/raid1/www/Hosts/bankrupt/TCREUR_Public/041029.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Friday, October 29, 2004, Vol. 5, No. 215
Headlines
C Z E C H R E P U B L I C
CESKOSLOVENSKA OBCHODNI: 'C' Individual Rating Affirmed
F I N L A N D
BENEFON OYJ: Hires Sitrick And Company to Handle PR Work
F R A N C E
CYBER PRESS: H1 Result Heads South a Year After EUR4 Mln Profit
UNALIT SA: Closure Imminent as Potential Buyers Remain Elusive
WAVECOM SA: Narrows Third-quarter Operating Loss to EUR18.4 Mln
G E R M A N Y
CCE COMPOSITES: Plastics Firm Under Bankruptcy Administration
CELANESE AG: Outlook Changed to Negative from Stable
CULINARIA GMBH: Administrator Takes over Operations
DE. ABWICKLUNGS: Creditors' Claims Due November
ECOM DATA: Bonn Court Appoints Insolvency Manager
ERDLE INNENEINRICHTUNGEN: Under Bankruptcy Administration
FONTANA FILMPRODUKTIONSGESELLSCHAFT: Succumbs to Bankruptcy
GIB GASTRO: First Creditors' Meeting Set December
GRUNDSTUCKSVERWALTUNGSGESELLSCHAFT WANKE: Declared Bankrupt
KULTURBAHNHOF VEGESACK: First Creditors' Meeting Set November
NORDDEUTSCHE LANDESBANK: Individual Rating on Watch Negative
ORTKRASS GAS: Creditors Have Until November to File Claims
WESTLB AG: Completes EUR1.5 Billion Capital Increase
I T A L Y
PARMALAT FINANZIARIA: Admits Additional Deutsche Bank Claims
PARMALAT U.S.A.: Farmland Asks Court to Okay Beyer Farms Deal
PARMALAT U.S.A.: U.S. Creditors Still Cannot Touch U.S. Assets
RICHARD GINORI: Books EUR5.9 Million First-half Net Loss
N E T H E R L A N D S
ROYAL AHOLD: Appoints Criado-Prez to Manage Spanish Unit
R O M A N I A
S.C. HIDROELECTRICA: Long-term Corporate Credit Rated 'BB-'
R U S S I A
AVTO-DOR: Tyumen Court Appoints Insolvency Manager
COMPLEX OF PROFOUND: Declared Insolvent
FARMATSIYA-2: Court Names B. Shurshev Insolvency Manager
KRASNOURALSKIY BAKERY: Under Bankruptcy Supervision
NOVOCHERKASSKIY COMBINE: Court Sets Next Hearing February
PALEKHLEN: Insolvency Manager to Temporarily Run Firm
PROMSVYAZBANK FINANCE: US$100 Million Notes Rated 'B'
UNIVERSAL-S: Appoints S. Silchenko Insolvency Manager
URAL-SEL-MASH: Undergoes Bankruptcy Supervision Procedure
YASHKINSKIY MEL-COMBINE: Names E. Pokosov Insolvency Manager
YUKOS OIL: Lead Prosecutor in Tax Evasion Case Replaced
YUKOS OIL: Swedish Investors Plan Suit in International Court
ZUBTSOVSKIY CREAMERY: Proofs of Claim Deadline Expires November
U K R A I N E
GIDROELEMENT: Under Bankruptcy Supervision
MEGATORG: Proofs of Claim Deadline Set
NAFTOPROMRESUR: Calls in Temporary Insolvency Manager
PEREMOGA: Insolvency Manager to Temporarily Run Firm
RASSVET: Donetsk Court Orders Debt Moratorium
SARGIS-SV: Bankruptcy Proceedings Begin
SOSNIVSKIJ GRANKARYER: Declared Insolvent
STUDIYA LEVA-EN: Deadline for Filing of Claims Approaches
STUDIYA LEVA-TM: Sets Deadline for Filing Claims
TEST TECHNOLOGY: Bankruptcy Supervision Starts
TOREZ' AUTO 11413: Court Grants Debt Moratorium
UKRAINE: Harkiv Court Appoints Liquidator
U N I T E D K I N G D O M
ABBEY COACHWORKS: Creditors' Meeting Set November
ABBEY NATIONAL: Statutory Pre-tax Profit Improves
ALLTRAC (UK): Extraordinary Winding up Resolution Passed
ALYON LIMITED: Members Agree to Wind up Firm
BLUETONIC LIMITED: Calls in Liquidator from Pridie Brewster
CABLE & WIRELESS: Sells IDC to Softbank for GBP72.4 Million
CHOICE BEDROOMS: Hires Joint Liquidators from Harrisons
COMTEK FACILITIES: Appoints Begbies Traynor Administrator
CONSULTIUS TECHNOLOGY: Hires Liquidator from K S Tan & Co.
D.B.S. ENGINEERING: Members Opt to Liquidator Company
EGG PLC: Selling French Asset for Up to EUR140 Million
ELDRIDGE POPE: Bidco Offer Gains 68% Acceptance
ENCEE SERVICES: Liquidator from Purnells Move in
EQUITABLE LIFE: Not Ruling out Settlement with Ernst & Young
EXTREME PRECISION: Names Tait Walker Liquidator
FLIGHTSTORE LIMITED: Hires Benedict Mackenzie as Administrator
FLOW PERSONNEL: Calls in Liquidator from Valentine & Co.
GASSERV LIMITED: Owners Agree to Dissolve Firm
HAWKE COMPUTER: Liquidator to Give Update End-November
INDIGO RECRUITMENT: Hires Valentine & Co. as Liquidator
ISISFINE LIMITED: Liquidator's Final Report Out December
IT SUPPORT: Sets Liquidation Meeting Third Week of November
JOHN RAWLSON: Bank of Scotland Appoints Ernst & Young Receiver
KEY ENGINEERING: Final Creditors' Meeting Set December
LINACRE DECORATORS: Calls First Creditor's Meeting
MCMASTER STORES: Liquidator's Final Report Known Next Month
MOTOR REPAIR: First Creditors' Meeting Set November
NORTHERN FOODS: Parts with Long-time Director
PISCADOR PLC: Names Joint Administrators from Harris Lipman
PRECISION CUT: Appoints Kroll Limited Administrator
S M LEISURE: Calls in Joint Administrators from Begbies Traynor
SOUTH CLEVELAND: HSBC Bank Appoints PwC Receiver
THE RESIDENTIAL: Names BDO Stoy Hayward Administrator
UNITED POLYMERS: Hires Joint Administrators from Kroll Limited
VALIANT PLASTICS: Names PricewaterhouseCoopers Liquidator
YORKSHIRE GROUP: Falls into Receivership
*********
===========================
C Z E C H R E P U B L I C
===========================
CESKOSLOVENSKA OBCHODNI: 'C' Individual Rating Affirmed
-------------------------------------------------------
Fitch Ratings affirmed Czech Republic-based Ceskoslovenska
obchodni banka's ratings at Long-term 'A+', Short-term 'F1',
Support '1' and Individual 'C'.
The Long-term, Short-term and Support ratings reflect the
potential support from CSOB's majority shareholder Belgium's KBC
Bank (rated 'AA-') in case of need. The Individual rating
reflects a clean balance sheet and a good track record of a
conservative well-managed institution. It also considers the
bank's sound capitalization, improving risk management tools and
the substantial boost given to its customer franchise and
funding by its IPB acquisition. In addition, it reflects a
tough and competitive operating environment, which keeps
commercial lending opportunities in the Czech Republic under
pressure. As it is now the loans season, some higher loan loss
provisions can be expected.
CSOB is the largest bank in the Czech Republic with a 19.3%
share of the system's assets and an important presence in the
retail deposit sector. It is also active in Slovakia with a
8.5% market share. The CSOB financial group includes a
specialized mortgage bank, a building and loans association,
leasing, pension, insurance and investment fund management
companies. CSOB also has an agreement with the Czech Post
Office to use the outlets as branches, allowing CSOB to reach
mass-market clients across the country. At end-September 2004,
KBC Bank controlled 89.86% of its capital. The European Bank
for Reconstruction and Development owns 7.47% and the remaining
2.67% is widely held.
CONTACT: FITCH RATINGS
Claudia Nelson
Michael Steinbarth, London
Phone: +44 20 7417 4222
Media Relations:
Campbell McIlroy, London
Phone: +44 20 7417 4327
CESKOSLOVENSKA OBCHODNI BANKA, a.s.
Na Prikope 14
115 20 Praha 1
Phone: +420 261 351 111
Or +420 224 111 111
Fax: +420 224 225 049
BIC (SWIFT): CEKOCZPP
Telex: 122201
Web site: http://www.csob.cz
=============
F I N L A N D
=============
BENEFON OYJ: Hires Sitrick And Company to Handle PR Work
--------------------------------------------------------
Benefon Oyj, creator of one of the first GSM/GPS combination
mobile terminals and a worldwide provider of GPS/GSM mobile
telematics solutions, retained Sitrick And Company as worldwide
investor relations and public relations counsel.
Sitrick And Company, with offices in Los Angeles, New York, and
Washington, D.C. is internationally recognized as one of the
leading corporate, financial, and transactional communications
firms. The firm has a large and diverse practice and either
represents or has represented companies in virtually every
industry, including the telecommunications industry.
"This has been a very exciting year for us, and we face the next
year with confidence," said Tomi Raita, Chief Executive Officer
of Benefon. "As Benefon launches new and innovative mobile
telematics products and expands its presence throughout the
world, we want to ensure that our message is both received and
understood by the company's key constituents. Sitrick And
Company has the expertise and experience to ensure that this
goal will be accomplished: with the investor community, the
media and the business community."
Michael Sitrick, founder and Chief Executive Officer of Sitrick
And Company said: "We are very pleased to be working with such
an exciting company and accomplished group of managers and
executives. I have been very impressed with what I've seen of
Benefon's products and services and am pleased they chose
Sitrick And Company to help them achieve their objectives."
About Benefon
Benefon is a leader in GSM+GPS mobile telematics equipment and
solutions. Professional and consumer applications include
professional security, personal safety, field and workflow
management, asset tracking, and health. Headquartered in Salo,
Finland, Benefon has designed and manufactured mobile equipment
for cellular systems since 1988. For more information, visit
http://www.benefon.com.
CONTACT: SITRICK AND COMPANY
Mike Sitrick or Terry Fahn
Phone: (310) 788-2850
E-mail: mike_sitrick@sitrick.com
terry_fahn@sitrick.com
===========
F R A N C E
===========
CYBER PRESS: H1 Result Heads South a Year After EUR4 Mln Profit
---------------------------------------------------------------
Magazine publishing group Cyber Press Publishing saw its 2003
first-half profit of EUR4.6 million turn into a EUR3.4 million
net loss this year, Les Echos says.
The company, which publishes CyberPack, also booked EUR1.6
million in operating losses this year, compared to breakeven in
2003. Cyber Press Publishing blamed the losses to the nature of
the magazine sector. The magazine publisher earlier said it was
shifting the focus of its activities after acquiring ten
magazine titles in March and selling its audiovisual subsidiary
Viva Cyber.
CONTACT: CYBER PRESS PUBLISHING
Isabelle Weill
E-mail: iweill@loisir.net
Phone: 01 41 06 44 45
Web site: http://www.cyberpress-publishing.com
UNALIT SA: Closure Imminent as Potential Buyers Remain Elusive
--------------------------------------------------------------
The Beaune commercial court has placed fiberboard manufacturer
Unalit S.A. into receivership, Les Echos says. The court also
gave Unalit until November 1 to look for a new owner. Failure
to do so would mean closure for the firm, affecting 140
employees and posing serious trouble for suppliers and
subcontractors.
The company blames the stiff price competition with Eastern
countries for its demise. Unalit filed for bankruptcy in 1996,
but was able to secure a plan that ensured continuous operation
for ten years. The fiberboard maker was unable to cope with the
crisis in its sector, which has been plaguing the industry since
early 1990s. The Burgundy-based firm booked a turnover of
EUR17.3 million in 2003. The group was set up in 1940s in
Belgium and started its local operations in 1967. The company's
local plant is considered the largest in Europe.
CONTACT: UNALIT S.A.
BP 10
Saint-Usage
21 170 St. Jean-de-Losne
Phone: 03.80.72.68.00
Fax: 03.80.39.26.44
E-mail: unalit@unalit.fr
Web site: http://www.unalit.fr
WAVECOM SA: Narrows Third-quarter Operating Loss to EUR18.4 Mln
---------------------------------------------------------------
Wavecom S.A., a leader in pre-packaged wireless communications
solutions for automotive, industrial and mobile professional
applications, announced financial results for its third quarter
ended September 30, 2004.
The company announced on September 9, 2004 that it would exit
the handset business and focus on accelerating growth in its
vertical applications markets business.
Ron Black, chief executive officer commented: "We have already
realized positive results following our decision to concentrate
our business focus on the vertical applications markets.
Through tighter operating controls, we significantly slowed our
cash burn in the third quarter and began to reduce inventories."
Mr. Black continued, "With our sales teams and network of value-
added distributors singularly focused on generating revenues in
automotive, industrial and mobile professional applications, we
are making progress to meet our previously-stated goal of
returning the company to breakeven within the second half of
2005."
Third Quarter 2004 Financial Highlights
All figures are unaudited and reported in accordance with U.S.
generally accepted accounting principles (U.S. GAAP). Condensed
consolidated financial tables are provided at the end of this
release. It should be noted that following the company's
announcement to exit the telephone handset market in September
2004 the scope of the company's business changed thus making
comparisons to the same period the previous year not meaningful.
Revenues
Total third quarter revenues were EUR36.4 million declining 7%
from the previous quarter. Foreign currencies had no meaningful
impact on revenues as compared to the preceding quarter.
Revenues for vertical applications (90% of total) remained flat
compared to last quarter due mainly to the seasonally slow sales
period during the month of August, particularly in Europe. The
major cause for the quarterly revenue decline came from the
handset business (10% of total), which decreased 41% from the
previous quarter.
Sales generated from wireless Personal Digital Assistant (PDA)
applications, formerly part of the Personal Communication Device
PCD business, have been reported as part of the vertical
applications market. The customer portfolio remained balanced
with no single customer representing more than 14% of total
revenues in the third quarter. The top ten customers combined
represented 72% of revenues, nine of which were in the vertical
applications market.
Backlog
Backlog as of September 30, 2004 stood at EUR40 million, flat
compared to June 30, 2004. Future orders for vertical
applications, including wireless PDAs make up 84% of this
backlog.
Gross Margin
Total gross margin was 20% compared to 25% in the previous
quarter. The product gross margin was 25% of revenues in the
third quarter 2004, below the 30% last quarter. This decline
was due mainly to the decision to write-off approximately EUR4
million related to the excess inventories of products that have
reached end-of-life, most of which were destined for the handset
market.
Operating results
Total operating expenses for the third quarter were EUR25.7
million, which included a EUR5.2 million charge for the
restructuring plan announced on January 23, 2004. Total charges
relating to this and an earlier restructuring plan were
approximately EUR11.4 million as of September 30, 2004. A
further restructuring plan was announced on September 9, 2004,
related to the company's decision to exit the handset business.
Most of the charges related to this restructuring plan will be
taken in the fourth quarter of 2004. Expenses associated with
R&D declined in the third quarter 2004 compared to the second
quarter due mainly to headcount and other related cost
reductions.
G&A also declined as compared to an unusually high second
quarter 2004, which was related to an additional provision that
was taken for excess office space as well as a non income tax
assessment. The company posted an operating loss for the third
quarter 2004 of EUR18.4 million as compared to EUR26.4 million
the previous quarter.
Cash
Wavecom's cash position was EUR55 million at September 30, 2004,
a decrease of EUR5.2 million from EUR60.2 million at June 30,
2004. The company was able to limit the decline in its cash
reserves as a result of improved operating performance,
particularly in accounts receivable and inventory management.
Business News
(a) Wavecom announced that the WISMO Pac P5186 was chosen by HP
for use in its pocket PC-based PDA. The HP iPAQ h6315 is
the first wireless PDA targeting mobile professionals that
integrates WAN, Wi-Fi 802.11 and Bluetooth technologies.
This product is currently available in the U.S.;
(b) With the addition of the certification on the Sprint network
in the U.S., Wavecom technology is now certified on the
major U.S. wireless networks for both GSM/GPRS and CDMA.
With these certifications, the U.S. market is now fully open
to our customers for developing a multitude of M2M and
automotive applications with nationwide access;
(c) Wavecom also announced its partnership with Plextek, a
global design house specialized in the development of
wireless products for machine-to-machine applications.
Plextek has been certified by Wavecom in the use of its
technology.
Through joint development Plextek and Wavecom will be able
to provide a broader range of products and design services
to customers for both organizations.
Fourth-quarter Results
Wavecom will announce its fourth-quarter 2004 results on
February 10, 2005 at 7:30 a.m. Paris time to be followed in the
afternoon by a conference call hosted by management commenting
on the results.
Ordinary and Extraordinary General Shareholders' Meeting
An ordinary and extraordinary General Shareholders' meeting has
been scheduled for November 16, 2004. For more information
about this meeting, please contact Lisa Ann Sanders, Director of
Investor Relations at +33 1 46 29 41 81 or via e-mail:
lisaann.sanders@wavecom.com.
Financial statements are available free of charge at:
http://bankrupt.com/misc/Wavecom_3q2004.pdf.
About Wavecom
Wavecom (NASDAQ: WVCM) (Euronext: AVM) (ISIN: FR0000073066) is a
leading provider of integrated technology solutions for wireless
voice and data applications to the vertical markets of
automotive, machine-to-machine, wireless local loop, mobile
computing and wireless PDAs. Wavecom's offering includes all
the software and hardware elements that are necessary to develop
truly innovative wireless devices, as well as the development
tools and services needed to bring them to market quickly and
easily.
Founded in 1993 and headquartered near Paris in Issy-les-
Moulineaux, Wavecom, has subsidiaries in Hong Kong (PRC), Seoul
(South Korea), San Diego (U.S.A.) and Darmstadt (Germany).
Wavecom is publicly traded on Euronext Paris, France and on the
NASDAQ New York, U.S.
CONTACT: WAVECOM S.A.
3, Esplanade du Foncet
442 Issy-les-Moulineaux Cedex
Lisa Ann Sanders
Investor Relations
Phone: +33 1 46 29 41 81
Fax: +33 1 46 29 41 87
E-mail: investors@wavecom.com
Web site: http://www.wavecom.com
Lisa Ann Sanders
Phone : +33 1 46 29 41 81
+33 6 19 89 00 77
E-mail: lisaann.sanders@wavecom.com
=============
G E R M A N Y
=============
CCE COMPOSITES: Plastics Firm Under Bankruptcy Administration
-------------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against CCE Composites and Compounds Entwicklungsgesellschaft
mbH on Oct. 6. Consequently, all pending proceedings against
the company have been automatically stayed. Creditors have
until Nov. 15 to register their claims with court-appointed
provisional administrator Klaus W. Gerling.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2004, 9:35 a.m. at the district court of
Cologne Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.
Etage, Saal 142 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.
CCE processes and sells plastics of all kinds.
CONTACT: CCE COMPOSITES AND COMPOUNDS ENTWICKLUNGSGESELLSCHAFT
Porschestr. 17, 51381 Leverkusen
Klaus W. Gerling, Insolvency Manager
Im Mediapark 6 B, 50670 Koln
Phone: 57 43 - 71 40
Fax: +4922157437149
CELANESE AG: Outlook Changed to Negative from Stable
----------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
specialty chemical producer BCP Crystal U.S. Holdings
Corporation and its Kronberg, Germany-based subsidiary, Celanese
AG, to negative from stable. The outlook revision follows the
recently announced agreement that Dallas, Texas-based BCP will
acquire Acetex Corporation in a debt-financed transaction,
valued at US$492 million.
The 'B+' corporate credit and senior secured bank loan ratings
and 'B-' senior unsecured and subordinated debt ratings on BCP
are affirmed.
At the same time, Standard & Poor's affirmed its ratings on
Vancouver, B.C.-based Acetex Corporation and revised the outlook
to negative from stable. The affirmation and outlook revision
on Acetex reflect Standard & Poor's expectation that Acetex's
credit quality will reflect that of its ultimate parent, BCP, if
the acquisition is completed as proposed.
Standard & Poor's views BCP Crystal's announced acquisition of
Acetex as a continuation of this company's very aggressive
financial policies.
"While the transaction does not result in a meaningful
leveraging of BCP's financial profile and strengthens its
acetyls business, it serves to extend already-poor debt leverage
measures," said Standard & Poor's credit analyst Wesley E.
Chinn. "Moreover, the potential acquisition does call into
question whether management will use prospective discretionary
cash flows to help improve credit statistics to appropriate
levels," added Mr. Chinn.
BCP Crystal's credit quality reflects: Considerable debt that
resulted from borrowings earlier this year to fund the
Blackstone Group's tender offer for the shares of Celanese -- a
transaction valued at about US$3.4 billion; and Very aggressive
financial policies of the equity sponsor (the pending debt
increase to fund the Acetex acquisition and recent addition to
debt to finance a dividend to the equity sponsors underscore the
company's willingness to prioritize growth and shareholder
rewards over the restoration of credit quality).
These weaknesses are only partially offset by the company's
solid business profile as an integrated producer of diverse
commodity and industrial chemicals, prospects for improving cash
flow generation, and its reasonable liquidity.
Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. All ratings affected
by this rating action can be found on at
http://www.standardandpoors.com.
CONTACT: Celanese AG
Corporate Center
Frankfurter Strasse 111
61476 Kronberg/Taunus
Germany
Phone: +49-(0)69-305-16000
Fax: +49-(0)69-305-16006
Web site: http://www.celanese.com
CULINARIA GMBH: Administrator Takes over Operations
---------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Culinaria GmbH on Sept. 28. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until Dec. 18, 2004 to
register their claims with court-appointed provisional
administrator Rudiger Wienberg.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 2, 2004, 9:40 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, 9:20 a.m. at the
insolvency court 1 of Charlottenburg 14057 Berlin, II. Stock
Saal 218.
CONTACT: CULINARIA GMBH
Auguststr. 82,10117 Berlin
Rudiger Wienberg, Insolvency Manager
Markgrafenstrasse 25, 10117 Berlin
DE. ABWICKLUNGS: Creditors' Claims Due November
-----------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against De. Abwicklungs-GmbH on Oct. 4. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Nov. 8, 2004 to register their
claims with court-appointed provisional administrator Dr.
Andreas Ringstmeier.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 8, 2004, 9:10 a.m. at the district court of
Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14 at which time the administrator will
present his first report of the insolvency proceedings. The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.
CONTACT: DE. ABWICKLUNGS-GMBH
Ringstrasse 46, 50996 Koln
Dr. Andreas Ringstmeier, Insolvency Manager
Magnusstr. 13, 50672 Koln
Phone: 0221/650 660
Fax: +49221650661
ECOM DATA: Bonn Court Appoints Insolvency Manager
-------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
ECOM Data Service on Oct. 6. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 23, 2004 to register their claims with
court-appointed provisional administrator Rudiger Stoll.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 23, 2004, 2:10 p.m. at the district court of
Bonn Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 2. Stock,
Saal S 2.22 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: ECOM DATA SERVICE GMBH
Maarweg 48, 53123 Bonn
Contact:
Stefan Mallwirtz, Manager
Am Burgweiher 11, 53123 Bonn
Rudiger Stoll, Insolvency Manager
Sankt Augustiner Strasse 94 a, 53225 Bonn
Phone: 0228/ 40 09 40
Fax: 40 09 479
ERDLE INNENEINRICHTUNGEN: Under Bankruptcy Administration
---------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Erdle Inneneinrichtungen GmbH on Sept. 29.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Dec. 23, 2004
to register their claims with court-appointed provisional
administrator Joachim Voigt.
Creditors and other interested parties are encouraged to attend
the meeting on Nov. 11, 2004, 10:00 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, 10:00 a.m. at the
insolvency court 1 of Charlottenburg 14057 Berlin, II. Stock
Saal 218.
CONTACT: Erdle Inneneinrichtungen GmbH
Rosenheimer Str. 6,10781 Berlin
Joachim Voigt, Insolvency Manager
Rankestrasse 33, 10789 Berlin
FONTANA FILMPRODUKTIONSGESELLSCHAFT: Succumbs to Bankruptcy
-----------------------------------------------------------
The district court of Wiesbaden opened bankruptcy proceedings
against Fontana Filmproduktionsgesellschaft mbH on Oct. 1.
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. Georg Bernsau.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 1, 2004, 11:15 a.m. at E 36 a, 3. OG,
Gebaude E, Moritzstrasse 5, Hinterhaus, 65185 Wiesbaden 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: FONTANA FILMPRODUKTIONSGESELLSCHAFT MBH
Langgasse 37, 65183 Wiesbaden
Contact:
Jurgen Ipfelkofer, Manager
Dr. Georg Bernsau, Insolvency Manager
Zeilweg 42, 60439 Frankfurt
Phone: 069/963761130
Fax: 069/963761145
GIB GASTRO: First Creditors' Meeting Set December
-------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against GIB Gastro International Berlin on Sept. 30.
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 Rolf Nacke.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 9, 2004, 9:50 a.m. at which time the
administrator will present his first report of the insolvency
proceedings. The court will verify the claims set out in the
administrator's report on Feb. 3, 2005, 9:35 a.m. at the
insolvency court 1 of Charlottenburg 14057 Berlin, II. Stock
Saal 218.
CONTACT: GIB GASTRO INTERNATIONAL BERLIN GMBH
Corneliusstr. 7,10787 Berlin
Rolf Nacke, Insolvency Manager
Gross-Berliner Damm 73 c, 12487 Berlin
GRUNDSTUCKSVERWALTUNGSGESELLSCHAFT WANKE: Declared Bankrupt
-----------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Grundstucksverwaltungsgesellschaft Wanke + Mayr GbR on
Oct. 6. 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 Dr. Florian Stapper.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 13, 2004, 10:15 a.m. at Saal 056 district
court of Leipzig at which time the administrator will present
his first report of the insolvency proceedings. The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: GRUNDSTUCKSVERWALTUNGSGESELLSCHAFT WANKE + MAYR GBR
Luftpark 2, 04509 Lobnitz/OT Sausedlitz
Contact:
Willibald Wanke, Manager
Manfred Mayr, Manager
Dr. Florian Stapper, Insolvency Manager
Karl-Heine-Str. 16, 04229 Leipzig
KULTURBAHNHOF VEGESACK: First Creditors' Meeting Set November
-------------------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Kulturbahnhof Vegesack e.V., on Oct. 1. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until Dec. 21, 2004 to
register their claims with court-appointed provisional
administrator Edgar Gronda.
Creditors and other interested parties are encouraged to attend
the meeting on Nov. 11, 2004, 11:45 a.m. at Saal 115,
Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen
(Berichtstermin), at which time the administrator will present
his first report of the insolvency proceedings. The court will
verify the claims set out in the administrator's report on Jan.
13, 2005, 10:20 a.m. the same venue.
CONTACT: KULTURBAHNHOF VEGESACK E.V.
Hermann-Fortmann-Str. 32, 28759 Bremen
Contact:
Axel Adamietz, Board Member
Mozartstr. 19, 28203 Bremen
Edgar Gronda, Insolvency Manager
Domshof 18-20, 28195 Bremen
Phone: 0421/3686-0
Fax: 0421/3686-100
NORDDEUTSCHE LANDESBANK: Individual Rating on Watch Negative
------------------------------------------------------------
Fitch Ratings placed Norddeutsche Landesbank Girozentrale's
Individual 'C' rating on Rating Watch Negative. At the same
time, Fitch has affirmed its ratings for NORD/LB's guaranteed
obligations at Long-term 'AAA' with Stable Outlook and Short-
term 'F1+'. The Long-term rating for the bank's unguaranteed
obligations is affirmed at 'A', with a Stable Outlook. The
agency has also affirmed the bank's Support rating at '1'.
The Negative Rating Watch on the Individual rating reflects
concerns over NORD/LB's capitalization, given its current low
underlying profitability and higher-than-in the past risk
provisioning requirements. Fitch is closely monitoring the
measures currently under discussion between the bank and its
owners to improve NORD/LB's capital base. The bank's Tier 1
ratio of 6.2% at end-June 2004 is below its Landesbank peers'
average, and capital includes a high proportion of hybrid
instruments (Stille Einlagen).
Fitch has been informed that a conversion of hybrid into
ordinary capital is currently under discussion. NORD/LB is also
amongst those Landesbanks that have been affected by the
European Commission's recent decision on unfair subsidies. It
has to repay EUR710 million to the state of Lower Saxony (see
Fitch press release 'EC Decision No Surprise', dated 22
September 2004). Fitch believes that this payment will be
neutralized by fresh capital from Lower Saxony and will,
therefore, not have an impact on the bank's capital.
Additionally Fitch has been informed that the owners are also
currently discussing the injection of fresh capital into the
bank to strengthen its capital ratio; a decision on this is
expected in Q4 2004, with the capital injection to be effective
in early 2005. In Fitch's view, the successful completion of
these capital measures is a necessity for the bank to maintain
its rating.
Without this fresh capital, capitalization appears weak in light
of NORD/LB's new restructuring measures and target of a pre-tax
return on equity (ROE) of 11% by 2008, which is not ambitious by
international standards. Fitch notes that the bank made some
progress in reducing its personnel expenses, announcing further
1,200 job cuts in an attempt to improve its profitability.
Improvement in profitability is expected to be mainly driven by
lower cost and loan loss provisions, while revenue generation
remains a concern, in particular as the bank will be more
selective in its international and special finance businesses.
On the other hand, a stronger focus on 'Mittelstand' financing
will result in a larger proportion of the loan book granted to
these higher-risk customers. It remains to be seen how NORD/LB
will be able to charge adequately risk-adjusted prices for such
loans and bring down its currently relatively high loan loss
provisions.
NORD/LB's Long-term and Short-term ratings for guaranteed
obligations are based on the strength of the support mechanisms
provided by its owners in the form of Anstaltslast and
Gewaehrtraegerhaftung and Fitch's 'AAA' ratings for the state of
Lower Saxony, Saxony-Anhalt and Mecklenburg-Western Pomerania.
These state guarantees cover all obligations until 18 July 2005.
Obligations entered into up until 18 July 2001 and those entered
into up between 19 July 2001 and 18 July 2005 and maturing
before end-2015 will be "grandfathered" in the form of
Gewaehrtraegerhaftung.
The Long-term 'A' rating for obligations not covered by these
guarantees is also based on potential support from the bank's
owners, in particular the state of Lower Saxony. Fitch expects
the outcome of the current discussions between the owners to
confirm their support of the bank.
Based in Lower Saxony, NORD/LB acts as central bank for the 85
savings banks in the three states and increases cooperation with
them. The bank provides corporate financing for small and
medium-sized enterprises (SMEs), as well as for larger
corporates. It is active in special financing businesses, real
estate and leasing businesses, as well as ship and aircraft
finance and investment banking. While NORD/LB's business used
to be primarily oriented towards its domestic market, the bank
has been expanding its northeast Europe operations around the
Baltic rim.
CONTACT: FITCH RATINGS
Holger Horn, Frankfurt
Phone: +49 69 768076 190
Olivia Perney Guillot
Phone: +49 69 768076 243
Media Relations:
Campbell McIlroy, London
Phone: +44 20 7417 4327
NORDDEUTSCHE LANDESBANK
Hannover Main Branch
Georgsplatz 1
D-30159 Hannover
Phone: ++49 511/ 361-0
Fax: ++49 511/ 361-4447
E-mail: info@nordlb.de
Web site: http://www.nordlb.de
ORTKRASS GAS: Creditors Have Until November to File Claims
----------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Ortkrass Gas-, Wasser- und Heizungsinstallation GmbH on
Oct. 11. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until
Nov. 8, 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 Nov. 29, 2004, 8:40 a.m. at the district court
of Dusseldorf Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf,
4. OG. Altbau, A 409 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: ORTKRASS GAS-, WASSER- UND HEIZUNGSINSTALLATION GMBH
Hochstrasse 35, 40593 Dusseldorf
Contact:
Agnes Maria Ortkrass, Manager
Dr. Jorg Nerlich, Insolvency Manager
Louise-Dumont-Str. 25, 40211 Dusseldorf
WESTLB AG: Completes EUR1.5 Billion Capital Increase
----------------------------------------------------
The EUR1.5 billion capital increase at WestLB AG has now been
completed following its entry in the commercial registers of
Dusseldorf and Munster. This means that WestLB also has a new
shareholder structure with effect from October 20, 2004: The two
savings banks associations, Rheinischer Sparkassen- und
Giroverband and Westfalisch-Lippischer Sparkassen- und
Giroverband each have a shareholding of 30.625% and NRW.BANK has
a shareholding of 38.75%. The owners of NRW.BANK are the State
of North Rhine-Westphalia (approximately 64.7%) and the Regional
Associations of the Rhineland and Westphalia-Lippe
(approximately 17.6% each).
The parent-subsidiary structure in place since the establishment
of NRW.BANK and WestLB AG in 2002 has thus been terminated.
Following the decision of the Annual Shareholders' Meeting on
June 29, 2004 on a capital increase, WestLB received two EUR750
million cash contributions from the two savings banks
associations in North Rhine-Westphalia on September 30, 2004.
CONTACT: WESTLB AG
Dusseldorf Head Office
Herzogstrabe 15
40217 Dusseldorf
Phone: (0211) 826-01
Fax: (0211) 826-6119
E-mail: info@westlb.de
Munster Head Office
Friedrichstrabe 1
48145 Munster
Phone: (02 51) 412-01
Fax: (02 51) 412 2921
E-mail: info@westlb.de
=========
I T A L Y
=========
PARMALAT FINANZIARIA: Admits Additional Deutsche Bank Claims
------------------------------------------------------------
Enrico Bondi, administrator of bankrupt food group Parmalat
Finanziaria S.p.A., has recognized a big part of Deutsche Bank's
claim, The Financial Times says.
Deutsche Bank is claiming around EUR94.2 million from the
multinational food group. Deutsche provided the amount to
Parmalat at different times and transactions. Mr. Bondi
originally admitted only EUR16.9 million, but lately added
EUR25.9 million, according to the paper citing sources close to
negotiations. The addition claims relate to loans backed by
invoices, which showed third parties owing Parmalat money.
Parmalat reportedly used the invoices to avail loans from other
banks.
Deutsche Bank's persistency may have spelled Mr. Bondi's
decision as it has been holding talks with the administrator and
has sought the intervention of a Parma judge, who would give his
ruling in mid-November. Whatever the ruling is, it is presumed
none will actually receive any amount, as claims will only
determine equity owners in the new Parmalat, which Mr. Bondi
hopes to launch next year.
Deutsche Bank hopes the food group would also recognize an
outstanding claim of around EUR50 million. The admission,
according to The Financial Times, would not rule out further
actions, as Mr. Bondi could still file for damages against
Deutsche Bank. The administrator has a pending case against
Deutsche Bank in Italy, stemming from Parmalat's payment of
around EUR17 million plus interest in November 2003, a month
before the food group collapsed.
Mr. Bondi ruled out in July admitting banks' claims worth
hundreds of million of Euros, claiming the banks had known of
Parmalat's fix but continued providing funds thus prolonging
fraud. Banks have now seen a chance to recover their money
after Mr. Bondi's admission, as they could use it to back their
claims. The administrator, who is trying to revive the
collapsed dairy from one of the largest corporate scandals in
Italian history, has also filed court actions in the U.S.
against Bank of America and Citigroup seeking to recover
billions of dollars.
CONTACT: PARMALAT FINANZIARIA S.p.A.
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
DEUTSCHE BANK AG
Taunusanlage 12
60325 Frankfurt
Germany
Phone: +49-69-910-00
Fax: +49-69-910-34227
Web site: http://www.deutsche-bank.de
PARMALAT U.S.A.: Farmland Asks Court to Okay Beyer Farms Deal
-------------------------------------------------------------
Parmalat U.S.A Corporation and Farmland Dairies, LLC filed a
lawsuit against Beyer Farms, Inc., Henry Beyer and Michael Beyer
before the Supreme Court of the State of New York in and for the
County of New York to recover:
(i) a US$1,493,141 unpaid balance due, plus interest, for
goods and services provided to Beyer Farms between
January 20, 2000, and November 29, 2003, pursuant to a
Supply Agreement dated December 1, 1998, entered into
by Beyer Farms and Sunnydale Farms, Inc., Farmland's
predecessor-in-interest; and
(ii) a US$40,000 unpaid balance for milk, milk products and
other merchandise sold at an agreed upon price
commencing on September 4, 1999, through December 4,
1999, for which Henry and Michael Beyer jointly and
severally guaranteed payment pursuant to a guarantee
dated January 20, 2000.
Beyer Farms denies owing the Outstanding Amounts. Beyer Farms
asserted several counterclaims against Farmland totaling
US$1,667,000. Beyer Farms alleges that:
-- it is due a credit not less than US$337,700 for
purchased milk and milk products;
-- Farmland or Parmalat U.S.A. breached a December 2003
agreement to issue Beyer Farms a certain milk and milk
product wholesale distribution route having a fair
market value of not less than US$300,000, in
consideration of substantial commercial damages caused
to Beyer Farms' business by Parmalat U.S.A. or its
distributor; and
-- Parmalat U.S.A. owes Beyer Farms US$1,000,000 as a
result of Beyer Farms' arrangement for Parmalat U.S.A.
to become the Processor for Dean Foods, Inc., and to
supply Beyer Farms and Tuscan/Lehigh Dairies, Inc., with
milk and milk products.
The U.S. Debtors and Beyer Farms previously agreed that the
automatic stay will be modified solely to permit the parties to
litigate the State Court Action.
After extensive, arm's-length negotiations, Farmland and Beyer
Farms agree to resolve their dispute and dismiss the State Court
Action. Beyer Farms agrees to pay US$1,200,000 to Farmland by
installments. Beyer Farms will drop its counterclaims.
In the event Beyer Farms defaults on the Settlement Payment, the
Clerk of the State Court is authorized to enter a judgment in
Farmland's favor equal to the Settlement Amount, less payments
received, with interest from November 29, 2003, together with
costs and disbursements.
Farmland asks Judge Drain of the U.S. Bankruptcy Court for the
Southern District of New York to approve the settlement. The
Agreement provides Farmland, its estate, creditors and all
parties-in-interest with consideration that a court -- in
Farmland's best case scenario -- would ultimately award to
Farmland. Farmland also avoids the costs and risks attendant to
litigation.
Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue. The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices. The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., of Weil Gotshal & Manges LLP, represent the
Debtors in their restructuring efforts. On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debts. EUR2,001,818,912 in assets and EUR1,061,786,417 in
debts. (Parmalat Bankruptcy News, Issue No. 34; Bankruptcy
Creditors' Service, Inc., 215/945-7000). (Parmalat Bankruptcy
News, Issue No. 34; Bankruptcy Creditors' Service, Inc.,
215/945-7000).
CONTACT: PARMALAT U.S.A. CORPORATION
520 Main Ave.
Wallington, NJ 07057
Phone: 973 777 2500
Fax: 973 777 7648
Toll Free: 888 727 6252
Web site: http://www.parmalatusa.com
PARMALAT U.S.A.: U.S. Creditors Still Cannot Touch U.S. Assets
--------------------------------------------------------------
Gordon I. MacRae and James Cleaver, as Joint Provisional
Liquidators of Parmalat Capital Finance Limited, Dairy Holdings
Limited, and Food Holdings Limited, agree with Parmalat
Finanziaria S.p.A. to consensually extend the Temporary
Restraining Order.
Accordingly, Judge Drain of the U.S. Bankruptcy Court for the
Southern District of New York adjourns the Bankruptcy Court's
consideration of the Application to December 6, 2004, at
10:00 a.m. In the interim, Judge Drain enjoins and restrains
all persons subject to the jurisdiction of the U.S. Court from
commencing or continuing any action to collect a pre-petition
debt against the Finance Companies without obtaining relief from
the Court.
Any objections to the further continuation of the Preliminary
Injunction must be in writing, filed with the U.S. Bankruptcy
Court for the Southern District of New York, and served by
December 2, 2004.
Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue. The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices. The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts. On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debts. (Parmalat Bankruptcy News, Issue No. 33; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
CONTACT: PARMALAT U.S.A. CORPORATION
520 Main Ave.
Wallington, NJ 07057
Phone: 973 777 2500
Fax: 973 777 7648
Toll Free: 888 727 6252
Web site: http://www.parmalatusa.com
RICHARD GINORI: Books EUR5.9 Million First-half Net Loss
--------------------------------------------------------
Tableware maker Richard Ginori 1735 booked a first-half net loss
of EUR5.9 million in contrast to a first-half profit of EUR.1
million in 2003, Il Sole 24 Ore says.
The group's EBITDA fell from EUR3.8 million to EUR2.2 million
while sales went up by 16.9% to EUR18.9 million.
Established in 1735, the company is a leading supplier of
ceramic products in Italy. Richard Ginori 1735, which employs
around 520 people, includes in its portfolio a number of
porcelain and bone china tableware. Exports account for a third
of the company's sales.
CONTACT: RICHARD GINORI 1735 S.p.A.
Viale Giulio Cesare 50
50019 Sesto Fiorentino
Firenze, Italy
Phone: +39-55-420-491
Fax: +39-55-420-4953
Web site: http://www.richardginori1735.com
Sesto Fiorentino, Investor Relation
Viale Giulio Cesare 50
50019 Sesto Fiorentino
Firenze, Italy
Phone: +39-55-420-4954
E-mail: InvestorRelator@RichardGinori1735.com
=====================
N E T H E R L A N D S
=====================
ROYAL AHOLD: Appoints Criado-Prez to Manage Spanish Unit
--------------------------------------------------------
Food retailer Royal Ahold N.V. has availed the services of
former Safeway Plc CEO Carlos Criado-Perez as chairman of its
Spanish grocery unit, Bloomberg News Service says.
Mr. Criado-Perez is poised to become Ahold's executive chairman
for three years after the food company completes the sale of its
Spanish outlets to private-equity firm Permira for EUR685
million. Mr. Criado-Perez left Safeway in March when William
Morrison Supermarkets Plc took over the retail chain. He took a
GBP1.4 million paycheck and around GBP4 million from an
incentive plan, according to Bloomberg News Service.
Ahold is trying to reduce its debts and lower interest costs
though selling off its assets worth EUR2.5 billion. The food
retailer recently announced its quarterly sales dropped by 7.95
due to competition, business disposals and dollar devaluations,
which worn off the value of its U.S. revenues.
CONTACT: ROYAL AHOLD N.V.
Albert Heijnweg 1
1507 EH Zaandam
Phone: +31-75-659-9111
Fax: +31-75-659-8350
Web site: http://www.ahold.com
=============
R O M A N I A
=============
S.C. HIDROELECTRICA: Long-term Corporate Credit Rated 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Romania-based electricity generation
company S.C. Hidroelectrica S.A. The outlook is stable.
The rating reflects the company's exposure to the remaining
transition economy features of the Republic of Romania (foreign
currency rating BB+/Stable/B; local currency BBB-/Stable/A-3)
where it operates; the requirement to sell a large share of
generation (currently 40%) at low regulated prices; poor
historical financial performance; significant partly debt-funded
medium-term capital expenditure plans that are expected to
weaken debt protection metrics; and limited financial
flexibility. This is mitigated by access to competitive low-
cost hydro-generation assets; a strong competitive position in
the region; the prospects of regulatory pricing constraints
decreasing as the market gradually opens and tariffs increase;
and implicit support from the 100% owner, the Romanian
government.
"We expect that gradually increased tariffs and further market
opening will help balance an expected financial weakening
resulting from Hidroelectica's massive planned investment
program and exposure to low-price supply contracts," said
Standard & Poor's credit analyst Andreas Zsiga. Hidroelectrica
is planning some EUR2 billion of capital expenditures, about
EUR1.2 billion of which are expected over the next five years.
The Romanian government guarantees most of Hidroelectrica's
current borrowing, although no guarantees are expected for
future borrowings, which are likely to be considerably higher
than current outstanding debt. The company is considered
strategically important for Romania as it operates a domestic
source of energy, and therefore contributes to fulfilling
national energy policy objectives of self-sufficiency.
The Romanian power market is relatively weak in a European
context, given its endemic payment problems and a weak customer
structure. Economic growth and potential E.U. accession could,
however, alleviate these problems overtime. Regulation is also
expected to improve, as tariffs are anticipated to increase
dramatically from a low level. The non-regulated, high price
segment of the market is also expected to increase in size as
full market opening is gradually introduced until 2008 from
today's 40% level. The company would likely be indirectly
positively influenced by any upgrade of the sovereign rating, as
this would indicate reduced regulatory and market risk, although
there is no immediate link between the ratings.
Ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. It can also be found
at http://www.standardandpoors.com. Alternatively, call one of
the following Standard & Poor's numbers: London Ratings Desk
(44) 20-7176-7400; London Press Office Hotline (44) 20-7176-
3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225;
Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members
of the media may also contact the European Press Office via e-
mail: media_europe@standardandpoors.com.
CONTACT: STANDARD AND POOR'S RATING SERVICES
Group E-mail Address
infrastructureeurope@standardandpoors.com
===========
R U S S I A
===========
AVTO-DOR: Tyumen Court Appoints Insolvency Manager
--------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
proceedings against Avto-Dor after finding the open joint stock
company insolvent. The case is docketed as A70-1022/3-04. Mr.
V. Sergeyev has been appointed insolvency manager. Creditors
have until November 24, 2004 to submit their proofs of claim to
625003, Russia, Tyumen, Rozy Lyuksemburg Str. 12B.
CONTACT: AVTO-DOR
Russia, Tyumen, Chekistov Str. 28
Mr. V. Sergeyev
Insolvency Manager
625003, Russia, Tyumen, Rozy Lyuksemburg Str. 12B
COMPLEX OF PROFOUND: Declared Insolvent
---------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy proceedings against Complex of Profound Processing
after finding the close joint stock company (TIN 7445017273)
insolvent. The case is docketed as A76-13193/04-60-3. Mr. I.
Fedurin has been appointed insolvency manager.
Creditors may submit their proofs of claim to 450044, Russia,
Chelyabinsk region, Magnitogorsk, Post User Box 121. A hearing
will take place on November 15, 2004.
CONTACT: COMPLEX OF PROFOUND PROCESSING
455002, Russia, Chelyabinsk region,
Magnitogorsk, Kirova Str. 93
Mr. I. Fedurin
Insolvency Manager
450044, Russia, Chelyabinsk region,
Magnitogorsk, Post User Box 121
FARMATSIYA-2: Court Names B. Shurshev Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Astrakhan region has commenced
bankruptcy proceedings against Farmatsiya-2 after finding the
subsidiary enterprise insolvent. The case is docketed as A06-
756B/3-14k/2004. Mr. B. Shurshev has been appointed insolvency
manager. Creditors may submit their proofs of claim to 414000,
Russia, Astrakhan, Savushkina Str. 29, Apartment 48.
CONTACT: FARMATSIYA-2
Russia, Astrakhan, Raskolnikova Str. 10
Mr. B. Shurshev
Insolvency Manager
414000, Russia, Astrakhan,
Savushkina Str. 29, Apartment 48
KRASNOURALSKIY BAKERY: Under Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision procedure on municipal enterprise
Krasnouralskiy Bakery (TIN 6618000156). The case is docketed as
A60-23800/04-S1. Mr. V. Opryshko has been appointed temporary
insolvency manager. Creditors may submit their proofs of claim
to 620075, Russia, Ekaterinburg, Pushkina Str. 9a, Office 306.
CONTACT: KRASNOURALSKIY BAKERY
624330, Russia,
Sverdlovsk region, Krasnouralsk,
Sovetskaya Str. 32a
Mr. V. Opryshko
Temporary Insolvency Manager
620075, Russia, Ekaterinburg,
Pushkina Str. 9a, Office 306
NOVOCHERKASSKIY COMBINE: Court Sets Next Hearing February
---------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on open joint stock company
Novocherkasskiy Combine of Grain Products. The case is docketed
as A53-15449/04-S2-8. Mr. V. Rudko has been appointed temporary
insolvency manager. Creditors may submit their proofs of claim
to 620075, Russia, Ekateginburg, Post User Box 63. A hearing
will take place on February 15, 2005.
CONTACT: NOVOCHERKASSKIY COMBINE OF GRAIN PRODUCTS
346430, Russia,
Rostov region, Novocherkassk,
Sotsialisticheskaya Str. 1V
Mr. V. Rudko
Temporary Insolvency Manager
620075, Russia,
Ekateginburg,
Post User Box 63
PALEKHLEN: Insolvency Manager to Temporarily Run Firm
-----------------------------------------------------
The Arbitration Court of Ivanovo region has commenced bankruptcy
proceedings against Palekhlen after finding the open joint stock
company insolvent. The case is docketed as A1172/10-B. Ms. Z.
Barinova has been appointed insolvency manager. Creditors may
submit their proofs of claim to Russia, Ivanovo, Teatralnaya
Str. 16, Room 52.
CONTACT: PALEKHLEN
Russia, Ivanovo region,
Palekh, D. Bednogo Str. 34
Ms. Z. Barinova
Insolvency Manager
Russia, Ivanovo,
Teatralnaya Str. 16, Room 52
PROMSVYAZBANK FINANCE: US$100 Million Notes Rated 'B'
-----------------------------------------------------
Fitch Ratings assigned Promsvyaz Finance S.A.'s US$100 million
10.25% limited recourse loan participation notes due October
2006 a final Long-term 'B' rating. The notes are to be used
solely for financing a loan to Russia's Promsvyazbank (PSB,
rated Long-term foreign currency 'B') under a loan agreement.
Further details on the structure of the issue can be found in
Fitch's announcement on 5 October 2004 (see
http://www.fitchratings.com).
PSB was established in 1995 originally to serve the
telecommunications and transport sectors. The bank's business
has since grown and diversified, and it ranks among the top 15
banks in Russia by assets. PSB is principally a corporate bank,
with its core clients from the telecommunications, securities
trading, IT, construction, railways, manufacturing, mass media,
publishing, food production and retail trade sectors.
CONTACT: FITCH RATINGS
James Watson, London
Phone: +44 20 7417 4360
James Longsdon
Phone: +44 20 7417 4309
Vladlen Kuznetsov, Moscow
Phone: +7 095 956 9901
Media Relations:
Campbell McIlroy, London
Phone: +44 20 7417 4327
UNIVERSAL-S: Appoints S. Silchenko Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Penza region has commenced bankruptcy
proceedings against Universal-S after finding the open joint
stock company insolvent. The case is docketed as A49-8425/04-
84/26. Mr. S. Silchenko has been appointed insolvency manager.
Creditors may submit their proofs of claim to 440058, Russia,
Penza, 40 Let Oktyabrya Str. Auto-Centre.
CONTACT: UNIVERSAL-S
Russia, Penza region,
Penza region, Zasechnoye,
Surskaya dam
Mr. S. Silchenko
Insolvency Manager
440058, Russia, Penza,
40 Let Oktyabrya Str. Auto-Centre
URAL-SEL-MASH: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision procedure on federal state unitary
enterprise factory Ural-Sel-Mash. The case is docketed as A60-
17855/2004-S4. Mr. S. Sivkov has been appointed temporary
insolvency manager.
Creditors may submit their proofs of claim to:
(a) Temporary Insolvency Manager
624134, Russia,
Sverdlovsk region, Novouralsk-4,
Post User Box 92
(b) The Arbitration Court of Sverdlovsk region
620075, Russia,
Ekaterinburg, Lenina Str. 34
(c) Ural-Sel-Mash
623050, Russia,
Sverdlovsk region, Bisert,
Revolyutsii Str. 2
A hearing will take place on January 10, 2005.
YASHKINSKIY MEL-COMBINE: Names E. Pokosov Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy supervision procedure on close joint stock company
Yashkinskiy Mel-Combine. The case is docketed as A27-9906/2004-
4. Mr. E. Pokosov has been appointed temporary insolvency
manager. Creditors may submit their proofs of claim to 650024,
Russia, Kemerovo, Patriotov Str. 36-51.
CONTACT: YASHKINSKIY MEL-COMBINE
652011, Russia, Kemerovo region,
Yashkinskiy region, Sovetskaya Str. 132
Mr. E. Pokosov
Temporary Insolvency Manager
650024, Russia, Kemerovo,
Patriotov Str. 36-51
YUKOS OIL: Lead Prosecutor in Tax Evasion Case Replaced
-------------------------------------------------------
Russian President Vladimir Putin has selected a former ally to
oversee his legal assault against Yukos Oil, The Moscow Times
reports.
Mr. Putin last week appointed Nikolai Vinichenko to head the
Court Marshalls Service, an arm of the Justice Ministry. Mr.
Vinichenko replaced Arkady Melnikov who was dismissed from
office last month after serving as prosecutor of St. Petersburg
since Nov. 1999.
The report noted the conflicting rulings the Court Marshalls
Service issued in its command of the Yukos case. The tax
evasion lawsuits Kremlin have lodged against the oil company is
widely seen as a ploy to punish the political ambitions of
Yukos' founder Mikhail Khodorkovsky. The court has ordered the
freezing of shares in Yuganskneftegaz, Yukos' main unit.
"The replacement of the retirement-age (court marshals) head
with a younger and probably more ambitious St. Petersburg
prosecutor may result in a more aggressive stance from the
(court marshals) service towards Yukos," Steven Dashevsky, head
of research at Aton brokerage, told the Moscow Times.
CONTACT: YUKOS OIL
International Information Department
Hugo Erikssen
Phone: +7 095 540 6313
E-mail: inter@yukos.ru
Press Service:
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
Investor Relations
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
YUKOS OIL: Swedish Investors Plan Suit in International Court
-------------------------------------------------------------
Swedish investors, including major investment funds, are
planning to sue Russian authorities, to claim compensation for
losses in the 'Yukos affair,' according to Interfax.
Sven Hirdman, Swedish ambassador to Russia, said in a letter to
the Russian Economic Development and Trade Minister German Gref,
the group is mulling a case against the Russian Federation.
The letter said Swedish portfolio investments in Russia exceed
US$3 billion, and most of this money was invested in Yukos. It
criticized Russia's judicial system, which investors said raises
serious doubts. It said its only hope to recover investments is
the international court.
The letter cited as questionable the freezing of almost all of
the company's accounts and the supposed sale of Yuganskneftegaz,
Yukos' main production asset. It accused Russia of having
motives other than collecting taxes from Yukos.
CONTACT: YUKOS OIL
International Information Department
Hugo Erikssen
Phone: +7 095 540 6313
E-mail: inter@yukos.ru
Press Service:
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
Investor Relations
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
ZUBTSOVSKIY CREAMERY: Proofs of Claim Deadline Expires November
---------------------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
proceedings against Zubtsovskiy Creamery after finding the
company insolvent. The case is docketed as A66-1924-04. Mr. E.
Voronin has been appointed insolvency manager. Creditors have
until November 24, 2004 to submit their proofs of claim to
170002, Russia, Tver, Post User Box 0249.
CONTACT: ZUBTSOVSKIY CREAMERY
Russia, Tver region,
Zubtsov, Zavodskaya Str. 4A
Mr. E. Voronin
Insolvency Manager
170002, Russia, Tver,
Post User Box 0249
=============
U K R A I N E
=============
GIDROELEMENT: Under Bankruptcy Supervision
------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on LLC Plant Gidroelement (code EDRPOU
32336227) on September 16, 2004. The case is docketed as B-
31/46-04. Arbitral manager Mr. O. Treskunov (License Number AA
140478) has been appointed temporary insolvency manager. The
company holds account number 26004010014014 at JSB Factorial-
Bank, Harkiv branch, MFO 351715.
Creditors have until October 31, 2004 to submit their proofs of
claim to:
(a) GIDROELEMENT
Ukraine, Harkiv region,
Sidorenkivska Str. 58
(b) Mr. O. Treskunov
Temporary Insolvency Manager
61002, Ukraine, Harkiv region,
Petrovskij Str. 6/8-15
Phone: 8 (057) 700-55-97
(c) ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv, Svobodi Square,
5, Derzhprom, 8th entrance
MEGATORG: Proofs of Claim Deadline Set
--------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on LLC Megatorg (code EDRPOU 31658931).
The case is docketed as 6/280-29/247. Arbitral manager Mr. R.
Ulyanik (License Number AA 669647) has been appointed temporary
insolvency manager. The company holds account number
26008001080000 at JSCIB UkrSibbank, Lviv branch, MFO 385327.
Creditors have until October 31, 2004 to submit their proofs of
claim to:
(a) MEGATORG
79008, Ukraine, Lviv region,
Staroyevrejska Str. 4
(b) Mr. R. Ulyanik
Temporary Insolvency Manager
79052, Ukraine, Lviv region,
Shiroka Str. 90/16
(c) ECONOMIC COURT OF LVIV REGION
79010, Ukraine, Lviv region,
Lichakivska Str. 81
NAFTOPROMRESUR: Calls in Temporary Insolvency Manager
-----------------------------------------------------
The Economic Court of Lviv region has commenced bankruptcy
supervision procedure on LLC Naftopromresur (code EDRPOU
32408935). The case is docketed as 6/278-29/245. Arbitral
manager Mr. R. Ulyanik (License Number AA 669647) has been
appointed temporary insolvency manager. The company holds
account number 26007001940000 at JSCIB UkrSibbank, Lviv branch,
MFO 385327.
Creditors have until October 31, 2004 to submit their proofs of
claim to:
(a) NAFTOPROMRESUR
79000, Ukraine, Lviv region,
Kostyushka Str. 18
(b) Mr. R. Ulyanik
Temporary Insolvency Manager
79052, Ukraine, Lviv region,
Shiroka Str. 90/16
(c) ECONOMIC COURT OF LVIV REGION
79010, Ukraine, Lviv region,
Lichakivska Str. 81
PEREMOGA: Insolvency Manager to Temporarily Run Firm
----------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
supervision procedure on OJSC Peremoga (code EDRPOU 00707828).
The case is docketed as 14/71. Mrs. S. Ratinska (License Number
250053) has been appointed temporary insolvency manager. The
company holds account number 260052518 at JSPPB Aval, Mikolaiv
regional branch, MFO 326182.
Creditors have until October 31, 2004 to submit their proofs of
claim to:
(a) PEREMOGA
56180, Ukraine, Mikolaiv region,
Bashtanskij district, Peremoga,
Zhukov Str. 21
(b) Mrs. S. Ratinska
Temporary Insolvency Manager
54000, Ukraine, Mikolaiv region,
Sadova Str. 1-a
Phone: (0512) 47-34-64
(c) ECONOMIC COURT OF MIKOLAIV REGION
54009, Ukraine, Mikolaiv region,
Admiralska Str. 22
RASSVET: Donetsk Court Orders Debt Moratorium
---------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Agrofirm Rassvet (code EDRPOU
30813186) on September 14, 2004 and ordered a moratorium on
satisfaction of creditors' claims. The case is docketed as
15/164 B. Arbitral manager Mr. Anatolij Grinko (License Number
AA 779155) has been appointed temporary insolvency manager. The
company holds account number 260092958 at JSPPB Aval,
Starobeshivske branch, MFO 335076.
Creditors have until October 31, 2004 to submit their proofs of
claim to:
(a) AGROFIRM RASSVET
Ukraine, Donetsk region,
Starobeshivskij district, Glinki
(b) Mr. Anatolij Grinko
Temporary Insolvency Manager
83086, Ukraine, Donetsk region,
Artema Str. 27, Room 307
(c) ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
SARGIS-SV: Bankruptcy Proceedings Begin
---------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Scientific-Production Company Sargis-SV
(code EDRPOU 21965575) on August 9, 2004 after finding the
limited liability company insolvent. The case is docketed as
27/60 B. State Tax Inspection of Leninskij District of Donetsk
has been appointed liquidator/insolvency manager. The company
holds account number 26009310035700/980 at bank Finances and
Credit, MFO 335816.
CONTACT: SCIENTIFIC-PRODUCTION COMPANY SARGIS-SV
83045, Ukraine, Donetsk region,
Leninskij Avenue, 26/4
Liquidator/Insolvency Manager
83101, Ukraine, Donetsk region,
Kujbishev Str. 31
ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
SOSNIVSKIJ GRANKARYER: Declared Insolvent
-----------------------------------------
The Economic Court of Rivne region commenced bankruptcy
proceedings against Sosnivskij Grankaryer (code EDRPOU 05470839)
on September 23, 2004 after finding the close joint stock
company insolvent. The case is docketed as 9/33. Private
Enterprise Ukraine-Service (code EDRPOU 24172757) has been
appointed liquidator/insolvency manager.
CONTACT: SOSNIVSKIJ GRANKARYER
34550, Ukraine, Rivne region,
Sarnenskij District, Klesiv,
Zaliznichna Str. 63
Liquidator/Insolvency Manager
33023, Ukraine, Rivne region,
Vidinska Str. 8
ECONOMIC COURT OF RIVNE REGION
33001, Ukraine, Rivne region,
Yavornitski Str. 59
STUDIYA LEVA-EN: Deadline for Filing of Claims Approaches
---------------------------------------------------------
The Economic Court of Lviv region has commenced bankruptcy
supervision procedure on Studiya Leva-En, a subsidiary of
Ukrainian-Canadian limited liability company, Studiya-Leva (code
EDRPOU 31362738). The case is docketed as 6/282-29/249.
Arbitral manager Mr. R. Ulyanik (License Number AA 669647) has
been appointed temporary insolvency manager. The company holds
account number 26002000300000 at JSCIB UkrSibbank, Lviv branch,
MFO 385327.
Creditors have until October 31, 2004 to submit their proofs of
claim to:
(a) STUDIYA LEVA-EN
79000, Ukraine, Lviv region,
Kostyuska Str. 18
(b) Mr. R. Ulyanik
Temporary Insolvency Manager
79052, Ukraine, Lviv region,
Shiroka Str. 90/16
(c) ECONOMIC COURT OF LVIV REGION
79010, Ukraine, Lviv region,
Lichakivska Str. 81
STUDIYA LEVA-TM: Sets Deadline for Filing Claims
------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on Studiya Leva-TM, a subsidiary of
Ukrainian-Canadian limited liability company, Studiya-Leva (code
EDRPOU 31362738). The case is docketed as 6/283-29/250.
Arbitral manager Mr. R. Ulyanik (License Number AA 669647) has
been appointed temporary insolvency manager. The company holds
account number 26004000290000 at JSCIB UkrSibbank, Lviv branch,
MFO 385327.
Creditors have until October 31, 2004 to submit their proofs of
claim to:
(a) STUDIYA LEVA-TM
79000, Ukraine, Lviv region,
Kostyushka Str. 18
(b) Mr. R. Ulyanik
Temporary Insolvency Manager
79052, Ukraine, Lviv region,
Shiroka Str. 90/16
(c) ECONOMIC COURT OF LVIV REGION
79010, Ukraine, Lviv region,
Lichakivska Str. 81
TEST TECHNOLOGY: Bankruptcy Supervision Starts
----------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Centre of Test Technology (code
EDRPOU 22700554) on August 25, 2004. The case is docketed as B-
48/96-04. Mr. S. Orobinskij (License Number AA 668297) has been
appointed temporary insolvency manager. The company holds
account number 260003013758 at JSCB Zoloti vorota, MFO 351931.
Creditors have until October 31, 2004 to submit their proofs of
claim to:
(a) Mr. S. Orobinskij
Temporary Insolvency Manager
61125, Ukraine, Harkiv region,
Chervonoshkilna Naberezhna Str. 18/129
(b) ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi Square, 5, Derzhprom, 8th entrance
TOREZ' AUTO 11413: Court Grants Debt Moratorium
-----------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on OJSC Torez' Auto Transport Enterprise
11413 (code EDRPOU 3113704) on September 6, 2004 and ordered a
moratorium on satisfaction of creditors' claims. The case is
docketed as 5-132 B. Arbitral manager Mr. Oleksij Davidenko
(License Number 000250) has been appointed temporary insolvency
manager. The company holds account number 2600731460177 at
Prominvestbank, Torez branch, MFO 335496.
Creditors have until October 31, 2004 to submit their proofs of
claim to:
(a) TOREZ' AUTO TRANSPORT ENTERPRISE 11413
86600, Ukraine, Donetsk region,
Torez, Shosejna Str. 1
(b) Mr. Oleksij Davidenko,
Temporary Insolvency Manager
86200, Ukraine, Donetsk region,
Shahtarsk, Lenin Str. 24/118
(c) ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
UKRAINE: Harkiv Court Appoints Liquidator
-----------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Ukraine (code EDRPOU 00707969) on September
20, 2004 after finding the limited liability company insolvent.
The case is docketed as B-48/63-04. Arbitral manager Mr. D.
Zadruzhnij (License Number AA 249706) has been appointed
liquidator/insolvency manager.
The company holds account number 26000301409 at bank Ukraine,
MFO 350158.
CONTACT: UKRAINE
64050, Ukraine, Harkiv region,
Kegichivskij District, Pavlivka
Mr. D. Zadruzhnij
Liquidator/Insolvency Manager
61057, Ukraine, Harkiv region,
Pushkinska Str. 5, Room 408
ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi Square, 5, Derzhprom, 8th entrance
===========================
U N I T E D K I N G D O M
===========================
ABBEY COACHWORKS: Creditors' Meeting Set November
-------------------------------------------------
The creditors of Abbey Coachworks (Northampton) Limited will
meet on November 10, 2004 commencing at 11:00 a.m. It will be
held at 1 More Place, London SE1 2AF.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Ernst & Young LLP, 10 George Street, Edinburgh
not later than 12:00 noon, November 9, 2004.
CONTACT: ERNST & YOUNG LLP
10 George Street,
Edinburgh EH2 2DZ
Web site: http://www.ey.com
ABBEY NATIONAL: Statutory Pre-tax Profit Improves
-------------------------------------------------
Unless otherwise stated, earnings trends referred to in the
statement relate to the 3 months to 30 September 2004, compared
with a pro-rata equivalent of first half 2004 (e.g. Personal
Financial Services (PFS) trading profit before tax of GBP468
million divided by two, referred to in this statement as the
'first half run-rate'). New business flows in the third quarter
will be compared to the second quarter.
Summary
Abbey plc CEO Luqman Arnold said: "Following shareholder votes
in favor of the recommended acquisition by Santander, we remain
on course to complete the transaction on 12 November.
"We are continuing with our plans to revitalize Abbey's PFS
business and, with the resources and expertise of the Santander
Group once the acquisition is completed, we aim to accelerate
the next phase of the transformation. We are pleased that Grupo
Santander was able to announce last week their intention to
appoint Francisco Gomez-Roldan as Chief Executive of Abbey on 15
November 2004 subject to completion of the acquisition of Abbey
by Santander. He brings with him a wealth of experience in
retail bank management, strong international experience, and a
deep knowledge of Grupo Santander that will help make the
transition smoother and quicker.
"We believe that the combination with Santander will be good for
shareholders, customers and our people -- and will facilitate
our plans to reinstate Abbey as a leading force and a real
alternative in the U.K. PFS market."
At the interim results, short-term disruption from
transformation program was highlighted. This has been
compounded by the well-publicized distraction and uncertainty
resulting from the takeover process, which has restricted
progress in recent months. Nonetheless, a speedy conclusion to
the transaction has avoided a marked deterioration at this time,
and this is evidenced by third quarter results broadly
consistent with second quarter trends. In addition, Abbey
continues to see improvements in service standards and certain
lead indicators tracking customer perceptions and satisfaction.
Financial highlights from the third-quarter statement include:
(a) Statutory profit before tax for the third quarter at a Group
level running ahead of the first half run-rate, reflecting
improved PFS results combined with an increased profit
before tax from the Portfolio Business Unit (PBU); and
(b) A further 14% reduction in PBU assets since June 2004 to
GBP7.1 billion.
Transformation
The third quarter has seen further progress including embedding
new customer relationship management software into sales
channels, upgrading IT equipment in branches and call centers,
and Abbey is now nearing completion of branch fascia re-branding
work.
In addition, there continues to be early positive signs that
Abbey's customers are enjoying an improved all round experience.
Highlights include:
(a) an improvement in overall customer satisfaction rating,
further extending favorable position relative to the
average of main competitors;
(b) sustaining a top two position for mortgage consideration, in
contrast to 4th in the first quarter;
(c) Abbey being ranked first for each month in the last quarter
in Presswatch Financial Products, which analyses press
coverage given to named company products in the personal
finance sector, compared with an average of 45th in the
first quarter;
(d) launching new Fixed Rate Monthly Saver account offering
a market leading interest rate; and
(e) service levels in the majority of telephone centers
above, or improving towards, targeted levels.
In relation to the F.S.A.'s new mortgage regulations (N3), plans
are well underway and management will be ready to offer
mortgages that comply with the new regulations by the deadline
of 31 October 2004. The necessary changes to IT systems went
live successfully at the weekend (23/24 October 2004). Abbey is
temporarily offering a slightly reduced range of mortgages, but
is continuing to sell those that account for the vast majority
of new business. The remainder of the product range will be
reintroduced in the near future, and the firm is well on track
for the F.S.A.'s new general insurance regulations, which come
into force on 14 January 2005.
Personal Financial Services - Financial Update
PFS trading profit before tax for the 3 months to the end of
September 2004 was ahead of the first half run-rate.
By profit & loss line, the main highlights include:
(a) An improvement in trading income, with lower net interest
income offset by higher non- interest income;
(b) The reduction in the PFS Banking spread in the second half,
excluding the impact of the sale of certain asset finance
businesses, has slowed, but less sharply than previously
expected. This is largely due to a further reduction in
redemption fee income, combined with weaker than expected
liability spreads;
(c) higher Banking and Savings non-interest income, resulting
from increased bank account and mortgage fee income, with
the latter driven by a move to more fee-based new lending.
Banking and Savings is also benefiting from a release of
unused mortgage reassurance reserves reflecting the high
quality of the lending exposures;
(d) Investment and Protection trading income broadly in line
with the first half run-rate, including offsetting variances
in the life businesses from positive changes to long-term
with-profit lapse assumptions and the impact of the with
profit funds recapitalization announced in July;
(e) significantly higher trading income in Abbey Financial
Markets, continuing to benefit from a favorable trading
environment and certain 'one-off' risk management trades;
(f) General Insurance trading income slightly ahead of the first
half run-rate;
(g) Group Infrastructure trading income below the first half
run-rate, reflecting increased net interest expense as
interest rate hedges run-off;
(h) trading costs running at levels slightly ahead of the first
half run-rate, but consistent with the target of keeping
trading costs broadly flat for the year as a whole;
(i) total trading provisions running slightly ahead of the first
half run-rate, reflecting strong mortgage credit quality
partly offset by increased provisions in relation to cahoot
unsecured lending; and
(j) overall strong credit quality, with mortgage arrears and
properties in possession relatively unchanged.
Mortgage credit quality
September 2004 June 2004
3 month+ mortgage arrears (cases) 7,000 6,900
3 month+ mortgage arrears
as a % of total cases 0.52% 0.51%
Properties in Possession (cases) 270 262
New Business:
- % First Time Buyers 18% 19%
- Loan-to-value > 90% 8% 8%
- Average LTV (on new business) 55% 58%
PFS non-trading items in aggregate were below the first half
run-rate, and largely relate to reorganization costs, including
implementation expenses in relation to the cost program and
expenses in relation to various mandatory regulatory and
accounting change programs. Management expects that costs
associated with the Santander acquisition will feature more
strongly in the fourth quarter.
Personal Financial Services - New Business update
3 months to 3 months to
Sep 2004 Jun 2004
Banking and Savings
Gross mortgage lending GBP6.4bn GBP6.3bn
Capital repayments GBP6.0bn GBP5.2bn
Net mortgage lending GBP0.4bn GBP1.1bn
Total net deposit flows GBP1.2bn GBP0.2bn
Bank account openings 104,000 92,000
Gross unsecured personal loan
lending GBP0.5bn GBP0.4bn
Credit card openings 60,000 49,000
Investment Sales
Investment -
annualized equivalent GBP28m GBP32m
Insurance Sales
Protection -
annualized equivalent GBP22m GBP25m
General Insurance new
policy sales 94,000 95,000
New business highlights for the 3 months to September included:
(a) gross mortgage lending of GBP6.4 billion in line with the
second quarter result, with an estimated year to date gross
mortgage lending share of 8.6% compared to 9.0% as at June.
Difficulties noted in the second quarter had an adverse
impact on the pipeline of business carried forward to
completion into the period, particularly re-mortgage
business through the intermediary channel. However, actions
taken to reverse this impact are beginning to improve the
outlook, with Abbey's estimated share of approvals in the
third quarter up 1.5% on performance in the previous period,
and share of more profitable segments such as first time
buyer and home mover have remained robust;
(b) improvements in mortgage new business margins reported in
the first half were sustained in the third quarter,
reflecting a continued focus on removing unprofitable
elements of the range and placing greater emphasis on higher
margin products with better retention characteristics;
(c) lower net lending in absolute terms and as a share of the
market (estimated year to date net mortgage lending share of
4.4% compared with 6.1% as at June), also attributable to
increased levels of capital repayments (though still below
stock share for the year to date), reflecting maturities
from 2 year incentive business written in 2002 which are
expected to continue into early 2005;
(d) the acceleration of the turnaround in deposit flows evident
in the second quarter of 2004, with a third quarter inflow
of GBP1.2 billion. The focus on profitable branch-based
deposits has continued to deliver positive results, with
inflows into accounts such as Flexible Saver broadly
offsetting attrition from low-rate back book accounts. The
newly launched Fixed Rate Monthly Saver account is
attracting positive comment and will have a positive impact
on flows going forward. cahoot made a strong contribution
to deposit inflows, following the launch of its
competitively priced new savings account;
(e) bank account openings 13% higher than the previous period,
with an increase in youth account openings leading to a
growth in the stock of accounts;
(f) tactical product re-pricing in certain channels which
contributed to an increase in gross unsecured loan new
business in the quarter;
(g) a strong performance and pipeline for the Complete
Retirement Plan offering, offset by reduced sales of ISA and
unit trusts; and
(h) insurance sales running below the second quarter. A decline
in protection new business has been offset by an improvement
in margins. General insurance sales were slightly lower
during the period, in part reflecting exit from travel
insurance and reduced marketing of motor policy sales.
Portfolio Business Unit
September 2004 June 2004
Assets Assets
GBP bn GBP bn
Debt securities - 0.5
Loan portfolio 0.6 0.9
Leasing businesses 3.9 4.1
Private equity - -
Other - -
Wholesale Banking exit
portfolios 4.5 5.5
First National 1.1 1.3
European Banking and other 1.5 1.5
Total PBU assets [1] 7.1 8.3
----------
[1] Excludes the net assets of the international life assurance
businesses.
PBU assets have been reduced by 14% since the interims, and 42%
since the year-end. In the third quarter the sale of the
remaining high yield debt securities portfolio was completed,
and substantially all remaining exposures to project finance
also sold. The reduction in the aircraft leasing portfolio has
also continued, with 6 aircraft sold in the third quarter, and
the sale of a further 7 of the remaining 21 aircraft now well
progressed.
Proceeds on asset sales in the third quarter were at levels
better than previously provided for in aggregate. As a result,
the PBU reported a profit comfortably in excess of the first
half run-rate. A significant proportion of the remaining loan
and European Banking assets are now well progressed in terms of
sale process, which should result in a further notable asset
reduction in the fourth quarter.
CONTACT: ABBEY NATIONAL
Thomas Coops
(Communications Director)
Phone: 020 7756 5536
Jon Burgess
(Head of Investor Relations)
Phone: 020 7756 4182
Christina Mills
(Media Relations)
Phone: 020 7756 4212
E-mail: investor@abbey.com
ALLTRAC (UK): Extraordinary Winding up Resolution Passed
--------------------------------------------------------
At an extraordinary general meeting of the Alltrac (UK) Limited
on October 15, 2004 held at 24 Conduit Place, London W2 1EP,
extraordinary resolution to wind up the company was passed. Ian
Franses of Ian Franses Associates, 24 Conduit Place, London W2
1EP has been appointed liquidator for the purpose of such
winding-up.
CONTACT: IAN FRANSES ASSOCIATES
24 Conduit Place,
London W2 1EP
Phone: 02072621199
ALYON LIMITED: Members Agree to Wind up Firm
--------------------------------------------
At an extraordinary general meeting of the members of the Alyon
Limited on October 15, 2004 held at The Old Mill, 9 Soar Lane,
Leicester LE3 5DE, the extraordinary and ordinary resolutions to
wind up the company were passed. John Phillip Walter Harlow has
been appointed liquidator for the purpose of such a winding-up.
CONTACT: HKM LLP
The Old Mill,
9 Soar Lane,
Leicester LE3 5DE
Phone: +44(0) 116 242 5100
Fax: +44(0) 116 242 5200
Insolvency Fax: +44 (0) 116 242 5201
Web site: http://www.hkm.co.uk
BLUETONIC LIMITED: Calls in Liquidator from Pridie Brewster
-----------------------------------------------------------
At an extraordinary general meeting of the Bluetonic Limited on
October 14, 2004 held at 29-31 Greville Street, London EC1N 8RB,
the subjoined extraordinary resolution to wind up the company
was passed. Hasan Imam Mirza of Pridie Brewster, Carolyn House,
29-31 Greville Street, London EC1N 8RB has been appointed
liquidator for the purpose of such winding-up.
CONTACT: PRIDIE BREWSTER
Carolyn House
29-31 Greville Street,
London EC1N 8RB
Liquidator:
Hasan Imam Mirza
Phone: 020 7831 8821
Fax: 020 7404 3069
E-mail: london@pridie-brewster.com
Web site: http://www.pridie-brewster.com
CABLE & WIRELESS: Sells IDC to Softbank for GBP72.4 Million
-----------------------------------------------------------
Cable and Wireless plc announces that it has agreed to sell its
Japanese business, Cable & Wireless IDC Inc. to SOFTBANK
Corporation for a consideration of GBP72.4 million* (including
the assumption of debt amounting to GBP9.5 million). The
transaction is expected to complete in the fourth quarter of
2004/05.
Cable & Wireless will retain network capability in Japan with
two international data nodes. This will allow Cable & Wireless
to continue to provide its international customers with services
to and from Japan. Cable & Wireless operations in other Asian
markets, including Hong Kong, China, Singapore, Macau and India,
will be unaffected by the sale.
Francesco Caio, Chief Executive of Cable & Wireless, said: "IDC
is a sound business operating in a highly competitive market.
However, given our strategy to focus on businesses with strong
positions in their primary markets we have concluded that IDC is
not a good strategic fit with our business going forward,
although it has value to the right owner. Following the sale of
IDC, we have ensured that we can continue to provide
international customers with high-quality, seamless services to
and from Japan."
IDC provides voice, data and IP services to business customers
in Japan. For the year ended 31 March 2004, IDC reported
revenue of GBP255 million, net profit before exceptional items
of GBP1 million and had net operating assets of GBP17 million.
Cable & Wireless holds 98% of IDC. Net proceeds from the sale
of IDC will be applied to the continuing operations of the Cable
& Wireless Group.
CONTACT: CABLE & WIRELESS
Investor Relations:
Virginia Porter Director, Investor Relations
Phone: +44 20 7315 4460
Craig Thornton Manager, Investor Relations
Phone: +44 20 7315 6225
Glenn Wight Manager, Investor Relations
Phone: +44 20 7315 4468
Media:
Lesley Smith, Director Corporate Affairs
Phone: +44 20 7315 4410
Steve Double, Media Relations
Phone: +44 20 73156759
Peter Eustace, Media Relations
Phone: +44 20 7315 4495
UBS INVESTMENT BANK
Steven Thomas
Phone: +81 3 5208 6000
FINSBURY
Rollo Head
Phone: +44 20 7251 3801
CHOICE BEDROOMS: Hires Joint Liquidators from Harrisons
-------------------------------------------------------
At an extraordinary general meeting of the members of the Choice
Bedrooms & Kitchens Limited on October 20, 2004 held at
Sissinghurst Room, Ashford International Hotel, Simone Weil
Avenue, Ashford TN24 8UX, the extraordinary and ordinary
resolutions to wind up the company were passed. P. R. Boyle and
J. C. Sallabank of Harrisons, 4 St Giles Court, Southampton
Street, Reading RG1 2QL have been appointed joint liquidators
for the purpose of such winding-up.
CONTACT: HARRISONS
4 St Giles Court,
Southampton Street,
Reading RG1 2QL
Phone: 0118 951 0798
Fax: 0118 939 4409
E-mail: info@harrisons.uk.com
Web site: http://www.harrisons.uk.com
COMTEK FACILITIES: Appoints Begbies Traynor Administrator
---------------------------------------------------------
G. N. Lee (IP No 9204) and G. Craig (IP No 0978) have been
appointed joint administrators for telecommunications company
Comtek Facilities Limited. The appointment was made October 20,
2004. Its registered office is located at Regency House, 45-49
Chorley New Road, Bolton, Lancashire BL1 4QR.
CONTACT: BEGBIES TRAYNOR
Elliot House
151 Deansgate
Manchester M3 3BP
E-mail: manchester@begbies-traynor.com
Web site: http://www.begbies.com
BEGBIES TRAYNOR
1 Winckley Court
Chapel Street
Preston PR1 8BU
Phone: 01772 202000
Fax: 01772 200099
E-mail: preston@begbies-traynor.com
Web site: http://www.begbies.com
CONSULTIUS TECHNOLOGY: Hires Liquidator from K S Tan & Co.
----------------------------------------------------------
At an extraordinary general meeting of the members of the
Consultius Technology Limited on October 19, 2004 held at 10-12
New College Parade, Finchley Road, London NW3 5EP, the
extraordinary resolution to wind up the company was passed.
Kian Seng Tan of K S Tan & Co, 10-12 New College Parade,
Finchley Road, London NW3 5EP has been appointed as liquidator
for the purpose of the winding-up.
CONTACT: K S TAN & CO.
10-12 New College Parade,
Finchley Road, London NW3 5EP
Phone: 02075861280
D.B.S. ENGINEERING: Members Opt to Liquidator Company
-----------------------------------------------------
At an extraordinary general meeting of the D.B.S. Engineering
Limited on October 19, 2004 held at the offices of Valentine &
Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the
extraordinary and ordinary resolutions to wind up the company
were passed. Robert Valentine of 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS has been appointed liquidator for the
purpose of such winding-up.
CONTACT: VALENTINE & CO.
4 Dancastle Court
14 Arcadia Avenue
London N3 2HS
Phone: 020 8343 3710
Fax: 020 9343 4486
Web site: http://www.valentine-co.com
EGG PLC: Selling French Asset for Up to EUR140 Million
------------------------------------------------------
On 13 July the Board of Egg plc announced that it had begun to
take the necessary steps to withdraw from the French market. On
1st October 2004, Egg announced that it had received an approach
for its French unsecured lending business from Banque Accord and
had granted exclusivity to conclude the agreement.
Egg [now] received the opinion of the French Works Council and
has reached an agreement with Banque Accord to sell the
unsecured lending assets of its French business for an amount
expected to be up to EUR140 million (GBP96 million) in cash,
depending on the value of the portfolio at the time of
completion and potential costs that may be assumed by Banque
Accord.
The sale will effectively transfer 66,000 unsecured lending
customers and net assets that [at present] total approximately
EUR205 million (GBP141 million) to Banque Accord. It will
therefore lead to a loss on disposal based on today's portfolio
valuation of EUR65 million (GBP45 million) which will be charged
to the exit costs provision. Our expectations with regard to
the total exit costs in France remain unchanged.
The transaction, which is expected to be completed during Q4
2004, remains subject to the fulfillment of certain regulatory
approvals and other conditions.
Egg plc is the world's largest pure online bank, providing
financial services products through its Internet site and other
distribution channels.
Egg plc floated on 12 June 2000 and is listed on the London
Stock Exchange. Prudential plc holds 78% of the share capital.
In the year ended 31 December 2003 the entire French business
reported an operating loss before tax of GBP89.1 million
CONTACT: EGG PLC
Media:
Emma Byrne
Phone: 0207 526 2600 / 07775 657 241
Mark Maguire
Phone: 0207 526 2651 / 07771 808 624
Investors/Analysts:
Kieran Coleman
Phone: 0207 526 2648 / 07711 717358
ELDRIDGE POPE: Bidco Offer Gains 68% Acceptance
-----------------------------------------------
Compulsory acquisition of Eldridge Pope Shares
On 16 September 2004, PricewaterhouseCoopers made a recommended
cash offer on behalf of Bidco for the entire issued and to be
issued share capital of Eldridge Pope (other than the 5,525,291
Eldridge Pope Shares which Bidco has conditionally agreed to
acquire pursuant to the Share Exchange Agreement). On
15 October 2004, Bidco announced that the Offer had been
declared unconditional in all respects.
As at 3:00 p.m. (London time) on 25 October 2004, valid
acceptances of the Offer had been received in respect of a total
of 16,834,220 Eldridge Pope Shares, representing 68.02% of
Eldridge Pope's issued share capital.
Since the Offer was made on 16 September 2004, Bidco has
acquired through market purchases a further 469,072 Eldridge
Pope shares, representing 1.90% of the existing issued share
capital of Eldridge Pope. In addition, on 15 September 2004
Bidco conditionally agreed to acquire the 5,525,291 Eldridge
Pope Shares held by SDA and Michael Cannon (representing 22.3%
of the existing issued share capital of Eldridge Pope) pursuant
to the Share Exchange Agreement.
Bidco has therefore received valid acceptances of the Offer in
respect of (or acquired or otherwise conditionally agreed to
acquire) 22,828,583 Eldridge Pope Shares in aggregate
representing 92.25% of Eldridge Pope's existing issued share
capital.
As valid acceptances have been received in respect of more than
90% of the Eldridge Pope Shares to which the offer relates,
Bidco intends to apply the provisions of sections 428-430F of
the Companies Act 1985 (the 'Act') to acquire compulsorily all
outstanding Eldridge Pope Shares on the terms of the Offer.
Accordingly, Bidco will shortly be posting formal notices
pursuant to section 429(4) of the Act to those Eldridge Pope
Shareholders who have not yet validly accepted the Offer.
The Offer, including the Share Alternative, will remain open for
acceptance until further notice.
On 16 September 2004, the directors of Bidco announced that
Bidco had received undertakings to accept the Offer in respect
of, in aggregate, 4,599,685 Eldridge Pope Shares representing
18.6% of Eldridge Pope's issued share capital.
Valid acceptances have now been received in respect of all of
these Eldridge Pope Shares, with the exception of partially
valid acceptances in respect of 11,189 shares, pending receipt
of the share certificates. These partially valid acceptances
are not included in the figure for valid acceptances.
Consideration in respect of valid acceptances received following
the date of this announcement will be dispatched to accepting
Eldridge Pope Shareholders within 14 days of such receipt.
Eldridge Pope Shareholders who have not yet accepted the Offer
are urged to complete, sign and return the Form of Acceptance
(whether or not their Eldridge Pope Shares are in CREST) as soon
as possible to be received by post or by hand by Computershare
Investor Services PLC, PO Box 859, The Pavilions, Bridgwater
Road, Bristol BS99 1XZ or by hand only (during normal business
hours) by Computershare Investor Services PLC, 2nd Floor,
Vintners Place, 68 Upper Thames Street, London EC4V 3BJ. If you
have lost your Form of Acceptance or have any other queries in
connection with the Offer, you should contact Computeshare
Investor Services PLC by telephone on 0870 702 0100 or +44 870
702 0100 from outside the United Kingdom.
CONTACT: BIDCO
Peter Large
Phone: 01865 263 000
Gregor Grant
Phone: 01865 263 000
PRICEWATERHOUSECOOPERS
Sean Williams
Phone: 020 7213 5579
Gerry Young
Phone: 020 7212 4027
TULCHAN COMMUNICATIONS
Phone: 020 7353 4200
Andrew Honnor
ENCEE SERVICES: Liquidator from Purnells Move in
------------------------------------------------
At an extraordinary general meeting of the members of the Encee
Services Limited on October 11, 2004 held at St Marks House, 3
Gold Tops, Newport NP20 4PG, the extraordinary resolution to
wind up the company was passed. Ray Purnell of Purnells, St
Marks House, 3 Gold Tops, Newport, South Wales NP20 4PG has been
nominated liquidator for the purpose of the winding-up.
CONTACT: PURNELLS
St Marks House,
3 Gold Tops, Newport,
South Wales NP20 4PG
Phone: 01633 214712
Fax: 01633 246599
E-mail: ray@purnells.co.uk
Web site: http://www.purnells.co.uk
EQUITABLE LIFE: Not Ruling out Settlement with Ernst & Young
------------------------------------------------------------
Equitable Life and its former accountant welcomed the idea of a
possible compromise over a negligence suit, although both are
reluctant to approach each other, according to The Telegraph.
The mutual is suing Ernst & Young to claim compensation of over
GBP2 billion for failing to warn it of potential claims relating
to guaranteed annuity rates in the 90s. E&Y chairman Nick Land
said: "It's not out of the question . . . We'd listen, but it's
hypothetical at the moment, especially as our two positions are
pretty far apart."
Equitable Chairman Vanni Treves responded: "If E&Y wants to pick
up the phone to talk about settlement, then of course we will
listen...But any offer must be serious and substantial. We do
not want to ruin E&Y or the livelihoods of its partners unless
we have to."
The report, however, said it is unlikely the two are going to
meet. "[T]he prospect of one approaching the other remains
remote," it said.
Mr. Land is confident E&Y's position is getting stronger in the
run to April's High Court trial. Mr. Treves also believes its
claim is "very powerful."
CONTACT: The Equitable Life Assurance Society
Walton Street Aylesbury
Buckinghamshire HP21 7QW, United Kingdom
Phone: +44-20-0870-901-0052
Web site: http://www.equitable.co.uk
EXTREME PRECISION: Names Tait Walker Liquidator
-----------------------------------------------
At an extraordinary general meeting of the Extreme Precision
Components Ltd. on October 19, 2004 held at Tait Walker, the
extraordinary and ordinary resolutions to wind up the company
were passed. Gordon Smythe Goldie and Allan David Kelly, of
Tait Walker, Bulman House, Regent Centre, Gosforth, Newcastle
upon Tyne NE3 3LS have been appointed liquidators of the company
for the purpose of the voluntary winding-up.
CONTACT: TAIT WALKER
Bulman House,
Regent Centre, Gosforth,
Newcastle upon Tyne NE3 3LS
Phone: 0191 285 0321
Fax: 0191 284 9117
E-mail: advice@taitwalker.co.uk
Web site: http://www.taitwalker.co.uk
FLIGHTSTORE LIMITED: Hires Benedict Mackenzie as Administrator
--------------------------------------------------------------
Malcolm Peter Fillimore and Ms. Ranjit Baijon (IP Nos 6525,
8756) have been appointed joint administrators for Flightstore
Limited. The appointment was made October 21, 2004.
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
FLOW PERSONNEL: Calls in Liquidator from Valentine & Co.
--------------------------------------------------------
At an extraordinary general meeting of the Flow Personnel
Limited on October 15, 2004 held at the offices of Valentine &
Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the
extraordinary and ordinary resolutions to wind up the company
were passed. Mark S. Reynolds of 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS has been appointed liquidator for the
purpose of such winding-up.
CONTACT: VALENTINE & CO.
4 Dancastle Court
14 Arcadia Avenue
London N3 2HS
Phone: 020 8343 3710
Fax: 020 9343 4486
Web site: http://www.valentine-co.com
GASSERV LIMITED: Owners Agree to Dissolve Firm
----------------------------------------------
At an extraordinary general meeting of the Gasserv Limited on
October 19, 2004 held at Innkeepers Lodge, Redstone Hill,
Redhill, Surrey RH1 4BL, the extraordinary and ordinary
resolutions to wind up the company were passed. Steve Tancock
of Smith & Williamson Limited, The Meeting House, Little Mount
Sion, Tunbridge Wells, Kent TN1 1YS has been appointed
liquidator for the purpose of such winding-up.
CONTACT: SMITH & WILLIAMSON
The Meeting House
Little Mount Sion
Tunbridge
Wells TN1 1YS
Phone: 01892 529922
Fax: 01892 521225
Web site: http://www.smith.williamson.co.uk
HAWKE COMPUTER: Liquidator to Give Update End-November
------------------------------------------------------
The general meeting of the contributories of Hawke Computer
Systems Limited will be on November 29, 2004 commencing at 10:30
a.m. It will be held at the offices of Tenon Recovery, Sherlock
House, 73 Baker Street, London W1U 6RD.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.
CONTACT: TENON RECOVERY
Sherlock House
73 Baker Street
London W1U 6RD
Phone: 020 7935 5566
Fax: 020 7935 3512
E-mail: bakerstreet@tenongroup.com
Web site: http://www.tenongroup.com
INDIGO RECRUITMENT: Hires Valentine & Co. as Liquidator
-------------------------------------------------------
At an extraordinary general meeting of the Indigo Recruitment
Limited on October 15, 2004 held at the offices of Valentine &
Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the
extraordinary and ordinary resolutions to wind up the company
were passed. Mark S. Reynolds of 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS has been appointed liquidator for the
purpose of such winding-up.
CONTACT: VALENTINE & CO.
4 Dancastle Court
14 Arcadia Avenue
London N3 2HS
Phone: 020 8343 3710
Fax: 020 9343 4486
Web site: http://www.valentine-co.com
ISISFINE LIMITED: Liquidator's Final Report Out December
--------------------------------------------------------
The final meeting of the members of Isisfine Limited will be on
December 10, 2004 commencing at 10:30 a.m. It will be held at
KPMG LLP, PO Box 695, 8 Salisbury Square, London EC4Y 8BB.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies. Proxy forms must be lodged
with KPMG Corporate Recovery, 8 Salisbury Square, London EC4Y
8BB not later than 12:00 noon, December 8, 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
IT SUPPORT: Sets Liquidation Meeting Third Week of November
-----------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF IT Support (Scotland) Limited
(In Liquidation)
Notice is hereby given that by Interlocutor of the Sheriff at
Paisley, dated October 6, 2004, I was appointed Interim
Liquidator of IT Support (Scotland) Limited.
The first meeting of the Liquidation called in accordance with
Section 138(4) of the Insolvency Act 1986 and in accordance with
Rule 4.12:00 of the Insolvency (Scotland) Rules 1986, will be
held within the offices of French Duncan at 375 West George
Street, Glasgow, G2 4LW at 12:00 noon on November 16, 2004 for
the purpose of choosing a Liquidator, appointing a Liquidation
Committee and considering the other resolutions specified in
Rule 4.12(3) of the aforementioned Rules.
Creditors are entitled to vote at the meeting only if they have
lodged their claims with me at or before the meeting. Creditors
may vote either in person or by proxy form, which may be lodged
with me at or before the meeting.
Annette Menzies, Interim Liquidator
October 14, 2004
CONTACT: FRENCH DUNCAN
375 West George Street
Glasgow G2 4LW
JOHN RAWLSON: Bank of Scotland Appoints Ernst & Young Receiver
--------------------------------------------------------------
Bank of Scotland Corporation called in Alan Hudson and Hunter
Kelly (Office Holder Nos 9200, 8582) joint administrative
receivers for John Rawlson (Engineers) Limited (Reg No 00858831,
Trade Classification: 07). The application was filed October
18, 2004. The company is engaged in light construction
engineering.
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
KEY ENGINEERING: Final Creditors' Meeting Set December
------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Key Engineering Limited
(In Liquidation)
Notice is hereby given pursuant to Section 146 of the Insolvency
Act 1986, that the Final Meeting of Creditors of Key Engineering
Limited will be held within the offices of Thomson Cooper,
Castle Court, Carnegie Campus, Dunfermline, Fife, KY11 8PB on
December 8, 2004 at 10:30 a.m. for the purpose of receiving the
Liquidator's final report showing how the winding-up has been
conducted and determining whether in terms of Section 174 of the
Insolvency Act 1986, the Liquidator should receive his release.
Creditors are entitled to attend in person or alternatively by
proxy. A creditor may vote only if his claim has been submitted
to the Liquidator and that claim has been accepted in whole or
in part. A resolution will be passed only if a majority in
value of those voting in person or by proxy vote in favor.
Proxies must be lodged with the Liquidator at or before the
meeting.
Alan C. Thomson, CA, Liquidator
October 14, 2004
CONTACT: THOMSON COOPER
Castle Court
Carnegie Campus
Dunfermline
Fife KY11 8PB
Phone: 01383 722815
LINACRE DECORATORS: Calls First Creditor's Meeting
--------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Linacre Decorators (Glasgow) Limited
(In Liquidation)
I, Fraser J. Gray of Kroll Limited, Afton House, 26 West Nile
Street, Glasgow G1 2PF, hereby give notice that I was appointed
Interim Liquidator of Linacre Decorators (Glasgow) Limited on
September 21, 2004, by Interlocutor of the Sheriff at Glasgow.
Notice is hereby given pursuant to Section 138 of the Insolvency
Act 1986 that the first meeting of creditors of the company will
be held within Afton House, 26 West Nile Street, Glasgow, G1 2PF
on November 1, 2004 at 12:00 noon, 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 or before the meeting 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 27, 2004.
Proxies may also be lodged with me at the meeting or before the
meeting at my office.
Fraser J. Gray, Interim Liquidator
October 13, 2004
CONTACT: KROLL GLASGOW
Afton House
26 West Nile Street
Glasgow G1 2PF
Phone: 44 (0) 141 248 1250
Fax: 44 (0) 141 248 1262
Web site: http://www.krollworldwide.com
MCMASTER STORES: Liquidator's Final Report Known Next Month
-----------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF McMaster Stores Scotland Limited
(In Liquidation)
Notice is hereby given, pursuant to Section 146 of the
Insolvency Act 1986, that a final meeting of the creditors of
McMaster Stores Scotland Limited will be held at Lomond House, 9
George Square, Glasgow at 10:00 a.m. on November 22, 2004 to
receive the Liquidator's report on the final winding up of the
Company and to determine whether he should have his release as
Liquidator in terms of section 174 of the Insolvency Act 1986.
John C. Reid, For G A Martin, Liquidator
CONTACT: DELOITTE & TOUCHE L.L.P.
Lomond House
9 George Square
Glasgow G2 1QQ
Phone: +44 (0) 141 204 2800
Fax: +44 (0) 141 314 5893
Web site: http://www.deloitte.com
MOTOR REPAIR: First Creditors' Meeting Set November
---------------------------------------------------
The initial creditor's meeting of the Motor Repair Management
Limited will meet on November 10, 2004 commencing at 11:00 a.m.
It will be held at Ramada Solihull/Birmingham, The Square,
Solihull, West Midlands B91 3RF.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Ernst & Young LLP, 10 George Street, Edinburgh
not later than 12:00 noon, November 9, 2004.
CONTACT: ERNST & YOUNG LLP
10 George Street,
Edinburgh EH2 2DZ
Web site: http://www.ey.com
NORTHERN FOODS: Parts with Long-time Director
---------------------------------------------
Northern Foods finance director Sean Christie ended 25 years of
collaboration with the ready-meals group last week, according to
reports.
Mr. Christie was a main board of director for the last eight
years. The company said his resignation was arranged with
mutual consent.
Group finance executive Ian Ellis, who has been working
alongside chief executive Pat O'Driscoll on a business review,
will act as head of finance until a successor is selected.
Spencer Stuart was tasked to find a replacement for Mr.
Christie.
Northern Foods supplies meals to retailers such as Marks &
Spencer's and Tesco. Its profits have been under pressure for
the past years as supermarkets continuously demand for lower
prices. It closed two factories last month to cut cost. The
shutdown led to 1,000 job losses.
Ms. O'Driscoll, formerly from Safeway, was called in April to
head the company. So far, she already cut 12 operating units
from the business' 16 divisions. She is expected to unveil her
new strategy on Nov. 16.
CONTACT: Northern Foods plc (London: NFDS)
Beverley House, St. Stephen's Sq.
Hull HU1 3XG, United Kingdom
Phone: +44-1482-325-432
Fax: +44-1482-226-136
Web site: http://www.northern-foods.co.uk
PISCADOR PLC: Names Joint Administrators from Harris Lipman
-----------------------------------------------------------
Martin John Atkins and Michaela Joy Hall (IP Nos 9020, 9081)
have been appointed joint administrators for Piscador Plc. The
Appointment was made October 18, 2004.
The company manufactures formal menswear. Its registered office
is located at 2 Mountview Court, 310 Friern Barnet Lane,
Whetstone, London N20 0YZ.
CONTACT: HARRIS LIPMAN
2 Mountview Court,
310 Friern Barnet Lane,
Whetstone, London N20 0YZ
Phone: (020) 8446 9000
Fax: (020) 8446 9537
Web site: http://www.harris-lipman.co.uk
PRECISION CUT: Appoints Kroll Limited Administrator
---------------------------------------------------
The joint administrators, Adrian Wolstenholme and Alastair
Beveridge, offer for sale as a going concern the business and
assets of the following rubber and plastic moulding
manufacturing companies, supplying primarily to the automotive
sector using moulding, lathe cutting, compression and injection
processes.
Precision Cut Rubber Company Limited:
(a) Approximately 9,000 sq meter leasehold premises in Corsham,
England
(b) OEM customer base, first and second tiers
(c) Skilled workforce (65 employees)
CONTACT: KROLL LIMITED
Aspect Court
4 Temple Row,
Birmingham B2 5HG
Phone: 0121 212 4999
Fax: 0121 212 4944
E-mail: lharrison@krollworldwide.com
S M LEISURE: Calls in Joint Administrators from Begbies Traynor
---------------------------------------------------------------
Steven Williams and Andrew Dick (IP Nos 8887, 8688) have been
appointed joint administrators for S M Leisure Limited. The
appointment was made October 14, 2004. The company operates
licensed trade and nightclub.
CONTACT: BEGBIES TRAYNOR
1 Winckley Court
Chapel Street, Preston
Lancashire PR1 8BU
Phone: 01772 202000
Fax: 01772 200099
E-mail: preston@begbies-traynor.com
Web site: http://www.begbies.com
SOUTH CLEVELAND: HSBC Bank Appoints PwC Receiver
------------------------------------------------
HSBC Bank plc called in Ian David Green, Robert Jonathan Hunt
and Craig Anthony Livesey (Office Holder Nos 9045, 8597 and
9186) joint administrators for South Cleveland Garages
(Middlesbrough) Limited (Reg No 02587741, Trade Classification:
6531). The application was filed October 19, 2004. The company
handles real estate agents and managers.
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
THE RESIDENTIAL: Names BDO Stoy Hayward Administrator
-----------------------------------------------------
Malcolm Cohen and Shay Bannon (IP Nos 6825/01, 8777/02) have
been appointed joint administrators for children's care homes
The Residential Care Group Limited.
CONTACT: BDO STOY HAYWARD LLP
8 Baker Street
London W1U 3LL
Phone: 020 7486 5888
Fax: 020 7487 3686
E-mail: london@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
UNITED POLYMERS: Hires Joint Administrators from Kroll Limited
--------------------------------------------------------------
The joint administrators, Adrian Wolstenholme and Alastair
Beveridge, offer for sale as a going concern the business and
assets of the following rubber and plastic moulding
manufacturing companies, supplying primarily to the automotive
sector using moulding, lathe cutting, compression and injection
processes.
United Polymers Limited
(a) Approximately 17,000 sq. meter leasehold premises in Maerdy,
South Wales
(b) OEM customer base, first and second tiers
(c) Skilled workforce (230 employees)
CONTACT: KROLL LIMITED
Aspect Court
4 Temple Row,
Birmingham B2 5HG
Phone: 0121 212 4999
Fax: 0121 212 4944
E-mail: lharrison@krollworldwide.com
VALIANT PLASTICS: Names PricewaterhouseCoopers Liquidator
---------------------------------------------------------
At the extraordinary general meeting of the Valiant Plastics
Limited on 19 October 2004, the special and ordinary resolutions
to wind up the company were passed. Tim Walsh and Jonathan
Sisson of PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP have been appointed joint
liquidators of the company for the purpose of such winding-up.
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
YORKSHIRE GROUP: Falls into Receivership
----------------------------------------
Administrative receivers from PricewaterhouseCoopers were called
in for Yorkshire Group on Monday after efforts to sell the
company failed, Yorkshire Post reports.
Steve Ellis, Roger Marsh and David Costley-Wood were appointed
joint administrative receivers of Yorkshire Group, Yorkshire
Chemicals and Yorkshire Industries.
Shares in the textile dyes and auxiliary chemicals maker were
suspended in April, and completely stopped trading early in
October. Receivers are now selling its sales and distribution
arm to a team of managers. The company has been trying to sell
assets for the past months.
Some 100 staff has lost their jobs as a result of the collapse.
A total of 75 people are being kept on in the sales and
distribution operation and at the Hunslet site to close down the
factory. The Hunslet site reports turnover of GBP50 million.
Receivers blamed continued market pressure and changes in the
global industry for the failure of the company. They are
working to close the sale of the U.K. sales and distribution
business together with four of the European distribution
subsidiaries, while disposing other assets.
Yorkshire Group is headquartered in Leeds. It operates three
divisions covering Europe; Asia Pacific, based in Hong Kong; and
the Americas, based in Charlotte, North Carolina. Its five
distribution subsidiaries based in Europe are not included in
the administrative receivership.
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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-
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Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, and Julybien Atadero, Editors.
Copyright 2004. All rights reserved. ISSN 1529-2754.
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