/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/041116.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 16, 2004, Vol. 5, No. 227 Headlines B E L G I U M REAL SOFTWARE: Publishing Third-quarter Results this Week C Z E C H R E P U B L I C PLZENSKA BANKA: Court Recognizes CZK2 Billion in Claims F I N L A N D METSO CORPORATION: Completes Bond Exchange Offer F R A N C E MU PRODUCTION: Macon Court Opens Liquidation Proceedings G E R M A N Y AMPLITON GMBH: Creditors Have Until this Month to File Claims COSMETIQUE GMBH: Hamburg Court Appoints Administrator DTS DIALOG: Call Center Succumbs to Bankruptcy GERRESHEIMER HOLDINGS: Under Review for Possible Downgrade HARTSTEIN GMBH: Administrator Takes over Operations HAUS & HOF: Applies for Bankruptcy Proceedings "KLEEBLATT" INGENIEURBURO: Creditors' Meeting Set December MEDIZIN-ELEKTRONIK: Creditors' Claims Due Next Week METALL- & MASCHINENBAUBETRIEB: Files for Bankruptcy PRINT WORLD: Publishing Firm Under Bankruptcy Administration PVS PERFORMANCE: Sets First Creditor's Meeting January H U N G A R Y NABI BUS: Adopts Rehab Plan Drafted by N.Y.-based Advisors I R E L A N D ELAN CORPORATION: Settles Row Over Alzheimer's Research Patent JSG FUNDING: Books EUR2 Million Third-quarter Pre-tax Loss I T A L Y ALITALIA SPA: Govt Takes First Step Towards Privatizing Airline PARMALAT FINANZIARIA: Administrator Reviews Business Plan K Y R G Y Z S T A N ENTERPRICE-2: Calls First Creditors' Meeting KONDOR: To Hold Public Auction Later this Week KYRGYZ INTERNATIONAL: Bankruptcy Grounds Airline SULUKTA DAN-AZYK: To Verify Claims Early Next Year VINIFERMA: Insolvency Manager to Temporarily Run Company L U X E M B O U R G MILLICOM INTERNATIONAL: Subscribers Now Number Seven Million N E T H E R L A N D S KENDRION N.V.: Reschedules EGM to Amend Articles of Association KONINKLIJKE AHOLD: Moves HQ to Rodamco's Building in Amsterdam VILENZO INTERNATIONAL: We Buys Clothier out of Bankruptcy N O R W A Y DNO ASA: Expects NOK96 Mln After-tax Net Loss in 3rd Quarter STOLT-NIELSEN: Two Non-executive Directors Resign R U S S I A BRICKWORKS PERVOMAYSKIY: Declared Insolvent GAOR-ELEKTO-SET P.KRASNOBRODSKIY: Court Hires Insolvency Manager GOR-ELEKTRO-SET: Bankruptcy Hearings Resume January GORSVET: Gives Creditors Until December to File Claims KOLOMNA-GRAIN-PRODUCT: Names D. Gryaznov Insolvency Manager LIVNY-REINFORCED-CONCRETE: Orel Court Appoints Insolvent Manager ORLOVSKAYA MACARONI: Sets Public Auction Next Week PROPKOPYEVSKIY COMBINE: Deadline for Proofs of Claim Set SLAVYANKA: Undergoes Bankruptcy Supervision Procedure SMOLENSK PEAT: Urges Creditors to File Claims Before December 8 TECHNOLOGY OF ORGANIC: Under Bankruptcy Supervision UKHTA-GAS-STROY-MASH: Insolvency Manager Takes over Helm UZAVTO: Moscow Court Recommends Bankruptcy Supervision S P A I N IZAR: E.C. Uneasy About Government-backed Rehab Plan IZAR: Commerce Minister Confident Dispute with Workers Will End S W E D E N AQUA TERRENA: Nine-month Loss Up Twofold U K R A I N E BUILDING GOVERNING 2: Court Orders Debt Moratorium DIAMANT ATG: Court Launches Bankruptcy Supervision Procedure HLIBOROB: Insolvency Manager to Temporarily Oversee Operations INTERHIMPLAST: Vinnitsya Court Opens Bankruptcy Proceedings MEBLI: Ordered to Undergo Bankruptcy Supervision NOVOUSHITSKIJ OIL: Sets Proofs of Claim Deadline STEEL-CONTRUCTION: Under Bankruptcy Supervision VOZNESENSKE: Claims Deadline Expires Third Week of November U N I T E D K I N G D O M 11072003 LIMITED: Sets General Meeting December ABBEYGATE SECURITIES: Hires Liquidator from Wilkins Kennedy ABBEY NATIONAL: Banco Santander Completes Acquisition ABBEY NATIONAL: Support Rating Affirmed After Ownership Change ADDCOLOUR PLASTICS: HSBC Bank Appoints Begbies Traynor Receiver ALLTIMES SERVICES: Hires S. M. Katz as Liquidator AMEXNET LIMITED: Hires PricewaterhouseCoopers as Liquidator ANDEK BUILDING: Hires David Exell Associates as Administrator APPLIED AND ADVANCED: Names KPMG Liquidator AYRSHIRE BUILDING: Liquidator Calls First Creditors' Meeting BEEHIVE PLUMBING: Names Sanderlings Liquidator BENEDICTA LIMITED: Special Winding up Resolution Passed BETTYBOX INVESTMENTS: Creditors Final Meeting Set December B&G MARTIN: Hires Joint Administrators from Tenon Recovery BLUE RIDGE: Calls in Liquidator from Wilkins Kennedy CAPFERN DEVELOPMENTS: Members Final Meeting Set CAPITAL EQUITY: Extraordinary Winding up Resolution Passed CHANDNI KNITWEAR: Names Crawfords Liquidator CHARTER HEAVEN: Liquidator to Update Owners Next Month COMMERCE ONE: Names Harrisons Liquidator CORUS GROUP: Unit Gets Full Ownership of Segal for EUR25 Mln COSTAIN GROUP: Wins GBP68.5 Million Construction Deal EAST ANGLIA: Members Opt to Wind up Business EAST YORKSHIRE: Sets Members General Meeting G.T. FAN: Liquidator to Give Report Next Month INMARSAT FINANCE: US$300 Million Issuance Rated (P)Caa1 LINGAR PROPERTIES: Members Final Meeting Set December NEW NOBLE: Sets First Creditors' Meeting NY PROPERTIES: Members General Meeting Set Next Month PEGASUS FLOORING: Appoints Liquidator from Begbies Traynor PERSONA MANAGEMENT: Calls in Liquidator from Tenon Recovery SOFT DRINKS: Appoints Mazars Administrator THAT CAFE: Creditors Bring in Liquidator TISCO FAST: Interim Liquidators Call Creditors' Meeting VNN MANAGEMENT: Liquidator from Begbies Traynor Moves in WOODCHURCH LIMITED: Members General Meeting Set * Large Companies with Insolvent Balance Sheets ********* ============= B E L G I U M ============= REAL SOFTWARE: Publishing Third-quarter Results this Week --------------------------------------------------------- The company decided to publish its third quarter results on Nov. 18, 2004 before opening of the stock market -- and not on Nov. 19, 2004 after closing, as previously announced. As from 8:30 p.m. that day, the press release will be available at http://www.realsoftware.be. Real Software was established in 1986. In 2003, a group turnover of EUR166.9 million was generated, with an operating profit (EBIT) of EUR0.4 million, representing an EBIT margin of 0.2%. The Real Software Group currently has 1317 employees. The Group offers a comprehensive range of software services, from the development and implementation of in house products, tailor-made projects and outsourcing through to advice, implementation and sales of products produced by other companies such as SAP, JD Edwards, Oracle, Microsoft Navision and Microsoft Axapta. The company exports Belgian technology to a number of countries, including Luxembourg, the Netherlands, France and Germany. Its customer portfolio includes companies such as Du Pont de Nemours, Carrefour, Johnson & Johnson, Merck Sharp & Dohme, Biogen, Renault, STIB-MIVB, the Paris Metro, TF1, EDF - Electricite de France, SNCF, PTT Post, NedCar, Philips, Bandag, Goodyear, KBC Bank and Fortis Bank. You can find more information at http://www.realsoftwaregroup.com. CONTACT: REAL SOFTWARE Dina Boschmans Corporate Communications Manager Prins Boudewijnlaan 26, 2550 Kontich Phone: +32.3.290.23.11 Fax: +32.3.290.23.00 Direct: +32.3.290.25.30 GSM: +32.477.619.682 E-mail: Dina.Boschmans@realsoftware.be Web site: http://www.realsoftwaregroup.com =========================== C Z E C H R E P U B L I C =========================== PLZENSKA BANKA: Court Recognizes CZK2 Billion in Claims ------------------------------------------------------- The district court of Plzen has admitted a CZK2.158 billion claim against bankrupt Plzenska Banka (PB), Financni Noviny says. Cyprus-based Naval Architects Shipping Company Ltd. (NAS) won the claim on November 10, after PB's creditors confirmed an issued statement recognizing the claim in full. NAS bought the claim for CZK650 million in March from investment firm Akro. The district court of Hradec Karlove recognized the claim in March 2003, but PB's bankruptcy administrator and 12 creditors contested the ruling, forcing NAS to file a suit against them. PB's creditors issued a statement early this month admitting the claims. The claim, however, creates more problems for PB's other 1,300 creditors as the company only has CZK1.26 billion in assets. CONTACT: Plzenska Banka a.s. Nam. Republiky 130/16 P.O.BOX 322 306 22 Plzen Phone: +420 377 235 354-359 Fax: +420 377 235 330 E-mail: plzenska.banka@plba.cz Web site: http://www.plba.cz ============= F I N L A N D ============= METSO CORPORATION: Completes Bond Exchange Offer ------------------------------------------------ Metso Corporation has completed its invitation to holders of its EUR500 million 6.25% Notes due 2006 (of which EUR412 million is currently outstanding) to exchange their Existing Notes for new Euro-denominated 5.125% Notes due 2011. The Exchange Offer was launched on October 29, 2004 and expired on November 11, 2004. EUR256.1 million of Existing Notes have been validly submitted and accepted for exchange corresponding to 62.2% of the total outstanding amount of Existing Notes. By application of the Exchange Ratio of 1.0709449, EUR274.2 million of New Notes will be issued on November 19, 2004. Due to the high proportion of Existing Notes submitted for exchange, Metso will not be issuing any Additional Notes. This successful 7-year issue was well received by the market and enabled Metso to extend its debt maturity profile at attractive financial conditions. Results of the Exchange Offer Final aggregate principal amount of the Existing Notes accepted for exchange: EUR256,064,000 Final aggregate principal amount of the New Notes: EUR274,211,000 2006 Benchmark Rate (OBL 4.50% due 18 Aug. 2006 - ISIN: DE0001141380): 2.356% Exchange Spread: 55 bps over the 2006 Benchmark Rate Exchange Price: 106.589% of EUR1,000 principal amount of Existing Notes Cash amounts per Existing Note in respect of accrued interest: EUR58.74 New Notes Issue Date: November 19, 2004 7-Year Mid Swap Rate: 3.557% New Issue Spread: 165 bps over the 2011 Benchmark Rate New Issue Coupon: 5.125% New Issue Price: 99.528% of EUR1,000 principal amount of New Notes Exchange Ratio: 1.0709449 Maturity Date of New Issue: November 21, 2011 Settlement The Settlement Date is expected to be on Nov. 19, 2004 on which date the New Notes will be delivered to the holders of Existing Notes who have validly accepted the Exchange Offer (together with cash amounts in respect of accrued interest and rounding, if any). Deutsche Bank and Merrill Lynch are acting as Dealer Managers in relation to the Exchange Offer. Citibank, Nordea and Skandinaviska Enskilda Banken are acting as Co-Dealer Managers. Citibank is acting as Exchange Agent and Dexia Banque is acting as Luxembourg Exchange Agent. Metso Corporation is a global supplier of process industry machinery and systems, as well as know-how and aftermarket services. The Corporation's core businesses are fiber and paper technology (Metso Paper), rock and mineral processing (Metso Minerals) and automation and control technology (Metso Automation). In 2003, the net sales of Metso Corporation were EUR4.3 billion. Metso has approximately 23,000 employees in over 50 countries. Metso Corporation is listed on the Helsinki and New York Stock Exchanges. * * * THIS ANNOUNCEMENT IS NOT FOR DISTRIBUTION IN THE U.S., ITALY, SPAIN, CANADA, AUSTRALIA OR JAPAN. CONTACT: METSO CORPORATION Pekka Holtta Senior Vice President, Corporate Treasurer Phone: +358 204 84 3195 Eeva Makela Vice President, Investor Relations Phone: +358 204 84 3253 DEUTSCHE BANK AG London Dealer Managers: Liability Management Group Phone: +44 (0) 20 7545 8011 MERRILL LYNCH INTERNATIONAL Liability Management Group Phone: +44 (0) 20 7995 3715 Exchange Agents: Exchange Agent CITIBANK, N.A. Phone: +44 (0) 20 7508 3867 E-mail: exchange.gats@citigroup.com Luxembourg Exchange Agent DEXIA BANQUE INTERNATIONALE A LUXEMBOURG Phone: +352 4590 1 =========== F R A N C E =========== MU PRODUCTION: Macon Court Opens Liquidation Proceedings -------------------------------------------------------- The High Court of Macon placed MU Production into liquidation on November 4, 2004 and appointed SCP Deslorieux liquidator. Creditors are urged to submit their proofs of claim to the liquidator within two months from the publication of this announcement on the Bulletin Officiel des Annonces Civiles et Commerciales (BODACC). CONTACT: MU PRODUCTION 151 Rue Rambuteau, B.P. 230, 71008 Macon Cedex SCP DESLORIEUX 44 Rue de la Republique B.P. 3, 71640 Givry ============= G E R M A N Y ============= AMPLITON GMBH: Creditors Have Until this Month to File Claims ------------------------------------------------------------- The district court of Dusseldorf opened bankruptcy proceedings against Ampliton GmbH on Oct. 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 30, 2004 to register their claims with court-appointed provisional administrator Dr. Frank Kebekus. Creditors and other interested parties are encouraged to attend the meeting on Dec. 21, 2004, 8:30 a.m. at the district court of Dusseldorf Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 4. OG. Altbau, A 409 at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: AMPLITON GMBH Gumpgesbrucke 15, 41564 Kaarst Phone: 0180/509 5095 Contact: Hartmut Gohl, Insolvency Manager Hoeninger Str. 10, 41569 Rommerskirchen Dr. Frank Kebekus, Insolvency Manager Scheibenstrasse 45, 40479 Dusseldorf COSMETIQUE GMBH: Hamburg Court Appoints Administrator ----------------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against Dominique Cosmetique GmbH on Oct. 20. 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 Sonke Hansen. Creditors and other interested parties are encouraged to attend the meeting on Jan. 12, 2005, 11:15 a.m. at the district court of Hamburg 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: COSMETIQUE GMBH ABC-Strasse 52, 20354 Hamburg Contact: Dominique Reitbauer, Manager Heinz Tiefholz-Kauck, Manager Sonke Hansen, Insolvency Manager Monckebergstrasse 17, 20095 Hamburg Phone: 309694-0 DTS DIALOG: Call Center Succumbs to Bankruptcy ---------------------------------------------- The district court of Cologne opened bankruptcy proceedings against dts dialog und telefon service GmbH on Oct. 8. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 24, 2004 to register their claims with court-appointed provisional administrator Karl-Dieter Sommerfeld. Creditors and other interested parties are encouraged to attend the meeting on Dec. 15, 2004, 9:20 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: DTS DIALOG UND TELEFON SERVICE GMBH Hofwiese 4, 51515 Kurten Contact: Claus Rabe, Manager Pillauer Weg 21, 41564 Kaarst Karl-Dieter Sommerfeld, Insolvency Manager Hammerweg 3, 51766 Engelskirchen Phone: 02263/9039-0 Fax: +492263903910 GERRESHEIMER HOLDINGS: Under Review for Possible Downgrade ---------------------------------------------------------- Moody's Investors Service has placed the ratings of Gerresheimer Holdings GmbH & Co, the direct holding company of Gerresheimer Glas AG, a under review for possible downgrade. The rating action follows the announcement that the holding's existing shareholders, Investcorp and JP Morgan Partners, have agreed to sell their stake in Gerresheimer Glas to The Blackstone Group. The ratings affected are the B1 senior implied rating at Gerresheimer Holdings GmbH & Co. KG; B1 rating on the senior secured credit facilities at Gerresheimer Holdings GmbH & Co. KG.; and B3 senior unsecured issuer rating at Gerresheimer Holdings GmbH & Co. KG. Moody's said it will review the potential business and financial strategies of Blackstone for Gerresheimer Glas including the proposed debt leverage profile and relative ranking of the company's different creditors following its expected re- capitalization. The rating agency thinks it is likely that the company's existing debt will be refinanced according to a mandatory prepayment clause agreed once the firm changes ownership. Moody's expects to confirm and withdraw the rating for the credit facilities should its senior secured credit facilities are prepaid and cancelled. CONTACT: THE BLACKSTONE GROUP DEUTSCHLAND GMBH Dr. Hanns Ostmeier Phone: +49-40-70-29-8-0 or The Blackstone Group, New York John Ford Phone: +1 212 583 5559 Mobile: +1 917 952 3275 E-mail: ford@blackstone.com or FRANK ELSNER KOMMUNIKATION FUR UNTERNEHMEN GMBH Frank Elsner Phone: +49-54-04-91-92-0 or INVESTCORP Deborah Botwood Smith Phone: +44 20 7629 6600 or Mobile: +44 7909 526558 E-mail: dbotwoodsmith@investcorp.com HARTSTEIN GMBH: Administrator Takes over Operations --------------------------------------------------- The district court of Dusseldorf opened bankruptcy proceedings against Hartstein GmbH on Oct. 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 15, 2004 to register their claims with court-appointed provisional administrator Dr. Frank Kebekus. Creditors and other interested parties are encouraged to attend the meeting on Jan. 14, 2005, 8:30 a.m. at the district court of Dusseldorf Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 3. OG Altbau, A 341 at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: HARTSTEIN GMBH Fichtenstr. 72, 40233 Dusseldorf Phone: (0211) 7335491 Fax: (0211) 7336351 E-mail: hartstein-gmbh@t-online.de Contact: Herbert Hartstein, Manager Peter Rudiger Hartstein, Manager Am Monchgraben 104, 40597 Dusseldorf Dr. Frank Kebekus, Insolvency Manager Scheibenstrasse 45, 40479 Dusseldorf HAUS & HOF: Applies for Bankruptcy Proceedings ---------------------------------------------- The district court of Bonn opened bankruptcy proceedings against Haus & Hof Bau GmbH on Oct. 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 17, 2004 to register their claims with court-appointed provisional administrator Jens Fahnster. Creditors and other interested parties are encouraged to attend the meeting on Jan. 17, 2005, 9:00 a.m. at the district court of Bonn Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 2. Stock, Saal S 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: HAUS & HOF BAU GMBH Johannesstr. 41-45, 53721 Siegburg Jens Fahnster, Insolvency Manager Kolnstrasse 135, 53757 Sankt Augustin Phone: 02241/90600 Fax: 02241906062 "KLEEBLATT" INGENIEURBURO: Creditors' Meeting Set December ---------------------------------------------------------- The district court of Berlin-Charlottenburg opened bankruptcy proceedings against Kleeblatt" Ingenieurburo fur Umwelttechnik GmbH on Oct. 21. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 21, 2005 to register their claims with court- appointed provisional administrator Rudiger Wienberg. Creditors and other interested parties are encouraged to attend the meeting on Dec. 13, 2004, 9:15 a.m. at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on Mar. 14, 2005, 9:00 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218. CONTACT: "KLEEBLATT" INGENIEURBURO FUR UMWELTTECHNIK GMBH Schonhauser Str. 14,12169 Berlin Contact: Klaus Ebel, Manager Dellweg 1, 25770 Lieth Rudiger Wienberg, Insolvency Manager Markgrafenstrasse 25, 10117 Berlin MEDIZIN-ELEKTRONIK: Creditors' Claims Due Next Week --------------------------------------------------- The district court of Dusseldorf opened bankruptcy proceedings against Medizin-Elektronik Schulz GmbH on Oct. 26. 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 Dr. Onno Klopp. Creditors and other interested parties are encouraged to attend the meeting on Dec. 13, 2004, 9:15 a.m. at the district court of Dusseldorf 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: MEDIZIN-ELEKTRONIK SCHULZ GMBH Elb 56, 40724 Hilden Contact: Ilse Schulz, Manager Dusseldorfer Str. 91, 40721 Hilden Dr. Onno Klopp, Insolvency Manager Sternstrasse 58, 40479 Dusseldorf METALL- & MASCHINENBAUBETRIEB: Files for Bankruptcy --------------------------------------------------- The district court of Cottbus opened bankruptcy proceedings against Metall- & Maschinenbaubetrieb Jurgen Lorenz GmbH on Oct. 26. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 15, 2004 to register their claims with court-appointed provisional administrator Dr. Christoph Junker. Creditors and other interested parties are encouraged to attend the meeting on Jan. 19, 2005, 9:30 a.m. at the district court of Cottbus Saal 210 im Gebaude des Amtsgerichts Cottbus, Gerichtsplatz 2 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: METALL- & MASCHINENBAUBETRIEB JURGEN LORENZ GMBH Doberluger Str. 25 b, 03253 Trobitz Dr. Christoph Junker, Insolvency Manager Karcherallee 25 a, 01277 Dresden PRINT WORLD: Publishing Firm Under Bankruptcy Administration ------------------------------------------------------------ The district court of Hamburg opened bankruptcy proceedings against Print World Produktionskontor GmbH on Oct. 20. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 16, 2004 to register their claims with court-appointed provisional administrator Dr. Klaus Pannen. Creditors and other interested parties are encouraged to attend the meeting on Jan. 13, 2005, 12:10 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: PRINT WORLD PRODUKTIONSKONTOR GMBH Alter Berner Weg 24, 22393 Hamburg Contact: Matthias Albers, Manager Alter Berner Weg 24, 22393 Hamburg Dr. Klaus Pannen, Insolvency Manager Jungfernstieg 51, 20354 Hamburg Phone: 35005266 Fax: 35005119 PVS PERFORMANCE: Sets First Creditor's Meeting January ------------------------------------------------------ The district court of Hamburg opened bankruptcy proceedings against PVS Performance GmbH on Oct. 20. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 23, 2004 to register their claims with court-appointed provisional administrator Reinhard Titz. Creditors and other interested parties are encouraged to attend the meeting on Jan. 20, 2005, 9:30 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: PVS PERFORMANCE GMBH Heinrich-Barth-Strasse 30, 20146 Hamburg Contact: Wolfgang Bock, Manager Lehmweg 30, 20251 Hamburg Reinhard Titz, Insolvency Manager Speersort 4/6, 20095 Hamburg Phone: 303010 Fax: 30301226 ============= H U N G A R Y ============= NABI BUS: Adopts Rehab Plan Drafted by N.Y.-based Advisors ---------------------------------------------------------- The Board of Directors of NABI Bus Industries Rt approved on Nov. 11 a strategy that will lead to a comprehensive restructuring of the Group's operations. Since late 2002, NABI's capital requirements have increased significantly in supporting an expansion of manufacturing capacity and the design, development and introduction of a number of new products for the U.S., U.K. and Hungarian markets. The coordination of engineering and manufacturing between the company's production facilities has proved complex and problematic, leading to increased costs and disappointing financial performance in 2003 and 2004. During the same period, the depreciation of the U.S. dollar against the Hungarian forint has dramatically increased the cost of production of transit bus shells in Hungary. In response to the decline in the Company's financial and operating results, the Board initiated actions necessary to improve the competitive and financial performance of the Group. These actions included the appointment in July 2004 of Conway, Del Genio, Gries & Co., LLC (CDG), a New York-based firm of restructuring advisors who has been working in partnership with Numerica LLP, leading providers of such services in the U.K., to review and assess the Company's current operations and make recommendations for improving future performance. On 11 November 2004, the Board approved a strategy developed with CDG that will lead to a comprehensive restructuring of operations over the next nine months so as to increase the company's competitiveness and reduce working capital and debt. Products and business units, which do not provide an adequate financial return or are not core to the company's operations will be restructured in order that additional resources can be redirected to its primary business activities. Further announcements will be made as the various elements of the restructuring program are finalized. CONTACT: NABI BUS INDUSTRIES RT Contact: Andras Bodor, Corporate Affairs Director Phone: +36.1.401.7100 E-mail: andras.bodor@nabi.hu ============= I R E L A N D ============= ELAN CORPORATION: Settles Row Over Alzheimer's Research Patent -------------------------------------------------------------- Elan Corporation, plc and Mayo Foundation for Medical Education and Research jointly announced they have entered into an agreement related to each party's Alzheimer's disease research efforts. The agreement resolves a patent dispute regarding certain transgenic mice patents and facilitates use by both parties of an array of research tools in combating the disease. The Elan patents that were the subject of the dispute -- which are acknowledged as valid and enforceable under the agreement -- cover transgenic mice that express the human gene known as the Swedish mutation of the amyloid precursor protein. These mice serve an important function in the study of Alzheimer's disease and the development of drugs aimed at curing the disease. The resolution of this dispute provides Mayo and Elan with cross-licenses necessary to pursue their respective ongoing Alzheimer's research and development efforts, and includes the ability for Mayo to conduct research with third parties under this portfolio. Both entities remain committed to changing the course of Alzheimer's disease through these efforts and by making their patents available for licensing. About Elan Elan is a neuroscience-based biotechnology company that is focused on discovering, developing, manufacturing, selling and marketing advanced therapies in neurodegenerative diseases, autoimmune diseases and severe pain. Elan's (NYSE: ELN) shares trade on the New York, London and Dublin Stock Exchanges. About Mayo Mayo's mission is to meet patients' needs through integrated clinical practice, education and research. Mayo's research leads to decreasing the burden of human disease. Mayo is a not- for-profit organization. CONTACT: ELAN CORPORATION, PLC Investor Relations: Emer Reynolds Phone: 353-1-709-4000 800-252-3526 JSG FUNDING: Books EUR2 Million Third-quarter Pre-tax Loss ---------------------------------------------------------- JSG Funding Plc announced on November 12, 2004 the results for three months ended September 30, 2004. 3Q 04 3Q 03 Change 3Q 04 2Q 04 Change EUR M EUR M % EUR M EUR M % Net sales 1,186 1,177 1 1,186 1,226 (3) EBITDA(a) 146 145 1 146 158 (8) EBITDA(a) Margin 12.3% 12.3% 12.3% 12.9% Free cash flow 82 87 (6) 82 70 17 Pre-tax profit /(loss) (2) (1) NM (2) 20 NM - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (a)Pre-exceptional EBITDA of subsidiaries only - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 9 months to 9 months to Change Sep 30, 04 Sep 30, 03 EUR M EUR M % Net sales 3,613 3,573 1 EBITDA(a) 446 476 (6) EBITDA(a) Margin 12.4% 13.3% Free cash flow 165 143 15 Pre-tax profit/(loss) 15 31 (51) (a)Pre-exceptional EBITDA of subsidiaries only Third Quarter 2004: Year-on-year Performance Third quarter net sales of EUR1,186 million increased 1% against EUR1,177 million in the third quarter of 2003. Excluding the effect of acquisitions, disposals and currency movements, sales increased EUR25 million or 2% on the comparable period in 2003. Third quarter EBITDA, before exceptional items, of EUR146 million increased by slightly less than 1% against EUR145 million in the third quarter of 2003, representing a margin on net sales of 12.3% for both periods. Excluding the effect of acquisitions, disposals and currency movements, EBITDA, before exceptional items, of EUR146 million increased over 1% on the comparable period in 2003. Third Quarter 2004: Quarter-on-quarter performance Third quarter net sales of EUR1,186 million decreased 3% against EUR1,226 million in the second quarter of 2004. Excluding the effect of currency movements, sales decreased EUR36 million or 3% on the second quarter of 2004. Third quarter EBITDA, before exceptional items, of EUR146 million decreased 8% against EUR158 million in the second quarter of 2004 representing a margin on net sales of 12.3% and 12.9% respectively. Excluding the effect of currency movements, EBITDA, before exceptional items, of EUR146 million decreased 7% on the second quarter of 2004. Third Quarter 2004: Summary Cash Flows & Capital Structure Free cash flow in the third quarter of EUR82 million compares to EUR87 million in 2003. Third quarter free cash flow reflects a modest pre-tax loss, offset by a continued reduction in working capital levels. Net borrowing at September 30, 2004 was EUR2,963 million (excluding EUR28 million capital leases; EUR29 million at the end of June); an EUR82 million-decrease on June 2004 levels. The relative strengthening of the euro since June has decreased the value of non-euro denominated debt and has resulted in a currency translation gain of EUR12 million in the quarter. Net debt to capitalization was 78% at September 30, 2004. Nine months to September 2004: Year-on-year performance Net sales for the nine months to September 30, 2004 of EUR3,613 million increased 1% against EUR3,573 million in the comparable period in 2003. Excluding the effect of acquisitions, disposals and currency movements, sales increased EUR49 million or 1% on the same period in 2003. EBITDA, before exceptional items, of EUR446 million for the first nine months decreased 6% against EUR476 million in the comparable period in 2003 representing a margin on net sales of 12.4% and 13.3% respectively. Excluding the effect of acquisitions, disposals, currency movements and the one-off gain on property sales in the K Club, EBITDA, before exceptional items, of EUR446 million-decreased EUR12 million or 3% against the comparable period in 2003. This represents an EBITDA margin on net sales of 12.4% and 12.8% respectively. Product Market Overview: Europe The difficult European macro-operating environment, which prevailed in the first half of 2004, moderated in the third quarter with some improvement in industrial growth in Europe. However, despite growth in volumes across each of the Group's core European businesses, kraftliner, recycled containerboard and corrugated, the product price environment generally remains very difficult. Kraftliner was the best performing of the three core grades during the quarter and continues to benefit from an improved global supply and demand balance. JSG's two kraftliner facilities, at Nettingsdorfer and Facture, are beneficiaries of the improving supply and demand balance. Kraftliner volumes increased 6% in the third quarter on 2003 levels. Volume increases in the third quarter, reflect a combination of improving demand and soft comparisons in 2003. The kraftliner price increase of EUR50 per ton announced for September 2004 was partially implemented during the quarter. Recycled containerboard volumes, excluding acquisitions, decreased 1% in the third quarter on 2003 levels. This reflects planned maintenance downtime in one of the Group's German mills in the period. In the nine months to September 30, recycled containerboard volumes increased 3% on 2003 levels. This increase reflects a 6% increase in volumes in two of the Group's largest markets, France and the U.K., which benefited from improved integration levels and a somewhat improving operating environment respectively. Including the effect of acquisitions (SSCC Europe in March 2003 and Papelera Navarra in May 2003), recycled containerboard volumes increased 14% year-on-year. Waste-fiber prices, the primary input cost for recycled containerboard, remained broadly unchanged throughout the first half of the year and this trend continued in the third quarter. The price increase of EUR30 to EUR40 per ton in recycled containerboard in the first quarter was followed by a EUR20 per ton downward adjustment in July as the price increase proved unsustainable. Recycled containerboard prices remained broadly unchanged in the third quarter following the July price adjustment. A price increase of EUR50 per ton was announced for October with implementation planned for the fourth quarter. Corrugated volumes increased marginally on the third quarter of 2003. This volume increase is comprised of growth mainly in Germany and the U.K. offset by declines in France, Holland and Spain. Including the effect of acquisitions, corrugated volumes for the nine months increased by 10% year-on-year. Competitive market conditions across Europe and unchanged waste-fiber and recycled containerboard prices, resulted in static corrugated prices during the quarter. Corrugated prices, in the third quarter, were 2% lower than in the same period in 2003. The Group's Munksjo Speciality operations continued to perform well in the third quarter principally reflecting strong decor paper markets and represents a significant improvement on prior years. Sack kraft conditions remain difficult and price increases announced for the second half of 2004 are not yet implemented. The Group's sack converting operations continue to grow modestly and volumes increased 3% in the third quarter on the comparable period in 2003. JSG's graphic board business continues to improve following recent restructuring. Volumes decreased 6% in the third quarter on the comparable period in 2003, but this reflects the closure of Lestrem, one of JSG's three graphic board mills, in December 2003. Excluding the effect of the closure of our Lestrem mill, volumes increased over 20% on the third quarter of 2003, reflecting the successful transfer of significant tonnage from the closed mill to the Group's other operations. The Bag-in-Box business reported good results in the third quarter with 27% growth in volume on the comparable period in 2003. Product Market Overview: Latin America JSG's Latin American businesses continue to perform ahead of expectations. Third quarter containerboard volumes for the region increased 2% year-on-year. Corrugated volumes increased 10% year-on-year. The difference in growth rates reflects, in part, the growing issue of capacity limitation of the Group's mills in Latin America. JSG's Mexican operations are performing well reflecting a slowly improving US economy, an improving domestic economic environment and the benefits of JSG's internal restructuring initiatives. Third quarter containerboard and corrugated volumes increased 8% and 10% respectively year-on-year. Venezuela also continues to perform ahead of expectations and product pricing remains strong while the domestic economy and currency remain protected. Third quarter containerboard and corrugated volumes increased 1% and 20% respectively year-on- year. Argentina reported continued growth. In the third quarter, corrugated prices increased by 6% and volumes increased 4% on the comparable period in 2003. Third quarter containerboard volumes decreased 12% year-on-year, reflecting maintenance downtime. Colombia continues to show growth year-on-year. The strengthening of the Colombian peso relative to the US dollar positively impacted third-quarter results. This increased input costs, but also positively impacted product prices in period. Third quarter containerboard and corrugated volumes increased 3% and 8% respectively year-on-year. The development of our new corrugated facility in Santiago, Chile is on schedule. The first stage was completed in August when the corrugators and other equipment arrived at the plant. The construction phase is now completed and sales activity began in October. In July we purchased a sack plant in Ecuador. This is being integrated with our Colombian sack paper and conversion businesses. Capital Expenditure and Cost Take-out Capital expenditure during the third quarter was EUR60 million. Capital expenditure for the first nine months of 2004 was EUR141 million. The capital expenditure target for the full year remains approximately 80% of depreciation and represents adequate investment levels to sustain current and expected business needs. JSG continues to focus on reducing costs across the organization. Operational cost take-out, for the nine months to September 30, was approximately EUR43 million. Annual cost take-out, for the full-year, is expected to be in line with expectations. JSG continues to review all non-strategic and non-EBITDA generating assets. During the quarter we disposed of our interests in the Irish Communications business. As the EUR125 million debt associated with the newcos (formed at the time of the LBO and not falling within the scope of JSG's reported financial statements) has been repaid, JSG received a cash inflow of EUR13 million from the newcos during the nine months to September. This inflow reflects cash from the sale of non-operating and non-core assets. The major assets remaining for sale are the Pomona newsprint mill and our stake in Lecta. Third Quarter 2004: Cash Flows & Capital Structure Free cash flow, for the third quarter was EUR82 million compared to EUR87 million in the comparable period in 2003. The decline, year-on-year, reflects a smaller reduction in working capital and higher capital expenditure offset by lower tax payments. Depreciation in the third quarter, at EUR67 million, was modestly higher than in the comparable period in 2003. This increase, in part, reflects the acquisition of the former SSCC operations in Europe. Capital expenditure for the third quarter was EUR60 million. JSG also reported a net inflow in respect of tax in the third quarter as a result of receiving refunds of almost EUR15 million in the Netherlands under the Bosal judgment. Working capital decreased by EUR48 million in the third quarter reflecting lower debtors and higher creditors. As a percentage of annual net sales, working capital of EUR412 million at September 2004 represented 8.7% compared to 10.8% at September 2003. We have now exceeded the working capital reduction targeted at the time of the privatization of the company in late 2002. Seasonal changes can be expected to cause the level of working capital to fluctuate from its current relatively low level. Financing and investment outflows in the third quarter were modest. In the third quarter of 2003, investments included EUR27 million in respect of Papelera Navarra as well as the deferred payment of EUR55 million for Nettingsdorfer. Sales of investments and associates of EUR17 million in 2003 related mainly to the sale of our holding in Leefung Asco, the proceeds from which were transferred to the newcos. The net cash inflow of EUR81 million in the third quarter compared to a deficit of EUR7 million in the same period in 2003. The surplus for the quarter was offset by non-cash interest accrued. Currency adjustments in the third quarter were positive, reflecting the relative strengthening of the euro, primarily against the U.S. dollar. In total, net borrowing decreased by EUR82 million from EUR3,045 million (EUR3,074 million including leases) at June 2004 to EUR2,963 million (EUR2,991 million including leases) at September 2004. Summary Cash Flows for the Third Quarter and First Nine Months of 2004 3 mths 3 mths 9 mths 9 mths to to to to Sep 30 Sep 30 Sep 30 Sep 30 2004 2003 2004 2003 EUR M EUR M EUR M EUR M (Loss)/profit before tax - subsidiaries (4) (3) 7 23 Exceptional items - (6) (15) (6) Depreciation and depletion 67 65 202 193 Goodwill amortization 10 12 31 33 Non cash interest expense 15 15 46 44 Working capital change 48 76 31 34 Capital expenditure (60) (47) (141) (126) Change in capital creditors 6 (3) (7) (14) Sales of fixed assets 1 7 23 8 Tax paid 3 (27) (20) (51) Dividends from associates - 1 3 1 Other (4) (3) 5 4 Free cash flow 82 87 165 143 Investments - (85) (5) (179) Sale of businesses and investments - 17 - 29 Dividends paid to minorities - (2) (5) (6) Deferred debt issue costs (3) - (3) (8) Transaction fees - (5) (2) (17) Transfer of cash from/(to) affiliates 2 (19) 13 (21) Net cash inflow / (outflow) 81 (7) 163 (59) Net cash/(debt) acquired/disposed - - - 55 SSCC inter-company debt repaid - - - (97) Non-cash interest accrued (11) (10) (33) (30) Currency translation adjustments 12 16 (20) 98 Decrease/(increase) in net borrowing 82 (1) 110 (33) Performance Review and Outlook Gary McGann, JSG's Chief Executive Officer, commented: "These results demonstrate the continued strength of our Latin American businesses, the tough operating environment in Europe, albeit with some indications of a volume led recovery, and our continued efforts to control the controllable. EBITDA margins, within this quarter, reflect progress towards the objective to deliver superior performance at each point of the industry cycle. Significantly, this quarter marks real progress towards the stated financial priority of progressive debt paydown." Reconciliation of Net Profit to EBITDA, Before Exceptional Items (Unaudited) 3 mths 3 mths 9 mths 9 mths to to to to Sep 30 Sep 30 Sep 30 Sep 30 2004 2003 2004 2003 EUR 000 EUR 000 EUR 000 EUR 000 Net loss (11,264) (17,121) (24,939) (35,799) Equity minority interests 3,992 3,753 11,115 13,053 Taxation 5,245 12,691 28,792 53,450 Share of associates' Operating profit (3,017) (2,877) (9,040) (9,531) Profit on sale of assets and operations - subsidiaries - (5,560) (15,072) (5,560) Reorganization and restructuring costs 3,026 3,164 8,681 8,510 Total net interest 71,536 74,655 214,399 226,605 Depreciation, depletion and amortization 76,491 76,421 232,397 225,402 EBITDA before EUR EUR EUR EUR exceptional items 146,009 145,126 446,333 476,130 Web site Access to Reports The Registrant's annual report on Form 20-F, current reports on Form 6-K and all amendments to those reports are made available free of charge through (http://www.smurfit-group.com)as soon as practicable after such material is electronically filed with or furnished to the U.S. Securities and Exchange Commission. The full copy of JSG's third-quarter results are available free of charge at http://bankrupt.com/misc/JSG_3q2004.htm. CONTACT: JEFFERSON SMURFIT GROUP Beech Hill Clonskeagh, Dublin 4, Phone: +353 (0) 1-202 7000 Fax: +353 (0) 1-269 4481 Web site: http://www.smurfit-group.com Gary McGann, Chief Executive Officer Phone: +353 1 202 7000 Tony Smurfit, President & COO Phone: +353 1 202 7000 Ian Curley, Finance Director Phone: +353 1 202 7000 K CAPITAL SOURCE Mark Kenny Phone: +353 1 631 5500 E-mail: smurfit@kcapitalsource.com ========= I T A L Y ========= ALITALIA SPA: Govt Takes First Step Towards Privatizing Airline --------------------------------------------------------------- The government passed Sunday a vital ministerial decree approving the privatization of ailing carrier Alitalia, Il Sole 24 Ore says. Under the decree, Alitalia will undergo a EUR1.2 billion capital increase, a large amount of which would be financed by private investors. The government plans to sell some of its stake in the troubled airline to reduce its stake from the current 62% to 49%. The decree will be submitted to a parliamentary committee for further review. On November 10, the carrier formed Alitalia Servizi, a new subsidiary comprised of its ground services operations. Alitalia intends to sell a 49% stake in Servizi to state holding company Fintecna. Alitalia shareholders will meet on December 15 to approve the capital increase. CONTACT: ALITALIA S.p.A. Viale A. Marchetti 111 00148 Rome, Italy Phone: +39 06 6562 2151 Fax: +39 06 6562 4733 Web site: http://www.alitalia.it PARMALAT FINANZIARIA: Administrator Reviews Business Plan --------------------------------------------------------- Court-appointed Parmalat administrator Enrico Bondi is assessing the group's business plan alongside its 2004 results, says Il Sole 24 Ore. Mr. Bondi might revise the plan should Parmalat's current performance fail to correlate with projections for 2005-2006, Il Sole 24 Ore cites sources close to the group. The dairy giant has previously projected net profit to drop to EUR1.338 billion in 2004 and recover to EUR1.459 billion next year. Parmalat expects its net profit margin to increase from 3.5% to 5.2% during this period. Meanwhile, Mr. Bondi and investment banks Lazard and Mediobanca will reportedly release a prospectus to list a new Parmalat in January 2005, leading to a flotation next summer. CONTACT: PARMALAT FINANZIARIA S.p.A. Legal Seat 43044 Collecchio (Pr) Via Oreste Grassi, 26 Administrative Seat 20122 Milan Piazza Erculea, 9 Phone: +39 02 806 8801 Fax: +39 02 869 3863 Web site: http://www.parmalat.net =================== K Y R G Y Z S T A N =================== ENTERPRICE-2: Calls First Creditors' Meeting -------------------------------------------- The Osh Inter-District Court commenced bankruptcy supervision procedure on Passenger and Motor Transport Enterprice-2 on October 22, 2004. The case is docketed as 03-133/M-2004. Mr. Almazbek Osmailov (License Number 0315) was appointed temporary insolvency manager on November 1, 2004. Creditors will meet on November 17, 2004, 10:00 a.m. at Osh, Zapadnaya Str. 4. For more information, call (0-502) 38-19-77. KONDOR: To Hold Public Auction Later this Week ---------------------------------------------- The bidding organizer and insolvency manager of LLC Kondor will sell its properties on November 19, 2004, 10:00 a.m. at Bishkek, Fuchik Str. 9. For sale is an unfinished construction located at Bishkek, Djal-23, 28. Starting price is KGS1,513,500. To participate, bidders must present all necessary documents and deposit an amount equivalent to five percent of the starting price in account number 712417200020100 at Opened JSC Energobank. Bids must be submitted on or before November 18, 2004 to the temporary insolvency manager, Bishkek, Fuchik Str. 9. KYRGYZ INTERNATIONAL: Bankruptcy Grounds Airline ------------------------------------------------ The Bishkek Inter-District Court commenced bankruptcy supervision procedure on Opened JSC Kyrgyz International Airlines on August 18, 2004. The case is docketed as 03- 236/M04-C9. Mr. Jamalbek Ibraimov (License Number 298) was appointed temporary insolvency manager on October 8, 2004. Creditors will meet on November 16, 2004, 10:00 a.m. at Bishkek, Moskovskaya Str. 151, Room 106. Creditors must submit their proofs of claim and register with the temporary insolvency manager seven days prior to the meeting. Proxies must have authorization to vote. For more information, call (0-312) 21-67-26. SULUKTA DAN-AZYK: To Verify Claims Early Next Year -------------------------------------------------- JSC Sulukta Dan-Azyk, which recently became insolvent, will review all proofs of claim on January 12, 2005. For more information, call (0-3653) 2-26-28. VINIFERMA: Insolvency Manager to Temporarily Run Company -------------------------------------------------------- The Chui Inter-District Court commenced bankruptcy supervision procedure on LLC Viniferma on September 1, 2004. The case is docketed as 03-162/M-2004-C3. Mr. Jamalbek Ibraimov (License Number 298) was appointed temporary insolvency manager on October 8, 2004. Creditors will meet on November 16, 2004, 10:00 a.m. at Bishkek, Moskovskaya Str. 151, Room 106. Creditors must submit their proofs of claim and register with the temporary insolvency manager seven days prior to the meeting. Proxies must have authorization to vote. For more information, call (0-312) 21-67-26. =================== L U X E M B O U R G =================== MILLICOM INTERNATIONAL: Subscribers Now Number Seven Million ------------------------------------------------------------ Millicom International Cellular S.A. announces that it has reached 7 million total cellular subscribers as subscriber growth has accelerated in 2004 with record underlying net subscriber additions in the last two quarters. This growth has been driven by three main factors, the launch of GSM services in Latin America, increased network coverage in Africa and price cuts in South East Asia, all of which have stimulated demand in the market. Marc Beuls, President and CEO of Millicom International Cellular S.A. said: "2004 has been a year of strong subscriber growth but we expect growth to increase at a faster rate in 2005 following the recent launch of GSM services in Pakistan. Millicom has a target to add one million new subscribers in Pakistan within the year. In the build out phase Paktel will see pressure on margins, reflecting increased sales and marketing costs for the launch period. With penetration rates rising in all our markets, the prospects for continued strong subscriber intake are excellent." Millicom International Cellular S.A. (Nasdaq:MICC) (Stockholmsborsen and Luxembourg Stock Exchange:MIC) is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has a total of 16 cellular operations and licenses in 15 countries. The Group's cellular operations have a combined population under license of approximately 387 million people. * * * In September, Standard & Poor's Ratings Services revised its outlook on Millicom International to negative from stable due to concerns over recent developments in two of its Asian markets. This market is key to Millicom, boasting strong revenue and profit opportunities, and is viewed as an important support to the ratings. At the same time, Standard & Poor's affirmed its 'B+' long-term corporate credit and 'B-' senior unsecured debt ratings on Millicom. CONTACT: MILLICIOM INTERNATIONAL Marc Beuls, President and Chief Executive Officer Phone: +352 27 759 327 Web site: http://www.millicom.com Andrew Best, Investor Relations Phone: +44 20 7321 5022 ===================== N E T H E R L A N D S ===================== KENDRION N.V.: Reschedules EGM to Amend Articles of Association --------------------------------------------------------------- The extraordinary general meeting of Kendrion N.V. shareholders held Wednesday failed to achieve the quorum that is required to validly adopt amendments to the articles of association of Kendrion. Although approximately 62% of the shares in the capital of Kendrion were present or represented, this fell short of the 75% quorum that is required. Adoption of a resolution to amend Kendrion's articles of association is necessary to complete the financial restructuring as announced in the press release of 25 October 2004. Therefore, Kendrion will call a second extraordinary general meeting of shareholders to be held on 26 November 2004. For a second extraordinary general meeting no quorum requirement exists. The resolutions can be adopted by achieving the required qualified majority of 75% of the votes present. Kendrion N.V. Kendrion N.V. is an international company, which has approximately 3,200 employees in 16 European countries and Hong Kong. Kendrion aims at niche market leadership in business-to-business markets. Kendrion develops high quality industrial components and provides services in the field of plastic semi-manufactures and fasteners. Motivated local entrepreneurship, quality management in the broadest sense and logistic expertise are characteristic of Kendrion. Kendrion stock is listed on the Euronext Amsterdam stock exchange and included in the Euronext index NextPrime. CONTACT: KENDRION N.V. Postbus 931, 3700 AX Zeist Utrechtseweg 33, 3704 HA Zeist Nederland Phone: +31 30 6997250 Fax: +31 30 6951165 E-mail: info@kendrion.com Web site: http://www.kendrion.com KONINKLIJKE AHOLD: Moves HQ to Rodamco's Building in Amsterdam -------------------------------------------------------------- Rodamco Europe N.V. will lease its office building 'Huys Europa' located in Amsterdam's Eastern Commercial Wharf (Oostelijke Handelskade) to Royal Ahold. The 'Huys Europa' building consists of approximately 6,100 sq. meters. The International Group Support Office (previously Headquarters) of Ahold, currently situated in Zaandam (the Netherlands) will move to 'Huys Europa' during the autumn 2005. 'Huys Europa' is part of the project 'Pakhuysen' (located at Oostelijke Handelskade), which consists of two office buildings, 'Huys Europa' and 'Huys Azie', with a total NLA of 14,600 sq. meters of office space and an underground parking garage. Ahold will lease a total of 5,500 sq. meters office space and 500 sq. meters commercial space in 'Huys Europa'. The construction of the two buildings has recently been completed and the ownership will be transferred to Rodamco Europe by mid November 2004. * * * Koninklijke Ahold said Tuesday it will move its corporate headquarters in The Netherlands from Zaandam to the country's capital, Amsterdam. The move, likely to take place in the fourth quarter of 2005, is part of the overall repositioning of Ahold's Group Support Office. CONTACT: ROYAL AHOLD N.V. Albert Heijnweg 1 1507 EH Zaandam Phone: +31-75-659-9111 Fax: +31-75-659-8350 Web site: http://www.ahold.com VILENZO INTERNATIONAL: We Buys Clothier out of Bankruptcy --------------------------------------------------------- Fashion company We International has acquired all of the assets of insolvent clothing maker Vilenzo International N.V. for an undisclosed sum, Fiber 2 Fashion reports. Vilenzo was declared bankrupt last week after failing to obtain refinancing from banks and to secure shareholders' support for a capital increase. According to the report, We plans to invest money to strengthen and expand certain brands. We owner and Chief Executive Ronald de Waal said: "[The] group has big plans for some of Vilenzo's brands." Vilenzo's portfolio of brands includes Cakewalk, Jottum, Bad Boys, Bad Girls, Jeep, Van Gils, Frans Molenaar and UFM. The company reported a loss of EUR14.3 million in the first half. In 2003, the firm made a net loss of EUR17.1 million on turnover of EUR160.2 million. The firm blamed difficult overall market conditions, fierce competition and management disputes for its troubles. CONTACT: VILENZO INTERNATIONAL Kraaivenstraat 21 NL-5048 AB Tilburg, NETHERLANDS Phone: +31 13 594 6800 or +31 13 594 6801 Web site: http://www.vilenzo.com =========== N O R W A Y =========== DNO ASA: Expects NOK96 Mln After-tax Net Loss in 3rd Quarter ------------------------------------------------------------ Preliminary results of DNO A.S.A. for the third quarter indicate improved profit from operations but negative results after tax. DNO will call for an extraordinary shareholders' meeting to propose payment of an extraordinary dividend to its shareholders. Preliminary Results for Third-quarter of 2004 According to the company's revised strategy, DNO maintained high exploration activity during the third quarter. DNO applies the successful efforts method in accounting for its oil and gas operations. As a consequence of this principle, DNO expensed approximately NOK74 million in exploration costs incurred in the third quarter. Despite high exploration expenses, the operating profit (EBIT) for the third quarter is improved and estimated at NOK121 million, due to higher revenues from sale of petroleum products. The exploration efforts in the third quarter resulted in an increase of approximately 6 million barrels in p+p net reserves to DNO. In addition to high exploration expenses, DNO's third quarter profits are impacted by a loss from oil-price hedging of NOK50 million, negative net finance of NOK38 million mostly due to unrealized currency losses and increased tax expense of NOK179 million mainly due to higher production. As a consequence of the above items, DNO expects a net loss after tax of approximately NOK96 million in the third quarter. Extraordinary Shareholders Meeting The Board of Directors of DNO will call an extraordinary shareholders' meeting and propose to distribute approximately NOK168 million in extraordinary dividend to its shareholders. The proposed dividend consists of approximately NOK28 million in cash corresponding to NOK0.5 per DNO share, and approximately NOK140 million in the form of shares in Independent Oil Tools a.s., corresponding to an approximate value of NOK2.48 per DNO share. Distributing the shares in IOT will make the underlying value more visible and DNO's shareholders may select to keep or to realize these values, as IOT will seek to be listed during 2005. The extraordinary shareholders' meeting will be convened on 1 December 2004. By distributing the shares in IOT, which holds a significant ownership position in Petrolia Drilling A.S.A., DNO will be reducing its activity within offshore and services. This is in line with the company's revised strategy of focusing on exploration and production of oil and gas. CONTACT: DNO A.S.A. Helge Eide Man. Dir. Phone: (+47) 55 22 47 00 / (+47) 23 23 84 80 Web site: http://www.dno.no STOLT-NIELSEN: Two Non-executive Directors Resign ------------------------------------------------- Stolt-Nielsen S.A. announced Friday that Erling C. Hjort and Christen Sveaas have stepped down as non-executive directors. "I thank Erling and Christen for their valuable contributions during their time on the Board," said Jacob Stolt-Nielsen, Chairman of the Board of SNSA. The Company also announced that it intends to commence the search process for additional independent directors. Current Board member Christopher J. Wright will assume Mr. Hjort's position as Chairman of the Audit Committee. Mr. Wright is a former executive with BP who served as SNSA's Chief Operating Officer from 1986 to 2001. About Stolt-Nielsen S.A. Stolt-Nielsen S.A. (NASDAQNM: SNSA; Oslo Stock Exchange: SNI) is one of the world's leading providers of transportation services for bulk liquid chemicals, edible oils, acids, and other specialty liquids. The Company, through the parcel tanker, tank container, terminal, rail and barge services of its wholly owned subsidiary Stolt-Nielsen Transportation Group, provides integrated transportation for its customers. Stolt Sea Farm, wholly-owned by the Company, produces and markets high quality Atlantic salmon, salmon trout, turbot, halibut, sturgeon, caviar, bluefin tuna, and tilapia. The Company also owns 41.7% of Stolt Offshore (NASDAQNM: SOSA; Oslo Stock Exchange: STO), which is a leading offshore contractor to the oil and gas industry. Stolt Offshore specializes in providing technologically sophisticated offshore and subsea engineering, flowline and pipeline lay, construction, inspection, and maintenance services. CONTACT: STOLT-NIELSEN S.A. Art Gormley Phone: U.S.A. 1 212 922 0900 E-mail: agormley@dgi-nyc.com Valerie Lyon Phone: U.K. 44 20 7611 8904 E-mail: vlyon@stolt.com =========== R U S S I A =========== BRICKWORKS PERVOMAYSKIY: Declared Insolvent ------------------------------------------- The Arbitration Court of Tambov region has commenced bankruptcy proceedings against Brickworks Pervomayskiy after finding the limited liability company insolvent. The case is docketed as A64-2494/02-2. Ms. V. Strelnikova has been appointed insolvency manager. Creditors have until December 8, 2004 to submit their proofs of claim to 393700, Russia, Tambov region, Pervomayskiy region, Il-Dmitrievskoye. CONTACT: BRICKWORKS PERVOMAYSKIY 393700, Russia, Tambov region, Pervomayskiy region, Il-Dmitrievskoye Ms. V. Strelnikova Insolvency Manager 393700, Russia, Tambov region, Pervomayskiy region, Il-Dmitrievskoye GAOR-ELEKTO-SET P.KRASNOBRODSKIY: Court Hires Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Kemerovo region has commenced bankruptcy proceedings against Gaor-Elekto-Set P. Krasnobrodskiy after finding the limited liability company insolvent. The case is docketed as A27-617/200-4. Mr. R. Sadulin has been appointed insolvency manager. Creditors may submit their proofs of claim to 653000, Russia, Kemerovo region, Prokopyevsk, Post User Box 17025. A hearing will take place at the Arbitration Court of Kemerovo region on March 2, 2005, 2:30 p.m. CONTACT: GAOR-ELEKTO-SET P. KRASNOBRODSKIY 652640, Russia, Kemerovo region, Belovo, Krasnoborodskiy, Gagarina Str. 1 Mr. R. Asadulin Insolvency Manager 653000, Russia, Kemerovo region, Prokopyevsk, Post User Box 17025 GOR-ELEKTRO-SET: Bankruptcy Hearings Resume January --------------------------------------------------- The Arbitration Court of Kemerovo region has commenced bankruptcy supervision procedure on limited liability company Gor-Elektro-Set. The case is docketed as #A27-13383/2004-4. Mr. E. Bgatov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 652700, Russia, Kemerovo region, Kiselevsk, Lenina Str. 59. A hearing will take place on January 26, 2005. CONTACT: GOR-ELEKTRO-SET 652700, Russia, Kemerovo region, Kiselevsk, Lenina Str. 59 Mr. E. Bgatov Temporary Insolvency Manager 652700, Russia, Kemerovo region, Kiselevsk, Lenina Str. 59 GORSVET: Gives Creditors Until December to File Claims ------------------------------------------------------ The Arbitration Court of Kirov region has commenced bankruptcy proceedings against Gorsvet after finding the municipal unitary enterprise insolvent. The case is docketed as A28-30/04-26/3. Mr. G. Devyatykh has been appointed insolvency manager. Creditors have until December 8, 2004 to submit their proofs of claim to 610004, Russia, Kirov, Lenina Str. 2. CONTACT: Mr. G. Devyatykh Insolvency Manager 610004, Russia, Kirov, Lenina Str. 2 Phone: (8332) 35-00-40 KOLOMNA-GRAIN-PRODUCT: Names D. Gryaznov Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Moscow region has commenced bankruptcy proceedings against Kolomna-Grain-Product after finding the open joint stock company insolvent. The case is docketed as A41-K2- 23533/03-1400/04. Mr. D. Gryaznov has been appointed insolvency manager. Creditors have until December 8, 2004 to submit their proofs of claim to 125167, Russia, Moscow, Planetnaya Str. 29, Building 1. CONTACT: KOLOMNA-GRAIN-PRODUCT 140015, Russia, Moscow region, Kolomna, Kolkhoznaya Str. 14 Mr. D. Gryaznov Insolvency Manager 125167, Russia, Moscow, Planetnaya Str. 29, Building 1 LIVNY-REINFORCED-CONCRETE: Orel Court Appoints Insolvent Manager ---------------------------------------------------------------- The Arbitration Court of Orel region has commenced bankruptcy proceedings against Livny-Reinforced-Concrete (TIN 5715003697) after finding the limited liability company insolvent. The case is docketed as A48-2363/03-20B6. Mr. A. Nogtenko has been appointed insolvency manager. Creditors may submit their proofs of claim to 302010, Russia, Orel, Aviatsionnaya Str. 5. CONTACT: LIVNY-REINFORCED-CONCRETE Russia, Orel region, Livenskiy region, Naberezhniy, Beregovaya Str. 1 Mr. A. Nogtenko Insolvency Manager 302010, Russia, Orel, Aviatsionnaya Str. 5 ORLOVSKAYA MACARONI: Sets Public Auction Next Week -------------------------------------------------- The bidding organizer and insolvency manager of open joint stock company Orlovskaya Macaroni Factory will sell its properties on November 22, 2004, 12:00 noon (local time). It will be held at Russia, Orel, Pishevoy Per. 15. The assets for sale are: Lot 1: Immovable property and equipment. Starting price: RUB12,201,900; Lot 2: Equipment. Starting price: RUB979,400; Lot 3: Immovable property. Starting price: RUB183,800. The list of documentary requirements for participants is available at Russia, Orel, Pishevoy Per. 15. To participate, bidders must deposit an amount equivalent to 10% of the starting price to the settlement account 40702810547000020371, BIC 045402601, correspondent account 30101810300000000601 at Orlovskoye OSB8595 in Orel. CONTACT: ORLOVSKAYA MACARONI FACTORY Russia, Orel, Pishevoy Per. 15 Phone: (086) 77-93-28 PROPKOPYEVSKIY COMBINE: Deadline for Proofs of Claim Set -------------------------------------------------------- The Arbitration Court of Kemerovo region has commenced bankruptcy proceedings against Propkopyevskiy Combine of Grain Products after finding the open joint stock company insolvent. The case is docketed as A27-3884/04-4. Mr. V. Grishin has been appointed insolvency manager. Creditors have until December 8, 2004 to submit their proofs of claim to 654018, Russia, Kemerovo region, Novokuznetsk, Kirova Str. 64-68. CONTACT: PROPKOPYEVSKIY COMBINE OF GRAIN PRODUCTS 653013, Russia, Kemerovo region, Propkopyevsk, 40 Let Oktyabrya Str. 14 Mr. V. Grishin Insolvency Manager 654018, Russia, Kemerovo region, Novokuznetsk, Kirova Str. 64-68 SLAVYANKA: Undergoes Bankruptcy Supervision Procedure ----------------------------------------------------- The Arbitration Court of Vladimir region has commenced bankruptcy supervision procedure on open joint stock company Slavyanka. The case is docketed as A11-7609/2004-K1-60B/4B. Ms. G. Rabina has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to: (a) Slavyanka 600015, Russia, Vladimir, Razina Str. 21 (b) Temporary Insolvency Manager 600015, Russia, Vladimir, Razina Str. 21 (c) The Arbitration Court of Vladimir Region 600025, Russia, Vladimir, Oktyabrskiy Pr. 14 A hearing will take place on March 1, 2005. SMOLENSK PEAT: Urges Creditors to File Claims Before December 8 --------------------------------------------------------------- The Arbitration Court of Smolensk region has commenced bankruptcy proceedings against Smolensk Peat after finding the open joint stock company insolvent. The case is docketed as A62-568-N/2004. Mr. V. Fomin has been appointed insolvency manager. Creditors have until December 8, 2004 to submit their proofs of claim to 214000, Russia, Smolensk, Gagarina Pr. 10/2. CONTACT: SMOLENSK PEAT 214014, Russia, Smolensk, Chaplina Str. 12 Mr. V. Fomin Insolvency Manager 214000, Russia, Smolensk, Gagarina Pr. 10/2 Phone: (08-12) 38-08-94 Fax: (08-12) 65-66-36 TECHNOLOGY OF ORGANIC: Under Bankruptcy Supervision --------------------------------------------------- The Arbitration Court of Saratov region has commenced bankruptcy supervision procedure on federal state unitary enterprise state institute of Technology of Organic Synthesis with Experimental Works. The case is docketed as A57-158B/04-31. Mr. V. Orlyanskiy has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 410601, Russia, Saratov, Post User Box 14. CONTACT: TECHNOLOGY OF ORGANIC SYNTHESIS WITH EXPERIMENTAL WORKS Russia, Saratov region, Shikhany Mr. V. Orlyanskiy Temporary Insolvency Manager 410601, Russia, Saratov, Post User Box 14 UKHTA-GAS-STROY-MASH: Insolvency Manager Takes over Helm -------------------------------------------------------- The Arbitration Court of Komi republic has commenced bankruptcy proceedings against Ukhta-Gas-Stroy-Mash after finding the experimental engineering plant insolvent. The case is docketed as A29-8331/02-3B. Ms. N. Vaneyeva has been appointed insolvency manager. Creditors have until December 8, 2004 to submit their proofs of claim to 167000, Russia, Komi republic, Sykryvkar, Kolkhoznaya Str. 3A. CONTACT: UKHTA-GAS-STROY-MASH 169300, Russia, Komi republic, Ukhta, Mashinostroiteley Str. 2 Ms. N. Vaneyeva Insolvency Manager 167000, Russia, Komi republic, Sykryvkar, Kolkhoznaya Str. 3A UZAVTO: Moscow Court Recommends Bankruptcy Supervision ------------------------------------------------------ The Arbitration Court of Moscow region has commenced bankruptcy supervision procedure on close joint stock company Uzavto. The case is docketed as A40-39259/04-86-24B. Mr. P. Tumbasov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 115114, Russia, Moscow, Post User Box 24. A hearing will take place on February 3, 2005. CONTACT: UZAVTO Russia, Moscow, Prechistenka Str. 17/8/9, Building 2 Mr. P. Tumbasov Temporary Insolvency Manager 115114, Russia, Moscow, Post User Box 24 ========= S P A I N ========= IZAR: E.C. Uneasy About Government-backed Rehab Plan ---------------------------------------------------- The European Commission has expressed reservations over the proposed restructuring plan for troubled shipbuilder Izar, Europe Intelligence Wire says. E.U. competition commissioner Mario Monti is wary of another illegal state aid against Izar, which has received similar assistance from owner, Sociedad Estatal de Participaciones Industriales (SEPI). E.C. representatives and SEPI will meet this week to discuss plans for Izar's civilian yards. The commission indicated it would not allow further operating aids, though the government has the free hand to provide restructuring aid to encourage early retirements. SEPI plans to separate the civilian yards from its profitable military yards under a new publicly controlled holding company. SEPI intends to retain Izar's military unit and privatize the civilian division. The holding company earlier told unions it would keep a 49% stake in the civilian unit and has allotted around 20% to 30% for public savings banks. The remaining shares would be sold off to private investors. "If SEPI keeps 49% and another 20% is in the hands of public banks, the result will be that Izar will still be state- controlled," Europe Intelligence Wire quotes an E.C. source. "This plan is sure to raise eyebrows." SEPI and unions suspended negotiations while waiting for the commission's ruling. Talks are expected to resume on November 17. CONTACT: IZAR CONSTRUCCIONES NAVALES a.s. Velazquez Street 132 28006 Madrid, Spain Phone: +34 91 335 84 00 Fax: +34 91 335 86 52 E-mail: izar@izar.es Web site: http://www.izar.es SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES Velasquez, 134 28006 Madrid, Spain Phone: +34-91-396-10-00 Fax: +34-91-562-87-89 Web site: http://www.sepionline.com IZAR: Commerce Minister Confident Dispute with Workers Will End --------------------------------------------------------------- Tourism and commerce minister Jose Montilla is optimistic the dispute between unions and the management of ailing shipbuilder, Izar, will be resolved soon, Expansion says. Mr. Montilla admits the shipbuilder is facing "complex" problems and needs ample time to achieve an agreement "satisfactory to the majority of parties concerned." Meanwhile, political groups in the autonomous region of Galicia asked the regional government to demand an assurance that the central government and Izar owner Sociedad Estatal de Participaciones Industriales (SEPI) will keep the Ferrol shipyard an "exclusive center" for production of military ships, supplies and logistical support. CONTACT: IZAR CONSTRUCCIONES NAVALES a.s. Velazquez Street 132 28006 Madrid, Spain Phone: +34 91 335 84 00 Fax: +34 91 335 86 52 E-mail: izar@izar.es Web site: http://www.izar.es SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES Velasquez, 134 28006 Madrid, Spain Phone: +34-91-396-10-00 Fax: +34-91-562-87-89 Web site: http://www.sepionline.com =========== S W E D E N =========== AQUA TERRENA: Nine-month Loss Up Twofold ---------------------------------------- Aqua Terrena International AB made a pre-tax loss of SEK15.1 million (US$2.16 million) in the first nine months, just- drinks.com reports. The loss is up from SEK6.6 million for a turnover of SEK6.6 million in the same period last year. Turnover for 2004 is down to EUR5.0 million. Aqua Terrena has been operating since October 1997 and listed on the Swedish Aktietorgt stock market since March 1999. It currently consists of a production company and a sales company. The concern is divided into four business areas: daily trade, office and mobile water, restaurants, and export market. CONTACT: AQUA TERRENA INTERNATIONAL AB Web site: http://www.aquaterrena.se/si E-mail: info@aquaterrena.se Phone: +46 (0) 42-750 10 or +46(0)42-400 5000 ============= U K R A I N E ============= BUILDING GOVERNING 2: Court Orders Debt Moratorium -------------------------------------------------- The Economic Court of Donetsk region finally commenced bankruptcy supervision procedure on Building Governing 2 (code EDRPOU 01237551) on September 23, 2004. Prior to this, the same court ordered a moratorium on satisfaction of creditors' claims on September 7, 2004. The case is docketed as 15/169 B. Mr. Ruslan Rigovanov (License Number AA 249559) has been appointed temporary insolvency manager. The company holds account number 26007301553105 at JSCB Prominvestbank, Gorlivka branch, MFO 334464. Creditors have until November 18, 2004 to submit their proofs of claim to: (a) BUILDING GOVERNING 2 84600, Ukraine, Donetsk region, Gorlivka, Baranov Str. 6 (b) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 DIAMANT ATG: Court Launches Bankruptcy Supervision Procedure ------------------------------------------------------------ The Economic Court of Dnipropetrovsk region commenced bankruptcy supervision procedure on LLC Diamant ATG (code EDRPOU 23069632). The case is docketed as B24/104/04. Mr. L. Shaguta (License Number AA 487786) has been appointed temporary insolvency manager. The company holds account number 26007000051502 at CB Nadra, MFO 306016. CONTACT: DIAMANT ATG 49000, Ukraine, Dnipropetrovsk region, Geroyiv Stalingradu Str. 25-a Mr. L. Shaguta Temporary Insolvency Manager 49000, Ukraine, Dnipropetrovsk region, Kirova, Shmidt Str. 44 ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a HLIBOROB: Insolvency Manager to Temporarily Oversee Operations -------------------------------------------------------------- The Economic Court of Herson region has commenced bankruptcy supervision procedure on Agricultural LLC Hliborob (code EDRPOU 25929843). The case is docketed as 5/100-B. Mrs. Olena Titova (License Number AA 779145) has been appointed temporary insolvency manager. The company holds account number 26008983 at JSPPB Aval, N. Kahovka branch, MFO 352598. Creditors have until November 18, 2004 to submit their proofs of claim to: (a) HLIBOROB Ukraine, Herson region, Berislavskij district, Rakivka (b) ECONOMIC COURT OF HERSON REGION 73000, Ukraine, Herson region, Gorkij Str. 18 INTERHIMPLAST: Vinnitsya Court Opens Bankruptcy Proceedings ----------------------------------------------------------- The Economic Court of Vinnitsya region commenced bankruptcy proceedings against Interhimplast (code EDRPOU 30957948) on October 1, 2004 after finding the limited liability company insolvent. The case is docketed as 10/85-04. Arbitral manager Mr. N. Voznyakevich (License Number AA) has been appointed liquidator/insolvency manager. The company holds account number 26003017410962 at Ukreksimbank, MFO 302429. CONTACT: INTERHIMPLAST 21100, Ukraine, Vinnitsya region, Chervonoarmijska Str. 89/16 Mr. N. Voznyakevich Liquidator/Insolvency Manager Ukraine, Vinnitsya region, Hmelnitske shose Str. 2-A, Room 712 Phone: (0432) 39-97-85 ECONOMIC COURT OF VINNITSYA REGION 21100, Ukraine, Vinnitsya region, Hmelnitske Shose, 7 MEBLI: Ordered to Undergo Bankruptcy Supervision ------------------------------------------------ The Economic Court of Hmelnitskij region commenced bankruptcy supervision procedure on LLC Mebli (code EDRPOU 05509372) on August 25, 2004. The case is docketed as 13/221-B. Arbitral manager Mr. Sergij Shishkin (License Number AA 668307) has been appointed temporary insolvency manager. CONTACT: MEBLI Ukraine, Hmelnitskij region, Kamyanets-Podilskij, Timiryazev Str. 84 Mr. Sergij Shishkin Temporary Insolvency Manager 29000, Ukraine, Hmelnitskij region, Institutska Str. 17/3-47 ECONOMIC COURT OF HMELNITSKIJ REGION 29000, Ukraine, Hmelnitskij region, Nezalezhnosti Square, 1 NOVOUSHITSKIJ OIL: Sets Proofs of Claim Deadline ------------------------------------------------ The Economic Court of Hmelnitskij region commenced bankruptcy supervision procedure on LLC Novoushitskij Oil Plant (code EDRPOU 30895248) on September 8, 2004. The case is docketed as 13/228-B. Mr. Igor Grigorenko (License Number AA 66834) has been appointed temporary insolvency manager. The company holds account number 260051944 at JSPPB Aval, Hmelnitskij regional branch, MFO 315966. Creditors have until November 18, 2004 to submit their proofs of claim to: (a) NOVOUSHITSKIJ OIL PLANT Ukraine, Hmelnitskij region, Nova Ushitsya, Gagarin Str. 86 (b) Mr. Igor Grigorenko Temporary Insolvency Manager Ukraine, Hmelnitskij region, Nova Ushitsya, Gagarin Str. 107/8 (c) ECONOMIC COURT OF HMELNITSKIJ REGION 29000, Ukraine, Hmelnitskij region, Nezalezhnosti Square, 1 STEEL-CONTRUCTION: Under Bankruptcy Supervision ----------------------------------------------- The Economic Court of Lugansk region has commenced bankruptcy supervision procedure on LLC Steel-Construction-Service (code EDRPOU 30409518). The case is docketed as 20/4 b. Mr. Oleksandr Prosolupov (License Number AA 630090) has been appointed temporary insolvency manager. The company holds account number 26000301106706 at Oshadbank, Lugansk City branch 7511. Creditors have until November 18, 2004 to submit their proofs of claim to: (a) STEEL-CONTRUCTION-SERVICE 91000, Ukraine, Lugansk region, Tsementna Str. 1 (b) Mr. Oleksandr Prosolupov Temporary Insolvency Manager 91048, Ukraine, Lugansk region, Ushakov Str. 9 a (c) ECONOMIC COURT OF LUGANSK REGION 91000, Ukraine, Lugansk region, Geroiv VVV Square, 3a VOZNESENSKE: Claims Deadline Expires Third Week of November ----------------------------------------------------------- The Economic Court of Cherkassy region commenced bankruptcy supervision procedure on LLC Voznesenske (code EDRPOU 25209362). The case is docketed as 01/2787. Arbitral manager Mr. Oleg Krivoshij has been appointed temporary insolvency manager. The company holds account number 26006455461051 at CB Privatbank, Cherkassy branch, MFO 354347. Creditors have until November 18, 2004 to submit their proofs of claim to: (a) Mr. Oleg Krivoshij Temporary Insolvency Manager Ukraine, Cherkassy region, Engels Str. 243/1-510 Phone: 64-84-88 (b) ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue, 307 =========================== U N I T E D K I N G D O M =========================== 11072003 LIMITED: Sets General Meeting December ----------------------------------------------- The general meeting of the members of 11072003 Limited will be on December 14, 2004 commencing at 10:00 a.m. It will be held at Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF not later than 12:00 noon, December 13, 2004. CONTACT: BAKER TILLY City Plaza, Temple Row Birmingham B2 5AF Phone: 0121 214 3100 Fax: 0121 214 3101 Web site: http://www.bakertilly.co.uk ABBEYGATE SECURITIES: Hires Liquidator from Wilkins Kennedy ----------------------------------------------------------- At the extraordinary general meeting of the members of the Abbeygate Securities Limited on November 2, 2004 held at Gladstone House, 77-79 High Street, Egham, Surrey TW20 9HY, the extraordinary and ordinary resolutions to wind up the company were passed. Keith Aleric Stevens of Wilkins Kennedy, Gladstone House, 77-79 High Street, Egham, Surrey TW20 9HY has been appointed liquidator of the company for the purpose of the voluntary winding-up. CONTACT: WILKINS KENNEDY Gladstone House, 77-79 High Street, Egham, Surrey TW20 9HY Phone: +44 (0) 1784 435561 Fax: +44 (0) 1784 430584 E-mail: egham@wilkinskennedy.com Web site: http://www.wilkinskennedy.com ABBEY NATIONAL: Banco Santander Completes Acquisition ----------------------------------------------------- Banco Santander on Friday closed the buyout of Abbey under a Scheme that values each Abbey share at 31 pence as of Scheme Record Time. Under the Scheme, Abbey Shareholders are entitled to one new Banco Santander Share as well as a special cash dividend of 25 pence plus 6 pence for dividend differential. Commenting on the acquisition, Santander's Chairman, Emilio Botin, said: "The acquisition of Abbey places us among the 10 leading banks in the world by market capitalization. We are increasing not just our size but also our diversification in terms of both countries and currencies. We have achieved an excellent position as the largest bank in Spain and the Eurozone and the leading financial group in Latin America. We are now in the premier league of international banking. "This acquisition is proof of the strength of our share, the currency of exchange for the largest cross-border acquisition in European banking to date. The purchase of Abbey will create value for Grupo Santander shareholders and at the same time benefit our customers and employees." Abbey's Chairman, Lord Burns, said: "This is a momentous day in Abbey's 155-year history. Abbey has always changed with the times, and has a track record of breaking new ground. Santander will build on this heritage, and provide the support and know- how to accelerate our plans and ambitions in the U.K. Under Santander's ownership, Abbey will emerge as a stronger, more competitive force on the high street. The combination of the two banks will deliver substantial benefits for shareholders, customers and employees." The New Banco Santander Shares had been issued on November 12, 2004. As of Friday, settlement of New Banco Santander Shares through Iberclear is expected to occur on 15 November 2004, with dealings in New Banco Santander Shares on the market of Bolsas de Valores and of New Banco Santander ADSs on the NYSE expected to commence Nov. 12. Abbey's special cash dividend will be paid on December 14, 2004. CONTACT: ABBEY NATIONAL PLC Abbey National House 2 Triton Square Regent's Place London NW1 3AN Phone: +44-870 607 6000 Web site: http://www.abbeynational.com Abbey Communications Thomas Coops Phone: +44 207 756 5536 Abbey Investors and Analysts Jonathan Burgess Phone: +44 207 756 4182 Abbey Media Relations Christina Mills Phone: +44 207 756 4212 Matthew Young Phone: +44 207 756 4232 Brunswick Susan Gilchrist Phone: +44 20 7396 5301 MORGAN STANLEY Simon Robey Phone: +44 207 425 5555 Caroline Silver Phone: +44 207 425 5555 William Chalmers Phone: +44 207 425 5555 LEHMAN BROTHERS Stephen Pull Phone: +44 207 102 1000 Charles King Phone: +44 207 102 1000 UBS INVESTMENT BANK Tim Waddell Phone: +44 207 567 8000 Christopher Smith Phone: +44 207 567 8000 ABBEY NATIONAL: Support Rating Affirmed After Ownership Change -------------------------------------------------------------- Fitch Ratings affirmed the Support rating of Abbey National plc at '2' following the completion of its acquisition by Banco Santander Central Hispano (SAN). Abbey's Support rating is based, in the first instance, on the high probability that support, should it be needed, would be forthcoming from SAN. Although Fitch believes that SAN would have a very high propensity to support Abbey, the substantial size of Abbey relative to the rest of the SAN group means that its ability to provide that support could be compromised in extreme circumstances. Likewise, although SAN itself has a Support rating of '1', based on the extremely high probability of support from the Spanish authorities, Fitch does not believe that this support would automatically flow to its U.K. subsidiary. Should support from SAN not be available Fitch believes that, due to Abbey's domestic importance, there is a high probability that support from the U.K. authorities would be forthcoming. Fitch affirmed the ratings of both SAN and Abbey at 'AA-', 'F1+' and 'B' on 26 July, following the announcement that SAN bid to acquire Abbey had been approved by both banks' boards of directors; SAN's '1' Support rating was also affirmed at that time (see separate statements at http://www.fitchratings.com). Abbey's ratings reflect its strong franchise in the U.K. mortgage and savings markets, good asset quality in its core retail operations and adequate liquidity and capitalization. However, Fitch regards the ability of Abbey to maintain its present ratings as being, in part, dependent on its and its new shareholders' success in reversing negative performance trends and re-energizing a business that has suffered from many years of under-investment. In this respect, Fitch takes comfort from SAN's retail banking experience, albeit in very different markets, and believes that SAN's stated cost and revenue targets for Abbey are achievable. Abbey's ratings also reflect the agency's expectation that SAN will not look to reduce materially Abbey's level of capitalization from current levels. The ratings of SAN reflect the group's strong franchises in Spain, Portugal and Latin America, robust profitability, sound liquidity and asset quality, improved quality of capital and a sound and dynamic management. They also consider the group's emerging markets' exposure. The acquisition of Abbey reduces the weight of Latin American assets on the group's balance sheet to c.15%, resulting in a better risk profile and geographical distribution, and provides SAN with opportunities to further develop its European retail banking franchise. SAN has been enhancing the quality of its capital base since 2002 by reducing preference shares although these still made up 23% of Tier 1 capital at end-September 2004. Fitch will continue to monitor the group's equity base post- acquisition to ensure the quality and levels of capital are comensurate with the group's risk profile. CONTACT: FITCH RATINGS Gordon Scott Maria Jose Lockerbie James Longsdon, London Phone: +44 (0) 20 7417 4222 Carmen Munoz, Barcelona Phone: +34 93 323 8408 Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 ABBEY NATIONAL PLC Abbey National House 2 Triton Square Regent's Place London NW1 3AN Phone: +44-870 607 6000 Web site: http://www.abbeynational.com ADDCOLOUR PLASTICS: HSBC Bank Appoints Begbies Traynor Receiver --------------------------------------------------------------- HSBC Bank plc called in Donald Bailey and Paul Stanley joint administrative receivers for Addcolour Plastics Limited (Reg No 01696376, Trade Classification: 2412). The company manufactures dyes and pigments. CONTACT: BEGBIES TRAYNOR Elliot House, 151 Deansgate Manchester M3 3BP E-mail: manchester@begbies-traynor.com Web site: http://www.begbies.com ALLTIMES SERVICES: Hires S. M. Katz as Liquidator ------------------------------------------------- At a meeting of the members of Alltimes Services Limited on November 4, 2004, the extraordinary resolution to wind up the company was passed. Stephen M. Katz of Acre House, 11-15 William Road, London NW1 3ER has been appointed liquidator of the company for the purpose of such a winding-up. AMEXNET LIMITED: Hires PricewaterhouseCoopers as Liquidator ----------------------------------------------------------- At a meeting of the members of Amexnet Limited on October 29, 2004, the special and ordinary resolutions to wind up the company was passed. Jonathan Sisson and Tim Walsh of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have been appointed joint liquidators of the company for the purpose of such winding-up. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com ANDEK BUILDING: Hires David Exell Associates as Administrator ------------------------------------------------------------- D. Exell (IP No 5796) has been appointed administrator for Andek Building Services Limited. The appointment was made November 5, 2004. CONTACT: DAVID EXELL ASSOCIATES PO Box 1601, Broad Street, Wrington, Bristol BS40 5WA APPLIED AND ADVANCED: Names KPMG Liquidator ------------------------------------------- At the extraordinary general meeting of the Applied And Advanced Foams Limited on November 4, 2004 held at KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL, the extraordinary and ordinary resolutions to wind up the company were passed. Mark Jeremy Orton and Allan Watson Graham of KPMG have been appointed joint liquidators for the purpose of such winding-up. CONTACT: KPMG LLP 2 Cornwall Street Birmingham B3 2RT Phone: (0121) 232 3000 Fax: (0121) 232 3500 Web site: http://www.kpmg.co.uk AYRSHIRE BUILDING: Liquidator Calls First Creditors' Meeting ------------------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Ayrshire Building Supplies Ltd. (In Liquidation) I, Douglas B. Jackson, Chartered Accountant, Allan House, 25 Bothwell Street, Glasgow G2 6NL hereby give notice, pursuant to Rule 4.18 of the Insolvency (Scotland) Rules 1986, that by Interlocutor of the Sheriff at Kilmarnock dated November 2, 2004 I was appointed Interim Liquidator of Ayrshire Building Supplies Ltd. Notice is hereby given, pursuant to Section 138(4) of the Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland) Rules 1986, that the first meeting of creditors of Ayrshire Building Supplies Ltd. (In Liquidation) will be held within the offices of Moore Stephens, Allan House, 25 Bothwell Street, Glasgow on December 3, 2004 at 10:00 a.m. for the purpose at choosing a Liquidator and determining whether to establish a Liquidation Committee. A resolution at the meeting is passed if a majority of those voting have voted in favor of it. A creditor will be entitled to vote at the meeting only if a claim has been lodged with me at the meeting or lodged beforehand at the address below. For the purpose of formulating claims, creditors should note the date of commencement of the liquidation is October 5, 2004. Proxies may also be lodged with me at the meeting or before the meeting at my office. Douglas B. Jackson, Interim Liquidator November 5, 2004 CONTACT: MOORE STEPHENS 25 Bothwell Street Glasgow G2 6NL Phone: 0141 567 4500 Fax: 0141 567 4535 E-mail: info@scott-moncrieff.com Web site: http://www.moorestephens.co.uk BEEHIVE PLUMBING: Names Sanderlings Liquidator ---------------------------------------------- At the extraordinary general meeting of the Beehive Plumbing & Heating Supplies Limited on November 2, 2004 held at Novotel London Excel, Western Gateway, Royal Victoria Dock, London E16 1AA, the extraordinary resolutions to wind up the company were passed. Andrew Fender of Sanderlings LLP, Sanderling House, 1071 Warwick Road, Acocks Green, Birmingham B27 6QT has been nominated liquidator for the purpose of the said winding-up. CONTACT: SANDERLINGS LLP Sanderling House, 1071 Warwick Road, Acocks Green, Birmingham B27 6QT BENEDICTA LIMITED: Special Winding up Resolution Passed ------------------------------------------------------- At the extraordinary general meeting of the members of the Benedicta Limited on November 2, 2004 held at Camomile Court, 23 Camomile Street, London EC3A 7DP, the special resolution to wind up the company was passed. BETTYBOX INVESTMENTS: Creditors Final Meeting Set December ---------------------------------------------------------- The final meeting of the creditors and contributories of Bettybox Investments Limited will be on December 9, 2004 commencing at 3:00 p.m. It will be held at the offices of ThorntonRones, 167 High Road, Loughton, Essex IG10 4LF. 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 ThorntonRones, 167 High Road, Loughton, Essex IG10 4LF not later than 12:00 noon, December 8, 2004. CONTACT: THORNTONRONES 167 High Road, Loughton, Essex IG10 4LF Phone: 020 8418 9333 E-mail: info@thorntonrones.co.uk Web site: http://www.thorntonrones.co.uk B&G MARTIN: Hires Joint Administrators from Tenon Recovery ---------------------------------------------------------- Carl Stuart Jackson and Tina Yearsley (IP Nos 8860, 9298) have been appointed joint administrators for B&G Martin Brothers Limited. The appointment was made November 5, 2004. The company sells commercial vehicle. Its registered office is located at Quartremaine Road, Copnor, Portsmouth, Hampshire PO3 5QG. CONTACT: TENON RECOVERY Highfield Court Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ Phone: 023 8064 6464 Fax: 023 8064 6666 E-mail: southampton@tenongroup.com Web site: http://www.tenongroup.com BLUE RIDGE: Calls in Liquidator from Wilkins Kennedy ---------------------------------------------------- At the extraordinary general meeting of the members of the Blue Ridge (Sports) Limited on October 22, 2004 held at Bridge House, London Bridge, London SE1 9QR, the extraordinary and ordinary resolutions to wind up the company were passed. Stephen Paul Grant of Wilkins Kennedy, Risborough House, 38-40 Sycamore Road, Amersham, Buckinghamshire HP6 5DZ has been appointed liquidator of the company for the purpose of the voluntary winding-up. CONTACT: WILKINS KENNEDY Risborough House, 38-40 Sycamore Road, Amersham, Buckinghamshire HP6 5DZ Phone: +44 (0) 1494 725544 Fax: +44 (0) 1494 431571 E-mail: info@wilkinskennedy.com Web site: http://www.wilkinskennedy.com CAPFERN DEVELOPMENTS: Members Final Meeting Set ----------------------------------------------- The final meeting of the members of Capfern Developments Limited will be on December 2, 2004 commencing at 10:00 a.m. It will be held at Parkway House, 1 Pityme Business Centre, St Minver, Wadebridge, Cornwall PL27 6NU. 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 Parkway House, 1 Pityme Business Centre, St Minver, Wadebridge, Cornwall PL27 6NU not later than 12:00 noon, December 1, 2004. CONTACT: Parkway House, 1 Pityme Business Centre, St Minver, Wadebridge, Cornwall PL27 6NU Phone: 0120 8862053 CAPITAL EQUITY: Extraordinary Winding up Resolution Passed ---------------------------------------------------------- At the extraordinary general meeting of the members of the Capital Equity Property Management Limited on November 4, 2004 held at Trafalgar House, Grenville Place, London NW7 3SA, the extraordinary resolution to wind up the company was passed. Jeffrey Brenner of B & C Associates, Trafalgar House, Grenville Place, Mill Hill, London NW7 3SA has been appointed liquidator for the purpose of such winding-up. CONTACT: B & C ASSOCIATES Trafalgar House, Grenville Place, Mill Hill, London NW7 3SA CHANDNI KNITWEAR: Names Crawfords Liquidator -------------------------------------------- At the extraordinary general meeting of the members of the Chandni Knitwear Limited on November 2, 2004 held at Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB, the extraordinary resolution to wind up the company was passed. Alex Kachani of Crawfords, Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB has been nominated liquidator for the purpose of the winding-up. CONTACT: CRAWFORDS Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB CHARTER HEAVEN: Liquidator to Update Owners Next Month ------------------------------------------------------ The members of Charter Heaven Limited will meet on December 14, 2004 commencing at 10:00 a.m. It will be held at Newater House, 11 Newhall Street, Birmingham B3 3NY. 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 Newater House, 11 Newhall Street, Birmingham B3 3NY not later than 12:00 noon, December 13, 2004. CONTACT: Newater House, 11 Newhall Street, Birmingham B3 3NY COMMERCE ONE: Names Harrisons Liquidator ---------------------------------------- At the extraordinary general meeting of the members of the Commerce One (UK) Limited on November 8, 2004 held at 4 St Giles Court, Southampton Street, Reading RG1 2QL, the extraordinary and ordinary resolutions to wind up the company were passed. P. R. Boyle and J. C. Sallabank of Harrisons, 4 St Giles Court, Southampton Street, Reading RG1 2QL have been appointed joint liquidators for the purpose of such winding-up. CONTACT: HARRISONS 4 St Giles Court, Southampton Street, Reading RG1 2QL Phone: 0118 951 0798 Fax: 0118 939 4409 E-mail: info@harrisons.uk.com Web site: http://www.harrisons.uk.com CORUS GROUP: Unit Gets Full Ownership of Segal for EUR25 Mln ------------------------------------------------------------ Corus Staal B.V. has agreed to buy the remaining 50% stake it does not own in Segal S.A. from joint venture partner MetalInvest investment fund for EUR25 million in cash. Segal, a Belgian hot-dipped galvanizing line, employs 155 people and produces 500,000 tons of hot dipped galvanized sheet annually. Corus expects the transaction to be completed by the end of the year, following regulatory approval by the Belgian Competition Authority (Raad voor de Mededinging). Rauke Henstra, Division Director Strip Products commented: "The acquisition of full ownership of Segal, a modern plant using state of the art technology, strengthens the position of Corus Strip Products IJmuiden at the high end of the market for galvanized sheet for the automotive sector, and demonstrates Corus' continued investment in the growing market for hot dipped galvanized sheet in Europe. This investment provides a strong platform for further developing our market position in value added products." About Corus Group Plc Corus is one of the world's largest metal producers with an annual turnover of GBP8 billion and major operating facilities in the U.K., the Netherlands, Germany, France, Norway and Belgium. Corus' four divisions comprising Strip Products, Long Products, Distribution & Building Systems and Aluminium provide innovative solutions to the construction, automotive, packaging, mechanical engineering and other markets worldwide. Corus has around 48,500 employees in over 40 countries and sales offices and service centers worldwide. Combining international expertise with local customer service, the Corus brand represents quality and strength. Corus Staal B.V. is a wholly owned subsidiary of Corus Group Plc that owns the Group's principal steel-making assets in the Netherlands. CONTACT: CORUS GROUP PLC 30 Millbank London SW1P 4WY Phone: +44-20-7717-4444 Fax: +44-20-7717-4455 Web site: http://www.corusgroup.com Corporate Relations Annanya Sarin Phone: +44 0(20) 7717 4532 Mike Hitchcock Phone: +44 0(20) 7717 4502 Investor Relations Anthony Hamilton Phone: +44 0(20) 7717 4503 Bernard Ronchi Phone: +44 0(20) 7717 4501 COSTAIN GROUP: Wins GBP68.5 Million Construction Deal ----------------------------------------------------- Costain Group announces that is has won a number of significant contracts including the prestigious award of the renovation of St Martin-in-the Fields in Trafalgar Square. Renovation of St Martin-in-the-Fields in Trafalgar Square Costain has been awarded the contract for the renovation of one of London's most famous sites. The Company is undertaking a construction contract worth GBP22.5 million (total project value GBP34 million) to restore and redevelop St Martin-in-the-Fields in Trafalgar Square. The contract includes major renovation of the Grade 1 listed James Gibbs Church, both its interior finishes and exterior fabric, including the commercial/retail facilities at Crypt level. Other important works will include the refurbishment of the Nash designed North Range terrace adjacent to the church. The contract, with St Martin-in-the-Fields Building Renewal Project Ltd., also involves demolition of existing below-ground burial vaults and creation of new underground spaces to provide room for mechanical and electrical plant and high quality facilities for the congregation and commercial activities including extensive structural works of both temporary and permanent nature in the formation of underground spaces and the retention of adjacent retained areas. The contract is being procured through a two-stage traditional procurement route. Completion of the project is due in July 2007. PalaceXchange Development at Enfield, North London In Enfield, North London, Costain will be responsible for the PalaceXchange Development worth approximately GBP29 million. The contract will provide 14,800 m2 of new retail space in 23 shop units and up to 6,038 m2 of leisure and cultural venues. Almost 60% of the retail space available has already been let. Completion of the scheme is scheduled for 2006. Warehouse/Production unit at Rothley Lodge, Leicestershire At Rothley Lodge, Leicestershire, Costain will manage the design and construction of a single-storey Warehouse/Production Unit together with two-storey office accommodation. The contract is worth nearly GBP17 million and completion is due in September 2005. Stuart Doughty, Chief Executive of Costain, said: "We are delighted to have won these contracts. The St Martin-in-the Fields contract will see Costain working on one of the best- known sites in London. These contracts are also recognition of the breadth and scope of Costain's capabilities in the built environment." 10 November 2004 * * * In Sept., Fitch Ratings affirmed U.K.-based engineering and construction group Costain Group Plc's ratings at Senior Unsecured 'B' and Short-term 'B'. The Outlook is Stable. The ratings reflect Costain's established market position in the U.K. engineering and construction sector. They also reflect management's progress in adopting a more risk-averse approach in its business model and towards meeting previously stated financial targets of 15% annual sales growth and 3% pre-tax profit margins by 2006. Furthermore, the group's forward order book stands at over GBP1 billion, which provides a good platform for future growth. Nevertheless, Costain remains small in its peer group and is active in cyclical and competitive markets. The ratings also reflect Costain's weak financial profile, evident in low profitability, negative operational cash flow, a reliance on profits from joint ventures in overseas property development, together with a continued sizeable net pension liability. However, an important support factor for the rating remains a continued net cash position, which as at 30 June 2004 was GBP40.6 million (excluding GBP25.1 million of restricted net cash included in JVs), which mostly covered the pension deficit of GBP54.5 million. On a pension-adjusted basis, net debt to EBITDA was satisfactory at 1.2x in FY03. Gross borrowings were minimal. CONTACT: COSTAIN GROUP PLC Graham Read, Public Relations E-mail: g.read@costain.com Phone: 01628 842 444 COLLEGE HILL Mark Garraway Phone: 020 7457 2020 E-mail: mark.garraway@collegehill.com EAST ANGLIA: Members Opt to Wind up Business -------------------------------------------- At the extraordinary general meeting of the East Anglia Foam Limited on November 4, 2004 held at the offices of Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the special and ordinary resolutions to wind up the company were passed. Robert Valentine of 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS has been appointed liquidator for the purpose of such winding-up. CONTACT: VALENTINE & CO. 4 Dancastle Court 14 Arcadia Avenue, London N3 2HS Phone: 020 8343 3710 Fax: 020 9343 4486 Web site: http://www.valentine-co.com EAST YORKSHIRE: Sets Members General Meeting -------------------------------------------- The general meeting of the members of East Yorkshire Builders Limited will be on December 10, 2004 commencing at 10:30 a.m. It will be held at the offices of Brown Butler, Yorkshire Bank Chambers, Infirmary Street, Leeds LS1 2JT. 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 Brown Butler, Yorkshire Bank Chambers, Infirmary Street, Leeds LS1 2JT not later than 12:00 noon, December 9, 2004. CONTACT: BROWN BUTLER Yorkshire Bank Chambers, Infirmary Street, Leeds LS1 2JT G.T. FAN: Liquidator to Give Report Next Month ---------------------------------------------- The general meeting of the members of G.T. Fan Services And Repairs Ltd. will be on December 22, 2004 commencing at 10:00 a.m. It will be held at 3rd Floor, Regent House, Bath Avenue, Wolverhampton WV1 4EG. 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. INMARSAT FINANCE: US$300 Million Issuance Rated (P)Caa1 ------------------------------------------------------- Moody's Investors Service assigned Inmarsat Finance II plc's proposed US$300 million issuance a (P)Caa1 rating. In conjunction, Moody's assigned a (P)B1 senior implied rating and an (P)Caa2 senior unsecured issuer rating to Inmarsat Holding Limited (Inmarsat), the guarantor of the offering. In addition, it affirmed the US$975 million senior secured bank facility rating of Inmarsat's subsidiary Inmarsat Investments Limited at Ba3. It also affirmed Inmarsat Finance plc's US$375 million senior notes (due 2013) rating at B2, and US$105 million senior notes (due 2013) rating at B2. The outlook for all ratings is stable. Moody's assumes the draft legal documentation of the issuance will stand as it has reviewed it, and the agreements are legally valid, binding and enforceable. The rating agency notes that the plan is the second initiative by shareholders to take equity/shareholder loans out of the business since the initial bond issuance transaction in January of 2004. Proceeds from the US$300 million issuance will be used mainly to repay subordinated shareholder funding (US$260 million in principal and US$30 million in interest). Moody's said: "The continued initiatives by shareholders to withdraw capital and increase absolute debt levels, at this early stage of ownership, heightens concerns regarding the financial aggressiveness of Inmarsat's shareholders (which is likely to limit the potential for upward rating movements, going forward)..." The move also "reinforces Moody's belief that contractual covenant protection will be the primary constraining factor with respect to further debt incurrence and dividend payments by the company." CONTACT: MOODYS RATING DESK Phone: +44 20 7772 5566 MOODYS CLIENT SERVICES Phone: +44 20 7772 5454 MOODYS MEDIA RELATIONS Phone: +44 20 7772 5456 Web site: http://www.moodys.com LINGAR PROPERTIES: Members Final Meeting Set December ----------------------------------------------------- The final meeting of the members of Lingar Properties Ltd. will be on December 15, 2004 commencing at 10:30 a.m. It will be held at Baker Tilly, Marlborough House, Victoria Road South, Chelmsford, Essex CM1 1LN. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Baker Tilly, Marlborough House, Victoria Road South, Chelmsford, Essex CM1 1LN not later than 12:00 noon, December 14, 2004. CONTACT: BAKER TILLY Marlborough House, Victoria Road South, Chelmsford, Essex CM1 1LN Phone: 01245 354 402 Fax: 01245 490 243 Web site: http://www.bakertilly.co.uk NEW NOBLE: Sets First Creditors' Meeting ---------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF New Noble Cuisine Limited (In Liquidation) I, Alan C Thomson CA, Castle Court, Carnegie Campus, Dunfermline, KY11 8PB hereby give notice that I was appointed Interim Liquidator of New Noble Cuisine Limited on October 12, 2004, by Interlocutor of the Sheriff of Tayside, Central and Fife at Dunfermline Sheriff Court. Notice is also given pursuant to Section 138(4) of the Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland) Rules 1986, as amended by the Insolvency (Scotland) Amendment Rules 1987, that the First Meeting of Creditors of company will be held within the offices of Thomson Cooper, Castle Court, Carnegie Campus, Dunfermline, Fife, KY11 8PB on November 23, 2004 at 10:30 a.m. for the purpose of choosing a liquidator and determining whether to establish a Liquidation Committee. Creditors whose claims are unsecured, in whole of in part, are entitled to attend and vote in person or by proxy providing that their claims and proxies have been submitted and accepted at the meeting or lodged beforehand at the address below. A resolution will be passed when a majority in value of those voting, have voted in favor of it. For the purposes of formulating claims, creditors should note that the date or commencement of the liquidation is October 12, 2004. Alan C. Thomson, CA, Interim Liquidator November 5, 2004 CONTACT: THOMSON COOPER Castle Court Carnegie Campus Dunfermline Fife KY11 8PB Phone: 01383 722815 NY PROPERTIES: Members General Meeting Set Next Month ----------------------------------------------------- The final general meeting of the members of NY Properties Limited will be on December 15, 2004 commencing at 11:00 a.m. It will be held at the offices of Baker Tilly, Friars Courtyard, 30 Princes Street, Ipswich IP1 1RJ. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Baker Tilly, Friars Courtyard, 30 Princes Street, Ipswich IP1 1RJ not later than 12:00 noon, December 14, 2004. CONTACT: BAKER TILLY Friars Courtyard, 30 Princes Street, Ipswich IP1 1RJ Phone: 01473 344300 Fax: 01473 231586 Web site: http://www.bakertilly.co.uk PEGASUS FLOORING: Appoints Liquidator from Begbies Traynor ---------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Pegasus Flooring Company Limited (In Liquidation) I, I. Scott McGregor, of Begbies Traynor, 4 Albyn Place, Edinburgh, EH2 4NG hereby give notice, pursuant to Rule 4.19 of the Insolvency (Scotland) Rules 1986, that on November 2, 2004 I was appointed Liquidator of Pegasus Flooring Company Limited by a resolution of the First Meeting of Creditors held in terms of Section 138(3) of the Insolvency Act 1986. A Liquidation Committee was established. Any creditors who have not already done so are required to lodge their claims with me on or before September 1, 2005. I. Scott McGregor, Liquidator November 2, 2004 CONTACT: BEGBIES TRAYNOR LLP 4th Floor 78 St. Vincent Street Glasgow G2 5UB Phone: 0141 222 2230 Fax: 0141 222 2330 E-mail: liverpool@begbies-traynor.com Web site: http://www.begbies.com PERSONA MANAGEMENT: Calls in Liquidator from Tenon Recovery ----------------------------------------------------------- At the extraordinary general meeting of the members of the Persona Management Consultants Limited on October 30, 2004 held at the offices of W4 Productions, Ennismore Avenue, London W4 1SF, the special resolution to wind up the company was passed. Ian Cadlock of Tenon Recovery, Lyndean House, 43-46 Queens Road, Brighton, East Sussex BN1 3XB has been appointed liquidator for the purpose of such a winding-up. CONTACT: TENON RECOVERY Lyndean House, 43-46 Queens Road, Brighton, East Sussex BN1 3XB Phone: 01273 725566 Fax: 01273 724502 Web site: http://www.tenongroup.com SOFT DRINKS: Appoints Mazars Administrator ------------------------------------------ Roderick John Weston and Christopher Rodney Ashurst (IP Nos 008730, 001057) have been appointed joint administrators for Soft Drinks Management Limited. The appointment was made November 3, 2004. The company is a distributor of soft drinks. Its registered office is located at Westmead House, 123 Westmead Road, Sutton, Surrey SM1 4JH. 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 THAT CAFE: Creditors Bring in Liquidator ---------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF That Cafe Limited (In Liquidation) I, Eric Robert Hugh Nisbet, The Glen Drummond Partnership, Knightsridge Business Park, 4 Turnbull Way, Livingston, hereby give notice that I was appointed Liquidator of That Cafe Limited on November 5, 2004 by a resolution of the First Meeting of Creditors held in terms of Section 138(4) of the Insolvency Act 1986. No Liquidation Committee was established. Accordingly, I do not intend to summon a further meeting for the purpose of establishing a Liquidation Committee unless one- tenth, in value, of the creditors require it in terms of Section 142(3) of the Insolvency Act 1986. E.R.H. Nisbet, Liquidator November 5, 2004 CONTACT: THE GLEN DRUMMOND PARTNERSHIP 4 Turnbull Way Livingston West Lothian EH54 8RB Phone: 01506 498156 Fax: 01506 493894 Web site: http://www.glendrummond.co.uk TISCO FAST: Interim Liquidators Call Creditors' Meeting ------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Tisco Fast Food Ltd. Notice is hereby given that I, Alexander Iain Fraser, Tenon Recovery, 10 Ardross Street, Inverness, IV3 5NS, was appointed Interim Liquidator of Tisco Fast Food Ltd. by Interlocutor of the Sheriff at Inverness on October 12, 2004. Pursuant to section 138(4) of the Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland) Rules 1986, the first meeting of creditors of the company will be held at 12:00 noon, on November 19, 2004 at 10 Ardross Street, Inverness IV3 5NS, for the purpose of choosing a Liquidator (who may be the Interim Liquidator) and considering any other Resolutions specified in Rule 4.12(3) of the aforementioned rules. To be entitled to vote at the meeting, creditors must have lodged their claims with me at or before the Meeting. Voting may be either in person by the creditor or by form of proxy, which must be lodged with me at or before the Meeting. A.I. Fraser, Interim Liquidator CONTACT: TENON RECOVERY 10 Ardross Street Inverness IV3 5NS Phone: 01463 235321 Fax: 01463 231040 E-mail: inverness@tenongroup.com Web site: http://www.tenongroup.com VNN MANAGEMENT: Liquidator from Begbies Traynor Moves in -------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF VNN Management Services Limited (In Liquidation) I, I. Scott McGregor, of Begbies Traynor, 4th Floor 78 St Vincent Street, Glasgow, G2 5UB hereby give notice, pursuant to Rule 4.19 of the Insolvency (Scotland) Rules 1986, that on November 4, 2004 I was appointed Liquidator of the VNN Management Services Limited by a resolution of the First Meeting of Creditors held in terms of Section 138(3) of the Insolvency Act 1986. No Liquidation Committee was established. Any creditors who have not already done so are required to lodge their claims with me on or before September 30, 2005. I. Scott McGregor, Liquidator November 4, 2004 CONTACT: BEGBIES TRAYNOR LLP 4th Floor 78 St. Vincent Street Glasgow G2 5UB Phone: 0141 222 2230 Fax: 0141 222 2330 E-mail: liverpool@begbies-traynor.com Web site: http://www.begbies.com WOODCHURCH LIMITED: Members General Meeting Set ----------------------------------------------- The general meeting of the members of Woodchurch Limited will be on January 10, 2005 commencing at 11:30 a.m. It will be held at the offices of Brown Butler, Yorkshire Bank Chambers, Infirmary Street, Leeds LS1 2JT. 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. CONTACT: BROWN BUTLER Yorkshire Bank Chambers, Infirmary Street, Leeds LS1 2JT * 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 (147) 349 (9,974) 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. (16) 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 * * *