/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/041123.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 23, 2004, Vol. 5, No. 232 Headlines G E R M A N Y AUTOHAUS JANSEN: Gives Creditors Until December to File Claims AVM RENT: Munich Court Brings in Provisional Administrator GFG GETRANKEFACHGROSSHANDEL: Creditors' Meeting Set Next Month INFINEON TECHNOLOGIES: BF Consulting Rejects Settlement Offer KARSTADTQUELLE AG: Banks Extend Credit Facility MASSIVHAUS SCHAEFER: Cologne Court Appoints Administrator MBP MICHAEL: Creditors' Claims Due Next Month M.E.R. BAUTRAGER: Under Bankruptcy Administration MOBELWERKE QUEDLINBURG: Creditors' Meeting Set December PHOENIX ROHSTOFF: Administrator to Deliver Report December SGS MASCHINENBAU: Administrator's Report Out January ZECH BAUUNTERNEHMEN: Administrator Takes over Helm I R E L A N D AN POST: 400 Not 270 Will Lose Jobs in SDS Closure, Says Union I T A L Y PARMALAT FINANZIARIA: BofA Vows to do Anything to Enforce Claims PARMALAT FINANZIARIA: Citigroup Loses Bid to Move Case to N.Y. PARMALAT FINANZIARIA: Investigators Sift Through Damning E-mails PARMALAT FINANZIARIA: Parmatour Funds Missing PARMALAT FINANZIARIA: Opening of Parmatour Bids Set this Week VOLARE GROUP: Mulls Proposed Spin-off of Some Operations N O R W A Y AKER KVAERNER: GE Coaxes Kjell Inge Rokke into Selling Stake P O L A N D ELEKTRIM SA: Looking for Investors in Patnow Project R U S S I A KHABAROVSKIY FACTORY: Insolvency Manager Takes over Operations KOMSOMOLETS: Undergoes Bankruptcy Supervision Procedure MIKHAYLOVSKAYA SEL-KHOZ-KHIMIYA: Files for Bankruptcy NORTH SCIENTIFIC: Creditors Have Until Next Month to File Claims OGODZHA: Amur Court Opens Bankruptcy Proceedings SECONDARY METALS: Hires A. Kharlanov as Insolvency Manager SYKTYVKARSKIY-BRICKWORKS: Sets Deadline for Proofs of Claim THERMAL NETWORKS: Sakhalin Court Appoints Insolvency Manager UGLOVSKIY TIRE: Bankruptcy Proceedings Begin ULYANOVSK-SLATE: Appoints A. German Insolvency Manager YUKOS OIL: Authorities Put Top Lawyer on Wanted List YUKOS OIL: Govt to Auction Major Stake in Main Unit December YUKOS OIL: Condemns Proposed Sale of Main Production Unit YUKOS OIL: Unit Probed for Violating Competition Laws S L O V A K R E P U B L I C DEXIA BANK: Individual Rating Upgraded to 'C/D' U K R A I N E ARDISCENTRE: Succumbs to Insolvency ECONOMY DEVELOPMENT: Sets Date for Claims Verification ENERGOMASH: Insolvency Manager to Temporarily Oversee Business KAMKOR: Sets Public Auction Friday KYRGYZ CHEMICAL: Government Giving up 70.04% Stake ONEGAPROM: Kyiv Court Opens Bankruptcy Proceedings PRIMEXPRESS: Insolvency Manager Takes over Helm SARY-KOO: Bidding Period Ends Thursday TEMIRLAN A: To Review Creditors' Claims January TOP-TRADE: Under Bankruptcy Supervision ZAPORIZHYA' ENERGY: Temporary Insolvency Manager Takes over Helm ZOLOTIJ BUDINOK: Odesa Court Opens Bankruptcy Proceedings U N I T E D K I N G D O M AGENTCHART LIMITED: Receiver to Present Report December AGGREGATE ENERGY: Sets Meeting of Unsecured Creditors December 7 A J S ENTERPRISES: Hires Liquidator from Gilderthorps ALPHA CEMENT: Owners Opt to Wind up Operations ALUPLAS LIMITED: Insolvency Service Disqualifies Top Honcho ANGLOGRACE LIMITED: Special Winding up Resolution Passed ARROWBAY LTD.: Director Receives 7-year Ban from Holding Office AVONBLADE LIMITED: Names Moore Stephens Liquidator AVO TECHNICAL: Names PricewaterhouseCoopers Liquidator BESS LIMITED: Calls Creditors' Meeting BRITISH SKY: Rating Affirmed at 'BBB-'; Outlook Positive CAPITAL PRINT: Appoints Joint Receivers from Tenon Recovery COMPUTER RESALE: Names Rothman Pantall & Co. Liquidator COTTON BOTTOMS: Bank of Scotland Calls in Receiver FRANK RICHMOND: Members Decide to Liquidate Company GIIT REALISATIONS: Calls in Joint Liquidators from Ernst & Young GREEN T: Hires Ernst & Young as Liquidator HOLIDAY RETIREMENT: Names RSM Robson Rhodes Liquidator INVESCO CONTINENTAL: Brings in Liquidator from PwC JST SECURITIES: Hires Liquidators from Ernst & Young LANDPRINT LIMITED: Members Pass Winding up Resolutions LEICA GEOSYSTEMS: Names Baker Tilly Liquidator MODELCAR LIMITED: Creditors' Meeting Set Next Month MULTIPLASTICS LIMITED: Meeting of Unsecured Creditors Next Week NORTH LONDON: Regulator Serves Directors Eleven-year Ban PINEAPPLE FABRICATIONS: Creditors' Meeting Set Next Week RAFFLEX LIMITED: Liquidation Report Due Second Week of December REEVES WIRELINE: Calls in Joint Liquidators from PwC SEAGRAM EUROPEAN: Liquidators from Mazars Move in SKILLS INSIGHT: Winding up Resolution Passed SSNT SECURITIES: Joint Liquidators Take over Firm SURE SERVE: Creditors' Meeting Next Week TAY FABRICS: Liquidator to Give Winding-up Report Next Month THAMES INFORMATION: Extraordinary Winding up Resolution Passed WATERFORD WEDGWOOD: Reports EUR8.9 Mln First-half Pre-tax Profit * Large Companies with Insolvent Balance Sheets ********* ============= G E R M A N Y ============= AUTOHAUS JANSEN: Gives Creditors Until December to File Claims -------------------------------------------------------------- The district court of Cologne opened bankruptcy proceedings against Autohaus Jansen GmbH on Oct. 29. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 10, 2004 to register their claims with court-appointed provisional administrator Andreas Amelung. Creditors and other interested parties are encouraged to attend the meeting on Jan. 26, 2005, 8:30 a.m. at the district court of Cologne Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1. Etage, Saal 142 at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. The company sells and repairs vehicles. CONTACT: AUTOHAUS JANSEN GMBH Neusser Str. 385, 50733 Koln Phone: (0221) 97 65 70- 0 Telefax: (0221) 97 65 70-22 E-mail: info@autohausjansen.de Web site: http://www.autohausjansen.de Torsten Jansen, Manager Niehler Kirchweg 39, 50733 Koln Rudolf Hackenbroich, Manager Alfons-Keever-Str. 16, 52388 Norvenich Andreas Amelung, Insolvency Manager Mediapark 6 B, 50670 Koln Phone: 57437910 Fax: +4922157437938 AVM RENT: Munich Court Brings in Provisional Administrator ---------------------------------------------------------- The district court of Munich opened bankruptcy proceedings against AVM Rent a Car Mietwagen GmbH on Oct. 19. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 13, 2004 to register their claims with court-appointed provisional administrator Dr. Kurt Bruder. Creditors and other interested parties are encouraged to attend the meeting on Dec. 16, 2004, 9:15 a.m. at Infanteriestr. 5, Sitzungssaal 102 at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on Jan. 26, 2005, 9:00 a.m. at the same venue. CONTACT: AVM RENT A CAR MIETWAGEN GMBH Augustenstr. 13 in 80333 Munchen Phone: 089-596161 Fax: 089-593884 E-mail: info@avm-autovermietung.de Web site: http://www.avm-autovermietung.de/ Dr. Kurt Bruder, Insolvency Manager Herzog-Wilhelm-Str. 17, 80331 Munchen Phone: 089/236858-0 Fax: 089/2603440 GFG GETRANKEFACHGROSSHANDEL: Creditors' Meeting Set Next Month -------------------------------------------------------------- Creditors and other parties interested in GFG Getrankefachgrosshandel GmbH are encouraged to attend a meeting on Dec. 15, 2004, 10:15 a.m. at the district court of Magdeburg Liebknechtstrasse 65-91, Sitzungssaal B, Gebaude 4 at which time the administrator will present his first report of the insolvency proceedings. Creditors may constitute a creditors committee and or opt to appoint a new insolvency manager during the meeting. CONTACT: GFG GETRANKEFACHGROSSHANDEL GMBH Menzer Str. 9, 39114 Magdeburg Manfred Steinbach, Manager Morikestr. 5, 39114 Magdeburg Andreas Kienast, Insolvency Manager Lennestr. 10, 39112 Magdeburg INFINEON TECHNOLOGIES: BF Consulting Rejects Settlement Offer ------------------------------------------------------------- Semiconductor group Infineon Technologies failed to settle a court dispute with Swiss sponsoring firm BF Consulting, says Frankfurter Allgemeine Zeitung. BF Consulting sued Infineon after the semiconductor firm cancelled a contract with the Swiss company earlier this year. BF Consulting won sport-sponsoring engagements for Infineon, the bulk of which is in motor racing. Infineon cancelled the contract, claiming breach of trust. An Infineon board member allegedly demanded and received EUR.3 million to secure the contract for BF Consulting. Infineon denied the concerned board member was former chairman and amateur racing driver Ulrich Schumacher. The court will decide whether to admit the case on January 26, 2005. CONTACT: INFINEON TECHNOLOGIES AG St. Martin Str. 53 81669 Munich Phone: +49-89-234-0 Fax: +49-89-234-2-84-82 Web site: http://www.infineon.com KARSTADTQUELLE AG: Banks Extend Credit Facility ----------------------------------------------- Creditor banks of troubled retail giant KarstadtQuelle have extended the group's credit line, Die Welt says. This came after public banks Nord/LB and LBBW finally gave agreed to extend KarstadtQuelle's EUR1.75 billion long-term loans. Market experts believe the credit line extension would enable KarstadtQuelle to secure the approval of the capital increase to avoid insolvency. KarstadtQuelle is currently trying to persuade a group of banks, including U.S. investment bank Goldman Sachs, to participate in a EUR500 million capital increase. The capital increase would be in the form of a long-term, subordinated capital. KarstadtQuelle plans to use the amount to prop up its coffers. CONTACT: KARSTADTQUELLE AG Theodor-Althoff-Str. 2 D-45133 Essen Phone: +49-201-727-1 Fax: +49-201-727-5216 Web site: http://www.karstadtquelle.com MASSIVHAUS SCHAEFER: Cologne Court Appoints Administrator --------------------------------------------------------- The district court of Cologne opened bankruptcy proceedings against Massivhaus Schaefer & Wagner GmbH on Oct. 28. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 19, 2004 to register their claims with court-appointed provisional administrator Hans-Gerd Jauch. Creditors and other interested parties are encouraged to attend the meeting on Jan. 19, 2005, 9:00 a.m. at the district court of Koln Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 13. Etage, Saal 1311 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: MASSIVHAUS SCHAEFER & WAGNER GMBH Gartenstrasse 3, 51379 Leverkusen Contact: Hans-Jorg Schaefer, Manager Hans-Gerd Jauch, Insolvency Manager Sachsenring 81, 50677 Koln Phone: 33660130 Fax: +492213366085 MBP MICHAEL: Creditors' Claims Due Next Month --------------------------------------------- The district court of Cologne opened bankruptcy proceedings against mbp Michael basche promotion Gesellschaft fur Kommunikationsarbeit mbH on Oct. 28. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 19, 2004 to register their claims with court-appointed provisional administrator Dr. Sabine Feuerborn. Creditors and other interested parties are encouraged to attend the meeting on Jan. 19, 2005, 10:45 a.m. at the district court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 13. Etage, Saal 1311 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: MBP MICHAEL BASCHE PROMOTION GESELLSCHAFT FUR KOMMUNIKATIONSARBEIT MBH Friedendsstr. 57, 51147 Koln Contact: Michael Frank Barsche, Manager Schonrather Str. 15, 51103 Rosrath Dr. Sabine Feuerborn, Insolvency Manager Else-Lang-Str. 1, 50858 Koln Phone: 285 547-0 Fax: +4922128554729 M.E.R. BAUTRAGER: Under Bankruptcy Administration ------------------------------------------------- The district court of Cologne opened bankruptcy proceedings against M.E.R. Bautrager GmbH on Oct. 28. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 19, 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 Jan. 19, 2005, 10:35 a.m. at the district court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 13. Etage, Saal 1311 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: M.E.R. BAUTRAGER GMBH Fohrenweg 7, 51491 Overath Contact: Rainer Wittenius, Manager Fohrenweg 7, 51491 Overath Karl-Dieter Sommerfeld, Insolvency Manager Hammerweg 3, 51766 Engelskirchen Phone: 02263/9039-0 Fax: +492263903910 MOBELWERKE QUEDLINBURG: Creditors' Meeting Set December ------------------------------------------------------- Creditors and other parties interested in Mobelwerke Quedlinburg GmbH are encouraged to attend the meeting on Dec. 15, 2004, 10:30 a.m. at the district court of Magdeburg, Liebknechtstrasse 65-91, Sitzungssaal B, Gebaude 4 at which time the administrator will present his first report of the insolvency proceedings. Creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: MOBELWERKE QUEDLINBURG GMBH Magdeburger Str. 13, 06484 Quedlinburg Artur Garke Billungstr. 2, 06484 Quedlinburg Arne Brumm, insolvency Manager Jahnring 29, 39104 Magdeburg PHOENIX ROHSTOFF: Administrator to Deliver Report December ---------------------------------------------------------- The district court of Munich opened bankruptcy proceedings against Phoenix Rohstoff Trading GmbH on Oct. 21. Consequently, all pending proceedings against the company have been automatically stayed. Creditors and other interested parties are encouraged to attend the meeting on Dec. 16, 2004, 9:30 a.m. at Infanteriestr. 5, Sitzungssaal 102, Prufungstermin am Donnerstag 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. The claims were due Nov. 19, 2004. CONTACT: PHOENIX ROHSTOFF TRADING GMBH Kesselbergstr. 6 in 81539 Munchen Dr. Kurt Bruder, Insolvency Manager Herzog-Wilhelm-Str. 17, 80331 Munchen Phone: 089/236858-0 Fax: 089/2603440 SGS MASCHINENBAU: Administrator's Report Out January ---------------------------------------------------- The district court of Krefeld opened bankruptcy proceedings against SGS Maschinenbau GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 1, 2005 to register their claims with court-appointed provisional administrator Wilhelm Klaas. Creditors and other interested parties are encouraged to attend the meeting on Jan. 18, 2005, 10:10 a.m. at the district court of Krefeld Hauptgebaude, Nordwall 131, 47798 Krefeld, 2.Etage, Raum 214 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 March 29, 2005, 9:05 a.m. at the same venue. SGS manufactures and sells all kinds of equipment, including textile fabrication machines. CONTACT: SGS MASCHINENBAU GMBH Gladbacher Str. 469, 47805 Krefeld Phone: 0 21 51 87 78 70 Fax: 0 21 51 87 78 88 E-mail: info@sgs-maschinenbau.de Web site: http://www.sgs-maschinebau.de/ Contact: Jorg Krusat, Manager Bruckersche Str. 62, 47839 Krefeld Wilhelm Klaas, Insolvency Manager Eichendorffstrasse 25, 47800 Krefeld Phone: (02151) 80 58 0 Fax: +4902151805858 ZECH BAUUNTERNEHMEN: Administrator Takes over Helm -------------------------------------------------- The district court of Magdeburg opened bankruptcy proceedings against Bauunternehmen GmbH on Oct. 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 8, 2004 to register their claims with court-appointed provisional administrator Dr. Nikolaus Schmidt. Creditors and other interested parties are encouraged to attend the meeting on Jan. 5, 2005, 9:50 a.m. at Saal D, Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg 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: ZECH BAUUNTERNEHMEN GMBH Wipertistr. 5, 06484 Quedlinburg Contact: Klaus Zech, Manager Eichenring 28, 06507 Gernrode Dr. Nikolaus Schmidt, Insolvency Manager Hoher Weg 12 b, 38820 Halberstadt Phone: 03941/624993 Fax: 03941/624997 ============= I R E L A N D ============= AN POST: 400 Not 270 Will Lose Jobs in SDS Closure, Says Union -------------------------------------------------------------- Three An Post Directors are planning to consult legal experts regarding the firm's plan to shut its parcel delivery service SDS, utv reports. The move came after the Communications Workers Union published an independent review questioning An Post's reasons for the closure. The company said it was forced to take the action due to serious financial loss. An Post earlier said SDS lost EUR20 million the past two years. The company is seeking 270 voluntary redundancies among its 450 staff with a plan of transferring the remaining employees to other positions within the group. The union argues that up to 400 additional staff could also be affected by the closure. CONTACT: An Post Phone: 1850 262 362 E-mail: pressoffice@anpost.ie Web site: http://www.anpost.ie ========= I T A L Y ========= PARMALAT FINANZIARIA: BofA Vows to do Anything to Enforce Claims ---------------------------------------------------------------- Bank of America Vice President Jaap Dutry warns of a possible case against Parmalat Finanziaria, as a measure to secure creditor status, according to Agence France-Presse. Mr. Dutry has reportedly told Correra della Sera newspaper the bank may file cases in the U.S. and Italy to ensure that the principle of equality of treatment between creditors are respected. Bank of America and another U.S. bank, Citigroup, have been excluded from the initial list of companies with creditor status, thus may claim damages, the report said. The matter is pending before the Parma court presided by judge Giuseppe Coscioni. The two are facing lawsuits in the U.S. filed by Parmalat administrator Enrico Bondi, claiming US$10 billion in damages. Mr. Bondi has alleged that services provided by the banks were prejudicial to Parmalat. Bank of America has rejected the claims. CONTACT: PARMALAT FINANZIARIA S.p.A. Legal Seat 43044 Collecchio (Pr) Via Oreste Grassi, 26 Administrative Seat 20122 Milan Piazza Erculea, 9 Phone: +39 02 806 8801 Fax: +39 02 869 3863 Web site: http://www.parmalat.net PARMALAT FINANZIARIA: Citigroup Loses Bid to Move Case to N.Y. -------------------------------------------------------------- A U.S. judge refused to let Citigroup Inc. transfer a US$10 billion fraud suit filed against it by Parmalat Finanziaria from a New Jersey state court to a federal court in New York. District Judge Dennis Cavanaugh said Parmalat's state court claims weren't related to legal claims in the company's bankruptcy, which is pending in a federal court in New York, according to Bloomberg News. Parmalat administrator Enrico Bondi filed the suit in Hackensack, New Jersey in July saying Citigroup helped it manipulate finances leading to its bankruptcy late last year. Citigroup has denied wrongdoing. Mr. Bondi's side argued the transfer would delay proceedings and prevent them from gaining quick access to Citigroup documents. One of Mr. Bondi's lawyers, Brian Timmons, said Parmalat's damage claim would be the same regardless of which court the judge designated. Mr. Bondi is also suing Bank of America Corp., UBS AG, Deutsche Bank AG, Credit Suisse First Boston, and accounting firms Deloitte Touche Tohmatsu and Grant Thornton International for their role in the collapse. CONTACT: PARMALAT FINANZIARIA S.p.A. Legal Seat 43044 Collecchio (Pr) Via Oreste Grassi, 26 Administrative Seat 20122 Milan Piazza Erculea, 9 Phone: +39 02 806 8801 Fax: +39 02 869 3863 Web site: http://www.parmalat.net PARMALAT FINANZIARIA: Investigators Sift Through Damning E-mails ---------------------------------------------------------------- Milan and Parma prosecutors investigating the collapse of dairy giant Parmalat are examining a series of e-mails linking Bank of America to the group's demise, Il Sole 24 Ore says. E-mails showed that Luca Sala, a former BofA manager who became a Parmalat consultant, remained connected to the bank while arranging a EUR300 million Parmalat bond placement that BofA was to manage in the summer of 2003. The transaction did not materialize. The messages also showed that Mr. Sala received suggestions from a BofA manager on how to explain his controversial transfer to investors during a road show for a placement. The manager likewise advised Mr. Sala to give assurances of BofA's ongoing business relations with Parmalat, after hearing qualms from investors. After Parmalat's collapse in December 2003, BofA issued a statement claiming they had severed ties with Mr. Sala and fired him for blowing up his expense claims. Even before, the bank already expected Parmalat administrator Enrico Bondi to use these evidences to bolster his claim against the bank. Mr. Bondi alleges that BofA abetted Parmalat to deceive investors by concealing the food group's true financial condition while organizing transactions that increased its liabilities. Aside from BofA, prosecutors are also probing the role of several financial institutions in Parmalat's collapse. CONTACT: PARMALAT FINANZIARIA S.p.A. Piazza Erculea 9 20122 Milan, Italy Phone: +39-02-806-8801 Fax: +39-02-869-3863 Web site: http://www.parmalat.net PARMALAT FINANZIARIA: Parmatour Funds Missing --------------------------------------------- Parmalat investigators reveal around EUR400 million are missing from the coffers of sister company and insolvent tour operator Parmatour, Il Sole 24 Ore says. The Panzani family, who owns both Parmalat and Parmatour, brushed aside reports they still have the money. Reports have been circulating that the family invested in a number of apartments in Italy and abroad. Parmatour recently disclosed its debts have reached EUR826 million, which include EUR353 million in banking debt. The travel company booked EUR48 million in turnover and EUR118 million in business volume for the first half. Parmatour's businesses include travel agencies, tour operators, holiday villages in Italy and abroad. The group also operates a travel Web site. CONTACT: PARMALAT FINANZIARIA S.p.A. Piazza Erculea 9 20122 Milan, Italy Phone: +39-02-806-8801 Fax: +39-02-869-3863 Web site: http://www.parmalat.net PARMALAT FINANZIARIA: Opening of Parmatour Bids Set this Week ------------------------------------------------------------- Parmatour administrators will start reviewing bids on November 26, 2004, Il Sole 24 Ore says. Administrators expect to identify binding offers and complete the sale at the end of the year. Bidders include German travel group Tui and local tour operator Viaggi del Ventaglio. Property firm Pirelli Real Estate is reportedly raring to buy Parmatour's holiday villages in the country. Industry minister Antonio Marzano insists Parmalat and Parmatour administrator Enrico Bondi should sell the travel group as one lot. Parmatour recently announced a six-month debt of EUR826 million, of which EUR353 million are bank loans. The travel group, which continued to trade while in bankruptcy, also booked EUR118 million in sales. CONTACT: PARMALAT FINANZIARIA S.p.A. Piazza Erculea 9 20122 Milan, Italy Phone: +39-02-806-8801 Fax: +39-02-869-3863 Web site: http://www.parmalat.net TUI A.G. Karl-Wiechert-Allee 4 D-30625 Hanover, Germany Phone: +49-511-566-00 Fax: +49-511-566-1098 Web site: http://www.tui.com VIAGGI DEL VENTAGLIO S.p.A. Via dei Gracchi, 35 20146 Milan Web site: http://www.ventaglio.com VOLARE GROUP: Mulls Proposed Spin-off of Some Operations -------------------------------------------------------- Troubled low-cost carrier Volare, with financial adviser Lazard, is reportedly assessing a proposal to split off some parts of its operations and create a new company, Il Sole 24 Ore says. The group also postponed its shareholders meeting from November 22 to November 29 to gain ample time to complete its financial report for the nine months ending September. The company reportedly booked higher sales amounting to EUR538 million, but profit for the period dropped. At the meeting, shareholders are expected to approve a EUR60 million capital increase, which the company intends to use to reduce its EUR300 million debt. CONTACT: VOLARE GROUP S.p.A. Via Pirelli, 20 20124 Milan Phone: (+39) 02 673 631 Fax: (+39) 02 673 630 90 Web site: http://www.volare-group.it =========== N O R W A Y =========== AKER KVAERNER: GE Coaxes Kjell Inge Rokke into Selling Stake ------------------------------------------------------------ General Electric is interested in buying Kjell Inge Rokke's 58% stake in Aker Kvaerner. Local financial paper Dagens Maeringsliv said the parties have already started negotiations, and General Electric is studying the potential acquisition. The American company is particularly attracted by Kvaerner's oil and gas operation. The possible deal is not the first for the companies. In 1999 General Electric bought Kvaerner's hydroelectric power production for about US$70 million. The original Aker Kvaerner A.S.A. oil services, engineering, construction and shipbuilding group was created in late 2001 when Aker rescued rival Kvaerner from bankruptcy in a merger. This year, the group was split into three companies with separate listings: Aker Kvaerner, Aker Yards and Kvaerner A.S.A. Aker Kvaerner reported turnover of NOK25 billion (US$4 billion) for the last nine months. It has a market value of about NOK7.8 billion (US$1.25 billion). CONTACT: AKER KVAERNER Media: Torbjorn Andersen SVP Group Communications Phone: +47 67 51 30 36 Mobile: +47 928 85 542 Investor relations: Lasse Torkildsen Vice President Phone: +47 67 51 30 39 =========== P O L A N D =========== ELEKTRIM SA: Looking for Investors in Patnow Project ---------------------------------------------------- Power and telecom group Elektrim S.A. is in talks with potential investors that could assume its role in the construction of the Patnow II power plant, according to Interfax-Europe. The company and its subsidiary PAK, jointly owned with the state, have already completed 47% of the project, spending some EUR210 million. But for lack of funds and disagreement with Poland's Treasury regarding deadline, it was forced to suspend construction in May last year. The construction deadline was later extended to March 2005. Elektrim was close to securing a syndicated loan in recent months, but talks fell through early in November due to concerns about Patnow II's profitability. PSE and its subsidiary PSE Electra have not signed energy purchase contracts. A deal would have ensure revenues for the generator once the government voids long-term power purchase contracts to comply with European Commission demands, likely in 2005. Elektrim Vice President Roman Jarosinski told MPs at parliamentary economy committee on Wednesday: "The situation between Elektrim and [Polish power grid] PSE is impossible to solve. We have fulfilled bank demands, but, due to reasons we don't understand, PSE's position has firmed, so we are conducting talks with potential branch investors which could replace us in this investment." The Treasury is now considering selling its stake in PAK. It said that even if Elektrim finds an investor, it may still sell its 50% stake in PAK to a third party that would further develop PAK. Elektrim owns only 38% stake in PAK, but it holds majority voting rights. CONTACT: ELEKTRIM S.A. Panska 77/79 00-834 Warszawa Public relations: Ewa Bojar Company Spokesman Phone: (+48 22) 432 89 55 Fax: (+48 22) 432 87 99 E-mail: ewa_bojar@elektrim.pl Investor relations: Phone: (+48 22) 432 87 75 Fax: (+48 22) 432 87 99 Web site: http://www.elektrim.pl ELEKTROWNIA PATNOW 62-510 Konin ul. Kazimierska 45 Phone: +48(63) 247-30-00 Fax: +48(63) 247-30-30 Web site: http://www.zepak.com.pl =========== R U S S I A =========== KHABAROVSKIY FACTORY: Insolvency Manager Takes over Operations -------------------------------------------------------------- The Arbitration Court of Khabarovsk region has commenced bankruptcy proceedings against Khabarovskiy Factory of Building Ceramics after finding the limited liability company insolvent. The case is docketed as A73-9469/2003-40. Mr. M. Vozzhin has been appointed insolvency manager. Creditors may submit their proofs of claim to 680020, Russia, Khabarovsk, Promyshlennaya Str. 20. CONTACT: KHABAROVSKIY FACTORY OF BUILDING CERAMICS Russia, Khabarovsk, Blagodatnyj Per. 45 Mr. M. Vozzhin Insolvency Manager 680020, Russia, Khabarovsk, Promyshlennaya Str. 20 KOMSOMOLETS: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------------- The Arbitration Court of Moscow region has commenced bankruptcy supervision procedure on Egoryevskiy Machine-Tool Plant Komsomolets. The case is docketed as A41-K2-19810/04. Mr. V. Dushin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 130400, Russia, Moscow region, Egoryevsk, Profsoyuznaya Str. 34. CONTACT: KOMSOMOLETS 130400, Russia, Moscow region, Egoryevsk, Profsoyuznaya Str. 34 Mr. V. Dushin Temporary Insolvency Manager 130400, Russia, Moscow region, Egoryevsk, Profsoyuznaya Str. 34 MIKHAYLOVSKAYA SEL-KHOZ-KHIMIYA: Files for Bankruptcy ----------------------------------------------------- The Arbitration Court of Amur region has commenced bankruptcy proceedings against Mikhaylovskaya Sel-Khoz-Khimiya after finding the open joint stock company insolvent. The case is docketed as A-04-3379/04-6/156 B. Ms. L. Fedotova has been appointed insolvency manager. Creditors have until December 22, 2004 to submit their proofs of claim to 675000, Russia, Blagoveshensk, Institutskaya Str. 11, Apartment 14. CONTACT: MIKHAYLOVSKAYA SEL-KHOZ-KHIMIYA 676860, Russia, Amur region, Poyarkovo, Amurskaya Str. 232 Ms. L. Fedotova Insolvency Manager 675000, Russia, Blagoveshensk, Institutskaya Str. 11, Apartment 14 NORTH SCIENTIFIC: Creditors Have Until Next Month to File Claims ---------------------------------------------------------------- The Arbitration Court of Arkhangelsk region has commenced bankruptcy proceedings against North Scientific Research Institute after finding the open joint stock company insolvent. The case is docketed as A05-4217/04-27. Mr. D. Shurakov has been appointed insolvency manager. Creditors have until December 29, 2004 to submit their proofs of claim to 163061, Russia, Arkhangelsk, Novgorodskiy Pr. 74, Office 61. CONTACT: NORTH SCIENTIFIC RESEARCH INSTITUTE 163061, Russia, Arkhangelsk, Novgorodskiy Pr. 74 Mr. D. Shurakov Insolvency Manager 163061, Russia, Arkhangelsk, Novgorodskiy Pr. 74, Office 61 OGODZHA: Amur Court Opens Bankruptcy Proceedings ------------------------------------------------ The Arbitration Court of Amur region has commenced bankruptcy proceedings against Ogodzha after finding the state-owned enterprise insolvent. The case is docketed as A40-637/04-10/42 "B". Ms. G. Chmutina has been appointed insolvency manager. Creditors have until December 22, 2004 to submit their proofs of claim to 675000, Russia, Amur region, Blagoveshensk, Ostrovskogo Str. 39, Apartment 2. CONTACT: OGODZHA 676567, Russia, Amur region, Selemdzhinskiy region, Ogodzha, Sadykova Str. 23 Ms. G. Chmutina Insolvency Manager 675000, Russia, Amur region, Blagoveshensk, Ostrovskogo Str. 39, Apartment 2 SECONDARY METALS: Hires A. Kharlanov as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Volgograd region has commenced bankruptcy proceedings against Factory Processing Secondary Metals (TIN 3428981339) after finding the close joint stock company insolvent. The case is docketed as A12-4695/04-s55. Mr. A. Kharlanov has been appointed insolvency manager. Creditors have until December 29, 2004 to submit their proofs of claim to 400087, Russia, Volgograd, Post User Box 1100. CONTACT: FACTORY PROCESSING SECONDARY METALS 404140, Russia, Volgograd region, Sredneakhtubinskiy Region, Uralskiy Mr. A. Kharlanov Insolvency Manager 400087, Russia, Volgograd, Post User Box 1100 SYKTYVKARSKIY-BRICKWORKS: Sets Deadline for Proofs of Claim ----------------------------------------------------------- The Arbitration Court of Komi republic has commenced bankruptcy proceedings against Syktyvkarskiy-Brickworks (TIN 1101037312) after finding the limited liability company insolvent. The case is docketed as A29-5732/04-3B. Mr. E. Anchugov has been appointed insolvency manager. Creditors have until December 29, 2004 to submit their proofs of claim to 167023, Russia, Komi republic, Syktyvkar, Parkova Str. 36. CONTACT: SYKTYVKARSKIY-BRICKWORKS Russia, Komi republic, Syktyvkar, Sysolskoye Shosse, 32 Mr. E. Anchugov Insolvency Manager 167023, Russia, Komi republic, Syktyvkar, Parkova Str. 36 THERMAL NETWORKS: Sakhalin Court Appoints Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Sakhalin region has commenced bankruptcy supervision procedure on state-owned enterprise Thermal Networks. The case is docketed as A59-3401/04-S12. Mr. G. Dolin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 693000, Russia, Yuzhno-Sakhalinsk, Amurskaya Str. 187. CONTACT: THERMAL NETWORKS 693000, Russia, Yuzhno-Sakhalinsk, Amurskaya Str. 187 Mr. G. Dolin Temporary Insolvency Manager 693000, Russia, Yuzhno-Sakhalinsk, Amurskaya Str. 187 UGLOVSKIY TIRE: Bankruptcy Proceedings Begin -------------------------------------------- The Arbitration Court of Primorskiy region has commenced bankruptcy proceedings against Uglovskiy Tire Repair Plant after finding the open joint stock company insolvent. The case is docketed as A51-11650/2004 15-170b. Mr. V. Grishenko has been appointed insolvency manager. Creditors may submit their proofs of claim to 690091, Russia, Vladivostok, Krasnoznamennyj Per. 7. CONTACT: UGLOVSKIY TIRE REPAIR PLANT Russia, Primorskiy region, Artyem, Uglovoye, 1st Rabochaya Str. 28 Mr. V. Grishenko Insolvency Manager 690091, Russia, Vladivostok, Krasnoznamennyj Per. 7 Phone/Fax: (4232) 43-27-54, 22-87-54 ULYANOVSK-SLATE: Appoints A. German Insolvency Manager ------------------------------------------------------ The Arbitration Court of Ulyanovsk region has commenced bankruptcy proceedings against Ulyanovsk-Slate after finding the open joint stock company insolvent. The case is docketed as A72-1241/04-20/12-B. Ms. A. German has been appointed insolvency manager. Creditors may submit their proofs of claim to 432071, Russia, Ulyanovsk, Krymova Str., 47. CONTACT: ULYANOVSK-SLATE 433300, Russia, Novoulyanovsk, prom. area Ms. A. German Insolvency Manager 432071, Russia, Ulyanovsk, Krymova Str. 47 YUKOS OIL: Authorities Put Top Lawyer on Wanted List ---------------------------------------------------- A Moscow court last week upheld an arrest warrant on Yukos Oil's top lawyer as police arrested an executive of its managing unit. Dmitry Gololobov, the lawyer defending the company in court and representing it to the media, is accused of embezzling shares of Yukos' Siberian oil unit Tomskneft in 1998. He said in a statement from London: "I believe that charges against me are falsified and politically motivated to force me as a lawyer to give evidence against my clients -- oil company Yukos and its shareholders." Meanwhile, according to the Prosecutor General's Office spokesman Vasily Glushchenko, Russian authorities on Thursday arrested Yukos-Moskva executive Alexei Kurtsin. Mr. Kurtsin, a little-known executive, is also facing embezzlement charges. The Tax Ministry has served Yukos a total of US$18.5 billion in back tax claims for 2000, 2001 and 2002. Many see the assault as a Kremlin-inspired campaign to punish its main owner, Mikhail Khodorkovsky, for his political activities. Mr. Khodorkovsky is now on trial on charges of fraud and tax evasion. He faces up to 10 years in prison if convicted. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru YUKOS OIL: Govt to Auction Major Stake in Main Unit December ------------------------------------------------------------ The Russian government is selling a majority stake in Yukos Oil's main production unit, suggesting it might in the long run sell off the entire business, reports citing the Interfax say. The report said the state already welcomed initial bids for Yuganksneftegaz on Friday. The starting price was set at US$8.6 billion, significantly lower than the most conservative assessment of its value. The auction date is Dec. 19. JP Morgan, the international investment bank, which was commissioned by management to evaluate Yugansk, values it at between US$16 billion to US$20 billion. Investment bank Dresdner Kleinwort Wasserstein previously placed the value of Yugansk at between US$15 billion and US$17 billion. A conservative valuation puts it at US$10 billion. The assessment was commissioned in light of the unit's possible sale to cover Yukos' tax liabilities, which now totals US$18.5 billion. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru YUKOS OIL: Condemns Proposed Sale of Main Production Unit --------------------------------------------------------- Yukos Oil Company President and CEO Steven Theede comments on the announced sale of Yuganskneftegaz by the Russian Government: "This is a sad day for Russia and its people. [Fri]day's announcement is both stunning and expected. Stunning because it is such a bold demonstration of the contempt the government has for the rule of law. Expected because given the way this case has developed the outcome was determined long ago. Yukos has consistently maintained that there are fundamental flaws with the government's proposed actions. Among them: (a) The sale is clearly illegal under Russian law, which states that non-core assets are to be disposed of first in tax settlement cases. Yuganskneftegaz is the heart of Yukos, and its sale will lead to the destruction of the most efficient Russian oil company, and the one that has attracted the most western investment. The President, the Russian administration, and the Russian government, by ignoring the illegalities being perpetrated, are in effect condoning the illegalities. (b) This expropriation makes a mockery of the protection of private property so eloquently championed by the President earlier in the week. The sale is made possible by the government's creation of a completely artificial cash crisis brought on by the freeze of assets and bank accounts, and through preposterous and absurd tax claims in excess of the company's revenues. (c) The starting bid price bears no resemblance to the true value of Yuganskneftegaz, one of the world's premier oil production companies, and amounts to theft of Yukos assets. Yukos has fueled the rebirth of the Russian oil industry since 1999, largely through its development of Yuganskneftegaz. The sale of Yuganskneftegaz at a low price increases the probability that the Russian government will then proceed to steal more of Yukos assets through artificial sales to meet artificial tax bills. Since 1991, Russia has been on a slow but steady path towards building the foundations of a modern market economy. [Wednes]day's decision marks a setback that the world community, and international investors, must condemn. What we are witnessing is, simply put, a government organized theft to settle a political score. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru YUKOS OIL: Unit Probed for Violating Competition Laws ----------------------------------------------------- Krasnoyarsk's Federal Antimonopoly Service directorate is investigating the local branch of Yukos-Moscow Trading House for possible anti-trust violations, Gateway to Russia reports. "Yukos-M's dominant position in terms of establishing unreasonably high prices on lubricants in Krasnoyarsk Territory" is the grounds for the investigation, the directorate's deputy head, Oleg Kharchenko, said. The proceedings were in relation to anti-competitive practices complaint lodged against the unit in September. The company is accused of "setting unreasonably high prices on popular types of petrol and diesel fuel". The unit risks losing all its revenues once the directorate finds it guilty of using its dominant position in the wholesale deliveries of oil products against rivals. It may also be forced to bring down prices on lubricants significantly in the region. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru ============================= S L O V A K R E P U B L I C ============================= DEXIA BANK: Individual Rating Upgraded to 'C/D' ----------------------------------------------- Fitch Ratings upgraded Slovakia-based Dexia Bank Slovensko's Long-term rating to 'A+' from 'A'. The bank's other ratings are affirmed at Short-term 'F1', Individual 'C/D' and Support '1'. The Outlook is Stable. The upgrade reflects DBS' growing integration with, and support from Dexia (rated Long-term 'AA+'). In addition to assistance with its core municipal finance business, DBS has been able to draw on management expertise from Dexia group banks in developing its retail franchise, resulting in a growing, albeit still small, share of the retail deposit market. The Individual rating reflect DBS' leading position in the Slovakian municipal banking market and good profitability given its low risk profile. They also consider its currently narrow franchise, increasing competition for municipal customers, and falling margins. Founded in 1993 as Prva Komunalna Banka, DBS is one of the 10 largest banks in Slovakia and specializes in providing finance to municipalities, where it has a market share of 69%. It changed its name to DBS in 2003. Based in Zilina, northern Slovakia, it operates through 50 branches and has 665 staff. Dexia Credit Local, part of the Dexia group, acquired DBS in 2000. The Dexia group is the largest provider of public finance in Europe. An update on Dexia Bank Slovensko will shortly be available at http://www.fitchresearch.com. CONTACT: FITCH RATINGS Chris Birney Claudia Nelson, London Phone: +44 20 7417 4222 Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 DEXIA BANKA SLOVENSKO A.S. Hodzova 11, 010 11, Zilina Phone numbers: domestic code: 041 international area code: +421 41 operator: 5111 135 E-mail: info@dexia.sk Web site: http://www.dexia.sk ============= U K R A I N E ============= ARDISCENTRE: Succumbs to Insolvency ----------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Ardiscentre (code EDRPOU 318118113) on October 5, 2004 after finding the limited liability company insolvent. The case is docketed as 15/1690-b. Mrs. G. Vronska (License Number AA 484232) has been appointed liquidator/insolvency manager. CONTACT: ARDISCENTRE Ukraine, Kyiv region, Kikvidze Str. 26 Mrs. G. Vronska Liquidator/Insolvency Manager Phone: (044) 228-88-68 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B ECONOMY DEVELOPMENT: Sets Date for Claims Verification ------------------------------------------------------ Economy Development Center, recently liquidated by Issyk-Kul Regional State Administration on orders of the liquidation commission, will consider all proofs of claim on January 10, 2005. CONTACT: LIQUIDATION COMMISSION Karakol, Abdrahmanov Str. 105, Rooms 63, 75 and 79 Phone: (03922) 5-00-07, 5-10-22, 2-64-59. Fax: (03922) 5-22-22 ENERGOMASH: Insolvency Manager to Temporarily Oversee Business -------------------------------------------------------------- The Economic Court of Kyiv region has commenced bankruptcy supervision procedure on LLC Energomash (code EDRPOU 21704159). The case is docketed as 43/386. Mrs. G. Vronska (License Number AA 484232) has been appointed temporary insolvency manager. The company holds account numbers 26002007890 and 2635007890 at OJSC Bank Ukrainian capital, MFO 320371; 260018400075 and 26002274 at JSPPB Aval, MFO 300335; and 260348400075 and 260398100040 at OJSC Creditprombank, MFO 300863. CONTACT: ENERGOMASH 01020, Ukraine, Kyiv region, M. Grushevskij Str. 1 Mrs. G. Vronska Temporary Insolvency Manager Phone: 228-88-68 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B KAMKOR: Sets Public Auction Friday ---------------------------------- The bidding organizer and insolvency manager of Close JSC Kamkor will sell its assets on November 26, 2004, 10:00 at Bishkek, Abdrahmanov Str. 105 For sale are: (a) Lot 1: Vacant office located at Bishkek, Bokombaev Str. 104. Starting price is KGS2,106,039; (b) Lot 2: Mercedes-Benz 230. Starting price is KGS133,933; (c) Lot 3: VAZ 21310 (1984). Starting price is KGS186,825; (d) Lot 4: Daivo Espero 5965. Starting price is KGS296,125; (e) Lot 5: Chevrolet-Cavalier. Starting price is KGS486,082; (f) Lot 6: Two-room apartment located at Karakol, Moscow Str. 125, Apt. 23. Starting price is KGS84,000. Bids must be submitted on or before November 25, 2004 at Bishkek, Abdrahmanov Str. 105. For more information, call (0- 312) 28-46-93, 28-42-86 or 28-93-74. KYRGYZ CHEMICAL: Government Giving up 70.04% Stake -------------------------------------------------- Chui-Bishkek-Talass Territory Estate Administration of Kyrgyz Republic will sell a 70.06% shareholding in JSC Kyrgyz Chemical- Metallurgical Farm on December 10, 2004, 2:00 p.m. Starting price is KGS107,551,200. The public auction will take place at Bishkek, Moskovskaya Str. 151, Conference Hall. Information on JSC Kyrgyz Chemical-Metallurgical Farm as of January 1, 2004: (a) Activity: Metal manufacturing (b) Land Area: 253.29 hectares (c) Condition of immovable assets: satisfactory (d) Staff: 456 (e) Authorized capital stock: KGS49,006,000 (f) Debt: KGS65,486,000 (g) Receivables: KGS6,744,000 (h) Net profit: KGS22,000 (i) Non-registered shares: 6,860,700 (j) Outstanding shares: 4,806,642 Participants must submit all necessary documents on or before November 2, 2004. The auction winner must pay an amount equivalent to 7% of the selling price. For more information, call (0-312) 21-67-22. ONEGAPROM: Kyiv Court Opens Bankruptcy Proceedings -------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Onegaprom (code EDRPOU 23538587) on October 5, 2004 after finding the limited liability company insolvent. The case is docketed as 15/176-b. Mrs. G. Vronska (License Number AA 484232) has been appointed liquidator/insolvency manager. CONTACT: ONEGAPROM Ukraine, Kyiv region, Strutinskij Str. 8 Mrs. G. Vronska Liquidator/Insolvency Manager Phone: (044) 228-88-68 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B PRIMEXPRESS: Insolvency Manager Takes over Helm ----------------------------------------------- The Economic Court of Odesa region commenced bankruptcy proceedings against Primexpress (code EDRPOU 14275384) on September 21, 2004 after finding the company insolvent. The case is docketed as 2-32/60-03-3149. Arbitral manager Mr. Sergij Miroshnichenko (License Number AA 7831065) has been appointed liquidator/insolvency manager. The company holds account number 260063001108 at JSCB Ukrsocbank, Odesa regional branch, MFO 328016. CONTACT: PRIMEXPRESS Ukraine, Odesa region, Primorska Str. 49 Mr. Sergij Miroshnichenko Liquidator/Insolvency Manager 65111, Ukraine, Odesa region, Dnipropetrovska Doroga Str. 134/1, a/b 92 ECONOMIC COURT OF ODESA REGION 65032, Ukraine, Odesa region, Shevchenko Avenue, 4 SARY-KOO: Bidding Period Ends Thursday -------------------------------------- The bidding organizer and insolvency manager of Agricultural Farm Sary-Koo will sell the firm's properties on November 26, 2004, 11:00 a.m. at Chui region, Jaiyl district, Altyn. For sale are: (a) Lot 1: Milk and commodity farm. Starting price is KGS1,636,932; (b) Lots 2-3: Manufacturing facilities and equipment; and (c) Lots 4-27: Cars, equipment, farm houses. To participate, bidders must deposit an amount equivalent to 10% of the starting price to the cashier of Agricultural Farm Sary- Koo. Bids must be submitted to the temporary insolvency manager on or before November 25, 2004, c/o Chui region, Jaiyl district, Altyn. For more information, call (0-517) 73 66 64 or (0-502) 39 33 78. TEMIRLAN A: To Review Creditors' Claims January ----------------------------------------------- Agricultural Manufacturing Co-operative Temirlan A, which recently became insolvent, will consider all proofs of claim on January 10, 2005. CONTACT: AGRICULTURAL MANUFACTURING CO-OPERATIVE TEMIRLAN A Karabuurinsk, Chimkent, Manas Str. Raimkulova G.J. TOP-TRADE: Under Bankruptcy Supervision --------------------------------------- The Economic Court of Kyiv region has commenced bankruptcy supervision procedure on LLC Top-Trade (code EDRPOU 31482337). The case is docketed as 43/387. Mr. I. Mihno (License Number AA 668303) has been appointed temporary insolvency manager. CONTACT: TOP-TRADE 01000, Ukraine, Kyiv region, Barbyus Str. 5A ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B ZAPORIZHYA' ENERGY: Temporary Insolvency Manager Takes over Helm ---------------------------------------------------------------- The Economic Court of Zaporizhya region commenced bankruptcy supervision procedure on LLC Zaporizhya' City Energy Company (code EDRPOU 23880647). The case is docketed as 25/187. Arbitral manager Mr. Andrij Tsibulevskij (License Number AA 779262) has been appointed temporary insolvency manager. The company holds account number 10000000086002 at Department of State Treasury in AR Krym region, Simferopol, MFO 824026. Creditors had until November 22, 2004 to submit their proofs of claim to: (a) ZAPORIZHYA' CITY ENERGY COMPANY 69059, Ukraine, Zaporizhya region, Paramonov Str. 15A (b) Mr. Andrij Tsibulevskij Temporary Insolvency Manager 69076, Ukraine, Zaporizhya region, Yuvilejnij Avenue, 26/169 (c) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 ZOLOTIJ BUDINOK: Odesa Court Opens Bankruptcy Proceedings --------------------------------------------------------- The Economic Court of Odesa region commenced bankruptcy proceedings against Zolotij Budinok (code EDRPOU 22480880) on September 7, 2004 after finding the company insolvent. The case is docketed as 32/55-03-2668. Arbitral manager Mr. Sergij Miroshnichenko (License Number AA 7831065) has been appointed liquidator/insolvency manager. The company holds account number 2600230019031 at JSCB Ukrsocbank, Odesa regional branch, MFO 328016. CONTACT: ZOLOTIJ BUDINOK Ukraine, Odesa region, Frantsuzkij Boulevard, 33 Mr. Sergij Miroshnichenko Liquidator/Insolvency Manager 65111, Ukraine, Odesa region, Dnipropetrovska Doroga Str. 134/1, a/b 92 ECONOMIC COURT OF ODESA REGION 65032, Ukraine, Odesa region, Shevchenko Avenue, 4 =========================== U N I T E D K I N G D O M =========================== AGENTCHART LIMITED: Receiver to Present Report December ------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Agentchart Limited Trading as Cook Engineering and Fabrication (In Receivership) Notice is hereby given, pursuant to Section 67 of the Insolvency Act 1986, that a meeting of creditors of Agentchart Limited will be held within the offices of PKF, 78 Carlton Place, Glasgow, G5 9TH on December 1, 2004 at 12:00 noon, for the purpose of presenting the Report of the Receiver and, should the meeting think fit, of determining whether or not to establish a Committee of Creditors and who are to be the Members of that Committee, if established. Creditors, whose claims are unsecured in whole or 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 of those voting have voted in favor of it. Notice is hereby given pursuant to Section 67(2)(b) of the Insolvency Act 1986 that any unsecured creditor wishing to obtain a copy of the Report prepared by the Receiver, free of charge, should write to the address below. Bryan A. Jackson, Receiver CONTACT: PKF 78 Carlton Place Glasgow G5 9TH Phone: 0141 4295900 Fax: 0141 4295901 E-mail: info.glasgow@uk.pkf.com Web site: http://www.pkf.co.uk AGGREGATE ENERGY: Sets Meeting of Unsecured Creditors December 7 ---------------------------------------------------------------- Name of companies: Aggregate Energy Ferndale Aggregates Limited The unsecured creditors of these companies will meet on Dec. 7, 2004 commencing at 10:00 a.m. and 11:00 a.m. respectively. It will be held at KPMG LLP, St Nicholas House, Park Row, Nottingham NG1 6FQ. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to KPMG LLP, St Nicholas House, Park Row, Nottingham NG1 6FQ not later than 12:00 noon, Dec. 6, 2004. CONTACT: KPMG LLP St Nicholas House Park Row, Nottingham NG1 6FQ Phone: (0115) 935 3535 Fax: (0115) 935 3500 Web site: http://www.kpmg.co.uk A J S ENTERPRISES: Hires Liquidator from Gilderthorps ----------------------------------------------------- At the extraordinary general meeting of the members of the A J S Enterprises Limited on Nov. 4, 2004 held at Tenon, One Goldcroft, Yeovil, Somerset BA21 4DX, the special resolutions to wind up the company were passed. Robert Stanley Gilderthorp of Gilderthorps, 22 Paul Street, Shepton Mallet, Somerset BA4 5LA has been appointed liquidator for the purpose of such winding- up. CONTACT: GILDERTHORPS 22 Paul Street, Shepton Mallet, Somerset BA4 5LA Web site: http://www.gilderthorps.co.uk ALPHA CEMENT: Owners Opt to Wind up Operations ---------------------------------------------- Name of companies: Alpha Cement Limited BFL Readymix Limited Birmabright Limited GMC Recycling Limited Merlin Wyld Limited Power, Water And Waste Limited Q (AC) Limited Steetley Industrial Products And Services Limited Steetley Overseas Holdings Limited Waste And Power International Limited At the extraordinary general meeting of these companies on 29 October 2004, the special and ordinary resolutions to wind up the companies were passed. Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have been appointed joint liquidators of these companies. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com ALUPLAS LIMITED: Insolvency Service Disqualifies Top Honcho ----------------------------------------------------------- The director of a double-glazing business that failed with total liabilities estimated at around GBP157,000 has given an Undertaking not to hold directorships or take any part in company management for three years. The Undertaking by David Meek, 54, of Old Mill Lane, Bray, Berkshire, was given in respect of his conduct as director of Aluplas Limited, which carried on business from premises at Silicon Business Centre, 26 Wadsworth Road, Perivale, UB6 7JZ. Acceptance of the Undertaking, on November 15, 2004, prevents Mr. Meek from being a director of a company or, in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a company for three years. Aluplas Limited was placed into compulsory liquidation by Order of the High Court on October 30, 2002 on the petition of Trinity Newspapers Southern Limited and Trinity Mirror Southern Limited for GBP6,274 owed in respect of unpaid invoices for advertising services. Aluplas Limited had an estimated total deficiency of GBP157,069. The Official Receiver at Reading conducted the investigation and disqualification procedure. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, has responsibility (under Section 6 of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered to be unfit to be involved in the management of companies in the future. Unfit conduct not disputed by Mr. Meek was that he caused Aluplas to trade to the detriment of the Inland Revenue from January 2000 until cessation of trade on September 9, 2002. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk ANGLOGRACE LIMITED: Special Winding up Resolution Passed -------------------------------------------------------- At the extraordinary general meeting of the Anglograce Limited on Nov. 8, 2004 held at Highgate House, Merton Lane, London N6 6NA, the subjoined special resolution to wind up the company was passed. Martin N. Widdowson of Brebner Allen & Trapp, The Quadrangle, 180 Wardour Street, London W1F 8LB has been appointed liquidator for the purpose of such winding-up. CONTACT: BREBNER ALLEN & TRAPP The Quadrangle, 180 Wardour Street, London W1F 8LB Phone: 0207 734 2244 Fax: 0207 287 5315 E-mail: partners@brebner.co.uk Web site: http://www.brebner.co.uk ARROWBAY LTD.: Director Receives 7-year Ban from Holding Office --------------------------------------------------------------- The director of a property development business that failed with debts of more than GBP274,000 has been disqualified by the Edinburgh Sheriff Court from acting as a company director for seven years. Michael Louis Karus, 43, of Gloucester Square, Edinburgh was a director of Arrowbay Ltd., which carried on business from premises at 14 Gloucester Place, Edinburgh, EH3 6EF. The Disqualification Order, made on November 10, 2004, prevents Michael Karus from being a director of a company or, in any way, whether directly or indirectly, being concerned in or taking part in the promotion, formation or management of a company for the above period. Arrowbay Limited was wound up at Edinburgh Sheriff Court at the petition of Fife Council on October 11, 2002 with estimated debts of GBP274,000 owed to its creditors. The Insolvency Service, on behalf of the Secretary of State for Trade and Industry, has responsibility (under Section (6) of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered to be unfit to be involved in the management of companies in the future. Matters of unfit conduct, contained within the Summary Application before the Court, were that: (a) Failure to maintain, preserve or deliver accounting records to the Liquidator; (b) Failure to co-operate with the Liquidator by failing to disclose fully the assets and liabilities of the company; and (c) Failure to lodge accounts with the Registrar of Companies from time-to-time. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk AVONBLADE LIMITED: Names Moore Stephens Liquidator -------------------------------------------------- Name of companies: Avonblade Limited Bazac Limited (formerly M & M Timber Company Limited) Gadsbury Limited (formerly M & M Structures Limited) At the extraordinary general meeting of these companies on Nov. 8, 2004 held at DHJH Accountants, Springhill House, 94-98 Kidderminster Road, Bewdley, Worcestershire DY12 1DQ, the special and ordinary resolutions to wind up the company were passed. Nigel Price of Moore Stephens Corporate Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB, be appointed Liquidator for the purpose of such winding-up. CONTACT: MOORE STEPHENS CORPORATE RECOVERY Beaufort House 94-96 Newhall Street, Birmingham B3 1PB Phone: 0121 233 2557 Web site: http://www.moorestephens.co.uk AVO TECHNICAL: Names PricewaterhouseCoopers Liquidator ------------------------------------------------------ Name of companies: Avo Technical Services Limited H.W. Sullivan Limited Record Electrical Company Limited At the meeting of these companies on Nov. 10, 2004, the special and ordinary resolutions to wind up the companies were passed. Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have been appointed joint liquidators of the companies for the purpose of such windings- up. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com BESS LIMITED: Calls Creditors' Meeting -------------------------------------- The creditors of Bess Limited will meet on Nov. 30, 2004 commencing at 2:00 p.m. It will be held at The Holiday Inn, London Road, Wrotham Heath, Sevenoaks, Kent TN15 7RS. Creditors who want to be represented at the meeting may appoint proxies. BRITISH SKY: Rating Affirmed at 'BBB-'; Outlook Positive -------------------------------------------------------- Fitch Ratings affirmed British Sky Broadcasting Group plc's Senior Unsecured rating at 'BBB-'. The Outlook remains Positive. "BSkyB's financial profile remains strong for the rating category. Successful implementation of its new strategic changes, and a clarification of the company's longer term shareholder return policy, notwithstanding the recently approved 5% share buyback, are key to a rating upgrade," says Susan Hunter, Director at Fitch's Corporates team. The rating continues to reflect BSkyB's strong and improving financial metrics and credit protection measures. Net leverage fell to 0.5x at Q105 from 0.6x at FYE04 and interest cover continued to strengthen to 9.3x from 8.7x, reflecting lower interest payments from the reduced debt. The company recently signed a new GBP1 billion revolving credit facility that will mature in 2010, replacing the existing GBP600 million facility. BSkyB is in the process of reshaping its capital structure; it has gained approval for a share buyback of up to 5% of share capital in FY05 and recommenced dividend payments in FYE04. Dividends are anticipated to grow in line with profits. However, there continues to be limited distributable reserves, which currently restrict the ability of the company to return capital to shareholders. This is expected to be resolved by means of a Scheme of Arrangement, although this is subject to both shareholder and court approval, and the scale and timing of any such return remain uncertain. Further clarification on this matter and the proposed capital structure, combined with strong operational performance, may lead to a rating upgrade. Fitch notes that BSkyB faces some execution risk in the new strategy announced by the CEO, James Murdoch in August 2004. It remains too early to determine the success of these measures since the marketing campaign only started in October 2004. Fitch will monitor the rate of subscriber additions in conjunction with the key metrics of average revenue per user, subscriber acquisition cost and subscriber turnover to ensure the company remains on track to achieve its targets. CONTACT: FITCH RATINGS Susan Hunter, London Phone: +44 (0) 20 7417 6347 Richard Petit Phone: +44 (0) 207 862 4103 Media Relations: Alex Clelland, London Phone: +44 20 7862 4084 BRITISH SKY BROADCASTING GROUP PLC Grant Way, Isleworth London TW7 5QD, United Kingdom Phone: +44-20-7705-3000 Fax: +44-20-7705-3060 Web site: http://www.sky.com CAPITAL PRINT: Appoints Joint Receivers from Tenon Recovery ----------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Capital Print Ltd. (In Receivership) I, Thomas Campbell MacLennan, Chartered Accountant of Tenon Recovery, 1 Royal Terrace, Edinburgh, EH7 5AD, give notice that on October 29, 2004, Kenneth Robert Craig, and I were appointed Joint Receivers of the whole property and assets of Capital Print, in terms of section 51 of the Insolvency Act 1986. In terms of section 59 of the said Act, preferential creditors are required to intimate their claims to me within six months of the date of this notice. T. C. MacLennan, Joint Receiver November 12, 2004 CONTACT: TENON RECOVERY One Royal Terrace Edinburgh EH7 5AD Phone: 0131 557 4455 Fax: 0131 556 0662 E-mail: edinburgh@tenongroup.com Web site: http://www.ey.com COMPUTER RESALE: Names Rothman Pantall & Co. Liquidator ------------------------------------------------------- At the extraordinary general meeting of the Computer Resale Brokers Limited on Nov. 3, 2004 held at the offices of Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP, the subjoined special resolutions to wind up the company were passed. Stephen Ryman and Robert Smailes of Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP have been appointed joint liquidators for the purpose of such winding-up. CONTACT: ROTHMAN PANTALL & CO. Clareville House, 26-27 Oxendon Street, London SW1Y 4EP Phone: +44 (0) 20 7930 7272 Fax: +44 (0) 20 7930 9849 E-mail: london@rothman-pantall.co.uk Web site: http://www.rothman-pantall.co.uk COTTON BOTTOMS: Bank of Scotland Calls in Receiver -------------------------------------------------- Bank of Scotland called in Gareth Wyn Roberts and Paul William Ellison (Office Holder Nos 1162/01, 7254/03) joint administrative receivers for Cotton Bottoms Limited (Reg No 03829051, Trade Classification: 46). The application was filed Nov. 4, 2004. The company sells and franchises baby accessory products. CONTACT: HURST MORRISON THOMSON CORPORATE RECOVERY LLP 5 Fairmile, Henley-on-Thames, Oxfordshire RG9 2JR Phone: 01491 579740 Fax: 01491 575073 FRANK RICHMOND: Members Decide to Liquidate Company --------------------------------------------------- Name of companies: Frank Richmond Limited Guardforce International (UK) Limited John Sheffield (Fire Protection) Limited KS Conquest Security Limited L Bowman & Sons Limited At the extraordinary general meetings of these companies on 9 November 2004, the special and ordinary resolutions to wind up the companies were passed. Jonathan Sisson and Richard Setchim of PricewaterhouseCoopers LLP, 12 Plumtree Court, London EC4A 4HT have been appointed joint liquidators of these companies. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com GIIT REALISATIONS: Calls in Joint Liquidators from Ernst & Young ---------------------------------------------------------------- At the extraordinary general meeting of the GIIT Realisations 1 Limited on Oct. 29, 2004 held at 1 More London Place, London SE1 2AF, the special resolution to wind up the company was passed. Patrick Joseph Brazzill and Margaret Elizabeth Mills of Ernst & Young LLP, 1 More London Place, London SE1 2AF have been appointed joint liquidators for the purpose of such winding-up. CONTACT: ERNST & YOUNG LLP 1 More London Place London SE1 2AF Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com GREEN T: Hires Ernst & Young as Liquidator ------------------------------------------ At the extraordinary general meeting of the Green T Asset Management Limited on Nov. 4, 2004 held at 40 Berkeley Square, London W1J 5AL, the special resolutions to wind up the company were passed. Patrick Joseph Brazzill and Alan Lovett of Ernst & Young LLP, 1 More London Place, London SE1 2AF have been appointed joint liquidators for the purpose of such winding-up. CONTACT: ERNST & YOUNG LLP 1 More London Place London SE1 2AF Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com HOLIDAY RETIREMENT: Names RSM Robson Rhodes Liquidator ------------------------------------------------------ At the extraordinary general meeting of the Holiday Retirement Limited on Nov. 8, 2004 held at Holiday Retirement Corp., 2250 McGilchrist Street S.E., Suite 200, Salem, OR 97302, USA the special, ordinary and extraordinary resolutions to wind up the company were passed. Simon Peter Bower and Michael John Hore of Robson Rhodes LLP, 186 City Road, London EC1V 2NU have been appointed joint liquidators for the purpose of such winding-up. CONTACT: RSM ROBSON RHODES LLP 186 City Road, London EC1V 2NU Phone: +44 (0) 20 7251 1644 Fax: +44 (0) 20 7250 0801 Web site: http://www.robsonrhodes.co.uk INVESCO CONTINENTAL: Brings in Liquidator from PwC -------------------------------------------------- At the extraordinary general meeting of Invesco Continental Smaller Companies Trust Plc on 11 November 2004, the special resolutions to wind up the company were passed. Richard Setchim and Jonathan Sisson both 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 JST SECURITIES: Hires Liquidators from Ernst & Young ---------------------------------------------------- At the extraordinary general meeting of the JST Securities Limited on Oct. 14, 2004, the special resolution to wind up the company was passed. Patrick Joseph Brazzill and Margaret Elizabeth Mills of Ernst & Young LLP, 1 More London Place, London SE1 2AF have been appointed liquidators for the purpose of such winding-up. CONTACT: ERNST & YOUNG LLP 1 More London Place London SE1 2AF Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com LANDPRINT LIMITED: Members Pass Winding up Resolutions ------------------------------------------------------ At the extraordinary general meeting of the Landprint Limited on Nov. 8, 2004 held at Holiday Retirement Corp, 2250 McGilchrist Street S.E., Suite 200, Salem, OR 97302, USA, the special, ordinary and extraordinary resolutions to wind up the company were passed. Simon Peter Bower and Michael John Hore of Robson Rhodes LLP, 186 City Road, London EC1V 2NU have been appointed joint liquidators for the purpose of such winding-up. CONTACT: RSM ROBSON RHODES LLP 186 City Road, London EC1V 2NU Phone: +44 (0) 20 7251 1644 Fax: +44 (0) 20 7250 0801 Web site: http://www.robsonrhodes.co.uk LEICA GEOSYSTEMS: Names Baker Tilly Liquidator ---------------------------------------------- At the extraordinary general meeting of the members of the Leica Geosystems Finance Plc on Oct. 25, 2004 held at Heerbrugg Switzerland, the special resolutions to wind up the company were passed. Graham Paul Bushby and Guy Edward Brooke Mander of Baker Tilly, 5th Floor, Exchange House, 446 Midsummer Boulevard, Central Milton Keynes have been appointed as joint liquidators for the purpose of such winding-up. CONTACT: BAKER TILLY 5th Floor, Exchange House, 446 Midsummer Boulevard, Central Milton Keynes MK9 2EA Phone: 01908 687 800 Fax: 01908 687 801 Web site: http://www.bakertilly.co.uk MODELCAR LIMITED: Creditors' Meeting Set Next Month --------------------------------------------------- The creditors of Modelcar Limited will meet on Dec. 1, 2004 commencing at 11:30 a.m. It will be held at Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged together with written debt claims to Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP not later than 12:00 noon, Nov. 30, 2004. CONTACT: BEGBIES TRAYNOR Elliot House, 151 Deansgate, Manchester M3 3BP E-mail: manchester@begbies-traynor.com Web site: http://www.begbies.com MULTIPLASTICS LIMITED: Meeting of Unsecured Creditors Next Week --------------------------------------------------------------- The general meeting of the unsecured creditors of Multiplastics Limited will be on Dec. 2, 2004 commencing at 10:00 a.m. It will be held at the offices of BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL not later than 12:00 noon, Dec. 1, 2004. CONTACT: BDO STOY HAYWARD LLP 8 Baker Street London W1U 3LL Phone: 020 7486 5888 Fax: 020 7487 3686 E-mail: london@bdo.co.uk Web site: http://www.bdostoyhayward.co.uk NORTH LONDON: Regulator Serves Directors Eleven-year Ban -------------------------------------------------------- The directors of an aggregate construction materials business that failed, with total liabilities estimated at around GBP399,000, have given Undertakings not to hold directorships or take any part in company management for 11 years each. The Undertakings by Carlos Darmoo, 34, of Darwin Drive, Southall, Middlesex, and Vicknesh Warran, 33, of Farndale Crescent, Greenford, Middlesex were given in respect of their conduct as directors of North London Recycling Limited (North), which carried on business from premises at 40 Millhouse, Southall, Middlesex, UB2 4NJ. Acceptance of the Undertakings by Mr. Darmoo on November 10, 2004 and Mr. Warran on November 11, 2004 prevents them from being directors of a company or, in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a company for 11 years each. North was placed into compulsory liquidation by Order of the High Court on January 15, 2003 on the petition of HM Customs & Excise for GBP12,398.40, owed in respect of value added taxation (VAT). North had an estimated total deficiency of GBP399,631. The Official Receiver at Reading conducted the investigation and disqualification procedure. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, has responsibility (under Section 6 of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered to be unfit to be involved in the management of companies in the future. The matter of unfit conduct, not disputed by both Mr. Warran and Mr. Darmoo, was that they submitted VAT returns based on fictitious invoices and failed to account to HM Customs & Excise for the true amount of VAT received, with the result that North evaded payment of VAT in the amount of GBP355,525. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk PINEAPPLE FABRICATIONS: Creditors' Meeting Set Next Week -------------------------------------------------------- The creditors of Pineapple Fabrications Limited will meet on Nov. 29, 2004 commencing at 11:00 a.m. It will be held at Haines Watts, Canterbury House, 85 Newhall Street, Birmingham B3 1LH. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Haines Watts, Canterbury House, 85 Newhall Street, Birmingham B3 1LH not later than 12:00 noon, Nov. 26, 2004. CONTACT: HAINES WATTS Canterbury House, 85 Newhall Street, Birmingham B3 1LH Phone: 0121 212 4477 Fax: 0121 212 4459 Web site: http://www.hwca.com RAFFLEX LIMITED: Liquidation Report Due Second Week of December --------------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Rafflex Limited (In Voluntary Liquidation) A meeting of members of Rafflex Limited has been summoned by the liquidator for the purpose of receiving an account showing the manner in which the winding up has been conducted and the property of the company disposed of and of hearing any explanation which may be given by the liquidator under section 94 of the Insolvency Act 1986. The meeting will be held on December 10, 2004, 12:00 noon at KPMG, Saltire Court, 20 Castle Terrace, Edinburgh EH1 2EG. Blair Carnegie Nimmo, Liquidator CONTACT: KPMG LLP Saltire Court 20 Castle Terrace Edinburgh EH1 2EG Phone: (0131) 222 2000 Fax: (0131) 527 6666 Web site: http://www.kpmg.co.uk REEVES WIRELINE: Calls in Joint Liquidators from PwC ---------------------------------------------------- At the extraordinary general meeting of Reeves Wireline International Limited (formerly Wireline Holdings (International) Limited, Kelvane Limited) on 4 November 2004, the special and ordinary resolutions to wind up the company were passed. Tim Walsh and Jonathan Sisson of PricewaterhouseCoopers LLP, Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT have been appointed joint liquidators of the company for the purpose of such winding-up. CONTACT: PRICEWATERHOUSECOOPERS LLP Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT Phone: [44] (121) 200 3000 Fax: [44] (121) 200 2464 Web site: http://www.pwc.com SEAGRAM EUROPEAN: Liquidators from Mazars Move in ------------------------------------------------- At the extraordinary general meeting of the Seagram European Customer Services Limited on Nov. 10, 2004 held at Central House, 3 Lampton Road, Hounslow, Middlesex TW3 1HY, the subjoined special resolution to wind up the company was passed. David Richard Thorniley and Roderick John Weston of Mazars LLP, 24 Bevis Marks, London EC3A 7NR have been appointed joint liquidators for the purpose of such winding-up. CONTACT: MAZARS 24 Bevis Marks, London EC3A 7NR Phone: (44) 20 73 77 10 00 Fax: (44) 20 73 77 89 31 Web site: http://www.mazars.com SKILLS INSIGHT: Winding up Resolution Passed -------------------------------------------- At the extraordinary general meeting of the Skills Insight on Nov. 11, 2004 held at Institute of Employment Studies, Mantell Building, University of Sussex, Brighton BN1 9RF, the subjoined special resolution to wind up the company was passed. Anthony Murphy and Roger Tulloch of Smith & Williamson Limited have been appointed joint liquidators of the company for the purpose of such winding-up. CONTACT: SMITH & WILLIAMSON LIMITED Web site: http://www.smith.williamson.co.uk SSNT SECURITIES: Joint Liquidators Take over Firm ------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF SSNT Securities Limited (in liquidation) Notice is hereby given that we, Patrick Joseph Brazzill of Ernst & Young LLP, 1 More London Place, London SE1 2AF, and Margaret Elizabeth Mills of Ernst & Young LLP, 1 More London Place, London SE1 2AF, were appointed joint liquidators of SSNT Securities Limited on October 29, 2004. P. J. Brazzill, Margaret Elizabeth Mills, Joint Liquidators November 3, 2004 CONTACT: ERNST & YOUNG LLP 1 More London Place London SE1 2AF Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com SURE SERVE: Creditors' Meeting Next Week ---------------------------------------- The creditors of Sure Serve Limited will meet on Dec. 1, 2004 commencing at 11:30 a.m. It will be held at the offices of Smith & Williamson Limited, 1 Bishops Wharf, Walnut Tree Close, Guildford, Surrey GU1 4RA. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Smith & Williamson Limited, 1 Bishops Wharf, Walnut Tree Close, Guildford, Surrey GU1 4RA not later than 12:00 noon, Nov. 30, 2004. CONTACT: SMITH & WILLIAMSON LIMITED 1 Bishops Wharf, Walnut Tree Close, Guildford, Surrey GU1 4RA Phone: 01483 407 100 Fax: 01483 301 232 Web site: http://www.smith.williamson.co.uk TAY FABRICS: Liquidator to Give Winding-up Report Next Month ------------------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Tay Fabrics Limited (In Liquidation) A meeting of members of the Tay Fabrics Limited has been summoned by the liquidator for the purpose of receiving an account showing the manner in which the winding up has been conducted and the property of the company disposed of and of hearing any explanation which may be given by the liquidator under section 94 of the Insolvency Act 1986. The meeting will be held on December 10, 2004, 11:00 a.m. at KPMG, Saltire Court, 20 Castle Terrace, Edinburgh EH1 2EG. Blair Carnegie Nimmo, Liquidator CONTACT: KPMG LLP Saltire Court 20 Castle Terrace Edinburgh EH1 2EG Phone: (0131) 222 2000 Fax: (0131) 527 6666 Web site: http://www.kpmg.co.uk THAMES INFORMATION: Extraordinary Winding up Resolution Passed -------------------------------------------------------------- At the extraordinary general meeting of the Thames Information System Group Limited on Nov. 8, 2004 held at Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP, the subjoined extraordinary resolution to wind up the company was passed. CONTACT: ROTHMAN PANTALL & CO. Clareville House, 26-27 Oxendon Street, London SW1Y 4EP Phone: +44 (0) 20 7930 7272 Fax: +44 (0) 20 7930 9849 E-mail: london@rothman-pantall.co.uk Web site: http://www.rothman-pantall.co.uk WATERFORD WEDGWOOD: Reports EUR8.9 Mln First-half Pre-tax Profit ---------------------------------------------------------------- Waterford Wedgwood, the luxury lifestyle group, on Friday reports a pre-tax profit of EUR8.9 million for the six months to 30 Sept. 2004, compared with a loss before tax of EUR44.8 million for the same period in 2003. This pre-tax profit includes an exceptional profit of EUR103.2 million from the sale of All-Clad, the U.S.-based premium cookware business. Operating loss for the period was EUR21.4 million compared with a EUR4.2 million profit for the same period in 2003. Highlights (a) Net debt is EUR280.7 million, down from EUR429.9 million at 30 September 2003. The All-Clad proceeds substantially reduced long-term debt and facilitated ongoing balance sheet restructuring; (b) As announced on 21 October 2004, sales for the six months to September 30 were EUR356.0 million. On a like-for-like basis (adjusted for the All-Clad disposal and currency movements), this was 5% down on 2003; (c) Reported sales (including All-Clad and at actual exchange rates) fell more sharply, from EUR405.8 million to EUR356.0 million; (d) The changes outlined in our Plan for Growth in June are in progress. These interim results include a charge of EUR25.3 million for working capital reduction program. Substantial inventory reduction is currently being implemented. Price increases have been announced in major markets, to be implemented in the first quarter of calendar 2005; (e) Current trading remains very challenging. October sales were 10% down on the same period last year on a like-for- like basis (excluding All-Clad and currency movements) although indications on trading in November suggest some improvement. Royal Doulton Update (a) Discussions with Royal Doulton about a possible recommended offer are progressing. There can be no certainty that a formal offer will be made; (b) A circular will be issued to shareholders shortly to convene an extraordinary general meeting at which various shareholder approvals will be sought. These approvals are required for the purpose of the proposed underwritten Rights Issue announced on 21 October. Redmond O'Donoghue, Group Chief Executive, commented: "As previously advised, although market share was maintained, sales in the six months were disappointing. Our Group and our industry continue to face challenging times. "While we enjoy market-leading positions in each of our product areas, we accept that these results are not good enough. We have considerably strengthened senior management and mapped out our Plan for Growth. We are committed to implementing this strategy as quickly as possible. "A successful acquisition of Royal Doulton would increase the volume through our factories without substantially increasing production costs, as well as providing further synergistic benefits. Evaluation of the possible offer for Royal Doulton, announced at our AGM on 21 Oct. 2004, is progressing. Consistent with this, the posting of the shareholder circular is a tangible step forward. "Current trading remains difficult. However, indications on trading in November suggest some improvement." Chief Executive's Statement "At this stage last year, we reported some signs of improvement. Unfortunately, the improvements proved to be a temporary respite and the six months to 30 September 2004 have been very difficult, illuminated only by the sale of All-Clad, our U.S. premium cookware business, for a very favorable price, and by our negotiation of a new bank lending facility with more flexible terms. As announced on 21 October 2004, total sales for the six months to 30 Sept. 2004 were EUR356.0 million, down 5% on a like-for- like basis (at constant currency and excluding All-Clad). At actual exchange rate and including All-Clad, sales were down 12% from EUR405.8 million. Sales were lower for a number of reasons including reduced revenues from the United States due to the weakness of the U.S. Dollar and a softening of customer demand in the core markets of the U.K. and the U.S. Weaker demand was experienced across the industry. Although we benefited from reduced costs in the period, these reductions were not enough to shield us from the impact of lower sales revenues and the falling value of the U.S. Dollar. Operating profit of EUR4.2 million in the same period last year thus became an operating loss of EUR21.4 million in the period under review. Financing costs were EUR43.8 million, up from EUR12.9 million. This was largely due to a series of one-off payments relating to the new financing arrangements put in place during the half- year. EUR13.7 million was written off for the costs of previous refinancing. In addition, there were EUR5.8 million of make- whole payments to holders of Private Placement Notes, EUR4 million of fees to our former bank syndicate and EUR2.7 million of amortization of the previously incurred financing costs. The balance was due to interest payments. In addition to these non-recurring financing charges, we have implemented certain strategic decisions that have impacted these half-year results, such as inventory reduction charges, the cost of downtime at our manufacturing plants and a decision to exit certain retail channels in the United States incompatible with our brands' image. We feel that these strategic decisions will be of benefit going forward. The sale of All-Clad for US$250 million cash (EUR206 million) and the resultant gain enabled the Group to return to profitability despite losses at an operating level. The gain on the All-Clad disposal was EUR103.2 million which helped to mitigate the effects of the substantial financing-related charges, further dollar weakness and the charge of EUR25.3 million to our profit and loss account caused by our program to reduce working capital. The net effect was to turn the operating loss into a pre-tax profit of EUR8.9 million compared with a pre-tax loss of EUR44.8 million a year earlier. Trading since the end of the half-year has continued to be difficult. Sales in October were down 10% on the same period last year on a like-for-like basis (excluding All-Clad and currency movements), although indications on trading in November suggest some improvement. As outlined in June, we are implementing a six-point Plan for Growth, which is intended to substantially reduce costs, improve margins and restore our Group to operating profitability and long-term growth. For example, we have already reduced our Stock Keeping Units ('SKUs') by 40%, thereby reducing our working capital requirement, and have announced price increases in major markets, to be implemented in the first quarter of calendar 2005. The possible recommended offer for Royal Doulton is a very attractive prospect, which we believe would contribute to the consolidation of the ceramics industry. These discussions are progressing and we will issue further updates in due course; however, there can be no certainty that a formal offer will be made. A circular will be issued shortly to convene an extraordinary general meeting at which independent shareholder approval will be sought for a waiver under Rule 9 of the Irish Takeover Rules which has been granted by the Irish Takeover Panel; additionally, shareholder approval will be sought for an increase in authorized share capital and renewal of various allotment authorities, each for the purposes of the proposed Rights Issue. Despite current difficulties, we remain confident of the long- term prospects of this business for these reasons: (a) We have world-leading brands with strong market positions in some of the world's leading economies including the U.S., Japan and the U.K.; (b) Those brands are in remarkably good shape and continue to enjoy premium pricing; (c) Our plants are world-class and have had huge capital and state-of-the-art restructuring investment (c. EUR300 million) in recent years. Our incremental unit costs are comparable to China, resulting in a direct benefit to the bottom line from any growth in sales; (d) The All-Clad experience demonstrates how we can transfer our marketing skills to new product areas; (e) Our strong designer alliances (e.g. Vera Wang, John Rocha, Jasper Conran) remain an important and growing part of our Business. Sector Overview Crystal The Group's crystal brands recorded sales of EUR120.8 million (2003: EUR135.4 million), down 7.1% at constant exchange rates (10.8% at prevailing rates), mainly due to continued weaker trading for Waterford Crystal in the United States. Crystal sales in most other territories including Ireland, the U.K. and mainland Europe maintained or improved on the same period last year. To address this, John Foley, chief executive of Waterford Crystal, has been given the added responsibility for the Waterford business in the United States and is now based in this important market, from which he is giving renewed focus and energy to Waterford's worldwide business. In October, we launched a new range, Black by John Rocha. The alliance with John Rocha has been successful for a number of years. Ceramics Sales of ceramic products were EUR158.4 million (2003: EUR170.3 million), down 7.1% at constant exchange rates (7.0% at prevailing rates) due to continuing market softness in the U.S. and U.K. More encouragingly, sales in the important Japanese market remained level. A number of new ranges will be presented to the market in the near future. Other products Our other products sales were EUR52.6 million (2003: EUR55.6 million), up 0.4% at constant exchange rates (down 5.4% at prevailing rates). This segment includes Spring, our Swiss-based premium cookware company, which enjoyed growth of 19%. Plan for Growth In June, we announced our six point Plan for Growth, the key strategy to return your group to financial health. We have made progress under each of the headings: Sale of All-Clad All-Clad has been sold for an attractive price; this has facilitated our actions to reduce working capital. Working Capital The business uses too much working capital. This is being reduced, principally through a reduction in inventory. We have introduced short-time working throughout our manufacturing operations. This has reduced our cash costs and is helping to lower inventory. Marketing Spend We are committed to increase marketing expenditure over the next two years in order to drive revenue growth, notwithstanding the current difficulties of the business. Marketing Initiatives Waterford, Wedgwood and Rosenthal are each developing a set of exciting marketing initiatives to be introduced next year. These are expected to contribute to sales growth in fiscal 2006 and beyond. Black by John Rocha has been launched to encouraging indications. Increased Factory Utilization Over the past seven years, we have invested about EUR300 million in technology and rationalization of plants. This gives us low incremental unit costs. A successful acquisition of Royal Doulton would increase the volume through our factories without substantially increasing production costs. Strengthened Management During the period, Peter Cameron was appointed Chief Operating Officer, Paul D'Alton was appointed Chief Financial Officer and John Foley, who was given worldwide responsibility for Waterford Crystal, has relocated to the U.S., our most important market. Redmond O'Donoghue Group Chief Executive 19 November 2004 A full copy of its financial statement is available free of charge at http://bankrupt.com/misc/waterfordresults.htm. CONTACT: Waterford Wedgwood plc 1-2 Upper Hatch St. Dublin, 2, Ireland Phone: +353-147-81855 Fax: +353-147-84863 Web site: http://www.waterfordwedgwood.com * 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) Danka Bus Sysytem DNK.L (51) 585 82 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 * * *