/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/041103.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 Wednesday, November 3, 2004, Vol. 5, No. 218 Headlines C Z E C H R E P U B L I C TEXTILANA CZ: Owes Employees Three Months Wages F R A N C E BARBARA BUI: Forecasts Full-year Loss CMS 21: Dijon Court Orders Liquidation DODANE MECA: Car Dealer in Liquidation ELITECH: Liquidator Enters Firm SARL MENUISERIE: Commercial Court Appoints Liquidator SNC CAZEL: To Close Second Week of December G E R M A N Y ARBEITERWOHLFAHRT IM REMSTAL: Under Bankruptcy Administration AWO SOZIALE: Creditors' Claims Due Next Week BIF BILDUNGSFORUM: Essen Court Appoints Administrator DAIMLERCHRYSLER AG: Operating Profit Increases by 7% DUINEN INDUTECH: Succumbs to Bankruptcy FFP GRUNDBESITZ: Creditors Have Until Next Week to File Claims HAVARIA VERWERTUNGSGESELLSCHAFT: Files for Bankruptcy MAURER & BETONBAU: Creditors' Meeting Set December PCG PROVIDER: Court Appoints Junker & Kollegen Administrator REIT- UND FAHRVEREIN: Creditors' Claims Due this Month ROLLADEN-MARKISEN: Calls First Creditors' Meeting SENATOR ENTERTAINMENT: Deutsche Bank Sells More Share H U N G A R Y MAGYAR HIRLAP: Printing Last Issue this Friday I R E L A N D ELAN CORPORATION: US$850 Million Notes Assigned 'B-' Rating I T A L Y APRILIA SPA: Banks Okay Piaggio Takeover BANCA INTESA: Individual Rating Affirmed at 'B/C' BARILLA: Increasing Efficiency, Cutting Cost to Contain Slump CIT SPA: Regulator Places Firm Under Surveillance PARMALAT AUSTRALIA: Warwick Staff Choose Redundancy PARMALAT FINANZIARIA: Claims Rejection Without Basis, Says Bank N E T H E R L A N D S ASM INTERNATIONAL: Third-quarter Net Earnings Return to Black GETRONICS N.V.: Expects Full-year Results to be Positive GETRONICS N.V.: Sells Non-core Activity in Benelux GETRONICS N.V.: To Offer ICT Services Globally with PinkRoccade KONINKLIJKE AHOLD: Cencosud Gets Controlling Interest in Disco NEW SKIES: U.S. Regulator Okays Sale to Blackstone Affiliate VILENZO INTERNATIONAL: Seeks Suspension of Payment R U S S I A ABSOLUT BANK: Individual Rating Affirmed at 'B-' BELOMORIT: Court Prescribes Bankruptcy Supervision Procedure BOLOGOVSKIY MEAT: Under Bankruptcy Supervision DYUMINICHESKIY OPEN: Proofs of Claim Deadline Expires December INDUSTRIAL BUILDING: Insolvency Manager to Temporarily Run Firm INVEST-MET: Applies for Bankruptcy Proceedings KLETINSKIY ENGINEERING: Declared Insolvent ORLOVSKOGO ORDENA: Orel Court Appoints Insolvency Manager PRIMORSKIY FISH: Succumbs to Bankruptcy STAVROPOLSKOYE PUBLISHING: Names I. Gorelov Insolvency Manager TECHNICAL REPAIR: Under Bankruptcy Supervision UGRANSKAYA PRINTING-HOUSE: Bankruptcy Proceedings Begin S P A I N IZAR: Basque Workers to Draft Alternative Plan U K R A I N E AGROIMPEX: Court Appoints Temporary Insolvency Manager ARITON: Sets Proofs of Claim Deadline AUSKOPRUT: Liquidator Moves in EXPO-TRADE: Court Opens Bankruptcy Proceedings VIN-EKS+: Bankruptcy Supervision Begins VORONIVSKE: Under Bankruptcy Supervision YENAKIEVE' HABERDASHERY: Declared Insolvent U N I T E D K I N G D O M ABSA GROUP: Individual Ratings Raised to 'B/C' ANGLIA TRAILBLAZERS: Names Bull & Co. Administrator ASHTEAD GROUP: Expects Profit to Surpass Expectations BARCLAYS AEROSPACE: Names Deloitte & Touche Liquidator B-BUSINESS PARTNERS: Hires Joint Liquidators from PwC CLOWINS LIMITED: Members Pass Winding up Resolutions CRAIGNISH LIMITED: Members Agree to Liquidate Business ESQUIRE CHAUFFEUR: Top Honcho Banned for More than Two Years GOODWOOD FLEET: Hires Administrators from PKF GTS-VOX LIMITED: Calls in Liquidators from PwC INTERNATIONAL POWER: RWE Gives Way in Portugal Plant Buyout IN-TOUCH CREATIVE: Liquidator to Present Final Report IP SUPPORT: Appoints CBA Administrator JPMP MOZART: Hires Joint Liquidators from Deloitte & Touche KLINGER ALLAN: Sets Deadline for Proofs of Claim LINCOLN AUCTION: Calls in Liquidator from Jackson Jolliffe Cork MARCONI CORPORATION: Chief Operating Officer Quits MAURICE MILLARD: Names Baker Tilly Administrator MURRAY EMERGING: Ernst & Young Called in as Liquidator NORTEX LIMITED: Members Call in Liquidator OCEAN OPERATIONS: Hires CLB as Administrator ROBINSON LLOYD: Three-year Ban for Former Director S P PLASTICS: Names Moore Stephens Administrator S R DEMOLITION: Hires PricewaterhouseCoopers as Administrator STIRLING SECURITY: Insolvency Service Bans Two Directors STONEGLADE LIMITED: Holds Final Meetings TRAESKO 12: Sets Meeting of Creditors Next Week WH SMITH: Shareholders May Opt to Receive 85p per C Share ********* =========================== C Z E C H R E P U B L I C =========================== TEXTILANA CZ: Owes Employees Three Months Wages ----------------------------------------------- The new owner of textile manufacturer Textilana CZ missed a deadline to deliver its promised payment for three months worth of wages to employees, just-style.com reports. Textilana CZ restarted productions in November last year after being acquired by Prague-based Profit. It rehired 200 of the company's workers at the time. In recent months, however, the company suffered a cash crunch, forcing it to shut down operations, and withhold salaries. It promised to pay workers their wages in full by the end of October. Textilana CZ is involved in wool fabrics production and textile printing. It operates from Nove Mesto pod Smrkem, northern Bohemia. CONTACT: TEXTILANA CZ Frydlantska 422 Nove Mesto pod Smrkem Czech Republic 422 00 Phone: 420-2-24032121 Fax: 420-2-24032121 Contact: Mr. Vladimir Tichyhas, General Director =========== F R A N C E =========== BARBARA BUI: Forecasts Full-year Loss ------------------------------------- Ready-to-wear clothing group Barbara Bui fell into the red in the first-half due to a slump in demand during the spring and summer seasons. The company reported a loss of EUR400,000 for the period as sales and orders for its 2004 spring/summer collection dropped. It made a profit of EUR100,000 last year. Operating losses were EUR600,000 compared with an operating profit of EUR400,000 last time. Net result for 2004 is expected to be negative. On a positive note, the company said orders for the 2005 spring/summer seasons are 15% ahead of last year. It is forecasting a turnover of around EUR20 million. CONTACT: BARBARA BUI Phone: 01 44 59 94 00 Web site: http://www.barbarabui.com/ Contact: William Halimi, President Jean-Michel Lagarde, Director CMS 21: Dijon Court Orders Liquidation -------------------------------------- The Commercial Court of Dijon placed CMS 21 (B 449 879 485) into liquidation on October 12, 2004 and appointed Mr. Ph. Maitre liquidator. Creditors are urged to submit their proofs of claim to the liquidator as soon as possible. The company distributes metallic constructions. CONTACT: CMS 21 3-5 Rue de la Breuchilliere 21000 DIJON Ph. Maitre, Liquidator 19 Albert-Camus Avenue 21000 DIJON DODANE MECA: Car Dealer in Liquidation -------------------------------------- The Commercial Court of Dijon placed Dodane Meca (B 331 128 009) into liquidation on October 12, 2004 and appointed Ph. Maitre liquidator. Creditors are urged to submit their proofs of claim to the liquidator as soon as possible. The company sells cars. CONTACT: DODANE MECA Route de Romprey 21510 Minot Mr. Ph. Maitre Liquidator 19 Albert-Camus Avenue 2100 Dijon ELITECH: Liquidator Enters Firm ------------------------------- The Commercial Court of Dijon placed Elitech (B 414 870 519) into liquidation on October 12, 2004 and appointed Ph. Maitre liquidator. Creditors are urged to submit their proofs of claim to the liquidator as soon as possible. CONTACT: ELITECH 14 Rue du Minigolf Prenois 21370 Plombieres-Les-Dijon Mr. Ph. Maitre Liquidator 19 Albert-Camus Avenue 2100 Dijon SARL MENUISERIE: Commercial Court Appoints Liquidator ----------------------------------------------------- The Commercial Court of Dijon placed Sarl Menuiserie 21 (B 421 593 799) into liquidation on October 12, 2004 and appointed SCP Cure-Thiebaut liquidator. Creditors are urged to submit their proofs of claim to the liquidator as soon as possible. The company manufactures joineries, plastics and ironworks. CONTACT: SARL MENUISERIE 21 Rue Haute 21520 Lignerolles SCP Cure-Thiebaut, Liquidator 78, Avenue Victor-Hugo BP 81556, 21015 Dijon Cedex SNC CAZEL: To Close Second Week of December ------------------------------------------- The Commercial Court of Dijon placed SNC Cazel Et Cie (B 383 656 733) into liquidation on October 12, 2004 and appointed SCP Cure-Thiebaut liquidator. Creditors are urged to submit their proofs of claim to the liquidator as soon as possible. The court has allowed the company to continue operating until December 14, 2004. It owns and operates cafes, bars, restaurants and hotels. CONTACT: SNC CAZEL ET CIE Route de Dijon 21270 Pontailler-Sur-Saone SCP Cure-Thiebaut, Liquidator 78, Avenue Victor-Hugo BP 81556, 21015 Dijon Cedex ============= G E R M A N Y ============= ARBEITERWOHLFAHRT IM REMSTAL: Under Bankruptcy Administration ------------------------------------------------------------- The district court of Stuttgart opened bankruptcy proceedings against Arbeiterwohlfahrt im Remstal gemeinn》zige GmbH, Ambulant-Pflege- und Betreuungsdienste on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 12, 2004 to register their claims with court-appointed provisional administrator Dr. Tibor Daniel Braun. Creditors and other interested parties are encouraged to attend the meeting on Dec. 9, 2004, 10:30 a.m. at AG Stuttgart, Hauffstr. 5, EG, Saal 4 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: ARBEITERWOHLFAHRT IM REMSTAL GEMEINNUTZIGE GMBH, AMBULANT-PFLEGE- UND BETREUUNGSDIENSTE Wiesenstr. 20, 73614 Schorndorf Contact: Edgar Knobloch, Manager Dr. Tibor Daniel Braun, Insolvency Manager Kriegerstr. 3, 70191 Stuttgart Phone: 0711/2255830 Fax: 0711/22558320 AWO SOZIALE: Creditors' Claims Due Next Week -------------------------------------------- The district court of Stuttgart opened bankruptcy proceedings against AWO Soziale Dienste gemeinnutzige GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 12, 2004 to register their claims with court-appointed provisional administrator Dr. Tibor Daniel Braun. Creditors and other interested parties are encouraged to attend the meeting on Dec. 9, 2004, 11:00 a.m. at AG Stuttgart, Hauffstr. 5, EG, Saal 4 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 during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: AWO SOZIALE DIENSTE GEMEINNUTZIGE GMBH Daimlerstr. 12, 71364 Winnenden Contact: Edgar Knobloch, Manager Dr. Tibor Daniel Braun, Insolvency Manager Kriegerstr. 3, 70191 Stuttgart Phone: 0711/2255830 Fax: 0711/22558320 BIF BILDUNGSFORUM: Essen Court Appoints Administrator ----------------------------------------------------- The district court of Essen opened bankruptcy proceedings against Bif Bildungsforum Bottrop GmbH on Oct. 13. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 24, 2004 to register their claims with court-appointed provisional administrator Werner F. Muhlenbrock. Creditors and other interested parties are encouraged to attend the meeting on Dec. 9. 2004, 9:10 a.m. at the insolvency court of Essen Hauptstelle, Zweigertstr. 52, 45130 Essen, I. OG, gelber Bereich, Saal 186 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. Bif offers training courses on computer programs and software. CONTACT: BIF BILDUNGSFORUM BOTTROP GMBH Robert-Florin-Str. 4, 46238 Bottrop Werner F. Muhlenbrock, Insolvency Manager Bahnhofstr. 46, 45879 Gelsenkirchen Phone: 0209/1553490 Fax: 0209-1553488 DAIMLERCHRYSLER AG: Operating Profit Increases by 7% ---------------------------------------------------- DaimlerChrysler AG achieved a third-quarter operating profit of EUR1.3 billion, surpassing the prior-year result of EUR1.2 billion by 7%. Net income for the third quarter amounted to EUR1.0 billion (Q3 2003: net loss of EUR1.7 billion, including a EUR2 billion impairment on investment in EADS). Earnings per share improved to EUR0.94 (Q3 2003: a loss per share of EUR1.63). Against the backdrop of slightly weaker growth in the worldwide automobile economy, DaimlerChrysler sold a total of 1.1 million vehicles in the third quarter, surpassing the figure for the same quarter last year by 2%. Total revenues increased by 2% to EUR34.9 billion, despite the appreciation of the Euro against the U.S. dollar, mainly due to the higher unit sales. Adjusted for changes in the consolidated Group and currency-translation effects, there was growth of 4%. The operating profit achieved by the Mercedes Car Group of EUR304 million was lower than in the prior-year quarter, due to the predominantly lifecycle-related change in the model mix at Mercedes-Benz Passenger Cars, high launch and startup costs for the second product offensive, and the costs of the ongoing comprehensive quality offensive. There was also a negative impact on earnings from the strength of the Euro against the US dollar. At smart, operating profit was significantly affected by higher marketing costs and lower unit sales of some models. With an operating profit of EUR217 million in the third quarter the Chrysler Group exceeded its prior-year earnings (EUR147 million) yet again. Operating profit for Q3 2004 includes restructuring charges of EUR104 million for the closure and disposal of manufacturing facilities. The increased earnings are primarily a result of an improved model mix and lower sales incentives, due to the market success of the new products. Due to expenses of EUR405 million, in the third quarter, as a result of recall campaigns and quality-improving measures at MFTBC, Commercial Vehicles' operating profit of EUR159 million did not reach the result of the prior-year quarter (EUR198 million). On the other hand, there was exceptional income of EUR60 million from the ending of the truck-engine joint venture with Hyundai Motor. The Services division improved its third-quarter operating profit from EUR284 million to EUR412 million, despite a charge of EUR119 million in respect of Toll Collect. The increase in earnings is primarily a result of the improved portfolio quality and reduced need for risk provisioning. The Other Activities segment increased its operating profit to EUR258 million (Q3 2003: operating loss of EUR104 million). The result includes a positive contribution from the settlement reached with Bombardier to end the arbitration proceedings regarding the disposal of Adtranz (EUR120 million). For full-year 2004, the Mercedes Car Group anticipates a slight increase in unit sales over the prior year's volume of 1.2 million passenger vehicles. Operating profit will be substantially lower than last year as a result of a changed model mix, higher marketing expenditure and lower unit sales of some models at smart, exchange-rate effects, increased advance expenditure for new products, and the comprehensive quality offensive. The Chrysler Group is convinced that the positive developments of the first three quarters will continue, due in particular to the success of its new products. Despite the difficult market environment with a continuation of high sales incentives, the Chrysler Group expects to achieve considerable positive earnings in full-year 2004. Despite charges relating to MFTBC's recall campaigns and quality measures, the Commercial Vehicles division expects a significant improvement in operating profit for the year 2004. The main reasons for this positive development are the increased unit sales, together with the division's attractive product range and its cost-cutting programs. The positive business trend in the field of automobile related financial services should continue for the Services division, although the latest interest-rate rises could have a negative impact on refinancing costs. Toll Collect's preparations to introduce its toll system for trucks in Germany on January 1, 2005 are running according to plan. Operating profit for full- year 2004 might be lower than the very high level of 2003, however, due to charges related to the division's shareholding in Toll Collect. Based on the above assessments, DaimlerChrysler continues to expect a significant improvement in operating profit for the full year compared with 2003 (EUR5.1 billion excluding restructuring expenditures at the Chrysler Group and excluding the capital gain realized on the sale of MTU Aero Engines). CONTACT: DAIMLERCHRYSLER AG Epplestrasse 225 70546 Stuttgart Phone: +49-711-17-0 Fax: +49-711-17-94022 Web site: http://www.daimlerchrysler.com http://www.media.daimlerchrysler.com DUINEN INDUTECH: Succumbs to Bankruptcy --------------------------------------- The district court of Munster opened bankruptcy proceedings against Duinen Indutech GmbH on Oct. 31. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 6, 2004 to register their claims with court-appointed provisional administrator Andreas Sontopski. Creditors and other interested parties are encouraged to attend the meeting on Jan. 13, 2005, 10:45 a.m., Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149 Munster, I., Saal 101 B at the insolvency court of Munster 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. Duinen sells chamber filter presses and accessories for industrial filtration. CONTACT: DUINEN INDUTECH GMBH Fabrikstrasse 64, 48599 Gronau [] Andreas Sontopski, Insolvency Manager Gnoiener Platz 1, 48493 Wettringen Phone: 02557/9384-0 Fax: +492557938450 FFP GRUNDBESITZ: Creditors Have Until Next Week to File Claims -------------------------------------------------------------- The district court of Dusseldorf opened bankruptcy proceedings against FFP Grundbesitz & Anlagen AG on Oct. 13. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 11, 2004 to register their claims with court-appointed provisional administrator Friedrich Wilhelm Metzeler. Creditors and other interested parties are encouraged to attend the meeting on Dec. 9, 2004, 10:00 a.m. at the district court of Dusseldorf Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 3. OG Altbau, A 341 at which time the administrator will present his first report of the insolvency proceedings. The court will 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: FFP GRUNDBESITZ & ANLAGEN AG Hammer Strasse 26, 40219 Dusseldorf Contact: Vorstand Heiko Fassel, Manager Bismarckstr. 21, 40668 Meerbusch Friedrich Wilhelm Metzeler, Insolvency Manager Rheinort 1, 40213 Dusseldorf HAVARIA VERWERTUNGSGESELLSCHAFT: Files for Bankruptcy ----------------------------------------------------- Discount retailer Havaria Verwertungsgesellschaft has applied for insolvency proceedings, Frankfurter Allgemeine Zeitung says. Receiver Jorg Nerlich says insolvency proceedings would commence on December 1, 2004. The company recorded EUR10 million in turnover, but incurred a similar amount of debt in 2003. Havaria's troubled situation stemmed from high rent costs, augmented by a weak retail market. The discount chain also suffered from high purchasing costs, as it cannot order considerable amount of goods from suppliers, unlike larger low- priced stores like Lidl and Aldi. The company is reportedly holding talks with two possible buyers. Havaria almost succumbed when a creditor bank called in its loans last year, but sole shareholder and managing director Metin Ilica promptly bailed the company out in April 2003. CONTACT: HAVARIA VERWERTUNGSGESELLSCHAFT mbH Fischbachstrasse 31-39 50127 Bergheim Phone: +49 (02271) 909-0 Fax: +49 (02271) 909-111 E-mail: info@havaria.de Web site: http://www.havaria.de MAURER & BETONBAU: Creditors' Meeting Set December -------------------------------------------------- Creditors and other interested parties in Maurer & Betonbau Dresden Limited are encouraged to attend a meeting on Dec. 15, 2004 10:00 a.m. at the district court of Dresden Olbrichtplatz 1, 01099 Dresden for the administrator's first insolvency proceedings report. Maurer has been under bankruptcy proceedings since Oct. 5. 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: MAURER & BETONBAU DRESDEN LIMITED Pirnaer Landstrasse 57 in 01237 Dresden MUNZ . ILLE . BEDEN Matthias Ronsch, Insolvency Manager Gustav-Adolf-Strasse 6b 01219 Dresden http://www.mhb-anwalt.de PCG PROVIDER: Court Appoints Junker & Kollegen Administrator ------------------------------------------------------------ The district court of Dresden opened bankruptcy proceedings against PCG Provider Center GmbH Dresden on Sept. 24. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 18, 2004 to register their claims with court-appointed provisional administrator Dr. Christoph Junker of Junker & Kollegen. Creditors and other interested parties are encouraged to attend the meeting on Dec. 16, 2004, 10:30 a.m. at Saal D132, Amtsgericht Dresden, Olbrichtplatz 1, 01099 Dresden 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: PCG PROVIDER CENTER GMBH DRESDEN Muhlenstrasse 6 in 01257 Dresden Dr. Christoph Junker, Insolvency Manager Karcherallee 25a, 01277 Dresden http://www.junker-kollegen.de REIT- UND FAHRVEREIN: Creditors' Claims Due this Month ------------------------------------------------------ The district court of Hanau opened bankruptcy proceedings against Reit- und Fahrverein e.V., on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 19, 2004 to register their claims with court-appointed provisional administrator Dirk Pfeil. Creditors and other interested parties are encouraged to attend the meeting on Nov. 30, 2004, 8:00 a.m. at Raum E03, Aussenstelle Insolvenzgericht, Engelhardstrasse 21, 63450 Hanau 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 the same day, 8:10 a.m., at the same venue. CONTACT: REIT- UND FAHRVEREIN E.V., Hof Altenburg, 63612 Bad Orb Contact: Rolf Heinrich Heise, Board of Director Kinzigweg 11, 63163 Bad Orb Dr. Peter Michael Link, Board of Director Hubertusstr. 33, 63162 Bad Orb Dirk Pfeil, Insolvency Manager Eschersheimer Landstrasse 60, 60017 Frankfurt/Main Phone: 069/1530960 Fax: 069/15309666 ROLLADEN-MARKISEN: Calls First Creditors' Meeting ------------------------------------------------- The district court of Berlin-Charlottenburg opened bankruptcy proceedings against Schneider Rolladen-Markisen Fabrik Gesellschaft zur Herstellung von Sonnenschutzanlagen 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 Rolf Nacke. Creditors and other interested parties are encouraged to attend the meeting on Dec. 1, 2004, 9:45 a.m. at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on Feb. 23, 2005, 9:35 a.m. at the district court of Charlottenburg Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218. CONTACT: ROLLADEN-MARKISEN FABRIK GESELLSCHAFT ZUR HERSTELLUNG VON SONNENSCHUTZANLAGEN MBH Marienfelder Allee 197,12279 Berlin Rolf Nacke, Insolvency Manager Gross-Berliner Damm 73 c, 12487 Berlin SENATOR ENTERTAINMENT: Deutsche Bank Sells More Share ----------------------------------------------------- Senator Entertainment's main stockholder, Deutsche Bank London, has sold another 13% stake in the troubled film producer and distributor to U.S. firm Stark Investments, Borsen Zeitung says. The bank recently sold Senator shares to U.S.-based Marathon Asset Management, U.K.-based Meteora Partners and its Cayman Island-based investment funds. Deutsche Bank gained a 72% stake in Senator after taking over Senator Entertainment's EUR168 million debt in May and completing a capital increase in October. Deutsche Bank's stake now stands at 35.2%. Senator Entertainment, which is the country's second-largest film producer and distributor, filed for insolvency protection in April after a massive write-down. CONTACT: SENATOR ENTERTAINEMNT A.G. RansketraBe 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 ============= H U N G A R Y ============= MAGYAR HIRLAP: Printing Last Issue this Friday ---------------------------------------------- Swiss Ringier AG has decided to fold up its Hungarian nationwide daily broadsheet Magyar Hirlap due to unsustainable losses, Budapest Business Journal reports. Ringier Publishing House Kft told the press it will stop printing the daily this Friday. "Since 2001, Magyar Hirlap has generated more than HUF1.5 billion of losses. With the current market trends, these are unlikely to be recouped in the foreseeable future," said Bela Papp, managing director of the local Ringier. According to the Hungarian Distribution Monitoring Association (Matesz), overall sales figures for nationwide broadsheets have been continuously declining since 1995. Ringier tried to find potential investors for the daily but failed to reach agreement before the end of October deadline. Ms. Papp did not give details of the talks, but said the original plan was to close down the paper in the summer. Budapest Business Journal learned from other sources that OTP Bank Rt chairman-CEO Sandor Csanyi is one of the investors that have been in talks with the publisher. Ringier acquired the title from another Swiss company Marquard Media Group in December. It attempted to modernize the daily, while cutting costs. It managed to improve the paper's results, but still revenues are not enough to cover costs, the report said. Magyar Hirlap sold 28,155 copies daily in the second quarter, according to Matesz. ============= I R E L A N D ============= ELAN CORPORATION: US$850 Million Notes Assigned 'B-' Rating ----------------------------------------------------------- Standard & Poor's Ratings Services assigned 'B-' senior unsecured debt ratings to a joint proposed offering of US$850 million in senior unsecured notes, due 2011, that will be issued by Elan Finance PLC and Elan Finance Corporation Ltd., two wholly owned subsidiaries of specialty pharmaceutical company Elan Corporation PLC. Standard & Poor's placed the new ratings, as well as Elan Corporation's 'B-' corporate credit and senior unsecured debt ratings and its 'CCC' senior unsecured convertible note and subordinated debt ratings, on CreditWatch with positive implications. These actions reflect Elan's expected improvement in liquidity. Proceeds from the offerings will be used to repay US$390 million in Elan Pharmaceutical Investments III Ltd. (EPIL III) notes due in March 2005 as well as increase Elan Corp.'s on-hand cash. As of Sept. 30, 2004, Elan had US$680 million of cash on hand. The next significant debt maturity is not until 2008. "An improved liquidity position is critical, given that Elan's operations are expected to be cash flow negative for the next couple of years and the company plans to launch and support its promising multiple sclerosis treatment Antegren in early 2005," said Standard & Poor's credit analyst Arthur Wong. "Antegren holds high sales potential and may return Elan to profitability and allow it to generate positive cash flows in the next three years." Upon completion of the proposed offerings, Standard & Poor's will raise the corporate credit, senior unsecured debt, and subordinated debt rating on EPIL III ratings to 'B' and raise the senior unsecured debt rating on the US$460 million convertible notes to 'CCC+'. A positive outlook will then be assigned. Complete ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at http://www.ratingsdirect.com. All ratings affected by this rating action can be found at http://www.standardandpoors.com. ========= I T A L Y ========= APRILIA SPA: Banks Okay Piaggio Takeover ---------------------------------------- Piaggio's takeover of troubled motorcycle company Aprilia is nearing its completion, after creditor banks accepted its offer, Il Sole 24 Ore says. The banks, which include Banca Intesa, Sanpaolo IMI, UniCredit, Banca Nazionale del Lavoro and Banca Antonveneta, also gave their nod to Piaggio's recovery plan for Aprilia. The plan entails a capital increase of around EUR50 million, which Piaggio promised to guarantee, and the conversion of Aprilia's EUR105 million debts into Piaggio securities. Aprilia has a total debt of around EUR350 million, EUR220 million of which are owed to the banks. CONTACT: APRILIA S.p.A. Web site: http://www.aprilia.com/ PIAGGIO S.p.A. 23, Viale Rinaldo Piaggio 56025 Pontedera, Pisa, Italy Phone: +39-587-27-21-11 Fax: +39-587-27-22-74 Web site: http://www.piaggio.com BANCA INTESA: Individual Rating Affirmed at 'B/C' ------------------------------------------------- Fitch Ratings affirmed Italy-based Banca Intesa's ratings at Long-term 'A+', Short-term 'F1', Individual 'B/C' and Support '2'. The Outlook remains Stable. The Long-term, Short-term and Individual ratings reflect management's successful implementation of a wide-ranging restructuring plan, as well as the bank's large stock of impaired loans. Management has applied effectively a three-year restructuring plan started in 2002, designed to raise profitability, streamline and modernize the bank's operations, strengthen capital, upgrade controls and improve credit risk. For first half 2004, Banca Intesa reported operating profit higher than a year ago, on the back of stronger income and lower costs. Fitch considers that the trend of better profitability is likely to continue as the bank benefits from tighter organization, tougher credit controls and sharper marketing. Market risk is limited, with both the bank's value-at-risk and exposure in credit derivatives shrinking. Banca Intesa has almost completely withdrawn from Latin America, where it had a sizeable presence. Meanwhile, its presence in central Europe is profitable and growing. Asset quality remains the bank's Achilles' heel. At end-June 2004, B Intesa reported EUR8 billion of net doubtful and watchlist loans, representing about half its equity, a worse proportion than international peers'. Improved loan loss reserve cover has helped reduce this legacy of net doubtful loans and sophisticated internal credit controls should restrict doubtful loan inflows. A planned sale of doubtful loans should further reduce the stock. Management has done much to strengthen capital adequacy, retain earnings, reduce exposures to marginally profitable international corporates and dispose of activities no longer deemed core. However, the stock of impaired loans weighs on the bank's otherwise reassuring Tier 1 ratio of 8.3% reported at end-June 2004. CONTACT: FITCH RATINGS Matthew Taylor, London Phone: +44 207 417 4345 Maria Jose Lockerbie Phone: +44 207 417 4318 Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 BARILLA: Increasing Efficiency, Cutting Cost to Contain Slump ------------------------------------------------------------- Italian pasta and baked goods group Barilla is reorganizing its operations in response to price pressures at the market, Il Sore 24 Ore reports. The company recently presented to trade unions a three-year business strategy that includes plans to increase efficiency and cut cost. Under the program, Barilla will close down pasta factory in the southern Italian city of Matera and a mill in Termoli, on the southern Adriatic coast. This will enable it to concentrate on special pasta production in Caserta, near Naples, and Foggia, near Bari. It will also build a new mill near its headquarters in Parma. Barilla also plans to invest EUR162 million (US$206.5 million) in a cost cutting drive that will include early retirement or reassignment of 229 employees, according to Reuters. Head of pasta division Nicola Ghelfi said demand for pasta products is weak. There is a decline in sales through traditional supermarket and grocer channels, while sales through hard discount stores had increased by 25% putting pressure on prices. Ms. Ghelfi said Barilla "is going fine for now but we're worried about the years to come". The group expects sales volumes to increase by 3.5% in 2004, chief executive Gianluca Bolla said, while sales value will increase less. Trade unions declared an 8-hour strike and suspended overtime work after the announcement. CIT SPA: Regulator Places Firm Under Surveillance ------------------------------------------------- Stock market regulator Consob has put ailing travel group Compagnia Italiana Turismo (CIT) under surveillance, Il Sole 24 Ore says. Consob's decision was based on the refusal of auditors Ernst & Young to certify CIT's accounts. The auditors are asking the group to furnish more information trading its accounts. Troubled Company reporter Europe, on October 28, said Ernst & Young declined to give an opinion on CIT's first-half results due to doubts on the company's financial prospects. Ernst & Young is also disputing CIT's first-half balance sheet that includes a capital gain of EUR2.2 million from an unfinished transaction. Consob's action would force the tour operator to report monthly its financial figures until it the regulator decides to revoke the measure. Meanwhile, the group shareholder has approved a EUR38.3 million rights issue, which would be used to finance its rescue plan. CIT's rescue plan entails creation of a new company that would absorb its profitable tourism operations. French hotels group Accor, which holds a 10% stake in CIT, is expected to underwrite a part of the rights issue. Other shareholders have yet to confirm their participation in the rights issue. CONTACT: COMPAGNIA ITALIANA TURISMO S.p.A. Via A. Saffi, 12 - Milano C.C.I.A.A. di Milano Web site: http://www.citspa.it PARMALAT AUSTRALIA: Warwick Staff Choose Redundancy --------------------------------------------------- Majority of Parmalat Australia's employees at Warwick in southern Queensland have refused to accept an offer to relocate to Brisbane. The Australian Workers Union's Dudley Watson says people have opted to take the redundancy package under a plan to close the dairy plant. The factory is not operating on a skeleton staff of 14. "Two out of 42 accepted redeployment. The others have opted for redundancy and that's about 95% have opted for redundancy and the choice to either not to look for work or seek other employment," Mr. Watson said. Parmalat Australia is closing the cheese and butter factory in six months to end its loss-making operation. Parmalat Australia is operated by Italian dairy group Parmalat Finanziaria, which collapsed in December following the discovery of massive fraud involving subsidiaries worldwide. PARMALAT FINANZIARIA: Claims Rejection Without Basis, Says Bank --------------------------------------------------------------- Citigroup Inc. announced it has filed with the Court of Parma's Bankruptcy Division a detailed response refuting the basis for the Parmalat Extraordinary Commissioner's proposed rejection of Citigroup claims. Citigroup is releasing a summary of its response, believing that the well-publicized but factually baseless allegations that accompanied the Extraordinary Administrator's rejection of its claims and those of the securitization companies Eureka and Archimede compelled Citigroup to demonstrate that the Extraordinary Commissioner's view of Citigroup's complicity in the Parmalat fraud is unfounded and completely false. Citigroup's filing shows that the Extraordinary Commissioner has presented no credible evidence that substantiates his allegations of wrongdoing -- nor could he. The accounting investigation conducted by Ms. Stefania Chiaruttini, on which the Extraordinary Commissioner's allegations appear to be based, is flawed and misleading. William J. Mills, CEO of Citigroup's Global Corporate and Investment Banking Group for Europe, Middle East and Africa, commented: "We are pleased to present the facts in response to the baseless allegations against us and to reiterate that Citigroup did nothing wrong and is itself a major victim of the Parmalat fraud. Citigroup will defend itself vigorously against unwarranted attacks, and will pursue all opportunities for fair redress of its losses." The Parmalat Extraordinary Commissioner's decision to reject Citigroup's claims is expressly based on allegations made in a lawsuit he filed last July in the U.S. state of New Jersey. That suit alleges without any legitimate factual support that Citigroup knew about Parmalat's conduct and precarious financial position and helped Parmalat conceal the truth from the investing public. The basis for this allegation as set forth in the lawsuit makes plain that the Extraordinary Commissioner has relied on a collection of fundamental misrepresentations, misunderstandings and factual errors, as highlighted in the attached summary submitted as part of Saturday's filing with the Court of Parma. Archimede/Eureka securitization The allegation that Citigroup was aware of a fraudulent manipulation of Parmalat's invoicing structure and therefore complicit in Parmalat's fraud is nonsense. There is no credible evidence and, not surprisingly, none is offered by the Extraordinary Commissioner to show that Citigroup knew Parmalat was using and manipulating this invoicing structure to double- count sales and generate additional financing from various financial institutions. Furthermore, at no stage were the receivables purchased from Parmalat by Archimede sold on to investors. In fact it is Citigroup -- not investors in Eureka -- that has sustained these losses from fraudulent invoicing at Parmalat. Buconero/Geslat transaction The Buconero/Geslat transaction was not, as is maintained, a disguised loan. To the contrary, the transaction was disclosed in Geslat's accounts and the structure was fully compliant with the requirements of Italian law. Similar structures have been used by other leading Italian companies to obtain low cost financing. Parmalat Canada Citigroup took a shareholding in Parmalat Canada with a right to sell its shares to Parmalat at pre-determined prices. The allegation that this was a disguised loan is flat wrong. Nothing about this transaction was disguised -- both Citigroup and Parmalat disclosed that Citigroup could sell its shares under certain conditions. Zini accounts Finally, the Extraordinary Commissioner's allegation that Citigroup should have known that accounts opened by Mr. Gian Paolo Zini (Parmalat's counsel) were used for irregular transactions is pure makeweight. Mr. Zini was a reputable lawyer at the time and there was nothing about the operation of his accounts that suggested he was using them for unlawful purposes. CONTACT: CITIGROUP INC. Press Daniel Noonan Phone: +44-207-986-5608 or Christina Pretto Phone: +1-212-816-8572 or Investors Art Tildesley Phone: +1-212-559-2718 or Fixed Income Investors John Randel Phone: +1-212-559-5091 ===================== N E T H E R L A N D S ===================== ASM INTERNATIONAL: Third-quarter Net Earnings Return to Black ------------------------------------------------------------- 2004 Third-quarter operating results Highlights: (a) Third quarter net sales in the Front-end segment slightly higher than in the second quarter; Book-to-bill ratio exceeded 1; (b) Third quarter net sales and bookings in the Back-end segment lower than in the second quarter due to the earlier announced slow-down in the Assembly & Packaging industry; (c) Third quarter consolidated net sales of EUR183.8 million, up 24.7% from the third quarter of 2003 and down 13.3% from net sales of the previous quarter; (d) Third quarter net earnings of EUR3.7 million or 0.07 diluted net earnings per share compared to a net loss of EUR9.7 million or (0.20) diluted net loss per share for the third quarter of 2003 and net earnings of EUR4.4 million or 0.08 diluted net earnings per share for the second quarter of 2004; (e) Third quarter bookings of EUR157.1 million, an increase of 20.1% compared to EUR130.8 million in the third quarter of 2003 and a decrease of 32.3% compared to EUR232.1 million in the second quarter of 2004; Third quarter book-to-bill ratio of 0.86; (f) Nine months bookings of EUR614.9 million, an increase of 56.7% compared to EUR392.5 million for the nine months in 2003; and (g) Quarter-end backlog of EUR222.3 million, down 10.7% from the previous quarter. Full copy of the results is available free of charge at http://bankrupt.com/misc/ASM_3Q2004.pdf. * * * In August, Standard & Poor's Ratings Services revised its outlook on ASM International N.V. to stable from negative, following steady improvements in the company's 100%-owned front- end operations and the strengthening of the company's financial profile. At the same time, Standard & Poor's affirmed its ratings on the company, including its 'B+' long-term corporate credit ratings and all related debt ratings. The company had sales of EUR719 million (US$875 million) and EBITDA of EUR73 million in the 12 months to June 30, 2004. At June 30, 2004, ASM had total debt of EUR210 million, and net debt of EUR38 million. CONTACT: ASM INTERNATIONAL N.V. Jan van Eycklaan 10 3723 BC Bilthoven Phone: +31-30-229-84-11 Fax: +31-30-228-74-69 Web site: http://www.asm.com Robert L. de Bakker Phone: +31 30 229 8540 Mary Jo Dieckhaus Phone: +1 212 986 2900 GETRONICS N.V.: Expects Full-year Results to be Positive -------------------------------------------------------- CEO Klaas Wagenaar said: "Getronics N.V. is succeeding in maintaining its market position with over 90% renewal rates and consistently high client satisfaction in an intensely competitive market. The Company has been able to close prestigious new business in most geographies. As part of the Company's continuing transformation and development a special cost leadership program has been introduced and further progress has been made with reducing the structural cost base." (a) Net result of EUR3 million in Q3 2004 (Q3 2003: -EUR20 million), resulting in -EUR9 million year to date. Net result for full year 2004 expected to be positive; (b) EBITA increased to EUR7million in Q3 2004, representing 1.3% of revenue (Q3 2003: EUR1 million, representing 0.0% of revenue); (c) Service gross margin[*] increased to 19.5% in Q3 2004 compared to 19.0% in Q3 2003. Service gross margin* year to date is 19.4% (17.9% in Q3 2003); (d) Selling, general and administrative expenses[*] declined 12% in Q3 2004 to EUR88 million (EUR100 million in Q3 2003); (e) The Company has increased its investment in initiatives and activities that will fuel and support business growth, including its recently launched solutions portfolio; (f) Outlook Q4 and 2004: The Company expects to achieve further improvements in operational performance in Q4 2004 and continues to make progress towards its medium term EBITA targets. 2004 Earnings per Share[#] (EPS) are expected to show an improvement over 2003 (2003: EUR0.05), taking into account the placement of 100 million new shares in early 2004. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [*] Excluding exceptional operating items [#] Before amortization of goodwill, exceptional items and results from divested operations and participations - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - CEO's Comment Says Klaas Wagenaar, CEO of Getronics said: "Market conditions remained mixed and Europe continued to lag the gentle market recovery seen in other geographies, and this had a consequent impact on service revenue growth within the Company. Getronics is making good progress in executing its strategy of defending and extending its market share through cost leadership, high customer satisfaction, innovative service delivery, and by adding value added services around our core business of Network and Desktop Outsourcing Services (NDOS). The Company has increased its investment in initiatives and activities that will fuel and support business growth, including its recently launched solutions portfolio, and accelerated the adoption of its innovative and consistent service delivery model. Sales performance started to accelerate in Q3, as evidenced by an increase in our conversion rate and a growing qualified pipeline. Our focus is on profitable growth, cash generation and cost leadership. " Outlook 2004 The Company expects to make further progress towards its medium term EBITA targets. 2004 Earnings per Share[#] (EPS) are expected to show a modest improvement over 2003 (2003: EUR0.05), taking into account the placement of 100 million new shares in early 2004. Getronics believes that the global ICT market will remain highly competitive, leading to continuing pricing pressure. The Company expects that the weak economic factors in Europe (circa 70% of Getronics service revenue) and the strengthening of the Euro will continue to impact the level of our clients ICT budgets. The Company will, therefore, continue its focus on achieving cost leadership, strengthening its market positioning by leveraging the service offering portfolio, rationalizing existing services and/or business units and improving operational effectiveness. The Company will continue to make further investments in Q4 2004 and 2005 to accelerate the adoption of its service-offering portfolio, the implementation of its innovative and consistent service delivery model, and the continuation of its Cost Leadership Program. This additional investment will help the Company make further progress towards its EBITA target of 5%. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [#] Before amortization of goodwill, exceptional items and results from divested operations and participations - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Management Overview Market conditions remained mixed during Q3 2004 with differing consequences for service revenue growth within the Company. There were signs of a strengthening market in North America and the Rest of the World outside of Europe, but Europe, representing 70% of revenue, continued to lag the gentle market recovery seen in most other geographies. During Q3 2004 a number of significant new wins were awarded, and in some cases the start of the migration of services has commenced, however, significant revenue from these new contracts are not expected until 2005. Getronics continues to see increased interest and opportunities in NDOS services, the Company's core offering. Signs of increased investment by the finance vertical were seen outside of Europe. Government and public bodies remained consistent users of the Company's services, and increased activity was seen in the retail, and telecom sectors. The industry sector was particularly active and continues to represent opportunities for growth. Getronics continues to make progress executing its clearly articulated four-point strategy: (a) establish the Company as 'best in class' for its portfolio of market-relevant solutions and services and strengthen its delivery capability across all major geographies; (b) build and capitalize on its key international clients, building the volume and range of business with them; (c) increase the depth of collaboration with its three strategic alliances, Cisco, Dell and Microsoft, to the benefit of clients; (d) optimize its own standardized systems and processes, to drive customer satisfaction and productivity. The Company has continued to invest in its ability to deliver its market relevant portfolio of solutions and services across its major geographies. The portfolio presents a broader and more coherent range of higher value services to clients alongside the core Network and Desktop Outsourcing Business. The Company is making progress in building the volume and range of business undertaken with key international customers. The Company has strengthened and invested in its International Business Support Team to help fuel and support business growth with key customers and international opportunities, through improving the quality of bids and the win rate. The Company has also invested in the creation of an International Finance Practice to help leverage its position and increase market share in emerging markets (e.g. Italy, Spain, Latin America, Asia Pacific and Japan) in this key vertical. Getronics' three strategic alliance partners, Cisco, Dell and Microsoft, are leaders in the network and desktop markets, constantly introducing new advanced technology. They have excellent brand recognition, and are leaders in most markets. Cooperation and business with and through our three strategic alliance partners continues to develop well. Getronics has introduced a special Cost Leadership Program to defend and extend its market-share through cost-leadership in its core business of Network and Desktop Outsourcing Services (NDOS). Key aspects of this program are: (a) productivity improvements in local on-site services and international remote services, (b) benchmarking and right sizing the ratio between direct and indirect costs, thus lowering overhead costs, (c) optimization of internal and business processes, (d) rationalization of non-core service offerings and/or business units. The Company has accelerated its investment in innovative service delivery and increased its capacity to support remote service delivery. Getronics serviced its first client from its Hungarian Global Service Centre (GSC) in October and expects the number of clients to grow during Q4 and onwards. The Hungarian centre replicates the GSC in Mexico. The Getronics Global Service Centres provide a full range of network and desktop outsourcing services, in combination with local on-site operation. A full copy of the financial results is available free of charge at: http://bankrupt.com/misc/Getronics_3Q2004.pdf CONTACT: GETRONICS N.V. Investor Relations Phone: +31 20 586 1581 Fax: +31 20 586 1455 E-mail: investor.relations@getronics.com GETRONICS N.V.: Sells Non-core Activity in Benelux -------------------------------------------------- Getronics N.V. has decided to dispose of its non-core Industrial Automation activities in the Benelux as part of a periodic review of its core business and in the light of its recently adopted portfolio of solutions and services. Oswald Coene, currently Member of the Board of Management and General Manager of Getronics Netherlands, is to lead a management buy-out of these 80% hardware activities and he will leave the Company to pursue his entrepreneurial ambition to run his own business. A formal letter of intent has been signed between the parties and talks are under way with the workers council and trade unions. The Industrial Automation unit has a leading position in industrial electronics, industrial automation, and building automation and data center solutions in the Benelux and is expected to realize circa EUR70 million revenue in 2004 with 180 employees. It has offices in Amsterdam, Delft and Brussels. Its focus is on the supply of a portfolio of specialized products from strong technology partners, system integration and related services. Together with key management from the Industrial Automation unit, it is the intention of Oswald Coene to create and build a leading company in the Benelux for Industrial Automation. The new Company and Getronics will be preferred suppliers to each other. Oswald Coene will remain a Member of the Board of Management and General Manager of Getronics Netherlands until April 2005 to ensure the smooth transition to the new combination of Getronics and PinkRoccade in the Netherlands. Oswald Coene will be a key member of the Netherlands Integration Committee chaired by Chairman and CEO, Klaas Wagenaar. Klaas Wagenaar: "Getronics owes much to Oswald for his contribution to the Company over 14 years. Since joining the Company in 2003 I have personally witnessed his enormous effort and support behind our strategy to develop and grow Getronics. We wish him well in his new company." About Getronics With approximately 22,000 employees in over 30 countries and ongoing revenues of EUR2.4 billion, Getronics is one of the world's leading providers of vendor independent Information and Communication Technology (ICT) solutions and services. Getronics today combines the capabilities of the original Dutch company with those of Wang Global, acquired in 1999, and of the systems and services division of Olivetti. Getronics designs, integrates and manages ICT infrastructures and business solutions for many of the world's largest global and local companies and organizations, helping them maximize the value of their information technology investments. Getronics' headquarters are in Amsterdam, with regional offices in Boston, Madrid and Singapore. Getronics' shares are traded on Euronext Amsterdam (GTN). For further information about Getronics, visit http://www.getronics.com. CONTACT: GETRONICS N.V. Press enquiries Phone: +31 20 586 1581 Fax: +31 20 586 1455 E-mail: media@getronics.com Investor enquiries Phone: +31 20 586 1964 Fax: +31 20 586 1455 E-mail: investor.relations@getronics.com GETRONICS N.V.: To Offer ICT Services Globally with PinkRoccade --------------------------------------------------------------- (a) Recommended intended public offer by Getronics for all of the outstanding shares of PinkRoccade, listed on Euronext Amsterdam; (b) Intended Offer will consist of an exchange offer of 6 Getronics shares and EUR4.10 in cash per ordinary PinkRoccade share, valuing the outstanding share capital of PinkRoccade at EUR338 million, representing a premium of 35% over the closing price of PinkRoccade on 29 October 2004; (c) Combination will have a leading presence in the ICT services markets in the Benelux, the United Kingdom, Spain and Italy, complemented by its key presence in the U.S. and relevant presence in other continents with annual revenues in excess of EUR3 billion and a combined workforce of more than 29,000 staff operating in 30 countries; (d) Synergy potential has been identified, including a more compelling proposition for clients, valuable cross selling opportunities, and annualized cost savings amounting to EUR35 to 40 million. It is expected that half of these savings will contribute to the consolidated operating income in 2005. One-off costs of realizing savings estimated at EUR35 to 45 million are likely be incurred in the first year of the combination; (e) The combination will support reaching the target of 5% EBITAE margin in 2005 and is expected to be slightly accretive to earnings per share (EPS) in 2005; (f) Management Board of the combination will be chaired by Klaas Wagenaar, existing Chairman and CEO of Getronics. Aart Klompe will be proposed for election to the Management Board of the combination; (g) Supervisory Board of the combination will be chaired by Marinus Minderhoud, existing Chairman of the Supervisory Board of Getronics. Henk Bosma, currently CEO of PinkRoccade, will be proposed to be appointed a member of the Supervisory Board of the combination. All present members of the PinkRoccade Supervisory Board will be invited for appointment as member to the Supervisory Board of the combination; (h) Peter van den Heuvel will join the Management Board of the Dutch operations; (i) It is envisaged that the integration of management teams of the combination in the Netherlands and the U.K. will result in equal representation of Getronics and PinkRoccade; (j) Parties will take further steps, including confirmatory due diligence, in the coming weeks to reach definitive agreement on the intended public offer. Following definitive agreement being reached, the offer is expected to be made in December 2004/January 2005. Closing of the proposed offer is expected for 2005 Q1; (k) The Netherlands Authority for the Financial Markets (Autoriteit Financiele Markten), Euronext Amsterdam N.V., the Social Economic Council (Sociaal Economische Raad), and the relevant trade unions have been informed of the intended offer. The respective Central Works Councils have been asked for their advice. Getronics N.V. and PinkRoccade N.V. jointly announce that the expectation is justified that agreement can be reached on a combination of their businesses resulting in the creation of a leading international ICT Services Company. The envisaged transaction would be structured as a recommended public offer by Getronics for all of the outstanding shares of PinkRoccade, listed on Euronext Amsterdam. The intended offer will consist of an exchange offer of 6 Getronics shares and EUR4.10 in cash per ordinary PinkRoccade share. The combination will have a leading presence in the ICT services markets in the Benelux, the United Kingdom, Spain and Italy, complemented by its key presence in the U.S. and relevant presence in other continents. The combination will have annual revenues in excess of EUR3 billion and a combined workforce of more than 29,000 staff operating in 30 countries. Business Rationale Getronics' primary strategy is to establish a strong and balanced presence in all of the major ICT spending markets of Continental Europe, having an important position in the leading U.K. and U.S. markets complemented by a relevant presence in other key markets and continents. This international presence enables Getronics to provide comprehensive ICT support services, including outsourcing, for its international client base. PinkRoccade's strategy to become National Champion will be realized more quickly and will build on the present quality of its products and solutions offerings. The combination creates an organization in Europe with an enhanced solutions offering and a leading presence in the ICT services markets in the Benelux and the United Kingdom, coupled with the existing strong positions in Spain and Italy and the relevant presence in Central and Eastern Europe, complemented by its key presence in the U.S. Highlights of the results of the combination of Getronics and PinkRoccade include: (a) Creating an international organization with an end-to-end solutions offering and annual revenues in excess of EUR 3 billion; (b) A combined workforce of more than 29,000 staff operating in 30 countries; (c) The combination will be in a better position to compete for international outsourcing deals; (d) Number 1 overall market position in the Netherlands, with reinforced presence across verticals, in particular the public sector, finance, and industry, both in infrastructure (data centre) and applications management; (e) Increased market presence in the U.K. and footholds in most of the European ICT markets; the combination will have a leading market position in Europe; (f) A strengthened solutions portfolio available to an extended client base with limited overlap across all verticals, offering valuable opportunities for cross-selling; (g) Improved financial position, through a stronger recurring revenue base in excess of 60% of total revenues, and further margin potential from enhanced solutions portfolio and cost savings. Combination Offers Compelling Proposition to Stakeholders Clients For clients the combination offers a compelling broader solutions offering portfolio and international coverage with a stronger and solid ICT partner. Clients will continue to benefit from the high quality of solutions and services and obtain increased efficiency from the larger scale and complementary strengths of the combination: (a) Network and desktop management, (b) Application integration and management, (c) Data center and outsourcing services Shareholders Shareholders stand to benefit from the growth and leadership opportunity the combination provides within the attractive managed ICT solutions & services sector. The combination offers improved and sustained earnings. In addition, the combination will have a larger market capitalization with more liquidity of its shares. Employees and Management Employees and management will benefit from the long-term continuity and the broader career opportunities that the combination provides. Alliance Partners Alliance partners will have access to a larger volume and range of business from a leading supplier of managed services. Synergies The combination will provide a more compelling proposition for clients with a strengthened portfolio of relevant solutions, such as Network and Desktop Outsourcing Services, application management & services and data center and outsourcing services, built upon the complementary nature of Getronics' and PinkRoccade's solutions offering. The solutions portfolio of the combination will be available to its extended, client base -- which is complementary and has limited overlap -- and offers valuable opportunities for cross-selling. Getronics and PinkRoccade have identified and evaluated a number of areas for potential cost synergies amounting to EUR35 to 40 million per annum. It is expected that half of these synergies will contribute to the consolidated operating income in 2005 and that the benefits will be achieved in full in the second year of the combination. The cost savings are expected to result from: (a) Alignment of the combination's solutions portfolio and productivity gains in the Netherlands and the U.K.; (b) Headcount reduction representing approximately 4% of the combination's headcount in the Netherlands and the U.K., including elimination of duplicate overhead and head office costs; (c) Scale effect of data centre and procurement. The one-off costs of realizing these cost savings are estimated at EUR35 to 45 million and are likely to be incurred in the first year of the combination. Governance The Management Boards and Supervisory Boards of PinkRoccade and Getronics fully support and will recommend the intended offer to their respective shareholders. The Management Board of the combination will be chaired by Klaas Wagenaar, CEO of Getronics. Aart Klompe will join the Management Board of the combination. The Supervisory Board of the combination will be chaired by Rinus Minderhoud. Henk Bosma, currently CEO of PinkRoccade, will be proposed to be appointed a member of the Supervisory Board of Getronics upon consummation of the transaction. All present members of the PinkRoccade Supervisory Board will be invited for appointment as members of the Supervisory Board of the combination. Peter van den Heuvel will join the Management Board of the Dutch operations. It is envisaged that the integration of management teams of the combination in the Netherlands and the U.K. will result in equal representation of Getronics and PinkRoccade. A project-team responsible for a swift and smooth integration of the two businesses will be created consisting of senior management of both PinkRoccade and Getronics, chaired by the CEO of Getronics and supported by Henk Bosma. CEO Comments Klaas Wagenaar, CEO of Getronics comments: "The acquisition of PinkRoccade provides Getronics with an enhancement of its solutions offering and a strengthening of key market positions in the Netherlands and the United Kingdom, where we are doubling our presence. This provides critical mass, which is essential in offering our clients effective support and gives us the capacity and flexibility in continuing to win major new clients. "Large customers are increasingly seeking international providers that offer quality ICT solutions and services at low costs. Such ICT companies must therefore have scale, international reach and a distinct market proposition. PinkRoccade and Getronics are leading companies in their home markets and aspire to defend and extend their market positions. The combination of PinkRoccade and Getronics position both companies to fulfill their ambitions whilst creating shareholder value. We are pleased and proud to welcome the PinkRoccade staff. PinkRoccade is widely recognized for its competence and innovative use of technology, which will be of enormous value to our expanded client base, not least in the public sector." Henk Bosma, CEO of PinkRoccade comments: "Getronics offers us the opportunity to accelerate our aim to become the Dutch national champion and on top of this we will get access to the international network, client base, strategic alliances and the global Network and Desktop Outsourcing Services position of Getronics. We are very pleased to contribute our strengths in amongst others application services and data center competence. "As a result the combination will be able to provide a more compelling value proposition to our customers. The international network of Getronics, combining both companies' activities in the Netherlands and U.K., and the combined strong recurring revenue base, will allow PinkRoccade, contrary to other alternatives which have been proposed, to accelerate its long-term strategic goals compared to a stand-alone situation." Financial Terms of the Proposed Offer The envisaged transaction is intended to be concluded through a recommended public offer by Getronics for all of the outstanding ordinary shares of PinkRoccade. The offer will consist of a combination of newly issued Getronics shares and a cash amount for each ordinary share PinkRoccade, as: (a) An exchange of 6 newly issued Getronics ordinary shares, and (b) EUR4.10 in cash, per PinkRoccade ordinary share. Based on the closing share price of Getronics on Friday 29 October, 2004 on Euronext Amsterdam, the offer values each ordinary share of PinkRoccade at EUR13.82, representing a premium of 47% over the average closing price of PinkRoccade on Euronext Amsterdam over the last three months. The intended offer values 100% of the outstanding share capital of PinkRoccade at EUR338 million. Application will be made for listing of the ordinary shares in Getronics offered to PinkRoccade shareholders as part of the offer on Euronext Amsterdam and these shares will rank pari passu with the existing Getronics ordinary shares. Getronics' intention is to seek to acquire 100% control of PinkRoccade by way of the offer and a subsequent legal merger. This legal merger would be pursued after settlement of the offer or alternatively a post-settlement squeeze out could be followed. The Company will seek a de-listing of PinkRoccade shares from Euronext as soon as practically possible. In order to fund the cash element of the intended offer and to continue to be able to grow the business, including through acquisitions, Getronics has obtained commitments from its banks to increase its existing credit facilities for acquisitions, working capital, and general purposes with EUR125 million. The actual making of the intended public offer is subject to, inter alia, reaching definitive agreement on the intended offer, final confirmatory due diligence, obtaining advice from PinkRoccade and Getronics' respective Central Works Councils, relevant consents and regulatory approvals, including from the Dutch competition authorities, agreeing final financing documentation, and other, customary conditions. The honoring of the intended offer, when made, will be subject to an 80% acceptance level, and other, customary conditions. During the offer period, extraordinary general meetings of shareholders of PinkRoccade and Getronics will be held. Indicative Timetable Parties will take further steps, including confirmatory due diligence, in the coming weeks to reach definitive agreement on the intended public offer. December/January Start of offer period and publication of offer document January Extraordinary General Meetings of shareholders of Getronics and PinkRoccade 2005 Q1 Closing of the proposed offer The Netherlands Authority for the Financial Markets (Autoriteit Financiele Markten), Euronext Amsterdam N.V., and the Social Economic Council (Sociaal Economische Raad) have been informed of the intended offer. The respective Works Councils have been asked for their advice. Getronics has engaged NIBCapital as its financial advisor and listing agent and Greenberg Traurig as its legal advisor. PinkRoccade has engaged ABN AMRO Bank as its financial advisor and Allen & Overy as its legal advisor. This announcement is a public announcement as meant within Section 9b, paragraph 2 under a of the Dutch Securities Supervision Decree (Besluit toezicht effectenverkeer 1995). About Getronics With approximately 22,000 employees in over 30 countries and ongoing revenues of EUR2.4 billion, Getronics is one of the world's leading providers of vendor independent Information and Communication Technology (ICT) solutions and services. Getronics today combines the capabilities of the original Dutch company with those of Wang Global, acquired in 1999, and of the systems and services division of Olivetti. Getronics designs, integrates and manages ICT infrastructures and business solutions for many of the world's largest global and local companies and organizations, helping them maximize the value of their information technology investments. Getronics' headquarters are in Amsterdam, with regional offices in Boston, Madrid and Singapore. Getronics' shares are traded on Euronext Amsterdam. For further information about Getronics, visit http://www.getronics.com About PinkRoccade With 7,100 staff (September 2004), and EUR0.7 billion in revenues (2003) PinkRoccade is one of the largest ICT service providers in the Netherlands. PinkRoccade enhances its clients' business processes with intelligent and efficient ICT technology applications at a strategic, operational and administrative level, thereby enabling its clients to concentrate on their core activities. Organizations that work with information-intensive processes, such as the public sector, financial service providers, industry and care providers, will find in PinkRoccade an experienced and reliable partner. PinkRoccade shares are traded on Euronext Amsterdam (PINK). For further information about Getronics, visit http://www.pinkroccade.com * * * This is a joint press release of Getronics N.V. and PinkRoccade NV. Not for release, publication or distribution, in whole or in part, in or into the United States, Canada, Australia or Japan. This announcement and related materials do not constitute an offer for ordinary shares in PinkRoccade N.V., but are an announcement that the expectation is justified that agreement on an offer may be reached in due course as set out in this press release. CONTACT: GETRONICS N.V. Media Relations Phone: +31 20 586 1581 Fax: +31 20 586 1455 E-mail: media@getronics.com Investor Relations Phone: +31 20 586 1964 Fax: +31 20 586 1455 E-mail: investor.relations@getronics.com PINKROCCADE Media Relations Phone: + 31 79 347 1347 Fax: + 31 79 347 1343 Investor Relations Phone: + 31 79 347 1347 Fax: + 31 79 347 1343 KONINKLIJKE AHOLD: Cencosud Gets Controlling Interest in Disco -------------------------------------------------------------- Koninklijke Ahold announced it has partially completed the sale of its 99.94% controlling interest in Disco S.A. to Chilean retailer Cencosud S.A. by transferring the ownership of approximately 85% of the outstanding Disco shares. The remaining approximately 15% of the Disco shares will be transferred to Cencosud as soon as legally possible; currently these shares are subject to certain Uruguayan court orders processed and executed in Argentina, that might possibly prohibit their transfer. The transaction is subject to approval by the Argentine antitrust authorities. The approval process has encountered delays beyond the control of Ahold and Cencosud due to a local judicial order preventing the antitrust authorities from continuing their required review of the transaction. The Argentine government as well as Ahold and Cencosud have appealed to this order. Ahold and Cencosud completed the transaction based on a total value, excluding any liabilities, of US$315 million for Ahold's entire interest in Disco, which is equal to the amount earlier announced on March 5, 2004. The purchase amount for the transferred Disco shares has been put in escrow in case various contingencies were to occur prior to April 1, 2005. It is expected that Ahold will receive the escrowed funds in the first full week of April 2005, unless either party exercises its right under limited circumstances to reverse the transaction. The purchase amount for the remaining approximately 15% of the Disco shares that currently have not been transferred also has been put in escrow until such shares can be transferred to Cencosud. Ahold has agreed to indemnify Cencosud for losses incurred if Ahold were to lose legal ownership to any of those shares. Pending the transfer of those shares, Ahold has agreed to exercise its voting rights with regard to those shares according to Cencosud's instructions and to pay to Cencosud any dividends received on such shares. Ahold believes that the transfer of the Disco shares at this time and in this manner is in the best interests of Disco's customers and associates, which Ahold believes were being adversely affected by the delay in the antitrust approval process and the closing of the transaction. The divestment of Ahold's activities in Argentina is part of Ahold's strategy to optimize its portfolio and to strengthen its financial position. CONTACT: KONINKLIJKE AHOLD P.O. Box 3050 1500 HB Zaandam Netherlands Phone: +31 (0)75 659 57 20 Fax: +31 (0)75 659 83 02 Corporate Communications Phone: +31.75.659.5720 NEW SKIES: U.S. Regulator Okays Sale to Blackstone Affiliate ------------------------------------------------------------ New Skies Satellites N.V. announced that the U.S. Federal Communications Commission (FCC) has approved its sale to affiliates of private investment firm The Blackstone Group. New Skies now expects that the transaction will close on November 2, 2004. Assuming the transaction closes on this date, trading in New Skies' shares on Euronext Amsterdam and American Depository Shares on the New York Stock Exchange will be suspended as of the close of trading on November 2, 2004. Following the closing, the corporate entity that presently holds the company's assets will go into liquidation and the company's business and operations will be continued by the acquiring company, New Skies Satellites B.V. Holders of New Skies' ordinary shares in book-entry form and holders of American Depository Shares as of the close of trading on the date of the closing will be entitled to receive payment of the sale distributions. Dan Goldberg, New Skies' chief executive officer, said: "We are delighted that we successfully completed the FCC approval process sooner than originally anticipated and are now poised to close the transaction with Blackstone next week. We were pleased with the overwhelming support of our shareholders for the transaction and are focused on ensuring that the sale proceeds are distributed as quickly as possible." New Skies expects to make an initial distribution of the sale proceeds to its current shareholders within two weeks after the closing of the transaction. We anticipate that the initial distribution will constitute approximately 95% of the sale proceeds. Following this initial distribution, shareholders in New Skies Satellites N.V. will be entitled to a second and final distribution. This final distribution will constitute the remaining sale proceeds and will be made following the expiration of the statutory two-month opposition period in connection with the company's liquidation and provided that any potential opposition has been taken into account. Further information on the two distributions to shareholders will be provided when the relevant dates have been determined. About the Transaction New Skies signed a definitive agreement for the sale of the company to affiliates of The Blackstone Group, a leading private investment firm, for US$956 million in cash, equivalent to approximately US$7.96 per fully diluted share on June 5, 2004. Subsequently, New Skies and The Blackstone Group announced certain regulatory and shareholder approvals necessary for the completion of the transaction, including: (a) On July 2, 2004, New Skies and The Blackstone Group received early termination of the required waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976 for Blackstone's acquisition of New Skies; (b) On July 19, 2004, New Skies' shareholders overwhelmingly approved the sale of the company, with 92.4% of shares in attendance voting for the acquisition; (c) The Netherlands' Ministry of Economic Affairs formally approved the transaction on July 28, 2004; and (d) The U.S. Federal Communications Commission formally approved the transaction on October 27, 2004. About New Skies Satellites New Skies Satellites (AEX, NYSE: NSK), is one of only four fixed satellite communications companies with truly global satellite coverage, offering video, data, voice and Internet communications services to a range of telecommunications carriers, broadcasters, large corporations, Internet service providers and government entities around the world. New Skies has five satellites in orbit and ground facilities around the world. The company also has secured certain rights to make use of additional orbital positions for future growth. New Skies is headquartered in The Hague, The Netherlands, and has offices in Beijing, Hong Kong, New Delhi, Sao Paulo, Singapore, Sydney and Washington, D.C. CONTACT: NEW SKIES SATELLITES N.V. Rooseveltplantsoen 4 2517 KR The Hague Phone: +31-70-306-4100 Fax: +31-70-306-4101 Web site: http://www.newskies.com Jeff Bothwell Phone: +31 70 306 4239 +31 6 1131 0183 E-mail: Jbothwell@newskies.com Investor Relations: Boris Djordjevic Phone: +31 70 306 4183 E-mail: bdjordjevic@newskies.com VILENZO INTERNATIONAL: Seeks Suspension of Payment -------------------------------------------------- The management of Euronext Amsterdam has been informed on the content of a press release issued by Vilenzo International N.V. From this press release it appears that Vilenzo International N.V. has been granted suspension of payment. The management of Euronext Amsterdam has decided to impose a listing measure on Vilenzo International N.V. as of Friday October 29, 2004 according to article 65, lid 2 sub a of the Listing and Issuing Rules (suspension of official listing or penalty bench). CONTACT: VILENZO INTERNATIONAL N.V. Pieter Calandlaan 101 1065 KK Amsterdam Phone: +31(0)20 346 9999 Fax: +31(0)20 669 6164 E-mail: info@vilenzo-amsterdam.nl Web site: http://www.vilenzo.nl =========== R U S S I A =========== ABSOLUT BANK: Individual Rating Affirmed at 'B-' ------------------------------------------------ Fitch Ratings affirmed Absolut Bank's ratings at Long-term 'B-', National Long-term 'BB+(rus)', Short-term 'B', Individual 'D' and Support '5'. The Outlook for the Long-term rating remains Stable. The Long-term, Short-term and Individual ratings of Absolut reflect its small size and limited franchise. They also consider the risks associated with rapid loan growth, concentration levels on both sides of the balance sheet, and the modest level of loan loss reserves (LLR). However, they take into account the bank's currently adequate profitability, good asset quality to date and currently acceptable capitalization. Market risk is relatively limited and liquidity is well managed. Absolut's total capital ratio (mainly Tier 1) was a reasonable 20% at end-1H04 compared to 32% in 2002. However, capital ratios are expected to continue to fall, reflecting the planned rapid growth. Given this, the modest level of LLR and high concentration levels, Fitch views the mid-term target risk asset ratio of 14%-15% as moderate. The rapidly growing loan book is concentrated, notably, on the potentially cyclical/volatile real estate and construction sector, although exposure to this sector has declined. Nevertheless, despite Absolut's modest level of LLR cover, the bank's asset quality track record has been very good to date. Performance is currently above average for a Russian bank of this size. It is expected to remain so for the foreseeable future, in light of its geographical and product expansion and the bank's good efficiency. However, it is vulnerable to potential impairment of even a small number of its largest loans. With assets of around US$363 million and equity of some USD63 million at end-1H04, Absolut is a medium-sized bank for Russia (albeit very small in an international context), and among the top 70 domestic banks. It is a part of a group of independent companies owned by its shareholders, who have diversified interests ranging from importing of household appliances and consumer electronics, and real estate development. Numerous real estate development projects in and around Moscow are currently the main source of revenues for shareholders. Absolut's main business is lending to customers, with its major clients including Russian consumer good and manufacturing companies, Moscow real estate developers, and the group's enterprises and affiliates from several other sectors. Although the bank operates predominantly in Moscow, it plans to open a branch in St Petersburg and offices in the Moscow region. CONTACT: FITCH RATINGS Alexei Kechko, Moscow Phone: +7095 956 9901 Lindsey Liddell, London Phone: +44 (0)20 7417 3495 Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 BELOMORIT: Court Prescribes Bankruptcy Supervision Procedure ------------------------------------------------------------ The Arbitration Court of Kareliya republic has commenced bankruptcy supervision procedure on close joint stock company Belomorit. The case is docketed as A26-2265/04-18. Mr. A. Pirogov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to: (a) Belomorit 186500, Russia, Kareliya republic, Belomorskiy region, Sosnovets, Kirova Str. 2A (b) Temporary Insolvency Manager 185007, Russia, Kareliya republic, Petrozavodsk, Post User Box 23 (c) The Arbitration Court of Kareliya republic 185035, Russia, Petrozavodsk, Krasnoarmeyskaya Str. 24A BOLOGOVSKIY MEAT: Under Bankruptcy Supervision ---------------------------------------------- The Arbitration Court of Tver region has commenced bankruptcy supervision procedure on open joint stock company Bologovskiy Meat Combine. The case is docketed as A66-6720/2004. Mr. A. Danilenko has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to: (a) Bologovskiy Meat Combine 171070, Russia, Bologoye, 1st Zamotinskaya Str. 4 (b) Temporary Insolvency Manager 170000, Russia, Tver, Post User Box 333 A hearing will take place at the Arbitration Court of Tver region on December 6, 2004, 10:00 a.m. DYUMINICHESKIY OPEN: Proofs of Claim Deadline Expires December -------------------------------------------------------------- The Arbitration Court of Kaluga region has commenced bankruptcy proceedings against Dyuminicheskiy Open Pit after finding the state-owned enterprise insolvent. The case is docketed as A23- 3556/03b-10-138. Mr. N. Kozlov has been appointed insolvency manager. Creditors have until December 1, 2004 to submit their proofs of claim to 121309, Russia, Moscow, Post User Box 88. CONTACT: DYUMINICHESKIY OPEN PIT Russia, Kaluga region, Duminichi, Gostinaya Str. 12 Mr. N. Kozlov Insolvency Manager 121309, Russia, Moscow, Post User Box 88 Phone: (095) 506-38-77 INDUSTRIAL BUILDING: Insolvency Manager to Temporarily Run Firm --------------------------------------------------------------- The Arbitration Court of Smolensk region has commenced bankruptcy proceedings against Industrial Building Corporation after finding the limited liability company insolvent. The case is docketed as A62-552-N/2003. Mr. O. Krasniy has been appointed insolvency manager. Creditors have until December 1, 2004 to submit their proofs of claim to: (a) Industrial Building Corporation 214014, Russia, Smolensk, Engelsa Str. 23A (b) Insolvency Manager 214000, Russia, Smolensk, Oktyabrskoy Revolyutsii Pr. 8, Office 1 (c) The Arbitration Court of Smolensk Region 214018, Russia, Smolensk, Gagarina Pr. 46 INVEST-MET: Applies for Bankruptcy Proceedings ---------------------------------------------- The Arbitration Court of Kursk region has commenced bankruptcy proceedings against Invest-Met (TIN 0411029863) after finding the close joint stock company insolvent. The case is docketed as A35-5696/04 g. Mr. P. Salyuk has been appointed insolvency manager. Creditors may submit their proofs of claim to: (a) Insolvency Manager 305502, Russia, Kursk region, im. Marshala Zhukova Str. 4th block, 10/2 (b) The Arbitration Court of Kursk region 305004, Russia, Kursk, K. Marksa Str. 25 (c) Invest-Met 305000, Russia, Kursk, Lenina Str. 31, Apartment 112 KLETINSKIY ENGINEERING: Declared Insolvent ------------------------------------------ The Arbitration Court of Ryazan region has commenced bankruptcy proceedings against Kletinskiy Engineering Plant after finding the open joint stock company insolvent. The case is docketed as A54-606/04-S6. Mr. S. Mordvinov has been appointed insolvency manager. Creditors have until December 1, 2004 to submit their proofs of claim to 390035, Russia, Ryazan, Post User Box 75. A hearing will take place on December 16, 2004, 4:45 p.m. CONTACT: KLETINSKIY ENGINEERING PLANT 391361, Russia, Ryazan region, Kasimovskiy region, Kletino Mr. S. Mordvinov Insolvency Manager 390035, Russia, Ryazan, Post User Box 75 ORLOVSKOGO ORDENA: Orel Court Appoints Insolvency Manager --------------------------------------------------------- The Arbitration Court of Orel region has commenced bankruptcy proceedings against Orlovskogo Ordena Trudovogo Krasnovogo Znameni Engineering Plant in Name of Medvedev after finding the open joint stock company insolvent. The case is docketed as A48-1197/04-17B. Mr. A. Evseyev has been appointed insolvency manager. Creditors have until December 1, 2004 to submit their proofs of claim to: (a) Orlovskogo Ordena Trudovogo Krasnovogo Znameni Engineering Plant in Name of Medvedev 302030, Russia, Orel, Moskovskaya Str. 69 (b) Insolvency Manager 302004, Russia, Orel, 3rd Kurskaya Str. 15 (c) The Arbitration Court of Orel Region 302021, Russia, Orel, S-Shedrina Str. 22 PRIMORSKIY FISH: Succumbs to Bankruptcy --------------------------------------- The Arbitration Court of Saint Petersburg and the Leningrad region has commenced bankruptcy proceedings against Primorskiy Fish Combine after finding the open joint stock company insolvent. The case is docketed as A56-2062/04. Ms. U. Durneva has been appointed insolvency manager. CONTACT: Ms. U. Durneva, Insolvency Manager 194004, Russia, Saint-Petersburg, B. Sampsonievskiy Pr. 60 STAVROPOLSKOYE PUBLISHING: Names I. Gorelov Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Stavropol region has commenced bankruptcy supervision procedure on state enterprise Stavropolskoye Publishing House. The case is docketed as A63- 98/04-S5. Mr. I. Gorelov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 355029, Russia, Stavropol region, Stavropol, Przhevalskogo Str. 5, Apartment 1. CONTACT: STAVROPOLSKOYE PUBLISHING HOUSE Russia, Stavropol Mr. I. Gorelov Temporary Insolvency Manager 355029, Russia, Stavropol region, Stavropol, Przhevalskogo Str. 5, Apartment 1 Phone: (8652) 37-07-75 TECHNICAL REPAIR: Under Bankruptcy Supervision ---------------------------------------------- The Arbitration Court of Omsk region has commenced bankruptcy supervision procedure on municipal unitary enterprise Technical Repair Enterprise. The case is docketed as K/E-81/04. Mr. V. Konovalov has been appointed temporary insolvency manager. Creditors have until December 1, 2004 to submit their proofs of claim to 646099, Russia, Omsk, Main Post Office, Post User Box 7664. A hearing will take place on January 18, 2005, 10:00 a.m. CONTACT: TECHNICAL REPAIR ENTERPRISE 644035, Russia, Omsk, Ovoshnoy Pr. 7A Mr. V. Konovalov Temporary Insolvency Manager 646099, Russia, Omsk, Main Post Office, Post User Box 7664 UGRANSKAYA PRINTING-HOUSE: Bankruptcy Proceedings Begin ------------------------------------------------------- The Arbitration Court of Smolensk region has commenced bankruptcy proceedings against Ugranskaya Printing-House after finding the state-owned enterprise insolvent. The case is docketed as A-62-598-N/2004. Mr. O. Krasniy has been appointed insolvency manager. Creditors may submit their proofs of claim to: (a) Ugranskaya Printing-House Russia, Smolensk region, Ugra (b) Insolvency Manager 214000, Russia, Smolensk, Oktyabrskoy Revolyutsii Pr. 8, Office 1 (c) The Arbitration Court of Smolensk Region 214018, Russia, Smolensk, Gagarina Pr. 46 ========= S P A I N ========= IZAR: Basque Workers to Draft Alternative Plan ---------------------------------------------- Holding company Sociedad Estatal de Participaciones Industriales (SEPI) met with trade unions Sunday to review the government recovery plan for ailing shipbuilder Izar, El Pais says. The plan aims to rescue the debt-ridden shipbuilder through a drastic restructuring measure. The holding company plans to separate the troubled shipbuilder's military and civilian shipbuilding divisions. SEPI intends to keep the profitable military unit and privatize the civilian division. The unions recently agreed to SEPI's proposal to include Izar' San Fernando shipyard in the military unit, thus keeping the yard under state control. The unions have yet to decide whether civilian shipyard Fene, located in Galicia, should be transformed into a military construction yard. Meanwhile, SEPI's plan met opposition from Izar's La Naval shipyard workers, who staged a demonstration Sunday. The Basque shipbuilding sector plans to meet this week to draft an alternative recovery plan. CONTACT: IZAR CONSTRUCCIONES NAVALES a.s. Velazquez Street 132 28006 Madrid, Spain Phone: +34 91 335 84 00 Fax: +34 91 335 86 52 E-mail: izar@izar.es Web site: http://www.izar.es SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES Velasquez, 134 28006 Madrid, Spain Phone: +34-91-396-10-00 Fax: +34-91-562-87-89 Web site: http://www.sepionline.com ============= U K R A I N E ============= AGROIMPEX: Court Appoints Temporary Insolvency Manager ------------------------------------------------------ The Economic Court of Chernigiv region has launched bankruptcy supervision procedure against LLC Agroimpex (code EDRPOU 24837808). The case is docketed as 5/149 B. Arbitral manager Mrs. Tetyana Tanska (License Number AA 669671) has been appointed temporary insolvency manager. The company holds account number 26003003676 at JSCB Polykombank, Chernigiv branch, MFO 353100. Creditors have until November 4, 2004 to submit their proofs of claim to: (a) AGROIMPEX 14000, Ukraine, Chernigiv region, Chernigiv district, Oleksandrivka, Yabluneva Str. 1/21 (b) Mrs. Tetyana Tanska Temporary Insolvency Manager Ukraine, Chernigiv region, Miru Avenue, 139/21 (c) ECONOMIC COURT OF CHERNIGIV REGION 14000, Ukraine, Chernigiv region, Miru Avenue, 20 ARITON: Sets Proofs of Claim Deadline ------------------------------------- The Economic Court of Kyiv Donetsk region commenced bankruptcy proceedings against Ariton (code EDRPOU 31243425) on September 7, 2004 after finding the limited liability company insolvent. The case is docketed as 24/79-b. Arbitral manager Mr. Igor Omelchenko has been appointed liquidator/insolvency manager. Creditors have until November 4, 2004 to submit their proofs of claim to: (a) ARITON Ukraine, Kyiv region, Mechnikov Str. 8/22 (b) Mr. Igor Omelchenko Liquidator/Insolvency Manager 02121, Ukraine, Kyiv region, M. Bazhan Avenue, 9b/4 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B AUSKOPRUT: Liquidator Moves in ------------------------------ The Economic Court of Ivano-Frankivsk region commenced bankruptcy proceedings against Auskoprut (code EDRPOU 14294666) on September 9, 2004 after finding the Ukrainian-Austrian enterprise insolvent. The case is docketed as B-14/53. Arbitral manager Mrs. Labyak Lubov (License Number AA 250480) has been appointed liquidator/insolvency manager. CONTACT: JOINT UKRAINIAN-AUSTRIAN ENTERPRISE AUSKOPRUT 76000, Ukraine, Ivano-Frankivsk region, Grunvaldska Str. 7/9 Mrs. Labyak Lubov Liquidator/Insolvency Manager 76022, Ukraine, Ivano-Frankivsk region, Parkova Str. 20/7 Phone: 8 (03422) 4-04-52 8 (03422) 3-24-61 8 (050) 187-81-01 ECONOMIC COURT OF IVANO-FRANKIVSK REGION 76000, Ukraine, Ivano-Frankivsk region, Shevchenko Str. 16 EXPO-TRADE: Court Opens Bankruptcy Proceedings ---------------------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against Expo-Trade (code EDRPOU 30422544) on September 20, 2004 after finding the limited liability company insolvent. The case is docketed as 42/74 B. Arbitral manager Mrs. Ludmila Nesvit (License Number AA 668263) has been appointed liquidator/insolvency manager. CONTACT: EXPO-TRADE 83111, Ukraine, Donetsk region, Saltikov-Shedrin Str. 1a Mrs. Ludmila Nesvit Liquidator/Insolvency Manager Ukraine, Donetsk region, M. Mametova Str. 8/2 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 VIN-EKS+: Bankruptcy Supervision Begins --------------------------------------- The Economic Court of Vinnitsya region commenced bankruptcy supervision procedure against LLC Vin-Eks+ (code EDRPOU 30453394) on August 12, 2004. The case is docketed as 5/433-04. Arbitral manager Mr. A. Milovanij (License Number AA 719877) has been appointed temporary insolvency manager. The company holds account number 26001178 at OJSC Creditprombank, Vinnitsya branch, MFO 302623. Creditors have until November 4, 2004 to submit their proofs of claim to: (a) VIN-EKS+ 21001, Ukraine, Vinnitsya region, Shmidt Str. 36/44 (b) Mr. A. Milovanij Temporary Insolvency Manager Ukraine, Vinnitsya region, Shirshina Str. 16a/50 (c) ECONOMIC COURT OF VINNITSYA REGION 21036, Ukraine, Vinnitsya region, Hmelnitske Shose, 7 VORONIVSKE: Under Bankruptcy Supervision ---------------------------------------- The Economic Court of Cherkassy region commenced bankruptcy supervision procedure on OJSC Voronivske (code EDRPOU 00387424) on August 30, 2004. The case is docketed as 01/2788. Arbitral manager Mr. Grigorij Kovalenko (License Number AA 419224) has been appointed temporary insolvency manager. The company holds account number 26005300194 at Oshadbank, Gorodishenske branch 3278, MFO 354529. Creditors have until November 4, 2004 to submit their proofs of claim to: (a) VORONIVSKE 19500, Ukraine, Cherkassy region, Gorodishenskij district, Voronivka, Peremogi Str. 45 (b) Mr. Kovalenko Grigorij Temporary Insolvency Manager Ukraine, Cherkassy region, Blagovisna Str. 299/55 (c) ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue, 307 YENAKIEVE' HABERDASHERY: Declared Insolvent ------------------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against Yenakieve' Sewing-Haberdashery Factory (code EDRPOU 05479740) on September 2, 2004 after finding the open joint stock company insolvent. The case is docketed as 15/141 b. Mrs. Olga Perekrestova (License Number 249771) has been appointed liquidator/insolvency manager. CONTACT: YENAKIEVE' SEWING-HABERDASHERY FACTORY 86422, Ukraine, Donetsk region, Yenakiyeve, Gagarin Str. 54 Mrs. Olga Perekrestova Liquidator/Insolvency Manager 84638, Ukraine, Donetsk region, Gorlivka, Peremogi Avenue, 132/19 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 =========================== ABSA GROUP: Individual Ratings Raised to 'B/C' ---------------------------------------------- Fitch Ratings upgraded the Individual ratings of Absa Group Limited and its wholly owned subsidiary, Absa Bank Limited, to 'B/C', from 'C', and affirmed all the other ratings (listed below). The Long-term Outlook is Stable. The upgrade reflects the continued improvement in Absa's profitability, asset quality and capital adequacy, which have been aided by a more favorable domestic economic environment over the recent past. Absa's and Absa Bank's Long-term, Short-term and Individual ratings reflect a strong South African franchise, sound profitability and stable liquidity profile. They also reflect Absa's average capital adequacy ratios and the fact that non- performing loan ratios, though improved, are higher than those of some of its peers. Gross non-performing loans amounted to 3.8% of gross advances at end-March 2004, compared to 5.1% at the previous year-end. Both bank and group capital adequacy ratios stood at an improved 12.1% and 13%, respectively at end- March 2004. Absa is a South African financial services holding company, whose activities span the banking, insurance and other financial services sectors. Absa Bank, its major operating subsidiary, is one of South Africa's four largest banks, by assets, with a leading position in retail banking. Further details are contained in an up-coming credit analysis available at http://www.fitchratings.com. (a) ABSA Group Limited Long-term foreign currency affirmed at 'BBB' with a Stable Outlook; Long-term local currency affirmed at 'BBB' with a Stable Outlook; Short-term foreign currency affirmed at 'F3'; National Long-term affirmed at 'AA-(AA minus) (zaf)' with a Stable Outlook National Short-term affirmed at 'F1+(zaf)'; Individual upgraded to 'B/C' from 'C', and Support affirmed at '5'. (b) ABSA Bank Limited Long-term foreign currency affirmed at 'BBB' with a Stable Outlook; Long-term local currency affirmed at 'BBB+' with a Stable Outlook; Short-term foreign currency affirmed at 'F3'; National Long-term affirmed at 'AA(zaf)' with a Stable Outlook; National Short-term affirmed at 'F1+(zaf)'; Individual upgraded to 'B/C' from 'C', and Support affirmed at '2'. CONTACT: FITCH RATINGS David Makoni Anthony Walker, Johannesburg Phone: +27 11 516 4900 Ed Thompson, New York Phone: +1 212 908 0364 Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 ANGLIA TRAILBLAZERS: Names Bull & Co. Administrator --------------------------------------------------- Ian Bull (IP No 9007) has been appointed administrator for Anglia Trailblazers Limited. The appointment was made October 21, 2004. Its registered office is located at 6 Wivenhoe Business Park, Brook Street, Wivenhoe, Colchester CO7 9DD. CONTACT: BULL & CO. South Suffolk Business Centre, Alexandra Road, Sudbury, Suffolk CO10 2ZX ASHTEAD GROUP: Expects Profit to Surpass Expectations ----------------------------------------------------- Ashtead Group plc, the international equipment rental group serving the construction, industrial and homeowner markets, makes this trading update ahead of its interim results. The press release of the Group's results for the first quarter issued on 20 September 2004 stated that trading conditions remained favorable in both the Group's main markets and were being enhanced by the work necessary to deal with the clean up of hurricanes Charley, Frances, Ivan and (since that date) Jeanne. These favorable conditions have now continued throughout the second quarter to date and, as a result, the Group expects that its profit before goodwill amortization and taxation for the six months ending 31 October 2004 will be ahead of market expectations. It is too soon to know whether the recent revenue trends will continue in the second half of the year. A further update on the outlook for the year ending 30 April 2005 will be given with the interim results, which are scheduled for release on Thursday 16 December 2004. * * * Standard & Poor's Ratings Services previously affirmed its 'B+' long-term corporate credit rating on U.K.-based plant-hire company Ashtead Group PLC, following the group's announcement of a proposed US$675 million (GBP375 million) loan facility. The outlook is stable. At the same time, Standard & Poor's assigned its 'BB-' long-term rating, which is one notch above the corporate credit rating, to the group's proposed five-year senior secured asset-backed loan facility (ABL), subject to final documentation. The proposed facilities were also assigned a recovery rating of '1', indicating that lenders can expect full recovery of principal in the event of payment default. CONTACT: ASHTEAD GROUP PLC Cob Stenham Non-executive chairman Phone: 020 7299 5562 George Burnett Chief executive Ian Robson Finance director Phone: 01372 362300 THE MAITLAND CONSULTANCY Michelle Jeffery Phone: 020 7379 5151 BARCLAYS AEROSPACE: Names Deloitte & Touche Liquidator ------------------------------------------------------ Name of companies: Barclays Aerospace Investment Limited Barclays Investment (1992) Limited BPH Investments, Limited Exshelfco (Bibi) Limited At the general meeting of the members of these companies, the special and ordinary resolutions to wind up the company were passed. J. R. D. Smith and N. J. Dargan of Deloitte & Touche, Athene Place, PO Box 810, 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 B-BUSINESS PARTNERS: Hires Joint Liquidators from PwC ----------------------------------------------------- At a meeting of the B-Business Partners Limited on October 21, 2004, the special and ordinary resolutions to wind up the company were passed. Jonathan Sisson and Richard Setchim of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have been appointed joint liquidators of the company for the purpose of such winding-up. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court, London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com CLOWINS LIMITED: Members Pass Winding up Resolutions ---------------------------------------------------- At the extraordinary general meeting of the members of the Clowins Limited on October 19, 2004 held at Heathcote House, 136 Hagley Road, Edgbaston, Birmingham B16 9PN, the special, ordinary and extraordinary resolutions to wind up the company were passed. Gerald Frederick Davis has been appointed liquidator for the purpose of such winding-up. CRAIGNISH LIMITED: Members Agree to Liquidate Business ------------------------------------------------------ Name of companies: Craignish Limited Hargreaves A-V- & Video (Manchester) Limited Hargreaves Photographic (Manchester) Limited Keith Johnson & Pelling Limited Sidings Limited Sidings No. 1 Limited Sidings No. 2 Limited Sidings No. 6 Limited Sidings No. 7 Limited Vector Engineering Limited At the extraordinary general meeting of these companies on October 21, 2004, the special and ordinary resolutions to wind up the companies were passed. Tim Walsh and Jonathan Sisson of PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP have been appointed joint liquidators of the companies for the purpose of such windings-up. CONTACT: PRICEWATERHOUSECOOPERS LLP Benson House, 33 Wellington Street, Leeds LS1 4JP Phone: [44] (113) 289 4000 Fax: [44] (113) 289 4460 Web site: http://www.pwcglobal.com ESQUIRE CHAUFFEUR: Top Honcho Banned for More than Two Years ------------------------------------------------------------ The director of a twenty-four hour mini cab business that failed with total debts estimated at around GBP137,000 has given an Undertaking not to hold directorships or take any part in company management for two and a half years. The Undertaking by Andalib Begum Khan, 27, of Berryfield, Slough, Berkshire, was given in respect of her conduct as director of Esquire Chauffeur Services Limited, which carried on business from premises at Easden House, Petersfield Avenue, Slough, Berkshire. Acceptance of the Undertaking on October 8, 2004 prevents Andalib Begum Khan from being a director of a company or, in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a company for two and a half years. Esquire Chauffeur Services Limited was placed into compulsory liquidation by Order of the High Court on September 4, 2002 at the request of HM Customs & Excise because more than GBP74, 000 was owed in unpaid VAT. The company owes an estimated GBP137,000 to creditors. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, has responsibility (under Section 6 of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered to be unfit to be involved in the management of companies in the future. Matters of unfit conduct, not disputed by Andalib Begum Khan, were that: (a) her position as a director of Esquire was neglected because she took no part in the business and allowed his brothers, Mr. Mahboob Akhtar Khan and Mr. Abdul Jabar Khan, who were not registered directors of Esquire, to manage the company; (b) allowed Esquire to trade to the detriment of HM Customs & Excise. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk GOODWOOD FLEET: Hires Administrators from PKF --------------------------------------------- Brian J. Hamblin and Stephen P. Holgate (IP Nos 2085, 7991) have been appointed administrators for Goodwood Fleet Management Limited. The appointment was made October 18, 2004. The company manages vehicle fleet. Its registered office is located at 1 & 2 The Barn, Oldwick, West Stoke Road, Lavant, Chichester, West Sussex PO18 9AA. CONTACT: PKF Farringdon Place, 20 Farringdon Road, London EC1M 3AP Phone: 020 7065 0000 Fax: 020 7065 0650 E-mail: info.london@uk.pkf.com Web site: http://www.pkf.co.uk GTS-VOX LIMITED: Calls in Liquidators from PwC ---------------------------------------------- At the extraordinary general meeting of GTS-Vox Limited on October 15, 2004, the special and ordinary resolutions to wind up the company were passed. Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers LLP have been appointed joint liquidators of the company for the purpose of such winding-up. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court, London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com INTERNATIONAL POWER: RWE Gives Way in Portugal Plant Buyout ----------------------------------------------------------- International Power (IPR) reports that EDP (ENERGIAS DE PORTUGAL) has waived its pre-emption right over IPR's planned acquisition of RWE Power AG's 75% shareholding in the 990MW Turbogas plant in Portugal. This is an important development in enabling IPR to proceed with the completion of the acquisition, which was announced on 20 July 2004. IPR has granted EDP an option to purchase 20% of Turbogas and 26.7% of Portugen (the O&M company) for EUR55.7 million (GBP38.7 million) subject to a price adjustment mechanism. This option may be exercised by EDP during the first nine months following the completion of IPR's acquisition, or during a term beginning on 1 January 2008 and ending on 31 December 2009. IPR expects to complete this acquisition by the end of this year. About International Power International Power plc is a leading independent electricity generating company with 11,210MW (net) in operation and 1,649MW (net) under construction. International Power has power plants in operation or under construction in Australia, the United States of America, the United Kingdom, the Czech Republic, the UAE, Oman, Saudi Arabia, Portugal, Turkey, Malaysia, Pakistan and Thailand. International Power was listed on the London Stock Exchange and the New York Stock Exchange (as ADR's), on 2 October 2000. The ticker symbol on both stock exchanges is 'IPR'. * * * On August 3, 2004, TCR-Europe reported that Standard & Poor's Ratings Services placed its 'BB' long-term issuer credit and senior unsecured debt ratings on U.K.-based global power developer International Power PLC on CreditWatch with negative implications. The action follows several announcements made by the company on July 30, 2004, on expected successful acquisitions, its half-year results, an agreed debt restructuring at its U.S. subsidiary American National Power (ANP), a forthcoming rights issue of GBP291 million (US$529 million), and a change in dividend policy. CONTACT: INTERNATIONAL POWER Media Sara Richardson Phone: +44 (0) 20 7320 8619 Investor Aarti Singhal Phone: +44 (0) 20 7320 8681 IN-TOUCH CREATIVE: Liquidator to Present Final Report ----------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF In-Touch Creative Marketing Consultancy Limited (In Liquidation) Notice is hereby given, pursuant to Section 106 of the Insolvency Act 1986, that the final meetings of the members and creditors of In-Touch Creative Marketing Consultancy Limited will be held at Baker Tilly, Breckenridge House, 274 Sauchiehall Street, Glasgow G2 3EH on November 30, 2004 at 10:30 a.m. and 11:00 a.m. respectively for the purpose of receiving the Liquidator's final report on the winding up and determine whether or not I should be released as Liquidator, Creditors are entitled to attend in person or alternatively by proxy. A Creditor may vote only if his claim has been submitted to me and that claim has been accepted in whole or in part. A resolution will be passed only if a majority in value of those voting in person or by proxy vote in favor. Proxies and claims must be lodged with me at or before the meeting. George Paton, Liquidator October 20, 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 IP SUPPORT: Appoints CBA Administrator -------------------------------------- Neil Charles Money and Geoff Robbins (IP Nos 8900, 6622) have been appointed administrators for IP Support Ltd. The appointment was made October 20, 2004. The company offers IT services. Its registered office is located at 10 Pencroft Way, Manchester Science Park, Manchester M15 6JJ. CONTACT: CBA Lichfield Place, 435 Lichfield Road, Aston, Birmingham B6 7SS JPMP MOZART: Hires Joint Liquidators from Deloitte & Touche ----------------------------------------------------------- At the general meeting of the members of JPMP Mozart (M&H Plastics-UK) Holdings Limited, the special, extraordinary and ordinary resolutions to wind up the company were passed. James Robert Drummond Smith and Nicholas James Dargan of Deloitte & Touche LLP, 66 Shoe Lane, London EC4A 3WA have been appointed liquidators for the purpose of such voluntary winding-up. 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 KLINGER ALLAN: Sets Deadline for Proofs of Claim ------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Klinger Allan Limited Pursuant to Rule 4.182A of the Insolvency Rules 1986, notice is hereby given that the liquidator intends to make a first and final distribution to creditors of Klinger Allan Limited and that the last date for proving debts against the company, which is being voluntarily wound up, is December 15, 2004, by which date claims must be sent to the undersigned, Mark N Ranson of Horwath Clark Whitehill (Yorkshire) LLP, North Lane House, 9b North Lane, Headingley, Leeds, LS6 3HG, the liquidator of the company. This notice refers to company number SC14870, which is solvent. Creditors who do not prove in time may, under R4.182A of the Insolvency Rules 1986, be disregarded. Mark N. Ranson, Liquidator October 22, 2004 CONTACT: HORWATH CLARK WHITEHILL (YORKSHIRE) LLP North Lane House 9b North Lane Headingley Leeds LS6 3HG Phone: 0113 274 0404 Fax: 0113 274 3780 E-mail: mike.jackson@horwath-yorks.co.uk Web site: http://www.horwathcw.com LINCOLN AUCTION: Calls in Liquidator from Jackson Jolliffe Cork --------------------------------------------------------------- At the extraordinary general meeting of the members of the Lincoln Auction Centre Limited on October 20, 2004 held at the offices of Jacksons Jolliffe Cork, Lowgate House, Lowgate, Hull HU1 1EL, the special and extraordinary resolutions to wind up the company were passed. M. C. Bowker of Jacksons Jolliffe Cork, Lowgate House, Lowgate, Hull HU1 1EL has been appointed liquidator for the purpose of such winding-up. CONTACT: JACKSONS JOLLIFFE CORK Lowgate House, Lowgate, Hull HU1 1EL Web site: http://www.jjcork.co.uk MARCONI CORPORATION: Chief Operating Officer Quits -------------------------------------------------- Marconi Corporation plc announced Mike Donovan would be leaving the business at the end of December 2004. He has resigned from the Board of the Company with immediate effect. Mike Donovan has been Chief Operating Officer of the Company since September 2001. He also has had responsibility for the Company's North American businesses and has been based in the United States since 1998. John Devaney, Chairman of Marconi Corporation Plc, said: "Mike has had a very significant role in the turnaround of Marconi, playing a key role in the operational restructuring of the Group. We, and Mike, have recognized for some time that once the operational restructuring was largely complete, and the last of our non-core businesses had been disposed of, Mike's role would need to change. Unfortunately it has not been possible for us to find an appropriate role for him. I would like to express my thanks to Mike for his excellent contribution to the Company's progress over the last three years." 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. 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 David Beck Phone: 0207 306 1490; E-mail: david.beck@marconi.com Investor Enquiries Heather Green Phone: 0207 306 1735 E-mail: heather.green@marconi.com MAURICE MILLARD: Names Baker Tilly Administrator ------------------------------------------------ Andrew Martin Sheridan and Cedric Marsden Clapp (IP Nos 008839, 005614) have been appointed administrators for Maurice Millard (Hatcheries) Limited. The appointment was made October 26, 2004. CONTACT: BAKER TILLY 1 Georges Square Bristol BS1 6BP Phone: 0117 945 2000 Fax: 0117 945 2001 Web site: http://www.bakertilley.co.uk MURRAY EMERGING: Ernst & Young Called in as Liquidator ------------------------------------------------------ The Board of Murray Emerging Growth and Income Trust PLC announces that at the extraordinary general meeting of the Company held 29 October 2004, both of the proposed resolutions were duly passed. Accordingly, the Company has been placed into members' voluntary liquidation and Messrs Burton and Brazzill of Ernst & Young LLP have been appointed as the Company's liquidators. It is expected that a distribution will be made to Zero Dividend Preference Shareholders in respect of their pre-determined capital entitlement on 1 November 2004, or as soon as practicable thereafter. It is also expected that an initial distribution will be made to Ordinary Shareholders during the week commencing 1 November 2004, or as soon as practicable thereafter. Prior to the closure of the liquidation, any balance remaining in the hands of the liquidators will be distributed pro rata to Ordinary Shareholders. NORTEX LIMITED: Members Call in Liquidator ------------------------------------------ At the extraordinary general meeting of the Nortex Limited on October 18, 2004 held at 73 Arthur Street, Redditch, Worcestershire B98 8JY, the special and ordinary resolutions to wind up the company were passed. Andrew Turpin of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH has been appointed liquidator for the purpose of such winding-up. CONTACT: POPPLETON & APPLEBY 35 Ludgate Hill, Birmingham B3 1EH OCEAN OPERATIONS: Hires CLB as Administrator -------------------------------------------- Mark Terence Getliffe (IP No 008892) has been appointed administrator for Ocean Operations Limited. The appointment was made October 20, 2004. The company process and preserve fish products. Its registered office is located at Century House, 11 St Peter's Square, Manchester M2 3DN. CONTACT: CLB Century House, 11 St Peter's Square, Manchester M2 3DN ROBINSON LLOYD: Three-year Ban for Former Director -------------------------------------------------- A director of an information technology services business that failed with total debts estimated at GBP333,000 has given an Undertaking not to hold directorships or take any part in company management for three years. The Undertaking by Colin Bowyer, of Russell Road, Mossley Hill, Liverpool, was given in respect of his conduct as a director of Robinson Lloyd Limited. Robinson carried on business from premises at Midland House, 42 Buckingham Street, Aylesbury, Buckinghamshire. Acceptance of the Undertaking on October 14, 2004 prevents Mr. Bowyer from being a director of a company or, in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a company for the above period. Robinson was placed into liquidation on October 24, 2001 with estimated debts of GBP333,444. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, has responsibility (under Section (6) of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered to be unfit to be involved in the management of companies in the future. Matters of unfit conduct, not disputed by Mr. Bowyer, were that he: (a) caused or allowed Robinson to trade while insolvent; (b) caused or allowed Robinson to trade to the detriment of its creditors; and (c) caused or allowed Robinson to trade to the detriment of the Crown in that he disregarded Robinson obligations to the Inland Revenue in respect of PAYE and NIC contributions. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk S P PLASTICS: Names Moore Stephens Administrator ------------------------------------------------ Simon G. Paterson (IP No 6856) and David A. Rolph (IP No 5930) have been appointed administrators for S P Plastics Limited. The appointment was made October 21, 2004. The company is engaged in injection molding. CONTACT: MOORE STEPHENS CORPORATE RECOVERY Victory House Admiralty Place Chatham Maritime Kent ME4 4QU Phone: +44 (01634) 895100 Fax: +44 (01634) 895101 Web site: http://www.moorestephens.com MOORE STEPHENS 1 Snow Hill, London EC1A 2EN Phone: 020 7334 9191 Fax: 020 7248 3408 Web site: http://www.moorestephens.co.uk S R DEMOLITION: Hires PricewaterhouseCoopers as Administrator ------------------------------------------------------------- Michael Horrocks (IP No 8026) and Ian David Green (IP No 9045) have been appointed administrators for S R Demolition And Construction Limited. The appointment was made October 22, 2004. The company is engaged in general construction and demolition. CONTACT: PRICEWATERHOUSECOOPERS L.L.P. 101 Barbirolli Square Lower Mosley Street Manchester M2 3PW Phone: [44] (161) 236 9191 Fax: [44] (161) 247 4000 (ABAS) 245 2902/3/6/7 (TLS) 245 2910(MCS) 245 2905 (FAS) Web site: http://www.pwcglobal.com PRICEWATERHOUSECOOPERS LLP Benson House, 33 Wellington Street, Leeds LS1 4JP Phone: [44] (113) 289 4000 Fax: [44] (113) 289 4460 Web site: http://www.pwcglobal.com STIRLING SECURITY: Insolvency Service Bans Two Directors -------------------------------------------------------- Two directors of a security systems installation business that failed with total debts estimated at around GBP370,000 have given an Undertaking not to hold directorships or take any part in company management for a combined period of eight years. The Undertaking by Mark Richards, 36, of Dickens Close, Gardenwood, East Grinstead, West Sussex, and Trevor McDonald of Ladyfields Close, Bobbing, Kent, was given in respect of their conduct as directors of Stirling Security Installations Limited which carried out business from premises at Stirling House, Wealden Place, Bradbourne Vale Road, Sevenoaks, Kent. Acceptance of the Undertaking on October 6, 2004 and October 22, 2004 prevents either Mark Richards from being a director of a company or, in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a company for five years and Trevor McDonald for three years. Stirling Security Installations Limited was placed into voluntary liquidation on September 18, 2002 with estimated debts of GBP370,000 owed to creditors. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, has responsibility (under Section (6) of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered to be unfit to be involved in the management of companies in the future. Matters of unfit conduct, not disputed by either Mark Richards and Trevor Mcdonald, were that they: (a) caused or allowed Stirling Security Installations to continue trading at the detriment and ultimate expense of the Crown; and (b) failed to ensure that Stirling Security Installations complied with statutory taxation requirements, particularly regarding the filing of appropriate returns and making payment. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk STONEGLADE LIMITED: Holds Final Meetings ---------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Stoneglade Limited (In Liquidation) Notice is hereby given, pursuant to Section 106 of the Insolvency Act 1986, that the final meetings of the members and creditors of Stoneglade Limited will be held at Baker Tilly, 23 Queens Street, Edinburgh EH2 1JX on November 26, 2004 at 11:15 a.m. and 11:30 a.m. respectively for the purpose of receiving the Liquidator's final report on the winding up and determine whether or not I should be released as Liquidator. Creditors are entitled to attend in person or alternatively by proxy. A Creditor may vote only if his claim has been submitted to me and that claim has been accepted in whole or in part. A resolution will be passed only if a majority of those voting in person or by proxy vote in favor. Proxies and claims must be lodged with me at or before the meeting. Maureen E. Leslie, Liquidator October 20, 2004 CONTACT: BAKER TILLY 23 Queen Street Edinburgh EH2 1JX Phone: 0131 225 6424 Fax: 0131 220 1282 E-mail: janet.hamblin@bakertilly.co.uk Web site: http://www.bakertilly.co.uk TRAESKO 12: Sets Meeting of Creditors Next Week ----------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Traesko 12 Limited Notice is hereby given by Bruce Alexander Mackay of Baker Tilly, Spectrum House, 20-26 Cursitor Street, London EC4A 1HY, and Mark John Wilson of Baker Tilly, 1st Floor, 46 Clarendon Road, Watford WD17 1JJ, that a meeting of the creditors of Traesko 12 Limited, formerly Bodilsen (U.K.) Limited, lately of c/o Baker Tilly, Spectrum House, 20-26 Cursitor Street, London, EC4A 1HY, formerly of 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ is to be held at Baker Tilly, Spectrum House, 20-26 Cursitor Street, London, EC4A 1HY on Tuesday November 9, 2004 at 14.00 hrs. The meeting is an initial creditors' meeting under paragraph 51 of Schedule B1 to the Insolvency Act 1986 (The Schedule). A proxy form is enclosed which should be completed and returned to me by the date of the meeting if you cannot attend and wish to be represented. A proxy intended to be used at the meeting must be duly completed and lodged with Bruce A. Mackay of Baker Tilly, Spectrum House, 20-26 Cursitor Street, London, EC4A 1HY. Although proxies may be lodged at the meeting, it would be helpful if you would submit proxies by the business days prior to the meeting. A written statement of claim must also be submitted to Mr. Mackay whether before or at the meeting. Any member of the company may apply in writing to Baker Tilly, Spectrum House, 20-26 Cursitor Street, London, EC4A 1HY for a copy of the statement of proposals free of charge. B. A. Mackay, Joint Administrator October 21, 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 WH SMITH: Shareholders May Opt to Receive 85p per C Share --------------------------------------------------------- The terms of the Return of Cash approved by the Shareholders of WH Smith on 23 September 2004 gave Shareholders two alternatives in relation to their C Shares. Shareholders could elect to sell C Shares at 85 pence per share, free of all dealing expenses and commissions, via the Repurchase Offer, which was made by the Brokers on 27 October 2004. Valid elections to accept the Repurchase Offer were received in relation to 73,182,358 C Shares (29.2% of issued C Shares). Accordingly the Brokers purchased such C Shares on 27 October 2004 and these C Shares were purchased by the Company for the same consideration on 28 October 2004. All the repurchased C Shares will be cancelled by the Company. Alternatively, Shareholders could elect to receive the Initial C Share Dividend of 85 pence per C Share following which all such C Shares would automatically be converted into Deferred Shares. Valid elections to accept the Initial C Share Dividend were received in relation to 167,686,994 C Shares (66.9% of issued C Shares). 9,693,148 C Shares (3.9% of issued C Shares) remain in issue as of Oct. 28. * * * WH Smith has appointed Cazenove & Co. Ltd. and Hoare Govett Ltd., through its associate ABN AMRO Equities (U.K.) Limited, (the Brokers) to make the Repurchase Offer described in the circular from WH Smith to its Shareholders dated 27 August 2004. The Brokers hereby make the Repurchase Offer, acting as principal, to purchase the 73,182,358 C Shares in respect of which valid elections have been received from Shareholders. The Repurchase Offer is not being made into the United States. Settlement of the Repurchase Offer will be made on 29 October 2004 when sales advices will be despatched. Checks and balance C Share Certificates (if applicable) will be dispatched to Shareholders whose C Shares are held in certificated form. The CREST accounts of Shareholders whose C Shares are held in uncertificated form will be credited with the proceeds of sale. CONTACT: WH SMITH PLC Investor Relations Mark Boyle Phone: 020 7514 9630 Media Relations Louise Evans Phone: 020 7514 9624 CAZENOVE Edmund Byers Luke Bordewich Phone: 020 7588 2828 HOARE GOVETT Neil Collingridge Phone: 020 7678 8000 BRUNSWICK Pam Small Phone: 020 7404 5959 ********* 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 * * *