.Zone Mr. S. Gromov Insolvency Manager 185035, Russia, Kareliya republic, Petrozavodsk, Post User Box 318 PSKOV-ELEKTRO-ENGINE: Under Bankruptcy Supervision -------------------------------------------------- The Arbitration Court of Pskov region has commenced bankruptcy supervision procedure on limited liability company Pskov- Elektro-Engine. The case is docketed as A52/2033/2004/4. Mr. K. Bodrov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 180017, Russia, Pskov, Ya. Fabtitsiusa Str. 6. CONTACT: PSKOV-ELEKTRO-ENGINE Russia, Pskov, Naberezhnaya Krasnogorodskaya, 26. Mr. K. Bodrov Temporary Insolvency Manager 180017, Russia, Pskov, Ya. Fabtitsiusa Str. 6 VECHERNIY NOVOCHERKASSK: Names N. Tyutyunik Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Rostov region has commenced bankruptcy proceedings against editor's office Vecherniy Novocherkassk (TIN 6150027997) after finding the limited liability company insolvent. The case is docketed as A53-4057/2004-S2-21. Mr. N. Tyutyunik has been appointed insolvency manager. Creditors have until November 17, 2004 to submit their proofs of claim to 659305, Russia, Altay region, Biysk, Post User Box 46. A hearing will take place at Russia, Rostov-na-Donu, Stanislavskogo Str. 8A on December 13, 2004. CONTACT: VECHERNIY NOVOCHERKASSK 146430, Russia, Rostov region, Novocherkassk, Moskovskaya Str. 32 Mr. N. Tyutyunik Insolvency Manager 344037, Russia, Rostov-na-Donu, Buynakskaya Str. 2/56 VOLGOGRADSKAYA: Creditors Have Until November to File Claims ------------------------------------------------------------ The Arbitration Court of Volgograd region has commenced bankruptcy proceedings against butter-cheese-base Volgogradskaya after finding the close joint stock company insolvent. The case is docketed as A12-3504/04-S50. Mr. A. Vaseyev has been appointed insolvency manager. Creditors have until November 17, 2004 to submit their proofs of claim to 400012, Russia, Volgograd, Dorozhnaya Str. 36. CONTACT: VOLGOGRADSKAYA Russia, Volgograd, Bakinskaya Str. 8 Mr. A. Vaseyev Insolvency Manager 400012, Russia, Volgograd, Dorozhnaya Str. 36 VOSKHOD: Deadline for Proofs of Claim Set Next Month ---------------------------------------------------- The Arbitration Court of Novgorod region has commenced bankruptcy proceedings against spinning mill Voskhod after finding the open joint stock company insolvent. The case is docketed as A44-445/04-S4-k. Mr. V. Aleshichkin has been appointed insolvency manager. Creditors have until November 24, 2004 to submit their proofs of claim to 174411, Russia, Novgorod region, Borovichi, Main Post Office, Post User Box 17. CONTACT: VOSKHOD 174400, Russia, Novgorod region, Borovichi, Kolkhoznaya Str. 15A Mr. V. Aleshichkin Insolvency Manager 174411, Russia, Novgorod region, Borovichi, Main Post Office, Post User Box 17 YUKOS OIL: Yuganskneftegaz May be Sold to Gazprom, E.ON ------------------------------------------------------- Fitch Ratings says a significant stake in Yukos' main oil production unit, Yuganskneftegaz, could be sold to Gazprom- Rosneft by end-November, with the probable involvement of German utility E.ON. The stake is to be sold for up to US$10.4 billion as announced by the Russian Ministry of Justice. E.ON's interest in taking an upstream position in Russia would be reasonable as the company has consistently expressed an interest in securing natural gas projects and electricity production in Russia. It has also been a long-standing strategic partner of Gazprom, with 6.5% of the company's shares. Additionally, E.ON is expected to participate in numerous strategic projects with Gazprom including the development of the Yuzhno-Russkoe gas field that will supply gas for the Northern European pipeline. The purchase of a stake in Yuganskneftegaz would be beneficial for E.ON's long-term business plans, as the company announced in July 2004 that it has agreed to fund strategic projects with Gazprom primarily through asset swaps. Fitch believes the purchase of an interest in Yuganskneftegaz would provide E.ON with a very valuable asset to swap toward future gas and electricity projects in Russia. The transaction potentially has additional strategic benefits. For E.ON, it would allow the company to dispose of some, or all, of its relatively small non-controlling 6.5% stake in Gazprom for more valuable strategic assets. For the Russian government, the transaction will allow it to take a larger direct stake in Gazprom through a shares-for-asset swap before the ring-fence around the company's shares is removed, and at the same time, settle the outstanding tax claim against Yukos through a foreign purchase by E.ON at a tendered price. The credit implications for each company are significant. Fitch expects the acquisition of Yuganskneftegaz by Gazprom to be a credit-enhancing event for the company. Yuganskneftegaz alone makes up approximately 10% of Russia's oil production, and Gazprom's ability to take control of this asset will materially enhance the company's upstream asset portfolio and business profile. Additionally, placing upstream oil assets in Gazprom will increase the company's strategic importance to the state. Gazprom's strategic importance is considered in its rating, and this would be enhanced by the addition of Yuganskneftegaz, further improving the company's credit rating. The credit implications for E.ON are less clear and would depend on the level of immediate or future cash consideration, and the level of control over medium term business. If successfully executed Fitch considers that E.ON's business profile would benefit through greater control over import supply volumes, which could then be linked to investment in the development of the proposed North European pipeline, a more direct transit route for a significant proportion of Russian gas exports to Western Europe. Germany currently buys enough gas from Gazprom to meet more than 40% of the country's needs. Gazprom is looking to double its European market share to 38% over the next 15 years. Fitch will continue to monitor developments and their associated credit implications for both E.ON ('AA-' (AA minus/Stable Outlook) and Gazprom ('BB'/Stable). CONTACT: FITCH RATINGS Jeffrey Woodruff, Moscow Phone: +7 095 956 9986 Isaac Xenitides Phone: +44 207 417 4300 Media Relations: Alex Clelland, London Phone: +44 20 7862 4084 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 Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru YUKOS OIL: Chinese Firm Demands Payment for Breach of Contract -------------------------------------------------------------- Yukos Oil may face a multi-million-dollar claim for uncollected profits from company PetroChina as a result of conflicts regarding renewal of oil deliveries, MosNews reports. PetroChina, a subsidiary of China National Petroleum Corporation, plans to demand compensation for losses incurred when Yukos did not resume delivery of crude to China. The report suggested the amount arising from the breach of contract is small because the share of Russian oil in the overall structure of Chinese imports is insignificant. But it added that PetroChina, however, may demand from Yukos uncollected profits from the one million ton of crude that the Russian company failed to supply. "[T]his sum may amount to as much as US$45 million," the report says. Analysts say PetroChina's direct losses from the cessation of Yukos' deliveries should not exceed US$1 million. Yukos cut oil deliveries to China National Petroleum in September due too high transportation costs. Russia promised to find a company that would take on Yukos' supply, but failed because other firms were as well discouraged by such high railroad transportation costs. Recently, Russian Railways said an agreement was reached allowing Yukos to renew its deliveries to China. But both the Chinese side and Yukos denied there was resumption of oil deliveries. ========= S P A I N ========= IZAR: UGT Union Urges Banks to Pour in Investment ------------------------------------------------- Union General de Trabajadores (UGT) has called on savings banks to invest into Izar's civilian company once the shipbuilder is split, Expansion says. Candido Mendez, UGT's secretary-general, said the banks' involvement should be voluntary and subject to the analysis of the viability of projects undertaken by Izar's shipyards. Holding company Sociedad Estatal de Participaciones Industriales (SEPI) is planning to separate the troubled shipbuilder's military and civilian shipbuilding units. SEPI earlier proposed to keep the profitable military unit and sell the civilian division. The plan met opposition from Izar's employees, who staged violence-marred nationwide protests, causing SEPI to reconsider its proposal and formulate revisions. SEPI now plans to create a holding company, comprised of a state-run military construction company and a privately owned merchant shipbuilder. Meanwhile, Manuel Garcia, managing director of Associacion Espanola de Industrias Auxiliares Maritimas (Aedimar), suggested Izar should step up production by at least 70% and increase its working hours, given employees work on 4.2-hour shift. Mr. Garcia also advised the troubled shipbuilder to reduce its average wage as the current rate of EUR36,000 a year "is too high." The Aedimar chief stressed Izar should focus on a niche market to compete with Asian shipbuilders. CONTACT: IZAR CONSTRUCCIONES NAVALES a.s. Velazquez Street 132 28006 Madrid, Spain Phone: +34 91 335 84 00 Fax: +34 91 335 86 52 E-mail: izar@izar.es Web site: http://www.izar.es SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES Velasquez, 134 28006 Madrid, Spain Phone: +34-91-396-10-00 Fax: +34-91-562-87-89 Web site: http://www.sepionline.com ===================== S W I T Z E R L A N D ===================== CELANESE AG: Acetate Division to Integrate Operations ----------------------------------------------------- Celanese Acetate LLC (NYSE:CZ) (FWB:CZZ) announced plans to consolidate its acetate flake and tow manufacturing and to exit the acetate filament business. "We are implementing this strategic plan to become more efficient, reduce overcapacities in certain manufacturing areas, and focus on products and markets that provide long-term value," said Doug Madden, president, Celanese Acetate. Acetate flake and tow manufacturing will be consolidated into three locations: Narrows, Va.; Ocotlan, Mexico; and Lanaken, Belgium. During 2005, acetate flake production at the Rock Hill, S.C. facility will be phased out, and a flake production unit at Ocotlan will be re-commissioned. The Edmonton, Canada acetate tow production unit will discontinue operations in mid-year 2005, while flake production at Edmonton will be phased out in late 2006 or early 2007. The decision to exit the acetate filament business stems from a deterioration of overall business conditions related to the substitution of non-acetate fibers into traditional market applications. Acetate filament operations at Narrows and Ocotlan will be discontinued by mid-year 2005. "Celanese has been a pioneer in the acetate filament industry since the 1920s," said Mr. Madden. "Unfortunately, the long- term market outlook and the related economic conditions no longer allow us to allocate resources to this product line. We will remain committed to ensuring a smooth transition of supply for our filament customers." When the restructuring is complete, it is anticipated that approximately 900 to 1,100 positions will be impacted. This represents about 10% of the Celanese Group worldwide. Approximately 700 of the impacted positions are related to the exit of the filament business. "While the decisions announced are difficult, we will, as always, do everything possible to help our employees through the transition," said Mr. Madden. "At the same time, we have taken the steps necessary to help position our remaining operations to compete efficiently and effectively. We look forward to continuing our leadership role in the acetate industry by applying our technology and application efforts to the existing and future uses for acetate products." Acetate flake is the raw material used to manufacture filament and tow. Acetate tow is used in a variety of filtering applications by end-use manufacturers. Acetate filament is used in apparel fashions, linings and home furnishings. About Celanese Acetate and Celanese Group Celanese Acetate LLC is one of the companies that comprise the Celanese Group, which is controlled by investment funds advised by The Blackstone Group. Celanese holds worldwide leading positions in its key products and world-class process technology. The Celanese Group portfolio consists of four main businesses: Chemical Products, Acetate Products, Technical Polymers Ticona and Performance Products. In 2003, the Celanese Group generated sales of around US$4.6 billion with about 9,500 employees. The Celanese Group has 24 production plants and six research centers in 10 countries mainly in North America, Europe and Asia. For further information about Celanese, please visit http://www.celanese.com. * * * Celanese AG reported a second quarter operating profit of EUR54 million compared to EUR109 million in the same period last year, which included EUR90 million of insurance recoveries related to the previously disclosed plumbing litigation cases. In the second quarter 2004 report, the company said it had a net loss for the period of EUR91 million, or EUR1.85 per share, compared to net earnings of EUR96 million, or EUR1.95 per share, in the same period last year. In August, Standard & Poor's Ratings Services affirmed its 'B+' corporate credit ratings on BCP Caylux Holdings Luxembourg S.C.A. and its Frankfurt, Germany-based Celanese AG subsidiary and removed them from CreditWatch where they were placed with negative implications on Dec. 16, 2003. The outlook is stable. CONTACT: CELANESE AG Media Contact: Jacqueline Terry Phone: 803-325-6162 E-mail: Jacqueline.Terry@CelaneseAcetate.com or Vance Meyer Phone: 972-443-4847 E-mail: Vance.Meyer@Celanese.com CONVERIUM HOLDING: US$96 Mln Reserve Hits 3rd-quarter Results ------------------------------------------------------------- Converium AG reports a third quarter 2004 loss of US$116.3 million. This result reflects the continuing satisfactory underlying performance of its in-force book and a number of previously announced extraordinary charges. The main items are an additional reserve strengthening of US$96.4 million net based on an in-depth analysis of Tillinghast's actuarial review, losses of US$95.8 million from an unusual cumulation of hurricanes and typhoons and a US$20.0 million expense for a retrospective stop-loss retrocession cover purchased from National Indemnity Company. Adjusted for the reserve action and natural catastrophes, Converium recorded a third quarter non-life combined ratio of 96.0%, which testifies to the favorable performance of the Company's more recent underwriting years. In addition, investment activities continued to exhibit very satisfactory results, with total investment income yield improving further to 4.9%. Third quarter 2004 highlights Operating loss: -US$125.0 million Impact from reserve strengthening and hurricanes/typhoons: -US$192.2 million Net loss: -US$116.3 million Gross premiums written: US$1,033.3 million Non-life combined ratio: 117.3% Impact from reserve strengthening and hurricanes/typhoons: 21.3% Adjusted non-life combined ratio: 96.0% Total investment income yield: 4.9% Shareholders' equity: US$1,275.1 million Cash flows: US$ 21.1 million Overview of Third Quarter Performance and Short-term Outlook Developments that had measurable effects on Converium's third quarter 2004 financial results: The business written by Converium in the underwriting years 2002, 2003, and 2004 continued to show a satisfactory performance, both for the non-life segments as well as for the Life & Health Reinsurance segment. Excluding prior years' reserves, the non-life combined ratio was 106.6% (including a 10.6% impact by hurricanes and typhoons) for the third quarter 2004, respectively 98.3% for the first nine months of 2004. Following a detailed analysis of the specific conclusions in Tillinghast's actuarial study, Converium has -- as anticipated on August 31, 2004 -- made additional adjustments to carried reserves aggregating to a net increase of US$96.4 million net in the third quarter of 2004. This amount equals 1.3% of Converium's non-life net reserves as of September 30, 2004. The reserve strengthening primarily arose from prior years' North American professional liability, umbrella, excess & surplus, workers' compensation, and non-U.S. motor liability business. It added 10.7 percentage points to the quarter's non-life combined ratio. Since June 30, 2004, Converium has commuted approximately US$265.0 million in loss reserves related to prior years' business assumed by the Company's North American operation, Converium Reinsurance (North America) Inc., with a corresponding reduction in cash and invested assets. Currently, CRNA is in negotiations with several clients for additional offers of commutation, and is pursuing these diligently. The third quarter reserve adjustment of US$96.4 million net takes into account recent commutations. In general, commutations can accelerate the realization of profit inherent in long-tail reserves by crystallizing outstanding claims reserves into payments, which are discounted to reflect the time value of money. Since commutation payments essentially reflect a discounted present value of future cash flows, future investment income earned will decline as the assets backing those reserves are liquidated to make payments. As announced on August 31, 2004, Converium has acquired a retrospective stop-loss retrocession cover from National Indemnity Company, a Standard & Poor's AAA-rated member of the Berkshire Hathaway group of insurance companies. The cost of this cover represents a one-off charge to the third quarter of 2004 of US$20.0 million. Net losses from Hurricanes Charley, Frances, Ivan and Jeanne and typhoons in Japan amounted to US$95.8 million and added 10.6 percentage points to the quarter's non-life combined ratio. In the third quarter of 2004 Converium has incurred restructuring charges of US$3.4 million related to severance payments and the discontinuation of the Company's North American operations. Against this backdrop there is a marked difference between Converium's reported results and its performance adjusted for the various extraordinary items. For the third quarter 2004 Converium reported an operating loss of US$125.0 million and a net loss of US$116.3 million that reflect total charges of US$215.6 million due to an additional strengthening of reserves, losses from hurricanes and typhoons, the cost of a retrospective stop-loss cover and restructuring charges. The increase in gross premiums written, net premiums written, and net premiums earned in the third quarter of 2004 (by 2.3%, 5.2% and 10.4%, respectively) reflects market conditions, new client relationships in certain key markets and the weakening of the US$ compared to other major currencies; special terminations did not materially impact the quarter's top line. Converium reports a non-life combined ratio of 117.3% for the third quarter of 2004. Adjusted for the additional strengthening of reserves by US$96.4 million net and the losses from hurricanes and typhoons of US$95.8 million, the non-life combined ratio was 96.0%, which is indicative of a continuing favorable performance of recent underwriting years. Converium's Life & Health Reinsurance segment reported a segment income of US$5.7 million, an improvement of US$20.5 million compared to the same period of the previous year, when Converium recorded an adverse development of its Guaranteed Minimum Death Benefits (GMDB) book. No further reserving actions were required for GMDB in 2004. Converium's investment results continued to improve markedly. The Company's net investment income increased for the three and nine months ended September 30, 2004 as compared to the same periods of 2003. This increase largely resulted from growth in invested assets over 2003, particularly in Converium's fixed- maturities portfolio, as well as income received from the transition of a fixed-income bond to a direct fixed-income investment portfolio. The Company's average annualized net investment income yield (pre-tax) was 3.9% and 3.8% for the three and nine months ended September 30, 2004, respectively, as compared to 3.0% and 3.4% for the same periods of 2003, reflecting increasing interest rates in 2004. Converium's average annualized total investment income yield (pre-tax) was 4.9% and 4.5% for the three and nine months ended September 30, 2004, respectively, as compared to 2.9% and 3.5% for the same periods of 2003. During the third quarter 2004, the total investment income yields were positively impacted by the increase in realized gains as well as the decline in impairment charges compared to 2003 resulting from the sale of equity securities to adjust our asset allocation to reduce investment portfolio risks. Converium has reached an agreement in principle on the main terms of a new US$1.6 billion credit facility, comprising a US$1.5 billion tranche for letter-of-credit issuance and a US$0.1 billion stand-by revolving credit tranche with its principal international relationship banks. The parties intend to finalize the transaction by mid-November 2004. This facility will replace the existing syndicated credit line of US$0.9 billion that was signed in July 2003. The Company believes that its "BBB+" rating from Standard & Poor's and the availability of adequate letter-of-credit facilities will support Converium's efforts to maintain its franchise in its European, Asian and Latin American target markets and to retain relationships with key clients and intermediaries in the upcoming January 2005 renewals. A full copy of this press release is available free of charge at http://bankrupt.com/misc/financialresults.pdf. CONTACT: CONVERIUM HOLDING Michael Schiendorfer Media Relations Manager Phone: +41 (0) 1 639 96 57 Fax: +41 (0) 1 639 76 57 E-mail: michael.schiendorfer@converium.com Zuzana Drozd Head of Investor Relations Phone: +41 (0) 1 639 91 20 Fax: +41 (0) 1 639 71 20 E-mail: zuzana.drozd@converium.com KABA HOLDING: Distributing Dividends this Year ---------------------------------------------- The General Meeting of Kaba Holding AG approved all of the proposals that had been submitted by the Board of Directors. Thus, shareholders will receive a gross dividend of CHF4.00 per registered share (PY: CHF3.00). The increase was proposed by the Board in view of the encouraging results attained in financial 2003/2004 and the ongoing economic momentum that characterizes the current year. As already announced when the annual results were presented in September 2004, the uptrend in demand on the security market is expected to sustain sales growth and generate over-proportional earnings growth for the Kaba Group. The shareholders elected Rolf Dorig (47) as a new member of the Board of Directors. He has been CEO of the Swiss Life Group since 2002 and previously held several executive positions during his 16 years with the Credit Suisse Group. Current board members Karina Dubs-Kuenzle, Maurice P. Andrien, and Rudolf W. Weber were elected for a further term. Kaba is a globally active, publicly traded security corporation. With its "Total Access" strategy, the Kaba Group is specialized in integrated solutions for security, organization, and convenience at building and information access points. Kaba is also the world market s No. 1 provider of key blanks, key cutting and coding machines, transponder keys, and high security locks. It is a leading provider of electronic access systems, locks, master key systems, hotel locking systems, security doors, and automatic doors. Further information is available at http://www.kaba.com. CONTACT: KABA HOLDING AG KABA Hofwisenstrasse 24 Schweiz CH-8153 Rumlang 41 1 818 90 11 Ulrich Graf, President and CEO Phone: +41 44 818 90 61 Dr. Werner Stadelmann, CFO Phone: +41 44 818 90 61 Web site: http://www.kaba.com =========================== U N I T E D K I N G D O M =========================== ALCAN AUTOMOTIVE: Members Final Meeting Set ------------------------------------------- Name of companies: Alcan Automotive Structures (UK) Limited Alcan Colwick Limited Alcan Finances (U.K) Alcan Swinton Limited BA Metals Limited Pearhouse Limited Venesta Foils Limited The final meeting of the members of these companies will be on November 30, 2004 commencing at 11:00 a.m. and thereafter at 5- minute intervals. It will be held at the offices of Grant Thornton UK LLP, 43 Queen Square, Bristol BS1 4QR. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Grant Thornton UK LLP, 43 Queen Square, Bristol BS1 4QR not later than 12:00 noon, November 29, 2004. CONTACT: GRANT THORNTON 43 Queen Square, Bristol BS1 4QR Phone: 0117 926 8901 Fax: 0117 926 5458 Web site: http://www.grant-thornton.co.uk ALUDEL LIMITED: Creditors' Meeting Set Next Week ------------------------------------------------ The unsecured creditors of Aludel Limited will meet on November 3, 2004 commencing at 11:00 a.m. It will be held at IoD hub, One Victoria Square, Birmingham B1 1BD. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to RSM Robson Rhodes LLP, 186 City Road, London EC1V 2NU not later than 12:00 noon, November 2, 2004. CONTACT: RSM ROBSON RHODES LLP 186 City Road, London EC1V 2NU Phone: +44 (0) 20 7251 1644 Fax: +44 (0) 20 7250 0801 Web site: http://www.robsonrhodes.co.uk ARGONAUT GAMES: Subsidiaries Fall into Administration ----------------------------------------------------- Administrators have been appointed to the three trading subsidiaries of Argonaut Games plc, the games software development group holding company whose shares were suspended on 15 October 2004. David Rubin and Asher Miller, two partners of Chartered Accountants and Licensed Insolvency Practitioners, David Rubin & Partners in London, were appointed joint administrators of Argonaut Software Limited, Just Add Monsters Limited and Morpheme Limited late on Friday 22 October 2004. Argonaut Games plc itself has not been placed into Administration. Asher Miller said: "Administrators have been appointed by the Directors of the subsidiary companies to facilitate a restructuring of the business. The companies will continue trading under the Administrators' control whilst a buyer is sought. Interest has already been expressed and the Administrators are confident that an early sale can be finalized. An early sale is always desirable in this sector to minimize any disruption to ongoing games development, to the staff and to the customers." Argonaut Games plc also announces that Jeremy San and Aaron San have resigned from the Board of the Company with immediate effect. CONTACT: DAVID RUBIN & PARTNERS Asher Miller Phone: 020 8343 5900 or 020 7400 7900 E-mail: asher@drpartners.com AXIOM DESIGN: Names Wilson Field Administrator ---------------------------------------------- Lisa Hogg and David Andrew Field (IP Nos 9037, 9178) have been appointed joint administrators for Axiom Design & Print Limited. The appointment was made October 15, 2004. CONTACT: WILSON FIELD The Annexe, The Manor House, 206 Ecclesall Road South, Sheffield S11 9UZ Phone: 020 7554 8640 Fax: 020 7554 8641 Web site: http://www.wilsonfield.co.uk BEATDRAW LIMITED: Club Director Receives Four-year Ban ------------------------------------------------------ The director of a Nightclub business that failed with total a deficiency estimated at around GBP207,000 has given an Undertaking not to hold directorships or take any part in company management for four years. The Undertaking by Beverley Lorenta Burgess, 54, of Charlton Lane, Brentry, Bristol, was given in respect of her conduct as director of Beatdraw Limited, which carried on business from premises at 81-83 Stokes Croft, Bristol. Acceptance of the Undertaking on October 18, 2004 prevents Beverley Lorenta Burgess 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. Beatdraw Limited was placed into voluntary liquidation on August 15, 2002 with an estimated deficiency of GBP207,687 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 Beverley Lorenta Burgess, were that she: (a) Caused or allowed the Company to trade with knowledge of insolvency when there was no reasonable prospect of paying creditors' claims; (b) Caused or allowed the Company to fail to submit Value Added Taxation (VAT) Returns. 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 C3 DESIGN: Hires Joint Administrators from Wilson Field ------------------------------------------------------- Lisa Hogg and David Andrew Field (IP Nos 9037, 9178) have been appointed joint administrators for C3 Design & Print Limited. The appointment was made October 15, 2004. CONTACT: WILSON FIELD The Annexe, The Manor House, 206 Ecclesall Road South, Sheffield S11 9UZ Phone: 020 7554 8640 Fax: 020 7554 8641 Web site: http://www.wilsonfield.co.uk COVELINK MARINE: Names Robson Laidler Administrator --------------------------------------------------- William Paxton (IP No 8825) has been appointed administrator for Covelink Marine Limited. The appointment was made October 20, 2004. The company develops, produces and markets amphibious vehicles. CONTACT: ROBSON LAIDLER LLP Fernwood House, Fernwood Road, Jesmond, Newcastle upon Tyne Phone: 0191 281 8191 Fax: 0191 281 6279 Web site: http://www.robson-laidler.co.uk COURIER ECOSSE: Liquidator Enters Firm -------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Courier Ecosse Limited (In Compulsory Liquidation) I, David K Hunter, hereby give notice pursuant to Rule 4.19 of the Insolvency (Scotland) Rules 1986 that I was appointed Liquidator of Courier Ecosse Limited, by an order of the court under Section 138(5) of the Insolvency Act 1986 on 11th October 2004. A Liquidation Committee was not formed. I do not intend to summon another meeting to establish a Liquidation Committee unless requested to do so by one tenth, in value, of the company's creditors. David K. Hunter, Liquidator October 11, 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 DECKMASTERS LIMITED: Insolvency Service Bans Director ----------------------------------------------------- The director of a Surrey business specializing in the design and installation of timber decking which failed with estimated total debts of around GBP130,000, has given an Undertaking not to hold directorships or take any part in company management for four years. Ann Teresa Longfield, 48, of Selsdon Road, South Croydon, Surrey CR2, gave the Undertaking in respect of her conduct as the only legally appointed director of Deckmasters Limited. The company carried out business from premises at The Courtyard, Sevenacres, Smallfield Road, Horne, Horley, Surrey and was placed into voluntary liquidation on January 13, 2003 with estimated debts of GBP130,502 owed to creditors. Acceptance of the Undertaking on October 18, 2004 prevents Ann Teresa Longfield 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. 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 Ann Teresa Longfield, was her position as the only legally appointed director of Deckmasters was neglected by her not exercising adequate control over the company's affairs and by not properly monitoring, assessing or controlling the running and financial position of the company. 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 DIAMOND INSURANCE: Hires Joint Liquidators from PwC --------------------------------------------------- At an extraordinary general meeting of Diamond Insurance Services (Europe) Limited on 15 October 2004, the special and ordinary resolutions to wind up the company were passed. Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree Court, London EC4 4HT have been appointed joint liquidators of the company for the purpose of such winding-up. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court, London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com EDENWEST LIMITED: Unsecured Creditors to Meet Mid-November ---------------------------------------------------------- The unsecured creditors of Edenwest Limited will meet on November 12, 2004 commencing at 10:30 a.m. It will be held at St Brides Institute, Bride Lane, Fleet Street, London EC4Y 8EQ. 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, November 2, 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 EVESHAM ELECTRICAL: In Administrative Receivership -------------------------------------------------- HSBC Bank Plc called in Andrew Martin Sheridan and Cedric Marsden Clapp (Office Holder Nos 008839, 005614) joint administrative receivers for Evesham Electrical & Building Services Limited (Reg No 01222559, Trade Classification: 4531). The application was filed October 18, 2004. The company installs electrical wiring. CONTACT: BAKER TILLY 1 Georges Square Bristol BS1 6BP Phone: 0117 945 2000 Fax: 0117 945 2001 Web site: http://www.bakertilley.co.uk FAMILY SUPPORT: Allied Irish Bank Appoints PwC Receiver ------------------------------------------------------- Allied Irish Bank plc called in Edward Klempka and David Malcolm Walker (Office Holder Nos 5791, 3606) joint administrative receivers for Family Support Services (Yorkshire) Limited (Reg No 02989323, Trade Classification: 40). The application was filed October 14, 2004. The company is engaged in other human health. CONTACT: PRICEWATERHOUSECOOPERS LLP Benson House, 33 Wellington Street, Leeds LS1 4JP Phone: [44] (113) 289 4000 Fax: [44] (113) 289 4460 Web site: http://www.pwcglobal.com FI PACKAGING: Appoints Joint Administrators from Moore Stephens --------------------------------------------------------------- Simon G. Paterson and David R. Elliott (IP Nos 6856, 1141) have been appointed joint administrators for FI Packaging Limited. The appointment was made October 13, 2004. The company manufactures plastic products. CONTACT: MOORE STEPHENS CORPORATE RECOVERY Victory House Admiralty Place Chatham Maritime Kent ME4 4QU Phone: +44 (01634) 895100 Fax: +44 (01634) 895101 Web site: http://www.moorestephens.com FLEATHAM ESTATES: Liquidator's Final Report Out November -------------------------------------------------------- Name of companies: Fleatham Estates Limited Forman Marshall Limited LMG Finance Limited LMG Lloyds Limited Lawson Mardon Limited Lawson Mardon Thyne Limited Lawson Mardon (Witham) Limited Mardon Composites Limited Mardon Wrappings Limited Prontoseal Limited The final meeting of the members of these companies will be on November 30, 2004 commencing at 10:00 a.m. and thereafter at 5- minute intervals. It will be held at the offices of Grant Thornton UK LLP, 43 Queen Square, Bristol BS1 4QR. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Grant Thornton UK LLP, 43 Queen Square, Bristol BS1 4QR not later than 12:00 noon, November 29, 2004. CONTACT: GRANT THORNTON 43 Queen Square, Bristol BS1 4QR Phone: 0117 926 8901 Fax: 0117 926 5458 Web site: http://www.grant-thornton.co.uk FOOD NATION: Hires Begbies Traynor as Administrator --------------------------------------------------- Andrew Howard Beckingham and Simon Robert Haskew (IP Nos 8683, 8988) have been appointed joint administrators for restaurant company Food Nation Limited. The appointment was made October 1, 2004. Its registered office is located at 58 Queen Square, Bristol BS1 4LF. CONTACT: BEGBIES TRAYNOR 58 Queen Square, Bristol BS1 4LF Phone: 0117 929 4800 Fax: 0117 922 0114 Web site: http://www.begbies.com FUTURE SYSTEM: Owners Agree to Liquidate Business ------------------------------------------------- At a meeting of the Future System Consulting UK Limited, the special, ordinary and extraordinary resolutions to wind up the company were passed. Alan H. Tomlinson of Tomlinsons, St Johns Court, 72 Gartside Street, Manchester M3 3EL has been appointed as liquidator of the company for the purpose of such winding-up. CONTACT: TOMLINSONS St John's Court, 72 Gartside Street, Manchester M3 3EL Phone: 0870 60 70 170 Fax: 0870 60 70 180 E-mail: advice@tomlinsons.co.uk Web site: http://www.tomlinsons.co.uk GERARD BLUM: Calls in Liquidator from Kingston Smith & Partners --------------------------------------------------------------- At an extraordinary general meeting of the members of the Gerard Blum Limited on October 7, 2004 held at the offices of Kingston Smith & Partners LLP, 105 St Peters Street, St Albans, Hertfordshire AL1 3EJ, the special, ordinary and extraordinary resolutions to wind up the company were passed. Timothy James Bramston of Kingston Smith & Partners LLP, 105 St Peter's Street, St Albans, Hertfordshire AL1 3EJ has been appointed as liquidator of the company for the purpose of the voluntary winding-up. CONTACT: KINGSTON SMITH & PARTNERS LLP 105 St Peter's Street, St Albans, Hertfordshire AL1 3EJ Phone: 01727 896 000 Fax: 01727 896 001 Web site: http://www.kingstonsmith.co.uk HENDERSON EUROPEAN: Files for Voluntary Liquidation --------------------------------------------------- The Directors of Henderson European Micro Trust plc announce that the resolutions to approve the winding-up of the firm and to appoint the Liquidators to implement the scheme of reconstruction of the Company, as set out in the Circular to Shareholders dated 22 September 2004, were duly passed at [the] extraordinary general meeting. Accordingly the Scheme has become effective and the Company has been placed into members' voluntary liquidation with Patrick Joseph Brazzill and Margaret Elizabeth Mills, both of Ernst & Young LLP, 1 More Place, London SE1 2AF, being appointed as liquidators of the Company. The Company's total assets (including accrued income) as at the close of business on 22 October 2004 were GBP50.1 million, 94.56% of which was represented by cash and short dated gilts. After the retention by the Liquidators of the amounts described in the Circular and illiquid investments unrealized at the Effective Date, the Scheme entitlements have been calculated on: (a) Henderson European Capital Growth Fund (HECGF) Shareholders will receive 0.04968 shares in HECGF for each Ordinary Share in the Company in respect of which they elected for the Henderson European Capital Growth Fund option. It is expected that shares in HECGF will be issued to the relevant Shareholders by close of business on 26 October 2004. (b) Cash Shareholders will receive, as an initial interim cash distribution, 57.8758 pence for each Ordinary Share in the Company. It is expected that cheques and CHAPS payments in respect of the first cash distributions will be dispatched to the relevant shareholders and CREST accounts credited during the week commencing 1 November 2004 or as soon as practicable thereafter. In light of information received by the Company since the date of the Circular, the directors have reviewed the valuation of the residual holdings as at the Calculation Date. As a result of this revaluation, listed and unlisted unrealized investments worth in total GBP2.7 million on the Calculation Date have been transferred to the Liquidation Fund and will be realized by the Liquidators over time, following which one or more further distributions will be made to Shareholders who were on the register on 26 October 2004. Investors should be aware that due to market fluctuations there can be no certainty of the amount, which will be realized from these investments or that the investments will maintain their current valuation. Further announcements will be made in due course updating Shareholders on the progress of the realizations. CONTACT: HENDERSON EUROPEAN MICRO TRUST PLC Stephen Westwood, Head of Investment Trusts Henderson Global Investors Phone: 020 7818 5517 CLOSE WINS SECURITIES David Benda Phone: 020 7621 5562 HENLYS FINANCE: Names Robson Rhodes Liquidator ---------------------------------------------- At a general meeting of the Henlys Finance Limited on October 15, 2004, the ordinary and extraordinary resolutions to wind up the company were passed. Geoffrey Paul Rowley and Simon Peter Bower, of RSM Robson Rhodes LLP, 186 City Road, London EC1V 2NU have been appointed joint liquidators for the purpose of winding-up the company. CONTACT: RSM ROBSON RHODES LLP 186 City Road, London EC1V 2NU Phone: +44 (0) 20 7251 1644 Fax: +44 (0) 20 7250 0801 Web site: http://www.robsonrhodes.co.uk IDEALTIME LIMITED: Brings in Administration from Baker Tilly ------------------------------------------------------------ Stephen M. Quinn and Lindsey J. Cooper (IP Nos 005761, 008931) have been appointed joint administrators for Idealtime Limited. The appointment was made October 18, 2004. The company manufactures kitchen furniture. Its registered office is located at Baker Tilly, Brazennose House, Lincoln Square, Manchester M2 5BL. CONTACT: BAKER TILLY Brazennose House, Lincoln Square, Manchester M2 5BL Phone: 0161 834 5777 Fax: 0161 835 3242 Web site: http://www.bakertilly.co.uk NEMESIS CT: Calls First Creditors' Meeting ------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Nemesis CT Ltd. (In Liquidation) I, Henry R. Paton of Milne Craig & Corson, Abercorn House, 79 Renfrew Road, Paisley, PA3 4DA, was appointed Interim Liquidator of Nemesis CT Ltd. by Interlocutor of the Sheriff at Edinburgh Sheriff Court on October 5, 2004. Pursuant to Section 138(4) of the Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland) Rules 1986, notice is hereby given that the first meeting of creditors of the company will be held within Abercorn House, 79 Renfrew Road, Paisley, PA3 4DA on November 22, 2004 at 12:00 noon for the purpose of choosing a Liquidator who may either be the Interim Liquidator or any other person qualified to act as Liquidator. The meeting may also consider other resolutions referred to in Rule 4.12(3) To be entitled to vote at the meeting, creditors must have lodged their claims with me at the meeting or at the address below prior to the meeting. Voting may either be in person by the creditor or by proxy. To be valid, the proxy must be lodged with me at the meeting or at the same address prior to the meeting. A resolution at the meeting is passed if a majority of those voting have voted in favor of it. For the purposes of formulating claims, creditors should note that the date of liquidation is September 13, 2004. Your attention is also drawn to rules 4.15-4.17 and 7 of the Insolvency (Scotland) Rules 1986. Henry R. Paton, Interim Liquidator October 13, 2004 CONTACT: MILNE CRAIG & CORSON Abercorn House 79 Renfrew Road Paisley PA3 4DA Phone: 00 44 141 887 7811 Fax: 00 44 141 887 7753 E-mail: mcc.admin@milnecraig.co.uk Web site: http://www.milnecraig.co.uk NHPC LIMITED: Bank of Scotland Appoints KPMG Receiver ----------------------------------------------------- Bank of Scotland called in Jane Bronwen Moriarty and Blair Carnegie Nimmo (Office Holder Nos 9095, 8208) joint administrative receivers for NHPC Limited (Reg No 4221903, Trade Classification: 5540 Bars). The application was filed October 20, 2004. The company is a public house operator. CONTACT: KPMG Corporate Recovery, Arlington Business Park, Theale, Reading RG7 4SD Phone: (0118) 9642000 Fax: (0118) 9642222 Web site: http://www.kpmg.co.uk POGO NORTH: Members Appoint Deloitte & Touche Liquidator -------------------------------------------------------- At a general meeting of the members of Pogo North Sea Limited, the special, ordinary and extraordinary resolutions to wind up the company were passed. J. R. D. Smith and N. J. Dargan of Deloitte & Touche, Athene Place, 66 Shoe Lane, London EC4A 3BQ have been appointed joint liquidators of the company. CONTACT: DELOITTE & TOUCHE LLP Athene Place, 66 Shoe Lane, London EC4A 3WA Phone: 00 44 (0) 207 936 3000 Fax: 00 44 (0) 207 779 4001 Web site: http://www.deloitte.com QUALITY EMPLOYMENT: Sets Creditors' Meeting Next Month ------------------------------------------------------ The creditors of Quality Employment Services Limited will have an initial meeting on November 10, 2004 commencing at 11:00 a.m. It will be held at the offices of Wilson Field, Hamilton House, Mabledon Place, Euston, London WC1H 9BB. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to The Annexe, The Manor House, 260 Ecclesall Road, Sheffield S11 9PS not later than 12:00 noon, November 9, 2004. CONTACT: WILSON FIELD The Annexe, The Manor House, 206 Ecclesall Road South, Sheffield S11 9UZ Phone: 020 7554 8640 Fax: 020 7554 8641 Web site: http://www.wilsonfield.co.uk QUEENS MOAT: Scheme Now Effective; Shares De-listed --------------------------------------------------- The recommended cash acquisition of Queens Moat Houses PLC by W2001 Britannia LLC via a scheme of arrangement has become effective following delivery on Tuesday of the Court order sanctioning the Scheme to the Registrar of Companies. The QMH Shares have also been de-listed from the Official List of the UK Listing Authority and removed from trading on the London Stock Exchange. Terms used in this announcement shall have the same meanings as set out in the Scheme document dated 22 September 2004. CONTACT: QUEENS MOAT Morgan Stanley (Financial adviser to Queens Moat) Brian Magnus Phone: +44 (0) 20 7425 8000 GOLDMAN SACHS INTERNATIONAL (Financial adviser to Whitehall 2001) Richard Campbell-Breeden Basil Geoghegan Phone: +44 (0) 20 7774 1000 COLLEGE HILL ASSOCIATES (Financial public relations advisor to Queens Moat) Mark Garraway Crawford Burden Phone: +44 (0) 20 7457 2020 ROTHERHAM RUGBY: Receiver Sets Creditors' Meeting Next Week ----------------------------------------------------------- The creditors of Rotherham Rugby Union Football Club Limited will meet on November 5, 2004 commencing at 10:00 a.m. It will be held at The Consort Hotel, Brampton Road, Thurcroft, Rotherham S60 1BY. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Jacksons Jolliffe Cork, 33 George Street, Wakefield WF1 1LX not later than 12:00 noon, November 4, 2004. CONTACT: JACKSON JOLLIFFE CORK 33 George Street, Wakefield WF1 1LX Phone: 01904 652100 Fax: 01904 635349 Web site: http://www.jjcork.co.uk SEASTREAM INTERNATIONAL: Names Buchanans Administrator ------------------------------------------------------ Alan Peter Whalley and Kevin Weir (IP Nos 6588, 9332) have been appointed joint administrators for Seastream International Limited. The appointment was made October 14, 2004. The company builds and repairs pleasure and sport boats. Its registered office is located at Registered Office of Company: Latimer House, 5 Cumberland Place, Southampton SO15 2BH. CONTACT: BUCHANANS PLC Latimer House, 5 Cumberland Place, Southampton SO15 2BH Phone: 023 8022 1222 Fax: 023 8033 1333 E-mail: advice@buchanans.com Web site: http://www.buchanans.com SG ASSET: Joint Liquidators from KPMG Called In ----------------------------------------------- At an extraordinary general meeting of the SG Asset Management Emerging Markets Limited on October 13, 2004 held at SG House, 41 Tower Hill, London EC3N 4SG, the special and ordinary resolutions to wind up the company were passed. Stephen Treharne and Jeremy Spratt of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have been appointed joint liquidators for the purpose of such winding-up. 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 SWEET DEPOT: Creditors Appoint Liquidator ----------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF The Sweet Depot Limited (In Liquidation) I, Graham H. Martin, PricewaterhouseCoopers LLP, Kintyre House, 209 West George Street, Glasgow, G2 2LW, hereby give notice that I was appointed Liquidator of The Sweet Depot Limited on October 14, 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. All creditors who have not already done so are required on or before January 14, 2005 to lodge their claims with me. Graham H. Martin, Interim 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 TOP VALUE: First Creditors' Meeting Set Third Week of November -------------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Top Value Leisure Limited (In Compulsory Liquidation) I, Derek Forsyth of Campbell Dallas, Sherwood House, 7 Glasgow Road, Paisley, PA1 3QS hereby give notice that I was appointed Interim Liquidator of Top Value Leisure Limited on October 6, 2004, by Interlocutor of the Sheriff at Alloa. Notice is hereby given pursuant to Section 138 of the Insolvency Act 1986 that the first meeting of creditors of the above company will be held within Sherwood House, 7 Glasgow Road, Paisley PA1 3QS on November 16, 2004 at 10:00 a.m. for the purpose of choosing a Liquidator and determining whether to establish a Liquidation Committee. A resolution at the meeting will be passed if a majority of those voting have voted in favor of it. A creditor will be entitled to vote at the meeting only if a claim has been lodged with me at the meeting or before the meeting at my office and it has been accepted for voting purposes in whole or in part. For the purpose of formulating claims, creditors should note that the date of commencement of the Liquidation is August 19, 2004. Proxies may also be lodged with me at the meeting or before the meeting at my office. Derek Forsyth, Interim Liquidator October 12, 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 TRADE SECRET: Sets Creditors' Meeting Next Week ----------------------------------------------- The creditors of Trade Secret Limited will meet on November 3, 2004 commencing at 2:30 p.m. It will be held at 24 New House, Hatton Garden, London EC1N 8JY. Creditors who want to be represented at the meeting may appoint proxies. Proxy form must be submitted together with written debt claims to Antony Batty & Co, 24 New House, Hatton Garden, London EC1N 8JY not later than 12:00 noon, November 2, 2004. CONTACT: ANTONY BATTY & CO. 24 New House, Hatton Garden, London EC1N 8JY TRILOGY CDP: Hires Joint Administrators from Wilson Field --------------------------------------------------------- Lisa Hogg and David Andrew Field (IP Nos 9037, 9178) have been appointed joint administrators for Trilogy CDP Limited. The appointment was made October 15, 2004. CONTACT: WILSON FIELD The Annexe, The Manor House, 206 Ecclesall Road South, Sheffield S11 9UZ Phone: 020 7554 8640 Fax: 020 7554 8641 Web site: http://www.wilsonfield.co.uk WHITES UK: Calls in Joint Administrators ---------------------------------------- A. H. Tomlinson (IP No 006585) and David Kaye (IP No 002197) have been appointed joint administrators for Whites UK Limited. The appointment was made October 13, 2004. Its registered office is located at Tomlinsons, St Johns Court, 72 Gartside Street, Manchester M3 3EL. CONTACT: TOMLINSONS St John's Court, 72 Gartside Street, Manchester M3 3EL Phone: 0870 60 70 170 Fax: 0870 60 70 180 E-mail: advice@tomlinsons.co.uk Web site: http://www.tomlinsons.co.uk CRAWFORDS Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB ********* 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 * * *