/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/041109.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, November 9, 2004, Vol. 5, No. 222 Headlines C Z E C H R E P U B L I C UNION BANKA: Earns CZK1.1 Million from Artwork Sale F R A N C E ALCATEL: Investigating Bribery Charges in Costa Rica BARBARA: Follows Sister Company to Bankruptcy Court CAPGEMINI: Bags EUR1.6 Bln Contract from Schneider Electric G E R M A N Y DEHSA LEASING: Hamburg Court Appoints Administrator DEUTSCHES ROTES: Claims Deadline Nears DURR AG: Long-term Corporate Credit Rating on CreditWatch ELEKTRO NIK: Munich Court Confirms Bankruptcy E. MOBILE: Gives Creditors Two Weeks to File Claims GUSTMANN UND JANSSEN: Creditors Claims Due Next Week LOHKLINTER-BAUTEAM: Administrator Takes over Operations SANITARE INSTALLATION: Creditors' Claims Due Next Week SCHIMMELPFENNIG GMBH: Under Bankruptcy Administration SCHLEI UND KAMPE: Creditors' Claims Due Later this Month STEBA EINKAUF: Arnsberg Court Appoints Administrator H U N G A R Y MAGYAR HIRLAP: EFJ Asks Ringier to Give Daily a Chance I T A L Y CIRIO: To Meet Del Monte Pacific Bidders Third Week of November N E T H E R L A N D S KONINKLIJKE AHOLD: Completes ICA Stake Buyout ROYAL SHELL: Sakhalin to Supply Gas to Japan ROYAL SHELL: Transfers Caribbean Operations to Sol Group P O L A N D STER-PROJEKT: Continues to Bleed as 3Q Sales Head Further South R U S S I A EGGI: Undergoes Bankruptcy Supervision Procedure EVROKOPIYA: Court Sets January 11 Hearing KARPOVSKAYA: Insolvency Manager to Temporarily Oversee Business KASPIYSKIY BAKERY: Creditors Have Until December to File Claims KHALAKTYRKA: State-owned Airline Declared Insolvent LOTOSHINSKOYE EXPERIMENTAL: Deadline for Proofs of Claims Nears PTITSEVOD: Moscow Court Opens Bankruptcy Proceedings SHAKHTINSKOYE MINE-BUILDING ENTERPRISE: Declared Insolvent SMU ATOM-MASH: Gives Creditors Until December to File Claims UK ROS-DON-UGOL: Appoints T. Ukrainskaya Insolvency Manager YUKOS OIL: Swiss Authorities Face Probe Over Account Freeze YUKOS OIL: Hold Talks with us or Face Suit, Menatep Tells Putin U K R A I N E AGROPROMSOYUZ LTD.: Under Bankruptcy Supervision ARABAT LTD.: AR Krym Court Opens Bankruptcy Proceedings ASTRA-SERVICE: Bankruptcy Supervision Begins KODA: Insolvency Manager to Temporarily Oversee Business KRASNOPEREKOPSK' FOOD: Court Hires Temporary Insolvency Manager RODINA: Ordered to Undergo Bankruptcy Procedure SUMIHIMPROM-DNIPRO: Calls on Creditors to Submit Proofs of Claim U N I T E D K I N G D O M ACCOUNTANCY & MANAGEMENT: Hires PwC as Liquidator ACREFIELD (MECHANICAL & PLUMBING): Calls in Joint Administrators ALSOP ARCHITECTS: Barnsley Project Going Ahead ALTSTADTBAU LIMITED: Sets General Meeting Next Month AUNTIEFAY LIMITED: Members Opt to Wind up Company BANKSIDE SERVICES: Calls in Joint Liquidators from PwC BAYFAWN PROPERTIES: Hires R. S. Palmer as Liquidator CAMPS CONTRACTORS: Ex-director Banned from Holding Office CATERPILLAR TRADING: Owners Decide to Bring in Liquidator C.D. UNDERWRITING: Hires Joint Liquidators from Mazars C G R LEISURE: Calls First Liquidation Meeting CHARLES WEISS: Names PricewaterhouseCoopers Liquidator CHARTWELL KEIGHLEY: Liquidator to Present Report Next Month CLEARVIEW WINDOWS: Insolvency Service Disqualifies Top Honcho C.L.S PROMECH: Names Hamilton Insolvency Liquidator COMMODORE UNDERWRITING: Hires Mazars as Liquidator CPC SURREY: Appoints Joint Liquidators from KPMG DAVE O'KEEFE & CO: Sets Creditors Meeting this Month DUFFY PRINT: Bibby Factors Appoints Abbey Taylor Ltd. Receiver E-MEDIA-C LIMITED: Dewscope Limited Appoints Receiver F C SHEPHERD: Hires Knights & Company as Administrator GBAT SECURITIES: Names Ernst & Young Liquidator GB FEDERAL: In Administrative Receivership GLENSHAW GLASS: Falls into Receivership HONEYCOMB CONSULTANCY: Members General Meeting Set INTERNATIONAL POWER: Closes Turbogas Acquisition in Portugal INTERNATIONAL POWER: Results in Line with Expectations MAVISBANK PROPERTIES: Creditors Appoint Baker Tilly Liquidator MYTRAVEL GROUP: Bondholders Endorse Consensual Restructuring P & F WOLVERHAMPTON: Names BDO Stoy Hayward Administrator PICCOLO PIZZA: Creditors Meet to Appoint Liquidator PIOLI LIMITED: Members General Meeting Set End of November RFC NO.1: Sets General Meeting December R & M PIOLI: Liquidator's Report Out End of November SERVICE CENTRE: Directors Disqualified from Holding Exec Post UNIMOTORS LIMITED: Final General Meeting Set December * Large Companies with Insolvent Balance Sheets ********* =========================== C Z E C H R E P U B L I C =========================== UNION BANKA: Earns CZK1.1 Million from Artwork Sale --------------------------------------------------- Bankrupt Union Banka gained CZK1.117 million in proceeds from the second sale of its artworks over the weekend, Czech News Agency says. The items sold in the auction included 30 paintings and two sculptures. Around 54 art items were offered for sale, auction manager Bretislav Hodan said. Bidders were mostly interested in the paintings with high reserve prices, the reason why no one purchased Union Banka's expensive sculptures. CONTACT: UNION BANKA a.s. Ul. 30 Dubna c. 35 70200 Ostrava Phone: 596108111 Fax: 596120134 E-mail: union@union.cz Web site: http://www.union.cz =========== F R A N C E =========== ALCATEL: Investigating Bribery Charges in Costa Rica ---------------------------------------------------- Beginning in early October, reports have been published, primarily in the Costa Rican media, regarding payments alleged to have been made by consultants on behalf of Alcatel de Costa Rica to various state and local officials in Costa Rica, two political parties in Costa Rica and representatives of ICE, the state owned telephone company, in connection with the procurement of one or more contracts for network equipment and services from ICE. Upon learning of these allegations, Alcatel said it immediately commenced and is continuing an investigation into this matter. In Costa Rica and other countries, Alcatel said it retains consultants to assist it with local operations and contracts. The company's contracts with persons through whom it deals locally strictly prohibits the provision of any pecuniary or other advantage in contravention of applicable laws. Alcatel revealed it has a strict Statement of Business Practice that imposes the highest standards of legal and ethical conduct on its employees. The company said it rigorously enforces this Statement of Business Practice across the entire company and, when violations occur, it takes prompt and appropriate action against the persons involved. Alcatel has terminated the employment of the president of Alcatel de Costa Rica and a vice president-Latin America of a French subsidiary. The company is also in the process of pursuing criminal actions against the former president of Alcatel de Costa Rica, the local consultants and the employee of the French subsidiary based on the company's suspicion of its complicity in an improper payment scheme and misappropriation of funds. The contracts with the local consultants were limited to the specific projects involved and are no longer in effect or are in the process of being terminated, and any payments due under those contracts have been suspended. Alcatel's internal investigation is continuing. Alcatel said it has contacted the United States Securities and Exchange Commission and the United States Department of Justice and informed them that Alcatel will cooperate fully in any inquiry or investigation into these matters. The SEC has indicated that it will conduct an informal inquiry into the allegations. If the Department of Justice or the SEC determines that violations of law have occurred, it could seek civil or, in the case of the Department of Justice, criminal sanctions, including monetary penalties against Alcatel. Alcatel said neither the Department of Justice nor the SEC has informed the company of what action, if any, they will take. Several investigations have been launched in Costa Rica concerning this matter by both the Costa Rican Attorney General and the Costa Rican National Congress. The company said it is unable to predict the outcome of these investigations and their effect on its business. If the Costa Rican authorities conclude violations have occurred, Alcatel said it may be banned from bidding on public contracts within Costa Rica for a certain period and fines or penalties may be imposed on the company, in an amount, which Alcatel is not able to determine at this time. The company expects to generate approximately US$26 million in revenue from Costa Rican contracts in 2004. Based on the amount of revenue received from these contracts, Alcatel does not believe a loss of business in Costa Rica would have a material adverse effect on the company as whole. However, these events may have a negative impact on the company's image in Latin America. CONTACT: ALCATEL 54, rue La Boetie 75008 Paris, France Phone: +33 1 40 76 10 10 Fax: +33 1 40 76 14 05 Web site: http://www.alcatel.com BARBARA: Follows Sister Company to Bankruptcy Court --------------------------------------------------- Gueret commercial court has placed lingerie firm Barbara in compulsory administration, Le Monde says. The court ruled that the administration procedure for Barbara's sister company La Palestel, which fell into administration in July, should be extended to the lingerie group. Barbara is a dynamic family company engaged in lingerie business and is one of the local leaders in the department store retail network, the group claims in its Web site. Barbara boasts of a five-percent market share in France and an annual turnover of EUR52 million. The company's products are distributed in more than 70 countries and over 7,000 sales outlets. CONTACT: BARBARA 18, Rue Roger Simon Barboux 94117 Arcuiel Cedex Phone: 01 49 69 50 50 E-mail: barbara@barbara.fr Web site: http://www.barbara.fr CAPGEMINI: Bags EUR1.6 Bln Contract from Schneider Electric ----------------------------------------------------------- Capgemini signed a ten-year contract worth EUR1.6 billion with Schneider Electric following exclusive negotiations begun on June 9, 2004. The contract will involve: (a) The outsourcing of Schneider Electric's European IT systems through the transfer, as from January 2005, of around 800 people to Capgemini sites in the countries concerned; (b) The construction of a unique global IT system based on SAP solutions for Schneider Electric's four operational management structures (North America, Asia Pacific, Europe, Iberia & International) Based on its knowledge of Schneider Electric's industries, Capgemini will ensure a controlled evolution of the company's applications systems, the continuity of current operations and an optimization of cost management. Capgemini's strong commitment to the social welfare of employees -- the key to the success of big outsourcing contracts -- and the mutual trust enjoyed by the two groups guarantee a fruitful and long-lasting relationship. With this new success in transformational outsourcing, Capgemini confirms its positioning as a global leader in this industry. About the Capgemini Group Capgemini, one of the world's foremost providers of Consulting, Technology and Outsourcing services, reported 2003 global revenues of EUR5.7 billion euros and employs approximately 60,000 people worldwide. * * * Capgemini provides IT consulting and services, systems integration, software development and outsourcing management. The firm specializes in developing and implementing enterprise systems for customer relationship management (CRM), enterprise resource planning (ERP), and wireless networking systems. Capgemini operates in more than 30 countries. The company booked EUR135 million in net loss in the first half of 2004. CONTACT: CAPGEMINI 6-8, rue Duret 75017 Paris, France Phone: +33-1-53-644444 Fax: +33-1-53-644445 Web site: http://www.capgemini.com/ ============= G E R M A N Y ============= DEHSA LEASING: Hamburg Court Appoints Administrator --------------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against infrastructure firm DEHSA Leasing- und Handels-GmbH on Oct. 13. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 15, 2004 to register their claims with court-appointed provisional administrator Michael W. Scholz. Creditors and other interested parties are encouraged to attend the meeting on Jan. 12, 2005, 10:35 a.m. at the district court of Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: DEHSA LEASING- UND HANDELS-GMBH Beim Ludmoorgraben 2, 22175 Hamburg Contact: Andreas Stockhusen, Manager Beim Ludmoorgraben 2, 22175 Hamburg Michael W. Scholz, Insolvency Manager Welckerstrasse 8, 20354 Hamburg Phone: 228190 DEUTSCHES ROTES: Claims Deadline Nears -------------------------------------- The district court of Berlin-Charlottenburg opened bankruptcy proceedings against Deutsches Rotes Kreuz Berlin Sud-West Soziale Dienste GmbH on Oct. 11. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 7, 2005 to register their claims with court-appointed provisional administrator Dr. Dirk Wittkowski. Creditors and other interested parties are encouraged to attend the meeting on Nov. 25, 2004 at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on Mar. 3, 2005, 10:00 a.m. at Charlottenburg Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218. CONTACT: DEUTSCHES ROTES KREUZ BERLIN SUD-WEST SOZIALE DIENSTE GGMBH Duppelstrasse 36,12163 Berlin Dr. Dirk Wittkowski, Insolvency Manager Kirchblick 11, 14129 Berlin DURR AG: Long-term Corporate Credit Rating on CreditWatch --------------------------------------------------------- Standard & Poor's Ratings Services placed its 'BB-' long-term corporate credit rating on Germany-based automotive production equipment supplier Durr AG on CreditWatch with negative implications following the company's earnings warning. At the same time, the 'B' subordinated debt rating on the company's EUR200 million bond was also placed on CreditWatch with negative implications. "The CreditWatch placement reflects that Durr's results will be significantly weaker than expected in 2004 and that it might not be able to improve financial measures to the degree we had expected for 2005," said Standard & Poor's credit analyst Eve Greb. This follows the group's announcement on Nov. 5, 2004, that its 2004 earnings will be weaker than initially indicated due to unforeseen expenses totaling EUR12 million to EUR14 million in two of its business units. The company stated that full-year earnings before taxes could be as low as EUR8 million, compared with the previous expectation of EUR18.7 million. In addition, Standard & Poor's is concerned about Durr's ability to remain adequately in compliance with financial covenants. In its review of the CreditWatch status, Standard & Poor's will focus on: (a) The level of potential divergences between the company's 2005 budget -- when completed -- and Standard & Poor's expectations of its financial performance for 2005; (b) Examination of whether Durr's financial profile is commensurate with the 'BB-' rating; and (c) The company's liquidity and financial flexibility status, in particular with respect to compliance with financial covenants. Standard & Poor's will meet with management in the near future with a view to resolving the CreditWatch status. "The ratings could be maintained or lowered. In the event of a downgrade, this is likely to be limited to one notch," said Ms. Greb. Ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at http://www.ratingsdirect.com. It can also be found at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: London Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176- 3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e- mail: media_europe@standardandpoors.com. CONTACT: STANDARD AND POOR'S RATING SERVICES Group E-mail Addresses CorporateFinanceEurope@standardandpoors.com ELEKTRO NIK: Munich Court Confirms Bankruptcy --------------------------------------------- The district court of Munich opened bankruptcy proceedings against Elektro NIK GmbH on Oct. 12. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 10, 2004 to register their claims with court-appointed provisional administrator Manfred Barzen. Creditors and other interested parties are encouraged to attend the meeting on Jan. 13, 2005, 9:15 a.m. at Sitzungssaal 102 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: ELEKTRO NIK GMBH Meister-Mathis-Weg 7 in 80686 Munchen Manfred Barzen, Insolvency Manager Hilblestr. 7, 80636 Munchen Phone: 089/183690 Fax: 089/184160 E. MOBILE: Gives Creditors Two Weeks to File Claims --------------------------------------------------- The district court of Gottingen opened bankruptcy proceedings against E. Mobile Technologies GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 26, 2004 to register their claims with court-appointed provisional administrator Rudiger Berkhan. Creditors and other interested parties are encouraged to attend the meeting on Dec. 21, 2004, 9:15 a.m. at Saal B11, Maschmuhlenweg 11, 37073 Gottingen 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: E.MOBILE TECHNOLOGIES GMBH Grimsehlstrasse 44, 37574 Einbeck Phone: +49 556192300 Fax: +49 5561923099 Rudiger Berkhan, Insolvency Manager Braunschweiger Strasse 15 a, 38723 Seesen Phone: 05381/93560 Fax: 05381/935644 GUSTMANN UND JANSSEN: Creditors Claims Due Next Week ---------------------------------------------------- The district court of Cologne opened bankruptcy proceedings against Gustmann und Janssen GbR on Sept. 15. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 16, 2004 to register their claims with court-appointed provisional administrator Dr. Jorg Nerlich. Creditors and other interested parties are encouraged to attend the meeting on Dec. 7, 2004, 11:00 a.m. at the district court of Cologne Hauptstelle, Luxemburger Strasse 101, 50939 Koln, Erdgeschoss, Saal 14 at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: GUSTMANN UND JANSSEN GBR Durbuscher Str. 21, 53797 Lohmar Dr. Jorg Nerlich, Insolvency Manager Aachener Str. 563-565, 50933 Cologne Phone: 0221/ 940 80 30 Fax: +492219408039 LOHKLINTER-BAUTEAM: Administrator Takes over Operations ------------------------------------------------------- The district court of Neumunster opened bankruptcy proceedings against Lohklinter-Bauteam GmbH & Co. KG on Oct 6. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 9, 2004 to register their claims with court-appointed provisional administrator Yvo Dengs. Creditors and other interested parties are encouraged to attend the meeting on Jan. 20, 2005, 9:40 a.m. at Raum B 031, im Gerichtsgebaude Boostedter Strasse 26at 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: LOHKLINTER-BAUTEAM GMBH & CO. KG Lohklindter Weg 2, 24797 Breiholz Contact: Manfred Heinz Sloot, Manager Yvo Dengs, Insolvency Manager Palmaille 63, 22767 Hamburg SANITARE INSTALLATION: Creditors' Claims Due Next Week ------------------------------------------------------ The district court of Cologne opened bankruptcy proceedings against Sanitare Installation und Heizungstechnik Wilhelm Ludwig GmbH & Co. KG on Oct. 15. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 15, 2004 to register their claims with court- appointed provisional administrator Karl-Dieter Sommerfeld. Creditors and other interested parties are encouraged to attend the meeting on Dec. 15, 2004, 9:00 a.m. at the district court of Cologne Hauptstelle, Luxemburger Strasse 101, 50939 Koln, Erdgeschoss, Saal 14 at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: SANITARE INSTALLATION UND HEIZUNGSTECHNIK WILHELM LUDWIG GMBH & CO. KG Vogelsanger Str. 210, 50825 Koln Karl-Dieter Sommerfeld, Insolvency Manager Hammerweg 3, 51766 Engelskirchen Phone: 02263/9039-0 Fax: +492263903910 SCHIMMELPFENNIG GMBH: Under Bankruptcy Administration ----------------------------------------------------- The district court of Neumunster opened bankruptcy proceedings against Schimmelpfennig GmbH on Oct. 5. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 31, 2004 to register their claims with court-appointed provisional administrator Dirk Meimberg. Creditors and other interested parties are encouraged to attend the meeting on Jan. 25, 2005, 10:30 a.m. at Raum B 031, im Gerichtsgebaude Boostedter Strasse 26 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: SCHIMMELPFENNIG GMBH Kahlenkoppel 5, 24161 Altenholz Thorsten Laurinat Fritz-Lau-Strasse 13, 24159 Friedrichsort Sven Hoepner Ringstrasse 28, 24103 Kiel Dirk Meimberg, Insolvency Manager Sophienblatt 44-46, 24114 Kiel SCHLEI UND KAMPE: Creditors' Claims Due Later this Month -------------------------------------------------------- The district court of Monchengladbach opened bankruptcy proceedings against Schlei und Kampe Bedachungen GmbH on Oct. 18. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 22, 2004 to register their claims with court-appointed provisional administrator Thomas Schmitz. Creditors and other interested parties are encouraged to attend the meeting on Dec. 13, 2004, 10:15 a.m. at the district court of Monchengladbach Hauptstelle, Hohenzollernstrasse 157, 41061 Monchengladbach, Erdgeschoss links, A 58 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: SCHLEI UND KAMPE BEDACHUNGEN GMBH Tiefenstrasse 1, 41748 Viersen Phone: 02162 / 35 87 87 Contact: Holger Schlei, Manager Marienstrasse 15, 41061 Monchengladbach Frank Kampe, Manager Rohrbuschweg 17, 41751 Viersen Thomas Schmitz, Insolvency Manager Am Flohbusch 1, 47802 Krefeld Phone: 02151/96 53 50 Fax: +492151965360 STEBA EINKAUF: Arnsberg Court Appoints Administrator ---------------------------------------------------- The district court of Arnsberg opened bankruptcy proceedings against Steba Einkauf- und Verwaltungs GmbH on Oct. 18. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 10, 2004 to register their claims with court-appointed provisional administrator Dr. Axel Kampmann. Creditors and other interested parties are encouraged to attend the meeting on Jan. 20, 2005, 9:00 a.m. at the district court of Arnsberg, Eichholzstrasse 4, 59821 Arnsberg, EG, 328 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: STEBA EINKAUF- UND VERWALTUNGS GMBH Frondenberger Str. 99 - 107, 58706 Menden Contact: Stefan Steinbach, Manager Frondenberger Str. 101, 58706 Menden Dr. Axel Kampmann, Insolvency Manager Bronnerstrasse 7, 44141 Dortmund Phone: 0231/5411-0 Fax: 0231/5411-220 ============= H U N G A R Y ============= MAGYAR HIRLAP: EFJ Asks Ringier to Give Daily a Chance ------------------------------------------------------ The European Federation of Journalists (EFJ) has appealed to Swiss-based Ringier AG not to close down nationwide daily broadsheet Magyar Hirlap, Budapest Business Journal says. In a statement Thursday, EFJ said folding up Magyar Hirlap would be "a catastrophe for independent journalism in Hungary and its region." The federation said Ringier AG should instead give the daily a breathing room. EFJ General Secretary Aidan White stressed Magyar Hirlap has been a "flagship of the free press in the region." Mr. White added the newspaper has "made a name for itself with its high journalistic style and unbiased tone on this overly politicized media market." Ringier Publishing House Kft recently announced it would stop the publication of Magyar Hirlap after failing to reach an agreement with various potential investors and investment groups. Magyar Hirlap has incurred more than HUF1.5 billion in losses since 2001. Ringier AG said it would stop financing the paper's loss-making operation. CONTACT: RINGIER AG Dufourstrasse 23 CH-8008 Zurich Phone: +41 1 259 60 51 Fax: +41 1 259 86 35 E-mail: info@ringier.ch ========= I T A L Y ========= CIRIO: To Meet Del Monte Pacific Bidders Third Week of November --------------------------------------------------------------- Insolvent food group Cirio Finanziaria would meet with the bidders for its canned good subsidiary Del Monte Pacific, Financial Times says. Cirio would hold talks with Philippine-based San Miguel Corporation, Japan-based Sumitomo and U.S.-based Fresh Del Monte and Heinz. The four firms have expressed interest in acquiring Cirio's 40% stake in Del Monte Pacific, which is valued at around US$150 million to US$250 million. The meeting would be in the Philippines, where Del Monte Pacific manufactures its products. Cirio expects to receive final offers for its Del Monte stake on the third week of November. The Lorenzo family of the Philippines holds a 21% stake in Del Monte Pacific, which complicates the sale of the food group. The Lorenzo family can opt to match the offer in the auction to buy Cirio's stake. Italian EnVent and French Calyon serve as financial advisers of the sale. The Singaporean government holds 10% of Del Monte Pacific. Listed in Singapore, the company has a market capitalization of around US$425 million. Del Monte Pacific booked US$200 million in turnover for 2003 but saw a drop in its 2004 first-half revenues. Shares increased as much as 55.8% after news of a sale surfaced, outperforming the 14.2% increase in Singapore's benchmark Straits Times index. Cirio has been selling its assets worldwide, including Cirio De Rica to Conserve Italia for EUR168 million, and Del Monte Foods to Fresh Del Monte for EUR275 million. Del Monte Pacific is the last asset the ailing food group intends to sell. CONTACT: CIRIO DEL MONTE ITALIA S.p.A. Legal Address: Via Augusto Valenziani, 10 - 00187 Rome Phone: 06 421761 Fax: 06 42176230 Administrative Address: Strada Provinciale per Podenzano, 10 - 29010 San Polo di Podenzano Phone: 0523 536123 Fax: 0523 379257 Web site: http://www.cirio.it ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: Completes ICA Stake Buyout --------------------------------------------- Koninklijke Ahold on Friday closed the transaction relating to the purchase of the 20% interest of Canica a.s. in the Scandinavian joint venture ICA AB. Simultaneously, the sale of half of this stake to ICA Forbundet Invest AB, the other joint venture partner, was completed. On October 25, 2004, Ahold announced that it had reached agreement on the purchase of Canica's stake. Furthermore, Ahold announced that, in line with the announcement of October 25, 2004, ICA AB has paid an extraordinary dividend of SEK5.5 billion (approximately EUR606 million). This dividend was paid to Ahold and ICA Forbundet in proportion to their final stake in ICA AB, respectively 60% and 40%. 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 ROYAL SHELL: Sakhalin to Supply Gas to Japan -------------------------------------------- The Sakhalin II Project achieved another major marketing success with the signing of a Sales and Purchase Agreement (SPA) for the supply of 1.5 million tons per year [of gas] for 22 years to Tokyo Electric Power Company -- Japan's largest power company. In response to Tokyo Electric's requirements, this is the first SPA with Free On Board terms to be concluded by Sakhalin Energy. It follows an earlier Heads of Agreement (HoA) signed with Tokyo Electric in May 2003 and completes the full terms and conditions of LNG supply and purchase. The finalization of the deal with Tokyo Electric reinforces the successful partnership that is being forged between Russia and Japan through the Sakhalin II Project. Ian Craig, Chief Executive Officer, signed the SPA on behalf of Sakhalin Energy with Tokyo Electric's President Katsumata at a ceremony in Yuzhno-Sakhalinsk, Sakhalin Island. "Russia is already a reliable and successful supplier of gas to Western Europe. We are very proud to be supporting the development of Russia's energy policy and strengthening Russia's position as a global energy supplier by tapping into the dynamic markets of the Asia Pacific Region. We look forward to the day that Sakhalin Island and the Sakhalin II Project deliver the first Russian gas supplies to the industries and people of Japan," said Ian Craig. "Sakhalin Energy continues to work closely and further develop our relations with Tokyo Electric. We are extremely grateful for the commitment that Japan's largest power company has made to Sakhalin LNG," added Mr. Craig. Tokyo Electric's President Mr. Katsumata said: "We expect that the introduction of LNG from the Sakhalin II Project will contribute not only to the stable supply and diversification of energy sources due to its abundant reserves and proximity to Japan, but also to economical and flexible procurement for us." Sakhalin's Governor, Ivan Malakhov, commented: "'Sakhalin' is becoming well known in the oil and gas industry as a strategic new energy supplier. Agreements such as the one signed between Tokyo Electric and Sakhalin Energy [on November 5] are playing a very important role in confirming this." LNG will be supplied to Tokyo Electric from Sakhalin Energy's major new LNG plant, which is under construction at Prigorodnoye on Aniva Bay on the southern tip of Sakhalin, just two and a half day's sailing from Tokyo Bay in Japan. It is the first LNG plant to be built in Russia and will have a total capacity of 9.6 million tons per annum. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague, The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com ROYAL SHELL: Transfers Caribbean Operations to Sol Group -------------------------------------------------------- The Royal Dutch/Shell Group of Companies and the Sol Group, a petroleum affiliate of the Interamericana Trading Corp. (ITC), signed a Sale and Purchase Agreement and a Trade Mark License Agreement relating to the divestment of Shell's Oil Products businesses in Barbados, St. Lucia, Netherlands Antilles, St. Kitts & Nevis, British Virgin Islands, Anguilla, Grenada, St. Vincent, Antigua, Dominica, Belize, Guyana and Suriname, excluding the Aviation business. The agreements relate to Shell's retail, commercial, local marine and liquified petroleum gas (LPG) businesses and includes a network of 111 retail service stations and 30 distribution depots geographically spread across the region. The sale is subject to regulatory approval and completion is expected early in 2005. Sol will continue to use the Shell brand under a Trade Mark License Agreement and act as the sole distributor of Shell's fuels and lubricants in this region, thereby better serving dealers and customers, and maintaining awareness of the Shell brand in the region. Furthermore, Sol will act as an agent and partner on behalf of Shell Aviation facilitating further development of aviation business opportunities in the region. Sol and Shell Aviation will receive a secure supply of high quality Shell products via Shell Western Supply and Trading Limited (Shell West). Shell West is the largest energy trader in the Caribbean and will continue its operations from Barbados. Shell Antilles & Guianas Limited Chairman, Nicholas Shorthose said: "A long term alliance will be established with Sol that brings together the best of Shell's products and standards with Sol's regional focus and local decision making. Our priority now is to work with our staff, customers and other stakeholders to ensure a smooth transition and jointly grow the business." Mr. Shorthose added: "The transaction is consistent with our strategy of proactive portfolio management, which aims at creating maximum value to customers and shareholders, by focusing our activities where we believe we can deliver better value to both while improving the returns in the underlying business." Kyffin Simpson, Chairman of the Sol Group said: "Sol represents a new approach to the oil business -- one that combines the reach and regional relationships of ITC with Shell's world class technical expertise and products. We are delighted to be able to focus on investment in the Caribbean, for the Caribbean and intend to grow the business through close local partnerships that can respond rapidly to customer needs." * * * Please refer to the Annual Report on Form 20-F for the year ended December 31, 2003 (as amended) for a description of certain important factors, risks and uncertainties that may affect the Companies' businesses. Neither of the Companies undertake any obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or otherwise. The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the S.E.C., to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague, The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com =========== P O L A N D =========== STER-PROJEKT: Continues to Bleed as 3Q Sales Head Further South --------------------------------------------------------------- Ster-Projekt reported a net loss of more than PLN10 million for the third quarter, as sales plunged to record low, Warsaw Business Journal reports. The result brought the company's total loss to PLN20.3 million since the beginning of the year, while sales for the period slipped to PLN38 million. The firm encountered problems in 2003 after failing to immediately sign a deal with TP S.A. for the construction of a data processing center. Things turned awry when it failed to win more clients afterwards. Even the acquisition of profitable DRQ did not help improve its situation. In September, the company's new management announced a restructuring program that included job cuts and shakeup of the organizational structure. Piotr Smolski, Ster-Projekt's president, hopes this could help the company post a PLN10 million profit in 2005. CONTACT: Ster-Projekt S.A. 02-652 Warszawa, ul. Magazynowa 1 Phone: (22) 60 77 200 Fax: (22) 60 77 100 E-mail: centrala@spsa.com.pl Web site: http://www.sterprojekt.com.pl =========== R U S S I A =========== EGGI: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------ The Arbitration Court of Saint-Petersburg and the Leningrad region has commenced bankruptcy supervision procedure on open joint stock company EGGI. The case is docketed as A56-29355/04. Mr. P. Zimin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 196657, Russia, Saint-Petersburg, Kolpino, Zavodskoy Pr. 48, Apartment 62. A hearing will take place on December 14, 2004. CONTACT: EGGI 191186, Russia, Saint Petersburg, Malaya Morskaya Str. 11 Mr. P. Zimin Temporary Insolvency Manager 196657, Russia, Saint Petersburg, Kolpino, Zavodskoy Pr. 48, Apartment 62 EVROKOPIYA: Court Sets January 11 Hearing ----------------------------------------- The Arbitration Court of Saint Petersburg and the Leningrad region has commenced bankruptcy supervision procedure on limited liability company Evrokopiya. The case is docketed as A56- 31051/04. Mr. G. Khorkov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 195248, Russia, Saint-Petersburg, Bolshaya Porokhovskaya Str. 47. A hearing will take place on January 11, 2005, 11:20 a.m. CONTACT: EVROKOPIYA Russia, Saint-Petersburg, Kosmonavtov Str. 42, p. 1011 Mr. G. Khorkov Temporary Insolvency Manager 195248, Russia, Saint-Petersburg, Bolshaya Porokhovskaya Str. 47 KARPOVSKAYA: Insolvency Manager to Temporarily Oversee Business --------------------------------------------------------------- The Arbitration Court of Volgograd region has commenced bankruptcy supervision procedure on close joint stock company Karpovskaya. The case is docketed as A12-21058/04s50. Mr. V. Bashmakov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 400131, Russia, Volgograd, Mira Str. 19a, Room 238. A hearing will take place on December 27, 2004. CONTACT: KARPOVSKAYA Russia, Volgograd region, Gorodishenskiy region, Novyj Rogachik Mr. V. Bashmakov Temporary Insolvency Manager 400131, Russia, Volgograd, Mira Str. 19a, Room 238 KASPIYSKIY BAKERY: Creditors Have Until December to File Claims --------------------------------------------------------------- The Arbitration Court of Dagestan republic has commenced bankruptcy proceedings against Kaspiyskiy Bakery (TIN 0545001958) after finding the state-owned enterprise insolvent. The case is docketed as A15-468/04-7. Mr. M. Magomedov has been appointed insolvency manager. Creditors have until December 1, 2004 to submit their proofs of claim to 367002, Russia, Dagestan republic, Kaspiysk, Makhachkalinskaya Str. 98. CONTACT: KASPIYSKIY BAKERY 367002, Russia, Dagestan republic, Kaspiysk, Makhachkalinskaya Str. 98 Mr. M. Magomedov Insolvency Manager 367002, Russia, Dagestan republic, Kaspiysk, Makhachkalinskaya Str. 98 KHALAKTYRKA: State-owned Airline Declared Insolvent --------------------------------------------------- The Arbitration Court of Kamchatka region has commenced bankruptcy proceedings against Khalaktyrka after finding the state-owned airline insolvent. The case is docketed as A24- 642/04-05. Mr. M. Baranov has been appointed insolvency manager. Creditors have until December 1, 2004 to submit their proofs of claim to 683011, Russia, Kamchatka region, Petropavlovsk-Kamchatskiy, Nevskogo Str. 1. CONTACT: KHALAKTYRKA Russia, Kamchatka region, Petropavlovsk-Kamchatskiy, Nevskogo Str. 1 Mr. M. Baranov Insolvency Manager 683011, Russia, Kamchatka region, Petropavlovsk-Kamchatskiy, Nevskogo Str. 1 LOTOSHINSKOYE EXPERIMENTAL: Deadline for Proofs of Claims Nears --------------------------------------------------------------- The Arbitration Court of Moscow has commenced bankruptcy proceedings against Lotoshinskoye Experimental Bio-technological Enterprise after finding the open joint stock company (TIN 5071000214) insolvent. The case is docketed as A41-K2-6120/04. Mr. D. Tselikov has been appointed insolvency manager. Creditors have until December 1, 2004 to submit their proofs of claim to 100100, Russia, Moscow, Post User Box 251. CONTACT: LOTOSHINSKOYE EXPERIMENTAL BIO-TECHNOLOGICAL ENTERPRISE 142930, Russia, Moscow region, Lotoshino, Tsentralnaya Str. 2 Mr. D. Tselikov Insolvency Manager 100100, Russia, Moscow, Post User Box 251 PTITSEVOD: Moscow Court Opens Bankruptcy Proceedings ---------------------------------------------------- The Arbitration Court of Moscow has commenced bankruptcy proceedings against Ptitsevod (TIN 5019014119) after finding the open joint stock company insolvent. The case is docketed as A41-K2-16160/04. Mr. D. Orekhov has been appointed insolvency manager. Creditors may submit their proofs of claim to 101000, Russia, Moscow, Post User Box 251. CONTACT: PTITSEVOD 142930, Russia, Moscow region, Kashirskiy region, Bogatischevo Mr. D. Orekhov Insolvency Manager 101000, Russia, Moscow, Post User Box 251 SHAKHTINSKOYE MINE-BUILDING ENTERPRISE: Declared Insolvent ---------------------------------------------------------- The Arbitration Court of Rostov region has commenced bankruptcy proceedings against Shakhtinskoye Mine-building Enterprise (TIN 6155033450) after finding the limited liability company insolvent. The case is docketed as A53-3504/2004-S2-7. Mr. N. Stukalov has been appointed insolvency manager. Creditors may submit their proofs of claim to 346720, Russia, Rostov region, Aksay, Lenina Str. 30, Main Post Office, Post User Box 113. A hearing will take place on December 20, 2004, 2:30 p.m. CONTACT: SHAKHTINSKOYE MINE-BUILDING ENTERPRISE 346513, Russia, Rostov region, Shakhty, Yunyj Spartak, 122 Mr. N. Stukalov Insolvency Manager 346720, Russia, Rostov region, Aksay, Lenina Str. 30, Main Post Office, Post User Box 113 SMU ATOM-MASH: Gives Creditors Until December to File Claims ------------------------------------------------------------ The Arbitration Court of Rostov region has commenced bankruptcy proceedings against Smu Atom-Mash (TIN 6143013591) after finding the limited liability company insolvent. The case is docketed as A53-7757/2004-S2-8. Mr. S. Klenin has been appointed insolvency manager. Creditors have until December 1, 2004 to submit their proofs of claim to 344019, Russia, Rostov-na-Donu, Sholokhova Pr. 8a, Room 4. CONTACT: SMU ATOM-MASH 347360, Russia, Rostov region, Volgodonsk, Lenina Str. 60 Mr. S. Klenin Insolvency Manager 344019, Russia, Rostov-na-Donu, Sholokhova Pr. 8a, Room 4 UK ROS-DON-UGOL: Appoints T. Ukrainskaya Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Rostov region has commenced bankruptcy supervision procedure on open joint stock company Uk Ros-Don- Ugol (TIN 6146003263). The case is docketed as A53-10787/2004- S2-24. Ms. T. Ukrainskaya has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 344082, Russia, Rostov-na-Donu, Oborony Str. 24, Office 504. CONTACT: UK ROS-DON-UGOL 346312, Russia, Rostov region, Zverevo, Sovetskaya Str. 2 Ms. T. Ukrainskaya Temporary Insolvency Manager 344082, Russia, Rostov-na-Donu, Oborony Str. 24, Office 504 YUKOS OIL: Swiss Authorities Face Probe Over Account Freeze ----------------------------------------------------------- The Swiss public prosecution service is under investigation for possible breach of confidentiality in relation to its freeze order against Yukos Oil's bank accounts. Prosecutor Yves Maitre told Neue Zuercher Zeitung newspaper he was appointed in August to begin a six-month investigation into the conduct of the prosecution service. The probe was initiated at the request of Menatep holding company, Yukos' principal creditor. This was after Swiss magazine Hebdo published a letter revealing that the prosecution service volunteered information to Russian authorities about Yukos accounts. According to the report, the letter revealed that the prosecution service had provisionally frozen CHF6.2 billion (US$5.3 billion, EUR4.1 billion) of Yukos money in five Swiss banks. This encouraged the Moscow prosecutor to formally asked to block the accounts, which the prosecution service satisfied. The prosecution service maintained it is just acting on international money laundering laws. But later Switzerland's highest court, the Federal Tribunal, overruled the sequestration of more than CHF4 billion. By this time, the freeze order had already done its damage, bringing Yukos on the brink of bankruptcy. Lawyers for Yukos accused the Swiss authorities of acting with excessive zeal and of failing to properly investigate the "insufficient" arguments presented by the Russian prosecutor. CONTACT: YUKOS OIL International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru YUKOS OIL: Hold Talks with us or Face Suit, Menatep Tells Putin --------------------------------------------------------------- Owner of troubled Yukos Oil, Menatep, has threatened to sue the Russian government should officials refuse to start talks over its massive tax bill, Europe Intelligence Wire says. Holding firm Menatep, which owns over 60% of Yukos, sent a letter to President Vladimir Putin, threatening to sue Russia in international courts under an unapproved energy treaty that protects energy investments. Menatep spokesman Yuri Kotler said the letter was an "insistent invitation to dialogue." He added the case would legally obliged Russia to attend a hearing. Mr. Kotler further said, "It's a separate matter that Russia could say that since it has not ratified the treaty it does not recognize the action. In that case, it is not clear what Russia would do as it would be an important moment for its image." Former Yukos chief Mikhail Khodokovsky, who is currently facing fraud and tax evasion charges, and his associates control the ailing oil giant through Menatep. Yukos is facing bankruptcy after the Tax Ministry billed the oil group around US$17.5 billion in new taxes and penalties recently. CONTACT: MENATEP 4, Kolpachny Lane Moscow 101990 Contact: Yuri Kotler Director of Communications Phone: (+7 095) 923 59 07 Fax: (+7 095) 540 11 32 E-mail: KotlerYY@yukos.ru YUKOS OIL International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 ============= U K R A I N E ============= AGROPROMSOYUZ LTD.: Under Bankruptcy Supervision ------------------------------------------------ The Economic Court of Hmelnitskij region commenced bankruptcy supervision procedure on LLC Agropromsoyuz Ltd. (code EDRPOU 31135538). The case is docketed as 17/205-B. Mr. Volodimir Kustlivij (License Number AA 249949) has been appointed temporary insolvency manager. The company holds account numbers 26049141846271, 26004141846001 at Ukrinbank, Kamyanets-Podilskij branch, MFO 315397, and 26002325069002, 26003325069001, 26040325069008 at CB Privatbank, Kamyanets-Podilskij branch, MFO 315405. CONTACT: AGROPROMSOYUZ LTD. 32300, Ukraine, Hmelnitskij region, Kamyanets-Podilskij, Grushevskij Avenue, 29 Mr. Volodimir Kustlivij Temporary Insolvency Manager 32300, Ukraine, Hmelnitskij region, Kamyanets-Podilskij, Ogiyenko Str. 59/33 ECONOMIC COURT OF HMELNITSKIJ REGION 29000, Ukraine, Hmelnitskij region, Nezalezhnosti Square, 1 ARABAT LTD.: AR Krym Court Opens Bankruptcy Proceedings ------------------------------------------------------- The Economic Court of AR Krym region launched bankruptcy proceedings against Arabat Ltd. (code EDRPOU 24491327) on September 23, 2004 after finding the limited liability company insolvent. The case is docketed as 2-20/4174-2004. Arbitral manager Mr. Zolotavin Oleksandr has been appointed liquidator/insolvency manager. The company holds account number 2600710005001 at JSB Kyivska Rus, MFO 384607. Creditors may submit their proofs of claim to: (a) ARABAT LTD. Ukraine, AR Krym region, Kirovske, Kirov Str. 15 (b) Mr. Zolotavin Oleksandr, Liquidator/Insolvency Manager 95023, Ukraine, AR Krym region, Simferopol, L. Shevtsovoyi Str. 33 (c) THE ECONOMIC COURT OF AR KRYM REGION Ukraine, AR Krym region, Simferopol, Karl Marks Str. 18 ASTRA-SERVICE: Bankruptcy Supervision Begins -------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy supervision procedure on LLC Astra-Service (code EDRPOU 32245067) on September 14, 2004. Mr. N. Tishenko (License Number AA 419210) has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to: (a) ASTRA-SERVICE Ukraine, Kyiv region, 40-richya Zhovtnya Avenue, 21 (b) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B KODA: Insolvency Manager to Temporarily Oversee Business -------------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy supervision procedure on LLC Koda (code EDRPOU 32104579) on September 14, 2004. Mr. N. Tishenko (License Number AA 419210) has been appointed temporary insolvency manager. CONTACT: KODA Ukraine, Kyiv region, 40-Richya Zhovtnya Avenue, 120, Body 1 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B KRASNOPEREKOPSK' FOOD: Court Hires Temporary Insolvency Manager --------------------------------------------------------------- The Economic Court of AR Krym region commenced bankruptcy supervision procedure on State Enterprise Krasnoperekopsk' Food Products Plant (code EDRPOU 00379011) on September 7, 2004 The case is docketed as 2-6/10171-2004. Mr. Sergij Yushkevich (License Number AA 783063) has been appointed temporary insolvency manager. The company holds account number 26002456113800 at JSCB Ukrsocbank, Simferopol branch, MFO 324010. Creditors may submit their proofs of claim to: (a) STATE ENTERPRISE KRASNOPEREKOPSK' FOOD PRODUCTS PLANT Ukraine, AR Krym region, Krasnoperekopsk, Frunze Str. 60 (b) THE ECONOMIC COURT OF AR KRYM REGION 95000, Ukraine, AR Krym region, Simferopol, Karl Marks Str. 18 RODINA: Ordered to Undergo Bankruptcy Procedure ----------------------------------------------- The Economic Court of Zaporizhya region has commenced bankruptcy proceedings against Rodina (code EDRPOU 05402370) after finding the open joint stock company insolvent. The case is docketed as 25/162. Mr. Yurij Zinchenko (License Number AA 779213) has been appointed liquidator/insolvency manager. The company holds account number 26001301275337 at Dniprorudnij branch, MFO 313054. Creditors may submit their proofs of claim to: (a) RODINA 71635, Ukraine, Zaporizhya region, Vasilevskij district, (b) Mr. Yurij Zinchenko Liquidator/Insolvency Manager 70200, Ukraine, Zaporizhya region, Gulyajpole, Spartakivska Str. 8 (c) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 SUMIHIMPROM-DNIPRO: Calls on Creditors to Submit Proofs of Claim ---------------------------------------------------------------- The Economic Court of Dnipropetrovsk region commenced bankruptcy supervision procedure on LLC Commercial House Sumihimprom-Dnipro (code EDRPOU 32475870) on September 24, 2004. The case is docketed as B 24/140/04. Arbitral manager Mr. Yevgen Shevtsov (License Number AA 250313) has been appointed temporary insolvency manager. The company holds account number 26005306890201 at JSB Brokbiznesbank, Dnipropetrovsk branch, MFO 305578. Creditors may submit their proofs of claim to: (a) SUMIHIMPROM-DNIPRO 52005, Ukraine, Dnipropetrovsk region, Dnipropetrovsk district, Yuvilejnij, Teplichna Str. 23 (b) Mr. Yevgen Shevtsov, Temporary Insolvency Manager 49069, Ukraine, Dnipropetrovsk region, a/b 3925 (c) ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a =========================== U N I T E D K I N G D O M =========================== ACCOUNTANCY & MANAGEMENT: Hires PwC as Liquidator ------------------------------------------------- Name of companies: Accountancy & Management Training Limited Accountancy Tutors Limited ATC (North West) Ltd. A T Foulks Lynch Limited Business Training For Accountants Limited Financial Training (City Courses) Limited At the extraordinary general meeting of these companies held on 27 October 2004, the special and ordinary resolutions to wind up the companies were passed. Richard Victor Yerburgh Setchim and Jonathan Michael Sisson of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have been appointed joint liquidators of the companies for the purpose of such windings-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 ACREFIELD (MECHANICAL & PLUMBING): Calls in Joint Administrators ---------------------------------------------------------------- Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been appointed joint administrators for Acrefield (Mechanical & Plumbing) Services Limited. The appointment was made October 29, 2004. The company offers plumbing services. Its registered office is located at the Third Floor, Coopers Building, Church Street, Liverpool L1 3AG. CONTACT: MILNER BOARDMAN & PARTNERS Century House, Ashley Road, Hale, Cheshire WA15 9TG Phone: 0161 927 7788 Fax: 0161 927 7733 E-mail: info@milnerb.co.uk Web site: http://www.milnerboardman.co.uk ALSOP ARCHITECTS: Barnsley Project Going Ahead ---------------------------------------------- The Barnsley council assures that the plan to make an extraordinary giant halo over the town is going forward despite the woes of Alsop Architects, Yorkshire Post Today reports. The design, which is part of the Remaking Barnsley project, will feature a halo that would tower over Barnsley on selected days of the year and in the run-up to Christmas. It is the highlight of a vision to rebuild the town's market heritage with gateways linking seven districts to the center and a wall that could encircle some 50,000 inhabitants. The future of the undertaking was in doubt when Alsop Architects, its contractor, fell into receivership. But David Kennedy, the council's executive director of development, assured the firm has already been rescued. "The company has been bought out and continues to trade under a new name (Alsop and Partners) . . . The work they have done to date is all complete other than the halo. All the work on the master plan and the vision is complete, we have got everything we need and their business situation does not affect that," he said. He added Alsop and Partners would now be working on detailed plans for the halo that will be visible for miles around. Mr. Kennedy said: "It is a fairly ambitious and talked-about project but the intention is still to have it on for Christmas 2005. I am as confident as I can be that it will happen." CONTACT: ALSOP ARCHITECTS Phone: +44 (0) 20 7978 7878 ALTSTADTBAU LIMITED: Sets General Meeting Next Month ---------------------------------------------------- The general meeting of the Altstadtbau Limited will be on December 9, 2004 commencing at 11:00 a.m. It will be held at Deloitte & Touche LLP, 66 Shoe Lane, London EC4A 3WA. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Deloitte & Touche LLP, 66 Shoe Lane, London EC4A 3WA not later than 12:00 noon, December 8, 2004. CONTACT: DELOITTE AND 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 AUNTIEFAY LIMITED: Members Opt to Wind up Company ------------------------------------------------- At the extraordinary general meeting of the Auntiefay Limited held on 26 October 2004, the special, ordinary and extraordinary resolutions to wind up the company were passed. Ashvinkumar Meghji Karman Shah of KLSA, Klaco House, 28-30 St John's Square, London EC1M 4DN has been appointed liquidator of the company for the purpose of such winding-up. CONTACT: KLSA Klaco House, 28-30 St John's Square, London EC1M 4DN BANKSIDE SERVICES: Calls in Joint Liquidators from PwC ------------------------------------------------------ Name of companies: Bankside Services Limited Janson Green Holdings Limited Limit (No.12) Limited Limit (No.14) Limited Limit (No.17) Limited QBE Underwriting Agency Limited Torch Holdings At the extraordinary general meetings of these companies on October 26, 2004, the special and ordinary resolutions to wind up the companies were passed. Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers LLP, 12 Plumtree Court, London EC4A 4HT have been appointed joint liquidators of these companies for the purpose of such windings-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 BAYFAWN PROPERTIES: Hires R. S. Palmer as Liquidator ---------------------------------------------------- At the extraordinary general meeting of the members of the Bayfawn Properties Limited on October 22, 2004 held at Level 3, Parnell House, 280 Parnell Road, Parnell, Auckland 1001, New Zealand, the special resolution to wind up the company was passed. Robert Stephen Palmer has been appointed liquidator for the purpose of such winding-up. CAMPS CONTRACTORS: Ex-director Banned from Holding Office --------------------------------------------------------- The director of a commercial landscape contracts business that failed with total debts of around GBP174,000 has given an Undertaking not to hold directorship or take any part in company management for four years. The Undertaking by Michael Leonard Camps, 57, of Upper Ferley, Llangunllo, Knighton, Powys, was given in respect of his conduct as a director of Camps Contractors Limited, which carried out business from premises at 46 High Street, Presteigne, Powys. Acceptance of the Undertaking on October 19, 2004 prevents Michael Leonard Camps 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. Camps Contractors Limited was placed into liquidation on March 25, 2003 with estimated debts of GBP173,778 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 Michael Leonard Camps, were that: (a) He failed to ensure CCL submitted statutory VAT returns or remitted monies to the Crown on time; (b) He granted preferential treatment of CCL trade and expense creditors in that he paid them GBP108,663.10, where Crown departments were only paid GBP15,617.89 leaving a debt of GBP164,991.37. 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 CATERPILLAR TRADING: Owners Decide to Bring in Liquidator --------------------------------------------------------- At the extraordinary general meeting of the members of the Caterpillar Trading Limited on October 27, 2004 held at the offices of Sale Smith & Co., Carmella House, 3 & 4 Grove Terrace, Walsall, West Midlands WS1 2NE, the extraordinary resolution to wind up the company was passed. Eileen T. F. Sale of Sale Smith & Co., Carmella House, 3 & 4 Grove Terrace, Walsall, West Midlands WS1 2NE has been appointed liquidator for the purpose of such winding-up. CONTACT: SALE SMITH & CO. Carmella House, 3 & 4 Grove Terrace, Walsall, West Midlands WS1 2NE Phone: (01922) 624777 Fax: (01922) 720528 C.D. UNDERWRITING: Hires Joint Liquidators from Mazars ------------------------------------------------------ Name of companies: C.D. Underwriting Agencies Limited Formadis Limited J.D. Underwriting Agency Limited At the extraordinary general meeting of these companies on October 22, 2004 held at 24 Bevis Marks, London EC3A 7NR, the subjoined special resolutions to wind up these companies were passed. Beth Rees and Roderick John Weston of Mazars LLP, 24 Bevis Marks, London EC3A 7NR have been appointed joint liquidators for the purpose of such windings-up. CONTACT: MAZARS 24 Bevis Marks, London EC3A 7NR Phone: (44) 20 73 77 10 00 Fax: (44) 20 73 77 89 31 Web site: http://www.mazars.com C G R LEISURE: Calls First Liquidation Meeting ---------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF C G R Leisure Limited (In Liquidation) I, Graham C. Tough, Licensed Insolvency Practitioner hereby give notice that by Interlocutor of the Sheriff at Glasgow Sheriff Court dated October 18, 2004 I was appointed to act as Interim Liquidator of C G R Leisure Limited. The first meeting in this Liquidation, called in terms of Section 138(4) of the Insolvency Act 1986 and in terms of Rule 4.1.2 of the Insolvency (Scotland) Rules 1986, will be held within the offices of Martin Aitken & Co., Caledonia House, 89 Seaward Street, Glasgow G41 1HJ on November 29, 2004 at 10:00 a.m. for the purposes of choosing a Liquidator, appointing a Liquidation Committee and considering other resolutions specified in Rule 4.12(3) of the aforementioned Rules. Creditors, whose claims are unsecured in whole or in part, are entitled to vote or attend in person or by proxy, providing that their claims and proxies have been submitted and accepted at the meetings or lodged beforehand at the address below. A resolution will be passed when a majority of those voting have voted in favor of it. For the purpose of formulating claims, creditors should note that the date of commencement of the liquidation is September 28, 2004. Graham C. Tough, Interim Liquidator CONTACT: MARTIN AITKEN & CO Caledonia House 89 Seaward Street Glasgow G41 1HJ Phone: 0141 332 0488 Fax: 0141 272 0011 E-mail: ca@maco.co.uk Web site: http://www.maco.co.uk CHARLES WEISS: Names PricewaterhouseCoopers Liquidator ------------------------------------------------------ Name of companies: Charles Weiss Partnership Limited Crozier & Wyatt (Southern) Limited Pearce Edmunds & Partners Limited Somershire Limited White Young-BCW Limited White Young Consulting Engineers Limited White Young Engineering Services Limited White Young Prentice Royle Limited White Young Project Engineering Limited White Young Project Management Limited At the extraordinary general meeting of these companies on October 28, 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 CHARTWELL KEIGHLEY: Liquidator to Present Report Next Month ----------------------------------------------------------- The general meeting of the members of Chartwell Keighley Limited will be on December 14, 2004 commencing at 11:00 a.m. It will be held at Pelican House, 10 Currer Street, Bradford BD1 5BA. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Horwath Clark Whitehall, Pelican House, 10 Currer Street, Bradford BD1 5BA not later than 12:00 noon, December 13, 2004. CONTACT: HORWATH CLARK WHITEHILL Pelican House, 10 Currer Street, Bradford BD1 5BA Phone: 01274 732 522 Fax: 01274 390 154 Web site: http://www.horwathcw.com CLEARVIEW WINDOWS: Insolvency Service Disqualifies Top Honcho ------------------------------------------------------------- A director of a double-glazing sales and installation business which failed with total debts estimated at around GBP103,000 has given an Undertaking not to hold directorships or take any part in company management for four years. The Undertaking by Daniel Hedley Cockshott, 25, of Orchard House, Gay Lane, Otley, West Yorkshire, was given in respect of his conduct as a director of Clearview Windows (Otley) Limited which carried out business from premises at 16 Bondgate, Otley. Acceptance of the Undertaking on October 28, 2004 prevents Daniel Hedley Cockshott from being a director of a company or, in any way, whether directly or indirectly, being concerned in or taking part in the promotion, formation or management of a company for the above period. Clearview Windows (Otley) Limited was placed into voluntary liquidation on July 22, 2003 with estimated debts of GBP103,072 owed to its creditors. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, has responsibility (under Section (6) of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered to be unfit to be involved in the management of companies in the future. The matter of unfit conduct not disputed by Daniel Hedley Cockshott was that he caused Clearview Windows (Otley) Limited to trade to the detriment of the Inland Revenue in that whilst paying other parties in priority to the Inland Revenue, which received no payments whatsoever over that period and was left as the largest unpaid creditor in the liquidation for a sum of GBP87,549 in respect of unpaid PAYE income tax and NIC. 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 C.L.S PROMECH: Names Hamilton Insolvency Liquidator --------------------------------------------------- At the extraordinary general meeting of the C.L.S Promech Limited on October 29, 2004 held at The Ashley Hotel, Carlton Road, Worksop, Nottinghamshire, the extraordinary and ordinary resolutions to wind up the company were passed. A. Graham of Hamilton Insolvency Practitioners Limited, Omega Court, 368 Cemetery Road, Sheffield S11 8FT has been appointed liquidator of the company for the purpose of the voluntary winding-up. CONTACT: HAMILTON INSOLVENCY PRACTITIONERS LIMITED Omega Court, 368 Cemetery Road, Sheffield S11 8FT COMMODORE UNDERWRITING: Hires Mazars as Liquidator -------------------------------------------------- At the extraordinary general meeting of the Commodore Underwriting Agency Limited on October 22, 2004 held at 24 Bevis Marks, London EC3A 7NR, the special resolutions to wind up the company were passed. Beth Rees and Roderick John Weston both of Mazars LLP, 24 Bevis Marks, London EC3A 7NR has been appointed joint liquidators of the company for the purpose of the voluntary winding-up. CONTACT: MAZARS 24 Bevis Marks, London EC3A 7NR Phone: (44) 20 73 77 10 00 Fax: (44) 20 73 77 89 31 Web site: http://www.mazars.com CPC SURREY: Appoints Joint Liquidators from KPMG ------------------------------------------------ At the extraordinary general meeting of the CPC Surrey on October 22, 2004 held at Walton Court, Station Avenue, Walton on Thames, Surrey KT12 1UP, the special and ordinary resolutions to wind up the company were passed. Jeremy Simon Spratt and Finbarr Thomas O'Connell of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have been appointed joint liquidators for the purpose of such winding-up. CONTACT: KPMG LLP PO Box 695, 8 Salisbury Square, London EC4Y 8BB Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk DAVE O'KEEFE & CO: Sets Creditors Meeting this Month ---------------------------------------------------- Name of companies: Dave O'Keefe (Builders Merchants) Limited Dave O'Keefe & Co Limited Dave O'Keefe & Co (Plant Hire) Limited W.R. Contracts Limited W R Site Services Limited The creditors of these companies will meet on November 25, 2004 commencing at 10:15 a.m. It will be held at Hilton London Paddington, 146 Praed Street, London W2 1EE. Creditors who want to be represented at the meeting may appoint proxies. DUFFY PRINT: Bibby Factors Appoints Abbey Taylor Ltd. Receiver -------------------------------------------------------------- Bibby Factors (Yorkshire) Limited called in Tracy Ann Taylor (Office Holder No 008899) administrative receiver for Duffy Print And Promotions Limited (Reg No 04512496, Trade Classification: 10). The application was filed October 27, 2004. Previously named Edgar 183 Limited. The company is in the printing business. CONTACT: ABBEY TAYLOR LTD. Blades Enterprise Centre, John Street, Sheffield S2 4SU E-MEDIA-C LIMITED: Dewscope Limited Appoints Receiver ----------------------------------------------------- Dewscope Limited called in S. C. E. Mackellar and C. P. Holder (Office Holder Nos 6883 and 9093) administrative receivers for E-Media-C Limited (Reg No 03824773, Trade Classification: 46- Other Services). The application was filed October 29, 2004. The company was previously named E-Media-C Plc. CONTACT: KROLL LIMITED 5th Floor, Airedale House, 77 Albion Street, Leeds LS1 5AP F C SHEPHERD: Hires Knights & Company as Administrator ------------------------------------------------------ Barry Peter Knights (IP No 04425) has been appointed administrator for F C Shepherd And Co Limited. The appointment was made October 28, 2004. The company is engaged in general building and civil engineering. Its registered office is located at Alderney Works, Tierney Road, Streatham Hill, London SW2 4QH. CONTACT: KNIGHTS & COMPANY Milford House, 43-55 Milford Street, Salisbury, Wiltshire SP1 2BP GBAT SECURITIES: Names Ernst & Young Liquidator ----------------------------------------------- At the extraordinary general meeting of the GBAT Securities Plc on November 1, 2004 held at Gartmore House, 8 Fenchurch Place, London EC3M 4PB, the special resolution to wind up the company was passed. Patrick Joseph Brazzill and Margaret Elizabeth Mills, both of Ernst & Young LLP of 1 More London Place, London SE1 2AF have been appointed joint liquidators with the power to act jointly and severally for the purpose of such winding-up. CONTACT: ERNST & YOUNG LLP 1 More London Place London SE1 2AF Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com GB FEDERAL: In Administrative Receivership ------------------------------------------ The Bank of Scotland plc called in Fraser J. Gray and Adrian Wolstenholme (Office Holder Nos 008905, 008995) joint administrative receivers. The company manufactures other special purpose machine. CONTACT: KROLL LIMITED Afton House, 26 West Nile Street, Glasgow G1 2PF GLENSHAW GLASS: Falls into Receivership --------------------------------------- Allegheny County Common Pleas Judge Robert Horgos on Friday place Glenshaw Glass under receivership, Pittsburgh Post reports citing local union president Lou Brudnock. In conjunction, the court removed John Ghaznavi as president. Lender PNC Bank, which lodged the bankruptcy filing, appointed Meridian Group to take over the operation and work with union to save the plant. A meeting is scheduled for Wednesday. Mr. Brudnock said: "[The Meridian Group] will be working with the creditors and also potential investors who are looking to purchase this plant. We're hoping that in the next two or three weeks, this can be accomplished." According to him the bank has agreed to extend financing until a buyer is found. The collapse follows the failure of talks with union, and the pullout of a potential investor who was apparently discouraged after the plant was damaged by floods that followed Hurricane Ivan in September. Mr. Ghaznavi bought Glenshaw from Canadian Consumers Packing Inc. in 1988. It has been operating in the Glenshaw section of Shaler since 1895. It produces bottles for Iron City and Yuengling beer as well as wine and whiskey bottles and other glass containers. HONEYCOMB CONSULTANCY: Members General Meeting Set -------------------------------------------------- The general meeting of the members of Honeycomb Consultancy Limited will be on December 10, 2004 commencing at 10:00 a.m. It will be held at 60-62 Old London Road, Kingston upon Thames, Surrey KT2 6QZ. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Marks Bloom, 60-62 Old London Road, Kingston upon Thames, Surrey KT2 6QZ not later than 12:00 noon, December 9, 2004. CONTACT: MARKS BLOOM 60-62 Old London Road, Kingston upon Thames, Surrey KT2 6QZ Phone: +44 (0) 20 85499951 Fax: +44 (0) 20 85496218 Web site: http://www.marksbloom.co.uk INTERNATIONAL POWER: Closes Turbogas Acquisition in Portugal ------------------------------------------------------------ International Power successfully completed on November 4, 2004 the acquisition of a 75% shareholding in the 990 MW Combined Cycle Gas Turbine Turbogas power station in Portugal from RWE Power AG. As per the terms of the acquisition agreement, the purchase price of EUR205 million (GBP137 million), announced on 20 July 2004, has been adjusted to a final cash payment upon closing of EUR193 million (GBP129 million) to reflect cash distributions to shareholders during 2004. In addition, the Company has signed a sale and purchase agreement for a further 5% interest in Turbogas for EUR13.6 million (GBP9 million) from Koch Transporttechnik. This acquisition is expected to complete by the end of February 2005. We reported on 27 October 2004 that Energias De Portugal (EDP), which currently owns 20% of Turbogas, waived its pre-emption rights over the 75% shareholding that IPR has now acquired. IPR has also granted EDP an option to purchase a 20% interest in Turbogas and 26.7% of Portugen (the Operations and Maintenance company) for EUR55.7 million (GBP38.7 million) subject to a price adjustment mechanism. This option may be exercised either during the period of nine months from November 4, or during a term beginning on 1 January 2008 and ending on 31 December 2009. Turbogas Turbogas commenced operation in 1999 and was co-owned by RWE (75%), EDP (20%) and Koch Transporttechnik (5%). International Power announced an agreement to acquire RWE's shareholding on 21 July 2004. 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'. CONTACT: INTERNATIONAL POWER Media Contact: Sara Richardson Phone: +44 (0)20 7320 8619 Investor Contact: Aarti Singhal Phone: +44 (0)20 7320 8681 INTERNATIONAL POWER: Results in Line with Expectations ------------------------------------------------------ International Power (IPR) announces its results for the nine- month period ended 30 September 2004 and reports on key developments to date. Sir Neville Simms, Chairman of International Power, said: "The business has performed well operationally, and financially in line with expectations, generating earnings per share of 6.3p (on a post rights basis - 7.1p on a pre rights basis) for the nine months ended 30 September. The pricing environment across our merchant markets remains largely unchanged with the exception of the U.K. which is currently showing some improvement." "We have now completed the acquisition of Turbogas in Portugal and the consent process for the EME acquisition is progressing well. The shareholder circular will be posted shortly and we expect the transaction to be completed by the end of 2004," Sir Neville added. Highlights (a) EPS guidance remains at the upper end of the range of 5.9p to 7.6p on a post-rights basis (7.0p to 9.0p on a pre-rights basis); (b) EME acquisition on track for completion in December 2004; (c) Turbogas acquisition completed; (d) Rights Issue successfully completed; (e) Preferred bidder status awarded for 1,025 MW power and water project in Qatar, Middle East; (f) Full commercial operation commenced on program at Shuweihat S1, Abu Dhabi. Financial summary Quarter ended Nine months ended 30 30 September 30 September 2004 2003 2004 2003 GBPm GBPm GBPm GBPm Profit on ordinary activities before interest and tax Excluding exceptional items 56 71 206 209 Including exceptional items 56 78 221 224 Profit on ordinary activities before tax Excluding exceptional items 29 38 116 126 Including exceptional items 22 45 109 141 Earnings per share - Basic - on post rights basis[*] Excluding exceptional items 1.7p 1.9p 6.3p 6.4p Including exceptional items 1.1p 2.2p 5.7p 7.5p - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [*] Historic figures adjusted for Theoretic ex-Rights price factor of 1.12 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Earnings per share - Basic - on pre rights basis Excluding exceptional items 1.9p 2.1p 7.1p 7.2p Including exceptional items 1.4p 2.5p 6.5p 8.4p Operating cash flow from ordinary activities 65 82 196 213 North America As expected, the North American business recorded a loss before interest and tax, which amounted to GBP1 million (2003: Profit GBP13 million), reflecting the low spark spreads in Texas and New England. The 2004 summer (June, July, August) spark spreads remained low with no material change from the 2003 summer. For reference, the nine-month period to 30 September 2003 included compensation payments from Alstom of GBP22 million, versus GBP5 million in the current nine-month period. The contracted assets, Hartwell and Oyster Creek, delivered a consistent performance and generated a profit before interest and tax of GBP11 million (2003: GBP12 million). We continue to anticipate market recovery in both New England and Texas in the period 2007 to 2009. Europe Profit before interest and tax in Europe increased to GBP65 million (2003:GBP50 million), mainly reflecting higher profitability at EOP and some limited improvement in the U.K. In the U.K., the recent significant increase in gas prices has resulted in a strengthening of forward power prices. This is beneficial for our coal fired plant Rugeley, but spark spreads for our gas fired Deeside plant remain low. On November 4, we completed the acquisition of a 75% shareholding in the 990 MW combined cycled gas turbine (CCGT) Turbogas plant from RWE, following approval from the Portuguese Competition Authority and Energias De Portugal's (EDP) waiver of its pre-emption rights. International Power has granted EDP an option to purchase a 20% interest in Turbogas during the first nine months following completion, or during a term beginning on 1 January 2008 and ending on 31 December 2009. In addition, we have signed an agreement to acquire a further 5% shareholding in the plant from Koch Transporttechnik, and this is expected to complete by February 2005. Middle East The Middle East business generated profit before interest and tax of GBP21 million (2003: GBP20 million). JV/Associates earnings at GBP9 million were up (2003: GBP3 million) reflecting earnings contribution from Umm Al Nar, which was acquired in July 2003. However, earnings from subsidiaries in 2003 included a higher level of cost recoveries and success fees in relation to development work in the region, together with some revenue in the form of liquidated damages for commissioning Al Kamil. In October, the 1,500 MW Shuweihat power and water plant started full commercial operation and has since contributed to the region's profitability. Construction of the Umm Al Nar expansion project and the Tihama cogeneration (Saudi Aramco) plants is progressing on schedule. International Power, together with partners Qatar Electricity & Water Company and Chubu Electric, has been awarded preferred bidder status for the 1,025 MW, 60 MIGD Ras Laffan B power and water project by the Government of Qatar. The plant's entire power and water output will be sold under a long term Power and Water Purchase Agreement (PWPA). We will provide financial information relating to the debt/equity structure of this project on signing of the PWPA, which together with financial close is expected by the end of 2004. Australia In Australia, profit before interest and tax for the nine months ended 30 September was GBP80 million (2003: GBP78 million). Hazelwood delivered a strong performance, attributable to high plant availability and achieved contract prices that were higher than the underlying market prices. Pelican Point's earnings were down due to lower spark spreads in South Australia. The SEAGas pipeline is now in operation and has contributed to earnings from Q1 2004 as planned. Asia Performance in Asia was also broadly in-line with last year, with profit before interest and tax for the nine months ended 30 September at GBP64 million (2003: GBP67 million). Our assets in Pakistan (HUBCO and KAPCO) have performed well. At KAPCO, of which we own 36%, our partner WAPDA intends to sell down a 20% block of its 64% shareholding via an Initial Public Offering (IPO). This IPO of 20% of the plant's total equity has been approved by all shareholders and is expected in the near future. Other Financial The effective tax rate of the Group has reduced to 26% (2003: 32%) as a result of the confirmation of foreign tax holidays and the resolution of a number of tax issues across the Group. The translation effect of foreign exchange, comparing the nine months to 30 September 2004 to the same period in the prior year, has adversely affected profit after tax by GBP5 million (EPS by 0.4p). Balance sheet A summarized balance sheet is set out below: As at As at As at 30 30 31 September September December 2004 2003 2003 GBPm GBPm GBPm Fixed assets Intangibles and tangibles 2,097 2,481 2,049 Investments 611 506 538 2,708 2,987 2,587 Net current liabilities (91) (17) (90) Provisions and creditors > one year (241) (279) (243) Net debt (481) (791) (692) Net assets 1,895 1,900 1,562 Shareholders' funds - equity 1,849 1,865 1,523 Minority interests - equity 46 35 39 Total Equity 1,895 1,900 1,562 Gearing 25% 42% 44% Debt capitalization 20% 29% 31% Net assets have increased by GBP333 million since 31 December 2003. The proceeds from the rights issue in August 2004 increased reserves by GBP286 million. The profit for the period of GBP72 million was offset by foreign exchange losses of GBP32 million on the net investment in foreign entities. Minority interest has increased by GBP7 million as a result of the sale of a shareholding at Al Kamil in the Middle East. The successful restructuring of the ANP non-recourse debt results in GBP477 million being classified as a long-term liability at 30 September 2004. Cash Flow Cash Flow - Nine months ended 30 September Nine Nine Year months months ended ended ended 31 Dec 30 Sept 30 Sept 2003 2004 2003 GBPm GBPm GBPm Operating profit/(loss) 93 92 (279) Impairment of plant - exceptional - - 404 Release of guarantee on sale of Elcogas - exceptional (11) - - 82 92 125 Depreciation and amortization 62 81 109 Movement in working capital and provisions (3) (30) (50) Dividends from JV's, associates and investments 55 70 101 Operating cash flow 196 213 285 Capital expenditure - maintenance (39) (40) (64) Interest and tax (86) (76) (96) Free cash flow 71 97 125 Refinancing costs - exceptional (22) - (4) Capital expenditure - growth (125) (48) (57) Compensation for long-term performance shortfalls 16 - 56 Acquisitions and disposals (50) 21 26 Proceeds from share issue 286 - - Share buyback - (6) (13) Foreign exchange and other movements 35 (43) (13) Decrease in net debt 211 21 120 Opening net debt (692) (812) (812) Closing net debt (481) (791) (692) Free cash flow of GBP71 million was generated in the nine months to 30 September 2004. Growth capital expenditure of GBP125 million comprises spend on Tihama Power, the Canunda wind farm, the Westfield mine development at Hazelwood in Australia and the completion of the new build program at ANP in the U.S. The Rights Issue in contemplation of Turbogas and the EME acquisition in July this year was completed in September with a 91.2% take up. Edison Mission Energy Acquisition Update Good progress has been made towards obtaining the necessary consents for the major assets, namely Loy Yang B, Paiton, First Hydro, ISAB and EcoElectrica, all of which are required for the acquisition to complete. The consent process for the remaining assets, namely CBK, Derwent, Doga, Italian Wind, Kwinana, Spanish Hydro, Tri Energy and Valley Power is also progressing well, although a number of consents remain outstanding. If consents are not obtained for any of these assets prior to completion, then there will be an adjustment to the purchase price payable at completion. Based on progress to date, the maximum adjustment is expected to be approximately US$300 million (GBP167 million) out of the net purchase price of US$2.2 billion (GBP1.2 billion) for the entire portfolio. In particular, there have been difficulties in obtaining certain consents for CBK and Tri Energy, although work continues in seeking to receive these by completion. If these consents are not received, the Company intends to seek agreement with EME to keep these assets under contract beyond completion, so that work can continue in seeking to obtain the relevant consents. Clear and specific integration plans are well advanced at both regional and asset level, to ensure that each asset is quickly and effectively transitioned into IPR's existing regional structure. The shareholder circular seeking approval for the acquisition will be posted shortly and the transaction is expected to complete in December this year. Dividend The Board confirms its intention to propose a dividend of 2.5p per ordinary share at the time of the full year results for 2004. Outlook During 2004 to date, the business has performed in line with expectations and we confirm our earnings per share guidance for 2004 at the upper end of the range of 5.9p to 7.6p (on a post- Rights basis). A full copy of this press release is available free of charge at http://bankrupt.com/misc/results.htm. CONTACT: INTERNATIONAL POWER Media Contact: Sara Richardson Phone: +44 (0) 20 7320 8619 Investor Contact: Aarti Singhal Phone: +44 (0) 20 7320 8681 MAVISBANK PROPERTIES: Creditors Appoint Baker Tilly Liquidator -------------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Mavisbank Properties Limited (In Liquidation) I, George Stewart Paton, Insolvency Practitioner, Baker Tilly, Breckenridge House, 274 Sauchiehall Street, Glasgow, G2 3EH hereby give notice pursuant to Rule 4.19 of the Insolvency (Scotland) Rules 1986 that I was appointed Liquidator of Mavisbank Properties Limited by resolution of the First Meeting of Creditors held on October 15, 2004. A liquidation committee was not established. Accordingly, I hereby give notice that I do not intend to summon a further meeting for the purpose of establishing a Liquidation Committee unless one-tenth in value of the creditors require me to do so in terms of Section 142(3) of the Insolvency Act 1986. George Stewart Paton, Liquidator October 28, 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 MYTRAVEL GROUP: Bondholders Endorse Consensual Restructuring ------------------------------------------------------------ The ad hoc convertible bondholder committee of holders of MyTravel Group plc's GBP216 million 7% Convertible Bonds due 2007, represented by Cadwalader, Wickersham & Taft LLP and Houlihan, Lokey, Howard & Zukin (Europe) Limited, has authorized this statement on the Committee's behalf: "During the course of 2003, convertible bondholders were asked to support MyTravel through its then liquidity crisis by extending the maturity of the convertible bonds by three years from January 2004 to January 2007. Convertible bondholders gave that consent in order to allow the company to carry on its operational turnaround and disposals program, which at that stage was not well advanced. The Committee does wish, as far as is practicable, to support the company in concluding its operational turnaround and proposed balance sheet restructuring, although the convertible bondholders also wish to share equitably in any upside arising from the proposed debt to equity swap. The Committee comprises well-known institutional, and long-term, investors in the company's business that have been supportive of the company and its management teams over many years. Committee members owe fiduciary responsibilities to their fund investors, many of whom are pension funds, or private individuals. The Committee is disappointed that it was not consulted on the restructuring proposal and does not believe that the company's current 8% proposal (which falls to 2% if the company proceeds down its ongoing scheme of arrangement court route) is treating convertible bondholders equitably. The Committee's preference is to seek a consensual restructuring with the company. It believes that negotiations with the company and other stakeholders are best conducted in private, and not through the press, or in the courts. The Committee therefore propose to make no further press comments at this stage while those discussions, and court proceedings, are ongoing." CONTACT: CADWALADER, WICKERSHAM & TAFT LLP Catriona Watt Phone: 020 7170 8756 E-Mail: catriona.watt@cwt-uk.com P & F WOLVERHAMPTON: Names BDO Stoy Hayward Administrator --------------------------------------------------------- Dermot Justin Power and Anthony Peter Supperstone (IP Nos 6006/01, 2703/01) have been appointed joint administrators for P & F Wolverhampton Limited. The appointment was made October 27, 2004. The company is engaged in steel fabrication. CONTACT: BDO STOY HAYWARD LLP Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD Phone: 0161 817 3700 Fax: 0161 817 3711 E-mail: manchester@bdo.co.uk Web site: http://www.bdo.co.uk PICCOLO PIZZA: Creditors Meet to Appoint Liquidator --------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Piccolo Pizza Limited (In Liquidation) Notice is hereby given that by Interlocutor of the Court of Session on October 5, 2004 I, Neil A. Armour, CA, KPMG, 37 Albyn Place, Aberdeen, AB10 1JB was appointed Interim Liquidator of Piccolo Pizza Limited having its registered office at 26 Holyrood Crescent, Glasgow, G20 6HL Pursuant to Section 138(3) of the Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland) Rules 1986, the First Meeting of Creditors will be held at KPMG Offices, 37 Albyn Place, Aberdeen, AB10 1JB on Tuesday, November 16, 2004 at 2:30 p.m. for the purposes of choosing a person to be Liquidator of the Company, determining whether to establish a Liquidation Committee and considering any other Resolution specified in Rule 4.12(3). Creditors claims should be made up to August 12, 2004. A Creditor is entitled to vote only if a claim has been submitted to the Interim Liquidator and his claim has been accepted for voting purposes in whole or in part. Proxies may be lodged at or before the Meeting at the offices of the Interim Liquidator. A resolution of the meeting is passed if a majority of those voting vote in favor of it. The provision of Rules 4.15-4.17 and of Part 7 of the Insolvency (Scotland) Rules 1986 apply. Blair C. Nimmo, For Neil A. Armour, Interim Liquidator October 27, 2004 CONTACT: KPMG 37 Albyn Place Aberdeen AB10 1JB Phone: (01224) 591000 Fax: (01224) 590909 Web site: http://www.kpmg.co.uk PIOLI LIMITED: Members General Meeting Set End of November ---------------------------------------------------------- The general meeting of the members of the Pioli Limited will be on November 30, 2004 commencing at 10:30 a.m. It will be held at Moore Stephens Corporate Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must lodged with CONTACT: MOORE STEPHENS CORPORATE RECOVERY Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB Phone: 0121 233 2557 Web site: http://www.moorestephens.co.uk RFC NO.1: Sets General Meeting December --------------------------------------- The general meeting of the RFC No.1 Limited will be on December 9, 2004 commencing at 11:30 a.m. It will be held at Deloitte & Touche LLP, 66 Shoe Lane, London EC4A 3WA. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Deloitte & Touche LLP, 66 Shoe Lane, London EC4A 3WA not later than 12:00 noon, December 8, 2004. 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 R & M PIOLI: Liquidator's Report Out End of November ---------------------------------------------------- The general meeting of the members of R & M Pioli Properties Limited will be on November 30, 2004 commencing at 10:30 a.m. It will be held at Moore Stephens Corporate Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Moore Stephens Corporate Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB not later than November 29, 2004. CONTACT: MOORE STEPHENS CORPORATE RECOVERY Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB Phone: 0121 233 2557 Web site: http://www.moorestephens.co.uk SERVICE CENTRE: Directors Disqualified from Holding Exec Post ------------------------------------------------------------- The directors of a vacuum cleaner repair business that failed with total debts estimated at over GBP133,000 have each given Undertakings not to hold directorships or take any part in company management for four years. The Undertakings by John Alexander Stewart and Julie Gail Stewart of Buxton Road West, Disley, near Stockport, Cheshire, were given in respect of their conduct as directors of The Service Centre Limited that carried out business from premises at 13 Didsbury Road, Heaton Mersey, in Stockport. Acceptance of the Undertakings on October 12, 2004 prevents either John or Julie Stewart from being directors of a company or, in any way, whether directly or indirectly, being concerned in or taking part in the promotion, formation or management of a company for the above period. The Service Centre Limited was placed into voluntary liquidation on July 24, 2004 with an estimated deficiency to its creditors of GBP133,568. Matters of unfit conduct, not disputed by either John or Julie Stewart were, that they: (a) Caused or allowed the company to fail to deal properly with its taxation affairs; (b) Caused or allowed the company to fail to pay monies due to the Crown Departments totaling GBP127,959 in respect of PAYE, NIC and VAT; (c) Caused the company to pay to themselves remuneration and benefits totaling at least GBP143,644 at a time when it was failing to pay Crown Departments and was trading at a loss; and (d) Failed to maintain, preserve and deliver up adequate accounting records. As a result the liquidators have been hampered in their administration in that they have been unable to verify the company's trading performance and satisfy themselves that they are aware of all its assets and liabilities. 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. 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 UNIMOTORS LIMITED: Final General Meeting Set December ----------------------------------------------------- The final general meeting of the Unimotors Limited will be on December 6, 2004 commencing at 10:00 a.m. It will be held at the offices of Elwell Watchorn & Saxton, Cumberland House, 35 Park Row, Nottingham NG1 6EE. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. CONTACT: ELWELL WATCHORN & SAXTON Cumberland House, 35 Park Row Nottingham NG1 6EE Phone: (+44) 0115 988 6035 Fax: (+44) 0115 988 6135 815121 E-mail: office@ews-insolvency.co.uk Web site: http://www.ews-insolvency.co.uk * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro A.G. (111) 174 (182) Rhi A.G. (531) 1,471 129 BELGIUM ------- Carestel N.V. CSTL.BR (3) 178 (68) City Hotels CITY.BR (7) 210 (15) Real Software REAL.BR (202) 176 (17) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Arbel PA.ARB (50) 213 (47) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Bull S.A. BULP.PA (912) 902 (38) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Compagnies de Machines Bull (139) 137 (6) Charbo De France (3,872) 4,738 (2,868) Euro Computer System (110) 682 377 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (68) 233 29 LVL Medical Group LVLM.PA (8) 149 (6) Pneumatiques Kleber S.A. (34) 480 139 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Agor A.G. DOOG.BE (8) 392 (126) Dortmunder Actien-Brauerei DABG (13) 118 (29) F.A. Guenther & Son A.G. GUSG (8) 111 N.A. Glunz A.G. GLUG (0) 428 (17) Kamps A.G. KMPSF.PK (93) 1,075 (61) Kaufring A.G. KAUG (19) 151 (51) Marbert A.G. MTBG (13) 144 (50) Nordsee A.G. (8) 195 (31) Primacom A.G. PRIG (106) 1,264 (50) Rinol A.G. RLIG (25) 178 (53) Schaltbau Hold SLTG (38) 150 (26) Senator Entertainment A.G. SENGk.BE (153) 126 (148) Sinn Leffers A.G. WHGG (4) 454 (145) Spar Handels- A.G. SPAG (442) 1,433 (234) VBH Holding A.G. VBHG (54) 337 (80) GREECE ------ Delta Ice Cream (3) 183 (14) ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (31) 793 (248) Gruppo Coin S.p.A. GC (111) 974 (97) Lazio S.p.A. LAZI (57) 495 (330) Olcese S.p.A. OLCI.MI (13) 180 (64) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) LUXEMBOURG ---------- Millicom International Cellular S.A. MICC (59) 1,523 4 Oriflame Cosmetics S.A. ORI.ST (44) 378 97 NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 Numico N.V. NUMC (558) 2,030 83 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Pan Fish ASA (24) 514 327 Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Gruppo Media Capital SGPS S.A. GMPTF.PK (21) 399 (85) Mostostal Zabrze MECOF.PK (6) 227 366 RUSSIA ------ Kamchatskenergo (107) 291 7,319 Zil Auto (88) 333 (10,769) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Avanzit S.A. AVZ.MC (117) 457 (247) Santana Motor S.A. (46) 223 41 Sniace S.A. (11) 136 (34) SWITZERLAND ----------- Kaba Holding A.G. KABZN (19) 569 372 Swisslog Holding-R SLOG (98) 354 151 UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,342) 3,438 229 British Nuclear Fuels Plc (4,248) 40,326 (977) Center Parcs (UK) Group Plc CQY (77) 423 (227) Compass Group CPG (668) 2,972 (298) Costain Group COST (65) 396 (4) Dawson Holdings DWN.L (29) 142 (29) Dignity Plc DTY.L (148) 485 (89) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,318) 3,472 (293) Euromoney Institutional Investor Plc ERM.L (122) 167 (2) Gallaher Group GLH (492) 6,304 116 Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (130) 997 (56) Intertek Testing Services ITRK (64) 508 77 Invensys PLC (559) 5,885 882 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (26) 1,176 (182) Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Misys Plc MSY (334) 934 44 Mytravel Group MT.L (1,118) 2,551 (533) Orange Plc ORNGF (594) 2,902 7 PD Ports Plc PDP.L (282) 361 0 Premier Foods Plc PFD.L (565) 1,105 34 Probus Estates Plc PBE.L (28) 113 (35) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,092) 3,245 (68) Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,361) Virgin Mobile Holdings Plc VMOB.L (101) 278 (80) Each Tuesday edition of the TCR-Europe contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, and Julybien Atadero, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *