/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/041102.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, November 2, 2004, Vol. 5, No. 217 Headlines F R A N C E BULL SA: Achieves Operational Profitability Objectives G E R M A N Y ABT ANLAGENBAU: Administrator's Report Out Within Weeks CINEMAXX AG: Anticipates Growth in Visitors Number CONTINENTAL AG: E.U. Commission Clears Phoenix Buyout FILM ART: Gives Creditors Until End of November to File Claims GEERDS PRODUKTIONS: Engineering Firm Succumbs to Bankruptcy HSL HAMBURG: Creditors Have Until Next Week to File Claims SENATOR ENTERTAINMENT: Restructuring Plan Ready to Go SIEMER + MULLER: Creditors to Meet this Week SOCIETY EXPEDITIONS: Creditors' Meeting Set Next Week STUMA STUKKATEUR: Applies for Bankruptcy Proceedings SYNTEC GESELLSCHAFT: Under Bankruptcy Administration TENNIS-ANLAGEN: Stuttgart Court Appoints Administrator WILLCOHAUS AG: Real Estate Firm Files for Bankruptcy I T A L Y FARMLAND DAIRIES: Posts US$3.9 Million 3rd-quarter Net Loss PARMALAT FINANZIARIA: Auditors, Banks Challenging Legal Immunity PARMALAT FINANZIARIA: Administrator Hands over New Evidences PARMALAT U.S.A.: Milk Products Registers 3rd-quarter Loss PARMALAT U.S.A.: Reports Minimal Loss for Third Quarter N E T H E R L A N D S HAGEMEYER N.V.: Latest Quarterly Trading Report Encouraging ROYAL SHELL: Bares Key Features of Results, Reserves Update ROYAL SHELL: In Advance Stage to Sell LatAm Units, Report Says ROYAL SHELL: Intends to Centralize Dutch, British Operations ROYAL SHELL: Needs More than Structural Change to Restore Image P O L A N D ELEKTRIM SA: E.U. Anti-trust Regulator Clears PTC Sale R U S S I A CERAMIC: Under Bankruptcy Supervision FOUL RESERVE: Hires E. Korshunova as Insolvency Manager GOLDEN FLEECE: Creditors Have Until this Month to File Claims GOLD OF NERYUNGRI: Insolvency Manager to Temporarily Run Firm KHABAROVSKOYE INDUSTRIAL-MARKETING: Claims Deadline Nears KUSHEVSKIY FOUNDRY: Bankruptcy Proceedings Begin PRIM-STROY-INVEST: Undergoes Bankruptcy Supervision Procedure SHARYPOVSKIY ENTERPRISE: Declared Insolvent STI-SIGMA: Moscow Court Orders Bankruptcy Supervision TAMBOVSK-AGRO-PTOM-STROY-2: Declared Insolvent TEPLO-GAZ-SERVIS: Krasnodar Court Appoints Insolvency Manager UST-LABINSKIY: Court Sets Next Hearing End of November VOSKRESENSKIY DAIRY: Moscow Court Hires Insolvency Manager YUKOS OIL: Faces Suit for Failure to Resume Supply to China YUKOS OIL: Could Face Additional US$5.56 Billion Tax Bill S W I T Z E R L A N D ABB LTD.: Results Continue to Improve in Third Quarter U K R A I N E BPF-TERMO: Ordered to Undergo Bankruptcy Supervision Procedure CHERKASSY' TELEGRAPH: Proofs of Claim Deadline Expires this Week DNIPROSPETSEKSPORT: Under Bankruptcy Supervision DRABIVSKE: Court Brings in Temporary Insolvency Manager KVARTA-CENTRE: Bankruptcy Supervision Begins MOKOM-ZVYAZKOBUD: Sets Proofs of Claim Deadline PIVDENNA PALYANITSYA: Proofs of Claim Deadline Thursday SUMBUD: Undergoes Bankruptcy Supervision Procedure ZUBR: Donetsk Court Grants Debt Moratorium U N I T E D K I N G D O M ALSOP LIMITED: Lloyds TSB Bank Appoints Stoy Hayward Receiver ASPEN SPORTS: Members Pass Winding up Resolutions ASSET MANAGEMENT: KMPG Staff to Liquidate Firm BAE SYSTEMS: Wins EUR891 Million Contract in Netherlands BATTERSEA GLASS: Calls in Liquidator from Carter Clark BEST WOODCRAFT: Hires Liquidator from BN Jackson Norton BOMAG KENT: Calls in Liquidator from KPMG BRADFORD UK: Names Liquidator from Rushtons CALISTA LIMITED: Members Final Meeting Next Month CELLEX LIMITED: Hires Gerald Irwin as Liquidator CREST COACH: Members Abandon Business DARTMOUTH TOURIST: Calls in Liquidator from Bishop Fleming DELANA LTD: Members Agree to Liquidate Company EP ELECTRICAL: Creditors Pick Blair Nimmo as Liquidator EUROWIDE STORAGE: Appoints Carter Clark Liquidator FEELGOOD SCOTLAND: Files for Liquidation FIBRELUX FIRES: Workers Buy Firm Out of Receivership FINEST SEAFOOD: KMPG Accountant Appointed Liquidator GEODIS OVERSEAS: Hires Deloitte & Touche as Liquidator GOOD TIDINGS: Names Numerica Liquidator HLP LIMITED: Liquidator's Final Report Known Later this Month JAZZ PHOTO: Names Tenon Recovery Administrator LUKOIL RACING: Appoints Liquidator from KPMG MARCONI CORPORATION: Adds New Access Hub Feature MARCONI CORPORATION: Expands Chinese Broadband Service MARCONI CORPORATION: Unveils New Version of Management Software MG ROVER: Suffers Fourth Consecutive Annual Loss MINISTRY OF SOUND: Members General Meeting Set this Month RHODIA 368: Schedules Members Final Meeting December ROBERT BARNES: Liquidator to Give Final Report Later this Month SALT N PEPPER: Hires Liquidator form Baker Tilly TOTAL FREIGHT: Barclay Bank Appoints Numerica Receiver TREBLE VISION: Sets Creditors' Meeting Next Week UNIT CONTRACT: In Administrative Receivership VALMET CONVERTING: Appoints Stoy Hayward Liquidator W G EDWARDS: Hires BDO Stoy Hayward as Administrator * Large Companies with Insolvent Balance Sheets ********* =========== F R A N C E =========== BULL SA: Achieves Operational Profitability Objectives ------------------------------------------------------ Bull S.A.'s Board of Directors, headed by Acting Chairman and Managing Director Gervais Pellissier, met on October 29 and examined the financial statements for the first half-year 2004. First-half 2004 Results The revenue in line with March 31, 2004 forecasts, taking into account Bull's still difficult economic environment during this period, reached EUR565.7 million against EUR642.4 million in the first half of 2003. The gross margin amounts to EUR158.7 million, i.e. 28% of the revenue against 26.6% in the first half of 2003. Bull has maintained its R&D investments, which represent EUR28.5 million, i.e. 11.4% of product revenue and 5% of the total revenue. Drastic efforts applied to SG&A expenses have been ongoing, reducing them from EUR122 million to EUR108 million. Earnings before tax, financial expenses, goodwill amortization and exceptional items (EBIT) amounts to EUR20.1 million, i.e. 3.6% of the revenue, to be compared to EUR20 million (3.1% of revenue) in the first half of 2003. With results superior to forecasts given on the occasion of the publication of its 2003 full year results, Bull achieves its fourth profitable semester in a row, since the 2nd half 2002, and confirms its profitability capacity. Financial expenses amount to EUR16.1 million, EUR12.9 million of which are related to interest expenses on the French State loan. The Group net result is a profit of EUR2.2 million showing an increase of EUR0.9 million compared to the first half of 2003. The free cash flow generated by Bull in the first half of 2004 amounts to EUR17.6 million, EUR21 million of which result from operations. Recapitalization Bull has successfully carried out the two market operations relative to its recapitalization, respectively closed on June 30 and July 2. The capital increase of EUR44.3 million received a 100% subscription from investors that committed to guarantee the capital increase in November 2003, as well as from the Public[*]. The Public Exchange Offer of the 11.495.396 Oceane bonds in shares was subscribed at a level of 95.46%. 98% of the exchanged bonds were brought to the 2nd branch (1 bond in exchange for 16 new shares with warrants attached - ABSA) and will give rise to the issue of 172.361.376 shares with warrants - ABSA. The warrants (BSA) will be detached and quoted, giving rights from July 15 until December 15 2004 to subscribe to one Bull share at the price of EUR0.10 per share. They can generate an additional 17.2 million to the capital. Regarding the restructuring aid notified by the French State to the European Commission, Bull expects a rapid decision. After the European Commission approval, and once Bull has reimbursed the subordinated loan granted by the French State in March 2004, the French State will proceed, beginning of 2005, to the payment of the restructuring aid. Upon the market operations, Bull's capital has changed and will be modified once the warrants are exercised: Simulation with 100% warrants As of July 22, 2004 exercised prior to December 15, 2004 % of Capital % of Capital France Telecom 12.4% 10.1% Nec 12.4% 10.1% AXA Private Equity + Artemis 10.4% 8.6% Debeka 3.5% 2.9% Management 6.2% 5.1% Motorola 3.6% 3.0% French State 3.5% 2.9% Public and others 48.0% 57.3% Total 100 % 100 % Operations Bull has further deployed its strategy by accompanying its customers in the modernization of their networked IT systems through an enhanced product and services offer. Bull has extended it GCOS customer base with the announcement of the fully open and partitionable NovaScale 6000 and 9000 servers, and with the launch of the latest version of GCOS 8, its own operating system. The Intel(R) Itanium(R) based NovaScale servers have gained worldwide recognition in High Performance Computing and in business environments. Bull has also signed OEM agreements, in particular in Russia and China and developed an application portfolio, in partnership with leading ISVs. More recently, the two contracts signed by Bull, represented by Gervais Pellissier, during the State visit of France's President in China, have opened up new perspectives for the future: (a) the first one with Lenovo, a leading IT player in China, for the sale of Bull's range of NovaScale servers; and (b) the second one with CEA, STMicroelectronics and the MOST, the Chinese Ministry of Science and Technology, in the field of research for the development of an open IT platform. The Escala AIX(TM) range of servers has experienced a significant growth and this offer has been enhanced with the introduction of the Power5(R) processor. With regards to systems administration and security, Bull has announced new versions of OpenMaster and AccessMaster software suites, addressing in particular identity and access management. Among its new and recent successes, Bull has secured Dassault- Aviation's virtual platform for the design of the Falcon 7X business jet, deployed T-Com 's secured infrastructure (SSO). Bull has also launched new hardware and software cryptography solutions, based on Trustway, its own offer, and taken a stake in the capital of Keynectis, the new French certification operator. With regards to services activity in France, beside a significant growth in the field of business intelligence and outsourcing, Bull has maintained its efforts to improve productivity. At a geography level, the good performance of Spain is to be noticed with, in particular, the modernization and the security of Banco Sabadell's IT infrastructure and the servers provided to host the scientific applications of Castilla-La Mancha University research center. It is also important to note the recovery of Bull's operations in Latin America and the development of solutions for customs in Eastern Europe where Bull contributed to the modernization projects of six of the ten European Community entrant countries in May 2004. 2004 3rd Quarter Revenue and 2004 Perspectives The revenue of 2004 3rd quarter, in line with objectives defined by Bull, amounts to EUR254.4 million to be compared to EUR286.4 million in the third quarter of 2003. Taking into account the perspectives of the commercial activities uptake, Bull forecasts, for the second semester of 2004, an improvement of its backlog and a turnover similar to the one of the first semester 2004, while maintaining profitability level. Conclusion The return to profitability for four semesters in a row, the backlog growth perspectives for the second 2004 semester and the success of its recapitalization plan give Bull confidence in its return to growth as well as in its future development. These results confirm the relevance of Bull's strategic options as defined in 2002. Financial statements are available free of charge at: http://bankrupt.com/misc/Bull_3Q2004.pdf CONTACT: BULL S.A. Media Marie-Claude Bessis Phone: + 33 (0) 1 39 66 70 55 Or + 33 (0) 6 80 64 18 81 E-mail: marie-claude.bessis@bull.net ============= G E R M A N Y ============= ABT ANLAGENBAU: Administrator's Report Out Within Weeks ------------------------------------------------------- The district court of Berlin-Charlottenburg opened bankruptcy proceedings against ABT Anlagenbau Terlinden GmbH on August Oct. 4. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 7, 2005 to register their claims with court-appointed provisional administrator Dr. Wolfgang Schroder. Creditors and other interested parties are encouraged to attend the meeting on Nov. 24, 2004, 10:55 a.m. at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on Mar. 2, 2005, 10:30 a.m. at the district court of Charlottenburg Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218. CONTACT: ABT ANLAGENBAU TERLINDEN GMBH Benekendorffstr. 180A, 13469 Berlin Phone: +49 (0) 30 / 41 78 31 40 Fax: +49 (0) 30 / 41 78 31 60 E-mail: abt@abt-terlinden.de Web site: http://www.abt-terlinden.de Dr. Wolfgang Schroder, Insolvency Manager Genthiner Str. 48, 10785 Berlin CINEMAXX AG: Anticipates Growth in Visitors Number -------------------------------------------------- Troubled cinema chain Cinemaxx AG sees better times ahead, as it expects the number of visitors to increase by five percent this year, Frankfurter Allgemeine Zeitung says. Cinemaxx posted a 4.3% rise in number of guests for the first six months of 2004 compared to the first half of 2003. The company saw its first-half aggregate operating performance fell from EUR92.3 million in 2003 to EUR89.9 million, as post-tax loss declined from EUR9.8 million in 2003 to EUR4.2 million this year. The figures do not include the sale of some of the company's cinema. The company, which operates around 47 cinemas in the country, is also optimistic of growth after three troublesome years. Cinemaxx is reportedly mulling acquisitions and renovation of cinemas. The company recently held a general meeting in Hamburg, in which the discussion focused on the offer of film rights trader Herbert Koiber to acquire a 49.7% stake in the company. CONTACT: CINEMAXX AG Friedrich-Ebert-Damm 111 22047 Hamburg, Germany Phone: +49-40-450-68-0 Fax: +49-40-450-68-201 Web site: http://www.cinemaxx.com CONTINENTAL AG: E.U. Commission Clears Phoenix Buyout ----------------------------------------------------- The European Union Commission has approved the acquisition of Phoenix AG by the German undertaking Continental AG subject to divestiture commitments. With a view to the parties' dominant position in the markets for air springs for commercial vehicles and for heavy steel cord conveyor belts, the approval was only possible after the Commission had received commitments that could eliminate the identified competition problems. By the proposed transaction Continental, a German based producer of tires, brake systems and technical rubber products will acquire sole control over Phoenix AG, also active in the production of technical rubber products (e.g. suspension systems, anti-vibration systems, hoses and conveyor belts). Phoenix jointly controls Vibracoustic GmbH & Co KG, Germany, through which it distributes air springs for trucks and cars. The acquisition leads to significant overlaps in various markets of technical rubber products, in particular in the markets for air springs and for steel cord conveyor belts. Air springs are used as suspension parts in commercial vehicles, cars and rail vehicles. Heavy steel cord conveyor belts are used for the transport of heavy goods over long distances, in particular in the field of lignite mining. The merger was notified to the Commission by Continental in May 2004. Having identified potential competition concerns in the markets for air springs for commercial vehicles, cars and rail vehicles as well as for heavy steel cord conveyor belts and for filter belts, the Commission started an in-depth investigation on 29 June 2004. The Commission's extensive market investigation confirmed its concerns in the markets for air springs for commercial vehicles (sold to original equipment manufacturers and suppliers -- OEM/OES) and for heavy steel cord conveyor belts. Indeed, the acquisition combines the two leading players in these two markets and would lead to a combined market share in both markets of well above 60%, with only a few smaller remaining competitors. Furthermore, the Commission has found evidence that there are significant barriers to enter both markets. This is mainly because the production and distribution of air springs and conveyor belts involves specific production and customer know-how. Accordingly, new suppliers have to undergo a lengthy qualification procedure before they can even be considered as potential suppliers. In order to eliminate the Commission's competition concerns, Continental commits to divest Phoenix' 50% co-controlling stake in the joint venture Vibracoustic to the only other shareholder, Freudenberg (Germany). In addition, Continental will cause Phoenix to completely divest its production of air springs for commercial vehicles (OEM/OES), located in a plant in Hungary. These two commitments remove entirely the overlap of the parties' activities in the field of air springs for commercial vehicles (OEM/OES). Continental also committed to sell a production line for wide steel cord conveyor belts to its competitor, Sempertrans. This divesture will enable Sempertrans to compete over the full range of steel cord conveyor belts with the merged entity, thereby eliminating the competition concerns in the field of steel cord conveyor belts. CONTACT: CONTINENTAL AKTIENGESELLSCHAFT Vahrenwalder Strasse 9 D-30165 Hannover Phone: +49 (0) 511 938 01 Fax: +49 (0) 511 938 81770 Web site: http://www.conti-online.com FILM ART: Gives Creditors Until End of November to File Claims -------------------------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against Film Art GmbH on Oct. 7. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 30 to register their claims with court-appointed provisional administrator Jens-Soren Schoder. Creditors and other interested parties are encouraged to attend the meeting on Dec. 22, 2004, 1:00 p.m. at the district court of Hamburg Amtsgerichts Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: FILM ART GMBH Industriestrasse 18, 82110 Germering Contact: Christof Bergmann, Manager Jens-Soren Schroder, Insolvency Manager Raboisen 38, 20095 Hamburg Phone: 334460 Fax: 33446111 GEERDS PRODUKTIONS: Engineering Firm Succumbs to Bankruptcy ----------------------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against Geerds Produktions- und Montage GmbH on Oct. 5. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 8, 2004 to register their claims with court-appointed provisional administrator Dr. Sven-Holger Undritz. Creditors and other interested parties are encouraged to attend the meeting on Jan. 4, 2005, 10:00 a.m. at the district court of Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene 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. Geerds fabricates and sells steel, sheet metals constructions and easy metal constructions. CONTACT: GEERDS PRODUKTIONS- UND MONTAGE GMBH Poppenbutteler Bogen 62 + 64, 22399 Hamburg Contact: Oliver Geerds, Manager Patric Geerds, Manager Dr. Sven-Holger Undritz, Insolvency Manager Jungfernstieg 51, 20354 Hamburg Phone: 808136-212 HSL HAMBURG: Creditors Have Until Next Week to File Claims ---------------------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against HSL Hamburg-Schweriner-Lokfuhrerservice GmbH on Oct. 6. 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 Stefan Hinrichs. Creditors and other interested parties are encouraged to attend the meeting on Dec. 8, 2004, 12:35 a.m. at the district court of Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: HSL HAMBURG-SCHWERINER-LOKFUHRERSERVICE GMBH Vogelhuttendeich 174, 21107 Hamburg Contact: Rudolf Flottmann, Manager Hans-Jurgen Szurrat, Manager Stefan Hinrichs, Insolvency Manager Osterbekstrasse 90A, 22083 Hamburg Phone: 040/41004040 Fax: 040/41004059 SENATOR ENTERTAINMENT: Restructuring Plan Ready to Go ----------------------------------------------------- Creditors of Senator Entertainment approved Wednesday a restructuring plan aimed at reviving the insolvent film group, Daily Variety says. Creditors also agreed to waive up to 90% of the group's almost US$220 million debt. Deutsche Bank London took over Senator's US$204 million debt for US$30 million, and became the group's main creditor. Under the restructuring plan, a debt-to-equity swap will take place, making Deutsche Bank a majority stakeholder. Deutsche Bank intends to inject fresh capital into the group. The plan also entails one-for-ten reverse stock split; cutting down the share capital form US$41 million to US$4.1 million, aimed at increasing share price tenfold. The plan also includes a capital increase, which would allow the film group to sell more shares. Senator Entertainment, the country's second-largest film producer and distributor, applied for insolvency protection in April after suffering massive write-downs. CONTACT: SENATOR ENTERTAINMENT A.G. Ransketrasse 3 D-10789 Berlin E-mail: info@senator.de Web site: http://www.senator.de Karl W. Homburg Investor Relations Phone: +49 30 88091-612 Fax: +49 30 88091-616 E-mail: investor@senator.de DEUTSCHE BANK A.G. LONDON 6th Floor Winchester House Great Winchester Street London EC2N 2DB Phone: (020) 7545 8000 Fax: (020) 7547 4577 Web site: http://www.deutsche-bank.de SIEMER + MULLER: Creditors to Meet this Week -------------------------------------------- The district court of Bremen opened bankruptcy proceedings against Siemer + Muller GmbH & Co. Kommanditgesellschaft 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 Detlef-Helmut Sturmann. Creditors and other interested parties are encouraged to attend the meeting on Nov. 4, 2004, 11.00 a.m. at Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on Jan. 13, 2005, 9:00 a.m. at the same venue. CONTACT: SIEMER + MsLLER GMBH & CO. KOMMANDITGESELLSCHAFT Parkallee 48, 28209 Bremen (HRA 10652, AG Bremen) Phone: 0221/585025 Fax: 0221/583927 Branches: Muhlenweg 2, 26384 Wilhelmshaven (AG Wilhelmshaven, HRA 577) Neufelder Weg 7, 27619 Schiffdorf-Sp. (AG Langen, HRA 805) Am Liepengraben 6, 18146 Rostock (AG Rostock, HRA 323) Kirchroder Strasse 87, 30625 Hannover (AG Hannover, HRA 26251) MULLER & SOHN BETEILIGUNGSGESELLSCHAFT MIT BESCHRANKTER HAFTUNG Parkallee 48, 28209 Bremen Contact: Friedrich Karl Muller, Manager Eekenhoge 18, 28355 Bremen Egon Evers Borgfelder Deich 6A 28357 Bremen Detlef-Helmut Sturmann, Insolvency Manager Domshof 18-20, 28195 Bremen Phone: 0421/3686-0 Fax: 0421/3686-100 SOCIETY EXPEDITIONS: Creditors' Meeting Set Next Week ----------------------------------------------------- The district court of Bremen opened bankruptcy proceedings against Society Expeditions GmbH 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, 11:00 a.m. at Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on Jan. 13, 2005, 10:00 a.m. at the same venue. CONTACT: SOCIETY EXPEDITIONS GMBH Marcusallee 9, 28359 Bremen (AG Bremen, HRB 11204) Phone: 0421 - 238 03 25 Fax: 0421 - 238 03 33 Web site: http://www.societyexpeditions.de Contact: Heiko Klein, Manager Edgar Gronda, Insolvency Manager Domshof 18-20, 28195 Bremen Phone: 0421/3686-0 Fax: 0421/3686-100 STUMA STUKKATEUR: Applies for Bankruptcy Proceedings ---------------------------------------------------- The district court of Berlin-Charlottenburg opened bankruptcy proceedings against STUMA Stukkateur Meister Betrieb GmbH on Oct. 6. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 29, 2004 o register their claims with court-appointed provisional administrator Rudiger Wienberg. Creditors and other interested parties are encouraged to attend the meeting on Dec. 1, 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 Feb. 23, 2005, 9:30 a.m. at the district court of Charlottenburg Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218. SYNTEC GESELLSCHAFT: Under Bankruptcy Administration ---------------------------------------------------- The district court of Berlin-Charlottenburg opened bankruptcy proceedings against Syntec Gesellschaft fur berufliche Fortbildung und Umschulung mbH on Oct. 8. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 29, 2004 to register their claims with court-appointed provisional administrator Hartwig Albers. Creditors and other interested parties are encouraged to attend the meeting on Dec. 1, 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. 23, 2005, 9:40 a.m. at the district court of Charlottenburg Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218. CONTACT: SYNTEC GESELLSCHAFT FUR BERUFLICHE FORTBILDUNG UND UMSCHULUNG MBH Grosskopfstr. 8,13403 Berlin Hartwig Albers, Insolvency Manager Lutzowstr. 100, 10785 Berlin TENNIS-ANLAGEN: Stuttgart Court Appoints Administrator ------------------------------------------------------ The district court of Stuttgart opened bankruptcy proceedings against Tennis-Anlagen GmbH & Co. "Emerholz" KG on Sept. 30. 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. Reinhard Th. Schmid. Creditors and other interested parties are encouraged to attend the meeting on Dec. 8, 2004, 10:00 a.m. at AG Stuttgart, Hauffstr. 5, EG, Zimmer 13 at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: TENNIS-ANLAGEN GMBH & CO. "Emerholz" KG Contact: Sven Gurtler, Manager Emerholzweg 73, 70439 Stuttgart-Stammheim Dr. Reinhard Th. Schmid, Insolvency Manager Hasenbergsteige 5, 70178 Stuttgart Phone: 0711/6690791 WILLCOHAUS AG: Real Estate Firm Files for Bankruptcy ---------------------------------------------------- The district court of Dortmund opened bankruptcy proceedings against real estate company WILLCOHaus AG on Oct. 12. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 15, 2004 to register their claims with court-appointed provisional administrator Dr. Petra Mork. Creditors and other interested parties are encouraged to attend the meeting on Nov. 24, 2004, 9:30 a.m. at the district court of Dortmund Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II. Etage, Saal 3.201 at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on Feb. 2, 2005, 1:00 p.m. at the same venue. CONTACT: WILLCOHAUS AG Zur Mergelkuhle 17, 59192 Bergkamen Dr. Petra Mork, Insolvency Manager Arndtstr. 28, 44135 Dortmund Phone: 0231-952063-0 Fax: 0231-95206316 ========= I T A L Y ========= FARMLAND DAIRIES: Posts US$3.9 Million 3rd-quarter Net Loss ----------------------------------------------------------- Farmland Dairies, LLC Balance Sheet As of September 18, 2004 Assets Cash & Cash Equivalents $7,686,247 Accounts Receivable-Trade 39,618,377 Accounts Rec.-Securitization (37,068,087) Notes Receivable 257,761 Inventory 16,128,470 Prepaid Expenses 15,039,416 Other Current Assets 887,380 -------------- Total Current Assets 42,549,564 Fixed Assets 210,167,089 Accumulated Depreciation 115,524,248 -------------- Net Fixed Assets 94,642,841 Other Assets 43,957,067 Intercompany Receivables 80,314,080 -------------- Total Assets $261,463,552 ============== Liabilities Subject to Compromise: Accounts Payable 14,612,357 Accrued Expenses 3,296,589 Intercompany Payables 25,318,781 Capital Lease 95,000,000 -------------- Total Liabilities Subject to Compromise 138,227,727 Liabilities: Notes & Loans Payable 0 Capital Leases - Short Term 0 Accounts Payable 14,708,115 Accrued Expenses 24,139,970 -------------- Total Current Liabilities 38,848,085 Notes & Loans Payable 31,877,585 Capital Leases - Long Term 43,391 Other 8,389,235 -------------- Total Long Term Liabilities 40,310,211 Intercompany Payables (82,068,989) -------------- Total Liabilities 135,317,034 Equity Paid In Capital 161,506,590 Accum Comprehensive Income (7,013,988) Retained Earnings 11,323,693 YTD Net Income/(Loss) (39,669,777) -------------- Total Equity 126,146,518 -------------- Total Liabilities & Owners' Equity $261,463,552 ============== Farmland Dairies, LLC Income Statement From August 22, 2004 to September 18, 2004 Revenues Gross sales $33,820,700 Less: Returns & discounts 814,650 -------------- Net sales 33,006,050 Expenses Raw Materials & Ingredients 20,790,615 Packaging 2,423,520 Direct Labor 955,516 Power 477,228 Freight 416,924 Distribution 2,558,674 Industrial Depreciation 388,326 Production Overhead 2,131,317 Warehouse (Cooler) 1,676,282 Marketing Costs 650,627 Sales Admin Expenses 421,396 General Expenses 1,073,162 Financial Costs 855,416 Goodwill/trademarks 6,756 Extraordinary 74,152 Corporate Allocation 0 Provision for Income Taxes 0 -------------- Total Expenses 34,899,911 Reorganization Expenses 2,023,249 -------------- Net Profit (Loss) ($3,917,110) ============== Farmland Dairies, LLC Cash Receipts and Disbursements From August 21, 2004 to September 18, 2004 Cash - Beginning of Month $13,998,799 Receipts From Operations Cash Sales 0 Collection of Accounts Receivable Prepetition - Postpetition - -------------- Total Operating Receipts 32,594,955 Non - Operating Receipts Payments from/(to) GE Capital 1,800,000 Voided Checks (Prepetition) - Adjustments (20,687) Deposits -- Other 349,243 Transfers 5,500,000 -------------- Total Non-Operating Receipts 7,628,556 -------------- Total Receipts 40,223,511 -------------- Total Cash Available 54,222,310 Operating Disbursements Chemicals 413,318 Commissions 8,590 Consulting/Legal 67,697 Co-packing 575,731 Employee & Employee-related expenses 2,542,190 Equipment Leases 406,252 Freight & Postage 314,562 Fuel 85,331 Transportation 589,549 Ingredients 1,433,324 Insurance 1,140,417 Lab Fees 23,240 Licenses & Taxes 231,428 Marketing 32,236 Other 660,886 Packaging 2,323,000 Pallets/Cases/Bossies 200,533 Milk Producers 19,264,613 Marketing Administrator 809,167 Purchased Products 766,250 R & M, Parts, Supplies 1,000,847 Raw Milk 764,381 Rebates 39,211 Rent 200,560 Security 79,520 Temporary Labor 50,023 Travel & Entertainment 36,249 Utilities 862,006 Securitization Payments 5,722,021 Payroll 3,473,849 Payroll Taxes 335,896 Voided Checks (Postpetition) (190,089) -------------- Total expenses 44,262,788 Reorganization Expenses Professional Fees 2,558,981 U.S. Trustee Fees - DIP Interest & Fees 183,722 -------------- Total Reorganization Expenses 2,742,703 -------------- Total Disbursements 47,005,491 -------------- Net Cash Flow (6,781,981) -------------- Cash - End of Month $7,216,818 ============== 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. (Parmalat Bankruptcy News, Issue No. 35; Bankruptcy Creditors' Service, Inc., 215/945-7000) CONTACT: FARMLAND DAIRIES LLC 520 Main Avenue Wallington, NJ 07057 Toll free: 1 888 727 6252 E-mail: jobs@farmlanddairies.com Web site: http://www.farmlanddairies.com PARMALAT FINANZIARIA: Auditors, Banks Challenging Legal Immunity ---------------------------------------------------------------- Grant Thornton and Bank of America on Thursday filed motions in the New York Court seeking to remove a U.S. injunction protecting Parmalat from counter-suits, Reuters reports. Parmalat has lodged two separate US$10 billion cases in the U.S. against former auditors, Grant Thornton and Deloitte, and against debt arrangers Bank of America, and Citigroup Inc. It filed the suit against Bank of America in October, claiming the bank had played a central role in the scandal. Bank of America denies the accusations. Now, together with Grant Thornton, it wants to counter-sue, and demand increase access to company's files for defenses. "We want the (New York) legal barrier removed so we have the ability to counter-claim and seek discovery against Parmalat," a Grant Thornton International spokeswoman said on Friday. The bank said in a statement: "[The motion] argues that Bank of America should be allowed to assert a vigorous defense against [Enrico] Bondi's transparent effort to shift attention away from Parmalat's extensive fraud." In filing its motion, the bank argued that Parmalat is "hiding" behind a court order that prevents BofA and Grant Thornton from participating in the bankruptcy court process. In response, Brian Timmons, a Los Angeles-based lawyer for Parmalat said: "This has nothing to do with hiding behind an injunction . . . We would have agreed to amend the injunction if they had only bothered to pick up the phone and ask." Grant Thornton International is also seeking to dismiss a case Parmalat filed in an Illinois court in August seeking US$10 billion in compensation. A Grant Thornton spokeswoman said the argument would be that Grant Thornton LLP is separate from its Italian unit. Grant Thornton S.p.A. is now called Italaudit S.p.A. after its parent disowned it earlier this year. 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 PARMALAT FINANZIARIA: Administrator Hands over New Evidences ------------------------------------------------------------ Enrico Bondi, Parmalat Finanziaria's administrator, has furnished prosecutors fresh proof that certain foreign bank played a major part in it demise, reports Reuters. Mr. Bondi handed over a file of documents that might aid prosecutors in determining whether the banks can be charged with conspiracy to commit bankruptcy, considered a crime in the country. The documents reportedly include Bank of America, which faces a separate probe in Milan regarding the food group's collapse. Parmalat has filed a U.S. court action against Bank of America, claiming around US$10 billion in damages. The multinational group has been filing a number of court actions, seeking to recover billion of Euros in loss cash. 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 PARMALAT U.S.A.: Milk Products Registers 3rd-quarter Loss --------------------------------------------------------- Milk Products of Alabama, LLC Balance Sheet As of September 18, 2004 Assets Cash & Cash Equivalents $278,836 Accounts Receivable-Net 3,417,654 Inventory 1,192,550 Prepaid Expenses 200,641 Other Current Assets 4,521 -------------- Total Current Assets 5,094,202 Fixed Assets 10,926,223 Accumulated Depreciation 6,723,074 -------------- Net Fixed Assets 4,203,149 Other Assets 885,023 Intercompany Receivables 0 -------------- Total Assets $10,182,374 ============== Liabilities Subject to Compromise Accrued Expenses $45,227 Intercompany payables 8,338,493 -------------- Total Liabilities Subject to Compromise 8,383,720 Liabilities Accounts Payable 192,367 Accrued Expenses 214,532 -------------- Total Current Liabilities 406,899 Long Term Notes Payable -- Intercompany - Other 271,327 -------------- Total Long Term Liabilities 271,327 Intercompany Payables 1,495,391 -------------- Total Liabilities 10,557,337 Equity Retained Earnings 18,414 YTD Net Income/(Loss) (393,377) -------------- Total Equity (374,963) -------------- Total Liabilities & Owners' Equity $10,182,374 ============== Milk Products of Alabama, LLC Income Statement From August 22, 2004 to September 18, 2004 Revenues Gross sales $3,651,042 Less: Returns & discounts 5,063 -------------- Net sales 3,645,979 Expenses Raw Materials & Ingredients 2,450,540 Packaging 327,586 Direct Labor 80,712 Power 88,479 Freight 154,427 Industrial Depreciation 30,093 Production Overhead 187,649 Warehouse (Cooler) 10,503 Marketing Costs 0 Sales Admin Expenses 45,116 General Expenses 60,408 Financial Costs 23,013 Other (Income) Expense (400) Extraordinary (39,527) Corporate Allocation 0 Income Taxes 0 -------------- Total Expenses 3,418,599 Reorganization Expenses Professional Fees - U.S. Trustee Fees 385,487 Other - -------------- Total Reorganization Expenses 385,487 -------------- Net Profit (Loss) ($158,107) ============== Milk Products of Alabama, LLC Cash Receipts and Disbursements From August 22, 2004 to September 18, 2004 Cash - Beginning of Month $2,300,010 Receipts From Operations Cash Sales - Collection of Accounts Receivable Prepetition 0 Postpetition 3,480,187 -------------- Total Operating Receipts 3,480,187 Non - Operating Receipts Transfers (5,500,000) Other (124) -------------- Total Non-Operating Receipts (5,500,124) -------------- Total Receipts (2,019,937) -------------- Total Cash Available 280,073 Operating Disbursements Bank Charges - Freight - Ingredients - Licenses & Taxes - Packaging - Raw Milk - R & M, Parts, Supplies - Other 13 Warehouse (Cooler) - Marketing Costs - Sales Admin Expenses - General Expenses 1,224 Financial Costs - Goodwill/trademarks - Extraordinary - Corporate Allocation - Income Taxes - -------------- Total expenses 1,237 Reorganization Expenses Professional Fees - U.S. Trustee Fees - Other - -------------- Total Reorganization Expenses - -------------- Total Disbursements 1,237 -------------- Net Cash Flow (2,021,174) -------------- Cash - End of Month $278,837 ============== 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. 35; 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.: Reports Minimal Loss for Third Quarter ------------------------------------------------------- Parmalat U.S.A. Corporation Balance Sheet As of September 18, 2004 Assets Cash & Cash Equivalents $0 Accounts Receivable-Net 0 Notes Receivable -Current 0 Inventory 0 Prepaid Expenses 0 Other Current Assets 0 -------------- Total Current Assets 0 Fixed Assets 0 Accumulated Depreciation 0 -------------- Net Fixed Assets 0 Other Assets 326,271,339 Intercompany Receivables 24,965,787 -------------- Total Assets $351,237,126 ============== Liabilities Subject to Compromise Long Term Debt & Interest $19,836,909 Intercompany payables 212,783,632 -------------- Total Liabilities Subject to Compromise 232,620,541 Liabilities Accounts Payable 0 Notes & Loans Payable 0 Accrued Expenses 749,778 Intercompany Payables 0 -------------- Total Liabilities 233,730,319 Equity Common Stock 1,388,356 Paid In Capital 227,962,103 Retained Earnings (110,643,290) YTD Net Income/(Loss) (840,362) -------------- Total Equity 117,866,807 -------------- Total Liabilities & Owners' Equity $351,237,126 ============== Parmalat U.S.A. Corporation Income Statement From August 22, 2004 to September 18, 2004 Revenues Gross sales - Less: Returns & discounts - -------------- Net sales $0 Expenses Raw Materials & Ingredients - Packaging - Direct Labor - Power - Freight - Distribution - Industrial Depreciation - Production Overhead - Warehouse (Cooler) - Marketing Costs - Sales Admin Expenses - General Expenses - Financial Costs 78,692 Goodwill/trademarks 18,226 Extraordinary - Corporate Allocation - Depreciation - Amortization - Income Taxes - -------------- Total Expenses 96,918 Reorganization Expenses Professional Fees - U.S. Trustee Fees 0 Other - -------------- Total Reorganization Expenses 0 -------------- Net Profit (Loss) ($96,918) ============== Parmalat U.S.A. Corporation received no cash nor made disbursements from August 22, 2004, to Sept. 18, 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. 35; 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 ===================== N E T H E R L A N D S ===================== HAGEMEYER N.V.: Latest Quarterly Trading Report Encouraging ----------------------------------------------------------- Highlights (a) Hagemeyer N.V. continues to grow in every division and region, except Germany; (b) Group organic sales growth 3.8% in third quarter 2004 (HY1 2004: 3.2%); (c) Organic sales growth for the core PPS division 3.5% on a same number of working days basis in third quarter 2004 (HY1 2004: 2.1%); and (d) Outlook HY2 2004 confirmed. Organic Sales Growth[1] 9 mths Q3 HY1 Q2 Q1 9 mths Q3 2004 2004 2004 2004 2004 2004 2003 PPS 3.3% 3.8% 3.1% 4.9% 1.3% -7.9% -7.8% ITPS - - - - - 13.9% - Agencies/CE 4.0% 4.3% 3.9% 8.6% -1.0% -0.6% -5.8% Total Group 3.4% 3.8% 3.2% 5.2% 1.1% -4.8% -7.6% - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [1] Organic growth not adjusted for number of working days - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - CEO Rudi de Becker said: "Hagemeyer's turnaround remains on track. After the first positive signs in the second quarter, our Group sales growth continued at a healthy pace in the third quarter. This is indeed an encouraging trend given the fact that we are still in the early stages of our turnaround process. Step by step we are regaining our strength. The small increase of our net debt during the third quarter is mainly due to a seasonal increase in working capital. The third quarter also marked the successful sale of our remaining share in Tech Pacific. Once the transaction is closed, the proceeds of this sale will be used to pay off part of our debt. Based on our performance in this quarter, we confirm the outlook we gave for the second half of the year." Group Review EUR million 9 mths Q3 HY1 Q2 Q1 9 mths Q3 2004 2004 2004 2004 2004 2004 2003[1] Total Net Sales 4,030 1,385 2,645 4,874 1,445 4,104 1,426 PPS Net Sales 3,707 1,278 2,429 3,774 1,292 3,716 1,274 Net interest bearing debt[2] 669 669 639 986 986 n.a. n.a. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [1] Adjusted for the impact of the 2003 divestments and/or transfer of Tech Pacific, Stokvis Tapes Group and Puma [2] Net interest bearing debt at the end of the reporting period - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Sales Development In the third quarter of 2004, net sales for the Group were EUR1,385 million (Q3 2003: EUR1,445 million). Organic sales growth for the Group as a whole was 3.8% or EUR51 million (HY1 2004: 3.2%). The decrease in sales in the third quarter is for EUR87 million due to the net effect of acquisitions and divestments in 2003 and this year (mainly the divestments of Tech Pacific, Stokvis Tapes Group, GPX and the retail activities in Germany, as well as the termination of the contract with Puma). The effect of foreign exchange rate movements compared to the same period last year was -EUR24 million. Except for Germany, all of the PPS regions showed ongoing positive organic growth in Q3 2004. Organic growth for the PPS division was 3.8% positive (HY1 2004: 3.1%). Techpac Holdings Limited On September 27, 2004 CVC Asia-Pacific and Hagemeyer announced the sale of their respective stakes in Tech Pacific to U.S. based Ingram Micro. Hagemeyer had a 31.5% participation in Tech Pacific, with a book value of EUR25.8 million as per June 30, 2004. As a result of the sale, Hagemeyer is expected to realize a book gain of approximately EUR60 million. Hagemeyer's net proceeds of the sale of Tech Pacific are expected to be approximately EUR85 million, of which a small part will be kept in escrow. The final amount is subject to various adjustments upon completion of the transaction, which is expected prior to December 31, 2004. The cash proceeds will be used to pay off part of Hagemeyer's senior debt. The financing facilities available to Hagemeyer will be reduced accordingly. Financial Position The Group's net interest bearing debt increased from EUR639 million at June 30, 2004 to EUR669 million as at September 30, 2004. The increase in third-quarter is mainly due to a seasonal increase in working capital, which is in line with our financial restructuring plan. Outlook HY2 2004 Hagemeyer confirms its outlook for the second half of the year, as stated in our 2004 first half-year results press release (all outlook elements are excluding the book gain of approximately EUR60 million on the divestment of our participation in Tech Pacific): (a) We expect Group EBITDA before exceptional items to improve in the second half of 2004 (compared to the 2003 second half like-for-like basis of EUR17 million positive); (b) For the second half of 2004, net exceptional charges up to EUR25 million are expected; (c) We expect net financial expenses of around EUR35 million for the second half of 2004; (d) The net result in HY2 2004 is expected to show a substantial improvement compared to last year's loss in the second half, but will still be negative; and (e) Free cash flow (before divestments) is expected to be positive in the second half of 2004, but is still expected to be negative for the full year. Professional Products and Services (PPS) Organic Growth[1] 9 mths Q3 HY1 Q2 Q1 9 mths Q3 2004 2004 2004 2004 2004 2004 2003 PPS Europe 2.9% 2.9% 2.9% 4.9% 0.9% -9.1% -7.7% PPS Germany -9.7% -10.0% -9.6% -13.1% -6.2% -9.7% -9.5% PPS U.K. 5.4% 4.9% 5.6% 9.4% 2.1% -16.6% -11.1% PPS Other Europe 9.2% 9.6% 9.0% 13.1% 4.8% -2.8% -3.9% PPS North America 2.9% 5.9% 1.6% 2.2% 1.0% -7.6% -9.1% PPS U.S.A. 4.0% 8.2% 1.9% 3.1% 0.6% -10.3% -15.3% PPS Asia- Pacific -0.7% 2.4% -2.3% 1.6% -6.3% 3.7% 1.3% PPS Total 2.6% 3.5% 2.1% 3.9% 0.2% -7.7% -7.3% - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [1] Organic growth on same number of working days basis/currency effects have no impact. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Net sales in the third quarter for the PPS division amounted to EUR1,278 million (Q3 2003: EUR1,292 million). Organic growth was 3.8% positive (EUR46 million). On a same number of working days basis, organic growth was 3.5% (HY1 2004: 2.1%; Q3 2003: 7.3% negative). The net effect of acquisitions and divestments (in particular Stokvis Tapes Group and the German retail activities), led to a decrease in third quarter sales of EUR42 million. Foreign exchange rate movements had a negative impact of EUR18 million. The development by region is as follows (all sales developments mentioned below represent organic growth on a same number of working days basis): (a) Europe - Organic growth for the third quarter was 2.9% (HY1 2004: 2.9%). In Q3 2003 sales decreased by 7.7%; (b) Germany - Although there are some signs that the decline is bottoming out, the German construction market remains depressed. Our sales in the third quarter decreased by 10.0%, a slight improvement versus the 13.1% decline of the second quarter. This positive evolution is mainly caused by increasing sales in the industrial segment. In addition, measures to strengthen the sales force and marketing initiatives to restore sales growth are starting to have an effect; (c) U.K. - Although sales in the U.K. increased in the third quarter by 4.9% (HY1 2004: 5.6%) the performance of our National Distribution Center (NDC) in Runcorn does not meet our expectations. As indicated before, the original plan for a new logistic network has been revised. Regional logistic hubs will take over several functions of the Runcorn NDC. This will result in a simpler and more stable supply chain, improved customer service and more efficient and lower cost logistics; (d) Other Europe - In our very successful Nordics region, the continuing strong growth of 13.5% in Q3 (HY1 2004: 12.0%) was mainly caused by increased sales in the telecommunication and utility segments. Our Nordics operations also succeeded in increasing their share of the construction and installation market. In Spain, our sales in Q3 increased by 4.3% (HY1 2004: 4.7%); (e) North America - In the U.S.A., Q3 organic growth was 8.2% (HY1 2004: 1.9%). In Q3 2003, sales decreased by 15.3%. Sales growth in the U.S.A. was supported by a strengthening economy, a continuing improvement of our service levels and several new industrial contracts; (f) Asia-Pacific - Q3 sales growth in Asia-Pacific was 2.4% positive (HY1 2004: 2.3% negative). In Australia, customer service levels have been restored and the sales force has been brought back to strength. Agencies/Consumer Electronics Organic Growth[1] 9 mths Q3 HY1 Q2 Q1 9 mths Q3 2004 2004 2004 2004 2004 2004 2003 Agencies/CE 4.0% 4.3% 3.9% 8.6% -1.0% -0.6% -5.8% - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [1] Organic growth not adjusted for number of working days/currency effects have no impact. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Sales of the Agencies/Consumer Electronics division in the third quarter were EUR107 million (Q3 2003: EUR153 million). Organic growth was EUR4 million or 4.3% positive (Q3 2003: 5.8% negative). Foreign exchange rate movements had a negative impact on sales of EUR5 million, whilst the net effect of acquisitions and divestments (specifically the Puma activities) had a negative effect of EUR45 million. Naarden, October 27, 2004 HAGEMEYER N.V. Board of Management CONTACT: HAGEMEYER N.V. Rijksweg 69 P.O. BOX 5111 1410 AC Naarden Phone: + 31 (0)35 6957676 Fax: + 31 (0)35 6944396 Web site: http://www.hagemeyer.com Emilie de Wolf Phone: +31 (0)35 6957676 E-mail: press@hagemeyer.com ROYAL SHELL: Bares Key Features of Results, Reserves Update ----------------------------------------------------------- Record net income and strong earnings and cash generation reflect high hydrocarbon price realizations and strong margins and asset utilization in Oil Products and Chemicals. Oil and gas prices increased but the quarter saw crude differentials widening. Hydrocarbon production year on year was unchanged after taking into account divestments, and LNG volumes continued to grow. Gross divestment proceeds for 2004 are expected to exceed US$4.8 billion. The outlook for 2004 production (3.7-3.8 million boe/d) and 2004-2006 gross divestment proceeds (US$10 - US$12 billion) is unchanged. Capital investment expectation for 2004 is lowered to around US$14 billion. The company has also provided an update on reserves. Jeroen van der Veer, Chief Executive, said: "These are again satisfactory results, and I am pleased with the progress we're making. I am of course disappointed that the more rigorous review and audit process we have put in place has identified potential proved reserves reductions. In the face of significant changes, I am committed to delivering competitive performance, and our executive committee is clearly focused on the many challenges ahead." Reported net income of US$5,397 million was more than double the earnings in the same period last year. The Group's CCS earnings (i.e. on an estimated current cost of supplies basis for the Oil Products segment earnings) for the quarter of US$4,407 million were 70% higher than the same period last year. Earnings reflected higher hydrocarbon realizations, strong LNG and Gas-to-Liquids earnings offset by lower other income in Gas & Power, and higher Downstream earnings in Oil Products and Chemicals. Exploration and Production segment earnings of US$2,405 million were 18% higher than a year ago. Earnings included a $183 million charge related to the mark-to-market valuation of certain long-term U.K. gas supply contracts. Higher oil realizations (39%) and gas realizations (7%) were partly offset by the impact of hurricanes in the Gulf of Mexico and higher costs. Hydrocarbon production was 3,608 thousand barrels oil equivalent (boe) per day. Excluding the impact of divestments of 63 thousand boe per day, total production was unchanged versus the same quarter last year. Production for 2004 is expected to be 3.7 to 3.8 million boe per day subject to price effects on production entitlements and the restart of shut-in Gulf of Mexico production. The Group remains reasonably confident of achieving 100% SEC proved reserves replacement over the next 5 years (2004 to 2008 averaged). Since completion of the 2003 Annual Reports and Accounts and as previously announced, the Group has followed through on its plans to launch an extensive and detailed program of audit and assurance related to SEC proved reserves. This includes professional staff retraining (involving some 3000 Shell and joint venture staff) and use of external reserves experts in the reserves auditing process. The Group also has greatly increased its proved reserve audit resource and the depth of reserve audits. Implementation of these enhanced reserves audit procedures is underway in preparation for publication of its 2004 Annual Reports and Accounts and the Group has now conducted audits of approximately 8 billion barrels of oil equivalent (boe) of the Group's reported proved reserves of 14.35 billion boe at 31 December 2003. Preliminary reports from the field and audit teams suggest that reductions to Shell's 31 December 2003 proved reserves are likely to be appropriate. At this point, the amounts and timings of the adjustments are part of the ongoing review process, which includes further assessment and challenge by relevant operational teams, the reserves committee, the executive committee and the Group Audit Committee to arrive at a conclusion. The volume adjustment currently under consideration is approximately 900 million boe. The definitive figures, including the related impact on reserve replacement ratios, standardized measure of discounted cash flows and financial statements, will be provided upon completion of the annual process in early 2005. Gas & Power segment earnings were US$272 million compared to US$65 million a year ago, which included net charges of some US$230 million. Earnings reflected LNG volume growth and higher prices, and higher Gas-to-Liquids performance, offset by lower Marketing and Trading earnings. Oil Products CCS segment earnings were US$1,555 million compared to US$880 million a year ago. Earnings reflected increased refining intake and higher global refining margins partly offset by lower marketing earnings mainly due to weaker market conditions in the U.S.A. Chemicals segment earnings were US$577 million compared to US$30 million the same quarter last year. Earnings benefited from volume growth, improved operating rates and higher margins. For the quarter cash flow from operating activities was US$6.2 billion inclusive of a working capital increase of almost US$1.3 billion. This cash, together with divestment proceeds (US$0.8 billion), was mainly used for capital expenditure of US$3.0 billion and distributions to Parent Companies of US$3.9 billion to fund dividends and share buy backs. Cash and cash equivalents rose by US$0.2 billion and debt increased by US$0.3 billion. At the end of the quarter the debt ratio was 16.3% compared to 22.1% a year ago; cash and cash equivalents amounted to US$2.6 billion. Capital investment for the quarter was SU$3.1 billion, excluding the minority share in Sakhalin of US$0.4 billion, versus US$3.4 billion a year ago. Year to date capital investment was US$8.7 billion excluding the minority share of Sakhalin of US$1.1 billion. Gross proceeds from divestments for the quarter were US$0.8 billion and comprised various items including the divestment of downstream assets in Japan and Malaysia. Year to date proceeds total US$2.8 billion. Further proceeds of some US$2 billion, are expected to be received later this year depending on the timing of regulatory approvals. US$3.0 billion dividends were paid to shareholders during the quarter. Royal Dutch and Shell Transport continued their share buy back programs for the year. Shares purchases for cancellation and to underpin the employee share option schemes were made for a combined total of US$1.0 billion in the quarter, bringing the year to date total to US$1.7 billion. A full copy of its financial results is available free of charge at http://bankrupt.com/misc/financial_results.pdf. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague, The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com ROYAL SHELL: In Advance Stage to Sell LatAm Units, Report Says -------------------------------------------------------------- Anglo-Dutch oil company Royal Dutch/Shell could announce the sale of two of its Latin American businesses to local buyers this week, a source told Reuters. The operations are downstream units that are both part of Shell Oil Products Latin America. They are worth between US$500 million to EUR600 million each, according to a banker familiar with the assets. Analysts had expected Shell to dispose of the assets, some of which are underperforming. In July, it reached agreement to sell its Peruvian downstream unit. Rumors then circulated its Argentine and Chilean fuel distribution businesses might be sold off. In September, the company said it planned to sell US$10 billion to US$12 billion in non-core assets by 2006. It declined to comment on recent disposal reports. Venezuela's state oil company PDVSA has expressed interest in Shell's Argentine business. Brazil's state oil company Petrobras held talks to acquire its Chilean fuel distribution unit in August. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague, The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com Media Stuart Bruseth Phone: +44 20 7934 6238 Andy Corrigan Phone: +44 20 7934 5963 Simon Buerk Phone: +44 20 7934 3453 Lisa Givert Phone: +44 20 7934 2914 Herman Kievits Phone: +31 70 377 8750 Investor Relations UK: David Lawrence Phone: +44 20 7934 3855 Gerard Paulides Phone: +44 20 7934 6287 Europe: Bart van der Steenstraten Phone: +31 70 377 3996 USA: Harold Hatchett Phone: +1 212 218 3112 ROYAL SHELL: Intends to Centralize Dutch, British Operations ------------------------------------------------------------ The Boards of N.V. Koninklijke Nederlandsche Petroleum Maatschappij (RD) and the Shell Transport and Trading Company, Public Limited Company (ST&T) have unanimously agreed to propose to their shareholders the unification of the Royal Dutch/Shell Group of Companies under a single parent company, Royal Dutch Shell plc. Real reforms in management and governance structure are also planned. The Boards believe that implementation of these proposals will strengthen the Group and deliver significant benefits: (a) Clarity and Simplicity: one listed company, one Board, one Chairman and one Chief Executive; (b) Efficiency: streamlined decision-making with clear lines of authority and an empowered Chief Executive; and (c) Accountability: clarity in governance, reporting relationships and responsibilities. Key Proposals The proposals include these features: RD and ST&T will unify under one new parent company, Royal Dutch Shell plc (the Transaction). The new single parent company will be incorporated in the U.K. and headquartered and tax resident in The Netherlands. Reflecting the current '60:40' ownership of the Royal Dutch/Shell Group of Companies by RD and ST&T, RD shareholders will be offered 60% of the issued share capital of Royal Dutch Shell and ST&T shareholders will be offered 40%. Royal Dutch Shell will have a single tier Board of Directors chaired by a non-executive Chairman. With immediate effect, Mr. Jeroen van der Veer will become the first Chief Executive of the Group. He will have full executive authority and be empowered to drive strategy implementation, operational delivery and cultural change. Mr. Aad Jacobs will be the non-executive Chairman until his previously planned retirement at the Annual General Meeting (AGM) in 2006 when it is envisaged that he will be succeeded by an external appointee. The search for his successor will start immediately. Lord Kerr will be the Deputy Chairman of the Board and senior independent non-executive Director. Royal Dutch Shell's Board will have a majority of independent non-executive Directors and will initially consist of ten non- executive and five executive Directors. The ten non-executives will initially be drawn from the seven members of the RD Supervisory Board and the nine non-executive members of the ST&T Board. Of these ten non-executives, five are expected to be replaced by 2008, namely the Chairman in 2006 and two more in each of 2007 and 2008. Reporting to the Chief Executive will be: Mr. Peter Voser, Chief Financial Officer; Mr. Malcolm Brinded, Executive Director of Exploration and Production; Ms. Linda Cook, Executive Director of Gas and Power; and Mr. Rob Routs, Executive Director of Oil Products and Chemicals. The Committee of Managing Directors will be abolished. The current split central offices will be consolidated into a single headquarters in The Netherlands, where the Board and substantially all of the senior management will be based. A substantial presence will be maintained in the U.K., which will remain the base of the global Downstream (Oil Products and Chemicals) and Trading businesses. Royal Dutch Shell will apply for its shares to be listed and admitted to trading in London, Amsterdam and, in the form of American Depositary Receipts, New York. Following consultation with FTSE International, the Boards are confident that Royal Dutch Shell will be included in the FTSE All-Share and FTSE 100 indices with a weighting reflecting its full market capitalization. To preserve the current tax treatment of dividends for all shareholders, Royal Dutch Shell will have 'A' and 'B' shares. It is envisaged that RD shareholders will receive 'A' shares and Dutch-sourced dividends while ST&T shareholders will receive 'B' shares and U.K.-sourced dividends. These 'A' and 'B' shares will otherwise be identical and will vote together as a single class on all matters and have dividends of the same amount declared. Dividends will be paid quarterly (as opposed to semi-annually currently) starting with the dividend for the first quarter of 2005. Dividends will be declared in Euros but the holders of 'B' shares will receive dividend payments in Pounds Sterling and holders of ADRs in U.S. Dollars. Royal Dutch Shell will continue to seek to increase dividends at least in line with inflation over time. Implementation The proposals are expected to be implemented through (i) a public exchange offer by Royal Dutch Shell for the RD ordinary shares (the Tender Offer) and (ii) the acquisition of ST&T by Royal Dutch Shell pursuant to a Scheme of Arrangement of ST&T under section 425 of the U.K. Companies Act 1985 (the Scheme). Implementation of the Transaction will be the subject of appropriate consultation with relevant employee representative bodies as required. The terms of the Transaction will provide that RD shareholders will be offered 60% of the issued ordinary shares in Royal Dutch Shell and ST&T shareholders will be offered 40% of the issued ordinary shares in Royal Dutch Shell. There are currently 2,074,400,000 RD ordinary shares and 9,624,900,000 ST&T ordinary shares in issue and therefore the exchange terms are expected to be that: RD ordinary shareholders will be offered two 'A' shares in Royal Dutch Shell for every one RD share currently owned; and ST&T ordinary shareholders will be offered approximately 0.2874 'B' shares in Royal Dutch Shell for every one ST&T share currently owned. U.S. and other shareholders of RD and ST&T will have the option of receiving ADRs (which will represent two Royal Dutch Shell shares). The conditions to both the Tender Offer and the Scheme must be satisfied for the proposals to be implemented. Implementation of the proposed Transaction will be subject to votes of the shareholders of RD and ST&T that are expected to take place on 22 April 2005, the same day as their respective AGMs. It is expected that the Transaction will complete in May 2005 and that Royal Dutch Shell will report its first set of full financial results for the six months to 30 June 2005. Aad Jacobs, Chairman of RD, said: "[The] announcement is an historic step forward for the Royal Dutch/Shell Group and has the unanimous support of the Boards. The proposals build on the best characteristics of the Group and promise significant benefits for our global business." Lord Oxburgh, Chairman of ST&T, said: "The Boards appreciate the support of shareholders and the feedback we have received throughout what has been an extensive process. The proposals are far reaching and we believe that they offer great benefits to shareholders and everyone with an interest in the Group." Jeroen van der Veer, Chief Executive, said: "I am honored to be the first Chief Executive of Royal Dutch Shell. There is much to be done to deliver our strategy and priorities but I believe that these proposals will help propel this Group forward and they provide the necessary platform for me and my executive team to deliver improved performance and results across all our businesses." * * * NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART INTO CANADA OR JAPAN CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague, The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com Media Stuart Bruseth Phone: +44 20 7934 6238 Andy Corrigan Phone: +44 20 7934 5963 Simon Buerk Phone: +44 20 7934 3453 Lisa Givert Phone: +44 20 7934 2914 Herman Kievits Phone: +31 70 377 8750 Investor Relations UK: David Lawrence Phone: +44 20 7934 3855 Gerard Paulides Phone: +44 20 7934 6287 Europe: Bart van der Steenstraten Phone: +31 70 377 3996 USA: Harold Hatchett Phone: +1 212 218 3112 ROYAL SHELL: Needs More than Structural Change to Restore Image --------------------------------------------------------------- Now that Royal Dutch/Shell Group is about to abandon its complex dual ownership, the company must next address the most important problem: where to find new reserves. The structural change is a "very sensible move, but they aren't going to get any more oil out of it," Andrew Green, who manages the equivalent of US$900 million in U.K. stocks at SG Asset Management in London, told Bloomberg News in a recent interview. "They need real operational and strategic improvements." And that's exactly what Shell is promising. In September, the company announced it would invest about US$15 billion a year on capital spending, including about US$1.5 billion to step up the search for new deposits. Many view this as significant since the company has only spent less than US$10 billion a year on capital projects since the late 1990s. The company also plans to sell as much as US$12 billion in assets, including that of its InterGen joint venture with Bechtel Inc., Bloomberg says. In an industry where oil reserves is used as a yardstick of a company's profitability, Shell is writing down another 900 million barrels or 6.3 percent of its holdings. This is the fifth cut this year, according to the newswire. Worse, Shell's third-quarter production fell to 3.61 million barrels a day from 3.67 million a year earlier. "BP in the period produced 3.91 million barrels of oil and gas a day, up from 3.5 million a year ago, and is targeting an average of more than 4 million barrels a day in 2004, an 11 percent increase from 2003," Bloomberg notes. "There needs to be some sort of volume growth, and Shell's reserve ratio needs to go up," the newswire further quoted Mr. Green. No less than Jeroen van der Veer, the man who will head the new Royal Dutch Shell Plc, agrees with Mr. Green. "We are going for big finds. We have already increased our exploration expenditure. It's important to find new reserves so we can start additional production," Bloomberg quoted Mr. van der Veer in London. The new Shell will be registered in the U.K. and based in The Hague. The new company structure is an upshot of the review into the firm's corporate set up and governance and is intended to simplify the board and management and improve accountability. About 200 personnel will be transferred from London to The Hague in the coming months, the newswire says. Will this be enough to restore Shell's fortune? Alan Beaney, a fund manager at Principal Investment Management in Sevenoaks, England, is crossing his fingers. "It's another move in the right direction, but is it another false dawn? We were told about four or five years ago they would become more efficient, but that didn't happen," Bloomberg quoted him saying. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague, The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com =========== P O L A N D =========== ELEKTRIM SA: E.U. Anti-trust Regulator Clears PTC Sale ------------------------------------------------------ The European Commission has given the go-ahead signal for the takeover of Polska Telefonia Cyfrowa by Deutsche Telekom, though negotiations are yet to be completed, Associated Press reports. The German company is buying the remaining 51% it does not own in the Polish wireless operator for EUR1.3 billion (US$1.7 billion) from Vivendi Universal S.A., Elektrim S.A. and Ymer. It is doing the transaction through its mobile arm T-Mobile International AG. Negotiations are yet to be completed between the parties, but it is not unusual for companies to seek antitrust approval before negotiations are finished, the report said. The E.U. regulator used its simplified antitrust procedure to examine the deal. It invited objections from third parties, clearing the transaction if none is raised. PTC is Poland's largest mobile provider. Earlier this month, it reported a 13% increase in third-quarter sales to PLN1.7 billion (US$500 million, EUR392 million). CONTACT: Elektrim S.A. Panska 77/79 00-834 Warszawa Phone: (+48 22) 432 89 55 Fax: (+48 22) 432 87 99 E-mail: inf@elektrim.pl Web site: http://www.elektrim.pl =========== R U S S I A =========== CERAMIC: Under Bankruptcy Supervision ------------------------------------- The Arbitration Court of Krasnodar region has commenced bankruptcy supervision procedure on close joint stock company Ceramic. The case is docketed as A-32-32-22282/2003-43/179-B. Mr. F. Abdullin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to Russia, Krasnodar, Rashpilevskaya Str. 321. CONTACT: CERAMIC Russia, Krasnodar region, Leningradskaya Station, Prom.Zone Mr. F. Abdullin Temporary Insolvency Manager Russia, Krasnodar, Rashpilevskaya Str. 321 FOUL RESERVE: Hires E. Korshunova as Insolvency Manager ------------------------------------------------------- The Arbitration Court of Khabarovsk region has launched bankruptcy proceedings against Foul Reserve after finding the limited liability company insolvent. The case is docketed as A73-3438/2004-39. Ms. E. Korshunova has been appointed insolvency manager. Creditors have until November 24, 2004 to submit their proofs of claim to 680000, Russia, Khabarovsk, Gogolya Str. 27, Office 503. CONTACT: Ms. E. Korshunova Insolvency Manager 680000, Russia, Khabarovsk, Gogolya Str. 27, Office 503 Phone: 79-43-96 GOLDEN FLEECE: Creditors Have Until this Month to File Claims ------------------------------------------------------------- The Arbitration Court of Sakha republic (Yakutiya) has commenced bankruptcy proceedings against Golden Fleece after finding the open joint stock company insolvent. The case is docketed as A58-2401/2003. Ms. A. Borisova has been appointed insolvency manager. Creditors have until November 24, 2004 to submit their proofs of claim to 677007, Russia, Sakha republic (Yakutiya), Yakutsk, Krupskoy Str. 35 CONTACT: GOLDEN FLEECE Russia, Sakha republic (Yakutiya), Yakutsk, Gubina Str. 35/1, Apartment 26 Ms. A. Borisova Insolvency Manager 677007, Russia, Sakha republic (Yakutiya), Yakutsk, Krupskoy Str. 35 GOLD OF NERYUNGRI: Insolvency Manager to Temporarily Run Firm ------------------------------------------------------------- The Arbitration Court of Sakha republic (Yakutiya) has commenced bankruptcy supervision procedure on open joint stock company Gold of Neryungri. The case is docketed as A58-2332/2004. Mr. S. Sokolov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 678962, Russia, Sakha republic (Yakutiya), Neryngri, Aldanskaya Str. 2. CONTACT: GOLD OF NERYUNGRI 678962, Russia, Sakha republic (Yakutiya), Neryungri, Aldanskaya Str. 2 Mr. S. Sokolov Temporary Insolvency Manager 678962, Russia, Sakha republic (Yakutiya), Neryngri, Aldanskaya Str. 2 KHABAROVSKOYE INDUSTRIAL-MARKETING: Claims Deadline Nears --------------------------------------------------------- The Arbitration Court of Khabarovsk region has commenced bankruptcy proceedings against Khabarovskoye Industrial- Marketing Enterprise Fish Complex after finding the limited liability company insolvent. The case is docketed as A73- 8060/2004-39. Ms. T. Semyenova has been appointed insolvency manager. Creditors have until November 24, 2004 to submit their proofs of claim to 680013, Russia, Khabarovsk, Post User Box 4227. CONTACT: Ms. T. Semyenova Insolvency Manager 680013, Russia, Khabarovsk, Post User Box 4227 KUSHEVSKIY FOUNDRY: Bankruptcy Proceedings Begin ------------------------------------------------ The Arbitration Court of Krasnodar region has commenced bankruptcy proceedings against Kushevskiy Foundry Mechanical Plant after finding the open joint stock company insolvent. The case is docketed as A-32-5100/2004-38/26B. Mr. G. Sazonov has been appointed insolvency manager. Creditors have until November 24, 2004 to submit their proofs of claim to 352000, Russia, Krasnodar region, Kushevskaya Station, Lenina Str. 25. CONTACT: KUSHEVSKIY FOUNDRY MECHANICAL PLANT 352000, Russia, Krasnodar region, Kushevskaya Station, Lenina Str. 25 Mr. G. Sazonov Insolvency Manager 352000, Russia, Krasnodar region, Kushevskaya Station, Lenina Str. 25 PRIM-STROY-INVEST: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------------------- The Arbitration Court of Primorskiy region has commenced bankruptcy supervision procedure on limited liability company Prim-Stroy-Invest. The case is docketed as A51-12146/2004 21- 126. Mr. I. Simontsev has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 692525, Russia, Primorskiy region, Ussuriysk, Post User Box 117. A hearing will take place at Russia, Vladivostok, Svetlanskaya Str. 54, Room 110 on March 1, 2005, 10:00 a.m. CONTACT: PRIM-STROY-INVEST 690002, Russia, Primorskiy region, Vladivostok, Komsomolskaya Str. 1 Mr. I. Simontsev Temporary Insolvency Manager 692525, Russia, Primorskiy region, Ussuriysk, Post User Box 117 SHARYPOVSKIY ENTERPRISE: Declared Insolvent ------------------------------------------- The Arbitration Court of Krasnoyarsk region has commenced bankruptcy proceedings against Sharypovskiy Enterprise of Railway Transport (TIN 2459000859, OGRN 10224001741560) after finding the state-owned enterprise insolvent. The case is docketed as A33-4389/04-s4. Mr. A. Gafarov has been appointed insolvency manager. Creditors have until November 24, 2004 to submit their proofs of claim to 660017, Russia, Krasnoyarsk, Post User Box 20647. CONTACT: SHARYPOVSKIY ENTERPRISE OF RAILWAY TRANSPORT 662320, Russia, Krasnoyarsk region, Sharypovo, Ashpyl, locomotive depot Mr. A. Gafarov Insolvency Manager 660017, Russia, Krasnoyarsk, Post User Box 20647 STI-SIGMA: Moscow Court Orders Bankruptcy Supervision ----------------------------------------------------- The Arbitration Court of Moscow has commenced bankruptcy supervision procedure on close stock joint company Sti-Sigma. The case is docketed as A40-40351/04-95-28 B. Mr. N. Adamov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 121457, Russia, Moscow, Molodogvardeyskaya Str. 9, Building 1. CONTACT: STI-SIGMA 119121, Russia, Moscow, 1st Tuzhennikov Per. 16-18, Building 17 Mr. N. Adamov Temporary Insolvency Manager 121457, Russia, Moscow, Molodogvardeyskaya Str. 9, Building 1 TAMBOVSK-AGRO-PTOM-STROY-2: Declared Insolvent ---------------------------------------------- The Arbitration Court of Amur region has commenced bankruptcy proceedings against Tambovsk-Agro-Ptom-Stroy-2 after finding the open joint stock company insolvent. The case is docketed as AO4-1189/04-15/55 B. Mr. Y. Babinets has been appointed insolvency manager. Creditors have until November 24, 2004 to submit their proofs of claim to 675000, Russia, Amur region, Blagoveshensk, Post User Box 233. CONTACT: TAMBOVSK-AGRO-PTOM-STROY-2 676950, Russia, Amur region, Tambovka, Konnaya Str. 2 Mr. Y. Babinets Insolvency Manager 675000, Russia, Amur region, Blagoveshensk, Post User Box 233 TEPLO-GAZ-SERVIS: Krasnodar Court Appoints Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Krasnodar region has commenced bankruptcy proceedings against Teplo-Gaz-Servis after finding the state-owned enterprise insolvent. The case is docketed as A-32-21758/2004-38/165-B. Mr. E. Litvinov has been appointed insolvency manager. Creditors have until November 24, 2004 to submit their proofs of claim to 353810, Russia, Krasnodar region, Krasnoarmeyskiy region, Poltavskaya Station, K. Marksa Str. 157. CONTACT: TEPLO-GAZ-SERVIS 353810, Russia, Krasnodar region, Krasnoarmeyskiy region, Staronizhestiblievskaya Station, Kooperativnaya Str. 60 Mr. E. Litvinov Insolvency Manager 353810, Russia, Krasnodar region, Krasnoarmeyskiy region, Poltavskaya Station, K. Marksa Str. 157 UST-LABINSKIY: Court Sets Next Hearing End of November ------------------------------------------------------ The Arbitration Court of Krasnodar region has commenced bankruptcy supervision procedure on open joint stock company meat combine Ust-Labinskiy. The case is docketed as A-32- 10728/2004-1/80 B. Mr. A. Korovko has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 350000, Russia, Krasnodar, Karasunskaya Str., 68, Post User Box 3766. A hearing will take place on November 23, 2004, 11:00 a.m. CONTACT: UST-LABINSKIY Russia, Krasnodar region, Ust-Labinsk, Zapolornyanaya Str. 1 Mr. A. Korovko Temporary Insolvency Manager 350000, Russia, Krasnodar, Karasunskaya Str. 68, Post User Box 3766 Phone/Fax: (8 8617) 70-59-09 VOSKRESENSKIY DAIRY: Moscow Court Hires Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Moscow region has commenced bankruptcy proceedings against Voskresenskiy Dairy (TIN 5005000532, OGRN 1025000929964) after finding the open joint stock company insolvent. The case is docketed as A41-K2-14812/03. Mr. S. Krasilnikov has been appointed insolvency manager. Creditors have until November 24, 2004 to submit their proofs of claim to 140200, Russia, Moscow region, Voskresensk, Novlyanskoye, 1A. CONTACT: VOSKRESENSKIY DAIRY 140200, Russia, Moscow region, Voskresensk, Novlyanskoye, 1A Mr. S. Krasilnikov Insolvency Manager 140200, Russia, Moscow region, Voskresensk, Novlyanskoye, 1A YUKOS OIL: Faces Suit for Failure to Resume Supply to China ----------------------------------------------------------- The China National Petroleum Corporation has gone to court to seek compensation from Yukos Oil for unfulfilled export contracts, Beijing Youth Daily reports. The state-owned oil conglomerate is suing the Russian firm after previous attempts to restore oil delivery to China went unnoticed. Yukos failed to assure CNPC that it intends to honor the agreement; it promised to resume oil shipments by Oct. 20 after a suspension in September, but wasn't able to. Yukos halted shipments for lack of cash to finance transport and other export costs. CNPC said Yukos agreed to export 3.86 million tons of crude oil to CNPC this year, but it has so far only supplied 2.85 million tons. Yukos' oil represents roughly 7% of Chinese consumption. Russia also previously promised to have other Russian companies fill the gap, but failed. "The lawsuit against Yukos completely conforms with commercial procedures because Yukos breached the contract, so the CNPC's filing of a lawsuit and its request for compensation are reasonable," an unidentified CNPC official said. The report did not reveal the amount of compensation sought or when and where the lawsuit was filed. CONTACT: YUKOS OIL International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru YUKOS OIL: Could Face Additional US$5.56 Billion Tax Bill --------------------------------------------------------- Yukos Oil's total tax debt could balloon to more than US$13 billion once a new report on a tax probe done against it is officially released. Moscow Times, citing Kommersant, reports that the Federal Tax Service concluded its probe on the company's 2002 accounts on Thursday. It is about to issue Yukos with a new tax bill of RUB160 billion (US$5.564 billion). The firm already faces US$7.5 billion in back taxes and fines for 2000 and 2001. The tax service and Yukos both refused to comment. Analysts expect the additional tax claims to affect the value of Yukos' main production unit, Yuganskneftegaz, which is being evaluated for a possible sale to cover tax debts. There were speculations it could be sold for as little as US$4 billion. "If it is true, then it means that the authorities won't sell off Yugansk for US$4 billion and that this unit may be sold at a higher price," said Sergei Suverov, head of equity research at Bank Zenit. Dresdner Kleinwort Wasserstein, which was hired by the Justice Ministry in August, valued the unit at US$14.7 billion to US$17.3 billion after a US$951 million tax claim and other liabilities. J.P. Morgan, an independent assessor hired later, valued it at between US$16 billion to US$19 billion. CONTACT: YUKOS OIL International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru ===================== S W I T Z E R L A N D ===================== ABB LTD.: Results Continue to Improve in Third Quarter ------------------------------------------------------ Highlights of third-quarter results: (a) Double-digit growth continues in core division orders and revenues, (b) Higher EBIT led by 54% increase in Automation Technologies, (c) Power Technologies EBIT lowered by parts of systems business, and (d) Total debt reduced to US$5.2 billion, gearing at 61% Third-quarter 2004 Key Figures (US$ in millions) Q3 04 Q3 03[1,2] Change Orders Group 4,782 4,373 9% Power Technologies 2,103 1,853 13% Automation Technologies 2,750 2,312 19% Revenue Group 4,796 4,553 5% Power Technologies 2,142 1,877 14% Automation Technologies 2,684 2,392 12% EBIT3 Group 255 230 11% Power Technologies 110 127 (13%) Automation Technologies 266 173 54% Non-core activities (10) 6 Corporate (111) (76) EBIT Group 5.3% 5.1% Margin Power Technologies 5.1% 6.8% Automation Technologies 9.9% 7.2% Loss from discontinued operations (24) (325) Net income (loss) 98 (283) Basic net income (loss) per share 0.05 (0.24) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [1] Figures for the Group and Power Technologies division have been restated to correct a previously disclosed overstatement of earnings. [2] Includes reclassification of activities to Discontinued operations in 2003. 3 Earnings before interest and taxes. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ABB Ltd., the leading power and automation technology group, reported a steady improvement in orders and revenues, earnings before interest and taxes (EBIT) as well as cash flow from operations in the third quarter of 2004. Net income amounted to US$98 million in the third quarter and US$188 million for the first nine months of 2004, compared to losses of US$283 million and US$388 million, respectively, in the same periods of 2003. Cash flow from operating activities increased to US$322 million, up US$205 million from the same quarter last year. "We continue to strengthen our performance," said Jurgen Dormann, ABB chairman and CEO. "We are on track to deliver a positive net income for 2004 and are confident that we will reach a Group EBIT margin of eight percent in 2005, even though the Power Technologies division faces challenges to achieve its 2005 margin target." The Automation Technologies division turned in a strong performance, reporting a 54-percent increase in EBIT. Power Technologies division EBIT was lower, mainly due to the remaining underutilization in the power lines business and in other parts of the systems business. Summary of Third-quarter Results Orders received in the core divisions amounted to US$4,853 million, up 17% (11% in local currencies) in the third quarter of 2004 compared to the same quarter last year. The improvement was driven by continued growth in base orders (less than US$15 million) in both divisions and a significant increase in large orders (more than US$15 million) in the Automation Technologies division. Both divisions saw strong order growth in both U.S. dollar and local currency terms in China, the U.S., Latin America and Eastern Europe. Local currency orders from Western Europe were slightly higher in Automation Technologies and lower in Power Technologies. Group orders grew 9 percent to US$4,782 million compared to the same quarter in 2003 (5% higher in local currencies). Orders were sharply lower in Non-core activities as a result of the divestment of most of the Building Systems businesses in the third quarter of last year. Excluding the difference in orders resulting from the Buildings Systems divestment, Group orders were 16% higher (12% in local currencies). Base orders (less than US$15 million) in the core divisions were up 15% (9% in local currencies), with increases seen in all regions, led by the Americas and Asia. Large orders (more than US$15 million) were up by more than a third in the quarter, led by more than 50% growth in the Automation Technologies division. Large orders in the Power Technologies division were down in the quarter. Large orders in the core divisions amounted to 10% of total core division orders in the third quarter, compared to 8% in the same quarter in 2003. The combined order backlog for the core divisions at the end of the third quarter amounted to US$11,322 million, 14% higher than at the end of the same quarter in 2003 (10% higher in local currencies). The order backlog was up 13 percent in the Power Technologies division (8% in local currencies) and 16% (11% in local currencies) in the Automation Technologies division. The Group order backlog at the end of the third quarter was US$11,242 million. Revenues in the core divisions grew a combined 13%; 14% for the Power Technologies division (9% in local currencies) and 12% in Automation Technologies (6% in local currencies) compared to the same quarter in 2003. The improvement reflects the strong growth in base orders in recent quarters. Strong double-digit revenue growth was reported by the core divisions in China, India and Eastern Europe. Group revenues in the third quarter grew 5% (flat in local currencies) to US$4,796 million, as higher revenues in the core divisions offset the 70% drop in Non-core revenues resulting from the divestment of most of the Building Systems business in the third quarter of 2003. Building Systems reported revenues of US$118 million in the third quarter of 2004 compared to US$425 million in the same period in 2003. Group EBIT in the third quarter increased 11% to US$255 million from US$230 million in the same quarter in 2003. The improvement was driven by a 54% earnings increase in the Automation Technologies division, which more than offset a 13- percent EBIT decrease in the Power Technologies division. Non- core activities reduced EBIT by US$10 million, while the Corporate result amounted to an EBIT loss of US$111 million in the third quarter. The Group EBIT margin in the quarter was 5.3% compared to 5.1% in the same quarter of 2003. The Power Technologies EBIT margin decreased to 5.1% in the quarter from 6.8% in the third quarter of 2003, while the Automation Technologies EBIT margin rose from 7.2% to 9.9%. Employees in ABB numbered approximately 103,000 on September 30, 2004 -- about 10,000 fewer than at the end of the second quarter of 2004. The reduction was primarily due to the divestment in July of ABB's upstream oil and gas business, which employed about 8,000 people, as well as the customary seasonal reduction in the number of temporary employees. Finance net[1] was negative US$25 million compared to negative US$122 million in the third quarter of 2003. The improvement reflects higher interest income (resulting from the increase in cash and marketable securities), a decrease in interest expense (due to the lower debt levels) and the non-recurrence of the US$43-million expense taken in the corresponding 2003 quarter related to the mark-to-market accounting treatment of the equity option embedded in the US$968 million of convertible bonds issued in 2002. The need for this accounting treatment was eliminated following a meeting of bondholders in May 2004, who agreed to a change in the terms of the bonds allowing them to be converted into American Depositary Shares instead of ordinary shares denominated in Swiss francs. Included in the line Interest and other finance expense in the third quarter of 2004 was an amortization expense for the discount on the bonds of US$7 million. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [1] Finance net is the difference between interest and dividend income and interest and other finance expense - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - The net loss in Discontinued operations amounted to US$24 million, compared to a net loss of US$325 million in the third quarter of 2003. The improvement was mainly the result of sharply lower losses in the downstream oil and gas business compared to the same quarter in 2003, when the business reported significant project write-downs. A further contribution to the improvement in the quarter was a decrease of US$97 million in expenses related to asbestos, including a -US$48 million reduction in the expense on the mark-to-market treatment of the approximately 30 million ABB shares reserved to cover part of the company's asbestos liabilities, as well as the non- recurrence of a -US$41million provision taken in the third quarter last year to cover future asbestos payments. ABB's net income for the third quarter amounted to US$98 million, compared to a net loss of US$283 million for the same period in 2003. Balance sheet Cash and marketable securities at the end of September 2004 amounted to US$3.6 billion (excluding Discontinued operations), up from US$3.4 billion at the end of June 2004. A cash increase resulting from the approximately US$800 million net cash proceeds on the closure of the sale of the upstream oil and gas business, plus improved cash flow from operations in the third quarter, were partly offset by cash outflows to complete the announced tender offer and call of the outstanding EUR300 million 5.375% bonds (due in June 2005) and the EUR475 million 5.125% bonds (due in January 2006), amounting to approximately EUR275 million and EUR368 million, respectively. At the end of September 2004, total debt (defined as total short and long-term borrowings) was US$5.2 billion, compared to $6.1 billion at June 30, 2004, and US$7.9 billion at the end of December 2003. Gearing, defined as total debt divided by total debt plus shareholders' equity (including minority interest), amounted to 61% at the end of September compared to 66% at the end of June 2004 and 71% at the end of December 2003. Stockholders' equity at September 30, 2004, was US$3,121 million compared to US$2,922 million at the end of June 2004. Cash flow from operating activities $ in millions Q3 2004 Q3 2003[1] Change Power Technologies 67 81 (14) Automation Technologies 239 219 20 Non-core activities (24) 9 (33) Corporate 62 2 60 Oil, Gas and Petrochemicals businesses (22) (194) 172 Total net cash from operating activities 322 117 205 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [1] Figures for the Group and Power Technologies division have been restated to correct a previously disclosed overstatement of earnings. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Net cash from operating activities for the Group in the third quarter of 2004 improved by US$205 million compared to the year- earlier period, mainly the result of higher earnings, as well as the impact of the change from lump-sum large project orders to lower-risk reimbursable orders in the downstream oil and gas business, which has stabilized the cash flow cycle in that business. Cash flow from operations in the core divisions developed in line with their earnings in the quarter -- higher in the Automation Technologies division and lower in the Power Technologies division. Cash used in Non-core activities amounted to US$24 million, related primarily to the loss in the Building Systems businesses. Corporate generated cash flow of US$62 million in the quarter, mainly from treasury-related operations. Total asbestos cash outflows amounted to US$1 million in the quarter (US$56 million in the same quarter of 2003). Divestments As already announced, ABB closed the sale of its upstream oil and gas business on July 12, 2004, which resulted in net cash proceeds of approximately US$800 million (included in Cash from investing activities in the cash flow statement) and a breakeven result on the transaction. ABB and the buyers of the business are currently in the process of determining the final sales price, based on the final adjusted accounts as of the closing date. This is part of a customary process in such transactions[2]. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [2] Please refer to Note 3 - Significant Divestitures, in the notes to the summary consolidated financial statements attached to this press release. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Asbestos ABB is awaiting the results of a hearing held on June 3, 2004, before the U.S. 3rd Circuit Court of Appeals to review a pre- packaged Chapter 11 protection plan that was filed in 2003 by a U.S. subsidiary of ABB, Combustion Engineering Inc. The plan has already been approved by both a federal bankruptcy court and a U.S. district court and ABB remains confident that the Circuit Court will also approve the plan. Board of Directors and Group management Louis R. Hughes, a member of ABB's Board of Directors, has taken a temporary leave of absence from the Board to serve the United States government in Afghanistan. In addition, the company is in the final stages of appointing a new chief financial officer and plans to make an announcement shortly. Group Outlook From 2002 through to the end of 2005, ABB expects compound average annual revenue growth of 4 percent in local currencies. The Power Technologies division expects compound average annual revenue growth of 5.3 percent in local currencies. The Automation Technologies division expects compound average annual revenue growth of 3.3% in local currencies. For 2005, the EBIT margin targets remain unchanged at 8% for the Group and 10.7% for the Automation Technologies division. Achieving the 10% EBIT margin target in the Power Technologies division depends partly on the timely resolution of the remaining underutilization in the power lines business. The company intends to further reduce total debt to about $4 billion and gearing to approximately 50% by the end of 2005. Revenue and margin targets exclude major acquisitions, divestitures and business closures. A full copy of its financial results is available free of charge at http://bankrupt.com/misc/Q3_results.pdf. CONTACT: ABB LTD. Affolternstrasse 44 8050 Zurich, Switzerland Phone: +41 43 317 7111 Fax: +41 43 317 4420 Web site: http://www.abb.com ============= U K R A I N E ============= BPF-TERMO: Ordered to Undergo Bankruptcy Supervision Procedure -------------------------------------------------------------- The Economic Court of Ivano-Frankivsk region commenced bankruptcy supervision procedure against LLC BPF-Termo (code EDRPOU 31943103) on September 7, 2004. The case is docketed as B-7/119. Mr. Gumenuk Vitalij (License Number AA 047774) has been appointed temporary insolvency manager. The company holds account number 260003011616 at OJSC State Savings Bank, Dolina branch, MFO 336536. CONTACT: BPF-TERMO Ukraine, Ivano-Frankivsk region, Dolina, Obliski Str. 36 Mr. Gumenuk Vitalij Temporary Insolvency Manager Ukraine, Ivano-Frankivsk region, Privokzalna Str. 9/81 ECONOMIC COURT OF IVANO-FRANKIVSK REGION 76000, Ukraine, Ivano-Frankivsk region, Shevchenko Str. 16 CHERKASSY' TELEGRAPH: Proofs of Claim Deadline Expires this Week ---------------------------------------------------------------- The Economic Court of Cherkassy region commenced bankruptcy supervision procedure against OJSC Cherkassy' Plant of Telegraph Equipment (code EDRPOU 14310069) on August 21, 2004. The case is docketed as 01/2759. Arbitral manager Mr. Vasil Levchenko (License Number AA 249582) has been appointed temporary insolvency manager. The company holds account number 26006301786679 at Prominvestbank, central branch, MFO 354091. Creditors have until November 4, 2004 to submit their proofs of claim to: (a) CHERKASSY' PLANT OF TELEGRAPH EQUIPMENT 18000, Ukraine, Cherkassy region, Odesska Str. 8 (b) Mr. Vasil Levchenko Temporary Insolvency Manager 18000, Ukraine, Cherkassy region, Patsayev Str. 16/40 Phone: 65-33-06 (c) ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue, 307 DNIPROSPETSEKSPORT: Under Bankruptcy Supervision ------------------------------------------------ The Economic Court of Dnipropetrovsk region commenced bankruptcy supervision procedure against LLC Dniprospetseksport (code EDRPOU 32130834). The case is docketed as B 29/154/04. Mr. Bajduk Roman (License Number AA 669654) has been appointed temporary insolvency manager. The company holds account number 2600298067020 at OJSC CB Promeconombank, Donetsk branch, MFO 306481. Creditors have until November 4, 2004 to submit their proofs of claim to: (a) DNIPROSPETSEKSPORT 49000, Ukraine, Dnipropetrovsk region, Gagarin Avenue, 13/5 (b) Mr. Bajduk Roman Temporary Insolvency Manager 49125, Ukraine, Dnipropetrovsk region, Chervonogo kozatstva Str. 27/46 Phone: (0562) 24-16-56 (c) ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a DRABIVSKE: Court Brings in Temporary Insolvency Manager ------------------------------------------------------- The Economic Court of Cherkassy region commenced bankruptcy supervision procedure against Agricultural LLC Drabivske (code EDRPOU 03790793). The case is docketed as 01/2779. Arbitral manager Mr. Viktor Lagutin has been appointed temporary insolvency manager. The company holds account number 26000457299001 at CB Privatbank, Drabiv branch, MFO 354347. CONTACT: DRABIVSKE 19800, Ukraine, Cherkassy region, Drabiv, Molodizhna Str. 1 Mr. Viktor Lagutin Temporary Insolvency Manager Ukraine, Cherkassy region, Gajdar Str. 14/121 ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue, 307 KVARTA-CENTRE: Bankruptcy Supervision Begins -------------------------------------------- The Economic Court of Ivano-Frankivsk region commenced bankruptcy supervision procedure against LLC Kvarta-Centre (code EDRPOU 30609464) on July 2, 2004. The case is docketed as B- 7/102. Mr. Siuhin Mikola (License Number AA 249920) has been appointed temporary insolvency manager. CONTACT: KVARTA-CENTRE Ukraine, Ivano-Frankivsk region, V. Internatsionalistiv Str. 6 Mr. Siuhin Mikola Temporary Insolvency Manager Ukraine, Ivano-Frankivsk region, Stus Str. 9/48 ECONOMIC COURT OF IVANO-FRANKIVSK REGION 76000, Ukraine, Ivano-Frankivsk region, Shevchenko Str. 16a MOKOM-ZVYAZKOBUD: Sets Proofs of Claim Deadline ----------------------------------------------- The Economic Court of Dnipropetrovsk region commenced bankruptcy supervision procedure against LLC Commercial Company Mokom- Zvyazkobud (code EDRPOU 19307149) on August 26, 2004. The case is docketed as B24/112/04. Arbitral manager Mr. Igor Morozov (License Number AA 419481) has been appointed temporary insolvency manager. The company holds account number 26004050470100 at JSPPB Aval, Donetsk regional branch, MFO 305653. Creditors have until November 4, 2004 to submit their proofs of claim to: (a) MOKOM-ZVYAZKOBUD 49000, Ukraine, Dnipropetrovsk region, Kalinin Str. 12 (b) Mr. Igor Morozov Temporary Insolvency Manager 49044, Ukraine, Dnipropetrovsk region, a/b 2734 Phone: (0562) 92-53-18 (c) ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a PIVDENNA PALYANITSYA: Proofs of Claim Deadline Thursday ------------------------------------------------------- The Economic Court of Odesa region commenced bankruptcy supervision procedure against OJSC Pivdenna Palyanitsya (code EDRPOU 25032254). The case is docketed as 32/126-04-5576. Arbitral manager Mr. Volodimir Shnyakin (License Number AA 783105) has been appointed temporary insolvency manager. Creditors have until November 4, 2004 to submit their proofs of claim to: (a) PIVDENNA PALYANITSYA 65005, Ukraine, Odesa region, Prohorivska Str. 47 (b) Mr. Volodimir Shnyakin Temporary Insolvency Manager 65013, Ukraine, Odesa region, Chornomorskogo Kozatstva Str. 80 (c) ECONOMIC COURT OF ODESA REGION 65032, Ukraine, Odesa region, Shevchenko Avenue, 4 SUMBUD: Undergoes Bankruptcy Supervision Procedure -------------------------------------------------- The Economic Court of Sumi region commenced bankruptcy supervision procedure against OJSC Sumbud, a subsidiary of civil engineering company, Himmashbud (code EDRPOU 01271008) on August 17, 2004. The case is docketed as 6/97-04. Mr. Artem Oskorbin (License Number AA 249704) has been appointed temporary insolvency manager. The company holds account number 26002302702567 at Prominvestbank, Central Sumi branch, MFO 337278. CONTACT: SUMBUD 40000, Ukraine, Sumi region, Mashinobudivelnikiv Str. 2 Mr. Artem Oskorbin Temporary Insolvency Manager 40011, Ukraine, Sumi region, Suprun Str. 7/12 Phone: (0542) 21-09-29 ECONOMIC COURT OF SUMI REGION 40011, Ukraine, Sumi region, Ribalka Str. 2 ZUBR: Donetsk Court Grants Debt Moratorium ------------------------------------------ The Economic Court of Donetsk region commenced bankruptcy supervision procedure against LLC Zubr (code EDRPOU 24549774) on September 13, 2004 and ordered a moratorium on satisfaction of creditors' claims. The case is docketed as 27/71 B. Arbitral manager Mr. Paterilov Vitalij (License Number AA 783055) has been appointed temporary insolvency manager. The company holds account number 26005190035001 at CB Privatbank, Kramatorsk branch, MFO 335548. Creditors have until November 4, 2004 to submit their proofs of claim to: (a) ZUBR 84333, Ukraine, Donetsk region, Kramatorsk, Transportna Str. 20 (b) Mr. Paterilov Vitalij Temporary Insolvency Manager 83050, Ukraine, Donetsk region, a/b 6915 Phone: 8 (050) 360-80-66 (c) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 =========================== U N I T E D K I N G D O M =========================== ALSOP LIMITED: Lloyds TSB Bank Appoints Stoy Hayward Receiver ------------------------------------------------------------- Lloyds TSB Bank Plc called in Geoffrey Stuart Kinlan and Shay Bannon (Office Holder Nos 8268/01, 8777) joint administrative receivers for Alsop Limited (Reg No 03055181, Trade Classification: 23). The application was filed October 14, 2004. CONTACT: BDO STOY HAYWARD LLP Prospect Place, 85 Great North Road, Hatfield, Herfordshire AL9 5BS Phone: 01707 255888 Fax: 01707 255890 E-mail: hatfield@bdo.co.uk Web site: http://www.bdo.co.uk ASPEN SPORTS: Members Pass Winding up Resolutions ------------------------------------------------- At the extraordinary general meeting of the Aspen Sports Limited on October 14, 2004 held at Priest House, 1624-1628 High Street, Knowle, Solihull, West Midlands B93 0JU, the extraordinary and ordinary resolutions to wind up the company were passed. Stephen Anthony John Ramsbottom and Jeremiah Anthony O'Sullivan, of Bishop Fleming, Priest House, 1624-1628 High Street, Knowle, Solihull, West Midlands B93 0JU have been appointed joint liquidators of the company for the purpose of the voluntary winding-up. CONTACT: BISHOP FLEMING Priest House, 1624-1628 High Street, Knowle, Solihull, West Midlands B93 0JU Web site: http://www.bishopfleming.co.uk ASSET MANAGEMENT: KMPG Staff to Liquidate Firm ---------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Asset Management Recovery (U.K.) Limited (In Compulsory Liquidation) I, Blair Carnegie Nimmo, Chartered Accountant, KPMG Corporate Recovery, 191 West George Street, Glasgow, G2 2LJ, United Kingdom, hereby give notice, that on September 29, 2004, I was appointed liquidator of Asset Management Recovery (U.K.) Limited by Resolution of the first Meeting of Creditors. No Liquidation Committee was established. Accordingly, I do not intend to summon a further meeting for the purpose of establishing a Liquidation Committee unless one- tenth, in value, of the creditors require it in terms of Section 142(3) of the Insolvency Act 1986. /s/ Blair C. Nimmo, Liquidator October 15, 2004 CONTACT: KPMG LLP 191 West George Street Glasgow G2 2LJ Phone: (0141) 226 5511 Fax: (0141) 204 1584 Web site: http://www.kpmg.co.uk BAE SYSTEMS: Wins EUR891 Million Contract in Netherlands -------------------------------------------------------- The Dutch government has awarded BAE Systems Plc, Europe's defense contracting giant, a EUR891 million combat-vehicle contract, Bloomberg News Service says. The country's defense ministry approved the award of order for more than CV-90 tracked vehicles. CV-90 is a range of armored vehicle designed for high mobility and can be utilized for air- defense and anti-tank movements. Defense Undersecretary Cees van der Knaap sent a letter regarding the approval to the parliament, which has yet to sign the contract. Richard Coltart, spokesman for BAE, was not able to confirm the awarding of the contract but said in an interview with Bloomberg News Service, "It would clearly be good news." "We hope to receive the formal notification shortly but we cannot formally confirm the order at this stage," Mr. Coltart further said. Meanwhile, BAE increased its stake in Alvis Plc through an investment of around GBP355 million. In effect, BAE acquired Alvis' Swedish Land Systems Haegglunds AB. The acquisition, which the European Union approved in August, was part of BAE's plan to gain foot on more combat-vehicle orders in Europe. CONTACT: BAE SYSTEMS PLC Warwick House PO Box 87 Farnborough Aerospace Center Farnborough Hampshire GU14 6YU Phone: +44-1252 373232 Fax: +44-1252 383000 Web site: http://www.baesystems.com BATTERSEA GLASS: Calls in Liquidator from Carter Clark ------------------------------------------------------ At the extraordinary general meeting of the members of the Battersea Glass Limited on October 21, 2004 held at Meridian House, 62 Station Road, North Chingford, London E4 7BA, the extraordinary and ordinary resolutions to wind up the company were passed. A. J. Clark of Carter Clark, Meridian House, 62 Station Road, North Chingford, London E4 7BA has been appointed liquidator for the purpose of the voluntary winding-up. CONTACT: CARTER CLARK Meridian House, 62 Station Road, North Chingford, London E4 7BA BEST WOODCRAFT: Hires Liquidator from BN Jackson Norton ------------------------------------------------------- At the extraordinary general meeting of the Best Woodcraft Limited on October 22, 2004 held at The Marks Tey Hotel, London Road, Marks Tey, Colchester, Essex CO6 1DU, the extraordinary and ordinary resolutions to wind up the company were passed. Michael Collin John Sanders of BN Jackson Norton, 1 Gray's Inn Square, Gray's Inn, London WC1R 5AA has been appointed liquidator of the company for the purpose of such winding-up. CONTACT: BN JACKSON NORTON 1 Gray's Inn Square, Gray's Inn, London WC1R 5AA Phone: 02074302321 BOMAG KENT: Calls in Liquidator from KPMG ----------------------------------------- At the general meeting of the Bomag Kent (UK) Limited on October 19, 2004, the special, ordinary and extraordinary resolutions to wind up the company were passed. John Paul Bateman and Brian Green of KPMG LLP Corporate Recovery, 8 Princes Parade, Liverpool L3 1QH have been appointed joint liquidators for the company. CONTACT: KPMG LLP 8 Princes Parade, Liverpool L3 1QH Phone: (0151) 473 5100 Fax: (0151) 473 5200 Web site: http://www.kpmg.co.uk BRADFORD UK: Names Liquidator from Rushtons ------------------------------------------- At the extraordinary general meeting of the members of the Bradford UK Distribution Ltd. on October 22, 2004 held at Merchant's Quay, Ashley Lane, Shipley BD17 7DB, the extraordinary and ordinary resolutions to wind up the company were passed. Raymond Stuart Claughton of Rushtons, Merchant's Quay, Ashley Lane, Shipley BD17 7DB has been appointed liquidator for the purpose of the winding-up. CONTACT: RUSHTONS Merchant's Quay, Ashley Lane, Shipley BD17 7DB CALISTA LIMITED: Members Final Meeting Next Month ------------------------------------------------- Name of companies: Calista Limited Stratacom Limited The final meeting of the members of these companies will be on December 8, 2004 commencing at 10:30 a.m. and 11:00 a.m. respectively. It will be held at the offices of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the companies 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 PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT not later than 12:00 noon, December 7, 2004. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com CELLEX LIMITED: Hires Gerald Irwin as Liquidator ------------------------------------------------ At the extraordinary general meeting of the members of the Cellex Limited on October 18, 2004 held at Station House, Midland Drive, Sutton Coldfield, West Midlands B72 1TU, the extraordinary and ordinary resolutions to wind up the company were passed. Gerald Irwin has been appointed liquidator for the purpose of such winding-up. CREST COACH: Members Abandon Business ------------------------------------- At the extraordinary general meeting of the members of the Crest Coach Conversions Ltd. on October 25, 2004 held at O'Hara & Co, Wesley House, Huddersfield Road, Birstall, Batley, West Yorkshire WF17 9EJ, the extraordinary and ordinary resolutions to wind up the company were passed. Peter O'Hara of O'Hara & Co, Wesley House, Huddersfield Road, Birstall, Batley, West Yorkshire WF17 9EJ has been appointed liquidator for the purpose of such winding-up. CONTACT: O'HARA & CO Wesley House, Huddersfield Road, Birstall, Batley, West Yorkshire WF17 9EJ DARTMOUTH TOURIST: Calls in Liquidator from Bishop Fleming ---------------------------------------------------------- At the extraordinary general meeting of the Dartmouth Tourist Information Limited on October 18, 2004 held at 1 Barnfield Crescent, Exeter, Devon EX1 1QY, the extraordinary and ordinary resolutions to wind up the company were passed. Jeremiah Anthony O'Sullivan of Bishop Fleming, 1 Barnfield Crescent, Exeter, Devon EX1 1QY has been appointed liquidator of the company for the purpose of the voluntary winding-up. CONTACT: BISHOP FLEMING 1 Barnfield Crescent, Exeter, Devon EX1 1QY Phone: 01392 278436 Fax: 01392 413617 E-mail: exeter@bishopfleming.co.uk Web site: http://www.bishopfleming.co.uk DELANA LTD: Members Agree to Liquidate Company ---------------------------------------------- At the extraordinary general meeting of the members of the Delana Ltd. (t/a PDC Norwood) on October 21, 2004 held at Gable House, 239 Regents Park Road, London N3 3LF, the extraordinary and ordinary resolutions to wind up the company were passed. M. S. E. Solomons has been appointed liquidator for the purpose of such winding-up. CONTACT: SPW POPPLETON & APPLEBY Gable House, 239 Regents Park Road, London N3 3LF EP ELECTRICAL: Creditors Pick Blair Nimmo as Liquidator ------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF EP Electrical Services (Glasgow) Limited (In Compulsory Liquidation) I, Blair Carnegie Nimmo, Chartered Accountant, KPMG Corporate Recovery, 191 West George Street, Glasgow, G2 2LJ, United Kingdom, hereby give notice, that on October 7, 2004, I was appointed liquidator of EP Electrical Services (Glasgow) Limited by Resolution of the first Meeting of Creditors. No Liquidation Committee was established. Accordingly, I do not intend to summon a further meeting for the purpose of establishing a Liquidation Committee unless one- tenth, in value, of the creditors require it in terms of Section 142(3) of the Insolvency Act 1986. Blair C. Nimmo, Liquidator October 15, 2004 CONTACT: KPMG LLP 191 West George Street Glasgow G2 2LJ Phone: (0141) 226 5511 Fax: (0141) 204 1584 Web site: http://www.kpmg.co.uk EUROWIDE STORAGE: Appoints Carter Clark Liquidator -------------------------------------------------- At the extraordinary general meeting of the members of the Eurowide Storage Limited on October 19, 2004 held at Meridian House, 62 Station Road, North Chingford, London E4 7BA, the extraordinary and ordinary resolutions to wind up the company were passed. A. J. Clark of Carter Clark, Meridian House, 62 Station Road, North Chingford, London E4 7BA has been appointed liquidator for the purpose of the voluntary winding-up. CONTACT: CARTER CLARK Meridian House, 62 Station Road, North Chingford, London E4 7BA FEELGOOD SCOTLAND: Files for Liquidation ---------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Feelgood Scotland Ltd. (In Liquidation) I, Graham Cameron Tough, CA, Martin Aitken & Co., Caledonia House, 89 Seaward Street, Glasgow hereby give notice that on 6th October 2003, I was appointed liquidator of Feelgood Scotland Ltd. by a Resolution of the First Meeting of Creditors held in terms of Section 138(3) of the Insolvency Act 1986. No liquidation Committee was established. Accordingly, I do not intend to summon a further meeting for the purpose of establishing a Liquidation Committee unless one-tenth in value of the creditors require it in terms of Section 142(3) of the Insolvency Act 1986. Graham Cameron Tough, CA, Liquidator CONTACT: MARTIN AITKEN & CO Caledonia House 89 Seaward Street Glasgow G41 1HJ Phone: 0141 332 0488 Fax: 0141 272 0011 E-mail: ca@maco.co.uk Web site: http://www.maco.co.uk FIBRELUX FIRES: Workers Buy Firm Out of Receivership ---------------------------------------------------- Workers of North Wales gas fire business, Fibrelux Fires, have rescued their company from receivership, IC Wales reports. The buyout is supported by the Wales Cooperative, Finance Wales and Industrial Common Ownership Finance. It was secured with a regional selective assistance grant from the Welsh Assembly Government. The Holywell company, which traded as Eurotech Fires, makes living-flame gas fires and surrounds. It went into receivership in September, leading to the redundancy of all but three of its staff. Twenty-two employees have now restarted production. The number of jobs saved represents the majority of the firm's workforce. The company is renamed Solar Fires. Eurotech staff Linda Brierley and Roy Garrard, which led the acquisition, both said Solar Fires is a profitable business. FINEST SEAFOOD: KMPG Accountant Appointed Liquidator ---------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Finest Seafood (Scotland) Limited (In Liquidation) I, Blair Carnegie Nimmo, Chartered Accountant, KPMG Corporate Recovery, 191 West George Street, Glasgow, G2 2LJ, hereby give notice, that on October 18, 2004, I was appointed liquidator of Finest Seafood (Scotland) Limited by Resolution of the first Meeting of Creditors. No Liquidation Committee was established. Accordingly, I do not intend to summon a further meeting for the purpose of establishing a Liquidation Committee unless one- tenth, in value, of the creditors require it in terms of Section 142(3) of the Insolvency Act 1986. B. C. Nimmo, Liquidator October 18, 2004 CONTACT: KPMG LLP 191 West George Street Glasgow G2 2LJ Phone: (0141) 226 5511 Fax: (0141) 204 1584 Web site: http://www.kpmg.co.uk GEODIS OVERSEAS: Hires Deloitte & Touche as Liquidator ------------------------------------------------------ At the general meeting of the members of Geodis Overseas UK Limited, the special, ordinary and extraordinary resolutions to wind up the company were passed. J. R. D. Smith and N. J. Dargan of Deloitte & Touche, 66 Shoe Lane, London EC4A 3WA have been appointed joint liquidators of the company. CONTACT: DELOITTE & TOUCHE LLP Athene Place, 66 Shoe Lane, London EC4A 3WA Phone: 00 44 (0) 207 936 3000 Fax: 00 44 (0) 207 779 4001 Web site: http://www.deloitte.com GOOD TIDINGS: Names Numerica Liquidator --------------------------------------- At the extraordinary general meeting of the Good Tidings Limited on October 19, 2004 held at 81 Station Road, Marlow, Buckinghamshire SL7 1SX, the extraordinary and ordinary resolutions to wind up the company were passed. Peter James Hughes-Holland and Frank Wessely of Numerica have been appointed joint liquidators for the purpose of such winding-up. CONTACT: NUMERICA 81 Station Road, Marlow, Buckinghamshire SL7 1SX Phone: 01628 478100 Fax: 01628 472629 Web site: http://www.numerica.biz HLP LIMITED: Liquidator's Final Report Known Later this Month ------------------------------------------------------------- The final meeting of the HLP Limited will be on November 30, 2004 commencing at 10:00 a.m. It will be held at 69-71 Queen Square, Bristol BS1 4JP. 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 Deloitte & Touche LLP, 69-71 Queen Square, Bristol BS1 4JP not later than 12:00 noon, November 29, 2004 CONTACT: DELOITTE & TOUCHE LLP 69-71 Queen Square, Bristol BS1 4JP Phone: 0117 921 1622 Fax: 0117 929 2801 Web site: http://www.deloitte.com JAZZ PHOTO: Names Tenon Recovery Administrator ---------------------------------------------- Andrew James Pear and Simon Robert Thomas (IP Nos 9106, 8920) have been appointed administrators for Jazz Photo Limited. The appointment was made October 22, 2004. The company distributes photo cameras. Its registered office is located at Tenon Recovery, Sherlock House, 73 Baker Street, London W1U 6RD. 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 LUKOIL RACING: Appoints Liquidator from KPMG -------------------------------------------- At the general meeting of the Lukoil Racing Limited on October 20, 2004, the special, ordinary and extraordinary resolutions to wind up the company were passed. Richard John Hill of KPMG Corporate Recovery, Arlington Business Park, Theale, Reading RG7 4SD has been appointed as the liquidator of the company for the purpose of such winding-up. CONTACT: KPMG Corporate Recovery, Arlington Business Park, Theale, Reading RG7 4SD Phone: (0118) 9642000 Fax: (0118) 9642222 Web site: http://www.kpmg.co.uk MARCONI CORPORATION: Adds New Access Hub Feature ------------------------------------------------ Marconi Corporation Plc announced at the PT EXPO COMM show in Beijing the latest enhancement to its Access Hub platform, its next-generation Multiservice Access Node (MSAN). The new agnostic switching card will enable Marconi to offer operators further savings in both time and money, whilst at the same time extending their ability to differentiate services, accelerate service creation as well as roll out and generate increased revenues. The introduction of the agnostic switching card to the Access Hub will allow Marconi to meet the increasing demands of operators planning to migrate from Asynchronous Transfer Mode (ATM)/hybrid networks to distributed Internet Protocol (IP) environments. The new card extends the handling capacity of the Access Hub from traditional ATM, Ethernet and time-division multiplexing to IP and Multi-Protocol Label Switching (MPLS), all simultaneously. Operators will benefit from the Access Hub's inherent IP Digital Subscriber Line Access Multiplexer (DSLAM) capability and its embedded MPLS intelligence immediately on deployment. Both features are necessary to support operators' triple-play services and true carrier-class Voice-over-IP (VoIP) services. By supporting multiple protocols, Marconi guarantees operators can change their access strategies without redesigning their access network. This capability makes the Access Hub the most flexible and future-proof device in this segment, going beyond traditional Ethernet-DSLAM functionality on the market today and providing a true enabler for next-generation voice, date and video service delivery. "The latest developments to the Access Hub are part of our ongoing program to continually develop our products to meet the ever-changing needs of operators," said Martin Harriman, chief marketing officer, Marconi Corporation Plc. "The agnostic switching card illustrates our determination to provide a real migration path to multi-service environments, without quality trade-offs. Through this agnostic approach, operators will be able to reduce service-provisioning costs, increase revenues, and protect their existing investments." Combined with Marconi's ADSL2+/ADSL2++ card launched earlier his year, which enables operators to deliver more bandwidth (up to 50Mbit/sec) and reach more customers without the need for additional space or power, the agnostic switch will allow Marconi to better competitively expand the geographical market capability of the Access Hub into areas of rapid broadband growth. About Marconi Corporation Plc Marconi Corporation Plc (London: MONI and NASDAQ: MRCIY) is a global telecommunications equipment, services and solutions company. The company's core business is the provision of innovative and reliable optical networks, broadband routing and switching and broadband access technologies and services. The company's customer base includes many of the world's largest telecommunications operators. The company is listed on the London Stock Exchange under the symbol MONI and on NASDAQ under the ticker MRCIY. CONTACT: MARCONI CORPORATION PLC 4th Floor Regents Place 338 Euston Rd London NW1 3BT Phone: +44-20-7493-8484 Fax: +44-20-7493-1974 Web site: http://www.marconi.com Press Enquiries Patrick Murphy Phone: +44 115 906 4151 E-mail: patrick.murphy@marconi.com Investor Enquiries Heather Green Phone: 0207 306 1735 E-mail: heather.green@marconi.com Industry Analyst Enquiries Skip MacAskill Phone: +44 2476 56 3705 E-mail: skip.macaskill@marconi.com MARCONI CORPORATION: Expands Chinese Broadband Service ------------------------------------------------------ Marconi Corporation Plc underlined the company's ongoing commitment to helping regional operators generate more revenue and achieve customer targets at this year's PT EXPO COMM. Through its participation in the conference program and exhibition, Marconi demonstrated its understanding of the local and regional service providers' realities and its knowledge of an ever-changing marketplace as well as show how it is developing and designing next-generation multi-service networks to help operators stay competitive and generate new revenue streams. Additionally, the company announced it has chosen Shanghai as the location for its first Next-Generation Multi-service Networks Center in China. At PT EXPO COMM, the company exhibited a comprehensive family of networking products that make up a next-generation multi-service network, including Marconi's multi-service access node (MSAN) -- the Access Hub -- its next-generation SoftSwitch platform as well as its award-winning multi-service transport platforms (MSTP) showing Automatic Switched Optical Network (ASON) functionality. These products will enable Chinese operators to build and maintain next-generation networks and rationalize differentiated and value-added services such as triple play onto a single, integrated network infrastructure. Both the multi-service Access Hub and SoftSwitch will be distributed by SIDTEC (newly renamed as Shanghai Marconi Networks), the Shanghai-based joint venture formed by Marconi and China Putian. "China is moving swiftly towards next-generation infrastructures as the rising demand for new and better services coincides with the availability of important products from edge to core, such as the AccessHub, SoftSwitch, MSTP-OMS1664 and Core-OMS3250," said Mike Burgess, executive vice president of Marconi Communications China. "The extension of our agreement with China Putian through SIDTEC, together with the long-standing partnership with the Guilin Institute of Optical Communications (GIOC), mean we can increase our presence in China and move rapidly to take advantage of the current trend to offer higher quality and value-added services to customers, while focusing on reduction in operating costs." Another recently announced partnership with NewHeights, a leading provider of communication management solutions, enables Marconi and its service providers to offer softphone capabilities to customers. By integrating NewHeight's Desktop Assistant with Marconi's SoftSwitch specifically for this event, Marconi shows how the Personal Communications Manager transforms a normal PC into a full-featured, converged platform for voice, data and video communications, which offers major cost savings for service providers and their customers. In other news, the company has also announced a new agnostic switching card for its multi-service Access Hub as well as full ASON support for its optical transport platforms and a new metro multi-service node. "Our focus is helping our customers efficiently evolve their networks to next-generation, packet-based networks, while fully supporting their legacy services and revenues," said Devid Gubiani, vice president and chief technology officer of Marconi Communications Asia Pacific. "We have provided our expertise in delivering the quality of service inherent in switched voice services to next-generation packet networks all over the world and have already worked with major operators such as BT, Telecom Italia, Telekom Malaysia and Telstra in actively pursuing opportunities with service providers in China." About Marconi Corporation Plc Marconi Corporation plc (London: MONI and NASDAQ: MRCIY) is a global telecommunications equipment, services and solutions company. The company's core business is the provision of innovative and reliable optical networks, broadband routing and switching and broadband access technologies and services. The company's customer base includes many of the world's largest telecommunications operators. The company is listed on the London Stock Exchange under the symbol MONI and on NASDAQ under the ticker MRCIY. CONTACT: MARCONI CORPORATION PLC 4th Floor Regents Place 338 Euston Rd London NW1 3BT Phone: +44-20-7493-8484 Fax: +44-20-7493-1974 Web site: http://www.marconi.com Press Enquiries Joanna Scott Phone: +61 2 9455 3921 E-mail: joanna.scott@marconi.com Investor Enquiries Heather Green Phone: 0207 306 1735 E-mail: heather.green@marconi.com Industry Analyst Enquiries Skip MacAskill Phone: +44 2476 56 3705 E-mail: skip.macaskill@marconi.com MARCONI CORPORATION: Unveils New Version of Management Software --------------------------------------------------------------- Marconi Corporation Plc at the PT EXPO COMM show released a new version of its Core Transport Node's management software that will allow operators to improve network resiliency, automate and simplify the provisioning of new customer services whilst reducing network operating and capital costs. The new software release, based on the Automated Switched Optical Network (ASON) standard, gives operators the ability to generate new revenue streams by securing higher protection to failure and by enabling the allocation of differentiated service levels to each customer. The release follows Marconi's successful demonstration of ASON technology at the Optical Internetworking Forum event earlier this year at SuperComm and the completion of trials in Deutsche Telekom's Global Seamless Network. ASON enables operators to make considerable savings in capex and opex by improving bandwidth use in the core network. This capability enables service providers to reduce the amount of extra network capacity needed in reserve to guarantee contracted levels of service delivery to their customers in the event of faults or other disruptions. ASON significantly removes operating costs by supporting auto-discovery of paths and automatic provisioning of new customer services across networks, eliminating manual intervention. "ASON provides the intelligence needed by the core network if it is to deliver the promise of the true multi-service provision," said Devid Gubiani, vice president and chief technology officer of Marconi Communications Asia Pacific. "Our successful demonstrations show how effective the intelligent optical core is in maximizing new revenue generation and eliminating costs from operators' networks." About ASON/ASTN The rapid growth in high bandwidth data applications has caused many carriers to re-evaluate their established operational and provisioning practices for transporting data and other services over optical networks. One such approach has seen the introduction of the ASON -- also known as Automatic Switched Transport Network (ASTN) -- standards within the ITU-T. ASON/ASTN provides for the dynamic provisioning and restoration of services, using similar intelligent control-plane mechanisms already used for dynamic provisioning within data networks, including automatic topology and resource discovery and signaling protocols. About Marconi's Core Solution Marconi's field-proven core solution is based on a range of optical core switches, the OMS3200 and MSH families, offering unprecedented scalability and flexibility in a compact footprint, and the new Multihaul 3000 Dense Wavelength Division Multiplexing (DWDM) system that is a single platform for spans up to 4000km. Both are supported by Marconi's ASON/ASTN management system for fast restoration and protection and Optical Transport Network (OTN) standards technology for transparent networking. About Marconi Corporation Plc Marconi Corporation Plc (London: MONI and NASDAQ: MRCIY) is a global telecommunications equipment, services and solutions company. The company's core business is the provision of innovative and reliable optical networks, broadband routing and switching and broadband access technologies and services. The company's customer base includes many of the world's largest telecommunications operators. The company is listed on the London Stock Exchange under the symbol MONI and on NASDAQ under the ticker MRCIY. CONTACT: MARCONI CORPORATION PLC 4th Floor Regents Place 338 Euston Rd London NW1 3BT Phone: +44-20-7493-8484 Fax: +44-20-7493-1974 Web site: http://www.marconi.com Press Enquiries Patrick Murphy Phone: + 44 115 906 4151 E-mail: patrick.murphy@marconi.com Investor Enquiries Heather Green Phone: 0207 306 1735 E-mail: heather.green@marconi.com Industry Analyst Enquiries Skip MacAskill Phone: +44 2476 56 3705 E-mail: skip.macaskill@marconi.com MG ROVER: Suffers Fourth Consecutive Annual Loss ------------------------------------------------ MG Rover successfully reined in losses for the fourth consecutive year, but many observers are beginning to wonder whether the company will ever be back in black. The Midlands-based carmaker reported a GBP77 million loss for 2003, an improvement of sorts from the GBP95 million loss booked in 2002. But this huge jump was offset by a 2.4% drop in worldwide vehicle sales, corresponding to a 4% fall in turnover, http://icliverpool.icnetwork.co.uksays. Leading the decline were the figures for the Rover 45 and MG ZS, which offset the marked increase in the sales of large platform models and the TF sports car. Phoenix Venture Holdings, which took over the company from BMW in 2000, said only 144,900 vehicles were sold in 2003. Meanwhile, Phoenix Chairman John Towers said contribution to the pensions trust fund for directors and senior staff was down to GBP3.58 million last year from GBP12.95 million in 2002. This trust fund drew harsh criticisms in the past for being inappropriate at a time when the company was turning up yearly losses. Mr. Towers adds the highest-paid director last year received GBP1.55 million, compared with GBP3.24 million the previous year. Overall, however, directors' salaries including benefits increased by 1.6% to GBP2.2 million in 2003, the report notes. CONTACT: MG ROVER GROUP LIMITED Longbridge, Bickenhill Birmingham B31 2TB United Kingdom Phone: +44 121 475 2101 Fax: +44 121 482 2403 Web site: http://www1.mg-rover.com MINISTRY OF SOUND: Members General Meeting Set this Month --------------------------------------------------------- The general meeting of the members of Ministry Of Sound Bars Limited will be on November 28, 2004 commencing at 10:00 a.m. It will be held at Banker Tilly, Spectrum House, 20-26 Cursitor Street, London EC4A 1HY. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Baker Tilly, Spectrum House, 20-26 Cursitor Street, London EC4A 1HY not later than 12:00 noon, November 27, 2004. CONTACT: BAKER TILLY Spectrum House 20-26 Cursitor Street, London EC4A 1HY Phone: 020 7405 2088 Fax: 020 7831 2206 Web site: http://www.bakertilly.co.uk RHODIA 368: Schedules Members Final Meeting December ---------------------------------------------------- Name of companies: Rhodia 368 Limited (Formerly Rhodia UK Limited) Rhodia Investments Limited Rhodia No 1 Limited The final meeting of the members of these companies will be on December 2, 2004 commencing at 10:30 a.m., 11:00 a.m. and 11:30 a.m. respectively. It will be held at the offices of Baker Tilly, 1st Floor, 46 Clarendon Road, Watford, Hertfordshire WD17 1JJ. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the companies disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Baker Tilly, 1st Floor, 46 Clarendon Road, Watford, Hertfordshire WD17 1JJ not later than 12:00 noon, December 1, 2004. CONTACT: BAKER TILLY 1st Floor, 46 Clarendon Road, Watford, Hertfordshire WD1 1JJ Phone: 01923 816400 Fax: 01923 253402 Web site: http://www.bakertilly.co.uk ROBERT BARNES: Liquidator to Give Final Report Later this Month --------------------------------------------------------------- The final general meeting of the members of Robert Barnes And Company Limited will be on November 30, 2004 commencing at 10:00 a.m. It will be held at the offices of BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham B3 3SD. 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 BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham B3 3SD not later than 12:00 noon, November 29, 2004. CONTACT: BDO STOY HAYWARD LLP 125 Colmore Row, Birmingham B3 3SD Phone: 0121 200 4600 Fax: 0121 200 4650 E-mail: birmingham@bdo.co.uk Web site: http://www.bdo.co.uk SALT N PEPPER: Hires Liquidator form Baker Tilly ------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Salt N Pepper Limited (In Liquidation) I, George Stewart Paten, Insolvency Practitioner of Baker Tilly, Breckenridge House, 274 Sauchiehall Street, Glasgow, hereby give notice pursuant to Rule 4.19 of the Insolvency (Scotland) Rules 1986 that I was appointed Liquidator of Salt N Pepper Limited by resolution of the First Meeting of Creditors held on October 15, 2004. A liquidation committee was not established. Accordingly, 1 hereby give notice that I do not intend to summon a further meeting for the purpose of establishing a Liquidation Committee unless one tenth in value of the creditors require me to do so in terms of Section 142(3) of the Insolvency Act 1986. George Stewart Paton, Liquidator October 19, 2004 CONTACT: BAKER TILLY Breckenridge House 274 Sauchiehall Street Glasgow G2 3EH Phone: 0141 307 5000 Fax: 0141 307 5005 E-mail: david.gwilliam@bakertilly.co.uk Web site: http://www.bakertilly.co.uk TOTAL FREIGHT: Barclay Bank Appoints Numerica Receiver ------------------------------------------------------ Barclays Bank plc called in (Reg No 3215863, Trade Classification: 6311) Nicholas Hugh O'Reilly and Sarah Megan Rayment (Office Holder Nos 008309 and 009162) joint administrative receivers for Total Freight Management Limited. The application was filed October 22, 2004. The company is engaged in handling cargo. CONTACT: NUMERICA PO Box 2653, 66 Wigmore Street, London W1A 3RT Phone: 020 7467 4000 Fax: 020 7284 4995 Web site: http://www.numerica.biz TREBLE VISION: Sets Creditors' Meeting Next Week ------------------------------------------------ The creditors of Treble Vision Limited will meet on November 8, 2004 commencing at 10:30 a.m. It will be held at The Ivy House Inn, Shay Lane, Holmfield, Halifax HX2 9UN. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to MPH Recovery, Campus House, 10 Hey Street, Bradford BD7 1DQ not later than 12:00 noon, November 5, 2004. CONTACT: MPH RECOVERY Campus House, 10 Hey Street, Bradford BD7 1DQ UNIT CONTRACT: In Administrative Receivership --------------------------------------------- National Westminster Bank plc called in Peter A. Blair and Richard A. B. Saville (Office Holder Nos 8886 and 7829) joint administrative receivers for Unit Contract Developments Limited (Reg No 01955311, Trade Classification: 4521). The appointment was made October 22, 2004. The company is engaged in general construction and civil engineers. CONTACT: BEGBIES TRAYNOR Regency House, 21 The Ropewalk, Nottingham NG1 5DU Phone: 0115 941 9899 Fax: 0115 945 4845 Web site: http://www.begbies.com VALMET CONVERTING: Appoints Stoy Hayward Liquidator --------------------------------------------------- At the Extraordinary General Meeting of the Valmet Converting Plc on October 19, 2004 held at Metso Corporation Headquarters, Fablaninkatu 9 A, Helsinki, Finland, the special resolution to wind up the company was passed. Martha H. Thompson of BDO Stoy Hayward LLP, Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX has been appointed liquidator for the purpose of such winding-up. CONTACT: BDO STOY HAYWARD LLP Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX Phone: 0118 925 4400 Fax: 0118 925 4470 E-mail: reading@bdo.co.uk Web site: http://www.bdostoyhayward.co.uk W G EDWARDS: Hires BDO Stoy Hayward as Administrator ---------------------------------------------------- Shay Bannon and Antony David Nygate (IP Nos 8777/01, 9237) have been appointed administrators for W G Edwards And Partners Limited. The appointment was made October 19, 2004. 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 * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro A.G. (111) 174 (182) Rhi A.G. (531) 1,471 129 BELGIUM ------- Carestel N.V. CSTL.BR (3) 178 (68) City Hotels CITY.BR (7) 210 (15) Real Software REAL.BR (202) 176 (17) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Arbel PA.ARB (50) 213 (47) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Bull S.A. BULP.PA (912) 902 (38) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Compagnies de Machines Bull (139) 137 (6) Charbo De France (3,872) 4,738 (2,868) Euro Computer System (110) 682 377 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (68) 233 29 LVL Medical Group LVLM.PA (8) 149 (6) Pneumatiques Kleber S.A. (34) 480 139 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Agor A.G. DOOG.BE (8) 392 (126) Dortmunder Actien-Brauerei DABG (13) 118 (29) F.A. Guenther & Son A.G. GUSG (8) 111 N.A. Glunz A.G. GLUG (0) 428 (17) Kamps A.G. KMPSF.PK (93) 1,075 (61) Kaufring A.G. KAUG (19) 151 (51) Marbert A.G. MTBG (13) 144 (50) Nordsee A.G. (8) 195 (31) Primacom A.G. PRIG (106) 1,264 (50) Rinol A.G. RLIG (25) 178 (53) Schaltbau Hold SLTG (38) 150 (26) Senator Entertainment A.G. SENGk.BE (153) 126 (148) Sinn Leffers A.G. WHGG (4) 454 (145) Spar Handels- A.G. SPAG (442) 1,433 (234) VBH Holding A.G. VBHG (54) 337 (80) GREECE ------ Delta Ice Cream (3) 183 (14) ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (31) 793 (248) Gruppo Coin S.p.A. GC (111) 974 (97) Lazio S.p.A. LAZI (57) 495 (330) Olcese S.p.A. OLCI.MI (13) 180 (64) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) LUXEMBOURG ---------- Millicom International Cellular S.A. MICC (59) 1,523 4 Oriflame Cosmetics S.A. ORI.ST (44) 378 97 NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 Numico N.V. NUMC (558) 2,030 83 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Pan Fish ASA (24) 514 327 Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Gruppo Media Capital SGPS S.A. GMPTF.PK (21) 399 (85) Mostostal Zabrze MECOF.PK (6) 227 366 RUSSIA ------ Kamchatskenergo (107) 291 7,319 Zil Auto (88) 333 (10,769) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Avanzit S.A. AVZ.MC (117) 457 (247) Santana Motor S.A. (46) 223 41 Sniace S.A. (11) 136 (34) SWITZERLAND ----------- Kaba Holding A.G. KABZN (19) 569 372 Swisslog Holding-R SLOG (98) 354 151 UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,342) 3,438 229 British Nuclear Fuels Plc (4,248) 40,326 (977) Center Parcs (UK) Group Plc CQY (77) 423 (227) Compass Group CPG (668) 2,972 (298) Costain Group COST (65) 396 (4) Dawson Holdings DWN.L (29) 142 (29) Dignity Plc DTY.L (148) 485 (89) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,318) 3,472 (293) Euromoney Institutional Investor Plc ERM.L (122) 167 (2) Gallaher Group GLH (492) 6,304 116 Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (130) 997 (56) Intertek Testing Services ITRK (64) 508 77 Invensys PLC (559) 5,885 882 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (26) 1,176 (182) Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Misys Plc MSY (334) 934 44 Mytravel Group MT.L (1,118) 2,551 (533) Orange Plc ORNGF (594) 2,902 7 PD Ports Plc PDP.L (282) 361 0 Premier Foods Plc PFD.L (565) 1,105 34 Probus Estates Plc PBE.L (28) 113 (35) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,092) 3,245 (68) Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,361) Virgin Mobile Holdings Plc VMOB.L (101) 278 (80) Each Tuesday edition of the TCR-Europe contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, and Julybien Atadero, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *